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Securities (Tables)
 9 Months Ended
Sep. 30, 2015
Securities  
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 investment securities portfolios as of:
            
    AmortizedUnrealizedUnrealizedFair
September 30, 2015 ($ in millions) CostGainsLossesValue
Available-for-sale and other securities:         
 U.S. Treasury and federal agencies securities$ 1,077  46  -  1,123 
 Obligations of states and political subdivisions securities  137  5  -  142 
 Mortgage-backed securities:         
  Agency residential mortgage-backed securities(a)  14,423  460  (4)  14,879 
  Agency commercial mortgage-backed securities  7,609  229  -  7,838 
  Non-agency commercial mortgage-backed securities  2,693  71  (7)  2,757 
 Asset-backed securities and other debt securities  1,345  21  (10)  1,356 
 Equity securities(b)  702  3  (1)  704 
Total available-for-sale and other securities$ 27,986  835  (22)  28,799 
Held-to-maturity securities:         
 Obligations of states and political subdivisions securities$ 155  -  -  155 
 Asset-backed securities and other debt securities  2  -  -  2 
Total held-to-maturity securities$ 157  -  -  157 

  • Includes interest-only mortgage-backed securities of $53 as of September 30, 2015 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 $354, respectively, at September 30, 2015, that are carried at cost, and certain mutual fund and equity security holdings.

            
    AmortizedUnrealizedUnrealizedFair
December 31, 2014 ($ in millions) CostGainsLossesValue
Available-for-sale and other securities:         
 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 available-for-sale and other securities$ 21,677  736  (5)  22,408 
Held-to-maturity securities:         
 Obligations of states and political subdivisions securities$ 186  -  -  186 
 Asset-backed securities and other debt securities  1  -  -  1 
Total held-to-maturity securities$ 187  -  -  187 

  • Includes interest-only mortgage-backed securities of $175 as of December 31, 2014, 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 December 31, 2014, that are carried at cost, and certain mutual fund and equity security holdings
Realized Gains and Losses Recognized in Income from Securities
          
The following table presents realized gains and losses that were recognized in income from available-for-sale securities:
          
  For the three months endedFor the nine months ended
  September 30,September 30,
($ in millions) 2015201420152014
Realized gains$35 16 79 58 
Realized losses  (25)  (4) (58)  (9) 
OTTI  -  (7)  (5) (24) 
Net realized gains(a) $10 5 16 25 

  • Excludes net losses on interest-only mortgage-backed securities of $7 and $4 for the three and nine months ended September 30, 2015, respectively, and net losses on interest-only mortgage-backed securities of $1 and $9 for the three and nine months ended September 30, 2014, respectively.

          
Trading securities were $374 million as of September 30, 2015, compared to $360 million at December 31, 2014. The following table presents total gains and losses that were recognized in income from trading securities:
          
  For the three months endedFor the nine months ended
  September 30,September 30,
($ in millions) 2015201420152014
Realized gains(a) $ 1  4 4 6 
Realized losses(b)  (2)  (1)  (7)  (4) 
Net unrealized losses(c)  (3)  (4)  (4) (2) 
Total trading securities losses$ (4) (1) (7)  - 
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 investment securities as of September 30, 2015 are shown in the following table:
           
   Available-for-Sale and OtherHeld-to-Maturity
($ in millions) Amortized CostFair ValueAmortized CostFair Value
Debt securities:(a)         
 Less than 1 year$423 431 99 99 
 1-5 years 6,078 6,347 41 41 
 5-10 years 19,333 19,836 15 15 
 Over 10 years 1,450 1,481 2 2 
Equity securities 702 704  -  - 
Total$27,986 28,799 157 157 

  • 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 months12 months or moreTotal
    Unrealized  Unrealized  Unrealized
($ in millions) Fair ValueLossesFair ValueLossesFair ValueLosses
September 30, 2015             
Agency residential mortgage-backed securities$ 1,321  (4)  -  -  1,321  (4) 
Non-agency commercial mortgage-backed securities  497  (7)  -  -  497  (7) 
Asset-backed securities and other debt securities  258  (5)  164  (5)  422  (10) 
Equity securities  -  -  30  (1)  30  (1) 
Total$ 2,076  (16)  194  (6)  2,270  (22) 
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)