Fair Value Measurement and Fair Value of Financial Instruments

Valuation Methodologies

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., an exit price) in an orderly transaction between willing market participants at the measurement date. The Company has an established and documented process for determining fair value for financial assets and liabilities that are measured at fair value on either a recurring or nonrecurring basis. When available, quoted market prices are used to determine fair value. If quoted market prices are not available, fair value is based upon valuation techniques that use, where possible, current market-based or independently sourced parameters, such as yield curves, foreign exchange rates, credit spreads, commodity prices, and implied volatilities. Valuation adjustments may be made to ensure the financial instruments are recorded at fair value. These adjustments include amounts that reflect counterparty credit quality and that consider the Company's own creditworthiness in determining the fair value of its trading assets and liabilities.

Fair Value Hierarchy

In determining fair value, the Company maximizes the use of observable market inputs and minimizes the use of unobservable inputs. Observable inputs reflect market-derived or market-based information obtained from independent sources, while unobservable inputs reflect the Company's estimate about market data. Based on the observability of the significant inputs used, the Company classifies its fair value measurements in accordance with the three-level hierarchy as defined by GAAP. This hierarchy is based on the quality, observability, and reliability of the information used to determine fair value.

Level 1: Valuations are based on quoted prices in active markets for identical assets or liabilities. Since the valuations are based on quoted prices that are readily available in an active market, they do not entail a significant degree of judgment.

Level 2: Valuations are based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuations for which all significant assumptions are observable or can be corroborated by observable market data.

Level 3: Valuations are based on at least one significant unobservable input that is supported by little or no market activity and is significant to the fair value measurement. Values are determined using pricing models and discounted cash flow models that include management judgment and estimation, which may be significant.

In assigning the appropriate levels, the Company performs a detailed analysis of the assets and liabilities that are measured at fair value. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. The level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. Therefore, an item may be classified in Level 3 even though there may be many significant inputs that are readily observable.

Valuation Processes. The Company has established a valuation committee to oversee its valuation framework for measuring fair value and to establish valuation policies and procedures. The valuation committee's responsibilities include reviewing fair value measurements and categorizations within the fair value hierarchy and monitoring the use of pricing sources, mark-to-model valuations, dealer quotes, and other valuation processes. The valuation committee reports to the Company's Disclosure & Accounting Committee and meets at least quarterly.

Independent price verification is performed periodically by the Company to test the market data and valuations of substantially all instruments measured at fair value on a recurring basis. As part of its independent price verification procedures, the Company compares pricing sources, tests data variances within certain thresholds and performs variance analysis, utilizing third party valuations and both internal and external models. Results are formally reported on a quarterly basis to the valuation committee.

A description of the valuation methodologies used for certain financial assets and liabilities measured at fair value is as follows:

Recurring Fair Value Measurements:

Trading Account Assets: Trading account assets are recorded at fair value and primarily consist of securities and derivatives held for trading purposes. See discussion below on securities available for sale, which utilize the same valuation methodology as trading account securities. See also discussion below on derivatives valuation.

Securities Available for Sale: Securities available for sale are recorded at fair value based on readily available quoted market prices, if available. When available, these securities are classified as Level 1 and include exchange traded equities. If such quoted market prices are not available, management utilizes third-party pricing services and broker quotations from dealers in the specific instruments. These securities are classified as Level 2 and include U.S. Treasuries, U.S. government-sponsored agencies, RMBS and CMBS, CLOs, and certain other debt securities. If no market prices or broker quotes are available, internal pricing models are used. To the extent possible, these pricing model valuations utilize observable market inputs obtained for similar securities. Typical inputs include LIBOR and U.S. Treasury yield curves, benchmark yields, consensus prepayment estimates and credit spreads. When pricing model valuations use significant unobservable inputs, the securities are classified as Level 3. These other debt securities primarily include direct bank purchase bonds. The valuation of these securities is based upon a return on equity method, which incorporates a market-required return on capital, probability of default and loss severity.

Mortgage Servicing Rights: The fair value of the Company's mortgage servicing rights asset is determined using a discounted cash flow model with significant unobservable inputs, primarily influenced by forecasted future servicing revenues and prepayment speed assumptions. Mortgage servicing rights assets that are adjusted to fair value are classified as Level 3.

