The following table summarizes the notional or contractual amounts and net fair value of financial derivatives at December 31, 2013 and December 31, 2012.
Table 56: Financial Derivatives Summary
## Table 0 ##
(a) Represents the net fair value of assets and liabilities.2012 VERSUS 2011 CONSOLIDATED INCOME STATEMENT REVIEW Summary Results Net income for 2012 was $3.0 billion, or $5.30 per diluted common share, compared with $3.1 billion, or $5.64 per diluted common share, for 2011.
Revenue growth of 8% and a decline in the provision for credit losses were more than offset by a 16% increase in noninterest expense in 2012 compared to 2011.
Net Interest Income Net interest income increased to $9.6 billion in 2012 compared with $8.7 billion in 2011, primarily due to the impact of the RBC Bank (USA) acquisition, organic loan growth and lower funding costs.
The net interest margin remained relatively flat at 3.94% in 2012 compared with 3.92% in 2011.
The modest increase in the comparison was primarily due to a decrease in the weighted-average rate paid on total interest-bearing liabilities, primarily due to the runoff of maturing retail certificates of deposit and the redemption of additional trust preferred and hybrid capital securities during 2012, in addition to an increase in FHLB borrowings and commercial paper as lowercost funding sources.
This impact was mostly offset by a decrease in the yield on total interest-earning assets, which reflected lower rates on new loan volume and lower yields on new securities.
Noninterest Income Noninterest income increased to $5.9 billion in 2012 compared with $5.6 billion in 2011.
The overall increase in the comparison was primarily due to an increase in residential mortgage loan sales revenue driven by higher loan origination volume, gains on sales of Visa Class B common shares and higher corporate service fees, largely offset by higher provision for residential mortgage repurchase obligations.
Noninterest income as a percentage of total revenue was 38% in 2012 compared with 39% in 2011.
Asset management revenue increased to $1.2 billion in 2012 compared with $1.1 billion in 2011, primarily due to higher earnings from our BlackRock investment.
Discretionary assets under management increased to $112 billion at December 31, 2012 compared with $107 billion at December 31, 2011 driven by stronger average equity markets, positive net flows, after adjustments to total net flows for cyclical client activities, and strong sales performance.
Consumer services fees declined to $1.1 billion compared with $1.2 billion in 2011.
The decline reflected the regulatory impact of lower interchange fees on debit card transactions partially offset by customer growth.
As further discussed in the Retail Banking portion of the Business Segments Review section of Item 7 in our 2012 Form 10-K, the Dodd-Frank limits on interchange rates were effective October 1, 2011 and had a negative impact on revenue of approximately $314 million in 2012 and $75 million in 2011.
This impact was partially offset by higher volumes of merchant, customer credit card and debit card transactions and the impact of the RBC Bank (USA) acquisition.
Corporate services revenue increased by $.3 billion, or 30%, to $1.2 billion in 2012 compared with $.9 billion in 2011 due to higher commercial mortgage servicing revenue and higher merger and acquisition advisory fees in 2012.
The comparison also reflected the impact of valuation gains from rising interest rates on commercial mortgage servicing rights valuations, which were $31 million in 2012 compared to a loss of $152 million in 2011.
an institution rated single-A by the credit rating agencies.
Given the illiquid nature of many of these types of investments, it can be a challenge to determine their fair values.
See Note 7 Fair Value in the Notes To Consolidated Financial Statements in Item 8 of this Report for additional information.
Various PNC business units manage our equity and other investment activities.
Our businesses are responsible for making investment decisions within the approved policy limits and associated guidelines.
A summary of our equity investments follows: Table 48: Equity Investments Summary
## Table 1 ##
BlackRock PNC owned approximately 35 million common stock equivalent shares of BlackRock equity at December 31, 2015, accounted for under the equity method.
The primary risk measurement, similar to other equity investments, is economic capital.
The Business Segments Review section of this Item 7 includes additional information about BlackRock.
Tax Credit Investments Included in our equity investments are direct tax credit investments and equity investments held by consolidated partnerships which totaled $2.3 billion at December 31, 2015 and $2.6 billion at December 31, 2014.
These equity investment balances include unfunded commitments totaling $669 million and $717 million at December 31, 2015 and December 31, 2014, respectively.
These unfunded commitments are included in Other Liabilities on our Consolidated Balance Sheet.
Note 2 Loan Sale and Servicing Activities and Variable Interest Entities in the Notes To Consolidated Financial Statements in Item 8 of this Report has further information on Tax Credit Investments.
Private Equity The private equity portfolio is an illiquid portfolio comprised of mezzanine and equity investments that vary by industry, stage and type of investment.
Private equity investments carried at estimated fair value totaled $1.4 billion at December 31, 2015 and $1.6 billion at December 31, 2014.
