|
|
|
|
|
Large accelerated filer
ü
|
|
Accelerated filer
|
|
Non-accelerated filer
(do not check if a smaller
reporting company)
|
|
Smaller reporting company
|
|
|
|
|
|
Item 1. Financial Statements
|
|
Page
|
Consolidated Statement of Income
|
|
|
Consolidated Statement of Comprehensive Income
|
|
|
Consolidated Balance Sheet
|
|
|
Consolidated Statement of Changes in Shareholders' Equity
|
|
|
Consolidated Statement of Cash Flows
|
|
|
Notes to Consolidated Financial Statements
|
|
|
Note 1 – Summary of Significant Accounting Principles
|
|
|
Note 2 – Derivatives
|
|
|
Note 3 – Securities
|
|
|
Note 4 – Outstanding Loans and Leases
|
|
|
Note 5 – Allowance for Credit Losses
|
|
|
Note 6 – Securitizations and Other Variable Interest Entities
|
|
|
Note 7 – Representations and Warranties Obligations and Corporate Guarantees
|
|
|
Note 8 – Goodwill and Intangible Assets
|
|
|
Note 9 – Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings
|
|
|
Note 10 – Commitments and Contingencies
|
|
|
Note 11 – Shareholders’ Equity
|
|
|
Note 12 – Accumulated Other Comprehensive Income (Loss)
|
|
|
Note 13 – Earnings Per Common Share
|
|
|
Note 14 – Fair Value Measurements
|
|
|
Note 15 – Fair Value Option
|
|
|
Note 16 – Fair Value of Financial Instruments
|
|
|
Note 17 – Business Segment Information
|
|
|
Glossary
|
|
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
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||
|
||
|
||
|
||
|
||
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||
|
||
|
||
|
||
|
||
|
||
|
||
Interest Rate Risk Management for the Banking Book
|
|
|
|
||
|
||
Non-GAAP Reconciliations
|
|
|
|
|
|
Item 3. Quantitative and Qualitative Disclosures about Market Risk
|
|
|
Item 4. Controls and Procedures
|
|
|
|
Bank of America
2
|
|
|
|
|
||||
Table 1
|
Selected Financial Data
|
|
|
||||
|
|
Three Months Ended March 31
|
|||||
(Dollars in millions, except per share information)
|
2017
|
2016
|
|||||
Income statement
|
|
|
|
|
|||
Revenue, net of interest expense
|
$
|
22,248
|
|
$
|
20,790
|
|
|
Net income
|
4,856
|
|
3,472
|
|
|||
Diluted earnings per common share
|
0.41
|
|
0.28
|
|
|||
Dividends paid per common share
|
0.075
|
|
0.05
|
|
|||
Performance ratios
|
|
|
|
|
|||
Return on average assets
|
0.88
|
%
|
0.64
|
%
|
|||
Return on average common shareholders' equity
|
7.27
|
|
5.11
|
|
|||
Return on average tangible common shareholders’ equity
(1)
|
10.28
|
|
7.33
|
|
|||
Efficiency ratio
|
66.74
|
|
71.27
|
|
|||
|
|
|
|||||
|
March 31
2017 |
December 31
2016 |
|||||
Balance sheet
|
|
|
|
|
|||
Total loans and leases
|
$
|
906,242
|
|
$
|
906,683
|
|
|
Total assets
|
2,247,701
|
|
2,187,702
|
|
|||
Total deposits
|
1,272,141
|
|
1,260,934
|
|
|||
Total common shareholders’ equity
|
242,933
|
|
241,620
|
|
|||
Total shareholders’ equity
|
268,153
|
|
266,840
|
|
(1)
|
Return on average tangible common shareholders' equity is a non-GAAP financial measure. For additional information and a corresponding reconciliation to accounting principles generally accepted in the United States of America (GAAP) financial measures, see
Non-GAAP Reconciliations
on page
61
.
|
|
|
|
|
|
||||
Table 2
|
Summary Income Statement
|
|
|
|
||||
|
|
|
||||||
|
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2017
|
|
2016
|
|||||
Net interest income
|
$
|
11,058
|
|
|
$
|
10,485
|
|
|
Noninterest income
|
11,190
|
|
|
10,305
|
|
|||
Total revenue, net of interest expense
|
22,248
|
|
|
20,790
|
|
|||
Provision for credit losses
|
835
|
|
|
997
|
|
|||
Noninterest expense
|
14,848
|
|
|
14,816
|
|
|||
Income before income taxes
|
6,565
|
|
|
4,977
|
|
|||
Income tax expense
|
1,709
|
|
|
1,505
|
|
|||
Net income
|
4,856
|
|
|
3,472
|
|
|||
Preferred stock dividends
|
502
|
|
|
457
|
|
|||
Net income applicable to common shareholders
|
$
|
4,354
|
|
|
$
|
3,015
|
|
|
|
|
|
|
|
||||
Per common share information
|
|
|
|
|||||
Earnings
|
$
|
0.43
|
|
|
$
|
0.29
|
|
|
Diluted earnings
|
0.41
|
|
|
0.28
|
|
|
|
Bank of America
4
|
|
|
|
|
|
||||
Table 3
|
Noninterest Income
|
|
|
|
||||
|
|
|
|
|
||||
|
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2017
|
|
2016
|
|||||
Card income
|
$
|
1,449
|
|
|
$
|
1,430
|
|
|
Service charges
|
1,918
|
|
|
1,837
|
|
|||
Investment and brokerage services
|
3,262
|
|
|
3,182
|
|
|||
Investment banking income
|
1,584
|
|
|
1,153
|
|
|||
Trading account profits
|
2,331
|
|
|
1,662
|
|
|||
Mortgage banking income
|
122
|
|
|
433
|
|
|||
Gains on sales of debt securities
|
52
|
|
|
190
|
|
|||
Other income
|
472
|
|
|
418
|
|
|||
Total noninterest income
|
$
|
11,190
|
|
|
$
|
10,305
|
|
●
|
Investment banking income
increased
$431 million
driven by higher debt and equity issuance fees, and advisory fees driven by an increase in overall client activity and market fee pools.
|
●
|
Trading account profits
increased
$669 million
due to a stronger performance across credit products led by mortgages, improved trading performance and increased client financing activity in equities.
|
●
|
Mortgage banking income
decreased
$311 million
primarily driven by lower net servicing income and a decline in production income. Net servicing income decreased primarily due to lower mortgage servicing rights (MSR) results, net of the related hedge performance and lower servicing fees driven by a smaller servicing portfolio. Production income declined primarily due to lower volume.
|
●
|
Gains on sales of debt securities
decreased
$138 million
primarily driven by lower sales volume.
|
|
|
|
|
|
||||
Table 4
|
Noninterest Expense
|
|
|
|
||||
|
|
|
|
|
||||
|
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2017
|
|
2016
|
|||||
Personnel
|
$
|
9,158
|
|
|
$
|
8,852
|
|
|
Occupancy
|
1,000
|
|
|
1,028
|
|
|||
Equipment
|
438
|
|
|
463
|
|
|||
Marketing
|
332
|
|
|
419
|
|
|||
Professional fees
|
456
|
|
|
425
|
|
|||
Amortization of intangibles
|
162
|
|
|
187
|
|
|||
Data processing
|
794
|
|
|
838
|
|
|||
Telecommunications
|
191
|
|
|
173
|
|
|||
Other general operating
|
2,317
|
|
|
2,431
|
|
|||
Total noninterest expense
|
$
|
14,848
|
|
|
$
|
14,816
|
|
|
|
|
|
|
||||
Table 5
|
Income Tax Expense
|
|
|
|
||||
|
|
|
|
|
||||
|
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2017
|
|
2016
|
|||||
Income before income taxes
|
$
|
6,565
|
|
|
$
|
4,977
|
|
|
Income tax expense
|
1,709
|
|
|
1,505
|
|
|||
Effective tax rate
|
26.0
|
%
|
|
30.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Table 6
|
Selected Quarterly Financial Data
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
2017 Quarter
|
|
2016 Quarters
|
||||||||||||||||
(Dollars in millions, except per share information)
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|||||||||||
Income statement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net interest income
|
$
|
11,058
|
|
|
$
|
10,292
|
|
|
$
|
10,201
|
|
|
$
|
10,118
|
|
|
$
|
10,485
|
|
|
Noninterest income
|
11,190
|
|
|
9,698
|
|
|
11,434
|
|
|
11,168
|
|
|
10,305
|
|
||||||
Total revenue, net of interest expense
|
22,248
|
|
|
19,990
|
|
|
21,635
|
|
|
21,286
|
|
|
20,790
|
|
||||||
Provision for credit losses
|
835
|
|
|
774
|
|
|
850
|
|
|
976
|
|
|
997
|
|
||||||
Noninterest expense
|
14,848
|
|
|
13,161
|
|
|
13,481
|
|
|
13,493
|
|
|
14,816
|
|
||||||
Income before income taxes
|
6,565
|
|
|
6,055
|
|
|
7,304
|
|
|
6,817
|
|
|
4,977
|
|
||||||
Income tax expense
|
1,709
|
|
|
1,359
|
|
|
2,349
|
|
|
2,034
|
|
|
1,505
|
|
||||||
Net income
|
4,856
|
|
|
4,696
|
|
|
4,955
|
|
|
4,783
|
|
|
3,472
|
|
||||||
Net income applicable to common shareholders
|
4,354
|
|
|
4,335
|
|
|
4,452
|
|
|
4,422
|
|
|
3,015
|
|
||||||
Average common shares issued and outstanding
|
10,100
|
|
|
10,170
|
|
|
10,250
|
|
|
10,328
|
|
|
10,370
|
|
||||||
Average diluted common shares issued and outstanding
|
10,915
|
|
|
10,959
|
|
|
11,000
|
|
|
11,059
|
|
|
11,100
|
|
||||||
Performance ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Return on average assets
|
0.88
|
%
|
|
0.85
|
%
|
|
0.90
|
%
|
|
0.88
|
%
|
|
0.64
|
%
|
||||||
Four quarter trailing return on average assets
(1)
|
0.88
|
|
|
0.82
|
|
|
0.76
|
|
|
0.74
|
|
|
0.73
|
|
||||||
Return on average common shareholders’ equity
|
7.27
|
|
|
7.04
|
|
|
7.27
|
|
|
7.40
|
|
|
5.11
|
|
||||||
Return on average tangible common shareholders’ equity
(2)
|
10.28
|
|
|
9.92
|
|
|
10.28
|
|
|
10.54
|
|
|
7.33
|
|
||||||
Return on average shareholders' equity
|
7.35
|
|
|
6.91
|
|
|
7.33
|
|
|
7.25
|
|
|
5.36
|
|
||||||
Return on average tangible shareholders’ equity
(2)
|
10.00
|
|
|
9.38
|
|
|
9.98
|
|
|
9.93
|
|
|
7.40
|
|
||||||
Total ending equity to total ending assets
|
11.93
|
|
|
12.20
|
|
|
12.30
|
|
|
12.23
|
|
|
12.03
|
|
||||||
Total average equity to total average assets
|
12.01
|
|
|
12.24
|
|
|
12.28
|
|
|
12.13
|
|
|
11.98
|
|
||||||
Dividend payout
|
17.37
|
|
|
17.68
|
|
|
17.32
|
|
|
11.73
|
|
|
17.13
|
|
||||||
Per common share data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Earnings
|
$
|
0.43
|
|
|
$
|
0.43
|
|
|
$
|
0.43
|
|
|
$
|
0.43
|
|
|
$
|
0.29
|
|
|
Diluted earnings
|
0.41
|
|
|
0.40
|
|
|
0.41
|
|
|
0.41
|
|
|
0.28
|
|
||||||
Dividends paid
|
0.075
|
|
|
0.075
|
|
|
0.075
|
|
|
0.05
|
|
|
0.05
|
|
||||||
Book value
|
24.36
|
|
|
24.04
|
|
|
24.19
|
|
|
23.71
|
|
|
23.14
|
|
||||||
Tangible book value
(2)
|
17.23
|
|
|
16.95
|
|
|
17.14
|
|
|
16.71
|
|
|
16.19
|
|
||||||
Market price per share of common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Closing
|
$
|
23.59
|
|
|
$
|
22.10
|
|
|
$
|
15.65
|
|
|
$
|
13.27
|
|
|
$
|
13.52
|
|
|
High closing
|
25.50
|
|
|
23.16
|
|
|
16.19
|
|
|
15.11
|
|
|
16.43
|
|
||||||
Low closing
|
22.05
|
|
|
15.63
|
|
|
12.74
|
|
|
12.18
|
|
|
11.16
|
|
||||||
Market capitalization
|
$
|
235,291
|
|
|
$
|
222,163
|
|
|
$
|
158,438
|
|
|
$
|
135,577
|
|
|
$
|
139,427
|
|
(1)
|
Calculated as total net income for four consecutive quarters divided by annualized average assets for four consecutive quarters.
|
(2)
|
Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures. For more information on these ratios and for corresponding reconciliations to GAAP financial measures, see
Non-GAAP Reconciliations
on page
61
.
|
(3)
|
For more information on the impact of the purchased credit-impaired (PCI) loan portfolio on asset quality, see
Consumer Portfolio Credit Risk Management
on page
31
.
|
(4)
|
Includes the allowance for loan and lease losses and the reserve for unfunded lending commitments.
|
(5)
|
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
Consumer Portfolio Credit Risk Management – Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity
on page
41
and corresponding
Table 31
, and
Commercial Portfolio Credit Risk Management – Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity
on page
46
and corresponding
Table 38
.
|
(6)
|
Asset quality metrics include $242 million and $243 million of non-U.S. credit card allowance for loan and lease losses and
$9.5 billion
and
$9.2 billion
of non-U.S. credit card loans in the first quarter of 2017 and in the fourth quarter of 2016, which are included in assets of business held for sale on the Consolidated Balance Sheet.
|
(7)
|
Primarily includes amounts allocated to the U.S. credit card and unsecured consumer lending portfolios in
Consumer Banking
, PCI loans and the non-U.S. credit card portfolio in
All Other
.
|
(8)
|
Net charge-offs exclude
$33 million
,
$70 million
,
$83 million
,
$82 million
, and
$105 million
of write-offs in the PCI loan portfolio in the first quarter of 2017 and in the fourth, third, second and first quarters of
2016
, respectively. For more information on PCI write-offs, see
Consumer Portfolio Credit Risk Management – Purchased Credit-impaired Loan Portfolio
on page
39
.
|
(9)
|
Includes net charge-offs of $44 million and $41 million on non-U.S. credit card loans, which are included in assets of business held for sale on the Consolidated Balance Sheet at March 31, 2017 and December 31, 2016.
|
(10)
|
Risk-based capital ratios are reported under Basel 3 Advanced - Transition. For additional information, see
Capital Management
on page
21
.
|
|
|
Bank of America
6
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Table 6
|
Selected Quarterly Financial Data (continued)
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
2017 Quarter
|
|
2016 Quarters
|
||||||||||||||||
(Dollars in millions)
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|||||||||||
Average balance sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total loans and leases
|
$
|
914,144
|
|
|
$
|
908,396
|
|
|
$
|
900,594
|
|
|
$
|
899,670
|
|
|
$
|
892,984
|
|
|
Total assets
|
2,231,420
|
|
|
2,208,039
|
|
|
2,189,490
|
|
|
2,188,241
|
|
|
2,173,922
|
|
||||||
Total deposits
|
1,256,632
|
|
|
1,250,948
|
|
|
1,227,186
|
|
|
1,213,291
|
|
|
1,198,455
|
|
||||||
Long-term debt
|
221,468
|
|
|
220,587
|
|
|
227,269
|
|
|
233,061
|
|
|
233,654
|
|
||||||
Common shareholders’ equity
|
242,883
|
|
|
245,139
|
|
|
243,679
|
|
|
240,376
|
|
|
237,229
|
|
||||||
Total shareholders’ equity
|
268,103
|
|
|
270,360
|
|
|
268,899
|
|
|
265,354
|
|
|
260,423
|
|
||||||
Asset quality
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Allowance for credit losses
(4)
|
$
|
11,869
|
|
|
$
|
11,999
|
|
|
$
|
12,459
|
|
|
$
|
12,587
|
|
|
$
|
12,696
|
|
|
Nonperforming loans, leases and foreclosed properties
(5)
|
7,637
|
|
|
8,084
|
|
|
8,737
|
|
|
8,799
|
|
|
9,281
|
|
||||||
Allowance for loan and lease losses as a percentage of total loans and leases outstanding
(5, 6)
|
1.25
|
%
|
|
1.26
|
%
|
|
1.30
|
%
|
|
1.32
|
%
|
|
1.35
|
%
|
||||||
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases
(5, 6)
|
156
|
|
|
149
|
|
|
140
|
|
|
142
|
|
|
136
|
|
||||||
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases, excluding the PCI loan portfolio
(5, 6)
|
150
|
|
|
144
|
|
|
135
|
|
|
135
|
|
|
129
|
|
||||||
Amounts included in allowance for loan and lease losses for loans and leases that are excluded from nonperforming loans and leases
(7)
|
$
|
4,047
|
|
|
$
|
3,951
|
|
|
$
|
4,068
|
|
|
$
|
4,087
|
|
|
$
|
4,138
|
|
|
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases, excluding the allowance for loan and lease losses for loans and leases that are excluded from nonperforming loans and leases
(5, 7)
|
100
|
%
|
|
98
|
%
|
|
91
|
%
|
|
93
|
%
|
|
90
|
%
|
||||||
Net charge-offs
(8, 9)
|
$
|
934
|
|
|
$
|
880
|
|
|
$
|
888
|
|
|
$
|
985
|
|
|
$
|
1,068
|
|
|
Annualized net charge-offs as a percentage of average loans and leases outstanding
(5, 8)
|
0.42
|
%
|
|
0.39
|
%
|
|
0.40
|
%
|
|
0.44
|
%
|
|
0.48
|
%
|
||||||
Annualized net charge-offs as a percentage of average loans and leases outstanding, excluding the PCI loan portfolio
(5)
|
0.42
|
|
|
0.39
|
|
|
0.40
|
|
|
0.45
|
|
|
0.49
|
|
||||||
Annualized net charge-offs and PCI write-offs as a percentage of average loans and leases outstanding
(5)
|
0.43
|
|
|
0.42
|
|
|
0.43
|
|
|
0.48
|
|
|
0.53
|
|
||||||
Nonperforming loans and leases as a percentage of total loans and leases outstanding
(5, 6)
|
0.80
|
|
|
0.85
|
|
|
0.93
|
|
|
0.94
|
|
|
0.99
|
|
||||||
Nonperforming loans, leases and foreclosed properties as a percentage of total loans, leases and foreclosed properties
(5, 6)
|
0.84
|
|
|
0.89
|
|
|
0.97
|
|
|
0.98
|
|
|
1.04
|
|
||||||
Ratio of the allowance for loan and lease losses at period end to annualized net charge-offs
(6, 8)
|
3.00
|
|
|
3.28
|
|
|
3.31
|
|
|
2.99
|
|
|
2.81
|
|
||||||
Ratio of the allowance for loan and lease losses at period end to annualized net charge-offs, excluding the PCI loan portfolio
(6)
|
2.88
|
|
|
3.16
|
|
|
3.18
|
|
|
2.85
|
|
|
2.67
|
|
||||||
Ratio of the allowance for loan and lease losses at period end to annualized net charge-offs and PCI write-offs
(6)
|
2.90
|
|
|
3.04
|
|
|
3.03
|
|
|
2.76
|
|
|
2.56
|
|
||||||
Capital ratios at period end
(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Risk-based capital:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Common equity tier 1 capital
|
11.0
|
%
|
|
11.0
|
%
|
|
11.0
|
%
|
|
10.6
|
%
|
|
10.3
|
%
|
||||||
Tier 1 capital
|
12.5
|
|
|
12.4
|
|
|
12.4
|
|
|
12.0
|
|
|
11.5
|
|
||||||
Total capital
|
14.4
|
|
|
14.3
|
|
|
14.2
|
|
|
13.9
|
|
|
13.4
|
|
||||||
Tier 1 leverage
|
8.8
|
|
|
8.9
|
|
|
9.1
|
|
|
8.9
|
|
|
8.7
|
|
||||||
Tangible equity
(2)
|
9.1
|
|
|
9.2
|
|
|
9.4
|
|
|
9.3
|
|
|
9.1
|
|
||||||
Tangible common equity
(2)
|
7.9
|
|
|
8.1
|
|
|
8.2
|
|
|
8.1
|
|
|
7.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
●
|
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 ending common shareholders’ equity divided by total assets less goodwill and certain acquired intangible assets (excluding MSRs), net of related deferred tax liabilities.
|
●
|
Return on average tangible shareholders’ equity measures our earnings contribution as a percentage of adjusted average total shareholders’ equity. The tangible equity ratio represents adjusted ending shareholders’ equity divided by total assets less goodwill and certain acquired intangible assets (excluding MSRs), net of related deferred tax liabilities.
|
●
|
Tangible book value per common share represents adjusted ending common shareholders’ equity divided by ending common shares outstanding.
|
|
|
|
|
|
||||
Table 7
|
Supplemental Financial Data
|
|
|
|
||||
|
|
|
|
|
||||
|
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2017
|
|
2016
|
|||||
Fully taxable-equivalent basis data
|
|
|
|
|
|
|||
Net interest income
|
$
|
11,255
|
|
|
$
|
10,700
|
|
|
Total revenue, net of interest expense
|
22,445
|
|
|
21,005
|
|
|||
Net interest yield
|
2.39
|
%
|
|
2.33
|
%
|
|||
Efficiency ratio
|
66.15
|
|
|
70.54
|
|
|
|
Bank of America
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Table 8
|
Quarterly Average Balances and Interest Rates – FTE Basis
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
First Quarter 2017
|
|
First Quarter 2016
|
||||||||||||||||||
(Dollars in millions)
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Rate
|
|
Average
Balance |
|
Interest
Income/ Expense |
|
Yield/
Rate |
|||||||||||
Earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks
|
$
|
123,921
|
|
|
$
|
202
|
|
|
0.66
|
%
|
|
$
|
138,574
|
|
|
$
|
155
|
|
|
0.45
|
%
|
|
Time deposits placed and other short-term investments
|
11,497
|
|
|
47
|
|
|
1.65
|
|
|
9,156
|
|
|
32
|
|
|
1.41
|
|
|||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
216,402
|
|
|
439
|
|
|
0.82
|
|
|
209,183
|
|
|
276
|
|
|
0.53
|
|
|||||
Trading account assets
|
125,661
|
|
|
1,111
|
|
|
3.58
|
|
|
136,306
|
|
|
1,212
|
|
|
3.57
|
|
|||||
Debt securities
(1)
|
430,234
|
|
|
2,573
|
|
|
2.39
|
|
|
399,978
|
|
|
2,537
|
|
|
2.56
|
|
|||||
Loans and leases
(2)
:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Residential mortgage
|
193,627
|
|
|
1,661
|
|
|
3.44
|
|
|
186,980
|
|
|
1,629
|
|
|
3.49
|
|
|||||
Home equity
|
65,508
|
|
|
639
|
|
|
3.94
|
|
|
75,328
|
|
|
711
|
|
|
3.79
|
|
|||||
U.S. credit card
|
89,628
|
|
|
2,111
|
|
|
9.55
|
|
|
87,163
|
|
|
2,021
|
|
|
9.32
|
|
|||||
Non-U.S. credit card
|
9,367
|
|
|
211
|
|
|
9.15
|
|
|
9,822
|
|
|
253
|
|
|
10.36
|
|
|||||
Direct/Indirect consumer
(3)
|
93,291
|
|
|
608
|
|
|
2.65
|
|
|
89,342
|
|
|
550
|
|
|
2.48
|
|
|||||
Other consumer
(4)
|
2,547
|
|
|
27
|
|
|
4.07
|
|
|
2,138
|
|
|
16
|
|
|
3.03
|
|
|||||
Total consumer
|
453,968
|
|
|
5,257
|
|
|
4.68
|
|
|
450,773
|
|
|
5,180
|
|
|
4.61
|
|
|||||
U.S. commercial
|
287,468
|
|
|
2,222
|
|
|
3.14
|
|
|
270,511
|
|
|
1,936
|
|
|
2.88
|
|
|||||
Commercial real estate
(5)
|
57,764
|
|
|
479
|
|
|
3.36
|
|
|
57,271
|
|
|
434
|
|
|
3.05
|
|
|||||
Commercial lease financing
|
22,123
|
|
|
231
|
|
|
4.17
|
|
|
21,077
|
|
|
182
|
|
|
3.46
|
|
|||||
Non-U.S. commercial
|
92,821
|
|
|
595
|
|
|
2.60
|
|
|
93,352
|
|
|
585
|
|
|
2.52
|
|
|||||
Total commercial
|
460,176
|
|
|
3,527
|
|
|
3.11
|
|
|
442,211
|
|
|
3,137
|
|
|
2.85
|
|
|||||
Total loans and leases
(1)
|
914,144
|
|
|
8,784
|
|
|
3.88
|
|
|
892,984
|
|
|
8,317
|
|
|
3.74
|
|
|||||
Other earning assets
|
73,514
|
|
|
751
|
|
|
4.13
|
|
|
58,641
|
|
|
694
|
|
|
4.75
|
|
|||||
Total earning assets
(6)
|
1,895,373
|
|
|
13,907
|
|
|
2.96
|
|
|
1,844,822
|
|
|
13,223
|
|
|
2.88
|
|
|||||
Cash and due from banks
(1)
|
27,196
|
|
|
|
|
|
|
28,844
|
|
|
|
|
|
|||||||||
Other assets, less allowance for loan and lease losses
(1)
|
308,851
|
|
|
|
|
|
|
300,256
|
|
|
|
|
|
|||||||||
Total assets
|
$
|
2,231,420
|
|
|
|
|
|
|
$
|
2,173,922
|
|
|
|
|
|
|||||||
Interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Savings
|
$
|
52,193
|
|
|
$
|
1
|
|
|
0.01
|
%
|
|
$
|
47,845
|
|
|
$
|
1
|
|
|
0.01
|
%
|
|
NOW and money market deposit accounts
|
617,749
|
|
|
74
|
|
|
0.05
|
|
|
577,779
|
|
|
71
|
|
|
0.05
|
|
|||||
Consumer CDs and IRAs
|
46,711
|
|
|
31
|
|
|
0.27
|
|
|
49,617
|
|
|
35
|
|
|
0.28
|
|
|||||
Negotiable CDs, public funds and other deposits
|
33,695
|
|
|
52
|
|
|
0.63
|
|
|
31,739
|
|
|
29
|
|
|
0.37
|
|
|||||
Total U.S. interest-bearing deposits
|
750,348
|
|
|
158
|
|
|
0.09
|
|
|
706,980
|
|
|
136
|
|
|
0.08
|
|
|||||
Non-U.S. interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Banks located in non-U.S. countries
|
2,616
|
|
|
5
|
|
|
0.76
|
|
|
4,123
|
|
|
9
|
|
|
0.84
|
|
|||||
Governments and official institutions
|
1,013
|
|
|
2
|
|
|
0.81
|
|
|
1,472
|
|
|
2
|
|
|
0.53
|
|
|||||
Time, savings and other
|
58,418
|
|
|
117
|
|
|
0.81
|
|
|
56,943
|
|
|
78
|
|
|
0.55
|
|
|||||
Total non-U.S. interest-bearing deposits
|
62,047
|
|
|
124
|
|
|
0.81
|
|
|
62,538
|
|
|
89
|
|
|
0.57
|
|
|||||
Total interest-bearing deposits
|
812,395
|
|
|
282
|
|
|
0.14
|
|
|
769,518
|
|
|
225
|
|
|
0.12
|
|
|||||
Federal funds purchased, securities loaned or sold under agreements to repurchase and short-term borrowings
|
231,717
|
|
|
647
|
|
|
1.13
|
|
|
221,990
|
|
|
613
|
|
|
1.11
|
|
|||||
Trading account liabilities
|
69,695
|
|
|
264
|
|
|
1.53
|
|
|
72,299
|
|
|
292
|
|
|
1.63
|
|
|||||
Long-term debt
|
221,468
|
|
|
1,459
|
|
|
2.65
|
|
|
233,654
|
|
|
1,393
|
|
|
2.39
|
|
|||||
Total interest-bearing liabilities
(6)
|
1,335,275
|
|
|
2,652
|
|
|
0.80
|
|
|
1,297,461
|
|
|
2,523
|
|
|
0.78
|
|
|||||
Noninterest-bearing sources:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Noninterest-bearing deposits
|
444,237
|
|
|
|
|
|
|
428,937
|
|
|
|
|
|
|||||||||
Other liabilities
|
183,805
|
|
|
|
|
|
|
187,101
|
|
|
|
|
|
|||||||||
Shareholders’ equity
|
268,103
|
|
|
|
|
|
|
260,423
|
|
|
|
|
|
|||||||||
Total liabilities and shareholders’ equity
|
$
|
2,231,420
|
|
|
|
|
|
|
$
|
2,173,922
|
|
|
|
|
|
|||||||
Net interest spread
|
|
|
|
|
2.16
|
%
|
|
|
|
|
|
2.10
|
%
|
|||||||||
Impact of noninterest-bearing sources
|
|
|
|
|
0.23
|
|
|
|
|
|
|
0.23
|
|
|||||||||
Net interest income/yield on earning assets
|
|
|
$
|
11,255
|
|
|
2.39
|
%
|
|
|
|
$
|
10,700
|
|
|
2.33
|
%
|
(1)
|
Includes assets of the Corporation's non-U.S. consumer credit card business, which are included in assets of business held for sale on the Consolidated Balance Sheet at
March 31, 2017
. The impact on net interest yield of the earning assets included in assets of business held for sale is not significant.
|
(2)
|
Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is generally recognized on a cost recovery basis. PCI loans were recorded at fair value upon acquisition and accrete interest income over the estimated life of the loan.
|
(3)
|
Includes non-U.S. consumer loans of
$2.9 billion
and
$3.8 billion
in the
first quarter of 2017
and
2016
.
|
(4)
|
Includes consumer finance loans of
$454 million
and
$551 million
; consumer leases of
$1.9 billion
and
$1.4 billion
, and consumer overdrafts of
$170 million
and
$161 million
in the
first quarter of 2017
and
2016
, respectively.
|
(5)
|
Includes U.S. commercial real estate loans of
$54.7 billion
and
$53.8 billion
, and non-U.S. commercial real estate loans of
$3.1 billion
and
$3.4 billion
in the
first quarter of 2017
and
2016
, respectively.
|
(6)
|
Interest income includes the impact of interest rate risk management contracts, which decreased interest income on the underlying assets by
$17 million
and
$35 million
in the
first quarter of 2017
and
2016
. Interest expense includes the impact of interest rate risk management contracts, which decreased interest expense on the underlying liabilities by
$424 million
and
$565 million
in the
first quarter of 2017
and
2016
. For additional information, see
Interest Rate Risk Management for the Banking Book
on page
58
.
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Three Months Ended March 31
|
|
|
||||||||||||||||||||
|
Deposits
|
|
Consumer
Lending
|
|
Total Consumer Banking
|
|
|
|||||||||||||||||
(Dollars in millions)
|
2017
|
2016
|
|
2017
|
2016
|
|
2017
|
2016
|
|
% Change
|
|
|||||||||||||
Net interest income (FTE basis)
|
$
|
3,063
|
|
$
|
2,692
|
|
|
$
|
2,718
|
|
$
|
2,636
|
|
|
$
|
5,781
|
|
$
|
5,328
|
|
|
9
|
%
|
|
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Card income
|
2
|
|
3
|
|
|
1,222
|
|
1,208
|
|
|
1,224
|
|
1,211
|
|
|
1
|
|
|||||||
Service charges
|
1,050
|
|
997
|
|
|
—
|
|
—
|
|
|
1,050
|
|
997
|
|
|
5
|
|
|||||||
Mortgage banking income
(1)
|
—
|
|
—
|
|
|
119
|
|
190
|
|
|
119
|
|
190
|
|
|
(37
|
)
|
|||||||
All other income
|
102
|
|
115
|
|
|
8
|
|
16
|
|
|
110
|
|
131
|
|
|
(16
|
)
|
|||||||
Total noninterest income
|
1,154
|
|
1,115
|
|
|
1,349
|
|
1,414
|
|
|
2,503
|
|
2,529
|
|
|
(1
|
)
|
|||||||
Total revenue, net of interest expense (FTE basis)
|
4,217
|
|
3,807
|
|
|
4,067
|
|
4,050
|
|
|
8,284
|
|
7,857
|
|
|
5
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Provision for credit losses
|
55
|
|
48
|
|
|
783
|
|
483
|
|
|
838
|
|
531
|
|
|
58
|
|
|||||||
Noninterest expense
|
2,523
|
|
2,455
|
|
|
1,883
|
|
2,083
|
|
|
4,406
|
|
4,538
|
|
|
(3
|
)
|
|||||||
Income before income taxes (FTE basis)
|
1,639
|
|
1,304
|
|
|
1,401
|
|
1,484
|
|
|
3,040
|
|
2,788
|
|
|
9
|
|
|||||||
Income tax expense (FTE basis)
|
618
|
|
479
|
|
|
528
|
|
545
|
|
|
1,146
|
|
1,024
|
|
|
12
|
|
|||||||
Net income
|
$
|
1,021
|
|
$
|
825
|
|
|
$
|
873
|
|
$
|
939
|
|
|
$
|
1,894
|
|
$
|
1,764
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net interest yield (FTE basis)
|
1.96
|
%
|
1.88
|
%
|
|
4.34
|
%
|
4.52
|
%
|
|
3.50
|
%
|
3.53
|
%
|
|
|
||||||||
Return on average allocated capital
|
35
|
|
28
|
|
|
14
|
|
17
|
|
|
21
|
|
21
|
|
|
|
||||||||
Efficiency ratio (FTE basis)
|
59.85
|
|
64.50
|
|
|
46.29
|
|
51.43
|
|
|
53.19
|
|
57.77
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Three Months Ended March 31
|
|
|
||||||||||||||||||||
Average
|
|
2017
|
2016
|
|
2017
|
2016
|
|
2017
|
2016
|
|
% Change
|
|
||||||||||||
Total loans and leases
|
$
|
4,979
|
|
$
|
4,732
|
|
|
$
|
252,966
|
|
$
|
233,176
|
|
|
$
|
257,945
|
|
$
|
237,908
|
|
|
8
|
%
|
|
Total earning assets
(2)
|
634,704
|
|
576,634
|
|
|
254,066
|
|
234,362
|
|
|
668,865
|
|
607,302
|
|
|
10
|
|
|||||||
Total assets
(2)
|
661,769
|
|
603,429
|
|
|
265,783
|
|
246,781
|
|
|
707,647
|
|
646,516
|
|
|
9
|
|
|||||||
Total deposits
|
629,337
|
|
571,462
|
|
|
6,257
|
|
6,731
|
|
|
635,594
|
|
578,193
|
|
|
10
|
|
|||||||
Allocated capital
|
12,000
|
|
12,000
|
|
|
25,000
|
|
22,000
|
|
|
37,000
|
|
34,000
|
|
|
9
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Period end
|
|
March 31
2017 |
December 31
2016 |
|
March 31
2017 |
December 31
2016 |
|
March 31
2017 |
December 31
2016 |
|
% Change
|
|
||||||||||||
Total loans and leases
|
$
|
4,938
|
|
$
|
4,938
|
|
|
$
|
253,483
|
|
$
|
254,053
|
|
|
$
|
258,421
|
|
$
|
258,991
|
|
|
—
|
%
|
|
Total earning assets
(2)
|
660,888
|
|
631,172
|
|
|
254,291
|
|
255,511
|
|
|
694,883
|
|
662,698
|
|
|
5
|
|
|||||||
Total assets
(2)
|
688,277
|
|
658,316
|
|
|
266,106
|
|
268,002
|
|
|
734,087
|
|
702,333
|
|
|
5
|
|
|||||||
Total deposits
|
655,714
|
|
625,727
|
|
|
5,893
|
|
7,059
|
|
|
661,607
|
|
632,786
|
|
|
5
|
|
(1)
|
Total consolidated mortgage banking income of
$122 million
and
$433 million
for the
three months ended March 31, 2017 and 2016
was recorded primarily in Consumer Lending and
All Other
.
|
(2)
|
In segments and businesses where the total of liabilities and equity exceeds assets, we allocate assets from
All Other
to match the segments’ and businesses’ liabilities and allocated shareholders’ equity. As a result, total earning assets and total assets of the businesses may not equal total
Consumer Banking
.
|
|
|
Bank of America
10
|
|
|
|
|
||||
Key Statistics
–
Deposits
|
|
|
|
||||
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
|
2017
|
|
2016
|
||||
Total deposit spreads (excludes noninterest costs)
(1)
|
1.67
|
%
|
|
1.65
|
%
|
||
|
|
|
|
||||
Period end
|
|
|
|
||||
Client brokerage assets (in millions)
|
$
|
153,786
|
|
|
$
|
126,921
|
|
Digital banking active users (units in thousands)
|
34,527
|
|
|
32,647
|
|
||
Mobile banking active users (units in thousands)
|
22,217
|
|
|
19,595
|
|
||
Financial centers
|
4,559
|
|
|
4,689
|
|
||
ATMs
|
15,939
|
|
|
16,003
|
|
(1)
|
Includes deposits held in Consumer Lending.
|
|
|
|
|
||||
Key Statistics
–
Consumer Lending
|
|||||||
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2017
|
|
2016
|
||||
Total U.S. credit card
(1)
|
|
|
|
||||
Gross interest yield
|
9.55
|
%
|
|
9.32
|
%
|
||
Risk-adjusted margin
|
8.89
|
|
|
9.05
|
|
||
New accounts (in thousands)
|
1,184
|
|
|
1,208
|
|
||
Purchase volumes
|
$
|
55,321
|
|
|
$
|
51,154
|
|
Debit card purchase volumes
|
$
|
70,611
|
|
|
$
|
69,147
|
|
(1)
|
In addition to the U.S. credit card portfolio in
Consumer Banking
, the remaining U.S. credit card portfolio is in
GWIM
.
|
|
|
|
|
||||
Key Statistics
|
|
|
|
||||
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2017
|
|
2016
|
||||
Loan production
(1)
:
|
|
|
|
|
|
||
Total
(2)
:
|
|
|
|
||||
First mortgage
|
$
|
11,442
|
|
|
$
|
12,623
|
|
Home equity
|
4,053
|
|
|
3,805
|
|
||
Consumer Banking:
|
|
|
|
||||
First mortgage
|
$
|
7,629
|
|
|
$
|
9,078
|
|
Home equity
|
3,667
|
|
|
3,515
|
|
(1)
|
The loan production amounts represent the unpaid principal balance of loans and in the case of home equity, the principal amount of the total line of credit.
|
(2)
|
In addition to loan production in
Consumer Banking
, there is also first mortgage and home equity loan production in
GWIM.
|
|
|
Bank of America
12
|
|
|
|
|
|
|
|
|
|||||
|
|
|
Three Months Ended March 31
|
|
|
|||||||
(Dollars in millions)
|
|
2017
|
|
2016
|
|
% Change
|
||||||
Net interest income (FTE basis)
|
|
$
|
1,560
|
|
|
$
|
1,513
|
|
|
3
|
%
|
|
Noninterest income:
|
|
|
|
|
|
|
||||||
Investment and brokerage services
|
|
2,648
|
|
|
2,536
|
|
|
4
|
|
|||
All other income
|
|
384
|
|
|
420
|
|
|
(9
|
)
|
|||
Total noninterest income
|
|
3,032
|
|
|
2,956
|
|
|
3
|
|
|||
Total revenue, net of interest expense (FTE basis)
|
|
4,592
|
|
|
4,469
|
|
|
3
|
|
|||
|
|
|
|
|
|
|
||||||
Provision for credit losses
|
|
23
|
|
|
25
|
|
|
(8
|
)
|
|||
Noninterest expense
|
|
3,333
|
|
|
3,273
|
|
|
2
|
|
|||
Income before income taxes (FTE basis)
|
|
1,236
|
|
|
1,171
|
|
|
6
|
|
|||
Income tax expense (FTE basis)
|
|
466
|
|
|
430
|
|
|
8
|
|
|||
Net income
|
|
$
|
770
|
|
|
$
|
741
|
|
|
4
|
|
|
|
|
|
|
|
|
|
||||||
Net interest yield (FTE basis)
|
|
2.28
|
%
|
|
2.18
|
%
|
|
|
||||
Return on average allocated capital
|
|
22
|
|
|
23
|
|
|
|
||||
Efficiency ratio (FTE basis)
|
|
72.58
|
|
|
73.25
|
|
|
|
||||
|
|
|
|
|
|
|
||||||
Balance Sheet
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended March 31
|
|
|
||||||||
Average
|
|
2017
|
|
2016
|
|
% Change
|
||||||
Total loans and leases
|
|
$
|
148,405
|
|
|
$
|
139,098
|
|
|
7
|
%
|
|
Total earning assets
|
|
277,989
|
|
|
279,605
|
|
|
(1
|
)
|
|||
Total assets
|
|
293,432
|
|
|
295,710
|
|
|
(1
|
)
|
|||
Total deposits
|
|
257,386
|
|
|
260,482
|
|
|
(1
|
)
|
|||
Allocated capital
|
|
14,000
|
|
|
13,000
|
|
|
8
|
|
|||
|
|
|
|
|
|
|
||||||
Period end
|
|
March 31
2017 |
|
December 31
2016 |
|
% Change
|
||||||
Total loans and leases
|
|
$
|
149,110
|
|
|
$
|
148,179
|
|
|
1
|
%
|
|
Total earning assets
|
|
275,214
|
|
|
283,151
|
|
|
(3
|
)
|
|||
Total assets
|
|
291,177
|
|
|
298,931
|
|
|
(3
|
)
|
|||
Total deposits
|
|
254,595
|
|
|
262,530
|
|
|
(3
|
)
|
|
|
|
|
|
||||
Key Indicators and Metrics
|
|
|
|
|
||||
|
|
Three Months Ended March 31
|
||||||
(Dollars in millions, except as noted)
|
|
2017
|
|
2016
|
||||
Revenue by Business
|
|
|
|
|
||||
Merrill Lynch Global Wealth Management
|
|
$
|
3,782
|
|
|
$
|
3,667
|
|
U.S. Trust
|
|
809
|
|
|
777
|
|
||
Other
(1)
|
|
1
|
|
|
25
|
|
||
Total revenue, net of interest expense (FTE basis)
|
|
$
|
4,592
|
|
|
$
|
4,469
|
|
|
|
|
|
|
||||
Client Balances by Business, at period end
|
|
|
|
|
||||
Merrill Lynch Global Wealth Management
|
|
$
|
2,167,536
|
|
|
$
|
1,998,145
|
|
U.S. Trust
|
|
417,841
|
|
|
390,262
|
|
||
Other
(1)
|
|
—
|
|
|
77,751
|
|
||
Total client balances
|
|
$
|
2,585,377
|
|
|
$
|
2,466,158
|
|
|
|
|
|
|
||||
Client Balances by Type, at period end
|
|
|
|
|
||||
Long-term assets under management
|
|
$
|
946,778
|
|
|
$
|
812,916
|
|
Liquidity assets under management
(1)
|
|
—
|
|
|
77,747
|
|
||
Assets under management
|
|
946,778
|
|
|
890,663
|
|
||
Brokerage assets
|
|
1,106,109
|
|
|
1,056,752
|
|
||
Assets in custody
|
|
126,086
|
|
|
115,537
|
|
||
Deposits
|
|
254,595
|
|
|
260,565
|
|
||
Loans and leases
(2)
|
|
151,809
|
|
|
142,641
|
|
||
Total client balances
|
|
$
|
2,585,377
|
|
|
$
|
2,466,158
|
|
|
|
|
|
|
||||
Assets Under Management Rollforward
|
|
|
|
|
||||
Assets under management, beginning of period
|
|
$
|
886,148
|
|
|
$
|
900,863
|
|
Net long-term client flows
|
|
29,214
|
|
|
(599
|
)
|
||
Net liquidity client flows
|
|
—
|
|
|
(3,820
|
)
|
||
Market valuation/other
(1)
|
|
31,416
|
|
|
(5,781
|
)
|
||
Total assets under management, end of period
|
|
$
|
946,778
|
|
|
$
|
890,663
|
|
|
|
|
|
|
||||
Associates, at period end
(3, 4)
|
|
|
|
|
||||
Number of financial advisors
|
|
16,576
|
|
|
16,671
|
|
||
Total wealth advisors, including financial advisors
|
|
18,435
|
|
|
18,486
|
|
||
Total primary sales professionals, including financial advisors and wealth advisors
|
|
19,431
|
|
|
19,366
|
|
||
|
|
|
|
|
||||
Merrill Lynch Global Wealth Management Metric
(4)
|
|
|
|
|
||||
Financial advisor productivity
(5)
(in thousands)
|
|
$
|
999
|
|
|
$
|
984
|
|
|
|
|
|
|
||||
U.S. Trust Metric, at period end
(4)
|
|
|
|
|
||||
Primary sales professionals
|
|
1,671
|
|
|
1,595
|
|
(1)
|
Includes the results of BofA Global Capital Management, the cash management division of Bank of America, and certain administrative items. Also reflects the sale to a third party of approximately $80 billion of BofA Global Capital Management's AUM during the three months ended June 30, 2016.
|
(2)
|
Includes margin receivables which are classified in customer and other receivables on the Consolidated Balance Sheet.
|
(3)
|
Includes financial advisors in the
Consumer Banking
segment of
2,092
and
2,259
at
March 31, 2017
and
2016
.
|
(4)
|
Associate headcount computation is based upon full-time equivalents.
|
(5)
|
Financial advisor productivity is defined as MLGWM total revenue, excluding the allocation of certain asset and liability management (ALM) activities, divided by the total number of financial advisors (excluding financial advisors in the
Consumer Banking
segment).
|
|
|
|
|
||||
Net Migration Summary
(1)
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2017
|
|
2016
|
||||
Total deposits, net – to (from)
GWIM
|
$
|
(97
|
)
|
|
$
|
(391
|
)
|
Total loans, net – to (from)
GWIM
|
(127
|
)
|
|
9
|
|
||
Total brokerage, net – to (from)
GWIM
|
94
|
|
|
(240
|
)
|
(1)
|
Migration occurs primarily between
GWIM
and
Consumer Banking
.
|
|
|
Bank of America
14
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended March 31
|
|
|
|||||||
(Dollars in millions)
|
2017
|
|
2016
|
|
% Change
|
||||||
Net interest income (FTE basis)
|
$
|
2,774
|
|
|
$
|
2,545
|
|
|
9
|
%
|
|
Noninterest income:
|
|
|
|
|
|
||||||
Service charges
|
765
|
|
|
745
|
|
|
3
|
|
|||
Investment banking fees
|
925
|
|
|
636
|
|
|
45
|
|
|||
All other income
|
491
|
|
|
528
|
|
|
(7
|
)
|
|||
Total noninterest income
|
2,181
|
|
|
1,909
|
|
|
14
|
|
|||
Total revenue, net of interest expense (FTE basis)
|
4,955
|
|
|
4,454
|
|
|
11
|
|
|||
|
|
|
|
|
|
||||||
Provision for credit losses
|
17
|
|
|
553
|
|
|
(97
|
)
|
|||
Noninterest expense
|
2,163
|
|
|
2,174
|
|
|
(1
|
)
|
|||
Income before income taxes (FTE basis)
|
2,775
|
|
|
1,727
|
|
|
61
|
|
|||
Income tax expense (FTE basis)
|
1,046
|
|
|
635
|
|
|
65
|
|
|||
Net income
|
$
|
1,729
|
|
|
$
|
1,092
|
|
|
58
|
|
|
|
|
|
|
|
|
||||||
Net interest yield (FTE basis)
|
3.08
|
%
|
|
3.00
|
%
|
|
|
||||
Return on average allocated capital
|
18
|
|
|
12
|
|
|
|
||||
Efficiency ratio (FTE basis)
|
43.66
|
|
|
48.80
|
|
|
|
||||
|
|
|
|
|
|
||||||
Balance Sheet
|
|
|
|
|
|
|
|||||
|
Three Months Ended March 31
|
|
|
||||||||
Average
|
2017
|
|
2016
|
|
% Change
|
||||||
Total loans and leases
|
$
|
342,857
|
|
|
$
|
328,643
|
|
|
4
|
%
|
|
Total earning assets
|
365,775
|
|
|
341,387
|
|
|
7
|
|
|||
Total assets
|
415,856
|
|
|
391,775
|
|
|
6
|
|
|||
Total deposits
|
304,137
|
|
|
297,134
|
|
|
2
|
|
|||
Allocated capital
|
40,000
|
|
|
37,000
|
|
|
8
|
|
|||
|
|
|
|
|
|
||||||
Period end
|
March 31
2017 |
|
December 31
2016 |
|
% Change
|
||||||
Total loans and leases
|
$
|
344,451
|
|
|
$
|
339,271
|
|
|
2
|
%
|
|
Total earning assets
|
366,567
|
|
|
356,241
|
|
|
3
|
|
|||
Total assets
|
416,710
|
|
|
408,268
|
|
|
2
|
|
|||
Total deposits
|
296,178
|
|
|
306,430
|
|
|
(3
|
)
|
|
|
|
|
|
|
|
|
||||||||
Investment Banking Fees
|
|
|
|
|
|||||||||||
|
Three Months Ended March 31
|
||||||||||||||
|
Global Banking
|
|
Total Corporation
|
||||||||||||
(Dollars in millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Products
|
|
|
|
|
|
|
|
||||||||
Advisory
|
$
|
390
|
|
|
$
|
305
|
|
|
$
|
405
|
|
|
$
|
346
|
|
Debt issuance
|
412
|
|
|
265
|
|
|
926
|
|
|
669
|
|
||||
Equity issuance
|
123
|
|
|
66
|
|
|
312
|
|
|
188
|
|
||||
Gross investment banking fees
|
925
|
|
|
636
|
|
|
1,643
|
|
|
1,203
|
|
||||
Self-led deals
|
(23
|
)
|
|
(11
|
)
|
|
(59
|
)
|
|
(50
|
)
|
||||
Total investment banking fees
|
$
|
902
|
|
|
$
|
625
|
|
|
$
|
1,584
|
|
|
$
|
1,153
|
|
|
|
Bank of America
16
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended March 31
|
|
|
|||||||
(Dollars in millions)
|
2017
|
|
2016
|
|
% Change
|
||||||
Net interest income (FTE basis)
|
$
|
1,049
|
|
|
$
|
1,184
|
|
|
(11
|
)%
|
|
Noninterest income:
|
|
|
|
|
|
||||||
Investment and brokerage services
|
531
|
|
|
568
|
|
|
(7
|
)
|
|||
Investment banking fees
|
666
|
|
|
494
|
|
|
35
|
|
|||
Trading account profits
|
2,177
|
|
|
1,595
|
|
|
36
|
|
|||
All other income
|
285
|
|
|
110
|
|
|
159
|
|
|||
Total noninterest income
|
3,659
|
|
|
2,767
|
|
|
32
|
|
|||
Total revenue, net of interest expense (FTE basis)
|
4,708
|
|
|
3,951
|
|
|
19
|
|
|||
|
|
|
|
|
|
||||||
Provision for credit losses
|
(17
|
)
|
|
9
|
|
|
n/m
|
|
|||
Noninterest expense
|
2,757
|
|
|
2,449
|
|
|
13
|
|
|||
Income before income taxes (FTE basis)
|
1,968
|
|
|
1,493
|
|
|
32
|
|
|||
Income tax expense (FTE basis)
|
671
|
|
|
520
|
|
|
29
|
|
|||
Net income
|
$
|
1,297
|
|
|
$
|
973
|
|
|
33
|
|
|
|
|
|
|
|
|
||||||
Return on average allocated capital
|
15
|
%
|
|
11
|
%
|
|
|
||||
Efficiency ratio (FTE basis)
|
58.56
|
|
|
62.01
|
|
|
|
||||
|
|
|
|
|
|
||||||
Balance Sheet
|
|
|
|
|
|
|
|||||
|
Three Months Ended March 31
|
|
|
||||||||
Average
|
2017
|
|
2016
|
|
% Change
|
||||||
Trading-related assets:
|
|
|
|
|
|
||||||
Trading account securities
|
$
|
203,866
|
|
|
$
|
187,931
|
|
|
8
|
%
|
|
Reverse repurchases
|
96,835
|
|
|
85,411
|
|
|
13
|
|
|||
Securities borrowed
|
81,312
|
|
|
80,807
|
|
|
1
|
|
|||
Derivative assets
|
40,346
|
|
|
53,512
|
|
|
(25
|
)
|
|||
Total trading-related assets
(1)
|
422,359
|
|
|
407,661
|
|
|
4
|
|
|||
Total loans and leases
|
70,064
|
|
|
69,283
|
|
|
1
|
|
|||
Total earning assets
(1)
|
429,906
|
|
|
418,198
|
|
|
3
|
|
|||
Total assets
|
607,010
|
|
|
581,226
|
|
|
4
|
|
|||
Total deposits
|
33,158
|
|
|
35,886
|
|
|
(8
|
)
|
|||
Allocated capital
|
35,000
|
|
|
37,000
|
|
|
(5
|
)
|
|||
|
|
|
|
|
|
||||||
Period end
|
March 31
2017 |
|
December 31
2016 |
|
% Change
|
||||||
Total trading-related assets
(1)
|
$
|
418,259
|
|
|
$
|
380,562
|
|
|
10
|
%
|
|
Total loans and leases
|
71,053
|
|
|
72,743
|
|
|
(2
|
)
|
|||
Total earning assets
(1)
|
425,582
|
|
|
397,023
|
|
|
7
|
|
|||
Total assets
|
604,015
|
|
|
566,060
|
|
|
7
|
|
|||
Total deposits
|
33,629
|
|
|
34,927
|
|
|
(4
|
)
|
(1)
|
Trading-related assets include derivative assets, which are considered non-earning assets.
