XML 95 R20.htm IDEA: XBRL DOCUMENT v2.4.0.6
Securities (Tables)
 9 Months Ended
Sep. 30, 2012
Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses, and Fair Values of Securities

At September 30, 2012 and December 31, 2011, the amortized cost, gross unrealized gains, gross unrealized losses, and fair values of securities are presented below.

 

     September 30, 2012  
            Gross      Gross         
     Amortized      Unrealized      Unrealized      Fair  

(Dollars in millions)

    Cost      Gains      Losses      Value  

U.S. government sponsored agencies

    $ 2,599       $ 30       $ —       $ 2,629   

Residential mortgage-backed securities:

            

U.S. government and government sponsored agencies

      11,687         285         2         11,970   

Privately issued

      505         10         17         498   

Commercial mortgage-backed securities

      2,251         110         —         2,361   

Collateralized loan obligations (CLOs)

      1,652         4         66         1,590   

Other debt securities

      1,804         35         84         1,755   

Equity securities

      104         —         —         104   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total securities available for sale

    $ 20,602       $ 474       $ 169       $ 20,907   
  

 

 

     

 

 

     

 

 

     

 

 

  

Other debt securities in the table above include approximately $0.9 billion of tax-exempt conduit debt bonds. These instruments were recorded as loans held for investment at December 31, 2011 and prior periods.

 

     December 31, 2011  

(Dollars in millions)

    Amortized
Cost		      Gross
Unrealized
Gains		      Gross
Unrealized
Losses		      Fair
Value		  

U.S. government sponsored agencies

    $ 6,943       $ 54       $ —       $ 6,997   

Residential mortgage-backed securities:

            

U.S. government and government sponsored agencies

      13,307         182         4         13,485   

Privately issued

      800         1         63         738   

Commercial mortgage-backed securities

      1,032         29         1         1,060   

Other debt securities

      463         11         2         472   

Equity securities

      81         —         —         81   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total securities available for sale

    $ 22,626       $ 277       $ 70       $ 22,833   
  

 

 

     

 

 

     

 

 

     

 

 

  
Securities Available for Sale With Continuous Unrealized Loss

The Company’s securities available for sale with a continuous unrealized loss position at September 30, 2012 and December 31, 2011 are shown below, identified for periods less than 12 months and 12 months or more.

 

    September 30, 2012  
    Less than 12 months     12 months or more     Total  

(Dollars in millions)

   Fair
Value		     Unrealized
Losses		     Fair
Value		     Unrealized
Losses		     Fair
Value		     Unrealized
Losses		  

Residential mortgage-backed securities:

            

U.S. government and government sponsored agencies

   $ 562      $ 2      $ 24      $ —      $ 586      $ 2   

Privately issued

     59        1        158        16        217        17   

CLOs

     —        —        1,106        66        1,106        66   

Other debt securities

     985        84        23        —        1,008        84   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total securities available for sale

   $ 1,606      $ 87      $ 1,311      $ 82      $ 2,917      $ 169   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

     December 31, 2011  
     Less than 12 months      12 months or more      Total  

(Dollars in millions)

    Fair
Value		      Unrealized
Losses		      Fair
Value		      Unrealized
Losses		      Fair
Value		      Unrealized
Losses		  

Residential mortgage-backed securities:

                  

U.S. government and government sponsored agencies

    $ 1,106       $ 4       $ 59       $ —       $ 1,165       $ 4   

Privately issued

      551         23         99         40         650         63   

Commercial mortgage-backed securities

      95         1         —         —         95         1   

Other debt securities

      23         2         3         —         26         2   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total securities available for sale

    $ 1,775       $ 30       $ 161       $ 40       $ 1,936       $ 70   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
Amortized Cost and Fair Value of Debt Securities Available for Sale by Contractual Maturity

The amortized cost and fair value of debt securities available for sale by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties.

 

     September 30, 2012  

(Dollars in millions)

    Amortized
Cost		      Fair Value  

Due in one year or less

    $ 1,195       $ 1,202   

Due after one year through five years

      2,557         2,578   

Due after five years through ten years

      2,295         2,231   

Due after ten years

      14,451         14,792   
  

 

 

     

 

 

  

Total debt securities available for sale

    $ 20,498       $ 20,803   
  

 

 

     

 

 

  
Proceeds from Sales of Securities Available for Sale and Gross Realized Gains and Losses

The proceeds from sales of securities available for sale and gross realized gains and losses are shown below. The specific identification method is used to calculate realized gains and losses on sales.

