|
|
|
|
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, par value $0.01 per share
|
BAC
|
New York Stock Exchange
|
Depositary Shares, each representing a 1/1,000th interest in a share
|
BAC PrE
|
New York Stock Exchange
|
of Floating Rate Non-Cumulative Preferred Stock, Series E
|
||
Depositary Shares, each representing a 1/1,000th interest in a share
|
BAC PrC
|
New York Stock Exchange
|
of 6.200% Non-Cumulative Preferred Stock, Series CC
|
||
Depositary Shares, each representing a 1/1,000th interest in a share
|
BAC PrA
|
New York Stock Exchange
|
of 6.000% Non-Cumulative Preferred Stock, Series EE
|
||
Depositary Shares, each representing a 1/1,000th interest in a share
|
BAC PrB
|
New York Stock Exchange
|
of 6.000% Non-Cumulative Preferred Stock, Series GG
|
||
Depositary Shares, each representing a 1/1,000th interest in a share
|
BAC PrK
|
New York Stock Exchange
|
of 5.875% Non-Cumulative Preferred Stock, Series HH
|
||
7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L
|
BAC PrL
|
New York Stock Exchange
|
Depositary Shares, each representing a 1/1,200th interest in a share
|
BML PrG
|
New York Stock Exchange
|
of Bank of America Corporation Floating Rate
|
||
Non-Cumulative Preferred Stock, Series 1
|
1 Bank of America
|
|
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Depositary Shares, each representing a 1/1,200th interest in a share
|
BML PrH
|
New York Stock Exchange
|
of Bank of America Corporation Floating Rate
|
||
Non-Cumulative Preferred Stock, Series 2
|
||
Depositary Shares, each representing a 1/1,200th interest in a share
|
BML PrJ
|
New York Stock Exchange
|
of Bank of America Corporation Floating Rate
|
||
Non-Cumulative Preferred Stock, Series 4
|
||
Depositary Shares, each representing a 1/1,200th interest in a share
|
BML PrL
|
New York Stock Exchange
|
of Bank of America Corporation Floating Rate
|
||
Non-Cumulative Preferred Stock, Series 5
|
||
Floating Rate Preferred Hybrid Income Term Securities of BAC Capital
|
BAC/PF
|
New York Stock Exchange
|
Trust XIII (and the guarantee related thereto)
|
||
5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities
|
BAC/PG
|
New York Stock Exchange
|
of BAC Capital Trust XIV (and the guarantee related thereto)
|
||
Income Capital Obligation Notes initially due December 15, 2066 of
|
MER PrK
|
New York Stock Exchange
|
Bank of America Corporation
|
||
Senior Medium-Term Notes, Series A, Step Up Callable Notes, due
|
BAC/31B
|
New York Stock Exchange
|
November 28, 2031 of BofA Finance LLC (and the guarantee
|
||
of the Registrant with respect thereto)
|
||
Depositary Shares, each representing a 1/1,000th interest in a share
|
BAC PrM
|
New York Stock Exchange
|
of 5.375% Non-Cumulative Preferred Stock, Series KK
|
||
Depositary Shares, each representing a 1/1,000th interest in a share
|
BAC PrN
|
New York Stock Exchange
|
of 5.000% Non-Cumulative Preferred Stock, Series LL
|
Large accelerated filer
|
☑
|
|
Accelerated filer
|
☐
|
|
Non-accelerated filer
|
☐
|
|
Smaller reporting company
|
☐
|
|
|
|
Bank of America 2
|
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Page
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|
1 Bank of America
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|
|
Bank of America 2
|
3 Bank of America
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|
Bank of America 4
|
5 Bank of America
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|
Bank of America 6
|
7 Bank of America
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|
Bank of America 8
|
9 Bank of America
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|
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|
Bank of America 10
|
11 Bank of America
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|
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|
Bank of America 12
|
13 Bank of America
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|
|
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|
Bank of America 14
|
15 Bank of America
|
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|
Bank of America 16
|
17 Bank of America
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|
|
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|
Bank of America 18
|
|
|
|
|
|
|
|
|
|
|
|
Facility Name
|
|
Location
|
|
General Character of the Physical Property
|
|
Primary Business Segment
|
|
Property Status
|
|
Property Square Feet (1)
|
Bank of America Corporate Center
|
|
Charlotte, NC
|
|
60 Story Building
|
|
Principal Executive Offices
|
|
Owned
|
|
1,212,177
|
Bank of America Tower at One Bryant Park
|
|
New York, NY
|
|
55 Story Building
|
|
GWIM, Global Banking and
Global Markets
|
|
Leased (2)
|
|
1,836,575
|
Bank of America Financial Centre
|
|
London, UK
|
|
4 Building Campus
|
|
Global Banking and Global Markets
|
|
Leased
|
|
562,595
|
Cheung Kong Center
|
|
Hong Kong
|
|
62 Story Building
|
|
Global Banking and Global Markets
|
|
Leased
|
|
149,790
|
(1)
|
For leased properties, property square feet represents the square footage occupied by the Corporation.
