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Delaware
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1-6523
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56-0906609
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2)
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act
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EXHIBIT NO.
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DESCRIPTION OF EXHIBIT
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BANK OF AMERICA CORPORATION
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By:
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/s/ Rudolf A. Bless
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Rudolf A. Bless
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Chief Accounting Officer
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Bank of America Corporation and Subsidiaries
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Table of Contents
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Page
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Consumer Banking
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Global Wealth & Investment Management
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Global Banking
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Global Markets
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All Other
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Effective October 1, 2017, the Corporation changed its accounting method under the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 718,
Compensation - Stock Compensation
, for stock-based compensation awards granted to retirement-eligible employees from expensing their value in full at the grant date (generally in the first quarter of each year) to expensing the estimated value ratably over the year prior to the grant date. This change affects consolidated financial information and
All Other;
it does not affect the business segments. All prior periods presented herein have been restated for this change in accounting method. Under the applicable bank regulatory rules, we are not required to and, accordingly, did not restate previously-filed capital metrics and ratios.
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Bank of America Corporation and Subsidiaries
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||||||||||||||||||||||||||||
Consolidated Financial Highlights
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||||||||||||||||||||||||||||
(Dollars in millions, except per share information; shares in thousands)
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||||||||||||||||||||||||||||
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Year Ended
December 31 |
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Fourth
Quarter 2017 |
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Third
Quarter 2017 |
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Second
Quarter 2017 |
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First
Quarter 2017 |
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Fourth
Quarter 2016 |
||||||||||||||||
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2017
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2016
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|||||||||||||||||||||||
Income statement
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||||||||||||||
Net interest income
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$
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44,667
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$
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41,096
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$
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11,462
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$
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11,161
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$
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10,986
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$
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11,058
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$
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10,292
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Noninterest income
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42,685
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42,605
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8,974
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10,678
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11,843
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11,190
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9,698
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|||||||
Total revenue, net of interest expense
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87,352
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83,701
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20,436
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21,839
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22,829
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22,248
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19,990
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|||||||
Provision for credit losses
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3,396
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3,597
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1,001
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834
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726
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835
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774
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|||||||
Noninterest expense
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54,743
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55,083
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13,274
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13,394
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13,982
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14,093
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13,413
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|||||||
Income tax expense
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10,981
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7,199
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3,796
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2,187
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3,015
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1,983
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1,268
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|||||||
Net income
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18,232
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17,822
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2,365
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5,424
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5,106
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5,337
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4,535
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Preferred stock dividends
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1,614
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1,682
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286
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465
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361
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502
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361
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|||||||
Net income applicable to common shareholders
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16,618
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16,140
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2,079
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4,959
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4,745
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4,835
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4,174
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Diluted earnings per common share
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1.56
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1.49
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0.20
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0.46
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0.44
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0.45
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0.39
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|||||||
Average diluted common shares issued and outstanding
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10,778,428
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11,046,806
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10,621,809
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10,746,666
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10,834,807
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10,919,668
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10,992,258
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Dividends paid per common share
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$
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0.39
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$
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0.25
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$
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0.12
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$
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0.12
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$
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0.075
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$
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0.075
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$
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0.075
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Performance ratios
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Return on average assets
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0.80
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%
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0.81
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%
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0.41
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%
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0.95
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%
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0.90
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%
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0.97
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%
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0.82
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%
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|||||||
Return on average common shareholders' equity
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6.72
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6.69
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3.29
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7.89
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7.75
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8.09
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6.79
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Return on average shareholders' equity
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6.72
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6.70
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3.43
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7.88
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7.56
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8.09
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6.69
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Return on average tangible common shareholders' equity
(1)
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9.41
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9.51
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4.56
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10.98
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10.87
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11.44
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9.58
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Return on average tangible shareholders' equity
(1)
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9.08
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9.17
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4.62
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10.59
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10.23
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11.01
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9.09
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At period end
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Book value per share of common stock
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$
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23.80
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$
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23.97
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$
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23.80
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$
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23.87
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$
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24.85
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$
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24.34
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$
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23.97
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Tangible book value per share of common stock
(1)
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16.96
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16.89
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16.96
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17.18
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17.75
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17.22
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16.89
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Market price per share of common stock:
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Closing price
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$
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29.52
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$
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22.10
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$
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29.52
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$
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25.34
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$
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24.26
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$
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23.59
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$
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22.10
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High closing price for the period
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29.88
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23.16
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29.88
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25.45
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24.32
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25.50
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23.16
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Low closing price for the period
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22.05
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11.16
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25.45
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22.89
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22.23
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22.05
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15.63
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Market capitalization
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303,681
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222,163
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303,681
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264,992
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239,643
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235,291
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|
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222,163
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Number of financial centers - U.S.
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4,470
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4,579
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4,470
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4,511
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4,542
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|
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4,559
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|
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4,579
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|
|||||||
Number of branded ATMs - U.S.
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16,039
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15,928
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16,039
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15,973
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15,972
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15,939
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15,928
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Headcount
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209,376
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210,673
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209,376
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209,839
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210,904
|
|
|
210,533
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|
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210,673
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|||||||
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(1)
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Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income. Tangible book value per share provides additional useful information about the level of tangible assets in relation to outstanding shares of common stock. (See
Exhibit A: Non-GAAP Reconciliations - Reconciliations to GAAP Financial Measures
on pages
41-42
.)
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Current period information is preliminary and based on company data available at the time of the presentation.
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2
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Current period information is preliminary and based on company data available at the time of the presentation.
|
3
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Bank of America Corporation and Subsidiaries
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||||||||||||||||||||||||||||
Consolidated Statement of Comprehensive Income
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||||||||||||||||||||||||||||
(Dollars in millions)
|
|
|
|
|
|
|
|
|
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|
||||||||||||||||
|
Year Ended
December 31 |
|
|
Fourth Quarter 2017
|
|
Third Quarter 2017
|
|
Second Quarter 2017
|
|
First Quarter 2017
|
|
Fourth Quarter 2016
|
||||||||||||||||
|
2017
|
|
2016
|
|
|
|||||||||||||||||||||||
Net income
|
$
|
18,232
|
|
|
$
|
17,822
|
|
|
|
$
|
2,365
|
|
|
$
|
5,424
|
|
|
$
|
5,106
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|
|
$
|
5,337
|
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|
$
|
4,535
|
|
Other comprehensive income (loss), net-of-tax:
|
|
|
|
|
|
|
|
|
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|
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||||||||||||||
Net change in debt and marketable equity securities
|
61
|
|
|
(1,345
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)
|
|
|
(870
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)
|
|
462
|
|
|
568
|
|
|
(99
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)
|
|
(4,664
|
)
|
|||||||
Net change in debit valuation adjustments
|
(293
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)
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|
(156
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)
|
|
|
(144
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)
|
|
(80
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)
|
|
(78
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)
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|
9
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|
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(205
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)
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|||||||
Net change in derivatives
|
64
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|
182
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|
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(92
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)
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24
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|
94
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|
38
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|
|
(95
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)
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|||||||
Employee benefit plan adjustments
|
288
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|
|
(524
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)
|
|
|
208
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|
|
26
|
|
|
27
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|
|
27
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|
|
(553
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)
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|||||||
Net change in foreign currency translation adjustments
|
86
|
|
|
(87
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)
|
|
|
(16
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)
|
|
5
|
|
|
100
|
|
|
(3
|
)
|
|
(70
|
)
|
|||||||
Other comprehensive income (loss)
|
206
|
|
|
(1,930
|
)
|
|
|
(914
|
)
|
|
437
|
|
|
711
|
|
|
(28
|
)
|
|
(5,587
|
)
|
|||||||
Comprehensive income (loss)
|
$
|
18,438
|
|
|
$
|
15,892
|
|
|
|
$
|
1,451
|
|
|
$
|
5,861
|
|
|
$
|
5,817
|
|
|
$
|
5,309
|
|
|
$
|
(1,052
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current period information is preliminary and based on company data available at the time of the presentation.
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4
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Bank of America Corporation and Subsidiaries
|
|||||||||||
Consolidated Balance Sheet
|
|||||||||||
(Dollars in millions)
|
|
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|
||||||
|
December 31
2017 |
|
September 30
2017 |
|
December 31
2016 |
||||||
Assets
|
|
|
|
|
|
||||||
Cash and due from banks
|
$
|
29,480
|
|
|
$
|
30,819
|
|
|
$
|
30,719
|
|
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks
|
127,954
|
|
|
141,562
|
|
|
117,019
|
|
|||
Cash and cash equivalents
|
157,434
|
|
|
172,381
|
|
|
147,738
|
|
|||
Time deposits placed and other short-term investments
|
11,153
|
|
|
9,493
|
|
|
9,861
|
|
|||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
212,747
|
|
|
217,214
|
|
|
198,224
|
|
|||
Trading account assets
|
209,358
|
|
|
210,319
|
|
|
180,209
|
|
|||
Derivative assets
|
37,762
|
|
|
38,384
|
|
|
42,512
|
|
|||
Debt securities:
|
|
|
|
|
|
||||||
Carried at fair value
|
315,117
|
|
|
316,864
|
|
|
313,660
|
|
|||
Held-to-maturity, at cost
|
125,013
|
|
|
122,345
|
|
|
117,071
|
|
|||
Total debt securities
|
440,130
|
|
|
439,209
|
|
|
430,731
|
|
|||
Loans and leases
|
936,749
|
|
|
927,117
|
|
|
906,683
|
|
|||
Allowance for loan and lease losses
|
(10,393
|
)
|
|
(10,693
|
)
|
|
(11,237
|
)
|
|||
Loans and leases, net of allowance
|
926,356
|
|
|
916,424
|
|
|
895,446
|
|
|||
Premises and equipment, net
|
9,247
|
|
|
8,971
|
|
|
9,139
|
|
|||
Mortgage servicing rights
|
2,302
|
|
|
2,407
|
|
|
2,747
|
|
|||
Goodwill
|
68,951
|
|
|
68,968
|
|
|
68,969
|
|
|||
Loans held-for-sale
|
11,430
|
|
|
13,243
|
|
|
9,066
|
|
|||
Customer and other receivables
|
61,623
|
|
|
55,855
|
|
|
58,759
|
|
|||
Assets of business held for sale
|
—
|
|
|
—
|
|
|
10,670
|
|
|||
Other assets
|
132,741
|
|
|
131,306
|
|
|
123,996
|
|
|||
Total assets
|
$
|
2,281,234
|
|
|
$
|
2,284,174
|
|
|
$
|
2,188,067
|
|
|
|
|
|
|
|
||||||
Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
|
|||||||||||
Trading account assets
|
$
|
6,521
|
|
|
$
|
5,142
|
|
|
$
|
5,773
|
|
Loans and leases
|
48,929
|
|
|
50,022
|
|
|
56,001
|
|
|||
Allowance for loan and lease losses
|
(1,016
|
)
|
|
(1,023
|
)
|
|
(1,032
|
)
|
|||
Loans and leases, net of allowance
|
47,913
|
|
|
48,999
|
|
|
54,969
|
|
|||
Loans held-for-sale
|
27
|
|
|
66
|
|
|
188
|
|
|||
All other assets
|
1,694
|
|
|
662
|
|
|
1,596
|
|
|||
Total assets of consolidated variable interest entities
|
$
|
56,155
|
|
|
$
|
54,869
|
|
|
$
|
62,526
|
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
5
|
Bank of America Corporation and Subsidiaries
|
|
|
|
|
|
||||||
Consolidated Balance Sheet (continued)
|
|
|
|
|
|
||||||
(Dollars in millions)
|
|
|
|
|
|
||||||
|
December 31
2017 |
|
September 30
2017 |
|
December 31
2016 |
||||||
Liabilities
|
|
|
|
|
|
||||||
Deposits in U.S. offices:
|
|
|
|
|
|
||||||
Noninterest-bearing
|
$
|
430,650
|
|
|
$
|
429,861
|
|
|
$
|
438,125
|
|
Interest-bearing
|
796,576
|
|
|
776,756
|
|
|
750,891
|
|
|||
Deposits in non-U.S. offices:
|
|
|
|
|
|
||||||
Noninterest-bearing
|
14,024
|
|
|
14,126
|
|
|
12,039
|
|
|||
Interest-bearing
|
68,295
|
|
|
63,674
|
|
|
59,879
|
|
|||
Total deposits
|
1,309,545
|
|
|
1,284,417
|
|
|
1,260,934
|
|
|||
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
176,865
|
|
|
189,790
|
|
|
170,291
|
|
|||
Trading account liabilities
|
81,187
|
|
|
86,434
|
|
|
63,031
|
|
|||
Derivative liabilities
|
34,300
|
|
|
31,781
|
|
|
39,480
|
|
|||
Short-term borrowings
|
32,666
|
|
|
32,679
|
|
|
23,944
|
|
|||
Accrued expenses and other liabilities (includes
$777
, $762 and $762 of reserve for unfunded lending commitments)
|
152,123
|
|
|
158,438
|
|
|
147,369
|
|
|||
Long-term debt
|
227,402
|
|
|
228,666
|
|
|
216,823
|
|
|||
Total liabilities
|
2,014,088
|
|
|
2,012,205
|
|
|
1,921,872
|
|
|||
Shareholders' equity
|
|
|
|
|
|
||||||
Preferred stock, $0.01 par value; authorized –
100,000,000
shares; issued and outstanding –
3,837,683,
3,837,683 and 3,887,329 shares
|
22,323
|
|
|
22,323
|
|
|
25,220
|
|
|||
Common stock and additional paid-in capital, $0.01 par value; authorized –
12,800,000,000
shares; issued and outstanding –
10,287,302,431
, 10,457,473,674 and 10,052,625,604 shares
|
138,089
|
|
|
142,818
|
|
|
147,038
|
|
|||
Retained earnings
|
113,816
|
|
|
112,996
|
|
|
101,225
|
|
|||
Accumulated other comprehensive income (loss)
|
(7,082
|
)
|
|
(6,168
|
)
|
|
(7,288
|
)
|
|||
Total shareholders' equity
|
267,146
|
|
|
271,969
|
|
|
266,195
|
|
|||
Total liabilities and shareholders' equity
|
$
|
2,281,234
|
|
|
$
|
2,284,174
|
|
|
$
|
2,188,067
|
|
|
|
|
|
|
|
||||||
Liabilities of consolidated variable interest entities included in total liabilities above
|
|||||||||||
Short-term borrowings
|
$
|
312
|
|
|
$
|
122
|
|
|
$
|
348
|
|
Long-term debt
|
9,873
|
|
|
9,457
|
|
|
10,646
|
|
|||
All other liabilities
|
37
|
|
|
54
|
|
|
41
|
|
|||
Total liabilities of consolidated variable interest entities
|
$
|
10,222
|
|
|
$
|
9,633
|
|
|
$
|
11,035
|
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
6
|
Bank of America Corporation and Subsidiaries
|
|||||||||||
Capital Management
|
|||||||||||
(Dollars in millions)
|
|||||||||||
|
Basel 3 Transition
|
||||||||||
|
December 31
2017 |
|
September 30
2017 |
|
December 31
2016 |
||||||
Risk-based capital metrics
(1)
:
|
|
|
|
|
|
||||||
Standardized Approach
|
|
|
|
|
|
||||||
Common equity tier 1 capital
|
$
|
171,124
|
|
|
$
|
176,094
|
|
|
$
|
168,866
|
|
Tier 1 capital
|
191,572
|
|
|
196,438
|
|
|
190,315
|
|
|||
Total capital
|
227,504
|
|
|
232,849
|
|
|
228,187
|
|
|||
Risk-weighted assets
|
1,433,310
|
|
|
1,407,093
|
|
|
1,399,477
|
|
|||
Common equity tier 1 capital ratio
|
11.9
|
%
|
|
12.5
|
%
|
|
12.1
|
%
|
|||
Tier 1 capital ratio
|
13.4
|
|
|
14.0
|
|
|
13.6
|
|
|||
Total capital ratio
|
15.9
|
|
|
16.5
|
|
|
16.3
|
|
|||
|
|
|
|
|
|
||||||
Advanced Approaches
|
|
|
|
|
|
||||||
Common equity tier 1 capital
|
$
|
171,124
|
|
|
$
|
176,094
|
|
|
$
|
168,866
|
|
Tier 1 capital
|
191,572
|
|
|
196,438
|
|
|
190,315
|
|
|||
Total capital
|
218,609
|
|
|
223,814
|
|
|
218,981
|
|
|||
Risk-weighted assets
|
1,450,210
|
|
|
1,481,919
|
|
|
1,529,903
|
|
|||
Common equity tier 1 capital ratio
|
11.8
|
%
|
|
11.9
|
%
|
|
11.0
|
%
|
|||
Tier 1 capital ratio
|
13.2
|
|
|
13.3
|
|
|
12.4
|
|
|||
Total capital ratio
|
15.1
|
|
|
15.1
|
|
|
14.3
|
|
|||
|
|
|
|
|
|
||||||
Leverage-based metrics
(2)
|
|
|
|
|
|
||||||
Adjusted average assets
|
$
|
2,224,710
|
|
|
$
|
2,193,889
|
|
|
$
|
2,131,121
|
|
Tier 1 leverage ratio
|
8.6
|
%
|
|
9.0
|
%
|
|
8.9
|
%
|
|||
|
|
|
|
|
|
||||||
Bank Holding Company Supplementary leverage exposure
|
$
|
2,756,010
|
|
|
$
|
2,742,256
|
|
|
$
|
2,702,248
|
|
Bank Holding Company Supplementary leverage ratio
|
6.9
|
%
|
|
7.1
|
%
|
|
6.9
|
%
|
|||
|
|
|
|
|
|
||||||
Tangible equity ratio
(3)
|
8.9
|
|
|
9.1
|
|
|
9.2
|
|
|||
Tangible common equity ratio
(3)
|
7.9
|
|
|
8.1
|
|
|
8.0
|
|
|||
|
|
|
|
|
|
(1)
|
Regulatory capital ratios reflect the transition provisions of Basel 3. During the fourth quarter of 2017, we obtained approval from U.S. banking regulators to use our internal models methodology (IMM) to calculate counterparty credit risk-weighted assets for derivatives under the Advanced approaches.
|
(2)
|
The numerator of the supplementary leverage ratio and Tier 1 leverage ratio is quarter-end Basel 3 Tier 1 capital. The Tier 1 leverage ratio reflects the transition provisions of Basel 3, and the supplementary leverage ratio is calculated on a fully phased-in basis. The denominator of supplementary leverage exposure is total leverage exposure based on the daily average of the sum of on-balance sheet exposures less permitted Tier 1 deductions, as well as the simple average of certain off-balance sheet exposures, as of the end of each month in a quarter. Off-balance sheet exposures primarily include undrawn lending commitments, letters of credit, potential future derivative exposures and repo-style transactions.
|
(3)
|
Tangible equity ratio equals period-end tangible shareholders' equity divided by period-end tangible assets. Tangible common equity ratio equals period-end tangible common shareholders' equity divided by period-end tangible assets. Tangible shareholders' equity and tangible assets are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income.
(See Exhibit A: Non-GAAP Reconciliations - Reconciliation to GAAP Financial Measures on pages
41-42
.)
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
7
|
Bank of America Corporation and Subsidiaries
|
|
|
|
|
|
||||||
Regulatory Capital Reconciliations
(1, 2)
|
|
|
|
|
|
||||||
(Dollars in millions)
|
|
|
|
|
|
||||||
|
December 31
2017 |
|
September 30
2017 |
|
December 31
2016 |
||||||
Regulatory capital – Basel 3 transition to fully phased-in
|
|
|
|
|
|
||||||
Common equity tier 1 capital (transition)
|
$
|
171,124
|
|
|
$
|
176,094
|
|
|
$
|
168,866
|
|
Deferred tax assets arising from net operating loss and tax credit carryforwards phased in during transition
|
(1,296
|
)
|
|
(1,357
|
)
|
|
(3,318
|
)
|
|||
Accumulated OCI phased in during transition
|
(879
|
)
|
|
(747
|
)
|
|
(1,899
|
)
|
|||
Intangibles phased in during transition
|
(348
|
)
|
|
(316
|
)
|
|
(798
|
)
|
|||
Defined benefit pension fund assets phased in during transition
|
(228
|
)
|
|
(187
|
)
|
|
(341
|
)
|
|||
DVA related to liabilities and derivatives phased in during transition
|
239
|
|
|
158
|
|
|
276
|
|
|||
Other adjustments and deductions phased in during transition
|
(75
|
)
|
|
(77
|
)
|
|
(57
|
)
|
|||
Common equity tier 1 capital (fully phased-in)
|
$
|
168,537
|
|
|
$
|
173,568
|
|
|
$
|
162,729
|
|
|
|
|
|
|
|
||||||
Risk-weighted assets – As reported to Basel 3 (fully phased-in)
|
|
|
|
|
|
||||||
Basel 3 Standardized approach risk-weighted assets as reported
|
$
|
1,433,310
|
|
|
$
|
1,407,093
|
|
|
$
|
1,399,477
|
|
Changes in risk-weighted assets from reported to fully phased-in
|
8,915
|
|
|
12,710
|
|
|
17,638
|
|
|||
Basel 3 Standardized approach risk-weighted assets (fully phased-in)
|
$
|
1,442,225
|
|
|
$
|
1,419,803
|
|
|
$
|
1,417,115
|
|
|
|
|
|
|
|
||||||
Basel 3 Advanced approaches risk-weighted assets as reported
|
$
|
1,450,210
|
|
|
$
|
1,481,919
|
|
|
$
|
1,529,903
|
|
Changes in risk-weighted assets from reported to fully phased-in
|
9,450
|
|
|
(21,768
|
)
|
|
(18,113
|
)
|
|||
Basel 3 Advanced approaches risk-weighted assets (fully phased-in)
(3)
|
$
|
1,459,660
|
|
|
$
|
1,460,151
|
|
|
$
|
1,511,790
|
|
|
|
|
|
|
|
||||||
Regulatory capital ratios
|
|
|
|
|
|
||||||
Basel 3 Standardized approach common equity tier 1 (transition)
|
11.9
|
%
|
|
12.5
|
%
|
|
12.1
|
%
|
|||
Basel 3 Advanced approaches common equity tier 1 (transition)
|
11.8
|
|
|
11.9
|
|
|
11.0
|
|
|||
Basel 3 Standardized approach common equity tier 1 (fully phased-in)
|
11.7
|
|
|
12.2
|
|
|
11.5
|
|
|||
Basel 3 Advanced approaches common equity tier 1 (fully phased-in)
(3)
|
11.5
|
|
|
11.9
|
|
|
10.8
|
|
|||
|
|
|
|
|
|
(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, which is the Advanced approaches for the periods presented.
|
(2)
|
Fully phased-in estimates are non-GAAP financial measures. For reconciliations to GAAP financial measures, see above.