Other Assets: Other assets include interest rate hedging contracts and other risk management derivatives; see discussion below on derivatives.

Derivatives: The Company's derivatives are primarily traded in over-the-counter markets where quoted market prices are not readily available. The Company values its derivatives using pricing models that are widely accepted in the financial services industry with inputs that are observable in the market or can be derived from or corroborated by observable market data. These models reflect the contractual terms of the derivatives including the period to maturity and market observable inputs such as yield curves and option volatility. Valuation adjustments are made to reflect counterparty credit quality and to consider the creditworthiness of the Company. These derivatives, which are included in trading account assets, trading account liabilities, other assets and other liabilities are generally classified as Level 2. Trading account assets and trading account liabilities include Level 3 derivatives comprised of embedded derivatives contained in market-linked CDs and matched over-the-counter options, whose fair value is obtained through unadjusted third party broker quotes, which incorporate significant unobservable inputs.

Trading Account Liabilities: Trading account liabilities are recorded at fair value and primarily consist of securities sold, not yet purchased and derivatives. See discussion above on derivatives valuation. Securities sold, not yet purchased consist of U.S. Treasury, U.S. government-sponsored agencies, state and municipal, sovereign government obligations, corporate bonds, ABS and equities and are classified as Level 2, which utilize the same valuation methodology as securities available for sale.

Other Liabilities: The fair value of the Company's FDIC clawback liability is determined using a discounted cash flow model with significant unobservable inputs, which include probability of default and loss severity. The FDIC clawback liability is classified as Level 3. Other liabilities also includes interest rate hedging contracts and other risk management derivatives; see discussion above on derivatives.

Nonrecurring Fair Value Measurements:

Individually Impaired Loans: Individually impaired loans are valued at the time the loan is identified as impaired based on the present value of the remaining expected cash flows. Because the discount factor applied is based on the loan's original effective yield rather than a current market rate, that present value does not represent fair value. However, as a practical expedient, an impaired loan may be measured based on a loan's observable market price or the underlying collateral securing the loan (provided the loan is collateral dependent), which does approximate fair value. Collateral may be real estate or business assets, including equipment. The value of collateral is determined based on independent appraisals. Appraised values may be adjusted based on management's historical knowledge, changes in market conditions from the time of valuation, and management's knowledge of the client and the client's business. The loan's market price is determined using market pricing for similar assets, adjusted for management judgment. Impaired loans are reviewed and evaluated at least quarterly for additional impairment and adjusted accordingly. Impaired loans that are adjusted to fair value based on underlying collateral or the loan's market price are classified as Level 3.

Loans Held for Sale: Residential mortgage and commercial loans held for sale are recorded at the lower of cost or fair value. The fair value of fixed-rate residential loans is based on whole loan forward prices obtained from GSEs. These loans are classified as Level 2. The fair value of commercial loans held for sale may be based on secondary market offerings for loans with similar characteristics or a valuation methodology utilizing the appraised value to outstanding loan balance ratio. These loan values are classified as Level 3.

Private Equity Investments: Private equity investments are recorded either at cost or using the equity method and are evaluated for impairment. The valuation of these investments requires significant management judgment due to the absence of quoted market prices, lack of liquidity and the long-term nature of these assets. When required, the fair value of the investments was estimated using the net asset value or based on the investee's business model, current and projected financial performance, capital needs and our exit strategy. Private equity investments are generally classified as Level 3.

Other Real Estate Owned: OREO represents collateral acquired through foreclosure and is initially recorded at fair value as established by a current appraisal, adjusted for disposition costs. Subsequently, OREO is measured at lower of cost or fair value. OREO values are reviewed on an ongoing basis and any subsequent decline in fair value is recorded as a foreclosed asset expense in the current period. The value of OREO is determined based on independent appraisals and is generally classified as Level 3.

Premises and Equipment: Premises and equipment are valued at the time they are identified as impaired. Fair value is determined using market pricing for similar assets, adjusted for management judgment. Premises and equipment that are adjusted to fair value are classified as Level 3.

Intangible Assets: Intangible assets are valued at the time they are identified as impaired. Fair value is determined using market pricing for similar assets, adjusted for management judgment. Intangible assets that are adjusted to fair value are classified as Level 3.

