Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments

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Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2024
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 2023 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, 2024 and December 31, 2023 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, 2024
Financial assets
Loans
 $ 1,015,776  $ 48,886  $ 947,776  $ 996,662 
Loans held-for-sale 8,571  5,649  2,922  8,571 
Financial liabilities
Deposits (1)
1,946,496  1,947,737  —  1,947,737 
Long-term debt 296,346  299,793  897  300,690 
Commercial unfunded lending commitments (2)
1,236  58  3,183  3,241 
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 $898.8 billion and $897.3 billion with no stated maturities at March 31, 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.