|
|
|
|
|
||||
Sales and Trading Revenue
(1, 2)
|
|||||||
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2017
|
|
2016
|
||||
Sales and trading revenue
|
|
|
|
||||
Fixed-income, currencies and commodities
|
$
|
2,810
|
|
|
$
|
2,405
|
|
Equities
|
1,089
|
|
|
1,037
|
|
||
Total sales and trading revenue
|
$
|
3,899
|
|
|
$
|
3,442
|
|
|
|
|
|
||||
Sales and trading revenue, excluding net DVA
(3)
|
|
|
|
||||
Fixed-income, currencies and commodities
|
$
|
2,930
|
|
|
$
|
2,265
|
|
Equities
|
1,099
|
|
|
1,023
|
|
||
Total sales and trading revenue, excluding net DVA
|
$
|
4,029
|
|
|
$
|
3,288
|
|
(1)
|
Includes FTE adjustments of
$47 million
and
$45 million
for the
three months ended March 31, 2017 and 2016
. For more information on sales and trading revenue, see
Note 2 – Derivatives
to the Consolidated Financial Statements
.
|
(2)
|
Includes
Global Banking
sales and trading revenue of
$58 million
and
$159 million
for the
three months ended March 31, 2017 and 2016
.
|
(3)
|
Fixed-income, currencies and commodities (FICC) and Equities sales and trading revenue, excluding net DVA, is a non-GAAP financial measure. FICC net DVA
losses
were
$120 million
for the
three months ended March 31, 2017
compared to net DVA
gains
of
$140 million
for the same period in
2016
. Equities net DVA
losses
were
$10 million
for the
three months ended March 31, 2017
compared to net DVA
gains
of
$14 million
for the same period in
2016
.
|
|
|
Bank of America
18
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended March 31
|
|
|
|||||||
(Dollars in millions)
|
2017
|
|
2016
|
|
% Change
|
||||||
Net interest income (FTE basis)
|
$
|
91
|
|
|
$
|
130
|
|
|
(30
|
)%
|
|
Noninterest income:
|
|
|
|
|
|
||||||
Card income
|
42
|
|
|
44
|
|
|
(5
|
)
|
|||
Mortgage banking income
|
2
|
|
|
242
|
|
|
(99
|
)
|
|||
Gains on sales of debt securities
|
52
|
|
|
190
|
|
|
(73
|
)
|
|||
All other loss
|
(281
|
)
|
|
(332
|
)
|
|
(15
|
)
|
|||
Total noninterest income
|
(185
|
)
|
|
144
|
|
|
n/m
|
|
|||
Total revenue, net of interest expense (FTE basis)
|
(94
|
)
|
|
274
|
|
|
n/m
|
|
|||
|
|
|
|
|
|
||||||
Provision for credit losses
|
(26
|
)
|
|
(121
|
)
|
|
(79
|
)
|
|||
Noninterest expense
|
2,189
|
|
|
2,382
|
|
|
(8
|
)
|
|||
Loss before income taxes (FTE basis)
|
(2,257
|
)
|
|
(1,987
|
)
|
|
14
|
|
|||
Income tax benefit (FTE basis)
|
(1,423
|
)
|
|
(889
|
)
|
|
60
|
|
|||
Net loss
|
$
|
(834
|
)
|
|
$
|
(1,098
|
)
|
|
(24
|
)
|
|
|
|
|
|
|
|
|
|||||
Balance Sheet
(1)
|
|
|
|
|
|
||||||
|
|
Three Months Ended March 31
|
|
|
|||||||
Average
|
2017
|
|
2016
|
|
% Change
|
||||||
Total loans and leases
|
$
|
94,873
|
|
|
$
|
118,052
|
|
|
(20
|
)%
|
|
Total deposits
|
26,357
|
|
|
26,760
|
|
|
(2
|
)
|
|||
|
|
|
|
|
|
|
|||||
Period end
|
March 31
2017 |
|
December 31
2016 |
|
% Change
|
||||||
Total loans and leases
(2)
|
$
|
92,712
|
|
|
$
|
96,713
|
|
|
(4
|
)%
|
|
Total deposits
|
26,132
|
|
|
24,261
|
|
|
8
|
|
(1)
|
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 shareholders’ equity. Such allocated assets were
$522.0 billion
and
$493.5 billion
for the
three months ended March 31, 2017 and 2016
, and
$543.4 billion
and
$518.7 billion
at
March 31, 2017
and
December 31, 2016
.
|
(2)
|
Includes $9.5 billion and $9.2 billion of non-U.S. credit card, which are included in assets of business held for sale on the Consolidated Balance Sheet at
March 31, 2017
and
December 31, 2016
.
|
|
|
Bank of America
20
|
|
|
Bank of America
22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Table 9
|
Bank of America Corporation Regulatory Capital under Basel 3
(1)
|
|
|
|
|
|||||||||||||||||
|
|
|
||||||||||||||||||||
|
|
March 31, 2017
|
||||||||||||||||||||
|
|
Transition
|
|
Fully Phased-in
|
||||||||||||||||||
(Dollars in millions)
|
Standardized
Approach
|
|
Advanced
Approaches
|
|
Regulatory Minimum
(2)
|
|
Standardized
Approach
|
|
Advanced
Approaches
(3)
|
|
Regulatory Minimum
(4)
|
|||||||||||
Risk-based capital metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Common equity tier 1 capital
|
$
|
167,351
|
|
|
$
|
167,351
|
|
|
|
|
$
|
164,333
|
|
|
$
|
164,333
|
|
|
|
|||
Tier 1 capital
|
190,332
|
|
|
190,332
|
|
|
|
|
188,954
|
|
|
188,954
|
|
|
|
|||||||
Total capital
(5)
|
227,250
|
|
|
218,112
|
|
|
|
|
223,955
|
|
|
214,817
|
|
|
|
|||||||
Risk-weighted assets (in billions)
|
1,398
|
|
|
1,517
|
|
|
|
|
1,416
|
|
|
1,498
|
|
|
|
|||||||
Common equity tier 1 capital ratio
|
12.0
|
%
|
|
11.0
|
%
|
|
7.25
|
%
|
|
11.6
|
%
|
|
11.0
|
%
|
|
9.5
|
%
|
|||||
Tier 1 capital ratio
|
13.6
|
|
|
12.5
|
|
|
8.75
|
|
|
13.3
|
|
|
12.6
|
|
|
11.0
|
|
|||||
Total capital ratio
|
16.3
|
|
|
14.4
|
|
|
10.75
|
|
|
15.8
|
|
|
14.3
|
|
|
13.0
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Leverage-based metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Adjusted quarterly average assets (in billions)
(6)
|
$
|
2,153
|
|
|
$
|
2,153
|
|
|
|
|
$
|
2,152
|
|
|
$
|
2,152
|
|
|
|
|||
Tier 1 leverage ratio
|
8.8
|
%
|
|
8.8
|
%
|
|
4.0
|
|
|
8.8
|
%
|
|
8.8
|
%
|
|
4.0
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
SLR leverage exposure (in billions)
|
|
|
|
|
|
|
|
|
$
|
2,716
|
|
|
|
|||||||||
SLR
|
|
|
|
|
|
|
|
|
7.0
|
%
|
|
5.0
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
December 31, 2016
|
||||||||||||||||||||
Risk-based capital metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Common equity tier 1 capital
|
$
|
168,866
|
|
|
$
|
168,866
|
|
|
|
|
$
|
162,729
|
|
|
$
|
162,729
|
|
|
|
|||
Tier 1 capital
|
190,315
|
|
|
190,315
|
|
|
|
|
187,559
|
|
|
187,559
|
|
|
|
|||||||
Total capital
(5)
|
228,187
|
|
|
218,981
|
|
|
|
|
223,130
|
|
|
213,924
|
|
|
|
|||||||
Risk-weighted assets (in billions)
|
1,399
|
|
|
1,530
|
|
|
|
|
1,417
|
|
|
1,512
|
|
|
|
|||||||
Common equity tier 1 capital ratio
|
12.1
|
%
|
|
11.0
|
%
|
|
5.875
|
%
|
|
11.5
|
%
|
|
10.8
|
%
|
|
9.5
|
%
|
|||||
Tier 1 capital ratio
|
13.6
|
|
|
12.4
|
|
|
7.375
|
|
|
13.2
|
|
|
12.4
|
|
|
11.0
|
|
|||||
Total capital ratio
|
16.3
|
|
|
14.3
|
|
|
9.375
|
|
|
15.8
|
|
|
14.2
|
|
|
13.0
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Leverage-based metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Adjusted quarterly average assets (in billions)
(6)
|
$
|
2,131
|
|
|
$
|
2,131
|
|
|
|
|
$
|
2,131
|
|
|
$
|
2,131
|
|
|
|
|||
Tier 1 leverage ratio
|
8.9
|
%
|
|
8.9
|
%
|
|
4.0
|
|
|
8.8
|
%
|
|
8.8
|
%
|
|
4.0
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
SLR leverage exposure (in billions)
|
|
|
|
|
|
|
|
|
$
|
2,702
|
|
|
|
|||||||||
SLR
|
|
|
|
|
|
|
|
|
6.9
|
%
|
|
5.0
|
|
(1)
|
As an Advanced approaches institution, we are required to report regulatory capital risk-weighted assets and ratios under both the Standardized and Advanced approaches. The approach that yields the lower ratio is to be used to assess capital adequacy and was the Advanced approaches method at
March 31, 2017
and
December 31, 2016
.
|
(2)
|
The
March 31, 2017
and
December 31, 2016
amounts include a transition capital conservation buffer of 1.25 percent and 0.625 percent, and a transition G-SIB surcharge of 1.5 percent and 0.75 percent. The countercyclical capital buffer for both periods is zero.
|
(3)
|
Basel 3 fully phased-in Advanced approaches estimates assume approval by U.S. banking regulators of our internal analytical models, including approval of the internal models methodology (IMM) for calculating counterparty credit risk regulatory capital for derivatives. Basel 3 fully phased-in Common equity tier 1 capital ratio would be reduced by approximately 25 bps if IMM is not used.
|
(4)
|
Fully phased-in regulatory minimums assume a capital conservation buffer of
2.5 percent
and estimated G-SIB surcharge of
2.5 percent
. The estimated fully phased-in countercyclical capital buffer is currently set at
zero
. We will be subject to fully phased-in regulatory minimums on January 1, 2019. The fully phased-in SLR minimum assumes a leverage buffer of 2.0 percent and is applicable on January 1, 2018.
|
(5)
|
Total capital under the Advanced approaches differs from the Standardized approach due to differences in the amount permitted in Tier 2 capital related to the qualifying allowance for credit losses.
|
(6)
|
Reflects adjusted average total assets for the three months ended
March 31, 2017
and
December 31, 2016
.
|
|
|
|
|
|
||||
Table 10
|
Capital Composition under Basel 3 – Transition
(1, 2)
|
|
|
|
||||
|
|
|
|
|
||||
(Dollars in millions)
|
March 31
2017 |
|
December 31
2016 |
|||||
Total common shareholders’ equity
|
$
|
242,933
|
|
|
$
|
241,620
|
|
|
Goodwill
|
(69,187
|
)
|
|
(69,191
|
)
|
|||
Deferred tax assets arising from net operating loss and tax credit carryforwards
|
(6,375
|
)
|
|
(4,976
|
)
|
|||
Adjustments for amounts recorded in accumulated OCI attributed to defined benefit postretirement plans
|
691
|
|
|
1,392
|
|
|||
Net unrealized (gains) losses on debt and equity securities and net (gains) losses on derivatives recorded in accumulated OCI, net-of-tax
|
1,130
|
|
|
1,402
|
|
|||
Intangibles, other than mortgage servicing rights and goodwill
|
(1,497
|
)
|
|
(1,198
|
)
|
|||
DVA related to liabilities and derivatives
|
513
|
|
|
413
|
|
|||
Other
|
(857
|
)
|
|
(596
|
)
|
|||
Common equity tier 1 capital
|
167,351
|
|
|
168,866
|
|
|||
Qualifying preferred stock, net of issuance cost
|
25,220
|
|
|
25,220
|
|
|||
Deferred tax assets arising from net operating loss and tax credit carryforwards
|
(1,594
|
)
|
|
(3,318
|
)
|
|||
Defined benefit pension fund assets
|
(175
|
)
|
|
(341
|
)
|
|||
DVA related to liabilities and derivatives under transition
|
128
|
|
|
276
|
|
|||
Other
|
(598
|
)
|
|
(388
|
)
|
|||
Total Tier 1 capital
|
190,332
|
|
|
190,315
|
|
|||
Long-term debt qualifying as Tier 2 capital
|
22,952
|
|
|
23,365
|
|
|||
Eligible credit reserves included in Tier 2 capital
|
2,973
|
|
|
3,035
|
|
|||
Nonqualifying capital instruments subject to phase out from Tier 2 capital
|
1,893
|
|
|
2,271
|
|
|||
Other
|
(38
|
)
|
|
(5
|
)
|
|||
Total Basel 3 Capital
|
$
|
218,112
|
|
|
$
|
218,981
|
|
(1)
|
See
Table 9
, footnote 1.
|
(2)
|
Deductions from and adjustments to regulatory capital subject to transition provisions under Basel 3 are generally recognized in 20 percent annual increments, and will be fully recognized as of January 1, 2018. Any assets that are a direct deduction from the computation of capital are excluded from risk-weighted assets and adjusted average total assets.
|
|
|
|
|
|
|
|
|
|
||||||||
Table 11
|
Risk-weighted assets under Basel 3 – Transition
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
March 31, 2017
|
|
December 31, 2016
|
|||||||||||||
(Dollars in billions)
|
Standardized Approach
|
|
Advanced Approaches
|
|
Standardized Approach
|
|
Advanced Approaches
|
|||||||||
Credit risk
|
$
|
1,337
|
|
|
$
|
896
|
|
|
$
|
1,334
|
|
|
$
|
903
|
|
|
Market risk
|
61
|
|
|
60
|
|
|
65
|
|
|
63
|
|
|||||
Operational risk
|
n/a
|
|
|
500
|
|
|
n/a
|
|
|
500
|
|
|||||
Risks related to CVA
|
n/a
|
|
|
61
|
|
|
n/a
|
|
|
64
|
|
|||||
Total risk-weighted assets
|
$
|
1,398
|
|
|
$
|
1,517
|
|
|
$
|
1,399
|
|
|
$
|
1,530
|
|
|
|
Bank of America
24
|
|
|
|
|
|
||||
Table 12
|
Regulatory Capital Reconciliations between Basel 3 Transition to Fully Phased-in
(1)
|
|||||||
|
|
|
|
|||||
(Dollars in millions)
|
March 31
2017 |
|
December 31
2016 |
|||||
Common equity tier 1 capital (transition)
|
$
|
167,351
|
|
|
$
|
168,866
|
|
|
Deferred tax assets arising from net operating loss and tax credit carryforwards phased in during transition
|
(1,594
|
)
|
|
(3,318
|
)
|
|||
Accumulated OCI phased in during transition
|
(964
|
)
|
|
(1,899
|
)
|
|||
Intangibles phased in during transition
|
(375
|
)
|
|
(798
|
)
|
|||
Defined benefit pension fund assets phased in during transition
|
(175
|
)
|
|
(341
|
)
|
|||
DVA related to liabilities and derivatives phased in during transition
|
128
|
|
|
276
|
|
|||
Other adjustments and deductions phased in during transition
|
(38
|
)
|
|
(57
|
)
|
|||
Common equity tier 1 capital (fully phased-in)
|
164,333
|
|
|
162,729
|
|
|||
Additional Tier 1 capital (transition)
|
22,981
|
|
|
21,449
|
|
|||
Deferred tax assets arising from net operating loss and tax credit carryforwards phased out during transition
|
1,594
|
|
|
3,318
|
|
|||
Defined benefit pension fund assets phased out during transition
|
175
|
|
|
341
|
|
|||
DVA related to liabilities and derivatives phased out during transition
|
(128
|
)
|
|
(276
|
)
|
|||
Other transition adjustments to additional Tier 1 capital
|
(1
|
)
|
|
(2
|
)
|
|||
Additional Tier 1 capital (fully phased-in)
|
24,621
|
|
|
24,830
|
|
|||
Tier 1 capital (fully phased-in)
|
188,954
|
|
|
187,559
|
|
|||
Tier 2 capital (transition)
|
27,780
|
|
|
28,666
|
|
|||
Nonqualifying capital instruments phased out during transition
|
(1,893
|
)
|
|
(2,271
|
)
|
|||
Other adjustments to Tier 2 capital
|
9,114
|
|
|
9,176
|
|
|||
Tier 2 capital (fully phased-in)
|
35,001
|
|
|
35,571
|
|
|||
Basel 3 Standardized approach Total capital (fully phased-in)
|
223,955
|
|
|
223,130
|
|
|||
Change in Tier 2 qualifying allowance for credit losses
|
(9,138
|
)
|
|
(9,206
|
)
|
|||
Basel 3 Advanced approaches Total capital (fully phased-in)
|
$
|
214,817
|
|
|
$
|
213,924
|
|
|
|
|
|
|
|||||
Risk-weighted assets – As reported to Basel 3 (fully phased-in)
|
|
|
|
|||||
Basel 3 Standardized approach risk-weighted assets as reported
|
$
|
1,398,343
|
|
|
$
|
1,399,477
|
|
|
Changes in risk-weighted assets from reported to fully phased-in
|
17,784
|
|
|
17,638
|
|
|||
Basel 3 Standardized approach risk-weighted assets (fully phased-in)
|
$
|
1,416,127
|
|
|
$
|
1,417,115
|
|
|
|
|
|
|
|||||
Basel 3 Advanced approaches risk-weighted assets as reported
|
$
|
1,516,686
|
|
|
$
|
1,529,903
|
|
|
Changes in risk-weighted assets from reported to fully phased-in
|
(19,133
|
)
|
|
(18,113
|
)
|
|||
Basel 3 Advanced approaches risk-weighted assets (fully phased-in)
(2)
|
$
|
1,497,553
|
|
|
$
|
1,511,790
|
|
(1)
|
See
Table 9
, footnote 1.
|
(2)
|
Basel 3 fully phased-in Advanced approaches estimates assume approval by U.S. banking regulators of our internal analytical models, including approval of the IMM for calculating counterparty credit risk regulatory capital for derivatives. Basel 3 fully phased-in Common equity tier 1 capital ratio would be reduced by approximately 25 bps if IMM is not used.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Table 13
|
Bank of America, N.A. Regulatory Capital under Basel 3
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
March 31, 2017
|
||||||||||||||||||
|
|
Standardized Approach
|
|
Advanced Approaches
|
||||||||||||||||
(Dollars in millions)
|
Ratio
|
|
Amount
|
|
Minimum
Required (1) |
|
Ratio
|
|
Amount
|
|
Minimum
Required (1) |
|||||||||
Common equity tier 1 capital
|
12.6
|
%
|
|
$
|
147,808
|
|
|
6.5
|
%
|
|
14.3
|
%
|
|
$
|
147,808
|
|
|
6.5
|
%
|
|
Tier 1 capital
|
12.6
|
|
|
147,808
|
|
|
8.0
|
|
|
14.3
|
|
|
147,808
|
|
|
8.0
|
|
|||
Total capital
|
13.7
|
|
|
161,375
|
|
|
10.0
|
|
|
14.7
|
|
|
152,689
|
|
|
10.0
|
|
|||
Tier 1 leverage
|
9.1
|
|
|
147,808
|
|
|
5.0
|
|
|
9.1
|
|
|
147,808
|
|
|
5.0
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
December 31, 2016
|
||||||||||||||||||
Common equity tier 1 capital
|
12.7
|
%
|
|
$
|
149,755
|
|
|
6.5
|
%
|
|
14.3
|
%
|
|
$
|
149,755
|
|
|
6.5
|
%
|
|
Tier 1 capital
|
12.7
|
|
|
149,755
|
|
|
8.0
|
|
|
14.3
|
|
|
149,755
|
|
|
8.0
|
|
|||
Total capital
|
13.9
|
|
|
163,471
|
|
|
10.0
|
|
|
14.8
|
|
|
154,697
|
|
|
10.0
|
|
|||
Tier 1 leverage
|
9.3
|
|
|
149,755
|
|
|
5.0
|
|
|
9.3
|
|
|
149,755
|
|
|
5.0
|
|
(1)
|
Percent required to meet guidelines to be considered “well capitalized” under the PCA framework.
|
|
|
Bank of America
26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Table 14
|
Preferred Stock Cash Dividend Summary
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
||||||||
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 26, 2017
|
|
April 11, 2017
|
|
April 25, 2017
|
|
7.00
|
%
|
|
$
|
1.75
|
|
|
|
|
|
|
|
|
April 26, 2017
|
|
July 11, 2017
|
|
July 25, 2017
|
|
7.00
|
|
|
1.75
|
|
|||
Series D
(2)
|
|
$
|
654
|
|
|
|
January 9, 2017
|
|
February 28, 2017
|
|
March 14, 2017
|
|
6.204
|
%
|
|
$
|
0.38775
|
|
|
|
|
|
|
|
April 14, 2017
|
|
May 31, 2017
|
|
June 14, 2017
|
|
6.204
|
|
|
0.38775
|
|
||||
Series E
(2)
|
|
$
|
317
|
|
|
|
January 9, 2017
|
|
January 31, 2017
|
|
February 15, 2017
|
|
Floating
|
|
|
$
|
0.25556
|
|
|
|
|
|
|
|
April 14, 2017
|
|
April 28, 2017
|
|
May 15, 2017
|
|
Floating
|
|
|
0.24722
|
|
||||
Series F
|
|
$
|
141
|
|
|
|
January 9, 2017
|
|
February 28, 2017
|
|
March 15, 2017
|
|
Floating
|
|
|
$
|
1,000.00
|
|
|
|
|
|
|
|
April 14, 2017
|
|
May 31, 2017
|
|
June 15, 2017
|
|
Floating
|
|
|
1,022.22222
|
|
||||
Series G
|
|
$
|
493
|
|
|
|
January 9, 2017
|
|
February 28, 2017
|
|
March 15, 2017
|
|
Adjustable
|
|
|
$
|
1,000.00
|
|
|
|
|
|
|
|
April 14, 2017
|
|
May 31, 2017
|
|
June 15, 2017
|
|
Adjustable
|
|
|
1,022.22222
|
|
||||
Series I
(2)
|
|
$
|
365
|
|
|
|
January 9, 2017
|
|
March 15, 2017
|
|
April 3, 2017
|
|
6.625
|
%
|
|
$
|
0.4140625
|
|
|
|
|
|
|
|
|
April 14, 2017
|
|
June 15, 2017
|
|
July 3, 2017
|
|
6.625
|
|
|
0.4140625
|
|
|||
Series K
(3, 4)
|
|
$
|
1,544
|
|
|
|
January 9, 2017
|
|
January 15, 2017
|
|
January 30, 2017
|
|
Fixed-to-floating
|
|
|
$
|
40.00
|
|
|
Series L
|
|
$
|
3,080
|
|
|
|
March 17, 2017
|
|
April 1, 2017
|
|
May 1, 2017
|
|
7.25
|
%
|
|
$
|
18.125
|
|
|
Series M
(3, 4)
|
|
$
|
1,310
|
|
|
|
April 14, 2017
|
|
April 30, 2017
|
|
May 15, 2017
|
|
Fixed-to-floating
|
|
|
$
|
40.625
|
|
|
Series T
|
|
$
|
5,000
|
|
|
|
January 26, 2017
|
|
March 26, 2017
|
|
April 10, 2017
|
|
6.00
|
%
|
|
$
|
1,500.00
|
|
|
|
|
|
|
|
April 26, 2017
|
|
June 25, 2017
|
|
July 10, 2017
|
|
6.00
|
|
|
1,500.00
|
|
||||
Series U
(3, 4)
|
|
$
|
1,000
|
|
|
|
April 14, 2017
|
|
May 15, 2017
|
|
June 1, 2017
|
|
Fixed-to-floating
|
|
|
$
|
26.00
|
|
|
Series V
(3, 4)
|
|
$
|
1,500
|
|
|
|
April 14, 2017
|
|
June 1, 2017
|
|
June 19, 2017
|
|
Fixed-to-floating
|
|
|
$
|
25.625
|
|
|
Series W
(2)
|
|
$
|
1,100
|
|
|
|
January 9, 2017
|
|
February 15, 2017
|
|
March 9, 2017
|
|
6.625
|
%
|
|
$
|
0.4140625
|
|
|
|
|
|
|
|
April 14, 2017
|
|
May 15, 2017
|
|
June 9, 2017
|
|
6.625
|
|
|
0.4140625
|
|
||||
Series X
(3, 4)
|
|
$
|
2,000
|
|
|
|
January 9, 2017
|
|
February 15, 2017
|
|
March 6, 2017
|
|
Fixed-to-floating
|
|
|
$
|
31.25
|
|
|
Series Y
(2)
|
|
$
|
1,100
|
|
|
|
March 17, 2017
|
|
April 1, 2017
|
|
April 27, 2017
|
|
6.50
|
%
|
|
$
|
0.40625
|
|
|
Series Z
(3, 4)
|
|
$
|
1,400
|
|
|
|
March 17, 2017
|
|
April 1, 2017
|
|
April 24, 2017
|
|
Fixed-to-floating
|
|
|
$
|
32.50
|
|
|
Series AA
(3, 4)
|
|
$
|
1,900
|
|
|
|
January 9, 2017
|
|
March 1, 2017
|
|
March 17, 2017
|
|
Fixed-to-floating
|
|
|
$
|
30.50
|
|
|
Series CC
(2)
|
|
$
|
1,100
|
|
|
|
March 17, 2017
|
|
April 1, 2017
|
|
May 1, 2017
|
|
6.20
|
%
|
|
$
|
0.3875
|
|
|
Series DD
(3,4)
|
|
$
|
1,000
|
|
|
|
January 9, 2017
|
|
February 15, 2017
|
|
March 10, 2017
|
|
Fixed-to-floating
|
|
|
$
|
31.50
|
|
|
Series EE
(2)
|
|
$
|
900
|
|
|
|
March 17, 2017
|
|
April 1, 2017
|
|
April 25, 2017
|
|
6.00
|
%
|
|
$
|
0.375
|
|
|
Series 1
(5)
|
|
$
|
98
|
|
|
|
January 9, 2017
|
|
February 15, 2017
|
|
February 28, 2017
|
|
Floating
|
|
|
$
|
0.18750
|
|
|
|
|
|
|
|
April 14, 2017
|
|
May 15, 2017
|
|
May 30, 2017
|
|
Floating
|
|
|
0.18750
|
|
||||
Series 2
(5)
|
|
$
|
299
|
|
|
|
January 9, 2017
|
|
February 15, 2017
|
|
February 28, 2017
|
|
Floating
|
|
|
$
|
0.19167
|
|
|
|
|
|
|
|
April 14, 2017
|
|
May 15, 2017
|
|
May 30, 2017
|
|
Floating
|
|
|
0.18542
|
|
||||
Series 3
(5)
|
|
$
|
653
|
|
|
|
January 9, 2017
|
|
February 15, 2017
|
|
February 28, 2017
|
|
6.375
|
%
|
|
$
|
0.3984375
|
|
|
|
|
|
|
|
|
April 14, 2017
|
|
May 15, 2017
|
|
May 30, 2017
|
|
6.375
|
|
|
0.3984375
|
|
|||
Series 4
(5)
|
|
$
|
210
|
|
|
|
January 9, 2017
|
|
February 15, 2017
|
|
February 28, 2017
|
|
Floating
|
|
|
$
|
0.25556
|
|
|
|
|
|
|
|
April 14, 2017
|
|
May 15, 2017
|
|
May 30, 2017
|
|
Floating
|
|
|
0.24722
|
|
||||
Series 5
(5)
|
|
$
|
422
|
|
|
|
January 9, 2017
|
|
February 1, 2017
|
|
February 21, 2017
|
|
Floating
|
|
|
$
|
0.25556
|
|
|
|
|
|
|
|
April 14, 2017
|
|
May 1, 2017
|
|
May 22, 2017
|
|
Floating
|
|
|
0.24722
|
|
(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.
|
(5)
|
Dividends per depositary share, each representing a 1/1,200
th
interest in a share of preferred stock.
|
|
|
|
|
|
|
|
||||||
Table 15
|
Global Liquidity Sources
|
|
|
|||||||||
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
Average Three Months Ended
March 31 2017 |
||||||
(Dollars in billions)
|
March 31
2017 |
|
December 31
2016 |
|
||||||||
Parent company and NB Holdings
|
$
|
79
|
|
|
$
|
76
|
|
|
$
|
78
|
|
|
Bank subsidiaries
|
392
|
|
|
372
|
|
|
381
|
|
||||
Other regulated entities
|
48
|
|
|
51
|
|
|
48
|
|
||||
Total Global Liquidity Sources
|
$
|
519
|
|
|
$
|
499
|
|
|
$
|
507
|
|
|
|
Bank of America
28
|
|
|
|
|
|
||||
Table 16
|
Global Liquidity Sources Composition
|
|||||||
|
|
|
||||||
(Dollars in billions)
|
March 31
2017 |
|
December 31
2016 |
|||||
Cash on deposit
|
$
|
132
|
|
|
$
|
106
|
|
|
U.S. Treasury securities
|
59
|
|
|
58
|
|
|||
U.S. agency securities and mortgage-backed securities
|
317
|
|
|
318
|
|
|||
Non-U.S. government securities
|
11
|
|
|
17
|
|
|||
Total Global Liquidity Sources
|
$
|
519
|
|
|
$
|
499
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Table 17
|
Long-term Debt by Maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(Dollars in millions)
|
Remainder of 2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Thereafter
|
|
Total
|
|||||||||||||||
Bank of America Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Senior notes
|
$
|
15,068
|
|
|
$
|
19,705
|
|
|
$
|
17,849
|
|
|
$
|
12,188
|
|
|
$
|
10,468
|
|
|
$
|
56,050
|
|
|
$
|
131,328
|
|
|
Senior structured notes
|
3,054
|
|
|
3,088
|
|
|
1,356
|
|
|
989
|
|
|
410
|
|
|
7,617
|
|
|
16,514
|
|
||||||||
Subordinated notes
|
2,968
|
|
|
2,636
|
|
|
1,441
|
|
|
—
|
|
|
352
|
|
|
21,148
|
|
|
28,545
|
|
||||||||
Junior subordinated notes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,834
|
|
|
3,834
|
|
||||||||
Total Bank of America Corporation
|
21,090
|
|
|
25,429
|
|
|
20,646
|
|
|
13,177
|
|
|
11,230
|
|
|
88,649
|
|
|
180,221
|
|
||||||||
Bank of America, N.A.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Senior notes
|
1,900
|
|
|
5,763
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
7,683
|
|
||||||||
Subordinated notes
|
1,300
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1,672
|
|
|
2,973
|
|
||||||||
Advances from Federal Home Loan Banks
|
8
|
|
|
9
|
|
|
14
|
|
|
11
|
|
|
2
|
|
|
115
|
|
|
159
|
|
||||||||
Securitizations and other Bank VIEs
(1)
|
3,049
|
|
|
2,284
|
|
|
3,195
|
|
|
1,999
|
|
|
—
|
|
|
163
|
|
|
10,690
|
|
||||||||
Other
|
2,961
|
|
|
104
|
|
|
111
|
|
|
7
|
|
|
—
|
|
|
57
|
|
|
3,240
|
|
||||||||
Total Bank of America, N.A.
|
9,218
|
|
|
8,160
|
|
|
3,321
|
|
|
2,017
|
|
|
2
|
|
|
2,027
|
|
|
24,745
|
|
||||||||
Other debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Senior notes
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||||
Structured liabilities
|
1,737
|
|
|
2,337
|
|
|
1,533
|
|
|
1,272
|
|
|
894
|
|
|
7,357
|
|
|
15,130
|
|
||||||||
Nonbank VIEs
(1)
|
214
|
|
|
22
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
1,014
|
|
|
1,254
|
|
||||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34
|
|
|
34
|
|
||||||||
Total other debt
|
1,952
|
|
|
2,359
|
|
|
1,537
|
|
|
1,272
|
|
|
894
|
|
|
8,405
|
|
|
16,419
|
|
||||||||
Total long-term debt
|
$
|
32,260
|
|
|
$
|
35,948
|
|
|
$
|
25,504
|
|
|
$
|
16,466
|
|
|
$
|
12,126
|
|
|
$
|
99,081
|
|
|
$
|
221,385
|
|
(1)
|
Represents the total long-term debt included in the liabilities of consolidated variable interest entities (VIEs) on the Consolidated Balance Sheet.
|
|
|
|
|
|
||||
Table 18
|
Long-term Debt by Major Currency
|
|||||||
|
|
|
||||||
|
|
March 31
2017 |
|
December 31
2016 |
||||
(Dollars in millions)
|
|
|||||||
U.S. Dollar
|
$
|
171,957
|
|
|
$
|
172,082
|
|
|
Euro
|
32,041
|
|
|
28,236
|
|
|||
British Pound
|
6,625
|
|
|
6,588
|
|
|||
Japanese Yen
|
4,195
|
|
|
3,919
|
|
|||
Australian Dollar
|
2,936
|
|
|
2,900
|
|
|||
Canadian Dollar
|
1,761
|
|
|
1,049
|
|
|||
Other
|
1,870
|
|
|
2,049
|
|
|||
Total long-term debt
|
$
|
221,385
|
|
|
$
|
216,823
|
|
|
|
Bank of America
30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 19
|
Senior Debt Ratings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
||||||||||||||||
|
|
Moody
’
s Investors Service
|
|
Standard & Poor
’
s Global Ratings
|
|
Fitch Ratings
|
||||||||||||
|
Long-term
|
|
Short-term
|
|
Outlook
|
|
Long-term
|
|
Short-term
|
|
Outlook
|
|
Long-term
|
|
Short-term
|
|
Outlook
|
|
Bank of America Corporation
|
Baa1
|
|
P-2
|
|
Positive
|
|
BBB+
|
|
A-2
|
|
Stable
|
|
A
|
|
F1
|
|
Stable
|
|
Bank of America, N.A.
|
A1
|
|
P-1
|
|
Positive
|
|
A+
|
|
A-1
|
|
Stable
|
|
A+
|
|
F1
|
|
Stable
|
|
Merrill Lynch, Pierce, Fenner & Smith
|
NR
|
|
NR
|
|
NR
|
|
A+
|
|
A-1
|
|
Stable
|
|
A+
|
|
F1
|
|
Stable
|
|
Merrill Lynch International
|
NR
|
|
NR
|
|
NR
|
|
A+
|
|
A-1
|
|
Stable
|
|
A
|
|
F1
|
|
Stable
|
|
|
|
|
|
|
|
|
|
||||||||
Table 20
|
Consumer Loans and Leases
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Outstandings
|
|
Purchased Credit-impaired Loan Portfolio
|
||||||||||||
(Dollars in millions)
|
March 31
2017 |
|
December 31
2016 |
|
March 31
2017 |
|
December 31
2016 |
|||||||||
Residential mortgage
(1)
|
$
|
193,843
|
|
|
$
|
191,797
|
|
|
$
|
9,831
|
|
|
$
|
10,127
|
|
|
Home equity
|
63,915
|
|
|
66,443
|
|
|
3,396
|
|
|
3,611
|
|
|||||
U.S. credit card
|
88,552
|
|
|
92,278
|
|
|
n/a
|
|
|
n/a
|
|
|||||
Non-U.S. credit card
|
9,505
|
|
|
9,214
|
|
|
n/a
|
|
|
n/a
|
|
|||||
Direct/Indirect consumer
(2)
|
92,794
|
|
|
94,089
|
|
|
n/a
|
|
|
n/a
|
|
|||||
Other consumer
(3)
|
2,539
|
|
|
2,499
|
|
|
n/a
|
|
|
n/a
|
|
|||||
Consumer loans excluding loans accounted for under the fair value option
|
451,148
|
|
|
456,320
|
|
|
13,227
|
|
|
13,738
|
|
|||||
Loans accounted for under the fair value option
(4)
|
1,032
|
|
|
1,051
|
|
|
n/a
|
|
|
n/a
|
|
|||||
Total consumer loans and leases
(5)
|
$
|
452,180
|
|
|
$
|
457,371
|
|
|
$
|
13,227
|
|
|
$
|
13,738
|
|
(1)
|
Outstandings include pay option loans of
$1.8 billion
at both
March 31, 2017
and
December 31, 2016
. We no longer originate pay option loans.
|
(2)
|
Outstandings include auto and specialty lending loans of
$48.7 billion
and
$48.9 billion
, unsecured consumer lending loans of
$530 million
and
$585 million
, U.S. securities-based lending loans of
$39.5 billion
and
$40.1 billion
, non-U.S. consumer loans of
$2.9 billion
and
$3.0 billion
, student loans of
$479 million
and
$497 million
and other consumer loans of
$644 million
and
$1.1 billion
at
March 31, 2017
and
December 31, 2016
.
|
(3)
|
Outstandings include consumer finance loans of
$441 million
and
$465 million
, consumer leases of
$2.0 billion
and
$1.9 billion
and consumer overdrafts of
$124 million
and
$157 million
at
March 31, 2017
and
December 31, 2016
.
|
(4)
|
Consumer loans accounted for under the fair value option include residential mortgage loans of
$694 million
and
$710 million
and home equity loans of
$338 million
and
$341 million
at
March 31, 2017
and
December 31, 2016
. For more information on the fair value option, see
Note 15 – Fair Value Option
to the Consolidated Financial Statements
.
|
(5)
|
Includes $9.5 billion and $9.2 billion of non-U.S. credit card, which are included in assets of business held for sale on the Consolidated Balance Sheet at
March 31, 2017
and
December 31, 2016
.
|
|
|
Bank of America
32
|
|
|
|
|
|
|
|
|
|
||||||||
Table 21
|
Consumer Credit Quality
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Nonperforming
|
|
Accruing Past Due 90 Days or More
|
|||||||||||||
(Dollars in millions)
|
March 31
2017 |
|
December 31
2016 |
|
March 31
2017 |
|
December 31
2016 |
|||||||||
Residential mortgage
(1)
|
$
|
2,729
|
|
|
$
|
3,056
|
|
|
$
|
4,226
|
|
|
$
|
4,793
|
|
|
Home equity
|
2,796
|
|
|
2,918
|
|
|
—
|
|
|
—
|
|
|||||
U.S. credit card
|
n/a
|
|
|
n/a
|
|
|
801
|
|
|
782
|
|
|||||
Non-U.S. credit card
|
n/a
|
|
|
n/a
|
|
|
71
|
|
|
66
|
|
|||||
Direct/Indirect consumer
|
19
|
|
|
28
|
|
|
31
|
|
|
34
|
|
|||||
Other consumer
|
2
|
|
|
2
|
|
|
4
|
|
|
4
|
|
|||||
Total
(2)
|
$
|
5,546
|
|
|
$
|
6,004
|
|
|
$
|
5,133
|
|
|
$
|
5,679
|
|
|
Consumer loans and leases as a percentage of outstanding consumer loans and leases
(2)
|
1.23
|
%
|
|
1.32
|
%
|
|
1.14
|
%
|
|
1.24
|
%
|
|||||
Consumer loans and leases as a percentage of outstanding loans and leases, excluding PCI and fully-insured loan portfolios
(2)
|
1.35
|
|
|
1.45
|
|
|
0.22
|
|
|
0.21
|
|
(1)
|
Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At
March 31, 2017
and
December 31, 2016
, residential mortgage included
$2.7 billion
and
$3.0 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
$1.5 billion
and
$1.8 billion
of loans on which interest was still accruing.
|
(2)
|
Balances exclude consumer loans accounted for under the fair value option. At
March 31, 2017
and
December 31, 2016
,
$43 million
and
$48 million
of loans accounted for under the fair value option were past due 90 days or more and not accruing interest.
|
|
|
|
|
|
|
|
|
|
||||||
Table 22
|
Consumer Net Charge-offs and Related Ratios
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended March 31
|
||||||||||||
|
|
Net Charge-offs
(1)
|
|
Net Charge-off Ratios
(1, 2)
|
||||||||||
(Dollars in millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|||||||
Residential mortgage
|
$
|
17
|
|
|
$
|
91
|
|
|
0.04
|
%
|
|
0.20
|
%
|
|
Home equity
|
64
|
|
|
112
|
|
|
0.40
|
|
|
0.60
|
|
|||
U.S. credit card
|
606
|
|
|
587
|
|
|
2.74
|
|
|
2.71
|
|
|||
Non-U.S. credit card
|
44
|
|
|
45
|
|
|
1.91
|
|
|
1.85
|
|
|||
Direct/Indirect consumer
|
48
|
|
|
34
|
|
|
0.21
|
|
|
0.15
|
|
|||
Other consumer
|
48
|
|
|
48
|
|
|
7.61
|
|
|
9.07
|
|
|||
Total
|
$
|
827
|
|
|
$
|
917
|
|
|
0.74
|
|
|
0.82
|
|
(1)
|
Net charge-offs exclude write-offs in the PCI loan portfolio. For more information on PCI write-offs, see
Consumer Portfolio Credit Risk Management – Purchased Credit-impaired Loan Portfolio
on page
39
.
|
(2)
|
Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding loans and leases excluding loans accounted for under the fair value option.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 23
|
Consumer Real Estate Portfolio
(1)
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||
|
|
Outstandings
|
|
Nonperforming
|
|
Net Charge-offs
(2)
|
||||||||||||||||||
|
|
March 31
2017 |
|
December 31
2016 |
|
March 31
2017 |
|
December 31
2016 |
|
Three Months Ended March 31
|
||||||||||||||
(Dollars in millions)
|
|
|
|
|
2017
|
|
2016
|
|||||||||||||||||
Core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Residential mortgage
|
$
|
160,359
|
|
|
$
|
156,497
|
|
|
$
|
1,099
|
|
|
$
|
1,274
|
|
|
$
|
4
|
|
|
$
|
19
|
|
|
Home equity
|
47,730
|
|
|
49,373
|
|
|
939
|
|
|
969
|
|
|
31
|
|
|
45
|
|
|||||||
Total core portfolio
|
208,089
|
|
|
205,870
|
|
|
2,038
|
|
|
2,243
|
|
|
35
|
|
|
64
|
|
|||||||
Non-core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage
|
33,484
|
|
|
35,300
|
|
|
1,630
|
|
|
1,782
|
|
|
13
|
|
|
72
|
|
|||||||
Home equity
|
16,185
|
|
|
17,070
|
|
|
1,857
|
|
|
1,949
|
|
|
33
|
|
|
67
|
|
|||||||
Total non-core portfolio
|
49,669
|
|
|
52,370
|
|
|
3,487
|
|
|
3,731
|
|
|
46
|
|
|
139
|
|
|||||||
Consumer real estate portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residential mortgage
|
193,843
|
|
|
191,797
|
|
|
2,729
|
|
|
3,056
|
|
|
17
|
|
|
91
|
|
|||||||
Home equity
|
63,915
|
|
|
66,443
|
|
|
2,796
|
|
|
2,918
|
|
|
64
|
|
|
112
|
|
|||||||
Total consumer real estate portfolio
|
$
|
257,758
|
|
|
$
|
258,240
|
|
|
$
|
5,525
|
|
|
$
|
5,974
|
|
|
$
|
81
|
|
|
$
|
203
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Allowance for Loan
and Lease Losses
|
|
Provision for Loan
and Lease Losses
|
||||||||||||||||
|
|
|
|
|
|
March 31
2017 |
|
December 31
2016 |
|
Three Months Ended March 31
|
||||||||||||||
|
|
|
|
|
|
|
|
2017
|
|
2016
|
||||||||||||||
Core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Residential mortgage
|
|
|
|
|
$
|
247
|
|
|
$
|
252
|
|
|
$
|
(1
|
)
|
|
$
|
(14
|
)
|
|||||
Home equity
|
|
|
|
|
518
|
|
|
560
|
|
|
(11
|
)
|
|
25
|
|
|||||||||
Total core portfolio
|
|
|
|
|
765
|
|
|
812
|
|
|
(12
|
)
|
|
11
|
|
|||||||||
Non-core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage
|
|
|
|
|
771
|
|
|
760
|
|
|
33
|
|
|
(43
|
)
|
|||||||||
Home equity
|
|
|
|
|
1,029
|
|
|
1,178
|
|
|
(92
|
)
|
|
(118
|
)
|
|||||||||
Total non-core portfolio
|
|
|
|
|
1,800
|
|
|
1,938
|
|
|
(59
|
)
|
|
(161
|
)
|
|||||||||
Consumer real estate portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential mortgage
|
|
|
|
|
1,018
|
|
|
1,012
|
|
|
32
|
|
|
(57
|
)
|
|||||||||
Home equity
|
|
|
|
|
1,547
|
|
|
1,738
|
|
|
(103
|
)
|
|
(93
|
)
|
|||||||||
Total consumer real estate portfolio
|
|
|
|
|
$
|
2,565
|
|
|
$
|
2,750
|
|
|
$
|
(71
|
)
|
|
$
|
(150
|
)
|
(1)
|
Outstandings and nonperforming loans exclude loans accounted for under the fair value option. Consumer loans accounted for under the fair value option include residential mortgage loans of
$694 million
and
$710 million
and home equity loans of
$338 million
and
$341 million
at
March 31, 2017
and
December 31, 2016
. For more information on the fair value option, see
Note 15 – Fair Value Option
to the Consolidated Financial Statements
.
|
(2)
|
Net charge-offs exclude write-offs in the PCI loan portfolio. For more information on PCI write-offs, see
Consumer Portfolio Credit Risk Management – Purchased Credit-impaired Loan Portfolio
on page
39
.
|
|
|
Bank of America
34
|
|
|
|
|
|
|
|
|
|
||||||||
Table 24
|
Residential Mortgage – Key Credit Statistics
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Reported Basis
(1)
|
|
Excluding Purchased
Credit-impaired and Fully-insured Loans |
||||||||||||
(Dollars in millions)
|
March 31
2017 |
|
December 31
2016 |
|
March 31
2017 |
|
December 31
2016 |
|||||||||
Outstandings
|
$
|
193,843
|
|
|
$
|
191,797
|
|
|
$
|
156,452
|
|
|
$
|
152,941
|
|
|
Accruing past due 30 days or more
|
6,862
|
|
|
8,232
|
|
|
1,331
|
|
|
1,835
|
|
|||||
Accruing past due 90 days or more
|
4,226
|
|
|
4,793
|
|
|
—
|
|
|
—
|
|
|||||
Nonperforming loans
|
2,729
|
|
|
3,056
|
|
|
2,729
|
|
|
3,056
|
|
|||||
Percent of portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Refreshed LTV greater than 90 but less than or equal to 100
|
4
|
%
|
|
5
|
%
|
|
3
|
%
|
|
3
|
%
|
|||||
Refreshed LTV greater than 100
|
4
|
|
|
4
|
|
|
2
|
|
|
3
|
|
|||||
Refreshed FICO below 620
|
8
|
|
|
9
|
|
|
3
|
|
|
4
|
|
|||||
2006 and 2007 vintages
(2)
|
13
|
|
|
13
|
|
|
11
|
|
|
12
|
|
|||||
|
|
|
|
|
|
|
|
|||||||||
|
Three Months Ended March 31
|
|||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|||||||||
Net charge-off ratio
(3)
|
0.04
|
%
|
|
0.20
|
%
|
|
0.05
|
%
|
|
0.26
|
%
|
(1)
|
Outstandings, accruing past due, nonperforming loans and percentages of portfolio exclude loans accounted for under the fair value option.
|
(2)
|
These vintages of loans account for $880 million, or
32 percent
, and $931 million, or
31 percent
, of nonperforming residential mortgage loans at
March 31, 2017
and
December 31, 2016
. For the three months ended
March 31, 2017 and 2016
, these vintages accounted for $5 million, or 30 percent, and $7 million, or eight percent of total residential mortgage net charge-offs.
|
(3)
|
Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding loans excluding loans accounted for under the fair value option.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 25
|
Residential Mortgage State Concentrations
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Outstandings
(1)
|
|
Nonperforming
(1)
|
|
Net Charge-offs
(2)
|
||||||||||||||||||
|
March 31
2017 |
|
December 31
2016 |
|
March 31
2017 |
|
December 31
2016 |
|
Three Months Ended March 31
|
|||||||||||||||
(Dollars in millions)
|
|
|
|
2017
|
|
2016
|
||||||||||||||||||
California
|
$
|
60,188
|
|
|
$
|
58,295
|
|
|
$
|
468
|
|
|
$
|
554
|
|
|
$
|
(4
|
)
|
|
$
|
(23
|
)
|
|
New York
(3)
|
15,339
|
|
|
14,476
|
|
|
262
|
|
|
290
|
|
|
(2
|
)
|
|
14
|
|
|||||||
Florida
(3)
|
10,328
|
|
|
10,213
|
|
|
306
|
|
|
322
|
|
|
1
|
|
|
15
|
|
|||||||
Texas
|
6,728
|
|
|
6,607
|
|
|
124
|
|
|
132
|
|
|
1
|
|
|
6
|
|
|||||||
Massachusetts
|
5,411
|
|
|
5,344
|
|
|
69
|
|
|
77
|
|
|
—
|
|
|
3
|
|
|||||||
Other U.S./Non-U.S.
|
58,458
|
|
|
58,006
|
|
|
1,500
|
|
|
1,681
|
|
|
21
|
|
|
76
|
|
|||||||
Residential mortgage loans
(4)
|
$
|
156,452
|
|
|
$
|
152,941
|
|
|
$
|
2,729
|
|
|
$
|
3,056
|
|
|
$
|
17
|
|
|
$
|
91
|
|
|
Fully-insured loan portfolio
|
27,560
|
|
|
28,729
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Purchased credit-impaired residential mortgage loan portfolio
(5)
|
9,831
|
|
|
10,127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total residential mortgage loan portfolio
|
$
|
193,843
|
|
|
$
|
191,797
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Outstandings and nonperforming loans exclude loans accounted for under the fair value option.
|
(2)
|
Net charge-offs exclude
$9 million
and
$39 million
of write-offs in the residential mortgage PCI loan portfolio for the
three months ended March 31, 2017 and 2016
. For more information on PCI write-offs, see
Consumer Portfolio Credit Risk Management – Purchased Credit-impaired Loan Portfolio
on page
39
.
|
(3)
|
In these states, foreclosure requires a court order following a legal proceeding (judicial states).
|
(4)
|
Amounts exclude the PCI residential mortgage and fully-insured loan portfolios.
|
(5)
|
At
March 31, 2017
and
December 31, 2016
, 47 percent and 48 percent of PCI residential mortgage loans were in California. There were no other significant single state concentrations.
