As filed with the Securities and Exchange Commission on April 1, 2019
 
 
 
 
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K


CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
April 1, 2019

BANK OF AMERICA CORPORATION
(Exact name of registrant as specified in its charter)


Delaware
 
1-6523
 
56-0906609
(State or other jurisdiction of incorporation)
 
(Commission File Number)
 
(IRS Employer Identification No.)
 
 
 
 
 
 
 
100 North Tryon Street
Charlotte, North Carolina 28255
 
 
 
 
(Address of principal executive offices)
 
 

(704) 386-5681
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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).
o
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.
o





ITEM 7.01. REGULATION FD DISCLOSURE.
Effective January 1, 2019, Bank of America Corporation (the “Corporation”) made certain financial reporting changes and reclassifications. These changes and reclassifications were adopted on a retrospective basis. The changes and reclassifications reflect changes to both the format of the Consolidated Statement of Income and segment allocations.
Highlights of the financial reporting changes and reclassifications include:
Format-driven changes:
The net interest income and noninterest income sections are presented in fewer line items; the level of detail as historically presented will continue to be included in the Notes to the Consolidated Financial Statements.
The noninterest expense section has been updated to enhance its functional alignment, including changes to certain of the captions.
Segment allocation and other changes:
Interest expense on structured notes has been reclassified from interest expense to trading account income, consistent with how other changes in the fair value of these instruments are recognized. Further, certain other immaterial reclassifications have been made.
The methodologies used for allocating funding costs, credits and expenses related to asset and liability management activities have been further refined, certain financing costs have been reattributed from All Other to Global Wealth & Investment Management and the methodology for allocating certain payroll taxes has been further refined.
Management believes these reporting changes result in a more relevant presentation of the Corporation’s consolidated and business segment results.
Financial information for all prior periods presented herein has been updated to reflect the changes and reclassifications. The Corporation’s consolidated net income as reported for all prior periods in its 2018 Annual Report on Form 10-K is unchanged.
The information in this Form 8-K is being furnished to assist investors in understanding how the Corporation’s results would have been presented in previously filed reports had such financial statements been reported consistent with the changes and reclassifications.
The Revised Supplemental Information to Reflect Certain Financial Reporting Changes, including the Consolidated Statements of Income, Average Balances and Interest Rates schedules, and segment financial information for 2018, 2017 and 2016, and the quarterly periods in 2018 and 2017; and certain other financial information is attached hereto as Exhibit 99.1. This Revised Supplemental Information to Reflect Certain Financial Reporting Changes is being furnished pursuant to Item 7.01, and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall the Revised Supplemental Information be deemed incorporated by reference into any filings under the Securities Act of 1933, as amended.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.

Exhibit 99.1 is furnished herewith.
 








SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Corporation has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
BANK OF AMERICA CORPORATION
 
 
By:
 
/s/ Rudolf A. Bless
 
 
Rudolf A. Bless
 
 
Chief Accounting Officer

Dated: April 1, 2019







BACLOGO2019.JPG


Revised Supplemental Information
to Reflect Certain Financial Reporting Changes


                





















This information is preliminary and based on company data available at the time of the Form 8-K filing. It speaks only as of the particular date or dates included in the accompanying pages. Bank of America Corporation (the Corporation) does not undertake an obligation to, and disclaims any duty to, update any of the information provided.




Bank of America Corporation and Subsidiaries
 
Table of Contents
Page
 
 
 
 
Consumer Banking
 
Global Wealth & Investment Management
 
Global Banking
 
Global Markets
 
All Other
 
 
 
 
 
 
 
 
 
 
Description of Financial Reporting Changes and Reclassifications
Effective January 1, 2019, Bank of America Corporation (the “Corporation”) made certain financial reporting changes and reclassifications. These changes and reclassifications were adopted on a retrospective basis. The changes and reclassifications reflect changes to both the format of the Consolidated Statement of Income and segment allocations.
Highlights of the financial reporting changes and reclassifications include:
Format-driven changes:
The net interest income and noninterest income sections are presented in fewer line items; the level of detail as historically presented will continue to be included in the Notes to the Consolidated Financial Statements and is also included on page 4.

