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[
P
]
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2012
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[ ]
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Title of each class
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Name of each exchange on which registered
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Common Stock, par value $0.01 per share
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New York Stock Exchange
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London Stock Exchange
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Tokyo Stock Exchange
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Warrants to purchase Common Stock (expiring October 28, 2018)
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New York Stock Exchange
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Warrants to purchase Common Stock (expiring January 16, 2019)
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New York Stock Exchange
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Depositary Shares, each representing a 1/1,000th interest in a share of 6.204% Non-Cumulative Preferred Stock, Series D
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New York Stock Exchange
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Depositary Shares, each representing a 1/1,000th interest in a share of Floating Rate Non-Cumulative Preferred Stock, Series E
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New York Stock Exchange
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Depositary Shares, each representing a 1/1,000th Interest in a share of 8.20% Non-Cumulative Preferred Stock, Series H
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New York Stock Exchange
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Depositary Shares, each representing a 1/1,000th interest in a share of 6.625% Non-Cumulative Preferred Stock, Series I
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New York Stock Exchange
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Depositary Shares, each representing a 1/1,000th interest in a share of 7.25% Non-Cumulative Preferred Stock, Series J
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New York Stock Exchange
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7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L
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New York Stock Exchange
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Title of each class
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Name of each exchange on which registered
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Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 1
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New York Stock Exchange
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Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 2
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New York Stock Exchange
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Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation 6.375% Non-Cumulative Preferred Stock, Series 3
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New York Stock Exchange
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Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 4
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New York Stock Exchange
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Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 5
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New York Stock Exchange
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Depositary Shares, each representing a 1/40th interest in a share of Bank of America Corporation 6.70% Non-Cumulative Perpetual Preferred Stock, Series 6
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New York Stock Exchange
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Depositary Shares, each representing a 1/40th interest in a share of Bank of America Corporation 6.25% Non-Cumulative Perpetual Preferred Stock, Series 7
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New York Stock Exchange
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Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation 8.625% Non-Cumulative Preferred Stock, Series 8
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New York Stock Exchange
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6.75% Trust Preferred Securities of Countrywide Capital IV (and the guarantees related thereto)
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New York Stock Exchange
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7.00% Capital Securities of Countrywide Capital V (and the guarantees related thereto)
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New York Stock Exchange
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6% Capital Securities of BAC Capital Trust VIII (and the guarantee related thereto)
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New York Stock Exchange
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Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIII (and the guarantee related thereto)
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New York Stock Exchange
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5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIV (and the guarantee related thereto)
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New York Stock Exchange
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MBNA Capital B Floating Rate Capital Securities, Series B (and the guarantee related thereto)
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New York Stock Exchange
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Market Index Target-Term Securities®
Linked to the Dow Jones Industrial Average
SM
due December 2, 2014
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NYSE Arca, Inc.
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Market Index Target-Term Securities®
Linked to the S&P 500® Index, due September 27, 2013
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NYSE Arca, Inc.
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Market Index Target-Term Securities®
Linked to the S&P 500® Index, due July 26, 2013
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NYSE Arca, Inc.
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Market Index Target-Term Securities®
Linked to the Dow Jones Industrial Average
SM
, due May 31, 2013
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NYSE Arca, Inc.
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Market Index Target-Term Securities®
Linked to the S&P 500® Index, due April 25, 2014
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NYSE Arca, Inc.
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Market Index Target-Term Securities®
Linked to the S&P 500® Index, due March 28, 2014
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NYSE Arca, Inc.
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Market Index Target-Term Securities®
Linked to the S&P 500® Index, due February 28, 2014
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NYSE Arca, Inc.
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Market Index Target-Term Securities®
Linked to the Dow Jones Industrial Average
SM
, due January 30, 2015
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NYSE Arca, Inc.
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Market Index Target-Term Securities®
Linked to the S&P 500® Index, due February 27, 2015
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NYSE Arca, Inc.
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Market Index Target-Term Securities®
Linked to the Dow Jones Industrial Average
SM
, due March 27, 2015
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NYSE Arca, Inc.
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Market Index Target-Term Securities®
Linked to the Dow Jones Industrial Average
SM
, due April 24, 2015
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NYSE Arca, Inc.
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Market Index Target-Term Securities®
Linked to the Dow Jones Industrial Average
SM
, due May 29, 2015
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NYSE Arca, Inc.
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Market Index Target-Term Securities®
Linked to the Dow Jones Industrial Average
SM
, due June 26, 2015
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NYSE Arca, Inc.
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Market Index Target-Term Securities®
Linked to the S&P 500® Index, due July 31, 2015
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NYSE Arca, Inc.
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Large accelerated filer
P
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Accelerated filer
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Non-accelerated filer
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Smaller reporting company
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(do not check if a smaller reporting company)
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Page
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Item 1A
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Bank of America 2012
1
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2
Bank of America 2012
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Bank of America 2012
3
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4
Bank of America 2012
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Bank of America 2012
5
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6
Bank of America 2012
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Bank of America 2012
7
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8
Bank of America 2012
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Bank of America 2012
9
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10
Bank of America 2012
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Bank of America 2012
11
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12
Bank of America 2012
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Bank of America 2012
13
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14
Bank of America 2012
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Bank of America 2012
15
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16
Bank of America 2012
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Bank of America 2012
17
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18
Bank of America 2012
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Bank of America 2012
19
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Facility Name
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Location
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General Character of the Physical Property
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Primary Business Segment
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Property Status
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Property Square Feet
(1)
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Corporate Center
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Charlotte, NC
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60 Story Building
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Principal Executive Offices
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Owned
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1,200,392
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One Bryant Park
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New York, NY
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54 Story Building
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Global Banking
,
Global Markets
and
GWIM
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Leased
(2)
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1,798,373
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Bank of America Home Loans
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Calabasas, CA
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3 Story Building
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CRES
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Owned
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245,000
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Merrill Lynch Financial Centre
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London, UK
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4 Building Campus
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Global Banking
,
Global Markets
and
GWIM
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Leased
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568,256
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Nihonbashi 1-Chome Building
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Tokyo, Japan
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24 Story Building
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Global Banking
and
Global Markets
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Leased
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208,498
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(1)
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For leased properties, property square feet represents the square footage occupied by the Corporation.
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(2)
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The Corporation has a 49.9 percent joint venture interest in this property.
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20
Bank of America 2012
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Quarter
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High
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Low
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2011
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first
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$
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15.25
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$
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13.33
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second
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13.72
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10.50
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third
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11.09
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6.06
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fourth
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7.35
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4.99
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2012
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first
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9.93
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5.80
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second
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9.68
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6.83
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third
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9.55
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7.04
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fourth
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11.61
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8.93
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Quarter
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Dividend
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2011
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first
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$
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0.01
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second
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0.01
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third
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0.01
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fourth
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0.01
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2012
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first
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0.01
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second
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0.01
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third
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0.01
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fourth
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0.01
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Common Shares Repurchased
(1)
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Weighted-Average Per Share Price
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Shares
Purchased as
Part of Publicly Announced Programs |
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Remaining Buyback
Authority
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(Dollars in millions, except per share information; shares in thousands)
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Amounts
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Shares
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October 1 - 31, 2012
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549
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$
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9.03
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—
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$
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—
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—
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November 1 - 30, 2012
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83
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9.28
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—
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—
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—
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December 1 - 31, 2012
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104
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9.31
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—
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—
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—
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Three months ended December 31, 2012
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736
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9.10
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(1)
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Consists of shares acquired by the Corporation in connection with satisfaction of tax withholding obligations on vested restricted stock or restricted stock units and certain forfeitures from terminations of employment related to awards under equity incentive plans.
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Bank of America 2012
21
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Table of Contents
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Page
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2011
Compared to 20
10
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22
Bank of America 2012
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Bank of America 2012
23
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24
Bank of America 2012
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||||
Table 1
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Selected Financial Data
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(Dollars in millions, except per share information)
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2012
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2011
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|||||
Income statement
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Revenue, net of interest expense (FTE basis)
(1)
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$
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84,235
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$
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94,426
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Net income
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4,188
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1,446
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Net income, excluding goodwill impairment charges
(2)
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4,188
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4,630
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Diluted earnings per common share
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0.25
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0.01
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Diluted earnings per common share, excluding goodwill impairment charges
(2)
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0.25
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0.32
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Dividends paid per common share
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0.04
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0.04
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Performance ratios
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Return on average assets
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0.19
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%
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0.06
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%
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Return on average assets, excluding goodwill impairment charges
(2)
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0.19
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0.20
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Return on average tangible shareholders’ equity
(1)
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2.60
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0.96
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Return on average tangible shareholders’ equity, excluding goodwill impairment charges
(1, 2)
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2.60
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3.08
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Efficiency ratio (FTE basis)
(1)
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85.59
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85.01
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Efficiency ratio (FTE basis), excluding goodwill impairment charges
(1, 2)
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85.59
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81.64
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Asset quality
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Allowance for loan and lease losses at December 31
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$
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24,179
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$
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33,783
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Allowance for loan and lease losses as a percentage of total loans and leases outstanding at December 31
(3)
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2.69
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%
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3.68
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%
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Nonperforming loans, leases and foreclosed properties at December 31
(3)
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$
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23,555
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$
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27,708
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Net charge-offs
(4)
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14,908
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20,833
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Net charge-offs as a percentage of average loans and leases outstanding
(3, 4)
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1.67
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%
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2.24
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%
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Net charge-offs as a percentage of average loans and leases outstanding, excluding the purchased credit-impaired loan portfolio
(3)
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1.73
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2.32
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Net charge-offs and purchased credit-impaired write-offs as a percentage of average loans and leases outstanding
(3, 5)
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1.99
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2.24
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Ratio of the allowance for loan and lease losses at December 31 to net charge-offs
(4)
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1.62
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1.62
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Ratio of the allowance for loan and lease losses at December 31 to net charge-offs, excluding the purchased credit-impaired loan portfolio
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1.25
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1.22
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Ratio of the allowance for loan and lease losses at December 31 to net charge-offs and purchased credit-impaired write-offs
(5)
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1.36
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1.62
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Balance sheet at year end
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|||
Total loans and leases
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$
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907,819
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$
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926,200
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Total assets
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2,209,974
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2,129,046
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Total deposits
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1,105,261
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1,033,041
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Total common shareholders’ equity
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218,188
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211,704
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Total shareholders’ equity
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236,956
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230,101
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|||
Capital ratios at year end
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|||
Tier 1 common capital
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11.06
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%
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9.86
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%
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|||
Tier 1 capital
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12.89
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12.40
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|||
Total capital
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16.31
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16.75
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|||
Tier 1 leverage
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7.37
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7.53
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(1)
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Fully taxable-equivalent (FTE) basis, return on average tangible shareholders’ equity and the efficiency ratio are non-GAAP financial measures. Other companies may define or calculate these measures differently. For additional information on these measures and ratios, see
Supplemental Financial Data
on page
35
, and for a corresponding reconciliation to GAAP financial measures, see Statistical Table XV.
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(2)
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Net income, diluted earnings per common share, return on average assets, return on average tangible shareholders’ equity and the efficiency ratio have been calculated excluding the impact of the goodwill impairment charges of
$3.2 billion
in
2011
, and accordingly, these are non-GAAP financial measures. For additional information on these measures and ratios, see
Supplemental Financial Data
on page
35
, and for a corresponding reconciliation to GAAP financial measures, see Statistical Table XV.
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(3)
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Balances and ratios do not include loans accounted for under the fair value option. For additional exclusions from nonperforming loans, leases and foreclosed properties, see
Nonperforming Consumer Loans and Foreclosed Properties Activity
on page
93
and corresponding
Table 37
, and
Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity
on page
101
and corresponding
Table 46
.
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(4)
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Net charge-offs exclude
$2.8 billion
of write-offs in the Countrywide home equity purchased credit-impaired loan portfolio for
2012
. These write-offs decreased the purchased credit-impaired valuation allowance included as part of the allowance for loan and lease losses. For information on purchased credit-impaired write-offs, see
Countrywide Purchased Credit-impaired Loan Portfolio
on page
90
.
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(5)
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There were no write-offs of purchased credit-impaired loans in 2011.
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|
Bank of America 2012
25
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26
Bank of America 2012
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|
||||
Table 2
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Summary Income Statement
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|
||||
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|
||||||
(Dollars in millions)
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2012
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|
2011
|
|||||
Net interest income (FTE basis)
(1)
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$
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41,557
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$
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45,588
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Noninterest income
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42,678
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|
|
48,838
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|
|||
Total revenue, net of interest expense (FTE basis)
(1)
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84,235
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|
94,426
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|
|||
Provision for credit losses
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8,169
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|
13,410
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|
|||
Goodwill impairment
|
—
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3,184
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|
|||
All other noninterest expense
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72,093
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|
77,090
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|
|||
Income before income taxes
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3,973
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|
742
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|
|||
Income tax benefit (FTE basis)
(1)
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(215
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)
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(704
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)
|
|||
Net income
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4,188
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|
1,446
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|
|||
Preferred stock dividends
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1,428
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|
1,361
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|||
Net income applicable to common shareholders
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$
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2,760
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$
|
85
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|
||||
Per common share information
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|
|||||
Earnings
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$
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0.26
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$
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0.01
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Diluted earnings
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0.25
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|
0.01
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(1)
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FTE basis is a non-GAAP financial measure. For additional information on this measure, see
Supplemental Financial Data
on page
35
, and for a corresponding reconciliation to a GAAP financial measure, see Statistical Table XV.
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|
||||
Table 3
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Noninterest Income
|
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|
||||
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|
||||
(Dollars in millions)
|
2012
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|
2011
|
|||||
Card income
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$
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6,121
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$
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7,184
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Service charges
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7,600
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|
8,094
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|
|||
Investment and brokerage services
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11,393
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|
11,826
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|
|||
Investment banking income
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5,299
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|
5,217
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|
|||
Equity investment income
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2,070
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|
7,360
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|
|||
Trading account profits
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5,870
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|
6,697
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|
|||
Mortgage banking income (loss)
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4,750
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(8,830
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)
|
|||
Insurance income (loss)
|
(195
|
)
|
|
1,346
|
|
|||
Gains on sales of debt securities
|
1,662
|
|
|
3,374
|
|
|||
Other income (loss)
|
(1,839
|
)
|
|
6,869
|
|
|||
Net impairment losses recognized in earnings on AFS debt securities
|
(53
|
)
|
|
(299
|
)
|
|||
Total noninterest income
|
$
|
42,678
|
|
|
$
|
48,838
|
|
|
|
Bank of America 2012
27
|
|
Card income
decreased
$1.1 billion
primarily driven by the implementation of interchange fee rules under the Durbin Amendment, which became effective on October 1, 2011.
|
|
Service charges
decreased
$494 million
primarily due to the impact of lower accretion on acquired portfolios and reduced reimbursed merchant processing fees.
|
|
Investment and brokerage services income
decreased
$433 million
primarily driven by lower transactional volumes.
|
|
Equity investment income
decreased
$5.3 billion
. The results for
2012
included $1.6 billion of gains which primarily related to the sales of certain equity and strategic investments. The results for
2011
included
$6.5 billion
of gains on the sale of China Construction Bank (CCB) shares,
$836 million
of CCB dividends and a
$377 million
gain on the sale of our investment in BlackRock, Inc. (BlackRock), partially offset by
$1.1 billion
of impairment charges on our merchant services joint venture.
|
|
Trading account profits
decreased
$827 million
. Net DVA losses on derivatives were
$2.5 billion
in
2012
compared to net DVA gains of
$1.0 billion
in
2011
. Excluding net DVA, trading account profits
increased
$2.7 billion
in
2012
compared to
2011
due to an improved market environment.
|
|
Mortgage banking income
increased
$13.6 billion
primarily due to an
$11.7 billion
decrease
in the representations and warranties provision. The
2012
results included
$2.5 billion
in provision related to the FNMA Settlement, a
$500 million
provision for obligations to FNMA related to mortgage insurance rescissions, partially offset by an
increase
in servicing income of
$1.1 billion
due to improved MSR results. The
2011
results included
$15.6 billion
in representations and warranties provision related to the agreement to resolve nearly all legacy Countrywide-issued first-lien non-government-sponsored enterprise (GSE) residential mortgage-backed securities (RMBS) repurchase exposures and other non-GSE exposures.
|
|
Insurance income
decreased
$1.5 billion
driven by the impact of the sale of the Balboa Insurance Company’s lender-placed insurance business (Balboa) in 2011 and an increase to the provision related to payment protection insurance in the U.K. in
2012
.
|
|
Other income
decreased
$8.7 billion
due to negative fair value adjustments on our structured liabilities of
$5.1 billion
compared to positive fair value adjustments of
$3.3 billion
in
2011
. In addition,
2012
included
$1.6 billion
of gains related to debt repurchases and exchanges of trust preferred securities compared to gains of $1.2 billion in the prior year. The prior year also included a net gain of $752 million on the sale of Balboa.
|
|
|
|
|
|
||||
Table 4
|
Noninterest Expense
|
|
|
|
||||
|
|
|
|
|
||||
(Dollars in millions)
|
2012
|
|
2011
|
|||||
Personnel
|
$
|
35,648
|
|
|
$
|
36,965
|
|
|
Occupancy
|
4,570
|
|
|
4,748
|
|
|||
Equipment
|
2,269
|
|
|
2,340
|
|
|||
Marketing
|
1,873
|
|
|
2,203
|
|
|||
Professional fees
|
3,574
|
|
|
3,381
|
|
|||
Amortization of intangibles
|
1,264
|
|
|
1,509
|
|
|||
Data processing
|
2,961
|
|
|
2,652
|
|
|||
Telecommunications
|
1,660
|
|
|
1,553
|
|
|||
Other general operating
|
18,274
|
|
|
21,101
|
|
|||
Goodwill impairment
|
—
|
|
|
3,184
|
|
|||
Merger and restructuring charges
|
—
|
|
|
638
|
|
|||
Total noninterest expense
|
$
|
72,093
|
|
|
$
|
80,274
|
|
28
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Table 5
|
Selected Balance Sheet Data
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
December 31
|
|
Average Balance
|
||||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
$
|
219,924
|
|
|
$
|
211,183
|
|
|
$
|
236,042
|
|
|
$
|
245,069
|
|
|
Trading account assets
|
237,226
|
|
|
169,319
|
|
|
182,359
|
|
|
187,340
|
|
|||||
Debt securities
|
336,387
|
|
|
311,416
|
|
|
337,653
|
|
|
337,120
|
|
|||||
Loans and leases
|
907,819
|
|
|
926,200
|
|
|
898,768
|
|
|
938,096
|
|
|||||
Allowance for loan and lease losses
|
(24,179
|
)
|
|
(33,783
|
)
|
|
(29,843
|
)
|
|
(37,623
|
)
|
|||||
All other assets
|
532,797
|
|
|
544,711
|
|
|
566,377
|
|
|
626,320
|
|
|||||
Total assets
|
$
|
2,209,974
|
|
|
$
|
2,129,046
|
|
|
$
|
2,191,356
|
|
|
$
|
2,296,322
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deposits
|
$
|
1,105,261
|
|
|
$
|
1,033,041
|
|
|
$
|
1,047,782
|
|
|
$
|
1,035,802
|
|
|
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
293,259
|
|
|
214,864
|
|
|
281,899
|
|
|
272,375
|
|
|||||
Trading account liabilities
|
73,587
|
|
|
60,508
|
|
|
78,554
|
|
|
84,689
|
|
|||||
Commercial paper and other short-term borrowings
|
30,731
|
|
|
35,698
|
|
|
36,501
|
|
|
51,894
|
|
|||||
Long-term debt
|
275,585
|
|
|
372,265
|
|
|
316,393
|
|
|
421,229
|
|
|||||
All other liabilities
|
194,595
|
|
|
182,569
|
|
|
194,550
|
|
|
201,238
|
|
|||||
Total liabilities
|
1,973,018
|
|
|
1,898,945
|
|
|
1,955,679
|
|
|
2,067,227
|
|
|||||
Shareholders’ equity
|
236,956
|
|
|
230,101
|
|
|
235,677
|
|
|
229,095
|
|
|||||
Total liabilities and shareholders’ equity
|
$
|
2,209,974
|
|
|
$
|
2,129,046
|
|
|
$
|
2,191,356
|
|
|
$
|
2,296,322
|
|
|
|
Bank of America 2012
29
|
30
Bank of America 2012
|
|
|
|
|
Bank of America 2012
31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Table 6
|
Business Segment Results
|
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
Total Revenue
(1)
|
|
Provision for Credit Losses
|
|
Noninterest Expense
|
|
Net Income (Loss)
|
||||||||||||||||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|||||||||||||||||
Consumer & Business Banking
|
$
|
29,023
|
|
|
$
|
32,880
|
|
|
$
|
3,941
|
|
|
$
|
3,490
|
|
|
$
|
16,793
|
|
|
$
|
17,719
|
|
|
$
|
5,321
|
|
|
$
|
7,447
|
|
|
Consumer Real Estate Services
|
8,759
|
|
|
(3,154
|
)
|
|
1,442
|
|
|
4,524
|
|
|
17,306
|
|
|
21,791
|
|
|
(6,507
|
)
|
|
(19,465
|
)
|
|||||||||
Global Banking
|
17,207
|
|
|
17,312
|
|
|
(103
|
)
|
|
(1,118
|
)
|
|
8,308
|
|
|
8,884
|
|
|
5,725
|
|
|
6,046
|
|
|||||||||
Global Markets
|
13,519
|
|
|
14,798
|
|
|
3
|
|
|
(56
|
)
|
|
10,839
|
|
|
12,244
|
|
|
1,054
|
|
|
988
|
|
|||||||||
Global Wealth & Investment Management
|
16,517
|
|
|
16,495
|
|
|
266
|
|
|
398
|
|
|
12,755
|
|
|
13,383
|
|
|
2,223
|
|
|
1,718
|
|
|||||||||
All Other
|
(790
|
)
|
|
16,095
|
|
|
2,620
|
|
|
6,172
|
|
|
6,092
|
|
|
6,253
|
|
|
(3,628
|
)
|
|
4,712
|
|
|||||||||
Total FTE basis
|
84,235
|
|
|
94,426
|
|
|
8,169
|
|
|
13,410
|
|
|
72,093
|
|
|
80,274
|
|
|
4,188
|
|
|
1,446
|
|
|||||||||
FTE adjustment
|
(901
|
)
|
|
(972
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Total Consolidated
|
$
|
83,334
|
|
|
$
|
93,454
|
|
|
$
|
8,169
|
|
|
$
|
13,410
|
|
|
$
|
72,093
|
|
|
$
|
80,274
|
|
|
$
|
4,188
|
|
|
$
|
1,446
|
|
(1)
|
Total revenue is net of interest expense and is on a FTE basis which for consolidated revenue is a non-GAAP financial measure. For more information on this measure, see
Supplemental Financial Data
on page
35
, and for a corresponding reconciliation to a GAAP financial measure, see Statistical Table XVI.
|
32
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Table 7
|
Five Year Summary of Selected Financial Data
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(In millions, except per share information)
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|||||||||||
Income statement
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest income
|
$
|
40,656
|
|
|
$
|
44,616
|
|
|
$
|
51,523
|
|
|
$
|
47,109
|
|
|
$
|
45,360
|
|
|
Noninterest income
|
42,678
|
|
|
48,838
|
|
|
58,697
|
|
|
72,534
|
|
|
27,422
|
|
||||||
Total revenue, net of interest expense
|
83,334
|
|
|
93,454
|
|
|
110,220
|
|
|
119,643
|
|
|
72,782
|
|
||||||
Provision for credit losses
|
8,169
|
|
|
13,410
|
|
|
28,435
|
|
|
48,570
|
|
|
26,825
|
|
||||||
Goodwill impairment
|
—
|
|
|
3,184
|
|
|
12,400
|
|
|
—
|
|
|
—
|
|
||||||
Merger and restructuring charges
|
—
|
|
|
638
|
|
|
1,820
|
|
|
2,721
|
|
|
935
|
|
||||||
All other noninterest expense
(1)
|
72,093
|
|
|
76,452
|
|
|
68,888
|
|
|
63,992
|
|
|
40,594
|
|
||||||
Income (loss) before income taxes
|
3,072
|
|
|
(230
|
)
|
|
(1,323
|
)
|
|
4,360
|
|
|
4,428
|
|
||||||
Income tax expense (benefit)
|
(1,116
|
)
|
|
(1,676
|
)
|
|
915
|
|
|
(1,916
|
)
|
|
420
|
|
||||||
Net income (loss)
|
4,188
|
|
|
1,446
|
|
|
(2,238
|
)
|
|
6,276
|
|
|
4,008
|
|
||||||
Net income (loss) applicable to common shareholders
|
2,760
|
|
|
85
|
|
|
(3,595
|
)
|
|
(2,204
|
)
|
|
2,556
|
|
||||||
Average common shares issued and outstanding
|
10,746
|
|
|
10,143
|
|
|
9,790
|
|
|
7,729
|
|
|
4,592
|
|
||||||
Average diluted common shares issued and outstanding
(2)
|
10,841
|
|
|
10,255
|
|
|
9,790
|
|
|
7,729
|
|
|
4,596
|
|
||||||
Performance ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Return on average assets
|
0.19
|
%
|
|
0.06
|
%
|
|
n/m
|
|
|
0.26
|
%
|
|
0.22
|
%
|
||||||
Return on average common shareholders’ equity
|
1.27
|
|
|
0.04
|
|
|
n/m
|
|
|
n/m
|
|
|
1.80
|
|
||||||
Return on average tangible common shareholders’ equity
(3)
|
1.94
|
|
|
0.06
|
|
|
n/m
|
|
|
n/m
|
|
|
4.72
|
|
||||||
Return on average tangible shareholders’ equity
(3)
|
2.60
|
|
|
0.96
|
|
|
n/m
|
|
|
4.18
|
|
|
5.19
|
|
||||||
Total ending equity to total ending assets
|
10.72
|
|
|
10.81
|
|
|
10.08
|
%
|
|
10.38
|
|
|
9.74
|
|
||||||
Total average equity to total average assets
|
10.75
|
|
|
9.98
|
|
|
9.56
|
|
|
10.01
|
|
|
8.94
|
|
||||||
Dividend payout
|
15.86
|
|
|
n/m
|
|
|
n/m
|
|
|
n/m
|
|
|
n/m
|
|
||||||
Per common share data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Earnings (loss)
|
$
|
0.26
|
|
|
$
|
0.01
|
|
|
$
|
(0.37
|
)
|
|
$
|
(0.29
|
)
|
|
$
|
0.54
|
|
|
Diluted earnings (loss)
(2)
|
0.25
|
|
|
0.01
|
|
|
(0.37
|
)
|
|
(0.29
|
)
|
|
0.54
|
|
||||||
Dividends paid
|
0.04
|
|
|
0.04
|
|
|
0.04
|
|
|
0.04
|
|
|
2.24
|
|
||||||
Book value
|
20.24
|
|
|
20.09
|
|
|
20.99
|
|
|
21.48
|
|
|
27.77
|
|
||||||
Tangible book value
(3)
|
13.36
|
|
|
12.95
|
|
|
12.98
|
|
|
11.94
|
|
|
10.11
|
|
||||||
Market price per share of common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Closing
|
$
|
11.61
|
|
|
$
|
5.56
|
|
|
$
|
13.34
|
|
|
$
|
15.06
|
|
|
$
|
14.08
|
|
|
High closing
|
11.61
|
|
|
15.25
|
|
|
19.48
|
|
|
18.59
|
|
|
45.03
|
|
||||||
Low closing
|
5.80
|
|
|
4.99
|
|
|
10.95
|
|
|
3.14
|
|
|
11.25
|
|
||||||
Market capitalization
|
$
|
125,136
|
|
|
$
|
58,580
|
|
|
$
|
134,536
|
|
|
$
|
130,273
|
|
|
$
|
70,645
|
|
(1)
|
Excludes merger and restructuring charges and goodwill impairment charges.
|
(2)
|
Due to a net loss applicable to common shareholders for 2010 and 2009, the impact of antidilutive equity instruments was excluded from diluted earnings (loss) per share and average diluted common shares.
|
(3)
|
Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures. Other companies may define or calculate these measures differently. For additional information on these ratios and corresponding reconciliations to GAAP financial measures, see
Supplemental Financial Data
on page
35
and Statistical Table XV on page
145
.
|
(4)
|
For more information on the impact of the PCI loan portfolio on asset quality, see
Consumer Portfolio Credit Risk Management
on page
80
.
|
(5)
|
Includes the allowance for loan and lease losses and the reserve for unfunded lending commitments.
|
(6)
|
Balances and ratios do not include loans accounted for under the fair value option. For additional exclusions from nonperforming loans, leases and foreclosed properties, see
Nonperforming Consumer Loans and Foreclosed Properties Activity
on page
93
and corresponding
Table 37
, and
Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity
on page
101
and corresponding
Table 46
.
|
(7)
|
Amounts included in allowance that are excluded from nonperforming loans primarily include amounts allocated to the U.S. credit card and unsecured consumer lending portfolios in
CBB
, PCI loans and the non-U.S. credit card portfolio in
All Other
.
|
(8)
|
Net charge-offs exclude
$2.8 billion
of write-offs in the Countrywide home equity PCI loan portfolio for
2012
. These write-offs decreased the PCI valuation allowance included as part of the allowance for loan and lease losses. For information on PCI write-offs, see
Countrywide Purchased Credit-impaired Loan Portfolio
on page
90
.
|
(9)
|
There were no write-offs of PCI loans in 2011, 2010, 2009 and 2008.
|
|
|
Bank of America 2012
33
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Table 7
|
Five Year Summary of Selected Financial Data (continued)
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|||||||||||
Average balance sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total loans and leases
|
$
|
898,768
|
|
|
$
|
938,096
|
|
|
$
|
958,331
|
|
|
$
|
948,805
|
|
|
$
|
910,871
|
|
|
Total assets
|
2,191,356
|
|
|
2,296,322
|
|
|
2,439,606
|
|
|
2,443,068
|
|
|
1,843,985
|
|
||||||
Total deposits
|
1,047,782
|
|
|
1,035,802
|
|
|
988,586
|
|
|
980,966
|
|
|
831,157
|
|
||||||
Long-term debt
|
316,393
|
|
|
421,229
|
|
|
490,497
|
|
|
446,634
|
|
|
231,235
|
|
||||||
Common shareholders’ equity
|
216,996
|
|
|
211,709
|
|
|
212,686
|
|
|
182,288
|
|
|
141,638
|
|
||||||
Total shareholders’ equity
|
235,677
|
|
|
229,095
|
|
|
233,235
|
|
|
244,645
|
|
|
164,831
|
|
||||||
Asset quality
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Allowance for credit losses
(5)
|
$
|
24,692
|
|
|
$
|
34,497
|
|
|
$
|
43,073
|
|
|
$
|
38,687
|
|
|
$
|
23,492
|
|
|
Nonperforming loans, leases and foreclosed properties
(6)
|
23,555
|
|
|
27,708
|
|
|
32,664
|
|
|
35,747
|
|
|
18,212
|
|
||||||
Allowance for loan and lease losses as a percentage of total loans and leases outstanding
(6)
|
2.69
|
%
|
|
3.68
|
%
|
|
4.47
|
%
|
|
4.16
|
%
|
|
2.49
|
%
|
||||||
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases
(6)
|
107
|
|
|
135
|
|
|
136
|
|
|
111
|
|
|
141
|
|
||||||
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases, excluding the PCI loan portfolio
(6)
|
82
|
|
|
101
|
|
|
116
|
|
|
99
|
|
|
136
|
|
||||||
Amounts included in allowance that are excluded from nonperforming loans and leases
(7)
|
$
|
12,021
|
|
|
$
|
17,490
|
|
|
$
|
22,908
|
|
|
$
|
17,690
|
|
|
$
|
11,679
|
|
|
Allowance as a percentage of total nonperforming loans and leases, excluding amounts included in the allowance that are excluded from nonperforming loans and leases
(7)
|
54
|
%
|
|
65
|
%
|
|
62
|
%
|
|
58
|
%
|
|
70
|
%
|
||||||
Net charge-offs
(8)
|
$
|
14,908
|
|
|
$
|
20,833
|
|
|
$
|
34,334
|
|
|
$
|
33,688
|
|
|
$
|
16,231
|
|
|
Net charge-offs as a percentage of average loans and leases outstanding
(6, 8)
|
1.67
|
%
|
|
2.24
|
%
|
|
3.60
|
%
|
|
3.58
|
%
|
|
1.79
|
%
|
||||||
Net charge-offs as a percentage of average loans and leases outstanding, excluding the PCI loan portfolio
(6)
|
1.73
|
|
|
2.32
|
|
|
3.73
|
|
|
3.71
|
|
|
1.83
|
|
||||||
Net charge-offs and PCI write-offs as a percentage of average loans and leases outstanding
(6, 9)
|
1.99
|
|
|
2.24
|
|
|
3.60
|
|
|
3.58
|
|
|
1.79
|
|
||||||
Nonperforming loans and leases as a percentage of total loans and leases outstanding
(6)
|
2.52
|
|
|
2.74
|
|
|
3.27
|
|
|
3.75
|
|
|
1.77
|
|
||||||
Nonperforming loans, leases and foreclosed properties as a percentage of total loans, leases and foreclosed properties
(6)
|
2.62
|
|
|
3.01
|
|
|
3.48
|
|
|
3.98
|
|
|
1.96
|
|
||||||
Ratio of the allowance for loan and lease losses at December 31 to net charge-offs
(8)
|
1.62
|
|
|
1.62
|
|
|
1.22
|
|
|
1.10
|
|
|
1.42
|
|
||||||
Ratio of the allowance for loan and lease losses at December 31 to net charge-offs, excluding the PCI loan portfolio
|
1.25
|
|
|
1.22
|
|
|
1.04
|
|
|
1.00
|
|
|
1.38
|
|
||||||
Ratio of the allowance for loan and lease losses at December 31 to net charge-offs and PCI write-offs
(9)
|
1.36
|
|
|
1.62
|
|
|
1.22
|
|
|
1.10
|
|
|
1.42
|
|
||||||
Capital ratios (year end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Risk-based capital:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Tier 1 common
|
11.06
|
%
|
|
9.86
|
%
|
|
8.60
|
%
|
|
7.81
|
%
|
|
4.80
|
%
|
||||||
Tier 1
|
12.89
|
|
|
12.40
|
|
|
11.24
|
|
|
10.40
|
|
|
9.15
|
|
||||||
Total
|
16.31
|
|
|
16.75
|
|
|
15.77
|
|
|
14.66
|
|
|
13.00
|
|
||||||
Tier 1 leverage
|
7.37
|
|
|
7.53
|
|
|
7.21
|
|
|
6.88
|
|
|
6.44
|
|
||||||
Tangible equity
(3)
|
7.62
|
|
|
7.54
|
|
|
6.75
|
|
|
6.40
|
|
|
5.11
|
|
||||||
Tangible common equity
(3)
|
6.74
|
|
|
6.64
|
|
|
5.99
|
|
|
5.56
|
|
|
2.93
|
|
34
Bank of America 2012
|
|
|
|
Return on average tangible common shareholders’ equity measures our earnings contribution as a percentage of adjusted common shareholders’ equity. The tangible common equity ratio represents adjusted common shareholders’ equity divided by total assets less goodwill and intangible assets (excluding MSRs), net of related deferred tax liabilities.
|
|
ROTE measures our earnings contribution as a percentage of adjusted average total shareholders’ equity. The tangible equity ratio represents adjusted total shareholders’ equity divided by
|
|
Tangible book value per common share represents adjusted ending common shareholders’ equity divided by ending common shares outstanding.
|
|
Return on average economic capital for the segments is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average economic capital.
|
|
Economic capital represents allocated equity less goodwill and a percentage of intangible assets (excluding MSRs).
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Table 8
|
Five Year Supplemental Financial Data
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in millions, except per share information)
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|||||||||||
Fully taxable-equivalent basis data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net interest income
|
$
|
41,557
|
|
|
$
|
45,588
|
|
|
$
|
52,693
|
|
|
$
|
48,410
|
|
|
$
|
46,554
|
|
|
Total revenue, net of interest expense
|
84,235
|
|
|
94,426
|
|
|
111,390
|
|
|
120,944
|
|
|
73,976
|
|
||||||
Net interest yield
|
2.35
|
%
|
|
2.48
|
%
|
|
2.78
|
%
|
|
2.65
|
%
|
|
2.98
|
%
|
||||||
Efficiency ratio
|
85.59
|
|
|
85.01
|
|
|
74.61
|
|
|
55.16
|
|
|
56.14
|
|
||||||
Performance ratios, excluding goodwill impairment charges
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Per common share information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Earnings
|
|
|
$
|
0.32
|
|
|
$
|
0.87
|
|
|
|
|
|
|
|
|||||
Diluted earnings
|
|
|
0.32
|
|
|
0.86
|
|
|
|
|
|
|
|
|||||||
Efficiency ratio (FTE basis)
|
|
|
81.64
|
%
|
|
63.48
|
%
|
|
|
|
|
|
|
|||||||
Return on average assets
|
|
|
0.20
|
|
|
0.42
|
|
|
|
|
|
|
|
|||||||
Return on average common shareholders’ equity
|
|
|
1.54
|
|
|
4.14
|
|
|
|
|
|
|
|
|||||||
Return on average tangible common shareholders’ equity
|
|
|
2.46
|
|
|
7.03
|
|
|
|
|
|
|
|
|||||||
Return on average tangible shareholders’ equity
|
|
|
3.08
|
|
|
7.11
|
|
|
|
|
|
|
|
(1)
|
Performance ratios are calculated excluding the impact of goodwill impairment charges of
$3.2 billion
and
$12.4 billion
recorded during
2011
and
2010
.
|
|
|
Bank of America 2012
35
|
|
|
|
|
|
||||
Table 9
|
Net Interest Income Excluding Trading-related Net Interest Income
|
|||||||
|
|
|
|
|
||||
(Dollars in millions)
|
2012
|
|
2011
|
|||||
Net interest income (FTE basis)
|
|
|
|
|
|
|||
As reported
(1)
|
$
|
41,557
|
|
|
$
|
45,588
|
|
|
Impact of trading-related net interest income
(2)
|
(3,308
|
)
|
|
(3,690
|
)
|
|||
Net interest income excluding trading-related net interest income
(3)
|
$
|
38,249
|
|
|
$
|
41,898
|
|
|
Average earning assets
|
|
|
|
|
|
|||
As reported
|
$
|
1,769,969
|
|
|
$
|
1,834,659
|
|
|
Impact of trading-related earning assets
(2)
|
(449,660
|
)
|
|
(445,574
|
)
|
|||
Average earning assets excluding trading-related earning assets
(3)
|
$
|
1,320,309
|
|
|
$
|
1,389,085
|
|
|
Net interest yield contribution (FTE basis)
|
|
|
|
|
|
|||
As reported
(1)
|
2.35
|
%
|
|
2.48
|
%
|
|||
Impact of trading-related activities
(2)
|
0.55
|
|
|
0.54
|
|
|||
Net interest yield on earning assets excluding trading-related activities
(3)
|
2.90
|
%
|
|
3.02
|
%
|
(1)
|
For 2012 and 2011, net interest income and net interest yield include fees earned on overnight deposits placed with the Federal Reserve and, for
2012
, fees earned on deposits, primarily overnight, placed with certain non-U.S. central banks, of
$189 million
and
$186 million
.
|
(2)
|
Represents the impact of trading-related amounts included in
Global Markets
.
|
(3)
|
Represents a non-GAAP financial measure.
|
36
Bank of America 2012
|
|
|
|
|
Bank of America 2012
37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Deposits
|
|
Card
Services
|
|
Business
Banking
|
|
Total Consumer &
Business Banking
|
|
|
||||||||||||||||||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
% Change
|
|
|||||||||||||||||
Net interest income (FTE basis)
|
$
|
7,857
|
|
|
$
|
8,472
|
|
|
$
|
10,047
|
|
|
$
|
11,502
|
|
|
$
|
1,221
|
|
|
$
|
1,404
|
|
|
$
|
19,125
|
|
|
$
|
21,378
|
|
|
(11
|
)%
|
|
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Card income
|
—
|
|
|
—
|
|
|
5,261
|
|
|
6,286
|
|
|
—
|
|
|
—
|
|
|
5,261
|
|
|
6,286
|
|
|
(16
|
)
|
|||||||||
Service charges
|
3,922
|
|
|
4,000
|
|
|
1
|
|
|
—
|
|
|
361
|
|
|
524
|
|
|
4,284
|
|
|
4,524
|
|
|
(5
|
)
|
|||||||||
All other income (loss)
|
276
|
|
|
224
|
|
|
(54
|
)
|
|
328
|
|
|
131
|
|
|
140
|
|
|
353
|
|
|
692
|
|
|
(49
|
)
|
|||||||||
Total noninterest income
|
4,198
|
|
|
4,224
|
|
|
5,208
|
|
|
6,614
|
|
|
492
|
|
|
664
|
|
|
9,898
|
|
|
11,502
|
|
|
(14
|
)
|
|||||||||
Total revenue, net of interest expense (FTE basis)
|
12,055
|
|
|
12,696
|
|
|
15,255
|
|
|
18,116
|
|
|
1,713
|
|
|
2,068
|
|
|
29,023
|
|
|
32,880
|
|
|
(12
|
)
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Provision for credit losses
|
208
|
|
|
173
|
|
|
3,452
|
|
|
3,072
|
|
|
281
|
|
|
245
|
|
|
3,941
|
|
|
3,490
|
|
|
13
|
|
|||||||||
Noninterest expense
|
10,409
|
|
|
10,600
|
|
|
5,496
|
|
|
5,961
|
|
|
888
|
|
|
1,158
|
|
|
16,793
|
|
|
17,719
|
|
|
(5
|
)
|
|||||||||
Income before income taxes
|
1,438
|
|
|
1,923
|
|
|
6,307
|
|
|
9,083
|
|
|
544
|
|
|
665
|
|
|
8,289
|
|
|
11,671
|
|
|
(29
|
)
|
|||||||||
Income tax expense (FTE basis)
|
521
|
|
|
706
|
|
|
2,246
|
|
|
3,272
|
|
|
201
|
|
|
246
|
|
|
2,968
|
|
|
4,224
|
|
|
(30
|
)
|
|||||||||
Net income
|
$
|
917
|
|
|
$
|
1,217
|
|
|
$
|
4,061
|
|
|
$
|
5,811
|
|
|
$
|
343
|
|
|
$
|
419
|
|
|
$
|
5,321
|
|
|
$
|
7,447
|
|
|
(29
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net interest yield (FTE basis)
|
1.81
|
%
|
|
2.02
|
%
|
|
8.93
|
%
|
|
9.04
|
%
|
|
2.68
|
%
|
|
3.23
|
%
|
|
3.88
|
%
|
|
4.45
|
%
|
|
|
||||||||||
Return on average allocated equity
|
3.77
|
|
|
5.13
|
|
|
19.73
|
|
|
27.50
|
|
|
3.92
|
|
|
5.20
|
|
|
9.92
|
|
|
14.07
|
|
|
|
||||||||||
Return on average economic capital
|
14.35
|
|
|
21.10
|
|
|
40.20
|
|
|
55.30
|
|
|
5.16
|
|
|
7.03
|
|
|
23.01
|
|
|
33.52
|
|
|
|
||||||||||
Efficiency ratio (FTE basis)
|
86.34
|
|
|
83.49
|
|
|
36.03
|
|
|
32.90
|
|
|
51.81
|
|
|
56.09
|
|
|
57.86
|
|
|
53.89
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total loans and leases
|
n/m
|
|
|
n/m
|
|
|
$
|
111,642
|
|
|
$
|
126,083
|
|
|
$
|
23,764
|
|
|
$
|
26,889
|
|
|
$
|
136,171
|
|
|
$
|
153,641
|
|
|
(11
|
)
|
|||
Total earning assets
(1)
|
$
|
433,908
|
|
|
$
|
419,996
|
|
|
112,489
|
|
|
127,258
|
|
|
45,549
|
|
|
43,542
|
|
|
492,965
|
|
|
480,590
|
|
|
3
|
|
|||||||
Total assets
(1)
|
460,074
|
|
|
446,475
|
|
|
118,763
|
|
|
130,254
|
|
|
52,690
|
|
|
51,553
|
|
|
532,546
|
|
|
518,076
|
|
|
3
|
|
|||||||||
Total deposits
|
434,261
|
|
|
421,106
|
|
|
n/m
|
|
|
n/m
|
|
|
42,837
|
|
|
40,679
|
|
|
477,440
|
|
|
462,087
|
|
|
3
|
|
|||||||||
Allocated equity
|
24,329
|
|
|
23,734
|
|
|
20,578
|
|
|
21,127
|
|
|
8,739
|
|
|
8,047
|
|
|
53,646
|
|
|
52,908
|
|
|
1
|
|
|||||||||
Economic capital
|
6,405
|
|
|
5,786
|
|
|
10,131
|
|
|
10,538
|
|
|
6,642
|
|
|
5,949
|
|
|
23,178
|
|
|
22,273
|
|
|
4
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Year end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total loans and leases
|
n/m
|
|
|
n/m
|
|
|
$
|
110,380
|
|
|
$
|
120,668
|
|
|
$
|
23,396
|
|
|
$
|
25,006
|
|
|
$
|
134,657
|
|
|
$
|
146,378
|
|
|
(8
|
)
|
|||
Total earning assets
(1)
|
$
|
455,999
|
|
|
$
|
419,215
|
|
|
110,831
|
|
|
121,991
|
|
|
44,712
|
|
|
46,516
|
|
|
514,521
|
|
|
480,972
|
|
|
7
|
|
|||||||
Total assets
(1)
|
482,339
|
|
|
446,274
|
|
|
117,904
|
|
|
127,623
|
|
|
51,655
|
|
|
53,950
|
|
|
554,878
|
|
|
521,097
|
|
|
6
|
|
|||||||||
Total deposits
|
455,871
|
|
|
421,871
|
|
|
n/m
|
|
|
n/m
|
|
|
42,382
|
|
|
41,519
|
|
|
498,669
|
|
|
464,264
|
|
|
7
|
|
(1)
|
For presentation purposes, in segments and businesses where the total of liabilities and equity exceeds assets, we allocate assets to match liabilities. As a result, total earning assets and total assets of the businesses may not equal total
CBB
.
|
38
Bank of America 2012
|
|
|
|
|
|
|
||||
Key Statistics
|
|
|
|
||||
|
|
|
|
||||
|
2012
|
|
2011
|
||||
Total deposit spreads (excludes noninterest costs)
(1)
|
1.81
|
%
|
|
2.12
|
%
|
||
|
|
|
|
||||
Year end
|
|
|
|
||||
Client brokerage assets (in millions)
|
$
|
75,946
|
|
|
$
|
66,576
|
|
Online banking active accounts (units in thousands)
|
29,638
|
|
|
29,870
|
|
||
Mobile banking active accounts (units in thousands)
|
12,013
|
|
|
9,166
|
|
||
Banking centers
|
5,478
|
|
|
5,702
|
|
||
ATMs
|
16,347
|
|
|
17,756
|
|
(1)
|
Total deposit spreads include the Deposits and Business Banking businesses.
|
|
|
|
|
||||
Key Statistics
|
|
|
|
||||
|
|
|
|
||||
(Dollars in millions)
|
2012
|
|
2011
|
||||
U.S. credit card
|
|
|
|
||||
Gross interest yield
|
10.02
|
%
|
|
10.25
|
%
|
||
Risk-adjusted margin
|
7.54
|
|
|
5.81
|
|
||
New accounts (in thousands)
|
3,258
|
|
|
3,035
|
|
||
Purchase volumes
|
$
|
193,500
|
|
|
$
|
192,358
|
|
Debit card purchase volumes
|
258,363
|
|
|
250,545
|
|
|
|
Bank of America 2012
39
|
40
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Home Loans
|
|
Legacy Assets & Servicing
|
|
Total Consumer Real Estate Services
|
|
|
|||||||||||||||||
(Dollars in millions)
|
2012
|
2011
|
|
2012
|
2011
|
|
2012
|
2011
|
|
% Change
|
||||||||||||||
Net interest income (FTE basis)
|
$
|
1,361
|
|
$
|
1,828
|
|
|
$
|
1,598
|
|
$
|
1,379
|
|
|
$
|
2,959
|
|
$
|
3,207
|
|
|
(8
|
)%
|
|
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Mortgage banking income (loss)
|
3,284
|
|
2,312
|
|
|
2,247
|
|
(10,505
|
)
|
|
5,531
|
|
(8,193
|
)
|
|
(168
|
)
|
|||||||
Insurance income
|
6
|
|
750
|
|
|
—
|
|
—
|
|
|
6
|
|
750
|
|
|
(99
|
)
|
|||||||
All other income (loss)
|
(5
|
)
|
971
|
|
|
268
|
|
111
|
|
|
263
|
|
1,082
|
|
|
(76
|
)
|
|||||||
Total noninterest income (loss)
|
3,285
|
|
4,033
|
|
|
2,515
|
|
(10,394
|
)
|
|
5,800
|
|
(6,361
|
)
|
|
(191
|
)
|
|||||||
Total revenue, net of interest expense (FTE basis)
|
4,646
|
|
5,861
|
|
|
4,113
|
|
(9,015
|
)
|
|
8,759
|
|
(3,154
|
)
|
|
n/m
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Provision for credit losses
|
72
|
|
233
|
|
|
1,370
|
|
4,291
|
|
|
1,442
|
|
4,524
|
|
|
(68
|
)
|
|||||||
Goodwill impairment
|
—
|
|
—
|
|
|
—
|
|
2,603
|
|
|
—
|
|
2,603
|
|
|
(100
|
)
|
|||||||
All other noninterest expense
|
3,171
|
|
4,563
|
|
|
14,135
|
|
14,625
|
|
|
17,306
|
|
19,188
|
|
|
(10
|
)
|
|||||||
Income (loss) before income taxes
|
1,403
|
|
1,065
|
|
|
(11,392
|
)
|
(30,534
|
)
|
|
(9,989
|
)
|
(29,469
|
)
|
|
(66
|
)
|
|||||||
Income tax expense (benefit) (FTE basis)
|
511
|
|
396
|
|
|
(3,993
|
)
|
(10,400
|
)
|
|
(3,482
|
)
|
(10,004
|
)
|
|
(65
|
)
|
|||||||
Net income (loss)
|
$
|
892
|
|
$
|
669
|
|
|
$
|
(7,399
|
)
|
$
|
(20,134
|
)
|
|
$
|
(6,507
|
)
|
$
|
(19,465
|
)
|
|
(67
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net interest yield (FTE basis)
|
2.41
|
%
|
2.59
|
%
|
|
2.45
|
%
|
1.63
|
%
|
|
2.43
|
%
|
2.07
|
%
|
|
|
||||||||
Efficiency ratio (FTE basis)
|
68.25
|
|
77.85
|
|
|
n/m
|
|
n/m
|
|
|
n/m
|
|
n/m
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Average
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total loans and leases
|
$
|
50,023
|
|
$
|
54,663
|
|
|
$
|
54,731
|
|
$
|
65,157
|
|
|
$
|
104,754
|
|
$
|
119,820
|
|
|
(13
|
)
|
|
Total earning assets
|
56,581
|
|
70,488
|
|
|
65,288
|
|
84,402
|
|
|
121,869
|
|
154,890
|
|
|
(21
|
)
|
|||||||
Total assets
|
57,550
|
|
71,508
|
|
|
89,055
|
|
118,859
|
|
|
146,605
|
|
190,367
|
|
|
(23
|
)
|
|||||||
Allocated equity
|
n/a
|
|
n/a
|
|
|
n/a
|
|
n/a
|
|
|
13,687
|
|
16,202
|
|
|
(16
|
)
|
|||||||
Economic capital
|
n/a
|
|
n/a
|
|
|
n/a
|
|
n/a
|
|
|
13,687
|
|
14,852
|
|
|
(8
|
)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Year end
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total loans and leases
|
$
|
47,742
|
|
$
|
52,371
|
|
|
$
|
48,230
|
|
$
|
59,988
|
|
|
$
|
95,972
|
|
$
|
112,359
|
|
|
(15
|
)
|
|
Total earning assets
|
54,394
|
|
58,819
|
|
|
53,892
|
|
73,562
|
|
|
108,286
|
|
132,381
|
|
|
(18
|
)
|
|||||||
Total assets
|
55,463
|
|
59,647
|
|
|
76,925
|
|
104,065
|
|
|
132,388
|
|
163,712
|
|
|
(19
|
)
|
|
|
Bank of America 2012
41
|
42
Bank of America 2012
|
|
|
(1)
|
Excludes $57 billion, $84 billion and $99 billion of home equity loans and HELOCs at
December 31, 2012
,
2011
and
2010
, respectively.
|
(2)
|
Includes discontinued real estate loans.
|
(1)
|
Excludes $64 billion, $67 billion and $69 billion of home equity loans and HELOCs at
December 31, 2012
,
2011
and
2010
, respectively.
|
(2)
|
Includes discontinued real estate loans.
|
|
|
Bank of America 2012
43
|
|
|
|
|
||||
Mortgage Banking Income (Loss)
|
|
|
|
||||
|
|
|
|
||||
(Dollars in millions)
|
2012
|
|
2011
|
||||
Production income (loss):
|
|
|
|
||||
Core production revenue
|
$
|
3,730
|
|
|
$
|
2,797
|
|
Representations and warranties provision
|
(3,939
|
)
|
|
(15,591
|
)
|
||
Total production loss
|
(209
|
)
|
|
(12,794
|
)
|
||
Servicing income:
|
|
|
|
||||
Servicing fees
|
4,734
|
|
|
6,035
|
|
||
Impact of customer payments
(1)
|
(1,484
|
)
|
|
(2,621
|
)
|
||
Fair value changes of MSRs, net of risk management activities used to hedge certain market risks
(2)
|
1,845
|
|
|
655
|
|
||
Other servicing-related revenue
|
645
|
|
|
532
|
|
||
Total net servicing income
|
5,740
|
|
|
4,601
|
|
||
Total
CRES
mortgage banking income (loss)
|
5,531
|
|
|
(8,193
|
)
|
||
Eliminations
(3)
|
(781
|
)
|
|
(637
|
)
|
||
Total consolidated mortgage banking income (loss)
|
$
|
4,750
|
|
|
$
|
(8,830
|
)
|
(1)
|
Represents the change in the market value of the MSR asset due to the impact of customer payments received during the year.
|
(2)
|
Includes gains (losses) on sales of MSRs.
|
(3)
|
Includes the effect of transfers of mortgage loans from
CRES
to the ALM portfolio in
All Other
.
|
|
|
|
|
|
||||
Key Statistics
|
|
|
|
|
||||
|
|
|
|
|
||||
(Dollars in millions, except as noted)
|
2012
|
|
2011
|
|
||||
Loan production
|
|
|
|
|
|
|
||
Total Corporation
(1)
:
|
|
|
|
|
||||
First mortgage
|
$
|
75,074
|
|
|
$
|
151,756
|
|
|
First mortgage (excluding correspondent lending)
|
75,074
|
|
|
80,300
|
|
|
||
Home equity
|
3,585
|
|
|
4,388
|
|
|
||
CRES:
|
|
|
|
|
|
|
||
First mortgage
|
$
|
58,518
|
|
|
$
|
139,273
|
|
|
First mortgage (excluding correspondent lending)
|
58,518
|
|
|
67,817
|
|
|
||
Home equity
|
2,832
|
|
|
3,694
|
|
|
||
|
|
|
|
|
||||
Year end
|
|
|
|
|
|
|
||
Mortgage serviced portfolio (in billions)
(2, 3)
|
$
|
1,332
|
|
|
$
|
1,763
|
|
|
Mortgage loans serviced for investors (in billions)
|
1,045
|
|
|
1,379
|
|
|
||
Mortgage servicing rights:
|
|
|
|
|
|
|
||
Balance
|
5,716
|
|
|
7,378
|
|
|
||
Capitalized mortgage servicing rights
(% of loans serviced for investors)
|
55
|
|
bps
|
54
|
|
bps
|
(1)
|
In addition to loan production in
CRES
, the remaining first mortgage and home equity loan production is primarily in
GWIM.
|
(2)
|
Servicing of residential mortgage loans, HELOCs, home equity loans and discontinued real estate mortgage loans.
|
(3)
|
The mortgage serviced portfolio at December 31, 2010 was $2,057 billion.
|
44
Bank of America 2012
|
|
|
|
|
Bank of America 2012
45
|
|
|
|
|
|
|
|
|||||
(Dollars in millions)
|
2012
|
|
2011
|
|
% Change
|
||||||
Net interest income (FTE basis)
|
$
|
9,225
|
|
|
$
|
9,490
|
|
|
(3
|
)%
|
|
Noninterest income:
|
|
|
|
|
|
||||||
Service charges
|
3,168
|
|
|
3,420
|
|
|
(7
|
)
|
|||
Investment banking fees
|
2,787
|
|
|
3,061
|
|
|
(9
|
)
|
|||
All other income
|
2,027
|
|
|
1,341
|
|
|
51
|
|
|||
Total noninterest income
|
7,982
|
|
|
7,822
|
|
|
2
|
|
|||
Total revenue, net of interest expense (FTE basis)
|
17,207
|
|
|
17,312
|
|
|
(1
|
)
|
|||
|
|
|
|
|
|
||||||
Provision for credit losses
|
(103
|
)
|
|
(1,118
|
)
|
|
(91
|
)
|
|||
Noninterest expense
|
8,308
|
|
|
8,884
|
|
|
(6
|
)
|
|||
Income before income taxes
|
9,002
|
|
|
9,546
|
|
|
(6
|
)
|
|||
Income tax expense (FTE basis)
|
3,277
|
|
|
3,500
|
|
|
(6
|
)
|
|||
Net income
|
$
|
5,725
|
|
|
$
|
6,046
|
|
|
(5
|
)
|
|
|
|
|
|
|
|
||||||
Net interest yield (FTE basis)
|
3.01
|
%
|
|
3.26
|
%
|
|
|
||||
Return on average allocated equity
|
12.47
|
|
|
12.76
|
|
|
|
||||
Return on average economic capital
|
27.21
|
|
|
26.59
|
|
|
|
||||
Efficiency ratio (FTE basis)
|
48.28
|
|
|
51.31
|
|
|
|
||||
|
|
|
|
|
|
||||||
Balance Sheet
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
||||||
Average
|
|
|
|
|
|
||||||
Total loans and leases
|
$
|
272,625
|
|
|
$
|
265,568
|
|
|
3
|
|
|
Total earning assets
|
306,724
|
|
|
290,797
|
|
|
5
|
|
|||
Total assets
|
352,969
|
|
|
337,337
|
|
|
5
|
|
|||
Total deposits
|
249,317
|
|
|
237,312
|
|
|
5
|
|
|||
Allocated equity
|
45,907
|
|
|
47,384
|
|
|
(3
|
)
|
|||
Economic capital
|
21,053
|
|
|
22,761
|
|
|
(8
|
)
|
|||
|
|
|
|
|
|
||||||
Year end
|
|
|
|
|
|
||||||
Total loans and leases
|
$
|
288,261
|
|
|
$
|
278,177
|
|
|
4
|
|
|
Total earning assets
|
315,638
|
|
|
301,662
|
|
|
5
|
|
|||
Total assets
|
362,797
|
|
|
348,773
|
|
|
4
|
|
|||
Total deposits
|
269,738
|
|
|
246,360
|
|
|
9
|
|
46
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Global Corporate and Global Commercial Banking
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Global Corporate Banking
|
|
Global Commercial Banking
|
|
Total
|
||||||||||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Business Lending
|
$
|
3,202
|
|
|
$
|
3,240
|
|
|
$
|
4,585
|
|
|
$
|
4,996
|
|
|
$
|
7,787
|
|
|
$
|
8,236
|
|
Global Treasury Services
|
2,629
|
|
|
2,507
|
|
|
3,561
|
|
|
3,489
|
|
|
6,190
|
|
|
5,996
|
|
||||||
Total revenue, net of interest expense
|
$
|
5,831
|
|
|
$
|
5,747
|
|
|
$
|
8,146
|
|
|
$
|
8,485
|
|
|
$
|
13,977
|
|
|
$
|
14,232
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Average
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans and leases
|
$
|
110,109
|
|
|
$
|
101,956
|
|
|
$
|
161,951
|
|
|
$
|
162,526
|
|
|
$
|
272,060
|
|
|
$
|
264,482
|
|
Total deposits
|
114,185
|
|
|
108,749
|
|
|
135,096
|
|
|
128,513
|
|
|
249,281
|
|
|
237,262
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Year end
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans and leases
|
$
|
116,234
|
|
|
$
|
113,978
|
|
|
$
|
172,018
|
|
|
$
|
163,256
|
|
|
$
|
288,252
|
|
|
$
|
277,234
|
|
Total deposits
|
131,181
|
|
|
110,898
|
|
|
138,517
|
|
|
135,423
|
|
|
269,698
|
|
|
246,321
|
|
|
|
|
|
|
|
|
|
||||||||
Investment Banking Fees
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
||||||||||
|
Global Banking
|
|
Total Corporation
|
||||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Products
|
|
|
|
|
|
|
|
||||||||
Advisory
|
$
|
995
|
|
|
$
|
1,183
|
|
|
$
|
1,066
|
|
|
$
|
1,248
|
|
Debt issuance
|
1,385
|
|
|
1,287
|
|
|
3,362
|
|
|
2,878
|
|
||||
Equity issuance
|
407
|
|
|
591
|
|
|
1,026
|
|
|
1,459
|
|
||||
Gross investment banking fees
|
$
|
2,787
|
|
|
$
|
3,061
|
|
|
$
|
5,454
|
|
|
$
|
5,585
|
|
Self-led
|
(42
|
)
|
|
(164
|
)
|
|
(155
|
)
|
|
(368
|
)
|
||||
Total investment banking fees
|
$
|
2,745
|
|
|
$
|
2,897
|
|
|
$
|
5,299
|
|
|
$
|
5,217
|
|
|
|
Bank of America 2012
47
|
|
|
|
|
|
|
|
|||||
(Dollars in millions)
|
2012
|
|
2011
|
|
% Change
|
||||||
Net interest income (FTE basis)
|
$
|
3,310
|
|
|
$
|
3,682
|
|
|
(10
|
)%
|
|
Noninterest income:
|
|
|
|
|
|
||||||
Investment and brokerage services
|
1,820
|
|
|
2,249
|
|
|
(19
|
)
|
|||
Investment banking fees
|
2,214
|
|
|
2,214
|
|
|
—
|
|
|||
Trading account profits
|
5,706
|
|
|
6,417
|
|
|
(11
|
)
|
|||
All other income
|
469
|
|
|
236
|
|
|
99
|
|
|||
Total noninterest income
|
10,209
|
|
|
11,116
|
|
|
(8
|
)
|
|||
Total revenue, net of interest expense (FTE basis)
|
13,519
|
|
|
14,798
|
|
|
(9
|
)
|
|||
|
|
|
|
|
|
||||||
Provision for credit losses
|
3
|
|
|
(56
|
)
|
|
n/m
|
|
|||
Noninterest expense
|
10,839
|
|
|
12,244
|
|
|
(11
|
)
|
|||
Income before income taxes
|
2,677
|
|
|
2,610
|
|
|
3
|
|
|||
Income tax expense (FTE basis)
|
1,623
|
|
|
1,622
|
|
|
—
|
|
|||
Net income
|
$
|
1,054
|
|
|
$
|
988
|
|
|
7
|
|
|
|
|
|
|
|
|
||||||
Return on average allocated equity
|
5.99
|
%
|
|
4.36
|
%
|
|
|
||||
Return on average economic capital
|
8.20
|
|
|
5.54
|
|
|
|
||||
Efficiency ratio (FTE basis)
|
80.18
|
|
|
82.75
|
|
|
|
||||
|
|
|
|
|
|
||||||
Balance Sheet
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
||||||
Average
|
|
|
|
|
|
||||||
Total trading-related assets
(1)
|
$
|
466,045
|
|
|
$
|
472,446
|
|
|
(1
|
)
|
|
Total earning assets
(1)
|
449,660
|
|
|
445,574
|
|
|
1
|
|
|||
Total assets
|
588,459
|
|
|
590,474
|
|
|
—
|
|
|||
Allocated equity
|
17,595
|
|
|
22,671
|
|
|
(22
|
)
|
|||
Economic capital
|
12,956
|
|
|
18,046
|
|
|
(28
|
)
|
|||
|
|
|
|
|
|
||||||
Year end
|
|
|
|
|
|
||||||
Total trading-related assets
(1)
|
$
|
465,836
|
|
|
$
|
397,876
|
|
|
17
|
|
|
Total earning assets
(1)
|
474,335
|
|
|
372,894
|
|
|
27
|
|
|||
Total assets
|
615,297
|
|
|
501,867
|
|
|
23
|
|
(1)
|
Trading-related assets include assets which are not considered earning assets (i.e., derivative assets).
|
48
Bank of America 2012
|
|
|
|
|
|
|
||||
Sales and Trading Revenue
(1, 2)
|
|||||||
|
|
|
|
||||
(Dollars in millions)
|
2012
|
|
2011
|
||||
Sales and trading revenue
|
|
|
|
||||
Fixed income, currencies and commodities
|
$
|
8,812
|
|
|
$
|
8,897
|
|
Equities
|
3,014
|
|
|
3,957
|
|
||
Total sales and trading revenue
|
$
|
11,826
|
|
|
$
|
12,854
|
|
|
|
|
|
||||
Sales and trading revenue, excluding net DVA
(3)
|
|
|
|
||||
Fixed income, currencies and commodities
|
$
|
11,007
|
|
|
$
|
8,103
|
|
Equities
|
3,267
|
|
|
3,750
|
|
||
Total sales and trading revenue, excluding net DVA
|
$
|
14,274
|
|
|
$
|
11,853
|
|
(1)
|
Includes FTE adjustments of
$219 million
and
$204 million
for
2012
and
2011
. For additional information on sales and trading revenue, see
Note 3 – Derivatives
to the Consolidated Financial Statements
.
|
(2)
|
Includes
Global Banking
sales and trading revenue of
$521 million
and
$270 million
for
2012
and
2011
.
|
(3)
|
Sales and trading revenue, excluding DVA is a non-GAAP financial measure. Net DVA losses included in FICC revenue and equities revenue were
$2.2 billion
and
$253 million
in
2012
compared to net DVA gains of
$794 million
and
$207 million
in
2011
.
|
|
|
Bank of America 2012
49
|
|
|
|
|
|
|
|
|||||
(Dollars in millions)
|
2012
|
|
2011
|
|
% Change
|
||||||
Net interest income (FTE basis)
|
$
|
5,827
|
|
|
$
|
5,885
|
|
|
(1
|
)%
|
|
Noninterest income:
|
|
|
|
|
|
||||||
Investment and brokerage services
|
8,849
|
|
|
8,750
|
|
|
1
|
|
|||
All other income
|
1,841
|
|
|
1,860
|
|
|
(1
|
)
|
|||
Total noninterest income
|
10,690
|
|
|
10,610
|
|
|
1
|
|
|||
Total revenue, net of interest expense (FTE basis)
|
16,517
|
|
|
16,495
|
|
|
—
|
|
|||
|
|
|
|
|
|
||||||
Provision for credit losses
|
266
|
|
|
398
|
|
|
(33
|
)
|
|||
Noninterest expense
|
12,755
|
|
|
13,383
|
|
|
(5
|
)
|
|||
Income before income taxes
|
3,496
|
|
|
2,714
|
|
|
29
|
|
|||
Income tax expense (FTE basis)
|
1,273
|
|
|
996
|
|
|
28
|
|
|||
Net income
|
$
|
2,223
|
|
|
$
|
1,718
|
|
|
29
|
|
|
|
|
|
|
|
|
||||||
Net interest yield (FTE basis)
|
2.34
|
%
|
|
2.26
|
%
|
|
|
||||
Return on average allocated equity
|
12.53
|
|
|
9.90
|
|
|
|
||||
Return on average economic capital
|
30.52
|
|
|
25.46
|
|
|
|
||||
Efficiency ratio (FTE basis)
|
77.22
|
|
|
81.13
|
|
|
|
||||
|
|
|
|
|
|
||||||
Balance Sheet
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
||||||
Average
|
|
|
|
|
|
||||||
Total loans and leases
|
$
|
100,456
|
|
|
$
|
96,974
|
|
|
4
|
|
|
Total earning assets
|
249,368
|
|
|
260,479
|
|
|
(4
|
)
|
|||
Total assets
|
268,490
|
|
|
279,815
|
|
|
(4
|
)
|
|||
Total deposits
|
242,384
|
|
|
241,535
|
|
|
—
|
|
|||
Allocated equity
|
17,739
|
|
|
17,352
|
|
|
2
|
|
|||
Economic capital
|
7,359
|
|
|
6,866
|
|
|
7
|
|
|||
|
|
|
|
|
|
||||||
Year end
|
|
|
|
|
|
|
|
|
|||
Total loans and leases
|
$
|
105,928
|
|
|
$
|
98,654
|
|
|
7
|
|
|
Total earning assets
|
277,107
|
|
|
253,407
|
|
|
9
|
|
|||
Total assets
|
297,330
|
|
|
273,106
|
|
|
9
|
|
|||
Total deposits
|
266,188
|
|
|
240,540
|
|
|
11
|
|
50
Bank of America 2012
|
|
|
|
|
|
|
||||
Migration Summary
|
|
|
|
||||
|
|
|
|
||||
(Dollars in millions)
|
2012
|
|
2011
|
||||
Average
|
|
|
|
||||
Total deposits –
GWIM
from / (to)
CBB
|
$
|
407
|
|
|
$
|
(2,032
|
)
|
Total loans –
GWIM
to
CRES
and the ALM portfolio
|
(225
|
)
|
|
(174
|
)
|
||
Year end
|
|
|
|
||||
Total deposits –
GWIM
from / (to)
CBB
|
$
|
1,170
|
|
|
$
|
(2,918
|
)
|
Total loans –
GWIM
to
CRES
and the ALM portfolio
|
(335
|
)
|
|
(299
|
)
|
|
|
|
|
||||
Client Balances by Type
|
|
|
|
||||
|
|
|
|
||||
|
December 31
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
||||
Assets under management
|
$
|
698,095
|
|
|
$
|
635,570
|
|
Brokerage assets
|
975,388
|
|
|
944,532
|
|
||
Assets in custody
|
117,686
|
|
|
107,982
|
|
||
Deposits
|
266,188
|
|
|
240,540
|
|
||
Loans and leases
(1)
|
109,305
|
|
|
101,844
|
|
||
Total client balances
|
$
|
2,166,662
|
|
|
$
|
2,030,468
|
|
(1)
|
Includes margin receivables which are classified in customer and other receivables on the Corporation’s Consolidated Balance Sheet.
|
|
|
Bank of America 2012
51
|
|
|
|
|
|
|
|
|||||
(Dollars in millions)
|
2012
|
|
2011
|
|
% Change
|
||||||
Net interest income (FTE basis)
|
$
|
1,111
|
|
|
$
|
1,946
|
|
|
(43
|
)%
|
|
Noninterest income:
|
|
|
|
|
|
||||||
Card income
|
360
|
|
|
465
|
|
|
(23
|
)
|
|||
Equity investment income
|
1,135
|
|
|
7,105
|
|
|
(84
|
)
|
|||
Gains on sales of debt securities
|
1,510
|
|
|
3,097
|
|
|
(51
|
)
|
|||
All other income (loss)
|
(4,906
|
)
|
|
3,482
|
|
|
n/m
|
|
|||
Total noninterest income (loss)
|
(1,901
|
)
|
|
14,149
|
|
|
n/m
|
|
|||
Total revenue, net of interest expense (FTE basis)
|
(790
|
)
|
|
16,095
|
|
|
n/m
|
|
|||
|
|
|
|
|
|
||||||
Provision for credit losses
|
2,620
|
|
|
6,172
|
|
|
(58
|
)
|
|||
Goodwill impairment
|
—
|
|
|
581
|
|
|
(100
|
)
|
|||
Merger and restructuring charges
|
—
|
|
|
638
|
|
|
(100
|
)
|
|||
All other noninterest expense
|
6,092
|
|
|
5,034
|
|
|
21
|
|
|||
Income (loss) before income taxes
|
(9,502
|
)
|
|
3,670
|
|
|
n/m
|
|
|||
Income tax benefit (FTE basis)
|
(5,874
|
)
|
|
(1,042
|
)
|
|
n/m
|
|
|||
Net income (loss)
|
$
|
(3,628
|
)
|
|
$
|
4,712
|
|
|
n/m
|
|
|
|
|
|
|
|
|
|
|||||
Balance Sheet
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||||
Average
|
|
|
|
|
|
|
|
|
|||
Loans and leases:
|
|
|
|
|
|
||||||
Residential mortgage
|
$
|
213,715
|
|
|
$
|
227,698
|
|
|
(6
|
)
|
|
Non-U.S. credit card
|
13,549
|
|
|
24,049
|
|
|
(44
|
)
|
|||
Discontinued real estate
|
10,223
|
|
|
12,106
|
|
|
(16
|
)
|
|||
Other
|
20,525
|
|
|
25,157
|
|
|
(18
|
)
|
|||
Total loans and leases
|
258,012
|
|
|
289,010
|
|
|
(11
|
)
|
|||
Total assets
(1)
|
302,287
|
|
|
380,253
|
|
|
(21
|
)
|
|||
Total deposits
|
43,083
|
|
|
62,582
|
|
|
(31
|
)
|
|||
Allocated equity
(2)
|
87,103
|
|
|
72,578
|
|
|
20
|
|
|||
|
|
|
|
|
|
|
|||||
Year end
|
|
|
|
|
|
|
|
|
|||
Loans and leases:
|
|
|
|
|
|
|
|||||
Residential mortgage
|
$
|
201,727
|
|
|
$
|
224,657
|
|
|
(10
|
)
|
|
Non-U.S. credit card
|
11,697
|
|
|
14,418
|
|
|
(19
|
)
|
|||
Discontinued real estate
|
9,892
|
|
|
11,095
|
|
|
(11
|
)
|
|||
Other
|
17,351
|
|
|
22,215
|
|
|
(22
|
)
|
|||
Total loans and leases
|
240,667
|
|
|
272,385
|
|
|
(12
|
)
|
|||
Total assets
(1)
|
247,284
|
|
|
320,491
|
|
|
(23
|
)
|
|||
Total deposits
|
36,061
|
|
|
45,532
|
|
|
(21
|
)
|
(1)
|
For presentation purposes, in segments where the total of liabilities and equity exceeds assets, which are generally deposit-taking segments, we allocate assets from
All Other
to those segments to match liabilities (i.e., deposits) and allocated equity. Such allocated assets were
$520.5 billion
and
$496.1 billion
for
2012
and
2011
, and
$554.4 billion
and
$492.3 billion
at
December 31, 2012
and
2011
.
|
(2)
|
Represents the economic capital assigned to
All Other
as well as the remaining portion of equity not specifically allocated to the business segments. Allocated equity increased due to the disposition of certain assets, as previously disclosed.
|
52
Bank of America 2012
|
|
|
|
|
|
|
||||
Equity Investments
|
|
|
|
||||
|
|
|
|
||||
|
December 31
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
||||
Global Principal Investments
|
$
|
3,470
|
|
|
$
|
5,659
|
|
Strategic and other investments
|
2,038
|
|
|
1,439
|
|
||
Total equity investments included in
All Other
|
$
|
5,508
|
|
|
$
|
7,098
|
|
|
|
|
|
||||
Equity Investment Income
|
|
|
|
||||
|
|
|
|
||||
(Dollars in millions)
|
2012
|
|
2011
|
||||
Global Principal Investments
|
$
|
589
|
|
|
$
|
399
|
|
Strategic and other investments
|
546
|
|
|
6,706
|
|
||
Total equity investment income included in
All Other
|
1,135
|
|
|
7,105
|
|
||
Total equity investment income included in the business segments
|
935
|
|
|
255
|
|
||
Total consolidated equity investment income
|
$
|
2,070
|
|
|
$
|
7,360
|
|
|
|
Bank of America 2012
53
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Table 10
|
Contractual Obligations
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
December 31, 2012
|
||||||||||||||||||
(Dollars in millions)
|
Due in One
Year or Less
|
|
Due After
One Year Through
Three Years
|
|
Due After
Three Years Through
Five Years
|
|
Due After
Five Years
|
|
Total
|
|||||||||||
Long-term debt and capital leases
|
$
|
55,197
|
|
|
$
|
73,009
|
|
|
$
|
63,909
|
|
|
$
|
83,470
|
|
|
$
|
275,585
|
|
|
Operating lease obligations
|
2,984
|
|
|
4,573
|
|
|
3,202
|
|
|
6,237
|
|
|
16,996
|
|
||||||
Purchase obligations
|
6,719
|
|
|
8,420
|
|
|
5,834
|
|
|
4,208
|
|
|
25,181
|
|
||||||
Time deposits
|
110,157
|
|
|
11,598
|
|
|
2,554
|
|
|
2,671
|
|
|
126,980
|
|
||||||
Other long-term liabilities
|
898
|
|
|
1,037
|
|
|
795
|
|
|
1,133
|
|
|
3,863
|
|
||||||
Estimated interest expense on long-term debt and time deposits
(1)
|
5,703
|
|
|
9,260
|
|
|
7,894
|
|
|
11,647
|
|
|
34,504
|
|
||||||
Total contractual obligations
|
$
|
181,658
|
|
|
$
|
107,897
|
|
|
$
|
84,188
|
|
|
$
|
109,366
|
|
|
$
|
483,109
|
|
(1)
|
Represents estimated, forecasted net interest expense on long-term debt and time deposits. Forecasts are based on the contractual maturity dates of each liability, and are net of derivative hedges.
|
54
Bank of America 2012
|
|
|
|
|
Bank of America 2012
55
|
56
Bank of America 2012
|
|
|
|
|
Bank of America 2012
57
|
58
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Table 11
|
Overview of GSE Balances – 2004-2008 Originations
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||
|
|
Legacy Originator
|
|||||||||||||
(Dollars in billions)
|
Countrywide
|
|
Other
|
|
Total
|
|
Percent of
Total
|
||||||||
Original funded balance
|
$
|
846
|
|
|
$
|
272
|
|
|
$
|
1,118
|
|
|
|
|
|
Principal payments
|
(508
|
)
|
|
(177
|
)
|
|
(685
|
)
|
|
|
|
||||
Defaults
|
(77
|
)
|
|
(14
|
)
|
|
(91
|
)
|
|
|
|
||||
Total outstanding balance at December 31, 2012
|
$
|
261
|
|
|
$
|
81
|
|
|
$
|
342
|
|
|
|
|
|
Outstanding principal balance 180 days or more past due (severely delinquent)
|
$
|
34
|
|
|
$
|
8
|
|
|
$
|
42
|
|
|
|
|
|
Defaults plus severely delinquent
|
111
|
|
|
22
|
|
|
133
|
|
|
|
|
||||
Payments made by borrower
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less than 13
|
|
|
|
|
|
|
$
|
15
|
|
|
11
|
%
|
|||
13-24
|
|
|
|
|
|
|
31
|
|
|
23
|
|
||||
25-36
|
|
|
|
|
|
|
34
|
|
|
26
|
|
||||
More than 36
|
|
|
|
|
|
|
53
|
|
|
40
|
|
||||
Total payments made by borrower
|
|
|
|
|
|
|
$
|
133
|
|
|
100
|
%
|
|||
Unresolved GSE representations and warranties repurchase claims (all vintages)
|
|
|
|
|
|
|
|
|
|
|
|
||||
As of December 31, 2011
|
|
|
|
|
|
|
$
|
6.2
|
|
|
|
|
|||
As of December 31, 2012
|
|
|
|
|
|
|
13.5
|
|
|
|
|
||||
As of December 31, 2012 (pro forma reflecting the FNMA Settlement)
|
|
|
|
|
1.3
|
|
|
|
|||||||
Cumulative GSE representations and warranties losses (2004-2008 vintages)
|
|
|
|
|
|
|
9.8
|
|
|
|
|
|
|
Bank of America 2012
59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Table 12
|
Overview of Non-Agency Securitization and Whole Loan Balances
|
|||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Principal Balance
|
|
Defaulted or Severely Delinquent
|
|||||||||||||||||||||||||||||||||
(Dollars in billions)
By Entity
|
Original
Principal
Balance
|
|
Outstanding
Principal Balance December 31, 2012 |
|
Outstanding
Principal Balance
180 Days or More
Past Due
|
|
Defaulted
Principal
Balance
|
|
Defaulted or Severely Delinquent
|
|
Borrower Made
Less than 13 Payments
|
|
Borrower
Made
13 to 24
Payments
|
|
Borrower
Made
25 to 36
Payments
|
|
Borrower
Made
More than 36
Payments
|
|||||||||||||||||||
Bank of America
|
$
|
100
|
|
|
$
|
22
|
|
|
$
|
4
|
|
|
$
|
6
|
|
|
$
|
10
|
|
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
5
|
|
|
Countrywide
|
716
|
|
|
204
|
|
|
58
|
|
|
131
|
|
|
189
|
|
|
25
|
|
|
46
|
|
|
46
|
|
|
72
|
|
||||||||||
Merrill Lynch
|
65
|
|
|
16
|
|
|
4
|
|
|
13
|
|
|
17
|
|
|
3
|
|
|
4
|
|
|
3
|
|
|
7
|
|
||||||||||
First Franklin
|
82
|
|
|
18
|
|
|
5
|
|
|
23
|
|
|
28
|
|
|
5
|
|
|
6
|
|
|
5
|
|
|
12
|
|
||||||||||
Total
(1, 2)
|
$
|
963
|
|
|
$
|
260
|
|
|
$
|
71
|
|
|
$
|
173
|
|
|
$
|
244
|
|
|
$
|
34
|
|
|
$
|
58
|
|
|
$
|
56
|
|
|
$
|
96
|
|
|
By Product
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Prime
|
$
|
302
|
|
|
$
|
83
|
|
|
$
|
11
|
|
|
$
|
23
|
|
|
$
|
34
|
|
|
$
|
2
|
|
|
$
|
6
|
|
|
$
|
7
|
|
|
$
|
19
|
|
|
Alt-A
|
172
|
|
|
58
|
|
|
15
|
|
|
35
|
|
|
50
|
|
|
8
|
|
|
12
|
|
|
12
|
|
|
18
|
|
||||||||||
Pay option
|
150
|
|
|
43
|
|
|
19
|
|
|
37
|
|
|
56
|
|
|
5
|
|
|
14
|
|
|
16
|
|
|
21
|
|
||||||||||
Subprime
|
245
|
|
|
63
|
|
|
24
|
|
|
58
|
|
|
82
|
|
|
17
|
|
|
20
|
|
|
17
|
|
|
28
|
|
||||||||||
Home Equity
|
88
|
|
|
12
|
|
|
—
|
|
|
18
|
|
|
18
|
|
|
2
|
|
|
5
|
|
|
4
|
|
|
7
|
|
||||||||||
Other
|
6
|
|
|
1
|
|
|
2
|
|
|
2
|
|
|
4
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
3
|
|
||||||||||
Total
|
$
|
963
|
|
|
$
|
260
|
|
|
$
|
71
|
|
|
$
|
173
|
|
|
$
|
244
|
|
|
$
|
34
|
|
|
$
|
58
|
|
|
$
|
56
|
|
|
$
|
96
|
|
(1)
|
Excludes transactions sponsored by Bank of America and Merrill Lynch where no representations or warranties were made.
|
(2)
|
Includes exposures on third-party sponsored transactions related to legacy entity originations.
|
60
Bank of America 2012
|
|
|
|
|
Bank of America 2012
61
|
62
Bank of America 2012
|
|
|
|
|
Bank of America 2012
63
|
64
Bank of America 2012
|
|
|
|
|
Bank of America 2012
65
|
66
Bank of America 2012
|
|
|
|
|
Bank of America 2012
67
|
68
Bank of America 2012
|
|
|
(1)
|
Chart is not comprehensive; there may be additional subcommittees not represented in this chart. This presentation does not include committees for other legal entities.
|
(2)
|
Reports through the Audit Committee for compliance and through the Enterprise Risk Committee for operational and reputational risk.
|
(3)
|
Reports to the CEO and CFO with oversight by the Audit Committee.
|
|
|
Bank of America 2012
69
|
70
Bank of America 2012
|
|
|
|
|
|
|
|
||||
Table 13
|
Bank of America Corporation Regulatory Capital
|
|||||||
|
|
|
|
|
||||
|
|
December 31
|
||||||
(Dollars in billions)
|
2012
|
|
2011
|
|||||
Tier 1 common capital ratio
|
11.06
|
%
|
|
9.86
|
%
|
|||
Tier 1 capital ratio
|
12.89
|
|
|
12.40
|
|
|||
Total capital ratio
|
16.31
|
|
|
16.75
|
|
|||
Tier 1 leverage ratio
|
7.37
|
|
|
7.53
|
|
|||
Risk-weighted assets
|
$
|
1,206
|
|
|
$
|
1,284
|
|
|
Adjusted quarterly average total assets
(1)
|
2,111
|
|
|
2,114
|
|
(1)
|
Reflects adjusted average total assets for the three months ended
December 31, 2012
and
|
|
|
Bank of America 2012
71
|
|
|
|
|
|
||||
Table 14
|
Capital Composition
|
|
|
|
||||
|
|
|
|
|
||||
|
|
December 31
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
|||||
Total common shareholders’ equity
|
$
|
218,188
|
|
|
$
|
211,704
|
|
|
Goodwill
|
(69,976
|
)
|
|
(69,967
|
)
|
|||
Nonqualifying intangible assets (includes core deposit intangibles, affinity relationships, customer relationships and other intangibles)
|
(4,994
|
)
|
|
(5,848
|
)
|
|||
Net unrealized gains on AFS debt and marketable equity securities and net losses on derivatives recorded in accumulated OCI,
net-of-tax
|
(2,036
|
)
|
|
682
|
|
|||
Unamortized net periodic benefit costs recorded in accumulated OCI, net-of-tax
|
4,456
|
|
|
4,391
|
|
|||
Fair value adjustment related to structured liabilities
(1)
|
4,084
|
|
|
944
|
|
|||
Disallowed deferred tax asset
|
(17,940
|
)
|
|
(16,799
|
)
|
|||
Other
|
1,621
|
|
|
1,583
|
|
|||
Total Tier 1 common capital
|
133,403
|
|
|
126,690
|
|
|||
Qualifying preferred stock
|
15,851
|
|
|
15,479
|
|
|||
Trust preferred securities
|
6,207
|
|
|
16,737
|
|
|||
Noncontrolling interests
|
—
|
|
|
326
|
|
|||
Total Tier 1 capital
|
155,461
|
|
|
159,232
|
|
|||
Long-term debt qualifying as Tier 2 capital
|
24,287
|
|
|
38,165
|
|
|||
Allowance for loan and lease losses
|
24,179
|
|
|
33,783
|
|
|||
Reserve for unfunded lending commitments
|
513
|
|
|
714
|
|
|||
Allowance for loan and lease losses exceeding 1.25 percent of risk-weighted assets
|
(9,459
|
)
|
|
(18,159
|
)
|
|||
45 percent of the pre-tax net unrealized gains on AFS marketable equity securities
|
329
|
|
|
1
|
|
|||
Other
|
1,370
|
|
|
1,365
|
|
|||
Total capital
|
$
|
196,680
|
|
|
$
|
215,101
|
|
(1)
|
Represents loss on structured liabilities, net-of-tax, that is excluded from Tier 1 common capital, Tier 1 capital and Total capital for regulatory capital purposes.
|
72
Bank of America 2012
|
|
|
|
|
|
||
Table 15
|
Basel 1 to Basel 3 (fully phased-in) Reconciliation
|
|
||
|
|
|
||
|
|
December 31
|
||
(Dollars in millions)
|
2012
|
|||
Regulatory capital – Basel 1 to Basel 3 (fully phased-in)
|
|
|||
Basel 1 Tier 1 capital
|
$
|
155,461
|
|
|
Deduction of qualifying preferred stock and trust preferred securities
|
(22,058
|
)
|
||
Basel 1 Tier 1 common capital
|
133,403
|
|
||
Deduction of defined benefit pension assets
|
(737
|
)
|
||
Change in deferred tax assets and threshold deductions (deferred tax asset temporary differences, MSRs and significant investments)
|
(3,020
|
)
|
||
Change in all other deductions, net
|
(1,020
|
)
|
||
Basel 3 (fully phased-in) Tier 1 common capital
|
$
|
128,626
|
|
|
|
|
|||
Risk-weighted assets – Basel 1 to Basel 3 (fully phased-in)
|
|
|||
Basel 1 risk-weighted assets
|
$
|
1,205,976
|
|
|
Net change in credit and other risk-weighted assets
|
103,085
|
|
||
Increase due to Market Risk Final Rule
|
81,811
|
|
||
Basel 3 (fully phased-in) risk-weighted assets
|
$
|
1,390,872
|
|
|
|
|
|||
Tier 1 common capital ratios
|
|
|||
Basel 1
|
11.06
|
%
|
||
Basel 3 (fully phased-in)
|
9.25
|
|
|
|
Bank of America 2012
73
|
|
|
|
|
|
|
|
|
|
||||||
Table 16
|
Bank of America, N.A. and FIA Card Services, N.A. Regulatory Capital
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
December 31
|
||||||||||||
|
|
2012
|
|
2011
|
||||||||||
(Dollars in millions)
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|||||||
Tier 1
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Bank of America, N.A.
|
12.44
|
%
|
|
$
|
118,431
|
|
|
11.74
|
%
|
|
$
|
119,881
|
|
|
FIA Card Services, N.A.
|
17.34
|
|
|
22,061
|
|
|
17.63
|
|
|
24,660
|
|
|||
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Bank of America, N.A.
|
14.76
|
|
|
140,434
|
|
|
15.17
|
|
|
154,885
|
|
|||
FIA Card Services, N.A.
|
18.64
|
|
|
23,707
|
|
|
19.01
|
|
|
26,594
|
|
|||
Tier 1 leverage
|
|
|
|
|
|
|
|
|
|
|
|
|||
Bank of America, N.A.
|
8.59
|
|
|
118,431
|
|
|
8.65
|
|
|
119,881
|
|
|||
FIA Card Services, N.A.
|
13.67
|
|
|
22,061
|
|
|
14.22
|
|
|
24,660
|
|
74
Bank of America 2012
|
|
|
|
|
|
|
|
|
||||||
Table 17
|
Global Excess Liquidity Sources
|
|
|||||||||
|
|
|
|
||||||||
|
|
December 31
|
Average for Three Months Ended December 31 2012
|
||||||||
(Dollars in billions)
|
2012
|
|
2011
|
||||||||
Parent company
|
$
|
103
|
|
|
$
|
125
|
|
$
|
99
|
|
|
Bank subsidiaries
|
247
|
|
|
222
|
|
264
|
|
||||
Broker/dealers
|
22
|
|
|
31
|
|
25
|
|
||||
Total global excess liquidity sources
|
$
|
372
|
|
|
$
|
378
|
|
$
|
388
|
|
|
|
Bank of America 2012
75
|
|
|
|
|
|
||||
Table 18
|
Global Excess Liquidity Sources Composition
|
|||||||
|
|
|
||||||
|
|
December 31
|
||||||
(Dollars in billions)
|
2012
|
|
2011
|
|||||
Cash on deposit
|
$
|
65
|
|
|
$
|
79
|
|
|
U.S. treasuries
|
21
|
|
|
48
|
|
|||
U.S. agency securities and mortgage-backed securities
|
271
|
|
|
228
|
|
|||
Non-U.S. government and supranational securities
|
15
|
|
|
23
|
|
|||
Total global excess liquidity sources
|
$
|
372
|
|
|
$
|
378
|
|
76
Bank of America 2012
|
|
|
|
|
|
|
|
||||
Table 19
|
Long-term Debt by Major Currency
|
|||||||
|
|
|
||||||
|
|
December 31
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
|||||
U.S. Dollar
|
$
|
180,329
|
|
|
$
|
255,262
|
|
|
Euro
|
58,985
|
|
|
68,799
|
|
|||
Japanese Yen
|
12,749
|
|
|
19,568
|
|
|||
British Pound
|
11,126
|
|
|
12,554
|
|
|||
Canadian Dollar
|
3,560
|
|
|
4,621
|
|
|||
Australian Dollar
|
2,760
|
|
|
4,900
|
|
|||
Swiss Franc
|
1,917
|
|
|
2,268
|
|
|||
Other
|
4,159
|
|
|
4,293
|
|
|||
Total long-term debt
|
$
|
275,585
|
|
|
$
|
372,265
|
|
|
|
Bank of America 2012
77
|
78
Bank of America 2012
|
|
|
|
|
Bank of America 2012
79
|
80
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Table 20
|
Consumer Loans
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
December 31
|
||||||||||||||
|
|
Outstandings
|
|
Countrywide Purchased Credit-impaired Loan Portfolio
|
||||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|||||||||
Residential mortgage
(1)
|
$
|
243,181
|
|
|
$
|
262,290
|
|
|
$
|
8,737
|
|
|
$
|
9,966
|
|
|
Home equity
|
107,996
|
|
|
124,699
|
|
|
8,547
|
|
|
11,978
|
|
|||||
Discontinued real estate
(2)
|
9,892
|
|
|
11,095
|
|
|
8,834
|
|
|
9,857
|
|
|||||
U.S. credit card
|
94,835
|
|
|
102,291
|
|
|
n/a
|
|
|
n/a
|
|
|||||
Non-U.S. credit card
|
11,697
|
|
|
14,418
|
|
|
n/a
|
|
|
n/a
|
|
|||||
Direct/Indirect consumer
(3)
|
83,205
|
|
|
89,713
|
|
|
n/a
|
|
|
n/a
|
|
|||||
Other consumer
(4)
|
1,628
|
|
|
2,688
|
|
|
n/a
|
|
|
n/a
|
|
|||||
Consumer loans excluding loans accounted for under the fair value option
|
552,434
|
|
|
607,194
|
|
|
26,118
|
|
|
31,801
|
|
|||||
Loans accounted for under the fair value option
(5)
|
1,005
|
|
|
2,190
|
|
|
n/a
|
|
|
n/a
|
|
|||||
Total consumer loans
|
$
|
553,439
|
|
|
$
|
609,384
|
|
|
$
|
26,118
|
|
|
$
|
31,801
|
|
(1)
|
Outstandings include non-U.S. residential mortgage loans of
$93 million
and
$85 million
at
December 31, 2012 and 2011
.
|
(2)
|
Outstandings include
$8.8 billion
and
$9.9 billion
of pay option loans and
$1.1 billion
and
$1.2 billion
of subprime loans at
December 31, 2012 and 2011
. We no longer originate these products.
|
(3)
|
Outstandings include dealer financial services loans of
$35.9 billion
and
$43.0 billion
, consumer lending loans of
$4.7 billion
and
$8.0 billion
, U.S. securities-based lending margin loans of
$28.3 billion
and
$23.6 billion
, student loans of
$4.8 billion
and
$6.0 billion
, non-U.S. consumer loans of
$8.3 billion
and
$7.6 billion
and other consumer loans of
$1.2 billion
and
$1.5 billion
at
December 31, 2012 and 2011
.
|
(4)
|
Outstandings include consumer finance loans of
$1.4 billion
and
$1.7 billion
, other non-U.S. consumer loans of
$5 million
and
$929 million
and consumer overdrafts of
$177 million
and
$103 million
at
December 31, 2012 and 2011
.
|
(5)
|
Consumer loans accounted for under the fair value option include residential mortgage loans of
$147 million
and
$906 million
and discontinued real estate loans of
$858 million
and
$1.3 billion
at
December 31, 2012 and 2011
. See
Consumer Portfolio Credit Risk Management – Consumer Loans Accounted for Under the Fair Value Option
on page
93
and
Note 22 – Fair Value Option
to the Consolidated Financial Statements
for additional information on the fair value option.
|
|
|
Bank of America 2012
81
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Table 21
|
Impact of the National Mortgage Settlement and Regulatory Agency Guidance
|
|
|
|||||||||||||||||
|
|
|
|
|
||||||||||||||||
|
|
National
Mortgage Settlement
|
|
New Regulatory Guidance on Treatment of Bankruptcies
|
|
Regulatory Interagency Guidance
(1)
|
||||||||||||||
|
|
Nonperforming
|
|
Net Charge-offs
(2)
|
|
Nonperforming
|
|
Net Charge-offs
(3)
|
|
Nonperforming
|
||||||||||
(Dollars in millions)
|
December 31
2012 |
|
2012
|
|
December 31
2012 |
|
2012
|
|
December 31
2012 |
|||||||||||
Core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential mortgage
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
190
|
|
|
$
|
11
|
|
|
$
|
—
|
|
|
Home equity
|
(91
|
)
|
|
91
|
|
|
170
|
|
|
66
|
|
|
457
|
|
||||||
Total Core portfolio
|
(91
|
)
|
|
91
|
|
|
360
|
|
|
77
|
|
|
457
|
|
||||||
Legacy Assets & Servicing portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Residential mortgage
|
—
|
|
|
—
|
|
|
382
|
|
|
64
|
|
|
—
|
|
||||||
Home equity
|
(344
|
)
|
|
344
|
|
|
308
|
|
|
408
|
|
|
1,000
|
|
||||||
Discontinued real estate
|
—
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
—
|
|
||||||
Total Legacy Assets & Servicing portfolio
|
(344
|
)
|
|
344
|
|
|
704
|
|
|
472
|
|
|
1,000
|
|
||||||
Home loans portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential mortgage
|
—
|
|
|
—
|
|
|
572
|
|
|
75
|
|
|
—
|
|
||||||
Home equity
|
(435
|
)
|
|
435
|
|
|
478
|
|
|
474
|
|
|
1,457
|
|
||||||
Discontinued real estate
|
—
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
—
|
|
||||||
Total home loans portfolio
|
(435
|
)
|
|
435
|
|
|
1,064
|
|
|
549
|
|
|
1,457
|
|
||||||
Direct/Indirect consumer portfolio
|
n/a
|
|
|
n/a
|
|
|
58
|
|
|
47
|
|
|
n/a
|
|
||||||
Total consumer portfolio
|
$
|
(435
|
)
|
|
$
|
435
|
|
|
$
|
1,122
|
|
|
$
|
596
|
|
|
$
|
1,457
|
|
(1)
|
In 2012, the bank regulatory agencies jointly issued interagency supervisory guidance on nonaccrual status for junior-lien consumer real estate loans.
|
(2)
|
Net charge-offs exclude
$2.5 billion
of write-offs in the Countrywide home equity PCI loan portfolio in connection with the National Mortgage Settlement in
2012
. These write-offs decreased the PCI valuation allowance included as part of the allowance for loan and lease losses. For information on PCI write-offs, see
Countrywide Purchased Credit-impaired Loan Portfolio
on page
90
.
|
(3)
|
Net charge-offs include
$551 million
of current or less than 60 days past due loans charged off as a result of the completion of implementation of new regulatory guidance on loans discharged in Chapter 7 bankruptcy and $45 million of loans charged off subsequent to the implementation.
|
82
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Table 22
|
Consumer Credit Quality
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
December 31
|
|||||||||||||||
|
Accruing Past Due
90 Days or More |
|
Nonperforming
|
|||||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2012
(1)
|
|
2011
|
|||||||||
Residential mortgage
(2)
|
$
|
22,157
|
|
|
$
|
21,164
|
|
|
$
|
14,808
|
|
|
$
|
15,970
|
|
|
Home equity
|
—
|
|
|
—
|
|
|
4,281
|
|
|
2,453
|
|
|||||
Discontinued real estate
|
—
|
|
|
—
|
|
|
248
|
|
|
290
|
|
|||||
U.S. credit card
|
1,437
|
|
|
2,070
|
|
|
n/a
|
|
|
n/a
|
||||||
Non-U.S. credit card
|
212
|
|
|
342
|
|
|
n/a
|
|
|
n/a
|
||||||
Direct/Indirect consumer
|
545
|
|
|
746
|
|
|
92
|
|
|
40
|
|
|||||
Other consumer
|
2
|
|
|
2
|
|
|
2
|
|
|
15
|
|
|||||
Total
(3)
|
$
|
24,353
|
|
|
$
|
24,324
|
|
|
$
|
19,431
|
|
|
$
|
18,768
|
|
|
Consumer loans as a percentage of outstanding consumer loans
(3)
|
4.41
|
%
|
|
4.01
|
%
|
|
3.52
|
%
|
|
3.09
|
%
|
|||||
Consumer loans as a percentage of outstanding loans excluding Countrywide PCI and fully-insured loan portfolios
(3)
|
0.50
|
|
|
0.66
|
|
|
4.46
|
|
|
3.90
|
|
(1)
|
Nonperforming loans include the impacts of the National Mortgage Settlement and guidance issued by regulatory agencies. For more information, see
Consumer Portfolio Credit Risk Management
on page
80
and
Table 21
.
|
(2)
|
Balances accruing past due 90 days or more are fully-insured loans. These balances include
$17.8 billion
and
$17.0 billion
of loans on which interest has been curtailed by the FHA, and therefore are no longer accruing interest, although principal is still insured and
$4.4 billion
and
$4.2 billion
of loans on which interest was still accruing at
December 31, 2012 and 2011
.
|
(3)
|
Balances exclude consumer loans accounted for under the fair value option. At
December 31, 2012 and 2011
,
$391 million
and
$713 million
of loans accounted for under the fair value option were past due 90 days or more and not accruing interest.
|
|
|
|
|
|
|
|
|
|
||||||
Table 23
|
Consumer Net Charge-offs and Related Ratios
(1)
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
Net Charge-offs
(2)
|
|
Net Charge-off Ratios
(2, 3)
|
||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|||||||
Residential mortgage
|
$
|
3,053
|
|
|
$
|
3,832
|
|
|
1.21
|
%
|
|
1.45
|
%
|
|
Home equity
|
4,237
|
|
|
4,473
|
|
|
3.62
|
|
|
3.42
|
|
|||
Discontinued real estate
|
63
|
|
|
92
|
|
|
0.61
|
|
|
0.75
|
|
|||
U.S. credit card
|
4,632
|
|
|
7,276
|
|
|
4.88
|
|
|
6.90
|
|
|||
Non-U.S. credit card
|
581
|
|
|
1,169
|
|
|
4.29
|
|
|
4.86
|
|
|||
Direct/Indirect consumer
|
763
|
|
|
1,476
|
|
|
0.90
|
|
|
1.64
|
|
|||
Other consumer
|
232
|
|
|
202
|
|
|
9.85
|
|
|
7.32
|
|
|||
Total
|
$
|
13,561
|
|
|
$
|
18,520
|
|
|
2.36
|
|
|
2.94
|
|
(1)
|
Net charge-offs and related ratios for
2012
include the impacts of the National Mortgage Settlement and new regulatory guidance on loans discharged in Chapter 7 bankruptcy. For more information, see
Consumer Portfolio Credit Risk Management
on page
80
and
Table 21
.
|
(2)
|
Net charge-offs exclude
$2.8 billion
of write-offs in the Countrywide home equity PCI loan portfolio for
2012
. These write-offs decreased the PCI valuation allowance included as part of the allowance for loan and lease losses. For information on PCI write-offs, see
Countrywide Purchased Credit-impaired Loan Portfolio
on page
90
.
|
(3)
|
Net charge-off ratios are calculated as net charge-offs divided by average outstanding loans excluding loans accounted for under the fair value option.
|
|
|
Bank of America 2012
83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 24
|
Home Loans Portfolio
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||
|
|
December 31
|
|
|
|
|
||||||||||||||||||
|
|
Outstandings
|
|
Nonperforming
|
|
Net Charge-offs
(1)
|
||||||||||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2012
(2)
|
|
2011
|
|
2012
(2)
|
|
2011
|
|||||||||||||
Core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Residential mortgage
|
$
|
170,116
|
|
|
$
|
178,337
|
|
|
$
|
3,190
|
|
|
$
|
2,414
|
|
|
$
|
544
|
|
|
$
|
348
|
|
|
Home equity
|
60,851
|
|
|
67,055
|
|
|
1,265
|
|
|
439
|
|
|
811
|
|
|
501
|
|
|||||||
Total Core portfolio
|
230,967
|
|
|
245,392
|
|
|
4,455
|
|
|
2,853
|
|
|
1,355
|
|
|
849
|
|
|||||||
Legacy Assets & Servicing portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage
(3)
|
73,065
|
|
|
83,953
|
|
|
11,618
|
|
|
13,556
|
|
|
2,509
|
|
|
3,484
|
|
|||||||
Home equity
|
47,145
|
|
|
57,644
|
|
|
3,016
|
|
|
2,014
|
|
|
3,426
|
|
|
3,972
|
|
|||||||
Discontinued real estate
(3)
|
9,892
|
|
|
11,095
|
|
|
248
|
|
|
290
|
|
|
63
|
|
|
92
|
|
|||||||
Total Legacy Assets & Servicing portfolio
|
130,102
|
|
|
152,692
|
|
|
14,882
|
|
|
15,860
|
|
|
5,998
|
|
|
7,548
|
|
|||||||
Home loans portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residential mortgage
|
243,181
|
|
|
262,290
|
|
|
14,808
|
|
|
15,970
|
|
|
3,053
|
|
|
3,832
|
|
|||||||
Home equity
|
107,996
|
|
|
124,699
|
|
|
4,281
|
|
|
2,453
|
|
|
4,237
|
|
|
4,473
|
|
|||||||
Discontinued real estate
|
9,892
|
|
|
11,095
|
|
|
248
|
|
|
290
|
|
|
63
|
|
|
92
|
|
|||||||
Total home loans portfolio
|
$
|
361,069
|
|
|
$
|
398,084
|
|
|
$
|
19,337
|
|
|
$
|
18,713
|
|
|
$
|
7,353
|
|
|
$
|
8,397
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
December 31
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
Allowance for loan
and lease losses
(4)
|
|
Provision for loan
and lease losses
|
||||||||||||||||
|
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||
Core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Residential mortgage
|
|
|
|
|
$
|
829
|
|
|
$
|
850
|
|
|
$
|
523
|
|
|
$
|
450
|
|
|||||
Home equity
|
|
|
|
|
1,269
|
|
|
2,054
|
|
|
256
|
|
|
386
|
|
|||||||||
Total Core portfolio
|
|
|
|
|
2,098
|
|
|
2,904
|
|
|
779
|
|
|
836
|
|
|||||||||
Legacy Assets & Servicing portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage
|
|
|
|
|
4,175
|
|
|
4,865
|
|
|
1,842
|
|
|
4,003
|
|
|||||||||
Home equity
|
|
|
|
|
6,576
|
|
|
11,040
|
|
|
1,492
|
|
|
4,296
|
|
|||||||||
Discontinued real estate
|
|
|
|
|
2,084
|
|
|
2,270
|
|
|
(40
|
)
|
|
1,165
|
|
|||||||||
Total Legacy Assets & Servicing portfolio
|
|
|
|
|
12,835
|
|
|
18,175
|
|
|
3,294
|
|
|
9,464
|
|
|||||||||
Home loans portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential mortgage
|
|
|
|
|
5,004
|
|
|
5,715
|
|
|
2,365
|
|
|
4,453
|
|
|||||||||
Home equity
|
|
|
|
|
7,845
|
|
|
13,094
|
|
|
1,748
|
|
|
4,682
|
|
|||||||||
Discontinued real estate
|
|
|
|
|
2,084
|
|
|
2,270
|
|
|
(40
|
)
|
|
1,165
|
|
|||||||||
Total home loans portfolio
|
|
|
|
|
$
|
14,933
|
|
|
$
|
21,079
|
|
|
$
|
4,073
|
|
|
$
|
10,300
|
|
(1)
|
Net charge-offs exclude
$2.8 billion
of write-offs in the Countrywide home equity PCI loan portfolio for
2012
which is included in the Legacy Assets & Servicing portfolio.
|
(2)
|
Nonperforming loans and net charge-offs include the impacts of the National Mortgage Settlement and guidance issued by regulatory agencies. For more information, see
Consumer Portfolio Credit Risk Management
on page
80
and
Table 21
.
|
(3)
|
Balances exclude consumer loans accounted for under the fair value option of
$147 million
and
$906 million
of residential mortgage loans and
$858 million
and
$1.3 billion
of discontinued real estate loans at
December 31, 2012 and 2011
. See
Consumer Portfolio Credit Risk Management – Consumer Loans Accounted for Under the Fair Value Option
on page
93
and
Note 22 – Fair Value Option
to the Consolidated Financial Statements
for additional information on the fair value option.
|
(4)
|
The
$2.8 billion
of write-offs in the Countrywide home equity PCI loan portfolio for 2012 decreased the PCI valuation allowance included as part of the allowance for loan and lease losses. For information on PCI write-offs, see
Countrywide Purchased Credit-impaired Loan Portfolio
on page
90
.
|
84
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Table 25
|
Residential Mortgage – Key Credit Statistics
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
December 31
|
||||||||||||||
|
|
Reported Basis
(1)
|
|
Excluding Countrywide
Purchased Credit-impaired and Fully-insured Loans |
||||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|||||||||
Outstandings
|
$
|
243,181
|
|
|
$
|
262,290
|
|
|
$
|
143,590
|
|
|
$
|
158,470
|
|
|
Accruing past due 30 days or more
|
28,780
|
|
|
28,688
|
|
|
3,082
|
|
|
3,950
|
|
|||||
Accruing past due 90 days or more
|
22,157
|
|
|
21,164
|
|
|
n/a
|
|
n/a
|
|||||||
Nonperforming loans
(2)
|
14,808
|
|
|
15,970
|
|
|
14,808
|
|
|
15,970
|
|
|||||
Percent of portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Refreshed LTV greater than 90 but less than 100
|
16
|
%
|
|
15
|
%
|
|
10
|
%
|
|
11
|
%
|
|||||
Refreshed LTV greater than 100
|
28
|
|
|
33
|
|
|
20
|
|
|
26
|
|
|||||
Refreshed FICO below 620
|
22
|
|
|
21
|
|
|
14
|
|
|
15
|
|
|||||
2006 and 2007 vintages
(3)
|
24
|
|
|
27
|
|
|
34
|
|
|
37
|
|
|||||
Net charge-off ratio
(2, 4)
|
1.21
|
|
|
1.45
|
|
|
2.02
|
|
|
2.27
|
|
(1)
|
Outstandings, accruing past due, nonperforming loans and percentages of portfolio exclude loans accounted for under the fair value option. There were
$147 million
and
$906 million
of residential mortgage loans accounted for under the fair value option at
December 31, 2012 and 2011
. See
Consumer Portfolio Credit Risk Management – Consumer Loans Accounted for Under the Fair Value Option
on page
93
and
Note 22 – Fair Value Option
to the Consolidated Financial Statements
for additional information on the fair value option.
|
(2)
|
Nonperforming loans at
December 31, 2012
and net charge-off ratios for
2012
include the impact of new regulatory guidance on loans discharged in Chapter 7 bankruptcy. For more information, see
Consumer Portfolio Credit Risk Management
on page
80
and
Table 21
.
|
(3)
|
These vintages of loans account for
60 percent
and
63 percent
of nonperforming residential mortgage loans at
December 31, 2012 and 2011
, and
72 percent
and
73 percent
of residential mortgage net charge-offs in
2012
and
2011
.
|
(4)
|
Net charge-off ratios are calculated as net charge-offs divided by average outstanding loans excluding loans accounted for under the fair value option.
|
|
|
Bank of America 2012
85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 26
|
Residential Mortgage State Concentrations
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
December 31
|
|
|
||||||||||||||||||||
|
|
Outstandings
(1)
|
|
Nonperforming
(1)
|
|
Net Charge-offs
|
||||||||||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2012
(2)
|
|
2011
|
|
2012
(2)
|
|
2011
|
|||||||||||||
California
|
$
|
48,281
|
|
|
$
|
54,203
|
|
|
$
|
4,510
|
|
|
$
|
5,606
|
|
|
$
|
1,117
|
|
|
$
|
1,326
|
|
|
New York
(3)
|
11,240
|
|
|
11,539
|
|
|
956
|
|
|
838
|
|
|
79
|
|
|
106
|
|
|||||||
Florida
(3)
|
10,994
|
|
|
12,338
|
|
|
1,729
|
|
|
1,900
|
|
|
372
|
|
|
595
|
|
|||||||
Texas
|
6,885
|
|
|
7,525
|
|
|
488
|
|
|
425
|
|
|
51
|
|
|
55
|
|
|||||||
Virginia
|
5,067
|
|
|
5,709
|
|
|
404
|
|
|
399
|
|
|
50
|
|
|
64
|
|
|||||||
Other U.S./Non-U.S.
|
61,123
|
|
|
67,156
|
|
|
6,721
|
|
|
6,802
|
|
|
1,384
|
|
|
1,686
|
|
|||||||
Residential mortgage loans
(4)
|
$
|
143,590
|
|
|
$
|
158,470
|
|
|
$
|
14,808
|
|
|
$
|
15,970
|
|
|
$
|
3,053
|
|
|
$
|
3,832
|
|
|
Fully-insured loan portfolio
|
90,854
|
|
|
93,854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Countrywide purchased credit-impaired residential mortgage loan portfolio
|
8,737
|
|
|
9,966
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total residential mortgage loan portfolio
|
$
|
243,181
|
|
|
$
|
262,290
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Outstandings and nonperforming amounts exclude loans accounted for under the fair value option. There were
$147 million
and
$906 million
of residential mortgage loans accounted for under the fair value option at
December 31, 2012 and 2011
. See
Consumer Portfolio Credit Risk Management – Consumer Loans Accounted for Under the Fair Value Option
on page
93
and
Note 22 – Fair Value Option
to the Consolidated Financial Statements
for additional information on the fair value option.
|
(2)
|
Nonperforming loans and net charge-offs include the impact of new regulatory guidance on loans discharged in Chapter 7 bankruptcy. For more information, see
Consumer Portfolio Credit Risk Management
on page
80
and
Table 21
.
|
(3)
|
In these states, foreclosure requires a court order following a legal proceeding (judicial states).
|
(4)
|
Amount excludes the Countrywide PCI residential mortgage and fully-insured loan portfolios.
|
86
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Table 27
|
Home Equity – Key Credit Statistics
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
December 31
|
||||||||||||||
|
|
Reported Basis
|
|
Excluding Countrywide Purchased
Credit-impaired Loans |
||||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|||||||||
Outstandings
|
$
|
107,996
|
|
|
$
|
124,699
|
|
|
$
|
99,449
|
|
|
$
|
112,721
|
|
|
Accruing past due 30 days or more
(1)
|
1,098
|
|
|
1,658
|
|
|
1,098
|
|
|
1,658
|
|
|||||
Nonperforming loans
(1, 2)
|
4,281
|
|
|
2,453
|
|
|
4,281
|
|
|
2,453
|
|
|||||
Percent of portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Refreshed combined LTV greater than 90 but less than 100
|
10
|
%
|
|
10
|
%
|
|
10
|
%
|
|
11
|
%
|
|||||
Refreshed combined LTV greater than 100
|
31
|
|
|
36
|
|
|
29
|
|
|
32
|
|
|||||
Refreshed FICO below 620
(3)
|
9
|
|
|
11
|
|
|
8
|
|
|
9
|
|
|||||
2006 and 2007 vintages
(4)
|
48
|
|
|
50
|
|
|
46
|
|
|
46
|
|
|||||
Net charge-off ratio
(2, 5)
|
3.62
|
|
|
3.42
|
|
|
3.98
|
|
|
3.77
|
|
(1)
|
Accruing past due 30 days or more includes
$321 million
and
$609 million
and nonperforming loans includes
$824 million
and
$703 million
of loans where we serviced the underlying first-lien at
December 31, 2012 and 2011
.
|
(2)
|
Nonperforming loans at
December 31, 2012
and net charge-off ratios for
2012
include the impacts of the National Mortgage Settlement and guidance issued by regulatory agencies. For more information, see
Consumer Portfolio Credit Risk Management
on page
80
and
Table 21
.
|
(3)
|
Beginning in 2012, home equity FICO metrics reflected an updated scoring model that is more representative of the credit risk of our borrowers. Prior period amounts were adjusted to reflect these updates.
|
(4)
|
These vintages of loans have higher refreshed combined LTV ratios and accounted for
51 percent
and
54 percent
of nonperforming home equity loans at
December 31, 2012 and 2011
, and accounted for
60 percent
and
65 percent
of net charge-offs in
2012
and
2011
.
|
(5)
|
Net charge-off ratios are calculated as net charge-offs divided by average outstanding loans.
|
|
|
Bank of America 2012
87
|
88
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 28
|
Home Equity State Concentrations
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
December 31
|
|
|
||||||||||||||||||||
|
|
Outstandings
|
|
Nonperforming
|
|
Net Charge-offs
|
||||||||||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2012
(1)
|
|
2011
|
|
2012
(1, 2)
|
|
2011
|
|||||||||||||
California
|
$
|
28,728
|
|
|
$
|
32,398
|
|
|
$
|
1,127
|
|
|
$
|
627
|
|
|
$
|
1,333
|
|
|
$
|
1,481
|
|
|
Florida
(3)
|
11,898
|
|
|
13,450
|
|
|
706
|
|
|
411
|
|
|
602
|
|
|
853
|
|
|||||||
New Jersey
(3)
|
6,788
|
|
|
7,483
|
|
|
312
|
|
|
175
|
|
|
210
|
|
|
164
|
|
|||||||
New York
(3)
|
6,734
|
|
|
7,423
|
|
|
419
|
|
|
242
|
|
|
222
|
|
|
196
|
|
|||||||
Massachusetts
|
4,381
|
|
|
4,919
|
|
|
140
|
|
|
67
|
|
|
91
|
|
|
71
|
|
|||||||
Other U.S./Non-U.S.