|
(2)
|
The Corporation has a 49.9 percent joint venture interest in this property.
|
19 Bank of America
|
|
|
|
|
|
|
|
|
|
|
||||||
(Dollars in millions, except per share information; shares in thousands)
|
Total Common Shares Purchased (1)
|
|
Weighted-Average Per Share Price
|
|
Total Shares
Purchased as
Part of Publicly Announced Programs |
|
Remaining Buyback
Authority Amounts (2)
|
||||||
October 1 - 31, 2019
|
97,540
|
|
|
$
|
29.50
|
|
|
97,538
|
|
|
$
|
20,442
|
|
November 1 - 30, 2019
|
74,649
|
|
|
32.75
|
|
|
74,649
|
|
|
17,997
|
|
||
December 1 - 31, 2019
|
70,943
|
|
|
34.19
|
|
|
70,940
|
|
|
15,571
|
|
||
Three months ended December 31, 2019
|
243,132
|
|
|
31.87
|
|
|
243,127
|
|
|
|
|
(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 27, 2019, following the Board of Governors of the Federal Reserve System's non-objection to the Corporation's 2019 Comprehensive Capital Analysis and Review capital plan, the Corporation's Board of Directors (Board) authorized the repurchase of approximately $30.9 billion in common stock from July 1, 2019 through June 30, 2020, which includes approximately $900 million to offset shares awarded under equity-based compensation plans during the same period. During the three months ended December 31, 2019, pursuant to the Board’s authorization, the Corporation repurchased $7.7 billion of common stock, which included common stock to offset equity-based compensation awards. For more information, see Capital Management - CCAR and Capital Planning in the MD&A on page 45 and Note 14 – Shareholders’ Equity to the Consolidated Financial Statements.
|
|
|
Bank of America 20
|
Table of Contents
|
|
|
|
|
Page
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
21 Bank of America
|
|
|
|
|
Bank of America 22
|
23 Bank of America
|
|
|
|
|
|
|
|
||||
Table 1
|
Summary Income Statement and Selected Financial Data
|
|||||||
|
|
|
|
|
||||
(Dollars in millions, except per share information)
|
2019
|
|
2018
|
|||||
Income statement
|
|
|
|
|||||
Net interest income
|
$
|
48,891
|
|
|
$
|
48,162
|
|
|
Noninterest income
|
42,353
|
|
|
42,858
|
|
|||
Total revenue, net of interest expense
|
91,244
|
|
|
91,020
|
|
|||
Provision for credit losses
|
3,590
|
|
|
3,282
|
|
|||
Noninterest expense
|
54,900
|
|
|
53,154
|
|
|||
Income before income taxes
|
32,754
|
|
|
34,584
|
|
|||
Income tax expense
|
5,324
|
|
|
6,437
|
|
|||
Net income
|
27,430
|
|
|
28,147
|
|
|||
Preferred stock dividends
|
1,432
|
|
|
1,451
|
|
|||
Net income applicable to common shareholders
|
$
|
25,998
|
|
|
$
|
26,696
|
|
|
|
|
|
|
|
||||
Per common share information
|
|
|
|
|||||
Earnings
|
$
|
2.77
|
|
|
$
|
2.64
|
|
|
Diluted earnings
|
2.75
|
|
|
2.61
|
|
|||
Dividends paid
|
0.66
|
|
|
0.54
|
|
|||
Performance ratios
|
|
|
|
|||||
Return on average assets
|
1.14
|
%
|
|
1.21
|
%
|
|||
Return on average common shareholders’ equity
|
10.62
|
|
|
11.04
|
|
|||
Return on average tangible common shareholders’ equity (1)
|
14.86
|
|
|
15.55
|
|
|||
Efficiency ratio
|
60.17
|
|
|
58.40
|
|
|||
Balance sheet at year end
|
|
|
|
|
|
|||
Total loans and leases
|
$
|
983,426
|
|
|
$
|
946,895
|
|
|
Total assets
|
2,434,079
|
|
|
2,354,507
|
|
|||
Total deposits
|
1,434,803
|
|
|
1,381,476
|
|
|||
Total liabilities
|
2,169,269
|
|
|
2,089,182
|
|
|||
Total common shareholders’ equity
|
241,409
|
|
|
242,999
|
|
|||
Total shareholders’ equity
|
264,810
|
|
|
265,325
|
|
(1)
|
Return on average tangible common shareholders’ equity is a non-GAAP financial measure. For more information and a corresponding reconciliation to the most closely related financial measures defined by accounting principles generally accepted in the United States of America, see Non-GAAP Reconciliations on page 80.
