Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2018

The following disclosures include financial instruments that are not carried at fair value or only a portion of the ending balance at June 30, 2018 and December 31, 2017 is carried at fair value on the Consolidated Balance Sheet. Certain loans, deposits, long-term debt and loan commitments are accounted for under the fair value option. For additional information, see Note 21 – Fair Value Option to the Consolidated Financial Statements of the Corporation’s 2017 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, 2018 and December 31, 2017 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, 2018
Financial assets
Loans	$	901,569	$	61,161	$	845,632	$	906,793
Loans held-for-sale	6,511		5,121		1,446		6,567
Financial liabilities
Deposits ⁽¹⁾	1,309,691		1,309,332		—		1,309,332
Long-term debt	226,595		230,268		1,225		231,493
Commercial unfunded lending commitments ⁽²⁾	901		114		4,668		4,782

	December 31, 2017
Financial assets
Loans	$	904,399	$	68,586	$	849,576	$	918,162
Loans held-for-sale	11,430		10,521		909		11,430
Financial liabilities
Deposits ⁽¹⁾	1,309,545		1,309,398		—		1,309,398
Long-term debt	227,402		235,126		1,863		236,989
Commercial unfunded lending commitments ⁽²⁾	897		120		3,908		4,028


⁽¹⁾	Includes demand deposits of $515.6 billion and $519.6 billion with no stated maturities at June 30, 2018 and December 31, 2017.


⁽²⁾	The carrying value is included in accrued expenses and other liabilities on the Consolidated Balance Sheet. For more information on commitments, see Note 10 – Commitments and Contingencies.