|
|
|
Bank of America
36
|
|
|
|
|
|
|
|
|
|
||||||||
Table 26
|
Home Equity – Key Credit Statistics
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Reported Basis
(1)
|
|
Excluding Purchased
Credit-impaired Loans |
||||||||||||
(Dollars in millions)
|
March 31
2017 |
|
December 31
2016 |
|
March 31
2017 |
|
December 31
2016 |
|||||||||
Outstandings
|
$
|
63,915
|
|
|
$
|
66,443
|
|
|
$
|
60,519
|
|
|
$
|
62,832
|
|
|
Accruing past due 30 days or more
(2)
|
533
|
|
|
566
|
|
|
533
|
|
|
566
|
|
|||||
Nonperforming loans
(2)
|
2,796
|
|
|
2,918
|
|
|
2,796
|
|
|
2,918
|
|
|||||
Percent of portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Refreshed CLTV greater than 90 but less than or equal to 100
|
5
|
%
|
|
5
|
%
|
|
4
|
%
|
|
4
|
%
|
|||||
Refreshed CLTV greater than 100
|
8
|
|
|
8
|
|
|
7
|
|
|
7
|
|
|||||
Refreshed FICO below 620
|
7
|
|
|
7
|
|
|
6
|
|
|
6
|
|
|||||
2006 and 2007 vintages
(3)
|
35
|
|
|
37
|
|
|
32
|
|
|
34
|
|
|||||
|
|
|
|
|
|
|
|
|||||||||
|
Three Months Ended March 31
|
|||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|||||||||
Net charge-off ratio
(4)
|
0.40
|
%
|
|
0.60
|
%
|
|
0.42
|
%
|
|
0.64
|
%
|
(1)
|
Outstandings, accruing past due, nonperforming loans and percentages of the portfolio exclude loans accounted for under the fair value option.
|
(2)
|
Accruing past due 30 days or more includes
$72 million
and
$81 million
and nonperforming loans include
$344 million
and
$340 million
of loans where we serviced the underlying first-lien at
March 31, 2017
and
December 31, 2016
.
|
(3)
|
These vintages of loans have higher refreshed combined LTV ratios and accounted for
52 percent
and
50 percent
of nonperforming home equity loans at
March 31, 2017
and
December 31, 2016
, and
89 percent
and
41 percent
of net charge-offs for the
three months ended March 31, 2017 and 2016
.
|
(4)
|
Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding loans excluding loans accounted for under the fair value option.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 27
|
Home Equity State Concentrations
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Outstandings
(1)
|
|
Nonperforming
(1)
|
|
Net Charge-offs
(2)
|
||||||||||||||||||
|
|
March 31
2017 |
|
December 31
2016 |
|
March 31
2017 |
|
December 31
2016 |
|
Three Months Ended March 31
|
||||||||||||||
(Dollars in millions)
|
|
|
|
|
2017
|
|
2016
|
|||||||||||||||||
California
|
$
|
16,837
|
|
|
$
|
17,563
|
|
|
$
|
806
|
|
|
$
|
829
|
|
|
$
|
(7
|
)
|
|
$
|
10
|
|
|
Florida
(3)
|
7,026
|
|
|
7,319
|
|
|
422
|
|
|
442
|
|
|
11
|
|
|
17
|
|
|||||||
New Jersey
(3)
|
4,935
|
|
|
5,102
|
|
|
194
|
|
|
201
|
|
|
10
|
|
|
11
|
|
|||||||
New York
(3)
|
4,577
|
|
|
4,720
|
|
|
264
|
|
|
271
|
|
|
8
|
|
|
10
|
|
|||||||
Massachusetts
|
2,979
|
|
|
3,078
|
|
|
100
|
|
|
100
|
|
|
1
|
|
|
3
|
|
|||||||
Other U.S./Non-U.S.
|
24,165
|
|
|
25,050
|
|
|
1,010
|
|
|
1,075
|
|
|
41
|
|
|
61
|
|
|||||||
Home equity loans
(4)
|
$
|
60,519
|
|
|
$
|
62,832
|
|
|
$
|
2,796
|
|
|
$
|
2,918
|
|
|
$
|
64
|
|
|
$
|
112
|
|
|
Purchased credit-impaired home equity portfolio
(5)
|
3,396
|
|
|
3,611
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total home equity loan portfolio
|
$
|
63,915
|
|
|
$
|
66,443
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Outstandings and nonperforming loans exclude loans accounted for under the fair value option.
|
(2)
|
Net charge-offs exclude
$24 million
and
$66 million
of write-offs in the home equity PCI loan portfolio for the
three months ended March 31, 2017 and 2016
. For more information on PCI write-offs, see
Consumer Portfolio Credit Risk Management – Purchased Credit-impaired Loan Portfolio
on page
39
.
|
(3)
|
In these states, foreclosure requires a court order following a legal proceeding (judicial states).
|
(4)
|
Amount excludes the PCI home equity portfolio.
|
(5)
|
At both
March 31, 2017
and
December 31, 2016
, 29 percent of PCI home equity loans were in California. There were no other significant single state concentrations.
|
|
|
Bank of America
38
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Table 28
|
Purchased Credit-impaired Loan Portfolio
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
March 31, 2017
|
|||||||||||||||||
(Dollars in millions)
|
Unpaid
Principal Balance |
|
Gross Carrying
Value |
|
Related
Valuation Allowance |
|
Carrying
Value Net of Valuation Allowance |
|
Percent of Unpaid
Principal Balance |
||||||||||
Residential mortgage
(1)
|
$
|
10,026
|
|
|
$
|
9,831
|
|
|
$
|
219
|
|
|
$
|
9,612
|
|
|
95.87
|
%
|
|
Home equity
|
3,470
|
|
|
3,396
|
|
|
235
|
|
|
3,161
|
|
|
91.10
|
|
|||||
Total purchased credit-impaired loan portfolio
|
$
|
13,496
|
|
|
$
|
13,227
|
|
|
$
|
454
|
|
|
$
|
12,773
|
|
|
94.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
December 31, 2016
|
|||||||||||||||||
Residential mortgage
(1)
|
$
|
10,330
|
|
|
$
|
10,127
|
|
|
$
|
169
|
|
|
$
|
9,958
|
|
|
96.40
|
%
|
|
Home equity
|
3,689
|
|
|
3,611
|
|
|
250
|
|
|
3,361
|
|
|
91.11
|
|
|||||
Total purchased credit-impaired loan portfolio
|
$
|
14,019
|
|
|
$
|
13,738
|
|
|
$
|
419
|
|
|
$
|
13,319
|
|
|
95.01
|
|
(1)
|
At
March 31, 2017
and
December 31, 2016
, pay option loans had an unpaid principal balance of $1.8 billion and $1.9 billion and a carrying value of $1.8 billion for both periods. This includes $1.5 billion and $1.6 billion of loans that were credit-impaired upon acquisition and $189 million and $226 million of loans that are 90 days or more past due at
March 31, 2017
and
December 31, 2016
. The total unpaid principal balance of pay option loans with accumulated negative amortization was $278 million and $303 million, including $15 million and $16 million of negative amortization at
March 31, 2017
and
December 31, 2016
.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 29
|
U.S. Credit Card State Concentrations
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Outstandings
|
|
Accruing Past Due
90 Days or More |
|
Net Charge-offs
|
||||||||||||||||||
|
|
March 31
2017 |
|
December 31
2016 |
|
March 31
2017 |
|
December 31
2016 |
|
Three Months Ended March 31
|
||||||||||||||
(Dollars in millions)
|
|
|
|
|
2017
|
|
2016
|
|||||||||||||||||
California
|
$
|
13,800
|
|
|
$
|
14,251
|
|
|
$
|
120
|
|
|
$
|
115
|
|
|
$
|
96
|
|
|
$
|
92
|
|
|
Florida
|
7,606
|
|
|
7,864
|
|
|
87
|
|
|
85
|
|
|
67
|
|
|
64
|
|
|||||||
Texas
|
6,864
|
|
|
7,037
|
|
|
67
|
|
|
65
|
|
|
47
|
|
|
41
|
|
|||||||
New York
|
5,473
|
|
|
5,683
|
|
|
63
|
|
|
60
|
|
|
45
|
|
|
40
|
|
|||||||
Washington
|
3,931
|
|
|
4,128
|
|
|
18
|
|
|
18
|
|
|
14
|
|
|
14
|
|
|||||||
Other U.S.
|
50,878
|
|
|
53,315
|
|
|
446
|
|
|
439
|
|
|
337
|
|
|
336
|
|
|||||||
Total U.S. credit card portfolio
|
$
|
88,552
|
|
|
$
|
92,278
|
|
|
$
|
801
|
|
|
$
|
782
|
|
|
$
|
606
|
|
|
$
|
587
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 30
|
Direct/Indirect State Concentrations
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Outstandings
|
|
Accruing Past Due
90 Days or More |
|
Net Charge-offs
|
||||||||||||||||||
|
|
March 31
2017 |
|
December 31
2016 |
|
March 31
2017 |
|
December 31
2016 |
|
Three Months Ended March 31
|
||||||||||||||
(Dollars in millions)
|
|
|
|
|
2017
|
|
2016
|
|||||||||||||||||
California
|
$
|
11,218
|
|
|
$
|
11,300
|
|
|
$
|
2
|
|
|
$
|
3
|
|
|
$
|
5
|
|
|
$
|
4
|
|
|
Florida
|
9,406
|
|
|
9,418
|
|
|
4
|
|
|
3
|
|
|
9
|
|
|
7
|
|
|||||||
Texas
|
9,391
|
|
|
9,406
|
|
|
4
|
|
|
5
|
|
|
10
|
|
|
4
|
|
|||||||
New York
|
5,107
|
|
|
5,253
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|||||||
Georgia
|
3,249
|
|
|
3,255
|
|
|
3
|
|
|
4
|
|
|
3
|
|
|
3
|
|
|||||||
Other U.S./Non-U.S.
|
54,423
|
|
|
55,457
|
|
|
17
|
|
|
18
|
|
|
20
|
|
|
15
|
|
|||||||
Total direct/indirect loan portfolio
|
$
|
92,794
|
|
|
$
|
94,089
|
|
|
$
|
31
|
|
|
$
|
34
|
|
|
$
|
48
|
|
|
$
|
34
|
|
|
|
Bank of America
40
|
|
|
|
|
|
||||
Table 31
|
Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity
(1)
|
|||||||
|
|
|
|
|
||||
|
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2017
|
|
2016
|
|||||
Nonperforming loans and leases, January 1
|
$
|
6,004
|
|
|
$
|
8,165
|
|
|
Additions to nonperforming loans and leases:
|
|
|
|
|||||
New nonperforming loans and leases
|
818
|
|
|
951
|
|
|||
Reductions to nonperforming loans and leases:
|
|
|
|
|||||
Paydowns and payoffs
|
(230
|
)
|
|
(133
|
)
|
|||
Sales
|
(142
|
)
|
|
(823
|
)
|
|||
Returns to performing status
(2)
|
(386
|
)
|
|
(441
|
)
|
|||
Charge-offs
|
(240
|
)
|
|
(395
|
)
|
|||
Transfers to foreclosed properties
(3)
|
(57
|
)
|
|
(77
|
)
|
|||
Transfers to loans held-for-sale
|
(221
|
)
|
|
—
|
|
|||
Total net reductions to nonperforming loans and leases
|
(458
|
)
|
|
(918
|
)
|
|||
Total nonperforming loans and leases, March 31
(4)
|
5,546
|
|
|
7,247
|
|
|||
Foreclosed properties, January 1
|
363
|
|
|
444
|
|
|||
Additions to foreclosed properties:
|
|
|
|
|||||
New foreclosed properties
(3)
|
99
|
|
|
110
|
|
|||
Reductions to foreclosed properties:
|
|
|
|
|||||
Sales
|
(110
|
)
|
|
(119
|
)
|
|||
Write-downs
|
(24
|
)
|
|
(14
|
)
|
|||
Total net reductions to foreclosed properties
|
(35
|
)
|
|
(23
|
)
|
|||
Total foreclosed properties, March 31
(5)
|
328
|
|
|
421
|
|
|||
Nonperforming consumer loans, leases and foreclosed properties, March 31
|
$
|
5,874
|
|
|
$
|
7,668
|
|
|
Nonperforming consumer loans and leases as a percentage of outstanding consumer loans and leases
(6)
|
1.23
|
%
|
|
1.62
|
%
|
|||
Nonperforming consumer loans, leases and foreclosed properties as a percentage of outstanding consumer loans, leases and foreclosed properties
(6)
|
1.30
|
|
|
1.71
|
|
(1)
|
Balances do not include nonperforming LHFS of
$179 million
and
$5 million
and nonaccruing TDRs removed from the PCI loan portfolio prior to January 1, 2010 of
$28 million
and
$36 million
at
March 31, 2017 and 2016
as well as loans accruing past due 90 days or more as presented in
Table 21
and
Note 4 – Outstanding Loans and Leases
to the Consolidated Financial Statements
.
|
(2)
|
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.
|
(3)
|
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.
|
(4)
|
At
March 31, 2017
,
36 percent
of nonperforming loans were 180 days or more past due.
|
(5)
|
Foreclosed property balances do not include properties insured by certain government-guaranteed loans, principally FHA-insured loans, of
$1.1 billion
and
$1.4 billion
at
March 31, 2017 and 2016
.
|
(6)
|
Outstanding consumer loans and leases exclude loans accounted for under the fair value option.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 32
|
Consumer Real Estate Troubled Debt Restructurings
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
(Dollars in millions)
|
Total
|
|
Nonperforming
|
|
Performing
|
|
Total
|
|
Nonperforming
|
|
Performing
|
|||||||||||||
Residential mortgage
(1, 2)
|
$
|
11,880
|
|
|
$
|
1,779
|
|
|
$
|
10,101
|
|
|
$
|
12,631
|
|
|
$
|
1,992
|
|
|
$
|
10,639
|
|
|
Home equity
(3)
|
2,842
|
|
|
1,563
|
|
|
1,279
|
|
|
2,777
|
|
|
1,566
|
|
|
1,211
|
|
|||||||
Total consumer real estate troubled debt restructurings
|
$
|
14,722
|
|
|
$
|
3,342
|
|
|
$
|
11,380
|
|
|
$
|
15,408
|
|
|
$
|
3,558
|
|
|
$
|
11,850
|
|
(1)
|
At
March 31, 2017
and
December 31, 2016
, residential mortgage TDRs deemed collateral dependent totaled
$3.3 billion
and
$3.5 billion
, and included
$1.4 billion
and
$1.6 billion
of loans classified as nonperforming and
$1.9 billion
of loans classified as performing for both periods.
|
(2)
|
Residential mortgage performing TDRs included
$4.9 billion
and
$5.3 billion
of loans that were fully-insured at
March 31, 2017
and
December 31, 2016
.
|
(3)
|
Home equity TDRs deemed collateral dependent totaled
$1.7 billion
and
$1.6 billion
, and included
$1.3 billion
of loans classified as nonperforming for both periods, and
$337 million
and
$301 million
of loans classified as performing at
March 31, 2017
and
December 31, 2016
, respectively.
|
|
|
Bank of America
42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 33
|
Commercial Loans and Leases
|
|||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
|
Outstandings
|
|
Nonperforming
|
|
Accruing Past Due
90 Days or More
|
||||||||||||||||||
(Dollars in millions)
|
March 31
2017 |
|
December 31
2016 |
|
March 31
2017 |
|
December 31
2016 |
|
March 31
2017 |
|
December 31
2016 |
|||||||||||||
U.S. commercial
|
$
|
274,868
|
|
|
$
|
270,372
|
|
|
$
|
1,246
|
|
|
$
|
1,256
|
|
|
$
|
112
|
|
|
$
|
106
|
|
|
Commercial real estate
(1)
|
57,849
|
|
|
57,355
|
|
|
74
|
|
|
72
|
|
|
—
|
|
|
7
|
|
|||||||
Commercial lease financing
|
21,873
|
|
|
22,375
|
|
|
37
|
|
|
36
|
|
|
9
|
|
|
19
|
|
|||||||
Non-U.S. commercial
|
89,179
|
|
|
89,397
|
|
|
311
|
|
|
279
|
|
|
45
|
|
|
5
|
|
|||||||
|
|
443,769
|
|
|
439,499
|
|
|
1,668
|
|
|
1,643
|
|
|
166
|
|
|
137
|
|
||||||
U.S. small business commercial
(2)
|
13,302
|
|
|
12,993
|
|
|
60
|
|
|
60
|
|
|
69
|
|
|
71
|
|
|||||||
Commercial loans excluding loans accounted for under the fair value option
|
457,071
|
|
|
452,492
|
|
|
1,728
|
|
|
1,703
|
|
|
235
|
|
|
208
|
|
|||||||
Loans accounted for under the fair value option
(3)
|
6,496
|
|
|
6,034
|
|
|
52
|
|
|
84
|
|
|
—
|
|
|
—
|
|
|||||||
Total commercial loans and leases
|
$
|
463,567
|
|
|
$
|
458,526
|
|
|
$
|
1,780
|
|
|
$
|
1,787
|
|
|
$
|
235
|
|
|
$
|
208
|
|
(1)
|
Includes U.S. commercial real estate loans of
$54.7 billion
and
$54.3 billion
at
March 31, 2017
and
December 31, 2016
and includes
$3.1 billion
of non-U.S. commercial real estate loans for both periods.
|
(2)
|
Includes card-related products.
|
(3)
|
Commercial loans accounted for under the fair value option include U.S. commercial loans of
$3.5 billion
and
$2.9 billion
and non-U.S. commercial loans of
$3.0 billion
and
$3.1 billion
at
March 31, 2017
and
December 31, 2016
. For more information on the fair value option, see
Note 15 – Fair Value Option
to the Consolidated Financial Statements
.
|
|
|
|
|
|
|
|
|
|
||||||
Table 34
|
Commercial Net Charge-offs and Related Ratios
|
|||||||||||||
|
|
Three Months Ended March 31
|
||||||||||||
|
|
Net Charge-offs
|
|
Net Charge-off Ratios
(1)
|
||||||||||
(Dollars in millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|||||||
U.S. commercial
|
$
|
44
|
|
|
$
|
65
|
|
|
0.06
|
%
|
|
0.10
|
%
|
|
Commercial real estate
|
(4
|
)
|
|
(6
|
)
|
|
(0.03
|
)
|
|
(0.04
|
)
|
|||
Commercial lease financing
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(0.05
|
)
|
|||
Non-U.S. commercial
|
15
|
|
|
42
|
|
|
0.07
|
|
|
0.19
|
|
|||
|
|
55
|
|
|
99
|
|
|
0.05
|
|
|
0.09
|
|
||
U.S. small business commercial
|
52
|
|
|
52
|
|
|
1.61
|
|
|
1.64
|
|
|||
Total commercial
|
$
|
107
|
|
|
$
|
151
|
|
|
0.10
|
|
|
0.14
|
|
(1)
|
Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding loans and leases excluding loans accounted for under the fair value option.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 35
|
Commercial Credit Exposure by Type
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Commercial Utilized
(1)
|
|
Commercial Unfunded
(2, 3, 4)
|
|
Total Commercial Committed
|
||||||||||||||||||
(Dollars in millions)
|
March 31
2017 |
|
December 31
2016 |
|
March 31
2017 |
|
December 31
2016 |
|
March 31
2017 |
|
December 31
2016 |
|||||||||||||
Loans and leases
(5)
|
$
|
469,329
|
|
|
$
|
464,260
|
|
|
$
|
359,969
|
|
|
$
|
366,106
|
|
|
$
|
829,298
|
|
|
$
|
830,366
|
|
|
Derivative assets
(6)
|
40,078
|
|
|
42,512
|
|
|
—
|
|
|
—
|
|
|
40,078
|
|
|
42,512
|
|
|||||||
Standby letters of credit and financial guarantees
|
33,465
|
|
|
33,135
|
|
|
596
|
|
|
660
|
|
|
34,061
|
|
|
33,795
|
|
|||||||
Debt securities and other investments
|
26,318
|
|
|
26,244
|
|
|
5,618
|
|
|
5,474
|
|
|
31,936
|
|
|
31,718
|
|
|||||||
Loans held-for-sale
|
12,964
|
|
|
6,510
|
|
|
2,433
|
|
|
3,824
|
|
|
15,397
|
|
|
10,334
|
|
|||||||
Commercial letters of credit
|
1,313
|
|
|
1,464
|
|
|
121
|
|
|
112
|
|
|
1,434
|
|
|
1,576
|
|
|||||||
Bankers’ acceptances
|
364
|
|
|
395
|
|
|
—
|
|
|
13
|
|
|
364
|
|
|
408
|
|
|||||||
Other
|
391
|
|
|
372
|
|
|
—
|
|
|
—
|
|
|
391
|
|
|
372
|
|
|||||||
Total
|
|
$
|
584,222
|
|
|
$
|
574,892
|
|
|
$
|
368,737
|
|
|
$
|
376,189
|
|
|
$
|
952,959
|
|
|
$
|
951,081
|
|
(1)
|
Commercial utilized exposure includes loans of
$6.5 billion
and
$6.0 billion
and issued letters of credit with a notional amount of
$308 million
and
$284 million
accounted for under the fair value option at
March 31, 2017
and
December 31, 2016
.
|
(2)
|
Commercial unfunded exposure includes commitments accounted for under the fair value option with a notional amount of
$5.6 billion
and
$6.7 billion
at
March 31, 2017
and
December 31, 2016
.
|
(3)
|
Excludes unused business card lines which are not legally binding.
|
(4)
|
Includes the notional amount of unfunded legally binding lending commitments net of amounts distributed (e.g., syndicated or participated) to other financial institutions. The distributed amounts were
$11.9 billion
and
$12.1 billion
at
March 31, 2017
and
December 31, 2016
.
|
(5)
|
Includes credit risk exposure associated with assets under operating lease arrangements of $5.8 billion and $5.7 billion at
March 31, 2017
and
December 31, 2016
.
|
(6)
|
Derivative assets are carried at fair value, reflect the effects of legally enforceable master netting agreements and have been reduced by cash collateral of
$35.5 billion
and
$43.3 billion
at
March 31, 2017
and
December 31, 2016
. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of
$24.8 billion
and
$25.3 billion
at
March 31, 2017
and
December 31, 2016
, which consists primarily of other marketable securities.
|
|
|
|
|
|
|
|
|
|
||||||
Table 36
|
Commercial Utilized Reservable Criticized Exposure
|
|||||||||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||
(Dollars in millions)
|
Amount
(1)
|
|
Percent
(2)
|
|
Amount
(1)
|
|
Percent
(2)
|
|||||||
U.S. commercial
|
$
|
10,337
|
|
|
3.42
|
%
|
|
$
|
10,311
|
|
|
3.46
|
%
|
|
Commercial real estate
|
387
|
|
|
0.65
|
|
|
399
|
|
|
0.68
|
|
|||
Commercial lease financing
|
828
|
|
|
3.78
|
|
|
810
|
|
|
3.62
|
|
|||
Non-U.S. commercial
|
3,668
|
|
|
3.86
|
|
|
3,974
|
|
|
4.17
|
|
|||
|
|
15,220
|
|
|
3.18
|
|
|
15,494
|
|
|
3.27
|
|
||
U.S. small business commercial
|
848
|
|
|
6.37
|
|
|
826
|
|
|
6.36
|
|
|||
Total commercial utilized reservable criticized exposure
|
$
|
16,068
|
|
|
3.27
|
|
|
$
|
16,320
|
|
|
3.35
|
|
(1)
|
Total commercial utilized reservable criticized exposure includes loans and leases of
$14.8 billion
and
$14.9 billion
and commercial letters of credit of
$1.3 billion
and
$1.4 billion
at
March 31, 2017
and
December 31, 2016
.
|
(2)
|
Percentages are calculated as commercial utilized reservable criticized exposure divided by total commercial utilized reservable exposure for each exposure category.
|
|
|
Bank of America
44
|
|
|
|
|
|
||||
Table 37
|
Outstanding Commercial Real Estate Loans
|
|||||||
|
|
|
|
|
||||
(Dollars in millions)
|
March 31
2017 |
|
December 31
2016 |
|||||
By Geographic Region
|
|
|
|
|
|
|||
California
|
$
|
13,158
|
|
|
$
|
13,450
|
|
|
Northeast
|
9,939
|
|
|
10,329
|
|
|||
Southwest
|
7,559
|
|
|
7,567
|
|
|||
Southeast
|
5,915
|
|
|
5,630
|
|
|||
Midwest
|
4,412
|
|
|
4,380
|
|
|||
Florida
|
3,380
|
|
|
3,213
|
|
|||
Northwest
|
2,684
|
|
|
2,430
|
|
|||
Midsouth
|
2,605
|
|
|
2,346
|
|
|||
Illinois
|
2,452
|
|
|
2,408
|
|
|||
Non-U.S.
|
3,118
|
|
|
3,103
|
|
|||
Other
(1)
|
2,627
|
|
|
2,499
|
|
|||
Total outstanding commercial real estate loans
|
$
|
57,849
|
|
|
$
|
57,355
|
|
|
By Property Type
|
|
|
|
|
|
|||
Non-residential
|
|
|
|
|||||
Office
|
$
|
17,207
|
|
|
$
|
16,643
|
|
|
Shopping centers/retail
|
8,908
|
|
|
8,794
|
|
|||
Multi-family rental
|
8,472
|
|
|
8,817
|
|
|||
Hotels / Motels
|
5,819
|
|
|
5,550
|
|
|||
Industrial / Warehouse
|
5,162
|
|
|
5,357
|
|
|||
Multi-Use
|
2,935
|
|
|
2,822
|
|
|||
Unsecured
|
1,967
|
|
|
1,730
|
|
|||
Land and land development
|
315
|
|
|
357
|
|
|||
Other
|
5,428
|
|
|
5,595
|
|
|||
Total non-residential
|
56,213
|
|
|
55,665
|
|
|||
Residential
|
1,636
|
|
|
1,690
|
|
|||
Total outstanding commercial real estate loans
|
$
|
57,849
|
|
|
$
|
57,355
|
|
(1)
|
Includes unsecured loans 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.
|
|
|
|
|
|
||||
Table 38
|
Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity
(1, 2)
|
|||||||
|
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2017
|
|
2016
|
|||||
Nonperforming loans and leases, January 1
|
$
|
1,703
|
|
|
$
|
1,212
|
|
|
Additions to nonperforming loans and leases:
|
|
|
|
|
|
|||
New nonperforming loans and leases
|
458
|
|
|
697
|
|
|||
Advances
|
14
|
|
|
9
|
|
|||
Reductions to nonperforming loans and leases:
|
|
|
|
|
|
|||
Paydowns
|
(267
|
)
|
|
(120
|
)
|
|||
Sales
|
(22
|
)
|
|
(6
|
)
|
|||
Returns to performing status
(3)
|
(54
|
)
|
|
(47
|
)
|
|||
Charge-offs
|
(82
|
)
|
|
(142
|
)
|
|||
Transfers to foreclosed properties
(4)
|
(22
|
)
|
|
—
|
|
|||
Total net additions to nonperforming loans and leases
|
25
|
|
|
391
|
|
|||
Total nonperforming loans and leases, March 31
|
1,728
|
|
|
1,603
|
|
|||
Foreclosed properties, January 1
|
14
|
|
|
15
|
|
|||
Additions to foreclosed properties:
|
|
|
|
|
|
|||
New foreclosed properties
(4)
|
21
|
|
|
—
|
|
|||
Reductions to foreclosed properties:
|
|
|
|
|
|
|||
Sales
|
—
|
|
|
(5
|
)
|
|||
Total net additions (reductions) to foreclosed properties
|
21
|
|
|
(5
|
)
|
|||
Total foreclosed properties, March 31
|
35
|
|
|
10
|
|
|||
Nonperforming commercial loans, leases and foreclosed properties, March 31
|
$
|
1,763
|
|
|
$
|
1,613
|
|
|
Nonperforming commercial loans and leases as a percentage of outstanding commercial loans and leases
(5)
|
0.38
|
%
|
|
0.36
|
%
|
|||
Nonperforming commercial loans, leases and foreclosed properties as a percentage of outstanding commercial loans, leases and foreclosed properties
(5)
|
0.39
|
|
|
0.36
|
|
(1)
|
Balances do not include nonperforming LHFS of $246 million and $260 million at
March 31, 2017
and
2016
.
|
(2)
|
Includes U.S. small business commercial activity. Small business card loans are excluded as they are not classified as nonperforming.
|
(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)
|
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.
|
(5)
|
Outstanding commercial loans exclude loans accounted for under the fair value option.
|
|
|
Bank of America
46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 39
|
Commercial Troubled Debt Restructurings
|
|||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
(Dollars in millions)
|
Total
|
|
Non-performing
|
|
Performing
|
|
Total
|
|
Non-performing
|
|
Performing
|
|||||||||||||
U.S. commercial
|
$
|
1,574
|
|
|
$
|
553
|
|
|
$
|
1,021
|
|
|
$
|
1,860
|
|
|
$
|
720
|
|
|
$
|
1,140
|
|
|
Commercial real estate
|
80
|
|
|
41
|
|
|
39
|
|
|
140
|
|
|
45
|
|
|
95
|
|
|||||||
Commercial lease financing
|
2
|
|
|
—
|
|
|
2
|
|
|
4
|
|
|
2
|
|
|
2
|
|
|||||||
Non-U.S. commercial
|
263
|
|
|
13
|
|
|
250
|
|
|
308
|
|
|
25
|
|
|
283
|
|
|||||||
|
1,919
|
|
|
607
|
|
|
1,312
|
|
|
2,312
|
|
|
792
|
|
|
1,520
|
|
|||||||
U.S. small business commercial
|
13
|
|
|
—
|
|
|
13
|
|
|
15
|
|
|
2
|
|
|
13
|
|
|||||||
Total commercial troubled debt restructurings
|
$
|
1,932
|
|
|
$
|
607
|
|
|
$
|
1,325
|
|
|
$
|
2,327
|
|
|
$
|
794
|
|
|
$
|
1,533
|
|
|
|
|
|
|
|
|
|
|
||||||||
Table 40
|
Commercial Credit Exposure by Industry
(1)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Commercial
Utilized
|
|
Total Commercial
Committed
(2)
|
||||||||||||
(Dollars in millions)
|
March 31
2017 |
|
December 31
2016 |
|
March 31
2017 |
|
December 31
2016 |
|||||||||
Diversified financials
|
$
|
78,211
|
|
|
$
|
81,156
|
|
|
$
|
121,369
|
|
|
$
|
124,535
|
|
|
Real estate
(3)
|
63,384
|
|
|
61,203
|
|
|
85,286
|
|
|
83,658
|
|
|||||
Retailing
|
41,548
|
|
|
41,630
|
|
|
67,003
|
|
|
68,507
|
|
|||||
Capital goods
|
34,234
|
|
|
34,278
|
|
|
64,304
|
|
|
64,202
|
|
|||||
Healthcare equipment and services
|
38,737
|
|
|
37,656
|
|
|
62,117
|
|
|
64,663
|
|
|||||
Government and public education
|
45,843
|
|
|
45,694
|
|
|
54,354
|
|
|
54,626
|
|
|||||
Materials
|
23,645
|
|
|
22,578
|
|
|
46,485
|
|
|
44,357
|
|
|||||
Banking
|
38,184
|
|
|
39,877
|
|
|
45,320
|
|
|
47,799
|
|
|||||
Consumer services
|
28,994
|
|
|
27,413
|
|
|
44,141
|
|
|
42,523
|
|
|||||
Food, beverage and tobacco
|
21,205
|
|
|
19,669
|
|
|
41,273
|
|
|
37,145
|
|
|||||
Energy
|
18,002
|
|
|
19,686
|
|
|
37,920
|
|
|
39,231
|
|
|||||
Commercial services and supplies
|
21,372
|
|
|
21,241
|
|
|
34,164
|
|
|
35,360
|
|
|||||
Utilities
|
12,805
|
|
|
11,349
|
|
|
27,925
|
|
|
27,140
|
|
|||||
Transportation
|
19,645
|
|
|
19,805
|
|
|
27,609
|
|
|
27,483
|
|
|||||
Media
|
13,156
|
|
|
13,419
|
|
|
25,492
|
|
|
27,116
|
|
|||||
Individuals and trusts
|
16,404
|
|
|
16,364
|
|
|
22,854
|
|
|
21,764
|
|
|||||
Technology hardware and equipment
|
7,822
|
|
|
7,793
|
|
|
19,104
|
|
|
18,429
|
|
|||||
Software and services
|
9,540
|
|
|
7,991
|
|
|
19,084
|
|
|
19,790
|
|
|||||
Pharmaceuticals and biotechnology
|
5,943
|
|
|
5,539
|
|
|
18,858
|
|
|
18,910
|
|
|||||
Telecommunication services
|
7,020
|
|
|
6,317
|
|
|
17,593
|
|
|
16,925
|
|
|||||
Insurance, including monolines
|
6,724
|
|
|
7,406
|
|
|
13,779
|
|
|
13,936
|
|
|||||
Automobiles and components
|
5,744
|
|
|
5,459
|
|
|
13,111
|
|
|
12,969
|
|
|||||
Consumer durables and apparel
|
5,965
|
|
|
6,042
|
|
|
11,185
|
|
|
11,460
|
|
|||||
Food and staples retailing
|
5,724
|
|
|
4,795
|
|
|
9,565
|
|
|
8,869
|
|
|||||
Religious and social organizations
|
4,732
|
|
|
4,423
|
|
|
6,419
|
|
|
6,252
|
|
|||||
Other
|
9,639
|
|
|
6,109
|
|
|
16,645
|
|
|
13,432
|
|
|||||
Total commercial credit exposure by industry
|
$
|
584,222
|
|
|
$
|
574,892
|
|
|
$
|
952,959
|
|
|
$
|
951,081
|
|
|
Net credit default protection purchased on total commitments
(4)
|
|
|
|
|
|
|
$
|
(3,099
|
)
|
|
$
|
(3,477
|
)
|
(1)
|
Includes U.S. small business commercial exposure.
|
(2)
|
Includes the notional amount of unfunded legally binding lending commitments net of amounts distributed (e.g., syndicated or participated) to other financial institutions. The distributed amounts were $
11.9 billion
and
$12.1 billion
at
March 31, 2017
and
December 31, 2016
.
|
(3)
|
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.
|
(4)
|
Represents net notional credit protection purchased. For additional information, see
Commercial Portfolio Credit Risk Management – Risk Mitigation
below.
|
|
|
|
|
|
||
Table 41
|
Net Credit Default Protection by Maturity
|
|||||
|
|
|
|
|
||
|
March 31
2017 |
|
December 31
2016 |
|||
Less than or equal to one year
|
65
|
%
|
|
56
|
%
|
|
Greater than one year and less than or equal to five years
|
32
|
|
|
41
|
|
|
Greater than five years
|
3
|
|
|
3
|
|
|
Total net credit default protection
|
100
|
%
|
|
100
|
%
|
|
|
Bank of America
48
|
|
|
|
|
|
|
|
|
|
||||||
Table 42
|
Net Credit Default Protection by Credit Exposure Debt Rating
|
|||||||||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||
(Dollars in millions)
|
Net
Notional
(1)
|
|
Percent of
Total
|
|
Net
Notional
(1)
|
|
Percent of
Total
|
|||||||
Ratings
(2, 3)
|
|
|
|
|
|
|
|
|
|
|
|
|||
A
|
$
|
(135
|
)
|
|
4.4
|
%
|
|
$
|
(135
|
)
|
|
3.9
|
%
|
|
BBB
|
(1,735
|
)
|
|
56.0
|
|
|
(1,884
|
)
|
|
54.2
|
|
|||
BB
|
(723
|
)
|
|
23.3
|
|
|
(871
|
)
|
|
25.1
|
|
|||
B
|
(416
|
)
|
|
13.4
|
|
|
(477
|
)
|
|
13.7
|
|
|||
CCC and below
|
(67
|
)
|
|
2.2
|
|
|
(81
|
)
|
|
2.3
|
|
|||
NR
(4)
|
(23
|
)
|
|
0.7
|
|
|
(29
|
)
|
|
0.8
|
|
|||
Total net credit default protection
|
$
|
(3,099
|
)
|
|
100.0
|
%
|
|
$
|
(3,477
|
)
|
|
100.0
|
%
|
(1)
|
Represents net credit default protection purchased.
|
(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 index positions held and any names that have not been rated.
|
|
|
|
|
|
|
|
|
|
||||||||
Table 43
|
Credit Derivatives
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
||||||||||||||
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||
(Dollars in millions)
|
Contract/
Notional
|
|
Credit Risk
|
|
Contract/
Notional
|
|
Credit Risk
|
|||||||||
Purchased credit derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Credit default swaps
|
$
|
599,908
|
|
|
$
|
2,522
|
|
|
$
|
603,979
|
|
|
$
|
2,732
|
|
|
Total return swaps/other
|
34,256
|
|
|
291
|
|
|
21,165
|
|
|
433
|
|
|||||
Total purchased credit derivatives
|
$
|
634,164
|
|
|
$
|
2,813
|
|
|
$
|
625,144
|
|
|
$
|
3,165
|
|
|
Written credit derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Credit default swaps
|
$
|
595,823
|
|
|
n/a
|
|
|
$
|
614,355
|
|
|
n/a
|
|
|||
Total return swaps/other
|
41,476
|
|
|
n/a
|
|
|
25,354
|
|
|
n/a
|
|
|||||
Total written credit derivatives
|
$
|
637,299
|
|
|
n/a
|
|
|
$
|
639,709
|
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 44
|
Credit Valuation Gains and Losses
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Three Months Ended March 31
|
||||||||||||||||||
Gains (Losses)
|
2017
|
|
2016
|
|||||||||||||||||
(Dollars in millions)
|
Gross
|
Hedge
|
Net
|
|
Gross
|
Hedge
|
Net
|
|||||||||||||
Credit valuation
|
$
|
161
|
|
$
|
(135
|
)
|
$
|
26
|
|
|
$
|
(209
|
)
|
$
|
261
|
|
$
|
52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Table 45
|
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 March 31
2017 |
|
Hedges and Credit Default Protection
|
|
Net Country Exposure at March 31
2017 |
|
Increase (Decrease) from December 31
2016 |
|||||||||||||||||
United Kingdom
|
$
|
34,566
|
|
|
$
|
15,773
|
|
|
$
|
6,235
|
|
|
$
|
1,431
|
|
|
$
|
58,005
|
|
|
$
|
(4,947
|
)
|
|
$
|
53,058
|
|
|
$
|
5,325
|
|
|
Germany
|
13,018
|
|
|
9,915
|
|
|
1,846
|
|
|
3,110
|
|
|
27,889
|
|
|
(4,187
|
)
|
|
23,702
|
|
|
1,324
|
|
|||||||||
Canada
|
7,127
|
|
|
7,099
|
|
|
1,750
|
|
|
2,425
|
|
|
18,401
|
|
|
(1,750
|
)
|
|
16,651
|
|
|
(2,123
|
)
|
|||||||||
Brazil
|
8,787
|
|
|
419
|
|
|
560
|
|
|
3,617
|
|
|
13,383
|
|
|
(273
|
)
|
|
13,110
|
|
|
(556
|
)
|
|||||||||
Japan
|
13,098
|
|
|
586
|
|
|
1,272
|
|
|
509
|
|
|
15,465
|
|
|
(2,843
|
)
|
|
12,622
|
|
|
(2,389
|
)
|
|||||||||
France
|
3,454
|
|
|
5,115
|
|
|
1,953
|
|
|
5,667
|
|
|
16,189
|
|
|
(4,959
|
)
|
|
11,230
|
|
|
536
|
|
|||||||||
China
|
9,139
|
|
|
696
|
|
|
670
|
|
|
1,208
|
|
|
11,713
|
|
|
(552
|
)
|
|
11,161
|
|
|
276
|
|
|||||||||
Australia
|
4,951
|
|
|
4,286
|
|
|
328
|
|
|
1,061
|
|
|
10,626
|
|
|
(456
|
)
|
|
10,170
|
|
|
1,247
|
|
|||||||||
India
|
6,497
|
|
|
205
|
|
|
366
|
|
|
2,353
|
|
|
9,421
|
|
|
(548
|
)
|
|
8,873
|
|
|
(355
|
)
|
|||||||||
Netherlands
|
4,363
|
|
|
3,024
|
|
|
1,042
|
|
|
1,633
|
|
|
10,062
|
|
|
(1,843
|
)
|
|
8,219
|
|
|
821
|
|
|||||||||
Hong Kong
|
5,727
|
|
|
199
|
|
|
438
|
|
|
770
|
|
|
7,134
|
|
|
(43
|
)
|
|
7,091
|
|
|
(388
|
)
|
|||||||||
South Korea
|
4,377
|
|
|
646
|
|
|
852
|
|
|
1,775
|
|
|
7,650
|
|
|
(585
|
)
|
|
7,065
|
|
|
959
|
|
|||||||||
Switzerland
|
3,965
|
|
|
3,951
|
|
|
368
|
|
|
221
|
|
|
8,505
|
|
|
(1,549
|
)
|
|
6,956
|
|
|
(2,690
|
)
|
|||||||||
Singapore
|
3,826
|
|
|
278
|
|
|
520
|
|
|
1,607
|
|
|
6,231
|
|
|
(60
|
)
|
|
6,171
|
|
|
753
|
|
|||||||||
Mexico
|
3,073
|
|
|
1,416
|
|
|
136
|
|
|
480
|
|
|
5,105
|
|
|
(383
|
)
|
|
4,722
|
|
|
238
|
|
|||||||||
Turkey
|
2,727
|
|
|
115
|
|
|
15
|
|
|
133
|
|
|
2,990
|
|
|
(1
|
)
|
|
2,989
|
|
|
299
|
|
|||||||||
Italy
|
1,835
|
|
|
960
|
|
|
532
|
|
|
787
|
|
|
4,114
|
|
|
(1,142
|
)
|
|
2,972
|
|
|
(1,115
|
)
|
|||||||||
United Arab Emirates
|
2,085
|
|
|
139
|
|
|
498
|
|
|
42
|
|
|
2,764
|
|
|
(89
|
)
|
|
2,675
|
|
|
(68
|
)
|
|||||||||
Belgium
|
1,186
|
|
|
683
|
|
|
118
|
|
|
746
|
|
|
2,733
|
|
|
(363
|
)
|
|
2,370
|
|
|
444
|
|
|||||||||
Taiwan
|
1,566
|
|
|
34
|
|
|
341
|
|
|
310
|
|
|
2,251
|
|
|
(1
|
)
|
|
2,250
|
|
|
169
|
|
|||||||||
Total top 20 non-U.S. countries exposure
|
$
|
135,367
|
|
|
$
|
55,539
|
|
|
$
|
19,840
|
|
|
$
|
29,885
|
|
|
$
|
240,631
|
|
|
$
|
(26,574
|
)
|
|
$
|
214,057
|
|
|
$
|
2,707
|
|
|
|
Bank of America
50
|
|
|
|
|
|
||||
Table 46
|
Allowance for Credit Losses
|
|
|
|
||||
|
|
|
|
|
||||
|
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2017
|
|
2016
|
|||||
Allowance for loan and lease losses, January 1
|
$
|
11,237
|
|
|
$
|
12,234
|
|
|
Loans and leases charged off
|
|
|
|
|||||
Residential mortgage
|
(61
|
)
|
|
(185
|
)
|
|||
Home equity
|
(143
|
)
|
|
(193
|
)
|
|||
U.S. credit card
|
(718
|
)
|
|
(693
|
)
|
|||
Non-U.S. credit card
|
(59
|
)
|
|
(61
|
)
|
|||
Direct/Indirect consumer
|
(114
|
)
|
|
(101
|
)
|
|||
Other consumer
|
(55
|
)
|
|
(57
|
)
|
|||
Total consumer charge-offs
|
(1,150
|
)
|
|
(1,290
|
)
|
|||
U.S. commercial
(1)
|
(137
|
)
|
|
(158
|
)
|
|||
Commercial real estate
|
—
|
|
|
(5
|
)
|
|||
Commercial lease financing
|
(3
|
)
|
|
—
|
|
|||
Non-U.S. commercial
|
(20
|
)
|
|
(43
|
)
|
|||
Total commercial charge-offs
|
(160
|
)
|
|
(206
|
)
|
|||
Total loans and leases charged off
|
(1,310
|
)
|
|
(1,496
|
)
|
|||
Recoveries of loans and leases previously charged off
|
|
|
|
|||||
Residential mortgage
|
44
|
|
|
94
|
|
|||
Home equity
|
79
|
|
|
81
|
|
|||
U.S. credit card
|
112
|
|
|
106
|
|
|||
Non-U.S. credit card
|
15
|
|
|
16
|
|
|||
Direct/Indirect consumer
|
66
|
|
|
67
|
|
|||
Other consumer
|
7
|
|
|
9
|
|
|||
Total consumer recoveries
|
323
|
|
|
373
|
|
|||
U.S. commercial
(2)
|
41
|
|
|
41
|
|
|||
Commercial real estate
|
4
|
|
|
11
|
|
|||
Commercial lease financing
|
3
|
|
|
2
|
|
|||
Non-U.S. commercial
|
5
|
|
|
1
|
|
|||
Total commercial recoveries
|
53
|
|
|
55
|
|
|||
Total recoveries of loans and leases previously charged off
|
376
|
|
|
428
|
|
|||
Net charge-offs
(3)
|
(934
|
)
|
|
(1,068
|
)
|
|||
Write-offs of PCI loans
|
(33
|
)
|
|
(105
|
)
|
|||
Provision for loan and lease losses
|
840
|
|
|
1,016
|
|
|||
Other
(4)
|
1
|
|
|
(8
|
)
|
|||
Allowance for loan and lease losses, March 31
|
11,111
|
|
|
12,069
|
|
|||
Less: Change in the allowance included in assets of business held for sale
(5)
|
1
|
|
|
—
|
|
|||
Total allowance for loan and lease losses, March 31
|
11,112
|
|
|
12,069
|
|
|||
Reserve for unfunded lending commitments, January 1
|
762
|
|
|
646
|
|
|||
Provision for unfunded lending commitments
|
(5
|
)
|
|
(19
|
)
|
|||
Reserve for unfunded lending commitments, March 31
|
757
|
|
|
627
|
|
|||
Allowance for credit losses, March 31
|
$
|
11,869
|
|
|
$
|
12,696
|
|
(1)
|
Includes U.S. small business commercial charge-offs of
$64 million
and
$62 million
for the
three months ended March 31, 2017 and 2016
.
|
(2)
|
Includes U.S. small business commercial recoveries of
$12 million
and
$10 million
for the
three months ended March 31, 2017 and 2016
.
|
(3)
|
Includes net charge-offs of
$44 million
on non-U.S. credit card loans, which are included in assets of business held for sale on the Consolidated Balance Sheet at
March 31, 2017
.
|
(4)
|
Primarily represents the net impact of portfolio sales, consolidations and deconsolidations, foreign currency translation adjustments and certain other reclassifications.
|
(5)
|
Represents the change in the allowance for loan and lease losses related to the non-U.S. credit card loan portfolio, which is included in assets of business held for sale on the Consolidated Balance Sheet at
March 31, 2017
.
|
|
|
Bank of America
52
|
|
|
|
|
|
||||
Table 46
|
Allowance for Credit Losses (continued)
|
|
|
|
||||
|
|
|
|
|
||||
|
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2017
|
|
2016
|
|||||
Loan and allowance ratios
(6)
:
|
|
|
|
|||||
Loans and leases outstanding at March 31
(7)
|
$
|
908,219
|
|
|
$
|
892,901
|
|
|
Allowance for loan and lease losses as a percentage of total loans and leases outstanding at March 31
(7)
|
1.25
|
%
|
|
1.35
|
%
|
|||
Consumer allowance for loan and lease losses as a percentage of total consumer loans and leases outstanding at March 31
(8)
|
1.36
|
|
|
1.51
|
|
|||
Commercial allowance for loan and lease losses as a percentage of total commercial loans and leases outstanding at March 31
(9)
|
1.14
|
|
|
1.19
|
|
|||
Average loans and leases outstanding
(7)
|
$
|
906,585
|
|
|
$
|
885,655
|
|
|
Annualized net charge-offs as a percentage of average loans and leases outstanding
(7, 10)
|
0.42
|
%
|
|
0.48
|
%
|
|||
Annualized net charge-offs and PCI write-offs as a percentage of average loans and leases outstanding
(7)
|
0.43
|
|
|
0.53
|
|
|||
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases at March 31
(7, 11)
|
156
|
|
|
136
|
|
|||
Ratio of the allowance for loan and lease losses at March 31 to annualized net charge-offs
(10)
|
3.00
|
|
|
2.81
|
|
|||
Ratio of the allowance for loan and lease losses at March 31 to annualized net charge-offs and PCI write-offs
|
2.90
|
|
|
2.56
|
|
|||
Amounts included in allowance for loan and lease losses for loans and leases that are excluded from nonperforming loans and leases at March 31
(12)
|
$
|
4,047
|
|
|
$
|
4,138
|
|
|
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases, excluding the allowance for loan and lease losses for loans and leases that are excluded from nonperforming loans and leases at March 31
(7, 12)
|
100
|
%
|
|
90
|
%
|
|||
Loan and allowance ratios excluding PCI loans and the related valuation allowance:
(6, 13)
|
|
|
|
|
||||
Allowance for loan and lease losses as a percentage of total loans and leases outstanding at March 31
(7)
|
1.22
|
%
|
|
1.31
|
%
|
|||
Consumer allowance for loan and lease losses as a percentage of total consumer loans and leases outstanding at March 31
(8)
|
1.30
|
|
|
1.42
|
|
|||
Annualized net charge-offs as a percentage of average loans and leases outstanding
(7)
|
0.42
|
|
|
0.49
|
|
|||
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases at March 31
(7, 11)
|
150
|
|
|
129
|
|
|||
Ratio of the allowance for loan and lease losses at March 31 to annualized net charge-offs
|
2.88
|
|
|
2.67
|
|
(6)
|
Loan and allowance ratios include $242 million of non-U.S. credit card allowance for loan and lease losses and $9.5 billion of ending non-U.S. credit card loans, which are included in assets of business held for sale on the Consolidated Balance Sheet at
March 31, 2017
.
|
(7)
|
Outstanding loan and lease balances and ratios do not include loans accounted for under the fair value option of
$7.5 billion
and
$8.2 billion
at
March 31, 2017 and 2016
. Average loans accounted for under the fair value option were
$7.6 billion
and
$7.3 billion
for the
three months ended March 31, 2017 and 2016
.
|
(8)
|
Excludes consumer loans accounted for under the fair value option of
$1.0 billion
and
$1.9 billion
at
March 31, 2017 and 2016
.
|
(9)
|
Excludes commercial loans accounted for under the fair value option of
$6.5 billion
and
$6.3 billion
at
March 31, 2017 and 2016
.
|
(10)
|
Net charge-offs exclude
$33 million
and
$105 million
of write-offs in the PCI loan portfolio for the
three months ended March 31, 2017 and 2016
. For more information on PCI write-offs, see
Consumer Portfolio Credit Risk Management – Purchased Credit-impaired Loan Portfolio
on page
39
.
|
(11)
|
For more information on our definition of nonperforming loans, see pages
41
and
46
.
|
(12)
|
Primarily includes amounts allocated to U.S. credit card and unsecured consumer lending portfolios in
Consumer Banking
, PCI loans and the non-U.S. credit card portfolio in
All Other
.