|
|
|
|
|
|
||||
Table 2
|
Noninterest Income
|
|
|
|
||||
|
|
|
|
|
||||
(Dollars in millions)
|
2019
|
|
2018
|
|||||
Fees and commissions:
|
|
|
|
|||||
Card income
|
$
|
5,797
|
|
|
$
|
5,824
|
|
|
Service charges
|
7,674
|
|
|
7,767
|
|
|||
Investment and brokerage services
|
13,902
|
|
|
14,160
|
|
|||
Investment banking fees
|
5,642
|
|
|
5,327
|
|
|||
Total fees and commissions
|
33,015
|
|
|
33,078
|
|
|||
Market making and similar activities
|
9,034
|
|
|
9,008
|
|
|||
Other income
|
304
|
|
|
772
|
|
|||
Total noninterest income
|
$
|
42,353
|
|
|
$
|
42,858
|
|
●
|
Service charges decreased $93 million primarily driven by lower fees due to policy changes in 2018 and lower ATM volume in Consumer Banking.
|
●
|
Investment and brokerage services income decreased $258 million primarily due to lower transactional revenue and a decrease in assets under management (AUM) pricing, partially offset by the positive impact of AUM flows and higher market valuations.
|
●
|
Investment banking fees increased $315 million due to increases in advisory fees and equity and debt underwriting fees.
|
●
|
Other income decreased $468 million primarily due to lower gains on sales of non-core consumer loans and higher partnership losses associated with an increase in tax-advantaged investments, partially offset by higher gains on sales of debt securities.
|
|
|
Bank of America 24
|
|
|
|
|
|
||||
Table 3
|
Noninterest Expense
|
|
|
|
||||
|
|
|
|
|
||||
(Dollars in millions)
|
2019
|
|
2018
|
|||||
Compensation and benefits
|
$
|
31,977
|
|
|
$
|
31,880
|
|
|
Occupancy and equipment
|
6,588
|
|
|
6,380
|
|
|||
Information processing and communications
|
4,646
|
|
|
4,555
|
|
|||
Product delivery and transaction related
|
2,762
|
|
|
2,857
|
|
|||
Marketing
|
1,934
|
|
|
1,674
|
|
|||
Professional fees
|
1,597
|
|
|
1,699
|
|
|||
Other general operating
|
5,396
|
|
|
4,109
|
|
|||
Total noninterest expense
|
$
|
54,900
|
|
|
$
|
53,154
|
|
|
|
|
|
|
||||
Table 4
|
Income Tax Expense
|
|
|
|
||||
|
|
|
|
|
||||
(Dollars in millions)
|
2019
|
|
2018
|
|||||
Income before income taxes
|
$
|
32,754
|
|
|
$
|
34,584
|
|
|
Income tax expense
|
5,324
|
|
|
6,437
|
|
|||
Effective tax rate
|
16.3
|
%
|
|
18.6
|
%
|
|
|
|
|
|
|
|
|||||
Table 5
|
Selected Balance Sheet Data
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|||||
|
|
December 31
|
|
|
|||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
% Change
|
||||||
Assets
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
$
|
161,560
|
|
|
$
|
177,404
|
|
|
(9
|
)%
|
|
Federal funds sold and securities borrowed or purchased under agreements to resell
|
274,597
|
|
|
261,131
|
|
|
5
|
|
|||
Trading account assets
|
229,826
|
|
|
214,348
|
|
|
7
|
|
|||
Debt securities
|
472,197
|
|
|
441,753
|
|
|
7
|
|
|||
Loans and leases
|
983,426
|
|
|
946,895
|
|
|
4
|
|
|||
Allowance for loan and lease losses
|
(9,416
|
)
|
|
(9,601
|
)
|
|
(2
|
)
|
|||
All other assets
|
321,889
|
|
|
322,577
|
|
|
—
|
|
|||
Total assets
|
$
|
2,434,079
|
|
|
$
|
2,354,507
|
|
|
3
|
|
|
Liabilities
|
|
|
|
|
|
||||||
Deposits
|
$
|
1,434,803
|
|
|
$
|
1,381,476
|
|
|
4
|
|
|
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
165,109
|
|
|
186,988
|
|
|
(12
|
)
|
|||
Trading account liabilities
|
83,270
|
|
|
68,220
|
|
|
22
|
|
|||
Short-term borrowings
|
24,204
|
|
|
20,189
|
|
|
20
|
|
|||
Long-term debt
|
240,856
|
|
|
229,392
|
|
|
5
|
|
|||
All other liabilities
|
221,027
|
|
|
202,917
|
|
|
9
|
|
|||
Total liabilities
|
2,169,269
|
|
|
2,089,182
|
|
|
4
|
|
|||
Shareholders’ equity
|
264,810
|
|
|
265,325
|
|
|
—
|
|
|||
Total liabilities and shareholders’ equity
|
$
|
2,434,079
|
|
|
$
|
2,354,507
|
|
|
3
|
|
25 Bank of America
|
|
|
|
|
Bank of America 26
|
●
|
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 tangible assets.
