| Schedule of Guarantor Obligations |
The table below also includes the notional amount of commitments of $11.9 billion and $13.0 billion at March 31, 2014 and December 31, 2013 that are accounted for under the fair value option. However, the table below excludes cumulative net fair value adjustments of $338 million and $354 million on these commitments, which are classified in accrued expenses and other liabilities. For more information regarding the Corporation's loan commitments accounted for under the fair value option, see Note 15 – Fair Value Option.
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Credit Extension Commitments |
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March 31, 2014 |
(Dollars in millions) |
Expire in
One Year
or Less
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Expire After
One Year Through
Three Years
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Expire After Three Years Through
Five Years |
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Expire After Five Years |
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Total |
Notional amount of credit extension commitments |
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Loan commitments |
$ |
64,675 |
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$ |
101,333 |
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$ |
128,766 |
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$ |
28,310 |
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$ |
323,084 |
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Home equity lines of credit |
5,098 |
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17,689 |
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19,353 |
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13,824 |
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55,964 |
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Standby letters of credit and financial guarantees (1)
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22,326 |
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8,249 |
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4,369 |
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2,034 |
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36,978 |
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Letters of credit |
2,068 |
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143 |
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37 |
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64 |
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2,312 |
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Legally binding commitments |
94,167 |
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127,414 |
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152,525 |
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44,232 |
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418,338 |
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Credit card lines (2)
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375,014 |
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— |
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— |
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— |
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375,014 |
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Total credit extension commitments |
$ |
469,181 |
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$ |
127,414 |
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$ |
152,525 |
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$ |
44,232 |
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$ |
793,352 |
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December 31, 2013 |
Notional amount of credit extension commitments |
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Loan commitments |
$ |
80,799 |
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$ |
105,175 |
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$ |
133,290 |
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$ |
21,864 |
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$ |
341,128 |
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Home equity lines of credit |
4,580 |
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16,855 |
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21,074 |
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14,301 |
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56,810 |
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Standby letters of credit and financial guarantees (1)
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21,994 |
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8,843 |
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2,876 |
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3,967 |
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37,680 |
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Letters of credit |
1,263 |
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899 |
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4 |
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403 |
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2,569 |
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Legally binding commitments |
108,636 |
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131,772 |
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157,244 |
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40,535 |
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438,187 |
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Credit card lines (2)
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377,846 |
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— |
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— |
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— |
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377,846 |
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Total credit extension commitments |
$ |
486,482 |
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$ |
131,772 |
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$ |
157,244 |
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$ |
40,535 |
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$ |
816,033 |
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(1) |
The notional amounts of SBLCs and financial guarantees classified as investment grade and non-investment grade based on the credit quality of the underlying reference name within the instrument were $27.3 billion and $9.2 billion at March 31, 2014, and $27.6 billion and $9.6 billion at December 31, 2013. Amounts include consumer SBLCs of $444 million and $453 million at March 31, 2014 and December 31, 2013.
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(2) |
Includes business card unused lines of credit. |
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