Software: Software is valued at the time it is identified as impaired. Fair value is determined using market pricing for similar assets, adjusted for management judgment. Software that is adjusted to fair value is classified as Level 3.

Consolidated LIHC VIE: The fair value of consolidated LIHC VIE investments was determined using a discounted cash flow analysis. Consolidated LIHC VIE are generally classified as Level 3.

Fair Value Measurements on a Recurring Basis

The following tables present financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2016 and 2015, by major category and by valuation hierarchy level.



	December 31, 2016
(Dollars in millions)	Level 1			Level 2			Level 3			Netting Adjustment ⁽¹⁾			Fair Value
Assets
Trading account assets:
U.S. Treasury securities	$	—		$	1,730		$	—		$	—		$	1,730
U.S. government-sponsored agency securities	—			73			—			—			73
State and municipal securities	—			18			—			—			18
Commercial Paper	—			1			—			—			1
Other sovereign government obligations	—			16			—			—			16
Corporate bonds	—			841			—			—			841
Asset-backed securities	—			106			—			—			106
Mortgage-backed securities	—			5,221			—			—			5,221
Equities	85			—			—			—			85
Interest rate derivative contracts	7			1,065			2			(343		)	731
Commodity derivative contracts	—			144			1			(106		)	39
Foreign exchange derivative contracts	1			215			1			(138		)	79
Equity derivative contracts	1			—			164			(163		)	2
Total trading account assets	94			9,430			168			(750		)	8,942
Securities available for sale:
U.S. Treasury	—			2,505			—			—			2,505
Residential mortgage-backed securities:
U.S. government and government-sponsored agencies	—			6,695			—			—			6,695
Privately issued	—			327			—			—			327
Privately issued - commercial mortgage-backed securities	—			664			—			—			664
Collateralized loan obligations	—			2,218			—			—			2,218
Other	—			7			—			—			7
Other debt securities:
Direct bank purchase bonds	—			—			1,613			—			1,613
Other	—			82			25			—			107
Equity securities	5			—			—			—			5
Total securities available for sale	5			12,498			1,638			—			14,141
Other assets:
Mortgage servicing rights							23						23
Interest rate hedging contracts				22			—			(20		)	2
Other derivative contracts				2			1						3
Total other assets	—			24			24			(20		)	28
Total assets	$	99		$	21,952		$	1,830		$	(770	)	$	23,111
Percentage of total	—		%	95		%	8		%	(3		)%	100		%
Percentage of total Company assets	—		%	15		%	1		%	(1		)%	15		%
Liabilities
Trading account liabilities:
Securities sold, not yet purchased:
U.S. Treasury	—			1,973			—			—			1,973
Other sovereign government obligations	—			11			—			—			11
Corporate bonds	—			298			—			—			298
Equities	47			—			—			—			47
Trading derivatives:
Interest rate derivative contracts	1			987			—			(718		)	270
Commodity derivative contracts	—			111			1			(68		)	44
Foreign exchange derivative contracts	1			129			1			(33		)	98
Equity derivative contracts	—			—			164			—			164
Total trading account liabilities	49			3,509			166			(819		)	2,905
Other liabilities:
FDIC clawback liability	—			—			115			—			115
Interest rate hedging contracts	—			199			—			(199		)	—
Other derivative contracts	—			84			6			(29		)	61
Total other liabilities	—			283			121			(228		)	176
Total liabilities	$	49		$	3,792		$	287		$	(1,047	)	$	3,081
Percentage of total	2		%	123		%	9		%	(34		)%	100		%
Percentage of total Company liabilities	—		%	3		%	—		%	(1		)%	2		%


(1)	Amounts represent the impact of legally enforceable master netting agreements between the same counterparties that allow the Company to net settle all contracts.