|
(3)
|
During the fourth quarter of 2017, we obtained approval from U.S. banking regulators to use our internal models methodology (IMM) to calculate counterparty credit risk-weighted assets for derivatives under the Advanced approaches. Fully phased-in estimates for prior periods assumed approval.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
8
|
Bank of America Corporation and Subsidiaries
|
|||||||||||||||||||||||||||||||||||
Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis
|
|||||||||||||||||||||||||||||||||||
(Dollars in millions)
|
|||||||||||||||||||||||||||||||||||
|
|
Fourth Quarter 2017
|
|
|
Third Quarter 2017
|
|
|
Fourth Quarter 2016
|
|||||||||||||||||||||||||||
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Rate
|
|
|
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
|
|
$
|
128,708
|
|
|
$
|
336
|
|
|
1.04
|
%
|
|
|
$
|
127,835
|
|
|
$
|
323
|
|
|
1.00
|
%
|
|
|
$
|
125,820
|
|
|
$
|
145
|
|
|
0.46
|
%
|
Time deposits placed and other short-term investments
|
|
12,979
|
|
|
68
|
|
|
2.06
|
|
|
|
12,503
|
|
|
68
|
|
|
2.17
|
|
|
|
9,745
|
|
|
39
|
|
|
1.57
|
|
||||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
|
224,490
|
|
|
732
|
|
|
1.29
|
|
|
|
223,585
|
|
|
659
|
|
|
1.17
|
|
|
|
218,200
|
|
|
315
|
|
|
0.57
|
|
||||||
Trading account assets
|
|
130,370
|
|
|
1,183
|
|
|
3.61
|
|
|
|
124,068
|
|
|
1,125
|
|
|
3.60
|
|
|
|
126,731
|
|
|
1,131
|
|
|
3.55
|
|
||||||
Debt securities
|
|
441,624
|
|
|
2,751
|
|
|
2.48
|
|
|
|
436,886
|
|
|
2,670
|
|
|
2.44
|
|
|
|
430,719
|
|
|
2,273
|
|
|
2.11
|
|
||||||
Loans and leases
(1)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Residential mortgage
|
|
202,155
|
|
|
1,749
|
|
|
3.46
|
|
|
|
199,240
|
|
|
1,724
|
|
|
3.46
|
|
|
|
191,003
|
|
|
1,621
|
|
|
3.39
|
|
||||||
Home equity
|
|
59,059
|
|
|
641
|
|
|
4.32
|
|
|
|
61,225
|
|
|
664
|
|
|
4.31
|
|
|
|
68,021
|
|
|
618
|
|
|
3.63
|
|
||||||
U.S. credit card
|
|
93,531
|
|
|
2,299
|
|
|
9.75
|
|
|
|
91,602
|
|
|
2,253
|
|
|
9.76
|
|
|
|
89,521
|
|
|
2,105
|
|
|
9.35
|
|
||||||
Non-U.S. credit card
(2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
9,051
|
|
|
192
|
|
|
8.43
|
|
||||||
Direct/Indirect consumer
|
|
93,547
|
|
|
693
|
|
|
2.94
|
|
|
|
93,510
|
|
|
678
|
|
|
2.88
|
|
|
|
93,527
|
|
|
598
|
|
|
2.54
|
|
||||||
Other consumer
|
|
2,566
|
|
|
31
|
|
|
4.71
|
|
|
|
2,762
|
|
|
28
|
|
|
4.07
|
|
|
|
2,462
|
|
|
25
|
|
|
3.99
|
|
||||||
Total consumer
|
|
450,858
|
|
|
5,413
|
|
|
4.78
|
|
|
|
448,339
|
|
|
5,347
|
|
|
4.74
|
|
|
|
453,585
|
|
|
5,159
|
|
|
4.53
|
|
||||||
U.S. commercial
|
|
297,851
|
|
|
2,598
|
|
|
3.46
|
|
|
|
293,203
|
|
|
2,542
|
|
|
3.44
|
|
|
|
283,491
|
|
|
2,119
|
|
|
2.97
|
|
||||||
Commercial real estate
|
|
58,983
|
|
|
571
|
|
|
3.84
|
|
|
|
59,044
|
|
|
552
|
|
|
3.71
|
|
|
|
57,540
|
|
|
453
|
|
|
3.13
|
|
||||||
Commercial lease financing
|
|
21,406
|
|
|
159
|
|
|
2.98
|
|
|
|
21,818
|
|
|
160
|
|
|
2.92
|
|
|
|
21,436
|
|
|
145
|
|
|
2.71
|
|
||||||
Non-U.S. commercial
|
|
98,692
|
|
|
680
|
|
|
2.73
|
|
|
|
95,725
|
|
|
676
|
|
|
2.80
|
|
|
|
92,344
|
|
|
589
|
|
|
2.54
|
|
||||||
Total commercial
|
|
476,932
|
|
|
4,008
|
|
|
3.34
|
|
|
|
469,790
|
|
|
3,930
|
|
|
3.32
|
|
|
|
454,811
|
|
|
3,306
|
|
|
2.89
|
|
||||||
Total loans and leases
(2)
|
|
927,790
|
|
|
9,421
|
|
|
4.04
|
|
|
|
918,129
|
|
|
9,277
|
|
|
4.02
|
|
|
|
908,396
|
|
|
8,465
|
|
|
3.71
|
|
||||||
Other earning assets
|
|
84,087
|
|
|
826
|
|
|
3.91
|
|
|
|
76,496
|
|
|
775
|
|
|
4.02
|
|
|
|
64,501
|
|
|
731
|
|
|
4.52
|
|
||||||
Total earning assets
(3)
|
|
1,950,048
|
|
|
15,317
|
|
|
3.12
|
|
|
|
1,919,502
|
|
|
14,897
|
|
|
3.09
|
|
|
|
1,884,112
|
|
|
13,099
|
|
|
2.77
|
|
||||||
Cash and due from banks
|
|
28,114
|
|
|
|
|
|
|
|
28,990
|
|
|
|
|
|
|
|
27,452
|
|
|
|
|
|
||||||||||||
Other assets, less allowance for loan and lease losses
|
|
323,525
|
|
|
|
|
|
|
|
322,612
|
|
|
|
|
|
|
|
296,827
|
|
|
|
|
|
||||||||||||
Total assets
|
|
$
|
2,301,687
|
|
|
|
|
|
|
|
$
|
2,271,104
|
|
|
|
|
|
|
|
$
|
2,208,391
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is generally recognized on a cost recovery basis. Purchased credit-impaired loans are recorded at fair value upon acquisition and accrete interest income over the estimated life of the loan.
|
(2)
|
The fourth quarter of 2016 includes assets of the Corporation's non-U.S. consumer credit card business, which was sold to a third party during the second quarter of 2017.
|
(3)
|
The impact of interest rate risk management derivatives on interest income is presented below. Interest income includes the impact of interest rate risk management contracts, which increased (decreased) interest income on:
|
|
|
Fourth Quarter 2017
|
|
|
|
|
Third Quarter 2017
|
|
|
|
|
Fourth Quarter 2016
|
|
|
||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
|
|
|
$
|
16
|
|
|
|
|
|
|
|
$
|
8
|
|
|
|
|
|
|
|
$
|
8
|
|
|
|
Debt securities
|
|
|
|
(2
|
)
|
|
|
|
|
|
|
(5
|
)
|
|
|
|
|
|
|
(19
|
)
|
|
|
|||
U.S. commercial loans and leases
|
|
|
|
(10
|
)
|
|
|
|
|
|
|
(10
|
)
|
|
|
|
|
|
|
(10
|
)
|
|
|
|||
Net hedge expense on assets
|
|
|
|
$
|
4
|
|
|
|
|
|
|
|
$
|
(7
|
)
|
|
|
|
|
|
|
$
|
(21
|
)
|
|
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
9
|
Bank of America Corporation and Subsidiaries
|
|||||||||||||||||||||||||||||||||||
Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis (continued)
|
|||||||||||||||||||||||||||||||||||
(Dollars in millions)
|
|||||||||||||||||||||||||||||||||||
|
|
Fourth Quarter 2017
|
|
|
Third Quarter 2017
|
|
|
Fourth Quarter 2016
|
|||||||||||||||||||||||||||
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Rate
|
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Rate
|
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Rate
|
|||||||||||||||
Interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
U.S. interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Savings
|
|
$
|
54,090
|
|
|
$
|
1
|
|
|
0.01
|
%
|
|
|
$
|
54,328
|
|
|
$
|
1
|
|
|
0.01
|
%
|
|
|
$
|
50,132
|
|
|
$
|
1
|
|
|
0.01
|
%
|
NOW and money market deposit accounts
|
|
645,639
|
|
|
361
|
|
|
0.22
|
|
|
|
631,270
|
|
|
333
|
|
|
0.21
|
|
|
|
604,155
|
|
|
78
|
|
|
0.05
|
|
||||||
Consumer CDs and IRAs
|
|
42,595
|
|
|
29
|
|
|
0.28
|
|
|
|
44,239
|
|
|
31
|
|
|
0.27
|
|
|
|
47,625
|
|
|
32
|
|
|
0.27
|
|
||||||
Negotiable CDs, public funds and other deposits
|
|
39,200
|
|
|
133
|
|
|
1.35
|
|
|
|
38,119
|
|
|
101
|
|
|
1.05
|
|
|
|
34,904
|
|
|
53
|
|
|
0.60
|
|
||||||
Total U.S. interest-bearing deposits
|
|
781,524
|
|
|
524
|
|
|
0.27
|
|
|
|
767,956
|
|
|
466
|
|
|
0.24
|
|
|
|
736,816
|
|
|
164
|
|
|
0.09
|
|
||||||
Non-U.S. interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Banks located in non-U.S. countries
|
|
1,844
|
|
|
5
|
|
|
0.96
|
|
|
|
2,259
|
|
|
5
|
|
|
0.97
|
|
|
|
2,918
|
|
|
4
|
|
|
0.48
|
|
||||||
Governments and official institutions
|
|
1,016
|
|
|
3
|
|
|
1.06
|
|
|
|
1,012
|
|
|
3
|
|
|
1.04
|
|
|
|
1,346
|
|
|
2
|
|
|
0.74
|
|
||||||
Time, savings and other
|
|
67,252
|
|
|
147
|
|
|
0.87
|
|
|
|
63,716
|
|
|
150
|
|
|
0.93
|
|
|
|
60,123
|
|
|
109
|
|
|
0.73
|
|
||||||
Total non-U.S. interest-bearing deposits
|
|
70,112
|
|
|
155
|
|
|
0.88
|
|
|
|
66,987
|
|
|
158
|
|
|
0.93
|
|
|
|
64,387
|
|
|
115
|
|
|
0.71
|
|
||||||
Total interest-bearing deposits
|
|
851,636
|
|
|
679
|
|
|
0.32
|
|
|
|
834,943
|
|
|
624
|
|
|
0.30
|
|
|
|
801,203
|
|
|
279
|
|
|
0.14
|
|
||||||
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities
|
|
270,403
|
|
|
1,030
|
|
|
1.51
|
|
|
|
268,185
|
|
|
944
|
|
|
1.40
|
|
|
|
242,715
|
|
|
542
|
|
|
0.89
|
|
||||||
Trading account liabilities
|
|
49,643
|
|
|
314
|
|
|
2.51
|
|
|
|
48,390
|
|
|
319
|
|
|
2.62
|
|
|
|
38,308
|
|
|
240
|
|
|
2.49
|
|
||||||
Long-term debt
|
|
227,644
|
|
|
1,581
|
|
|
2.77
|
|
|
|
227,309
|
|
|
1,609
|
|
|
2.82
|
|
|
|
220,587
|
|
|
1,512
|
|
|
2.74
|
|
||||||
Total interest-bearing liabilities
(1)
|
|
1,399,326
|
|
|
3,604
|
|
|
1.02
|
|
|
|
1,378,827
|
|
|
3,496
|
|
|
1.01
|
|
|
|
1,302,813
|
|
|
2,573
|
|
|
0.79
|
|
||||||
Noninterest-bearing sources:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Noninterest-bearing deposits
|
|
441,936
|
|
|
|
|
|
|
|
436,768
|
|
|
|
|
|
|
|
449,745
|
|
|
|
|
|
||||||||||||
Other liabilities
|
|
187,263
|
|
|
|
|
|
|
|
182,271
|
|
|
|
|
|
|
|
186,094
|
|
|
|
|
|
||||||||||||
Shareholders
'
equity
|
|
273,162
|
|
|
|
|
|
|
|
273,238
|
|
|
|
|
|
|
|
269,739
|
|
|
|
|
|
||||||||||||
Total liabilities and shareholders' equity
|
|
$
|
2,301,687
|
|
|
|
|
|
|
|
$
|
2,271,104
|
|
|
|
|
|
|
|
$
|
2,208,391
|
|
|
|
|
|
|||||||||
Net interest spread
|
|
|
|
|
|
2.10
|
%
|
|
|
|
|
|
|
2.08
|
%
|
|
|
|
|
|
|
1.98
|
%
|
||||||||||||
Impact of noninterest-bearing sources
|
|
|
|
|
|
0.29
|
|
|
|
|
|
|
|
0.28
|
|
|
|
|
|
|
|
0.25
|
|
||||||||||||
Net interest income/yield on earning assets
|
|
|
|
$
|
11,713
|
|
|
2.39
|
%
|
|
|
|
|
$
|
11,401
|
|
|
2.36
|
%
|
|
|
|
|
$
|
10,526
|
|
|
2.23
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The impact of interest rate risk management derivatives on interest expense is presented below. Interest expense includes the impact of interest rate risk management contracts, which increased (decreased) interest expense on:
|
|
|
Fourth Quarter 2017
|
|
|
|
|
Third Quarter 2017
|
|
|
|
|
Fourth Quarter 2016
|
|
|
||||||||||||
NOW and money market deposit accounts
|
|
|
|
$
|
—
|
|
|
|
|
|
|
|
$
|
—
|
|
|
|
|
|
|
|
$
|
—
|
|
|
|
Consumer CDs and IRAs
|
|
|
|
5
|
|
|
|
|
|
|
|
6
|
|
|
|
|
|
|
|
6
|
|
|
|
|||
Negotiable CDs, public funds and other deposits
|
|
|
|
3
|
|
|
|
|
|
|
|
3
|
|
|
|
|
|
|
|
3
|
|
|
|
|||
Banks located in non-U.S. countries
|
|
|
|
5
|
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
|
5
|
|
|
|
|||
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities
|
|
|
|
30
|
|
|
|
|
|
|
|
33
|
|
|
|
|
|
|
|
94
|
|
|
|
|||
Long-term debt
|
|
|
|
(379
|
)
|
|
|
|
|
|
|
(393
|
)
|
|
|
|
|
|
|
(440
|
)
|
|
|
|||
Net hedge income on liabilities
|
|
|
|
$
|
(336
|
)
|
|
|
|
|
|
|
$
|
(346
|
)
|
|
|
|
|
|
|
$
|
(332
|
)
|
|
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
10
|
Bank of America Corporation and Subsidiaries
|
||||||||||||||||||||||||||||||
Annual Average Balances and Interest Rates – Fully Taxable-equivalent Basis
|
||||||||||||||||||||||||||||||
(Dollars in millions)
|
||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
2017
|
|
|
2016
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
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
|
|
|
$
|
127,431
|
|
|
$
|
1,122
|
|
|
0.88
|
%
|
|
|
$
|
133,374
|
|
|
$
|
605
|
|
|
0.45
|
%
|
||||||
Time deposits placed and other short-term investments
|
|
|
|
|
|
|
|
|
12,112
|
|
|
241
|
|
|
1.99
|
|
|
|
9,026
|
|
|
140
|
|
|
1.55
|
|
||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
|
|
222,818
|
|
|
2,390
|
|
|
1.07
|
|
|
|
216,161
|
|
|
1,118
|
|
|
0.52
|
|
||||||||||
Trading account assets
|
|
|
|
|
|
|
|
|
129,007
|
|
|
4,618
|
|
|
3.58
|
|
|
|
129,766
|
|
|
4,563
|
|
|
3.52
|
|
||||
Debt securities
|
|
|
|
|
|
|
|
|
435,005
|
|
|
10,626
|
|
|
2.44
|
|
|
|
418,289
|
|
|
9,263
|
|
|
2.23
|
|
||||
Loans and leases
(1)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage
|
|
|
|
|
|
|
|
|
197,766
|
|
|
6,831
|
|
|
3.45
|
|
|
|
188,250
|
|
|
6,488
|
|
|
3.45
|
|
||||
Home equity
|
|
|
|
|
|
|
|
|
62,260
|
|
|
2,608
|
|
|
4.19
|
|
|
|
71,760
|
|
|
2,713
|
|
|
3.78
|
|
||||
U.S. credit card
|
|
|
|
|
|
|
|
|
91,068
|
|
|
8,791
|
|
|
9.65
|
|
|
|
87,905
|
|
|
8,170
|
|
|
9.29
|
|
||||
Non-U.S. credit card
(2)
|
|
|
|
|
|
|
|
|
3,929
|
|
|
358
|
|
|
9.12
|
|
|
|
9,527
|
|
|
926
|
|
|
9.72
|
|
||||
Direct/Indirect consumer
|
|
|
|
|
|
|
|
|
93,374
|
|
|
2,622
|
|
|
2.81
|
|
|
|
91,853
|
|
|
2,296
|
|
|
2.50
|
|
||||
Other consumer
|
|
|
|
|
|
|
|
|
2,628
|
|
|
112
|
|
|
4.23
|
|
|
|
2,295
|
|
|
75
|
|
|
3.26
|
|
||||
Total consumer
|
|
|
|
|
|
|
|
|
451,025
|
|
|
21,322
|
|
|
4.73
|
|
|
|
451,590
|
|
|
20,668
|
|
|
4.58
|
|
||||
U.S. commercial
|
|
|
|
|
|
|
|
|
292,452
|
|
|
9,765
|
|
|
3.34
|
|
|
|
276,887
|
|
|
8,101
|
|
|
2.93
|
|
||||
Commercial real estate
|
|
|
|
|
|
|
|
|
58,502
|
|
|
2,116
|
|
|
3.62
|
|
|
|
57,547
|
|
|
1,773
|
|
|
3.08
|
|
||||
Commercial lease financing
|
|
|
|
|
|
|
|
|
21,747
|
|
|
706
|
|
|
3.25
|
|
|
|
21,146
|
|
|
627
|
|
|
2.97
|
|
||||
Non-U.S. commercial
|
|
|
|
|
|
|
|
|
95,005
|
|
|
2,566
|
|
|
2.70
|
|
|
|
93,263
|
|
|
2,337
|
|
|
2.51
|
|
||||
Total commercial
|
|
|
|
|
|
|
|
|
467,706
|
|
|
15,153
|
|
|
3.24
|
|
|
|
448,843
|
|
|
12,838
|
|
|
2.86
|
|
||||
Total loans and leases
(2)
|
|
|
|
|
|
|
|
|
918,731
|
|
|
36,475
|
|
|
3.97
|
|
|
|
900,433
|
|
|
33,506
|
|
|
3.72
|
|
||||
Other earning assets
|
|
|
|
|
|
|
|
|
76,957
|
|
|
3,032
|
|
|
3.94
|
|
|
|
59,775
|
|
|
2,762
|
|
|
4.62
|
|
||||
Total earning assets
(3)
|
|
|
|
|
|
|
|
|
1,922,061
|
|
|
58,504
|
|
|
3.04
|
|
|
|
1,866,824
|
|
|
51,957
|
|
|
2.78
|
|
||||
Cash and due from banks
|
|
|
|
|
|
|
|
|
27,995
|
|
|
|
|
|
|
|
27,893
|
|
|
|
|
|
||||||||
Other assets, less allowance for loan and lease losses
|
|
|
|
|
|
|
|
|
318,577
|
|
|
|
|
|
|
|
295,501
|
|
|
|
|
|
||||||||
Total assets
|
|
|
|
|
|
|
|
|
$
|
2,268,633
|
|
|
|
|
|
|
|
$
|
2,190,218
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is generally recognized on a cost recovery basis. Purchased credit-impaired loans are recorded at fair value upon acquisition and accrete interest income over the estimated life of the loan.
|
(2)
|
Includes assets of the Corporation's non-U.S. consumer credit card business, which was sold to a third party during the second quarter of 2017.
|
(3)
|
The impact of interest rate risk management derivatives on interest income is presented below. Interest income includes the impact of interest rate risk management contracts, which increased (decreased) interest income on:
|
|
|
|
2017
|
|
|
|
|
2016
|
|
|
||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
|
|
|
|
$
|
49
|
|
|
|
|
|
|
|
$
|
25
|
|
|
|
||||||
Debt securities
|
|
|
|
|
|
|
|
|
|
|
(54
|
)
|
|
|
|
|
|
|
(150
|
)
|
|
|
||
U.S. commercial loans and leases
|
|
|
|
|
|
|
|
|
|
|
(39
|
)
|
|
|
|
|
|
|
(51
|
)
|
|
|
||
Net hedge expense on assets
|
|
|
|
|
|
|
|
|
|
|
$
|
(44
|
)
|
|
|
|
|
|
|
$
|
(176
|
)
|
|
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
11
|
Bank of America Corporation and Subsidiaries
|
||||||||||||||||||||||||||||||
Annual Average Balances and Interest Rates – Fully Taxable-equivalent Basis (continued)
|
||||||||||||||||||||||||||||||
(Dollars in millions)
|
||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
2017
|
|
|
2016
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Rate
|
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Rate
|
||||||||||
Interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Savings
|
|
|
|
|
|
|
|
|
$
|
53,783
|
|
|
$
|
5
|
|
|
0.01
|
%
|
|
|
$
|
49,495
|
|
|
$
|
5
|
|
|
0.01
|
%
|
NOW and money market deposit accounts
|
|
|
|
|
|
|
|
|
628,647
|
|
|
873
|
|
|
0.14
|
|
|
|
589,737
|
|
|
294
|
|
|
0.05
|
|
||||
Consumer CDs and IRAs
|
|
|
|
|
|
|
|
|
44,794
|
|
|
121
|
|
|
0.27
|
|
|
|
48,594
|
|
|
133
|
|
|
0.27
|
|
||||
Negotiable CDs, public funds and other deposits
|
|
|
|
|
|
|
|
|
36,782
|
|
|
354
|
|
|
0.96
|
|
|
|
32,889
|
|
|
160
|
|
|
0.49
|
|
||||
Total U.S. interest-bearing deposits
|
|
|
|
|
|
|
|
|
764,006
|
|
|
1,353
|
|
|
0.18
|
|
|
|
720,715
|
|
|
592
|
|
|
0.08
|
|
||||
Non-U.S. interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Banks located in non-U.S. countries
|
|
|
|
|
|
|
|
|
2,442
|
|
|
21
|
|
|
0.85
|
|
|
|
3,891
|
|
|
32
|
|
|
0.82
|
|
||||
Governments and official institutions
|
|
|
|
|
|
|
|
|
1,006
|
|
|
10
|
|
|
0.95
|
|
|
|
1,437
|
|
|
9
|
|
|
0.64
|
|
||||
Time, savings and other
|
|
|
|
|
|
|
|
|
62,386
|
|
|
547
|
|
|
0.88
|
|
|
|
59,183
|
|
|
382
|
|
|
0.65
|
|
||||
Total non-U.S. interest-bearing deposits
|
|
|
|
|
|
|
|
|
65,834
|
|
|
578
|
|
|
0.88
|
|
|
|
64,511
|
|
|
423
|
|
|
0.66
|
|
||||
Total interest-bearing deposits
|
|
|
|
|
|
|
|
|
829,840
|
|
|
1,931
|
|
|
0.23
|
|
|
|
785,226
|
|
|
1,015
|
|
|
0.13
|
|
||||
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities
|
|
|
273,097
|
|
|
3,538
|
|
|
1.30
|
|
|
|
251,236
|
|
|
2,350
|
|
|
0.94
|
|
||||||||||
Trading account liabilities
|
|
|
|
|
|
|
|
|
45,518
|
|
|
1,204
|
|
|
2.64
|
|
|
|
37,897
|
|
|
1,018
|
|
|
2.69
|
|
||||
Long-term debt
|
|
|
|
|
|
|
|
|
225,133
|
|
|
6,239
|
|
|
2.77
|
|
|
|
228,617
|
|
|
5,578
|
|
|
2.44
|
|
||||
Total interest-bearing liabilities
(1)
|
|
|
|
|
|
|
|
|
1,373,588
|
|
|
12,912
|
|
|
0.94
|
|
|
|
1,302,976
|
|
|
9,961
|
|
|
0.76
|
|
||||
Noninterest-bearing sources:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing deposits
|
|
|
|
|
|
|
|
|
439,956
|
|
|
|
|
|
|
|
437,335
|
|
|
|
|
|
||||||||
Other liabilities
|
|
|
|
|
|
|
|
|
183,800
|
|
|
|
|
|
|
|
184,064
|
|
|
|
|
|
||||||||
Shareholders' equity
|
|
|
|
|
|
|
|
|
271,289
|
|
|
|
|
|
|
|
265,843
|
|
|
|
|
|
||||||||
Total liabilities and shareholders' equity
|
|
|
|
|
|
|
|
|
$
|
2,268,633
|
|
|
|
|
|
|
|
$
|
2,190,218
|
|
|
|
|
|
||||||
Net interest spread
|
|
|
|
|
|
|
|
|
|
|
|
|
2.10
|
%
|
|
|
|
|
|
|
2.02
|
%
|
||||||||
Impact of noninterest-bearing sources
|
|
|
|
|
|
|
|
|
|
|
|
|
0.27
|
|
|
|
|
|
|
|
0.23
|
|
||||||||
Net interest income/yield on earning assets
|
|
|
|
|
|
|
|
|
|
|
$
|
45,592
|
|
|
2.37
|
%
|
|
|
|
|
$
|
41,996
|
|
|
2.25
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The impact of interest rate risk management derivatives on interest expense is presented below. Interest expense includes the impact of interest rate risk management contracts, which increased (decreased) interest expense on:
|
|
|
|
2017
|
|
|
|
|
2016
|
|
|
||||||||||||||
NOW and money market deposit accounts
|
|
|
|
|
|
|
|
|
|
|
$
|
(1
|
)
|
|
|
|
|
|
|
$
|
(1
|
)
|
|
|
Consumer CDs and IRAs
|
|
|
|
|
|
|
|
|
|
|
22
|
|
|
|
|
|
|
|
23
|
|
|
|
||
Negotiable CDs, public funds and other deposits
|
|
|
|
|
|
|
|
|
|
|
13
|
|
|
|
|
|
|
|
13
|
|
|
|
||
Banks located in non-U.S. countries
|
|
|
|
|
|
|
|
|
|
|
19
|
|
|
|
|
|
|
|
13
|
|
|
|
||
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities
|
|
|
|
|
243
|
|
|
|
|
|
|
|
500
|
|
|
|
||||||||
Long-term debt
|
|
|
|
|
|
|
|
|
|
|
(1,728
|
)
|
|
|
|
|
|
|
(2,615
|
)
|
|
|
||
Net hedge income on liabilities
|
|
|
|
|
|
|
|
|
|
|
$
|
(1,432
|
)
|
|
|
|
|
|
|
$
|
(2,067
|
)
|
|
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
12
|
Bank of America Corporation and Subsidiaries
|
|||||||||||||||
Debt Securities and Available-for-Sale Marketable Equity Securities
|
|||||||||||||||
(Dollars in millions)
|
|||||||||||||||
|
December 31, 2017
|
||||||||||||||
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
Available-for-sale debt securities
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
Agency
|
$
|
194,119
|
|
|
$
|
506
|
|
|
$
|
(1,696
|
)
|
|
$
|
192,929
|
|
Agency-collateralized mortgage obligations
|
6,846
|
|
|
39
|
|
|
(81
|
)
|
|
6,804
|
|
||||
Commercial
|
13,864
|
|
|
28
|
|
|
(208
|
)
|
|
13,684
|
|
||||
Non-agency residential
|
2,410
|
|
|
267
|
|
|
(8
|
)
|
|
2,669
|
|
||||
Total mortgage-backed securities
|
217,239
|
|
|
840
|
|
|
(1,993
|
)
|
|
216,086
|
|
||||
U.S. Treasury and agency securities
|
54,523
|
|
|
18
|
|
|
(1,018
|
)
|
|
53,523
|
|
||||
Non-U.S. securities
|
6,669
|
|
|
9
|
|
|
(1
|
)
|
|
6,677
|
|
||||
Other taxable securities, substantially all asset-backed securities
|
5,699
|
|
|
73
|
|
|
(2
|
)
|
|
5,770
|
|
||||
Total taxable securities
|
284,130
|
|
|
940
|
|
|
(3,014
|
)
|
|
282,056
|
|
||||
Tax-exempt securities
|
20,541
|
|
|
138
|
|
|
(104
|
)
|
|
20,575
|
|
||||
Total available-for-sale debt securities
|
304,671
|
|
|
1,078
|
|
|
(3,118
|
)
|
|
302,631
|
|
||||
Other debt securities carried at fair value
|
12,273
|
|
|
252
|
|
|
(39
|
)
|
|
12,486
|
|
||||
Total debt securities carried at fair value
|
316,944
|
|
|
1,330
|
|
|
(3,157
|
)
|
|
315,117
|
|
||||
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities
|
125,013
|
|
|
111
|
|
|
(1,825
|
)
|
|
123,299
|
|
||||
Total debt securities
|
$
|
441,957
|
|
|
$
|
1,441
|
|
|
$
|
(4,982
|
)
|
|
$
|
438,416
|
|
Available-for-sale marketable equity securities
(1)
|
$
|
27
|
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
$
|
25
|
|
|
|
|
|
|
|
|
|
||||||||
|
September 30, 2017
|
||||||||||||||
Available-for-sale debt securities
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
Agency
|
$
|
196,530
|
|
|
$
|
850
|
|
|
$
|
(1,186
|
)
|
|
$
|
196,194
|
|
Agency-collateralized mortgage obligations
|
7,021
|
|
|
73
|
|
|
(45
|
)
|
|
7,049
|
|
||||
Commercial
|
12,584
|
|
|
48
|
|
|
(168
|
)
|
|
12,464
|
|
||||
Non-agency residential
|
2,345
|
|
|
333
|
|
|
(21
|
)
|
|
2,657
|
|
||||
Total mortgage-backed securities
|
218,480
|
|
|
1,304
|
|
|
(1,420
|
)
|
|
218,364
|
|
||||
U.S. Treasury and agency securities
|
50,824
|
|
|
70
|
|
|
(626
|
)
|
|
50,268
|
|
||||
Non-U.S. securities
|
5,432
|
|
|
9
|
|
|
(1
|
)
|
|
5,440
|
|
||||
Other taxable securities, substantially all asset-backed securities
|
6,964
|
|
|
77
|
|
|
(3
|
)
|
|
7,038
|
|
||||
Total taxable securities
|
281,700
|
|
|
1,460
|
|
|
(2,050
|
)
|
|
281,110
|
|
||||
Tax-exempt securities
|
19,117
|
|
|
167
|
|
|
(92
|
)
|
|
19,192
|
|
||||
Total available-for-sale debt securities
|
300,817
|
|
|
1,627
|
|
|
(2,142
|
)
|
|
300,302
|
|
||||
Other debt securities carried at fair value
|
16,265
|
|
|
345
|
|
|
(48
|
)
|
|
16,562
|
|
||||
Total debt securities carried at fair value
|
317,082
|
|
|
1,972
|
|
|
(2,190
|
)
|
|
316,864
|
|
||||
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities
|
122,345
|
|
|
267
|
|
|
(1,427
|
)
|
|
121,185
|
|
||||
Total debt securities
|
$
|
439,427
|
|
|
$
|
2,239
|
|
|
$
|
(3,617
|
)
|
|
$
|
438,049
|
|
Available-for-sale marketable equity securities
(1)
|
$
|
22
|
|
|
$
|
28
|
|
|
$
|
—
|
|
|
$
|
50
|
|
|
|
|
|
|
|
|
|
(1)
|
Classified in other assets on the Consolidated Balance Sheet.