|
40,920
|
|
|
47,048
|
|
|
1,577
|
|
|
931
|
|
|
1,779
|
|
|
1,708
|
|
|||||||
Home equity loans
(4)
|
$
|
99,449
|
|
|
$
|
112,721
|
|
|
$
|
4,281
|
|
|
$
|
2,453
|
|
|
$
|
4,237
|
|
|
$
|
4,473
|
|
|
Countrywide purchased credit-impaired home equity portfolio
|
8,547
|
|
|
11,978
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total home equity loan portfolio
|
$
|
107,996
|
|
|
$
|
124,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Nonperforming loans and net charge-offs include the impacts of the National Mortgage Settlement and guidance issued by regulatory agencies. For more information, see
Consumer Portfolio Credit Risk Management
on page
80
and
Table 21
.
|
(2)
|
Net charge-offs exclude
$2.8 billion
of write-offs in the Countrywide home equity PCI loan portfolio for
2012
. These write-offs decreased the PCI valuation allowance included as part of the allowance for loan and lease losses. For information on PCI write-offs, see
Countrywide Purchased Credit-impaired Loan Portfolio
on page
90
.
|
(3)
|
In these states, foreclosure requires a court order following a legal proceeding (judicial states).
|
(4)
|
Amount excludes the Countrywide PCI home equity loan portfolio.
|
|
|
Bank of America 2012
89
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Table 29
|
Countrywide Purchased Credit-impaired Loan Portfolio
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
December 31, 2012
|
|||||||||||||||||
(Dollars in millions)
|
Unpaid
Principal Balance |
|
Carrying
Value |
|
Related
Valuation Allowance |
|
Carrying
Value Net of Valuation Allowance |
|
Percent of Unpaid
Principal Balance |
||||||||||
Residential mortgage
|
$
|
8,898
|
|
|
$
|
8,737
|
|
|
$
|
1,061
|
|
|
$
|
7,676
|
|
|
86.27
|
%
|
|
Home equity
|
8,324
|
|
|
8,547
|
|
|
2,428
|
|
|
6,119
|
|
|
73.51
|
|
|||||
Discontinued real estate
|
9,281
|
|
|
8,834
|
|
|
2,047
|
|
|
6,787
|
|
|
73.13
|
|
|||||
Total Countrywide purchased credit-impaired loan portfolio
|
$
|
26,503
|
|
|
$
|
26,118
|
|
|
$
|
5,536
|
|
|
$
|
20,582
|
|
|
77.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
December 31, 2011
|
|||||||||||||||||
Residential mortgage
|
$
|
10,426
|
|
|
$
|
9,966
|
|
|
$
|
1,111
|
|
|
$
|
8,855
|
|
|
84.93
|
%
|
|
Home equity
|
12,516
|
|
|
11,978
|
|
|
5,129
|
|
|
6,849
|
|
|
54.72
|
|
|||||
Discontinued real estate
|
11,891
|
|
|
9,857
|
|
|
2,219
|
|
|
7,638
|
|
|
64.23
|
|
|||||
Total Countrywide purchased credit-impaired loan portfolio
|
$
|
34,833
|
|
|
$
|
31,801
|
|
|
$
|
8,459
|
|
|
$
|
23,342
|
|
|
67.01
|
|
90
Bank of America 2012
|
|
|
|
|
|
|
|
||||
Table 30
|
Outstanding Countrywide Purchased Credit-impaired Loan Portfolio – Residential Mortgage State Concentrations
|
|||||||
|
|
|
|
|
||||
|
|
December 31
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
|||||
California
|
$
|
4,762
|
|
|
$
|
5,509
|
|
|
Florida
(1)
|
693
|
|
|
779
|
|
|||
Virginia
|
479
|
|
|
535
|
|
|||
Maryland
|
239
|
|
|
262
|
|
|||
Texas
|
107
|
|
|
130
|
|
|||
Other U.S./Non-U.S.
|
2,457
|
|
|
2,751
|
|
|||
Total
|
$
|
8,737
|
|
|
$
|
9,966
|
|
(1)
|
In this state, foreclosure requires a court order following a legal proceeding (judicial state).
|
|
|
|
|
|
||||
Table 31
|
Outstanding Countrywide Purchased Credit-impaired Loan Portfolio – Home Equity State Concentrations
|
|||||||
|
|
|
|
|
||||
|
|
December 31
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
|||||
California
|
$
|
2,614
|
|
|
$
|
4,051
|
|
|
Florida
(1)
|
509
|
|
|
840
|
|
|||
Virginia
|
380
|
|
|
467
|
|
|||
Arizona
|
294
|
|
|
422
|
|
|||
Colorado
|
260
|
|
|
335
|
|
|||
Other U.S./Non-U.S.
|
4,490
|
|
|
5,863
|
|
|||
Total
|
$
|
8,547
|
|
|
$
|
11,978
|
|
(1)
|
In this state, foreclosure requires a court order following a legal proceeding (judicial state).
|
|
|
|
|
|
||||
Table 32
|
Outstanding Countrywide Purchased Credit-impaired Loan Portfolio – Discontinued Real Estate State Concentrations
|
|||||||
|
|
|
|
|
||||
|
|
December 31
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
|||||
California
|
$
|
4,492
|
|
|
$
|
5,285
|
|
|
Florida
(1)
|
1,119
|
|
|
1,041
|
|
|||
Washington
|
282
|
|
|
311
|
|
|||
Virginia
|
240
|
|
|
273
|
|
|||
Arizona
|
202
|
|
|
241
|
|
|||
Other U.S./Non-U.S.
|
2,499
|
|
|
2,706
|
|
|||
Total
|
$
|
8,834
|
|
|
$
|
9,857
|
|
(1)
|
In this state, foreclosure requires a court order following a legal proceeding (judicial state).
|
|
|
|
|
|
||||
Table 33
|
U.S. Credit Card – Key Credit Statistics
|
|||||||
|
|
|
||||||
|
|
December 31
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
|||||
Outstandings
|
$
|
94,835
|
|
|
$
|
102,291
|
|
|
Accruing past due 30 days or more
|
2,748
|
|
|
3,823
|
|
|||
Accruing past due 90 days or more
|
1,437
|
|
|
2,070
|
|
|||
|
|
|
|
|||||
|
2012
|
|
2011
|
|||||
Net charge-offs
|
$
|
4,632
|
|
|
$
|
7,276
|
|
|
Net charge-off ratios
(1)
|
4.88
|
%
|
|
6.90
|
%
|
(1)
|
Net charge-off ratios are calculated as net charge-offs divided by average outstanding loans.
|
|
|
Bank of America 2012
91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 34
|
U.S. Credit Card State Concentrations
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
December 31
|
|
|
||||||||||||||||||||
|
|
Outstandings
|
|
Accruing Past Due
90 Days or More |
|
Net Charge-offs
|
||||||||||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|||||||||||||
California
|
$
|
14,101
|
|
|
$
|
15,246
|
|
|
$
|
235
|
|
|
$
|
352
|
|
|
$
|
840
|
|
|
$
|
1,402
|
|
|
Florida
|
7,469
|
|
|
7,999
|
|
|
149
|
|
|
221
|
|
|
512
|
|
|
838
|
|
|||||||
Texas
|
6,448
|
|
|
6,885
|
|
|
92
|
|
|
131
|
|
|
290
|
|
|
429
|
|
|||||||
New York
|
5,746
|
|
|
6,156
|
|
|
91
|
|
|
126
|
|
|
263
|
|
|
403
|
|
|||||||
New Jersey
|
3,959
|
|
|
4,183
|
|
|
60
|
|
|
86
|
|
|
178
|
|
|
275
|
|
|||||||
Other U.S.
|
57,112
|
|
|
61,822
|
|
|
810
|
|
|
1,154
|
|
|
2,549
|
|
|
3,929
|
|
|||||||
Total U.S. credit card portfolio
|
$
|
94,835
|
|
|
$
|
102,291
|
|
|
$
|
1,437
|
|
|
$
|
2,070
|
|
|
$
|
4,632
|
|
|
$
|
7,276
|
|
|
|
|
|
|
||||
Table 35
|
Non-U.S. Credit Card – Key Credit Statistics
|
|||||||
|
|
|
||||||
|
|
December 31
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
|||||
Outstandings
|
$
|
11,697
|
|
|
$
|
14,418
|
|
|
Accruing past due 30 days or more
|
403
|
|
|
610
|
|
|||
Accruing past due 90 days or more
|
212
|
|
|
342
|
|
|||
|
|
|
|
|||||
|
2012
|
|
2011
|
|||||
Net charge-offs
|
$
|
581
|
|
|
$
|
1,169
|
|
|
Net charge-off ratios
(1)
|
4.29
|
%
|
|
4.86
|
%
|
(1)
|
Net charge-off ratios are calculated as net charge-offs divided by average outstanding loans and leases.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 36
|
Direct/Indirect State Concentrations
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
December 31
|
|
|
||||||||||||||||||||
|
|
Outstandings
|
|
Accruing Past Due
90 Days or More |
|
Net Charge-offs
|
||||||||||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|||||||||||||
California
|
$
|
10,793
|
|
|
$
|
11,152
|
|
|
$
|
53
|
|
|
$
|
81
|
|
|
$
|
102
|
|
|
$
|
222
|
|
|
Florida
|
7,363
|
|
|
7,456
|
|
|
37
|
|
|
55
|
|
|
88
|
|
|
148
|
|
|||||||
Texas
|
7,239
|
|
|
7,882
|
|
|
41
|
|
|
54
|
|
|
64
|
|
|
117
|
|
|||||||
New York
|
4,794
|
|
|
5,160
|
|
|
28
|
|
|
40
|
|
|
43
|
|
|
79
|
|
|||||||
Georgia
|
2,491
|
|
|
2,828
|
|
|
31
|
|
|
38
|
|
|
30
|
|
|
61
|
|
|||||||
Other U.S./Non-U.S.
|
50,525
|
|
|
55,235
|
|
|
355
|
|
|
478
|
|
|
436
|
|
|
849
|
|
|||||||
Total direct/indirect loan portfolio
|
$
|
83,205
|
|
|
$
|
89,713
|
|
|
$
|
545
|
|
|
$
|
746
|
|
|
$
|
763
|
|
|
$
|
1,476
|
|
92
Bank of America 2012
|
|
|
|
|
Bank of America 2012
93
|
|
|
|
|
|
||||
Table 37
|
Nonperforming Consumer Loans and Foreclosed Properties Activity
(1)
|
|||||||
|
|
|
|
|
||||
(Dollars in millions)
|
2012
|
|
2011
|
|||||
Nonperforming loans, January 1
|
$
|
18,768
|
|
|
$
|
20,854
|
|
|
Additions to nonperforming loans:
|
|
|
|
|||||
New nonperforming loans
|
13,084
|
|
|
15,723
|
|
|||
Implementation of change in treatment of loans discharged in bankruptcies
(2)
|
1,162
|
|
|
n/a
|
|
|||
Implementation of regulatory interagency guidance
(3)
|
1,853
|
|
|
n/a
|
|
|||
Reductions to nonperforming loans:
|
|
|
|
|||||
Paydowns and payoffs
|
(3,801
|
)
|
|
(3,318
|
)
|
|||
Sales
|
(47
|
)
|
|
—
|
|
|||
Returns to performing status
(4)
|
(4,203
|
)
|
|
(4,741
|
)
|
|||
Charge-offs
(5)
|
(6,544
|
)
|
|
(8,095
|
)
|
|||
Transfers to foreclosed properties
(6)
|
(841
|
)
|
|
(1,655
|
)
|
|||
Total net additions (reductions) to nonperforming loans
|
663
|
|
|
(2,086
|
)
|
|||
Total nonperforming loans, December 31
(7)
|
19,431
|
|
|
18,768
|
|
|||
Foreclosed properties, January 1
(8)
|
1,991
|
|
|
1,249
|
|
|||
Additions to foreclosed properties:
|
|
|
|
|||||
New foreclosed properties
(6)
|
1,129
|
|
|
2,996
|
|
|||
Reductions to foreclosed properties:
|
|
|
|
|||||
Sales
|
(2,283
|
)
|
|
(1,993
|
)
|
|||
Write-downs
|
(187
|
)
|
|
(261
|
)
|
|||
Total net additions (reductions) to foreclosed properties
|
(1,341
|
)
|
|
742
|
|
|||
Total foreclosed properties, December 31
|
650
|
|
|
1,991
|
|
|||
Nonperforming consumer loans and foreclosed properties, December 31
|
$
|
20,081
|
|
|
$
|
20,759
|
|
|
Nonperforming consumer loans as a percentage of outstanding consumer loans
(9)
|
3.52
|
%
|
|
3.09
|
%
|
|||
Nonperforming consumer loans and foreclosed properties as a percentage of outstanding consumer loans and foreclosed properties
(9)
|
3.63
|
|
|
3.41
|
|
(1)
|
Balances do not include nonperforming LHFS of
$676 million
and
$659 million
and nonaccruing TDRs removed from the Countrywide PCI portfolio prior to January 1, 2010 of
$521 million
and
$477 million
at
December 31, 2012 and 2011
as well as loans accruing past due 90 days or more as presented in
Table 22
and
Note 5 – Outstanding Loans and Leases
to the Consolidated Financial Statements
.
|
(2)
|
In 2012, we added
$1.2 billion
to nonperforming loans as a result of new regulatory guidance on loans discharged in Chapter 7 bankruptcy. For more information, see
Consumer Portfolio Credit Risk Management
on page
80
and
Table 21
.
|
(3)
|
As a result of the regulatory interagency guidance, we reclassified $1.9 billion of performing home equity loans to nonperforming during 2012. For more information, see
Consumer Portfolio Credit Risk Management
on page
80
.
|
(4)
|
Consumer loans may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection.
|
(5)
|
Our policy is to not classify consumer credit card and non-bankruptcy related consumer loans not secured by real estate as nonperforming; therefore, the charge-offs on these loans have no impact on nonperforming activity and accordingly are excluded from this table.
|
(6)
|
New foreclosed properties represents transfers of nonperforming loans to foreclosed properties net of charge-offs taken during the first 90 days after transfer of a loan to foreclosed properties. New foreclosed properties also includes properties obtained upon foreclosure of delinquent PCI loans, properties repurchased due to representations and warranties exposure and properties acquired with newly consolidated subsidiaries.
|
(7)
|
At
December 31, 2012
,
52 percent
of nonperforming loans were 180 days or more past due and were written down through charge-offs to
62 percent
of the unpaid principal balance.
|
(8)
|
Foreclosed property balances do not include loans that are insured by the FHA and have entered foreclosure of
$2.5 billion
and
$1.4 billion
at
December 31, 2012 and 2011
.
|
(9)
|
Outstanding consumer loans exclude loans accounted for under the fair value option.
|
94
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 38
|
Home Loans Troubled Debt Restructurings
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
December 31
|
||||||||||||||||||||||
|
|
2012
|
|
2011
|
||||||||||||||||||||
(Dollars in millions)
|
Total
|
|
Nonperforming
|
|
Performing
|
|
Total
|
|
Nonperforming
|
|
Performing
|
|||||||||||||
Residential mortgage
(1, 2)
|
$
|
27,758
|
|
|
$
|
8,806
|
|
|
$
|
18,952
|
|
|
$
|
19,287
|
|
|
$
|
5,034
|
|
|
$
|
14,253
|
|
|
Home equity
(3)
|
2,125
|
|
|
1,242
|
|
|
883
|
|
|
1,776
|
|
|
543
|
|
|
1,233
|
|
|||||||
Discontinued real estate
(4)
|
367
|
|
|
234
|
|
|
133
|
|
|
399
|
|
|
214
|
|
|
185
|
|
|||||||
Total home loans troubled debt restructurings
|
$
|
30,250
|
|
|
$
|
10,282
|
|
|
$
|
19,968
|
|
|
$
|
21,462
|
|
|
$
|
5,791
|
|
|
$
|
15,671
|
|
(1)
|
Residential mortgage TDRs deemed collateral dependent totaled
$9.1 billion
and
$5.3 billion
, and included
$6.2 billion
and
$2.2 billion
of loans classified as nonperforming and
$2.9 billion
and
$3.1 billion
of loans classified as performing at
December 31, 2012 and 2011
.
|
(2)
|
Residential mortgage performing TDRs included
$11.9 billion
and
$7.0 billion
of loans that were fully-insured at
December 31, 2012 and 2011
.
|
(3)
|
Home equity TDRs deemed collateral dependent totaled
$1.4 billion
and
$824 million
, and included
$1.0 billion
and
$282 million
of loans classified as nonperforming and
$348 million
and
$542 million
of loans classified as performing at
December 31, 2012 and 2011
.
|
(4)
|
Discontinued real estate TDRs deemed collateral dependent totaled
$253 million
and
$230 million
, and included
$170 million
and
$118 million
of loans classified as nonperforming and
$83 million
and
$112 million
as performing at
December 31, 2012 and 2011
.
|
|
|
Bank of America 2012
95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 39
|
Commercial Loans and Leases
|
|||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
|
December 31
|
||||||||||||||||||||||
|
|
Outstandings
|
|
Nonperforming
|
|
Accruing Past Due
90 Days or More
|
||||||||||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|||||||||||||
U.S. commercial
|
$
|
197,126
|
|
|
$
|
179,948
|
|
|
$
|
1,484
|
|
|
$
|
2,174
|
|
|
$
|
65
|
|
|
$
|
75
|
|
|
Commercial real estate
(1)
|
38,637
|
|
|
39,596
|
|
|
1,513
|
|
|
3,880
|
|
|
29
|
|
|
7
|
|
|||||||
Commercial lease financing
|
23,843
|
|
|
21,989
|
|
|
44
|
|
|
26
|
|
|
15
|
|
|
14
|
|
|||||||
Non-U.S. commercial
|
74,184
|
|
|
55,418
|
|
|
68
|
|
|
143
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
333,790
|
|
|
296,951
|
|
|
3,109
|
|
|
6,223
|
|
|
109
|
|
|
96
|
|
||||||
U.S. small business commercial
(2)
|
12,593
|
|
|
13,251
|
|
|
115
|
|
|
114
|
|
|
120
|
|
|
216
|
|
|||||||
Commercial loans excluding loans accounted for under the fair value option
|
346,383
|
|
|
310,202
|
|
|
3,224
|
|
|
6,337
|
|
|
229
|
|
|
312
|
|
|||||||
Loans accounted for under the fair value option
(3)
|
7,997
|
|
|
6,614
|
|
|
11
|
|
|
73
|
|
|
—
|
|
|
—
|
|
|||||||
Total commercial loans and leases
|
$
|
354,380
|
|
|
$
|
316,816
|
|
|
$
|
3,235
|
|
|
$
|
6,410
|
|
|
$
|
229
|
|
|
$
|
312
|
|
(1)
|
Includes U.S. commercial real estate loans of
$37.2 billion
and
$37.8 billion
and non-U.S. commercial real estate loans of
$1.5 billion
and
$1.8 billion
at
December 31, 2012 and 2011
.
|
(2)
|
Includes card-related products.
|
(3)
|
Commercial loans accounted for under the fair value option include U.S. commercial loans of
$2.3 billion
and
$2.2 billion
, and non-U.S. commercial loans of
$5.7 billion
and
$4.4 billion
at
December 31, 2012 and 2011
. See
Note 22 – Fair Value Option
to the Consolidated Financial Statements
for additional information on the fair value option.
|
|
|
|
|
|
|
|
|
|
||||||
Table 40
|
Commercial Net Charge-offs and Related Ratios
|
|||||||||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
Net Charge-offs
|
|
Net Charge-off Ratios
(1)
|
||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|||||||
U.S. commercial
|
$
|
242
|
|
|
$
|
195
|
|
|
0.13
|
%
|
|
0.11
|
%
|
|
Commercial real estate
|
384
|
|
|
947
|
|
|
1.01
|
|
|
2.13
|
|
|||
Commercial lease financing
|
(6
|
)
|
|
24
|
|
|
(0.03
|
)
|
|
0.11
|
|
|||
Non-U.S. commercial
|
28
|
|
|
152
|
|
|
0.05
|
|
|
0.36
|
|
|||
|
|
648
|
|
|
1,318
|
|
|
0.21
|
|
|
0.46
|
|
||
U.S. small business commercial
|
699
|
|
|
995
|
|
|
5.46
|
|
|
7.12
|
|
|||
Total commercial
|
$
|
1,347
|
|
|
$
|
2,313
|
|
|
0.43
|
|
|
0.77
|
|
(1)
|
Net charge-off ratios are calculated as net charge-offs divided by average outstanding loans and leases excluding loans accounted for under the fair value option.
|
96
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 41
|
Commercial Credit Exposure by Type
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
December 31
|
||||||||||||||||||||||
|
|
Commercial
Utilized
(1)
|
|
Commercial
Unfunded
(2, 3)
|
|
Total Commercial Committed
|
||||||||||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|||||||||||||
Loans and leases
|
$
|
354,380
|
|
|
$
|
316,816
|
|
|
$
|
281,915
|
|
|
$
|
276,195
|
|
|
$
|
636,295
|
|
|
$
|
593,011
|
|
|
Derivative assets
(4)
|
53,497
|
|
|
73,023
|
|
|
—
|
|
|
—
|
|
|
53,497
|
|
|
73,023
|
|
|||||||
Standby letters of credit and financial guarantees
|
41,036
|
|
|
55,384
|
|
|
2,119
|
|
|
1,592
|
|
|
43,155
|
|
|
56,976
|
|
|||||||
Debt securities and other investments
|
10,937
|
|
|
11,108
|
|
|
6,914
|
|
|
5,147
|
|
|
17,851
|
|
|
16,255
|
|
|||||||
Loans held-for-sale
|
7,928
|
|
|
5,006
|
|
|
3,763
|
|
|
229
|
|
|
11,691
|
|
|
5,235
|
|
|||||||
Commercial letters of credit
|
2,065
|
|
|
2,411
|
|
|
564
|
|
|
832
|
|
|
2,629
|
|
|
3,243
|
|
|||||||
Bankers’ acceptances
|
185
|
|
|
797
|
|
|
3
|
|
|
28
|
|
|
188
|
|
|
825
|
|
|||||||
Foreclosed properties and other
(5)
|
1,699
|
|
|
1,964
|
|
|
—
|
|
|
—
|
|
|
1,699
|
|
|
1,964
|
|
|||||||
Total
|
|
$
|
471,727
|
|
|
$
|
466,509
|
|
|
$
|
295,278
|
|
|
$
|
284,023
|
|
|
$
|
767,005
|
|
|
$
|
750,532
|
|
(1)
|
Total commercial utilized exposure at
December 31, 2012 and 2011
includes loans and issued letters of credit and is comprised of loans outstanding of
$8.0 billion
and
$6.6 billion
and commercial letters of credit with a notional value of $672 million and $1.3 billion accounted for under the fair value option.
|
(2)
|
Total commercial unfunded exposure at
December 31, 2012 and 2011
includes loan commitments with a notional value of $17.6 billion and $24.4 billion accounted for under the fair value option.
|
(3)
|
Excludes unused business card lines which are not legally binding.
|
(4)
|
Derivative assets are carried at fair value, reflect the effects of legally enforceable master netting agreements and have been reduced by cash collateral of
$58.1 billion
and
$58.9 billion
at
December 31, 2012 and 2011
. Not reflected in utilized and committed exposure is additional derivative collateral held of $18.7 billion and $16.1 billion which consists primarily of other marketable securities.
|
(5)
|
Includes $1.3 billion of monoline exposure at both
December 31, 2012 and 2011
, as discussed in
Monoline Exposure
on page
103
.
|
|
|
|
|
|
|
|
|
|
||||||
Table 42
|
Commercial Utilized Reservable Criticized Exposure
|
|||||||||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
December 31
|
||||||||||||
|
|
2012
|
|
2011
|
||||||||||
(Dollars in millions)
|
Amount
(1)
|
|
Percent
(2)
|
|
Amount
(1)
|
|
Percent
(2)
|
|||||||
U.S. commercial
|
$
|
8,631
|
|
|
3.72
|
%
|
|
$
|
11,731
|
|
|
5.16
|
%
|
|
Commercial real estate
|
3,782
|
|
|
9.24
|
|
|
11,525
|
|
|
27.13
|
|
|||
Commercial lease financing
|
969
|
|
|
4.06
|
|
|
1,140
|
|
|
5.18
|
|
|||
Non-U.S. commercial
|
1,614
|
|
|
2.02
|
|
|
1,524
|
|
|
2.44
|
|
|||
|
|
14,996
|
|
|
3.98
|
|
|
25,920
|
|
|
7.32
|
|
||
U.S. small business commercial
|
940
|
|
|
7.45
|
|
|
1,327
|
|
|
10.01
|
|
|||
Total commercial utilized reservable criticized exposure
|
$
|
15,936
|
|
|
4.10
|
|
|
$
|
27,247
|
|
|
7.41
|
|
(1)
|
Total commercial utilized reservable criticized exposure at
December 31, 2012 and 2011
includes loans and leases of $14.6 billion and $25.3 billion and commercial letters of credit of $1.3 billion and $1.9 billion.
|
(2)
|
Percentages are calculated as commercial utilized reservable criticized exposure divided by total commercial utilized reservable exposure for each exposure category.
|
|
|
Bank of America 2012
97
|
|
|
|
|
|
||||
Table 43
|
Outstanding Commercial Real Estate Loans
|
|||||||
|
|
|
|
|
||||
|
|
December 31
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
|||||
By Geographic Region
|
|
|
|
|
|
|||
California
|
$
|
8,792
|
|
|
$
|
7,957
|
|
|
Northeast
|
7,315
|
|
|
6,554
|
|
|||
Southwest
|
4,612
|
|
|
5,243
|
|
|||
Southeast
|
4,440
|
|
|
4,844
|
|
|||
Midwest
|
3,421
|
|
|
4,051
|
|
|||
Florida
|
2,148
|
|
|
2,502
|
|
|||
Midsouth
|
1,980
|
|
|
1,751
|
|
|||
Illinois
|
1,700
|
|
|
1,871
|
|
|||
Northwest
|
1,553
|
|
|
1,574
|
|
|||
Non-U.S.
|
1,483
|
|
|
1,824
|
|
|||
Other
(1)
|
1,193
|
|
|
1,425
|
|
|||
Total outstanding commercial real estate loans
|
$
|
38,637
|
|
|
$
|
39,596
|
|
|
By Property Type
|
|
|
|
|
|
|||
Non-residential
|
|
|
|
|||||
Office
|
$
|
9,324
|
|
|
$
|
7,571
|
|
|
Multi-family rental
|
5,893
|
|
|
6,105
|
|
|||
Shopping centers/retail
|
5,780
|
|
|
5,985
|
|
|||
Industrial/warehouse
|
3,839
|
|
|
3,988
|
|
|||
Hotels/motels
|
3,095
|
|
|
2,653
|
|
|||
Multi-use
|
2,186
|
|
|
3,218
|
|
|||
Land and land development
|
1,157
|
|
|
1,599
|
|
|||
Other
|
5,722
|
|
|
6,050
|
|
|||
Total non-residential
|
36,996
|
|
|
37,169
|
|
|||
Residential
|
1,641
|
|
|
2,427
|
|
|||
Total outstanding commercial real estate loans
|
$
|
38,637
|
|
|
$
|
39,596
|
|
(1)
|
Includes unsecured outstandings to real estate investment trusts and national home builders whose portfolios of properties span multiple geographic regions and properties in the states of Colorado, Utah, Hawaii, Wyoming and Montana.
|
98
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Table 44
|
Commercial Real Estate Credit Quality Data
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
December 31
|
||||||||||||||
|
|
Nonperforming Loans and
Foreclosed Properties
(1)
|
|
Utilized Reservable
Criticized Exposure
(2)
|
||||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|||||||||
Non-residential
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Office
|
$
|
295
|
|
|
$
|
807
|
|
|
$
|
914
|
|
|
$
|
2,375
|
|
|
Multi-family rental
|
109
|
|
|
339
|
|
|
375
|
|
|
1,604
|
|
|||||
Shopping centers/retail
|
230
|
|
|
561
|
|
|
464
|
|
|
1,378
|
|
|||||
Industrial/warehouse
|
160
|
|
|
521
|
|
|
324
|
|
|
1,317
|
|
|||||
Hotels/motels
|
45
|
|
|
173
|
|
|
202
|
|
|
716
|
|
|||||
Multi-use
|
123
|
|
|
345
|
|
|
309
|
|
|
971
|
|
|||||
Land and land development
|
321
|
|
|
530
|
|
|
359
|
|
|
749
|
|
|||||
Other
|
87
|
|
|
223
|
|
|
301
|
|
|
997
|
|
|||||
Total non-residential
|
1,370
|
|
|
3,499
|
|
|
3,248
|
|
|
10,107
|
|
|||||
Residential
|
393
|
|
|
993
|
|
|
534
|
|
|
1,418
|
|
|||||
Total commercial real estate
|
$
|
1,763
|
|
|
$
|
4,492
|
|
|
$
|
3,782
|
|
|
$
|
11,525
|
|
(1)
|
Includes commercial foreclosed properties of
$250 million
and
$612 million
at
December 31, 2012 and 2011
.
|
(2)
|
Includes loans, SBLCs and bankers’ acceptances and excludes loans accounted for under the fair value option.
|
|
|
|
|
|
|
|
|
|
||||||
Table 45
|
Commercial Real Estate Net Charge-offs and Related Ratios
|
|||||||||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
Net Charge-offs
|
|
Net Charge-off Ratios
(1)
|
||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|||||||
Non-residential
|
|
|
|
|
|
|
|
|
|
|
|
|||
Office
|
$
|
106
|
|
|
$
|
126
|
|
|
1.36
|
%
|
|
1.51
|
%
|
|
Multi-family rental
|
13
|
|
|
36
|
|
|
0.23
|
|
|
0.52
|
|
|||
Shopping centers/retail
|
57
|
|
|
184
|
|
|
1.00
|
|
|
2.69
|
|
|||
Industrial/warehouse
|
49
|
|
|
88
|
|
|
1.31
|
|
|
1.94
|
|
|||
Hotels/motels
|
11
|
|
|
23
|
|
|
0.39
|
|
|
0.86
|
|
|||
Multi-use
|
66
|
|
|
61
|
|
|
2.46
|
|
|
1.63
|
|
|||
Land and land development
|
(23
|
)
|
|
152
|
|
|
(1.73
|
)
|
|
7.58
|
|
|||
Other
|
31
|
|
|
19
|
|
|
0.51
|
|
|
0.33
|
|
|||
Total non-residential
|
310
|
|
|
689
|
|
|
0.86
|
|
|
1.67
|
|
|||
Residential
|
74
|
|
|
258
|
|
|
3.74
|
|
|
8.00
|
|
|||
Total commercial real estate
|
$
|
384
|
|
|
$
|
947
|
|
|
1.01
|
|
|
2.13
|
|
(1)
|
Net charge-off ratios are calculated as net charge-offs divided by average outstanding loans excluding loans accounted for under the fair value option.
|
|
|
Bank of America 2012
99
|
100
Bank of America 2012
|
|
|
|
|
|
|
|
||||
Table 46
|
Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity
(1, 2)
|
|||||||
|
|
|
|
|
||||
(Dollars in millions)
|
2012
|
|
2011
|
|||||
Nonperforming loans and leases, January 1
|
$
|
6,337
|
|
|
$
|
9,836
|
|
|
Additions to nonperforming loans and leases:
|
|
|
|
|
|
|||
New nonperforming loans and leases
|
2,334
|
|
|
4,656
|
|
|||
Advances
|
85
|
|
|
157
|
|
|||
Reductions to nonperforming loans and leases:
|
|
|
|
|
|
|||
Paydowns
|
(2,372
|
)
|
|
(3,457
|
)
|
|||
Sales
|
(840
|
)
|
|
(1,153
|
)
|
|||
Returns to performing status
(3)
|
(808
|
)
|
|
(1,183
|
)
|
|||
Charge-offs
(4)
|
(1,164
|
)
|
|
(1,576
|
)
|
|||
Transfers to foreclosed properties
(5)
|
(302
|
)
|
|
(774
|
)
|
|||
Transfers to loans held-for-sale
|
(46
|
)
|
|
(169
|
)
|
|||
Total net reductions to nonperforming loans and leases
|
(3,113
|
)
|
|
(3,499
|
)
|
|||
Total nonperforming loans and leases, December 31
|
3,224
|
|
|
6,337
|
|
|||
Foreclosed properties, January 1
|
612
|
|
|
725
|
|
|||
Additions to foreclosed properties:
|
|
|
|
|
|
|||
New foreclosed properties
(5)
|
222
|
|
|
507
|
|
|||
Reductions to foreclosed properties:
|
|
|
|
|
|
|||
Sales
|
(516
|
)
|
|
(539
|
)
|
|||
Write-downs
|
(68
|
)
|
|
(81
|
)
|
|||
Total net reductions to foreclosed properties
|
(362
|
)
|
|
(113
|
)
|
|||
Total foreclosed properties, December 31
|
250
|
|
|
612
|
|
|||
Nonperforming commercial loans, leases and foreclosed properties, December 31
|
$
|
3,474
|
|
|
$
|
6,949
|
|
|
Nonperforming commercial loans and leases as a percentage of outstanding commercial loans and leases
(6)
|
0.93
|
%
|
|
2.04
|
%
|
|||
Nonperforming commercial loans, leases and foreclosed properties as a percentage of outstanding commercial loans, leases and foreclosed properties
(6)
|
1.00
|
|
|
2.24
|
|
(1)
|
Balances do not include nonperforming LHFS of $437 million and $1.1 billion at
December 31, 2012
and
2011
.
|
(2)
|
Includes U.S. small business commercial activity.
|
(3)
|
Commercial loans and leases may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected or when the loan otherwise becomes well-secured and is in the process of collection. TDRs are generally classified as performing after a sustained period of demonstrated payment performance.
|
(4)
|
Small business card loans are not classified as nonperforming; therefore, the charge-offs on these loans have no impact on nonperforming activity and accordingly are excluded from this table.
|
(5)
|
New foreclosed properties represents transfers of nonperforming loans to foreclosed properties net of charge-offs recorded during the first 90 days after transfer of a loan to foreclosed properties.
|
(6)
|
Excludes loans accounted for under the fair value option.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 47
|
Commercial Troubled Debt Restructurings
|
|||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
|
December 31
|
||||||||||||||||||||||
|
|
2012
|
|
2011
|
||||||||||||||||||||
(Dollars in millions)
|
Total
|
|
Nonperforming
|
|
Performing
|
|
Total
|
|
Nonperforming
|
|
Performing
|
|||||||||||||
U.S. commercial
|
$
|
1,328
|
|
|
$
|
565
|
|
|
$
|
763
|
|
|
$
|
1,329
|
|
|
$
|
531
|
|
|
$
|
798
|
|
|
Commercial real estate
|
1,391
|
|
|
740
|
|
|
651
|
|
|
1,675
|
|
|
1,076
|
|
|
599
|
|
|||||||
Non-U.S. commercial
|
100
|
|
|
15
|
|
|
85
|
|
|
54
|
|
|
38
|
|
|
16
|
|
|||||||
U.S. small business commercial
|
202
|
|
|
—
|
|
|
202
|
|
|
389
|
|
|
—
|
|
|
389
|
|
|||||||
Total commercial troubled debt restructurings
|
$
|
3,021
|
|
|
$
|
1,320
|
|
|
$
|
1,701
|
|
|
$
|
3,447
|
|
|
$
|
1,645
|
|
|
$
|
1,802
|
|
|
|
Bank of America 2012
101
|
102
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Table 48
|
Commercial Credit Exposure by Industry
(1)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
December 31
|
||||||||||||||
|
|
Commercial
Utilized
|
|
Total Commercial Committed
|
||||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|||||||||
Diversified financials
|
$
|
66,201
|
|
|
$
|
64,957
|
|
|
$
|
99,673
|
|
|
$
|
94,969
|
|
|
Real estate
(2)
|
47,479
|
|
|
48,138
|
|
|
65,639
|
|
|
62,566
|
|
|||||
Government and public education
|
41,449
|
|
|
43,090
|
|
|
50,285
|
|
|
57,021
|
|
|||||
Capital goods
|
25,071
|
|
|
24,025
|
|
|
49,196
|
|
|
48,013
|
|
|||||
Retailing
|
28,065
|
|
|
25,478
|
|
|
47,719
|
|
|
46,290
|
|
|||||
Healthcare equipment and services
|
29,396
|
|
|
31,298
|
|
|
45,488
|
|
|
48,141
|
|
|||||
Banking
|
40,245
|
|
|
35,231
|
|
|
45,238
|
|
|
38,735
|
|
|||||
Materials
|
21,809
|
|
|
19,384
|
|
|
40,493
|
|
|
38,070
|
|
|||||
Energy
|
17,684
|
|
|
15,151
|
|
|
38,464
|
|
|
32,074
|
|
|||||
Food, beverage and tobacco
|
14,738
|
|
|
15,904
|
|
|
37,344
|
|
|
30,501
|
|
|||||
Consumer services
|
23,093
|
|
|
24,445
|
|
|
36,367
|
|
|
38,498
|
|
|||||
Commercial services and supplies
|
19,020
|
|
|
20,089
|
|
|
30,257
|
|
|
30,831
|
|
|||||
Utilities
|
8,410
|
|
|
8,102
|
|
|
23,432
|
|
|
24,552
|
|
|||||
Media
|
13,091
|
|
|
11,447
|
|
|
21,705
|
|
|
21,158
|
|
|||||
Transportation
|
13,791
|
|
|
12,683
|
|
|
20,255
|
|
|
19,036
|
|
|||||
Individuals and trusts
|
13,916
|
|
|
14,993
|
|
|
17,801
|
|
|
19,001
|
|
|||||
Insurance, including monolines
|
8,519
|
|
|
10,090
|
|
|
14,145
|
|
|
16,157
|
|
|||||
Software and services
|
5,549
|
|
|
4,304
|
|
|
12,125
|
|
|
9,579
|
|
|||||
Pharmaceuticals and biotechnology
|
3,854
|
|
|
4,141
|
|
|
11,409
|
|
|
11,328
|
|
|||||
Technology hardware and equipment
|
5,118
|
|
|
5,247
|
|
|
11,108
|
|
|
12,173
|
|
|||||
Telecommunication services
|
4,029
|
|
|
4,297
|
|
|
10,297
|
|
|
10,424
|
|
|||||
Religious and social organizations
|
6,850
|
|
|
8,536
|
|
|
9,107
|
|
|
11,160
|
|
|||||
Consumer durables and apparel
|
4,246
|
|
|
4,505
|
|
|
8,438
|
|
|
8,965
|
|
|||||
Automobiles and components
|
3,312
|
|
|
2,813
|
|
|
7,675
|
|
|
7,178
|
|
|||||
Food and staples retailing
|
3,528
|
|
|
3,273
|
|
|
6,838
|
|
|
6,476
|
|
|||||
Other
|
3,264
|
|
|
4,888
|
|
|
6,507
|
|
|
7,636
|
|
|||||
Total commercial credit exposure by industry
|
$
|
471,727
|
|
|
$
|
466,509
|
|
|
$
|
767,005
|
|
|
$
|
750,532
|
|
|
Net credit default protection purchased on total commitments
(3)
|
|
|
|
|
|
|
$
|
(14,657
|
)
|
|
$
|
(19,356
|
)
|
(1)
|
Includes U.S. small business commercial exposure.
|
(2)
|
Industries are viewed from a variety of perspectives to best isolate the perceived risks. For purposes of this table, the real estate industry is defined based on the borrowers’ or counterparties’ primary business activity using operating cash flows and primary source of repayment as key factors.
|
(3)
|
Represents net notional credit protection purchased. See
Risk Mitigation
on page
104
for additional information.
|
|
|
|
|
|
||||
Table 49
|
Derivative Credit Exposures
|
|||||||
|
|
|
|
|
||||
|
|
December 31
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
|||||
Notional amount of monoline exposure
|
$
|
13,547
|
|
|
$
|
21,070
|
|
|
|
|
|
|
|
||||
Mark-to-market
|
$
|
898
|
|
|
$
|
1,766
|
|
|
Counterparty credit valuation adjustment
|
(118
|
)
|
|
(417
|
)
|
|||
Net mark-to-market
|
$
|
780
|
|
|
$
|
1,349
|
|
|
|
|
|
|
|
||||
|
|
2012
|
|
2011
|
||||
Gains (losses) from credit valuation changes
|
$
|
213
|
|
|
$
|
(1,000
|
)
|
|
|
Bank of America 2012
103
|
|
|
|
|
|
||||
Table 50
|
Credit Derivative Value-at-Risk
|
|||||||
|
|
|
|
|
||||
(Dollars in millions)
|
2012
|
|
2011
|
|||||
Average
|
$
|
52
|
|
|
$
|
60
|
|
|
Credit exposure average
|
79
|
|
|
74
|
|
|||
Combined average
(1)
|
24
|
|
|
38
|
|
(1)
|
Reflects the diversification effect between net credit default protection hedging our credit exposure and the related credit exposure.
|
|
|
|
|
|
||
Table 51
|
Net Credit Default Protection by Maturity
|
|||||
|
|
|
|
|
||
|
|
December 31
|
||||
|
2012
|
|
2011
|
|||
Less than or equal to one year
|
21
|
%
|
|
16
|
%
|
|
Greater than one year and less than or equal to five years
|
75
|
|
|
77
|
|
|
Greater than five years
|
4
|
|
|
7
|
|
|
Total net credit default protection
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
||||||
Table 52
|
Net Credit Default Protection by Credit Exposure Debt Rating
|
|||||||||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
December 31
|
||||||||||||
|
|
2012
|
|
2011
|
||||||||||
(Dollars in millions)
|
Net
Notional
(1)
|
|
Percent of
Total
|
|
Net
Notional
(1)
|
|
Percent of
Total
|
|||||||
Ratings
(2, 3)
|
|
|
|
|
|
|
|
|
|
|
|
|||
AAA
|
$
|
(120
|
)
|
|
0.8
|
%
|
|
$
|
(32
|
)
|
|
0.2
|
%
|
|
AA
|
(474
|
)
|
|
3.2
|
|
|
(779
|
)
|
|
4.0
|
|
|||
A
|
(5,861
|
)
|
|
40.0
|
|
|
(7,184
|
)
|
|
37.1
|
|
|||
BBB
|
(6,067
|
)
|
|
41.4
|
|
|
(7,436
|
)
|
|
38.4
|
|
|||
BB
|
(1,101
|
)
|
|
7.5
|
|
|
(1,527
|
)
|
|
7.9
|
|
|||
B
|
(937
|
)
|
|
6.4
|
|
|
(1,534
|
)
|
|
7.9
|
|
|||
CCC and below
|
(247
|
)
|
|
1.7
|
|
|
(661
|
)
|
|
3.4
|
|
|||
NR
(4)
|
150
|
|
|
(1.0
|
)
|
|
(203
|
)
|
|
1.1
|
|
|||
Total net credit default protection
|
$
|
(14,657
|
)
|
|
100.0
|
%
|
|
$
|
(19,356
|
)
|
|
100.0
|
%
|
(1)
|
Represents net credit default protection (purchased) sold.
|
(2)
|
Ratings are refreshed on a quarterly basis.
|
(3)
|
Ratings of BBB- or higher are considered to meet the definition of investment grade.
|
(4)
|
“NR” is comprised of names that have not been rated.
|
104
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Table 53
|
Credit Derivatives
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
December 31
|
||||||||||||||
|
|
2012
|
|
2011
|
||||||||||||
(Dollars in millions)
|
Contract/
Notional
|
|
Credit Risk
|
|
Contract/
Notional
|
|
Credit Risk
|
|||||||||
Purchased credit derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Credit default swaps
|
$
|
1,559,472
|
|
|
$
|
8,987
|
|
|
$
|
1,944,764
|
|
|
$
|
14,163
|
|
|
Total return swaps/other
|
43,489
|
|
|
402
|
|
|
17,519
|
|
|
776
|
|
|||||
Total purchased credit derivatives
|
$
|
1,602,961
|
|
|
$
|
9,389
|
|
|
$
|
1,962,283
|
|
|
$
|
14,939
|
|
|
Written credit derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Credit default swaps
|
$
|
1,531,504
|
|
|
n/a
|
|
|
$
|
1,885,944
|
|
|
n/a
|
|
|||
Total return swaps/other
|
68,811
|
|
|
n/a
|
|
|
17,838
|
|
|
n/a
|
|
|||||
Total written credit derivatives
|
$
|
1,600,315
|
|
|
n/a
|
|
|
$
|
1,903,782
|
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 54
|
Credit Valuation Gains and Losses
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
2012
|
|
2011
|
||||||||||||||||
(Dollars in millions)
|
Gross
|
Hedge
|
Net
|
|
Gross
|
Hedge
|
Net
|
|||||||||||||
Credit valuation gains (losses)
|
$
|
1,022
|
|
$
|
(731
|
)
|
$
|
291
|
|
|
$
|
(1,863
|
)
|
$
|
1,257
|
|
$
|
(606
|
)
|
|
|
|
|
|
||||
Table 55
|
Total Non-U.S. Exposure by Region
|
|||||||
|
|
|
|
|
||||
|
|
December 31
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
|||||
Europe
|
$
|
137,778
|
|
|
$
|
121,778
|
|
|
Asia Pacific
|
92,412
|
|
|
75,828
|
|
|||
Latin America
|
21,246
|
|
|
15,133
|
|
|||
Middle East and Africa
|
8,200
|
|
|
5,533
|
|
|||
Other
(1)
|
22,014
|
|
|
18,795
|
|
|||
Total
|
$
|
281,650
|
|
|
$
|
237,067
|
|
(1)
|
Other includes Canada exposure of
$20.3 billion
and $16.9 billion at
December 31, 2012
and
2011
.
|
|
|
Bank of America 2012
105
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Table 56
|
Top 20 Non-U.S. Countries Exposure
|
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
(Dollars in millions)
|
Funded Loans and Loan Equivalents
|
|
Unfunded Loan Commitments
|
|
Net Counterparty Exposure
|
|
Securities/
Other
Investments
|
|
Country Exposure at December 31
2012 |
|
Hedges and Credit Default Protection
|
|
Net Country Exposure at December 31
2012 |
|
Increase (Decrease) from December 31
2011 |
|||||||||||||||||
United Kingdom
|
$
|
28,820
|
|
|
$
|
10,593
|
|
|
$
|
4,823
|
|
|
$
|
6,082
|
|
|
$
|
50,318
|
|
|
$
|
(3,126
|
)
|
|
$
|
47,192
|
|
|
$
|
(613
|
)
|
|
Japan
|
16,939
|
|
|
488
|
|
|
2,156
|
|
|
6,150
|
|
|
25,733
|
|
|
(1,894
|
)
|
|
23,839
|
|
|
6,760
|
|
|||||||||
Canada
|
6,197
|
|
|
7,298
|
|
|
1,772
|
|
|
5,074
|
|
|
20,341
|
|
|
(1,365
|
)
|
|
18,976
|
|
|
3,082
|
|
|||||||||
France
|
6,723
|
|
|
6,295
|
|
|
1,332
|
|
|
4,616
|
|
|
18,966
|
|
|
(2,675
|
)
|
|
16,291
|
|
|
4,504
|
|
|||||||||
India
|
8,696
|
|
|
604
|
|
|
342
|
|
|
4,330
|
|
|
13,972
|
|
|
(254
|
)
|
|
13,718
|
|
|
2,444
|
|
|||||||||
Brazil
|
8,251
|
|
|
494
|
|
|
517
|
|
|
3,617
|
|
|
12,879
|
|
|
(376
|
)
|
|
12,503
|
|
|
4,548
|
|
|||||||||
Germany
|
4,407
|
|
|
5,392
|
|
|
3,008
|
|
|
3,334
|
|
|
16,141
|
|
|
(5,121
|
)
|
|
11,020
|
|
|
6,020
|
|
|||||||||
Netherlands
|
6,177
|
|
|
2,257
|
|
|
614
|
|
|
2,850
|
|
|
11,898
|
|
|
(1,216
|
)
|
|
10,682
|
|
|
6,054
|
|
|||||||||
Singapore
|
3,003
|
|
|
5,112
|
|
|
434
|
|
|
1,725
|
|
|
10,274
|
|
|
(100
|
)
|
|
10,174
|
|
|
4,379
|
|
|||||||||
Australia
|
4,816
|
|
|
2,905
|
|
|
646
|
|
|
2,109
|
|
|
10,476
|
|
|
(747
|
)
|
|
9,729
|
|
|
578
|
|
|||||||||
China
|
6,864
|
|
|
329
|
|
|
707
|
|
|
2,382
|
|
|
10,282
|
|
|
(1,095
|
)
|
|
9,187
|
|
|
634
|
|
|||||||||
South Korea
|
4,766
|
|
|
691
|
|
|
319
|
|
|
2,618
|
|
|
8,394
|
|
|
(1,245
|
)
|
|
7,149
|
|
|
(735
|
)
|
|||||||||
Switzerland
|
2,476
|
|
|
3,199
|
|
|
509
|
|
|
605
|
|
|
6,789
|
|
|
(969
|
)
|
|
5,820
|
|
|
1,450
|
|
|||||||||
Hong Kong
|
3,770
|
|
|
550
|
|
|
147
|
|
|
1,084
|
|
|
5,551
|
|
|
(108
|
)
|
|
5,443
|
|
|
735
|
|
|||||||||
Russian Federation
|
3,187
|
|
|
1,398
|
|
|
87
|
|
|
678
|
|
|
5,350
|
|
|
(438
|
)
|
|
4,912
|
|
|
3,297
|
|
|||||||||
Italy
|
2,858
|
|
|
2,825
|
|
|
2,295
|
|
|
521
|
|
|
8,499
|
|
|
(3,661
|
)
|
|
4,838
|
|
|
(17
|
)
|
|||||||||
Mexico
|
2,335
|
|
|
596
|
|
|
181
|
|
|
1,080
|
|
|
4,192
|
|
|
(533
|
)
|
|
3,659
|
|
|
567
|
|
|||||||||
Taiwan
|
2,012
|
|
|
64
|
|
|
159
|
|
|
999
|
|
|
3,234
|
|
|
(12
|
)
|
|
3,222
|
|
|
445
|
|
|||||||||
United Arab Emirates
|
2,134
|
|
|
412
|
|
|
186
|
|
|
116
|
|
|
2,848
|
|
|
(96
|
)
|
|
2,752
|
|
|
1,217
|
|
|||||||||
Spain
|
1,899
|
|
|
1,018
|
|
|
192
|
|
|
604
|
|
|
3,713
|
|
|
(1,059
|
)
|
|
2,654
|
|
|
117
|
|
|||||||||
Total top 20 non-U.S. countries exposure
|
$
|
126,330
|
|
|
$
|
52,520
|
|
|
$
|
20,426
|
|
|
$
|
50,574
|
|
|
$
|
249,850
|
|
|
$
|
(26,090
|
)
|
|
$
|
223,760
|
|
|
$
|
45,466
|
|
106
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Table 57
|
Select European Countries
|
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
(Dollars in millions)
|
Funded Loans and Loan Equivalents
|
|
Unfunded Loan Commitments
|
|
Net Counterparty Exposure
(1)
|
|
Securities/Other Investments
(2)
|
|
Country Exposure at December 31
2012 |
|
Hedges and Credit Default Protection
(3)
|
|
Net Country Exposure at December 31 2012
|
|
Increase (Decrease) from December 31
2011 |
|||||||||||||||||
Greece
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Sovereign
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
(27
|
)
|
|
Financial institutions
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
6
|
|
|
(11
|
)
|
|
(5
|
)
|
|
(2
|
)
|
|||||||||
Corporates
|
173
|
|
|
139
|
|
|
19
|
|
|
2
|
|
|
333
|
|
|
(24
|
)
|
|
309
|
|
|
(125
|
)
|
|||||||||
Total Greece
|
$
|
173
|
|
|
$
|
139
|
|
|
$
|
19
|
|
|
$
|
10
|
|
|
$
|
341
|
|
|
$
|
(35
|
)
|
|
$
|
306
|
|
|
$
|
(154
|
)
|
|
Ireland
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Sovereign
|
$
|
19
|
|
|
$
|
—
|
|
|
$
|
27
|
|
|
$
|
22
|
|
|
$
|
68
|
|
|
$
|
(10
|
)
|
|
$
|
58
|
|
|
$
|
(63
|
)
|
|
Financial institutions
|
437
|
|
|
31
|
|
|
106
|
|
|
40
|
|
|
614
|
|
|
(22
|
)
|
|
592
|
|
|
(206
|
)
|
|||||||||
Corporates
|
587
|
|
|
300
|
|
|
32
|
|
|
33
|
|
|
952
|
|
|
(23
|
)
|
|
929
|
|
|
(566
|
)
|
|||||||||
Total Ireland
|
$
|
1,043
|
|
|
$
|
331
|
|
|
$
|
165
|
|
|
$
|
95
|
|
|
$
|
1,634
|
|
|
$
|
(55
|
)
|
|
$
|
1,579
|
|
|
$
|
(835
|
)
|
|
Italy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Sovereign
|
$
|
14
|
|
|
$
|
—
|
|
|
$
|
1,843
|
|
|
$
|
58
|
|
|
$
|
1,915
|
|
|
$
|
(1,885
|
)
|
|
$
|
30
|
|
|
$
|
(184
|
)
|
|
Financial institutions
|
1,373
|
|
|
18
|
|
|
200
|
|
|
85
|
|
|
1,676
|
|
|
(599
|
)
|
|
1,077
|
|
|
(654
|
)
|
|||||||||
Corporates
|
1,471
|
|
|
2,807
|
|
|
252
|
|
|
378
|
|
|
4,908
|
|
|
(1,177
|
)
|
|
3,731
|
|
|
821
|
|
|||||||||
Total Italy
|
$
|
2,858
|
|
|
$
|
2,825
|
|
|
$
|
2,295
|
|
|
$
|
521
|
|
|
$
|
8,499
|
|
|
$
|
(3,661
|
)
|
|
$
|
4,838
|
|
|
$
|
(17
|
)
|
|
Portugal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Sovereign
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
31
|
|
|
$
|
—
|
|
|
$
|
31
|
|
|
$
|
(68
|
)
|
|
$
|
(37
|
)
|
|
$
|
(28
|
)
|
|
Financial institutions
|
4
|
|
|
—
|
|
|
1
|
|
|
49
|
|
|
54
|
|
|
(16
|
)
|
|
38
|
|
|
34
|
|
|||||||||
Corporates
|
194
|
|
|
43
|
|
|
4
|
|
|
8
|
|
|
249
|
|
|
(164
|
)
|
|
85
|
|
|
24
|
|
|||||||||
Total Portugal
|
$
|
198
|
|
|
$
|
43
|
|
|
$
|
36
|
|
|
$
|
57
|
|
|
$
|
334
|
|
|
$
|
(248
|
)
|
|
$
|
86
|
|
|
$
|
30
|
|
|
Spain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Sovereign
|
$
|
35
|
|
|
$
|
—
|
|
|
$
|
64
|
|
|
$
|
182
|
|
|
$
|
281
|
|
|
$
|
(54
|
)
|
|
$
|
227
|
|
|
$
|
220
|
|
|
Financial institutions
|
42
|
|
|
7
|
|
|
69
|
|
|
162
|
|
|
280
|
|
|
(122
|
)
|
|
158
|
|
|
(504
|
)
|
|||||||||
Corporates
|
1,822
|
|
|
1,011
|
|
|
59
|
|
|
260
|
|
|
3,152
|
|
|
(883
|
)
|
|
2,269
|
|
|
401
|
|
|||||||||
Total Spain
|
$
|
1,899
|
|
|
$
|
1,018
|
|
|
$
|
192
|
|
|
$
|
604
|
|
|
$
|
3,713
|
|
|
$
|
(1,059
|
)
|
|
$
|
2,654
|
|
|
$
|
117
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Sovereign
|
$
|
68
|
|
|
$
|
—
|
|
|
$
|
1,965
|
|
|
$
|
264
|
|
|
$
|
2,297
|
|
|
$
|
(2,017
|
)
|
|
$
|
280
|
|
|
$
|
(82
|
)
|
|
Financial institutions
|
1,856
|
|
|
56
|
|
|
376
|
|
|
342
|
|
|
2,630
|
|
|
(770
|
)
|
|
1,860
|
|
|
(1,332
|
)
|
|||||||||
Corporates
|
4,247
|
|
|
4,300
|
|
|
366
|
|
|
681
|
|
|
9,594
|
|
|
(2,271
|
)
|
|
7,323
|
|
|
555
|
|
|||||||||
Total select European exposure
|
$
|
6,171
|
|
|
$
|
4,356
|
|
|
$
|
2,707
|
|
|
$
|
1,287
|
|
|
$
|
14,521
|
|
|
$
|
(5,058
|
)
|
|
$
|
9,463
|
|
|
$
|
(859
|
)
|
(1)
|
Net counterparty exposure includes the fair value of derivatives including the counterparty risk associated with credit default protection and secured financing transactions. Derivatives are presented net of
$3.1 billion
in collateral, predominantly in cash, pledged under legally enforceable netting agreements. Secured financing transactions are presented net of eligible cash or securities pledged. The notional amount of reverse repurchase transactions was
$1.3 billion
at
December 31, 2012
. Counterparty exposure is not presented net of hedges or credit default protection.
|
(2)
|
Long securities exposures have been netted on a single-name basis to, but not below, zero by short positions of
$6.5 billion
and net CDS purchased of
$1.8 billion
, consisting of
$2.0 billion
of net single-name CDS purchased and
$207 million
of net index and tranched CDS sold.
|
(3)
|
Represents credit default protection purchased, net of credit default protection sold, which is used to mitigate the Corporation’s risk to country exposures as listed, including
$2.7 billion
, consisting of
$3.0 billion
in net single-name CDS purchased and
$346 million
in net index and tranched CDS sold, to hedge loans and securities,
$2.3 billion
in additional credit default protection purchased to hedge derivative assets and
$60 million
in other short positions.
|
|
|
Bank of America 2012
107
|
|
|
|
|
|
|
|
|
|
||||||||
Table 58
|
Single-Name CDS with Reference Assets in Greece, Ireland, Italy, Portugal and Spain
(1)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
December 31, 2012
|
||||||||||||||
|
|
Notional
|
|
Fair Value
|
||||||||||||
(Dollars in billions)
|
Purchased
|
|
Sold
|
|
Purchased
|
|
Sold
|
|||||||||
Greece
|
|
|
|
|
|
|
|
|||||||||
Aggregate
|
$
|
1.8
|
|
|
$
|
1.7
|
|
|
$
|
0.2
|
|
|
$
|
0.2
|
|
|
After legally netting
(2)
|
0.4
|
|
|
0.4
|
|
|
0.1
|
|
|
0.1
|
|
|||||
Ireland
|
|
|
|
|
|
|
|
|||||||||
Aggregate
|
3.0
|
|
|
2.8
|
|
|
0.2
|
|
|
0.2
|
|
|||||
After legally netting
(2)
|
1.4
|
|
|
1.2
|
|
|
0.1
|
|
|
0.1
|
|
|||||
Italy
|
|
|
|
|
|
|
|
|||||||||
Aggregate
|
47.4
|
|
|
42.1
|
|
|
3.5
|
|
|
2.8
|
|
|||||
After legally netting
(2)
|
11.0
|
|
|
5.7
|
|
|
1.3
|
|
|
0.5
|
|
|||||
Portugal
|
|
|
|
|
|
|
|
|||||||||
Aggregate
|
8.1
|
|
|
8.0
|
|
|
0.5
|
|
|
0.5
|
|
|||||
After legally netting
(2)
|
1.3
|
|
|
1.2
|
|
|
0.1
|
|
|
0.1
|
|
|||||
Spain
|
|
|
|
|
|
|
|
|||||||||
Aggregate
|
22.7
|
|
|
22.3
|
|
|
1.0
|
|
|
1.0
|
|
|||||
After legally netting
(2)
|
4.0
|
|
|
3.7
|
|
|
0.2
|
|
|
0.2
|
|
(1)
|
The majority of our CDS contracts on reference assets in Greece, Ireland, Italy, Portugal and Spain are primarily with non-Eurozone counterparties.
|
(2)
|
Amounts listed are after consideration of legally enforceable counterparty master netting agreements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Table 59
|
Total Cross-border Exposure Exceeding One Percent of Total Assets
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(Dollars in millions)
|
December 31
|
|
Public Sector
|
|
Banks
|
|
Private Sector
|
|
Cross-border
Exposure |
|
Exposure as a
Percentage of Total Assets |
||||||||||
United Kingdom
|
2012
|
|
$
|
95
|
|
|
$
|
5,656
|
|
|
$
|
31,595
|
|
|
$
|
37,346
|
|
|
1.69
|
%
|
|
|
2011
|
|
6,401
|
|
|
4,424
|
|
|
18,056
|
|
|
28,881
|
|
|
1.36
|
|
|||||
France
(1)
|
2012
|
|
2,556
|
|
|
3,215
|
|
|
17,639
|
|
|
23,410
|
|
|
1.06
|
|
|||||
Canada
(2)
|
2012
|
|
1,325
|
|
|
3,314
|
|
|
18,427
|
|
|
23,066
|
|
|
1.04
|
|
(1)
|
At
December 31, 2011
, total cross-border exposure for France was $16.1 billion, representing 0.75 percent of total assets.
|
(2)
|
At
December 31, 2011
, total cross-border exposure for Canada was $16.9 billion, representing 0.79 percent of total assets.
|
108
Bank of America 2012
|
|
|
|
|
Bank of America 2012
109
|
110
Bank of America 2012
|
|
|
|
|
|
|
|
||||
Table 60
|
Allowance for Credit Losses
|
|
|
|
||||
|
|
|
|
|
||||
(Dollars in millions)
|
2012
|
|
2011
|
|||||
Allowance for loan and lease losses, January 1
|
$
|
33,783
|
|
|
$
|
41,885
|
|
|
Loans and leases charged off
|
|
|
|
|||||
Residential mortgage
|
(3,211
|
)
|
|
(4,195
|
)
|
|||
Home equity
|
(4,566
|
)
|
|
(4,990
|
)
|
|||
Discontinued real estate
|
(72
|
)
|
|
(106
|
)
|
|||
U.S. credit card
|
(5,360
|
)
|
|
(8,114
|
)
|
|||
Non-U.S. credit card
|
(835
|
)
|
|
(1,691
|
)
|
|||
Direct/Indirect consumer
|
(1,258
|
)
|
|
(2,190
|
)
|
|||
Other consumer
|
(274
|
)
|
|
(252
|
)
|
|||
Total consumer charge-offs
|
(15,576
|
)
|
|
(21,538
|
)
|
|||
U.S. commercial
(1)
|
(1,309
|
)
|
|
(1,690
|
)
|
|||
Commercial real estate
|
(719
|
)
|
|
(1,298
|
)
|
|||
Commercial lease financing
|
(32
|
)
|
|
(61
|
)
|
|||
Non-U.S. commercial
|
(36
|
)
|
|
(155
|
)
|
|||
Total commercial charge-offs
|
(2,096
|
)
|
|
(3,204
|
)
|
|||
Total loans and leases charged off
|
(17,672
|
)
|
|
(24,742
|
)
|
|||
Recoveries of loans and leases previously charged off
|
|
|
|
|||||
Residential mortgage
|
158
|
|
|
363
|
|
|||
Home equity
|
329
|
|
|
517
|
|
|||
Discontinued real estate
|
9
|
|
|
14
|
|
|||
U.S. credit card
|
728
|
|
|
838
|
|
|||
Non-U.S. credit card
|
254
|
|
|
522
|
|
|||
Direct/Indirect consumer
|
495
|
|
|
714
|
|
|||
Other consumer
|
42
|
|
|
50
|
|
|||
Total consumer recoveries
|
2,015
|
|
|
3,018
|
|
|||
U.S. commercial
(2)
|
368
|
|
|
500
|
|
|||
Commercial real estate
|
335
|
|
|
351
|
|
|||
Commercial lease financing
|
38
|
|
|
37
|
|
|||
Non-U.S. commercial
|
8
|
|
|
3
|
|
|||
Total commercial recoveries
|
749
|
|
|
891
|
|
|||
Total recoveries of loans and leases previously charged off
|
2,764
|
|
|
3,909
|
|
|||
Net charge-offs
|
(14,908
|
)
|
|
(20,833
|
)
|
|||
Provision for loan and lease losses
|
8,310
|
|
|
13,629
|
|
|||
Write-offs of home equity PCI loans
|
(2,820
|
)
|
|
—
|
|
|||
Other
(3)
|
(186
|
)
|
|
(898
|
)
|
|||
Allowance for loan and lease losses, December 31
|
24,179
|
|
|
33,783
|
|
|||
Reserve for unfunded lending commitments, January 1
|
714
|
|
|
1,188
|
|
|||
Provision for unfunded lending commitments
|
(141
|
)
|
|
(219
|
)
|
|||
Other
(4)
|
(60
|
)
|
|
(255
|
)
|
|||
Reserve for unfunded lending commitments, December 31
|
513
|
|
|
714
|
|
|||
Allowance for credit losses, December 31
|
$
|
24,692
|
|
|
$
|
34,497
|
|
(1)
|
Includes U.S. small business commercial charge-offs of
$799 million
and
$1.1 billion
in
2012
and
2011
.
|
(2)
|
Includes U.S. small business commercial recoveries of
$100 million
and
$106 million
in
2012
and
2011
.
|
(3)
|
Primarily represents the net impact of portfolio sales, consolidations and deconsolidations, and foreign currency translation adjustments. In addition, the 2011 amount includes a
$449 million
reduction in the allowance for loan and lease losses related to Canadian consumer card loans that were transferred to LHFS.
|
(4)
|
Primarily represents accretion of the Merrill Lynch purchase accounting adjustment and the impact of funding previously unfunded positions.
|
|
|
Bank of America 2012
111
|
|
|
|
|
|
||||
Table 60
|
Allowance for Credit Losses (continued)
|
|
|
|
||||
|
|
|
|
|
||||
(Dollars in millions)
|
2012
|
|
2011
|
|||||
Loan and allowance ratios:
|
|
|
|
|||||
Loans and leases outstanding at December 31
(5)
|
$
|
898,817
|
|
|
$
|
917,396
|
|
|
Allowance for loan and lease losses as a percentage of total loans and leases and outstanding at December 31
(5)
|
2.69
|
%
|
|
3.68
|
%
|
|||
Consumer allowance for loan and lease losses as a percentage of total consumer loans outstanding at December 31
(6)
|
3.81
|
|
|
4.88
|
|
|||
Commercial allowance for loan and lease losses as a percentage of total commercial loans and leases outstanding at December 31
(7)
|
0.90
|
|
|
1.33
|
|
|||
Average loans and leases outstanding
(5)
|
$
|
890,337
|
|
|
$
|
929,661
|
|
|
Net charge-offs as a percentage of average loans and leases outstanding
(5, 8)
|
1.67
|
%
|
|
2.24
|
%
|
|||
Net charge-offs and PCI write-offs as a percentage of average loans and leases outstanding
(5, 9)
|
1.99
|
|
|
2.24
|
|
|||
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases at December 31
(5, 10)
|
107
|
|
|
135
|
|
|||
Ratio of the allowance for loan and lease losses at December 31 to net charge-offs
(8)
|
1.62
|
|
|
1.62
|
|
|||
Ratio of the allowance for loan and lease losses at December 31 to net charge-offs and PCI write-offs
(9)
|
1.36
|
|
|
1.62
|
|
|||
Amounts included in the allowance for loan and lease losses that are excluded from nonperforming loans and leases at December 31
(11)
|
$
|
12,021
|
|
|
$
|
17,490
|
|
|
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases excluding amounts included in the allowance for loan and lease losses that are excluded from nonperforming loans and leases at December 31
(11)
|
54
|
%
|
|
65
|
%
|
|||
Loan and allowance ratios excluding PCI loans and the related valuation allowance:
(12)
|
|
|
|
|
||||
Allowance for loan and lease losses as a percentage of total loans and leases outstanding at December 31
(5)
|
2.14
|
%
|
|
2.86
|
%
|
|||
Consumer allowance for loan and lease losses as a percentage of total consumer loans outstanding at December 31
(6)
|
2.95
|
|
|
3.68
|
|
|||
Net charge-offs as a percentage of average loans and leases outstanding
(5)
|
1.73
|
|
|
2.32
|
|
|||
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases at December 31
(5, 10)
|
82
|
|
|
101
|
|
|||
Ratio of the allowance for loan and lease losses at December 31 to net charge-offs
|
1.25
|
|
|
1.22
|
|
(5)
|
Outstanding loan and lease balances and ratios do not include loans accounted for under the fair value option. Loans accounted for under the fair value option were
$9.0 billion
and
$8.8 billion
at
December 31, 2012 and 2011
. Average loans accounted for under the fair value option were
$8.4 billion
in both
2012
and
2011
.
|
(6)
|
Excludes consumer loans accounted for under the fair value option of
$1.0 billion
and
$2.2 billion
at
December 31, 2012 and 2011
.
|
(7)
|
Excludes commercial loans accounted for under the fair value option of
$8.0 billion
and
$6.6 billion
at
December 31, 2012 and 2011
.
|
(8)
|
Net charge-offs exclude
$2.8 billion
of write-offs in the Countrywide home equity PCI loan portfolio for
2012
. These write-offs decreased the PCI valuation allowance included as part of the allowance for loan and lease losses. For information on PCI write-offs, see
Countrywide Purchased Credit-impaired Loan Portfolio
on page
90
.
|
(9)
|
There were no write-offs of PCI loans in 2011.
|
(10)
|
For more information on our definition of nonperforming loans, see pages
93
and
101
.
|
(11)
|
Primarily includes amounts allocated to U.S. credit card and unsecured consumer lending portfolios in
CBB
, PCI loans and the non-U.S. credit card portfolio in
All Other
.
|
(12)
|
For more information on the PCI loan portfolio and the valuation allowance for PCI loans, see
Note 5 – Outstanding Loans and Leases
and
Note 6 – Allowance for Credit Losses
to the Consolidated Financial Statements
.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Table 61
|
Allocation of the Allowance for Credit Losses by Product Type
|
|||||||||||||||||||
|
|
|
|
|
||||||||||||||||
|
|
December 31, 2012
|
|
December 31, 2011
|
||||||||||||||||
(Dollars in millions)
|
Amount
|
|
Percent of
Total
|
|
Percent of
Loans and Leases
Outstanding
(1)
|
|
Amount
|
|
Percent of
Total
|
|
Percent of
Loans and Leases
Outstanding
(1)
|
|||||||||
Allowance for loan and lease losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Residential mortgage
|
$
|
5,004
|
|
|
20.69
|
%
|
|
2.06
|
%
|
|
$
|
5,715
|
|
|
16.92
|
%
|
|
2.18
|
%
|
|
Home equity
|
7,845
|
|
|
32.45
|
|
|
7.26
|
|
|
13,094
|
|
|
38.76
|
|
|
10.50
|
|
|||
Discontinued real estate
|
2,084
|
|
|
8.62
|
|
|
21.07
|
|
|
2,270
|
|
|
6.72
|
|
|
20.46
|
|
|||
U.S. credit card
|
4,718
|
|
|
19.51
|
|
|
4.97
|
|
|
6,322
|
|
|
18.71
|
|
|
6.18
|
|
|||
Non-U.S. credit card
|
600
|
|
|
2.48
|
|
|
5.13
|
|
|
946
|
|
|
2.80
|
|
|
6.56
|
|
|||
Direct/Indirect consumer
|
718
|
|
|
2.97
|
|
|
0.86
|
|
|
1,153
|
|
|
3.41
|
|
|
1.29
|
|
|||
Other consumer
|
104
|
|
|
0.43
|
|
|
6.40
|
|
|
148
|
|
|
0.44
|
|
|
5.50
|
|
|||
Total consumer
|
21,073
|
|
|
87.15
|
|
|
3.81
|
|
|
29,648
|
|
|
87.76
|
|
|
4.88
|
|
|||
U.S. commercial
(2)
|
1,885
|
|
|
7.80
|
|
|
0.90
|
|
|
2,441
|
|
|
7.23
|
|
|
1.26
|
|
|||
Commercial real estate
|
846
|
|
|
3.50
|
|
|
2.19
|
|
|
1,349
|
|
|
3.99
|
|
|
3.41
|
|
|||
Commercial lease financing
|
78
|
|
|
0.32
|
|
|
0.33
|
|
|
92
|
|
|
0.27
|
|
|
0.42
|
|
|||
Non-U.S. commercial
|
297
|
|
|
1.23
|
|
|
0.40
|
|
|
253
|
|
|
0.75
|
|
|
0.46
|
|
|||
Total commercial
(3)
|
3,106
|
|
|
12.85
|
|
|
0.90
|
|
|
4,135
|
|
|
12.24
|
|
|
1.33
|
|
|||
Allowance for loan and lease losses
|
24,179
|
|
|
100.00
|
%
|
|
2.69
|
|
|
33,783
|
|
|
100.00
|
%
|
|
3.68
|
|
|||
Reserve for unfunded lending commitments
|
513
|
|
|
|
|
|
|
714
|
|
|
|
|
|
|
|
|||||
Allowance for credit losses
(4)
|
$
|
24,692
|
|
|
|
|
|
|
$
|
34,497
|
|
|
|
|
|
|
|
(1)
|
Ratios are calculated as allowance for loan and lease losses as a percentage of loans and leases outstanding excluding loans accounted for under the fair value option. Consumer loans accounted for under the fair value option included residential mortgage loans of
$147 million
and
$906 million
and discontinued real estate of
$858 million
and
$1.3 billion
at
December 31, 2012 and 2011
. Commercial loans accounted for under the fair value option included U.S. commercial loans of
$2.3 billion
and
$2.2 billion
and non-U.S. commercial loans of
$5.7 billion
and
$4.4 billion
at
December 31, 2012 and 2011
.
|
(2)
|
Includes allowance for loan and lease losses for U.S. small business commercial loans of
$642 million
and
$893 million
at
December 31, 2012 and 2011
.
|
(3)
|
Includes allowance for loan and lease losses for impaired commercial loans of
$330 million
and
$545 million
at
December 31, 2012 and 2011
.
|
(4)
|
Includes
$5.5 billion
and
$8.5 billion
of valuation allowance presented with the allowance for credit losses related to PCI loans at
December 31, 2012 and 2011
.
|
112
Bank of America 2012
|
|
|
|
|
Bank of America 2012
113
|
114
Bank of America 2012
|
|
|
|
|
Bank of America 2012
115
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 62
|
Market Risk VaR for Trading Activities
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
2012
|
|
2011
|
||||||||||||||||||||
(Dollars in millions)
|
Average
|
|
High
(1)
|
|
Low
(1)
|
|
Average
|
|
High
(1)
|
|
Low
(1)
|
|||||||||||||
Foreign exchange
|
$
|
21.4
|
|
|
$
|
34.3
|
|
|
$
|
11.5
|
|
|
$
|
20.0
|
|
|
$
|
48.6
|
|
|
$
|
5.6
|
|
|
Interest rate
|
46.3
|
|
|
75.3
|
|
|
29.8
|
|
|
50.6
|
|
|
82.7
|
|
|
29.2
|
|
|||||||
Credit
|
49.5
|
|
|
80.7
|
|
|
31.1
|
|
|
109.9
|
|
|
155.3
|
|
|
54.8
|
|
|||||||
Real estate/mortgage
|
34.1
|
|
|
45.0
|
|
|
27.6
|
|
|
80.0
|
|
|
139.5
|
|
|
31.5
|
|
|||||||
Equities
|
27.8
|
|
|
54.8
|
|
|
14.6
|
|
|
50.5
|
|
|
88.9
|
|
|
25.1
|
|
|||||||
Commodities
|
13.0
|
|
|
17.7
|
|
|
7.2
|
|
|
18.9
|
|
|
33.8
|
|
|
8.4
|
|
|||||||
Portfolio diversification
|
(117.1
|
)
|
|
—
|
|
|
—
|
|
|
(163.1
|
)
|
|
—
|
|
|
—
|
|
|||||||
Total market-based trading portfolio
|
$
|
75.0
|
|
|
$
|
128.1
|
|
|
$
|
41.9
|
|
|
$
|
166.8
|
|
|
$
|
318.6
|
|
|
$
|
75.0
|
|
(1)
|
The high and low for the total portfolio may not equal the sum of the individual components as the highs or lows of the individual portfolios may have occurred on different trading days.
|
116
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|||
Table 63
|
Forward Rates
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||
|
|
December 31, 2012
|
|||||||
|
|
Federal
Funds
|
|
Three-Month
LIBOR
|
|
10-Year
Swap
|
|||
Spot rates
|
0.25
|
%
|
|
0.31
|
%
|
|
1.84
|
%
|
|
12-month forward rates
|
0.25
|
|
|
0.37
|
|
|
2.10
|
|
|
|
|
|
|
|
|
|
|||
|
|
December 31, 2011
|
|||||||
Spot rates
|
0.25
|
%
|
|
0.58
|
%
|
|
2.03
|
%
|
|
12-month forward rates
|
0.25
|
|
|
0.75
|
|
|
2.29
|
|
|
|
Bank of America 2012
117
|
|
|
|
|
|
|
|
|
|
||||||
Table 64
|
Estimated Net Interest Income Excluding Trading-related Net Interest Income
|
|||||||||||||
|
|
|
|
|
|
|
|
|
||||||
(Dollars in millions)
|
Short
Rate (bps)
|
|
Long
Rate (bps)
|
|
December 31
|
|||||||||
Curve Change
|
|
|
2012
|
|
2011
|
|||||||||
Parallel Shifts
|
|
|
|
|
|
|
|
|||||||
+100 bps
instantaneous shift
|
+100
|
|
+100
|
|
$
|
4,232
|
|
|
$
|
2,883
|
|
|||
-50 bps
instantaneous shift
|
--50
|
|
|
--50
|
|
|
(2,250
|
)
|
|
(1,795
|
)
|
|||
Flatteners
|
|
|
|
|
|
|
|
|
|
|
|
|||
Short end
instantaneous change
|
+100
|
|
—
|
|
|
2,159
|
|
|
979
|
|
||||
Long end
instantaneous change
|
—
|
|
|
--50
|
|
|
(1,597
|
)
|
|
(1,319
|
)
|
|||
Steepeners
|
|
|
|
|
|
|
|
|
|
|
|
|||
Short end
instantaneous change
|
--50
|
|
|
—
|
|
|
(655
|
)
|
|
(464
|
)
|
|||
Long end
instantaneous change
|
—
|
|
|
+100
|
|
2,091
|
|
|
1,935
|
|
118
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Table 65
|
Asset and Liability Management Interest Rate and Foreign Exchange Contracts
|
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
December 31, 2012
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
Expected Maturity
|
|
|
|||||||||||||||||||||||||||||
(Dollars in millions, average estimated duration in years)
|
Fair
Value
|
|
Total
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
Thereafter
|
|
Average
Estimated
Duration
|
||||||||||||||||||
Receive-fixed interest rate swaps
(1, 2)
|
$
|
10,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.30
|
|
||||||||
Notional amount
|
|
|
|
$
|
85,899
|
|
|
$
|
7,175
|
|
|
$
|
7,604
|
|
|
$
|
11,785
|
|
|
$
|
11,362
|
|
|
$
|
19,693
|
|
|
$
|
28,280
|
|
|
|
|
||
Weighted-average fixed-rate
|
|
|
|
4.12
|
%
|
|
4.06
|
%
|
|
3.79
|
%
|
|
3.56
|
%
|
|
3.98
|
%
|
|
3.89
|
%
|
|
4.67
|
%
|
|
|
|
|||||||||
Pay-fixed interest rate swaps
(1, 2)
|
(4,903
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15.47
|
|
|||||||||
Notional amount
|
|
|
|
$
|
26,548
|
|
|
$
|
27
|
|
|
$
|
3,989
|
|
|
$
|
520
|
|
|
$
|
1,025
|
|
|
$
|
1,527
|
|
|
$
|
19,460
|
|
|
|
|
||
Weighted-average fixed-rate
|
|
|
|
3.09
|
%
|
|
6.91
|
%
|
|
0.79
|
%
|
|
2.30
|
%
|
|
1.65
|
%
|
|
1.84
|
%
|
|
3.75
|
%
|
|
|
|
|||||||||
Same-currency basis swaps
(3)
|
45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notional amount
|
|
|
|
$
|
213,458
|
|
|
$
|
82,716
|
|
|
$
|
54,534
|
|
|
$
|
19,995
|
|
|
$
|
20,361
|
|
|
$
|
13,542
|
|
|
$
|
22,310
|
|
|
|
|
||
Foreign exchange basis swaps
(2, 4, 5)
|
431
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notional amount
|
|
|
|
191,925
|
|
|
32,590
|
|
|
44,732
|
|
|
27,569
|
|
|
15,965
|
|
|
20,134
|
|
|
50,935
|
|
|
|
|
|||||||||
Option products
(6)
|
(147
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notional amount
(7)
|
|
|
|
4,218
|
|
|
4,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
218
|
|
|
|
|
|||||||||
Foreign exchange contracts
(2, 5, 8)
|
5,636
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notional amount
(7)
|
|
|
(1,200
|
)
|
|
(23,438
|
)
|
|
8,615
|
|
|
1,303
|
|
|
582
|
|
|
6,183
|
|
|
5,555
|
|
|
|
|
||||||||||
Futures and forward rate contracts
|
24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notional amount
(7)
|
|
|
|
(11,595
|
)
|
|
(11,595
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|||||||||
Net ALM contracts
|
$
|
11,577
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
December 31, 2011
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
Expected Maturity
|
|
|
|||||||||||||||||||||||||||||
(Dollars in millions, average estimated duration in years)
|
Fair
Value
|
|
Total
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
Thereafter
|
|
Average
Estimated
Duration
|
||||||||||||||||||
Receive-fixed interest rate swaps
(1, 2)
|
$
|
13,989
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.99
|
|
||||||||
Notional amount
|
|
|
|
$
|
105,938
|
|
|
$
|
22,422
|
|
|
$
|
8,144
|
|
|
$
|
7,604
|
|
|
$
|
10,774
|
|
|
$
|
11,660
|
|
|
$
|
45,334
|
|
|
|
|
||
Weighted-average fixed-rate
|
|
|
|
4.09
|
%
|
|
2.65
|
%
|
|
3.70
|
%
|
|
3.79
|
%
|
|
4.01
|
%
|
|
3.96
|
%
|
|
4.98
|
%
|
|
|
|
|||||||||
Pay-fixed interest rate swaps
(1, 2)
|
(13,561
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12.17
|
|
|||||||||
Notional amount
|
|
|
|
$
|
77,985
|
|
|
$
|
2,150
|
|
|
$
|
1,496
|
|
|
$
|
1,750
|
|
|
$
|
15,026
|
|
|
$
|
8,951
|
|
|
$
|
48,612
|
|
|
|
|
||
Weighted-average fixed-rate
|
|
|
|
3.29
|
%
|
|
1.45
|
%
|
|
2.68
|
%
|
|
1.80
|
%
|
|
2.35
|
%
|
|
3.13
|
%
|
|
3.76
|
%
|
|
|
|
|||||||||
Same-currency basis swaps
(3)
|
61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notional amount
|
|
|
|
$
|
222,641
|
|
|
$
|
44,898
|
|
|
$
|
83,248
|
|
|
$
|
35,678
|
|
|
$
|
14,134
|
|
|
$
|
17,113
|
|
|
$
|
27,570
|
|
|
|
|
||
Foreign exchange basis swaps
(2, 4, 5)
|
3,409
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notional amount
|
|
|
|
262,428
|
|
|
60,359
|
|
|
49,161
|
|
|
55,111
|
|
|
20,401
|
|
|
43,360
|
|
|
34,036
|
|
|
|
|
|||||||||
Option products
(6)
|
(1,875
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notional amount
(7)
|
|
|
|
10,413
|
|
|
1,500
|
|
|
2,950
|
|
|
600
|
|
|
300
|
|
|
458
|
|
|
4,605
|
|
|
|
|
|||||||||
Foreign exchange contracts
(2, 5, 8)
|
2,522
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notional amount
(7)
|
|
|
|
52,328
|
|
|
20,470
|
|
|
3,556
|
|
|
10,165
|
|
|
2,071
|
|
|
2,603
|
|
|
13,463
|
|
|
|
|
|||||||||
Futures and forward rate contracts
|
153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notional amount
(7)
|
|
|
|
12,160
|
|
|
12,160
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|||||||||
Net ALM contracts
|
$
|
4,698
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
At
December 31, 2011
, the receive-fixed interest rate swap notional amounts that represented forward starting swaps and which will not be effective until their respective contractual start dates totaled $1.7 billion compared to none at
December 31, 2012
. The forward starting pay-fixed swap positions at
December 31, 2012
and
2011
were $520 million and $8.8 billion.
|
(2)
|
Does not include basis adjustments on either fixed-rate debt issued by the Corporation or AFS debt securities which are hedged using derivatives designated as fair value hedging instruments that substantially offset the fair values of these derivatives.
|
(3)
|
At
December 31, 2012
and
2011
, the notional amount of same-currency basis swaps consisted of
$213.5 billion
and
$222.6 billion
in both foreign currency and U.S. dollar-denominated basis swaps in which both sides of the swap are in the same currency.
|
(4)
|
Foreign exchange basis swaps consisted of cross-currency variable interest rate swaps used separately or in conjunction with receive-fixed interest rate swaps.
|
(5)
|
Does not include foreign currency translation adjustments on certain non-U.S. debt issued by the Corporation that substantially offset the fair values of these derivatives.
|
(6)
|
The notional amount of option products of
$4.2 billion
at
December 31, 2012
were comprised of
$18 million
in purchased caps/floors and
$4.2 billion
in swaptions. Option products of
$10.4 billion
at
December 31, 2011
were comprised of
$30 million
in purchased caps/floors and
$10.4 billion
in swaptions.
|
(7)
|
Reflects the net of long and short positions.
|
(8)
|
The notional amount of foreign exchange contracts of
$(1.2) billion
at
December 31, 2012
was comprised of
$41.9 billion
in foreign currency-denominated and cross-currency receive-fixed swaps,
$10.5 billion
in foreign currency-denominated pay-fixed swaps, and
$(32.6) billion
in net foreign currency forward rate contracts. Foreign exchange contracts of
$52.3 billion
at
December 31, 2011
were comprised of
$40.6 billion
in foreign currency-denominated and cross-currency receive-fixed swaps,
$647 million
in foreign currency-denominated pay-fixed swaps and
$12.4 billion
in net foreign currency forward rate contracts.
|
|
|
Bank of America 2012
119
|
120
Bank of America 2012
|
|
|
|
|
Bank of America 2012
121
|
122
Bank of America 2012
|
|
|
|
|
Bank of America 2012
123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Table 66
|
Level 3 Asset and Liability Summary
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
December 31, 2012
|
|
December 31, 2011
|
||||||||||||||||
(Dollars in millions)
|
Level 3
Fair Value
|
|
As a %
of Total Level 3
Assets
|
|
As a %
of Total
Assets
|
|
Level 3
Fair Value
|
|
As a %
of Total Level 3
Assets
|
|
As a %
of Total
Assets
|
|||||||||
Trading account assets
|
$
|
9,559
|
|
|
26.13
|
%
|
|
0.43
|
%
|
|
$
|
11,455
|
|
|
22.21
|
%
|
|
0.54
|
%
|
|
Derivative assets
|
8,073
|
|
|
22.06
|
|
|
0.37
|
|
|
14,366
|
|
|
27.85
|
|
|
0.67
|
|
|||
AFS debt securities
|
5,091
|
|
|
13.91
|
|
|
0.23
|
|
|
8,012
|
|
|
15.53
|
|
|
0.38
|
|
|||
All other Level 3 assets at fair value
|
13,865
|
|
|
37.90
|
|
|
0.63
|
|
|
17,744
|
|
|
34.41
|
|
|
0.83
|
|
|||
Total Level 3 assets at fair value
(1)
|
$
|
36,588
|
|
|
100.00
|
%
|
|
1.66
|
%
|
|
$
|
51,577
|
|
|
100.00
|
%
|
|
2.42
|
%
|
|
|
|
Level 3
Fair Value
|
|
As a %
of Total Level 3
Liabilities
|
|
As a %
of Total
Liabilities
|
|
Level 3
Fair Value
|
|
As a %
of Total Level 3
Liabilities
|
|
As a %
of Total
Liabilities
|
||||||||
Derivative liabilities
|
$
|
6,605
|
|
|
73.51
|
%
|
|
0.33
|
%
|
|
$
|
8,500
|
|
|
73.46
|
%
|
|
0.45
|
%
|
|
Long-term debt
|
2,301
|
|
|
25.61
|
|
|
0.12
|
|
|
2,943
|
|
|
25.43
|
|
|
0.15
|
|
|||
All other Level 3 liabilities at fair value
|
79
|
|
|
0.88
|
|
|
0.01
|
|
|
128
|
|
|
1.11
|
|
|
0.01
|
|
|||
Total Level 3 liabilities at fair value
(1)
|
$
|
8,985
|
|
|
100.00
|
%
|
|
0.46
|
%
|
|
$
|
11,571
|
|
|
100.00
|
%
|
|
0.61
|
%
|
(1)
|
Level 3 total assets and liabilities are shown before the impact of counterparty netting related to our derivative positions.
|
124
Bank of America 2012
|
|
|
|
|
Bank of America 2012
125
|
126
Bank of America 2012
|
|
|
|
|
Bank of America 2012
127
|
|
Card income decreased $924 million primarily due to the implementation of new interchange fee rules under the Durbin Amendment, which became effective on October 1, 2011 and the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) provisions that were implemented during 2010.
|
|
Service charges decreased $1.3 billion largely due to the impact of overdraft policy changes in conjunction with Regulation E, which became effective in the third quarter of 2010.
|
|
Equity investment income increased $2.1 billion. The results for 2011 included $6.5 billion of gains on the sale of CCB shares, partially offset by $1.1 billion of impairment charges on our merchant services joint venture. The prior year included $2.5 billion of net gains which included the sales of certain strategic investments, $2.3 billion of gains in our GPI portfolio and $535 million of CCB dividends.
|
|
Trading account profits decreased $3.4 billion primarily due to adverse market conditions and extreme volatility in the credit markets compared to the prior year. Net DVA gains on derivatives were $1.0 billion in 2011 compared to $262 million in 2010 as a result of a widening of our credit spreads. Proprietary trading revenue was $434 million for the six months ended June 30, 2011 compared to $1.4 billion for 2010 due to
Global Markets
exiting its stand-alone proprietary trading business as of June 30, 2011.
|
|
Mortgage banking income decreased $11.6 billion primarily due to an $8.8 billion increase in the representations and warranties provision which was largely related to the BNY Mellon Settlement. Also contributing to the decline was lower production income due to a reduction in new loan origination volumes partially offset by an increase in servicing income.
|
|
Other income increased $4.5 billion primarily due to positive fair value adjustments of $3.3 billion related to widening of our own credit spreads on structured liabilities compared to $18 million in 2010. In addition, 2011 included a $771 million gain on the sale of Balboa as well as $1.2 billion of gains on the exchange of certain trust preferred securities for common stock and debt.
|
128
Bank of America 2012
|
|
|
|
|
Bank of America 2012
129
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Table I
Average Balances and Interest Rates – FTE Basis
|
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
2012
|
|
2011
|
|
2010
|
|||||||||||||||||||||||||||
(Dollars in millions)
|
Average
Balance |
|
Interest
Income/ Expense |
|
Yield/
Rate |
|
Average
Balance |
|
Interest
Income/ Expense |
|
Yield/
Rate |
|
Average
Balance |
|
Interest
Income/ Expense |
|
Yield/
Rate |
|||||||||||||||
Earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Time deposits placed and other short-term investments
(1)
|
$
|
22,888
|
|
|
$
|
237
|
|
|
1.03
|
%
|
|
$
|
28,242
|
|
|
$
|
366
|
|
|
1.29
|
%
|
|
$
|
27,419
|
|
|
$
|
292
|
|
|
1.06
|
%
|
Federal funds sold and securities borrowed or purchased under agreements to resell
|
236,042
|
|
|
1,502
|
|
|
0.64
|
|
|
245,069
|
|
|
2,147
|
|
|
0.88
|
|
|
256,943
|
|
|
1,832
|
|
|
0.71
|
|
||||||
Trading account assets
|
182,359
|
|
|
5,306
|
|
|
2.91
|
|
|
187,340
|
|
|
6,142
|
|
|
3.28
|
|
|
213,745
|
|
|
7,050
|
|
|
3.30
|
|
||||||
Debt securities
(2)
|
337,653
|
|
|
8,798
|
|
|
2.61
|
|
|
337,120
|
|
|
9,602
|
|
|
2.85
|
|
|
323,946
|
|
|
11,850
|
|
|
3.66
|
|
||||||
Loans and leases
(3)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential mortgage
(4)
|
253,050
|
|
|
9,470
|
|
|
3.74
|
|
|
265,546
|
|
|
11,096
|
|
|
4.18
|
|
|
245,727
|
|
|
11,736
|
|
|
4.78
|
|
||||||
Home equity
|
117,197
|
|
|
4,418
|
|
|
3.77
|
|
|
130,781
|
|
|
5,041
|
|
|
3.85
|
|
|
145,860
|
|
|
5,990
|
|
|
4.11
|
|
||||||
Discontinued real estate
|
11,256
|
|
|
383
|
|
|
3.40
|
|
|
14,730
|
|
|
501
|
|
|
3.40
|
|
|
13,830
|
|
|
527
|
|
|
3.81
|
|
||||||
U.S. credit card
|
94,863
|
|
|
9,504
|
|
|
10.02
|
|
|
105,478
|
|
|
10,808
|
|
|
10.25
|
|
|
117,962
|
|
|
12,644
|
|
|
10.72
|
|
||||||
Non-U.S. credit card
|
13,549
|
|
|
1,572
|
|
|
11.60
|
|
|
24,049
|
|
|
2,656
|
|
|
11.04
|
|
|
28,011
|
|
|
3,450
|
|
|
12.32
|
|
||||||
Direct/Indirect consumer
(5)
|
84,424
|
|
|
2,900
|
|
|
3.44
|
|
|
90,163
|
|
|
3,716
|
|
|
4.12
|
|
|
96,649
|
|
|
4,753
|
|
|
4.92
|
|
||||||
Other consumer
(6)
|
2,359
|
|
|
140
|
|
|
5.95
|
|
|
2,760
|
|
|
176
|
|
|
6.39
|
|
|
2,927
|
|
|
186
|
|
|
6.34
|
|
||||||
Total consumer
|
576,698
|
|
|
28,387
|
|
|
4.92
|
|
|
633,507
|
|
|
33,994
|
|
|
5.37
|
|
|
650,966
|
|
|
39,286
|
|
|
6.04
|
|
||||||
U.S. commercial
|
201,352
|
|
|
6,979
|
|
|
3.47
|
|
|
192,524
|
|
|
7,360
|
|
|
3.82
|
|
|
195,895
|
|
|
7,909
|
|
|
4.04
|
|
||||||
Commercial real estate
(7)
|
37,982
|
|
|
1,332
|
|
|
3.51
|
|
|
44,406
|
|
|
1,522
|
|
|
3.43
|
|
|
59,947
|
|
|
2,000
|
|
|
3.34
|
|
||||||
Commercial lease financing
|
21,879
|
|
|
874
|
|
|
4.00
|
|
|
21,383
|
|
|
1,001
|
|
|
4.68
|
|
|
21,427
|
|
|
1,070
|
|
|
4.99
|
|
||||||
Non-U.S. commercial
|
60,857
|
|
|
1,594
|
|
|
2.62
|
|
|
46,276
|
|
|
1,382
|
|
|
2.99
|
|
|
30,096
|
|
|
1,091
|
|
|
3.62
|
|
||||||
Total commercial
|
322,070
|
|
|
10,779
|
|
|
3.35
|
|
|
304,589
|
|
|
11,265
|
|
|
3.70
|
|
|
307,365
|
|
|
12,070
|
|
|
3.93
|
|
||||||
Total loans and leases
|
898,768
|
|
|
39,166
|
|
|
4.36
|
|
|
938,096
|
|
|
45,259
|
|
|
4.82
|
|
|
958,331
|
|
|
51,356
|
|
|
5.36
|
|
||||||
Other earning assets
|
92,259
|
|
|
3,103
|
|
|
3.36
|
|
|
98,792
|
|
|
3,506
|
|
|
3.55
|
|
|
117,189
|
|
|
3,919
|
|
|
3.34
|
|
||||||
Total earning assets
(8)
|
1,769,969
|
|
|
58,112
|
|
|
3.28
|
|
|
1,834,659
|
|
|
67,022
|
|
|
3.65
|
|
|
1,897,573
|
|
|
76,299
|
|
|
4.02
|
|
||||||
Cash and cash equivalents
(1)
|
115,739
|
|
|
189
|
|
|
|
|
|
112,616
|
|
|
186
|
|
|
|
|
|
174,621
|
|
|
368
|
|
|
|
|
||||||
Other assets, less allowance for loan and lease losses
|
305,648
|
|
|
|
|
|
|
|
|
349,047
|
|
|
|
|
|
|
|
|
367,412
|
|
|
|
|
|
|
|
||||||
Total assets
|
$
|
2,191,356
|
|
|
|
|
|
|
|
|
$
|
2,296,322
|
|
|
|
|
|
|
|
|
$
|
2,439,606
|
|
|
|
|
|
|
|
|||
Interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Savings
|
$
|
41,453
|
|
|
$
|
45
|
|
|
0.11
|
%
|
|
$
|
40,364
|
|
|
$
|
100
|
|
|
0.25
|
%
|
|
$
|
36,649
|
|
|
$
|
157
|
|
|
0.43
|
%
|
NOW and money market deposit accounts
|
466,096
|
|
|
693
|
|
|
0.15
|
|
|
470,519
|
|
|
1,060
|
|
|
0.23
|
|
|
441,589
|
|
|
1,405
|
|
|
0.32
|
|
||||||
Consumer CDs and IRAs
|
95,559
|
|
|
693
|
|
|
0.73
|
|
|
110,922
|
|
|
1,045
|
|
|
0.94
|
|
|
142,648
|
|
|
1,723
|
|
|
1.21
|
|
||||||
Negotiable CDs, public funds and other deposits
|
20,928
|
|
|
128
|
|
|
0.61
|
|
|
17,227
|
|
|
120
|
|
|
0.70
|
|
|
17,683
|
|
|
226
|
|
|
1.28
|
|
||||||
Total U.S. interest-bearing deposits
|
624,036
|
|
|
1,559
|
|
|
0.25
|
|
|
639,032
|
|
|
2,325
|
|
|
0.36
|
|
|
638,569
|
|
|
3,511
|
|
|
0.55
|
|
||||||
Non-U.S. interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Banks located in non-U.S. countries
|
14,644
|
|
|
94
|
|
|
0.64
|
|
|
20,563
|
|
|
138
|
|
|
0.67
|
|
|
18,102
|
|
|
144
|
|
|
0.80
|
|
||||||
Governments and official institutions
|
1,019
|
|
|
4
|
|
|
0.35
|
|
|
1,985
|
|
|
7
|
|
|
0.35
|
|
|
3,349
|
|
|
10
|
|
|
0.28
|
|
||||||
Time, savings and other
|
53,411
|
|
|
333
|
|
|
0.62
|
|
|
61,851
|
|
|
532
|
|
|
0.86
|
|
|
55,059
|
|
|
332
|
|
|
0.60
|
|
||||||
Total non-U.S. interest-bearing deposits
|
69,074
|
|
|
431
|
|
|
0.62
|
|
|
84,399
|
|
|
677
|
|
|
0.80
|
|
|
76,510
|
|
|
486
|
|
|
0.64
|
|
||||||
Total interest-bearing deposits
|
693,110
|
|
|
1,990
|
|
|
0.29
|
|
|
723,431
|
|
|
3,002
|
|
|
0.42
|
|
|
715,079
|
|
|
3,997
|
|
|
0.56
|
|
||||||
Federal funds purchased, securities loaned or sold under agreements to repurchase and other short-term borrowings
|
318,400
|
|
|
3,572
|
|
|
1.12
|
|
|
324,269
|
|
|
4,599
|
|
|
1.42
|
|
|
430,329
|
|
|
3,699
|
|
|
0.86
|
|
||||||
Trading account liabilities
|
78,554
|
|
|
1,763
|
|
|
2.24
|
|
|
84,689
|
|
|
2,212
|
|
|
2.61
|
|
|
91,669
|
|
|
2,571
|
|
|
2.80
|
|
||||||
Long-term debt
|
316,393
|
|
|
9,419
|
|
|
2.98
|
|
|
421,229
|
|
|
11,807
|
|
|
2.80
|
|
|
490,497
|
|
|
13,707
|
|
|
2.79
|
|
||||||
Total interest-bearing liabilities
(8)
|
1,406,457
|
|
|
16,744
|
|
|
1.19
|
|
|
1,553,618
|
|
|
21,620
|
|
|
1.39
|
|
|
1,727,574
|
|
|
23,974
|
|
|
1.39
|
|
||||||
Noninterest-bearing sources:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Noninterest-bearing deposits
|
354,672
|
|
|
|
|
|
|
|
|
312,371
|
|
|
|
|
|
|
|
|
273,507
|
|
|
|
|
|
|
|
||||||
Other liabilities
|
194,550
|
|
|
|
|
|
|
|
|
201,238
|
|
|
|
|
|
|
|
|
205,290
|
|
|
|
|
|
|
|
||||||
Shareholders’ equity
|
235,677
|
|
|
|
|
|
|
|
|
229,095
|
|
|
|
|
|
|
|
|
233,235
|
|
|
|
|
|
|
|
||||||
Total liabilities and shareholders’ equity
|
$
|
2,191,356
|
|
|
|
|
|
|
|
|
$
|
2,296,322
|
|
|
|
|
|
|
|
|
$
|
2,439,606
|
|
|
|
|
|
|
|
|||
Net interest spread
|
|
|
|
|
|
|
2.09
|
%
|
|
|
|
|
|
|
|
2.26
|
%
|
|
|
|
|
|
|
|
2.63
|
%
|
||||||
Impact of noninterest-bearing sources
|
|
|
|
|
|
|
0.25
|
|
|
|
|
|
|
|
|
0.21
|
|
|
|
|
|
|
|
|
0.13
|
|
||||||
Net interest income/yield on earning assets
(1)
|
|
|
|
$
|
41,368
|
|
|
2.34
|
%
|
|
|
|
|
$
|
45,402
|
|
|
2.47
|
%
|
|
|
|
|
$
|
52,325
|
|
|
2.76
|
%
|
(1)
|
For this presentation, fees earned on overnight deposits placed with the Federal Reserve are included in the cash and cash equivalents line, consistent with the Corporation’s Consolidated Balance Sheet presentation of these deposits. In addition, for
2012
, fees earned on deposits, primarily overnight, placed with certain non-U.S. central banks, which are included in the time deposits placed and other short-term investments line in prior periods, have been included in the cash and cash equivalents line. Net interest income and net interest yield are calculated excluding these fees.
|
(2)
|
Yields on AFS debt securities are calculated based on fair value rather than the cost basis. The use of fair value does not have a material impact on net interest yield.
|
(3)
|
Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is recognized on a cost recovery basis. PCI loans were recorded at fair value upon acquisition and accrete interest income over the remaining life of the loan.
|
(4)
|
Includes non-U.S. residential mortgage loans of
$90 million
,
$91 million
and
$410 million
in
2012
,
2011
and
2010
, respectively.
|
(5)
|
Includes non-U.S. consumer loans of
$7.8 billion
,
$8.5 billion
and
$7.9 billion
in
2012
,
2011
and
2010
, respectively.
|
(6)
|
Includes consumer finance loans of
$1.5 billion
,
$1.8 billion
and
$2.1 billion
; other non-U.S. consumer loans of
$699 million
,
$878 million
and
$731 million
; and consumer overdrafts of
$128 million
,
$93 million
and
$111 million
in
2012
,
2011
and
2010
, respectively.
|
(7)
|
Includes U.S. commercial real estate loans of
$36.4 billion
,
$42.1 billion
and
$57.3 billion
; and non-U.S. commercial real estate loans of
$1.6 billion
,
$2.3 billion
and
$2.7 billion
in
2012
,
2011
and
2010
, respectively.
|
(8)
|
Interest income includes the impact of interest rate risk management contracts, which decreased interest income on the underlying assets by
$754 million
,
$2.6 billion
and
$1.4 billion
in
2012
,
2011
and
2010
, respectively. Interest expense includes the impact of interest rate risk management contracts, which decreased interest expense on the underlying liabilities by
$2.3 billion
,
$2.6 billion
and
$3.5 billion
in
2012
,
2011
and
2010
, respectively. For further information on interest rate contracts, see Interest Rate Risk Management for Nontrading Activities on page
117
.
|
130
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table II
Analysis of Changes in Net Interest Income – FTE Basis
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
From 2011 to 2012
|
|
From 2010 to 2011
|
||||||||||||||||||||
|
Due to Change in
(1)
|
|
|
|
Due to Change in
(1)
|
|
|
||||||||||||||||
(Dollars in millions)
|
Volume
|
|
Rate
|
|
Net Change
|
|
Volume
|
|
Rate
|
|
Net Change
|
||||||||||||
Increase (decrease) in interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Time deposits placed and other short-term investments
(2)
|
$
|
(71
|
)
|
|
$
|
(58
|
)
|
|
$
|
(129
|
)
|
|
$
|
7
|
|
|
$
|
67
|
|
|
$
|
74
|
|
Federal funds sold and securities borrowed or purchased under agreements to resell
|
(70
|
)
|
|
(575
|
)
|
|
(645
|
)
|
|
(92
|
)
|
|
407
|
|
|
315
|
|
||||||
Trading account assets
|
(161
|
)
|
|
(675
|
)
|
|
(836
|
)
|
|
(868
|
)
|
|
(40
|
)
|
|
(908
|
)
|
||||||
Debt securities
|
21
|
|
|
(825
|
)
|
|
(804
|
)
|
|
489
|
|
|
(2,737
|
)
|
|
(2,248
|
)
|
||||||
Loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residential mortgage
|
(519
|
)
|
|
(1,107
|
)
|
|
(1,626
|
)
|
|
957
|
|
|
(1,597
|
)
|
|
(640
|
)
|
||||||
Home equity
|
(529
|
)
|
|
(94
|
)
|
|
(623
|
)
|
|
(615
|
)
|
|
(334
|
)
|
|
(949
|
)
|
||||||
Discontinued real estate
|
(118
|
)
|
|
—
|
|
|
(118
|
)
|
|
34
|
|
|
(60
|
)
|
|
(26
|
)
|
||||||
U.S. credit card
|
(1,085
|
)
|
|
(219
|
)
|
|
(1,304
|
)
|
|
(1,337
|
)
|
|
(499
|
)
|
|
(1,836
|
)
|
||||||
Non-U.S. credit card
|
(1,160
|
)
|
|
76
|
|
|
(1,084
|
)
|
|
(487
|
)
|
|
(307
|
)
|
|
(794
|
)
|
||||||
Direct/Indirect consumer
|
(238
|
)
|
|
(578
|
)
|
|
(816
|
)
|
|
(317
|
)
|
|
(720
|
)
|
|
(1,037
|
)
|
||||||
Other consumer
|
(25
|
)
|
|
(11
|
)
|
|
(36
|
)
|
|
(11
|
)
|
|
1
|
|
|
(10
|
)
|
||||||
Total consumer
|
|
|
|
|
|
|
(5,607
|
)
|
|
|
|
|
|
|
|
(5,292
|
)
|
||||||
U.S. commercial
|
332
|
|
|
(713
|
)
|
|
(381
|
)
|
|
(131
|
)
|
|
(418
|
)
|
|
(549
|
)
|
||||||
Commercial real estate
|
(219
|
)
|
|
29
|
|
|
(190
|
)
|
|
(517
|
)
|
|
39
|
|
|
(478
|
)
|
||||||
Commercial lease financing
|
23
|
|
|
(150
|
)
|
|
(127
|
)
|
|
(3
|
)
|
|
(66
|
)
|
|
(69
|
)
|
||||||
Non-U.S. commercial
|
438
|
|
|
(226
|
)
|
|
212
|
|
|
584
|
|
|
(293
|
)
|
|
291
|
|
||||||
Total commercial
|
|
|
|
|
|
|
(486
|
)
|
|
|
|
|
|
|
|
(805
|
)
|
||||||
Total loans and leases
|
|
|
|
|
|
|
(6,093
|
)
|
|
|
|
|
|
|
|
(6,097
|
)
|
||||||
Other earning assets
|
(231
|
)
|
|
(172
|
)
|
|
(403
|
)
|
|
(619
|
)
|
|
206
|
|
|
(413
|
)
|
||||||
Total interest income
|
|
|
|
|
|
|
$
|
(8,910
|
)
|
|
|
|
|
|
|
|
$
|
(9,277
|
)
|
||||
Increase (decrease) in interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Savings
|
$
|
4
|
|
|
$
|
(59
|
)
|
|
$
|
(55
|
)
|
|
$
|
17
|
|
|
$
|
(74
|
)
|
|
$
|
(57
|
)
|
NOW and money market deposit accounts
|
12
|
|
|
(379
|
)
|
|
(367
|
)
|
|
101
|
|
|
(446
|
)
|
|
(345
|
)
|
||||||
Consumer CDs and IRAs
|
(147
|
)
|
|
(205
|
)
|
|
(352
|
)
|
|
(381
|
)
|
|
(297
|
)
|
|
(678
|
)
|
||||||
Negotiable CDs, public funds and other deposits
|
26
|
|
|
(18
|
)
|
|
8
|
|
|
(5
|
)
|
|
(101
|
)
|
|
(106
|
)
|
||||||
Total U.S. interest-bearing deposits
|
|
|
|
|
|
|
(766
|
)
|
|
|
|
|
|
|
|
(1,186
|
)
|
||||||
Non-U.S. interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Banks located in non-U.S. countries
|
(40
|
)
|
|
(4
|
)
|
|
(44
|
)
|
|
21
|
|
|
(27
|
)
|
|
(6
|
)
|
||||||
Governments and official institutions
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|
(4
|
)
|
|
1
|
|
|
(3
|
)
|
||||||
Time, savings and other
|
(73
|
)
|
|
(126
|
)
|
|
(199
|
)
|
|
39
|
|
|
161
|
|
|
200
|
|
||||||
Total non-U.S. interest-bearing deposits
|
|
|
|
|
|
|
(246
|
)
|
|
|
|
|
|
|
|
191
|
|
||||||
Total interest-bearing deposits
|
|
|
|
|
|
|
(1,012
|
)
|
|
|
|
|
|
|
|
(995
|
)
|
||||||
Federal funds purchased, securities loaned or sold under agreements to repurchase and other short-term borrowings
|
(78
|
)
|
|
(949
|
)
|
|
(1,027
|
)
|
|
(910
|
)
|
|
1,810
|
|
|
900
|
|
||||||
Trading account liabilities
|
(162
|
)
|
|
(287
|
)
|
|
(449
|
)
|
|
(200
|
)
|
|
(159
|
)
|
|
(359
|
)
|
||||||
Long-term debt
|
(2,948
|
)
|
|
560
|
|
|
(2,388
|
)
|
|
(1,955
|
)
|
|
55
|
|
|
(1,900
|
)
|
||||||
Total interest expense
|
|
|
|
|
|
|
(4,876
|
)
|
|
|
|
|
|
|
|
(2,354
|
)
|
||||||
Net decrease in interest income
(2)
|
|
|
|
|
|
|
$
|
(4,034
|
)
|
|
|
|
|
|
|
|
$
|
(6,923
|
)
|
(1)
|
The changes for each category of interest income and expense are divided between the portion of change attributable to the variance in volume and the portion of change attributable to the variance in rate for that category. The unallocated change in rate or volume variance is allocated between the rate and volume variances.
|
(2)
|
For this presentation, fees earned on overnight deposits placed with the Federal Reserve are included in the cash and cash equivalents line, consistent with the Corporation’s Consolidated Balance Sheet presentation of these deposits. In addition, for
2012
, fees earned on deposits, primarily overnight, placed with certain non-U.S. central banks, which are included in the time deposits placed and other short-term investments line in prior periods, have been included in the cash and cash equivalents line. Net interest income in the table is calculated excluding these fees.
|
|
|
Bank of America 2012
131
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Table III
Preferred Stock Cash Dividend Summary (as of February 28, 2013)
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|||||||
Preferred Stock
|
|
Outstanding
Notional Amount
(in millions)
|
|
|
Declaration Date
|
|
Record Date
|
|
Payment Date
|
|
Per Annum
Dividend Rate
|
|
Dividend Per
Share
|
|||||
Series B
(1)
|
|
$
|
1
|
|
|
|
January 23, 2013
|
|
April 11, 2013
|
|
April 25, 2013
|
|
7.00
|
%
|
|
$
|
1.75
|
|
|
|
|
|
|
October 24, 2012
|
|
January 11, 2013
|
|
January 25, 2013
|
|
7.00
|
|
|
1.75
|
|
|||
|
|
|
|
|
|
July 11, 2012
|
|
October 11, 2012
|
|
October 25, 2012
|
|
7.00
|
|
|
1.75
|
|
||
|
|
|
|
|
|
April 11, 2012
|
|
July 11, 2012
|
|
July 25, 2012
|
|
7.00
|
|
|
1.75
|
|
||
|
|
|
|
|
|
January 11, 2012
|
|
April 11, 2012
|
|
April 25, 2012
|
|
7.00
|
|
|
1.75
|
|
||
Series D
(2)
|
|
$
|
654
|
|
|
|
January 3, 2013
|
|
February 28, 2013
|
|
March 14, 2013
|
|
6.204
|
%
|
|
$
|
0.38775
|
|
|
|
|
|
|
|
October 1, 2012
|
|
November 30, 2012
|
|
December 14, 2012
|
|
6.204
|
|
|
0.38775
|
|
||
|
|
|
|
|
|
July 3, 2012
|
|
August 31, 2012
|
|
September 14, 2012
|
|
6.204
|
|
|
0.38775
|
|
||
|
|
|
|
|
April 3, 2012
|
|
May 31, 2012
|
|
June 14, 2012
|
|
6.204
|
|
|
0.38775
|
|
|||
|
|
|
|
|
January 4, 2012
|
|
February 29, 2012
|
|
March 14, 2012
|
|
6.204
|
|
|
0.38775
|
|
|||
Series E
(2)
|
|
$
|
317
|
|
|
|
January 3, 2013
|
|
January 31, 2013
|
|
February 15, 2013
|
|
Floating
|
|
|
$
|
0.25556
|
|
|
|
|
|
|
October 1, 2012
|
|
October 31, 2012
|
|
November 15, 2012
|
|
Floating
|
|
|
0.25556
|
|
|||
|
|
|
|
|
|
July 3, 2012
|
|
July 31, 2012
|
|
August 15, 2012
|
|
Floating
|
|
|
0.25556
|
|
||
|
|
|
|
|
April 3, 2012
|
|
April 30, 2012
|
|
May 15, 2012
|
|
Floating
|
|
|
0.25000
|
|
|||
|
|
|
|
|
January 4, 2012
|
|
January 31, 2012
|
|
February 15, 2012
|
|
Floating
|
|
|
0.25556
|
|
|||
Series F
|
|
$
|
141
|
|
|
|
January 3, 2013
|
|
February 28, 2013
|
|
March 15, 2013
|
|
Floating
|
|
|
$
|
1,000.00
|
|
|
|
|
|
|
October 1, 2012
|
|
November 30, 2012
|
|
December 17, 2012
|
|
Floating
|
|
|
1,011.11
|
|
|||
|
|
|
|
|
July 3, 2012
|
|
August 31, 2012
|
|
September 17, 2012
|
|
Floating
|
|
|
1,022.22
|
|
|||
|
|
|
|
|
April 3, 2012
|
|
May 31, 2012
|
|
June 15, 2012
|
|
Floating
|
|
|
1,022.22
|
|
|||
Series G
|
|
$
|
493
|
|
|
|
January 3, 2013
|
|
February 28, 2013
|
|
March 15, 2013
|
|
Adjustable
|
|
|
$
|
1,000.00
|
|
|
|
|
|
|
October 1, 2012
|
|
November 30, 2012
|
|
December 17, 2012
|
|
Adjustable
|
|
|
1,011.11
|
|
|||
|
|
|
|
|
July 3, 2012
|
|
August 31, 2012
|
|
September 17, 2012
|
|
Adjustable
|
|
|
1,022.22
|
|
|||
|
|
|
|
|
April 3, 2012
|
|
May 31, 2012
|
|
June 15, 2012
|
|
Adjustable
|
|
|
1,022.22
|
|
|||
Series H
(2)
|
|
$
|
2,862
|
|
|
|
January 3, 2013
|
|
January 15, 2013
|
|
February 1, 2013
|
|
8.20
|
%
|
|
$
|
0.51250
|
|
|
|
|
|
|
|
October 1, 2012
|
|
October 15, 2012
|
|
November 1, 2012
|
|
8.20
|
|
|
0.51250
|
|
||
|
|
|
|
|
|
July 3, 2012
|
|
July 15, 2012
|
|
August 1, 2012
|
|
8.20
|
|
|
0.51250
|
|
||
|
|
|
|
|
|
April 3, 2012
|
|
April 15, 2012
|
|
May 1, 2012
|
|
8.20
|
|
|
0.51250
|
|
||
|
|
|
|
|
|
January 4, 2012
|
|
January 15, 2012
|
|
February 1, 2012
|
|
8.20
|
|
|
0.51250
|
|
||
Series I
(2)
|
|
$
|
365
|
|
|
|
January 3, 2013
|
|
March 15, 2013
|
|
April 1, 2013
|
|
6.625
|
%
|
|
$
|
0.41406
|
|
|
|
|
|
|
|
October 1, 2012
|
|
December 15, 2012
|
|
January 2, 2013
|
|
6.625
|
|
|
0.41406
|
|
||
|
|
|
|
|
|
July 3, 2012
|
|
September 15, 2012
|
|
October 1, 2012
|
|
6.625
|
|
|
0.41406
|
|
||
|
|
|
|
|
|
April 3, 2012
|
|
June 15, 2012
|
|
July 2, 2012
|
|
6.625
|
|
|
0.41406
|
|
||
|
|
|
|
|
|
January 4, 2012
|
|
March 15, 2012
|
|
April 2, 2012
|
|
6.625
|
|
|
0.41406
|
|
||
Series J
(2)
|
|
$
|
951
|
|
|
|
January 3, 2013
|
|
January 15, 2013
|
|
February 1, 2013
|
|
7.25
|
%
|
|
$
|
0.45312
|
|
|
|
|
|
|
|
October 1, 2012
|
|
October 15, 2012
|
|
November 1, 2012
|
|
7.25
|
|
|
0.45312
|
|
||
|
|
|
|
|
|
July 3, 2012
|
|
July 15, 2012
|
|
August 1, 2012
|
|
7.25
|
|
|
0.45312
|
|
||
|
|
|
|
|
|
April 3, 2012
|
|
April 15, 2012
|
|
May 1, 2012
|
|
7.25
|
|
|
0.45312
|
|
||
|
|
|
|
|
|
January 4, 2012
|
|
January 15, 2012
|
|
February 1, 2012
|
|
7.25
|
|
|
0.45312
|
|
||
Series K
(3, 4)
|
|
$
|
1,544
|
|
|
|
January 3, 2013
|
|
January 15, 2013
|
|
January 30, 2013
|
|
Fixed-to-floating
|
|
|
$
|
40.00
|
|
|
|
|
|
|
|
July 3, 2012
|
|
July 15, 2012
|
|
July 30, 2012
|
|
Fixed-to-floating
|
|
|
40.00
|
|
||
|
|
|
|
|
|
January 4, 2012
|
|
January 15, 2012
|
|
January 30, 2012
|
|
Fixed-to-floating
|
|
|
40.00
|
|
||
Series L
|
|
$
|
3,080
|
|
|
|
December 17, 2012
|
|
January 1, 2013
|
|
January 30, 2013
|
|
7.25
|
%
|
|
$
|
18.125
|
|
|
|
|
|
|
|
September 17, 2012
|
|
October 1, 2012
|
|
October 30, 2012
|
|
7.25
|
|
|
18.125
|
|
||
|
|
|
|
|
|
June 15, 2012
|
|
July 1, 2012
|
|
July 30, 2012
|
|
7.25
|
|
|
18.125
|
|
||
|
|
|
|
|
|
March 16, 2012
|
|
April 1, 2012
|
|
April 30, 2012
|
|
7.25
|
|
|
18.125
|
|
||
Series M
(3, 4)
|
|
$
|
1,310
|
|
|
|
October 1, 2012
|
|
October 31, 2012
|
|
November 15, 2012
|
|
Fixed-to-floating
|
|
|
$
|
40.625
|
|
|
|
|
|
|
|
April 3, 2012
|
|
April 30, 2012
|
|
May 15, 2012
|
|
Fixed-to-floating
|
|
|
40.625
|
|
||
Series T
(1)
|
|
$
|
5,000
|
|
|
|
December 17, 2012
|
|
December 31, 2012
|
|
January 10, 2013
|
|
6.00
|
%
|
|
$
|
1,500.00
|
|
|
|
|
|
|
September 17, 2012
|
|
September 24, 2012
|
|
October 10, 2012
|
|
6.00
|
|
|
1,500.00
|
|
|||
|
|
|
|
|
June 15, 2012
|
|
June 25, 2012
|
|
July 10, 2012
|
|
6.00
|
|
|
1,500.00
|
|
|||
|
|
|
|
|
March 16, 2012
|
|
March 26, 2012
|
|
April 10, 2012
|
|
6.00
|
|
|
1,500.00
|
|
(1)
|
Dividends are cumulative.
