|
|
|
|
|
Large accelerated filer ☑
|
|
Accelerated filer o
|
|
Non-accelerated filer o
|
|
Smaller reporting company o
|
|
|
|
|
|
|
|
Bank of America 1
|
Item 1. Financial Statements
|
|
Page
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
|
||
|
1 Bank of America
|
|
|
|
|
Bank of America 2
|
●
|
Bank of America Merrill Lynch International Designated Activity Company (BAMLI DAC), our main banking entity in Ireland, was established in late 2018 through the merger of two entities. BAMLI DAC provides banking services in the European Economic Area, the Middle East and Africa directly and through its branch network. Reliance on the EU’s cross-border merger directive enabled BAMLI DAC to migrate client positions, with decreased legal complexity and operational risk.
|
●
|
BofA Securities Europe SA (BofASE), a newly formed investment firm in France, was set up to deliver investment services in the European Economic Area excluding the U.K. and is now operational.
|
●
|
Merrill Lynch International (MLI) continues to be our primary investment firm in the U.K.
|
●
|
BANA, including its London branch, continues to conduct operations in the EU and the U.K.
|
3 Bank of America
|
|
|
|
|
|
|
|
||||
Table 1
|
Summary Income Statement and Selected Financial Data
|
|||||||
|
|
|
|
|
||||
|
|
Three Months Ended March 31
|
||||||
(Dollars in millions, except per share information)
|
2019
|
|
2018
|
|||||
Income statement
|
|
|
|
|
|
|||
Net interest income
|
$
|
12,375
|
|
|
$
|
11,769
|
|
|
Noninterest income
|
10,629
|
|
|
11,301
|
|
|||
Total revenue, net of interest expense
|
23,004
|
|
|
23,070
|
|
|||
Provision for credit losses
|
1,013
|
|
|
834
|
|
|||
Noninterest expense
|
13,224
|
|
|
13,842
|
|
|||
Income before income taxes
|
8,767
|
|
|
8,394
|
|
|||
Income tax expense
|
1,456
|
|
|
1,476
|
|
|||
Net income
|
7,311
|
|
|
6,918
|
|
|||
Preferred stock dividends
|
442
|
|
|
428
|
|
|||
Net income applicable to common shareholders
|
$
|
6,869
|
|
|
$
|
6,490
|
|
|
|
|
|
|
|
||||
Per common share information
|
|
|
|
|||||
Earnings
|
$
|
0.71
|
|
|
$
|
0.63
|
|
|
Diluted earnings
|
0.70
|
|
|
0.62
|
|
|||
Dividends paid
|
0.15
|
|
|
0.12
|
|
|||
Performance ratios
|
|
|
|
|
|
|||
Return on average assets
|
1.26
|
%
|
|
1.21
|
%
|
|||
Return on average common shareholders’ equity
|
11.42
|
|
|
10.85
|
|
|||
Return on average tangible common shareholders’ equity (1)
|
16.01
|
|
|
15.26
|
|
|||
Efficiency ratio
|
57.48
|
|
|
60.00
|
|
|||
|
|
|
|
|||||
|
March 31
2019 |
|
December 31
2018 |
|||||
Balance sheet
|
|
|
|
|
|
|||
Total loans and leases
|
$
|
945,615
|
|
|
$
|
946,895
|
|
|
Total assets
|
2,377,164
|
|
|
2,354,507
|
|
|||
Total deposits
|
1,379,337
|
|
|
1,381,476
|
|
|||
Total common shareholders’ equity
|
244,684
|
|
|
242,999
|
|
|||
Total shareholders’ equity
|
267,010
|
|
|
265,325
|
|
(1)
|
Return on average tangible common shareholders’ equity is a non-GAAP financial measure. For more information and a corresponding reconciliation to accounting principles generally accepted in the United States of America (GAAP) financial measures, see Non-GAAP Reconciliations on page 42.
|
|
|
|
|
|
||||
Table 2
|
Noninterest Income
|
|
|
|
||||
|
|
|
|
|
||||
|
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
|||||
Fees and commissions:
|
|
|
|
|||||
Card income
|
$
|
1,375
|
|
|
$
|
1,402
|
|
|
Service charges
|
1,839
|
|
|
1,921
|
|
|||
Investment and brokerage services
|
3,360
|
|
|
3,664
|
|
|||
Investment banking fees
|
1,264
|
|
|
1,353
|
|
|||
Total fees and commissions
|
7,838
|
|
|
8,340
|
|
|||
Trading account income
|
2,338
|
|
|
2,553
|
|
|||
Other income
|
453
|
|
|
408
|
|
|||
Total noninterest income
|
$
|
10,629
|
|
|
$
|
11,301
|
|
●
|
Service charges decreased $82 million primarily driven by lower treasury services-related revenue and credit fees in Global Banking, as well as lower overdraft fees due to policy changes and lower ATM volume in Consumer Banking.
|
•
|
Investment and brokerage services income decreased $304 million primarily due to lower average market valuations compared to the same period in 2018 and declines in transactional revenue and assets under management (AUM) pricing, partially offset by the positive impact of AUM flows. The decline in transactional revenue was driven by lower market volatility resulting in lower client activity.
|
●
|
Investment banking fees decreased $89 million primarily due to declines in debt and equity underwriting fees, partially offset by an increase in advisory fees.
|
●
|
Trading account income decreased $215 million primarily due to lower client activity across fixed-income, currencies and commodities (FICC) and Equities.
|
|
|
Bank of America 4
|
|
|
|
|
|
||||
Table 3
|
Noninterest Expense
|
|
|
|
||||
|
|
|
|
|
||||
|
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
|||||
Compensation and benefits
|
$
|
8,249
|
|
|
$
|
8,480
|
|
|
Occupancy and equipment
|
1,605
|
|
|
1,607
|
|
|||
Information processing and communications
|
1,164
|
|
|
1,165
|
|
|||
Product delivery and transaction related
|
662
|
|
|
756
|
|
|||
Marketing
|
442
|
|
|
345
|
|
|||
Professional fees
|
360
|
|
|
381
|
|
|||
Other general operating
|
742
|
|
|
1,108
|
|
|||
Total noninterest expense
|
$
|
13,224
|
|
|
$
|
13,842
|
|
|
|
|
|
|
||||
Table 4
|
Income Tax Expense
|
|
|
|
||||
|
|
|
|
|
||||
|
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
|||||
Income before income taxes
|
$
|
8,767
|
|
|
$
|
8,394
|
|
|
Income tax expense
|
1,456
|
|
|
1,476
|
|
|||
Effective tax rate
|
16.6
|
%
|
|
17.6
|
%
|
●
|
Return on average tangible common shareholders’ equity measures our net income applicable to common shareholders as a percentage of adjusted average common shareholders’ equity. The tangible common equity ratio represents adjusted ending common shareholders’ equity divided by total assets less goodwill and intangible assets (excluding MSRs), net of related deferred tax liabilities.
|
●
|
Return on average tangible shareholders’ equity measures our net income applicable to common shareholders as a percentage of adjusted average total shareholders’ equity. The tangible equity ratio represents adjusted ending shareholders’ equity divided by total assets less goodwill and intangible assets (excluding MSRs), net of related deferred tax liabilities.
|
●
|
Tangible book value per common share represents adjusted ending common shareholders’ equity divided by ending common shares outstanding.
|
5 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Table 5
|
Selected Quarterly Financial Data
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
2019 Quarter
|
|
2018 Quarters
|
||||||||||||||||
(In millions, except per share information)
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|||||||||||
Income statement
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net interest income
|
$
|
12,375
|
|
|
$
|
12,504
|
|
|
$
|
12,061
|
|
|
$
|
11,828
|
|
|
$
|
11,769
|
|
|
Noninterest income
|
10,629
|
|
|
10,173
|
|
|
10,663
|
|
|
10,721
|
|
|
11,301
|
|
||||||
Total revenue, net of interest expense
|
23,004
|
|
|
22,677
|
|
|
22,724
|
|
|
22,549
|
|
|
23,070
|
|
||||||
Provision for credit losses
|
1,013
|
|
|
905
|
|
|
716
|
|
|
827
|
|
|
834
|
|
||||||
Noninterest expense
|
13,224
|
|
|
13,074
|
|
|
13,014
|
|
|
13,224
|
|
|
13,842
|
|
||||||
Income before income taxes
|
8,767
|
|
|
8,698
|
|
|
8,994
|
|
|
8,498
|
|
|
8,394
|
|
||||||
Income tax expense
|
1,456
|
|
|
1,420
|
|
|
1,827
|
|
|
1,714
|
|
|
1,476
|
|
||||||
Net income
|
7,311
|
|
|
7,278
|
|
|
7,167
|
|
|
6,784
|
|
|
6,918
|
|
||||||
Net income applicable to common shareholders
|
6,869
|
|
|
7,039
|
|
|
6,701
|
|
|
6,466
|
|
|
6,490
|
|
||||||
Average common shares issued and outstanding
|
9,725.9
|
|
|
9,855.8
|
|
|
10,031.6
|
|
|
10,181.7
|
|
|
10,322.4
|
|
||||||
Average diluted common shares issued and outstanding
|
9,787.3
|
|
|
9,996.0
|
|
|
10,170.8
|
|
|
10,309.4
|
|
|
10,472.7
|
|
||||||
Performance ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Return on average assets
|
1.26
|
%
|
|
1.24
|
%
|
|
1.23
|
%
|
|
1.17
|
%
|
|
1.21
|
%
|
||||||
Four-quarter trailing return on average assets (1)
|
1.22
|
|
|
1.21
|
|
|
1.00
|
|
|
0.93
|
|
|
0.86
|
|
||||||
Return on average common shareholders’ equity
|
11.42
|
|
|
11.57
|
|
|
10.99
|
|
|
10.75
|
|
|
10.85
|
|
||||||
Return on average tangible common shareholders’ equity (2)
|
16.01
|
|
|
16.29
|
|
|
15.48
|
|
|
15.15
|
|
|
15.26
|
|
||||||
Return on average shareholders’ equity
|
11.14
|
|
|
10.95
|
|
|
10.74
|
|
|
10.26
|
|
|
10.57
|
|
||||||
Return on average tangible shareholders’ equity (2)
|
15.10
|
|
|
14.90
|
|
|
14.61
|
|
|
13.95
|
|
|
14.37
|
|
||||||
Total ending equity to total ending assets
|
11.23
|
|
|
11.27
|
|
|
11.21
|
|
|
11.53
|
|
|
11.43
|
|
||||||
Total average equity to total average assets
|
11.28
|
|
|
11.30
|
|
|
11.42
|
|
|
11.42
|
|
|
11.41
|
|
||||||
Dividend payout
|
21.20
|
|
|
20.90
|
|
|
22.35
|
|
|
18.83
|
|
|
19.06
|
|
||||||
Per common share data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Earnings
|
$
|
0.71
|
|
|
$
|
0.71
|
|
|
$
|
0.67
|
|
|
$
|
0.64
|
|
|
$
|
0.63
|
|
|
Diluted earnings
|
0.70
|
|
|
0.70
|
|
|
0.66
|
|
|
0.63
|
|
|
0.62
|
|
||||||
Dividends paid
|
0.15
|
|
|
0.15
|
|
|
0.15
|
|
|
0.12
|
|
|
0.12
|
|
||||||
Book value
|
25.57
|
|
|
25.13
|
|
|
24.33
|
|
|
24.07
|
|
|
23.74
|
|
||||||
Tangible book value (2)
|
18.26
|
|
|
17.91
|
|
|
17.23
|
|
|
17.07
|
|
|
16.84
|
|
||||||
Market capitalization
|
$
|
263,992
|
|
|
$
|
238,251
|
|
|
$
|
290,424
|
|
|
$
|
282,259
|
|
|
$
|
305,176
|
|
|
Average balance sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total loans and leases
|
$
|
944,020
|
|
|
$
|
934,721
|
|
|
$
|
930,736
|
|
|
$
|
934,818
|
|
|
$
|
931,915
|
|
|
Total assets
|
2,360,992
|
|
|
2,334,586
|
|
|
2,317,829
|
|
|
2,322,678
|
|
|
2,325,878
|
|
||||||
Total deposits
|
1,359,864
|
|
|
1,344,951
|
|
|
1,316,345
|
|
|
1,300,659
|
|
|
1,297,268
|
|
||||||
Long-term debt
|
196,726
|
|
|
201,056
|
|
|
203,239
|
|
|
199,448
|
|
|
197,787
|
|
||||||
Common shareholders’ equity
|
243,891
|
|
|
241,372
|
|
|
241,812
|
|
|
241,313
|
|
|
242,713
|
|
||||||
Total shareholders’ equity
|
266,217
|
|
|
263,698
|
|
|
264,653
|
|
|
265,181
|
|
|
265,480
|
|
||||||
Asset quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Allowance for credit losses (3)
|
$
|
10,379
|
|
|
$
|
10,398
|
|
|
$
|
10,526
|
|
|
$
|
10,837
|
|
|
$
|
11,042
|
|
|
Nonperforming loans, leases and foreclosed properties (4)
|
5,145
|
|
|
5,244
|
|
|
5,449
|
|
|
6,181
|
|
|
6,694
|
|
||||||
Allowance for loan and lease losses as a percentage of total loans and leases outstanding (4)
|
1.02
|
%
|
|
1.02
|
%
|
|
1.05
|
%
|
|
1.08
|
%
|
|
1.11
|
%
|
||||||
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases (4)
|
197
|
|
|
194
|
|
|
189
|
|
|
170
|
|
|
161
|
|
||||||
Net charge-offs
|
$
|
991
|
|
|
$
|
924
|
|
|
$
|
932
|
|
|
$
|
996
|
|
|
$
|
911
|
|
|
Annualized net charge-offs as a percentage of average loans and
leases outstanding (4)
|
0.43
|
%
|
|
0.39
|
%
|
|
0.40
|
%
|
|
0.43
|
%
|
|
0.40
|
%
|
||||||
Capital ratios at period end (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Common equity tier 1 capital
|
11.6
|
%
|
|
11.6
|
%
|
|
11.4
|
%
|
|
11.4
|
%
|
|
11.3
|
%
|
||||||
Tier 1 capital
|
13.1
|
|
|
13.2
|
|
|
12.9
|
|
|
13.0
|
|
|
13.0
|
|
||||||
Total capital
|
15.2
|
|
|
15.1
|
|
|
14.7
|
|
|
14.8
|
|
|
14.8
|
|
||||||
Tier 1 leverage
|
8.4
|
|
|
8.4
|
|
|
8.3
|
|
|
8.4
|
|
|
8.4
|
|
||||||
Supplementary leverage ratio
|
6.8
|
|
|
6.8
|
|
|
6.7
|
|
|
6.7
|
|
|
6.8
|
|
||||||
Tangible equity (2)
|
8.5
|
|
|
8.6
|
|
|
8.5
|
|
|
8.7
|
|
|
8.7
|
|
||||||
Tangible common equity (2)
|
7.6
|
|
|
7.6
|
|
|
7.5
|
|
|
7.7
|
|
|
7.6
|
|
||||||
Total loss-absorbing capacity and long-term debt metrics (6)
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total loss-absorbing capacity to risk-weighted assets
|
24.8
|
%
|
|
|
|
|
|
|
|
|
||||||||||
Total loss-absorbing capacity to supplementary leverage exposure
|
12.8
|
|
|
|
|
|
|
|
|
|
||||||||||
Eligible long-term debt to risk-weighted assets
|
11.4
|
|
|
|
|
|
|
|
|
|
||||||||||
Eligible long-term debt to supplementary leverage exposure
|
5.9
|
|
|
|
|
|
|
|
|
|
(1)
|
Calculated as total net income for four consecutive quarters divided by annualized average assets for four consecutive quarters.
|
(2)
|
Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures. For more information on these ratios, see Supplemental Financial Data on page 5 and for corresponding reconciliations to GAAP financial measures, see Non-GAAP Reconciliations on page 42.
|
(3)
|
Includes the allowance for loan and lease losses and the reserve for unfunded lending commitments.
|
(4)
|
Balances and ratios do not include loans accounted for under the fair value option. For additional exclusions from nonperforming loans, leases and foreclosed properties, see Consumer Portfolio Credit Risk Management – Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity on page 28 and corresponding Table 26 and Commercial Portfolio Credit Risk Management – Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity on page 31 and corresponding Table 33.
|
(5)
|
For additional information, including which approach is used to assess capital adequacy, see Capital Management on page 16.
|
(6)
|
Effective January 1, 2019, the Corporation became subject to minimum total loss-absorbing capacity and long-term debt requirements. For more information, see Capital Management on page 16.
|
|
|
Bank of America 6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Table 6
|
Quarterly Average Balances and Interest Rates - FTE Basis
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
First Quarter 2019
|
|
First Quarter 2018
|
||||||||||||||||||
(Dollars in millions)
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Rate
|
|
Average
Balance |
|
Interest
Income/ Expense |
|
Yield/
Rate |
|||||||||||
Earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks
|
$
|
134,962
|
|
|
$
|
506
|
|
|
1.52
|
%
|
|
$
|
140,247
|
|
|
$
|
422
|
|
|
1.22
|
%
|
|
Time deposits placed and other short-term investments
|
8,453
|
|
|
59
|
|
|
2.82
|
|
|
10,786
|
|
|
61
|
|
|
2.31
|
|
|||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
274,308
|
|
|
1,195
|
|
|
1.77
|
|
|
248,320
|
|
|
622
|
|
|
1.02
|
|
|||||
Trading account assets
|
140,228
|
|
|
1,341
|
|
|
3.87
|
|
|
131,123
|
|
|
1,147
|
|
|
3.54
|
|
|||||
Debt securities
|
441,680
|
|
|
3,148
|
|
|
2.83
|
|
|
433,096
|
|
|
2,830
|
|
|
2.58
|
|
|||||
Loans and leases (1):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Residential mortgage
|
210,174
|
|
|
1,862
|
|
|
3.55
|
|
|
204,830
|
|
|
1,782
|
|
|
3.48
|
|
|||||
Home equity
|
47,690
|
|
|
593
|
|
|
5.03
|
|
|
56,952
|
|
|
643
|
|
|
4.56
|
|
|||||
U.S. credit card
|
95,008
|
|
|
2,530
|
|
|
10.80
|
|
|
94,423
|
|
|
2,313
|
|
|
9.93
|
|
|||||
Direct/Indirect and other consumer (2)
|
90,430
|
|
|
821
|
|
|
3.69
|
|
|
95,292
|
|
|
728
|
|
|
3.10
|
|
|||||
Total consumer
|
443,302
|
|
|
5,806
|
|
|
5.29
|
|
|
451,497
|
|
|
5,466
|
|
|
4.89
|
|
|||||
U.S. commercial
|
316,089
|
|
|
3,349
|
|
|
4.29
|
|
|
299,850
|
|
|
2,717
|
|
|
3.68
|
|
|||||
Non-U.S. commercial
|
101,996
|
|
|
886
|
|
|
3.52
|
|
|
99,504
|
|
|
738
|
|
|
3.01
|
|
|||||
Commercial real estate (3)
|
60,859
|
|
|
702
|
|
|
4.68
|
|
|
59,231
|
|
|
587
|
|
|
4.02
|
|
|||||
Commercial lease financing
|
21,774
|
|
|
196
|
|
|
3.60
|
|
|
21,833
|
|
|
175
|
|
|
3.20
|
|
|||||
Total commercial
|
500,718
|
|
|
5,133
|
|
|
4.15
|
|
|
480,418
|
|
|
4,217
|
|
|
3.56
|
|
|||||
Total loans and leases
|
944,020
|
|
|
10,939
|
|
|
4.69
|
|
|
931,915
|
|
|
9,683
|
|
|
4.20
|
|
|||||
Other earning assets
|
67,667
|
|
|
1,135
|
|
|
6.80
|
|
|
84,345
|
|
|
984
|
|
|
4.72
|
|
|||||
Total earning assets (4)
|
2,011,318
|
|
|
18,323
|
|
|
3.68
|
|
|
1,979,832
|
|
|
15,749
|
|
|
3.21
|
|
|||||
Cash and due from banks
|
25,824
|
|
|
|
|
|
|
26,275
|
|
|
|
|
|
|||||||||
Other assets, less allowance for loan and lease losses
|
323,850
|
|
|
|
|
|
|
319,771
|
|
|
|
|
|
|||||||||
Total assets
|
$
|
2,360,992
|
|
|
|
|
|
|
$
|
2,325,878
|
|
|
|
|
|
|||||||
Interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Savings
|
$
|
53,573
|
|
|
$
|
1
|
|
|
0.01
|
%
|
|
$
|
54,747
|
|
|
$
|
1
|
|
|
0.01
|
%
|
|
NOW and money market deposit accounts
|
731,025
|
|
|
1,157
|
|
|
0.64
|
|
|
659,033
|
|
|
406
|
|
|
0.25
|
|
|||||
Consumer CDs and IRAs
|
41,791
|
|
|
74
|
|
|
0.72
|
|
|
41,313
|
|
|
33
|
|
|
0.33
|
|
|||||
Negotiable CDs, public funds and other deposits
|
65,974
|
|
|
367
|
|
|
2.25
|
|
|
40,639
|
|
|
157
|
|
|
1.56
|
|
|||||
Total U.S. interest-bearing deposits
|
892,363
|
|
|
1,599
|
|
|
0.73
|
|
|
795,732
|
|
|
597
|
|
|
0.30
|
|
|||||
Non-U.S. interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Banks located in non-U.S. countries
|
2,387
|
|
|
6
|
|
|
1.02
|
|
|
2,243
|
|
|
9
|
|
|
1.67
|
|
|||||
Governments and official institutions
|
178
|
|
|
—
|
|
|
0.11
|
|
|
1,154
|
|
|
—
|
|
|
0.02
|
|
|||||
Time, savings and other
|
64,212
|
|
|
190
|
|
|
1.20
|
|
|
67,334
|
|
|
154
|
|
|
0.92
|
|
|||||
Total non-U.S. interest-bearing deposits
|
66,777
|
|
|
196
|
|
|
1.19
|
|
|
70,731
|
|
|
163
|
|
|
0.93
|
|
|||||
Total interest-bearing deposits
|
959,140
|
|
|
1,795
|
|
|
0.76
|
|
|
866,463
|
|
|
760
|
|
|
0.36
|
|
|||||
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities
|
265,163
|
|
|
1,852
|
|
|
2.83
|
|
|
279,801
|
|
|
1,135
|
|
|
1.64
|
|
|||||
Trading account liabilities
|
45,593
|
|
|
345
|
|
|
3.07
|
|
|
55,362
|
|
|
357
|
|
|
2.62
|
|
|||||
Long-term debt
|
196,726
|
|
|
1,803
|
|
|
3.69
|
|
|
197,787
|
|
|
1,578
|
|
|
3.22
|
|
|||||
Total interest-bearing liabilities (4)
|
1,466,622
|
|
|
5,795
|
|
|
1.60
|
|
|
1,399,413
|
|
|
3,830
|
|
|
1.11
|
|
|||||
Noninterest-bearing sources:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Noninterest-bearing deposits
|
400,724
|
|
|
|
|
|
|
430,805
|
|
|
|
|
|
|||||||||
Other liabilities (5)
|
227,429
|
|
|
|
|
|
|
230,180
|
|
|
|
|
|
|||||||||
Shareholders’ equity
|
266,217
|
|
|
|
|
|
|
265,480
|
|
|
|
|
|
|||||||||
Total liabilities and shareholders’ equity
|
$
|
2,360,992
|
|
|
|
|
|
|
$
|
2,325,878
|
|
|
|
|
|
|||||||
Net interest spread
|
|
|
|
|
2.08
|
%
|
|
|
|
|
|
2.10
|
%
|
|||||||||
Impact of noninterest-bearing sources
|
|
|
|
|
0.43
|
|
|
|
|
|
|
0.32
|
|
|||||||||
Net interest income/yield on earning assets (6)
|
|
|
$
|
12,528
|
|
|
2.51
|
%
|
|
|
|
$
|
11,919
|
|
|
2.42
|
%
|
(1)
|
Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is generally recognized on a cost recovery basis.
|
(2)
|
Includes non-U.S. consumer loans of $2.8 billion and $2.9 billion in the first quarter of 2019 and 2018.
|
(3)
|
Includes U.S. commercial real estate loans of $56.4 billion and $55.3 billion, and non-U.S. commercial real estate loans of $4.5 billion and $3.9 billion in the first quarter of 2019 and 2018.
|
(4)
|
Interest income includes the impact of interest rate risk management contracts, which decreased interest income on the underlying assets by $73 million and $7 million in the first quarter of 2019 and 2018. Interest expense includes the impact of interest rate risk management contracts, which increased (decreased) interest expense on the underlying liabilities by $50 million and $(204) million in the first quarter of 2019 and 2018. For more information, see Interest Rate Risk Management for the Banking Book on page 39.
|
(5)
|
Includes $31.4 billion and $31.9 billion of structured notes and liabilities for the first quarter of 2019 and 2018.
|
(6)
|
Net interest income includes FTE adjustments of $153 million and $150 million for the first quarter of 2019 and 2018.
|
7 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Deposits
|
|
Consumer Lending
|
|
Total Consumer Banking
|
|
|
||||||||||||||||
|
Three Months Ended March 31
|
|
|
|||||||||||||||||||||
(Dollars in millions)
|
2019
|
2018
|
|
2019
|
2018
|
|
2019
|
2018
|
|
% Change
|
||||||||||||||
Net interest income
|
$
|
4,307
|
|
$
|
3,712
|
|
|
$
|
2,799
|
|
$
|
2,765
|
|
|
$
|
7,106
|
|
$
|
6,477
|
|
|
10
|
%
|
|
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Card income
|
(7
|
)
|
(7
|
)
|
|
1,204
|
|
1,241
|
|
|
1,197
|
|
1,234
|
|
|
(3
|
)
|
|||||||
Service charges
|
1,020
|
|
1,044
|
|
|
—
|
|
—
|
|
|
1,020
|
|
1,044
|
|
|
(2
|
)
|
|||||||
All other income
|
232
|
|
130
|
|
|
77
|
|
95
|
|
|
309
|
|
225
|
|
|
37
|
|
|||||||
Total noninterest income
|
1,245
|
|
1,167
|
|
|
1,281
|
|
1,336
|
|
|
2,526
|
|
2,503
|
|
|
1
|
|
|||||||
Total revenue, net of interest expense
|
5,552
|
|
4,879
|
|
|
4,080
|
|
4,101
|
|
|
9,632
|
|
8,980
|
|
|
7
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Provision for credit losses
|
46
|
|
41
|
|
|
928
|
|
894
|
|
|
974
|
|
935
|
|
|
4
|
|
|||||||
Noninterest expense
|
2,640
|
|
2,720
|
|
|
1,719
|
|
1,828
|
|
|
4,359
|
|
4,548
|
|
|
(4
|
)
|
|||||||
Income before income taxes
|
2,866
|
|
2,118
|
|
|
1,433
|
|
1,379
|
|
|
4,299
|
|
3,497
|
|
|
23
|
|
|||||||
Income tax expense
|
702
|
|
541
|
|
|
351
|
|
352
|
|
|
1,053
|
|
893
|
|
|
18
|
|
|||||||
Net income
|
$
|
2,164
|
|
$
|
1,577
|
|
|
$
|
1,082
|
|
$
|
1,027
|
|
|
$
|
3,246
|
|
$
|
2,604
|
|
|
25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Effective tax rate (1)
|
|
|
|
|
|
|
24.5
|
%
|
25.5
|
%
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net interest yield
|
2.52
|
%
|
2.23
|
%
|
|
3.95
|
%
|
4.08
|
%
|
|
3.96
|
|
3.71
|
|
|
|
||||||||
Return on average allocated capital
|
73
|
|
53
|
|
|
18
|
|
17
|
|
|
36
|
|
29
|
|
|
|
||||||||
Efficiency ratio
|
47.54
|
|
55.75
|
|
|
42.12
|
|
44.57
|
|
|
45.24
|
|
50.64
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Three Months Ended March 31
|
|
|
||||||||||||||||||||
Average
|
|
2019
|
2018
|
|
2019
|
2018
|
|
2019
|
2018
|
|
% Change
|
|||||||||||||
Total loans and leases
|
$
|
5,313
|
|
$
|
5,170
|
|
|
$
|
286,956
|
|
$
|
274,387
|
|
|
$
|
292,269
|
|
$
|
279,557
|
|
|
5
|
%
|
|
Total earning assets (2)
|
693,051
|
|
673,633
|
|
|
287,259
|
|
274,748
|
|
|
727,350
|
|
707,746
|
|
|
3
|
|
|||||||
Total assets (2)
|
724,493
|
|
701,418
|
|
|
297,729
|
|
285,864
|
|
|
769,262
|
|
746,647
|
|
|
3
|
|
|||||||
Total deposits
|
692,172
|
|
668,983
|
|
|
4,767
|
|
5,368
|
|
|
696,939
|
|
674,351
|
|
|
3
|
|
|||||||
Allocated capital
|
12,000
|
|
12,000
|
|
|
25,000
|
|
25,000
|
|
|
37,000
|
|
37,000
|
|
|
—
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Period end
|
|
March 31
2019 |
December 31
2018 |
|
March 31
2019 |
December 31
2018 |
|
March 31
2019 |
December 31
2018 |
|
% Change
|
|||||||||||||
Total loans and leases
|
$
|
5,283
|
|
$
|
5,470
|
|
|
$
|
287,171
|
|
$
|
288,865
|
|
|
$
|
292,454
|
|
$
|
294,335
|
|
|
(1
|
)%
|
|
Total earning assets (2)
|
717,753
|
|
694,672
|
|
|
287,661
|
|
289,249
|
|
|
752,620
|
|
728,813
|
|
|
3
|
|
|||||||
Total assets (2)
|
748,742
|
|
724,019
|
|
|
298,562
|
|
299,970
|
|
|
794,510
|
|
768,881
|
|
|
3
|
|
|||||||
Total deposits
|
716,345
|
|
691,666
|
|
|
5,382
|
|
4,480
|
|
|
721,727
|
|
696,146
|
|
|
4
|
|
(1)
|
Estimated at the segment level only.
|
(2)
|
In segments and businesses where the total of liabilities and equity exceeds assets, we allocate assets from All Other to match the segments’ and businesses’ liabilities and allocated shareholders’ equity. As a result, total earning assets and total assets of the businesses may not equal total Consumer Banking.
|
|
|
Bank of America 8
|
|
|
|
|
||||
Key Statistics – Deposits
|
|
|
|
||||
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
|
2019
|
|
2018
|
||||
Total deposit spreads (excludes noninterest costs) (1)
|
2.38
|
%
|
|
2.00
|
%
|
||
|
|
|
|
||||
Period end
|
|
|
|
||||
Consumer investment assets (in millions) (2)
|
$
|
210,930
|
|
|
$
|
182,110
|
|
Active digital banking users (units in thousands) (3)
|
37,034
|
|
|
35,518
|
|
||
Active mobile banking users (units in thousands)
|
27,127
|
|
|
24,801
|
|
||
Financial centers
|
4,353
|
|
|
4,452
|
|
||
ATMs
|
16,378
|
|
|
16,011
|
|
(1)
|
Includes deposits held in Consumer Lending.
|
(2)
|
Includes client brokerage assets, certain deposit sweep balances and AUM in Consumer Banking.
|
(3)
|
Active digital banking users represents mobile and online users.
|
|
|
|
|
||||
Key Statistics – Consumer Lending
|
|||||||
|
|
||||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
||||
Total U.S. credit card (1)
|
|
|
|
||||
Gross interest yield
|
10.80
|
%
|
|
9.93
|
%
|
||
Risk-adjusted margin
|
8.03
|
|
|
8.22
|
|
||
New accounts (in thousands)
|
1,034
|
|
|
1,194
|
|
||
Purchase volumes
|
$
|
62,751
|
|
|
$
|
61,347
|
|
Debit card purchase volumes
|
$
|
78,494
|
|
|
$
|
76,052
|
|
(1)
|
In addition to the U.S. credit card portfolio in Consumer Banking, the remaining U.S. credit card portfolio is in GWIM.
|
|
|
|
|
||||
Key Statistics – Loan Production (1)
|
|||||||
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
||||
Total (2):
|
|
|
|
||||
First mortgage
|
$
|
11,460
|
|
|
$
|
9,424
|
|
Home equity
|
2,825
|
|
|
3,749
|
|
||
Consumer Banking:
|
|
|
|
||||
First mortgage
|
$
|
8,155
|
|
|
$
|
5,964
|
|
Home equity
|
2,485
|
|
|
3,345
|
|
(1)
|
The loan production amounts represent the unpaid principal balance of loans and, in the case of home equity, the principal amount of the total line of credit.
|
(2)
|
In addition to loan production in Consumer Banking, there is also first mortgage and home equity loan production in GWIM.
|
9 Bank of America
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended March 31
|
|
|
|||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
% Change
|
||||||
Net interest income
|
$
|
1,684
|
|
|
$
|
1,584
|
|
|
6
|
%
|
|
Noninterest income:
|
|
|
|
|
|
||||||
Investment and brokerage services
|
2,842
|
|
|
3,040
|
|
|
(7
|
)
|
|||
All other income
|
294
|
|
|
232
|
|
|
27
|
|
|||
Total noninterest income
|
3,136
|
|
|
3,272
|
|
|
(4
|
)
|
|||
Total revenue, net of interest expense
|
4,820
|
|
|
4,856
|
|
|
(1
|
)
|
|||
|
|
|
|
|
|
||||||
Provision for credit losses
|
5
|
|
|
38
|
|
|
(87
|
)
|
|||
Noninterest expense
|
3,426
|
|
|
3,580
|
|
|
(4
|
)
|
|||
Income before income taxes
|
1,389
|
|
|
1,238
|
|
|
12
|
|
|||
Income tax expense
|
340
|
|
|
316
|
|
|
8
|
|
|||
Net income
|
$
|
1,049
|
|
|
$
|
922
|
|
|
14
|
|
|
|
|
|
|
|
|
||||||
Effective tax rate
|
24.5
|
%
|
|
25.5
|
%
|
|
|
||||
|
|
|
|
|
|
||||||
Net interest yield
|
2.40
|
|
|
2.44
|
|
|
|
||||
Return on average allocated capital
|
29
|
|
|
26
|
|
|
|
||||
Efficiency ratio
|
71.07
|
|
|
73.74
|
|
|
|
||||
|
|
|
|
|
|
||||||
Balance Sheet
|
|
|
|
|
|
|
|||||
|
Three Months Ended March 31
|
|
|
||||||||
Average
|
2019
|
|
2018
|
|
% Change
|
||||||
Total loans and leases
|
$
|
164,403
|
|
|
$
|
159,095
|
|
|
3
|
%
|
|
Total earning assets
|
285,033
|
|
|
262,776
|
|
|
8
|
|
|||
Total assets
|
297,123
|
|
|
279,716
|
|
|
6
|
|
|||
Total deposits
|
261,831
|
|
|
243,077
|
|
|
8
|
|
|||
Allocated capital
|
14,500
|
|
|
14,500
|
|
|
—
|
|
|||
|
|
|
|
|
|
||||||
Period end
|
March 31
2019 |
|
December 31
2018 |
|
% Change
|
||||||
Total loans and leases
|
$
|
164,483
|
|
|
$
|
164,854
|
|
|
—
|
%
|
|
Total earning assets
|
284,470
|
|
|
287,199
|
|
|
(1
|
)
|
|||
Total assets
|
296,785
|
|
|
305,907
|
|
|
(3
|
)
|
|||
Total deposits
|
261,168
|
|
|
268,700
|
|
|
(3
|
)
|
|
|
Bank of America 10
|
|
|
|
|
|
||||
Key Indicators and Metrics
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
Three Months Ended March 31
|
||||||
(Dollars in millions, except as noted)
|
|
2019
|
|
2018
|
||||
Revenue by Business
|
|
|
|
|
||||
Merrill Lynch Global Wealth Management
|
|
$
|
3,965
|
|
|
$
|
3,996
|
|
Bank of America Private Bank
|
|
855
|
|
|
860
|
|
||
Total revenue, net of interest expense
|
|
$
|
4,820
|
|
|
$
|
4,856
|
|
|
|
|
|
|
||||
Client Balances by Business, at period end
|
|
|
|
|
||||
Merrill Lynch Global Wealth Management
|
|
$
|
2,384,492
|
|
|
$
|
2,284,803
|
|
Bank of America Private Bank
|
|
452,477
|
|
|
440,683
|
|
||
Total client balances
|
|
$
|
2,836,969
|
|
|
$
|
2,725,486
|
|
|
|
|
|
|
||||
Client Balances by Type, at period end
|
|
|
|
|
||||
Assets under management
|
|
$
|
1,126,255
|
|
|
$
|
1,084,717
|
|
Brokerage and other assets
|
|
1,282,091
|
|
|
1,236,799
|
|
||
Deposits
|
|
261,168
|
|
|
241,531
|
|
||
Loans and leases (1)
|
|
167,455
|
|
|
162,439
|
|
||
Total client balances
|
|
$
|
2,836,969
|
|
|
$
|
2,725,486
|
|
|
|
|
|
|
||||
Assets Under Management Rollforward
|
|
|
|
|
||||
Assets under management, beginning of period
|
|
$
|
1,021,221
|
|
|
$
|
1,080,747
|
|
Net client flows
|
|
13,473
|
|
|
24,240
|
|
||
Market valuation/other
|
|
91,561
|
|
|
(20,270
|
)
|
||
Total assets under management, end of period
|
|
$
|
1,126,255
|
|
|
$
|
1,084,717
|
|
|
|
|
|
|
||||
Associates, at period end (2)
|
|
|
|
|
||||
Number of financial advisors
|
|
17,534
|
|
|
17,367
|
|
||
Total wealth advisors, including financial advisors
|
|
19,523
|
|
|
19,276
|
|
||
Total primary sales professionals, including financial advisors and wealth advisors
|
|
20,656
|
|
|
20,405
|
|
||
|
|
|
|
|
||||
Merrill Lynch Global Wealth Management Metric
|
|
|
|
|
||||
Financial advisor productivity (3) (in thousands)
|
|
$
|
1,039
|
|
|
$
|
1,038
|
|
|
|
|
|
|
||||
Bank of America Private Bank Metric, at period end
|
|
|
|
|
||||
Primary sales professionals
|
|
1,795
|
|
|
1,738
|
|
(1)
|
Includes margin receivables which are classified in customer and other receivables on the Consolidated Balance Sheet.
|
(2)
|
Includes financial advisors in the Consumer Banking segment of 2,773 and 2,538 at March 31, 2019 and 2018.
|
(3)
|
Financial advisor productivity is defined as annualized MLGWM total revenue, excluding the allocation of certain ALM activities, divided by the total average number of financial advisors (excluding financial advisors in the Consumer Banking segment).
|
11 Bank of America
|
|
|
|
|
|
|
|
|
|
|||||
|
Three Months Ended March 31
|
|
|
||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
% Change
|
||||||
Net interest income
|
$
|
2,790
|
|
|
$
|
2,679
|
|
|
4
|
%
|
|
Noninterest income:
|
|
|
|
|
|
||||||
Service charges
|
713
|
|
|
763
|
|
|
(7
|
)
|
|||
Investment banking fees
|
709
|
|
|
744
|
|
|
(5
|
)
|
|||
All other income
|
943
|
|
|
809
|
|
|
17
|
|
|||
Total noninterest income
|
2,365
|
|
|
2,316
|
|
|
2
|
|
|||
Total revenue, net of interest expense
|
5,155
|
|
|
4,995
|
|
|
3
|
|
|||
|
|
|
|
|
|
||||||
Provision for credit losses
|
111
|
|
|
16
|
|
|
n/m
|
|
|||
Noninterest expense
|
2,266
|
|
|
2,291
|
|
|
(1
|
)
|
|||
Income before income taxes
|
2,778
|
|
|
2,688
|
|
|
3
|
|
|||
Income tax expense
|
750
|
|
|
699
|
|
|
7
|
|
|||
Net income
|
$
|
2,028
|
|
|
$
|
1,989
|
|
|
2
|
|
|
|
|
|
|
|
|
||||||
Effective tax rate
|
27.0
|
%
|
|
26.0
|
%
|
|
|
||||
|
|
|
|
|
|
||||||
Net interest yield
|
2.98
|
|
|
3.00
|
|
|
|
||||
Return on average allocated capital
|
20
|
|
|
20
|
|
|
|
||||
Efficiency ratio
|
43.96
|
|
|
45.87
|
|
|
|
||||
|
|
|
|
|
|
||||||
Balance Sheet
|
|
|
|
|
|
|
|||||
|
Three Months Ended March 31
|
|
|
||||||||
Average
|
2019
|
|
2018
|
|
% Change
|
||||||
Total loans and leases
|
$
|
370,108
|
|
|
$
|
351,689
|
|
|
5
|
%
|
|
Total earning assets
|
380,308
|
|
|
361,822
|
|
|
5
|
|
|||
Total assets
|
434,920
|
|
|
421,863
|
|
|
3
|
|
|||
Total deposits
|
349,037
|
|
|
324,405
|
|
|
8
|
|
|||
Allocated capital
|
41,000
|
|
|
41,000
|
|
|
—
|
|
|||
|
|
|
|
|
|
||||||
Period end
|
March 31
2019 |
|
December 31
2018 |
|
% Change
|
||||||
Total loans and leases
|
$
|
373,017
|
|
|
$
|
365,717
|
|
|
2
|
%
|
|
Total earning assets
|
381,490
|
|
|
377,812
|
|
|
1
|
|
|||
Total assets
|
436,066
|
|
|
442,330
|
|
|
(1
|
)
|
|||
Total deposits
|
343,897
|
|
|
360,248
|
|
|
(5
|
)
|
|
|
Bank of America 12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Global Corporate, Global Commercial and Business Banking
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
Global Corporate Banking
|
|
Global Commercial Banking
|
|
Business Banking
|
|
Total
|
||||||||||||||||||||||||
|
|
Three Months Ended March 31
|
||||||||||||||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Business Lending
|
$
|
1,045
|
|
|
$
|
1,076
|
|
|
$
|
1,034
|
|
|
$
|
975
|
|
|
$
|
94
|
|
|
$
|
98
|
|
|
$
|
2,173
|
|
|
$
|
2,149
|
|
|
Global Transaction Services
|
1,007
|
|
|
921
|
|
|
891
|
|
|
813
|
|
|
266
|
|
|
232
|
|
|
2,164
|
|
|
1,966
|
|
|||||||||
Total revenue, net of interest expense
|
$
|
2,052
|
|
|
$
|
1,997
|
|
|
$
|
1,925
|
|
|
$
|
1,788
|
|
|
$
|
360
|
|
|
$
|
330
|
|
|
$
|
4,337
|
|
|
$
|
4,115
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total loans and leases
|
$
|
176,288
|
|
|
$
|
162,073
|
|
|
$
|
178,450
|
|
|
$
|
172,360
|
|
|
$
|
15,343
|
|
|
$
|
17,259
|
|
|
$
|
370,081
|
|
|
$
|
351,692
|
|
|
Total deposits
|
168,126
|
|
|
155,644
|
|
|
142,534
|
|
|
132,357
|
|
|
38,404
|
|
|
36,410
|
|
|
349,064
|
|
|
324,411
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total loans and leases
|
$
|
175,855
|
|
|
$
|
163,563
|
|
|
$
|
181,931
|
|
|
$
|
174,580
|
|
|
$
|
15,236
|
|
|
$
|
17,008
|
|
|
$
|
373,022
|
|
|
$
|
355,151
|
|
|
Total deposits
|
166,238
|
|
|
165,040
|
|
|
139,505
|
|
|
129,895
|
|
|
38,178
|
|
|
36,326
|
|
|
343,921
|
|
|
331,261
|
|
|
|
|
|
|
|
|
|
|
||||||||
Investment Banking Fees
|
|
|
|
|
|
|
||||||||||
|
|
|
||||||||||||||
|
|
Global Banking
|
|
Total Corporation
|
||||||||||||
|
|
Three Months Ended March 31
|
||||||||||||||
(Dollars in millions)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Products
|
|
|
|
|
|
|
|
|
||||||||
Advisory
|
|
$
|
303
|
|
|
$
|
276
|
|
|
$
|
343
|
|
|
$
|
296
|
|
Debt issuance
|
|
327
|
|
|
356
|
|
|
748
|
|
|
827
|
|
||||
Equity issuance
|
|
79
|
|
|
112
|
|
|
234
|
|
|
314
|
|
||||
Gross investment banking fees
|
|
709
|
|
|
744
|
|
|
1,325
|
|
|
1,437
|
|
||||
Self-led deals
|
|
(20
|
)
|
|
(34
|
)
|
|
(61
|
)
|
|
(84
|
)
|
||||
Total investment banking fees
|
|
$
|
689
|
|
|
$
|
710
|
|
|
$
|
1,264
|
|
|
$
|
1,353
|
|
13 Bank of America
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended March 31
|
|
|
|||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
% Change
|
||||||
Net interest income
|
$
|
953
|
|
|
$
|
1,020
|
|
|
(7
|
)%
|
|
Noninterest income:
|
|
|
|
|
|
|
|||||
Investment and brokerage services
|
444
|
|
|
488
|
|
|
(9
|
)
|
|||
Investment banking fees
|
537
|
|
|
609
|
|
|
(12
|
)
|
|||
Trading account income
|
2,082
|
|
|
2,557
|
|
|
(19
|
)
|
|||
All other income
|
165
|
|
|
138
|
|
|
20
|
|
|||
Total noninterest income
|
3,228
|
|
|
3,792
|
|
|
(15
|
)
|
|||
Total revenue, net of interest expense
|
4,181
|
|
|
4,812
|
|
|
(13
|
)
|
|||
|
|
|
|
|
|
|
|||||
Provision for credit losses
|
(23
|
)
|
|
(3
|
)
|
|
n/m
|
|
|||
Noninterest expense
|
2,755
|
|
|
2,923
|
|
|
(6
|
)
|
|||
Income before income taxes
|
1,449
|
|
|
1,892
|
|
|
(23
|
)
|
|||
Income tax expense
|
413
|
|
|
492
|
|
|
(16
|
)
|
|||
Net income
|
$
|
1,036
|
|
|
$
|
1,400
|
|
|
(26
|
)
|
|
|
|
|
|
|
|
||||||
Effective tax rate
|
28.5
|
%
|
|
26.0
|
%
|
|
|
||||
|
|
|
|
|
|
||||||
Return on average allocated capital
|
12
|
|
|
16
|
|
|
|
||||
Efficiency ratio
|
65.91
|
|
|
60.75
|
|
|
|
||||
|
|
|
|
|
|
||||||
Balance Sheet
|
|
|
|
|
|
|
|||||
|
Three Months Ended March 31
|
|
|
||||||||
Average
|
2019
|
|
2018
|
|
% Change
|
||||||
Trading-related assets:
|
|
|
|
|
|
||||||
Trading account securities
|
$
|
225,254
|
|
|
$
|
210,278
|
|
|
7
|
%
|
|
Reverse repurchases
|
122,753
|
|
|
123,948
|
|
|
(1
|
)
|
|||
Securities borrowed
|
84,343
|
|
|
82,376
|
|
|
2
|
|
|||
Derivative assets
|
41,953
|
|
|
46,567
|
|
|
(10
|
)
|
|||
Total trading-related assets
|
474,303
|
|
|
463,169
|
|
|
2
|
|
|||
Total loans and leases
|
70,080
|
|
|
73,763
|
|
|
(5
|
)
|
|||
Total earning assets
|
472,414
|
|
|
486,107
|
|
|
(3
|
)
|
|||
Total assets
|
664,052
|
|
|
678,354
|
|
|
(2
|
)
|
|||
Total deposits
|
31,366
|
|
|
32,320
|
|
|
(3
|
)
|
|||
Allocated capital
|
35,000
|
|
|
35,000
|
|
|
—
|
|
|||
|
|
|
|
|
|
||||||
Period end
|
March 31
2019 |
|
December 31
2018 |
|
% Change
|
||||||
Total trading-related assets
|
$
|
485,637
|
|
|
$
|
447,998
|
|
|
8
|
%
|
|
Total loans and leases
|
70,052
|
|
|
73,928
|
|
|
(5
|
)
|
|||
Total earning assets
|
470,700
|
|
|
457,224
|
|
|
3
|
|
|||
Total assets
|
671,123
|
|
|
641,923
|
|
|
5
|
|
|||
Total deposits
|
31,073
|
|
|
37,841
|
|
|
(18
|
)
|
|
|
Bank of America 14
|
|
|
|
|
||||
Sales and Trading Revenue (1, 2)
|
|||||||
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
||||
Sales and trading revenue
|
|
|
|
||||
Fixed-income, currencies and commodities
|
$
|
2,279
|
|
|
$
|
2,633
|
|
Equities
|
1,181
|
|
|
1,512
|
|
||
Total sales and trading revenue
|
$
|
3,460
|
|
|
$
|
4,145
|
|
|
|
|
|
||||
Sales and trading revenue, excluding net DVA (3)
|
|
|
|
||||
Fixed-income, currencies and commodities
|
$
|
2,358
|
|
|
$
|
2,556
|
|
Equities
|
1,192
|
|
|
1,525
|
|
||
Total sales and trading revenue, excluding net DVA
|
$
|
3,550
|
|
|
$
|
4,081
|
|
(1)
|
Includes FTE adjustments of $49 million and $66 million for the three months ended March 31, 2019 and 2018. For more information on sales and trading revenue, see Note 3 – Derivatives to the Consolidated Financial Statements.
|
(2)
|
Includes Global Banking sales and trading revenue of $115 million and $165 million for the three months ended March 31, 2019 and 2018.
|
(3)
|
FICC and Equities sales and trading revenue, excluding net DVA, is a non-GAAP financial measure. FICC net DVA losses were $79 million and gains were $77 million for the three months ended March 31, 2019 and 2018. Equities net DVA losses were $11 million and $13 million for the three months ended March 31, 2019 and 2018.
