Proceeds from the Sale of Equity Securities.
From time to time, we raise funds through public offerings of our equity securities.
In addition, we receive proceeds from sales of our equity securities pursuant to our stock option and stock purchase plans.
For the year ended December 31, 2004, we received approximately $40.6 million in proceeds from sales of shares of our Class A common stock and the common stock of ATC Mexico pursuant to our stock option and stock purchase plans.
Financing Activities During the year ended December 31, 2004, we took several actions to increase our financial flexibility and reduce our interest costs.
New Credit Facility.
In May 2004, we refinanced our previous credit facility with a new $1.1 billion senior secured credit facility.
At closing, we received $685.5 million of net proceeds from the borrowings under the new facility, after deducting related expenses and fees, approximately $670.0 million of which we used to repay principal and interest under the previous credit facility.
We used the remaining net proceeds of $15.5 million for general corporate purposes, including the repurchase of other outstanding debt securities.
The new credit facility consists of the following: ?
$400.0 million in undrawn revolving loan commitments, against which approximately $19.3 million of undrawn letters of credit were outstanding at December 31, 2004, maturing on February 28, 2011; ?
a $300.0 million term loan A, which is fully drawn, maturing on February 28, 2011; and ?
a $398.0 million term loan B, which is fully drawn, maturing on August 31, 2011.
The new credit facility extends the previous credit facility maturity dates from 2007 to 2011 for a majority of the borrowings outstanding, subject to earlier maturity upon the occurrence of certain events described below, and allows us to use credit facility borrowings and internally generated funds to repurchase other indebtedness without additional lender approval.
The new credit facility is guaranteed by us and is secured by a pledge of substantially all of our assets.
The maturity date for term loan A and any outstanding revolving loans will be accelerated to August 15, 2008, and the maturity date for term loan B will be accelerated to October 31, 2008, if (1) on or prior to August 1, 2008, our 93?8% senior notes have not been (a) refinanced with parent company indebtedness having a maturity date of February 28, 2012 or later or with loans under the new credit facility, or (b) repaid, prepaid, redeemed, repurchased or otherwise retired, and (2) our consolidated leverage ratio (total parent company debt to annualized operating cash flow) at June 30, 2008 is greater than 4.50 to 1.00.
If this were to occur, the payments due in 2008 for term loan A and term loan B would be $225.0 million and $386.0 million, respectively.
Note Offerings.
During 2004, we raised approximately $1.1 billion in net proceeds from the sale of debt securities through institutional private placements as follows (in millions):
## Table 0 ##
7.50% Senior Notes Offering.
In February 2004, we sold $225.0 million principal amount of our 7.50% senior notes due 2012 through an institutional private placement.
The 7.50% senior notes mature on May 1, 2012, and interest is payable semiannually in arrears on May 1 and November 1 of each year.
CITIZENS FINANCIAL GROUP, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 140 NOTE 4 - LOANS AND LEASES The Company’s loans and leases are disclosed in portfolio segments and classes.
The Company’s loan and lease portfolio segments are commercial and retail.
The classes of loans and leases are: commercial, commercial real estate, leases, residential mortgages, home equity loans, home equity lines of credit, home equity loans serviced by others, home equity lines of credit serviced by others, automobile, student, credit cards and other retail.
The Company’s SBO portfolio consists of purchased home equity loans and lines that were originally serviced by others, which the Company now services a portion of internally.
A summary of the loans and leases portfolio is presented below:
## Table 1 ##
(1) Excluded from the table above are loans held for sale totaling $625 million and $365 million as of December 31, 2016 and 2015, respectively.
(2) Mortgage loans serviced for others by the Company’s subsidiaries are not included above, and amounted to $17.3 billion and $17.6 billion at December 31, 2016 and 2015, respectively.
During the year ended December 31, 2016, the Company purchased $1.2 billion of student loans, $695 million of automobile loans and $539 million of residential mortgages.