|
Other Debt Securities Carried at Fair Value
|
|
|
|
||||
(Dollars in millions)
|
December 31
2017 |
|
September 30
2017 |
||||
Mortgage-backed securities:
|
|
|
|
||||
Agency-collateralized mortgage obligations
|
$
|
5
|
|
|
$
|
5
|
|
Non-agency residential
|
2,764
|
|
|
3,058
|
|
||
Total mortgage-backed securities
|
2,769
|
|
|
3,063
|
|
||
Non-U.S. securities
(1)
|
9,488
|
|
|
13,260
|
|
||
Other taxable securities, substantially all asset-backed securities
|
229
|
|
|
239
|
|
||
Total
|
$
|
12,486
|
|
|
$
|
16,562
|
|
|
|
|
|
(1)
|
These securities are primarily used to satisfy certain international regulatory liquidity requirements.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
13
|
Bank of America Corporation and Subsidiaries
|
||||||||||||||||||||||||||||
Supplemental Financial Data
|
||||||||||||||||||||||||||||
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Fully taxable-equivalent (FTE) basis data
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Year Ended
December 31 |
|
|
Fourth
Quarter 2017 |
|
Third
Quarter 2017 |
|
Second
Quarter 2017 |
|
First
Quarter 2017 |
|
Fourth
Quarter 2016 |
||||||||||||||||
|
2017
|
|
2016
|
|
|
|||||||||||||||||||||||
Net interest income
|
$
|
45,592
|
|
|
$
|
41,996
|
|
|
|
$
|
11,713
|
|
|
$
|
11,401
|
|
|
$
|
11,223
|
|
|
$
|
11,255
|
|
|
$
|
10,526
|
|
Total revenue, net of interest expense
|
88,277
|
|
|
84,601
|
|
|
|
20,687
|
|
|
22,079
|
|
|
23,066
|
|
|
22,445
|
|
|
20,224
|
|
|||||||
Net interest yield
|
2.37
|
%
|
|
2.25
|
%
|
|
|
2.39
|
%
|
|
2.36
|
%
|
|
2.34
|
%
|
|
2.39
|
%
|
|
2.23
|
%
|
|||||||
Efficiency ratio
|
62.01
|
|
|
65.11
|
|
|
|
64.16
|
|
|
60.67
|
|
|
60.62
|
|
|
62.79
|
|
|
66.33
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
FTE basis is a non-GAAP financial measure. FTE basis is a performance measure used by management in operating the business that management believes provides investors with a more accurate picture of the interest margin for comparative purposes. The Corporation believes that this presentation allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices. (See
Exhibit A: Non-GAAP Reconciliations - Reconciliations to GAAP Financial Measures
on pages
41-42
.)
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
14
|
Bank of America Corporation and Subsidiaries
|
|||||||||||||||||||||||||
Quarterly Results by Business Segment and All Other
|
|||||||||||||||||||||||||
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Fourth Quarter 2017
|
|||||||||||||||||||||||
|
|
Total
Corporation
|
|
|
Consumer Banking
|
|
GWIM
|
|
Global Banking
|
|
Global Markets
|
|
All
Other
|
||||||||||||
Net interest income (FTE basis)
|
|
$
|
11,713
|
|
|
|
$
|
6,353
|
|
|
$
|
1,520
|
|
|
$
|
2,719
|
|
|
$
|
932
|
|
|
$
|
189
|
|
Card income
|
|
1,555
|
|
|
|
1,355
|
|
|
43
|
|
|
135
|
|
|
24
|
|
|
(2
|
)
|
||||||
Service charges
|
|
1,955
|
|
|
|
1,073
|
|
|
18
|
|
|
775
|
|
|
84
|
|
|
5
|
|
||||||
Investment and brokerage services
|
|
3,399
|
|
|
|
68
|
|
|
2,810
|
|
|
24
|
|
|
501
|
|
|
(4
|
)
|
||||||
Investment banking income (loss)
|
|
1,418
|
|
|
|
—
|
|
|
71
|
|
|
811
|
|
|
596
|
|
|
(60
|
)
|
||||||
Trading account profits
|
|
1,153
|
|
|
|
1
|
|
|
23
|
|
|
53
|
|
|
1,076
|
|
|
—
|
|
||||||
Mortgage banking income (loss)
|
|
(108
|
)
|
|
|
80
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
(191
|
)
|
||||||
Gains (losses) on sales of debt securities
|
|
(23
|
)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23
|
)
|
||||||
Other income (loss)
|
|
(375
|
)
|
|
|
24
|
|
|
197
|
|
|
501
|
|
|
180
|
|
|
(1,277
|
)
|
||||||
Total noninterest income
|
|
8,974
|
|
|
|
2,601
|
|
|
3,163
|
|
|
2,299
|
|
|
2,463
|
|
|
(1,552
|
)
|
||||||
Total revenue, net of interest expense (FTE basis)
|
|
20,687
|
|
|
|
8,954
|
|
|
4,683
|
|
|
5,018
|
|
|
3,395
|
|
|
(1,363
|
)
|
||||||
Provision for credit losses
|
|
1,001
|
|
|
|
886
|
|
|
6
|
|
|
132
|
|
|
162
|
|
|
(185
|
)
|
||||||
Noninterest expense
|
|
13,274
|
|
|
|
4,506
|
|
|
3,472
|
|
|
2,160
|
|
|
2,613
|
|
|
523
|
|
||||||
Income (loss) before income taxes (FTE basis)
|
|
6,412
|
|
|
|
3,562
|
|
|
1,205
|
|
|
2,726
|
|
|
620
|
|
|
(1,701
|
)
|
||||||
Income tax expense (FTE basis)
|
|
4,047
|
|
|
|
1,365
|
|
|
463
|
|
|
1,046
|
|
|
210
|
|
|
963
|
|
||||||
Net income (loss)
|
|
$
|
2,365
|
|
|
|
$
|
2,197
|
|
|
$
|
742
|
|
|
$
|
1,680
|
|
|
$
|
410
|
|
|
$
|
(2,664
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans and leases
|
|
$
|
927,790
|
|
|
|
$
|
275,716
|
|
|
$
|
157,063
|
|
|
$
|
350,262
|
|
|
$
|
73,552
|
|
|
$
|
71,197
|
|
Total assets
(1)
|
|
2,301,687
|
|
|
|
737,755
|
|
|
276,153
|
|
|
419,513
|
|
|
659,411
|
|
|
208,855
|
|
||||||
Total deposits
|
|
1,293,572
|
|
|
|
665,536
|
|
|
240,126
|
|
|
329,761
|
|
|
34,250
|
|
|
23,899
|
|
||||||
Period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans and leases
|
|
$
|
936,749
|
|
|
|
$
|
280,473
|
|
|
$
|
159,378
|
|
|
$
|
350,668
|
|
|
$
|
76,778
|
|
|
$
|
69,452
|
|
Total assets
(1)
|
|
2,281,234
|
|
|
|
749,325
|
|
|
284,321
|
|
|
424,533
|
|
|
629,007
|
|
|
194,048
|
|
||||||
Total deposits
|
|
1,309,545
|
|
|
|
676,530
|
|
|
246,994
|
|
|
329,273
|
|
|
34,029
|
|
|
22,719
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Third Quarter 2017
|
|||||||||||||||||||||||
|
|
Total
Corporation
|
|
|
Consumer Banking
|
|
GWIM
|
|
Global Banking
|
|
Global Markets
|
|
All
Other
|
||||||||||||
Net interest income (FTE basis)
|
|
$
|
11,401
|
|
|
|
$
|
6,212
|
|
|
$
|
1,496
|
|
|
$
|
2,642
|
|
|
$
|
899
|
|
|
$
|
152
|
|
Card income
|
|
1,429
|
|
|
|
1,243
|
|
|
40
|
|
|
124
|
|
|
22
|
|
|
—
|
|
||||||
Service charges
|
|
1,968
|
|
|
|
1,082
|
|
|
19
|
|
|
776
|
|
|
85
|
|
|
6
|
|
||||||
Investment and brokerage services
|
|
3,303
|
|
|
|
65
|
|
|
2,728
|
|
|
18
|
|
|
496
|
|
|
(4
|
)
|
||||||
Investment banking income (loss)
|
|
1,477
|
|
|
|
—
|
|
|
100
|
|
|
806
|
|
|
624
|
|
|
(53
|
)
|
||||||
Trading account profits
|
|
1,837
|
|
|
|
1
|
|
|
29
|
|
|
(5
|
)
|
|
1,714
|
|
|
98
|
|
||||||
Mortgage banking income (loss)
|
|
(20
|
)
|
|
|
142
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(163
|
)
|
||||||
Gains on sales of debt securities
|
|
125
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
125
|
|
||||||
Other income
|
|
559
|
|
|
|
29
|
|
|
207
|
|
|
626
|
|
|
61
|
|
|
(364
|
)
|
||||||
Total noninterest income
|
|
10,678
|
|
|
|
2,562
|
|
|
3,124
|
|
|
2,345
|
|
|
3,002
|
|
|
(355
|
)
|
||||||
Total revenue, net of interest expense (FTE basis)
|
|
22,079
|
|
|
|
8,774
|
|
|
4,620
|
|
|
4,987
|
|
|
3,901
|
|
|
(203
|
)
|
||||||
Provision for credit losses
|
|
834
|
|
|
|
967
|
|
|
16
|
|
|
48
|
|
|
(6
|
)
|
|
(191
|
)
|
||||||
Noninterest expense
|
|
13,394
|
|
|
|
4,460
|
|
|
3,371
|
|
|
2,119
|
|
|
2,711
|
|
|
733
|
|
||||||
Income before income taxes (FTE basis)
|
|
7,851
|
|
|
|
3,347
|
|
|
1,233
|
|
|
2,820
|
|
|
1,196
|
|
|
(745
|
)
|
||||||
Income tax expense (FTE basis)
|
|
2,427
|
|
|
|
1,260
|
|
|
464
|
|
|
1,062
|
|
|
440
|
|
|
(799
|
)
|
||||||
Net income
|
|
$
|
5,424
|
|
|
|
$
|
2,087
|
|
|
$
|
769
|
|
|
$
|
1,758
|
|
|
$
|
756
|
|
|
$
|
54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans and leases
|
|
$
|
918,129
|
|
|
|
$
|
268,810
|
|
|
$
|
154,333
|
|
|
$
|
346,093
|
|
|
$
|
72,347
|
|
|
$
|
76,546
|
|
Total assets
(1)
|
|
2,271,104
|
|
|
|
731,077
|
|
|
275,570
|
|
|
414,755
|
|
|
642,430
|
|
|
207,272
|
|
||||||
Total deposits
|
|
1,271,711
|
|
|
|
658,974
|
|
|
239,647
|
|
|
315,692
|
|
|
32,125
|
|
|
25,273
|
|
||||||
Period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans and leases
|
|
$
|
927,117
|
|
|
|
$
|
272,360
|
|
|
$
|
155,871
|
|
|
$
|
349,838
|
|
|
$
|
76,225
|
|
|
$
|
72,823
|
|
Total assets
(1)
|
|
2,284,174
|
|
|
|
742,513
|
|
|
276,187
|
|
|
423,185
|
|
|
629,270
|
|
|
213,019
|
|
||||||
Total deposits
|
|
1,284,417
|
|
|
|
669,647
|
|
|
237,771
|
|
|
319,545
|
|
|
33,382
|
|
|
24,072
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Total assets include asset allocations to match liabilities (i.e., deposits).
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
15
|
Bank of America Corporation and Subsidiaries
|
|||||||||||||||||||||||||
Quarterly Results by Business Segment and All Other (continued)
|
|||||||||||||||||||||||||
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Fourth Quarter 2016
|
|||||||||||||||||||||||
|
|
Total
Corporation
|
|
|
Consumer Banking
|
|
GWIM
|
|
Global Banking
|
|
Global Markets
|
|
All
Other
|
||||||||||||
Net interest income (FTE basis)
|
|
$
|
10,526
|
|
|
|
$
|
5,465
|
|
|
$
|
1,449
|
|
|
$
|
2,418
|
|
|
$
|
1,167
|
|
|
$
|
27
|
|
Card income
|
|
1,502
|
|
|
|
1,290
|
|
|
38
|
|
|
117
|
|
|
12
|
|
|
45
|
|
||||||
Service charges
|
|
1,978
|
|
|
|
1,062
|
|
|
18
|
|
|
810
|
|
|
81
|
|
|
7
|
|
||||||
Investment and brokerage services
|
|
3,202
|
|
|
|
65
|
|
|
2,598
|
|
|
24
|
|
|
518
|
|
|
(3
|
)
|
||||||
Investment banking income (loss)
|
|
1,222
|
|
|
|
—
|
|
|
47
|
|
|
654
|
|
|
554
|
|
|
(33
|
)
|
||||||
Trading account profits
|
|
1,081
|
|
|
|
—
|
|
|
52
|
|
|
54
|
|
|
1,149
|
|
|
(174
|
)
|
||||||
Mortgage banking income
|
|
519
|
|
|
|
207
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
311
|
|
||||||
Other income (loss)
|
|
194
|
|
|
|
22
|
|
|
174
|
|
|
472
|
|
|
(8
|
)
|
|
(466
|
)
|
||||||
Total noninterest income
|
|
9,698
|
|
|
|
2,646
|
|
|
2,928
|
|
|
2,131
|
|
|
2,306
|
|
|
(313
|
)
|
||||||
Total revenue, net of interest expense (FTE basis)
|
|
20,224
|
|
|
|
8,111
|
|
|
4,377
|
|
|
4,549
|
|
|
3,473
|
|
|
(286
|
)
|
||||||
Provision for credit losses
|
|
774
|
|
|
|
760
|
|
|
22
|
|
|
13
|
|
|
8
|
|
|
(29
|
)
|
||||||
Noninterest expense
|
|
13,413
|
|
|
|
4,330
|
|
|
3,359
|
|
|
2,036
|
|
|
2,482
|
|
|
1,206
|
|
||||||
Income (loss) before income taxes (FTE basis)
|
|
6,037
|
|
|
|
3,021
|
|
|
996
|
|
|
2,500
|
|
|
983
|
|
|
(1,463
|
)
|
||||||
Income tax expense (benefit) (FTE basis)
|
|
1,502
|
|
|
|
1,101
|
|
|
362
|
|
|
912
|
|
|
325
|
|
|
(1,198
|
)
|
||||||
Net income (loss)
|
|
$
|
4,535
|
|
|
|
$
|
1,920
|
|
|
$
|
634
|
|
|
$
|
1,588
|
|
|
$
|
658
|
|
|
$
|
(265
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans and leases
|
|
$
|
908,396
|
|
|
|
$
|
253,602
|
|
|
$
|
146,180
|
|
|
$
|
337,828
|
|
|
$
|
70,615
|
|
|
$
|
100,171
|
|
Total assets
(1)
|
|
2,208,391
|
|
|
|
686,985
|
|
|
291,761
|
|
|
403,625
|
|
|
595,275
|
|
|
230,745
|
|
||||||
Total deposits
|
|
1,250,948
|
|
|
|
617,967
|
|
|
256,629
|
|
|
315,359
|
|
|
33,775
|
|
|
27,218
|
|
||||||
Period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans and leases
(2)
|
|
$
|
915,897
|
|
|
|
$
|
258,991
|
|
|
$
|
148,179
|
|
|
$
|
339,271
|
|
|
$
|
72,743
|
|
|
$
|
96,713
|
|
Total assets
(1)
|
|
2,188,067
|
|
|
|
702,333
|
|
|
298,931
|
|
|
408,330
|
|
|
566,060
|
|
|
212,413
|
|
||||||
Total deposits
|
|
1,260,934
|
|
|
|
632,786
|
|
|
262,530
|
|
|
307,630
|
|
|
34,927
|
|
|
23,061
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Total assets include asset allocations to match liabilities (i.e., deposits).
|
(2)
|
Includes $9.2 billion of non-U.S. credit card loans, which are included in assets of business held for sale on the Consolidated Balance Sheet and in
All Other
at
December 31, 2016
.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
16
|
Bank of America Corporation and Subsidiaries
|
|||||||||||||||||||||||||
Annual Results by Business Segment and All Other
|
|||||||||||||||||||||||||
(Dollars in millions)
|
|||||||||||||||||||||||||
|
|
Year Ended December 31, 2017
|
|||||||||||||||||||||||
|
|
Total
Corporation
|
|
|
Consumer Banking
|
|
GWIM
|
|
Global Banking
|
|
Global Markets
|
|
All
Other
|
||||||||||||
Net interest income (FTE basis)
|
|
$
|
45,592
|
|
|
|
$
|
24,307
|
|
|
$
|
6,173
|
|
|
$
|
10,504
|
|
|
$
|
3,744
|
|
|
$
|
864
|
|
Card income
|
|
5,902
|
|
|
|
5,070
|
|
|
153
|
|
|
518
|
|
|
92
|
|
|
69
|
|
||||||
Service charges
|
|
7,818
|
|
|
|
4,266
|
|
|
76
|
|
|
3,125
|
|
|
329
|
|
|
22
|
|
||||||
Investment and brokerage services
|
|
13,281
|
|
|
|
267
|
|
|
10,883
|
|
|
97
|
|
|
2,049
|
|
|
(15
|
)
|
||||||
Investment banking income (loss)
|
|
6,011
|
|
|
|
—
|
|
|
318
|
|
|
3,471
|
|
|
2,476
|
|
|
(254
|
)
|
||||||
Trading account profits
|
|
7,277
|
|
|
|
3
|
|
|
144
|
|
|
134
|
|
|
6,710
|
|
|
286
|
|
||||||
Mortgage banking income (loss)
|
|
224
|
|
|
|
481
|
|
|
4
|
|
|
—
|
|
|
2
|
|
|
(263
|
)
|
||||||
Gains on sales of debt securities
|
|
255
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
255
|
|
||||||
Other income (loss)
|
|
1,917
|
|
|
|
127
|
|
|
839
|
|
|
2,150
|
|
|
549
|
|
|
(1,748
|
)
|
||||||
Total noninterest income
|
|
42,685
|
|
|
|
10,214
|
|
|
12,417
|
|
|
9,495
|
|
|
12,207
|
|
|
(1,648
|
)
|
||||||
Total revenue, net of interest expense (FTE basis)
|
|
88,277
|
|
|
|
34,521
|
|
|
18,590
|
|
|
19,999
|
|
|
15,951
|
|
|
(784
|
)
|
||||||
Provision for credit losses
|
|
3,396
|
|
|
|
3,525
|
|
|
56
|
|
|
212
|
|
|
164
|
|
|
(561
|
)
|
||||||
Noninterest expense
|
|
54,743
|
|
|
|
17,787
|
|
|
13,564
|
|
|
8,596
|
|
|
10,731
|
|
|
4,065
|
|
||||||
Income (loss) before income taxes (FTE basis)
|
|
30,138
|
|
|
|
13,209
|
|
|
4,970
|
|
|
11,191
|
|
|
5,056
|
|
|
(4,288
|
)
|
||||||
Income tax expense (benefit) (FTE basis)
|
|
11,906
|
|
|
|
5,002
|
|
|
1,882
|
|
|
4,238
|
|
|
1,763
|
|
|
(979
|
)
|
||||||
Net income (loss)
|
|
$
|
18,232
|
|
|
|
$
|
8,207
|
|
|
$
|
3,088
|
|
|
$
|
6,953
|
|
|
$
|
3,293
|
|
|
$
|
(3,309
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans and leases
|
|
$
|
918,731
|
|
|
|
$
|
266,058
|
|
|
$
|
152,682
|
|
|
$
|
346,089
|
|
|
$
|
71,413
|
|
|
$
|
82,489
|
|
Total assets
(1)
|
|
2,268,633
|
|
|
|
725,406
|
|
|
281,517
|
|
|
416,038
|
|
|
638,674
|
|
|
206,998
|
|
||||||
Total deposits
|
|
1,269,796
|
|
|
|
653,320
|
|
|
245,559
|
|
|
312,859
|
|
|
32,864
|
|
|
25,194
|
|
||||||
Period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans and leases
|
|
$
|
936,749
|
|
|
|
$
|
280,473
|
|
|
$
|
159,378
|
|
|
$
|
350,668
|
|
|
$
|
76,778
|
|
|
$
|
69,452
|
|
Total assets
(1)
|
|
2,281,234
|
|
|
|
749,325
|
|
|
284,321
|
|
|
424,533
|
|
|
629,007
|
|
|
194,048
|
|
||||||
Total deposits
|
|
1,309,545
|
|
|
|
676,530
|
|
|
246,994
|
|
|
329,273
|
|
|
34,029
|
|
|
22,719
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Year Ended December 31, 2016
|
|||||||||||||||||||||||
|
|
Total
Corporation
|
|
|
Consumer Banking
|
|
GWIM
|
|
Global Banking
|
|
Global Markets
|
|
All
Other
|
||||||||||||
Net interest income (FTE basis)
|
|
$
|
41,996
|
|
|
|
$
|
21,290
|
|
|
$
|
5,759
|
|
|
$
|
9,471
|
|
|
$
|
4,558
|
|
|
$
|
918
|
|
Card income
|
|
5,851
|
|
|
|
4,935
|
|
|
150
|
|
|
503
|
|
|
74
|
|
|
189
|
|
||||||
Service charges
|
|
7,638
|
|
|
|
4,142
|
|
|
74
|
|
|
3,094
|
|
|
312
|
|
|
16
|
|
||||||
Investment and brokerage services
|
|
12,745
|
|
|
|
270
|
|
|
10,316
|
|
|
74
|
|
|
2,102
|
|
|
(17
|
)
|
||||||
Investment banking income (loss)
|
|
5,241
|
|
|
|
2
|
|
|
227
|
|
|
2,884
|
|
|
2,296
|
|
|
(168
|
)
|
||||||
Trading account profits
|
|
6,902
|
|
|
|
—
|
|
|
175
|
|
|
133
|
|
|
6,550
|
|
|
44
|
|
||||||
Mortgage banking income
|
|
1,853
|
|
|
|
960
|
|
|
3
|
|
|
—
|
|
|
1
|
|
|
889
|
|
||||||
Gains on sales of debt securities
|
|
490
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
490
|
|
||||||
Other income (loss)
|
|
1,885
|
|
|
|
132
|
|
|
946
|
|
|
2,286
|
|
|
197
|
|
|
(1,676
|
)
|
||||||
Total noninterest income
|
|
42,605
|
|
|
|
10,441
|
|
|
11,891
|
|
|
8,974
|
|
|
11,532
|
|
|
(233
|
)
|
||||||
Total revenue, net of interest expense (FTE basis)
|
|
84,601
|
|
|
|
31,731
|
|
|
17,650
|
|
|
18,445
|
|
|
16,090
|
|
|
685
|
|
||||||
Provision for credit losses
|
|
3,597
|
|
|
|
2,715
|
|
|
68
|
|
|
883
|
|
|
31
|
|
|
(100
|
)
|
||||||
Noninterest expense
|
|
55,083
|
|
|
|
17,654
|
|
|
13,175
|
|
|
8,486
|
|
|
10,169
|
|
|
5,599
|
|
||||||
Income (loss) before income taxes (FTE basis)
|
|
25,921
|
|
|
|
11,362
|
|
|
4,407
|
|
|
9,076
|
|
|
5,890
|
|
|
(4,814
|
)
|
||||||
Income tax expense (benefit) (FTE basis)
|
|
8,099
|
|
|
|
4,190
|
|
|
1,632
|
|
|
3,347
|
|
|
2,072
|
|
|
(3,142
|
)
|
||||||
Net income (loss)
|
|
$
|
17,822
|
|
|
|
$
|
7,172
|
|
|
$
|
2,775
|
|
|
$
|
5,729
|
|
|
$
|
3,818
|
|
|
$
|
(1,672
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans and leases
|
|
$
|
900,433
|
|
|
|
$
|
245,808
|
|
|
$
|
142,429
|
|
|
$
|
333,820
|
|
|
$
|
69,641
|
|
|
$
|
108,735
|
|
Total assets
(1)
|
|
2,190,218
|
|
|
|
668,375
|
|
|
291,478
|
|
|
396,737
|
|
|
585,341
|
|
|
248,287
|
|
||||||
Total deposits
|
|
1,222,561
|
|
|
|
599,651
|
|
|
256,425
|
|
|
304,741
|
|
|
34,250
|
|
|
27,494
|
|
||||||
Period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans and leases
(2)
|
|
$
|
915,897
|
|
|
|
$
|
258,991
|
|
|
$
|
148,179
|
|
|
$
|
339,271
|
|
|
$
|
72,743
|
|
|
$
|
96,713
|
|
Total assets
(1)
|
|
2,188,067
|
|
|
|
702,333
|
|
|
298,931
|
|
|
408,330
|
|
|
566,060
|
|
|
212,413
|
|
||||||
Total deposits
|
|
1,260,934
|
|
|
|
632,786
|
|
|
262,530
|
|
|
307,630
|
|
|
34,927
|
|
|
23,061
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Total assets include asset allocations to match liabilities (i.e., deposits).
