Securities (Tables)

3 Months Ended

Mar. 31, 2015

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

The following tables provide 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, 2015 ($ in millions)				Cost	Gains	Losses	Value
Available-for-sale and other:
	U.S. Treasury and federal agencies securities		$	1,545	82	-	1,627
	Obligations of states and political subdivisions securities			185	7	-	192
	Mortgage-backed securities:
		Agency residential mortgage-backed securities^(a)		14,486	539	-	15,025
		Agency commercial mortgage-backed securities		5,261	186	-	5,447
		Non-agency commercial mortgage-backed securities		1,928	86	-	2,014
	Asset-backed securities and other debt securities			1,371	36	(5)	1,402
	Equity securities^(b)			699	4	(1)	702
Total			$	25,475	940	(6)	26,409
Held-to-maturity:
	Obligations of states and political subdivisions securities		$	176	-	-	176
	Asset-backed securities and other debt securities			1	-	-	1
Total			$	177	-	-	177

				Amortized	Unrealized	Unrealized	Fair
December 31, 2014 ($ in millions)				Cost	Gains	Losses	Value
Available-for-sale and other:
	U.S. Treasury and federal agencies securities		$	1,545	87	-	1,632
	Obligations of states and political subdivisions securities			185	7	-	192
	Mortgage-backed securities:
		Agency residential mortgage-backed securities^(a)		11,968	437	(1)	12,404
		Agency commercial mortgage-backed securities		4,465	101	(1)	4,565
		Non-agency commercial mortgage-backed securities		1,489	61	-	1,550
	Asset-backed securities and other debt securities			1,324	40	(2)	1,362
	Equity securities^(b)			701	3	(1)	703
Total			$	21,677	736	(5)	22,408
Held-to-maturity:
	Obligations of states and political subdivisions securities		$	186	-	-	186
	Asset-backed securities and other debt securities			1	-	-	1
Total			$	187	-	-	187

Includes interest-only mortgage-backed securities of $158 and $175 as of March 31, 2015 and December 31, 2014, respectively, recorded at fair value with fair value changes recorded in securities gains, net, in the Condensed Consolidated Statements of Income.
Equity securities consist of FHLB and FRB restricted stock holdings of $248 and $352, respectively, at March 31, 2015 and December 31, 2014, 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)		2015	2014
Realized gains	$	15	27
Realized losses		(2)	(5)
OTTI		(1)	(17)
Net realized gains^(a)	$	12	5

Excludes net losses on interest-only mortgage-backed securities of $9 for the three months ended March 31, 2015 and net gains on interest-only mortgage-backed securities of $1 for the three months ended March 31, 2014.

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

The expected maturity distribution of the Bancorp’s 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, 2015 are shown in the following table:

			Available-for-Sale and Other		Held-to-Maturity
($ in millions)			Amortized Cost	Fair Value	Amortized Cost	Fair Value
Debt securities:^(a)
	Less than 1 year	$	219	222	112	112
	1-5 years		8,564	8,982	47	47
	5-10 years		14,641	15,101	16	16
	Over 10 years		1,352	1,402	2	2
Equity securities			699	702	-	-
Total		$	25,475	26,409	177	177

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, 2015
Asset-backed securities and other debt securities	$	236	(3)	90	(2)	326	(5)
Equity securities		-	-	31	(1)	31	(1)
Total	$	236	(3)	121	(3)	357	(6)

December 31, 2014
Agency residential mortgage-backed securities	$	73	(1)	-	-	73	(1)
Agency commercial mortgage-backed securities		355	(1)	-	-	355	(1)
Asset-backed securities and other debt securities		286	(1)	74	(1)	360	(2)
Equity securities		-	-	30	(1)	30	(1)
Total	$	714	(3)	104	(2)	818	(5)

- 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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