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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2016
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
March 31, 2016 ($ in millions) CostGainsLossesValue
Available-for-sale and other securities:         
 U.S. Treasury and federal agencies securities$ 1,131  30  -  1,161 
 Obligations of states and political subdivisions securities  50  2  -  52 
 Mortgage-backed securities:         
  Agency residential mortgage-backed securities(a)  14,586  545  (2)  15,129 
  Agency commercial mortgage-backed securities  7,837  368  -  8,205 
  Non-agency commercial mortgage-backed securities  3,005  115  -  3,120 
 Asset-backed securities and other debt securities  1,526  13  (19)  1,520 
 Equity securities(b)  703  2  (1)  704 
Total available-for-sale and other securities$ 28,838  1,075  (22)  29,891 
Held-to-maturity securities:         
 Obligations of states and political subdivisions securities$ 62  -  -  62 
 Asset-backed securities and other debt securities  2  -  -  2 
Total held-to-maturity securities$ 64  -  -  64 

  • Includes interest-only mortgage-backed securities of $41 as of March 31, 2016 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, FRB and DTCC restricted stock holdings of $248, $355 and $1, respectively, at March 31, 2016, that are carried at cost, and certain mutual fund and equity security holdings.

            
    AmortizedUnrealizedUnrealizedFair
December 31, 2015 ($ in millions) CostGainsLossesValue
Available-for-sale and other securities:         
 U.S. Treasury and federal agencies securities$ 1,155  32  -  1,187 
 Obligations of states and political subdivisions securities  50  2  -  52 
 Mortgage-backed securities:         
  Agency residential mortgage-backed securities(a)  14,811  283  (13)  15,081 
  Agency commercial mortgage-backed securities  7,795  100  (33)  7,862 
  Non-agency commercial mortgage-backed securities  2,801  35  (32)  2,804 
 Asset-backed securities and other debt securities  1,363  13  (21)  1,355 
 Equity securities(b)  703  2  (2)  703 
Total available-for-sale and other securities$ 28,678  467  (101)  29,044 
Held-to-maturity securities:         
 Obligations of states and political subdivisions securities$ 68  -  -  68 
 Asset-backed securities and other debt securities  2  -  -  2 
Total held-to-maturity securities$ 70  -  -  70 

  • Includes interest-only mortgage-backed securities of $50 as of December 31, 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, FRB and DTCC restricted stock holdings of $248, $355, and $1, respectively, at December 31, 2015, 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 ended
  March 31,
($ in millions) 20162015
Realized gains$15 15 
Realized losses  (4)  (2) 
OTTI  (3)  (1) 
Net realized gains(a)$8 12 

  • Excludes net losses on interest-only mortgage-backed securities of $6 and $9 for the three months ended March 31, 2016 and March 31, 2015, respectively.

      
Trading securities were $405 million as of March 31, 2016, compared to $386 million at December 31, 2015. The following table presents total gains and losses that were recognized in income from trading securities:
      
  For the three months ended
  March 31,
($ in millions) 20162015
Realized gains(a)$2 1 
Realized losses(b)  (4)  (3) 
Net unrealized gains(c)  1  1 
Total trading securities losses$(1) (1) 

  • Includes realized gains of $2 and $1 during the three months ended March 31, 2016 and 2015, respectively, recorded in corporate banking revenue and investment advisory revenue in the Condensed Consolidated Statements of Income.
  • Includes realized losses of $4 and $3 during the three months ended March 31, 2016 and 2015, respectively, recorded in corporate banking revenue and investment advisory revenue in the Condensed Consolidated Statements of Income.
  • Includes an immaterial amount of net unrealized gains and losses during the three months ended March 31, 2016 and 2015, respectively, recorded in corporate banking revenue and investment advisory revenue in the Condensed Consolidated Statements of Income.
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 March 31, 2016 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$835 857 37 37 
 1-5 years 9,003 9,329 12 12 
 5-10 years 16,480 17,146 13 13 
 Over 10 years 1,817 1,855 2 2 
Equity securities 703 704  -  - 
Total$28,838 29,891 64 64 

  • 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
March 31, 2016             
Agency residential mortgage-backed securities$ 268  (2)  -  -  268  (2) 
Asset-backed securities and other debt securities  499  (8)  266  (11)  765  (19) 
Equity securities  -  -  31  (1)  31  (1) 
Total$ 767  (10)  297  (12)  1,064  (22) 
December 31, 2015             
Agency residential mortgage-backed securities$2,903 (13)  -  - 2,903  (13) 
Agency commercial mortgage-backed securities  3,111 (33)  -  -  3,111  (33) 
Non-agency commercial mortgage-backed securities  1,610  (32)  -  -  1,610  (32) 
Asset-backed securities and other debt securities 623  (11)  226  (10) 849  (21) 
Equity securities  1  (1)  37  (1) 38  (2) 
Total$8,248 (90) 263  (11) 8,511 (101)