Loans and Loans Held for Sale (Tables)

3 Months Ended

Mar. 31, 2014

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Loans by Category

Our loans by category are summarized as follows:

in millions	March 31, 2014		December 31, 2013		March 31, 2013
Commercial, financial and agricultural (a)	$	26,224	$	24,963	$	23,412
Commercial real estate:
Commercial mortgage		7,877		7,720		7,544
Construction		1,007		1,093		1,057
Total commercial real estate loans		8,884		8,813		8,601
Commercial lease financing (b)		4,396		4,551		4,796
Total commercial loans		39,504		38,327		36,809
Residential — prime loans:
Real estate — residential mortgage		2,183		2,187		2,176
Home equity:
Key Community Bank		10,281		10,340		9,809
Other		315		334		401
Total home equity loans		10,596		10,674		10,210
Total residential — prime loans		12,779		12,861		12,386
Consumer other — Key Community Bank		1,436		1,449		1,353
Credit cards		698		722		693
Consumer other:
Marine		965		1,028		1,254
Other		63		70		79
Total consumer other		1,028		1,098		1,333
Total consumer loans		15,941		16,130		15,765
Total loans (c) (d)	$	55,445	$	54,457	$	52,574

(a) March 31, 2014, December 31, 2013, and March 31, 2013, loan balances include $95 million, $94 million, and $93 million of commercial credit card balances, respectively.

(b) March 31, 2014, and December 31, 2013, commercial lease financing includes receivables of $124 million and $58 million, respectively, held as collateral for a secured borrowing. Principal reductions are based on the cash payments received from these related receivables. We expect to record additional commercial lease financing receivables held as collateral for a secured borrowing through the second quarter of 2014. Additional information pertaining to this secured borrowing is included in Note 18 (“Long-Term Debt”) beginning on page 200 of our 2013 Form 10-K.

(c) March 31, 2014, total loans include purchased loans of $159 million, of which $16 million were PCI loans. December 31, 2013, total loans include purchased loans of $166 million, of which $16 million were PCI loans. March 31, 2013, total loans include purchased loans of $204 million, of which $22 million were PCI loans.

(d) Excluded at March 31, 2014, December 31, 2013, and March 31, 2013, are loans in the amount of $4.4 billion, $4.5 billion, and $5.1 billion related to the discontinued operations of the education lending business, respectively.

Loans Held for Sale

Our loans held for sale are summarized as follows:

in millions	March 31, 2014		December 31, 2013		March 31, 2013
Commercial, financial and agricultural	$	44	$	278	$	180
Real estate — commercial mortgage		333		307		196
Commercial lease financing		8		9		9
Real estate — residential mortgage		16		17		49
Total loans held for sale	$	401	$	611	$	434

Summary of Changes in Loans Held for Sale

Our quarterly summary of changes in loans held for sale follows:

in millions	March 31, 2014			December 31, 2013			March 31, 2013
Balance at beginning of the period	$	611		$	699		$	599
New originations		645			1,669			1,075
Transfers from held to maturity, net		3			1			19
Loan sales		(596	)		(1,750	)		(1,257	)
Loan draws (payments), net		(262	)		(8	)		—
Transfers to OREO / valuation adjustments		—			—			(2	)
Balance at end of period	$	401		$	611		$	434