|
(13)
|
For more information on the PCI loan portfolio and the valuation allowance for PCI loans, see
Note 4 – Outstanding Loans and Leases
and
Note 5 – Allowance for Credit Losses
to the Consolidated Financial Statements
.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Table 47
|
Allocation of the Allowance for Credit Losses by Product Type
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
||||||||||||||||
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||||||
(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
|
$
|
1,018
|
|
|
8.97
|
%
|
|
0.53
|
%
|
|
$
|
1,012
|
|
|
8.82
|
%
|
|
0.53
|
%
|
|
Home equity
|
1,547
|
|
|
13.62
|
|
|
2.42
|
|
|
1,738
|
|
|
15.14
|
|
|
2.62
|
|
|||
U.S. credit card
|
3,003
|
|
|
26.45
|
|
|
3.39
|
|
|
2,934
|
|
|
25.56
|
|
|
3.18
|
|
|||
Non-U.S. credit card
|
242
|
|
|
2.13
|
|
|
2.54
|
|
|
243
|
|
|
2.12
|
|
|
2.64
|
|
|||
Direct/Indirect consumer
|
276
|
|
|
2.43
|
|
|
0.30
|
|
|
244
|
|
|
2.13
|
|
|
0.26
|
|
|||
Other consumer
|
50
|
|
|
0.44
|
|
|
2.00
|
|
|
51
|
|
|
0.44
|
|
|
2.01
|
|
|||
Total consumer
|
6,136
|
|
|
54.04
|
|
|
1.36
|
|
|
6,222
|
|
|
54.21
|
|
|
1.36
|
|
|||
U.S. commercial
(2)
|
3,306
|
|
|
29.12
|
|
|
1.15
|
|
|
3,326
|
|
|
28.97
|
|
|
1.17
|
|
|||
Commercial real estate
|
927
|
|
|
8.16
|
|
|
1.60
|
|
|
920
|
|
|
8.01
|
|
|
1.60
|
|
|||
Commercial lease financing
|
135
|
|
|
1.19
|
|
|
0.62
|
|
|
138
|
|
|
1.20
|
|
|
0.62
|
|
|||
Non-U.S. commercial
|
850
|
|
|
7.49
|
|
|
0.95
|
|
|
874
|
|
|
7.61
|
|
|
0.98
|
|
|||
Total commercial
(3)
|
5,218
|
|
|
45.96
|
|
|
1.14
|
|
|
5,258
|
|
|
45.79
|
|
|
1.16
|
|
|||
Allowance for loan and lease losses
(4)
|
11,354
|
|
|
100.00
|
%
|
|
1.25
|
|
|
11,480
|
|
|
100.00
|
%
|
|
1.26
|
|
|||
Less: Allowance included in assets of business held for sale
(5)
|
(242
|
)
|
|
|
|
|
|
(243
|
)
|
|
|
|
|
|||||||
Total allowance for loan and lease losses
|
11,112
|
|
|
|
|
|
|
11,237
|
|
|
|
|
|
|||||||
Reserve for unfunded lending commitments
|
757
|
|
|
|
|
|
|
762
|
|
|
|
|
|
|
|
|||||
Allowance for credit losses
|
$
|
11,869
|
|
|
|
|
|
|
$
|
11,999
|
|
|
|
|
|
|
|
(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
$694 million
and
$710 million
and home equity loans of
$338 million
and
$341 million
at
March 31, 2017
and
December 31, 2016
. Commercial loans accounted for under the fair value option included U.S. commercial loans of
$3.5 billion
and
$2.9 billion
and non-U.S. commercial loans of
$3.0 billion
and
$3.1 billion
at
March 31, 2017
and
December 31, 2016
.
|
(2)
|
Includes allowance for loan and lease losses for U.S. small business commercial loans of
$415 million
and
$416 million
at
March 31, 2017
and
December 31, 2016
.
|
(3)
|
Includes allowance for loan and lease losses for impaired commercial loans of
$274 million
and
$273 million
at
March 31, 2017
and
December 31, 2016
.
|
(4)
|
Includes
$454 million
and
$419 million
of valuation allowance presented with the allowance for loan and lease losses related to PCI loans at
March 31, 2017
and
December 31, 2016
.
|
(5)
|
Represents allowance for loan and lease losses related to the non-U.S. credit card loan portfolio, which is included in assets of business held for sale on the Consolidated Balance Sheet.
|
|
|
Bank of America
54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Table 48
|
Market Risk VaR for Trading Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
Three Months Ended
|
||||||||||||||||||||||||||||||||||||||||||||||
|
|
March 31, 2017
|
|
December 31, 2016
|
|
March 31, 2016
|
||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions)
|
Period End
|
|
Average
|
|
High
(1)
|
|
Low
(1)
|
|
Period End
|
|
Average
|
|
High
(1)
|
|
Low
(1)
|
|
Period End
|
|
Average
|
|
High
(1)
|
|
Low
(1)
|
|||||||||||||||||||||||||
Foreign exchange
|
$
|
23
|
|
|
$
|
12
|
|
|
$
|
23
|
|
|
$
|
5
|
|
|
$
|
8
|
|
|
$
|
8
|
|
|
$
|
12
|
|
|
$
|
5
|
|
|
$
|
10
|
|
|
$
|
11
|
|
|
$
|
16
|
|
|
$
|
7
|
|
|
Interest rate
|
28
|
|
|
17
|
|
|
28
|
|
|
11
|
|
|
11
|
|
|
13
|
|
|
16
|
|
|
10
|
|
|
18
|
|
|
23
|
|
|
30
|
|
|
16
|
|
|||||||||||||
Credit
|
26
|
|
|
26
|
|
|
29
|
|
|
22
|
|
|
25
|
|
|
28
|
|
|
33
|
|
|
25
|
|
|
31
|
|
|
31
|
|
|
35
|
|
|
27
|
|
|||||||||||||
Equity
|
24
|
|
|
19
|
|
|
30
|
|
|
14
|
|
|
19
|
|
|
16
|
|
|
28
|
|
|
11
|
|
|
15
|
|
|
19
|
|
|
27
|
|
|
13
|
|
|||||||||||||
Commodity
|
6
|
|
|
4
|
|
|
7
|
|
|
3
|
|
|
4
|
|
|
7
|
|
|
12
|
|
|
4
|
|
|
5
|
|
|
5
|
|
|
7
|
|
|
3
|
|
|||||||||||||
Portfolio diversification
|
(58
|
)
|
|
(45
|
)
|
|
—
|
|
|
—
|
|
|
(39
|
)
|
|
(43
|
)
|
|
—
|
|
|
—
|
|
|
(44
|
)
|
|
(50
|
)
|
|
—
|
|
|
—
|
|
|||||||||||||
Total covered positions trading portfolio
|
49
|
|
|
33
|
|
|
49
|
|
|
25
|
|
|
28
|
|
|
29
|
|
|
41
|
|
|
24
|
|
|
35
|
|
|
39
|
|
|
50
|
|
|
29
|
|
|||||||||||||
Impact from less liquid exposures
|
10
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|||||||||||||
Total market-based trading portfolio
|
59
|
|
|
38
|
|
|
59
|
|
|
28
|
|
|
34
|
|
|
36
|
|
|
49
|
|
|
28
|
|
|
40
|
|
|
42
|
|
|
58
|
|
|
34
|
|
|||||||||||||
Fair value option loans
|
11
|
|
|
12
|
|
|
14
|
|
|
11
|
|
|
14
|
|
|
14
|
|
|
16
|
|
|
12
|
|
|
28
|
|
|
35
|
|
|
40
|
|
|
28
|
|
|||||||||||||
Fair value option hedges
|
6
|
|
|
6
|
|
|
7
|
|
|
5
|
|
|
6
|
|
|
7
|
|
|
8
|
|
|
5
|
|
|
15
|
|
|
18
|
|
|
22
|
|
|
14
|
|
|||||||||||||
Fair value option portfolio diversification
|
(7
|
)
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
(38
|
)
|
|
—
|
|
|
—
|
|
|||||||||||||
Total fair value option portfolio
|
10
|
|
|
10
|
|
|
11
|
|
|
9
|
|
|
10
|
|
|
10
|
|
|
12
|
|
|
8
|
|
|
12
|
|
|
15
|
|
|
20
|
|
|
11
|
|
|||||||||||||
Portfolio diversification
|
(6
|
)
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|||||||||||||
Total market-based portfolio
|
$
|
63
|
|
|
$
|
44
|
|
|
$
|
63
|
|
|
$
|
32
|
|
|
$
|
40
|
|
|
$
|
42
|
|
|
$
|
55
|
|
|
$
|
32
|
|
|
$
|
48
|
|
|
$
|
50
|
|
|
$
|
69
|
|
|
$
|
40
|
|
(1)
|
The high and low for each portfolio may have occurred on different trading days than the high and low for the components. Therefore the impact from less liquid exposures and the amount of portfolio diversification, which is the difference between the total portfolio and the sum of the individual components, are not relevant.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 49
|
Average Market Risk VaR for Trading Activities – 99 percent and 95 percent VaR Statistics
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
Three Months Ended
|
||||||||||||||||||||||
|
|
|
March 31, 2017
|
|
December 31, 2016
|
|
March 31, 2016
|
||||||||||||||||||
(Dollars in millions)
|
|
99 percent
|
|
95 percent
|
|
99 percent
|
|
95 percent
|
|
99 percent
|
|
95 percent
|
|||||||||||||
Foreign exchange
|
|
$
|
12
|
|
|
$
|
8
|
|
|
$
|
8
|
|
|
$
|
4
|
|
|
$
|
11
|
|
|
$
|
6
|
|
|
Interest rate
|
|
17
|
|
|
11
|
|
|
13
|
|
|
8
|
|
|
23
|
|
|
14
|
|
|||||||
Credit
|
|
26
|
|
|
14
|
|
|
28
|
|
|
17
|
|
|
31
|
|
|
18
|
|
|||||||
Equity
|
|
19
|
|
|
10
|
|
|
16
|
|
|
10
|
|
|
19
|
|
|
12
|
|
|||||||
Commodity
|
|
4
|
|
|
3
|
|
|
7
|
|
|
4
|
|
|
5
|
|
|
2
|
|
|||||||
Portfolio diversification
|
|
(45
|
)
|
|
(28
|
)
|
|
(43
|
)
|
|
(27
|
)
|
|
(50
|
)
|
|
(31
|
)
|
|||||||
Total covered positions trading portfolio
|
|
33
|
|
|
18
|
|
|
29
|
|
|
16
|
|
|
39
|
|
|
21
|
|
|||||||
Impact from less liquid exposures
|
|
5
|
|
|
3
|
|
|
7
|
|
|
3
|
|
|
3
|
|
|
2
|
|
|||||||
Total market-based trading portfolio
|
|
38
|
|
|
21
|
|
|
36
|
|
|
19
|
|
|
42
|
|
|
23
|
|
|||||||
Fair value option loans
|
|
12
|
|
|
7
|
|
|
14
|
|
|
8
|
|
|
35
|
|
|
19
|
|
|||||||
Fair value option hedges
|
|
6
|
|
|
4
|
|
|
7
|
|
|
5
|
|
|
18
|
|
|
11
|
|
|||||||
Fair value option portfolio diversification
|
|
(8
|
)
|
|
(5
|
)
|
|
(11
|
)
|
|
(7
|
)
|
|
(38
|
)
|
|
(21
|
)
|
|||||||
Total fair value option portfolio
|
|
10
|
|
|
6
|
|
|
10
|
|
|
6
|
|
|
15
|
|
|
9
|
|
|||||||
Portfolio diversification
|
|
(4
|
)
|
|
(4
|
)
|
|
(4
|
)
|
|
(3
|
)
|
|
(7
|
)
|
|
(5
|
)
|
|||||||
Total market-based portfolio
|
|
$
|
44
|
|
|
$
|
23
|
|
|
$
|
42
|
|
|
$
|
22
|
|
|
$
|
50
|
|
|
$
|
27
|
|
|
|
Bank of America
56
|
|
|
|
|
|
|
|
|||
Table 50
|
Forward Rates
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||
|
|
March 31, 2017
|
|||||||
|
|
Federal
Funds
|
|
Three-month
LIBOR
|
|
10-Year
Swap
|
|||
Spot rates
|
1.00
|
%
|
|
1.15
|
%
|
|
2.38
|
%
|
|
12-month forward rates
|
1.50
|
|
|
1.64
|
|
|
2.54
|
|
|
|
|
|
|
|
|
|
|||
|
|
December 31, 2016
|
|||||||
Spot rates
|
0.75
|
%
|
|
1.00
|
%
|
|
2.34
|
%
|
|
12-month forward rates
|
1.25
|
|
|
1.51
|
|
|
2.49
|
|
|
|
|
|
|
|
|
|
|
||||||
Table 51
|
Estimated Banking Book Net Interest Income Sensitivity
|
|||||||||||||
|
|
|
|
|
|
|
|
|
||||||
|
Short
Rate (bps)
|
|
Long
Rate (bps)
|
|
|
|
|
|||||||
(Dollars in millions)
|
|
|
March 31
2017 |
|
December 31
2016 |
|||||||||
Curve Change
|
|
|
|
|||||||||||
Parallel Shifts
|
|
|
|
|
|
|
|
|||||||
+100 bps
instantaneous shift
|
+100
|
|
+100
|
|
$
|
3,337
|
|
|
$
|
3,370
|
|
|||
-50 bps
instantaneous shift
|
-50
|
|
|
-50
|
|
|
(2,237
|
)
|
|
(2,900
|
)
|
|||
Flatteners
|
|
|
|
|
|
|
|
|
|
|
|
|||
Short-end
instantaneous change
|
+100
|
|
—
|
|
|
2,476
|
|
|
2,473
|
|
||||
Long-end
instantaneous change
|
—
|
|
|
-50
|
|
|
(903
|
)
|
|
(961
|
)
|
|||
Steepeners
|
|
|
|
|
|
|
|
|
|
|||||
Short-end
instantaneous change
|
-50
|
|
|
—
|
|
|
(1,317
|
)
|
|
(1,918
|
)
|
|||
Long-end
instantaneous change
|
—
|
|
|
+100
|
|
876
|
|
|
928
|
|
|
|
Bank of America
58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Table 52
|
Asset and Liability Management Interest Rate and Foreign Exchange Contracts
|
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
March 31, 2017
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
Expected Maturity
|
|
|
|||||||||||||||||||||||||||||
(Dollars in millions, average estimated duration in years)
|
Fair
Value
|
|
Total
|
|
Remainder of 2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Thereafter
|
|
Average
Estimated
Duration
|
||||||||||||||||||
Receive-fixed interest rate swaps
(1)
|
$
|
3,332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.26
|
|
||||||||
Notional amount
|
|
|
|
$
|
130,974
|
|
|
$
|
14,649
|
|
|
$
|
25,851
|
|
|
$
|
10,283
|
|
|
$
|
9,515
|
|
|
$
|
5,307
|
|
|
$
|
65,369
|
|
|
|
|
||
Weighted-average fixed-rate
|
|
|
|
2.68
|
%
|
|
3.54
|
%
|
|
2.80
|
%
|
|
2.31
|
%
|
|
1.98
|
%
|
|
3.18
|
%
|
|
2.56
|
%
|
|
|
|
|||||||||
Pay-fixed interest rate swaps
(1)
|
(48
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.39
|
|
|||||||||
Notional amount
|
|
|
|
$
|
27,080
|
|
|
$
|
75
|
|
|
$
|
7,120
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
19,885
|
|
|
|
|
||
Weighted-average fixed-rate
|
|
|
|
2.06
|
%
|
|
1.08
|
%
|
|
1.56
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
2.24
|
%
|
|
|
|
|||||||||
Same-currency basis swaps
(2)
|
(38
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notional amount
|
|
|
|
$
|
52,238
|
|
|
$
|
13,708
|
|
|
$
|
11,028
|
|
|
$
|
6,786
|
|
|
$
|
1,180
|
|
|
$
|
2,802
|
|
|
$
|
16,734
|
|
|
|
|
||
Foreign exchange basis swaps
(1, 3, 4)
|
(3,920
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notional amount
|
|
|
|
120,117
|
|
|
17,992
|
|
|
22,972
|
|
|
12,148
|
|
|
12,211
|
|
|
8,663
|
|
|
46,131
|
|
|
|
|
|||||||||
Option products
(5)
|
(3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notional amount
(6)
|
|
|
|
(2,500
|
)
|
|
(2,514
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
|
|
|||||||||
Foreign exchange contracts
(1, 4, 7)
|
1,278
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notional amount
(6)
|
|
|
10,638
|
|
|
(758
|
)
|
|
(1,932
|
)
|
|
2,011
|
|
|
(8
|
)
|
|
2,232
|
|
|
9,093
|
|
|
|
|
||||||||||
Futures and forward rate contracts
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notional amount
(6)
|
|
|
|
32,013
|
|
|
32,013
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|||||||||
Net ALM contracts
|
$
|
602
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
December 31, 2016
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
Expected Maturity
|
|
|
|||||||||||||||||||||||||||||
(Dollars in millions, average estimated duration in years)
|
Fair
Value
|
|
Total
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Thereafter
|
|
Average
Estimated
Duration
|
||||||||||||||||||
Receive-fixed interest rate swaps
(1)
|
$
|
4,055
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.81
|
|
||||||||
Notional amount
|
|
|
|
$
|
118,603
|
|
|
$
|
21,453
|
|
|
$
|
25,788
|
|
|
$
|
10,283
|
|
|
$
|
7,515
|
|
|
$
|
5,307
|
|
|
$
|
48,257
|
|
|
|
|
||
Weighted-average fixed-rate
|
|
|
|
2.83
|
%
|
|
3.64
|
%
|
|
2.81
|
%
|
|
2.31
|
%
|
|
2.07
|
%
|
|
3.18
|
%
|
|
2.67
|
%
|
|
|
|
|||||||||
Pay-fixed interest rate swaps
(1)
|
159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.77
|
|
|||||||||
Notional amount
|
|
|
|
$
|
22,400
|
|
|
$
|
1,527
|
|
|
$
|
9,168
|
|
|
$
|
2,072
|
|
|
$
|
7,975
|
|
|
$
|
213
|
|
|
$
|
1,445
|
|
|
|
|
||
Weighted-average fixed-rate
|
|
|
|
1.37
|
%
|
|
1.84
|
%
|
|
1.47
|
%
|
|
0.97
|
%
|
|
1.08
|
%
|
|
1.00
|
%
|
|
2.45
|
%
|
|
|
|
|||||||||
Same-currency basis swaps
(2)
|
(26
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notional amount
|
|
|
|
$
|
59,274
|
|
|
$
|
20,775
|
|
|
$
|
11,027
|
|
|
$
|
6,784
|
|
|
$
|
1,180
|
|
|
$
|
2,799
|
|
|
$
|
16,709
|
|
|
|
|
||
Foreign exchange basis swaps
(1, 3, 4)
|
(4,233
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notional amount
|
|
|
|
125,522
|
|
|
26,509
|
|
|
22,724
|
|
|
12,178
|
|
|
12,150
|
|
|
8,365
|
|
|
43,596
|
|
|
|
|
|||||||||
Option products
(5)
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notional amount
(6)
|
|
|
|
1,687
|
|
|
1,673
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
|
|
|||||||||
Foreign exchange contracts
(1, 4, 7)
|
3,180
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notional amount
(6)
|
|
|
|
(20,285
|
)
|
|
(30,199
|
)
|
|
197
|
|
|
1,961
|
|
|
(8
|
)
|
|
881
|
|
|
6,883
|
|
|
|
|
|||||||||
Futures and forward rate contracts
|
19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notional amount
(6)
|
|
|
|
37,896
|
|
|
37,896
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|||||||||
Net ALM contracts
|
$
|
3,159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
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.
|
(2)
|
At
March 31, 2017
and
December 31, 2016
, the notional amount of same-currency basis swaps included
$52.2 billion
and
$59.3 billion
in both foreign currency and U.S. Dollar-denominated basis swaps in which both sides of the swap are in the same currency.
|
(3)
|
Foreign exchange basis swaps consisted of cross-currency variable interest rate swaps used separately or in conjunction with receive-fixed interest rate swaps.
|
(4)
|
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.
|
(5)
|
The notional amount of option products of
$(2.5) billion
at
March 31, 2017
was comprised of
$(2.5) billion
in foreign exchange options and
$14 million
in purchased caps/floors. Option products of
$1.7 billion
at
December 31, 2016
were comprised of
$1.7 billion
in foreign exchange options and
$14 million
in purchased caps/floors.
|
(6)
|
Reflects the net of long and short positions. Amounts shown as negative reflect a net short position.
|
(7)
|
The notional amount of foreign exchange contracts of
$10.6 billion
at
March 31, 2017
was comprised of
$23.6 billion
in foreign currency-denominated and cross-currency receive-fixed swaps,
$(10.0) billion
in net foreign currency forward rate contracts,
$(4.1) billion
in foreign currency-denominated pay-fixed swaps and
$1.1 billion
in net foreign currency futures contracts. Foreign exchange contracts of
$(20.3) billion
at
December 31, 2016
were comprised of
$21.5 billion
in foreign currency-denominated and cross-currency receive-fixed swaps,
$(38.5) billion
in net foreign currency forward rate contracts,
$(4.6) billion
in foreign currency-denominated pay-fixed swaps and
$1.3 billion
in foreign currency futures contracts.
|
|
|
Bank of America
60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 53
|
Quarterly Supplemental Financial Data and Reconciliations to GAAP Financial Measures
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Three Months Ended March 31
|
||||||||||||||||||||||
|
2017
|
|
2016
|
|||||||||||||||||||||
(Dollars in millions)
|
As Reported
|
|
Fully taxable-equivalent adjustment
|
|
Fully taxable-equivalent basis
|
|
As Reported
|
|
Fully taxable-equivalent adjustment
|
|
Fully taxable-equivalent basis
|
|||||||||||||
Net interest income
|
$
|
11,058
|
|
|
$
|
197
|
|
|
$
|
11,255
|
|
|
$
|
10,485
|
|
|
$
|
215
|
|
|
$
|
10,700
|
|
|
Total revenue, net of interest expense
|
22,248
|
|
|
197
|
|
|
22,445
|
|
|
20,790
|
|
|
215
|
|
|
21,005
|
|
|||||||
Income tax expense
|
1,709
|
|
|
197
|
|
|
1,906
|
|
|
1,505
|
|
|
215
|
|
|
1,720
|
|
|
|
|
|
|
|
|
|
|
||||||||
Table 54
|
Period-end and Average Supplemental Financial Data and Reconciliations to GAAP Financial Measures
|
|||||||||||||||
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
Average
|
||||||||||
|
Period-end
|
|
Three Months Ended March 31
|
|||||||||||||
(Dollars in millions)
|
March 31
2017 |
|
December 31
2016 |
|
2017
|
|
2016
|
|||||||||
Common shareholders' equity
|
$
|
242,933
|
|
|
$
|
241,620
|
|
|
$
|
242,883
|
|
|
$
|
237,229
|
|
|
Goodwill
|
(69,744
|
)
|
|
(69,744
|
)
|
|
(69,744
|
)
|
|
(69,761
|
)
|
|||||
Intangible assets (excluding MSRs)
|
(2,827
|
)
|
|
(2,989
|
)
|
|
(2,923
|
)
|
|
(3,687
|
)
|
|||||
Related deferred tax liabilities
|
1,513
|
|
|
1,545
|
|
|
1,539
|
|
|
1,707
|
|
|||||
Tangible common shareholders' equity
|
$
|
171,875
|
|
|
$
|
170,432
|
|
|
$
|
171,755
|
|
|
$
|
165,488
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Shareholders' equity
|
$
|
268,153
|
|
|
$
|
266,840
|
|
|
$
|
268,103
|
|
|
$
|
260,423
|
|
|
Goodwill
|
(69,744
|
)
|
|
(69,744
|
)
|
|
(69,744
|
)
|
|
(69,761
|
)
|
|||||
Intangible assets (excluding MSRs)
|
(2,827
|
)
|
|
(2,989
|
)
|
|
(2,923
|
)
|
|
(3,687
|
)
|
|||||
Related deferred tax liabilities
|
1,513
|
|
|
1,545
|
|
|
1,539
|
|
|
1,707
|
|
|||||
Tangible shareholders' equity
|
$
|
197,095
|
|
|
$
|
195,652
|
|
|
$
|
196,975
|
|
|
$
|
188,682
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total assets
|
$
|
2,247,701
|
|
|
$
|
2,187,702
|
|
|
|
|
|
|||||
Goodwill
|
(69,744
|
)
|
|
(69,744
|
)
|
|
|
|
|
|||||||
Intangible assets (excluding MSRs)
|
(2,827
|
)
|
|
(2,989
|
)
|
|
|
|
|
|||||||
Related deferred tax liabilities
|
1,513
|
|
|
1,545
|
|
|
|
|
|
|||||||
Tangible assets
|
$
|
2,176,643
|
|
|
$
|
2,116,514
|
|
|
|
|
|
|
|
Bank of America
61
|
|
|
Bank of America
62
|
|
|
|
|
||||
Consolidated Statement of Income
|
|||||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions, except per share information)
|
2017
|
|
2016
|
||||
Interest income
|
|
|
|
|
|
||
Loans and leases
|
$
|
8,754
|
|
|
$
|
8,260
|
|
Debt securities
|
2,541
|
|
|
2,517
|
|
||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
439
|
|
|
276
|
|
||
Trading account assets
|
1,076
|
|
|
1,179
|
|
||
Other interest income
|
900
|
|
|
776
|
|
||
Total interest income
|
13,710
|
|
|
13,008
|
|
||
|
|
|
|
||||
Interest expense
|
|
|
|
|
|
||
Deposits
|
282
|
|
|
225
|
|
||
Short-term borrowings
|
647
|
|
|
613
|
|
||
Trading account liabilities
|
264
|
|
|
292
|
|
||
Long-term debt
|
1,459
|
|
|
1,393
|
|
||
Total interest expense
|
2,652
|
|
|
2,523
|
|
||
Net interest income
|
11,058
|
|
|
10,485
|
|
||
|
|
|
|
||||
Noninterest income
|
|
|
|
|
|
||
Card income
|
1,449
|
|
|
1,430
|
|
||
Service charges
|
1,918
|
|
|
1,837
|
|
||
Investment and brokerage services
|
3,262
|
|
|
3,182
|
|
||
Investment banking income
|
1,584
|
|
|
1,153
|
|
||
Trading account profits
|
2,331
|
|
|
1,662
|
|
||
Mortgage banking income
|
122
|
|
|
433
|
|
||
Gains on sales of debt securities
|
52
|
|
|
190
|
|
||
Other income
|
472
|
|
|
418
|
|
||
Total noninterest income
|
11,190
|
|
|
10,305
|
|
||
Total revenue, net of interest expense
|
22,248
|
|
|
20,790
|
|
||
|
|
|
|
||||
Provision for credit losses
|
835
|
|
|
997
|
|
||
|
|
|
|
||||
Noninterest expense
|
|
|
|
|
|
||
Personnel
|
9,158
|
|
|
8,852
|
|
||
Occupancy
|
1,000
|
|
|
1,028
|
|
||
Equipment
|
438
|
|
|
463
|
|
||
Marketing
|
332
|
|
|
419
|
|
||
Professional fees
|
456
|
|
|
425
|
|
||
Amortization of intangibles
|
162
|
|
|
187
|
|
||
Data processing
|
794
|
|
|
838
|
|
||
Telecommunications
|
191
|
|
|
173
|
|
||
Other general operating
|
2,317
|
|
|
2,431
|
|
||
Total noninterest expense
|
14,848
|
|
|
14,816
|
|
||
Income before income taxes
|
6,565
|
|
|
4,977
|
|
||
Income tax expense
|
1,709
|
|
|
1,505
|
|
||
Net income
|
$
|
4,856
|
|
|
$
|
3,472
|
|
Preferred stock dividends
|
502
|
|
|
457
|
|
||
Net income applicable to common shareholders
|
$
|
4,354
|
|
|
$
|
3,015
|
|
|
|
|
|
||||
Per common share information
|
|
|
|
|
|
||
Earnings
|
$
|
0.43
|
|
|
$
|
0.29
|
|
Diluted earnings
|
0.41
|
|
|
0.28
|
|
||
Dividends paid
|
0.075
|
|
|
0.05
|
|
||
Average common shares issued and outstanding (in thousands)
|
10,099,557
|
|
|
10,370,094
|
|
||
Average diluted common shares issued and outstanding (in thousands)
|
10,914,815
|
|
|
11,100,067
|
|
|
|
|
|
||||
Consolidated Statement of Comprehensive Income
|
|||||||
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2017
|
|
2016
|
||||
Net income
|
$
|
4,856
|
|
|
$
|
3,472
|
|
Other comprehensive income (loss), net-of-tax:
|
|
|
|
||||
Net change in debt and marketable equity securities
|
(99
|
)
|
|
2,356
|
|
||
Net change in debit valuation adjustments
|
9
|
|
|
127
|
|
||
Net change in derivatives
|
38
|
|
|
24
|
|
||
Employee benefit plan adjustments
|
27
|
|
|
10
|
|
||
Net change in foreign currency translation adjustments
|
(3
|
)
|
|
12
|
|
||
Other comprehensive income (loss)
|
(28
|
)
|
|
2,529
|
|
||
Comprehensive income
|
$
|
4,828
|
|
|
$
|
6,001
|
|
|
|
Bank of America
64
|
|
|
|
|
||||
Consolidated Balance Sheet (continued)
|
|||||||
|
|
||||||
(Dollars in millions)
|
March 31
2017 |
|
December 31
2016 |
||||
Liabilities
|
|
|
|
|
|
||
Deposits in U.S. offices:
|
|
|
|
|
|
||
Noninterest-bearing
|
$
|
436,972
|
|
|
$
|
438,125
|
|
Interest-bearing (includes
$598
and $731
measured at fair value)
|
762,161
|
|
|
750,891
|
|
||
Deposits in non-U.S. offices:
|
|
|
|
||||
Noninterest-bearing
|
13,223
|
|
|
12,039
|
|
||
Interest-bearing
|
59,785
|
|
|
59,879
|
|
||
Total deposits
|
1,272,141
|
|
|
1,260,934
|
|
||
Federal funds purchased and securities loaned or sold under agreements to repurchase (includes
$36,663
and $35,766
measured at fair value)
|
186,098
|
|
|
170,291
|
|
||
Trading account liabilities
|
77,283
|
|
|
63,031
|
|
||
Derivative liabilities
|
36,428
|
|
|
39,480
|
|
||
Short-term borrowings (includes
$1,041
and $2,024
measured at fair value)
|
44,162
|
|
|
23,944
|
|
||
Accrued expenses and other liabilities (includes
$16,245
and $14,630
measured at fair value and
$757
and $762 of reserve for unfunded lending commitments)
|
142,051
|
|
|
146,359
|
|
||
Long-term debt (includes
$29,617
and $30,037
measured at fair value)
|
221,385
|
|
|
216,823
|
|
||
Total liabilities
|
1,979,548
|
|
|
1,920,862
|
|
||
Commitments and contingencies
(Note 6 – Securitizations and Other Variable Interest Entities, Note 7 – Representations and Warranties Obligations and Corporate Guarantees
and
Note 10 – Commitments and Contingencies)
|
|
|
|
|
|
||
Shareholders’ equity
|
|
|
|
|
|
||
Preferred stock, $0.01 par value; authorized –
100,000,000
shares; issued and outstanding –
3,887,329
and 3,887,329 shares
|
25,220
|
|
|
25,220
|
|
||
Common stock and additional paid-in capital, $0.01 par value; authorized –
12,800,000,000
shares; issued and outstanding –
9,974,189,863
and 10,052,625,604 shares
|
144,782
|
|
|
147,038
|
|
||
Retained earnings
|
105,467
|
|
|
101,870
|
|
||
Accumulated other comprehensive income (loss)
|
(7,316
|
)
|
|
(7,288
|
)
|
||
Total shareholders’ equity
|
268,153
|
|
|
266,840
|
|
||
Total liabilities and shareholders’ equity
|
$
|
2,247,701
|
|
|
$
|
2,187,702
|
|
|
|
|
|
||||
Liabilities of consolidated variable interest entities included in total liabilities above
|
|
|
|
|
|
||
Short-term borrowings
|
$
|
185
|
|
|
$
|
348
|
|
Long-term debt (includes
$11,730
and $10,417 of non-recourse debt)
|
11,944
|
|
|
10,646
|
|
||
All other liabilities (includes
$34
and $38 of non-recourse liabilities)
|
37
|
|
|
41
|
|
||
Total liabilities of consolidated variable interest entities
|
$
|
12,166
|
|
|
$
|
11,035
|
|
|
|
Bank of America
66
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Consolidated Statement of Changes in Shareholders’ Equity
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Preferred
Stock
|
|
Common Stock and
Additional Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Total
Shareholders’
Equity
|
|||||||||||||
(Dollars in millions, shares in thousands)
|
|
Shares
|
|
Amount
|
|
|
|
|||||||||||||||
Balance, December 31, 2015
|
$
|
22,273
|
|
|
10,380,265
|
|
|
$
|
151,042
|
|
|
$
|
88,219
|
|
|
$
|
(5,358
|
)
|
|
$
|
256,176
|
|
Net income
|
|
|
|
|
|
|
3,472
|
|
|
|
|
3,472
|
|
|||||||||
Net change in debt and marketable equity securities
|
|
|
|
|
|
|
|
|
2,356
|
|
|
2,356
|
|
|||||||||
Net change in debit valuation adjustments
|
|
|
|
|
|
|
|
|
127
|
|
|
127
|
|
|||||||||
Net change in derivatives
|
|
|
|
|
|
|
|
|
24
|
|
|
24
|
|
|||||||||
Employee benefit plan adjustments
|
|
|
|
|
|
|
|
|
10
|
|
|
10
|
|
|||||||||
Net change in foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
12
|
|
|
12
|
|
|||||||||
Dividends declared:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Common
|
|
|
|
|
|
|
(517
|
)
|
|
|
|
(517
|
)
|
|||||||||
Preferred
|
|
|
|
|
|
|
(457
|
)
|
|
|
|
(457
|
)
|
|||||||||
Issuance of preferred stock
|
2,069
|
|
|
|
|
|
|
|
|
|
|
2,069
|
|
|||||||||
Common stock issued under employee plans, net, and related tax effects
|
|
|
4,936
|
|
|
732
|
|
|
|
|
|
|
732
|
|
||||||||
Common stock repurchased
|
|
|
(72,541
|
)
|
|
(1,000
|
)
|
|
|
|
|
|
(1,000
|
)
|
||||||||
Balance, March 31, 2016
|
$
|
24,342
|
|
|
10,312,660
|
|
|
$
|
150,774
|
|
|
$
|
90,717
|
|
|
$
|
(2,829
|
)
|
|
$
|
263,004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance, December 31, 2016
|
$
|
25,220
|
|
|
10,052,626
|
|
|
$
|
147,038
|
|
|
$
|
101,870
|
|
|
$
|
(7,288
|
)
|
|
$
|
266,840
|
|
Net income
|
|
|
|
|
|
|
4,856
|
|
|
|
|
4,856
|
|
|||||||||
Net change in debt and marketable equity securities
|
|
|
|
|
|
|
|
|
(99
|
)
|
|
(99
|
)
|
|||||||||
Net change in debit valuation adjustments
|
|
|
|
|
|
|
|
|
9
|
|
|
9
|
|
|||||||||
Net change in derivatives
|
|
|
|
|
|
|
|
|
38
|
|
|
38
|
|
|||||||||
Employee benefit plan adjustments
|
|
|
|
|
|
|
|
|
27
|
|
|
27
|
|
|||||||||
Net change in foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
(3
|
)
|
|
(3
|
)
|
|||||||||
Dividends declared:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Common
|
|
|
|
|
|
|
(757
|
)
|
|
|
|
(757
|
)
|
|||||||||
Preferred
|
|
|
|
|
|
|
(502
|
)
|
|
|
|
(502
|
)
|
|||||||||
Common stock issued under employee plans, net
|
|
|
35,949
|
|
|
472
|
|
|
|
|
|
|
472
|
|
||||||||
Common stock repurchased
|
|
|
(114,385
|
)
|
|
(2,728
|
)
|
|
|
|
|
|
(2,728
|
)
|
||||||||
Balance, March 31, 2017
|
$
|
25,220
|
|
|
9,974,190
|
|
|
$
|
144,782
|
|
|
$
|
105,467
|
|
|
$
|
(7,316
|
)
|
|
$
|
268,153
|
|
|
|
|
|
||||
Consolidated Statement of Cash Flows
|
|
|
|
||||
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2017
|
|
2016
|
||||
Operating activities
|
|
|
|
||||
Net income
|
$
|
4,856
|
|
|
$
|
3,472
|
|
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
|
|
|
|
||||
Provision for credit losses
|
835
|
|
|
997
|
|
||
Gains on sales of debt securities
|
(52
|
)
|
|
(190
|
)
|
||
Realized debit valuation adjustments on structured liabilities
|
6
|
|
|
7
|
|
||
Depreciation and premises improvements amortization
|
372
|
|
|
379
|
|
||
Amortization of intangibles
|
162
|
|
|
187
|
|
||
Net amortization of premium/discount on debt securities
|
544
|
|
|
528
|
|
||
Deferred income taxes
|
1,109
|
|
|
1,704
|
|
||
Stock-based compensation
|
1,060
|
|
|
831
|
|
||
Loans held-for-sale:
|
|
|
|
||||
Originations and purchases
|
(13,309
|
)
|
|
(5,728
|
)
|
||
Proceeds from sales and paydowns of loans originally classified as held-for-sale
|
7,528
|
|
|
6,675
|
|
||
Net change in:
|
|
|
|
||||
Trading and derivative instruments
|
(16,463
|
)
|
|
8,135
|
|
||
Other assets
|
3,577
|
|
|
2,361
|
|
||
Accrued expenses and other liabilities
|
(4,518
|
)
|
|
(8,556
|
)
|
||
Other operating activities, net
|
1,447
|
|
|
95
|
|
||
Net cash (used in) provided by operating activities
|
(12,846
|
)
|
|
10,897
|
|
||
Investing activities
|
|
|
|
||||
Net change in:
|
|
|
|
||||
Time deposits placed and other short-term investments
|
(2,106
|
)
|
|
1,853
|
|
||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
(12,509
|
)
|
|
(28,647
|
)
|
||
Debt securities carried at fair value:
|
|
|
|
||||
Proceeds from sales
|
22,087
|
|
|
17,384
|
|
||
Proceeds from paydowns and maturities
|
24,015
|
|
|
25,510
|
|
||
Purchases
|
(44,198
|
)
|
|
(30,988
|
)
|
||
Held-to-maturity debt securities:
|
|
|
|
||||
Proceeds from paydowns and maturities
|
3,874
|
|
|
2,768
|
|
||
Purchases
|
(3,033
|
)
|
|
(4,334
|
)
|
||
Loans and leases:
|
|
|
|
||||
Proceeds from sales
|
2,557
|
|
|
8,021
|
|
||
Purchases
|
(1,648
|
)
|
|
(4,224
|
)
|
||
Other changes in loans and leases, net
|
(1,811
|
)
|
|
(9,309
|
)
|
||
Other investing activities, net
|
(1,247
|
)
|
|
592
|
|
||
Net cash used in investing activities
|
(14,019
|
)
|
|
(21,374
|
)
|
||
Financing activities
|
|
|
|
||||
Net change in:
|
|
|
|
||||
Deposits
|
11,207
|
|
|
20,002
|
|
||
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
15,807
|
|
|
14,669
|
|
||
Short-term borrowings
|
20,131
|
|
|
2,783
|
|
||
Long-term debt:
|
|
|
|
||||
Proceeds from issuance
|
17,378
|
|
|
6,260
|
|
||
Retirement of long-term debt
|
(13,617
|
)
|
|
(14,404
|
)
|
||
Preferred stock: Proceeds from issuance
|
—
|
|
|
2,069
|
|
||
Common stock repurchased
|
(2,728
|
)
|
|
(1,000
|
)
|
||
Cash dividends paid
|
(1,255
|
)
|
|
(974
|
)
|
||
Other financing activities, net
|
(584
|
)
|
|
(77
|
)
|
||
Net cash provided by financing activities
|
46,339
|
|
|
29,328
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
813
|
|
|
1,406
|
|
||
Net increase in cash and cash equivalents
|
20,287
|
|
|
20,257
|
|
||
Cash and cash equivalents at January 1
|
147,738
|
|
|
159,353
|
|
||
Cash and cash equivalents at March 31
|
$
|
168,025
|
|
|
$
|
179,610
|
|
|
|
Bank of America
68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
March 31, 2017
|
||||||||||||||||||||||||
|
|
|
Gross Derivative Assets
|
|
Gross Derivative Liabilities
|
||||||||||||||||||||||
(Dollars in billions)
|
Contract/
Notional
(1)
|
|
Trading and Other Risk Management Derivatives
|
|
Qualifying
Accounting
Hedges
|
|
Total
|
|
Trading and Other Risk Management Derivatives
|
|
Qualifying
Accounting
Hedges
|
|
Total
|
||||||||||||||
Interest rate contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Swaps
|
$
|
17,448.7
|
|
|
$
|
326.3
|
|
|
$
|
5.1
|
|
|
$
|
331.4
|
|
|
$
|
327.9
|
|
|
$
|
2.1
|
|
|
$
|
330.0
|
|
Futures and forwards
|
6,720.2
|
|
|
2.1
|
|
|
—
|
|
|
2.1
|
|
|
2.1
|
|
|
—
|
|
|
2.1
|
|
|||||||
Written options
|
1,147.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
46.8
|
|
|
—
|
|
|
46.8
|
|
|||||||
Purchased options
|
1,252.2
|
|
|
48.0
|
|
|
—
|
|
|
48.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Foreign exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Swaps
|
1,866.1
|
|
|
39.5
|
|
|
2.3
|
|
|
41.8
|
|
|
42.8
|
|
|
4.3
|
|
|
47.1
|
|
|||||||
Spot, futures and forwards
|
4,441.1
|
|
|
47.8
|
|
|
1.1
|
|
|
48.9
|
|
|
48.4
|
|
|
0.8
|
|
|
49.2
|
|
|||||||
Written options
|
346.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5.9
|
|
|
—
|
|
|
5.9
|
|
|||||||
Purchased options
|
323.4
|
|
|
5.4
|
|
|
—
|
|
|
5.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Equity contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Swaps
|
209.9
|
|
|
4.0
|
|
|
—
|
|
|
4.0
|
|
|
4.1
|
|
|
—
|
|
|
4.1
|
|
|||||||
Futures and forwards
|
91.1
|
|
|
1.8
|
|
|
—
|
|
|
1.8
|
|
|
1.1
|
|
|
—
|
|
|
1.1
|
|
|||||||
Written options
|
511.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23.4
|
|
|
—
|
|
|
23.4
|
|
|||||||
Purchased options
|
449.1
|
|
|
25.1
|
|
|
—
|
|
|
25.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Commodity contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Swaps
|
44.9
|
|
|
2.0
|
|
|
—
|
|
|
2.0
|
|
|
4.3
|
|
|
—
|
|
|
4.3
|
|
|||||||
Futures and forwards
|
49.4
|
|
|
3.4
|
|
|
—
|
|
|
3.4
|
|
|
0.4
|
|
|
—
|
|
|
0.4
|
|
|||||||
Written options
|
29.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.6
|
|
|
—
|
|
|
1.6
|
|
|||||||
Purchased options
|
30.2
|
|
|
1.6
|
|
|
—
|
|
|
1.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Credit derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Purchased credit derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Credit default swaps
|
599.9
|
|
|
6.1
|
|
|
—
|
|
|
6.1
|
|
|
10.6
|
|
|
—
|
|
|
10.6
|
|
|||||||
Total return swaps/other
|
34.3
|
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|
1.5
|
|
|
—
|
|
|
1.5
|
|
|||||||
Written credit derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Credit default swaps
|
595.8
|
|
|
10.7
|
|
|
—
|
|
|
10.7
|
|
|
5.5
|
|
|
—
|
|
|
5.5
|
|
|||||||
Total return swaps/other
|
41.5
|
|
|
1.0
|
|
|
—
|
|
|
1.0
|
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|||||||
Gross derivative assets/liabilities
|
|
|
|
$
|
525.0
|
|
|
$
|
8.5
|
|
|
$
|
533.5
|
|
|
$
|
526.6
|
|
|
$
|
7.2
|
|
|
$
|
533.8
|
|
|
Less: Legally enforceable master netting agreements
|
|
|
|
|
|
|
|
|
|
(457.9
|
)
|
|
|
|
|
|
|
|
(457.9
|
)
|
|||||||
Less: Cash collateral received/paid
|
|
|
|
|
|
|
|
|
|
(35.5
|
)
|
|
|
|
|
|
|
|
(39.5
|
)
|
|||||||
Total derivative assets/liabilities
(2)
|
|
|
|
|
|
|
|
|
|
$
|
40.1
|
|
|
|
|
|
|
|
|
$
|
36.4
|
|
(1)
|
Represents the total contract/notional amount of derivative assets and liabilities outstanding.
|
(2)
|
Derivative assets and liabilities reflect a central clearing counterparty's amendments to legally re-characterize daily cash variation margin from collateral, which secures an outstanding exposure, to settlement, which discharges an outstanding exposure, effective early in 2017.
|
|
|
Bank of America
70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
December 31, 2016
|
||||||||||||||||||||||||
|
|
|
Gross Derivative Assets
|
|
Gross Derivative Liabilities
|
||||||||||||||||||||||
(Dollars in billions)
|
Contract/
Notional
(1)
|
|
Trading and Other Risk Management Derivatives
|
|
Qualifying
Accounting
Hedges
|
|
Total
|
|
Trading and Other Risk Management Derivatives
|
|
Qualifying
Accounting
Hedges
|
|
Total
|
||||||||||||||
Interest rate contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Swaps
|
$
|
16,977.7
|
|
|
$
|
385.0
|
|
|
$
|
5.9
|
|
|
$
|
390.9
|
|
|
$
|
386.9
|
|
|
$
|
2.0
|
|
|
$
|
388.9
|
|
Futures and forwards
|
5,609.5
|
|
|
2.2
|
|
|
—
|
|
|
2.2
|
|
|
2.1
|
|
|
—
|
|
|
2.1
|
|
|||||||
Written options
|
1,146.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
52.2
|
|
|
—
|
|
|
52.2
|
|
|||||||
Purchased options
|
1,178.7
|
|
|
53.3
|
|
|
—
|
|
|
53.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Foreign exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Swaps
|
1,828.6
|
|
|
54.6
|
|
|
4.2
|
|
|
58.8
|
|
|
58.8
|
|
|
6.2
|
|
|
65.0
|
|
|||||||
Spot, futures and forwards
|
3,410.7
|
|
|
58.8
|
|
|
1.7
|
|
|
60.5
|
|
|
56.6
|
|
|
0.8
|
|
|
57.4
|
|
|||||||
Written options
|
356.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9.4
|
|
|
—
|
|
|
9.4
|
|
|||||||
Purchased options
|
342.4
|
|
|
8.9
|
|
|
—
|
|
|
8.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Equity contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Swaps
|
189.7
|
|
|
3.4
|
|
|
—
|
|
|
3.4
|
|
|
4.0
|
|
|
—
|
|
|
4.0
|
|
|||||||
Futures and forwards
|
68.7
|
|
|
0.9
|
|
|
—
|
|
|
0.9
|
|
|
0.9
|
|
|
—
|
|
|
0.9
|
|
|||||||
Written options
|
431.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21.4
|
|
|
—
|
|
|
21.4
|
|
|||||||
Purchased options
|
385.5
|
|
|
23.9
|
|
|
—
|
|
|
23.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Commodity contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Swaps
|
48.2
|
|
|
2.5
|
|
|
—
|
|
|
2.5
|
|
|
5.1
|
|
|
—
|
|
|
5.1
|
|
|||||||
Futures and forwards
|
49.1
|
|
|
3.6
|
|
|
—
|
|
|
3.6
|
|
|
0.5
|
|
|
—
|
|
|
0.5
|
|
|||||||
Written options
|
29.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.9
|
|
|
—
|
|
|
1.9
|
|
|||||||
Purchased options
|
28.9
|
|
|
2.0
|
|
|
—
|
|
|
2.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Credit derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Purchased credit derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Credit default swaps
|
604.0
|
|
|
8.1
|
|
|
—
|
|
|
8.1
|
|
|
10.3
|
|
|
—
|
|
|
10.3
|
|
|||||||
Total return swaps/other
|
21.2
|
|
|
0.4
|
|
|
—
|
|
|
0.4
|
|
|
1.5
|
|
|
—
|
|
|
1.5
|
|
|||||||
Written credit derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Credit default swaps
|
614.4
|
|
|
10.7
|
|
|
—
|
|
|
10.7
|
|
|
7.5
|
|
|
—
|
|
|
7.5
|
|
|||||||
Total return swaps/other
|
25.4
|
|
|
1.0
|
|
|
—
|
|
|
1.0
|
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|||||||
Gross derivative assets/liabilities
|
|
|
|
$
|
619.3
|
|
|
$
|
11.8
|
|
|
$
|
631.1
|
|
|
$
|
619.3
|
|
|
$
|
9.0
|
|
|
$
|
628.3
|
|
|
Less: Legally enforceable master netting agreements
|
|
|
|
|
|
|
|
|
|
(545.3
|
)
|
|
|
|
|
|
|
|
(545.3
|
)
|
|||||||
Less: Cash collateral received/paid
|
|
|
|
|
|
|
|
|
|
(43.3
|
)
|
|
|
|
|
|
|
|
(43.5
|
)
|
|||||||
Total derivative assets/liabilities
|
|
|
|
|
|
|
|
|
|
$
|
42.5
|
|
|
|
|
|
|
|
|
$
|
39.5
|
|
(1)
|
Represents the total contract/notional amount of derivative assets and liabilities outstanding.
|
|
|
|
|
|
|
|
|
||||||||
Offsetting of Derivatives
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||
(Dollars in billions)
|
Derivative
Assets
|
|
Derivative Liabilities
|
|
Derivative
Assets
|
|
Derivative Liabilities
|
||||||||
Interest rate contracts
|
|
|
|
|
|
|
|
|
|
|
|
||||
Over-the-counter
|
$
|
251.3
|
|
|
$
|
241.8
|
|
|
$
|
267.3
|
|
|
$
|
258.2
|
|
Over-the-counter cleared
|
128.5
|
|
|
135.0
|
|
|
177.2
|
|
|
182.8
|
|
||||
Foreign exchange contracts
|
|
|
|
|
|
|
|
||||||||
Over-the-counter
|
92.6
|
|
|
98.2
|
|
|
124.3
|
|
|
126.7
|
|
||||
Over-the-counter cleared
|
0.9
|
|
|
0.9
|
|
|
0.3
|
|
|
0.3
|
|
||||
Equity contracts
|
|
|
|
|
|
|
|
||||||||
Over-the-counter
|
17.2
|
|
|
14.8
|
|
|
15.6
|
|
|
13.7
|
|
||||
Exchange-traded
|
12.6
|
|
|
11.7
|
|
|
11.4
|
|
|
10.8
|
|
||||
Commodity contracts
|
|
|
|
|
|
|
|
||||||||
Over-the-counter
|
3.0
|
|
|
4.1
|
|
|
3.7
|
|
|
4.9
|
|
||||
Exchange-traded
|
0.9
|
|
|
0.8
|
|
|
1.1
|
|
|
1.0
|
|
||||
Credit derivatives
|
|
|
|
|
|
|
|
||||||||
Over-the-counter
|
12.9
|
|
|
12.6
|
|
|
15.3
|
|
|
14.7
|
|
||||
Over-the-counter cleared
|
4.5
|
|
|
4.6
|
|
|
4.3
|
|
|
4.3
|
|
||||
Total gross derivative assets/liabilities, before netting
|
|
|
|
|
|
|
|
||||||||
Over-the-counter
|
377.0
|
|
|
371.5
|
|
|
426.2
|
|
|
418.2
|
|
||||
Exchange-traded
|
13.5
|
|
|
12.5
|
|
|
12.5
|
|
|
11.8
|
|
||||
Over-the-counter cleared
|
133.9
|
|
|
140.5
|
|
|
181.8
|
|
|
187.4
|
|
||||
Less: Legally enforceable master netting agreements and cash collateral received/paid
|
|
|
|
|
|
|
|
||||||||
Over-the-counter
|
(350.8
|
)
|
|
(347.9
|
)
|
|
(398.2
|
)
|
|
(392.6
|
)
|
||||
Exchange-traded
|
(9.1
|
)
|
|
(9.1
|
)
|
|
(8.9
|
)
|
|
(8.9
|
)
|
||||
Over-the-counter cleared
|
(133.5
|
)
|
|
(140.4
|
)
|
|
(181.5
|
)
|
|
(187.3
|
)
|
||||
Derivative assets/liabilities, after netting
|
31.0
|
|
|
27.1
|
|
|
31.9
|
|
|
28.6
|
|
||||
Other gross derivative assets/liabilities
(1)
|
9.1
|
|
|
9.3
|
|
|
10.6
|
|
|
10.9
|
|
||||
Total derivative assets/liabilities
(2)
|
40.1
|
|
|
36.4
|
|
|
42.5
|
|
|
39.5
|
|
||||
Less: Financial instruments collateral
(3)
|
(12.5
|
)
|
|
(8.4
|
)
|
|
(13.5
|
)
|
|
(10.5
|
)
|
||||
Total net derivative assets/liabilities
|
$
|
27.6
|
|
|
$
|
28.0
|
|
|
$
|
29.0
|
|
|
$
|
29.0
|
|
(1)
|
Consists of derivatives entered into under master netting agreements where the enforceability of these agreements is uncertain.
