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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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o
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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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The Corporation reports the results of operations of its four business segments and
All Other
on a fully-taxable equivalent (FTE) basis. Additionally, the results for the total Corporation as presented on pages 14-16 are reported on an FTE basis.
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Bank of America Corporation and Subsidiaries
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Consolidated Financial Highlights
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||||||||||||||||||||||||||||
(In millions, except per share information)
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||||||||||||||||||||||||||||
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Year Ended
December 31 |
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Fourth
Quarter 2018 |
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Third
Quarter 2018 |
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Second
Quarter 2018 |
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First
Quarter 2018 |
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Fourth
Quarter 2017 |
||||||||||||||||
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2018
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2017
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Income statement
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||||||||||||||
Net interest income
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$
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47,432
|
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|
$
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44,667
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$
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12,304
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$
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11,870
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$
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11,650
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$
|
11,608
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$
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11,462
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Noninterest income
|
43,815
|
|
|
42,685
|
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10,432
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|
10,907
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10,959
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11,517
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8,974
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|||||||
Total revenue, net of interest expense
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91,247
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87,352
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22,736
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22,777
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22,609
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23,125
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20,436
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|||||||
Provision for credit losses
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3,282
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3,396
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905
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716
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827
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834
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1,001
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|||||||
Noninterest expense
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53,381
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54,743
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13,133
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13,067
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13,284
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13,897
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13,274
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Income tax expense
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6,437
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10,981
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1,420
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1,827
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1,714
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1,476
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3,796
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|||||||
Net income
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28,147
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18,232
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7,278
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7,167
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6,784
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6,918
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2,365
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Preferred stock dividends
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1,451
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1,614
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239
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466
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318
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428
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286
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|||||||
Net income applicable to common shareholders
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26,696
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16,618
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7,039
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6,701
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6,466
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6,490
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2,079
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|||||||
Diluted earnings per common share
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2.61
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1.56
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0.70
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0.66
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0.63
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0.62
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0.20
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Average diluted common shares issued and outstanding
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10,236.9
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10,778.4
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9,996.0
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10,170.8
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10,309.4
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10,472.7
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10,621.8
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Dividends paid per common share
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$
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0.54
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$
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0.39
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$
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0.15
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$
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0.15
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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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0.12
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Performance ratios
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Return on average assets
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1.21
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%
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0.80
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%
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1.24
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%
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1.23
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%
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1.17
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%
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1.21
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%
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0.41
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%
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|||||||
Return on average common shareholders’ equity
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11.04
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6.72
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11.57
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10.99
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10.75
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10.85
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3.29
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Return on average shareholders’ equity
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10.63
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6.72
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10.95
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10.74
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10.26
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10.57
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3.43
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Return on average tangible common shareholders’ equity
(1)
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15.55
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9.41
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16.29
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15.48
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15.15
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15.26
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4.56
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Return on average tangible shareholders’ equity
(1)
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14.46
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9.08
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14.90
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14.61
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13.95
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14.37
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4.62
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Efficiency ratio
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58.50
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62.67
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57.76
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57.37
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58.76
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60.09
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64.95
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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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25.13
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$
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23.80
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$
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25.13
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$
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24.33
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$
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24.07
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$
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23.74
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$
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23.80
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Tangible book value per share of common stock
(1)
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17.91
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16.96
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17.91
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17.23
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17.07
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16.84
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16.96
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Market capitalization
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238,251
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303,681
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238,251
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290,424
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282,259
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305,176
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303,681
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Number of financial centers - U.S.
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4,341
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4,477
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4,341
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4,385
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4,433
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4,452
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4,477
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Number of branded ATMs - U.S.
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16,255
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16,039
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16,255
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16,089
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16,050
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|
|
16,011
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|
|
16,039
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|||||||
Headcount
|
204,489
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|
|
209,376
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204,489
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204,681
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207,992
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|
|
207,953
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|
|
209,376
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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 page
39
.)
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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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Bank of America Corporation and Subsidiaries
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|||||||||||||||||||||||||||||
Consolidated Statement of Income
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|||||||||||||||||||||||||||||
(In millions, except per share information)
|
|||||||||||||||||||||||||||||
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Year Ended
December 31 |
|
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Fourth Quarter 2018
|
|
Third Quarter 2018
|
|
Second Quarter 2018
|
|
First Quarter 2018
|
|
Fourth Quarter 2017
|
||||||||||||||||
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2018
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2017
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|
|||||||||||||||||||||||
Interest income
|
|
|
|
|
|
|
|
|
|
|
|
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|
||||||||||||||
Loans and leases
|
|
$
|
40,811
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|
|
$
|
36,221
|
|
|
|
$
|
10,716
|
|
|
$
|
10,401
|
|
|
$
|
10,071
|
|
|
$
|
9,623
|
|
|
$
|
9,344
|
|
Debt securities
|
|
11,724
|
|
|
10,471
|
|
|
|
3,078
|
|
|
2,986
|
|
|
2,856
|
|
|
2,804
|
|
|
2,707
|
|
|||||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
|
3,176
|
|
|
2,390
|
|
|
|
1,046
|
|
|
799
|
|
|
709
|
|
|
622
|
|
|
732
|
|
|||||||
Trading account assets
|
|
4,811
|
|
|
4,474
|
|
|
|
1,305
|
|
|
1,172
|
|
|
1,198
|
|
|
1,136
|
|
|
1,144
|
|
|||||||
Other interest income
|
|
6,247
|
|
|
4,023
|
|
|
|
1,691
|
|
|
1,607
|
|
|
1,535
|
|
|
1,414
|
|
|
1,139
|
|
|||||||
Total interest income
|
|
66,769
|
|
|
57,579
|
|
|
|
17,836
|
|
|
16,965
|
|
|
16,369
|
|
|
15,599
|
|
|
15,066
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Deposits
|
|
4,495
|
|
|
1,931
|
|
|
|
1,562
|
|
|
1,230
|
|
|
943
|
|
|
760
|
|
|
679
|
|
|||||||
Short-term borrowings
|
|
5,839
|
|
|
3,538
|
|
|
|
1,716
|
|
|
1,526
|
|
|
1,462
|
|
|
1,135
|
|
|
1,030
|
|
|||||||
Trading account liabilities
|
|
1,358
|
|
|
1,204
|
|
|
|
318
|
|
|
335
|
|
|
348
|
|
|
357
|
|
|
314
|
|
|||||||
Long-term debt
|
|
7,645
|
|
|
6,239
|
|
|
|
1,936
|
|
|
2,004
|
|
|
1,966
|
|
|
1,739
|
|
|
1,581
|
|
|||||||
Total interest expense
|
|
19,337
|
|
|
12,912
|
|
|
|
5,532
|
|
|
5,095
|
|
|
4,719
|
|
|
3,991
|
|
|
3,604
|
|
|||||||
Net interest income
|
|
47,432
|
|
|
44,667
|
|
|
|
12,304
|
|
|
11,870
|
|
|
11,650
|
|
|
11,608
|
|
|
11,462
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Noninterest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Card income
|
|
6,051
|
|
|
5,902
|
|
|
|
1,582
|
|
|
1,470
|
|
|
1,542
|
|
|
1,457
|
|
|
1,555
|
|
|||||||
Service charges
|
|
7,767
|
|
|
7,818
|
|
|
|
1,931
|
|
|
1,961
|
|
|
1,954
|
|
|
1,921
|
|
|
1,955
|
|
|||||||
Investment and brokerage services
|
|
14,160
|
|
|
13,836
|
|
|
|
3,544
|
|
|
3,494
|
|
|
3,458
|
|
|
3,664
|
|
|
3,522
|
|
|||||||
Investment banking income
|
|
5,327
|
|
|
6,011
|
|
|
|
1,348
|
|
|
1,204
|
|
|
1,422
|
|
|
1,353
|
|
|
1,418
|
|
|||||||
Trading account profits
|
|
8,540
|
|
|
7,277
|
|
|
|
1,633
|
|
|
1,893
|
|
|
2,315
|
|
|
2,699
|
|
|
1,153
|
|
|||||||
Other income (loss)
|
|
1,970
|
|
|
1,841
|
|
|
|
394
|
|
|
885
|
|
|
268
|
|
|
423
|
|
|
(629
|
)
|
|||||||
Total noninterest income
|
|
43,815
|
|
|
42,685
|
|
|
|
10,432
|
|
|
10,907
|
|
|
10,959
|
|
|
11,517
|
|
|
8,974
|
|
|||||||
Total revenue, net of interest expense
|
|
91,247
|
|
|
87,352
|
|
|
|
22,736
|
|
|
22,777
|
|
|
22,609
|
|
|
23,125
|
|
|
20,436
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Provision for credit losses
|
|
3,282
|
|
|
3,396
|
|
|
|
905
|
|
|
716
|
|
|
827
|
|
|
834
|
|
|
1,001
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Personnel
|
|
31,880
|
|
|
31,931
|
|
|
|
7,735
|
|
|
7,721
|
|
|
7,944
|
|
|
8,480
|
|
|
7,605
|
|
|||||||
Occupancy
|
|
4,066
|
|
|
4,009
|
|
|
|
1,015
|
|
|
1,015
|
|
|
1,022
|
|
|
1,014
|
|
|
1,009
|
|
|||||||
Equipment
|
|
1,705
|
|
|
1,692
|
|
|
|
427
|
|
|
421
|
|
|
415
|
|
|
442
|
|
|
411
|
|
|||||||
Marketing
|
|
1,674
|
|
|
1,746
|
|
|
|
513
|
|
|
421
|
|
|
395
|
|
|
345
|
|
|
511
|
|
|||||||
Professional fees
|
|
1,699
|
|
|
1,888
|
|
|
|
480
|
|
|
439
|
|
|
399
|
|
|
381
|
|
|
471
|
|
|||||||
Data processing
|
|
3,222
|
|
|
3,139
|
|
|
|
824
|
|
|
791
|
|
|
797
|
|
|
810
|
|
|
795
|
|
|||||||
Telecommunications
|
|
699
|
|
|
699
|
|
|
|
177
|
|
|
173
|
|
|
166
|
|
|
183
|
|
|
161
|
|
|||||||
Other general operating
|
|
8,436
|
|
|
9,639
|
|
|
|
1,962
|
|
|
2,086
|
|
|
2,146
|
|
|
2,242
|
|
|
2,311
|
|
|||||||
Total noninterest expense
|
|
53,381
|
|
|
54,743
|
|
|
|
13,133
|
|
|
13,067
|
|
|
13,284
|
|
|
13,897
|
|
|
13,274
|
|
|||||||
Income before income taxes
|
|
34,584
|
|
|
29,213
|
|
|
|
8,698
|
|
|
8,994
|
|
|
8,498
|
|
|
8,394
|
|
|
6,161
|
|
|||||||
Income tax expense
|
|
6,437
|
|
|
10,981
|
|
|
|
1,420
|
|
|
1,827
|
|
|
1,714
|
|
|
1,476
|
|
|
3,796
|
|
|||||||
Net income
|
|
$
|
28,147
|
|
|
$
|
18,232
|
|
|
|
$
|
7,278
|
|
|
$
|
7,167
|
|
|
$
|
6,784
|
|
|
$
|
6,918
|
|
|
$
|
2,365
|
|
Preferred stock dividends
|
|
1,451
|
|
|
1,614
|
|
|
|
239
|
|
|
466
|
|
|
318
|
|
|
428
|
|
|
286
|
|
|||||||
Net income applicable to common shareholders
|
|
$
|
26,696
|
|
|
$
|
16,618
|
|
|
|
$
|
7,039
|
|
|
$
|
6,701
|
|
|
$
|
6,466
|
|
|
$
|
6,490
|
|
|
$
|
2,079
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Per common share information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Earnings
|
|
$
|
2.64
|
|
|
$
|
1.63
|
|
|
|
$
|
0.71
|
|
|
$
|
0.67
|
|
|
$
|
0.64
|
|
|
$
|
0.63
|
|
|
$
|
0.20
|
|
Diluted earnings
|
|
2.61
|
|
|
1.56
|
|
|
|
0.70
|
|
|
0.66
|
|
|
0.63
|
|
|
0.62
|
|
|
0.20
|
|
|||||||
Dividends paid
|
|
0.54
|
|
|
0.39
|
|
|
|
0.15
|
|
|
0.15
|
|
|
0.12
|
|
|
0.12
|
|
|
0.12
|
|
|||||||
Average common shares issued and outstanding
|
|
10,096.5
|
|
|
10,195.6
|
|
|
|
9,855.8
|
|
|
10,031.6
|
|
|
10,181.7
|
|
|
10,322.4
|
|
|
10,470.7
|
|
|||||||
Average diluted common shares issued and outstanding
|
|
10,236.9
|
|
|
10,778.4
|
|
|
|
9,996.0
|
|
|
10,170.8
|
|
|
10,309.4
|
|
|
10,472.7
|
|
|
10,621.8
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
3
|
Bank of America Corporation and Subsidiaries
|
||||||||||||||||||||||||||||||
Consolidated Statement of Comprehensive Income
|
||||||||||||||||||||||||||||||
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Year Ended
December 31 |
|
|
Fourth Quarter 2018
|
|
Third Quarter 2018
|
|
Second Quarter 2018
|
|
First Quarter 2018
|
|
Fourth Quarter 2017
|
||||||||||||||||||
|
2018
|
|
2017
|
|
|
|||||||||||||||||||||||||
Net income
|
$
|
28,147
|
|
|
$
|
18,232
|
|
|
|
$
|
7,278
|
|
|
$
|
7,167
|
|
|
$
|
6,784
|
|
|
$
|
6,918
|
|
|
$
|
2,365
|
|
||
Other comprehensive income (loss), net-of-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net change in debt and equity securities
|
(3,953
|
)
|
|
61
|
|
|
|
2,213
|
|
|
(1,172
|
)
|
|
(1,031
|
)
|
—
|
|
(3,963
|
)
|
—
|
|
(870
|
)
|
|||||||
Net change in debit valuation adjustments
|
749
|
|
|
(293
|
)
|
|
|
566
|
|
|
(269
|
)
|
|
179
|
|
|
273
|
|
|
(144
|
)
|
|||||||||
Net change in derivatives
|
(53
|
)
|
|
64
|
|
|
|
293
|
|
|
21
|
|
|
(92
|
)
|
|
(275
|
)
|
|
(92
|
)
|
|||||||||
Employee benefit plan adjustments
|
(405
|
)
|
|
288
|
|
|
|
(496
|
)
|
|
31
|
|
|
30
|
|
|
30
|
|
|
208
|
|
|||||||||
Net change in foreign currency translation adjustments
|
(254
|
)
|
|
86
|
|
|
|
49
|
|
|
(114
|
)
|
|
(141
|
)
|
|
(48
|
)
|
|
(16
|
)
|
|||||||||
Other comprehensive income (loss)
|
(3,916
|
)
|
|
206
|
|
|
|
2,625
|
|
|
(1,503
|
)
|
|
(1,055
|
)
|
|
(3,983
|
)
|
|
(914
|
)
|
|||||||||
Comprehensive income
|
$
|
24,231
|
|
|
$
|
18,438
|
|
|
|
$
|
9,903
|
|
|
$
|
5,664
|
|
|
$
|
5,729
|
|
|
|
$
|
2,935
|
|
|
|
$
|
1,451
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
4
|
Bank of America Corporation and Subsidiaries
|
|||||||||||
Consolidated Balance Sheet
|
|||||||||||
(Dollars in millions)
|
|
|
|
|
|
||||||
|
December 31
2018 |
|
September 30
2018 |
|
December 31
2017 |
||||||
Assets
|
|
|
|
|
|
||||||
Cash and due from banks
|
$
|
29,063
|
|
|
$
|
27,440
|
|
|
$
|
29,480
|
|
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks
|
148,341
|
|
|
157,418
|
|
|
127,954
|
|
|||
Cash and cash equivalents
|
177,404
|
|
|
184,858
|
|
|
157,434
|
|
|||
Time deposits placed and other short-term investments
|
7,494
|
|
|
7,865
|
|
|
11,153
|
|
|||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
261,131
|
|
|
248,237
|
|
|
212,747
|
|
|||
Trading account assets
|
214,348
|
|
|
219,118
|
|
|
209,358
|
|
|||
Derivative assets
|
43,725
|
|
|
45,617
|
|
|
37,762
|
|
|||
Debt securities:
|
|
|
|
|
|
||||||
Carried at fair value
|
238,101
|
|
|
251,635
|
|
|
315,117
|
|
|||
Held-to-maturity, at cost
|
203,652
|
|
|
194,472
|
|
|
125,013
|
|
|||
Total debt securities
|
441,753
|
|
|
446,107
|
|
|
440,130
|
|
|||
Loans and leases
|
946,895
|
|
|
929,801
|
|
|
936,749
|
|
|||
Allowance for loan and lease losses
|
(9,601
|
)
|
|
(9,734
|
)
|
|
(10,393
|
)
|
|||
Loans and leases, net of allowance
|
937,294
|
|
|
920,067
|
|
|
926,356
|
|
|||
Premises and equipment, net
|
9,906
|
|
|
9,680
|
|
|
9,247
|
|
|||
Goodwill
|
68,951
|
|
|
68,951
|
|
|
68,951
|
|
|||
Loans held-for-sale
|
10,367
|
|
|
5,576
|
|
|
11,430
|
|
|||
Customer and other receivables
|
65,814
|
|
|
56,962
|
|
|
61,623
|
|
|||
Other assets
|
116,320
|
|
|
125,795
|
|
|
135,043
|
|
|||
Total assets
|
$
|
2,354,507
|
|
|
$
|
2,338,833
|
|
|
$
|
2,281,234
|
|
|
|
|
|
|
|
||||||
Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
|
|||||||||||
Trading account assets
|
$
|
5,798
|
|
|
$
|
6,145
|
|
|
$
|
6,521
|
|
Loans and leases
|
43,850
|
|
|
44,163
|
|
|
48,929
|
|
|||
Allowance for loan and lease losses
|
(912
|
)
|
|
(920
|
)
|
|
(1,016
|
)
|
|||
Loans and leases, net of allowance
|
42,938
|
|
|
43,243
|
|
|
47,913
|
|
|||
All other assets
|
337
|
|
|
357
|
|
|
1,721
|
|
|||
Total assets of consolidated variable interest entities
|
$
|
49,073
|
|
|
$
|
49,745
|
|
|
$
|
56,155
|
|
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
2018 |
|
September 30
2018 |
|
December 31
2017 |
||||||
Liabilities
|
|
|
|
|
|
||||||
Deposits in U.S. offices:
|
|
|
|
|
|
||||||
Noninterest-bearing
|
$
|
412,587
|
|
|
$
|
414,853
|
|
|
$
|
430,650
|
|
Interest-bearing
|
891,636
|
|
|
844,204
|
|
|
796,576
|
|
|||
Deposits in non-U.S. offices:
|
|
|
|
|
|
||||||
Noninterest-bearing
|
14,060
|
|
|
12,896
|
|
|
14,024
|
|
|||
Interest-bearing
|
63,193
|
|
|
73,696
|
|
|
68,295
|
|
|||
Total deposits
|
1,381,476
|
|
|
1,345,649
|
|
|
1,309,545
|
|
|||
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
186,988
|
|
|
171,600
|
|
|
176,865
|
|
|||
Trading account liabilities
|
68,220
|
|
|
89,964
|
|
|
81,187
|
|
|||
Derivative liabilities
|
37,891
|
|
|
36,189
|
|
|
34,300
|
|
|||
Short-term borrowings
|
20,189
|
|
|
29,035
|
|
|
32,666
|
|
|||
Accrued expenses and other liabilities
|
165,078
|
|
|
170,138
|
|
|
152,123
|
|
|||
Long-term debt
|
229,340
|
|
|
234,100
|
|
|
227,402
|
|
|||
Total liabilities
|
2,089,182
|
|
|
2,076,675
|
|
|
2,014,088
|
|
|||
Shareholders’ equity
|
|
|
|
|
|
||||||
Preferred stock, $0.01 par value; authorized –
100,000,000
shares; issued and outstanding –
3,843,140,
3,843,140
and 3,837,683 shares
|
22,326
|
|
|
22,326
|
|
|
22,323
|
|
|||
Common stock and additional paid-in capital, $0.01 par value; authorized –
12,800,000,000
shares; issued and outstanding –
9,669,286,370
, 9,858,252,641and 10,287,302,431shares
|
118,896
|
|
|
123,921
|
|
|
138,089
|
|
|||
Retained earnings
|
136,314
|
|
|
130,747
|
|
|
113,816
|
|
|||
Accumulated other comprehensive income (loss)
|
(12,211
|
)
|
|
(14,836
|
)
|
|
(7,082
|
)
|
|||
Total shareholders’ equity
|
265,325
|
|
|
262,158
|
|
|
267,146
|
|
|||
Total liabilities and shareholders’ equity
|
$
|
2,354,507
|
|
|
$
|
2,338,833
|
|
|
$
|
2,281,234
|
|
|
|
|
|
|
|
||||||
Liabilities of consolidated variable interest entities included in total liabilities above
|
|||||||||||
Short-term borrowings
|
$
|
742
|
|
|
$
|
905
|
|
|
$
|
312
|
|
Long-term debt
|
10,944
|
|
|
11,024
|
|
|
9,873
|
|
|||
All other liabilities
|
30
|
|
|
39
|
|
|
37
|
|
|||
Total liabilities of consolidated variable interest entities
|
$
|
11,716
|
|
|
$
|
11,968
|
|
|
$
|
10,222
|
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
6
|
(1)
|
Regulatory capital ratios at December 31, 2018 are preliminary. We report regulatory capital ratios under both the Standardized and Advanced approaches. The approach that yields the lower ratio is used to assess capital adequacy. Basel 3 transition provisions for regulatory capital adjustments and deductions were fully phased-in as of January 1, 2018. Prior periods are presented on a fully phased-in basis. SLR requirements became effective January 1, 2018.
|
(2)
|
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 page
39
.)
