Securities (Tables)

9 Months Ended

Sep. 30, 2014

Securities

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

			Amortized		Gross Unrealized				Fair
September 30, 2014			Cost		Gains		Losses		Value
			(Dollars in millions)
AFS securities:
	U.S. Treasury		$	993	$	—	$	1	$	992
	MBS issued by GSE			16,952		69		408		16,613
	States and political subdivisions			1,894		119		48		1,965
	Non-agency MBS			239		38		—		277
	Other			42		—		—		42
	Covered			910		375		—		1,285
		Total AFS securities	$	21,030	$	601	$	457	$	21,174

			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
September 30, 2014			Cost		Gains		Losses		Value
			(Dollars in millions)
HTM securities:
	U.S. Treasury securities		$	1,096	$	8	$	1	$	1,103
	GSE securities			5,394		11		200		5,205
	Mortgage-backed securities issued by GSE			13,587		35		87		13,535
	States and political subdivisions			23		2		—		25
	Other securities			617		17		—		634
		Total HTM securities	$	20,717	$	73	$	288	$	20,502

			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				Nine Months Ended
	September 30,				September 30,
		2014		2013		2014		2013
	(Dollars in millions)
Balance at beginning of period	$	72	$	86	$	78	$	98
Credit losses on securities without previously recognized OTTI		―		―		1		―
Credit losses on securities with previously recognized OTTI		4		―		4		―
Reductions for securities sold/settled during the period		(5)		(4)		(11)		(16)
Credit recoveries through yield		(1)		―		(2)		―
Balance at end of period	$	70	$	82	$	70	$	82

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

		AFS				HTM
		Amortized		Fair		Amortized		Fair
September 30, 2014		Cost		Value		Cost		Value
		(Dollars in millions)
Due in one year or less		$	522	$	523	$	―	$	―
Due after one year through five years			678		688		200		194
Due after five years through ten years			545		578		6,440		6,268
Due after ten years			19,285		19,385		14,077		14,040
	Total debt securities	$	21,030	$	21,174	$	20,717	$	20,502

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
September 30, 2014			Value		Losses		Value		Losses		Value		Losses
			(Dollars in millions)
AFS securities:
	U.S. Treasury securities		$	476	$	1	$	—	$	—	$	476	$	1
	MBS issued by GSE			3,472		54		6,977		354		10,449		408
	States and political subdivisions			4		—		487		48		491		48
		Total	$	3,952	$	55	$	7,464	$	402	$	11,416	$	457

HTM securities:
	U.S. Treasury		$	392	$	1	$	—	$	—	$	392	$	1
	GSE			—		—		4,791		200		4,791		200
	MBS issued by GSE			8,957		77		824		10		9,781		87
		Total	$	9,349	$	78	$	5,615	$	210	$	14,964	$	288

			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