Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

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 December 31, 2024 and 2023 are presented in the table below.

Fair Value of Financial Instruments
			Fair Value
	Carrying Value		Level 2		Level 3		Total
(Dollars in millions)	December 31, 2024
Financial assets
Loans	$	1,060,629	$	50,971	$	992,135	$	1,043,106
Loans held-for-sale	9,545		6,707		2,838		9,545
Financial liabilities
Deposits (1)	1,965,467		1,967,061		—		1,967,061
Long-term debt	283,279		287,098		652		287,750
Commercial unfunded lending commitments (2)	1,240		55		3,639		3,694
	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 $892.9 billion and $897.3 billion with no stated maturities at December 31, 2024 and 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 12 – Commitments and Contingencies