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
7
|
Bank of America Corporation and Subsidiaries
|
|||||||||||||||||||||||||||||||||||
Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis
|
|||||||||||||||||||||||||||||||||||
(Dollars in millions)
|
|||||||||||||||||||||||||||||||||||
|
|
Fourth Quarter 2018
|
|
|
Third Quarter 2018
|
|
|
Fourth Quarter 2017
|
|||||||||||||||||||||||||||
|
|
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
|
|
$
|
129,814
|
|
|
$
|
494
|
|
|
1.51
|
%
|
|
|
$
|
144,411
|
|
|
$
|
523
|
|
|
1.44
|
%
|
|
|
$
|
128,708
|
|
|
$
|
336
|
|
|
1.04
|
%
|
Time deposits placed and other short-term investments
|
|
8,691
|
|
|
59
|
|
|
2.72
|
|
|
|
8,328
|
|
|
48
|
|
|
2.26
|
|
|
|
12,979
|
|
|
68
|
|
|
2.06
|
|
||||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
|
263,626
|
|
|
1,046
|
|
|
1.57
|
|
|
|
241,426
|
|
|
799
|
|
|
1.31
|
|
|
|
224,490
|
|
|
528
|
|
|
0.93
|
|
||||||
Trading account assets
|
|
138,046
|
|
|
1,327
|
|
|
3.82
|
|
|
|
128,896
|
|
|
1,195
|
|
|
3.68
|
|
|
|
130,370
|
|
|
1,183
|
|
|
3.61
|
|
||||||
Debt securities
|
|
440,967
|
|
|
3,108
|
|
|
2.76
|
|
|
|
445,813
|
|
|
3,014
|
|
|
2.66
|
|
|
|
441,624
|
|
|
2,751
|
|
|
2.48
|
|
||||||
Loans and leases
(1)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Residential mortgage
|
|
209,646
|
|
|
1,857
|
|
|
3.54
|
|
|
|
209,460
|
|
|
1,857
|
|
|
3.54
|
|
|
|
202,155
|
|
|
1,749
|
|
|
3.46
|
|
||||||
Home equity
|
|
50,757
|
|
|
634
|
|
|
4.96
|
|
|
|
53,050
|
|
|
656
|
|
|
4.91
|
|
|
|
59,059
|
|
|
641
|
|
|
4.32
|
|
||||||
U.S. credit card
|
|
95,766
|
|
|
2,533
|
|
|
10.49
|
|
|
|
94,710
|
|
|
2,435
|
|
|
10.20
|
|
|
|
93,531
|
|
|
2,299
|
|
|
9.75
|
|
||||||
Direct/Indirect and other consumer
|
|
91,458
|
|
|
823
|
|
|
3.57
|
|
|
|
91,828
|
|
|
787
|
|
|
3.40
|
|
|
|
96,113
|
|
|
724
|
|
|
2.99
|
|
||||||
Total consumer
|
|
447,627
|
|
|
5,847
|
|
|
5.20
|
|
|
|
449,048
|
|
|
5,735
|
|
|
5.08
|
|
|
|
450,858
|
|
|
5,413
|
|
|
4.78
|
|
||||||
U.S. commercial
|
|
308,557
|
|
|
3,203
|
|
|
4.12
|
|
|
|
303,680
|
|
|
3,034
|
|
|
3.97
|
|
|
|
297,851
|
|
|
2,598
|
|
|
3.46
|
|
||||||
Non-U.S. commercial
|
|
95,937
|
|
|
835
|
|
|
3.45
|
|
|
|
96,019
|
|
|
831
|
|
|
3.43
|
|
|
|
98,692
|
|
|
680
|
|
|
2.73
|
|
||||||
Commercial real estate
|
|
60,876
|
|
|
703
|
|
|
4.59
|
|
|
|
60,754
|
|
|
682
|
|
|
4.45
|
|
|
|
58,983
|
|
|
571
|
|
|
3.84
|
|
||||||
Commercial lease financing
|
|
21,724
|
|
|
182
|
|
|
3.36
|
|
|
|
21,235
|
|
|
173
|
|
|
3.25
|
|
|
|
21,406
|
|
|
159
|
|
|
2.98
|
|
||||||
Total commercial
|
|
487,094
|
|
|
4,923
|
|
|
4.01
|
|
|
|
481,688
|
|
|
4,720
|
|
|
3.89
|
|
|
|
476,932
|
|
|
4,008
|
|
|
3.34
|
|
||||||
Total loans and leases
|
|
934,721
|
|
|
10,770
|
|
|
4.58
|
|
|
|
930,736
|
|
|
10,455
|
|
|
4.46
|
|
|
|
927,790
|
|
|
9,421
|
|
|
4.04
|
|
||||||
Other earning assets
|
|
70,869
|
|
|
1,187
|
|
|
6.65
|
|
|
|
72,827
|
|
|
1,082
|
|
|
5.91
|
|
|
|
84,087
|
|
|
901
|
|
|
4.25
|
|
||||||
Total earning assets
(2)
|
|
1,986,734
|
|
|
17,991
|
|
|
3.60
|
|
|
|
1,972,437
|
|
|
17,116
|
|
|
3.45
|
|
|
|
1,950,048
|
|
|
15,188
|
|
|
3.09
|
|
||||||
Cash and due from banks
|
|
26,081
|
|
|
|
|
|
|
|
25,639
|
|
|
|
|
|
|
|
28,114
|
|
|
|
|
|
||||||||||||
Other assets, less allowance for loan and lease losses
|
|
321,771
|
|
|
|
|
|
|
|
319,753
|
|
|
|
|
|
|
|
323,525
|
|
|
|
|
|
||||||||||||
Total assets
|
|
$
|
2,334,586
|
|
|
|
|
|
|
|
$
|
2,317,829
|
|
|
|
|
|
|
|
$
|
2,301,687
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 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 2018
|
|
|
|
|
Third Quarter 2018
|
|
|
|
|
Fourth Quarter 2017
|
|
|
||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
|
|
|
$
|
(61
|
)
|
|
|
|
|
|
|
$
|
(52
|
)
|
|
|
|
|
|
|
$
|
16
|
|
|
|
Debt securities
|
|
|
|
13
|
|
|
|
|
|
|
|
3
|
|
|
|
|
|
|
|
(2
|
)
|
|
|
|||
U.S. commercial loans and leases
|
|
|
|
(10
|
)
|
|
|
|
|
|
|
(8
|
)
|
|
|
|
|
|
|
(10
|
)
|
|
|
|||
Net hedge expense on assets
|
|
|
|
$
|
(58
|
)
|
|
|
|
|
|
|
$
|
(57
|
)
|
|
|
|
|
|
|
$
|
4
|
|
|
|
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 (continued)
|
|||||||||||||||||||||||||||||||||||
(Dollars in millions)
|
|||||||||||||||||||||||||||||||||||
|
|
Fourth Quarter 2018
|
|
|
Third Quarter 2018
|
|
|
Fourth Quarter 2017
|
|||||||||||||||||||||||||||
|
|
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
|
|
$
|
52,523
|
|
|
$
|
2
|
|
|
0.01
|
%
|
|
|
$
|
53,929
|
|
|
$
|
1
|
|
|
0.01
|
%
|
|
|
$
|
54,090
|
|
|
$
|
1
|
|
|
0.01
|
%
|
NOW and money market deposit accounts
|
|
701,697
|
|
|
957
|
|
|
0.54
|
|
|
|
680,285
|
|
|
737
|
|
|
0.43
|
|
|
|
645,639
|
|
|
361
|
|
|
0.22
|
|
||||||
Consumer CDs and IRAs
|
|
38,899
|
|
|
48
|
|
|
0.49
|
|
|
|
39,160
|
|
|
40
|
|
|
0.41
|
|
|
|
42,595
|
|
|
29
|
|
|
0.28
|
|
||||||
Negotiable CDs, public funds and other deposits
|
|
62,719
|
|
|
362
|
|
|
2.29
|
|
|
|
54,192
|
|
|
275
|
|
|
2.01
|
|
|
|
39,200
|
|
|
133
|
|
|
1.35
|
|
||||||
Total U.S. interest-bearing deposits
|
|
855,838
|
|
|
1,369
|
|
|
0.63
|
|
|
|
827,566
|
|
|
1,053
|
|
|
0.50
|
|
|
|
781,524
|
|
|
524
|
|
|
0.27
|
|
||||||
Non-U.S. interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Banks located in non-U.S. countries
|
|
2,321
|
|
|
7
|
|
|
1.14
|
|
|
|
2,353
|
|
|
12
|
|
|
2.06
|
|
|
|
1,844
|
|
|
5
|
|
|
0.96
|
|
||||||
Governments and official institutions
|
|
275
|
|
|
—
|
|
|
0.04
|
|
|
|
709
|
|
|
—
|
|
|
0.01
|
|
|
|
1,016
|
|
|
3
|
|
|
1.06
|
|
||||||
Time, savings and other
|
|
64,599
|
|
|
186
|
|
|
1.14
|
|
|
|
63,179
|
|
|
165
|
|
|
1.04
|
|
|
|
67,252
|
|
|
147
|
|
|
0.87
|
|
||||||
Total non-U.S. interest-bearing deposits
|
|
67,195
|
|
|
193
|
|
|
1.14
|
|
|
|
66,241
|
|
|
177
|
|
|
1.07
|
|
|
|
70,112
|
|
|
155
|
|
|
0.88
|
|
||||||
Total interest-bearing deposits
|
|
923,033
|
|
|
1,562
|
|
|
0.67
|
|
|
|
893,807
|
|
|
1,230
|
|
|
0.55
|
|
|
|
851,636
|
|
|
679
|
|
|
0.32
|
|
||||||
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities
|
|
262,497
|
|
|
1,716
|
|
|
2.60
|
|
|
|
264,168
|
|
|
1,526
|
|
|
2.30
|
|
|
|
272,733
|
|
|
901
|
|
|
1.31
|
|
||||||
Trading account liabilities
|
|
45,329
|
|
|
318
|
|
|
2.79
|
|
|
|
50,904
|
|
|
335
|
|
|
2.60
|
|
|
|
49,643
|
|
|
314
|
|
|
2.51
|
|
||||||
Long-term debt
|
|
230,616
|
|
|
1,936
|
|
|
3.34
|
|
|
|
233,475
|
|
|
2,004
|
|
|
3.42
|
|
|
|
227,644
|
|
|
1,581
|
|
|
2.77
|
|
||||||
Total interest-bearing liabilities
(1)
|
|
1,461,475
|
|
|
5,532
|
|
|
1.50
|
|
|
|
1,442,354
|
|
|
5,095
|
|
|
1.40
|
|
|
|
1,401,656
|
|
|
3,475
|
|
|
0.98
|
|
||||||
Noninterest-bearing sources:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Noninterest-bearing deposits
|
|
421,918
|
|
|
|
|
|
|
|
422,538
|
|
|
|
|
|
|
|
441,936
|
|
|
|
|
|
||||||||||||
Other liabilities
|
|
187,495
|
|
|
|
|
|
|
|
188,284
|
|
|
|
|
|
|
|
184,933
|
|
|
|
|
|
||||||||||||
Shareholders’ equity
|
|
263,698
|
|
|
|
|
|
|
|
264,653
|
|
|
|
|
|
|
|
273,162
|
|
|
|
|
|
||||||||||||
Total liabilities and shareholders’ equity
|
|
$
|
2,334,586
|
|
|
|
|
|
|
|
$
|
2,317,829
|
|
|
|
|
|
|
|
$
|
2,301,687
|
|
|
|
|
|
|||||||||
Net interest spread
|
|
|
|
|
|
2.10
|
%
|
|
|
|
|
|
|
2.05
|
%
|
|
|
|
|
|
|
2.11
|
%
|
||||||||||||
Impact of noninterest-bearing sources
|
|
|
|
|
|
0.38
|
|
|
|
|
|
|
|
0.37
|
|
|
|
|
|
|
|
0.28
|
|
||||||||||||
Net interest income/yield on earning assets
(2)
|
|
|
|
$
|
12,459
|
|
|
2.48
|
%
|
|
|
|
|
$
|
12,021
|
|
|
2.42
|
%
|
|
|
|
|
$
|
11,713
|
|
|
2.39
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 2018
|
|
|
|
|
Third Quarter 2018
|
|
|
|
|
Fourth Quarter 2017
|
|
|
||||||||||||
NOW and money market deposit accounts
|
|
|
|
$
|
—
|
|
|
|
|
|
|
|
$
|
1
|
|
|
|
|
|
|
|
$
|
—
|
|
|
|
Consumer CDs and IRAs
|
|
|
|
6
|
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
|
5
|
|
|
|
|||
Negotiable CDs, public funds and other deposits
|
|
|
|
3
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
3
|
|
|
|
|||
Banks located in non-U.S. countries
|
|
|
|
4
|
|
|
|
|
|
|
|
6
|
|
|
|
|
|
|
|
5
|
|
|
|
|||
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities
|
|
|
|
11
|
|
|
|
|
|
|
|
30
|
|
|
|
|
|
|
|
30
|
|
|
|
|||
Long-term debt
|
|
|
|
(51
|
)
|
|
|
|
|
|
|
24
|
|
|
|
|
|
|
|
(379
|
)
|
|
|
|||
Net hedge (income) expense on liabilities
|
|
|
|
$
|
(27
|
)
|
|
|
|
|
|
|
$
|
68
|
|
|
|
|
|
|
|
$
|
(336
|
)
|
|
|
(2)
|
Net interest income includes FTE adjustments of
$155 million
,
$151 million
and
$251 million
for the fourth and third quarters of 2018 and the fourth quarter of 2017, respectively.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
9
|
Bank of America Corporation and Subsidiaries
|
||||||||||||||||||||||||||||||
Annual Average Balances and Interest Rates – Fully Taxable-equivalent Basis
|
||||||||||||||||||||||||||||||
(Dollars in millions)
|
||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
2018
|
|
|
2017
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
$
|
139,848
|
|
|
$
|
1,926
|
|
|
1.38
|
%
|
|
|
$
|
127,431
|
|
|
$
|
1,122
|
|
|
0.88
|
%
|
Time deposits placed and other short-term investments
|
|
|
|
|
|
|
|
|
9,446
|
|
|
216
|
|
|
2.29
|
|
|
|
12,112
|
|
|
241
|
|
|
1.99
|
|
||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
|
|
|
|
|
|
|
|
251,328
|
|
|
3,176
|
|
|
1.26
|
|
|
|
222,818
|
|
|
1,806
|
|
|
0.81
|
|
||||
Trading account assets
|
|
|
|
|
|
|
|
|
132,724
|
|
|
4,901
|
|
|
3.69
|
|
|
|
129,007
|
|
|
4,618
|
|
|
3.58
|
|
||||
Debt securities
|
|
|
|
|
|
|
|
|
437,312
|
|
|
11,837
|
|
|
2.66
|
|
|
|
435,005
|
|
|
10,626
|
|
|
2.44
|
|
||||
Loans and leases
(1)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage
|
|
|
|
|
|
|
|
|
207,523
|
|
|
7,294
|
|
|
3.51
|
|
|
|
197,766
|
|
|
6,831
|
|
|
3.45
|
|
||||
Home equity
|
|
|
|
|
|
|
|
|
53,886
|
|
|
2,573
|
|
|
4.77
|
|
|
|
62,260
|
|
|
2,608
|
|
|
4.19
|
|
||||
U.S. credit card
|
|
|
|
|
|
|
|
|
94,612
|
|
|
9,579
|
|
|
10.12
|
|
|
|
91,068
|
|
|
8,791
|
|
|
9.65
|
|
||||
Non-U.S. credit card
(2)
|
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
3,929
|
|
|
358
|
|
|
9.12
|
|
||||
Direct/Indirect and other consumer
|
|
|
|
|
|
|
|
|
93,036
|
|
|
3,104
|
|
|
3.34
|
|
|
|
96,002
|
|
|
2,734
|
|
|
2.85
|
|
||||
Total consumer
|
|
|
|
|
|
|
|
|
449,057
|
|
|
22,550
|
|
|
5.02
|
|
|
|
451,025
|
|
|
21,322
|
|
|
4.73
|
|
||||
U.S. commercial
|
|
|
|
|
|
|
|
|
304,387
|
|
|
11,937
|
|
|
3.92
|
|
|
|
292,452
|
|
|
9,765
|
|
|
3.34
|
|
||||
Non-U.S. commercial
|
|
|
|
|
|
|
|
|
97,664
|
|
|
3,220
|
|
|
3.30
|
|
|
|
95,005
|
|
|
2,566
|
|
|
2.70
|
|
||||
Commercial real estate
|
|
|
|
|
|
|
|
|
60,384
|
|
|
2,618
|
|
|
4.34
|
|
|
|
58,502
|
|
|
2,116
|
|
|
3.62
|
|
||||
Commercial lease financing
|
|
|
|
|
|
|
|
|
21,557
|
|
|
698
|
|
|
3.24
|
|
|
|
21,747
|
|
|
706
|
|
|
3.25
|
|
||||
Total commercial
|
|
|
|
|
|
|
|
|
483,992
|
|
|
18,473
|
|
|
3.82
|
|
|
|
467,706
|
|
|
15,153
|
|
|
3.24
|
|
||||
Total loans and leases
(2)
|
|
|
|
|
|
|
|
|
933,049
|
|
|
41,023
|
|
|
4.40
|
|
|
|
918,731
|
|
|
36,475
|
|
|
3.97
|
|
||||
Other earning assets
|
|
|
|
|
|
|
|
|
76,524
|
|
|
4,300
|
|
|
5.62
|
|
|
|
76,957
|
|
|
3,224
|
|
|
4.19
|
|
||||
Total earning assets
(3)
|
|
|
|
|
|
|
|
|
1,980,231
|
|
|
67,379
|
|
|
3.40
|
|
|
|
1,922,061
|
|
|
58,112
|
|
|
3.02
|
|
||||
Cash and due from banks
|
|
|
|
|
|
|
|
|
25,830
|
|
|
|
|
|
|
|
|
27,995
|
|
|
|
|
|
|
||||||
Other assets, less allowance for loan and lease losses
|
|
|
|
|
|
|
|
|
319,185
|
|
|
|
|
|
|
|
|
|
318,577
|
|
|
|
|
|
|
|
||||
Total assets
|
|
|
|
|
|
|
|
|
$
|
2,325,246
|
|
|
|
|
|
|
|
|
|
$
|
2,268,633
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 2017 amount includes assets of the Corporation’s non-U.S. consumer credit card business, which was sold 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:
|
|
|
|
2018
|
|
|
|
|
2017
|
|
|
||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
|
|
|
|
|
|
|
|
|
|
$
|
(147
|
)
|
|
|
|
|
|
|
$
|
49
|
|
|
|
Debt securities
|
|
|
|
|
|
|
|
|
|
|
13
|
|
|
|
|
|
|
|
(54
|
)
|
|
|
||
U.S. commercial loans and leases
|
|
|
|
|
|
|
|
|
|
|
(37
|
)
|
|
|
|
|
|
|
(39
|
)
|
|
|
||
Net hedge expense on assets
|
|
|
|
|
|
|
|
|
|
|
$
|
(171
|
)
|
|
|
|
|
|
|
$
|
(44
|
)
|
|
|
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 (continued)
|
||||||||||||||||||||||||||||||
(Dollars in millions)
|
||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
2018
|
|
|
2017
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Rate
|
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Rate
|
||||||||||
Interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Savings
|
|
|
|
|
|
|
|
|
$
|
54,226
|
|
|
$
|
6
|
|
|
0.01
|
%
|
|
|
$
|
53,783
|
|
|
$
|
5
|
|
|
0.01
|
%
|
NOW and money market deposit accounts
|
|
|
|
|
|
|
|
|
676,382
|
|
|
2,636
|
|
|
0.39
|
|
|
|
628,647
|
|
|
873
|
|
|
0.14
|
|
||||
Consumer CDs and IRAs
|
|
|
|
|
|
|
|
|
39,823
|
|
|
157
|
|
|
0.39
|
|
|
|
44,794
|
|
|
121
|
|
|
0.27
|
|
||||
Negotiable CDs, public funds and other deposits
|
|
|
|
|
|
|
|
|
50,593
|
|
|
991
|
|
|
1.96
|
|
|
|
36,782
|
|
|
354
|
|
|
0.96
|
|
||||
Total U.S. interest-bearing deposits
|
|
|
|
|
|
|
|
|
821,024
|
|
|
3,790
|
|
|
0.46
|
|
|
|
764,006
|
|
|
1,353
|
|
|
0.18
|
|
||||
Non-U.S. interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Banks located in non-U.S. countries
|
|
|
|
|
|
|
|
|
2,312
|
|
|
39
|
|
|
1.69
|
|
|
|
2,442
|
|
|
21
|
|
|
0.85
|
|
||||
Governments and official institutions
|
|
|
|
|
|
|
|
|
810
|
|
|
—
|
|
|
0.01
|
|
|
|
1,006
|
|
|
10
|
|
|
0.95
|
|
||||
Time, savings and other
|
|
|
|
|
|
|
|
|
65,097
|
|
|
666
|
|
|
1.02
|
|
|
|
62,386
|
|
|
547
|
|
|
0.88
|
|
||||
Total non-U.S. interest-bearing deposits
|
|
|
|
|
|
|
|
|
68,219
|
|
|
705
|
|
|
1.03
|
|
|
|
65,834
|
|
|
578
|
|
|
0.88
|
|
||||
Total interest-bearing deposits
|
|
|
|
|
|
|
|
|
889,243
|
|
|
4,495
|
|
|
0.51
|
|
|
|
829,840
|
|
|
1,931
|
|
|
0.23
|
|
||||
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities
|
|
|
|
|
|
|
|
|
269,748
|
|
|
5,839
|
|
|
2.17
|
|
|
|
274,975
|
|
|
3,146
|
|
|
1.14
|
|
||||
Trading account liabilities
|
|
|
|
|
|
|
|
|
50,928
|
|
|
1,358
|
|
|
2.67
|
|
|
|
45,518
|
|
|
1,204
|
|
|
2.64
|
|
||||
Long-term debt
|
|
|
|
|
|
|
|
|
230,693
|
|
|
7,645
|
|
|
3.31
|
|
|
|
225,133
|
|
|
6,239
|
|
|
2.77
|
|
||||
Total interest-bearing liabilities
(1)
|
|
|
|
|
|
|
|
|
1,440,612
|
|
|
19,337
|
|
|
1.34
|
|
|
|
1,375,466
|
|
|
12,520
|
|
|
0.91
|
|
||||
Noninterest-bearing sources:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing deposits
|
|
|
|
|
|
|
|
|
425,698
|
|
|
|
|
|
|
|
439,956
|
|
|
|
|
|
||||||||
Other liabilities
|
|
|
|
|
|
|
|
|
194,188
|
|
|
|
|
|
|
|
181,922
|
|
|
|
|
|
||||||||
Shareholders’ equity
|
|
|
|
|
|
|
|
|
264,748
|
|
|
|
|
|
|
|
271,289
|
|
|
|
|
|
||||||||
Total liabilities and shareholders’ equity
|
|
|
|
|
|
|
|
|
$
|
2,325,246
|
|
|
|
|
|
|
|
$
|
2,268,633
|
|
|
|
|
|
||||||
Net interest spread
|
|
|
|
|
|
|
|
|
|
|
|
|
2.06
|
%
|
|
|
|
|
|
|
2.11
|
%
|
||||||||
Impact of noninterest-bearing sources
|
|
|
|
|
|
|
|
|
|
|
|
|
0.36
|
|
|
|
|
|
|
|
0.26
|
|
||||||||
Net interest income/yield on earning assets
(2)
|
|
|
|
|
|
|
|
|
|
|
$
|
48,042
|
|
|
2.42
|
%
|
|
|
|
|
$
|
45,592
|
|
|
2.37
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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:
|
|
|
|
2018
|
|
|
|
|
2017
|
|
|
||||||||||||||
NOW and money market deposit accounts
|
|
|
|
|
|
|
|
|
|
|
$
|
—
|
|
|
|
|
|
|
|
$
|
(1
|
)
|
|
|
Consumer CDs and IRAs
|
|
|
|
|
|
|
|
|
|
|
22
|
|
|
|
|
|
|
|
22
|
|
|
|
||
Negotiable CDs, public funds and other deposits
|
|
|
|
|
|
|
|
|
|
|
12
|
|
|
|
|
|
|
|
13
|
|
|
|
||
Banks located in non-U.S. countries
|
|
|
|
|
|
|
|
|
|
|
19
|
|
|
|
|
|
|
|
19
|
|
|
|
||
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
100
|
|
|
|
|
|
|
|
243
|
|
|
|
||
Long-term debt
|
|
|
|
|
|
|
|
|
|
|
(283
|
)
|
|
|
|
|
|
|
(1,728
|
)
|
|
|
||
Net hedge income on liabilities
|
|
|
|
|
|
|
|
|
|
|
$
|
(130
|
)
|
|
|
|
|
|
|
$
|
(1,432
|
)
|
|
|
(2)
|
Net interest income includes FTE adjustments of
$610 million
and
$925 million
in 2018 and 2017.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
11
|
(1)
|
During
2018
, we transferred available-for-sale debt securities with an amortized cost of
$64.5 billion
to held to maturity.