|
(2)
|
Dividends per depositary share, each representing a 1/1,000
th
interest in a share of preferred stock.
|
(3)
|
Initially pays dividends semi-annually.
|
(4)
|
Dividends per depositary share, each representing a 1/25
th
interest in a share of preferred stock.
|
132
Bank of America 2012
|
|
|
(5)
|
Dividends per depositary share, each representing a 1/1,200
th
interest in a share of preferred stock.
|
(6)
|
Dividends per depositary share, each representing a 1/40
th
interest in a share of preferred stock.
|
|
|
Bank of America 2012
133
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Table IV
Outstanding Loans and Leases
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31
|
||||||||||||||||||
(Dollars in millions)
|
2012
(1)
|
|
2011
(1)
|
|
2010
(1)
|
|
2009
|
|
2008
|
||||||||||
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential mortgage
(2)
|
$
|
243,181
|
|
|
$
|
262,290
|
|
|
$
|
257,973
|
|
|
$
|
242,129
|
|
|
$
|
248,063
|
|
Home equity
|
107,996
|
|
|
124,699
|
|
|
137,981
|
|
|
149,126
|
|
|
152,483
|
|
|||||
Discontinued real estate
(3)
|
9,892
|
|
|
11,095
|
|
|
13,108
|
|
|
14,854
|
|
|
19,981
|
|
|||||
U.S. credit card
|
94,835
|
|
|
102,291
|
|
|
113,785
|
|
|
49,453
|
|
|
64,128
|
|
|||||
Non-U.S. credit card
|
11,697
|
|
|
14,418
|
|
|
27,465
|
|
|
21,656
|
|
|
17,146
|
|
|||||
Direct/Indirect consumer
(4)
|
83,205
|
|
|
89,713
|
|
|
90,308
|
|
|
97,236
|
|
|
83,436
|
|
|||||
Other consumer
(5)
|
1,628
|
|
|
2,688
|
|
|
2,830
|
|
|
3,110
|
|
|
3,442
|
|
|||||
Total consumer loans
|
552,434
|
|
|
607,194
|
|
|
643,450
|
|
|
577,564
|
|
|
588,679
|
|
|||||
Consumer loans accounted for under the fair value option
(6)
|
1,005
|
|
|
2,190
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total consumer
|
553,439
|
|
|
609,384
|
|
|
643,450
|
|
|
577,564
|
|
|
588,679
|
|
|||||
Commercial
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. commercial
(7)
|
209,719
|
|
|
193,199
|
|
|
190,305
|
|
|
198,903
|
|
|
219,233
|
|
|||||
Commercial real estate
(8)
|
38,637
|
|
|
39,596
|
|
|
49,393
|
|
|
69,447
|
|
|
64,701
|
|
|||||
Commercial lease financing
|
23,843
|
|
|
21,989
|
|
|
21,942
|
|
|
22,199
|
|
|
22,400
|
|
|||||
Non-U.S. commercial
|
74,184
|
|
|
55,418
|
|
|
32,029
|
|
|
27,079
|
|
|
31,020
|
|
|||||
Total commercial loans
|
346,383
|
|
|
310,202
|
|
|
293,669
|
|
|
317,628
|
|
|
337,354
|
|
|||||
Commercial loans accounted for under the fair value option
(6)
|
7,997
|
|
|
6,614
|
|
|
3,321
|
|
|
4,936
|
|
|
5,413
|
|
|||||
Total commercial
|
354,380
|
|
|
316,816
|
|
|
296,990
|
|
|
322,564
|
|
|
342,767
|
|
|||||
Total loans and leases
|
$
|
907,819
|
|
|
$
|
926,200
|
|
|
$
|
940,440
|
|
|
$
|
900,128
|
|
|
$
|
931,446
|
|
(1)
|
2012, 2011 and 2010 periods are presented in accordance with consolidation guidance that was effective January 1, 2010.
|
(2)
|
Includes non-U.S. residential mortgage loans of
$93 million
,
$85 million
,
$90 million
and
$552 million
at
December 31, 2012
,
2011
,
2010
and
2009
, respectively. There were no material non-U.S. residential mortgage loans prior to January 1, 2009.
|
(3)
|
Includes
$8.8 billion
,
$9.9 billion
,
$11.8 billion
,
$13.4 billion
and
$18.2 billion
of pay option loans, and
$1.1 billion
,
$1.2 billion
,
$1.3 billion
,
$1.5 billion
and
$1.8 billion
of subprime loans at
December 31, 2012
,
2011
,
2010
,
2009
and
2008
, respectively. We no longer originate these products.
|
(4)
|
Includes dealer financial services loans of
$35.9 billion
,
$43.0 billion
,
$43.3 billion
,
$41.6 billion
and
$40.1 billion
, consumer lending loans of
$4.7 billion
,
$8.0 billion
,
$12.4 billion
,
$19.7 billion
and
$28.2 billion
, U.S. securities-based lending margin loans of
$28.3 billion
,
$23.6 billion
,
$16.6 billion
,
$12.9 billion
and
$0
, student loans of
$4.8 billion
,
$6.0 billion
,
$6.8 billion
,
$10.8 billion
and
$8.3 billion
, non-U.S. consumer loans of
$8.3 billion
,
$7.6 billion
,
$8.0 billion
,
$8.0 billion
and
$1.8 billion
, and other consumer loans of
$1.2 billion
,
$1.5 billion
,
$3.2 billion
,
$4.2 billion
and
$5.0 billion
at
December 31, 2012
,
2011
,
2010
,
2009
and
2008
, respectively.
|
(5)
|
Includes consumer finance loans of
$1.4 billion
,
$1.7 billion
,
$1.9 billion
,
$2.3 billion
and
$2.6 billion
, other non-U.S. consumer loans of
$5 million
,
$929 million
,
$803 million
,
$709 million
and
$618 million
, and consumer overdrafts of
$177 million
,
$103 million
,
$88 million
,
$144 million
and
$211 million
at
December 31, 2012
,
2011
,
2010
,
2009
and
2008
, respectively.
|
(6)
|
Consumer loans accounted for under the fair value option were residential mortgage loans of
$147 million
and
$906 million
, discontinued real estate loans of
$858 million
and
$1.3 billion
at
December 31, 2012
and
2011
. There were no consumer loans accounted for under the fair value option prior to 2011. Commercial loans accounted for under the fair value option were U.S. commercial loans of
$2.3 billion
,
$2.2 billion
,
$1.6 billion
,
$3.0 billion
and
$3.5 billion
, commercial real estate loans of
$0
,
$0
,
$79 million
,
$90 million
and
$203 million
, and non-U.S. commercial loans of
$5.7 billion
,
$4.4 billion
,
$1.7 billion
,
$1.9 billion
and
$1.7 billion
at
December 31, 2012
,
2011
,
2010
,
2009
and
2008
, respectively.
|
(7)
|
Includes U.S. small business commercial loans, including card-related products, of
$12.6 billion
,
$13.3 billion
,
$14.7 billion
,
$17.5 billion
and
$19.1 billion
at
December 31, 2012
,
2011
,
2010
,
2009
and
2008
, respectively.
|
(8)
|
Includes U.S. commercial real estate loans of
$37.2 billion
,
$37.8 billion
,
$46.9 billion
,
$66.5 billion
and
$63.7 billion
, and non-U.S. commercial real estate loans of
$1.5 billion
,
$1.8 billion
,
$2.5 billion
,
$3.0 billion
and
$979 million
at
December 31, 2012
,
2011
,
2010
,
2009
and
2008
, respectively.
|
134
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Table V
Nonperforming Loans, Leases and Foreclosed Properties
(1)
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31
|
||||||||||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
||||||||||
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential mortgage
|
$
|
14,808
|
|
|
$
|
15,970
|
|
|
$
|
17,691
|
|
|
$
|
16,596
|
|
|
$
|
7,057
|
|
Home equity
|
4,281
|
|
|
2,453
|
|
|
2,694
|
|
|
3,804
|
|
|
2,637
|
|
|||||
Discontinued real estate
|
248
|
|
|
290
|
|
|
331
|
|
|
249
|
|
|
77
|
|
|||||
Direct/Indirect consumer
|
92
|
|
|
40
|
|
|
90
|
|
|
86
|
|
|
26
|
|
|||||
Other consumer
|
2
|
|
|
15
|
|
|
48
|
|
|
104
|
|
|
91
|
|
|||||
Total consumer
(2)
|
19,431
|
|
|
18,768
|
|
|
20,854
|
|
|
20,839
|
|
|
9,888
|
|
|||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. commercial
|
1,484
|
|
|
2,174
|
|
|
3,453
|
|
|
4,925
|
|
|
2,040
|
|
|||||
Commercial real estate
|
1,513
|
|
|
3,880
|
|
|
5,829
|
|
|
7,286
|
|
|
3,906
|
|
|||||
Commercial lease financing
|
44
|
|
|
26
|
|
|
117
|
|
|
115
|
|
|
56
|
|
|||||
Non-U.S. commercial
|
68
|
|
|
143
|
|
|
233
|
|
|
177
|
|
|
290
|
|
|||||
|
3,109
|
|
|
6,223
|
|
|
9,632
|
|
|
12,503
|
|
|
6,292
|
|
|||||
U.S. small business commercial
|
115
|
|
|
114
|
|
|
204
|
|
|
200
|
|
|
205
|
|
|||||
Total commercial
(3)
|
3,224
|
|
|
6,337
|
|
|
9,836
|
|
|
12,703
|
|
|
6,497
|
|
|||||
Total nonperforming loans and leases
|
22,655
|
|
|
25,105
|
|
|
30,690
|
|
|
33,542
|
|
|
16,385
|
|
|||||
Foreclosed properties
|
900
|
|
|
2,603
|
|
|
1,974
|
|
|
2,205
|
|
|
1,827
|
|
|||||
Total nonperforming loans, leases and foreclosed properties
|
$
|
23,555
|
|
|
$
|
27,708
|
|
|
$
|
32,664
|
|
|
$
|
35,747
|
|
|
$
|
18,212
|
|
(1)
|
Balances do not include PCI loans even though the customer may be contractually past due. PCI loans were recorded at fair value upon acquisition and accrete interest income over the remaining life of the loan. In addition, balances do not include foreclosed properties that are insured by the FHA of
$2.5 billion
and
$1.4 billion
at
December 31, 2012 and 2011
.
|
(2)
|
In
2012
,
$2.7 billion
in interest income was estimated to be contractually due on consumer loans and leases classified as nonperforming at
December 31, 2012
provided that these loans and leases had been paying according to their terms and conditions, including TDRs of which
$20.0 billion
were performing at
December 31, 2012
and not included in the table above. Approximately
$1.2 billion
of the estimated
$2.7 billion
in contractual interest was received and included in earnings for
2012
.
|
(3)
|
In
2012
,
$266 million
in interest income was estimated to be contractually due on commercial loans and leases classified as nonperforming at
December 31, 2012
provided that these loans and leases had been paying according to their terms and conditions, including TDRs of which
$1.7 billion
were performing at
December 31, 2012
and not included in the table above. Approximately
$106 million
of the estimated
$266 million
in contractual interest was received and included in earnings for
2012
.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Table VI
Accruing Loans and Leases Past Due 90 Days or More
(1)
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31
|
||||||||||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
||||||||||
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential mortgage
(2)
|
$
|
22,157
|
|
|
$
|
21,164
|
|
|
$
|
16,768
|
|
|
$
|
11,680
|
|
|
$
|
372
|
|
U.S. credit card
|
1,437
|
|
|
2,070
|
|
|
3,320
|
|
|
2,158
|
|
|
2,197
|
|
|||||
Non-U.S. credit card
|
212
|
|
|
342
|
|
|
599
|
|
|
515
|
|
|
368
|
|
|||||
Direct/Indirect consumer
|
545
|
|
|
746
|
|
|
1,058
|
|
|
1,488
|
|
|
1,370
|
|
|||||
Other consumer
|
2
|
|
|
2
|
|
|
2
|
|
|
3
|
|
|
4
|
|
|||||
Total consumer
|
24,353
|
|
|
24,324
|
|
|
21,747
|
|
|
15,844
|
|
|
4,311
|
|
|||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. commercial
|
65
|
|
|
75
|
|
|
236
|
|
|
213
|
|
|
381
|
|
|||||
Commercial real estate
|
29
|
|
|
7
|
|
|
47
|
|
|
80
|
|
|
52
|
|
|||||
Commercial lease financing
|
15
|
|
|
14
|
|
|
18
|
|
|
32
|
|
|
23
|
|
|||||
Non-U.S. commercial
|
—
|
|
|
—
|
|
|
6
|
|
|
67
|
|
|
7
|
|
|||||
|
109
|
|
|
96
|
|
|
307
|
|
|
392
|
|
|
463
|
|
|||||
U.S. small business commercial
|
120
|
|
|
216
|
|
|
325
|
|
|
624
|
|
|
640
|
|
|||||
Total commercial
|
229
|
|
|
312
|
|
|
632
|
|
|
1,016
|
|
|
1,103
|
|
|||||
Total accruing loans and leases past due 90 days or more
(3)
|
$
|
24,582
|
|
|
$
|
24,636
|
|
|
$
|
22,379
|
|
|
$
|
16,860
|
|
|
$
|
5,414
|
|
(1)
|
Our policy is to classify consumer real estate-secured loans as nonperforming at 90 days past due, except the Countrywide PCI loan portfolio, the fully-insured loan portfolio and loans accounted for under the fair value option as referenced in footnote 3.
|
(2)
|
Balances are fully-insured loans.
|
(3)
|
Balances exclude loans accounted for under the fair value option. At
December 31, 2012
,
2011
,
2010
and
2008
, there were no loans accounted for under the fair value option that were past due 90 days or more and still accruing interest. At
December 31, 2009
, approximately $87 million of loans accounted for under the fair value option were past due 90 days or more and still accruing interest.
|
|
|
Bank of America 2012
135
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Table VII
Allowance for Credit Losses
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
||||||||||
Allowance for loan and lease losses, January 1
(1)
|
$
|
33,783
|
|
|
$
|
41,885
|
|
|
$
|
47,988
|
|
|
$
|
23,071
|
|
|
$
|
11,588
|
|
Loans and leases charged off
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residential mortgage
|
(3,211
|
)
|
|
(4,195
|
)
|
|
(3,779
|
)
|
|
(4,436
|
)
|
|
(964
|
)
|
|||||
Home equity
|
(4,566
|
)
|
|
(4,990
|
)
|
|
(7,059
|
)
|
|
(7,205
|
)
|
|
(3,597
|
)
|
|||||
Discontinued real estate
|
(72
|
)
|
|
(106
|
)
|
|
(77
|
)
|
|
(104
|
)
|
|
(19
|
)
|
|||||
U.S. credit card
|
(5,360
|
)
|
|
(8,114
|
)
|
|
(13,818
|
)
|
|
(6,753
|
)
|
|
(4,469
|
)
|
|||||
Non-U.S. credit card
|
(835
|
)
|
|
(1,691
|
)
|
|
(2,424
|
)
|
|
(1,332
|
)
|
|
(639
|
)
|
|||||
Direct/Indirect consumer
|
(1,258
|
)
|
|
(2,190
|
)
|
|
(4,303
|
)
|
|
(6,406
|
)
|
|
(3,777
|
)
|
|||||
Other consumer
|
(274
|
)
|
|
(252
|
)
|
|
(320
|
)
|
|
(491
|
)
|
|
(461
|
)
|
|||||
Total consumer charge-offs
|
(15,576
|
)
|
|
(21,538
|
)
|
|
(31,780
|
)
|
|
(26,727
|
)
|
|
(13,926
|
)
|
|||||
U.S. commercial
(2)
|
(1,309
|
)
|
|
(1,690
|
)
|
|
(3,190
|
)
|
|
(5,237
|
)
|
|
(2,567
|
)
|
|||||
Commercial real estate
|
(719
|
)
|
|
(1,298
|
)
|
|
(2,185
|
)
|
|
(2,744
|
)
|
|
(895
|
)
|
|||||
Commercial lease financing
|
(32
|
)
|
|
(61
|
)
|
|
(96
|
)
|
|
(217
|
)
|
|
(79
|
)
|
|||||
Non-U.S. commercial
|
(36
|
)
|
|
(155
|
)
|
|
(139
|
)
|
|
(558
|
)
|
|
(199
|
)
|
|||||
Total commercial charge-offs
|
(2,096
|
)
|
|
(3,204
|
)
|
|
(5,610
|
)
|
|
(8,756
|
)
|
|
(3,740
|
)
|
|||||
Total loans and leases charged off
|
(17,672
|
)
|
|
(24,742
|
)
|
|
(37,390
|
)
|
|
(35,483
|
)
|
|
(17,666
|
)
|
|||||
Recoveries of loans and leases previously charged off
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residential mortgage
|
158
|
|
|
363
|
|
|
109
|
|
|
86
|
|
|
39
|
|
|||||
Home equity
|
329
|
|
|
517
|
|
|
278
|
|
|
155
|
|
|
101
|
|
|||||
Discontinued real estate
|
9
|
|
|
14
|
|
|
9
|
|
|
3
|
|
|
3
|
|
|||||
U.S. credit card
|
728
|
|
|
838
|
|
|
791
|
|
|
206
|
|
|
308
|
|
|||||
Non-U.S. credit card
|
254
|
|
|
522
|
|
|
217
|
|
|
93
|
|
|
88
|
|
|||||
Direct/Indirect consumer
|
495
|
|
|
714
|
|
|
967
|
|
|
943
|
|
|
663
|
|
|||||
Other consumer
|
42
|
|
|
50
|
|
|
59
|
|
|
63
|
|
|
62
|
|
|||||
Total consumer recoveries
|
2,015
|
|
|
3,018
|
|
|
2,430
|
|
|
1,549
|
|
|
1,264
|
|
|||||
U.S. commercial
(3)
|
368
|
|
|
500
|
|
|
391
|
|
|
161
|
|
|
118
|
|
|||||
Commercial real estate
|
335
|
|
|
351
|
|
|
168
|
|
|
42
|
|
|
8
|
|
|||||
Commercial lease financing
|
38
|
|
|
37
|
|
|
39
|
|
|
22
|
|
|
19
|
|
|||||
Non-U.S. commercial
|
8
|
|
|
3
|
|
|
28
|
|
|
21
|
|
|
26
|
|
|||||
Total commercial recoveries
|
749
|
|
|
891
|
|
|
626
|
|
|
246
|
|
|
171
|
|
|||||
Total recoveries of loans and leases previously charged off
|
2,764
|
|
|
3,909
|
|
|
3,056
|
|
|
1,795
|
|
|
1,435
|
|
|||||
Net charge-offs
|
(14,908
|
)
|
|
(20,833
|
)
|
|
(34,334
|
)
|
|
(33,688
|
)
|
|
(16,231
|
)
|
|||||
Provision for loan and lease losses
|
8,310
|
|
|
13,629
|
|
|
28,195
|
|
|
48,366
|
|
|
26,922
|
|
|||||
Write-offs of home equity PCI loans
|
(2,820
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other
(4)
|
(186
|
)
|
|
(898
|
)
|
|
36
|
|
|
(549
|
)
|
|
792
|
|
|||||
Allowance for loan and lease losses, December 31
|
24,179
|
|
|
33,783
|
|
|
41,885
|
|
|
37,200
|
|
|
23,071
|
|
|||||
Reserve for unfunded lending commitments, January 1
|
714
|
|
|
1,188
|
|
|
1,487
|
|
|
421
|
|
|
518
|
|
|||||
Provision for unfunded lending commitments
|
(141
|
)
|
|
(219
|
)
|
|
240
|
|
|
204
|
|
|
(97
|
)
|
|||||
Other
(5)
|
(60
|
)
|
|
(255
|
)
|
|
(539
|
)
|
|
862
|
|
|
—
|
|
|||||
Reserve for unfunded lending commitments, December 31
|
513
|
|
|
714
|
|
|
1,188
|
|
|
1,487
|
|
|
421
|
|
|||||
Allowance for credit losses, December 31
|
$
|
24,692
|
|
|
$
|
34,497
|
|
|
$
|
43,073
|
|
|
$
|
38,687
|
|
|
$
|
23,492
|
|
(1)
|
The
2010
balance includes
$10.8 billion
of allowance for loan and lease losses related to the adoption of consolidation guidance that was effective January 1, 2010.
|
(2)
|
Includes U.S. small business commercial charge-offs of
$799 million
,
$1.1 billion
, $2.0 billion, $3.0 billion and $2.0 billion in
2012
,
2011
,
2010
,
2009
and
2008
, respectively.
|
(3)
|
Includes U.S. small business commercial recoveries of
$100 million
,
$106 million
, $107 million, $65 million and $39 million in
2012
,
2011
,
2010
,
2009
and
2008
, respectively.
|
(4)
|
The 2012 and 2011 amounts primarily represent the net impact of portfolio sales, consolidations and deconsolidations, and foreign currency translation adjustments. In addition, the 2011 amount includes a
$449 million
reduction in the allowance for loan and lease losses related to Canadian consumer card loans that were transferred to LHFS. The 2009 amount includes a
$750 million
reduction in the allowance for loan and lease losses related to credit card loans of
$8.5 billion
which were exchanged for
$7.8 billion
in held-to-maturity debt securities that were issued by the Corporation’s U.S. Credit Card Securitization Trust and retained by the Corporation. The 2008 amount includes the $1.2 billion addition to the Countrywide allowance for loan losses as of July 1, 2008.
|
(5)
|
The 2012, 2011 and 2010 amounts primarily represent accretion of the Merrill Lynch purchase accounting adjustment and the impact of funding previously unfunded positions. The 2009 amount includes the remaining balance of the acquired Merrill Lynch reserve excluding those commitments accounted for under the fair value option, net of accretion, and the impact of funding previously unfunded positions.
|
136
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Table VII
Allowance for Credit Losses (continued)
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
||||||||||
Loan and allowance ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans and leases outstanding at December 31
(6)
|
$
|
898,817
|
|
|
$
|
917,396
|
|
|
$
|
937,119
|
|
|
$
|
895,192
|
|
|
$
|
926,033
|
|
Allowance for loan and lease losses as a percentage of total loans and leases outstanding at December 31
(6)
|
2.69
|
%
|
|
3.68
|
%
|
|
4.47
|
%
|
|
4.16
|
%
|
|
2.49
|
%
|
|||||
Consumer allowance for loan and lease losses as a percentage of total consumer loans outstanding at December 31
(7)
|
3.81
|
|
|
4.88
|
|
|
5.40
|
|
|
4.81
|
|
|
2.83
|
|
|||||
Commercial allowance for loan and lease losses as a percentage of total commercial loans and leases outstanding at December 31
(8)
|
0.90
|
|
|
1.33
|
|
|
2.44
|
|
|
2.96
|
|
|
1.90
|
|
|||||
Average loans and leases outstanding
(6)
|
$
|
890,337
|
|
|
$
|
929,661
|
|
|
$
|
954,278
|
|
|
$
|
941,862
|
|
|
$
|
905,944
|
|
Net charge-offs as a percentage of average loans and leases outstanding
(6, 9)
|
1.67
|
%
|
|
2.24
|
%
|
|
3.60
|
%
|
|
3.58
|
%
|
|
1.79
|
%
|
|||||
Net charge-offs and PCI write-offs as a percentage of average loans and leases outstanding
(6, 10)
|
1.99
|
|
|
2.24
|
|
|
3.60
|
|
|
3.58
|
|
|
1.79
|
|
|||||
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases at December 31
(6, 11)
|
107
|
|
|
135
|
|
|
136
|
|
|
111
|
|
|
141
|
|
|||||
Ratio of the allowance for loan and lease losses at December 31 to net charge-offs
(9)
|
1.62
|
|
|
1.62
|
|
|
1.22
|
|
|
1.10
|
|
|
1.42
|
|
|||||
Ratio of the allowance for loan and lease losses at December 31 to net charge-offs and PCI write-offs
(10)
|
1.36
|
|
|
1.62
|
|
|
1.22
|
|
|
1.10
|
|
|
1.42
|
|
|||||
Amounts included in the allowance for loan and lease losses that are excluded from nonperforming loans and leases at December 31
(12)
|
$
|
12,021
|
|
|
$
|
17,490
|
|
|
$
|
22,908
|
|
|
$
|
17,690
|
|
|
$
|
11,679
|
|
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases, excluding amounts included in the allowance for loan and lease losses that are excluded from nonperforming loans and leases at December 31
(12)
|
54
|
%
|
|
65
|
%
|
|
62
|
%
|
|
58
|
%
|
|
70
|
%
|
|||||
Loan and allowance ratios excluding PCI loans and the related valuation allowance:
(13)
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Allowance for loan and lease losses as a percentage of total loans and leases outstanding at December 31
(6)
|
2.14
|
%
|
|
2.86
|
%
|
|
3.94
|
%
|
|
3.88
|
%
|
|
2.53
|
%
|
|||||
Consumer allowance for loan and lease losses as a percentage of total consumer loans outstanding at December 31
(7)
|
2.95
|
|
|
3.68
|
|
|
4.66
|
|
|
4.43
|
|
|
2.91
|
|
|||||
Net charge-offs as a percentage of average loans and leases outstanding
(6)
|
1.73
|
|
|
2.32
|
|
|
3.73
|
|
|
3.71
|
|
|
1.83
|
|
|||||
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases at December 31
(6, 11)
|
82
|
|
|
101
|
|
|
116
|
|
|
99
|
|
|
136
|
|
|||||
Ratio of the allowance for loan and lease losses at December 31 to net charge-offs
|
1.25
|
|
|
1.22
|
|
|
1.04
|
|
|
1.00
|
|
|
1.38
|
|
(6)
|
Outstanding loan and lease balances and ratios do not include loans accounted for under the fair value option. Loans accounted for under the fair value option were
$9.0 billion
,
$8.8 billion
, $3.3 billion, $4.9 billion and $5.4 billion at
December 31, 2012
,
2011
,
2010
,
2009
and
2008
, respectively. Average loans accounted for under the fair value option were
$8.4 billion
,
$8.4 billion
, $4.1 billion, $6.9 billion and $4.9 billion for
2012
,
2011
,
2010
,
2009
and
2008
, respectively.
|
(7)
|
Excludes consumer loans accounted for under the fair value option of
$1.0 billion
and
$2.2 billion
at
December 31, 2012 and 2011
. There were no consumer loans accounted for under the fair value option prior to 2011.
|
(8)
|
Excludes commercial loans accounted for under the fair value option of
$8.0 billion
,
$6.6 billion
, $3.3 billion, $4.9 billion and $5.4 billion at
December 31, 2012
,
2011
,
2010
,
2009
and
2008
, respectively.
|
(9)
|
Net charge-offs exclude
$2.8 billion
of write-offs in the Countrywide home equity PCI loan portfolio for
2012
. These write-offs decreased the PCI valuation allowance included as part of the allowance for loan and lease losses. For information on PCI write-offs, see
Countrywide Purchased Credit-impaired Loan Portfolio
on page
90
.
|
(10)
|
There were no write-offs of PCI loans in 2011, 2010, 2009 and 2008.
|
(11)
|
For more information on our definition of nonperforming loans, see pages
93
and
101
.
|
(12)
|
Primarily includes amounts allocated to the U.S. credit card and unsecured lending portfolios in
CBB
, PCI loans and the non-U.S. credit portfolio in
All Other
.
|
(13)
|
For more information on the PCI loan portfolio and the valuation allowance for PCI loans, see
Note 5 – Outstanding Loans and Leases
and
Note 6 – Allowance for Credit Losses
to the Consolidated Financial Statements
.
|
|
|
Bank of America 2012
137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Table VIII
Allocation of the Allowance for Credit Losses by Product Type
|
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
December 31
|
|||||||||||||||||||||||||||||||||
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|||||||||||||||||||||||||
(Dollars in millions)
|
Amount
|
|
Percent
of Total
|
|
Amount
|
|
Percent
of Total
|
|
Amount
|
|
Percent
of Total
|
|
Amount
|
|
Percent
of Total
|
|
Amount
|
|
Percent
of Total
|
|||||||||||||||
Allowance for loan and lease losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential mortgage
|
$
|
5,004
|
|
|
20.69
|
%
|
|
$
|
5,715
|
|
|
16.92
|
%
|
|
$
|
4,923
|
|
|
11.76
|
%
|
|
$
|
4,692
|
|
|
12.61
|
%
|
|
$
|
1,382
|
|
|
5.99
|
%
|
Home equity
|
7,845
|
|
|
32.45
|
|
|
13,094
|
|
|
38.76
|
|
|
12,887
|
|
|
30.77
|
|
|
10,116
|
|
|
27.19
|
|
|
5,385
|
|
|
23.34
|
|
|||||
Discontinued real estate
|
2,084
|
|
|
8.62
|
|
|
2,270
|
|
|
6.72
|
|
|
1,442
|
|
|
3.44
|
|
|
948
|
|
|
2.55
|
|
|
658
|
|
|
2.85
|
|
|||||
U.S. credit card
|
4,718
|
|
|
19.51
|
|
|
6,322
|
|
|
18.71
|
|
|
10,876
|
|
|
25.97
|
|
|
6,017
|
|
|
16.18
|
|
|
3,947
|
|
|
17.11
|
|
|||||
Non-U.S. credit card
|
600
|
|
|
2.48
|
|
|
946
|
|
|
2.80
|
|
|
2,045
|
|
|
4.88
|
|
|
1,581
|
|
|
4.25
|
|
|
742
|
|
|
3.22
|
|
|||||
Direct/Indirect consumer
|
718
|
|
|
2.97
|
|
|
1,153
|
|
|
3.41
|
|
|
2,381
|
|
|
5.68
|
|
|
4,227
|
|
|
11.36
|
|
|
4,341
|
|
|
18.81
|
|
|||||
Other consumer
|
104
|
|
|
0.43
|
|
|
148
|
|
|
0.44
|
|
|
161
|
|
|
0.38
|
|
|
204
|
|
|
0.55
|
|
|
203
|
|
|
0.88
|
|
|||||
Total consumer
|
21,073
|
|
|
87.15
|
|
|
29,648
|
|
|
87.76
|
|
|
34,715
|
|
|
82.88
|
|
|
27,785
|
|
|
74.69
|
|
|
16,658
|
|
|
72.20
|
|
|||||
U.S. commercial
(1)
|
1,885
|
|
|
7.80
|
|
|
2,441
|
|
|
7.23
|
|
|
3,576
|
|
|
8.54
|
|
|
5,152
|
|
|
13.85
|
|
|
4,339
|
|
|
18.81
|
|
|||||
Commercial real estate
|
846
|
|
|
3.50
|
|
|
1,349
|
|
|
3.99
|
|
|
3,137
|
|
|
7.49
|
|
|
3,567
|
|
|
9.59
|
|
|
1,465
|
|
|
6.35
|
|
|||||
Commercial lease financing
|
78
|
|
|
0.32
|
|
|
92
|
|
|
0.27
|
|
|
126
|
|
|
0.30
|
|
|
291
|
|
|
0.78
|
|
|
223
|
|
|
0.97
|
|
|||||
Non-U.S. commercial
|
297
|
|
|
1.23
|
|
|
253
|
|
|
0.75
|
|
|
331
|
|
|
0.79
|
|
|
405
|
|
|
1.09
|
|
|
386
|
|
|
1.67
|
|
|||||
Total commercial
(2)
|
3,106
|
|
|
12.85
|
|
|
4,135
|
|
|
12.24
|
|
|
7,170
|
|
|
17.12
|
|
|
9,415
|
|
|
25.31
|
|
|
6,413
|
|
|
27.80
|
|
|||||
Allowance for loan and lease losses
|
24,179
|
|
|
100.00
|
%
|
|
33,783
|
|
|
100.00
|
%
|
|
41,885
|
|
|
100.00
|
%
|
|
37,200
|
|
|
100.00
|
%
|
|
23,071
|
|
|
100.00
|
%
|
|||||
Reserve for unfunded lending commitments
|
513
|
|
|
|
|
714
|
|
|
|
|
|
1,188
|
|
|
|
|
1,487
|
|
|
|
|
421
|
|
|
|
|||||||||
Allowance for credit losses
(3)
|
$
|
24,692
|
|
|
|
|
$
|
34,497
|
|
|
|
|
|
$
|
43,073
|
|
|
|
|
$
|
38,687
|
|
|
|
|
$
|
23,492
|
|
|
|
(1)
|
Includes allowance for loan and lease losses for U.S. small business commercial loans of
$642 million
,
$893 million
, $1.5 billion, $2.4 billion and $2.4 billion at
December 31, 2012
,
2011
,
2010
,
2009
and
2008
, respectively.
|
(2)
|
Includes allowance for loan and lease losses for impaired commercial loans of
$330 million
,
$545 million
, $1.1 billion, $1.2 billion and $691 million at
December 31, 2012
,
2011
,
2010
,
2009
and
2008
, respectively.
|
(3)
|
Includes
$5.5 billion
,
$8.5 billion
, $6.4 billion, $3.9 billion and $750 million of valuation allowance presented with the allowance for credit losses related to PCI loans at
December 31, 2012
,
2011
,
2010
,
2009
and
2008
, respectively.
|
138
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
||||||||
Table IX
Selected Loan Maturity Data
(1, 2)
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2012
|
||||||||||||||
(Dollars in millions)
|
Due in One
Year or Less
|
|
Due After
One Year Through
Five Years
|
|
Due After
Five Years
|
|
Total
|
||||||||
U.S. commercial
|
$
|
60,018
|
|
|
$
|
108,191
|
|
|
$
|
43,760
|
|
|
$
|
211,969
|
|
U.S. commercial real estate
|
9,043
|
|
|
23,037
|
|
|
5,075
|
|
|
37,155
|
|
||||
Non-U.S. and other
(3)
|
63,326
|
|
|
12,605
|
|
|
5,482
|
|
|
81,413
|
|
||||
Total selected loans
|
$
|
132,387
|
|
|
$
|
143,833
|
|
|
$
|
54,317
|
|
|
$
|
330,537
|
|
Percent of total
|
40
|
%
|
|
44
|
%
|
|
16
|
%
|
|
100
|
%
|
||||
Sensitivity of selected loans to changes in interest rates for loans due after one year:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fixed interest rates
|
|
|
|
$
|
10,531
|
|
|
$
|
27,378
|
|
|
|
|
||
Floating or adjustable interest rates
|
|
|
|
133,302
|
|
|
26,939
|
|
|
|
|
||||
Total
|
|
|
|
$
|
143,833
|
|
|
$
|
54,317
|
|
|
|
|
(1)
|
Loan maturities are based on the remaining maturities under contractual terms.
|
(2)
|
Includes loans accounted for under the fair value option.
|
(3)
|
Loan maturities include non-U.S. commercial and commercial real estate loans.
|
|
|
|
|
||||
Table X
Non-exchange Traded Commodity Contracts
|
|||||||
|
|
|
|
||||
|
December 31, 2012
|
||||||
(Dollars in millions)
|
Asset
Positions
|
|
Liability
Positions
|
||||
Net fair value of contracts outstanding, January 1, 2012
|
$
|
5,508
|
|
|
$
|
4,585
|
|
Effects of legally enforceable master netting agreements
|
8,399
|
|
|
8,399
|
|
||
Gross fair value of contracts outstanding, January 1, 2012
|
13,907
|
|
|
12,984
|
|
||
Contracts realized or otherwise settled
|
(8,755
|
)
|
|
(7,926
|
)
|
||
Fair value of new contracts
|
4,364
|
|
|
4,294
|
|
||
Other changes in fair value
|
(365
|
)
|
|
(265
|
)
|
||
Gross fair value of contracts outstanding, December 31, 2012
|
9,151
|
|
|
9,087
|
|
||
Effects of legally enforceable master netting agreements
|
(5,110
|
)
|
|
(5,110
|
)
|
||
Net fair value of contracts outstanding, December 31, 2012
|
$
|
4,041
|
|
|
$
|
3,977
|
|
|
|
|
|
||||
Table XI
Non-exchange Traded Commodity Contract Maturities
|
|||||||
|
|
|
|
||||
|
December 31, 2012
|
||||||
(Dollars in millions)
|
Asset
Positions |
|
Liability
Positions |
||||
Less than one year
|
$
|
5,494
|
|
|
$
|
5,229
|
|
Greater than or equal to one year and less than three years
|
2,103
|
|
|
2,383
|
|
||
Greater than or equal to three years and less than five years
|
603
|
|
|
519
|
|
||
Greater than or equal to five years
|
951
|
|
|
956
|
|
||
Gross fair value of contracts outstanding
|
9,151
|
|
|
9,087
|
|
||
Effects of legally enforceable master netting agreements
|
(5,110
|
)
|
|
(5,110
|
)
|
||
Net fair value of contracts outstanding
|
$
|
4,041
|
|
|
$
|
3,977
|
|
|
|
Bank of America 2012
139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Table XII
Selected Quarterly Financial Data
|
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
2012 Quarters
|
|
2011 Quarters
|
||||||||||||||||||||||||||||
(In millions, except per share information)
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
||||||||||||||||
Income statement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest income
|
$
|
10,324
|
|
|
$
|
9,938
|
|
|
$
|
9,548
|
|
|
$
|
10,846
|
|
|
$
|
10,701
|
|
|
$
|
10,490
|
|
|
$
|
11,246
|
|
|
$
|
12,179
|
|
Noninterest income
|
8,336
|
|
|
10,490
|
|
|
12,420
|
|
|
11,432
|
|
|
14,187
|
|
|
17,963
|
|
|
1,990
|
|
|
14,698
|
|
||||||||
Total revenue, net of interest expense
|
18,660
|
|
|
20,428
|
|
|
21,968
|
|
|
22,278
|
|
|
24,888
|
|
|
28,453
|
|
|
13,236
|
|
|
26,877
|
|
||||||||
Provision for credit losses
|
2,204
|
|
|
1,774
|
|
|
1,773
|
|
|
2,418
|
|
|
2,934
|
|
|
3,407
|
|
|
3,255
|
|
|
3,814
|
|
||||||||
Goodwill impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
581
|
|
|
—
|
|
|
2,603
|
|
|
—
|
|
||||||||
Merger and restructuring charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
101
|
|
|
176
|
|
|
159
|
|
|
202
|
|
||||||||
All other noninterest expense
(1)
|
18,360
|
|
|
17,544
|
|
|
17,048
|
|
|
19,141
|
|
|
18,840
|
|
|
17,437
|
|
|
20,094
|
|
|
20,081
|
|
||||||||
Income (loss) before income taxes
|
(1,904
|
)
|
|
1,110
|
|
|
3,147
|
|
|
719
|
|
|
2,432
|
|
|
7,433
|
|
|
(12,875
|
)
|
|
2,780
|
|
||||||||
Income tax expense (benefit)
|
(2,636
|
)
|
|
770
|
|
|
684
|
|
|
66
|
|
|
441
|
|
|
1,201
|
|
|
(4,049
|
)
|
|
731
|
|
||||||||
Net income (loss)
|
732
|
|
|
340
|
|
|
2,463
|
|
|
653
|
|
|
1,991
|
|
|
6,232
|
|
|
(8,826
|
)
|
|
2,049
|
|
||||||||
Net income (loss) applicable to common shareholders
|
367
|
|
|
(33
|
)
|
|
2,098
|
|
|
328
|
|
|
1,584
|
|
|
5,889
|
|
|
(9,127
|
)
|
|
1,739
|
|
||||||||
Average common shares issued and outstanding
|
10,777
|
|
|
10,776
|
|
|
10,776
|
|
|
10,651
|
|
|
10,281
|
|
|
10,116
|
|
|
10,095
|
|
|
10,076
|
|
||||||||
Average diluted common shares issued and outstanding
(2)
|
10,885
|
|
|
10,776
|
|
|
11,556
|
|
|
10,762
|
|
|
11,125
|
|
|
10,464
|
|
|
10,095
|
|
|
10,181
|
|
||||||||
Performance ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Return on average assets
|
0.13
|
%
|
|
0.06
|
%
|
|
0.45
|
%
|
|
0.12
|
%
|
|
0.36
|
%
|
|
1.07
|
%
|
|
n/m
|
|
|
0.36
|
%
|
||||||||
Four quarter trailing return on average assets
(3)
|
0.19
|
|
|
0.25
|
|
|
0.51
|
|
|
n/m
|
|
|
0.06
|
|
|
n/m
|
|
|
n/m
|
|
|
n/m
|
|
||||||||
Return on average common shareholders’ equity
|
0.67
|
|
|
n/m
|
|
|
3.89
|
|
|
0.62
|
|
|
3.00
|
|
|
11.40
|
|
|
n/m
|
|
|
3.29
|
|
||||||||
Return on average tangible common shareholders’ equity
(4)
|
1.01
|
|
|
n/m
|
|
|
5.95
|
|
|
0.95
|
|
|
4.72
|
|
|
18.30
|
|
|
n/m
|
|
|
5.28
|
|
||||||||
Return on average tangible shareholders’ equity
(4)
|
1.77
|
|
|
0.84
|
|
|
6.16
|
|
|
1.67
|
|
|
5.20
|
|
|
17.03
|
|
|
n/m
|
|
|
5.54
|
|
||||||||
Total ending equity to total ending assets
|
10.72
|
|
|
11.02
|
|
|
10.92
|
|
|
10.66
|
|
|
10.81
|
|
|
10.37
|
|
|
9.83
|
%
|
|
10.15
|
|
||||||||
Total average equity to total average assets
|
10.79
|
|
|
10.86
|
|
|
10.73
|
|
|
10.63
|
|
|
10.34
|
|
|
9.66
|
|
|
10.05
|
|
|
9.87
|
|
||||||||
Dividend payout
|
29.33
|
|
|
n/m
|
|
|
5.60
|
|
|
34.97
|
|
|
6.60
|
|
|
1.73
|
|
|
n/m
|
|
|
6.06
|
|
||||||||
Per common share data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings (loss)
|
$
|
0.03
|
|
|
$
|
0.00
|
|
|
$
|
0.19
|
|
|
$
|
0.03
|
|
|
$
|
0.15
|
|
|
$
|
0.58
|
|
|
$
|
(0.90
|
)
|
|
$
|
0.17
|
|
Diluted earnings (loss)
(2)
|
0.03
|
|
|
0.00
|
|
|
0.19
|
|
|
0.03
|
|
|
0.15
|
|
|
0.56
|
|
|
(0.90
|
)
|
|
0.17
|
|
||||||||
Dividends paid
|
0.01
|
|
|
0.01
|
|
|
0.01
|
|
|
0.01
|
|
|
0.01
|
|
|
0.01
|
|
|
0.01
|
|
|
0.01
|
|
||||||||
Book value
|
20.24
|
|
|
20.40
|
|
|
20.16
|
|
|
19.83
|
|
|
20.09
|
|
|
20.80
|
|
|
20.29
|
|
|
21.15
|
|
||||||||
Tangible book value
(4)
|
13.36
|
|
|
13.48
|
|
|
13.22
|
|
|
12.87
|
|
|
12.95
|
|
|
13.22
|
|
|
12.65
|
|
|
13.21
|
|
||||||||
Market price per share of common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Closing
|
$
|
11.61
|
|
|
$
|
8.83
|
|
|
$
|
8.18
|
|
|
$
|
9.57
|
|
|
$
|
5.56
|
|
|
$
|
6.12
|
|
|
$
|
10.96
|
|
|
$
|
13.33
|
|
High closing
|
11.61
|
|
|
9.55
|
|
|
9.68
|
|
|
9.93
|
|
|
7.35
|
|
|
11.09
|
|
|
13.72
|
|
|
15.25
|
|
||||||||
Low closing
|
8.93
|
|
|
7.04
|
|
|
6.83
|
|
|
5.80
|
|
|
4.99
|
|
|
6.06
|
|
|
10.50
|
|
|
13.33
|
|
||||||||
Market capitalization
|
$
|
125,136
|
|
|
$
|
95,163
|
|
|
$
|
88,155
|
|
|
$
|
103,123
|
|
|
$
|
58,580
|
|
|
$
|
62,023
|
|
|
$
|
111,060
|
|
|
$
|
135,057
|
|
(1)
|
Excludes goodwill impairment charges and merger and restructuring charges.
|
(2)
|
Due to a net loss applicable to common shareholders for the third quarter of 2012 and the second quarter of 2011, the impact of antidilutive equity instruments was excluded from diluted earnings (loss) per share and average diluted common shares.
|
(3)
|
Calculated as total net income (loss) for four consecutive quarters divided by annualized average assets for four consecutive quarters.
|
(4)
|
Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures. Other companies may define or calculate these measures differently. For additional information on these ratios and for corresponding reconciliations to GAAP financial measures, see
Supplemental Financial Data
on page
35
and Statistical Table XVII.
|
(5)
|
For more information on the impact of the PCI loan portfolio on asset quality, see
Consumer Portfolio Credit Risk Management
on page
80
.
|
(6)
|
Includes the allowance for loan and lease losses and the reserve for unfunded lending commitments.
|
(7)
|
Balances and ratios do not include loans accounted for under the fair value option. For additional exclusions from nonperforming loans, leases and foreclosed properties, see
Nonperforming Consumer Loans and Foreclosed Properties Activity
on page
93
and corresponding
Table 37
, and
Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity
on page
101
and corresponding
Table 46
.
|
(8)
|
Primarily includes amounts allocated to the U.S. credit card and unsecured consumer lending portfolios in
CBB
, PCI loans and the non-U.S. credit card portfolio in
All Other
.
|
(9)
|
Net charge-offs exclude $1.1 billion and $1.7 billion of write-offs in the Countrywide home equity PCI loan portfolio for the fourth and third quarters of
2012
. These write-offs decreased the PCI valuation allowance included as part of the allowance for loan and lease losses. For information on PCI write-offs, see
Countrywide Purchased Credit-impaired Loan Portfolio
on page
90
.
|
(10)
|
There were no write-offs of PCI loans in the second and first quarters of 2012, and in each of the quarters in 2011.
|
140
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Table XII
Selected Quarterly Financial Data (continued)
|
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
2012 Quarters
|
|
2011 Quarters
|
||||||||||||||||||||||||||||
(Dollars in millions)
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
||||||||||||||||
Average balance sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total loans and leases
|
$
|
893,166
|
|
|
$
|
888,859
|
|
|
$
|
899,498
|
|
|
$
|
913,722
|
|
|
$
|
932,898
|
|
|
$
|
942,032
|
|
|
$
|
938,513
|
|
|
$
|
938,966
|
|
Total assets
|
2,210,365
|
|
|
2,173,312
|
|
|
2,194,563
|
|
|
2,187,174
|
|
|
2,207,567
|
|
|
2,301,454
|
|
|
2,339,110
|
|
|
2,338,538
|
|
||||||||
Total deposits
|
1,078,076
|
|
|
1,049,697
|
|
|
1,032,888
|
|
|
1,030,112
|
|
|
1,032,531
|
|
|
1,051,320
|
|
|
1,035,944
|
|
|
1,023,140
|
|
||||||||
Long-term debt
|
277,894
|
|
|
291,684
|
|
|
333,173
|
|
|
363,518
|
|
|
389,557
|
|
|
420,273
|
|
|
435,144
|
|
|
440,511
|
|
||||||||
Common shareholders’ equity
|
219,744
|
|
|
217,273
|
|
|
216,782
|
|
|
214,150
|
|
|
209,324
|
|
|
204,928
|
|
|
218,505
|
|
|
214,206
|
|
||||||||
Total shareholders’ equity
|
238,512
|
|
|
236,039
|
|
|
235,558
|
|
|
232,566
|
|
|
228,235
|
|
|
222,410
|
|
|
235,067
|
|
|
230,769
|
|
||||||||
Asset quality
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Allowance for credit losses
(6)
|
$
|
24,692
|
|
|
$
|
26,751
|
|
|
$
|
30,862
|
|
|
$
|
32,862
|
|
|
$
|
34,497
|
|
|
$
|
35,872
|
|
|
$
|
38,209
|
|
|
$
|
40,804
|
|
Nonperforming loans, leases and foreclosed properties
(7)
|
23,555
|
|
|
24,925
|
|
|
25,377
|
|
|
27,790
|
|
|
27,708
|
|
|
29,059
|
|
|
30,058
|
|
|
31,643
|
|
||||||||
Allowance for loan and lease losses as a percentage of total loans and leases outstanding
(7)
|
2.69
|
%
|
|
2.96
|
%
|
|
3.43
|
%
|
|
3.61
|
%
|
|
3.68
|
%
|
|
3.81
|
%
|
|
4.00
|
%
|
|
4.29
|
%
|
||||||||
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases
(7)
|
107
|
|
|
111
|
|
|
127
|
|
|
126
|
|
|
135
|
|
|
133
|
|
|
135
|
|
|
135
|
|
||||||||
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases, excluding the PCI loan
portfolio
(6)
|
82
|
|
|
81
|
|
|
90
|
|
|
91
|
|
|
101
|
|
|
101
|
|
|
105
|
|
|
108
|
|
||||||||
Amounts included in allowance that are excluded from nonperforming loans and leases
(8)
|
$
|
12,021
|
|
|
$
|
13,978
|
|
|
$
|
16,327
|
|
|
$
|
17,006
|
|
|
$
|
17,490
|
|
|
$
|
18,317
|
|
|
$
|
19,935
|
|
|
$
|
22,110
|
|
Allowance as a percentage of total nonperforming loans and leases, excluding amounts included in the allowance that are excluded from nonperforming loans and leases
(8)
|
54
|
%
|
|
52
|
%
|
|
59
|
%
|
|
60
|
%
|
|
65
|
%
|
|
63
|
%
|
|
63
|
%
|
|
60
|
%
|
||||||||
Net charge-offs
(9)
|
$
|
3,104
|
|
|
$
|
4,122
|
|
|
$
|
3,626
|
|
|
$
|
4,056
|
|
|
$
|
4,054
|
|
|
$
|
5,086
|
|
|
$
|
5,665
|
|
|
$
|
6,028
|
|
Annualized net charge-offs as a percentage of average loans and leases outstanding
(7, 9)
|
1.40
|
%
|
|
1.86
|
%
|
|
1.64
|
%
|
|
1.80
|
%
|
|
1.74
|
%
|
|
2.17
|
%
|
|
2.44
|
%
|
|
2.61
|
%
|
||||||||
Annualized net charge-offs as a percentage of average loans and leases outstanding, excluding the PCI loan portfolio
(7)
|
1.44
|
|
|
1.93
|
|
|
1.69
|
|
|
1.87
|
|
|
1.81
|
|
|
2.25
|
|
|
2.54
|
|
|
2.71
|
|
||||||||
Annualized net charge-offs and PCI write-offs as a percentage of average loans and leases outstanding
(7, 10)
|
1.90
|
|
|
2.63
|
|
|
1.64
|
|
|
1.80
|
|
|
1.74
|
|
|
2.17
|
|
|
2.44
|
|
|
2.61
|
|
||||||||
Nonperforming loans and leases as a percentage of total loans and leases outstanding
(7)
|
2.52
|
|
|
2.68
|
|
|
2.70
|
|
|
2.85
|
|
|
2.74
|
|
|
2.87
|
|
|
2.96
|
|
|
3.19
|
|
||||||||
Nonperforming loans, leases and foreclosed properties as a percentage of total loans, leases and foreclosed properties
(7)
|
2.62
|
|
|
2.81
|
|
|
2.87
|
|
|
3.10
|
|
|
3.01
|
|
|
3.15
|
|
|
3.22
|
|
|
3.40
|
|
||||||||
Ratio of the allowance for loan and lease losses at period end to annualized net charge-offs
(9)
|
1.96
|
|
|
1.60
|
|
|
2.08
|
|
|
1.97
|
|
|
2.10
|
|
|
1.74
|
|
|
1.64
|
|
|
1.63
|
|
||||||||
Ratio of the allowance for loan and lease losses at period end to annualized net charge-offs, excluding the PCI loan portfolio
|
1.51
|
|
|
1.17
|
|
|
1.46
|
|
|
1.43
|
|
|
1.57
|
|
|
1.33
|
|
|
1.28
|
|
|
1.31
|
|
||||||||
Ratio of the allowance for loan and lease losses at period end to annualized net charge-offs and PCI write-offs
(10)
|
1.44
|
|
|
1.13
|
|
|
2.08
|
|
|
1.97
|
|
|
2.10
|
|
|
1.74
|
|
|
1.64
|
|
|
1.63
|
|
||||||||
Capital ratios (period end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Risk-based capital:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Tier 1 common
|
11.06
|
%
|
|
11.41
|
%
|
|
11.24
|
%
|
|
10.78
|
%
|
|
9.86
|
%
|
|
8.65
|
%
|
|
8.23
|
%
|
|
8.64
|
%
|
||||||||
Tier 1
|
12.89
|
|
|
13.64
|
|
|
13.80
|
|
|
13.37
|
|
|
12.40
|
|
|
11.48
|
|
|
11.00
|
|
|
11.32
|
|
||||||||
Total
|
16.31
|
|
|
17.16
|
|
|
17.51
|
|
|
17.49
|
|
|
16.75
|
|
|
15.86
|
|
|
15.65
|
|
|
15.98
|
|
||||||||
Tier 1 leverage
|
7.37
|
|
|
7.84
|
|
|
7.84
|
|
|
7.79
|
|
|
7.53
|
|
|
7.11
|
|
|
6.86
|
|
|
7.25
|
|
||||||||
Tangible equity
(4)
|
7.62
|
|
|
7.85
|
|
|
7.73
|
|
|
7.48
|
|
|
7.54
|
|
|
7.16
|
|
|
6.63
|
|
|
6.85
|
|
||||||||
Tangible common equity
(4)
|
6.74
|
|
|
6.95
|
|
|
6.83
|
|
|
6.58
|
|
|
6.64
|
|
|
6.25
|
|
|
5.87
|
|
|
6.10
|
|
|
|
Bank of America 2012
141
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Table XIII
Quarterly Average Balances and Interest Rates – FTE Basis
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Fourth Quarter 2012
|
|
Third Quarter 2012
|
||||||||||||||||||
(Dollars in millions)
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Rate
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Rate
|
||||||||||
Earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Time deposits placed and other short-term investments
(1)
|
$
|
16,967
|
|
|
$
|
50
|
|
|
1.14
|
%
|
|
$
|
15,849
|
|
|
$
|
58
|
|
|
1.47
|
%
|
Federal funds sold and securities borrowed or purchased under agreements to resell
|
241,950
|
|
|
329
|
|
|
0.54
|
|
|
234,955
|
|
|
353
|
|
|
0.60
|
|
||||
Trading account assets
|
195,800
|
|
|
1,362
|
|
|
2.77
|
|
|
177,075
|
|
|
1,243
|
|
|
2.80
|
|
||||
Debt securities
(2)
|
339,779
|
|
|
2,123
|
|
|
2.50
|
|
|
340,773
|
|
|
2,036
|
|
|
2.39
|
|
||||
Loans and leases
(3)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residential mortgage
(4)
|
245,879
|
|
|
2,202
|
|
|
3.58
|
|
|
250,505
|
|
|
2,317
|
|
|
3.70
|
|
||||
Home equity
|
110,105
|
|
|
1,067
|
|
|
3.86
|
|
|
116,184
|
|
|
1,097
|
|
|
3.77
|
|
||||
Discontinued real estate
|
10,850
|
|
|
91
|
|
|
3.36
|
|
|
10,956
|
|
|
95
|
|
|
3.45
|
|
||||
U.S. credit card
|
92,849
|
|
|
2,336
|
|
|
10.01
|
|
|
93,292
|
|
|
2,353
|
|
|
10.04
|
|
||||
Non-U.S. credit card
|
13,081
|
|
|
383
|
|
|
11.66
|
|
|
13,329
|
|
|
385
|
|
|
11.48
|
|
||||
Direct/Indirect consumer
(5)
|
82,583
|
|
|
662
|
|
|
3.19
|
|
|
82,635
|
|
|
704
|
|
|
3.39
|
|
||||
Other consumer
(6)
|
1,602
|
|
|
19
|
|
|
4.57
|
|
|
2,654
|
|
|
40
|
|
|
6.03
|
|
||||
Total consumer
|
556,949
|
|
|
6,760
|
|
|
4.84
|
|
|
569,555
|
|
|
6,991
|
|
|
4.89
|
|
||||
U.S. commercial
|
209,496
|
|
|
1,729
|
|
|
3.28
|
|
|
201,072
|
|
|
1,752
|
|
|
3.47
|
|
||||
Commercial real estate
(7)
|
38,192
|
|
|
341
|
|
|
3.55
|
|
|
36,929
|
|
|
329
|
|
|
3.54
|
|
||||
Commercial lease financing
|
22,839
|
|
|
184
|
|
|
3.23
|
|
|
21,545
|
|
|
202
|
|
|
3.75
|
|
||||
Non-U.S. commercial
|
65,690
|
|
|
433
|
|
|
2.62
|
|
|
59,758
|
|
|
401
|
|
|
2.67
|
|
||||
Total commercial
|
336,217
|
|
|
2,687
|
|
|
3.18
|
|
|
319,304
|
|
|
2,684
|
|
|
3.35
|
|
||||
Total loans and leases
|
893,166
|
|
|
9,447
|
|
|
4.21
|
|
|
888,859
|
|
|
9,675
|
|
|
4.34
|
|
||||
Other earning assets
|
101,274
|
|
|
849
|
|
|
3.34
|
|
|
92,764
|
|
|
792
|
|
|
3.40
|
|
||||
Total earning assets
(8)
|
1,788,936
|
|
|
14,160
|
|
|
3.16
|
|
|
1,750,275
|
|
|
14,157
|
|
|
3.22
|
|
||||
Cash and cash equivalents
(1)
|
111,671
|
|
|
42
|
|
|
|
|
122,716
|
|
|
48
|
|
|
|
|
|||||
Other assets, less allowance for loan and lease losses
|
309,758
|
|
|
|
|
|
|
300,321
|
|
|
|
|
|
|
|
||||||
Total assets
|
$
|
2,210,365
|
|
|
|
|
|
|
$
|
2,173,312
|
|
|
|
|
|
|
|
||||
Interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Savings
|
$
|
41,294
|
|
|
$
|
6
|
|
|
0.06
|
%
|
|
$
|
41,581
|
|
|
$
|
11
|
|
|
0.10
|
%
|
NOW and money market deposit accounts
|
479,130
|
|
|
146
|
|
|
0.12
|
|
|
465,679
|
|
|
173
|
|
|
0.15
|
|
||||
Consumer CDs and IRAs
|
91,256
|
|
|
156
|
|
|
0.68
|
|
|
94,140
|
|
|
172
|
|
|
0.73
|
|
||||
Negotiable CDs, public funds and other deposits
|
19,904
|
|
|
27
|
|
|
0.54
|
|
|
19,587
|
|
|
30
|
|
|
0.61
|
|
||||
Total U.S. interest-bearing deposits
|
631,584
|
|
|
335
|
|
|
0.21
|
|
|
620,987
|
|
|
386
|
|
|
0.25
|
|
||||
Non-U.S. interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Banks located in non-U.S. countries
|
11,964
|
|
|
22
|
|
|
0.71
|
|
|
13,883
|
|
|
19
|
|
|
0.56
|
|
||||
Governments and official institutions
|
876
|
|
|
1
|
|
|
0.29
|
|
|
1,019
|
|
|
1
|
|
|
0.31
|
|
||||
Time, savings and other
|
53,655
|
|
|
80
|
|
|
0.60
|
|
|
52,175
|
|
|
78
|
|
|
0.59
|
|
||||
Total non-U.S. interest-bearing deposits
|
66,495
|
|
|
103
|
|
|
0.62
|
|
|
67,077
|
|
|
98
|
|
|
0.58
|
|
||||
Total interest-bearing deposits
|
698,079
|
|
|
438
|
|
|
0.25
|
|
|
688,064
|
|
|
484
|
|
|
0.28
|
|
||||
Federal funds purchased, securities loaned or sold under agreements to repurchase and other short-term borrowings
|
336,341
|
|
|
855
|
|
|
1.01
|
|
|
325,023
|
|
|
893
|
|
|
1.09
|
|
||||
Trading account liabilities
|
80,084
|
|
|
420
|
|
|
2.09
|
|
|
77,528
|
|
|
418
|
|
|
2.14
|
|
||||
Long-term debt
|
277,894
|
|
|
1,934
|
|
|
2.77
|
|
|
291,684
|
|
|
2,243
|
|
|
3.07
|
|
||||
Total interest-bearing liabilities
(8)
|
1,392,398
|
|
|
3,647
|
|
|
1.04
|
|
|
1,382,299
|
|
|
4,038
|
|
|
1.16
|
|
||||
Noninterest-bearing sources:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Noninterest-bearing deposits
|
379,997
|
|
|
|
|
|
|
361,633
|
|
|
|
|
|
|
|
||||||
Other liabilities
|
199,458
|
|
|
|
|
|
|
193,341
|
|
|
|
|
|
|
|
||||||
Shareholders’ equity
|
238,512
|
|
|
|
|
|
|
236,039
|
|
|
|
|
|
|
|
||||||
Total liabilities and shareholders’ equity
|
$
|
2,210,365
|
|
|
|
|
|
|
$
|
2,173,312
|
|
|
|
|
|
|
|
||||
Net interest spread
|
|
|
|
|
2.12
|
%
|
|
|
|
|
|
|
|
2.06
|
%
|
||||||
Impact of noninterest-bearing sources
|
|
|
|
|
0.22
|
|
|
|
|
|
|
|
|
0.25
|
|
||||||
Net interest income/yield on earning assets
(1)
|
|
|
$
|
10,513
|
|
|
2.34
|
%
|
|
|
|
|
$
|
10,119
|
|
|
2.31
|
%
|
(1)
|
For this presentation, fees earned on overnight deposits placed with the Federal Reserve are included in the cash and cash equivalents line, consistent with the Corporation’s Consolidated Balance Sheet presentation of these deposits. In addition, beginning in the third quarter of
2012
, fees earned on deposits, primarily overnight, placed with certain non-U.S. central banks, which are included in the time deposits placed and other short-term investments line in prior periods, have been included in the cash and cash equivalents line. Net interest income and net interest yield are calculated excluding these fees.
|
(2)
|
Yields on AFS debt securities are calculated based on fair value rather than the cost basis. The use of fair value does not have a material impact on net interest yield.
|
(3)
|
Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is recognized on a cost recovery basis. PCI loans were recorded at fair value upon acquisition and accrete interest income over the remaining life of the loan.
|
(4)
|
Includes non-U.S. residential mortgage loans of
$93 million
,
$92 million
,
$89 million
and
$86 million
in the fourth, third, second and first quarters of
2012
, and
$88 million
in the fourth quarter of
2011
, respectively.
|
(5)
|
Includes non-U.S. consumer loans of
$8.1 billion
,
$7.8 billion
,
$7.8 billion
and
$7.5 billion
in the fourth, third, second and first quarters of
2012
, and
$8.4 billion
in the fourth quarter of
2011
, respectively.
|
(6)
|
Includes consumer finance loans of
$1.4 billion
,
$1.5 billion
,
$1.6 billion
and
$1.6 billion
in the fourth, third, second and first quarters of
2012
, and
$1.7 billion
in the fourth quarter of
2011
, respectively; other non-U.S. consumer loans of
$4 million
,
$997 million
,
$895 million
and
$903 million
in the fourth, third, second and first quarters of
2012
, and
$959 million
in the fourth quarter of
2011
, respectively; and consumer overdrafts of
$156 million
,
$158 million
,
$108 million
and
$90 million
in the fourth, third, second and first quarters of
2012
, and
$107 million
in the fourth quarter of
2011
, respectively.
|
(7)
|
Includes U.S. commercial real estate loans of
$36.7 billion
,
$35.4 billion
,
$36.0 billion
and
$37.4 billion
in the fourth, third, second and first quarters of
2012
, and
$38.7 billion
in the fourth quarter of
2011
, respectively; and non-U.S. commercial real estate loans of
$1.5 billion
,
$1.5 billion
,
$1.6 billion
and
$1.8 billion
in the fourth, third, second and first quarters of
2012
, and
$1.9 billion
in the fourth quarter of
2011
, respectively.
|
(8)
|
Interest income includes the impact of interest rate risk management contracts, which decreased interest income on the underlying assets by
$146 million
,
$136 million
,
$366 million
and
$106 million
in the fourth, third, second and first quarters of
2012
, and
$427 million
in the fourth quarter of
2011
, respectively. Interest expense includes the impact of interest rate risk management contracts, which decreased interest expense on the underlying liabilities by
$598 million
,
$454 million
,
$591 million
and
$658 million
in the fourth, third, second and first quarters of
2012
, and
$763 million
in the fourth quarter of
2011
, respectively. For further information on interest rate contracts, see
Interest Rate Risk Management for Nontrading Activities
on page
117
.
|
142
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Table XIII
Quarterly Average Balances and Interest Rates – FTE Basis (continued)
|
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Second Quarter 2012
|
|
First Quarter 2012
|
|
Fourth Quarter 2011
|
|||||||||||||||||||||||||||
(Dollars in millions)
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Rate
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Rate
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Rate
|
|||||||||||||||
Earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Time deposits placed and other short-term investments
(1)
|
$
|
27,476
|
|
|
$
|
64
|
|
|
0.94
|
%
|
|
$
|
31,404
|
|
|
$
|
65
|
|
|
0.83
|
%
|
|
$
|
27,688
|
|
|
$
|
85
|
|
|
1.19
|
%
|
Federal funds sold and securities borrowed or purchased under agreements to resell
|
234,148
|
|
|
360
|
|
|
0.62
|
|
|
233,061
|
|
|
460
|
|
|
0.79
|
|
|
237,453
|
|
|
449
|
|
|
0.75
|
|
||||||
Trading account assets
|
180,694
|
|
|
1,302
|
|
|
2.89
|
|
|
175,778
|
|
|
1,399
|
|
|
3.19
|
|
|
161,848
|
|
|
1,354
|
|
|
3.33
|
|
||||||
Debt securities
(2)
|
342,244
|
|
|
1,907
|
|
|
2.23
|
|
|
327,758
|
|
|
2,732
|
|
|
3.33
|
|
|
332,990
|
|
|
2,245
|
|
|
2.69
|
|
||||||
Loans and leases
(3)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential mortgage
(4)
|
255,349
|
|
|
2,462
|
|
|
3.86
|
|
|
260,573
|
|
|
2,489
|
|
|
3.82
|
|
|
266,144
|
|
|
2,596
|
|
|
3.90
|
|
||||||
Home equity
|
119,657
|
|
|
1,090
|
|
|
3.66
|
|
|
122,933
|
|
|
1,164
|
|
|
3.80
|
|
|
126,251
|
|
|
1,207
|
|
|
3.80
|
|
||||||
Discontinued real estate
|
11,144
|
|
|
94
|
|
|
3.36
|
|
|
12,082
|
|
|
103
|
|
|
3.42
|
|
|
14,073
|
|
|
128
|
|
|
3.65
|
|
||||||
U.S. credit card
|
95,018
|
|
|
2,356
|
|
|
9.97
|
|
|
98,334
|
|
|
2,459
|
|
|
10.06
|
|
|
102,241
|
|
|
2,603
|
|
|
10.10
|
|
||||||
Non-U.S. credit card
|
13,641
|
|
|
396
|
|
|
11.68
|
|
|
14,151
|
|
|
408
|
|
|
11.60
|
|
|
15,981
|
|
|
420
|
|
|
10.41
|
|
||||||
Direct/Indirect consumer
(5)
|
84,198
|
|
|
733
|
|
|
3.50
|
|
|
88,321
|
|
|
801
|
|
|
3.65
|
|
|
90,861
|
|
|
863
|
|
|
3.77
|
|
||||||
Other consumer
(6)
|
2,565
|
|
|
41
|
|
|
6.41
|
|
|
2,617
|
|
|
40
|
|
|
6.24
|
|
|
2,751
|
|
|
41
|
|
|
6.14
|
|
||||||
Total consumer
|
581,572
|
|
|
7,172
|
|
|
4.95
|
|
|
599,011
|
|
|
7,464
|
|
|
5.00
|
|
|
618,302
|
|
|
7,858
|
|
|
5.06
|
|
||||||
U.S. commercial
|
199,644
|
|
|
1,742
|
|
|
3.51
|
|
|
195,111
|
|
|
1,756
|
|
|
3.62
|
|
|
196,778
|
|
|
1,798
|
|
|
3.63
|
|
||||||
Commercial real estate
(7)
|
37,627
|
|
|
323
|
|
|
3.46
|
|
|
39,190
|
|
|
339
|
|
|
3.48
|
|
|
40,673
|
|
|
343
|
|
|
3.34
|
|
||||||
Commercial lease financing
|
21,446
|
|
|
216
|
|
|
4.02
|
|
|
21,679
|
|
|
272
|
|
|
5.01
|
|
|
21,278
|
|
|
204
|
|
|
3.84
|
|
||||||
Non-U.S. commercial
|
59,209
|
|
|
369
|
|
|
2.50
|
|
|
58,731
|
|
|
391
|
|
|
2.68
|
|
|
55,867
|
|
|
395
|
|
|
2.80
|
|
||||||
Total commercial
|
317,926
|
|
|
2,650
|
|
|
3.35
|
|
|
314,711
|
|
|
2,758
|
|
|
3.52
|
|
|
314,596
|
|
|
2,740
|
|
|
3.46
|
|
||||||
Total loans and leases
|
899,498
|
|
|
9,822
|
|
|
4.38
|
|
|
913,722
|
|
|
10,222
|
|
|
4.49
|
|
|
932,898
|
|
|
10,598
|
|
|
4.52
|
|
||||||
Other earning assets
|
88,508
|
|
|
719
|
|
|
3.26
|
|
|
86,382
|
|
|
743
|
|
|
3.46
|
|
|
91,109
|
|
|
904
|
|
|
3.95
|
|
||||||
Total earning assets
(8)
|
1,772,568
|
|
|
14,174
|
|
|
3.21
|
|
|
1,768,105
|
|
|
15,621
|
|
|
3.55
|
|
|
1,783,986
|
|
|
15,635
|
|
|
3.49
|
|
||||||
Cash and cash equivalents
(1)
|
116,025
|
|
|
52
|
|
|
|
|
|
112,512
|
|
|
47
|
|
|
|
|
|
94,287
|
|
|
36
|
|
|
|
|
||||||
Other assets, less allowance for loan and lease losses
|
305,970
|
|
|
|
|
|
|
|
|
306,557
|
|
|
|
|
|
|
|
|
329,294
|
|
|
|
|
|
|
|
||||||
Total assets
|
$
|
2,194,563
|
|
|
|
|
|
|
|
|
$
|
2,187,174
|
|
|
|
|
|
|
|
|
$
|
2,207,567
|
|
|
|
|
|
|
|
|||
Interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Savings
|
$
|
42,394
|
|
|
$
|
14
|
|
|
0.13
|
%
|
|
$
|
40,543
|
|
|
$
|
14
|
|
|
0.14
|
%
|
|
$
|
39,609
|
|
|
$
|
16
|
|
|
0.16
|
%
|
NOW and money market deposit accounts
|
460,788
|
|
|
188
|
|
|
0.16
|
|
|
458,649
|
|
|
186
|
|
|
0.16
|
|
|
454,249
|
|
|
192
|
|
|
0.17
|
|
||||||
Consumer CDs and IRAs
|
96,858
|
|
|
171
|
|
|
0.71
|
|
|
100,044
|
|
|
194
|
|
|
0.78
|
|
|
103,488
|
|
|
220
|
|
|
0.84
|
|
||||||
Negotiable CDs, public funds and other deposits
|
21,661
|
|
|
35
|
|
|
0.65
|
|
|
22,586
|
|
|
36
|
|
|
0.64
|
|
|
22,413
|
|
|
34
|
|
|
0.60
|
|
||||||
Total U.S. interest-bearing deposits
|
621,701
|
|
|
408
|
|
|
0.26
|
|
|
621,822
|
|
|
430
|
|
|
0.28
|
|
|
619,759
|
|
|
462
|
|
|
0.30
|
|
||||||
Non-U.S. interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Banks located in non-U.S. countries
|
14,598
|
|
|
25
|
|
|
0.69
|
|
|
18,170
|
|
|
28
|
|
|
0.62
|
|
|
20,454
|
|
|
29
|
|
|
0.55
|
|
||||||
Governments and official institutions
|
895
|
|
|
1
|
|
|
0.37
|
|
|
1,286
|
|
|
1
|
|
|
0.41
|
|
|
1,466
|
|
|
1
|
|
|
0.36
|
|
||||||
Time, savings and other
|
52,584
|
|
|
85
|
|
|
0.65
|
|
|
55,241
|
|
|
90
|
|
|
0.66
|
|
|
57,814
|
|
|
124
|
|
|
0.85
|
|
||||||
Total non-U.S. interest-bearing deposits
|
68,077
|
|
|
111
|
|
|
0.65
|
|
|
74,697
|
|
|
119
|
|
|
0.64
|
|
|
79,734
|
|
|
154
|
|
|
0.77
|
|
||||||
Total interest-bearing deposits
|
689,778
|
|
|
519
|
|
|
0.30
|
|
|
696,519
|
|
|
549
|
|
|
0.32
|
|
|
699,493
|
|
|
616
|
|
|
0.35
|
|
||||||
Federal funds purchased, securities loaned or sold under agreements to repurchase and other short-term borrowings
|
318,909
|
|
|
943
|
|
|
1.19
|
|
|
293,056
|
|
|
881
|
|
|
1.21
|
|
|
284,766
|
|
|
921
|
|
|
1.28
|
|
||||||
Trading account liabilities
|
84,728
|
|
|
448
|
|
|
2.13
|
|
|
71,872
|
|
|
477
|
|
|
2.67
|
|
|
70,999
|
|
|
411
|
|
|
2.29
|
|
||||||
Long-term debt
|
333,173
|
|
|
2,534
|
|
|
3.05
|
|
|
363,518
|
|
|
2,708
|
|
|
2.99
|
|
|
389,557
|
|
|
2,764
|
|
|
2.80
|
|
||||||
Total interest-bearing liabilities
(8)
|
1,426,588
|
|
|
4,444
|
|
|
1.25
|
|
|
1,424,965
|
|
|
4,615
|
|
|
1.30
|
|
|
1,444,815
|
|
|
4,712
|
|
|
1.29
|
|
||||||
Noninterest-bearing sources:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Noninterest-bearing deposits
|
343,110
|
|
|
|
|
|
|
|
|
333,593
|
|
|
|
|
|
|
|
|
333,038
|
|
|
|
|
|
|
|
||||||
Other liabilities
|
189,307
|
|
|
|
|
|
|
|
|
196,050
|
|
|
|
|
|
|
|
|
201,479
|
|
|
|
|
|
|
|
||||||
Shareholders’ equity
|
235,558
|
|
|
|
|
|
|
|
|
232,566
|
|
|
|
|
|
|
|
|
228,235
|
|
|
|
|
|
|
|
||||||
Total liabilities and shareholders’ equity
|
$
|
2,194,563
|
|
|
|
|
|
|
|
|
$
|
2,187,174
|
|
|
|
|
|
|
|
|
$
|
2,207,567
|
|
|
|
|
|
|
|
|||
Net interest spread
|
|
|
|
|
|
|
1.96
|
%
|
|
|
|
|
|
|
|
2.25
|
%
|
|
|
|
|
|
|
|
2.20
|
%
|
||||||
Impact of noninterest-bearing sources
|
|
|
|
|
|
|
0.24
|
|
|
|
|
|
|
|
|
0.25
|
|
|
|
|
|
|
|
|
0.24
|
|
||||||
Net interest income/yield on earning assets
(1)
|
|
|
|
$
|
9,730
|
|
|
2.20
|
%
|
|
|
|
|
$
|
11,006
|
|
|
2.50
|
%
|
|
|
|
|
$
|
10,923
|
|
|
2.44
|
%
|
|
|
Bank of America 2012
143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Table XIV
Quarterly Supplemental Financial Data
(1)
|
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
2012 Quarters
|
|
2011 Quarters
|
||||||||||||||||||||||||||||
(Dollars in millions, except per share information)
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
||||||||||||||||
Fully taxable-equivalent basis data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest income
|
$
|
10,555
|
|
|
$
|
10,167
|
|
|
$
|
9,782
|
|
|
$
|
11,053
|
|
|
$
|
10,959
|
|
|
$
|
10,739
|
|
|
$
|
11,493
|
|
|
$
|
12,397
|
|
Total revenue, net of interest expense
|
18,891
|
|
|
20,657
|
|
|
22,202
|
|
|
22,485
|
|
|
25,146
|
|
|
28,702
|
|
|
13,483
|
|
|
27,095
|
|
||||||||
Net interest yield
(2)
|
2.35
|
%
|
|
2.32
|
%
|
|
2.21
|
%
|
|
2.51
|
%
|
|
2.45
|
%
|
|
2.32
|
%
|
|
2.50
|
%
|
|
2.67
|
%
|
||||||||
Efficiency ratio
|
97.19
|
|
|
84.93
|
|
|
76.79
|
|
|
85.13
|
|
|
77.64
|
|
|
61.37
|
|
|
n/m
|
|
|
74.86
|
|
||||||||
Performance ratios, excluding goodwill impairment charges
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Per common share information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings (loss)
|
|
|
|
|
|
|
|
|
$
|
0.21
|
|
|
|
|
$
|
(0.65
|
)
|
|
|
|
|||||||||||
Diluted earnings (loss)
|
|
|
|
|
|
|
|
|
0.20
|
|
|
|
|
(0.65
|
)
|
|
|
|
|||||||||||||
Efficiency ratio (FTE basis)
|
|
|
|
|
|
|
|
|
|
75.33
|
%
|
|
|
|
n/m
|
|
|
|
|
||||||||||||
Return on average assets
|
|
|
|
|
|
|
|
|
|
0.46
|
|
|
|
|
n/m
|
|
|
|
|
||||||||||||
Four quarter trailing return on average assets
(4)
|
|
|
|
|
|
|
|
|
|
0.20
|
|
|
|
|
n/m
|
|
|
|
|
||||||||||||
Return on average common shareholders’ equity
|
|
|
|
|
|
|
|
|
|
4.10
|
|
|
|
|
n/m
|
|
|
|
|
||||||||||||
Return on average tangible common shareholders’ equity
|
|
|
|
|
|
|
|
|
|
6.46
|
|
|
|
|
n/m
|
|
|
|
|
||||||||||||
Return on average tangible shareholders’ equity
|
|
|
|
|
|
|
|
|
|
6.72
|
|
|
|
|
n/m
|
|
|
|
|
(1)
|
Supplemental financial data on a FTE basis and performance measures and ratios excluding the impact of goodwill impairment charges are non-GAAP financial measures. Other companies may define or calculate these measures differently. For additional information on these performance measures and ratios, see
Supplemental Financial Data
on page
35
and for corresponding reconciliations to GAAP financial measures, see Statistical Table XVII.
|
(2)
|
Calculation includes fees earned on overnight deposits placed with the Federal Reserve and, beginning in the third quarter of 2012, fees earned on deposits, primarily overnight, placed with certain non-U.S. central banks of
$42 million
,
$48 million
,
$52 million
and
$47 million
for the fourth, third, second and first quarters of
2012
, and
$36 million
, $38 million, $49 million and $63 million for the fourth, third, second and first quarters of
2011
, respectively.
|
(3)
|
Performance ratios are calculated excluding the impact of the goodwill impairment charges of
$581 million
and
$2.6 billion
recorded during the fourth and second quarters of 2011.
|
(4)
|
Calculated as total net income for four consecutive quarters divided by annualized average assets for four consecutive quarters.
|
144
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Table XV
Five Year Reconciliations to GAAP Financial Measures
(1)
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in millions, shares in thousands)
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
||||||||||
Reconciliation of net interest income to net interest income on a fully taxable-equivalent basis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net interest income
|
$
|
40,656
|
|
|
$
|
44,616
|
|
|
$
|
51,523
|
|
|
$
|
47,109
|
|
|
$
|
45,360
|
|
Fully taxable-equivalent adjustment
|
901
|
|
|
972
|
|
|
1,170
|
|
|
1,301
|
|
|
1,194
|
|
|||||
Net interest income on a fully taxable-equivalent basis
|
$
|
41,557
|
|
|
$
|
45,588
|
|
|
$
|
52,693
|
|
|
$
|
48,410
|
|
|
$
|
46,554
|
|
Reconciliation of total revenue, net of interest expense to total revenue, net of interest expense on a fully taxable-equivalent basis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total revenue, net of interest expense
|
$
|
83,334
|
|
|
$
|
93,454
|
|
|
$
|
110,220
|
|
|
$
|
119,643
|
|
|
$
|
72,782
|
|
Fully taxable-equivalent adjustment
|
901
|
|
|
972
|
|
|
1,170
|
|
|
1,301
|
|
|
1,194
|
|
|||||
Total revenue, net of interest expense on a fully taxable-equivalent basis
|
$
|
84,235
|
|
|
$
|
94,426
|
|
|
$
|
111,390
|
|
|
$
|
120,944
|
|
|
$
|
73,976
|
|
Reconciliation of total noninterest expense to total noninterest expense, excluding goodwill impairment charges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total noninterest expense
|
$
|
72,093
|
|
|
$
|
80,274
|
|
|
$
|
83,108
|
|
|
$
|
66,713
|
|
|
$
|
41,529
|
|
Goodwill impairment charges
|
—
|
|
|
(3,184
|
)
|
|
(12,400
|
)
|
|
—
|
|
|
—
|
|
|||||
Total noninterest expense, excluding goodwill impairment charges
|
$
|
72,093
|
|
|
$
|
77,090
|
|
|
$
|
70,708
|
|
|
$
|
66,713
|
|
|
$
|
41,529
|
|
Reconciliation of income tax expense (benefit) to income tax expense (benefit) on a fully taxable-equivalent basis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income tax expense (benefit)
|
$
|
(1,116
|
)
|
|
$
|
(1,676
|
)
|
|
$
|
915
|
|
|
$
|
(1,916
|
)
|
|
$
|
420
|
|
Fully taxable-equivalent adjustment
|
901
|
|
|
972
|
|
|
1,170
|
|
|
1,301
|
|
|
1,194
|
|
|||||
Income tax expense (benefit) on a fully taxable-equivalent basis
|
$
|
(215
|
)
|
|
$
|
(704
|
)
|
|
$
|
2,085
|
|
|
$
|
(615
|
)
|
|
$
|
1,614
|
|
Reconciliation of net income (loss) to net income, excluding goodwill impairment charges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income (loss)
|
$
|
4,188
|
|
|
$
|
1,446
|
|
|
$
|
(2,238
|
)
|
|
$
|
6,276
|
|
|
$
|
4,008
|
|
Goodwill impairment charges
|
—
|
|
|
3,184
|
|
|
12,400
|
|
|
—
|
|
|
—
|
|
|||||
Net income, excluding goodwill impairment charges
|
$
|
4,188
|
|
|
$
|
4,630
|
|
|
$
|
10,162
|
|
|
$
|
6,276
|
|
|
$
|
4,008
|
|
Reconciliation of net income (loss) applicable to common shareholders to net income (loss) applicable to common shareholders, excluding goodwill impairment charges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income (loss) applicable to common shareholders
|
$
|
2,760
|
|
|
$
|
85
|
|
|
$
|
(3,595
|
)
|
|
$
|
(2,204
|
)
|
|
$
|
2,556
|
|
Goodwill impairment charges
|
—
|
|
|
3,184
|
|
|
12,400
|
|
|
—
|
|
|
—
|
|
|||||
Net income (loss) applicable to common shareholders, excluding goodwill impairment charges
|
$
|
2,760
|
|
|
$
|
3,269
|
|
|
$
|
8,805
|
|
|
$
|
(2,204
|
)
|
|
$
|
2,556
|
|
Reconciliation of average common shareholders’ equity to average tangible common shareholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Common shareholders’ equity
|
$
|
216,996
|
|
|
$
|
211,709
|
|
|
$
|
212,686
|
|
|
$
|
182,288
|
|
|
$
|
141,638
|
|
Common Equivalent Securities
|
—
|
|
|
—
|
|
|
2,900
|
|
|
1,213
|
|
|
—
|
|
|||||
Goodwill
|
(69,974
|
)
|
|
(72,334
|
)
|
|
(82,600
|
)
|
|
(86,034
|
)
|
|
(79,827
|
)
|
|||||
Intangible assets (excluding MSRs)
|
(7,366
|
)
|
|
(9,180
|
)
|
|
(10,985
|
)
|
|
(12,220
|
)
|
|
(9,502
|
)
|
|||||
Related deferred tax liabilities
|
2,593
|
|
|
2,898
|
|
|
3,306
|
|
|
3,831
|
|
|
1,782
|
|
|||||
Tangible common shareholders’ equity
|
$
|
142,249
|
|
|
$
|
133,093
|
|
|
$
|
125,307
|
|
|
$
|
89,078
|
|
|
$
|
54,091
|
|
Reconciliation of average shareholders’ equity to average tangible shareholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Shareholders’ equity
|
$
|
235,677
|
|
|
$
|
229,095
|
|
|
$
|
233,235
|
|
|
$
|
244,645
|
|
|
$
|
164,831
|
|
Goodwill
|
(69,974
|
)
|
|
(72,334
|
)
|
|
(82,600
|
)
|
|
(86,034
|
)
|
|
(79,827
|
)
|
|||||
Intangible assets (excluding MSRs)
|
(7,366
|
)
|
|
(9,180
|
)
|
|
(10,985
|
)
|
|
(12,220
|
)
|
|
(9,502
|
)
|
|||||
Related deferred tax liabilities
|
2,593
|
|
|
2,898
|
|
|
3,306
|
|
|
3,831
|
|
|
1,782
|
|
|||||
Tangible shareholders’ equity
|
$
|
160,930
|
|
|
$
|
150,479
|
|
|
$
|
142,956
|
|
|
$
|
150,222
|
|
|
$
|
77,284
|
|
Reconciliation of year-end common shareholders’ equity to year-end tangible common shareholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Common shareholders’ equity
|
$
|
218,188
|
|
|
$
|
211,704
|
|
|
$
|
211,686
|
|
|
$
|
194,236
|
|
|
$
|
139,351
|
|
Common Equivalent Securities
|
—
|
|
|
—
|
|
|
—
|
|
|
19,244
|
|
|
—
|
|
|||||
Goodwill
|
(69,976
|
)
|
|
(69,967
|
)
|
|
(73,861
|
)
|
|
(86,314
|
)
|
|
(81,934
|
)
|
|||||
Intangible assets (excluding MSRs)
|
(6,684
|
)
|
|
(8,021
|
)
|
|
(9,923
|
)
|
|
(12,026
|
)
|
|
(8,535
|
)
|
|||||
Related deferred tax liabilities
|
2,428
|
|
|
2,702
|
|
|
3,036
|
|
|
3,498
|
|
|
1,854
|
|
|||||
Tangible common shareholders’ equity
|
$
|
143,956
|
|
|
$
|
136,418
|
|
|
$
|
130,938
|
|
|
$
|
118,638
|
|
|
$
|
50,736
|
|
Reconciliation of year-end shareholders’ equity to year-end tangible shareholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Shareholders’ equity
|
$
|
236,956
|
|
|
$
|
230,101
|
|
|
$
|
228,248
|
|
|
$
|
231,444
|
|
|
$
|
177,052
|
|
Goodwill
|
(69,976
|
)
|
|
(69,967
|
)
|
|
(73,861
|
)
|
|
(86,314
|
)
|
|
(81,934
|
)
|
|||||
Intangible assets (excluding MSRs)
|
(6,684
|
)
|
|
(8,021
|
)
|
|
(9,923
|
)
|
|
(12,026
|
)
|
|
(8,535
|
)
|
|||||
Related deferred tax liabilities
|
2,428
|
|
|
2,702
|
|
|
3,036
|
|
|
3,498
|
|
|
1,854
|
|
|||||
Tangible shareholders’ equity
|
$
|
162,724
|
|
|
$
|
154,815
|
|
|
$
|
147,500
|
|
|
$
|
136,602
|
|
|
$
|
88,437
|
|
Reconciliation of year-end assets to year-end tangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Assets
|
$
|
2,209,974
|
|
|
$
|
2,129,046
|
|
|
$
|
2,264,909
|
|
|
$
|
2,230,232
|
|
|
$
|
1,817,943
|
|
Goodwill
|
(69,976
|
)
|
|
(69,967
|
)
|
|
(73,861
|
)
|
|
(86,314
|
)
|
|
(81,934
|
)
|
|||||
Intangible assets (excluding MSRs)
|
(6,684
|
)
|
|
(8,021
|
)
|
|
(9,923
|
)
|
|
(12,026
|
)
|
|
(8,535
|
)
|
|||||
Related deferred tax liabilities
|
2,428
|
|
|
2,702
|
|
|
3,036
|
|
|
3,498
|
|
|
1,854
|
|
|||||
Tangible assets
|
$
|
2,135,742
|
|
|
$
|
2,053,760
|
|
|
$
|
2,184,161
|
|
|
$
|
2,135,390
|
|
|
$
|
1,729,328
|
|
Reconciliation of year-end common shares outstanding to year-end tangible common shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Common shares outstanding
|
10,778,264
|
|
|
10,535,938
|
|
|
10,085,155
|
|
|
8,650,244
|
|
|
5,017,436
|
|
|||||
Assumed conversion of common equivalent shares
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
1,286,000
|
|
|
—
|
|
|||||
Tangible common shares outstanding
|
10,778,264
|
|
|
10,535,938
|
|
|
10,085,155
|
|
|
9,936,244
|
|
|
5,017,436
|
|
(1)
|
Presents reconciliations of non-GAAP financial measures to GAAP financial measures. We believe the use of these non-GAAP financial measures provides additional clarity in assessing the results of the Corporation. Other companies may define or calculate these measures differently. For more information on non-GAAP financial measures and ratios we use in assessing the results of the Corporation, see
Supplemental Financial Data
on page
35
.
|
(2)
|
On February 24, 2010, the common equivalent shares converted into common shares.
|
|
|
Bank of America 2012
145
|
|
|
|
|
||||
Table XVI
Two Year Reconciliations to GAAP Financial Measures
(1)
|
|||||||
|
|
|
|
||||
(Dollars in millions)
|
2012
|
|
2011
|
||||
Consumer & Business Banking
|
|
|
|
|
|
||
Reported net income
|
$
|
5,321
|
|
|
$
|
7,447
|
|
Adjustment related to intangibles
(2)
|
13
|
|
|
20
|
|
||
Adjusted net income
|
$
|
5,334
|
|
|
$
|
7,467
|
|
|
|
|
|
||||
Average allocated equity
|
$
|
53,646
|
|
|
$
|
52,908
|
|
Adjustment related to goodwill and a percentage of intangibles
|
(30,468
|
)
|
|
(30,635
|
)
|
||
Average economic capital
|
$
|
23,178
|
|
|
$
|
22,273
|
|
|
|
|
|
||||
Consumer Real Estate Services
|
|
|
|
||||
Reported net loss
|
$
|
(6,507
|
)
|
|
$
|
(19,465
|
)
|
Adjustment related to intangibles
(2)
|
—
|
|
|
—
|
|
||
Goodwill impairment charge
|
—
|
|
|
2,603
|
|
||
Adjusted net loss
|
$
|
(6,507
|
)
|
|
$
|
(16,862
|
)
|
|
|
|
|
||||
Average allocated equity
|
$
|
13,687
|
|
|
$
|
16,202
|
|
Adjustment related to goodwill and a percentage of intangibles (excluding MSRs)
|
—
|
|
|
(1,350
|
)
|
||
Average economic capital
|
$
|
13,687
|
|
|
$
|
14,852
|
|
|
|
|
|
||||
Global Banking
|
|
|
|
||||
Reported net income
|
$
|
5,725
|
|
|
$
|
6,046
|
|
Adjustment related to intangibles
(2)
|
4
|
|
|
6
|
|
||
Adjusted net income
|
$
|
5,729
|
|
|
$
|
6,052
|
|
|
|
|
|
||||
Average allocated equity
|
$
|
45,907
|
|
|
$
|
47,384
|
|
Adjustment related to goodwill and a percentage of intangibles
|
(24,854
|
)
|
|
(24,623
|
)
|
||
Average economic capital
|
$
|
21,053
|
|
|
$
|
22,761
|
|
|
|
|
|
||||
Global Markets
|
|
|
|
||||
Reported net income
|
$
|
1,054
|
|
|
$
|
988
|
|
Adjustment related to intangibles
(2)
|
9
|
|
|
12
|
|
||
Adjusted net income
|
$
|
1,063
|
|
|
$
|
1,000
|
|
|
|
|
|
||||
Average allocated equity
|
$
|
17,595
|
|
|
$
|
22,671
|
|
Adjustment related to goodwill and a percentage of intangibles
|
(4,639
|
)
|
|
(4,625
|
)
|
||
Average economic capital
|
$
|
12,956
|
|
|
$
|
18,046
|
|
|
|
|
|
||||
Global Wealth & Investment Management
|
|
|
|
||||
Reported net income
|
$
|
2,223
|
|
|
$
|
1,718
|
|
Adjustment related to intangibles
(2)
|
23
|
|
|
30
|
|
||
Adjusted net income
|
$
|
2,246
|
|
|
$
|
1,748
|
|
|
|
|
|
||||
Average allocated equity
|
$
|
17,739
|
|
|
$
|
17,352
|
|
Adjustment related to goodwill and a percentage of intangibles
|
(10,380
|
)
|
|
(10,486
|
)
|
||
Average economic capital
|
$
|
7,359
|
|
|
$
|
6,866
|
|
(1)
|
Presents reconciliations of non-GAAP financial measures to GAAP financial measures. We believe the use of these non-GAAP financial measures provides additional clarity in assessing the results of the Corporation and our segments. Other companies may define or calculate these measures differently. For more information on non-GAAP financial measures and ratios we use in assessing the results of the Corporation, see
Supplemental Financial Data
on page
35
.
|
(2)
|
Represents cost of funds, earnings credits and certain expenses related to intangibles.
|
146
Bank of America 2012
|
|
|
|
|
|
|
||||
Table XVI
Two Year Reconciliations to GAAP Financial Measures (continued)
(1)
|
|||||||
|
|
|
|
||||
(Dollars in millions)
|
2012
|
|
2011
|
||||
Consumer & Business Banking
|
|
|
|
|
|
||
Deposits
|
|
|
|
||||
Reported net income
|
$
|
917
|
|
|
$
|
1,217
|
|
Adjustment related to intangibles
(2)
|
1
|
|
|
3
|
|
||
Adjusted net income
|
$
|
918
|
|
|
$
|
1,220
|
|
|
|
|
|
||||
Average allocated equity
|
$
|
24,329
|
|
|
$
|
23,734
|
|
Adjustment related to goodwill and a percentage of intangibles
|
(17,924
|
)
|
|
(17,948
|
)
|
||
Average economic capital
|
$
|
6,405
|
|
|
$
|
5,786
|
|
|
|
|
|
||||
Card Services
|
|
|
|
||||
Reported net income
|
$
|
4,061
|
|
|
$
|
5,811
|
|
Adjustment related to intangibles
(2)
|
12
|
|
|
17
|
|
||
Adjusted net income
|
$
|
4,073
|
|
|
$
|
5,828
|
|
|
|
|
|
||||
Average allocated equity
|
$
|
20,578
|
|
|
$
|
21,127
|
|
Adjustment related to goodwill and a percentage of intangibles
|
(10,447
|
)
|
|
(10,589
|
)
|
||
Average economic capital
|
$
|
10,131
|
|
|
$
|
10,538
|
|
|
|
|
|
||||
Business Banking
|
|
|
|
||||
Reported net income
|
$
|
343
|
|
|
$
|
419
|
|
Adjustment related to intangibles
(2)
|
—
|
|
|
—
|
|
||
Adjusted net income
|
$
|
343
|
|
|
$
|
419
|
|
|
|
|
|
||||
Average allocated equity
|
$
|
8,739
|
|
|
$
|
8,047
|
|
Adjustment related to goodwill and a percentage of intangibles
|
(2,097
|
)
|
|
(2,098
|
)
|
||
Average economic capital
|
$
|
6,642
|
|
|
$
|
5,949
|
|
|
|
Bank of America 2012
147
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Table XVII
Quarterly Reconciliations to GAAP Financial Measures
(1)
|
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
2012 Quarters
|
|
2011 Quarters
|
||||||||||||||||||||||||||||
(Dollars in millions)
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
||||||||||||||||
Reconciliation of net interest income to net interest income on a fully taxable-equivalent basis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest income
|
$
|
10,324
|
|
|
$
|
9,938
|
|
|
$
|
9,548
|
|
|
$
|
10,846
|
|
|
$
|
10,701
|
|
|
$
|
10,490
|
|
|
$
|
11,246
|
|
|
$
|
12,179
|
|
Fully taxable-equivalent adjustment
|
231
|
|
|
229
|
|
|
234
|
|
|
207
|
|
|
258
|
|
|
249
|
|
|
247
|
|
|
218
|
|
||||||||
Net interest income on a fully taxable-equivalent basis
|
$
|
10,555
|
|
|
$
|
10,167
|
|
|
$
|
9,782
|
|
|
$
|
11,053
|
|
|
$
|
10,959
|
|
|
$
|
10,739
|
|
|
$
|
11,493
|
|
|
$
|
12,397
|
|
Reconciliation of total revenue, net of interest expense to total revenue, net of interest expense on a fully taxable-equivalent basis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total revenue, net of interest expense
|
$
|
18,660
|
|
|
$
|
20,428
|
|
|
$
|
21,968
|
|
|
$
|
22,278
|
|
|
$
|
24,888
|
|
|
$
|
28,453
|
|
|
$
|
13,236
|
|
|
$
|
26,877
|
|
Fully taxable-equivalent adjustment
|
231
|
|
|
229
|
|
|
234
|
|
|
207
|
|
|
258
|
|
|
249
|
|
|
247
|
|
|
218
|
|
||||||||
Total revenue, net of interest expense on a fully taxable-equivalent basis
|
$
|
18,891
|
|
|
$
|
20,657
|
|
|
$
|
22,202
|
|
|
$
|
22,485
|
|
|
$
|
25,146
|
|
|
$
|
28,702
|
|
|
$
|
13,483
|
|
|
$
|
27,095
|
|
Reconciliation of total noninterest expense to total noninterest expense, excluding goodwill impairment charges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total noninterest expense
|
$
|
18,360
|
|
|
$
|
17,544
|
|
|
$
|
17,048
|
|
|
$
|
19,141
|
|
|
$
|
19,522
|
|
|
$
|
17,613
|
|
|
$
|
22,856
|
|
|
$
|
20,283
|
|
Goodwill impairment charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(581
|
)
|
|
—
|
|
|
(2,603
|
)
|
|
—
|
|
||||||||
Total noninterest expense, excluding goodwill impairment charges
|
$
|
18,360
|
|
|
$
|
17,544
|
|
|
$
|
17,048
|
|
|
$
|
19,141
|
|
|
$
|
18,941
|
|
|
$
|
17,613
|
|
|
$
|
20,253
|
|
|
$
|
20,283
|
|
Reconciliation of income tax expense (benefit) to income tax expense (benefit) on a fully taxable-equivalent basis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Income tax expense (benefit)
|
$
|
(2,636
|
)
|
|
$
|
770
|
|
|
$
|
684
|
|
|
$
|
66
|
|
|
$
|
441
|
|
|
$
|
1,201
|
|
|
$
|
(4,049
|
)
|
|
$
|
731
|
|
Fully taxable-equivalent adjustment
|
231
|
|
|
229
|
|
|
234
|
|
|
207
|
|
|
258
|
|
|
249
|
|
|
247
|
|
|
218
|
|
||||||||
Income tax expense (benefit) on a fully taxable-equivalent basis
|
$
|
(2,405
|
)
|
|
$
|
999
|
|
|
$
|
918
|
|
|
$
|
273
|
|
|
$
|
699
|
|
|
$
|
1,450
|
|
|
$
|
(3,802
|
)
|
|
$
|
949
|
|
Reconciliation of net income (loss) to net income (loss), excluding goodwill impairment charges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss)
|
$
|
732
|
|
|
$
|
340
|
|
|
$
|
2,463
|
|
|
$
|
653
|
|
|
$
|
1,991
|
|
|
$
|
6,232
|
|
|
$
|
(8,826
|
)
|
|
$
|
2,049
|
|
Goodwill impairment charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
581
|
|
|
—
|
|
|
2,603
|
|
|
—
|
|
||||||||
Net income (loss), excluding goodwill impairment charges
|
$
|
732
|
|
|
$
|
340
|
|
|
$
|
2,463
|
|
|
$
|
653
|
|
|
$
|
2,572
|
|
|
$
|
6,232
|
|
|
$
|
(6,223
|
)
|
|
$
|
2,049
|
|
Reconciliation of net income (loss) applicable to common shareholders to net income (loss) applicable to common shareholders, excluding goodwill impairment charges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) applicable to common shareholders
|
$
|
367
|
|
|
$
|
(33
|
)
|
|
$
|
2,098
|
|
|
$
|
328
|
|
|
$
|
1,584
|
|
|
$
|
5,889
|
|
|
$
|
(9,127
|
)
|
|
$
|
1,739
|
|
Goodwill impairment charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
581
|
|
|
—
|
|
|
2,603
|
|
|
—
|
|
||||||||
Net income (loss) applicable to common shareholders, excluding goodwill impairment charges
|
$
|
367
|
|
|
$
|
(33
|
)
|
|
$
|
2,098
|
|
|
$
|
328
|
|
|
$
|
2,165
|
|
|
$
|
5,889
|
|
|
$
|
(6,524
|
)
|
|
$
|
1,739
|
|
Reconciliation of average common shareholders’ equity to average tangible common shareholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Common shareholders’ equity
|
$
|
219,744
|
|
|
$
|
217,273
|
|
|
$
|
216,782
|
|
|
$
|
214,150
|
|
|
$
|
209,324
|
|
|
$
|
204,928
|
|
|
$
|
218,505
|
|
|
$
|
214,206
|
|
Goodwill
|
(69,976
|
)
|
|
(69,976
|
)
|
|
(69,976
|
)
|
|
(69,967
|
)
|
|
(70,647
|
)
|
|
(71,070
|
)
|
|
(73,748
|
)
|
|
(73,922
|
)
|
||||||||
Intangible assets (excluding MSRs)
|
(6,874
|
)
|
|
(7,194
|
)
|
|
(7,533
|
)
|
|
(7,869
|
)
|
|
(8,566
|
)
|
|
(9,005
|
)
|
|
(9,394
|
)
|
|
(9,769
|
)
|
||||||||
Related deferred tax liabilities
|
2,490
|
|
|
2,556
|
|
|
2,626
|
|
|
2,700
|
|
|
2,775
|
|
|
2,852
|
|
|
2,932
|
|
|
3,035
|
|
||||||||
Tangible common shareholders’ equity
|
$
|
145,384
|
|
|
$
|
142,659
|
|
|
$
|
141,899
|
|
|
$
|
139,014
|
|
|
$
|
132,886
|
|
|
$
|
127,705
|
|
|
$
|
138,295
|
|
|
$
|
133,550
|
|
(1)
|
Presents reconciliations of non-GAAP financial measures to GAAP financial measures. We believe the use of these non-GAAP financial measures provides additional clarity in assessing the results of the Corporation. Other companies may define or calculate these measures differently. For more information on non-GAAP financial measures and ratios we use in assessing the results of the Corporation, see
Supplemental Financial Data
on page
35
.
