CITIZENS FINANCIAL GROUP, INC.  MANAGEMENT'S DISCUSSION AND ANALYSIS 91 Consumer Banking
## Table 0 ##
(1)  Loans held for sale include mortgage loans held for sale and loans relating to the Chicago Divestiture.
(2)  These are non-GAAP financial measures.
For more information on the computation of these non-GAAP financial measures, see “—Principal Components of Operations and Key Performance Metrics Used By Management — Key Performance Metrics and Non-GAAP Financial Measures.
” (3)  Operating segments are allocated capital on a risk-adjusted basis considering economic and regulatory capital requirements.
We approximate that regulatory capital is equivalent to a sustainable target level for CET1 and then allocate that approximation to the segments based on economic capital.
Consumer Banking net income of $242 million in 2013 increased $57 million, or 31%, from 2012 as a 5% decrease in revenue was more than offset by a 6% decrease in noninterest expense and a $100 million decrease in provision for credit losses.2012 unusual items included a $75 million ($48 million after tax) benefit in revenue relating to a gain on the sale of Visa class B shares and a $138 million ($87 million after tax) settlement charge in noninterest expense associated with overdraft litigation.
Excluding these items, net income increased $18 million as the benefit of lower provision for credit losses and continued expense discipline more than offset the lower revenue reflecting continued pressure from the relatively persistent low-rate environment as well as the impact of regulatory changes on service charges and card fees.
Net interest income of $2.2 billion in 2013 declined $21 million, or 1%, largely driven by a 3% decrease in earning assets and a reduction in deposit spreads.
The average loan portfolio declined $1.3 billion to $45.1 billion, driven by a $1.8 billion decrease in home equity balances given industry wide higher levels of mortgage refinance activity.
In 2013, we originated $5.7 billion in mortgages compared with $7.9 billion in 2012.
We sold 67% of 2013 originations compared to 70% in 2012.
Average deposits grew 2% to $72.2 billion reflecting a $3.0 billion increase in money market deposits, partially offset by a $2.4 billion decrease in certificates of deposit.
Noninterest income of $1.0 billion decreased $162 million, or 14%, from 2012, which included the benefit of the $75 million gain on the sale of Visa class B shares.
Excluding this gain, noninterest income decreased $87 million driven by a $53 million decrease in service charges and a $36 million decrease in mortgage banking fees.
The decrease in mortgage banking fees reflected a $2.2 billion decrease in origination volumes as well as lower gains on the sale of mortgages as secondary market spreads narrowed.
Gains on sale of mortgages decreased $77 million and volume related fees declined $28 million, partially offset by the recovery of mortgage servicing rights valuations and lower amortization expense.
## Table 1 ##
Item 6.
Selected Financial Data.
The selected financial data set forth below constitutes historical financial data of FIS and should be read in conjunction with Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, and Item 8, Financial Statements and Supplementary Data, included elsewhere in this report.
On October 1, 2009, we completed the acquisition of Metavante Technologies, Inc.  ("Metavante").
The results of operations and financial position of Metavante are included in the Consolidated Financial Statements since the date of acquisition.
On July 2, 2008, we completed the spin-off of Lender Processing Services, Inc. , which was a former wholly-owned subsidiary ("LPS") .
For accounting purposes, the results of LPS are presented as discontinued operations.
Accordingly, all prior periods have been restated to present the results of FIS on a stand alone basis and include the results of LPS up to July 2, 2008, as discontinued operations.
option at the purchase price of the optioned land.
During the year ended November 30, 2008, the effect of consolidation of these option contracts was an increase of $32.4 million to consolidated inventory not owned with a corresponding increase to liabilities related to consolidated inventory not owned in our consolidated balance sheet as of November 30, 2008.
This increase was offset primarily by our exercise of options to acquire land under certain contracts previously consolidated, resulting in a net decrease in consolidated inventory not owned of $141.3 million.
To reflect the purchase price of the inventory consolidated under FIN 46R, we reclassified $2.5 million of related option deposits from land under development to consolidated inventory not owned in the accompanying consolidated balance sheet as of November 30, 2008.
The liabilities related to consolidated inventory not owned primarily represent the difference between the option exercise prices for the optioned land and our cash deposits.
Our exposure to loss related to our option contracts with third parties and unconsolidated entities consisted of our non-refundable option deposits and pre-acquisition costs totaling $191.2 million and $317.1 million, respectively, at November 30, 2008 and 2007.
Additionally, we had posted $89.5 million and $193.3 million, respectively, of letters of credit in lieu of cash deposits under certain option contracts as of November 30, 2008 and 2007.