|
●
|
Return on average tangible shareholders' equity measures our net income as a percentage of adjusted average total shareholders’ equity. The tangible equity ratio represents adjusted ending shareholders’ equity divided by total tangible assets.
|
●
|
Tangible book value per common share represents adjusted ending common shareholders’ equity divided by ending common shares outstanding.
|
27 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Table 6
|
Five-year Summary of Selected Financial Data
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(In millions, except per share information)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||
Income statement
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest income
|
$
|
48,891
|
|
|
$
|
48,162
|
|
|
$
|
45,239
|
|
|
$
|
41,486
|
|
|
$
|
38,958
|
|
|
Noninterest income
|
42,353
|
|
|
42,858
|
|
|
41,887
|
|
|
42,012
|
|
|
44,007
|
|
||||||
Total revenue, net of interest expense
|
91,244
|
|
|
91,020
|
|
|
87,126
|
|
|
83,498
|
|
|
82,965
|
|
||||||
Provision for credit losses
|
3,590
|
|
|
3,282
|
|
|
3,396
|
|
|
3,597
|
|
|
3,161
|
|
||||||
Noninterest expense
|
54,900
|
|
|
53,154
|
|
|
54,517
|
|
|
54,880
|
|
|
57,617
|
|
||||||
Income before income taxes
|
32,754
|
|
|
34,584
|
|
|
29,213
|
|
|
25,021
|
|
|
22,187
|
|
||||||
Income tax expense
|
5,324
|
|
|
6,437
|
|
|
10,981
|
|
|
7,199
|
|
|
6,277
|
|
||||||
Net income
|
27,430
|
|
|
28,147
|
|
|
18,232
|
|
|
17,822
|
|
|
15,910
|
|
||||||
Net income applicable to common shareholders
|
25,998
|
|
|
26,696
|
|
|
16,618
|
|
|
16,140
|
|
|
14,427
|
|
||||||
Average common shares issued and outstanding
|
9,390.5
|
|
|
10,096.5
|
|
|
10,195.6
|
|
|
10,248.1
|
|
|
10,462.3
|
|
||||||
Average diluted common shares issued and outstanding
|
9,442.9
|
|
|
10,236.9
|
|
|
10,778.4
|
|
|
11,046.8
|
|
|
11,236.2
|
|
||||||
Performance ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Return on average assets
|
1.14
|
%
|
|
1.21
|
%
|
|
0.80
|
%
|
|
0.81
|
%
|
|
0.74
|
%
|
||||||
Return on average common shareholders’ equity
|
10.62
|
|
|
11.04
|
|
|
6.72
|
|
|
6.69
|
|
|
6.28
|
|
||||||
Return on average tangible common shareholders’ equity (1)
|
14.86
|
|
|
15.55
|
|
|
9.41
|
|
|
9.51
|
|
|
9.16
|
|
||||||
Return on average shareholders’ equity
|
10.24
|
|
|
10.63
|
|
|
6.72
|
|
|
6.70
|
|
|
6.33
|
|
||||||
Return on average tangible shareholders’ equity (1)
|
13.85
|
|
|
14.46
|
|
|
9.08
|
|
|
9.17
|
|
|
8.88
|
|
||||||
Total ending equity to total ending assets
|
10.88
|
|
|
11.27
|
|
|
11.71
|
|
|
12.17
|
|
|
11.92
|
|
||||||
Total average equity to total average assets
|
11.14
|
|
|
11.39
|
|
|
11.96
|
|
|
12.14
|
|
|
11.64
|
|
||||||
Dividend payout
|
23.65
|
|
|
20.31
|
|
|
24.24
|
|
|
15.94
|
|
|
14.49
|
|
||||||
Per common share data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Earnings
|
$
|
2.77
|
|
|
$
|
2.64
|
|
|
$
|
1.63
|
|
|
$