The noninterest expense section has been updated to enhance its functional alignment, including changes to certain of the captions.
Segment allocation and other changes:
Interest expense on structured notes has been reclassified from interest expense to trading account income, consistent with how other changes in the fair value of these instruments are recognized. Further, certain other immaterial reclassifications have been made.
The methodologies used for allocating funding costs, credits and expenses related to asset and liability management (ALM) activities have been further refined, certain financing costs have been reattributed from All Other  to Global Wealth & Investment Management ( GWIM ) and the methodology for allocating certain payroll taxes has been further refined.

Management believes these reporting changes result in a more relevant presentation of the Corporation’s consolidated and business segment results.
Financial information for all prior periods presented herein has been updated to reflect the changes and reclassifications. The Corporation’s consolidated net income as reported for all prior periods in its 2018 Annual Report on Form 10-K is unchanged.

Business Segment Operations
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 14-19 are reported on an FTE basis.

 
 
 








Bank of America Corporation and Subsidiaries
Consolidated Financial Highlights
(In millions, except per share information)
 
Year Ended
December 31
 
 
Fourth Quarter 2018
 
Third Quarter 2018
 
Second Quarter 2018
 
First Quarter 2018
 
Fourth Quarter 2017
 
Third Quarter 2017
 
Second Quarter 2017
 
First Quarter 2017
 
2018
 
2017
 
2016
 
 
Income statement
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income
$
48,162

 
$
45,239

 
$
41,486

 
 
$
12,504

 
$
12,061

 
$
11,828

 
$
11,769

 
$
11,618

 
$
11,300

 
$
11,135

 
$
11,186

Noninterest income
42,858

 
41,887

 
42,012

 
 
10,173

 
10,663

 
10,721

 
11,301

 
8,763

 
10,479

 
11,637

 
11,008

Total revenue, net of interest expense
91,020

 
87,126

 
83,498

 
 
22,677

 
22,724

 
22,549

 
23,070

 
20,381

 
21,779

 
22,772

 
22,194

Provision for credit losses
3,282

 
3,396

 
3,597

 
 
905

 
716

 
827

 
834

 
1,001

 
834

 
726

 
835

Noninterest expense
53,154

 
54,517

 
54,880

 
 
13,074

 
13,014

 
13,224

 
13,842

 
13,219

 
13,334

 
13,925

 
14,039

Income tax expense
6,437

 
10,981

 
7,199

 
 
1,420

 
1,827

 
1,714

 
1,476

 
3,796

 
2,187

 
3,015

 
1,983

Net income
28,147

 
18,232

 
17,822

 
 
7,278

 
7,167

 
6,784

 
6,918

 
2,365

 
5,424

 
5,106

 
5,337

Preferred stock dividends
1,451

 
1,614

 
1,682

 
 
239

 
466

 
318

 
428

 
286

 
465

 
361

 
502

Net income applicable to common shareholders
26,696

 
16,618

 
16,140

 
 
7,039

 
6,701

 
6,466

 
6,490

 
2,079

 
4,959

 
4,745

 
4,835

Diluted earnings per common share
2.61

 
1.56

 
1.49

 
 
0.70

 
0.66

 
0.63

 
0.62

 
0.20

 
0.46

 
0.44

 
0.45

Average diluted common shares issued and outstanding
10,236.9

 
10,778.4

 
11,046.8

 
 
9,996.0

 
10,170.8

 
10,309.4

 
10,472.7

 
10,621.8

 
10,746.7

 
10,834.8

 
10,919.7

Dividends paid per common share
$
0.54

 
$
0.39

 
$
0.25

 
 
$
0.15

 
$
0.15

 
$
0.12

 
$
0.12

 
$
0.12

 
$
0.12

 
$
0.075

 
$
0.075

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Performance ratios
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Return on average assets
1.21
%
 
