Securities Available for Sale and Securities Held to Maturity (Tables)

9 Months Ended

Sep. 30, 2012

Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Securities Available for Sale and Securities Held to Maturity

The amortized cost, gross unrealized gains and losses, and fair value of securities available for sale and securities held to maturity are as follows:


September 30, 2012	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities available for sale:
U.S. agency residential mortgage-backed securities	$	23,298	$	480	$	6	$	23,772
Non-agency residential mortgage-backed securities		856		3		77		782
Corporate debt securities		5,555		56		1		5,610
Certificates of deposit		5,524		14		2		5,536
Commercial paper		449		—		—		449
U.S. agency notes		350		—		—		350
Asset-backed and other securities		5,916		35		2		5,949

Total securities available for sale	$	41,948	$	588	$	88	$	42,448

Securities held to maturity:
U.S. agency residential mortgage-backed securities	$	15,450	$	618	$	1	$	16,067
Other securities		162		—		—		162

Total securities held to maturity	$	15,612	$	618	$	1	$	16,229


December 31, 2011	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities available for sale:
U.S. agency residential mortgage-backed securities	$	20,666	$	269	$	14	$	20,921
Non-agency residential mortgage-backed securities		1,130		—		223		907
Corporate debt securities		3,592		5		26		3,571
Certificates of deposit		3,623		2		3		3,622
Commercial paper		225		—		—		225
U.S. agency notes		1,795		5		—		1,800
Asset-backed and other securities		2,919		7		7		2,919

Total securities available for sale	$	33,950	$	288	$	273	$	33,965

Securities held to maturity:
U.S. agency residential mortgage-backed securities	$	14,770	$	430	$	2	$	15,198
Other securities		338		3		—		341

Total securities held to maturity	$	15,108	$	433	$	2	$	15,539

Securities with Unrealized Losses, Aggregated by Category and Period of Continuous Unrealized Loss

A summary of securities with unrealized losses, aggregated by category and period of continuous unrealized loss, is as follows:


	Less than 12 months				12 months or longer				Total
September 30, 2012	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Securities available for sale:
U.S. agency residential mortgage-backed securities	$	—	$	—	$	346	$	6	$	346	$	6
Non-agency residential mortgage-backed securities		—		—		606		77		606		77
Corporate debt securities		776		1		—		—		776		1
Certificates of deposit		698		2		—		—		698		2
Asset-backed and other securities		—		—		923		2		923		2

Total	$	1,474	$	3	$	1,875	$	85	$	3,349	$	88

Securities held to maturity:
U.S. agency residential mortgage-backed securities	$	249	$	1	$	—	$	—	$	249	$	1

Total	$	249	$	1	$	—	$	—	$	249	$	1

Total securities with unrealized losses ⁽¹⁾	$	1,723	$	4	$	1,875	$	85	$	3,598	$	89

⁽¹⁾	The number of investment positions with unrealized losses totaled 128 for securities available for sale and 7 for securities held to maturity.


	Less than 12 months				12 months or longer				Total
December 31, 2011	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Securities available for sale:
U.S. agency residential mortgage-backed securities	$	5,551	$	14	$	—	$	—	$	5,551	$	14
Non-agency residential mortgage-backed securities		121		8		746		215		867		223
Corporate debt securities		1,888		26		—		—		1,888		26
Certificates of deposit		2,158		3		—		—		2,158		3
Asset-backed and other securities		1,376		6		152		1		1,528		7

Total	$	11,094	$	57	$	898	$	216	$	11,992	$	273

Securities held to maturity:
U.S. agency residential mortgage-backed securities	$	384	$	2	$	—	$	—	$	384	$	2

Total	$	384	$	2	$	—	$	—	$	384	$	2

Total securities with unrealized losses ⁽¹⁾	$	11,478	$	59	$	898	$	216	$	12,376	$	275

⁽¹⁾	The number of investment positions with unrealized losses totaled 296 for securities available for sale and 3 for securities held to maturity.

Rollforward Amount of Credit Losses Recognized in Earnings for OTTI Securities Held by Company for Portion of Impairment Recognized in Other Comprehensive Income

The following table is a rollforward of the amount of credit losses recognized in earnings for OTTI securities held by the Company during the period for which a portion of the impairment was recognized in other comprehensive income:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Balance at beginning of period	$	152	$	105	$	127	$	96
Credit losses recognized into current period earnings on debt securities for which an other-than-temporary impairment was not previously recognized		1		2		6		4
Credit losses recognized into current period earnings on debt securities for which an other-than-temporary impairment was previously recognized		2		11		22		18

Balance at end of period	$	155	$	118	$	155	$	118

Maturities of Securities Available for Sale and Securities Held to Maturity

The maturities of securities available for sale and securities held to maturity at September 30, 2012, are as follows:


	Within 1 year		After 1 year through 5 years		After 5 years through 10 years		After 10 years		Total
Securities available for sale:
U.S. agency residential mortgage-backed securities ⁽¹⁾	$	—	$	2	$	4,031	$	19,739	$	23,772
Non-agency residential mortgage-backed securities ⁽¹⁾		—		—		8		774		782
Corporate debt securities		1,015		4,595		—		—		5,610
Certificates of deposit		4,030		1,506		—		—		5,536
Commercial paper		449		—		—		—		449
U.S. agency notes		—		100		250		—		350
Asset-backed and other securities		—		474		440		5,035		5,949

Total fair value	$	5,494	$	6,677	$	4,729	$	25,548	$	42,448
Total amortized cost	$	5,484	$	6,617	$	4,565	$	25,282	$	41,948

Securities held to maturity:
U.S. agency residential mortgage-backed securities ⁽¹⁾	$	—	$	—	$	7,049	$	9,018	$	16,067
Other securities		—		162		—		—		162

Total fair value	$	—	$	162	$	7,049	$	9,018	$	16,229
Total amortized cost	$	—	$	162	$	6,678	$	8,772	$	15,612

⁽¹⁾

Residential mortgage-backed securities have been allocated over maturity groupings based on final contractual maturities. Actual maturities will differ from final contractual maturities because borrowers on a certain portion of loans underlying these securities have the right to prepay their obligations.

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

Proceeds and gross realized gains (losses) from sales of securities available for sale are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Proceeds	$	201	$	—	$	1,524	$	450
Gross realized gains	$	—	$	—	$	2	$	1
Gross realized losses	$	—	$	—	$	—	$	—

- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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