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Securities Available for Sale (Tables)
12 Months Ended
Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]  
Securities Portfolio Composition
 
December 31, 2014
(Dollars in millions)
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
U.S. Treasury securities

$1,913

 

$9

 

$1

 

$1,921

Federal agency securities
471

 
15

 
2

 
484

U.S. states and political subdivisions
200

 
9

 

 
209

MBS - agency
22,573

 
558

 
83

 
23,048

MBS - private
122

 
2

 
1

 
123

ABS
19

 
2

 

 
21

Corporate and other debt securities
38

 
3

 

 
41

Other equity securities 1
921

 
2

 

 
923

Total securities AFS

$26,257

 

$600

 

$87

 

$26,770

 
 
 
 
 
 
 
 
 
December 31, 2013
(Dollars in millions)
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
U.S. Treasury securities

$1,334

 

$6

 

$47

 

$1,293

Federal agency securities
1,028

 
13

 
57

 
984

U.S. states and political subdivisions
232

 
7

 
2

 
237

MBS - agency
18,915

 
421

 
425

 
18,911

MBS - private
155

 
1

 
2

 
154

ABS
78

 
2

 
1

 
79

Corporate and other debt securities
39

 
3

 

 
42

Other equity securities 1
841

 
1

 

 
842

Total securities AFS

$22,622

 

$454

 

$534

 

$22,542

1 At December 31, 2014, other equity securities was comprised of the following: $376 million in FHLB of Atlanta stock, $402 million in Federal Reserve Bank of Atlanta stock, $138 million in mutual fund investments, and $7 million of other. At December 31, 2013, other equity securities was comprised of the following: $336 million in FHLB of Atlanta stock, $402 million in Federal Reserve Bank of Atlanta stock, $103 million in mutual fund investments, and $1 million of other.
Investment Income [Table Text Block]
 
Year Ended December 31
(Dollars in millions)
2014
 
2013
 
2012
Taxable interest

$565

 

$537

 

$579

Tax-exempt interest
10

 
10

 
15

Dividends
38

 
32

 
61

Total interest and dividends

$613

 

$579

 

$655

Amortized Cost and Fair Value of Investments in Debt Securities by Estimated Average Life
 
Distribution of Maturities
(Dollars in millions)
1 Year
or Less
 
1-5
Years
 
5-10
Years
 
After 10
Years
 
Total
Amortized Cost:
 
 
 
 
 
 
 
 
 
U.S. Treasury securities

$200

 

$1,217

 

$496

 

$—

 

$1,913

Federal agency securities
64

 
234

 
36

 
137

 
471

U.S. states and political subdivisions
43

 
34

 
101

 
22

 
200

MBS - agency
2,550

 
8,992

 
7,106

 
3,925

 
22,573

MBS - private

 
122

 

 

 
122

ABS
14

 
3

 
2

 

 
19

Corporate and other debt securities
5

 
33

 

 

 
38

Total debt securities

$2,876

 

$10,635

 

$7,741

 

$4,084

 

$25,336

Fair Value:
 
 
 
 
 
 
 
 
 
U.S. Treasury securities

$203

 

$1,221

 

$497

 

$—

 

$1,921

Federal agency securities
64

 
244

 
38

 
138

 
484

U.S. states and political subdivisions
43

 
36

 
106

 
24

 
209

MBS - agency
2,704

 
9,202

 
7,219

 
3,923

 
23,048

MBS - private

 
123

 

 

 
123

ABS
14

 
5

 
2

 

 
21

Corporate and other debt securities
5

 
36

 

 

 
41

Total debt securities

$3,033

 

$10,867

 

$7,862

 

$4,085

 

$25,847

 Weighted average yield 1
2.34
%
 
2.40
%
 
2.78
%
 
2.90
%
 
2.59
%
1Average yields are based on amortized cost and presented on a FTE basis.
Securities in a Continuous Unrealized Loss Position
 
December 31, 2014
 
Less than twelve months
 
Twelve months or longer
 
Total
(Dollars in millions)
Fair
Value
 
Unrealized
Losses
2
 
Fair
Value
 
Unrealized
Losses
2
 
Fair
Value
 
Unrealized
Losses
2
Temporarily impaired securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities

$150

 

$1

 

$—

 

$—

 

$150

 

$1

Federal agency securities
20

 

 
132

 
2

 
152

 
2

MBS - agency
2,347

 
6

 
4,911

 
77

 
7,258

 
83

ABS

 

 
14

 

 
14

 

Total temporarily impaired securities
2,517

 
7

 
5,057

 
79

 
7,574

 
86

OTTI securities 1:
 
 
 
 
 
 
 
 
 
 
 
MBS - private
69

 
1

 

 

 
69

 
1

Total OTTI securities
69

 
1

 

 

 
69

 
1

Total impaired securities

$2,586

 

$8

 

$5,057

 

$79

 

$7,643

 

$87


 
December 31, 2013
 
Less than twelve months
 
Twelve months or longer
 
Total
(Dollars in millions)
Fair
Value
 
Unrealized
Losses 2
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
Temporarily impaired securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities

$1,036

 

$47

 

$—

 

$—

 

$1,036

 

$47

Federal agency securities
398

 
29

 
264

 
28

 
662

 
57

U.S. states and political subdivisions
12

 

 
20

 
2

 
32

 
2

MBS - agency
9,173

 
358

 
618

 
67

 
9,791

 
425

ABS

 

 
13

 
1

 
13

 
1

Total temporarily impaired securities
10,619

 
434

 
915

 
98

 
11,534

 
532

OTTI securities 1:
 
 
 
 
 
 
 
 
 
 
 
MBS - private
105

 
2

 

 

 
105

 
2

Total OTTI securities
105

 
2

 

 

 
105

 
2

Total impaired securities

$10,724

 

$436

 

$915

 

$98

 

$11,639

 

$534

1 Includes OTTI securities for which credit losses have been recorded in earnings in current or prior periods.
2 Unrealized losses less than $0.5 million are shown as zero.
Gross Realized Gains and Losses on Sales and OTTI on Securities AFS
 
Year Ended December 31
(Dollars in millions)
2014
 
2013
 
2012
Gross realized gains

$28

 

$39

 

$1,981

Gross realized losses
(42
)
 
(36
)
 

OTTI losses recognized in earnings
(1
)
 
(1
)
 
(7
)
Net securities (losses)/gains

($15
)
 

$2

 

$1,974

Measurement Of Investment Credit Losses Assumptions [Table Text Block]
 
  2014 1
 
2013
 
2012
 
Default rate
2%
 
2 - 9%
 
2 - 9%
 
Prepayment rate
16%
 
7 - 21%
 
7 - 21%
 
Loss severity
46%
 
46 - 74%
 
40 - 56%
 

1 During the year ended December 31, 2014, all OTTI recognized in earnings related to one private MBS security with a fair value of approximately $16 million at December 31, 2014.