Securities Available for Sale and Securities Held to Maturity (Tables)

The amortized cost, gross unrealized gains and losses, and fair value of securities available for sale and securities held to maturity are as follows:


March 31, 2013	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities available for sale:
U.S. agency mortgage-backed securities	$	19,465	$	354	$	—	$	19,819
Asset-backed securities		9,706		81		1		9,786
Corporate debt securities		7,554		65		2		7,617
Certificates of deposit		5,890		11		1		5,900
U.S. agency notes		4,040		2		6		4,036
Non-agency residential mortgage-backed securities		747		4		42		709
Commercial paper		649		—		—		649
Other securities		278		15		—		293

Total securities available for sale	$	48,329	$	532	$	52	$	48,809

Securities held to maturity:
U.S. agency mortgage-backed securities	$	22,188	$	470	$	63	$	22,595
Other securities		732		—		11		721

Total securities held to maturity	$	22,920	$	470	$	74	$	23,316


December 31, 2012	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities available for sale:
U.S. agency mortgage-backed securities	$	20,080	$	396	$	—	$	20,476
Asset-backed securities		8,104		62		2		8,164
Corporate debt securities		6,197		61		2		6,256
Certificates of deposit		6,150		12		1		6,161
U.S. agency notes		3,465		2		3		3,464
Non-agency residential mortgage-backed securities		796		2		65		733
Commercial paper		574		—		—		574
Other securities		278		17		—		295

Total securities available for sale	$	45,644	$	552	$	73	$	46,123

Securities held to maturity:
U.S. agency mortgage-backed securities	$	17,750	$	558	$	19	$	18,289
Other securities		444		—		1		443

Total securities held to maturity	$	18,194	$	558	$	20	$	18,732

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
March 31, 2013	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Securities available for sale:
Asset-backed securities	$	—	$	—	$	768	$	1	$	768	$	1
Corporate debt securities		1,232		2		—		—		1,232		2
Certificates of deposit		499		1		—		—		499		1
U.S. agency notes		2,300		6		—		—		2,300		6
Non-agency residential mortgage-backed securities		66		1		494		41		560		42

Total	$	4,097	$	10	$	1,262	$	42	$	5,359	$	52

Securities held to maturity:
U.S. agency mortgage-backed securities	$	7,177	$	63	$	—	$	—	$	7,177	$	63
Other securities		621		11		—		—		621		11

Total	$	7,798	$	74	$	—	$	—	$	7,798	$	74

Total securities with unrealized losses ⁽¹⁾	$	11,895	$	84	$	1,262	$	42	$	13,157	$	126

⁽¹⁾	The number of investment positions with unrealized losses totaled 128 for securities available for sale and 67 for securities held to maturity.


	Less than 12 months				12 months or longer				Total
December 31, 2012	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Securities available for sale:
Asset-backed securities	$	—	$	—	$	801	$	2	$	801	$	2
Corporate debt securities		878		2		—		—		878		2
Certificates of deposit		599		1		—		—		599		1
U.S. agency notes		2,102		3		—		—		2,102		3
Non-agency residential mortgage-backed securities		46		1		549		64		595		65

Total	$	3,625	$	7	$	1,350	$	66	$	4,975	$	73

Securities held to maturity:
U.S. agency mortgage-backed securities	$	2,680	$	19	$	—	$	—	$	2,680	$	19
Other securities		240		1		—		—		240		1

Total	$	2,920	$	20	$	—	$	—	$	2,920	$	20

Total securities with unrealized losses ⁽¹⁾	$	6,545	$	27	$	1,350	$	66	$	7,895	$	93

⁽¹⁾	The number of investment positions with unrealized losses totaled 139 for securities available for sale and 24 for securities held to maturity.

The following table is a rollforward of the amount of credit losses recognized in earnings for OTTI securities held by the Company during the period for which a portion of the impairment was recognized in other comprehensive income:


	Three Months Ended March 31,
	2013		2012
Balance at beginning of period	$	159	$	127
Credit losses recognized into current period earnings on debt securities for which an other-than-temporary impairment was not previously recognized		—		1
Credit losses recognized into current period earnings on debt securities for which an other-than-temporary impairment was previously recognized		4		17

Balance at end of period	$	163	$	145

The maturities of securities available for sale and securities held to maturity at March 31, 2013, are as follows:


	Within 1 year		After 1 year through 5 years		After 5 years through 10 years		After 10 years		Total
Securities available for sale:
U.S. agency mortgage-backed securities ⁽¹⁾	$	—	$	126	$	3,986	$	15,707	$	19,819
Asset-backed securities		400		589		760		8,037		9,786
Corporate debt securities		1,879		5,738		—		—		7,617
Certificates of deposit		4,083		1,817		—		—		5,900
U.S. agency notes		—		1,625		2,411		—		4,036
Non-agency residential mortgage-backed securities		—		—		6		703		709
Commercial paper		649		—		—		—		649
Other securities		—		—		—		293		293

Total fair value	$	7,011	$	9,895	$	7,163	$	24,740	$	48,809
Total amortized cost	$	6,995	$	9,828	$	7,021	$	24,485	$	48,329

Securities held to maturity:
U.S. agency mortgage-backed securities ⁽¹⁾	$	—	$	—	$	11,540	$	11,055	$	22,595
Other securities		—		100		363		258		721

Total fair value	$	—	$	100	$	11,903	$	11,313	$	23,316
Total amortized cost	$	—	$	100	$	11,676	$	11,144	$	22,920

⁽¹⁾	Mortgage-backed securities have been allocated to maturity groupings based on final contractual maturities. Actual maturities will differ from final contractual maturities because borrowers on a certain portion of loans underlying these securities have the right to prepay their obligations.

- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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