|
(2)
|
Derivative assets and liabilities reflect a central clearing counterparty's amendments to legally re-characterize daily cash variation margin from collateral, which secures an outstanding exposure, to settlement of the exposure, which discharges an outstanding exposure, effective early in 2017.
|
(3)
|
These amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged.
|
|
|
Bank of America
72
|
|
|
|
|||||||||
Derivatives Designated as Fair Value Hedges
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Gains (Losses)
|
Three Months Ended March 31, 2017
|
||||||||||
(Dollars in millions)
|
Derivative
|
|
Hedged
Item
|
|
Hedge
Ineffectiveness
|
||||||
Interest rate risk on long-term debt
(1)
|
$
|
(750
|
)
|
|
$
|
566
|
|
|
$
|
(184
|
)
|
Interest rate and foreign currency risk on long-term debt
(1)
|
123
|
|
|
(133
|
)
|
|
(10
|
)
|
|||
Interest rate risk on available-for-sale securities
(2)
|
17
|
|
|
(37
|
)
|
|
(20
|
)
|
|||
Price risk on commodity inventory
(3)
|
6
|
|
|
(6
|
)
|
|
—
|
|
|||
Total
|
$
|
(604
|
)
|
|
$
|
390
|
|
|
$
|
(214
|
)
|
|
|
|
|
|
|
||||||
|
Three Months Ended March 31, 2016
|
||||||||||
Interest rate risk on long-term debt
(1)
|
$
|
2,661
|
|
|
$
|
(2,854
|
)
|
|
$
|
(193
|
)
|
Interest rate and foreign currency risk on long-term debt
(1)
|
839
|
|
|
(846
|
)
|
|
(7
|
)
|
|||
Interest rate risk on available-for-sale securities
(2)
|
(151
|
)
|
|
132
|
|
|
(19
|
)
|
|||
Price risk on commodity inventory
(3)
|
2
|
|
|
(2
|
)
|
|
—
|
|
|||
Total
|
$
|
3,351
|
|
|
$
|
(3,570
|
)
|
|
$
|
(219
|
)
|
(1)
|
Amounts are recorded in interest expense on long-term debt and in other income.
|
(2)
|
Amounts are recorded in interest income on debt securities.
|
(3)
|
Amounts relating to commodity inventory are recorded in trading account profits.
|
|
|
|
|
|
|
||||||
Derivatives Designated as Cash Flow and Net Investment Hedges
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
Three Months Ended March 31, 2017
|
||||||||||
(Dollars in millions, amounts pretax)
|
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
|
$
|
(37
|
)
|
|
$
|
(112
|
)
|
|
$
|
3
|
|
Price risk on restricted stock awards
(2)
|
28
|
|
|
42
|
|
|
—
|
|
|||
Total
|
$
|
(9
|
)
|
|
$
|
(70
|
)
|
|
$
|
3
|
|
Net investment hedges
|
|
|
|
|
|
|
|
|
|||
Foreign exchange risk
|
$
|
(389
|
)
|
|
$
|
(130
|
)
|
|
$
|
(15
|
)
|
|
|
|
|
|
|
||||||
|
Three Months Ended March 31, 2016
|
||||||||||
Cash flow hedges
|
|
|
|
|
|
|
|
|
|||
Interest rate risk on variable-rate portfolios
|
$
|
39
|
|
|
$
|
(164
|
)
|
|
$
|
6
|
|
Price risk on restricted stock awards
(2)
|
(198
|
)
|
|
(34
|
)
|
|
—
|
|
|||
Total
|
$
|
(159
|
)
|
|
$
|
(198
|
)
|
|
$
|
6
|
|
Net investment hedges
|
|
|
|
|
|
|
|
|
|||
Foreign exchange risk
|
$
|
(633
|
)
|
|
$
|
1
|
|
|
$
|
(143
|
)
|
(1)
|
Amounts related to cash flow hedges represent hedge ineffectiveness and amounts related to net investment hedges represent amounts excluded from effectiveness testing.
|
(2)
|
Gains (losses) recognized in accumulated OCI are primarily related to the change in the Corporation’s stock price for the period.
|
|
|
|
|
||||
Other Risk Management Derivatives
|
|
|
|
||||
|
|
|
|
||||
Gains (Losses)
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2017
|
|
2016
|
||||
Interest rate risk on mortgage banking income
(1)
|
$
|
(24
|
)
|
|
$
|
546
|
|
Credit risk on loans
(2)
|
(2
|
)
|
|
(65
|
)
|
||
Interest rate and foreign currency risk on ALM activities
(3)
|
(290
|
)
|
|
(884
|
)
|
||
Price risk on restricted stock awards
(4)
|
104
|
|
|
(741
|
)
|
||
Other
|
1
|
|
|
26
|
|
(1)
|
Net gains (losses) on these derivatives are recorded in mortgage banking income as they are used to mitigate the interest rate risk related to MSRs, interest rate lock commitments (IRLCs) and mortgage loans held-for-sale, all of which are measured at fair value with changes in fair value recorded in mortgage banking income. The net gains on IRLCs related to the origination of mortgage loans that are held-for-sale, which are not included in the table but are considered derivative instruments, were
$56 million
and
$151 million
for the
three months ended March 31, 2017 and 2016
.
|
(2)
|
Primarily related to derivatives that are economic hedges of credit risk on loans. Net gains (losses) on these derivatives are recorded in other income.
|
(3)
|
Primarily related to hedges of debt securities carried at fair value and hedges of foreign currency-denominated debt. Gains (losses) on these derivatives and the related hedged items are recorded in other income.
|
(4)
|
Gains (losses) on these derivatives are recorded in personnel expense.
|
|
|
Bank of America
74
|
|
|
|
|
|
|
|
|
||||||||
Sales and Trading Revenue
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended March 31, 2017
|
||||||||||||||
(Dollars in millions)
|
Trading Account Profits
|
|
Net Interest Income
|
|
Other
(1)
|
|
Total
|
||||||||
Interest rate risk
|
$
|
348
|
|
|
$
|
307
|
|
|
$
|
118
|
|
|
$
|
773
|
|
Foreign exchange risk
|
368
|
|
|
(3
|
)
|
|
(41
|
)
|
|
324
|
|
||||
Equity risk
|
671
|
|
|
(75
|
)
|
|
487
|
|
|
1,083
|
|
||||
Credit risk
|
686
|
|
|
647
|
|
|
197
|
|
|
1,530
|
|
||||
Other risk
|
104
|
|
|
5
|
|
|
33
|
|
|
142
|
|
||||
Total sales and trading revenue
|
$
|
2,177
|
|
|
$
|
881
|
|
|
$
|
794
|
|
|
$
|
3,852
|
|
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended March 31, 2016
|
||||||||||||||
Interest rate risk
|
$
|
495
|
|
|
$
|
425
|
|
|
$
|
52
|
|
|
$
|
972
|
|
Foreign exchange risk
|
340
|
|
|
(1
|
)
|
|
(36
|
)
|
|
303
|
|
||||
Equity risk
|
431
|
|
|
2
|
|
|
597
|
|
|
1,030
|
|
||||
Credit risk
|
208
|
|
|
626
|
|
|
138
|
|
|
972
|
|
||||
Other risk
|
121
|
|
|
(16
|
)
|
|
15
|
|
|
120
|
|
||||
Total sales and trading revenue
|
$
|
1,595
|
|
|
$
|
1,036
|
|
|
$
|
766
|
|
|
$
|
3,397
|
|
(1)
|
Represents amounts in investment and brokerage services and other income that are recorded in
Global Markets
and included in the definition of sales and trading revenue. Includes investment and brokerage services revenue of
$524 million
and
$559 million
for the
three months ended March 31, 2017 and 2016
.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Credit Derivative Instruments
|
|
||||||||||||||||||
|
|
||||||||||||||||||
|
March 31, 2017
|
||||||||||||||||||
|
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
|
$
|
5
|
|
|
$
|
36
|
|
|
$
|
277
|
|
|
$
|
683
|
|
|
$
|
1,001
|
|
Non-investment grade
|
237
|
|
|
655
|
|
|
574
|
|
|
3,004
|
|
|
4,470
|
|
|||||
Total
|
242
|
|
|
691
|
|
|
851
|
|
|
3,687
|
|
|
5,471
|
|
|||||
Total return swaps/other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
24
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24
|
|
|||||
Non-investment grade
|
141
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
141
|
|
|||||
Total
|
165
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
165
|
|
|||||
Total credit derivatives
|
$
|
407
|
|
|
$
|
691
|
|
|
$
|
851
|
|
|
$
|
3,687
|
|
|
$
|
5,636
|
|
Credit-related notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
546
|
|
|
$
|
1,000
|
|
|
$
|
1,549
|
|
Non-investment grade
|
19
|
|
|
14
|
|
|
30
|
|
|
1,382
|
|
|
1,445
|
|
|||||
Total credit-related notes
|
$
|
19
|
|
|
$
|
17
|
|
|
$
|
576
|
|
|
$
|
2,382
|
|
|
$
|
2,994
|
|
|
Maximum Payout/Notional
|
||||||||||||||||||
Credit default swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
$
|
111,737
|
|
|
$
|
136,977
|
|
|
$
|
110,112
|
|
|
$
|
34,600
|
|
|
$
|
393,426
|
|
Non-investment grade
|
80,990
|
|
|
62,329
|
|
|
37,069
|
|
|
22,009
|
|
|
202,397
|
|
|||||
Total
|
192,727
|
|
|
199,306
|
|
|
147,181
|
|
|
56,609
|
|
|
595,823
|
|
|||||
Total return swaps/other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
27,669
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27,669
|
|
|||||
Non-investment grade
|
8,070
|
|
|
4,951
|
|
|
500
|
|
|
286
|
|
|
13,807
|
|
|||||
Total
|
35,739
|
|
|
4,951
|
|
|
500
|
|
|
286
|
|
|
41,476
|
|
|||||
Total credit derivatives
|
$
|
228,466
|
|
|
$
|
204,257
|
|
|
$
|
147,681
|
|
|
$
|
56,895
|
|
|
$
|
637,299
|
|
|
December 31, 2016
|
||||||||||||||||||
|
Carrying Value
|
||||||||||||||||||
Credit default swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
$
|
10
|
|
|
$
|
64
|
|
|
$
|
535
|
|
|
$
|
783
|
|
|
$
|
1,392
|
|
Non-investment grade
|
771
|
|
|
1,053
|
|
|
908
|
|
|
3,339
|
|
|
6,071
|
|
|||||
Total
|
781
|
|
|
1,117
|
|
|
1,443
|
|
|
4,122
|
|
|
7,463
|
|
|||||
Total return swaps/other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
16
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16
|
|
|||||
Non-investment grade
|
127
|
|
|
10
|
|
|
2
|
|
|
1
|
|
|
140
|
|
|||||
Total
|
143
|
|
|
10
|
|
|
2
|
|
|
1
|
|
|
156
|
|
|||||
Total credit derivatives
|
$
|
924
|
|
|
$
|
1,127
|
|
|
$
|
1,445
|
|
|
$
|
4,123
|
|
|
$
|
7,619
|
|
Credit-related notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
$
|
—
|
|
|
$
|
12
|
|
|
$
|
542
|
|
|
$
|
1,423
|
|
|
$
|
1,977
|
|
Non-investment grade
|
70
|
|
|
22
|
|
|
60
|
|
|
1,318
|
|
|
1,470
|
|
|||||
Total credit-related notes
|
$
|
70
|
|
|
$
|
34
|
|
|
$
|
602
|
|
|
$
|
2,741
|
|
|
$
|
3,447
|
|
|
Maximum Payout/Notional
|
||||||||||||||||||
Credit default swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
$
|
121,083
|
|
|
$
|
143,200
|
|
|
$
|
116,540
|
|
|
$
|
21,905
|
|
|
$
|
402,728
|
|
Non-investment grade
|
84,755
|
|
|
67,160
|
|
|
41,001
|
|
|
18,711
|
|
|
211,627
|
|
|||||
Total
|
205,838
|
|
|
210,360
|
|
|
157,541
|
|
|
40,616
|
|
|
614,355
|
|
|||||
Total return swaps/other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
12,792
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,792
|
|
|||||
Non-investment grade
|
6,638
|
|
|
5,127
|
|
|
589
|
|
|
208
|
|
|
12,562
|
|
|||||
Total
|
19,430
|
|
|
5,127
|
|
|
589
|
|
|
208
|
|
|
25,354
|
|
|||||
Total credit derivatives
|
$
|
225,268
|
|
|
$
|
215,487
|
|
|
$
|
158,130
|
|
|
$
|
40,824
|
|
|
$
|
639,709
|
|
|
|
Bank of America
76
|
|
|
|
||||
Additional Collateral Required to be Posted Upon Downgrade
|
||||||
|
|
|
||||
|
March 31, 2017
|
|||||
(Dollars in millions)
|
One
incremental notch
|
Second
incremental notch
|
||||
Bank of America Corporation
|
$
|
520
|
|
$
|
819
|
|
Bank of America, N.A. and subsidiaries
(1)
|
370
|
|
422
|
|
(1)
|
Included in Bank of America Corporation collateral requirements in this table.
|
|
|
|
||||
Derivative Liabilities Subject to Unilateral Termination Upon Downgrade
|
||||||
|
|
|
||||
|
March 31, 2017
|
|||||
(Dollars in millions)
|
One
incremental notch
|
Second
incremental notch
|
||||
Derivative liabilities
|
$
|
611
|
|
$
|
1,439
|
|
Collateral posted
|
441
|
|
1,053
|
|
|
|
|
|
|
|
||||||||
Valuation Adjustments on Derivatives
|
|||||||||||||
|
|
|
|
|
|
||||||||
Gains (Losses)
|
Three Months Ended March 31
|
||||||||||||
|
2017
|
|
2016
|
||||||||||
(Dollars in millions)
|
Gross
|
Net
|
|
Gross
|
Net
|
||||||||
Derivative assets (CVA)
(1)
|
$
|
161
|
|
$
|
26
|
|
|
$
|
(209
|
)
|
$
|
52
|
|
Derivative assets/liabilities (FVA)
(1)
|
49
|
|
56
|
|
|
(56
|
)
|
(56
|
)
|
||||
Derivative liabilities (DVA)
(1)
|
(150
|
)
|
(93
|
)
|
|
306
|
|
184
|
|
(1)
|
At
March 31, 2017
and
December 31, 2016
, cumulative CVA reduced the derivative assets balance by
$846 million
and
$1.0 billion
, cumulative FVA reduced the net derivatives balance by
$247 million
and
$296 million
, and cumulative DVA reduced the derivative liabilities balance by
$624 million
and
$774 million
, respectively.
|
|
|
|
|
|
|
|
|
||||||||
Debt Securities and Available-for-Sale Marketable Equity Securities
|
|
|
|
|
|||||||||||
|
|
||||||||||||||
|
March 31, 2017
|
||||||||||||||
(Dollars in millions)
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
Available-for-sale debt securities
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|||||||
Agency
|
$
|
190,684
|
|
|
$
|
553
|
|
|
$
|
(2,194
|
)
|
|
$
|
189,043
|
|
Agency-collateralized mortgage obligations
|
7,848
|
|
|
78
|
|
|
(49
|
)
|
|
7,877
|
|
||||
Commercial
|
12,809
|
|
|
27
|
|
|
(264
|
)
|
|
12,572
|
|
||||
Non-agency residential
(1)
|
1,758
|
|
|
209
|
|
|
(24
|
)
|
|
1,943
|
|
||||
Total mortgage-backed securities
|
213,099
|
|
|
867
|
|
|
(2,531
|
)
|
|
211,435
|
|
||||
U.S. Treasury and agency securities
|
51,056
|
|
|
168
|
|
|
(666
|
)
|
|
50,558
|
|
||||
Non-U.S. securities
|
6,744
|
|
|
13
|
|
|
(4
|
)
|
|
6,753
|
|
||||
Other taxable securities, substantially all asset-backed securities
|
9,754
|
|
|
76
|
|
|
(11
|
)
|
|
9,819
|
|
||||
Total taxable securities
|
280,653
|
|
|
1,124
|
|
|
(3,212
|
)
|
|
278,565
|
|
||||
Tax-exempt securities
|
17,443
|
|
|
80
|
|
|
(188
|
)
|
|
17,335
|
|
||||
Total available-for-sale debt securities
|
298,096
|
|
|
1,204
|
|
|
(3,400
|
)
|
|
295,900
|
|
||||
Less: Available-for-sale securities of business held for sale
(2)
|
(691
|
)
|
|
—
|
|
|
—
|
|
|
(691
|
)
|
||||
Other debt securities carried at fair value
|
16,714
|
|
|
164
|
|
|
(75
|
)
|
|
16,803
|
|
||||
Total debt securities carried at fair value
|
314,119
|
|
|
1,368
|
|
|
(3,475
|
)
|
|
312,012
|
|
||||
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities
|
116,033
|
|
|
166
|
|
|
(2,196
|
)
|
|
114,003
|
|
||||
Total debt securities
(3)
|
$
|
430,152
|
|
|
$
|
1,534
|
|
|
$
|
(5,671
|
)
|
|
$
|
426,015
|
|
Available-for-sale marketable equity securities
(4)
|
$
|
8
|
|
|
$
|
57
|
|
|
$
|
—
|
|
|
$
|
65
|
|
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2016
|
||||||||||||||
Available-for-sale debt securities
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Agency
|
$
|
190,809
|
|
|
$
|
640
|
|
|
$
|
(1,963
|
)
|
|
$
|
189,486
|
|
Agency-collateralized mortgage obligations
|
8,296
|
|
|
85
|
|
|
(51
|
)
|
|
8,330
|
|
||||
Commercial
|
12,594
|
|
|
21
|
|
|
(293
|
)
|
|
12,322
|
|
||||
Non-agency residential
(1)
|
1,863
|
|
|
181
|
|
|
(31
|
)
|
|
2,013
|
|
||||
Total mortgage-backed securities
|
213,562
|
|
|
927
|
|
|
(2,338
|
)
|
|
212,151
|
|
||||
U.S. Treasury and agency securities
|
48,800
|
|
|
204
|
|
|
(752
|
)
|
|
48,252
|
|
||||
Non-U.S. securities
|
6,372
|
|
|
13
|
|
|
(3
|
)
|
|
6,382
|
|
||||
Other taxable securities, substantially all asset-backed securities
|
10,573
|
|
|
64
|
|
|
(23
|
)
|
|
10,614
|
|
||||
Total taxable securities
|
279,307
|
|
|
1,208
|
|
|
(3,116
|
)
|
|
277,399
|
|
||||
Tax-exempt securities
|
17,272
|
|
|
72
|
|
|
(184
|
)
|
|
17,160
|
|
||||
Total available-for-sale debt securities
|
296,579
|
|
|
1,280
|
|
|
(3,300
|
)
|
|
294,559
|
|
||||
Less: Available-for-sale securities of business held for sale
(2)
|
(619
|
)
|
|
—
|
|
|
—
|
|
|
(619
|
)
|
||||
Other debt securities carried at fair value
|
19,748
|
|
|
121
|
|
|
(149
|
)
|
|
19,720
|
|
||||
Total debt securities carried at fair value
|
315,708
|
|
|
1,401
|
|
|
(3,449
|
)
|
|
313,660
|
|
||||
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities
|
117,071
|
|
|
248
|
|
|
(2,034
|
)
|
|
115,285
|
|
||||
Total debt securities
(3)
|
$
|
432,779
|
|
|
$
|
1,649
|
|
|
$
|
(5,483
|
)
|
|
$
|
428,945
|
|
Available-for-sale marketable equity securities
(4)
|
$
|
325
|
|
|
$
|
51
|
|
|
$
|
(1
|
)
|
|
$
|
375
|
|
(1)
|
At both
March 31, 2017
and
December 31, 2016
, the underlying collateral type included approximately
60 percent
prime,
19 percent
Alt-A, and
21 percent
subprime.
|
(2)
|
Represents AFS debt securities of business held for sale of which there were
no
unrealized gains or losses.
|
(3)
|
The Corporation had debt securities from Fannie Mae (FNMA) and Freddie Mac (FHLMC) that each exceeded 10 percent of shareholders’ equity, with an amortized cost of
$156.5 billion
and
$47.9 billion
, and a fair value of
$154.3 billion
and
$47.4 billion
at
March 31, 2017
. Debt securities from FNMA and FHLMC that exceeded 10 percent of shareholders’ equity had an amortized cost of
$156.4 billion
and
$48.7 billion
, and a fair value of
$154.4 billion
and
$48.3 billion
at
December 31, 2016
.
|
(4)
|
Classified in other assets on the Consolidated Balance Sheet.
|
|
|
Bank of America
78
|
|
|
|
|
||||
Other Debt Securities Carried at Fair Value
|
|||||||
|
|
|
|
||||
(Dollars in millions)
|
March 31
2017 |
|
December 31
2016 |
||||
Mortgage-backed securities:
|
|
|
|
||||
Agency-collateralized mortgage obligations
|
$
|
5
|
|
|
$
|
5
|
|
Non-agency residential
|
3,082
|
|
|
3,139
|
|
||
Total mortgage-backed securities
|
3,087
|
|
|
3,144
|
|
||
Non-U.S. securities
(1)
|
13,482
|
|
|
16,336
|
|
||
Other taxable securities, substantially all asset-backed securities
|
234
|
|
|
240
|
|
||
Total
|
$
|
16,803
|
|
|
$
|
19,720
|
|
(1)
|
These securities are primarily used to satisfy certain international regulatory liquidity requirements.
|
|
|
|
|
||||
Gains and Losses on Sales of AFS Debt Securities
|
|||||||
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2017
|
|
2016
|
||||
Gross gains
|
$
|
54
|
|
|
$
|
203
|
|
Gross losses
|
(2
|
)
|
|
(13
|
)
|
||
Net gains on sales of AFS debt securities
|
$
|
52
|
|
|
$
|
190
|
|
Income tax expense attributable to realized net gains on sales of AFS debt securities
|
$
|
20
|
|
|
$
|
72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Temporarily Impaired and Other-than-temporarily Impaired AFS Debt Securities
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
March 31, 2017
|
||||||||||||||||||||||
|
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 AFS debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Agency
|
$
|
142,657
|
|
|
$
|
(2,076
|
)
|
|
$
|
3,603
|
|
|
$
|
(118
|
)
|
|
$
|
146,260
|
|
|
$
|
(2,194
|
)
|
Agency-collateralized mortgage obligations
|
2,580
|
|
|
(24
|
)
|
|
964
|
|
|
(25
|
)
|
|
3,544
|
|
|
(49
|
)
|
||||||
Commercial
|
8,460
|
|
|
(264
|
)
|
|
—
|
|
|
—
|
|
|
8,460
|
|
|
(264
|
)
|
||||||
Non-agency residential
|
201
|
|
|
(3
|
)
|
|
162
|
|
|
(12
|
)
|
|
363
|
|
|
(15
|
)
|
||||||
Total mortgage-backed securities
|
153,898
|
|
|
(2,367
|
)
|
|
4,729
|
|
|
(155
|
)
|
|
158,627
|
|
|
(2,522
|
)
|
||||||
U.S. Treasury and agency securities
|
31,304
|
|
|
(666
|
)
|
|
—
|
|
|
—
|
|
|
31,304
|
|
|
(666
|
)
|
||||||
Non-U.S. securities
|
96
|
|
|
(3
|
)
|
|
5
|
|
|
(1
|
)
|
|
101
|
|
|
(4
|
)
|
||||||
Other taxable securities, substantially all asset-backed securities
|
273
|
|
|
(2
|
)
|
|
1,352
|
|
|
(9
|
)
|
|
1,625
|
|
|
(11
|
)
|
||||||
Total taxable securities
|
185,571
|
|
|
(3,038
|
)
|
|
6,086
|
|
|
(165
|
)
|
|
191,657
|
|
|
(3,203
|
)
|
||||||
Tax-exempt securities
|
3,567
|
|
|
(91
|
)
|
|
2,865
|
|
|
(97
|
)
|
|
6,432
|
|
|
(188
|
)
|
||||||
Total temporarily impaired AFS debt securities
|
189,138
|
|
|
(3,129
|
)
|
|
8,951
|
|
|
(262
|
)
|
|
198,089
|
|
|
(3,391
|
)
|
||||||
Other-than-temporarily impaired AFS debt securities
(1)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-agency residential mortgage-backed securities
|
—
|
|
|
—
|
|
|
125
|
|
|
(9
|
)
|
|
125
|
|
|
(9
|
)
|
||||||
Total temporarily impaired and other-than-temporarily impaired
AFS debt securities
|
$
|
189,138
|
|
|
$
|
(3,129
|
)
|
|
$
|
9,076
|
|
|
$
|
(271
|
)
|
|
$
|
198,214
|
|
|
$
|
(3,400
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
December 31, 2016
|
||||||||||||||||||||||
Temporarily impaired AFS debt securities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Agency
|
$
|
135,210
|
|
|
$
|
(1,846
|
)
|
|
$
|
3,770
|
|
|
$
|
(117
|
)
|
|
$
|
138,980
|
|
|
$
|
(1,963
|
)
|
Agency-collateralized mortgage obligations
|
3,229
|
|
|
(25
|
)
|
|
1,028
|
|
|
(26
|
)
|
|
4,257
|
|
|
(51
|
)
|
||||||
Commercial
|
9,018
|
|
|
(293
|
)
|
|
—
|
|
|
—
|
|
|
9,018
|
|
|
(293
|
)
|
||||||
Non-agency residential
|
212
|
|
|
(1
|
)
|
|
204
|
|
|
(13
|
)
|
|
416
|
|
|
(14
|
)
|
||||||
Total mortgage-backed securities
|
147,669
|
|
|
(2,165
|
)
|
|
5,002
|
|
|
(156
|
)
|
|
152,671
|
|
|
(2,321
|
)
|
||||||
U.S. Treasury and agency securities
|
28,462
|
|
|
(752
|
)
|
|
—
|
|
|
—
|
|
|
28,462
|
|
|
(752
|
)
|
||||||
Non-U.S. securities
|
52
|
|
|
(1
|
)
|
|
142
|
|
|
(2
|
)
|
|
194
|
|
|
(3
|
)
|
||||||
Other taxable securities, substantially all asset-backed securities
|
762
|
|
|
(5
|
)
|
|
1,438
|
|
|
(18
|
)
|
|
2,200
|
|
|
(23
|
)
|
||||||
Total taxable securities
|
176,945
|
|
|
(2,923
|
)
|
|
6,582
|
|
|
(176
|
)
|
|
183,527
|
|
|
(3,099
|
)
|
||||||
Tax-exempt securities
|
4,782
|
|
|
(148
|
)
|
|
1,873
|
|
|
(36
|
)
|
|
6,655
|
|
|
(184
|
)
|
||||||
Total temporarily impaired AFS debt securities
|
181,727
|
|
|
(3,071
|
)
|
|
8,455
|
|
|
(212
|
)
|
|
190,182
|
|
|
(3,283
|
)
|
||||||
Other-than-temporarily impaired AFS debt securities
(1)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-agency residential mortgage-backed securities
|
94
|
|
|
(1
|
)
|
|
401
|
|
|
(16
|
)
|
|
495
|
|
|
(17
|
)
|
||||||
Total temporarily impaired and other-than-temporarily impaired
AFS debt securities
|
$
|
181,821
|
|
|
$
|
(3,072
|
)
|
|
$
|
8,856
|
|
|
$
|
(228
|
)
|
|
$
|
190,677
|
|
|
$
|
(3,300
|
)
|
(1)
|
Includes other-than-temporary impairment (OTTI) AFS debt securities on which an OTTI loss, primarily related to changes in interest rates, remains in accumulated OCI.
|
|
|
|
|
||||
Net Credit-related Impairment Losses Recognized in Earnings
|
|||||||
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2017
|
|
2016
|
||||
Total OTTI losses
|
$
|
(35
|
)
|
|
$
|
(30
|
)
|
Less: non-credit portion of total OTTI losses recognized in OCI
|
8
|
|
|
23
|
|
||
Net credit-related impairment losses recognized in earnings
|
$
|
(27
|
)
|
|
$
|
(7
|
)
|
|
|
|
|
||||
Rollforward of OTTI Credit Losses Recognized
|
|||||||
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2017
|
|
2016
|
||||
Balance, beginning of period
|
$
|
253
|
|
|
$
|
266
|
|
Additions for credit losses recognized on AFS debt securities that had no previous impairment losses
|
4
|
|
|
1
|
|
||
Additions for credit losses recognized on AFS debt securities that had previously incurred impairment losses
|
22
|
|
|
6
|
|
||
Reductions for AFS debt securities matured, sold or intended to be sold
|
—
|
|
|
(4
|
)
|
||
Balance, March 31
|
$
|
279
|
|
|
$
|
269
|
|
|
|
|
|
|
|
|||
Significant Assumptions
|
||||||||
|
|
|
|
|
|
|||
|
|
|
Range
(1)
|
|||||
|
Weighted-
average |
|
10th
Percentile
(2)
|
|
90th
Percentile
(2)
|
|||
Prepayment speed
|
11.4
|
%
|
|
2.8
|
%
|
|
20.0
|
%
|
Loss severity
|
21.3
|
|
|
9.5
|
|
|
39.2
|
|
Life default rate
|
22.9
|
|
|
1.3
|
|
|
80.4
|
|
(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.
|
|
|
Bank of America
80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities
|
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
March 31, 2017
|
|||||||||||||||||||||||||||||||||
|
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 debt securities carried at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Agency
|
$
|
4
|
|
|
4.75
|
%
|
|
$
|
48
|
|
|
3.80
|
%
|
|
$
|
347
|
|
|
2.63
|
%
|
|
$
|
190,285
|
|
|
3.23
|
%
|
|
$
|
190,684
|
|
|
3.25
|
%
|
Agency-collateralized mortgage obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,852
|
|
|
3.18
|
|
|
7,852
|
|
|
3.18
|
|
|||||
Commercial
|
48
|
|
|
7.92
|
|
|
542
|
|
|
1.95
|
|
|
11,668
|
|
|
2.47
|
|
|
551
|
|
|
2.29
|
|
|
12,809
|
|
|
2.46
|
|
|||||
Non-agency residential
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30
|
|
|
0.01
|
|
|
4,729
|
|
|
8.29
|
|
|
4,759
|
|
|
8.24
|
|
|||||
Total mortgage-backed securities
|
52
|
|
|
7.68
|
|
|
590
|
|
|
2.10
|
|
|
12,045
|
|
|
2.47
|
|
|
203,417
|
|
|
3.34
|
|
|
216,104
|
|
|
3.31
|
|
|||||
U.S. Treasury and agency securities
|
695
|
|
|
0.71
|
|
|
29,457
|
|
|
1.59
|
|
|
20,790
|
|
|
1.87
|
|
|
114
|
|
|
5.40
|
|
|
51,056
|
|
|
1.70
|
|
|||||
Non-U.S. securities
(2)
|
18,719
|
|
|
0.29
|
|
|
1,259
|
|
|
2.03
|
|
|
29
|
|
|
1.96
|
|
|
217
|
|
|
6.53
|
|
|
20,224
|
|
|
0.47
|
|
|||||
Other taxable securities, substantially all asset-backed securities
|
2,358
|
|
|
2.06
|
|
|
4,305
|
|
|
2.11
|
|
|
1,956
|
|
|
2.78
|
|
|
1,364
|
|
|
2.98
|
|
|
9,983
|
|
|
2.35
|
|
|||||
Total taxable securities
|
21,824
|
|
|
0.51
|
|
|
35,611
|
|
|
1.68
|
|
|
34,820
|
|
|
2.13
|
|
|
205,112
|
|
|
3.35
|
|
|
297,367
|
|
|
2.81
|
|
|||||
Tax-exempt securities
|
604
|
|
|
1.70
|
|
|
6,287
|
|
|
1.28
|
|
|
8,328
|
|
|
1.42
|
|
|
2,224
|
|
|
1.52
|
|
|
17,443
|
|
|
1.39
|
|
|||||
Total amortized cost of debt securities carried at fair value
(2)
|
$
|
22,428
|
|
|
0.54
|
|
|
$
|
41,898
|
|
|
1.62
|
|
|
$
|
43,148
|
|
|
1.99
|
|
|
$
|
207,336
|
|
|
3.33
|
|
|
$
|
314,810
|
|
|
2.73
|
|
Amortized cost of HTM debt securities
(3)
|
$
|
—
|
|
|
—
|
|
|
$
|
24
|
|
|
4.43
|
|
|
$
|
922
|
|
|
2.39
|
|
|
$
|
115,087
|
|
|
3.01
|
|
|
$
|
116,033
|
|
|
3.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Debt securities carried at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Agency
|
$
|
4
|
|
|
|
|
|
$
|
49
|
|
|
|
|
|
$
|
350
|
|
|
|
|
|
$
|
188,640
|
|
|
|
|
|
$
|
189,043
|
|
|
|
|
Agency-collateralized mortgage obligations
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
7,882
|
|
|
|
|
|
7,882
|
|
|
|
|
|||||
Commercial
|
48
|
|
|
|
|
|
543
|
|
|
|
|
|
11,446
|
|
|
|
|
|
535
|
|
|
|
|
|
12,572
|
|
|
|
|
|||||
Non-agency residential
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
40
|
|
|
|
|
|
4,985
|
|
|
|
|
|
5,025
|
|
|
|
|
|||||
Total mortgage-backed securities
|
52
|
|
|
|
|
592
|
|
|
|
|
11,836
|
|
|
|
|
202,042
|
|
|
|
|
214,522
|
|
|
|
||||||||||
U.S. Treasury and agency securities
|
697
|
|
|
|
|
29,297
|
|
|
|
|
20,443
|
|
|
|
|
121
|
|
|
|
|
50,558
|
|
|
|
||||||||||
Non-U.S. securities
(2)
|
18,722
|
|
|
|
|
|
1,261
|
|
|
|
|
|
31
|
|
|
|
|
|
221
|
|
|
|
|
|
20,235
|
|
|
|
|
|||||
Other taxable securities, substantially all asset-backed securities
|
2,359
|
|
|
|
|
|
4,307
|
|
|
|
|
|
1,963
|
|
|
|
|
|
1,424
|
|
|
|
|
|
10,053
|
|
|
|
|
|||||
Total taxable securities
|
21,830
|
|
|
|
|
|
35,457
|
|
|
|
|
|
34,273
|
|
|
|
|
|
203,808
|
|
|
|
|
|
295,368
|
|
|
|
|
|||||
Tax-exempt securities
|
603
|
|
|
|
|
|
6,287
|
|
|
|
|
|
8,234
|
|
|
|
|
|
2,211
|
|
|
|
|
|
17,335
|
|
|
|
|
|||||
Total debt securities carried at fair value
(2)
|
$
|
22,433
|
|
|
|
|
|
$
|
41,744
|
|
|
|
|
|
$
|
42,507
|
|
|
|
|
|
$
|
206,019
|
|
|
|
|
|
$
|
312,703
|
|
|
|
|
Fair value of HTM debt securities
(3)
|
$
|
—
|
|
|
|
|
$
|
24
|
|
|
|
|
$
|
885
|
|
|
|
|
$
|
113,094
|
|
|
|
|
$
|
114,003
|
|
|
|
(1)
|
The average yield is computed based on a constant effective interest rate over the contractual life of each security. The average yield considers the contractual coupon and the amortization of premiums and accretion of discounts, excluding the effect of related hedging derivatives.
|
(2)
|
Includes
$691 million
of amortized cost and fair value for AFS debt securities of business held for sale on the Consolidated Balance Sheet at
March 31, 2017
. These AFS debt securities mature in
one
year or less and have an average yield of
0.13 percent
.
|
(3)
|
Substantially all U.S. agency MBS.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
March 31, 2017
|
||||||||||||||||||||||||||||||
(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
|
||||||||||||||||
Consumer real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Residential mortgage
|
$
|
1,013
|
|
|
$
|
313
|
|
|
$
|
1,125
|
|
|
$
|
2,451
|
|
|
$
|
157,908
|
|
|
|
|
|
|
$
|
160,359
|
|
||||
Home equity
|
220
|
|
|
109
|
|
|
411
|
|
|
740
|
|
|
46,990
|
|
|
|
|
|
|
47,730
|
|
||||||||||
Non-core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Residential mortgage
(5)
|
1,077
|
|
|
553
|
|
|
4,683
|
|
|
6,313
|
|
|
17,340
|
|
|
$
|
9,831
|
|
|
|
|
33,484
|
|
||||||||
Home equity
|
251
|
|
|
126
|
|
|
763
|
|
|
1,140
|
|
|
11,649
|
|
|
3,396
|
|
|
|
|
16,185
|
|
|||||||||
Credit card and other consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
U.S. credit card
|
459
|
|
|
320
|
|
|
801
|
|
|
1,580
|
|
|
86,972
|
|
|
|
|
|
|
88,552
|
|
||||||||||
Non-U.S. credit card
|
38
|
|
|
28
|
|
|
71
|
|
|
137
|
|
|
9,368
|
|
|
|
|
|
|
9,505
|
|
||||||||||
Direct/Indirect consumer
(6)
|
218
|
|
|
64
|
|
|
32
|
|
|
314
|
|
|
92,480
|
|
|
|
|
|
|
92,794
|
|
||||||||||
Other consumer
(7)
|
17
|
|
|
6
|
|
|
5
|
|
|
28
|
|
|
2,511
|
|
|
|
|
|
|
2,539
|
|
||||||||||
Total consumer
|
3,293
|
|
|
1,519
|
|
|
7,891
|
|
|
12,703
|
|
|
425,218
|
|
|
13,227
|
|
|
|
|
451,148
|
|
|||||||||
Consumer loans accounted for under the fair value option
(8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,032
|
|
|
1,032
|
|
|||||||
Total consumer loans and leases
|
3,293
|
|
|
1,519
|
|
|
7,891
|
|
|
12,703
|
|
|
425,218
|
|
|
13,227
|
|
|
1,032
|
|
|
452,180
|
|
||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
U.S. commercial
|
650
|
|
|
639
|
|
|
363
|
|
|
1,652
|
|
|
273,216
|
|
|
|
|
|
|
274,868
|
|
||||||||||
Commercial real estate
(9)
|
25
|
|
|
—
|
|
|
48
|
|
|
73
|
|
|
57,776
|
|
|
|
|
|
|
57,849
|
|
||||||||||
Commercial lease financing
|
157
|
|
|
29
|
|
|
10
|
|
|
196
|
|
|
21,677
|
|
|
|
|
|
|
21,873
|
|
||||||||||
Non-U.S. commercial
|
189
|
|
|
127
|
|
|
45
|
|
|
361
|
|
|
88,818
|
|
|
|
|
|
|
89,179
|
|
||||||||||
U.S. small business commercial
|
72
|
|
|
39
|
|
|
78
|
|
|
189
|
|
|
13,113
|
|
|
|
|
|
|
13,302
|
|
||||||||||
Total commercial
|
1,093
|
|
|
834
|
|
|
544
|
|
|
2,471
|
|
|
454,600
|
|
|
|
|
|
|
457,071
|
|
||||||||||
Commercial loans accounted for under the fair value option
(8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,496
|
|
|
6,496
|
|
||||||||
Total commercial loans and leases
|
1,093
|
|
|
834
|
|
|
544
|
|
|
2,471
|
|
|
454,600
|
|
|
|
|
6,496
|
|
|
463,567
|
|
|||||||||
Total consumer and commercial loans and leases
(10)
|
$
|
4,386
|
|
|
$
|
2,353
|
|
|
$
|
8,435
|
|
|
$
|
15,174
|
|
|
$
|
879,818
|
|
|
$
|
13,227
|
|
|
$
|
7,528
|
|
|
$
|
915,747
|
|
Less: Loans of business held for sale
(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9,505
|
)
|
|||||||||||||||
Total loans and leases
(11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
906,242
|
|
||||||||||||||
Percentage of outstandings
(10)
|
0.48
|
%
|
|
0.26
|
%
|
|
0.92
|
%
|
|
1.66
|
%
|
|
96.08
|
%
|
|
1.44
|
%
|
|
0.82
|
%
|
|
100.00
|
%
|
(1)
|
Consumer real estate loans 30-59 days past due includes fully-insured loans of
$845 million
and nonperforming loans of
$259 million
. Consumer real estate loans 60-89 days past due includes fully-insured loans of
$460 million
and nonperforming loans of
$210 million
.
|
(2)
|
Consumer real estate includes fully-insured loans of
$4.2 billion
.
|
(3)
|
Consumer real estate includes
$2.3 billion
and direct/indirect consumer includes
$18 million
of nonperforming loans.
|
(4)
|
Purchased credit-impaired (PCI) loan amounts are shown gross of the valuation allowance.
|
(5)
|
Total outstandings includes pay option loans of
$1.8 billion
. The Corporation no longer originates this product.
|
(6)
|
Total outstandings includes auto and specialty lending loans of
$48.7 billion
, unsecured consumer lending loans of
$530 million
, U.S. securities-based lending loans of
$39.5 billion
, non-U.S. consumer loans of
$2.9 billion
, student loans of
$479 million
and other consumer loans of
$644 million
.
|
(7)
|
Total outstandings includes consumer finance loans of
$441 million
, consumer leases of
$2.0 billion
and consumer overdrafts of
$124 million
.
|
(8)
|
Consumer loans accounted for under the fair value option were residential mortgage loans of
$694 million
and home equity loans of
$338 million
. Commercial loans accounted for under the fair value option were U.S. commercial loans of
$3.5 billion
and non-U.S. commercial loans of
$3.0 billion
. For additional information, see
Note 14 – Fair Value Measurements
and
Note 15 – Fair Value Option
.
|
(9)
|
Total outstandings includes U.S. commercial real estate loans of
$54.7 billion
and non-U.S. commercial real estate loans of
$3.1 billion
.
|
(10)
|
Includes non-U.S. credit card loans, which are included in assets of business held for sale on the Consolidated Balance Sheet.
|
(11)
|
The Corporation pledged
$144.4 billion
of loans to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank (FHLB). This amount is not included in the parenthetical disclosure of loans and leases pledged as collateral on the Consolidated Balance Sheet as there were no related outstanding borrowings.
|
|
|
Bank of America
82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
December 31, 2016
|
||||||||||||||||||||||||||||||
(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
|
||||||||||||||||
Consumer real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Residential mortgage
|
$
|
1,340
|
|
|
$
|
425
|
|
|
$
|
1,213
|
|
|
$
|
2,978
|
|
|
$
|
153,519
|
|
|
|
|
|
|
|
|
$
|
156,497
|
|
||
Home equity
|
239
|
|
|
105
|
|
|
451
|
|
|
795
|
|
|
48,578
|
|
|
|
|
|
|
|
|
49,373
|
|
||||||||
Non-core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential mortgage
(5)
|
1,338
|
|
|
674
|
|
|
5,343
|
|
|
7,355
|
|
|
17,818
|
|
|
$
|
10,127
|
|
|
|
|
|
35,300
|
|
|||||||
Home equity
|
260
|
|
|
136
|
|
|
832
|
|
|
1,228
|
|
|
12,231
|
|
|
3,611
|
|
|
|
|
|
17,070
|
|
||||||||
Credit card and other consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
U.S. credit card
|
472
|
|
|
341
|
|
|
782
|
|
|
1,595
|
|
|
90,683
|
|
|
|
|
|
|
|
92,278
|
|
|||||||||
Non-U.S. credit card
|
37
|
|
|
27
|
|
|
66
|
|
|
130
|
|
|
9,084
|
|
|
|
|
|
|
|
9,214
|
|
|||||||||
Direct/Indirect consumer
(6)
|
272
|
|
|
79
|
|
|
34
|
|
|
385
|
|
|
93,704
|
|
|
|
|
|
|
|
94,089
|
|
|||||||||
Other consumer
(7)
|
26
|
|
|
8
|
|
|
6
|
|
|
40
|
|
|
2,459
|
|
|
|
|
|
|
|
2,499
|
|
|||||||||
Total consumer
|
3,984
|
|
|
1,795
|
|
|
8,727
|
|
|
14,506
|
|
|
428,076
|
|
|
13,738
|
|
|
|
|
456,320
|
|
|||||||||
Consumer loans accounted for under the fair value option
(8)
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,051
|
|
|
1,051
|
|
|||||||||||||
Total consumer loans and leases
|
3,984
|
|
|
1,795
|
|
|
8,727
|
|
|
14,506
|
|
|
428,076
|
|
|
13,738
|
|
|
1,051
|
|
|
457,371
|
|
||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
U.S. commercial
|
952
|
|
|
263
|
|
|
400
|
|
|
1,615
|
|
|
268,757
|
|
|
|
|
|
|
|
270,372
|
|
|||||||||
Commercial real estate
(9)
|
20
|
|
|
10
|
|
|
56
|
|
|
86
|
|
|
57,269
|
|
|
|
|
|
|
|
57,355
|
|
|||||||||
Commercial lease financing
|
167
|
|
|
21
|
|
|
27
|
|
|
215
|
|
|
22,160
|
|
|
|
|
|
|
|
22,375
|
|
|||||||||
Non-U.S. commercial
|
348
|
|
|
4
|
|
|
5
|
|
|
357
|
|
|
89,040
|
|
|
|
|
|
|
|
89,397
|
|
|||||||||
U.S. small business commercial
|
96
|
|
|
49
|
|
|
84
|
|
|
229
|
|
|
12,764
|
|
|
|
|
|
|
|
12,993
|
|
|||||||||
Total commercial
|
1,583
|
|
|
347
|
|
|
572
|
|
|
2,502
|
|
|
449,990
|
|
|
|
|
|
|
|
452,492
|
|
|||||||||
Commercial loans accounted for under the fair value option
(8)
|
|
|
|
|
|
|
|
|
|
|
|
|
6,034
|
|
|
6,034
|
|
||||||||||||||
Total commercial loans and leases
|
1,583
|
|
|
347
|
|
|
572
|
|
|
2,502
|
|
|
449,990
|
|
|
|
|
6,034
|
|
|
458,526
|
|
|||||||||
Total consumer and commercial loans and leases
(10)
|
$
|
5,567
|
|
|
$
|
2,142
|
|
|
$
|
9,299
|
|
|
$
|
17,008
|
|
|
$
|
878,066
|
|
|
$
|
13,738
|
|
|
$
|
7,085
|
|
|
$
|
915,897
|
|
Less: Loans of business held for sale
(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9,214
|
)
|
|||||||||||||||
Total loans and leases
(11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
906,683
|
|
||||||||||||||
Percentage of outstandings
(10)
|
0.61
|
%
|
|
0.23
|
%
|
|
1.02
|
%
|
|
1.86
|
%
|
|
95.87
|
%
|
|
1.50
|
%
|
|
0.77
|
%
|
|
100.00
|
%
|
(1)
|
Consumer real estate loans 30-59 days past due includes fully-insured loans of
$1.1 billion
and nonperforming loans of
$266 million
. Consumer real estate loans 60-89 days past due includes fully-insured loans of
$547 million
and nonperforming loans of
$216 million
.
|
(2)
|
Consumer real estate includes fully-insured loans of
$4.8 billion
.
|
(3)
|
Consumer real estate includes
$2.5 billion
and direct/indirect consumer includes
$27 million
of nonperforming loans.
|
(4)
|
PCI loan amounts are shown gross of the valuation allowance.
|
(5)
|
Total outstandings includes pay option loans of
$1.8 billion
. The Corporation no longer originates this product.
|
(6)
|
Total outstandings includes auto and specialty lending loans of
$48.9 billion
, unsecured consumer lending loans of
$585 million
, U.S. securities-based lending loans of
$40.1 billion
, non-U.S. consumer loans of
$3.0 billion
, student loans of
$497 million
and other consumer loans of
$1.1 billion
.
|
(7)
|
Total outstandings includes consumer finance loans of
$465 million
, consumer leases of
$1.9 billion
and consumer overdrafts of
$157 million
.
|
(8)
|
Consumer loans accounted for under the fair value option were residential mortgage loans of
$710 million
and home equity loans of
$341 million
. Commercial loans accounted for under the fair value option were U.S. commercial loans of
$2.9 billion
and non-U.S. commercial loans of
$3.1 billion
. For more information, see
Note 14 – Fair Value Measurements
and
Note 15 – Fair Value Option
.
|
(9)
|
Total outstandings includes U.S. commercial real estate loans of
$54.3 billion
and non-U.S. commercial real estate loans of
$3.1 billion
.
|
(10)
|
Includes non-U.S. credit card loans, which are included in assets of business held for sale on the Consolidated Balance Sheet.
|
(11)
|
The Corporation pledged
$143.1 billion
of loans to secure potential borrowing capacity with the Federal Reserve Bank and FHLB. This amount is not included in the parenthetical disclosure of loans and leases pledged as collateral on the Consolidated Balance Sheet as there were no related outstanding borrowings.
|
|
|
|
|
|
|
|
|
||||||||
Credit Quality
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Nonperforming Loans and Leases
|
|
Accruing Past Due
90 Days or More
|
||||||||||||
(Dollars in millions)
|
March 31
2017 |
|
December 31
2016 |
|
March 31
2017 |
|
December 31
2016 |
||||||||
Consumer real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||
Core portfolio
|
|
|
|
|
|
|
|
||||||||
Residential mortgage
(1)
|
$
|
1,099
|
|
|
$
|
1,274
|
|
|
$
|
443
|
|
|
$
|
486
|
|
Home equity
|
939
|
|
|
969
|
|
|
—
|
|
|
—
|
|
||||
Non-core portfolio
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential mortgage
(1)
|
1,630
|
|
|
1,782
|
|
|
3,783
|
|
|
4,307
|
|
||||
Home equity
|
1,857
|
|
|
1,949
|
|
|
—
|
|
|
—
|
|
||||
Credit card and other consumer
|
|
|
|
|
|
|
|
|
|
||||||
U.S. credit card
|
n/a
|
|
|
n/a
|
|
|
801
|
|
|
782
|
|
||||
Non-U.S. credit card
|
n/a
|
|
|
n/a
|
|
|
71
|
|
|
66
|
|
||||
Direct/Indirect consumer
|
19
|
|
|
28
|
|
|
31
|
|
|
34
|
|
||||
Other consumer
|
2
|
|
|
2
|
|
|
4
|
|
|
4
|
|
||||
Total consumer
|
5,546
|
|
|
6,004
|
|
|
5,133
|
|
|
5,679
|
|
||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. commercial
|
1,246
|
|
|
1,256
|
|
|
112
|
|
|
106
|
|
||||
Commercial real estate
|
74
|
|
|
72
|
|
|
—
|
|
|
7
|
|
||||
Commercial lease financing
|
37
|
|
|
36
|
|
|
9
|
|
|
19
|
|
||||
Non-U.S. commercial
|
311
|
|
|
279
|
|
|
45
|
|
|
5
|
|
||||
U.S. small business commercial
|
60
|
|
|
60
|
|
|
69
|
|
|
71
|
|
||||
Total commercial
|
1,728
|
|
|
1,703
|
|
|
235
|
|
|
208
|
|
||||
Total loans and leases
|
$
|
7,274
|
|
|
$
|
7,707
|
|
|
$
|
5,368
|
|
|
$
|
5,887
|
|
(1)
|
Residential mortgage loans in the core and non-core portfolios accruing past due
90
days or more are fully-insured loans. At
March 31, 2017
and
December 31, 2016
, residential mortgage includes
$2.7 billion
and
$3.0 billion
of loans on which interest has been curtailed by the Federal Housing Administration (FHA), and therefore are no longer accruing interest, although principal is still insured, and
$1.5 billion
and
$1.8 billion
of loans on which interest is still accruing.
|
|
|
Bank of America
84
|
(1)
|
Excludes
$1.0 billion
of loans accounted for under the fair value option.
|
(2)
|
Excludes PCI loans.
|
(3)
|
Includes
$1.5 billion
of pay option loans. The Corporation no longer originates this product.
|
(4)
|
Refreshed LTV percentages for PCI loans are calculated using the carrying value net of the related valuation allowance.
|
(5)
|
Credit quality indicators are not reported for fully-insured loans as principal repayment is insured.
|
|
|
|
|
|
|
|
|
||||||||
Credit Card and Other Consumer – Credit Quality Indicators
|
|||||||||||||||
|
|
||||||||||||||
|
March 31, 2017
|
||||||||||||||
(Dollars in millions)
|
U.S. Credit
Card
|
|
Non-U.S.