|
148
Bank of America 2012
|
|
|
|
|
Bank of America 2012
149
|
150
Bank of America 2012
|
|
|
|
|
Bank of America 2012
151
|
ABS
|
Asset-backed securities
|
AFS
|
Available-for-sale
|
ALM
|
Asset and liability management
|
ALMRC
|
Asset Liability Market Risk Committee
|
ARM
|
Adjustable-rate mortgage
|
BHC
|
Bank holding company
|
CDO
|
Collateralized debt obligation
|
CLO
|
Collateralized loan obligation
|
CES
|
Common Equivalent Securities
|
CMBS
|
Commercial mortgage-backed securities
|
CORC
|
Compliance and Operational Risk Committee
|
CRA
|
Community Reinvestment Act
|
CRC
|
Credit Risk Committee
|
EAD
|
Exposure at default
|
EU
|
European Union
|
FDIC
|
Federal Deposit Insurance Corporation
|
FFIEC
|
Federal Financial Institutions Examination Council
|
FHA
|
Federal Housing Administration
|
FHFA
|
Federal Housing Finance Agency
|
FHLMC
|
Freddie Mac
|
FICC
|
Fixed income, currencies and commodities
|
FICO
|
Fair Isaac Corporation (credit score)
|
FNMA
|
Fannie Mae
|
FTE
|
Fully taxable-equivalent
|
GAAP
|
Accounting principles generally accepted in the United States of America
|
GNMA
|
Government National Mortgage Association
|
GMRC
|
Global Markets Risk Committee
|
GSE
|
Government-sponsored enterprise
|
HELOC
|
Home equity lines of credit
|
HFI
|
Held-for-investment
|
HUD
|
U.S. Department of Housing and Urban Development
|
IPO
|
Initial public offering
|
LCR
|
Liquidity coverage ratio
|
LGD
|
Loss given default
|
LHFS
|
Loans held-for-sale
|
LIBOR
|
London InterBank Offered Rate
|
MBS
|
Mortgage-backed securities
|
MD&A
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
MI
|
Mortgage insurance
|
MSA
|
Metropolitan statistical area
|
NSFR
|
Net stable funding ratio
|
OCC
|
Office of the Comptroller of the Currency
|
OCI
|
Other comprehensive income
|
OTC
|
Over-the-counter
|
OTTI
|
Other-than-temporary impairment
|
PPI
|
Payment protection insurance
|
RMBS
|
Residential mortgage-backed securities
|
ROTE
|
Return on average tangible shareholders’ equity
|
SBLCs
|
Standby letters of credit
|
SEC
|
Securities and Exchange Commission
|
TLGP
|
Temporary Liquidity Guarantee Program
|
VA
|
U.S. Department of Veterans Affairs
|
152
Bank of America 2012
|
|
|
|
|
|
Table of Contents
|
|
|
|
|
Page
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
Bank of America 2012
153
|
154
Bank of America 2012
|
|
|
|
|
Bank of America 2012
155
|
|
|
|
|
|
|
||||||
Consolidated Statement of Income
|
|||||||||||
|
|
|
|
|
|
||||||
(Dollars in millions, except per share information)
|
2012
|
|
2011
|
|
2010
|
||||||
Interest income
|
|
|
|
|
|
|
|
|
|||
Loans and leases
|
$
|
38,880
|
|
|
$
|
44,966
|
|
|
$
|
50,996
|
|
Debt securities
|
8,776
|
|
|
9,521
|
|
|
11,667
|
|
|||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
1,502
|
|
|
2,147
|
|
|
1,832
|
|
|||
Trading account assets
|
5,094
|
|
|
5,961
|
|
|
6,841
|
|
|||
Other interest income
|
3,148
|
|
|
3,641
|
|
|
4,161
|
|
|||
Total interest income
|
57,400
|
|
|
66,236
|
|
|
75,497
|
|
|||
|
|
|
|
|
|
||||||
Interest expense
|
|
|
|
|
|
|
|
|
|||
Deposits
|
1,990
|
|
|
3,002
|
|
|
3,997
|
|
|||
Short-term borrowings
|
3,572
|
|
|
4,599
|
|
|
3,699
|
|
|||
Trading account liabilities
|
1,763
|
|
|
2,212
|
|
|
2,571
|
|
|||
Long-term debt
|
9,419
|
|
|
11,807
|
|
|
13,707
|
|
|||
Total interest expense
|
16,744
|
|
|
21,620
|
|
|
23,974
|
|
|||
Net interest income
|
40,656
|
|
|
44,616
|
|
|
51,523
|
|
|||
|
|
|
|
|
|
||||||
Noninterest income
|
|
|
|
|
|
|
|
|
|||
Card income
|
6,121
|
|
|
7,184
|
|
|
8,108
|
|
|||
Service charges
|
7,600
|
|
|
8,094
|
|
|
9,390
|
|
|||
Investment and brokerage services
|
11,393
|
|
|
11,826
|
|
|
11,622
|
|
|||
Investment banking income
|
5,299
|
|
|
5,217
|
|
|
5,520
|
|
|||
Equity investment income
|
2,070
|
|
|
7,360
|
|
|
5,260
|
|
|||
Trading account profits
|
5,870
|
|
|
6,697
|
|
|
10,054
|
|
|||
Mortgage banking income (loss)
|
4,750
|
|
|
(8,830
|
)
|
|
2,734
|
|
|||
Insurance income (loss)
|
(195
|
)
|
|
1,346
|
|
|
2,066
|
|
|||
Gains on sales of debt securities
|
1,662
|
|
|
3,374
|
|
|
2,526
|
|
|||
Other income (loss)
|
(1,839
|
)
|
|
6,869
|
|
|
2,384
|
|
|||
Other-than-temporary impairment losses on available-for-sale debt securities:
|
|
|
|
|
|
|
|
|
|||
Total other-than-temporary impairment losses
|
(57
|
)
|
|
(360
|
)
|
|
(2,174
|
)
|
|||
Less: Portion of other-than-temporary impairment losses recognized in other comprehensive income
|
4
|
|
|
61
|
|
|
1,207
|
|
|||
Net impairment losses recognized in earnings on available-for-sale debt securities
|
(53
|
)
|
|
(299
|
)
|
|
(967
|
)
|
|||
Total noninterest income
|
42,678
|
|
|
48,838
|
|
|
58,697
|
|
|||
Total revenue, net of interest expense
|
83,334
|
|
|
93,454
|
|
|
110,220
|
|
|||
|
|
|
|
|
|
||||||
Provision for credit losses
|
8,169
|
|
|
13,410
|
|
|
28,435
|
|
|||
|
|
|
|
|
|
||||||
Noninterest expense
|
|
|
|
|
|
|
|
||||
Personnel
|
35,648
|
|
|
36,965
|
|
|
35,149
|
|
|||
Occupancy
|
4,570
|
|
|
4,748
|
|
|
4,716
|
|
|||
Equipment
|
2,269
|
|
|
2,340
|
|
|
2,452
|
|
|||
Marketing
|
1,873
|
|
|
2,203
|
|
|
1,963
|
|
|||
Professional fees
|
3,574
|
|
|
3,381
|
|
|
2,695
|
|
|||
Amortization of intangibles
|
1,264
|
|
|
1,509
|
|
|
1,731
|
|
|||
Data processing
|
2,961
|
|
|
2,652
|
|
|
2,544
|
|
|||
Telecommunications
|
1,660
|
|
|
1,553
|
|
|
1,416
|
|
|||
Other general operating
|
18,274
|
|
|
21,101
|
|
|
16,222
|
|
|||
Goodwill impairment
|
—
|
|
|
3,184
|
|
|
12,400
|
|
|||
Merger and restructuring charges
|
—
|
|
|
638
|
|
|
1,820
|
|
|||
Total noninterest expense
|
72,093
|
|
|
80,274
|
|
|
83,108
|
|
|||
Income (loss) before income taxes
|
3,072
|
|
|
(230
|
)
|
|
(1,323
|
)
|
|||
Income tax expense (benefit)
|
(1,116
|
)
|
|
(1,676
|
)
|
|
915
|
|
|||
Net income (loss)
|
$
|
4,188
|
|
|
$
|
1,446
|
|
|
$
|
(2,238
|
)
|
Preferred stock dividends
|
1,428
|
|
|
1,361
|
|
|
1,357
|
|
|||
Net income (loss) applicable to common shareholders
|
$
|
2,760
|
|
|
$
|
85
|
|
|
$
|
(3,595
|
)
|
|
|
|
|
|
|
||||||
Per common share information
|
|
|
|
|
|
|
|
|
|||
Earnings (loss)
|
$
|
0.26
|
|
|
$
|
0.01
|
|
|
$
|
(0.37
|
)
|
Diluted earnings (loss)
|
0.25
|
|
|
0.01
|
|
|
(0.37
|
)
|
|||
Dividends paid
|
0.04
|
|
|
0.04
|
|
|
0.04
|
|
|||
Average common shares issued and outstanding (in thousands)
|
10,746,028
|
|
|
10,142,625
|
|
|
9,790,472
|
|
|||
Average diluted common shares issued and outstanding (in thousands)
|
10,840,854
|
|
|
10,254,824
|
|
|
9,790,472
|
|
156
Bank of America 2012
|
|
|
|
|
|
|
|
|
||||||
Consolidated Statement of Comprehensive Income
|
|||||||||||
|
|
|
|
|
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2010
|
||||||
Net income (loss)
|
$
|
4,188
|
|
|
$
|
1,446
|
|
|
$
|
(2,238
|
)
|
Other comprehensive income, net-of-tax:
|
|
|
|
|
|
||||||
Net change in available-for-sale debt and marketable equity securities
|
1,802
|
|
|
(4,270
|
)
|
|
5,872
|
|
|||
Net change in derivatives
|
916
|
|
|
(549
|
)
|
|
(701
|
)
|
|||
Employee benefit plan adjustments
|
(65
|
)
|
|
(444
|
)
|
|
145
|
|
|||
Net change in foreign currency translation adjustments
|
(13
|
)
|
|
(108
|
)
|
|
237
|
|
|||
Other comprehensive income (loss)
|
2,640
|
|
|
(5,371
|
)
|
|
5,553
|
|
|||
Comprehensive income (loss)
|
$
|
6,828
|
|
|
$
|
(3,925
|
)
|
|
$
|
3,315
|
|
|
|
Bank of America 2012
157
|
158
Bank of America 2012
|
|
|
|
|
|
|
||||
Consolidated Balance Sheet (continued)
|
|||||||
|
|
||||||
|
December 31
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
||||
Liabilities
|
|
|
|
|
|
||
Deposits in U.S. offices:
|
|
|
|
|
|
||
Noninterest-bearing
|
$
|
372,546
|
|
|
$
|
332,228
|
|
Interest-bearing (includes
$2,262
and $3,297
measured at fair value)
|
654,332
|
|
|
624,814
|
|
||
Deposits in non-U.S. offices:
|
|
|
|
|
|||
Noninterest-bearing
|
7,573
|
|
|
6,839
|
|
||
Interest-bearing
|
70,810
|
|
|
69,160
|
|
||
Total deposits
|
1,105,261
|
|
|
1,033,041
|
|
||
Federal funds purchased and securities loaned or sold under agreements to repurchase (includes
$42,639
and $34,235 measured at fair value)
|
293,259
|
|
|
214,864
|
|
||
Trading account liabilities
|
73,587
|
|
|
60,508
|
|
||
Derivative liabilities
|
46,016
|
|
|
59,520
|
|
||
Commercial paper and other short-term borrowings (includes
$4,074
and $6,558 measured at fair value)
|
30,731
|
|
|
35,698
|
|
||
Accrued expenses and other liabilities (includes
$16,594
and $15,743 measured at fair value and
$513
and $714 of reserve for unfunded lending commitments)
|
148,579
|
|
|
123,049
|
|
||
Long-term debt (includes
$49,161
and $46,239 measured at fair value)
|
275,585
|
|
|
372,265
|
|
||
Total liabilities
|
1,973,018
|
|
|
1,898,945
|
|
||
Commitments and contingencies (
Note 7 – Securitizations and Other Variable Interest Entities, Note 8 – Representations and Warranties Obligations and Corporate Guarantees
and
Note 13 – Commitments and Contingencies)
|
|
|
|
|
|
||
Shareholders’ equity
|
|
|
|
|
|
||
Preferred stock, $0.01 par value; authorized –
100,000,000
shares; issued and outstanding –
3,685,410
and 3,689,084 shares
|
18,768
|
|
|
18,397
|
|
||
Common stock and additional paid-in capital, $0.01 par value; authorized –
12,800,000,000
shares; issued and outstanding –
10,778,263,628
and 10,535,937,957 shares
|
158,142
|
|
|
156,621
|
|
||
Retained earnings
|
62,843
|
|
|
60,520
|
|
||
Accumulated other comprehensive income (loss)
|
(2,797
|
)
|
|
(5,437
|
)
|
||
Total shareholders’ equity
|
236,956
|
|
|
230,101
|
|
||
Total liabilities and shareholders’ equity
|
$
|
2,209,974
|
|
|
$
|
2,129,046
|
|
|
|
|
|
||||
Liabilities of consolidated variable interest entities included in total liabilities above
|
|
|
|
|
|
||
Commercial paper and other short-term borrowings (includes
$872
and $650 of non-recourse liabilities)
|
$
|
3,731
|
|
|
$
|
5,777
|
|
Long-term debt (includes
$29,476
and $44,976 of non-recourse debt)
|
34,256
|
|
|
49,054
|
|
||
All other liabilities (includes
$149
and $225 of non-recourse liabilities)
|
360
|
|
|
1,116
|
|
||
Total liabilities of consolidated variable interest entities
|
$
|
38,347
|
|
|
$
|
55,947
|
|
|
|
Bank of America 2012
159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Consolidated Statement of Changes in Shareholders’ Equity
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Preferred
Stock
|
|
Common Stock and
Additional Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Other
|
|
Total
Shareholders’
Equity
|
|||||||||||||||
(Dollars in millions, shares in thousands)
|
|
Shares
|
|
Amount
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance, December 31, 2009
|
$
|
37,208
|
|
|
8,650,244
|
|
|
$
|
128,734
|
|
|
$
|
71,233
|
|
|
$
|
(5,619
|
)
|
|
$
|
(112
|
)
|
|
$
|
231,444
|
|
Cumulative adjustments for accounting changes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidation of certain variable interest entities
|
|
|
|
|
|
|
|
|
(6,154
|
)
|
|
(116
|
)
|
|
|
|
|
(6,270
|
)
|
|||||||
Credit-related notes
|
|
|
|
|
|
|
|
|
|
(229
|
)
|
|
229
|
|
|
|
|
|
|
|||||||
Net loss
|
|
|
|
|
|
|
|
|
|
(2,238
|
)
|
|
|
|
|
|
|
(2,238
|
)
|
|||||||
Net change in available-for-sale debt and marketable equity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
5,759
|
|
|
|
|
|
5,759
|
|
||||||
Net change in derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
(701
|
)
|
|
|
|
|
(701
|
)
|
||||||
Employee benefit plan adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
145
|
|
|
|
|
|
145
|
|
||||||
Net change in foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
|
|
|
237
|
|
|
|
|
|
237
|
|
|||||||
Dividends paid:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Common
|
|
|
|
|
|
|
|
(405
|
)
|
|
|
|
|
|
|
|
(405
|
)
|
||||||||
Preferred
|
|
|
|
|
|
|
|
|
(1,357
|
)
|
|
|
|
|
|
|
|
(1,357
|
)
|
|||||||
Common stock issued under employee plans and related tax effects
|
|
|
98,557
|
|
|
1,385
|
|
|
|
|
|
|
|
|
103
|
|
|
1,488
|
|
|||||||
Mandatory convertible preferred stock conversion
|
(1,542
|
)
|
|
50,354
|
|
|
1,542
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Common Equivalent Securities conversion
|
(19,244
|
)
|
|
1,286,000
|
|
|
19,244
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Other
|
140
|
|
|
|
|
|
|
|
|
(1
|
)
|
|
|
|
|
7
|
|
|
146
|
|
||||||
Balance, December 31, 2010
|
16,562
|
|
|
10,085,155
|
|
|
150,905
|
|
|
60,849
|
|
|
(66
|
)
|
|
(2
|
)
|
|
228,248
|
|
||||||
Net income
|
|
|
|
|
|
|
1,446
|
|
|
|
|
|
|
1,446
|
|
|||||||||||
Net change in available-for-sale debt and marketable equity securities
|
|
|
|
|
|
|
|
|
(4,270
|
)
|
|
|
|
(4,270
|
)
|
|||||||||||
Net change in derivatives
|
|
|
|
|
|
|
|
|
(549
|
)
|
|
|
|
(549
|
)
|
|||||||||||
Employee benefit plan adjustments
|
|
|
|
|
|
|
|
|
(444
|
)
|
|
|
|
(444
|
)
|
|||||||||||
Net change in foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
(108
|
)
|
|
|
|
(108
|
)
|
|||||||||||
Dividends paid:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Common
|
|
|
|
|
|
|
(413
|
)
|
|
|
|
|
|
(413
|
)
|
|||||||||||
Preferred
|
|
|
|
|
|
|
(1,325
|
)
|
|
|
|
|
|
(1,325
|
)
|
|||||||||||
Issuance of preferred stock and warrants
|
2,918
|
|
|
|
|
2,082
|
|
|
|
|
|
|
|
|
5,000
|
|
||||||||||
Common stock issued in connection with exchanges of preferred stock and trust preferred securities
|
(1,083
|
)
|
|
400,000
|
|
|
2,754
|
|
|
(36
|
)
|
|
|
|
|
|
1,635
|
|
||||||||
Common stock issued under employee plans and related tax effects
|
|
|
50,783
|
|
|
880
|
|
|
|
|
|
|
2
|
|
|
882
|
|
|||||||||
Other
|
|
|
|
|
|
|
(1
|
)
|
|
|
|
|
|
(1
|
)
|
|||||||||||
Balance, December 31, 2011
|
18,397
|
|
|
10,535,938
|
|
|
156,621
|
|
|
60,520
|
|
|
(5,437
|
)
|
|
—
|
|
|
230,101
|
|
||||||
Net income
|
|
|
|
|
|
|
4,188
|
|
|
|
|
|
|
4,188
|
|
|||||||||||
Net change in available-for-sale debt and marketable equity securities
|
|
|
|
|
|
|
|
|
1,802
|
|
|
|
|
1,802
|
|
|||||||||||
Net change in derivatives
|
|
|
|
|
|
|
|
|
916
|
|
|
|
|
916
|
|
|||||||||||
Employee benefit plan adjustments
|
|
|
|
|
|
|
|
|
(65
|
)
|
|
|
|
(65
|
)
|
|||||||||||
Net change in foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
(13
|
)
|
|
|
|
(13
|
)
|
|||||||||||
Dividends paid:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Common
|
|
|
|
|
|
|
(437
|
)
|
|
|
|
|
|
(437
|
)
|
|||||||||||
Preferred
|
|
|
|
|
|
|
(1,472
|
)
|
|
|
|
|
|
(1,472
|
)
|
|||||||||||
Net issuance of preferred stock
|
667
|
|
|
|
|
|
|
|
|
|
|
|
|
667
|
|
|||||||||||
Common stock issued in connection with exchanges of preferred stock and trust preferred securities
|
(296
|
)
|
|
49,867
|
|
|
412
|
|
|
44
|
|
|
|
|
|
|
160
|
|
||||||||
Common stock issued under employee plans and related tax effects
|
|
|
192,459
|
|
|
1,109
|
|
|
|
|
|
|
|
|
1,109
|
|
||||||||||
Balance, December 31, 2012
|
$
|
18,768
|
|
|
10,778,264
|
|
|
$
|
158,142
|
|
|
$
|
62,843
|
|
|
$
|
(2,797
|
)
|
|
$
|
—
|
|
|
$
|
236,956
|
|
160
Bank of America 2012
|
|
|
|
|
|
|
|
|
||||||
Consolidated Statement of Cash Flows
|
|||||||||||
|
|
|
|
|
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2010
|
||||||
Operating activities
|
|
|
|
|
|
|
|
|
|||
Net income (loss)
|
$
|
4,188
|
|
|
$
|
1,446
|
|
|
$
|
(2,238
|
)
|
Reconciliation of net income (loss) to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|
|
|||
Provision for credit losses
|
8,169
|
|
|
13,410
|
|
|
28,435
|
|
|||
Goodwill impairment
|
—
|
|
|
3,184
|
|
|
12,400
|
|
|||
Gains on sales of debt securities
|
(1,662
|
)
|
|
(3,374
|
)
|
|
(2,526
|
)
|
|||
Fair value adjustments on structured liabilities
|
5,107
|
|
|
(3,320
|
)
|
|
(18
|
)
|
|||
Depreciation and premises improvements amortization
|
1,774
|
|
|
1,976
|
|
|
2,181
|
|
|||
Amortization of intangibles
|
1,264
|
|
|
1,509
|
|
|
1,731
|
|
|||
Deferred income taxes
|
(2,735
|
)
|
|
(1,949
|
)
|
|
608
|
|
|||
Net (increase) decrease in trading and derivative instruments
|
(48,225
|
)
|
|
20,230
|
|
|
20,775
|
|
|||
Net (increase) decrease in other assets
|
(13,330
|
)
|
|
50,230
|
|
|
5,213
|
|
|||
Net increase (decrease) in accrued expenses and other liabilities
|
24,061
|
|
|
(18,124
|
)
|
|
14,069
|
|
|||
Other operating activities, net
|
7,531
|
|
|
(770
|
)
|
|
1,911
|
|
|||
Net cash provided by (used in) operating activities
|
(13,858
|
)
|
|
64,448
|
|
|
82,541
|
|
|||
Investing activities
|
|
|
|
|
|
|
|
|
|||
Net (increase) decrease in time deposits placed and other short-term investments
|
7,310
|
|
|
105
|
|
|
(2,154
|
)
|
|||
Net increase in federal funds sold and securities borrowed or purchased under agreements to resell
|
(8,741
|
)
|
|
(1,567
|
)
|
|
(19,683
|
)
|
|||
Proceeds from sales of available-for-sale and other debt securities
|
74,068
|
|
|
120,125
|
|
|
100,047
|
|
|||
Proceeds from paydowns and maturities of available-for-sale and other debt securities
|
71,509
|
|
|
56,732
|
|
|
70,868
|
|
|||
Purchases of available-for-sale and other debt securities
|
(164,491
|
)
|
|
(99,536
|
)
|
|
(199,159
|
)
|
|||
Proceeds from maturities of held-to-maturity debt securities
|
6,261
|
|
|
602
|
|
|
11
|
|
|||
Purchases of held-to-maturity debt securities
|
(20,991
|
)
|
|
(35,552
|
)
|
|
(100
|
)
|
|||
Proceeds from sales of loans and leases
|
1,673
|
|
|
2,409
|
|
|
8,046
|
|
|||
Other changes in loans and leases, net
|
(6,457
|
)
|
|
(6,059
|
)
|
|
(2,550
|
)
|
|||
Net sales (purchases) of premises and equipment
|
5
|
|
|
(1,307
|
)
|
|
(987
|
)
|
|||
Proceeds from sales of foreclosed properties
|
2,799
|
|
|
2,532
|
|
|
3,107
|
|
|||
Cash received due to impact of adoption of consolidation guidance
|
—
|
|
|
—
|
|
|
2,807
|
|
|||
Proceeds from sales of investments
|
198
|
|
|
14,840
|
|
|
10,856
|
|
|||
Other investing activities, net
|
(320
|
)
|
|
(895
|
)
|
|
(1,456
|
)
|
|||
Net cash provided by (used in) investing activities
|
(37,177
|
)
|
|
52,429
|
|
|
(30,347
|
)
|
|||
Financing activities
|
|
|
|
|
|
|
|
|
|||
Net increase in deposits
|
72,220
|
|
|
22,611
|
|
|
36,598
|
|
|||
Net increase (decrease) in federal funds purchased and securities loaned or sold under agreements to repurchase
|
78,395
|
|
|
(30,495
|
)
|
|
(9,826
|
)
|
|||
Net decrease in commercial paper and other short-term borrowings
|
(5,017
|
)
|
|
(24,264
|
)
|
|
(31,698
|
)
|
|||
Proceeds from issuance of long-term debt
|
22,200
|
|
|
26,001
|
|
|
52,215
|
|
|||
Retirement of long-term debt
|
(124,389
|
)
|
|
(101,814
|
)
|
|
(110,919
|
)
|
|||
Proceeds from issuance of preferred stock and warrants
|
667
|
|
|
5,000
|
|
|
—
|
|
|||
Cash dividends paid
|
(1,909
|
)
|
|
(1,738
|
)
|
|
(1,762
|
)
|
|||
Excess tax benefits on share-based payments
|
13
|
|
|
42
|
|
|
53
|
|
|||
Other financing activities, net
|
236
|
|
|
3
|
|
|
5
|
|
|||
Net cash provided by (used in) financing activities
|
42,416
|
|
|
(104,654
|
)
|
|
(65,334
|
)
|
|||
Effect of exchange rate changes on cash and cash equivalents
|
(731
|
)
|
|
(548
|
)
|
|
228
|
|
|||
Net increase (decrease) in cash and cash equivalents
|
(9,350
|
)
|
|
11,675
|
|
|
(12,912
|
)
|
|||
Cash and cash equivalents at January 1
|
120,102
|
|
|
108,427
|
|
|
121,339
|
|
|||
Cash and cash equivalents at December 31
|
$
|
110,752
|
|
|
$
|
120,102
|
|
|
$
|
108,427
|
|
Supplemental cash flow disclosures
|
|
|
|
|
|
|
|
|
|||
Interest paid
|
$
|
18,268
|
|
|
$
|
25,207
|
|
|
$
|
21,166
|
|
Income taxes paid
|
1,372
|
|
|
1,653
|
|
|
1,465
|
|
|||
Income taxes refunded
|
(338
|
)
|
|
(781
|
)
|
|
(7,783
|
)
|
|
|
Bank of America 2012
161
|
162
Bank of America 2012
|
|
|
|
|
Bank of America 2012
163
|
164
Bank of America 2012
|
|
|
|
|
Bank of America 2012
165
|
166
Bank of America 2012
|
|
|
|
|
Bank of America 2012
167
|
168
Bank of America 2012
|
|
|
|
|
Bank of America 2012
169
|
Level 1
|
Unadjusted quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain U.S. Treasury securities that are highly liquid and are actively traded in over-the-counter (OTC) markets.
|
Level 2
|
Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts where fair value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes U.S. government and agency mortgage-backed debt securities, corporate debt securities, derivative contracts, residential mortgage loans and certain LHFS.
|
Level 3
|
Unobservable inputs that are supported by little or no market activity and that are significant to the overall fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments for which the determination of fair value requires significant management judgment or estimation. The fair value for
|
170
Bank of America 2012
|
|
|
|
|
Bank of America 2012
171
|
172
Bank of America 2012
|
|
|
|
Page
|
Note 3 – Derivatives
|
|
Note 4 – Securities
|
|
Note 5 – Outstanding Loans and Leases
|
|
Note 7 – Securitizations and Other Variable Interest Entities
|
|
Note 8 – Representations and Warranties Obligations and Corporate Guarantees
|
|
Note 13 – Commitments and Contingencies
|
|
Note 18 – Employee Benefit Plans
|
|
Note 19 – Stock-based Compensation Plans
|
|
Note 20 – Income Taxes
|
|
Note 21 – Fair Value Measurements
|
|
Note 24 – Mortgage Servicing Rights
|
|
|
|
|
||||
|
December 31
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
||||
Trading account assets
|
|
|
|
|
|
||
U.S. government and agency securities
(1)
|
$
|
86,974
|
|
|
$
|
52,613
|
|
Corporate securities, trading loans and other
|
37,900
|
|
|
36,571
|
|
||
Equity securities
|
43,315
|
|
|
23,674
|
|
||
Non-U.S. sovereign debt
|
52,197
|
|
|
42,946
|
|
||
Mortgage trading loans and asset-backed securities
|
16,840
|
|
|
13,515
|
|
||
Total trading account assets
|
$
|
237,226
|
|
|
$
|
169,319
|
|
Trading account liabilities
|
|
|
|
|
|
||
U.S. government and agency securities
|
$
|
23,430
|
|
|
$
|
20,710
|
|
Equity securities
|
22,492
|
|
|
14,594
|
|
||
Non-U.S. sovereign debt
|
20,244
|
|
|
17,440
|
|
||
Corporate securities and other
|
7,421
|
|
|
7,764
|
|
||
Total trading account liabilities
|
$
|
73,587
|
|
|
$
|
60,508
|
|
(1)
|
Includes
$30.6 billion
and
$27.3 billion
of government-sponsored enterprise obligations at
December 31, 2012
and
2011
.
|
|
|
Bank of America 2012
173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
December 31, 2012
|
||||||||||||||||||||||||
|
|
|
Gross Derivative Assets
|
|
Gross Derivative Liabilities
|
||||||||||||||||||||||
(Dollars in billions)
|
Contract/
Notional
(1)
|
|
Trading Derivatives and Other Risk Management Derivatives
|
|
Qualifying
Accounting
Hedges
|
|
Total
|
|
Trading Derivatives and Other Risk Management Derivatives
|
|
Qualifying
Accounting
Hedges
|
|
Total
|
||||||||||||||
Interest rate contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Swaps
|
$
|
34,667.4
|
|
|
$
|
1,075.4
|
|
|
$
|
13.8
|
|
|
$
|
1,089.2
|
|
|
$
|
1,062.6
|
|
|
$
|
4.7
|
|
|
$
|
1,067.3
|
|
Futures and forwards
|
11,950.5
|
|
|
2.8
|
|
|
—
|
|
|
2.8
|
|
|
2.7
|
|
|
—
|
|
|
2.7
|
|
|||||||
Written options
|
2,343.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
106.0
|
|
|
—
|
|
|
106.0
|
|
|||||||
Purchased options
|
2,162.6
|
|
|
105.5
|
|
|
—
|
|
|
105.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Foreign exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Swaps
|
2,489.0
|
|
|
47.4
|
|
|
1.4
|
|
|
48.8
|
|
|
53.2
|
|
|
1.8
|
|
|
55.0
|
|
|||||||
Spot, futures and forwards
|
3,023.0
|
|
|
31.5
|
|
|
0.4
|
|
|
31.9
|
|
|
30.5
|
|
|
0.8
|
|
|
31.3
|
|
|||||||
Written options
|
363.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7.3
|
|
|
—
|
|
|
7.3
|
|
|||||||
Purchased options
|
321.8
|
|
|
6.5
|
|
|
—
|
|
|
6.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Equity contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Swaps
|
127.1
|
|
|
1.6
|
|
|
—
|
|
|
1.6
|
|
|
2.0
|
|
|
—
|
|
|
2.0
|
|
|||||||
Futures and forwards
|
58.4
|
|
|
1.0
|
|
|
—
|
|
|
1.0
|
|
|
1.0
|
|
|
—
|
|
|
1.0
|
|
|||||||
Written options
|
295.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20.2
|
|
|
—
|
|
|
20.2
|
|
|||||||
Purchased options
|
271.0
|
|
|
20.4
|
|
|
—
|
|
|
20.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Commodity contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Swaps
|
60.5
|
|
|
2.5
|
|
|
0.1
|
|
|
2.6
|
|
|
4.0
|
|
|
—
|
|
|
4.0
|
|
|||||||
Futures and forwards
|
498.9
|
|
|
4.8
|
|
|
—
|
|
|
4.8
|
|
|
2.7
|
|
|
—
|
|
|
2.7
|
|
|||||||
Written options
|
166.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7.4
|
|
|
—
|
|
|
7.4
|
|
|||||||
Purchased options
|
168.2
|
|
|
7.1
|
|
|
—
|
|
|
7.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Credit derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Purchased credit derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Credit default swaps
|
1,559.5
|
|
|
35.6
|
|
|
—
|
|
|
35.6
|
|
|
22.1
|
|
|
—
|
|
|
22.1
|
|
|||||||
Total return swaps/other
|
43.5
|
|
|
2.5
|
|
|
—
|
|
|
2.5
|
|
|
2.9
|
|
|
—
|
|
|
2.9
|
|
|||||||
Written credit derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Credit default swaps
|
1,531.5
|
|
|
23.0
|
|
|
—
|
|
|
23.0
|
|
|
32.6
|
|
|
—
|
|
|
32.6
|
|
|||||||
Total return swaps/other
|
68.8
|
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
|||||||
Gross derivative assets/liabilities
|
|
|
|
$
|
1,367.8
|
|
|
$
|
15.7
|
|
|
$
|
1,383.5
|
|
|
$
|
1,357.5
|
|
|
$
|
7.3
|
|
|
$
|
1,364.8
|
|
|
Less: Legally enforceable master netting agreements
|
|
|
|
|
|
|
|
|
|
(1,271.9
|
)
|
|
|
|
|
|
|
|
(1,271.9
|
)
|
|||||||
Less: Cash collateral received/paid
|
|
|
|
|
|
|
|
|
|
(58.1
|
)
|
|
|
|
|
|
|
|
(46.9
|
)
|
|||||||
Total derivative assets/liabilities
|
|
|
|
|
|
|
|
|
|
$
|
53.5
|
|
|
|
|
|
|
|
|
$
|
46.0
|
|
(1)
|
Represents the total contract/notional amount of derivative assets and liabilities outstanding.
|
174
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
December 31, 2011
|
||||||||||||||||||||||||
|
|
|
Gross Derivative Assets
|
|
Gross Derivative Liabilities
|
||||||||||||||||||||||
(Dollars in billions)
|
Contract/
Notional
(1)
|
|
Trading Derivatives and Other Risk Management Derivatives
|
|
Qualifying
Accounting
Hedges
|
|
Total
|
|
Trading Derivatives and Other Risk Management Derivatives
|
|
Qualifying
Accounting
Hedges
|
|
Total
|
||||||||||||||
Interest rate contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Swaps
|
$
|
40,473.7
|
|
|
$
|
1,490.7
|
|
|
$
|
15.9
|
|
|
$
|
1,506.6
|
|
|
$
|
1,473.0
|
|
|
$
|
12.3
|
|
|
$
|
1,485.3
|
|
Futures and forwards
|
12,105.8
|
|
|
2.9
|
|
|
0.2
|
|
|
3.1
|
|
|
3.4
|
|
|
—
|
|
|
3.4
|
|
|||||||
Written options
|
2,534.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
117.8
|
|
|
—
|
|
|
117.8
|
|
|||||||
Purchased options
|
2,467.2
|
|
|
120.0
|
|
|
—
|
|
|
120.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Foreign exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Swaps
|
2,381.6
|
|
|
48.3
|
|
|
2.6
|
|
|
50.9
|
|
|
58.9
|
|
|
2.2
|
|
|
61.1
|
|
|||||||
Spot, futures and forwards
|
2,548.8
|
|
|
37.2
|
|
|
1.3
|
|
|
38.5
|
|
|
39.2
|
|
|
0.3
|
|
|
39.5
|
|
|||||||
Written options
|
368.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9.4
|
|
|
—
|
|
|
9.4
|
|
|||||||
Purchased options
|
341.0
|
|
|
9.0
|
|
|
—
|
|
|
9.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Equity contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Swaps
|
75.5
|
|
|
1.5
|
|
|
—
|
|
|
1.5
|
|
|
1.7
|
|
|
—
|
|
|
1.7
|
|
|||||||
Futures and forwards
|
52.1
|
|
|
1.8
|
|
|
—
|
|
|
1.8
|
|
|
1.5
|
|
|
—
|
|
|
1.5
|
|
|||||||
Written options
|
367.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17.7
|
|
|
—
|
|
|
17.7
|
|
|||||||
Purchased options
|
360.2
|
|
|
19.6
|
|
|
—
|
|
|
19.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Commodity contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Swaps
|
73.8
|
|
|
4.9
|
|
|
0.1
|
|
|
5.0
|
|
|
5.9
|
|
|
—
|
|
|
5.9
|
|
|||||||
Futures and forwards
|
470.5
|
|
|
5.3
|
|
|
—
|
|
|
5.3
|
|
|
3.2
|
|
|
—
|
|
|
3.2
|
|
|||||||
Written options
|
142.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9.5
|
|
|
—
|
|
|
9.5
|
|
|||||||
Purchased options
|
141.3
|
|
|
9.5
|
|
|
—
|
|
|
9.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Credit derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Purchased credit derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Credit default swaps
|
1,944.8
|
|
|
95.8
|
|
|
—
|
|
|
95.8
|
|
|
13.8
|
|
|
—
|
|
|
13.8
|
|
|||||||
Total return swaps/other
|
17.5
|
|
|
0.6
|
|
|
—
|
|
|
0.6
|
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
|||||||
Written credit derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Credit default swaps
|
1,885.9
|
|
|
14.1
|
|
|
—
|
|
|
14.1
|
|
|
90.5
|
|
|
—
|
|
|
90.5
|
|
|||||||
Total return swaps/other
|
17.8
|
|
|
0.5
|
|
|
—
|
|
|
0.5
|
|
|
0.7
|
|
|
—
|
|
|
0.7
|
|
|||||||
Gross derivative assets/liabilities
|
|
|
|
$
|
1,861.7
|
|
|
$
|
20.1
|
|
|
$
|
1,881.8
|
|
|
$
|
1,846.5
|
|
|
$
|
14.8
|
|
|
$
|
1,861.3
|
|
|
Less: Legally enforceable master netting agreements
|
|
|
|
|
|
|
|
|
|
(1,749.9
|
)
|
|
|
|
|
|
|
|
(1,749.9
|
)
|
|||||||
Less: Cash collateral received/paid
|
|
|
|
|
|
|
|
|
|
(58.9
|
)
|
|
|
|
|
|
|
|
(51.9
|
)
|
|||||||
Total derivative assets/liabilities
|
|
|
|
|
|
|
|
|
|
$
|
73.0
|
|
|
|
|
|
|
|
|
$
|
59.5
|
|
(1)
|
Represents the total contract/notional amount of derivative assets and liabilities outstanding.
|
|
|
Bank of America 2012
175
|
|
|
|
|||||||||
Derivatives Designated as Fair Value Hedges
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Gains (losses)
|
2012
|
||||||||||
(Dollars in millions)
|
Derivative
|
|
Hedged
Item
|
|
Hedge
Ineffectiveness
|
||||||
Interest rate risk on long-term debt
(1)
|
$
|
(195
|
)
|
|
$
|
(770
|
)
|
|
$
|
(965
|
)
|
Interest rate and foreign currency risk on long-term debt
(1)
|
(1,482
|
)
|
|
1,225
|
|
|
(257
|
)
|
|||
Interest rate risk on AFS securities
(2)
|
(4
|
)
|
|
91
|
|
|
87
|
|
|||
Commodity price risk on commodity inventory
(3)
|
(6
|
)
|
|
6
|
|
|
—
|
|
|||
Total
|
$
|
(1,687
|
)
|
|
$
|
552
|
|
|
$
|
(1,135
|
)
|
|
|
|
|
|
|
||||||
|
2011
|
||||||||||
Interest rate risk on long-term debt
(1)
|
$
|
4,384
|
|
|
$
|
(4,969
|
)
|
|
$
|
(585
|
)
|
Interest rate and foreign currency risk on long-term debt
(1)
|
780
|
|
|
(1,057
|
)
|
|
(277
|
)
|
|||
Interest rate risk on AFS securities
(2)
|
(11,386
|
)
|
|
10,490
|
|
|
(896
|
)
|
|||
Commodity price risk on commodity inventory
(3)
|
16
|
|
|
(16
|
)
|
|
—
|
|
|||
Total
|
$
|
(6,206
|
)
|
|
$
|
4,448
|
|
|
$
|
(1,758
|
)
|
|
|
|
|
|
|
||||||
|
2010
|
||||||||||
Interest rate risk on long-term debt
(1)
|
$
|
2,952
|
|
|
$
|
(3,496
|
)
|
|
$
|
(544
|
)
|
Interest rate and foreign currency risk on long-term debt
(1)
|
(463
|
)
|
|
130
|
|
|
(333
|
)
|
|||
Interest rate risk on AFS securities
(2)
|
(2,577
|
)
|
|
2,667
|
|
|
90
|
|
|||
Commodity price risk on commodity inventory
(3)
|
19
|
|
|
(19
|
)
|
|
—
|
|
|||
Total
|
$
|
(69
|
)
|
|
$
|
(718
|
)
|
|
$
|
(787
|
)
|
(1)
|
Amounts are recorded in interest expense on long-term debt and in other income (loss).
|
(2)
|
Amounts are recorded in interest income on debt securities.
|
(3)
|
Amounts relating to commodity inventory are recorded in trading account profits.
|
176
Bank of America 2012
|
|
|
|
|
|
|
|
|
||||||
Derivatives Designated as Cash Flow and Net Investment Hedges
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
2012
|
||||||||||
(Dollars in millions, amounts pre-tax)
|
Gains (losses)
Recognized in Accumulated OCI
on Derivatives
|
|
Gains (losses)
in Income Reclassified from
Accumulated OCI
|
|
Hedge
Ineffectiveness and Amounts Excluded from Effectiveness
Testing
(1)
|
||||||
Cash flow hedges
|
|
|
|
|
|
|
|
|
|||
Interest rate risk on variable rate portfolios
|
$
|
10
|
|
|
$
|
(957
|
)
|
|
$
|
—
|
|
Price risk on restricted stock awards
|
420
|
|
|
(78
|
)
|
|
—
|
|
|||
Total
|
$
|
430
|
|
|
$
|
(1,035
|
)
|
|
$
|
—
|
|
Net investment hedges
|
|
|
|
|
|
|
|
|
|||
Foreign exchange risk
|
$
|
(771
|
)
|
|
$
|
(26
|
)
|
|
$
|
(269
|
)
|
|
|
|
|
|
|
||||||
|
2011
|
||||||||||
Cash flow hedges
|
|
|
|
|
|
|
|
|
|||
Interest rate risk on variable rate portfolios
|
$
|
(2,079
|
)
|
|
$
|
(1,392
|
)
|
|
$
|
(8
|
)
|
Commodity price risk on forecasted purchases and sales
|
(3
|
)
|
|
6
|
|
|
(3
|
)
|
|||
Price risk on restricted stock awards
|
(408
|
)
|
|
(231
|
)
|
|
—
|
|
|||
Total
|
$
|
(2,490
|
)
|
|
$
|
(1,617
|
)
|
|
$
|
(11
|
)
|
Net investment hedges
|
|
|
|
|
|
|
|
|
|||
Foreign exchange risk
|
$
|
1,055
|
|
|
$
|
384
|
|
|
$
|
(572
|
)
|
|
|
|
|
|
|
||||||
|
2010
|
||||||||||
Cash flow hedges
|
|
|
|
|
|
|
|
|
|||
Interest rate risk on variable rate portfolios
|
$
|
(1,876
|
)
|
|
$
|
(410
|
)
|
|
$
|
(30
|
)
|
Commodity price risk on forecasted purchases and sales
|
32
|
|
|
25
|
|
|
11
|
|
|||
Price risk on restricted stock awards
|
(97
|
)
|
|
(33
|
)
|
|
—
|
|
|||
Price risk on equity investments included in AFS securities
|
186
|
|
|
(226
|
)
|
|
—
|
|
|||
Total
|
$
|
(1,755
|
)
|
|
$
|
(644
|
)
|
|
$
|
(19
|
)
|
Net investment hedges
|
|
|
|
|
|
|
|
|
|||
Foreign exchange risk
|
$
|
(482
|
)
|
|
$
|
—
|
|
|
$
|
(315
|
)
|
(1)
|
Amounts related to derivatives designated as cash flow hedges represent hedge ineffectiveness and amounts related to net investment hedges represent amounts excluded from effectiveness testing.
|
|
|
Bank of America 2012
177
|
|
|
|
|
|
|
||||||
Other Risk Management Derivatives
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Gains (losses)
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2010
|
||||||
Price risk on mortgage banking production income
(1, 2)
|
$
|
3,022
|
|
|
$
|
2,852
|
|
|
$
|
9,109
|
|
Market-related risk on mortgage banking servicing income
(1)
|
2,000
|
|
|
3,612
|
|
|
3,878
|
|
|||
Credit risk on loans
(3)
|
(95
|
)
|
|
30
|
|
|
(121
|
)
|
|||
Interest rate and foreign currency risk on long-term debt and other foreign exchange transactions
(4)
|
424
|
|
|
(48
|
)
|
|
(2,080
|
)
|
|||
Price risk on restricted stock awards
(5)
|
1,008
|
|
|
(610
|
)
|
|
(151
|
)
|
|||
Other
|
58
|
|
|
281
|
|
|
42
|
|
|||
Total
|
$
|
6,417
|
|
|
$
|
6,117
|
|
|
$
|
10,677
|
|
(1)
|
Net gains on these derivatives are recorded in mortgage banking income (loss).
|
(2)
|
Includes net gains on interest rate lock commitments related to the origination of mortgage loans that are held-for-sale, which are considered derivative instruments, of
$3.0 billion
,
$3.8 billion
and
$8.7 billion
for
2012
,
2011
and
2010
, respectively.
|
(3)
|
Net gains (losses) on these derivatives are recorded in other income (loss).
|
(4)
|
The majority of the balance is related to the revaluation of derivatives used to mitigate risk related to foreign currency-denominated debt which is recorded in other income (loss). The offsetting revaluation of the foreign currency-denominated debt, while not included in the table above, is also recorded in other income (loss).
|
(5)
|
Gains (losses) on these derivatives are recorded in personnel expense.
|
178
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sales and Trading Revenue
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
2012
|
||||||||||||||
(Dollars in millions)
|
Trading Account Profits
|
|
Net Interest Income
|
|
Other
(1)
|
|
Total
|
||||||||
Interest rate risk
|
$
|
580
|
|
|
$
|
1,040
|
|
|
$
|
(5
|
)
|
|
$
|
1,615
|
|
Foreign exchange risk
|
909
|
|
|
5
|
|
|
7
|
|
|
921
|
|
||||
Equity risk
|
1,181
|
|
|
(57
|
)
|
|
1,890
|
|
|
3,014
|
|
||||
Credit risk
|
2,496
|
|
|
2,321
|
|
|
961
|
|
|
5,778
|
|
||||
Other risk
|
540
|
|
|
(219
|
)
|
|
(42
|
)
|
|
279
|
|
||||
Total sales and trading revenue
|
$
|
5,706
|
|
|
$
|
3,090
|
|
|
$
|
2,811
|
|
|
$
|
11,607
|
|
|
|
|
|
|
|
|
|
||||||||
|
2011
|
||||||||||||||
Interest rate risk
|
$
|
2,118
|
|
|
$
|
923
|
|
|
$
|
(63
|
)
|
|
$
|
2,978
|
|
Foreign exchange risk
|
1,088
|
|
|
8
|
|
|
(10
|
)
|
|
1,086
|
|
||||
Equity risk
|
1,482
|
|
|
128
|
|
|
2,346
|
|
|
3,956
|
|
||||
Credit risk
|
1,096
|
|
|
2,604
|
|
|
553
|
|
|
4,253
|
|
||||
Other risk
|
633
|
|
|
(184
|
)
|
|
(72
|
)
|
|
377
|
|
||||
Total sales and trading revenue
|
$
|
6,417
|
|
|
$
|
3,479
|
|
|
$
|
2,754
|
|
|
$
|
12,650
|
|
|
|
|
|
|
|
|
|
||||||||
|
2010
|
||||||||||||||
Interest rate risk
|
$
|
2,032
|
|
|
$
|
659
|
|
|
$
|
38
|
|
|
$
|
2,729
|
|
Foreign exchange risk
|
903
|
|
|
—
|
|
|
(9
|
)
|
|
894
|
|
||||
Equity risk
|
1,650
|
|
|
16
|
|
|
2,447
|
|
|
4,113
|
|
||||
Credit risk
|
4,592
|
|
|
3,557
|
|
|
266
|
|
|
8,415
|
|
||||
Other risk
|
447
|
|
|
(172
|
)
|
|
(4
|
)
|
|
271
|
|
||||
Total sales and trading revenue
|
$
|
9,624
|
|
|
$
|
4,060
|
|
|
$
|
2,738
|
|
|
$
|
16,422
|
|
(1)
|
Represents amounts in investment and brokerage services and other income (loss) that are recorded in
Global Markets
and included in the definition of sales and trading revenue. Includes investment and brokerage services revenue of
$1.8 billion
,
$2.2 billion
and
$2.3 billion
for
2012
,
2011
and
2010
, respectively, primarily included in equity risk.
|
|
|
Bank of America 2012
179
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Credit Derivative Instruments
|
|
||||||||||||||||||
|
|
||||||||||||||||||
|
December 31, 2012
|
||||||||||||||||||
|
Carrying Value
|
||||||||||||||||||
(Dollars in millions)
|
Less than
One Year
|
|
One to
Three Years
|
|
Three to
Five Years
|
|
Over Five
Years
|
|
Total
|
||||||||||
Credit default swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
$
|
52
|
|
|
$
|
757
|
|
|
$
|
5,595
|
|
|
$
|
2,903
|
|
|
$
|
9,307
|
|
Non-investment grade
|
923
|
|
|
4,403
|
|
|
7,030
|
|
|
10,959
|
|
|
23,315
|
|
|||||
Total
|
975
|
|
|
5,160
|
|
|
12,625
|
|
|
13,862
|
|
|
32,622
|
|
|||||
Total return swaps/other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
39
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
39
|
|
|||||
Non-investment grade
|
57
|
|
|
104
|
|
|
39
|
|
|
37
|
|
|
237
|
|
|||||
Total
|
96
|
|
|
104
|
|
|
39
|
|
|
37
|
|
|
276
|
|
|||||
Total credit derivatives
|
$
|
1,071
|
|
|
$
|
5,264
|
|
|
$
|
12,664
|
|
|
$
|
13,899
|
|
|
$
|
32,898
|
|
Credit-related notes:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
$
|
4
|
|
|
$
|
12
|
|
|
$
|
441
|
|
|
$
|
3,849
|
|
|
$
|
4,306
|
|
Non-investment grade
|
116
|
|
|
161
|
|
|
314
|
|
|
1,425
|
|
|
2,016
|
|
|||||
Total credit-related notes
|
$
|
120
|
|
|
$
|
173
|
|
|
$
|
755
|
|
|
$
|
5,274
|
|
|
$
|
6,322
|
|
|
Maximum Payout/Notional
|
||||||||||||||||||
Credit default swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
$
|
260,177
|
|
|
$
|
349,125
|
|
|
$
|
500,038
|
|
|
$
|
90,453
|
|
|
$
|
1,199,793
|
|
Non-investment grade
|
79,861
|
|
|
99,043
|
|
|
110,248
|
|
|
42,559
|
|
|
331,711
|
|
|||||
Total
|
340,038
|
|
|
448,168
|
|
|
610,286
|
|
|
133,012
|
|
|
1,531,504
|
|
|||||
Total return swaps/other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
43,536
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
43,551
|
|
|||||
Non-investment grade
|
5,566
|
|
|
11,028
|
|
|
7,631
|
|
|
1,035
|
|
|
25,260
|
|
|||||
Total
|
49,102
|
|
|
11,043
|
|
|
7,631
|
|
|
1,035
|
|
|
68,811
|
|
|||||
Total credit derivatives
|
$
|
389,140
|
|
|
$
|
459,211
|
|
|
$
|
617,917
|
|
|
$
|
134,047
|
|
|
$
|
1,600,315
|
|
|
December 31, 2011
|
||||||||||||||||||
(Dollars in millions)
|
Carrying Value
|
||||||||||||||||||
Credit default swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
$
|
795
|
|
|
$
|
5,011
|
|
|
$
|
17,271
|
|
|
$
|
7,325
|
|
|
$
|
30,402
|
|
Non-investment grade
|
4,236
|
|
|
11,438
|
|
|
18,072
|
|
|
26,339
|
|
|
60,085
|
|
|||||
Total
|
5,031
|
|
|
16,449
|
|
|
35,343
|
|
|
33,664
|
|
|
90,487
|
|
|||||
Total return swaps/other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
—
|
|
|
—
|
|
|
30
|
|
|
1
|
|
|
31
|
|
|||||
Non-investment grade
|
522
|
|
|
2
|
|
|
33
|
|
|
128
|
|
|
685
|
|
|||||
Total
|
522
|
|
|
2
|
|
|
63
|
|
|
129
|
|
|
716
|
|
|||||
Total credit derivatives
|
$
|
5,553
|
|
|
$
|
16,451
|
|
|
$
|
35,406
|
|
|
$
|
33,793
|
|
|
$
|
91,203
|
|
Credit-related notes:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
208
|
|
|
$
|
2,947
|
|
|
$
|
3,162
|
|
Non-investment grade
|
127
|
|
|
85
|
|
|
132
|
|
|
1,732
|
|
|
2,076
|
|
|||||
Total credit-related notes
|
$
|
127
|
|
|
$
|
92
|
|
|
$
|
340
|
|
|
$
|
4,679
|
|
|
$
|
5,238
|
|
|
Maximum Payout/Notional
|
||||||||||||||||||
Credit default swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
$
|
182,137
|
|
|
$
|
401,914
|
|
|
$
|
477,924
|
|
|
$
|
127,570
|
|
|
$
|
1,189,545
|
|
Non-investment grade
|
133,624
|
|
|
228,327
|
|
|
186,522
|
|
|
147,926
|
|
|
696,399
|
|
|||||
Total
|
315,761
|
|
|
630,241
|
|
|
664,446
|
|
|
275,496
|
|
|
1,885,944
|
|
|||||
Total return swaps/other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
—
|
|
|
—
|
|
|
9,116
|
|
|
—
|
|
|
9,116
|
|
|||||
Non-investment grade
|
305
|
|
|
2,023
|
|
|
4,918
|
|
|
1,476
|
|
|
8,722
|
|
|||||
Total
|
305
|
|
|
2,023
|
|
|
14,034
|
|
|
1,476
|
|
|
17,838
|
|
|||||
Total credit derivatives
|
$
|
316,066
|
|
|
$
|
632,264
|
|
|
$
|
678,480
|
|
|
$
|
276,972
|
|
|
$
|
1,903,782
|
|
(1)
|
For credit-related notes, maximum payout/notional is the same as carrying value.
|
180
Bank of America 2012
|
|
|
|
|
Bank of America 2012
181
|
|
|
|
|
|
|
||||||||
Valuation Adjustments on Derivatives
|
|||||||||||||
|
|
|
|
|
|
||||||||
|
2012
|
|
2011
|
||||||||||
(Dollars in millions)
|
Gross
|
Net
|
|
Gross
|
Net
|
||||||||
Derivative assets (CVA)
(1)
|
$
|
1,022
|
|
$
|
291
|
|
|
$
|
(1,863
|
)
|
$
|
(606
|
)
|
Derivative liabilities (DVA)
(2)
|
(2,212
|
)
|
(2,477
|
)
|
|
1,385
|
|
1,000
|
|
(1)
|
At
December 31, 2012 and 2011
, the cumulative CVA reduced the derivative assets balance by
$2.4 billion
and
$2.8 billion
.
|
(2)
|
At
December 31, 2012 and 2011
, the Corporation’s cumulative DVA reduced the derivative liabilities balance by
$807 million
and
$2.4 billion
.
|
182
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2012
|
||||||||||||||
(Dollars in millions)
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
Available-for-sale debt securities
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury and agency securities
|
$
|
24,232
|
|
|
$
|
324
|
|
|
$
|
(84
|
)
|
|
$
|
24,472
|
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|||||||
Agency
|
183,247
|
|
|
5,048
|
|
|
(146
|
)
|
|
188,149
|
|
||||
Agency-collateralized mortgage obligations
|
36,329
|
|
|
1,427
|
|
|
(218
|
)
|
|
37,538
|
|
||||
Non-agency residential
(1)
|
9,231
|
|
|
391
|
|
|
(128
|
)
|
|
9,494
|
|
||||
Non-agency commercial
|
3,576
|
|
|
348
|
|
|
—
|
|
|
3,924
|
|
||||
Non-U.S. securities
|
5,574
|
|
|
50
|
|
|
(6
|
)
|
|
5,618
|
|
||||
Corporate/Agency bonds
|
1,415
|
|
|
51
|
|
|
(16
|
)
|
|
1,450
|
|
||||
Other taxable securities, substantially all asset-backed securities
|
12,089
|
|
|
54
|
|
|
(15
|
)
|
|
12,128
|
|
||||
Total taxable securities
|
275,693
|
|
|
7,693
|
|
|
(613
|
)
|
|
282,773
|
|
||||
Tax-exempt securities
|
4,167
|
|
|
13
|
|
|
(47
|
)
|
|
4,133
|
|
||||
Total available-for-sale debt securities
|
279,860
|
|
|
7,706
|
|
|
(660
|
)
|
|
286,906
|
|
||||
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities
|
49,481
|
|
|
815
|
|
|
(26
|
)
|
|
50,270
|
|
||||
Total debt securities
|
$
|
329,341
|
|
|
$
|
8,521
|
|
|
$
|
(686
|
)
|
|
$
|
337,176
|
|
Available-for-sale marketable equity securities
(2)
|
$
|
780
|
|
|
$
|
732
|
|
|
$
|
—
|
|
|
$
|
1,512
|
|
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2011
|
||||||||||||||
Available-for-sale debt securities
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury and agency securities
|
$
|
43,433
|
|
|
$
|
242
|
|
|
$
|
(811
|
)
|
|
$
|
42,864
|
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Agency
|
138,073
|
|
|
4,511
|
|
|
(21
|
)
|
|
142,563
|
|
||||
Agency-collateralized mortgage obligations
|
44,392
|
|
|
774
|
|
|
(167
|
)
|
|
44,999
|
|
||||
Non-agency residential
(1)
|
14,948
|
|
|
301
|
|
|
(482
|
)
|
|
14,767
|
|
||||
Non-agency commercial
|
4,894
|
|
|
629
|
|
|
(1
|
)
|
|
5,522
|
|
||||
Non-U.S. securities
|
4,872
|
|
|
62
|
|
|
(14
|
)
|
|
4,920
|
|
||||
Corporate/Agency bonds
|
2,993
|
|
|
79
|
|
|
(37
|
)
|
|
3,035
|
|
||||
Other taxable securities, substantially all asset-backed securities
|
12,889
|
|
|
49
|
|
|
(60
|
)
|
|
12,878
|
|
||||
Total taxable securities
|
266,494
|
|
|
6,647
|
|
|
(1,593
|
)
|
|
271,548
|
|
||||
Tax-exempt securities
|
4,678
|
|
|
15
|
|
|
(90
|
)
|
|
4,603
|
|
||||
Total available-for-sale debt securities
|
271,172
|
|
|
6,662
|
|
|
(1,683
|
)
|
|
276,151
|
|
||||
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities
|
35,265
|
|
|
181
|
|
|
(4
|
)
|
|
35,442
|
|
||||
Total debt securities
|
$
|
306,437
|
|
|
$
|
6,843
|
|
|
$
|
(1,687
|
)
|
|
$
|
311,593
|
|
Available-for-sale marketable equity securities
(2)
|
$
|
65
|
|
|
$
|
10
|
|
|
$
|
(7
|
)
|
|
$
|
68
|
|
(1)
|
At
December 31, 2012 and 2011
, includes approximately
91 percent
and
89 percent
prime,
six percent
and
nine percent
Alt-A, and
three percent
and
two percent
subprime.
|
(2)
|
Classified in other assets on the Corporation’s Consolidated Balance Sheet.
|
|
|
Bank of America 2012
183
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net Impairment Losses Recognized in Earnings
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
2012
|
||||||||||||||||||||||
(Dollars in millions)
|
Non-agency
Residential MBS |
|
Non-agency
Commercial MBS |
|
Non-U.S.
Securities |
|
Corporate
Bonds |
|
Other
Taxable Securities |
|
Total
|
||||||||||||
Total OTTI losses (unrealized and realized)
|
$
|
(50
|
)
|
|
$
|
(7
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(57
|
)
|
Unrealized OTTI losses recognized in accumulated OCI
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||||
Net impairment losses recognized in earnings
|
$
|
(46
|
)
|
|
$
|
(7
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(53
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
2011
|
||||||||||||||||||||||
Total OTTI losses (unrealized and realized)
|
$
|
(348
|
)
|
|
$
|
(10
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
$
|
(360
|
)
|
Unrealized OTTI losses recognized in accumulated OCI
|
61
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
61
|
|
||||||
Net impairment losses recognized in earnings
|
$
|
(287
|
)
|
|
$
|
(10
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
$
|
(299
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
2010
|
||||||||||||||||||||||
Total OTTI losses (unrealized and realized)
|
$
|
(1,305
|
)
|
|
$
|
(19
|
)
|
|
$
|
(276
|
)
|
|
$
|
(6
|
)
|
|
$
|
(568
|
)
|
|
$
|
(2,174
|
)
|
Unrealized OTTI losses recognized in accumulated OCI
|
817
|
|
|
15
|
|
|
16
|
|
|
2
|
|
|
357
|
|
|
1,207
|
|
||||||
Net impairment losses recognized in earnings
|
$
|
(488
|
)
|
|
$
|
(4
|
)
|
|
$
|
(260
|
)
|
|
$
|
(4
|
)
|
|
$
|
(211
|
)
|
|
$
|
(967
|
)
|
|
|
|
|
|
|
||||||
Rollforward of Credit Losses Recognized
|
|
|
|
|
|||||||
|
|
|
|
|
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2010
|
|
|||||
Balance, January 1
|
$
|
310
|
|
|
$
|
2,148
|
|
|
$
|
3,155
|
|
Additions for credit losses recognized on debt securities that had no previous impairment losses
|
7
|
|
|
72
|
|
|
487
|
|
|||
Additions for credit losses recognized on debt securities that had previously incurred impairment losses
|
46
|
|
|
149
|
|
|
421
|
|
|||
Reductions for debt securities sold or intended to be sold
|
(120
|
)
|
|
(2,059
|
)
|
|
(1,915
|
)
|
|||
Balance, December 31
|
$
|
243
|
|
|
$
|
310
|
|
|
$
|
2,148
|
|
184
Bank of America 2012
|
|
|
|
|
|
|
|
|
|||
Significant Assumptions
|
||||||||
|
|
|
|
|
|
|||
|
|
|
Range
(1)
|
|||||
|
Weighted-
average
|
|
10th
Percentile
(2)
|
|
90th
Percentile
(2)
|
|||
Prepayment speed
|
12.9
|
%
|
|
3.1
|
%
|
|
29.7
|
%
|
Loss severity
|
49.5
|
|
|
24.2
|
|
|
63.1
|
|
Life default rate
|
52.4
|
|
|
2.4
|
|
|
98.2
|
|
(1)
|
Represents the range of inputs/assumptions based upon the underlying collateral.
|
(2)
|
The value of a variable below which the indicated percentile of observations will fall.
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Temporarily Impaired and Other-than-temporarily Impaired Securities
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
December 31, 2012
|
||||||||||||||||||||||
|
Less than Twelve Months
|
|
Twelve Months or Longer
|
|
Total
|
||||||||||||||||||
(Dollars in millions)
|
Fair
Value
|
|
Gross Unrealized Losses
|
|
Fair
Value
|
|
Gross Unrealized Losses
|
|
Fair
Value
|
|
Gross Unrealized Losses
|
||||||||||||
Temporarily impaired available-for-sale debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Treasury and agency securities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,608
|
|
|
$
|
(84
|
)
|
|
$
|
5,608
|
|
|
$
|
(84
|
)
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Agency
|
15,593
|
|
|
(133
|
)
|
|
735
|
|
|
(13
|
)
|
|
16,328
|
|
|
(146
|
)
|
||||||
Agency-collateralized mortgage obligations
|
5,135
|
|
|
(121
|
)
|
|
4,994
|
|
|
(97
|
)
|
|
10,129
|
|
|
(218
|
)
|
||||||
Non-agency residential
|
592
|
|
|
(13
|
)
|
|
1,555
|
|
|
(110
|
)
|
|
2,147
|
|
|
(123
|
)
|
||||||
Non-U.S. securities
|
1,715
|
|
|
(1
|
)
|
|
563
|
|
|
(5
|
)
|
|
2,278
|
|
|
(6
|
)
|
||||||
Corporate/Agency bonds
|
—
|
|
|
—
|
|
|
277
|
|
|
(16
|
)
|
|
277
|
|
|
(16
|
)
|
||||||
Other taxable securities
|
1,678
|
|
|
(1
|
)
|
|
1,436
|
|
|
(14
|
)
|
|
3,114
|
|
|
(15
|
)
|
||||||
Total taxable securities
|
24,713
|
|
|
(269
|
)
|
|
15,168
|
|
|
(339
|
)
|
|
39,881
|
|
|
(608
|
)
|
||||||
Tax-exempt securities
|
1,609
|
|
|
(9
|
)
|
|
1,072
|
|
|
(38
|
)
|
|
2,681
|
|
|
(47
|
)
|
||||||
Total temporarily impaired available-for-sale debt securities
|
26,322
|
|
|
(278
|
)
|
|
16,240
|
|
|
(377
|
)
|
|
42,562
|
|
|
(655
|
)
|
||||||
Other-than-temporarily impaired available-for-sale debt securities
(1)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-agency residential mortgage-backed securities
|
14
|
|
|
(1
|
)
|
|
74
|
|
|
(4
|
)
|
|
88
|
|
|
(5
|
)
|
||||||
Total temporarily impaired and other-than-temporarily impaired available-for-sale securities
(2)
|
$
|
26,336
|
|
|
$
|
(279
|
)
|
|
$
|
16,314
|
|
|
$
|
(381
|
)
|
|
$
|
42,650
|
|
|
$
|
(660
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
December 31, 2011
|
||||||||||||||||||||||
Temporarily impaired available-for-sale debt securities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Treasury and agency securities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
38,269
|
|
|
$
|
(811
|
)
|
|
$
|
38,269
|
|
|
$
|
(811
|
)
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Agency
|
4,679
|
|
|
(13
|
)
|
|
474
|
|
|
(8
|
)
|
|
5,153
|
|
|
(21
|
)
|
||||||
Agency-collateralized mortgage obligations
|
11,448
|
|
|
(134
|
)
|
|
976
|
|
|
(33
|
)
|
|
12,424
|
|
|
(167
|
)
|
||||||
Non-agency residential
|
2,112
|
|
|
(59
|
)
|
|
3,950
|
|
|
(350
|
)
|
|
6,062
|
|
|
(409
|
)
|
||||||
Non-agency commercial
|
55
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
55
|
|
|
(1
|
)
|
||||||
Non-U.S. securities
|
1,008
|
|
|
(13
|
)
|
|
165
|
|
|
(1
|
)
|
|
1,173
|
|
|
(14
|
)
|
||||||
Corporate/Agency bonds
|
415
|
|
|
(29
|
)
|
|
111
|
|
|
(8
|
)
|
|
526
|
|
|
(37
|
)
|
||||||
Other taxable securities
|
4,210
|
|
|
(41
|
)
|
|
1,361
|
|
|
(19
|
)
|
|
5,571
|
|
|
(60
|
)
|
||||||
Total taxable securities
|
23,927
|
|
|
(290
|
)
|
|
45,306
|
|
|
(1,230
|
)
|
|
69,233
|
|
|
(1,520
|
)
|
||||||
Tax-exempt securities
|
1,117
|
|
|
(25
|
)
|
|
2,754
|
|
|
(65
|
)
|
|
3,871
|
|
|
(90
|
)
|
||||||
Total temporarily impaired available-for-sale debt securities
|
25,044
|
|
|
(315
|
)
|
|
48,060
|
|
|
(1,295
|
)
|
|
73,104
|
|
|
(1,610
|
)
|
||||||
Temporarily impaired available-for-sale marketable equity securities
|
31
|
|
|
(1
|
)
|
|
6
|
|
|
(6
|
)
|
|
37
|
|
|
(7
|
)
|
||||||
Total temporarily impaired available-for-sale securities
|
25,075
|
|
|
(316
|
)
|
|
48,066
|
|
|
(1,301
|
)
|
|
73,141
|
|
|
(1,617
|
)
|
||||||
Other-than-temporarily impaired available-for-sale debt securities
(1)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-agency residential mortgage-backed securities
|
158
|
|
|
(28
|
)
|
|
489
|
|
|
(45
|
)
|
|
647
|
|
|
(73
|
)
|
||||||
Total temporarily impaired and other-than-temporarily impaired available-for-sale securities
(2)
|
$
|
25,233
|
|
|
$
|
(344
|
)
|
|
$
|
48,555
|
|
|
$
|
(1,346
|
)
|
|
$
|
73,788
|
|
|
$
|
(1,690
|
)
|
(1)
|
Includes other-than-temporarily impaired AFS debt securities on which an OTTI loss remains in OCI.
|
(2)
|
At
December 31, 2012 and 2011
, the amortized cost of approximately
2,600
and
3,800
AFS securities exceeded their fair value by
$660 million
and
$1.7 billion
.
|
|
|
Bank of America 2012
185
|
|
|
|
|
|
|
|
|
||||||||
Selected Securities Exceeding 10 Percent of Shareholders’ Equity
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
December 31
|
||||||||||||||
|
2012
|
|
2011
|
||||||||||||
(Dollars in millions)
|
Amortized
Cost
|
|
Fair
Value
|
|
Amortized
Cost
|
|
Fair
Value
|
||||||||
Government National Mortgage Association
|
$
|
124,348
|
|
|
$
|
127,541
|
|
|
$
|
102,960
|
|
|
$
|
106,200
|
|
Fannie Mae
|
121,522
|
|
|
123,933
|
|
|
87,898
|
|
|
89,243
|
|
||||
Freddie Mac
|
22,995
|
|
|
23,502
|
|
|
26,617
|
|
|
27,129
|
|
||||
U.S. Treasury securities
|
21,269
|
|
|
21,305
|
|
|
39,946
|
|
|
39,164
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Debt Securities Maturities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
December 31, 2012
|
|||||||||||||||||||||||||||||||||
|
Due in One
Year or Less
|
|
Due after One Year
through Five Years
|
|
Due after Five Years
through Ten Years
|
|
Due after
Ten Years
|
|
Total
|
|||||||||||||||||||||||||
(Dollars in millions)
|
Amount
|
|
Yield
(1)
|
|
Amount
|
|
Yield
(1)
|
|
Amount
|
|
Yield
(1)
|
|
Amount
|
|
Yield
(1)
|
|
Amount
|
|
Yield
(1)
|
|||||||||||||||
Amortized cost of AFS debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. Treasury and agency securities
|
$
|
548
|
|
|
0.57
|
%
|
|
$
|
855
|
|
|
2.12
|
%
|
|
$
|
1,884
|
|
|
5.30
|
%
|
|
$
|
20,945
|
|
|
2.80
|
%
|
|
$
|
24,232
|
|
|
3.00
|
%
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Agency
|
7
|
|
|
4.70
|
|
|
59,880
|
|
|
3.10
|
|
|
123,075
|
|
|
2.90
|
|
|
285
|
|
|
2.60
|
|
|
183,247
|
|
|
2.90
|
|
|||||
Agency-collateralized mortgage obligations
|
11
|
|
|
6.31
|
|
|
12,876
|
|
|
1.20
|
|
|
23,427
|
|
|
3.10
|
|
|
15
|
|
|
1.10
|
|
|
36,329
|
|
|
2.40
|
|
|||||
Non-agency residential
|
750
|
|
|
4.50
|
|
|
5,112
|
|
|
4.30
|
|
|
2,767
|
|
|
4.00
|
|
|
602
|
|
|
6.70
|
|
|
9,231
|
|
|
4.40
|
|
|||||
Non-agency commercial
|
456
|
|
|
5.70
|
|
|
3,080
|
|
|
5.90
|
|
|
22
|
|
|
3.70
|
|
|
18
|
|
|
4.03
|
|
|
3,576
|
|
|
5.90
|
|
|||||
Non-U.S. securities
|
4,247
|
|
|
1.46
|
|
|
1,169
|
|
|
6.10
|
|
|
158
|
|
|
2.20
|
|
|
—
|
|
|
—
|
|
|
5,574
|
|
|
2.65
|
|
|||||
Corporate/Agency bonds
|
315
|
|
|
2.40
|
|
|
808
|
|
|
2.80
|
|
|
185
|
|
|
4.52
|
|
|
107
|
|
|
0.90
|
|
|
1,415
|
|
|
2.92
|
|
|||||
Other taxable securities
|
2,501
|
|
|
1.10
|
|
|
4,926
|
|
|
1.10
|
|
|
3,803
|
|
|
1.82
|
|
|
859
|
|
|
1.10
|
|
|
12,089
|
|
|
1.37
|
|
|||||
Total taxable securities
|
8,835
|
|
|
1.84
|
|
|
88,706
|
|
|
2.91
|
|
|
155,321
|
|
|
2.95
|
|
|
22,831
|
|
|
2.83
|
|
|
275,693
|
|
|
2.86
|
|
|||||
Tax-exempt securities
|
43
|
|
|
2.63
|
|
|
1,524
|
|
|
1.40
|
|
|
1,185
|
|
|
2.02
|
|
|
1,415
|
|
|
1.10
|
|
|
4,167
|
|
|
1.68
|
|
|||||
Total amortized cost of AFS debt securities
|
$
|
8,878
|
|
|
1.84
|
|
|
$
|
90,230
|
|
|
2.88
|
|
|
$
|
156,506
|
|
|
2.95
|
|
|
$
|
24,246
|
|
|
2.72
|
|
|
$
|
279,860
|
|
|
2.84
|
|
Total amortized cost of held-to-maturity debt securities
(2)
|
$
|
6
|
|
|
5.00
|
|
|
$
|
8,616
|
|
|
2.30
|
|
|
$
|
40,836
|
|
|
2.40
|
|
|
$
|
23
|
|
|
4.40
|
|
|
$
|
49,481
|
|
|
2.40
|
|
Fair value of AFS debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. Treasury and agency securities
|
$
|
549
|
|
|
|
|
|
$
|
883
|
|
|
|
|
|
$
|
2,072
|
|
|
|
|
|
$
|
20,968
|
|
|
|
|
|
$
|
24,472
|
|
|
|
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Agency
|
7
|
|
|
|
|
|
61,234
|
|
|
|
|
|
126,619
|
|
|
|
|
|
289
|
|
|
|
|
|
188,149
|
|
|
|
|
|||||
Agency-collateralized mortgage obligations
|
11
|
|
|
|
|
|
12,827
|
|
|
|
|
|
24,684
|
|
|
|
|
|
16
|
|
|
|
|
|
37,538
|
|
|
|
|
|||||
Non-agency residential
|
749
|
|
|
|
|
|
5,239
|
|
|
|
|
|
2,841
|
|
|
|
|
|
665
|
|
|
|
|
|
9,494
|
|
|
|
|
|||||
Non-agency commercial
|
477
|
|
|
|
|
|
3,405
|
|
|
|
|
|
24
|
|
|
|
|
|
18
|
|
|
|
|
|
3,924
|
|
|
|
|
|||||
Non-U.S. securities
|
4,244
|
|
|
|
|
|
1,211
|
|
|
|
|
|
163
|
|
|
|
|
|
—
|
|
|
|
|
|
5,618
|
|
|
|
|
|||||
Corporate/Agency bonds
|
320
|
|
|
|
|
|
826
|
|
|
|
|
|
207
|
|
|
|
|
|
97
|
|
|
|
|
|
1,450
|
|
|
|
|
|||||
Other taxable securities
|
2,502
|
|
|
|
|
|
4,947
|
|
|
|
|
|
3,825
|
|
|
|
|
|
854
|
|
|
|
|
|
12,128
|
|
|
|
|
|||||
Total taxable securities
|
8,859
|
|
|
|
|
|
90,572
|
|
|
|
|
|
160,435
|
|
|
|
|
|
22,907
|
|
|
|
|
|
282,773
|
|
|
|
|
|||||
Tax-exempt securities
|
43
|
|
|
|
|
|
1,526
|
|
|
|
|
|
1,184
|
|
|
|
|
|
1,380
|
|
|
|
|
|
4,133
|
|
|
|
|
|||||
Total fair value of AFS debt securities
|
$
|
8,902
|
|
|
|
|
|
$
|
92,098
|
|
|
|
|
|
$
|
161,619
|
|
|
|
|
|
$
|
24,287
|
|
|
|
|
|
$
|
286,906
|
|
|
|
|
Total fair value of held-to-maturity debt securities
(2)
|
$
|
6
|
|
|
|
|
$
|
8,790
|
|
|
|
|
$
|
41,451
|
|
|
|
|
$
|
23
|
|
|
|
|
$
|
50,270
|
|
|
|
(1)
|
Average yield is computed using the effective yield of each security at the end of the period, weighted based on the amortized cost of each security. The effective yield considers the contractual coupon, amortization of premiums and accretion of discounts, and excludes the effect of related hedging derivatives.
|
(2)
|
Substantially all U.S. agency mortgage-backed securities.
|
186
Bank of America 2012
|
|
|
|
|
|
|
|
|
||||||
Gains and Losses on Sales of AFS Debt Securities
|
|||||||||||
|
|
|
|
|
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2010
|
||||||
Gross gains
|
$
|
2,128
|
|
|
$
|
3,685
|
|
|
$
|
3,995
|
|
Gross losses
|
(466
|
)
|
|
(311
|
)
|
|
(1,469
|
)
|
|||
Net gains on sales of AFS debt securities
|
$
|
1,662
|
|
|
$
|
3,374
|
|
|
$
|
2,526
|
|
Income tax expense attributable to realized net gains on sales of AFS debt securities
|
$
|
615
|
|
|
$
|
1,248
|
|
|
$
|
935
|
|
|
|
Bank of America 2012
187
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
December 31, 2012
|
||||||||||||||||||||||||||||||
(Dollars in millions)
|
30-59 Days Past Due
(1)
|
|
60-89 Days Past Due
(1)
|
|
90 Days or
More
Past Due
(2)
|
|
Total Past
Due 30 Days
or More
|
|
Total Current or Less Than 30 Days Past Due
(3)
|
|
Purchased
Credit-impaired (4) |
|
Loans Accounted for Under the Fair Value Option
|
|
Total
Outstandings
|
||||||||||||||||
Home loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Residential mortgage
(5)
|
$
|
2,274
|
|
|
$
|
806
|
|
|
$
|
6,227
|
|
|
$
|
9,307
|
|
|
$
|
160,809
|
|
|
|
|
|
|
$
|
170,116
|
|
||||
Home equity
|
273
|
|
|
146
|
|
|
591
|
|
|
1,010
|
|
|
59,841
|
|
|
|
|
|
|
60,851
|
|
||||||||||
Legacy Assets & Servicing portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Residential mortgage
|
2,891
|
|
|
1,696
|
|
|
26,494
|
|
|
31,081
|
|
|
33,247
|
|
|
$
|
8,737
|
|
|
|
|
73,065
|
|
||||||||
Home equity
|
607
|
|
|
356
|
|
|
1,444
|
|
|
2,407
|
|
|
36,191
|
|
|
8,547
|
|
|
|
|
47,145
|
|
|||||||||
Discontinued real estate
(6)
|
48
|
|
|
19
|
|
|
234
|
|
|
301
|
|
|
757
|
|
|
8,834
|
|
|
|
|
9,892
|
|
|||||||||
Credit card and other consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
U.S. credit card
|
729
|
|
|
582
|
|
|
1,437
|
|
|
2,748
|
|
|
92,087
|
|
|
|
|
|
|
94,835
|
|
||||||||||
Non-U.S. credit card
|
106
|
|
|
85
|
|
|
212
|
|
|
403
|
|
|
11,294
|
|
|
|
|
|
|
11,697
|
|
||||||||||
Direct/Indirect consumer
(7)
|
569
|
|
|
239
|
|
|
573
|
|
|
1,381
|
|
|
81,824
|
|
|
|
|
|
|
83,205
|
|
||||||||||
Other consumer
(8)
|
48
|
|
|
19
|
|
|
4
|
|
|
71
|
|
|
1,557
|
|
|
|
|
|
|
1,628
|
|
||||||||||
Total consumer loans
|
7,545
|
|
|
3,948
|
|
|
37,216
|
|
|
48,709
|
|
|
477,607
|
|
|
26,118
|
|
|
|
|
552,434
|
|
|||||||||
Consumer loans accounted for under the fair value option
(9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,005
|
|
|
1,005
|
|
|||||||
Total consumer
|
7,545
|
|
|
3,948
|
|
|
37,216
|
|
|
48,709
|
|
|
477,607
|
|
|
26,118
|
|
|
1,005
|
|
|
553,439
|
|
||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
U.S. commercial
|
323
|
|
|
133
|
|
|
639
|
|
|
1,095
|
|
|
196,031
|
|
|
|
|
|
|
197,126
|
|
||||||||||
Commercial real estate
(10)
|
79
|
|
|
144
|
|
|
983
|
|
|
1,206
|
|
|
37,431
|
|
|
|
|
|
|
38,637
|
|
||||||||||
Commercial lease financing
|
84
|
|
|
79
|
|
|
30
|
|
|
193
|
|
|
23,650
|
|
|
|
|
|
|
23,843
|
|
||||||||||
Non-U.S. commercial
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
74,182
|
|
|
|
|
|
|
74,184
|
|
||||||||||
U.S. small business commercial
|
101
|
|
|
75
|
|
|
168
|
|
|
344
|
|
|
12,249
|
|
|
|
|
|
|
12,593
|
|
||||||||||
Total commercial loans
|
589
|
|
|
431
|
|
|
1,820
|
|
|
2,840
|
|
|
343,543
|
|
|
|
|
|
|
346,383
|
|
||||||||||
Commercial loans accounted for under the fair value option
(9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,997
|
|
|
7,997
|
|
||||||||
Total commercial
|
589
|
|
|
431
|
|
|
1,820
|
|
|
2,840
|
|
|
343,543
|
|
|
|
|
7,997
|
|
|
354,380
|
|
|||||||||
Total loans and leases
|
$
|
8,134
|
|
|
$
|
4,379
|
|
|
$
|
39,036
|
|
|
$
|
51,549
|
|
|
$
|
821,150
|
|
|
$
|
26,118
|
|
|
$
|
9,002
|
|
|
$
|
907,819
|
|
Percentage of outstandings
|
0.90
|
%
|
|
0.48
|
%
|
|
4.30
|
%
|
|
5.68
|
%
|
|
90.45
|
%
|
|
2.88
|
%
|
|
0.99
|
%
|
|
|
|
(1)
|
Home loans 30-59 days past due includes
$2.3 billion
of fully-insured loans and
$702 million
of nonperforming loans. Home loans 60-89 days past due includes
$1.3 billion
of fully-insured loans and
$558 million
of nonperforming loans.
|
(2)
|
Home loans includes
$22.2 billion
of fully-insured loans.
|
(3)
|
Home loans includes
$5.5 billion
and direct/indirect consumer includes
$63 million
of nonperforming loans.
|
(4)
|
PCI loan amounts are shown gross of the valuation allowance.
|
(5)
|
Total outstandings includes non-U.S. residential mortgage loans of
$93 million
.
|
(6)
|
Total outstandings includes
$8.8 billion
of pay option loans and
$1.1 billion
of subprime loans. The Corporation no longer originates these products.
|
(7)
|
Total outstandings includes dealer financial services loans of
$35.9 billion
, consumer lending loans of
$4.7 billion
, U.S. securities-based lending margin loans of
$28.3 billion
, student loans of
$4.8 billion
, non-U.S. consumer loans of
$8.3 billion
and other consumer loans of
$1.2 billion
.
|
(8)
|
Total outstandings includes consumer finance loans of
$1.4 billion
, other non-U.S. consumer loans of
$5 million
and consumer overdrafts of
$177 million
.
|
(9)
|
Consumer loans accounted for under the fair value option were residential mortgage loans of
$147 million
and discontinued real estate loans of
$858 million
. Commercial loans accounted for under the fair value option were U.S. commercial loans of
$2.3 billion
and non-U.S. commercial loans of
$5.7 billion
. For additional information, see
Note 21 – Fair Value Measurements
and
Note 22 – Fair Value Option
.
|
(10)
|
Total outstandings includes U.S. commercial real estate loans of
$37.2 billion
and non-U.S. commercial real estate loans of
$1.5 billion
.
|
188
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
December 31, 2011
|
||||||||||||||||||||||||||||||
(Dollars in millions)
|
30-59 Days
Past Due (1) |
|
60-89 Days Past Due
(1)
|
|
90 Days or
More Past Due (2) |
|
Total Past
Due 30 Days or More |
|
Total Current or Less Than 30 Days Past Due
(3)
|
|
Purchased
Credit-impaired (4) |
|
Loans Accounted for Under the Fair Value Option
|
|
Total Outstandings
|
||||||||||||||||
Home loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Residential mortgage
(5)
|
$
|
2,151
|
|
|
$
|
751
|
|
|
$
|
3,017
|
|
|
$
|
5,919
|
|
|
$
|
172,418
|
|
|
|
|
|
|
|
$
|
178,337
|
|
|||
Home equity
|
260
|
|
|
155
|
|
|
429
|
|
|
844
|
|
|
66,211
|
|
|
|
|
|
|
|
67,055
|
|
|||||||||
Legacy Assets & Servicing portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential mortgage
|
3,195
|
|
|
2,174
|
|
|
32,167
|
|
|
37,536
|
|
|
36,451
|
|
|
$
|
9,966
|
|
|
|
|
|
83,953
|
|
|||||||
Home equity
|
845
|
|
|
508
|
|
|
1,735
|
|
|
3,088
|
|
|
42,578
|
|
|
11,978
|
|
|
|
|
|
57,644
|
|
||||||||
Discontinued real estate
(6)
|
65
|
|
|
24
|
|
|
351
|
|
|
440
|
|
|
798
|
|
|
9,857
|
|
|
|
|
|
11,095
|
|
||||||||
Credit card and other consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
U.S. credit card
|
981
|
|
|
772
|
|
|
2,070
|
|
|
3,823
|
|
|
98,468
|
|
|
|
|
|
|
|
102,291
|
|
|||||||||
Non-U.S. credit card
|
148
|
|
|
120
|
|
|
342
|
|
|
610
|
|
|
13,808
|
|
|
|
|
|
|
|
14,418
|
|
|||||||||
Direct/Indirect consumer
(7)
|
805
|
|
|
338
|
|
|
779
|
|
|
1,922
|
|
|
87,791
|
|
|
|
|
|
|
|
89,713
|
|
|||||||||
Other consumer
(8)
|
55
|
|
|
21
|
|
|
17
|
|
|
93
|
|
|
2,595
|
|
|
|
|
|
|
|
2,688
|
|
|||||||||
Total consumer loans
|
8,505
|
|
|
4,863
|
|
|
40,907
|
|
|
54,275
|
|
|
521,118
|
|
|
31,801
|
|
|
|
|
607,194
|
|
|||||||||
Consumer loans accounted for under the fair value option
(9)
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,190
|
|
|
2,190
|
|
|||||||||||||
Total consumer
|
8,505
|
|
|
4,863
|
|
|
40,907
|
|
|
54,275
|
|
|
521,118
|
|
|
31,801
|
|
|
2,190
|
|
|
609,384
|
|
||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
U.S. commercial
|
352
|
|
|
166
|
|
|
866
|
|
|
1,384
|
|
|
178,564
|
|
|
|
|
|
|
|
179,948
|
|
|||||||||
Commercial real estate
(10)
|
288
|
|
|
118
|
|
|
1,860
|
|
|
2,266
|
|
|
37,330
|
|
|
|
|
|
|
|
39,596
|
|
|||||||||
Commercial lease financing
|
78
|
|
|
15
|
|
|
22
|
|
|
115
|
|
|
21,874
|
|
|
|
|
|
|
|
21,989
|
|
|||||||||
Non-U.S. commercial
|
24
|
|
|
—
|
|
|
—
|
|
|
24
|
|
|
55,394
|
|
|
|
|
|
|
|
55,418
|
|
|||||||||
U.S. small business commercial
|
150
|
|
|
106
|
|
|
272
|
|
|
528
|
|
|
12,723
|
|
|
|
|
|
|
|
13,251
|
|
|||||||||
Total commercial loans
|
892
|
|
|
405
|
|
|
3,020
|
|
|
4,317
|
|
|
305,885
|
|
|
|
|
|
|
|
310,202
|
|
|||||||||
Commercial loans accounted for under the fair value option
(9)
|
|
|
|
|
|
|
|
|
|
|
|
|
6,614
|
|
|
6,614
|
|
||||||||||||||
Total commercial
|
892
|
|
|
405
|
|
|
3,020
|
|
|
4,317
|
|
|
305,885
|
|
|
|
|
6,614
|
|
|
316,816
|
|
|||||||||
Total loans and leases
|
$
|
9,397
|
|
|
$
|
5,268
|
|
|
$
|
43,927
|
|
|
$
|
58,592
|
|
|
$
|
827,003
|
|
|
$
|
31,801
|
|
|
$
|
8,804
|
|
|
$
|
926,200
|
|
Percentage of outstandings
|
1.02
|
%
|
|
0.57
|
%
|
|
4.74
|
%
|
|
6.33
|
%
|
|
89.29
|
%
|
|
3.43
|
%
|
|
0.95
|
%
|
|
|
|
(1)
|
Home loans 30-59 days past due includes
$2.2 billion
of fully-insured loans and
$372 million
of nonperforming loans. Home loans 60-89 days past due includes
$1.4 billion
of fully-insured loans and
$398 million
of nonperforming loans.
|
(2)
|
Home loans includes
$21.2 billion
of fully-insured loans.
|
(3)
|
Home loans includes
$1.8 billion
and direct/indirect consumer includes
$7 million
of nonperforming loans.
|
(4)
|
PCI loan amounts are shown gross of the valuation allowance.
|
(5)
|
Total outstandings includes non-U.S. residential mortgage loans of
$85 million
.
|
(6)
|
Total outstandings includes
$9.9 billion
of pay option loans and
$1.2 billion
of subprime loans. The Corporation no longer originates these products.
|
(7)
|
Total outstandings includes dealer financial services loans of
$43.0 billion
, consumer lending loans of
$8.0 billion
, U.S. securities-based lending margin loans of
$23.6 billion
, student loans of
$6.0 billion
, non-U.S. consumer loans of
$7.6 billion
and other consumer loans of
$1.5 billion
.
|
(8)
|
Total outstandings includes consumer finance loans of
$1.7 billion
, other non-U.S. consumer loans of
$929 million
and consumer overdrafts of
$103 million
.
|
(9)
|
Consumer loans accounted for under the fair value option were residential mortgage loans of
$906 million
and discontinued real estate loans of
$1.3 billion
. Commercial loans accounted for under the fair value option were U.S. commercial loans of
$2.2 billion
and non-U.S. commercial loans of
$4.4 billion
. For additional information, see
Note 21 – Fair Value Measurements
and
Note 22 – Fair Value Option
.
|
(10)
|
Total outstandings includes U.S. commercial real estate loans of
$37.8 billion
and non-U.S. commercial real estate loans of
$1.8 billion
.
|
|
|
Bank of America 2012
189
|
190
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
||||||||
Credit Quality
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
December 31
|
||||||||||||||
|
Nonperforming Loans and Leases
(1)
|
|
Accruing Past Due
90 Days or More
|
||||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Home loans
|
|
|
|
|
|
|
|
|
|
|
|
||||
Core portfolio
|
|
|
|
|
|
|
|
||||||||
Residential mortgage
(2)
|
$
|
3,190
|
|
|
$
|
2,414
|
|
|
$
|
3,984
|
|
|
$
|
883
|
|
Home equity
|
1,265
|
|
|
439
|
|
|
—
|
|
|
—
|
|
||||
Legacy Assets & Servicing portfolio
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential mortgage
(2)
|
11,618
|
|
|
13,556
|
|
|
18,173
|
|
|
20,281
|
|
||||
Home equity
|
3,016
|
|
|
2,014
|
|
|
—
|
|
|
—
|
|
||||
Discontinued real estate
|
248
|
|
|
290
|
|
|
—
|
|
|
—
|
|
||||
Credit card and other consumer
|
|
|
|
|
|
|
|
|
|
||||||
U.S. credit card
|
n/a
|
|
|
n/a
|
|
|
1,437
|
|
|
2,070
|
|
||||
Non-U.S. credit card
|
n/a
|
|
|
n/a
|
|
|
212
|
|
|
342
|
|
||||
Direct/Indirect consumer
|
92
|
|
|
40
|
|
|
545
|
|
|
746
|
|
||||
Other consumer
|
2
|
|
|
15
|
|
|
2
|
|
|
2
|
|
||||
Total consumer
|
19,431
|
|
|
18,768
|
|
|
24,353
|
|
|
24,324
|
|
||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. commercial
|
1,484
|
|
|
2,174
|
|
|
65
|
|
|
75
|
|
||||
Commercial real estate
|
1,513
|
|
|
3,880
|
|
|
29
|
|
|
7
|
|
||||
Commercial lease financing
|
44
|
|
|
26
|
|
|
15
|
|
|
14
|
|
||||
Non-U.S. commercial
|
68
|
|
|
143
|
|
|
—
|
|
|
—
|
|
||||
U.S. small business commercial
|
115
|
|
|
114
|
|
|
120
|
|
|
216
|
|
||||
Total commercial
|
3,224
|
|
|
6,337
|
|
|
229
|
|
|
312
|
|
||||
Total consumer and commercial
|
$
|
22,655
|
|
|
$
|
25,105
|
|
|
$
|
24,582
|
|
|
$
|
24,636
|
|
(1)
|
Nonperforming loan balances do not include nonaccruing TDRs removed from the PCI portfolio prior to January 1, 2010 of
$521 million
and
$477 million
at
December 31, 2012 and 2011
.
|
(2)
|
Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At
December 31, 2012 and 2011
, residential mortgage includes
$17.8 billion
and
$17.0 billion
of loans on which interest has been curtailed by the FHA, and therefore are no longer accruing interest, although principal is still insured, and
$4.4 billion
and
$4.2 billion
of loans on which interest is still accruing.
|
|
|
Bank of America 2012
191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Home Loans – Credit Quality Indicators
(1)
|
|||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
|
December 31, 2012
|
||||||||||||||||||||||||||||||
(Dollars in millions)
|
Core Portfolio Residential
Mortgage
(2)
|
|
Legacy Assets & Servicing Residential
Mortgage (2) |
|
Countrywide Residential Mortgage PCI
|
|
Core Portfolio Home Equity
(2)
|
|
Legacy Assets & Servicing Home Equity
(2)
|
|
Countrywide Home Equity PCI
|
|
Legacy Assets & Servicing Discontinued
Real Estate (2) |
|
Countrywide
Discontinued Real Estate
PCI
|
||||||||||||||||
Refreshed LTV
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Less than 90 percent
|
$
|
80,585
|
|
|
$
|
19,904
|
|
|
$
|
3,516
|
|
|
$
|
44,971
|
|
|
$
|
15,907
|
|
|
$
|
2,050
|
|
|
$
|
719
|
|
|
$
|
5,093
|
|
Greater than 90 percent but less than 100 percent
|
8,891
|
|
|
5,000
|
|
|
1,312
|
|
|
5,825
|
|
|
4,507
|
|
|
788
|
|
|
102
|
|
|
1,067
|
|
||||||||
Greater than 100 percent
|
12,984
|
|
|
16,226
|
|
|
3,909
|
|
|
10,055
|
|
|
18,184
|
|
|
5,709
|
|
|
237
|
|
|
2,674
|
|
||||||||
Fully-insured loans
(4)
|
67,656
|
|
|
23,198
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Total home loans
|
$
|
170,116
|
|
|
$
|
64,328
|
|
|
$
|
8,737
|
|
|
$
|
60,851
|
|
|
$
|
38,598
|
|
|
$
|
8,547
|
|
|
$
|
1,058
|
|
|
$
|
8,834
|
|
Refreshed FICO score
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Less than 620
|
$
|
6,366
|
|
|
$
|
13,900
|
|
|
$
|
3,249
|
|
|
$
|
2,586
|
|
|
$
|
5,408
|
|
|
$
|
1,930
|
|
|
$
|
429
|
|
|
$
|
5,471
|
|
Greater than or equal to 620 and less than 680
|
8,561
|
|
|
6,006
|
|
|
1,381
|
|
|
4,500
|
|
|
5,885
|
|
|
1,500
|
|
|
160
|
|
|
1,359
|
|
||||||||
Greater than or equal to 680 and less than 740
|
25,141
|
|
|
8,411
|
|
|
1,886
|
|
|
12,625
|
|
|
10,387
|
|
|
2,278
|
|
|
206
|
|
|
1,106
|
|
||||||||
Greater than or equal to 740
|
62,392
|
|
|
12,813
|
|
|
2,221
|
|
|
41,140
|
|
|
16,918
|
|
|
2,839
|
|
|
263
|
|
|
898
|
|
||||||||
Fully-insured loans
(4)
|
67,656
|
|
|
23,198
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Total home loans
|
$
|
170,116
|
|
|
$
|
64,328
|
|
|
$
|
8,737
|
|
|
$
|
60,851
|
|
|
$
|
38,598
|
|
|
$
|
8,547
|
|
|
$
|
1,058
|
|
|
$
|
8,834
|
|
(1)
|
Excludes
$1.0 billion
of loans accounted for under the fair value option.
|
(2)
|
Excludes Countrywide PCI loans.
|
(3)
|
Refreshed LTV percentages for PCI loans are calculated using the carrying value net of the related valuation allowance.
|
(4)
|
Credit quality indicators are not reported for fully-insured loans as principal repayment is insured.
|
|
|
|
|
|
|
|
|
||||||||
Credit Card and Other Consumer – Credit Quality Indicators
|
|||||||||||||||
|
|
||||||||||||||
|
December 31, 2012
|
||||||||||||||
(Dollars in millions)
|
U.S. Credit
Card
|
|
Non-U.S.
Credit Card
|
|
Direct/Indirect
Consumer
|
|
Other
Consumer
(1)
|
||||||||
Refreshed FICO score
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less than 620
|
$
|
6,188
|
|
|
$
|
—
|
|
|
$
|
1,896
|
|
|
$
|
668
|
|
Greater than or equal to 620 and less than 680
|
13,947
|
|
|
—
|
|
|
3,367
|
|
|
301
|
|
||||
Greater than or equal to 680 and less than 740
|
37,167
|
|
|
—
|
|
|
9,592
|
|
|
232
|
|
||||
Greater than or equal to 740
|
37,533
|
|
|
—
|
|
|
25,164
|
|
|
212
|
|
||||
Other internal credit metrics
(2, 3, 4)
|
—
|
|
|
11,697
|
|
|
43,186
|
|
|
215
|
|
||||
Total credit card and other consumer
|
$
|
94,835
|
|
|
$
|
11,697
|
|
|
$
|
83,205
|
|
|
$
|
1,628
|
|
(1)
|
87 percent
of the other consumer portfolio is associated with portfolios from certain consumer finance businesses that the Corporation previously exited.
|
(2)
|
Other internal credit metrics may include delinquency status, geography or other factors.
|
(3)
|
Direct/indirect consumer includes
$36.5 billion
of securities-based lending which is overcollateralized and therefore has minimal credit risk and
$4.8 billion
of loans the Corporation no longer originates.
|
(4)
|
Non-U.S. credit card represents the U.K. credit card portfolio which is evaluated using internal credit metrics, including delinquency status. At
December 31, 2012
,
97 percent
of this portfolio was current or less than 30 days past due,
one percent
was 30-89 days past due and
two percent
was 90 days or more past due.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial – Credit Quality Indicators
(1)
|
|||||||||||||||||||
|
|
||||||||||||||||||
|
December 31, 2012
|
||||||||||||||||||
(Dollars in millions)
|
U.S.
Commercial
|
|
Commercial
Real Estate
|
|
Commercial
Lease
Financing
|
|
Non-U.S.
Commercial
|
|
U.S. Small
Business
Commercial
(2)
|
||||||||||
Risk ratings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pass rated
|
$
|
189,602
|
|
|
$
|
34,968
|
|
|
$
|
22,874
|
|
|
$
|
72,688
|
|
|
$
|
1,690
|
|
Reservable criticized
|
7,524
|
|
|
3,669
|
|
|
969
|
|
|
1,496
|
|
|
573
|
|
|||||
Refreshed FICO score
(3)
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Less than 620
|
|
|
|
|
|
|
|
|
|
|
|
|
400
|
|
|||||
Greater than or equal to 620 and less than 680
|
|
|
|
|
|
|
|
|
580
|
|
|||||||||
Greater than or equal to 680 and less than 740
|
|
|
|
|
|
|
|
|
1,553
|
|
|||||||||
Greater than or equal to 740
|
|
|
|
|
|
|
|
|
2,496
|
|
|||||||||
Other internal credit metrics
(3, 4)
|
|
|
|
|
|
|
|
|
5,301
|
|
|||||||||
Total commercial
|
$
|
197,126
|
|
|
$
|
38,637
|
|
|
$
|
23,843
|
|
|
$
|
74,184
|
|
|
$
|
12,593
|
|
(1)
|
Excludes
$8.0 billion
of loans accounted for under the fair value option.
|
(2)
|
U.S. small business commercial includes
$366 million
of criticized business card and small business loans which are evaluated using refreshed FICO scores or internal credit metrics, including delinquency status, rather than risk ratings. At
December 31, 2012
,
98 percent
of the balances where internal credit metrics are used were current or less than 30 days past due.
|
(3)
|
Refreshed FICO score and other internal credit metrics are applicable only to the U.S. small business commercial portfolio.
|
(4)
|
Other internal credit metrics may include delinquency status, application scores, geography or other factors.
|
192
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Home Loans – Credit Quality Indicators
(1)
|
|||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
|
December 31, 2011
|
||||||||||||||||||||||||||||||
(Dollars in millions)
|
Core Portfolio Residential
Mortgage
(2)
|
|
Legacy Assets & Servicing Residential
Mortgage (2) |
|
Countrywide Residential Mortgage PCI
|
|
Core Portfolio Home Equity
(2)
|
|
Legacy Assets & Servicing Home Equity
(2)
|
|
Countrywide Hone Equity PCI
|
|
Legacy Assets & Servicing Discontinued
Real Estate (2) |
|
Countrywide
Discontinued Real Estate
PCI
|
||||||||||||||||
Refreshed LTV
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Less than 90 percent
|
$
|
80,032
|
|
|
$
|
20,450
|
|
|
$
|
3,821
|
|
|
$
|
46,646
|
|
|
$
|
17,354
|
|
|
$
|
2,253
|
|
|
$
|
895
|
|
|
$
|
5,953
|
|
Greater than 90 percent but less than 100 percent
|
11,838
|
|
|
5,847
|
|
|
1,468
|
|
|
6,988
|
|
|
4,995
|
|
|
1,077
|
|
|
122
|
|
|
1,191
|
|
||||||||
Greater than 100 percent
|
17,673
|
|
|
22,630
|
|
|
4,677
|
|
|
13,421
|
|
|
23,317
|
|
|
8,648
|
|
|
221
|
|
|
2,713
|
|
||||||||
Fully-insured loans
(4)
|
68,794
|
|
|
25,060
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Total home loans
|
$
|
178,337
|
|
|
$
|
73,987
|
|
|
$
|
9,966
|
|
|
$
|
67,055
|
|
|
$
|
45,666
|
|
|
$
|
11,978
|
|
|
$
|
1,238
|
|
|
$
|
9,857
|
|
Refreshed FICO score
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Less than 620
|
$
|
7,020
|
|
|
$
|
17,337
|
|
|
$
|
3,924
|
|
|
$
|
2,843
|
|
|
$
|
7,293
|
|
|
$
|
4,140
|
|
|
$
|
548
|
|
|
$
|
6,275
|
|
Greater than or equal to 620 and less than 680
|
9,331
|
|
|
6,537
|
|
|
1,381
|
|
|
4,704
|
|
|
6,866
|
|
|
1,969
|
|
|
175
|
|
|
1,279
|
|
||||||||
Greater than or equal to 680 and less than 740
|
26,569
|
|
|
9,439
|
|
|
2,036
|
|
|
13,561
|
|
|
11,798
|
|
|
2,538
|
|
|
228
|
|
|
1,223
|
|
||||||||
Greater than or equal to 740
|
66,623
|
|
|
15,614
|
|
|
2,625
|
|
|
45,947
|
|
|
19,709
|
|
|
3,331
|
|
|
287
|
|
|
1,080
|
|
||||||||
Fully-insured loans
(4)
|
68,794
|
|
|
25,060
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Total home loans
|
$
|
178,337
|
|
|
$
|
73,987
|
|
|
$
|
9,966
|
|
|
$
|
67,055
|
|
|
$
|
45,666
|
|
|
$
|
11,978
|
|
|
$
|
1,238
|
|
|
$
|
9,857
|
|
(1)
|
Excludes
$2.2 billion
of loans accounted for under the fair value option.
|
(2)
|
Excludes Countrywide PCI loans.
|
(3)
|
Refreshed LTV percentages for PCI loans are calculated using the carrying value net of the related valuation allowance.
|
(4)
|
Credit quality indicators are not reported for fully-insured loans as principal repayment is insured.
|
(5)
|
During 2012, refreshed home equity FICO metrics reflected an updated scoring model that is more representative of the credit risk of the Corporation’s borrowers. Prior period amounts were adjusted to reflect these updates.
|
|
|
|
|
|
|
|
|
||||||||
Credit Card and Other Consumer – Credit Quality Indicators
|
|||||||||||||||
|
|
||||||||||||||
|
December 31, 2011
|
||||||||||||||
(Dollars in millions)
|
U.S. Credit
Card
|
|
Non-U.S.
Credit Card
|
|
Direct/Indirect
Consumer
|
|
Other
Consumer
(1)
|
||||||||
Refreshed FICO score
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less than 620
|
$
|
8,172
|
|
|
$
|
—
|
|
|
$
|
3,325
|
|
|
$
|
802
|
|
Greater than or equal to 620 and less than 680
|
15,474
|
|
|
—
|
|
|
4,665
|
|
|
348
|
|
||||
Greater than or equal to 680 and less than 740
|
39,525
|
|
|
—
|
|
|
12,351
|
|
|
262
|
|
||||
Greater than or equal to 740
|
39,120
|
|
|
—
|
|
|
29,965
|
|
|
244
|
|
||||
Other internal credit metrics
(2, 3, 4)
|
—
|
|
|
14,418
|
|
|
39,407
|
|
|
1,032
|
|
||||
Total credit card and other consumer
|
$
|
102,291
|
|
|
$
|
14,418
|
|
|
$
|
89,713
|
|
|
$
|
2,688
|
|
(1)
|
96 percent
of the other consumer portfolio is associated with portfolios from certain consumer finance businesses that the Corporation previously exited.
|
(2)
|
Other internal credit metrics may include delinquency status, geography or other factors.
|
(3)
|
Direct/indirect consumer includes
$31.1 billion
of securities-based lending which is overcollateralized and therefore has minimal credit risk and
$6.0 billion
of loans the Corporation no longer originates.
|
(4)
|
Non-U.S. credit card represents the U.K. credit card portfolio which is evaluated using internal credit metrics, including delinquency status. At
December 31, 2011
,
96 percent
of this portfolio was current or less than 30 days past due,
two percent
was 30-89 days past due and
two percent
was 90 days or more past due.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial – Credit Quality Indicators
(1)
|
|||||||||||||||||||
|
|
||||||||||||||||||
|
December 31, 2011
|
||||||||||||||||||
(Dollars in millions)
|
U.S.
Commercial
|
|
Commercial
Real Estate
|
|
Commercial
Lease
Financing
|
|
Non-U.S.
Commercial
|
|
U.S. Small
Business
Commercial
(2)
|
||||||||||
Risk ratings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pass rated
|
$
|
169,599
|
|
|
$
|
28,602
|
|
|
$
|
20,850
|
|
|
$
|
53,945
|
|
|
$
|
2,392
|
|
Reservable criticized
|
10,349
|
|
|
10,994
|
|
|
1,139
|
|
|
1,473
|
|
|
836
|
|
|||||
Refreshed FICO score
(3)
|
|
|
|
|
|
|
|
|
|
||||||||||
Less than 620
|
|
|
|
|
|
|
|
|
562
|
|
|||||||||
Greater than or equal to 620 and less than 680
|
|
|
|
|
|
|
|
|
624
|
|
|||||||||
Greater than or equal to 680 and less than 740
|
|
|
|
|
|
|
|
|
1,612
|
|
|||||||||
Greater than or equal to 740
|
|
|
|
|
|
|
|
|
2,438
|
|
|||||||||
Other internal credit metrics
(3, 4)
|
|
|
|
|
|
|
|
|
4,787
|
|
|||||||||
Total commercial
|
$
|
179,948
|
|
|
$
|
39,596
|
|
|
$
|
21,989
|
|
|
$
|
55,418
|
|
|
$
|
13,251
|
|
(1)
|
Excludes
$6.6 billion
of loans accounted for under the fair value option.
|
(2)
|
U.S. small business commercial includes
$491 million
of criticized business card and small business loans which are evaluated using refreshed FICO scores or internal credit metrics, including delinquency status, rather than risk ratings. At
December 31, 2011
,
97 percent
of the balances where internal credit metrics are used were current or less than 30 days past due.
|
(3)
|
Refreshed FICO score and other internal credit metrics are applicable only to the U.S. small business commercial portfolio.
|
(4)
|
Other internal credit metrics may include delinquency status, application scores, geography or other factors.
|
|
|
Bank of America 2012
193
|
194
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Impaired Loans – Home Loans
|
|||||||||||||||||||
|
|
|
|
||||||||||||||||
|
December 31, 2012
|
|
2012
|
||||||||||||||||
(Dollars in millions)
|
Unpaid
Principal
Balance
|
|
Carrying
Value
|
|
Related
Allowance
|
|
Average
Carrying
Value
|
|
Interest
Income
Recognized
(1)
|
||||||||||
With no recorded allowance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential mortgage
|
$
|
19,758
|
|
|
$
|
14,707
|
|
|
n/a
|
|
|
$
|
10,697
|
|
|
$
|
358
|
|
|
Home equity
|
2,624
|
|
|
1,103
|
|
|
n/a
|
|
|
734
|
|
|
49
|
|
|||||
Discontinued real estate
|
468
|
|
|
260
|
|
|
n/a
|
|
|
240
|
|
|
8
|
|
|||||
With an allowance recorded
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential mortgage
|
14,080
|
|
|
13,051
|
|
|
$
|
1,233
|
|
|
11,439
|
|
|
417
|
|
||||
Home equity
|
1,256
|
|
|
1,022
|
|
|
448
|
|
|
1,145
|
|
|
44
|
|
|||||
Discontinued real estate
|
143
|
|
|
107
|
|
|
19
|
|
|
136
|
|
|
6
|
|
|||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential mortgage
|
$
|
33,838
|
|
|
$
|
27,758
|
|
|
$
|
1,233
|
|
|
$
|
22,136
|
|
|
$
|
775
|
|
Home equity
|
3,880
|
|
|
2,125
|
|
|
448
|
|
|
1,879
|
|
|
93
|
|
|||||
Discontinued real estate
|
611
|
|
|
367
|
|
|
19
|
|
|
376
|
|
|
14
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31, 2011
|
|
2011
|
||||||||||||||||
With no recorded allowance
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage
|
$
|
10,907
|
|
|
$
|
8,168
|
|
|
n/a
|
|
|
$
|
6,285
|
|
|
$
|
233
|
|
|
Home equity
|
1,747
|
|
|
479
|
|
|
n/a
|
|
|
442
|
|
|
23
|
|
|||||
Discontinued real estate
|
421
|
|
|
240
|
|
|
n/a
|
|
|
222
|
|
|
8
|
|
|||||
With an allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage
|
12,296
|
|
|
11,119
|
|
|
$
|
1,295
|
|
|
9,379
|
|
|
319
|
|
||||
Home equity
|
1,551
|
|
|
1,297
|
|
|
622
|
|
|
1,357
|
|
|
34
|
|
|||||
Discontinued real estate
|
213
|
|
|
159
|
|
|
29
|
|
|
173
|
|
|
6
|
|
|||||
Total
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage
|
$
|
23,203
|
|
|
$
|
19,287
|
|
|
$
|
1,295
|
|
|
$
|
15,664
|
|
|
$
|
552
|
|
Home equity
|
3,298
|
|
|
1,776
|
|
|
622
|
|
|
1,799
|
|
|
57
|
|
|||||
Discontinued real estate
|
634
|
|
|
399
|
|
|
29
|
|
|
395
|
|
|
14
|
|
(1)
|
Interest income recognized includes interest accrued and collected on the outstanding balances of accruing impaired loans as well as interest cash collections on nonaccruing impaired loans for which the principal is considered collectible.
|
|
|
Bank of America 2012
195
|
|
|
|
|
|
|
|
|
|
|
||||||||
Home Loans – TDRs Entered into During 2012 and 2011
(1)
|
|||||||||||||||||
|
|
||||||||||||||||
|
December 31, 2012
|
|
2012
|
||||||||||||||
(Dollars in millions)
|
Unpaid Principal Balance
|
|
Carrying Value
|
|
Pre-modification Interest Rate
|
|
Post-modification Interest Rate
|
|
Net Charge-offs
|
||||||||
Residential mortgage
|
$
|
14,929
|
|
|
$
|
12,143
|
|
|
5.52
|
%
|
|
4.70
|
%
|
|
$
|
507
|
|
Home equity
|
1,721
|
|
|
858
|
|
|
5.22
|
|
|
4.39
|
|
|
716
|
|
|||
Discontinued real estate
|
159
|
|
|
85
|
|
|
5.21
|
|
|
4.35
|
|
|
16
|
|
|||
Total
|
$
|
16,809
|
|
|
$
|
13,086
|
|
|
5.49
|
|
|
4.66
|
|
|
$
|
1,239
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2011
|
|
2011
|
||||||||||||||
Residential mortgage
|
$
|
11,623
|
|
|
$
|
9,903
|
|
|
5.94
|
%
|
|
5.16
|
%
|
|
$
|
299
|
|
Home equity
|
1,112
|
|
|
556
|
|
|
6.58
|
|
|
5.25
|
|
|
239
|
|
|||
Discontinued real estate
|
141
|
|
|
88
|
|
|
6.68
|
|
|
5.08
|
|
|
9
|
|
|||
Total
|
$
|
12,876
|
|
|
$
|
10,547
|
|
|
6.01
|
|
|
5.17
|
|
|
$
|
547
|
|
(1)
|
TDRs entered into during
2012
include principal forgiveness as follows: residential mortgage modifications of
$755 million
, home equity modifications of
$9 million
and discontinued real estate modifications of
$23 million
. Prior to 2012, the principal forgiveness amount was not significant.
|
|
|
|
|
|
|
|
|
||||||||
Home Loans – Modification Programs
|
|||||||||||||||
|
|
||||||||||||||
|
TDRs Entered into During 2012
|
||||||||||||||
(Dollars in millions)
|
Residential Mortgage
|
|
Home Equity
|
|
Discontinued Real Estate
|
|
Total Carrying Value
|
||||||||
Modifications under government programs
|
|
|
|
|
|
|
|
||||||||
Contractual interest rate reduction
|
$
|
638
|
|
|
$
|
78
|
|
|
$
|
4
|
|
|
$
|
720
|
|
Principal and/or interest forbearance
|
49
|
|
|
31
|
|
|
2
|
|
|
82
|
|
||||
Other modifications
(1)
|
37
|
|
|
1
|
|
|
—
|
|
|
38
|
|
||||
Total modifications under government programs
|
724
|
|
|
110
|
|
|
6
|
|
|
840
|
|
||||
Modifications under proprietary programs
|
|
|
|
|
|
|
|
||||||||
Contractual interest rate reduction
|
3,343
|
|
|
44
|
|
|
7
|
|
|
3,394
|
|
||||
Capitalization of past due amounts
|
143
|
|
|
—
|
|
|
1
|
|
|
144
|
|
||||
Principal and/or interest forbearance
|
415
|
|
|
16
|
|
|
9
|
|
|
440
|
|
||||
Other modifications
(1)
|
97
|
|
|
21
|
|
|
—
|
|
|
118
|
|
||||
Total modifications under proprietary programs
|
3,998
|
|
|
81
|
|
|
17
|
|
|
4,096
|
|
||||
Trial modifications
|
4,505
|
|
|
69
|
|
|
42
|
|
|
4,616
|
|
||||
Loans discharged in Chapter 7 bankruptcy
(2)
|
2,916
|
|
|
598
|
|
|
20
|
|
|
3,534
|
|
||||
Total modifications
|
$
|
12,143
|
|
|
$
|
858
|
|
|
$
|
85
|
|
|
$
|
13,086
|
|
|
|
|
|
|
|
|
|
||||||||
|
TDRs Entered into During 2011
|
||||||||||||||
Modifications under government programs
|
|
|
|
|
|
|
|
||||||||
Contractual interest rate reduction
|
$
|
984
|
|
|
$
|
189
|
|
|
$
|
10
|
|
|
$
|
1,183
|
|
Principal and/or interest forbearance
|
187
|
|
|
36
|
|
|
2
|
|
|
225
|
|
||||
Other modifications
(1)
|
64
|
|
|
5
|
|
|
—
|
|
|
69
|
|
||||
Total modifications under government programs
|
1,235
|
|
|
230
|
|
|
12
|
|
|
1,477
|
|
||||
Modifications under proprietary programs
|
|
|
|
|
|
|
|
||||||||
Contractual interest rate reduction
|
3,508
|
|
|
101
|
|
|
23
|
|
|
3,632
|
|
||||
Capitalization of past due amounts
|
408
|
|
|
1
|
|
|
2
|
|
|
411
|
|
||||
Principal and/or interest forbearance
|
936
|
|
|
49
|
|
|
10
|
|
|
995
|
|
||||
Other modifications
(1)
|
439
|
|
|
34
|
|
|
2
|
|
|
475
|
|
||||
Total modifications under proprietary programs
|
5,291
|
|
|
185
|
|
|
37
|
|
|
5,513
|
|
||||
Trial modifications
|
3,377
|
|
|
141
|
|
|
39
|
|
|
3,557
|
|
||||
Total modifications
|
$
|
9,903
|
|
|
$
|
556
|
|
|
$
|
88
|
|
|
$
|
10,547
|
|
(1)
|
Includes other modifications such as term or payment extensions and repayment plans.
|
(2)
|
Includes loans newly classified as TDRs in accordance with new regulatory guidance on loans discharged in Chapter 7 bankruptcy that was issued in 2012.
|
196
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
||||||||
Home Loans – TDRs Entering Payment Default That Were Modified During the Preceding Twelve Months
|
|||||||||||||||
|
|
||||||||||||||
|
2012
|
||||||||||||||
(Dollars in millions)
|
Residential Mortgage
|
|
Home Equity
|
|
Discontinued Real Estate
|
|
Total Carrying Value
|
||||||||
Modifications under government programs
|
$
|
200
|
|
|
$
|
8
|
|
|
$
|
2
|
|
|
$
|
210
|
|
Modifications under proprietary programs
|
933
|
|
|
14
|
|
|
9
|
|
|
956
|
|
||||
Loans discharged in Chapter 7 bankruptcy
(1)
|
1,216
|
|
|
53
|
|
|
12
|
|
|
1,281
|
|
||||
Trial modifications
|
2,323
|
|
|
20
|
|
|
28
|
|
|
2,371
|
|
||||
Total modifications
|
$
|
4,672
|
|
|
$
|
95
|
|
|
$
|
51
|
|
|
$
|
4,818
|
|
|
|
|
|
|
|
|
|
||||||||
|
2011
|
||||||||||||||
Modifications under government programs
|
$
|
350
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
354
|
|
Modifications under proprietary programs
|
2,086
|
|
|
42
|
|
|
12
|
|
|
2,140
|
|
||||
Trial modifications
|
1,094
|
|
|
17
|
|
|
7
|
|
|
1,118
|
|
||||
Total modifications
|
$
|
3,530
|
|
|
$
|
61
|
|
|
$
|
21
|
|
|
$
|
3,612
|
|
(1)
|
Includes loans classified as TDRs at
December 31, 2012
due to loans discharged in Chapter 7 bankruptcy in
2012
or
2011
.
|
|
|
Bank of America 2012
197
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Impaired Loans – Credit Card and Other Consumer – Renegotiated TDRs
|
|||||||||||||||||||
|
|
|
|
||||||||||||||||
|
December 31, 2012
|
|
2012
|
||||||||||||||||
(Dollars in millions)
|
Unpaid
Principal
Balance
|
|
Carrying
Value
(1)
|
|
Related
Allowance
|
|
Average
Carrying
Value
|
|
Interest
Income
Recognized
(2)
|
||||||||||
With an allowance recorded
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. credit card
|
$
|
2,856
|
|
|
$
|
2,871
|
|
|
$
|
719
|
|
|
$
|
4,085
|
|
|
$
|
253
|
|
Non-U.S. credit card
|
311
|
|
|
316
|
|
|
198
|
|
|
464
|
|
|
10
|
|
|||||
Direct/Indirect consumer
|
633
|
|
|
636
|
|
|
210
|
|
|
929
|
|
|
50
|
|
|||||
Without an allowance recorded
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Direct/Indirect consumer
|
105
|
|
|
58
|
|
|
—
|
|
|
58
|
|
|
—
|
|
|||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. credit card
|
$
|
2,856
|
|
|
$
|
2,871
|
|
|
$
|
719
|
|
|
$
|
4,085
|
|
|
$
|
253
|
|
Non-U.S. credit card
|
311
|
|
|
316
|
|
|
198
|
|
|
464
|
|
|
10
|
|
|||||
Direct/Indirect consumer
|
738
|
|
|
694
|
|
|
210
|
|
|
987
|
|
|
50
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31, 2011
|
|
2011
|
||||||||||||||||
With an allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. credit card
|
$
|
5,272
|
|
|
$
|
5,305
|
|
|
$
|
1,570
|
|
|
$
|
7,211
|
|
|
$
|
433
|
|
Non-U.S. credit card
|
588
|
|
|
597
|
|
|
435
|
|
|
759
|
|
|
6
|
|
|||||
Direct/Indirect consumer
|
1,193
|
|
|
1,198
|
|
|
405
|
|
|
1,582
|
|
|
85
|
|
(1)
|
Includes accrued interest and fees.
|
(2)
|
Interest income recognized includes interest accrued and collected on the outstanding balances of accruing impaired loans as well as interest cash collections on nonaccruing impaired loans for which the principal is considered collectible.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Credit Card and Other Consumer – Renegotiated TDRs by Program Type
|
|||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
|
December 31
|
||||||||||||||||||||||||||||||||||||
|
Internal Programs
|
|
External Programs
|
|
Other
|
|
Total
|
|
Percent of Balances Current or Less Than 30 Days Past Due
|
||||||||||||||||||||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||||||||
U.S. credit card
|
$
|
1,887
|
|
|
$
|
3,788
|
|
|
$
|
953
|
|
|
$
|
1,436
|
|
|
$
|
31
|
|
|
$
|
81
|
|
|
$
|
2,871
|
|
|
$
|
5,305
|
|
|
81.48
|
%
|
|
78.97
|
%
|
Non-U.S. credit card
|
99
|
|
|
218
|
|
|
38
|
|
|
113
|
|
|
179
|
|
|
266
|
|
|
316
|
|
|
597
|
|
|
43.71
|
|
|
54.02
|
|
||||||||
Direct/Indirect consumer
|
405
|
|
|
784
|
|
|
225
|
|
|
392
|
|
|
64
|
|
|
22
|
|
|
694
|
|
|
1,198
|
|
|
83.11
|
|
|
80.01
|
|
||||||||
Total renegotiated TDRs
|
$
|
2,391
|
|
|
$
|
4,790
|
|
|
$
|
1,216
|
|
|
$
|
1,941
|
|
|
$
|
274
|
|
|
$
|
369
|
|
|
$
|
3,881
|
|
|
$
|
7,100
|
|
|
78.69
|
|
|
77.05
|
|
198
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Credit Card and Other Consumer – Renegotiated TDRs Entered into During 2012 and 2011
|
|||||||||||||||||
|
|
||||||||||||||||
|
December 31, 2012
|
|
2012
|
||||||||||||||
(Dollars in millions)
|
Unpaid Principal Balance
|
|
Carrying Value
(1)
|
|
Pre-modification Interest Rate
|
|
Post-modification Interest Rate
|
|
Net Charge-offs
|
||||||||
U.S. credit card
|
$
|
396
|
|
|
$
|
400
|
|
|
17.59
|
%
|
|
6.36
|
%
|
|
$
|
45
|
|
Non-U.S. credit card
|
196
|
|
|
206
|
|
|
26.19
|
|
|
1.15
|
|
|
190
|
|
|||
Direct/Indirect consumer
|
160
|
|
|
113
|
|
|
9.59
|
|
|
5.72
|
|
|
52
|
|
|||
Total
|
$
|
752
|
|
|
$
|
719
|
|
|
18.79
|
|
|
4.77
|
|
|
$
|
287
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2011
|
|
2011
|
||||||||||||||
U.S. credit card
|
$
|
890
|
|
|
$
|
902
|
|
|
19.04
|
%
|
|
6.16
|
%
|
|
$
|
106
|
|
Non-U.S. credit card
|
305
|
|
|
322
|
|
|
26.32
|
|
|
1.04
|
|
|
291
|
|
|||
Direct/Indirect consumer
|
198
|
|
|
199
|
|
|
15.63
|
|
|
5.22
|
|
|
23
|
|
|||
Total
|
$
|
1,393
|
|
|
$
|
1,423
|
|
|
20.20
|
|
|
4.87
|
|
|
$
|
420
|
|
(1)
|
Includes accrued interest and fees.
