Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables)

v3.21.2
Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 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) June 30, 2021
Financial assets
Loans
 $ 883,938  $ 50,383  $ 875,364  $ 925,747 
Loans held-for-sale 8,277  7,489  788  8,277 
Financial liabilities
Deposits (1)
1,909,142  1,909,132  —  1,909,132 
Long-term debt 274,604  282,903  1,060  283,963 
Commercial unfunded lending commitments (2)
1,790  103  6,259  6,362 
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 $936.2 billion and $799.0 billion with no stated maturities at June 30, 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.