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended March 31
|
|
|
|||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
% Change
|
||||||
Net interest income (loss)
|
$
|
(5
|
)
|
|
$
|
159
|
|
|
(103
|
)%
|
|
Noninterest income (loss)
|
(626
|
)
|
|
(582
|
)
|
|
8
|
|
|||
Total revenue, net of interest expense
|
(631
|
)
|
|
(423
|
)
|
|
49
|
|
|||
|
|
|
|
|
|
||||||
Provision for credit losses
|
(54
|
)
|
|
(152
|
)
|
|
(64
|
)
|
|||
Noninterest expense
|
418
|
|
|
500
|
|
|
(16
|
)
|
|||
Loss before income taxes
|
(995
|
)
|
|
(771
|
)
|
|
29
|
|
|||
Income tax benefit
|
(947
|
)
|
|
(774
|
)
|
|
22
|
|
|||
Net income (loss)
|
$
|
(48
|
)
|
|
$
|
3
|
|
|
n/m
|
|
|
|
|
|
|
|
|
|
|||||
Balance Sheet
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended March 31
|
|
|
|||||||
Average
|
|
2019
|
|
2018
|
|
% Change
|
|||||
Total loans and leases
|
$
|
47,160
|
|
|
$
|
67,811
|
|
|
(30
|
)%
|
|
Total assets (1)
|
195,635
|
|
|
199,298
|
|
|
(2
|
)
|
|||
Total deposits
|
20,691
|
|
|
23,115
|
|
|
(10
|
)
|
|||
|
|
|
|
|
|
|
|||||
Period end
|
|
March 31
2019 |
|
December 31
2018 |
|
% Change
|
|||||
Total loans and leases
|
$
|
45,609
|
|
|
$
|
48,061
|
|
|
(5
|
)%
|
|
Total assets (1)
|
178,680
|
|
|
195,466
|
|
|
(9
|
)
|
|||
Total deposits
|
21,472
|
|
|
18,541
|
|
|
16
|
|
(1)
|
In segments where the total of liabilities and equity exceeds assets, which are generally deposit-taking segments, we allocate assets from All Other to those segments to match liabilities (i.e., deposits) and allocated shareholders’ equity. Average allocated assets were $542.4 billion and $514.6 billion for the three months ended March 31, 2019 and 2018, and period-end allocated assets were $566.8 billion and $540.8 billion at March 31, 2019 and December 31, 2018.
|
15 Bank of America
|
|
|
|
|
Bank of America 16
|
|
|
|
|
|
|
|
|||||
Table 7
|
Bank of America Corporation Regulatory Capital under Basel 3
|
|
|
||||||||
|
|
|
|||||||||
|
Standardized
Approach |
|
Advanced
Approaches |
|
Regulatory Minimum (1)
|
||||||
(Dollars in millions, except as noted)
|
March 31, 2019
|
||||||||||
Risk-based capital metrics:
|
|
|
|
|
|
||||||
Common equity tier 1 capital
|
$
|
169,243
|
|
|
$
|
169,243
|
|
|
|
||
Tier 1 capital
|
190,963
|
|
|
190,963
|
|
|
|
||||
Total capital (2)
|
223,745
|
|
|
215,634
|
|
|
|
||||
Risk-weighted assets (in billions)
|
1,455
|
|
|
1,423
|
|
|
|
||||
Common equity tier 1 capital ratio
|
11.6
|
%
|
|
11.9
|
%
|
|
9.5
|
%
|
|||
Tier 1 capital ratio
|
13.1
|
|
|
13.4
|
|
|
11.0
|
|
|||
Total capital ratio
|
15.4
|
|
|
15.2
|
|
|
13.0
|
|
|||
|
|
|
|
|
|
|
|||||
Leverage-based metrics:
|
|
|
|
|
|
||||||
Adjusted quarterly average assets (in billions) (3)
|
$
|
2,284
|
|
|
$
|
2,284
|
|
|
|
||
Tier 1 leverage ratio
|
8.4
|
%
|
|
8.4
|
%
|
|
4.0
|
|
|||
|
|
|
|
|
|
||||||
SLR leverage exposure (in billions)
|
|
|
$
|
2,822
|
|
|
|
||||
SLR
|
|
|
6.8
|
%
|
|
5.0
|
|
||||
|
|
|
|
|
|
|
|
|
|
||
|
|
December 31, 2018
|
|||||||||
Risk-based capital metrics:
|
|
|
|
|
|
|
|
|
|||
Common equity tier 1 capital
|
$
|
167,272
|
|
|
$
|
167,272
|
|
|
|
|
|
Tier 1 capital
|
189,038
|
|
|
189,038
|
|
|
|
|
|||
Total capital (2)
|
221,304
|
|
|
212,878
|
|
|
|
|
|||
Risk-weighted assets (in billions)
|
1,437
|
|
|
1,409
|
|
|
|
|
|||
Common equity tier 1 capital ratio
|
11.6
|
%
|
|
11.9
|
%
|
|
8.25
|
%
|
|||
Tier 1 capital ratio
|
13.2
|
|
|
13.4
|
|
|
9.75
|
|
|||
Total capital ratio
|
15.4
|
|
|
15.1
|
|
|
11.75
|
|
|||
|
|
|
|
|
|
|
|
|
|
||
Leverage-based metrics:
|
|
|
|
|
|
|
|
|
|||
Adjusted quarterly average assets (in billions) (3)
|
$
|
2,258
|
|
|
$
|
2,258
|
|
|
|
|
|
Tier 1 leverage ratio
|
8.4
|
%
|
|
8.4
|
%
|
|
4.0
|
|
|||
|
|
|
|
|
|
|
|||||
SLR leverage exposure (in billions)
|
|
|
$
|
2,791
|
|
|
|
||||
SLR
|
|
|
6.8
|
%
|
|
5.0
|
|
(1)
|
The March 31, 2019 and December 31, 2018 amounts include a capital conservation buffer of 2.5 percent and 1.875 percent and a G-SIB surcharge of 2.5 percent and 1.875 percent. The countercyclical capital buffer for both periods is zero. The SLR minimum includes a leverage buffer of 2.0 percent.
|
(2)
|
Total capital under the Advanced approaches differs from the Standardized approach due to differences in the amount permitted in Tier 2 capital related to the qualifying allowance for credit losses.
|
(3)
|
Reflects adjusted average total assets for the three months ended March 31, 2019 and December 31, 2018.
|
17 Bank of America
|
|
|
|
|
|
|
|
||||
Table 8
|
Capital Composition under Basel 3
|
|
|
|
||||
|
|
|
|
|
||||
(Dollars in millions)
|
March 31
2019 |
|
December 31
2018 |
|||||
Total common shareholders’ equity
|
$
|
244,684
|
|
|
$
|
242,999
|
|
|
Goodwill, net of related deferred tax liabilities
|
(68,573
|
)
|
|
(68,572
|
)
|
|||
Deferred tax assets arising from net operating loss and tax credit carryforwards
|
(5,695
|
)
|
|
(5,981
|
)
|
|||
Intangibles, other than mortgage servicing rights and goodwill, net of related deferred tax liabilities
|
(1,352
|
)
|
|
(1,294
|
)
|
|||
Other
|
179
|
|
|
120
|
|
|||
Common equity tier 1 capital
|
169,243
|
|
|
167,272
|
|
|||
Qualifying preferred stock, net of issuance cost
|
22,326
|
|
|
22,326
|
|
|||
Other
|
(606
|
)
|
|
(560
|
)
|
|||
Tier 1 capital
|
190,963
|
|
|
189,038
|
|
|||
Tier 2 capital instruments
|
22,458
|
|
|
21,887
|
|
|||
Eligible credit reserves included in Tier 2 capital
|
2,268
|
|
|
1,972
|
|
|||
Other
|
(55
|
)
|
|
(19
|
)
|
|||
Total capital under the Advanced approaches
|
$
|
215,634
|
|
|
$
|
212,878
|
|
|
|
|
|
|
|
|
|
|
||||||||
Table 9
|
Risk-weighted Assets under Basel 3
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Standardized Approach
|
|
Advanced Approaches
|
|
Standardized Approach
|
|
Advanced Approaches
|
|||||||||
(Dollars in billions)
|
March 31, 2019
|
|
December 31, 2018
|
|||||||||||||
Credit risk
|
$
|
1,402
|
|
|
$
|
839
|
|
|
$
|
1,384
|
|
|
$
|
827
|
|
|
Market risk
|
53
|
|
|
52
|
|
|
53
|
|
|
52
|
|
|||||
Operational risk
|
n/a
|
|
|
500
|
|
|
n/a
|
|
|
500
|
|
|||||
Risks related to credit valuation adjustments
|
n/a
|
|
|
32
|
|
|
n/a
|
|
|
30
|
|
|||||
Total risk-weighted assets
|
$
|
1,455
|
|
|
$
|
1,423
|
|
|
$
|
1,437
|
|
|
$
|
1,409
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Table 10
|
Bank of America, N.A. Regulatory Capital under Basel 3
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Standardized Approach
|
|
Advanced Approaches
|
|
|
|||||||||||
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Regulatory
Minimum (1) |
||||||||
(Dollars in millions)
|
March 31, 2019
|
||||||||||||||||
Common equity tier 1 capital
|
12.6
|
%
|
|
$
|
152,171
|
|
|
15.7
|
%
|
|
$
|
152,171
|
|
|
7.0
|
%
|
|
Tier 1 capital
|
12.6
|
|
|
152,171
|
|
|
15.7
|
|
|
152,171
|
|
|
8.5
|
|
|||
Total capital
|
13.6
|
|
|
164,145
|
|
|
16.2
|
|
|
156,344
|
|
|
10.5
|
|
|||
Tier 1 leverage
|
9.0
|
|
|
152,171
|
|
|
9.0
|
|
|
152,171
|
|
|
5.0
|
|
|||
SLR
|
|
|
|
|
7.3
|
|
|
152,171
|
|
|
6.0
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
December 31, 2018
|
|||||||||||||||
Common equity tier 1 capital
|
12.5
|
%
|
|
$
|
149,824
|
|
|
15.6
|
%
|
|
$
|
149,824
|
|
|
6.5
|
%
|
|
Tier 1 capital
|
12.5
|
|
|
149,824
|
|
|
15.6
|
|
|
149,824
|
|
|
8.0
|
|
|||
Total capital
|
13.5
|
|
|
161,760
|
|
|
16.0
|
|
|
153,627
|
|
|
10.0
|
|
|||
Tier 1 leverage
|
8.7
|
|
|
149,824
|
|
|
8.7
|
|
|
149,824
|
|
|
5.0
|
|
|||
SLR
|
|
|
|
|
|
7.1
|
|
|
149,824
|
|
|
6.0
|
|
(1)
|
Risk-based capital regulatory minimums at March 31, 2019 are the minimum ratios under Basel 3 including a capital conservation buffer of 2.5 percent. The regulatory minimums for the leverage ratios as of both periods and risk-based capital ratios as of December 31, 2018 are the percent required to be considered well capitalized under the PCA framework.
|
|
|
Bank of America 18
|
|
|
|
|
|
|
|
|
|
||||||
Table 11
|
Bank of America Corporation Total Loss-Absorbing Capacity and Long-Term Debt
|
|||||||||||||
|
|
|
|
|
|
|
|
|
||||||
|
TLAC
|
|
Regulatory Minimum (1)
|
|
Long-term Debt
|
|
Regulatory Minimum (2)
|
|||||||
(Dollars in millions, except ratios)
|
March 31, 2019
|
|||||||||||||
Total eligible balance
|
$
|
360,927
|
|
|
|
|
$
|
165,568
|
|
|
|
|||
Percentage of risk-weighted assets (3)
|
24.8
|
%
|
|
22.0
|
%
|
|
11.4
|
%
|
|
8.5
|
%
|
|||
Percentage of SLR leverage exposure
|
12.8
|
|
|
9.5
|
|
|
5.9
|
|
|
4.5
|
|
(1)
|
The TLAC risk-weighted assets regulatory minimum consists of 18.0 percent plus a TLAC risk-weighted assets buffer comprised of 2.5 percent plus the method 1 G-SIB surcharge of 1.5 percent. The countercyclical buffer is zero for this period. The TLAC SLR leverage exposure regulatory minimum consists of 7.5 percent plus a 2.0 percent TLAC leverage buffer. The TLAC risk-weighted assets and leverage buffers must be comprised solely of CET1 capital and Tier 1 capital, respectively.
|
(2)
|
The long-term debt risk-weighted assets regulatory minimum is comprised of 6.0 percent plus an additional 2.5 percent requirement based on the Corporation’s method 2 G-SIB surcharge.
|
(3)
|
The approach that yields the higher risk-weighted assets is used to calculate TLAC and long-term debt ratios, which was the Standardized approach as of March 31, 2019.
|
19 Bank of America
|
|
|
|
|
|
|
|
||||
Table 12
|
Average Global Liquidity Sources
|
|||||||
|
|
|
|
|
||||
|
|
Three Months Ended
|
||||||
(Dollars in billions)
|
March 31
2019 |
|
December 31
2018 |
|||||
Parent company and NB Holdings
|
$
|
65
|
|
|
$
|
76
|
|
|
Bank subsidiaries
|
429
|
|
|
420
|
|
|||
Other regulated entities
|
52
|
|
|
48
|
|
|||
Total Average Global Liquidity Sources
|
$
|
546
|
|
|
$
|
544
|
|
|
|
|
|
|
||||
Table 13
|
Average Global Liquidity Sources Composition
|
|||||||
|
|
|
||||||
|
|
Three Months Ended
|
||||||
(Dollars in billions)
|
March 31
2019 |
|
December 31
2018 |
|||||
Cash on deposit
|
$
|
115
|
|
|
$
|
113
|
|
|
U.S. Treasury securities
|
83
|
|
|
81
|
|
|||
U.S. agency securities and mortgage-backed securities
|
338
|
|
|
340
|
|
|||
Non-U.S. government securities
|
10
|
|
|
10
|
|
|||
Total Average Global Liquidity Sources
|
$
|
546
|
|
|
$
|
544
|
|
|
|
Bank of America 20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Table 14
|
Long-term Debt by Maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(Dollars in millions)
|
Remainder of 2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
|
Total
|
|||||||||||||||
Bank of America Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Senior notes (1)
|
$
|
9,325
|
|
|
$
|
10,301
|
|
|
$
|
15,892
|
|
|
$
|
14,786
|
|
|
$
|
22,720
|
|
|
$
|
77,930
|
|
|
$
|
150,954
|
|
|
Senior structured notes
|
1,206
|
|
|
896
|
|
|
494
|
|
|
1,946
|
|
|
324
|
|
|
10,289
|
|
|
15,155
|
|
||||||||
Subordinated notes
|
973
|
|
|
—
|
|
|
356
|
|
|
375
|
|
|
—
|
|
|
20,797
|
|
|
22,501
|
|
||||||||
Junior subordinated notes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
736
|
|
|
736
|
|
||||||||
Total Bank of America Corporation
|
11,504
|
|
|
11,197
|
|
|
16,742
|
|
|
17,107
|
|
|
23,044
|
|
|
109,752
|
|
|
189,346
|
|
||||||||
Bank of America, N.A.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Senior notes
|
—
|
|
|
2,750
|
|
|
—
|
|
|
—
|
|
|
505
|
|
|
26
|
|
|
3,281
|
|
||||||||
Subordinated notes
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,660
|
|
|
1,661
|
|
||||||||
Advances from Federal Home Loan Banks
|
8,757
|
|
|
3,010
|
|
|
2
|
|
|
3
|
|
|
1
|
|
|
101
|
|
|
11,874
|
|
||||||||
Securitizations and other Bank VIEs (2)
|
750
|
|
|
3,099
|
|
|
4,003
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
7,857
|
|
||||||||
Other
|
119
|
|
|
90
|
|
|
—
|
|
|
14
|
|
|
130
|
|
|
30
|
|
|
383
|
|
||||||||
Total Bank of America, N.A.
|
9,627
|
|
|
8,949
|
|
|
4,005
|
|
|
17
|
|
|
636
|
|
|
1,822
|
|
|
25,056
|
|
||||||||
Other debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Structured liabilities
|
3,973
|
|
|
4,928
|
|
|
1,501
|
|
|
902
|
|
|
923
|
|
|
6,897
|
|
|
19,124
|
|
||||||||
Nonbank VIEs (2)
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
301
|
|
|
325
|
|
||||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
78
|
|
|
78
|
|
||||||||
Total other debt
|
3,985
|
|
|
4,928
|
|
|
1,501
|
|
|
902
|
|
|
935
|
|
|
7,276
|
|
|
19,527
|
|
||||||||
Total long-term debt
|
$
|
25,116
|
|
|
$
|
25,074
|
|
|
$
|
22,248
|
|
|
$
|
18,026
|
|
|
$
|
24,615
|
|
|
$
|
118,850
|
|
|
$
|
233,929
|
|
(1)
|
Total includes $91.7 billion of outstanding notes that are both TLAC eligible and callable at least one year before their stated maturities, including $1.0 billion that will be callable and become TLAC ineligible during the remainder of 2019, $7.3 billion, $11.6 billion, $14.6 billion and $10.6 billion that will do so during each of 2020 through 2023, respectively, and $46.6 billion thereafter.
|
(2)
|
Represents the total long-term debt included in the liabilities of consolidated VIEs on the Consolidated Balance Sheet.
|
|
|
|
|
|
||||
Table 15
|
Long-term Debt by Major Currency
|
|||||||
|
|
|
||||||
(Dollars in millions)
|
March 31
2019 |
|
December 31
2018 |
|||||
U.S. dollar
|
$
|
185,940
|
|
|
$
|
180,724
|
|
|
Euro
|
32,390
|
|
|
34,328
|
|
|||
British pound
|
5,577
|
|
|
5,450
|
|
|||
Japanese yen
|
3,904
|
|
|
3,038
|
|
|||
Canadian dollar
|
3,023
|
|
|
2,936
|
|
|||
Australian dollar
|
1,753
|
|
|
1,722
|
|
|||
Other
|
1,342
|
|
|
1,194
|
|
|||
Total long-term debt
|
$
|
233,929
|
|
|
$
|
229,392
|
|
21 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 16
|
Senior Debt Ratings
|
|||||||||||||||||
|
|
|
||||||||||||||||
|
|
Moody’s Investors Service
|
|
Standard & Poor’s Global Ratings
|
|
Fitch Ratings
|
||||||||||||
|
Long-term
|
|
Short-term
|
|
Outlook
|
|
Long-term
|
|
Short-term
|
|
Outlook
|
|
Long-term
|
|
Short-term
|
|
Outlook
|
|
Bank of America Corporation
|
A2
|
|
P-1
|
|
Stable
|
|
A-
|
|
A-2
|
|
Stable
|
|
A+
|
|
F1
|
|
Stable
|
|
Bank of America, N.A.
|
Aa2
|
|
P-1
|
|
Stable
|
|
A+
|
|
A-1
|
|
Stable
|
|
AA-
|
|
F1+
|
|
Stable
|
|
Merrill Lynch, Pierce, Fenner & Smith Incorporated
|
NR
|
|
NR
|
|
NR
|
|
A+
|
|
A-1
|
|
Stable
|
|
AA-
|
|
F1+
|
|
Stable
|
|
Merrill Lynch International
|
NR
|
|
NR
|
|
NR
|
|
A+
|
|
A-1
|
|
Stable
|
|
A+
|
|
F1
|
|
Stable
|
|
|
Bank of America 22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 17
|
Consumer Credit Quality
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Outstandings
|
|
Nonperforming
|
|
Accruing Past Due
90 Days or More
|
|||||||||||||||||||
(Dollars in millions)
|
March 31
2019 |
|
December 31
2018 |
|
March 31
2019 |
|
December 31
2018 |
|
March 31
2019 |
|
December 31
2018 |
|||||||||||||
Residential mortgage (1)
|
$
|
212,023
|
|
|
$
|
208,557
|
|
|
$
|
1,773
|
|
|
$
|
1,893
|
|
|
$
|
1,593
|
|
|
$
|
1,884
|
|
|
Home equity
|
46,241
|
|
|
48,286
|
|
|
1,751
|
|
|
1,893
|
|
|
—
|
|
|
—
|
|
|||||||
U.S. credit card
|
93,009
|
|
|
98,338
|
|
|
n/a
|
|
|
n/a
|
|
|
1,005
|
|
|
994
|
|
|||||||
Direct/Indirect consumer (2)
|
89,548
|
|
|
91,166
|
|
|
54
|
|
|
56
|
|
|
31
|
|
|
38
|
|
|||||||
Other consumer (3)
|
152
|
|
|
202
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Consumer loans excluding loans accounted for under the fair value option
|
$
|
440,973
|
|
|
$
|
446,549
|
|
|
$
|
3,578
|
|
|
$
|
3,842
|
|
|
$
|
2,629
|
|
|
$
|
2,916
|
|
|
Loans accounted for under the fair value option (4)
|
668
|
|
|
682
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total consumer loans and leases
|
$
|
441,641
|
|
|
$
|
447,231
|
|
|
|
|
|
|
|
|
|
|||||||||
Percentage of outstanding consumer loans and leases (5)
|
n/a
|
|
|
n/a
|
|
|
0.81
|
%
|
|
0.86
|
%
|
|
0.60
|
%
|
|
0.65
|
%
|
|||||||
Percentage of outstanding consumer loans and leases, excluding fully-insured loan portfolios (5)
|
n/a
|
|
|
n/a
|
|
|
0.85
|
|
|
0.90
|
|
|
0.25
|
|
|
0.24
|
|
(1)
|
Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At March 31, 2019 and December 31, 2018, residential mortgage includes $1.2 billion and $1.4 billion of loans on which interest had been curtailed by the FHA, and therefore were no longer accruing interest, although principal was still insured, and $391 million and $498 million of loans on which interest was still accruing.
|
(2)
|
Outstandings include auto and specialty lending loans and leases of $49.9 billion and $50.1 billion, unsecured consumer lending loans of $355 million and $383 million, U.S. securities-based lending loans of $35.8 billion and $37.0 billion, non-U.S. consumer loans of $2.8 billion and $2.9 billion and other consumer loans of $697 million and $746 million at March 31, 2019 and December 31, 2018.
|
(3)
|
Substantially all of other consumer at March 31, 2019 and December 31, 2018 is consumer overdrafts.
|
(4)
|
Consumer loans accounted for under the fair value option include residential mortgage loans of $315 million and $336 million and home equity loans of $353 million and $346 million at March 31, 2019 and December 31, 2018. For more information on the fair value option, see Note 16 – Fair Value Option to the Consolidated Financial Statements.
|
(5)
|
Excludes consumer loans accounted for under the fair value option. At March 31, 2019 and December 31, 2018, $10 million and $12 million of loans accounted for under the fair value option were past due 90 days or more and not accruing interest.
|
|
|
|
|
|
|
|
|
|
||||||
Table 18
|
Consumer Net Charge-offs and Related Ratios
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
Net Charge-offs
|
|
Net Charge-off Ratios (1)
|
||||||||||
|
|
Three Months Ended March 31
|
||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||
Residential mortgage
|
$
|
(16
|
)
|
|
$
|
(6
|
)
|
|
(0.03
|
)%
|
|
(0.01
|
)%
|
|
Home equity
|
11
|
|
|
33
|
|
|
0.10
|
|
|
0.23
|
|
|||
U.S. credit card
|
745
|
|
|
701
|
|
|
3.18
|
|
|
3.01
|
|
|||
Direct/Indirect consumer
|
54
|
|
|
59
|
|
|
0.24
|
|
|
0.25
|
|
|||
Other consumer
|
41
|
|
|
43
|
|
|
n/m
|
|
|
n/m
|
|
|||
Total
|
$
|
835
|
|
|
$
|
830
|
|
|
0.77
|
|
|
0.75
|
|
(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.
|
23 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 19
|
Consumer Real Estate Portfolio (1)
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||
|
|
Outstandings
|
|
Nonperforming
|
|
Net Charge-offs
|
||||||||||||||||||
|
March 31
2019 |
|
December 31
2018 |
|
March 31
2019 |
|
December 31
2018 |
|
Three Months Ended March 31
|
|||||||||||||||
(Dollars in millions)
|
|
|
|
|
2019
|
|
2018
|
|||||||||||||||||
Core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Residential mortgage
|
$
|
198,524
|
|
|
$
|
193,695
|
|
|
$
|
976
|
|
|
$
|
1,010
|
|
|
$
|
(3
|
)
|
|
$
|
9
|
|
|
Home equity
|
38,706
|
|
|
40,010
|
|
|
906
|
|
|
955
|
|
|
21
|
|
|
23
|
|
|||||||
Total core portfolio
|
237,230
|
|
|
233,705
|
|
|
1,882
|
|
|
1,965
|
|
|
18
|
|
|
32
|
|
|||||||
Non-core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage
|
13,499
|
|
|
14,862
|
|
|
797
|
|
|
883
|
|
|
(13
|
)
|
|
(15
|
)
|
|||||||
Home equity
|
7,535
|
|
|
8,276
|
|
|
845
|
|
|
938
|
|
|
(10
|
)
|
|
10
|
|
|||||||
Total non-core portfolio
|
21,034
|
|
|
23,138
|
|
|
1,642
|
|
|
1,821
|
|
|
(23
|
)
|
|
(5
|
)
|
|||||||
Consumer real estate portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residential mortgage
|
212,023
|
|
|
208,557
|
|
|
1,773
|
|
|
1,893
|
|
|
(16
|
)
|
|
(6
|
)
|
|||||||
Home equity
|
46,241
|
|
|
48,286
|
|
|
1,751
|
|
|
1,893
|
|
|
11
|
|
|
33
|
|
|||||||
Total consumer real estate portfolio
|
$
|
258,264
|
|
|
$
|
256,843
|
|
|
$
|
3,524
|
|
|
$
|
3,786
|
|
|
$
|
(5
|
)
|
|
$
|
27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Allowance for Loan
and Lease Losses
|
|
Provision for Loan
and Lease Losses |
||||||||||||||||
|
|
|
|
|
|
March 31
2019 |
|
December 31
2018 |
|
Three Months Ended March 31
|
||||||||||||||
|
|
|
|
|
|
|
|
2019
|
|
2018
|
||||||||||||||
Core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Residential mortgage
|
|
|
|
|
$
|
213
|
|
|
$
|
214
|
|
|
$
|
(4
|
)
|
|
$
|
8
|
|
|||||
Home equity
|
|
|
|
|
185
|
|
|
228
|
|
|
(22
|
)
|
|
(1
|
)
|
|||||||||
Total core portfolio
|
|
|
|
|
398
|
|
|
442
|
|
|
(26
|
)
|
|
7
|
|
|||||||||
Non-core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Residential mortgage
|
|
|
|
|
166
|
|
|
208
|
|
|
(31
|
)
|
|
(86
|
)
|
|||||||||
Home equity
|
|
|
|
|
258
|
|
|
278
|
|
|
(13
|
)
|
|
(49
|
)
|
|||||||||
Total non-core portfolio
|
|
|
|
|
424
|
|
|
486
|
|
|
(44
|
)
|
|
(135
|
)
|
|||||||||
Consumer real estate portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential mortgage
|
|
|
|
|
379
|
|
|
422
|
|
|
(35
|
)
|
|
(78
|
)
|
|||||||||
Home equity
|
|
|
|
|
443
|
|
|
506
|
|
|
(35
|
)
|
|
(50
|
)
|
|||||||||
Total consumer real estate portfolio
|
|
|
|
|
$
|
822
|
|
|
$
|
928
|
|
|
$
|
(70
|
)
|
|
$
|
(128
|
)
|
(1)
|
Outstandings and nonperforming loans exclude loans accounted for under the fair value option. Consumer loans accounted for under the fair value option included residential mortgage loans of $315 million and $336 million and home equity loans of $353 million and $346 million at March 31, 2019 and December 31, 2018. For additional information, see Note 16 – Fair Value Option to the Consolidated Financial Statements.
|
|
|
Bank of America 24
|
|
|
|
|
|
|
|
|
|
||||||||
Table 20
|
Residential Mortgage – Key Credit Statistics
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Reported Basis (1)
|
|
Excluding Fully-insured Loans (1)
|
||||||||||||
(Dollars in millions)
|
March 31
2019 |
|
December 31
2018 |
|
March 31
2019 |
|
December 31
2018 |
|||||||||
Outstandings
|
$
|
212,023
|
|
|
$
|
208,557
|
|
|
$
|
192,389
|
|
|
$
|
188,427
|
|
|
Accruing past due 30 days or more
|
3,410
|
|
|
3,945
|
|
|
1,020
|
|
|
1,155
|
|
|||||
Accruing past due 90 days or more
|
1,593
|
|
|
1,884
|
|
|
—
|
|
|
—
|
|
|||||
Nonperforming loans
|
1,773
|
|
|
1,893
|
|
|
1,773
|
|
|
1,893
|
|
|||||
Percent of portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Refreshed LTV greater than 90 but less than or equal to 100
|
2
|
%
|
|
2
|
%
|
|
2
|
%
|
|
2
|
%
|
|||||
Refreshed LTV greater than 100
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|||||
Refreshed FICO below 620
|
3
|
|
|
4
|
|
|
2
|
|
|
2
|
|
|||||
2006 and 2007 vintages (2)
|
5
|
|
|
6
|
|
|
5
|
|
|
6
|
|
|||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended March 31
|
||||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net charge-off ratio (3)
|
(0.03
|
)%
|
|
(0.01
|
)%
|
|
(0.03
|
)%
|
|
(0.01
|
)%
|
(1)
|
Outstandings, accruing past due, nonperforming loans and percentages of portfolio exclude loans accounted for under the fair value option.
|
(2)
|
These vintages of loans accounted for $495 million and $536 million, or 28 percent for both periods, of nonperforming residential mortgage loans at March 31, 2019 and December 31, 2018.
|
(3)
|
Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding loans excluding loans accounted for under the fair value option.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 21
|
Residential Mortgage State Concentrations
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Outstandings (1)
|
|
Nonperforming (1)
|
|
Net Charge-offs
|
|||||||||||||||||||
|
March 31
2019 |
|
December 31
2018 |
|
March 31
2019 |
|
December 31
2018 |
|
Three Months Ended March 31
|
|||||||||||||||
(Dollars in millions)
|
|
|
|
|
2019
|
|
2018
|
|||||||||||||||||
California
|
$
|
78,314
|
|
|
$
|
76,323
|
|
|
$
|
296
|
|
|
$
|
314
|
|
|
$
|
(8
|
)
|
|
$
|
(10
|
)
|
|
New York (2)
|
19,609
|
|
|
19,219
|
|
|
198
|
|
|
222
|
|
|
—
|
|
|
4
|
|
|||||||
Florida (2)
|
11,786
|
|
|
11,624
|
|
|
200
|
|
|
221
|
|
|
(3
|
)
|
|
(5
|
)
|
|||||||
Texas
|
7,943
|
|
|
7,820
|
|
|
88
|
|
|
102
|
|
|
(1
|
)
|
|
1
|
|
|||||||
New Jersey (2)
|
7,271
|
|
|
7,051
|
|
|
93
|
|
|
98
|
|
|
(2
|
)
|
|
2
|
|
|||||||
Other
|
67,466
|
|
|
66,390
|
|
|
898
|
|
|
936
|
|
|
(2
|
)
|
|
2
|
|
|||||||
Residential mortgage loans (3)
|
$
|
192,389
|
|
|
$
|
188,427
|
|
|
$
|
1,773
|
|
|
$
|
1,893
|
|
|
$
|
(16
|
)
|
|
$
|
(6
|
)
|
|
Fully-insured loan portfolio
|
19,634
|
|
|
20,130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total residential mortgage loan portfolio
|
$
|
212,023
|
|
|
$
|
208,557
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Outstandings and nonperforming loans exclude loans accounted for under the fair value option.
|
(2)
|
In these states, foreclosure requires a court order following a legal proceeding (judicial states).
|
(3)
|
Amounts exclude the fully-insured loan portfolio.
|
25 Bank of America
|
|
|
|
|
|
|
|
||||
Table 22
|
Home Equity – Key Credit Statistics (1)
|
|||||||
|
|
|
|
|
||||
(Dollars in millions)
|
March 31
2019 |
|
December 31
2018 |
|||||
Outstandings
|
$
|
46,241
|
|
|
$
|
48,286
|
|
|
Accruing past due 30 days or more (2)
|
315
|
|
|
363
|
|
|||
Nonperforming loans (2)
|
1,751
|
|
|
1,893
|
|
|||
Percent of portfolio
|
|
|
|
|||||
Refreshed CLTV greater than 90 but less than or equal to 100
|
2
|
%
|
|
2
|
%
|
|||
Refreshed CLTV greater than 100
|
3
|
|
|
3
|
|
|||
Refreshed FICO below 620
|
5
|
|
|
5
|
|
|||
2006 and 2007 vintages (3)
|
22
|
|
|
22
|
|
|||
|
|
|
|
|||||
|
Three Months Ended March 31
|
|||||||
|
2019
|
|
2018
|
|||||
Net charge-off ratio (4)
|
0.10
|
%
|
|
0.23
|
%
|
(1)
|
Outstandings, accruing past due, nonperforming loans and percentages of the portfolio exclude loans accounted for under the fair value option.
|
(2)
|
Accruing past due 30 days or more include $45 million and $48 million and nonperforming loans include $198 million and $218 million of loans where we serviced the underlying first lien at March 31, 2019 and December 31, 2018.
|
(3)
|
These vintages of loans have higher refreshed combined loan-to-value (CLTV) ratios and accounted for 48 percent and 49 percent of nonperforming home equity loans at March 31, 2019 and December 31, 2018, and 25 percent and 89 percent of net charge-offs in the three months ended March 31, 2019 and 2018.
|
(4)
|
Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding loans excluding loans accounted for under the fair value option.
|
|
|
Bank of America 26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 23
|
Home Equity State Concentrations
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Outstandings (1)
|
|
Nonperforming (1)
|
|
Net Charge-offs
|
||||||||||||||||||
|
|
March 31
2019 |
|
December 31
2018 |
|
March 31
2019 |
|
December 31
2018 |
|
Three Months Ended March 31
|
||||||||||||||
(Dollars in millions)
|
|
|
|
|
2019
|
|
2018
|
|||||||||||||||||
California
|
$
|
13,228
|
|
|
$
|
13,515
|
|
|
$
|
502
|
|
|
$
|
536
|
|
|
$
|
(5
|
)
|
|
$
|
(7
|
)
|
|
Florida (2)
|
5,271
|
|
|
5,418
|
|
|
286
|
|
|
315
|
|
|
(3
|
)
|
|
10
|
|
|||||||
New Jersey (2)
|
3,781
|
|
|
3,871
|
|
|
142
|
|
|
150
|
|
|
5
|
|
|
9
|
|
|||||||
New York (2)
|
3,472
|
|
|
3,590
|
|
|
183
|
|
|
194
|
|
|
10
|
|
|
6
|
|
|||||||
Massachusetts
|
2,334
|
|
|
2,400
|
|
|
62
|
|
|
65
|
|
|
—
|
|
|
2
|
|
|||||||
Other
|
18,155
|
|
|
19,492
|
|
|
576
|
|
|
633
|
|
|
4
|
|
|
13
|
|
|||||||
Total home equity loan portfolio
|
$
|
46,241
|
|
|
$
|
48,286
|
|
|
$
|
1,751
|
|
|
$
|
1,893
|
|
|
$
|
11
|
|
|
$
|
33
|
|
(1)
|
Outstandings and nonperforming loans exclude loans accounted for under the fair value option.
|
(2)
|
In these states, foreclosure requires a court order following a legal proceeding (judicial states).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 24
|
U.S. Credit Card State Concentrations
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Outstandings
|
|
Accruing Past Due
90 Days or More
|
|
Net Charge-offs
|
||||||||||||||||||
|
|
March 31
2019 |
|
December 31
2018 |
|
March 31
2019 |
|
December 31
2018 |
|
Three Months Ended March 31
|
||||||||||||||
(Dollars in millions)
|
|
|
|
|
2019
|
|
2018
|
|||||||||||||||||
California
|
$
|
15,272
|
|
|
$
|
16,062
|
|
|
$
|
168
|
|
|
$
|
163
|
|
|
$
|
132
|
|
|
$
|
116
|
|
|
Florida
|
8,468
|
|
|
8,840
|
|
|
122
|
|
|
119
|
|
|
90
|
|
|
77
|
|
|||||||
Texas
|
7,391
|
|
|
7,730
|
|
|
88
|
|
|
84
|
|
|
59
|
|
|
56
|
|
|||||||
New York
|
5,736
|
|
|
6,066
|
|
|
78
|
|
|
81
|
|
|
61
|
|
|
70
|
|
|||||||
Washington
|
4,291
|
|
|
4,558
|
|
|
25
|
|
|
24
|
|
|
18
|
|
|
15
|
|
|||||||
Other
|
51,851
|
|
|
55,082
|
|
|
524
|
|
|
523
|
|
|
385
|
|
|
367
|
|
|||||||
Total U.S. credit card portfolio
|
$
|
93,009
|
|
|
$
|
98,338
|
|
|
$
|
1,005
|
|
|
$
|
994
|
|
|
$
|
745
|
|
|
$
|
701
|
|
27 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 25
|
Direct/Indirect State Concentrations
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Outstandings
|
|
Accruing Past Due
90 Days or More |
|
Net Charge-offs
|
||||||||||||||||||
|
|
March 31
2019 |
|
December 31
2018 |
|
March 31
2019 |
|
December 31
2018 |
|
Three Months Ended March 31
|
||||||||||||||
(Dollars in millions)
|
|
|
|
|
2019
|
|
2018
|
|||||||||||||||||
California
|
$
|
11,578
|
|
|
$
|
11,734
|
|
|
$
|
3
|
|
|
$
|
4
|
|
|
$
|
7
|
|
|
$
|
6
|
|
|
Florida
|
10,019
|
|
|
10,240
|
|
|
4
|
|
|
4
|
|
|
8
|
|
|
10
|
|
|||||||
Texas
|
9,668
|
|
|
9,876
|
|
|
5
|
|
|
6
|
|
|
10
|
|
|
9
|
|
|||||||
New York
|
6,127
|
|
|
6,296
|
|
|
1
|
|
|
2
|
|
|
3
|
|
|
3
|
|
|||||||
New Jersey
|
3,269
|
|
|
3,308
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|||||||
Other
|
48,887
|
|
|
49,712
|
|
|
17
|
|
|
21
|
|
|
25
|
|
|
30
|
|
|||||||
Total direct/indirect loan portfolio
|
$
|
89,548
|
|
|
$
|
91,166
|
|
|
$
|
31
|
|
|
$
|
38
|
|
|
$
|
54
|
|
|
$
|
59
|
|
|
|
|
|
|
||||
Table 26
|
Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity
|
|||||||
|
|
|
|
|
||||
|
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
|||||
Nonperforming loans and leases, January 1
|
$
|
3,842
|
|
|
$
|
5,166
|
|
|
Additions
|
391
|
|
|
812
|
|
|||
Reductions:
|
|
|
|
|||||
Paydowns and payoffs
|
(188
|
)
|
|
(245
|
)
|
|||
Sales
|
(164
|
)
|
|
(269
|
)
|
|||
Returns to performing status (1)
|
(249
|
)
|
|
(364
|
)
|
|||
Charge-offs
|
(28
|
)
|
|
(147
|
)
|
|||
Transfers to foreclosed properties
|
(26
|
)
|
|
(45
|
)
|
|||
Transfers to loans held-for-sale
|
—
|
|
|
(2
|
)
|
|||
Total net reductions to nonperforming loans and leases
|
(264
|
)
|
|
(260
|
)
|
|||
Total nonperforming loans and leases, March 31
|
3,578
|
|
|
4,906
|
|
|||
Foreclosed properties, March 31 (2)
|
236
|
|
|
264
|
|
|||
Nonperforming consumer loans, leases and foreclosed properties, March 31
|
$
|
3,814
|
|
|
$
|
5,170
|
|
|
Nonperforming consumer loans and leases as a percentage of outstanding consumer loans and leases (3)
|
0.81
|
%
|
|
1.10
|
%
|
|||
Nonperforming consumer loans, leases and foreclosed properties as a percentage of outstanding consumer loans, leases and foreclosed properties (3)
|
0.86
|
|
|
1.16
|
|
(1)
|
Consumer loans may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection.
|
(2)
|
Foreclosed property balances do not include properties insured by certain government-guaranteed loans, principally FHA-insured, of $400 million and $680 million at March 31, 2019 and 2018.
|
(3)
|
Outstanding consumer loans and leases exclude loans accounted for under the fair value option.
|
|
|
Bank of America 28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 27
|
Consumer Real Estate Troubled Debt Restructurings
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
(Dollars in millions)
|
Nonperforming
|
|
Performing
|
|
Total
|
|
Nonperforming
|
|
Performing
|
|
Total
|
|||||||||||||
Residential mortgage (1, 2)
|
$
|
1,149
|
|
|
$
|
4,623
|
|
|
$
|
5,772
|
|
|
$
|
1,209
|
|
|
$
|
4,988
|
|
|
$
|
6,197
|
|
|
Home equity (3)
|
1,050
|
|
|
1,236
|
|
|
2,286
|
|
|
1,107
|
|
|
1,252
|
|
|
2,359
|
|
|||||||
Total consumer real estate troubled debt restructurings
|
$
|
2,199
|
|
|
$
|
5,859
|
|
|
$
|
8,058
|
|
|
$
|
2,316
|
|
|
$
|
6,240
|
|
|
$
|
8,556
|
|
(1)
|
At March 31, 2019 and December 31, 2018, residential mortgage TDRs deemed collateral dependent totaled $1.5 billion and $1.6 billion, and included $942 million and $960 million of loans classified as nonperforming and $567 million and $605 million of loans classified as performing.
|
(2)
|
Residential mortgage performing TDRs included $2.5 billion and $2.8 billion of loans that were fully-insured at March 31, 2019 and December 31, 2018.