|
|
|
|
|
|
|
|
|
||||||||
Credit Card and Other Consumer – Renegotiated TDRs by Program Type
|
|||||||||||||||
|
|
||||||||||||||
|
Renegotiated TDRs Entered into During 2012
|
||||||||||||||
|
December 31, 2012
|
||||||||||||||
(Dollars in millions)
|
Internal Programs
|
|
External Programs
|
|
Other
|
|
Total
|
||||||||
U.S. credit card
|
$
|
248
|
|
|
$
|
152
|
|
|
$
|
—
|
|
|
$
|
400
|
|
Non-U.S. credit card
|
112
|
|
|
94
|
|
|
—
|
|
|
206
|
|
||||
Direct/Indirect consumer
|
36
|
|
|
19
|
|
|
58
|
|
|
113
|
|
||||
Total renegotiated TDR loans
|
$
|
396
|
|
|
$
|
265
|
|
|
$
|
58
|
|
|
$
|
719
|
|
|
|
|
|
|
|
|
|
||||||||
|
Renegotiated TDRs Entered into During 2011
|
||||||||||||||
|
December 31, 2011
|
||||||||||||||
U.S. credit card
|
$
|
492
|
|
|
$
|
407
|
|
|
$
|
3
|
|
|
$
|
902
|
|
Non-U.S. credit card
|
163
|
|
|
158
|
|
|
1
|
|
|
322
|
|
||||
Direct/Indirect consumer
|
112
|
|
|
87
|
|
|
—
|
|
|
199
|
|
||||
Total renegotiated TDR loans
|
$
|
767
|
|
|
$
|
652
|
|
|
$
|
4
|
|
|
$
|
1,423
|
|
|
|
Bank of America 2012
199
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Impaired Loans – Commercial
|
|||||||||||||||||||
|
|
|
|
||||||||||||||||
|
December 31, 2012
|
|
2012
|
||||||||||||||||
(Dollars in millions)
|
Unpaid
Principal
Balance
|
|
Carrying
Value
|
|
Related
Allowance
|
|
Average
Carrying
Value
|
|
Interest
Income
Recognized
(1)
|
||||||||||
With no recorded allowance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. commercial
|
$
|
1,220
|
|
|
$
|
1,109
|
|
|
n/a
|
|
|
$
|
1,089
|
|
|
$
|
32
|
|
|
Commercial real estate
|
1,003
|
|
|
902
|
|
|
n/a
|
|
|
1,496
|
|
|
16
|
|
|||||
Non-U.S. commercial
|
240
|
|
|
120
|
|
|
n/a
|
|
|
129
|
|
|
2
|
|
|||||
With an allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. commercial
|
1,782
|
|
|
1,138
|
|
|
$
|
68
|
|
|
1,603
|
|
|
32
|
|
||||
Commercial real estate
|
2,287
|
|
|
1,262
|
|
|
147
|
|
|
1,749
|
|
|
16
|
|
|||||
Non-U.S. commercial
|
280
|
|
|
33
|
|
|
18
|
|
|
52
|
|
|
2
|
|
|||||
U.S. small business commercial
(2)
|
361
|
|
|
317
|
|
|
97
|
|
|
409
|
|
|
13
|
|
|||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. commercial
|
$
|
3,002
|
|
|
$
|
2,247
|
|
|
$
|
68
|
|
|
$
|
2,692
|
|
|
$
|
64
|
|
Commercial real estate
|
3,290
|
|
|
2,164
|
|
|
147
|
|
|
3,245
|
|
|
32
|
|
|||||
Non-U.S. commercial
|
520
|
|
|
153
|
|
|
18
|
|
|
181
|
|
|
4
|
|
|||||
U.S. small business commercial
(2)
|
361
|
|
|
317
|
|
|
97
|
|
|
409
|
|
|
13
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31, 2011
|
|
2011
|
||||||||||||||||
With no recorded allowance
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. commercial
|
$
|
1,482
|
|
|
$
|
985
|
|
|
n/a
|
|
|
$
|
774
|
|
|
$
|
7
|
|
|
Commercial real estate
|
2,587
|
|
|
2,095
|
|
|
n/a
|
|
|
1,994
|
|
|
7
|
|
|||||
Non-U.S. commercial
|
216
|
|
|
101
|
|
|
n/a
|
|
|
101
|
|
|
—
|
|
|||||
With an allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. commercial
|
2,654
|
|
|
1,987
|
|
|
$
|
232
|
|
|
2,422
|
|
|
13
|
|
||||
Commercial real estate
|
3,329
|
|
|
2,384
|
|
|
135
|
|
|
3,309
|
|
|
19
|
|
|||||
Non-U.S. commercial
|
308
|
|
|
58
|
|
|
6
|
|
|
76
|
|
|
3
|
|
|||||
U.S. small business commercial
(2)
|
531
|
|
|
503
|
|
|
172
|
|
|
666
|
|
|
23
|
|
|||||
Total
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. commercial
|
$
|
4,136
|
|
|
$
|
2,972
|
|
|
$
|
232
|
|
|
$
|
3,196
|
|
|
$
|
20
|
|
Commercial real estate
|
5,916
|
|
|
4,479
|
|
|
135
|
|
|
5,303
|
|
|
26
|
|
|||||
Non-U.S. commercial
|
524
|
|
|
159
|
|
|
6
|
|
|
177
|
|
|
3
|
|
|||||
U.S. small business commercial
(2)
|
531
|
|
|
503
|
|
|
172
|
|
|
666
|
|
|
23
|
|
(1)
|
Interest income recognized includes interest accrued and collected on the outstanding balances of accruing impaired loans as well as interest cash collections on nonaccruing impaired loans for which the principal is considered collectible.
|
(2)
|
Includes U.S. small business commercial renegotiated TDR loans and related allowance.
|
200
Bank of America 2012
|
|
|
|
|
|
|
|
|
||||||
Commercial – TDRs Entered into During 2012 and 2011
|
|||||||||||
|
|
||||||||||
|
|
||||||||||
|
December 31, 2012
|
|
2012
|
||||||||
(Dollars in millions)
|
Unpaid Principal Balance
|
|
Carrying Value
|
|
Net Charge-offs
|
||||||
U.S. commercial
|
$
|
590
|
|
|
$
|
558
|
|
|
$
|
34
|
|
Commercial real estate
|
793
|
|
|
721
|
|
|
20
|
|
|||
Non-U.S. commercial
|
90
|
|
|
89
|
|
|
1
|
|
|||
U.S. small business commercial
(1)
|
22
|
|
|
22
|
|
|
5
|
|
|||
Total
|
$
|
1,495
|
|
|
$
|
1,390
|
|
|
$
|
60
|
|
|
|
|
|
|
|
||||||
|
December 31, 2011
|
|
2011
|
||||||||
U.S. commercial
|
$
|
1,381
|
|
|
$
|
1,211
|
|
|
$
|
74
|
|
Commercial real estate
|
1,604
|
|
|
1,333
|
|
|
152
|
|
|||
Non-U.S. commercial
|
44
|
|
|
44
|
|
|
—
|
|
|||
U.S. small business commercial
(1)
|
58
|
|
|
59
|
|
|
10
|
|
|||
Total
|
$
|
3,087
|
|
|
$
|
2,647
|
|
|
$
|
236
|
|
(1)
|
U.S. small business commercial TDRs are comprised of renegotiated small business card loans.
|
|
|
|
|
Rollforward of Accretable Yield
|
|
||
|
|
||
(Dollars in millions)
|
|
|
|
Accretable yield, January 1, 2011
|
$
|
5,481
|
|
Accretion
|
(1,285
|
)
|
|
Disposals/transfers
|
(118
|
)
|
|
Reclassifications from nonaccretable difference
|
912
|
|
|
Accretable yield, December 31, 2011
|
4,990
|
|
|
Accretion
|
(1,034
|
)
|
|
Disposals/transfers
|
(109
|
)
|
|
Reclassifications from nonaccretable difference
|
797
|
|
|
Accretable yield, December 31, 2012
|
$
|
4,644
|
|
|
|
Bank of America 2012
201
|
|
|
|
|
|
|
|
|
||||||||
|
2012
|
||||||||||||||
(Dollars in millions)
|
Home
Loans
|
|
Credit Card
and Other
Consumer
|
|
Commercial
|
|
Total
Allowance
|
||||||||
Allowance for loan and lease losses, January 1
|
$
|
21,079
|
|
|
$
|
8,569
|
|
|
$
|
4,135
|
|
|
$
|
33,783
|
|
Loans and leases charged off
|
(7,849
|
)
|
|
(7,727
|
)
|
|
(2,096
|
)
|
|
(17,672
|
)
|
||||
Recoveries of loans and leases previously charged off
|
496
|
|
|
1,519
|
|
|
749
|
|
|
2,764
|
|
||||
Net charge-offs
|
(7,353
|
)
|
|
(6,208
|
)
|
|
(1,347
|
)
|
|
(14,908
|
)
|
||||
Provision for loan and lease losses
|
4,073
|
|
|
3,899
|
|
|
338
|
|
|
8,310
|
|
||||
Write-offs of home equity PCI loans
|
(2,820
|
)
|
|
—
|
|
|
—
|
|
|
(2,820
|
)
|
||||
Other
|
(46
|
)
|
|
(120
|
)
|
|
(20
|
)
|
|
(186
|
)
|
||||
Allowance for loan and lease losses, December 31
|
14,933
|
|
|
6,140
|
|
|
3,106
|
|
|
24,179
|
|
||||
Reserve for unfunded lending commitments, January 1
|
—
|
|
|
—
|
|
|
714
|
|
|
714
|
|
||||
Provision for unfunded lending commitments
|
—
|
|
|
—
|
|
|
(141
|
)
|
|
(141
|
)
|
||||
Other
|
—
|
|
|
—
|
|
|
(60
|
)
|
|
(60
|
)
|
||||
Reserve for unfunded lending commitments, December 31
|
—
|
|
|
—
|
|
|
513
|
|
|
513
|
|
||||
Allowance for credit losses, December 31
|
$
|
14,933
|
|
|
$
|
6,140
|
|
|
$
|
3,619
|
|
|
$
|
24,692
|
|
|
2011
|
||||||||||||||
Allowance for loan and lease losses, January 1
|
$
|
19,252
|
|
|
$
|
15,463
|
|
|
$
|
7,170
|
|
|
$
|
41,885
|
|
Loans and leases charged off
|
(9,291
|
)
|
|
(12,247
|
)
|
|
(3,204
|
)
|
|
(24,742
|
)
|
||||
Recoveries of loans and leases previously charged off
|
894
|
|
|
2,124
|
|
|
891
|
|
|
3,909
|
|
||||
Net charge-offs
|
(8,397
|
)
|
|
(10,123
|
)
|
|
(2,313
|
)
|
|
(20,833
|
)
|
||||
Provision for loan and lease losses
|
10,300
|
|
|
4,025
|
|
|
(696
|
)
|
|
13,629
|
|
||||
Other
|
(76
|
)
|
|
(796
|
)
|
|
(26
|
)
|
|
(898
|
)
|
||||
Allowance for loan and lease losses, December 31
|
21,079
|
|
|
8,569
|
|
|
4,135
|
|
|
33,783
|
|
||||
Reserve for unfunded lending commitments, January 1
|
—
|
|
|
—
|
|
|
1,188
|
|
|
1,188
|
|
||||
Provision for unfunded lending commitments
|
—
|
|
|
—
|
|
|
(219
|
)
|
|
(219
|
)
|
||||
Other
|
—
|
|
|
—
|
|
|
(255
|
)
|
|
(255
|
)
|
||||
Reserve for unfunded lending commitments, December 31
|
—
|
|
|
—
|
|
|
714
|
|
|
714
|
|
||||
Allowance for credit losses, December 31
|
$
|
21,079
|
|
|
$
|
8,569
|
|
|
$
|
4,849
|
|
|
$
|
34,497
|
|
|
2010
|
||||||||||||||
Allowance for loan and lease losses, January 1
|
$
|
16,329
|
|
|
$
|
22,243
|
|
|
$
|
9,416
|
|
|
$
|
47,988
|
|
Loans and leases charged off
|
(10,915
|
)
|
|
(20,865
|
)
|
|
(5,610
|
)
|
|
(37,390
|
)
|
||||
Recoveries of loans and leases previously charged off
|
396
|
|
|
2,034
|
|
|
626
|
|
|
3,056
|
|
||||
Net charge-offs
|
(10,519
|
)
|
|
(18,831
|
)
|
|
(4,984
|
)
|
|
(34,334
|
)
|
||||
Provision for loan and lease losses
|
13,335
|
|
|
12,115
|
|
|
2,745
|
|
|
28,195
|
|
||||
Other
|
107
|
|
|
(64
|
)
|
|
(7
|
)
|
|
36
|
|
||||
Allowance for loan and lease losses, December 31
|
19,252
|
|
|
15,463
|
|
|
7,170
|
|
|
41,885
|
|
||||
Reserve for unfunded lending commitments, January 1
|
—
|
|
|
—
|
|
|
1,487
|
|
|
1,487
|
|
||||
Provision for unfunded lending commitments
|
—
|
|
|
—
|
|
|
240
|
|
|
240
|
|
||||
Other
|
—
|
|
|
—
|
|
|
(539
|
)
|
|
(539
|
)
|
||||
Reserve for unfunded lending commitments, December 31
|
—
|
|
|
—
|
|
|
1,188
|
|
|
1,188
|
|
||||
Allowance for credit losses, December 31
|
$
|
19,252
|
|
|
$
|
15,463
|
|
|
$
|
8,358
|
|
|
$
|
43,073
|
|
202
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
||||||||
Allowance and Carrying Value by Portfolio Segment
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2012
|
||||||||||||||
(Dollars in millions)
|
Home
Loans
|
|
Credit Card
and Other
Consumer
|
|
Commercial
|
|
Total
|
||||||||
Impaired loans and troubled debt restructurings
(1)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allowance for loan and lease losses
(2)
|
$
|
1,700
|
|
|
$
|
1,127
|
|
|
$
|
330
|
|
|
$
|
3,157
|
|
Carrying value
(3)
|
30,250
|
|
|
3,881
|
|
|
4,881
|
|
|
39,012
|
|
||||
Allowance as a percentage of carrying value
|
5.62
|
%
|
|
29.04
|
%
|
|
6.76
|
%
|
|
8.09
|
%
|
||||
Loans collectively evaluated for impairment
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allowance for loan and lease losses
|
$
|
7,697
|
|
|
$
|
5,013
|
|
|
$
|
2,776
|
|
|
$
|
15,486
|
|
Carrying value
(3, 4)
|
304,701
|
|
|
187,484
|
|
|
341,502
|
|
|
833,687
|
|
||||
Allowance as a percentage of carrying value
(4)
|
2.53
|
%
|
|
2.67
|
%
|
|
0.81
|
%
|
|
1.86
|
%
|
||||
Purchased credit-impaired loans
|
|
|
|
|
|
|
|
|
|
|
|||||
Valuation allowance
|
$
|
5,536
|
|
|
n/a
|
|
|
n/a
|
|
|
$
|
5,536
|
|
||
Carrying value gross of valuation allowance
|
26,118
|
|
|
n/a
|
|
|
n/a
|
|
|
26,118
|
|
||||
Valuation allowance as a percentage of carrying value
|
21.20
|
%
|
|
n/a
|
|
|
n/a
|
|
|
21.20
|
%
|
||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allowance for loan and lease losses
|
$
|
14,933
|
|
|
$
|
6,140
|
|
|
$
|
3,106
|
|
|
$
|
24,179
|
|
Carrying value
(3, 4)
|
361,069
|
|
|
191,365
|
|
|
346,383
|
|
|
898,817
|
|
||||
Allowance as a percentage of carrying value
(4)
|
4.14
|
%
|
|
3.21
|
%
|
|
0.90
|
%
|
|
2.69
|
%
|
|
December 31, 2011
|
||||||||||||||
Impaired loans and troubled debt restructurings
(1)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allowance for loan and lease losses
(2)
|
$
|
1,946
|
|
|
$
|
2,410
|
|
|
$
|
545
|
|
|
$
|
4,901
|
|
Carrying value
(3)
|
21,462
|
|
|
7,100
|
|
|
8,113
|
|
|
36,675
|
|
||||
Allowance as a percentage of carrying value
|
9.07
|
%
|
|
33.94
|
%
|
|
6.71
|
%
|
|
13.36
|
%
|
||||
Loans collectively evaluated for impairment
|
|
|
|
|
|
|
|
|
|
|
|||||
Allowance for loan and lease losses
|
$
|
10,674
|
|
|
$
|
6,159
|
|
|
$
|
3,590
|
|
|
$
|
20,423
|
|
Carrying value
(3, 4)
|
344,821
|
|
|
202,010
|
|
|
302,089
|
|
|
848,920
|
|
||||
Allowance as a percentage of carrying value
(4)
|
3.10
|
%
|
|
3.05
|
%
|
|
1.19
|
%
|
|
2.41
|
%
|
||||
Purchased credit-impaired loans
|
|
|
|
|
|
|
|
|
|
|
|||||
Valuation allowance
|
$
|
8,459
|
|
|
n/a
|
|
|
n/a
|
|
|
$
|
8,459
|
|
||
Carrying value gross of valuation allowance
|
31,801
|
|
|
n/a
|
|
|
n/a
|
|
|
31,801
|
|
||||
Valuation allowance as a percentage of carrying value
|
26.60
|
%
|
|
n/a
|
|
|
n/a
|
|
|
26.60
|
%
|
||||
Total
|
|
|
|
|
|
|
|
|
|
|
|||||
Allowance for loan and lease losses
|
$
|
21,079
|
|
|
$
|
8,569
|
|
|
$
|
4,135
|
|
|
$
|
33,783
|
|
Carrying value
(3, 4)
|
398,084
|
|
|
209,110
|
|
|
310,202
|
|
|
917,396
|
|
||||
Allowance as a percentage of carrying value
(4)
|
5.30
|
%
|
|
4.10
|
%
|
|
1.33
|
%
|
|
3.68
|
%
|
(1)
|
Impaired loans include nonperforming commercial loans and all TDRs, including both commercial and consumer TDRs. Impaired loans exclude nonperforming consumer loans unless they are TDRs, and all consumer and commercial loans accounted for under the fair value option.
|
(2)
|
Commercial impaired allowance for loan and lease losses includes
$97 million
and
$172 million
of renegotiated TDR loans related to U.S. small business commercial at
December 31, 2012 and 2011
.
|
(3)
|
Amounts are presented gross of the allowance for loan and lease losses.
|
(4)
|
Outstanding loan and lease balances and ratios do not include loans accounted for under the fair value option of
$9.0 billion
and
$8.8 billion
at
December 31, 2012 and 2011
.
|
|
|
Bank of America 2012
203
|
|
|
|
|
|
|
|
|
|
||||||||||||
First-lien Mortgage Securitizations
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||
|
Residential Mortgage
|
|
|
|
|
|
||||||||||||||
|
Agency
|
|
Non-agency
|
|
Commercial Mortgage
|
|||||||||||||||
(Dollars in millions)
|
2012
|
2011
|
|
2012
|
2011
|
|
2012
|
2011
|
||||||||||||
Cash proceeds from new securitizations
(1)
|
$
|
39,526
|
|
$
|
142,910
|
|
|
$
|
—
|
|
$
|
36
|
|
|
$
|
903
|
|
$
|
4,468
|
|
Loss on securitizations, net of hedges
(2)
|
(212
|
)
|
(373
|
)
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
(1)
|
The Corporation sells residential mortgage loans to GSEs in the normal course of business and receives MBS in exchange which may then be sold into the market to third-party investors for cash proceeds.
|
(2)
|
Substantially all of the first-lien residential mortgage loans securitized are initially classified as LHFS and accounted for under the fair value option. As such, gains are recognized on these LHFS prior to securitization. During
2012
and
2011
, the Corporation recognized
$1.9 billion
and
$2.9 billion
of gains on these LHFS, net of hedges.
|
204
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
First-lien VIEs
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Residential Mortgage
|
|
|
|
|
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
Non-agency
|
|
|
|
|
|
|||||||||||||||||||||||
|
Agency
|
|
Prime
|
|
Subprime
|
|
Alt-A
|
|
Commercial Mortgage
|
|||||||||||||||||||||||||
|
December 31
|
|
December 31
|
|
December 31
|
|||||||||||||||||||||||||||||
(Dollars in millions)
|
2012
|
2011
|
|
2012
|
2011
|
|
2012
|
2011
|
|
2012
|
2011
|
|
2012
|
2011
|
||||||||||||||||||||
Unconsolidated VIEs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Maximum loss exposure
(1)
|
$
|
28,591
|
|
$
|
37,519
|
|
|
$
|
2,038
|
|
$
|
2,375
|
|
|
$
|
410
|
|
$
|
289
|
|
|
$
|
367
|
|
$
|
506
|
|
|
$
|
702
|
|
$
|
981
|
|
On-balance sheet assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Senior securities held
(2)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading account assets
|
$
|
619
|
|
$
|
8,744
|
|
|
$
|
16
|
|
$
|
94
|
|
|
$
|
14
|
|
$
|
3
|
|
|
$
|
—
|
|
$
|
343
|
|
|
$
|
12
|
|
$
|
21
|
|
Available-for-sale debt securities
|
25,492
|
|
28,775
|
|
|
1,388
|
|
2,001
|
|
|
210
|
|
174
|
|
|
128
|
|
163
|
|
|
581
|
|
846
|
|
||||||||||
Subordinate securities held
(2)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading account assets
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
3
|
|
30
|
|
|
—
|
|
—
|
|
|
13
|
|
3
|
|
||||||||||
Available-for-sale debt securities
|
—
|
|
—
|
|
|
21
|
|
26
|
|
|
9
|
|
30
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||||
Residual interests held
|
—
|
|
—
|
|
|
18
|
|
8
|
|
|
9
|
|
9
|
|
|
—
|
|
—
|
|
|
40
|
|
43
|
|
||||||||||
All other assets
(3)
|
2,480
|
|
—
|
|
|
64
|
|
—
|
|
|
1
|
|
—
|
|
|
239
|
|
—
|
|
|
—
|
|
—
|
|
||||||||||
Total retained positions
|
$
|
28,591
|
|
$
|
37,519
|
|
|
$
|
1,507
|
|
$
|
2,129
|
|
|
$
|
246
|
|
$
|
246
|
|
|
$
|
367
|
|
$
|
506
|
|
|
$
|
646
|
|
$
|
913
|
|
Principal balance outstanding
(4)
|
$
|
797,315
|
|
$
|
1,198,766
|
|
|
$
|
45,819
|
|
$
|
61,207
|
|
|
$
|
53,822
|
|
$
|
73,949
|
|
|
$
|
71,990
|
|
$
|
101,622
|
|
|
$
|
56,733
|
|
$
|
76,645
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Consolidated VIEs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Maximum loss exposure
(1)
|
$
|
46,959
|
|
$
|
50,648
|
|
|
$
|
104
|
|
$
|
450
|
|
|
$
|
390
|
|
$
|
419
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
On-balance sheet assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans and leases
|
$
|
45,991
|
|
$
|
50,159
|
|
|
$
|
283
|
|
$
|
1,298
|
|
|
$
|
722
|
|
$
|
892
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
Allowance for loan and lease losses
|
(4
|
)
|
(6
|
)
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||||
Loans held-for-sale
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
914
|
|
622
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||||
All other assets
|
972
|
|
495
|
|
|
10
|
|
63
|
|
|
91
|
|
59
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||||
Total assets
|
$
|
46,959
|
|
$
|
50,648
|
|
|
$
|
293
|
|
$
|
1,361
|
|
|
$
|
1,727
|
|
$
|
1,573
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
On-balance sheet liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other short-term borrowings
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
741
|
|
$
|
650
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
Long-term debt
|
—
|
|
—
|
|
|
212
|
|
1,360
|
|
|
941
|
|
911
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||||
All other liabilities
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
57
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||||
Total liabilities
|
$
|
—
|
|
$
|
—
|
|
|
$
|
212
|
|
$
|
1,360
|
|
|
$
|
1,682
|
|
$
|
1,618
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
(1)
|
Maximum loss exposure excludes the liability for representations and warranties obligations and corporate guarantees and also excludes servicing advances and MSRs. For more information, see
Note 8 – Representations and Warranties Obligations and Corporate Guarantees
and
Note 24 – Mortgage Servicing Rights
.
|
(2)
|
As a holder of these securities, the Corporation receives scheduled principal and interest payments. During
2012
and
2011
, there were no OTTI losses recorded on those securities classified as AFS debt securities.
|
(3)
|
Not included in the table above are all other assets of
$12.1 billion
and
$11.0 billion
, representing the unpaid principal balance of mortgage loans eligible for repurchase from unconsolidated residential mortgage securitization vehicles, principally guaranteed by GNMA, and all other liabilities of
$12.1 billion
and
$11.0 billion
, representing the principal amount that would be payable to the securitization vehicles if the Corporation were to exercise the repurchase option, at
December 31, 2012
and
2011
.
|
(4)
|
Principal balance outstanding includes loans the Corporation transferred with which the Corporation has continuing involvement, which may include servicing the loans.
|
|
|
Bank of America 2012
205
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home Equity Loan VIEs
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
December 31
|
||||||||||||||||||||||
|
2012
|
|
2011
|
||||||||||||||||||||
(Dollars in millions)
|
Consolidated
VIEs
|
|
Unconsolidated
VIEs
|
|
Total
|
|
Consolidated
VIEs
|
|
Unconsolidated
VIEs
|
|
Total
|
||||||||||||
Maximum loss exposure
(1)
|
$
|
2,004
|
|
|
$
|
6,707
|
|
|
$
|
8,711
|
|
|
$
|
2,672
|
|
|
$
|
7,563
|
|
|
$
|
10,235
|
|
On-balance sheet assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Trading account assets
|
$
|
—
|
|
|
$
|
8
|
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
5
|
|
Available-for-sale debt securities
|
—
|
|
|
14
|
|
|
14
|
|
|
—
|
|
|
13
|
|
|
13
|
|
||||||
Loans and leases
|
2,197
|
|
|
—
|
|
|
2,197
|
|
|
2,975
|
|
|
—
|
|
|
2,975
|
|
||||||
Allowance for loan and lease losses
|
(193
|
)
|
|
—
|
|
|
(193
|
)
|
|
(303
|
)
|
|
—
|
|
|
(303
|
)
|
||||||
Total
|
$
|
2,004
|
|
|
$
|
22
|
|
|
$
|
2,026
|
|
|
$
|
2,672
|
|
|
$
|
18
|
|
|
$
|
2,690
|
|
On-balance sheet liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Long-term debt
|
$
|
2,331
|
|
|
$
|
—
|
|
|
$
|
2,331
|
|
|
$
|
3,081
|
|
|
$
|
—
|
|
|
$
|
3,081
|
|
All other liabilities
|
92
|
|
|
—
|
|
|
92
|
|
|
66
|
|
|
—
|
|
|
66
|
|
||||||
Total
|
$
|
2,423
|
|
|
$
|
—
|
|
|
$
|
2,423
|
|
|
$
|
3,147
|
|
|
$
|
—
|
|
|
$
|
3,147
|
|
Principal balance outstanding
|
$
|
2,197
|
|
|
$
|
12,644
|
|
|
$
|
14,841
|
|
|
$
|
2,975
|
|
|
$
|
14,422
|
|
|
$
|
17,397
|
|
(1)
|
For unconsolidated VIEs, the maximum loss exposure includes outstanding trust certificates issued by trusts in rapid amortization, net of recorded reserves, and excludes the liability for representations and warranties obligations and corporate guarantees.
|
206
Bank of America 2012
|
|
|
|
|
|
|
||||
Credit Card VIEs
|
|||||||
|
|
||||||
|
December 31
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
||||
Consolidated VIEs
|
|
|
|
||||
Maximum loss exposure
|
$
|
42,487
|
|
|
$
|
38,282
|
|
On-balance sheet assets
|
|
|
|
|
|
||
Derivative assets
|
$
|
323
|
|
|
$
|
788
|
|
Loans and leases
(1)
|
66,427
|
|
|
74,793
|
|
||
Allowance for loan and lease losses
|
(3,445
|
)
|
|
(4,742
|
)
|
||
All other assets
(2)
|
1,567
|
|
|
723
|
|
||
Total
|
$
|
64,872
|
|
|
$
|
71,562
|
|
On-balance sheet liabilities
|
|
|
|
|
|
||
Long-term debt
|
$
|
22,291
|
|
|
$
|
33,076
|
|
All other liabilities
|
94
|
|
|
204
|
|
||
Total
|
$
|
22,385
|
|
|
$
|
33,280
|
|
(1)
|
At
December 31, 2012
and
2011
, loans and leases included
$33.5 billion
and
$28.7 billion
of seller’s interest and
$124 million
and
$1.0 billion
of discount receivables.
|
(2)
|
At
December 31, 2012
and
2011
, all other assets included restricted cash and short-term investment accounts and unbilled accrued interest and fees.
|
|
|
Bank of America 2012
207
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other Asset-backed VIEs
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Resecuritization Trusts
|
|
Municipal Bond Trusts
|
|
Automobile and Other
Securitization Trusts
|
||||||||||||||||||
|
December 31
|
|
December 31
|
|
December 31
|
||||||||||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||
Unconsolidated VIEs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Maximum loss exposure
|
$
|
20,715
|
|
|
$
|
31,140
|
|
|
$
|
3,341
|
|
|
$
|
3,752
|
|
|
$
|
122
|
|
|
$
|
93
|
|
On-balance sheet assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Senior securities held
(1, 2)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Trading account assets
|
$
|
1,281
|
|
|
$
|
2,595
|
|
|
$
|
12
|
|
|
$
|
228
|
|
|
$
|
37
|
|
|
$
|
—
|
|
Available-for-sale debt securities
|
19,343
|
|
|
27,616
|
|
|
540
|
|
|
—
|
|
|
74
|
|
|
81
|
|
||||||
Subordinate securities held
(1, 2)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Available-for-sale debt securities
|
75
|
|
|
544
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Residual interests held
(3)
|
16
|
|
|
385
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
All other assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
12
|
|
||||||
Total retained positions
|
$
|
20,715
|
|
|
$
|
31,140
|
|
|
$
|
552
|
|
|
$
|
228
|
|
|
$
|
122
|
|
|
$
|
93
|
|
Total assets of VIEs
(4)
|
$
|
42,818
|
|
|
$
|
60,459
|
|
|
$
|
4,980
|
|
|
$
|
5,964
|
|
|
$
|
1,890
|
|
|
$
|
668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consolidated VIEs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Maximum loss exposure
|
$
|
126
|
|
|
$
|
—
|
|
|
$
|
2,505
|
|
|
$
|
3,901
|
|
|
$
|
1,255
|
|
|
$
|
1,087
|
|
On-balance sheet assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Trading account assets
|
$
|
220
|
|
|
$
|
—
|
|
|
$
|
2,505
|
|
|
$
|
3,901
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Loans and leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,523
|
|
|
4,923
|
|
||||||
Allowance for loan and lease losses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(7
|
)
|
||||||
All other assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
250
|
|
|
168
|
|
||||||
Total assets
|
$
|
220
|
|
|
$
|
—
|
|
|
$
|
2,505
|
|
|
$
|
3,901
|
|
|
$
|
2,771
|
|
|
$
|
5,084
|
|
On-balance sheet liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Other short-term borrowings
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,859
|
|
|
$
|
5,127
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Long-term debt
|
94
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,513
|
|
|
3,992
|
|
||||||
All other liabilities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
82
|
|
|
90
|
|
||||||
Total liabilities
|
$
|
94
|
|
|
$
|
—
|
|
|
$
|
2,859
|
|
|
$
|
5,127
|
|
|
$
|
1,595
|
|
|
$
|
4,082
|
|
(1)
|
As a holder of these securities, the Corporation receives scheduled principal and interest payments. During
2012
and
2011
, there were no OTTI losses recorded on those securities classified as AFS debt securities.
|
(2)
|
The retained senior and subordinate securities were valued using quoted market prices or observable market inputs (Level 2 of the fair value hierarchy).
|
(3)
|
The retained residual interests are carried at fair value which was derived using model valuations (Level 2 of the fair value hierarchy).
|
(4)
|
Total assets include loans the Corporation transferred with which the Corporation has continuing involvement, which may include servicing the loan.
|
208
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
CDO Vehicle VIEs
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
December 31
|
||||||||||||||||||||||
|
2012
|
|
2011
|
||||||||||||||||||||
(Dollars in millions)
|
Consolidated
|
|
Unconsolidated
|
|
Total
|
|
Consolidated
|
|
Unconsolidated
|
|
Total
|
||||||||||||
Maximum loss exposure
|
$
|
2,201
|
|
|
$
|
1,376
|
|
|
$
|
3,577
|
|
|
$
|
1,695
|
|
|
$
|
2,272
|
|
|
$
|
3,967
|
|
On-balance sheet assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Trading account assets
|
$
|
2,191
|
|
|
$
|
258
|
|
|
$
|
2,449
|
|
|
$
|
1,392
|
|
|
$
|
461
|
|
|
$
|
1,853
|
|
Derivative assets
|
10
|
|
|
301
|
|
|
311
|
|
|
452
|
|
|
678
|
|
|
1,130
|
|
||||||
All other assets
|
—
|
|
|
76
|
|
|
76
|
|
|
—
|
|
|
96
|
|
|
96
|
|
||||||
Total
|
$
|
2,201
|
|
|
$
|
635
|
|
|
$
|
2,836
|
|
|
$
|
1,844
|
|
|
$
|
1,235
|
|
|
$
|
3,079
|
|
On-balance sheet liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Derivative liabilities
|
$
|
—
|
|
|
$
|
9
|
|
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
11
|
|
|
$
|
11
|
|
Long-term debt
|
2,806
|
|
|
2
|
|
|
2,808
|
|
|
2,712
|
|
|
2
|
|
|
2,714
|
|
||||||
Total
|
$
|
2,806
|
|
|
$
|
11
|
|
|
$
|
2,817
|
|
|
$
|
2,712
|
|
|
$
|
13
|
|
|
$
|
2,725
|
|
Total assets of VIEs
|
$
|
2,201
|
|
|
$
|
26,985
|
|
|
$
|
29,186
|
|
|
$
|
1,844
|
|
|
$
|
32,903
|
|
|
$
|
34,747
|
|
|
|
Bank of America 2012
209
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Customer Vehicle VIEs
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
December 31
|
||||||||||||||||||||||
|
2012
|
|
2011
|
||||||||||||||||||||
(Dollars in millions)
|
Consolidated
|
|
Unconsolidated
|
|
Total
|
|
Consolidated
|
|
Unconsolidated
|
|
Total
|
||||||||||||
Maximum loss exposure
|
$
|
2,994
|
|
|
$
|
1,401
|
|
|
$
|
4,395
|
|
|
$
|
3,264
|
|
|
$
|
2,116
|
|
|
$
|
5,380
|
|
On-balance sheet assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Trading account assets
|
$
|
2,882
|
|
|
$
|
98
|
|
|
$
|
2,980
|
|
|
$
|
3,302
|
|
|
$
|
211
|
|
|
$
|
3,513
|
|
Derivative assets
|
—
|
|
|
516
|
|
|
516
|
|
|
—
|
|
|
905
|
|
|
905
|
|
||||||
Loans and leases
|
523
|
|
|
—
|
|
|
523
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Loans held-for-sale
|
950
|
|
|
—
|
|
|
950
|
|
|
907
|
|
|
—
|
|
|
907
|
|
||||||
All other assets
|
763
|
|
|
—
|
|
|
763
|
|
|
1,452
|
|
|
—
|
|
|
1,452
|
|
||||||
Total
|
$
|
5,118
|
|
|
$
|
614
|
|
|
$
|
5,732
|
|
|
$
|
5,661
|
|
|
$
|
1,116
|
|
|
$
|
6,777
|
|
On-balance sheet liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Derivative liabilities
|
$
|
26
|
|
|
$
|
7
|
|
|
$
|
33
|
|
|
$
|
4
|
|
|
$
|
42
|
|
|
$
|
46
|
|
Other short-term borrowings
|
131
|
|
|
—
|
|
|
131
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Long-term debt
|
3,179
|
|
|
—
|
|
|
3,179
|
|
|
3,912
|
|
|
—
|
|
|
3,912
|
|
||||||
All other liabilities
|
3
|
|
|
382
|
|
|
385
|
|
|
1
|
|
|
448
|
|
|
449
|
|
||||||
Total
|
$
|
3,339
|
|
|
$
|
389
|
|
|
$
|
3,728
|
|
|
$
|
3,917
|
|
|
$
|
490
|
|
|
$
|
4,407
|
|
Total assets of VIEs
|
$
|
5,118
|
|
|
$
|
4,055
|
|
|
$
|
9,173
|
|
|
$
|
5,661
|
|
|
$
|
5,302
|
|
|
$
|
10,963
|
|
210
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other VIEs
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
December 31
|
||||||||||||||||||||||
|
2012
|
|
2011
|
||||||||||||||||||||
(Dollars in millions)
|
Consolidated
|
|
Unconsolidated
|
|
Total
|
|
Consolidated
|
|
Unconsolidated
|
|
Total
|
||||||||||||
Maximum loss exposure
|
$
|
5,608
|
|
|
$
|
6,492
|
|
|
$
|
12,100
|
|
|
$
|
7,429
|
|
|
$
|
7,286
|
|
|
$
|
14,715
|
|
On-balance sheet assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Trading account assets
|
$
|
108
|
|
|
$
|
—
|
|
|
$
|
108
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Derivative assets
|
—
|
|
|
460
|
|
|
460
|
|
|
394
|
|
|
440
|
|
|
834
|
|
||||||
Available-for-sale debt securities
|
—
|
|
|
39
|
|
|
39
|
|
|
—
|
|
|
62
|
|
|
62
|
|
||||||
Loans and leases
|
4,561
|
|
|
67
|
|
|
4,628
|
|
|
5,154
|
|
|
357
|
|
|
5,511
|
|
||||||
Allowance for loan and lease losses
|
(14
|
)
|
|
—
|
|
|
(14
|
)
|
|
(8
|
)
|
|
(1
|
)
|
|
(9
|
)
|
||||||
Loans held-for-sale
|
105
|
|
|
157
|
|
|
262
|
|
|
106
|
|
|
598
|
|
|
704
|
|
||||||
All other assets
|
1,001
|
|
|
5,768
|
|
|
6,769
|
|
|
1,809
|
|
|
5,823
|
|
|
7,632
|
|
||||||
Total
|
$
|
5,761
|
|
|
$
|
6,491
|
|
|
$
|
12,252
|
|
|
$
|
7,455
|
|
|
$
|
7,279
|
|
|
$
|
14,734
|
|
On-balance sheet liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Derivative liabilities
|
$
|
—
|
|
|
$
|
9
|
|
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Long-term debt
|
889
|
|
|
—
|
|
|
889
|
|
|
10
|
|
|
—
|
|
|
10
|
|
||||||
All other liabilities
|
63
|
|
|
1,683
|
|
|
1,746
|
|
|
694
|
|
|
1,705
|
|
|
2,399
|
|
||||||
Total
|
$
|
952
|
|
|
$
|
1,692
|
|
|
$
|
2,644
|
|
|
$
|
704
|
|
|
$
|
1,705
|
|
|
$
|
2,409
|
|
Total assets of VIEs
|
$
|
5,761
|
|
|
$
|
8,660
|
|
|
$
|
14,421
|
|
|
$
|
7,455
|
|
|
$
|
11,055
|
|
|
$
|
18,510
|
|
|
|
Bank of America 2012
211
|
212
Bank of America 2012
|
|
|
|
|
Bank of America 2012
213
|
|
|
|
|
||||
Unresolved Repurchase Claims by Counterparty and Product Type
|
|||||||
|
|
|
|
||||
|
December 31
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
||||
By counterparty
(1, 2)
|
|
|
|
|
|
||
GSEs
(3)
|
$
|
13,530
|
|
|
$
|
6,221
|
|
Monolines
|
2,449
|
|
|
3,082
|
|
||
Whole-loan investors, private-label securitization trustees, third-party securitization sponsors and other
|
12,299
|
|
|
3,304
|
|
||
Total unresolved repurchase claims by counterparty
(3)
|
$
|
28,278
|
|
|
$
|
12,607
|
|
By product type
(1, 2)
|
|
|
|
|
|
||
Prime loans
|
$
|
8,793
|
|
|
$
|
3,925
|
|
Alt-A
|
5,428
|
|
|
2,286
|
|
||
Home equity
|
2,394
|
|
|
2,872
|
|
||
Pay option
|
5,884
|
|
|
1,993
|
|
||
Subprime
|
3,687
|
|
|
891
|
|
||
Other
|
2,092
|
|
|
640
|
|
||
Total unresolved repurchase claims by product type
(3)
|
$
|
28,278
|
|
|
$
|
12,607
|
|
(1)
|
Excludes certain MI rescission notices. However, at
December 31, 2012 and 2011
, included
$2.3 billion
and
$1.2 billion
of repurchase requests received from the GSEs that have resulted solely from MI rescission notices. For additional information, see
Mortgage Insurance Rescission Notices
in this Note.
|
(2)
|
At
December 31, 2012 and 2011
, unresolved repurchase claims did not include repurchase demands of
$1.6 billion
and
$1.7 billion
where the Corporation believes the claimants have not satisfied the contractual thresholds as noted on page
215
.
|
(3)
|
As a result of the FNMA Settlement,
$12.2 billion
of these claims were resolved in January 2013.
|
214
Bank of America 2012
|
|
|
|
|
Bank of America 2012
215
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loan Repurchases and Indemnification Payments
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
December 31
|
||||||||||||||||||||||
|
2012
|
|
2011
|
||||||||||||||||||||
(Dollars in millions)
|
Unpaid
Principal Balance |
|
Cash Paid
for
Repurchases |
|
Loss
|
|
Unpaid
Principal Balance |
|
Cash Paid
for
Repurchases |
|
Loss
|
||||||||||||
First-lien
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Repurchases
|
$
|
1,184
|
|
|
$
|
1,273
|
|
|
$
|
389
|
|
|
$
|
2,713
|
|
|
$
|
3,067
|
|
|
$
|
1,346
|
|
Indemnification payments
|
831
|
|
|
425
|
|
|
425
|
|
|
3,329
|
|
|
2,026
|
|
|
2,026
|
|
||||||
Total first-lien
|
2,015
|
|
|
1,698
|
|
|
814
|
|
|
6,042
|
|
|
5,093
|
|
|
3,372
|
|
||||||
Home equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Repurchases
|
24
|
|
|
24
|
|
|
—
|
|
|
28
|
|
|
28
|
|
|
14
|
|
||||||
Indemnification payments
|
36
|
|
|
33
|
|
|
33
|
|
|
99
|
|
|
99
|
|
|
99
|
|
||||||
Total home equity
|
60
|
|
|
57
|
|
|
33
|
|
|
127
|
|
|
127
|
|
|
113
|
|
||||||
Total first-lien and home equity
|
$
|
2,075
|
|
|
$
|
1,755
|
|
|
$
|
847
|
|
|
$
|
6,169
|
|
|
$
|
5,220
|
|
|
$
|
3,485
|
|
216
Bank of America 2012
|
|
|
|
|
|
|
||||
Representations and Warranties and Corporate Guarantees
|
|||||||
|
|
|
|
||||
(Dollars in millions)
|
2012
|
|
2011
|
||||
Liability for representations and warranties and corporate guarantees, January 1
|
$
|
15,858
|
|
|
$
|
5,438
|
|
Additions for new sales
|
28
|
|
|
20
|
|
||
Charge-offs
|
(804
|
)
|
|
(5,191
|
)
|
||
Provision
|
3,939
|
|
|
15,591
|
|
||
Liability for representations and warranties and corporate guarantees, December 31
|
$
|
19,021
|
|
|
$
|
15,858
|
|
|
|
Bank of America 2012
217
|
218
Bank of America 2012
|
|
|
|
|
Bank of America 2012
219
|
|
|
|
|
||||
Goodwill
|
|
|
|
||||
|
|
|
|
||||
|
December 31
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
||||
Consumer & Business Banking
|
$
|
29,986
|
|
|
$
|
29,986
|
|
Global Banking
|
24,802
|
|
|
24,802
|
|
||
Global Markets
|
4,451
|
|
|
4,442
|
|
||
Global Wealth & Investment Management
|
9,698
|
|
|
9,718
|
|
||
All Other
|
1,039
|
|
|
1,019
|
|
||
Total goodwill
|
$
|
69,976
|
|
|
$
|
69,967
|
|
|
|
|
|
|
|
|
|
||||||||
Intangible Assets
(1)
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
December 31
|
||||||||||||||
|
2012
|
|
2011
|
||||||||||||
(Dollars in millions)
|
Gross
Carrying Value
|
|
Accumulated
Amortization
|
|
Gross
Carrying Value
|
|
Accumulated
Amortization
|
||||||||
Purchased credit card relationships
|
$
|
6,184
|
|
|
$
|
4,494
|
|
|
$
|
6,948
|
|
|
$
|
4,775
|
|
Core deposit intangibles
|
3,592
|
|
|
2,858
|
|
|
3,903
|
|
|
2,915
|
|
||||
Customer relationships
|
4,025
|
|
|
1,884
|
|
|
4,081
|
|
|
1,532
|
|
||||
Affinity relationships
|
1,572
|
|
|
1,087
|
|
|
1,569
|
|
|
966
|
|
||||
Other intangibles
|
2,139
|
|
|
505
|
|
|
2,476
|
|
|
768
|
|
||||
Total intangible assets
|
$
|
17,512
|
|
|
$
|
10,828
|
|
|
$
|
18,977
|
|
|
$
|
10,956
|
|
(1)
|
Excludes fully amortized intangible assets.
|
220
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
||||||||
Time Deposits of $100 Thousand or More
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
(Dollars in millions)
|
Three Months
or Less
|
|
Over Three
Months to
Twelve Months
|
|
Thereafter
|
|
Total
|
||||||||
U.S. certificates of deposit and other time deposits
|
$
|
16,140
|
|
|
$
|
19,349
|
|
|
$
|
6,434
|
|
|
$
|
41,923
|
|
Non-U.S. certificates of deposit and other time deposits
|
27,995
|
|
|
927
|
|
|
200
|
|
|
29,122
|
|
|
|
|
|
|
|
||||||
Contractual Maturities of Total Time Deposits
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
(Dollars in millions)
|
U.S.
|
|
Non-U.S.
|
|
Total
|
||||||
Due in 2013
|
$
|
80,720
|
|
|
$
|
29,437
|
|
|
$
|
110,157
|
|
Due in 2014
|
8,356
|
|
|
865
|
|
|
9,221
|
|
|||
Due in 2015
|
2,319
|
|
|
58
|
|
|
2,377
|
|
|||
Due in 2016
|
1,407
|
|
|
28
|
|
|
1,435
|
|
|||
Due in 2017
|
1,116
|
|
|
3
|
|
|
1,119
|
|
|||
Thereafter
|
2,671
|
|
|
—
|
|
|
2,671
|
|
|||
Total time deposits
|
$
|
96,589
|
|
|
$
|
30,391
|
|
|
$
|
126,980
|
|
|
|
Bank of America 2012
221
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
2012
|
|
2011
|
|
2010
|
|||||||||||||||
(Dollars in millions)
|
Amount
|
|
Rate
|
|
Amount
|
|
Rate
|
|
Amount
|
|
Rate
|
|||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
At December 31
|
$
|
219,924
|
|
|
0.92
|
%
|
|
$
|
211,183
|
|
|
0.76
|
%
|
|
$
|
209,616
|
|
|
0.85
|
%
|
Average during year
|
236,042
|
|
|
0.64
|
|
|
245,069
|
|
|
0.88
|
|
|
256,943
|
|
|
0.71
|
|
|||
Maximum month-end balance during year
|
253,535
|
|
|
n/a
|
|
270,473
|
|
|
n/a
|
|
314,932
|
|
|
n/a
|
||||||
Federal funds purchased
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
At December 31
|
1,151
|
|
|
0.17
|
|
|
243
|
|
|
0.06
|
|
|
1,458
|
|
|
0.14
|
|
|||
Average during year
|
384
|
|
|
0.11
|
|
|
1,658
|
|
|
0.08
|
|
|
4,718
|
|
|
0.15
|
|
|||
Maximum month-end balance during year
|
1,211
|
|
|
n/a
|
|
4,133
|
|
|
n/a
|
|
8,320
|
|
|
n/a
|
||||||
Securities loaned or sold under agreements to repurchase
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
At December 31
|
292,108
|
|
|
1.11
|
|
|
214,621
|
|
|
1.08
|
|
|
243,901
|
|
|
1.15
|
|
|||
Average during year
|
281,515
|
|
|
0.98
|
|
|
270,718
|
|
|
1.31
|
|
|
348,936
|
|
|
0.74
|
|
|||
Maximum month-end balance during year
|
319,401
|
|
|
n/a
|
|
293,519
|
|
|
n/a
|
|
458,532
|
|
|
n/a
|
||||||
Commercial paper
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
At December 31
|
100
|
|
|
0.19
|
|
|
23
|
|
|
1.70
|
|
|
15,093
|
|
|
0.65
|
|
|||
Average during year
|
49
|
|
|
0.30
|
|
|
8,897
|
|
|
0.53
|
|
|
25,923
|
|
|
0.56
|
|
|||
Maximum month-end balance during year
|
172
|
|
|
n/a
|
|
21,212
|
|
|
n/a
|
|
36,236
|
|
|
n/a
|
||||||
Other short-term borrowings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
At December 31
|
30,631
|
|
|
3.14
|
|
|
35,675
|
|
|
2.35
|
|
|
44,869
|
|
|
2.02
|
|
|||
Average during year
|
36,452
|
|
|
2.23
|
|
|
42,996
|
|
|
2.31
|
|
|
50,752
|
|
|
1.88
|
|
|||
Maximum month-end balance during year
|
40,129
|
|
|
n/a
|
|
47,087
|
|
|
n/a
|
|
63,081
|
|
|
n/a
|
222
Bank of America 2012
|
|
|
|
|
|
|
||||
|
December 31
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
||||
Notes issued by Bank of America Corporation
|
|
|
|
|
|
||
Senior notes:
|
|
|
|
|
|
||
Fixed, with a weighted-average rate of 5.26%, ranging from 1.50% to 7.63%, due 2013 to 2043
|
$
|
79,575
|
|
|
$
|
95,199
|
|
Floating, with a weighted-average rate of 1.15%, ranging from 0.16% to 5.21%, due 2013 to 2041
|
13,439
|
|
|
28,064
|
|
||
Senior structured notes
|
21,936
|
|
|
18,920
|
|
||
Subordinated notes:
|
|
|
|
|
|
||
Fixed, with a weighted-average rate of 5.39%, ranging from 2.40% to 10.20%, due 2013 to 2038
|
14,787
|
|
|
24,509
|
|
||
Floating, with a weighted-average rate of 1.38%, ranging from 0.11% to 3.66%, due 2016 to 2019
|
449
|
|
|
704
|
|
||
Junior subordinated notes (related to trust preferred securities):
|
|
|
|
|
|
||
Fixed, with a weighted-average rate of 6.79%, ranging from 5.25% to 11.45%, due 2027 to 2036
|
3,186
|
|
|
12,859
|
|
||
Floating, with a weighted-average rate of 1.03%, ranging from 0.89% to 3.69%, due 2027 to 2056
|
567
|
|
|
1,165
|
|
||
Total notes issued by Bank of America Corporation
|
133,939
|
|
|
181,420
|
|
||
Notes issued by Merrill Lynch & Co., Inc. and subsidiaries
|
|
|
|
|
|
||
Senior notes:
|
|
|
|
|
|
||
Fixed, with a weighted-average rate of 5.79%, ranging from 1.63% to 15.00%, due 2013 to 2034
|
35,064
|
|
|
41,103
|
|
||
Floating, with a weighted-average rate of 0.67%, ranging from 0.12% to 5.06%, due 2013 to 2044
|
11,964
|
|
|
18,480
|
|
||
Senior structured notes
|
27,288
|
|
|
27,578
|
|
||
Subordinated notes:
|
|
|
|
|
|
||
Fixed, with a weighted-average rate of 5.98%, ranging from 2.61% to 8.13%, due 2016 to 2038
|
9,331
|
|
|
11,454
|
|
||
Floating, with a weighted-average rate of 0.89%, ranging from 0.73% to 2.88%, due 2017 to 2026
|
1,318
|
|
|
1,207
|
|
||
Junior subordinated notes (related to trust preferred securities):
|
|
|
|
|
|
||
Fixed, with a weighted-average rate of 6.91%, ranging from 6.45% to 7.38%, due 2017 to 2067
|
3,809
|
|
|
3,600
|
|
||
Other long-term debt
|
992
|
|
|
701
|
|
||
Total notes issued by Merrill Lynch & Co., Inc. and subsidiaries
|
89,766
|
|
|
104,123
|
|
||
Notes issued by Bank of America, N.A. and other subsidiaries
|
|
|
|
|
|
||
Senior notes:
|
|
|
|
|
|
||
Fixed, with a weighted-average rate of 7.00%, due 2014
|
178
|
|
|
164
|
|
||
Floating, with a weighted-average rate of 0.53%, ranging from 0.39% to 0.75%, due 2026 to 2051
|
2,686
|
|
|
8,029
|
|
||
Subordinated notes:
|
|
|
|
|
|
||
Fixed, with a weighted-average rate of 5.68%, ranging from 5.30% to 6.10%, due 2016 to 2036
|
5,230
|
|
|
5,273
|
|
||
Floating, with a weighted-average rate of 0.60%, ranging from 0.36% to 0.61%, due 2016 to 2019
|
1,401
|
|
|
1,401
|
|
||
Total notes issued by Bank of America, N.A. and other subsidiaries
|
9,495
|
|
|
14,867
|
|
||
Other debt
|
|
|
|
|
|
||
Senior structured notes
|
864
|
|
|
1,187
|
|
||
Subordinated notes
|
—
|
|
|
983
|
|
||
Advances from Federal Home Loan Banks:
|
|
|
|
|
|
||
Fixed, with a weighted-average rate of 4.87%, ranging from 0.01% to 7.72%, due 2013 to 2034
|
6,277
|
|
|
18,798
|
|
||
Other
|
988
|
|
|
1,833
|
|
||
Total other debt
|
8,129
|
|
|
22,801
|
|
||
Total long-term debt excluding consolidated VIEs
|
241,329
|
|
|
323,211
|
|
||
Long-term debt of consolidated VIEs
|
34,256
|
|
|
49,054
|
|
||
Total long-term debt
|
$
|
275,585
|
|
|
$
|
372,265
|
|
|
|
Bank of America 2012
223
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Long-term Debt by Maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(Dollars in millions)
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
Thereafter
|
|
Total
|
||||||||||||||
Bank of America Corporation
|
$
|
12,457
|
|
|
$
|
20,888
|
|
|
$
|
16,812
|
|
|
$
|
20,401
|
|
|
$
|
19,575
|
|
|
$
|
43,806
|
|
|
$
|
133,939
|
|
Merrill Lynch & Co., Inc. and subsidiaries
|
24,000
|
|
|
18,207
|
|
|
5,156
|
|
|
3,542
|
|
|
8,886
|
|
|
29,975
|
|
|
89,766
|
|
|||||||
Bank of America, N.A. and other subsidiaries
|
62
|
|
|
1
|
|
|
—
|
|
|
1,095
|
|
|
6,472
|
|
|
1,865
|
|
|
9,495
|
|
|||||||
Other debt
|
4,858
|
|
|
1,547
|
|
|
204
|
|
|
15
|
|
|
17
|
|
|
1,488
|
|
|
8,129
|
|
|||||||
Total long-term debt excluding consolidated VIEs
|
41,377
|
|
|
40,643
|
|
|
22,172
|
|
|
25,053
|
|
|
34,950
|
|
|
77,134
|
|
|
241,329
|
|
|||||||
Long-term debt of consolidated VIEs
|
13,820
|
|
|
8,734
|
|
|
1,460
|
|
|
2,091
|
|
|
1,815
|
|
|
6,336
|
|
|
34,256
|
|
|||||||
Total long-term debt
|
$
|
55,197
|
|
|
$
|
49,377
|
|
|
$
|
23,632
|
|
|
$
|
27,144
|
|
|
$
|
36,765
|
|
|
$
|
83,470
|
|
|
$
|
275,585
|
|
224
Bank of America 2012
|
|
|
|
|
|
|
|
|
||||||
Negotiated Exchanges
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
2012 Aggregate Liquidation Amount Exchanged
|
|
2011 Aggregate Liquidation Amount Exchanged
|
|
Total Aggregate Liquidation Amount Exchanged
|
||||||
|
|||||||||||
(Dollars in millions)
|
|||||||||||
HITS
|
|
|
|
|
|
||||||
Trust XIII
|
$
|
—
|
|
|
$
|
559
|
|
|
$
|
559
|
|
Trust XIV
|
—
|
|
|
358
|
|
|
358
|
|
|||
Trust Securities
|
|
|
|
|
|
||||||
Bank of America Capital Trust I
|
574
|
|
|
1
|
|
|
575
|
|
|||
Bank of America Capital Trust II
|
898
|
|
|
2
|
|
|
900
|
|
|||
Bank of America Capital Trust III
|
499
|
|
|
1
|
|
|
500
|
|
|||
Bank of America Capital Trust IV
|
367
|
|
|
8
|
|
|
375
|
|
|||
Bank of America Capital Trust V
|
514
|
|
|
4
|
|
|
518
|
|
|||
Bank of America Capital Trust VI
|
141
|
|
|
823
|
|
|
964
|
|
|||
Bank of America Capital Trust VII
(1)
|
212
|
|
|
1,114
|
|
|
1,326
|
|
|||
Bank of America Capital Trust VIII
|
2
|
|
|
4
|
|
|
6
|
|
|||
Bank of America Capital Trust X
|
891
|
|
|
9
|
|
|
900
|
|
|||
Bank of America Capital Trust XI
|
144
|
|
|
198
|
|
|
342
|
|
|||
Bank of America Capital Trust XII
|
863
|
|
|
—
|
|
|
863
|
|
|||
Bank of America Capital Trust XV
|
50
|
|
|
446
|
|
|
496
|
|
|||
NationsBank Capital Trust II
|
289
|
|
|
76
|
|
|
365
|
|
|||
NationsBank Capital Trust III
|
98
|
|
|
269
|
|
|
367
|
|
|||
NationsBank Capital Trust IV
|
427
|
|
|
73
|
|
|
500
|
|
|||
BankAmerica Capital II
|
450
|
|
|
—
|
|
|
450
|
|
|||
BankAmerica Capital III
|
68
|
|
|
226
|
|
|
294
|
|
|||
BankAmerica Institutional Capital A
|
450
|
|
|
—
|
|
|
450
|
|
|||
BankAmerica Institutional Capital B
|
300
|
|
|
—
|
|
|
300
|
|
|||
Barnett Capital III
|
186
|
|
|
—
|
|
|
186
|
|
|||
Fleet Capital Trust II
|
203
|
|
|
47
|
|
|
250
|
|
|||
Fleet Capital Trust V
|
29
|
|
|
142
|
|
|
171
|
|
|||
Fleet Capital Trust VIII
|
534
|
|
|
—
|
|
|
534
|
|
|||
Fleet Capital Trust IX
|
175
|
|
|
—
|
|
|
175
|
|
|||
BankBoston Capital Trust III
|
59
|
|
|
136
|
|
|
195
|
|
|||
BankBoston Capital Trust IV
|
52
|
|
|
96
|
|
|
148
|
|
|||
Progress Capital Trust I
|
9
|
|
|
—
|
|
|
9
|
|
|||
Progress Capital Trust III
|
10
|
|
|
—
|
|
|
10
|
|
|||
MBNA Capital Trust A
|
250
|
|
|
—
|
|
|
250
|
|
|||
MBNA Capital Trust B
|
45
|
|
|
165
|
|
|
210
|
|
|||
MBNA Capital Trust D
|
300
|
|
|
—
|
|
|
300
|
|
|||
MBNA Capital Trust E
|
200
|
|
|
—
|
|
|
200
|
|
|||
LaSalle Series I
|
455
|
|
|
—
|
|
|
455
|
|
|||
LaSalle Series J
|
67
|
|
|
—
|
|
|
67
|
|
|||
Total exchanged
|
$
|
9,811
|
|
|
$
|
4,757
|
|
|
$
|
14,568
|
|
(1)
|
Notes were denominated in British Pound. Presentation currency is U.S. Dollar.
|
|
|
Bank of America 2012
225
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Trust Securities Summary
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Issuer
|
Issuance Date
|
|
Aggregate
Principal Amount
of Trust
Securities
|
|
Aggregate
Principal Amount
of the
Notes
|
Stated Maturity
of the Trust Securities
|
Per Annum Interest
Rate of the Notes
|
|
Interest Payment
Dates
|
|
Redemption Period
|
|||||
Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Capital Trust VI
|
March 2005
|
|
$
|
36
|
|
|
$
|
37
|
|
March 2035
|
5.63
|
%
|
|
3/8,9/8
|
|
Any time
|
Capital Trust VII
(1)
|
August 2005
|
|
9
|
|
|
9
|
|
August 2035
|
5.25
|
|
|
2/10,8/10
|
|
Any time
|
||
Capital Trust VIII
|
August 2005
|
|
524
|
|
|
540
|
|
August 2035
|
6.00
|
|
|
2/25,5/25,8/25,11/25
|
|
On or after 8/25/10
|
||
Capital Trust XI
|
May 2006
|
|
658
|
|
|
678
|
|
May 2036
|
6.63
|
|
|
5/23,11/23
|
|
Any time
|
||
Capital Trust XV
|
May 2007
|
|
4
|
|
|
4
|
|
June 2056
|
3-mo. LIBOR +80 bps
|
|
|
3/1,6/1,9/1,12/1
|
|
On or after 6/01/37
|
||
NationsBank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Capital Trust III
|
February 1997
|
|
133
|
|
|
137
|
|
January 2027
|
3-mo. LIBOR +55 bps
|
|
|
1/15,4/15,7/15,10/15
|
|
On or after 1/15/07
|
||
BankAmerica
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Capital III
|
January 1997
|
|
106
|
|
|
109
|
|
January 2027
|
3-mo. LIBOR +57 bps
|
|
|
1/15,4/15,7/15,10/15
|
|
On or after 1/15/02
|
||
Barnett
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Capital III
|
January 1997
|
|
64
|
|
|
66
|
|
February 2027
|
3-mo. LIBOR +62.5 bps
|
|
|
2/1,5/1,8/1,11/1
|
|
On or after 2/01/07
|
||
Fleet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Capital Trust V
|
December 1998
|
|
79
|
|
|
82
|
|
December 2028
|
3-mo. LIBOR +100 bps
|
|
|
3/18,6/18,9/18,12/18
|
|
On or after 12/18/03
|
||
BankBoston
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Capital Trust III
|
June 1997
|
|
55
|
|
|
57
|
|
June 2027
|
3-mo. LIBOR +75 bps
|
|
|
3/15,6/15,9/15,12/15
|
|
On or after 6/15/07
|
||
Capital Trust IV
|
June 1998
|
|
102
|
|
|
106
|
|
June 2028
|
3-mo. LIBOR +60 bps
|
|
|
3/8,6/8,9/8,12/8
|
|
On or after 6/08/03
|
||
Progress
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Capital Trust II
|
July 2000
|
|
6
|
|
|
6
|
|
July 2030
|
11.45
|
|
|
1/19,7/19
|
|
On or after 7/19/10
|
||
Capital Trust IV
|
December 2002
|
|
5
|
|
|
5
|
|
January 2033
|
3-mo. LIBOR +335 bps
|
|
|
1/7,4/7,7/7,10/7
|
|
On or after 1/07/08
|
||
MBNA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Capital Trust B
|
January 1997
|
|
70
|
|
|
73
|
|
February 2027
|
3-mo. LIBOR +80 bps
|
|
|
2/1,5/1,8/1,11/1
|
|
On or after 2/01/07
|
||
ABN AMRO North America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Series I
|
May 2001
|
|
77
|
|
|
77
|
|
Perpetual
|
3-mo. LIBOR +275 bps
|
|
|
2/15,5/15,8/15,11/15
|
|
On or after 11/08/12
|
||
Series II
|
May 2001
|
|
77
|
|
|
77
|
|
Perpetual
|
3-mo. LIBOR +275 bps
|
|
|
3/15,6/15,9/15,12/15
|
|
On or after 11/08/12
|
||
Series III
|
May 2001
|
|
77
|
|
|
77
|
|
Perpetual
|
3-mo. LIBOR +275 bps
|
|
|
1/15,4/15,7/15,10/15
|
|
On or after 11/08/12
|
||
Series IV
|
May 2001
|
|
77
|
|
|
77
|
|
Perpetual
|
3-mo. LIBOR +275 bps
|
|
|
2/28,5/30,8/30,11/30
|
|
On or after 11/08/12
|
||
Series V
|
May 2001
|
|
77
|
|
|
77
|
|
Perpetual
|
3-mo. LIBOR +275 bps
|
|
|
3/30,6/30,9/30,12/30
|
|
On or after 11/08/12
|
||
Series VI
|
May 2001
|
|
77
|
|
|
77
|
|
Perpetual
|
3-mo. LIBOR +275 bps
|
|
|
1/30,4/30,7/30,10/30
|
|
On or after 11/08/12
|
||
Series VII
|
May 2001
|
|
88
|
|
|
88
|
|
Perpetual
|
3-mo. LIBOR +275 bps
|
|
|
3/15,6/15,9/15,12/15
|
|
On or after 11/08/12
|
||
Series IX
|
June 2001
|
|
70
|
|
|
70
|
|
Perpetual
|
3-mo. LIBOR +275 bps
|
|
|
3/5,6/5,9/5,12/5
|
|
On or after 11/08/12
|
||
Series X
|
June 2001
|
|
53
|
|
|
53
|
|
Perpetual
|
3-mo. LIBOR +275 bps
|
|
|
3/12,6/12,9/12,12/12
|
|
On or after 11/08/12
|
||
Series XI
|
June 2001
|
|
27
|
|
|
27
|
|
Perpetual
|
3-mo. LIBOR +275 bps
|
|
|
3/26,6/26,9/26,12/26
|
|
On or after 11/08/12
|
||
Series XII
|
June 2001
|
|
80
|
|
|
80
|
|
Perpetual
|
3-mo. LIBOR +275 bps
|
|
|
1/10,4/10,7/10,10/10
|
|
On or after 11/08/12
|
||
Series XIII
|
June 2001
|
|
70
|
|
|
70
|
|
Perpetual
|
3-mo. LIBOR +275 bps
|
|
|
1/24,4/24,7/24,10/24
|
|
On or after 11/08/12
|
||
LaSalle
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Series I
|
August 2000
|
|
36
|
|
|
36
|
|
Perpetual
|
3-mo. LIBOR +105.5 bps
|
|
|
3/15,6/15,9/15,12/15
|
|
On or after 9/15/10
|
||
Series J
|
September 2000
|
|
27
|
|
|
27
|
|
Perpetual
|
3-mo. LIBOR +105.5 bps
|
|
|
3/15,6/15,9/15,12/15
|
|
On or after 9/15/10
|
||
Countrywide
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Capital III
|
June 1997
|
|
200
|
|
|
206
|
|
June 2027
|
8.05
|
|
|
6/15,12/15
|
|
Only under special event
|
||
Capital IV
|
April 2003
|
|
500
|
|
|
515
|
|
April 2033
|
6.75
|
|
|
1/1,4/1,7/1,10/1
|
|
On or after 4/11/08
|
||
Capital V
|
November 2006
|
|
1,495
|
|
|
1,496
|
|
November 2036
|
7.00
|
|
|
2/1,5/1,8/1,11/1
|
|
On or after 11/01/11
|
||
Merrill Lynch
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Preferred Capital Trust III
|
January 1998
|
|
750
|
|
|
901
|
|
Perpetual
|
7.00
|
|
|
3/30,6/30,9/30,12/30
|
|
On or after 3/08
|
||
Preferred Capital Trust IV
|
June 1998
|
|
400
|
|
|
480
|
|
Perpetual
|
7.12
|
|
|
3/30,6/30,9/30,12/30
|
|
On or after 6/08
|
||
Preferred Capital Trust V
|
November 1998
|
|
850
|
|
|
1,021
|
|
Perpetual
|
7.28
|
|
|
3/30,6/30,9/30,12/30
|
|
On or after 9/08
|
||
Capital Trust I
|
December 2006
|
|
1,050
|
|
|
1,051
|
|
December 2066
|
6.45
|
|
|
3/15,6/15,9/15,12/15
|
|
On or after 12/11
|
||
Capital Trust II
|
May 2007
|
|
950
|
|
|
951
|
|
June 2062
|
6.45
|
|
|
3/15,6/15,9/15,12/15
|
|
On or after 6/12
|
||
Capital Trust III
|
August 2007
|
|
750
|
|
|
751
|
|
September 2062
|
7.375
|
|
|
3/15,6/15,9/15,12/15
|
|
On or after 9/12
|
||
Total
|
|
|
$
|
9,709
|
|
|
$
|
10,194
|
|
|
|
|
|
|
|
|
(1)
|
Notes were denominated in British Pound. Presentation currency is U.S. Dollar.
|
226
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Credit Extension Commitments
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31, 2012
|
||||||||||||||||||
(Dollars in millions)
|
Expire in One
Year or Less |
|
Expire After One
Year Through Three Years |
|
Expire After Three
Years Through Five Years |
|
Expire After Five
Years |
|
Total
|
||||||||||
Notional amount of credit extension commitments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loan commitments
|
$
|
103,791
|
|
|
$
|
83,885
|
|
|
$
|
130,805
|
|
|
$
|
19,942
|
|
|
$
|
338,423
|
|
Home equity lines of credit
|
2,134
|
|
|
13,584
|
|
|
23,344
|
|
|
21,856
|
|
|
60,918
|
|
|||||
Standby letters of credit and financial guarantees
(1)
|
24,593
|
|
|
11,387
|
|
|
3,094
|
|
|
4,751
|
|
|
43,825
|
|
|||||
Letters of credit
|
2,003
|
|
|
70
|
|
|
10
|
|
|
546
|
|
|
2,629
|
|
|||||
Legally binding commitments
|
132,521
|
|
|
108,926
|
|
|
157,253
|
|
|
47,095
|
|
|
445,795
|
|
|||||
Credit card lines
(2)
|
414,044
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
414,044
|
|
|||||
Total credit extension commitments
|
$
|
546,565
|
|
|
$
|
108,926
|
|
|
$
|
157,253
|
|
|
$
|
47,095
|
|
|
$
|
859,839
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31, 2011
|
||||||||||||||||||
Notional amount of credit extension commitments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loan commitments
|
$
|
96,291
|
|
|
$
|
85,413
|
|
|
$
|
120,770
|
|
|
$
|
15,009
|
|
|
$
|
317,483
|
|
Home equity lines of credit
|
1,679
|
|
|
7,765
|
|
|
20,963
|
|
|
37,066
|
|
|
67,473
|
|
|||||
Standby letters of credit and financial guarantees
(1)
|
26,965
|
|
|
18,932
|
|
|
6,433
|
|
|
5,505
|
|
|
57,835
|
|
|||||
Letters of credit
|
2,828
|
|
|
27
|
|
|
5
|
|
|
383
|
|
|
3,243
|
|
|||||
Legally binding commitments
|
127,763
|
|
|
112,137
|
|
|
148,171
|
|
|
57,963
|
|
|
446,034
|
|
|||||
Credit card lines
(2)
|
449,097
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
449,097
|
|
|||||
Total credit extension commitments
|
$
|
576,860
|
|
|
$
|
112,137
|
|
|
$
|
148,171
|
|
|
$
|
57,963
|
|
|
$
|
895,131
|
|
(1)
|
The notional amounts of SBLCs and financial guarantees classified as investment grade and non-investment grade based on the credit quality of the underlying reference name within the instrument were
$31.5 billion
and
$11.6 billion
at
December 31, 2012
, and
$39.2 billion
and
$17.8 billion
at
December 31, 2011
. Amounts include consumer SBLCs of
$669 million
and
$859 million
at
December 31, 2012
and
2011
.
|
(2)
|
Includes business card unused lines of credit.
|
|
|
Bank of America 2012
227
|
228
Bank of America 2012
|
|
|
|
|
Bank of America 2012
229
|
230
Bank of America 2012
|
|
|
|
|
Bank of America 2012
231
|
232
Bank of America 2012
|
|
|
|
|
Bank of America 2012
233
|
234
Bank of America 2012
|
|
|
|
|
Bank of America 2012
235
|
236
Bank of America 2012
|
|
|
|
|
Bank of America 2012
237
|
|
|
|
|
|
|
|
||
Declared Quarterly Cash Dividends on Common Stock
|
||||||||
|
|
|
|
|
|
|
||
Declaration Date
|
|
Record Date
|
|
Payment Date
|
|
Dividend Per Share
|
||
|
|
|
||||||
January 23, 2013
|
|
March 1, 2013
|
|
March 22, 2013
|
|
$
|
0.01
|
|
October 24, 2012
|
|
December 7, 2012
|
|
December 28, 2012
|
|
0.01
|
|
|
July 11, 2012
|
|
September 7, 2012
|
|
September 28, 2012
|
|
0.01
|
|
|
April 11, 2012
|
|
June 1, 2012
|
|
June 22, 2012
|
|
0.01
|
|
|
January 11, 2012
|
|
March 2, 2012
|
|
March 23, 2012
|
|
0.01
|
|
238
Bank of America 2012
|
|
|
|
|
|
|
|||
Preferred Stock Exchanged
|
|
|
|
|||
|
|
|
|
|||
|
Preferred Shares Exchanged
|
|
Liquidation Value
(1, 2)
|
|||
(Dollars in millions, actual shares)
|
|
|||||
Non-convertible
|
|
|
|
|||
Series D
|
260
|
|
|
$
|
7
|
|
Series E
|
6,800
|
|
|
170
|
|
|
Series J
|
1,058
|
|
|
26
|
|
|
Series K
|
4,929
|
|
|
123
|
|
|
Series M
|
4,958
|
|
|
124
|
|
|
Series 1
|
1,587
|
|
|
47
|
|
|
Series 2
|
7,579
|
|
|
227
|
|
|
Series 3
|
563
|
|
|
17
|
|
|
Series 4
|
5,965
|
|
|
179
|
|
|
Series 5
|
6,134
|
|
|
185
|
|
|
Series 6
|
5,612
|
|
|
6
|
|
|
Total non-convertible
|
45,445
|
|
|
1,111
|
|
|
Convertible
|
|
|
|
|||
Series L
|
269,139
|
|
|
269
|
|
|
Total exchanged
|
314,584
|
|
|
$
|
1,380
|
|
(1)
|
Amounts shown are before third-party issuance costs.
|
(2)
|
Carrying value of preferred stock exchanged was
$1,379 million
.
|
|
|
Bank of America 2012
239
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Preferred Stock Summary
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
(Dollars in millions, except as noted)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Series
|
Description
|
|
Initial
Issuance
Date
|
|
Total
Shares
Outstanding
|
|
Liquidation
Preference
per Share
(in dollars)
|
|
Carrying
Value
(1)
|
|
Per Annum
Dividend Rate
|
|
Redemption Period
|
||||||
Series B
(2)
|
7% Cumulative Redeemable
|
|
June
1997 |
|
7,571
|
|
|
$
|
100
|
|
|
$
|
1
|
|
|
7.00
|
%
|
|
n/a
|
Series D
(3, 8)
|
6.204% Non-Cumulative
|
|
September
2006 |
|
26,174
|
|
|
25,000
|
|
|
654
|
|
|
6.204
|
%
|
|
On or after
September 14, 2011 |
||
Series E
(3, 8)
|
Floating Rate Non-Cumulative
|
|
November
2006 |
|
12,691
|
|
|
25,000
|
|
|
317
|
|
|
3-mo. LIBOR + 35 bps
(6)
|
|
|
On or after
November 15, 2011 |
||
Series F
(3, 8)
|
Floating Rate Non-Cumulative
|
|
March
2012 |
|
1,409
|
|
|
100,000
|
|
|
141
|
|
|
3-mo. LIBOR + 40 bps
(6)
|
|
|
On or after
March 15, 2012 |
||
Series G
(3, 8)
|
Adjustable Rate Non-Cumulative
|
|
March
2012 |
|
4,926
|
|
|
100,000
|
|
|
493
|
|
|
3-mo. LIBOR + 40 bps
(6)
|
|
|
On or after
March 15, 2012 |
||
Series H
(3, 8)
|
8.20% Non-Cumulative
|
|
May
2008 |
|
114,483
|
|
|
25,000
|
|
|
2,862
|
|
|
8.20
|
%
|
|
On or after
May 1, 2013 |
||
Series I
(3, 8)
|
6.625% Non-Cumulative
|
|
September
2007 |
|
14,584
|
|
|
25,000
|
|
|
365
|
|
|
6.625
|
%
|
|
On or after
October 1, 2017 |
||
Series J
(3, 8)
|
7.25% Non-Cumulative
|
|
November
2007 |
|
38,053
|
|
|
25,000
|
|
|
951
|
|
|
7.25
|
%
|
|
On or after
November 1, 2012 |
||
Series K
(3, 9)
|
Fixed-to-Floating Rate Non-Cumulative
|
|
January
2008 |
|
61,773
|
|
|
25,000
|
|
|
1,544
|
|
|
8.00% through 1/29/18; 3-mo. LIBOR + 363 bps thereafter
|
|
|
On or after
January 30, 2018 |
||
Series L
|
7.25% Non-Cumulative Perpetual Convertible
|
|
January
2008 |
|
3,080,182
|
|
|
1,000
|
|
|
3,080
|
|
|
7.25
|
%
|
|
n/a
|
||
Series M
(3, 9)
|
Fixed-to-Floating Rate Non-Cumulative
|
|
April
2008 |
|
52,399
|
|
|
25,000
|
|
|
1,310
|
|
|
8.125% through 5/14/18;
3-mo. LIBOR + 364 bps thereafter |
|
|
On or after
May 15, 2018 |
||
Series T
|
6% Cumulative
|
|
September
2011 |
|
50,000
|
|
|
100,000
|
|
|
2,918
|
|
|
6.00
|
%
|
|
See description in Preferred Stock in this Note
|
||
Series 1
(3, 4)
|
Floating Rate Non-Cumulative
|
|
November
2004 |
|
3,275
|
|
|
30,000
|
|
|
98
|
|
|
3-mo. LIBOR + 75 bps
(5)
|
|
|
On or after
November 28, 2009 |
||
Series 2
(3, 4)
|
Floating Rate Non-Cumulative
|
|
March
2005 |
|
9,967
|
|
|
30,000
|
|
|
299
|
|
|
3-mo. LIBOR + 65 bps
(5)
|
|
|
On or after
November 28, 2009 |
||
Series 3
(3, 4)
|
6.375% Non-Cumulative
|
|
November
2005 |
|
21,773
|
|
|
30,000
|
|
|
653
|
|
|
6.375
|
%
|
|
On or after
November 28, 2010 |
||
Series 4
(3, 4)
|
Floating Rate Non-Cumulative
|
|
November
2005 |
|
7,010
|
|
|
30,000
|
|
|
210
|
|
|
3-mo. LIBOR + 75 bps
(6)
|
|
|
On or after
November 28, 2010 |
||
Series 5
(3, 4)
|
Floating Rate Non-Cumulative
|
|
March
2007 |
|
14,056
|
|
|
30,000
|
|
|
422
|
|
|
3-mo. LIBOR + 50 bps
(6)
|
|
|
On or after
May 21, 2012 |
||
Series 6
(3, 7)
|
6.70% Non-Cumulative Perpetual
|
|
September
2007 |
|
59,388
|
|
|
1,000
|
|
|
59
|
|
|
6.70
|
%
|
|
On or after
February 3, 2009 |
||
Series 7
(3, 7)
|
6.25% Non-Cumulative Perpetual
|
|
September
2007 |
|
16,596
|
|
|
1,000
|
|
|
17
|
|
|
6.25
|
%
|
|
On or after
March 18, 2010 |
||
Series 8
(3, 4)
|
8.625% Non-Cumulative
|
|
April
2008 |
|
89,100
|
|
|
30,000
|
|
|
2,673
|
|
|
8.625
|
%
|
|
On or after
May 28, 2013 |
||
Total
|
|
|
|
|
3,685,410
|
|
|
|
|
|
$
|
19,067
|
|
|
|
|
|
|
(1)
|
Amounts shown are before third-party issuance costs and other Merrill Lynch purchase accounting related adjustments of
$299 million
.
|
(2)
|
Series B Preferred Stock does not have early redemption/call rights.
|
(3)
|
The Corporation may redeem series of preferred stock on or after the redemption date, in whole or in part, at its option, at the liquidation preference plus declared and unpaid dividends.
|
(4)
|
Ownership is held in the form of depositary shares, each representing a 1/1,200th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared.
|
(5)
|
Subject to
3.00%
minimum rate per annum.
|
(6)
|
Subject to
4.00%
minimum rate per annum.
|
(7)
|
Ownership is held in the form of depositary shares, each representing a 1/40th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared.
|
(8)
|
Ownership is held in the form of depositary shares, each representing a 1/1,000th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared.
|
(9)
|
Ownership is held in the form of depositary shares, each representing a 1/25th interest in a share of preferred stock, paying a semi-annual cash dividend, if and when declared, until the redemption date adjusts to a quarterly cash dividend, if and when declared, thereafter.
|
240
Bank of America 2012
|
|
|
|
|
Bank of America 2012
241
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(Dollars in millions)
|
Available-for-
Sale Debt
Securities
|
|
Available-for-
Sale Marketable
Equity Securities
|
|
Derivatives
|
|
Employee
Benefit Plans
(1)
|
|
Foreign
Currency
(2)
|
|
Total
|
||||||||||||
Balance, December 31, 2009
|
$
|
(628
|
)
|
|
$
|
2,129
|
|
|
$
|
(2,535
|
)
|
|
$
|
(4,092
|
)
|
|
$
|
(493
|
)
|
|
$
|
(5,619
|
)
|
Net change
|
1,342
|
|
|
4,530
|
|
|
(701
|
)
|
|
145
|
|
|
237
|
|
|
5,553
|
|
||||||
Balance, December 31, 2010
|
$
|
714
|
|
|
$
|
6,659
|
|
|
$
|
(3,236
|
)
|
|
$
|
(3,947
|
)
|
|
$
|
(256
|
)
|
|
$
|
(66
|
)
|
Net change
|
2,386
|
|
|
(6,656
|
)
|
|
(549
|
)
|
|
(444
|
)
|
|
(108
|
)
|
|
(5,371
|
)
|
||||||
Balance, December 31, 2011
|
$
|
3,100
|
|
|
$
|
3
|
|
|
$
|
(3,785
|
)
|
|
$
|
(4,391
|
)
|
|
$
|
(364
|
)
|
|
$
|
(5,437
|
)
|
Net change
|
1,343
|
|
|
459
|
|
|
916
|
|
|
(65
|
)
|
|
(13
|
)
|
|
2,640
|
|
||||||
Balance, December 31, 2012
|
$
|
4,443
|
|
|
$
|
462
|
|
|
$
|
(2,869
|
)
|
|
$
|
(4,456
|
)
|
|
$
|
(377
|
)
|
|
$
|
(2,797
|
)
|
(1)
|
Net change in fair value represents after-tax adjustments based on the final year-end actuarial valuations. For more information on employee benefit plans, see
Note 18 – Employee Benefit Plans
.
|
(2)
|
Net change in fair value represents the impact of changes in spot foreign exchange rates on the Corporation’s net investment in non-U.S. operations, and related hedges.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
2012
|
|
2011
|
|
2010
|
||||||||||||||||||||||||||||||
(Dollars in millions)
|
Before-tax
|
|
Tax effect
|
|
After-tax
|
|
Before-tax
|
|
Tax effect
|
|
After-tax
|
|
Before-tax
|
|
Tax effect
|
|
After-tax
|
||||||||||||||||||
Available-for-sale debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Cumulative adjustments for accounting changes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Consolidation of certain variable interest entities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(184
|
)
|
|
$
|
68
|
|
|
$
|
(116
|
)
|
Credit-related notes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
364
|
|
|
(135
|
)
|
|
229
|
|
|||||||||
Net change in fair value recorded in accumulated OCI
|
3,676
|
|
|
(1,319
|
)
|
|
2,357
|
|
|
6,925
|
|
|
(2,594
|
)
|
|
4,331
|
|
|
3,541
|
|
|
(1,331
|
)
|
|
2,210
|
|
|||||||||
Net realized (gains) losses reclassified into earnings
|
(1,609
|
)
|
|
595
|
|
|
(1,014
|
)
|
|
(3,087
|
)
|
|
1,142
|
|
|
(1,945
|
)
|
|
(1,557
|
)
|
|
576
|
|
|
(981
|
)
|
|||||||||
Net change
|
2,067
|
|
|
(724
|
)
|
|
1,343
|
|
|
3,838
|
|
|
(1,452
|
)
|
|
2,386
|
|
|
2,164
|
|
|
(822
|
)
|
|
1,342
|
|
|||||||||
Available-for-sale marketable equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net change in fair value recorded in accumulated OCI
|
748
|
|
|
(277
|
)
|
|
471
|
|
|
(4,114
|
)
|
|
1,575
|
|
|
(2,539
|
)
|
|
9,029
|
|
|
(3,372
|
)
|
|
5,657
|
|
|||||||||
Net realized (gains) losses reclassified into earnings
|
(19
|
)
|
|
7
|
|
|
(12
|
)
|
|
(6,501
|
)
|
|
2,384
|
|
|
(4,117
|
)
|
|
(1,789
|
)
|
|
662
|
|
|
(1,127
|
)
|
|||||||||
Net change
|
729
|
|
|
(270
|
)
|
|
459
|
|
|
(10,615
|
)
|
|
3,959
|
|
|
(6,656
|
)
|
|
7,240
|
|
|
(2,710
|
)
|
|
4,530
|
|
|||||||||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net change in fair value recorded in accumulated OCI
|
430
|
|
|
(166
|
)
|
|
264
|
|
|
(2,490
|
)
|
|
923
|
|
|
(1,567
|
)
|
|
(1,755
|
)
|
|
647
|
|
|
(1,108
|
)
|
|||||||||
Net realized (gains) losses reclassified into earnings
|
1,035
|
|
|
(383
|
)
|
|
652
|
|
|
1,617
|
|
|
(599
|
)
|
|
1,018
|
|
|
644
|
|
|
(237
|
)
|
|
407
|
|
|||||||||
Net change
|
1,465
|
|
|
(549
|
)
|
|
916
|
|
|
(873
|
)
|
|
324
|
|
|
(549
|
)
|
|
(1,111
|
)
|
|
410
|
|
|
(701
|
)
|
|||||||||
Employee benefit plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net change in fair value recorded in accumulated OCI
|
(1,891
|
)
|
|
660
|
|
|
(1,231
|
)
|
|
(1,171
|
)
|
|
457
|
|
|
(714
|
)
|
|
(162
|
)
|
|
58
|
|
|
(104
|
)
|
|||||||||
Net realized (gains) losses reclassified into earnings
|
490
|
|
|
(192
|
)
|
|
298
|
|
|
437
|
|
|
(167
|
)
|
|
270
|
|
|
396
|
|
|
(147
|
)
|
|
249
|
|
|||||||||
Settlements and curtailments
|
1,378
|
|
|
(510
|
)
|
|
868
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Net change
|
(23
|
)
|
|
(42
|
)
|
|
(65
|
)
|
|
(734
|
)
|
|
290
|
|
|
(444
|
)
|
|
234
|
|
|
(89
|
)
|
|
145
|
|
|||||||||
Foreign currency:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net change in fair value recorded in accumulated OCI
|
(226
|
)
|
|
233
|
|
|
7
|
|
|
145
|
|
|
(179
|
)
|
|
(34
|
)
|
|
(204
|
)
|
|
160
|
|
|
(44
|
)
|
|||||||||
Net realized (gains) losses reclassified into earnings
|
(30
|
)
|
|
10
|
|
|
(20
|
)
|
|
(65
|
)
|
|
(9
|
)
|
|
(74
|
)
|
|
446
|
|
|
(165
|
)
|
|
281
|
|
|||||||||
Net change
|
(256
|
)
|
|
243
|
|
|
(13
|
)
|
|
80
|
|
|
(188
|
)
|
|
(108
|
)
|
|
242
|
|
|
(5
|
)
|
|
237
|
|
|||||||||
Total other comprehensive income (loss)
|
$
|
3,982
|
|
|
$
|
(1,342
|
)
|
|
$
|
2,640
|
|
|
$
|
(8,304
|
)
|
|
$
|
2,933
|
|
|
$
|
(5,371
|
)
|
|
$
|
8,769
|
|
|
$
|
(3,216
|
)
|
|
$
|
5,553
|
|
242
Bank of America 2012
|
|
|
|
|
|
|
|
|
||||||
(Dollars in millions, except per share information; shares in thousands)
|
2012
|
|
2011
|
|
2010
|
||||||
Earnings (loss) per common share
|
|
|
|
|
|
|
|
|
|||
Net income (loss)
|
$
|
4,188
|
|
|
$
|
1,446
|
|
|
$
|
(2,238
|
)
|
Preferred stock dividends
|
(1,428
|
)
|
|
(1,361
|
)
|
|
(1,357
|
)
|
|||
Net income (loss) applicable to common shareholders
|
2,760
|
|
|
85
|
|
|
(3,595
|
)
|
|||
Dividends and undistributed earnings allocated to participating securities
|
(2
|
)
|
|
(1
|
)
|
|
(4
|
)
|
|||
Net income (loss) allocated to common shareholders
|
$
|
2,758
|
|
|
$
|
84
|
|
|
$
|
(3,599
|
)
|
Average common shares issued and outstanding
|
10,746,028
|
|
|
10,142,625
|
|
|
9,790,472
|
|
|||
Earnings (loss) per common share
|
$
|
0.26
|
|
|
$
|
0.01
|
|
|
$
|
(0.37
|
)
|
|
|
|
|
|
|
||||||
Diluted earnings (loss) per common share
|
|
|
|
|
|
|
|
|
|||
Net income (loss) applicable to common shareholders
|
$
|
2,760
|
|
|
$
|
85
|
|
|
$
|
(3,595
|
)
|
Dividends and undistributed earnings allocated to participating securities
|
(2
|
)
|
|
(1
|
)
|
|
(4
|
)
|
|||
Net income (loss) allocated to common shareholders
|
$
|
2,758
|
|
|
$
|
84
|
|
|
$
|
(3,599
|
)
|
Average common shares issued and outstanding
|
10,746,028
|
|
|
10,142,625
|
|
|
9,790,472
|
|
|||
Dilutive potential common shares
(1)
|
94,826
|
|
|
112,199
|
|
|
—
|
|
|||
Total diluted average common shares issued and outstanding
|
10,840,854
|
|
|
10,254,824
|
|
|
9,790,472
|
|
|||
Diluted earnings (loss) per common share
|
$
|
0.25
|
|
|
$
|
0.01
|
|
|
$
|
(0.37
|
)
|
(1)
|
Includes incremental shares from RSUs, restricted stock, stock options and warrants.
|
|
|
Bank of America 2012
243
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Regulatory Capital
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31
|
||||||||||||||||||||
|
2012
|
|
2011
|
||||||||||||||||||
|
Actual
|
|
|
|
Actual
|
|
|
||||||||||||||
(Dollars in millions)
|
Ratio
|
|
Amount
|
|
Minimum
Required
(1)
|
|
Ratio
|
|
Amount
|
|
Minimum
Required
(1)
|
||||||||||
Risk-based capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Tier 1 common
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Bank of America Corporation
|
11.06
|
%
|
|
$
|
133,403
|
|
|
n/a
|
|
|
9.86
|
%
|
|
$
|
126,690
|
|
|
n/a
|
|
||
Tier 1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Bank of America Corporation
|
12.89
|
|
|
155,461
|
|
|
$
|
72,359
|
|
|
12.40
|
|
|
159,232
|
|
|
$
|
77,068
|
|
||
Bank of America, N.A.
|
12.44
|
|
|
118,431
|
|
|
57,099
|
|
|
11.74
|
|
|
119,881
|
|
|
61,245
|
|
||||
FIA Card Services, N.A.
|
17.34
|
|
|
22,061
|
|
|
7,632
|
|
|
17.63
|
|
|
24,660
|
|
|
8,393
|
|
||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Bank of America Corporation
|
16.31
|
|
|
196,680
|
|
|
120,598
|
|
|
16.75
|
|
|
215,101
|
|
|
128,447
|
|
||||
Bank of America, N.A.
|
14.76
|
|
|
140,434
|
|
|
95,165
|
|
|
15.17
|
|
|
154,885
|
|
|
102,076
|
|
||||
FIA Card Services, N.A.
|
18.64
|
|
|
23,707
|
|
|
12,719
|
|
|
19.01
|
|
|
26,594
|
|
|
13,989
|
|
||||
Tier 1 leverage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Bank of America Corporation
|
7.37
|
|
|
155,461
|
|
|
84,429
|
|
|
7.53
|
|
|
159,232
|
|
|
84,557
|
|
||||
Bank of America, N.A.
|
8.59
|
|
|
118,431
|
|
|
68,957
|
|
|
8.65
|
|
|
119,881
|
|
|
69,318
|
|
||||
FIA Card Services, N.A.
|
13.67
|
|
|
22,061
|
|
|
8,067
|
|
|
14.22
|
|
|
24,660
|
|
|
8,669
|
|
(1)
|
Dollar amount required to meet guidelines for well-capitalized institutions.
|
244
Bank of America 2012
|
|
|
|
|
Bank of America 2012
245
|
246
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Pension and Postretirement Plans
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
Qualified
Pension Plans
(1)
|
|
Non-U.S.
Pension Plans
(1)
|
|
Nonqualified
and Other
Pension Plans
(1)
|
|
Postretirement
Health and Life
Plans
(1)
|
||||||||||||||||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||||||
Change in fair value of plan assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fair value, January 1
|
$
|
15,070
|
|
|
$
|
15,648
|
|
|
$
|
2,022
|
|
|
$
|
1,691
|
|
|
$
|
3,061
|
|
|
$
|
2,689
|
|
|
$
|
91
|
|
|
$
|
108
|
|
Actual return on plan assets
|
2,020
|
|
|
182
|
|
|
115
|
|
|
295
|
|
|
126
|
|
|
493
|
|
|
10
|
|
|
2
|
|
||||||||
Company contributions
|
—
|
|
|
—
|
|
|
152
|
|
|
104
|
|
|
112
|
|
|
99
|
|
|
117
|
|
|
84
|
|
||||||||
Plan participant contributions
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
139
|
|
|
133
|
|
||||||||
Benefits paid
|
(816
|
)
|
|
(760
|
)
|
|
(77
|
)
|
|
(63
|
)
|
|
(236
|
)
|
|
(220
|
)
|
|
(290
|
)
|
|
(255
|
)
|
||||||||
Plan transfer
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Federal subsidy on benefits paid
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
19
|
|
|
19
|
|
||||||||
Foreign currency exchange rate changes
|
n/a
|
|
|
n/a
|
|
|
91
|
|
|
(18
|
)
|
|
n/a
|
|
|
n/a
|
|
|
—
|
|
|
—
|
|
||||||||
Fair value, December 31
|
$
|
16,274
|
|
|
$
|
15,070
|
|
|
$
|
2,306
|
|
|
$
|
2,022
|
|
|
$
|
3,063
|
|
|
$
|
3,061
|
|
|
$
|
86
|
|
|
$
|
91
|
|
Change in projected benefit obligation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Projected benefit obligation, January 1
|
$
|
14,891
|
|
|
$
|
13,938
|
|
|
$
|
1,984
|
|
|
$
|
1,916
|
|
|
$
|
3,137
|
|
|
$
|
3,078
|
|
|
$
|
1,619
|
|
|
$
|
1,704
|
|
Service cost
|
236
|
|
|
423
|
|
|
40
|
|
|
43
|
|
|
1
|
|
|
3
|
|
|
13
|
|
|
15
|
|
||||||||
Interest cost
|
681
|
|
|
746
|
|
|
97
|
|
|
99
|
|
|
138
|
|
|
152
|
|
|
71
|
|
|
80
|
|
||||||||
Plan participant contributions
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
139
|
|
|
133
|
|
||||||||
Plan amendments
|
—
|
|
|
(11
|
)
|
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
||||||||
Curtailment
|
(889
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Actuarial loss (gain)
|
1,552
|
|
|
555
|
|
|
328
|
|
|
(19
|
)
|
|
294
|
|
|
124
|
|
|
(4
|
)
|
|
(56
|
)
|
||||||||
Benefits paid
|
(816
|
)
|
|
(760
|
)
|
|
(77
|
)
|
|
(63
|
)
|
|
(236
|
)
|
|
(220
|
)
|
|
(290
|
)
|
|
(255
|
)
|
||||||||
Plan transfer
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Federal subsidy on benefits paid
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
19
|
|
|
19
|
|
||||||||
Foreign currency exchange rate changes
|
n/a
|
|
|
n/a
|
|
|
83
|
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
||||||||
Projected benefit obligation, December 31
|
$
|
15,655
|
|
|
$
|
14,891
|
|
|
$
|
2,460
|
|
|
$
|
1,984
|
|
|
$
|
3,334
|
|
|
$
|
3,137
|
|
|
$
|
1,574
|
|
|
$
|
1,619
|
|
Amount recognized, December 31
|
$
|
619
|
|
|
$
|
179
|
|
|
$
|
(154
|
)
|
|
$
|
38
|
|
|
$
|
(271
|
)
|
|
$
|
(76
|
)
|
|
$
|
(1,488
|
)
|
|
$
|
(1,528
|
)
|
Funded status, December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Accumulated benefit obligation
|
$
|
15,655
|
|
|
$
|
13,968
|
|
|
$
|
2,345
|
|
|
$
|
1,883
|
|
|
$
|
3,334
|
|
|
$
|
3,135
|
|
|
n/a
|
|
|
n/a
|
|
||
Overfunded (unfunded) status of ABO
|
619
|
|
|
1,102
|
|
|
(39
|
)
|
|
139
|
|
|
(271
|
)
|
|
(74
|
)
|
|
n/a
|
|
|
n/a
|
|
||||||||
Provision for future salaries
|
—
|
|
|
923
|
|
|
115
|
|
|
101
|
|
|
—
|
|
|
2
|
|
|
n/a
|
|
|
n/a
|
|
||||||||
Projected benefit obligation
|
15,655
|
|
|
14,891
|
|
|
2,460
|
|
|
1,984
|
|
|
3,334
|
|
|
3,137
|
|
|
$
|
1,574
|
|
|
$
|
1,619
|
|
||||||
Weighted-average assumptions, December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Discount rate
|
4.00
|
%
|
|
4.95
|
%
|
|
4.23
|
%
|
|
4.87
|
%
|
|
3.65
|
%
|
|
4.65
|
%
|
|
3.65
|
%
|
|
4.65
|
%
|
||||||||
Rate of compensation increase
|
n/a
|
|
|
4.00
|
|
|
4.37
|
|
|
4.42
|
|
|
4.00
|
|
|
4.00
|
|
|
n/a
|
|
|
n/a
|
|
(1)
|
The measurement date for the Qualified Pension Plans, Non-U.S. Pension Plans, Nonqualified and Other Pension Plans, and Postretirement Health and Life Plans was
December 31
of each year reported.
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Amounts Recognized on Consolidated Balance Sheet
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
Qualified
Pension Plans
|
|
Non-U.S.
Pension Plans
|
|
Nonqualified
and Other
Pension Plans
|
|
Postretirement
Health and Life
Plans
|
||||||||||||||||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||||||
Other assets
|
$
|
676
|
|
|
$
|
246
|
|
|
$
|
220
|
|
|
$
|
342
|
|
|
$
|
908
|
|
|
$
|
1,096
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Accrued expenses and other liabilities
|
(57
|
)
|
|
(67
|
)
|
|
(374
|
)
|
|
(304
|
)
|
|
(1,179
|
)
|
|
(1,172
|
)
|
|
(1,488
|
)
|
|
(1,528
|
)
|
||||||||
Net amount recognized at December 31
|
$
|
619
|
|
|
$
|
179
|
|
|
$
|
(154
|
)
|
|
$
|
38
|
|
|
$
|
(271
|
)
|
|
$
|
(76
|
)
|
|
$
|
(1,488
|
)
|
|
$
|
(1,528
|
)
|
|
|
Bank of America 2012
247
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Plans with ABO and PBO in Excess of Plan Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Qualified
Pension Plans
|
|
Non-U.S.
Pension Plans
|
|
Nonqualified
and Other
Pension Plans
|
||||||||||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||
Plans with ABO in excess of plan assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
PBO
|
$
|
7,171
|
|
|
$
|
—
|
|
|
$
|
883
|
|
|
$
|
732
|
|
|
$
|
1,182
|
|
|
$
|
1,174
|
|
ABO
|
7,171
|
|
|
—
|
|
|
843
|
|
|
698
|
|
|
1,181
|
|
|
1,173
|
|
||||||
Fair value of plan assets
|
7,114
|
|
|
—
|
|
|
510
|
|
|
428
|
|
|
2
|
|
|
2
|
|
||||||
Plans with PBO in excess of plan assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
PBO
|
$
|
7,171
|
|
|
$
|
6,624
|
|
|
$
|
896
|
|
|
$
|
732
|
|
|
$
|
1,182
|
|
|
$
|
1,174
|
|
Fair value of plan assets
|
7,114
|
|
|
6,557
|
|
|
522
|
|
|
428
|
|
|
2
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Components of Net Periodic Benefit Cost
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Qualified Pension Plans
|
|
Non-U.S. Pension Plans
|
||||||||||||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
||||||||||||
Components of net periodic benefit cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Service cost
|
$
|
236
|
|
|
$
|
423
|
|
|
$
|
397
|
|
|
$
|
40
|
|
|
$
|
43
|
|
|
$
|
32
|
|
Interest cost
|
681
|
|
|
746
|
|
|
748
|
|
|
97
|
|
|
99
|
|
|
95
|
|
||||||
Expected return on plan assets
|
(1,246
|
)
|
|
(1,296
|
)
|
|
(1,263
|
)
|
|
(137
|
)
|
|
(115
|
)
|
|
(97
|
)
|
||||||
Amortization of prior service cost
|
9
|
|
|
20
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of net actuarial loss (gain)
|
469
|
|
|
387
|
|
|
362
|
|
|
(9
|
)
|
|
—
|
|
|
(1
|
)
|
||||||
Recognized loss due to settlements and curtailments
|
58
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit cost (income)
|
$
|
207
|
|
|
$
|
280
|
|
|
$
|
272
|
|
|
$
|
(9
|
)
|
|
$
|
27
|
|
|
$
|
29
|
|
Weighted-average assumptions used to determine net cost for years ended December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Discount rate
|
4.95
|
%
|
|
5.45
|
%
|
|
5.75
|
%
|
|
4.87
|
%
|
|
5.32
|
%
|
|
5.41
|
%
|
||||||
Expected return on plan assets
|
8.00
|
|
|
8.00
|
|
|
8.00
|
|
|
6.65
|
|
|
6.58
|
|
|
6.60
|
|
||||||
Rate of compensation increase
|
4.00
|
|
|
4.00
|
|
|
4.00
|
|
|
4.42
|
|
|
4.85
|
|
|
4.67
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Nonqualified and
Other Pension Plans (1) |
|
Postretirement Health
and Life Plans |
||||||||||||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
||||||||||||
Components of net periodic benefit cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Service cost
|
$
|
1
|
|
|
$
|
3
|
|
|
$
|
3
|
|
|
$
|
13
|
|
|
$
|
15
|
|
|
$
|
14
|
|
Interest cost
|
138
|
|
|
152
|
|
|
163
|
|
|
71
|
|
|
80
|
|
|
92
|
|
||||||
Expected return on plan assets
|
(152
|
)
|
|
(141
|
)
|
|
(138
|
)
|
|
(8
|
)
|
|
(9
|
)
|
|
(9
|
)
|
||||||
Amortization of transition obligation
|
—
|
|
|
—
|
|
|
—
|
|
|
32
|
|
|
31
|
|
|
31
|
|
||||||
Amortization of prior service cost (credits)
|
(3
|
)
|
|
(8
|
)
|
|
(8
|
)
|
|
4
|
|
|
4
|
|
|
6
|
|
||||||
Amortization of net actuarial loss (gain)
|
8
|
|
|
16
|
|
|
10
|
|
|
(38
|
)
|
|
(17
|
)
|
|
(49
|
)
|
||||||
Recognized loss due to settlements and curtailments
|
—
|
|
|
3
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit cost (income)
|
$
|
(8
|
)
|
|
$
|
25
|
|
|
$
|
47
|
|
|
$
|
74
|
|
|
$
|
104
|
|
|
$
|
85
|
|
Weighted-average assumptions used to determine net cost for years ended December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Discount rate
|
4.65
|
%
|
|
5.20
|
%
|
|
5.75
|
%
|
|
4.65
|
%
|
|
5.10
|
%
|
|
5.75
|
%
|
||||||
Expected return on plan assets
|
5.25
|
|
|
5.25
|
|
|
5.25
|
|
|
8.00
|
|
|
8.00
|
|
|
8.00
|
|
||||||
Rate of compensation increase
|
4.00
|
|
|
4.00
|
|
|
4.00
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
(1)
|
Includes nonqualified pension plans and the terminated Merrill Lynch U.S. pension plan.
|
248
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Pre-tax Amounts Recognized in OCI
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in millions)
|
Qualified
Pension Plans
|
|
Non-U.S.
Pension Plans
|
|
Nonqualified
and Other
Pension Plans
|
|
Postretirement
Health and
Life Plans
|
|
Total
|
||||||||||
Other changes in plan assets and benefit obligations recognized in OCI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Current year actuarial loss (gain)
|
$
|
(110
|
)
|
|
$
|
347
|
|
|
$
|
321
|
|
|
$
|
(7
|
)
|
|
$
|
551
|
|
Amortization of actuarial gain (loss)
|
(469
|
)
|
|
9
|
|
|
(12
|
)
|
|
38
|
|
|
(434
|
)
|
|||||
Current year prior service cost
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||
Amortization of prior service credits (cost)
|
(67
|
)
|
|
—
|
|
|
7
|
|
|
(4
|
)
|
|
(64
|
)
|
|||||
Amortization of transition obligation
|
—
|
|
|
—
|
|
|
—
|
|
|
(32
|
)
|
|
(32
|
)
|
|||||
Amounts recognized in OCI
|
$
|
(646
|
)
|
|
$
|
358
|
|
|
$
|
316
|
|
|
$
|
(5
|
)
|
|
$
|
23
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Estimated Pre-tax Amounts from Accumulated OCI into Period Cost
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in millions)
|
Qualified
Pension Plans
|
|
Non-U.S.
Pension Plans
|
|
Nonqualified
and Other
Pension Plans
|
|
Postretirement
Health and
Life Plans
|
|
Total
|
||||||||||
Net actuarial loss (gain)
|
$
|
284
|
|
|
$
|
4
|
|
|
$
|
26
|
|
|
$
|
(20
|
)
|
|
$
|
294
|
|
Prior service cost
|
—
|
|
|
1
|
|
|
—
|
|
|
4
|
|
|
5
|
|
|||||
Total amortized from accumulated OCI
|
$
|
284
|
|
|
$
|
5
|
|
|
$
|
26
|
|
|
$
|
(16
|
)
|
|
$
|
299
|
|
|
|
Bank of America 2012
249
|
|
|
|
|
|
2013 Target Allocation Percentage
|
||||
|
|
|
|
|
Asset Category
|
Qualified
Pension Plans
|
Non-U.S.
Pension Plans
|
Nonqualified
and Other
Pension Plans
|
Postretirement
Health and Life
Plans
|
Equity securities
|
50 – 80
|
10 – 60
|
0 – 5
|
50 – 75
|
Debt securities
|
25 – 50
|
20 – 65
|
95 – 100
|
25 – 45
|
Real estate
|
0 – 5
|
0 – 15
|
0 – 5
|
0 – 5
|
Other
|
0 – 10
|
5 – 40
|
0 – 5
|
0 – 5
|
250
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fair Value Measurements
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2012
|
||||||||||||||
(Dollars in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Cash and short-term investments
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market and interest-bearing cash
|
$
|
1,404
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,404
|
|
Cash and cash equivalent commingled/mutual funds
|
—
|
|
|
96
|
|
|
—
|
|
|
96
|
|
||||
Fixed income
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. government and government agency securities
|
1,317
|
|
|
2,829
|
|
|
13
|
|
|
4,159
|
|
||||
Corporate debt securities
|
—
|
|
|
1,062
|
|
|
—
|
|
|
1,062
|
|
||||
Asset-backed securities
|
—
|
|
|
1,109
|
|
|
—
|
|
|
1,109
|
|
||||
Non-U.S. debt securities
|
70
|
|
|
535
|
|
|
10
|
|
|
615
|
|
||||
Fixed income commingled/mutual funds
|
99
|
|
|
1,432
|
|
|
—
|
|
|
1,531
|
|
||||
Equity
|
|
|
|
|
|
|
|
|
|
|
|
||||
Common and preferred equity securities
|
7,432
|
|
|
—
|
|
|
—
|
|
|
7,432
|
|
||||
Equity commingled/mutual funds
|
290
|
|
|
2,316
|
|
|
—
|
|
|
2,606
|
|
||||
Public real estate investment trusts
|
236
|
|
|
—
|
|
|
—
|
|
|
236
|
|
||||
Real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||
Private real estate
|
—
|
|
|
—
|
|
|
110
|
|
|
110
|
|
||||
Real estate commingled/mutual funds
|
—
|
|
|
10
|
|
|
324
|
|
|
334
|
|
||||
Limited partnerships
|
—
|
|
|
110
|
|
|
231
|
|
|
341
|
|
||||
Other investments
(1)
|
22
|
|
|
543
|
|
|
129
|
|
|
694
|
|
||||
Total plan investment assets, at fair value
|
$
|
10,870
|
|
|
$
|
10,042
|
|
|
$
|
817
|
|
|
$
|
21,729
|
|
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2011
|
||||||||||||||
Cash and short-term investments
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market and interest-bearing cash
|
$
|
1,065
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,065
|
|
Cash and cash equivalent commingled/mutual funds
|
—
|
|
|
30
|
|
|
—
|
|
|
30
|
|
||||
Fixed income
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. government and government agency securities
|
1,197
|
|
|
2,899
|
|
|
13
|
|
|
4,109
|
|
||||
Corporate debt securities
|
—
|
|
|
1,058
|
|
|
—
|
|
|
1,058
|
|
||||
Asset-backed securities
|
—
|
|
|
907
|
|
|
—
|
|
|
907
|
|
||||
Non-U.S. debt securities
|
53
|
|
|
479
|
|
|
10
|
|
|
542
|
|
||||
Fixed income commingled/mutual funds
|
82
|
|
|
1,487
|
|
|
—
|
|
|
1,569
|
|
||||
Equity
|
|
|
|
|
|
|
|
|
|
|
|
||||
Common and preferred equity securities
|
6,862
|
|
|
—
|
|
|
—
|
|
|
6,862
|
|
||||
Equity commingled/mutual funds
|
390
|
|
|
2,094
|
|
|
—
|
|
|
2,484
|
|
||||
Public real estate investment trusts
|
200
|
|
|
—
|
|
|
—
|
|
|
200
|
|
||||
Real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||
Private real estate
|
—
|
|
|
—
|
|
|
113
|
|
|
113
|
|
||||
Real estate commingled/mutual funds
|
—
|
|
|
11
|
|
|
249
|
|
|
260
|
|
||||
Limited partnerships
|
—
|
|
|
105
|
|
|
232
|
|
|
337
|
|
||||
Other investments
(1)
|
14
|
|
|
572
|
|
|
122
|
|
|
708
|
|
||||
Total plan investment assets, at fair value
|
$
|
9,863
|
|
|
$
|
9,642
|
|
|
$
|
739
|
|
|
$
|
20,244
|
|
(1)
|
Other investments include interest rate swaps of
$311 million
and
$467 million
, participant loans of
$76 million
and
$75 million
, commodity and balanced funds of
$239 million
and
$116 million
and other various investments of
$68 million
and
$50 million
at
December 31, 2012 and 2011
.
|
|
|
Bank of America 2012
251
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Level 3 Fair Value Measurements
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
2012
|
||||||||||||||||||||||
(Dollars in millions)
|
Balance
January 1
|
|
Actual Return on
Plan Assets Still Held at the
Reporting Date
|
|
Purchases
|
|
Sales and Settlements
|
|
Transfers into/
(out of) Level 3
|
|
Balance
December 31
|
||||||||||||
Fixed income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
U.S. government and government agency securities
|
$
|
13
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
13
|
|
Non-U.S. debt securities
|
10
|
|
|
(1
|
)
|
|
1
|
|
|
(1
|
)
|
|
1
|
|
|
10
|
|
||||||
Real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Private real estate
|
113
|
|
|
(2
|
)
|
|
2
|
|
|
(3
|
)
|
|
—
|
|
|
110
|
|
||||||
Real estate commingled/mutual funds
|
249
|
|
|
13
|
|
|
62
|
|
|
—
|
|
|
—
|
|
|
324
|
|
||||||
Limited partnerships
|
232
|
|
|
8
|
|
|
11
|
|
|
(20
|
)
|
|
—
|
|
|
231
|
|
||||||
Other investments
|
122
|
|
|
7
|
|
|
4
|
|
|
(4
|
)
|
|
—
|
|
|
129
|
|
||||||
Total
|
$
|
739
|
|
|
$
|
25
|
|
|
$
|
80
|
|
|
$
|
(28
|
)
|
|
$
|
1
|
|
|
$
|
817
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
2011
|
||||||||||||||||||||||
Fixed income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
U.S. government and government agency securities
|
$
|
14
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
13
|
|
Non-U.S. debt securities
|
9
|
|
|
—
|
|
|
3
|
|
|
(2
|
)
|
|
—
|
|
|
10
|
|
||||||
Real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Private real estate
|
110
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
113
|
|
||||||
Real estate commingled/mutual funds
|
215
|
|
|
26
|
|
|
9
|
|
|
(1
|
)
|
|
—
|
|
|
249
|
|
||||||
Limited partnerships
|
230
|
|
|
(6
|
)
|
|
13
|
|
|
(5
|
)
|
|
—
|
|
|
232
|
|
||||||
Other investments
|
94
|
|
|
1
|
|
|
26
|
|
|
—
|
|
|
1
|
|
|
122
|
|
||||||
Total
|
$
|
672
|
|
|
$
|
20
|
|
|
$
|
54
|
|
|
$
|
(8
|
)
|
|
$
|
1
|
|
|
$
|
739
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
2010
|
||||||||||||||||||||||
Fixed income
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. government and government agency securities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
14
|
|
|
$
|
14
|
|
Non-U.S. debt securities
|
6
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
9
|
|
||||||
Real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Private real estate
|
119
|
|
|
(9
|
)
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
110
|
|
||||||
Real estate commingled/mutual funds
|
195
|
|
|
(4
|
)
|
|
24
|
|
|
—
|
|
|
—
|
|
|
215
|
|
||||||
Limited partnerships
|
162
|
|
|
13
|
|
|
7
|
|
|
(5
|
)
|
|
53
|
|
|
230
|
|
||||||
Other investments
|
188
|
|
|
—
|
|
|
18
|
|
|
(1
|
)
|
|
(111
|
)
|
|
94
|
|
||||||
Total
|
$
|
670
|
|
|
$
|
1
|
|
|
$
|
50
|
|
|
$
|
(7
|
)
|
|
$
|
(42
|
)
|
|
$
|
672
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Projected Benefit Payments
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
Postretirement Health and Life Plans
|
||||||||||||
(Dollars in millions)
|
Qualified
Pension Plans
(1)
|
|
Non-U.S.