	December 31, 2015
(Dollars in millions)	Level 1			Level 2			Level 3			Netting Adjustment ⁽¹⁾			Fair Value
Assets
Trading account assets:
U.S. Treasury securities	$	—		$	1,429		$	—		$	—		$	1,429
U.S. government-sponsored agency securities	—			363			—			—			363
State and municipal securities	—			5			—			—			5
Commercial paper	—			25			—			—			25
Other sovereign government obligations	—			5			—			—			5
Corporate bonds	—			828			—			—			828
Asset-backed securities	—			133			—			—			133
Equities	30			—			—			—			30
Interest rate derivative contracts	—			998			4			(163		)	839
Commodity derivative contracts	—			408			1			(384		)	25
Foreign exchange derivative contracts	1			115			1			(70		)	47
Equity derivative contracts	—			—			222			(217		)	5
Total trading account assets	31			4,309			228			(834		)	3,734
Securities available for sale:
U.S. Treasury	—			594			—			—			594
Residential mortgage-backed securities:
U.S government and government-sponsored agencies	—			7,201			—			—			7,201
Privately issued	—			151			—			—			151
Privately issued - commercial mortgage-backed securities	—			1,546			—			—			1,546
Collateralized loan obligations	—			3,233			—			—			3,233
Other	—			22			—			—			22
Other debt securities:
Direct bank purchase bonds	—			—			1,572			—			1,572
Other	—			1			31			—			32
Equity securities	8			—			—			—			8
Total securities available for sale	8			12,748			1,603			—			14,359
Other assets:
Interest rate hedging contracts	—			75			—			(71		)	4
Other derivative contracts	—			13			1			(4		)	10
Total other assets	—			88			1			(75		)	14
Total assets	$	39		$	17,145		$	1,832		$	(909	)	$	18,107
Percentage of total	—		%	95		%	10		%	(5		)%	100		%
Percentage of total Company assets	—		%	11		%	1		%	—		%	12		%
Liabilities
Trading account liabilities:
Securities sold, not yet purchased:
U.S. Treasury	$	—		$	2,469		$	—		$	—		$	2,469
Other sovereign government obligations	—			16			—			—			16
Corporate bonds	—			412			—			—			412
Equities	42			—			—			—			42
Trading derivatives:
Interest rate derivative contracts	1			947			—			(775		)	173
Commodity derivative contracts	—			368			1			(61		)	308
Foreign exchange derivative contracts	1			91			1			(22		)	71
Equity derivative contracts	—			—			221			—			221
Total trading account liabilities	44			4,303			223			(858		)	3,712
Other liabilities:
FDIC clawback liability	—			—			112			—			112
Interest rate hedging contracts	—			16			—			(14		)	2
Other derivative contracts	—			—			2			—			2
Total other liabilities	—			16			114			(14		)	116
Total liabilities	$	44		$	4,319		$	337		$	(872	)	$	3,828
Percentage of total	1		%	113		%	9		%	(23		)%	100		%
Percentage of total Company liabilities	—		%	3		%	—		%	(1		)%	2		%


(1)	Amounts represent the impact of legally enforceable master netting agreements between the same counterparties that allow the Company to net settle all contracts.

The following tables present a reconciliation of the assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2016 and 2015. Level 3 available for sale securities at December 31, 2016 primarily consist of direct bank purchase bonds. The Company's policy is to recognize transfers in and out of Level 1, 2 and 3 as of the end of a reporting period.



	For the Year Ended
	December 31, 2016
(Dollars in millions)	Trading Assets			Securities Available for Sale			Other Assets		Trading Liabilities			Other Liabilities
Asset (liability) balance, beginning of period	$	228		$	1,603		$	1	$	(223	)	$	(114	)
Total gains (losses) (realized/unrealized):
Included in income before taxes	31			—			3		(32		)	(7		)
Included in other comprehensive income	—			(13		)	—		—			—
Purchases/additions	—			286			7		—			—
Settlements	(91		)	(238		)	—		89			—
Transfers in (out) of level 3	—			—			13		—			—
Asset (liability) balance, end of period	$	168		$	1,638		$	24	$	(166	)	$	(121	)
Changes in unrealized gains (losses) included in income before taxes for assets and liabilities still held at end of period	$	31		$	—		$	3	$	(32	)	$	(7	)