 

     For the Three Months
Ended September 30,		      For the Nine Months
Ended September 30,		  

(Dollars in millions)

        2012              2011              2012              2011      

Proceeds from sales

    $ 1,985       $ 632       $ 6,109       $ 4,463   

Gross realized gains

      43         1         92         59   

Gross realized losses

      1         —         2         —   
Schedule of Held to Maturity Securities Recognized and Not Recognized In Other Comprehensive Income (OCI), and Fair Values

The securities held to maturity consist of CLOs and U.S. government and government sponsored agencies residential mortgage-backed securities. Management has asserted the positive intent and ability to hold these securities to maturity. At September 30, 2012 and December 31, 2011, the amortized cost, gross unrealized gains and losses recognized in other comprehensive income (OCI), carrying amount, gross unrealized gains and losses not recognized in OCI, and fair values of securities held to maturity are presented below.

 

    September 30, 2012  
          Recognized in
OCI		           Not Recognized in
OCI		        

(Dollars in millions)

   Amortized
Cost		     Gross
Unrealized
Gains		     Gross
Unrealized
Losses		     Carrying
Amount		     Gross
Unrealized
Gains		     Gross
Unrealized
Losses		     Fair
Value		  

CLOs

   $ 157      $ —      $ 21      $ 136      $ 25      $ —      $ 161   

U.S. government and government sponsored agencies—residential mortgage backed securities

     1,041        5        —        1,046        17        —        1,063   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total securities held to maturity

   $ 1,198      $ 5      $ 21      $ 1,182      $ 42      $ —      $ 1,224   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

    December 31, 2011  
          Recognized in
OCI		           Not Recognized in
OCI		        

(Dollars in millions)

   Amortized
Cost		     Gross
Unrealized
Gains		     Gross
Unrealized
Losses		     Carrying
Amount		     Gross
Unrealized
Gains		     Gross
Unrealized
Losses		     Fair
Value		  

CLOs

   $ 1,653      $ —      $ 380      $ 1,273      $ 159      $ 3      $ 1,429   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Securities Held to Maturity With Continuous Unrealized Loss Position

The Company’s securities held to maturity with a continuous unrealized loss position at September 30, 2012 and December 31, 2011 are shown below, separately for periods less than 12 months and 12 months or more.

 

    September 30, 2012  
    Less than 12 months     12 months or more     Total  
          Unrealized Losses           Unrealized Losses           Unrealized Losses  

(Dollars in millions)

   Fair
Value		     Recognized
in OCI		     Not Recognized
in OCI		     Fair
Value		     Recognized
in OCI		     Not Recognized
in OCI		     Fair
Value		     Recognized
in OCI		     Not Recognized
in OCI		  

CLOs

   $ 6      $ —      $ —      $ 155      $ 21      $ —      $ 161      $ 21      $ —   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

    December 31, 2011  
    Less than 12 months     12 months or more     Total  
          Unrealized Losses           Unrealized Losses           Unrealized Losses  

(Dollars in millions)

   Fair
Value		     Recognized
in OCI		     Not Recognized
in OCI		     Fair
Value		     Recognized
in OCI		     Not Recognized
in OCI		     Fair
Value		     Recognized
in OCI		     Not Recognized
in OCI		  

CLOs

   $ —      $ —      $ —      $ 1,420      $ 380      $ 3      $ 1,420      $ 380      $ 3   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Amortized Cost, Fair Value and Carrying Amount of Securities Held to Maturity by Contractual Maturity

The amortized cost, carrying amount and fair value of securities held to maturity by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties.

 

     September 30, 2012  

(Dollars in millions)

    Amortized
Cost		      Carrying
Amount		      Fair
Value		  

Due after one year through five years

    $ 157       $ 136       $ 161   

Due after ten years

      1,041         1,046         1,063   
  

 

 

     

 

 

     

 

 

  

Total securities held to maturity

    $ 1,198       $ 1,182       $ 1,224