Pension Plans
(2)
|
|
Nonqualified
and Other
Pension Plans
(2)
|
|
Net Payments
(3)
|
|
Medicare
Subsidy
|
||||||||||
2013
|
$
|
887
|
|
|
$
|
63
|
|
|
$
|
234
|
|
|
$
|
147
|
|
|
$
|
18
|
|
2014
|
931
|
|
|
67
|
|
|
238
|
|
|
147
|
|
|
18
|
|
|||||
2015
|
913
|
|
|
68
|
|
|
239
|
|
|
145
|
|
|
18
|
|
|||||
2016
|
900
|
|
|
73
|
|
|
240
|
|
|
141
|
|
|
18
|
|
|||||
2017
|
888
|
|
|
76
|
|
|
237
|
|
|
136
|
|
|
17
|
|
|||||
2018 – 2022
|
4,329
|
|
|
455
|
|
|
1,133
|
|
|
595
|
|
|
80
|
|
(1)
|
Benefit payments expected to be made from the plans’ assets.
|
(2)
|
Benefit payments expected to be made from a combination of the plans’ and the Corporation’s assets.
|
(3)
|
Benefit payments (net of retiree contributions) expected to be made from a combination of the plans’ and the Corporation’s assets.
|
252
Bank of America 2012
|
|
|
|
|
Bank of America 2012
253
|
|
|
|
|
|||
Restricted Stock/Units
|
||||||
|
|
|
|
|||
|
Shares/Units
|
|
Weighted-
average Grant Date Fair Value
|
|||
Outstanding at January 1, 2012
|
253,966,818
|
|
|
$
|
13.46
|
|
Granted
|
196,979,019
|
|
|
7.78
|
|
|
Vested
|
(293,968,254
|
)
|
|
9.80
|
|
|
Canceled
|
(9,407,186
|
)
|
|
13.46
|
|
|
Outstanding at December 31, 2012
|
147,570,397
|
|
|
$
|
13.18
|
|
(1)
|
Includes vested shares and nonvested shares after a forfeiture rate is applied.
|
254
Bank of America 2012
|
|
|
|
|
|
|
|
|
||||||
Income Tax Expense (Benefit)
|
|
|
|
|
|||||||
|
|
|
|
|
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2010
|
||||||
Current income tax expense (benefit)
|
|
|
|
|
|
|
|
|
|||
U.S. federal
|
$
|
458
|
|
|
$
|
(733
|
)
|
|
$
|
(666
|
)
|
U.S. state and local
|
592
|
|
|
393
|
|
|
158
|
|
|||
Non-U.S.
|
569
|
|
|
613
|
|
|
815
|
|
|||
Total current expense
|
1,619
|
|
|
273
|
|
|
307
|
|
|||
Deferred income tax expense (benefit)
|
|
|
|
|
|
|
|
|
|||
U.S. federal
|
(3,433
|
)
|
|
(2,673
|
)
|
|
(287
|
)
|
|||
U.S. state and local
|
(55
|
)
|
|
(584
|
)
|
|
201
|
|
|||
Non-U.S.
|
753
|
|
|
1,308
|
|
|
694
|
|
|||
Total deferred expense (benefit)
|
(2,735
|
)
|
|
(1,949
|
)
|
|
608
|
|
|||
Total income tax expense (benefit)
|
$
|
(1,116
|
)
|
|
$
|
(1,676
|
)
|
|
$
|
915
|
|
(1)
|
Includes in
2012
,
$1.7 billion
income tax benefit attributable to the
excess of foreign tax credits recognized in the U.S. upon repatriation of the earnings of certain non-U.S. subsidiaries over the related U.S. tax liability.
|
|
|
|
|
|
|
||||||
Reconciliation of the Change in Unrecognized Tax Benefits
|
|||||||||||
|
|
|
|
|
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2010
|
||||||
Beginning balance
|
$
|
4,203
|
|
|
$
|
5,169
|
|
|
$
|
5,253
|
|
Increases related to positions taken during the current year
|
352
|
|
|
219
|
|
|
172
|
|
|||
Increases related to positions taken during prior years
(1)
|
142
|
|
|
879
|
|
|
755
|
|
|||
Decreases related to positions taken during prior years
(1)
|
(711
|
)
|
|
(1,669
|
)
|
|
(657
|
)
|
|||
Settlements
|
(205
|
)
|
|
(277
|
)
|
|
(305
|
)
|
|||
Expiration of statute of limitations
|
(104
|
)
|
|
(118
|
)
|
|
(49
|
)
|
|||
Ending balance
|
$
|
3,677
|
|
|
$
|
4,203
|
|
|
$
|
5,169
|
|
(1)
|
The sum per year of positions taken during prior years differs from the
$198 million
,
$239 million
and
$349 million
in the Reconciliation of Income Tax Expense (Benefit) table due to temporary items and jurisdictional offsets, as well as the inclusion of interest in the Reconciliation of Income Tax Expense (Benefit) table.
|
|
|
Bank of America 2012
255
|
|
|
|
|
Tax Examination Status
|
|
|
|
|
|
|
|
|
Years under
Examination
|
|
Status at December 31 2012
|
Bank of America Corporation – U.S.
|
2001 – 2009
|
|
See below
|
Bank of America Corporation – U.S.
|
2010 – 2011
|
|
Field examination
|
Bank of America Corporation – New York
(1)
|
2004 – 2008
|
|
Field examination
|
Merrill Lynch – U.S.
|
2004 – 2008
|
|
See below
|
Various – U.K.
|
2011
|
|
Field examination
|
(1)
|
All tax years subsequent to the years shown remain open to examination.
|
|
|
|
|
||||
Deferred Tax Assets and Liabilities
|
|
|
|
||||
|
|
|
|
||||
|
December 31
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
||||
Deferred tax assets
|
|
|
|
|
|
||
Net operating loss carryforwards
|
$
|
13,863
|
|
|
$
|
14,307
|
|
Tax credit carryforwards
|
9,529
|
|
|
4,510
|
|
||
Allowance for credit losses
|
8,463
|
|
|
11,824
|
|
||
Accrued expenses
|
8,099
|
|
|
8,340
|
|
||
Employee compensation and retirement benefits
|
4,612
|
|
|
4,792
|
|
||
Security, loan and debt valuations
|
2,712
|
|
|
1,091
|
|
||
State income taxes
|
2,766
|
|
|
2,489
|
|
||
Other
|
725
|
|
|
1,654
|
|
||
Gross deferred tax assets
|
50,769
|
|
|
49,007
|
|
||
Valuation allowance
|
(2,211
|
)
|
|
(1,796
|
)
|
||
Total deferred tax assets, net of valuation allowance
|
48,558
|
|
|
47,211
|
|
||
|
|
|
|
||||
Deferred tax liabilities
|
|
|
|
|
|
||
Equipment lease financing
|
3,371
|
|
|
3,042
|
|
||
Long-term borrowings
|
3,215
|
|
|
3,360
|
|
||
Available-for-sale securities
|
2,877
|
|
|
1,811
|
|
||
Mortgage servicing rights
|
1,986
|
|
|
1,993
|
|
||
Intangibles
|
1,708
|
|
|
1,894
|
|
||
Fee income
|
901
|
|
|
1,038
|
|
||
Other
|
1,462
|
|
|
2,074
|
|
||
Gross deferred tax liabilities
|
15,520
|
|
|
15,212
|
|
||
Net deferred tax assets
|
$
|
33,038
|
|
|
$
|
31,999
|
|
|
|
|
|
|
|
|
|
||||||
Net Operating Loss and Tax Credit Carryforwards
|
|||||||||||||
|
|
|
|
|
|
|
|
||||||
(Dollars in millions)
|
Deferred
Tax Asset
|
|
Valuation
Allowance
|
|
Net
Deferred
Tax Asset
|
|
First Year
Expiring
|
||||||
Net operating losses – U.S.
|
$
|
4,911
|
|
|
$
|
—
|
|
|
$
|
4,911
|
|
|
After 2027
|
Net operating losses – U.K.
|
8,483
|
|
|
—
|
|
|
8,483
|
|
|
None
(1)
|
|||
Net operating losses – other non-U.S.
|
469
|
|
|
(296
|
)
|
|
173
|
|
|
Various
|
|||
Net operating losses – U.S. states
(2)
|
2,136
|
|
|
(932
|
)
|
|
1,204
|
|
|
Various
|
|||
General business credits
|
3,349
|
|
|
—
|
|
|
3,349
|
|
|
After 2027
|
|||
Foreign tax credits
|
6,180
|
|
|
(271
|
)
|
|
5,909
|
|
|
After 2017
|
(1)
|
The U.K. net operating losses may be carried forward indefinitely.
|
(2)
|
The net operating losses and related valuation allowances for U.S. states before considering the benefit of federal deductions were
$3.3 billion
and
$1.4 billion
.
|
256
Bank of America 2012
|
|
|
|
|
Bank of America 2012
257
|
258
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31, 2012
|
||||||||||||||||||
|
Fair Value Measurements
|
|
|
|
|
||||||||||||||
(Dollars in millions)
|
Level 1
(1)
|
|
Level 2
(1)
|
|
Level 3
|
|
Netting Adjustments
(2)
|
|
Assets/Liabilities at Fair Value
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
$
|
—
|
|
|
$
|
98,670
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
98,670
|
|
Trading account assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. government and agency securities
|
57,655
|
|
|
29,319
|
|
|
—
|
|
|
—
|
|
|
86,974
|
|
|||||
Corporate securities, trading loans and other
|
1,292
|
|
|
32,882
|
|
|
3,726
|
|
|
—
|
|
|
37,900
|
|
|||||
Equity securities
|
28,144
|
|
|
14,626
|
|
|
545
|
|
|
—
|
|
|
43,315
|
|
|||||
Non-U.S. sovereign debt
|
38,405
|
|
|
13,439
|
|
|
353
|
|
|
—
|
|
|
52,197
|
|
|||||
Mortgage trading loans and ABS
|
—
|
|
|
11,905
|
|
|
4,935
|
|
|
—
|
|
|
16,840
|
|
|||||
Total trading account assets
|
125,496
|
|
|
102,171
|
|
|
9,559
|
|
|
—
|
|
|
237,226
|
|
|||||
Derivative assets
(3)
|
2,997
|
|
|
1,372,398
|
|
|
8,073
|
|
|
(1,329,971
|
)
|
|
53,497
|
|
|||||
AFS debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. Treasury securities and agency securities
|
21,514
|
|
|
2,958
|
|
|
—
|
|
|
—
|
|
|
24,472
|
|
|||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Agency
|
—
|
|
|
188,149
|
|
|
—
|
|
|
—
|
|
|
188,149
|
|
|||||
Agency-collateralized mortgage obligations
|
—
|
|
|
37,538
|
|
|
—
|
|
|
—
|
|
|
37,538
|
|
|||||
Non-agency residential
|
—
|
|
|
9,494
|
|
|
—
|
|
|
—
|
|
|
9,494
|
|
|||||
Non-agency commercial
|
—
|
|
|
3,914
|
|
|
10
|
|
|
—
|
|
|
3,924
|
|
|||||
Non-U.S. securities
|
2,637
|
|
|
2,981
|
|
|
—
|
|
|
—
|
|
|
5,618
|
|
|||||
Corporate/Agency bonds
|
—
|
|
|
1,358
|
|
|
92
|
|
|
—
|
|
|
1,450
|
|
|||||
Other taxable securities
|
20
|
|
|
8,180
|
|
|
3,928
|
|
|
—
|
|
|
12,128
|
|
|||||
Tax-exempt securities
|
—
|
|
|
3,072
|
|
|
1,061
|
|
|
—
|
|
|
4,133
|
|
|||||
Total AFS debt securities
|
24,171
|
|
|
257,644
|
|
|
5,091
|
|
|
—
|
|
|
286,906
|
|
|||||
Loans and leases
|
—
|
|
|
6,715
|
|
|
2,287
|
|
|
—
|
|
|
9,002
|
|
|||||
Mortgage servicing rights
|
—
|
|
|
—
|
|
|
5,716
|
|
|
—
|
|
|
5,716
|
|
|||||
Loans held-for-sale
|
—
|
|
|
8,926
|
|
|
2,733
|
|
|
—
|
|
|
11,659
|
|
|||||
Other assets
|
19,026
|
|
|
18,828
|
|
|
3,129
|
|
|
—
|
|
|
40,983
|
|
|||||
Total assets
|
$
|
171,690
|
|
|
$
|
1,865,352
|
|
|
$
|
36,588
|
|
|
$
|
(1,329,971
|
)
|
|
$
|
743,659
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest-bearing deposits in U.S. offices
|
$
|
—
|
|
|
$
|
2,262
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,262
|
|
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
—
|
|
|
42,639
|
|
|
—
|
|
|
—
|
|
|
42,639
|
|
|||||
Trading account liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. government and agency securities
|
22,351
|
|
|
1,079
|
|
|
—
|
|
|
—
|
|
|
23,430
|
|
|||||
Equity securities
|
19,852
|
|
|
2,640
|
|
|
—
|
|
|
—
|
|
|
22,492
|
|
|||||
Non-U.S. sovereign debt
|
18,875
|
|
|
1,369
|
|
|
—
|
|
|
—
|
|
|
20,244
|
|
|||||
Corporate securities and other
|
487
|
|
|
6,870
|
|
|
64
|
|
|
—
|
|
|
7,421
|
|
|||||
Total trading account liabilities
|
61,565
|
|
|
11,958
|
|
|
64
|
|
|
—
|
|
|
73,587
|
|
|||||
Derivative liabilities
(3)
|
2,859
|
|
|
1,355,309
|
|
|
6,605
|
|
|
(1,318,757
|
)
|
|
46,016
|
|
|||||
Other short-term borrowings
|
—
|
|
|
4,074
|
|
|
—
|
|
|
—
|
|
|
4,074
|
|
|||||
Accrued expenses and other liabilities
|
15,457
|
|
|
1,122
|
|
|
15
|
|
|
—
|
|
|
16,594
|
|
|||||
Long-term debt
|
—
|
|
|
46,860
|
|
|
2,301
|
|
|
—
|
|
|
49,161
|
|
|||||
Total liabilities
|
$
|
79,881
|
|
|
$
|
1,464,224
|
|
|
$
|
8,985
|
|
|
$
|
(1,318,757
|
)
|
|
$
|
234,333
|
|
(1)
|
During
2012
,
$2.0 billion
and
$350 million
of assets and liabilities were transferred from Level 1 to Level 2, and
$785 million
and
$40 million
of assets and liabilities were transferred from Level 2 to Level 1. Of the asset transfers from Level 1 to Level 2,
$940 million
was due to a restriction that became effective for a private equity investment during 2012, while
$535 million
of the transfers from Level 2 to Level 1 was due to the lapse of this restriction during 2012. The remaining transfers were the result of additional information associated with certain equities, derivative contracts and private equity investments.
|
(2)
|
Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties.
|
(3)
|
For further disaggregation of derivative assets and liabilities, see
Note 3 – Derivatives
.
|
|
|
Bank of America 2012
259
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31, 2011
|
||||||||||||||||||
|
Fair Value Measurements
|
|
|
|
|
||||||||||||||
(Dollars in millions)
|
Level 1
(1)
|
|
Level 2
(1)
|
|
Level 3
|
|
Netting Adjustments
(2)
|
|
Assets/Liabilities at Fair Value
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
$
|
—
|
|
|
$
|
87,453
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
87,453
|
|
Trading account assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. government and agency securities
|
30,540
|
|
|
22,073
|
|
|
—
|
|
|
—
|
|
|
52,613
|
|
|||||
Corporate securities, trading loans and other
|
1,067
|
|
|
28,624
|
|
|
6,880
|
|
|
—
|
|
|
36,571
|
|
|||||
Equity securities
|
17,181
|
|
|
5,949
|
|
|
544
|
|
|
—
|
|
|
23,674
|
|
|||||
Non-U.S. sovereign debt
|
33,667
|
|
|
8,937
|
|
|
342
|
|
|
—
|
|
|
42,946
|
|
|||||
Mortgage trading loans and ABS
|
—
|
|
|
9,826
|
|
|
3,689
|
|
|
—
|
|
|
13,515
|
|
|||||
Total trading account assets
|
82,455
|
|
|
75,409
|
|
|
11,455
|
|
|
—
|
|
|
169,319
|
|
|||||
Derivative assets
(3)
|
2,186
|
|
|
1,865,310
|
|
|
14,366
|
|
|
(1,808,839
|
)
|
|
73,023
|
|
|||||
AFS debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. Treasury securities and agency securities
|
39,389
|
|
|
3,475
|
|
|
—
|
|
|
—
|
|
|
42,864
|
|
|||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Agency
|
—
|
|
|
142,526
|
|
|
37
|
|
|
—
|
|
|
142,563
|
|
|||||
Agency-collateralized mortgage obligations
|
—
|
|
|
44,999
|
|
|
—
|
|
|
—
|
|
|
44,999
|
|
|||||
Non-agency residential
|
—
|
|
|
13,907
|
|
|
860
|
|
|
—
|
|
|
14,767
|
|
|||||
Non-agency commercial
|
—
|
|
|
5,482
|
|
|
40
|
|
|
—
|
|
|
5,522
|
|
|||||
Non-U.S. securities
|
1,664
|
|
|
3,256
|
|
|
—
|
|
|
—
|
|
|
4,920
|
|
|||||
Corporate/Agency bonds
|
—
|
|
|
2,873
|
|
|
162
|
|
|
—
|
|
|
3,035
|
|
|||||
Other taxable securities
|
20
|
|
|
8,593
|
|
|
4,265
|
|
|
—
|
|
|
12,878
|
|
|||||
Tax-exempt securities
|
—
|
|
|
1,955
|
|
|
2,648
|
|
|
—
|
|
|
4,603
|
|
|||||
Total AFS debt securities
|
41,073
|
|
|
227,066
|
|
|
8,012
|
|
|
—
|
|
|
276,151
|
|
|||||
Loans and leases
|
—
|
|
|
6,060
|
|
|
2,744
|
|
|
—
|
|
|
8,804
|
|
|||||
Mortgage servicing rights
|
—
|
|
|
—
|
|
|
7,378
|
|
|
—
|
|
|
7,378
|
|
|||||
Loans held-for-sale
|
—
|
|
|
4,243
|
|
|
3,387
|
|
|
—
|
|
|
7,630
|
|
|||||
Other assets
|
18,963
|
|
|
13,886
|
|
|
4,235
|
|
|
—
|
|
|
37,084
|
|
|||||
Total assets
|
$
|
144,677
|
|
|
$
|
2,279,427
|
|
|
$
|
51,577
|
|
|
$
|
(1,808,839
|
)
|
|
$
|
666,842
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest-bearing deposits in U.S. offices
|
$
|
—
|
|
|
$
|
3,297
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,297
|
|
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
—
|
|
|
34,235
|
|
|
—
|
|
|
—
|
|
|
34,235
|
|
|||||
Trading account liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. government and agency securities
|
19,120
|
|
|
1,590
|
|
|
—
|
|
|
—
|
|
|
20,710
|
|
|||||
Equity securities
|
13,259
|
|
|
1,335
|
|
|
—
|
|
|
—
|
|
|
14,594
|
|
|||||
Non-U.S. sovereign debt
|
16,760
|
|
|
680
|
|
|
—
|
|
|
—
|
|
|
17,440
|
|
|||||
Corporate securities and other
|
829
|
|
|
6,821
|
|
|
114
|
|
|
—
|
|
|
7,764
|
|
|||||
Total trading account liabilities
|
49,968
|
|
|
10,426
|
|
|
114
|
|
|
—
|
|
|
60,508
|
|
|||||
Derivative liabilities
(3)
|
2,055
|
|
|
1,850,804
|
|
|
8,500
|
|
|
(1,801,839
|
)
|
|
59,520
|
|
|||||
Other short-term borrowings
|
—
|
|
|
6,558
|
|
|
—
|
|
|
—
|
|
|
6,558
|
|
|||||
Accrued expenses and other liabilities
|
13,832
|
|
|
1,897
|
|
|
14
|
|
|
—
|
|
|
15,743
|
|
|||||
Long-term debt
|
—
|
|
|
43,296
|
|
|
2,943
|
|
|
—
|
|
|
46,239
|
|
|||||
Total liabilities
|
$
|
65,855
|
|
|
$
|
1,950,513
|
|
|
$
|
11,571
|
|
|
$
|
(1,801,839
|
)
|
|
$
|
226,100
|
|
(1)
|
Gross transfers between Level 1 and Level 2 during
2011
were not significant.
|
(2)
|
Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties.
|
(3)
|
For further disaggregation of derivative assets and liabilities, see
Note 3 – Derivatives
.
|
260
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Level 3 – Fair Value Measurements
(1)
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
2012
|
|||||||||||||||||||||||||||||
|
|
|
|
Gross
|
|
|
|
|||||||||||||||||||||||
(Dollars in millions)
|
Balance
January 1
2012
|
Gains
(Losses) in Earnings |
Gains
(Losses) in OCI |
Purchases
|
Sales
|
Issuances
|
Settlements
|
Gross
Transfers into
Level 3
|
Gross
Transfers out of
Level 3
|
Balance December 31 2012
|
||||||||||||||||||||
Trading account assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Corporate securities, trading loans and other
(2)
|
$
|
6,880
|
|
$
|
195
|
|
$
|
—
|
|
$
|
2,798
|
|
$
|
(4,556
|
)
|
$
|
—
|
|
$
|
(1,077
|
)
|
$
|
436
|
|
$
|
(950
|
)
|
$
|
3,726
|
|
Equity securities
|
544
|
|
31
|
|
—
|
|
201
|
|
(271
|
)
|
—
|
|
27
|
|
90
|
|
(77
|
)
|
545
|
|
||||||||||
Non-U.S. sovereign debt
|
342
|
|
8
|
|
—
|
|
388
|
|
(359
|
)
|
—
|
|
(5
|
)
|
—
|
|
(21
|
)
|
353
|
|
||||||||||
Mortgage trading loans and ABS
(2)
|
3,689
|
|
215
|
|
—
|
|
2,574
|
|
(1,536
|
)
|
—
|
|
(678
|
)
|
844
|
|
(173
|
)
|
4,935
|
|
||||||||||
Total trading account assets
|
11,455
|
|
449
|
|
—
|
|
5,961
|
|
(6,722
|
)
|
—
|
|
(1,733
|
)
|
1,370
|
|
(1,221
|
)
|
9,559
|
|
||||||||||
Net derivative assets
(3)
|
5,866
|
|
(221
|
)
|
—
|
|
893
|
|
(1,012
|
)
|
—
|
|
(3,328
|
)
|
(269
|
)
|
(461
|
)
|
1,468
|
|
||||||||||
AFS debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Agency
|
37
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(4
|
)
|
—
|
|
(33
|
)
|
—
|
|
||||||||||
Non-agency residential
|
860
|
|
(69
|
)
|
19
|
|
—
|
|
(306
|
)
|
—
|
|
(2
|
)
|
—
|
|
(502
|
)
|
—
|
|
||||||||||
Non-agency commercial
|
40
|
|
—
|
|
—
|
|
—
|
|
(24
|
)
|
—
|
|
(6
|
)
|
—
|
|
—
|
|
10
|
|
||||||||||
Corporate/Agency bonds
|
162
|
|
(2
|
)
|
—
|
|
(2
|
)
|
—
|
|
—
|
|
(39
|
)
|
—
|
|
(27
|
)
|
92
|
|
||||||||||
Other taxable securities
|
4,265
|
|
23
|
|
26
|
|
3,196
|
|
(28
|
)
|
—
|
|
(3,345
|
)
|
—
|
|
(209
|
)
|
3,928
|
|
||||||||||
Tax-exempt securities
|
2,648
|
|
61
|
|
20
|
|
—
|
|
(133
|
)
|
—
|
|
(1,535
|
)
|
—
|
|
—
|
|
1,061
|
|
||||||||||
Total AFS debt securities
|
8,012
|
|
13
|
|
65
|
|
3,194
|
|
(491
|
)
|
—
|
|
(4,931
|
)
|
—
|
|
(771
|
)
|
5,091
|
|
||||||||||
Loans and leases
(4, 5)
|
2,744
|
|
334
|
|
—
|
|
564
|
|
(1,520
|
)
|
—
|
|
(274
|
)
|
450
|
|
(11
|
)
|
2,287
|
|
||||||||||
Mortgage servicing rights
(5)
|
7,378
|
|
(430
|
)
|
—
|
|
—
|
|
(122
|
)
|
374
|
|
(1,484
|
)
|
—
|
|
—
|
|
5,716
|
|
||||||||||
Loans held-for-sale
(4)
|
3,387
|
|
352
|
|
—
|
|
794
|
|
(834
|
)
|
—
|
|
(414
|
)
|
80
|
|
(632
|
)
|
2,733
|
|
||||||||||
Other assets
(6)
|
4,235
|
|
(54
|
)
|
—
|
|
109
|
|
(1,039
|
)
|
270
|
|
(381
|
)
|
—
|
|
(11
|
)
|
3,129
|
|
||||||||||
Trading account liabilities – Corporate securities and other
|
(114
|
)
|
4
|
|
—
|
|
116
|
|
(136
|
)
|
—
|
|
80
|
|
(68
|
)
|
54
|
|
(64
|
)
|
||||||||||
Other short-term borrowings
(4)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(232
|
)
|
232
|
|
—
|
|
—
|
|
—
|
|
||||||||||
Accrued expenses and other liabilities
(4)
|
(14
|
)
|
(4
|
)
|
—
|
|
8
|
|
—
|
|
(9
|
)
|
—
|
|
—
|
|
4
|
|
(15
|
)
|
||||||||||
Long-term debt
(4)
|
(2,943
|
)
|
(307
|
)
|
—
|
|
290
|
|
(33
|
)
|
(259
|
)
|
1,239
|
|
(2,040
|
)
|
1,752
|
|
(2,301
|
)
|
(1)
|
Assets (liabilities). For assets, increase / (decrease) to Level 3 and for liabilities, (increase) / decrease to Level 3.
|
(2)
|
During
2012
, approximately
$900 million
was reclassified from Trading account assets - Corporate securities, trading loans and other to Trading account assets - Mortgage trading loans and ABS. In the table above, this reclassification is presented as a sale of Trading account assets - Corporate securities, trading loans and other and as a purchase of Trading account assets - Mortgage trading loans and ABS.
|
(3)
|
Net derivatives include derivative assets of
$8.1 billion
and derivative liabilities of
$6.6 billion
.
|
(4)
|
Amounts represent instruments that are accounted for under the fair value option.
|
(5)
|
Issuances represent loan originations and mortgage servicing rights retained following securitizations or whole loan sales.
|
(6)
|
Other assets is primarily comprised of net monoline exposure to a single counterparty and private equity investments.
|
|
|
Bank of America 2012
261
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Level 3 – Fair Value Measurements
(1)
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
2011
|
||||||||||||||||||||||||||||||||
|
|
|
|
|
Gross
|
|
|
|
|||||||||||||||||||||||||
(Dollars in millions)
|
Balance
January 1
2011
|
Consolidation
of VIEs
|
Gains
(Losses) in Earnings |
Gains
(Losses) in OCI |
Purchases
|
Sales
|
Issuances
|
Settlements
|
Gross
Transfers into
Level 3
|
Gross
Transfers out of
Level 3
|
Balance
December 31
2011
|
||||||||||||||||||||||
Trading account assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Corporate securities, trading loans and other
|
$
|
7,751
|
|
$
|
—
|
|
$
|
490
|
|
$
|
—
|
|
$
|
5,683
|
|
$
|
(6,664
|
)
|
$
|
—
|
|
$
|
(1,362
|
)
|
$
|
1,695
|
|
$
|
(713
|
)
|
$
|
6,880
|
|
Equity securities
|
557
|
|
—
|
|
49
|
|
—
|
|
335
|
|
(362
|
)
|
—
|
|
(140
|
)
|
132
|
|
(27
|
)
|
544
|
|
|||||||||||
Non-U.S. sovereign debt
|
243
|
|
—
|
|
87
|
|
—
|
|
188
|
|
(137
|
)
|
—
|
|
(3
|
)
|
8
|
|
(44
|
)
|
342
|
|
|||||||||||
Mortgage trading loans and ABS
|
6,908
|
|
—
|
|
442
|
|
—
|
|
2,222
|
|
(4,713
|
)
|
—
|
|
(440
|
)
|
75
|
|
(805
|
)
|
3,689
|
|
|||||||||||
Total trading account assets
|
15,459
|
|
—
|
|
1,068
|
|
—
|
|
8,428
|
|
(11,876
|
)
|
—
|
|
(1,945
|
)
|
1,910
|
|
(1,589
|
)
|
11,455
|
|
|||||||||||
Net derivative assets
(2)
|
7,745
|
|
—
|
|
5,199
|
|
—
|
|
1,235
|
|
(1,553
|
)
|
—
|
|
(7,779
|
)
|
1,199
|
|
(180
|
)
|
5,866
|
|
|||||||||||
AFS debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Agency
|
4
|
|
—
|
|
—
|
|
—
|
|
14
|
|
(11
|
)
|
—
|
|
—
|
|
34
|
|
(4
|
)
|
37
|
|
|||||||||||
Agency collateralized mortgage obligations
|
—
|
|
—
|
|
—
|
|
—
|
|
56
|
|
(56
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||||
Non-agency residential
|
1,468
|
|
—
|
|
(158
|
)
|
41
|
|
11
|
|
(307
|
)
|
—
|
|
(568
|
)
|
373
|
|
—
|
|
860
|
|
|||||||||||
Non-agency commercial
|
19
|
|
—
|
|
—
|
|
—
|
|
15
|
|
—
|
|
—
|
|
—
|
|
6
|
|
—
|
|
40
|
|
|||||||||||
Non-U.S. securities
|
3
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
88
|
|
(91
|
)
|
—
|
|
|||||||||||
Corporate/Agency bonds
|
137
|
|
—
|
|
(12
|
)
|
(8
|
)
|
304
|
|
(17
|
)
|
—
|
|
—
|
|
7
|
|
(249
|
)
|
162
|
|
|||||||||||
Other taxable securities
|
13,018
|
|
—
|
|
26
|
|
21
|
|
3,876
|
|
(2,245
|
)
|
—
|
|
(5,112
|
)
|
2
|
|
(5,321
|
)
|
4,265
|
|
|||||||||||
Tax-exempt securities
|
1,224
|
|
—
|
|
21
|
|
(35
|
)
|
2,862
|
|
(92
|
)
|
—
|
|
(697
|
)
|
38
|
|
(673
|
)
|
2,648
|
|
|||||||||||
Total AFS debt securities
|
15,873
|
|
—
|
|
(123
|
)
|
19
|
|
7,138
|
|
(2,728
|
)
|
—
|
|
(6,377
|
)
|
548
|
|
(6,338
|
)
|
8,012
|
|
|||||||||||
Loans and leases
(3, 4)
|
3,321
|
|
5,194
|
|
(55
|
)
|
—
|
|
21
|
|
(2,644
|
)
|
3,118
|
|
(1,830
|
)
|
5
|
|
(4,386
|
)
|
2,744
|
|
|||||||||||
Mortgage servicing rights
(4)
|
14,900
|
|
—
|
|
(5,661
|
)
|
—
|
|
—
|
|
(896
|
)
|
1,656
|
|
(2,621
|
)
|
—
|
|
—
|
|
7,378
|
|
|||||||||||
Loans held-for-sale
(3)
|
4,140
|
|
—
|
|
36
|
|
—
|
|
157
|
|
(483
|
)
|
—
|
|
(961
|
)
|
565
|
|
(67
|
)
|
3,387
|
|
|||||||||||
Other assets
(5)
|
6,922
|
|
—
|
|
140
|
|
—
|
|
1,932
|
|
(2,391
|
)
|
—
|
|
(768
|
)
|
375
|
|
(1,975
|
)
|
4,235
|
|
|||||||||||
Trading account liabilities – Corporate securities and other
|
(7
|
)
|
—
|
|
4
|
|
—
|
|
133
|
|
(189
|
)
|
—
|
|
—
|
|
(65
|
)
|
10
|
|
(114
|
)
|
|||||||||||
Other short-term borrowings
(3)
|
(706
|
)
|
—
|
|
(30
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
86
|
|
—
|
|
650
|
|
—
|
|
|||||||||||
Accrued expenses and other liabilities
(3)
|
(828
|
)
|
—
|
|
61
|
|
—
|
|
—
|
|
(2
|
)
|
(9
|
)
|
3
|
|
—
|
|
761
|
|
(14
|
)
|
|||||||||||
Long-term debt
(3)
|
(2,986
|
)
|
—
|
|
(188
|
)
|
—
|
|
520
|
|
(72
|
)
|
(520
|
)
|
838
|
|
(2,111
|
)
|
1,576
|
|
(2,943
|
)
|
(1)
|
Assets (liabilities). For assets, increase / (decrease) to Level 3 and for liabilities, (increase) / decrease to Level 3.
|
(2)
|
Net derivatives include derivative assets of
$14.4 billion
and derivative liabilities of
$8.5 billion
.
|
(3)
|
Amounts represent instruments that are accounted for under the fair value option.
|
(4)
|
Issuances represent loan originations and mortgage servicing rights retained following securitizations or whole loan sales.
|
(5)
|
Other assets is primarily comprised of net monoline exposure to a single counterparty and private equity investments.
|
262
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Level 3 – Fair Value Measurements
(1)
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
2010
|
||||||||||||||||||||||||||||||
(Dollars in millions)
|
Balance
January 1
2010
|
|
Consolidation of VIEs
|
|
Gains
(Losses)
in Earnings
|
|
Gains
(Losses)
in OCI
|
|
Purchases,
Issuances
and
Settlements
|
|
Gross Transfers
into
Level 3
|
|
Gross Transfers
out of
Level 3
|
|
Balance
December 31
2010
|
||||||||||||||||
Trading account assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Corporate securities, trading loans and other
|
$
|
11,080
|
|
|
$
|
117
|
|
|
$
|
848
|
|
|
$
|
—
|
|
|
$
|
(4,852
|
)
|
|
$
|
2,599
|
|
|
$
|
(2,041
|
)
|
|
$
|
7,751
|
|
Equity securities
|
1,084
|
|
|
—
|
|
|
(81
|
)
|
|
—
|
|
|
(342
|
)
|
|
131
|
|
|
(169
|
)
|
|
623
|
|
||||||||
Non-U.S. sovereign debt
|
1,143
|
|
|
—
|
|
|
(138
|
)
|
|
—
|
|
|
(157
|
)
|
|
115
|
|
|
(720
|
)
|
|
243
|
|
||||||||
Mortgage trading loans and ABS
|
7,770
|
|
|
175
|
|
|
653
|
|
|
—
|
|
|
(1,659
|
)
|
|
396
|
|
|
(427
|
)
|
|
6,908
|
|
||||||||
Total trading account assets
|
21,077
|
|
|
292
|
|
|
1,282
|
|
|
—
|
|
|
(7,010
|
)
|
|
3,241
|
|
|
(3,357
|
)
|
|
15,525
|
|
||||||||
Net derivative assets
(2)
|
7,863
|
|
|
—
|
|
|
8,118
|
|
|
—
|
|
|
(8,778
|
)
|
|
1,067
|
|
|
(525
|
)
|
|
7,745
|
|
||||||||
AFS debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Agency
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||||||
Non-agency residential
|
7,216
|
|
|
113
|
|
|
(646
|
)
|
|
(169
|
)
|
|
(6,767
|
)
|
|
1,909
|
|
|
(188
|
)
|
|
1,468
|
|
||||||||
Non-agency commercial
|
258
|
|
|
—
|
|
|
(13
|
)
|
|
(31
|
)
|
|
(178
|
)
|
|
71
|
|
|
(88
|
)
|
|
19
|
|
||||||||
Non-U.S. securities
|
468
|
|
|
—
|
|
|
(125
|
)
|
|
(75
|
)
|
|
(321
|
)
|
|
56
|
|
|
—
|
|
|
3
|
|
||||||||
Corporate/Agency bonds
|
927
|
|
|
—
|
|
|
(3
|
)
|
|
47
|
|
|
(847
|
)
|
|
32
|
|
|
(19
|
)
|
|
137
|
|
||||||||
Other taxable securities
|
9,854
|
|
|
5,603
|
|
|
(296
|
)
|
|
44
|
|
|
(3,263
|
)
|
|
1,119
|
|
|
(43
|
)
|
|
13,018
|
|
||||||||
Tax-exempt securities
|
1,623
|
|
|
—
|
|
|
(25
|
)
|
|
(9
|
)
|
|
(574
|
)
|
|
316
|
|
|
(107
|
)
|
|
1,224
|
|
||||||||
Total AFS debt securities
|
20,346
|
|
|
5,716
|
|
|
(1,108
|
)
|
|
(193
|
)
|
|
(11,946
|
)
|
|
3,503
|
|
|
(445
|
)
|
|
15,873
|
|
||||||||
Loans and leases
(3)
|
4,936
|
|
|
—
|
|
|
(89
|
)
|
|
—
|
|
|
(1,526
|
)
|
|
—
|
|
|
—
|
|
|
3,321
|
|
||||||||
Mortgage servicing rights
|
19,465
|
|
|
—
|
|
|
(4,321
|
)
|
|
—
|
|
|
(244
|
)
|
|
—
|
|
|
—
|
|
|
14,900
|
|
||||||||
Loans held-for-sale
(3)
|
6,942
|
|
|
—
|
|
|
482
|
|
|
—
|
|
|
(3,714
|
)
|
|
624
|
|
|
(194
|
)
|
|
4,140
|
|
||||||||
Other assets
(4)
|
7,821
|
|
|
—
|
|
|
1,946
|
|
|
—
|
|
|
(2,612
|
)
|
|
—
|
|
|
(299
|
)
|
|
6,856
|
|
||||||||
Trading account liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-U.S. sovereign debt
|
(386
|
)
|
|
—
|
|
|
23
|
|
|
—
|
|
|
(17
|
)
|
|
—
|
|
|
380
|
|
|
—
|
|
||||||||
Corporate securities and other
|
(10
|
)
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
11
|
|
|
(52
|
)
|
|
49
|
|
|
(7
|
)
|
||||||||
Total trading account liabilities
|
(396
|
)
|
|
—
|
|
|
18
|
|
|
—
|
|
|
(6
|
)
|
|
(52
|
)
|
|
429
|
|
|
(7
|
)
|
||||||||
Other short-term borrowings
(3)
|
(707
|
)
|
|
—
|
|
|
(95
|
)
|
|
—
|
|
|
96
|
|
|
—
|
|
|
—
|
|
|
(706
|
)
|
||||||||
Accrued expenses and other liabilities
(3)
|
(891
|
)
|
|
—
|
|
|
146
|
|
|
—
|
|
|
(83
|
)
|
|
—
|
|
|
—
|
|
|
(828
|
)
|
||||||||
Long-term debt
(3)
|
(4,660
|
)
|
|
—
|
|
|
697
|
|
|
—
|
|
|
1,074
|
|
|
(1,881
|
)
|
|
1,784
|
|
|
(2,986
|
)
|
(1)
|
Assets (liabilities). For assets, increase / (decrease) to Level 3 and for liabilities, (increase) / decrease to Level 3.
|
(2)
|
Net derivatives include derivative assets of
$18.8 billion
and derivative liabilities of
$11.0 billion
.
|
(3)
|
Amounts represent instruments that are accounted for under the fair value option.
|
(4)
|
Other assets is primarily comprised of AFS marketable equity securities.
|
|
|
Bank of America 2012
263
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Level 3 – Total Realized and Unrealized Gains (Losses) Included in Earnings
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
2012
|
||||||||||||||||||
(Dollars in millions)
|
Equity
Investment Income
(Loss)
|
|
Trading
Account Profits
(Losses)
|
|
Mortgage
Banking Income
(Loss)
(1)
|
|
Other
Income
(Loss)
|
|
Total
|
||||||||||
Trading account assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Corporate securities, trading loans and other
|
$
|
—
|
|
|
$
|
195
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
195
|
|
Equity securities
|
—
|
|
|
31
|
|
|
—
|
|
|
—
|
|
|
31
|
|
|||||
Non-U.S. sovereign debt
|
—
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|||||
Mortgage trading loans and ABS
|
—
|
|
|
215
|
|
|
—
|
|
|
—
|
|
|
215
|
|
|||||
Total trading account assets
|
—
|
|
|
449
|
|
|
—
|
|
|
—
|
|
|
449
|
|
|||||
Net derivative assets
|
—
|
|
|
(3,208
|
)
|
|
2,987
|
|
|
—
|
|
|
(221
|
)
|
|||||
AFS debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-agency residential MBS
|
—
|
|
|
—
|
|
|
—
|
|
|
(69
|
)
|
|
(69
|
)
|
|||||
Corporate/Agency bonds
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|||||
Other taxable securities
|
—
|
|
|
2
|
|
|
—
|
|
|
21
|
|
|
23
|
|
|||||
Tax-exempt securities
|
—
|
|
|
—
|
|
|
—
|
|
|
61
|
|
|
61
|
|
|||||
Total AFS debt securities
|
—
|
|
|
2
|
|
|
—
|
|
|
11
|
|
|
13
|
|
|||||
Loans and leases
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
334
|
|
|
334
|
|
|||||
Mortgage servicing rights
|
—
|
|
|
—
|
|
|
(430
|
)
|
|
—
|
|
|
(430
|
)
|
|||||
Loans held-for-sale
(2)
|
—
|
|
|
—
|
|
|
148
|
|
|
204
|
|
|
352
|
|
|||||
Other assets
|
97
|
|
|
—
|
|
|
(74
|
)
|
|
(77
|
)
|
|
(54
|
)
|
|||||
Trading account liabilities – Corporate securities and other
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|||||
Accrued expenses and other liabilities
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
(4
|
)
|
|||||
Long-term debt
(2)
|
—
|
|
|
(133
|
)
|
|
—
|
|
|
(174
|
)
|
|
(307
|
)
|
|||||
Total
|
$
|
97
|
|
|
$
|
(2,886
|
)
|
|
$
|
2,631
|
|
|
$
|
294
|
|
|
$
|
136
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
2011
|
||||||||||||||||||
Trading account assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Corporate securities, trading loans and other
|
$
|
—
|
|
|
$
|
490
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
490
|
|
Equity securities
|
—
|
|
|
49
|
|
|
—
|
|
|
—
|
|
|
49
|
|
|||||
Non-U.S. sovereign debt
|
—
|
|
|
87
|
|
|
—
|
|
|
—
|
|
|
87
|
|
|||||
Mortgage trading loans and ABS
|
—
|
|
|
442
|
|
|
—
|
|
|
—
|
|
|
442
|
|
|||||
Total trading account assets
|
—
|
|
|
1,068
|
|
|
—
|
|
|
—
|
|
|
1,068
|
|
|||||
Net derivative assets
|
—
|
|
|
1,516
|
|
|
3,683
|
|
|
—
|
|
|
5,199
|
|
|||||
AFS debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-agency residential MBS
|
—
|
|
|
—
|
|
|
—
|
|
|
(158
|
)
|
|
(158
|
)
|
|||||
Corporate/Agency bonds
|
—
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
(12
|
)
|
|||||
Other taxable securities
|
—
|
|
|
16
|
|
|
—
|
|
|
10
|
|
|
26
|
|
|||||
Tax-exempt securities
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
24
|
|
|
21
|
|
|||||
Total AFS debt securities
|
—
|
|
|
13
|
|
|
—
|
|
|
(136
|
)
|
|
(123
|
)
|
|||||
Loans and leases
(2)
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
(42
|
)
|
|
(55
|
)
|
|||||
Mortgage servicing rights
|
—
|
|
|
—
|
|
|
(5,661
|
)
|
|
—
|
|
|
(5,661
|
)
|
|||||
Loans held-for-sale
(2)
|
—
|
|
|
—
|
|
|
(108
|
)
|
|
144
|
|
|
36
|
|
|||||
Other assets
|
242
|
|
|
—
|
|
|
(51
|
)
|
|
(51
|
)
|
|
140
|
|
|||||
Trading account liabilities – Corporate securities and other
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|||||
Other short-term borrowings
(2)
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
—
|
|
|
(30
|
)
|
|||||
Accrued expenses and other liabilities
(2)
|
—
|
|
|
(10
|
)
|
|
71
|
|
|
—
|
|
|
61
|
|
|||||
Long-term debt
(2)
|
—
|
|
|
(106
|
)
|
|
—
|
|
|
(82
|
)
|
|
(188
|
)
|
|||||
Total
|
$
|
242
|
|
|
$
|
2,485
|
|
|
$
|
(2,109
|
)
|
|
$
|
(167
|
)
|
|
$
|
451
|
|
(1)
|
Mortgage banking income (loss) does not reflect the impact of Level 1 and Level 2 hedges on MSRs.
|
(2)
|
Amounts represent instruments that are accounted for under the fair value option.
|
264
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Level 3 – Total Realized and Unrealized Gains (Losses) Included in Earnings
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
2010
|
||||||||||||||||||
(Dollars in millions)
|
Equity
Investment Income
(Loss)
|
|
Trading
Account Profits
(Losses)
|
|
Mortgage
Banking Income
(Loss)
(1)
|
|
Other
Income
(Loss)
|
|
Total
|
||||||||||
Trading account assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Corporate securities, trading loans and other
|
$
|
—
|
|
|
$
|
848
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
848
|
|
Equity securities
|
—
|
|
|
(81
|
)
|
|
—
|
|
|
—
|
|
|
(81
|
)
|
|||||
Non-U.S. sovereign debt
|
—
|
|
|
(138
|
)
|
|
—
|
|
|
—
|
|
|
(138
|
)
|
|||||
Mortgage trading loans and ABS
|
—
|
|
|
653
|
|
|
—
|
|
|
—
|
|
|
653
|
|
|||||
Total trading account assets
|
—
|
|
|
1,282
|
|
|
—
|
|
|
—
|
|
|
1,282
|
|
|||||
Net derivative assets
|
—
|
|
|
(1,257
|
)
|
|
9,375
|
|
|
—
|
|
|
8,118
|
|
|||||
AFS debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-agency MBS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential
|
—
|
|
|
—
|
|
|
(16
|
)
|
|
(630
|
)
|
|
(646
|
)
|
|||||
Commercial
|
—
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
(13
|
)
|
|||||
Non-U.S. securities
|
—
|
|
|
—
|
|
|
—
|
|
|
(125
|
)
|
|
(125
|
)
|
|||||
Corporate/Agency bonds
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
|||||
Other taxable securities
|
—
|
|
|
(295
|
)
|
|
—
|
|
|
(1
|
)
|
|
(296
|
)
|
|||||
Tax-exempt securities
|
—
|
|
|
23
|
|
|
—
|
|
|
(48
|
)
|
|
(25
|
)
|
|||||
Total AFS debt securities
|
—
|
|
|
(272
|
)
|
|
(16
|
)
|
|
(820
|
)
|
|
(1,108
|
)
|
|||||
Loans and leases
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
(89
|
)
|
|
(89
|
)
|
|||||
Mortgage servicing rights
|
—
|
|
|
—
|
|
|
(4,321
|
)
|
|
—
|
|
|
(4,321
|
)
|
|||||
Loans held-for-sale
(2)
|
—
|
|
|
—
|
|
|
72
|
|
|
410
|
|
|
482
|
|
|||||
Other assets
|
1,967
|
|
|
—
|
|
|
(21
|
)
|
|
—
|
|
|
1,946
|
|
|||||
Trading account liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-U.S. sovereign debt
|
—
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|||||
Corporate securities and other
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|||||
Total trading account liabilities
|
—
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|||||
Other short-term borrowings
(2)
|
—
|
|
|
—
|
|
|
(95
|
)
|
|
—
|
|
|
(95
|
)
|
|||||
Accrued expenses and other liabilities
(2)
|
—
|
|
|
(26
|
)
|
|
—
|
|
|
172
|
|
|
146
|
|
|||||
Long-term debt
(2)
|
—
|
|
|
677
|
|
|
—
|
|
|
20
|
|
|
697
|
|
|||||
Total
|
$
|
1,967
|
|
|
$
|
422
|
|
|
$
|
4,994
|
|
|
$
|
(307
|
)
|
|
$
|
7,076
|
|
(1)
|
Mortgage banking income (loss) does not reflect the impact of Level 1 and Level 2 hedges on MSRs.
|
(2)
|
Amounts represent instruments that are accounted for under the fair value option.
|
|
|
Bank of America 2012
265
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Level 3 – Changes in Unrealized Gains (Losses) Relating to Assets and Liabilities Still Held at Reporting Date
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
2012
|
||||||||||||||||||
(Dollars in millions)
|
Equity
Investment Income
(Loss)
|
|
Trading
Account Profits
(Losses)
|
|
Mortgage
Banking Income
(Loss)
(1)
|
|
Other
Income
(Loss)
|
|
Total
|
||||||||||
Trading account assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Corporate securities, trading loans and other
|
$
|
—
|
|
|
$
|
(19
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(19
|
)
|
Equity securities
|
—
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|||||
Non-U.S. sovereign debt
|
—
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|||||
Mortgage trading loans and ABS
|
—
|
|
|
36
|
|
|
—
|
|
|
—
|
|
|
36
|
|
|||||
Total trading account assets
|
—
|
|
|
54
|
|
|
—
|
|
|
—
|
|
|
54
|
|
|||||
Net derivative assets
|
—
|
|
|
(2,782
|
)
|
|
2,020
|
|
|
—
|
|
|
(762
|
)
|
|||||
AFS debt securities – Other taxable securities
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||
Loans and leases
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
291
|
|
|
291
|
|
|||||
Mortgage servicing rights
|
—
|
|
|
—
|
|
|
(1,100
|
)
|
|
—
|
|
|
(1,100
|
)
|
|||||
Loans held-for-sale
(2)
|
—
|
|
|
—
|
|
|
121
|
|
|
168
|
|
|
289
|
|
|||||
Other assets
|
141
|
|
|
—
|
|
|
(71
|
)
|
|
(74
|
)
|
|
(4
|
)
|
|||||
Trading account liabilities – Corporate securities and other
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|||||
Accrued expenses and other liabilities
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|||||
Long-term debt
(2)
|
—
|
|
|
(136
|
)
|
|
—
|
|
|
(173
|
)
|
|
(309
|
)
|
|||||
Total
|
$
|
141
|
|
|
$
|
(2,858
|
)
|
|
$
|
970
|
|
|
$
|
210
|
|
|
$
|
(1,537
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
2011
|
||||||||||||||||||
Trading account assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Corporate securities, trading loans and other
|
$
|
—
|
|
|
$
|
(86
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(86
|
)
|
Equity securities
|
—
|
|
|
(60
|
)
|
|
—
|
|
|
—
|
|
|
(60
|
)
|
|||||
Non-U.S. sovereign debt
|
—
|
|
|
101
|
|
|
—
|
|
|
—
|
|
|
101
|
|
|||||
Mortgage trading loans and ABS
|
—
|
|
|
30
|
|
|
—
|
|
|
—
|
|
|
30
|
|
|||||
Total trading account assets
|
—
|
|
|
(15
|
)
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|||||
Net derivative assets
|
—
|
|
|
1,430
|
|
|
1,351
|
|
|
—
|
|
|
2,781
|
|
|||||
AFS debt securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-agency residential MBS
|
—
|
|
|
—
|
|
|
—
|
|
|
(195
|
)
|
|
(195
|
)
|
|||||
Corporate/Agency bonds
|
—
|
|
|
—
|
|
|
—
|
|
|
(14
|
)
|
|
(14
|
)
|
|||||
Other taxable securities
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
13
|
|
|||||
Total AFS debt securities
|
—
|
|
|
—
|
|
|
—
|
|
|
(196
|
)
|
|
(196
|
)
|
|||||
Loans and leases
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
(260
|
)
|
|
(260
|
)
|
|||||
Mortgage servicing rights
|
—
|
|
|
—
|
|
|
(6,958
|
)
|
|
—
|
|
|
(6,958
|
)
|
|||||
Loans held-for-sale
(2)
|
—
|
|
|
—
|
|
|
(153
|
)
|
|
5
|
|
|
(148
|
)
|
|||||
Other assets
|
(309
|
)
|
|
—
|
|
|
(53
|
)
|
|
(51
|
)
|
|
(413
|
)
|
|||||
Trading account liabilities – Corporate securities and other
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|||||
Long-term debt
(2)
|
—
|
|
|
(107
|
)
|
|
—
|
|
|
(94
|
)
|
|
(201
|
)
|
|||||
Total
|
$
|
(309
|
)
|
|
$
|
1,311
|
|
|
$
|
(5,813
|
)
|
|
$
|
(596
|
)
|
|
$
|
(5,407
|
)
|
(1)
|
Mortgage banking income (loss) does not reflect the impact of Level 1 and Level 2 hedges on MSRs.
|
(2)
|
Amounts represent instruments that are accounted for under the fair value option.
|
266
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Level 3 – Changes in Unrealized Gains (Losses) Relating to Assets and Liabilities Still Held at Reporting Date
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
2010
|
||||||||||||||||||
(Dollars in millions)
|
Equity
Investment Income
(Loss)
|
|
Trading
Account Profits
(Losses)
|
|
Mortgage
Banking Income
(Loss)
(1)
|
|
Other
Income
(Loss)
|
|
Total
|
||||||||||
Trading account assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Corporate securities, trading loans and other
|
$
|
—
|
|
|
$
|
289
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
289
|
|
Equity securities
|
—
|
|
|
(50
|
)
|
|
—
|
|
|
—
|
|
|
(50
|
)
|
|||||
Non-U.S. sovereign debt
|
—
|
|
|
(144
|
)
|
|
—
|
|
|
—
|
|
|
(144
|
)
|
|||||
Mortgage trading loans and ABS
|
—
|
|
|
227
|
|
|
—
|
|
|
—
|
|
|
227
|
|
|||||
Total trading account assets
|
—
|
|
|
322
|
|
|
—
|
|
|
—
|
|
|
322
|
|
|||||
Net derivative assets
|
—
|
|
|
(945
|
)
|
|
676
|
|
|
—
|
|
|
(269
|
)
|
|||||
Non-agency residential MBS AFS debt securities
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(162
|
)
|
|
(164
|
)
|
|||||
Loans and leases
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
(142
|
)
|
|
(142
|
)
|
|||||
Mortgage servicing rights
|
—
|
|
|
—
|
|
|
(5,740
|
)
|
|
—
|
|
|
(5,740
|
)
|
|||||
Loans held-for-sale
(2)
|
—
|
|
|
10
|
|
|
(9
|
)
|
|
258
|
|
|
259
|
|
|||||
Other assets
|
50
|
|
|
—
|
|
|
(22
|
)
|
|
—
|
|
|
28
|
|
|||||
Trading account liabilities – Non-U.S. sovereign debt
|
—
|
|
|
52
|
|
|
—
|
|
|
—
|
|
|
52
|
|
|||||
Other short-term borrowings
(2)
|
—
|
|
|
—
|
|
|
(46
|
)
|
|
—
|
|
|
(46
|
)
|
|||||
Accrued expenses and other liabilities
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
(182
|
)
|
|
(182
|
)
|
|||||
Long-term debt
(2)
|
—
|
|
|
585
|
|
|
—
|
|
|
43
|
|
|
628
|
|
|||||
Total
|
$
|
50
|
|
|
$
|
24
|
|
|
$
|
(5,143
|
)
|
|
$
|
(185
|
)
|
|
$
|
(5,254
|
)
|
(1)
|
Mortgage banking income (loss) does not reflect the impact of Level 1 and Level 2 hedges on MSRs.
|
(2)
|
Amounts represent instruments that are accounted for under the fair value option.
|
|
|
|
|
|
|
|||
Quantitative Information about Level 3 Fair Value Measurements
|
|
|||||||
|
|
|
|
|
||||
(Dollars in millions)
|
|
|
Inputs
|
|||||
Financial Instrument
|
Fair Value
|
Valuation Technique
|
Significant Unobservable
Inputs
|
Ranges of Inputs
|
Weighted Average
|
|||
Loans and Securities
(1)
|
|
|
|
|
|
|||
Instruments backed by residential real estate assets
|
$
|
4,478
|
|
Discounted cash flow, Market comparables
|
Yield
|
2% to 25%
|
6
|
%
|
Trading account assets – Mortgage trading loans and ABS
|
459
|
|
Prepayment speed
|
1% to 30% CPR
|
11
|
%
|
||
Loans and leases
|
1,286
|
|
Default rate
|
0% to 44% CDR
|
8
|
%
|
||
Loans held-for-sale
|
2,733
|
|
Loss severity
|
6% to 85%
|
36
|
%
|
||
Instruments backed by commercial real estate assets
|
$
|
1,910
|
|
Discounted cash flow
|
Yield
|
5%
|
n/a
|
|
Other assets
|
1,910
|
|
Loss severity
|
51% to 100%
|
88
|
%
|
||
Commercial loans, debt securities and other
|
$
|
10,778
|
|
Discounted cash flow, Market comparables
|
Yield
|
0% to 25%
|
4
|
%
|
Trading account assets – Corporate securities, trading loans and other
|
2,289
|
|
Enterprise value/EBITDA multiple
|
2x to 11x
|
5
|
x
|
||
Trading account assets – Mortgage trading loans and ABS
|
4,476
|
|
Prepayment speed
|
5% to 30%
|
20
|
%
|
||
AFS debt securities – Other taxable securities
|
3,012
|
|
Default rate
|
1% to 5%
|
4
|
%
|
||
Loans and leases
|
1,001
|
|
Loss severity
|
25% to 40%
|
35
|
%
|
||
Auction rate securities
|
$
|
3,414
|
|
Discounted cash flow, Market comparables
|
Discount rate
|
0% to 10%
|
4
|
%
|
Trading account assets – Corporate securities, trading loans and other
|
1,437
|
|
Projected tender price/Re-financing level
|
50% to 100%
|
92
|
%
|
||
AFS debt securities – Other taxable securities
|
916
|
|
|
|
||||
AFS debt securities – Tax-exempt securities
|
1,061
|
|
|
|
|
|||
Structured liabilities
|
|
|
|
|
|
|||
Long-term debt
(2)
|
$
|
(2,301
|
)
|
Industry standard derivative
pricing
(3)
|
Equity correlation
|
30% to 97%
|
n/m
|
|
|
|
Long-dated volatilities
|
20% to 70%
|
n/m
|
|
|||
|
|
|
|
|
(1)
|
The categories are aggregated based on product type which differs from financial statement classification. The following is a reconciliation to the line items in the table on page
261
: Trading account assets – Corporate securities, trading loans and other of
$3.7 billion
, Trading account assets – Mortgage trading loans and ABS of
$4.9 billion
, AFS debt securities – Other taxable securities of
$3.9 billion
, AFS debt securities – Tax-exempt securities of
$1.1 billion
, Loans and leases of
$2.3 billion
, LHFS of
$2.7 billion
and Other assets of
$1.9 billion
.
|
(2)
|
For additional information on the ranges of inputs for equity correlation and long-dated volatilities, see the qualitative equity derivatives discussion on page
268
.
|
(3)
|
Includes models such as Monte Carlo simulation and Black-Scholes.
|
|
|
Bank of America 2012
267
|
|
|
|
|
|
||
Quantitative Information about Level 3 Fair Value Measurements (continued)
|
||||||
|
|
|
|
|||
(Dollars in millions)
|
|
|
Inputs
|
|||
Financial Instrument
|
Fair Value
|
Valuation Technique
|
Significant Unobservable Inputs
|
Ranges of Inputs
|
||
Net derivatives assets
|
|
|
|
|
||
Credit derivatives
|
$
|
2,327
|
|
Discounted cash flow, Stochastic recovery correlation model
|
Yield
|
2% to 25%
|
|
|
Credit spreads
|
58 bps to 615 bps
|
|||
|
|
Upfront points
|
25 points to 99 points
|
|||
|
|
Spread to index
|
-2,080 bps to 1,972 bps
|
|||
|
|
Credit correlation
|
19% to 75%
|
|||
|
|
Prepayment speed
|
3% to 30% CPR
|
|||
|
|
Default rate
|
0% to 8% CDR
|
|||
|
|
Loss severity
|
25% to 42%
|
|||
Equity derivatives
|
$
|
(1,295
|
)
|
Industry standard derivative pricing
(4)
|
Equity correlation
|
30% to 97%
|
|
|
Long-dated volatilities
|
20% to 70%
|
|||
|
|
|
|
|||
Commodity derivatives
|
$
|
(5
|
)
|
Discounted cash flow
|
Long-term natural gas basis
|
-$0.30 to $0.30
|
Interest rate derivatives
|
$
|
441
|
|
Industry standard derivative pricing
(4)
|
Correlation (IR/IR)
|
15% to 99%
|
|
|
Correlation (FX/IR)
|
-65% to 50%
|
|||
|
|
Long-dated inflation rates
|
2% to 3%
|
|||
|
|
Long-dated inflation volatilities
|
0% to 1%
|
|||
|
|
Long-dated volatilities (FX)
|
5% to 36%
|
|||
|
|
Long-dated swap rates
|
8% to 10%
|
|||
Total net derivative assets
|
$
|
1,468
|
|
|
|
|
268
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
||||||||
Assets Measured at Fair Value on a Nonrecurring Basis
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
December 31
|
||||||||||||||
|
2012
|
|
2011
|
||||||||||||
(Dollars in millions)
|
Level 2
|
|
Level 3
|
|
Level 2
|
|
Level 3
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans held-for-sale
|
$
|
5,692
|
|
|
$
|
1,136
|
|
|
$
|
2,662
|
|
|
$
|
1,008
|
|
Loans and leases
|
21
|
|
|
9,184
|
|
|
9
|
|
|
10,629
|
|
||||
Foreclosed properties
(1)
|
33
|
|
|
1,918
|
|
|
—
|
|
|
2,531
|
|
||||
Other assets
|
36
|
|
|
12
|
|
|
44
|
|
|
885
|
|
|
Gains (Losses)
|
||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2010
|
||||||
Assets
|
|
|
|
|
|
|
|
|
|||
Loans held-for-sale
|
$
|
(8
|
)
|
|
$
|
(181
|
)
|
|
$
|
174
|
|
Loans and leases
(2)
|
(3,116
|
)
|
|
(4,813
|
)
|
|
(6,074
|
)
|
|||
Foreclosed properties
|
(188
|
)
|
|
(333
|
)
|
|
(240
|
)
|
|||
Other assets
|
(16
|
)
|
|
—
|
|
|
(50
|
)
|
(1)
|
Amounts are included in other assets on the Corporation’s Consolidated Balance Sheet and represent fair value and related losses on foreclosed properties that were written down subsequent to their initial classification as foreclosed properties.
|
(2)
|
Losses represent charge-offs on real estate-secured loans.
|
|
|
Bank of America 2012
269
|
|
|
|
|
|
|
|||
Quantitative Information about Nonrecurring Level 3 Fair Value Measurements
|
|
|||||||
|
|
|
|
|
||||
(Dollars in millions)
|
|
|
Inputs
|
|||||
Financial Instrument
|
Fair Value
|
Valuation Technique
|
Significant Unobservable
Inputs
|
Ranges of Inputs
|
Weighted Average
|
|||
Instruments backed by residential real estate assets
|
$
|
9,932
|
|
Discounted cash flow, Market comparables
|
Yield
|
3% to 5%
|
3
|
%
|
Loans held-for-sale
|
748
|
|
Prepayment speed
|
3% to 30%
|
15
|
%
|
||
Loans and leases
|
9,184
|
|
Default rate
|
0% to 55%
|
7
|
%
|
||
|
|
Loss severity
|
6% to 66%
|
48
|
%
|
|||
|
|
OREO discount
|
0% to 28%
|
15
|
%
|
|||
|
|
Cost to sell
|
8%
|
n/a
|
|
|||
Instruments backed by commercial real estate assets
|
$
|
388
|
|
Discounted cash flow
|
Yield
|
4% to 13%
|
6
|
%
|
Loans held-for-sale
|
388
|
|
Loss severity
|
24% to 88%
|
53
|
%
|
270
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fair Value Option Elections
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
December 31
|
||||||||||||||||||||||
|
2012
|
|
2011
|
||||||||||||||||||||
(Dollars in millions)
|
Fair Value Carrying Amount
|
|
Contractual Principal Outstanding
|
|
Fair Value Carrying Amount Less Unpaid Principal
|
|
Fair Value Carrying Amount
|
|
Contractual Principal Outstanding
|
|
Fair Value Carrying Amount Less Unpaid Principal
|
||||||||||||
Loans reported as trading account assets
|
$
|
1,663
|
|
|
$
|
2,879
|
|
|
$
|
(1,216
|
)
|
|
$
|
1,151
|
|
|
$
|
2,371
|
|
|
$
|
(1,220
|
)
|
Trading inventory - other
|
2,170
|
|
|
n/a
|
|
|
n/a
|
|
|
1,173
|
|
|
n/a
|
|
|
n/a
|
|
||||||
Consumer and commercial loans
|
9,002
|
|
|
9,576
|
|
|
(574
|
)
|
|
8,804
|
|
|
10,823
|
|
|
(2,019
|
)
|
||||||
Loans held-for-sale
|
11,659
|
|
|
12,676
|
|
|
(1,017
|
)
|
|
7,630
|
|
|
9,673
|
|
|
(2,043
|
)
|
||||||
Securities financing agreements
|
141,309
|
|
|
140,791
|
|
|
518
|
|
|
121,688
|
|
|
121,092
|
|
|
596
|
|
||||||
Other assets
|
453
|
|
|
270
|
|
|
183
|
|
|
251
|
|
|
n/a
|
|
|
n/a
|
|
||||||
Long-term deposits
|
2,262
|
|
|
2,046
|
|
|
216
|
|
|
3,297
|
|
|
3,035
|
|
|
262
|
|
||||||
Asset-backed secured financings
|
741
|
|
|
1,176
|
|
|
(435
|
)
|
|
650
|
|
|
1,271
|
|
|
(621
|
)
|
||||||
Unfunded loan commitments
|
528
|
|
|
n/a
|
|
|
n/a
|
|
|
1,249
|
|
|
n/a
|
|
|
n/a
|
|
||||||
Other short-term borrowings
|
3,333
|
|
|
3,333
|
|
|
—
|
|
|
5,908
|
|
|
5,909
|
|
|
(1
|
)
|
||||||
Long-term debt
(1)
|
49,161
|
|
|
50,792
|
|
|
(1,631
|
)
|
|
46,239
|
|
|
55,854
|
|
|
(9,615
|
)
|
(1)
|
The majority of the difference between the fair value carrying amount and contractual principal outstanding at
December 31, 2012
and
2011
relates to the impact of the Corporation’s credit spreads as well as the fair value of the embedded derivative, where applicable.
|
|
|
Bank of America 2012
271
|
|
|
|
|
|
|
|
|
||||||||
Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
2012
|
||||||||||||||
(Dollars in millions)
|
Trading Account Profits (Losses)
|
|
Mortgage Banking Income
(Loss)
|
|
Other
Income
(Loss)
|
|
Total
|
||||||||
Loans reported as trading account assets
|
$
|
232
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
232
|
|
Consumer and commercial loans
|
17
|
|
|
—
|
|
|
542
|
|
|
559
|
|
||||
Loans held-for-sale
|
75
|
|
|
2,116
|
|
|
190
|
|
|
2,381
|
|
||||
Securities financing agreements
|
(90
|
)
|
|
—
|
|
|
—
|
|
|
(90
|
)
|
||||
Other assets
|
—
|
|
|
—
|
|
|
12
|
|
|
12
|
|
||||
Long-term deposits
|
—
|
|
|
—
|
|
|
29
|
|
|
29
|
|
||||
Asset-backed secured financings
|
—
|
|
|
(180
|
)
|
|
—
|
|
|
(180
|
)
|
||||
Unfunded loan commitments
|
—
|
|
|
—
|
|
|
704
|
|
|
704
|
|
||||
Other short-term borrowings
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
Long-term debt
(1)
|
(1,888
|
)
|
|
—
|
|
|
(5,107
|
)
|
|
(6,995
|
)
|
||||
Total
|
$
|
(1,653
|
)
|
|
$
|
1,936
|
|
|
$
|
(3,630
|
)
|
|
$
|
(3,347
|
)
|
|
|
|
|
|
|
|
|
||||||||
|
2011
|
||||||||||||||
Loans reported as trading account assets
|
$
|
73
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
73
|
|
Consumer and commercial loans
|
15
|
|
|
—
|
|
|
(275
|
)
|
|
(260
|
)
|
||||
Loans held-for-sale
|
(20
|
)
|
|
4,137
|
|
|
148
|
|
|
4,265
|
|
||||
Securities financing agreements
|
127
|
|
|
—
|
|
|
—
|
|
|
127
|
|
||||
Other assets
|
—
|
|
|
—
|
|
|
196
|
|
|
196
|
|
||||
Long-term deposits
|
—
|
|
|
—
|
|
|
(77
|
)
|
|
(77
|
)
|
||||
Asset-backed secured financings
|
—
|
|
|
(30
|
)
|
|
—
|
|
|
(30
|
)
|
||||
Unfunded loan commitments
|
—
|
|
|
—
|
|
|
(429
|
)
|
|
(429
|
)
|
||||
Other short-term borrowings
|
261
|
|
|
—
|
|
|
—
|
|
|
261
|
|
||||
Long-term debt
(1)
|
2,149
|
|
|
—
|
|
|
3,320
|
|
|
5,469
|
|
||||
Total
|
$
|
2,605
|
|
|
$
|
4,107
|
|
|
$
|
2,883
|
|
|
$
|
9,595
|
|
|
|
|
|
|
|
|
|
||||||||
|
2010
|
||||||||||||||
Loans reported as trading account assets
|
$
|
157
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
157
|
|
Commercial loans
|
2
|
|
|
—
|
|
|
82
|
|
|
84
|
|
||||
Loans held-for-sale
|
—
|
|
|
9,091
|
|
|
493
|
|
|
9,584
|
|
||||
Securities financing agreements
|
52
|
|
|
—
|
|
|
—
|
|
|
52
|
|
||||
Other assets
|
—
|
|
|
—
|
|
|
107
|
|
|
107
|
|
||||
Long-term deposits
|
—
|
|
|
—
|
|
|
(48
|
)
|
|
(48
|
)
|
||||
Asset-backed secured financings
|
—
|
|
|
(95
|
)
|
|
—
|
|
|
(95
|
)
|
||||
Unfunded loan commitments
|
—
|
|
|
—
|
|
|
23
|
|
|
23
|
|
||||
Other short-term borrowings
|
(192
|
)
|
|
—
|
|
|
—
|
|
|
(192
|
)
|
||||
Long-term debt
(1)
|
(621
|
)
|
|
—
|
|
|
18
|
|
|
(603
|
)
|
||||
Total
|
$
|
(602
|
)
|
|
$
|
8,996
|
|
|
$
|
675
|
|
|
$
|
9,069
|
|
(1)
|
The majority of the net gains (losses) in trading account profits (losses) relate to the embedded derivative in structured liabilities and are offset by gains (losses) on derivatives and securities that hedge these liabilities. The net gains (losses) in other income (loss) relate to the impact on structured liabilities of changes in the Corporation’s credit spread.
|
272
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fair Value of Financial Instruments
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2012
|
||||||||||||||
|
|
|
Fair Value
|
||||||||||||
(Dollars in millions)
|
Carrying Value
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Financial assets
|
|
|
|
|
|
|
|
||||||||
Loans
|
$
|
859,875
|
|
|
$
|
105,119
|
|
|
$
|
772,761
|
|
|
$
|
877,880
|
|
Loans held-for-sale
|
19,413
|
|
|
15,087
|
|
|
4,321
|
|
|
19,408
|
|
||||
Financial liabilities
|
|
|
|
|
|
|
|
||||||||
Deposits
|
1,105,261
|
|
|
1,105,669
|
|
|
—
|
|
|
1,105,669
|
|
||||
Long-term debt
|
275,585
|
|
|
281,173
|
|
|
2,301
|
|
|
283,474
|
|
|
|
|
|
||||
Fair Value of Financial Instruments
|
|||||||
|
|
|
|
||||
|
December 31, 2011
|
||||||
(Dollars in millions)
|
Carrying Value
|
|
Fair
Value
|
||||
Financial assets
|
|
|
|
|
|
||
Loans
|
$
|
870,520
|
|
|
$
|
849,685
|
|
Financial liabilities
|
|
|
|
|
|
||
Deposits
|
1,033,041
|
|
|
1,033,248
|
|
||
Long-term debt
|
372,265
|
|
|
343,211
|
|
|
|
Bank of America 2012
273
|
|
|
|
|
||||
Rollforward of Mortgage Servicing Rights
|
|||||||
|
|
|
|
||||
(Dollars in millions)
|
2012
|
|
2011
|
||||
Balance, January 1
|
$
|
7,378
|
|
|
$
|
14,900
|
|
Additions
|
374
|
|
|
1,656
|
|
||
Sales
|
(122
|
)
|
|
(896
|
)
|
||
Impact of customer payments
(1)
|
(1,484
|
)
|
|
(2,621
|
)
|
||
Impact of changes in interest rates and other market factors
(2)
|
(867
|
)
|
|
(4,890
|
)
|
||
Model and other cash flow assumption changes:
(3)
|
|
|
|
|
|
||
Projected cash flows, primarily due to (increases)
decreases in costs to service loans
(4)
|
443
|
|
|
(2,306
|
)
|
||
Impact of changes in the Home Price Index
|
(112
|
)
|
|
428
|
|
||
Impact of changes to the prepayment model
|
435
|
|
|
1,818
|
|
||
Other model changes
|
(329
|
)
|
|
(711
|
)
|
||
Balance, December 31
|
$
|
5,716
|
|
|
$
|
7,378
|
|
Mortgage loans serviced for investors (in billions)
|
$
|
1,045
|
|
|
$
|
1,379
|
|
(1)
|
Represents the change in the market value of the MSR asset due to the impact of customer payments received during the period.
|
(2)
|
These amounts reflect the changes in modeled MSR fair value primarily due to observed changes in interest rates, volatility, spreads and the shape of the forward swap curve.
|
(3)
|
These amounts reflect periodic adjustments to the valuation model as well as changes in certain cash flow assumptions such as cost to service and ancillary income per loan.
|
(4)
|
As part of the MSR fair value estimation process, the Corporation increased its estimated cost to service during 2011 due to higher costs expected from foreclosure delays and procedures, the implementation of various loan modification programs, and compliance with new banking regulations. During 2012, the Corporation has continued to refine its estimates of cost to service and ancillary income to be consistent with market participants’ view which resulted in a decrease to the estimated cost to service.
|
|
|
|
|
|
|
|
|
||||
Sensitivity Impacts
|
|||||||||||
|
|
|
|
|
|
|
|
||||
|
December 31, 2012
|
||||||||||
|
Change in
Weighted-average Lives
|
|
|
||||||||
(Dollars in millions)
|
Fixed
|
|
Adjustable
|
|
Change in Fair Value
|
||||||
Prepayment rates
|
|
|
|
|
|
|
|
|
|
|
|
Impact of 10% decrease
|
0.31
|
|
years
|
|
0.20
|
|
years
|
|
$
|
510
|
|
Impact of 20% decrease
|
0.67
|
|
|
|
0.43
|
|
|
|
1,094
|
|
|
Impact of 10% increase
|
(0.27
|
)
|
|
|
(0.17
|
)
|
|
|
(450
|
)
|
|
Impact of 20% increase
|
(0.51
|
)
|
|
|
(0.32
|
)
|
|
|
(849
|
)
|
|
OAS level
|
|
|
|
|
|
|
|
|
|
|
|
Impact of 100 bps decrease
|
|
|
|
|
|
|
$
|
256
|
|
||
Impact of 200 bps decrease
|
|
|
|
|
|
|
535
|
|
|||
Impact of 100 bps increase
|
|
|
|
|
|
|
(237
|
)
|
|||
Impact of 200 bps increase
|
|
|
|
|
|
|
(455
|
)
|
274
Bank of America 2012
|
|
|
|
|
|
|
|
||||
Merger and Restructuring Charges
|
||||||||
|
|
|
|
|
||||
(Dollars in millions)
|
|
2011
|
|
2010
|
||||
Severance and employee-related charges
|
|
$
|
226
|
|
|
$
|
455
|
|
Systems integrations and related charges
|
|
285
|
|
|
1,137
|
|
||
Other
|
|
127
|
|
|
228
|
|
||
Total merger and restructuring charges
|
|
$
|
638
|
|
|
$
|
1,820
|
|
|
|
|
|
||||
Restructuring Reserves
|
|||||||
|
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
||||
Balance, January 1
|
$
|
234
|
|
|
$
|
336
|
|
Exit costs and restructuring charges
|
—
|
|
|
217
|
|
||
Cash payments and other
|
(234
|
)
|
|
(319
|
)
|
||
Balance, December 31
|
$
|
—
|
|
|
$
|
234
|
|
|
|
Bank of America 2012
275
|
276
Bank of America 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Business Segments
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
At and for the Year Ended December 31
|
Total Corporation
(1)
|
|
Consumer & Business Banking
|
|
Consumer Real Estate Services
|
||||||||||||||||||||||||
(Dollars in millions)
|
2012
|
2011
|
2010
|
|
2012
|
2011
|
2010
|
|
2012
|
2011
|
2010
|
||||||||||||||||||
Net interest income (FTE basis)
|
$
|
41,557
|
|
$
|
45,588
|
|
$
|
52,693
|
|
|
$
|
19,125
|
|
$
|
21,378
|
|
$
|
24,299
|
|
|
$
|
2,959
|
|
$
|
3,207
|
|
$
|
4,662
|
|
Noninterest income (loss)
|
42,678
|
|
48,838
|
|
58,697
|
|
|
9,898
|
|
11,502
|
|
13,888
|
|
|
5,800
|
|
(6,361
|
)
|
5,667
|
|
|||||||||
Total revenue, net of interest expense (FTE basis)
|
84,235
|
|
94,426
|
|
111,390
|
|
|
29,023
|
|
32,880
|
|
38,187
|
|
|
8,759
|
|
(3,154
|
)
|
10,329
|
|
|||||||||
Provision for credit losses
|
8,169
|
|
13,410
|
|
28,435
|
|
|
3,941
|
|
3,490
|
|
11,647
|
|
|
1,442
|
|
4,524
|
|
8,490
|
|
|||||||||
Amortization of intangibles
|
1,264
|
|
1,509
|
|
1,731
|
|
|
626
|
|
759
|
|
870
|
|
|
—
|
|
11
|
|
38
|
|
|||||||||
Goodwill impairment
|
—
|
|
3,184
|
|
12,400
|
|
|
—
|
|
—
|
|
10,400
|
|
|
—
|
|
2,603
|
|
2,000
|
|
|||||||||
Other noninterest expense
|
70,829
|
|
75,581
|
|
68,977
|
|
|
16,167
|
|
16,960
|
|
17,316
|
|
|
17,306
|
|
19,177
|
|
12,762
|
|
|||||||||
Income (loss) before income taxes
|
3,973
|
|
742
|
|
(153
|
)
|
|
8,289
|
|
11,671
|
|
(2,046
|
)
|
|
(9,989
|
)
|
(29,469
|
)
|
(12,961
|
)
|
|||||||||
Income tax expense (benefit) (FTE basis)
|
(215
|
)
|
(704
|
)
|
2,085
|
|
|
2,968
|
|
4,224
|
|
3,089
|
|
|
(3,482
|
)
|
(10,004
|
)
|
(4,068
|
)
|
|||||||||
Net income (loss)
|
$
|
4,188
|
|
$
|
1,446
|
|
$
|
(2,238
|
)
|
|
$
|
5,321
|
|
$
|
7,447
|
|
$
|
(5,135
|
)
|
|
$
|
(6,507
|
)
|
$
|
(19,465
|
)
|
$
|
(8,893
|
)
|
Year-end total assets
|
$
|
2,209,974
|
|
$
|
2,129,046
|
|
|
|
|
$
|
554,878
|
|
$
|
521,097
|
|
|
|
|
$
|
132,388
|
|
$
|
163,712
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
Global Banking
|
|
Global Markets
|
||||||||||||||||||||||||
|
|
|
|
|
2012
|
2011
|
2010
|
|
2012
|
2011
|
2010
|
||||||||||||||||||
Net interest income (FTE basis)
|
|
|
|
|
$
|
9,225
|
|
$
|
9,490
|
|
$
|
10,062
|
|
|
$
|
3,310
|
|
$
|
3,682
|
|
$
|
4,332
|
|
||||||
Noninterest income
|
|
|
|
|
7,982
|
|
7,822
|
|
7,682
|
|
|
10,209
|
|
11,116
|
|
14,799
|
|
||||||||||||
Total revenue, net of interest expense (FTE basis)
|
|
|
|
|
17,207
|
|
17,312
|
|
17,744
|
|
|
13,519
|
|
14,798
|
|
19,131
|
|
||||||||||||
Provision for credit losses
|
|
|
|
|
(103
|
)
|
(1,118
|
)
|
1,298
|
|
|
3
|
|
(56
|
)
|
30
|
|
||||||||||||
Amortization of intangibles
|
|
|
|
|
79
|
|
102
|
|
121
|
|
|
64
|
|
66
|
|
66
|
|
||||||||||||
Other noninterest expense
|
|
|
|
|
8,229
|
|
8,782
|
|
8,548
|
|
|
10,775
|
|
12,178
|
|
11,708
|
|
||||||||||||
Income before income taxes
|
|
|
|
|
9,002
|
|
9,546
|
|
7,777
|
|
|
2,677
|
|
2,610
|
|
7,327
|
|
||||||||||||
Income tax expense (FTE basis)
|
|
|
|
|
3,277
|
|
3,500
|
|
2,887
|
|
|
1,623
|
|
1,622
|
|
3,076
|
|
||||||||||||
Net income
|
|
|
|
|
$
|
5,725
|
|
$
|
6,046
|
|
$
|
4,890
|
|
|
$
|
1,054
|
|
$
|
988
|
|
$
|
4,251
|
|
||||||
Year-end total assets
|
|
|
|
|
$
|
362,797
|
|
$
|
348,773
|
|
|
|
|
$
|
615,297
|
|
$
|
501,867
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
Global Wealth &
Investment Management
|
|
All Other
|
||||||||||||||||||||||||
|
|
|
|
|
2012
|
2011
|
2010
|
|
2012
|
2011
|
2010
|
||||||||||||||||||
Net interest income (FTE basis)
|
|
|
|
|
$
|
5,827
|
|
$
|
5,885
|
|
$
|
5,547
|
|
|
$
|
1,111
|
|
$
|
1,946
|
|
$
|
3,791
|
|
||||||
Noninterest income (loss)
|
|
|
|
|
10,690
|
|
10,610
|
|
9,836
|
|
|
(1,901
|
)
|
14,149
|
|
6,825
|
|
||||||||||||
Total revenue, net of interest expense (FTE basis)
|
|
|
|
|
16,517
|
|
16,495
|
|
15,383
|
|
|
(790
|
)
|
16,095
|
|
10,616
|
|
||||||||||||
Provision for credit losses
|
|
|
|
|
266
|
|
398
|
|
646
|
|
|
2,620
|
|
6,172
|
|
6,324
|
|
||||||||||||
Amortization of intangibles
|
|
|
|
|
414
|
|
438
|
|
458
|
|
|
81
|
|
133
|
|
178
|
|
||||||||||||
Goodwill impairment
|
|
|
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
581
|
|
—
|
|
||||||||||||
Other noninterest expense
|
|
|
|
|
12,341
|
|
12,945
|
|
11,861
|
|
|
6,011
|
|
5,539
|
|
6,782
|
|
||||||||||||
Income (loss) before income taxes
|
|
|
|
|
3,496
|
|
2,714
|
|
2,418
|
|
|
(9,502
|
)
|
3,670
|
|
(2,668
|
)
|
||||||||||||
Income tax expense (benefit) (FTE basis)
|
|
|
|
|
1,273
|
|
996
|
|
1,076
|
|
|
(5,874
|
)
|
(1,042
|
)
|
(3,975
|
)
|
||||||||||||
Net income (loss)
|
|
|
|
|
$
|
2,223
|
|
$
|
1,718
|
|
$
|
1,342
|
|
|
$
|
(3,628
|
)
|
$
|
4,712
|
|
$
|
1,307
|
|
||||||
Year-end total assets
|
|
|
|
|
$
|
297,330
|
|
$
|
273,106
|
|
|
|
|
$
|
247,284
|
|
$
|
320,491
|
|
|
|
(1)
|
There were no material intersegment revenues.
|
|
|
Bank of America 2012
277
|
|
|
|
|
|
|
||||||
Business Segment Reconciliations
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2010
|
||||||
Segments’ total revenue, net of interest expense (FTE basis)
|
$
|
85,025
|
|
|
$
|
78,331
|
|
|
$
|
100,774
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|||
ALM activities
(1)
|
(2,412
|
)
|
|
7,576
|
|
|
1,872
|
|
|||
Equity investment income
|
1,135
|
|
|
7,105
|
|
|
4,629
|
|
|||
Liquidating businesses
|
2,279
|
|
|
3,526
|
|
|
6,005
|
|
|||
FTE basis adjustment
|
(901
|
)
|
|
(972
|
)
|
|
(1,170
|
)
|
|||
Other
|
(1,792
|
)
|
|
(2,112
|
)
|
|
(1,890
|
)
|
|||
Consolidated revenue, net of interest expense
|
$
|
83,334
|
|
|
$
|
93,454
|
|
|
$
|
110,220
|
|
Segments’ net income (loss)
|
$
|
7,816
|
|
|
$
|
(3,266
|
)
|
|
$
|
(3,545
|
)
|
Adjustments, net of taxes:
|
|
|
|
|
|
|
|
|
|||
ALM activities
|
(4,088
|
)
|
|
513
|
|
|
(2,480
|
)
|
|||
Equity investment income
|
715
|
|
|
4,476
|
|
|
2,916
|
|
|||
Liquidating businesses
|
226
|
|
|
(263
|
)
|
|
635
|
|
|||
Merger and restructuring charges
|
—
|
|
|
(402
|
)
|
|
(1,146
|
)
|
|||
Other
|
(481
|
)
|
|
388
|
|
|
1,382
|
|
|||
Consolidated net income (loss)
|
$
|
4,188
|
|
|
$
|
1,446
|
|
|
$
|
(2,238
|
)
|
|
|
|
|
|
|
||||||
|
|
|
December 31
|
||||||||
|
|
|
2012
|
|
2011
|
||||||
Segments’ total assets
|
|
|
$
|
1,962,690
|
|
|
$
|
1,808,555
|
|
||
Adjustments:
|
|
|
|
|
|
|
|
||||
ALM activities, including securities portfolio
|
|
|
622,722
|
|
|
611,793
|
|
||||
Equity investments
|
|
|
5,508
|
|
|
7,098
|
|
||||
Liquidating businesses
|
|
|
32,597
|
|
|
37,570
|
|
||||
Elimination of segment excess asset allocations to match liabilities
|
|
|
(554,426
|
)
|
|
(492,251
|
)
|
||||
Other
|
|
|
140,883
|
|
|
156,281
|
|
||||
Consolidated total assets
|
|
|
$
|
2,209,974
|
|
|
$
|
2,129,046
|
|
(1)
|
Includes negative fair value adjustments on structured liabilities of
$5.1 billion
in
2012
and positive fair value adjustments on structured liabilities of
$3.3 billion
and
$18 million
in
2011
and
2010
.
|
278
Bank of America 2012
|
|
|
|
|
|
|
|
|
||||||
Condensed Statement of Income
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2010
|
||||||
Income
|
|
|
|
|
|
|
|
|
|||
Dividends from subsidiaries:
|
|
|
|
|
|
|
|
|
|||
Bank holding companies and related subsidiaries
|
$
|
16,213
|
|
|
$
|
10,277
|
|
|
$
|
7,263
|
|
Nonbank companies and related subsidiaries
|
542
|
|
|
553
|
|
|
226
|
|
|||
Interest from subsidiaries
|
627
|
|
|
869
|
|
|
999
|
|
|||
Other income (loss)
(1)
|
(304
|
)
|
|
10,603
|
|
|
2,781
|
|
|||
Total income
|
17,078
|
|
|
22,302
|
|
|
11,269
|
|
|||
Expense
|
|
|
|
|
|
|
|
|
|||
Interest on borrowed funds
|
5,376
|
|
|
6,234
|
|
|
4,484
|
|
|||
Noninterest expense
(2)
|
11,643
|
|
|
11,861
|
|
|
8,030
|
|
|||
Total expense
|
17,019
|
|
|
18,095
|
|
|
12,514
|
|
|||
Income (loss) before income taxes and equity in undistributed earnings of subsidiaries
|
59
|
|
|
4,207
|
|
|
(1,245
|
)
|
|||
Income tax benefit
|
(5,883
|
)
|
|
(2,783
|
)
|
|
(3,709
|
)
|
|||
Income before equity in undistributed earnings of subsidiaries
|
5,942
|
|
|
6,990
|
|
|
2,464
|
|
|||
Equity in undistributed earnings (losses) of subsidiaries:
|
|
|
|
|
|
|
|
|
|||
Bank holding companies and related subsidiaries
|
1,072
|
|
|
6,650
|
|
|
7,647
|
|
|||
Nonbank companies and related subsidiaries
|
(2,826
|
)
|
|
(12,194
|
)
|
|
(12,349
|
)
|
|||
Total equity in undistributed losses of subsidiaries
|
(1,754
|
)
|
|
(5,544
|
)
|
|
(4,702
|
)
|
|||
Net income (loss)
|
$
|
4,188
|
|
|
$
|
1,446
|
|
|
$
|
(2,238
|
)
|
Net income (loss) applicable to common shareholders
|
$
|
2,760
|
|
|
$
|
85
|
|
|
$
|
(3,595
|
)
|
(1)
|
Includes
$6.5 billion
of gains related to the sale of the Corporation’s investment in CCB in
2011
.
|
(2)
|
Includes, in aggregate,
$4.1 billion
,
$6.9 billion
and
$3.5 billion
in
2012
,
2011
and
2010
of representations and warranties provision, which is presented as a component of mortgage banking income on the Corporation’s Consolidated Statement of Income, litigation expense and in 2012 an expense related to an agreement with the Federal Reserve and the OCC to cease the Independent Foreclosure Review and replace it with an accelerated remediation process. The Parent Company-only financial information is presented in accordance with bank regulatory reporting requirements.
|
|
|
|
|
||||
Condensed Balance Sheet
|
|
|
|
||||
|
|
|
|
||||
|
December 31
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
||||
Assets
|
|
|
|
|
|
||
Cash held at bank subsidiaries
|
$
|
101,831
|
|
|
$
|
124,991
|
|
Securities
|
1,959
|
|
|
515
|
|
||
Receivables from subsidiaries:
|
|
|
|
|
|||
Bank holding companies and related subsidiaries
|
33,481
|
|
|
48,679
|
|
||
Nonbank companies and related subsidiaries
|
3,861
|
|
|
7,385
|
|
||
Investments in subsidiaries:
|
|
|
|
|
|
||
Bank holding companies and related subsidiaries
|
185,803
|
|
|
191,278
|
|
||
Nonbank companies and related subsidiaries
|
65,300
|
|
|
53,213
|
|
||
Other assets
|
15,208
|
|
|
11,720
|
|
||
Total assets
|
$
|
407,443
|
|
|
$
|
437,781
|
|
Liabilities and shareholders’ equity
|
|
|
|
|
|
||
Commercial paper and other short-term borrowings
|
$
|
100
|
|
|
$
|
401
|
|
Accrued expenses and other liabilities
|
34,364
|
|
|
22,419
|
|
||
Payables to subsidiaries:
|
|
|
|
|
|
||
Bank holding companies and related subsidiaries
|
1,396
|
|
|
2,925
|
|
||
Nonbank companies and related subsidiaries
|
688
|
|
|
515
|
|
||
Long-term debt
|
133,939
|
|
|
181,420
|
|
||
Shareholders’ equity
|
236,956
|
|
|
230,101
|
|
||
Total liabilities and shareholders’ equity
|
$
|
407,443
|
|
|
$
|
437,781
|
|
|
|
Bank of America 2012
279
|
|
|
|
|
|
|
||||||
Condensed Statement of Cash Flows
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2010
|
||||||
Operating activities
|
|
|
|
|
|
|
|
|
|||
Net income (loss)
|
$
|
4,188
|
|
|
$
|
1,446
|
|
|
$
|
(2,238
|
)
|
Reconciliation of net income (loss) to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|||
Equity in undistributed losses of subsidiaries
|
1,754
|
|
|
5,544
|
|
|
4,702
|
|
|||
Other operating activities, net
|
(3,432
|
)
|
|
6,716
|
|
|
(996
|
)
|
|||
Net cash provided by operating activities
|
2,510
|
|
|
13,706
|
|
|
1,468
|
|
|||
Investing activities
|
|
|
|
|
|
|
|
|
|||
Net sales of securities
|
13
|
|
|
8,444
|
|
|
5,972
|
|
|||
Net payments from subsidiaries
|
12,973
|
|
|
5,780
|
|
|
3,531
|
|
|||
Other investing activities, net
|
445
|
|
|
(8
|
)
|
|
2,592
|
|
|||
Net cash provided by investing activities
|
13,431
|
|
|
14,216
|
|
|
12,095
|
|
|||
Financing activities
|
|
|
|
|
|
|
|
|
|||
Net increase (decrease) in commercial paper and other short-term borrowings
|
(616
|
)
|
|
(13,172
|
)
|
|
8,052
|
|
|||
Proceeds from issuance of long-term debt
|
17,176
|
|
|
16,047
|
|
|
29,275
|
|
|||
Retirement of long-term debt
|
(63,851
|
)
|
|
(21,742
|
)
|
|
(27,176
|
)
|
|||
Proceeds from issuance of preferred stock and warrants
|
667
|
|
|
5,000
|
|
|
—
|
|
|||
Cash dividends paid
|
(1,909
|
)
|
|
(1,738
|
)
|
|
(1,762
|
)
|
|||
Other financing activities, net
|
9,432
|
|
|
(4,450
|
)
|
|
3,280
|
|
|||
Net cash provided by (used in) financing activities
|
(39,101
|
)
|
|
(20,055
|
)
|
|
11,669
|
|
|||
Net increase (decrease) in cash held at bank subsidiaries
|
(23,160
|
)
|
|
7,867
|
|
|
25,232
|
|
|||
Cash held at bank subsidiaries at January 1
|
124,991
|
|
|
117,124
|
|
|
91,892
|
|
|||
Cash held at bank subsidiaries at December 31
|
$
|
101,831
|
|
|
$
|
124,991
|
|
|
$
|
117,124
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
December 31
|
|
Year Ended December 31
|
||||||||||||
(Dollars in millions)
|
Year
|
|
Total Assets
(1)
|
|
Total Revenue, Net of Interest Expense
(2)
|
|
Income (Loss) Before Income Taxes
|
|
Net Income (Loss)
|
||||||||
U.S.
(3)
|
2012
|
|
$
|
1,902,946
|
|
|
$
|
72,175
|
|
|
$
|
1,867
|
|
|
$
|
4,116
|
|
|
2011
|
|
1,856,654
|
|
|
73,613
|
|
|
(9,261
|
)
|
|
(3,471
|
)
|
||||
|
2010
|
|
|
|
|
95,115
|
|
|
(5,676
|
)
|
|
(4,727
|
)
|
||||
Asia
(4)
|
2012
|
|
102,492
|
|
|
3,478
|
|
|
353
|
|
|
282
|
|
||||
|
2011
|
|
95,776
|
|
|
10,890
|
|
|
7,598
|
|
|
4,787
|
|
||||
|
2010
|
|
|
|
|
4,187
|
|
|
1,372
|
|
|
864
|
|
||||
Europe, Middle East and Africa
|
2012
|
|
171,209
|
|
|
6,011
|
|
|
323
|
|
|
(543
|
)
|
||||
|
2011
|
|
151,956
|
|
|
7,320
|
|
|
1,009
|
|
|
(137
|
)
|
||||
|
2010
|
|
|
|
|
8,490
|
|
|
1,549
|
|
|
723
|
|
||||
Latin America and the Caribbean
|
2012
|
|
33,327
|
|
|
1,670
|
|
|
529
|
|
|
333
|
|
||||
|
2011
|
|
24,660
|
|
|
1,631
|
|
|
424
|
|
|
267
|
|
||||
|
2010
|
|
|
|
|
2,428
|
|
|
1,432
|
|
|
902
|
|
||||
Total Non-U.S.
|
2012
|
|
307,028
|
|
|
11,159
|
|
|
1,205
|
|
|
72
|
|
||||
|
2011
|
|
272,392
|
|
|
19,841
|
|
|
9,031
|
|
|
4,917
|
|
||||
|
2010
|
|
|
|
|
15,105
|
|
|
4,353
|
|
|
2,489
|
|
||||
Total Consolidated
|
2012
|
|
$
|
2,209,974
|
|
|
$
|
83,334
|
|
|
$
|
3,072
|
|
|
$
|
4,188
|
|
|
2011
|
|
2,129,046
|
|
|
93,454
|
|
|
(230
|
)
|
|
1,446
|
|
||||
|
2010
|
|
|
|
|
110,220
|
|
|
(1,323
|
)
|
|
(2,238
|
)
|
(1)
|
Total assets include long-lived assets, which are primarily located in the U.S.
|
(2)
|
There were no material intercompany revenues between geographic regions for any of the periods presented.
|
(3)
|
Includes the Corporation’s Canadian operations, which had total assets of
$8.3 billion
and
$8.1 billion
at
December 31, 2012
and
2011
; total revenue, net of interest expense of
$317 million
,
$1.3 billion
and
$1.3 billion
; income before income taxes of
$202 million
,
$621 million
and
$458 million
; and net income of
$141 million
,
$528 million
and
$328 million
for
2012
,
2011
and
2010
, respectively.
|
(4)
|
Amounts include pre-tax gains of
$6.5 billion
(
$4.1 billion
net-of-tax) on the sale of common shares of the Corporation’s investment in CCB during
2011
.
|
280
Bank of America 2012
|
|
|
|
|
Bank of America 2012
281
|
282
Bank of America 2012
|
|
|
|
|
Bank of America 2012
283
|
|
“Proposal 1: Election of Directors – The Nominees”;
|
|
“Section 16(a) Beneficial Ownership Reporting Compliance”; and
|
|
“Corporate Governance – Additional Corporate Governance Information Available.”
|
|
“Proposal 2: An Advisory (Non-Binding) vote to Approve Executive Compensation – Compensation Discussion and Analysis”;
|
|
“– Executive Compensation”;
|
|
“– Compensation and Benefits Committee Report”; and
|
|
“Corporate Governance – Non-Management Director Compensation.”
|
284
Bank of America 2012
|
|
|
|
“Stock Ownership of Directors, Executive Officers and Certain Beneficial Owners.”
|
(1)
|
This table does not include outstanding options to purchase 1,978,440 shares of the Corporation’s common stock that were assumed by the Corporation in connection with prior acquisitions, under whose plans the options were originally granted. The weighted-average option price of these assumed options was $108.19 at
December 31, 2012
. Also, at
December 31, 2012
there were 148,272 vested deferred restricted stock units associated with these plans. No additional awards were granted under these plans following the respective dates of acquisition.
|
(2)
|
This table does not include outstanding options to purchase 6,047,487 shares of the Corporation’s common stock that were assumed by the Corporation in connection with the Merrill Lynch acquisition, which were originally issued under certain Merrill Lynch plans. The weighted-average option price of these assumed options was $46.20 at
December 31, 2012
. Also, at
December 31, 2012
there were 11,146,796 outstanding restricted stock units and 1,373,950 vested deferred restricted stock units and stock option gain deferrals associated with such plans. These Merrill Lynch plans were frozen at the time of the acquisition and no additional awards may be granted under these plans. However, as previously approved by the Corporation’s shareholders, if any of the outstanding awards under these frozen plans subsequently are canceled, forfeited or settled in cash, the shares relating to such awards thereafter will be available for future awards issued under the Corporation’s Key Associate Stock Plan (KASP).
|
(3)
|
Includes 130,922,245 outstanding restricted stock units under plans approved by the Corporation’s shareholders and 5,310,605 outstanding restricted stock units under plans not approved by the Corporation’s shareholders.
|
(4)
|
Does not reflect restricted stock units included in the first column, which do not have an exercise price.
|
(5)
|
Includes 273,017,832 shares of common stock available for future issuance under the KASP (including 28,052,090 shares originally subject to awards outstanding under frozen Merrill Lynch plans at the time of the acquisition which subsequently have been canceled, forfeited or settled in cash and become available for issuance under the KASP, as described in footnote (2) above) and 511,111 shares of common stock which are available for future issuance under the Corporation’s Directors’ Stock Plan.
|
(6)
|
In connection with the Merrill Lynch acquisition, the Corporation assumed and has continued to issue awards in accordance with applicable NYSE listing standards under the Merrill Lynch Employee Stock Compensation Plan (ESCP). The ESCP was approved by Merrill Lynch’s shareholders prior to the acquisition, but has not been approved by the Corporation’s shareholders. The material features of the ESCP are described below under the heading “Description of Plans Not Approved by the Corporation’s Shareholders.”
|
|
“Corporate Governance – Review of Related Person and Certain Other Transactions”; and
|
|
“– Director Independence.”
|
|
“Proposal 3: Ratification of the Appointment of the Registered Independent Public Accounting Firm for 2013 – PwC’s 2012 and 2011 Fees”; and
|
|
“– Audit Committee Pre-Approval Policies and Procedures.”
|
|
|
Bank of America 2012
285
|
286
Bank of America 2012
|
|
|
Bank of America Corporation
|
|
|
|
By:
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/s/ Brian T. Moynihan
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Brian T. Moynihan
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Chief Executive Officer and President
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Signature
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Title
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Date
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/s/ Brian T. Moynihan
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Chief Executive Officer, President and Director
(Principal Executive Officer)
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February 28, 2013
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Brian T. Moynihan
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*/s/ Bruce R. Thompson
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Chief Financial Officer
(Principal Financial Officer)
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February 28, 2013
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Bruce R. Thompson
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*/s/ Neil A. Cotty
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Chief Accounting Officer
(Principal Accounting Officer)
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February 28, 2013
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Neil A. Cotty
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*/s/ Sharon L. Allen
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Director
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February 28, 2013
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Sharon L. Allen
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*/s/ Mukesh D. Ambani
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Director
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February 28, 2013
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Mukesh D. Ambani
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*/s/ Susan S. Bies
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Director
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February 28, 2013
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Susan S. Bies
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*/s/ Jack O. Bovender
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Director
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February 28, 2013
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Jack O. Bovender
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*/s/ Frank P. Bramble, Sr.
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Director
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February 28, 2013
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Frank P. Bramble, Sr.
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*/s/ Virgis W. Colbert
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Director
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February 28, 2013
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Virgis W. Colbert
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*/s/ Charles K. Gifford
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Director
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February 28, 2013
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Charles K. Gifford
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*/s/ Charles O. Holliday, Jr.
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Director
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February 28, 2013
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Charles O. Holliday, Jr.
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Bank of America 2012
287
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Signature
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Title
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Date
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*/s/ Linda P. Hudson
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Director
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February 28, 2013
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Linda P. Hudson
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*/s/ Monica C. Lozano
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Director
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February 28, 2013
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Monica C. Lozano
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*/s/ Thomas J. May
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Director
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February 28, 2013
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Thomas J. May
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*/s/ Donald E. Powell
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Director
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February 28, 2013
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Donald E. Powell
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*/s/ Charles O. Rossotti
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Director
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February 28, 2013
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Charles O. Rossotti
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*/s/ Robert W. Scully
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Director
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February 28, 2013
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Robert W. Scully
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*/s/ R. David Yost
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Director
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February 28, 2013
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R. David Yost
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*By
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/s/ Lauren A. Mogensen
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Lauren A. Mogensen
Attorney-in-Fact
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288
Bank of America 2012
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|
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Exhibit No.
|
|
Description
|
3(a)
|
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Amended and Restated Certificate of Incorporation of registrant, as in effect on the date hereof, incorporated by reference to Exhibit 3(a) of registrant’s Quarterly Report on Form 10-Q (File No. 1-6523) for the quarterly period ended September 30, 2011 filed on November 3, 2011.
|
(b)
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Amended and Restated Bylaws of registrant, as in effect on the date hereof, incorporated by reference to Exhibit 3(b) of registrant’s 2010 Annual Report on Form 10-K (File No. 1-6523) filed on February 25, 2011 (the “2010 10-K”).
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4(a)
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|
Indenture dated as of January 1, 1995 between registrant (successor to NationsBank Corporation) and BankAmerica National Trust Company incorporated by reference to Exhibit 4.1 of registrant’s Registration Statement on Form S-3 (Registration No. 33-57533) filed on February 1, 1995; First Supplemental Indenture thereto dated as of September 18, 1998, between registrant and U.S. Bank Trust National Association (successor to BankAmerica National Trust Company), incorporated by reference to Exhibit 4.3 of registrant’s Current Report on Form 8-K (File No. 1-6523) filed on November 18, 1998; Second Supplemental Indenture thereto dated as of May 7, 2001 between registrant, U.S. Bank Trust National Association, as Prior Trustee, and The Bank of New York, as Successor Trustee, incorporated by reference to Exhibit 4.4 of registrant’s Current Report on Form 8-K (File No. 1-6523) filed on June 14, 2001; Third Supplemental Indenture thereto dated as of July 28, 2004, between registrant and The Bank of New York, incorporated by reference to Exhibit 4.2 of registrant’s Current Report on Form 8-K (File No. 1-6523) filed on August 27, 2004; Fourth Supplemental Indenture thereto dated as of April 28, 2006 between the registrant and The Bank of New York, incorporated by reference to Exhibit 4.6 of registrant’s Registration Statement on Form S-3 (Registration No. 333-133852) filed on May 5, 2006; Fifth Supplemental Indenture dated as of December 1, 2008 between registrant and The Bank of New York Mellon Trust Company, N.A. (successor to The Bank of New York), incorporated by reference to Exhibit 4.1 of registrant’s Current Report on Form 8-K (File No. 1-6523) filed on December 5, 2008;
and Sixth Supplemental Indenture dated as of February 23, 2011 between registrant and The Bank of New York Mellon Trust Company, N.A., incorporated by reference to Exhibit 4(ee) of the 2010 10-K.
|
(b)
|
|
Successor Trustee Agreement effective December 15, 1995 between registrant (successor to NationsBank Corporation) and First Trust of New York, National Association, as successor trustee to BankAmerica National Trust Company, incorporated by reference to Exhibit 4.2 of registrant’s Registration Statement on Form S-3 (Registration No. 333-07229).
|
(c)
|
|
Agreement of Appointment and Acceptance dated as of December 29, 2006 between registrant and The Bank of New York Trust Company, N.A., incorporated by reference to Exhibit 4(aaa) of registrant’s 2006 Annual Report on Form 10-K (File No. 1-6523) filed on February 28, 2007.
|
(d)
|
|
Form of Senior Registered Note, incorporated by reference to Exhibit 4.7 of registrant’s Registration Statement on Form S-3 (Registration No. 333-133852) filed on May 5, 2006.
|
(e)
|
|
Form of Global Senior Medium-Term Note, Series L, incorporated by reference to Exhibit 4.13 of registrant’s Registration Statement on Form S-3 (Registration No. 333-180488) filed on March 30, 2012.
|
(f)
|
|
Form of Master Global Senior Medium-Term Note, Series L, incorporated by reference to Exhibit 4.14 of registrant’s Registration Statement on Form S-3 (Registration No. 333-180488) filed on March 30, 2012.
|
|
|
Registrant and its subsidiaries have other long-term debt agreements, but these are omitted pursuant Item 601(b)(4)(iii) of Regulation S-K. Copies of these agreements will be furnished to the Commission on request.
|
10(a)
|
|
Bank of America Pension Restoration Plan, as amended and restated effective January 1, 2009, incorporated by reference to Exhibit 10(c) of registrant’s 2008 10-K; Amendment thereto dated December 18, 2009, incorporated by reference to Exhibit 10(c) of registrant’s 2009 Annual Report on Form 10-K (File No. 1-6523) filed on February 26, 2010 (the “2009 10-K”); Amendment thereto dated December 16, 2010, incorporated by reference to Exhibit 10(c) of the 2010 10-K; and Amendment thereto dated June 29, 2012, filed herewith.*
|
(b)
|
|
NationsBank Corporation Benefit Security Trust dated as of June 27, 1990, incorporated by reference to Exhibit 10(t) of the 1990 10-K; First Supplement thereto dated as of November 30, 1992, incorporated by reference to Exhibit 10(v) of the 1992 10-K; Trustee Removal/Appointment Agreement dated as of December 19, 1995, incorporated by reference to Exhibit 10(o) of registrant’s 1995 Annual Report on Form 10-K (File No. 1-6523) filed on March 29, 1996.*
|
(c)
|
|
Bank of America 401(k) Restoration Plan, as amended and restated effective January 1, 2013, filed herewith.*
|
(d)
|
|
Bank of America Executive Incentive Compensation Plan, as amended and restated effective December 10, 2002, incorporated by reference to Exhibit 10(g) of the 2002 10-K; and Amendment thereto dated January 23, 2013, filed herewith.*
|
(e)
|
|
Bank of America Director Deferral Plan, as amended and restated effective January 1, 2005, incorporated by reference to Exhibit 10(g) of the 2006 10-K.*
|
(f)
|
|
Bank of America Corporation Directors’ Stock Plan as amended and restated effective April 26, 2006, incorporated by reference to Exhibit 10.2 to the registrant’s Current Report on Form 8-K filed on December 14, 2005 and the following terms of award agreements:
|
|
|
• Form of Restricted Stock Award Agreement incorporated by reference to Exhibit 10(h) of registrant’s 2004 Annual Report on Form 10-K (File No. 1-6523) filed on March 1, 2005 (the “2004 10-K”);
• Form of Directors Stock Plan Restricted Stock Award Agreement for Non-Employee Chairman, incorporated by reference to Exhibit 10(b) of registrant’s Quarterly Report on Form 10-Q (File No. 1-6523) for the quarterly period ended September 30, 2009 filed on November 6, 2009;
• Form of Directors’ Stock Plan Restricted Stock Award Agreement for Non-U.S. Director incorporated by reference to Exhibit 10(a) of registrant’s Quarterly Report on Form 10-Q (File No. 1-6523) for the quarterly period ended March 31, 2011 filed on May 5, 2011; and
• Form of Directors’ Stock Plan Conditional Restricted Stock Award Agreement for Non-U.S. Director incorporated by reference to Exhibit 10(a) of registrant’s Quarterly Report on Form 10-Q (File No. 1-6523) for the quarterly period ended June 30, 2011 filed on August 4, 2011.
|
|
|
Bank of America 2012
E-1
|
Exhibit No.
|
|
Description
|
(g)
|
|
Bank of America Corporation Key Associate Stock Plan, as amended and restated effective April 28, 2010, incorporated by reference to Exhibit 10.2 of registrant’s Current Report on Form 8-K (File No. 1-6523) filed on May 3, 2010*; and the following forms of award agreement under the plan:
|
|
|
• Form of Restricted Stock Units Award Agreement (February 2007 grant), incorporated by reference to Exhibit 10(i) of the registrant’s 2007 Annual Report on Form 10-K (File No. 1-6523) filed on February 28, 2008 (the “2007 10-K”)*;
• Form of Stock Option Award Agreement (February 2007 grant), incorporated by reference to Exhibit 10(i) of the 2007 10-K*;
• Form of Restricted Stock Units Award Agreement for non-executives (February 2008 grant), incorporated by reference to Exhibit 10(i) of the 2009 10-K*;
• Form of Stock Option Award Agreement for non-executives (February 2008 grant), incorporated by reference to Exhibit 10(i) of the 2009 10-K*;
• Form of Restricted Stock Units Award Agreement for executives (February 2010 grant), incorporated by reference to Exhibit 10(i) of the 2010 10-K.*;
• Form of Restricted Stock Award Agreement (February 2010 grant), incorporated by reference to Exhibit 10(i) of the 2010 10-K.*;
• Form of Performance Contingent Restricted Stock Units Award Agreement, incorporated by reference to Exhibit 10.3 of registrant’s Current Report on Form 8-K (File No. 1-6523) filed on January 31, 2011*;
• Form of Performance Contingent Restricted Stock Units Award Agreement (February 2011 grant), incorporated by reference to Exhibit 10(i) of the 2010 10-K.*; and
• Form of Restricted Stock Units Award Agreement for non-executives (February 2011 grant), incorporated by reference to Exhibit 10(i) of the 2010 10-K.*.
