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| <NonNumbericText> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 24 - bac:FairValueOfFinancialInstrumentsDisclosureTextBlock--> <div style="margin-left: 0%"> <div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <b><font style="font-family: Arial, Helvetica">NOTE 24 <font style="color: #ce1126">Fair Value of Financial Instruments</font></font></b> </div> <div align="left" style="text-align:justify; margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> The fair values of financial instruments have been derived using methodologies described in <i>Note 22 – Fair Value Measurements</i>. The following disclosures include financial instruments where only a portion of the ending balances at December 31, 2010 and 2009 is carried at fair value on the Corporation’s Consolidated Balance Sheet. </div> <div style="margin-top: 12pt; font-size: 1pt"> </div> <div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <b><font style="font-family: Arial, Helvetica">Short-term Financial Instruments</font></b> </div> <div align="left" style="text-align:justify; margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> The carrying value of short-term financial instruments, including cash and cash equivalents, time deposits placed, federal funds sold and purchased, resale and certain repurchase agreements, commercial paper and other short-term investments and borrowings approximates the fair value of these instruments. These financial instruments generally expose the Corporation to limited credit risk and have no stated maturities or have short-term maturities and carry interest rates that approximate market. The Corporation elected to account for certain structured reverse repurchase agreements under the fair value option. </div> <div style="margin-top: 12pt; font-size: 1pt"> </div> <div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <b><font style="font-family: Arial, Helvetica">Loans</font></b> </div> <div align="left" style="text-align:justify; margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> Fair values were generally determined by discounting both principal and interest cash flows expected to be collected using an observable discount rate for similar instruments with adjustments that the Corporation believes a market participant would consider in determining fair value. The Corporation estimates the cash flows expected to be collected using internal credit risk, interest rate and prepayment risk models that incorporate the Corporation’s best estimate of current key assumptions, such as default rates, loss severity and prepayment speeds for the life of the loan. The carrying value of loans is presented net of the applicable allowance for loan and lease losses and excludes leases. The Corporation elected to account for certain large corporate loans which exceeded the Corporation’s single name credit risk concentration guidelines under the fair value option. </div> <div style="margin-top: 12pt; font-size: 1pt"> </div> <div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <b><font style="font-family: Arial, Helvetica">Deposits</font></b> </div> <div align="left" style="text-align:justify; margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> The fair value for certain deposits with stated maturities was determined by discounting contractual cash flows using current market rates for instruments with similar maturities. The carrying value of <font style="white-space: nowrap">non-U.S. time</font> deposits approximates fair value. For deposits with no stated maturities, the carrying amount was considered to approximate fair value and does not take into account the significant value of the cost advantage and stability of the Corporation’s long-term relationships with depositors. The Corporation accounts for certain long-term fixed-rate deposits which are economically hedged with derivatives under the fair value option. </div> <div style="margin-top: 12pt; font-size: 1pt"> </div> <div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <b><font style="font-family: Arial, Helvetica">Long-term Debt</font></b> </div> <div align="left" style="text-align:justify; margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> The Corporation uses quoted market prices, when available, to estimate fair value for its long-term debt. When quoted market prices are not available, fair value is estimated based on current market interest rates and credit spreads for debt with similar terms and maturities. The Corporation accounts for certain structured notes under the fair value option. </div> <div style="margin-top: 12pt; font-size: 1pt"> </div> <div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <b><font style="font-family: Arial, Helvetica">Fair Value of Financial Instruments</font></b> </div> <div align="left" style="text-align:justify; margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> The carrying values and fair values of certain financial instruments that are not carried at fair value at December 31, 2010 and 2009 are presented in the table below. </div> <div style="margin-top: 12pt; font-size: 1pt"> </div> <div style="font-size: 0pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #ce1126"> </div> <div style="margin-top: 6pt; font-size: 1pt"> </div> <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: transparent; text-align: left"> <!