Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables)

v3.20.2
Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2020
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 September 30, 2020 and December 31, 2019 are presented in the following table.
Fair Value of Financial Instruments
Fair Value
Carrying Value Level 2 Level 3 Total
(Dollars in millions) September 30, 2020
Financial assets
Loans
 $ 913,679  $ 50,473  $ 905,856  $ 956,329 
Loans held-for-sale 4,434  2,047  2,388  4,435 
Financial liabilities
Deposits (1)
1,702,880  1,702,970  —  1,702,970 
Long-term debt 255,723  259,505  970  260,475 
Commercial unfunded lending commitments (2)
2,032  122  5,277  5,399 
December 31, 2019
Financial assets
Loans
 $ 950,093  $ 63,633  $ 914,597  $ 978,230 
Loans held-for-sale 9,158  8,439  719  9,158 
Financial liabilities
Deposits (1)
1,434,803  1,434,809  —  1,434,809 
Long-term debt 240,856  247,376  1,149  248,525 
Commercial unfunded lending commitments (2)
903  90  4,777  4,867 
(1)    Includes demand deposits of $751.0 billion and $545.5 billion with no stated maturities at September 30, 2020 and December 31, 2019.
(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.