During the year ended December 31, 2015, the Company purchased $957 million of student loans, $1.3 billion of automobile loans and $1.1 billion of residential mortgages.
During the year ended December 31, 2016, the Company sold $310 million of TDRs, including $255 million of residential mortgages and $55 million of home equity loans, which resulted in a pre-tax gain of $72 million reported in other income on the Consolidated Statements of Operations.
Additionally, during the year ended December 31, 2016, the Company sold $444 million of residential mortgage loans and $147 million of commercial loans.
During the year ended December 31, 2015, the Company sold $273 million of residential mortgage loans, $401 million of commercial loans and $41 million of credit card balances.
Loans held for sale at fair value totaled $583 million and $325 million at December 31, 2016 and 2015, respectively, and consisted of residential mortgages originated for sale of $504 million and loans in the commercial trading portfolio of $79 million as of December 31, 2016.
As of December 31, 2015, residential mortgages originated for sale were $268 million and loans in the commercial trading portfolio totaled $57 million.
Other loans held for sale totaled $42 million and $40 million as of December 31, 2016 and 2015, respectively, and consisted of commercial loan syndications.
Loans pledged as collateral for FHLB borrowed funds, primarily residential mortgages and home equity loans, totaled $24.0 billion and $23.2 billion at December 31, 2016 and 2015, respectively.
This collateral consists primarily of residential mortgages and home equity loans.
Loans pledged as collateral to support the contingent ability to borrow at the FRB discount window, if necessary, totaled $16.8 billion and $15.9 billion at December 31, 2016 and 2015, respectively.
The Company is engaged in the leasing of equipment for commercial use, with primary lease concentrations to Fortune 1000 companies for large capital equipment acquisitions.
A lessee is evaluated from a credit perspective using the same underwriting standards and procedures as for a loan borrower.
A lessee is expected to make rental payments based on its cash flows and the viability of its balance sheet.
Leases are usually not evaluated as collateral-based transactions, and therefore the lessee’s overall financial strength is the most important credit evaluation factor.
CITIZENS FINANCIAL GROUP, INC.  MANAGEMENT’S DISCUSSION AND ANALYSIS 44 Overview We are one of the nation’s oldest and largest financial institutions, with $149.5 billion of total assets as of December 31, 2016.
Headquartered in Providence, Rhode Island, we deliver a broad range of retail and commercial banking products and services to individuals, institutions and companies.
Our approximately 17,600 colleagues strive to meet the financial needs of customers and prospects through approximately 1,200 branches and approximately 3,200 ATMs operated in 11 states in the New England, Mid-Atlantic and Midwest regions and through our online, telephone and mobile banking platforms.
We conduct our banking operations through two wholly-owned banking subsidiaries, Citizens Bank, N. A.  and Citizens Bank of Pennsylvania and we operate our businesses through two operating segments: Consumer Banking and Commercial Banking.
Consumer Banking average loans and leases totaled $55.1 billion in 2016 compared with $51.5 billion in 2015 and represented approximately 55% of average total operating segment loan and lease balances (including loans held for sale) compared with 55% of average total operating segment loan and lease balances (including loans held for sale) in 2015.
Consumer Banking serves retail customers and small businesses with annual revenues of up to $25 million with products and services that include deposit products, mortgage and home equity lending, student loans, auto financing, credit cards, business loans and wealth management and investment services.
Commercial Banking average loans and leases totaled $45.9 billion in 2016 compared with $41.6 billion in 2015, and represented approximately 45% of average total operating segment loan and lease balances (including loans held for sale) compared with 45% of average total operating segment loan and lease balances (including loans held for sale) in 2015.
Commercial Banking offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services including lending and deposits, capital markets, treasury services, foreign exchange and interest hedging, leasing and asset finance, specialty finance and trade finance.
Non-core assets are primarily loans that are not aligned to our strategic priorities, generally as a result of geographic location, industry, product type, or risk level and are included in other.
