Quarterly report [Sections 13 or 15(d)]

Fair Value of Financial Instruments (Tables)

v3.25.1
Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025 and December 31, 2024 are presented in the table below.
Fair Value of Financial Instruments
Fair Value
Carrying Value Level 2 Level 3 Total
(Dollars in millions) March 31, 2025
Financial assets
Loans
 $ 1,075,069  $ 51,805  $ 1,011,293  $ 1,063,098 
Loans held-for-sale 6,867  6,114  753  6,867 
Financial liabilities
Deposits (1)
1,989,564  1,990,936  —  1,990,936 
Long-term debt 304,146  306,423  564  306,987 
Commercial unfunded lending commitments (2)
1,174  64  3,762  3,826 
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 
(1)    Includes demand deposits of $896.0 billion and $892.9 billion with no stated maturities at March 31, 2025 and December 31, 2024.
(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 10 – Commitments and Contingencies