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Fair value measurements (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis
The following tables present assets and liabilities at June 30, 2024 and December 31, 2023 measured at estimated fair value on a recurring basis:
(Dollars in millions)Fair Value MeasurementsLevel 1Level 2Level 3 (a)
June 30, 2024    
Trading account$99 $99 $— $— 
Investment securities available for sale:   
U.S. Treasury and federal agencies7,736 — 7,736 — 
Mortgage-backed securities:    
Government issued or guaranteed:   
Commercial2,089 — 2,089 — 
Residential3,966 — 3,966 — 
Other debt securities101 — 101 — 
 13,892 — 13,892 — 
Equity securities280 265 15 — 
Real estate loans held for sale377 — 377 — 
Other assets (b)295 — 280 15 
Total assets$14,943 $364 $14,564 $15 
Other liabilities (b)$1,041 $— $1,012 $29 
Total liabilities$1,041 $— $1,012 $29 
December 31, 2023    
Trading account$106 $101 $5 $— 
Investment securities available for sale:    
U.S. Treasury and federal agencies7,705 — 7,705 — 
Mortgage-backed securities:    
Government issued or guaranteed:    
Commercial416 — 416 — 
Residential2,154 — 2,154 — 
Other debt securities165 — 165 — 
 10,440 — 10,440 — 
Equity securities268 258 10 — 
Real estate loans held for sale379 — 379 — 
Other assets (b)324 — 309 15 
Total assets$11,517 $359 $11,143 $15 
Other liabilities (b)$943 $— $911 $32 
Total liabilities$943 $— $911 $32 
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(a)Significant unobservable inputs used in the fair value measurement of commitments to originate real estate loans held for sale included weighted-average commitment expirations of 6% at June 30, 2024 and 5% at December 31, 2023. An increase (decrease) in the estimate of expirations for commitments to originate real estate loans would generally result in a lower (higher) fair value measurement. Estimated commitment expirations are derived considering loan type, changes in interest rates and remaining length of time until closing.
(b)Comprised predominantly of interest rate swap agreements used for interest rate risk management (Level 2), interest rate and foreign exchange contracts not designated as hedging instruments (Level 2), commitments to sell real estate loans (Level 2) and commitments to originate real estate loans to be held for sale (Level 3).
Carrying Amounts and Estimated Fair Value for Financial Instrument Assets (Liabilities)
The carrying amounts and estimated fair value for certain financial instruments that are not recorded at fair value in the Consolidated Balance Sheet are presented in the following table:
(Dollars in millions)
Carrying
Amount
Estimated
Fair Value
Level 1
Level 2
Level 3
June 30, 2024
Financial assets:
Cash and cash equivalents$1,778 $1,778 $1,607 $171 $— 
Interest-bearing deposits at banks24,792 24,792 — 24,792 — 
Investment securities held to maturity14,793 13,509 — 13,467 42 
Loans and leases, net132,798 129,866 — 6,865 123,001 
Financial liabilities:
Time deposits17,513 17,463 — 17,463 — 
Short-term borrowings4,764 4,764 — 4,764 — 
Long-term borrowings11,319 11,282 — 11,282 — 
December 31, 2023
Financial assets:
Cash and cash equivalents1,731 1,731 1,668 63 — 
Interest-bearing deposits at banks28,069 28,069 — 28,069 — 
Investment securities held to maturity15,330 14,308 — 14,262 46 
Loans and leases, net131,939 129,138 — 7,240 121,898 
Financial liabilities:
Time deposits20,759 20,715 — 20,715 — 
Short-term borrowings5,316 5,316 — 5,316 — 
Long-term borrowings8,201 8,107 — 8,107 —