Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

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 June 30, 2021 and December 31, 2020 are presented in the following table.

Fair Value of Financial Instruments
			Fair Value
	Carrying Value		Level 2		Level 3		Total
(Dollars in millions)	June 30, 2021
Financial assets
Loans	$	883,938	$	50,383	$	875,364	$	925,747
Loans held-for-sale	8,277		7,489		788		8,277
Financial liabilities
Deposits (1)	1,909,142		1,909,132		—		1,909,132
Long-term debt	274,604		282,903		1,060		283,963
Commercial unfunded lending commitments (2)	1,790		103		6,259		6,362
	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 $936.2 billion and $799.0 billion with no stated maturities at June 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.