Non-core assets of $2.8 billion as of December 31, 2016 increased $422 million, or 18%, from December 31, 2015.
These results were driven by a $909 million increase in total commercial non-core loans related to the transfer of a $1.2 billion lease and loan portfolio tied to legacy RBS aircraft leasing borrowers that we placed in runoff following a review of Asset Finance in third quarter 2016.
The increase in commercial non-core loans was partially offset by a $616 million decrease in total retail non-core loans.
The largest component of our retail non-core portfolio is the home equity products serviced by others portfolio (a portion of which we now service internally).
Non-core assets are included in Other along with the treasury function, securities portfolio, wholesale funding activities, goodwill, community development assets and other unallocated assets, liabilities, capital, revenues, provision for credit losses and expenses not attributed to the Consumer Banking or Commercial Banking segments.
For 2016, we recorded income before income tax expense and net income of $1.5 billion and $1.0 billion, respectively.2016 results included a $31 million pre-tax, or $19 million after-tax, benefit from notable items, presented below.
## Table 2 ##
(1) Pre-tax reflects $3 million of other expense, $3 million of amortization of software and $2 million of outside services.
(2) Pre-tax reflects ($5) million noninterest income impact and $11 million of other expense related to lease-residual impairment tied to legacy RBS aircraft leasing borrowers moved to runoff in non-core.
(3) Pre-tax reflects $11 million in salaries and benefits and $6 million in outside services associated with TOP III efficiency initiatives.
See “Business Strategy” in Part I, Item 1 — Business, included in this report for further information about our TOP III efficiency initiatives.
Key Factors Affecting Our Business Macroeconomic conditions Our business is affected by national and regional economic conditions, as well as the perception of future conditions and economic prospects.
The significant macroeconomic factors that impact our business include the rate of economic expansion, the health of the housing market, unemployment levels, and interest rates.
CITIZENS FINANCIAL GROUP, INC.  MANAGEMENT’S DISCUSSION AND ANALYSIS 77 The following table presents the composition of loans and leases, including non-core loans, as of:
## Table 3 ##
Total loans and leases of $107.7 billion as of December 31, 2016, increased $8.6 billion, or 9%, from $99.0 billion as of December 31, 2015, reflecting growth in both commercial and retail products.
Total commercial loans and leases of $51.7 billion grew $5.4 billion, or 12%, from $46.2 billion as of December 31, 2015, reflecting commercial loan growth of $4.0 billion and commercial real estate loan growth of $1.7 billion.
Total retail loans of $56.0 billion increased by $3.2 billion, or 6%, from $52.8 billion as of December 31, 2015, largely driven by a $2.3 billion increase in student loans and a $1.8 billion increase in residential mortgages, partially offset by lower home equity balances.
Loan purchases and sales in 2016, including loans held for sale, net of runoff of previously purchased loans, reduced loan growth by $202 million.
See Note 4 “Loans and Leases” to our audited Consolidated Financial Statements in Part II, Item 8 — Financial Statements and Supplementary Data, included in this report, for further information.
