Annual report pursuant to Section 13 and 15(d)

Fair Value of Financial Instruments (Tables)

v3.19.3.a.u2
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2019
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, 2019 and 2018 are presented in the following table.
 
 
 
 
 
 
 
 
Fair Value of Financial Instruments
 
 
 
 
 
 
 
Fair Value
 
Carrying Value
 
Level 2
 
Level 3
 
Total
(Dollars in millions)
December 31, 2019
Financial assets
 
 
 
 
 
 
 
Loans
$
950,093

 
$
63,633

 
$
914,597

 
$
978,230

Loans held-for-sale
9,158

 
8,439

 
719

 
9,158

Financial liabilities
 
 
 
 
 
 
 
Deposits (1)
1,434,803

 
1,434,809

 
—

 
1,434,809

Long-term debt
240,856

 
247,376

 
1,149

 
248,525

Commercial unfunded lending commitments (2)
903

 
90

 
4,777

 
4,867

 
 
 
 
 
 
 
 
 
December 31, 2018
Financial assets
 
 
 
 
 
 
 
Loans
$
911,520

 
$
58,228

 
$
859,160

 
$
917,388

Loans held-for-sale
10,367

 
9,592

 
775

 
10,367

Financial liabilities
 

 
 
 
 
 
 
Deposits (1)
1,381,476

 
1,381,239

 
—

 
1,381,239

Long-term debt
229,392

 
230,019

 
817

 
230,836

Commercial unfunded lending commitments (2)
966

 
169

 
5,558

 
5,727


(1) 
Includes demand deposits of $545.5 billion and $531.9 billion with no stated maturities at December 31, 2019 and 2018.
(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 13 – Commitments and Contingencies.