Annual report pursuant to Section 13 and 15(d)

Fair Value of Financial Instruments (Tables)

v3.24.0.1
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
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 December 31, 2023 and 2022 are presented in the table below.
Fair Value of Financial Instruments
Fair Value
Carrying Value Level 2 Level 3 Total
(Dollars in millions) December 31, 2023
Financial assets
Loans
 $ 1,020,281  $ 49,311  $ 949,977  $ 999,288 
Loans held-for-sale 6,002  3,024  2,979  6,003 
Financial liabilities
Deposits (1)
1,923,827  1,925,015  —  1,925,015 
Long-term debt 302,204  303,070  913  303,983 
Commercial unfunded lending commitments (2)
1,275  44  3,927  3,971 
December 31, 2022
Financial assets
Loans
 $ 1,014,593  $ 50,194  $ 935,282  $ 985,476 
Loans held-for-sale 6,871  3,417  3,455  6,872 
Financial liabilities
Deposits (1)
1,930,341  1,930,165  —  1,930,165 
Long-term debt 275,982  271,993  1,136  273,129 
Commercial unfunded lending commitments (2)
1,650  77  6,596  6,673 
(1)    Includes demand deposits of $897.3 billion and $918.9 billion with no stated maturities at December 31, 2023 and 2022.
(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 12 – Commitments and Contingencies.