|
(2)
|
Includes $9.2 billion of non-U.S. credit card loans, which are included in assets of business held for sale on the Consolidated Balance Sheet and in
All Other
at
December 31, 2016
.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
17
|
Bank of America Corporation and Subsidiaries
|
|||||||||||||||||||||||||||||
Consumer Banking Segment Results
|
|||||||||||||||||||||||||||||
(Dollars in millions)
|
|||||||||||||||||||||||||||||
|
|
Year Ended
December 31 |
|
|
Fourth
Quarter 2017 |
|
Third
Quarter 2017 |
|
Second
Quarter 2017 |
|
First
Quarter 2017 |
|
Fourth
Quarter 2016 |
||||||||||||||||
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|||||||||||||||||||
Net interest income (FTE basis)
|
|
$
|
24,307
|
|
|
$
|
21,290
|
|
|
|
$
|
6,353
|
|
|
$
|
6,212
|
|
|
$
|
5,961
|
|
|
$
|
5,781
|
|
|
$
|
5,465
|
|
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Card income
|
|
5,070
|
|
|
4,935
|
|
|
|
1,355
|
|
|
1,243
|
|
|
1,248
|
|
|
1,224
|
|
|
1,290
|
|
|||||||
Service charges
|
|
4,266
|
|
|
4,142
|
|
|
|
1,073
|
|
|
1,082
|
|
|
1,061
|
|
|
1,050
|
|
|
1,062
|
|
|||||||
Mortgage banking income
|
|
481
|
|
|
960
|
|
|
|
80
|
|
|
142
|
|
|
140
|
|
|
119
|
|
|
207
|
|
|||||||
All other income
|
|
397
|
|
|
404
|
|
|
|
93
|
|
|
95
|
|
|
99
|
|
|
110
|
|
|
87
|
|
|||||||
Total noninterest income
|
|
10,214
|
|
|
10,441
|
|
|
|
2,601
|
|
|
2,562
|
|
|
2,548
|
|
|
2,503
|
|
|
2,646
|
|
|||||||
Total revenue, net of interest expense (FTE basis)
|
|
34,521
|
|
|
31,731
|
|
|
|
8,954
|
|
|
8,774
|
|
|
8,509
|
|
|
8,284
|
|
|
8,111
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Provision for credit losses
|
|
3,525
|
|
|
2,715
|
|
|
|
886
|
|
|
967
|
|
|
834
|
|
|
838
|
|
|
760
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Noninterest expense
|
|
17,787
|
|
|
17,654
|
|
|
|
4,506
|
|
|
4,460
|
|
|
4,411
|
|
|
4,410
|
|
|
4,330
|
|
|||||||
Income before income taxes (FTE basis)
|
|
13,209
|
|
|
11,362
|
|
|
|
3,562
|
|
|
3,347
|
|
|
3,264
|
|
|
3,036
|
|
|
3,021
|
|
|||||||
Income tax expense (FTE basis)
|
|
5,002
|
|
|
4,190
|
|
|
|
1,365
|
|
|
1,260
|
|
|
1,233
|
|
|
1,144
|
|
|
1,101
|
|
|||||||
Net income
|
|
$
|
8,207
|
|
|
$
|
7,172
|
|
|
|
$
|
2,197
|
|
|
$
|
2,087
|
|
|
$
|
2,031
|
|
|
$
|
1,892
|
|
|
$
|
1,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net interest yield (FTE basis)
|
|
3.54
|
%
|
|
3.38
|
%
|
|
|
3.61
|
%
|
|
3.56
|
%
|
|
3.48
|
%
|
|
3.50
|
%
|
|
3.35
|
%
|
|||||||
Return on average allocated capital
(1)
|
|
22
|
|
|
21
|
|
|
|
24
|
|
|
22
|
|
|
22
|
|
|
21
|
|
|
22
|
|
|||||||
Efficiency ratio (FTE basis)
|
|
51.53
|
|
|
55.64
|
|
|
|
50.33
|
|
|
50.83
|
|
|
51.84
|
|
|
53.24
|
|
|
53.38
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total loans and leases
|
|
$
|
266,058
|
|
|
$
|
245,808
|
|
|
|
$
|
275,716
|
|
|
$
|
268,810
|
|
|
$
|
261,537
|
|
|
$
|
257,945
|
|
|
$
|
253,602
|
|
Total earning assets
(2)
|
|
686,612
|
|
|
629,984
|
|
|
|
699,004
|
|
|
692,122
|
|
|
686,064
|
|
|
668,865
|
|
|
648,299
|
|
|||||||
Total assets
(2)
|
|
725,406
|
|
|
668,375
|
|
|
|
737,755
|
|
|
731,077
|
|
|
724,753
|
|
|
707,647
|
|
|
686,985
|
|
|||||||
Total deposits
|
|
653,320
|
|
|
599,651
|
|
|
|
665,536
|
|
|
658,974
|
|
|
652,787
|
|
|
635,594
|
|
|
617,967
|
|
|||||||
Allocated capital
(1)
|
|
37,000
|
|
|
34,000
|
|
|
|
37,000
|
|
|
37,000
|
|
|
37,000
|
|
|
37,000
|
|
|
34,000
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total loans and leases
|
|
$
|
280,473
|
|
|
$
|
258,991
|
|
|
|
$
|
280,473
|
|
|
$
|
272,360
|
|
|
$
|
265,938
|
|
|
$
|
258,421
|
|
|
$
|
258,991
|
|
Total earning assets
(2)
|
|
709,832
|
|
|
662,698
|
|
|
|
709,832
|
|
|
703,277
|
|
|
696,350
|
|
|
694,883
|
|
|
662,698
|
|
|||||||
Total assets
(2)
|
|
749,325
|
|
|
702,333
|
|
|
|
749,325
|
|
|
742,513
|
|
|
735,176
|
|
|
734,087
|
|
|
702,333
|
|
|||||||
Total deposits
|
|
676,530
|
|
|
632,786
|
|
|
|
676,530
|
|
|
669,647
|
|
|
662,678
|
|
|
661,607
|
|
|
632,786
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.
|
(2)
|
Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits) and allocated shareholders' equity.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
18
|
Bank of America Corporation and Subsidiaries
|
|||||||||||||
Consumer Banking Annual Results
|
|||||||||||||
(Dollars in millions)
|
|||||||||||||
|
|
Year Ended December 31, 2017
|
|||||||||||
|
|
Total Consumer Banking
|
|
|
Deposits
|
|
Consumer
Lending
|
||||||
Net interest income (FTE basis)
|
|
$
|
24,307
|
|
|
|
$
|
13,353
|
|
|
$
|
10,954
|
|
Noninterest income:
|
|
|
|
|
|
|
|
||||||
Card income
|
|
5,070
|
|
|
|
8
|
|
|
5,062
|
|
|||
Service charges
|
|
4,266
|
|
|
|
4,265
|
|
|
1
|
|
|||
Mortgage banking income
|
|
481
|
|
|
|
—
|
|
|
481
|
|
|||
All other income
|
|
397
|
|
|
|
391
|
|
|
6
|
|
|||
Total noninterest income
|
|
10,214
|
|
|
|
4,664
|
|
|
5,550
|
|
|||
Total revenue, net of interest expense (FTE basis)
|
|
34,521
|
|
|
|
18,017
|
|
|
16,504
|
|
|||
|
|
|
|
|
|
|
|
||||||
Provision for credit losses
|
|
3,525
|
|
|
|
201
|
|
|
3,324
|
|
|||
|
|
|
|
|
|
|
|
||||||
Noninterest expense
|
|
17,787
|
|
|
|
10,380
|
|
|
7,407
|
|
|||
Income before income taxes (FTE basis)
|
|
13,209
|
|
|
|
7,436
|
|
|
5,773
|
|
|||
Income tax expense (FTE basis)
|
|
5,002
|
|
|
|
2,816
|
|
|
2,186
|
|
|||
Net income
|
|
$
|
8,207
|
|
|
|
$
|
4,620
|
|
|
$
|
3,587
|
|
|
|
|
|
|
|
|
|
||||||
Net interest yield (FTE basis)
|
|
3.54
|
%
|
|
|
2.05
|
%
|
|
4.18
|
%
|
|||
Return on average allocated capital
(1)
|
|
22
|
|
|
|
39
|
|
|
14
|
|
|||
Efficiency ratio (FTE basis)
|
|
51.53
|
|
|
|
57.61
|
|
|
44.88
|
|
|||
|
|
|
|
|
|
|
|
||||||
Balance Sheet
|
|
|
|
|
|
|
|
||||||
Average
|
|
|
|
|
|
|
|
||||||
Total loans and leases
|
|
$
|
266,058
|
|
|
|
$
|
5,084
|
|
|
$
|
260,974
|
|
Total earning assets
(2)
|
|
686,612
|
|
|
|
651,963
|
|
|
261,802
|
|
|||
Total assets
(2)
|
|
725,406
|
|
|
|
679,306
|
|
|
273,253
|
|
|||
Total deposits
|
|
653,320
|
|
|
|
646,930
|
|
|
6,390
|
|
|||
Allocated capital
(1)
|
|
37,000
|
|
|
|
12,000
|
|
|
25,000
|
|
|||
|
|
|
|
|
|
|
|
||||||
Year end
|
|
|
|
|
|
|
|
||||||
Total loans and leases
|
|
$
|
280,473
|
|
|
|
$
|
5,143
|
|
|
$
|
275,330
|
|
Total earning assets
(2)
|
|
709,832
|
|
|
|
675,485
|
|
|
275,742
|
|
|||
Total assets
(2)
|
|
749,325
|
|
|
|
703,330
|
|
|
287,390
|
|
|||
Total deposits
|
|
676,530
|
|
|
|
670,802
|
|
|
5,728
|
|
|||
|
|
|
|
|
|
|
|
||||||
|
|
Year Ended December 31, 2016
|
|||||||||||
|
|
Total Consumer Banking
|
|
|
Deposits
|
|
Consumer
Lending
|
||||||
Net interest income (FTE basis)
|
|
$
|
21,290
|
|
|
|
$
|
10,701
|
|
|
$
|
10,589
|
|
Noninterest income:
|
|
|
|
|
|
|
|
||||||
Card income
|
|
4,935
|
|
|
|
9
|
|
|
4,926
|
|
|||
Service charges
|
|
4,142
|
|
|
|
4,141
|
|
|
1
|
|
|||
Mortgage banking income
|
|
960
|
|
|
|
—
|
|
|
960
|
|
|||
All other income
|
|
404
|
|
|
|
403
|
|
|
1
|
|
|||
Total noninterest income
|
|
10,441
|
|
|
|
4,553
|
|
|
5,888
|
|
|||
Total revenue, net of interest expense (FTE basis)
|
|
31,731
|
|
|
|
15,254
|
|
|
16,477
|
|
|||
|
|
|
|
|
|
|
|
||||||
Provision for credit losses
|
|
2,715
|
|
|
|
174
|
|
|
2,541
|
|
|||
|
|
|
|
|
|
|
|
||||||
Noninterest expense
|
|
17,654
|
|
|
|
9,677
|
|
|
7,977
|
|
|||
Income before income taxes (FTE basis)
|
|
11,362
|
|
|
|
5,403
|
|
|
5,959
|
|
|||
Income tax expense (FTE basis)
|
|
4,190
|
|
|
|
1,993
|
|
|
2,197
|
|
|||
Net income
|
|
$
|
7,172
|
|
|
|
$
|
3,410
|
|
|
$
|
3,762
|
|
|
|
|
|
|
|
|
|
||||||
Net interest yield (FTE basis)
|
|
3.38
|
%
|
|
|
1.79
|
%
|
|
4.37
|
%
|
|||
Return on average allocated capital
(1)
|
|
21
|
|
|
|
28
|
|
|
17
|
|
|||
Efficiency ratio (FTE basis)
|
|
55.64
|
|
|
|
63.44
|
|
|
48.41
|
|
|||
|
|
|
|
|
|
|
|
||||||
Balance Sheet
|
|
|
|
|
|
|
|
||||||
Average
|
|
|
|
|
|
|
|
||||||
Total loans and leases
|
|
$
|
245,808
|
|
|
|
$
|
4,809
|
|
|
$
|
240,999
|
|
Total earning assets
(2)
|
|
629,984
|
|
|
|
598,043
|
|
|
242,445
|
|
|||
Total assets
(2)
|
|
668,375
|
|
|
|
624,592
|
|
|
254,287
|
|
|||
Total deposits
|
|
599,651
|
|
|
|
592,417
|
|
|
7,234
|
|
|||
Allocated capital
(1)
|
|
34,000
|
|
|
|
12,000
|
|
|
22,000
|
|
|||
|
|
|
|
|
|
|
|
||||||
Year end
|
|
|
|
|
|
|
|
||||||
Total loans and leases
|
|
$
|
258,991
|
|
|
|
$
|
4,938
|
|
|
$
|
254,053
|
|
Total earning assets
(2)
|
|
662,698
|
|
|
|
631,172
|
|
|
255,511
|
|
|||
Total assets
(2)
|
|
702,333
|
|
|
|
658,316
|
|
|
268,002
|
|
|||
Total deposits
|
|
632,786
|
|
|
|
625,727
|
|
|
7,059
|
|
|||
|
|
|
|
|
|
|
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
19
|
Bank of America Corporation and Subsidiaries
|
|||||||||||||
Consumer Banking Quarterly Results
|
|||||||||||||
(Dollars in millions)
|
|||||||||||||
|
|
Fourth Quarter 2017
|
|||||||||||
|
|
Total Consumer Banking
|
|
|
Deposits
|
|
Consumer
Lending
|
||||||
Net interest income (FTE basis)
|
|
$
|
6,353
|
|
|
|
$
|
3,548
|
|
|
$
|
2,805
|
|
Noninterest income:
|
|
|
|
|
|
|
|
||||||
Card income
|
|
1,355
|
|
|
|
4
|
|
|
1,351
|
|
|||
Service charges
|
|
1,073
|
|
|
|
1,072
|
|
|
1
|
|
|||
Mortgage banking income
|
|
80
|
|
|
|
—
|
|
|
80
|
|
|||
All other income (loss)
|
|
93
|
|
|
|
96
|
|
|
(3
|
)
|
|||
Total noninterest income
|
|
2,601
|
|
|
|
1,172
|
|
|
1,429
|
|
|||
Total revenue, net of interest expense (FTE basis)
|
|
8,954
|
|
|
|
4,720
|
|
|
4,234
|
|
|||
|
|
|
|
|
|
|
|
||||||
Provision for credit losses
|
|
886
|
|
|
|
53
|
|
|
833
|
|
|||
|
|
|
|
|
|
|
|
||||||
Noninterest expense
|
|
4,506
|
|
|
|
2,677
|
|
|
1,829
|
|
|||
Income before income taxes (FTE basis)
|
|
3,562
|
|
|
|
1,990
|
|
|
1,572
|
|
|||
Income tax expense (FTE basis)
|
|
1,365
|
|
|
|
763
|
|
|
602
|
|
|||
Net income
|
|
$
|
2,197
|
|
|
|
$
|
1,227
|
|
|
$
|
970
|
|
|
|
|
|
|
|
|
|
||||||
Net interest yield (FTE basis)
|
|
3.61
|
%
|
|
|
2.12
|
%
|
|
4.10
|
%
|
|||
Return on average allocated capital
(1)
|
|
24
|
|
|
|
41
|
|
|
15
|
|
|||
Efficiency ratio (FTE basis)
|
|
50.33
|
|
|
|
56.73
|
|
|
43.20
|
|
|||
|
|
|
|
|
|
|
|
||||||
Balance Sheet
|
|
|
|
|
|
|
|
||||||
Average
|
|
|
|
|
|
|
|
||||||
Total loans and leases
|
|
$
|
275,716
|
|
|
|
$
|
5,261
|
|
|
$
|
270,455
|
|
Total earning assets
(2)
|
|
699,004
|
|
|
|
664,054
|
|
|
271,129
|
|
|||
Total assets
(2)
|
|
737,755
|
|
|
|
691,610
|
|
|
282,324
|
|
|||
Total deposits
|
|
665,536
|
|
|
|
659,238
|
|
|
6,298
|
|
|||
Allocated capital
(1)
|
|
37,000
|
|
|
|
12,000
|
|
|
25,000
|
|
|||
|
|
|
|
|
|
|
|
||||||
Period end
|
|
|
|
|
|
|
|
||||||
Total loans and leases
|
|
$
|
280,473
|
|
|
|
$
|
5,143
|
|
|
$
|
275,330
|
|
Total earning assets
(2)
|
|
709,832
|
|
|
|
675,485
|
|
|
275,742
|
|
|||
Total assets
(2)
|
|
749,325
|
|
|
|
703,330
|
|
|
287,390
|
|
|||
Total deposits
|
|
676,530
|
|
|
|
670,802
|
|
|
5,728
|
|
|||
|
|
|
|
|
|
|
|
||||||
|
|
Third Quarter 2017
|
|||||||||||
|
|
Total Consumer Banking
|
|
|
Deposits
|
|
Consumer
Lending
|
||||||
Net interest income (FTE basis)
|
|
$
|
6,212
|
|
|
|
$
|
3,440
|
|
|
$
|
2,772
|
|
Noninterest income:
|
|
|
|
|
|
|
|
||||||
Card income
|
|
1,243
|
|
|
|
1
|
|
|
1,242
|
|
|||
Service charges
|
|
1,082
|
|
|
|
1,082
|
|
|
—
|
|
|||
Mortgage banking income
|
|
142
|
|
|
|
—
|
|
|
142
|
|
|||
All other income (loss)
|
|
95
|
|
|
|
97
|
|
|
(2
|
)
|
|||
Total noninterest income
|
|
2,562
|
|
|
|
1,180
|
|
|
1,382
|
|
|||
Total revenue, net of interest expense (FTE basis)
|
|
8,774
|
|
|
|
4,620
|
|
|
4,154
|
|
|||
|
|
|
|
|
|
|
|
||||||
Provision for credit losses
|
|
967
|
|
|
|
47
|
|
|
920
|
|
|||
|
|
|
|
|
|
|
|
||||||
Noninterest expense
|
|
4,460
|
|
|
|
2,616
|
|
|
1,844
|
|
|||
Income before income taxes (FTE basis)
|
|
3,347
|
|
|
|
1,957
|
|
|
1,390
|
|
|||
Income tax expense (FTE basis)
|
|
1,260
|
|
|
|
737
|
|
|
523
|
|
|||
Net income
|
|
$
|
2,087
|
|
|
|
$
|
1,220
|
|
|
$
|
867
|
|
|
|
|
|
|
|
|
|
||||||
Net interest yield (FTE basis)
|
|
3.56
|
%
|
|
|
2.08
|
%
|
|
4.16
|
%
|
|||
Return on average allocated capital
(1)
|
|
22
|
|
|
|
40
|
|
|
14
|
|
|||
Efficiency ratio (FTE basis)
|
|
50.83
|
|
|
|
56.61
|
|
|
44.40
|
|
|||
|
|
|
|
|
|
|
|
||||||
Balance Sheet
|
|
|
|
|
|
|
|
||||||
Average
|
|
|
|
|
|
|
|
||||||
Total loans and leases
|
|
$
|
268,810
|
|
|
|
$
|
5,079
|
|
|
$
|
263,731
|
|
Total earning assets
(2)
|
|
692,122
|
|
|
|
657,036
|
|
|
264,665
|
|
|||
Total assets
(2)
|
|
731,077
|
|
|
|
684,642
|
|
|
276,014
|
|
|||
Total deposits
|
|
658,974
|
|
|
|
652,286
|
|
|
6,688
|
|
|||
Allocated capital
(1)
|
|
37,000
|
|
|
|
12,000
|
|
|
25,000
|
|
|||
|
|
|
|
|
|
|
|
||||||
Period end
|
|
|
|
|
|
|
|
||||||
Total loans and leases
|
|
$
|
272,360
|
|
|
|
$
|
5,060
|
|
|
$
|
267,300
|
|
Total earning assets
(2)
|
|
703,277
|
|
|
|
667,733
|
|
|
268,354
|
|
|||
Total assets
(2)
|
|
742,513
|
|
|
|
695,403
|
|
|
279,920
|
|
|||
Total deposits
|
|
669,647
|
|
|
|
662,781
|
|
|
6,866
|
|
|||
|
|
|
|
|
|
|
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
20
|
Bank of America Corporation and Subsidiaries
|
|||||||||||||
Consumer Banking Quarterly Results (continued)
|
|||||||||||||
(Dollars in millions)
|
|||||||||||||
|
|
Fourth Quarter 2016
|
|||||||||||
|
|
Total Consumer Banking
|
|
|
Deposits
|
|
Consumer
Lending
|
||||||
Net interest income (FTE basis)
|
|
$
|
5,465
|
|
|
|
$
|
2,761
|
|
|
$
|
2,704
|
|
Noninterest income:
|
|
|
|
|
|
|
|
||||||
Card income
|
|
1,290
|
|
|
|
1
|
|
|
1,289
|
|
|||
Service charges
|
|
1,062
|
|
|
|
1,062
|
|
|
—
|
|
|||
Mortgage banking income
|
|
207
|
|
|
|
—
|
|
|
207
|
|
|||
All other income (loss)
|
|
87
|
|
|
|
92
|
|
|
(5
|
)
|
|||
Total noninterest income
|
|
2,646
|
|
|
|
1,155
|
|
|
1,491
|
|
|||
Total revenue, net of interest expense (FTE basis)
|
|
8,111
|
|
|
|
3,916
|
|
|
4,195
|
|
|||
|
|
|
|
|
|
|
|
||||||
Provision for credit losses
|
|
760
|
|
|
|
42
|
|
|
718
|
|
|||
|
|
|
|
|
|
|
|
||||||
Noninterest expense
|
|
4,330
|
|
|
|
2,450
|
|
|
1,880
|
|
|||
Income before income taxes (FTE basis)
|
|
3,021
|
|
|
|
1,424
|
|
|
1,597
|
|
|||
Income tax expense (FTE basis)
|
|
1,101
|
|
|
|
519
|
|
|
582
|
|
|||
Net income
|
|
$
|
1,920
|
|
|
|
$
|
905
|
|
|
$
|
1,015
|
|
|
|
|
|
|
|
|
|
||||||
Net interest yield (FTE basis)
|
|
3.35
|
%
|
|
|
1.78
|
%
|
|
4.30
|
%
|
|||
Return on average allocated capital
(1)
|
|
22
|
|
|
|
30
|
|
|
18
|
|
|||
Efficiency ratio (FTE basis)
|
|
53.38
|
|
|
|
62.56
|
|
|
44.82
|
|
|||
|
|
|
|
|
|
|
|
||||||
Balance Sheet
|
|
|
|
|
|
|
|
||||||
Average
|
|
|
|
|
|
|
|
||||||
Total loans and leases
|
|
$
|
253,602
|
|
|
|
$
|
4,874
|
|
|
$
|
248,728
|
|
Total earning assets
(2)
|
|
648,299
|
|
|
|
616,297
|
|
|
250,115
|
|
|||
Total assets
(2)
|
|
686,985
|
|
|
|
642,837
|
|
|
262,261
|
|
|||
Total deposits
|
|
617,967
|
|
|
|
610,533
|
|
|
7,434
|
|
|||
Allocated capital
(1)
|
|
34,000
|
|
|
|
12,000
|
|
|
22,000
|
|
|||
|
|
|
|
|
|
|
|
||||||
Period end
|
|
|
|
|
|
|
|
||||||
Total loans and leases
|
|
$
|
258,991
|
|
|
|
$
|
4,938
|
|
|
$
|
254,053
|
|
Total earning assets
(2)
|
|
662,698
|
|
|
|
631,172
|
|
|
255,511
|
|
|||
Total assets
(2)
|
|
702,333
|
|
|
|
658,316
|
|
|
268,002
|
|
|||
Total deposits
|
|
632,786
|
|
|
|
625,727
|
|
|
7,059
|
|
|||
|
|
|
|
|
|
|
|
(1)
|
Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.
