Charles Schwab 2015 Annual Report Download - page 90
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THE CHARLES SCHWAB CORPORATION
Notes to Consolidated Financial Statements
(Tabular Amounts in Millions, Except Per Share Data, Option Price Amounts, Ratios, or as Noted)
- 70 -
Schwab Bank pledges securities issued by federal agencies to secure certain trust deposits. The fair value of these pledged
securities was $170 million at December 31, 2015.
A summary of securities with unrealized losses, aggregated by category and period of continuous unrealized loss, is as
follows:
Less than 12 months
12 months or longer Total
Fair Unrealized Fair Unrealized Fair Unrealized
December 31, 2015 Value Losses Value Losses Value Losses
Securities available for sale:
U.S. agency mortgage-backed securities $ 8,541 $ 47 $ 813 $ 1 $ 9,354 $ 48
Asset-backed securities 17,127 240 2,743 66 19,870 306
Corporate debt securities 5,433 25 942 6 6,375 31
U.S. Treasury securities 5,010 17 - - 5,010 17
U.S. agency notes 1,281 10 1,547 17 2,828 27
Certificates of deposit 773 2 599 1 1,372 3
Total $ 38,165 $ 341 $ 6,644 $ 91 $ 44,809 $ 432
Securities held to maturity:
U.S. agency mortgage-backed securities $ 24,219 $ 253 $ 1,842 $ 40 $ 26,061 $ 293
N
on-agency commercial mortgage-backed
securities 729 20 - - 729 20
U.S. Treasury securities 220 3 - - 220 3
Total $ 25,168 $ 276 $ 1,842
$ 40 $ 27,010 $ 316
Total securities with unrealized losses (1) $ 63,333 $ 617 $ 8,486 $ 131 $ 71,819 $ 748
(1) The number of investment positions with unrealized losses totaled 409 for securities available for sale and 286 for
securities held to maturity.
Less than 12 months
12 months or longer Total
Fair Unrealized Fair Unrealized Fair Unrealized
December 31, 2014 Value Losses Value Losses Value Losses
Securities available for sale:
U.S. agency mortgage-backed securities $ 2,247 $ 5 $ 1,767 $ 7 $ 4,014 $ 12
Asset-backed securities 5,754 15 792 3 6,546 18
Corporate debt securities 1,781 4 552 4 2,333 8
U.S. Treasury securities 1,246 1 - - 1,246 1
U.S. agency notes - - 3,696 44 3,696 44
Total $ 11,028 $ 25 $ 6,807 $ 58 $ 17,835 $ 83
Securities held to maturity:
U.S. agency mortgage-backed securities $ 264 $ 1 $ 10,415 $ 173 $ 10,679 $ 174
N
on-agency commercial mortgage-backed
securities - - 660 14 660 14
Total $ 264 $ 1 $ 11,075 $ 187 $ 11,339 $ 188
Total securities with unrealized losses (1) $ 11,292 $ 26 $ 17,882 $ 245 $ 29,174 $ 271
(1) The number of investment positions with unrealized losses totaled 173 for securities available for sale and 111 for
securities held to maturity.
Management evaluates whether securities available for sale and securities held to maturity are OTTI on a quarterly basis as
described in “Notes – 2. Summary of Significant Accounting Policies.”