-- Table Width Row BEGIN --> <tr style="font-size: 1pt" valign="bottom"> <td width="45%"> </td><!-- colindex=01 type=maindata --> <td width="1%"> </td><!-- colindex=02 type=gutter --> <td width="1%" align="right"> </td><!-- colindex=02 type=lead --> <td width="11%" align="right"> </td><!-- colindex=02 type=body --> <td width="1%" align="left"> </td><!-- colindex=02 type=hang1 --> <td width="1%"> </td><!-- colindex=03 type=gutter --> <td width="1%" align="right"> </td><!-- colindex=03 type=lead --> <td width="11%" align="right"> </td><!-- colindex=03 type=body --> <td width="1%" align="left"> </td><!-- colindex=03 type=hang1 --> <td width="4%"> </td><!-- colindex=04 type=gutter --> <td width="1%" align="right"> </td><!-- colindex=04 type=lead --> <td width="9%" align="right"> </td><!-- colindex=04 type=body --> <td width="1%" align="left"> </td><!-- colindex=04 type=hang1 --> <td width="1%"> </td><!-- colindex=05 type=gutter --> <td width="1%" align="right"> </td><!-- colindex=05 type=lead --> <td width="9%" align="right"> </td><!-- colindex=05 type=body --> <td width="1%" align="left"> </td><!-- colindex=05 type=hang1 --> </tr> <!-- Table Width Row END --> <!-- TableOutputHead --> <tr style="font-size: 6pt" valign="bottom" align="center"> <td nowrap="nowrap" align="right" valign="bottom"> </td> <td> </td> <td colspan="14" align="center" valign="bottom"> <b>December 31</b> </td> <td> </td> </tr> <tr style="font-size: 6pt" valign="bottom" align="center"> <td nowrap="nowrap" align="right" valign="bottom"> </td> <td> </td> <td colspan="6" align="center" valign="bottom" style="border-top: 1px solid #ce1126"> <b>2010</b> </td> <td style="border-top: 1px solid #ce1126"> </td> <td style="border-top: 1px solid #ce1126"> </td> <td colspan="6" align="center" valign="bottom" style="border-top: 1px solid #ce1126"> 2009 </td> <td style="border-top: 1px solid #ce1126"> </td> </tr> <tr style="font-size: 6pt" valign="bottom" align="center"> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td> </td> <td colspan="2" nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #ce1126"> <b>Carrying<br /> </b> </td> <td style="border-top: 1px solid #ce1126"> </td> <td style="border-top: 1px solid #ce1126"> </td> <td colspan="2" nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #ce1126"> <b>Fair<br /> </b> </td> <td style="border-top: 1px solid #ce1126"> </td> <td> </td> <td colspan="2" nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #ce1126"> Carrying<br /> </td> <td style="border-top: 1px solid #ce1126"> </td> <td style="border-top: 1px solid #ce1126"> </td> <td colspan="2" nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #ce1126"> Fair<br /> </td> <td style="border-top: 1px solid #ce1126"> </td> </tr> <tr style="font-size: 6pt" valign="bottom" align="center"> <td nowrap="nowrap" align="left" valign="bottom"> <font style="font-size: 7pt">(Dollars in millions) </font> </td> <td> </td> <td colspan="2" nowrap="nowrap" align="right" valign="bottom"> <b>Value</b> </td> <td> </td> <td> </td> <td colspan="2" nowrap="nowrap" align="right" valign="bottom"> <b>Value</b> </td> <td> </td> <td> </td> <td colspan="2" nowrap="nowrap" align="right" valign="bottom"> Value </td> <td> </td> <td> </td> <td colspan="2" nowrap="nowrap" align="right" valign="bottom"> Value </td> <td> </td> </tr> <!-- TableOutputBody --> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -7pt; margin-left: 7pt"> <b><font style="font-size: 6pt">Financial assets</font></b> </div> </td> <td> </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #ce1126"> </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #ce1126"> </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #ce1126"> </td> <td style="border-top: 1px solid #ce1126"> </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #ce1126"> </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #ce1126"> </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #ce1126"> </td> <td style="border-top: 1px solid #ce1126"> </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #ce1126"> </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #ce1126"> </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #ce1126"> </td> <td style="border-top: 1px solid #ce1126"> </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #ce1126"> </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #ce1126"> </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #ce1126"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -6pt; margin-left: 18pt"> Loans </div> </td> <td> </td> <td nowrap="nowrap" align="left" valign="bottom"> <b>$</b> </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>876,739</b> </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td> </td> <td