|
Other Debt Securities Carried at Fair Value
|
|
|
|
||||
(Dollars in millions)
|
December 31
2018 |
|
September 30
2018 |
||||
Non-agency residential mortgage-backed securities
|
$
|
1,606
|
|
|
$
|
1,696
|
|
U.S. Treasury and agency securities
|
1,282
|
|
|
—
|
|
||
Non-U.S. securities
(1)
|
5,844
|
|
|
10,888
|
|
||
Other taxable securities, substantially all asset-backed securities
|
3
|
|
|
3
|
|
||
Total
|
$
|
8,735
|
|
|
$
|
12,587
|
|
|
|
|
|
(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.
|
12
|
Bank of America Corporation and Subsidiaries
|
||||||||||||||||||||||||||||
Supplemental Financial Data
|
||||||||||||||||||||||||||||
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Year Ended
December 31 |
|
|
Fourth
Quarter 2018 |
|
Third
Quarter 2018 |
|
Second
Quarter 2018 |
|
First
Quarter 2018 |
|
Fourth
Quarter 2017 |
||||||||||||||||
|
2018
|
|
2017
|
|
|
|||||||||||||||||||||||
Fully taxable-equivalent (FTE) basis data
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net interest income
|
$
|
48,042
|
|
|
$
|
45,592
|
|
|
|
$
|
12,459
|
|
|
$
|
12,021
|
|
|
$
|
11,804
|
|
|
$
|
11,758
|
|
|
$
|
11,713
|
|
Total revenue, net of interest expense
|
91,857
|
|
|
88,277
|
|
|
|
22,891
|
|
|
22,928
|
|
|
22,763
|
|
|
23,275
|
|
|
20,687
|
|
|||||||
Net interest yield
|
2.42
|
%
|
|
2.37
|
%
|
|
|
2.48
|
%
|
|
2.42
|
%
|
|
2.38
|
%
|
|
2.39
|
%
|
|
2.39
|
%
|
|||||||
Efficiency ratio
|
58.11
|
|
|
62.01
|
|
|
|
57.37
|
|
|
56.99
|
|
|
58.36
|
|
|
59.71
|
|
|
64.16
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. Net interest income includes FTE adjustments of
$610 million
and
$925 million
for the years ended December 31, 2018 and 2017, and
$155 million
,
$151 million
,
$154 million
,
$150 million
and
$251 million
for the fourth, third, second and first quarters of 2018 and the fourth quarter of 2017, respectively.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
13
|
Bank of America Corporation and Subsidiaries
|
|||||||||||||||||||||||||
Quarterly Results by Business Segment and All Other
|
|||||||||||||||||||||||||
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Fourth Quarter 2018
|
|||||||||||||||||||||||
|
|
Total
Corporation
|
|
|
Consumer Banking
|
|
GWIM
|
|
Global Banking
|
|
Global Markets
|
|
All
Other
|
||||||||||||
Net interest income
|
|
$
|
12,459
|
|
|
|
$
|
7,131
|
|
|
$
|
1,622
|
|
|
$
|
2,824
|
|
|
$
|
746
|
|
|
$
|
136
|
|
Card income
|
|
1,582
|
|
|
|
1,387
|
|
|
35
|
|
|
136
|
|
|
23
|
|
|
1
|
|
||||||
Service charges
|
|
1,931
|
|
|
|
1,086
|
|
|
18
|
|
|
743
|
|
|
79
|
|
|
5
|
|
||||||
Investment and brokerage services
|
|
3,544
|
|
|
|
77
|
|
|
2,978
|
|
|
24
|
|
|
474
|
|
|
(9
|
)
|
||||||
Investment banking income (loss)
|
|
1,348
|
|
|
|
(1
|
)
|
|
94
|
|
|
760
|
|
|
514
|
|
|
(19
|
)
|
||||||
Trading account profits
|
|
1,633
|
|
|
|
2
|
|
|
31
|
|
|
75
|
|
|
1,318
|
|
|
207
|
|
||||||
Other income (loss)
|
|
394
|
|
|
|
195
|
|
|
212
|
|
|
488
|
|
|
59
|
|
|
(560
|
)
|
||||||
Total noninterest income (loss)
|
|
10,432
|
|
|
|
2,746
|
|
|
3,368
|
|
|
2,226
|
|
|
2,467
|
|
|
(375
|
)
|
||||||
Total revenue, net of interest expense
|
|
22,891
|
|
|
|
9,877
|
|
|
4,990
|
|
|
5,050
|
|
|
3,213
|
|
|
(239
|
)
|
||||||
Provision for credit losses
|
|
905
|
|
|
|
915
|
|
|
23
|
|
|
85
|
|
|
6
|
|
|
(124
|
)
|
||||||
Noninterest expense
|
|
13,133
|
|
|
|
4,483
|
|
|
3,542
|
|
|
2,119
|
|
|
2,540
|
|
|
449
|
|
||||||
Income (loss) before income taxes
|
|
8,853
|
|
|
|
4,479
|
|
|
1,425
|
|
|
2,846
|
|
|
667
|
|
|
(564
|
)
|
||||||
Income tax expense (benefit)
|
|
1,575
|
|
|
|
1,141
|
|
|
363
|
|
|
740
|
|
|
174
|
|
|
(843
|
)
|
||||||
Net income
|
|
$
|
7,278
|
|
|
|
$
|
3,338
|
|
|
$
|
1,062
|
|
|
$
|
2,106
|
|
|
$
|
493
|
|
|
$
|
279
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans and leases
|
|
$
|
934,721
|
|
|
|
$
|
289,862
|
|
|
$
|
163,516
|
|
|
$
|
357,410
|
|
|
$
|
70,609
|
|
|
$
|
53,324
|
|
Total assets
(1)
|
|
2,334,586
|
|
|
|
759,027
|
|
|
283,262
|
|
|
440,522
|
|
|
655,068
|
|
|
196,707
|
|
||||||
Total deposits
|
|
1,344,951
|
|
|
|
686,826
|
|
|
247,427
|
|
|
359,642
|
|
|
31,077
|
|
|
19,979
|
|
||||||
Quarter end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans and leases
|
|
$
|
946,895
|
|
|
|
$
|
294,335
|
|
|
$
|
164,854
|
|
|
$
|
365,717
|
|
|
$
|
73,928
|
|
|
$
|
48,061
|
|
Total assets
(1)
|
|
2,354,507
|
|
|
|
768,877
|
|
|
305,906
|
|
|
441,477
|
|
|
641,922
|
|
|
196,325
|
|
||||||
Total deposits
|
|
1,381,476
|
|
|
|
696,146
|
|
|
268,700
|
|
|
360,248
|
|
|
37,841
|
|
|
18,541
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Third Quarter 2018
|
|||||||||||||||||||||||
|
|
Total
Corporation
|
|
|
Consumer Banking
|
|
GWIM
|
|
Global Banking
|
|
Global Markets
|
|
All
Other
|
||||||||||||
Net interest income
|
|
$
|
12,021
|
|
|
|
$
|
6,862
|
|
|
$
|
1,535
|
|
|
$
|
2,706
|
|
|
$
|
754
|
|
|
$
|
164
|
|
Card income
|
|
1,470
|
|
|
|
1,281
|
|
|
34
|
|
|
132
|
|
|
23
|
|
|
—
|
|
||||||
Service charges
|
|
1,961
|
|
|
|
1,098
|
|
|
19
|
|
|
753
|
|
|
86
|
|
|
5
|
|
||||||
Investment and brokerage services
|
|
3,494
|
|
|
|
80
|
|
|
3,004
|
|
|
27
|
|
|
388
|
|
|
(5
|
)
|
||||||
Investment banking income (loss)
|
|
1,204
|
|
|
|
—
|
|
|
87
|
|
|
644
|
|
|
522
|
|
|
(49
|
)
|
||||||
Trading account profits
|
|
1,893
|
|
|
|
2
|
|
|
24
|
|
|
60
|
|
|
1,727
|
|
|
80
|
|
||||||
Other income (loss)
|
|
885
|
|
|
|
80
|
|
|
80
|
|
|
416
|
|
|
343
|
|
|
(34
|
)
|
||||||
Total noninterest income (loss)
|
|
10,907
|
|
|
|
2,541
|
|
|
3,248
|
|
|
2,032
|
|
|
3,089
|
|
|
(3
|
)
|
||||||
Total revenue, net of interest expense
|
|
22,928
|
|
|
|
9,403
|
|
|
4,783
|
|
|
4,738
|
|
|
3,843
|
|
|
161
|
|
||||||
Provision for credit losses
|
|
716
|
|
|
|
870
|
|
|
13
|
|
|
(70
|
)
|
|
(2
|
)
|
|
(95
|
)
|
||||||
Noninterest expense
|
|
13,067
|
|
|
|
4,354
|
|
|
3,414
|
|
|
2,121
|
|
|
2,613
|
|
|
565
|
|
||||||
Income (loss) before income taxes
|
|
9,145
|
|
|
|
4,179
|
|
|
1,356
|
|
|
2,687
|
|
|
1,232
|
|
|
(309
|
)
|
||||||
Income tax expense (benefit)
|
|
1,978
|
|
|
|
1,066
|
|
|
346
|
|
|
699
|
|
|
320
|
|
|
(453
|
)
|
||||||
Net income
|
|
$
|
7,167
|
|
|
|
$
|
3,113
|
|
|
$
|
1,010
|
|
|
$
|
1,988
|
|
|
$
|
912
|
|
|
$
|
144
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans and leases
|
|
$
|
930,736
|
|
|
|
$
|
284,994
|
|
|
$
|
161,869
|
|
|
$
|
352,712
|
|
|
$
|
71,231
|
|
|
$
|
59,930
|
|
Total assets
(1)
|
|
2,317,829
|
|
|
|
759,665
|
|
|
273,581
|
|
|
422,255
|
|
|
652,481
|
|
|
209,847
|
|
||||||
Total deposits
|
|
1,316,345
|
|
|
|
687,530
|
|
|
238,291
|
|
|
337,685
|
|
|
30,721
|
|
|
22,118
|
|
||||||
Quarter end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans and leases
|
|
$
|
929,801
|
|
|
|
$
|
287,277
|
|
|
$
|
162,191
|
|
|
$
|
352,332
|
|
|
$
|
73,023
|
|
|
$
|
54,978
|
|
Total assets
(1)
|
|
2,338,833
|
|
|
|
765,497
|
|
|
276,146
|
|
|
430,846
|
|
|
646,359
|
|
|
219,985
|
|
||||||
Total deposits
|
|
1,345,649
|
|
|
|
692,770
|
|
|
239,654
|
|
|
350,748
|
|
|
41,102
|
|
|
21,375
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
14
|
Bank of America Corporation and Subsidiaries
|
|||||||||||||||||||||||||
Quarterly Results by Business Segment and All Other (continued)
|
|||||||||||||||||||||||||
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Fourth Quarter 2017
|
|||||||||||||||||||||||
|
|
Total
Corporation
|
|
|
Consumer Banking
|
|
GWIM
|
|
Global Banking
|
|
Global Markets
|
|
All
Other
|
||||||||||||
Net interest income
|
|
$
|
11,713
|
|
|
|
$
|
6,354
|
|
|
$
|
1,520
|
|
|
$
|
2,719
|
|
|
$
|
932
|
|
|
$
|
188
|
|
Card income
|
|
1,555
|
|
|
|
1,354
|
|
|
43
|
|
|
134
|
|
|
24
|
|
|
—
|
|
||||||
Service charges
|
|
1,955
|
|
|
|
1,071
|
|
|
19
|
|
|
774
|
|
|
84
|
|
|
7
|
|
||||||
Investment and brokerage services
|
|
3,522
|
|
|
|
84
|
|
|
2,920
|
|
|
24
|
|
|
501
|
|
|
(7
|
)
|
||||||
Investment banking income (loss)
|
|
1,418
|
|
|
|
—
|
|
|
71
|
|
|
811
|
|
|
597
|
|
|
(61
|
)
|
||||||
Trading account profits
|
|
1,153
|
|
|
|
1
|
|
|
25
|
|
|
51
|
|
|
1,075
|
|
|
1
|
|
||||||
Other income (loss)
|
|
(629
|
)
|
|
|
91
|
|
|
85
|
|
|
506
|
|
|
183
|
|
|
(1,494
|
)
|
||||||
Total noninterest income (loss)
|
|
8,974
|
|
|
|
2,601
|
|
|
3,163
|
|
|
2,300
|
|
|
2,464
|
|
|
(1,554
|
)
|
||||||
Total revenue, net of interest expense
|
|
20,687
|
|
|
|
8,955
|
|
|
4,683
|
|
|
5,019
|
|
|
3,396
|
|
|
(1,366
|
)
|
||||||
Provision for credit losses
|
|
1,001
|
|
|
|
886
|
|
|
6
|
|
|
132
|
|
|
162
|
|
|
(185
|
)
|
||||||
Noninterest expense
|
|
13,274
|
|
|
|
4,509
|
|
|
3,470
|
|
|
2,161
|
|
|
2,614
|
|
|
520
|
|
||||||
Income (loss) before income taxes
|
|
6,412
|
|
|
|
3,560
|
|
|
1,207
|
|
|
2,726
|
|
|
620
|
|
|
(1,701
|
)
|
||||||
Income tax expense
|
|
4,047
|
|
|
|
1,364
|
|
|
463
|
|
|
1,046
|
|
|
210
|
|
|
964
|
|
||||||
Net income (loss)
|
|
$
|
2,365
|
|
|
|
$
|
2,196
|
|
|
$
|
744
|
|
|
$
|
1,680
|
|
|
$
|
410
|
|
|
$
|
(2,665
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
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
|
|
|
659,412
|
|
|
208,854
|
|
||||||
Total deposits
|
|
1,293,572
|
|
|
|
665,536
|
|
|
240,126
|
|
|
329,761
|
|
|
34,250
|
|
|
23,899
|
|
||||||
Quarter 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
|
|
|
629,013
|
|
|
194,042
|
|
||||||
Total deposits
|
|
1,309,545
|
|
|
|
676,530
|
|
|
246,994
|
|
|
329,273
|
|
|
34,029
|
|
|
22,719
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|||||||||||||||||||||||||
Annual Results by Business Segment and All Other
|
|||||||||||||||||||||||||
(Dollars in millions)
|
|||||||||||||||||||||||||
|
|
Year Ended December 31, 2018
|
|||||||||||||||||||||||
|
|
Total
Corporation
|
|
|
Consumer Banking
|
|
GWIM
|
|
Global Banking
|
|
Global Markets
|
|
All
Other
|
||||||||||||
Net interest income
|
|
$
|
48,042
|
|
|
|
$
|
27,123
|
|
|
$
|
6,294
|
|
|
$
|
10,881
|
|
|
$
|
3,171
|
|
|
$
|
573
|
|
Card income
|
|
6,051
|
|
|
|
5,289
|
|
|
128
|
|
|
541
|
|
|
93
|
|
|
—
|
|
||||||
Service charges
|
|
7,767
|
|
|
|
4,300
|
|
|
73
|
|
|
3,027
|
|
|
345
|
|
|
22
|
|
||||||
Investment and brokerage services
|
|
14,160
|
|
|
|
319
|
|
|
11,959
|
|
|
94
|
|
|
1,780
|
|
|
8
|
|
||||||
Investment banking income (loss)
|
|
5,327
|
|
|
|
(1
|
)
|
|
337
|
|
|
2,891
|
|
|
2,296
|
|
|
(196
|
)
|
||||||
Trading account profits
|
|
8,540
|
|
|
|
8
|
|
|
112
|
|
|
260
|
|
|
7,932
|
|
|
228
|
|
||||||
Other income (loss)
|
|
1,970
|
|
|
|
485
|
|
|
435
|
|
|
1,950
|
|
|
446
|
|
|
(1,346
|
)
|
||||||
Total noninterest income (loss)
|
|
43,815
|
|
|
|
10,400
|
|
|
13,044
|
|
|
8,763
|
|
|
12,892
|
|
|
(1,284
|
)
|
||||||
Total revenue, net of interest expense
|
|
91,857
|
|
|
|
37,523
|
|
|
19,338
|
|
|
19,644
|
|
|
16,063
|
|
|
(711
|
)
|
||||||
Provision for credit losses
|
|
3,282
|
|
|
|
3,664
|
|
|
86
|
|
|
8
|
|
|
—
|
|
|
(476
|
)
|
||||||
Noninterest expense
|
|
53,381
|
|
|
|
17,713
|
|
|
13,777
|
|
|
8,591
|
|
|
10,686
|
|
|
2,614
|
|
||||||
Income (loss) before income taxes
|
|
35,194
|
|
|
|
16,146
|
|
|
5,475
|
|
|
11,045
|
|
|
5,377
|
|
|
(2,849
|
)
|
||||||
Income tax expense (benefit)
|
|
7,047
|
|
|
|
4,117
|
|
|
1,396
|
|
|
2,872
|
|
|
1,398
|
|
|
(2,736
|
)
|
||||||
Net income (loss)
|
|
$
|
28,147
|
|
|
|
$
|
12,029
|
|
|
$
|
4,079
|
|
|
$
|
8,173
|
|
|
$
|
3,979
|
|
|
$
|
(113
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans and leases
|
|
$
|
933,049
|
|
|
|
$
|
283,807
|
|
|
$
|
161,342
|
|
|
$
|
354,236
|
|
|
$
|
72,651
|
|
|
$
|
61,013
|
|
Total assets
(1)
|
|
2,325,246
|
|
|
|
756,373
|
|
|
277,219
|
|
|
