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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
162 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, 2014 ($ in millions) Amount Level 1 Level 2 Level 3 Fair Value
Financial assets:
Cash and due from banks $ 3,091 3,091 - - 3,091
Other securities 600 - 600 - 600
Held-to-maturity securities 187 - - 187 187
Other short-term investments 7,914 7,914 - - 7,914
Loans held for sale 700 - - 700 700
Portfolio loans and leases:
Commercial and industrial loans 40,092 - - 40,781 40,781
Commercial mortgage loans 7,259 - - 6,878 6,878
Commercial construction loans 2,052 - - 1,735 1,735
Commercial leases 3,675 - - 3,426 3,426
Residential mortgage loans 12,177 - - 12,249 12,249
Home equity 8,799 - - 9,224 9,224
Automobile loans 12,004 - - 11,748 11,748
Credit card 2,297 - - 2,586 2,586
Other consumer loans and leases 405 - - 414 414
Unallocated allowance for loan and lease losses (106) - - - -
Total portfolio loans and leases, net 88,654 - - 89,041 89,041
Financial liabilities:
Deposits 101,712 - 101,715 - 101,715
Federal funds purchased 144 144 - - 144
Other short-term borrowings 1,556 - 1,561 - 1,561
Long-term debt 14,967 14,993 655 - 15,648
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 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 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
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), federal funds purchased,
and other short-term borrowings excluding FHLB borrowings. Fair
values for other time deposits, certificates of deposit $100,000 and
over and FHLB borrowings were estimated using a DCF calculation
that applies prevailing LIBOR/swap interest rates and a spread for
new issuances with similar terms.