|
(3)
|
At March 31, 2019 and December 31, 2018, home equity TDRs deemed collateral dependent totaled $1.2 billion and $1.3 billion, and included $934 million and $961 million of loans classified as nonperforming and $313 million and $322 million of loans classified as performing.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 28
|
Commercial Credit Exposure by Type
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Commercial Utilized (1)
|
|
Commercial Unfunded (2, 3, 4)
|
|
Total Commercial Committed
|
||||||||||||||||||
(Dollars in millions)
|
March 31
2019 |
|
December 31
2018 |
|
March 31
2019 |
|
December 31
2018 |
|
March 31
2019 |
|
December 31
2018 |
|||||||||||||
Loans and leases
|
$
|
503,974
|
|
|
$
|
499,664
|
|
|
$
|
365,954
|
|
|
$
|
369,282
|
|
|
$
|
869,928
|
|
|
$
|
868,946
|
|
|
Derivative assets (5)
|
42,391
|
|
|
43,725
|
|
|
—
|
|
|
—
|
|
|
42,391
|
|
|
43,725
|
|
|||||||
Standby letters of credit and financial guarantees
|
33,604
|
|
|
34,941
|
|
|
430
|
|
|
491
|
|
|
34,034
|
|
|
35,432
|
|
|||||||
Debt securities and other investments
|
24,443
|
|
|
25,425
|
|
|
5,001
|
|
|
4,250
|
|
|
29,444
|
|
|
29,675
|
|
|||||||
Loans held-for-sale
|
5,307
|
|
|
9,090
|
|
|
14,871
|
|
|
14,812
|
|
|
20,178
|
|
|
23,902
|
|
|||||||
Operating leases
|
6,204
|
|
|
6,060
|
|
|
—
|
|
|
—
|
|
|
6,204
|
|
|
6,060
|
|
|||||||
Commercial letters of credit
|
1,040
|
|
|
1,210
|
|
|
323
|
|
|
168
|
|
|
1,363
|
|
|
1,378
|
|
|||||||
Other
|
967
|
|
|
898
|
|
|
—
|
|
|
—
|
|
|
967
|
|
|
898
|
|
|||||||
Total
|
|
$
|
617,930
|
|
|
$
|
621,013
|
|
|
$
|
386,579
|
|
|
$
|
389,003
|
|
|
$
|
1,004,509
|
|
|
$
|
1,010,016
|
|
(1)
|
Commercial utilized exposure includes loans of $5.5 billion and $3.7 billion and issued letters of credit with a notional amount of $61 million and $100 million accounted for under the fair value option at March 31, 2019 and December 31, 2018.
|
(2)
|
Commercial unfunded exposure includes commitments accounted for under the fair value option with a notional amount of $3.0 billion at both March 31, 2019 and December 31, 2018.
|
(3)
|
Excludes unused business card lines, which are not legally binding.
|
(4)
|
Includes the notional amount of unfunded legally binding lending commitments net of amounts distributed (i.e., syndicated or participated) to other financial institutions. The distributed amounts were $10.4 billion and $10.7 billion at March 31, 2019 and December 31, 2018.
|
(5)
|
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 and $32.4 billion at March 31, 2019 and December 31, 2018. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $32.6 billion and $33.0 billion at March 31, 2019 and December 31, 2018, which consists primarily of other marketable securities.
|
29 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 29
|
Commercial Credit Quality
|
|||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
|
Outstandings
|
|
Nonperforming
|
|
Accruing Past Due
90 Days or More
|
||||||||||||||||||
(Dollars in millions)
|
March 31
2019 |
|
December 31
2018 |
|
March 31
2019 |
|
December 31
2018 |
|
March 31
2019 |
|
December 31
2018 |
|||||||||||||
Commercial and industrial:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
U.S. commercial
|
$
|
300,399
|
|
|
$
|
299,277
|
|
|
$
|
870
|
|
|
$
|
794
|
|
|
$
|
46
|
|
|
$
|
197
|
|
|
Non-U.S. commercial
|
101,029
|
|
|
98,776
|
|
|
80
|
|
|
80
|
|
|
—
|
|
|
—
|
|
|||||||
Total commercial and industrial
|
401,428
|
|
|
398,053
|
|
|
950
|
|
|
874
|
|
|
46
|
|
|
197
|
|
|||||||
Commercial real estate (1)
|
61,215
|
|
|
60,845
|
|
|
213
|
|
|
156
|
|
|
—
|
|
|
4
|
|
|||||||
Commercial lease financing
|
21,196
|
|
|
22,534
|
|
|
52
|
|
|
18
|
|
|
13
|
|
|
29
|
|
|||||||
|
483,839
|
|
|
481,432
|
|
|
1,215
|
|
|
1,048
|
|
|
59
|
|
|
230
|
|
|||||||
U.S. small business commercial (2)
|
14,616
|
|
|
14,565
|
|
|
57
|
|
|
54
|
|
|
91
|
|
|
84
|
|
|||||||
Commercial loans excluding loans accounted for under the fair value option
|
498,455
|
|
|
495,997
|
|
|
1,272
|
|
|
1,102
|
|
|
150
|
|
|
314
|
|
|||||||
Loans accounted for under the fair value option (3)
|
5,519
|
|
|
3,667
|
|
|
56
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total commercial loans and leases
|
$
|
503,974
|
|
|
$
|
499,664
|
|
|
$
|
1,328
|
|
|
$
|
1,102
|
|
|
$
|
150
|
|
|
$
|
314
|
|
(1)
|
Includes U.S. commercial real estate of $56.8 billion and $56.6 billion and non-U.S. commercial real estate of $4.4 billion and $4.2 billion at March 31, 2019 and December 31, 2018.
|
(2)
|
Includes card-related products.
|
(3)
|
Commercial loans accounted for under the fair value option include U.S. commercial of $2.8 billion and $2.5 billion and non-U.S. commercial of $2.7 billion and $1.1 billion at March 31, 2019 and December 31, 2018. For more information on the fair value option, see Note 16 – Fair Value Option to the Consolidated Financial Statements.
|
|
|
|
|
|
|
|
|
|
||||||
Table 30
|
Commercial Net Charge-offs and Related Ratios
|
|||||||||||||
|
|
|
|
|
|
|||||||||
|
|
Net Charge-offs
|
|
Net Charge-off Ratios (1)
|
||||||||||
|
|
Three Months Ended March 31
|
||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||
Commercial and industrial:
|
|
|
|
|
|
|
|
|||||||
U.S. commercial
|
$
|
83
|
|
|
$
|
24
|
|
|
0.11
|
%
|
|
0.03
|
%
|
|
Non-U.S. commercial
|
—
|
|
|
4
|
|
|
—
|
|
|
0.02
|
|
|||
Total commercial and industrial
|
83
|
|
|
28
|
|
|
0.08
|
|
|
0.03
|
|
|||
Commercial real estate
|
5
|
|
|
(3
|
)
|
|
0.03
|
|
|
(0.02
|
)
|
|||
Commercial lease financing
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(0.01
|
)
|
|||
|
|
88
|
|
|
24
|
|
|
0.07
|
|
|
0.02
|
|
||
U.S. small business commercial
|
68
|
|
|
57
|
|
|
1.90
|
|
|
1.67
|
|
|||
Total commercial
|
$
|
156
|
|
|
$
|
81
|
|
|
0.13
|
|
|
0.07
|
|
(1)
|
Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding loans and leases excluding loans accounted for under the fair value option.
|
|
|
|
|
|
|
|
|
|
||||||
Table 31
|
Commercial Reservable Criticized Utilized Exposure (1, 2)
|
|||||||||||||
|
|
|
|
|
|
|
|
|
||||||
(Dollars in millions)
|
March 31, 2019
|
|
December 31, 2018
|
|||||||||||
Commercial and industrial:
|
||||||||||||||
U.S. commercial
|
$
|
8,594
|
|
|
2.62
|
%
|
|
$
|
7,986
|
|
|
2.43
|
%
|
|
Non-U.S. commercial
|
1,117
|
|
|
1.05
|
|
|
1,013
|
|
|
0.97
|
|
|||
Total commercial and industrial
|
9,711
|
|
|
2.23
|
|
|
8,999
|
|
|
2.08
|
|
|||
Commercial real estate
|
958
|
|
|
1.53
|
|
|
936
|
|
|
1.50
|
|
|||
Commercial lease financing
|
399
|
|
|
1.88
|
|
|
366
|
|
|
1.62
|
|
|||
|
|
11,068
|
|
|
2.13
|
|
|
10,301
|
|
|
1.99
|
|
||
U.S. small business commercial
|
753
|
|
|
5.15
|
|
|
760
|
|
|
5.22
|
|
|||
Total commercial reservable criticized utilized exposure (1)
|
$
|
11,821
|
|
|
2.22
|
|
|
$
|
11,061
|
|
|
2.08
|
|
(1)
|
Total commercial reservable criticized utilized exposure includes loans and leases of $11.1 billion and $10.3 billion and commercial letters of credit of $699 million and $781 million at March 31, 2019 and December 31, 2018.
|
(2)
|
Percentages are calculated as commercial reservable criticized utilized exposure divided by total commercial reservable utilized exposure for each exposure category.
|
|
|
Bank of America 30
|
|
|
|
|
|
||||
Table 32
|
Outstanding Commercial Real Estate Loans
|
|||||||
|
|
|
|
|
||||
(Dollars in millions)
|
March 31
2019 |
|
December 31
2018 |
|||||
By Geographic Region
|
|
|
|
|
|
|||
California
|
$
|
14,235
|
|
|
$
|
14,002
|
|
|
Northeast
|
10,790
|
|
|
10,895
|
|
|||
Southwest
|
7,462
|
|
|
7,339
|
|
|||
Southeast
|
5,609
|
|
|
5,726
|
|
|||
Florida
|
4,060
|
|
|
3,680
|
|
|||
Midwest
|
3,933
|
|
|
3,772
|
|
|||
Illinois
|
2,941
|
|
|
2,989
|
|
|||
Midsouth
|
2,721
|
|
|
2,919
|
|
|||
Northwest
|
2,013
|
|
|
2,178
|
|
|||
Non-U.S.
|
4,389
|
|
|
4,240
|
|
|||
Other (1)
|
3,062
|
|
|
3,105
|
|
|||
Total outstanding commercial real estate loans
|
$
|
61,215
|
|
|
$
|
60,845
|
|
|
By Property Type
|
|
|
|
|
|
|||
Non-residential
|
|
|
|
|||||
Office
|
$
|
17,034
|
|
|
$
|
17,246
|
|
|
Shopping centers / Retail
|
8,568
|
|
|
8,798
|
|
|||
Multi-family rental
|
7,645
|
|
|
7,762
|
|
|||
Hotels / Motels
|
6,824
|
|
|
7,248
|
|
|||
Industrial / Warehouse
|
5,883
|
|
|
5,379
|
|
|||
Unsecured
|
3,403
|
|
|
2,956
|
|
|||
Multi-use
|
2,449
|
|
|
2,848
|
|
|||
Other
|
7,810
|
|
|
7,029
|
|
|||
Total non-residential
|
59,616
|
|
|
59,266
|
|
|||
Residential
|
1,599
|
|
|
1,579
|
|
|||
Total outstanding commercial real estate loans
|
$
|
61,215
|
|
|
$
|
60,845
|
|
(1)
|
Includes unsecured loans to real estate investment trusts and national home builders whose portfolios of properties span multiple geographic regions and properties in the states of Colorado, Utah, Hawaii, Wyoming and Montana.
|
31 Bank of America
|
|
|
|
|
|
|
|
||||
Table 33
|
Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity (1, 2)
|
|||||||
|
|
|
||||||
|
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
|||||
Nonperforming loans and leases, January 1
|
$
|
1,102
|
|
|
$
|
1,304
|
|
|
Additions
|
640
|
|
|
436
|
|
|||
Reductions:
|
|
|
|
|
||||
Paydowns
|
(108
|
)
|
|
(169
|
)
|
|||
Sales
|
(43
|
)
|
|
(24
|
)
|
|||
Returns to performing status (3)
|
(34
|
)
|
|
(27
|
)
|
|||
Charge-offs
|
(97
|
)
|
|
(48
|
)
|
|||
Transfers to foreclosed properties
|
(7
|
)
|
|
—
|
|
|||
Transfers to loans held-for-sale
|
(181
|
)
|
|
—
|
|
|||
Total net reductions to nonperforming loans and leases
|
170
|
|
|
168
|
|
|||
Total nonperforming loans and leases, March 31
|
1,272
|
|
|
1,472
|
|
|||
Foreclosed properties, March 31
|
59
|
|
|
52
|
|
|||
Nonperforming commercial loans, leases and foreclosed properties, March 31
|
$
|
1,331
|
|
|
$
|
1,524
|
|
|
Nonperforming commercial loans and leases as a percentage of outstanding commercial loans and leases (4)
|
0.26
|
%
|
|
0.31
|
%
|
|||
Nonperforming commercial loans, leases and foreclosed properties as a percentage of outstanding commercial loans, leases and foreclosed properties (4)
|
0.27
|
|
|
0.32
|
|
(1)
|
Balances do not include nonperforming loans held-for-sale of $457 million and $228 million at March 31, 2019 and 2018.
|
(2)
|
Includes U.S. small business commercial activity. Small business card loans are excluded as they are not classified as nonperforming.
|
(3)
|
Commercial loans and leases may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection. TDRs are generally classified as performing after a sustained period of demonstrated payment performance.
|
(4)
|
Outstanding commercial loans exclude loans accounted for under the fair value option.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 34
|
Commercial Troubled Debt Restructurings
|
|||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
(Dollars in millions)
|
Nonperforming
|
|
Performing
|
|
Total
|
|
Nonperforming
|
|
Performing
|
|
Total
|
|||||||||||||
Commercial and industrial:
|
||||||||||||||||||||||||
U.S. commercial
|
$
|
375
|
|
|
$
|
1,125
|
|
|
$
|
1,500
|
|
|
$
|
306
|
|
|
$
|
1,092
|
|
|
$
|
1,398
|
|
|
Non-U.S. commercial
|
77
|
|
|
253
|
|
|
330
|
|
|
78
|
|
|
162
|
|
|
240
|
|
|||||||
Total commercial and industrial
|
452
|
|
|
1,378
|
|
|
1,830
|
|
|
384
|
|
|
1,254
|
|
|
1,638
|
|
|||||||
Commercial real estate
|
112
|
|
|
92
|
|
|
204
|
|
|
114
|
|
|
6
|
|
|
120
|
|
|||||||
Commercial lease financing
|
32
|
|
|
35
|
|
|
67
|
|
|
3
|
|
|
68
|
|
|
71
|
|
|||||||
|
596
|
|
|
1,505
|
|
|
2,101
|
|
|
501
|
|
|
1,328
|
|
|
1,829
|
|
|||||||
U.S. small business commercial
|
3
|
|
|
19
|
|
|
22
|
|
|
3
|
|
|
18
|
|
|
21
|
|
|||||||
Total commercial troubled debt restructurings
|
$
|
599
|
|
|
$
|
1,524
|
|
|
$
|
2,123
|
|
|
$
|
504
|
|
|
$
|
1,346
|
|
|
$
|
1,850
|
|
|
|
Bank of America 32
|
|
|
|
|
|
|
|
|
|
||||||||
Table 35
|
Commercial Credit Exposure by Industry (1)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Commercial
Utilized
|
|
Total Commercial
Committed (2)
|
||||||||||||
(Dollars in millions)
|
March 31
2019 |
|
December 31
2018 |
|
March 31
2019 |
|
December 31
2018 |
|||||||||
Asset managers and funds
|
$
|
67,300
|
|
|
$
|
71,756
|
|
|
$
|
104,843
|
|
|
$
|
107,888
|
|
|
Real estate (3)
|
66,568
|
|
|
65,328
|
|
|
87,529
|
|
|
86,514
|
|
|||||
Capital goods
|
38,628
|
|
|
39,192
|
|
|
73,686
|
|
|
75,080
|
|
|||||
Finance companies
|
36,432
|
|
|
36,662
|
|
|
57,199
|
|
|
56,659
|
|
|||||
Healthcare equipment and services
|
36,095
|
|
|
35,763
|
|
|
56,488
|
|
|
56,489
|
|
|||||
Government and public education
|
42,950
|
|
|
43,675
|
|
|
54,321
|
|
|
54,749
|
|
|||||
Materials
|
28,203
|
|
|
27,347
|
|
|
52,286
|
|
|
51,865
|
|
|||||
Retailing
|
25,943
|
|
|
25,333
|
|
|
45,945
|
|
|
47,507
|
|
|||||
Food, beverage and tobacco
|
23,978
|
|
|
23,586
|
|
|
43,153
|
|
|
42,745
|
|
|||||
Consumer services
|
25,514
|
|
|
25,702
|
|
|
42,788
|
|
|
43,298
|
|
|||||
Commercial services and supplies
|
21,549
|
|
|
22,623
|
|
|
38,768
|
|
|
39,349
|
|
|||||
Energy
|
14,643
|
|
|
13,727
|
|
|
32,842
|
|
|
32,279
|
|
|||||
Transportation
|
23,519
|
|
|
22,814
|
|
|
32,099
|
|
|
31,523
|
|
|||||
Global commercial banks
|
28,262
|
|
|
26,269
|
|
|
30,535
|
|
|
28,321
|
|
|||||
Utilities
|
12,208
|
|
|
12,035
|
|
|
30,146
|
|
|
27,623
|
|
|||||
Individuals and trusts
|
18,628
|
|
|
18,643
|
|
|
25,159
|
|
|
25,019
|
|
|||||
Technology hardware and equipment
|
11,514
|
|
|
13,014
|
|
|
24,398
|
|
|
26,228
|
|
|||||
Media
|
11,676
|
|
|
12,132
|
|
|
23,641
|
|
|
24,502
|
|
|||||
Vehicle dealers
|
18,100
|
|
|
17,603
|
|
|
21,168
|
|
|
20,446
|
|
|||||
Software and services
|
9,658
|
|
|
8,809
|
|
|
20,727
|
|
|
19,172
|
|
|||||
Pharmaceuticals and biotechnology
|
6,638
|
|
|
7,430
|
|
|
18,660
|
|
|
23,634
|
|
|||||
Consumer durables and apparel
|
9,870
|
|
|
9,904
|
|
|
18,625
|
|
|
20,199
|
|
|||||
Telecommunication services
|
8,695
|
|
|
8,686
|
|
|
16,158
|
|
|
14,166
|
|
|||||
Automobiles and components
|
7,632
|
|
|
7,131
|
|
|
14,143
|
|
|
13,893
|
|
|||||
Insurance
|
5,841
|
|
|
8,674
|
|
|
13,834
|
|
|
15,807
|
|
|||||
Food and staples retailing
|
5,982
|
|
|
4,787
|
|
|
9,733
|
|
|
9,093
|
|
|||||
Religious and social organizations
|
4,061
|
|
|
3,757
|
|
|
6,077
|
|
|
5,620
|
|
|||||
Financial markets infrastructure (clearinghouses)
|
1,776
|
|
|
2,382
|
|
|
3,491
|
|
|
4,107
|
|
|||||
Other
|
6,067
|
|
|
6,249
|
|
|
6,067
|
|
|
6,241
|
|
|||||
Total commercial credit exposure by industry
|
$
|
617,930
|
|
|
$
|
621,013
|
|
|
$
|
1,004,509
|
|
|
$
|
1,010,016
|
|
|
Net credit default protection purchased on total commitments (4)
|
|
|
|
|
|
|
$
|
(2,647
|
)
|
|
$
|
(2,663
|
)
|
(1)
|
Includes U.S. small business commercial exposure.
|
(2)
|
Includes the notional amount of unfunded legally binding lending commitments net of amounts distributed (i.e., syndicated or participated) to other financial institutions. The distributed amounts were $10.4 billion and $10.7 billion at March 31, 2019 and December 31, 2018.
|
(3)
|
Industries are viewed from a variety of perspectives to best isolate the perceived risks. For purposes of this table, the real estate industry is defined based on the primary business activity of the borrowers or counterparties using operating cash flows and primary source of repayment as key factors.
|
(4)
|
Represents net notional credit protection purchased. For additional information, see Commercial Portfolio Credit Risk Management – Risk Mitigation.
|
|
|
|
|
|
||
Table 36
|
Net Credit Default Protection by Maturity
|
|||||
|
|
|
|
|
||
|
March 31
2019 |
|
December 31
2018 |
|||
Less than or equal to one year
|
29
|
%
|
|
20
|
%
|
|
Greater than one year and less than or equal to five years
|
54
|
|
|
78
|
|
|
Greater than five years
|
17
|
|
|
2
|
|
|
Total net credit default protection
|
100
|
%
|
|
100
|
%
|
33 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Table 37
|
Net Credit Default Protection by Credit Exposure Debt Rating
|
|||||||||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
Net
Notional (1) |
|
Percent of
Total |
|
Net
Notional (1) |
|
Percent of
Total |
||||||
(Dollars in millions)
|
March 31, 2019
|
|
December 31, 2018
|
|||||||||||
Ratings (2, 3)
|
|
|
|
|
|
|
|
|
|
|
|
|||
A
|
$
|
(525
|
)
|
|
19.8
|
%
|
|
$
|
(700
|
)
|
|
26.3
|
%
|
|
BBB
|
(448
|
)
|
|
16.9
|
|
|
(501
|
)
|
|
18.8
|
|
|||
BB
|
(630
|
)
|
|
23.8
|
|
|
(804
|
)
|
|
30.2
|
|
|||
B
|
(543
|
)
|
|
20.5
|
|
|
(422
|
)
|
|
15.8
|
|
|||
CCC and below
|
(146
|
)
|
|
5.5
|
|
|
(205
|
)
|
|
7.7
|
|
|||
NR (4)
|
(355
|
)
|
|
13.5
|
|
|
(31
|
)
|
|
1.2
|
|
|||
Total net credit
default protection
|
$
|
(2,647
|
)
|
|
100.0
|
%
|
|
$
|
(2,663
|
)
|
|
100.0
|
%
|
(1)
|
Represents net credit default protection purchased.
|
(2)
|
Ratings are refreshed on a quarterly basis.
|
(3)
|
Ratings of BBB- or higher are considered to meet the definition of investment grade.
|
(4)
|
NR is comprised of index positions held and any names that have not been rated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Table 38
|
Top 20 Non-U.S. Countries Exposure
|
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
(Dollars in millions)
|
Funded Loans and Loan Equivalents
|
|
Unfunded Loan Commitments
|
|
Net Counterparty Exposure
|
|
Securities/
Other
Investments
|
|
Country Exposure at March 31
2019 |
|
Hedges and Credit Default Protection
|
|
Net Country Exposure at March 31
2019 |
|
Increase (Decrease) from December 31
2018 |
|||||||||||||||||
United Kingdom
|
$
|
33,105
|
|
|
$
|
16,444
|
|
|
$
|
7,001
|
|
|
$
|
1,681
|
|
|
$
|
58,231
|
|
|
$
|
(4,491
|
)
|
|
$
|
53,740
|
|
|
$
|
(1,114
|
)
|
|
Germany
|
23,747
|
|
|
10,421
|
|
|
2,167
|
|
|
955
|
|
|
37,290
|
|
|
(3,338
|
)
|
|
33,952
|
|
|
5,295
|
|
|||||||||
Japan
|
17,976
|
|
|
816
|
|
|
1,693
|
|
|
940
|
|
|
21,425
|
|
|
(1,298
|
)
|
|
20,127
|
|
|
104
|
|
|||||||||
Canada
|
7,453
|
|
|
7,012
|
|
|
1,304
|
|
|
2,286
|
|
|
18,055
|
|
|
(821
|
)
|
|
17,234
|
|
|
(2,281
|
)
|
|||||||||
China
|
11,692
|
|
|
770
|
|
|
714
|
|
|
1,276
|
|
|
14,452
|
|
|
(265
|
)
|
|
14,187
|
|
|
(454
|
)
|
|||||||||
France
|
7,262
|
|
|
5,673
|
|
|
1,246
|
|
|
2,310
|
|
|
16,491
|
|
|
(3,800
|
)
|
|
12,691
|
|
|
40
|
|
|||||||||
India
|
7,725
|
|
|
363
|
|
|
422
|
|
|
4,049
|
|
|
12,559
|
|
|
(166
|
)
|
|
12,393
|
|
|
1,281
|
|
|||||||||
Brazil
|
7,071
|
|
|
589
|
|
|
203
|
|
|
4,065
|
|
|
11,928
|
|
|
(291
|
)
|
|
11,637
|
|
|
1,388
|
|
|||||||||
Australia
|
6,467
|
|
|
3,605
|
|
|
329
|
|
|
1,435
|
|
|
11,836
|
|
|
(409
|
)
|
|
11,427
|
|
|
1,497
|
|
|||||||||
South Korea
|
5,690
|
|
|
588
|
|
|
765
|
|
|
1,994
|
|
|
9,037
|
|
|
(217
|
)
|
|
8,820
|
|
|
(350
|
)
|
|||||||||
Netherlands
|
6,708
|
|
|
2,611
|
|
|
468
|
|
|
392
|
|
|
10,179
|
|
|
(1,549
|
)
|
|
8,630
|
|
|
(2,947
|
)
|
|||||||||
Switzerland
|
4,933
|
|
|
3,359
|
|
|
307
|
|
|
136
|
|
|
8,735
|
|
|
(1,160
|
)
|
|
7,575
|
|
|
(189
|
)
|
|||||||||
Hong Kong
|
5,598
|
|
|
268
|
|
|
446
|
|
|
1,227
|
|
|
7,539
|
|
|
(39
|
)
|
|
7,500
|
|
|
264
|
|
|||||||||
Mexico
|
4,028
|
|
|
1,319
|
|
|
100
|
|
|
1,079
|
|
|
6,526
|
|
|
(174
|
)
|
|
6,352
|
|
|
116
|
|
|||||||||
Belgium
|
4,784
|
|
|
1,008
|
|
|
110
|
|
|
650
|
|
|
6,552
|
|
|
(328
|
)
|
|
6,224
|
|
|
646
|
|
|||||||||
Singapore
|
3,373
|
|
|
160
|
|
|
142
|
|
|
2,333
|
|
|
6,008
|
|
|
(57
|
)
|
|
5,951
|
|
|
434
|
|
|||||||||
Spain
|
3,968
|
|
|
1,325
|
|
|
141
|
|
|
765
|
|
|
6,199
|
|
|
(1,583
|
)
|
|
4,616
|
|
|
(34
|
)
|
|||||||||
Italy
|
2,389
|
|
|
1,511
|
|
|
505
|
|
|
774
|
|
|
5,179
|
|
|
(1,512
|
)
|
|
3,667
|
|
|
586
|
|
|||||||||
United Arab Emirates
|
3,247
|
|
|
257
|
|
|
98
|
|
|
118
|
|
|
3,720
|
|
|
(53
|
)
|
|
3,667
|
|
|
18
|
|
|||||||||
Ireland
|
1,475
|
|
|
1,079
|
|
|
90
|
|
|
129
|
|
|
2,773
|
|
|
(62
|
)
|
|
2,711
|
|
|
550
|
|
|||||||||
Total top 20 non-U.S. countries exposure
|
$
|
168,691
|
|
|
$
|
59,178
|
|
|
$
|
18,251
|
|
|
$
|
28,594
|
|
|
$
|
274,714
|
|
|
$
|
(21,613
|
)
|
|
$
|
253,101
|
|
|
$
|
4,850
|
|
|
|
Bank of America 34
|
35 Bank of America
|
|
|
|
|
|
|
|
||||
Table 39
|
Allowance for Credit Losses
|
|
|
|
||||
|
|
|
|
|
||||
|
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
|||||
Allowance for loan and lease losses, January 1
|
$
|
9,601
|
|
|
$
|
10,393
|
|
|
Loans and leases charged off
|
|
|
|
|||||
Residential mortgage
|
(24
|
)
|
|
(56
|
)
|
|||
Home equity
|
(79
|
)
|
|
(118
|
)
|
|||
U.S. credit card
|
(887
|
)
|
|
(824
|
)
|
|||
Direct/Indirect consumer
|
(124
|
)
|
|
(133
|
)
|
|||
Other consumer
|
(46
|
)
|
|
(49
|
)
|
|||
Total consumer charge-offs
|
(1,160
|
)
|
|
(1,180
|
)
|
|||
U.S. commercial (1)
|
(170
|
)
|
|
(108
|
)
|
|||
Non-U.S. commercial
|
—
|
|
|
(7
|
)
|
|||
Commercial real estate
|
(5
|
)
|
|
—
|
|
|||
Commercial lease financing
|
(2
|
)
|
|
(1
|
)
|
|||
Total commercial charge-offs
|
(177
|
)
|
|
(116
|
)
|
|||
Total loans and leases charged off
|
(1,337
|
)
|
|
(1,296
|
)
|
|||
Recoveries of loans and leases previously charged off
|
|
|
|
|||||
Residential mortgage
|
40
|
|
|
62
|
|
|||
Home equity
|
68
|
|
|
85
|
|
|||
U.S. credit card
|
142
|
|
|
123
|
|
|||
Direct/Indirect consumer
|
70
|
|
|
74
|
|
|||
Other consumer
|
5
|
|
|
6
|
|
|||
Total consumer recoveries
|
325
|
|
|
350
|
|
|||
U.S. commercial (2)
|
19
|
|
|
27
|
|
|||
Non-U.S. commercial
|
—
|
|
|
3
|
|
|||
Commercial real estate
|
—
|
|
|
3
|
|
|||
Commercial lease financing
|
2
|
|
|
2
|
|
|||
Total commercial recoveries
|
21
|
|
|
35
|
|
|||
Total recoveries of loans and leases previously charged off
|
346
|
|
|
385
|
|
|||
Net charge-offs
|
(991
|
)
|
|
(911
|
)
|
|||
Provision for loan and lease losses
|
1,008
|
|
|
829
|
|
|||
Other (3)
|
(41
|
)
|
|
(51
|
)
|
|||
Allowance for loan and lease losses, March 31
|
9,577
|
|
|
10,260
|
|
|||
Reserve for unfunded lending commitments, January 1
|
797
|
|
|
777
|
|
|||
Provision for unfunded lending commitments
|
5
|
|
|
5
|
|
|||
Reserve for unfunded lending commitments, March 31
|
802
|
|
|
782
|
|
|||
Allowance for credit losses, March 31
|
$
|
10,379
|
|
|
$
|
11,042
|
|
|
|
|
|
|
|
||||
Loan and allowance ratios:
|
|
|
|
|||||
Loans and leases outstanding at March 31 (4)
|
$
|
939,428
|
|
|
$
|
928,089
|
|
|
Allowance for loan and lease losses as a percentage of total loans and leases outstanding at March 31 (4)
|
1.02
|
%
|
|
1.11
|
%
|
|||
Consumer allowance for loan and lease losses as a percentage of total consumer loans and leases outstanding at March 31 (5)
|
1.08
|
|
|
1.18
|
|
|||
Commercial allowance for loan and lease losses as a percentage of total commercial loans and leases outstanding at March 31 (6)
|
0.97
|
|
|
1.04
|
|
|||
Average loans and leases outstanding (4)
|
$
|
939,008
|
|
|
$
|
926,297
|
|
|
Annualized net charge-offs as a percentage of average loans and leases outstanding (4)
|
0.43
|
%
|
|
0.40
|
%
|
|||
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases at March 31 (4)
|
197
|
|
|
161
|
|
|||
Ratio of the allowance for loan and lease losses at March 31 to annualized net charge-offs
|
2.38
|
|
|
2.78
|
|
|||
Amounts included in allowance for loan and lease losses for loans and leases that are excluded from nonperforming loans and leases at March 31 (7)
|
$
|
4,106
|
|
|
$
|
3,992
|
|
|
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases, excluding the allowance for loan and lease losses for loans and leases that are excluded from nonperforming loans and leases at March 31 (4, 7)
|
113
|
%
|
|
98
|
%
|
(1)
|
Includes U.S. small business commercial charge-offs of $79 million and $68 million for the three months ended March 31, 2019 and 2018.
|
(2)
|
Includes U.S. small business commercial recoveries of $11 million for both the three months ended March 31, 2019 and 2018.
|
(3)
|
Primarily represents write-offs of purchased credit-impaired (PCI) loans, the net impact of portfolio sales, consolidations and deconsolidations, foreign currency translation adjustments, transfers to held for sale, and certain other reclassifications.
|
(4)
|
Outstanding loan and lease balances and ratios do not include loans accounted for under the fair value option of $6.2 billion and $6.0 billion at March 31, 2019 and 2018. Average loans accounted for under the fair value option were $5.0 billion and $5.6 billion at March 31, 2019 and 2018.
|
(5)
|
Excludes consumer loans accounted for under the fair value option of $668 million and $894 million at March 31, 2019 and 2018.
|
(6)
|
Excludes commercial loans accounted for under the fair value option of $5.5 billion and $5.1 billion at March 31, 2019 and 2018.
|
(7)
|
Primarily includes amounts allocated to U.S. credit card and unsecured consumer lending portfolios in Consumer Banking and PCI loans in All Other.
|
|
|
Bank of America 36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Table 40
|
Allocation of the Allowance for Credit Losses by Product Type
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||
|
Amount
|
|
Percent of
Total
|
|
Percent of
Loans and Leases
Outstanding (1)
|
|
Amount
|
|
Percent of
Total
|
|
Percent of
Loans and Leases
Outstanding (1)
|
|||||||||
(Dollars in millions)
|
March 31, 2019
|
|
December 31, 2018
|
|||||||||||||||||
Allowance for loan and lease losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Residential mortgage
|
$
|
379
|
|
|
3.96
|
%
|
|
0.18
|
%
|
|
$
|
422
|
|
|
4.40
|
%
|
|
0.20
|
%
|
|
Home equity
|
443
|
|
|
4.63
|
|
|
0.96
|
|
|
506
|
|
|
5.27
|
|
|
1.05
|
|
|||
U.S. credit card
|
3,666
|
|
|
38.27
|
|
|
3.94
|
|
|
3,597
|
|
|
37.47
|
|
|
3.66
|
|
|||
Direct/Indirect consumer
|
238
|
|
|
2.49
|
|
|
0.27
|
|
|
248
|
|
|
2.58
|
|
|
0.27
|
|
|||
Other consumer
|
30
|
|
|
0.31
|
|
|
n/m
|
|
|
29
|
|
|
0.30
|
|
|
n/m
|
|
|||
Total consumer
|
4,756
|
|
|
49.66
|
|
|
1.08
|
|
|
4,802
|
|
|
50.02
|
|
|
1.08
|
|
|||
U.S. commercial (2)
|
2,997
|
|
|
31.29
|
|
|
0.95
|
|
|
3,010
|
|
|
31.35
|
|
|
0.96
|
|
|||
Non-U.S. commercial
|
705
|
|
|
7.36
|
|
|
0.70
|
|
|
677
|
|
|
7.05
|
|
|
0.69
|
|
|||
Commercial real estate
|
965
|
|
|
10.08
|
|
|
1.58
|
|
|
958
|
|
|
9.98
|
|
|
1.57
|
|
|||
Commercial lease financing
|
154
|
|
|
1.61
|
|
|
0.73
|
|
|
154
|
|
|
1.60
|
|
|
0.68
|
|
|||
Total commercial
|
4,821
|
|
|
50.34
|
|
|
0.97
|
|
|
4,799
|
|
|
49.98
|
|
|
0.97
|
|
|||
Allowance for loan and lease losses
|
9,577
|
|
|
100.00
|
%
|
|
1.02
|
|
|
9,601
|
|
|
100.00
|
%
|
|
1.02
|
|
|||
Reserve for unfunded lending commitments
|
802
|
|
|
|
|
|
|
797
|
|
|
|
|
|
|
||||||
Allowance for credit losses
|
$
|
10,379
|
|
|
|
|
|
|
$
|
10,398
|
|
|
|
|
|
(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 $315 million and $336 million and home equity loans of $353 million and $346 million at March 31, 2019 and December 31, 2018. Commercial loans accounted for under the fair value option include U.S. commercial loans of $2.8 billion and $2.5 billion and non-U.S. commercial loans of $2.7 billion and $1.1 billion at March 31, 2019 and December 31, 2018.
|
(2)
|
Includes allowance for loan and lease losses for U.S. small business commercial loans of $489 million and $474 million at March 31, 2019 and December 31, 2018.
|
37 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Table 41
|
Market Risk VaR for Trading Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
|
|
Three Months Ended
|
||||||||||||||||||||||||||||||||||||||||||||||
|
March 31, 2019
|
|
December 31, 2018
|
|
March 31, 2018
|
|||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions)
|
Period End
|
|
Average
|
|
High (1)
|
|
Low (1)
|
|
Period End
|
|
Average
|
|
High (1)
|
|
Low (1)
|
|
Period End
|
|
Average
|
|
High (1)
|
|
Low (1)
|
|||||||||||||||||||||||||
Foreign exchange
|
$
|
8
|
|
|
$
|
6
|
|
|
$
|
10
|
|
|
$
|
4
|
|
|
$
|
9
|
|
|
$
|
7
|
|
|
$
|
13
|
|
|
$
|
3
|
|
|
$
|
8
|
|
|
$
|
8
|
|
|
$
|
12
|
|
|
$
|
6
|
|
|
Interest rate
|
38
|
|
|
28
|
|
|
49
|
|
|
17
|
|
|
36
|
|
|
28
|
|
|
45
|
|
|
18
|
|
|
33
|
|
|
23
|
|
|
33
|
|
|
18
|
|
|||||||||||||
Credit
|
21
|
|
|
21
|
|
|
26
|
|
|
18
|
|
|
26
|
|
|
25
|
|
|
29
|
|
|
23
|
|
|
28
|
|
|
27
|
|
|
31
|
|
|
23
|
|
|||||||||||||
Equity
|
26
|
|
|
19
|
|
|
26
|
|
|
14
|
|
|
20
|
|
|
25
|
|
|
40
|
|
|
15
|
|
|
16
|
|
|
19
|
|
|
28
|
|
|
14
|
|
|||||||||||||
Commodities
|
5
|
|
|
7
|
|
|
13
|
|
|
4
|
|
|
13
|
|
|
9
|
|
|
15
|
|
|
6
|
|
|
10
|
|
|
6
|
|
|
12
|
|
|
3
|
|
|||||||||||||
Portfolio diversification
|
(61
|
)
|
|
(48
|
)
|
|
—
|
|
|
—
|
|
|
(59
|
)
|
|
(60
|
)
|
|
—
|
|
|
—
|
|
|
(57
|
)
|
|
(49
|
)
|
|
—
|
|
|
—
|
|
|||||||||||||
Total covered positions portfolio
|
37
|
|
|
33
|
|
|
47
|
|
|
25
|
|
|
45
|
|
|
34
|
|
|
45
|
|
|
26
|
|
|
38
|
|
|
34
|
|
|
43
|
|
|
25
|
|
|||||||||||||
Impact from less liquid exposures
|
4
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|||||||||||||
Total covered positions and less liquid trading positions portfolio
|
41
|
|
|
37
|
|
|
53
|
|
|
28
|
|
|
50
|
|
|
36
|
|
|
51
|
|
|
26
|
|
|
42
|
|
|
40
|
|
|
51
|
|
|
29
|
|
|||||||||||||
Fair value option loans
|
7
|
|
|
8
|
|
|
10
|
|
|
7
|
|
|
8
|
|
|
9
|
|
|
12
|
|
|
8
|
|
|
12
|
|
|
10
|
|
|
12
|
|
|
8
|
|
|||||||||||||
Fair value option hedges
|
4
|
|
|
10
|
|
|
17
|
|
|
4
|
|
|
5
|
|
|
6
|
|
|
7
|
|
|
4
|
|
|
9
|
|
|
8
|
|
|
10
|
|
|
6
|
|
|||||||||||||
Fair value option portfolio diversification
|
(6
|
)
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|||||||||||||
Total fair value option portfolio
|
5
|
|
|
9
|
|
|
16
|
|
|
5
|
|
|
6
|
|
|
6
|
|
|
8
|
|
|
5
|
|
|
10
|
|
|
9
|
|
|
10
|
|
|
7
|
|
|||||||||||||
Portfolio diversification
|
(4
|
)
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|||||||||||||
Total market-based portfolio
|
$
|
42
|
|
|
$
|
40
|
|
|
56
|
|
|
30
|
|
|
$
|
53
|
|
|
$
|
38
|
|
|
54
|
|
|
28
|
|
|
$
|
49
|
|
|
$
|
45
|
|
|
57
|
|
|
33
|
|
(1)
|
The high and low for each portfolio may have occurred on different trading days than the high and low for the components. Therefore the impact from less liquid exposures and the amount of portfolio diversification, which is the difference between the total portfolio and the sum of the individual components, is not relevant.