0.80
%
 
0.81
%
 
 
1.24
%
 
1.23
%
 
1.17
%
 
1.21
%
 
0.41
%
 
0.95
%
 
0.90
%
 
0.97
%
Return on average common shareholders’ equity
11.04

 
6.72

 
6.69

 
 
11.57

 
10.99

 
10.75

 
10.85

 
3.29

 
7.89

 
7.75

 
8.09

Return on average shareholders’ equity
10.63

 
6.72

 
6.70

 
 
10.95

 
10.74

 
10.26

 
10.57

 
3.43

 
7.88

 
7.56

 
8.09

Return on average tangible common shareholders’ equity (1)
15.55

 
9.41

 
9.51

 
 
16.29

 
15.48

 
15.15

 
15.26

 
4.56

 
10.98

 
10.87

 
11.44

Return on average tangible shareholders’ equity (1)
14.46

 
9.08

 
9.17

 
 
14.90

 
14.61

 
13.95

 
14.37

 
4.62

 
10.59

 
10.23

 
11.01

Efficiency ratio
58.40

 
62.57

 
65.72

 
 
57.65

 
57.27

 
58.65

 
60.00

 
64.86

 
61.23

 
61.15

 
63.25

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At period end
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Book value per share of common stock
$
25.13

 
$
23.80

 
$
23.97

 
 
$
25.13

 
$
24.33

 
$
24.07

 
$
23.74

 
$
23.80

 
$
23.87

 
$
24.85

 
$
24.34

Tangible book value per share of common stock (1)
17.91

 
16.96

 
16.89

 
 
17.91

 
17.23

 
17.07

 
16.84

 
16.96

 
17.18

 
17.75

 
17.22

Market capitalization
238,251

 
303,681

 
222,163

 
 
238,251

 
290,424

 
282,259

 
305,176

 
303,681

 
264,992

 
239,643

 
235,291

Number of financial centers - U.S.
4,341

 
4,477

 
4,582

 
 
4,341

 
4,385

 
4,433

 
4,452

 
4,477

 
4,515

 
4,546

 
4,562

Number of branded ATMs - U.S.
16,255

 
16,039

 
15,928

 
 
16,255

 
16,089

 
16,050

 
16,011

 
16,039

 
15,973

 
15,972

 
15,939

Headcount
204,489

 
209,376

 
210,673

 
 
204,489

 
204,681

 
207,992

 
207,953

 
209,376

 
209,839

 
210,904

 
210,533

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)  
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 28.)




This information is preliminary and based on company data available at the time of the presentation.
2




Bank of America Corporation and Subsidiaries
Consolidated Statement of Income
(In millions, except per share information)
 
 
Year Ended
December 31
 
 
Fourth Quarter 2018
 
Third Quarter 2018
 
Second Quarter 2018
 
First Quarter 2018
 
Fourth Quarter 2017
 
Third Quarter 2017
 
Second Quarter 2017
 
First Quarter 2017
 
 
2018
 
2017
 
2016
 
 
Net interest income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
 
$
66,769

 
$
57,579

 
$
51,057

 
 
$
17,836

 
$
16,965

 
$
16,369

 
$
15,599

 
$
15,066

 
$
14,657

 
$
14,146

 
$
13,710

Interest expense
 
18,607

 
12,340

 
9,571

 
 
5,332

 
4,904

 
4,541

 
3,830

 
3,448

 
3,357

 
3,011

 
2,524

Net interest income
 
48,162

 
45,239

 
41,486

 
 
12,504

 
12,061

 
11,828

 
11,769

 
11,618

 
11,300

 
11,135

 
11,186

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fees and commissions
 
33,078

 
33,341

 
31,876

 
 
8,345

 
8,076

 
8,317

 
8,340

 
8,395

 
8,251

 
8,381

 
8,314

Trading account income
 
7,869

 
6,770

 
6,582

 
 
1,448

 
1,717

 
2,151

 
2,553

 
1,012

 
1,714

 
1,824

 
2,220

Other income (loss)
 
1,911

 
1,776

 
3,554

 
 
380

 
870

 
253

 
408

 
(644
)
 
