Securities (Tables)

3 Months Ended

Mar. 31, 2014

Available-for-Sale and Other and Held-to-Maturity Securities

The following table provides the amortized cost, fair value and unrealized gains and losses for the major categories of the available-for-sale and other and held-to-maturity securities portfolios as of:

			Amortized	Unrealized	Unrealized	Fair
March 31, 2014 ($ in millions)			Cost	Gains	Losses	Value
Available-for-sale and other:
	U.S. Treasury and government agencies	$	26	-	-	26
	U.S. Government sponsored agencies		1,522	113	-	1,635
	Obligations of states and political subdivisions		186	8	-	194
	Agency mortgage-backed securities^(a)		14,029	220	(64)	14,185
	Other bonds, notes and debentures		3,917	81	(7)	3,991
	Other securities^(b)		713	6	(1)	718
Total		$	20,393	428	(72)	20,749
Held-to-maturity:
	Obligations of states and political subdivisions	$	194	-	-	194
	Other debt securities		1	-	-	1
Total		$	195	-	-	195


			Amortized	Unrealized	Unrealized	Fair
December 31, 2013 ($ in millions)			Cost	Gains	Losses	Value
Available-for-sale and other:
	U.S. Treasury and government agencies	$	26	-	-	26
	U.S. Government sponsored agencies		1,523	121	-	1,644
	Obligations of states and political subdivisions		187	5	-	192
	Agency mortgage-backed securities^(a)		12,294	140	(150)	12,284
	Other bonds, notes and debentures		3,514	76	(8)	3,582
	Other securities^(b)		865	5	(1)	869
Total		$	18,409	347	(159)	18,597
Held-to-maturity:
	Obligations of states and political subdivisions	$	207	-	-	207
	Other debt securities		1	-	-	1
Total		$	208	-	-	208

Includes interest-only mortgage backed securities of $217 and $262 as of March 31, 2014 and December 31, 2013, respectively, recorded at fair value with fair value changes recorded in securities gains, net and securities gains, net-non-qualifying hedges on mortgage servicing rights in the Condensed Consolidated Statements of Income.
Other securities consist of FHLB and FRB restricted stock holdings of $249 and $350, respectively, at March 31, 2014 and $402 and $349, respectively, at December 31, 2013, that are carried at cost, and certain mutual fund and equity security holdings.

Realized Gains and Losses Recognized in Income from Available-for-Sale Securities

The following table presents realized gains and losses that were recognized in income from available-for-sale securities:

		For the three months
		ended March 31,
($ in millions)		2014	2013
Realized gains	$	27	18
Realized losses		(5)	(25)
OTTI		(17)	-
Net realized gains (losses)^(a)	$	5	(7)

Excludes net gains on interest-only mortgage-backed securities of $1 and $24 for the three months ended March 31, 2014 and 2013, respectively.

Amortized Cost and Fair Value of Available-for-Sale and Other and Held-to-Maturity Securities

The expected maturity distribution of the Bancorp’s agency mortgage-backed securities and the contractual maturity distribution of the remainder of the Bancorp’s available-for-sale and other and held-to-maturity securities as of March 31, 2014 are shown in the following table:

			Available-for-Sale & Other		Held-to-Maturity
($ in millions)			Amortized Cost	Fair Value	Amortized Cost	Fair Value
Debt securities:^(a)
	Under 1 year	$	92	95	16	16
	1-5 years		3,626	3,814	160	160
	5-10 years		12,430	12,507	17	17
	Over 10 years		3,532	3,615	2	2
Other securities			713	718	-	-
Total		$	20,393	20,749	195	195

Actual maturities may differ from contractual maturities when there exists a right to call or prepay obligations with or without call or prepayment penalties.

Fair Value and Gross Unrealized Loss of Securities Available for Sale

The following table provides the fair value and gross unrealized losses on available-for-sale and other securities in an unrealized loss position, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of:

		Less than 12 months		12 months or more		Total
			Unrealized		Unrealized		Unrealized
($ in millions)		Fair Value	Losses	Fair Value	Losses	Fair Value	Losses
March 31, 2014
Agency mortgage-backed securities		5,323	(64)	-	-	5,323	(64)
Other bonds, notes and debentures		942	(5)	156	(2)	1,098	(7)
Other securities		33	(1)	4	-	37	(1)
Total	$	6,298	(70)	160	(2)	6,458	(72)

December 31, 2013
Agency mortgage-backed securities	$	7,221	(150)	1	-	7,222	(150)
Other bonds, notes and debentures		595	(5)	132	(3)	727	(8)
Other securities		33	(1)	4	-	37	(1)
Total	$	7,849	(156)	137	(3)	7,986	(159)

- Definition

Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

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