Credit Card
|
|
Direct/Indirect
Consumer
|
|
Other
Consumer
(1)
|
||||||||
Refreshed FICO score
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less than 620
|
$
|
4,432
|
|
|
$
|
—
|
|
|
$
|
1,572
|
|
|
$
|
182
|
|
Greater than or equal to 620 and less than 680
|
12,033
|
|
|
—
|
|
|
2,112
|
|
|
220
|
|
||||
Greater than or equal to 680 and less than 740
|
33,708
|
|
|
—
|
|
|
12,479
|
|
|
414
|
|
||||
Greater than or equal to 740
|
38,379
|
|
|
—
|
|
|
33,051
|
|
|
1,595
|
|
||||
Other internal credit metrics
(2, 3, 4)
|
—
|
|
|
9,505
|
|
|
43,580
|
|
|
128
|
|
||||
Total credit card and other consumer
|
$
|
88,552
|
|
|
$
|
9,505
|
|
|
$
|
92,794
|
|
|
$
|
2,539
|
|
(1)
|
At
March 31, 2017
,
17 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
$42.5 billion
of securities-based lending which is overcollateralized and therefore has minimal credit risk and
$481 million
of loans the Corporation no longer originates, primarily student loans.
|
(4)
|
Non-U.S. credit card represents the U.K. credit card portfolio which is evaluated using internal credit metrics, including delinquency status. At
March 31, 2017
,
98 percent
of this portfolio was current or less than 30 days past due,
one percent
was 30-89 days past due and
one percent
was 90 days or more past due.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial – Credit Quality Indicators
(1)
|
|||||||||||||||||||
|
|
||||||||||||||||||
|
March 31, 2017
|
||||||||||||||||||
(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
|
$
|
265,602
|
|
|
$
|
57,464
|
|
|
$
|
21,045
|
|
|
$
|
85,761
|
|
|
$
|
398
|
|
Reservable criticized
|
9,266
|
|
|
385
|
|
|
828
|
|
|
3,418
|
|
|
64
|
|
|||||
Refreshed FICO score
(3)
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Less than 620
|
|
|
|
|
|
|
|
|
|
|
|
|
217
|
|
|||||
Greater than or equal to 620 and less than 680
|
|
|
|
|
|
|
|
|
609
|
|
|||||||||
Greater than or equal to 680 and less than 740
|
|
|
|
|
|
|
|
|
1,802
|
|
|||||||||
Greater than or equal to 740
|
|
|
|
|
|
|
|
|
3,402
|
|
|||||||||
Other internal credit metrics
(3, 4)
|
|
|
|
|
|
|
|
|
6,810
|
|
|||||||||
Total commercial
|
$
|
274,868
|
|
|
$
|
57,849
|
|
|
$
|
21,873
|
|
|
$
|
89,179
|
|
|
$
|
13,302
|
|
(1)
|
Excludes
$6.5 billion
of loans accounted for under the fair value option.
|
(2)
|
U.S. small business commercial includes
$784 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
March 31, 2017
,
99 percent
of the balances where internal credit metrics are used was 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consumer Real Estate – Credit Quality Indicators
(1)
|
|||||||||||||||||||||||
|
|
||||||||||||||||||||||
|
December 31, 2016
|
||||||||||||||||||||||
(Dollars in millions)
|
Core Portfolio Residential
Mortgage
(2)
|
|
Non-core Residential
Mortgage (2) |
|
Residential Mortgage PCI
(3)
|
|
Core Portfolio Home Equity
(2)
|
|
Non-core Home Equity
(2)
|
|
Home
Equity PCI
|
||||||||||||
Refreshed LTV
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Less than or equal to 90 percent
|
$
|
129,737
|
|
|
$
|
14,280
|
|
|
$
|
7,811
|
|
|
$
|
47,171
|
|
|
$
|
8,480
|
|
|
$
|
1,942
|
|
Greater than 90 percent but less than or equal to 100 percent
|
3,634
|
|
|
1,446
|
|
|
1,021
|
|
|
1,006
|
|
|
1,668
|
|
|
630
|
|
||||||
Greater than 100 percent
|
1,872
|
|
|
1,972
|
|
|
1,295
|
|
|
1,196
|
|
|
3,311
|
|
|
1,039
|
|
||||||
Fully-insured loans
(5)
|
21,254
|
|
|
7,475
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total consumer real estate
|
$
|
156,497
|
|
|
$
|
25,173
|
|
|
$
|
10,127
|
|
|
$
|
49,373
|
|
|
$
|
13,459
|
|
|
$
|
3,611
|
|
Refreshed FICO score
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Less than 620
|
$
|
2,479
|
|
|
$
|
3,198
|
|
|
$
|
2,741
|
|
|
$
|
1,254
|
|
|
$
|
2,692
|
|
|
$
|
559
|
|
Greater than or equal to 620 and less than 680
|
5,094
|
|
|
2,807
|
|
|
2,241
|
|
|
2,853
|
|
|
3,094
|
|
|
636
|
|
||||||
Greater than or equal to 680 and less than 740
|
22,629
|
|
|
4,512
|
|
|
2,916
|
|
|
10,069
|
|
|
3,176
|
|
|
1,069
|
|
||||||
Greater than or equal to 740
|
105,041
|
|
|
7,181
|
|
|
2,229
|
|
|
35,197
|
|
|
4,497
|
|
|
1,347
|
|
||||||
Fully-insured loans
(5)
|
21,254
|
|
|
7,475
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total consumer real estate
|
$
|
156,497
|
|
|
$
|
25,173
|
|
|
$
|
10,127
|
|
|
$
|
49,373
|
|
|
$
|
13,459
|
|
|
$
|
3,611
|
|
(1)
|
Excludes
$1.1 billion
of loans accounted for under the fair value option.
|
(2)
|
Excludes PCI loans.
|
(3)
|
Includes
$1.6 billion
of pay option loans. The Corporation no longer originates this product.
|
(4)
|
Refreshed LTV percentages for PCI loans are calculated using the carrying value net of the related valuation allowance.
|
(5)
|
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, 2016
|
||||||||||||||
(Dollars in millions)
|
U.S. Credit
Card
|
|
Non-U.S.
Credit Card
|
|
Direct/Indirect
Consumer
|
|
Other
Consumer
(1)
|
||||||||
Refreshed FICO score
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less than 620
|
$
|
4,431
|
|
|
$
|
—
|
|
|
$
|
1,478
|
|
|
$
|
187
|
|
Greater than or equal to 620 and less than 680
|
12,364
|
|
|
—
|
|
|
2,070
|
|
|
222
|
|
||||
Greater than or equal to 680 and less than 740
|
34,828
|
|
|
—
|
|
|
12,491
|
|
|
404
|
|
||||
Greater than or equal to 740
|
40,655
|
|
|
—
|
|
|
33,420
|
|
|
1,525
|
|
||||
Other internal credit metrics
(2, 3, 4)
|
—
|
|
|
9,214
|
|
|
44,630
|
|
|
161
|
|
||||
Total credit card and other consumer
|
$
|
92,278
|
|
|
$
|
9,214
|
|
|
$
|
94,089
|
|
|
$
|
2,499
|
|
(1)
|
At
December 31, 2016
,
19 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
$43.1 billion
of securities-based lending which is overcollateralized and therefore has minimal credit risk and
$499 million
of loans the Corporation no longer originates, primarily student loans.
|
(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, 2016
,
98 percent
of this portfolio was current or less than 30 days past due,
one percent
was 30-89 days past due and
one percent
was 90 days or more past due.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial – Credit Quality Indicators
(1)
|
|||||||||||||||||||
|
|
||||||||||||||||||
|
December 31, 2016
|
||||||||||||||||||
(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
|
$
|
261,214
|
|
|
$
|
56,957
|
|
|
$
|
21,565
|
|
|
$
|
85,689
|
|
|
$
|
453
|
|
Reservable criticized
|
9,158
|
|
|
398
|
|
|
810
|
|
|
3,708
|
|
|
71
|
|
|||||
Refreshed FICO score
(3)
|
|
|
|
|
|
|
|
|
|
||||||||||
Less than 620
|
|
|
|
|
|
|
|
|
200
|
|
|||||||||
Greater than or equal to 620 and less than 680
|
|
|
|
|
|
|
|
|
591
|
|
|||||||||
Greater than or equal to 680 and less than 740
|
|
|
|
|
|
|
|
|
1,741
|
|
|||||||||
Greater than or equal to 740
|
|
|
|
|
|
|
|
|
3,264
|
|
|||||||||
Other internal credit metrics
(3, 4)
|
|
|
|
|
|
|
|
|
6,673
|
|
|||||||||
Total commercial
|
$
|
270,372
|
|
|
$
|
57,355
|
|
|
$
|
22,375
|
|
|
$
|
89,397
|
|
|
$
|
12,993
|
|
(1)
|
Excludes
$6.0 billion
of loans accounted for under the fair value option.
|
(2)
|
U.S. small business commercial includes
$755 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, 2016
,
98 percent
of the balances where internal credit metrics are used was 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
86
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Impaired Loans – Consumer Real Estate
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
(Dollars in millions)
|
Unpaid
Principal
Balance
|
|
Carrying
Value
|
|
Related
Allowance
|
|
Unpaid
Principal
Balance
|
|
Carrying
Value
|
|
Related
Allowance
|
||||||||||||
With no recorded allowance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residential mortgage
|
$
|
10,367
|
|
|
$
|
8,024
|
|
|
$
|
—
|
|
|
$
|
11,151
|
|
|
$
|
8,695
|
|
|
$
|
—
|
|
Home equity
|
3,701
|
|
|
1,962
|
|
|
—
|
|
|
3,704
|
|
|
1,953
|
|
|
—
|
|
||||||
With an allowance recorded
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Residential mortgage
|
$
|
3,975
|
|
|
$
|
3,856
|
|
|
$
|
241
|
|
|
$
|
4,041
|
|
|
$
|
3,936
|
|
|
$
|
219
|
|
Home equity
|
971
|
|
|
880
|
|
|
169
|
|
|
910
|
|
|
824
|
|
|
137
|
|
||||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential mortgage
|
$
|
14,342
|
|
|
$
|
11,880
|
|
|
$
|
241
|
|
|
$
|
15,192
|
|
|
$
|
12,631
|
|
|
$
|
219
|
|
Home equity
|
4,672
|
|
|
2,842
|
|
|
169
|
|
|
4,614
|
|
|
2,777
|
|
|
137
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Three Months Ended March 31
|
|
|
|
|
||||||||||||||||||
|
2017
|
|
2016
|
|
|
||||||||||||||||||
|
Average
Carrying Value |
|
Interest
Income Recognized (1) |
|
Average
Carrying Value |
|
Interest
Income Recognized (1) |
|
|
|
|
||||||||||||
With no recorded allowance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage
|
$
|
8,456
|
|
|
$
|
79
|
|
|
$
|
11,418
|
|
|
$
|
94
|
|
|
|
|
|
||||
Home equity
|
1,991
|
|
|
27
|
|
|
1,808
|
|
|
13
|
|
|
|
|
|
||||||||
With an allowance recorded
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage
|
$
|
3,832
|
|
|
$
|
35
|
|
|
$
|
6,072
|
|
|
$
|
51
|
|
|
|
|
|
||||
Home equity
|
825
|
|
|
5
|
|
|
898
|
|
|
6
|
|
|
|
|
|
||||||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage
|
$
|
12,288
|
|
|
$
|
114
|
|
|
$
|
17,490
|
|
|
$
|
145
|
|
|
|
|
|
||||
Home equity
|
2,816
|
|
|
32
|
|
|
2,706
|
|
|
19
|
|
|
|
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consumer Real Estate – TDRs Entered into During the Three Months Ended March 31, 2017 and 2016
(1)
|
|||||||||||||||||
|
|
||||||||||||||||
|
March 31, 2017
|
|
Three Months Ended March 31, 2017
|
||||||||||||||
(Dollars in millions)
|
Unpaid Principal Balance
|
|
Carrying
Value
|
|
Pre-Modification Interest Rate
|
|
Post-Modification Interest Rate
(2)
|
|
Net
Charge-offs
(3)
|
||||||||
Residential mortgage
|
$
|
382
|
|
|
$
|
344
|
|
|
4.68
|
%
|
|
4.44
|
%
|
|
$
|
2
|
|
Home equity
|
248
|
|
|
189
|
|
|
4.90
|
|
|
3.80
|
|
|
6
|
|
|||
Total
|
$
|
630
|
|
|
$
|
533
|
|
|
4.77
|
|
|
4.19
|
|
|
$
|
8
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
March 31, 2016
|
|
Three Months Ended March 31, 2016
|
||||||||||||||
Residential mortgage
|
$
|
526
|
|
|
$
|
488
|
|
|
4.72
|
%
|
|
4.61
|
%
|
|
$
|
2
|
|
Home equity
|
231
|
|
|
181
|
|
|
3.50
|
|
|
3.39
|
|
|
10
|
|
|||
Total
|
$
|
757
|
|
|
$
|
669
|
|
|
4.35
|
|
|
4.24
|
|
|
$
|
12
|
|
(1)
|
During the
three months ended March 31, 2017 and 2016
, the Corporation forgave principal of
$0
and
$10 million
related to residential mortgage loans in connection with TDRs.
|
(2)
|
The post-modification interest rate reflects the interest rate applicable only to permanently completed modifications, which exclude loans that are in a trial modification period.
|
(3)
|
Net charge-offs include amounts recorded on loans modified during the period that are no longer held by the Corporation at
March 31, 2017 and 2016
due to sales and other dispositions.
|
|
|
|
|
|
|
|
|
||||||||
Consumer Real Estate – Modification Programs
|
|
|
|
|
|||||||||||
|
|
|
|
|
|||||||||||
|
TDRs Entered into During the Three Months Ended March 31
|
||||||||||||||
|
2017
|
|
2016
|
||||||||||||
(Dollars in millions)
|
Residential Mortgage
|
|
Home
Equity
|
|
Residential Mortgage
|
|
Home
Equity
|
||||||||
Modifications under government programs
|
|
|
|
|
|
|
|
||||||||
Contractual interest rate reduction
|
$
|
28
|
|
|
$
|
4
|
|
|
$
|
22
|
|
|
$
|
5
|
|
Principal and/or interest forbearance
|
1
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||
Other modifications
(1)
|
2
|
|
|
—
|
|
|
9
|
|
|
—
|
|
||||
Total modifications under government programs
|
31
|
|
|
4
|
|
|
31
|
|
|
7
|
|
||||
Modifications under proprietary programs
|
|
|
|
|
|
|
|
||||||||
Contractual interest rate reduction
|
13
|
|
|
1
|
|
|
12
|
|
|
1
|
|
||||
Capitalization of past due amounts
|
5
|
|
|
—
|
|
|
7
|
|
|
1
|
|
||||
Principal and/or interest forbearance
|
2
|
|
|
1
|
|
|
3
|
|
|
—
|
|
||||
Other modifications
(1)
|
1
|
|
|
29
|
|
|
1
|
|
|
1
|
|
||||
Total modifications under proprietary programs
|
21
|
|
|
31
|
|
|
23
|
|
|
3
|
|
||||
Trial modifications
|
237
|
|
|
135
|
|
|
368
|
|
|
149
|
|
||||
Loans discharged in Chapter 7 bankruptcy
(2)
|
55
|
|
|
19
|
|
|
66
|
|
|
22
|
|
||||
Total modifications
|
$
|
344
|
|
|
$
|
189
|
|
|
$
|
488
|
|
|
$
|
181
|
|
(1)
|
Includes other modifications such as term or payment extensions and repayment plans.
|
(2)
|
Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs.
|
|
|
Bank of America
88
|
|
|
|
|
|
|
|
|
||||||||
Consumer Real Estate – TDRs Entering Payment Default That Were Modified During the Preceding 12 Months
|
|||||||||||||||
|
|
|
|
|
|||||||||||
|
Three Months Ended March 31
|
||||||||||||||
|
2017
|
|
2016
|
||||||||||||
(Dollars in millions)
|
Residential Mortgage
|
|
Home
Equity
|
|
Residential Mortgage
|
|
Home
Equity
|
||||||||
Modifications under government programs
|
$
|
25
|
|
|
$
|
1
|
|
|
$
|
93
|
|
|
$
|
—
|
|
Modifications under proprietary programs
|
16
|
|
|
18
|
|
|
43
|
|
|
22
|
|
||||
Loans discharged in Chapter 7 bankruptcy
(1)
|
58
|
|
|
4
|
|
|
40
|
|
|
5
|
|
||||
Trial modifications
(2)
|
195
|
|
|
17
|
|
|
237
|
|
|
37
|
|
||||
Total modifications
|
$
|
294
|
|
|
$
|
40
|
|
|
$
|
413
|
|
|
$
|
64
|
|
(1)
|
Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs.
|
(2)
|
Includes trial modification offers to which the customer did not respond.
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Impaired Loans – Credit Card and Other Consumer
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
(Dollars in millions)
|
Unpaid
Principal
Balance
|
|
Carrying
Value
(1)
|
|
Related
Allowance
|
|
Unpaid
Principal
Balance
|
|
Carrying
Value
(1)
|
|
Related
Allowance
|
||||||||||||
With no recorded allowance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Direct/Indirect consumer
|
$
|
43
|
|
|
$
|
18
|
|
|
$
|
—
|
|
|
$
|
49
|
|
|
$
|
22
|
|
|
$
|
—
|
|
With an allowance recorded
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
U.S. credit card
|
$
|
464
|
|
|
$
|
470
|
|
|
$
|
130
|
|
|
$
|
479
|
|
|
$
|
485
|
|
|
$
|
128
|
|
Non-U.S. credit card
|
90
|
|
|
104
|
|
|
65
|
|
|
88
|
|
|
100
|
|
|
61
|
|
||||||
Direct/Indirect consumer
|
2
|
|
|
2
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
—
|
|
||||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
U.S. credit card
|
$
|
464
|
|
|
$
|
470
|
|
|
$
|
130
|
|
|
$
|
479
|
|
|
$
|
485
|
|
|
$
|
128
|
|
Non-U.S. credit card
|
90
|
|
|
104
|
|
|
65
|
|
|
88
|
|
|
100
|
|
|
61
|
|
||||||
Direct/Indirect consumer
|
45
|
|
|
20
|
|
|
—
|
|
|
52
|
|
|
25
|
|
|
—
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Three Months Ended March 31
|
|
|
|
|
||||||||||||||||||
|
2017
|
|
2016
|
|
|
||||||||||||||||||
|
Average
Carrying Value |
|
Interest
Income Recognized (2) |
|
Average
Carrying Value |
|
Interest
Income Recognized (2) |
|
|
|
|
||||||||||||
With no recorded allowance
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Direct/Indirect consumer
|
$
|
19
|
|
|
$
|
—
|
|
|
$
|
21
|
|
|
$
|
—
|
|
|
|
|
|
||||
With an allowance recorded
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. credit card
|
$
|
477
|
|
|
$
|
6
|
|
|
$
|
606
|
|
|
$
|
9
|
|
|
|
|
|
||||
Non-U.S. credit card
|
102
|
|
|
1
|
|
|
122
|
|
|
1
|
|
|
|
|
|
||||||||
Direct/Indirect consumer
|
3
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|
|
|
|
||||||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. credit card
|
$
|
477
|
|
|
$
|
6
|
|
|
$
|
606
|
|
|
$
|
9
|
|
|
|
|
|
||||
Non-U.S. credit card
|
102
|
|
|
1
|
|
|
122
|
|
|
1
|
|
|
|
|
|
||||||||
Direct/Indirect consumer
|
22
|
|
|
—
|
|
|
39
|
|
|
—
|
|
|
|
|
|
(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 – TDRs by Program Type
|
|||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
|
Internal Programs
|
|
External Programs
|
|
Other
(1)
|
|
Total
|
|
Percent of Balances Current or Less Than 30 Days Past Due
|
||||||||||||||||||||||||||||
(Dollars in millions)
|
March 31
2017 |
|
December 31
2016 |
|
March 31
2017 |
|
December 31
2016 |
|
March 31
2017 |
|
December 31
2016 |
|
March 31
2017 |
|
December 31
2016 |
|
March 31
2017 |
|
December 31
2016 |
||||||||||||||||||
U.S. credit card
|
$
|
210
|
|
|
$
|
220
|
|
|
$
|
259
|
|
|
$
|
264
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
470
|
|
|
$
|
485
|
|
|
88.55
|
%
|
|
88.99
|
%
|
Non-U.S. credit card
|
10
|
|
|
11
|
|
|
7
|
|
|
7
|
|
|
87
|
|
|
82
|
|
|
104
|
|
|
100
|
|
|
37.88
|
|
|
38.47
|
|
||||||||
Direct/Indirect consumer
|
1
|
|
|
2
|
|
|
1
|
|
|
1
|
|
|
18
|
|
|
22
|
|
|
20
|
|
|
25
|
|
|
91.60
|
|
|
90.49
|
|
||||||||
Total TDRs by program type
|
$
|
221
|
|
|
$
|
233
|
|
|
$
|
267
|
|
|
$
|
272
|
|
|
$
|
106
|
|
|
$
|
105
|
|
|
$
|
594
|
|
|
$
|
610
|
|
|
79.80
|
|
|
80.79
|
|
(1)
|
Other TDRs for non-U.S. credit card include modifications of accounts that are ineligible for a fixed payment plan.
|
|
|
|
|
|
|
|
|
|
|
Bank of America
90
|
|
|
|
|
|
|
|
|
|
|
||||||||
Credit Card and Other Consumer – TDRs Entered into During the Three Months Ended March 31, 2017 and 2016
|
|||||||||||||||||
|
|
||||||||||||||||
|
March 31, 2017
|
|
Three Months Ended March 31, 2017
|
||||||||||||||
(Dollars in millions)
|
Unpaid Principal Balance
|
|
Carrying Value
(1)
|
|
Pre-Modification Interest Rate
|
|
Post-Modification Interest Rate
|
|
Net
Charge-offs
|
||||||||
U.S. credit card
|
$
|
52
|
|
|
$
|
55
|
|
|
18.01
|
%
|
|
5.30
|
%
|
|
$
|
1
|
|
Non-U.S. credit card
|
34
|
|
|
40
|
|
|
23.89
|
|
|
0.34
|
|
|
1
|
|
|||
Direct/Indirect consumer
|
10
|
|
|
6
|
|
|
4.08
|
|
|
4.04
|
|
|
4
|
|
|||
Total
|
$
|
96
|
|
|
$
|
101
|
|
|
19.51
|
|
|
3.28
|
|
|
$
|
6
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
March 31, 2016
|
|
Three Months Ended March 31, 2016
|
||||||||||||||
U.S. credit card
|
$
|
46
|
|
|
$
|
50
|
|
|
17.44
|
%
|
|
5.51
|
%
|
|
$
|
1
|
|
Non-U.S. credit card
|
32
|
|
|
38
|
|
|
24.23
|
|
|
0.36
|
|
|
1
|
|
|||
Direct/Indirect consumer
|
7
|
|
|
4
|
|
|
4.27
|
|
|
4.08
|
|
|
2
|
|
|||
Total
|
$
|
85
|
|
|
$
|
92
|
|
|
19.59
|
|
|
3.34
|
|
|
$
|
4
|
|
(1)
|
Includes accrued interest and fees.
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Impaired Loans – Commercial
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
(Dollars in millions)
|
Unpaid
Principal
Balance
|
|
Carrying
Value
|
|
Related
Allowance
|
|
Unpaid
Principal
Balance
|
|
Carrying
Value
|
|
Related
Allowance
|
||||||||||||
With no recorded allowance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
U.S. commercial
|
$
|
983
|
|
|
$
|
937
|
|
|
$
|
—
|
|
|
$
|
860
|
|
|
$
|
827
|
|
|
$
|
—
|
|
Commercial real estate
|
54
|
|
|
48
|
|
|
—
|
|
|
77
|
|
|
71
|
|
|
—
|
|
||||||
Non-U.S. commercial
|
85
|
|
|
85
|
|
|
—
|
|
|
130
|
|
|
130
|
|
|
—
|
|
||||||
With an allowance recorded
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
U.S. commercial
|
$
|
1,676
|
|
|
$
|
1,330
|
|
|
$
|
131
|
|
|
$
|
2,018
|
|
|
$
|
1,569
|
|
|
$
|
132
|
|
Commercial real estate
|
201
|
|
|
65
|
|
|
12
|
|
|
243
|
|
|
96
|
|
|
10
|
|
||||||
Commercial lease financing
|
5
|
|
|
2
|
|
|
—
|
|
|
6
|
|
|
4
|
|
|
—
|
|
||||||
Non-U.S. commercial
|
568
|
|
|
476
|
|
|
103
|
|
|
545
|
|
|
432
|
|
|
104
|
|
||||||
U.S. small business commercial
(1)
|
87
|
|
|
73
|
|
|
28
|
|
|
85
|
|
|
73
|
|
|
27
|
|
||||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
U.S. commercial
|
$
|
2,659
|
|
|
$
|
2,267
|
|
|
$
|
131
|
|
|
$
|
2,878
|
|
|
$
|
2,396
|
|
|
$
|
132
|
|
Commercial real estate
|
255
|
|
|
113
|
|
|
12
|
|
|
320
|
|
|
167
|
|
|
10
|
|
||||||
Commercial lease financing
|
5
|
|
|
2
|
|
|
—
|
|
|
6
|
|
|
4
|
|
|
—
|
|
||||||
Non-U.S. commercial
|
653
|
|
|
561
|
|
|
103
|
|
|
675
|
|
|
562
|
|
|
104
|
|
||||||
U.S. small business commercial
(1)
|
87
|
|
|
73
|
|
|
28
|
|
|
85
|
|
|
73
|
|
|
27
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Three Months Ended March 31
|
|
|
|
|
||||||||||||||||||
|
2017
|
|
2016
|
|
|
||||||||||||||||||
|
Average
Carrying Value |
|
Interest
Income Recognized (2) |
|
Average
Carrying Value |
|
Interest
Income Recognized (2) |
|
|
|
|
||||||||||||
With no recorded allowance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. commercial
|
$
|
882
|
|
|
$
|
3
|
|
|
$
|
583
|
|
|
$
|
2
|
|
|
|
|
|
||||
Commercial real estate
|
60
|
|
|
—
|
|
|
77
|
|
|
—
|
|
|
|
|
|
||||||||
Non-U.S. commercial
|
108
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
|
|
|
||||||||
With an allowance recorded
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. commercial
|
$
|
1,487
|
|
|
$
|
9
|
|
|
$
|
1,439
|
|
|
$
|
14
|
|
|
|
|
|
||||
Commercial real estate
|
76
|
|
|
1
|
|
|
104
|
|
|
1
|
|
|
|
|
|
||||||||
Commercial lease financing
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
||||||||
Non-U.S. commercial
|
453
|
|
|
3
|
|
|
368
|
|
|
3
|
|
|
|
|
|
||||||||
U.S. small business commercial
(1)
|
74
|
|
|
—
|
|
|
102
|
|
|
—
|
|
|
|
|
|
||||||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. commercial
|
$
|
2,369
|
|
|
$
|
12
|
|
|
$
|
2,022
|
|
|
$
|
16
|
|
|
|
|
|
||||
Commercial real estate
|
136
|
|
|
1
|
|
|
181
|
|
|
1
|
|
|
|
|
|
||||||||
Commercial lease financing
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
||||||||
Non-U.S. commercial
|
561
|
|
|
3
|
|
|
373
|
|
|
3
|
|
|
|
|
|
||||||||
U.S. small business commercial
(1)
|
74
|
|
|
—
|
|
|
102
|
|
|
—
|
|
|
|
|
|
(1)
|
Includes U.S. small business commercial renegotiated TDR loans and related allowance.
|
(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.
|
|
|
Bank of America
92
|
|
|
|
|
|
|
||||||
Commercial – TDRs Entered into During the Three Months Ended March 31, 2017 and 2016
|
|||||||||||
|
|
||||||||||
|
March 31, 2017
|
|
Three Months Ended March 31, 2017
|
||||||||
(Dollars in millions)
|
Unpaid Principal Balance
|
|
Carrying Value
|
|
Net Charge-offs
|
||||||
U.S. commercial
|
$
|
468
|
|
|
$
|
440
|
|
|
$
|
41
|
|
Commercial real estate
|
15
|
|
|
9
|
|
|
—
|
|
|||
Commercial lease financing
|
—
|
|
|
—
|
|
|
—
|
|
|||
Non-U.S. commercial
|
—
|
|
|
—
|
|
|
—
|
|
|||
U.S. small business commercial
(1)
|
2
|
|
|
2
|
|
|
—
|
|
|||
Total
|
$
|
485
|
|
|
$
|
451
|
|
|
$
|
41
|
|
|
|
|
|
|
|
||||||
|
March 31, 2016
|
|
Three Months Ended March 31, 2016
|
||||||||
U.S. commercial
|
$
|
642
|
|
|
$
|
625
|
|
|
$
|
5
|
|
Commercial real estate
|
13
|
|
|
12
|
|
|
1
|
|
|||
Non-U.S. commercial
|
199
|
|
|
163
|
|
|
36
|
|
|||
U.S. small business commercial
(1)
|
3
|
|
|
4
|
|
|
—
|
|
|||
Total
|
$
|
857
|
|
|
$
|
804
|
|
|
$
|
42
|
|
(1)
|
U.S. small business commercial TDRs are comprised of renegotiated small business card loans.
|
|
|
|
|
Rollforward of Accretable Yield
|
|
||
|
|
||
(Dollars in millions)
|
Three Months Ended March 31, 2017
|
||
Accretable yield, January 1, 2017
|
$
|
3,805
|
|
Accretion
|
(163
|
)
|
|
Disposals/transfers
|
(91
|
)
|
|
Reclassifications to nonaccretable difference
|
(1
|
)
|
|
Accretable yield, March 31, 2017
|
$
|
3,550
|
|
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended March 31, 2017
|
||||||||||||||
(Dollars in millions)
|
Consumer Real Estate
|
|
Credit Card
and Other
Consumer
|
|
Commercial
|
|
Total
Allowance
|
||||||||
Allowance for loan and lease losses, January 1
(1)
|
$
|
2,750
|
|
|
$
|
3,229
|
|
|
$
|
5,258
|
|
|
$
|
11,237
|
|
Loans and leases charged off
|
(204
|
)
|
|
(946
|
)
|
|
(160
|
)
|
|
(1,310
|
)
|
||||
Recoveries of loans and leases previously charged off
|
123
|
|
|
200
|
|
|
53
|
|
|
376
|
|
||||
Net charge-offs
(2)
|
(81
|
)
|
|
(746
|
)
|
|
(107
|
)
|
|
(934
|
)
|
||||
Write-offs of PCI loans
|
(33
|
)
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
||||
Provision for loan and lease losses
|
(71
|
)
|
|
843
|
|
|
68
|
|
|
840
|
|
||||
Other
(3)
|
—
|
|
|
2
|
|
|
(1
|
)
|
|
1
|
|
||||
Allowance for loan and lease losses, March 31
|
2,565
|
|
|
3,328
|
|
|
5,218
|
|
|
11,111
|
|
||||
Less: Change in allowance included in assets of business held for sale
(4)
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
Total allowance for loan and lease losses, March 31
(1)
|
2,565
|
|
|
3,329
|
|
|
5,218
|
|
|
11,112
|
|
||||
Reserve for unfunded lending commitments, January 1
|
—
|
|
|
—
|
|
|
762
|
|
|
762
|
|
||||
Provision for unfunded lending commitments
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
(5
|
)
|
||||
Reserve for unfunded lending commitments, March 31
|
—
|
|
|
—
|
|
|
757
|
|
|
757
|
|
||||
Allowance for credit losses, March 31
(1)
|
$
|
2,565
|
|
|
$
|
3,329
|
|
|
$
|
5,975
|
|
|
$
|
11,869
|
|
|
Three Months Ended March 31, 2016
|
||||||||||||||
Allowance for loan and lease losses, January 1
|
$
|
3,914
|
|
|
$
|
3,471
|
|
|
$
|
4,849
|
|
|
$
|
12,234
|
|
Loans and leases charged off
|
(378
|
)
|
|
(912
|
)
|
|
(206
|
)
|
|
(1,496
|
)
|
||||
Recoveries of loans and leases previously charged off
|
175
|
|
|
198
|
|
|
55
|
|
|
428
|
|
||||
Net charge-offs
|
(203
|
)
|
|
(714
|
)
|
|
(151
|
)
|
|
(1,068
|
)
|
||||
Write-offs of PCI loans
|
(105
|
)
|
|
—
|
|
|
—
|
|
|
(105
|
)
|
||||
Provision for loan and lease losses
|
(150
|
)
|
|
552
|
|
|
614
|
|
|
1,016
|
|
||||
Other
(3)
|
—
|
|
|
(7
|
)
|
|
(1
|
)
|
|
(8
|
)
|
||||
Allowance for loan and lease losses, March 31
|
3,456
|
|
|
3,302
|
|
|
5,311
|
|
|
12,069
|
|
||||
Reserve for unfunded lending commitments, January 1
|
—
|
|
|
—
|
|
|
646
|
|
|
646
|
|
||||
Provision for unfunded lending commitments
|
—
|
|
|
—
|
|
|
(19
|
)
|
|
(19
|
)
|
||||
Reserve for unfunded lending commitments, March 31
|
—
|
|
|
—
|
|
|
627
|
|
|
627
|
|
||||
Allowance for credit losses, March 31
|
$
|
3,456
|
|
|
$
|
3,302
|
|
|
$
|
5,938
|
|
|
$
|
12,696
|
|
(1)
|
Excludes
$242 million
and
$243 million
of allowance for loan and lease losses related to non-U.S. credit card loans, which is included in assets of business held for sale on the Consolidated Balance Sheet at
March 31, 2017
and
December 31, 2016
.
|
(2)
|
Includes net charge-offs of
$44 million
on non-U.S. credit card loans, which are included in assets of business held for sale on the Consolidated Balance Sheet at
March 31, 2017
.
|
(3)
|
Primarily represents the net impact of portfolio sales, consolidations and deconsolidations, foreign currency translation adjustments and certain other reclassifications.
|
(4)
|
Represents the change in the allowance for loan and lease losses related to the non-U.S. credit card loan portfolio, which is included in assets of business held for sale on the Consolidated Balance Sheet at
March 31, 2017
.
|
|
|
|
|
|
|
|
|
|
|
Bank of America
94
|
|
|
|
|
|
|
|
|
||||||||
Allowance and Carrying Value by Portfolio Segment
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
March 31, 2017
|
||||||||||||||
(Dollars in millions)
|
Consumer Real Estate
|
|
Credit Card
and Other
Consumer
|
|
Commercial
|
|
Total
|
||||||||
Impaired loans and troubled debt restructurings
(1)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allowance for loan and lease losses
(2)
|
$
|
410
|
|
|
$
|
195
|
|
|
$
|
274
|
|
|
$
|
879
|
|
Carrying value
(3)
|
14,722
|
|
|
594
|
|
|
3,016
|
|
|
18,332
|
|
||||
Allowance as a percentage of carrying value
|
2.78
|
%
|
|
32.83
|
%
|
|
9.08
|
%
|
|
4.79
|
%
|
||||
Loans collectively evaluated for impairment
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allowance for loan and lease losses
|
$
|
1,701
|
|
|
$
|
3,376
|
|
|
$
|
4,944
|
|
|
$
|
10,021
|
|
Carrying value
(3, 4)
|
229,809
|
|
|
192,796
|
|
|
454,055
|
|
|
876,660
|
|
||||
Allowance as a percentage of carrying value
(4)
|
0.74
|
%
|
|
1.75
|
%
|
|
1.09
|
%
|
|
1.14
|
%
|
||||
Purchased credit-impaired loans
|
|
|
|
|
|
|
|
|
|
|
|||||
Valuation allowance
|
$
|
454
|
|
|
n/a
|
|
|
n/a
|
|
|
$
|
454
|
|
||
Carrying value gross of valuation allowance
|
13,227
|
|
|
n/a
|
|
|
n/a
|
|
|
13,227
|
|
||||
Valuation allowance as a percentage of carrying value
|
3.43
|
%
|
|
n/a
|
|
|
n/a
|
|
|
3.43
|
%
|
||||
Less: Assets of business held for sale
(5)
|
|
|
|
|
|
|
|
||||||||
Allowance for loan and lease losses
(6)
|
n/a
|
|
|
$
|
(242
|
)
|
|
n/a
|
|
|
$
|
(242
|
)
|
||
Carrying value
(3)
|
n/a
|
|
|
(9,505
|
)
|
|
n/a
|
|
|
(9,505
|
)
|
||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total allowance for loan and lease losses
|
$
|
2,565
|
|
|
$
|
3,329
|
|
|
$
|
5,218
|
|
|
$
|
11,112
|
|
Carrying value
(3, 4)
|
257,758
|
|
|
183,885
|
|
|
457,071
|
|
|
898,714
|
|
||||
Total allowance as a percentage of carrying value
(4)
|
1.00
|
%
|
|
1.81
|
%
|
|
1.14
|
%
|
|
1.24
|
%
|
|
December 31, 2016
|
||||||||||||||
Impaired loans and troubled debt restructurings
(1)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allowance for loan and lease losses
(2)
|
$
|
356
|
|
|
$
|
189
|
|
|
$
|
273
|
|
|
$
|
818
|
|
Carrying value
(3)
|
15,408
|
|
|
610
|
|
|
3,202
|
|
|
19,220
|
|
||||
Allowance as a percentage of carrying value
|
2.31
|
%
|
|
30.98
|
%
|
|
8.53
|
%
|
|
4.26
|
%
|
||||
Loans collectively evaluated for impairment
|
|
|
|
|
|
|
|
|
|
|
|||||
Allowance for loan and lease losses
|
$
|
1,975
|
|
|
$
|
3,283
|
|
|
$
|
4,985
|
|
|
$
|
10,243
|
|
Carrying value
(3, 4)
|
229,094
|
|
|
197,470
|
|
|
449,290
|
|
|
875,854
|
|
||||
Allowance as a percentage of carrying value
(4)
|
0.86
|
%
|
|
1.66
|
%
|
|
1.11
|
%
|
|
1.17
|
%
|
||||
Purchased credit-impaired loans
|
|
|
|
|
|
|
|
|
|
|
|||||
Valuation allowance
|
$
|
419
|
|
|
n/a
|
|
|
n/a
|
|
|
$
|
419
|
|
||
Carrying value gross of valuation allowance
|
13,738
|
|
|
n/a
|
|
|
n/a
|
|
|
13,738
|
|
||||
Valuation allowance as a percentage of carrying value
|
3.05
|
%
|
|
n/a
|
|
|
n/a
|
|
|
3.05
|
%
|
||||
Less: Assets of business held for sale
(5)
|
|
|
|
|
|
|
|
||||||||
Allowance for loan and lease losses
(6)
|
n/a
|
|
|
$
|
(243
|
)
|
|
n/a
|
|
|
$
|
(243
|
)
|
||
Carrying value
(3)
|
n/a
|
|
|
(9,214
|
)
|
|
n/a
|
|
|
(9,214
|
)
|
||||
Total
|
|
|
|
|
|
|
|
|
|
|
|||||
Allowance for loan and lease losses
|
$
|
2,750
|
|
|
$
|
3,229
|
|
|
$
|
5,258
|
|
|
$
|
11,237
|
|
Carrying value
(3, 4)
|
258,240
|
|
|
188,866
|
|
|
452,492
|
|
|
899,598
|
|
||||
Allowance as a percentage of carrying value
(4)
|
1.06
|
%
|
|
1.71
|
%
|
|
1.16
|
%
|
|
1.25
|
%
|
(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)
|
Allowance for loan and lease losses includes
$28 million
and
$27 million
related to impaired U.S. small business commercial at
March 31, 2017
and
December 31, 2016
.
|
(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
$7.5 billion
and
$7.1 billion
at
March 31, 2017
and
December 31, 2016
.
|
(5)
|
Represents allowance for loan and lease losses and loans related to the non-U.S. credit card loan portfolio, which is included in assets of business held for sale on the Consolidated Balance Sheet at
March 31, 2017
and
December 31, 2016
.
|
(6)
|
Includes
$65 million
and
$61 million
of allowance for loan and lease losses related to impaired loans and TDRs and
$177 million
and $
182 million
related to loans collectively evaluated for impairment at
March 31, 2017
and
December 31, 2016
.
|
|
|
|
|
|
|
||||||||
First-lien Mortgage Securitizations
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
||||||||
|
Three Months Ended March 31
|
||||||||||||
|
Residential Mortgage - Agency
|
|
Commercial Mortgage
|
||||||||||
(Dollars in millions)
|
2017
|
2016
|
|
2017
|
2016
|
||||||||
Cash proceeds from new securitizations
(1)
|
$
|
4,656
|
|
$
|
7,074
|
|
|
$
|
609
|
|
$
|
1,247
|
|
Gain (loss) on securitizations
(2)
|
39
|
|
163
|
|
|
18
|
|
(3
|
)
|
||||
Repurchases from securitization trusts
(3)
|
872
|
|
729
|
|
|
—
|
|
—
|
|
(1)
|
The Corporation transfers residential mortgage loans to securitizations sponsored by the GSEs or GNMA in the normal course of business and receives RMBS in exchange which may then be sold into the market to third-party investors for cash proceeds.
|
(2)
|
A majority of the first-lien residential and commercial mortgage loans securitized are initially classified as LHFS and accounted for under the fair value option. Gains recognized on these LHFS prior to securitization, which totaled
$90 million
and
$108 million
, net of hedges, during the
three months ended March 31, 2017 and 2016
, are not included in the table above.
|
(3)
|
The Corporation may have the option to repurchase delinquent loans out of securitization trusts, which reduces the amount of servicing advances it is required to make. The Corporation may also repurchase loans from securitization trusts to perform modifications. The majority of repurchased loans are FHA-insured mortgages collateralizing GNMA securities.
|
|
|
Bank of America
96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
First-lien Mortgage VIEs
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Residential Mortgage
|
|
|
|
|
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
Non-agency
|
|
|
|
|
|
|||||||||||||||||||||||
|
Agency
|
|
Prime
|
|
Subprime
|
|
Alt-A
|
|
Commercial Mortgage
|
|||||||||||||||||||||||||
(Dollars in millions)
|
March 31
2017 |
December 31
2016 |
|
March 31
2017 |
December 31
2016 |
|
March 31
2017 |
December 31
2016 |
|
March 31
2017 |
December 31
2016 |
|
March 31
2017 |
December 31
2016 |
||||||||||||||||||||
Unconsolidated VIEs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Maximum loss exposure
(1)
|
$
|
20,855
|
|
$
|
22,661
|
|
|
$
|
704
|
|
$
|
757
|
|
|
$
|
2,642
|
|
$
|
2,750
|
|
|
$
|
529
|
|
$
|
560
|
|
|
$
|
271
|
|
$
|
344
|
|
On-balance sheet assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Senior securities held
(2)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading account assets
|
$
|
519
|
|
$
|
1,399
|
|
|
$
|
18
|
|
$
|
20
|
|
|
$
|
33
|
|
$
|
112
|
|
|
$
|
99
|
|
$
|
118
|
|
|
$
|
35
|
|
$
|
51
|
|
Debt securities carried at fair value
|
16,774
|
|
17,620
|
|
|
411
|
|
441
|
|
|
2,211
|
|
2,235
|
|
|
302
|
|
305
|
|
|
—
|
|
—
|
|
||||||||||
Held-to-maturity securities
|
3,550
|
|
3,630
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
44
|
|
64
|
|
||||||||||
Subordinate securities held
(2)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading account assets
|
—
|
|
—
|
|
|
1
|
|
1
|
|
|
16
|
|
23
|
|
|
1
|
|
1
|
|
|
5
|
|
14
|
|
||||||||||
Debt securities carried at fair value
|
—
|
|
—
|
|
|
8
|
|
8
|
|
|
2
|
|
2
|
|
|
22
|
|
23
|
|
|
48
|
|
54
|
|
||||||||||
Held-to-maturity securities
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
13
|
|
||||||||||
Residual interests held
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
23
|
|
25
|
|
||||||||||
All other assets
(3)
|
12
|
|
12
|
|
|
26
|
|
28
|
|
|
—
|
|
—
|
|
|
105
|
|
113
|
|
|
—
|
|
—
|
|
||||||||||
Total retained positions
|
$
|
20,855
|
|
$
|
22,661
|
|
|
$
|
464
|
|
$
|
498
|
|
|
$
|
2,262
|
|
$
|
2,372
|
|
|
$
|
529
|
|
$
|
560
|
|
|
$
|
155
|
|
$
|
221
|
|
Principal balance outstanding
(4)
|
$
|
257,948
|
|
$
|
265,332
|
|
|
$
|
12,408
|
|
$
|
16,280
|
|
|
$
|
18,385
|
|
$
|
19,373
|
|
|
$
|
32,779
|
|
$
|
35,788
|
|
|
$
|
17,400
|
|
$
|
23,826
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Consolidated VIEs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Maximum loss exposure
(1)
|
$
|
16,795
|
|
$
|
18,084
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
25
|
|
|
$
|
—
|
|
$
|
—
|
|
On-balance sheet assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading account assets
|
$
|
115
|
|
$
|
434
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
99
|
|
|
$
|
—
|
|
$
|
—
|
|
Loans and leases
|
16,416
|
|
17,223
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||||
All other assets
|
264
|
|
427
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||||
Total assets
|
$
|
16,795
|
|
$
|
18,084
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
99
|
|
|
$
|
—
|
|
$
|
—
|
|
On-balance sheet liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term debt
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
74
|
|
|
$
|
—
|
|
$
|
—
|
|
All other liabilities
|
3
|
|
4
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||||
Total liabilities
|
$
|
3
|
|
$
|
4
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
74
|
|
|
$
|
—
|
|
$
|
—
|
|
(1)
|
Maximum loss exposure includes obligations under loss-sharing reinsurance and other arrangements for non-agency residential mortgage and commercial mortgage securitizations, but excludes the liability for representations and warranties obligations and corporate guarantees and also excludes servicing advances and other servicing rights and obligations. For additional information, see
Note 7 – Representations and Warranties Obligations and Corporate Guarantees
and
Note 14 – Fair Value Measurements
.
|
(2)
|
As a holder of these securities, the Corporation receives scheduled principal and interest payments. During the
three months ended March 31, 2017
and
2016
, the Corporation recognized
$15 million
and
$2 million
of credit-related impairment losses in earnings on those securities classified as AFS debt securities and
none
on HTM securities.
|
(3)
|
Not included in the table above are all other assets of
$118 million
and
$189 million
, 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
$118 million
and
$189 million
, representing the principal amount that would be payable to the securitization vehicles if the Corporation was to exercise the repurchase option, at
March 31, 2017
and
December 31, 2016
.
|
(4)
|
Principal balance outstanding includes loans where the Corporation was the transferor to securitization vehicles with which it has continuing involvement, which may include servicing the loans.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Home Equity Loan, Credit Card and Other Asset-backed VIEs
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Home Equity Loan
(1)
|
|
Credit Card
(2, 3)
|
|
Resecuritization Trusts
|
|
Municipal Bond Trusts
|
|
Other Securitization Trusts
|
|||||||||||||||||||||||||
(Dollars in millions)
|
March 31
2017 |
December 31
2016 |
|
March 31
2017 |
December 31
2016 |
|
March 31
2017 |
December 31
2016 |
|
March 31
2017 |
December 31
2016 |
|
March 31
2017 |
December 31
2016 |
||||||||||||||||||||
Unconsolidated VIEs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Maximum loss exposure
|
$
|
2,453
|
|
$
|
2,732
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
9,557
|
|
$
|
9,906
|
|
|
$
|
1,603
|
|
$
|
1,635
|
|
|
$
|
46
|
|
$
|
47
|
|
On-balance sheet assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Senior securities held
(4, 5)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Trading account assets
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
936
|
|
$
|
902
|
|
|
$
|
23
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
Debt securities carried at fair value
|
43
|
|
46
|
|
|
—
|
|
—
|
|
|
2,181
|
|
2,338
|
|
|
—
|
|
—
|
|
|
46
|
|
47
|
|
||||||||||
Held-to-maturity securities
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
6,342
|
|
6,569
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||||
Subordinate securities held
(4, 5)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Trading account assets
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
27
|
|
27
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||||
Debt securities carried at fair value
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
71
|
|
70
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||||
Total retained positions
|
$
|
43
|
|
$
|
46
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
9,557
|
|
$
|
9,906
|
|
|
$
|
23
|
|
$
|
—
|
|
|
$
|
46
|
|
$
|
47
|
|
Total assets of VIEs
(6)
|
$
|
3,949
|
|
$
|
4,274
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
18,792
|
|
$
|
22,155
|
|
|
$
|
2,336
|
|
$
|
2,406
|
|
|
$
|
169
|
|
$
|
174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Consolidated VIEs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Maximum loss exposure
|
$
|
139
|
|
$
|
149
|
|
|
$
|
23,156
|
|
$
|
25,859
|
|
|
$
|
282
|
|
$
|
420
|
|
|
$
|
1,326
|
|
$
|
1,442
|
|
|
$
|
—
|
|
$
|
—
|
|
On-balance sheet assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Trading account assets
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
1,096
|
|
$
|
1,428
|
|
|
$
|
1,325
|
|
$
|
1,454
|
|
|
$
|
—
|
|
$
|
—
|
|
Loans and leases
|
225
|
|
244
|
|
|
33,125
|
|
35,135
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||||
Allowance for loan and lease losses
|
(15
|
)
|
(16
|
)
|
|
(980
|
)
|
(1,007
|
)
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||||
All other assets
|
6
|
|
7
|
|
|
1,548
|
|
793
|
|
|
—
|
|
—
|
|
|
1
|
|
—
|
|
|
—
|
|
—
|
|
||||||||||
Total assets
|
$
|
216
|
|
$
|
235
|
|
|
$
|
33,693
|
|
$
|
34,921
|
|
|
$
|
1,096
|
|
$
|
1,428
|
|
|
$
|
1,326
|
|
$
|
1,454
|
|
|
$
|
—
|
|
$
|
—
|
|
On-balance sheet liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Short-term borrowings
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
185
|
|
$
|
348
|
|
|
$
|
—
|
|
$
|
—
|
|
Long-term debt
|
97
|
|
108
|
|
|
10,527
|
|
9,049
|
|
|
814
|
|
1,008
|
|
|
—
|
|
12
|
|
|
—
|
|
—
|
|
||||||||||
All other liabilities
|
—
|
|
—
|
|
|
10
|
|
13
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||||
Total liabilities
|
$
|
97
|
|
$
|
108
|
|
|
$
|
10,537
|
|
$
|
9,062
|
|
|
$
|
814
|
|
$
|
1,008
|
|
|
$
|
185
|
|
$
|
360
|
|
|
$
|
—
|
|
$
|
—
|
|
(1)
|
For unconsolidated home equity loan VIEs, the maximum loss exposure includes outstanding trust certificates issued by trusts in rapid amortization, net of recorded reserves. For both consolidated and unconsolidated home equity loan VIEs, the maximum loss exposure excludes the liability for representations and warranties obligations and corporate guarantees. For additional information, see
Note 7 – Representations and Warranties Obligations and Corporate Guarantees
.
|
(2)
|
At
March 31, 2017
and
December 31, 2016
, loans and leases in the consolidated credit card trust included
$13.9 billion
and
$17.6 billion
of seller’s interest.
|
(3)
|
At
March 31, 2017
and
December 31, 2016
, all other assets in the consolidated credit card trust included restricted cash, certain short-term investments, and unbilled accrued interest and fees.
|
(4)
|
As a holder of these securities, the Corporation receives scheduled principal and interest payments. During the
three months ended March 31, 2017
and
2016
, the Corporation recognized
$2 million
and
$1 million
of credit-related impairment losses in earnings on those securities classified as AFS debt securities and
none
on HTM securities.
|
(5)
|
The retained senior and subordinate securities were valued using quoted market prices or observable market inputs (Level 2 of the fair value hierarchy).
|
(6)
|
Total assets include loans the Corporation transferred with which it has continuing involvement, which may include servicing the loan.
|
|
|
Bank of America
98
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other VIEs
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
(Dollars in millions)
|
Consolidated
|
|
Unconsolidated
|
|
Total
|
|
Consolidated
|
|
Unconsolidated
|
|
Total
|
||||||||||||
Maximum loss exposure
|
$
|
6,210
|
|
|
$
|
17,899
|
|
|
$
|
24,109
|
|
|
$
|
6,114
|
|
|
$
|
17,707
|
|
|
$
|
23,821
|
|
On-balance sheet assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Trading account assets
|
$
|
2,644
|
|
|
$
|
224
|
|
|
$
|
2,868
|
|
|
$
|
2,358
|
|
|
$
|
233
|
|
|
$
|
2,591
|
|
Debt securities carried at fair value
|
—
|
|
|
161
|
|
|
161
|
|
|
—
|
|
|
75
|
|
|
75
|
|
||||||
Loans and leases
|
3,421
|
|
|
3,351
|
|
|
6,772
|
|
|
3,399
|
|
|
3,249
|
|
|
6,648
|
|
||||||
Allowance for loan and lease losses
|
(9
|
)
|
|
(28
|
)
|
|
(37
|
)
|
|
(9
|
)
|
|
(24
|
)
|
|
(33
|
)
|
||||||
Loans held-for-sale
|
128
|
|
|
906
|
|
|
1,034
|
|
|
188
|
|
|
464
|
|
|
652
|
|
||||||
All other assets
|
342
|
|
|
13,080
|
|
|
13,422
|
|
|
369
|
|
|
13,156
|
|
|
13,525
|
|
||||||
Total
|
$
|
6,526
|
|
|
$
|
17,694
|
|
|
$
|
24,220
|
|
|
$
|
6,305
|
|
|
$
|
17,153
|
|
|
$
|
23,458
|
|
On-balance sheet liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Long-term debt
(1)
|
$
|
506
|
|
|
$
|
—
|
|
|
$
|
506
|
|
|
$
|
395
|
|
|
$
|
—
|
|
|
$
|
395
|
|
All other liabilities
|
24
|
|
|
2,984
|
|
|
3,008
|
|
|
24
|
|
|
2,959
|
|
|
2,983
|
|
||||||
Total
|
$
|
530
|
|
|
$
|
2,984
|
|
|
$
|
3,514
|
|
|
$
|
419
|
|
|
$
|
2,959
|
|
|
$
|
3,378
|
|
Total assets of VIEs
|
$
|
6,526
|
|
|
$
|
63,875
|
|
|
$
|
70,401
|
|
|
$
|
6,305
|
|
|
$
|
62,095
|
|
|
$
|
68,400
|
|
(1)
|
Includes
$214 million
and
$229 million
of long-term debt at
March 31, 2017
and
December 31, 2016
issued by other consolidated VIEs, which has recourse to the general credit of the Corporation.
|
|
|
Bank of America
100
|
|
|
|
|
||||
Unresolved Repurchase Claims by Counterparty, net of duplicate claims
|
|||||||
|
|
|
|
||||
(Dollars in millions)
|
March 31
2017 |
|
December 31
2016 |
||||
By counterparty
|
|
|
|
|
|
||
Private-label securitization trustees, whole-loan investors, including third-party securitization sponsors and other
(1)
|
$
|
16,678
|
|
|
$
|
16,685
|
|
Monolines
|
1,583
|
|
|
1,583
|
|
||
GSEs
|
4
|
|
|
9
|
|
||
Total unresolved repurchase claims by counterparty, net of duplicate claims
|
$
|
18,265
|
|
|
$
|
18,277
|
|
(1)
|
Includes
$11.9 billion
of claims based on individual file reviews and
$4.8 billion
of claims submitted without individual file reviews at both
March 31, 2017
and
December 31, 2016
.
|
(1)
|
In February 2016, the Corporation made an
$8.5 billion
settlement payment to BNY Mellon as part of the settlement with BNY Mellon.
|
|
|
Bank of America
102
|
|
|
|
|
||||
Goodwill
|
|
|
|
||||
(Dollars in millions)
|
March 31
2017 |
|
December 31
2016 |
||||
Consumer Banking
|
$
|
30,123
|
|
|
$
|
30,123
|
|
Global Wealth & Investment Management
|
9,681
|
|
|
9,681
|
|
||
Global Banking
|
23,923
|
|
|
23,923
|
|
||
Global Markets
|
5,197
|
|
|
5,197
|
|
||
All Other
|
820
|
|
|
820
|
|
||
Less: Goodwill of business held for sale
(1)
|
(775
|
)
|
|
(775
|
)
|
||
Total goodwill
|
$
|
68,969
|
|
|
$
|
68,969
|
|
(1)
|
Reflects the goodwill assigned to the non-U.S. consumer credit card business, which is included in assets of business held for sale on the Consolidated Balance Sheet.