424,353
|
|
|
666,003
|
|
|
201,298
|
|
||||||
Total deposits
|
|
1,314,941
|
|
|
|
684,173
|
|
|
241,256
|
|
|
336,337
|
|
|
31,209
|
|
|
21,966
|
|
||||||
Year end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans and leases
|
|
$
|
946,895
|
|
|
|
$
|
294,335
|
|
|
$
|
164,854
|
|
|
$
|
365,717
|
|
|
$
|
73,928
|
|
|
$
|
48,061
|
|
Total assets
(1)
|
|
2,354,507
|
|
|
|
768,877
|
|
|
305,906
|
|
|
441,477
|
|
|
641,922
|
|
|
196,325
|
|
||||||
Total deposits
|
|
1,381,476
|
|
|
|
696,146
|
|
|
268,700
|
|
|
360,248
|
|
|
37,841
|
|
|
18,541
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Year Ended December 31, 2017
|
|||||||||||||||||||||||
|
|
Total
Corporation
|
|
|
Consumer Banking
|
|
GWIM
|
|
Global Banking
|
|
Global Markets
|
|
All
Other
|
||||||||||||
Net interest income
|
|
$
|
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
|
|
13,836
|
|
|
|
317
|
|
|
11,394
|
|
|
97
|
|
|
2,049
|
|
|
(21
|
)
|
||||||
Investment banking income (loss)
|
|
6,011
|
|
|
|
—
|
|
|
318
|
|
|
3,471
|
|
|
2,476
|
|
|
(254
|
)
|
||||||
Trading account profits
|
|
7,277
|
|
|
|
3
|
|
|
144
|
|
|
134
|
|
|
6,710
|
|
|
286
|
|
||||||
Other income (loss)
|
|
1,841
|
|
|
|
558
|
|
|
332
|
|
|
2,150
|
|
|
551
|
|
|
(1,750
|
)
|
||||||
Total noninterest income (loss)
|
|
42,685
|
|
|
|
10,214
|
|
|
12,417
|
|
|
9,495
|
|
|
12,207
|
|
|
(1,648
|
)
|
||||||
Total revenue, net of interest expense
|
|
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
|
|
|
|
17,795
|
|
|
13,556
|
|
|
8,596
|
|
|
10,731
|
|
|
4,065
|
|
||||||
Income (loss) before income taxes
|
|
30,138
|
|
|
|
13,201
|
|
|
4,978
|
|
|
11,191
|
|
|
5,056
|
|
|
(4,288
|
)
|
||||||
Income tax expense (benefit)
|
|
11,906
|
|
|
|
4,999
|
|
|
1,885
|
|
|
4,238
|
|
|
1,763
|
|
|
(979
|
)
|
||||||
Net income (loss)
|
|
$
|
18,232
|
|
|
|
$
|
8,202
|
|
|
$
|
3,093
|
|
|
$
|
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
|
|
|
638,673
|
|
|
206,999
|
|
||||||
Total deposits
|
|
1,269,796
|
|
|
|
653,320
|
|
|
245,559
|
|
|
312,859
|
|
|
32,864
|
|
|
25,194
|
|
||||||
Year 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
|
|
|
629,013
|
|
|
194,042
|
|
||||||
Total deposits
|
|
1,309,545
|
|
|
|
676,530
|
|
|
246,994
|
|
|
329,273
|
|
|
34,029
|
|
|
22,719
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
16
|
Bank of America Corporation and Subsidiaries
|
|||||||||||||||||||||||||||||
Consumer Banking Segment Results
|
|||||||||||||||||||||||||||||
(Dollars in millions)
|
|||||||||||||||||||||||||||||
|
|
Year Ended
December 31 |
|
|
Fourth
Quarter 2018 |
|
Third
Quarter 2018 |
|
Second
Quarter 2018 |
|
First
Quarter 2018 |
|
Fourth
Quarter 2017 |
||||||||||||||||
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|||||||||||||||||||
Net interest income
|
|
$
|
27,123
|
|
|
$
|
24,307
|
|
|
|
$
|
7,131
|
|
|
$
|
6,862
|
|
|
$
|
6,620
|
|
|
$
|
6,510
|
|
|
$
|
6,354
|
|
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Card income
|
|
5,289
|
|
|
5,070
|
|
|
|
1,387
|
|
|
1,281
|
|
|
1,342
|
|
|
1,279
|
|
|
1,354
|
|
|||||||
Service charges
|
|
4,300
|
|
|
4,266
|
|
|
|
1,086
|
|
|
1,098
|
|
|
1,072
|
|
|
1,044
|
|
|
1,071
|
|
|||||||
All other income
|
|
811
|
|
|
878
|
|
|
|
273
|
|
|
162
|
|
|
177
|
|
|
199
|
|
|
176
|
|
|||||||
Total noninterest income
|
|
10,400
|
|
|
10,214
|
|
|
|
2,746
|
|
|
2,541
|
|
|
2,591
|
|
|
2,522
|
|
|
2,601
|
|
|||||||
Total revenue, net of interest expense
|
|
37,523
|
|
|
34,521
|
|
|
|
9,877
|
|
|
9,403
|
|
|
9,211
|
|
|
9,032
|
|
|
8,955
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Provision for credit losses
|
|
3,664
|
|
|
3,525
|
|
|
|
915
|
|
|
870
|
|
|
944
|
|
|
935
|
|
|
886
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Noninterest expense
|
|
17,713
|
|
|
17,795
|
|
|
|
4,483
|
|
|
4,354
|
|
|
4,395
|
|
|
4,481
|
|
|
4,509
|
|
|||||||
Income before income taxes
|
|
16,146
|
|
|
13,201
|
|
|
|
4,479
|
|
|
4,179
|
|
|
3,872
|
|
|
3,616
|
|
|
3,560
|
|
|||||||
Income tax expense
|
|
4,117
|
|
|
4,999
|
|
|
|
1,141
|
|
|
1,066
|
|
|
988
|
|
|
922
|
|
|
1,364
|
|
|||||||
Net income
|
|
$
|
12,029
|
|
|
$
|
8,202
|
|
|
|
$
|
3,338
|
|
|
$
|
3,113
|
|
|
$
|
2,884
|
|
|
$
|
2,694
|
|
|
$
|
2,196
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net interest yield
|
|
3.78
|
%
|
|
3.54
|
%
|
|
|
3.93
|
%
|
|
3.78
|
%
|
|
3.68
|
%
|
|
3.73
|
%
|
|
3.61
|
%
|
|||||||
Return on average allocated capital
(1)
|
|
33
|
|
|
22
|
|
|
|
36
|
|
|
33
|
|
|
31
|
|
|
30
|
|
|
24
|
|
|||||||
Efficiency ratio
|
|
47.20
|
|
|
51.55
|
|
|
|
45.37
|
|
|
46.30
|
|
|
47.73
|
|
|
49.62
|
|
|
50.35
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total loans and leases
|
|
$
|
283,807
|
|
|
$
|
266,058
|
|
|
|
$
|
289,862
|
|
|
$
|
284,994
|
|
|
$
|
280,689
|
|
|
$
|
279,557
|
|
|
$
|
275,716
|
|
Total earning assets
(2)
|
|
717,197
|
|
|
686,612
|
|
|
|
719,338
|
|
|
720,652
|
|
|
720,878
|
|
|
707,754
|
|
|
699,004
|
|
|||||||
Total assets
(2)
|
|
756,373
|
|
|
725,406
|
|
|
|
759,027
|
|
|
759,665
|
|
|
759,982
|
|
|
746,647
|
|
|
737,755
|
|
|||||||
Total deposits
|
|
684,173
|
|
|
653,320
|
|
|
|
686,826
|
|
|
687,530
|
|
|
687,812
|
|
|
674,351
|
|
|
665,536
|
|
|||||||
Allocated capital
(1)
|
|
37,000
|
|
|
37,000
|
|
|
|
37,000
|
|
|
37,000
|
|
|
37,000
|
|
|
37,000
|
|
|
37,000
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total loans and leases
|
|
$
|
294,335
|
|
|
$
|
280,473
|
|
|
|
$
|
294,335
|
|
|
$
|
287,277
|
|
|
$
|
283,565
|
|
|
$
|
279,055
|
|
|
$
|
280,473
|
|
Total earning assets
(2)
|
|
728,817
|
|
|
709,832
|
|
|
|
728,817
|
|
|
726,494
|
|
|
729,036
|
|
|
735,247
|
|
|
709,832
|
|
|||||||
Total assets
(2)
|
|
768,877
|
|
|
749,325
|
|
|
|
768,877
|
|
|
765,497
|
|
|
768,187
|
|
|
774,256
|
|
|
749,325
|
|
|||||||
Total deposits
|
|
696,146
|
|
|
676,530
|
|
|
|
696,146
|
|
|
692,770
|
|
|
695,530
|
|
|
701,488
|
|
|
676,530
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
17
|
(1)
|
Digital users represents mobile and/or online users across consumer businesses.
|
(2)
|
In addition to the U.S. credit card portfolio in
Consumer Banking
, the remaining U.S. credit card portfolio is 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
.
|
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 Quarterly Results
|
|||||||||||||
(Dollars in millions)
|
|||||||||||||
|
|
Fourth Quarter 2018
|
|||||||||||
|
|
Total Consumer Banking
|
|
|
Deposits
|
|
Consumer
Lending
|
||||||
Net interest income
|
|
$
|
7,131
|
|
|
|
$
|
4,297
|
|
|
$
|
2,834
|
|
Noninterest income:
|
|
|
|
|
|
|
|
||||||
Card income
|
|
1,387
|
|
|
|
3
|
|
|
1,384
|
|
|||
Service charges
|
|
1,086
|
|
|
|
1,084
|
|
|
2
|
|
|||
All other income
|
|
273
|
|
|
|
118
|
|
|
155
|
|
|||
Total noninterest income
|
|
2,746
|
|
|
|
1,205
|
|
|
1,541
|
|
|||
Total revenue, net of interest expense
|
|
9,877
|
|
|
|
5,502
|
|
|
4,375
|
|
|||
|
|
|
|
|
|
|
|
||||||
Provision for credit losses
|
|
915
|
|
|
|
60
|
|
|
855
|
|
|||
|
|
|
|
|
|
|
|
||||||
Noninterest expense
|
|
4,483
|
|
|
|
2,615
|
|
|
1,868
|
|
|||
Income before income taxes
|
|
4,479
|
|
|
|
2,827
|
|
|
1,652
|
|
|||
Income tax expense
|
|
1,141
|
|
|
|
720
|
|
|
421
|
|
|||
Net income
|
|
$
|
3,338
|
|
|
|
$
|
2,107
|
|
|
$
|
1,231
|
|
|
|
|
|
|
|
|
|
||||||
Net interest yield
|
|
3.93
|
%
|
|
|
2.49
|
%
|
|
3.95
|
%
|
|||
Return on average allocated capital
(1)
|
|
36
|
|
|
|
70
|
|
|
20
|
|
|||
Efficiency ratio
|
|
45.37
|
|
|
|
47.50
|
|
|
42.68
|
|
|||
|
|
|
|
|
|
|
|
||||||
Balance Sheet
|
|
|
|
|
|
|
|
||||||
Average
|
|
|
|
|
|
|
|
||||||
Total loans and leases
|
|
$
|
289,862
|
|
|
|
$
|
5,302
|
|
|
$
|
284,560
|
|
Total earning assets
(2)
|
|
719,338
|
|
|
|
684,608
|
|
|
284,920
|
|
|||
Total assets
(2)
|
|
759,027
|
|
|
|
713,678
|
|
|
295,539
|
|
|||
Total deposits
|
|
686,826
|
|
|
|
681,478
|
|
|
5,348
|
|
|||
Allocated capital
(1)
|
|
37,000
|
|
|
|
12,000
|
|
|
25,000
|
|
|||
|
|
|
|
|
|
|
|
||||||
Period end
|
|
|
|
|
|
|
|
||||||
Total loans and leases
|
|
$
|
294,335
|
|
|
|
$
|
5,470
|
|
|
$
|
288,865
|
|
Total earning assets
(2)
|
|
728,817
|
|
|
|
694,676
|
|
|
289,249
|
|
|||
Total assets
(2)
|
|
768,877
|
|
|
|
724,015
|
|
|
299,970
|
|
|||
Total deposits
|
|
696,146
|
|
|
|
691,666
|
|
|
4,480
|
|
|||
|
|
|
|
|
|
|
|
||||||
|
|
Third Quarter 2018
|
|||||||||||
|
|
Total Consumer Banking
|
|
|
Deposits
|
|
Consumer
Lending
|
||||||
Net interest income
|
|
$
|
6,862
|
|
|
|
$
|
4,067
|
|
|
$
|
2,795
|
|
Noninterest income:
|
|
|
|
|
|
|
|
||||||
Card income
|
|
1,281
|
|
|
|
1
|
|
|
1,280
|
|
|||
Service charges
|
|
1,098
|
|
|
|
1,098
|
|
|
—
|
|
|||
All other income
|
|
162
|
|
|
|
102
|
|
|
60
|
|
|||
Total noninterest income
|
|
2,541
|
|
|
|
1,201
|
|
|
1,340
|
|
|||
Total revenue, net of interest expense
|
|
9,403
|
|
|
|
5,268
|
|
|
4,135
|
|
|||
|
|
|
|
|
|
|
|
||||||
Provision for credit losses
|
|
870
|
|
|
|
48
|
|
|
822
|
|
|||
|
|
|
|
|
|
|
|
||||||
Noninterest expense
|
|
4,354
|
|
|
|
2,618
|
|
|
1,736
|
|
|||
Income before income taxes
|
|
4,179
|
|
|
|
2,602
|
|
|
1,577
|
|
|||
Income tax expense
|
|
1,066
|
|
|
|
664
|
|
|
402
|
|
|||
Net income
|
|
$
|
3,113
|
|
|
|
$
|
1,938
|
|
|
$
|
1,175
|
|
|
|
|
|
|
|
|
|
||||||
Net interest yield
|
|
3.78
|
%
|
|
|
2.35
|
%
|
|
3.95
|
%
|
|||
Return on average allocated capital
(1)
|
|
33
|
|
|
|
64
|
|
|
19
|
|
|||
Efficiency ratio
|
|
46.30
|
|
|
|
49.70
|
|
|
41.97
|
|
|||
|
|
|
|
|
|
|
|
||||||
Balance Sheet
|
|
|
|
|
|
|
|
||||||
Average
|
|
|
|
|
|
|
|
||||||
Total loans and leases
|
|
$
|
284,994
|
|
|
|
$
|
5,269
|
|
|
$
|
279,725
|
|
Total earning assets
(2)
|
|
720,652
|
|
|
|
685,662
|
|
|
280,637
|
|
|||
Total assets
(2)
|
|
759,665
|
|
|
|
713,942
|
|
|
291,370
|
|
|||
Total deposits
|
|
687,530
|
|
|
|
681,726
|
|
|
5,804
|
|
|||
Allocated capital
(1)
|
|
37,000
|
|
|
|
12,000
|
|
|
25,000
|
|
|||
|
|
|
|
|
|
|
|
||||||
Period end
|
|
|
|
|
|
|
|
||||||
Total loans and leases
|
|
$
|
287,277
|
|
|
|
$
|
5,276
|
|
|
$
|
282,001
|
|
Total earning assets
(2)
|
|
726,494
|
|
|
|
690,968
|
|
|
282,921
|
|
|||
Total assets
(2)
|
|
765,497
|
|
|
|
719,126
|
|
|
293,766
|
|
|||
Total deposits
|
|
692,770
|
|
|
|
686,723
|
|
|
6,047
|
|
|||
|
|
|
|
|
|
|
|
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 (continued)
|
|||||||||||||
(Dollars in millions)
|
|||||||||||||
|
|
Fourth Quarter 2017
|
|||||||||||
|
|
Total Consumer Banking
|
|
|
Deposits
|
|
Consumer
Lending
|
||||||
Net interest income
|
|
$
|
6,354
|
|
|
|
$
|
3,549
|
|
|
$
|
2,805
|
|
Noninterest income:
|
|
|
|
|
|
|
|
||||||
Card income
|
|
1,354
|
|
|
|
2
|
|
|
1,352
|
|
|||
Service charges
|
|
1,071
|
|
|
|
1,071
|
|
|
—
|
|
|||
All other income
|
|
176
|
|
|
|
99
|
|
|
77
|
|
|||
Total noninterest income
|
|
2,601
|
|
|
|
1,172
|
|
|
1,429
|
|
|||
Total revenue, net of interest expense
|
|
8,955
|
|
|
|
4,721
|
|
|
4,234
|
|
|||
|
|
|
|
|
|
|
|
||||||
Provision for credit losses
|
|
886
|
|
|
|
53
|
|
|
833
|
|
|||
|
|
|
|
|
|
|
|
||||||
Noninterest expense
|
|
4,509
|
|
|
|
2,680
|
|
|
1,829
|
|
|||
Income before income taxes
|
|
3,560
|
|
|
|
1,988
|
|
|
1,572
|
|
|||
Income tax expense
|
|
1,364
|
|
|
|
762
|
|
|
602
|
|
|||
Net income
|
|
$
|
2,196
|
|
|
|
$
|
1,226
|
|
|
$
|
970
|
|
|
|
|
|
|
|
|
|
||||||
Net interest yield
|
|
3.61
|
%
|
|
|
2.12
|
%
|
|
4.10
|
%
|
|||
Return on average allocated capital
(1)
|
|
24
|
|
|
|
41
|
|
|
15
|
|
|||
Efficiency ratio
|
|
50.35
|
|
|
|
56.77
|
|
|
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
|
|
|||
|
|
|
|
|
|
|
|
(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.