|
|
|
Bank of America 38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 42
|
Average Market Risk VaR for Trading Activities – 99 percent and 95 percent VaR Statistics
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
Three Months Ended
|
||||||||||||||||||||||
|
|
|
March 31, 2019
|
|
December 31, 2018
|
|
March 31, 2018
|
||||||||||||||||||
(Dollars in millions)
|
|
99 percent
|
|
95 percent
|
|
99 percent
|
|
95 percent
|
|
99 percent
|
|
95 percent
|
|||||||||||||
Foreign exchange
|
|
$
|
6
|
|
|
$
|
3
|
|
|
$
|
7
|
|
|
$
|
4
|
|
|
$
|
8
|
|
|
$
|
5
|
|
|
Interest rate
|
|
28
|
|
|
18
|
|
|
28
|
|
|
17
|
|
|
23
|
|
|
15
|
|
|||||||
Credit
|
|
21
|
|
|
14
|
|
|
25
|
|
|
16
|
|
|
27
|
|
|
16
|
|
|||||||
Equity
|
|
19
|
|
|
10
|
|
|
25
|
|
|
14
|
|
|
19
|
|
|
10
|
|
|||||||
Commodities
|
|
7
|
|
|
4
|
|
|
9
|
|
|
5
|
|
|
6
|
|
|
3
|
|
|||||||
Portfolio diversification
|
|
(48
|
)
|
|
(30
|
)
|
|
(60
|
)
|
|
(35
|
)
|
|
(49
|
)
|
|
(30
|
)
|
|||||||
Total covered positions portfolio
|
|
33
|
|
|
19
|
|
|
34
|
|
|
21
|
|
|
34
|
|
|
19
|
|
|||||||
Impact from less liquid exposures
|
|
4
|
|
|
2
|
|
|
2
|
|
|
1
|
|
|
6
|
|
|
2
|
|
|||||||
Total covered positions and less liquid trading positions portfolio
|
|
37
|
|
|
21
|
|
|
36
|
|
|
22
|
|
|
40
|
|
|
21
|
|
|||||||
Fair value option loans
|
|
8
|
|
|
4
|
|
|
9
|
|
|
5
|
|
|
10
|
|
|
5
|
|
|||||||
Fair value option hedges
|
|
10
|
|
|
6
|
|
|
6
|
|
|
4
|
|
|
8
|
|
|
6
|
|
|||||||
Fair value option portfolio diversification
|
|
(9
|
)
|
|
(4
|
)
|
|
(9
|
)
|
|
(6
|
)
|
|
(9
|
)
|
|
(6
|
)
|
|||||||
Total fair value option portfolio
|
|
9
|
|
|
6
|
|
|
6
|
|
|
3
|
|
|
9
|
|
|
5
|
|
|||||||
Portfolio diversification
|
|
(6
|
)
|
|
(5
|
)
|
|
(4
|
)
|
|
(2
|
)
|
|
(4
|
)
|
|
(3
|
)
|
|||||||
Total market-based portfolio
|
|
$
|
40
|
|
|
$
|
22
|
|
|
$
|
38
|
|
|
$
|
23
|
|
|
$
|
45
|
|
|
$
|
23
|
|
39 Bank of America
|
|
|
|
|
|
|
|
|
|
|||
Table 43
|
Forward Rates
|
||||||||
|
|
|
|
|
|
|
|||
|
|
March 31, 2019
|
|||||||
|
|
Federal
Funds
|
|
Three-month
LIBOR
|
|
10-Year
Swap
|
|||
Spot rates
|
2.50
|
%
|
|
2.60
|
%
|
|
2.41
|
%
|
|
12-month forward rates
|
2.25
|
|
|
2.31
|
|
|
2.43
|
|
|
|
|
|
|
|
|
|
|||
|
|
December 31, 2018
|
|||||||
Spot rates
|
2.50
|
%
|
|
2.81
|
%
|
|
2.71
|
%
|
|
12-month forward rates
|
2.50
|
|
|
2.64
|
|
|
2.75
|
|
|
|
|
|
|
|
|
|
|
||||||
Table 44
|
Estimated Banking Book Net Interest Income Sensitivity to Curve Changes
|
|||||||||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
Short
Rate (bps)
|
|
Long
Rate (bps)
|
|
|
|
|
||||||
|
|
|
March 31 2019
|
|
December 31 2018
|
|||||||||
(Dollars in millions)
|
|
|
|
|||||||||||
Parallel Shifts
|
|
|
|
|
|
|
|
|||||||
+100 bps
instantaneous shift
|
+100
|
|
+100
|
|
$
|
3,673
|
|
|
$
|
2,833
|
|
|||
-100 bps
instantaneous shift
|
-100
|
|
|
-100
|
|
|
(5,285
|
)
|
|
(4,280
|
)
|
|||
Flatteners
|
|
|
|
|
|
|
|
|
|
|||||
Short-end
instantaneous change
|
+100
|
|
—
|
|
|
2,652
|
|
|
2,158
|
|
||||
Long-end
instantaneous change
|
—
|
|
|
-100
|
|
|
(2,243
|
)
|
|
(1,618
|
)
|
|||
Steepeners
|
|
|
|
|
|
|
|
|
|
|||||
Short-end
instantaneous change
|
-100
|
|
|
—
|
|
|
(3,019
|
)
|
|
(2,648
|
)
|
|||
Long-end
instantaneous change
|
—
|
|
|
+100
|
|
1,026
|
|
|
675
|
|
|
|
Bank of America 40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Table 45
|
Asset and Liability Management Interest Rate and Foreign Exchange Contracts
|
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
March 31, 2019
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
Expected Maturity
|
|
|
|||||||||||||||||||||||||||||
(Dollars in millions, average estimated duration in years)
|
Fair
Value |
|
Total
|
|
Remainder of 2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
|
Average
Estimated Duration |
||||||||||||||||||
Receive-fixed interest rate swaps (1)
|
$
|
5,878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.74
|
|
||||||||
Notional amount
|
|
|
|
$
|
214,062
|
|
|
$
|
21,298
|
|
|
$
|
16,347
|
|
|
$
|
14,640
|
|
|
$
|
20,366
|
|
|
$
|
35,706
|
|
|
$
|
105,705
|
|
|
|
|||
Weighted-average fixed-rate
|
|
|
2.70
|
%
|
|
1.88
|
%
|
|
2.68
|
%
|
|
3.17
|
%
|
|
2.56
|
%
|
|
2.37
|
%
|
|
2.94
|
%
|
|
|
|||||||||||
Pay-fixed interest rate swaps (1)
|
(883
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.21
|
|
|||||||||
Notional amount
|
|
|
|
$
|
60,157
|
|
|
$
|
1,217
|
|
|
$
|
4,344
|
|
|
$
|
1,616
|
|
|
$
|
—
|
|
|
$
|
13,343
|
|
|
$
|
39,637
|
|
|
|
|
||
Weighted-average fixed-rate
|
|
|
2.51
|
%
|
|
2.07
|
%
|
|
2.16
|
%
|
|
2.22
|
%
|
|
—
|
%
|
|
2.57
|
%
|
|
2.56
|
%
|
|
|
|||||||||||
Same-currency basis swaps (2)
|
26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notional amount
|
|
|
|
$
|
126,620
|
|
|
$
|
7,141
|
|
|
$
|
15,057
|
|
|
$
|
17,992
|
|
|
$
|
4,296
|
|
|
$
|
2,017
|
|
|
$
|
80,117
|
|
|
|
|
||
Foreign exchange basis swaps (1, 3, 4)
|
(1,081
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Notional amount
|
|
|
|
109,167
|
|
|
13,986
|
|
|
21,869
|
|
|
19,115
|
|
|
11,382
|
|
|
6,597
|
|
|
36,218
|
|
|
|
|
|||||||||
Option products
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Notional amount
|
|
|
|
666
|
|
|
651
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
|
|
|||||||||
Foreign exchange contracts (1, 4, 5)
|
1,029
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Notional amount (6)
|
|
|
(75,189
|
)
|
|
(94,291
|
)
|
|
(561
|
)
|
|
3,985
|
|
|
2,670
|
|
|
2,370
|
|
|
10,638
|
|
|
|
|
||||||||||
Futures and forward rate contracts
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notional amount (6)
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|||||||||
Net ALM contracts
|
$
|
4,976
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
Expected Maturity
|
|
|
|||||||||||||||||||||||||||||
(Dollars in millions, average estimated duration in years)
|
Fair
Value |
|
Total
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
|
Average
Estimated Duration |
||||||||||||||||||
Receive-fixed interest rate swaps (1)
|
$
|
2,128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.17
|
|
||||||||
Notional amount
|
|
|
|
$
|
198,914
|
|
|
$
|
27,176
|
|
|
$
|
16,347
|
|
|
$
|
14,640
|
|
|
$
|
19,866
|
|
|
$
|
36,215
|
|
|
$
|
84,670
|
|
|
|
|
||
Weighted-average fixed-rate
|
|
|
|
2.66
|
%
|
|
1.87
|
%
|
|
2.68
|
%
|
|
3.17
|
%
|
|
2.56
|
%
|
|
2.37
|
%
|
|
2.97
|
%
|
|
|
|
|||||||||
Pay-fixed interest rate swaps (1)
|
295
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.30
|
|
|||||||||
Notional amount
|
|
|
|
$
|
49,275
|
|
|
$
|
1,210
|
|
|
$
|
4,344
|
|
|
$
|
1,616
|
|
|
$
|
—
|
|
|
$
|
10,801
|
|
|
$
|
31,304
|
|
|
|
|
||
Weighted-average fixed-rate
|
|
|
|
2.50
|
%
|
|
2.07
|
%
|
|
2.16
|
%
|
|
2.22
|
%
|
|
—
|
%
|
|
2.59
|
%
|
|
2.55
|
%
|
|
|
|
|||||||||
Same-currency basis swaps (2)
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notional amount
|
|
|
|
$
|
101,203
|
|
|
$
|
7,628
|
|
|
$
|
15,097
|
|
|
$
|
15,493
|
|
|
$
|
2,586
|
|
|
$
|
2,017
|
|
|
$
|
58,382
|
|
|
|
|
||
Foreign exchange basis swaps (1, 3, 4)
|
(1,716
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notional amount
|
|
|
|
106,742
|
|
|
13,946
|
|
|
21,448
|
|
|
19,241
|
|
|
10,239
|
|
|
6,260
|
|
|
35,608
|
|
|
|
|
|||||||||
Option products
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notional amount
|
|
|
|
587
|
|
|
572
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
|
|
|||||||||
Foreign exchange contracts (1, 4, 5)
|
82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notional amount (6)
|
|
|
|
(8,447
|
)
|
|
(27,823
|
)
|
|
13
|
|
|
4,196
|
|
|
2,741
|
|
|
2,448
|
|
|
9,978
|
|
|
|
|
|||||||||
Net ALM contracts
|
$
|
812
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Does not include basis adjustments on either fixed-rate debt issued by the Corporation or AFS debt securities, which are hedged using derivatives designated as fair value hedging instruments, that substantially offset the fair values of these derivatives.
|
(2)
|
At March 31, 2019 and December 31, 2018, the notional amount of same-currency basis swaps included $126.6 billion and $101.2 billion in both foreign currency and U.S. dollar-denominated basis swaps in which both sides of the swap are in the same currency.
|
(3)
|
Foreign exchange basis swaps consisted of cross-currency variable interest rate swaps used separately or in conjunction with receive-fixed interest rate swaps.
|
(4)
|
Does not include foreign currency translation adjustments on certain non-U.S. debt issued by the Corporation that substantially offset the fair values of these derivatives.
|
(5)
|
The notional amount of foreign exchange contracts of $(75.2) billion at March 31, 2019 was comprised of $24.4 billion in foreign currency-denominated and cross-currency receive-fixed swaps, $(98.5) billion in net foreign currency forward rate contracts, $(1.9) billion in foreign currency-denominated pay-fixed swaps and $821 million in net foreign currency futures contracts. Foreign exchange contracts of $(8.4) billion at December 31, 2018 were comprised of $25.2 billion in foreign currency-denominated and cross-currency receive-fixed swaps, $(32.7) billion in net foreign currency forward rate contracts, $(1.8) billion in foreign currency-denominated pay-fixed swaps and $814 million in foreign currency futures contracts.
|
(6)
|
Reflects the net of long and short positions. Amounts shown as negative reflect a net short position.
|
41 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Table 46
|
Period-end and Average Supplemental Financial Data and Reconciliations to GAAP Financial Measures (1)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Period-end
|
|
Average
|
||||||||||||
|
March 31
2019 |
|
December 31
2018 |
|
Three Months Ended March 31
|
|||||||||||
(Dollars in millions)
|
|
|
2019
|
|
2018
|
|||||||||||
Shareholders’ equity
|
$
|
267,010
|
|
|
$
|
265,325
|
|
|
$
|
266,217
|
|
|
$
|
265,480
|
|
|
Goodwill
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|||||
Intangible assets (excluding MSRs)
|
(1,747
|
)
|
|
(1,774
|
)
|
|
(1,763
|
)
|
|
(2,261
|
)
|
|||||
Related deferred tax liabilities
|
773
|
|
|
858
|
|
|
841
|
|
|
939
|
|
|||||
Tangible shareholders’ equity
|
$
|
197,085
|
|
|
$
|
195,458
|
|
|
$
|
196,344
|
|
|
$
|
195,207
|
|
|
Preferred stock
|
(22,326
|
)
|
|
(22,326
|
)
|
|
(22,326
|
)
|
|
(22,767
|
)
|
|||||
Tangible common shareholders’ equity
|
$
|
174,759
|
|
|
$
|
173,132
|
|
|
$
|
174,018
|
|
|
$
|
172,440
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total assets
|
$
|
2,377,164
|
|
|
$
|
2,354,507
|
|
|
|
|
|
|||||
Goodwill
|
(68,951
|
)
|
|
(68,951
|
)
|
|
|
|
|
|||||||
Intangible assets (excluding MSRs)
|
(1,747
|
)
|
|
(1,774
|
)
|
|
|
|
|
|||||||
Related deferred tax liabilities
|
773
|
|
|
858
|
|
|
|
|
|
|||||||
Tangible assets
|
$
|
2,307,239
|
|
|
$
|
2,284,640
|
|
|
|
|
|
|
|
(1)
|
Presents reconciliations of non-GAAP financial measures to GAAP financial measures. For more information on non-GAAP financial measures and ratios we use in assessing the results of the Corporation, see Supplemental Financial Data on page 5.
|
|
|
Bank of America 42
|
|
|
|
|
||||
Consolidated Statement of Income
|
|||||||
|
|
||||||
|
Three Months Ended March 31
|
||||||
(In millions, except per share information)
|
2019
|
|
2018
|
||||
Net interest income
|
|
|
|
|
|
||
Interest income
|
$
|
18,170
|
|
|
$
|
15,599
|
|
Interest expense
|
5,795
|
|
|
3,830
|
|
||
Net interest income
|
12,375
|
|
|
11,769
|
|
||
|
|
|
|
||||
Noninterest income
|
|
|
|
|
|
||
Fees and commissions
|
7,838
|
|
|
8,340
|
|
||
Trading account income
|
2,338
|
|
|
2,553
|
|
||
Other income
|
453
|
|
|
408
|
|
||
Total noninterest income
|
10,629
|
|
|
11,301
|
|
||
Total revenue, net of interest expense
|
23,004
|
|
|
23,070
|
|
||
|
|
|
|
||||
Provision for credit losses
|
1,013
|
|
|
834
|
|
||
|
|
|
|
||||
Noninterest expense
|
|
|
|
|
|
||
Compensation and benefits
|
8,249
|
|
|
8,480
|
|
||
Occupancy and equipment
|
1,605
|
|
|
1,607
|
|
||
Information processing and communications
|
1,164
|
|
|
1,165
|
|
||
Product delivery and transaction related
|
662
|
|
|
756
|
|
||
Marketing
|
442
|
|
|
345
|
|
||
Professional fees
|
360
|
|
|
381
|
|
||
Other general operating
|
742
|
|
|
1,108
|
|
||
Total noninterest expense
|
13,224
|
|
|
13,842
|
|
||
Income before income taxes
|
8,767
|
|
|
8,394
|
|
||
Income tax expense
|
1,456
|
|
|
1,476
|
|
||
Net income
|
$
|
7,311
|
|
|
$
|
6,918
|
|
Preferred stock dividends
|
442
|
|
|
428
|
|
||
Net income applicable to common shareholders
|
$
|
6,869
|
|
|
$
|
6,490
|
|
|
|
|
|
||||
Per common share information
|
|
|
|
|
|
||
Earnings
|
$
|
0.71
|
|
|
$
|
0.63
|
|
Diluted earnings
|
0.70
|
|
|
0.62
|
|
||
Average common shares issued and outstanding
|
9,725.9
|
|
|
10,322.4
|
|
||
Average diluted common shares issued and outstanding
|
9,787.3
|
|
|
10,472.7
|
|
|
|
|
|
||||
Consolidated Statement of Comprehensive Income
|
|||||||
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
||||
Net income
|
$
|
7,311
|
|
|
$
|
6,918
|
|
Other comprehensive income (loss), net-of-tax:
|
|
|
|
||||
Net change in debt and equity securities
|
2,309
|
|
|
(3,963
|
)
|
||
Net change in debit valuation adjustments
|
(363
|
)
|
|
273
|
|
||
Net change in derivatives
|
229
|
|
|
(275
|
)
|
||
Employee benefit plan adjustments
|
28
|
|
|
30
|
|
||
Net change in foreign currency translation adjustments
|
(34
|
)
|
|
(48
|
)
|
||
Other comprehensive income (loss)
|
2,169
|
|
|
(3,983
|
)
|
||
Comprehensive income
|
$
|
9,480
|
|
|
$
|
2,935
|
|
43 Bank of America
|
|
|
|
|
|
|
|
||||
Consolidated Balance Sheet
|
||||||||
|
|
March 31
|
|
December 31
2019 |
||||
(Dollars in millions)
|
2019
|
|
2018
|
|||||
Assets
|
|
|
|
|
|
|||
Cash and due from banks
|
$
|
28,083
|
|
|
$
|
29,063
|
|
|
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks
|
143,540
|
|
|
148,341
|
|
|||
Cash and cash equivalents
|
171,623
|
|
|
177,404
|
|
|||
Time deposits placed and other short-term investments
|
9,480
|
|
|
7,494
|
|
|||
Federal funds sold and securities borrowed or purchased under agreements to resell
(includes $59,557 and $56,399 measured at fair value)
|
267,017
|
|
|
261,131
|
|
|||
Trading account assets (includes $121,983 and $119,363 pledged as collateral)
|
239,062
|
|
|
214,348
|
|
|||
Derivative assets
|
42,391
|
|
|
43,725
|
|
|||
Debt securities:
|
|
|
|
|
||||
Carried at fair value
|
241,956
|
|
|
238,101
|
|
|||
Held-to-maturity, at cost (fair value – $198,530 and $200,435)
|
198,718
|
|
|
203,652
|
|
|||
Total debt securities
|
440,674
|
|
|
441,753
|
|
|||
Loans and leases (includes $6,187 and $4,349 measured at fair value)
|
945,615
|
|
|
946,895
|
|
|||
Allowance for loan and lease losses
|
(9,577
|
)
|
|
(9,601
|
)
|
|||
Loans and leases, net of allowance
|
936,038
|
|
|
937,294
|
|
|||
Premises and equipment, net
|
10,251
|
|
|
9,906
|
|
|||
Goodwill
|
68,951
|
|
|
68,951
|
|
|||
Loans held-for-sale (includes $2,547 and $2,942 measured at fair value)
|
6,297
|
|
|
10,367
|
|
|||
Customer and other receivables
|
53,496
|
|
|
65,814
|
|
|||
Other assets (includes $22,929 and $19,739 measured at fair value)
|
131,884
|
|
|
116,320
|
|
|||
Total assets
|
$
|
2,377,164
|
|
|
$
|
2,354,507
|
|
|
|
|
|
|
|
||||
Liabilities
|
|
|
|
|
|
|||
Deposits in U.S. offices:
|
|
|
|
|
|
|||
Noninterest-bearing
|
$
|
395,350
|
|
|
$
|
412,587
|
|
|
Interest-bearing (includes $499 and $492 measured at fair value)
|
907,076
|
|
|
891,636
|
|
|||
Deposits in non-U.S. offices:
|
|
|
|
|||||
Noninterest-bearing
|
12,066
|
|
|
14,060
|
|
|||
Interest-bearing
|
64,845
|
|
|
63,193
|
|
|||
Total deposits
|
1,379,337
|
|
|
1,381,476
|
|
|||
Federal funds purchased and securities loaned or sold under agreements to repurchase
(includes $26,609 and $28,875 measured at fair value)
|
188,451
|
|
|
186,988
|
|
|||
Trading account liabilities
|
84,410
|
|
|
68,220
|
|
|||
Derivative liabilities
|
36,338
|
|
|
37,891
|
|
|||
Short-term borrowings (includes $1,895 and $1,648 measured at fair value)
|
14,008
|
|
|
20,189
|
|
|||
Accrued expenses and other liabilities (includes $23,373 and $20,075 measured at fair value
and $802 and $797 of reserve for unfunded lending commitments)
|
173,681
|
|
|
165,026
|
|
|||
Long-term debt (includes $31,625 and $27,689 measured at fair value)
|
233,929
|
|
|
229,392
|
|
|||
Total liabilities
|
2,110,154
|
|
|
2,089,182
|
|
|||
Commitments and contingencies (Note 7 – Securitizations and Other Variable Interest Entities
and Note 11 – Commitments and Contingencies)
|
|
|
|
|
||||
Shareholders’ equity
|
|
|
|
|
||||
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 3,843,140 and 3,843,140 shares
|
22,326
|
|
|
22,326
|
|
|||
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares;
issued and outstanding – 9,568,389,268 and 9,669,286,370 shares
|
112,838
|
|
|
118,896
|
|
|||
Retained earnings
|
141,888
|
|
|
136,314
|
|
|||
Accumulated other comprehensive income (loss)
|
(10,042
|
)
|
|
(12,211
|
)
|
|||
Total shareholders’ equity
|
267,010
|
|
|
265,325
|
|
|||
Total liabilities and shareholders’ equity
|
$
|
2,377,164
|
|
|
$
|
2,354,507
|
|
|
|
|
|
|
|
||||
|
Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
|
|
|
|
||||
|
Trading account assets
|
$
|
5,453
|
|
|
$
|
5,798
|
|
|
Loans and leases
|
41,528
|
|
|
43,850
|
|
||
|
Allowance for loan and lease losses
|
(884
|
)
|
|
(912
|
)
|
||
|
Loans and leases, net of allowance
|
40,644
|
|
|
42,938
|
|
||
|
All other assets
|
332
|
|
|
337
|
|
||
|
Total assets of consolidated variable interest entities
|
$
|
46,429
|
|
|
$
|
49,073
|
|
|
Liabilities of consolidated variable interest entities included in total liabilities above
|
|
|
|
|
|
||
|
Short-term borrowings
|
$
|
1,547
|
|
|
$
|
742
|
|
|
Long-term debt (includes $8,181 and $10,943 of non-recourse debt)
|
8,182
|
|
|
10,944
|
|
||
|
All other liabilities (includes $22 and $27 of non-recourse liabilities)
|
25
|
|
|
30
|
|
||
|
Total liabilities of consolidated variable interest entities
|
$
|
9,754
|
|
|
$
|
11,716
|
|
|
|
Bank of America 44
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Consolidated Statement of Changes in Shareholders’ Equity
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Preferred
Stock
|
|
Common Stock and
Additional Paid-in Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Total
Shareholders’
Equity
|
|||||||||||||
(In millions)
|
|
Shares
|
|
Amount
|
|
|
|
|||||||||||||||
Balance, December 31, 2017
|
$
|
22,323
|
|
|
10,287.3
|
|
|
$
|
138,089
|
|
|
$
|
113,816
|
|
|
$
|
(7,082
|
)
|
|
$
|
267,146
|
|
Cumulative adjustment for adoption of hedge accounting standard
|
|
|
|
|
|
|
(32
|
)
|
|
57
|
|
|
25
|
|
||||||||
Adoption of accounting standard related to certain tax effects stranded in accumulated other comprehensive income (loss)
|
|
|
|
|
|
|
1,270
|
|
|
(1,270
|
)
|
|
—
|
|
||||||||
Net income
|
|
|
|
|
|
|
6,918
|
|
|
|
|
6,918
|
|
|||||||||
Net change in debt and equity securities
|
|
|
|
|
|
|
|
|
(3,963
|
)
|
|
(3,963
|
)
|
|||||||||
Net change in debit valuation adjustments
|
|
|
|
|
|
|
|
|
273
|
|
|
273
|
|
|||||||||
Net change in derivatives
|
|
|
|
|
|
|
|
|
(275
|
)
|
|
(275
|
)
|
|||||||||
Employee benefit plan adjustments
|
|
|
|
|
|
|
|
|
30
|
|
|
30
|
|
|||||||||
Net change in foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
(48
|
)
|
|
(48
|
)
|
|||||||||
Dividends declared:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common
|
|
|
|
|
|
|
(1,237
|
)
|
|
|
|
(1,237
|
)
|
|||||||||
Preferred
|
|
|
|
|
|
|
(428
|
)
|
|
|
|
(428
|
)
|
|||||||||
Issuance of preferred stock
|
2,349
|
|
|
|
|
|
|
|
|
|
|
2,349
|
|
|||||||||
Common stock issued under employee plans, net, and other
|
|
|
41.2
|
|
|
301
|
|
|
(9
|
)
|
|
|
|
292
|
|
|||||||
Common stock repurchased
|
|
|
(152.6
|
)
|
|
(4,858
|
)
|
|
|
|
|
|
(4,858
|
)
|
||||||||
Balance, March 31, 2018
|
$
|
24,672
|
|
|
10,175.9
|
|
|
$
|
133,532
|
|
|
$
|
120,298
|
|
|
$
|
(12,278
|
)
|
|
$
|
266,224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance, December 31, 2018
|
$
|
22,326
|
|
|
9,669.3
|
|
|
$
|
118,896
|
|
|
$
|
136,314
|
|
|
$
|
(12,211
|
)
|
|
$
|
265,325
|
|
Cumulative adjustment for adoption of lease accounting standard
|
|
|
|
|
|
|
165
|
|
|
|
|
|
165
|
|
||||||||
Net income
|
|
|
|
|
|
|
7,311
|
|
|
|
|
7,311
|
|
|||||||||
Net change in debt and equity securities
|
|
|
|
|
|
|
|
|
2,309
|
|
|
2,309
|
|
|||||||||
Net change in debit valuation adjustments
|
|
|
|
|
|
|
|
|
(363
|
)
|
|
(363
|
)
|
|||||||||
Net change in derivatives
|
|
|
|
|
|
|
|
|
229
|
|
|
229
|
|
|||||||||
Employee benefit plan adjustments
|
|
|
|
|
|
|
|
|
28
|
|
|
28
|
|
|||||||||
Net change in foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
(34
|
)
|
|
(34
|
)
|
|||||||||
Dividends declared:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common
|
|
|
|
|
|
|
(1,456
|
)
|
|
|
|
(1,456
|
)
|
|||||||||
Preferred
|
|
|
|
|
|
|
(442
|
)
|
|
|
|
(442
|
)
|
|||||||||
Common stock issued under employee plans, net, and other
|
|
|
119.1
|
|
|
205
|
|
|
(4
|
)
|
|
|
|
201
|
|
|||||||
Common stock repurchased
|
|
|
(220.0
|
)
|
|
(6,263
|
)
|
|
|
|
|
|
(6,263
|
)
|
||||||||
Balance, March 31, 2019
|
$
|
22,326
|
|
|
9,568.4
|
|
|
$
|
112,838
|
|
|
$
|
141,888
|
|
|
$
|
(10,042
|
)
|
|
$
|
267,010
|
|
45 Bank of America
|
|
|
|
|
|
|
||||
Consolidated Statement of Cash Flows
|
|
|
|
||||
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
||||
Operating activities
|
|
|
|
||||
Net income
|
$
|
7,311
|
|
|
$
|
6,918
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Provision for credit losses
|
1,013
|
|
|
834
|
|
||
Gains on sales of debt securities
|
(6
|
)
|
|
(2
|
)
|
||
Depreciation and premises improvements amortization
|
392
|
|
|
376
|
|
||
Amortization of intangibles
|
26
|
|
|
135
|
|
||
Net amortization of premium/discount on debt securities
|
362
|
|
|
475
|
|
||
Deferred income taxes
|
763
|
|
|
804
|
|
||
Stock-based compensation
|
504
|
|
|
415
|
|
||
Loans held-for-sale:
|
|
|
|
||||
Originations and purchases
|
(3,566
|
)
|
|
(5,745
|
)
|
||
Proceeds from sales and paydowns of loans originally classified as held for sale and instruments
from related securitization activities
|
7,848
|
|
|
9,876
|
|
||
Net change in:
|
|
|
|
||||
Trading and derivative instruments
|
(6,543
|
)
|
|
15,807
|
|
||
Other assets
|
3,995
|
|
|
11,233
|
|
||
Accrued expenses and other liabilities
|
(346
|
)
|
|
(814
|
)
|
||
Other operating activities, net
|
3,348
|
|
|
42
|
|
||
Net cash provided by operating activities
|
15,101
|
|
|
40,354
|
|
||
Investing activities
|
|
|
|
||||
Net change in:
|
|
|
|
||||
Time deposits placed and other short-term investments
|
(1,986
|
)
|
|
3,084
|
|
||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
(5,886
|
)
|
|
(31,883
|
)
|
||
Debt securities carried at fair value:
|
|
|
|
||||
Proceeds from sales
|
31,136
|
|
|
683
|
|
||
Proceeds from paydowns and maturities
|
18,903
|
|
|
19,052
|
|
||
Purchases
|
(51,028
|
)
|
|
(14,176
|
)
|
||
Held-to-maturity debt securities:
|
|
|
|
||||
Proceeds from paydowns and maturities
|
5,284
|
|
|
3,764
|
|
||
Purchases
|
(416
|
)
|
|
(2,453
|
)
|
||
Loans and leases:
|
|
|
|
||||
Proceeds from sales of loans originally classified as held for investment and instruments
from related securitization activities
|
2,952
|
|
|
2,684
|
|
||
Purchases
|
(1,060
|
)
|
|
(1,609
|
)
|
||
Other changes in loans and leases, net
|
(1,999
|
)
|
|
(1,190
|
)
|
||
Other investing activities, net
|
(667
|
)
|
|
(805
|
)
|
||
Net cash used in investing activities
|
(4,767
|
)
|
|
(22,849
|
)
|
||
Financing activities
|
|
|
|
||||
Net change in:
|
|
|
|
||||
Deposits
|
(2,139
|
)
|
|
19,119
|
|
||
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
1,463
|
|
|
1,626
|
|
||
Short-term borrowings
|
(6,181
|
)
|
|
5,407
|
|
||
Long-term debt:
|
|
|
|
||||
Proceeds from issuance
|
14,716
|
|
|
20,934
|
|
||
Retirement
|
(14,292
|
)
|
|
(13,577
|
)
|
||
Preferred stock:
|
|
|
|
||||
Proceeds from issuance
|
—
|
|
|
2,349
|
|
||
Common stock repurchased
|
(6,263
|
)
|
|
(4,858
|
)
|
||
Cash dividends paid
|
(1,926
|
)
|
|
(1,674
|
)
|
||
Other financing activities, net
|
(886
|
)
|
|
(724
|
)
|
||
Net cash provided by (used in) financing activities
|
(15,508
|
)
|
|
28,602
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(607
|
)
|
|
700
|
|
||
Net increase (decrease) in cash and cash equivalents
|
(5,781
|
)
|
|
46,807
|
|
||
Cash and cash equivalents at January 1
|
177,404
|
|
|
157,434
|
|
||
Cash and cash equivalents at March 31
|
$
|
171,623
|
|
|
$
|
204,241
|
|
|
|
Bank of America 46
|
47 Bank of America
|
|
|
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
||||
Net interest income
|
|
|
|
||||
Interest income
|
|
|
|
||||
Loans and leases
|
$
|
10,885
|
|
|
$
|
9,623
|
|
Debt securities
|
3,119
|
|
|
2,804
|
|
||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
1,195
|
|
|
622
|
|
||
Trading account assets
|
1,322
|
|
|
1,136
|
|
||
Other interest income
|
1,649
|
|
|
1,414
|
|
||
Total interest income
|
18,170
|
|
|
15,599
|
|
||
|
|
|
|
||||
Interest expense
|
|
|
|
||||
Deposits
|
1,795
|
|
|
760
|
|
||
Short-term borrowings
|
1,852
|
|
|
1,135
|
|
||
Trading account liabilities
|
345
|
|
|
357
|
|
||
Long-term debt
|
1,803
|
|
|
1,578
|
|
||
Total interest expense
|
5,795
|
|
|
3,830
|
|
||
Net interest income
|
$
|
12,375
|
|
|
$
|
11,769
|
|
|
|
|
|
||||
Noninterest income
|
|
|
|
||||
Fees and commissions
|
|
|
|
||||
Card income
|
|
|
|
||||
Interchange fees (1)
|
$
|
896
|
|
|
$
|
914
|
|
Other card income
|
479
|
|
|
488
|
|
||
Total card income
|
1,375
|
|
|
1,402
|
|
||
Service charges
|
|
|
|
||||
Deposit-related fees
|
1,580
|
|
|
1,646
|
|
||
Lending-related fees
|
259
|
|
|
275
|
|
||
Total service charges
|
1,839
|
|
|
1,921
|
|
||
Investment and brokerage services
|
|
|
|
||||
Asset management fees
|
2,440
|
|
|
2,564
|
|
||
Brokerage fees
|
920
|
|
|
1,100
|
|
||
Total investment and brokerage services
|
3,360
|
|
|
3,664
|
|
||
Investment banking fees
|
|
|
|
||||
Underwriting income
|
666
|
|
|
740
|
|
||
Syndication fees
|
255
|
|
|
317
|
|
||
Financial advisory services
|
343
|
|
|
296
|
|
||
Total investment banking fees
|
1,264
|
|
|
1,353
|
|
||
Total fees and commissions
|
7,838
|
|
|
8,340
|
|
||
Trading account income
|
2,338
|
|
|
2,553
|
|
||
Other income
|
453
|
|
|
408
|
|
||
Total noninterest income
|
$
|
10,629
|
|
|
$
|
11,301
|
|
(1)
|
Gross interchange fees were $2.3 billion and $2.2 billion for the three months ended March 31, 2019 and 2018, and are presented net of $1.4 billion and $1.3 billion, respectively, of expenses for rewards and partner payments.
|
|
|
Bank of America 48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
March 31, 2019
|
||||||||||||||||||||||||
|
|
|
Gross Derivative Assets
|
|
Gross Derivative Liabilities
|
||||||||||||||||||||||
(Dollars in billions)
|
Contract/
Notional (1)
|
|
Trading and Other Risk Management Derivatives
|
|
Qualifying
Accounting
Hedges
|
|
Total
|
|
Trading and Other Risk Management Derivatives
|
|
Qualifying
Accounting
Hedges
|
|
Total
|
||||||||||||||
Interest rate contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Swaps
|
$
|
19,100.3
|
|
|
$
|
152.8
|
|
|
$
|
5.3
|
|
|
$
|
158.1
|
|
|
$
|
153.4
|
|
|
$
|
1.1
|
|
|
$
|
154.5
|
|
Futures and forwards
|
5,526.5
|
|
|
2.9
|
|
|
—
|
|
|
2.9
|
|
|
3.1
|
|
|
—
|
|
|
3.1
|
|
|||||||
Written options
|
1,604.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30.8
|
|
|
—
|
|
|
30.8
|
|
|||||||
Purchased options
|
1,638.6
|
|
|
34.1
|
|
|
—
|
|
|
34.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Foreign exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Swaps
|
1,732.6
|
|
|
35.7
|
|
|
1.4
|
|
|
37.1
|
|
|
37.5
|
|
|
1.8
|
|
|
39.3
|
|
|||||||
Spot, futures and forwards
|
5,229.9
|
|
|
33.3
|
|
|
0.4
|
|
|
33.7
|
|
|
32.9
|
|
|
0.2
|
|
|
33.1
|
|
|||||||
Written options
|
306.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4.5
|
|
|
—
|
|
|
4.5
|
|
|||||||
Purchased options
|
291.8
|
|
|
4.1
|
|
|
—
|
|
|
4.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Equity contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Swaps
|
278.4
|
|
|
5.3
|
|
|
—
|
|
|
5.3
|
|
|
6.4
|
|
|
—
|
|
|
6.4
|
|
|||||||
Futures and forwards
|
119.9
|
|
|
0.4
|
|
|
—
|
|
|
0.4
|
|
|
0.6
|
|
|
—
|
|
|
0.6
|
|
|||||||
Written options
|
714.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29.5
|
|
|
—
|
|
|
29.5
|
|
|||||||
Purchased options
|
667.9
|
|
|
35.6
|
|
|
—
|
|
|
35.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Commodity contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Swaps
|
43.7
|
|
|
1.6
|
|
|
—
|
|
|
1.6
|
|
|
3.7
|
|
|
—
|
|
|
3.7
|
|
|||||||
Futures and forwards
|
57.8
|
|
|
3.1
|
|
|
—
|
|
|
3.1
|
|
|
0.5
|
|
|
—
|
|
|
0.5
|
|
|||||||
Written options
|
26.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.1
|
|
|
—
|
|
|
1.1
|
|
|||||||
Purchased options
|
27.0
|
|
|
1.1
|
|
|
—
|
|
|
1.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Credit derivatives (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Purchased credit derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Credit default swaps
|
425.4
|
|
|
4.2
|
|
|
—
|
|
|
4.2
|
|
|
6.3
|
|
|
—
|
|
|
6.3
|
|
|||||||
Total return swaps/options
|
79.4
|
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|
1.0
|
|
|
—
|
|
|
1.0
|
|
|||||||
Written credit derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Credit default swaps
|
382.6
|
|
|
6.0
|
|
|
—
|
|
|
6.0
|
|
|
3.4
|
|
|
—
|
|
|
3.4
|
|
|||||||
Total return swaps/options
|
73.3
|
|
|
0.7
|
|
|
—
|
|
|
0.7
|
|
|
0.4
|
|
|
—
|
|
|
0.4
|
|
|||||||
Gross derivative assets/liabilities
|
|
|
$
|
321.1
|
|
|
$
|
7.1
|
|
|
$
|
328.2
|
|
|
$
|
315.1
|
|
|
$
|
3.1
|
|
|
$
|
318.2
|
|
||
Less: Legally enforceable master netting agreements
|
|
|
|
|
|
|
|
|
|
(253.3
|
)
|
|
|
|
|
|
|
|
(253.3
|
)
|
|||||||
Less: Cash collateral received/paid
|
|
|
|
|
|
|
|
|
|
(32.5
|
)
|
|
|
|
|
|
|
|
(28.6
|
)
|
|||||||
Total derivative assets/liabilities
|
|
|
|
|
|
|
|
|
|
$
|
42.4
|
|
|
|
|
|
|
|
|
$
|
36.3
|
|
(1)
|
Represents the total contract/notional amount of derivative assets and liabilities outstanding.
|
(2)
|
The net derivative asset (liability) and notional amount of written credit derivatives for which the Corporation held purchased credit derivatives with identical underlying referenced names were $2.0 billion and $361.9 billion at March 31, 2019.
|
49 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
December 31, 2018
|
||||||||||||||||||||||||
|
|
|
Gross Derivative Assets
|
|
Gross Derivative Liabilities
|
||||||||||||||||||||||
(Dollars in billions)
|
Contract/
Notional (1)
|
|
Trading and Other Risk Management Derivatives
|
|
Qualifying
Accounting
Hedges
|
|
Total
|
|
Trading and Other Risk Management Derivatives
|
|
Qualifying
Accounting
Hedges
|
|
Total
|
||||||||||||||
Interest rate contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Swaps
|
$
|
15,977.9
|
|
|
$
|
141.0
|
|
|
$
|
3.2
|
|
|
$
|
144.2
|
|
|
$
|
138.9
|
|
|
$
|
2.0
|
|
|
$
|
140.9
|
|
Futures and forwards
|
3,656.6
|
|
|
4.7
|
|
|
—
|
|
|
4.7
|
|
|
5.0
|
|
|
—
|
|
|
5.0
|
|
|||||||
Written options
|
1,584.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28.6
|
|
|
—
|
|
|
28.6
|
|
|||||||
Purchased options
|
1,614.0
|
|
|
30.8
|
|
|
—
|
|
|
30.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Foreign exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Swaps
|
1,704.8
|
|
|
38.8
|
|
|
1.4
|
|
|
40.2
|
|
|
42.2
|
|
|
2.3
|
|
|
44.5
|
|
|||||||
Spot, futures and forwards
|
4,276.0
|
|
|
39.8
|
|
|
0.4
|
|
|
40.2
|
|
|
39.3
|
|
|
0.3
|
|
|
39.6
|
|
|||||||
Written options
|
256.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5.0
|
|
|
—
|
|
|
5.0
|
|
|||||||
Purchased options
|
240.4
|
|
|
4.6
|
|
|
—
|
|
|
4.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Equity contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Swaps
|
253.6
|
|
|
7.7
|
|
|
—
|
|
|
7.7
|
|
|
8.4
|
|
|
—
|
|
|
8.4
|
|
|||||||
Futures and forwards
|
100.0
|
|
|
2.1
|
|
|
—
|
|
|
2.1
|
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
|||||||
Written options
|
597.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27.5
|
|
|
—
|
|
|
27.5
|
|
|||||||
Purchased options
|
549.4
|
|
|
36.0
|
|
|
—
|
|
|
36.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Commodity contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Swaps
|
43.1
|
|
|
2.7
|
|
|
—
|
|
|
2.7
|
|
|
4.5
|
|
|
—
|
|
|
4.5
|
|
|||||||
Futures and forwards
|
51.7
|
|
|
3.2
|
|
|
—
|
|
|
3.2
|
|
|
0.5
|
|
|
—
|
|
|
0.5
|
|
|||||||
Written options
|
27.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.2
|
|
|
—
|
|
|
2.2
|
|
|||||||
Purchased options
|
23.4
|
|
|
1.7
|
|
|
—
|
|
|
1.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Credit derivatives (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Purchased credit derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Credit default swaps
|
408.1
|
|
|
5.3
|
|
|
—
|
|
|
5.3
|
|
|
4.9
|
|
|
—
|
|
|
4.9
|
|
|||||||
Total return swaps/options
|
84.5
|
|
|
0.4
|
|
|
—
|
|
|
0.4
|
|
|
1.0
|
|
|
—
|
|
|
1.0
|
|
|||||||
Written credit derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Credit default swaps
|
371.9
|
|
|
4.4
|
|
|
—
|
|
|
4.4
|
|
|
4.3
|
|
|
—
|
|
|
4.3
|
|
|||||||
Total return swaps/options
|
87.3
|
|
|
0.6
|
|
|
—
|
|
|
0.6
|
|
|
0.6
|
|
|
—
|
|
|
0.6
|
|
|||||||
Gross derivative assets/liabilities
|
|
|
|
$
|
323.8
|
|
|
$
|
5.0
|
|
|
$
|
328.8
|
|
|
$
|
313.2
|
|
|
$
|
4.6
|
|
|
$
|
317.8
|
|
|
Less: Legally enforceable master netting agreements
|
|
|
|
|
|
|
|
|
|
(252.7
|
)
|
|
|
|
|
|
|
|
(252.7
|
)
|
|||||||
Less: Cash collateral received/paid
|
|
|
|
|
|
|
|
|
|
(32.4
|
)
|
|
|
|
|
|
|
|
(27.2
|
)
|
|||||||
Total derivative assets/liabilities
|
|
|
|
|
|
|
|
|
|
$
|
43.7
|
|
|
|
|
|
|
|
|
$
|
37.9
|
|
(1)
|
Represents the total contract/notional amount of derivative assets and liabilities outstanding.
|
(2)
|
The net derivative asset (liability) and notional amount of written credit derivatives for which the Corporation held purchased credit derivatives with identical underlying referenced names were $(185) million and $342.8 billion at December 31, 2018.
|
|
|
Bank of America 50
|
|
|
|
|
|
|
|
|
||||||||
Offsetting of Derivatives (1)
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
Derivative
Assets
|
|
Derivative Liabilities
|
|
Derivative
Assets
|
|
Derivative Liabilities
|
||||||||
(Dollars in billions)
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||
Interest rate contracts
|
|
|
|
|
|
|
|
|
|
|
|
||||
Over-the-counter
|
$
|
187.9
|
|
|
$
|
181.9
|
|
|
$
|
174.2
|
|
|
$
|
169.4
|
|
Over-the-counter cleared
|
5.5
|
|
|
4.7
|
|
|
4.8
|
|
|
4.0
|
|
||||
Foreign exchange contracts
|
|
|
|
|
|
|
|
||||||||
Over-the-counter
|
72.7
|
|
|
74.2
|
|
|
82.5
|
|
|
86.3
|
|
||||
Over-the-counter cleared
|
1.0
|
|
|
1.1
|
|
|
0.9
|
|
|
0.9
|
|
||||
Equity contracts
|
|
|
|
|
|
|
|
||||||||
Over-the-counter
|
21.0
|
|
|
14.7
|
|
|
24.6
|
|
|
14.6
|
|
||||
Exchange-traded
|
14.2
|
|
|
13.3
|
|
|
16.1
|
|
|
15.1
|
|
||||
Commodity contracts
|
|
|
|
|
|
|
|
||||||||
Over-the-counter
|
2.3
|
|
|
3.5
|
|
|
3.5
|
|
|
4.5
|
|
||||
Exchange-traded
|
0.7
|
|
|
0.6
|
|
|
1.0
|
|
|
0.9
|
|
||||
Credit derivatives
|
|
|
|
|
|
|
|
||||||||
Over-the-counter
|
7.1
|
|
|
7.6
|
|
|
7.7
|
|
|
8.2
|
|
||||
Over-the-counter cleared
|
3.3
|
|
|
3.1
|
|
|
2.5
|
|
|
2.3
|
|
||||
Total gross derivative assets/liabilities, before netting
|
|
|
|
|
|
|
|
||||||||
Over-the-counter
|
291.0
|
|
|
281.9
|
|
|
292.5
|
|
|
283.0
|
|
||||
Exchange-traded
|
14.9
|
|
|
13.9
|
|
|
17.1
|
|
|
16.0
|
|
||||
Over-the-counter cleared
|
9.8
|
|
|
8.9
|
|
|
8.2
|
|
|
7.2
|
|
||||
Less: Legally enforceable master netting agreements and cash collateral received/paid
|
|
|
|
|
|
|
|
||||||||
Over-the-counter
|
(265.7
|
)
|
|
(262.3
|
)
|
|
(264.4
|
)
|
|
(259.2
|
)
|
||||
Exchange-traded
|
(12.3
|
)
|
|
(12.3
|
)
|
|
(13.5
|
)
|
|
(13.5
|
)
|
||||
Over-the-counter cleared
|
(7.8
|
)
|
|
(7.3
|
)
|
|
(7.2
|
)
|
|
(7.2
|
)
|
||||
Derivative assets/liabilities, after netting
|
29.9
|
|
|
22.8
|
|
|
32.7
|
|
|
26.3
|
|
||||
Other gross derivative assets/liabilities (2)
|
12.5
|
|
|
13.5
|
|
|
11.0
|
|
|
11.6
|
|
||||
Total derivative assets/liabilities
|
42.4
|
|
|
36.3
|
|
|
43.7
|
|
|
37.9
|
|
||||
Less: Financial instruments collateral (3)
|
(15.4
|
)
|
|
(9.5
|
)
|
|
(16.3
|
)
|
|
(8.6
|
)
|
||||
Total net derivative assets/liabilities
|
$
|
27.0
|
|
|
$
|
26.8
|
|
|
$
|
27.4
|
|
|
$
|
29.3
|
|
(1)
|
Over-the-counter (OTC) derivatives include bilateral transactions between the Corporation and a particular counterparty. OTC-cleared derivatives include bilateral transactions between the Corporation and a counterparty where the transaction is cleared through a clearinghouse. Exchange-traded derivatives include listed options transacted on an exchange.
|
(2)
|
Consists of derivatives entered into under master netting agreements where the enforceability of these agreements is uncertain under bankruptcy laws in some countries or industries.
|
(3)
|
Amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged. Financial instruments collateral includes securities collateral received or pledged and cash securities held and posted at third-party custodians that are not offset on the Consolidated Balance Sheet but shown as a reduction to derive net derivative assets and liabilities.
|
51 Bank of America
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gains and Losses on Derivatives Designated as Fair Value Hedges
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended March 31
|
||||||||||||||
|
2019
|
|
2018
|
||||||||||||
(Dollars in millions)
|
Derivative
|
|
Hedged Item
|
|
Derivative
|
|
Hedged Item
|
||||||||
Interest rate risk on long-term debt (1)
|
$
|
1,913
|
|
|
$
|
(1,929
|
)
|
|
$
|
(2,305
|
)
|
|
$
|
2,236
|
|
Interest rate and foreign currency risk on long-term debt (2)
|
57
|
|
|
(48
|
)
|
|
322
|
|
|
(346
|
)
|
||||
Interest rate risk on available-for-sale securities (3)
|
(45
|
)
|
|
43
|
|
|
(31
|
)
|
|
30
|
|
||||
Total
|
$
|
1,925
|
|
|
$
|
(1,934
|
)
|
|
$
|
(2,014
|
)
|
|
$
|
1,920
|
|
(1)
|
Amounts are recorded in interest expense in the Consolidated Statement of Income.
|
(2)
|
For the three months ended March 31, 2019 and 2018, the derivative amount includes gains of $170 million and losses of $64 million in interest expense and losses of $121 million and gains of $433 million in other income. Line item totals are in the Consolidated Statement of Income.
|
(3)
|
Amounts are recorded in interest income in the Consolidated Statement of Income.
|
|
|
|
|
|
|
|
|
||||||||
Designated Fair Value Hedged Assets (Liabilities)
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||
(Dollars in millions)
|
Carrying Value
|
|
Cumulative
Fair Value Adjustments (1)
|
|
Carrying Value
|
|
Cumulative
Fair Value Adjustments (1)
|
||||||||
Long-term debt
|
$
|
(148,566
|
)
|
|
$
|
(4,691
|
)
|
|
$
|
(138,682
|
)
|
|
$
|
(2,117
|
)
|
Available-for-sale debt securities
|
1,596
|
|
|
4
|
|
|
981
|
|
|
(29
|
)
|
(1)
|
For assets, increase (decrease) to carrying value and for liabilities, (increase) decrease to carrying value.
