Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables)

v3.21.1
Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2021
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, 2021 and December 31, 2020 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, 2021
Financial assets
Loans
 $ 865,652  $ 48,960  $ 862,801  $ 911,761 
Loans held-for-sale 7,895  7,173  722  7,895 
Financial liabilities
Deposits (1)
1,884,938  1,884,934  —  1,884,934 
Long-term debt 251,211  258,936  1,028  259,964 
Commercial unfunded lending commitments (2)
1,920  91  5,234  5,325 
December 31, 2020
Financial assets
Loans
 $ 887,289  $ 49,372  $ 877,682  $ 927,054 
Loans held-for-sale 9,243  7,864  1,379  9,243 
Financial liabilities
Deposits (1)
1,795,480  1,795,545  —  1,795,545 
Long-term debt 262,934  271,315  1,164  272,479 
Commercial unfunded lending commitments (2)
1,977  99  5,159  5,258 
(1)    Includes demand deposits of $914.3 billion and $799.0 billion with no stated maturities at March 31, 2021 and December 31, 2020.
(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.