nowrap="nowrap" align="left" valign="bottom"> <b>$</b> </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>861,695</b> </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td> </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 841,020 </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td> </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 811,831 </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -6pt; margin-left: 6pt"> <b><font style="font-size: 6pt">Financial liabilities</font></b> </div> </td> <td> </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td nowrap="nowrap" align="right" valign="bottom"> </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td> </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td nowrap="nowrap" align="right" valign="bottom"> </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td> </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td nowrap="nowrap" align="right" valign="bottom"> </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td> </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td nowrap="nowrap" align="right" valign="bottom"> </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -6pt; margin-left: 18pt"> Deposits </div> </td> <td> </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>1,010,430</b> </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td> </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>1,010,460</b> </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td> </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td nowrap="nowrap" align="right" valign="bottom"> 991,611 </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td> </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td nowrap="nowrap" align="right" valign="bottom"> 991,768 </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -6pt; margin-left: 18pt"> Long-term debt </div> </td> <td> </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>448,431</b> </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td> </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td nowrap="nowrap" align="right" valign="bottom"> <b>433,107</b> </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td> </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td nowrap="nowrap" align="right" valign="bottom"> 438,521 </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td> </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> <td nowrap="nowrap" align="right" valign="bottom"> 440,246 </td> <td nowrap="nowrap" align="left" valign="bottom"> </td> </tr> <tr style="font-size: 1pt"> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #ce1126"> </td> <td style="border-top: 1px solid #ce1126"> </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #ce1126"> </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #ce1126"> </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #ce1126"> </td> <td style="border-top: 1px solid #ce1126"> </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #ce1126"> </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #ce1126"> </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #ce1126"> </td> <td style="border-top: 1px solid #ce1126"> </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #ce1126"> </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #ce1126"> </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #ce1126"> </td> <td style="border-top: 1px solid #ce1126"> </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #ce1126"> </td> <td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #ce1126"> </td> <td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #ce1126"> </td> </tr> </table> <div align="left" style="text-align:justify; 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| <DisplayDateInUSFormat> false </DisplayDateInUSFormat> |
| <hasSegments> false </hasSegments> |
| <hasScenarios> false </hasScenarios> |
| </Cell> |
| </Cells> |
| | | <OriginalInstanceReportColumns/> |
| | | <Unit> Other </Unit> |
| | | <ElementDataType> us-types:textBlockItemType </ElementDataType> |
| | | <SimpleDataType> string </SimpleDataType> |
| | | <ElementDefenition> This item represents the estimated fair value of financial instruments including those carried at fair value. </ElementDefenition> |
| | | <ElementReferences> No authoritative reference available. </ElementReferences> |
| | | <IsTotalLabel> false </IsTotalLabel> |
| | | <IsEPS> false </IsEPS> |
| | | <Label> Fair Value of Financial Instruments </Label> |
| | | </Row> |
| | </Rows> |
| <Footnotes/> |
| <NumberOfCols> 1 </NumberOfCols> |
| <NumberOfRows> 2 </NumberOfRows> |
| <ReportName> Fair Value of Financial Instruments </ReportName> |
| <MonetaryRoundingLevel> UnKnown </MonetaryRoundingLevel> |
| <SharesRoundingLevel> UnKnown </SharesRoundingLevel> |
| <PerShareRoundingLevel> UnKnown </PerShareRoundingLevel> |
| <ExchangeRateRoundingLevel> UnKnown </ExchangeRateRoundingLevel> |
| <HasCustomUnits> false </HasCustomUnits> |
| <SharesShouldBeRounded> true </SharesShouldBeRounded> |
| </InstanceReport> |