Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments

v3.8.0.1
Fair Value of Financial Instruments
3 Months Ended
Mar. 31, 2018
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
Fair Value of Financial Instruments
The following disclosures include financial instruments that are not carried at fair value or only a portion of the ending balance at March 31, 2018 and December 31, 2017 is carried at fair value on the Consolidated Balance Sheet. Certain loans, deposits, long-term debt and loan commitments are accounted for under the fair value option. For additional information, see Note 21 – Fair Value Option to the Consolidated Financial Statements of the Corporation’s 2017 Annual Report on Form 10-K.
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, 2018 and December 31, 2017 are presented in the following table.
 
 
 
 
 
 
 
 
Fair Value of Financial Instruments
 
 
 
 
 
 
 
Fair Value
 
Carrying Value
 
Level 2
 
Level 3
 
Total
(Dollars in millions)
March 31, 2018
Financial assets
 
 
 
 
 
 
 
Loans
$
902,219

 
$
67,137

 
$
841,274

 
$
908,411

Loans held-for-sale
9,227

 
8,377

 
1,530

 
9,907

Financial liabilities
 
 
 
 
 
 
 
Deposits (1)
1,328,664

 
1,327,961

 

 
1,327,961

Long-term debt
232,256

 
237,851

 
1,351

 
239,202

Commercial unfunded lending commitments (2)
902

 
120

 
4,253

 
4,373

 
 
 
 
 
 
 
 
 
December 31, 2017
Financial assets
 
 
 
 
 
 
 
Loans
$
904,399

 
$
68,586

 
$
849,576

 
$
918,162

Loans held-for-sale
11,430

 
10,521

 
909

 
11,430

Financial liabilities
 

 
 
 
 
 
 

Deposits (1)
1,309,545

 
1,309,398

 

 
1,309,398

Long-term debt
227,402

 
235,126

 
1,863

 
236,989

Commercial unfunded lending commitments (2)
897

 
120

 
3,908

 
4,028


(1) Includes demand deposits of $528.9 billion and $519.6 billion with no stated maturities at March 31, 2018 and December 31, 2017.
(2) The carrying value is included in accrued expenses and other liabilities on the Consolidated Balance Sheet. For more information on commitments, see Note 10 – Commitments and Contingencies.