AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) The Company has selected December 1 as the date to perform its annual impairment test.
In performing its 2005 and 2004 testing, the Company completed an internal appraisal and estimated the fair value of the rental and management reporting unit that contains goodwill utilizing future discounted cash flows and market information.
Based on the appraisals performed, the Company determined that goodwill in its rental and management segment was not impaired.
The Company’s other intangible assets subject to amortization consist of the following as of December 31, (in thousands):
## Table 0 ##
The Company amortizes its intangible assets over periods ranging from three to fifteen years.
Amortization of intangible assets for the years ended December 31, 2005 and 2004 aggregated approximately $136.0 million and $97.8 million, respectively (excluding amortization of deferred financing costs, which is included in interest expense).
The Company expects to record amortization expense of approximately $183.6 million, $178.3 million, $174.4 million, $172.7 million and $170.3 million, for the years ended December 31, 2006, 2007, 2008, 2009 and 2010, respectively.
These amounts are subject to changes in estimates until the preliminary allocation of the SpectraSite purchase price is finalized.6.
NOTES RECEIVABLE In 2000, the Company loaned TV Azteca, S. A.  de C. V.  (TV Azteca), the owner of a major national television network in Mexico, $119.8 million.
The loan, which initially bore interest at 12.87%, payable quarterly, was discounted by the Company, as the fair value interest rate at the date of the loan was determined to be 14.25%.
The loan was amended effective January 1, 2003 to increase the original interest rate to 13.11%.
As of December 31, 2005 and 2004, approximately $119.8 million undiscounted ($108.2 million discounted) under the loan was outstanding and included in notes receivable and other long-term assets in the accompanying consolidated balance sheets.
The term of the loan is seventy years; however, the loan may be prepaid by TV Azteca without penalty during the last fifty years of the agreement.
The discount on the loan is being amortized to interest income—TV Azteca, net, using the effective interest method over the seventy-year term of the loan.
Simultaneous with the signing of the loan agreement, the Company also entered into a seventy year Economic Rights Agreement with TV Azteca regarding space not used by TV Azteca on approximately 190 of its broadcast towers.
In exchange for the issuance of the below market interest rate loan discussed above and the annual payment of $1.5 million to TV Azteca (under the Economic Rights Agreement), the Company has the right to market and lease the unused tower space on the broadcast towers (the Economic Rights).
TV Azteca retains title to these towers and is responsible for their operation and maintenance.
The Company is entitled to 100% of the revenues generated from leases with tenants on the unused space and is responsible for any incremental operating expenses associated with those tenants.
13.
SHAREHOLDERS’ EQUITY The following is a summary of Huntington's non-cumulative perpetual preferred stock outstanding as of December 31, 2016.
## Table 1 ##
Each series of preferred stock has a liquidation value and redemption price per share of $1,000, plus any declared and unpaid dividends.
All preferred stock, with the exception of Series A, has no stated maturity and redemption is solely at the option of the Company.
Under current rules, any redemption of the preferred stock is subject to prior approval of the FRB.
Each share of the Series A Preferred Stock is non-voting and may be converted at any time, at the option of the holder, into 83.668 shares of common stock of Huntington, which represents an approximate initial conversion price of $11.95 per share of common stock.
Since April 15, 2013, at the option of Huntington, the Series A Preferred Stock is subject to mandatory conversion into Huntington’s common stock at the prevailing conversion rate if the closing price of Huntington’s common stock exceeds 130% of the conversion price for 20 trading days during any 30 consecutive trading-day period.
At the option of the holder, one share was converted to common stock during the fourth quarter of 2015.
Preferred Series C Stock issued and outstanding In connection with the FirstMerit acquisition, during the 2016 third quarter, Huntington issued $100 million of preferred stock.
As part of this transaction, Huntington issued 4,000,000 depositary shares, each representing a 1/40th ownership interest in a share of 5.875% Series C Non-Cumulative Perpetual Preferred Stock (Preferred C Stock), par value $0.01 per share, with a liquidation preference of $1,000 per share (equivalent to $25 per depositary share).
Each holder of a depositary share, will be entitled to all proportional rights and preferences of the Preferred C Stock (including dividend, voting, redemption, and liquidation rights).
Dividends on the Preferred C Stock will be non-cumulative and payable quarterly in arrears, when, as and if authorized by the Company's board of directors or a duly authorized committee of the board and declared by the Company, at an annual rate of 5.875% per year on the liquidation preference of $1,000 per share, equivalent to $25 per depositary share.
The dividend payment dates will be the fifteenth day of each January, April, July and October, commencing on October 15, 2016, or the next business day if any such day is not a business day.
The Preferred C Stock is perpetual and has no maturity date.