• Form of Restricted Stock Units Award Agreement (February 2012 grant), incorporated by reference to Exhibit 10(i) of the 2011 10-K.*
• Form of Performance Contingent Restricted Stock Units Award Agreement (February 2012 grant), incorporated by reference to Exhibit 10(i) of the 2011 10-K.*
• Restricted Stock Units Award Agreement for Gary G. Lynch dated July 12, 2011, incorporated by reference to Exhibit 10(a) of registrant’s Quarterly Report on Form 10-Q (File No. 1-6523) for the quarterly period ended January 31, 2012 filed on May 3, 2012. *
|
(h)
|
|
Amendment to various plans in connection with FleetBoston Financial Corporation merger, incorporated by reference to Exhibit 10(v) of registrant’s 2003 Annual Report on Form 10-K filed on March 1, 2004.*
|
(i)
|
|
FleetBoston Supplemental Executive Retirement Plan, as amended by Amendment One thereto effective January 1, 1997, Amendment Two thereto effective October 15, 1997, Amendment Three thereto effective July 1, 1998, Amendment Four thereto effective August 15, 1999, Amendment Five thereto effective January 1, 2000, Amendment Six thereto effective October 10, 2001, Amendment Seven thereto effective February 19, 2002, Amendment Eight thereto effective October 15, 2002, Amendment Nine thereto effective January 1, 2003, Amendment Ten thereto effective October 21, 2003, and Amendment Eleven thereto effective December 31, 2004, incorporated by reference to Exhibit 10(r) of the 2004 10-K.*
|
(j)
|
|
FleetBoston Executive Deferred Compensation Plan No. 2, as amended by Amendment One thereto effective February 1, 1999, Amendment Two thereto effective January 1, 2000, Amendment Three thereto effective January 1, 2002, Amendment Four thereto effective October 15, 2002, Amendment Five thereto effective January 1, 2003, and Amendment Six thereto effective December 16, 2003, incorporated by reference to Exhibit 10(u) of the 2004 10-K.*
|
(k)
|
|
FleetBoston Executive Supplemental Plan, as amended by Amendment One thereto effective January 1, 2000, Amendment Two thereto effective January 1, 2002, Amendment Three thereto effective January 1, 2003, Amendment Four thereto effective January 1, 2003, and Amendment Five thereto effective December 31, 2004, incorporated by reference to Exhibit 10(v) of the 2004 10-K.*
|
(l)
|
|
Retirement Income Assurance Plan for Legacy Fleet, as amended and restated effective January 1, 2009, incorporated by reference to Exhibit 10(p) of the 2009 10-K; and Amendment thereto dated December 16, 2010, incorporated by reference to Exhibit 10(c) of the 2010 10-K; and Amendment thereto dated June 29, 2012, filed herewith.*
|
(m)
|
|
Trust Agreement for the FleetBoston Executive Deferred Compensation Plans No. 1 and 2, incorporated by reference to Exhibit 10(x) of the 2004 10-K.
|
(n)
|
|
Trust Agreement for the FleetBoston Executive Supplemental Plan, incorporated by reference to Exhibit 10(y) of the 2004 10-K.*
|
(o)
|
|
Trust Agreement for the FleetBoston Retirement Income Assurance Plan and the FleetBoston Supplemental Executive Retirement Plan, incorporated by reference to Exhibit 10(z) of the 2004 10-K.*
|
(p)
|
|
FleetBoston Directors Deferred Compensation and Stock Unit Plan, as amended by an amendment thereto effective as of July 1, 2000, a Second Amendment thereto effective as of January 1, 2003, a Third Amendment thereto dated April 14, 2003, and a Fourth Amendment thereto effective January 1, 2004, incorporated by reference to Exhibit 10(aa) of the 2004 10-K.*
|
(q)
|
|
BankBoston Corporation and its Subsidiaries Deferred Compensation Plan, as amended by a First Amendment thereto, a Second Amendment thereto, a Third Amendment thereto, an Instrument thereto (providing for the cessation of accruals effective December 31, 2000) and an Amendment thereto dated December 24, 2001, incorporated by reference to Exhibit 10(cc) of the 2004 10-K.*
|
(r)
|
|
BankBoston, N.A. Bonus Supplemental Employee Retirement Plan, as amended by a First Amendment, a Second Amendment, a Third Amendment and a Fourth Amendment thereto, incorporated by reference to Exhibit 10(dd) of the 2004 10-K.*
|
(s)
|
|
Description of BankBoston Supplemental Life Insurance Plan, incorporated by reference to Exhibit 10(ee) of the 2004 10-K.*
|
(t)
|
|
BankBoston, N.A. Excess Benefit Supplemental Employee Retirement Plan, as amended by a First Amendment, a Second Amendment, a Third Amendment thereto (assumed by FleetBoston on October 1, 1999) and an Instrument thereto, incorporated by reference to Exhibit 10(ff) of the 2004 10-K.*
|
(u)
|
|
Description of BankBoston Supplemental Long-Term Disability Plan, incorporated by reference to Exhibit 10(gg) of the 2004 10-K.*
|
(v)
|
|
BankBoston Director Stock Award Plan, incorporated by reference to Exhibit 10(hh) of the 2004 10-K.*
|
(w)
|
|
BankBoston Directors Deferred Compensation Plan, as amended by a First Amendment and a Second Amendment thereto, incorporated by reference to Exhibit 10(ii) of the 2004 10-K.*
|
(x)
|
|
BankBoston, N.A. Directors’ Deferred Compensation Plan, as amended by a First Amendment and a Second Amendment thereto, incorporated by reference to Exhibit 10(jj) of the 2004 10-K.*
|
(y)
|
|
BankBoston 1997 Stock Option Plan for Non-Employee Directors, as amended by an amendment thereto dated as of October 16, 2001, incorporated by reference to Exhibit 10(kk) of the 2004 10-K.*
|
(z)
|
|
Description of BankBoston Director Retirement Benefits Exchange Program, incorporated by reference to Exhibit 10(ll) of the 2004 10-K.*
|
(aa)
|
|
Employment Agreement, dated as of March 14, 1999, between FleetBoston and Charles K. Gifford, as amended by an amendment thereto effective as of February 7, 2000, a Second Amendment thereto effective as of April 22, 2002, and a Third Amendment thereto effective as of October 1, 2002, incorporated by reference to Exhibit 10(mm) of the 2004 10-K.*
|
(bb)
|
|
Form of Change in Control Agreement entered into with Charles K. Gifford, incorporated by reference to Exhibit 10(nn) of the 2004 10-K.*
|
E-2
Bank of America 2012
|
|
|
Exhibit No.
|
|
Description
|
(cc)
|
|
Global amendment to definition of “change in control” or “change of control,” together with a list of plans affected by such amendment, incorporated by reference to Exhibit 10(oo) of the 2004 10-K.*
|
(dd)
|
|
Retirement Agreement dated January 26, 2005 between Bank of America Corporation and Charles K. Gifford, incorporated by reference to Exhibit 10.1 to registrant’s Current Report on Form 8-K (File No. 1-6523) filed on January 26, 2005.*
|
(ee)
|
|
Merrill Lynch & Co., Inc. Employee Stock Compensation Plan, incorporated by reference to Exhibit 10(rr) of the 2008 10-K, and 2009 Restricted Stock Unit Award Agreement for Thomas K. Montag, incorporated by reference to Exhibit 10(qq) of the 2009 10-K.*
|
(ff)
|
|
Employment Agreement dated October 27, 2003 between Bank of America Corporation and Brian T. Moynihan, incorporated by reference to Exhibit 10(d) of registrant’s Registration Statement on Form S-4 (Registration No. 333-110924) filed on December 4, 2003.*
|
(gg)
|
|
Cancellation Agreement dated October 26, 2005 between Bank of America Corporation and Brian T. Moynihan, incorporated by reference to Exhibit 10.1 of registrant’s Current Report on Form 8-K (File No. 1-6523) filed on October 26, 2005.*
|
(hh)
|
|
Agreement Regarding Participation in the Fleet Boston Supplemental Executive Retirement Plan dated October 26, 2005 between Bank of America Corporation and Brian T. Moynihan, incorporated by reference to Exhibit 10.2 of registrant’s Current Report on Form 8-K (File No. 1-6523) filed on October 26, 2005.*
|
(ii)
|
|
Forms of Stock Unit Agreements for salary stock units awarded to certain executive officers in connection with registrant’s participation in the U.S. Department of Treasury’s Troubled Asset Relief Program, incorporated by reference to Exhibit 10(uu) of the 2009 10-K.*
|
(jj)
|
|
Bank of America Corporation Equity Incentive Plan amended and restated effective as of January 1, 2008, incorporated by reference to Exhibit 10(zz) of the 2009 10-K.*
|
(kk)
|
|
Merrill Lynch & Co., Inc. Long-Term Incentive Compensation Plan amended as of January 1, 2009 and 2008 Restricted Units/Stock Option Grant Document for Thomas K. Montag, incorporated by reference to Exhibit 10(aaa) of the 2009 10-K.*
|
(ll)
|
|
Employment Letter dated May 1, 2008 between Merrill Lynch & Co., Inc. and Thomas K. Montag and Summary of Agreement with respect to Post-Employment Medical Coverage, incorporated by reference to Exhibit 10(bbb) of the 2009 10-K.*
|
(mm)
|
|
Form of Warrant to purchase common stock (expiring October 28, 2018), incorporated by reference to Exhibit 4.2 of the registrant’s Registration Statement on Form 8-A (File No. 1-6523) filed on March 4, 2010.
|
(nn)
|
|
Form of Warrant to purchase common stock (expiring January 16, 2019), incorporated by reference to Exhibit 4.2 of the registrant’s Registration Statement on Form 8-A (File No. 1-6523) filed on March 4, 2010.
|
(oo)
|
|
Retention Award Letter Agreement with Bruce R. Thompson dated January 26, 2009, incorporated by reference to Exhibit 10(ddd) of the 2010 10-K.*
|
(pp)
|
|
Offer letter between registrant and Charles H. Noski dated April 13, 2010, incorporated by reference to Exhibit 10.1 of registrant’s Current Report on Form 8-K (File No. 1-6523) filed on April 16, 2010.*
|
(qq)
|
|
Form of Cash-Settled Stock Unit Award Agreement, incorporated by reference to Exhibit 10.2 of registrant’s Current Report on Form 8-K (File No. 1-6523) filed on January 31, 2011.*
|
(rr)
|
|
Form of Cash-Settled Stock Unit Award Agreement (February 2011 grant), incorporated by reference to Exhibit 10(iii) of the 2010 10-K.*
|
(ss)
|
|
Aircraft Time Sharing Agreement (Multiple Aircraft) dated February 24, 2011 between Bank of America, N. A. and Brian T. Moynihan, incorporated by reference to Exhibit 10(jjj) of the 2010 10-K.*
|
(tt)
|
|
Form of Bank of America Corporation Long-Term Cash Award Agreement for non-executives (February 2009 EIP award), incorporated by reference to Exhibit 10(kkk) of the 2010 10-K.*
|
(uu)
|
|
Form of Bank of America Corporation Long-Term Cash Award Agreement for non-executives (February 2009 APP award), incorporated by reference to Exhibit 10(lll) of the 2010 10-K.*
|
(vv)
|
|
Bank of America Corporation and Designated Subsidiaries Supplemental Executive Retirement Plan for Senior Management Employees effective as of January 1, 1989, reflecting the following amendments: Amendments thereto dated as of June 28, 1989, June 27, 1990, July 21, 1991, December 3, 1992, December 15, 1992, September 28, 1994, March 27, 1996, June 25, 1997, April 10, 1998, June 24, 1998, October 1, 1998, December 14, 1999, and March 28, 2001; and Amendment thereto dated December 10, 2002, incorporated by reference to Exhibit 10(jjj) of the 2011 10-K.*
|
(ww)
|
|
Settlement Agreement dated as of June 28, 2011, among The Bank of New York Mellon, registrant, BAC Home Loans Servicing, LP, Countrywide Financial Corporation, and Countrywide Home Loans, Inc., incorporated by reference to Exhibit 99.2 of registrant’s Current Report on Form 8-K (File no. 1-6523) filed on June 29, 2011.
|
(xx)
|
|
Institutional Investor Agreement dated as of June 28, 2011, among The Bank of New York Mellon, registrant, BAC Home Loans Servicing, LP, Countrywide Financial Corporation, Countrywide Home Loans, Inc. and the other parties thereto, incorporated by reference to Exhibit 99.3 of registrant’s Current Report on Form 8-K (File no. 1-6523) filed on June 29, 2011.
|
(yy)
|
|
Securities Purchase Agreement dated August 25, 2011 between registrant and Berkshire Hathaway Inc. (including forms of the Certificate of Designations, Warrant and Registration Rights Agreement), incorporated by reference to Exhibit 1.1 of registrant’s Current Report on Form 8-K (File No. 1-6523) filed on August 25, 2011.
|
(zz)
|
|
Long-Term Cash Award Agreement for Gary G. Lynch dated July 12, 2011, incorporated by reference to Exhibit 10(b) of registrant’s Quarterly Report on Form 10-Q (File No. 1-6523) for the quarterly period ended January 31, 2012 filed on May 3, 2012. *
|
(aaa)
|
|
Offer Letter between registrant and Gary G. Lynch dated April 14, 2011, incorporated by reference to Exhibit 10(c) of registrant’s Quarterly Report on Form 10-Q (File No. 1-6523) for the quarterly period ended January 31, 2012 filed on May 3, 2012. *
|
12
|
|
Ratio of Earnings to Fixed Charges, filed herewith.
|
|
|
Ratio of Earnings to Fixed Charges and Preferred Dividends, filed herewith.
|
21
|
|
List of Subsidiaries, filed herewith.
|
23(a)
|
|
Consent of PricewaterhouseCoopers LLP, filed herewith.
|
(b)
|
|
Consent of PricewaterhouseCoopers LLP, filed herewith.
|
24
|
|
Power of Attorney, filed herewith.
|
31(a)
|
|
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
|
(b)
|
|
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
|
32(a)
|
|
Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith.
|
|
|
Bank of America 2012
E-3
|
Exhibit No.
|
|
Description
|
(b)
|
|
Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith.
|
99(a)
|
|
Resolution Agreement dated as of January 6, 2013 by and among Fannie Mae, Bank of America, National Association and Countrywide Home Loans, Inc., filed herewith. We have requested confidential treatment of certain provisions contained in this exhibit. The copy filed as an exhibit omits the information subject to the confidentiality request. The schedules to this agreement were filed in paper on February 28, 2013, pursuant to a continuing hardship exemption.
|
(b)
|
|
Settlement Agreement dated as of December 31, 2010 by and between Federal Home Loan Mortgage Corporation, Bank of America, National Association, BAC Home Loans Servicing, L.P. and Countrywide Home Loans, Inc., filed herewith. We have requested confidential treatment of certain provisions contained in this exhibit. The copy filed as an exhibit omits the information subject to the confidentiality request. Exhibits A-1, A-2 and C to this agreement were filed in paper on February 23, 2012, pursuant to a continuing hardship exemption.
|
(c)
|
|
Resolution Agreement with Respect to Certain Repurchase and Make-Whole Obligations and Claims dated as of December 31, 2010, by and among Fannie Mae, and Bank of America, N.A., BAC Home Loans Servicing LP and Countrywide Home Loans, Inc., incorporated by reference to Exhibit 99(a) of registrant’s 2011 Annual Report on Form 10-K (File No. 1-6523) filed on February 23, 2012.
|
Exhibit 101.INS
|
|
XBRL Instance Document, filed herewith
|
Exhibit 101.SCH
|
|
XBRL Taxonomy Extension Schema Document, filed herewith
|
Exhibit 101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document, filed herewith
|
Exhibit 101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document, filed herewith
|
Exhibit 101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document, filed herewith
|
Exhibit 101.DEF
|
|
XBRL Taxonomy Extension Definitions Linkbase Document, filed herewith
|
*
|
Exhibit is a management contract or a compensatory plan or arrangement.
|
E-4
Bank of America 2012
|
|
|
“(iii)
|
Amount of Restoration Credits for 2012
: The Restoration Account of each Participant shall be credited with a Restoration Credit for 2012, the amount of which shall be equal to the lesser of
Amount A
or
Amount B
, where:
|
(A)
|
Amount A
equals the amount of Restoration Credits described in paragraph (ii) of this subsection but based only on the compensation credits that would have been allocated to the Participant's 'account' under the Basic Plan if amounts described in clauses (ii), (iii) and (iv) of paragraph (ii) of this subsection included only such amounts paid before July 1, 2012; and
|
(B)
|
Amount B
equals the compensation credits that would have been allocated to the Participant's account based on the excess of $250,000 over (I) 'compensation' under the Basic Plan through June 30, 2012 and (II) 'ACC-eligible compensation' from July 1, 2012 through December 31, 2012 under the Savings Plan; provided, however, that, if a Participant has a Termination of Employment in 2012 after June 30, 2012, the 'ACC-eligible compensation' described in clause II of this subparagraph shall be considered in determining the Participant's Restoration Credit for 2012 only if the Participant's Termination of Employment (i) occurs when the Participant meets the requirements for Rule of 60, (ii) is because of an involuntary termination of employment by an Affiliated Group Member that entitles the Participant to severance pay under the Bank of America Corporate Severance Program, (iii) is in connection with a divestiture by the Company or any Affiliated Group Member, or (iv) is a result of the Participant's death.”
|
“(i)
|
Any portion of a Legacy West Participant's Restoration Account attributable to benefits accruing before July 1, 1985 is not directable and is not subject to the rules regarding Restoration Account adjustments described in subsections (a) and (b) of this Section, but shall instead be credited with interest at the rate described in subparagraphs (A) and (B) of this Paragraph as follows:
|
(A)
|
a rate of 11% until the earlier of the Legacy West Participant's Delink Calculation Date or June 30, 2012; and
|
(B)
|
For a Legacy West Participant with a Delink Calculation Date after June 30, 2012, a rate of 8% for periods after June 30, 2012 until the Legacy West Participant's Delink Calculation Date.”
|
“(v)
|
For purposes of determining Amount A in paragraph (i) of this subsection and notwithstanding any provision of this Section or the Plan to the contrary, no compensation paid after June 30, 2012 shall be taken into account.”
|
|
|
PAGE
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|
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2
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|||
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|
|
|
|
1.1
|
Account
|
2
|
|
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1.2
|
Associate
|
2
|
|
|
1.3
|
Base Salary
|
2
|
|
|
1.4
|
Beneficiary
|
2
|
|
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1.5
|
Class Year Deferrals
|
2
|
|
|
1.6
|
Code
|
3
|
|
|
1.7
|
Committee
|
3
|
|
|
1.8
|
Completion Incentive
|
3
|
|
|
1.9
|
Corporation
|
3
|
|
|
1.10
|
Deferral Account
|
3
|
|
|
1.11
|
EIP
|
3
|
|
|
1.12
|
Eligible Asset
|
3
|
|
|
1.13
|
Eligible Incentive Award
|
4
|
|
|
1.14
|
ERISA
|
4
|
|
|
1.15
|
401(k) Plan
|
4
|
|
|
1.16
|
Global Human Resources Group
|
4
|
|
|
1.17
|
Make-up Contribution Restoration Account
|
4
|
|
|
1.18
|
Matchable Compensation
|
4
|
|
|
1.19
|
Matching Contribution Restoration Account
|
5
|
|
|
1.20
|
MFIP
|
5
|
|
|
1.21
|
Participant
|
5
|
|
|
1.22
|
Participating Employer
|
5
|
|
|
1.23
|
Plan Year
|
5
|
|
|
1.24
|
Pre-2005 Account
|
5
|
|
|
1.25
|
Restoration Plan
|
5
|
|
|
1.26
|
Rule of 60
|
6
|
|
|
1.27
|
Termination of Employment (or to Terminate Employment)
|
6
|
|
|
1.28
|
2005 Account
|
6
|
|
|
|
|
|
|
7
|
|
|||
|
|
|
|
|
|
2.1
|
Eligibility
|
7
|
|
|
2.2
|
Form and Time of Elections
|
7
|
|
|
2.3
|
Deferrals
|
8
|
|
|
2.4
|
Matching and Make-up Contributions
|
9
|
|
|
2.5
|
Account Adjustments
|
11
|
|
|
2.6
|
Vesting Adjustments
|
12
|
|
|
2.7
|
Special Payment Elections
|
12
|
|
|
2.8
|
Distribution Provisions
|
12
|
|
|
2.9
|
General Payment Provisions
|
18
|
|
|
2.10
|
Catch-Up Contributions
|
19
|
|
|
2.11
|
Special Provisions Related to Completion Incentives
|
19
|
|
|
2.12
|
Other Contributions
|
20
|
|
|
|
|
|
|
21
|
|
|||
|
|
|
|
|
|
3.1
|
Committee
|
21
|
|
|
|
|
|
|
22
|
|
|||
|
|
|
|
|
|
4.1
|
Amendment and Termination
|
22
|
|
|
|
|
|
|
23
|
|
|||
|
|
|
|
|
|
5.1
|
Nature of Plan and Rights
|
23
|
|
|
5.2
|
Spendthrift Provision
|
23
|
|
|
5.3
|
Limitation of Rights
|
23
|
|
|
5.4
|
Adoption by Other Participating Employers
|
24
|
|
|
5.5
|
Governing Law
|
24
|
|
|
5.6
|
Merged Plans
|
24
|
|
|
5.7
|
Status Under ERISA
|
24
|
|
|
5.8
|
Compliance with Section 409A of the Code
|
25
|
|
|
5.9
|
Severability
|
25
|
|
|
5.10
|
Headings and Subheadings
|
25
|
|
|
5.11
|
Social Security Tax
|
25
|
|
|
5.12
|
Claims Procedure
|
25
|
|
|
5.13
|
Limited Effect Of Restatement
|
25
|
|
|
5.14
|
Binding Effect
|
26
|
|
|
|
|
|
|
I.
|
Special Rules Applicable to Former Participants of and Balances Merged from the ABN AMRO Group Supplemental Savings Plan ("SSP"):
|
28
|
|
|
|
|
|
|
|
II.
|
Special Rules Applicable to Former Participants of and Balances Merged from the Countrywide Financial Corporation Supplemental Savings and Investment Deferred Compensation Plan (“SSIP”):
|
29
|
|
(a)
|
For each Plan Year, the deferrals of a Participant's Base Salary under Section 2.3(b) for the Plan Year plus the deferral under Section 2.3(c) of any portion of the Participant's Eligible Incentive Award earned for services rendered during the Plan Year, including any related adjustments for deemed investments in accordance
with Section 2.5.
|
(b)
|
In
addition, in accordance with Section 2.8(a)(ii), all matching contributions credited to the Restoration Plan for a Participant after 2005 under Section 2.4 plus any other amounts credited to the Restoration Plan for the Participant after 2005
|
(c)
|
In addition, in accordance with Section 2.8(a)(iii), all make-up contributions credited to the Restoration Plan for a Participant under Section 2.4(d), including any related adjustments for deemed investments in accordance with Section 2.5, shall collectively constitute one separate set of Class Year Deferrals for the Participant.
|
(a)
|
Any commissions; and
|
(b)
|
Any incentive awards payable in cash pursuant to (i) the Bank of America Executive Incentive Compensation Plan or (ii) any other incentive compensation plan of the Corporation or any of its Subsidiaries approved for purposes of this Restoration Plan by the Committee. Eligible Incentive Awards may be payable annually, quarterly, or on such other basis as provided by the applicable plan. Eligible Incentive Awards shall not include contest prizes, hiring, retention or employment referral bonuses, one-time bonuses (other than special pay bonuses), suggestion program awards, long-term cash awards or any severance or similar benefits.
|
(a)
|
The Corporation;
|
(b)
|
Each other “Participating Employer” under (and as defined in) the 401(k) Plan on the date hereof;
|
(c)
|
Any other incorporated or unincorporated trade or business which may hereafter adopt both the 401(k) Plan and the Restoration Plan.
|
(a)
|
Deferrals, matching contributions or any other contributions that were credited to the Restoration Plan during 2005; plus
|
(b)
|
Any deferral of an Eligible Incentive Award for performance year 2005 credited to the Restoration Plan after 2005;
|
(a)
|
Determination of Eligible Associates
: Prior to each Plan Year, or at such other times as the Global Human Resources Group shall determine consistent with applicable law, the Global Human Resources Group shall determine which Associates shall be Eligible Associates for such Plan Year in accordance with the provisions of this Section.
|
(b)
|
Eligible Associates
: An Associate shall be an Eligible Associate with respect to a Plan Year if the Global Human Resources Group determines that the Associate either:
|
(i)
|
Has an annual rate of Base Salary as of the date of eligibility determination equal to or exceeding the limitation of Section 401(a)(17) of the Code for the previous Plan Year; or
|
(ii)
|
Had total compensation for the one-year period immediately prior to the date of eligibility determination equal to or exceeding the limitation of Section 401(a)(17) of the Code for the previous Plan Year.
|
(c)
|
Administrative Procedures
: The Global Human Resources Group, in its discretion, shall establish the administrative procedures with respect to the foregoing eligibility determinations, including without limitation the measurement of total compensation for any period and whether such measurement is of total cash compensation only or total cash compensation plus any special equity awards paid during the one-year measurement period. Notwithstanding the foregoing, the Global Human Resources Group may, in its discretion, determine that an Associate or group of Associates who otherwise meet the foregoing requirements are nonetheless ineligible to participate in the Restoration Plan.
|
(a)
|
Deferral Accounts
: A Participating Employer shall establish and maintain on its books a Deferral Account for each Eligible Associate employed by such Participating Employer who elects pursuant to Section 2.2 to defer the receipt of any amount under
the Restoration Plan. Such Deferral Account shall be designated by the name of the Eligible Associate for whom established. The amount to be deferred under this Section 2.3 for a payroll period shall be credited to such Deferral Account on, or as soon as administratively practicable after, the payroll date. See Section 2.10 regarding the effect of “catch-up” contribution elections under the 401(k) Plan.
|
(b)
|
Election to Defer Base Salary
: An Eligible Associate for a Plan Year may elect pursuant to Section 2.2 to defer up to 50% of the Eligible Associate's Base Salary for the Plan Year. Any such deferral of an Eligible Associate's Base Salary for a payroll period shall be made first before any deferral of Base Salary is made to the 401(k) Plan for such payroll period. Any portion of an Eligible Associate's Base Salary not deferred under the Restoration Plan shall be included in the Eligible Associate's compensation under the 401(k) Plan in accordance with, and subject to, the terms and provisions of the 401(k) Plan (and therefore shall be included in determining the amount of the Eligible Associate's pre-tax retirement savings
|
(c)
|
Election to Defer Eligible Incentive Awards
: Each Eligible Associate for a Plan Year may elect pursuant to Section 2.2 to defer up to 90% of any Eligible Incentive Award otherwise payable to the Eligible Associate for services rendered during the Plan Year (regardless of whether the Eligible Incentive Award is payable during or after the applicable Plan Year). Any such deferral of an Eligible Associate's Eligible Incentive Award shall be made first before any deferral of such Eligible Incentive Award is made to the 401(k) Plan. Any portion of an Eligible Incentive Award not deferred under the Restoration Plan shall be included in the Eligible Associate's compensation under the 401(k) Plan in accordance with, and subject to, the terms and provisions of the 401(k) Plan (and therefore shall be included in determining the amount of the Eligible Associate's pre-tax retirement savings contributions and/or designated Roth contributions or employer contributions under the 401(k) Plan). Amounts deferred under the Restoration Plan shall not be taken into account for purposes of determining contributions or allocations under the 401(k) Plan.
|
(a)
|
Matching Contribution Restoration Account and Make-up Contribution Restoration Account
: A Participating Employer shall establish and maintain on its books a Matching Contribution Restoration Account and/or a Make-up Contribution Restoration Account for each Eligible Associate employed by such Participating Employer who is credited with a matching and/or make-up contribution under this Section 2.4. Such Matching Contribution Restoration Account and/or Make-up Contribution Restoration Account shall be designated by the name of the Eligible Associate for whom established.
|
(b)
|
Matching Contributions for Restoration Plan Deferrals
: Subject to the provisions of Section 2.4(e), if a Participant defers any amount under the Restoration Plan during a Plan Year in which the Participant is eligible to receive matching contributions under the 401(k) Plan, the Participant shall be eligible to be credited with a matching contribution to the Participant's Matching Contribution Restoration Account for the Plan Year. The amount of the matching contribution shall equal Amount A less Amount B (but not less than zero), where:
|
(i)
|
Amount A
equals 5% multiplied
by the Participant's Matchable Compensation for the Plan Year; and
|
(ii)
|
Amount B
equals the aggregate amount of matching contributions that would have been allocated to the Participant's account under the 401(k) Plan for
each payroll period ending during the Plan Year plus the amount
|
(c)
|
Matching Contributions for EIP and MFIP Awards
: Under the EIP, a percentage of an eligible Associate's annual incentive award earned for a performance period beginning on or after January 1, 2002 may be made in the form of an award of (i) restricted stock shares or restricted stock units granted under the Bank of America Corporation 2003 Key Associate Stock Plan (or any successor stock plan) or (ii) long-term cash. Similarly, under the MFIP, a percentage of an eligible Associate's annual incentive award earned for a performance period beginning on or after January 1, 2006 may be made in the form of an award of (i) restricted mutual fund units granted under the MFIP or (ii) long-term cash. The remaining portion of the Associate's annual incentive award may be payable in current cash that is not subject to a vesting schedule. Only the portion of the Associate's annual incentive award payable in current cash, if any, is eligible for deferral under the 401(k) Plan or the Restoration Plan. However, for an Associate covered by the EIP or the MFIP who is eligible to receive matching contributions under the 401(k) Plan at the time when the current cash portion, if any, of such annual incentive award is payable, the Associate's Participating Employer shall credit to the Participant's Matching Contribution Restoration Account an amount equal to 5% of the “Principal Amount” (as defined in the EIP and the MFIP), if any, with respect to such annual incentive award; provided, however, that in no event shall the combined matching contributions under Section 2.4(b), this Section 2.4(c) and the matching contributions the Participant would have received under the 401(k) Plan for the Plan Year if the Participant had contributed at least 5% of “Compensation” (as defined in the 401(k) Plan) for the Plan Year, exceed 5% of the applicable limit described in Section 4.4(a)(v) of the 401(k) Plan. For purposes of this Section, the EIP Principal Amount, if any, for an Associate who is in Band 0 shall be the amount communicated to the Global Human Resources Group by the Corporation's Executive Compensation group as the EIP Principal Amount, if any.
|
(d)
|
Make-up Contributions for Certain Legacy U.S. Trust Participants
: For a Participant whose deferrals to the Restoration Plan reduce the amount of the
|
(e)
|
Payroll Taxes
: The Global Human Resources Group may determine, in its sole and exclusive discretion, to deduct from the amount otherwise to be credited to the Matching Contribution Restoration Account and/or Make-up Contribution Restoration Account of a Participant for a Plan Year an amount necessary to pay any related payroll taxes.
|
(a)
|
Account Adjustments for Deemed Investments
: The Committee shall from time to time designate one or more investment vehicle(s) in which the Accounts of Participants shall be deemed to be invested. The investment vehicle(s) may be designated by reference to the investments available under other plans sponsored by a Participating Employer (including the 401(k) Plan). Each Participant shall designate the investment vehicle(s) in which his or her Account shall be deemed to be invested according to the procedures developed by the Global Human Resources Group, except as otherwise required by the terms of the Restoration Plan. No Participating Employer shall be under an obligation to acquire or invest in any of the deemed investment vehicle(s) under this subparagraph, and any acquisition of or investment in a deemed investment vehicle by a Participating Employer shall be made in the name of the Participating Employer and shall remain the sole property of the Participating Employer. The Committee shall also establish from time to time a default fund into which a Participant's Account shall be deemed to be invested if the Participant fails to provide investment instructions pursuant to this Section 2.5(a). Effective January 1, 2009, such default fund shall be the applicable investment vehicle determined pursuant to the terms of the 401(k) Plan's default investment provisions.
|
(b)
|
Periodic Account Adjustments
: Each Account shall be adjusted from time to time at such intervals as determined by the Global Human Resources Group. The Global Human Resources Group may determine the frequency of account adjustments by reference to the frequency of account adjustments under another plan sponsored by a Participating Employer. The amount of the adjustment shall equal the amount that each Participant's Account would have earned (or lost) for the period since the last adjustment had the Account actually been invested in the 401(k) Plan in the deemed investment vehicle(s) designated by the Participant for
|
(a)
|
Class Year Payment Elections
|
(i)
|
Class Year Deferrals
: A Participant for a Plan Year beginning on or after January 1, 2006 shall elect from among the available forms of payment set forth in Section 2.8(b) the form of payment that shall apply to the Class Year Deferrals for such Plan Year. The class year payment election shall be made coincident with the deferral elections under Sections 2.3(b) and 2.3(c) for such Plan Year.
|
(ii)
|
Matching Contributions
: As to the Class Year Deferrals comprised of all matching contributions credited after 2005 pursuant to Section 2.4 or any other amounts credited after 2005 pursuant to Section 2.12 for a Participant, the applicable class year payment election shall be made by the Participant coincident with the first time the Participant makes a deferral election under the Restoration Plan for any Plan Year beginning on or after January 1, 2006. Notwithstanding any provision of the Restoration Plan to the contrary, except for a withdrawal on account of an unforeseeable emergency pursuant to Section 2.8(h), such Class Year Deferrals shall not be payable until the Participant has Terminated Employment.
|
(iii)
|
Make-up Contributions
: Notwithstanding any provision of the Restoration Plan to the contrary, except for a withdrawal on account of an unforeseeable emergency pursuant to Section 2.8(h), the Class Year Deferrals comprised of all make-up contributions credited pursuant to Section 2.4(d) for a Participant shall be payable as a lump sum payment following Termination of Employment as set forth in Section (b) unless the Participant changes the time of such payment pursuant to Section 2.8
(c). In no event shall a Participant be able to change the form of such payment.
|
(b)
|
Available Forms of Payment
: A Participant shall select from among the following forms of payment for each set of Class Year Deferrals. The Participant must select a single form of payment applicable to each set of Class Year Deferrals (i.e., a set of Class Year Deferrals may not be “split” among more than one form of payment):
|
(i)
|
Lump Sum Payment Following Termination of Employment
: The balance of the applicable Class Year Deferrals shall be payable following the Participant's Termination of Employment in a single cash payment.
|
(ii)
|
Lump Sum Payment In Specified Year
: The balance of the applicable Class Year Deferrals shall be payable in the calendar year elected by the Participant, not to exceed the calendar year in which the Participant attains age 75, in a single cash payment.
|
(iii)
|
Lump Sum Payment Upon Later of Termination of Employment or Specified Year
: The balance of the applicable Class Year Deferrals shall be payable upon the later of the Participant's Termination of Employment or the calendar year elected by the Participant, not to exceed the calendar year in which the Participant attains age 75, in a single cash payment.
|
(iv)
|
Annual Installments Following Termination of Employment
: The balance of the applicable Class Year Deferrals shall be payable following the Participant's Termination of Employment in annual installment payments over a period of years selected by the Participant not to exceed ten (10).
|
(v)
|
Annual Installments Commencing In Specified Year
: The balance of the applicable Class Year Deferrals shall be payable commencing in the calendar year elected by the Participant, not to exceed the calendar year in which the Participant attains age 75, in annual installment payments over a period of years selected by the Participant not to exceed ten (10).
|
(vi)
|
Annual Installments Commencing Upon Later of Termination of Employment or Specified Year
: The balance of the applicable Class Year Deferrals shall be payable commencing upon the later of the Participant's Termination of Employment or the calendar year elected by the Participant, not to exceed the calendar year in which the Participant attains age 75, in annual installment payments over a period of years selected by the Participant not to exceed ten (10).
|
(c)
|
Subsequent Changes to Payment Elections
: A Participant may change the time or form of payment elected under Section 2.8(b), or the time or form of payment subsequently elected under this Section 2.8(c), with respect to a set of Class Year Deferrals only if (i) such election is made at least 12 months prior to January 1 of the Plan Year in which the payment of the Class Year Deferrals would have otherwise commenced and (ii) the effect of such election is to defer commencement of such payments by at least 5 years.
|
(d)
|
Default Lump Sum Payment
: Notwithstanding any provision herein to the contrary, a Participant's entire Account balance shall be payable in a single cash payment following the Participant's Termination of Employment if, as of the Participant's date of Termination of Employment, either (i) the amount of the Participant's Account balance equals $50,000 or less or (ii) the Participant had less than 60 months of Vesting Service.
|
(e)
|
Timing of Lump Sum Payments
:
|
(i)
|
Lump Sum Payment Following Termination of Employment
: Class Year Deferrals payable as a lump following a Participant's Termination of Employment shall be paid in a single cash payment to the Participant within ninety (90) days following the end of the Plan Year in which the Termination of Employment occurs; provided, however, that if the Global Human Resources Group is not notified of a Participant's Termination of Employment until after the end of the Plan Year in which such Termination of Employment occurs, then payment shall be made by the end of the Plan Year following the Plan Year of Termination of Employment. Notwithstanding the foregoing, if the Class Year Deferrals comprised of
|
(A)
|
if the Participant Terminated Employment having satisfied the Rule of 60, the Participant shall continue to be eligible to elect from among the available deemed investment vehicles pursuant to Section 2.5 through the last business day immediately preceding the payment date; and
|
(B)
|
for any other Participant, the Participant shall continue to be eligible to elect from among the available deemed investment vehicles pursuant to Section 2.5 through the end of the Plan Year in which the Participant Terminates Employment (or, if applicable, through the end of a subsequent calendar year as determined by the Global Human Resources Group if the Global Human Resources Group is not notified of a Participant's Termination of Employment until after the end of the Plan Year in which such Termination of Employment occurs), and thereafter through the last business day immediately preceding the payment date the Class Year Deferrals shall be deemed invested in the Stable Value Fund.
|
(ii)
|
Lump Sum Payment In Specified Year
: For any Class Year Deferrals payable as a lump sum in a specified year elected by a Participant, the Participant shall be paid during the first ninety (90) days of the applicable Plan Year of payment elected by the Participant a single cash payment in an amount equal to the balance of the Class Year Deferrals as of the last business day immediately preceding the payment date. If the Plan Year of payment is after the date of the Participant's Termination of Employment, then:
|
(A)
|
if the Participant Terminated Employment having satisfied the Rule of 60, the Participant shall continue to be eligible to elect from among the available deemed investment vehicles pursuant to Section 2.5 through the last business day immediately preceding the payment date; and
|
(B)
|
for any other Participant, the Participant shall continue to be eligible to elect from among the available deemed investment vehicles
|
(f)
|
Timing of Annual Installments
:
|
(i)
|
Annual Installments Following Termination of Employment
: For any Class Year Deferrals payable as annual installments following Termination of Employment, the first installment shall be paid within ninety (90) days following the end of the Plan Year in which the Participant Terminates Employment with the Participating Employers; provided, however, that if the Global Human Resources Group is not notified of a Participant's Termination of Employment until after the Plan Year in which the Termination of Employment occurs, then the first installment shall be paid by the end of the Plan Year following the Plan Year of Termination of Employment. Each subsequent installment shall be paid within ninety (90) days following the end of each subsequent Plan Year during the selected payment period. The amount of each installment payment shall equal the balance of the Class Year Deferrals as of the last business day immediately preceding the applicable payment date divided by the number of remaining installments (including the installment then payable). For a Participant who Terminates Employment with the Participating Employers having satisfied the Rule of 60, the Participant shall continue to be eligible to elect from among the available deemed investment vehicles pursuant to Section 2.5 through the last business day immediately preceding the final payment. For any other Participant, the Participant shall continue to be eligible to elect from among the available deemed investment vehicles pursuant to Section 2.5 through the end of the Plan Year in which the Participant Terminates Employment (or, if applicable, through the end of a subsequent calendar year as determined by the Global Human Resources Group if the Global Human Resources Group is not notified of a Participant's Termination of Employment until after the end of the Plan Year in which such Termination of Employment occurs), and thereafter until the last business day immediately preceding the final payment the Class Year Deferrals shall be deemed invested in the Stable Value Fund.
|
(ii)
|
Annual Installments Commencing In Specified Year
: For any Class Year Deferrals payable as annual installments commencing in a specified year elected by a Participant, the first annual installment shall be payable during
|
(A)
|
if the Participant Terminated Employment having satisfied the Rule of 60, the Participant shall continue to be eligible to elect from among the available deemed investment vehicles pursuant to Section 2.5 through the last business day immediately preceding the final payment; and for any other Participant, the Participant shall continue to be eligible to elect from among the available deemed investment vehicles pursuant to Section 2.5 through the end of the Plan Year in which the Participant Terminates Employment (or, if applicable, through the end of a subsequent calendar year as determined by the Global Human Resources Group if the Global Human Resources Group is not notified of a Participant's Termination of Employment until after the end of the Plan Year in which such Termination of Employment occurs), and thereafter until the last business day immediately preceding the final payment the Class Year Deferrals shall be deemed invested in the Stable Value Fund.
|
(g)
|
Death of a Participant
: If a Participant dies before having been paid the entire balance of the Participant's Account (including a Participant receiving installment payments), the remaining unpaid balance of the Account shall be payable to the Participant's Beneficiary in a single cash payment within ninety (90) days following the end of the Plan Year in which the Participant dies; provided, however, that if the Global Human Resources Group is not notified of a Participant's death until more than ninety (90) days after the end of the Plan Year in which such death occurs, then payment shall be made within ninety (90) days after the end of the Plan Year in which such notice of death is received by the Global Human Resources Group. The Account shall be deemed invested in the Stable Value Fund from the date notice of death is received by the Global Human Resources Group until the last business day immediately preceding the final payment of the Account.
|
(h)
|
Withdrawals on Account of an Unforeseeable Emergency
: A Participant may, in the Global Human Resources Group's sole discretion, receive a refund of all or any part of the amounts previously credited to the Participant's Accounts in the case of an “unforeseeable emergency.” A Participant requesting a payment pursuant to this Section shall have the burden of proof of establishing, to the Global
|
(i)
|
Special Provisions for “Specified Employees”
: Notwithstanding any provision in the Restoration Plan to the contrary, to the extent applicable, in no event shall any payment hereunder be made to a “specified employee” within the meaning of Section 409A of the Code and the Bank of America 409A Policy earlier than 6 months after the date of the Participant's Termination of Employment, except in connection with the Participant's death.
|
(a)
|
Payments for Participants Who Terminated Employment Prior to 2005
: Payments to any Participant who Terminated Employment prior to 2005 shall be made in accordance with the provisions of the Restoration Plan as in effect prior to 2005.
|
(b)
|
Other Payment Provisions
: To be effective, any elections under Sections 2.7 or 2.8 shall be made on such form, at such time and pursuant to such procedures as determined by the Global Human Resources Group in its sole discretion from time
|
(a)
|
The Global Human Resources Group, upon consultation with the appropriate business unit, shall allocate the Completion Incentive among the applicable Plan Years for which it was deemed earned.
|
(b)
|
Any deferral under Section 2.3 shall be determined separately with respect to the Restoration Plan deferral election (if any) in effect for each Plan Year for which the Completion Incentive was deemed earned. The applicable Restoration Plan deferral election in effect for each such Plan Year shall be applied against the portion of the Completion Incentive allocated to such Plan Year under subparagraph (a). Any such portion of the Completion Incentive deferred under the Restoration Plan with respect to a Plan Year shall be part of the Class Year Deferrals for that Plan Year.
|
(c)
|
Each deferral to the Restoration Plan with respect to the Completion Incentive determined under subparagraph (b) shall be eligible for a matching contribution under the Restoration Plan in accordance with, and subject to, the provisions of Section 2.4. Such matching contributions shall be determined separately with respect to each Plan Year for which the Completion Incentive was deemed earned.
|
(d)
|
Although the Completion Incentive may relate to one or more prior Plan Years, the related deferrals and matching contributions to be made under subparagraphs (b) and (c) shall be credited in an administratively reasonable time following
|
(a)
|
Merger of Plans
: From time to time the Participating Employers may cause other nonqualified plans to be merged into the Restoration Plan. Schedule 5.6 attached hereto sets forth the names of the plans that merged into the Restoration Plan by January 1, 2013 and their respective merger dates. Schedule 5.6 shall be updated from time to time to reflect mergers after January 1, 2013.
|
(b)
|
Effect of Merger of Plans
: Upon such a merger, the account balance(s) immediately prior to the date of merger of each participant in the merged plan shall be transferred and credited as of the merger date to one or more accounts established under the Restoration Plan for such participant, including without limitation a predecessor company Account as determined by the Global Human Resources Group. From and after the merger date, the participant's rights shall be determined under the Restoration Plan, and the participant shall be subject to all of the restrictions, limitations and other terms and provisions of the Restoration Plan. Not in limitation of the foregoing, each Restoration Plan Account established for the participant as a result of the merger shall be periodically adjusted when and as provided in Section 2.5 hereof as in effect from time to time and shall be paid at such time and in such manner as provided in Section 2.7 and Section 2.8 hereof, except to the extent otherwise provided on Schedule 5.6. The Global Human Resources Group shall, in its discretion, establish any procedures it deems necessary or advisable in order to administer any such plan mergers, including without limitation procedures for transitioning from the method of account adjustments under the prior plan to the methods provided for under the Restoration Plan. The Global Human Resources Group may also establish any special distribution or other rules with respect to such balances, which such special rules shall be specified on Schedule 5.6.
|
|
|
BANK OF AMERICA CORPORATION
|
||
|
|
|
|
|
|
|
By:
|
/s/ Mark S. Behnke
|
|
|
|
|
Mark S. Behnke
|
|
|
|
|
Global Head of Compensation and Benefits
|
I.
|
Special Rules Applicable to Former Participants of and Balances Merged from the ABN AMRO Group Supplemental Savings Plan (“SSP”)
:
|
(a)
|
Special Payment Elections
: Each Participant with an account balance(s) merged from the ABN AMRO Group Supplemental Savings Plan (“SSP Account Balance(s)") who was in the active service of a Participating Employer on April 1, 2008 was given the opportunity during 2008 to make a payment election applicable to the Participant's SSP Account Balance(s). The Participant could elect from among the class year payment options set forth in Section 2.8(b), and such election was immediately effective. Notwithstanding the foregoing, such payment election was not applicable to any amounts otherwise payable in 2008 and did not cause any amounts to be paid in 2008 that would not otherwise be payable in such year. In the event a Participant covered by this Schedule 5.6(I)(a) failed to make a payment election with respect to the Participant's SSP Account Balance(s), the payment method shall be a lump sum payment following Termination of Employment as set forth in Section 2.8(b). Any subsequent change to such payment election must comply with the requirements of Section 2.8(c). Payments pursuant to such election shall otherwise be subject to the requirements of Section 2.8, including the default lump sum payment rules of Section 2.8(d) and the special rules for certain “specified employees” pursuant to Section 2.8(i). Notwithstanding the foregoing sentence, no default lump sum
payment was made pursuant to Section 2.8(d) if such payment would have caused any amounts to be paid in 2008 that would not otherwise have been payable in such year.
|
(b)
|
Payment Rule Applicable to Terminated SSP Participants
: The SSP Account Balance(s) of each Participant who was not in the active service of a Participating Employer on April 1, 2008 shall be paid to the Participant at the time and in the form applicable to the Participant's account balance(s) under the SSP on March 31, 2008. Each such Participant shall not have the opportunity to make any subsequent change to the payment election applicable to the Participant's SSP Account Balance(s) under the SSP on March 31, 2008 as provided in Section 2.8(c). In all other respects, each such Participant's rights shall be determined under the Restoration Plan, and each such Participant shall be subject to all of the restrictions, limitations and other terms and provisions of the Restoration Plan, including the special rules for certain “specified employees” pursuant to Section 2.8(i), but excluding the default lump sum payment rules of Section 2.8(d).
|
(c)
|
Ongoin
g Restoration Plan Participation
: No former participant in the SSP shall be eligible to otherwise participate in the Restoration Plan unless such participant becomes eligible to participate in the Restoration Plan under Section 2.1.
|
II.
|
Special Rules Applicable to Former Participants of and Balances Merged from the Countrywide Financial Corporation Supplemental Savings and Investment Deferred Compensation Plan (“SSIP”)
:
|
(a)
|
Payment Rule Applicable to SSIP Participants
: The account balance(s) merged from the Countrywide Financial Corporation Supplemental Savings and Investment Deferred Compensation Plan (“SSIP Account Balance(s)”) on April 6, 2009 shall be paid to each applicable Participant at the time and in the form applicable to the Participant's account balance(s) under the SSIP on April 5, 2009. Each such Participant shall not have the opportunity to make any subsequent change to the payment election applicable to the Participant's SSIP Account Balance(s) under the SSIP on April 5, 2009 as provided in Section 2.8(c). In all other respects, each such Participant's rights shall be determined under the Restoration Plan, and each such Participant shall be subject to all of the restrictions, limitations and other terms and provisions of the Restoration Plan, including the special rules for certain “specified employees” pursuant to Section 2.8(i), but excluding the default lump sum payment rules of Section 2.8(d).
|
(b)
|
Ongoing Restoration Plan Participation
: No former participant in the SSIP shall be eligible to otherwise participate in the Restoration Plan unless such participant becomes eligible to participate in the Restoration Plan under Section 2.1.
|
By:
|
/s/ Andrea B. Smith
|
“(i)
|
Amount
A is the amount of the benefit the Cash Balance Participant (or Beneficiary) would have been entitled to receive under the Basic Plan as of the Cash Balance Participant's Delink Calculation Date (expressed as a lump sum if not otherwise a lump sum) if 'earnings' under the Basic Plan included deferrals of base pay, commissions or non-discretionary incentive pay made under the Bank of America 401(k) Restoration Plan; provided, however, that if the limits of Section 1.16(c)(i) of the Basic Plan apply to the Cash Balance Participant, such deferrals will be taken into account under this paragraph only to the extent the deferrals, when added to the commissions, non-discretionary incentive pay and actual base pay previously counted under the Basic Plan in the same year, do not exceed the limit described in Section 1.16(c)(i) of the Basic Plan, and 'earnings' under the Basic Plan were not limited by Section 401(a)(17) of the Code but were limited to an annual maximum of $250,000, and the limitations of Section 415 of the Code (and provisions of the Basic Plan applying those limitations) did not exist; and provided further, however, that the 'earnings' taken into account for the 2012 Plan Year may not exceed $250,000 over (I) 'earnings' under the Basic Plan through June 30, 2012 and (II) 'ACC-eligible compensation' from July 1, 2012 through December 31, 2012 under the Savings Plan; and provided further, however, that if a participant has a Termination of Employment in 2012 after June 30, 2012, the 'earnings' described in clause (II) of the preceding proviso shall be considered only if the Participant's Termination of Employment (i) occurs when the Participant meets the requirements for Rule of 60, (ii) is because of an involuntary termination of employment by an Affiliated Group Member that entitles the Participant to severance pay under the Bank of America Corporate Severance Program, (iii) is in connection with a divestiture by the Company or any Affiliated Group Member, or (iv) is a result of the Participant's death; and”
|
(i)
|
“Notwithstanding anything in this section or the Plan to the contrary, no compensation paid after June 30, 2012 shall be taken into account in determining a Participant's benefit under this section.”
|
By:
|
/s/ Mark S. Behnke
|
Bank of America Corporation and Subsidiaries
|
|
|
|
|
|
Exhibit 12
|
|
||||||||||||
Ratio of Earnings to Fixed Charges
|
|
|
|
|
|
|
|
|
|||||||||||
Ratio of Earnings to Fixed Charges and Preferred Dividends
|
|
|
|
|
|
|
|
|
|||||||||||
|
Year Ended December 31
|
||||||||||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
||||||||||
Excluding Interest on Deposits
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) before income taxes
|
$
|
3,072
|
|
|
$
|
(230
|
)
|
|
$
|
(1,323
|
)
|
|
$
|
4,360
|
|
|
$
|
4,428
|
|
Equity in undistributed earnings (loss) of unconsolidated subsidiaries
|
212
|
|
|
596
|
|
|
1,210
|
|
|
(1,833
|
)
|
|
(144
|
)
|
|||||
Fixed charges:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
14,754
|
|
|
18,618
|
|
|
19,977
|
|
|
23,000
|
|
|
25,074
|
|
|||||
1/3 of net rent expense
(1)
|
1,092
|
|
|
1,072
|
|
|
1,099
|
|
|
1,110
|
|
|
791
|
|
|||||
Total fixed charges
|
15,846
|
|
|
19,690
|
|
|
21,076
|
|
|
24,110
|
|
|
25,865
|
|
|||||
Preferred dividend requirements
(2)
|
1,080
|
|
|
n/m
|
|
|
802
|
|
|
5,921
|
|
|
1,461
|
|
|||||
Fixed charges and preferred dividends
|
16,926
|
|
|
19,690
|
|
|
21,878
|
|
|
30,031
|
|
|
27,326
|
|
|||||
Earnings
|
$
|
19,130
|
|
|
$
|
20,056
|
|
|
$
|
20,963
|
|
|
$
|
26,637
|
|
|
$
|
30,149
|
|
Ratio of earnings to fixed charges
(3)
|
1.21
|
|
|
1.02
|
|
|
0.99
|
|
|
1.10
|
|
|
1.17
|
|
|||||
Ratio of earnings to fixed charges and preferred dividends
(3, 4)
|
1.13
|
|
|
1.02
|
|
|
0.96
|
|
|
0.89
|
|
|
1.10
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Year Ended December 31
|
||||||||||||||||||
(Dollars in millions)
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
||||||||||
Including Interest on Deposits
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) before income taxes
|
$
|
3,072
|
|
|
$
|
(230
|
)
|
|
$
|
(1,323
|
)
|
|
$
|
4,360
|
|
|
$
|
4,428
|
|
Equity in undistributed earnings (loss) of unconsolidated subsidiaries
|
212
|
|
|
596
|
|
|
1,210
|
|
|
(1,833
|
)
|
|
(144
|
)
|
|||||
Fixed charges:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
16,744
|
|
|
21,620
|
|
|
23,974
|
|
|
30,807
|
|
|
40,324
|
|
|||||
1/3 of net rent expense
(1)
|
1,092
|
|
|
1,072
|
|
|
1,099
|
|
|
1,110
|
|
|
791
|
|
|||||
Total fixed charges
|
17,836
|
|
|
22,692
|
|
|
25,073
|
|
|
31,917
|
|
|
41,115
|
|
|||||
Preferred dividend requirements
(2)
|
1,080
|
|
|
n/m
|
|
|
802
|
|
|
5,921
|
|
|
1,461
|
|
|||||
Fixed charges and preferred dividends
|
18,916
|
|
|
22,692
|
|
|
25,875
|
|
|
37,838
|
|
|
42,576
|
|
|||||
Earnings
|
$
|
21,120
|
|
|
$
|
23,058
|
|
|
$
|
24,960
|
|
|
$
|
34,444
|
|
|
$
|
45,399
|
|
Ratio of earnings to fixed charges
|
1.18
|
|
|
1.02
|
|
|
1.00
|
|
|
1.08
|
|
|
1.10
|
|
|||||
Ratio of earnings to fixed charges and preferred dividends
(3, 4)
|
1.12
|
|
|
1.02
|
|
|
0.96
|
|
|
0.91
|
|
|
1.07
|
|
(1)
|
Represents an appropriate interest factor.
|
(2)
|
Reflects the impact of $8.8 billion of mortgage banking losses and $3.2 billion of goodwill impairment charges during 2011 which resulted in a negative preferred dividend requirement.
|
(3)
|
The earnings for 2010 were inadequate to cover fixed charges and the ratio of earnings to fixed charges and preferred dividends. The earnings deficiency is a result of $12.4 billion of goodwill impairment charges during 2010. The coverage deficiency for fixed charges was $113 million and the coverage deficiency for fixed charges and preferred dividends was $915 million.
|
(4)
|
The earnings for 2009 were inadequate to cover fixed charges and preferred dividends. The earnings deficiency is a result of accelerated accretion of $4.0 billion recorded as a result of the repurchase of TARP Preferred Stock. The coverage deficiency for fixed charges and preferred dividends was $3.4 billion.
|
Name
|
Location
|
Jurisdiction
|
100 Federal Street Limited Partnership
|
Boston, MA
|
Massachusetts
|
201 North Tryon, LLC
|
Charlotte, NC
|
North Carolina
|
214 North Tryon, LLC
|
Charlotte, NC
|
North Carolina
|
222 Broadway, LLC
|
New York, NY
|
New York
|
2007 Merrill Lynch MB Fund Capital, Ltd.
|
New York, NY
|
Cayman Islands
|
2007 Merrill Lynch MB Fund Strategies, Ltd.
|
New York, NY
|
Cayman Islands
|
2007 Merrill Lynch Merchant Banking Fund, L.P.
|
New York, NY
|
Cayman Islands
|
2007 Merrill Lynch Merchant Banking Fund International, L.P.
|
New York, NY
|
Cayman Islands
|
2008 Merrill Lynch Merchant Banking Fund International, L.P.
|
New York, NY
|
Cayman Islands
|
2008 Merrill Lynch Merchant Banking Fund, L.P.
|
New York, NY
|
Cayman Islands
|
1343190 Alberta Inc.
|
Toronto, Ontario, Canada
|
Canada
|
AANAH Holding LLC
|
Chicago, IL
|
Delaware
|
AANAH Holding LLC II
|
Chicago, IL
|
Delaware
|
Aarco 106 Limited
|
Chester, United Kingdom
|
United Kingdom
|
Abilene Park, Inc.
|
Charlotte, NC
|
Delaware
|
Acceptance Alliance, LLC
|
Louisville, KY
|
Delaware
|
Access 1 Fundo De Investimento Em Cotas De Fundo De Investimento Em Direitos Creditorios Nao Padronizado
|
Sao Paulo, Brazil
|
Brazil
|
ACP Power and Energy Real Asset Fund
|
New York, NY
|
Delaware
|
ACP Power and Energy Real Asset Fund - A
|
New York, NY
|
Delaware
|
ACP Power and Energy Real Asset Fund - B
|
New York, NY
|
Delaware
|
Administradora Blue 2234 S. de R.L. de C.V.
|
Mexico City, Mexico
|
Mexico
|
Aguila Corp S.A.C.
|
Lima, Peru
|
Peru
|
Alamo Funding II, Inc.
|
Charlotte, NC
|
Delaware
|
Alexandra IV, LLC
|
New York, NY
|
Delaware
|
Alie Street Investments Limited
|
London, U.K.
|
United Kingdom
|
Alie Street Investments 6 Limited
|
London, U.K.
|
United Kingdom
|
Alie Street Investments 8 Limited
|
London, U.K.
|
United Kingdom
|
Alie Street Investments 12 Limited
|
London, U.K.
|
United Kingdom
|
Alie Street Investments 16 Limited
|
London, U.K.
|
United Kingdom
|
Alie Street Investments 24 Limited
|
London, U.K.
|
United Kingdom
|
Almazora Holdings S.a.r.l.
|
Luxembourg, Luxembourg
|
Luxembourg
|
Alpine Associates Access LLC
|
New York, NY
|
Delaware
|
Alpine Associates Access Ltd.
|
New York, NY
|
Cayman Islands
|
Amarillo Lane, Inc.
|
Charlotte, NC
|
Delaware
|
AMM Holdings Pty Limited
|
Sydney, New South Wales, Australia
|
Australia
|
Andrew VI, LLC
|
New York, NY
|
Delaware
|
Anzac Peaks, Inc.
|
Charlotte, NC
|
Delaware
|
Apollo Trading LLC
|
Charlotte, NC
|
Delaware
|
Appold Property Management Limited
|
London, U.K.
|
United Kingdom
|
Ascend Access LLC
|
New York, NY
|
Delaware
|
Ascend Access Ltd.
|
New York, NY
|
Cayman Islands
|
Asesores Argentinos de Seguros S.A.
|
Buenos Aires, Argentina
|
Argentina
|
Asia Investment Consulting Ltd.
|
George Town, Grand Cayman, Cayman Is.
|
Cayman Islands
|
Asian American Merchant Bank Ltd.
|
Singapore, Singapore
|
Singapore
|
Asset Backed Funding Corporation
|
Charlotte, NC
|
Delaware
|
Asset Transition Management Services, Inc.
|
Jacksonville, FL
|
Delaware
|
Aswan Development Associates, LLC
|
Miami, FL
|
Florida
|
Aswan Village Associates, LLC
|
Miami, FL
|
Florida
|
Atlantic Equity Corporation
|
Charlotte, NC
|
North Carolina
|
Audubon - MM Urban Investments, LLC
|
Dallas, TX
|
Texas
|
Audubon - MM Urban Investments II, LLC
|
Dallas, TX
|
Texas
|
Audubon Urban Investments, LLC
|
Dallas, TX
|
Texas
|
Augusta Trading LLC
|
Charlotte, NC
|
Delaware
|
Aztex Associates, L.P.
|
New York, NY
|
Delaware
|
B of A Issuance B.V.
|
Amsterdam, The Netherlands
|
Netherlands
|
B.A. International (Cayman) Ltd.
|
George Town, Grand Cayman, Cayman Is.
|
Cayman Islands
|
BA 1998 Partners Associates Fund, L.P.
|
Chicago, IL
|
Delaware
|
BA 1998 Partners Fund I, L.P.
|
Chicago, IL
|
Delaware
|
BA 1998 Partners Fund II, L.P.
|
Chicago, IL
|
Delaware
|
BA 1998 Partners Fund LDC
|
Chicago, IL
|
Cayman Islands
|
BA 1998 Partners Master Fund I, L.P.
|
Chicago, IL
|
Delaware
|
BA 1998 Partners Master Fund II, L.P.
|
Chicago, IL
|
Delaware
|
BA 2001 Partners Associates Fund, L P
|
Boston, MA
|
Delaware
|
BA 2001 Partners Fund II, L.P.
|
Boston, MA
|
Delaware
|
BA 2001 Partners Master Fund, LLC
|
Boston, MA
|
Delaware
|
BA Alternative Investment Solutions Master Fund, LLC
|
Boston, MA
|
Delaware
|
Name
|
Location
|
Jurisdiction
|
BA Australia Limited
|
Sydney, New South Wales, Australia
|
Australia
|
BA Auto Securitization Corporation
|
Charlotte, NC
|
Delaware
|
BA Capital Company, L.P.
|
Charlotte, NC
|
Delaware
|
BA Co-Invest Fund 2001 (Cayman), L.P.
|
Chicago, IL
|
Cayman Islands
|
BA Co-Invest Fund 2002 (Cayman), L.P.
|
Chicago, IL
|
Cayman Islands
|
BA Coinvest GP, Inc.
|
Chicago, IL
|
North Carolina
|
BA Continuum Costa Rica, Limitada
|
San Jose, Costa Rica
|
Costa Rica
|
BA Continuum India Private Limited
|
Hyderabad, India
|
India
|
BA Continuum Mauritius Holdings Limited
|
Port Louis, Mauritius
|
Republic of Mauritius
|
BA Continuum Mexican Holdings Private Limited
|
Singapore, Singapore
|
Singapore
|
BA Continuum Mexico Administracion S. de R.L. de C.V.
|
Tlaquepaque, Jalisco, Mexico
|
Mexico
|
BA Continuum Mexico, S.C.
|
Tlaquepaque, Jalisco, Mexico
|
Mexico
|
BA Continuum Netherlands B.V.
|
Amsterdam, The Netherlands
|
Netherlands
|
BA Continuum Philippines, Inc.
|
Taguig City, Philippines
|
Philippines
|
BA Continuum Singapore International Holdings Private Limited
|
Singapore, Singapore
|
Singapore
|
BA Credit Card Funding, LLC
|
Charlotte, NC
|
Delaware
|
BA Direct Investment Fund M, L.P.
|
Chicago, IL
|
Delaware
|
BA Diversified Real Estate Fund, L.P.
|
Boston, MA
|
Delaware
|
BA Electronic Data Processing (Guangzhou) Ltd.
|
Guangzhou, PRC
|
People's Republic of China
|
BA Employment Services Limited
|
George Town, Grand Cayman, Cayman Is.
|
Cayman Islands
|
BA Equity Holdings, L.P.
|
Charlotte, NC
|
Delaware
|
BA Equity Investors, Inc.
|
Charlotte, NC
|
North Carolina
|
BA Financial Trading (Luxembourg) S.a.r.l.
|
Luxembourg, Luxembourg
|
Cayman Islands
|
BA Fund of Funds Direct, L.P.
|
Boston, MA
|
Delaware
|
BA Fund Services (Cayman) Limited
|
George Town, Grand Cayman, Cayman Is.
|
Cayman Islands
|
BA Global Funding Inc.
|
George Town, Grand Cayman, Cayman Is.
|
Cayman Islands
|
BA GSS International B.V.
|
Amsterdam, The Netherlands
|
Netherlands
|
BA GSS International C.V.
|
St. Helier, Jersey, Channel Islands
|
Netherlands
|
BA GSTS GP LLC
|
St. Helier, Jersey, Channel Islands
|
Delaware
|
BA Hedge Fund Direct, LP
|
Boston, MA
|
Delaware
|
BA Hedge Fund Solutions, LLC
|
Boston, MA
|
Delaware
|
BA Insurance Group, Inc.
|
Charlotte, NC
|
Delaware
|
BA Insurance Services, Inc.
|
Baltimore, MD
|
Maryland
|
BA Leasing BSC, LLC
|
San Francisco, CA
|
Delaware
|
BA Merchant Services, LLC
|
Louisville, KY
|
Ohio
|
BA Overseas Holdings
|
George Town, Grand Cayman, Cayman Is.
|
Cayman Islands
|
BA Partners Fund III, LLC
|
Chicago, IL
|
Delaware
|
BA Partners Fund IV - Buyout, L.P.
|
Boston, MA
|
Delaware
|
BA Partners Fund IV - Buyout Master Fund, L.L.C.
|
Boston, MA
|
Delaware
|
BA Partners Fund IV - New Century, L.P.
|
Boston, MA
|
Delaware
|
BA Partners Fund IV - New Century Master Fund, L.L.C.
|
Boston, MA
|
Delaware
|
BA Partners Fund IV - Venture, L.P.
|
Boston, MA
|
Delaware
|
BA Partners Fund IV - Venture Master Fund, L.L.C.
|
Boston, MA
|
Delaware
|
BA Partners Fund V - Buyout, L.P.
|
Boston, MA
|
Delaware
|
BA Partners Fund V - Buyout Master Fund, L.L.C.
|
Boston, MA
|
Delaware
|
BA Partners Fund V - International, L.P.
|
Boston, MA
|
Delaware
|
BA Partners Fund V - International Master Fund, L.L.C.
|
Boston, MA
|
Delaware
|
BA Partners Fund V - Opportunistic Real Estate, L.P.
|
Boston, MA
|
Delaware
|
BA Partners Fund V - PE Blend, L.P.
|
Boston, MA
|
Delaware
|
BA Partners Fund V - Venture, L.P.
|
Boston, MA
|
Delaware
|
BA Partners Fund V - Venture Master Fund, L.L.C.
|
Boston, MA
|
Delaware
|
BA Partners Fund VI - PE Blend (Cayman), L.P.
|
Boston, MA
|
Cayman Islands
|
BA Partners Fund VI - PE Blend, L.P.
|
Boston, MA
|
Delaware
|
BA Properties, Inc.
|
Los Angeles, CA
|
Delaware
|
BA Residential Securitization LLC
|
Charlotte, NC
|
Delaware
|
BA SBIC Sub, Inc.
|
Charlotte, NC
|
North Carolina
|
BA Securities Australia Limited
|
Sydney, New South Wales, Australia
|
Australia
|
BA Venture Management Corporation
|
Thousand Oaks, CA
|
Delaware
|
BAC AAH Capital Funding LLC I
|
Chicago, IL
|
Delaware
|
BAC AAH Capital Funding LLC II
|
Chicago, IL
|
Delaware
|
BAC AAH Capital Funding LLC III
|
Chicago, IL
|
Delaware
|
BAC AAH Capital Funding LLC IV
|
Chicago, IL
|
Delaware
|
BAC AAH Capital Funding LLC V
|
Chicago, IL
|
Delaware
|
BAC AAH Capital Funding LLC VI
|
Chicago, IL
|
Delaware
|
BAC AAH Capital Funding LLC VII
|
Chicago, IL
|
Delaware
|
BAC AAH Capital Funding LLC IX
|
Chicago, IL
|
Delaware
|
BAC AAH Capital Funding LLC X
|
Chicago, IL
|
Delaware
|
BAC AAH Capital Funding LLC XI
|
Chicago, IL
|
Delaware
|
BAC AAH Capital Funding LLC XII
|
Chicago, IL
|
Delaware
|
BAC AAH Capital Funding LLC XIII
|
Chicago, IL
|
Delaware
|
Name
|
Location
|
Jurisdiction
|
BAC AAH Preferred Exchange LLC
|
Chicago, IL
|
Delaware
|
BAC AAH Preferred Exchange LLC II
|
Chicago, IL
|
Delaware
|
BAC AAH Preferred Holding LLC
|
Chicago, IL
|
Delaware
|
BAC AAH Preferred Holding LLC II
|
Chicago, IL
|
Delaware
|
BAC Canada Finance Company
|
Toronto, Ontario, Canada
|
Canada
|
BAC CCC Mezzanine Investments, L.L.C.
|
Chicago, IL
|
Delaware
|
BAC CCC Private Equity Investments, Inc.
|
Chicago, IL
|
Delaware
|
BAC Field Services Corporation
|
Simi Valley, CA
|
California
|
BAC LB Capital Funding LLC I
|
Chicago, IL
|
Delaware
|
BAC LB Capital Funding LLC II
|
Chicago, IL
|
Delaware
|
BAC LB Capital Funding Trust I
|
Chicago, IL
|
Delaware
|
BAC LB Capital Funding Trust II
|
Chicago, IL
|
Delaware
|
BAC LB Holding LLC I
|
Chicago, IL
|
Delaware
|
BAC LB Holding LLC II
|
Chicago, IL
|
Delaware
|
BAC LB Preferred Exchange LLC I
|
Chicago, IL
|
Delaware
|
BAC LB Preferred Exchange LLC II
|
Chicago, IL
|
Delaware
|
BAC LB Preferred Holding LLC I
|
Chicago, IL
|
Delaware
|
BAC LB Preferred Holding LLC II
|
Chicago, IL
|
Delaware
|
BAC Mezzanine Management, Inc.
|
Chicago, IL
|
Illinois
|
BAC North America Holding Company
|
Charlotte, NC
|
Delaware
|
BAC NUBAFA, Inc.
|
San Francisco, CA
|
Delaware
|
BAC Strategic Investments B.V.
|
Amsterdam, The Netherlands
|
Netherlands
|
BAC Tax Services Corporation
|
Simi Valley, CA
|
California
|
BACAP Alternative Advisors, Inc.
|
New York, NY
|
Missouri
|
BACAP Diversified Real Estate Fund, L.P.
|
New York, NY
|
Delaware
|
BACAP Institutional Multi-Strategy Hedge Fund, Ltd.
|
New York, NY
|
Cayman Islands
|
BACAP Multi-Strategy Hedge Fund, LLC
|
New York, NY
|
Delaware
|
BACAP Multi-Strategy Hedge Fund, Ltd.
|
New York, NY
|
Cayman Islands
|
BACDC Crossings 29th LLC
|
Dallas, TX
|
Delaware
|
BACDC Crossing at Big Bear LLC
|
Dallas, TX
|
Delaware
|
BACDC Crossings North Hills LLC
|
Dallas, TX
|
Delaware
|
BACDC Horizons at Morgan Hill LLC
|
Dallas, TX
|
Delaware
|
BACI Triad, LLC
|
Chicago, IL
|
Delaware
|
BACP Europe Fund II, L.P.
|
Chicago, IL
|
Delaware
|
BACP Europe Fund IV M, L.P.
|
Chicago, IL
|
Delaware
|
Bakerton Finance, Inc.
|
Charlotte, NC
|
Delaware
|
BAL Corporate Aviation, LLC
|
New Castle, DE
|
Delaware
|
BAL Energy Holding, LLC
|
San Francisco, CA
|
Delaware
|
BAL Energy Management, LLC
|
San Francisco, CA
|
Delaware
|
BAL Energy Management II, LLC
|
San Francisco, CA
|
Delaware
|
BAL Global Finance (Deutschland) GmbH
|
Dusseldorf, Germany
|
Germany
|
BAL Global Finance (UK) Limited
|
London, U.K.
|
United Kingdom
|
BAL Global Finance Canada Corporation
|
Toronto, Ontario, Canada
|
Canada
|
BAL Investment & Advisory, Inc.
|
San Francisco, CA
|
Delaware
|
BAL OMFSP, LLC
|
Dodge Center, MN
|
California
|
BAL Solar I, LLC
|
San Francisco, CA
|
Delaware
|
BAL Solar II, LLC
|
San Francisco, CA
|
Delaware
|
BAL Solar III, LLC
|
San Francisco, CA
|
Delaware
|
Balboa Insurance Company
|
Irvine, CA
|
California
|
Balboa Insurance Services, Inc.
|
Simi Valley, CA
|
California
|
Balboa Life & Casualty LLC
|
Irvine, CA
|
Delaware
|
BALCAP Funding, LLC
|
San Francisco, CA
|
Delaware
|
BALI Australia Leasing Pty Limited
|
Sydney, New South Wales, Australia
|
Australia
|
BALI Funding Luxembourg Limited
|
Luxembourg, Luxembourg
|
United Kingdom
|
Ballantyne Funding LLC
|
Charlotte, NC
|
Delaware
|
Baltic Funding LLC
|
Charlotte, NC
|
Delaware
|
BAML Capital Access Funds Management, LLC
|
Chicago, IL
|
Delaware
|
BAML GP, Inc.
|
New York, NY
|
Delaware
|
BAML Investors, L.P.
|
New York, NY
|
Cayman Islands
|
BAML Partnership, L.P.
|
New York, NY
|
Cayman Islands
|
BAMLCAF First Capital GP, LLC
|
Chicago, IL
|
Delaware
|
BAMS Solutions, Inc.
|
Louisville, KY
|
Ohio
|
BANA Alberta Funding Company, ULC
|
Calgary, Alberta, Canada
|
Canada
|
BANA BACM 2000-2 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA BACM 2002-2 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA BACM 2002-PB2 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA BACM 2003-1 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA BACM 2003-2 PAWTUCKET SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA BACM 2003-2 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
Name
|
Location
|
Jurisdiction
|
BANA BACM 2004-1 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA BACM 2004-2 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA BACM 2004-3 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA BACM 2004-4 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA BACM 2004-5 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA BACM 2004-6 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA BACM 2005-1 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA BACM 2005-2 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA BACM 2005-3 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA BACM 2005-4 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA BACM 2005-5 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA BACM 2005-6 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA BACM 2006-1 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA BACM 2006-4 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA BACM 2007-1 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA BACM 2008-1 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA BALL 2009 FDG SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA BOA-FUNB 2001-3 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA Canada Funding Company Ltd.
|
Calgary, Alberta, Canada
|
Canada
|
BANA CSFB 2002-CKS4 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA CSFB 2004-C1 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE HOLDING COMPANY LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER BACM 2000-2 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER BACM 2002-2 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER BACM 2002-PB2 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER BACM 2003-1 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANGER BACM 2003-2 PAWTUCKET SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER BACM 2003-2 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER BACM 2004-1 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER BACM 2004-2 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER BACM 2004-3 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER BACM 2004-4 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER BACM 2004-5 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER BACM 2004-6 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER BACM 2005-1 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER BACM 2005-2 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER BACM 2005-3 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER BACM 2005-4 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER BACM 2005-5 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER BACM 2005-6 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA Defeasance Manager BACM 2006-1 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER BACM 2006-4 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER BACM 2007-1 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA Defeasance Manager BACM 2008-1 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA Defeasance Manager BALL 2009 FDG SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER BOA-FUNB 2001-3 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER CSFB 2002-CKS4 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA Defeasance Manager CSFB 2004-C1 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER DORADO/ALVARADO SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER GECCMC 2002-2 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER GECCMC 2002-3 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER GECMC 2003-C1 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER GECMC 2003-C2 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER GECMC 2004-C1 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER GECMC 2004-C3 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER GECMC 2005-C1 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER GECMC 2005-C2 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER GECMC 2007-C1 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER MLMT 2004-MKB1 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER MLMT 2005-MKB2 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER NLFC 1998-2 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER NLFC 1999-1 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER NLFC 1999-2 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DEFEASANCE MANAGER TENTH VENTURE SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA DORADO/ALVARADO SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA GA Mortgage Company
|
Charlotte, NC
|
Delaware
|
BANA GECCMC 2002-2 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA GECCMC 2002-3 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA GECMC 2003-C1 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
Name
|
Location
|
Jurisdiction
|
BANA GECMC 2003-C2 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA GECMC 2004-C1 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA GECMC 2004-C3 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA GECMC 2005-C1 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA GECMC 2005-C2 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA GECMC 2007-C1 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA Holding Corporation
|
Charlotte, NC
|
Delaware
|
BANA MLMT 2004-MKB1 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA MLMT 2005-MKB2 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA NLFC 1998-2 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA NLFC 1999-1 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA NLFC 1999-2 SB 1 LLC
|
Charlotte, NC
|
Delaware
|
BANA Preservation Corporation
|
Salt Lake City, UT
|
Delaware
|
BANA TENTH VENTURE SB 1 LLC
|
Charlotte, NC
|
Delaware
|
Banc of America Advisory Services, LLC
|
Charlotte, NC
|
Delaware
|
Banc of America Arena Community Development LLC
|
Charlotte, NC
|
Delaware
|
Banc of America Bridge LLC
|
Charlotte, NC
|
Delaware
|
Banc of America California Community Venture Fund, LLC
|
Chicago, IL
|
Delaware
|
Banc of America Capital Access Funds Management A, L.P.
|
Chicago, IL
|
Delaware
|
Banc of America Capital Access Funds Management B, L.P.
|
Chicago, IL
|
Delaware
|
Banc of America Capital Holdings, L.P.
|
Charlotte, NC
|
Delaware
|
Banc of America Capital Holdings V, L.P.
|
Charlotte, NC
|
Delaware
|
Banc of America Capital Investors, L.P.
|
Charlotte, NC
|
Delaware
|
Banc of America Capital Investors SBIC, L.P.
|
Charlotte, NC
|
Delaware
|
Banc of America Capital Investors V, L.P.
|
Charlotte, NC
|
Delaware
|
Banc of America Capital Management (Ireland), Limited
|
Dublin, Ireland
|
Ireland
|
Banc of America CDC Special Holding Company, Inc.
|
Charlotte, NC
|
North Carolina
|
Banc of America CDE I, LLC
|
Baltimore, MD
|
Delaware
|
Banc of America CDE II, LLC
|
Baltimore, MD
|
Delaware
|
Banc of America CDE III, LLC
|
Charlotte, NC
|
North Carolina
|
Banc of America CDE IV, LLC
|
Charlotte, NC
|
North Carolina
|
Banc of America CDE V, LLC
|
Charlotte, NC
|
North Carolina
|
Banc of America CDE, LLC
|
Baltimore, MD
|
Maryland
|
Banc of America Co-Invest Fund 2001, L.P.
|
Chicago, IL
|
Delaware
|
Banc of America Co-Invest Fund 2002, L.P.
|
Chicago, IL
|
Delaware
|
Banc of America Community Development Corporation
|
Charlotte, NC
|
North Carolina
|
Banc of America Community Holdings, Inc.
|
Charlotte, NC
|
Missouri
|
Banc of America Consumer Card Services, LLC
|
Charlotte, NC
|
North Carolina
|
Banc of America Credit Products, Inc.
|
New York, NY
|
Delaware
|
Banc of America Development, Inc.
|
Charlotte, NC
|
Missouri
|
Banc of America E-Commerce Holdings, Inc.
|
Charlotte, NC
|
Delaware
|
Banc of America Energy & Power Facilities Leasing I, Inc.
|
San Francisco, CA
|
Delaware
|
Banc of America FSC Holdings, Inc.
|
San Francisco, CA
|
Delaware
|
Banc of America Funding Corporation
|
Charlotte, NC
|
Delaware
|
Banc of America Historic Capital Assets LLC
|
Charlotte, NC
|
Delaware
|
Banc of America Historic Investments Partnership
|
Concord, CA
|
Illinois
|
Banc of America Historic New Ventures, LLC
|
Baltimore, MD
|
Delaware
|
Banc of America Historic Ventures, LLC
|
Charlotte, NC
|
North Carolina
|
Banc of America HTC Investments LLC
|
Boston, MA
|
Massachusetts
|
Banc of America Insurance Services, Inc.
|
Baltimore, MD
|
Maryland
|
Banc of America Investment Leasing Co., Ltd.
|
Tokyo, Japan
|
Japan
|
Banc of America Leasing & Capital, LLC
|
San Francisco, CA
|
Delaware
|
Banc of America Leasing Ireland Co., Limited
|
Dublin, Ireland
|
Ireland
|
Banc of America Management LLC I
|
Chicago, IL
|
Delaware
|
Banc of America Management LLC III
|
Chicago, IL
|
Delaware
|
Banc of America Merchant Services, LLC
|
Atlanta, GA
|
Delaware
|
Banc of America Merrill Lynch Commercial Mortgage Inc.
|
Charlotte, NC
|
Delaware
|
Banc of America Merrill Lynch Large Loan, Inc.
|
Dover, DE
|
Delaware
|
Banc of America Mortgage Capital Corporation
|
Charlotte, NC
|
North Carolina
|
Banc of America Mortgage Securities, Inc.
|
Charlotte, NC
|
Delaware
|
Banc of America Neighborhood Services Corporation
|
Charlotte, NC
|
North Carolina
|
Banc of America Preferred Funding Corporation
|
Charlotte, NC
|
Delaware
|
Banc of America Public Capital Corp
|
Charlotte, NC
|
Kansas
|
Banc of America Securities Asia Limited
|
Hong Kong, PRC
|
Hong Kong, PRC
|
Banc of America Securities Canada Co.
|
Halifax, Nova Scotia
|
Canada
|
Banc of America Securities Canada Holding Corp.
|
Charlotte, NC
|
Delaware
|
Banc of America Securities (India) Private Limited
|
Mumbai, India
|
India
|
Banc of America Securities Limited
|
London, U.K.
|
United Kingdom
|
Banc of America Securitization Holding Corporation
|
Charlotte, NC
|
Delaware
|
Name
|
Location
|
Jurisdiction
|
Banc of America Specialist, Inc.
|
New York, NY
|
New York
|
Banc of America Strategic Investments Corporation
|
Charlotte, NC
|
Delaware
|
Banc of America Strategic Investments LLC
|
Charlotte, NC
|
Delaware
|
Banc of America Strategic Ventures, Inc.
|
Charlotte, NC
|
Delaware
|
Banc of America Structured Notes, Inc.
|
Charlotte, NC
|
Delaware
|
BancAmerica Capital Holdings II, L.P.
|
Chicago, IL
|
Delaware
|
BancAmerica Capital Investors II, L.P.
|
Chicago, IL
|
Delaware
|
BancAmerica Capital Investors SBIC II, L.P.
|
Chicago, IL
|
Delaware
|
BancAmerica Coinvest Fund 2000, L.P.
|
Chicago, IL
|
Delaware
|
BancBoston Aircraft Leasing Inc.
|
Boston, MA
|
Delaware
|
BancBoston Capital Co-Investment Partners (2000) LP
|
Boston, MA
|
Delaware
|
BancBoston Capital Co-Investment Partners (2001) LP
|
Boston, MA
|
Delaware
|
BancBoston Capital Holdings Limited
|
London, U.K.
|
United Kingdom
|
BancBoston Capital ICP Partners 2 LP
|
Boston, MA
|
Delaware
|
BancBoston Capital ICP Partners 3 LP
|
Boston, MA
|
Delaware
|
BancBoston Capital ICP Partners 3-A L.P.
|
Boston, MA
|
Delaware
|
BancBoston Capital ICP Partners LP
|
Boston, MA
|
Delaware
|
BancBoston Capital Money Markets Limited
|
London, U.K.
|
United Kingdom
|
BancBoston Capital Private Equity Partners LP
|
Boston, MA
|
Delaware
|
BancBoston Capital, Inc.
|
Boston, MA
|
Massachusetts
|
BancBoston Investments Inc.
|
Boston, MA
|
Massachusetts
|
BancBoston Leasing Services Inc.
|
Boston, MA
|
Massachusetts
|
BancBoston Ventures Inc.
|
Boston, MA
|
Massachusetts
|
Bank of America Auto Receivables Securitization, LLC
|
Charlotte, NC
|
Delaware
|
Bank of America Brasil Ltda.
|
Sao Paulo, Brazil
|
Brazil
|
Bank of America California, National Association
|
San Francisco, CA
|
United States of America
|
Bank of America Canada
|
Toronto, Ontario, Canada
|
Canada
|
Bank of America Capital Advisors LLC
|
Boston, MA
|
Delaware
|
Bank of America Capital Corporation
|
Charlotte, NC
|
Delaware
|
Bank of America Charitable Foundation, Inc., The
|
Charlotte, NC
|
Delaware
|
Bank of America Corporation
|
Charlotte, NC
|
Delaware
|
Bank of America Custodial Services (Ireland) Limited
|
Dublin, Ireland
|
Ireland
|
Bank of America Global Holdings, LP
|
Charlotte, NC
|
Delaware
|
Bank of America Global Holdings, S.a.r.l.
|
Grand-Duchy of Luxembourg, Luxembourg
|
Luxembourg
|
Bank of America (GSS) Limited
|
London, U.K.
|
United Kingdom
|
Bank of America GSS Nominees Limited
|
London, U.K.
|
England & Wales
|
Bank of America Malaysia Berhad
|
Kuala Lumpur, Malaysia
|
Malaysia
|
Bank of America Merrill Lynch Banco Multiplo S.A.
|
Sao Paulo, Brazil
|
Brazil
|
Bank of America Mexico, S.A., Institucion de Banca Multiple
|
Mexico City, Mexico
|
Mexico
|
Bank of America Mortgage Securities, Inc.
|
Charlotte, NC
|
Delaware
|
Bank of America, National Association
|
Charlotte, NC
|
United States of America
|
Bank of America Oregon, National Association
|
Portland, OR
|
United States of America
|
Bank of America Overseas Corporation
|
Charlotte, NC
|
United States of America
|
Bank of America Reinsurance Corporation
|
Burlington, VT
|
Vermont
|
Bank of America Rhode Island, National Association
|
Providence, RI
|
United States of America
|
Bank of America Securitization Investment Trust LLC
|
Wilmington, DE
|
Delaware
|
Bank of America Singapore Limited
|
Singapore, Singapore
|
Singapore
|
Bank of America Student Loan Securitization Corporation
|
Charlotte, NC
|
Delaware
|
Bank of America Ventures
|
Foster City, CA
|
California
|
BankAmerica Capital III
|
Charlotte, NC
|
Delaware
|
BankAmerica International Financial Corporation
|
San Francisco, CA
|
United States of America
|
BankAmerica International Investment Corporation
|
Chicago, IL
|
United States of America
|
BankAmerica Investment Corporation
|
Charlotte, NC
|
Delaware
|
BankAmerica Nominees (1993) Pte Ltd.
|
Singapore, Singapore
|
Singapore
|
BankAmerica Nominees (Hong Kong) Ltd.
|
Hong Kong, PRC
|
Hong Kong, PRC
|
BankAmerica Nominees (Singapore) Pte. Ltd.
|
Singapore, Singapore
|
Singapore
|
BankAmerica Nominees Limited (London)
|
London, U.K.
|
United Kingdom
|
BankAmerica Realty Finance, Inc.
|
Los Angeles, CA
|
Delaware
|
BankAmerica Realty Services, Inc.
|
San Francisco, CA
|
Delaware
|
BankAmerica Special Assets Corporation
|
San Francisco, CA
|
Delaware
|
BankBoston Capital Trust III
|
Boston, MA
|
Delaware
|
BankBoston Capital Trust IV
|
Boston, MA
|
Delaware
|
BankBoston Co-Investment Partners (1998) L.P.
|
Boston, MA
|
Delaware
|
BankBoston Co-Investment Partners (1999) L.P.
|
Boston, MA
|
Delaware
|
BankBoston International Leasing LLC
|
Providence, RI
|
Delaware
|
BAPCC II, LLC
|
San Francisco, CA
|
Delaware
|
Bardin Road Ventures Inc.
|
New York, NY
|
Texas
|
Barnett Capital III
|
Jacksonville, FL
|
Delaware
|
BAS Capital Funding Corporation
|
Charlotte, NC
|
Delaware
|
Name
|
Location
|
Jurisdiction
|
BAS Oak Management, LLC
|
San Francisco, CA
|
Delaware
|
BAS Oak X, LLC
|
San Francisco, CA
|
Delaware
|
BAS Securitization LLC
|
Charlotte, NC
|
Delaware
|
BAS/SOFI Management, LLC
|
New York, NY
|
Delaware
|
BAS/SOFI VI, LLC
|
New York, NY
|
Delaware
|
BASCFC-Maxcom Holdings I, LLC
|
Chicago, IL
|
Delaware
|
Bassoon III, LLC
|
New York, NY
|
Delaware
|
Bay 2 Bay Leasing LLC
|
San Francisco, CA
|
Delaware
|
Bay Area Credit Services, LLC
|
New York, NY
|
Delaware
|
BBC Co-Investment Partners (1998) LP
|
Boston, MA
|
Delaware
|
BBI Management Co. LLC
|
Boston, MA
|
Massachusetts
|
BBI Switch LP
|
Boston, MA
|
Delaware
|
BBV Management Co. LLC
|
Boston, MA
|
Massachusetts
|
BBV Switch LP
|
Boston, MA
|
Delaware
|
Ben Franklin/Progress Capital Fund LP
|
Blue Bell, PA
|
Delaware
|
Benson Nominees Limited
|
London, U.K.
|
England
|
Berndale Securities Limited
|
Melbourne, Victoria, Australia
|
Australia
|
Bighorn Investments Limited
|
George Town, Grand Cayman, Cayman Is.
|
Cayman Islands
|
Birchwood Funding LLC
|
Charlotte, NC
|
Delaware
|
BIRMSON, L.L.C.
|
Wilton, CT
|
Alabama
|
BJCC, Inc.
|
Wilton, CT
|
Delaware
|
Black Mountain Funding LLC
|
Charlotte, NC
|
Delaware
|
BlackRock Health Sciences Access LLC
|
New York, NY
|
Delaware
|
BlackRock Health Sciences Access LTD.
|
New York, NY
|
Cayman Islands
|
Blue Finn S. a r.l.
|
Grand-Duchy of Luxembourg, Luxembourg
|
Luxembourg
|
Blue Ridge Investments, L.L.C.
|
Charlotte, NC
|
Delaware
|
Bluejay LLC
|
New York, NY
|
Delaware
|
BOA Investment Fund III, LLC
|
Charlotte, NC
|
North Carolina
|
BOA Investment Fund IV, LLC
|
Charlotte, NC
|
North Carolina
|
BOA Investment Fund V, LLC
|
Charlotte, NC
|
North Carolina
|
BoA Luxembourg S.a.r.l. / B.V.
|
Luxembourg, Luxembourg
|
Netherlands
|
BoA Netherlands Cooperatieve U.A.
|
Amsterdam, The Netherlands
|
Netherlands
|
BOA/Mermart Joint Venture
|
San Diego, CA
|
California
|
Bodiam Hill Limited
|
London, U.K.
|
United Kingdom
|
BofA Advisors, LLC
|
Boston, MA
|
Delaware
|
BofA Canada Bank
|
Gloucester, Canada
|
Canada
|
BofA Canada Holdings ULC
|
Toronto, Ontario, Canada
|
Canada
|
BofA Distributors, Inc.
|
Boston, MA
|
Massachusetts
|
BofA Global Capital Management Group, LLC
|
Boston, MA
|
Delaware
|
BofA Merrill Lynch Asset Holdings, Inc.
|
New York, NY
|
Delaware
|
BofAML Asia Fund LP, LLC
|
New York, NY
|
Delaware
|
BofAML Bosphorus Fund CIP Vehicle LP, LLC
|
Wilmington, DE
|
Delaware
|
BofAML Europe Fund CI Vehicle GP, LLC
|
Wilmington, DE
|
Delaware
|
BofAML Europe Fund CI Vehicle LP, LLC
|
Wilmington, DE
|
Delaware
|
BofAML Europe Fund Holdco, LLC
|
Wilmington, DE
|
Delaware
|
BofAML Europe Fund LCI Vehicle GP, LLC
|
Wilmington, DE
|
Delaware
|
BofAML Europe Fund ML Vehicle GP, LLC
|
Wilmington, DE
|
Delaware
|
BofAML Europe Fund ML Vehicle LP, LLC
|
Wilmington, DE
|
Delaware
|
BofAML Funding Limited
|
London, U.K.
|
United Kingdom
|
BofAML Invest Funds PLC
|
Dublin, Ireland
|
Ireland
|
BofAML Investments
|
London, U.K.
|
England
|
BofAML Trustees Limited
|
London, U.K.
|
United Kingdom
|
Boston International Holdings Corporation
|
Boston, MA
|
Massachusetts
|
Boston Overseas Financial Corporation
|
New York, NY
|
United States of America
|
Boston Overseas Financial Corporation S.A.
|
Buenos Aires, Argentina
|
Argentina
|
Boston Overseas Holding Corporation
|
Boston, MA
|
Massachusetts
|
Boston Securities S.A. Sociedad de Bolsa
|
Buenos Aires, Argentina
|
Argentina
|
Boston World Holding Corporation
|
Boston, MA
|
Massachusetts
|
BR Depositor, LLC
|
Charlotte, NC
|
Delaware
|
Bracebridge Corporation
|
Wilmington, DE
|
Delaware
|
Breckenridge Investments Limited
|
London, U.K.
|
England
|
Brigibus Limited
|
London, U.K.
|
United Kingdom
|
Business Lenders, LLC
|
Hartford, CT
|
Delaware
|
C&S Premises-SPE, Inc.
|
Charlotte, NC
|
North Carolina
|
C-Zone S.p.A.
|
Rome, Italy
|
Italy
|
Cabernet I, LLC
|
New York, NY
|
Delaware
|
Calnevari Holdings, Inc.
|
Charlotte, NC
|
Delaware
|
CalSTRS/Banc of America Capital Access Fund III, LLC
|
Chicago, IL
|
Delaware
|
CalSTRS/BAML Capital Access Funds IV, LLC
|
Chicago, IL
|
Delaware
|
CalSTRS/Banc of America Capital Access Fund, LLC
|
Chicago, IL
|
Delaware
|
Name
|
Location
|
Jurisdiction
|
CAP, Inc.
|
New York, NY
|
Delaware
|
Card Processing Reseller, Inc.
|
Wilmington, DE
|
Delaware
|
Carlson Double Black Diamond Participation Fund LLC
|
New York, NY
|
Delaware
|
Carson Asset Management Company
|
Reno, NV
|
Delaware
|
Catherine III, LLC
|
New York, NY
|
Delaware
|
Central Park Development Group, LLC
|
Tampa, FL
|
Florida
|
Charlotte Gateway Village, LLC
|
Charlotte, NC
|
North Carolina
|
Charlotte Transit Center, Inc.
|
Charlotte, NC
|
North Carolina
|
Cherry Park LLC
|
Charlotte, NC
|
Delaware
|
Chester Property & Services Limited
|
Chester, England
|
England
|
Chetwynd Nominees Limited
|
London, U.K.
|
England
|
Chilton GNR Participation LLC
|
New York, NY
|
Delaware
|
Chilton GNR Participation Ltd.
|
New York, NY
|
Cayman Islands
|
Chilton Pan-Asia Access Ltd.
|
New York, NY
|
Cayman Islands
|
Chilton Small Cap Access LLC
|
New York, NY
|
Delaware
|
Chilton Small Cap Access Ltd.
|
New York, NY
|
Cayman Islands
|
Church Street Housing Partners I, LLC
|
Orlando, FL
|
Florida
|
Church Street Retail Partners I, LLC
|
Orlando, FL
|
Florida
|
Circulos OCA S.A.
|
Montevideo, Uruguay
|
Uruguay
|
Citygate Nominees Limited
|
London, U.K.
|
England
|
Clarinet I, LLC
|
New York, NY
|
Delaware
|
clearXchange, LLC
|
Charlotte, NC
|
Delaware
|
Clough Access LLC
|
New York, NY
|
Delaware
|
Clough Access Ltd.
|
New York, NY
|
Cayman Islands
|
CM REO S1 LLC
|
New York, NY
|
Delaware
|
Coast Access LLC
|
New York, NY
|
Delaware
|
Coast Access II LLC
|
New York, NY
|
Delaware
|
Coast Access III LLC
|
New York, NY
|
Delaware
|
Coast Access IV LLC
|
New York, NY
|
Delaware
|
Coast Access Ltd.
|
New York, NY
|
Cayman Islands
|
Coast Access II Ltd.
|
New York, NY
|
Cayman Islands
|
Coast Access III Ltd.
|
New York, NY
|
Cayman Islands
|
Columbus Bay Limited
|
George Town, Grand Cayman, Cayman Is.
|
Cayman Islands
|
Columbus Square LLC
|
Kansas City, MO
|
Missouri
|
Columbus Square II LLC
|
St. Louis, MO
|
Missouri
|
Continental Finanziaria S.p.A.
|
Milan, Italy
|
Italy
|
Continental Illinois Venture Corporation
|
Chicago, IL
|
Delaware
|
Coral Hill LLC
|
Charlotte, NC
|
Delaware
|
Core Opportunistic Equity Fund, LLC
|
New York, NY
|
Delaware
|
Core Private Equity Fund I, LLC
|
New York, NY
|
Delaware
|
Core Strategies Investment Fund LLC
|
New York, NY
|
Delaware
|
Corfe Hill Limited
|
London, U.K.
|
England & Wales
|
Corporate Properties Services, LLC
|
Wilmington, DE
|
Delaware
|
Cortlandt Realty Associates I, L.P.
|
New York, NY
|
Delaware
|
Countryside SA Holdings, LLC
|
Dallas, TX
|
Texas
|
Countrywide Capital III
|
Calabasas, CA
|
Delaware
|
Countrywide Capital IV
|
Calabasas, CA
|
Delaware
|
Countrywide Capital V
|
Calabasas, CA
|
Delaware
|
Countrywide Capital Markets Asia (HK) Limited
|
Hong Kong, PRC
|
Hong Kong, PRC
|
Countrywide Capital Markets, LLC
|
Calabasas, CA
|
California
|
Countrywide Commercial Mortgage Capital, Inc.
|
Calabasas, CA
|
Delaware
|
Countrywide Commercial Real Estate Finance, Inc.
|
Calabasas, CA
|
California
|
Countrywide Financial Corporation
|
Calabasas, CA
|
Delaware
|
Countrywide Hillcrest I, Inc.
|
Calabasas, CA
|
California
|
Countrywide Home Loans, Inc.
|
Calabasas, CA
|
New York
|
Countrywide International Consulting Services, LLC
|
Calabasas, CA
|
Delaware
|
Countrywide International GP Holdings, LLC
|
Calabasas, CA
|
Delaware
|
Countrywide International Holdings, Inc.
|
Calabasas, CA
|
Delaware
|
Countrywide International Technology Holdings Limited
|
St. Peter Port, Guernsey, Channel Islands
|
Island of Guernsey
|
Countrywide JV Technology Holdings Limited
|
St. Peter Port, Guernsey, Channel Islands
|
Island of Guernsey
|
Countrywide Management Corporation
|
Calabasas, CA
|
Delaware
|
Countrywide Mortgage Ventures, LLC
|
Calabasas Hills, CA
|
Delaware
|
Countrywide Securities Corporation
|
Calabasas, CA
|
California
|
Countrywide Servicing Exchange
|
Calabasas, CA
|
California
|
Countrywide Sunfish Management LLC
|
Calabasas, CA
|
Delaware
|
Countrywide Warehouse Lending
|
Calabasas, CA
|
California
|
CP Development Group 3, LLC
|
Tampa, FL
|
Florida
|
CP Development Group 4, LLC
|
Tampa, FL
|
Florida
|
CPDG7, LLC
|
Tampa, FL
|
Florida
|
CQS Holding S.r.l.
|
Rome, Italy
|
Italy
|
Name
|
Location
|
Jurisdiction
|
Europe Card Services Partners (Scotland) LP
|
Edinburgh, Scotland
|
Scotland
|
Event Driven & Credit HedgeAccess LLC
|
New York, NY
|
Delaware
|
Event-Driven & Credit HedgeAccess II LLC
|
New York, NY
|
Delaware
|
Event Driven & Credit HedgeAccess Ltd.
|
New York, NY
|
Cayman Islands
|
Everest Funding LLC
|
Charlotte, NC
|
Delaware
|
Excelsior Buyout Management, LLC
|
Stamford, CT
|
Delaware
|
Excelsior Buyout Partners, LLC
|
Stamford, CT
|
Delaware
|
F. R. Holdings, Inc.
|
Charlotte, NC
|
Nevada
|
Fairfield Nominees Ltd.
|
George Town, Grand Cayman, Cayman Is.
|
Cayman Islands
|
Fallon Lane LLC
|
Charlotte, NC
|
Delaware
|
FDS Financial Data Services Limited
|
Dublin, Ireland
|
Ireland
|
Federal Street Investments S.A.
|
Montevideo, Uruguay
|
Uruguay
|
Federal Street Shipping LLC
|
Boston, MA
|
Delaware
|
Ferrybridge Investments Limited
|
London, U.K.
|
England
|
FFG Property Holding Corp.
|
Providence, RI
|
Rhode Island
|
FIA Card Services, National Association
|
Wilmington, DE
|
United States of America
|
FIA (Gibraltar) Holdings Limited
|
Gibraltar, Gibraltar
|
Gibraltar
|
FIA (Gibraltar) SLP Holdings Limited
|
Gibraltar, Gibraltar
|
Gibraltar
|
FIA Holdings, LP
|
Edinburgh, Scotland
|
Scotland
|
FIA Holdings S.a.r.l.
|
Luxembourg, Luxembourg
|
Luxembourg
|
FIA Jersey Holdings Limited
|
Chester, United Kingdom
|
Jersey
|
FIA Swiss Funding Limited
|
Luxembourg, Luxembourg
|
England & Wales
|
FIA UK Funding Limited
|
Chester, United Kingdom
|
England & Wales
|
Fiduciary Services Ltd.
|
George Town, Grand Cayman, Cayman Is.
|
Cayman Islands
|
Fiduciary Services (UK) Limited
|
London, U.K.
|
England
|
Financial Data Services, Inc.
|
Jacksonville, FL
|
Florida
|
First Bank of Pinellas County Land Corporation
|
Tampa, FL
|
Florida
|
First Capital Corporation of Boston
|
Boston, MA
|
Massachusetts
|
First Franklin Financial Corporation
|
San Jose, CA
|
Delaware
|
First Permanent Financial Services Pty Ltd
|
Sydney, Australia
|
Australia
|
First Permanent Securities Limited
|
Sydney, Australia
|
Australia
|
First Permanent Securities Mortgage Warehouse Trust 2000-1
|
Sydney, Australia
|
Australia
|
First Permanent Super Prime RMBS Trust 2006-1
|
Sydney, Australia
|
Australia
|
Firstval Properties, Inc.
|
Bethlehem, PA
|
Pennsylvania
|
Five Dollars a Day, LLC
|
San Francisco, CA
|
Delaware
|
Fleet Capital Trust V
|
Boston, MA
|
Delaware
|
Fleet Community Development Corporation
|
Providence, RI
|
Rhode Island
|
Fleet Development Ventures L.L.C.
|
Boston, MA
|
Massachusetts
|
Fleet Equity Partners V, L.P.
|
Providence, RI
|
Delaware
|
Fleet Equity Partners VI, L.P.
|
Providence, RI
|
Delaware
|
Fleet Equity Partners VII, L.P.
|
Providence, RI
|
Delaware
|
Fleet Fund Investors, LLC
|
Providence, RI
|
Delaware
|
Fleet Growth Resources II, Inc.
|
Charlotte, NC
|
Delaware
|
Fleet Growth Resources III, Inc.
|
Charlotte, NC
|
Rhode Island
|
Fleet Growth Resources IV, Inc.
|
Charlotte, NC
|
Rhode Island
|
Fleet Growth Resources, Inc.
|
Charlotte, NC
|
Delaware
|
Fleet International Advisors S.A.
|
Montevideo, Uruguay
|
Uruguay
|
Fleet Venture Partners I
|
Providence, RI
|
Delaware
|
Fleet Venture Resources, Inc.
|
Charlotte, NC
|
Rhode Island
|
FleetBoston Co-Investment Partners (2000) LP
|
Boston, MA
|
Delaware
|
FleetBoston Co-Investment Partners (2001) LP
|
Boston, MA
|
Delaware
|
Flute II, LLC
|
New York, NY
|
Delaware
|
Fondo Espanol de Recuperaciones B.V.
|
Amsterdam, The Netherlands
|
Netherlands
|
Fondo Espanol de Recuperaciones II B.V.
|
Amsterdam, The Netherlands
|
Netherlands
|
Framework, Inc.
|
Washington, DC
|
Delaware
|
FRB Acceptance LLC
|
San Francisco, CA
|
Delaware
|
FSC Corp.
|
Boston, MA
|
Massachusetts
|
Fugu Credit Limited
|
London, U.K.
|
United Kingdom
|
Fund Five Financial, Inc.
|
San Francisco, CA
|
California
|
Fundo de Investimento em Direito Creditorio Nao Padronizado Tratex Precatorios II
|
Sao Paulo, Brazil
|
Brazil
|
Fundo de Investimento em Direitos Creditorios Nao Padronizados Tratex Precatorio III
|
Sao Paulo, Brazil
|
Brazil
|
Fundo de Investimento em Direito Creditorio PCG Brasil Multi Carteira
|
Sao Paulo, Brazil
|
Brazil
|
Fundo de Investimento Financeiro Multimercado Diamond
|
Sao Paulo, Brazil
|
Brazil
|
Fundo de Investimento Financeiro Multimercado Iceberg
|
Sao Paulo, Brazil
|
Brazil
|
Fundo de Investimento Financeiro Multimercado Verona
|
Sao Paulo, Brazil
|
Brazil
|
Fundo de Investimento Multimercado Agata - Credito Privado - Investimentos no Exterior
|
Sao Paulo, Brazil
|
Brazil
|
Galway Holdings Trust
|
Dublin, Ireland
|
Ireland
|
Garden Property LLC
|
Pennington, NJ
|
Delaware
|
Gatwick LLC
|
Charlotte, NC
|
Delaware
|
Name
|
Location
|
Jurisdiction
|
Mainsearch Company Limited
|
Chester, England
|
England
|
Majestic Acquisitions Limited
|
London, U.K.
|
England
|
Malbec II, LLC
|
New York, NY
|
Delaware
|
MAN/AHL FuturesAccess LLC
|
New York, NY
|
Delaware
|
Managed Account Advisors LLC
|
Jersey City, NJ
|
Delaware
|
Managed Alternative to Concentrated Holdings (1) Fund LLC
|
New York, NY
|
Delaware
|
Marathon Access LLC
|
New York, NY
|
Delaware
|
Marathon Access Ltd.
|
New York, NY
|
Cayman Islands
|
Mariner Access LLC
|
New York, NY
|
Delaware
|
Mariner 2X Access LLC
|
New York, NY
|
Delaware
|
Mariner 2X Access II, LLC
|
New York, NY
|
Delaware
|
Mariner Access, Ltd.
|
New York, NY
|
Cayman Islands
|
Marlborough Sounds LLC
|
Charlotte, NC
|
Delaware
|
Marlin House Holdings Limited
|
Chester, England
|
United Kingdom
|
Mars 1, LLC
|
New York, NY
|
Delaware
|
Maryvale Urban Investments, LLC
|
Phoenix, AZ
|
Arizona
|
MBNA Capital B
|
Wilmington, DE
|
Delaware
|
MBNA Community Development Corporation
|
Wilmington, DE
|
Delaware
|
MBNA Direct Limited
|
Chester, England
|
England
|
MBNA Europe Finance Limited
|
Chester, England
|
Guernsey
|
MBNA Europe Funding, PLC
|
Chester, England
|
United Kingdom
|
MBNA Europe Holdings Limited
|
Chester, England
|
United Kingdom
|
MBNA Funding Company Limited
|
Chester, England
|
England & Wales
|
MBNA Global Services Limited
|
Chester, England
|
United Kingdom
|
MBNA Indian Services Private Limited
|
Bangalore, India
|
India
|
MBNA International Properties Limited
|
Chester, England
|
England
|
MBNA Investment & Securities Limited
|
Chester, England
|
United Kingdom
|
MBNA Ireland Limited
|
Carrick-on-Shannon, Ireland
|
Ireland
|
MBNA Limited
|
Chester, England
|
England & Wales
|
MBNA R & L S.a.r.l.
|
Kirschberg, Luxembourg
|
Luxembourg
|
MBNA Receivables Limited
|
Chester, England
|
Jersey
|
Mecklenburg Park, Inc.
|
Charlotte, NC
|
Delaware
|
Mediterranean Funding LLC
|
Charlotte, NC
|
Delaware
|
Mei Tou Holdings Limited
|
Port Louis, Mauritius
|
Mauritius
|
Mei Tou (Tianjin) Property Holdings Limited
|
People's Republic of China
|
China
|
Mei Ya (Tianjin) Property Holdings Limited
|
People's Republic of China
|
China
|
Mercury 1, LLC
|
New York, NY
|
Delaware
|
Meritplan Insurance Company
|
Irvine, CA
|
California
|
Merlot III, LLC
|
New York, NY
|
Delaware
|
Merrill Lynch 2008 Fortress Partners Fund, LLC
|
New York, NY
|
Delaware
|
Merrill Lynch 2008 Fortress Partners Offshore Fund, LP
|
New York, NY
|
Cayman Islands
|
Merrill Lynch Alternative Investments LLC
|
New York, NY
|
Delaware
|
Merrill Lynch Aquisicoes e Participacoes Brasil Ltda
|
Sao Paulo, Brazil
|
Brazil
|
Merrill Lynch Argentina S.A.
|
Capital Federal, Argentina
|
Argentina
|
Merrill Lynch Asia Investments Limited
|
Port Louis, Mauritius
|
Mauritius
|
Merrill Lynch (Asia Pacific) Limited
|
Hong Kong, PRC
|
Hong Kong, PRC
|
Merrill Lynch Asian Real Estate Fund Manager Pte. Ltd.
|
Singapore, Singapore
|
Singapore
|
Merrill Lynch (Australasia) Pty. Ltd.
|
Sydney, Australia
|
Australia
|
Merrill Lynch (Australia) Automated Markets Limited
|
Sydney, Australia
|
Australia
|
Merrill Lynch (Australia) Futures Limited
|
Sydney, Australia
|
Australia
|
Merrill Lynch (Australia) Nominees Pty. Limited
|
Melbourne, Victoria, Australia
|
Australia
|
Merrill Lynch (Australia) Pty Ltd
|
Sydney, Australia
|
Australia
|
Merrill Lynch (B.V.I.) Limited
|
Tortola, British Virgin Islands
|
Virgin Islands
|
Merrill Lynch Bank and Trust Company (Cayman) Limited
|
George Town, Grand Cayman, Cayman Is.
|
Cayman Islands
|
Merrill Lynch Bank (Suisse) S.A.
|
Geneva, Switzerland
|
Switzerland
|
Merrill Lynch Benchmark Holdings LLC
|
New York, NY
|
Delaware
|
Merrill Lynch Benefits Ltd.
|
Toronto, Canada
|
Canada
|
Merrill Lynch (Bermuda) Services Limited
|
Hamilton, Bermuda
|
Bermuda
|
Merrill Lynch (Camberley) Limited
|
London, U.K.
|
England
|
Merrill Lynch Canada Credit Inc.
|
Toronto, Ontario, Canada
|
Canada
|
Merrill Lynch Canada Holdings Company
|
Toronto, Ontario, Canada
|
Canada
|
Merrill Lynch Canada Inc.
|
Toronto, Ontario, Canada
|
Canada
|
Merrill Lynch Canada Services Inc.
|
Toronto, Ontario, Canada
|
Canada
|
Merrill Lynch Capital Canada Inc.
|
Toronto, Ontario, Canada
|
Canada
|
Merrill Lynch Capital Corporation
|
New York, NY
|
Delaware
|
Merrill Lynch Capital Markets AG
|
Zurich, Switzerland
|
Switzerland
|
Merrill Lynch Capital Markets Espana, S.A., S.V.
|
Madrid, Spain
|
Spain
|
Merrill Lynch Capital Markets (France) SAS
|
Paris, France
|
France
|
Merrill Lynch Capital Partners, Inc.
|
New York, NY
|
Delaware
|
Name
|
Location
|
Jurisdiction
|
Merrill Lynch Capital Services, Inc.
|
New York, NY
|
Delaware
|
Merrill Lynch Chile Holdings 1 LLC
|
New York, NY
|
Delaware
|
Merrill Lynch Chile Holdings 2 LLC
|
New York, NY
|
Delaware
|
Merrill Lynch Chile S.A.
|
Santiago, Chile
|
Chile
|
Merrill Lynch CIS Limited
|
London, U.K.
|
England
|
Merrill Lynch & Co., Canada Ltd.
|
Toronto, Canada
|
Canada
|
Merrill Lynch & Co., Inc.
|
Charlotte, NC
|
Delaware
|
Merrill Lynch Colombia Ltda.
|
Bogota, Colombia
|
Colombia
|
Merrill Lynch Commodities Canada, ULC
|
Toronto, Ontario, Canada
|
Canada
|
Merrill Lynch Commodities d.o.o. Beograd
|
Belgrade, Serbia
|
Serbia and Montenegro
|
Merrill Lynch Commodities (Europe) Holdings Limited
|
London, U.K.
|
England
|
Merrill Lynch Commodities (Europe) Limited
|
London, U.K.
|
England
|
Merrill Lynch Commodities GmbH
|
London, U.K.
|
Germany
|
Merrill Lynch Commodities, Inc.
|
Houston, TX
|
Delaware
|
Merrill Lynch Commodity Financing Inc.
|
New York, NY
|
Delaware
|
Merrill Lynch Commodity Partners, L.P.
|
George Town, Grand Cayman, Cayman Is.
|
Cayman Islands
|
Merrill Lynch Community Development Company, LLC
|
New York, NY
|
New Jersey
|
Merrill Lynch Consulting Services (Beijing) Company Limited
|
Beijing, People's Republic of China
|
China
|
Merrill Lynch Corporate (New Zealand) Limited
|
Geneva, Switzerland
|
New Zealand
|
Merrill Lynch Corporate Services Limited
|
London, U.K.
|
England
|
Merrill Lynch Corredores de Bolsa SpA
|
Santiago, Chile
|
Chile
|
Merrill Lynch Credit Products, LLC
|
New York, NY
|
Delaware
|
Merrill Lynch Credit Reinsurance Limited
|
Hamilton, Bermuda
|
Bermuda
|
Merrill Lynch Defease HoldCo, LLC
|
New York, NY
|
Delaware
|
Merrill Lynch Depositor, Inc.
|
New York, NY
|
Delaware
|
Merrill Lynch Derivative Products AG
|
Zurich, Switzerland
|
Switzerland
|
Merrill Lynch Diversified Investments, LLC
|
New York, NY
|
Delaware
|
Merrill Lynch Diversified Opportunity Fund LLC
|
New York, NY
|
Delaware
|
Merrill Lynch Equities (Australia) Limited
|
Sydney, Australia
|
Australia
|
Merrill Lynch Equities Limited
|
London, U.K.
|
England
|
Merrill Lynch Equity S.a.r.l.
|
Luxembourg, Luxembourg
|
Luxembourg
|
Merrill Lynch Espanola Agencia de Valores S.A.
|
Madrid, Spain
|
Spain
|
Merrill Lynch Europe Funding
|
London, U.K.
|
England
|
Merrill Lynch Europe Intermediate Holdings
|
London, U.K.
|
England
|
Merrill Lynch Europe Liquidity Company Limited
|
London, U.K.
|
England
|
Merrill Lynch Europe Limited
|
London, U.K.
|
England
|
Merrill Lynch Europe Ltd.
|
New York, NY
|
Cayman Islands
|
Merrill Lynch Europe S.A.
|
New York, NY
|
Panama
|
Merrill Lynch European Asset Holdings Inc.
|
New York, NY
|
Delaware
|
Merrill Lynch Far East Limited
|
Hong Kong, PRC
|
Hong Kong, PRC
|
Merrill Lynch Finance (Australia) Pty Limited
|
Sydney, Australia
|
Australia
|
Merrill Lynch Financial Assets Inc.
|
Toronto, Ontario, Canada
|
Canada
|
Merrill Lynch Financial Markets, Inc.
|
New York, NY
|
Delaware
|
Merrill Lynch Financial Services Limited
|
Dublin, Ireland
|
Ireland
|
Merrill Lynch Fortress Partners Fund LLC
|
New York, NY
|
Delaware
|
Merrill Lynch Fortress Partners Offshore Fund, LP
|
New York, NY
|
Cayman Islands
|
Merrill Lynch France SAS
|
Paris, France
|
France
|
Merrill Lynch Fund Investors Inc.
|
New York, NY
|
Delaware
|
Merrill Lynch Funding Corporation
|
New York, NY
|
California
|
Merrill Lynch GENCO II, LLC
|
New York, NY
|
Delaware
|
Merrill Lynch GENCO, LLC
|
New York, NY
|
Delaware
|
Merrill Lynch Gestion, S.G.I.I.C., S.A.
|
Madrid, Spain
|
Spain
|
Merrill Lynch Gilts Holdings Limited
|
London, U.K.
|
England
|
Merrill Lynch Gilts (Nominees) Limited
|
London, U.K.
|
England
|
Merrill Lynch Global Asset Management Limited
|
London, U.K.
|
England
|
Merrill Lynch Global Capital, L.L.C.
|
New York, NY
|
Delaware
|
Merrill Lynch Global Emerging Markets Partners II, LLC
|
New York, NY
|
Delaware
|
Merrill Lynch Global Emerging Markets Partners, L.P.
|
New York, NY
|
Delaware
|
Merrill Lynch Global Emerging Markets Partners, LLC
|
New York, NY
|
Delaware
|
Merrill Lynch Global Private Equity (Australia) Pty Limited
|
Sydney, Australia
|
Australia
|
Merrill Lynch Global Private Equity, Inc.
|
New York, NY
|
Delaware
|
Merrill Lynch Global Real Estate Opportunity Fund, LLC
|
New York, NY
|
Delaware
|
Merrill Lynch Global Services Pte. Ltd.
|
Singapore, Singapore
|
Singapore
|
Merrill Lynch Government Securities of Puerto Rico, Inc.
|
New York, NY
|
Puerto Rico
|
Merrill Lynch GP Inc.
|
New York, NY
|
Delaware
|
Merrill Lynch Group Financing, LLC
|
New York, NY
|
Delaware
|
Merrill Lynch Group Holdings I, L.L.C.
|
New York, NY
|
Delaware
|
Merrill Lynch Group Holdings II, L.L.C.
|
New York, NY
|
Delaware
|
Merrill Lynch Group Holdings III, L.L.C.
|
New York, NY
|
Delaware
|
Merrill Lynch Group Holdings IV, L.L.C.
|
New York, NY
|
Delaware
|
Name
|
Location
|
Jurisdiction
|
Merrill Lynch Group Holdings Limited
|
Dublin, Ireland
|
Ireland
|
Merrill Lynch Group, Inc.
|
Charlotte, NC
|
Delaware
|
Merrill Lynch HK Services Limited
|
Hong Kong, PRC
|
Hong Kong, PRC
|
Merrill Lynch Holdings Limited
|
London, U.K.
|
United Kingdom
|
Merrill Lynch Holdings (Mauritius)
|
Port Louis, Mauritius
|
Mauritius
|
Merrill Lynch Hopewell LLC
|
Pennington, NJ
|
Delaware
|
Merrill Lynch, Hubbard Inc.
|
New York, NY
|
Delaware
|
Merrill Lynch Icahn Partners Ltd.
|
New York, NY
|
Cayman Islands
|
Merrill Lynch Insurance Group, Inc.
|
Pennington, NJ
|
Delaware
|
Merrill Lynch International
|
London, U.K.
|
England
|
Merrill Lynch International (Australia) Ltd
|
Sydney, Australia
|
Australia
|
Merrill Lynch International Bank Limited
|
Dublin, Ireland
|
Ireland
|
Merrill Lynch International & Co. C.V.
|
Curacao, Netherlands Antilles
|
Curacao
|
Merrill Lynch International Finance, Inc.
|
New York, NY
|
New York
|
Merrill Lynch International Holdings Inc.
|
New York, NY
|
Delaware
|
Merrill Lynch International Incorporated
|
New York, NY
|
Delaware
|
Merrill Lynch International Services Limited
|
Toronto, Ontario, Canada
|
Canada
|
Merrill Lynch Investment Holdings (Mauritius) Limited
|
Port Louis, Mauritius
|
Mauritius
|
Merrill Lynch Investment Managers (Finance) Limited
|
London, U.K.
|
England
|
Merrill Lynch Investment Managers Group Services Limited
|
London, U.K.
|
England
|
Merrill Lynch Investment Managers Holdings S.a r.l. / B.V.
|
Luxembourg, Luxembourg
|
Netherlands
|
Merrill Lynch Islands Limited
|
Grand Cayman, Cayman Islands
|
Cayman Islands
|
Merrill Lynch Israel Ltd.
|
Luxembourg, Luxembourg
|
Israel
|
Merrill Lynch Japan Finance Co., Ltd.
|
Tokyo, Japan
|
Japan
|
Merrill Lynch Japan Incorporated
|
George Town, Grand Cayman, Cayman Is.
|
Japan
|
Merrill Lynch Japan Securities Co., Ltd.
|
Tokyo, Japan
|
Japan
|
Merrill Lynch JPNDC, Inc.
|
New York, NY
|
Delaware
|
Merrill Lynch KECALP International, L.P. 1997
|
New York, NY
|
Cayman Islands
|
Merrill Lynch KECALP International, L.P. 1999
|
New York, NY
|
Cayman Islands
|
Merrill Lynch KECALP L.P. 1997
|
New York, NY
|
Delaware
|
Merrill Lynch KECALP L.P. 1999
|
New York, NY
|
Delaware
|
Merrill Lynch, Kingdom of Saudi Arabia Company
|
Kingdom of Saudi Arabia
|
Saudi Arabia
|
Merrill Lynch L.P. Holdings Inc.
|
New York, NY
|
Delaware
|
Merrill Lynch Labuan Holdings Limited
|
Labuan, Malaysia
|
Malaysia
|
Merrill Lynch Life Agency Inc. (Montana)
|
Pennington, NJ
|
Montana
|
Merrill Lynch Life Agency Inc. (Puerto Rico)
|
Pennington, NJ
|
Puerto Rico
|
Merrill Lynch Life Agency Inc. (Virgin Islands)
|
Pennington, NJ
|
Virgin Islands
|
Merrill Lynch Life Agency Inc. (Washington)
|
Pennington, NJ
|
Washington
|
Merrill Lynch Liquidity Portfolio, L.P.
|
Edinburgh, Scotland
|
Scotland
|
Merrill Lynch LLC
|
Moscow, Russia
|
Russia
|
Merrill Lynch Luxembourg Finance S.A.
|
Luxembourg, Luxembourg
|
Luxembourg
|
Merrill Lynch Luxembourg Holdings S.a.r.l.
|
Luxembourg, Luxembourg
|
Luxembourg
|
Merrill Lynch Luxembourg Investments S.a.r.l.
|
Luxembourg, Luxembourg
|
Luxembourg
|
Merrill Lynch (Luxembourg) S.a.r.l.
|
Luxembourg, Luxembourg
|
Luxembourg
|
Merrill Lynch Management GmbH
|
Frankfurt, Germany
|
Germany
|
Merrill Lynch Markets (Australia) Pty. Limited
|
Sydney, Australia
|
Australia
|
Merrill Lynch (Mauritius) Investments Limited
|
Port Louis, Mauritius
|
Mauritius
|
Merrill Lynch MBP Inc.
|
New York, NY
|
Delaware
|
Merrill Lynch Menkul Degerler A.S.
|
Istanbul, Turkey
|
Turkey
|
Merrill Lynch Mexico, S.A. de C.V., Casa de Bolsa
|
Mexico City, Mexico
|
Mexico
|
Merrill Lynch (Montevideo) S.A.
|
Montevideo, Uruguay
|
Uruguay
|
Merrill Lynch Mortgage Capital Inc.
|
New York, NY
|
Delaware
|
Merrill Lynch Mortgage Investors, Inc.
|
New York, NY
|
Delaware
|
Merrill Lynch Mortgage Lending, Inc.
|
New York, NY
|
Delaware
|
Merrill Lynch Mortgage Services Corporation
|
New York, NY
|
Delaware
|
Merrill Lynch Municipal ABS, Inc.
|
New York, NY
|
Delaware
|
Merrill Lynch N.V.
|
Amsterdam, The Netherlands
|
Netherlands
|
Merrill Lynch New Energy Investments 2011-1, Inc.
|
Charlotte, NC
|
Delaware
|
Merrill Lynch NMTC Corp.
|
New York, NY
|
Delaware
|
Merrill Lynch Nominees (Hong Kong) Limited
|
Hong Kong, PRC
|
Hong Kong, PRC
|
Merrill Lynch Nominees Limited
|
London, U.K.
|
England
|
Merrill Lynch OCRE General Ltd.
|
St. Helier, Jersey, Channel Islands
|
Jersey
|
Merrill Lynch OCRE Holdings Ltd.
|
St. Helier, Jersey, Channel Islands
|
Jersey
|
Merrill Lynch OCRE Jersey Ltd.
