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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
163 Fifth Third Bancorp
Fair Value of Certain Financial Instruments
The following tables summarize the carrying amounts and estimated fair values for certain financial instruments, excluding financial instruments
measured at fair value on a recurring basis:
Net Carrying Fair Value Measurements Using Total
A
s of December 31, 2013 ($ in millions) Amount Level 1 Level 2 Level 3 Fair Value
Financial assets:
Cash and due from banks $ 3,178 3,178 - - 3,178
Other securities 751 - 751 - 751
Held-to-maturity securities 208 - - 208 208
Other short-term investments 5,116 5,116 - - 5,116
Loans held for sale 54 - - 54 54
Portfolio loans and leases:
Commercial and industrial loans 38,549 - - 39,804 39,804
Commercial mortgage loans 7,854 - - 7,430 7,430
Commercial construction loans 1,013 - - 856 856
Commercial leases 3,572 - - 3,261 3,261
Residential mortgage loans(a) 12,399 - - 11,541 11,541
Home equity 9,152 - - 9,181 9,181
Automobile loans 11,961 - - 11,748 11,748
Credit card 2,202 - - 2,380 2,380
Other consumer loans and leases 348 - - 361 361
Unallocated allowance for loan and lease losses (110) - - - -
Total portfolio loans and leases, net(a) 86,940 - - 86,562 86,562
Financial liabilities:
Deposits 99,275 - 99,288 - 99,288
Federal funds purchased 284 284 - - 284
Other short-term borrowings 1,380 - 1,380 - 1,380
Long-term debt 9,633 9,645 577 - 10,222
(a) Excludes
$92
of residential mortgage loans measured at fair value on a recurring basis.
Net Carrying Fair Value Measurements Using Total
A
s of December 31, 2012 ($ in millions) Amount Level 1 Level 2 Level 3 Fair Value
Financial assets:
Cash and due from banks $ 2,441 2,441 - - 2,441
Other securities 844 - 844 - 844
Held-to-maturity securities 284 - - 284 284
Other short-term investments 2,421 2,421 - - 2,421
Loans held for sale 83 - - 83 83
Portfolio loans and leases:
Commercial and industrial loans 35,236 - - 36,496 36,496
Commercial mortgage loans 8,770 - - 8,020 8,020
Commercial construction loans 665 - - 505 505
Commercial leases 3,481 - - 3,310 3,310
Residential mortgage loans(a) 11,712 - - 11,532 11,532
Home equity 9,875 - - 9,798 9,798
Automobile loans 11,944 - - 12,076 12,076
Credit card 2,010 - - 2,139 2,139
Other consumer loans and leases 270 - - 288 288
Unallocated allowance for loan and lease losses (111) - - - -
Total portfolio loans and leases, net(a) 83,852 - - 84,164 84,164
Financial liabilities:
Deposits 89,517 - 85,592 - 85,592
Federal funds purchased 901 901 - - 901
Other short-term borrowings 6,280 - 6,280 - 6,280
Long-term debt 7,085 6,925 884 - 7,809
(a) Excludes $76
of residential mortgage loans measured at fair value on a recurring basis.
Cash and due from banks, other securities, other short-term investments,
deposits, federal funds purchased and other short-term borrowings
For financial instruments with a short-term or no stated maturity,
prevailing market rates and limited credit risk, carrying amounts
approximate fair value. Those financial instruments include cash and
due from banks, FHLB and FRB restricted stock, other short-term
investments, certain deposits (demand, interest checking, savings,
money market and foreign office deposits), and federal funds
purchased. Fair values for other time deposits, certificates of deposit
$100,000 and over and other short-term borrowings were estimated
using a discounted cash flow calculation that applied prevailing
LIBOR/swap interest rates for the same maturities.