|
(2)
|
For presentation purposes, in segments or businesses where the total of liabilities and equity exceeds assets, the Corporation allocates 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
.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
21
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
22
|
Bank of America Corporation and Subsidiaries
|
|
||||||||||||||||||||||||||||
Consumer Banking Key Indicators (continued)
|
|
||||||||||||||||||||||||||||
(Dollars in millions)
|
|
||||||||||||||||||||||||||||
|
Year Ended
December 31 |
|
|
Fourth
Quarter 2017 |
|
Third
Quarter 2017 |
|
Second
Quarter 2017 |
|
First
Quarter 2017 |
|
Fourth
Quarter 2016 |
|
||||||||||||||||
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|||||||||||||||||||
Loan production
(3)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total
(4)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
First mortgage
|
$
|
50,581
|
|
|
$
|
64,153
|
|
|
|
$
|
12,705
|
|
|
$
|
13,183
|
|
|
$
|
13,251
|
|
|
$
|
11,442
|
|
|
$
|
18,351
|
|
|
Home equity
|
16,924
|
|
|
15,214
|
|
|
|
4,053
|
|
|
4,133
|
|
|
4,685
|
|
|
4,053
|
|
|
3,565
|
|
|
|||||||
Consumer Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
First mortgage
|
$
|
34,065
|
|
|
$
|
44,510
|
|
|
|
$
|
8,386
|
|
|
$
|
9,044
|
|
|
$
|
9,006
|
|
|
$
|
7,629
|
|
|
$
|
12,303
|
|
|
Home equity
|
15,199
|
|
|
13,675
|
|
|
|
3,595
|
|
|
3,722
|
|
|
4,215
|
|
|
3,667
|
|
|
3,140
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Mortgage servicing rights at fair value rollforward:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance, beginning of period
|
$
|
2,278
|
|
|
$
|
2,680
|
|
|
|
$
|
1,889
|
|
|
$
|
1,996
|
|
|
$
|
2,129
|
|
|
$
|
2,278
|
|
|
$
|
2,012
|
|
|
Net additions
|
56
|
|
|
91
|
|
|
|
12
|
|
|
(5
|
)
|
|
14
|
|
|
35
|
|
|
(36
|
)
|
|
|||||||
Amortization of expected cash flows
(5)
|
(564
|
)
|
|
(649
|
)
|
|
|
(135
|
)
|
|
(140
|
)
|
|
(142
|
)
|
|
(147
|
)
|
|
(156
|
)
|
|
|||||||
Other changes in mortgage servicing rights fair value
(6)
|
22
|
|
|
156
|
|
|
|
26
|
|
|
38
|
|
|
(5
|
)
|
|
(37
|
)
|
|
458
|
|
|
|||||||
Balance, end of period
(7)
|
$
|
1,792
|
|
|
$
|
2,278
|
|
|
|
$
|
1,792
|
|
|
$
|
1,889
|
|
|
$
|
1,996
|
|
|
$
|
2,129
|
|
|
$
|
2,278
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Capitalized mortgage servicing rights (% of loans serviced for investors in bps)
|
70
|
|
|
74
|
|
|
|
70
|
|
|
71
|
|
|
70
|
|
|
72
|
|
|
74
|
|
|
|||||||
Mortgage loans serviced for investors (in billions)
|
$
|
256
|
|
|
$
|
307
|
|
|
|
$
|
256
|
|
|
$
|
267
|
|
|
$
|
284
|
|
|
$
|
296
|
|
|
$
|
307
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Mortgage banking income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Consumer Banking mortgage banking income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total production income
|
$
|
202
|
|
|
$
|
663
|
|
|
|
$
|
17
|
|
|
$
|
64
|
|
|
$
|
67
|
|
|
$
|
54
|
|
|
$
|
131
|
|
|
Net servicing income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Servicing fees
|
588
|
|
|
708
|
|
|
|
138
|
|
|
143
|
|
|
150
|
|
|
157
|
|
|
166
|
|
|
|||||||
Other net servicing income
|
(309
|
)
|
|
(411
|
)
|
|
|
(75
|
)
|
|
(65
|
)
|
|
(77
|
)
|
|
(92
|
)
|
|
(90
|
)
|
|
|||||||
Total net servicing income
|
279
|
|
|
297
|
|
|
|
63
|
|
|
78
|
|
|
73
|
|
|
65
|
|
|
76
|
|
|
|||||||
Total Consumer Banking mortgage banking income
|
481
|
|
|
960
|
|
|
|
80
|
|
|
142
|
|
|
140
|
|
|
119
|
|
|
207
|
|
|
|||||||
Other mortgage banking income (predominately in
All Other
)
(8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net servicing income (loss)
|
125
|
|
|
926
|
|
|
|
30
|
|
|
48
|
|
|
62
|
|
|
(15
|
)
|
|
288
|
|
|
|||||||
Other (includes representations and warranties provision)
|
(382
|
)
|
|
(33
|
)
|
|
|
(218
|
)
|
|
(210
|
)
|
|
28
|
|
|
18
|
|
|
24
|
|
|
|||||||
Total other mortgage banking income (predominately in
All Other
)
|
(257
|
)
|
|
893
|
|
|
|
(188
|
)
|
|
(162
|
)
|
|
90
|
|
|
3
|
|
|
312
|
|
|
|||||||
Total consolidated mortgage banking income
|
$
|
224
|
|
|
$
|
1,853
|
|
|
|
$
|
(108
|
)
|
|
$
|
(20
|
)
|
|
$
|
230
|
|
|
$
|
122
|
|
|
$
|
519
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Digital users represents mobile and/or online users across consumer businesses; historical information has been restated primarily due to the sale of the Corporation's non-U.S. consumer credit card business to a third party during the second quarter of 2017.
|
(2)
|
In addition to the U.S. credit card portfolio in
Consumer Banking
, the remaining U.S. credit card portfolio is primarily in
GWIM
.
|
(3)
|
The above 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.
|
(4)
|
In addition to loan production in
Consumer Banking
, there is also first mortgage and home equity loan production in
GWIM
.
|
(5)
|
Represents the net change in fair value of the MSR asset due to the recognition of modeled cash flows.
|
(6)
|
These amounts reflect the changes in modeled MSR fair value primarily due to observed changes in interest rates, periodic adjustments to the valuation model and changes in cash flow assumptions.
|
(7)
|
Does not include certain non-U.S. residential mortgage MSR balances, which are recorded in
Global Markets
.
|
(8)
|
Amounts for other mortgage banking income are included in this
Consumer Banking
table to show the components of consolidated mortgage banking income.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
23
|
Bank of America Corporation and Subsidiaries
|
|
|
|
|
|||||||||||||||||||||||||
Global Wealth & Investment Management Segment Results
|
|
|
|||||||||||||||||||||||||||
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
Year Ended
December 31 |
|
|
Fourth Quarter 2017
|
|
Third Quarter 2017
|
|
Second Quarter 2017
|
|
First Quarter 2017
|
|
Fourth Quarter 2016
|
||||||||||||||||
|
|
2017
|
|
2016
|
|
|
|||||||||||||||||||||||
Net interest income (FTE basis)
|
|
$
|
6,173
|
|
|
$
|
5,759
|
|
|
|
$
|
1,520
|
|
|
$
|
1,496
|
|
|
$
|
1,597
|
|
|
$
|
1,560
|
|
|
$
|
1,449
|
|
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Investment and brokerage services
|
|
10,883
|
|
|
10,316
|
|
|
|
2,810
|
|
|
2,728
|
|
|
2,697
|
|
|
2,648
|
|
|
2,598
|
|
|||||||
All other income
|
|
1,534
|
|
|
1,575
|
|
|
|
353
|
|
|
396
|
|
|
401
|
|
|
384
|
|
|
330
|
|
|||||||
Total noninterest income
|
|
12,417
|
|
|
11,891
|
|
|
|
3,163
|
|
|
3,124
|
|
|
3,098
|
|
|
3,032
|
|
|
2,928
|
|
|||||||
Total revenue, net of interest expense (FTE basis)
|
|
18,590
|
|
|
17,650
|
|
|
|
4,683
|
|
|
4,620
|
|
|
4,695
|
|
|
4,592
|
|
|
4,377
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Provision for credit losses
|
|
56
|
|
|
68
|
|
|
|
6
|
|
|
16
|
|
|
11
|
|
|
23
|
|
|
22
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Noninterest expense
|
|
13,564
|
|
|
13,175
|
|
|
|
3,472
|
|
|
3,371
|
|
|
3,392
|
|
|
3,329
|
|
|
3,359
|
|
|||||||
Income before income taxes (FTE basis)
|
|
4,970
|
|
|
4,407
|
|
|
|
1,205
|
|
|
1,233
|
|
|
1,292
|
|
|
1,240
|
|
|
996
|
|
|||||||
Income tax expense (FTE basis)
|
|
1,882
|
|
|
1,632
|
|
|
|
463
|
|
|
464
|
|
|
488
|
|
|
467
|
|
|
362
|
|
|||||||
Net income
|
|
$
|
3,088
|
|
|
$
|
2,775
|
|
|
|
$
|
742
|
|
|
$
|
769
|
|
|
$
|
804
|
|
|
$
|
773
|
|
|
$
|
634
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net interest yield (FTE basis)
|
|
2.32
|
%
|
|
2.09
|
%
|
|
|
2.32
|
%
|
|
2.29
|
%
|
|
2.41
|
%
|
|
2.28
|
%
|
|
2.09
|
%
|
|||||||
Return on average allocated capital
(1)
|
|
22
|
|
|
21
|
|
|
|
21
|
|
|
22
|
|
|
23
|
|
|
22
|
|
|
19
|
|
|||||||
Efficiency ratio (FTE basis)
|
|
72.96
|
|
|
74.65
|
|
|
|
74.14
|
|
|
72.95
|
|
|
72.24
|
|
|
72.51
|
|
|
76.74
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total loans and leases
|
|
$
|
152,682
|
|
|
$
|
142,429
|
|
|
|
$
|
157,063
|
|
|
$
|
154,333
|
|
|
$
|
150,812
|
|
|
$
|
148,405
|
|
|
$
|
146,180
|
|
Total earning assets
(2)
|
|
265,670
|
|
|
275,799
|
|
|
|
259,550
|
|
|
259,564
|
|
|
265,845
|
|
|
277,989
|
|
|
276,172
|
|
|||||||
Total assets
(2)
|
|
281,517
|
|
|
291,478
|
|
|
|
276,153
|
|
|
275,570
|
|
|
281,167
|
|
|
293,432
|
|
|
291,761
|
|
|||||||
Total deposits
|
|
245,559
|
|
|
256,425
|
|
|
|
240,126
|
|
|
239,647
|
|
|
245,329
|
|
|
257,386
|
|
|
256,629
|
|
|||||||
Allocated capital
(1)
|
|
14,000
|
|
|
13,000
|
|
|
|
14,000
|
|
|
14,000
|
|
|
14,000
|
|
|
14,000
|
|
|
13,000
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total loans and leases
|
|
$
|
159,378
|
|
|
$
|
148,179
|
|
|
|
$
|
159,378
|
|
|
$
|
155,871
|
|
|
$
|
153,468
|
|
|
$
|
149,110
|
|
|
$
|
148,179
|
|
Total earning assets
(2)
|
|
267,026
|
|
|
283,151
|
|
|
|
267,026
|
|
|
259,548
|
|
|
258,744
|
|
|
275,214
|
|
|
283,151
|
|
|||||||
Total assets
(2)
|
|
284,321
|
|
|
298,931
|
|
|
|
284,321
|
|
|
276,187
|
|
|
274,746
|
|
|
291,177
|
|
|
298,931
|
|
|||||||
Total deposits
|
|
246,994
|
|
|
262,530
|
|
|
|
246,994
|
|
|
237,771
|
|
|
237,131
|
|
|
254,595
|
|
|
262,530
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.
|
(2)
|
Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits) and allocated shareholders' equity.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
24
|
Bank of America Corporation and Subsidiaries
|
|||||||||||||||||||||||||||||
Global Wealth & Investment Management Key Indicators
|
|||||||||||||||||||||||||||||
(Dollars in millions, except as noted)
|
|||||||||||||||||||||||||||||
|
|
Year Ended
December 31 |
|
|
Fourth Quarter 2017
|
|
Third Quarter 2017
|
|
Second Quarter 2017
|
|
First Quarter 2017
|
|
Fourth Quarter 2016
|
||||||||||||||||
|
|
2017
|
|
2016
|
|
|
|||||||||||||||||||||||
Revenue by Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Merrill Lynch Global Wealth Management
|
|
$
|
15,288
|
|
|
$
|
14,486
|
|
|
|
$
|
3,836
|
|
|
$
|
3,796
|
|
|
$
|
3,874
|
|
|
$
|
3,782
|
|
|
$
|
3,600
|
|
U.S. Trust
|
|
3,295
|
|
|
3,075
|
|
|
|
845
|
|
|
822
|
|
|
819
|
|
|
809
|
|
|
775
|
|
|||||||
Other
(1)
|
|
7
|
|
|
89
|
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
1
|
|
|
2
|
|
|||||||
Total revenue, net of interest expense (FTE basis)
|
|
$
|
18,590
|
|
|
$
|
17,650
|
|
|
|
$
|
4,683
|
|
|
$
|
4,620
|
|
|
$
|
4,695
|
|
|
$
|
4,592
|
|
|
$
|
4,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Client Balances by Business, at period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Merrill Lynch Global Wealth Management
|
|
$
|
2,305,664
|
|
|
$
|
2,102,175
|
|
|
|
$
|
2,305,664
|
|
|
$
|
2,245,499
|
|
|
$
|
2,196,238
|
|
|
$
|
2,167,536
|
|
|
$
|
2,102,175
|
|
U.S. Trust
|
|
446,199
|
|
|
406,392
|
|
|
|
446,199
|
|
|
430,684
|
|
|
421,180
|
|
|
417,841
|
|
|
406,392
|
|
|||||||
Total client balances
|
|
$
|
2,751,863
|
|
|
$
|
2,508,567
|
|
|
|
$
|
2,751,863
|
|
|
$
|
2,676,183
|
|
|
$
|
2,617,418
|
|
|
$
|
2,585,377
|
|
|
$
|
2,508,567
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Client Balances by Type, at period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Assets under management
(2)
|
|
$
|
1,080,747
|
|
|
$
|
886,148
|
|
|
|
$
|
1,080,747
|
|
|
$
|
1,036,048
|
|
|
$
|
990,709
|
|
|
$
|
946,778
|
|
|
$
|
886,148
|
|
Brokerage assets
|
|
1,125,282
|
|
|
1,085,826
|
|
|
|
1,125,282
|
|
|
1,112,178
|
|
|
1,104,775
|
|
|
1,106,109
|
|
|
1,085,826
|
|
|||||||
Assets in custody
|
|
136,708
|
|
|
123,066
|
|
|
|
136,708
|
|
|
131,680
|
|
|
128,538
|
|
|
126,086
|
|
|
123,066
|
|
|||||||
Deposits
|
|
246,994
|
|
|
262,530
|
|
|
|
246,994
|
|
|
237,771
|
|
|
237,131
|
|
|
254,595
|
|
|
262,530
|
|
|||||||
Loans and leases
(3)
|
|
162,132
|
|
|
150,997
|
|
|
|
162,132
|
|
|
158,506
|
|
|
156,265
|
|
|
151,809
|
|
|
150,997
|
|
|||||||
Total client balances
|
|
$
|
2,751,863
|
|
|
$
|
2,508,567
|
|
|
|
$
|
2,751,863
|
|
|
$
|
2,676,183
|
|
|
$
|
2,617,418
|
|
|
$
|
2,585,377
|
|
|
$
|
2,508,567
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Assets Under Management Rollforward
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Assets under management, beginning balance
|
|
$
|
886,148
|
|
|
$
|
900,863
|
|
|
|
$
|
1,036,048
|
|
|
$
|
990,709
|
|
|
$
|
946,778
|
|
|
$
|
886,148
|
|
|
$
|
871,026
|
|
Net client flows
(4)
|
|
95,707
|
|
|
30,582
|
|
|
|
18,228
|
|
|
20,749
|
|
|
27,516
|
|
|
29,214
|
|
|
18,934
|
|
|||||||
Market valuation/other
(1)
|
|
98,892
|
|
|
(45,297
|
)
|
|
|
26,471
|
|
|
24,590
|
|
|
16,415
|
|
|
31,416
|
|
|
(3,812
|
)
|
|||||||
Total assets under management, ending balance
|
|
$
|
1,080,747
|
|
|
$
|
886,148
|
|
|
|
$
|
1,080,747
|
|
|
$
|
1,036,048
|
|
|
$
|
990,709
|
|
|
$
|
946,778
|
|
|
$
|
886,148
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Associates, at period end
(5, 6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Number of financial advisors
|
|
17,355
|
|
|
16,820
|
|
|
|
17,355
|
|
|
17,221
|
|
|
17,017
|
|
|
16,678
|
|
|
16,820
|
|
|||||||
Total wealth advisors, including financial advisors
|
|
19,238
|
|
|
18,678
|
|
|
|
19,238
|
|
|
19,108
|
|
|
18,881
|
|
|
18,538
|
|
|
18,678
|
|
|||||||
Total primary sales professionals, including financial advisors and wealth advisors
|
|
20,341
|
|
|
19,629
|
|
|
|
20,341
|
|
|
20,115
|
|
|
19,863
|
|
|
19,536
|
|
|
19,629
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Merrill Lynch Global Wealth Management Metric
(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Financial advisor productivity
(7)
(in thousands)
|
|
$
|
1,005
|
|
|
$
|
974
|
|
|
|
$
|
994
|
|
|
$
|
994
|
|
|
$
|
1,040
|
|
|
$
|
993
|
|
|
$
|
960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
U.S. Trust Metric, at period end
(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Primary sales professionals
|
|
1,714
|
|
|
1,677
|
|
|
|
1,714
|
|
|
1,696
|
|
|
1,665
|
|
|
1,662
|
|
|
1,677
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 in 2016.
|
(2)
|
Defined as managed assets under advisory and/or discretion of
GWIM
.
|
(3)
|
Includes margin receivables which are classified in customer and other receivables on the Consolidated Balance Sheet.
|
(4)
|
For the
year ended December 31, 2016
, net client flows includes $8.0 billion of net outflows related to BofA Global Capital Management's AUM that were sold in 2016.
|
(5)
|
Includes financial advisors in the
Consumer Banking
segment
of
2,402
,
2,267
,
2,206
,
2,121
and
2,200
at
December 31, 2017
,
September 30, 2017
,
June 30, 2017
,
March 31, 2017
and
December 31, 2016
, respectively.
|
(6)
|
Associate computation is based on headcount.
|
(7)
|
Financial advisor productivity is defined as annualized Merrill Lynch Global Wealth Management total revenue, excluding the allocation of certain ALM activities, divided by the total average number of financial advisors (excluding financial advisors in the
Consumer Banking
segment).
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
25
|
Bank of America Corporation and Subsidiaries
|
||||||||||||||||||||||||||||
Global Banking Segment Results
|
||||||||||||||||||||||||||||
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Year Ended
December 31 |
|
|
Fourth Quarter 2017
|
|
Third Quarter 2017
|
|
Second Quarter 2017
|
|
First Quarter 2017
|
|
Fourth Quarter 2016
|
||||||||||||||||
|
2017
|
|
2016
|
|
|
|||||||||||||||||||||||
Net interest income (FTE basis)
|
$
|
10,504
|
|
|
$
|
9,471
|
|
|
|
$
|
2,719
|
|
|
$
|
2,642
|
|
|
$
|
2,541
|
|
|
$
|
2,602
|
|
|
$
|
2,418
|
|
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Service charges
|
3,125
|
|
|
3,094
|
|
|
|
775
|
|
|
776
|
|
|
809
|
|
|
765
|
|
|
810
|
|
|||||||
Investment banking fees
|
3,471
|
|
|
2,884
|
|
|
|
811
|
|
|
806
|
|
|
929
|
|
|
925
|
|
|
654
|
|
|||||||
All other income
|
2,899
|
|
|
2,996
|
|
|
|
713
|
|
|
763
|
|
|
760
|
|
|
663
|
|
|
667
|
|
|||||||
Total noninterest income
|
9,495
|
|
|
8,974
|
|
|
|
2,299
|
|
|
2,345
|
|
|
2,498
|
|
|
2,353
|
|
|
2,131
|
|
|||||||
Total revenue, net of interest expense (FTE basis)
|
19,999
|
|
|
18,445
|
|
|
|
5,018
|
|
|
4,987
|
|
|
5,039
|
|
|
4,955
|
|
|
4,549
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Provision for credit losses
|
212
|
|
|
883
|
|
|
|
132
|
|
|
48
|
|
|
15
|
|
|
17
|
|
|
13
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Noninterest expense
|
8,596
|
|
|
8,486
|
|
|
|
2,160
|
|
|
2,119
|
|
|
2,154
|
|
|
2,163
|
|
|
2,036
|
|
|||||||
Income before income taxes (FTE basis)
|
11,191
|
|
|
9,076
|
|
|
|
2,726
|
|
|
2,820
|
|
|
2,870
|
|
|
2,775
|
|
|
2,500
|
|
|||||||
Income tax expense (FTE basis)
|
4,238
|
|
|
3,347
|
|
|
|
1,046
|
|
|
1,062
|
|
|
1,084
|
|
|
1,046
|
|
|
912
|
|
|||||||
Net income
|
$
|
6,953
|
|
|
$
|
5,729
|
|
|
|
$
|
1,680
|
|
|
$
|
1,758
|
|
|
$
|
1,786
|
|
|
$
|
1,729
|
|
|
$
|
1,588
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net interest yield (FTE basis)
|
2.93
|
%
|
|
2.76
|
%
|
|
|
3.00
|
%
|
|
2.94
|
%
|
|
2.85
|
%
|
|
2.93
|
%
|
|
2.76
|
%
|
|||||||
Return on average allocated capital
(1)
|
17
|
|
|
15
|
|
|
|
17
|
|
|
17
|
|
|
18
|
|
|
18
|
|
|
17
|
|
|||||||
Efficiency ratio (FTE basis)
|
42.98
|
|
|
46.01
|
|
|
|
43.02
|
|
|
42.52
|
|
|
42.72
|
|
|
43.66
|
|
|
44.76
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total loans and leases
|
$
|
346,089
|
|
|
$
|
333,820
|
|
|
|
$
|
350,262
|
|
|
$
|
346,093
|
|
|
$
|
345,063
|
|
|
$
|
342,857
|
|
|
$
|
337,828
|
|
Total earning assets
(2)
|
358,302
|
|
|
342,859
|
|
|
|
359,199
|
|
|
357,014
|
|
|
357,407
|
|
|
359,605
|
|
|
348,632
|
|
|||||||
Total assets
(2)
|
416,038
|
|
|
396,737
|
|
|
|
419,513
|
|
|
414,755
|
|
|
413,950
|
|
|
415,908
|
|
|
403,625
|
|
|||||||
Total deposits
|
312,859
|
|
|
304,741
|
|
|
|
329,761
|
|
|
315,692
|
|
|
300,483
|
|
|
305,197
|
|
|
315,359
|
|
|||||||
Allocated capital
(1)
|
40,000
|
|
|
37,000
|
|
|
|
40,000
|
|
|
40,000
|
|
|
40,000
|
|
|
40,000
|
|
|
37,000
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total loans and leases
|
$
|
350,668
|
|
|
$
|
339,271
|
|
|
|
$
|
350,668
|
|
|
$
|
349,838
|
|
|
$
|
344,457
|
|
|
$
|
344,452
|
|
|
$
|
339,271
|
|
Total earning assets
(2)
|
365,560
|
|
|
350,110
|
|
|
|
365,560
|
|
|
364,591
|
|
|
353,649
|
|
|
360,288
|
|
|
350,110
|
|
|||||||
Total assets
(2)
|
424,533
|
|
|
408,330
|
|
|
|
424,533
|
|
|
423,185
|
|
|
410,580
|
|
|
416,763
|
|
|
408,330
|
|
|||||||
Total deposits
|
329,273
|
|
|
307,630
|
|
|
|
329,273
|
|
|
319,545
|
|
|
303,205
|
|
|
297,163
|
|
|
307,630
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.
|
(2)
|
Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits) and allocated shareholders' equity.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
26
|
(1)
|
Investment banking fees represent total investment banking fees for
Global Banking
inclusive of self-led deals and fees included within Business Lending.
|
(2)
|
Advisory includes fees on debt and equity advisory and mergers and acquisitions.
|
(3)
|
Investment banking fees represent only the fee component in
Global Banking
and do not include certain other items shared with the Investment Banking Group under internal revenue sharing agreements.
|
(4)
|
Criticized exposure corresponds to the Special Mention, Substandard and Doubtful asset categories defined by regulatory authorities. The reservable criticized exposure is on an end-of-period basis and is also shown as a percentage of total commercial utilized reservable criticized exposure, including loans and leases, standby letters of credit, financial guarantees, commercial letters of credit and bankers' acceptances.