Huntington may redeem the Preferred C Stock at its option, (i) in whole or in part, from time to time, on any dividend payment date on or after October 15, 2021 or (ii) in whole but not in part, within 90 days following a regulatory capital treatment event, in each case, at a redemption price equal to $1,000 per share (equivalent to $25 per depositary share), plus any declared and unpaid dividends, without regard to any undeclared dividends, on the Series C Preferred Stock prior to the date fixed for redemption.
If Huntington redeems the Preferred C Stock, the depositary will redeem a proportional number of depositary shares.
Neither the holders of Preferred C Stock nor holders of depositary shares will have the right to require the redemption or repurchase of the Preferred C Stock or the depositary shares.
Any redemption of the Preferred C Stock is subject to Huntington's receipt of any required prior approval by the Board of Governors of the Federal Reserve System.
Preferred Series D Stock issued and outstanding During the 2016 first and second quarter, Huntington issued $400 million and $200 million of preferred stock, respectively.
As part of these transactions, Huntington issued 24,000,000 depositary shares, each representing a 1/40th ownership interest in a share of 6.250% Series D Non-Cumulative Perpetual Preferred Stock (Preferred D Stock), par value $0.01 per share, with a liquidation preference of $1,000 per share (equivalent to $25 per depositary share).
Each holder of a depositary share, will be entitled to all proportional rights and preferences of the Preferred D Stock (including dividend, voting, redemption, and liquidation rights).
Costs of $15 million related to the issuance of the Preferred D Stock are reported as a direct deduction from the face amount of the stock.
Dividends on the Preferred D Stock will be non-cumulative and payable quarterly in arrears, when, as and if authorized by the Company's board of directors or a duly authorized committee of the board and declared by the Company, at an annual rate of 6.25% per year on the liquidation preference of $1,000 per share, equivalent to $25 per depositary share.
The dividend payment dates will be
## Table 2 ##
(3) Yield/rates and amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
Table 6 - Consolidated Average Balance Sheet and Net Interest Margin Analysis (Continued) (3) (dollar amounts in thousands)
## Table 3 ##

<table><tr><td></td><td>2005</td><td>2004</td></tr><tr><td>Acquired customer base and network location intangibles</td><td>$2,606,546</td><td>$1,369,607</td></tr><tr><td>Deferred financing costs</td><td>65,623</td><td>89,736</td></tr><tr><td>Acquired licenses and other intangibles</td><td>51,703</td><td>43,404</td></tr><tr><td>Total</td><td>2,723,872</td><td>1,502,747</td></tr><tr><td>Less accumulated amortization</td><td>-646,560</td><td>-517,444</td></tr><tr><td>Other intangible assets, net</td><td>$2,077,312</td><td>$985,303</td></tr></table>
<table><tr><td>Series</td><td>Issuance Date</td><td>Total Shares Outstanding</td><td>Carrying Amount</td><td>Dividend Rate</td><td>Earliest Redemption Date</td></tr><tr><td>Series A</td><td>11/14/2008</td><td>362,506</td><td>362,506</td><td>8.50%</td><td>N/A</td></tr><tr><td>Series B</td><td>12/28/2011</td><td>35,500</td><td>23,785</td><td>3-mo. LIBOR + 270 bps</td><td>1/15/2017</td></tr><tr><td>Series D</td><td>3/21/2016</td><td>400,000</td><td>386,348</td><td>6.25%</td><td>7/15/2021</td></tr><tr><td>Series D</td><td>5/5/2016</td><td>200,000</td><td>198,588</td><td>6.25%</td><td>7/15/2021</td></tr><tr><td>Series C</td><td>8/16/2016</td><td>100,000</td><td>100,000</td><td>5.875%</td><td>1/15/2022</td></tr><tr><td>Total</td><td></td><td>1,098,006</td><td>$1,071,227</td><td></td><td></td></tr></table>
