Annual report [Section 13 and 15(d), not S-K Item 405]

Fair Value of Financial Instruments (Tables)

v3.25.0.1
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Carrying and Fair Value of Financial Instruments
The carrying values and fair values by fair value hierarchy of certain financial instruments where only a portion of the ending balance was carried at fair value at December 31, 2024 and 2023 are presented in the table below.
Fair Value of Financial Instruments
Fair Value
Carrying Value Level 2 Level 3 Total
(Dollars in millions) December 31, 2024
Financial assets
Loans
 $ 1,060,629  $ 50,971  $ 992,135  $ 1,043,106 
Loans held-for-sale 9,545  6,707  2,838  9,545 
Financial liabilities
Deposits (1)
1,965,467  1,967,061  —  1,967,061 
Long-term debt 283,279  287,098  652  287,750 
Commercial unfunded lending commitments (2)
1,240  55  3,639  3,694 
December 31, 2023
Financial assets
Loans
 $ 1,020,281  $ 49,311  $ 949,977  $ 999,288 
Loans held-for-sale 6,002  3,024  2,979  6,003 
Financial liabilities
Deposits (1)
1,923,827  1,925,015  —  1,925,015 
Long-term debt 302,204  303,070  913  303,983 
Commercial unfunded lending commitments (2)
1,275  44  3,927  3,971 
(1)    Includes demand deposits of $892.9 billion and $897.3 billion with no stated maturities at December 31, 2024 and 2023.
(2)    The carrying value of commercial unfunded lending commitments is included in accrued expenses and other liabilities on the Consolidated Balance Sheet. The Corporation does not estimate the fair value of consumer unfunded lending commitments because, in many instances, the Corporation can reduce or cancel these commitments by providing notice to the borrower. For more information on commitments, see Note 12 – Commitments and Contingencies