|
1.57
|
|
|
$
|
1.38
|
|
|
Diluted earnings
|
2.75
|
|
|
2.61
|
|
|
1.56
|
|
|
1.49
|
|
|
1.31
|
|
||||||
Dividends paid
|
0.66
|
|
|
0.54
|
|
|
0.39
|
|
|
0.25
|
|
|
0.20
|
|
||||||
Book value
|
27.32
|
|
|
25.13
|
|
|
23.80
|
|
|
23.97
|
|
|
22.48
|
|
||||||
Tangible book value (1)
|
19.41
|
|
|
17.91
|
|
|
16.96
|
|
|
16.89
|
|
|
15.56
|
|
||||||
Market capitalization
|
$
|
311,209
|
|
|
$
|
238,251
|
|
|
$
|
303,681
|
|
|
$
|
222,163
|
|
|
$
|
174,700
|
|
|
Average balance sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total loans and leases
|
$
|
958,416
|
|
|
$
|
933,049
|
|
|
$
|
918,731
|
|
|
$
|
900,433
|
|
|
$
|
876,787
|
|
|
Total assets
|
2,405,830
|
|
|
2,325,246
|
|
|
2,268,633
|
|
|
2,190,218
|
|
|
2,160,536
|
|
||||||
Total deposits
|
1,380,326
|
|
|
1,314,941
|
|
|
1,269,796
|
|
|
1,222,561
|
|
|
1,155,860
|
|
||||||
Long-term debt
|
201,623
|
|
|
200,399
|
|
|
194,882
|
|
|
204,826
|
|
|
240,059
|
|
||||||
Common shareholders’ equity
|
244,853
|
|
|
241,799
|
|
|
247,101
|
|
|
241,187
|
|
|
229,576
|
|
||||||
Total shareholders’ equity
|
267,889
|
|
|
264,748
|
|
|
271,289
|
|
|
265,843
|
|
|
251,384
|
|
||||||
Asset quality (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Allowance for credit losses (3)
|
$
|
10,229
|
|
|
$
|
10,398
|
|
|
$
|
11,170
|
|
|
$
|
11,999
|
|
|
$
|
12,880
|
|
|
Nonperforming loans, leases and foreclosed properties (4)
|
3,837
|
|
|
5,244
|
|
|
6,758
|
|
|
8,084
|
|
|
9,836
|
|
||||||
Allowance for loan and lease losses as a percentage of total loans and leases outstanding (4)
|
0.97
|
%
|
|
1.02
|
%
|
|
1.12
|
%
|
|
1.26
|
%
|
|
1.37
|
%
|
||||||
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases (4)
|
265
|
|
|
194
|
|
|
161
|
|
|
149
|
|
|
130
|
|
||||||
Net charge-offs
|
$
|
3,648
|
|
|
$
|
3,763
|
|
|
$
|
3,979
|
|
|
$
|
3,821
|
|
|
$
|
4,338
|
|
|
Net charge-offs as a percentage of average loans and leases outstanding (4)
|
0.38
|
%
|
|
0.41
|
%
|
|
0.44
|
%
|
|
0.43
|
%
|
|
0.50
|
%
|
||||||
Capital ratios at year end (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Common equity tier 1 capital
|
11.2
|
%
|
|
11.6
|
%
|
|
11.5
|
%
|
|
10.8
|
%
|
|
9.8
|
%
|
||||||
Tier 1 capital
|
12.6
|
|
|
13.2
|
|
|
13.0
|
|
|
12.4
|
|
|
11.2
|
|
||||||
Total capital
|
14.7
|
|
|
15.1
|
|
|
14.8
|
|
|
14.2
|
|
|
12.8
|
|
||||||
Tier 1 leverage
|
7.9
|
|
|
8.4
|
|
|
8.6
|
|
|
8.8
|
|
|
8.4
|
|
||||||
Supplementary leverage ratio
|
6.4
|
|
|
6.8
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
||||||
Tangible equity (1)
|
8.2
|
|
|
8.6
|
|
|
8.9
|
|
|
9.2
|
|
|
8.9
|
|
||||||
Tangible common equity (1)
|
7.3
|
|
|
7.6
|
|
|
7.9
|
|
|
8.0
|
|
|
7.8
|
|
(1)
|
Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures. For more information on these ratios and corresponding reconciliations to GAAP financial measures, see Supplemental Financial Data on page 27 and Non-GAAP Reconciliations on page 80.
