Ally Bank 2012 Annual Report Download - page 133

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The following table presents interest and dividends on available-for-sale securities.
Year ended December 31, ($ in millions) 2012 2011 2010
Taxable interest $ 262 $ 327 $ 296
Taxable dividends 30 24 17
Interest and dividends exempt from U.S. federal income tax —— 10
Interest and dividends on available-for-sale securities $ 292 $ 351 $ 323
Certain available-for-sale securities were sold at a loss in 2012, 2011, and 2010 as a result of market conditions within these respective
periods (e.g., a downgrade in the rating of a debt security). The table below summarizes available-for-sale securities in an unrealized loss
position in accumulated other comprehensive income. Based on the methodology described below that was applied to these securities, we
believe that the unrealized losses relate to factors other than credit losses in the current market environment. As of December 31, 2012, we did
not have the intent to sell the debt securities with an unrealized loss position in accumulated other comprehensive income, and it is not more
likely than not that we will be required to sell these securities before recovery of their amortized cost basis. As of December 31, 2012, we had
the ability and intent to hold equity securities with an unrealized loss position in accumulated other comprehensive income. As a result, we
believe that the securities with an unrealized loss position in accumulated other comprehensive income are not considered to be other-than-
temporarily impaired at December 31, 2012. Refer to Note 1 for additional information related to investment securities and our methodology
for evaluating potential other-than-temporary impairments.
2012 2011
Less than
12 months 12 months or longer Less than
12 months 12 months or longer
December 31, ($ in millions) Fair
value Unrealized loss Fair value Unrealized loss Fair
value Unrealized loss Fair value Unrealized loss
Available-for-sale securities
Debt securities
U.S. Treasury and federal
agencies $ 244 $ (1) $ — $ — $ 179 $ (2) $ — $ —
Foreign government 11 — — — 197 (1) — —
Mortgage-backed residential 493 (2) 23 (1) 2,302 (39) 45 (2)
Asset-backed 143 (1) 1 — 994 (13) 1 —
Corporate debt 120 (2) 15 (1) 444 (16) 30 (2)
Total temporarily impaired debt
securities 1,011 (6) 39 (2) 4,116 (71) 76 (4)
Temporarily impaired equity
securities 380 (39) 218 (34) 770 (148) 18 (6)
Total temporarily impaired
available-for-sale securities $ 1,391 $ (45) $ 257 $ (36) $ 4,886 $ (219) $ 94 $ (10)
7. Loans Held-for-Sale, Net
The composition of loans held-for-sale, net, was as follows.
2012 2011
December 31, ($ in millions)Domestic Foreign Total Domestic Foreign Total
Consumer automobile $ — $ — $ — $ 425 $ — $ 425
Consumer mortgage
1st Mortgage 2,490 — 2,490 7,360 12 7,372
Home equity ———740 — 740
Total consumer mortgage (a) 2,490 — 2,490 8,100 12 8,112
Commercial and industrial
Other 86 — 86 20 — 20
Total loans held-for-sale (b) $ 2,576 $ — $ 2,576 $ 8,545 $ 12 $ 8,557
(a) Fair value option-elected domestic consumer mortgages were $2.5 billion and $3.9 billion at December 31, 2012, and December 31, 2011, respectively.
Refer to Note 25 for additional information.
(b) Totals are net of unamortized premiums and discounts and deferred fees and costs. Included in the totals are net unamortized premiums of $26 million at
December 31, 2012, and net unamortized discounts of $221 million at December 31, 2011.
Table of Contents
Notes to Consolidated Financial Statements
Ally Financial Inc. • Form 10-K