Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables)

v3.24.3
Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2024
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, 2024 and December 31, 2023 are presented in the table below.
Fair Value of Financial Instruments
Fair Value
Carrying Value Level 2 Level 3 Total
(Dollars in millions) September 30, 2024
Financial assets
Loans
 $ 1,041,712  $ 51,661  $ 979,150  $ 1,030,811 
Loans held-for-sale 10,351  7,478  2,873  10,351 
Financial liabilities
Deposits (1)
1,930,352  1,932,749  —  1,932,749 
Long-term debt 296,927  301,702  709  302,411 
Commercial unfunded lending commitments (2)
1,166  56  3,462  3,518 
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 
(1)    Includes demand deposits of $867.1 billion and $897.3 billion with no stated maturities at September 30, 2024 and December 31, 2023.
(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