|
(2)
|
Asset quality metrics include $75 million of non-U.S. consumer credit card net charge-offs in 2017 and $243 million of non-U.S. consumer credit card allowance for loan and lease losses, $9.2 billion of non-U.S. consumer credit card loans and $175 million of non-U.S. consumer credit card net charge-offs in 2016. The non-U.S. consumer credit card business was sold in 2017.
|
(3)
|
Includes the allowance for loan and leases 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 59 and corresponding Table 29 and Commercial Portfolio Credit Risk Management – Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity on page 63 and corresponding Table 36.
|
(5)
|
Basel 3 transition provisions for regulatory capital adjustments and deductions were fully phased-in as of January 1, 2018. Prior periods are presented on a fully phased-in basis. For more information, including which approach is used to assess capital adequacy, see Capital Management on page 45.
|
|
|
Bank of America 28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Table 7
|
Selected Quarterly Financial Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
2019 Quarters
|
|
2018 Quarters
|
||||||||||||||||||||||||||||
(In millions, except per share information)
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|||||||||||||||||
Income statement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net interest income
|
$
|
12,140
|
|
|
$
|
12,187
|
|
|
$
|
12,189
|
|
|
$
|
12,375
|
|
|
$
|
12,504
|
|
|
$
|
12,061
|
|
|
$
|
11,828
|
|
|
$
|
11,769
|
|
|
Noninterest income
|
10,209
|
|
|
10,620
|
|
|
10,895
|
|
|
10,629
|
|
|
10,173
|
|
|
10,663
|
|
|
10,721
|
|
|
11,301
|
|
|||||||||
Total revenue, net of interest expense
|
22,349
|
|
|
22,807
|
|
|
23,084
|
|
|
23,004
|
|
|
22,677
|
|
|
22,724
|
|
|
22,549
|
|
|
23,070
|
|
|||||||||
Provision for credit losses
|
941
|
|
|
779
|
|
|
857
|
|
|
1,013
|
|
|
905
|
|
|
716
|
|
|
827
|
|
|
834
|
|
|||||||||
Noninterest expense
|
13,239
|
|
|
15,169
|
|
|
13,268
|
|
|
13,224
|
|
|
13,074
|
|
|
13,014
|
|
|
13,224
|
|
|
13,842
|
|
|||||||||
Income before income taxes
|
8,169
|
|
|
6,859
|
|
|
8,959
|
|
|
8,767
|
|
|
8,698
|
|
|
8,994
|
|
|
8,498
|
|
|
8,394
|
|
|||||||||
Income tax expense
|
1,175
|
|
|
1,082
|
|
|
1,611
|
|
|
1,456
|
|
|
1,420
|
|
|
1,827
|
|
|
1,714
|
|
|
1,476
|
|
|||||||||
Net income
|
6,994
|
|
|
5,777
|
|
|
7,348
|
|
|
7,311
|
|
|
7,278
|
|
|
7,167
|
|
|
6,784
|
|
|
6,918
|
|
|||||||||
Net income applicable to common shareholders
|
6,748
|
|
|
5,272
|
|
|
7,109
|
|
|
6,869
|
|
|
7,039
|
|
|
6,701
|
|
|
6,466
|
|
|
6,490
|
|
|||||||||
Average common shares issued and outstanding
|
9,017.1
|
|
|
9,303.6
|
|
|
9,523.2
|
|
|
9,725.9
|
|
|
9,855.8
|
|
|
10,031.6
|
|
|
10,181.7
|
|
|
10,322.4
|
|
|||||||||
Average diluted common shares issued and outstanding
|
9,079.5
|
|
|
9,353.0
|
|
|
9,559.6
|
|
|
9,787.3
|
|
|
9,996.0
|
|
|
10,170.8
|
|
|
10,309.4
|
|
|
10,472.7
|
|
|||||||||
Performance ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Return on average assets
|
1.13
|
%
|
|
0.95
|
%
|
|
1.23
|
%
|
|
1.26
|
%
|
|
1.24
|
%
|
|
1.23
|
%
|
|
1.17
|
%
|
|
1.21
|
%
|
