Average investment securities in the fourth quarter of 2012 were $4.1 billion (5.9 percent) higher year-over-year and $.4 billion (.6 percent) higher than the prior quarter. The increases were primarily due to purchases of U.S. government agency-backed securities, net of prepayments and maturities.
|AVERAGE DEPOSITS||Table 5|
|($ in millions)||Percent||Percent|
|4Q||3Q||4Q||4Q12 vs||4Q12 vs||Full Year||Full Year||Percent|
|Interest-bearing savings deposits|
|Money market savings||49,545||47,530||45,200||4.2||9.6||46,874||45,119||3.9|
|Total of savings deposits||124,944||120,480||117,180||3.7||6.6||121,903||114,600||6.4|
|Time certificates of deposit less|
|Time deposits greater than $100,000||32,292||36,312||27,430||(11.1||)||17.7||32,057||29,466||8.8|
|Total interest-bearing deposits||171,192||171,154||159,678||--||7.2||168,469||159,303||5.8|
Average total deposits for the fourth quarter of 2012 were $20.5 billion (9.2 percent) higher than the fourth quarter of 2011. Average noninterest-bearing deposits increased $9.0 billion (14.2 percent) year-over-year, with growth in average balances in a majority of the lines of business, including Wholesale Banking and Commercial Real Estate, Wealth Management and Securities Services, and Consumer and Small Business Banking. Average total savings deposits were $7.8 billion (6.6 percent) higher year-over-year, the result of growth in Consumer and Small Business Banking and corporate trust balances, partially offset by lower government banking and broker-dealer average balances. Average time certificates of deposit less than $100,000 were $1.1 billion (7.4 percent) lower, while time deposits greater than $100,000 were $4.9 billion (17.7 percent) higher than the fourth quarter of 2011, principally in Wholesale Banking and Commercial Real Estate. Time deposits greater than $100,000 are managed as an alternative to other funding sources, such as wholesale borrowing, based largely on relative pricing.