RECENT ACCOUNTING PRONOUNCEMENTS See Note 1 Accounting Policies in the Notes To Consolidated Financial Statements in Item 8 of this Report for additional information on the following recent accounting pronouncements that are relevant to our business, including a description of each new pronouncement, the required date of adoption, our planned date of adoption, and the expected impact on our consolidated financial statements.
All of the following pronouncements were issued by the FASB unless otherwise noted.
The following were issued in 2007: ?
SFAS 141(R), “Business Combinations” ?
SFAS 160, “Accounting and Reporting of Noncontrolling Interests in Consolidated Financial Statements, an Amendment of ARB No.51” ?
In November 2007, the SEC issued Staff Accounting Bulletin No.109, ?
In June 2007, the AICPA issued Statement of Position 07-1, “Clarification of the Scope of the Audit and Accounting Guide “Investment Companies” and Accounting by Parent Companies and Equity Method Investors for Investments in Investment Companies.
” The FASB issued a final FSP in February 2008 which indefinitely delays the effective date of AICPA SOP 07-1.  ?
FASB Staff Position No.
(“FSP”) FIN 46(R) 7, “Application of FASB Interpretation No.46(R) to Investment Companies” ?
FSP FIN 48-1, “Definition of Settlement in FASB Interpretation (“FIN”) No.48” ?
SFAS 159, “The Fair Value Option for Financial Assets and Financial Liabilities – Including an amendment of FASB Statement No.115” The following were issued during 2006: ?
SFAS 158, “Employers’ Accounting for Defined Benefit Pension and Other Postretirement Benefit Plans – an amendment of FASB Statements No.87, 88, 106 and 132(R)”(“SFAS 158”) ?
SFAS 157, “Fair Value Measurements” ?
FIN 48, “Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No.109” ?
FSP FAS 13-2, “Accounting for a Change or Projected Change in the Timing of Cash Flows Relating to Income Taxes Generated by a Leveraged Lease Transaction” ?
SFAS 156, “Accounting for Servicing of Financial Assets – an amendment of FASB Statement No.140” ?
SFAS 155, “Accounting for Certain Hybrid Financial Instruments – an amendment of FASB Statements No.133 and 140” ?
The Emerging Issues Task Force (“EITF”) of the FASB issued EITF Issue 06-4, “Accounting for Deferred Compensation and Postretirement Benefit Aspects of Endorsement Split-Dollar Life Insurance Arrangements” STATUS OF DEFINED BENEFIT PENSION PLAN We have a noncontributory, qualified defined benefit pension plan (“plan” or “pension plan”) covering eligible employees.
Benefits are derived from a cash balance formula based on compensation levels, age and length of service.
Pension contributions are based on an actuarially determined amount necessary to fund total benefits payable to plan participants.
Consistent with our investment strategy, plan assets are currently approximately 60% invested in equity investments with most of the remainder invested in fixed income instruments.
Plan fiduciaries determine and review the plan’s investment policy.
We calculate the expense associated with the pension plan in accordance with SFAS 87, “Employers’ Accounting for Pensions,” and we use assumptions and methods that are compatible with the requirements of SFAS 87, including a policy of reflecting trust assets at their fair market value.
On an annual basis, we review the actuarial assumptions related to the pension plan, including the discount rate, the rate of compensation increase and the expected return on plan assets.
Neither the discount rate nor the compensation increase assumptions significantly affects pension expense.
The expected long-term return on assets assumption does significantly affect pension expense.
The expected long-term return on plan assets for determining net periodic pension cost for 2007 was 8.25%, unchanged from 2006.
Under current accounting rules, the difference between expected long-term returns and actual returns is accumulated and amortized to pension expense over future periods.
Each one percentage point difference in actual return compared with our expected return causes expense in subsequent years to change by up to $4 million as the impact is amortized into results of operations.
The table below reflects the estimated effects on pension expense of certain changes in assumptions, using 2008 estimated expense as a baseline.
## Table 0 ##
We currently estimate a pretax pension benefit of $26 million in 2008 compared with a pretax benefit of $30 million in
The following tables display the delinquency status of our loans and our nonperforming assets at December 31, 2011 and December 31, 2010.
Age Analysis of Past Due Accruing Loans
## Table 1 ##
(a) Past due loan amounts exclude purchased impaired loans as they are considered current loans due to the accretion of interest income.
(b) Past due loan amounts at December 31, 2011, include government insured or guaranteed residential real estate mortgages, totaling $.1 billion for 30 to 59 days past due, $.1 billion for 60 to 89 days past due and $2.1 billion for 90 days or more past due.
Past due loan amounts at December 31, 2010, include government insured or guaranteed residential real estate mortgages, totaling $.1 billion for 30 to 59 days past due, $.1 billion for 60 to 89 days past due and $2.0 billion for 90 days or more past due.
(c) Past due loan amounts at December 31, 2011, include government insured or guaranteed other consumer loans, totaling $.2 billion for 30 to 59 days past due, $.1 billion for 60 to 89 days past due and $.3 billion for 90 days or more past due.
Past due loan amounts at December 31, 2010, include government insured or guaranteed other consumer loans, totaling $.2 billion for 30 to 59 days past due, $.1 billion for 60 to 89 days past due and $.2 billion for 90 days or more past due.
RAYMOND JAMES FINANCIAL, INC.  AND SUBSIDIARIES Management's Discussion and Analysis 57 Certain statistical disclosures by bank holding companies As a financial holding company, we are required to provide certain statistical disclosures by bank holding companies pursuant to the SEC’s Industry Guide 3.
The following table provides certain of those disclosures for the periods indicated below.
The disclosures for years ended September 30, 2016 and 2015 have been revised from those previously reported to conform to our current presentation which includes the impact of the deconsolidation of certain VIEs (see Note 2 of the Notes to Consolidated Financial Statements in this Form 10-K for additional information regarding the deconsolidation).
## Table 2 ##
RJF return on average assets is computed as net income attributable to RJF for the year indicated, divided by average assets for each respective fiscal year.
Average assets is computed by adding the total assets as of each quarter-end date during the indicated fiscal year, plus the beginning of the year total, divided by five.
RJF return on average equity is computed by utilizing the net income attributable to RJF for the year indicated, divided by the average equity attributable to RJF for each respective fiscal year.
Average equity is computed by adding the total equity attributable to RJF as of each quarter-end date during the indicated fiscal year, plus the beginning of the year total, divided by five.
Average equity to average assets is computed as average equity divided by average assets as calculated in the above explanations.
Dividend payout ratio is computed as dividends declared per common share during the fiscal year as a percentage of diluted earnings per common share.
Refer to the RJ Bank and Risk Management sections of this MD&A and the Notes to Consolidated Financial Statements in this Form 10-K for the other required disclosures.
Liquidity and Capital Resources Liquidity is essential to our business.
The primary goal of our liquidity management activities is to ensure adequate funding to conduct our business over a range of market environments.
Senior management establishes our liquidity and capital management framework.
This framework includes senior management’s review of short- and long-term cash flow forecasts, review of monthly capital expenditures, monitoring of the availability of alternative sources of financing, and daily monitoring of liquidity in our significant subsidiaries.
Our decisions on the allocation of capital to our business units consider, among other factors, projected profitability and cash flow, risk and impact on future liquidity needs.
Our treasury department assists in evaluating, monitoring and controlling the impact that our business activities have on our financial condition, liquidity and capital structure and maintains our relationships with various lenders.
The objective of this framework is to support the successful execution of our business strategies while ensuring ongoing and sufficient liquidity.
Liquidity is provided primarily through our business operations and financing activities.
Financing activities could include bank borrowings, repurchase agreement transactions or additional capital raising activities under our universal shelf registration statement.
Cash provided by operating activities during the year ended September 30, 2017 was $1.31 billion.
In addition to operating cash flows related to net income, other increases in cash from operations included: ?
A $1.43 billion decrease in assets segregated pursuant to regulations and other segregated assets, primarily resulting from the decrease in client cash balances in part due to a significant number of client accounts from the September 2016 Alex.
Brown acquisition electing into our RJBDP program during the current fiscal year.  ?
$189 million of proceeds from sales of securitizations and loans held for sale, net of purchases and originations of loans and securitizations.  ?
Accrued compensation, commissions and benefits increased $160 million as a result of the increased financial results we achieved in fiscal year 2017.