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intangible Assets
(1, 2)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
(Dollars in millions)
|
Gross
Carrying Value
|
|
Accumulated
Amortization
|
|
Net
Carrying Value |
|
Gross
Carrying Value
|
|
Accumulated
Amortization
|
|
Net
Carrying Value |
||||||||||||
Purchased credit card and affinity relationships
|
$
|
6,841
|
|
|
$
|
6,311
|
|
|
$
|
530
|
|
|
$
|
6,830
|
|
|
$
|
6,243
|
|
|
$
|
587
|
|
Core deposit and other intangibles
(3)
|
3,836
|
|
|
2,071
|
|
|
1,765
|
|
|
3,836
|
|
|
2,046
|
|
|
1,790
|
|
||||||
Customer relationships
|
3,887
|
|
|
3,355
|
|
|
532
|
|
|
3,887
|
|
|
3,275
|
|
|
612
|
|
||||||
Total intangible assets
(4)
|
$
|
14,564
|
|
|
$
|
11,737
|
|
|
$
|
2,827
|
|
|
$
|
14,553
|
|
|
$
|
11,564
|
|
|
$
|
2,989
|
|
(1)
|
Excludes fully amortized intangible assets.
|
(2)
|
At
March 31, 2017
and
December 31, 2016
, none of the intangible assets were impaired.
|
(3)
|
Includes
$1.6 billion
at both
March 31, 2017
and
December 31, 2016
of intangible assets associated with trade names that have an indefinite life and, accordingly, are not amortized.
|
(4)
|
Includes
$61 million
and
$67 million
at
March 31, 2017
and
December 31, 2016
of intangible assets assigned to the non-U.S. consumer credit card business, which is included in assets of business held for sale on the Consolidated Balance Sheet.
|
|
|
|
|
|
|
|
|
||||||
|
Three Months Ended March 31
|
||||||||||||
|
2017
|
|
2016
|
||||||||||
(Dollars in millions)
|
Amount
|
|
Rate
|
|
Amount
|
|
Rate
|
||||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
|
|
|
|
|
|
|
|
|
|
|||
Average during period
|
$
|
216,402
|
|
|
0.82
|
%
|
|
$
|
209,183
|
|
|
0.53
|
%
|
Maximum month-end balance during period
|
223,499
|
|
|
n/a
|
|
|
221,129
|
|
|
n/a
|
|
||
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
|
|
|
|
|
|
|
|
|
|
|
||
Average during period
|
$
|
191,677
|
|
|
0.93
|
%
|
|
$
|
191,297
|
|
|
1.03
|
%
|
Maximum month-end balance during period
|
199,926
|
|
|
n/a
|
|
|
196,631
|
|
|
n/a
|
|
||
Short-term borrowings
|
|
|
|
|
|
|
|
|
|
|
|
||
Average during period
|
40,040
|
|
|
2.11
|
|
|
30,693
|
|
|
1.58
|
|
||
Maximum month-end balance during period
|
44,944
|
|
|
n/a
|
|
|
30,881
|
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Securities Financing Agreements
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
March 31, 2017
|
||||||||||||||||||
(Dollars in millions)
|
Gross Assets/Liabilities
|
|
Amounts Offset
|
|
Net Balance Sheet Amount
|
|
Financial Instruments
|
|
Net Assets/Liabilities
|
||||||||||
Securities borrowed or purchased under agreements to resell
(1)
|
$
|
354,116
|
|
|
$
|
(143,383
|
)
|
|
$
|
210,733
|
|
|
$
|
(164,220
|
)
|
|
$
|
46,513
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Securities loaned or sold under agreements to repurchase
|
$
|
329,468
|
|
|
$
|
(143,383
|
)
|
|
$
|
186,085
|
|
|
$
|
(154,145
|
)
|
|
$
|
31,940
|
|
Other
|
16,102
|
|
|
—
|
|
|
16,102
|
|
|
(16,102
|
)
|
|
—
|
|
|||||
Total
|
$
|
345,570
|
|
|
$
|
(143,383
|
)
|
|
$
|
202,187
|
|
|
$
|
(170,247
|
)
|
|
$
|
31,940
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31, 2016
|
||||||||||||||||||
Securities borrowed or purchased under agreements to resell
(1)
|
$
|
326,970
|
|
|
$
|
(128,746
|
)
|
|
$
|
198,224
|
|
|
$
|
(154,974
|
)
|
|
$
|
43,250
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Securities loaned or sold under agreements to repurchase
|
$
|
299,028
|
|
|
$
|
(128,746
|
)
|
|
$
|
170,282
|
|
|
$
|
(140,774
|
)
|
|
$
|
29,508
|
|
Other
|
14,448
|
|
|
—
|
|
|
14,448
|
|
|
(14,448
|
)
|
|
—
|
|
|||||
Total
|
$
|
313,476
|
|
|
$
|
(128,746
|
)
|
|
$
|
184,730
|
|
|
$
|
(155,222
|
)
|
|
$
|
29,508
|
|
(1)
|
Excludes repurchase activity of
$9.5 billion
and
$10.1 billion
reported in loans and leases on the Consolidated Balance Sheet at
March 31, 2017
and
December 31, 2016
.
|
|
|
Bank of America
104
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Remaining Contractual Maturity
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
March 31, 2017
|
||||||||||||||||||
(Dollars in millions)
|
Overnight and Continuous
|
|
30 Days or Less
|
|
After 30 Days Through 90 Days
|
|
Greater than 90 Days
(1)
|
|
Total
|
||||||||||
Securities sold under agreements to repurchase
|
$
|
134,495
|
|
|
$
|
82,101
|
|
|
$
|
36,219
|
|
|
$
|
52,163
|
|
|
$
|
304,978
|
|
Securities loaned
|
18,164
|
|
|
760
|
|
|
1,430
|
|
|
4,136
|
|
|
24,490
|
|
|||||
Other
|
16,102
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,102
|
|
|||||
Total
|
$
|
168,761
|
|
|
$
|
82,861
|
|
|
$
|
37,649
|
|
|
$
|
56,299
|
|
|
$
|
345,570
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31, 2016
|
||||||||||||||||||
Securities sold under agreements to repurchase
|
$
|
129,853
|
|
|
$
|
77,780
|
|
|
$
|
31,851
|
|
|
$
|
40,752
|
|
|
$
|
280,236
|
|
Securities loaned
|
8,564
|
|
|
6,602
|
|
|
1,473
|
|
|
2,153
|
|
|
18,792
|
|
|||||
Other
|
14,448
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,448
|
|
|||||
Total
|
$
|
152,865
|
|
|
$
|
84,382
|
|
|
$
|
33,324
|
|
|
$
|
42,905
|
|
|
$
|
313,476
|
|
(1)
|
No agreements have maturities greater than
three years
.
|
|
|
|
|
|
|
|
|
||||||||
Class of Collateral Pledged
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
March 31, 2017
|
||||||||||||||
(Dollars in millions)
|
Securities Sold Under Agreements to Repurchase
|
|
Securities Loaned
|
|
Other
|
|
Total
|
||||||||
U.S. government and agency securities
|
$
|
165,255
|
|
|
$
|
—
|
|
|
$
|
194
|
|
|
$
|
165,449
|
|
Corporate securities, trading loans and other
|
10,582
|
|
|
1,792
|
|
|
163
|
|
|
12,537
|
|
||||
Equity securities
|
26,685
|
|
|
15,092
|
|
|
15,702
|
|
|
57,479
|
|
||||
Non-U.S. sovereign debt
|
94,628
|
|
|
7,606
|
|
|
43
|
|
|
102,277
|
|
||||
Mortgage trading loans and ABS
|
7,828
|
|
|
—
|
|
|
—
|
|
|
7,828
|
|
||||
Total
|
$
|
304,978
|
|
|
$
|
24,490
|
|
|
$
|
16,102
|
|
|
$
|
345,570
|
|
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2016
|
||||||||||||||
U.S. government and agency securities
|
$
|
153,184
|
|
|
$
|
—
|
|
|
$
|
70
|
|
|
$
|
153,254
|
|
Corporate securities, trading loans and other
|
11,086
|
|
|
1,630
|
|
|
127
|
|
|
12,843
|
|
||||
Equity securities
|
24,007
|
|
|
11,175
|
|
|
14,196
|
|
|
49,378
|
|
||||
Non-U.S. sovereign debt
|
84,171
|
|
|
5,987
|
|
|
55
|
|
|
90,213
|
|
||||
Mortgage trading loans and ABS
|
7,788
|
|
|
—
|
|
|
—
|
|
|
7,788
|
|
||||
Total
|
$
|
280,236
|
|
|
$
|
18,792
|
|
|
$
|
14,448
|
|
|
$
|
313,476
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Credit Extension Commitments
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
March 31, 2017
|
||||||||||||||||||
(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
|
$
|
77,131
|
|
|
$
|
134,993
|
|
|
$
|
148,994
|
|
|
$
|
23,951
|
|
|
$
|
385,069
|
|
Home equity lines of credit
|
8,973
|
|
|
8,539
|
|
|
2,469
|
|
|
26,912
|
|
|
46,893
|
|
|||||
Standby letters of credit and financial guarantees
(1)
|
19,549
|
|
|
10,991
|
|
|
2,852
|
|
|
1,068
|
|
|
34,460
|
|
|||||
Letters of credit
|
1,164
|
|
|
101
|
|
|
97
|
|
|
49
|
|
|
1,411
|
|
|||||
Legally binding commitments
|
106,817
|
|
|
154,624
|
|
|
154,412
|
|
|
51,980
|
|
|
467,833
|
|
|||||
Credit card lines
(2)
|
384,891
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
384,891
|
|
|||||
Total credit extension commitments
|
$
|
491,708
|
|
|
$
|
154,624
|
|
|
$
|
154,412
|
|
|
$
|
51,980
|
|
|
$
|
852,724
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31, 2016
|
||||||||||||||||||
Notional amount of credit extension commitments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loan commitments
|
$
|
82,609
|
|
|
$
|
133,063
|
|
|
$
|
152,854
|
|
|
$
|
22,129
|
|
|
$
|
390,655
|
|
Home equity lines of credit
|
8,806
|
|
|
10,701
|
|
|
2,644
|
|
|
25,050
|
|
|
47,201
|
|
|||||
Standby letters of credit and financial guarantees
(1)
|
19,165
|
|
|
10,754
|
|
|
3,225
|
|
|
1,027
|
|
|
34,171
|
|
|||||
Letters of credit
|
1,285
|
|
|
103
|
|
|
114
|
|
|
53
|
|
|
1,555
|
|
|||||
Legally binding commitments
|
111,865
|
|
|
154,621
|
|
|
158,837
|
|
|
48,259
|
|
|
473,582
|
|
|||||
Credit card lines
(2)
|
377,773
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
377,773
|
|
|||||
Total credit extension commitments
|
$
|
489,638
|
|
|
$
|
154,621
|
|
|
$
|
158,837
|
|
|
$
|
48,259
|
|
|
$
|
851,355
|
|
(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
$25.8 billion
and
$8.3 billion
at
March 31, 2017
, and
$25.5 billion
and
$8.3 billion
at
December 31, 2016
. Amounts in the table include consumer SBLCs of
$399 million
and
$376 million
at
March 31, 2017
and
December 31, 2016
.
|
(2)
|
Includes business card unused lines of credit.
|
|
|
Bank of America
106
|
|
|
Bank of America
108
|
|
|
|
|
|
|
|
||
Declared Quarterly Cash Dividends on Common Stock
(1)
|
||||||||
|
|
|
|
|
|
|
||
Declaration Date
|
|
Record Date
|
|
Payment Date
|
|
Dividend Per Share
|
||
|
|
|
||||||
April 26, 2017
|
|
June 2, 2017
|
|
June 30, 2017
|
|
$
|
0.075
|
|
January 26, 2017
|
|
March 3, 2017
|
|
March 31, 2017
|
|
0.075
|
|
(1)
|
In
2017
and through
May 2, 2017
.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(Dollars in millions)
|
Debt
Securities
|
|
Available-for-
Sale Marketable
Equity Securities
|
|
Debit Valuation Adjustments
|
|
Derivatives
|
|
Employee
Benefit Plans
|
|
Foreign
Currency
|
|
Total
|
||||||||||||||
Balance, December 31, 2015
|
$
|
16
|
|
|
$
|
62
|
|
|
$
|
(611
|
)
|
|
$
|
(1,077
|
)
|
|
$
|
(2,956
|
)
|
|
$
|
(792
|
)
|
|
$
|
(5,358
|
)
|
Net change
|
2,389
|
|
|
(33
|
)
|
|
127
|
|
|
24
|
|
|
10
|
|
|
12
|
|
|
2,529
|
|
|||||||
Balance, March 31, 2016
|
$
|
2,405
|
|
|
$
|
29
|
|
|
$
|
(484
|
)
|
|
$
|
(1,053
|
)
|
|
$
|
(2,946
|
)
|
|
$
|
(780
|
)
|
|
$
|
(2,829
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance, December 31, 2016
|
$
|
(1,299
|
)
|
|
$
|
32
|
|
|
$
|
(767
|
)
|
|
$
|
(895
|
)
|
|
$
|
(3,480
|
)
|
|
$
|
(879
|
)
|
|
$
|
(7,288
|
)
|
Net change
|
(103
|
)
|
|
4
|
|
|
9
|
|
|
38
|
|
|
27
|
|
|
(3
|
)
|
|
(28
|
)
|
|||||||
Balance, March 31, 2017
|
$
|
(1,402
|
)
|
|
$
|
36
|
|
|
$
|
(758
|
)
|
|
$
|
(857
|
)
|
|
$
|
(3,453
|
)
|
|
$
|
(882
|
)
|
|
$
|
(7,316
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Changes in OCI Components Before- and After-tax
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Three Months Ended March 31
|
||||||||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||||||||
(Dollars in millions)
|
Before-tax
|
|
Tax effect
|
|
After-tax
|
|
Before-tax
|
|
Tax effect
|
|
After-tax
|
||||||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net increase (decrease) in fair value
|
$
|
(151
|
)
|
|
$
|
63
|
|
|
$
|
(88
|
)
|
|
$
|
4,038
|
|
|
$
|
(1,535
|
)
|
|
$
|
2,503
|
|
Reclassifications into earnings:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gains on sales of debt securities
|
(52
|
)
|
|
20
|
|
|
(32
|
)
|
|
(190
|
)
|
|
72
|
|
|
(118
|
)
|
||||||
Other income
|
27
|
|
|
(10
|
)
|
|
17
|
|
|
7
|
|
|
(3
|
)
|
|
4
|
|
||||||
Net realized gains reclassified into earnings
|
(25
|
)
|
|
10
|
|
|
(15
|
)
|
|
(183
|
)
|
|
69
|
|
|
(114
|
)
|
||||||
Net change
|
(176
|
)
|
|
73
|
|
|
(103
|
)
|
|
3,855
|
|
|
(1,466
|
)
|
|
2,389
|
|
||||||
Available-for-sale marketable equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net increase (decrease) in fair value
|
27
|
|
|
(10
|
)
|
|
17
|
|
|
(54
|
)
|
|
21
|
|
|
(33
|
)
|
||||||
Net realized gains reclassified into earnings
(1)
|
(20
|
)
|
|
7
|
|
|
(13
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net change
|
7
|
|
|
(3
|
)
|
|
4
|
|
|
(54
|
)
|
|
21
|
|
|
(33
|
)
|
||||||
Debit valuation adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net increase in fair value
|
9
|
|
|
(4
|
)
|
|
5
|
|
|
195
|
|
|
(72
|
)
|
|
123
|
|
||||||
Net realized losses reclassified into earnings
(1)
|
6
|
|
|
(2
|
)
|
|
4
|
|
|
7
|
|
|
(3
|
)
|
|
4
|
|
||||||
Net change
|
15
|
|
|
(6
|
)
|
|
9
|
|
|
202
|
|
|
(75
|
)
|
|
127
|
|
||||||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net decrease in fair value
|
(9
|
)
|
|
3
|
|
|
(6
|
)
|
|
(159
|
)
|
|
59
|
|
|
(100
|
)
|
||||||
Reclassifications into earnings:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net interest income
|
112
|
|
|
(42
|
)
|
|
70
|
|
|
164
|
|
|
(61
|
)
|
|
103
|
|
||||||
Personnel
|
(42
|
)
|
|
16
|
|
|
(26
|
)
|
|
34
|
|
|
(13
|
)
|
|
21
|
|
||||||
Net realized losses reclassified into earnings
|
70
|
|
|
(26
|
)
|
|
44
|
|
|
198
|
|
|
(74
|
)
|
|
124
|
|
||||||
Net change
|
61
|
|
|
(23
|
)
|
|
38
|
|
|
39
|
|
|
(15
|
)
|
|
24
|
|
||||||
Employee benefit plans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reclassifications into earnings:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Prior service cost
|
1
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||
Net actuarial losses
|
42
|
|
|
(16
|
)
|
|
26
|
|
|
24
|
|
|
(10
|
)
|
|
14
|
|
||||||
Net realized losses reclassified into earnings
(2)
|
43
|
|
|
(16
|
)
|
|
27
|
|
|
25
|
|
|
(10
|
)
|
|
15
|
|
||||||
Settlements, curtailments and other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
(5
|
)
|
||||||
Net change
|
43
|
|
|
(16
|
)
|
|
27
|
|
|
25
|
|
|
(15
|
)
|
|
10
|
|
||||||
Foreign currency:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net decrease in fair value
|
(131
|
)
|
|
108
|
|
|
(23
|
)
|
|
(134
|
)
|
|
146
|
|
|
12
|
|
||||||
Net gains reclassified into earnings
(1)
|
(12
|
)
|
|
32
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net change
|
(143
|
)
|
|
140
|
|
|
(3
|
)
|
|
(134
|
)
|
|
146
|
|
|
12
|
|
||||||
Total other comprehensive income (loss)
|
$
|
(193
|
)
|
|
$
|
165
|
|
|
$
|
(28
|
)
|
|
$
|
3,933
|
|
|
$
|
(1,404
|
)
|
|
$
|
2,529
|
|
(1)
|
Reclassifications of pretax AFS marketable equity securities, DVA and foreign currency are recorded in other income in the Consolidated Statement of Income.
|
(2)
|
Reclassifications of pretax employee benefit plan costs are recorded in personnel expense in the Consolidated Statement of Income.
|
|
|
Bank of America
110
|
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions, except per share information; shares in thousands)
|
2017
|
|
2016
|
||||
Earnings per common share
|
|
|
|
|
|
||
Net income
|
$
|
4,856
|
|
|
$
|
3,472
|
|
Preferred stock dividends
|
(502
|
)
|
|
(457
|
)
|
||
Net income applicable to common shareholders
|
$
|
4,354
|
|
|
$
|
3,015
|
|
Average common shares issued and outstanding
|
10,099,557
|
|
|
10,370,094
|
|
||
Earnings per common share
|
$
|
0.43
|
|
|
$
|
0.29
|
|
|
|
|
|
||||
Diluted earnings per common share
|
|
|
|
|
|
||
Net income applicable to common shareholders
|
$
|
4,354
|
|
|
$
|
3,015
|
|
Add preferred stock dividends due to assumed conversions
|
75
|
|
|
75
|
|
||
Net income allocated to common shareholders
|
$
|
4,429
|
|
|
$
|
3,090
|
|
Average common shares issued and outstanding
|
10,099,557
|
|
|
10,370,094
|
|
||
Dilutive potential common shares
(1)
|
815,258
|
|
|
729,973
|
|
||
Total diluted average common shares issued and outstanding
|
10,914,815
|
|
|
11,100,067
|
|
||
Diluted earnings per common share
|
$
|
0.41
|
|
|
$
|
0.28
|
|
(1)
|
Includes incremental dilutive shares from RSUs, restricted stock and warrants.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
March 31, 2017
|
||||||||||||||||||
|
Fair Value Measurements
|
|
|
|
|
||||||||||||||
(Dollars in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting Adjustments
(1)
|
|
Assets/Liabilities at Fair Value
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
$
|
—
|
|
|
$
|
58,545
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
58,545
|
|
Trading account assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. Treasury and agency securities
(2)
|
40,582
|
|
|
1,006
|
|
|
—
|
|
|
—
|
|
|
41,588
|
|
|||||
Corporate securities, trading loans and other
|
219
|
|
|
27,691
|
|
|
2,029
|
|
|
—
|
|
|
29,939
|
|
|||||
Equity securities
|
58,970
|
|
|
25,168
|
|
|
288
|
|
|
—
|
|
|
84,426
|
|
|||||
Non-U.S. sovereign debt
|
12,430
|
|
|
13,023
|
|
|
527
|
|
|
—
|
|
|
25,980
|
|
|||||
Mortgage trading loans, MBS and ABS:
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. government-sponsored agency guaranteed
(2)
|
—
|
|
|
18,442
|
|
|
—
|
|
|
—
|
|
|
18,442
|
|
|||||
Mortgage trading loans, ABS and other MBS
|
—
|
|
|
7,454
|
|
|
1,215
|
|
|
—
|
|
|
8,669
|
|
|||||
Total trading account assets
(3)
|
112,201
|
|
|
92,784
|
|
|
4,059
|
|
|
—
|
|
|
209,044
|
|
|||||
Derivative assets
(4)
|
8,218
|
|
|
521,097
|
|
|
4,152
|
|
|
(493,389
|
)
|
|
40,078
|
|
|||||
AFS debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. Treasury and agency securities
|
49,013
|
|
|
1,545
|
|
|
—
|
|
|
—
|
|
|
50,558
|
|
|||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Agency
|
—
|
|
|
189,043
|
|
|
—
|
|
|
—
|
|
|
189,043
|
|
|||||
Agency-collateralized mortgage obligations
|
—
|
|
|
7,877
|
|
|
—
|
|
|
—
|
|
|
7,877
|
|
|||||
Non-agency residential
|
—
|
|
|
1,943
|
|
|
—
|
|
|
—
|
|
|
1,943
|
|
|||||
Commercial
|
—
|
|
|
12,572
|
|
|
—
|
|
|
—
|
|
|
12,572
|
|
|||||
Non-U.S. securities
|
1,945
|
|
|
3,910
|
|
|
207
|
|
|
—
|
|
|
6,062
|
|
|||||
Other taxable securities
|
—
|
|
|
9,240
|
|
|
579
|
|
|
—
|
|
|
9,819
|
|
|||||
Tax-exempt securities
|
—
|
|
|
16,815
|
|
|
520
|
|
|
—
|
|
|
17,335
|
|
|||||
Total AFS debt securities
|
50,958
|
|
|
242,945
|
|
|
1,306
|
|
|
—
|
|
|
295,209
|
|
|||||
Other debt securities carried at fair value:
|
|
|
|
|
|
|
|
|
|
||||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Agency-collateralized mortgage obligations
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|||||
Non-agency residential
|
—
|
|
|
3,058
|
|
|
24
|
|
|
—
|
|
|
3,082
|
|
|||||
Non-U.S. securities
|
12,177
|
|
|
1,305
|
|
|
—
|
|
|
—
|
|
|
13,482
|
|
|||||
Other taxable securities
|
—
|
|
|
234
|
|
|
—
|
|
|
—
|
|
|
234
|
|
|||||
Total other debt securities carried at fair value
|
12,177
|
|
|
4,602
|
|
|
24
|
|
|
—
|
|
|
16,803
|
|
|||||
Loans and leases
|
—
|
|
|
6,826
|
|
|
702
|
|
|
—
|
|
|
7,528
|
|
|||||
Mortgage servicing rights
|
—
|
|
|
—
|
|
|
2,610
|
|
|
—
|
|
|
2,610
|
|
|||||
Loans held-for-sale
|
—
|
|
|
2,953
|
|
|
792
|
|
|
—
|
|
|
3,745
|
|
|||||
Customer and other receivables
|
—
|
|
|
250
|
|
|
—
|
|
|
—
|
|
|
250
|
|
|||||
Debt securities in assets of business held for sale
|
691
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
691
|
|
|||||
Other assets
|
12,971
|
|
|
1,437
|
|
|
231
|
|
|
—
|
|
|
14,639
|
|
|||||
Total assets
|
$
|
197,216
|
|
|
$
|
931,439
|
|
|
$
|
13,876
|
|
|
$
|
(493,389
|
)
|
|
$
|
649,142
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest-bearing deposits in U.S. offices
|
$
|
—
|
|
|
$
|
598
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
598
|
|
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
—
|
|
|
36,437
|
|
|
226
|
|
|
—
|
|
|
36,663
|
|
|||||
Trading account liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Treasury and agency securities
|
18,392
|
|
|
91
|
|
|
—
|
|
|
—
|
|
|
18,483
|
|
|||||
Equity securities
|
30,203
|
|
|
3,064
|
|
|
—
|
|
|
—
|
|
|
33,267
|
|
|||||
Non-U.S. sovereign debt
|
13,547
|
|
|
3,723
|
|
|
—
|
|
|
—
|
|
|
17,270
|
|
|||||
Corporate securities and other
|
231
|
|
|
7,997
|
|
|
35
|
|
|
—
|
|
|
8,263
|
|
|||||
Total trading account liabilities
|
62,373
|
|
|
14,875
|
|
|
35
|
|
|
—
|
|
|
77,283
|
|
|||||
Derivative liabilities
(4)
|
7,640
|
|
|
520,288
|
|
|
5,817
|
|
|
(497,317
|
)
|
|
36,428
|
|
|||||
Short-term borrowings
|
—
|
|
|
1,041
|
|
|
—
|
|
|
—
|
|
|
1,041
|
|
|||||
Accrued expenses and other liabilities
|
14,650
|
|
|
1,586
|
|
|
9
|
|
|
—
|
|
|
16,245
|
|
|||||
Long-term debt
|
—
|
|
|
27,957
|
|
|
1,660
|
|
|
—
|
|
|
29,617
|
|
|||||
Total liabilities
|
$
|
84,663
|
|
|
$
|
602,782
|
|
|
$
|
7,747
|
|
|
$
|
(497,317
|
)
|
|
$
|
197,875
|
|
(1)
|
Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties.
|
(2)
|
Includes
$19.2 billion
of GSE obligations.
|
(3)
|
Includes securities with a fair value of
$18.1 billion
that were segregated in compliance with securities regulations or deposited with clearing organizations. This amount is included in the parenthetical disclosure on the Consolidated Balance Sheet.
|
(4)
|
During the
three months ended March 31, 2017
,
$612 million
of derivative assets and
$400 million
of derivative liabilities were transferred from Level 1 to Level 2 and
$111 million
of derivative assets and
$123 million
of derivative liabilities were transferred from Level 2 to Level 1 based on the inputs used to measure fair value. For further disaggregation of derivative assets and liabilities, see
Note 2 – Derivatives
.
|
|
|
Bank of America
112
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31, 2016
|
||||||||||||||||||
|
Fair Value Measurements
|
|
|
|
|
||||||||||||||
(Dollars in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting Adjustments
(1)
|
|
Assets/Liabilities at Fair Value
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
$
|
—
|
|
|
$
|
49,750
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
49,750
|
|
Trading account assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. Treasury and agency securities
(2)
|
34,587
|
|
|
1,927
|
|
|
—
|
|
|
—
|
|
|
36,514
|
|
|||||
Corporate securities, trading loans and other
|
171
|
|
|
22,861
|
|
|
2,777
|
|
|
—
|
|
|
25,809
|
|
|||||
Equity securities
|
50,169
|
|
|
21,601
|
|
|
281
|
|
|
—
|
|
|
72,051
|
|
|||||
Non-U.S. sovereign debt
|
9,578
|
|
|
9,940
|
|
|
510
|
|
|
—
|
|
|
20,028
|
|
|||||
Mortgage trading loans, MBS and ABS:
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. government-sponsored agency guaranteed
(2)
|
—
|
|
|
15,799
|
|
|
—
|
|
|
—
|
|
|
15,799
|
|
|||||
Mortgage trading loans, ABS and other MBS
|
—
|
|
|
8,797
|
|
|
1,211
|
|
|
—
|
|
|
10,008
|
|
|||||
Total trading account assets
(3)
|
94,505
|
|
|
80,925
|
|
|
4,779
|
|
|
—
|
|
|
180,209
|
|
|||||
Derivative assets
(4)
|
7,337
|
|
|
619,848
|
|
|
3,931
|
|
|
(588,604
|
)
|
|
42,512
|
|
|||||
AFS debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. Treasury and agency securities
|
46,787
|
|
|
1,465
|
|
|
—
|
|
|
—
|
|
|
48,252
|
|
|||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Agency
|
—
|
|
|
189,486
|
|
|
—
|
|
|
—
|
|
|
189,486
|
|
|||||
Agency-collateralized mortgage obligations
|
—
|
|
|
8,330
|
|
|
—
|
|
|
—
|
|
|
8,330
|
|
|||||
Non-agency residential
|
—
|
|
|
2,013
|
|
|
—
|
|
|
—
|
|
|
2,013
|
|
|||||
Commercial
|
—
|
|
|
12,322
|
|
|
—
|
|
|
—
|
|
|
12,322
|
|
|||||
Non-U.S. securities
|
1,934
|
|
|
3,600
|
|
|
229
|
|
|
—
|
|
|
5,763
|
|
|||||
Other taxable securities
|
—
|
|
|
10,020
|
|
|
594
|
|
|
—
|
|
|
10,614
|
|
|||||
Tax-exempt securities
|
—
|
|
|
16,618
|
|
|
542
|
|
|
—
|
|
|
17,160
|
|
|||||
Total AFS debt securities
|
48,721
|
|
|
243,854
|
|
|
1,365
|
|
|
—
|
|
|
293,940
|
|
|||||
Other debt securities carried at fair value:
|
|
|
|
|
|
|
|
|
|
||||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Agency-collateralized mortgage obligations
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|||||
Non-agency residential
|
—
|
|
|
3,114
|
|
|
25
|
|
|
—
|
|
|
3,139
|
|
|||||
Non-U.S. securities
|
15,109
|
|
|
1,227
|
|
|
—
|
|
|
—
|
|
|
16,336
|
|
|||||
Other taxable securities
|
—
|
|
|
240
|
|
|
—
|
|
|
—
|
|
|
240
|
|
|||||
Total other debt securities carried at fair value
|
15,109
|
|
|
4,586
|
|
|
25
|
|
|
—
|
|
|
19,720
|
|
|||||
Loans and leases
|
—
|
|
|
6,365
|
|
|
720
|
|
|
—
|
|
|
7,085
|
|
|||||
Mortgage servicing rights
|
—
|
|
|
—
|
|
|
2,747
|
|
|
—
|
|
|
2,747
|
|
|||||
Loans held-for-sale
|
—
|
|
|
3,370
|
|
|
656
|
|
|
—
|
|
|
4,026
|
|
|||||
Debt securities in assets of business held for sale
|
619
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
619
|
|
|||||
Other assets
|
11,824
|
|
|
1,739
|
|
|
239
|
|
|
—
|
|
|
13,802
|
|
|||||
Total assets
|
$
|
178,115
|
|
|
$
|
1,010,437
|
|
|
$
|
14,462
|
|
|
$
|
(588,604
|
)
|
|
$
|
614,410
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest-bearing deposits in U.S. offices
|
$
|
—
|
|
|
$
|
731
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
731
|
|
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
—
|
|
|
35,407
|
|
|
359
|
|
|
—
|
|
|
35,766
|
|
|||||
Trading account liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Treasury and agency securities
|
15,854
|
|
|
197
|
|
|
—
|
|
|
—
|
|
|
16,051
|
|
|||||
Equity securities
|
25,884
|
|
|
3,014
|
|
|
—
|
|
|
—
|
|
|
28,898
|
|
|||||
Non-U.S. sovereign debt
|
9,409
|
|
|
2,103
|
|
|
—
|
|
|
—
|
|
|
11,512
|
|
|||||
Corporate securities and other
|
163
|
|
|
6,380
|
|
|
27
|
|
|
—
|
|
|
6,570
|
|
|||||
Total trading account liabilities
|
51,310
|
|
|
11,694
|
|
|
27
|
|
|
—
|
|
|
63,031
|
|
|||||
Derivative liabilities
(4)
|
7,173
|
|
|
615,896
|
|
|
5,244
|
|
|
(588,833
|
)
|
|
39,480
|
|
|||||
Short-term borrowings
|
—
|
|
|
2,024
|
|
|
—
|
|
|
—
|
|
|
2,024
|
|
|||||
Accrued expenses and other liabilities
|
12,978
|
|
|
1,643
|
|
|
9
|
|
|
—
|
|
|
14,630
|
|
|||||
Long-term debt
|
—
|
|
|
28,523
|
|
|
1,514
|
|
|
—
|
|
|
30,037
|
|
|||||
Total liabilities
|
$
|
71,461
|
|
|
$
|
695,918
|
|
|
$
|
7,153
|
|
|
$
|
(588,833
|
)
|
|
$
|
185,699
|
|
(1)
|
Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties.
|
(2)
|
Includes
$17.5 billion
of GSE obligations.
|
(3)
|
Includes securities with a fair value of
$14.6 billion
that were segregated in compliance with securities regulations or deposited with clearing organizations. This amount is included in the parenthetical disclosure on the Consolidated Balance Sheet.
|
(4)
|
During
2016
,
$2.3 billion
of derivative assets and
$2.4 billion
of derivative liabilities were transferred from Level 1 to Level 2 and
$2.0 billion
of derivative assets and
$1.8 billion
of derivative liabilities were transferred from Level 2 to Level 1 based on the inputs used to measure fair value. For further disaggregation of derivative assets and liabilities, see
Note 2 – Derivatives
.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Level 3 – Fair Value Measurements
(1)
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
Three Months Ended March 31, 2017
|
|
||||||||||||||||||||||||||||||||
|
|
|
|
Gross
|
|
|
|
|
|
|||||||||||||||||||||||||
(Dollars in millions)
|
Balance
January 1
2017
|
Total Realized/Unrealized Gains/(Losses)
(2)
|
Gains
(Losses) in OCI (3) |
Purchases
|
Sales
|
Issuances
|
Settlements
|
|
Gross
Transfers into
Level 3
|
Gross
Transfers out of
Level 3
|
Balance
March 31 2017 |
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held
(2)
|
||||||||||||||||||||||
Trading account assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Corporate securities, trading loans and other
|
$
|
2,777
|
|
$
|
84
|
|
$
|
—
|
|
$
|
199
|
|
$
|
(480
|
)
|
$
|
—
|
|
$
|
(127
|
)
|
|
$
|
75
|
|
$
|
(499
|
)
|
$
|
2,029
|
|
$
|
56
|
|
Equity securities
|
281
|
|
12
|
|
—
|
|
20
|
|
(17
|
)
|
—
|
|
(10
|
)
|
|
72
|
|
(70
|
)
|
288
|
|
8
|
|
|||||||||||
Non-U.S. sovereign debt
|
510
|
|
19
|
|
10
|
|
—
|
|
(9
|
)
|
—
|
|
(6
|
)
|
|
3
|
|
—
|
|
527
|
|
19
|
|
|||||||||||
Mortgage trading loans, ABS and other MBS
|
1,211
|
|
107
|
|
—
|
|
339
|
|
(375
|
)
|
—
|
|
(54
|
)
|
|
28
|
|
(41
|
)
|
1,215
|
|
74
|
|
|||||||||||
Total trading account assets
|
4,779
|
|
222
|
|
10
|
|
558
|
|
(881
|
)
|
—
|
|
(197
|
)
|
|
178
|
|
(610
|
)
|
4,059
|
|
157
|
|
|||||||||||
Net derivative assets
(4)
|
(1,313
|
)
|
(474
|
)
|
—
|
|
200
|
|
(247
|
)
|
—
|
|
170
|
|
|
29
|
|
(30
|
)
|
(1,665
|
)
|
(489
|
)
|
|||||||||||
AFS debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-U.S. securities
|
229
|
|
—
|
|
3
|
|
20
|
|
—
|
|
—
|
|
(45
|
)
|
|
—
|
|
—
|
|
207
|
|
—
|
|
|||||||||||
Other taxable securities
|
594
|
|
3
|
|
4
|
|
—
|
|
—
|
|
—
|
|
(22
|
)
|
|
—
|
|
—
|
|
579
|
|
—
|
|
|||||||||||
Tax-exempt securities
|
542
|
|
—
|
|
2
|
|
—
|
|
(56
|
)
|
—
|
|
(3
|
)
|
|
35
|
|
—
|
|
520
|
|
—
|
|
|||||||||||
Total AFS debt securities
|
1,365
|
|
3
|
|
9
|
|
20
|
|
(56
|
)
|
—
|
|
(70
|
)
|
|
35
|
|
—
|
|
1,306
|
|
—
|
|
|||||||||||
Other debt securities carried at fair value – Non-agency residential MBS
|
25
|
|
(1
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
24
|
|
—
|
|
|||||||||||
Loans and leases
(5, 6)
|
720
|
|
12
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(30
|
)
|
|
—
|
|
—
|
|
702
|
|
12
|
|
|||||||||||
Mortgage servicing rights
(6, 7, 8)
|
2,747
|
|
(27
|
)
|
—
|
|
—
|
|
5
|
|
75
|
|
(190
|
)
|
(7)
|
—
|
|
—
|
|
2,610
|
|
(117
|
)
|
|||||||||||
Loans held-for-sale
(5)
|
656
|
|
29
|
|
6
|
|
—
|
|
(136
|
)
|
—
|
|
(60
|
)
|
|
315
|
|
(18
|
)
|
792
|
|
22
|
|
|||||||||||
Other assets
|
239
|
|
(6
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(2
|
)
|
|
—
|
|
—
|
|
231
|
|
(6
|
)
|
|||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase
(5)
|
(359
|
)
|
1
|
|
—
|
|
—
|
|
—
|
|
(2
|
)
|
28
|
|
|
—
|
|
106
|
|
(226
|
)
|
1
|
|
|||||||||||
Trading account liabilities – Corporate securities and other
|
(27
|
)
|
2
|
|
—
|
|
—
|
|
(10
|
)
|
—
|
|
—
|
|
|
—
|
|
—
|
|
(35
|
)
|
2
|
|
|||||||||||
Accrued expenses and other liabilities
(5)
|
(9
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
(9
|
)
|
—
|
|
|||||||||||
Long-term debt
(5)
|
(1,514
|
)
|
(83
|
)
|
7
|
|
11
|
|
—
|
|
(130
|
)
|
159
|
|
|
(178
|
)
|
68
|
|
(1,660
|
)
|
(83
|
)
|
(1)
|
Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3.
|
(2)
|
Includes gains/losses reported in earnings in the following income statement line items: Trading account assets/liabilities - trading account profits (losses); Net derivative assets - primarily trading account profits (losses) and mortgage banking income (loss); MSRs - primarily mortgage banking income (loss); Long-term debt - primarily trading account profits (losses). For MSRs, the amounts reflect the changes in modeled MSR fair value due to observed changes in interest rates, volatility, spreads and the shape of the forward swap curve, and periodic adjustments to the valuation model to reflect changes in the modeled relationships between inputs and projected cash flows, as well as changes in cash flow assumptions including cost to service.
|
(3)
|
Includes gains/losses in OCI related to unrealized gains/losses on AFS debt securities, foreign currency translation adjustments and the impact of changes in the Corporation’s credit spreads on long-term debt accounted for under the fair value option. For additional information, see
Note 1 – Summary of Significant Accounting Principles
to the Consolidated Financial Statements
of the Corporation's 2016 Annual Report on Form 10-K.
|
(4)
|
Net derivatives include derivative assets of
$4.2 billion
and derivative liabilities of
$5.8 billion
.
|
(5)
|
Amounts represent instruments that are accounted for under the fair value option.
|
(6)
|
Issuances represent loan originations and MSRs recognized following securitizations or whole-loan sales.
|
(7)
|
Settlements represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time.
|
(8)
|
MSRs include the
$1.9 billion
core MSR portfolio held in
Consumer Banking
, the
$208 million
non-core MSR portfolio held in
All Other
and the
$481 million
non-U.S. MSR portfolio held in
Global Markets.
|
|
|
Bank of America
114
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Level 3 – Fair Value Measurements
(1)
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
Three Months Ended March 31, 2016
|
|
|||||||||||||||||||||||||||||||
|
|
|
|
Gross
|
|
|
|
|
|||||||||||||||||||||||||
(Dollars in millions)
|
Balance
January 1
2016
|
Total Realized/Unrealized Gains/(Losses)
(2)
|
Gains
(Losses) in OCI (3) |
Purchases
|
Sales
|
Issuances
|
Settlements
|
Gross
Transfers into
Level 3
|
Gross
Transfers out of
Level 3
|
Balance
March 31
2016
|
Change in Unrealized Gains/(Losses) Related to Financial Instruments Still Held
(2)
|
||||||||||||||||||||||
Trading account assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Corporate securities, trading loans and other
|
$
|
2,838
|
|
$
|
50
|
|
$
|
1
|
|
$
|
227
|
|
$
|
(147
|
)
|
$
|
—
|
|
$
|
(148
|
)
|
$
|
158
|
|
$
|
(25
|
)
|
$
|
2,954
|
|
$
|
33
|
|
Equity securities
|
407
|
|
60
|
|
—
|
|
10
|
|
(2
|
)
|
—
|
|
(62
|
)
|
4
|
|
—
|
|
417
|
|
7
|
|
|||||||||||
Non-U.S. sovereign debt
|
521
|
|
42
|
|
49
|
|
3
|
|
(1
|
)
|
—
|
|
(42
|
)
|
—
|
|
—
|
|
572
|
|
41
|
|
|||||||||||
Mortgage trading loans, ABS and other MBS
|
1,868
|
|
28
|
|
(2
|
)
|
194
|
|
(404
|
)
|
—
|
|
(73
|
)
|
31
|
|
(28
|
)
|
1,614
|
|
4
|
|
|||||||||||
Total trading account assets
|
5,634
|
|
180
|
|
48
|
|
434
|
|
(554
|
)
|
—
|
|
(325
|
)
|
193
|
|
(53
|
)
|
5,557
|
|
85
|
|
|||||||||||
Net derivative assets
(4)
|
(441
|
)
|
403
|
|
—
|
|
89
|
|
(175
|
)
|
—
|
|
12
|
|
(116
|
)
|
(87
|
)
|
(315
|
)
|
257
|
|
|||||||||||
AFS debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Non-agency residential MBS
|
106
|
|
—
|
|
5
|
|
135
|
|
(92
|
)
|
—
|
|
(4
|
)
|
—
|
|
—
|
|
150
|
|
—
|
|
|||||||||||
Other taxable securities
|
757
|
|
1
|
|
(3
|
)
|
—
|
|
—
|
|
—
|
|
(16
|
)
|
—
|
|
—
|
|
739
|
|
—
|
|
|||||||||||
Tax-exempt securities
|
569
|
|
—
|
|
(7
|
)
|
1
|
|
—
|
|
—
|
|
(1
|
)
|
—
|
|
—
|
|
562
|
|
—
|
|
|||||||||||
Total AFS debt securities
|
1,432
|
|
1
|
|
(5
|
)
|
136
|
|
(92
|
)
|
—
|
|
(21
|
)
|
—
|
|
—
|
|
1,451
|
|
—
|
|
|||||||||||
Other debt securities carried at fair value – Non-agency residential MBS
|
30
|
|
(1
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
29
|
|
—
|
|
|||||||||||
Loans and leases
(5, 6)
|
1,620
|
|
43
|
|
—
|
|
69
|
|
—
|
|
25
|
|
(35
|
)
|
5
|
|
(30
|
)
|
1,697
|
|
48
|
|
|||||||||||
Mortgage servicing rights
(6, 7, 8)
|
3,087
|
|
(380
|
)
|
—
|
|
—
|
|
(1
|
)
|
136
|
|
(211
|
)
|
—
|
|
—
|
|
2,631
|
|
(437
|
)
|
|||||||||||
Loans held-for-sale
(5)
|
787
|
|
73
|
|
27
|
|
20
|
|
(163
|
)
|
—
|
|
(34
|
)
|
13
|
|
(63
|
)
|
660
|
|
58
|
|
|||||||||||
Other assets
|
374
|
|
(25
|
)
|
—
|
|
34
|
|
—
|
|
—
|
|
(10
|
)
|
2
|
|
—
|
|
375
|
|
(22
|
)
|
|||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase
(5)
|
(335
|
)
|
(3
|
)
|
—
|
|
—
|
|
—
|
|
(14
|
)
|
7
|
|
—
|
|
—
|
|
(345
|
)
|
(9
|
)
|
|||||||||||
Trading account liabilities – Corporate securities and other
|
(21
|
)
|
1
|
|
—
|
|
—
|
|
(8
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(28
|
)
|
1
|
|
|||||||||||
Short-term borrowings
(5)
|
(30
|
)
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
29
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||||
Accrued expenses and other liabilities
(5)
|
(9
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(9
|
)
|
—
|
|
|||||||||||
Long-term debt
(5)
|
(1,513
|
)
|
(91
|
)
|
(7
|
)
|
9
|
|
—
|
|
(169
|
)
|
56
|
|
(186
|
)
|
87
|
|
(1,814
|
)
|
(93
|
)
|
(1)
|
Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3.
|
(2)
|
Includes gains/losses reported in earnings in the following income statement line items: Trading account assets/liabilities - trading account profits (losses); Net derivative assets - primarily trading account profits (losses) and mortgage banking income (loss); MSRs - primarily mortgage banking income (loss); Long-term debt - primarily trading account profits (losses). For MSRs, the amounts reflect the changes in modeled MSR fair value due principally to observed changes in interest rates, volatility, spreads and the shape of the forward swap curve.
|
(3)
|
Includes gains/losses in OCI related to unrealized gains/losses on AFS debt securities, foreign currency translation adjustments and the impact of changes in the Corporation’s credit spreads on long-term debt accounted for under the fair value option. For additional information, see
Note 1 – Summary of Significant Accounting Principles
to the Consolidated Financial Statements
of the Corporation's 2016 Annual Report on Form 10-K.
|
(4)
|
Net derivatives include derivative assets of
$5.5 billion
and derivative liabilities of
$5.8 billion
.
|
(5)
|
Amounts represent instruments that are accounted for under the fair value option.
|
(6)
|
Issuances represent loan originations and MSRs recognized following securitizations or whole-loan sales.
|
(7)
|
Settlements represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time.