|
20
|
Bank of America Corporation and Subsidiaries
|
|||||||||||||
Consumer Banking Annual Results
|
|||||||||||||
(Dollars in millions)
|
|||||||||||||
|
|
Year Ended December 31, 2018
|
|||||||||||
|
|
Total Consumer Banking
|
|
|
Deposits
|
|
Consumer
Lending
|
||||||
Net interest income
|
|
$
|
27,123
|
|
|
|
$
|
16,024
|
|
|
$
|
11,099
|
|
Noninterest income:
|
|
|
|
|
|
|
|
||||||
Card income
|
|
5,289
|
|
|
|
8
|
|
|
5,281
|
|
|||
Service charges
|
|
4,300
|
|
|
|
4,298
|
|
|
2
|
|
|||
All other income
|
|
811
|
|
|
|
430
|
|
|
381
|
|
|||
Total noninterest income
|
|
10,400
|
|
|
|
4,736
|
|
|
5,664
|
|
|||
Total revenue, net of interest expense
|
|
37,523
|
|
|
|
20,760
|
|
|
16,763
|
|
|||
|
|
|
|
|
|
|
|
||||||
Provision for credit losses
|
|
3,664
|
|
|
|
195
|
|
|
3,469
|
|
|||
|
|
|
|
|
|
|
|
||||||
Noninterest expense
|
|
17,713
|
|
|
|
10,522
|
|
|
7,191
|
|
|||
Income before income taxes
|
|
16,146
|
|
|
|
10,043
|
|
|
6,103
|
|
|||
Income tax expense
|
|
4,117
|
|
|
|
2,561
|
|
|
1,556
|
|
|||
Net income
|
|
$
|
12,029
|
|
|
|
$
|
7,482
|
|
|
$
|
4,547
|
|
|
|
|
|
|
|
|
|
||||||
Net interest yield
|
|
3.78
|
%
|
|
|
2.35
|
%
|
|
3.97
|
%
|
|||
Return on average allocated capital
(1)
|
|
33
|
|
|
|
62
|
|
|
18
|
|
|||
Efficiency ratio
|
|
47.20
|
|
|
|
50.68
|
|
|
42.90
|
|
|||
|
|
|
|
|
|
|
|
||||||
Balance Sheet
|
|
|
|
|
|
|
|
||||||
Average
|
|
|
|
|
|
|
|
||||||
Total loans and leases
|
|
$
|
283,807
|
|
|
|
$
|
5,233
|
|
|
$
|
278,574
|
|
Total earning assets
(2)
|
|
717,197
|
|
|
|
682,600
|
|
|
279,217
|
|
|||
Total assets
(2)
|
|
756,373
|
|
|
|
710,925
|
|
|
290,068
|
|
|||
Total deposits
|
|
684,173
|
|
|
|
678,640
|
|
|
5,533
|
|
|||
Allocated capital
(1)
|
|
37,000
|
|
|
|
12,000
|
|
|
25,000
|
|
|||
|
|
|
|
|
|
|
|
||||||
Year end
|
|
|
|
|
|
|
|
||||||
Total loans and leases
|
|
$
|
294,335
|
|
|
|
$
|
5,470
|
|
|
$
|
288,865
|
|
Total earning assets
(2)
|
|
728,817
|
|
|
|
694,676
|
|
|
289,249
|
|
|||
Total assets
(2)
|
|
768,877
|
|
|
|
724,015
|
|
|
299,970
|
|
|||
Total deposits
|
|
696,146
|
|
|
|
691,666
|
|
|
4,480
|
|
|||
|
|
|
|
|
|
|
|
||||||
|
|
Year Ended December 31, 2017
|
|||||||||||
|
|
Total Consumer Banking
|
|
|
Deposits
|
|
Consumer
Lending
|
||||||
Net interest income
|
|
$
|
24,307
|
|
|
|
$
|
13,353
|
|
|
$
|
10,954
|
|
Noninterest income:
|
|
|
|
|
|
|
|
||||||
Card income
|
|
5,070
|
|
|
|
8
|
|
|
5,062
|
|
|||
Service charges
|
|
4,266
|
|
|
|
4,265
|
|
|
1
|
|
|||
All other income
|
|
878
|
|
|
|
391
|
|
|
487
|
|
|||
Total noninterest income
|
|
10,214
|
|
|
|
4,664
|
|
|
5,550
|
|
|||
Total revenue, net of interest expense
|
|
34,521
|
|
|
|
18,017
|
|
|
16,504
|
|
|||
|
|
|
|
|
|
|
|
||||||
Provision for credit losses
|
|
3,525
|
|
|
|
201
|
|
|
3,324
|
|
|||
|
|
|
|
|
|
|
|
||||||
Noninterest expense
|
|
17,795
|
|
|
|
10,388
|
|
|
7,407
|
|
|||
Income before income taxes
|
|
13,201
|
|
|
|
7,428
|
|
|
5,773
|
|
|||
Income tax expense
|
|
4,999
|
|
|
|
2,813
|
|
|
2,186
|
|
|||
Net income
|
|
$
|
8,202
|
|
|
|
$
|
4,615
|
|
|
$
|
3,587
|
|
|
|
|
|
|
|
|
|
||||||
Net interest yield
|
|
3.54
|
%
|
|
|
2.05
|
%
|
|
4.18
|
%
|
|||
Return on average allocated capital
(1)
|
|
22
|
|
|
|
38
|
|
|
14
|
|
|||
Efficiency ratio
|
|
51.55
|
|
|
|
57.66
|
|
|
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
|
|
|||
|
|
|
|
|
|
|
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
21
|
Bank of America Corporation and Subsidiaries
|
|
|
|
|
|||||||||||||||||||||||||
Global Wealth & Investment Management Segment Results
|
|
|
|||||||||||||||||||||||||||
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
Year Ended
December 31 |
|
|
Fourth Quarter 2018
|
|
Third Quarter 2018
|
|
Second Quarter 2018
|
|
First Quarter 2018
|
|
Fourth Quarter 2017
|
||||||||||||||||
|
|
2018
|
|
2017
|
|
|
|||||||||||||||||||||||
Net interest income
|
|
$
|
6,294
|
|
|
$
|
6,173
|
|
|
|
$
|
1,622
|
|
|
$
|
1,535
|
|
|
$
|
1,543
|
|
|
$
|
1,594
|
|
|
$
|
1,520
|
|
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Investment and brokerage services
|
|
11,959
|
|
|
11,394
|
|
|
|
2,978
|
|
|
3,004
|
|
|
2,937
|
|
|
3,040
|
|
|
2,920
|
|
|||||||
All other income
|
|
1,085
|
|
|
1,023
|
|
|
|
390
|
|
|
244
|
|
|
229
|
|
|
222
|
|
|
243
|
|
|||||||
Total noninterest income
|
|
13,044
|
|
|
12,417
|
|
|
|
3,368
|
|
|
3,248
|
|
|
3,166
|
|
|
3,262
|
|
|
3,163
|
|
|||||||
Total revenue, net of interest expense
|
|
19,338
|
|
|
18,590
|
|
|
|
4,990
|
|
|
4,783
|
|
|
4,709
|
|
|
4,856
|
|
|
4,683
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Provision for credit losses
|
|
86
|
|
|
56
|
|
|
|
23
|
|
|
13
|
|
|
12
|
|
|
38
|
|
|
6
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Noninterest expense
|
|
13,777
|
|
|
13,556
|
|
|
|
3,542
|
|
|
3,414
|
|
|
3,395
|
|
|
3,426
|
|
|
3,470
|
|
|||||||
Income before income taxes
|
|
5,475
|
|
|
4,978
|
|
|
|
1,425
|
|
|
1,356
|
|
|
1,302
|
|
|
1,392
|
|
|
1,207
|
|
|||||||
Income tax expense
|
|
1,396
|
|
|
1,885
|
|
|
|
363
|
|
|
346
|
|
|
332
|
|
|
355
|
|
|
463
|
|
|||||||
Net income
|
|
$
|
4,079
|
|
|
$
|
3,093
|
|
|
|
$
|
1,062
|
|
|
$
|
1,010
|
|
|
$
|
970
|
|
|
$
|
1,037
|
|
|
$
|
744
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net interest yield
|
|
2.42
|
%
|
|
2.32
|
%
|
|
|
2.43
|
%
|
|
2.38
|
%
|
|
2.43
|
%
|
|
2.46
|
%
|
|
2.32
|
%
|
|||||||
Return on average allocated capital
(1)
|
|
28
|
|
|
22
|
|
|
|
29
|
|
|
28
|
|
|
27
|
|
|
29
|
|
|
21
|
|
|||||||
Efficiency ratio
|
|
71.24
|
|
|
72.92
|
|
|
|
70.97
|
|
|
71.40
|
|
|
72.09
|
|
|
70.56
|
|
|
74.10
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total loans and leases
|
|
$
|
161,342
|
|
|
$
|
152,682
|
|
|
|
$
|
163,516
|
|
|
$
|
161,869
|
|
|
$
|
160,833
|
|
|
$
|
159,095
|
|
|
$
|
157,063
|
|
Total earning assets
(2)
|
|
259,807
|
|
|
265,670
|
|
|
|
265,037
|
|
|
256,285
|
|
|
255,145
|
|
|
262,775
|
|
|
259,550
|
|
|||||||
Total assets
(2)
|
|
277,219
|
|
|
281,517
|
|
|
|
283,262
|
|
|
273,581
|
|
|
272,316
|
|
|
279,716
|
|
|
276,153
|
|
|||||||
Total deposits
|
|
241,256
|
|
|
245,559
|
|
|
|
247,427
|
|
|
238,291
|
|
|
236,214
|
|
|
243,077
|
|
|
240,126
|
|
|||||||
Allocated capital
(1)
|
|
14,500
|
|
|
14,000
|
|
|
|
14,500
|
|
|
14,500
|
|
|
14,500
|
|
|
14,500
|
|
|
14,000
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total loans and leases
|
|
$
|
164,854
|
|
|
$
|
159,378
|
|
|
|
$
|
164,854
|
|
|
$
|
162,191
|
|
|
$
|
162,034
|
|
|
$
|
159,636
|
|
|
$
|
159,378
|
|
Total earning assets
(2)
|
|
287,197
|
|
|
267,026
|
|
|
|
287,197
|
|
|
258,561
|
|
|
253,910
|
|
|
262,430
|
|
|
267,026
|
|
|||||||
Total assets
(2)
|
|
305,906
|
|
|
284,321
|
|
|
|
305,906
|
|
|
276,146
|
|
|
270,912
|
|
|
279,331
|
|
|
284,321
|
|
|||||||
Total deposits
|
|
268,700
|
|
|
246,994
|
|
|
|
268,700
|
|
|
239,654
|
|
|
233,925
|
|
|
241,531
|
|
|
246,994
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
22
|
Bank of America Corporation and Subsidiaries
|
|||||||||||||||||||||||||||||
Global Wealth & Investment Management Key Indicators
|
|||||||||||||||||||||||||||||
(Dollars in millions, except as noted)
|
|||||||||||||||||||||||||||||
|
|
Year Ended
December 31 |
|
|
Fourth Quarter 2018
|
|
Third Quarter 2018
|
|
Second Quarter 2018
|
|
First Quarter 2018
|
|
Fourth Quarter 2017
|
||||||||||||||||
|
|
2018
|
|
2017
|
|
|
|||||||||||||||||||||||
Revenue by Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Merrill Lynch Global Wealth Management
|
|
$
|
15,895
|
|
|
$
|
15,288
|
|
|
|
$
|
4,115
|
|
|
$
|
3,924
|
|
|
$
|
3,860
|
|
|
$
|
3,996
|
|
|
$
|
3,836
|
|
U.S. Trust
|
|
3,432
|
|
|
3,295
|
|
|
|
865
|
|
|
859
|
|
|
848
|
|
|
860
|
|
|
845
|
|
|||||||
Other
|
|
11
|
|
|
7
|
|
|
|
10
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|||||||
Total revenue, net of interest expense
|
|
$
|
19,338
|
|
|
$
|
18,590
|
|
|
|
$
|
4,990
|
|
|
$
|
4,783
|
|
|
$
|
4,709
|
|
|
$
|
4,856
|
|
|
$
|
4,683
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Client Balances by Business, at period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Merrill Lynch Global Wealth Management
|
|
$
|
2,193,562
|
|
|
$
|
2,305,664
|
|
|
|
$
|
2,193,562
|
|
|
$
|
2,385,479
|
|
|
$
|
2,311,598
|
|
|
$
|
2,284,803
|
|
|
$
|
2,305,664
|
|
U.S. Trust
|
|
427,294
|
|
|
446,199
|
|
|
|
427,294
|
|
|
455,894
|
|
|
442,608
|
|
|
440,683
|
|
|
446,199
|
|
|||||||
Total client balances
|
|
$
|
2,620,856
|
|
|
$
|
2,751,863
|
|
|
|
$
|
2,620,856
|
|
|
$
|
2,841,373
|
|
|
$
|
2,754,206
|
|
|
$
|
2,725,486
|
|
|
$
|
2,751,863
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Client Balances by Type, at period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Assets under management
(1)
|
|
$
|
1,021,221
|
|
|
$
|
1,080,747
|
|
|
|
$
|
1,021,221
|
|
|
$
|
1,144,375
|
|
|
$
|
1,101,001
|
|
|
$
|
1,084,717
|
|
|
$
|
1,080,747
|
|
Brokerage and other assets
|
|
1,162,997
|
|
|
1,261,990
|
|
|
|
1,162,997
|
|
|
1,292,219
|
|
|
1,254,135
|
|
|
1,236,799
|
|
|
1,261,990
|
|
|||||||
Deposits
|
|
268,700
|
|
|
246,994
|
|
|
|
268,700
|
|
|
239,654
|
|
|
233,925
|
|
|
241,531
|
|
|
246,994
|
|
|||||||
Loans and leases
(2)
|
|
167,938
|
|
|
162,132
|
|
|
|
167,938
|
|
|
165,125
|
|
|
165,145
|
|
|
162,439
|
|
|
162,132
|
|
|||||||
Total client balances
|
|
$
|
2,620,856
|
|
|
$
|
2,751,863
|
|
|
|
$
|
2,620,856
|
|
|
$
|
2,841,373
|
|
|
$
|
2,754,206
|
|
|
$
|
2,725,486
|
|
|
$
|
2,751,863
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Assets Under Management Rollforward
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Assets under management, beginning balance
|
|
$
|
1,080,747
|
|
|
$
|
886,148
|
|
|
|
$
|
1,144,375
|
|
|
$
|
1,101,001
|
|
|
$
|
1,084,717
|
|
|
$
|
1,080,747
|
|
|
$
|
1,036,048
|
|
Net client flows
|
|
36,406
|
|
|
95,707
|
|
|
|
(6,181
|
)
|
|
7,572
|
|
|
10,775
|
|
|
24,240
|
|
|
18,228
|
|
|||||||
Market valuation/other
|
|
(95,932
|
)
|
|
98,892
|
|
|
|
(116,973
|
)
|
|
35,802
|
|
|
5,509
|
|
|
(20,270
|
)
|
|
26,471
|
|
|||||||
Total assets under management, ending balance
|
|
$
|
1,021,221
|
|
|
$
|
1,080,747
|
|
|
|
$
|
1,021,221
|
|
|
$
|
1,144,375
|
|
|
$
|
1,101,001
|
|
|
$
|
1,084,717
|
|
|
$
|
1,080,747
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Associates, at period end
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Number of financial advisors
|
|
17,518
|
|
|
17,355
|
|
|
|
17,518
|
|
|
17,456
|
|
|
17,442
|
|
|
17,367
|
|
|
17,355
|
|
|||||||
Total wealth advisors, including financial advisors
|
|
19,459
|
|
|
19,238
|
|
|
|
19,459
|
|
|
19,344
|
|
|
19,351
|
|
|
19,276
|
|
|
19,238
|
|
|||||||
Total primary sales professionals, including financial advisors and wealth advisors
|
|
20,556
|
|
|
20,318
|
|
|
|
20,556
|
|
|
20,437
|
|
|
20,422
|
|
|
20,375
|
|
|
20,318
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Merrill Lynch Global Wealth Management Metric
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Financial advisor productivity
(4)
(in thousands)
|
|
$
|
1,034
|
|
|
$
|
1,005
|
|
|
|
$
|
1,046
|
|
|
$
|
1,035
|
|
|
$
|
1,017
|
|
|
$
|
1,038
|
|
|
$
|
994
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
U.S. Trust Metric, at period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Primary sales professionals
|
|
1,747
|
|
|
1,714
|
|
|
|
1,747
|
|
|
1,711
|
|
|
1,723
|
|
|
1,737
|
|
|
1,714
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Defined as managed assets under advisory and/or discretion of
GWIM
.
|
(2)
|
Includes margin receivables which are classified in customer and other receivables on the Consolidated Balance Sheet.
|
(3)
|
Includes financial advisors in the
Consumer Banking
segment
of
2,722
,
2,618
,
2,622
,
2,538
and
2,402
at
December 31, 2018
,
September 30, 2018
,
June 30, 2018
,
March 31, 2018
and
December 31, 2017
, respectively.
|
(4)
|
Financial advisor productivity is defined as annualized Merrill Lynch Global Wealth Management total revenue, excluding the allocation of certain asset and liability management (ALM) activities and certain one-time items, 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.
|
23
|
Bank of America Corporation and Subsidiaries
|
||||||||||||||||||||||||||||
Global Banking Segment Results
|
||||||||||||||||||||||||||||
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Year Ended
December 31 |
|
|
Fourth Quarter 2018
|
|
Third Quarter 2018
|
|
Second Quarter 2018
|
|
First Quarter 2018
|
|
Fourth Quarter 2017
|
||||||||||||||||
|
2018
|
|
2017
|
|
|
|||||||||||||||||||||||
Net interest income
|
$
|
10,881
|
|
|
$
|
10,504
|
|
|
|
$
|
2,824
|
|
|
$
|
2,706
|
|
|
$
|
2,711
|
|
|
$
|
2,640
|
|
|
$
|
2,719
|
|
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Service charges
|
3,027
|
|
|
3,125
|
|
|
|
743
|
|
|
753
|
|
|
768
|
|
|
763
|
|
|
774
|
|
|||||||
Investment banking fees
|
2,891
|
|
|
3,471
|
|
|
|
760
|
|
|
644
|
|
|
743
|
|
|
744
|
|
|
811
|
|
|||||||
All other income
|
2,845
|
|
|
2,899
|
|
|
|
723
|
|
|
635
|
|
|
700
|
|
|
787
|
|
|
715
|
|
|||||||
Total noninterest income
|
8,763
|
|
|
9,495
|
|
|
|
2,226
|
|
|
2,032
|
|
|
2,211
|
|
|
2,294
|
|
|
2,300
|
|
|||||||
Total revenue, net of interest expense
|
19,644
|
|
|
19,999
|
|
|
|
5,050
|
|
|
4,738
|
|
|
4,922
|
|
|
4,934
|
|
|
5,019
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Provision for credit losses
|
8
|
|
|
212
|
|
|
|
85
|
|
|
(70
|
)
|
|
(23
|
)
|
|
16
|
|
|
132
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Noninterest expense
|
8,591
|
|
|
8,596
|
|
|
|
2,119
|
|
|
2,121
|
|
|
2,156
|
|
|
2,195
|
|
|
2,161
|
|
|||||||
Income before income taxes
|
11,045
|
|
|
11,191
|
|
|
|
2,846
|
|
|
2,687
|
|
|
2,789
|
|
|
2,723
|
|
|
2,726
|
|
|||||||
Income tax expense
|
2,872
|
|
|
4,238
|
|
|
|
740
|
|
|
699
|
|
|
726
|
|
|
707
|
|
|
1,046
|
|
|||||||
Net income
|
$
|
8,173
|
|
|
$
|
6,953
|
|
|
|
$
|
2,106
|
|
|
$
|
1,988
|
|
|
$
|
2,063
|
|
|
$
|
2,016
|
|
|
$
|
1,680
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net interest yield
|
2.98
|
%
|
|
2.93
|
%
|
|
|
2.95
|
%
|
|
2.96
|
%
|
|
2.98
|
%
|
|
2.96
|
%
|
|
3.00
|
%
|
|||||||
Return on average allocated capital
(1)
|
20
|
|
|
17
|
|
|
|
20
|
|
|
19
|
|
|
20
|
|
|
20
|
|
|
17
|
|
|||||||
Efficiency ratio
|
43.73
|
|
|
42.98
|
|
|
|
41.97
|
|
|
44.79
|
|
|
43.78
|
|
|
44.47
|
|
|
43.02
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total loans and leases
|
$
|
354,236
|
|
|
$
|
346,089
|
|
|
|
$
|
357,410
|
|
|
$
|
352,712
|
|
|
$
|
355,088
|
|
|
$
|
351,689
|
|
|
$
|
350,262
|
|
Total earning assets
(2)
|
364,748
|
|
|
358,302
|
|
|
|
379,509
|
|
|
362,316
|
|
|
364,587
|
|
|
361,822
|
|
|
359,199
|
|
|||||||
Total assets
(2)
|
424,353
|
|
|
416,038
|
|
|
|
440,522
|
|
|
422,255
|
|
|
423,256
|
|
|
420,594
|
|
|
419,513
|
|
|||||||
Total deposits
|
336,337
|
|
|
312,859
|
|
|
|
359,642
|
|
|
337,685
|
|
|
323,215
|
|
|
324,405
|
|
|
329,761
|
|
|||||||
Allocated capital
(1)
|
41,000
|
|
|
40,000
|
|
|
|
41,000
|
|
|
41,000
|
|
|
41,000
|
|
|
41,000
|
|
|
40,000
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total loans and leases
|
$
|
365,717
|
|
|
$
|
350,668
|
|
|
|
$
|
365,717
|
|
|
$
|
352,332
|
|
|
$
|
355,473
|
|
|
$
|
355,165
|
|
|
$
|
350,668
|
|
Total earning assets
(2)
|
377,812
|
|
|
365,560
|
|
|
|
377,812
|
|
|
369,555
|
|
|
364,428
|
|
|
365,895
|
|
|
365,560
|
|
|||||||
Total assets
(2)
|
441,477
|
|
|
424,533
|
|
|
|
441,477
|
|
|
430,846
|
|
|
424,971
|
|
|
424,134
|
|
|
424,533
|
|
|||||||
Total deposits
|
360,248
|
|
|
329,273
|
|
|
|
360,248
|
|
|
350,748
|
|
|
326,029
|
|
|
331,238
|
|
|
329,273
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
(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 reservable criticized utilized 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.