Maturities and Sensitivities of Loans and Leases to Changes in Interest Rates The following table is a summary of loans and leases by remaining maturity or repricing date:
## Table 4 ##

<table><tr><td>Debt Security</td><td>Date of Offering</td><td>Principal Amount</td><td>Approximate Net Proceeds</td></tr><tr><td>7.50% Senior Notes due 2012</td><td>February 2004</td><td>$225.0</td><td>$221.7</td></tr><tr><td>3.00% Convertible Notes due August 15, 2012</td><td>August 2004</td><td>345.0</td><td>335.9</td></tr><tr><td>7.125% Senior Notes due 2012</td><td>October 2004</td><td>300.0</td><td>292.8</td></tr><tr><td>7.125% Senior Notes due 2012</td><td>December 2004</td><td>200.0</td><td>199.8</td></tr><tr><td>Total</td><td></td><td>$1,070.0</td><td>$1,050.2</td></tr></table>
<table><tr><td></td><td colspan="2">December 31,</td></tr><tr><td>(in millions)</td><td>2016</td><td>2015</td></tr><tr><td>Commercial</td><td>$37,274</td><td>$33,264</td></tr><tr><td>Commercial real estate</td><td>10,624</td><td>8,971</td></tr><tr><td>Leases</td><td>3,753</td><td>3,979</td></tr><tr><td>Total commercial</td><td>51,651</td><td>46,214</td></tr><tr><td>Residential mortgages</td><td>15,115</td><td>13,318</td></tr><tr><td>Home equity loans</td><td>1,858</td><td>2,557</td></tr><tr><td>Home equity lines of credit</td><td>14,100</td><td>14,674</td></tr><tr><td>Home equity loans serviced by others</td><td>750</td><td>986</td></tr><tr><td>Home equity lines of credit serviced by others</td><td>219</td><td>389</td></tr><tr><td>Automobile</td><td>13,938</td><td>13,828</td></tr><tr><td>Student</td><td>6,610</td><td>4,359</td></tr><tr><td>Credit cards</td><td>1,691</td><td>1,634</td></tr><tr><td>Other retail</td><td>1,737</td><td>1,083</td></tr><tr><td>Total retail</td><td>56,018</td><td>52,828</td></tr><tr><td>Total loans and leases<sup>-1 (2)</sup></td><td>$107,669</td><td>$99,042</td></tr></table>
<table><tr><td></td><td colspan="3">Year Ended December 31, 2016</td></tr><tr><td>(dollars in millions, except diluted EPS impact)</td><td>Pre tax</td><td>After tax</td><td>Diluted EPS Impact</td></tr><tr><td>Gain on mortgage/home equity TDR transaction</td><td>$72</td><td>$45</td><td>$0.09</td></tr><tr><td>Home equity operational items<sup>-1</sup></td><td>-8</td><td>-5</td><td>-0.01</td></tr><tr><td>TDR gain after impact of home equity operational items</td><td>64</td><td>40</td><td>0.08</td></tr><tr><td>Asset Finance repositioning<sup>-2</sup></td><td>-16</td><td>-10</td><td>-0.02</td></tr><tr><td>TOP III efficiency initiatives<sup>-3</sup></td><td>-17</td><td>-11</td><td>-0.02</td></tr><tr><td>Total</td><td>$31</td><td>$19</td><td>$0.04</td></tr></table>
<table><tr><td></td><td colspan="5">December 31,</td><td colspan="2">Change from 2016-2015</td></tr><tr><td>(dollars in millions)</td><td>2016</td><td>2015</td><td>2014</td><td>2013</td><td>2012</td><td>$</td><td>%</td></tr><tr><td>Commercial</td><td>$37,274</td><td>$33,264</td><td>$31,431</td><td>$28,667</td><td>$28,856</td><td>$4,010</td><td>12%</td></tr><tr><td>Commercial real estate</td><td>10,624</td><td>8,971</td><td>7,809</td><td>6,948</td><td>6,459</td><td>1,653</td><td>18</td></tr><tr><td>Leases</td><td>3,753</td><td>3,979</td><td>3,986</td><td>3,780</td><td>3,415</td><td>-226</td><td>-6</td></tr><tr><td>Total commercial</td><td>51,651</td><td>46,214</td><td>43,226</td><td>39,395</td><td>38,730</td><td>5,437</td><td>12</td></tr><tr><td>Residential