Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Carrying and 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, 2020 and December 31, 2019 are presented in the following table.

Fair Value of Financial Instruments
			Fair Value
	Carrying Value		Level 2		Level 3		Total
(Dollars in millions)	September 30, 2020
Financial assets
Loans	$	913,679	$	50,473	$	905,856	$	956,329
Loans held-for-sale	4,434		2,047		2,388		4,435
Financial liabilities
Deposits (1)	1,702,880		1,702,970		—		1,702,970
Long-term debt	255,723		259,505		970		260,475
Commercial unfunded lending commitments (2)	2,032		122		5,277		5,399
	December 31, 2019
Financial assets
Loans	$	950,093	$	63,633	$	914,597	$	978,230
Loans held-for-sale	9,158		8,439		719		9,158
Financial liabilities
Deposits (1)	1,434,803		1,434,809		—		1,434,809
Long-term debt	240,856		247,376		1,149		248,525
Commercial unfunded lending commitments (2)	903		90		4,777		4,867

(1)    Includes demand deposits of $751.0 billion and $545.5 billion with no stated maturities at September 30, 2020 and December 31, 2019.

(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.