Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables)

v3.22.1
Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2022
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, 2022 and December 31, 2021 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, 2022
Financial assets
Loans
 $ 961,364  $ 52,598  $ 920,592  $ 973,190 
Loans held-for-sale 10,270  7,569  2,903  10,472 
Financial liabilities
Deposits (1)
2,072,409  2,072,308  —  2,072,308 
Long-term debt 278,710  280,628  1,102  281,730 
Commercial unfunded lending commitments (2)
1,516  85  6,785  6,870 
December 31, 2021
Financial assets
Loans
 $ 946,142  $ 53,544  $ 919,980  $ 973,524 
Loans held-for-sale 15,635  15,016  627  15,643 
Financial liabilities
Deposits (1)
2,064,446  2,064,438  —  2,064,438 
Long-term debt 280,117  286,802  1,288  288,090 
Commercial unfunded lending commitments (2)
1,554  97  6,384  6,481 
(1)    Includes demand deposits of $1.0 trillion with no stated maturities at both March 31, 2022 and December 31, 2021.
(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.