|||||||||
Four-quarter trailing return on average assets (1)
|
1.14
|
|
|
1.17
|
|
|
1.24
|
|
|
1.22
|
|
|
1.21
|
|
|
1.00
|
|
|
0.93
|
|
|
0.86
|
|
|||||||||
Return on average common shareholders’ equity
|
11.00
|
|
|
8.48
|
|
|
11.62
|
|
|
11.42
|
|
|
11.57
|
|
|
10.99
|
|
|
10.75
|
|
|
10.85
|
|
|||||||||
Return on average tangible common shareholders’ equity (2)
|
15.43
|
|
|
11.84
|
|
|
16.24
|
|
|
16.01
|
|
|
16.29
|
|
|
15.48
|
|
|
15.15
|
|
|
15.26
|
|
|||||||||
Return on average shareholders’ equity
|
10.40
|
|
|
8.48
|
|
|
11.00
|
|
|
11.14
|
|
|
10.95
|
|
|
10.74
|
|
|
10.26
|
|
|
10.57
|
|
|||||||||
Return on average tangible shareholders’ equity (2)
|
14.09
|
|
|
11.43
|
|
|
14.88
|
|
|
15.10
|
|
|
14.90
|
|
|
14.61
|
|
|
13.95
|
|
|
14.37
|
|
|||||||||
Total ending equity to total ending assets
|
10.88
|
|
|
11.06
|
|
|
11.33
|
|
|
11.23
|
|
|
11.27
|
|
|
11.21
|
|
|
11.53
|
|
|
11.43
|
|
|||||||||
Total average equity to total average assets
|
10.89
|
|
|
11.21
|
|
|
11.17
|
|
|
11.28
|
|
|
11.30
|
|
|
11.42
|
|
|
11.42
|
|
|
11.41
|
|
|||||||||
Dividend payout
|
23.90
|
|
|
31.48
|
|
|
19.95
|
|
|
21.20
|
|
|
20.90
|
|
|
22.35
|
|
|
18.83
|
|
|
19.06
|
|
|||||||||
Per common share data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Earnings
|
$
|
0.75
|
|
|
$
|
0.57
|
|
|
$
|
0.75
|
|
|
$
|
0.71
|
|
|
$
|
0.71
|
|
|
$
|
0.67
|
|
|
$
|
0.64
|
|
|
$
|
0.63
|
|
|
Diluted earnings
|
0.74
|
|
|
0.56
|
|
|
0.74
|
|
|
0.70
|
|
|
0.70
|
|
|
0.66
|
|
|
0.63
|
|
|
0.62
|
|
|||||||||
Dividends paid
|
0.18
|
|
|
0.18
|
|
|
0.15
|
|
|
0.15
|
|
|
0.15
|
|
|
0.15
|
|
|
0.12
|
|
|
0.12
|
|
|||||||||
Book value
|
27.32
|
|
|
26.96
|
|
|
26.41
|
|
|
25.57
|
|
|
25.13
|
|
|
24.33
|
|
|
24.07
|
|
|
23.74
|
|
|||||||||
Tangible book value (2)
|
19.41
|
|
|
19.26
|
|
|
18.92
|
|
|
18.26
|
|
|
17.91
|
|
|
17.23
|
|
|
17.07
|
|
|
16.84
|
|
|||||||||
Market capitalization
|
$
|
311,209
|
|
|
$
|
264,842
|
|
|
$
|
270,935
|
|
|
$
|
263,992
|
|
|
$
|
238,251
|
|
|
$
|
290,424
|
|
|
$
|
282,259
|
|
|
$
|
305,176
|
|
|
Average balance sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total loans and leases
|
$
|
973,986
|
|
|
$
|
964,733
|
|
|
$
|
950,525
|
|
|
$
|
944,020
|
|
|
$
|
934,721
|
|
|
$
|
930,736
|
|
|
$
|
934,818
|
|
|
$
|
931,915
|
|
|
Total assets
|
2,450,005
|
|
|
2,412,223
|
|
|
2,399,051
|
|
|
2,360,992
|
|
|
2,334,586
|
|
|
2,317,829
|
|
|
2,322,678
|
|
|
2,325,878
|
|
|||||||||
Total deposits
|
1,410,439
|
|
|
1,375,052
|
|
|
1,375,450
|
|
|
1,359,864
|
|
|
1,344,951
|
|
|
1,316,345
|
|
|
1,300,659
|
|
|
1,297,268
|
|
|||||||||
Long-term debt
|
206,026
|
|
|
202,620
|
|
|
201,007
|
|
|
196,726
|
|
|
201,056
|
|
|
203,239
|
|
|
199,448
|
|
|
197,787
|
|
|||||||||
Common shareholders’ equity
|
243,439
|
|
|
246,630
|
|
|
245,438
|
|
|
243,891
|
|
|
241,372
|
|
|
241,812
|
|
|
241,313
|
|
|
242,713
|
|
|||||||||
Total shareholders’ equity
|
266,900
|
|
|
270,430
|
|
|
267,975
|
|
|
266,217
|
|
|
263,698
|
|
|
264,653
|
|
|
265,181
|
|
|
265,480
|
|
|||||||||
Asset quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Allowance for credit losses (3)
|
$
|
10,229
|
|
|
$
|
10,242
|