514

 
1,432

 
474

Total noninterest income
 
42,858

 
41,887

 
42,012

 
 
10,173

 
10,663

 
10,721

 
11,301

 
8,763

 
10,479

 
11,637

 
11,008

Total revenue, net of interest expense
 
91,020

 
87,126

 
83,498

 
 
22,677

 
22,724

 
22,549

 
23,070

 
20,381

 
21,779

 
22,772

 
22,194

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Provision for credit losses
 
3,282

 
3,396

 
3,597

 
 
905

 
716

 
827

 
834

 
1,001

 
834

 
726

 
835

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Compensation and benefits
 
31,880

 
31,931

 
32,018

 
 
7,735

 
7,721

 
7,944

 
8,480

 
7,605

 
7,811

 
8,040

 
8,475

Occupancy and equipment
 
6,380

 
6,264

 
6,395

 
 
1,593

 
1,589

 
1,591

 
1,607

 
1,572

 
1,554

 
1,564

 
1,574

Information processing and communications
 
4,555

 
4,530

 
4,447

 
 
1,156

 
1,113

 
1,121

 
1,165

 
1,132

 
1,120

 
1,120

 
1,158

Product delivery and transaction related
 
2,857

 
3,041

 
2,970

 
 
708

 
687

 
706

 
756

 
783

 
753

 
746

 
759

Professional fees
 
1,699

 
1,888

 
1,971

 
 
480

 
439

 
399

 
381

 
471

 
476

 
485

 
456

Marketing
 
1,674

 
1,746

 
1,703

 
 
513

 
421

 
395

 
345

 
511

 
461

 
442

 
332

Other general operating
 
4,109

 
5,117

 
5,376

 
 
889

 
1,044

 
1,068

 
1,108

 
1,145

 
1,159

 
1,528

 
1,285

Total noninterest expense
 
53,154

 
54,517

 
54,880

 
 
13,074

 
13,014

 
13,224

 
13,842

 
13,219

 
13,334

 
13,925

 
14,039

Income before income taxes
 
34,584

 
29,213

 
25,021

 
 
8,698

 
8,994

 
8,498

 
8,394

 
6,161

 
7,611

 
8,121

 
7,320

Income tax expense
 
6,437

 
10,981

 
7,199

 
 
1,420

 
1,827

 
1,714

 
1,476

 
3,796

 
2,187

 
3,015

 
1,983

Net income
 
$
28,147

 
$
18,232

 
$
17,822

 
 
$
7,278

 
$
7,167

 
$
6,784

 
$
6,918

 
$
2,365

 
$
5,424

 
$
5,106

 
$
5,337

Preferred stock dividends
 
1,451

 
1,614

 
1,682

 
 
239

 
466

 
318

 
428

 
286

 
465

 
361

 
502

Net income applicable to common shareholders
 
$
26,696

 
$
16,618

 
$
16,140

 
 
$
7,039

 
$
6,701

 
$
6,466

 
$
6,490

 
$
2,079

 
$
4,959

 
$
4,745

 
$
4,835

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Per common share information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings
 
$
2.64

 
$
1.63

 
$
1.57

 
 
$
0.71

 
$
0.67

 
$
0.64

 
$
0.63

 
$
0.20

 
$
0.49

 
$
0.47

 
$
0.48

Diluted earnings
 
2.61

 
1.56

 
1.49

 
 
0.70

 
0.66

 
0.63

 
0.62

 
0.20

 
0.46

 
0.44

 
0.45

Average common shares issued and outstanding
 
10,096.5

 
10,195.6

 
10,284.1

 
 
9,855.8

 
10,031.6

 
10,181.7

 
10,322.4

 
10,470.7

 
10,197.9

 
10,013.5

 
10,099.6

Average diluted common shares issued and outstanding
 
10,236.9

 
10,778.4

 
11,046.8

 
 
9,996.0

 
10,170.8

 
10,309.4

 
10,472.7

 
10,621.8

 
10,746.7

 
10,834.8

 
10,919.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




This information is preliminary and based on company data available at the time of the presentation.
3