|
(5)
|
Nonperforming loans, leases and foreclosed properties are on an end-of-period basis. The nonperforming ratio is nonperforming assets divided by loans, leases and foreclosed properties.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
27
|
•
|
Rankings based on deal volumes except for net investment banking revenue rankings which reflect fees.
|
•
|
Debt capital markets excludes loans but includes agencies.
|
•
|
Mergers and acquisitions fees included in net investment banking revenue reflect 10 percent fee credit at announcement and 90 percent fee credit at completion as per Dealogic.
|
•
|
Mergers and acquisitions volume rankings are for announced transactions and provide credit to all investment banks advising either side of the transaction.
|
•
|
Each advisor receives full credit for the deal amount unless advising a minor stakeholder.
|
Global top 3 rankings in:
|
|
|
Leveraged loans
|
|
Investment-grade corporate debt
|
Mortgage-backed securities
|
|
Syndicated loans
|
Asset-backed securities
|
|
Debt capital markets
|
|
|
|
U.S. top 3 rankings in:
|
|
|
High-yield corporate debt
|
|
Investment-grade corporate debt
|
Leveraged loans
|
|
Syndicated loans
|
Asset-backed securities
|
|
Debt capital markets
|
Convertible debt
|
|
|
Global:
|
Leveraged loans, Mortgage-backed securities, Asset-backed securities, Investment-grade corporate debt, Syndicated loans, Debt capital markets
|
U.S.:
|
High-yield corporate debt, Leveraged loans, Asset-backed securities, Convertible debt, Investment-grade corporate debt, Syndicated loans, Debt capital markets
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
28
|
Bank of America Corporation and Subsidiaries
|
||||||||||||||||||||||||||||
Global Markets Segment Results
|
||||||||||||||||||||||||||||
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Year Ended
December 31 |
|
|
Fourth Quarter 2017
|
|
Third Quarter 2017
|
|
Second Quarter 2017
|
|
First Quarter 2017
|
|
Fourth Quarter 2016
|
||||||||||||||||
|
2017
|
|
2016
|
|
|
|||||||||||||||||||||||
Net interest income (FTE basis)
|
$
|
3,744
|
|
|
$
|
4,558
|
|
|
|
$
|
932
|
|
|
$
|
899
|
|
|
$
|
864
|
|
|
$
|
1,049
|
|
|
$
|
1,167
|
|
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Investment and brokerage services
|
2,049
|
|
|
2,102
|
|
|
|
501
|
|
|
496
|
|
|
521
|
|
|
531
|
|
|
518
|
|
|||||||
Investment banking fees
|
2,476
|
|
|
2,296
|
|
|
|
596
|
|
|
624
|
|
|
590
|
|
|
666
|
|
|
554
|
|
|||||||
Trading account profits
|
6,710
|
|
|
6,550
|
|
|
|
1,076
|
|
|
1,714
|
|
|
1,743
|
|
|
2,177
|
|
|
1,149
|
|
|||||||
All other income
|
972
|
|
|
584
|
|
|
|
290
|
|
|
168
|
|
|
229
|
|
|
285
|
|
|
85
|
|
|||||||
Total noninterest income
|
12,207
|
|
|
11,532
|
|
|
|
2,463
|
|
|
3,002
|
|
|
3,083
|
|
|
3,659
|
|
|
2,306
|
|
|||||||
Total revenue, net of interest expense (FTE basis)
(1)
|
15,951
|
|
|
16,090
|
|
|
|
3,395
|
|
|
3,901
|
|
|
3,947
|
|
|
4,708
|
|
|
3,473
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Provision for credit losses
|
164
|
|
|
31
|
|
|
|
162
|
|
|
(6
|
)
|
|
25
|
|
|
(17
|
)
|
|
8
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Noninterest expense
|
10,731
|
|
|
10,169
|
|
|
|
2,613
|
|
|
2,711
|
|
|
2,650
|
|
|
2,757
|
|
|
2,482
|
|
|||||||
Income before income taxes (FTE basis)
|
5,056
|
|
|
5,890
|
|
|
|
620
|
|
|
1,196
|
|
|
1,272
|
|
|
1,968
|
|
|
983
|
|
|||||||
Income tax expense (FTE basis)
|
1,763
|
|
|
2,072
|
|
|
|
210
|
|
|
440
|
|
|
442
|
|
|
671
|
|
|
325
|
|
|||||||
Net income
|
$
|
3,293
|
|
|
$
|
3,818
|
|
|
|
$
|
410
|
|
|
$
|
756
|
|
|
$
|
830
|
|
|
$
|
1,297
|
|
|
$
|
658
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Return on average allocated capital
(2)
|
9
|
%
|
|
10
|
%
|
|
|
5
|
%
|
|
9
|
%
|
|
10
|
%
|
|
15
|
%
|
|
7
|
%
|
|||||||
Efficiency ratio (FTE basis)
|
67.28
|
|
|
63.21
|
|
|
|
77.01
|
|
|
69.48
|
|
|
67.12
|
|
|
58.56
|
|
|
71.45
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total trading-related assets
(3)
|
$
|
441,812
|
|
|
$
|
412,905
|
|
|
|
$
|
449,737
|
|
|
$
|
442,283
|
|
|
$
|
452,563
|
|
|
$
|
422,359
|
|
|
$
|
417,184
|
|
Total loans and leases
|
71,413
|
|
|
69,641
|
|
|
|
73,552
|
|
|
72,347
|
|
|
69,638
|
|
|
70,064
|
|
|
70,615
|
|
|||||||
Total earning assets
(3)
|
449,441
|
|
|
423,579
|
|
|
|
464,171
|
|
|
446,754
|
|
|
456,588
|
|
|
429,906
|
|
|
430,600
|
|
|||||||
Total assets
|
638,674
|
|
|
585,341
|
|
|
|
659,411
|
|
|
642,430
|
|
|
645,227
|
|
|
607,010
|
|
|
595,275
|
|
|||||||
Total deposits
|
32,864
|
|
|
34,250
|
|
|
|
34,250
|
|
|
32,125
|
|
|
31,919
|
|
|
33,158
|
|
|
33,775
|
|
|||||||
Allocated capital
(2)
|
35,000
|
|
|
37,000
|
|
|
|
35,000
|
|
|
35,000
|
|
|
35,000
|
|
|
35,000
|
|
|
37,000
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total trading-related assets
(3)
|
$
|
419,375
|
|
|
$
|
380,562
|
|
|
|
$
|
419,375
|
|
|
$
|
426,371
|
|
|
$
|
436,193
|
|
|
$
|
418,259
|
|
|
$
|
380,562
|
|
Total loans and leases
|
76,778
|
|
|
72,743
|
|
|
|
76,778
|
|
|
76,225
|
|
|
73,973
|
|
|
71,053
|
|
|
72,743
|
|
|||||||
Total earning assets
(3)
|
449,314
|
|
|
397,022
|
|
|
|
449,314
|
|
|
441,656
|
|
|
448,613
|
|
|
425,582
|
|
|
397,022
|
|
|||||||
Total assets
|
629,007
|
|
|
566,060
|
|
|
|
629,007
|
|
|
629,270
|
|
|
633,193
|
|
|
604,014
|
|
|
566,060
|
|
|||||||
Total deposits
|
34,029
|
|
|
34,927
|
|
|
|
34,029
|
|
|
33,382
|
|
|
33,363
|
|
|
33,629
|
|
|
34,927
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Trading-related assets (average)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Trading account securities
|
$
|
216,996
|
|
|
$
|
185,135
|
|
|
|
$
|
225,330
|
|
|
$
|
216,988
|
|
|
$
|
221,569
|
|
|
$
|
203,866
|
|
|
$
|
188,729
|
|
Reverse repurchases
|
101,795
|
|
|
89,715
|
|
|
|
107,125
|
|
|
101,556
|
|
|
101,551
|
|
|
96,835
|
|
|
91,198
|
|
|||||||
Securities borrowed
|
82,210
|
|
|
87,286
|
|
|
|
77,580
|
|
|
81,950
|
|
|
88,041
|
|
|
81,312
|
|
|
90,643
|
|
|||||||
Derivative assets
|
40,811
|
|
|
50,769
|
|
|
|
39,702
|
|
|
41,789
|
|
|
41,402
|
|
|
40,346
|
|
|
46,614
|
|
|||||||
Total trading-related assets
(3)
|
$
|
441,812
|
|
|
$
|
412,905
|
|
|
|
$
|
449,737
|
|
|
$
|
442,283
|
|
|
$
|
452,563
|
|
|
$
|
422,359
|
|
|
$
|
417,184
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Substantially all of
Global Markets
total revenue is sales and trading revenue and investment banking fees, with a small portion related to certain revenue sharing agreements with other business segments. For additional sales and trading revenue information, see page
30
.
|
(2)
|
Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.
|
(3)
|
Trading-related assets include derivative assets, which are considered non-earning assets.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
29
|
(1)
|
Includes
Global Banking
sales and trading revenue of
$236 million
and
$406 million
for the years ended
December 31, 2017 and 2016
;
$61 million
,
$61 million
,
$56 million
and
$58 million
for the
fourth
,
third
,
second
and
first
quarters of
2017
, respectively, and
$68 million
for the
fourth
quarter of
2016
.
|
(2)
|
For this presentation, sales and trading revenue excludes net debit valuation adjustment (DVA) gains (losses) which include net DVA on derivatives, as well as amortization of own credit portion of purchase discount and realized DVA on structured liabilities. Sales and trading revenue excluding net DVA gains (losses) represents a non-GAAP financial measure. We believe the use of this non-GAAP financial measure provides additional useful information to assess the underlying performance of these businesses and to allow better comparison of period-to-period operating performance.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
30
|
(1)
|
All Other
consists of ALM activities, equity investments, non-core mortgage loans and servicing activities, the net impact of periodic revisions to the MSR valuation model for both core and non-core MSRs and the related economic hedge results and ineffectiveness, other liquidating businesses, residual expense allocations and other. ALM activities encompass certain residential mortgages, debt securities, interest rate and foreign currency risk management activities, the impact of certain allocation methodologies and accounting hedge ineffectiveness. The results of certain ALM activities are allocated to our business segments. Equity investments include our merchant services joint venture, as well as Global Principal Investments, which is comprised of a portfolio of equity, real estate and other alternative investments.
|
(2)
|
Includes elimination of segments' excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders' equity of
$515.6 billion
and
$500.0 billion
for the years ended
December 31, 2017
and
2016
;
$508.6 billion
,
$510.1 billion
,
$521.8 billion
,
$522.0 billion
and
$506.5 billion
for the fourth, third, second, and first quarters of
2017
, respectively, and the fourth quarter of
2016
.
|
(3)
|
Includes $9.5 billion and $9.2 billion of non-U.S. credit card loans, which were included in assets of business held for sale on the Consolidated Balance Sheet
at March 31, 2017 and December 31, 2016. During the second quarter of 2017, the Corporation sold its non-U.S. consumer credit card business.
|
(4)
|
Includes elimination of segments' excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders' equity of
$520.4 billion
,
$515.0 billion
,
$517.7 billion
,
$543.4 billion
and
$518.7 billion
at
December 31, 2017
,
September 30, 2017
,
June 30, 2017
,
March 31, 2017
and
December 31, 2016
, respectively.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
31
|
Bank of America Corporation and Subsidiaries
|
|
|
|
|
|
||||||
Outstanding Loans and Leases
|
|
|
|
|
|
||||||
(Dollars in millions)
|
|
|
|
|
|
||||||
|
December 31
2017 |
|
September 30
2017 |
|
December 31
2016 |
||||||
Consumer
|
|
|
|
|
|
||||||
Residential mortgage
(1)
|
$
|
203,811
|
|
|
$
|
199,446
|
|
|
$
|
191,797
|
|
Home equity
|
57,744
|
|
|
59,752
|
|
|
66,443
|
|
|||
U.S. credit card
|
96,285
|
|
|
92,602
|
|
|
92,278
|
|
|||
Non-U.S. credit card
(2)
|
—
|
|
|
—
|
|
|
9,214
|
|
|||
Direct/Indirect consumer
(3)
|
93,830
|
|
|
93,391
|
|
|
94,089
|
|
|||
Other consumer
(4)
|
2,678
|
|
|
2,424
|
|
|
2,499
|
|
|||
Total consumer loans excluding loans accounted for under the fair value option
|
454,348
|
|
|
447,615
|
|
|
456,320
|
|
|||
Consumer loans accounted for under the fair value option
(5)
|
928
|
|
|
978
|
|
|
1,051
|
|
|||
Total consumer
|
455,276
|
|
|
448,593
|
|
|
457,371
|
|
|||
|
|
|
|
|
|
||||||
Commercial
|
|
|
|
|
|
||||||
U.S. commercial
(6)
|
298,485
|
|
|
296,280
|
|
|
283,365
|
|
|||
Non-U.S. commercial
|
97,792
|
|
|
95,896
|
|
|
89,397
|
|
|||
Commercial real estate
(7)
|
58,298
|
|
|
59,628
|
|
|
57,355
|
|
|||
Commercial lease financing
|
22,116
|
|
|
21,413
|
|
|
22,375
|
|
|||
Total commercial loans excluding loans accounted for under the fair value option
|
476,691
|
|
|
473,217
|
|
|
452,492
|
|
|||
Commercial loans accounted for under the fair value option
(5)
|
4,782
|
|
|
5,307
|
|
|
6,034
|
|
|||
Total commercial
|
481,473
|
|
|
478,524
|
|
|
458,526
|
|
|||
Less: Loans of business held for sale
(8)
|
—
|
|
|
—
|
|
|
(9,214
|
)
|
|||
Total loans and leases
|
$
|
936,749
|
|
|
$
|
927,117
|
|
|
$
|
906,683
|
|
|
|
|
|
|
|
(1)
|
Includes pay option loans of
$1.4 billion
,
$1.5 billion
and
$1.8 billion
at
December 31, 2017
,
September 30, 2017
and
December 31, 2016
, respectively. The Corporation no longer originates pay option loans.
|
(2)
|
During the second quarter of 2017, the Corporation sold its non-U.S. consumer credit card business.
|
(3)
|
Includes auto and specialty lending loans of
$49.9 billion
,
$50.0 billion
and
$48.9 billion
, unsecured consumer lending loans of
$469 million
,
$484 million
and
$585 million
, U.S. securities-based lending loans of
$39.8 billion
,
$39.3 billion
and
$40.1 billion
, non-U.S. consumer loans of
$3.0 billion
,
$2.9 billion
and
$3.0 billion
, student loans of
$0
,
$0
and
$497 million
and other consumer loans of
$684 million
,
$682 million
and
$1.1 billion
at
December 31, 2017
,
September 30, 2017
and
December 31, 2016
, respectively.
|
(4)
|
Includes consumer finance loans of
$0
,
$0
and
$465 million
, consumer leases of
$2.5 billion
,
$2.3 billion
and
$1.9 billion
and consumer overdrafts of
$163 million
,
$160 million
and
$157 million
at
December 31, 2017
,
September 30, 2017
and
December 31, 2016
, respectively.
|
(5)
|
Consumer loans accounted for under the fair value option were residential mortgage loans of
$567 million
,
$615 million
and
$710 million
and home equity loans of
$361 million
,
$363 million
and
$341 million
at
December 31, 2017
,
September 30, 2017
and
December 31, 2016
, respectively. Commercial loans accounted for under the fair value option were U.S. commercial loans of
$2.6 billion
,
$2.8 billion
and
$2.9 billion
and non-U.S. commercial loans of
$2.2 billion
,
$2.5 billion
and
$3.1 billion
at
December 31, 2017
,
September 30, 2017
and
December 31, 2016
, respectively.
|
(6)
|
Includes U.S. small business commercial loans, including card-related products, of
$13.6 billion
,
$13.6 billion
and
$13.0 billion
at
December 31, 2017
,
September 30, 2017
and
December 31, 2016
, respectively.
|
(7)
|
Includes U.S. commercial real estate loans of
$54.8 billion
,
$55.5 billion
and
$54.3 billion
and non-U.S. commercial real estate loans of
$3.5 billion
,
$4.2 billion
and
$3.1 billion
at
December 31, 2017
,
September 30, 2017
and
December 31, 2016
, respectively.
|
(8)
|
Represents non-U.S. credit card loans, which were included in assets of business held for sale on the Consolidated Balance Sheet. See footnote 2 for more information.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
32
|
Bank of America Corporation and Subsidiaries
|
||||||||||||||||||||||||
Quarterly Average Loans and Leases by Business Segment and All Other
|
||||||||||||||||||||||||
(Dollars in millions)
|
||||||||||||||||||||||||
|
Fourth Quarter 2017
|
|||||||||||||||||||||||
|
Total
Corporation
|
|
|
Consumer Banking
|
|
GWIM
|
|
Global
Banking
|
|
Global
Markets
|
|
All
Other
|
||||||||||||
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage
|
$
|
202,155
|
|
|
|
$
|
73,137
|
|
|
$
|
71,222
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
57,796
|
|
Home equity
|
59,059
|
|
|
|
40,537
|
|
|
4,201
|
|
|
—
|
|
|
360
|
|
|
13,961
|
|
||||||
U.S. credit card
|
93,531
|
|
|
|
90,479
|
|
|
3,052
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Direct/Indirect consumer
|
93,547
|
|
|
|
50,535
|
|
|
43,009
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||||
Other consumer
|
2,566
|
|
|
|
2,562
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||
Total consumer
|
450,858
|
|
|
|
257,250
|
|
|
121,487
|
|
|
—
|
|
|
360
|
|
|
71,761
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. commercial
|
297,851
|
|
|
|
18,448
|
|
|
32,035
|
|
|
201,432
|
|
|
45,719
|
|
|
217
|
|
||||||
Non-U.S. commercial
|
98,692
|
|
|
|
—
|
|
|
25
|
|
|
77,339
|
|
|
21,226
|
|
|
102
|
|
||||||
Commercial real estate
|
58,983
|
|
|
|
18
|
|
|
3,513
|
|
|
49,194
|
|
|
6,228
|
|
|
30
|
|
||||||
Commercial lease financing
|
21,406
|
|
|
|
—
|
|
|
3
|
|
|
22,297
|
|
|
19
|
|
|
(913
|
)
|
||||||
Total commercial
|
476,932
|
|
|
|
18,466
|
|
|
35,576
|
|
|
350,262
|
|
|
73,192
|
|
|
(564
|
)
|
||||||
Total loans and leases
|
$
|
927,790
|
|
|
|
$
|
275,716
|
|
|
$
|
157,063
|
|
|
$
|
350,262
|
|
|
$
|
73,552
|
|
|
$
|
71,197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Third Quarter 2017
|
|||||||||||||||||||||||
|
Total
Corporation
|
|
|
Consumer Banking
|
|
GWIM
|
|
Global
Banking |
|
Global
Markets |
|
All
Other |
||||||||||||
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage
|
$
|
199,240
|
|
|
|
$
|
68,167
|
|
|
$
|
69,518
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
61,555
|
|
Home equity
|
61,225
|
|
|
|
41,585
|
|
|
4,395
|
|
|
—
|
|
|
364
|
|
|
14,881
|
|
||||||
U.S. credit card
|
91,602
|
|
|
|
88,614
|
|
|
2,988
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Direct/Indirect consumer
|
93,510
|
|
|
|
50,067
|
|
|
42,989
|
|
|
—
|
|
|
—
|
|
|
454
|
|
||||||
Other consumer
|
2,762
|
|
|
|
2,349
|
|
|
5
|
|
|
1
|
|
|
—
|
|
|
407
|
|
||||||
Total consumer
|
448,339
|
|
|
|
250,782
|
|
|
119,895
|
|
|
1
|
|
|
364
|
|
|
77,297
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. commercial
|
293,203
|
|
|
|
18,007
|
|
|
30,999
|
|
|
197,841
|
|
|
46,112
|
|
|
244
|
|
||||||
Non-U.S. commercial
|
95,725
|
|
|
|
1
|
|
|
24
|
|
|
76,226
|
|
|
19,437
|
|
|
37
|
|
||||||
Commercial real estate
|
59,044
|
|
|
|
20
|
|
|
3,412
|
|
|
49,247
|
|
|
6,328
|
|
|
37
|
|
||||||
Commercial lease financing
|
21,818
|
|
|
|
—
|
|
|
3
|
|
|
22,778
|
|
|
106
|
|
|
(1,069
|
)
|
||||||
Total commercial
|
469,790
|
|
|
|
18,028
|
|
|
34,438
|
|
|
346,092
|
|
|
71,983
|
|
|
(751
|
)
|
||||||
Total loans and leases
|
$
|
918,129
|
|
|
|
$
|
268,810
|
|
|
$
|
154,333
|
|
|
$
|
346,093
|
|
|
$
|
72,347
|
|
|
$
|
76,546
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Fourth Quarter 2016
|
|||||||||||||||||||||||
|
Total
Corporation
|
|
|
Consumer Banking
|
|
GWIM
|
|
Global
Banking |
|
Global
Markets |
|
All
Other |
||||||||||||
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage
|
$
|
191,003
|
|
|
|
$
|
53,967
|
|
|
$
|
63,566
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
73,468
|
|
Home equity
|
68,021
|
|
|
|
45,209
|
|
|
4,937
|
|
|
—
|
|
|
332
|
|
|
17,543
|
|
||||||
U.S. credit card
|
89,521
|
|
|
|
86,450
|
|
|
3,071
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Non-U.S. credit card
(1)
|
9,051
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,051
|
|
||||||
Direct/Indirect consumer
|
93,527
|
|
|
|
48,839
|
|
|
44,178
|
|
|
—
|
|
|
—
|
|
|
510
|
|
||||||
Other consumer
|
2,462
|
|
|
|
1,976
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
481
|
|
||||||
Total consumer
|
453,585
|
|
|
|
236,441
|
|
|
115,757
|
|
|
2
|
|
|
332
|
|
|
101,053
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. commercial
|
283,491
|
|
|
|
17,140
|
|
|
27,579
|
|
|
194,692
|
|
|
43,778
|
|
|
302
|
|
||||||
Non-U.S. commercial
|
92,344
|
|
|
|
—
|
|
|
22
|
|
|
71,888
|
|
|
20,403
|
|
|
31
|
|
||||||
Commercial real estate
|
57,540
|
|
|
|
21
|
|
|
2,819
|
|
|
48,741
|
|
|
5,891
|
|
|
68
|
|
||||||
Commercial lease financing
|
21,436
|
|
|
|
—
|
|
|
3
|
|
|
22,505
|
|
|
211
|
|
|
(1,283
|
)
|
||||||
Total commercial
|
454,811
|
|
|
|
17,161
|
|
|
30,423
|
|
|
337,826
|
|
|
70,283
|
|
|
(882
|
)
|
||||||
Total loans and leases
(1)
|
$
|
908,396
|
|
|
|
$
|
253,602
|
|
|
$
|
146,180
|
|
|
$
|
337,828
|
|
|
$
|
70,615
|
|
|
$
|
100,171
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Non-U.S. credit card loans were included in assets of business held for sale on the Consolidated Balance Sheet. During the second quarter of 2017, the Corporation sold its non-U.S. consumer credit card business.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
33
|
Bank of America Corporation and Subsidiaries
|
|||||||||||||||||||||||
Commercial Credit Exposure by Industry
(1, 2, 3, 4)
|
|||||||||||||||||||||||
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Commercial Utilized
|
|
Total Commercial Committed
|
||||||||||||||||||||
|
December 31
2017 |
|
September 30
2017 |
|
December 31
2016 |
|
December 31
2017 |
|
September 30
2017 |
|
December 31
2016 |
||||||||||||
Asset managers and funds
|
$
|
59,190
|
|
|
$
|
57,231
|
|
|
$
|
57,659
|
|
|
$
|
91,092
|
|
|
$
|
87,442
|
|
|
$
|
85,561
|
|
Real estate
(5)
|
61,940
|
|
|
64,030
|
|
|
61,203
|
|
|
83,773
|
|
|
85,351
|
|
|
83,658
|
|
||||||
Capital goods
|
36,705
|
|
|
35,919
|
|
|
34,278
|
|
|
70,417
|
|
|
67,385
|
|
|
64,202
|
|
||||||
Government and public education
|
48,684
|
|
|
46,537
|
|
|
45,694
|
|
|
58,067
|
|
|
56,494
|
|
|
54,626
|
|
||||||
Healthcare equipment and services
|
37,780
|
|
|
38,201
|
|
|
37,656
|
|
|
57,256
|
|
|
57,425
|
|
|
64,663
|
|
||||||
Finance companies
|
34,050
|
|
|
34,857
|
|
|
35,452
|
|
|
53,107
|
|
|
53,406
|
|
|
52,953
|
|
||||||
Retailing
|
26,117
|
|
|
27,136
|
|
|
25,577
|
|
|
48,796
|
|
|
48,847
|
|
|
49,082
|
|
||||||
Materials
|
24,001
|
|
|
24,463
|
|
|
22,578
|
|
|
47,386
|
|
|
47,546
|
|
|
44,357
|
|
||||||
Consumer services
|
27,191
|
|
|
27,446
|
|
|
27,413
|
|
|
43,605
|
|
|
42,410
|
|
|
42,523
|
|
||||||
Food, beverage and tobacco
|
23,252
|
|
|
23,471
|
|
|
19,669
|
|
|
42,815
|
|
|
42,650
|
|
|
37,145
|
|
||||||
Energy
|
16,345
|
|
|
16,251
|
|
|
19,686
|
|
|
36,765
|
|
|
36,629
|
|
|
39,231
|
|
||||||
Commercial services and supplies
|
22,100
|
|
|
22,137
|
|
|
21,241
|
|
|
35,496
|
|
|
35,448
|
|
|
35,360
|
|
||||||
Media
|
19,155
|
|
|
13,400
|
|
|
13,419
|
|
|
33,955
|
|
|
25,998
|
|
|
27,116
|
|
||||||
Global commercial banks
|
29,491
|
|
|
26,962
|
|
|
27,267
|
|
|
31,764
|
|
|
29,222
|
|
|
30,712
|
|
||||||
Transportation
|
21,704
|
|
|
21,781
|
|
|
19,805
|
|
|
29,946
|
|
|
30,124
|
|
|
27,483
|
|
||||||
Utilities
|
11,342
|
|
|
12,078
|
|
|
11,349
|
|
|
27,935
|
|
|
27,281
|
|
|
27,140
|
|
||||||
Individuals and trusts
|
18,549
|
|
|
18,860
|
|
|
16,364
|
|
|
25,097
|
|
|
24,728
|
|
|
21,764
|
|
||||||
Technology hardware and equipment
|
10,728
|
|
|
10,824
|
|
|
9,625
|
|
|
22,071
|
|
|
23,777
|
|
|
25,318
|
|
||||||
Vehicle dealers
|
16,896
|
|
|
15,924
|
|
|
16,053
|
|
|
20,361
|
|
|
19,818
|
|
|
19,425
|
|
||||||
Pharmaceuticals and biotechnology
|
5,653
|
|
|
7,568
|
|
|
5,539
|
|
|
18,623
|
|
|
20,231
|
|
|
18,910
|
|
||||||
Software and services
|
8,562
|
|
|
9,256
|
|
|
7,991
|
|
|
18,202
|
|
|
18,440
|
|
|
19,790
|
|
||||||
Consumer durables and apparel
|
8,859
|
|
|
8,878
|
|
|
8,112
|
|
|
17,296
|
|
|
17,207
|
|
|
15,794
|
|
||||||
Food and staples retailing
|
4,955
|
|
|
5,006
|
|
|
4,795
|
|
|
15,589
|
|
|
9,367
|
|
|
8,869
|
|
||||||
Automobiles and components
|
5,988
|
|
|
5,710
|
|
|
5,459
|
|
|
13,318
|
|
|
12,687
|
|
|
12,969
|
|
||||||
Telecommunication services
|
6,389
|
|
|
5,870
|
|
|
6,317
|
|
|
13,108
|
|
|
12,935
|
|
|
16,925
|
|
||||||
Insurance
|
6,411
|
|
|
6,731
|
|
|
7,406
|
|
|
12,990
|
|
|
13,021
|
|
|
13,936
|
|
||||||
Religious and social organizations
|
4,454
|
|
|
4,196
|
|
|
4,423
|
|
|
6,318
|
|
|
6,133
|
|
|
6,252
|
|
||||||
Financial markets infrastructure (clearinghouses)
|
688
|
|
|
649
|
|
|
656
|
|
|
2,403
|
|
|
2,446
|
|
|
3,107
|
|
||||||
Other
|
3,621
|
|
|
5,049
|
|
|
2,206
|
|
|
3,616
|
|
|
5,044
|
|
|
2,210
|
|
||||||
Total commercial credit exposure by industry
|
$
|
600,800
|
|
|
$
|
596,421
|
|
|
$
|
574,892
|
|
|
$
|
981,167
|
|
|
$
|
959,492
|
|
|
$
|
951,081
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes loans and leases, standby letters of credit and financial guarantees, derivative assets, assets held-for-sale, commercial letters of credit, bankers' acceptances, securitized assets, foreclosed properties and other collateral acquired. Derivative assets are carried at fair value, reflect the effects of legally enforceable master netting agreements and have been reduced by cash collateral of $34.6 billion, $35.6 billion and $43.3 billion at
December 31, 2017
,
September 30, 2017
and
December 31, 2016
, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $23.6 billion, $22.3 billion and $22.9 billion, which consists primarily of other marketable securities, at
December 31, 2017
,
September 30, 2017
and
December 31, 2016
, respectively.