|
|
|
|
|
|
|
|
|
||||||||
Gains and Losses on Derivatives Designated as Cash Flow and Net Investment Hedges
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended March 31
|
||||||||||||||
|
2019
|
|
2018
|
||||||||||||
(Dollars in millions)
|
Gains (Losses) Recognized in
Accumulated OCI on Derivatives |
|
Gains (Losses) in Income
Reclassified from Accumulated OCI |
|
Gains (Losses) Recognized in
Accumulated OCI on Derivatives |
|
Gains (Losses) in Income
Reclassified from Accumulated OCI |
||||||||
Cash flow hedges
|
|
|
|
|
|
|
|
||||||||
Interest rate risk on variable-rate assets (1)
|
$
|
254
|
|
|
$
|
(23
|
)
|
|
$
|
(428
|
)
|
|
$
|
(50
|
)
|
Price risk on certain restricted stock awards (2)
|
—
|
|
|
—
|
|
|
4
|
|
|
27
|
|
||||
Total
|
$
|
254
|
|
|
$
|
(23
|
)
|
|
$
|
(424
|
)
|
|
$
|
(23
|
)
|
Net investment hedges
|
|
|
|
|
|
|
|
||||||||
Foreign exchange risk (3)
|
$
|
6
|
|
|
$
|
1
|
|
|
$
|
(244
|
)
|
|
$
|
(1
|
)
|
(1)
|
Amounts reclassified from accumulated OCI are recorded in interest income in the Consolidated Statement of Income.
|
(2)
|
Amounts reclassified from accumulated OCI are recorded in compensation and benefits expense in the Consolidated Statement of Income.
|
(3)
|
Amounts reclassified from accumulated OCI are recorded in other income in the Consolidated Statement of Income. For the three months ended March 31, 2019 and 2018, amounts excluded from effectiveness testing and recognized in other income were gains of $53 million and $4 million.
|
|
|
Bank of America 52
|
|
|
|
|
||||
Gains and Losses on Other Risk Management Derivatives
|
|||||||
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
||||
Interest rate risk on mortgage activities (1)
|
$
|
104
|
|
|
$
|
(135
|
)
|
Credit risk on loans
|
(26
|
)
|
|
(3
|
)
|
||
Interest rate and foreign currency risk on ALM activities (2)
|
1,112
|
|
|
(139
|
)
|
(1)
|
Primarily related to hedges of interest rate risk on mortgage servicing rights (MSRs) and interest rate lock commitments (IRLCs) to originate mortgage loans that will be held for sale. The net gains on IRLCs, which are not included in the table but are considered derivative instruments, were $12 million and $14 million for the three months ended March 31, 2019 and 2018.
|
(2)
|
Primarily related to hedges of debt securities carried at fair value and hedges of foreign currency-denominated debt.
|
|
|
|
|
|
|
|
|
||||||||
Sales and Trading Revenue
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Trading Account Income
|
|
Net Interest
Income
|
|
Other (1)
|
|
Total
|
||||||||
(Dollars in millions)
|
Three Months Ended March 31, 2019
|
||||||||||||||
Interest rate risk
|
$
|
286
|
|
|
$
|
414
|
|
|
$
|
82
|
|
|
$
|
782
|
|
Foreign exchange risk
|
318
|
|
|
16
|
|
|
3
|
|
|
337
|
|
||||
Equity risk
|
969
|
|
|
(176
|
)
|
|
395
|
|
|
1,188
|
|
||||
Credit risk
|
501
|
|
|
429
|
|
|
134
|
|
|
1,064
|
|
||||
Other risk
|
9
|
|
|
19
|
|
|
12
|
|
|
40
|
|
||||
Total sales and trading revenue
|
$
|
2,083
|
|
|
$
|
702
|
|
|
$
|
626
|
|
|
$
|
3,411
|
|
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended March 31, 2018
|
||||||||||||||
Interest rate risk
|
$
|
459
|
|
|
$
|
413
|
|
|
$
|
71
|
|
|
$
|
943
|
|
Foreign exchange risk
|
402
|
|
|
(1
|
)
|
|
4
|
|
|
405
|
|
||||
Equity risk
|
1,126
|
|
|
(96
|
)
|
|
457
|
|
|
1,487
|
|
||||
Credit risk
|
540
|
|
|
466
|
|
|
147
|
|
|
1,153
|
|
||||
Other risk
|
29
|
|
|
47
|
|
|
15
|
|
|
91
|
|
||||
Total sales and trading revenue
|
$
|
2,556
|
|
|
$
|
829
|
|
|
$
|
694
|
|
|
$
|
4,079
|
|
(1)
|
Represents amounts in investment and brokerage services and other income that are recorded in Global Markets and included in the definition of sales and trading revenue. Includes investment and brokerage services revenue of $433 million and $476 million for the three months ended March 31, 2019 and 2018.
|
53 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Credit Derivative Instruments
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Less than
One Year
|
|
One to
Three Years
|
|
Three to
Five Years
|
|
Over Five
Years
|
|
Total
|
||||||||||
|
March 31, 2019
|
||||||||||||||||||
(Dollars in millions)
|
Carrying Value
|
||||||||||||||||||
Credit default swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
188
|
|
|
$
|
505
|
|
|
$
|
700
|
|
Non-investment grade
|
174
|
|
|
486
|
|
|
757
|
|
|
1,311
|
|
|
2,728
|
|
|||||
Total
|
174
|
|
|
493
|
|
|
945
|
|
|
1,816
|
|
|
3,428
|
|
|||||
Total return swaps/options:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
35
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|||||
Non-investment grade
|
305
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
322
|
|
|||||
Total
|
340
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
357
|
|
|||||
Total credit derivatives
|
$
|
514
|
|
|
$
|
510
|
|
|
$
|
945
|
|
|
$
|
1,816
|
|
|
$
|
3,785
|
|
Credit-related notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
575
|
|
|
$
|
578
|
|
Non-investment grade
|
1
|
|
|
—
|
|
|
1
|
|
|
1,569
|
|
|
1,571
|
|
|||||
Total credit-related notes
|
$
|
1
|
|
|
$
|
3
|
|
|
$
|
1
|
|
|
$
|
2,144
|
|
|
$
|
2,149
|
|
|
Maximum Payout/Notional
|
||||||||||||||||||
Credit default swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
$
|
52,444
|
|
|
$
|
95,398
|
|
|
$
|
118,377
|
|
|
$
|
10,881
|
|
|
$
|
277,100
|
|
Non-investment grade
|
21,642
|
|
|
31,254
|
|
|
41,546
|
|
|
11,064
|
|
|
105,506
|
|
|||||
Total
|
74,086
|
|
|
126,652
|
|
|
159,923
|
|
|
21,945
|
|
|
382,606
|
|
|||||
Total return swaps/options:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
54,991
|
|
|
430
|
|
|
60
|
|
|
73
|
|
|
55,554
|
|
|||||
Non-investment grade
|
17,245
|
|
|
436
|
|
|
39
|
|
|
65
|
|
|
17,785
|
|
|||||
Total
|
72,236
|
|
|
866
|
|
|
99
|
|
|
138
|
|
|
73,339
|
|
|||||
Total credit derivatives
|
$
|
146,322
|
|
|
$
|
127,518
|
|
|
$
|
160,022
|
|
|
$
|
22,083
|
|
|
$
|
455,945
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31, 2018
|
||||||||||||||||||
|
Carrying Value
|
||||||||||||||||||
Credit default swaps:
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment grade
|
$
|
2
|
|
|
$
|
44
|
|
|
$
|
436
|
|
|
$
|
488
|
|
|
$
|
970
|
|
Non-investment grade
|
132
|
|
|
636
|
|
|
914
|
|
|
1,691
|
|
|
3,373
|
|
|||||
Total
|
134
|
|
|
680
|
|
|
1,350
|
|
|
2,179
|
|
|
4,343
|
|
|||||
Total return swaps/options:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
105
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
105
|
|
|||||
Non-investment grade
|
472
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
493
|
|
|||||
Total
|
577
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
598
|
|
|||||
Total credit derivatives
|
$
|
711
|
|
|
$
|
701
|
|
|
$
|
1,350
|
|
|
$
|
2,179
|
|
|
$
|
4,941
|
|
Credit-related notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
532
|
|
|
$
|
536
|
|
Non-investment grade
|
1
|
|
|
1
|
|
|
1
|
|
|
1,500
|
|
|
1,503
|
|
|||||
Total credit-related notes
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
5
|
|
|
$
|
2,032
|
|
|
$
|
2,039
|
|
|
Maximum Payout/Notional
|
||||||||||||||||||
Credit default swaps:
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment grade
|
$
|
53,758
|
|
|
$
|
95,699
|
|
|
$
|
95,274
|
|
|
$
|
20,054
|
|
|
$
|
264,785
|
|
Non-investment grade
|
24,297
|
|
|
33,881
|
|
|
34,530
|
|
|
14,426
|
|
|
107,134
|
|
|||||
Total
|
78,055
|
|
|
129,580
|
|
|
129,804
|
|
|
34,480
|
|
|
371,919
|
|
|||||
Total return swaps/options:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
60,042
|
|
|
822
|
|
|
59
|
|
|
72
|
|
|
60,995
|
|
|||||
Non-investment grade
|
24,524
|
|
|
1,649
|
|
|
39
|
|
|
70
|
|
|
26,282
|
|
|||||
Total
|
84,566
|
|
|
2,471
|
|
|
98
|
|
|
142
|
|
|
87,277
|
|
|||||
Total credit derivatives
|
$
|
162,621
|
|
|
$
|
132,051
|
|
|
$
|
129,902
|
|
|
$
|
34,622
|
|
|
$
|
459,196
|
|
|
|
Bank of America 54
|
|
|
|
|
||||
Additional Collateral Required to be Posted Upon Downgrade at March 31, 2019
|
|||||||
|
|
|
|
||||
(Dollars in millions)
|
One
incremental notch
|
|
Second
incremental notch
|
||||
Bank of America Corporation
|
$
|
448
|
|
|
$
|
383
|
|
Bank of America, N.A. and subsidiaries (1)
|
177
|
|
|
289
|
|
(1)
|
Included in Bank of America Corporation collateral requirements in this table.
|
|
|
|
|
||||
Derivative Liabilities Subject to Unilateral Termination Upon Downgrade at March 31, 2019
|
|||||||
|
|
|
|
||||
(Dollars in millions)
|
One
incremental notch
|
|
Second
incremental notch
|
||||
Derivative liabilities
|
$
|
90
|
|
|
$
|
633
|
|
Collateral posted
|
64
|
|
|
448
|
|
|
|
|
|
|
|
||||||||
Valuation Adjustments on Derivatives (1)
|
|||||||||||||
|
|
|
|
|
|
||||||||
|
Three Months Ended March 31
|
||||||||||||
Gains (Losses)
|
2019
|
|
2018
|
||||||||||
(Dollars in millions)
|
Gross
|
Net
|
|
Gross
|
Net
|
||||||||
Derivative assets (CVA)
|
$
|
66
|
|
$
|
25
|
|
|
$
|
(24
|
)
|
$
|
18
|
|
Derivative assets/liabilities (FVA)
|
7
|
|
23
|
|
|
(37
|
)
|
(1
|
)
|
||||
Derivative liabilities (DVA)
|
(81
|
)
|
(65
|
)
|
|
114
|
|
106
|
|
(1)
|
At March 31, 2019 and December 31, 2018, cumulative CVA reduced the derivative assets balance by $534 million and $600 million, cumulative FVA reduced the net derivatives balance by $144 million and $151 million, and cumulative DVA reduced the derivative liabilities balance by $350 million and $432 million, respectively.
|
55 Bank of America
|
|
|
|
|
|
|
|
|
|
|
||||||||
Debt Securities
|
|
|
|
|
|||||||||||
|
|
||||||||||||||
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
(Dollars in millions)
|
March 31, 2019
|
||||||||||||||
Available-for-sale debt securities
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|||||||
Agency
|
$
|
118,899
|
|
|
$
|
217
|
|
|
$
|
(1,951
|
)
|
|
$
|
117,165
|
|
Agency-collateralized mortgage obligations
|
5,411
|
|
|
35
|
|
|
(67
|
)
|
|
5,379
|
|
||||
Commercial
|
14,489
|
|
|
48
|
|
|
(168
|
)
|
|
14,369
|
|
||||
Non-agency residential (1)
|
1,772
|
|
|
251
|
|
|
(8
|
)
|
|
2,015
|
|
||||
Total mortgage-backed securities
|
140,571
|
|
|
551
|
|
|
(2,194
|
)
|
|
138,928
|
|
||||
U.S. Treasury and agency securities
|
61,461
|
|
|
261
|
|
|
(698
|
)
|
|
61,024
|
|
||||
Non-U.S. securities
|
10,759
|
|
|
5
|
|
|
(2
|
)
|
|
10,762
|
|
||||
Other taxable securities, substantially all asset-backed securities
|
3,375
|
|
|
59
|
|
|
(1
|
)
|
|
3,433
|
|
||||
Total taxable securities
|
216,166
|
|
|
876
|
|
|
(2,895
|
)
|
|
214,147
|
|
||||
Tax-exempt securities
|
17,360
|
|
|
148
|
|
|
(42
|
)
|
|
17,466
|
|
||||
Total available-for-sale debt securities
|
233,526
|
|
|
1,024
|
|
|
(2,937
|
)
|
|
231,613
|
|
||||
Other debt securities carried at fair value
|
10,152
|
|
|
211
|
|
|
(20
|
)
|
|
10,343
|
|
||||
Total debt securities carried at fair value
|
243,678
|
|
|
1,235
|
|
|
(2,957
|
)
|
|
241,956
|
|
||||
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities
|
198,718
|
|
|
1,949
|
|
|
(2,137
|
)
|
|
198,530
|
|
||||
Total debt securities (2, 3)
|
$
|
442,396
|
|
|
$
|
3,184
|
|
|
$
|
(5,094
|
)
|
|
$
|
440,486
|
|
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2018
|
||||||||||||||
Available-for-sale debt securities
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Agency
|
$
|
125,116
|
|
|
$
|
138
|
|
|
$
|
(3,428
|
)
|
|
$
|
121,826
|
|
Agency-collateralized mortgage obligations
|
5,621
|
|
|
19
|
|
|
(110
|
)
|
|
5,530
|
|
||||
Commercial
|
14,469
|
|
|
11
|
|
|
(402
|
)
|
|
14,078
|
|
||||
Non-agency residential (1)
|
1,792
|
|
|
136
|
|
|
(11
|
)
|
|
1,917
|
|
||||
Total mortgage-backed securities
|
146,998
|
|
|
304
|
|
|
(3,951
|
)
|
|
143,351
|
|
||||
U.S. Treasury and agency securities
|
56,239
|
|
|
62
|
|
|
(1,378
|
)
|
|
54,923
|
|
||||
Non-U.S. securities
|
9,307
|
|
|
5
|
|
|
(6
|
)
|
|
9,306
|
|
||||
Other taxable securities, substantially all asset-backed securities
|
4,387
|
|
|
29
|
|
|
(6
|
)
|
|
4,410
|
|
||||
Total taxable securities
|
216,931
|
|
|
400
|
|
|
(5,341
|
)
|
|
211,990
|
|
||||
Tax-exempt securities
|
17,349
|
|
|
99
|
|
|
(72
|
)
|
|
17,376
|
|
||||
Total available-for-sale debt securities
|
234,280
|
|
|
499
|
|
|
(5,413
|
)
|
|
229,366
|
|
||||
Other debt securities carried at fair value
|
8,595
|
|
|
172
|
|
|
(32
|
)
|
|
8,735
|
|
||||
Total debt securities carried at fair value
|
242,875
|
|
|
671
|
|
|
(5,445
|
)
|
|
238,101
|
|
||||
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities
|
203,652
|
|
|
747
|
|
|
(3,964
|
)
|
|
200,435
|
|
||||
Total debt securities (2, 3)
|
$
|
446,527
|
|
|
$
|
1,418
|
|
|
$
|
(9,409
|
)
|
|
$
|
438,536
|
|
(1)
|
At both March 31, 2019 and December 31, 2018, the underlying collateral type included approximately 68 percent prime, four percent Alt-A and 28 percent subprime.
|
(2)
|
Includes securities pledged as collateral of $47.9 billion and $40.6 billion at March 31, 2019 and December 31, 2018.
|
(3)
|
The Corporation held debt securities from Fannie Mae (FNMA) and Freddie Mac (FHLMC) that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $158.7 billion and $52.0 billion, and a fair value of $158.3 billion and $51.9 billion at March 31, 2019, and an amortized cost of $161.2 billion and $52.2 billion, and a fair value of $158.5 billion and $51.4 billion at December 31, 2018.
|
|
|
Bank of America 56
|
|
|
|
|
||||
Other Debt Securities Carried at Fair Value
|
|||||||
|
|
||||||
|
March 31
|
|
December 31
|
|
|||
(Dollars in millions)
|
2019
|
|
2018
|
||||
Mortgage-backed securities
|
$
|
2,651
|
|
|
$
|
1,606
|
|
U.S. Treasury and agency securities
|
—
|
|
|
1,282
|
|
||
Non-U.S. securities (1)
|
7,689
|
|
|
5,844
|
|
||
Other taxable securities, substantially all asset-backed securities
|
3
|
|
|
3
|
|
||
Total
|
$
|
10,343
|
|
|
$
|
8,735
|
|
(1)
|
These securities are primarily used to satisfy certain international regulatory liquidity requirements.
|
|
|
|
|
||||
Gains and Losses on Sales of AFS Debt Securities
|
|||||||
|
|
||||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
||||
Gross gains
|
$
|
117
|
|
|
$
|
2
|
|
Gross losses
|
(111
|
)
|
|
—
|
|
||
Net gains on sales of AFS debt securities
|
$
|
6
|
|
|
$
|
2
|
|
Income tax expense attributable to realized net gains on sales of AFS debt securities
|
$
|
2
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Temporarily Impaired and Other-than-temporarily Impaired AFS Debt Securities
|
|
|
|
|
|
|
|||||||||||||||||
|
|
||||||||||||||||||||||
|
Less than Twelve Months
|
|
Twelve Months or Longer
|
|
Total
|
||||||||||||||||||
|
Fair
Value
|
|
Gross Unrealized Losses
|
|
Fair
Value
|
|
Gross Unrealized Losses
|
|
Fair
Value
|
|
Gross Unrealized Losses
|
||||||||||||
(Dollars in millions)
|
March 31, 2019
|
||||||||||||||||||||||
Temporarily impaired AFS debt securities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Agency
|
$
|
820
|
|
|
$
|
(2
|
)
|
|
$
|
98,153
|
|
|
$
|
(1,949
|
)
|
|
$
|
98,973
|
|
|
$
|
(1,951
|
)
|
Agency-collateralized mortgage obligations
|
61
|
|
|
—
|
|
|
3,495
|
|
|
(67
|
)
|
|
3,556
|
|
|
(67
|
)
|
||||||
Commercial
|
1,004
|
|
|
(4
|
)
|
|
9,396
|
|
|
(164
|
)
|
|
10,400
|
|
|
(168
|
)
|
||||||
Non-agency residential
|
86
|
|
|
(8
|
)
|
|
1
|
|
|
—
|
|
|
87
|
|
|
(8
|
)
|
||||||
Total mortgage-backed securities
|
1,971
|
|
|
(14
|
)
|
|
111,045
|
|
|
(2,180
|
)
|
|
113,016
|
|
|
(2,194
|
)
|
||||||
U.S. Treasury and agency securities
|
250
|
|
|
(1
|
)
|
|
43,444
|
|
|
(697
|
)
|
|
43,694
|
|
|
(698
|
)
|
||||||
Non-U.S. securities
|
2,350
|
|
|
(1
|
)
|
|
59
|
|
|
(1
|
)
|
|
2,409
|
|
|
(2
|
)
|
||||||
Other taxable securities, substantially all asset-backed securities
|
265
|
|
|
—
|
|
|
65
|
|
|
(1
|
)
|
|
330
|
|
|
(1
|
)
|
||||||
Total taxable securities
|
4,836
|
|
|
(16
|
)
|
|
154,613
|
|
|
(2,879
|
)
|
|
159,449
|
|
|
(2,895
|
)
|
||||||
Tax-exempt securities
|
123
|
|
|
—
|
|
|
1,470
|
|
|
(42
|
)
|
|
1,593
|
|
|
(42
|
)
|
||||||
Total temporarily impaired AFS debt securities
|
4,959
|
|
|
(16
|
)
|
|
156,083
|
|
|
(2,921
|
)
|
|
161,042
|
|
|
(2,937
|
)
|
||||||
Other-than-temporarily impaired AFS debt securities (1)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-agency residential mortgage-backed securities
|
53
|
|
|
(1
|
)
|
|
83
|
|
|
1
|
|
|
136
|
|
|
—
|
|
||||||
Total temporarily impaired and other-than-temporarily impaired
AFS debt securities
|
$
|
5,012
|
|
|
$
|
(17
|
)
|
|
$
|
156,166
|
|
|
$
|
(2,920
|
)
|
|
$
|
161,178
|
|
|
$
|
(2,937
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
December 31, 2018
|
||||||||||||||||||||||
Temporarily impaired AFS debt securities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Agency
|
$
|
14,771
|
|
|
$
|
(49
|
)
|
|
$
|
99,211
|
|
|
$
|
(3,379
|
)
|
|
$
|
113,982
|
|
|
$
|
(3,428
|
)
|
Agency-collateralized mortgage obligations
|
3
|
|
|
—
|
|
|
4,452
|
|
|
(110
|
)
|
|
4,455
|
|
|
(110
|
)
|
||||||
Commercial
|
1,344
|
|
|
(8
|
)
|
|
11,991
|
|
|
(394
|
)
|
|
13,335
|
|
|
(402
|
)
|
||||||
Non-agency residential
|
106
|
|
|
(8
|
)
|
|
49
|
|
|
(3
|
)
|
|
155
|
|
|
(11
|
)
|
||||||
Total mortgage-backed securities
|
16,224
|
|
|
(65
|
)
|
|
115,703
|
|
|
(3,886
|
)
|
|
131,927
|
|
|
(3,951
|
)
|
||||||
U.S. Treasury and agency securities
|
288
|
|
|
(1
|
)
|
|
51,374
|
|
|
(1,377
|
)
|
|
51,662
|
|
|
(1,378
|
)
|
||||||
Non-U.S. securities
|
773
|
|
|
(5
|
)
|
|
21
|
|
|
(1
|
)
|
|
794
|
|
|
(6
|
)
|
||||||
Other taxable securities, substantially all asset-backed securities
|
183
|
|
|
(1
|
)
|
|
185
|
|
|
(5
|
)
|
|
368
|
|
|
(6
|
)
|
||||||
Total taxable securities
|
17,468
|
|
|
(72
|
)
|
|
167,283
|
|
|
(5,269
|
)
|
|
184,751
|
|
|
(5,341
|
)
|
||||||
Tax-exempt securities
|
232
|
|
|
(2
|
)
|
|
2,148
|
|
|
(70
|
)
|
|
2,380
|
|
|
(72
|
)
|
||||||
Total temporarily impaired AFS debt securities
|
17,700
|
|
|
(74
|
)
|
|
169,431
|
|
|
(5,339
|
)
|
|
187,131
|
|
|
(5,413
|
)
|
||||||
Other-than-temporarily impaired AFS debt securities (1)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-agency residential mortgage-backed securities
|
131
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
134
|
|
|
—
|
|
||||||
Total temporarily impaired and other-than-temporarily impaired
AFS debt securities
|
$
|
17,831
|
|
|
$
|
(74
|
)
|
|
$
|
169,434
|
|
|
$
|
(5,339
|
)
|
|
$
|
187,265
|
|
|
$
|
(5,413
|
)
|
(1)
|
Includes other-than-temporarily impaired AFS debt securities on which an OTTI loss, primarily related to changes in interest rates, remains in accumulated OCI.
|
57 Bank of America
|
|
|
|
|
|
|
|
|
|||
Significant Assumptions
|
||||||||
|
|
|
|
|||||
|
|
|
Range (1)
|
|||||
|
Weighted
average |
|
10th
Percentile (2)
|
|
90th
Percentile (2)
|
|||
Prepayment speed
|
12.1
|
%
|
|
3.0
|
%
|
|
21.0
|
%
|
Loss severity
|
20.5
|
|
|
8.6
|
|
|
38.5
|
|
Life default rate
|
17.3
|
|
|
1.2
|
|
|
65.6
|
|
(1)
|
Represents the range of inputs/assumptions based upon the underlying collateral.
|
(2)
|
The value of a variable below which the indicated percentile of observations will fall.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities
|
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Due in One
Year or Less
|
|
Due after One Year
through Five Years
|
|
Due after Five Years
through Ten Years
|
|
Due after
Ten Years
|
|
Total
|
|||||||||||||||||||||||||
(Dollars in millions)
|
Amount
|
|
Yield (1)
|
|
Amount
|
|
Yield (1)
|
|
Amount
|
|
Yield (1)
|
|
Amount
|
|
Yield (1)
|
|
Amount
|
|
Yield (1)
|
|||||||||||||||
Amortized cost of debt securities carried at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Agency
|
$
|
—
|
|
|
—
|
%
|
|
$
|
143
|
|
|
2.29
|
%
|
|
$
|
1,557
|
|
|
2.41
|
%
|
|
$
|
118,203
|
|
|
3.32
|
%
|
|
$
|
119,903
|
|
|
3.31
|
%
|
Agency-collateralized mortgage obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29
|
|
|
2.52
|
|
|
5,382
|
|
|
3.17
|
|
|
5,411
|
|
|
3.17
|
|
|||||
Commercial
|
135
|
|
|
1.78
|
|
|
2,498
|
|
|
2.37
|
|
|
10,931
|
|
|
2.54
|
|
|
925
|
|
|
3.01
|
|
|
14,489
|
|
|
2.53
|
|
|||||
Non-agency residential
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
3,227
|
|
|
10.28
|
|
|
3,240
|
|
|
10.24
|
|
|||||
Total mortgage-backed securities
|
135
|
|
|
1.78
|
|
|
2,641
|
|
|
2.36
|
|
|
12,530
|
|
|
2.52
|
|
|
127,737
|
|
|
3.49
|
|
|
143,043
|
|
|
3.38
|
|
|||||
U.S. Treasury and agency securities
|
739
|
|
|
1.15
|
|
|
29,186
|
|
|
1.52
|
|
|
31,517
|
|
|
2.44
|
|
|
19
|
|
|
2.53
|
|
|
61,461
|
|
|
1.98
|
|
|||||
Non-U.S. securities
|
17,607
|
|
|
1.00
|
|
|
701
|
|
|
2.62
|
|
|
17
|
|
|
4.16
|
|
|
114
|
|
|
6.63
|
|
|
18,439
|
|
|
1.10
|
|
|||||
Other taxable securities, substantially all asset-backed securities
|
701
|
|
|
3.66
|
|
|
1,944
|
|
|
3.55
|
|
|
646
|
|
|
3.14
|
|
|
84
|
|
|
5.91
|
|
|
3,375
|
|
|
3.55
|
|
|||||
Total taxable securities
|
19,182
|
|
|
1.11
|
|
|
34,472
|
|
|
1.72
|
|
|
44,710
|
|
|
2.47
|
|
|
127,954
|
|
|
3.49
|
|
|
226,318
|
|
|
2.81
|
|
|||||
Tax-exempt securities
|
786
|
|
|
2.55
|
|
|
7,353
|
|
|
2.43
|
|
|
6,207
|
|
|
2.37
|
|
|
3,014
|
|
|
1.97
|
|
|
17,360
|
|
|
2.34
|
|
|||||
Total amortized cost of debt securities carried at fair value
|
$
|
19,968
|
|
|
1.16
|
|
|
$
|
41,825
|
|
|
1.85
|
|
|
$
|
50,917
|
|
|
2.46
|
|
|
$
|
130,968
|
|
|
3.46
|
|
|
$
|
243,678
|
|
|
2.78
|
|
Amortized cost of HTM debt securities (2)
|
$
|
370
|
|
|
5.41
|
|
|
$
|
17
|
|
|
3.93
|
|
|
$
|
1,669
|
|
|
3.04
|
|
|
$
|
196,662
|
|
|
3.23
|
|
|
$
|
198,718
|
|
|
3.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Debt securities carried at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Agency
|
$
|
—
|
|
|
|
|
|
$
|
142
|
|
|
|
|
|
$
|
1,544
|
|
|
|
|
|
$
|
116,492
|
|
|
|
|
|
$
|
118,178
|
|
|
|
|
Agency-collateralized mortgage obligations
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
28
|
|
|
|
|
|
5,351
|
|
|
|
|
|
5,379
|
|
|
|
|
|||||
Commercial
|
135
|
|
|
|
|
|
2,484
|
|
|
|
|
|
10,832
|
|
|
|
|
|
918
|
|
|
|
|
|
14,369
|
|
|
|
|
|||||
Non-agency residential
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
27
|
|
|
|
|
|
3,626
|
|
|
|
|
|
3,653
|
|
|
|
|
|||||
Total mortgage-backed securities
|
135
|
|
|
|
|
2,626
|
|
|
|
|
12,431
|
|
|
|
|
126,387
|
|
|
|
|
141,579
|
|
|
|
||||||||||
U.S. Treasury and agency securities
|
738
|
|
|
|
|
28,583
|
|
|
|
|
31,684
|
|
|
|
|
19
|
|
|
|
|
61,024
|
|
|
|
||||||||||
Non-U.S. securities
|
17,604
|
|
|
|
|
|
712
|
|
|
|
|
|
17
|
|
|
|
|
|
118
|
|
|
|
|
|
18,451
|
|
|
|
|
|||||
Other taxable securities, substantially all asset-backed securities
|
703
|
|
|
|
|
|
1,967
|
|
|
|
|
|
681
|
|
|
|
|
|
85
|
|
|
|
|
|
3,436
|
|
|
|
|
|||||
Total taxable securities
|
19,180
|
|
|
|
|
|
33,888
|
|
|
|
|
|
44,813
|
|
|
|
|
|
126,609
|
|
|
|
|
|
224,490
|
|
|
|
|
|||||
Tax-exempt securities
|
786
|
|
|
|
|
|
7,370
|
|
|
|
|
|
6,285
|
|
|
|
|
|
3,025
|
|
|
|
|
|
17,466
|
|
|
|
|
|||||
Total debt securities carried at fair value
|
$
|
19,966
|
|
|
|
|
|
$
|
41,258
|
|
|
|
|
|
$
|
51,098
|
|
|
|
|
|
$
|
129,634
|
|
|
|
|
|
$
|
241,956
|
|
|
|
|
Fair value of HTM debt securities (2)
|
$
|
370
|
|
|
|
|
$
|
17
|
|
|
|
|
$
|
1,650
|
|
|
|
|
$
|
196,493
|
|
|
|
|
$
|
198,530
|
|
|
|
(1)
|
The weighted-average yield is computed based on a constant effective interest rate over the contractual life of each security. The average yield considers the contractual coupon and the amortization of premiums and accretion of discounts, excluding the effect of related hedging derivatives.
|
(2)
|
Substantially all U.S. agency MBS.
|
|
|
Bank of America 58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
30-59 Days Past Due (1)
|
|
60-89 Days Past Due (1)
|
|
90 Days or
More
Past Due (2)
|
|
Total Past
Due 30 Days
or More
|
|
Total Current or Less Than 30 Days Past Due (3)
|
|
Loans Accounted for Under the Fair Value Option
|
|
Total
Outstandings
|
||||||||||||||
(Dollars in millions)
|
March 31, 2019
|
||||||||||||||||||||||||||
Consumer real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Residential mortgage
|
$
|
1,068
|
|
|
$
|
225
|
|
|
$
|
734
|
|
|
$
|
2,027
|
|
|
$
|
196,497
|
|
|
|
|
$
|
198,524
|
|
||
Home equity
|
163
|
|
|
81
|
|
|
348
|
|
|
592
|
|
|
38,114
|
|
|
|
|
38,706
|
|
||||||||
Non-core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Residential mortgage
|
622
|
|
|
242
|
|
|
1,864
|
|
|
2,728
|
|
|
10,771
|
|
|
|
|
13,499
|
|
||||||||
Home equity
|
126
|
|
|
58
|
|
|
270
|
|
|
454
|
|
|
7,081
|
|
|
|
|
7,535
|
|
||||||||
Credit card and other consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
U.S. credit card
|
546
|
|
|
381
|
|
|
1,005
|
|
|
1,932
|
|
|
91,077
|
|
|
|
|
93,009
|
|
||||||||
Direct/Indirect consumer (4)
|
267
|
|
|
76
|
|
|
33
|
|
|
376
|
|
|
89,172
|
|
|
|
|
89,548
|
|
||||||||
Other consumer (5)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
152
|
|
|
|
|
152
|
|
||||||||
Total consumer
|
2,792
|
|
|
1,063
|
|
|
4,254
|
|
|
8,109
|
|
|
432,864
|
|
|
|
|
440,973
|
|
||||||||
Consumer loans accounted for under the fair value option (6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
668
|
|
|
668
|
|
||||||
Total consumer loans and leases
|
2,792
|
|
|
1,063
|
|
|
4,254
|
|
|
8,109
|
|
|
432,864
|
|
|
668
|
|
|
441,641
|
|
|||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
U.S. commercial
|
515
|
|
|
180
|
|
|
356
|
|
|
1,051
|
|
|
299,348
|
|
|
|
|
300,399
|
|
||||||||
Non-U.S. commercial
|
11
|
|
|
2
|
|
|
—
|
|
|
13
|
|
|
101,016
|
|
|
|
|
101,029
|
|
||||||||
Commercial real estate (7)
|
15
|
|
|
—
|
|
|
10
|
|
|
25
|
|
|
61,190
|
|
|
|
|
61,215
|
|
||||||||
Commercial lease financing
|
256
|
|
|
34
|
|
|
21
|
|
|
311
|
|
|
20,885
|
|
|
|
|
21,196
|
|
||||||||
U.S. small business commercial
|
88
|
|
|
49
|
|
|
99
|
|
|
236
|
|
|
14,380
|
|
|
|
|
14,616
|
|
||||||||
Total commercial
|
885
|
|
|
265
|
|
|
486
|
|
|
1,636
|
|
|
496,819
|
|
|
|
|
498,455
|
|
||||||||
Commercial loans accounted for under the fair value option (6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,519
|
|
|
5,519
|
|
|||||||
Total commercial loans and leases
|
885
|
|
|
265
|
|
|
486
|
|
|
1,636
|
|
|
496,819
|
|
|
5,519
|
|
|
503,974
|
|
|||||||
Total loans and leases (8)
|
$
|
3,677
|
|
|
$
|
1,328
|
|
|
$
|
4,740
|
|
|
$
|
9,745
|
|
|
$
|
929,683
|
|
|
$
|
6,187
|
|
|
$
|
945,615
|
|
Percentage of outstandings
|
0.39
|
%
|
|
0.14
|
%
|
|
0.50
|
%
|
|
1.03
|
%
|
|
98.32
|
%
|
|
0.65
|
%
|
|
100.00
|
%
|
(1)
|
Consumer real estate loans 30-59 days past due includes fully-insured loans of $575 million and nonperforming loans of $188 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $221 million and nonperforming loans of $134 million.
|
(2)
|
Consumer real estate includes fully-insured loans of $1.6 billion.
|
(3)
|
Consumer real estate includes $1.8 billion and direct/indirect consumer includes $51 million of nonperforming loans.
|
(4)
|
Total outstandings includes auto and specialty lending loans and leases of $49.9 billion, unsecured consumer lending loans of $355 million, U.S. securities-based lending loans of $35.8 billion, non-U.S. consumer loans of $2.8 billion and other consumer loans of $697 million.
|
(5)
|
Substantially all of other consumer is consumer overdrafts.
|
(6)
|
Consumer loans accounted for under the fair value option includes residential mortgage loans of $315 million and home equity loans of $353 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.8 billion and non-U.S. commercial loans of $2.7 billion. For additional information, see Note 15 – Fair Value Measurements and Note 16 – Fair Value Option.
|
(7)
|
Total outstandings includes U.S. commercial real estate loans of $56.8 billion and non-U.S. commercial real estate loans of $4.4 billion.
|
(8)
|
Total outstandings includes loans and leases pledged as collateral of $25.4 billion. The Corporation also pledged $164.4 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank (FHLB).
|
59 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
30-59 Days
Past Due (1) |
|
60-89 Days Past Due (1)
|
|
90 Days or
More Past Due (2) |
|
Total Past
Due 30 Days or More |
|
Total
Current or
Less Than
30 Days
Past Due (3)
|
|
Loans
Accounted
for Under
the Fair
Value Option
|
|
Total Outstandings
|
||||||||||||||
(Dollars in millions)
|
December 31, 2018
|
||||||||||||||||||||||||||
Consumer real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Residential mortgage
|
$
|
1,188
|
|
|
$
|
249
|
|
|
$
|
793
|
|
|
$
|
2,230
|
|
|
$
|
191,465
|
|
|
|
|
|
$
|
193,695
|
|
|
Home equity
|
200
|
|
|
85
|
|
|
387
|
|
|
672
|
|
|
39,338
|
|
|
|
|
|
40,010
|
|
|||||||
Non-core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Residential mortgage
|
757
|
|
|
309
|
|
|
2,201
|
|
|
3,267
|
|
|
11,595
|
|
|
|
|
|
14,862
|
|
|||||||
Home equity
|
139
|
|
|
69
|
|
|
339
|
|
|
547
|
|
|
7,729
|
|
|
|
|
|
8,276
|
|
|||||||
Credit card and other consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
U.S. credit card
|
577
|
|
|
418
|
|
|
994
|
|
|
1,989
|
|
|
96,349
|
|
|
|
|
|
98,338
|
|
|||||||
Direct/Indirect consumer (4)
|
317
|
|
|
90
|
|
|
40
|
|
|
447
|
|
|
90,719
|
|
|
|
|
|
91,166
|
|
|||||||
Other consumer (5)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
202
|
|
|
|
|
|
202
|
|
|||||||
Total consumer
|
3,178
|
|
|
1,220
|
|
|
4,754
|
|
|
9,152
|
|
|
437,397
|
|
|
|
|
446,549
|
|
||||||||
Consumer loans accounted for under the fair value option (6)
|
|
|
|
|
|
|
|
|
|
|
$
|
682
|
|
|
682
|
|
|||||||||||
Total consumer loans and leases
|
3,178
|
|
|
1,220
|
|
|
4,754
|
|
|
9,152
|
|
|
437,397
|
|
|
682
|
|
|
447,231
|
|
|||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
U.S. commercial
|
594
|
|
|
232
|
|
|
573
|
|
|
1,399
|
|
|
297,878
|
|
|
|
|
|
299,277
|
|
|||||||
Non-U.S. commercial
|
1
|
|
|
49
|
|
|
—
|
|
|
50
|
|
|
98,726
|
|
|
|
|
|
98,776
|
|
|||||||
Commercial real estate (7)
|
29
|
|
|
16
|
|
|
14
|
|
|
59
|
|
|
60,786
|
|
|
|
|
|
60,845
|
|
|||||||
Commercial lease financing
|
124
|
|
|
114
|
|
|
37
|
|
|
275
|
|
|
22,259
|
|
|
|
|
|
22,534
|
|
|||||||
U.S. small business commercial
|
83
|
|
|
54
|
|
|
96
|
|
|
233
|
|
|
14,332
|
|
|
|
|
|
14,565
|
|
|||||||
Total commercial
|
831
|
|
|
465
|
|
|
720
|
|
|
2,016
|
|
|
493,981
|
|
|
|
|
|
495,997
|
|
|||||||
Commercial loans accounted for under the fair value option (6)
|
|
|
|
|
|
|
|
|
|
|
3,667
|
|
|
3,667
|
|
||||||||||||
Total commercial loans and leases
|
831
|
|
|
465
|
|
|
720
|
|
|
2,016
|
|
|
493,981
|
|
|
3,667
|
|
|
499,664
|
|
|||||||
Total loans and leases (8)
|
$
|
4,009
|
|
|
$
|
1,685
|
|
|
$
|
5,474
|
|
|
$
|
11,168
|
|
|
$
|
931,378
|
|
|
$
|
4,349
|
|
|
$
|
946,895
|
|
Percentage of outstandings
|
0.42
|
%
|
|
0.18
|
%
|
|
0.58
|
%
|
|
1.18
|
%
|
|
98.36
|
%
|
|
0.46
|
%
|
|
100.00
|
%
|
(1)
|
Consumer real estate loans 30-59 days past due includes fully-insured loans of $637 million and nonperforming loans of $217 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $269 million and nonperforming loans of $146 million.
|
(2)
|
Consumer real estate includes fully-insured loans of $1.9 billion.
|
(3)
|
Consumer real estate includes $1.8 billion and direct/indirect consumer includes $53 million of nonperforming loans.
|
(4)
|
Total outstandings includes auto and specialty lending loans and leases of $50.1 billion, unsecured consumer lending loans of $383 million, U.S. securities-based lending loans of $37.0 billion, non-U.S. consumer loans of $2.9 billion and other consumer loans of $746 million.
|
(5)
|
Substantially all of other consumer is consumer overdrafts.
|
(6)
|
Consumer loans accounted for under the fair value option includes residential mortgage loans of $336 million and home equity loans of $346 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.5 billion and non-U.S. commercial loans of $1.1 billion. For additional information, see Note 15 – Fair Value Measurements and Note 16 – Fair Value Option.
|
(7)
|
Total outstandings includes U.S. commercial real estate loans of $56.6 billion and non-U.S. commercial real estate loans of $4.2 billion.
|
(8)
|
Total outstandings includes loans and leases pledged as collateral of $36.7 billion. The Corporation also pledged $166.1 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and FHLB.
|
|
|
Bank of America 60
|
|
|
|
|
|
|
|
|
||||||||
Credit Quality
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Nonperforming Loans
and Leases
|
|
Accruing Past Due
90 Days or More
|
||||||||||||
(Dollars in millions)
|
March 31
2019 |
|
December 31
2018 |
|
March 31
2019 |
|
December 31
2018 |
||||||||
Consumer real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||
Core portfolio
|
|
|
|
|
|
|
|
||||||||
Residential mortgage (1)
|
$
|
976
|
|
|
$
|
1,010
|
|
|
$
|
233
|
|
|
$
|
274
|
|
Home equity
|
906
|
|
|
955
|
|
|
—
|
|
|
—
|
|
||||
Non-core portfolio
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential mortgage (1)
|
797
|
|
|
883
|
|
|
1,360
|
|
|
1,610
|
|
||||
Home equity
|
845
|
|
|
938
|
|
|
—
|
|
|
—
|
|
||||
Credit card and other consumer
|
|
|
|
|
|
|
|
|
|
||||||
U.S. credit card
|
n/a
|
|
|
n/a
|
|
|
1,005
|
|
|
994
|
|
||||
Direct/Indirect consumer
|
54
|
|
|
56
|
|
|
31
|
|
|
38
|
|
||||
Total consumer
|
3,578
|
|
|
3,842
|
|
|
2,629
|
|
|
2,916
|
|
||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. commercial
|
870
|
|
|
794
|
|
|
46
|
|
|
197
|
|
||||
Non-U.S. commercial
|
80
|
|
|
80
|
|
|
—
|
|
|
—
|
|
||||
Commercial real estate
|
213
|
|
|
156
|
|
|
—
|
|
|
4
|
|
||||
Commercial lease financing
|
52
|
|
|
18
|
|
|
13
|
|
|
29
|
|
||||
U.S. small business commercial
|
57
|
|
|
54
|
|
|
91
|
|
|
84
|
|
||||
Total commercial
|
1,272
|
|
|
1,102
|
|
|
150
|
|
|
314
|
|
||||
Total loans and leases
|
$
|
4,850
|
|
|
$
|
4,944
|
|
|
$
|
2,779
|
|
|
$
|
3,230
|
|
(1)
|
Residential mortgage loans in the core and non-core portfolios accruing past due 90 days or more are fully-insured loans. At March 31, 2019 and December 31, 2018, residential mortgage includes $1.2 billion and $1.4 billion of loans on which interest has been curtailed by the Federal Housing Administration (FHA) and therefore are no longer accruing interest, although principal is still insured, and $391 million and $498 million of loans on which interest is still accruing.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Consumer Real Estate – Credit Quality Indicators (1)
|
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Core Residential Mortgage
|
|
Non-core Residential Mortgage
|
|
Core
Home Equity
|
|
Non-core Home Equity
|
|
Core Residential Mortgage
|
|
Non-core Residential Mortgage
|
|
Core
Home Equity
|
|
Non-core Home Equity
|
||||||||||||||||
(Dollars in millions)
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||||||||||
Refreshed LTV
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Less than or equal to 90 percent
|
$
|
178,424
|
|
|
$
|
9,388
|
|
|
$
|
38,003
|
|
|
$
|
6,001
|
|
|
$
|
173,911
|
|
|
$
|
10,272
|
|
|
$
|
39,246
|
|
|
$
|
6,478
|
|
Greater than 90 percent but less than or equal to 100 percent
|
2,676
|
|
|
473
|
|
|
319
|
|
|
613
|
|
|
2,349
|
|
|
533
|
|
|
354
|
|
|
715
|
|
||||||||
Greater than 100 percent
|
931
|
|
|
497
|
|
|
384
|
|
|
921
|
|
|
817
|
|
|
545
|
|
|
410
|
|
|
1,083
|
|
||||||||
Fully-insured loans (2)
|
16,493
|
|
|
3,141
|
|
|
|
|
|
|
16,618
|
|
|
3,512
|
|
|
|
|
|
||||||||||||
Total consumer real estate
|
$
|
198,524
|
|
|
$
|
13,499
|
|
|
$
|
38,706
|
|
|
$
|
7,535
|
|
|
$
|
193,695
|
|
|
$
|
14,862
|
|
|
$
|
40,010
|
|
|
$
|
8,276
|
|
Refreshed FICO score
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Less than 620
|
$
|
2,079
|
|
|
$
|
1,635
|
|
|
$
|
1,040
|
|
|
$
|
1,351
|
|
|
$
|
2,125
|
|
|
$
|
1,974
|
|
|
$
|
1,064
|
|
|
$
|
1,503
|
|
Greater than or equal to 620 and less than 680
|
4,634
|
|
|
1,483
|
|
|
1,945
|
|
|
1,560
|
|
|
4,538
|
|
|
1,719
|
|
|
2,008
|
|
|
1,720
|
|
||||||||
Greater than or equal to 680 and less than 740
|
23,770
|
|
|
2,777
|
|
|
6,695
|
|
|
1,978
|
|
|
23,841
|
|
|
3,042
|
|
|
7,008
|
|
|
2,188
|
|
||||||||
Greater than or equal to 740
|
151,548
|
|
|
4,463
|
|
|
29,026
|
|
|
2,646
|
|
|
146,573
|
|
|
4,615
|
|
|
29,930
|
|
|
2,865
|
|
||||||||
Fully-insured loans (2)
|
16,493
|
|
|
3,141
|
|
|
|
|
|
|
16,618
|
|
|
3,512
|
|
|
|
|
|
||||||||||||
Total consumer real estate
|
$
|
198,524
|
|
|
$
|
13,499
|
|
|
$
|
38,706
|
|
|
$
|
7,535
|
|
|
$
|
193,695
|
|
|
$
|
14,862
|
|
|
$
|
40,010
|
|
|
$
|
8,276
|
|
(1)
|
Excludes $668 million and $682 million of loans accounted for under the fair value option at March 31, 2019 and December 31, 2018.
|
(2)
|
Credit quality indicators are not reported for fully-insured loans as principal repayment is insured.
|
61 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Credit Card and Other Consumer – Credit Quality Indicators
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
U.S. Credit
Card
|
|
Direct/Indirect
Consumer
|
|
Other Consumer
|
|
U.S. Credit
Card |
|
Direct/Indirect
Consumer |
|
Other Consumer
|
||||||||||||
(Dollars in millions)
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
Refreshed FICO score
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Less than 620
|
$
|
4,936
|
|
|
$
|
1,630
|
|
|
|
|
$
|
5,016
|
|
|
$
|
1,719
|
|
|
|
||||
Greater than or equal to 620 and less than 680
|
11,919
|
|
|
2,945
|
|
|
|
|
12,415
|
|
|
3,124
|
|
|
|
||||||||
Greater than or equal to 680 and less than 740
|
34,085
|
|
|
8,634
|
|
|
|
|
35,781
|
|
|
8,921
|
|
|
|
||||||||
Greater than or equal to 740
|
42,069
|
|
|
37,038
|
|
|
|
|
45,126
|
|
|
36,709
|
|
|
|
||||||||
Other internal credit metrics (1, 2)
|
|
|
39,301
|
|
|
$
|
152
|
|
|
|
|
40,693
|
|
|
$
|
202
|
|
||||||
Total credit card and other consumer
|
$
|
93,009
|
|
|
$
|
89,548
|
|
|
$
|
152
|
|
|
$
|
98,338
|
|
|
$
|
91,166
|
|
|
$
|
202
|
|
(1)
|
Other internal credit metrics may include delinquency status, geography or other factors.
|
(2)
|
Direct/indirect consumer includes $38.6 billion and $39.9 billion of securities-based lending which is overcollateralized and therefore has minimal credit risk at March 31, 2019 and December 31, 2018.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial – Credit Quality Indicators (1)
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
U.S.