Bank of America Corporation and Subsidiaries
 
 
 
 
 
 
Net Interest Income and Noninterest Income
 
 
 
 
 
 
(Dollars in millions) 
 
 
 
 
 
 
 
 
Year Ended
December 31
 
 
Fourth Quarter 2018
 
Third Quarter 2018
 
Second Quarter 2018
 
First Quarter 2018
 
Fourth Quarter 2017
 
Third Quarter 2017
 
Second Quarter 2017
 
First Quarter 2017
 
 
2018
 
2017
 
2016
 
 
 
 
 
Net interest income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans and leases
 
$
40,811

 
$
36,221

 
$
33,228

 
 
$
10,716

 
$
10,401

 
$
10,071

 
$
9,623

 
$
9,344

 
$
9,203

 
$
8,920

 
$
8,754

Debt securities
 
11,724

 
10,471

 
9,167

 
 
3,078

 
2,986

 
2,856

 
2,804

 
2,707

 
2,629

 
2,594

 
2,541

Federal funds sold and securities borrowed or purchased under agreements to resell
 
3,176

 
2,390

 
1,118

 
 
1,046

 
799

 
709

 
622

 
732

 
659

 
560

 
439

Trading account assets
 
4,811

 
4,474

 
4,423

 
 
1,305

 
1,172

 
1,198

 
1,136

 
1,144

 
1,091

 
1,163

 
1,076

Other interest income
 
6,247

 
4,023

 
3,121

 
 
1,691

 
1,607

 
1,535

 
1,414

 
1,139

 
1,075

 
909

 
900

Total interest income
 
66,769

 
57,579

 
51,057

 
 
17,836

 
16,965

 
16,369

 
15,599

 
15,066

 
14,657

 
14,146

 
13,710

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits
 
4,495

 
1,931

 
1,015

 
 
1,562

 
1,230

 
943

 
760

 
679

 
624

 
346

 
282

Short-term borrowings
 
5,839

 
3,538

 
2,350

 
 
1,716

 
1,526

 
1,462

 
1,135

 
1,030

 
944

 
917

 
647

Trading account liabilities
 
1,358

 
1,204

 
1,018

 
 
318

 
335

 
348

 
357

 
314

 
319

 
307

 
264

Long-term debt
 
6,915

 
5,667

 
5,188

 
 
1,736

 
1,813

 
1,788

 
1,578

 
1,425

 
1,470

 
1,441

 
1,331

Total interest expense
 
18,607

 
12,340

 
9,571

 
 
5,332

 
4,904

 
4,541

 
3,830

 
3,448

 
3,357

 
3,011

 
2,524

Net interest income
 
$
48,162

 
$
45,239

 
$
41,486

 
 
$
12,504

 
$
12,061

 
$
11,828

 
$
11,769

 
$
11,618

 
$
11,300

 
$
11,135

 
$
11,186

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fees and commissions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Card income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interchange fees (1)
 
$
3,866

 
$
3,777

 
$
3,925

 
 
$
1,016

 
$
925

 
$
1,011

 
$
914

 
$
1,004

 
$
881

 
$
949

 
$
943

Other card income
 
1,958

 
1,899

 
1,723

 
 
506

 
492

 
472

 
488

 
496

 
488

 
463

 
452

Total card income
 
5,824

 
5,676

 
5,648

 
 
1,522

 
1,417

 
1,483

 
1,402

 
1,500

 
1,369

 
1,412

 
1,395

Service charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposit-related fees
 
6,667

 
6,708

 
6,545

 
 
1,659

 
1,682

 
1,680

 
1,646

 
1,668

 
1,691

 
1,696

 
1,653

Lending-related fees
 
1,100

 
1,110

 
1,093

 
 
272

 
279

 
274

 
275

 
287

 
277

 
281

 
265

Total service charges
 
7,767

 
7,818

 
7,638

 
 
1,931

 
1,961

 
1,954

 
1,921

 
1,955

 
1,968

 
1,977

 
1,918

Investment and brokerage services
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset management fees
 