As of December 31, 2015, $1.1 billion was invested directly in a variety of companies and $.3 billion was invested indirectly through various private equity funds.
Included in direct investments are investment activities of two private equity funds that are consolidated for financial reporting purposes.
The noncontrolling interests of these funds totaled $170 million as of December 31, 2015.
The interests held in indirect private equity funds are not redeemable, but PNC may receive distributions over the life of the partnership from liquidation of the underlying investments.
See Item 1 Business – Supervision and Regulation and Item 1A Risk Factors of this Report for discussion of the potential impacts of the Volcker Rule provisions of Dodd-Frank on our interests in and of private funds covered by the Volcker Rule.
In 2015, PNC invested with six other banks in Early Warning Services (EWS), a provider of fraud prevention and risk management solutions.
EWS then acquired ClearXchange, a network through which customers send and receive person-toperson payments.
Integrating these businesses will enable us to, among other things, create a secure, real-time payments network.
Our unfunded commitments related to private equity totaled $126 million at December 31, 2015 compared with $140 million at December 31, 2014.
Visa See Note 7 Fair Value, Note 20 Legal Proceedings and Note 21 Commitments and Guarantees in the Notes To Consolidated Financial Statements in Item 8 of this Report for additional information regarding the October 2007 Visa restructuring, our involvement with judgment and loss sharing agreements with Visa and certain other banks, the status of pending interchange litigation, the sales of portions of our Visa Class B common shares and the related swap agreements with the purchasers.
During 2015, we sold 2.0 million Visa Class B common shares, in addition to the 16.5 million shares sold in previous years.
We have entered into swap agreements with the purchasers of the shares as part of these sales.
See Note 7 Fair Value in the Notes To Consolidated Financial Statements in Item 8 of this Report for additional information.
At December 31, 2015, our investment in Visa Class B common shares totaled approximately 4.9 million shares and had a carrying value of $31 million.
Based on the December 31, 2015 closing price of $77.55 for the Visa Class A common shares, the fair value of our total investment was approximately $622 million at the current conversion rate.
The Visa Class B common shares that we own are transferable only under limited circumstances until they can be converted into shares of the publicly traded class of stock, which cannot happen until the settlement of all of the specified litigation.
## Table 2 ##
(a) Includes the impact of RBC Bank (USA), which we acquired on March 2, 2012.
(b) Amounts include consolidated variable interest entities.
See Consolidated Balance Sheet in Item 8 of this Report for additional information.
(c) Amounts include assets and liabilities for which we have elected the fair value option.
See Consolidated Balance Sheet in Item 8 of this Report for additional information.
(d) Amounts include balances held with the Federal Reserve Bank of Cleveland of $30.0 billion, $31.4 billion, $11.7 billion, $3.5 billion and $.4 billion as of December 31, 2015, 2014, 2013, 2012 and 2011, respectively.
(e) Amounts include our equity interest in BlackRock.
(f) Includes long-term borrowings of $43.6 billion, $41.5 billion, $27.6 billion, $19.3 billion and $20.9 billion for 2015, 2014, 2013, 2012 and 2011, respectively.
Borrowings which mature more than one year after December 31, 2015 are considered to be long-term.
(g) Calculated as taxable-equivalent net interest income divided by average earning assets.
The interest income earned on certain earning assets is completely or partially exempt from federal income tax.
As such, these tax-exempt instruments typically yield lower returns than taxable investments.
To provide more meaningful comparisons of net interest margins for all earning assets, we use net interest income on a taxable-equivalent basis in calculating net interest margin by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments.
This adjustment is not permitted under accounting principles generally accepted in the United States of America (GAAP) on the Consolidated Income Statement.
The taxable-equivalent adjustments to net interest income for the years 2015, 2014, 2013, 2012 and 2011 were $196 million, $189 million, $168 million, $144 million and $104 million, respectively.
(h) Calculated using the regulatory capital methodology applicable to PNC during 2015 and 2014, respectively.
(i) See capital ratios discussion in the Supervision and Regulation section of Item 1 and in the Capital portion of the Consolidated Balance Sheet Review section in Item 7 of this Report for additional discussion on these capital ratios.
(j) See additional information on the pro forma ratios, the 2014 Transitional Basel III ratios and Basel I ratios in the Statistical Information (Unaudited) section in Item 8 of this Report.
(k) Pro forma ratios as of December 31, 2015, December 31, 2014 and December 31, 2013 were calculated under the standardized approach and the pro forma ratio as of December 31, 2012 was calculated under the advanced approaches.
The 2012 and 2013 ratios have not been updated to reflect the first quarter 2014 adoption of ASU 2014-01 related to investments in low income housing tax credits.

