Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments

v3.19.1
Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The following disclosures include financial instruments that are not carried at fair value or only a portion of the ending balance is carried at fair value on the Consolidated Balance Sheet. Certain loans, deposits, long-term debt and unfunded lending commitments are accounted for under the fair value option. For additional information, see Note 21 – Fair Value Option to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K.
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 March 31, 2019 and December 31, 2018 are presented in the following table.
 
 
 
 
 
 
 
 
Fair Value of Financial Instruments
 
 
 
 
 
 
 
Fair Value
 
Carrying Value
 
Level 2
 
Level 3
 
Total
(Dollars in millions)
March 31, 2019
Financial assets
 
 
 
 
 
 
 
Loans
$
915,899

 
$
60,803

 
$
880,868

 
$
941,671

Loans held-for-sale
6,297

 
5,525

 
776

 
6,301

Financial liabilities
 
 
 
 
 
 
 
Deposits (1)
1,379,337

 
1,379,240

 
—

 
1,379,240

Long-term debt
233,929

 
239,490

 
890

 
240,380

Commercial unfunded lending commitments (2)
908

 
106

 
4,747

 
4,853

 
 
 
 
 
 
 
 
 
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 $517.6 billion and $531.9 billion with no stated maturities at March 31, 2019 and December 31, 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 11 – Commitments and Contingencies.