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Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2022
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 2021 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 June 30, 2022 and December 31, 2021 are presented in the following table.
Fair Value of Financial Instruments
Fair Value
Carrying ValueLevel 2Level 3Total
(Dollars in millions)June 30, 2022
Financial assets
Loans
$999,851 $50,836 $938,695 $989,531 
Loans held-for-sale6,654 3,977 2,856 6,833 
Financial liabilities
Deposits (1)
1,984,349 1,984,126 — 1,984,126 
Long-term debt275,697 270,794 1,044 271,838 
Commercial unfunded lending commitments (2)
1,682 157 8,811 8,968 
December 31, 2021
Financial assets
Loans
$946,142 $53,544 $919,980 $973,524 
Loans held-for-sale15,635 15,016 627 15,643 
Financial liabilities
Deposits (1)
2,064,446 2,064,438 — 2,064,438 
Long-term debt280,117 286,802 1,288 288,090 
Commercial unfunded lending commitments (2)
1,554 97 6,384 6,481 
(1)    Includes demand deposits of $947.5 billion and $1.0 trillion with no stated maturities at June 30, 2022 and December 31, 2021.
(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.