10,189

 
9,310

 
8,328

 
 
2,536

 
2,576

 
2,513

 
2,564

 
2,455

 
2,367

 
2,288

 
2,200

Brokerage fees
 
3,971

 
4,526

 
5,021

 
 
1,008

 
918

 
945

 
1,100

 
1,067

 
1,070

 
1,172

 
1,217

Total investment and brokerage services
 
14,160

 
13,836

 
13,349

 
 
3,544

 
3,494

 
3,458

 
3,664

 
3,522

 
3,437

 
3,460

 
3,417

Investment banking fees
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Underwriting income
 
2,722

 
2,821

 
2,585

 
 
562

 
701

 
719

 
740

 
635

 
698

 
709

 
779

Syndication fees
 
1,347

 
1,499

 
1,388

 
 
390

 
241

 
400

 
316

 
354

 
405

 
340

 
400

Financial advisory services
 
1,258

 
1,691

 
1,268

 
 
396

 
262

 
303

 
297

 
429

 
374

 
483

 
405

Total investment banking fees
 
5,327

 
6,011

 
5,241

 
 
1,348

 
1,204

 
1,422

 
1,353

 
1,418

 
1,477

 
1,532

 
1,584

Total fees and commissions
 
33,078

 
33,341

 
31,876

 
 
8,345

 
8,076

 
8,317

 
8,340

 
8,395

 
8,251

 
8,381

 
8,314

Trading account income
 
7,869

 
6,770

 
6,582

 
 
1,448

 
1,717

 
2,151

 
2,553

 
1,012

 
1,714

 
1,824

 
2,220

Other income
 
1,911

 
1,776

 
3,554

 
 
380

 
870

 
253

 
408

 
(644
)
 
514

 
1,432

 
474

Total noninterest income
 
$
42,858

 
$
41,887

 
$
42,012

 
 
$
10,173

 
$
10,663

 
$
10,721

 
$
11,301

 
$
8,763

 
$
10,479

 
$
11,637

 
$
11,008

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)  
Gross interchange fees were $9.5 billion , $8.8 billion and $8.3 billion for 2018, 2017 and 2016, respectively, and are presented net of $5.6 billion , $5.1 billion and $4.4 billion of expenses for rewards and partner payments for the same periods. Gross interchange fees were $2.5 billion , $2.4 billion , $2.4 billion , $2.2 billion , $2.3 billion , $2.2 billion , $2.2 billion and $2.1 billion for the fourth, third, second and first quarters of 2018 and the fourth, third, second and first quarters of 2017, respectively, and are presented net of $1.5 billion , $1.5 billion , $1.4 billion , $1.3 billion , $1.3 billion , $1.3 billion , $1.3 billion and $1.1 billion of expenses for rewards and partner payments for the same periods.


 


This information is preliminary and based on company data available at the time of the presentation.
4




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
 
 
Second Quarter 2018
 
 
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
%
 
 
$
144,983

 
$
487

 
1.35
%
Time deposits placed and other short-term investments
 
8,691

 
59

 
2.72

 
 
8,328

 
48

 
2.26

 
 
10,015

 
48

 
1.91

Federal funds sold and securities borrowed or purchased under agreements to resell
 
263,626

 
1,046

 
1.57

 
 
241,426

 
799

 
1.31

 
 
251,880

 
709

 
1.13

Trading account assets
 
138,046

 
1,327

 
3.82

 
 
128,896

 
1,195

 
3.68

 
 
132,799

 
1,232

 
3.72

Debt securities
 
440,967

 
3,108

 
2.76

 
 
445,813

 
3,014

 
2.66

 
 
429,191

 
2,885

 
2.64

Loans and leases (1) :
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage
 
209,646

 
1,857

 
3.54

 
 
209,460

 
1,857

 
3.54

 
 
206,083

 
1,798

 
3.49

Home equity
 
50,757

 
634

 
4.96

 
 
53,050

 
656

 
4.91

 
 
54,863

 
640

 
4.68

U.S. credit card
 
95,766

 
2,533