|
St. Helier, Jersey, Channel Islands
|
Jersey
|
Merrill Lynch Participacoes, Financas e Servicos Ltda
|
Sao Paulo, Brazil
|
Brazil
|
Merrill Lynch PCG, Inc.
|
New York, NY
|
Delaware
|
Merrill Lynch, Pierce, Fenner & Smith Belge S.A.
|
Brussels, Belgium
|
Belgium
|
Merrill Lynch, Pierce, Fenner & Smith (Brokers & Dealers)
|
London, U.K.
|
England
|
Name
|
Location
|
Jurisdiction
|
Merrill Lynch, Pierce, Fenner & Smith de Argentina Sociedad Anonima, Financiera, Mobiliaria y de Mandatos
|
Capital Federal, Argentina
|
Argentina
|
Merrill Lynch, Pierce, Fenner & Smith (Hellas) E.P.E.
|
London, U.K.
|
Greece
|
Merrill Lynch, Pierce, Fenner & Smith Incorporated
|
New York, NY
|
Delaware
|
Merrill Lynch, Pierce, Fenner & Smith Limited
|
London, U.K.
|
England
|
Merrill Lynch, Pierce, Fenner & Smith (Middle East) S.A.L.
|
Beirut, Lebanon
|
Lebanon
|
Merrill Lynch, Pierce, Fenner & Smith SAS
|
Paris, France
|
France
|
Merrill Lynch Polska Sp. z o.o.
|
Warsaw, Poland
|
Poland
|
Merrill Lynch Portfolio Management Inc.
|
New York, NY
|
Delaware
|
Merrill Lynch Portfolio Managers (Channel Islands) Limited
|
St. Helier, Jersey, Channel Islands
|
Jersey
|
Merrill Lynch Portfolio Managers Limited
|
London, U.K.
|
England
|
Merrill Lynch Princeton Incorporated
|
New York, NY
|
Delaware
|
Merrill Lynch Principal Investments Co., Ltd.
|
Tokyo, Japan
|
Japan
|
Merrill Lynch Private Equity Focus Fund, LLC
|
New York, NY
|
Delaware
|
Merrill Lynch Private Equity Focus Fund (Offshore ), L.P.
|
New York, NY
|
Cayman Islands
|
Merrill Lynch Private Equity Fund, LLC
|
New York, NY
|
Delaware
|
Merrill Lynch Private Equity Fund II, LLC
|
New York, NY
|
Delaware
|
Merrill Lynch Private Equity Fund III, LLC
|
New York, NY
|
Delaware
|
Merrill Lynch Private Equity Fund III (Offshore), L.P.
|
New York, NY
|
Cayman Islands
|
Merrill Lynch Private Equity Offshore Fund, L.P.
|
New York, NY
|
Cayman Islands
|
Merrill Lynch Private Equity Offshore Fund II, L.P.
|
New York, NY
|
Cayman Islands
|
Merrill Lynch Professional Clearing Corp.
|
New York, NY
|
Delaware
|
Merrill Lynch Properties Korea L.L.C.
|
Seoul, Korea
|
Korea
|
Merrill Lynch Purchase Price Investment LLC
|
New York, NY
|
Delaware
|
Merrill Lynch Reinsurance Solutions LTD
|
Hamilton, Bermuda
|
Bermuda
|
Merrill Lynch Representacoes Ltda
|
Sao Paulo, Brazil
|
Brazil
|
Merrill Lynch S.A.
|
Luxembourg, Luxembourg
|
Luxembourg
|
Merrill Lynch S.A. Corretora de Titulos e Valores Mobiliarios
|
Sao Paulo, Brazil
|
Brazil
|
Merrill Lynch S.A.M.
|
Monte Carlo
|
Monaco
|
Merrill Lynch Securities (Taiwan) Ltd.
|
Taipei, Taiwan
|
Taiwan
|
Merrill Lynch Securities (Thailand) Limited
|
Bangkok, Thailand
|
Thailand
|
Merrill Lynch SIG Administradora e Gestora de Recursos Ltda.
|
Sao Paulo, Brazil
|
Brazil
|
Merrill Lynch Singapore Commodities Pte. Ltd.
|
Singapore, Singapore
|
Singapore
|
Merrill Lynch (Singapore) Pte. Ltd.
|
Singapore, Singapore
|
Singapore
|
Merrill Lynch South Africa (Proprietary) Limited
|
Gauteng, South Africa
|
South Africa
|
Merrill Lynch Srl
|
Rome, Italy
|
Italy
|
Merrill Lynch Strategic Investments Holdings, LLC-1
|
New York, NY
|
Delaware
|
Merrill Lynch Tailored Multi-Manager Fund XVII, LP
|
New York, NY
|
Delaware
|
Merrill Lynch Tailored Multi-Manager Fund XXVI, LP
|
New York, NY
|
Delaware
|
Merrill Lynch Trust Services S.A.
|
Geneva, Switzerland
|
Switzerland
|
Merrill Lynch UK Finance
|
London, U.K.
|
England
|
Merrill Lynch (UK) Healthcare Trustee Limited
|
London, U.K.
|
England
|
Merrill Lynch UK Holdings
|
London, U.K.
|
England & Wales
|
Merrill Lynch (UK) Pension Plan Trustees Limited
|
London, U.K.
|
England
|
Merrill Lynch Valores S.A. Sociedad de Bolsa
|
Capital Federal, Argentina
|
Argentina
|
Merrill Lynch Valuations LLC
|
New York, NY
|
Delaware
|
Merrill Lynch Ventures Administrators, LLC
|
New York, NY
|
Delaware
|
Merrill Lynch Ventures International L.P. 2001
|
New York, NY
|
Cayman Islands
|
Merrill Lynch Ventures, LLC
|
New York, NY
|
Delaware
|
Merrill Lynch Ventures L.P. 2001
|
New York, NY
|
Delaware
|
Merrill Lynch Yatirim Bank A.S.
|
Istanbul, Turkey
|
Turkey
|
Merrill Lynch/WFC/L, Inc.
|
New York, NY
|
New York
|
Merrill Lynch Zen Asset Finance Fund, Ltd.
|
New York, NY
|
Cayman Islands
|
Mership Nominees Limited
|
London, U.K.
|
England
|
MESBIC Ventures, Inc.
|
Richardson, TX
|
Texas
|
Mesirow Access, LLC
|
New York, NY
|
Delaware
|
Mesirow Access, Ltd.
|
New York, NY
|
Cayman Islands
|
Metro Plaza, Inc.
|
Boston, MA
|
Massachusetts
|
Midland Walwyn Inc.
|
Toronto, Ontario, Canada
|
Canada
|
Midwest Affordable Housing 1997-1, L.L.C.
|
Charlotte, NC
|
Missouri
|
Mitchell Funding LLC
|
Charlotte, NC
|
Delaware
|
ML 1633 Broadway LLC
|
New York, NY
|
Delaware
|
ML 35 LLC
|
New York, NY
|
Delaware
|
ML 300 Spear LLC
|
New York, NY
|
Delaware
|
ML-AIG Healthcare Trust
|
New York, NY
|
Delaware
|
ML Altaris Health Partners Trust
|
New York, NY
|
Delaware
|
ML Altis FuturesAccess LLC
|
New York, NY
|
Delaware
|
ML Asian R.E. Fund C.I.M.P., L.P.
|
New York, NY
|
Delaware
|
ML Asian R.E. Fund C.I.P., L.P.
|
New York, NY
|
Delaware
|
ML Asian R.E. Fund GP, L.L.C.
|
New York, NY
|
Delaware
|
Name
|
Location
|
Jurisdiction
|
ML Asian R.E. Fund GP, L.P.
|
New York, NY
|
Cayman Islands
|
ML Asian R.E. Fund (ML), L.P.
|
New York, NY
|
England
|
ML Asian Real Estate Opportunity (Offshore), L.P.
|
New York, NY
|
Cayman Islands
|
ML Asian Real Estate Opportunity Trust
|
New York, NY
|
Delaware
|
ML Aspect FuturesAccess LLC
|
New York, NY
|
Delaware
|
ML Aspect FuturesAccess Ltd
|
New York, NY
|
Cayman Islands
|
ML Asset Backed Corporation
|
New York, NY
|
Delaware
|
ML Banderia Cayman BRL Inc.
|
New York, NY
|
Cayman Islands
|
ML-BCP V (Offshore), L.P.
|
New York, NY
|
Cayman Islands
|
ML-BCP V Trust
|
New York, NY
|
Delaware
|
ML BlueTrend FuturesAccess LLC
|
New York, NY
|
Delaware
|
ML CAM Jersey Limited
|
Pennington, NJ
|
Jersey
|
ML CAP III (Offshore), L.P.
|
New York, NY
|
Cayman Islands
|
ML CAP III Trust
|
New York, NY
|
Delaware
|
ML Cardiff Holdings Limited
|
St. Helier, Jersey, Channel Islands
|
Jersey
|
ML Cardiff Jersey Limited
|
St. Helier, Jersey, Channel Islands
|
Jersey
|
ML Cayman 2003 Holding Corp.
|
New York, NY
|
Cayman Islands
|
ML Cayman 2003 Investor Corp.
|
New York, NY
|
Cayman Islands
|
ML Cayman Holdings Inc.
|
New York, NY
|
Delaware
|
ML Cayman Positions, Ltd.
|
New York, NY
|
Cayman Islands
|
ML-Clayton, Dubilier & Rice Trust
|
New York, NY
|
Delaware
|
ML Cortlandt Realty Corporation
|
New York, NY
|
Delaware
|
ML Credit Investments Series 2008-1 Limited
|
St. Helier, Jersey, Channel Islands
|
Jersey
|
ML Credit Investments Series 2008-2 Limited
|
St. Helier, Jersey, Channel Islands
|
Jersey
|
ML-Crimson (Offshore), L.P.
|
New York, NY
|
Cayman Islands
|
ML Cruzeiro Cayman BRL Inc.
|
New York, NY
|
Cayman Islands
|
ML-CSP II Trust
|
New York, NY
|
Delaware
|
ML-CSP II-A Trust
|
New York, NY
|
Delaware
|
ML-CSP II (Offshore), L.P.
|
New York, NY
|
Cayman Islands
|
ML-Elevation (Offshore), L.P.
|
New York, NY
|
Cayman Islands
|
ML-Elevation Trust
|
New York, NY
|
Delaware
|
ML EMEA Holdings LLC
|
New York, NY
|
Delaware
|
ML EMEA Holdings II LLC
|
New York, NY
|
Delaware
|
ML Employees LBO Managers, Inc.
|
New York, NY
|
Delaware
|
ML Energy Fund Management, LLC
|
New York, NY
|
Delaware
|
ML Energy Investment Corp.
|
Grand Cayman, Cayman Islands
|
Cayman Islands
|
ML Energy Partners, LLC
|
Houston, TX
|
Delaware
|
ML Equity Holdings LLC
|
New York, NY
|
Delaware
|
ML Equity Solutions Jersey Limited
|
St. Helier, Jersey, Channel Islands
|
Jersey
|
ML European R.E. Fund ML C.I., L.P.
|
New York, NY
|
England
|
ML European R.E. Fund (ML), L.P.
|
New York, NY
|
England
|
ML Florido Cayman MX Inc.
|
New York, NY
|
Cayman Islands
|
ML GBP Hold Co LLC
|
New York, NY
|
Delaware
|
ML GBP Investments, Inc.
|
New York, NY
|
Delaware
|
ML GCRE GP, L.L.C.
|
New York, NY
|
Delaware
|
ML GCRE LPH LLC
|
New York, NY
|
Delaware
|
ML Global Investments Ltd.
|
New York, NY
|
Cayman Islands
|
ML Global Private Equity Fund, L.P.
|
New York, NY
|
Cayman Islands
|
ML Global Private Equity Partners, L.P.
|
New York, NY
|
Cayman Islands
|
ML HCA Co-Invest Ltd.
|
George Town, Grand Cayman, Cayman Is.
|
Cayman Islands
|
ML Hedge Fund Ventures
|
New York, NY
|
Cayman Islands
|
ML Hedge Fund Ventures II
|
New York, NY
|
Cayman Islands
|
ML-Hicks Muse Trust
|
New York, NY
|
Delaware
|
ML IBK Positions, Inc.
|
New York, NY
|
Delaware
|
ML Infrastructure Holdings II Ltd.
|
New York, NY
|
Cayman Islands
|
ML Infrastructure Holdings LLC
|
New York, NY
|
Delaware
|
ML Infrastructure Holdings Ltd.
|
New York, NY
|
Cayman Islands
|
ML Infrastructure Holdings S.ar.l.
|
New York, NY
|
Luxembourg
|
ML Invest Finance, L.L.C.
|
New York, NY
|
Delaware
|
ML Invest Holdings
|
London, U.K.
|
England
|
ML Invest, Inc.
|
New York, NY
|
Delaware
|
ML John Locke FuturesAccess LLC
|
New York, NY
|
Delaware
|
ML Knight 2003 Holding Corp.
|
New York, NY
|
Cayman Islands
|
ML Knight 2003 Investor Corp.
|
New York, NY
|
Cayman Islands
|
ML LCI Asia L.P.
|
New York, NY
|
Cayman Islands
|
ML LCI Europe L.P.
|
New York, NY
|
England
|
ML Leasing Equipment Corp.
|
New York, NY
|
Delaware
|
ML Leasing Servicing, Inc.
|
New York, NY
|
Delaware
|
ML-Lee Internet Trust
|
New York, NY
|
Delaware
|
ML-Lehman Crossroads XVIII (Offshore), L.P.
|
New York, NY
|
Cayman Islands
|
Name
|
Location
|
Jurisdiction
|
ML-Lehman Crossroads XVIII Trust
|
New York, NY
|
Delaware
|
ML MBF GP, Ltd.
|
New York, NY
|
Cayman Islands
|
ML MBS Services Limited
|
London, U.K.
|
England
|
ML Newcastle (Gibraltar) Limited
|
Gibraltar, Gibraltar
|
Gibraltar
|
ML Newcastle Investments Limited
|
St. Helier, Jersey, Channel Islands
|
Jersey
|
ML Newcastle Issuer S.a.r.l.
|
Luxembourg, Luxembourg
|
Luxembourg
|
ML Newcastle Luxembourg S.a.r.l.
|
Luxembourg, Luxembourg
|
Luxembourg
|
ML North Cove Fund Ltd.
|
New York, NY
|
Cayman Islands
|
ML Nuveen Co-Invest, Ltd.
|
New York, NY
|
Cayman Islands
|
ML Onyx Properties Corp.
|
New York, NY
|
Delaware
|
ML Petrie Parkman Co., Inc.
|
New York, NY
|
Delaware
|
ML Plainsboro Limited Partnership
|
Pennington, NJ
|
New Jersey
|
ML Private Equity Offshore Ltd.
|
New York, NY
|
Cayman Islands
|
ML Ray Co-Investor GP Ltd.
|
New York, NY
|
Cayman Islands
|
ML Ray Investor GP Ltd.
|
New York, NY
|
Cayman Islands
|
ML Ray Investor, L.P.
|
New York, NY
|
Cayman Islands
|
ML Ray Investor S.a.r.L.
|
New York, NY
|
Luxembourg
|
ML Real Estate II Inc.
|
New York, NY
|
Delaware
|
ML Salinas Cayman MX Inc.
|
New York, NY
|
Cayman Islands
|
ML SB Girvin Plaza, LLC
|
New York, NY
|
Delaware
|
ML SB Lodge North Investors
|
New York, NY
|
Delaware
|
ML Select Futures I L.P.
|
New York, NY
|
Delaware
|
ML Select Futures Ltd.
|
New York, NY
|
Cayman Islands
|
ML-Silver Lake III (Offshore), L.P.
|
New York, NY
|
Cayman Islands
|
ML-Silver Lake III Trust
|
New York, NY
|
Delaware
|
ML-Silver Lake Offshore Partners, L.P.
|
New York, NY
|
Cayman Islands
|
ML-Silver Lake Special Trust
|
New York, NY
|
Delaware
|
ML-Silver Lake Trust
|
New York, NY
|
Delaware
|
ML-Silver Lake Trust II
|
New York, NY
|
Delaware
|
ML-Silver Lake Trust II (Offshore), L.P.
|
New York, NY
|
Cayman Islands
|
ML Spider
|
George Town, Grand Cayman, Cayman Is.
|
Cayman Islands
|
ML Systematic Momentum FuturesAccess, LLC
|
New York, NY
|
Delaware
|
ML Systematic Momentum FuturesAccess, Ltd.
|
New York, NY
|
Cayman Islands
|
ML-Thomas H Lee Equity Fund VI (Offshore), L.P.
|
New York, NY
|
Cayman Islands
|
ML-Thomas H Lee Equity Fund VI Trust
|
New York, NY
|
Delaware
|
ML Tonala Cayman MX Inc.
|
New York, NY
|
Cayman Islands
|
ML Transtrend DTP Enhanced FuturesAccess LLC
|
New York, NY
|
Delaware
|
ML Trend Following Futures Fund LP
|
New York, NY
|
Cayman Islands
|
ML Trend Following Futures Ltd.
|
New York, NY
|
Cayman Islands
|
ML Ubase Holdings Co., Ltd.
|
Labuan, East Malaysia
|
Malaysia
|
ML UK Capital Holdings
|
London, U.K.
|
England & Wales
|
ML UK Funding Limited
|
London, U.K.
|
England
|
ML UK Services Limited
|
London, U.K.
|
Cayman Islands
|
ML Umbrella FCP
|
Paris, France
|
France
|
ML Veda Co-Invest Ltd.
|
New York, NY
|
Cayman Islands
|
ML VI Hotel Co LLC
|
New York, NY
|
Virgin Islands
|
ML Walton Street Trust
|
New York, NY
|
Delaware
|
ML-Warburg Pincus II (Offshore), L.P.
|
New York, NY
|
Cayman Islands
|
ML-Warburg Pincus III (Offshore), L.P.
|
New York, NY
|
Cayman Islands
|
ML-Warburg Pincus Trust
|
New York, NY
|
Delaware
|
ML-Warburg Pincus Trust II
|
New York, NY
|
Delaware
|
ML-Warburg Pincus Trust III
|
New York, NY
|
Delaware
|
ML-Welsh Carson Anderson & Stowe (Offshore), L.P.
|
New York, NY
|
Cayman Islands
|
ML-Welsh Carson Anderson & Stowe Trust
|
New York, NY
|
Delaware
|
ML Whitby (Gibraltar) Limited
|
Gibraltar, Gibraltar
|
Gibraltar
|
ML Whitby Investments Limited
|
St. Helier, Jersey, Channel Islands
|
Jersey
|
ML Whitby Issuer S.a.r.l.
|
Luxembourg, Luxembourg
|
Luxembourg
|
ML Whitby Luxembourg S.a.r.l.
|
Luxembourg, Luxembourg
|
Luxembourg
|
ML Windy City Investments Holdings, L.L.C.
|
New York, NY
|
Delaware
|
ML Winton FuturesAccess LLC
|
New York, NY
|
Delaware
|
ML Winton FuturesAccess Ltd
|
New York, NY
|
Cayman Islands
|
ML-WP Trust IV
|
New York, NY
|
Delaware
|
ML-WP X Trust
|
New York, NY
|
Delaware
|
MLBUSA Community Development Corp.
|
New York, NY
|
Delaware
|
MLCI Holdings, Inc.
|
Houston, TX
|
Delaware
|
MLCP Partners LLC
|
Charlotte, NC
|
Delaware
|
MLDP Holdings, Inc.
|
New York, NY
|
Delaware
|
MLEIH Funding
|
London, U.K.
|
England & Wales
|
MLEQ Nominees Pty Limited
|
Sydney, NSW, Australia
|
Australia
|
Name
|
Location
|
Jurisdiction
|
MLFS Hold Co A Limited
|
George Town, Grand Cayman, Cayman Is.
|
Cayman Islands
|
MLFS Hold Co LLC
|
Wilmington, DE
|
Delaware
|
MLGPE A-Re, L.P.
|
New York, NY
|
Cayman Islands
|
MLGPE Associates III L.P.
|
New York, NY
|
Cayman Islands
|
MLGPE Fund International II, L.P.
|
New York, NY
|
Cayman Islands
|
MLGPE Fund US II, L.P.
|
New York, NY
|
Delaware
|
MLGPE International Capital Ltd.
|
New York, NY
|
Cayman Islands
|
MLGPE Investors, L.P.
|
New York, NY
|
Cayman Islands
|
MLGPE Ltd.
|
New York, NY
|
Cayman Islands
|
MLGPE Partners II, L.P.
|
New York, NY
|
Cayman Islands
|
MLGPE US Strategies LLC
|
New York, NY
|
Delaware
|
MLH Merger Corporation
|
New York, NY
|
New York
|
MLHC, Inc.
|
New York, NY
|
Delaware
|
MLHM, Inc.
|
New York, NY
|
California
|
MLIM Capital Limited
|
London, U.K.
|
England
|
MLIM Finance S.a.r.l.
|
Grand-Duchy of Luxembourg, Luxembourg
|
Luxembourg
|
MLIM Investments Limited
|
George Town, Grand Cayman, Cayman Is.
|
Cayman Islands
|
MLIS Limited
|
London, U.K.
|
England
|
MLPF&SH Limited
|
London, U.K.
|
United Kingdom
|
MLRE II Incorporated
|
New York, NY
|
Delaware
|
MMoney, LLC
|
San Francisco, CA
|
Delaware
|
MMovie Star Movie, LLC
|
San Francisco, CA
|
Delaware
|
MNB Smartcard Technologies, Inc.
|
Farmington Hills, MI
|
Michigan
|
Monarch Debt Recovery Participation Fund LLC
|
New York, NY
|
Delaware
|
Monarch Debt Recovery Participation Fund LTD.
|
New York, NY
|
Cayman Islands
|
Mortgage Equity Conversion Asset Corporation
|
Wilmington, DE
|
Delaware
|
Mortgage Holdings Limited
|
London, U.K.
|
England
|
Mortgages 1 Limited
|
London, U.K.
|
England
|
Mortgages 2 Limited
|
London, U.K.
|
England
|
Mortgages 3 Limited
|
London, U.K.
|
England
|
Mortgages 4 Limited
|
London, U.K.
|
England
|
Mortgages 5 Limited
|
London, U.K.
|
England
|
Mortgages 6 Limited
|
London, U.K.
|
England
|
Mortgages 7 Limited
|
London, U.K.
|
England
|
Mortgages plc
|
London, U.K.
|
England
|
Muirfield Trading LLC
|
Charlotte, NC
|
Delaware
|
Multi-Family Housing Investment Fund I, LLC
|
Charlotte, NC
|
North Carolina
|
Murry Park, Inc.
|
Charlotte, NC
|
Delaware
|
N.B. (Bahamas) Ltd.
|
Nassau, Bahamas
|
Bahamas
|
N.Y. Nominees Limited
|
London, U.K.
|
England
|
NationsBanc Leasing & R.E. Corporation
|
Charlotte, NC
|
Delaware
|
NationsCredit Financial Services Corporation
|
Jacksonville, FL
|
North Carolina
|
NationsCredit Insurance Agency, Inc.
|
Jacksonville, FL
|
Pennsylvania
|
NB Capital Trust III
|
Charlotte, NC
|
Delaware
|
NB Finance Lease, Inc.
|
San Francisco, CA
|
Delaware
|
NB Funding Company LLC
|
Charlotte, NC
|
Delaware
|
NB Holdings Corporation
|
Charlotte, NC
|
Delaware
|
NB International Finance B.V.
|
Amsterdam, The Netherlands
|
Netherlands
|
NBCDC Osborne, Inc.
|
Tampa, FL
|
Florida
|
NEBACO, INC.
|
Charlotte, NC
|
Nevada
|
Neptune 1, LLC
|
New York, NY
|
Delaware
|
Newfound Bay Limited
|
Luxembourg, Luxembourg
|
England & Wales
|
Newport Insurance Company
|
Irvine, CA
|
Arizona
|
Nexstar Financial Corporation
|
Saint Charles, MO
|
Delaware
|
NFA Funding LLC
|
New York, NY
|
Delaware
|
Nihonbashi Loan Service Corporation
|
Tokyo, Japan
|
Japan
|
Nihonbashi Residential Mortgage Corporation
|
Tokyo, Japan
|
Japan
|
Nippon Loans, LLC
|
New York, NY
|
Delaware
|
NMS Capital, L.P.
|
Chicago, IL
|
Delaware
|
NMS Services (Cayman) Inc.
|
George Town, Grand Cayman, Cayman Is.
|
Cayman Islands
|
NMS Services, Inc.
|
New York, NY
|
Delaware
|
NMS/Oak VIII, LLC
|
San Francisco, CA
|
Delaware
|
NPC Internacional S.A. de C.V.
|
Juarez, Mexico
|
Mexico
|
NYSCRF Pioneer Partnership Fund A, L.P.
|
Chicago, IL
|
Delaware
|
Oak V Distressed Participation Fund (Fund) Offshore, L.P.
|
New York, NY
|
Cayman Islands
|
Oak V Distressed Participation Trust
|
New York, NY
|
Delaware
|
Oakridge Pines, LLC
|
Tampa, FL
|
Florida
|
O'Connor European Property Partners, L.P.
|
Wilmington, DE
|
Delaware
|
One Bryant Park LLC
|
New York, NY
|
Delaware
|
Onslow Finance LLC
|
Charlotte, NC
|
Delaware
|
Name
|
Location
|
Jurisdiction
|
OOO Merrill Lynch Securities
|
Moscow, Russia
|
Russia
|
Opala Capital Fund Ltd.
|
George Town, Grand Cayman, Cayman Is.
|
Cayman Islands
|
Ortensia S.r.l.
|
Rome, Italy
|
Italy
|
Ortus Currency FuturesAccess LLC
|
New York, NY
|
Delaware
|
Ortus Currency GWIM-AI Master Fund Ltd.
|
George Town, Grand Cayman, Cayman Is.
|
Cayman Islands
|
Ortus Currency Participation Fund LTD
|
George Town, Grand Cayman, Cayman Is.
|
Cayman Islands
|
Otter Lake Funding LLC
|
Charlotte, NC
|
Delaware
|
OZDPII Access LLC
|
New York, NY
|
Delaware
|
OZOFII Access Ltd.
|
New York, NY
|
Cayman Islands
|
OZOIF IRA Access Ltd.
|
New York, NY
|
Cayman Islands
|
Pacesetter SBIC Fund, Inc.
|
Richardson, TX
|
Texas
|
Pacesetter/MVHC, Inc.
|
Richardson, TX
|
Texas
|
Paneldeluxe Company Limited
|
Chester, England
|
England & Wales
|
Paradise Funding, Ltd.
|
George Town, Grand Cayman, Cayman Is.
|
Cayman Islands
|
Paradise Urban Investments, LLC
|
Dallas, TX
|
Arizona
|
Paramount Nominees Limited
|
London, U.K.
|
England
|
Park Granada LLC
|
Calabasas, CA
|
Delaware
|
Paulson Access LLC
|
New York, NY
|
Delaware
|
Paulson Access II LLC
|
New York, NY
|
Delaware
|
Paulson Access LTD.
|
New York, NY
|
Cayman Islands
|
Paulson Advantage Access LLC
|
New York, NY
|
Delaware
|
Paulson Advantage Access II LLC
|
New York, NY
|
Delaware
|
Paulson Advantage Access III LLC
|
New York, NY
|
Delaware
|
Paulson Advantage Access IV LLC
|
New York, NY
|
Delaware
|
Paulson Advantage Access, Ltd.
|
New York, NY
|
Cayman Islands
|
Paulson Gold Participation LLC
|
New York, NY
|
Delaware
|
Paulson Gold Participation Ltd.
|
New York, NY
|
Cayman Islands
|
Paulson Recovery Participation Fund, LLC
|
New York, NY
|
Delaware
|
Paulson Recovery Participation Fund II, LLC
|
New York, NY
|
Delaware
|
Paulson Recovery Participation Fund Ltd.
|
New York, NY
|
Cayman Islands
|
Peninsula Capital Loan Corporation
|
Seoul, Korea
|
Korea
|
Permal Access LLC
|
New York, NY
|
Delaware
|
Permal PIH Access, Ltd.
|
New York, NY
|
Cayman Islands
|
Piccadilly Financing LLC
|
Charlotte, NC
|
Delaware
|
Pilot Financial Corp.
|
Blue Bell, PA
|
Pennsylvania
|
Pine Harbour S.a r.l.
|
Luxembourg, Luxembourg
|
Luxembourg
|
Pinehurst Trading, Inc.
|
Charlotte, NC
|
Delaware
|
Pinot IV, LLC
|
New York, NY
|
Delaware
|
Pinyon Holdings, Inc.
|
Charlotte, NC
|
Delaware
|
Pinyon Park LLC
|
Charlotte, NC
|
Delaware
|
PJM Office Building, LLC
|
Baltimore, MD
|
Maryland
|
PJM Retail Center, LLC
|
Baltimore, MD
|
Maryland
|
Plano Partners
|
Charlotte, NC
|
Delaware
|
Pluto 1, LLC
|
New York, NY
|
Delaware
|
Post Access LLC
|
New York, NY
|
Delaware
|
Post Access LTD.
|
New York, NY
|
Cayman Islands
|
PPM Monarch Bay Funding LLC
|
Charlotte, NC
|
Delaware
|
PPM Shadow Creek Funding LLC
|
Charlotte, NC
|
Delaware
|
Prime Asset Custody Transfers Limited
|
London, U.K.
|
United Kingdom
|
Princeton Retirement Group, Inc., The
|
Atlanta, GA
|
Delaware
|
Private Equity Portfolio Fund, LLC
|
Boston, MA
|
Delaware
|
Private Equity Portfolio Fund II, LLC
|
Boston, MA
|
Delaware
|
Private Equity Portfolio Fund III, LLC
|
Boston, MA
|
Delaware
|
Private Equity Portfolio Technology Fund, LLC
|
Boston, MA
|
Delaware
|
PRLAP, Inc. (Alaska Corporation)
|
Juneau, AK
|
Alaska
|
PRLAP, Inc. (Missouri Corporation)
|
Clayton, MO
|
Missouri
|
PRLAP, Inc. (North Carolina Corporation)
|
Charlotte, NC
|
North Carolina
|
PRLAP, Inc. (Tennessee Corporation)
|
Knoxville, TN
|
Tennessee
|
PRLAP, Inc. (Texas Corporation)
|
Dallas, TX
|
Texas
|
PRLAP, Inc. (Virginia Corporation)
|
Richmond, VA
|
Virginia
|
PRLAP, Inc. (Washington Corporation)
|
Seattle, WA
|
Washington
|
Progress Capital Trust II
|
Blue Bell, PA
|
Delaware
|
Progress Capital Trust III
|
Blue Bell, PA
|
Delaware
|
Progress Capital Trust IV
|
Blue Bell, PA
|
Delaware
|
Prontco Pty Limited
|
Sydney, New South Wales, Australia
|
Australia
|
PT Merrill Lynch Indonesia
|
Jakarta, Indonesia
|
Indonesia
|
Pydna Corporation
|
San Francisco, CA
|
Delaware
|
Quality Properties Asset Management Company
|
Chicago, IL
|
Illinois
|
Raintree Trading LLC
|
Charlotte, NC
|
Delaware
|
ReconTrust Company, National Association
|
Simi Valley, CA
|
United States of America
|
Name
|
Location
|
Jurisdiction
|
Red Fox Funding LLC
|
Charlotte, NC
|
Delaware
|
Red River Holdings Limited
|
Grand Cayman, Cayman Islands
|
Cayman Islands
|
Red River Park, Inc.
|
Charlotte, NC
|
Delaware
|
Regent Street II, Inc.
|
Charlotte, NC
|
Delaware
|
Relative Value HedgeAccess Ltd.
|
New York, NY
|
Cayman Islands
|
Relative Value Opportunities Ltd.
|
New York, NY
|
Cayman Islands
|
Renaissance Access LLC
|
New York, NY
|
Delaware
|
Renaissance Access LTD.
|
New York, NY
|
Cayman Islands
|
Resort Funding LLC
|
Syracuse, NY
|
Delaware
|
Richard III, LLC
|
New York, NY
|
Delaware
|
Riley Chase Apartments, LLC
|
Tampa, FL
|
Florida
|
Riverfalls Urban Investments, LLC
|
Dallas, TX
|
Texas
|
Riviera Funding LLC
|
Charlotte, NC
|
Delaware
|
Robeco-Sage Access LLC
|
New York, NY
|
Delaware
|
Robeco-Sage Access, Ltd.
|
New York, NY
|
Cayman Islands
|
Robertson Stephens Group, Inc.
|
San Francisco, CA
|
Delaware
|
Robertson Stephens International Holdings, Inc.
|
San Francisco, CA
|
Delaware
|
Robertson Stephens International, Ltd.
|
London, U.K.
|
United Kingdom
|
Rockett, LLC, The
|
San Francisco, CA
|
Delaware
|
ROP Investments Limited
|
Grand Cayman, Cayman Islands
|
Cayman Islands
|
Rosedale General Partner, LLC
|
Baltimore, MD
|
Maryland
|
Rosedale Terrace Limited Partnership
|
Baltimore, MD
|
Maryland
|
S.N.C. Nominees Limited
|
London, U.K.
|
England
|
SA Mortgage Services, LLC
|
Calabasas Hills, CA
|
Delaware
|
Saturn 1, LLC
|
New York, NY
|
Delaware
|
Sauternes V, LLC
|
New York, NY
|
Delaware
|
Sawgrass Trading LLC
|
Charlotte, NC
|
Delaware
|
SB Holdings, Inc.
|
Charlotte, NC
|
Delaware
|
SCIC Properties, LLC
|
Baltimore, MD
|
Maryland
|
SCIC San Antonio II, LLC
|
Baltimore, MD
|
Maryland
|
Sealion Nominees Limited
|
London, U.K.
|
Delaware
|
Second Step Asset Management Company
|
Baltimore, MD
|
Maryland
|
Secured Asset Finance Company B.V.
|
Amsterdam, The Netherlands
|
Netherlands
|
Security Pacific Capital Leasing Corporation
|
San Francisco, CA
|
Delaware
|
Security Pacific Hong Kong Holdings Limited
|
Hong Kong, PRC
|
Hong Kong
|
Security Pacific Housing Services, Inc.
|
Jacksonville, FL
|
Delaware
|
Seville Urban Investments, LLC
|
Dallas, TX
|
Texas
|
Siltex Properties Corp.
|
New York, NY
|
Delaware
|
Silver Peak REIT, Inc.
|
Charlotte, NC
|
Delaware
|
Sirios Access LLC
|
New York, NY
|
Delaware
|
Sirios Access Ltd.
|
New York, NY
|
Cayman Islands
|
Smith Bros Limited
|
London, U.K.
|
England
|
Smith Bros Nominees Limited
|
London, U.K.
|
England
|
Smith Bros Participations Limited
|
London, U.K.
|
England
|
Smother, LLC
|
San Francisco, CA
|
Delaware
|
SNC Farringdon International (Holdings) BV
|
Amsterdam, The Netherlands
|
Netherlands
|
SNC International (Holdings) Limited
|
London, U.K.
|
England
|
SNC Securities Limited
|
London, U.K.
|
England and Wales
|
SNCFE Limited
|
Hong Kong, PRC
|
Hong Kong
|
Sofia II, LLC
|
New York, NY
|
Delaware
|
Solimar Shipping Limited
|
London, U.K.
|
England & Wales
|
SOP M Corp.
|
Baltimore, MD
|
Maryland
|
South Charles Investment Corporation
|
Baltimore, MD
|
Georgia
|
Southport Investments, LLC
|
Charlotte, NC
|
North Carolina
|
Southstar Holding Corp.
|
New York, NY
|
Delaware
|
Southstar I, LLC
|
New York, NY
|
Delaware
|
Southstar II, LLC
|
New York, NY
|
Delaware
|
Southstar III, LLC
|
New York, NY
|
Delaware
|
Southstar IV, LLC
|
New York, NY
|
Delaware
|
Special Services Asset Management Company
|
Chicago, IL
|
Illinois
|
Specialized Lending, LLC
|
Dallas, TX
|
Delaware
|
SphinX Access, LLC
|
New York, NY
|
Delaware
|
SphinX Access, Ltd.
|
New York, NY
|
Cayman Islands
|
Spring Valley Management LLC
|
Charlotte, NC
|
Delaware
|
Spruce Bay Limited
|
George Town, Grand Cayman, Cayman Is.
|
Cayman Islands
|
SPV Colombia I LLC
|
New York, NY
|
Delaware
|
SPV Colombia II LLC
|
New York, NY
|
Delaware
|
Stanwich Loan Funding LLC
|
Charlotte, NC
|
Delaware
|
Steers Trust Series 2007-A
|
New York, NY
|
Delaware
|
Steppington/Dallas, Inc.
|
Dallas, TX
|
Texas
|
Name
|
Location
|
Jurisdiction
|
York Acces II, LLC
|
New York, NY
|
Delaware
|
York Access, Ltd.
|
New York, NY
|
Cayman Islands
|
York Total Access LLC
|
New York, NY
|
Delaware
|
York Total Access II LLC
|
New York, NY
|
Delaware
|
York Total Access III LLC
|
New York, NY
|
Delaware
|
York Total Access LTD
|
New York, NY
|
Cayman Islands
|
York Total Access II LTD
|
New York, NY
|
Cayman Islands
|
YT West Tower Holdings Limited
|
Grand Cayman, Cayman Islands
|
Cayman Islands
|
Zentac Productions, Inc.
|
Charlotte, NC
|
Delaware
|
Zeus Recovery Fund SA
|
Luxembourg, Luxembourg
|
Luxembourg
|
Zeus Trading LLC
|
Charlotte, NC
|
Delaware
|
•
|
the Registration Statements on Form S-3 (Nos. 333-175599; 333-158663; and 333-64450);
|
•
|
the Registration Statements on Form S-8 (Nos. 333-163002; 333-157085; 333-133566; 333-121513; 333-69849; 333-81810; 333-53664; 333-102043; 333-102852; 333-65209; 033-45279; 002-80406; 333-02875; 033-60695; 333-58657; 333-167797; and 333-168441);
|
•
|
and the Post-Effective Amendments on Form S-8 to Registration Statements on Form S-4 (Nos. 333-153771; 333-149204; 333-127124; 333-110924; 033-43125; 033-55145; 033-63351; 033-62069; 033-62208; 333-16189; 333-60553; and 333-40515)
|
•
|
the Registration Statements on Form S-3 (Nos. 333-175599; 333-158663; and 333-64450);
|
•
|
the Registration Statements on Form S-8 (Nos. 333-163002; 333-157085; 333-133566; 333-121513; 333-69849; 333-81810; 333-53664; 333-102043; 333-102852; 333-65209; 033-45279; 002-80406; 333-02875; 033-60695; 333-58657; 333-167797; and 333-168441);
|
•
|
and the Post-Effective Amendments on Form S-8 to Registration Statements on Form S-4 (Nos. 333-153771; 333-149204; 333-127124; 333-110924; 033-43125; 033-55145; 033-63351; 033-62069; 033-62208; 333-16189; 333-60553; and 333-40515)
|
|
|
|
Signature
|
|
Title
|
Date
|
|
|
|
|
/s/ Bruce R. Thompson
|
|
Chief Financial Officer
|
February 28, 2013
|
Bruce R. Thompson
|
|
(Principal Financial Officer)
|
|
|
|
|
|
/s/ Neil A. Cotty
|
|
Chief Accounting Officer
|
February 28, 2013
|
Neil A. Cotty
|
|
(Principal Accounting Officer)
|
|
|
|
|
|
/s/ Sharon L. Allen
|
|
Director
|
February 27, 2013
|
Sharon L. Allen
|
|
|
|
|
|
|
|
/s/ Mukesh D. Ambani
|
|
Director
|
February 23, 2013
|
Mukesh D. Ambani
|
|
|
|
|
|
|
|
/s/ Susan S. Bies
|
|
Director
|
February 28, 2013
|
Susan S. Bies
|
|
|
|
|
|
|
|
/s/ Jack O. Bovender, Jr.
|
|
Director
|
February 20, 2013
|
Jack O. Bovender, Jr.
|
|
|
|
|
|
|
|
/s/ Frank P. Bramble, Sr.
|
|
Director
|
February 27, 2013
|
Frank P. Bramble, Sr.
|
|
|
|
|
|
|
|
/s/ Virgis W. Colbert
|
|
Director
|
February 28, 2013
|
Virgis W. Colbert
|
|
|
|
|
|
|
|
/s/ Charles K. Gifford
|
|
Director
|
February 22, 2013
|
Charles K. Gifford
|
|
|
|
|
|
|
|
/s/ Charles O. Holliday, Jr.
|
|
Director
|
February 28, 2013
|
Charles O. Holliday, Jr.
|
|
|
|
|
|
|
|
/s/ Linda P. Hudson
|
|
Director
|
February 15, 2013
|
Linda P. Hudson
|
|
|
|
|
|
|
|
/s/ Monica C. Lozano
|
|
Director
|
February 21, 2013
|
Monica C. Lozano
|
|
|
|
|
|
|
|
/s/ Thomas J. May
|
|
Director
|
February 26, 2013
|
Thomas J. May
|
|
|
|
|
|
|
|
/s/ Donald E. Powell
|
|
Director
|
February 28, 2013
|
Donald E. Powell
|
|
|
|
|
|
|
|
/s/ Charles O. Rossotti
|
|
Director
|
February 28, 2013
|
Charles O. Rossotti
|
|
|
|
|
|
|
|
Signature
|
|
Title
|
Date
|
|
|
|
|
/s/ Robert W. Scully
|
|
Director
|
February 27, 2013
|
Robert W. Scully
|
|
|
|
|
|
|
|
/s/ R. David Yost
|
|
Director
|
February 20, 2013
|
R. David Yost
|
|
|
|
1.
|
I have reviewed this Annual Report on Form 10-K of Bank of America Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
February 28, 2013
|
/s/ Brian T. Moynihan
Brian T. Moynihan
Chief Executive
Officer and President
|
1.
|
I have reviewed this Annual Report on Form 10-K of Bank of America Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
February 28, 2013
|
/s/ Bruce R. Thompson
Bruce R. Thompson
Chief Financial Officer
|
1.
|
I am the Chief Executive Officer of Bank of America Corporation (the “Registrant”).
|
2.
|
I hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that
|
•
|
the Annual Report on Form 10-K of the Registrant for the year ended
December 31, 2012
(the “periodic report”) containing financial statements fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
|
•
|
the information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the Registrant as of, and for, the periods presented.
|
Date:
|
February 28, 2013
|
/s/ Brian T. Moynihan
Brian T. Moynihan
Chief Executive
Officer and President
|
1.
|
I am the Chief Financial Officer of Bank of America Corporation (the “Registrant”).
|
2.
|
I hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that
|
•
|
the Annual Report on Form 10-K of the Registrant for the year ended
December 31, 2012
(the “periodic report”) containing financial statements fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
|
•
|
the information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the Registrant as of, and for, the periods presented.
|
Date:
|
February 28, 2013
|
/s/ Bruce R. Thompson
Bruce R. Thompson
Chief Financial Officer
|
*Material omitted has been filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment*
|
1.
|
Definitions:
|
a.
|
“[*______*]
Payment Amount
” has the meaning given such term in Section 6.
|
b.
|
“
Adjusted MI Payment Amount
” has the meaning given such term in Section 6.
|
c.
|
“
Agreement
” has the meaning given such term in the introductory paragraph of this Agreement.
|
d.
|
“
BANA Parties
” shall mean BANA and CHL, and each is referred to individually as a “
BANA Party
”. SA Mortgage Services, LLC, a Delaware limited liability company (“
SA
”) (f/k/a CWB Mortgage Ventures LLC); and KBA Mortgage, LLC, a Delaware limited liability company (“
KBA
”) (f/k/a KB Home Mortgage LLC and f/k/a Countrywide KB Home Loans, LLC) shall also be deemed BANA Parties under this Agreement, but BANA shall perform all obligations of SA or KBA under this Agreement.
|
e.
|
“
BANA Released Parties
” has the meaning given such term in Section 4.
|
f.
|
“
CHL
” has the meaning given such term in the introductory paragraph of this Agreement.
|
g.
|
“
Closing Date
” means January 7, 2013.
|
h.
|
“
Contracts
” means, collectively, this Agreement, the BANA Parties' (and their predecessors') Mortgage Selling and Servicing Contracts, the Selling Guide (as hereafter defined), the Servicing Guide (as hereafter defined) and any supplemental servicing instructions or directives provided by Fannie Mae, all applicable master agreements (including applicable MBS pool purchase contracts and variances), recourse agreements, repurchase agreements, indemnification agreements, loss-sharing agreements, strategic alliance agreements, and any other agreements between any BANA Party (or its predecessor in interest) and Fannie Mae applicable to any BANA Party's relationship with Fannie Mae with respect to the Covered Mortgages, including any schedules, exhibits or note grids attached to any of the foregoing, and all as amended, modified, restated or supplemented from time to time. For avoidance of doubt, any contracts with respect to a BANA Party's multifamily relationship with Fannie Mae are specifically excluded from the definition “Contracts.”
|
i.
|
“
Countrywide
” means CHL, SA and KBA.
|
j.
|
“
Covered Loan Defects
” means in each case any actual or alleged breach of one or more Selling Representations and Warranties, or any actual or alleged facts, defects, delivery errors, or conduct that would give rise to or constitute such a breach, with respect to a Covered Mortgage, provided that such facts, breach, defect, delivery error or conduct is not determined pursuant to Section 5(b) to be an Excluded Defect. For avoidance of doubt, (i) although Fannie Mae considers MI Rescissions to be a violation of its Charter Act, MI
|
k.
|
“
Covered Mortgages
” means the approximately 8.2 million single-family mortgages sold by the BANA Parties, or their predecessors in interest, to Fannie Mae that were originated between January 1, 2000 and December 31, 2008 and identified in the data file sent by BANA to Fannie Mae on February 16, 2012, other than:
|
•
|
any Mortgages sold pursaunt to the following Master Agreements: Master Agreement No. ML02556 (First Franklin Financial Corporation subprime) and Master Agreement No. MC06614 (Merrill Lynch Credit Corporation subprime), and
|
•
|
the approximately 15,304 mortgages listed on Schedule 1.
|
l.
|
“
DPO Status
” has the meaning given such term in Section 6(c)(2).
|
m.
|
“
Effective Date
” means January 6, 2013.
|
n.
|
“
Excluded Defect
” means that a Covered Mortgage:
|
(1)
|
is subject to the requirements of the Home Ownership and Equity Protection Act of 1994, Regulation Z Section 226.32 (“
HOEPA
”) (a “
HOEPA Mortgage
”) or is a “residential mortgage transaction” (purchase money transaction) within the meaning of the federal Truth in Lending Act, Regulation Z, 12 CFR Section 226.32, and has either an “annual percentage rate” or “total points and fees” payable by the borrower that exceeds the applicable thresholds under HOEPA (a “
HOEPA Threshold Mortgage
”);
|
(2)
|
is secured by property located in one of the states listed in Selling Guide Section B2-1.4-02 (as it existed at the time of origination of such Covered Mortgage) that at the time of origination met the definition of a “high-cost,” “high-risk” or a similar designation under the applicable state law as referenced in such section as ineligible for purchase (a “
High Cost Mortgage
”);
|
(3)
|
is subject to a defect in title to the applicable property that is not curable within the time period provided in Subsection 5(c) and/or that renders the property unable to be marketed within the time period provided in Subsection 5(c);
|
(4)
|
is subject to a curable defect in title to the applicable property which renders the property unable to be marketed and that BANA fails to cure within the time period provided in Subsection 5(c) by paying all necessary funds, or by taking, or causing to be taken, any other actions to cure such title defect and/or to allow the property to be marketed within the time period provided in Subsection 5(c);
|
*Material omitted has been filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment*
|
(5)
|
is subject to a defect in title to, or ownership of, the Mortgage, that BANA fails to cure as provided for in Subsection 5(c). For purposes of this subclause (5), if the executed security instrument for such Covered Mortgage cannot be located, the executed security instrument was not recorded as a valid first lien on the underlying property within a reasonable period of time after the Mortgage loan closing date, or Fannie Mae does not have a perfected first lien in the underlying real property, then unless BANA provides a validly issued title insurance policy insuring the first lien position of the Mortgage, the Mortgage will be deemed to have a defective title or ownership;
|
(6)
|
involves any specific misstatement, misrepresentation, or omission, by any party (including, without limitation, borrowers, property sellers, builders, real estate agents, lenders including the selling lender, mortgage brokers, loan officers, originators, appraisers, appraisal companies, closing agents, title companies or other third party vendors performing origination services) in connection with the origination of mortgage loans or the related real estate transactions that:
|
(a)
|
involved five or more Mortgages or related real estate transactions, and
|
(b)
|
was made by two or more of the aforementioned parties (provided, however, that co-borrowers shall constitute one party for purposes of this definition) acting in concert with respect to the acts that constitute the fraudulent activity with respect to all of the identified Mortgages; and
|
(c)
|
where the facts demonstrate fraudulent activity with respect to specific Mortgages; and
|
(d)
|
provided that Fannie Mae shall not be required to prove a specific intent to commit fraud but rather only that the actors intended to commit the acts that constitute fraud.
|
(7)
|
violates any applicable Legal Requirements in effect at the time of Fannie Mae's purchase (provided that the same facts that constitute a Covered Loan Defect shall not be deemed to constitute an Excluded Defect under this clause by virtue of such facts also constituting a violation of a Legal Requirement);
|
(8)
|
violates Fannie Mae's Charter Act because the Mortgage:
|
(a)
|
was secured by a residential property that is not located within the United States, Puerto Rico, the U.S. Virgin Islands, or Guam at the time of Fannie Mae's purchase, as set forth in Selling Guide Section B2-3-02 (as it existed at the time of such purchase);
|
(b)
|
had an original unpaid principal balance which at the time of Fannie Mae's purchase exceeded the maximum original loan amounts set forth in Selling Guide Section B2-1.4 (as it existed at the time of such purchase) or, if such Mortgage is a subordinate lien secured by the same property as another Mortgage that Fannie Mae owns, if the original unpaid principal balance of such Mortgage when added to the unpaid principal balance of the Mortgage that Fannie Mae already owns exceeds the maximum original loan amounts set forth in Selling Guide Section B2-1.4 (as it existed at the time of such purchase);
|
(c)
|
was not secured by residential property, including a Mortgage secured by vacant land or property primarily used for agriculture, farming or commercial enterprise, or as a condominium hotel (condotel) or cooperative hotel at the time of Fannie Mae's purchase;
|
(d)
|
was secured by residential properties consisting of five or more dwelling units at the time of Fannie Mae's purchase;
|
(e)
|
had a loan-to-value ratio (calculated in accordance with the Selling Guide) in excess of 80 percent at the time of Fannie Mae's purchase that
|
1.
|
did not have mortgage insurance on the portion of the Mortgage in excess of 80 percent of the property's value, as determined in accordance with Section B2-1.1-01 of the Selling Guide (as it existed at the time of such purchase),) provided by a mortgage insurer approved under Fannie Mae's qualified mortgage insurer approval requirements or, for DU Refi Plus and Refi Plus mortgage loans, did not otherwise meet Fannie Mae's requirements with respect to mortgage insurance on DU Refi Plus and Refi Plus mortgages; or
|
2.
|
was not sold with a recourse agreement pursuant to which a BANA Party is required to repurchase the Mortgage upon a borrower default; or
|
3.
|
was not sold on a participation basis as described in the Selling Guide, with the seller retaining not less than a 10% interest.
|
*Material omitted has been filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment*
|
(f)
|
excluding Mortgages secured by cooperative share units, was secured by an interest in property, other than an interest in real property, including, by way of example, houseboats, timeshares or other segmented ownership projects or manufactured homes that are titled as chattel property, unless a variance was granted to the applicable seller for the sale of such a Mortgage with such personal property interest;
|
(g)
|
was secured by a second home or investment property that is not a first priority lien at the time of Fannie Mae's purchase, but only if BANA is unable to cure such title defect according to the process set forth in Subsection 5(c);
|
(h)
|
was secured by a cooperative share unit where at the time of Fannie Mae's purchase the cooperative housing corporation does not comply with Section 216 of the Internal Revenue Code;
|
(i)
|
was an unsecured loan for the purchase and installation of home improvements (other than loans made with respect to energy conserving improvements, solar energy systems or residential conservation measures) that at the time of Fannie Mae's purchase were not insured under title I of the NHA; and
|
(j)
|
was secured by a manufactured home that, at the time of Fannie Mae's purchase, did not meet the requirements set forth in Selling Guide Section B2-3-05 (as it existed at the time of such purchase).
|
o.
|
“
Existing MI Rescission
” means all MI Rescissions with respect to a Covered Mortgage prior to the Closing Date.
|
p.
|
“
Existing MI Other Actions
” means all MI Other Actions with respect to a Covered Mortgage prior to the Closing Date.
|
q.
|
“[*______*]
MI Amount
” has the meaning given such term in Section 6(b)(1)(ii).
|
r.
|
“
KBA
” has the meaning given such term in the definition of BANA Parties.
|
s.
|
“
Legal Requirements
” means all federal, state, county, municipal and other governmental statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions of governmental authorities (i) regarding mortgage origination or underwriting, consumer credit, equal credit opportunity, usury, and/or truth-in-lending, (ii) regarding zoning requirements and the legality of improvements on the mortgaged property or the environmental condition of the mortgaged property, (iii) regarding manufactured housing, condominium projects and cooperative share units and/or (iv) affecting the Covered Mortgages or property securing the Covered Mortgages, which, in the case of (i)-(iv), if not complied with would have a material adverse effect on the holder of the Covered Mortgage, its designee, or their respective assigns, which may include (A) a material adverse effect on
|
*Material omitted has been filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment*
|
t.
|
“
Losses
” means any and all losses, damages, judgments, claims, counterclaims, causes of action of any kind or nature whatsoever (in contract, tort, or based on any other legal theory), defenses, rights of setoff, legal actions, proceedings, liabilities (including, without limitation, strict liabilities), costs, expenses, obligations, debts, liens, fines, penalties, assessments, demands, charges, fees, judgments, awards, disbursements and amounts paid in settlement, punitive damages, foreseeable and unforeseeable damages, incidental or consequential damages, of whatever kind or nature (including reasonable attorneys' fees and other costs of defense and disbursements).
|
u.
|
“
MBS
” means mortgage-backed securities.
|
v.
|
“
Management Escalation Committee
” means a committee comprised of a representative from each of BANA and Fannie Mae who has a management title of Senior Vice President, or more senior, and whose task is to determine whether a Covered Mortgage is subject to an Excluded Defect as described in Section 5(b).
|
w.
|
“
MI Company
” means a mortgage insurance company.
|
x.
|
“MI Coverage
” means insurance coverage provided by any mortgage guaranty or similar insurance policy related to a Covered Mortgage.
|
y.
|
“MI Coverage Payment
” means as applicable, the [*______*] MI Amount, the [*______*] MI Payment Amount, the Adjusted MI Payment Amount and/or the [*______*] Payment Amount to be paid in accordance with Section 6.
|
z.
|
“
MI Rescission
” has the meaning given such term in Section 6(b).
|
aa.
|
“
MI Other Action
” has the meaning given such term in Section 6(c).
|
bb.
|
“
Neutral
” means the neutral third party that the Parties agree will resolve the Parties' disputes, if any, as to Fannie Mae's determination that a Covered Mortgage contains an Excluded Defect as set forth in Subsection 5(b). Within thirty (30) calendar days of the Effective Date, each of BANA and Fannie Mae shall submit a list of no fewer than five (5) individuals proposed to act as the Neutral. Each Party shall have the right to strike any individuals named on the other Party's list. Within sixty (60) calendar days after the Effective Date, the Parties shall agree upon a Neutral from any remaining names on the Parties' lists. In the event the Parties cannot agree upon a Neutral within sixty (60) calendar days of the Effective Date, the Parties shall request that the American Arbitration Association (the “
AAA
”) select the Neutral from the Parties' lists. Each Party shall have an unlimited right to reject any individual proposed by the AAA to be the Neutral; in the event a Party exercises this right, the Parties shall request that the AAA propose a different Neutral, and this process shall repeat (including the process of each Party submitting a list of no few than five (5) additional individuals) until the AAA proposes a Neutral that neither Party rejects. In the event that the Neutral, once chosen, resigns or is unable to perform the duties required by
|
cc.
|
“
non-DPO Status
” has the meaning given such term in Section 6(c)(1).
|
dd.
|
“
Other Obligations
” means (1), (2), (3), and (4) as set forth below:
|
(1)
|
Servicing Obligations.
any obligations, duties, and liabilities of the BANA Parties under the Contracts that arise in connection with servicing of Covered Mortgages by the BANA Parties, including:
|
(a)
|
all servicing and/or subservicing activities undertaken with respect to the Covered Mortgages, including reporting, remitting, and loss mitigation activities;
|
(b)
|
the obligation to perform certain administrative and reporting duties with respect to real-estate owned (REO) properties; and
|
(c)
|
any obligation to indemnify Fannie Mae in litigation and for any claims made, and for Losses incurred, with respect to the servicing by the BANA Parties of the Covered Mortgages, including, without limitation (i) servicing-related Losses (for example, Losses attributable to delays in foreclosure) that may be based on acts or omissions arising out of breaches or alleged breaches of any Selling Representations and Warranties, and (ii) Losses incurred due to the BANA Parties' servicing errors or omissions or from delays in the BANA Parties' servicing and loss mitigation activities resulting from practices related to legal pleadings and affidavit preparation, review, and notarization and similar activities and practices.
|
(2)
|
Indemnification and Other Matters.
any obligations, duties and liabilities of the BANA Parties under the Contracts:
|
(a)
|
to indemnify Fannie Mae for any claims made by third parties, including borrowers, and for Losses incurred in connection with such claims, where such claims relate to any BANA Party's origination or selling activities related to the Covered Mortgages, including (without limitation), to the extent incurred in connection with such a claim, (i) Losses that arise in connection with the mortgage loans or the servicing of them prior to the delivery of the mortgage loans to Fannie Mae, and (ii) Losses arising out of acts or omissions that constitute breaches of any Selling Representations and Warranties,
|
(b)
|
to pay guaranty fees, loan-level price adjustments (LLPAs), compensatory fees, indemnification demands, technology and other fees with respect to the Covered Mortgages,
|
*Material omitted has been filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment*
|
(c)
|
to satisfy Fannie Mae capital markets sales desk obligations, and
|
(d)
|
for Recourse Obligations.
|
(3)
|
Excluded Defects:
the obligation, duties and liabilities of the BANA Parties for Excluded Defects in accordance with Subsections 5(b) and 5(c);
|
(4)
|
Mortgage Insurance:
the obligations of the BANA Parties with respect to MI Rescissions and MI Other Actions as set forth in Section 6.
|
ee.
|
“
Parties
” means the BANA Parties and Fannie Mae (each, a “
Party
”).
|
ff.
|
“
Recourse Obligations
” means the applicable BANA Party(ies) (i) has assumed the entire risk of loss from a borrower default with respect to a Mortgage sold to Fannie Mae, (ii) is obligated for all or some portion of the Losses incurred on the Mortgage without requiring a breach of a servicing obligation or Selling Representation and Warranty pursuant to the Contracts, (iii) is responsible for full unconditional, conditional or partial recourse, including less than life of loan recourse, including execution of a repurchase agreement with respect to such Mortgage sold to Fannie Mae, and/or (iv) has executed a stand-alone unconditional, conditional or partial indemnification agreement pursuant to which the applicable BANA Party has agreed to indemnify Fannie Mae for all or some portion of the Losses incurred on the Mortgage.
|
gg.
|
“[*______*]
MI Payment Amount
” has the meaning given such term in Section 6(c)(2)(i).
|
hh.
|
“
Repurchase Mortgages
” means the approximately 30,024 mortgages described on
Schedule 2
attached hereto.
|
ii.
|
“
Repurchase Obligations
” means the obligation to repurchase Covered Mortgages, or to make Fannie Mae whole on Losses or projected Losses on Covered Mortgages, as a result of a Covered Loan Defect and Excluded Defects in accordance with the Selling Guide and/or other Contracts.
|
jj.
|
“
Resolution Amount
” has the meaning given such term in Section 2.
|
kk.
|
“
SA
” has the meaning given such term in the definition of BANA Parties.
|
ll.
|
“
Selling Guide
” means the applicable Fannie Mae Selling Guide, as amended, restated, modified or supplemented from time to time (in the event this Agreement specifies the applicability of the Selling Guide as of a date certain, the Fannie Mae Selling Guide as of that date certain shall govern).
|
mm.
|
“
Selling Representations and Warranties
” means all selling representations and warranties made or assumed by the BANA Parties and their predecessors in interest in connection with the sale and/or securitization of the Covered Mortgages, including, without limitation, those set forth in Section IV-A of the Mortgage Selling and Servicing Contract, the Contractual Obligations for Fannie Approved Lenders included in Part A, Section A-2 et seq., of the Selling Guide or equivalent section of the Selling Guide in effect at the time of the sale and/or securitization of such Covered Mortgages, and/or in the other Contracts.
|
nn.
|
“
Servicing Guide
” means the applicable Fannie Mae Servicing Guide, as amended, restated, modified or supplemented from time to time (in the event this Agreement specifies the applicability of the Servicing Guide as of a date certain, the Fannie Mae Servicing Guide as of that date certain shall govern).
|
2.
|
Payment of Resolution Amount.
|
a.
|
Resolution Amount.
The resolution amount to be paid with respect to the Covered Mortgages is
$10,299,637,152
(the “
Resolution Amount
”), which is the sum of the amounts payable under Subsections 2(b) and 2(c) below and is to be paid as set forth in those subsections and with respect to Subsection 2(b), is subject to reconcilation and adjustment as set forth in Subsection 2(b).
|
b.
|
Repurchase Mortgages.
Through the customary cash remittance process for repurchases, by 2 p.m. Eastern Time on the Closing Date, the applicable BANA Party shall remit the repurchase price for the Repurchase Mortgages (calculated pursuant to the Selling Guide), which amount is the sum of (x)
$6,745,037,152
(which represents a UPB of approximately
$6,505,413,355
on the 30,024 Repurchase Mortgages and accrued interest on the Repurchase Mortgages through October 31, 2012) and (y) accrued interest on the Repurchase Mortgages for the period commencing November 1, 2012 through the Closing Date. The applicable BANA Party shall report the repurchase on or before the first reporting date after the Closing Date. Such aggregate repurchase price is subject to adjustment as set forth in subclauses 2(b)(1)-(4) below. Such repurchases shall be completed by such BANA Party's reporting of the applicable repurchase codes through Fannie Mae's reporting system on the first reporting date after the Closing Date. Upon receipt of the repurchase proceeds for each Repurchase Mortgage through the standard remittance process, all right, title and interest that Fannie Mae has in such Repurchase Mortgage shall be transferred to the applicable BANA Party as set forth in the Servicing Guide.
|
(1)
|
To the extent that a Repurchase Mortgage is liquidated (i.e. either through a foreclosure, deed in lieu of foreclosure or pre-foreclosure sale) as of the Closing Date, then in lieu of repurchasing such mortgage, by 2 p.m. Eastern Time on the Closing Date, BANA shall pay Fannie Mae its modeled make-whole amount for such Repurchase Mortgage, which to the extent known, will be specified in the Closing Date settlement statement. Fannie Mae shall retain real property acquired with respect to such Mortgage and BANA shall continue to act as servicer with respect to such Mortgage pursuant to the Servicing Guide.
|
(2)
|
To the extent a Repurchase Mortgage has been paid off in full by the borrower prior to the date such Repurchase Mortgage is required to be repurchased, on the Closing Date, BANA shall pay Fannie Mae a modeled make-whole amount for such Repurchase Mortgage, which to the extent known, will be set forth in the Closing Date settlement statement.
|
(3)
|
To the extent a Repurchase Mortgage has been repurchased prior to the Closing Date, such repurchase shall be reflected in the Closing Date settlement statement and credited against the Resolution Amount due on the Closing Date.
|
(4)
|
If necessary, on or before the date that is thirty (30) calendar days after the Closing Date, Fannie Mae and BANA shall update the Closing Date settlement statement to reflect the actual status of any Repurchase Mortgage as of the Closing Date (for example, if a Repurchase Mortgage was liquidated or paid off as of the Closing Date but its status was not correctly reflected on the Closing Date settlement statement as liquidated or paid off). To the extent that any additional amounts are due to Fannie Mae, such amounts shall be paid to Fannie Mae on or before the date that is thirty five (35) calendar days after the Closing Date.
|
c.
|
Closing Date Payment Amount.
By close of business on the Closing Date, BANA shall pay Fannie Mae the aggregate sum of
$3,554,600,000
(the “
Closing Date Payment Amount
”) by wire transfer to the account below of immediately available funds.
|
For the account of:
|
FNMA Federal Reserve Bank
|
ABA Routing Number:
|
21,039,500
|
Account Number:
|
21,039,500
|
Required Reference:
|
169232420
BANA Settlement
Attn: Patrick Kidd
Remitter Contact Information (Name and Phone #)
|
d.
|
The Parties also agree that there shall be no offset or reduction in any amounts due under this Agreement by any payments made under the Compensatory Fee Resolution Agreement dated as of January 6, 2013, it being understood that to the extent that there is delinquent interest overlap under the Compensatory Fee Agreement on the loans subject to SA Excluded Obligations as set forth in Section 5(d), the Parties will address any necessary adjustments to amounts paid as compensatory fees on the loans subject to SA Excluded Obligations in light of the delinquent interest overlap.
|
e.
|
Application in Fannie Mae's sole discretion.
Except as expressly provided herein, Fannie Mae shall determine, in its sole discretion, how and when to apply the Resolution Amount (including the Closing Date Payment Amount) toward losses incurred and/or anticipated on the Covered Mortgages, and the BANA Parties shall cooperate as reasonably requested in the application and reporting of funds as directed by Fannie Mae.
|
3.
|
Ownership of Covered Mortgages and related real property.
The BANA Parties acknowledge and agree that the Resolution Amount does not constitute payment of a repurchase price for any loan other than the Repurchase Mortgages and that ownership of the Covered Mortgages other than the Repurchase Mortgages and any related real property belongs to Fannie Mae and/or the related MBS trusts.
|
4.
|
Release with respect to Covered Mortgages.
|
a.
|
Release.
Subject to receipt by Fannie Mae of the Closing Date Payment Amount and the BANA Parties' repurchase of the Repurchase Mortgages, and except as expressly provided in Subsection 5(a) with respect to the Other Obligations, in Subsections 5(b) and (c) with respect to Excluded Defects, and in Section 6 with respect to mortgage insurance, Fannie Mae hereby irrevocably and unconditionally releases and forever discharges the BANA Released Parties from any and all Losses arising out of, or in connection with, any actual or alleged Covered Loan Defects on the Covered Mortgages, whether known or unknown, suspected or unsuspected, fixed or contingent, asserted or unasserted, secured or unsecured, including, without limitation, all Repurchase Obligations related to Covered Loan Defects with respect to the Covered Mortgages. As used in this Agreement, “
BANA Released Parties
” means the BANA Parties and each of their current, former or future direct or indirect parents, subsidiaries, affiliates, predecessors, successors and assigns, including any transferee of servicing rights for the Covered Mortgage after the Effective Date, and each of their respective past, present and future officers, directors, employees, agents, representatives, independent contractors, accountants, attorneys, boards of directors, and administrators; each of the foregoing is referred to individually as a “
BANA Released Party
”.
|
b.
|
Other Claims.
For avoidance of doubt, nothing contained in this Agreement is intended to release or settle any claims brought by the U.S. Attorney for the Southern District of New York against Bank of America Corporation and certain affiliates under the False Claims Act, 31 U.S.C. Section 3729 et. seq. and the Financial Institutions Reform, Recovery and Enforcement Act, 12 U.S.C. Section 1833(a), pursuant to the action filed in the U.S. District Court for the Southern District of New York, 12 Civ. 1422 (JSR) (the “
Separate Litigation
”). Furthermore, nothing in this Agreement shall be deemed to constitute Fannie Mae's endorsement, support, acceptance, rejection, reduction, or acquiescence of any claims, arguments or defenses raised or asserted in the Separate Litigation.
|
5.
|
Continuing Obligations.
|
a.
|
No Effect on Other Obligations of BANA Parties.
The BANA Parties shall continue to be responsible for all Other Obligations under the Contracts and this Agreement shall not release any other party from their Other Obligations with respect to the Covered Mortgages. This Agreement is not intended to, and shall not be deemed to, alter or affect the rights or obligations of the BANA Parties, if any, with respect to the Other Obligations (other than with respect to Subsections 5(b) and 5(c) in regard to Excluded Defects and Section 6 in regard to MI Rescissions and MI Other Actions), and each of the BANA Parties and Fannie Mae reserves all of its rights and remedies, if any, under the Contracts with respect to such obligations.
|
b.
|
Process for Excluded Defects (other than title-related defect).
|
(1)
|
Fannie Mae shall provide BANA with written notice of its determination that a Covered Mortgage under this Agreement is subject to an Excluded Defect (an “
Excluded Defect Notice
”), which notice shall be accompanied by all evidence or documentation, available to Fannie Mae at the time, supporting Fannie Mae's determination. The determination shall be based on the plain reading of the Agreement and the relevant Guide provisions in effect at the time the loan was purchased by Fannie Mae. In connection with any determination as to whether an Excluded Defect exists, an admission of liability concerning a settlement of a lawsuit will not in and of itself constitute an admission of the existence of facts that would
|
(2)
|
BANA shall have a good faith right to challenge that an Excluded Defect Notice is unwarranted. A challenge must be submitted within sixty (60) calendar days after its receipt of the Excluded Defect Notice and shall include a written description, together with all supporting documentation, that BANA wishes to be considered in connection with such challenge.
|
(3)
|
In furtherance of the foregoing, if Fannie Mae has a reasonable basis to determine that a Mortgage is a HOEPA Mortgage, a HOEPA Threshold Mortgage or High Cost Mortgage, but is unable to confirm such determination because necessary information (such as the settlement sheet) is missing from the applicable loan file, then the related Covered Mortgage will be presumed to be a HOEPA Mortgage, HOEPA Threshold Mortgage or High-Cost Mortgage, as applicable, unless (x) BANA presents credible evidence to the contrary and (y) Fannie Mae, in its reasonable discretion, determines that the evidence presented rebuts that presumption.
|
(4)
|
Fannie Mae shall respond to any such challenge within sixty (60) calendar days.
|
(5)
|
If Fannie Mae responds that, after its consideration of BANA's challenge to an Excluded Defect Notice, there is still a dispute between the Parties as to a Covered Mortgage, that dispute shall be resolved in the following manner:
|
(a)
|
First
, the dispute shall be submitted to a Management Escalation Committee. Within thirty (30) calendar days after a dispute is submitted to a Management Escalation Committee, the Management Escalation Committee shall attempt to reach a resolution of the dispute.
|
(b)
|
Second
, if the Management Escalation Committee does not reach a resolution within thirty (30) calendar days, BANA has the right to further challenge Fannie Mae's determination by submitting the dispute within five (5) calendar days to the Neutral, whose sole task shall be to determine, subject to the conditions set forth below, whether to uphold Fannie Mae's determination that the defect described in the Excluded Defect Notice constitutes an Excluded Defect:
|
(i)
|
The Parties shall submit to the Neutral, and the Neutral shall consider, (x) the Excluded Defect Notice together with any documents Fannie Mae provided to support its Excluded Defect Notice; (y) BANA's challenge thereof and the documents submitted to support its challenge; and (z) Fannie Mae's response to BANA's challenge. The Neutral may consider all relevant agreements, conduct and defenses raised by the Parties.
|
*Material omitted has been filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment*
|
(ii)
|
Within fifteen (15) calendar days after receiving the materials referred to in Subsection 5(b)(5)(b)(i), the Neutral shall issue a decision as to whether to uphold Fannie Mae's determination that the Covered Mortgage has an Excluded Defect, which decision shall be final and binding on the Parties.
|
(iii)
|
The losing Party shall pay the Parties' fees and expenses, including the prevailing Party's reasonable attorneys' fees and costs (including allocated costs of in-house counsel) incurred in having the Neutral resolve the dispute within fifteen (15) calendar days after written demand.
|
(6)
|
If BANA does not oppose an Excluded Defect Notice or if Fannie Mae's determination in the Excluded Defect Notice is upheld, Fannie Mae may issue a repurchase request with respect to the Covered Mortgage at issue, and, if Fannie Mae does so, BANA shall repurchase or pay the make-whole amount with respect to such Covered Mortgage with an Excluded Defect within fifteen (15) calendar days of receiving such repurchase request. BANA shall have no right to further oppose such repurchase request. BANA shall not receive any credit or adjustment to the repurchase or make-whole amount as a result of its payment of the Resolution Amount.
|
(7)
|
Any Repurchase Obligations required to be performed by BANA pursuant to this Subsection 5(b) shall be completed by BANA's reporting of the applicable repurchase codes through Fannie Mae's reporting system. All make-whole payments made in satisfaction of BANA's Repurchase Obligations shall be wire transferred to Fannie Mae's account set forth in Section 2.
|
c.
|
Process for Excluded Defects relating to title defects.
|
(1)
|
In the case of a title defect described in clauses (3), (4), (5), or (8)(g) of the definition of Excluded Defects (or if not cured, could become an Excluded Defect under clauses (3), (4), (5), or (8)(g) of the definition of Excluded Defects), (i) Fannie Mae shall provide BANA with an Excluded Defect Notice, as described in subsection 5(b)(1) or (ii) BANA may itself identify a title-related defect that if not cured may become an Excluded Defect (each, a “
Title Defect Notice
”).
|
(2)
|
Within sixty (60) calendar days after Fannie Mae's submission of an Excluded Defect Notice related to a title defect described in clauses (3), (4), (5), or (8)(g) of the definition of Excluded Defects or BANA's submission of a Title Defect Notice, BANA shall inform Fannie Mae in writing whether (i) the title defect is curable and BANA intends on curing it or (ii) BANA will challenge the Excluded Defect Notice, together with all supporting documentation of why Fannie Mae's determination should not be upheld (which challenge shall be governed by Subsection 5(b)).
|
(3)
|
If BANA elects to cure the title-related defect identified pursuant to Subsection 5(c)(1), it shall cure the defect within [*______*] calendar days after the subsmission of the Excluded Defect Notice or Title Defect Notice, as applicable. If the title-related defect is not cured within those [*______*] calendar days, the Covered Mortgage shall be deemed to have an Excluded Defect, a determination that is final
|
*Material omitted has been filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment*
|
d.
|
Servicing Advances.
As used in this Section, the term “
SA Excluded Obligation
” means a Repurchase Obligation which was (i) the subject of a repurchase or make-whole demand issued prior to the Effective Date and (ii) for which the underlying property was disposed by Fannie Mae prior to the Effective Date. Except for servicing advances up to $38,000,000 in the aggregate on loans that are subject to SA Excluded Obligations (to be applied pro rata across all loans and which will be shown as a credit to BANA on the Closing Date settlement statement), Fannie Mae will not reimburse the BANA Parties for servicing advances related to loans that are subject to SA Excluded Obligations. To the extent that any servicing advances on loans subject to SA Excluded Obligations are not reimbursed, Fannie Mae shall review such loans to determine whether there is any delinquent interest overlap under the Compensatory Fee Agreement. From and after the Closing Date, Fannie Mae shall reimburse the BANA Parties for all other servicing advances made by the BANA Parties pursuant to the Servicing Guide; and all such reimbursements shall be made in accordance with Fannie Mae's standard processes and procedures set forth in the Servicing Guide, including, but not limited to, all applicable non-reimbursements and curtailments, subject to any offset rights, as applicable; provided, however, that Fannie Mae shall not withhold any servicing advances based upon obligations released in this Agreement.
|
e.
|
No Compromise against Third Parties.
This Agreement does not compromise or release any claim or defense of any BANA Party with respect to any third party, including but not limited to any insurer, or any correspondent, for any cost or expense hereunder, including attorneys' fees and costs. Except as stated in Subsection 4(a), no Party hereto makes any admission, or waives or releases any claim or defense it may have, with respect to any third party.
|
6.
|
Mortgage Insurance.
The following provisions shall apply to all MI Rescissions and MI Other Actions on Covered Mortgages other than Repurchase Mortgages (it being understood that after a BANA Party repurchases the Repurchase Mortgages, Fannie Mae shall have no further rights to payments on account of MI Coverage on such Repurchase Mortgages), including all Existing MI Rescissions and Existing MI Other Actions. This Section 6 describes all of the BANA Parties' and Fannie Mae's obligations and rights with respect to such MI Rescissions and MI Other Actions.
|
a.
|
INTENTIONALLY DELETED
|
b.
|
Origination Breach; [*______*].
If MI Coverage is rescinded, cancelled or denied because of a breach of selling representation and warranty (including any origination defect or any failure to meet the origination requirements of the MI Company) (each, an “
MI Rescission
”), then:
|
(1)
|
DPO Status or non-DPO Status.
Irrespective of whether the MI Company is in DPO status (as hereafter defined):
|
(i)
|
If Fannie Mae believes that the Covered Mortgage that is the subject of the MI Rescission has an Excluded Defect, Fannie Mae shall submit an Excluded Defect Notice, which shall be resolved as specified in Subsection 5(b) (Excluded Defects) and the provisions of that Subsection shall apply.
|
*Material omitted has been filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment*
|
(ii)
|
If there is no Excluded Defect, [*______*], using the claim payment option under the MI Coverage pursuant to which the insurance benefit is calculated as [*______*] up to date of claim filing (“[*______*]
MI Amount
”) in three parts:
|
(1)
|
[*______*] the [*______*] MI Amount on the date that is thirty (30) calendar days after the later of (x) the time the Covered Mortgage's servicer would, in the ordinary course of its business, present such mortgage insurance claims to the MI Company (i.e., 60 days after completion of the foreclosure proceeding, acceptance of a deed in lieu of foreclosure, approval of a pre-foreclosure sale, or acquisition at foreclosure by a third party), [*______*], provided that to the extent such date occurred prior to the Effective Date, then such payment shall be paid on the Closing Date (the date of such payment is referred to as the “
Initial MI Coverage Payment Date
”). In the event that an MI Company does not pay a claim within one hundred and eighty (180) days of completion of the foreclosure proceeding, acceptance of a deed in lieu of foreclosure, approval of a pre-foreclosure sale, or acquisition at foreclosure by a third party, to the extent that the Initial MI Coverage Payment Date has not already occurred, the Initial MI Coverage Payment Date shall be deemed to have occurred on such 180th day.
|
(2)
|
[*______*] the [*______*] MI Amount nine (9) months after the Initial MI Coverage Payment Date, unless a Final MI Action (as hereafter defined) occurs earlier, in which case [*______*] shall be due within thirty (30) calendar days of such Final MI Action.
|
(3)
|
[*______*] the [*______*] MI Amount no later than twelve (12) months after the Initial MI Coverage Payment Date, unless a Final MI Action (as hereafter defined) occurs earlier, in which case [*______*] shall be due within thirty (30) calendar days of such Final MI Action.
|
*Material omitted has been filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment*
|
(iii)
|
A “
Final MI Action
” shall occur, if at all, when such MI Rescission is (a) finally rendered by a court or arbitrator of competent jurisdiction, including exhaustion of all appeals, (b) accepted as valid by the BANA Parties or (c) covered under an approved risk sharing agreement with an MI Company as described in Subsection 6(g) or another similar Fannie Mae approved bulk resolution agreement.
|
(iv)
|
Notwithstanding the provisions of Subsection 6(b)(1)(ii), if a BANA Party enters into a risk sharing agreement with an MI Company that is in DPO Status as of the Effective Date, which agreement includes a Covered Mortgage on which there has been an MI Rescission prior to a BANA Party's entry into such risk sharing agreement, [*______*]
|
c.
|
No Origination Breach.
If the MI Coverage is cancelled or denied for any reason and there has not been an MI Rescission (an “
MI Other Action
”), the MI Other Action will be handled in the following manner:
|
(1)
|
Non-DPO Status.
If the MI Company is not reducing the percentage of claims as a result of insolvency or financial hardship (“
non-DPO status
”), then:
|
(i)
|
If there is no servicing breach, [*______*] in three parts:
|
(1)
|
[*______*] the [*______*] MI Amount on the Initial MI Coverage Payment Date.
|
(2)
|
[*______*] the [*______*] MI Amount nine (9) months after the Initial MI Coverage Payment Date, unless a Final MI Action occurs earlier, in which case [*______*] shall be due within thirty (30) calendar days of such Final MI Action.
|
(3)
|
[*______*] the [*______*] MI Amount no later than twelve (12) months after the Initial MI Coverage Payment Date, unless a Final MI Action occurs earlier, in which case [*______*] shall be due within thirty (30) calendar days of such Final MI Action.
|
*Material omitted has been filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment*
|
(ii)
|
If there is a servicing breach:
|
(1)
|
[*______*]
|
(i)
|
[*______*] the [*______*] MI Amount on the Initial MI Coverage Payment Date.
|
(ii)
|
[*______*] the [*______*] MI Amount nine (9) months after the Initial MI Coverage Payment Date, unless a Final MI Action occurs earlier, in which case [*______*] shall be due within thirty (30) calendar days of such Final MI Action.
|
(iii)
|
[*______*] the [*______*] MI Amount no later than twelve (12) months after the Initial MI Coverage Payment Date, unless a Final MI Action occurs earlier, in which case [*______*] shall be due within thirty (30) calendar days of such Final MI Action.
|
(2)
|
The applicable BANA Party shall remain responsible for all Losses arising out of the servicing breach in accordance with the Contracts; including, without limitation, all:
|
(i)
|
indemnification obligations in accordance with the Servicing Guide and other Contracts, including indemnification obligations for losses attributable to any curtailments or other reductions by the MI Company on account of the servicing breach; and
|
(ii)
|
compensatory fees or other amounts in accordance with the Servicing Guide and other Contracts.
|
(2)
|
DPO Status.
If the MI Company is reducing the percentage of claims paid because the MI Company is insolvent or otherwise financially unable to pay and is issuing deferred payment obligations (“
DPO Status
”), then:
|
*Material omitted has been filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment*
|
(i)
|
No servicing breach.
If there is no servicing breach, then:
|
(1)
|
[*______*] using the claim payment option under the MI Coverage pursuant to which the insurance benefit is calculated as a percentage of the default UPB plus interest and certain costs up to date of claim filing), taking into account the MI Company's DPO Status (“[*______*]
MI Payment Amount
”) in three parts:
|
(i)
|
[*______*] the [*______*] MI Payment Amount on the Initial MI Coverage Payment Date.
|
(ii)
|
[*______*] the [*______*] MI Payment Amount nine (9) months after the Initial MI Coverage Payment Date, unless a Final MI Action occurs earlier, in which case [*______*] shall be due within thirty (30) calendar days of such Final MI Action.
|
(iii)
|
[*______*] the [*______*] MI Payment Amount no later than twelve (12) months after the Initial MI Coverage Payment Date, unless a Final MI Action occurs earlier, in which case [*______*] shall be due within thirty (30) calendar days of such Final MI Action.
|
(2)
|
Fannie Mae shall receive any deferred payment obligation (“
DPO
”) from the MI Company. To the extent a BANA Party receives any payments from the MI Company on the DPO, the BANA Party agrees to promptly remit such payment to Fannie Mae. [*______*]
|
(ii)
|
Servicing breach.
If there is a servicing breach, then:
|
(1)
|
[*______*] in three parts:
|
(i)
|
[*______*] the [*______*] MI Payment Amount on the Initial MI Coverage Payment Date.
|
*Material omitted has been filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment*
|
(ii)
|
[*______*] the [*______*] MI Payment Amount nine (9) months after the Initial MI Coverage Payment Date, unless a Final MI Action occurs earlier, in which case [*______*] shall be due within thirty (30) calendar days of such Final MI Action.
|
(iii)
|
[*______*] the [*______*] MI Payment Amount no later than twelve (12) months after the Initial MI Coverage Payment Date, unless a Final MI Action occurs earlier, in which case [*______*] shall be due within thirty (30) calendar days of such Final MI Action.
|
(2)
|
The applicable BANA Party shall remain responsible for all Losses arising out of the servicing breach in accordance with the Contracts; including, without limitation, all:
|
(i)
|
indemnification obligations in accordance with the Servicing Guide and other Contracts, including indemnification obligations for losses attributable to any curtailments or other reductions by the MI Company on account of the servicing breach;
|
(ii)
|
compensatory fees or other amounts in accordance with the Servicing Guide and other Contracts;
|
(3)
|
In addition, Fannie Mae shall receive any DPO from the MI Company if there was any [*______*] MI Payment Amount.
|
(iii)
|
MI Rescission and MI Other Action.
If there is both an MI Rescission and an MI Other Action, the provisions of Subsection 6(b) shall apply with respect to the MI Rescission regardless of whether the MI Company is in DPO-status.
|
*Material omitted has been filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment*
|
d.
|
Cooperation.
[*______*] Fannie Mae shall retain any outstanding DPO from the MI Company representing all or a portion of the difference between the [*______*] MI Payment Amount and [*______*] MI Amount as well as all rights to enforce the DPO against the MI Company. If any payment is made by an MI Company to a BANA Party on account of a DPO, then the BANA Party shall remit such payments to Fannie Mae. To the extent there is a DPO, each BANA Party shall reasonably cooperate with Fannie Mae in enforcing any DPO from an MI Company. In no event shall Fannie Mae be entitled to receive more than the [*______*] MI Amount or, if [*______*]
|
e.
|
[*______*] Where Certain MI Other Actions Reversed.
In any case where:
|
(1)
|
A [*______*] to [*______*] all or part of a [*______*] MI Amount after the Effective Date on account of an MI Other Action at a time when the relevant MI Company is not in DPO status;
|
(2)
|
There is no risk sharing agreement with the relevant MI Company;
|
(3)
|
Such MI Other Action is reversed for any reason on or before December 31, 2013 and the BANA Party provides Fannie Mae with prompt written notice of the reversal; and
|
(4)
|
At the time of such reversal, the relevant MI Company is in DPO Status or otherwise unable to repay the [*______*] MI Amount [*______*]
|
f.
|
Process if no Fannie Mae-approved MI Risk Share Agreement.
|
(1)
|
Within ten (10) calendar days after the cut-off for the regular reporting to Fannie Mae of MI Rescissions and MI Other Actions, BANA shall provide a report to Fannie Mae:
|
(i)
|
identifying all Covered Mortgages for which a BANA Party received and boarded during the preceding monthly reporting cycle notice from the MI Company of an MI Rescission or MI Other Action during such calendar month;
|
*Material omitted has been filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment*
|
(ii)
|
using best efforts to identify the applicable MI Coverage Payment (i.e., the [*______*] MI Amount or the [*______*] MI Payment Amount) for all such mortgages;
|
(iii)
|
providing an accounting of all amounts received by a BANA Party during such calendar month on account of a DPO obligation [*_______*]
|
(2)
|
Within thirty (30) calendar days of receiving a request from Fannie Mae, BANA shall provide an electronic file to Fannie Mae including all documents or notices received from an MI Company relating to an MI Rescission or MI Other Action reported pursuant to Subsection 6(f)(1).
|
(3)
|
The report and electronic file described in Subsections 6(f)(1) and (2) shall be in addition to the regular reporting of MI Rescissions and MI Other Actions required by the Guides.
|
(4)
|
[*______*]
|
(5)
|
Fannie Mae may review all loans on the report pursuant to Subsection 6(f)(1) to determine if they are subject to an Excluded Defect. Identification, notice and repurchase demands related to Excluded Defects will be handled in accordance with the Excluded Defect process outlined in Subsection 5(b)(2) (Excluded Defects).
|
g.
|
Process if a BANA Party desires to enter into MI Risk Share Agreement.
If a BANA Party desires to enter into a risk sharing agreement with any MI Company that includes any Covered Mortgages, that BANA Party shall present the terms and conditions to Fannie Mae for its review and approval, which approval may be granted, conditioned or denied in Fannie Mae's sole discretion within thirty (30) days after Fannie Mae receives all requested information. To the extent an MI Other Action is not covered by a risk sharing agreement, such MI Other Action shall not be subject to the terms of this Subsection and shall remain subject to the terms of Subsection 6(c). Notwithstanding the foregoing, Fannie Mae shall not unreasonably withhold, deny or condition consent to the terms of a risk sharing agreement where in connection with such agreement:
|
(1)
|
the MI Company is responsible for paying Fannie Mae the [*______*] MI Amount in accordance with the terms of the original mortgage insurance policy [*______*] MI Amount), provided, however, that if the MI Company subsequently enters DPO Status, [*______*] or
|
(2)
|
if the MI Company is in DPO Status, Fannie Mae will be paid and/or receive the following amounts:
|
(i)
|
an amount from the MI Company (the “
Adjusted MI Payment Amount
”) calculated as follows: ([*______*] MI Amount x (100%-RR%)) x PR% where
|
*Material omitted has been filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment*
|
(1)
|
“
RR%
” means the MI Company's negotiated rescission rate (expressed as a percentage) for loans sold to Fannie Mae for the applicable BANA Party(ies)
|
(2)
|
“
PR%
” means the MI Company's cash percentage claims payment rate (i.e., 100% minus the DPO percentage)
|
(ii)
|
an [*______*] (the “[*______*]
Payment Amount
”) [*______*] calculated as follows: [*______*] MI Amount x RR%
|
(iii)
|
plus Fannie Mae is entitled to DPO from the MI Company in an amount equal to not less than the [*______*] MI Amount minus the sum of (i) the Adjusted MI Payment Amount and the (ii) [*______*] MI Payment Amount.
|
$8,500
|
From MI Company as Adjusted MI Payment Amount ($20K x (100%-15%))*50%)
|
[*______*]
|
[*______*] Payment Amount [*______*]
|
$8,500
|
DPO from the MI Company
|
(total of [*______*] and $8,500 DPO)
|
[*______*]
|
[*______*]
|
[*______*]
|
[*______*]
|
$850,000
|
DPO from the MI Company
|
h.
|
Amounts received by Fannie Mae prior to the Effective Date.
Notwithstanding anything else in this Section, Fannie Mae will not return, under any circumstances, any amounts that it received from BANA or an MI Company prior to the Effective Date on account of MI Coverage.
|
7.
|
Private Agreement.
This Agreement is a private and final Agreement between the Parties hereto.
|
8.
|
Fraudulent Transfer/Preference.
If the Resolution Amount is ever challenged by any person or entity, including any trustee in bankruptcy, as a fraudulent transfer, a preferential payment, or on any other basis seeking to invalidate such amounts or return of the funds paid, the funds accepted by Fannie Mae as the Resolution Amount shall be considered to have been subject to a perfected first lien security interest and held as collateral for the obligations of the BANA Parties under this Agreement and for the Repurchase Obligations and existing Recourse Obligations and shall be returned to such status to the extent any return of funds is required and Fannie Mae reserves and retains all rights to assert and collect all Repurchase Obligations and existing Recourse Obligations with respect to the Covered Mortgages to the extent of funds so returned, as if this Agreement had not been made.
|
9.
|
Publicity.
If any BANA Party or Fannie Mae deems it reasonably necessary to make any public comments or statements, or to issue a press release or talking point/Q&A document, relating to this Agreement or the resolution described herein (any of the foregoing, a “Public Statement”) at any time, each BANA Party and Fannie Mae agree that:
|
a.
|
Any Public Statement shall not contain or imply any negative or adverse characterization of the other Party, this Agreement, the resolution contemplated in this Agreement, the other Party's practices or the Covered Mortgages;
|
b.
|
Any Party making or issuing an initial Public Statement after entry into this Agreement will take reasonable good faith efforts to ensure, to the extent reasonably possible, that the general content of the initial Public Statement and the timing of the initial Public Statement is mutually satisfactory to the Parties, including, but not limited to, by providing the non-disclosing Parties with advance notice of the initial Public Statement (of at least twenty-four hours when feasible) and an opportunity to review and comment on the same; and
|
c.
|
If, after the public dissemination of an initial Public Statement, either Party anticipates including in a subsequent Public Statement information that is substantively new and materially different from what was included in the prior Public Statement, such Party will use reasonable and good faith efforts to provide the other Party in advance of making such subsequent Public Statement, to the extent reasonably possible, with any information that is substantively new and materially different from the information disclosed in the prior Public Statement.
|
d.
|
Notwithstanding anything else contained in this Section, (i) any Party may, in its sole discretion, make any disclosure that it deems necessary or advisable in filings required by applicable law or regulation, including the Federal securities laws, and including filings with the Securities and Exchange Commission of Forms 8-K, 10-Q or 10-K; and (ii) a disclosure by a Party to a regulator with oversight authority over such Party shall not be deemed a Public Statement for purposes of this Section.
|
10.
|
Confidentiality.
|
a.
|
This Agreement (including all terms and conditions hereof and all Schedules described in the Appendix attached hereto), as well as all documents, communications, drafts and/or all other materials of any kind relating to the negotiation of this Agreement, the circumstances leading thereto, or the implementation of this Agreement by the Parties (collectively, the “
Confidential Information
”), shall be deemed and shall remain confidential; provided, however, that the Parties agree that any Party may discuss and disclose the terms and conditions of this Agreement pursuant to the terms of Section 9 regarding publicity above.
|
b.
|
The Parties covenant and agree to each other that they will not discuss or divulge any Confidential Information, with or to any person, firm, corporation or other entity, except:
|
(1)
|
to such party's subsidiaries, affiliates, directors, officers, external or internal agents, representatives, professional advisers, attorneys, accountants, auditors, insurers, and employees, who have a need to know, are under a duty of non-disclosure with respect to such information, and are under a duty to implement appropriate measures to maintain the confidentiality, security and integrity of such information;
|
(2)
|
to enforce, in an action by a BANA Party or Fannie Mae, the terms of this Agreement, to the extent reasonably necessary for purposes of enforcement;
|
(3)
|
in response to a court order, subpoena, or other demand or request made by a governmental or quasi-governmental body having jurisdiction over such Party or the matters described in this Agreement (including the Federal Housing Finance Agency, the SEC, and the Internal Revenue Service), and subject to the receipt of notice, as provided in Subsection (c) below, and the request by the Party that received the court order, subpoena, or other demand or request that such information be treated in confidence;
|
(4)
|
as required by applicable law or regulation, including the Federal securities laws, or as that Party may determine in its sole discretion is necessary or advisable as part of its filings with the Securities and Exchange Commission of Forms 8‑K, 10‑Q or 10‑K and related disclosures to investors; and
|
(5)
|
as expressly provided in Section 9 regarding publicity.
|
c.
|
Each Party shall use its reasonable efforts under the circumstances to provide the other Party with reasonable notice that it has been requested to disclose Confidential Information as described in Subsection 10(b)(3) no later than five (5) business days after the receipt of the court order, subpoena, or other demand or request seeking the disclosure of Confidential Information (and to the extent reasonably practicable, at least three (3) business days prior to disclosure of Confidential Information).
|
d.
|
Upon Fannie Mae's prior written consent, which consent shall not be unreasonably withheld, a BANA Party may discuss or divulge Confidential Information to the extent expressly permitted by Fannie Mae to a qualified bidder or investor in connection with the sale of such BANA Party or any of its assets who have a need to know the Confidential Information, so long as such qualified bidder or investor executes a non-disclosure and confidentiality agreement reasonably satisfactory to Fannie Mae. Each BANA Party acknowledges that such qualified bidder or investor may directly or indirectly have existing or future business relationships with Fannie Mae and that as a result, Fannie Mae may withhold or condition its consent to the disclosure of any Confidential Information in its reasonable discretion.
|
e.
|
Material protected by this Section 10 shall be deemed to fall within the protection afforded to compromises and offers to compromise by Rule 408 of the Federal Rules of Evidence and similar provisions of state law or state rules of court.
|
11.
|
Representations and Warranties.
|
a.
|
BANA Party Representations and Warranties.
Each BANA Party represents and warrants that:
|
(1)
|
Corporate Existence and Authority.
Such BANA Party (i) is duly organized, validly existing and in good standing under the laws of its chartering authority and has full power and authority to own and operate its properties and to conduct its business as now conducted by it, and (ii) has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder. Such BANA Party has taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement and the performance of the transactions contemplated hereby.
|
(2)
|
Third Party Consents.
No governmental authority or other third party consents (including but not limited to approvals, licenses, registrations or declarations) are required in connection with the execution, delivery or performance by such BANA Party of this Agreement, other than such consents as have been duly obtained and are in full force and effect.
|
(3)
|
Execution and Enforceability.
This Agreement has been duly executed and delivered by such BANA Party and when this Agreement has been duly authorized, executed and delivered by Fannie Mae, this Agreement will constitute the legal, valid and binding obligation of such BANA Party, enforceable in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the enforcement of creditors' rights in general and by general equity principles (regardless of whether such enforcement is considered in a proceeding in equity or at law).
|
(4)
|
Conflict with Law.
Neither the execution and delivery nor the performance by such BANA Party of this Agreement will result in any violation by such BANA Party of, or be in conflict with, any provision of any applicable law or regulation, or any order, writ or decree of any court or governmental authority.
|
(5)
|
Official Record.
For each BANA Party that is a federally-insured institution that is subject to the Federal Deposit Insurance Act, such BANA Party's execution and delivery of this Agreement has been approved by an officer of such BANA Party who was duly authorized by the board of directors of such BANA Party to enter into such types of transaction. In addition, such BANA Party represents and warrants that it (or any successor thereto) shall, and hereby covenants to, continuously maintain all components of such agreement or undertaking as an official record of Lender.
|
b.
|
Fannie Mae Representations and Warranties.
Fannie Mae hereby represents and warrants that:
|
(1)
|
Authority.
Fannie Mae has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder. Fannie Mae has taken all necessary corporate action to authorize the execution and delivery of this Agreement and the performance of the transactions contemplated hereby.
|
(2)
|
Third Party Consents.
No governmental authority or other third party consents (including but not limited to approvals, licenses, registrations or declarations) are required in connection with the execution, delivery or performance by Fannie Mae of this Agreement, other than such consents as have been duly obtained and are in full force and effect, including the consent of the Federal Housing Finance Agency. Fannie Mae has not assigned any of its interest in the claims and rights it is waiving by executing this Agreement to any other person or entity.
|
(3)
|
Enforceability.
This Agreement, assuming due authorization, execution and delivery hereof by the BANA Parties, constitutes the valid, binding and legal obligation of Fannie Mae, enforceable against it in accordance with the terms hereof, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the enforcement of creditors' rights in general and by general equity principles (regardless of whether such enforcement is considered in a proceeding in equity or at law).
|
c.
|
All Parties.
Each of the Parties to this Agreement hereby represents and warrants, as of the Closing Date:
|
(1)
|
it is not entering into the transactions contemplated hereby with the intent of hindering, delaying or defrauding any of its respective current or future creditor or creditors;
|
(2)
|
it has entered into this Agreement voluntarily and not as a result of coercion or duress;
|
(3)
|
it fully understands its risks and liabilities in entering into this Agreement, and represents that the other Party has not made any statement or representation to it regarding any facts relied upon in entering into this Agreement, and each of them specifically does not rely upon any statement, representation, or promise of the other Party hereto or any other person in entering into this Agreement, or in making the resolution provided for herein, except as expressly stated in this Agreement; and
|
(4)
|
it has relied upon its own investigation and analysis of the facts and not on any statement or representation (other than the representations and warranties expressly set forth in this Section 11) made by any other party in choosing to enter into this Agreement.
|
12.
|
Cooperation.
Upon a BANA Party's request, Fannie Mae will reasonably cooperate with and provide reasonable assistance to that BANA Party in exercising any of its rights or remedies available to it against any applicable third party or correspondent from which it may have purchased any of the Covered Mortgages, including providing a confirmation letter stating that there has been a now-resolved claim with respect to a Covered Mortgage, to affirm that a claim for repurchase with respect to a Covered Mortgage has been addressed by this Agreement and/or confirming the liquidation status for any Covered Mortgage, and if liquidated, providing the applicable loss supporting documentation (i.e. loss statement, HUD-1 settlement statement, etc.).
|
13.
|
No Admission.
The resolution of this matter is voluntary. The Parties hereto acknowledge that they expressly understand that this Agreement and the resolution it represents are entered into solely for the purpose of avoiding any future dispute with respect to the Covered Mortgages as they relate to the matters that are released pursuant to this Agreement. This Agreement and any negotiations leading thereto do not constitute an admission of any fact or claim by any BANA Party with respect to the Covered Mortgages. This Agreement shall not be used as an admission against any Party in this or any other past, present or future claim or matter. Neither this Agreement nor any provision herein shall be considered or treated as a precedent, either for purposes of the Parties' or their affiliates' future dealings or otherwise.
|
14.
|
Notices.
All notices or demands relating to this Agreement shall be in writing and either personally served or sent by a nationally recognized overnight delivery service and shall be deemed to be given for purposes of this Agreement on the earlier of the date of actual receipt or three days after the deposit thereof in the mail. Unless otherwise specified in a notice sent or delivered in accordance with the provisions of this section, such writing shall be sent, as follows:
|
To:
|
Fannie Mae
Attention: Senior Vice President & Chief Acquisition Officer
1835 Market Street
Suite 2300
Philadelphia, Pennsylvania 19103
Telephone: 215-575-1440
|
With a copy to:
|
Fannie Mae
Attention: Bradley Lerman, General Counsel & EVP
3900 Wisconsin Avenue NW
Washington, DC 20016
Telephone: (202) 752-6863
|
To:
|
Bank of America, N.A.
c/o Bank of America Corporation
100 N. Tryon Street
Charlotte, NC 28255-0001
Attention: Jana Litsey
Legal Department - Deputy General Counsel
Phone: (704) 387-5892
|
With a copy to:
|
Bank of America Corporation
Home Loans & Insurance Division
4500 Park Granada
Calabasas, CA 91302
|
15.
|
Governing Law and Waiver of Jury Trial.
This Agreement shall be governed by and construed in accordance with the laws of the State of New York, including Section 5-1401 and 5-1402 of the General Obligations Law of the State of New York, without giving effect to New York's principles of conflicts of law. Each of the Parties hereto specifically and irrevocably consents to binding arbitration administered by the American Arbitration Association pursuant to the commercial arbitration rules of the American Arbitration Association with respect to any controversy or claim arising out of or relating to this Agreement, or the breach thereof other than disputes with respect to Excluded Defects, which shall be resolved in accordance with the process set forth in Section 5(b). Any arbitration under this Agreement shall be conducted in Washington, D.C. or New York, unless the Parties otherwise agree. Any judgment upon the reward by the arbitrator(s) may be entered in any court having jurisdiction. EACH PARTY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY, WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE ARISING UNDER OR RELATING TO THIS AGREEMENT AND AGREES THAT ANY SUCH DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT A JURY.
|
16.
|
Successors.
All terms and conditions of this Agreement shall be binding on the successors and assigns of each BANA Party and Fannie Mae.
|
17.
|
No Third Party Beneficiary.
Except as otherwise specifically provided in this Agreement, nothing expressed or referred to in this Agreement is intended, or shall be construed, to give any person other than Fannie Mae and each BANA Party any legal or equitable right, remedy or claim under or with respect to this Agreement or any provisions contained herein, it being the intention of the Parties hereto that this Agreement, the obligations and statements of responsibilities hereunder, and all other conditions and provisions hereof are for the sole and exclusive benefit of Fannie Mae and each BANA Party, and for the benefit of no other person.
|
18.
|
Waiver.
Each BANA Party and Fannie Mae may waive its respective rights, powers or privileges under this Agreement; provided, that such waiver shall be in writing; and further provided, that no failure or delay on the part of Fannie Mae or any BANA Party to exercise any right, power or privilege under this Agreement shall operate as a waiver thereof, nor will any single or partial exercise of any right, power or privilege under this Agreement preclude any other or further exercise thereof or the exercise of any other right, power or privilege by the Party under this Agreement, nor will any such waiver operate or be construed as a future waiver of such right, power or privilege under this Agreement.
|
19.
|
Severability.
Excepting the provisions regarding the Resolution Amount, the release set forth in Section 4, and the rights and obligations set forth in Sections 5 and 6, if any provision of this Agreement is declared invalid or unenforceable, then, to the extent possible, all of the remaining provisions of this Agreement shall remain in full force and effect and shall be binding upon the Parties hereto.
|
20.
|
Reservation of Rights.
|
a.
|
Except as expressly set forth in this Agreement, each BANA Party and Fannie Mae acknowledges and agrees that this Agreement does not change the respective contractual rights, obligations, or remedies of such BANA Party or Fannie Mae.
|
b.
|
Except to the extent otherwise expressly set forth in this Agreement, Fannie Mae reserves all of its rights and remedies with respect to the Other Obligations (other than with respect to Subsections 5(b) and 5(c) in regard to Excluded Defects and Section 6 in regard to MI Rescissions and MI Other Actions) and with respect to all mortgages other than the Covered Mortgages.
|
c.
|
Except to the extent otherwise expressly set forth in this Agreement, each BANA Party reserves all of its rights and defenses with respect to the Other Obligations (other than with respect to Subsections 5(b) and 5(c) in regard to Excluded Defects and Section 6 in regard to MI Rescissions and MI Other Actions) and with respect to all mortgages other than the Covered Mortgages.
|
21.
|
Miscellaneous:
|
a.
|
Headings.
The headings and subheadings contained in this Agreement are inserted for convenience only and shall not affect the meaning or interpretation of this Agreement or any provision hereof.
|
b.
|
Counterparts.
This Agreement may be executed in any number of counterparts each of which is fully effective as an original and all of which together constitute one and the same instrument. Executed documents may be delivered and exchanged by facsimile or other electronic means.
|
c.
|
Interpretation.
This Agreement shall be construed and interpreted fairly as to all Parties and not in favor or against any Party, regardless of which Party prepared this Agreement. The use of any gender in this Agreement shall be deemed to be or include the other genders, including neuter, and the use of the singular shall be deemed to be or include the plural (and vice versa) wherever applicable. The use of the word “include” or “including”, when following any general statement, term or matter, shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not any no limitation language (such as “without limitation” or “but not limited to” or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that fall within the broadest possible scope of such general statement, term or matter.
|
d.
|
Time.
Time is of the essence in the performance of the obligations stated in this Agreement.
|
e.
|
Survival of Covenants.
The covenants, representations, and warranties in this Agreement shall survive the execution of the Agreement.
|
f.
|
Entire Agreement.
This Agreement constitutes the entire agreement between the Parties hereto with respect to the subject matter hereof superseding all other discussions, promises, representations, warranties, agreements and understandings, whether written or oral, relating to the Agreement.
|
g.
|
Amendment and Waiver.
No change or amendment shall be valid unless it is made in writing and executed by the Parties to this Agreement. No specific waiver of any of the terms of this Agreement shall be considered as a general waiver.
|
FANNIE MAE,
a corporation organized under the laws of the United States
|
|
|
|
By:
|
/s/ Zach Oppenheimer
|
Type Name: Zach Oppenheimer
|
|
Title: Senior Vice President and Chief Acquisition Officer
|
BANK OF AMERICA, N.A.,
a national banking association
|
|
|
|
By:
|
|
Type Name: Ron Sturzenegger
|
|
Title: Legacy Asset Servicing Executive
|
COUNTRYWIDE HOME LOANS, INC.
a New York corporation
|
|
|
|
By:
|
|
Type Name: Michael Schloessmann
|
|
Title: President and CEO
|
FANNIE MAE,
a corporation organized under the laws of the United States
|
|
|
|
By:
|
|
Type Name: Zach Oppenheimer
|
|
Title: Senior Vice President and Chief Acquisition Officer
|
BANK OF AMERICA, N.A.,
a national banking association
|
|
|
|
By:
|
/s/ Ron Sturzenegger
|
Type Name: Ron Sturzenegger
|
|
Title: Legacy Asset Servicing Executive
|
COUNTRYWIDE HOME LOANS, INC.
a New York corporation
|
|
|
|
By:
|
|
Type Name: Michael Schloessmann
|
|
Title: President and CEO
|
FANNIE MAE,
a corporation organized under the laws of the United States
|
|
|
|
By:
|
|
Type Name: Zach Oppenheimer
|
|
Title: Senior Vice President and Chief Acquisition Officer
|
BANK OF AMERICA, N.A.,
a national banking association
|
|
|
|
By:
|
|
Type Name: Ron Sturzenegger
|
|
Title: Legacy Asset Servicing Executive
|
COUNTRYWIDE HOME LOANS, INC.
a New York corporation
|
|
|
|
By:
|
/s/ Michael Schloessmann
|
Type Name: Michael Schloessmann
|
|
Title: President and CEO
|
(a)
|
Released Obligations and Claims
. Notwithstanding anything to the contrary in the applicable Purchase Documents or any other agreement, and notwithstanding any breach of any section of this Agreement (subject to Section 2(c) hereof) or any other agreement, the Releasing Parties hereby irrevocably and unconditionally expressly release, waive and forever discharge any and all claims, counterclaims, defenses, rights of setoff, debt, liens, Losses, demands, damages, costs and expenses (including attorneys' fees and costs actually incurred) and causes of action of any kind or nature whatsoever, as to or against the Released Parties and each of them, arising out of, or in connection with, the origination, sale, delivery or eligibility of Covered Mortgages for sale to Freddie Mac for sale, securitization or guaranty to, by or through Freddie Mac, and/or the delivery of Covered Mortgages or related data to Freddie Mac or the related Document Custodian in connection with any sale of the Covered Mortgage, whether asserted, unasserted, known or unknown, suspected or unsuspected, fixed or contingent, in contract or tort, unsecured, secured, priority, administrative or otherwise, that the Releasing Parties or their successors or assigns may now or may hereafter have against any Released Party, under any provision of the Guide (as it existed at the applicable point in time, and as it exists at the Closing Date) or any Purchase Documents
|
(b)
|
“
Releasing Parties
” means Freddie Mac, and any and each of its divisions, subsidiaries, affiliates, predecessors, successors and assigns and each of their respective officers, directors, employees, agents, representatives, attorneys and administrators, and each is individually referred to as a “
Releasing Party
.”
|
(c)
|
“
Released Parties
” means, Servicing LP, BANA, Countrywide, and any and all of their current, former or future direct or indirect parents, subsidiaries, Affiliates, partners, predecessors, successors and assigns, including any transferee of servicing rights for the Mortgages, and each of their respective past, present and future officers, directors, employees, agents, independent contractors, representatives, accountants, attorneys, boards, and their predecessors, successors and assigns, or any of them, and each is individually referred to as a “
Released Party;
” provided, however, that Released Parties do not include any Document Custodian (including but not limited to Recon Trust), that currently holds, or previously held, any of the Mortgage notes pursuant to a Custodial Agreement (Freddie Mac Form 1035), and any amendments thereto executed by and among Freddie Mac, the Document Custodian and one or more of the BofA Seller/Servicers.
|
(d)
|
“
Losses
” shall mean any and all claims, suits, liabilities (including, but not limited to, strict liabilities), actions, proceedings, obligations, debts, damages, losses, costs, expenses, fines, penalties, assessments, demands, charges, fees, judgments, awards, disbursements and amounts paid in settlement, punitive damages, foreseeable and unforeseeable damages, incidental or consequential damages, of whatever kind or nature (including reasonable
|
(e)
|
A “
Covered Mortgage
” means any Mortgage, except to the extent that such Mortgage is reasonably determined by Freddie Mac in accordance with Section 3(f) below to be any of the following:
|
(i)
|
a Mortgage secured by a residential property that is not located within any of the 50 States, the District of Columbia, Guam, Puerto Rico or the Virgin Islands at the time of Freddie Mac's purchase, as set forth in Guide Section 22.18 and the definition of a State in the Glossary to the Guide;
|
(ii)
|
a Mortgage, the original unpaid principal balance of which at the time of Freddie Mac's purchase exceeded the maximum original loan amounts set forth in Guide Section 23.3;
|
(iii)
|
a Mortgage secured by vacant land or property primarily used for agriculture, farming or commercial enterprise at the time of Freddie Mac's purchase;
|
(iv)
|
a Mortgage secured by residential properties consisting of five or more dwelling units at the time of Freddie Mac's purchase;
|
(v)
|
a Mortgage with an LTV Ratio in excess of 80 percent at the time of Freddie Mac's purchase that (i) did not have mortgage insurance on the portion of the Mortgage in excess of 80 percent of the property's value (determined in accordance with the Guide)
,
as set forth in Guide Section 27.1, (ii) was not sold with recourse, within the meaning of Section 11.10(a) of the Guide, and (iii) was not sold on a participation basis as described in Guide Section 11.4.1 (provided, however, that Freddie Mac may not require repurchase of a Mortgage under this sub-Section 3(e)(v) based solely on a determination by Freddie Mac that correction of an allegedly incorrect appraisal of the Mortgaged Premises (y) causes the Mortgage to have an LTV Ratio over 80 percent or (z) enlarges any existing excess of the Mortgage's LTV Ratio over 80 percent);
|
(vi)
|
a Mortgage that was not a valid First Lien on the Mortgaged Premises at the time of Freddie Mac's purchase;
|
(vii)
|
a Mortgage secured by a manufactured home that did not meet the property eligibility requirements set forth in Guide Section H33.2(a) at the time of Freddie Mac's purchase;
|
(viii)
|
a Mortgage secured by Mortgaged Premises in one of the states listed in Guide Section 22.18 that at the time of origination was designated as a "high-cost," "high-risk" or a similar designation under the applicable state law as referenced in Guide Section 22.18 as ineligible for purchase;
|
(ix)
|
any purchase transaction Mortgage secured by a Primary Residence and any Refinance Mortgage that, as described in Guide Section 22.33, had an annual percentage rate or total points and fees that exceed the thresholds under the Home Ownership and Equity Protection Act of 1994 (HOEPA) and its implementing regulations (the "HOEPA Thresholds") and as a
|
*Material omitted has been filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment*
|
(x)
|
Loan Affected By a Collusive Scheme
: A Mortgage as to which fraud was committed by a borrower or other party to the mortgage transaction in conjunction with such transaction, and as to which all of the following criteria are satisfied: (a) the Mortgage was originated as part of a scheme that involved collaboration of at least two perpetrators who need not be employed by the same entity and who participated in the origination process of each of the Mortgages that are part of the scheme or, in the case of a purchase money Mortgage, participated in either the origination process or in the purchase and sale of the Mortgaged Premises, (b) such scheme involved [*__*] or more Mortgages, and (c) the materially false representation or warranty made by the borrower or other party had an adverse and material impact on (A) the value of the Mortgage, (B) its saleabilty in the secondary mortgage market, (C) the borrower's ability to perform under the Mortgage, or (D) the collectibility of regular payments under the Mortgage.
|
(xi)
|
Recourse Loan
. A Mortgage listed on Exhibit C.
|
*Material omitted has been filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment*
|
*Material omitted has been filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment*
|
(d)
|
(i) Notwithstanding the provisions of the Guide regarding the unitary and indivisible nature of the servicing contract, Freddie Mac may exercise its right under Guide Chapter 73 to terminate or transfer servicing of any portion of the Mortgages as to each of which a BofA Seller/Servicer has materially failed to comply with any of the servicing requirements contained in the Purchase Documents, provided that such Mortgages are 30 days or more delinquent at the time of the written notice
|
*Material omitted has been filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment*
|
if to Freddie Mac:
|
1551 Park Run Drive
|
with a copy to:
|
Legal Division
|
with a copy to:
|
Freddie Mac
|
if the BofA Seller/:
|
c/o Bank of America Corporation
|
Servicers
|
100 N. Tryon Street
|
with a copy to:
|
Bank of America Corporation
|
By: /s/Raymond G. Romano
|
By: /s/Neil A. Cotty
|
By: /s/Neil A. Cotty
|
By: /s/Michael W. Schloessmann
|
1.
|
Consent to Electronic Transactions
. Section 1.3
|
3.
|
Fidelity Insurance Coverage
. Section 4.7 (a)
|
4.
|
Mortgagee's E&O Insurance Coverage
. Section 4.8
|
5.
|
Certificate of Incumbency requirements
. Section 16.10.1 (second paragraph)
|
6.
|
Seller authorized to sell Mortgage; Purchase Documents authorized
. Section 22.27
|
•
|
Are in writing or are "records" or "electronic records" as those terms are defined in Section 1.3(a) of the Guide),
|
•
|
Were executed or authenticated by the Seller and Freddie Mac contemporaneously with the agreement reached by the Seller and Freddie Mac for sale of Mortgages by the Seller to Freddie Mac in return for cash and/or PCs received by the Seller,
|
•
|
Were approved by the Seller's board of directors or the Seller's officers or employees who were duly authorized by the board of directors to enter into such agreements and board approvals, resolutions and/or delegations of authority are reflected in the minutes of the board, and
|
•
|
Have been, continuously, from the time of their execution or authentication, official records of the Seller.
|
7.
|
Commissions, fees or other compensation on insurance
. Section 27.2
|
•
|
Any officer, director or employee of the lender or any member of their immediate families
|
•
|
Any insurance agency, corporation (other than the insurer), partnership, trust or other business entity (including any service corporation, whether organized for profit or otherwise) in which the lender or any of its officers, directors, employees or their immediate family members have financial interest, or
|
•
|
Any designee, trustee, nominee or other agent or representative of any of the foregoing
|
8.
|
Loan Prospector User Agreement
. Exhibit 15, Section 6.2 (d)
|
9.
|
Flood insurance
. Section 58.3 (sixth paragraph)
|