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Change in Assumption	EstimatedIncrease to 2008PensionExpense(In millions)
.5% decrease in discount rate	$1
.5% decrease in expected long-term return on assets	$10
.5% increase in compensation rate	$2

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Accruing
In millions	Current or Less Than 30 Days Past Due	30-59 Days Past Due	60-89 Days Past Due	90 Days Or More Past Due	Total Past Due (a)	Nonperforming Loans	Purchased Impaired	Total Loans
December 31, 2011
Commercial	$64,437	$122	$47	$49	$218	$899	$140	$65,694
Commercial real estate	14,010	96	35	6	137	1,345	712	16,204
Equipment lease financing	6,367	22	5	27	22	6,416
Home equity	29,288	173	114	221	508	529	2,764	33,089
Residential real estate (b)	7,935	302	176	2,281	2,759	726	3,049	14,469
Credit card	3,857	38	25	48	111	8	3,976
Other consumer (c)	18,355	265	145	368	778	31	2	19,166
Total	$144,249	$1,018	$547	$2,973	$4,538	$3,560	$6,667	$159,014
Percentage of total loans	90.72%	.64%	.34%	1.87%	2.85%	2.24%	4.19%	100.00	%
December 31, 2010
Commercial	$53,273	$251	$92	$59	$402	$1,253	$249	$55,177
Commercial real estate	14,713	128	62	43	233	1,835	1,153	17,934
Equipment lease financing	6,276	37	2	1	40	77	6,393
Home equity	30,334	159	91	174	424	448	3,020	34,226
Residential real estate (b)	9,150	331	225	2,121	2,677	818	3,354	15,999
Credit card	3,765	46	32	77	155	3,920
Other consumer (c)	16,312	260	101	234	595	35	4	16,946
Total	$133,823	$1,212	$605	$2,709	$4,526	$4,466	$7,780	$150,595
Percentage of total loans	88.86%	.81%	.40%	1.80%	3.01%	2.97%	5.16%	100.00%

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Year ended September 30,
2017	2016	2015
RJF return on average assets	1.9%	1.9%	2.0%
RJF return on average equity	12.2%	11.3%	11.5%
Average equity to average assets	15.9%	16.6%	17.7%
Dividend payout ratio	20.3%	21.9%	21.0%

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Question: How many loans exceed the average of total loans in 2011?
Answer: 22716.28571