Bank of America 2015 Annual Report Download - page 159

Bank of America 2015 157
NOTE 3 Securities
The table below presents the amortized cost, gross unrealized gains and losses, and fair value of AFS debt securities, other debt
securities carried at fair value, HTM debt securities and AFS marketable equity securities at December 31, 2015 and 2014.
Debt Securities and Available-for-Sale Marketable Equity Securities
December 31, 2015
(Dollars in millions)
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency $ 229,847 $ 788 $(1,688) $ 228,947
Agency-collateralized mortgage obligations 10,930 126 (71) 10,985
Commercial 7,176 50 (61) 7,165
Non-agency residential (1) 3,031 218 (70) 3,179
Total mortgage-backed securities 250,984 1,182 (1,890) 250,276
U.S. Treasury and agency securities 25,075 211 (9) 25,277
Non-U.S. securities 5,743 27 (3) 5,767
Corporate/Agency bonds 243 3(3) 243
Other taxable securities, substantially all asset-backed securities 10,238 50 (86) 10,202
Total taxable securities 292,283 1,473 (1,991) 291,765
Tax-exempt securities 13,978 63 (33) 14,008
Total available-for-sale debt securities 306,261 1,536 (2,024) 305,773
Other debt securities carried at fair value 16,678 103 (174) 16,607
Total debt securities carried at fair value (2) 322,939 1,639 (2,198) 322,380
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities 84,625 271 (850) 84,046
Total debt securities $ 407,564 $ 1,910 $ (3,048) $ 406,426
Available-for-sale marketable equity securities (3) $326 $ 99 $ —$ 425
December 31, 2014
Available-for-sale debt securities
Mortgage-backed securities:
Agency $ 163,592 $ 2,040 $ (593) $ 165,039
Agency-collateralized mortgage obligations 14,175 152 (79) 14,248
Commercial 3,931 69 — 4,000
Non-agency residential (1) 4,244 287 (77) 4,454
Total mortgage-backed securities 185,942 2,548 (749) 187,741
U.S. Treasury and agency securities 69,267 360 (32) 69,595
Non-U.S. securities 6,208 33 (11) 6,230
Corporate/Agency bonds 361 9 (2) 368
Other taxable securities, substantially all asset-backed securities 10,774 39 (22) 10,791
Total taxable securities 272,552 2,989 (816) 274,725
Tax-exempt securities 9,556 12 (19) 9,549
Total available-for-sale debt securities 282,108 3,001 (835) 284,274
Other debt securities carried at fair value 36,524 261 (364) 36,421
Total debt securities carried at fair value (2) 318,632 3,262 (1,199) 320,695
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities 59,766 486 (611) 59,641
Total debt securities $ 378,398 $ 3,748 $ (1,810) $ 380,336
Available-for-sale marketable equity securities (3) $ 336 $ 27 $ — $ 363
(1) At December 31, 2015 and 2014, the underlying collateral type included approximately 71 percent and 76 percent prime, 15 percent and 14 percent Alt-A, and 14 percent and 10 percent subprime.
(2) The Corporation had debt securities from FNMA and FHLMC that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $146.2 billion and $53.4 billion, and a fair value of
$145.5 billion and $53.2 billion at December 31, 2015. Debt securities from FNMA and FHLMC that exceeded 10 percent of shareholders’ equity had an amortized cost of $130.7 billion and $28.3
billion, and a fair value of $131.4 billion and $28.6 billion at December 31, 2014.
(3) Classified in other assets on the Consolidated Balance Sheet.
At December 31, 2015, the accumulated net unrealized loss on AFS debt securities included in accumulated OCI was $300 million,
net of the related income tax benefit of $188 million. At December 31, 2015 and 2014, the Corporation had nonperforming AFS debt
securities of $188 million and $161 million.