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December 31, 2013	December 31, 2012
In millions	Notional/ Contractual Amount	Net Fair Value (a)	Notional/ Contractual Amount	Net Fair Value (a)
Derivatives designated as hedging instruments under GAAP
Total derivatives designated as hedging instruments	$36,197	$825	$29,270	$1,720
Derivatives not designated as hedging instruments under GAAP
Total derivatives used for residential mortgage banking activities	$119,679	$330	$166,819	$588
Total derivatives used for commercial mortgage banking activities	53,149	-12	4,606	-23
Total derivatives used for customer-related activities	169,534	138	163,848	30
Total derivatives used for other risk management activities	2,697	-422	1,813	-357
Total derivatives not designated as hedging instruments	$345,059	$34	$337,086	$238
Total Derivatives	$381,256	$859	$366,356	$1,958

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In millions	December 312015	December 312014
BlackRock	$6,626	$6,265
Tax credit investments	2,254	2,616
Private equity	1,441	1,615
Visa	31	77
Other	235	155
Total	$10,587	$10,728

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At or for the year ended December 31
Dollars in millions, except as noted	2015 (a)	2014 (a)	2013 (a)	2012 (a)	2011
BALANCESHEETHIGHLIGHTS
Assets (b)	$358,493	$345,072	$320,192	$305,029	$271,141
Loans (b) (c)	206,696	204,817	195,613	185,856	159,014
Allowance for loan and lease losses (b)	2,727	3,331	3,609	4,036	4,347
Interest-earning deposits with banks (b) (d)	30,546	31,779	12,135	3,984	1,169
Investment securities (b)	70,528	55,823	60,294	61,406	60,634
Loans held for sale (c)	1,540	2,262	2,255	3,693	2,936
Goodwill	9,103	9,103	9,074	9,072	8,285
Mortgage servicing rights	1,589	1,351	1,636	1,071	1,117
Equity investments (b) (e)	10,587	10,728	10,560	10,799	10,070
Other assets (b) (c)	23,092	23,482	22,552	23,679	22,698
Noninterest-bearing deposits	79,435	73,479	70,306	69,980	59,048
Interest-bearing deposits	169,567	158,755	150,625	143,162	128,918
Total deposits	249,002	232,234	220,931	213,142	187,966
Borrowed funds (b) (c) (f)	54,532	56,768	46,105	40,907	36,704
Total shareholders’ equity	44,710	44,551	42,334	38,948	34,010
Common shareholders’ equity	41,258	40,605	38,392	35,358	32,374
Accumulated other comprehensive income (loss)	130	503	436	834	-105
CLIENTINVESTMENTASSETS(billions)
Discretionary client assets under management	$134	$135	$127	$112	$107
Nondiscretionary client assets under management	125	128	120	112	103
Total client assets under administration	259	263	247	224	210
Brokerage account client assets	43	43	41	38	34
Total	$302	$306	$288	$262	$244
SELECTEDRATIOS
Net interest margin (g)	2.74%	3.08%	3.57%	3.94%	3.92%
Noninterest income to total revenue	46	45	43	38	39
Efficiency	62	62	60	68	63
Return on
Average common shareholders’ equity	9.50	9.91	10.85	8.29	9.56
Average assets	1.17	1.28	1.38	1.02	1.16
Loans to deposits	83	88	89	87	85
Dividend payout	27.0	25.3	23.1	29.1	20.2
Transitional Basel III common equity Tier 1 capital ratio (h) (i) (j)	10.6	10.9	N/A	N/A	N/A
Transitional Basel III Tier 1 risk-based capital ratio (h) (i) (j)	12.0	12.6	N/A	N/A	N/A
Pro forma fully phased-in Basel III common equity Tier 1 capital ratio (i) (j) (k)	10.0	10.0	9.4	7.5	N/A
Basel I Tier 1 common capital ratio (j)	N/A	N/A	10.5	9.6	10.3
Basel I Tier 1 risk-based capital ratio (j)	N/A	N/A	12.4	11.6	12.6
Common shareholders’ equity to total assets	11.5	11.8	12.0	11.6	11.9
Average common shareholders’ equity to average assets	11.5	12.1	11.9	11.5	11.9
SELECTEDSTATISTICS
Employees	52,513	53,587	54,433	56,285	51,891
Retail Banking branches	2,616	2,697	2,714	2,881	2,511
ATMs	8,956	8,605	7,445	7,282	6,806
Residential mortgage servicing portfolio – Serviced for Third Parties (in billions)	$123	$108	$114	$119	$118
Commercial loan servicing portfolio – Serviced for PNC and Others (inbillions)	$447	$377	$347	$322	$309

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Question: What was the average of the Efficiency for SELECTEDRATIOS in the years where Assets (b) is positive for BALANCESHEETHIGHLIGHTS? (in million)
Answer: 63.0