mortgages</td><td>15,115</td><td>13,318</td><td>11,832</td><td>9,726</td><td>9,323</td><td>1,797</td><td>13</td></tr><tr><td>Home equity loans</td><td>1,858</td><td>2,557</td><td>3,424</td><td>4,301</td><td>5,106</td><td>-699</td><td>-27</td></tr><tr><td>Home equity lines of credit</td><td>14,100</td><td>14,674</td><td>15,423</td><td>15,667</td><td>16,672</td><td>-574</td><td>-4</td></tr><tr><td>Home equity loans serviced by others</td><td>750</td><td>986</td><td>1,228</td><td>1,492</td><td>2,024</td><td>-236</td><td>-24</td></tr><tr><td>Home equity lines of credit serviced by others</td><td>219</td><td>389</td><td>550</td><td>679</td><td>936</td><td>-170</td><td>-44</td></tr><tr><td>Automobile</td><td>13,938</td><td>13,828</td><td>12,706</td><td>9,397</td><td>8,944</td><td>110</td><td>1</td></tr><tr><td>Student</td><td>6,610</td><td>4,359</td><td>2,256</td><td>2,208</td><td>2,198</td><td>2,251</td><td>52</td></tr><tr><td>Credit cards</td><td>1,691</td><td>1,634</td><td>1,693</td><td>1,691</td><td>1,691</td><td>57</td><td>3</td></tr><tr><td>Other retail</td><td>1,737</td><td>1,083</td><td>1,072</td><td>1,303</td><td>1,624</td><td>654</td><td>60</td></tr><tr><td>Total retail</td><td>56,018</td><td>52,828</td><td>50,184</td><td>46,464</td><td>48,518</td><td>3,190</td><td>6</td></tr><tr><td>Total loans and leases</td><td>$107,669</td><td>$99,042</td><td>$93,410</td><td>$85,859</td><td>$87,248</td><td>$8,627</td><td>9%</td></tr></table>
<table><tr><td></td><td colspan="4">December 31, 2016</td></tr><tr><td>(in millions)</td><td>Due in 1 Year or Less</td><td>Due After 1 Year Through 5 Years</td><td>Due After 5 Years</td><td>Total Loans and Leases</td></tr><tr><td>Commercial</td><td>$31,704</td><td>$3,508</td><td>$2,062</td><td>$37,274</td></tr><tr><td>Commercial real estate</td><td>10,423</td><td>61</td><td>140</td><td>10,624</td></tr><tr><td>Leases</td><td>601</td><td>2,183</td><td>969</td><td>3,753</td></tr><tr><td>Total commercial</td><td>42,728</td><td>5,752</td><td>3,171</td><td>51,651</td></tr><tr><td>Residential mortgages</td><td>1,414</td><td>1,228</td><td>12,473</td><td>15,115</td></tr><tr><td>Home equity loans</td><td>459</td><td>282</td><td>1,117</td><td>1,858</td></tr><tr><td>Home equity lines of credit</td><td>12,089</td><td>693</td><td>1,318</td><td>14,100</td></tr><tr><td>Home equity loans serviced by others</td><td>—</td><td>466</td><td>284</td><td>750</td></tr><tr><td>Home equity lines of credit serviced by others</td><td>219</td><td>—</td><td>—</td><td>219</td></tr><tr><td>Automobile</td><td>131</td><td>8,254</td><td>5,553</td><td>13,938</td></tr><tr><td>Student</td><td>14</td><td>630</td><td>5,966</td><td>6,610</td></tr><tr><td>Credit cards</td><td>1,471</td><td>220</td><td>—</td><td>1,691</td></tr><tr><td>Other retail</td><td>500</td><td>834</td><td>403</td><td>1,737</td></tr><tr><td>Total retail</td><td>16,297</td><td>12,607</td><td>27,114</td><td>56,018</td></tr><tr><td>Total loans and leases</td><td>$59,025</td><td>$18,359</td><td>$30,285</td><td>$107,669</td></tr><tr><td>Loans and leases due after one year at fixed interest rates</td><td></td><td>$14,464</td><td>$20,618</td><td>$35,082</td></tr><tr><td>Loans and leases due after one year at variable interest rates</td><td></td><td>3,895</td><td>9,667</td><td>13,562</td></tr></table>

Question: What's the average of Student of December 31, 2013, and Commercial of December 31, 2016 ?
Answer: 19741