Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022 and December 31, 2021 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, 2022
Financial assets
Loans	$	999,851	$	50,836	$	938,695	$	989,531
Loans held-for-sale	6,654		3,977		2,856		6,833
Financial liabilities
Deposits (1)	1,984,349		1,984,126		—		1,984,126
Long-term debt	275,697		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-sale	15,635		15,016		627		15,643
Financial liabilities
Deposits (1)	2,064,446		2,064,438		—		2,064,438
Long-term debt	280,117		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.