Commercial
|
|
Non-U.S.
Commercial
|
|
Commercial
Real Estate
|
|
Commercial
Lease
Financing
|
|
U.S. Small
Business
Commercial (2)
|
||||||||||
(Dollars in millions)
|
March 31, 2019
|
||||||||||||||||||
Risk ratings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pass rated
|
$
|
292,401
|
|
|
$
|
100,015
|
|
|
$
|
60,257
|
|
|
$
|
20,797
|
|
|
$
|
249
|
|
Reservable criticized
|
7,998
|
|
|
1,014
|
|
|
958
|
|
|
399
|
|
|
27
|
|
|||||
Refreshed FICO score (3)
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Less than 620
|
|
|
|
|
|
|
|
|
|
277
|
|
||||||||
Greater than or equal to 620 and less than 680
|
|
|
|
|
|
|
|
|
695
|
|
|||||||||
Greater than or equal to 680 and less than 740
|
|
|
|
|
|
|
|
|
2,081
|
|
|||||||||
Greater than or equal to 740
|
|
|
|
|
|
|
|
|
4,382
|
|
|||||||||
Other internal credit metrics (3, 4)
|
|
|
|
|
|
|
|
|
6,905
|
|
|||||||||
Total commercial
|
$
|
300,399
|
|
|
$
|
101,029
|
|
|
$
|
61,215
|
|
|
$
|
21,196
|
|
|
$
|
14,616
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31, 2018
|
||||||||||||||||||
Risk ratings
|
|
|
|
|
|
|
|
|
|
||||||||||
Pass rated
|
$
|
291,918
|
|
|
$
|
97,916
|
|
|
$
|
59,910
|
|
|
$
|
22,168
|
|
|
$
|
389
|
|
Reservable criticized
|
7,359
|
|
|
860
|
|
|
935
|
|
|
366
|
|
|
29
|
|
|||||
Refreshed FICO score (3)
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Less than 620
|
|
|
|
|
|
|
|
|
264
|
|
|||||||||
Greater than or equal to 620 and less than 680
|
|
|
|
|
|
|
|
|
684
|
|
|||||||||
Greater than or equal to 680 and less than 740
|
|
|
|
|
|
|
|
|
2,072
|
|
|||||||||
Greater than or equal to 740
|
|
|
|
|
|
|
|
|
4,254
|
|
|||||||||
Other internal credit metrics (3, 4)
|
|
|
|
|
|
|
|
|
6,873
|
|
|||||||||
Total commercial
|
$
|
299,277
|
|
|
$
|
98,776
|
|
|
$
|
60,845
|
|
|
$
|
22,534
|
|
|
$
|
14,565
|
|
(1)
|
Excludes $5.5 billion and $3.7 billion of loans accounted for under the fair value option at March 31, 2019 and December 31, 2018.
|
(2)
|
At March 31, 2019 and December 31, 2018, U.S. small business commercial includes $726 million and $731 million of criticized business card and small business loans which are evaluated using refreshed FICO scores or internal credit metrics, including delinquency status, rather than risk ratings. At both March 31, 2019 and December 31, 2018, 99 percent of the balances where internal credit metrics are used was current or less than 30 days past due.
|
(3)
|
Refreshed FICO score and other internal credit metrics are applicable only to the U.S. small business commercial portfolio.
|
(4)
|
Other internal credit metrics may include delinquency status, application scores, geography or other factors.
|
|
|
Bank of America 62
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Impaired Loans – Consumer Real Estate
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Unpaid
Principal
Balance
|
|
Carrying
Value
|
|
Related
Allowance
|
|
Unpaid
Principal
Balance
|
|
Carrying
Value
|
|
Related
Allowance
|
||||||||||||
(Dollars in millions)
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
With no recorded allowance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residential mortgage
|
$
|
5,087
|
|
|
$
|
4,033
|
|
|
$
|
—
|
|
|
$
|
5,396
|
|
|
$
|
4,268
|
|
|
$
|
—
|
|
Home equity
|
2,892
|
|
|
1,582
|
|
|
—
|
|
|
2,948
|
|
|
1,599
|
|
|
—
|
|
||||||
With an allowance recorded
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Residential mortgage
|
$
|
1,777
|
|
|
$
|
1,739
|
|
|
$
|
95
|
|
|
$
|
1,977
|
|
|
$
|
1,929
|
|
|
$
|
114
|
|
Home equity
|
750
|
|
|
704
|
|
|
114
|
|
|
812
|
|
|
760
|
|
|
144
|
|
||||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential mortgage
|
$
|
6,864
|
|
|
$
|
5,772
|
|
|
$
|
95
|
|
|
$
|
7,373
|
|
|
$
|
6,197
|
|
|
$
|
114
|
|
Home equity
|
3,642
|
|
|
2,286
|
|
|
114
|
|
|
3,760
|
|
|
2,359
|
|
|
144
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Average
Carrying Value |
|
Interest
Income Recognized (1) |
|
Average
Carrying Value |
|
Interest
Income Recognized (1) |
||||||||||||
|
|
|
|
|
Three Months Ended March 31
|
||||||||||||||||||
|
|
|
2019
|
|
2018
|
||||||||||||||||||
With no recorded allowance
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage
|
|
|
|
|
$
|
4,171
|
|
|
$
|
45
|
|
|
$
|
6,462
|
|
|
$
|
65
|
|
||||
Home equity
|
|
|
|
|
1,593
|
|
|
25
|
|
|
1,961
|
|
|
27
|
|
||||||||
With an allowance recorded
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage
|
|
|
|
|
$
|
1,848
|
|
|
$
|
18
|
|
|
$
|
2,705
|
|
|
$
|
25
|
|
||||
Home equity
|
|
|
|
|
737
|
|
|
6
|
|
|
892
|
|
|
6
|
|
||||||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage
|
|
|
|
|
$
|
6,019
|
|
|
$
|
63
|
|
|
$
|
9,167
|
|
|
$
|
90
|
|
||||
Home equity
|
|
|
|
|
2,330
|
|
|
31
|
|
|
2,853
|
|
|
33
|
|
(1)
|
Interest income recognized includes interest accrued and collected on the outstanding balances of accruing impaired loans as well as interest cash collections on nonaccruing impaired loans for which the principal is considered collectible.
|
|
|
|
|
|
|
|
|
||||||
Consumer Real Estate – TDRs Entered into During the Three Months Ended March 31, 2019 and 2018
|
|||||||||||||
|
|
||||||||||||
|
Unpaid Principal Balance
|
|
Carrying
Value |
|
Pre-Modification Interest Rate
|
|
Post-Modification Interest Rate (1)
|
||||||
(Dollars in millions)
|
March 31, 2019
|
||||||||||||
Residential mortgage
|
$
|
135
|
|
|
$
|
112
|
|
|
4.19
|
%
|
|
4.27
|
%
|
Home equity
|
63
|
|
|
48
|
|
|
5.23
|
|
|
4.86
|
|
||
Total
|
$
|
198
|
|
|
$
|
160
|
|
|
4.52
|
|
|
4.46
|
|
|
|
|
|
|
|
|
|
||||||
|
March 31, 2018
|
||||||||||||
Residential mortgage
|
$
|
407
|
|
|
$
|
358
|
|
|
4.39
|
%
|
|
4.36
|
%
|
Home equity
|
207
|
|
|
161
|
|
|
4.37
|
|
|
4.37
|
|
||
Total
|
$
|
614
|
|
|
$
|
519
|
|
|
4.39
|
|
|
4.36
|
|
(1)
|
The post-modification interest rate reflects the interest rate applicable only to permanently completed modifications, which exclude loans that are in a trial modification period.
|
63 Bank of America
|
|
|
|
|
|
|
||||
Consumer Real Estate – Modification Programs
|
|
|
|||||
|
|
|
|
||||
|
TDRs Entered into During the
|
||||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
||||
Modifications under government programs (1)
|
$
|
3
|
|
|
$
|
13
|
|
Modifications under proprietary programs (1)
|
26
|
|
|
200
|
|
||
Loans discharged in Chapter 7 bankruptcy (2)
|
28
|
|
|
64
|
|
||
Trial modifications
|
103
|
|
|
242
|
|
||
Total modifications
|
$
|
160
|
|
|
$
|
519
|
|
(1)
|
Includes other modifications such as term or payment extensions and repayment plans. During the three months ended March 31, 2018, this included $168 million of modifications that met the definition of a TDR related to the 2017 hurricanes. These modifications had been written down to their net realizable value less costs to sell or were fully insured as of March 31, 2018.
|
(2)
|
Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs.
|
(1)
|
Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs.
|
(2)
|
Includes trial modification offers to which the customer did not respond.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Impaired Loans – Credit Card and Other Consumer
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Unpaid
Principal
Balance
|
|
Carrying
Value (1)
|
|
Related
Allowance
|
|
Unpaid
Principal
Balance
|
|
Carrying
Value (1)
|
|
Related
Allowance
|
|
Average Carrying Value (2)
|
||||||||||||||||||
|
|
Three Months Ended March 31
|
|||||||||||||||||||||||||||||
(Dollars in millions)
|
March 31, 2019
|
|
December 31, 2018
|
|
2019
|
|
2018
|
||||||||||||||||||||||||
With no recorded allowance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Direct/Indirect consumer
|
$
|
74
|
|
|
$
|
34
|
|
|
$
|
—
|
|
|
$
|
72
|
|
|
$
|
33
|
|
|
$
|
—
|
|
|
$
|
34
|
|
|
$
|
27
|
|
With an allowance recorded
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. credit card
|
$
|
554
|
|
|
$
|
566
|
|
|
$
|
155
|
|
|
$
|
522
|
|
|
$
|
533
|
|
|
$
|
154
|
|
|
$
|
547
|
|
|
$
|
465
|
|
Direct/Indirect consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
U.S. credit card
|
$
|
554
|
|
|
$
|
566
|
|
|
$
|
155
|
|
|
$
|
522
|
|
|
$
|
533
|
|
|
$
|
154
|
|
|
$
|
547
|
|
|
$
|
465
|
|
Direct/Indirect consumer
|
74
|
|
|
34
|
|
|
—
|
|
|
72
|
|
|
33
|
|
|
—
|
|
|
34
|
|
|
28
|
|
(1)
|
Includes accrued interest and fees.
|
(2)
|
The related interest income recognized, which included interest accrued and collected on the outstanding balances of accruing impaired loans as well as interest cash collections on nonaccruing impaired loans for which the principal was considered collectible, was not significant for the three months ended March 31, 2019 and 2018.
|
|
|
Bank of America 64
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Credit Card and Other Consumer – TDRs by Program Type
|
|||||||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||
|
U.S. Credit Card
|
|
Direct/Indirect Consumer
|
|
Total TDRs by Program Type
|
||||||||||||||||||
(Dollars in millions)
|
March 31
2019 |
|
December 31
2018 |
|
March 31
2019 |
|
December 31
2018 |
|
March 31
2019 |
|
December 31
2018 |
||||||||||||
Internal programs
|
$
|
285
|
|
|
$
|
259
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
285
|
|
|
$
|
259
|
|
External programs
|
281
|
|
|
273
|
|
|
—
|
|
|
—
|
|
|
281
|
|
|
273
|
|
||||||
Other
|
—
|
|
|
1
|
|
|
34
|
|
|
33
|
|
|
34
|
|
|
34
|
|
||||||
Total
|
$
|
566
|
|
|
$
|
533
|
|
|
$
|
34
|
|
|
$
|
33
|
|
|
$
|
600
|
|
|
$
|
566
|
|
Percent of balances current or less than 30 days past due
|
85
|
%
|
|
85
|
%
|
|
85
|
%
|
|
81
|
%
|
|
85
|
%
|
|
85
|
%
|
|
|
|
|
|
|
|
|
||||||
Credit Card and Other Consumer – TDRs Entered into During the Three Months Ended March 31, 2019 and 2018
|
|||||||||||||
|
|
|
|
|
|
|
|
||||||
|
Unpaid Principal Balance
|
|
Carrying
Value (1)
|
|
Pre-Modification Interest Rate
|
|
Post-Modification Interest Rate
|
||||||
(Dollars in millions)
|
March 31, 2019
|
||||||||||||
U.S. credit card
|
$
|
98
|
|
|
$
|
105
|
|
|
19.86
|
%
|
|
5.21
|
%
|
Direct/Indirect consumer
|
18
|
|
|
10
|
|
|
4.96
|
|
|
4.96
|
|
||
Total
|
$
|
116
|
|
|
$
|
115
|
|
|
18.56
|
|
|
5.19
|
|
|
|
|
|
|
|
|
|
||||||
|
March 31, 2018
|
||||||||||||
U.S. credit card
|
$
|
74
|
|
|
$
|
80
|
|
|
18.83
|
%
|
|
5.20
|
%
|
Direct/Indirect consumer
|
17
|
|
|
10
|
|
|
4.98
|
|
|
4.67
|
|
||
Total
|
$
|
91
|
|
|
$
|
90
|
|
|
17.24
|
|
|
5.14
|
|
(1)
|
Includes accrued interest and fees.
|
65 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Impaired Loans – Commercial
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Unpaid
Principal
Balance
|
|
Carrying
Value
|
|
Related
Allowance
|
|
Unpaid
Principal
Balance
|
|
Carrying
Value
|
|
Related
Allowance
|
|
Average Carrying Value (1)
|
||||||||||||||||||
|
|
|
|
|
|
|
Three Months Ended March 31
|
||||||||||||||||||||||||
(Dollars in millions)
|
March 31, 2019
|
|
December 31, 2018
|
|
2019
|
|
2018
|
||||||||||||||||||||||||
With no recorded allowance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
U.S. commercial
|
$
|
761
|
|
|
$
|
750
|
|
|
$
|
—
|
|
|
$
|
638
|
|
|
$
|
616
|
|
|
$
|
—
|
|
|
$
|
683
|
|
|
$
|
672
|
|
Non-U.S. commercial
|
93
|
|
|
93
|
|
|
—
|
|
|
93
|
|
|
93
|
|
|
—
|
|
|
93
|
|
|
62
|
|
||||||||
Commercial real estate
|
226
|
|
|
226
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
113
|
|
|
69
|
|
||||||||
Commercial lease financing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
||||||||
With an allowance recorded
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
U.S. commercial
|
$
|
1,466
|
|
|
$
|
1,245
|
|
|
$
|
122
|
|
|
$
|
1,437
|
|
|
$
|
1,270
|
|
|
$
|
121
|
|
|
$
|
1,258
|
|
|
$
|
1,105
|
|
Non-U.S. commercial
|
254
|
|
|
240
|
|
|
37
|
|
|
155
|
|
|
149
|
|
|
30
|
|
|
195
|
|
|
445
|
|
||||||||
Commercial real estate
|
156
|
|
|
79
|
|
|
6
|
|
|
247
|
|
|
162
|
|
|
16
|
|
|
121
|
|
|
36
|
|
||||||||
Commercial lease financing
|
90
|
|
|
87
|
|
|
13
|
|
|
71
|
|
|
71
|
|
|
—
|
|
|
79
|
|
|
11
|
|
||||||||
U.S. small business commercial (2)
|
85
|
|
|
76
|
|
|
29
|
|
|
83
|
|
|
72
|
|
|
29
|
|
|
74
|
|
|
75
|
|
||||||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
U.S. commercial
|
$
|
2,227
|
|
|
$
|
1,995
|
|
|
$
|
122
|
|
|
$
|
2,075
|
|
|
$
|
1,886
|
|
|
$
|
121
|
|
|
$
|
1,941
|
|
|
$
|
1,777
|
|
Non-U.S. commercial
|
347
|
|
|
333
|
|
|
37
|
|
|
248
|
|
|
242
|
|
|
30
|
|
|
288
|
|
|
507
|
|
||||||||
Commercial real estate
|
382
|
|
|
305
|
|
|
6
|
|
|
247
|
|
|
162
|
|
|
16
|
|
|
234
|
|
|
105
|
|
||||||||
Commercial lease financing
|
90
|
|
|
87
|
|
|
13
|
|
|
71
|
|
|
71
|
|
|
—
|
|
|
79
|
|
|
17
|
|
||||||||
U.S. small business commercial (2)
|
85
|
|
|
76
|
|
|
29
|
|
|
83
|
|
|
72
|
|
|
29
|
|
|
74
|
|
|
75
|
|
(1)
|
The related interest income recognized, which included interest accrued and collected on the outstanding balances of accruing impaired loans as well as interest cash collections on nonaccruing impaired loans for which the principal was considered collectible, was not significant for the three months ended March 31, 2019 and 2018.
|
(2)
|
Includes U.S. small business commercial renegotiated TDR loans and related allowance.
|
|
|
|
|
||||
Commercial – TDRs Entered into During the Three Months Ended March 31, 2019 and 2018
|
|||||||
|
|
||||||
|
Unpaid Principal Balance
|
|
Carrying Value
|
||||
(Dollars in millions)
|
March 31, 2019
|
||||||
U.S. commercial
|
$
|
480
|
|
|
$
|
459
|
|
Non-U.S. commercial
|
103
|
|
|
103
|
|
||
Commercial real estate
|
198
|
|
|
198
|
|
||
Commercial lease financing
|
3
|
|
|
3
|
|
||
U.S. small business commercial (1)
|
4
|
|
|
4
|
|
||
Total
|
$
|
788
|
|
|
$
|
767
|
|
|
|
|
|
||||
|
March 31, 2018
|
||||||
U.S. commercial
|
$
|
618
|
|
|
$
|
550
|
|
Non-U.S. commercial
|
331
|
|
|
331
|
|
||
Commercial lease financing
|
2
|
|
|
1
|
|
||
U.S. small business commercial (1)
|
3
|
|
|
3
|
|
||
Total
|
$
|
954
|
|
|
$
|
885
|
|
(1)
|
U.S. small business commercial TDRs are comprised of renegotiated small business card loans.
|
|
|
Bank of America 66
|
|
|
|
|
|
|
|
|
||||||||
|
Consumer
Real Estate |
|
Credit Card and Other Consumer
|
|
Commercial
|
|
Total
|
||||||||
(Dollars in millions)
|
Three Months Ended March 31, 2019
|
||||||||||||||
Allowance for loan and lease losses, January 1
|
$
|
928
|
|
|
$
|
3,874
|
|
|
$
|
4,799
|
|
|
$
|
9,601
|
|
Loans and leases charged off
|
(103
|
)
|
|
(1,057
|
)
|
|
(177
|
)
|
|
(1,337
|
)
|
||||
Recoveries of loans and leases previously charged off
|
108
|
|
|
217
|
|
|
21
|
|
|
346
|
|
||||
Net charge-offs
|
5
|
|
|
(840
|
)
|
|
(156
|
)
|
|
(991
|
)
|
||||
Provision for loan and lease losses
|
(70
|
)
|
|
900
|
|
|
178
|
|
|
1,008
|
|
||||
Other (1)
|
(41
|
)
|
|
—
|
|
|
—
|
|
|
(41
|
)
|
||||
Allowance for loan and lease losses, March 31
|
822
|
|
|
3,934
|
|
|
4,821
|
|
|
9,577
|
|
||||
Reserve for unfunded lending commitments, January 1
|
—
|
|
|
—
|
|
|
797
|
|
|
797
|
|
||||
Provision for unfunded lending commitments
|
—
|
|
|
—
|
|
|
5
|
|
|
5
|
|
||||
Reserve for unfunded lending commitments, March 31
|
—
|
|
|
—
|
|
|
802
|
|
|
802
|
|
||||
Allowance for credit losses, March 31
|
$
|
822
|
|
|
$
|
3,934
|
|
|
$
|
5,623
|
|
|
$
|
10,379
|
|
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended March 31, 2018
|
||||||||||||||
Allowance for loan and lease losses, January 1
|
$
|
1,720
|
|
|
$
|
3,663
|
|
|
$
|
5,010
|
|
|
$
|
10,393
|
|
Loans and leases charged off
|
(174
|
)
|
|
(1,006
|
)
|
|
(116
|
)
|
|
(1,296
|
)
|
||||
Recoveries of loans and leases previously charged off
|
147
|
|
|
203
|
|
|
35
|
|
|
385
|
|
||||
Net charge-offs
|
(27
|
)
|
|
(803
|
)
|
|
(81
|
)
|
|
(911
|
)
|
||||
Provision for loan and lease losses
|
(128
|
)
|
|
876
|
|
|
81
|
|
|
829
|
|
||||
Other (1)
|
(35
|
)
|
|
(16
|
)
|
|
—
|
|
|
(51
|
)
|
||||
Allowance for loan and lease losses, March 31
|
1,530
|
|
|
3,720
|
|
|
5,010
|
|
|
10,260
|
|
||||
Reserve for unfunded lending commitments, January 1
|
—
|
|
|
—
|
|
|
777
|
|
|
777
|
|
||||
Provision for unfunded lending commitments
|
—
|
|
|
—
|
|
|
5
|
|
|
5
|
|
||||
Reserve for unfunded lending commitments, March 31
|
—
|
|
|
—
|
|
|
782
|
|
|
782
|
|
||||
Allowance for credit losses, March 31
|
$
|
1,530
|
|
|
$
|
3,720
|
|
|
$
|
5,792
|
|
|
$
|
11,042
|
|
(1)
|
Primarily represents write-offs of purchased credit-impaired loans, the net impact of portfolio sales, consolidations and deconsolidations, foreign currency translation adjustments, transfers to held for sale, and certain other reclassifications.
|
|
|
|
|
|
|
|
|
||||||||
|
Consumer
Real Estate |
|
Credit Card and Other Consumer
|
|
Commercial
|
|
Total
|
||||||||
(Dollars in millions)
|
March 31, 2019
|
||||||||||||||
Impaired loans and troubled debt restructurings (1)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allowance for loan and lease losses
|
$
|
209
|
|
|
$
|
155
|
|
|
$
|
207
|
|
|
$
|
571
|
|
Carrying value (2)
|
8,058
|
|
|
600
|
|
|
2,796
|
|
|
11,454
|
|
||||
Allowance as a percentage of carrying value
|
2.59
|
%
|
|
25.83
|
%
|
|
7.40
|
%
|
|
4.99
|
%
|
||||
Loans collectively evaluated for impairment
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allowance for loan and lease losses
|
$
|
613
|
|
|
$
|
3,779
|
|
|
$
|
4,614
|
|
|
$
|
9,006
|
|
Carrying value (2, 3)
|
250,206
|
|
|
182,109
|
|
|
495,659
|
|
|
927,974
|
|
||||
Allowance as a percentage of carrying value (3)
|
0.24
|
%
|
|
2.08
|
%
|
|
0.93
|
%
|
|
0.97
|
%
|
||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allowance for loan and lease losses
|
$
|
822
|
|
|
$
|
3,934
|
|
|
$
|
4,821
|
|
|
$
|
9,577
|
|
Carrying value (2, 3)
|
258,264
|
|
|
182,709
|
|
|
498,455
|
|
|
939,428
|
|
||||
Allowance as a percentage of carrying value (3)
|
0.32
|
%
|
|
2.15
|
%
|
|
0.97
|
%
|
|
1.02
|
%
|
||||
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2018
|
||||||||||||||
Impaired loans and troubled debt restructurings (1)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allowance for loan and lease losses
|
$
|
258
|
|
|
$
|
154
|
|
|
$
|
196
|
|
|
$
|
608
|
|
Carrying value (2)
|
8,556
|
|
|
566
|
|
|
2,433
|
|
|
11,555
|
|
||||
Allowance as a percentage of carrying value
|
3.02
|
%
|
|
27.21
|
%
|
|
8.06
|
%
|
|
5.26
|
%
|
||||
Loans collectively evaluated for impairment
|
|
|
|
|
|
|
|
|
|
|
|||||
Allowance for loan and lease losses
|
$
|
670
|
|
|
$
|
3,720
|
|
|
$
|
4,603
|
|
|
$
|
8,993
|
|
Carrying value (2, 3)
|
248,287
|
|
|
189,140
|
|
|
493,564
|
|
|
930,991
|
|
||||
Allowance as a percentage of carrying value (3)
|
0.27
|
%
|
|
1.97
|
%
|
|
0.93
|
%
|
|
0.97
|
%
|
||||
Total
|
|
|
|
|
|
|
|
|
|
|
|||||
Allowance for loan and lease losses
|
$
|
928
|
|
|
$
|
3,874
|
|
|
$
|
4,799
|
|
|
$
|
9,601
|
|
Carrying value (2, 3)
|
256,843
|
|
|
189,706
|
|
|
495,997
|
|
|
942,546
|
|
||||
Allowance as a percentage of carrying value (3)
|
0.36
|
%
|
|
2.04
|
%
|
|
0.97
|
%
|
|
1.02
|
%
|
(1)
|
Impaired loans include nonperforming commercial loans and leases, as well as all TDRs, including both commercial and consumer TDRs. Impaired loans exclude nonperforming consumer loans unless they are TDRs, and all consumer and commercial loans accounted for under the fair value option.
|
(2)
|
Amounts are presented gross of the allowance for loan and lease losses.
|
(3)
|
Outstanding loan and lease balances and ratios do not include loans accounted for under the fair value option of $6.2 billion and $4.3 billion at March 31, 2019 and December 31, 2018.
|
67 Bank of America
|
|
|
|
|
|
|
|
|
|
|
||||||||
First-lien Mortgage Securitizations
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
||||||||
|
Residential Mortgage - Agency
|
|
Commercial Mortgage
|
||||||||||||
|
Three Months Ended March 31
|
||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Proceeds from loan sales (1)
|
$
|
1,096
|
|
|
$
|
1,655
|
|
|
$
|
987
|
|
|
$
|
538
|
|
Gains on securitizations (2)
|
7
|
|
|
18
|
|
|
17
|
|
|
18
|
|
||||
Repurchases from securitization trusts (3)
|
244
|
|
|
501
|
|
|
—
|
|
|
—
|
|
(1)
|
The Corporation transfers residential mortgage loans to securitizations sponsored primarily by the GSEs or Government National Mortgage Association (GNMA) in the normal course of business and primarily receives RMBS in exchange. Substantially all of these securities are classified as Level 2 within the fair value hierarchy and are sold shortly after receipt.
|
(2)
|
A majority of the first-lien residential mortgage loans securitized are initially classified as LHFS and accounted for under the fair value option. Gains recognized on these LHFS prior to securitization, which totaled $8 million and $24 million, net of hedges, during the three months ended March 31, 2019 and 2018, are not included in the table above.
|
(3)
|
The Corporation may have the option to repurchase delinquent loans out of securitization trusts, which reduces the amount of servicing advances it is required to make. The Corporation may also repurchase loans from securitization trusts to perform modifications. Repurchased loans include FHA-insured mortgages collateralizing GNMA securities.
|
|
|
Bank of America 68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
First-lien Mortgage VIEs
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Residential Mortgage
|
|
|
|
|
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
Non-agency
|
|
|
|
|
|
|||||||||||||||||||||||
|
Agency
|
|
Prime
|
|
Subprime
|
|
Alt-A
|
|
Commercial Mortgage
|
|||||||||||||||||||||||||
(Dollars in millions)
|
March 31
2019 |
December 31
2018 |
|
March 31
2019 |
December 31
2018 |
|
March 31
2019 |
December 31
2018 |
|
March 31
2019 |
December 31
2018 |
|
March 31
2019 |
December 31
2018 |
||||||||||||||||||||
Unconsolidated VIEs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Maximum loss exposure (1)
|
$
|
15,689
|
|
$
|
16,011
|
|
|
$
|
420
|
|
$
|
448
|
|
|
$
|
1,880
|
|
$
|
1,897
|
|
|
$
|
217
|
|
$
|
217
|
|
|
$
|
762
|
|
$
|
767
|
|
On-balance sheet assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Senior securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading account assets
|
$
|
467
|
|
$
|
460
|
|
|
$
|
26
|
|
$
|
30
|
|
|
$
|
35
|
|
$
|
36
|
|
|
$
|
91
|
|
$
|
90
|
|
|
$
|
64
|
|
$
|
97
|
|
Debt securities carried at fair value
|
9,194
|
|
9,381
|
|
|
234
|
|
246
|
|
|
1,454
|
|
1,470
|
|
|
124
|
|
125
|
|
|
—
|
|
—
|
|
||||||||||
Held-to-maturity securities
|
6,028
|
|
6,170
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
560
|
|
528
|
|
||||||||||
All other assets
|
—
|
|
—
|
|
|
3
|
|
3
|
|
|
38
|
|
37
|
|
|
2
|
|
2
|
|
|
37
|
|
40
|
|
||||||||||
Total retained positions
|
$
|
15,689
|
|
$
|
16,011
|
|
|
$
|
263
|
|
$
|
279
|
|
|
$
|
1,527
|
|
$
|
1,543
|
|
|
$
|
217
|
|
$
|
217
|
|
|
$
|
661
|
|
$
|
665
|
|
Principal balance outstanding (2)
|
$
|
182,968
|
|
$
|
187,512
|
|
|
$
|
8,285
|
|
$
|
8,954
|
|
|
$
|
8,565
|
|
$
|
8,719
|
|
|
$
|
22,661
|
|
$
|
23,467
|
|
|
$
|
44,621
|
|
$
|
43,593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Consolidated VIEs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Maximum loss exposure (1)
|
$
|
12,316
|
|
$
|
13,296
|
|
|
$
|
7
|
|
$
|
7
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
76
|
|
On-balance sheet assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading account assets
|
$
|
716
|
|
$
|
1,318
|
|
|
$
|
143
|
|
$
|
150
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
76
|
|
Loans and leases, net
|
11,467
|
|
11,858
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||||
All other assets
|
146
|
|
143
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||||
Total assets
|
$
|
12,329
|
|
$
|
13,319
|
|
|
$
|
143
|
|
$
|
150
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
76
|
|
Total liabilities
|
$
|
16
|
|
$
|
26
|
|
|
$
|
136
|
|
$
|
143
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
(1)
|
Maximum loss exposure includes obligations under loss-sharing reinsurance and other arrangements for non-agency residential mortgage and commercial mortgage securitizations, but excludes the reserve for representations and warranties obligations and corporate guarantees and also excludes servicing advances and other servicing rights and obligations. For additional information, see Note 11 – Commitments and Contingencies and Note 15 – Fair Value Measurements.
|
(2)
|
Principal balance outstanding includes loans where the Corporation was the transferor to securitization VIEs with which it has continuing involvement, which may include servicing the loans.
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Home Equity Loan, Credit Card and Other Asset-backed VIEs
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Home Equity (1)
|
|
Credit Card (2, 3)
|
|
Resecuritization Trusts
|
|
Municipal Bond Trusts
|
||||||||||||||||||||
(Dollars in millions)
|
March 31
2019 |
December 31
2018 |
|
March 31
2019 |
December 31
2018 |
|
March 31
2019 |
December 31
2018 |
|
March 31
2019 |
December 31
2018 |
||||||||||||||||
Unconsolidated VIEs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Maximum loss exposure
|
$
|
855
|
|
$
|
908
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
7,755
|
|
$
|
7,647
|
|
|
$
|
2,296
|
|
$
|
2,150
|
|
On-balance sheet assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Senior securities (4):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading account assets
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
1,700
|
|
$
|
1,419
|
|
|
$
|
—
|
|
$
|
26
|
|
Debt securities carried at fair value
|
26
|
|
27
|
|
|
—
|
|
—
|
|
|
1,297
|
|
1,337
|
|
|
—
|
|
—
|
|
||||||||
Held-to-maturity securities
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
4,758
|
|
4,891
|
|
|
—
|
|
—
|
|
||||||||
Total retained positions
|
$
|
26
|
|
$
|
27
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
7,755
|
|
$
|
7,647
|
|
|
$
|
—
|
|
$
|
26
|
|
Total assets of VIEs (5)
|
$
|
1,710
|
|
$
|
1,813
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
17,440
|
|
$
|
16,949
|
|
|
$
|
2,947
|
|
$
|
2,829
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Consolidated VIEs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Maximum loss exposure
|
$
|
79
|
|
$
|
85
|
|
|
$
|
19,452
|
|
$
|
18,800
|
|
|
$
|
49
|
|
$
|
128
|
|
|
$
|
2,380
|
|
$
|
1,540
|
|
On-balance sheet assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading account assets
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
69
|
|
$
|
366
|
|
|
$
|
2,391
|
|
$
|
1,553
|
|
Loans and leases
|
123
|
|
133
|
|
|
28,062
|
|
29,906
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||
Allowance for loan and lease losses
|
(4
|
)
|
(5
|
)
|
|
(874
|
)
|
(901
|
)
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||
All other assets
|
4
|
|
4
|
|
|
131
|
|
136
|
|
|
—
|
|
—
|
|
|
1
|
|
1
|
|
||||||||
Total assets
|
$
|
123
|
|
$
|
132
|
|
|
$
|
27,319
|
|
$
|
29,141
|
|
|
$
|
69
|
|
$
|
366
|
|
|
$
|
2,392
|
|
$
|
1,554
|
|
On-balance sheet liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term borrowings
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
1,547
|
|
$
|
742
|
|
Long-term debt
|
51
|
|
55
|
|
|
7,852
|
|
10,321
|
|
|
20
|
|
238
|
|
|
12
|
|
12
|
|
||||||||
All other liabilities
|
—
|
|
—
|
|
|
15
|
|
20
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||
Total liabilities
|
$
|
51
|
|
$
|
55
|
|
|
$
|
7,867
|
|
$
|
10,341
|
|
|
$
|
20
|
|
$
|
238
|
|
|
$
|
1,559
|
|
$
|
754
|
|
(1)
|
For unconsolidated home equity loan VIEs, the maximum loss exposure includes outstanding trust certificates issued by trusts in rapid amortization, net of recorded reserves. For both consolidated and unconsolidated home equity loan VIEs, the maximum loss exposure excludes the reserve for representations and warranties obligations and corporate guarantees. For additional information, see Note 11 – Commitments and Contingencies.
|
(2)
|
At March 31, 2019 and December 31, 2018, loans and leases in the consolidated credit card trust included $12.1 billion and $11.0 billion of seller’s interest.
|
(3)
|
At March 31, 2019 and December 31, 2018, all other assets in the consolidated credit card trust included certain short-term investments and unbilled accrued interest and fees.
|
(4)
|
The retained senior securities were valued using quoted market prices or observable market inputs (Level 2 of the fair value hierarchy).
|
(5)
|
Total assets of VIEs includes loans the Corporation transferred with which it has continuing involvement, which may include servicing the loan.
|
69 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other VIEs
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
||||||||||||||||||||
|
Consolidated
|
|
Unconsolidated
|
|
Total
|
|
Consolidated
|
|
Unconsolidated
|
|
Total
|
||||||||||||
(Dollars in millions)
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
Maximum loss exposure
|
$
|
3,950
|
|
|
$
|
24,383
|
|
|
$
|
28,333
|
|
|
$
|
4,177
|
|
|
$
|
24,498
|
|
|
$
|
28,675
|
|
On-balance sheet assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Trading account assets
|
$
|
2,134
|
|
|
$
|
890
|
|
|
$
|
3,024
|
|
|
$
|
2,335
|
|
|
$
|
860
|
|
|
$
|
3,195
|
|
Debt securities carried at fair value
|
—
|
|
|
82
|
|
|
82
|
|
|
—
|
|
|
84
|
|
|
84
|
|
||||||
Loans and leases
|
1,872
|
|
|
4,086
|
|
|
5,958
|
|
|
1,949
|
|
|
3,940
|
|
|
5,889
|
|
||||||
Allowance for loan and lease losses
|
(2
|
)
|
|
(30
|
)
|
|
(32
|
)
|
|
(2
|
)
|
|
(30
|
)
|
|
(32
|
)
|
||||||
All other assets
|
50
|
|
|
18,993
|
|
|
19,043
|
|
|
53
|
|
|
18,885
|
|
|
18,938
|
|
||||||
Total
|
$
|
4,054
|
|
|
$
|
24,021
|
|
|
$
|
28,075
|
|
|
$
|
4,335
|
|
|
$
|
23,739
|
|
|
$
|
28,074
|
|
On-balance sheet liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Long-term debt
|
$
|
98
|
|
|
$
|
—
|
|
|
$
|
98
|
|
|
$
|
152
|
|
|
$
|
—
|
|
|
$
|
152
|
|
All other liabilities
|
7
|
|
|
3,982
|
|
|
3,989
|
|
|
7
|
|
|
4,231
|
|
|
4,238
|
|
||||||
Total
|
$
|
105
|
|
|
$
|
3,982
|
|
|
$
|
4,087
|
|
|
$
|
159
|
|
|
$
|
4,231
|
|
|
$
|
4,390
|
|
Total assets of VIEs
|
$
|
4,054
|
|
|
$
|
92,018
|
|
|
$
|
96,072
|
|
|
$
|
4,335
|
|
|
$
|
94,746
|
|
|
$
|
99,081
|
|
|
|
Bank of America 70
|
|
|
|
|
||||
Goodwill
|
|
|
|
||||
|
|
|
|
||||
(Dollars in millions)
|
March 31
2019 |
|
December 31
2018 |
||||
Consumer Banking
|
$
|
30,123
|
|
|
$
|
30,123
|
|
Global Wealth & Investment Management
|
9,677
|
|
|
9,677
|
|
||
Global Banking
|
23,923
|
|
|
23,923
|
|
||
Global Markets
|
5,182
|
|
|
5,182
|
|
||
All Other
|
46
|
|
|
46
|
|
||
Total goodwill
|
$
|
68,951
|
|
|
$
|
68,951
|
|
71 Bank of America
|
|
|
|
|
||
Lease Cost and Supplemental Information
|
|||
|
|
||
(Dollars in millions)
|
Three Months
Ended
March 31, 2019
|
||
Operating lease cost
|
$
|
519
|
|
Variable lease cost (1)
|
127
|
|
|
Total lease cost (2)
|
$
|
646
|
|
|
|
||
Right-of-use assets obtained in exchange for new operating lease liabilities (3)
|
$
|
385
|
|
Operating cash flows from operating leases (4)
|
501
|
|
(1)
|
Primarily consists of payments for common area maintenance and property taxes.
|
(2)
|
Amounts are recorded in occupancy and equipment expense in the Consolidated Statement of Income.
|
(3)
|
Represents non-cash activity and, accordingly, is not reflected in the Consolidated Statement of Cash Flows.
|
(4)
|
Represents cash paid for amounts included in the measurement of lease liabilities.
|
|
|
|
|
|
|
||||||
Maturities of Lessor and Lessee Arrangements
|
|||||||||||
|
|
|
|
|
|
||||||
|
Lessor
|
|
Lessee (1)
|
||||||||
|
Operating
Leases
|
|
Sales-type and
Direct Financing
Leases (2)
|
|
Operating
Leases
|
||||||
(Dollars in millions)
|
March 31, 2019
|
||||||||||
Remainder of 2019
|
$
|
582
|
|
|
$
|
4,818
|
|
|
$
|
1,483
|
|
2020
|
680
|
|
|
5,689
|
|
|
1,854
|
|
|||
2021
|
571
|
|
|
4,533
|
|
|
1,625
|
|
|||
2022
|
479
|
|
|
2,634
|
|
|
1,346
|
|
|||
2023
|
380
|
|
|
1,539
|
|
|
1,076
|
|
|||
Thereafter
|
1,105
|
|
|
2,708
|
|
|
4,175
|
|
|||
Total undiscounted
cash flows
|
$
|
3,797
|
|
|
$
|
21,921
|
|
|
$
|
11,559
|
|
Less: Net present
value adjustment
|
|
|
1,621
|
|
|
1,630
|
|
||||
Total (3)
|
|
|
|
$
|
20,300
|
|
|
$
|
9,929
|
|
(1)
|
Excludes $1.9 billion in commitments under lessee arrangements that have not yet commenced with lease terms that will begin in 2019.
|
(2)
|
Includes $16.8 billion in commercial lease financing receivables and $3.5 billion in direct/indirect consumer lease financing receivables.
|
(3)
|
Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements.
|
|
|
Bank of America 72
|
|
|
|
|
|
|
|
|
||||||
|
Amount
|
|
Rate
|
|
Amount
|
|
Rate
|
||||||
|
Three Months Ended March 31
|
||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
|
|
|
|
|
|
|
|
|
|
|||
Average during period
|
$
|
274,308
|
|
|
1.77
|
%
|
|
$
|
248,320
|
|
|
1.02
|
%
|
Maximum month-end balance during period
|
280,562
|
|
|
n/a
|
|
|
252,078
|
|
|
n/a
|
|
||
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
|
|
|
|
|
|
|
|
|
|
|
||
Average during period
|
$
|
200,154
|
|
|
2.44
|
%
|
|
$
|
195,614
|
|
|
1.41
|
%
|
Maximum month-end balance during period
|
200,486
|
|
|
n/a
|
|
|
191,319
|
|
|
n/a
|
|
||
Short-term borrowings
|
|
|
|
|
|
|
|
|
|
|
|
||
Average during period
|
15,432
|
|
|
2.95
|
|
|
46,334
|
|
|
3.98
|
|
||
Maximum month-end balance during period
|
14,848
|
|
|
n/a
|
|
|
52,480
|
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Securities Financing Agreements
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Gross Assets/Liabilities (1)
|
|
Amounts Offset
|
|
Net Balance Sheet Amount
|
|
Financial Instruments (2)
|
|
Net Assets/Liabilities
|
||||||||||
(Dollars in millions)
|
March 31, 2019
|
||||||||||||||||||
Securities borrowed or purchased under agreements to resell (3)
|
$
|
417,787
|
|
|
$
|
(150,770
|
)
|
|
$
|
267,017
|
|
|
$
|
(248,930
|
)
|
|
$
|
18,087
|
|
Securities loaned or sold under agreements to repurchase
|
$
|
339,221
|
|
|
$
|
(150,770
|
)
|
|
$
|
188,451
|
|
|
$
|
(176,042
|
)
|
|
$
|
12,409
|
|
Other (4)
|
23,267
|
|
|
—
|
|
|
23,267
|
|
|
(23,267
|
)
|
|
—
|
|
|||||
Total
|
$
|
362,488
|
|
|
$
|
(150,770
|
)
|
|
$
|
211,718
|
|
|
$
|
(199,309
|
)
|
|
$
|
12,409
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31, 2018
|
||||||||||||||||||
Securities borrowed or purchased under agreements to resell (3)
|
$
|
366,274
|
|
|
$
|
(106,865
|
)
|
|
$
|
259,409
|
|
|
$
|
(240,790
|
)
|
|
$
|
18,619
|
|
Securities loaned or sold under agreements to repurchase
|
$
|
293,853
|
|
|
$
|
(106,865
|
)
|
|
$
|
186,988
|
|
|
$
|
(176,740
|
)
|
|
$
|
10,248
|
|
Other (4)
|
19,906
|
|
|
—
|
|
|
19,906
|
|
|
(19,906
|
)
|
|
—
|
|
|||||
Total
|
$
|
313,759
|
|
|
$
|
(106,865
|
)
|
|
$
|
206,894
|
|
|
$
|
(196,646
|
)
|
|
$
|
10,248
|
|
(1)
|
Includes activity where uncertainty exists as to the enforceability of certain master netting agreements under bankruptcy laws in some countries or industries.
