Fifth Third Bank 2014 Annual Report Download - page 104
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
102 Fifth Third Bancorp
The expected maturity distribution of the Bancorp’s mortgage-backed securities and the contractual maturity distribution of the Bancorp’s available-
for-sale and other and held-to-maturity securities as of December 31, 2014 are shown in the following table:
Available-for-Sale and Other Held-to-Maturity
($ in millions) Amortized Cost Fair Value Amortized Cost Fair Value
Debt securities:(a)
Less than 1 year $168 169 148 148
1-5 years 6,583 6,841 21 21
5-10 years 12,784 13,190 17 17
Over 10 years 1,441 1,505 1 1
Equity securities 701 703 - -
Total $ 21,677 22,408 187 187
(a) Actual maturities may differ from contractual maturities when there exists a right to call or prepay obligations with or without call or prepayment penalties.
The following table provides the fair value and gross unrealized losses on available-for-sale and other securities in an unrealized loss position,
aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of December
31:
Less than 12 months 12 months or more Total
Unrealized Unrealized Unrealized
($ in millions) Fair Value Losses Fair Value Losses Fair Value Losses
2014
A
gency residential mortgage-backed securities $ 73 (1) - - 73 (1)
A
gency commercial mortgage-backed securities 355 (1) - - 355 (1)
A
sset-backed securities and other debt securities 286 (1) 74 (1) 360 (2)
Equity securities - - 30 (1) 30 (1)
Total $ 714 (3) 104 (2) 818 (5)
2013
A
gency residential mortgage-backed securities $ 7,221 (150) 1 - 7,222 (150)
Non-agency commercial mortgage-backed securities 168 (1) 28 - 196 (1)
A
sset-backed securities and other debt securities 427 (4) 104 (3) 531 (7)
Equity securities 33 (1) 4 - 37 (1)
Total $ 7,849 (156) 137 (3) 7,986 (159)
Other-Than-Temporary Impairments
The Bancorp recognized $24 million, $74 million and $58 million of
OTTI on its available-for-sale and other debt securities, included in
securities gains, net and securities gains, net – non-qualifying hedges
on mortgage servicing rights, in the Bancorp’s Consolidated
Statements of Income during the years ended December 31, 2014,
2013 and 2012, respectively. The Bancorp did not recognize OTTI
on any of its available-for-sale equity securities or held-to-maturity
debt securities for the years ended December 31, 2014, 2013 and
2012. Less than one percent of unrealized losses in the available-for-
sale securities portfolio were represented by non-rated securities at
December 31, 2014 and 2013.