|
25
|
•
|
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 minority 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:
|
|
|
Leveraged loans
|
|
Investment-grade corporate debt
|
Asset-backed securities
|
|
Syndicated loans
|
Convertible debt
|
|
Debt capital markets
|
|
|
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
26
|
Bank of America Corporation and Subsidiaries
|
||||||||||||||||||||||||||||
Global Markets Segment Results
|
||||||||||||||||||||||||||||
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Year Ended
December 31 |
|
|
Fourth Quarter 2018
|
|
Third Quarter 2018
|
|
Second Quarter 2018
|
|
First Quarter 2018
|
|
Fourth Quarter 2017
|
||||||||||||||||
|
2018
|
|
2017
|
|
|
|||||||||||||||||||||||
Net interest income
|
$
|
3,171
|
|
|
$
|
3,744
|
|
|
|
$
|
746
|
|
|
$
|
754
|
|
|
$
|
801
|
|
|
$
|
870
|
|
|
$
|
932
|
|
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Investment and brokerage services
|
1,780
|
|
|
2,049
|
|
|
|
474
|
|
|
388
|
|
|
430
|
|
|
488
|
|
|
501
|
|
|||||||
Investment banking fees
|
2,296
|
|
|
2,476
|
|
|
|
514
|
|
|
522
|
|
|
651
|
|
|
609
|
|
|
597
|
|
|||||||
Trading account profits
|
7,932
|
|
|
6,710
|
|
|
|
1,318
|
|
|
1,727
|
|
|
2,184
|
|
|
2,703
|
|
|
1,075
|
|
|||||||
All other income
|
884
|
|
|
972
|
|
|
|
161
|
|
|
452
|
|
|
155
|
|
|
116
|
|
|
291
|
|
|||||||
Total noninterest income
|
12,892
|
|
|
12,207
|
|
|
|
2,467
|
|
|
3,089
|
|
|
3,420
|
|
|
3,916
|
|
|
2,464
|
|
|||||||
Total revenue, net of interest expense
(1)
|
16,063
|
|
|
15,951
|
|
|
|
3,213
|
|
|
3,843
|
|
|
4,221
|
|
|
4,786
|
|
|
3,396
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Provision for credit losses
|
—
|
|
|
164
|
|
|
|
6
|
|
|
(2
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
162
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Noninterest expense
|
10,686
|
|
|
10,731
|
|
|
|
2,540
|
|
|
2,613
|
|
|
2,715
|
|
|
2,818
|
|
|
2,614
|
|
|||||||
Income before income taxes
|
5,377
|
|
|
5,056
|
|
|
|
667
|
|
|
1,232
|
|
|
1,507
|
|
|
1,971
|
|
|
620
|
|
|||||||
Income tax expense
|
1,398
|
|
|
1,763
|
|
|
|
174
|
|
|
320
|
|
|
391
|
|
|
513
|
|
|
210
|
|
|||||||
Net income
|
$
|
3,979
|
|
|
$
|
3,293
|
|
|
|
$
|
493
|
|
|
$
|
912
|
|
|
$
|
1,116
|
|
|
$
|
1,458
|
|
|
$
|
410
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Return on average allocated capital
(2)
|
11
|
%
|
|
9
|
%
|
|
|
6
|
%
|
|
10
|
%
|
|
13
|
%
|
|
17
|
%
|
|
5
|
%
|
|||||||
Efficiency ratio
|
66.53
|
|
|
67.27
|
|
|
|
79.10
|
|
|
67.99
|
|
|
64.32
|
|
|
58.87
|
|
|
77.01
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total trading-related assets
|
$
|
465,132
|
|
|
$
|
441,812
|
|
|
|
$
|
463,998
|
|
|
$
|
460,279
|
|
|
$
|
473,126
|
|
|
$
|
463,169
|
|
|
$
|
449,737
|
|
Total loans and leases
|
72,651
|
|
|
71,413
|
|
|
|
70,609
|
|
|
71,231
|
|
|
75,053
|
|
|
73,763
|
|
|
73,552
|
|
|||||||
Total earning assets
|
473,383
|
|
|
449,441
|
|
|
|
458,331
|
|
|
459,073
|
|
|
490,482
|
|
|
486,107
|
|
|
464,171
|
|
|||||||
Total assets
|
666,003
|
|
|
638,673
|
|
|
|
655,068
|
|
|
652,481
|
|
|
678,500
|
|
|
678,367
|
|
|
659,412
|
|
|||||||
Total deposits
|
31,209
|
|
|
32,864
|
|
|
|
31,077
|
|
|
30,721
|
|
|
30,736
|
|
|
32,320
|
|
|
34,250
|
|
|||||||
Allocated capital
(2)
|
35,000
|
|
|
35,000
|
|
|
|
35,000
|
|
|
35,000
|
|
|
35,000
|
|
|
35,000
|
|
|
35,000
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total trading-related assets
|
$
|
447,998
|
|
|
$
|
419,375
|
|
|
|
$
|
447,998
|
|
|
$
|
456,643
|
|
|
$
|
441,657
|
|
|
$
|
450,512
|
|
|
$
|
419,375
|
|
Total loans and leases
|
73,928
|
|
|
76,778
|
|
|
|
73,928
|
|
|
73,023
|
|
|
73,496
|
|
|
75,638
|
|
|
76,778
|
|
|||||||
Total earning assets
|
457,224
|
|
|
449,314
|
|
|
|
457,224
|
|
|
447,304
|
|
|
454,706
|
|
|
478,857
|
|
|
449,314
|
|
|||||||
Total assets
|
641,922
|
|
|
629,013
|
|
|
|
641,922
|
|
|
646,359
|
|
|
637,110
|
|
|
648,605
|
|
|
629,013
|
|
|||||||
Total deposits
|
37,841
|
|
|
34,029
|
|
|
|
37,841
|
|
|
41,102
|
|
|
31,450
|
|
|
32,301
|
|
|
34,029
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Trading-related assets (average)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Trading account securities
|
$
|
215,112
|
|
|
$
|
216,996
|
|
|
|
$
|
225,335
|
|
|
$
|
215,397
|
|
|
$
|
209,271
|
|
|
$
|
210,278
|
|
|
$
|
225,330
|
|
Reverse repurchases
|
125,084
|
|
|
101,795
|
|
|
|
119,341
|
|
|
124,842
|
|
|
132,257
|
|
|
123,948
|
|
|
107,125
|
|
|||||||
Securities borrowed
|
78,889
|
|
|
82,210
|
|
|
|
75,374
|
|
|
74,648
|
|
|
83,282
|
|
|
82,376
|
|
|
77,580
|
|
|||||||
Derivative assets
|
46,047
|
|
|
40,811
|
|
|
|
43,948
|
|
|
45,392
|
|
|
48,316
|
|
|
46,567
|
|
|
39,702
|
|
|||||||
Total trading-related assets
|
$
|
465,132
|
|
|
$
|
441,812
|
|
|
|
$
|
463,998
|
|
|
$
|
460,279
|
|
|
$
|
473,126
|
|
|
$
|
463,169
|
|
|
$
|
449,737
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
28
.
|
(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.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
27
|
(1)
|
Includes
Global Banking
sales and trading revenue of
$430 million
and
$236 million
for the years ended
December 31, 2018
and
2017
, and
$123 million
,
$66 million
,
$75 million
,
$166 million
and
$61 million
for the
fourth
,
third
,
second
and
first
quarters of
2018
and the
fourth
quarter of
2017
, respectively.
|
(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.
|
28
|
(1)
|
All Other
consists of ALM activities, equity investments, non-core mortgage loans and servicing activities, the net impact of periodic revisions to the mortgage servicing rights (MSR) valuation model for core and non-core MSRs and the related economic hedge results, liquidating businesses and residual expense allocations. ALM activities encompass certain residential mortgages, debt securities, interest rate and foreign currency risk management activities, the impact of certain allocation methodologies and 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 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
$517.0 billion
and
$515.6 billion
for the years ended
December 31, 2018 and 2017
; and
$526.9 billion
,
$516.3 billion
,
$519.6 billion
,
$514.6 billion
and
$508.6 billion
for the fourth, third, second and first quarters of
2018
and the fourth quarter of
2017
, respectively.
|
(3)
|
Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of
$540.8 billion
,
$531.3 billion
,
$522.2 billion
,
$543.3 billion
and
$520.4 billion
at
December 31, 2018
,
September 30, 2018
,
June 30, 2018
,
March 31, 2018
and
December 31, 2017
, respectively.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
29
|
Bank of America Corporation and Subsidiaries
|
|
|
|
|
|
||||||
Outstanding Loans and Leases
|
|
|
|
|
|
||||||
(Dollars in millions)
|
|
|
|
|
|
||||||
|
December 31
2018 |
|
September 30
2018 |
|
December 31
2017 |
||||||
Consumer
|
|
|
|
|
|
||||||
Residential mortgage
|
$
|
208,557
|
|
|
$
|
208,186
|
|
|
$
|
203,811
|
|
Home equity
|
48,286
|
|
|
51,235
|
|
|
57,744
|
|
|||
U.S. credit card
|
98,338
|
|
|
94,829
|
|
|
96,285
|
|
|||
Direct/Indirect consumer
(1)
|
91,166
|
|
|
91,338
|
|
|
96,342
|
|
|||
Other consumer
(2)
|
202
|
|
|
203
|
|
|
166
|
|
|||
Total consumer loans excluding loans accounted for under the fair value option
|
446,549
|
|
|
445,791
|
|
|
454,348
|
|
|||
Consumer loans accounted for under the fair value option
(3)
|
682
|
|
|
755
|
|
|
928
|
|
|||
Total consumer
|
447,231
|
|
|
446,546
|
|
|
455,276
|
|
|||
|
|
|
|
|
|
||||||
Commercial
|
|
|
|
|
|
||||||
U.S. commercial
|
299,277
|
|
|
285,662
|
|
|
284,836
|
|
|||
Non-U.S. commercial
|
98,776
|
|
|
96,002
|
|
|
97,792
|
|
|||
Commercial real estate
(4)
|
60,845
|
|
|
60,835
|
|
|
58,298
|
|
|||
Commercial lease financing
|
22,534
|
|
|
21,546
|
|
|
22,116
|
|
|||
|
481,432
|
|
|
464,045
|
|
|
463,042
|
|
|||
U.S. small business commercial
(5)
|
14,565
|
|
|
14,234
|
|
|
13,649
|
|
|||
Total commercial loans excluding loans accounted for under the fair value option
|
495,997
|
|
|
478,279
|
|
|
476,691
|
|
|||
Commercial loans accounted for under the fair value option
(3)
|
3,667
|
|
|
4,976
|
|
|
4,782
|
|
|||
Total commercial
|
499,664
|
|
|
483,255
|
|
|
481,473
|
|
|||
Total loans and leases
|
$
|
946,895
|
|
|
$
|
929,801
|
|
|
$
|
936,749
|
|
|
|
|
|
|
|
(1)
|
Includes auto and specialty lending loans and leases of
$50.1 billion
,
$50.1 billion
and
$52.4 billion
, unsecured consumer lending loans of
$383 million
,
$392 million
and
$469 million
, U.S. securities-based lending loans of
$37.0 billion
,
$37.4 billion
and
$39.8 billion
, non-U.S. consumer loans of
$2.9 billion
,
$2.7 billion
and
$3.0 billion
and other consumer loans of
$746 million
,
$756 million
and
$684 million
at
December 31, 2018
,
September 30, 2018
and
December 31, 2017
, respectively.
|
(2)
|
Substantially all of other consumer is consumer overdrafts.
|
(3)
|
Consumer loans accounted for under the fair value option were residential mortgage loans of
$336 million
,
$407 million
and
$567 million
and home equity loans of
$346 million
,
$348 million
and
$361 million
at
December 31, 2018
,
September 30, 2018
and
December 31, 2017
, respectively. Commercial loans accounted for under the fair value option were U.S. commercial loans of
$2.5 billion
,
$3.6 billion
and
$2.6 billion
and non-U.S. commercial loans of
$1.1 billion
,
$1.4 billion
and
$2.2 billion
at
December 31, 2018
,
September 30, 2018
and
December 31, 2017
, respectively.
|
(4)
|
Includes U.S. commercial real estate loans of
$56.6 billion
,
$56.9 billion
and
$54.8 billion
and non-U.S. commercial real estate loans of
$4.2 billion
,
$3.9 billion
and
$3.5 billion
at
December 31, 2018
,
September 30, 2018
and
December 31, 2017
, respectively.
|
(5)
|
Includes card-related products.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
30
|
Bank of America Corporation and Subsidiaries
|
||||||||||||||||||||||||
Quarterly Average Loans and Leases by Business Segment and All Other
|
||||||||||||||||||||||||
(Dollars in millions)
|
||||||||||||||||||||||||
|
Fourth Quarter 2018
|
|||||||||||||||||||||||
|
Total
Corporation
|
|
|
Consumer Banking
|
|
GWIM
|
|
Global
Banking
|
|
Global
Markets
|
|
All
Other
|
||||||||||||
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage
|
$
|
209,646
|
|
|
|
$
|
90,307
|
|
|
$
|
75,895
|
|
|
$
|
2
|
|
|
$
|
4
|
|
|
$
|
43,438
|
|
Home equity
|
50,757
|
|
|
|
36,664
|
|
|
3,652
|
|
|
—
|
|
|
345
|
|
|
10,096
|
|
||||||
U.S. credit card
|
95,766
|
|
|
|
92,752
|
|
|
3,014
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Direct/Indirect and other consumer
|
91,458
|
|
|
|
50,692
|
|
|
40,762
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||||
Total consumer
|
447,627
|
|
|
|
270,415
|
|
|
123,323
|
|
|
2
|
|
|
349
|
|
|
53,538
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. commercial
|
308,557
|
|
|
|
19,433
|
|
|
36,527
|
|
|
206,350
|
|
|
45,992
|
|
|
255
|
|
||||||
Non-U.S. commercial
|
95,937
|
|
|
|
—
|
|
|
113
|
|
|
77,818
|
|
|
17,939
|
|
|
67
|
|
||||||
Commercial real estate
|
60,876
|
|
|
|
14
|
|
|
3,550
|
|
|
50,974
|
|
|
6,329
|
|
|
9
|
|
||||||
Commercial lease financing
|
21,724
|
|
|
|
—
|
|
|
3
|
|
|
22,266
|
|
|
—
|
|
|
(545
|
)
|
||||||
Total commercial
|
487,094
|
|
|
|
19,447
|
|
|
40,193
|
|
|
357,408
|
|
|
70,260
|
|
|
(214
|
)
|
||||||
Total loans and leases
|
$
|
934,721
|
|
|
|
$
|
289,862
|
|
|
$
|
163,516
|
|
|
$
|
357,410
|
|
|
$
|
70,609
|
|
|
$
|
53,324
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Third Quarter 2018
|
|||||||||||||||||||||||
|
Total
Corporation
|
|
|
Consumer Banking
|
|
GWIM
|
|
Global
Banking |
|
Global
Markets |
|
All
Other |
||||||||||||
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage
|
$
|
209,460
|
|
|
|
$
|
86,383
|
|
|
$
|
74,806
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
48,270
|
|
Home equity
|
53,050
|
|
|
|
37,289
|
|
|
3,701
|
|
|
—
|
|
|
353
|
|
|
11,707
|
|
||||||
U.S. credit card
|
94,710
|
|
|
|
91,646
|
|
|
3,064
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Direct/Indirect and other consumer
|
91,828
|
|
|
|
50,528
|
|
|
41,296
|
|
|
1
|
|
|
—
|
|
|
3
|
|
||||||
Total consumer
|
449,048
|
|
|
|
265,846
|
|
|
122,867
|
|
|
2
|
|
|
353
|
|
|
59,980
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. commercial
|
303,680
|
|
|
|
19,134
|
|
|
35,392
|
|
|
201,372
|
|
|
47,288
|
|
|
494
|
|
||||||
Non-U.S. commercial
|
96,019
|
|
|
|
—
|
|
|
24
|
|
|
78,255
|
|
|
17,696
|
|
|
44
|
|
||||||
Commercial real estate
|
60,754
|
|
|
|
14
|
|
|
3,583
|
|
|
51,252
|
|
|
5,894
|
|
|
11
|
|
||||||
Commercial lease financing
|
21,235
|
|
|
|
—
|
|
|
3
|
|
|
21,831
|
|
|
—
|
|
|
(599
|
)
|
||||||
Total commercial
|
481,688
|
|
|
|
19,148
|
|
|
39,002
|
|
|
352,710
|
|
|
70,878
|
|
|
(50
|
)
|
||||||
Total loans and leases
|
$
|
930,736
|
|
|
|
$
|
284,994
|
|
|
$
|
161,869
|
|
|
$
|
352,712
|
|
|
$
|
71,231
|
|
|
$
|
59,930
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
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 and other consumer
|
96,113
|
|
|
|
53,097
|
|
|
43,012
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||||
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
31
|
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
2018 |
|
September 30
2018 |
|
December 31
2017 |
|
December 31
2018 |
|
September 30
2018 |
|
December 31
2017 |
||||||||||||
Asset managers and funds
|
$
|
71,756
|
|
|
$
|
68,733
|
|
|
$
|
59,190
|
|
|
$
|
107,888
|
|
|
$
|
103,066
|
|
|
$
|
91,092
|
|
Real estate
(5)
|
65,328
|
|
|
64,460
|
|
|
61,940
|
|
|
86,514
|
|
|
90,664
|
|
|
83,773
|
|
||||||
Capital goods
|
39,192
|
|
|
40,327
|
|
|
36,705
|
|
|
75,080
|
|
|
74,720
|
|
|
70,417
|
|
||||||
Finance companies
|
36,662
|
|
|
33,549
|
|
|
34,050
|
|
|
56,659
|
|
|
53,375
|
|
|
53,107
|
|
||||||
Healthcare equipment and services
|
35,763
|
|
|
34,943
|
|
|
37,780
|
|
|
56,489
|
|
|
54,889
|
|
|
57,256
|
|
||||||
Government and public education
|
43,675
|
|
|
44,436
|
|
|
48,684
|
|
|
54,749
|
|
|
55,296
|
|
|
58,067
|
|
||||||
Materials
|
27,347
|
|
|
25,727
|
|
|
24,001
|
|
|
51,865
|
|
|
49,461
|
|
|
47,386
|
|
||||||
Retailing
|
25,333
|
|
|
25,714
|
|
|
26,117
|
|
|
47,507
|
|
|
47,823
|
|
|
48,796
|
|
||||||
Consumer services
|
25,702
|
|
|
24,975
|
|
|
27,191
|
|
|
43,298
|
|
|
42,276
|
|
|
43,605
|
|
||||||
Food, beverage and tobacco
|
23,586
|
|
|
23,199
|
|
|
23,252
|
|
|
42,745
|
|
|
45,166
|
|
|
42,815
|
|
||||||
Commercial services and supplies
|
22,623
|
|
|
21,861
|
|
|
22,100
|
|
|
39,349
|
|
|
37,644
|
|
|
35,496
|
|
||||||
Energy
|
13,727
|
|
|
16,319
|
|
|
16,345
|
|
|
32,279
|
|
|
34,462
|
|
|
36,765
|
|
||||||
Transportation
|
22,814
|
|
|
21,887
|
|
|
21,704
|
|
|
31,523
|
|
|
30,694
|
|
|
29,946
|
|
||||||
Global commercial banks
|
26,269
|
|
|
25,471
|
|
|
29,491
|
|
|
28,321
|
|
|
27,752
|
|
|
31,764
|
|
||||||
Utilities
|
12,035
|
|
|
11,496
|
|
|
11,342
|
|
|
27,623
|
|
|
27,495
|
|
|
27,935
|
|
||||||
Technology hardware and equipment
|
13,014
|
|
|
10,054
|
|
|
10,728
|
|
|
26,228
|
|
|
21,759
|
|
|
22,071
|
|
||||||
Individuals and trusts
|
18,643
|
|
|
18,706
|
|
|
18,549
|
|
|
25,019
|
|
|
25,332
|
|
|
25,097
|
|
||||||
Media
|
12,132
|
|
|
10,581
|
|
|
19,155
|
|
|
24,502
|
|
|
28,523
|
|
|
33,955
|
|
||||||
Pharmaceuticals and biotechnology
|
7,430
|
|
|
7,430
|
|
|
5,653
|
|
|
23,634
|
|
|
19,396
|
|
|
18,623
|
|
||||||
Vehicle dealers
|
17,603
|
|
|
15,930
|
|
|
16,896
|
|
|
20,446
|
|
|
19,128
|
|
|
20,361
|
|
||||||
Consumer durables and apparel
|
9,904
|
|
|
9,432
|
|
|
8,859
|
|
|
20,199
|
|
|
18,129
|
|
|
17,296
|
|
||||||
Software and services
|
8,809
|
|
|
7,489
|
|
|
8,562
|
|
|
19,172
|
|
|
16,558
|
|
|
18,202
|
|
||||||
Insurance
|
8,674
|
|
|
5,818
|
|
|
6,411
|
|
|
15,807
|
|
|
13,785
|
|
|
12,990
|
|
||||||
Telecommunication services
|
8,686
|
|
|
6,837
|
|
|
6,389
|
|
|
14,166
|
|
|
12,786
|
|
|
13,108
|
|
||||||
Automobiles and components
|
7,131
|
|
|
6,990
|
|
|
5,988
|
|
|
13,893
|
|
|
14,271
|
|
|
13,318
|
|
||||||
Food and staples retailing
|
4,787
|
|
|
4,840
|
|
|
4,955
|
|
|
9,093
|
|
|
10,100
|
|
|
15,589
|
|
||||||
Religious and social organizations
|
3,757
|
|
|
3,705
|
|
|
4,454
|
|
|
5,620
|
|
|
5,586
|
|
|
6,318
|
|
||||||
Financial markets infrastructure (clearinghouses)
|
2,382
|
|
|
1,111
|
|
|
688
|
|
|
4,107
|
|
|
2,906
|
|
|
2,403
|
|
||||||
Other
|
6,249
|
|
|
7,885
|
|
|
3,621
|
|
|
6,241
|
|
|
7,878
|
|
|
3,616
|
|
||||||
Total commercial credit exposure by industry
|
$
|
621,013
|
|
|
$
|
599,905
|
|
|
$
|
600,800
|
|
|
$
|
1,010,016
|
|
|
$
|
990,920
|
|
|
$
|
981,167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $
32.5 billion
, $
32.0 billion
and $
34.6 billion
at
December 31, 2018
,
September 30, 2018
and
December 31, 2017
, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $
29.4 billion
, $
35.7 billion
and $
26.2 billion
, which consists primarily of other marketable securities, at
December 31, 2018
,
September 30, 2018
and
December 31, 2017
, respectively.