|
(2)
|
Includes securities collateral received or pledged under repurchase or securities lending agreements where there is a legally enforceable master netting agreement. These amounts are not offset on the Consolidated Balance Sheet, but are shown as a reduction to derive a net asset or liability. Securities collateral received or pledged where the legal enforceability of the master netting agreements is uncertain is excluded from the table.
|
(3)
|
Excludes repurchase activity of $9.6 billion and $11.5 billion reported in loans and leases on the Consolidated Balance Sheet at March 31, 2019 and December 31, 2018.
|
(4)
|
Balance is reported in accrued expenses and other liabilities on the Consolidated Balance Sheet and relates to transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged as collateral or sold. In these transactions, the Corporation recognizes an asset at fair value, representing the securities received, and a liability, representing the obligation to return those securities.
|
73 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Remaining Contractual Maturity
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Overnight and Continuous
|
|
30 Days or Less
|
|
After 30 Days Through 90 Days
|
|
Greater than
90 Days (1)
|
|
Total
|
||||||||||
(Dollars in millions)
|
March 31, 2019
|
||||||||||||||||||
Securities sold under agreements to repurchase
|
$
|
163,997
|
|
|
$
|
90,653
|
|
|
$
|
30,857
|
|
|
$
|
33,163
|
|
|
$
|
318,670
|
|
Securities loaned
|
15,363
|
|
|
590
|
|
|
912
|
|
|
3,686
|
|
|
20,551
|
|
|||||
Other
|
23,267
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,267
|
|
|||||
Total
|
$
|
202,627
|
|
|
$
|
91,243
|
|
|
$
|
31,769
|
|
|
$
|
36,849
|
|
|
$
|
362,488
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31, 2018
|
||||||||||||||||||
Securities sold under agreements to repurchase
|
$
|
139,017
|
|
|
$
|
81,917
|
|
|
$
|
34,204
|
|
|
$
|
21,476
|
|
|
$
|
276,614
|
|
Securities loaned
|
7,753
|
|
|
4,197
|
|
|
1,783
|
|
|
3,506
|
|
|
17,239
|
|
|||||
Other
|
19,906
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,906
|
|
|||||
Total
|
$
|
166,676
|
|
|
$
|
86,114
|
|
|
$
|
35,987
|
|
|
$
|
24,982
|
|
|
$
|
313,759
|
|
(1)
|
No agreements have maturities greater than three years.
|
|
|
|
|
|
|
|
|
||||||||
Class of Collateral Pledged
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Securities Sold Under Agreements to Repurchase
|
|
Securities
Loaned
|
|
Other
|
|
Total
|
||||||||
(Dollars in millions)
|
March 31, 2019
|
||||||||||||||
U.S. government and agency securities
|
$
|
188,303
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
188,303
|
|
Corporate securities, trading loans and other
|
11,607
|
|
|
4,236
|
|
|
300
|
|
|
16,143
|
|
||||
Equity securities
|
12,853
|
|
|
12,033
|
|
|
22,912
|
|
|
47,798
|
|
||||
Non-U.S. sovereign debt
|
100,562
|
|
|
4,282
|
|
|
55
|
|
|
104,899
|
|
||||
Mortgage trading loans and ABS
|
5,345
|
|
|
—
|
|
|
—
|
|
|
5,345
|
|
||||
Total
|
$
|
318,670
|
|
|
$
|
20,551
|
|
|
$
|
23,267
|
|
|
$
|
362,488
|
|
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2018
|
||||||||||||||
U.S. government and agency securities
|
$
|
164,664
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
164,664
|
|
Corporate securities, trading loans and other
|
11,400
|
|
|
2,163
|
|
|
287
|
|
|
13,850
|
|
||||
Equity securities
|
14,090
|
|
|
10,869
|
|
|
19,572
|
|
|
44,531
|
|
||||
Non-U.S. sovereign debt
|
81,329
|
|
|
4,207
|
|
|
47
|
|
|
85,583
|
|
||||
Mortgage trading loans and ABS
|
5,131
|
|
|
—
|
|
|
—
|
|
|
5,131
|
|
||||
Total
|
$
|
276,614
|
|
|
$
|
17,239
|
|
|
$
|
19,906
|
|
|
$
|
313,759
|
|
|
|
Bank of America 74
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Credit Extension Commitments
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
||||||||||||||||||
|
Expire in One
Year or Less |
|
Expire After One
Year Through Three Years |
|
Expire After Three Years Through
Five Years
|
|
Expire After
Five Years
|
|
Total
|
||||||||||
(Dollars in millions)
|
March 31, 2019
|
||||||||||||||||||
Notional amount of credit extension commitments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loan commitments
|
$
|
82,301
|
|
|
$
|
140,664
|
|
|
$
|
159,232
|
|
|
$
|
21,299
|
|
|
$
|
403,496
|
|
Home equity lines of credit
|
2,155
|
|
|
2,093
|
|
|
4,030
|
|
|
35,516
|
|
|
43,794
|
|
|||||
Standby letters of credit and financial guarantees (1)
|
20,723
|
|
|
9,935
|
|
|
2,499
|
|
|
1,267
|
|
|
34,424
|
|
|||||
Letters of credit (2)
|
1,047
|
|
|
223
|
|
|
58
|
|
|
34
|
|
|
1,362
|
|
|||||
Legally binding commitments
|
106,226
|
|
|
152,915
|
|
|
165,819
|
|
|
58,116
|
|
|
483,076
|
|
|||||
Credit card lines (3)
|
377,043
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
377,043
|
|
|||||
Total credit extension commitments
|
$
|
483,269
|
|
|
$
|
152,915
|
|
|
$
|
165,819
|
|
|
$
|
58,116
|
|
|
$
|
860,119
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31, 2018
|
||||||||||||||||||
Notional amount of credit extension commitments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loan commitments
|
$
|
84,910
|
|
|
$
|
142,271
|
|
|
$
|
155,298
|
|
|
$
|
22,683
|
|
|
$
|
405,162
|
|
Home equity lines of credit
|
2,578
|
|
|
2,249
|
|
|
3,530
|
|
|
34,702
|
|
|
43,059
|
|
|||||
Standby letters of credit and financial guarantees (1)
|
22,571
|
|
|
9,702
|
|
|
2,457
|
|
|
1,074
|
|
|
35,804
|
|
|||||
Letters of credit (2)
|
1,168
|
|
|
84
|
|
|
69
|
|
|
57
|
|
|
1,378
|
|
|||||
Legally binding commitments
|
111,227
|
|
|
154,306
|
|
|
161,354
|
|
|
58,516
|
|
|
485,403
|
|
|||||
Credit card lines (3)
|
371,658
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
371,658
|
|
|||||
Total credit extension commitments
|
$
|
482,885
|
|
|
$
|
154,306
|
|
|
$
|
161,354
|
|
|
$
|
58,516
|
|
|
$
|
857,061
|
|
(1)
|
The notional amounts of SBLCs and financial guarantees classified as investment grade and non-investment grade based on the credit quality of the underlying reference name within the instrument were $26.6 billion and $7.4 billion at March 31, 2019, and $28.3 billion and $7.1 billion at December 31, 2018. Amounts in the table include consumer SBLCs of $390 million and $372 million at March 31, 2019 and December 31, 2018.
|
(2)
|
At March 31, 2019 and December 31, 2018, included are letters of credit of $606 million and $422 million related to certain liquidity commitments of VIEs. For additional information, see Note 7 – Securitizations and Other Variable Interest Entities.
|
(3)
|
Includes business card unused lines of credit.
|
75 Bank of America
|
|
|
|
|
Bank of America 76
|
|
|
|
|
|
|
|
||
Declared Quarterly Cash Dividends on Common Stock (1)
|
||||||||
|
|
|
|
|
|
|
||
Declaration Date
|
|
Record Date
|
|
Payment Date
|
|
Dividend Per Share
|
||
April 24, 2019
|
|
June 7, 2019
|
|
June 28, 2019
|
|
$
|
0.15
|
|
January 30, 2019
|
|
March 1, 2019
|
|
March 29, 2019
|
|
0.15
|
|
(1)
|
In 2019, and through April 26, 2019.
|
|
|
|
|
||||
|
Three Months Ended March 31
|
|
|||||
(In millions, except per share information)
|
2019
|
|
2018
|
||||
Earnings per common share
|
|
|
|
|
|
||
Net income
|
$
|
7,311
|
|
|
$
|
6,918
|
|
Preferred stock dividends
|
(442
|
)
|
|
(428
|
)
|
||
Net income applicable to common shareholders
|
$
|
6,869
|
|
|
$
|
6,490
|
|
Average common shares issued and outstanding
|
9,725.9
|
|
|
10,322.4
|
|
||
Earnings per common share
|
$
|
0.71
|
|
|
$
|
0.63
|
|
|
|
|
|
||||
Diluted earnings per common share
|
|
|
|
|
|
||
Net income applicable to common shareholders
|
$
|
6,869
|
|
|
$
|
6,490
|
|
Average common shares issued and outstanding
|
9,725.9
|
|
|
10,322.4
|
|
||
Dilutive potential common shares (1)
|
61.4
|
|
|
150.3
|
|
||
Total diluted average common shares issued and outstanding
|
9,787.3
|
|
|
10,472.7
|
|
||
Diluted earnings per common share
|
$
|
0.70
|
|
|
$
|
0.62
|
|
(1)
|
Includes incremental dilutive shares from RSUs, restricted stock and warrants.
|
77 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(Dollars in millions)
|
Debt and
Equity Securities
|
|
Debit Valuation Adjustments
|
|
Derivatives
|
|
Employee
Benefit Plans
|
|
Foreign
Currency
|
|
Total
|
||||||||||||
Balance, December 31, 2017
|
$
|
(1,206
|
)
|
|
$
|
(1,060
|
)
|
|
$
|
(831
|
)
|
|
$
|
(3,192
|
)
|
|
$
|
(793
|
)
|
|
$
|
(7,082
|
)
|
Accounting change related to certain tax effects (1)
|
(393
|
)
|
|
(220
|
)
|
|
(189
|
)
|
|
(707
|
)
|
|
239
|
|
|
(1,270
|
)
|
||||||
Cumulative adjustment for hedge accounting change (2)
|
—
|
|
|
—
|
|
|
57
|
|
|
—
|
|
|
—
|
|
|
57
|
|
||||||
Net change
|
(3,963
|
)
|
|
273
|
|
|
(275
|
)
|
|
30
|
|
|
(48
|
)
|
|
(3,983
|
)
|
||||||
Balance, March 31, 2018
|
$
|
(5,562
|
)
|
|
$
|
(1,007
|
)
|
|
$
|
(1,238
|
)
|
|
$
|
(3,869
|
)
|
|
$
|
(602
|
)
|
|
$
|
(12,278
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, December 31, 2018
|
$
|
(5,552
|
)
|
|
$
|
(531
|
)
|
|
$
|
(1,016
|
)
|
|
$
|
(4,304
|
)
|
|
$
|
(808
|
)
|
|
$
|
(12,211
|
)
|
Net change
|
2,309
|
|
|
(363
|
)
|
|
229
|
|
|
28
|
|
|
(34
|
)
|
|
2,169
|
|
||||||
Balance, March 31, 2019
|
$
|
(3,243
|
)
|
|
$
|
(894
|
)
|
|
$
|
(787
|
)
|
|
$
|
(4,276
|
)
|
|
$
|
(842
|
)
|
|
$
|
(10,042
|
)
|
(1)
|
Effective January 1, 2018, the Corporation adopted the accounting standard on tax effects in accumulated OCI related to the Tax Act. Accordingly, certain tax effects were reclassified from accumulated OCI to retained earnings.
|
(2)
|
Effective January 1, 2018, the Corporation adopted the hedge accounting standard. Accordingly, an insignificant cumulative-effect adjustment was recognized in retained earnings.
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Pretax
|
|
Tax
effect
|
|
After-
tax
|
|
Pretax
|
|
Tax
effect
|
|
After-
tax
|
||||||||||||
|
Three Months Ended March 31
|
||||||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
||||||||||||||||||||
Debt and equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net increase (decrease) in fair value
|
$
|
3,075
|
|
|
$
|
(763
|
)
|
|
$
|
2,312
|
|
|
$
|
(5,323
|
)
|
|
$
|
1,360
|
|
|
$
|
(3,963
|
)
|
Net realized (gains) reclassified into earnings (1)
|
(4
|
)
|
|
1
|
|
|
(3
|
)
|
|
(2
|
)
|
|
2
|
|
|
—
|
|
||||||
Net change
|
3,071
|
|
|
(762
|
)
|
|
2,309
|
|
|
(5,325
|
)
|
|
1,362
|
|
|
(3,963
|
)
|
||||||
Debit valuation adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net increase (decrease) in fair value
|
(475
|
)
|
|
110
|
|
|
(365
|
)
|
|
342
|
|
|
(82
|
)
|
|
260
|
|
||||||
Net realized losses reclassified into earnings (1)
|
3
|
|
|
(1
|
)
|
|
2
|
|
|
17
|
|
|
(4
|
)
|
|
13
|
|
||||||
Net change
|
(472
|
)
|
|
109
|
|
|
(363
|
)
|
|
359
|
|
|
(86
|
)
|
|
273
|
|
||||||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net increase (decrease) in fair value
|
264
|
|
|
(52
|
)
|
|
212
|
|
|
(424
|
)
|
|
131
|
|
|
(293
|
)
|
||||||
Reclassifications into earnings:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net interest income
|
23
|
|
|
(6
|
)
|
|
17
|
|
|
50
|
|
|
(12
|
)
|
|
38
|
|
||||||
Compensation and benefits expense
|
—
|
|
|
—
|
|
|
—
|
|
|
(27
|
)
|
|
7
|
|
|
(20
|
)
|
||||||
Net realized losses reclassified into earnings
|
23
|
|
|
(6
|
)
|
|
17
|
|
|
23
|
|
|
(5
|
)
|
|
18
|
|
||||||
Net change
|
287
|
|
|
(58
|
)
|
|
229
|
|
|
(401
|
)
|
|
126
|
|
|
(275
|
)
|
||||||
Employee benefit plans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net actuarial losses and other reclassified into earnings (2)
|
35
|
|
|
(7
|
)
|
|
28
|
|
|
41
|
|
|
(11
|
)
|
|
30
|
|
||||||
Net change
|
35
|
|
|
(7
|
)
|
|
28
|
|
|
41
|
|
|
(11
|
)
|
|
30
|
|
||||||
Foreign currency:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net (decrease) in fair value
|
5
|
|
|
(39
|
)
|
|
(34
|
)
|
|
(81
|
)
|
|
33
|
|
|
(48
|
)
|
||||||
Net change
|
5
|
|
|
(39
|
)
|
|
(34
|
)
|
|
(81
|
)
|
|
33
|
|
|
(48
|
)
|
||||||
Total other comprehensive income (loss)
|
$
|
2,926
|
|
|
$
|
(757
|
)
|
|
$
|
2,169
|
|
|
$
|
(5,407
|
)
|
|
$
|
1,424
|
|
|
$
|
(3,983
|
)
|
(1)
|
Reclassifications of pretax debt and equity securities, DVA and foreign currency (gains) losses are recorded in other income in the Consolidated Statement of Income.
|
(2)
|
Reclassifications of pretax employee benefit plan costs are recorded in other general operating expense in the Consolidated Statement of Income.
|
|
|
Bank of America 78
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
March 31, 2019
|
||||||||||||||||||
|
Fair Value Measurements
|
|
|
|
|
||||||||||||||
(Dollars in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting Adjustments (1)
|
|
Assets/Liabilities at Fair Value
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time deposits placed and other short-term investments
|
$
|
1,180
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,180
|
|
Federal funds sold and securities borrowed or purchased under agreements to resell
|
—
|
|
|
59,557
|
|
|
—
|
|
|
—
|
|
|
59,557
|
|
|||||
Trading account assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. Treasury and agency securities (2)
|
41,904
|
|
|
450
|
|
|
—
|
|
|
—
|
|
|
42,354
|
|
|||||
Corporate securities, trading loans and other
|
—
|
|
|
28,254
|
|
|
1,428
|
|
|
—
|
|
|
29,682
|
|
|||||
Equity securities
|
63,520
|
|
|
35,570
|
|
|
288
|
|
|
—
|
|
|
99,378
|
|
|||||
Non-U.S. sovereign debt
|
8,470
|
|
|
24,068
|
|
|
472
|
|
|
—
|
|
|
33,010
|
|
|||||
Mortgage trading loans, MBS and ABS:
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. government-sponsored agency guaranteed (2)
|
—
|
|
|
23,539
|
|
|
—
|
|
|
—
|
|
|
23,539
|
|
|||||
Mortgage trading loans, ABS and other MBS
|
—
|
|
|
9,589
|
|
|
1,510
|
|
|
—
|
|
|
11,099
|
|
|||||
Total trading account assets (3)
|
113,894
|
|
|
121,470
|
|
|
3,698
|
|
|
—
|
|
|
239,062
|
|
|||||
Derivative assets
|
12,581
|
|
|
312,097
|
|
|
3,473
|
|
|
(285,760
|
)
|
|
42,391
|
|
|||||
AFS debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. Treasury and agency securities
|
59,800
|
|
|
1,224
|
|
|
—
|
|
|
—
|
|
|
61,024
|
|
|||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Agency
|
—
|
|
|
117,165
|
|
|
—
|
|
|
—
|
|
|
117,165
|
|
|||||
Agency-collateralized mortgage obligations
|
—
|
|
|
5,379
|
|
|
—
|
|
|
—
|
|
|
5,379
|
|
|||||
Non-agency residential
|
—
|
|
|
1,434
|
|
|
581
|
|
|
—
|
|
|
2,015
|
|
|||||
Commercial
|
—
|
|
|
14,369
|
|
|
—
|
|
|
—
|
|
|
14,369
|
|
|||||
Non-U.S. securities
|
—
|
|
|
10,760
|
|
|
2
|
|
|
—
|
|
|
10,762
|
|
|||||
Other taxable securities
|
—
|
|
|
3,430
|
|
|
3
|
|
|
—
|
|
|
3,433
|
|
|||||
Tax-exempt securities
|
—
|
|
|
17,466
|
|
|
—
|
|
|
—
|
|
|
17,466
|
|
|||||
Total AFS debt securities
|
59,800
|
|
|
171,227
|
|
|
586
|
|
|
—
|
|
|
231,613
|
|
|||||
Other debt securities carried at fair value:
|
|
|
|
|
|
|
|
|
|
||||||||||
Agency MBS
|
—
|
|
|
1,013
|
|
|
—
|
|
|
—
|
|
|
1,013
|
|
|||||
Non-agency residential MBS
|
—
|
|
|
1,414
|
|
|
224
|
|
|
—
|
|
|
1,638
|
|
|||||
Non-U.S. securities
|
3,369
|
|
|
4,320
|
|
|
—
|
|
|
—
|
|
|
7,689
|
|
|||||
Other taxable securities
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|||||
Total other debt securities carried at fair value
|
3,369
|
|
|
6,750
|
|
|
224
|
|
|
—
|
|
|
10,343
|
|
|||||
Loans and leases
|
—
|
|
|
5,870
|
|
|
317
|
|
|
—
|
|
|
6,187
|
|
|||||
Loans held-for-sale
|
—
|
|
|
1,989
|
|
|
558
|
|
|
—
|
|
|
2,547
|
|
|||||
Other assets (4)
|
17,784
|
|
|
2,396
|
|
|
2,749
|
|
|
—
|
|
|
22,929
|
|
|||||
Total assets (5)
|
$
|
208,608
|
|
|
$
|
681,356
|
|
|
$
|
11,605
|
|
|
$
|
(285,760
|
)
|
|
$
|
615,809
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest-bearing deposits in U.S. offices
|
$
|
—
|
|
|
$
|
499
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
499
|
|
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
—
|
|
|
26,609
|
|
|
—
|
|
|
—
|
|
|
26,609
|
|
|||||
Trading account liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Treasury and agency securities
|
11,539
|
|
|
610
|
|
|
—
|
|
|
—
|
|
|
12,149
|
|
|||||
Equity securities
|
37,038
|
|
|
3,155
|
|
|
—
|
|
|
—
|
|
|
40,193
|
|
|||||
Non-U.S. sovereign debt
|
16,206
|
|
|
9,234
|
|
|
—
|
|
|
—
|
|
|
25,440
|
|
|||||
Corporate securities and other
|
—
|
|
|
6,607
|
|
|
21
|
|
|
—
|
|
|
6,628
|
|
|||||
Total trading account liabilities
|
64,783
|
|
|
19,606
|
|
|
21
|
|
|
—
|
|
|
84,410
|
|
|||||
Derivative liabilities
|
11,907
|
|
|
301,867
|
|
|
4,491
|
|
|
(281,927
|
)
|
|
36,338
|
|
|||||
Short-term borrowings
|
—
|
|
|
1,895
|
|
|
—
|
|
|
—
|
|
|
1,895
|
|
|||||
Accrued expenses and other liabilities
|
20,821
|
|
|
2,552
|
|
|
—
|
|
|
—
|
|
|
23,373
|
|
|||||
Long-term debt
|
—
|
|
|
30,735
|
|
|
890
|
|
|
—
|
|
|
31,625
|
|
|||||
Total liabilities (5)
|
$
|
97,511
|
|
|
$
|
383,763
|
|
|
$
|
5,402
|
|
|
$
|
(281,927
|
)
|
|
$
|
204,749
|
|
(1)
|
Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties.
|
(2)
|
Includes $24.0 billion of GSE obligations.
|
(3)
|
Includes securities with a fair value of $15.7 billion that were segregated in compliance with securities regulations or deposited with clearing organizations. This amount is included in the parenthetical disclosure on the Consolidated Balance Sheet.
|
(4)
|
Includes MSRs of $1.9 billion which are classified as Level 3 assets.
|
(5)
|
Total recurring Level 3 assets were 0.49 percent of total consolidated assets, and total recurring Level 3 liabilities were 0.26 percent of total consolidated liabilities.
|
79 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31, 2018
|
||||||||||||||||||
|
Fair Value Measurements
|
|
|
|
|
||||||||||||||
(Dollars in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting Adjustments (1)
|
|
Assets/Liabilities at Fair Value
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time deposits placed and other short-term investments
|
$
|
1,214
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,214
|
|
Federal funds sold and securities borrowed or purchased under agreements to resell
|
—
|
|
|
56,399
|
|
|
—
|
|
|
—
|
|
|
56,399
|
|
|||||
Trading account assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. Treasury and agency securities (2)
|
53,131
|
|
|
1,593
|
|
|
—
|
|
|
—
|
|
|
54,724
|
|
|||||
Corporate securities, trading loans and other
|
—
|
|
|
24,630
|
|
|
1,558
|
|
|
—
|
|
|
26,188
|
|
|||||
Equity securities
|
53,840
|
|
|
23,163
|
|
|
276
|
|
|
—
|
|
|
77,279
|
|
|||||
Non-U.S. sovereign debt
|
5,818
|
|
|
19,210
|
|
|
465
|
|
|
—
|
|
|
25,493
|
|
|||||
Mortgage trading loans, MBS and ABS:
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. government-sponsored agency guaranteed (2)
|
—
|
|
|
19,586
|
|
|
—
|
|
|
—
|
|
|
19,586
|
|
|||||
Mortgage trading loans, ABS and other MBS
|
—
|
|
|
9,443
|
|
|
1,635
|
|
|
—
|
|
|
11,078
|
|
|||||
Total trading account assets (3)
|
112,789
|
|
|
97,625
|
|
|
3,934
|
|
|
—
|
|
|
214,348
|
|
|||||
Derivative assets
|
9,967
|
|
|
315,413
|
|
|
3,466
|
|
|
(285,121
|
)
|
|
43,725
|
|
|||||
AFS debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. Treasury and agency securities
|
53,663
|
|
|
1,260
|
|
|
—
|
|
|
—
|
|
|
54,923
|
|
|||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Agency
|
—
|
|
|
121,826
|
|
|
—
|
|
|
—
|
|
|
121,826
|
|
|||||
Agency-collateralized mortgage obligations
|
—
|
|
|
5,530
|
|
|
—
|
|
|
—
|
|
|
5,530
|
|
|||||
Non-agency residential
|
—
|
|
|
1,320
|
|
|
597
|
|
|
—
|
|
|
1,917
|
|
|||||
Commercial
|
—
|
|
|
14,078
|
|
|
—
|
|
|
—
|
|
|
14,078
|
|
|||||
Non-U.S. securities
|
—
|
|
|
9,304
|
|
|
2
|
|
|
—
|
|
|
9,306
|
|
|||||
Other taxable securities
|
—
|
|
|
4,403
|
|
|
7
|
|
|
—
|
|
|
4,410
|
|
|||||
Tax-exempt securities
|
—
|
|
|
17,376
|
|
|
—
|
|
|
—
|
|
|
17,376
|
|
|||||
Total AFS debt securities
|
53,663
|
|
|
175,097
|
|
|
606
|
|
|
—
|
|
|
229,366
|
|
|||||
Other debt securities carried at fair value:
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Treasury and agency securities
|
1,282
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,282
|
|
|||||
Non-agency residential MBS
|
—
|
|
|
1,434
|
|
|
172
|
|
|
—
|
|
|
1,606
|
|
|||||
Non-U.S. securities
|
490
|
|
|
5,354
|
|
|
—
|
|
|
—
|
|
|
5,844
|
|
|||||
Other taxable securities
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|||||
Total other debt securities carried at fair value
|
1,772
|
|
|
6,791
|
|
|
172
|
|
|
—
|
|
|
8,735
|
|
|||||
Loans and leases
|
—
|
|
|
4,011
|
|
|
338
|
|
|
—
|
|
|
4,349
|
|
|||||
Loans held-for-sale
|
—
|
|
|
2,400
|
|
|
542
|
|
|
—
|
|
|
2,942
|
|
|||||
Other assets (4)
|
15,032
|
|
|
1,775
|
|
|
2,932
|
|
|
—
|
|
|
19,739
|
|
|||||
Total assets (5)
|
$
|
194,437
|
|
|
$
|
659,511
|
|
|
$
|
11,990
|
|
|
$
|
(285,121
|
)
|
|
$
|
580,817
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest-bearing deposits in U.S. offices
|
$
|
—
|
|
|
$
|
492
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
492
|
|
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
—
|
|
|
28,875
|
|
|
—
|
|
|
—
|
|
|
28,875
|
|
|||||
Trading account liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Treasury and agency securities
|
7,894
|
|
|
761
|
|
|
—
|
|
|
—
|
|
|
8,655
|
|
|||||
Equity securities
|
33,739
|
|
|
4,070
|
|
|
—
|
|
|
—
|
|
|
37,809
|
|
|||||
Non-U.S. sovereign debt
|
7,452
|
|
|
9,182
|
|
|
—
|
|
|
—
|
|
|
16,634
|
|
|||||
Corporate securities and other
|
—
|
|
|
5,104
|
|
|
18
|
|
|
—
|
|
|
5,122
|
|
|||||
Total trading account liabilities
|
49,085
|
|
|
19,117
|
|
|
18
|
|
|
—
|
|
|
68,220
|
|
|||||
Derivative liabilities
|
9,931
|
|
|
303,441
|
|
|
4,401
|
|
|
(279,882
|
)
|
|
37,891
|
|
|||||
Short-term borrowings
|
—
|
|
|
1,648
|
|
|
—
|
|
|
—
|
|
|
1,648
|
|
|||||
Accrued expenses and other liabilities
|
18,096
|
|
|
1,979
|
|
|
—
|
|
|
—
|
|
|
20,075
|
|
|||||
Long-term debt
|
—
|
|
|
26,872
|
|
|
817
|
|
|
—
|
|
|
27,689
|
|
|||||
Total liabilities (5)
|
$
|
77,112
|
|
|
$
|
382,424
|
|
|
$
|
5,236
|
|
|
$
|
(279,882
|
)
|
|
$
|
184,890
|
|
(1)
|
Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties.
|
(2)
|
Includes $20.2 billion of GSE obligations.
|
(3)
|
Includes securities with a fair value of $16.6 billion that were segregated in compliance with securities regulations or deposited with clearing organizations. This amount is included in the parenthetical disclosure on the Consolidated Balance Sheet.
|
(4)
|
Includes MSRs of $2.0 billion which are classified as Level 3 assets.
|
(5)
|
Total recurring Level 3 assets were 0.51 percent of total consolidated assets, and total recurring Level 3 liabilities were 0.25 percent of total consolidated liabilities.
|
|
|
Bank of America 80
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Level 3 – Fair Value Measurements (1)
|
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
Balance
January 1
|
Total Realized/Unrealized Gains (Losses) in Net Income (2)
|
Gains
(Losses) in OCI (3) |
Gross
|
Gross
Transfers into
Level 3
|
Gross
Transfers out of
Level 3
|
Balance
March 31 |
Change in Unrealized Gains (Losses) in Net Income Related to Financial Instruments Still Held (2)
|
|||||||||||||||||||||||||
(Dollars in millions)
|
Purchases
|
Sales
|
Issuances
|
Settlements
|
|||||||||||||||||||||||||||||
Three Months Ended March 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Trading account assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Corporate securities, trading loans and other
|
$
|
1,558
|
|
$
|
3
|
|
$
|
—
|
|
$
|
54
|
|
$
|
(73
|
)
|
$
|
—
|
|
$
|
(60
|
)
|
$
|
139
|
|
$
|
(193
|
)
|
$
|
1,428
|
|
$
|
(8
|
)
|
Equity securities
|
276
|
|
2
|
|
—
|
|
18
|
|
(1
|
)
|
—
|
|
(3
|
)
|
2
|
|
(6
|
)
|
288
|
|
2
|
|
|||||||||||
Non-U.S. sovereign debt
|
465
|
|
8
|
|
(1
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
472
|
|
8
|
|
|||||||||||
Mortgage trading loans, ABS and other MBS
|
1,635
|
|
38
|
|
(1
|
)
|
230
|
|
(337
|
)
|
—
|
|
(9
|
)
|
89
|
|
(135
|
)
|
1,510
|
|
27
|
|
|||||||||||
Total trading account assets
|
3,934
|
|
51
|
|
(2
|
)
|
302
|
|
(411
|
)
|
—
|
|
(72
|
)
|
230
|
|
(334
|
)
|
3,698
|
|
29
|
|
|||||||||||
Net derivative assets (4)
|
(935
|
)
|
(25
|
)
|
—
|
|
111
|
|
(245
|
)
|
—
|
|
(55
|
)
|
122
|
|
9
|
|
(1,018
|
)
|
(25
|
)
|
|||||||||||
AFS debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-agency residential MBS
|
597
|
|
—
|
|
93
|
|
—
|
|
—
|
|
—
|
|
(7
|
)
|
159
|
|
(261
|
)
|
581
|
|
—
|
|
|||||||||||
Non-U.S. securities
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2
|
|
—
|
|
|||||||||||
Other taxable securities
|
7
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(4
|
)
|
—
|
|
—
|
|
3
|
|
—
|
|
|||||||||||
Total AFS debt securities
|
606
|
|
—
|
|
93
|
|
—
|
|
—
|
|
—
|
|
(11
|
)
|
159
|
|
(261
|
)
|
586
|
|
—
|
|
|||||||||||
Other debt securities carried at fair value – Non-agency residential MBS
|
172
|
|
47
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1
|
)
|
38
|
|
(32
|
)
|
224
|
|
47
|
|
|||||||||||
Loans and leases (5)
|
338
|
|
4
|
|
—
|
|
—
|
|
(15
|
)
|
—
|
|
(10
|
)
|
—
|
|
—
|
|
317
|
|
4
|
|
|||||||||||
Loans held-for-sale (5,6)
|
542
|
|
12
|
|
(2
|
)
|
10
|
|
(21
|
)
|
11
|
|
(53
|
)
|
59
|
|
—
|
|
558
|
|
4
|
|
|||||||||||
Other assets (6, 7)
|
2,932
|
|
(74
|
)
|
8
|
|
—
|
|
—
|
|
41
|
|
(158
|
)
|
—
|
|
—
|
|
2,749
|
|
(128
|
)
|
|||||||||||
Trading account liabilities – Corporate securities and other
|
(18
|
)
|
—
|
|
—
|
|
—
|
|
(3
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(21
|
)
|
—
|
|
|||||||||||
Long-term debt (5)
|
(817
|
)
|
(46
|
)
|
(1
|
)
|
—
|
|
—
|
|
(3
|
)
|
38
|
|
(61
|
)
|
—
|
|
(890
|
)
|
(46
|
)
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Three Months Ended March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Trading account assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Corporate securities, trading loans and other
|
$
|
1,864
|
|
$
|
9
|
|
$
|
—
|
|
$
|
193
|
|
$
|
(136
|
)
|
$
|
—
|
|
$
|
(139
|
)
|
$
|
103
|
|
$
|
(178
|
)
|
$
|
1,716
|
|
$
|
(15
|
)
|
Equity securities
|
235
|
|
8
|
|
—
|
|
6
|
|
(7
|
)
|
—
|
|
—
|
|
1
|
|
(31
|
)
|
212
|
|
8
|
|
|||||||||||
Non-U.S. sovereign debt
|
556
|
|
16
|
|
2
|
|
—
|
|
(50
|
)
|
—
|
|
(8
|
)
|
—
|
|
(115
|
)
|
401
|
|
16
|
|
|||||||||||
Mortgage trading loans, ABS and other MBS
|
1,498
|
|
99
|
|
3
|
|
125
|
|
(320
|
)
|
—
|
|
(69
|
)
|
94
|
|
(58
|
)
|
1,372
|
|
83
|
|
|||||||||||
Total trading account assets
|
4,153
|
|
132
|
|
5
|
|
324
|
|
(513
|
)
|
—
|
|
(216
|
)
|
198
|
|
(382
|
)
|
3,701
|
|
92
|
|
|||||||||||
Net derivative assets (4)
|
(1,714
|
)
|
495
|
|
—
|
|
153
|
|
(262
|
)
|
—
|
|
202
|
|
71
|
|
(83
|
)
|
(1,138
|
)
|
517
|
|
|||||||||||
AFS debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Non-U.S. securities
|
25
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2
|
)
|
—
|
|
—
|
|
23
|
|
—
|
|
|||||||||||
Other taxable securities
|
509
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(7
|
)
|
—
|
|
(460
|
)
|
43
|
|
—
|
|
|||||||||||
Tax-exempt securities
|
469
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(469
|
)
|
—
|
|
—
|
|
|||||||||||
Total AFS debt securities (8)
|
1,003
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(9
|
)
|
—
|
|
(929
|
)
|
66
|
|
—
|
|
|||||||||||
Loans and leases (5)
|
571
|
|
(16
|
)
|
—
|
|
—
|
|
(4
|
)
|
—
|
|
(25
|
)
|
—
|
|
—
|
|
526
|
|
(16
|
)
|
|||||||||||
Loans held-for-sale (5,6)
|
690
|
|
24
|
|
—
|
|
12
|
|
—
|
|
—
|
|
(41
|
)
|
—
|
|
—
|
|
685
|
|
21
|
|
|||||||||||
Other assets (6, 7, 8)
|
2,425
|
|
192
|
|
—
|
|
—
|
|
(38
|
)
|
29
|
|
(242
|
)
|
929
|
|
—
|
|
3,295
|
|
120
|
|
|||||||||||
Trading account liabilities – Corporate securities and other
|
(24
|
)
|
1
|
|
—
|
|
—
|
|
(2
|
)
|
(1
|
)
|
—
|
|
—
|
|
—
|
|
(26
|
)
|
1
|
|
|||||||||||
Accrued expenses and other liabilities (5)
|
(8
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(8
|
)
|
—
|
|
|||||||||||
Long-term debt (5)
|
(1,863
|
)
|
23
|
|
1
|
|
5
|
|
—
|
|
(67
|
)
|
172
|
|
(33
|
)
|
411
|
|
(1,351
|
)
|
26
|
|
(1)
|
Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3.
|
(2)
|
Includes gains (losses) reported in earnings in the following income statement line items: Trading account assets/liabilities - predominantly trading account income; Net derivative assets - primarily trading account income and other income; Other debt securities carried at fair value - other income; Loans and leases - other income; Loans held-for-sale - other income; Other assets - primarily other income related to MSRs; Long-term debt - primarily trading account income. For MSRs, the amounts reflect the changes in modeled MSR fair value due to observed changes in interest rates, volatility, spreads and the shape of the forward swap curve, and periodic adjustments to the valuation model to reflect changes in the modeled relationships between inputs and projected cash flows, as well as changes in cash flow assumptions including cost to service.
|
(3)
|
Includes unrealized gains (losses) in OCI on AFS debt securities, foreign currency translation adjustments and the impact of changes in the Corporation’s credit spreads on long-term debt accounted for under the fair value option. Total gains (losses) in OCI include net unrealized gains of $96 million related to financial instruments still held at March 31, 2019. For additional information on changes in fair value recorded in accumulated OCI, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K.
|
(4)
|
Net derivative assets include derivative assets of $3.5 billion and $4.5 billion and derivative liabilities of $4.5 billion and $5.7 billion at March 31, 2019 and 2018.
|
(5)
|
Amounts represent instruments that are accounted for under the fair value option.
|
(6)
|
Issuances represent loan originations and MSRs recognized following securitizations or whole-loan sales.
|
(7)
|
Settlements primarily represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time.
|
(8)
|
Transfers out of AFS debt and into other assets relate to the reclassification of certain securities.
|
81 Bank of America
|
|
|
|
|
|
|
|
|
||
Quantitative Information about Level 3 Fair Value Measurements at March 31, 2019
|
|
||||||
|
|
|
|
|
|||
(Dollars in millions)
|
|
|
Inputs
|
||||
Financial Instrument
|
Fair
Value
|
Valuation
Technique
|
Significant Unobservable
Inputs
|
Ranges of
Inputs
|
Weighted Average (1)
|
||
Loans and Securities (2)
|
|
|
|
|
|
||
Instruments backed by residential real estate assets
|
$
|
1,583
|
|
Discounted cash flow, Market comparables
|
Yield
|
0% to 25%
|
6%
|
Trading account assets – Mortgage trading loans, ABS and other MBS
|
455
|
|
Prepayment speed
|
0% to 25% CPR
|
15%
|
||
Loans and leases
|
317
|
|
Default rate
|
0% to 3% CDR
|
1%
|
||
Loans held-for-sale
|
1
|
|
Loss severity
|
0% to 48%
|
15%
|
||
AFS debt securities, primarily non-agency residential
|
586
|
|
Price
|
$0 to $150
|
$100
|
||
Other debt securities carried at fair value - Non-agency residential
|
224
|
|
|
|
|
||
Instruments backed by commercial real estate assets
|
$
|
355
|
|
Discounted cash flow
|
Yield
|
0% to 25%
|
7%
|
Trading account assets – Corporate securities, trading loans and other
|
232
|
|
Price
|
$0 to $100
|
$71
|
||
Trading account assets – Mortgage trading loans, ABS and other MBS
|
123
|
|
|
|
|
||
Commercial loans, debt securities and other
|
$
|
3,157
|
|
Discounted cash flow, Market comparables
|
Yield
|
1% to 15%
|
7%
|
Trading account assets – Corporate securities, trading loans and other
|
1,196
|
|
Prepayment speed
|
10% to 20%
|
15%
|
||
Trading account assets – Non-U.S. sovereign debt
|
472
|
|
Default rate
|
3% to 4%
|
4%
|
||
Trading account assets – Mortgage trading loans, ABS and other MBS
|
932
|
|
Loss severity
|
35% to 40%
|
37%
|
||
Loans held-for-sale
|
557
|
|
Price
|
$0 to $143
|
$66
|
||
Other assets, primarily auction rate securities
|
$
|
878
|
|
Discounted cash flow, Market comparables
|
Price
|
$10 to $100
|
$95
|
|
|
|
|
|
|||
|
|
|
|
|
|||
MSRs
|
$
|
1,871
|
|
Discounted cash flow
|
Weighted-average life, fixed rate (5)
|
0 to 14 years
|
5 years
|
|
|
Weighted-average life, variable rate (5)
|
0 to 9 years
|
3 years
|
|||
|
|
Option-adjusted spread, fixed rate
|
7% to 14%
|
9%
|
|||
|
|
Option-adjusted spread, variable rate
|
9% to 15%
|
12%
|
|||
Structured liabilities
|
|
|
|
|
|
||
Long-term debt
|
$
|
(890
|
)
|
Discounted cash flow, Market comparables, Industry standard derivative pricing (3)
|
Equity correlation
|
10% to 100%
|
65%
|
|
|
Long-dated equity volatilities
|
4% to 91%
|
31%
|
|||
|
|
Price
|
$0 to $101
|
$71
|
|||
|
|
|
|
|
|||
Net derivative assets
|
|
|
|
|
|
||
Credit derivatives
|
$
|
(197
|
)
|
Discounted cash flow, Stochastic recovery correlation model
|
Yield
|
3% to 5%
|
4%
|
|
|
Upfront points
|
0 to 100 points
|
68 points
|
|||
|
|
Prepayment speed
|
15% to 100% CPR
|
38%
|
|||
|
|
Default rate
|
1% to 4% CDR
|
2%
|
|||
|
|
Loss severity
|
35%
|
n/a
|
|||
|
|
Price
|
$0 to $138
|
$85
|
|||
Equity derivatives
|
$
|
(802
|
)
|
Industry standard derivative pricing (3)
|
Equity correlation
|
10% to 100%
|
65%
|
|
|
Long-dated equity volatilities
|
4% to 91%
|
31%
|
|||
Commodity derivatives
|
$
|
6
|
|
Discounted cash flow, Industry standard derivative pricing (3)
|
Natural gas forward price
|
$1/MMBtu to $8/MMBtu
|
$3/MMBtu
|
|
|
Correlation
|
25% to 85%
|
67%
|
|||
|
|
Volatilities
|
15% to 115%
|
34%
|
|||
Interest rate derivatives
|
$
|
(25
|
)
|
Industry standard derivative pricing (4)
|
Correlation (IR/IR)
|
15% to 70%
|
54%
|
|
|
Correlation (FX/IR)
|
0% to 46%
|
3%
|
|||
|
|
Long-dated inflation rates
|
-18% to 38%
|
4%
|
|||
|
|
Long-dated inflation volatilities
|
0% to 1%
|
1%
|
|||
Total net derivative assets
|
$
|
(1,018
|
)
|
|
|
|
|
(1)
|
For loans and securities, structured liabilities and net derivative assets, the weighted average is calculated based upon the absolute fair value of the instruments.
|
(2)
|
The categories are aggregated based upon product type which differs from financial statement classification. The following is a reconciliation to the line items in the table on page 79: Trading account assets – Corporate securities, trading loans and other of $1.4 billion, Trading account assets – Non-U.S. sovereign debt of $472 million, Trading account assets – Mortgage trading loans, ABS and other MBS of $1.5 billion, AFS debt securities of $586 million, Other debt securities carried at fair value - Non-agency residential of $224 million, Other assets, including MSRs, of $2.7 billion, Loans and leases of $317 million and LHFS of $558 million.
|
(3)
|
Includes models such as Monte Carlo simulation and Black-Scholes.
|
(4)
|
Includes models such as Monte Carlo simulation, Black-Scholes and other methods that model the joint dynamics of interest, inflation and foreign exchange rates.
|
(5)
|
The weighted-average life is a product of changes in market rates of interest, prepayment rates and other model and cash flow assumptions.
|
|
|
Bank of America 82
|
|
|
|
|
|
|
||
Quantitative Information about Level 3 Fair Value Measurements at December 31, 2018
|
|||||||
|
|
|
|
|
|||
(Dollars in millions)
|
|
|
Inputs
|
||||
Financial Instrument
|
Fair
Value |
Valuation
Technique |
Significant Unobservable
Inputs |
Ranges of
Inputs |
Weighted Average (1)
|
||
Loans and Securities (2)
|
|
|
|
|
|
||
Instruments backed by residential real estate assets
|
$
|
1,536
|
|
Discounted cash flow, Market comparables
|
Yield
|
0% to 25%
|
8%
|
Trading account assets – Mortgage trading loans, ABS and other MBS
|
419
|
|
Prepayment speed
|
0% to 21% CPR
|
12%
|
||
Loans and leases
|
338
|
|
Default rate
|
0% to 3% CDR
|
1%
|
||
Loans held-for-sale
|
1
|
|
Loss severity
|
0% to 51%
|
17%
|
||
AFS debt securities, primarily non-agency residential
|
606
|
|
Price
|
$0 to $128
|
$72
|
||
Other debt securities carried at fair value - Non-agency residential
|
172
|
|
|
|
|
||
Instruments backed by commercial real estate assets
|
$
|
291
|
|
Discounted cash flow
|
Yield
|
0% to 25%
|
7%
|
Trading account assets – Corporate securities, trading loans and other
|
200
|
|
Price
|
$0 to $100
|
$79
|
||
Trading account assets – Mortgage trading loans, ABS and other MBS
|
91
|
|
|
|
|
||
Commercial loans, debt securities and other
|
$
|
3,489
|
|
Discounted cash flow, Market comparables
|
Yield
|
1% to 18%
|
13%
|
Trading account assets – Corporate securities, trading loans and other
|
1,358
|
|
Prepayment speed
|
10% to 20%
|
15%
|
||
Trading account assets – Non-U.S. sovereign debt
|
465
|
|
Default rate
|
3% to 4%
|
4%
|
||
Trading account assets – Mortgage trading loans, ABS and other MBS
|
1,125
|
|
Loss severity
|
35% to 40%
|
38%
|
||
Loans held-for-sale
|
541
|
|
Price
|
$0 to $141
|
$68
|
||
Other assets, primarily auction rate securities
|
$
|
890
|
|
Discounted cash flow, Market comparables
|
Price
|
$10 to $100
|
$95
|
|
|
|
|
|
|||
|
|
|
|
|
|||
MSRs
|
$
|
2,042
|
|
Discounted cash flow
|
Weighted-average life, fixed rate (5)
|
0 to 14 years
|
5 years
|
|
|
Weighted-average life, variable rate (5)
|
0 to 10 years
|
3 years
|
|||
|
|
Option-adjusted spread, fixed rate
|
7% to 14%
|
9%
|
|||
|
|
Option-adjusted spread, variable rate
|
9% to 15%
|
12%
|
|||
Structured liabilities
|
|
|
|
|
|
||
Long-term debt
|
$
|
(817
|
)
|
Discounted cash flow, Market comparables, Industry standard derivative pricing (3)
|
Equity correlation
|
11% to 100%
|
67%
|
|
|
Long-dated equity volatilities
|
4% to 84%
|
32%
|
|||
|
|
Yield
|
7% to 18%
|
16%
|
|||
|
|
Price
|
$0 to $100
|
$72
|
|||
Net derivative assets
|
|
|
|
|
|
||
Credit derivatives
|
$
|
(565
|
)
|
Discounted cash flow, Stochastic recovery correlation model
|
Yield
|
0% to 5%
|
4%
|
|
|
Upfront points
|
0 points to 100 points
|
70 points
|
|||
|
|
Credit correlation
|
70%
|
n/a
|
|||
|
|
Prepayment speed
|
15% to 20% CPR
|
15%
|
|||
|
|
Default rate
|
1% to 4% CDR
|
2%
|
|||
|
|
Loss severity
|
35%
|
n/a
|
|||
|
|
Price
|
$0 to $138
|
$93
|
|||
Equity derivatives
|
$
|
(348
|
)
|
Industry standard derivative pricing (3)
|
Equity correlation
|
11% to 100%
|
67%
|
|
|
Long-dated equity volatilities
|
4% to 84%
|
32%
|
|||
Commodity derivatives
|
$
|
10
|
|
Discounted cash flow, Industry standard derivative pricing (3)
|
Natural gas forward price
|
$1/MMBtu to $12/MMBtu
|
$3/MMBtu
|
|
|
Correlation
|
38% to 87%
|
71%
|
|||
|
|
Volatilities
|
15% to 132%
|
38%
|
|||
Interest rate derivatives
|
$
|
(32
|
)
|
Industry standard derivative pricing (4)
|
Correlation (IR/IR)
|
15% to 70%
|
61%
|
|
|
Correlation (FX/IR)
|
0% to 46%
|
1%
|
|||
|
|
Long-dated inflation rates
|
-20% to 38%
|
2%
|
|||
|
|
Long-dated inflation volatilities
|
0% to 1%
|
1%
|
|||
Total net derivative assets
|
$
|
(935
|
)
|
|
|
|
|
(1)
|
For loans and securities, structured liabilities and net derivative assets, the weighted average is calculated based upon the absolute fair value of the instruments.
