Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables)

v3.22.2.2
Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 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) September 30, 2022
Financial assets
Loans
 $ 1,002,181  $ 49,561  $ 930,927  $ 980,488 
Loans held-for-sale 7,629  5,158  2,587  7,745 
Financial liabilities
Deposits (1)
1,938,097  1,937,724  —  1,937,724 
Long-term debt 269,122  261,060  1,044  262,104 
Commercial unfunded lending commitments (2)
1,716  137  7,796  7,933 
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 $930.3 billion and $1.0 trillion with no stated maturities at September 30, 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.