	For the Year Ended
	December 31, 2015
(Dollars in millions)	Trading Assets			Securities Available for Sale			Other Assets			Trading Liabilities			Other Liabilities
Asset (liability) balance, beginning of period	$	311		$	1,790		$	2		$	(305	)	$	(107	)
Total gains (losses) (realized/unrealized):
Included in income before taxes	(29		)	—			(1		)	27			(7		)
Included in other comprehensive income	—			1			—			—			—
Purchases/additions	2			148			—			—			—
Sales	—			—			—			(2		)	—
Settlements	(56		)	(324		)	—			57			—
Transfers in (out) of level 3	$	—		$	(12	)	$	—		$	—		$	—
Asset (liability) balance, end of period	$	228		$	1,603		$	1		$	(223	)	$	(114	)
Changes in unrealized gains (losses) included in income before taxes for assets and liabilities still held at end of period	$	(29	)	$	—		$	(1	)	$	27		$	(7	)

The following table presents information about significant unobservable inputs related to the Company's significant Level 3 assets and liabilities at December 31, 2016.



	December 31, 2016
(Dollars in millions)	Level 3 Fair Value		Valuation Technique	Significant Unobservable Input(s)	Range of Inputs		Weighted Average
Securities available for sale:
Direct bank purchase bonds	$	1,613	Return on equity	Market-required return on capital	8.0 - 10.0	%	9.7	%
				Probability of default	0.0 - 25.0	%	0.3	%
				Loss severity	10.0 - 60.0	%	28.9	%

The direct bank purchase bonds use a return on equity valuation technique. This technique uses significant unobservable inputs such as market-required return on capital, probability of default and loss severity. Increases (decreases) in any of these inputs in isolation would result in a lower (higher) fair value measurement.

Fair Value Measurement on a Nonrecurring Basis

Certain assets may be measured at fair value on a nonrecurring basis. These assets are subject to fair value adjustments that result from the application of the lower of cost or fair value accounting or write-downs of individual assets. For assets measured at fair value on a nonrecurring basis during the years ended December 31, 2016 and 2015 that were still held on the consolidated balance sheet as of the respective periods ended, the following tables present the fair value of such assets by the level of valuation assumptions used to determine each fair value adjustment.



	December 31, 2016								Gain (Loss) For the Year Ended December 31, 2016
(Dollars in millions)	Fair Value		Level 1		Level 2		Level 3		Gain (Loss) For the Year Ended December 31, 2016
Loans:
Impaired loans	$	181	$	—	$	—	$	181	$	(249	)
Other assets:
Loans held for sale	25		—		—		25		—
OREO	1		—		—		1		(1		)
Private equity investments	10		—		—		10		(12		)
Software	13		—		—		13		(5		)
Intangible assets	—		—		—		—		(1		)
Consolidated LIHC VIE	112		—		—		112		(35		)
Total	$	342	$	—	$	—	$	342	$	(303	)



	December 31, 2015								Gain (Loss) For the Year Ended December 31, 2015
(Dollars in millions)	Fair Value		Level 1		Level 2		Level 3		Gain (Loss) For the Year Ended December 31, 2015
Loans:
Impaired loans	$	154	$	—	$	—	$	154	$	(95	)
Premises and equipment	—		—		—		—		(6		)
Other assets:
Loans held for sale	18		—		—		18		(3		)
OREO	6		—		—		6		(2		)
Private equity investments	7		—		—		7		(5		)
Intangible assets	2		—		—		2		(4		)
Total	$	187	$	—	$	—	$	187	$	(115	)

Fair Value of Financial Instruments Disclosures

In addition to financial instruments recorded at fair value in the Company's financial statements, the disclosure of the estimated fair value of financial instruments that are not carried at fair value is also required. Excluded from this disclosure requirement are lease financing arrangements, investments accounted for under the equity method, employee pension and other postretirement obligations and all nonfinancial assets and liabilities, including goodwill and other intangible assets such as long-term customer relationships. The fair values presented are estimates for certain individual financial instruments and do not represent an estimate of the fair value of the Company as a whole.

Certain financial instruments that are not recognized at fair value on the consolidated balance sheet are carried at amounts that approximate fair value due to their short-term nature. These financial instruments include cash and due from banks, interest bearing deposits in banks, federal funds sold and purchased, securities purchased under resale agreements, securities sold under repurchase agreements and commercial paper. In addition, the fair value of deposits with no stated maturity, such as noninterest bearing demand deposits, interest bearing checking, and market rate and other savings are deemed to equal their carrying amounts.

