Securities (Tables)

6 Months Ended

Jun. 30, 2014

Securities

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

			Amortized		Gross Unrealized				Fair
June 30, 2014			Cost		Gains		Losses		Value
			(Dollars in millions)
AFS securities:
	U.S. Treasury		$	1,094	$	1	$	—	$	1,095
	MBS issued by GSE			16,512		92		370		16,234
	States and political subdivisions			1,899		113		58		1,954
	Non-agency MBS			247		30		—		277
	Other			43		—		—		43
	Covered			942		391		—		1,333
		Total AFS securities	$	20,737	$	627	$	428	$	20,936

			Amortized		Gross Unrealized				Fair
December 31, 2013			Cost		Gains		Losses		Value
			(Dollars in millions)
AFS securities:
	U.S. Treasury		$	595	$	—	$	—	$	595
	MBS issued by GSE			18,397		78		546		17,929
	States and political subdivisions			1,877		65		91		1,851
	Non-agency MBS			264		27		—		291
	Other			46		—		1		45
	Covered			989		404		—		1,393
		Total AFS securities	$	22,168	$	574	$	638	$	22,104

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

			Amortized		Gross Unrealized				Fair
June 30, 2014			Cost		Gains		Losses		Value
			(Dollars in millions)
HTM securities:
	U.S. Treasury securities		$	1,096	$	13	$	—	$	1,109
	GSE securities			5,604		18		203		5,419
	Mortgage-backed securities issued by GSE			13,282		65		76		13,271
	States and political subdivisions			33		2		—		35
	Other securities			417		13		—		430
		Total HTM securities	$	20,432	$	111	$	279	$	20,264

			Amortized		Gross Unrealized				Fair
December 31, 2013			Cost		Gains		Losses		Value
			(Dollars in millions)
HTM securities:
	U.S. Treasury securities		$	392	$	—	$	8	$	384
	GSE securities			5,603		2		397		5,208
	Mortgage-backed securities issued by GSE			11,636		38		220		11,454
	States and political subdivisions			33		2		—		35
	Other securities			437		12		—		449
		Total HTM securities	$	18,101	$	54	$	625	$	17,530

Schedule of the Changes in Credit Losses on Other-Than-Temporarily Impaired Non-Agency RMBSs where a Portion of Unrealized Loss was Recognized in OCI

	Three Months Ended				Six Months Ended
	June 30,				June 30,
		2014		2013		2014		2013
	(Dollars in millions)
Balance at beginning of period	$	76	$	93	$	78	$	98
Credit losses on securities without previously recognized OTTI		―		―		1		―
Reductions for securities sold/settled during the period		(3)		(7)		(6)		(12)
Credit recoveries through yield		(1)		―		(1)		―
Balance at end of period	$	72	$	86	$	72	$	86

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

		AFS				HTM
		Amortized		Fair		Amortized		Fair
June 30, 2014		Cost		Value		Cost		Value
		(Dollars in millions)
Due in one year or less		$	491	$	491	$	―	$	―
Due after one year through five years			807		819		1		1
Due after five years through ten years			545		577		6,639		6,467
Due after ten years			18,894		19,049		13,792		13,796
	Total debt securities	$	20,737	$	20,936	$	20,432	$	20,264

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

			Less than 12 months				12 months or more				Total
			Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
June 30, 2014			Value		Losses		Value		Losses		Value		Losses
			(Dollars in millions)
AFS securities:
	MBS issued by GSE		$	1,977	$	40	$	7,023	$	330	$	9,000	$	370
	States and political subdivisions			—		—		496		58		496		58
		Total	$	1,977	$	40	$	7,519	$	388	$	9,496	$	428

HTM securities:
	GSE		$	—	$	—	$	4,788	$	203	$	4,788	$	203
	MBS issued by GSE			5,542		69		713		7		6,255		76
		Total	$	5,542	$	69	$	5,501	$	210	$	11,043	$	279

			Less than 12 months				12 months or more				Total
			Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
December 31, 2013			Value		Losses		Value		Losses		Value		Losses
			(Dollars in millions)
AFS securities:
	MBS issued by GSE		$	10,259	$	406	$	1,935	$	140	$	12,194	$	546
	States and political subdivisions			232		8		441		83		673		91
	Other			34		1		―		―		34		1
		Total	$	10,525	$	415	$	2,376	$	223	$	12,901	$	638

HTM securities:
	U.S. Treasury		$	384	$	8	$	―	$	―	$	384	$	8
	GSE			4,996		397		―		―		4,996		397
	MBS issued by GSE			8,800		219		48		1		8,848		220
		Total	$	14,180	$	624	$	48	$	1	$	14,228	$	625