|
(2)
|
Total utilized and total committed exposure includes loans of $
3.7 billion
, $
5.0 billion
and $
4.8 billion
and issued letters of credit with a notional amount of $
100 million
, $
55 million
and $
232 million
accounted for under the fair value option at
December 31, 2018
,
September 30, 2018
and
December 31, 2017
, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $
3.0 billion
, $
3.1 billion
and $
4.6 billion
at
December 31, 2018
,
September 30, 2018
and
December 31, 2017
, 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 primary business activity of the borrowers or the counterparties 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.
|
32
|
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
2018 |
|
Hedges and Credit Default Protection
(3)
|
|
Net Country Exposure at December 31 2018
(4)
|
|
Increase (Decrease) from September 30
2018 |
||||||||||||||||
United Kingdom
|
$
|
28,833
|
|
|
$
|
20,410
|
|
|
$
|
6,419
|
|
|
$
|
2,639
|
|
|
$
|
58,301
|
|
|
$
|
(3,447
|
)
|
|
$
|
54,854
|
|
|
$
|
(2,249
|
)
|
Germany
|
24,856
|
|
|
6,823
|
|
|
1,835
|
|
|
443
|
|
|
33,957
|
|
|
(5,300
|
)
|
|
28,657
|
|
|
(3,756
|
)
|
||||||||
Japan
|
17,762
|
|
|
1,316
|
|
|
1,023
|
|
|
1,341
|
|
|
21,442
|
|
|
(1,419
|
)
|
|
20,023
|
|
|
(2,126
|
)
|
||||||||
Canada
|
7,388
|
|
|
7,234
|
|
|
1,641
|
|
|
3,773
|
|
|
20,036
|
|
|
(521
|
)
|
|
19,515
|
|
|
1,167
|
|
||||||||
China
|
12,774
|
|
|
681
|
|
|
975
|
|
|
495
|
|
|
14,925
|
|
|
(284
|
)
|
|
14,641
|
|
|
287
|
|
||||||||
France
|
7,137
|
|
|
5,849
|
|
|
1,331
|
|
|
1,214
|
|
|
15,531
|
|
|
(2,880
|
)
|
|
12,651
|
|
|
(2,446
|
)
|
||||||||
Netherlands
|
8,405
|
|
|
2,992
|
|
|
389
|
|
|
973
|
|
|
12,759
|
|
|
(1,182
|
)
|
|
11,577
|
|
|
1,112
|
|
||||||||
India
|
7,147
|
|
|
451
|
|
|
312
|
|
|
3,379
|
|
|
11,289
|
|
|
(177
|
)
|
|
11,112
|
|
|
1,499
|
|
||||||||
Australia
|
5,173
|
|
|
3,132
|
|
|
571
|
|
|
1,507
|
|
|
10,383
|
|
|
(453
|
)
|
|
9,930
|
|
|
(309
|
)
|
||||||||
Brazil
|
6,151
|
|
|
544
|
|
|
209
|
|
|
3,172
|
|
|
10,076
|
|
|
(327
|
)
|
|
9,749
|
|
|
(99
|
)
|
||||||||
South Korea
|
5,634
|
|
|
463
|
|
|
897
|
|
|
2,456
|
|
|
9,450
|
|
|
(280
|
)
|
|
9,170
|
|
|
1,042
|
|
||||||||
Switzerland
|
5,494
|
|
|
2,580
|
|
|
335
|
|
|
201
|
|
|
8,610
|
|
|
(846
|
)
|
|
7,764
|
|
|
384
|
|
||||||||
Hong Kong
|
5,287
|
|
|
442
|
|
|
321
|
|
|
1,224
|
|
|
7,274
|
|
|
(38
|
)
|
|
7,236
|
|
|
(854
|
)
|
||||||||
Mexico
|
3,506
|
|
|
1,275
|
|
|
140
|
|
|
1,444
|
|
|
6,365
|
|
|
(129
|
)
|
|
6,236
|
|
|
805
|
|
||||||||
Belgium
|
4,684
|
|
|
1,016
|
|
|
103
|
|
|
147
|
|
|
5,950
|
|
|
(372
|
)
|
|
5,578
|
|
|
1,083
|
|
||||||||
Singapore
|
3,330
|
|
|
125
|
|
|
362
|
|
|
1,770
|
|
|
5,587
|
|
|
(70
|
)
|
|
5,517
|
|
|
(200
|
)
|
||||||||
Spain
|
3,769
|
|
|
1,138
|
|
|
290
|
|
|
792
|
|
|
5,989
|
|
|
(1,339
|
)
|
|
4,650
|
|
|
1,565
|
|
||||||||
United Arab Emirates
|
3,371
|
|
|
135
|
|
|
138
|
|
|
55
|
|
|
3,699
|
|
|
(50
|
)
|
|
3,649
|
|
|
368
|
|
||||||||
Taiwan
|
2,311
|
|
|
13
|
|
|
288
|
|
|
623
|
|
|
3,235
|
|
|
—
|
|
|
3,235
|
|
|
479
|
|
||||||||
Italy
|
2,372
|
|
|
1,065
|
|
|
491
|
|
|
597
|
|
|
4,525
|
|
|
(1,444
|
)
|
|
3,081
|
|
|
355
|
|
||||||||
Total top 20 non-U.S. countries exposure
|
$
|
165,384
|
|
|
$
|
57,684
|
|
|
$
|
18,070
|
|
|
$
|
28,245
|
|
|
$
|
269,383
|
|
|
$
|
(20,558
|
)
|
|
$
|
248,825
|
|
|
$
|
(1,893
|
)
|
(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.
|
33
|
Bank of America Corporation and Subsidiaries
|
||||||||||||||||||||
Nonperforming Loans, Leases and Foreclosed Properties
|
||||||||||||||||||||
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
December 31
2018 |
|
September 30
2018 |
|
June 30
2018 |
|
March 31
2018 |
|
December 31
2017 |
||||||||||
Residential mortgage
|
|
$
|
1,893
|
|
|
$
|
2,034
|
|
|
$
|
2,140
|
|
|
$
|
2,262
|
|
|
$
|
2,476
|
|
Home equity
|
|
1,893
|
|
|
2,226
|
|
|
2,452
|
|
|
2,598
|
|
|
2,644
|
|
|||||
Direct/Indirect consumer
|
|
56
|
|
|
46
|
|
|
47
|
|
|
46
|
|
|
46
|
|
|||||
Total consumer
|
|
3,842
|
|
|
4,306
|
|
|
4,639
|
|
|
4,906
|
|
|
5,166
|
|
|||||
U.S. commercial
|
|
794
|
|
|
699
|
|
|
881
|
|
|
1,059
|
|
|
814
|
|
|||||
Non-U.S. commercial
|
|
80
|
|
|
31
|
|
|
170
|
|
|
255
|
|
|
299
|
|
|||||
Commercial real estate
|
|
156
|
|
|
46
|
|
|
117
|
|
|
73
|
|
|
112
|
|
|||||
Commercial lease financing
|
|
18
|
|
|
14
|
|
|
34
|
|
|
27
|
|
|
24
|
|
|||||
|
|
1,048
|
|
|
790
|
|
|
1,202
|
|
|
1,414
|
|
|
1,249
|
|
|||||
U.S. small business commercial
|
|
54
|
|
|
58
|
|
|
56
|
|
|
58
|
|
|
55
|
|
|||||
Total commercial
|
|
1,102
|
|
|
848
|
|
|
1,258
|
|
|
1,472
|
|
|
1,304
|
|
|||||
Total nonperforming loans and leases
|
|
4,944
|
|
|
5,154
|
|
|
5,897
|
|
|
6,378
|
|
|
6,470
|
|
|||||
Foreclosed properties
(1)
|
|
300
|
|
|
295
|
|
|
284
|
|
|
316
|
|
|
288
|
|
|||||
Total nonperforming loans, leases and foreclosed properties
(2, 3, 4)
|
|
$
|
5,244
|
|
|
$
|
5,449
|
|
|
$
|
6,181
|
|
|
$
|
6,694
|
|
|
$
|
6,758
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fully-insured home loans past due 30 days or more and still accruing
|
|
$
|
2,790
|
|
|
$
|
3,183
|
|
|
$
|
3,454
|
|
|
$
|
3,915
|
|
|
$
|
4,466
|
|
Consumer credit card past due 30 days or more and still accruing
|
|
1,989
|
|
|
1,805
|
|
|
1,695
|
|
|
1,795
|
|
|
1,847
|
|
|||||
Other loans past due 30 days or more and still accruing
|
|
3,539
|
|
|
3,255
|
|
|
3,682
|
|
|
3,684
|
|
|
3,845
|
|
|||||
Total loans past due 30 days or more and still accruing
(3, 5, 6)
|
|
$
|
8,318
|
|
|
$
|
8,243
|
|
|
$
|
8,831
|
|
|
$
|
9,394
|
|
|
$
|
10,158
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fully-insured home loans past due 90 days or more and still accruing
|
|
$
|
1,884
|
|
|
$
|
2,161
|
|
|
$
|
2,483
|
|
|
$
|
2,885
|
|
|
$
|
3,230
|
|
Consumer credit card past due 90 days or more and still accruing
|
|
994
|
|
|
872
|
|
|
865
|
|
|
925
|
|
|
900
|
|
|||||
Other loans past due 90 days or more and still accruing
|
|
352
|
|
|
256
|
|
|
341
|
|
|
234
|
|
|
285
|
|
|||||
Total loans past due 90 days or more and still accruing
(3, 5, 6)
|
|
$
|
3,230
|
|
|
$
|
3,289
|
|
|
$
|
3,689
|
|
|
$
|
4,044
|
|
|
$
|
4,415
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming loans, leases and foreclosed properties/Total assets
(7)
|
|
0.22
|
%
|
|
0.23
|
%
|
|
0.27
|
%
|
|
0.29
|
%
|
|
0.30
|
%
|
|||||
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties
(7)
|
|
0.56
|
|
|
0.59
|
|
|
0.66
|
|
|
0.72
|
|
|
0.73
|
|
|||||
Nonperforming loans and leases/Total loans and leases
(7)
|
|
0.52
|
|
|
0.56
|
|
|
0.63
|
|
|
0.69
|
|
|
0.69
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial reservable criticized utilized exposure
(8)
|
|
$
|
11,061
|
|
|
$
|
11,597
|
|
|
$
|
12,357
|
|
|
$
|
13,366
|
|
|
$
|
13,563
|
|
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure
(8)
|
|
2.08
|
%
|
|
2.26
|
%
|
|
2.40
|
%
|
|
2.58
|
%
|
|
2.65
|
%
|
|||||
Total commercial criticized utilized exposure/Commercial utilized exposure
(8)
|
|
1.93
|
|
|
2.16
|
|
|
2.34
|
|
|
2.45
|
|
|
2.60
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
(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
$488 million
,
$500 million
,
$573 million
,
$680 million
and $
801 million
at
December 31, 2018
,
September 30, 2018
,
June 30, 2018
,
March 31, 2018
and
December 31, 2017
, 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
2018 |
|
September 30
2018 |
|
June 30
2018 |
|
March 31
2018 |
|
December 31
2017 |
||||||||||
Nonperforming loans held-for-sale
|
|
$
|
320
|
|
|
$
|
177
|
|
|
$
|
220
|
|
|
$
|
233
|
|
|
$
|
341
|
|
Nonperforming loans accounted for under the fair value option
|
|
12
|
|
|
16
|
|
|
46
|
|
|
37
|
|
|
69
|
|
|||||
Nonaccruing troubled debt restructured loans removed from the purchased credit-impaired portfolio prior to January 1, 2010
|
|
14
|
|
|
16
|
|
|
17
|
|
|
24
|
|
|
26
|
|
(5)
|
Balances do not include loans held-for-sale past due 30 days or more and still accruing of $
53 million
, $
30 million
, $
28 million
, $
83 million
and $
8 million
at
December 31, 2018
,
September 30, 2018
,
June 30, 2018
,
March 31, 2018
and
December 31, 2017
, respectively, and loans held-for-sale past due 90 days or more and still accruing of $2 million, $8 million, $11 million, $8 million and $0 at
December 31, 2018
,
September 30, 2018
,
June 30, 2018
,
March 31, 2018
and
December 31, 2017
, respectively. At
December 31, 2018
,
September 30, 2018
,
June 30, 2018
,
March 31, 2018
and
December 31, 2017
, there were $
10 million
, $
21 million
, $
24 million
, $
27 million
and $
32 million
, respectively, of loans accounted for under the fair value option past due 30 days or more and still accruing interest.
|
(6)
|
These balances are excluded from total nonperforming loans, leases and foreclosed properties.
|
(7)
|
Total assets and total loans and leases do not include loans accounted for under the fair value option of
$4.3 billion
,
$5.7 billion
,
$6.2 billion
,
$6.0 billion
and
$5.7 billion
at
December 31, 2018
,
September 30, 2018
,
June 30, 2018
,
March 31, 2018
and
December 31, 2017
, respectively.
|
(8)
|
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.
|
34
|
Bank of America Corporation and Subsidiaries
|
||||||||||||||||||||
Nonperforming Loans, Leases and Foreclosed Properties Activity
(1)
|
||||||||||||||||||||
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Fourth Quarter 2018
|
|
Third Quarter 2018
|
|
Second Quarter 2018
|
|
First Quarter 2018
|
|
Fourth Quarter 2017
|
||||||||||
Nonperforming Consumer Loans and Leases:
|
|
|
|
|
|
|
||||||||||||||
Balance, beginning of period
|
|
$
|
4,306
|
|
|
$
|
4,639
|
|
|
$
|
4,906
|
|
|
$
|
5,166
|
|
|
$
|
5,252
|
|
Additions
|
|
545
|
|
|
484
|
|
|
599
|
|
|
812
|
|
|
755
|
|
|||||
Reductions:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Paydowns and payoffs
|
|
(214
|
)
|
|
(238
|
)
|
|
(261
|
)
|
|
(245
|
)
|
|
(241
|
)
|
|||||
Sales
|
|
(438
|
)
|
|
(145
|
)
|
|
(117
|
)
|
|
(269
|
)
|
|
(88
|
)
|
|||||
Returns to performing status
(2)
|
|
(274
|
)
|
|
(309
|
)
|
|
(336
|
)
|
|
(364
|
)
|
|
(337
|
)
|
|||||
Charge-offs
(3)
|
|
(51
|
)
|
|
(89
|
)
|
|
(114
|
)
|
|
(147
|
)
|
|
(125
|
)
|
|||||
Transfers to foreclosed properties
|
|
(32
|
)
|
|
(36
|
)
|
|
(38
|
)
|
|
(45
|
)
|
|
(50
|
)
|
|||||
Transfers to loans held-for-sale
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|||||
Total net reductions to nonperforming loans and leases
|
|
(464
|
)
|
|
(333
|
)
|
|
(267
|
)
|
|
(260
|
)
|
|
(86
|
)
|
|||||
Total nonperforming consumer loans and leases, end of period
|
|
3,842
|
|
|
4,306
|
|
|
4,639
|
|
|
4,906
|
|
|
5,166
|
|
|||||
Foreclosed properties
|
|
244
|
|
|
265
|
|
|
263
|
|
|
264
|
|
|
236
|
|
|||||
Nonperforming consumer loans, leases and foreclosed properties, end of period
|
|
$
|
4,086
|
|
|
$
|
4,571
|
|
|
$
|
4,902
|
|
|
$
|
5,170
|
|
|
$
|
5,402
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming Commercial Loans and Leases
(4)
:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance, beginning of period
|
|
$
|
848
|
|
|
$
|
1,258
|
|
|
$
|
1,472
|
|
|
$
|
1,304
|
|
|
$
|
1,318
|
|
Additions
|
|
500
|
|
|
235
|
|
|
244
|
|
|
436
|
|
|
444
|
|
|||||
Reductions:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Paydowns
|
|
(91
|
)
|
|
(287
|
)
|
|
(193
|
)
|
|
(169
|
)
|
|
(127
|
)
|
|||||
Sales
|
|
(6
|
)
|
|
(130
|
)
|
|
(50
|
)
|
|
(24
|
)
|
|
(20
|
)
|
|||||
Return to performing status
(5)
|
|
(33
|
)
|
|
(95
|
)
|
|
(91
|
)
|
|
(27
|
)
|
|
(40
|
)
|
|||||
Charge-offs
|
|
(85
|
)
|
|
(116
|
)
|
|
(112
|
)
|
|
(48
|
)
|
|
(143
|
)
|
|||||
Transfers to foreclosed properties
|
|
(31
|
)
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|||||
Transfers to loans held-for-sale
|
|
—
|
|
|
(5
|
)
|
|
(12
|
)
|
|
—
|
|
|
(115
|
)
|
|||||
Total net additions (reductions) to nonperforming loans and leases
|
|
254
|
|
|
(410
|
)
|
|
(214
|
)
|
|
168
|
|
|
(14
|
)
|
|||||
Total nonperforming commercial loans and leases, end of period
|
|
1,102
|
|
|
848
|
|
|
1,258
|
|
|
1,472
|
|
|
1,304
|
|
|||||
Foreclosed properties
|
|
56
|
|
|
30
|
|
|
21
|
|
|
52
|
|
|
52
|
|
|||||
Nonperforming commercial loans, leases and foreclosed properties, end of period
|
|
$
|
1,158
|
|
|
$
|
878
|
|
|
$
|
1,279
|
|
|
$
|
1,524
|
|
|
$
|
1,356
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
For amounts excluded from nonperforming loans, leases and foreclosed properties, see footnotes to
Nonperforming Loans, Leases and Foreclosed Properties
table on page
34
.
|
(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.
