Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments

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Fair Value of Financial Instruments
9 Months Ended
Sep. 30, 2021
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, unfunded lending commitments and other financial instruments are accounted for under the fair value option. For more information, see Note 21 – Fair Value Option to the Consolidated Financial Statements of the Corporation’s 2020 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 September 30, 2021 and December 31, 2020 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, 2021
Financial assets
Loans
$ 894,158  $ 52,330  $ 880,083  $ 932,413 
Loans held-for-sale 9,415  8,601  823  9,424 
Financial liabilities
Deposits (1)
1,964,804  1,964,794    1,964,794 
Long-term debt 278,621  286,414  1,293  287,707 
Commercial unfunded lending commitments (2)
1,633  95  6,542  6,637 
December 31, 2020
Financial assets
Loans
$ 887,289  $ 49,372  $ 877,682  $ 927,054 
Loans held-for-sale 9,243  7,864  1,379  9,243 
Financial liabilities
Deposits (1)
1,795,480  1,795,545  —  1,795,545 
Long-term debt 262,934  271,315  1,164  272,479 
Commercial unfunded lending commitments (2)
1,977  99  5,159  5,258 
(1)    Includes demand deposits of $962.9 billion and $799.0 billion with no stated maturities at September 30, 2021 and December 31, 2020.
(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.