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Securities (Tables)

9 Months Ended

Sep. 30, 2012

Amortized Cost, Gross Unrealized Gains and Losses and Approximate Fair Values of Securities Available for Sale

			Amortized		Gross Unrealized				Fair
September 30, 2012			Cost		Gains		Losses		Value

			(Dollars in millions)
Securities available for sale:
	U.S. government-sponsored entities (“GSE”)		$	313	$	—	$	—	$	313
	Mortgage-backed securities issued by GSE			19,358		517		4		19,871
	States and political subdivisions			1,965		148		100		2,013
	Non-agency residential mortgage-backed securities			319		11		11		319
	Other securities			1		—		—		1
	Covered securities			1,169		412		—		1,581
		Total securities available for sale	$	23,125	$	1,088	$	115	$	24,098

			Amortized		Gross Unrealized				Fair
December 31, 2011			Cost		Gains		Losses		Value

			(Dollars in millions)
Securities available for sale:
	GSE securities		$	305	$	1	$	—	$	306
	Mortgage-backed securities issued by GSE			17,940		199		7		18,132
	States and political subdivisions			1,977		91		145		1,923
	Non-agency residential mortgage-backed securities			423		—		55		368
	Other securities			7		—		—		7
	Covered securities			1,240		343		6		1,577
		Total securities available for sale	$	21,892	$	634	$	213	$	22,313

Amortized Cost, Gross Unrealized Gains and Losses and Approximate Fair Values of Securities Held to Maturity

			Amortized		Gross Unrealized				Fair
September 30, 2012			Cost		Gains		Losses		Value

			(Dollars in millions)
Securities held to maturity:
	GSE securities		$	2,500	$	12	$	1	$	2,511
	Mortgage-backed securities issued by GSE			9,902		298		1		10,199
	States and political subdivisions			34		1		1		34
	Other securities			704		2		5		701
		Total securities held to maturity	$	13,140	$	313	$	8	$	13,445

			Amortized		Gross Unrealized				Fair
December 31, 2011			Cost		Gains		Losses		Value

			(Dollars in millions)
Securities held to maturity:
	GSE securities		$	500	$	—	$	—	$	500
	Mortgage-backed securities issued by GSE			13,028		32		23		13,037
	States and political subdivisions			35		—		2		33
	Other securities			531		1		4		528
		Total securities held to maturity	$	14,094	$	33	$	29	$	14,098

Gross Realized Gains and Loses

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
		2012		2011		2012		2011

	(Dollars in millions)
Gross gains	$	1	$	―	$	1	$	38
Gross losses		―		―		(4)		(1)
Net realized gains (losses)	$	1	$	―	$	(3)	$	37

Schedule of Credit Losses on Other-Than-Temporarily Impaired Non-Agency Mortgage-Backed Securities where Portion of Unrealized Loss was Recognized In Other Comprehensive Income

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
		2012		2011		2012		2011

	(Dollars in millions)
Balance at beginning of period	$	113	$	63	$	130	$	30
Credit losses on securities for which OTTI was previously recognized		2		39		5		78
Reductions for securities sold/settled during the period		(4)		(2)		(24)		(8)
Balance at end of period	$	111	$	100	$	111	$	100

Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity

		Available for Sale				Held to Maturity
		Amortized		Fair		Amortized		Fair
September 30, 2012		Cost		Value		Cost		Value

		(Dollars in millions)
Due in one year or less		$	144	$	144	$	1	$	1
Due after one year through five years			200		204		―		―
Due after five years through ten years			657		698		1,323		1,326
Due after ten years			22,124		23,052		11,816		12,118
	Total debt securities	$	23,125	$	24,098	$	13,140	$	13,445

Gross Unrealized Losses and Fair Values of Investments by Investment Category and Length of Time

			Less than 12 months				12 months or more				Total
			Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
September 30, 2012			Value		Losses		Value		Losses		Value		Losses

			(Dollars in millions)
Securities available for sale:
	Mortgage-backed securities issued by GSE		$	1,040	$	3	$	339	$	1	$	1,379	$	4
	States and political subdivisions			18		—		513		100		531		100
	Non-agency residential mortgage-backed securities			—		—		146		11		146		11
		Total	$	1,058	$	3	$	998	$	112	$	2,056	$	115

Securities held to maturity:
	GSE securities		$	299	$	1	$	—	$	—	$	299	$	1
	Mortgage-backed securities issued by GSE			836		—		193		1		1,029		1
	States and political subdivisions			23		1		3		—		26		1
	Other securities			397		5		57		—		454		5
		Total	$	1,555	$	7	$	253	$	1	$	1,808	$	8

			Less than 12 months				12 months or more				Total
			Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
December 31, 2011			Value		Losses		Value		Losses		Value		Losses

			(Dollars in millions)
Securities available for sale:
	Mortgage-backed securities issued by GSE		$	3,098	$	7	$	—	$	—	$	3,098	$	7
	States and political subdivisions			16		3		702		142		718		145
	Non-agency residential mortgage-backed securities			—		—		368		55		368		55
	Covered securities			29		6		—		—		29		6
		Total	$	3,143	$	16	$	1,070	$	197	$	4,213	$	213

Securities held to maturity:
	Mortgage-backed securities issued by GSE		$	7,770	$	23	$	—	$	—	$	7,770	$	23
	States and political subdivisions			33		2		—		—		33		2
	Other securities			207		4		—		—		207		4
		Total	$	8,010	$	29	$	—	$	—	$	8,010	$	29

- Definition

Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6435544&loc=d3e41834-113960

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5086-111524

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 7

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27337-111563

Reference 4: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

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-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 137

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

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-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563

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-Name Accounting Standards Codification

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-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 320

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62586-112803

+ Details

- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

+ References+ Details