|
(8)
|
MSRs include the
$1.8 billion
core MSR portfolio held in
Consumer Banking
, the
$343 million
non-core MSR portfolio held in
All Other
and the
$479 million
non-U.S. MSR portfolio held in
Global Markets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Quantitative Information about Level 3 Fair Value Measurements at March 31, 2017
|
|
||||||||
|
|
|
|
|
|||||
(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
|
$
|
1,035
|
|
Discounted cash flow, Market comparables
|
Yield
|
0% to 35%
|
|
7
|
%
|
Trading account assets – Mortgage trading loans, ABS and other MBS
|
320
|
|
Prepayment speed
|
0% to 21% CPR
|
|
12
|
%
|
||
Loans and leases
|
702
|
|
Default rate
|
0% to 3% CDR
|
|
2
|
%
|
||
Loans held-for-sale
|
13
|
|
Loss severity
|
0% to 54%
|
|
19
|
%
|
||
Instruments backed by commercial real estate assets
|
$
|
364
|
|
Discounted cash flow, Market comparables
|
Yield
|
0% to 25%
|
|
5
|
%
|
Trading account assets – Corporate securities, trading loans and other
|
319
|
|
Price
|
$0 to $100
|
|
$65
|
|||
Trading account assets – Mortgage trading loans, ABS and other MBS
|
45
|
|
|
|
|
||||
Commercial loans, debt securities and other
|
$
|
3,836
|
|
Discounted cash flow, Market comparables
|
Yield
|
0% to 29%
|
|
16
|
%
|
Trading account assets – Corporate securities, trading loans and other
|
1,680
|
|
Prepayment speed
|
10% to 20%
|
|
11
|
%
|
||
Trading account assets – Non-U.S. sovereign debt
|
527
|
|
Default rate
|
3% to 4%
|
|
4
|
%
|
||
Trading account assets – Mortgage trading loans, ABS and other MBS
|
850
|
|
Loss severity
|
0% to 40%
|
|
30
|
%
|
||
Loans held-for-sale
|
779
|
|
Duration
|
0 to 4 years
|
|
2 years
|
|||
|
|
Price
|
$0 to $292
|
|
$72
|
||||
Auction rate securities
|
$
|
1,129
|
|
Discounted cash flow, Market comparables
|
Price
|
$10 to $100
|
|
$94
|
|
Trading account assets – Corporate securities, trading loans and other
|
30
|
|
|
|
|
||||
AFS debt securities – Other taxable securities
|
579
|
|
|
|
|
||||
AFS debt securities – Tax-exempt securities
|
520
|
|
|
|
|
||||
MSRs
|
$
|
2,610
|
|
Discounted cash flow
|
Weighted-average life, fixed rate
(4)
|
0 to 15 years
|
|
6 years
|
|
|
|
Weighted-average life, variable rate
(4)
|
0 to 10 years
|
|
3 years
|
|
|||
|
|
Option Adjusted Spread, fixed rate
|
9% to 14%
|
|
10
|
%
|
|||
|
|
Option Adjusted Spread, variable rate
|
9% to 15%
|
|
12
|
%
|
|||
Structured liabilities
|
|
|
|
|
|
||||
Long-term debt
|
$
|
(1,660
|
)
|
Discounted cash flow, Market comparables, Industry standard derivative pricing
(2)
|
Equity correlation
|
8% to 100%
|
|
68
|
%
|
|
|
Long-dated equity volatilities
|
4% to 69%
|
|
24
|
%
|
|||
|
|
Yield
|
5% to 27%
|
|
18
|
%
|
|||
|
|
Price
|
$12 to $90
|
|
$79
|
||||
|
|
Duration
|
0 to 4 years
|
|
3 years
|
||||
Net derivative assets
|
|
|
|
|
|
||||
Credit derivatives
|
$
|
88
|
|
Discounted cash flow, Stochastic recovery correlation model
|
Yield
|
0% to 24%
|
|
8
|
%
|
|
|
Upfront points
|
0 points to 100 points
|
|
72 points
|
|
|||
|
|
Credit spreads
|
51 bps to 668 bps
|
|
493 bps
|
|
|||
|
|
Credit correlation
|
26% to 87%
|
|
48
|
%
|
|||
|
|
Prepayment speed
|
10% to 20% CPR
|
|
17
|
%
|
|||
|
|
Default rate
|
1% to 4% CDR
|
|
3
|
%
|
|||
|
|
Loss severity
|
35
|
%
|
n/a
|
|
|||
Equity derivatives
|
$
|
(2,050
|
)
|
Industry standard derivative pricing
(2)
|
Equity correlation
|
8% to 100%
|
|
68
|
%
|
|
|
Long-dated equity volatilities
|
4% to 69%
|
|
24
|
%
|
|||
Commodity derivatives
|
$
|
5
|
|
Discounted cash flow, Industry standard derivative pricing
(2)
|
Natural gas forward price
|
$2/MMBtu to $6/MMBtu
|
|
$3/MMBtu
|
|
|
|
Correlation
|
76% to 95%
|
|
90
|
%
|
|||
|
|
Volatilities
|
24% to 112%
|
|
40
|
%
|
|||
Interest rate derivatives
|
$
|
292
|
|
Industry standard derivative pricing
(3)
|
Correlation (IR/IR)
|
15% to 99%
|
|
59
|
%
|
|
|
Correlation (FX/IR)
|
0% to 40%
|
|
1
|
%
|
|||
|
|
Illiquid IR and long-dated inflation rates
|
-13% to 30%
|
|
3
|
%
|
|||
|
|
Long-dated inflation volatilities
|
0% to 2%
|
|
1
|
%
|
|||
Total net derivative assets
|
$
|
(1,665
|
)
|
|
|
|
|
(1)
|
The categories are aggregated based upon product type which differs from financial statement classification. The following is a reconciliation to the line items in the table on page
112
: Trading account assets – Corporate securities, trading loans and other of
$2.0 billion
, Trading account assets – Non-U.S. sovereign debt of
$527 million
, Trading account assets – Mortgage trading loans, ABS and other MBS of
$1.2 billion
, AFS debt securities – Other taxable securities of
$579 million
, AFS debt securities – Tax-exempt securities of
$520 million
, Loans and leases of
$702 million
and LHFS of
$792 million
.
|
(2)
|
Includes models such as Monte Carlo simulation and Black-Scholes.
|
(3)
|
Includes models such as Monte Carlo simulation, Black-Scholes and other methods that model the joint dynamics of interest, inflation and foreign exchange rates.
|
(4)
|
The weighted-average life is a product of changes in market rates of interest, prepayment rates and other model and cash flow assumptions.
|
|
|
Bank of America
116
|
|
|
|
|
|
|
||||
Quantitative Information about Level 3 Fair Value Measurements at December 31, 2016
|
|||||||||
|
|
|
|
|
|||||
(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
|
$
|
1,066
|
|
Discounted cash flow, Market comparables
|
Yield
|
0% to 50%
|
|
7
|
%
|
Trading account assets – Mortgage trading loans, ABS and other MBS
|
337
|
|
Prepayment speed
|
0% to 27% CPR
|
|
14
|
%
|
||
Loans and leases
|
718
|
|
Default rate
|
0% to 3% CDR
|
|
2
|
%
|
||
Loans held-for-sale
|
11
|
|
Loss severity
|
0% to 54%
|
|
18
|
%
|
||
Instruments backed by commercial real estate assets
|
$
|
317
|
|
Discounted cash flow, Market comparables
|
Yield
|
0% to 39%
|
|
11
|
%
|
Trading account assets – Corporate securities, trading loans and other
|
178
|
|
Price
|
$0 to $100
|
|
$65
|
|||
Trading account assets – Mortgage trading loans, ABS and other MBS
|
53
|
|
|
|
|
||||
Loans held-for-sale
|
86
|
|
|
|
|
||||
Commercial loans, debt securities and other
|
$
|
4,486
|
|
Discounted cash flow, Market comparables
|
Yield
|
1% to 37%
|
|
14
|
%
|
Trading account assets – Corporate securities, trading loans and other
|
2,565
|
|
Prepayment speed
|
5% to 20%
|
|
19
|
%
|
||
Trading account assets – Non-U.S. sovereign debt
|
510
|
|
Default rate
|
3% to 4%
|
|
4
|
%
|
||
Trading account assets – Mortgage trading loans, ABS and other MBS
|
821
|
|
Loss severity
|
0% to 50%
|
|
19
|
%
|
||
AFS debt securities – Other taxable securities
|
29
|
|
Price
|
$0 to $292
|
|
$68
|
|||
Loans and leases
|
2
|
|
Duration
|
0 to 5 years
|
|
3 years
|
|||
Loans held-for-sale
|
559
|
|
|
Enterprise value/EBITDA multiple
|
34x
|
|
n/a
|
||
Auction rate securities
|
$
|
1,141
|
|
Discounted cash flow, Market comparables
|
Price
|
$10 to $100
|
|
$94
|
|
Trading account assets – Corporate securities, trading loans and other
|
34
|
|
|
|
|||||
AFS debt securities – Other taxable securities
|
565
|
|
|
|
|
||||
AFS debt securities – Tax-exempt securities
|
542
|
|
|
|
|
||||
MSRs
|
$
|
2,747
|
|
Discounted cash flow
|
Weighted-average life, fixed rate
(4)
|
0 to 15 years
|
|
6 years
|
|
|
|
Weighted-average life, variable rate
(4)
|
0 to 14 years
|
|
4 years
|
|
|||
|
|
Option Adjusted Spread, fixed rate
|
9% to 14%
|
|
10
|
%
|
|||
|
|
Option Adjusted Spread, variable rate
|
9% to 15%
|
|
12
|
%
|
|||
Structured liabilities
|
|
|
|
|
|
||||
Long-term debt
|
$
|
(1,514
|
)
|
Discounted cash flow, Market comparables Industry standard derivative pricing
(2)
|
Equity correlation
|
13% to 100%
|
|
68
|
%
|
|
|
Long-dated equity volatilities
|
4% to 76%
|
|
26
|
%
|
|||
|
|
Yield
|
6% to 37%
|
|
20
|
%
|
|||
|
|
Price
|
$12 to $87
|
|
$73
|
||||
|
|
Duration
|
0 to 5 years
|
|
3 years
|
|
|||
Net derivative assets
|
|
|
|
|
|
||||
Credit derivatives
|
$
|
(129
|
)
|
Discounted cash flow, Stochastic recovery correlation model
|
Yield
|
0% to 24%
|
|
13
|
%
|
|
|
Upfront points
|
0 to 100 points
|
|
72 points
|
|
|||
|
|
Credit spreads
|
17 bps to 814 bps
|
|
248 bps
|
|
|||
|
|
Credit correlation
|
21% to 80%
|
|
44
|
%
|
|||
|
|
Prepayment speed
|
10% to 20% CPR
|
|
18
|
%
|
|||
|
|
Default rate
|
1% to 4% CDR
|
|
3
|
%
|
|||
|
|
Loss severity
|
35
|
%
|
n/a
|
|
|||
Equity derivatives
|
$
|
(1,690
|
)
|
Industry standard derivative pricing
(2)
|
Equity correlation
|
13% to 100%
|
|
68
|
%
|
|
|
Long-dated equity volatilities
|
4% to 76%
|
|
26
|
%
|
|||
Commodity derivatives
|
$
|
6
|
|
Discounted cash flow, Industry standard derivative pricing
(2)
|
Natural gas forward price
|
$2/MMBtu to $6/MMBtu
|
$4/MMBtu
|
||
|
|
Correlation
|
66% to 95%
|
|
85
|
%
|
|||
|
|
Volatilities
|
23% to 96%
|
|
36
|
%
|
|||
|
|
|
|
|
|||||
Interest rate derivatives
|
$
|
500
|
|
Industry standard derivative pricing
(3)
|
Correlation (IR/IR)
|
15% to 99%
|
|
56
|
%
|
|
|
Correlation (FX/IR)
|
0% to 40%
|
|
2
|
%
|
|||
|
|
Illiquid IR and long-dated inflation rates
|
-12% to 35%
|
|
5
|
%
|
|||
|
|
Long-dated inflation volatilities
|
0% to 2%
|
|
1
|
%
|
|||
Total net derivative assets
|
$
|
(1,313
|
)
|
|
|
|
|
(1)
|
The categories are aggregated based upon product type which differs from financial statement classification. The following is a reconciliation to the line items in the table on page
113
: Trading account assets – Corporate securities, trading loans and other of
$2.8 billion
, Trading account assets – Non-U.S. sovereign debt of
$510 million
, Trading account assets – Mortgage trading loans, ABS and other MBS of
$1.2 billion
, AFS debt securities – Other taxable securities of
$594 million
, AFS debt securities – Tax-exempt securities of
$542 million
, Loans and leases of
$720 million
and LHFS of
$656 million
.
|
(2)
|
Includes models such as Monte Carlo simulation and Black-Scholes.
|
(3)
|
Includes models such as Monte Carlo simulation, Black-Scholes and other methods that model the joint dynamics of interest, inflation and foreign exchange rates.
|
(4)
|
The weighted-average life is a product of changes in market rates of interest, prepayment rates and other model and cash flow assumptions.
|
|
|
Bank of America
118
|
|
|
|
|
|
|
||||||
Assets Measured at Fair Value on a Nonrecurring Basis
|
|||||||||||
|
|
|
|
|
|
||||||
|
March 31, 2017
|
|
Three Months Ended March 31, 2017
|
||||||||
(Dollars in millions)
|
Level 2
|
|
Level 3
|
|
Gains (Losses)
|
||||||
Assets
|
|
|
|
|
|
|
|
||||
Loans held-for-sale
|
$
|
69
|
|
|
$
|
18
|
|
|
$
|
(4
|
)
|
Loans and leases
(1)
|
—
|
|
|
438
|
|
|
(123
|
)
|
|||
Foreclosed properties
(2, 3)
|
—
|
|
|
82
|
|
|
(25
|
)
|
|||
Other assets
|
91
|
|
|
—
|
|
|
(86
|
)
|
|||
|
|
|
|
|
|
||||||
|
March 31, 2016
|
|
Three Months Ended March 31, 2016
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||
Loans held-for-sale
|
$
|
775
|
|
|
$
|
29
|
|
|
$
|
(21
|
)
|
Loans and leases
(1)
|
—
|
|
|
758
|
|
|
(182
|
)
|
|||
Foreclosed properties
(2, 3)
|
—
|
|
|
82
|
|
|
(20
|
)
|
|||
Other assets
|
36
|
|
|
—
|
|
|
(18
|
)
|
(1)
|
Includes
$46 million
of losses on loans that were written down to a collateral value of zero during the
three months ended March 31, 2017
, compared to losses on loans of
$42 million
for the same period in
2016
.
|
(2)
|
Amounts are included in other assets on the Consolidated Balance Sheet and represent the carrying value of foreclosed properties that were written down subsequent to their initial classification as foreclosed properties. Losses on foreclosed properties include losses taken during the first 90 days after transfer of a loan to foreclosed properties.
|
(3)
|
Excludes
$1.1 billion
and
$1.4 billion
of properties acquired upon foreclosure of certain government-guaranteed loans (principally FHA-insured loans) as of
March 31, 2017 and 2016
.
|
|
|
|
|
|
|
|||
Quantitative Information about Nonrecurring Level 3 Fair Value Measurements
|
||||||||
|
|
|
|
|
|
|||
|
March 31, 2017
|
|||||||
(Dollars in millions)
|
|
|
Inputs
|
|||||
Financial Instrument
|
Fair Value
|
Valuation
Technique
|
Significant Unobservable
Inputs
|
Ranges of
Inputs
|
Weighted Average
|
|||
Loans and leases backed by residential real estate assets
|
$
|
438
|
|
Market comparables
|
OREO discount
|
8% to 54%
|
21
|
%
|
|
|
|
Cost to sell
|
7% to 45%
|
9
|
%
|
|
December 31, 2016
|
|||||||
Loans and leases backed by residential real estate assets
|
$
|
1,416
|
|
Market comparables
|
OREO discount
|
8% to 56%
|
21
|
%
|
|
|
|
Cost to sell
|
7% to 45%
|
9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fair Value Option Elections
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
(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
|
||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
$
|
58,545
|
|
|
$
|
58,201
|
|
|
$
|
344
|
|
|
$
|
49,750
|
|
|
$
|
49,615
|
|
|
$
|
135
|
|
Loans reported as trading account assets
(1)
|
6,300
|
|
|
11,410
|
|
|
(5,110
|
)
|
|
6,215
|
|
|
11,557
|
|
|
(5,342
|
)
|
||||||
Trading inventory – other
|
9,357
|
|
|
n/a
|
|
|
n/a
|
|
|
8,206
|
|
|
n/a
|
|
|
n/a
|
|
||||||
Consumer and commercial loans
|
7,528
|
|
|
7,613
|
|
|
(85
|
)
|
|
7,085
|
|
|
7,190
|
|
|
(105
|
)
|
||||||
Loans held-for-sale
|
3,745
|
|
|
5,459
|
|
|
(1,714
|
)
|
|
4,026
|
|
|
5,595
|
|
|
(1,569
|
)
|
||||||
Customer receivables and other assets
|
253
|
|
|
250
|
|
|
3
|
|
|
253
|
|
|
250
|
|
|
3
|
|
||||||
Long-term deposits
|
598
|
|
|
545
|
|
|
53
|
|
|
731
|
|
|
672
|
|
|
59
|
|
||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
36,663
|
|
|
36,750
|
|
|
(87
|
)
|
|
35,766
|
|
|
35,929
|
|
|
(163
|
)
|
||||||
Short-term borrowings
|
1,041
|
|
|
1,041
|
|
|
—
|
|
|
2,024
|
|
|
2,024
|
|
|
—
|
|
||||||
Unfunded loan commitments
|
135
|
|
|
n/a
|
|
|
n/a
|
|
|
173
|
|
|
n/a
|
|
|
n/a
|
|
||||||
Long-term debt
(2)
|
29,617
|
|
|
29,528
|
|
|
89
|
|
|
30,037
|
|
|
29,862
|
|
|
175
|
|
(1)
|
A significant portion of the loans reported as trading account assets are distressed loans which trade and were purchased at a deep discount to par, and the remainder are loans with a fair value near contractual principal outstanding.
|
(2)
|
Includes structured liabilities with a fair value of
$29.2 billion
and
$29.7 billion
, and contractual principal outstanding of
$29.2 billion
and
$29.5 billion
at
March 31, 2017
and
December 31, 2016
.
|
(1)
|
The gains (losses) in trading account profits (losses) are primarily offset by gains (losses) on trading liabilities that hedge these assets.
|
(2)
|
Includes the value of IRLCs on funded loans, including those sold during the period.
|
(3)
|
The majority of the net gains (losses) in trading account profits relate to the embedded derivative in structured liabilities and are offset by gains (losses) on derivatives and securities that hedge these liabilities.
|
(4)
|
For the cumulative impact of changes in the Corporation’s own credit spreads and the amount recognized in OCI, see
Note 12 – Accumulated Other Comprehensive Income (Loss)
. For information on how the Corporation’s own credit spread is determined, see
Note 20 – Fair Value Measurements
to the Consolidated Financial Statements
of the Corporation's 2016 Annual Report on Form 10-K.
|
|
|
Bank of America
120
|
|
|
|
|
||||
Gains (Losses) Related to Borrower-specific Credit Risk for Assets Accounted for Under the Fair Value Option
|
|||||||
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2017
|
|
2016
|
||||
Loans reported as trading account assets
|
$
|
13
|
|
|
$
|
9
|
|
Consumer and commercial loans
|
19
|
|
|
(10
|
)
|
||
Loans held-for-sale
|
—
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
||||||||
Fair Value of Financial Instruments
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
March 31, 2017
|
||||||||||||||
|
|
|
Fair Value
|
||||||||||||
(Dollars in millions)
|
Carrying Value
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Financial assets
|
|
|
|
|
|
|
|
||||||||
Loans
|
$
|
873,392
|
|
|
$
|
71,273
|
|
|
$
|
817,029
|
|
|
$
|
888,302
|
|
Loans held-for-sale
|
14,751
|
|
|
13,682
|
|
|
1,069
|
|
|
14,751
|
|
||||
Financial liabilities
|
|
|
|
|
|
|
|
||||||||
Deposits
|
1,272,141
|
|
|
1,272,197
|
|
|
—
|
|
|
1,272,197
|
|
||||
Long-term debt
|
221,385
|
|
|
225,424
|
|
|
1,660
|
|
|
227,084
|
|
||||
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2016
|
||||||||||||||
Financial assets
|
|
|
|
|
|
|
|
||||||||
Loans
|
$
|
873,209
|
|
|
$
|
71,793
|
|
|
$
|
815,329
|
|
|
$
|
887,122
|
|
Loans held-for-sale
|
9,066
|
|
|
8,082
|
|
|
984
|
|
|
9,066
|
|
||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|
||||||
Deposits
|
1,260,934
|
|
|
1,261,086
|
|
|
—
|
|
|
1,261,086
|
|
||||
Long-term debt
|
216,823
|
|
|
220,071
|
|
|
1,514
|
|
|
221,585
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Results of Business Segments and All Other
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
At and for the three months ended March 31
|
|
|
Total Corporation
(1)
|
|
Consumer Banking
|
||||||||||||
(Dollars in millions)
|
|
|
|
|
2017
|
2016
|
|
2017
|
2016
|
||||||||
Net interest income (FTE basis)
|
|
|
|
|
$
|
11,255
|
|
$
|
10,700
|
|
|
$
|
5,781
|
|
$
|
5,328
|
|
Noninterest income
|
|
|
|
|
11,190
|
|
10,305
|
|
|
2,503
|
|
2,529
|
|
||||
Total revenue, net of interest expense (FTE basis)
|
|
|
|
|
22,445
|
|
21,005
|
|
|
8,284
|
|
7,857
|
|
||||
Provision for credit losses
|
|
|
|
|
835
|
|
997
|
|
|
838
|
|
531
|
|
||||
Noninterest expense
|
|
|
|
|
14,848
|
|
14,816
|
|
|
4,406
|
|
4,538
|
|
||||
Income before income taxes (FTE basis)
|
|
|
|
|
6,762
|
|
5,192
|
|
|
3,040
|
|
2,788
|
|
||||
Income tax expense (FTE basis)
|
|
|
|
|
1,906
|
|
1,720
|
|
|
1,146
|
|
1,024
|
|
||||
Net income
|
|
|
|
|
$
|
4,856
|
|
$
|
3,472
|
|
|
$
|
1,894
|
|
$
|
1,764
|
|
Period-end total assets
|
|
|
|
|
$
|
2,247,701
|
|
$
|
2,185,726
|
|
|
$
|
734,087
|
|
$
|
666,292
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Global Wealth &
Investment Management |
|
Global Banking
|
||||||||||||
|
|
|
|
|
2017
|
2016
|
|
2017
|
2016
|
||||||||
Net interest income (FTE basis)
|
|
|
|
|
$
|
1,560
|
|
$
|
1,513
|
|
|
$
|
2,774
|
|
$
|
2,545
|
|
Noninterest income
|
|
|
|
|
3,032
|
|
2,956
|
|
|
2,181
|
|
1,909
|
|
||||
Total revenue, net of interest expense (FTE basis)
|
|
|
|
|
4,592
|
|
4,469
|
|
|
4,955
|
|
4,454
|
|
||||
Provision for credit losses
|
|
|
|
|
23
|
|
25
|
|
|
17
|
|
553
|
|
||||
Noninterest expense
|
|
|
|
|
3,333
|
|
3,273
|
|
|
2,163
|
|
2,174
|
|
||||
Income before income taxes (FTE basis)
|
|
|
|
|
1,236
|
|
1,171
|
|
|
2,775
|
|
1,727
|
|
||||
Income tax expense (FTE basis)
|
|
|
|
|
466
|
|
430
|
|
|
1,046
|
|
635
|
|
||||
Net income
|
|
|
|
|
$
|
770
|
|
$
|
741
|
|
|
$
|
1,729
|
|
$
|
1,092
|
|
Period-end total assets
|
|
|
|
|
$
|
291,177
|
|
$
|
296,199
|
|
|
$
|
416,710
|
|
$
|
394,736
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Global Markets
|
|
All Other
|
||||||||||||
|
|
|
|
|
2017
|
2016
|
|
2017
|
2016
|
||||||||
Net interest income (FTE basis)
|
|
|
|
|
$
|
1,049
|
|
$
|
1,184
|
|
|
$
|
91
|
|
$
|
130
|
|
Noninterest income
|
|
|
|
|
3,659
|
|
2,767
|
|
|
(185
|
)
|
144
|
|
||||
Total revenue, net of interest expense (FTE basis)
|
|
|
|
|
4,708
|
|
3,951
|
|
|
(94
|
)
|
274
|
|
||||
Provision for credit losses
|
|
|
|
|
(17
|
)
|
9
|
|
|
(26
|
)
|
(121
|
)
|
||||
Noninterest expense
|
|
|
|
|
2,757
|
|
2,449
|
|
|
2,189
|
|
2,382
|
|
||||
Income (loss) before income taxes (FTE basis)
|
|
|
|
|
1,968
|
|
1,493
|
|
|
(2,257
|
)
|
(1,987
|
)
|
||||
Income tax expense (benefit) (FTE basis)
|
|
|
|
|
671
|
|
520
|
|
|
(1,423
|
)
|
(889
|
)
|
||||
Net income (loss)
|
|
|
|
|
$
|
1,297
|
|
$
|
973
|
|
|
$
|
(834
|
)
|
$
|
(1,098
|
)
|
Period-end total assets
|
|
|
|
|
$
|
604,015
|
|
$
|
581,150
|
|
|
$
|
201,712
|
|
$
|
247,349
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Business Segment Reconciliations
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
Three Months Ended March 31
|
|||||||||
|
|
|
|
|
|
|
|
2017
|
2016
|
||||||||
Segments’ total revenue, net of interest expense (FTE basis)
|
|
$
|
22,539
|
|
$
|
20,731
|
|
||||||||||
Adjustments
(2)
:
|
|
|
|
|
|
||||||||||||
ALM activities
|
|
(45
|
)
|
(106
|
)
|
||||||||||||
Liquidating businesses and other
|
|
(49
|
)
|
380
|
|
||||||||||||
FTE basis adjustment
|
|
(197
|
)
|
(215
|
)
|
||||||||||||
Consolidated revenue, net of interest expense
|
|
|
|
|
|
|
|
$
|
22,248
|
|
$
|
20,790
|
|
||||
Segments’ total net income
|
|
|
|
|
|
|
|
5,690
|
|
4,570
|
|
||||||
Adjustments, net-of-taxes
(2)
:
|
|
|
|
|
|
|
|
|
|
|
|||||||
ALM activities
|
|
|
|
|
|
|
|
(179
|
)
|
(172
|
)
|
||||||
Liquidating businesses and other
|
|
|
|
|
|
|
|
(655
|
)
|
(926
|
)
|
||||||
Consolidated net income
|
|
|
|
|
|
|
|
$
|
4,856
|
|
$
|
3,472
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
March 31
|
|||||||||
|
|
|
|
|
|
|
|
2017
|
2016
|
||||||||
Segments’ total assets
|
|
|
|
|
|
|
|
$
|
2,045,989
|
|
$
|
1,938,377
|
|
||||
Adjustments
(2)
:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
ALM activities, including securities portfolio
|
|
|
|
|
|
|
|
633,080
|
|
622,289
|
|
||||||
Liquidating businesses and other
(3)
|
|
|
|
|
|
|
|
112,060
|
|
135,007
|
|
||||||
Elimination of segment asset allocations to match liabilities
|
|
|
|
|
(543,428
|
)
|
(509,947
|
)
|
|||||||||
Consolidated total assets
|
|
|
|
|
|
|
|
$
|
2,247,701
|
|
$
|
2,185,726
|
|
(1)
|
There were no material intersegment revenues.
|
(2)
|
Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.
|
(3)
|
Includes assets of the non-U.S. consumer credit card business which are included in assets of business held for sale on the Consolidated Balance Sheet.
|
|
|
Bank of America
122
|
|
|
Bank of America
124
|
ICAAP
|
Internal Capital Adequacy Assessment Process
|
IMM
|
Internal models methodology
|
IRLC
|
Interest rate lock commitment
|
ISDA
|
International Swaps and Derivatives Association, Inc.
|
LCR
|
Liquidity Coverage Ratio
|
LHFS
|
Loans held-for-sale
|
LIBOR
|
London InterBank Offered Rate
|
LTV
|
Loan-to-value
|
MBS
|
Mortgage-backed securities
|
MD&A
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
MI
|
Mortgage insurance
|
MLGWM
|
Merrill Lynch Global Wealth Management
|
MLI
|
Merrill Lynch International
|
MLPCC
|
Merrill Lynch Professional Clearing Corp
|
MLPF&S
|
Merrill Lynch, Pierce, Fenner & Smith Incorporated
|
MSA
|
Metropolitan Statistical Area
|
MSR
|
Mortgage servicing right
|
NSFR
|
Net Stable Funding Ratio
|
OAS
|
Option-adjusted spread
|
OCI
|
Other comprehensive income
|
OTC
|
Over-the-counter
|
OTTI
|
Other-than-temporary impairment
|
PCA
|
Prompt Corrective Action
|
PCI
|
Purchased credit-impaired
|
PPI
|
Payment protection insurance
|
RMBS
|
Residential mortgage-backed securities
|
RSU
|
Restricted stock unit
|
SBLC
|
Standby letter of credit
|
SEC
|
Securities and Exchange Commission
|
SLR
|
Supplementary leverage ratio
|
TDR
|
Troubled debt restructurings
|
TLAC
|
Total Loss-Absorbing Capacity
|
VA
|
U.S. Department of Veterans Affairs
|
VaR
|
Value-at-Risk
|
VIE
|
Variable interest entity
|
|
|
|
|
|
|
|
|
||||||
(Dollars in millions, except per share information; shares in thousands)
|
Common Shares Repurchased
(1)
|
|
Weighted-Average Per Share Price
|
|
Shares
Purchased as
Part of Publicly Announced Programs |
|
Remaining Buyback
Authority Amounts
(2)
|
||||||
January 1 - 31, 2017
|
32,315
|
|
|
$
|
22.62
|
|
|
26,918
|
|
|
$
|
3,459
|
|
February 1 - 28, 2017
|
63,545
|
|
|
23.82
|
|
|
44,985
|
|
|
2,402
|
|
||
March 1 - 31, 2017
|
42,682
|
|
|
24.92
|
|
|
42,482
|
|
|
1,343
|
|
||
Three months ended March 31, 2017
|
138,542
|
|
|
23.88
|
|
|
|
|
|
|
|
(1)
|
Includes shares of the Corporation’s common stock acquired by the Corporation in connection with satisfaction of tax withholding obligations on vested restricted stock or restricted stock units and certain forfeitures and terminations of employment-related awards under equity incentive plans.
|
(2)
|
The Corporation's 2016 CCAR capital plan included a request to repurchase $5.0 billion of common stock over four quarters beginning in the third quarter of 2016 and to repurchase common stock to offset the dilution resulting from certain equity-based compensation awards. On January 13, 2017, the Corporation announced that the Board approved the repurchase of an additional $1.8 billion of common stock during the first and second quarters of 2017. Amounts shown in this column include shares repurchased under this additional repurchase authority. During the
three months ended March 31, 2017
, pursuant to the Board's authorization, the Corporation repurchased $2.7 billion of common stock, which included common stock to offset equity-based compensation awards. For additional information, see Capital Management -- CCAR and Capital Planning on page
21
and
Note 11 – Shareholders’ Equity
to the Consolidated Financial Statements.
|
|
|
Bank of America
126
|
Exhibit 3(a)
|
|
Amended and Restated Certificate of Incorporation of the Corporation, as in effect on the date hereof, incorporated by reference to Exhibit 3(a) of the Corporation's Quarterly Report on Form 10-Q (File No. 1-6523) for the quarterly period ended March 31, 2016 filed on May 2, 2016
|
|
|
|
Exhibit 3(b)
|
|
Amended and Restated Bylaws of the Corporation, as in effect on the date hereof, incorporated by reference to Exhibit 3.1 of the Corporation's Current Report on Form 8-K (File No. 1-6523) filed on March 20, 2015
|
|
|
|
Exhibit 10(a)
|
|
Form of Time-Based Restricted Stock Units Award Agreement (February 2017) between the Corporation and certain executive officers of the Corporation, including certain Named Executive Officers
(1, 2)
|
|
|
|
Exhibit 10(b)
|
|
Form of Performance Restricted Stock Units Award Agreement (February 2017) between the Corporation and certain executive officers of the Corporation, including certain Named Executive Officers
(1, 2)
|
|
|
|
Exhibit 11
|
|
Earnings Per Share Computation – included in Note 13 – Earnings Per Common Share to the Consolidated Financial Statements
(1)
|
|
|
|
Exhibit 12
|
|
Ratio of Earnings to Fixed Charges
(1)
Ratio of Earnings to Fixed Charges and Preferred Dividends (1) |
|
|
|
Exhibit 31(a)
|
|
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
(1)
|
|
|
|
Exhibit 31(b)
|
|
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
(1)
|
|
|
|
Exhibit 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
(1)
|
|
|
|
Exhibit 32(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
(1)
|
|
|
|
Exhibit 101.INS
|
|
XBRL Instance Document
(1)
|
|
|
|
Exhibit 101.SCH
|
|
XBRL Taxonomy Extension Schema Document
(1)
|
|
|
|
Exhibit 101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
(1)
|
|
|
|
Exhibit 101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
(1)
|
|
|
|
Exhibit 101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
(1)
|
|
|
|
Exhibit 101.DEF
|
|
XBRL Taxonomy Extension Definitions Linkbase Document
(1)
|
|
|
|
|
|
Bank of America Corporation
Registrant
|
|
||
|
|
|
|
|
|
Date:
|
May 2, 2017
|
|
/s/ Rudolf A. Bless
|
|
|
|
|
|
Rudolf A. Bless
Chief Accounting Officer
|
|
|
|
Bank of America
128
|
Exhibit No.
|
|
Description
|
Exhibit 3(a)
|
|
Amended and Restated Certificate of Incorporation of the Corporation, as in effect on the date hereof, incorporated by reference to Exhibit 3(a) of the Corporation's Quarterly Report on Form 10-Q (File No. 1-6523) for the quarterly period ended March 31, 2016 filed on May 2, 2016
|
|
|
|
Exhibit 3(b)
|
|
Amended and Restated Bylaws of the Corporation, as in effect on the date hereof, incorporated by reference to Exhibit 3.1 of the Corporation's Current Report on Form 8-K (File No. 1-6523) filed on March 20, 2015
|
|
|
|
Exhibit 10(a)
|
|
Form of Time-Based Restricted Stock Units Award Agreement (February 2017) between the Corporation and certain executive officers of the Corporation, including certain Named Executive Officers
(1, 2)
|
|
|
|
Exhibit 10(b)
|
|
Form of Performance Restricted Stock Units Award Agreement (February 2017) between the Corporation and certain executive officers of the Corporation, including certain Named Executive Officers
(1, 2)
|
|
|
|
Exhibit 11
|
|
Earnings Per Share Computation - included in Note 13 – Earnings Per Common Share to the Consolidated Financial Statements
(1)
|
|
|
|
Exhibit 12
|
|
Ratio of Earnings to Fixed Charges
(1)
Ratio of Earnings to Fixed Charges and Preferred Dividends (1) |
|
|
|
Exhibit 31(a)
|
|
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
(1)
|
|
|
|
Exhibit 31(b)
|
|
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
(1)
|
|
|
|
Exhibit 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
(1)
|
|
|
|
Exhibit 32(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
(1)
|
Exhibit 101.INS
|
|
XBRL Instance Document
(1)
|
|
|
|
Exhibit 101.SCH
|
|
XBRL Taxonomy Extension Schema Document
(1)
|
|
|
|
Exhibit 101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
(1)
|
|
|
|
Exhibit 101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
(1)
|
|
|
|
Exhibit 101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
(1)
|
|
|
|
Exhibit 101.DEF
|
|
XBRL Taxonomy Extension Definitions Linkbase Document
(1)
|
1.
|
Review the Award Agreement to ensure you understand its provisions. With each award you receive, provisions of your Award Agreement may change so it is important to review your Award Agreement.
|
2.
|
Print the Award Agreement and file it with your important papers.
|
3.
|
Accept your Award Agreement through the online acceptance process.*
|
4.
|
Designate your beneficiary on the Benefits OnLine
®
Beneficiary tab.
|
5.
|
More detailed information about competitive businesses can be found on HR Connect under Money / Pay / Incentive plans & awards / How Performance Plan awards are paid, to the extent that the competition restriction is applicable to you, as described in this Award Agreement.
|
Granted To :
|
Grant Date :
|
Grant Type :
|
Grant Code :
|
Number Granted :
|
|
1.
|
Subject to the terms and conditions of the Stock Plan and this Agreement, Bank of America awards to you the number of Restricted Stock Units shown above. Each Restricted Stock Unit shall have a value equal to the Fair Market Value of one (1) share of Bank of America common stock.
|
2.
|
You acknowledge having read the Prospectus and agree to be bound by all the terms and conditions of the Stock Plan and this Agreement.
|
3.
|
The Restricted Stock Units covered by this Award shall become earned by, and payable to, you in accordance with the terms and conditions of the Stock Plan and this Agreement in the amounts and on the dates shown on the enclosed Exhibit A.
|
4.
|
If a cash dividend is paid with respect to Bank of America common stock, a cash dividend equivalent equal to the total cash dividend you would have received had your Restricted Stock Units been actual Shares will be accumulated and paid in cash through payroll when the Restricted Stock Units become earned and payable. Dividend equivalents are credited with interest at the three (3)-year constant maturity Treasury rate in effect on the grant date noted above until the payment date.
|
5.
|
You agree that you shall comply with (or provide adequate assurance as to future compliance with) all applicable securities laws, as determined by Bank of America, as a condition precedent to the delivery of any Shares pursuant to this Agreement. In addition, you agree that, upon request, you will furnish a letter agreement providing that you will (i) not distribute or resell any of said Shares in violation of the Securities Act of 1933, as amended, (ii) indemnify and hold Bank of America harmless against all liability for any such violation and (iii) accept all liability for any such violation.
|
6.
|
You agree that the Award covered by this Agreement is subject to the Incentive Compensation Recoupment Policy set forth in the Bank of America Corporate Governance Guidelines. To the extent allowed by and consistent with applicable law and any applicable limitations period, if it is determined at any time that you have engaged in Detrimental Conduct or engaged in any hedging or derivative transactions involving Bank of America common stock in violation of the Bank of America Corporation Code of Conduct that would undermine the long-term performance incentives created by the Award, Bank of America will be entitled to recover from you in its sole discretion some or all of the Shares (and any related dividend equivalents) paid to you pursuant to this Agreement. You recognize that if you engage in Detrimental Conduct or any hedging or derivative transactions involving Bank of America common stock, the losses to Bank of America and/or its Subsidiaries may
|
7.
|
You may designate a beneficiary to receive payment in connection with the Restricted Stock Units awarded hereunder in the event of your death while in service with Bank of America or its Subsidiaries in accordance with Bank of America’s beneficiary designation procedures, as in effect from time to time. Any beneficiary designation in effect at the time of your termination of employment with Bank of America and its Subsidiaries (other than a termination of employment due to your death) will remain in effect following your termination of employment unless you change your beneficiary designation or it otherwise ceases to be enforceable and/or valid in accordance with Bank of America’s beneficiary designation procedures, as in effect from time to time. If you do not designate a beneficiary or if your designated beneficiary does not survive you then your beneficiary will be your estate.
|
8.
|
The existence of this Award shall not affect in any way the right or power of Bank of America or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in Bank of America’s capital structure or its business, or any merger or consolidation of Bank of America, or any issue of bonds, debentures, preferred or prior preference stocks ahead of or convertible into, or otherwise affecting the Bank of America common stock or the rights thereof, or the dissolution or liquidation of Bank of America, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.
|
9.
|
Bank of America may, in its sole discretion, decide to deliver any documents related to this Award or future Awards that may be granted under the Stock Plan by electronic means or request your consent to participate in the Stock Plan by electronic means. You hereby consent to receive such documents by electronic delivery and, if requested, agree to participate in the Stock Plan through an on-line or electronic system established and maintained by Bank of America or a third party designated by Bank of America.
|
10.
|
You acknowledge that, regardless of any action taken by Bank of America or your employer, the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to your participation in the Stock Plan and legally applicable to you (“Tax-Related Items”) is and remains your responsibility and may exceed the amount (if any) withheld by Bank of America or your employer. You further acknowledge that Bank of America and/or your employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Units, including the grant and vesting of the Restricted Stock Units, the payment of any Restricted Stock Units, the subsequent sale of Shares acquired upon the vesting of the Restricted Stock Units and the receipt of any dividends and/or dividend equivalents; and (ii) do not commit to structure the terms of the Award or any aspect of the Restricted Stock Units to reduce or eliminate your liability for Tax-Related Items. Further, if you have become subject to Tax-Related Items in more than one jurisdiction, you acknowledge that Bank of America or your employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.
|
11.
|
The validity, construction and effect of this Agreement are governed by, and subject to, the laws of the State of Delaware and the laws of the United States, as provided in the Stock Plan. For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties evidenced by this Award or this Agreement, the parties hereby submit to and consent to the exclusive jurisdiction of North Carolina and agree that such litigation shall be conducted solely in the courts of Mecklenburg County, North Carolina or the federal courts for the United States for the Western District of North Carolina, where this Award is made and/or to be performed, and no other courts.
|
12.
|
In the event any provision of this Agreement shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Agreement, and the Agreement shall be construed and enforced as if the illegal or invalid provision had not been included. This Agreement constitutes the final understanding between you and Bank
|
13.
|
If you move to any country outside of the United States during the term of your Award, additional terms and conditions may apply to your Award. Bank of America reserves the right to impose other requirements on the Award to the extent Bank of America determines it is necessary or advisable for legal or administrative reasons and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.
|
1.
|
Review the Award Agreement to ensure you understand its provisions. With each award you receive, provisions of your Award Agreement may change so it is important to review your Award Agreement.
|
2.
|
Print the Award Agreement and file it with your important papers.
|
3.
|
Accept your Award Agreement through the online acceptance process.*
|
4.
|
Designate your beneficiary on the Benefits OnLine
®
Beneficiary tab.
|
5.
|
More detailed information about competitive businesses can be found on HR Connect under Money / Pay / Incentive plans & awards / How Performance Plan awards are paid, to the extent that the competition restriction is applicable to you, as described in this Award Agreement.
|
Granted To :
|
Grant Date :
|
Grant Type :
|
Grant Code :
|
Number Granted :
|
|
1.
|
Subject to the terms and conditions of the Stock Plan and this Agreement, Bank of America awards to you the number of Restricted Stock Units shown above. Each Restricted Stock Unit shall have a value equal to the Fair Market Value of one (1) share of Bank of America common stock.
|
2.
|
You acknowledge having read the Prospectus and agree to be bound by all the terms and conditions of the Stock Plan and this Agreement.
|
3.
|
The Restricted Stock Units covered by this Award shall become earned by, and payable to, you in accordance with the terms and conditions of the Stock Plan and this Agreement in the amounts and on the dates shown on the enclosed Exhibit A.
|
4.
|
If a cash dividend is paid with respect to Bank of America common stock, a cash dividend equivalent equal to the total cash dividend you would have received had your Restricted Stock Units been actual Shares will be accumulated and paid in cash through payroll when the Restricted Stock Units become earned and payable. Dividend equivalents are credited with interest at the three (3)-year constant maturity Treasury rate in effect on the grant date noted above until the payment date.
|
5.
|
You agree that you shall comply with (or provide adequate assurance as to future compliance with) all applicable securities laws, as determined by Bank of America, as a condition precedent to the delivery of any Shares pursuant to this Agreement. In addition, you agree that, upon request, you will furnish a letter agreement providing that you will (i) not distribute or resell any of said Shares in violation of the U.S. Securities Act of 1933, as amended, (ii) indemnify and hold Bank of America harmless against all liability for any such violation and (iii) accept all liability for any such violation.
|
6.
|
You agree that the Award covered by this Agreement is subject to the Incentive Compensation Recoupment Policy set forth in the Bank of America Corporate Governance Guidelines. To the extent allowed by and consistent with applicable law and any applicable limitations period, if it is determined at any time that you have engaged in Detrimental Conduct or engaged in any hedging or derivative transactions involving Bank of America common stock in violation of the Bank of America Corporation Code of Conduct that would undermine the long-term performance incentives created by the Award, Bank of America will be entitled to recover from you in its sole discretion some or all of the Shares (and any related dividend equivalents) paid to you pursuant to this Agreement. You recognize that if you engage in Detrimental Conduct or any hedging or derivative transactions involving Bank of America common stock, the losses to Bank of America and/or its Subsidiaries may
|
7.
|
You may designate a beneficiary to receive payment in connection with the Restricted Stock Units awarded hereunder in the event of your death while in service with Bank of America or its Subsidiaries in accordance with Bank of America’s beneficiary designation procedures, as in effect from time to time. Any beneficiary designation in effect at the time of your termination of employment with Bank of America and its Subsidiaries (other than a termination of employment due to your death) will remain in effect following your termination of employment unless you change your beneficiary designation or it otherwise ceases to be enforceable and/or valid in accordance with Bank of America’s beneficiary designation procedures, as in effect from time to time. If you do not designate a beneficiary or if your designated beneficiary does not survive you, then your beneficiary will be your estate.
|
8.
|
The existence of this Award shall not affect in any way the right or power of Bank of America or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in Bank of America’s capital structure or its business, or any merger or consolidation of Bank of America, or any issue of bonds, debentures, preferred or prior preference stocks ahead of or convertible into, or otherwise affecting the Bank of America common stock or the rights thereof, or the dissolution or liquidation of Bank of America, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.
|
9.
|
Bank of America may, in its sole discretion, decide to deliver any documents related to this Award or future Awards that may be granted under the Stock Plan by electronic means or request your consent to participate in the Stock Plan by electronic means. You hereby consent to receive such documents by electronic delivery and, if requested, agree to participate in the Stock Plan through an on-line or electronic system established and maintained by Bank of America or a third party designated by Bank of America.
|
10.
|
You acknowledge that, regardless of any action taken by Bank of America or your employer, the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to your participation in the Stock Plan and legally applicable to you (“Tax-Related Items”) is and remains your responsibility and may exceed the amount (if any) withheld by Bank of America or your employer. You further acknowledge that Bank of America and/or your employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Units, including the grant and vesting of the Restricted Stock Units, the payment of any Restricted Stock Units, the subsequent sale of any Shares acquired upon the vesting of the Restricted Stock Units and the receipt of any dividends and/or dividend equivalents and (ii) do not commit to structure the terms of the Award or any aspect of the Restricted Stock Units to reduce or eliminate your liability for Tax-Related Items. Further, if you have become subject to Tax-Related Items in more than one jurisdiction, you acknowledge that Bank of America or your employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.
|
11.
|
The validity, construction and effect of this Agreement are governed by, and subject to, the laws of the State of Delaware and the laws of the United States, as provided in the Stock Plan. For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties evidenced by this Award or this Agreement, the parties hereby submit to and consent to the exclusive jurisdiction of North Carolina and agree that such litigation shall be conducted solely in the courts of Mecklenburg County, North Carolina or the federal courts for the United States for the Western District of North Carolina, where this Award is made and/or to be performed, and no other courts.
|
12.
|
In the event any provision of this Agreement shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Agreement, and the Agreement shall be construed and enforced as if the illegal or invalid provision had not been included. This Agreement constitutes the final understanding between you and Bank
|
13.
|
If you move to any country outside of the United States during the term of your Award, additional terms and conditions may apply to your Award. Bank of America reserves the right to impose other requirements on the Award to the extent Bank of America determines it is necessary or advisable for legal or administrative reasons and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.
|
(a)
|
PERFORMANCE VESTING SCHEDULE AND SETTLEMENT DATE
.
|
3-year Average ROA (50% Weighting)
|
3-year Average Growth in Adjusted TBV
(50% Weighting)
|
||
ROA
|
% Earned Based on Goal Achievement
|
Adjusted TBV
|
% Earned Based on Goal Achievement
|
Less than 50 bps
|
0%
|
Less than 5.25%
|
0%
|
50 bps
|
33-1/3%
|
5.25%
|
33-1/3%
|
65 bps
|
66-2/3%
|
7.00%
|
66-2/3%
|
80 bps
|
100%
|
8.50%
|
100%
|
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)
|
Three Months Ended March 31, 2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||||
Excluding Interest on Deposits
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income before income taxes
|
$
|
6,565
|
|
|
$
|
25,153
|
|
|
$
|
22,070
|
|
|
$
|
7,963
|
|
|
$
|
14,733
|
|
|
$
|
2,535
|
|
Equity in undistributed earnings (loss) of unconsolidated subsidiaries
|
(34
|
)
|
|
(262
|
)
|
|
(152
|
)
|
|
(222
|
)
|
|
(66
|
)
|
|
212
|
|
||||||
Fixed charges:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense
|
2,370
|
|
|
8,946
|
|
|
9,688
|
|
|
9,855
|
|
|
11,359
|
|
|
14,754
|
|
||||||
1/3 of net rent expense
(1)
|
211
|
|
|
883
|
|
|
945
|
|
|
1,023
|
|
|
1,091
|
|
|
1,092
|
|
||||||
Total fixed charges
|
2,581
|
|
|
9,829
|
|
|
10,633
|
|
|
10,878
|
|
|
12,450
|
|
|
15,846
|
|
||||||
Preferred dividend requirements
|
679
|
|
|
2,363
|
|
|
2,067
|
|
|
1,506
|
|
|
1,746
|
|
|
968
|
|
||||||
Fixed charges and preferred dividends
|
3,260
|
|
|
12,192
|
|
|
12,700
|
|
|
12,384
|
|
|
14,196
|
|
|
16,814
|
|
||||||
Earnings
|
$
|
9,112
|
|
|
$
|
34,720
|
|
|
$
|
32,551
|
|
|
$
|
18,619
|
|
|
$
|
27,117
|
|
|
$
|
18,593
|
|
Ratio of earnings to fixed charges
|
3.53
|
|
|
3.53
|
|
|
3.06
|
|
|
1.71
|
|
|
2.18
|
|
|
1.17
|
|
||||||
Ratio of earnings to fixed charges and preferred dividends
|
2.80
|
|
|
2.85
|
|
|
2.56
|
|
|
1.50
|
|
|
1.91
|
|
|
1.11
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
Year Ended December 31
|
||||||||||||||||||||
(Dollars in millions)
|
Three Months Ended March 31, 2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||||
Including Interest on Deposits
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income before income taxes
|
$
|
6,565
|
|
|
$
|
25,153
|
|
|
$
|
22,070
|
|
|
$
|
7,963
|
|
|
$
|
14,733
|
|
|
$
|
2,535
|
|
Equity in undistributed earnings (loss) of unconsolidated subsidiaries
|
(34
|
)
|
|
(262
|
)
|
|
(152
|
)
|
|
(222
|
)
|
|
(66
|
)
|
|
212
|
|
||||||
Fixed charges:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense
|
2,652
|
|
|
9,961
|
|
|
10,549
|
|
|
10,935
|
|
|
12,755
|
|
|
16,744
|
|
||||||
1/3 of net rent expense
(1)
|
211
|
|
|
883
|
|
|
945
|
|
|
1,023
|
|
|
1,091
|
|
|
1,092
|
|
||||||
Total fixed charges
|
2,863
|
|
|
10,844
|
|
|
11,494
|
|
|
11,958
|
|
|
13,846
|
|
|
17,836
|
|
||||||
Preferred dividend requirements
|
679
|
|
|
2,363
|
|
|
2,067
|
|
|
1,506
|
|
|
1,746
|
|
|
968
|
|
||||||
Fixed charges and preferred dividends
|
3,542
|
|
|
13,207
|
|
|
13,561
|
|
|
13,464
|
|
|
15,592
|
|
|
18,804
|
|
||||||
Earnings
|
$
|
9,394
|
|
|
$
|
35,735
|
|
|
$
|
33,412
|
|
|
$
|
19,699
|
|
|
$
|
28,513
|
|
|
$
|
20,583
|
|
Ratio of earnings to fixed charges
|
3.28
|
|
|
3.30
|
|
|
2.91
|
|
|
1.65
|
|
|
2.06
|
|
|
1.15
|
|
||||||
Ratio of earnings to fixed charges and preferred dividends
|
2.65
|
|
|
2.71
|
|
|
2.46
|
|
|
1.46
|
|
|
1.83
|
|
|
1.09
|
|
(1)
|
Represents an appropriate interest factor.
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q 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:
|
May 2, 2017
|
/s/ Brian T. Moynihan
Brian T. Moynihan
Chief Executive Officer
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q 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:
|
May 2, 2017
|
/s/ Paul M. Donofrio
Paul M. Donofrio
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 Quarterly Report on Form 10-Q of the registrant for the quarter ended
March 31, 2017
(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:
|
May 2, 2017
|
/s/ Brian T. Moynihan
Brian T. Moynihan
Chief Executive Officer
|
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 Quarterly Report on Form 10-Q of the registrant for the quarter ended
March 31, 2017
(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:
|
May 2, 2017
|
/s/ Paul M. Donofrio
Paul M. Donofrio
Chief Financial Officer
|