|
35
|
Bank of America Corporation and Subsidiaries
|
||||||||||||||||||||||||||||||||||
Quarterly Net Charge-offs and Net Charge-off Ratios
(1, 2)
|
||||||||||||||||||||||||||||||||||
(Dollars in millions)
|
||||||||||||||||||||||||||||||||||
|
Fourth
Quarter 2018 |
|
Third
Quarter 2018 |
|
Second
Quarter 2018 |
|
First
Quarter 2018 |
|
Fourth
Quarter 2017 |
|||||||||||||||||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|||||||||||||||
Net Charge-offs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Residential mortgage
(3)
|
$
|
15
|
|
|
0.03
|
%
|
|
$
|
12
|
|
|
0.02
|
%
|
|
$
|
7
|
|
|
0.01
|
%
|
|
$
|
(6
|
)
|
|
(0.01
|
)%
|
|
$
|
(16
|
)
|
|
(0.03
|
)%
|
Home equity
|
(15
|
)
|
|
(0.12
|
)
|
|
(20
|
)
|
|
(0.15
|
)
|
|
—
|
|
|
—
|
|
|
33
|
|
|
0.23
|
|
|
16
|
|
|
0.11
|
|
|||||
U.S. credit card
|
699
|
|
|
2.90
|
|
|
698
|
|
|
2.92
|
|
|
739
|
|
|
3.17
|
|
|
701
|
|
|
3.01
|
|
|
655
|
|
|
2.78
|
|
|||||
Direct/Indirect consumer
|
53
|
|
|
0.23
|
|
|
42
|
|
|
0.18
|
|
|
41
|
|
|
0.18
|
|
|
59
|
|
|
0.25
|
|
|
65
|
|
|
0.27
|
|
|||||
Other consumer
|
52
|
|
|
n/m
|
|
|
44
|
|
|
n/m
|
|
|
43
|
|
|
n/m
|
|
|
43
|
|
|
n/m
|
|
|
49
|
|
|
n/m
|
|
|||||
Total consumer
|
804
|
|
|
0.71
|
|
|
776
|
|
|
0.69
|
|
|
830
|
|
|
0.74
|
|
|
830
|
|
|
0.75
|
|
|
769
|
|
|
0.68
|
|
|||||
U.S. commercial
|
43
|
|
|
0.06
|
|
|
70
|
|
|
0.10
|
|
|
78
|
|
|
0.11
|
|
|
24
|
|
|
0.03
|
|
|
56
|
|
|
0.08
|
|
|||||
Non-U.S. commercial
|
20
|
|
|
0.09
|
|
|
25
|
|
|
0.10
|
|
|
19
|
|
|
0.08
|
|
|
4
|
|
|
0.02
|
|
|
346
|
|
|
1.43
|
|
|||||
Commercial real estate
|
(2
|
)
|
|
(0.02
|
)
|
|
2
|
|
|
0.02
|
|
|
4
|
|
|
0.03
|
|
|
(3
|
)
|
|
(0.02
|
)
|
|
6
|
|
|
0.04
|
|
|||||
Commercial lease financing
|
(1
|
)
|
|
(0.01
|
)
|
|
—
|
|
|
—
|
|
|
1
|
|
|
0.01
|
|
|
(1
|
)
|
|
(0.01
|
)
|
|
5
|
|
|
0.09
|
|
|||||
|
60
|
|
|
0.05
|
|
|
97
|
|
|
0.08
|
|
|
102
|
|
|
0.09
|
|
|
24
|
|
|
0.02
|
|
|
413
|
|
|
0.36
|
|
|||||
U.S. small business commercial
|
60
|
|
|
1.65
|
|
|
59
|
|
|
1.67
|
|
|
64
|
|
|
1.82
|
|
|
57
|
|
|
1.67
|
|
|
55
|
|
|
1.58
|
|
|||||
Total commercial
|
120
|
|
|
0.10
|
|
|
156
|
|
|
0.13
|
|
|
166
|
|
|
0.14
|
|
|
81
|
|
|
0.07
|
|
|
468
|
|
|
0.39
|
|
|||||
Total net charge-offs
|
$
|
924
|
|
|
0.39
|
|
|
$
|
932
|
|
|
0.40
|
|
|
$
|
996
|
|
|
0.43
|
|
|
$
|
911
|
|
|
0.40
|
|
|
$
|
1,237
|
|
|
0.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
By Business Segment and All Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Consumer Banking
|
$
|
889
|
|
|
1.22
|
%
|
|
$
|
853
|
|
|
1.19
|
%
|
|
$
|
896
|
|
|
1.28
|
%
|
|
$
|
877
|
|
|
1.27
|
%
|
|
$
|
839
|
|
|
1.21
|
%
|
Global Wealth & Investment Management
|
8
|
|
|
0.02
|
|
|
13
|
|
|
0.03
|
|
|
15
|
|
|
0.04
|
|
|
25
|
|
|
0.06
|
|
|
4
|
|
|
0.01
|
|
|||||
Global Banking
|
56
|
|
|
0.06
|
|
|
85
|
|
|
0.10
|
|
|
86
|
|
|
0.10
|
|
|
19
|
|
|
0.02
|
|
|
264
|
|
|
0.30
|
|
|||||
Global Markets
|
—
|
|
|
—
|
|
|
3
|
|
|
0.02
|
|
|
14
|
|
|
0.08
|
|
|
6
|
|
|
0.03
|
|
|
146
|
|
|
0.83
|
|
|||||
All Other
|
(29
|
)
|
|
(0.22
|
)
|
|
(22
|
)
|
|
(0.15
|
)
|
|
(15
|
)
|
|
(0.10
|
)
|
|
(16
|
)
|
|
(0.10
|
)
|
|
(16
|
)
|
|
(0.09
|
)
|
|||||
Total net charge-offs
|
$
|
924
|
|
|
0.39
|
|
|
$
|
932
|
|
|
0.40
|
|
|
$
|
996
|
|
|
0.43
|
|
|
$
|
911
|
|
|
0.40
|
|
|
$
|
1,237
|
|
|
0.53
|
|
|
(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.
|
(2)
|
Excludes write-offs of purchased credit-impaired loans of
$107 million
,
$95 million
,
$36 million
,
$35 million
and and
$46 million
for the
fourth
,
third
,
second
and
first
quarters of
2018
and the
fourth
quarter of
2017
, respectively.
|
(3)
|
Includes loan sales charge-offs (recoveries) of
$25 million
,
$6 million
,
$(5) million
,
$(18) million
and
$(3) million
for the
fourth
,
third
,
second
and
first
quarters of
2018
and the
fourth
quarter of
2017
, respectively.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
36
|
Bank of America Corporation and Subsidiaries
|
|||||||||||||
Annual Net Charge-offs and Net Charge-off Ratios
(1, 2)
|
|||||||||||||
(Dollars in millions)
|
|||||||||||||
|
Year Ended December 31
|
||||||||||||
|
2018
|
|
2017
|
||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||
Net Charge-offs
|
|
|
|
|
|
|
|
||||||
Residential mortgage
(3)
|
$
|
28
|
|
|
0.01
|
%
|
|
$
|
(100
|
)
|
|
(0.05
|
)%
|
Home equity
|
(2
|
)
|
|
—
|
|
|
213
|
|
|
0.34
|
|
||
U.S. credit card
|
2,837
|
|
|
3.00
|
|
|
2,513
|
|
|
2.76
|
|
||
Non-U.S. credit card
(4)
|
—
|
|
|
—
|
|
|
75
|
|
|
1.91
|
|
||
Direct/Indirect consumer
|
195
|
|
|
0.21
|
|
|
214
|
|
|
0.22
|
|
||
Other consumer
|
182
|
|
|
n/m
|
|
|
163
|
|
|
n/m
|
|
||
Total consumer
|
3,240
|
|
|
0.72
|
|
|
3,078
|
|
|
0.68
|
|
||
U.S. commercial
|
215
|
|
|
0.07
|
|
|
232
|
|
|
0.08
|
|
||
Non-U.S. commercial
|
68
|
|
|
0.07
|
|
|
440
|
|
|
0.48
|
|
||
Commercial real estate
|
1
|
|
|
—
|
|
|
9
|
|
|
0.02
|
|
||
Commercial lease financing
|
(1
|
)
|
|
(0.01
|
)
|
|
5
|
|
|
0.02
|
|
||
|
283
|
|
|
0.06
|
|
|
686
|
|
|
0.15
|
|
||
U.S. small business commercial
|
240
|
|
|
1.70
|
|
|
215
|
|
|
1.60
|
|
||
Total commercial
|
523
|
|
|
0.11
|
|
|
901
|
|
|
0.20
|
|
||
Total net charge-offs
|
$
|
3,763
|
|
|
0.41
|
|
|
$
|
3,979
|
|
|
0.44
|
|
|
|
|
|
|
|
|
|
||||||
By Business Segment and All Other
|
|
|
|
|
|
|
|
||||||
Consumer Banking
|
$
|
3,515
|
|
|
1.24
|
%
|
|
$
|
3,202
|
|
|
1.20
|
%
|
Global Wealth & Investment Management
|
61
|
|
|
0.04
|
|
|
44
|
|
|
0.03
|
|
||
Global Banking
|
246
|
|
|
0.07
|
|
|
519
|
|
|
0.15
|
|
||
Global Markets
|
23
|
|
|
0.03
|
|
|
170
|
|
|
0.25
|
|
||
All Other
(4)
|
(82
|
)
|
|
(0.14
|
)
|
|
44
|
|
|
0.05
|
|
||
Total net charge-offs
|
$
|
3,763
|
|
|
0.41
|
|
|
$
|
3,979
|
|
|
0.44
|
|
|
|
|
|
|
|
|
|
(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 year for each loan and lease category.
|
(2)
|
Excludes write-offs of purchased credit-impaired loans of $
273 million
and $
207 million
for the years ended
December 31, 2018 and 2017
.
|
(3)
|
Includes loan sales charge-offs (recoveries) of $
8 million
and $
(105) million
for the years ended
December 31, 2018 and 2017
.
|
(4)
|
2017 amount includes net charge-offs recorded in
All Other
related to the non-U.S. credit card loan portfolio, which was sold during the second quarter of 2017.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
37
|
Bank of America Corporation and Subsidiaries
|
||||||||||||||||||||||||||||||
Allocation of the Allowance for Credit Losses by Product Type
|
||||||||||||||||||||||||||||||
(Dollars in millions)
|
||||||||||||||||||||||||||||||
|
|
December 31, 2018
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||||||||||||||||||
|
|
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)
|
||||||||||||
Allowance for loan and lease losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage
|
|
$
|
422
|
|
|
4.40
|
%
|
|
0.20
|
%
|
|
$
|
500
|
|
|
5.14
|
%
|
|
0.24
|
%
|
|
$
|
701
|
|
|
6.74
|
%
|
|
0.34
|
%
|
Home equity
|
|
506
|
|
|
5.27
|
|
|
1.05
|
|
|
658
|
|
|
6.76
|
|
|
1.28
|
|
|
1,019
|
|
|
9.80
|
|
|
1.76
|
|
|||
U.S. credit card
|
|
3,597
|
|
|
37.47
|
|
|
3.66
|
|
|
3,530
|
|
|
36.26
|
|
|
3.72
|
|
|
3,368
|
|
|
32.41
|
|
|
3.50
|
|
|||
Direct/Indirect consumer
|
|
248
|
|
|
2.58
|
|
|
0.27
|
|
|
262
|
|
|
2.69
|
|
|
0.29
|
|
|
264
|
|
|
2.54
|
|
|
0.27
|
|
|||
Other consumer
|
|
29
|
|
|
0.30
|
|
|
n/m
|
|
|
30
|
|
|
0.31
|
|
|
n/m
|
|
|
31
|
|
|
0.30
|
|
|
n/m
|
|
|||
Total consumer
|
|
4,802
|
|
|
50.02
|
|
|
1.08
|
|
|
4,980
|
|
|
51.16
|
|
|
1.12
|
|
|
5,383
|
|
|
51.79
|
|
|
1.18
|
|
|||
U.S. commercial
(3)
|
|
3,010
|
|
|
31.35
|
|
|
0.96
|
|
|
2,974
|
|
|
30.55
|
|
|
0.99
|
|
|
3,113
|
|
|
29.95
|
|
|
1.04
|
|
|||
Non-U.S.commercial
|
|
677
|
|
|
7.05
|
|
|
0.69
|
|
|
687
|
|
|
7.06
|
|
|
0.72
|
|
|
803
|
|
|
7.73
|
|
|
0.82
|
|
|||
Commercial real estate
|
|
958
|
|
|
9.98
|
|
|
1.57
|
|
|
946
|
|
|
9.72
|
|
|
1.56
|
|
|
935
|
|
|
9.00
|
|
|
1.60
|
|
|||
Commercial lease financing
|
|
154
|
|
|
1.60
|
|
|
0.68
|
|
|
147
|
|
|
1.51
|
|
|
0.68
|
|
|
159
|
|
|
1.53
|
|
|
0.72
|
|
|||
Total commercial
|
|
4,799
|
|
|
49.98
|
|
|
0.97
|
|
|
4,754
|
|
|
48.84
|
|
|
0.99
|
|
|
5,010
|
|
|
48.21
|
|
|
1.05
|
|
|||
Allowance for loan and lease losses
|
|
9,601
|
|
|
100.00
|
%
|
|
1.02
|
|
|
9,734
|
|
|
100.00
|
%
|
|
1.05
|
|
|
10,393
|
|
|
100.00
|
%
|
|
1.12
|
|
|||
Reserve for unfunded lending commitments
|
|
797
|
|
|
|
|
|
|
792
|
|
|
|
|
|
|
777
|
|
|
|
|
|
|||||||||
Allowance for credit losses
|
|
$
|
10,398
|
|
|
|
|
|
|
$
|
10,526
|
|
|
|
|
|
|
$
|
11,170
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Asset Quality Indicators
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for loan and lease losses/Total loans and leases
(2)
|
|
|
|
1.02
|
%
|
|
|
|
|
|
1.05
|
%
|
|
|
|
|
|
1.12
|
%
|
|
|
|||||||||
Allowance for loan and lease losses/Total nonperforming loans and leases
(4)
|
|
|
|
194
|
|
|
|
|
|
|
189
|
|
|
|
|
|
|
161
|
|
|
|
|||||||||
Ratio of the allowance for loan and lease losses/Annualized net charge-offs
|
|
|
|
2.62
|
|
|
|
|
|
|
2.63
|
|
|
|
|
|
|
2.12
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 include residential mortgage loans of
$336 million
,
$407 million
and
$567 million
and home equity loans of
$346 million
,
$348 million
and
$361 million
at
December 31, 2018
,
September 30, 2018
and
December 31, 2017
, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of
$2.5 billion
,
$3.6 billion
and
$2.6 billion
and non-U.S. commercial loans of
$1.1 billion
,
$1.4 billion
and
$2.2 billion
at
December 31, 2018
,
September 30, 2018
and
December 31, 2017
, respectively.
|
(2)
|
Total loans and leases do not include loans accounted for under the fair value option of
$4.3 billion
,
$5.7 billion
and
$5.7 billion
at
December 31, 2018
,
September 30, 2018
and
December 31, 2017
, respectively.
|
(3)
|
Includes allowance for loan and lease losses for U.S. small business commercial loans of
$474 million
,
$472 million
and
$439 million
at
December 31, 2018
,
September 30, 2018
and
December 31, 2017
, respectively.
|
(4)
|
Allowance for loan and lease losses includes
$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 each of
December 31, 2018
,
September 30, 2018
and
December 31, 2017
. Excluding these amounts, allowance for loan and lease losses as a percentage of total nonperforming loans and leases was
113 percent
,
111 percent
and
99 percent
at
December 31, 2018
,
September 30, 2018
and
December 31, 2017
, respectively.
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
38
|
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 2018 |
|
Third
Quarter 2018 |
|
Second
Quarter 2018 |
|
First
Quarter 2018 |
|
Fourth
Quarter 2017 |
||||||||||||||||
|
|
2018
|
|
2017
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Reconciliation of average shareholders’ equity to average tangible common shareholders’ equity and average tangible shareholders’ equity
|
|||||||||||||||||||||||||||||
Shareholders’ equity
|
|
$
|
264,748
|
|
|
$
|
271,289
|
|
|
|
$
|
263,698
|
|
|
$
|
264,653
|
|
|
$
|
265,181
|
|
|
$
|
265,480
|
|
|
$
|
273,162
|
|
Goodwill
|
|
(68,951
|
)
|
|
(69,286
|
)
|
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,954
|
)
|
|||||||
Intangible assets (excluding mortgage servicing rights)
|
|
(2,058
|
)
|
|
(2,652
|
)
|
|
|
(1,857
|
)
|
|
(1,992
|
)
|
|
(2,126
|
)
|
|
(2,261
|
)
|
|
(2,399
|
)
|
|||||||
Related deferred tax liabilities
|
|
906
|
|
|
1,463
|
|
|
|
874
|
|
|
896
|
|
|
916
|
|
|
939
|
|
|
1,344
|
|
|||||||
Tangible shareholders’ equity
|
|
$
|
194,645
|
|
|
$
|
200,814
|
|
|
|
$
|
193,764
|
|
|
$
|
194,606
|
|
|
$
|
195,020
|
|
|
$
|
195,207
|
|
|
$
|
203,153
|
|
Preferred stock
|
|
(22,949
|
)
|
|
(24,188
|
)
|
|
|
(22,326
|
)
|
|
(22,841
|
)
|
|
(23,868
|
)
|
|
(22,767
|
)
|
|
(22,324
|
)
|
|||||||
Tangible common shareholders’ equity
|
|
$
|
171,696
|
|
|
$
|
176,626
|
|
|
|
$
|
171,438
|
|
|
$
|
171,765
|
|
|
$
|
171,152
|
|
|
$
|
172,440
|
|
|
$
|
180,829
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Reconciliation of period-end shareholders’ equity to period-end tangible common shareholders’ equity and period-end tangible shareholders’ equity
|
|||||||||||||||||||||||||||||
Shareholders’ equity
|
|
$
|
265,325
|
|
|
$
|
267,146
|
|
|
|
$
|
265,325
|
|
|
$
|
262,158
|
|
|
$
|
264,216
|
|
|
$
|
266,224
|
|
|
$
|
267,146
|
|
Goodwill
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|||||||
Intangible assets (excluding mortgage servicing rights)
|
|
(1,774
|
)
|
|
(2,312
|
)
|
|
|
(1,774
|
)
|
|
(1,908
|
)
|
|
(2,043
|
)
|
|
(2,177
|
)
|
|
(2,312
|
)
|
|||||||
Related deferred tax liabilities
|
|
858
|
|
|
943
|
|
|
|
858
|
|
|
878
|
|
|
900
|
|
|
920
|
|
|
943
|
|
|||||||
Tangible shareholders’ equity
|
|
$
|
195,458
|
|
|
$
|
196,826
|
|
|
|
$
|
195,458
|
|
|
$
|
192,177
|
|
|
$
|
194,122
|
|
|
$
|
196,016
|
|
|
$
|
196,826
|
|
Preferred stock
|
|
(22,326
|
)
|
|
(22,323
|
)
|
|
|
(22,326
|
)
|
|
(22,326
|
)
|
|
(23,181
|
)
|
|
(24,672
|
)
|
|
(22,323
|
)
|
|||||||
Tangible common shareholders’ equity
|
|
$
|
173,132
|
|
|
$
|
174,503
|
|
|
|
$
|
173,132
|
|
|
$
|
169,851
|
|
|
$
|
170,941
|
|
|
$
|
171,344
|
|
|
$
|
174,503
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Reconciliation of period-end assets to period-end tangible assets
|
|||||||||||||||||||||||||||||
Assets
|
|
$
|
2,354,507
|
|
|
$
|
2,281,234
|
|
|
|
$
|
2,354,507
|
|
|
$
|
2,338,833
|
|
|
$
|
2,291,670
|
|
|
$
|
2,328,478
|
|
|
$
|
2,281,234
|
|
Goodwill
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|||||||
Intangible assets (excluding mortgage servicing rights)
|
|
(1,774
|
)
|
|
(2,312
|
)
|
|
|
(1,774
|
)
|
|
(1,908
|
)
|
|
(2,043
|
)
|
|
(2,177
|
)
|
|
(2,312
|
)
|
|||||||
Related deferred tax liabilities
|
|
858
|
|
|
943
|
|
|
|
858
|
|
|
878
|
|
|
900
|
|
|
920
|
|
|
943
|
|
|||||||
Tangible assets
|
|
$
|
2,284,640
|
|
|
$
|
2,210,914
|
|
|
|
$
|
2,284,640
|
|
|
$
|
2,268,852
|
|
|
$
|
2,221,576
|
|
|
$
|
2,258,270
|
|
|
$
|
2,210,914
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Book value per share of common stock
|
|||||||||||||||||||||||||||||
Common shareholders’ equity
|
|
$
|
242,999
|
|
|
$
|
244,823
|
|
|
|
$
|
242,999
|
|
|
$
|
239,832
|
|
|
$
|
241,035
|
|
|
$
|
241,552
|
|
|
$
|
244,823
|
|
Ending common shares issued and outstanding
|
|
9,669.3
|
|
|
10,287.3
|
|
|
|
9,669.3
|
|
|
9,858.3
|
|
|
10,012.7
|
|
|
10,175.9
|
|
|
10,287.3
|
|
|||||||
Book value per share of common stock
|
|
$
|
25.13
|
|
|
$
|
23.80
|
|
|
|
$
|
25.13
|
|
|
$
|
24.33
|
|
|
$
|
24.07
|
|
|
$
|
23.74
|
|
|
$
|
23.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Tangible book value per share of common stock
|
|||||||||||||||||||||||||||||
Tangible common shareholders’ equity
|
|
$
|
173,132
|
|
|
$
|
174,503
|
|
|
|
$
|
173,132
|
|
|
$
|
169,851
|
|
|
$
|
170,941
|
|
|
$
|
171,344
|
|
|
$
|
174,503
|
|
Ending common shares issued and outstanding
|
|
9,669.3
|
|
|
10,287.3
|
|
|
|
9,669.3
|
|
|
9,858.3
|
|
|
10,012.7
|
|
|
10,175.9
|
|
|
10,287.3
|
|
|||||||
Tangible book value per share of common stock
|
|
$
|
17.91
|
|
|
$
|
16.96
|
|
|
|
$
|
17.91
|
|
|
$
|
17.23
|
|
|
$
|
17.07
|
|
|
$
|
16.84
|
|
|
$
|
16.96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current period information is preliminary and based on company data available at the time of the presentation.
|
39
|