|
(2)
|
The categories are aggregated based upon product type which differs from financial statement classification. The following is a reconciliation to the line items in the table on page 80: Trading account assets – Corporate securities, trading loans and other of $1.6 billion, Trading account assets – Non-U.S. sovereign debt of $465 million, Trading account assets – Mortgage trading loans, ABS and other MBS of $1.6 billion, AFS debt securities of $606 million, Other debt securities carried at fair value - Non-agency residential of $172 million, Other assets, including MSRs, of 2.9 billion, Loans and leases of $338 million and LHFS of $542 million.
|
(3)
|
Includes models such as Monte Carlo simulation and Black-Scholes.
|
(4)
|
Includes models such as Monte Carlo simulation, Black-Scholes and other methods that model the joint dynamics of interest, inflation and foreign exchange rates.
|
(5)
|
The weighted-average life is a product of changes in market rates of interest, prepayment rates and other model and cash flow assumptions.
|
83 Bank of America
|
|
|
|
|
|
|
|
|
||||||
Assets Measured at Fair Value on a Nonrecurring Basis
|
|||||||||||
|
|
||||||||||
|
March 31, 2019
|
|
Three Months Ended March 31, 2019
|
||||||||
(Dollars in millions)
|
Level 2
|
|
Level 3
|
|
Gains (Losses)
|
||||||
Assets
|
|
|
|
|
|
|
|
||||
Loans held-for-sale
|
$
|
55
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
Loans and leases (1)
|
—
|
|
|
120
|
|
|
(40
|
)
|
|||
Foreclosed properties (2, 3)
|
—
|
|
|
40
|
|
|
(13
|
)
|
|||
Other assets
|
61
|
|
|
6
|
|
|
(11
|
)
|
|||
|
|
|
|
|
|
||||||
|
March 31, 2018
|
|
Three Months Ended March 31, 2018
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||
Loans held-for-sale
|
$
|
13
|
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
Loans and leases (1)
|
—
|
|
|
273
|
|
|
(98
|
)
|
|||
Foreclosed properties (2, 3)
|
—
|
|
|
61
|
|
|
(17
|
)
|
|||
Other assets
|
47
|
|
|
—
|
|
|
(7
|
)
|
(1)
|
Includes $18 million and $45 million of losses on loans that were written down to a collateral value of zero during the three months ended March 31, 2019 and 2018.
|
(2)
|
Amounts are included in other assets on the Consolidated Balance Sheet and represent the carrying value of foreclosed properties that were written down subsequent to their initial classification as foreclosed properties. Losses on foreclosed properties include losses recorded during the first 90 days after transfer of a loan to foreclosed properties.
|
(3)
|
Excludes $400 million and $680 million of properties acquired upon foreclosure of certain government-guaranteed loans (principally FHA-insured loans) at March 31, 2019 and 2018.
|
|
|
|
|
|
|
|
|
|
|
|||
Quantitative Information about Nonrecurring Level 3 Fair Value Measurements
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
Inputs
|
|||||||
Financial Instrument
|
Fair Value
|
|
Valuation
Technique
|
|
Significant Unobservable
Inputs
|
|
Ranges of
Inputs
|
|
Weighted
Average (1)
|
|||
(Dollars in millions)
|
March 31, 2019
|
|||||||||||
Loans and leases backed by residential real estate assets
|
$
|
120
|
|
|
Market comparables
|
|
OREO discount
|
|
13% to 59%
|
|
25
|
%
|
|
|
|
|
|
Costs to sell
|
|
8% to 26%
|
|
9
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|||
|
December 31, 2018
|
|||||||||||
Loans and leases backed by residential real estate assets
|
$
|
474
|
|
|
Market comparables
|
|
OREO discount
|
|
13% to 59%
|
|
25
|
%
|
|
|
|
|
|
Costs to sell
|
|
8% to 26%
|
|
9
|
%
|
|
|
Bank of America 84
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fair Value Option Elections
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
(Dollars in millions)
|
Fair Value Carrying Amount
|
|
Contractual Principal Outstanding
|
|
Fair Value Carrying Amount Less Unpaid Principal
|
|
Fair Value
Carrying
Amount
|
|
Contractual Principal Outstanding
|
|
Fair Value Carrying
Amount Less Unpaid Principal
|
||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
$
|
59,557
|
|
|
$
|
59,524
|
|
|
$
|
33
|
|
|
$
|
56,399
|
|
|
$
|
56,376
|
|
|
$
|
23
|
|
Loans reported as trading account assets (1)
|
6,346
|
|
|
13,438
|
|
|
(7,092
|
)
|
|
6,195
|
|
|
13,088
|
|
|
(6,893
|
)
|
||||||
Trading inventory – other
|
16,322
|
|
|
n/a
|
|
|
n/a
|
|
|
13,778
|
|
|
n/a
|
|
|
n/a
|
|
||||||
Consumer and commercial loans
|
6,187
|
|
|
6,220
|
|
|
(33
|
)
|
|
4,349
|
|
|
4,399
|
|
|
(50
|
)
|
||||||
Loans held-for-sale (1)
|
2,547
|
|
|
3,799
|
|
|
(1,252
|
)
|
|
2,942
|
|
|
4,749
|
|
|
(1,807
|
)
|
||||||
Other assets
|
3
|
|
|
n/a
|
|
|
n/a
|
|
|
3
|
|
|
n/a
|
|
|
n/a
|
|
||||||
Long-term deposits
|
499
|
|
|
447
|
|
|
52
|
|
|
492
|
|
|
454
|
|
|
38
|
|
||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
26,609
|
|
|
26,614
|
|
|
(5
|
)
|
|
28,875
|
|
|
28,881
|
|
|
(6
|
)
|
||||||
Short-term borrowings
|
1,895
|
|
|
1,895
|
|
|
—
|
|
|
1,648
|
|
|
1,648
|
|
|
—
|
|
||||||
Unfunded loan commitments
|
106
|
|
|
n/a
|
|
|
n/a
|
|
|
169
|
|
|
n/a
|
|
|
n/a
|
|
||||||
Long-term debt (2)
|
31,625
|
|
|
31,990
|
|
|
(365
|
)
|
|
27,689
|
|
|
29,198
|
|
|
(1,509
|
)
|
(1)
|
A significant portion of the loans reported as trading account assets and LHFS are distressed loans that were purchased at a deep discount to par, and the remainder are loans with a fair value near contractual principal outstanding.
|
(2)
|
Includes structured liabilities with a fair value of $31.3 billion and $27.3 billion, and contractual principal outstanding of $31.6 billion and $28.8 billion at March 31, 2019 and December 31, 2018.
|
(1)
|
Gains (losses) related to borrower-specific credit risk were not significant.
|
(2)
|
The gains in trading account income are primarily offset by losses on trading liabilities that hedge these assets.
|
(3)
|
The majority of the net gains (losses) in trading account income relate to the embedded derivatives in structured liabilities and are offset by gains (losses) on derivatives and securities that hedge these liabilities.
|
(4)
|
For the cumulative impact of changes in the Corporation’s own credit spreads and the amount recognized in accumulated OCI, see Note 14 – Accumulated Other Comprehensive Income (Loss). For more information on how the Corporation’s own credit spread is determined, see Note 20 – Fair Value Measurements to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K.
|
(5)
|
Includes gains (losses) on federal funds sold and securities borrowed or purchased under agreements to resell, LHFS, long-term deposits, federal funds purchased and securities loaned or sold under agreements to repurchase, short-term borrowings and unfunded loan commitments.
|
85 Bank of America
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fair Value of Financial Instruments
|
|||||||||||||||
|
|
|
|
||||||||||||
|
|
|
Fair Value
|
||||||||||||
|
Carrying Value
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
(Dollars in millions)
|
March 31, 2019
|
||||||||||||||
Financial assets
|
|
|
|
|
|
|
|
||||||||
Loans
|
$
|
915,899
|
|
|
$
|
60,803
|
|
|
$
|
880,868
|
|
|
$
|
941,671
|
|
Loans held-for-sale
|
6,297
|
|
|
5,525
|
|
|
776
|
|
|
6,301
|
|
||||
Financial liabilities
|
|
|
|
|
|
|
|
||||||||
Deposits (1)
|
1,379,337
|
|
|
1,379,240
|
|
|
—
|
|
|
1,379,240
|
|
||||
Long-term debt
|
233,929
|
|
|
239,490
|
|
|
890
|
|
|
240,380
|
|
||||
Commercial unfunded lending commitments (2)
|
908
|
|
|
106
|
|
|
4,747
|
|
|
4,853
|
|
||||
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2018
|
||||||||||||||
Financial assets
|
|
|
|
|
|
|
|
||||||||
Loans
|
$
|
911,520
|
|
|
$
|
58,228
|
|
|
$
|
859,160
|
|
|
$
|
917,388
|
|
Loans held-for-sale
|
10,367
|
|
|
9,592
|
|
|
775
|
|
|
10,367
|
|
||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|||||||
Deposits (1)
|
1,381,476
|
|
|
1,381,239
|
|
|
—
|
|
|
1,381,239
|
|
||||
Long-term debt
|
229,392
|
|
|
230,019
|
|
|
817
|
|
|
230,836
|
|
||||
Commercial unfunded lending commitments (2)
|
966
|
|
|
169
|
|
|
5,558
|
|
|
5,727
|
|
(1)
|
Includes demand deposits of $517.6 billion and $531.9 billion with no stated maturities at March 31, 2019 and December 31, 2018.
|
(2)
|
The carrying value of commercial unfunded lending commitments is included in accrued expenses and other liabilities on the Consolidated Balance Sheet. The Corporation does not estimate the fair value of consumer unfunded lending commitments because, in many instances, the Corporation can reduce or cancel these commitments by providing notice to the borrower. For more information on commitments, see Note 11 – Commitments and Contingencies.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Results of Business Segments and All Other
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
At and for the three months ended March 31
|
|
Total Corporation (1)
|
Consumer Banking
|
|
Global Wealth & Investment Management
|
|||||||||||||||||||
(Dollars in millions)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||
Net interest income
|
|
$
|
12,528
|
|
|
$
|
11,919
|
|
|
$
|
7,106
|
|
|
$
|
6,477
|
|
|
$
|
1,684
|
|
|
$
|
1,584
|
|
Noninterest income
|
|
10,629
|
|
|
11,301
|
|
|
2,526
|
|
|
2,503
|
|
|
3,136
|
|
|
3,272
|
|
||||||
Total revenue, net of interest expense
|
|
23,157
|
|
|
23,220
|
|
|
9,632
|
|
|
8,980
|
|
|
4,820
|
|
|
4,856
|
|
||||||
Provision for credit losses
|
|
1,013
|
|
|
834
|
|
|
974
|
|
|
935
|
|
|
5
|
|
|
38
|
|
||||||
Noninterest expense
|
|
13,224
|
|
|
13,842
|
|
|
4,359
|
|
|
4,548
|
|
|
3,426
|
|
|
3,580
|
|
||||||
Income before income taxes
|
|
8,920
|
|
|
8,544
|
|
|
4,299
|
|
|
3,497
|
|
|
1,389
|
|
|
1,238
|
|
||||||
Income tax expense
|
|
1,609
|
|
|
1,626
|
|
|
1,053
|
|
|
893
|
|
|
340
|
|
|
316
|
|
||||||
Net income
|
|
$
|
7,311
|
|
|
$
|
6,918
|
|
|
$
|
3,246
|
|
|
$
|
2,604
|
|
|
$
|
1,049
|
|
|
$
|
922
|
|
Period-end total assets
|
|
$
|
2,377,164
|
|
|
$
|
2,328,478
|
|
|
$
|
794,510
|
|
|
$
|
774,257
|
|
|
$
|
296,785
|
|
|
$
|
279,332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Global Banking
|
Global Markets
|
|
All Other
|
|||||||||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||
Net interest income
|
|
$
|
2,790
|
|
|
$
|
2,679
|
|
|
$
|
953
|
|
|
$
|
1,020
|
|
|
$
|
(5
|
)
|
|
$
|
159
|
|
Noninterest income
|
|
2,365
|
|
|
2,316
|
|
|
3,228
|
|
|
3,792
|
|
|
(626
|
)
|
|
(582
|
)
|
||||||
Total revenue, net of interest expense
|
|
5,155
|
|
|
4,995
|
|
|
4,181
|
|
|
4,812
|
|
|
(631
|
)
|
|
(423
|
)
|
||||||
Provision for credit losses
|
|
111
|
|
|
16
|
|
|
(23
|
)
|
|
(3
|
)
|
|
(54
|
)
|
|
(152
|
)
|
||||||
Noninterest expense
|
|
2,266
|
|
|
2,291
|
|
|
2,755
|
|
|
2,923
|
|
|
418
|
|
|
500
|
|
||||||
Income before income taxes
|
|
2,778
|
|
|
2,688
|
|
|
1,449
|
|
|
1,892
|
|
|
(995
|
)
|
|
(771
|
)
|
||||||
Income tax expense
|
|
750
|
|
|
699
|
|
|
413
|
|
|
492
|
|
|
(947
|
)
|
|
(774
|
)
|
||||||
Net income
|
|
$
|
2,028
|
|
|
$
|
1,989
|
|
|
$
|
1,036
|
|
|
$
|
1,400
|
|
|
$
|
(48
|
)
|
|
$
|
3
|
|
Period-end total assets
|
|
$
|
436,066
|
|
|
$
|
425,328
|
|
|
$
|
671,123
|
|
|
$
|
648,605
|
|
|
$
|
178,680
|
|
|
$
|
200,956
|
|
(1)
|
There were no material intersegment revenues.
|
|
|
Bank of America 86
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Noninterest Income by Business Segment and All Other
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Total Corporation
|
|
Consumer Banking
|
|
Global Wealth &
Investment Management |
||||||||||||||||||
|
Three Months Ended March 31
|
||||||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||
Fees and commissions:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Card income
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interchange fees
|
$
|
896
|
|
|
$
|
914
|
|
|
$
|
728
|
|
|
$
|
758
|
|
|
$
|
17
|
|
|
$
|
10
|
|
Other card income
|
479
|
|
|
488
|
|
|
469
|
|
|
476
|
|
|
9
|
|
|
11
|
|
||||||
Total card income
|
1,375
|
|
|
1,402
|
|
|
1,197
|
|
|
1,234
|
|
|
26
|
|
|
21
|
|
||||||
Service charges
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Deposit-related fees
|
1,580
|
|
|
1,646
|
|
|
1,020
|
|
|
1,044
|
|
|
18
|
|
|
19
|
|
||||||
Lending-related fees
|
259
|
|
|
275
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total service charges
|
1,839
|
|
|
1,921
|
|
|
1,020
|
|
|
1,044
|
|
|
18
|
|
|
19
|
|
||||||
Investment and brokerage services
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Asset management fees
|
2,440
|
|
|
2,564
|
|
|
34
|
|
|
36
|
|
|
2,414
|
|
|
2,528
|
|
||||||
Brokerage fees
|
920
|
|
|
1,100
|
|
|
39
|
|
|
46
|
|
|
428
|
|
|
512
|
|
||||||
Total investment and brokerage services
|
3,360
|
|
|
3,664
|
|
|
73
|
|
|
82
|
|
|
2,842
|
|
|
3,040
|
|
||||||
Investment banking fees
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Underwriting income
|
666
|
|
|
740
|
|
|
—
|
|
|
—
|
|
|
80
|
|
|
84
|
|
||||||
Syndication fees
|
255
|
|
|
317
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Financial advisory services
|
343
|
|
|
296
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total investment banking fees
|
1,264
|
|
|
1,353
|
|
|
—
|
|
|
—
|
|
|
80
|
|
|
84
|
|
||||||
Total fees and commissions income
|
7,838
|
|
|
8,340
|
|
|
2,290
|
|
|
2,360
|
|
|
2,966
|
|
|
3,164
|
|
||||||
Trading account income
|
2,338
|
|
|
2,553
|
|
|
2
|
|
|
2
|
|
|
34
|
|
|
29
|
|
||||||
Other income
|
453
|
|
|
408
|
|
|
234
|
|
|
141
|
|
|
136
|
|
|
79
|
|
||||||
Total noninterest income
|
$
|
10,629
|
|
|
$
|
11,301
|
|
|
$
|
2,526
|
|
|
$
|
2,503
|
|
|
$
|
3,136
|
|
|
$
|
3,272
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Global Banking
|
|
Global Markets
|
|
All Other (1)
|
||||||||||||||||||
|
Three Months Ended March 31
|
||||||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||
Fees and commissions:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Card income
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interchange fees
|
$
|
129
|
|
|
$
|
127
|
|
|
$
|
21
|
|
|
$
|
20
|
|
|
$
|
1
|
|
|
$
|
(1
|
)
|
Other card income
|
2
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total card income
|
131
|
|
|
128
|
|
|
20
|
|
|
20
|
|
|
1
|
|
|
(1
|
)
|
||||||
Service charges
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Deposit-related fees
|
498
|
|
|
538
|
|
|
38
|
|
|
40
|
|
|
6
|
|
|
5
|
|
||||||
Lending-related fees
|
215
|
|
|
225
|
|
|
44
|
|
|
50
|
|
|
—
|
|
|
—
|
|
||||||
Total service charges
|
713
|
|
|
763
|
|
|
82
|
|
|
90
|
|
|
6
|
|
|
5
|
|
||||||
Investment and brokerage services
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Asset management fees
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
||||||
Brokerage fees
|
9
|
|
|
25
|
|
|
444
|
|
|
488
|
|
|
—
|
|
|
29
|
|
||||||
Total investment and brokerage services
|
9
|
|
|
25
|
|
|
444
|
|
|
488
|
|
|
(8
|
)
|
|
29
|
|
||||||
Investment banking fees
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Underwriting income
|
280
|
|
|
310
|
|
|
367
|
|
|
430
|
|
|
(61
|
)
|
|
(84
|
)
|
||||||
Syndication fees
|
126
|
|
|
158
|
|
|
130
|
|
|
159
|
|
|
(1
|
)
|
|
—
|
|
||||||
Financial advisory services
|
303
|
|
|
276
|
|
|
40
|
|
|
20
|
|
|
—
|
|
|
—
|
|
||||||
Total investment banking income
|
709
|
|
|
744
|
|
|
537
|
|
|
609
|
|
|
(62
|
)
|
|
(84
|
)
|
||||||
Total fees and commissions fees
|
1,562
|
|
|
1,660
|
|
|
1,083
|
|
|
1,207
|
|
|
(63
|
)
|
|
(51
|
)
|
||||||
Trading account income
|
50
|
|
|
61
|
|
|
2,082
|
|
|
2,557
|
|
|
170
|
|
|
(96
|
)
|
||||||
Other income
|
753
|
|
|
595
|
|
|
63
|
|
|
28
|
|
|
(733
|
)
|
|
(435
|
)
|
||||||
Total noninterest income
|
$
|
2,365
|
|
|
$
|
2,316
|
|
|
$
|
3,228
|
|
|
$
|
3,792
|
|
|
$
|
(626
|
)
|
|
$
|
(582
|
)
|
(1)
|
All Other includes eliminations of intercompany transactions.
|
87 Bank of America
|
|
|
|
|
|
|
||||
Business Segment Reconciliations
|
|
|
|
||||
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
||||
Segments’ total revenue, net of interest expense
|
$
|
23,788
|
|
|
$
|
23,643
|
|
Adjustments (1):
|
|
|
|
|
|
||
ALM activities
|
12
|
|
|
26
|
|
||
Liquidating businesses, eliminations and other
|
(643
|
)
|
|
(449
|
)
|
||
FTE basis adjustment
|
(153
|
)
|
|
(150
|
)
|
||
Consolidated revenue, net of interest expense
|
$
|
23,004
|
|
|
$
|
23,070
|
|
Segments’ total net income
|
7,359
|
|
|
6,915
|
|
||
Adjustments, net-of-tax (1):
|
|
|
|
|
|||
ALM activities
|
18
|
|
|
28
|
|
||
Liquidating businesses, eliminations and other
|
(66
|
)
|
|
(25
|
)
|
||
Consolidated net income
|
$
|
7,311
|
|
|
$
|
6,918
|
|
|
|
|
|
||||
|
March 31
|
||||||
|
2019
|
|
2018
|
||||
Segments’ total assets
|
$
|
2,198,484
|
|
|
$
|
2,127,522
|
|
Adjustments (1):
|
|
|
|
|
|
||
ALM activities, including securities portfolio
|
671,751
|
|
|
659,849
|
|
||
Elimination of segment asset allocations to match liabilities
|
(566,787
|
)
|
|
(543,322
|
)
|
||
Other
|
73,716
|
|
|
84,429
|
|
||
Consolidated total assets
|
$
|
2,377,164
|
|
|
$
|
2,328,478
|
|
(1)
|
Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.
|
|
|
|
|
|
|
|
Bank of America 88
|
|
|
|
|
|
ABS
|
Asset-backed securities
|
AFS
|
Available-for-sale
|
ALM
|
Asset and liability management
|
AUM
|
Assets under management
|
BAMLI DAC
|
Bank of America Merrill Lynch International Designated Activity Company
|
BANA
|
Bank of America, National Association
|
BHC
|
Bank holding company
|
BofASE
|
BofA Securities Europe SA
|
bps
|
basis points
|
CCAR
|
Comprehensive Capital Analysis and Review
|
CDO
|
Collateralized debt obligation
|
CET1
|
Common equity tier 1
|
CLTV
|
Combined loan-to-value
|
CVA
|
Credit valuation adjustment
|
DVA
|
Debit valuation adjustment
|
EPS
|
Earnings per common share
|
EU
|
European Union
|
FDIC
|
Federal Deposit Insurance Corporation
|
FHA
|
Federal Housing Administration
|
FHLB
|
Federal Home Loan Bank
|
FHLMC
|
Freddie Mac
|
FICC
|
Fixed-income, currencies and commodities
|
FICO
|
Fair Isaac Corporation (credit score)
|
FNMA
|
Fannie Mae
|
FTE
|
Fully taxable-equivalent
|
FVA
|
Funding valuation adjustment
|
GAAP
|
Accounting principles generally accepted in the United States of America
|
GLS
|
Global Liquidity Sources
|
GNMA
|
Government National Mortgage Association
|
GSE
|
Government-sponsored enterprise
|
G-SIB
|
Global systemically important bank
|
GWIM
|
Global Wealth & Investment Management
|
HELOC
|
Home equity line of credit
|
HQLA
|
High Quality Liquid Assets
|
HTM
|
Held-to-maturity
|
IRLC
|
Interest rate lock commitment
|
ISDA
|
International Swaps and Derivatives Association, Inc.
|
LCR
|
Liquidity Coverage Ratio
|
LHFS
|
Loans held-for-sale
|
LIBOR
|
London InterBank Offered Rate
|
LTV
|
Loan-to-value
|
MBS
|
Mortgage-backed securities
|
MD&A
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
MLGWM
|
Merrill Lynch Global Wealth Management
|
MLI
|
Merrill Lynch International
|
MLPCC
|
Merrill Lynch Professional Clearing Corp
|
MLPF&S
|
Merrill Lynch, Pierce, Fenner & Smith Incorporated
|
MSA
|
Metropolitan Statistical Area
|
MSR
|
Mortgage servicing right
|
OAS
|
Option-adjusted spread
|
OCI
|
Other comprehensive income
|
OREO
|
Other real estate owned
|
OTC
|
Over-the-counter
|
OTTI
|
Other-than-temporary impairment
|
PCA
|
Prompt Corrective Action
|
PCI
|
Purchased credit-impaired
|
RMBS
|
Residential mortgage-backed securities
|
RSU
|
Restricted stock unit
|
SBLC
|
Standby letter of credit
|
SEC
|
Securities and Exchange Commission
|
SLR
|
Supplementary leverage ratio
|
TDR
|
Troubled debt restructurings
|
TLAC
|
Total loss-absorbing capacity
|
VaR
|
Value-at-Risk
|
VIE
|
Variable interest entity
|
89 Bank of America
|
|
|
|
|
|
|
|
|
|
|
||||||
(Dollars in millions, except per share information; shares in thousands)
|
Total Common Shares Repurchased (1)
|
|
Weighted-Average Per Share Price
|
|
Total Shares
Purchased as
Part of Publicly Announced Programs |
|
Remaining Buyback
Authority Amounts (2)
|
||||||
January 1 - 31, 2019
|
61,447
|
|
|
$
|
27.51
|
|
|
61,437
|
|
|
$
|
8,594
|
|
February 1 - 28, 2019
|
107,054
|
|
|
28.89
|
|
|
77,345
|
|
|
8,867
|
|
||
March 1 - 31, 2019
|
83,151
|
|
|
28.89
|
|
|
81,188
|
|
|
6,521
|
|
||
Three months ended March 31, 2019
|
251,652
|
|
|
28.55
|
|
|
219,970
|
|
|
|
|
(1)
|
Includes shares of the Corporation’s common stock acquired by the Corporation in connection with satisfaction of tax withholding obligations on vested restricted stock or restricted stock units and certain forfeitures and terminations of employment-related awards and for potential re-issuance to certain employees under equity incentive plans.
|
(2)
|
On June 28, 2018, following the Federal Reserve’s non-objection to our 2018 CCAR capital plan, the Board authorized the repurchase of approximately $20.6 billion in common stock from July 1, 2018 through June 30, 2019, including approximately $600 million to offset the effect of equity-based compensation plans during the same period. On February 7, 2019, the Corporation announced that the Board authorized the repurchase of an additional $2.5 billion of common stock during the first and second quarters of 2019. Amounts shown include this additional repurchase authority. During the three months ended March 31, 2019, pursuant to the Board’s authorization, the Corporation repurchased $6.3 billion of common stock, which included common stock to offset equity-based compensation awards. For additional information, see Capital Management -- CCAR and Capital Planning on page 16 and Note 12 – Shareholders’ Equity to the Consolidated Financial Statements.
|
|
|
Bank of America 90
|
|
|
|
Incorporated by Reference
|
|||
Exhibit No.
|
Description
|
Notes
|
Form
|
Exhibit
|
Filing Date
|
File No.
|
3(a)
|
|
10-Q
|
3(a)
|
7/30/18
|
1-6523
|
|
|
|
|
|
|
|
|
3(b)
|
|
8-K
|
3.1
|
3/20/15
|
1-6523
|
|
|
|
|
|
|
|
|
10(a)
|
1,2
|
|
|
|
|
|
|
|
|
|
|
|
|
10(b)
|
1,2
|
|
|
|
|
|
|
|
|
|
|
|
|
10(c)
|
1,2
|
|
|
|
|
|
|
|
|
|
|
|
|
11
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
31(a)
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
31(b)
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
32(a)
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
32(b)
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
101.INS
|
XBRL Instance Document
|
3
|
|
|
|
|
|
|
|
|
|
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
1
|
|
|
|
|
|
|
|
|
|
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
1
|
|
|
|
|
|
|
|
|
|
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
1
|
|
|
|
|
|
|
|
|
|
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
1
|
|
|
|
|
|
|
|
|
|
|
|
101.DEF
|
XBRL Taxonomy Extension Definitions Linkbase Document
|
1
|
|
|
|
|
|
|
Bank of America Corporation
Registrant
|
|
||
|
|
|
|
|
|
Date:
|
April 26, 2019
|
|
/s/ Rudolf A. Bless
|
|
|
|
|
|
Rudolf A. Bless
Chief Accounting Officer
|
|
91 Bank of America
|
|
|
|
|
|
|
|
|
What you need to do
|
|
|
|
||
|
|
||||
1.
|
Review the Award Agreement to ensure you understand its provisions. With each award you receive, provisions of your Award Agreement may change so it is important to review your Award Agreement.
|
||||
|
|||||
2.
|
Print the Award Agreement and file it with your important papers.
|
||||
3.
|
Accept your Award Agreement through the online acceptance process.*
|
||||
4.
|
Designate your beneficiary on the Benefits OnLine® Beneficiary tab.
|
||||
5.
|
More detailed information about competitive businesses can be found on HR Connect under Money / Pay / Incentive plans & awards / How Performance Plan awards are paid, to the extent that the competition restriction is applicable to you, as described in this Award Agreement.
|
||||
|
|||||
|
|||||
|
|
|
|
|
|
*If you do not accept your Award Agreement through the online acceptance process by [date], or such other date that may be communicated, Bank of America will automatically accept the Award Agreement on your behalf.
|
|||||
Granted To:
|
|
|
|
|
Grant Date:
|
|
|
|
|
Grant Type:
|
|
|
|
|
Grant Code:
|
|
|
|
|
Number Granted:
|
|
|
|
|
1.
|
Subject to the terms and conditions of the Stock Plan and this Agreement, Bank of America awards to you the number of Restricted Stock Units shown above. Each Restricted Stock Unit shall have a value equal to the Fair Market Value of one (1) share of Bank of America common stock.
|
2.
|
You acknowledge having read the Prospectus and agree to be bound by all the terms and conditions of the Stock Plan and this Agreement.
|
3.
|
The Restricted Stock Units covered by this Award shall become earned by, and payable to, you in accordance with the terms and conditions of the Stock Plan and this Agreement in the amounts and on the dates shown on the enclosed Exhibit A.
|
4.
|
If a cash dividend is paid with respect to Bank of America common stock, a cash dividend equivalent equal to the total cash dividend you would have received had your Restricted Stock Units been actual Shares will be accumulated and paid in cash through payroll when the Restricted Stock Units become earned and payable. Dividend equivalents are credited with interest at the three (3)-year constant maturity Treasury rate in effect on the grant date noted above until the payment date.
|
5.
|
You agree that you shall comply with (or provide adequate assurance as to future compliance with) all applicable securities laws, as determined by Bank of America, as a condition precedent to the delivery of any Shares pursuant to this Agreement. In addition,
|
6.
|
You agree that the Award covered by this Agreement is subject to the Incentive Compensation Recoupment Policy set forth in the Bank of America Corporate Governance Guidelines. To the extent allowed by and consistent with applicable law and any applicable limitations period, if it is determined at any time that you have engaged in Detrimental Conduct or engaged in any hedging or derivative transactions involving Bank of America common stock in violation of the Bank of America Corporation Code of Conduct that would undermine the long-term performance incentives created by the Award, Bank of America will be entitled to recover from you in its sole discretion some or all of the Shares (and any related dividend equivalents) paid to you pursuant to this Agreement. You recognize that if you engage in Detrimental Conduct or any hedging or derivative transactions involving Bank of America common stock, the losses to Bank of America and/or its Subsidiaries may amount to the full value of any Shares (and any related dividend equivalents) paid to you pursuant to this Agreement. In addition, the Award is subject to the requirements of (i) Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (regarding recovery of erroneously awarded compensation) and any implementing rules and regulations thereunder, (ii) similar rules under the laws of any other jurisdiction and (iii) any policies adopted by Bank of America to implement such requirements, all to the extent determined by Bank of America in its discretion to be applicable to you.
|
7.
|
You may designate a beneficiary to receive payment in connection with the Restricted Stock Units awarded hereunder in the event of your death while in service with Bank of America or its Subsidiaries in accordance with Bank of America’s beneficiary designation procedures, as in effect from time to time. Any beneficiary designation in effect at the time of your termination of employment with Bank of America and its Subsidiaries (other than a termination of employment due to your death) will remain in effect following your termination of employment unless you change your beneficiary designation or it otherwise ceases to be enforceable and/or valid in accordance with Bank of America’s
|
8.
|
The existence of this Award shall not affect in any way the right or power of Bank of America or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in Bank of America’s capital structure or its business, or any merger or consolidation of Bank of America, or any issue of bonds, debentures, preferred or prior preference stocks ahead of or convertible into, or otherwise affecting the Bank of America common stock or the rights thereof, or the dissolution or liquidation of Bank of America, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.
|
9.
|
Bank of America may, in its sole discretion, decide to deliver any documents related to this Award or future Awards that may be granted under the Stock Plan by electronic means or request your consent to participate in the Stock Plan by electronic means. You hereby consent to receive such documents by electronic delivery and, if requested, agree to participate in the Stock Plan through an online or electronic system established and maintained by Bank of America or a third party designated by Bank of America.
|
10.
|
You acknowledge that Bank of America has not provided you with any legal advice and that you have the right to consult with your personal legal advisor prior to accepting this Agreement.
|
11.
|
You acknowledge that, regardless of any action taken by Bank of America or your employer, the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items (or, if applicable, your portion thereof) related to your participation in the Stock Plan (“Tax-Related Items”) is and remains your responsibility and may exceed the amount (if any) withheld by Bank of America or your employer. You further acknowledge that Bank of America and/or your employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Units, including but not limited to the grant and vesting of the Restricted Stock Units, your satisfaction of any age and/or length of service criteria, the payment of any Restricted Stock Units, the subsequent sale of any Shares acquired upon the vesting of the Restricted Stock Units and the receipt of any dividends and/or dividend equivalents, (ii) do not commit to and are under no obligation to structure the terms of the Award or any aspect of the Restricted Stock Units to reduce or eliminate your liability for Tax-Related Items or achieve any specific tax result and (iii) do not commit to and are under no obligation to use a withholding method for Tax-Related Items which results in the most favorable or any particular tax treatment for you. Further, if you have become subject to Tax-Related Items in more than one jurisdiction, you acknowledge that Bank of America or your employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.
|
12.
|
The validity, construction and effect of this Agreement are governed by, and subject to, the laws of the State of Delaware and the laws of the United States, as provided in the Stock Plan, unless otherwise required by applicable law. For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties evidenced by this Award or this Agreement, the parties hereby submit to and consent to the exclusive jurisdiction of North Carolina and agree that such litigation shall be conducted solely in the courts of Mecklenburg County, North Carolina or the federal courts for the United States for the Western District of North Carolina, where this Award is made and/or to be performed, and no other courts, unless otherwise required by applicable law.
|
13.
|
In the event any provision of this Agreement shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Agreement, and the Agreement shall be construed and enforced as if the illegal or invalid provision had not been included. This Agreement constitutes the final understanding between you and Bank of America regarding the Restricted Stock Units. Any prior agreements, commitments or negotiations concerning the Restricted Stock Units are superseded. Subject to the terms of the Stock Plan, this Agreement may only be amended by a written instrument signed by both parties.
|
14.
|
If you move to any country outside of the United States during the term of your Award, additional terms and conditions may apply to your Award. Bank of America reserves the right to impose other requirements on the Award to the extent Bank of America determines it is necessary or advisable for legal or administrative reasons and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.
|
Payment Date*
|
Number of Restricted Stock Units
That Become Earned and Payable
|
[date]
[date]
[date]
|
one-third (1/3) of Award
one-third (1/3) of Award
one-third (1/3) of Award
|
What you need to do
|
|
|
|||
1.
|
Review the Award Agreement to ensure you understand its provisions. With each award you receive, provisions of your Award Agreement may change so it is important to review your Award Agreement.
|
||||
|
|||||
2.
|
Print the Award Agreement and file it with your important papers.
|
||||
3.
|
Accept your Award Agreement through the online acceptance process.*
|
||||
4.
|
Designate your beneficiary on the Benefits OnLine® Beneficiary tab.
|
||||
5.
|
More detailed information about competitive businesses can be found on HR Connect under Money / Pay / Incentive plans & awards / How Performance Plan awards are paid, to the extent that the competition restriction is applicable to you, as described in this Award Agreement.
|
||||
|
|||||
|
|||||
|
|
|
|
|
|
*If you do not accept your Award Agreement through the online acceptance process by [date], or such other date that may be communicated, Bank of America will automatically accept the Award Agreement on your behalf.
|
|||||
Granted To:
|
|
|
|
|
Grant Date:
|
|
|
|
|
Grant Type:
|
|
|
|
|
Grant Code:
|
|
|
|
|
Number Granted:
|
|
|
|
|
1.
|
Subject to the terms and conditions of the Stock Plan and this Agreement, Bank of America awards to you the number of Restricted Stock Units shown above. Each Restricted Stock Unit shall have a value equal to the Fair Market Value of one (1) share of Bank of America common stock.
|
2.
|
You acknowledge having read the Prospectus and agree to be bound by all the terms and conditions of the Stock Plan and this Agreement.
|
3.
|
The Restricted Stock Units covered by this Award shall become earned by, and payable to, you in accordance with the terms and conditions of the Stock Plan and this Agreement in the amounts and on the dates shown on the enclosed Exhibit A.
|
4.
|
If a cash dividend is paid with respect to Bank of America common stock, a cash dividend equivalent equal to the total cash dividend you would have received had your Restricted Stock Units been actual Shares will be accumulated and paid in cash through payroll when the Restricted Stock Units become earned and payable. Dividend equivalents are credited with interest at the three (3)-year constant maturity Treasury rate in effect on the grant date noted above until the payment date.
|
5.
|
You agree that you shall comply with (or provide adequate assurance as to future compliance with) all applicable securities laws, as determined by Bank of America, as a
|
6.
|
You agree that the Award covered by this Agreement is subject to the Incentive Compensation Recoupment Policy set forth in the Bank of America Corporate Governance Guidelines. To the extent allowed by and consistent with applicable law and any applicable limitations period, if it is determined at any time that you have engaged in Detrimental Conduct or engaged in any hedging or derivative transactions involving Bank of America common stock in violation of the Bank of America Corporation Code of Conduct that would undermine the long-term performance incentives created by the Award, Bank of America will be entitled to recover from you in its sole discretion some or all of the Shares (and any related dividend equivalents) paid to you pursuant to this Agreement. You recognize that if you engage in Detrimental Conduct or any hedging or derivative transactions involving Bank of America common stock, the losses to Bank of America and/or its Subsidiaries may amount to the full value of any Shares (and any related dividend equivalents) paid to you pursuant to this Agreement. In addition, the Award is subject to the requirements of (i) Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (regarding recovery of erroneously awarded compensation) and any implementing rules and regulations thereunder, (ii) similar rules under the laws of any other jurisdiction and (iii) any policies adopted by Bank of America to implement such requirements, all to the extent determined by Bank of America in its discretion to be applicable to you.
|
7.
|
You may designate a beneficiary to receive payment in connection with the Restricted Stock Units awarded hereunder in the event of your death while in service with Bank of America or its Subsidiaries in accordance with Bank of America’s beneficiary designation procedures, as in effect from time to time. Any beneficiary designation in effect at the time of your termination of employment with Bank of America and its Subsidiaries (other than a termination of employment due to your death) will remain in effect following your termination of employment unless you change your beneficiary designation or it
|
8.
|
The existence of this Award shall not affect in any way the right or power of Bank of America or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in Bank of America’s capital structure or its business, or any merger or consolidation of Bank of America, or any issue of bonds, debentures, preferred or prior preference stocks ahead of or convertible into, or otherwise affecting the Bank of America common stock or the rights thereof, or the dissolution or liquidation of Bank of America, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.
|
9.
|
Bank of America may, in its sole discretion, decide to deliver any documents related to this Award or future Awards that may be granted under the Stock Plan by electronic means or request your consent to participate in the Stock Plan by electronic means. You hereby consent to receive such documents by electronic delivery and, if requested, agree to participate in the Stock Plan through an online or electronic system established and maintained by Bank of America or a third party designated by Bank of America.
|
10.
|
You acknowledge that Bank of America has not provided you with any legal advice and that you have the right to consult with your personal legal advisor prior to accepting this Agreement.
|
11.
|
You acknowledge that, regardless of any action taken by Bank of America or your employer, the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items (or, if applicable, your portion thereof) related to your participation in the Stock Plan (“Tax-Related Items”) is and remains your responsibility and may exceed the amount (if any) withheld by Bank of America or your employer. You further acknowledge that Bank of America and/or your employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Units, including but not limited to the grant and vesting of the Restricted Stock Units, your satisfaction of any age and/or length of service criteria, the payment of any Restricted Stock Units, the subsequent sale of any Shares acquired upon the vesting of the Restricted Stock Units and the receipt of any dividends and/or dividend equivalents, (ii) do not commit to and are under no obligation to structure the terms of the Award or any aspect of the Restricted Stock Units to reduce or eliminate your liability for Tax-Related Items or achieve any specific tax result and (iii) do not commit to and are under no obligation to use a withholding method for Tax-Related Items which results in the most favorable or any particular tax treatment for you. Further, if you have become subject to Tax-Related Items in more than one jurisdiction, you acknowledge that Bank of America or your employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.
|
12.
|
The validity, construction and effect of this Agreement are governed by, and subject to, the laws of the State of Delaware and the laws of the United States, as provided in the Stock Plan, unless otherwise required by applicable law. For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties evidenced by this Award or this Agreement, the parties hereby submit to and consent to the exclusive jurisdiction of North Carolina and agree that such litigation shall be conducted solely in the courts of Mecklenburg County, North Carolina or the federal courts for the United States for the Western District of North Carolina, where this Award is made and/or to be performed, and no other courts, unless otherwise required by applicable law.
|
13.
|
In the event any provision of this Agreement shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Agreement, and the Agreement shall be construed and enforced as if the illegal or invalid provision had not been included. This Agreement constitutes the final understanding between you and Bank of America regarding the Restricted Stock Units. Any prior agreements, commitments or negotiations concerning the Restricted Stock Units are superseded. Subject to the terms of the Stock Plan, this Agreement may only be amended by a written instrument signed by both parties.
|
14.
|
If you move to any country outside of the United States during the term of your Award, additional terms and conditions may apply to your Award. Bank of America reserves the right to impose other requirements on the Award to the extent Bank of America determines it is necessary or advisable for legal or administrative reasons and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.
|
3-year Average ROA
(50% Weighting)
|
3-year Average Growth in
Adjusted TBV
(50% Weighting)
|
||
ROA
|
% Earned Based
on Goal
Achievement
|
Adjusted TBV
|
% Earned Based
on Goal
Achievement
|
Less than 60 bps
60 bps
80 bps
100 bps
|
0%
33-1/3%
66-2/3%
100%
|
Less than 5.25%
5.25%
7.00%
8.50%
|
0%
33-1/3%
66-2/3%
100%
|
(a)
|
Position and Duties.
|
(b)
|
Compensation.
|
(c)
|
Deferred Retention Incentive.
|
4.
|
Termination of Employment.
|
5.
|
Obligations of the Company Upon Termination.
|
9.
|
Certain Additional Payments by the Company.
|
(iv)
|
permit the Company to participate in any proceedings relating to
|
(b)
|
Non-Solicitation of Employees. The Executive agrees that, during the
|
11.
|
Successors.
|
12.
|
Miscellaneous.
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Bank of America Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
April 26, 2019
|
/s/ Brian T. Moynihan
Brian T. Moynihan
Chief Executive Officer
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Bank of America Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
April 26, 2019
|
/s/ Paul M. Donofrio
Paul M. Donofrio
Chief Financial Officer
|
1.
|
I am the Chief Executive Officer of Bank of America Corporation (the registrant).
|
2.
|
I hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
|
•
|
the Quarterly Report on Form 10-Q of the registrant for the quarter ended March 31, 2019 (the periodic report) containing financial statements fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
|
•
|
the information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the registrant.
|
Date:
|
April 26, 2019
|
/s/ Brian T. Moynihan
Brian T. Moynihan
Chief Executive Officer
|
1.
|
I am the Chief Financial Officer of Bank of America Corporation (the registrant).
|
2.
|
I hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
|
•
|
the Quarterly Report on Form 10-Q of the registrant for the quarter ended March 31, 2019 (the periodic report) containing financial statements fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
|
•
|
the information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the registrant.
|
Date:
|
April 26, 2019
|
/s/ Paul M. Donofrio
Paul M. Donofrio
Chief Financial Officer
|