Financial instruments for which their carrying amounts do not approximate fair value include securities held to maturity, loans, interest bearing deposits with stated maturities, certain other short-term borrowings, long-term debt, off-balance sheet instruments and securities borrowed/loaned or purchased under resale agreements.

Securities Held to Maturity: The fair value of U.S. Treasury, U.S. government agency and government-sponsored agencies securities, including RMBS and CMBS classified as held to maturity are based on unadjusted third party pricing service prices.

Loans: The fair value of purchased credit-impaired loans was estimated using a discounted cash flow methodology that considered factors including the type of loan and related collateral, risk classification, term of loan, performance status and current discount rates. The fair values of mortgage loans were estimated based on quoted market prices for loans with similar credit and interest rate risk characteristics. The fair values of other loans were estimated based upon the type of loan and maturity and were determined by discounting the future expected cash flows using the current origination rates for similar loans made to borrowers with similar credit ratings and include adjustments for liquidity premiums.

Interest Bearing Deposits: The fair values of savings accounts and certain money market accounts were based on the amounts payable on demand at the reporting date. The fair value of fixed maturity CDs was estimated using a discounted cash flow calculation that applies current interest rates being offered on certificates with similar maturities.

Commercial Paper and Other Short-Term Borrowings: The fair values of Federal Reserve Bank term borrowings, FHLB borrowings and term federal funds purchased were estimated using a discounted cash flow calculation that applies current market rates for applicable maturities. The carrying amounts of other short-term borrowed funds were assumed to approximate their fair value due to their limited duration.

Long-Term Debt: The fair value of senior and subordinated debt was estimated using either a discounted cash flow analysis based on current market interest rates for debt with similar maturities and credit quality or estimated using market quotes. The fair value of junior subordinated debt payable to trusts was estimated using market quotes of similar securities.

Off-Balance Sheet Instruments: Commitments to extend credit and issued standby and commercial letters of credit are instruments that generate ongoing fees, which are recognized over the term of the commitment period. The Company maintains an allowance for losses on unfunded credit commitments. A reasonable estimate of the fair value of these instruments is the carrying amount of deferred fees plus the related reserve.

Securities Borrowed/Loaned or Purchased/Sold Under Resale Agreements: The carrying amounts of securities borrowed/loaned or purchased under resale agreement were assumed to approximate their fair value due to their limited duration.

The tables below present the carrying amount and estimated fair value of certain financial instruments, classified by valuation hierarchy level as of December 31, 2016 and 2015.



	December 31, 2016
(Dollars in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	5,753	$	5,753	$	5,753	$	—	$	—
Securities borrowed or purchased under resale agreements	19,747		19,747		—		19,747		—
Securities held to maturity	10,337		10,316		—		10,316		—
Loans held for investment ⁽¹⁾	75,112		76,257		—		—		76,257
Liabilities
Deposits	$	86,947	$	86,930	$	—	$	86,930	$	—
Commercial paper and other short-term borrowings	2,360		2,360		—		2,360		—
Securities loaned or sold under repurchase agreements	24,616		24,616		—		24,616		—
Long-term debt	11,410		11,411		—		11,411		—
Off-Balance Sheet Instruments
Commitments to extend credit and standby and commercial letters of credit	$	221	$	221	$	—	$	—	$	221


(1)	Excludes lease financing. The carrying amount is net of the allowance for loan and lease losses.



	December 31, 2015
(Dollars in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	4,807	$	4,807	$	4,807	$	—	$	—
Securities borrowed or purchased under resale agreements	31,072		31,072		—		31,072		—
Securities held to maturity	10,158		10,207		—		10,207		—
Loans held for investment ⁽¹⁾	76,634		78,124		—		—		78,124
Other assets	16		17		—		—		17
Liabilities
Deposits	$	84,300	$	84,335	$	—	$	84,335	$	—
Commercial paper and other short-term borrowings	3,425		3,425		—		3,425		—
Securities loaned or sold under repurchase agreements	29,141		29,141		—		29,141		—
Long-term debt	13,648		13,650		—		13,650		—
Off-Balance Sheet Instruments
Commitments to extend credit and standby and commercial letters of credit	$	243	$	243	$	—	$	—	$	243


(1)	Excludes lease financing. The carrying amount is net of the allowance for loan and lease losses.