US Bank 2011 Annual Report Download - page 84

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NOTE 5 Investment Securities
The amortized cost, other-than-temporary impairment recorded in other comprehensive income (loss), gross unrealized holding
gains and losses, and fair value of held-to-maturity and available-for-sale securities at December 31 were as follows:
2011 2010
Unrealized Losses Unrealized Losses
(Dollars in Millions)
Amortized
Cost
Unrealized
Gains
Other-
than-
Temporary
(d) Other (e) Fair Value
Amortized
Cost
Unrealized
Gains
Other-
than-
Temporary
(d) Other (e) Fair Value
Held-to-maturity (a)
U.S. Treasury and agencies ........ $ 2,560 $ 35 $ – $ – $ 2,595 $ 165 $ – $ – $ (1) $ 164
Mortgage-backed securities
Residential
Agency ....................... 16,085 333 – (3) 16,415 847 – – (4) 843
Non-agency
non-prime .................. 2 – – – 2 3 – – – 3
Commercial
non-agency ................... 4 – – (2) 2 10 – – (5) 5
Asset-backed securities
Collateralized debt
obligations/Collaterized
loan obligations ............... 52 13 – (2) 63 157 13 – (18) 152
Other ............................ 23 1 (6) (1) 17 127 – (1) (7) 119
Obligations of state and political
subdivisions ..................... 23 1 – (1) 23 27 1 – (1) 27
Obligations of foreign
governments .................... 7 – – – 7 7 – – – 7
Other debt securities ............... 121 – – (29) 92 126 – – (27) 99
Total held-to-maturity ........ $18,877 $ 383 $ (6) $ (38) $19,216 $ 1,469 $ 14 $ (1) $ (63) $ 1,419
Available-for-sale (b)
U.S. Treasury and agencies ........ $ 1,045 $ 13 $ – $ (1) $ 1,057 $ 2,559 $ 6 $ – $ (28) $ 2,537
Mortgage-backed securities
Residential
Agency ....................... 39,337 981 – (4) 40,314 37,144 718 – (159) 37,703
Non-agency
Prime (c) ................... 911 5 (63) (50) 803 1,216 12 (86) (39) 1,103
Non-prime ................. 1,047 9 (247) (7) 802 1,193 15 (243) (18) 947
Commercial
Agency ....................... 133 7 – – 140 194 5 – (2) 197
Non-agency .................. 42 2 – (2) 42 47 3 – – 50
Asset-backed securities
Collateralized debt obligations/
Collaterized loan
obligations .................... 180 31 (3) (2) 206 204 23 (2) (1) 224
Other ............................ 694 16 (5) (24) 681 709 23 (3) (9) 720
Obligations of state and political
subdivisions ..................... 6,394 167 – (22) 6,539 6,835 3 – (421) 6,417
Obligations of foreign
governments .................... 6 – – – 6 6 – – – 6
Corporate debt securities .......... 1,000 1 – (174) 827 1,109 – – (151) 958
Perpetual preferred securities ...... 379 25 – (86) 318 456 41 – (49) 448
Other investments ................. 188 15 – (1) 202 183 17 – (1) 199
Totalavailable-for-sale........ $51,356 $1,272 $(318) $(373) $51,937 $51,855 $866 $(334) $(878) $51,509
(a) Held-to-maturity securities are carried at historical cost adjusted for amortization of premiums and accretion of discounts and credit-related other-than-temporary impairment.
(b) Available-for-sale securities are carried at fair value with unrealized net gains or losses reported within accumulated other comprehensive income (loss) in shareholders’ equity.
(c) Prime securities are those designated as such by the issuer or those with underlying asset characteristics and/or credit enhancements consistent with securities designated as prime.
(d) Represents impairment not related to credit for those securities that have been determined to be other-than-temporarily impaired.
(e) Represents unrealized losses on securities that have not been determined to be other-than-temporarily impaired.
82 U.S. BANCORP