|
(2)
|
Total utilized and total committed exposure includes loans of $4.8 billion, $5.3 billion and $6.0 billion and issued letters of credit with a notional amount of $232 million, $234 million and $284 million accounted for under the fair value option at
December 31, 2017
,
September 30, 2017
and
December 31, 2016
, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $4.6 billion, $4.7 billion and $6.7 billion at
December 31, 2017
,
September 30, 2017
and
December 31, 2016
, respectively.
|
(3)
|
Includes U.S. small business commercial exposure.
|
(4)
|
Includes the notional amount of unfunded legally binding lending commitments net of amounts distributed (e.g., syndicated or participated) to other financial institutions.
|
(5)
|
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.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
34
|
Bank of America Corporation and Subsidiaries
|
|||||||||||||||||||||||||||||||
Top 20 Non-U.S. Countries Exposure
|
|||||||||||||||||||||||||||||||
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Funded Loans and Loan Equivalents
(1)
|
|
Unfunded Loan Commitments
|
|
Net Counterparty Exposure
|
|
Securities/
Other
Investments
(2)
|
|
Country Exposure at December 31
2017 |
|
Hedges and Credit Default Protection
(3)
|
|
Net Country Exposure at December 31 2017
(4)
|
|
Increase (Decrease) from September 30
2017 |
||||||||||||||||
United Kingdom
|
$
|
20,089
|
|
|
$
|
14,906
|
|
|
$
|
5,278
|
|
|
$
|
1,962
|
|
|
$
|
42,235
|
|
|
$
|
(4,640
|
)
|
|
$
|
37,595
|
|
|
$
|
(8,107
|
)
|
Germany
|
12,572
|
|
|
9,856
|
|
|
1,061
|
|
|
1,102
|
|
|
24,591
|
|
|
(3,088
|
)
|
|
21,503
|
|
|
(1,680
|
)
|
||||||||
Canada
|
7,037
|
|
|
7,645
|
|
|
2,016
|
|
|
2,579
|
|
|
19,277
|
|
|
(554
|
)
|
|
18,723
|
|
|
(769
|
)
|
||||||||
China
|
13,634
|
|
|
728
|
|
|
746
|
|
|
1,058
|
|
|
16,166
|
|
|
(241
|
)
|
|
15,925
|
|
|
1,742
|
|
||||||||
Brazil
|
7,688
|
|
|
501
|
|
|
342
|
|
|
2,726
|
|
|
11,257
|
|
|
(541
|
)
|
|
10,716
|
|
|
(871
|
)
|
||||||||
Australia
|
5,596
|
|
|
2,840
|
|
|
575
|
|
|
2,022
|
|
|
11,033
|
|
|
(444
|
)
|
|
10,589
|
|
|
789
|
|
||||||||
France
|
4,976
|
|
|
5,591
|
|
|
2,191
|
|
|
2,811
|
|
|
15,569
|
|
|
(5,026
|
)
|
|
10,543
|
|
|
(947
|
)
|
||||||||
India
|
7,229
|
|
|
316
|
|
|
375
|
|
|
3,328
|
|
|
11,248
|
|
|
(751
|
)
|
|
10,497
|
|
|
435
|
|
||||||||
Japan
|
7,399
|
|
|
631
|
|
|
923
|
|
|
1,669
|
|
|
10,622
|
|
|
(1,532
|
)
|
|
9,090
|
|
|
(7,546
|
)
|
||||||||
Hong Kong
|
6,925
|
|
|
187
|
|
|
585
|
|
|
1,056
|
|
|
8,753
|
|
|
(75
|
)
|
|
8,678
|
|
|
392
|
|
||||||||
Netherlands
|
5,357
|
|
|
3,212
|
|
|
650
|
|
|
930
|
|
|
10,149
|
|
|
(1,682
|
)
|
|
8,467
|
|
|
(334
|
)
|
||||||||
South Korea
|
4,934
|
|
|
544
|
|
|
635
|
|
|
2,208
|
|
|
8,321
|
|
|
(420
|
)
|
|
7,901
|
|
|
(80
|
)
|
||||||||
Singapore
|
3,571
|
|
|
312
|
|
|
504
|
|
|
1,953
|
|
|
6,340
|
|
|
(77
|
)
|
|
6,263
|
|
|
99
|
|
||||||||
Switzerland
|
3,792
|
|
|
2,810
|
|
|
274
|
|
|
184
|
|
|
7,060
|
|
|
(1,263
|
)
|
|
5,797
|
|
|
496
|
|
||||||||
Mexico
|
2,883
|
|
|
2,446
|
|
|
226
|
|
|
385
|
|
|
5,940
|
|
|
(453
|
)
|
|
5,487
|
|
|
(1,360
|
)
|
||||||||
Italy
|
2,791
|
|
|
1,490
|
|
|
512
|
|
|
600
|
|
|
5,393
|
|
|
(1,147
|
)
|
|
4,246
|
|
|
245
|
|
||||||||
Belgium
|
2,440
|
|
|
1,184
|
|
|
82
|
|
|
511
|
|
|
4,217
|
|
|
(252
|
)
|
|
3,965
|
|
|
62
|
|
||||||||
United Arab Emirates
|
2,843
|
|
|
351
|
|
|
247
|
|
|
43
|
|
|
3,484
|
|
|
(97
|
)
|
|
3,387
|
|
|
819
|
|
||||||||
Spain
|
2,041
|
|
|
820
|
|
|
260
|
|
|
1,232
|
|
|
4,353
|
|
|
(1,245
|
)
|
|
3,108
|
|
|
62
|
|
||||||||
Turkey
|
2,761
|
|
|
83
|
|
|
66
|
|
|
82
|
|
|
2,992
|
|
|
(3
|
)
|
|
2,989
|
|
|
(120
|
)
|
||||||||
Total top 20 non-U.S. countries exposure
|
$
|
126,558
|
|
|
$
|
56,453
|
|
|
$
|
17,548
|
|
|
$
|
28,441
|
|
|
$
|
229,000
|
|
|
$
|
(23,531
|
)
|
|
$
|
205,469
|
|
|
$
|
(16,673
|
)
|
(1)
|
Includes loans, leases, and other extensions of credit and funds, including letters of credit and due from placements, which have not been reduced by collateral, hedges or credit default protection. Funded loans and loan equivalents are reported net of charge-offs but prior to any allowance for loan and lease losses.
|
(2)
|
Long securities exposures are netted on a single-name basis to, but not below, zero by short exposures and net credit default swaps purchased, consisting of single-name and net indexed and tranched credit default swaps.
|
(3)
|
Represents credit default protection purchased, net of credit default protection sold, which is used to mitigate the Corporation's risk to country exposures as listed, consisting of net single-name and net indexed and tranched credit default swaps. Amounts are calculated based on the credit default swaps notional amount assuming a zero recovery rate less any fair value receivable or payable.
|
(4)
|
Represents country exposure less hedges and credit default protection purchased, net of credit default protection sold.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
35
|
Bank of America Corporation and Subsidiaries
|
||||||||||||||||||||
Nonperforming Loans, Leases and Foreclosed Properties
|
||||||||||||||||||||
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
December 31
2017 |
|
September 30
2017 |
|
June 30
2017 |
|
March 31
2017 |
|
December 31
2016 |
||||||||||
Residential mortgage
|
|
$
|
2,476
|
|
|
$
|
2,518
|
|
|
$
|
2,579
|
|
|
$
|
2,729
|
|
|
$
|
3,056
|
|
Home equity
|
|
2,644
|
|
|
2,691
|
|
|
2,681
|
|
|
2,796
|
|
|
2,918
|
|
|||||
Direct/Indirect consumer
|
|
46
|
|
|
43
|
|
|
19
|
|
|
19
|
|
|
28
|
|
|||||
Other consumer
|
|
—
|
|
|
—
|
|
|
3
|
|
|
2
|
|
|
2
|
|
|||||
Total consumer
|
|
5,166
|
|
|
5,252
|
|
|
5,282
|
|
|
5,546
|
|
|
6,004
|
|
|||||
U.S. commercial
|
|
814
|
|
|
863
|
|
|
1,039
|
|
|
1,246
|
|
|
1,256
|
|
|||||
Non-U.S. commercial
|
|
299
|
|
|
244
|
|
|
269
|
|
|
311
|
|
|
279
|
|
|||||
Commercial real estate
|
|
112
|
|
|
130
|
|
|
123
|
|
|
74
|
|
|
72
|
|
|||||
Commercial lease financing
|
|
24
|
|
|
26
|
|
|
28
|
|
|
37
|
|
|
36
|
|
|||||
|
|
1,249
|
|
|
1,263
|
|
|
1,459
|
|
|
1,668
|
|
|
1,643
|
|
|||||
U.S. small business commercial
|
|
55
|
|
|
55
|
|
|
61
|
|
|
60
|
|
|
60
|
|
|||||
Total commercial
|
|
1,304
|
|
|
1,318
|
|
|
1,520
|
|
|
1,728
|
|
|
1,703
|
|
|||||
Total nonperforming loans and leases
|
|
6,470
|
|
|
6,570
|
|
|
6,802
|
|
|
7,274
|
|
|
7,707
|
|
|||||
Foreclosed properties
(1)
|
|
288
|
|
|
299
|
|
|
325
|
|
|
363
|
|
|
377
|
|
|||||
Total nonperforming loans, leases and foreclosed properties
(2, 3, 4)
|
|
$
|
6,758
|
|
|
$
|
6,869
|
|
|
$
|
7,127
|
|
|
$
|
7,637
|
|
|
$
|
8,084
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fully-insured home loans past due 30 days or more and still accruing
|
|
$
|
4,466
|
|
|
$
|
4,721
|
|
|
$
|
4,970
|
|
|
$
|
5,531
|
|
|
$
|
6,397
|
|
Consumer credit card past due 30 days or more and still accruing
(5)
|
|
1,847
|
|
|
1,657
|
|
|
1,550
|
|
|
1,717
|
|
|
1,725
|
|
|||||
Other loans past due 30 days or more and still accruing
|
|
3,845
|
|
|
3,885
|
|
|
3,428
|
|
|
4,170
|
|
|
4,894
|
|
|||||
Total loans past due 30 days or more and still accruing
(3, 6, 7)
|
|
$
|
10,158
|
|
|
$
|
10,263
|
|
|
$
|
9,948
|
|
|
$
|
11,418
|
|
|
$
|
13,016
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fully-insured home loans past due 90 days or more and still accruing
|
|
$
|
3,230
|
|
|
$
|
3,372
|
|
|
$
|
3,699
|
|
|
$
|
4,226
|
|
|
$
|
4,793
|
|
Consumer credit card past due 90 days or more and still accruing
(8)
|
|
900
|
|
|
810
|
|
|
772
|
|
|
872
|
|
|
848
|
|
|||||
Other loans past due 90 days or more and still accruing
|
|
285
|
|
|
220
|
|
|
199
|
|
|
270
|
|
|
246
|
|
|||||
Total loans past due 90 days or more and still accruing
(3, 6, 7)
|
|
$
|
4,415
|
|
|
$
|
4,402
|
|
|
$
|
4,670
|
|
|
$
|
5,368
|
|
|
$
|
5,887
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming loans, leases and foreclosed properties/Total assets
(9)
|
|
0.30
|
%
|
|
0.30
|
%
|
|
0.32
|
%
|
|
0.34
|
%
|
|
0.37
|
%
|
|||||
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties
(9)
|
|
0.73
|
|
|
0.75
|
|
|
0.78
|
|
|
0.84
|
|
|
0.89
|
|
|||||
Nonperforming loans and leases/Total loans and leases
(9)
|
|
0.69
|
|
|
0.71
|
|
|
0.75
|
|
|
0.80
|
|
|
0.85
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial utilized reservable criticized exposure
(10)
|
|
$
|
13,563
|
|
|
$
|
14,824
|
|
|
$
|
15,640
|
|
|
$
|
16,068
|
|
|
$
|
16,320
|
|
Commercial utilized reservable criticized exposure/Commercial utilized reservable exposure
(10)
|
|
2.65
|
%
|
|
2.91
|
%
|
|
3.13
|
%
|
|
3.27
|
%
|
|
3.35
|
%
|
|||||
Total commercial utilized criticized exposure/Commercial utilized exposure
(10)
|
|
2.58
|
|
|
2.93
|
|
|
3.14
|
|
|
3.19
|
|
|
3.24
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Foreclosed property balances do not include properties insured by certain government-guaranteed loans, principally loans insured by the Federal Housing Administration (FHA), that entered foreclosure of
$801 million
,
$879 million
,
$1.0 billion
,
$1.1 billion
and
$1.2 billion
at
December 31, 2017
,
September 30, 2017
,
June 30, 2017
,
March 31, 2017
and
December 31, 2016
, respectively.
|
(2)
|
Balances do not include past due consumer credit card, consumer loans secured by real estate where repayments are insured by the FHA and individually insured long-term stand-by agreements (fully-insured home loans), and in general, other consumer and commercial loans not secured by real estate.
|
(3)
|
Balances do not include purchased credit-impaired loans even though the customer may be contractually past due. Purchased credit-impaired loans were recorded at fair value upon acquisition and accrete interest income over the remaining life of the loan.
|
(4)
Balances do not include the following:
|
|
December 31
2017 |
|
September 30
2017 |
|
June 30
2017 |
|
March 31
2017 |
|
December 31
2016 |
||||||||||
Nonperforming loans held-for-sale
|
|
$
|
341
|
|
|
$
|
325
|
|
|
$
|
267
|
|
|
$
|
426
|
|
|
$
|
264
|
|
Nonperforming loans accounted for under the fair value option
|
|
69
|
|
|
62
|
|
|
79
|
|
|
95
|
|
|
132
|
|
|||||
Nonaccruing troubled debt restructured loans removed from the purchased credit-impaired portfolio prior to January 1, 2010
|
|
26
|
|
|
24
|
|
|
22
|
|
|
28
|
|
|
27
|
|
(5)
|
Includes $137 million and $130 million of non-U.S. credit card loans at
March 31, 2017
and
December 31, 2016
, which were included in assets of business held for sale on the Consolidated Balance Sheet. During the second quarter of 2017, the Corporation sold its non-U.S. consumer credit card business.
|
(6)
|
Balances do not include loans held-for-sale past due 30 days or more and still accruing of $8 million, $42 million, $25 million, $137 million and $261 million at
December 31, 2017
,
September 30, 2017
,
June 30, 2017
,
March 31, 2017
and
December 31, 2016
, respectively, and loans held-for-sale past due 90 days or more and still accruing of $0, $6 million, $0, $82 million and $182 million at
December 31, 2017
,
September 30, 2017
,
June 30, 2017
,
March 31, 2017
and
December 31, 2016
, respectively. At
December 31, 2017
,
September 30, 2017
,
June 30, 2017
,
March 31, 2017
and
December 31, 2016
, there were $32 million, $40 million, $37 million, $31 million and $38 million, respectively, of loans accounted for under the fair value option past due 30 days or more and still accruing interest.
|
(7)
|
These balances are excluded from total nonperforming loans, leases and foreclosed properties.
|
(8)
|
Includes $71 million and $66 million of non-U.S. credit card loans at
March 31, 2017
and
December 31, 2016
, which were included in assets of business held for sale on the Consolidated Balance Sheet.
|
(9)
|
Total assets and total loans and leases do not include loans accounted for under the fair value option of
$5.7 billion
,
$6.3 billion
, $7.3 billion, $7.5 billion and
$7.1 billion
at
December 31, 2017
,
September 30, 2017
,
June 30, 2017
,
March 31, 2017
and
December 31, 2016
, respectively.
|
(10)
|
Criticized exposure corresponds to the Special Mention, Substandard and Doubtful asset categories defined by regulatory authorities. The reservable criticized exposure excludes loans held-for-sale, exposure accounted for under the fair value option and other nonreservable exposure.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
36
|
Bank of America Corporation and Subsidiaries
|
||||||||||||||||||||
Nonperforming Loans, Leases and Foreclosed Properties Activity
(1)
|
||||||||||||||||||||
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Fourth Quarter 2017
|
|
Third Quarter 2017
|
|
Second Quarter 2017
|
|
First Quarter 2017
|
|
Fourth Quarter 2016
|
||||||||||
Nonperforming Consumer Loans and Leases:
|
|
|
|
|
|
|
||||||||||||||
Balance, beginning of period
|
|
$
|
5,252
|
|
|
$
|
5,282
|
|
|
$
|
5,546
|
|
|
$
|
6,004
|
|
|
$
|
6,350
|
|
Additions
|
|
755
|
|
|
999
|
|
|
682
|
|
|
818
|
|
|
911
|
|
|||||
Reductions:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Paydowns and payoffs
|
|
(173
|
)
|
|
(117
|
)
|
|
(170
|
)
|
|
(230
|
)
|
|
(190
|
)
|
|||||
Sales
|
|
(88
|
)
|
|
(162
|
)
|
|
(119
|
)
|
|
(142
|
)
|
|
(273
|
)
|
|||||
Returns to performing status
(2)
|
|
(337
|
)
|
|
(347
|
)
|
|
(368
|
)
|
|
(386
|
)
|
|
(408
|
)
|
|||||
Charge-offs
(3)
|
|
(193
|
)
|
|
(346
|
)
|
|
(259
|
)
|
|
(240
|
)
|
|
(269
|
)
|
|||||
Transfers to foreclosed properties
|
|
(50
|
)
|
|
(57
|
)
|
|
(53
|
)
|
|
(57
|
)
|
|
(62
|
)
|
|||||
Transfers (to) from loans held-for-sale
|
|
—
|
|
|
—
|
|
|
23
|
|
|
(221
|
)
|
|
(55
|
)
|
|||||
Total net reductions to nonperforming loans and leases
|
|
(86
|
)
|
|
(30
|
)
|
|
(264
|
)
|
|
(458
|
)
|
|
(346
|
)
|
|||||
Total nonperforming consumer loans and leases, end of period
|
|
5,166
|
|
|
5,252
|
|
|
5,282
|
|
|
5,546
|
|
|
6,004
|
|
|||||
Foreclosed properties
|
|
236
|
|
|
259
|
|
|
285
|
|
|
328
|
|
|
363
|
|
|||||
Nonperforming consumer loans, leases and foreclosed properties, end of period
|
|
$
|
5,402
|
|
|
$
|
5,511
|
|
|
$
|
5,567
|
|
|
$
|
5,874
|
|
|
$
|
6,367
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming Commercial Loans and Leases
(4)
:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance, beginning of period
|
|
$
|
1,318
|
|
|
$
|
1,520
|
|
|
$
|
1,728
|
|
|
$
|
1,703
|
|
|
$
|
1,999
|
|
Additions
|
|
444
|
|
|
412
|
|
|
288
|
|
|
472
|
|
|
258
|
|
|||||
Reductions:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Paydowns
|
|
(127
|
)
|
|
(270
|
)
|
|
(266
|
)
|
|
(267
|
)
|
|
(226
|
)
|
|||||
Sales
|
|
(20
|
)
|
|
(61
|
)
|
|
(33
|
)
|
|
(22
|
)
|
|
(152
|
)
|
|||||
Return to performing status
(5)
|
|
(40
|
)
|
|
(100
|
)
|
|
(86
|
)
|
|
(54
|
)
|
|
(90
|
)
|
|||||
Charge-offs
|
|
(143
|
)
|
|
(145
|
)
|
|
(85
|
)
|
|
(82
|
)
|
|
(84
|
)
|
|||||
Transfers to foreclosed properties
|
|
(13
|
)
|
|
—
|
|
|
(5
|
)
|
|
(22
|
)
|
|
(2
|
)
|
|||||
Transfers to loans held-for-sale
|
|
(115
|
)
|
|
(38
|
)
|
|
(21
|
)
|
|
—
|
|
|
—
|
|
|||||
Total net additions (reductions) to nonperforming loans and leases
|
|
(14
|
)
|
|
(202
|
)
|
|
(208
|
)
|
|
25
|
|
|
(296
|
)
|
|||||
Total nonperforming commercial loans and leases, end of period
|
|
1,304
|
|
|
1,318
|
|
|
1,520
|
|
|
1,728
|
|
|
1,703
|
|
|||||
Foreclosed properties
|
|
52
|
|
|
40
|
|
|
40
|
|
|
35
|
|
|
14
|
|
|||||
Nonperforming commercial loans, leases and foreclosed properties, end of period
|
|
$
|
1,356
|
|
|
$
|
1,358
|
|
|
$
|
1,560
|
|
|
$
|
1,763
|
|
|
$
|
1,717
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
For amounts excluded from nonperforming loans, leases and foreclosed properties, see footnotes to
Nonperforming Loans, Leases and Foreclosed Properties
table on page
36
.
|
(2)
|
Consumer 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. Certain troubled debt restructurings are classified as nonperforming at the time of restructuring and may only be returned to performing status after considering the borrower's sustained repayment performance for a reasonable period, generally six months.
|
(3)
|
Our policy is not to classify consumer credit card and non-bankruptcy related consumer loans not secured by real estate as nonperforming; therefore, the charge-offs on these loans have no impact on nonperforming activity and, accordingly, are excluded from this table.
|
(4)
|
Includes U.S. small business commercial activity. Small business card loans are excluded as they are not classified as nonperforming.