Contractual Obligations and Commercial Commitments The following table summarizes our contractual obligations at November 30, 2008:
## Table 2 ##
(1) Interest commitments on variable interest-bearing debt are determined based on the interest rate as of November 30, 2008.
(2) Total contractual obligations exclude our FASB Interpretation No.48, Accounting for Uncertainty in Income Taxes—on Interpretation of FASB Statement No.109, (“FIN 48”) liability of $100.2 million as of November 30, 2008 because we were unable to make reasonable estimates as to the period of cash settlement with the respective taxing authorities.
We are subject to the usual obligations associated with entering into contracts (including option contracts) for the purchase, development and sale of real estate in the routine conduct of our business.
Option contracts for the purchase of land generally enable us to defer acquiring portions of properties owned by third parties and unconsolidated entities until we have determined whether to exercise our option.
This reduces our financial risk associated with land holdings.
At November 30, 2008, we had access to 38,589 homesites through option contracts with third parties and unconsolidated entities in which we have investments.
At November 30, 2008, we had $191.2 million of non-refundable option deposits and pre-acquisition costs related to certain of these homesites and $89.5 million of letters of credit posted in lieu of cash deposits under certain option contracts.
At November 30, 2008, we had letters of credit outstanding in the amount of $446.0 million (which included the $89.5 million of letters of credit discussed above).
These letters of credit are generally posted either with regulatory bodies to guarantee our performance of certain development and construction activities or in lieu of cash deposits on option contracts.
Additionally, at November 30, 2008, we had outstanding performance and surety bonds related to site improvements at various projects (including certain projects in our joint ventures) of $1.1 billion.
Although significant development and construction activities have been completed related to these site improvements, these bonds are generally not released until all of the development and construction activities are completed.
As of November 30, 2008, there were approximately $444.2 million, or 42%, of costs to complete related to these site improvements.
We do not presently anticipate any draws upon these bonds, but if any such draws occur, we do not believe they would have a material effect on our financial position, results of operations or cash flows.
Our Financial Services segment had a pipeline of loan applications in process of $710.8 million at November 30, 2008.
Loans in process for which interest rates were committed to the borrowers and builder commitments for loan programs totaled $248.8 million as of November 30, 2008.
Substantially all of these commitments were for periods of 60 days or less.
Since a portion of these commitments is expected to expire
Notes to Consolidated Financial Statements (Dollars in thousands, except share and per share amounts and where indicated as in millions or billions) Accounting for Beneficial Interests in Mall of America In January 2006, an entity controlled by the Simon family assigned to us its right to receive cash flow, capital distributions, and related profits and losses with respect to a portion of its ownership interest in the Mall of America through Mall of America Associates, or MOAA.
This beneficial interest was transferred subject to a credit facility repayable from MOAA’s distributions from the property.
As a result of this assignment, we began recognizing our share of MOAA’s income during the first quarter of 2006, including the proportionate share of earnings of MOAA since August 2004 through the first quarter of 2006 of $10.2 million.
This income is included with “income from unconsolidated entities” in our consolidated statement of operations.
We accounted for our beneficial interests in MOAA under the equity method of accounting.
On November 2, 2006, the Simon family entity sold its partnership interest to an affiliate of another partner in MOAA and settled all pending litigation, terminating our beneficial interests.
As a result of this sale, we ceased recording income from this property’s operations, and recorded a gain of approximately $86.5 million as a result of the receipt of $102.2 million of capital transaction proceeds assigned to us from this arrangement which is included in “gain on sale of assets and interests in unconsolidated entities” in the consolidated statements of operations and comprehensive income.
Use of Estimates We prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States, or GAAP.
GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period.
Our actual results could differ from these estimates.
Segment Disclosure SFAS No.131, “Disclosures about Segments of an Enterprise and Related Information” (SFAS 131) requires disclosure of certain operating and financial data with respect to separate business activities within an enterprise.
Our primary business is the ownership, development, and management of retail real estate.
We have aggregated our retail operations, including regional malls, Premium Outlet Centers, The Mills, and community/lifestyle centers, into one reportable segment because they have similar economic characteristics and we provide similar products and services to similar types of tenants.
Further, all material operations are within the United States and no customer or tenant comprises more than 10% of consolidated revenues.
