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Loans and Loans Held for Sale (Tables)
 9 Months Ended
Sep. 30, 2016
Loans Receivables [Abstract]  
Loans by Category
Our loans by category are summarized as follows:
 
in millions
September 30,
2016

 
December 31,
2015

 
September 30,
2015

Commercial, financial and agricultural (a)
$
39,433

 
$
31,240

 
$
31,095

Commercial real estate:
 
 
 
 
 
Commercial mortgage
14,979

 
7,959

 
8,180

Construction
2,189

 
1,053

 
1,070

Total commercial real estate loans
17,168

 
9,012

 
9,250

Commercial lease financing (b)
4,783

 
4,020

 
3,929

Total commercial loans
61,384

 
44,272

 
44,274

Residential — prime loans:
 
 
 
 
 
Real estate — residential mortgage
5,509

 
2,242

 
2,267

Home equity loans
12,757

 
10,335

 
10,504

Total residential — prime loans
18,266

 
12,577

 
12,771

Consumer direct loans
1,764

 
1,600

 
1,612

Credit cards
1,084

 
806

 
770

Consumer indirect loans
3,030

 
621

 
658

Total consumer loans
24,144

 
15,604

 
15,811

Total loans (c), (d)
$
85,528

 
$
59,876

 
$
60,085

 
 
 
 
 
 
 
(a)
Loan balances include $117 million, $85 million, and $88 million of commercial credit card balances at September 30, 2016, December 31, 2015, and September 30, 2015, respectively.

(b)
Commercial lease financing includes receivables held as collateral for a secured borrowing of $76 million, $134 million, and $162 million at September 30, 2016, December 31, 2015, and September 30, 2015, respectively. Principal reductions are based on the cash payments received from these related receivables. Additional information pertaining to this secured borrowing is included in Note 18 (“Long-Term Debt”) beginning on page 208 of our 2015 Form 10-K.

(c)
At September 30, 2016, total loans include purchased loans of $22.4 billion of which $959 million were PCI loans. At December 31, 2015, total loans include purchased loans of $114 million, of which $11 million were PCI loans. At September 30, 2015, total loans include purchased loans of $119 million, of which $12 million were PCI loans.

(d)
Total loans exclude loans of $1.6 billion at September 30, 2016, $1.8 billion at December 31, 2015, and $1.9 billion at September 30, 2015, related to the discontinued operations of the education lending business. Additional information pertaining to these loans is provided in Note 12 (“Acquisition, Divestiture, and Discontinued Operations”).
Loans Held for Sale
Our loans held for sale are summarized as follows:
in millions
September 30,
2016

 
December 31,
2015

 
September 30,
2015

Commercial, financial and agricultural
$
56

 
$
76

 
$
74

Real estate — commercial mortgage
1,016

 
532

 
806

Commercial lease financing
3

 
14

 
10

Real estate — residential mortgage (a)
62

 
17

 
26

Total loans held for sale (b)
$
1,137

 
$
639

 
$
916

 
 
 
 
 
 

(a)
Real estate — residential mortgage loans held for sale at fair value at September 30, 2016. The fair value option was elected for real estate — residential mortgage loans held for sale during the third quarter of 2016 with the First Niagara acquisition. The contractual amount due on these loans totaled $61 million at September 30, 2016. Changes in fair value are recorded in "Consumer mortgage income" on the income statement.

(b)
Total loans held for sale exclude loans held for sale of $169 million at September 30, 2015, related to the discontinued operations of the education lending business. Additional information pertaining to these loans is provided in Note 12.
Summary of Changes in Loans Held for Sale
Our quarterly summary of changes in loans held for sale follows:
in millions
September 30,
2016

 
December 31,
2015

 
September 30,
2015

Balance at beginning of the period
$
442

 
$
916

 
$
835

Purchases
48

 
—

 
—

New originations
2,857

 
1,655

 
1,673

Transfers from (to) held to maturity, net
2

 
22

 
24

Loan sales
(2,180
)
 
(1,943
)
 
(1,616
)
Loan draws (payments), net
(32
)
 
(11
)
 
—

Balance at end of period (a), (b)
$
1,137

 
$
639

 
$
916

 
 
 
 
 
 

(a)
Total loans held for sale include Real estate — residential mortgage loans held for sale at fair value of $62 million at September 30, 2016.

(b)
Total loans exclude loans held for sale of $169 million at September 30, 2015, related to the discontinued operations of the education lending business. Additional information pertaining to these loans is provided in Note 12.