|
(5)
|
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. Troubled debt restructurings are generally classified as performing after a sustained period of demonstrated payment performance.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
37
|
Bank of America Corporation and Subsidiaries
|
||||||||||||||||||||||||||||||||||
Quarterly Net Charge-offs and Net Charge-off Ratios
(1, 2)
|
||||||||||||||||||||||||||||||||||
(Dollars in millions)
|
||||||||||||||||||||||||||||||||||
|
Fourth
Quarter 2017 |
|
Third
Quarter 2017 |
|
Second
Quarter 2017 |
|
First
Quarter 2017 |
|
Fourth
Quarter 2016 |
|||||||||||||||||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|||||||||||||||
Net Charge-offs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Residential mortgage
(3)
|
$
|
(16
|
)
|
|
(0.03
|
)%
|
|
$
|
(82
|
)
|
|
(0.16
|
)%
|
|
$
|
(19
|
)
|
|
(0.04
|
)%
|
|
$
|
17
|
|
|
0.04
|
%
|
|
$
|
2
|
|
|
—
|
%
|
Home equity
|
16
|
|
|
0.11
|
|
|
83
|
|
|
0.54
|
|
|
50
|
|
|
0.32
|
|
|
64
|
|
|
0.40
|
|
|
70
|
|
|
0.41
|
|
|||||
U.S. credit card
|
655
|
|
|
2.78
|
|
|
612
|
|
|
2.65
|
|
|
640
|
|
|
2.87
|
|
|
606
|
|
|
2.74
|
|
|
566
|
|
|
2.52
|
|
|||||
Non-U.S. credit card
(4)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31
|
|
|
1.89
|
|
|
44
|
|
|
1.91
|
|
|
41
|
|
|
1.80
|
|
|||||
Direct/Indirect consumer
|
64
|
|
|
0.27
|
|
|
67
|
|
|
0.28
|
|
|
32
|
|
|
0.14
|
|
|
48
|
|
|
0.21
|
|
|
43
|
|
|
0.19
|
|
|||||
Other consumer
|
50
|
|
|
7.91
|
|
|
51
|
|
|
7.23
|
|
|
17
|
|
|
2.64
|
|
|
48
|
|
|
7.61
|
|
|
53
|
|
|
8.57
|
|
|||||
Total consumer
|
769
|
|
|
0.68
|
|
|
731
|
|
|
0.65
|
|
|
751
|
|
|
0.67
|
|
|
827
|
|
|
0.74
|
|
|
775
|
|
|
0.68
|
|
|||||
U.S. commercial
(5)
|
56
|
|
|
0.08
|
|
|
80
|
|
|
0.11
|
|
|
52
|
|
|
0.08
|
|
|
44
|
|
|
0.06
|
|
|
29
|
|
|
0.04
|
|
|||||
Non-U.S. commercial
|
346
|
|
|
1.43
|
|
|
33
|
|
|
0.14
|
|
|
46
|
|
|
0.21
|
|
|
15
|
|
|
0.07
|
|
|
23
|
|
|
0.10
|
|
|||||
Commercial real estate
|
6
|
|
|
0.04
|
|
|
2
|
|
|
0.02
|
|
|
5
|
|
|
0.03
|
|
|
(4
|
)
|
|
(0.03
|
)
|
|
—
|
|
|
—
|
|
|||||
Commercial lease financing
|
5
|
|
|
0.09
|
|
|
(1
|
)
|
|
(0.02
|
)
|
|
1
|
|
|
0.01
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
0.05
|
|
|||||
|
413
|
|
|
0.36
|
|
|
114
|
|
|
0.10
|
|
|
104
|
|
|
0.09
|
|
|
55
|
|
|
0.05
|
|
|
54
|
|
|
0.05
|
|
|||||
U.S. small business commercial
|
55
|
|
|
1.58
|
|
|
55
|
|
|
1.61
|
|
|
53
|
|
|
1.60
|
|
|
52
|
|
|
1.61
|
|
|
51
|
|
|
1.55
|
|
|||||
Total commercial
|
468
|
|
|
0.39
|
|
|
169
|
|
|
0.14
|
|
|
157
|
|
|
0.14
|
|
|
107
|
|
|
0.10
|
|
|
105
|
|
|
0.09
|
|
|||||
Total net charge-offs
|
$
|
1,237
|
|
|
0.53
|
|
|
$
|
900
|
|
|
0.39
|
|
|
$
|
908
|
|
|
0.40
|
|
|
$
|
934
|
|
|
0.42
|
|
|
$
|
880
|
|
|
0.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
By Business Segment and All Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Consumer Banking
|
$
|
839
|
|
|
1.21
|
%
|
|
$
|
800
|
|
|
1.18
|
%
|
|
$
|
791
|
|
|
1.21
|
%
|
|
$
|
772
|
|
|
1.21
|
%
|
|
$
|
732
|
|
|
1.15
|
%
|
Global Wealth & Investment Management
|
4
|
|
|
0.01
|
|
|
11
|
|
|
0.03
|
|
|
8
|
|
|
0.02
|
|
|
21
|
|
|
0.06
|
|
|
17
|
|
|
0.05
|
|
|||||
Global Banking
|
264
|
|
|
0.30
|
|
|
106
|
|
|
0.12
|
|
|
98
|
|
|
0.11
|
|
|
51
|
|
|
0.06
|
|
|
50
|
|
|
0.06
|
|
|||||
Global Markets
|
146
|
|
|
0.83
|
|
|
23
|
|
|
0.13
|
|
|
1
|
|
|
0.01
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
All Other
(4)
|
(16
|
)
|
|
(0.09
|
)
|
|
(40
|
)
|
|
(0.21
|
)
|
|
10
|
|
|
0.05
|
|
|
90
|
|
|
0.39
|
|
|
81
|
|
|
0.33
|
|
|||||
Total net charge-offs
|
$
|
1,237
|
|
|
0.53
|
|
|
$
|
900
|
|
|
0.39
|
|
|
$
|
908
|
|
|
0.40
|
|
|
$
|
934
|
|
|
0.42
|
|
|
$
|
880
|
|
|
0.39
|
|
|
(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 during the period for each loan and lease category. Excluding the purchased credit-impaired loan portfolio, total annualized net charge-offs as a percentage of total average loans and leases outstanding were
0.54
,
0.40
,
0.41
and
0.42
for the
fourth
,
third
,
second
and
first
quarters of
2017
, respectively, and
0.39
for the
fourth
quarter of
2016
.
|
(2)
|
Excludes write-offs of purchased credit-impaired loans of
$46 million
,
$73 million
,
$55 million
and
$33 million
for the
fourth
,
third
,
second
and
first
quarters of
2017
, respectively, and
$70 million
for the
fourth
quarter of
2016
. Including the write-offs of purchased credit-impaired loans, total annualized net charge-offs and purchased credit-impaired write-offs as a percentage of total average loans and leases outstanding were
0.55
,
0.42
,
0.43
and
0.43
for the
fourth
,
third
,
second
and
first
quarters of
2017
, respectively, and
0.42
for the
fourth
quarter of
2016
.
|
(3)
|
Includes loan sales recoveries of
$3 million
,
$88 million
,
$3 million
and
$11 million
for the
fourth
,
third
,
second
and
first
quarters of
2017
, respectively, and
$9 million
for the
fourth
quarter of
2016
.
|
(4)
|
Represents net charge-offs of non-U.S. credit card loans recorded in
All Other
, which were included in assets of business held for sale on the Consolidated Balance Sheet at March 31, 2017 and December 31, 2016. During the second quarter of 2017, the Corporation sold its non-U.S. consumer credit card business.
|
(5)
|
Excludes U.S. small business commercial loans.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
38
|
Bank of America Corporation and Subsidiaries
|
|||||||||||||
Annual Net Charge-offs and Net Charge-off Ratios
(1, 2)
|
|||||||||||||
(Dollars in millions)
|
|||||||||||||
|
Year Ended December 31
|
||||||||||||
|
2017
|
|
2016
|
||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||
Net Charge-offs
|
|
|
|
|
|
|
|
||||||
Residential mortgage
(3)
|
$
|
(100
|
)
|
|
(0.05
|
)%
|
|
$
|
131
|
|
|
0.07
|
%
|
Home equity
|
213
|
|
|
0.34
|
|
|
405
|
|
|
0.57
|
|
||
U.S. credit card
|
2,513
|
|
|
2.76
|
|
|
2,269
|
|
|
2.58
|
|
||
Non-U.S. credit card
(4)
|
75
|
|
|
1.91
|
|
|
175
|
|
|
1.83
|
|
||
Direct/Indirect consumer
|
211
|
|
|
0.23
|
|
|
134
|
|
|
0.15
|
|
||
Other consumer
|
166
|
|
|
6.35
|
|
|
205
|
|
|
8.95
|
|
||
Total consumer
|
3,078
|
|
|
0.68
|
|
|
3,319
|
|
|
0.74
|
|
||
U.S. commercial
(5)
|
232
|
|
|
0.08
|
|
|
184
|
|
|
0.07
|
|
||
Non-U.S. commercial
|
440
|
|
|
0.48
|
|
|
120
|
|
|
0.13
|
|
||
Commercial real estate
|
9
|
|
|
0.02
|
|
|
(31
|
)
|
|
(0.05
|
)
|
||
Commercial lease financing
|
5
|
|
|
0.02
|
|
|
21
|
|
|
0.10
|
|
||
|
686
|
|
|
0.15
|
|
|
294
|
|
|
0.07
|
|
||
U.S. small business commercial
|
215
|
|
|
1.60
|
|
|
208
|
|
|
1.60
|
|
||
Total commercial
|
901
|
|
|
0.20
|
|
|
502
|
|
|
0.11
|
|
||
Total net charge-offs
|
$
|
3,979
|
|
|
0.44
|
|
|
$
|
3,821
|
|
|
0.43
|
|
|
|
|
|
|
|
|
|
||||||
By Business Segment and All Other
|
|
|
|
|
|
|
|
||||||
Consumer Banking
|
$
|
3,202
|
|
|
1.20
|
%
|
|
$
|
2,896
|
|
|
1.18
|
%
|
Global Wealth & Investment Management
|
44
|
|
|
0.03
|
|
|
48
|
|
|
0.03
|
|
||
Global Banking
|
519
|
|
|
0.15
|
|
|
291
|
|
|
0.09
|
|
||
Global Markets
|
170
|
|
|
0.25
|
|
|
9
|
|
|
0.01
|
|
||
All Other
(4)
|
44
|
|
|
0.05
|
|
|
577
|
|
|
0.54
|
|
||
Total net charge-offs
|
$
|
3,979
|
|
|
0.44
|
|
|
$
|
3,821
|
|
|
0.43
|
|
|
|
|
|
|
|
|
|
(1)
|
Net charge-off ratios are calculated as net charge-offs divided by average outstanding loans and leases excluding loans accounted for under the fair value option during the period for each loan and lease category. Excluding the purchased credit-impaired loan portfolio, total net charge-offs as a percentage of total average loans and leases outstanding were
0.44
for both of the years ended
December 31, 2017 and 2016
.
|
(2)
|
Excludes write-offs of purchased credit-impaired loans of
$207 million
and
$340 million
for the years ended
December 31, 2017 and 2016
. Including the write-offs of purchased credit-impaired loans, total net charge-offs and purchased credit-impaired write-offs as a percentage of total average loans and leases outstanding were
0.46
and
0.47
for the years ended
December 31, 2017 and 2016
.
|
(3)
|
Includes loan sales charge-offs (recoveries) of
$(105) million
and
$26 million
for the years ended
December 31, 2017 and 2016
.
|
(4)
|
Represents net charge-offs of non-U.S. credit card loans recorded in
All Other
, which were included in assets of business held for sale on the Consolidated Balance Sheet at December 31, 2016. During the second quarter of 2017, the Corporation sold its non-U.S. consumer credit card business.
|
(5)
|
Excludes U.S. small business commercial loans.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
39
|
Bank of America Corporation and Subsidiaries
|
||||||||||||||||||||||||||||||
Allocation of the Allowance for Credit Losses by Product Type
|
||||||||||||||||||||||||||||||
(Dollars in millions)
|
||||||||||||||||||||||||||||||
|
|
December 31, 2017
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||||||
Allowance for loan and lease losses
|
|
Amount
|
|
Percent
of
Total
|
|
Percent of
Loans and
Leases
Outstanding
(1, 2)
|
|
Amount
|
|
Percent
of
Total
|
|
Percent of
Loans and
Leases
Outstanding
(1, 2)
|
|
Amount
|
|
Percent
of
Total
|
|
Percent of
Loans and
Leases
Outstanding
(1, 2)
|
||||||||||||
Residential mortgage
|
|
$
|
701
|
|
|
6.74
|
%
|
|
0.34
|
%
|
|
$
|
813
|
|
|
7.60
|
%
|
|
0.41
|
%
|
|
$
|
1,012
|
|
|
8.82
|
%
|
|
0.53
|
%
|
Home equity
|
|
1,019
|
|
|
9.80
|
|
|
1.76
|
|
|
1,219
|
|
|
11.40
|
|
|
2.04
|
|
|
1,738
|
|
|
15.14
|
|
|
2.62
|
|
|||
U.S. credit card
|
|
3,368
|
|
|
32.41
|
|
|
3.50
|
|
|
3,263
|
|
|
30.52
|
|
|
3.52
|
|
|
2,934
|
|
|
25.56
|
|
|
3.18
|
|
|||
Non-U.S.credit card
(3)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
243
|
|
|
2.12
|
|
|
2.64
|
|
|||
Direct/Indirect consumer
|
|
262
|
|
|
2.52
|
|
|
0.28
|
|
|
255
|
|
|
2.38
|
|
|
0.27
|
|
|
244
|
|
|
2.13
|
|
|
0.26
|
|
|||
Other consumer
|
|
33
|
|
|
0.32
|
|
|
1.22
|
|
|
32
|
|
|
0.30
|
|
|
1.32
|
|
|
51
|
|
|
0.44
|
|
|
2.01
|
|
|||
Total consumer
|
|
5,383
|
|
|
51.79
|
|
|
1.18
|
|
|
5,582
|
|
|
52.20
|
|
|
1.25
|
|
|
6,222
|
|
|
54.21
|
|
|
1.36
|
|
|||
U.S. commercial
(4)
|
|
3,113
|
|
|
29.95
|
|
|
1.04
|
|
|
3,199
|
|
|
29.92
|
|
|
1.08
|
|
|
3,326
|
|
|
28.97
|
|
|
1.17
|
|
|||
Non-U.S.commercial
|
|
803
|
|
|
7.73
|
|
|
0.82
|
|
|
812
|
|
|
7.59
|
|
|
0.85
|
|
|
874
|
|
|
7.61
|
|
|
0.98
|
|
|||
Commercial real estate
|
|
935
|
|
|
9.00
|
|
|
1.60
|
|
|
956
|
|
|
8.94
|
|
|
1.60
|
|
|
920
|
|
|
8.01
|
|
|
1.60
|
|
|||
Commercial lease financing
|
|
159
|
|
|
1.53
|
|
|
0.72
|
|
|
144
|
|
|
1.35
|
|
|
0.67
|
|
|
138
|
|
|
1.20
|
|
|
0.62
|
|
|||
Total commercial
(5)
|
|
5,010
|
|
|
48.21
|
|
|
1.05
|
|
|
5,111
|
|
|
47.80
|
|
|
1.08
|
|
|
5,258
|
|
|
45.79
|
|
|
1.16
|
|
|||
Total allowance for loan and lease losses
|
|
10,393
|
|
|
100.00
|
%
|
|
1.12
|
|
|
10,693
|
|
|
100.00
|
%
|
|
1.16
|
|
|
11,480
|
|
|
100.00
|
%
|
|
1.26
|
|
|||
Less: Allowance included in assets of business held for sale
(6)
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
(243
|
)
|
|
|
|
|
|||||||||
Allowance for loan and lease losses
|
|
10,393
|
|
|
|
|
|
|
10,693
|
|
|
|
|
|
|
11,237
|
|
|
|
|
|
|||||||||
Reserve for unfunded lending commitments
|
|
777
|
|
|
|
|
|
|
762
|
|
|
|
|
|
|
762
|
|
|
|
|
|
|||||||||
Allowance for credit losses
|
|
$
|
11,170
|
|
|
|
|
|
|
$
|
11,455
|
|
|
|
|
|
|
$
|
11,999
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Asset Quality Indicators
(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for loan and lease losses/Total loans and leases
(2)
|
|
|
|
1.12
|
%
|
|
|
|
|
|
1.16
|
%
|
|
|
|
|
|
1.26
|
%
|
|
|
|||||||||
Allowance for loan and lease losses (excluding the valuation allowance for purchased credit-impaired loans)/Total loans and leases (excluding purchased credit-impaired loans)
(2, 7)
|
|
|
|
1.10
|
|
|
|
|
|
|
1.14
|
|
|
|
|
|
|
1.24
|
|
|
|
|||||||||
Allowance for loan and lease losses/Total nonperforming loans and leases
(8)
|
|
|
|
161
|
|
|
|
|
|
|
163
|
|
|
|
|
|
|
149
|
|
|
|
|||||||||
Allowance for loan and lease losses (excluding the valuation allowance for purchased credit-impaired loans)/Total nonperforming loans and leases
(7, 8)
|
|
|
|
156
|
|
|
|
|
|
|
158
|
|
|
|
|
|
|
144
|
|
|
|
|||||||||
Ratio of the allowance for loan and lease losses/Annualized net charge-offs
(9)
|
|
|
|
2.12
|
|
|
|
|
|
|
3.00
|
|
|
|
|
|
|
3.28
|
|
|
|
|||||||||
Ratio of the allowance for loan and lease losses (excluding the valuation allowance for purchased credit-impaired loans)/Annualized net charge-offs
(7, 9)
|
|
|
|
2.06
|
|
|
|
|
|
|
2.91
|
|
|
|
|
|
|
3.16
|
|
|
|
|||||||||
Ratio of the allowance for loan and lease losses/Annualized net charge-offs and purchased credit-impaired write-offs
|
|
|
|
2.04
|
|
|
|
|
|
|
2.77
|
|
|
|
|
|
|
3.04
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
$567 million
,
$615 million
and
$710 million
and home equity loans of
$361 million
,
$363 million
and
$341 million
at
December 31, 2017
,
September 30, 2017
and
December 31, 2016
, respectively. Commercial loans accounted for under the fair value option included U.S. commercial loans of
$2.6 billion
,
$2.8 billion
and
$2.9 billion
and non-U.S. commercial loans of
$2.2 billion
,
$2.5 billion
and
$3.1 billion
at
December 31, 2017
,
September 30, 2017
and
December 31, 2016
, respectively.
|
(2)
|
Total loans and leases do not include loans accounted for under the fair value option of
$5.7 billion
,
$6.3 billion
and
$7.1 billion
at
December 31, 2017
,
September 30, 2017
and
December 31, 2016
, respectively.
|
(3)
|
During the second quarter of 2017, the Corporation sold its non-U.S. consumer credit card business.
|
(4)
|
Includes allowance for loan and lease losses for U.S. small business commercial loans of
$439 million
,
$422 million
and
$416 million
at
December 31, 2017
,
September 30, 2017
and
December 31, 2016
, respectively.
|
(5)
|
Includes allowance for loan and lease losses for impaired commercial loans of
$190 million
,
$232 million
and
$273 million
at
December 31, 2017
,
September 30, 2017
and
December 31, 2016
, respectively.
|
(6)
|
Indicators at December 31, 2016 include $243 million of non-U.S. credit card allowance and $9.2 billion of non-U.S. credit card loans, which were included in assets of business held for sale on the Consolidated Balance Sheet at December 31, 2016. See footnote 3 for more information.
|
(7)
|
Excludes valuation allowance on purchased credit-impaired loans of
$289 million
,
$315 million
and
$419 million
at
December 31, 2017
,
September 30, 2017
and
December 31, 2016
, respectively.
|
(8)
|
Allowance for loan and lease losses includes
$4.0 billion
,
$3.9 billion
and
$4.0 billion
allocated to products (primarily the Consumer Lending portfolios within
Consumer Banking
and purchased credit-impaired loans) that are excluded from nonperforming loans and leases at
December 31, 2017
,
September 30, 2017
and
December 31, 2016
, respectively. Excluding these amounts, allowance for loan and lease losses as a percentage of total nonperforming loans and leases was
99 percent
,
104 percent
and
98 percent
at
December 31, 2017
,
September 30, 2017
and
December 31, 2016
, respectively.
|
(9)
|
Net charge-offs exclude
$46 million
,
$73 million
and
$70 million
of write-offs in the purchased credit-impaired loan portfolio for the three months ended
December 31, 2017
,
September 30, 2017
and
December 31, 2016
, respectively.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
40
|
Exhibit A: Non-GAAP Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America Corporation and Subsidiaries
|
|
|
|
|
|
Reconciliations to GAAP Financial Measures
|
|
|
|
|
|
(Dollars in millions)
|
|
|
|
|
|
|
|
Year Ended
December 31 |
|
|
Fourth
Quarter 2017 |
|
Third
Quarter 2017 |
|
Second
Quarter 2017 |
|
First
Quarter 2017 |
|
Fourth
Quarter 2016 |
||||||||||||||||
|
|
2017
|
|
2016
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Reconciliation of net interest income to net interest income on a fully taxable-equivalent basis
|
|||||||||||||||||||||||||||||
Net interest income
|
|
$
|
44,667
|
|
|
$
|
41,096
|
|
|
|
$
|
11,462
|
|
|
$
|
11,161
|
|
|
$
|
10,986
|
|
|
$
|
11,058
|
|
|
$
|
10,292
|
|
Fully taxable-equivalent adjustment
|
|
925
|
|
|
900
|
|
|
|
251
|
|
|
240
|
|
|
237
|
|
|
197
|
|
|
234
|
|
|||||||
Net interest income on a fully taxable-equivalent basis
|
|
$
|
45,592
|
|
|
$
|
41,996
|
|
|
|
$
|
11,713
|
|
|
$
|
11,401
|
|
|
$
|
11,223
|
|
|
$
|
11,255
|
|
|
$
|
10,526
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Reconciliation of total revenue, net of interest expense to total revenue, net of interest expense on a fully taxable-equivalent basis
|
|||||||||||||||||||||||||||||
Total revenue, net of interest expense
|
|
$
|
87,352
|
|
|
$
|
83,701
|
|
|
|
$
|
20,436
|
|
|
$
|
21,839
|
|
|
$
|
22,829
|
|
|
$
|
22,248
|
|
|
$
|
19,990
|
|
Fully taxable-equivalent adjustment
|
|
925
|
|
|
900
|
|
|
|
251
|
|
|
240
|
|
|
237
|
|
|
197
|
|
|
234
|
|
|||||||
Total revenue, net of interest expense on a fully taxable-equivalent basis
|
|
$
|
88,277
|
|
|
$
|
84,601
|
|
|
|
$
|
20,687
|
|
|
$
|
22,079
|
|
|
$
|
23,066
|
|
|
$
|
22,445
|
|
|
$
|
20,224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Reconciliation of income tax expense to income tax expense on a fully taxable-equivalent basis
|
|||||||||||||||||||||||||||||
Income tax expense
|
|
$
|
10,981
|
|
|
$
|
7,199
|
|
|
|
$
|
3,796
|
|
|
$
|
2,187
|
|
|
$
|
3,015
|
|
|
$
|
1,983
|
|
|
$
|
1,268
|
|
Fully taxable-equivalent adjustment
|
|
925
|
|
|
900
|
|
|
|
251
|
|
|
240
|
|
|
237
|
|
|
197
|
|
|
234
|
|
|||||||
Income tax expense on a fully taxable-equivalent basis
|
|
$
|
11,906
|
|
|
$
|
8,099
|
|
|
|
$
|
4,047
|
|
|
$
|
2,427
|
|
|
$
|
3,252
|
|
|
$
|
2,180
|
|
|
$
|
1,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Reconciliation of average common shareholders' equity to average tangible common shareholders' equity
|
|||||||||||||||||||||||||||||
Common shareholders' equity
|
|
$
|
247,101
|
|
|
$
|
241,187
|
|
|
|
$
|
250,838
|
|
|
$
|
249,214
|
|
|
$
|
245,756
|
|
|
$
|
242,480
|
|
|
$
|
244,519
|
|
Goodwill
|
|
(69,286
|
)
|
|
(69,750
|
)
|
|
|
(68,954
|
)
|
|
(68,969
|
)
|
|
(69,489
|
)
|
|
(69,744
|
)
|
|
(69,745
|
)
|
|||||||
Intangible assets (excluding mortgage servicing rights)
|
|
(2,652
|
)
|
|
(3,382
|
)
|
|
|
(2,399
|
)
|
|
(2,549
|
)
|
|
(2,743
|
)
|
|
(2,923
|
)
|
|
(3,091
|
)
|
|||||||
Related deferred tax liabilities
|
|
1,463
|
|
|
1,644
|
|
|
|
1,344
|
|
|
1,465
|
|
|
1,506
|
|
|
1,539
|
|
|
1,580
|
|
|||||||
Tangible common shareholders' equity
|
|
$
|
176,626
|
|
|
$
|
169,699
|
|
|
|
$
|
180,829
|
|
|
$
|
179,161
|
|
|
$
|
175,030
|
|
|
$
|
171,352
|
|
|
$
|
173,263
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Reconciliation of average shareholders' equity to average tangible shareholders' equity
|
|||||||||||||||||||||||||||||
Shareholders' equity
|
|
$
|
271,289
|
|
|
$
|
265,843
|
|
|
|
$
|
273,162
|
|
|
$
|
273,238
|
|
|
$
|
270,977
|
|
|
$
|
267,700
|
|
|
$
|
269,739
|
|
Goodwill
|
|
(69,286
|
)
|
|
(69,750
|
)
|
|
|
(68,954
|
)
|
|
(68,969
|
)
|
|
(69,489
|
)
|
|
(69,744
|
)
|
|
(69,745
|
)
|
|||||||
Intangible assets (excluding mortgage servicing rights)
|
|
(2,652
|
)
|
|
(3,382
|
)
|
|
|
(2,399
|
)
|
|
(2,549
|
)
|
|
(2,743
|
)
|
|
(2,923
|
)
|
|
(3,091
|
)
|
|||||||
Related deferred tax liabilities
|
|
1,463
|
|
|
1,644
|
|
|
|
1,344
|
|
|
1,465
|
|
|
1,506
|
|
|
1,539
|
|
|
1,580
|
|
|||||||
Tangible shareholders' equity
|
|
$
|
200,814
|
|
|
$
|
194,355
|
|
|
|
$
|
203,153
|
|
|
$
|
203,185
|
|
|
$
|
200,251
|
|
|
$
|
196,572
|
|
|
$
|
198,483
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
42
|