Deferred Costs and Other Assets Deferred costs and other assets include the following as of December 31:

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="2">As of and for the Year Ended December 31,</td><td></td><td></td></tr><tr><td>(dollars in millions)</td><td>2013</td><td>2012</td><td>Change</td><td>Percent</td></tr><tr><td>Net interest income</td><td>$2,176</td><td>$2,197</td><td>-$21</td><td>-1%</td></tr><tr><td>Noninterest income</td><td>1,025</td><td>1,187</td><td>-162</td><td>-14</td></tr><tr><td>Total revenue</td><td>3,201</td><td>3,384</td><td>-183</td><td>-5</td></tr><tr><td>Noninterest expense</td><td>2,522</td><td>2,691</td><td>-169</td><td>-6</td></tr><tr><td>Profit before provision for credit losses</td><td>679</td><td>693</td><td>-14</td><td>-2</td></tr><tr><td>Provision for credit losses</td><td>308</td><td>408</td><td>-100</td><td>-24</td></tr><tr><td>Income before income tax expense</td><td>371</td><td>285</td><td>86</td><td>30</td></tr><tr><td>Income tax expense</td><td>129</td><td>100</td><td>29</td><td>29</td></tr><tr><td>Net income</td><td>$242</td><td>$185</td><td>$57</td><td>31</td></tr><tr><td>Loans and leases and loans held for sale (year-end)<sup>(1)</sup></td><td>$45,019</td><td>$46,289</td><td>-$1,270</td><td>-3</td></tr><tr><td>Average Balances:</td><td></td><td></td><td></td><td></td></tr><tr><td>Total assets</td><td>$46,465</td><td>$47,824</td><td>-$1,359</td><td>-3</td></tr><tr><td>Loans and leases and loans held for sale<sup>-1</sup></td><td>45,106</td><td>46,455</td><td>-1,349</td><td>-3</td></tr><tr><td>Deposits and deposits held for sale</td><td>72,158</td><td>70,812</td><td>1,346</td><td>2</td></tr><tr><td>Interest-earning assets</td><td>45,135</td><td>46,479</td><td>-1,344</td><td>-3%</td></tr><tr><td>Key Metrics:</td><td></td><td></td><td></td><td></td></tr><tr><td>Net interest margin</td><td>4.82%</td><td>4.73%</td><td>9 bps</td><td></td></tr><tr><td>Efficiency ratio<sup>-2</sup></td><td>78.76</td><td>79.45</td><td>-69 bps</td><td></td></tr><tr><td>Average loans to average deposits ratio</td><td>62.51</td><td>65.60</td><td>-309 bps</td><td></td></tr><tr><td>Return on average total tangible assets<sup>-2</sup></td><td>0.52</td><td>0.39</td><td>13 bps</td><td></td></tr><tr><td>Return on average tangible common equity<sup>-2 (3)</sup></td><td>5.48</td><td>4.89</td><td>59 bps</td><td></td></tr></table>
<table><tr><td></td><td>12/07</td><td>12/08</td><td>12/09</td><td>12/10</td><td>12/11</td><td>12/12</td></tr><tr><td>Fidelity National Information Services, Inc.</td><td>100.00</td><td>70.08</td><td>101.93</td><td>120.01</td><td>117.34</td><td>157.38</td></tr><tr><td>S&P 500</td><td>100.00</td><td>63.00</td><td>79.67</td><td>91.67</td><td>93.61</td><td>108.59</td></tr><tr><td>S&P Supercap Data Processing & Outsourced Services</td><td>100.00</td><td>68.26</td><td>99.41</td><td>97.33</td><td>118.68</td><td>151.90</td></tr></table>
<table><tr><td> Contractual Obligations</td><td></td><td colspan="4"> Payments Due by Period</td></tr><tr><td></td><td> Total</td><td> Less than 1 year</td><td> 1 to 3  years</td><td> 3 to 5 years</td><td> More than 5 years</td></tr><tr><td></td><td colspan="5"> (In thousands)</td></tr><tr><td>Homebuilding—Senior notes and other debts payable</td><td>$2,544,935</td><td>427,542</td><td>730,516</td><td>387,438</td><td>999,439</td></tr><tr><td>Financial services—Notes and other debts payable</td><td>225,783</td><td>225,682</td><td>46</td><td>42</td><td>13</td></tr><tr><td>Interest commitments under interest bearing debt -1</td><td>570,929</td><td>126,520</td><td>208,084</td><td>145,401</td><td>90,924</td></tr><tr><td>Operating leases</td><td>169,116</td><td>48,411</td><td>68,716</td><td>28,229</td><td>23,760</td></tr><tr><td>Total contractual obligations -2</td><td>$3,510,763</td><td>828,155</td><td>1,007,362</td><td>561,110</td><td>1,114,136</td></tr></table>

Question: When does Net interest income reach the largest value?
Answer: 2012