<table><tr><td>Residential mortgage</td><td>6,730</td><td>780</td><td>13</td><td>5,950</td><td>327</td><td>6</td><td>5,623</td></tr><tr><td>RV and marine finance</td><td>693</td><td>693</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Other consumer</td><td>742</td><td>261</td><td>54</td><td>481</td><td>85</td><td>21</td><td>396</td></tr><tr><td>Total consumer</td><td>27,763</td><td>4,078</td><td>17</td><td>23,685</td><td>1,601</td><td>7</td><td>22,084</td></tr><tr><td>Total loans and leases</td><td>57,454</td><td>8,808</td><td>18</td><td>48,646</td><td>3,221</td><td>7</td><td>45,425</td></tr><tr><td>Allowance for loan and lease losses</td><td>-614</td><td>-8</td><td>1</td><td>-606</td><td>32</td><td>-5</td><td>-638</td></tr><tr><td>Net loans and leases</td><td>56,840</td><td>8,800</td><td>18</td><td>48,040</td><td>3,253</td><td>7</td><td>44,787</td></tr><tr><td>Total earning assets</td><td>76,362</td><td>13,339</td><td>21</td><td>63,023</td><td>5,318</td><td>9</td><td>57,705</td></tr><tr><td>Cash and due from banks</td><td>1,220</td><td>-3</td><td>—</td><td>1,223</td><td>325</td><td>36</td><td>898</td></tr><tr><td>Intangible assets</td><td>1,359</td><td>656</td><td>93</td><td>703</td><td>125</td><td>22</td><td>578</td></tr><tr><td>All other assets</td><td>4,727</td><td>510</td><td>12</td><td>4,217</td><td>276</td><td>7</td><td>3,941</td></tr><tr><td>Total assets</td><td>$83,054</td><td>$14,494</td><td>21%</td><td>$68,560</td><td>$6,076</td><td>10%</td><td>$62,484</td></tr><tr><td>Liabilities and Shareholders’ Equity</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Deposits:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Demand deposits—noninterest-bearing</td><td>$19,045</td><td>$2,703</td><td>17%</td><td>$16,342</td><td>$2,354</td><td>17%</td><td>$13,988</td></tr><tr><td>Demand deposits—interest-bearing</td><td>10,985</td><td>4,412</td><td>67</td><td>6,573</td><td>677</td><td>11</td><td>5,896</td></tr><tr><td>Total demand deposits</td><td>30,030</td><td>7,115</td><td>31</td><td>22,915</td><td>3,031</td><td>15</td><td>19,884</td></tr><tr><td>Money market deposits</td><td>19,069</td><td>-314</td><td>-2</td><td>19,383</td><td>1,466</td><td>8</td><td>17,917</td></tr><tr><td>Savings and other domestic deposits</td><td>7,981</td><td>2,761</td><td>53</td><td>5,220</td><td>189</td><td>4</td><td>5,031</td></tr><tr><td>Core certificates of deposit</td><td>2,300</td><td>-303</td><td>-12</td><td>2,603</td><td>-712</td><td>-21</td><td>3,315</td></tr><tr><td>Total core deposits</td><td>59,380</td><td>9,259</td><td>18</td><td>50,121</td><td>3,974</td><td>9</td><td>46,147</td></tr><tr><td>Other domestic time deposits of $250,000 or more</td><td>408</td><td>152</td><td>59</td><td>256</td><td>14</td><td>6</td><td>242</td></tr><tr><td>Brokered time deposits and negotiable CDs</td><td>3,499</td><td>746</td><td>27</td><td>2,753</td><td>614</td><td>29</td><td>2,139</td></tr><tr><td>Deposits in foreign offices</td><td>204</td><td>-298</td><td>-59</td><td>502</td><td>127</td><td>34</td><td>375</td></tr><tr><td>Total deposits</td><td>63,491</td><td>9,859</td><td>18</td><td>53,632</td><td>4,729</td><td>10</td><td>48,903</td></tr><tr><td>Short-term borrowings</td><td>1,530</td><td>184</td><td>14</td><td>1,346</td><td>-1,415</td><td>-51</td><td>2,761</td></tr><tr><td>Long-term debt</td><td>8,048</td><td>2,463</td><td>44</td><td>5,585</td><td>2,105</td><td>60</td><td>3,480</td></tr><tr><td>Total interest-bearing liabilities</td><td>54,024</td><td>9,803</td><td>22</td><td>44,221</td><td>3,065</td><td>7</td><td>41,156</td></tr><tr><td>All other liabilities</td><td>1,594</td><td>133</td><td>9</td><td>1,461</td><td>391</td><td>37</td><td>1,070</td></tr><tr><td>Shareholders’ equity</td><td>8,391</td><td>1,855</td><td>28</td><td>6,536</td><td>266</td><td>4</td><td>6,270</td></tr><tr><td>Total liabilities and shareholders’ equity</td><td>$83,054</td><td>$14,494</td><td>21%</td><td>$68,560</td><td>$6,076</td><td>10%</td><td>$62,484</td></tr></table>
<table><tr><td></td><td colspan="3">Interest Income / Expense</td><td colspan="3">Average Rate -2</td></tr><tr><td>Fully-taxable equivalent basis -1</td><td>2016</td><td>2015</td><td>2014</td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing deposits in banks</td><td>$443</td><td>$90</td><td>$103</td><td>0.44%</td><td>0.10%</td><td>0.12%</td></tr><tr><td>Loans held for sale</td><td>34,480</td><td>23,812</td><td>12,728</td><td>3.27</td><td>3.64</td><td>3.94</td></tr><tr><td>Securities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Available-for-sale and other securities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Taxable</td><td>221,782</td><td>202,104</td><td>171,080</td><td>2.39</td><td>2.53</td><td>2.52</td></tr><tr><td>Tax-exempt</td><td>90,972</td><td>64,637</td><td>44,562</td><td>3.35</td><td>3.11</td><td>3.12</td></tr></table>

Question: In the year with the most Loans held for sale, what is the growth rate of interest-bearing deposits in banks? (in %)
Answer: 3.92222