|
|
$
|
10,333
|
|
|
$
|
10,379
|
|
|
$
|
10,398
|
|
|
$
|
10,526
|
|
|
$
|
10,837
|
|
|
$
|
11,042
|
|
|
Nonperforming loans, leases and foreclosed properties (4)
|
3,837
|
|
|
3,723
|
|
|
4,452
|
|
|
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)
|
0.97
|
%
|
|
0.98
|
%
|
|
1.00
|
%
|
|
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)
|
265
|
|
|
271
|
|
|
228
|
|
|
197
|
|
|
194
|
|
|
189
|
|
|
170
|
|
|
161
|
|
|||||||||
Net charge-offs
|
$
|
959
|
|
|
$
|
811
|
|
|
$
|
887
|
|
|
$
|
991
|
|
|
$
|
924
|
|
|
$
|
932
|
|
|
$
|
996
|
|
|
$
|
911
|
|
|
Annualized net charge-offs as a percentage of average loans and leases outstanding (4)
|
0.39
|
%
|
|
0.34
|
%
|
|
0.38
|
%
|
|
0.43
|
%
|
|
0.39
|
%
|
|
0.40
|
%
|
|
0.43
|
%
|
|
0.40
|
%
|
|||||||||
Capital ratios at period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Common equity tier 1 capital
|
11.2
|
%
|
|
11.4
|
%
|
|
11.7
|
%
|
|
11.6
|
%
|
|
11.6
|
%
|
|
11.4
|
%
|
|
11.4
|
%
|
|
11.3
|
%
|
|||||||||
Tier 1 capital
|
12.6
|
|
|
12.9
|
|
|
13.3
|
|
|
13.1
|
|
|
13.2
|
|
|
12.9
|
|
|
13.0
|
|
|
13.0
|
|
|||||||||
Total capital
|
14.7
|
|
|
15.1
|
|
|
15.4
|
|
|
15.2
|
|
|
15.1
|
|
|
14.7
|
|
|
14.8
|
|
|
14.8
|
|
|||||||||
Tier 1 leverage
|
7.9
|
|
|
8.2
|
|
|
8.4
|
|
|
8.4
|
|
|
8.4
|
|
|
8.3
|
|
|
8.4
|
|
|
8.4
|
|
|||||||||
Supplementary leverage ratio
|
6.4
|
|
|
6.6
|
|
|
6.8
|
|
|
6.8
|
|
|
6.8
|
|
|
6.7
|
|
|
6.7
|
|
|
6.8
|
|
|||||||||
Tangible equity (2)
|
8.2
|
|
|
8.4
|
|
|
8.7
|
|
|
8.5
|
|
|
8.6
|
|
|
8.5
|
|
|
8.7
|
|
|
8.7
|
|
|||||||||
Tangible common equity (2)
|
7.3
|
|
|
7.4
|
|
|
7.6
|
|
|
7.6
|
|
|
7.6
|
|
|
7.5
|
|
|
7.7
|
|
|
7.6
|
|
|||||||||
Total loss-absorbing capacity and long-term debt metrics (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total loss-absorbing capacity to risk-weighted assets
|
24.6
|
%
|
|
24.8
|
%
|
|
25.5
|
%
|
|
24.8
|
%
|
|
|
|
|
|
|
|
|
|||||||||||||
Total loss-absorbing capacity to supplementary leverage exposure
|
12.5
|
|
|
12.7
|
|
|
13.0
|
|
|
12.8
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Eligible long-term debt to risk-weighted assets
|
11.5
|
|
|
11.4
|
|
|
11.8
|
|
|
11.4
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Eligible long-term debt to supplementary leverage exposure
|
5.8
|
|
|
5.8
|
|
|
6.0
|
|
|
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 and corresponding reconciliations to GAAP financial measures, see Supplemental Financial Data on page 27 and Non-GAAP Reconciliations on page 80.
|
(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 59 and corresponding Table 29 and Commercial Portfolio Credit Risk Management – Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity on page 63 and corresponding Table 36.
|
(5)
|
Effective January 1, 2019, we became subject to minimum total loss-absorbing capacity and long-term debt requirements. For more information, see Capital Management on page 45.
|
29 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Table 8
|
Average Balances and Interest Rates - FTE Basis
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Average
Balance |
|
Interest
Income/ Expense (1) |
|
Yield/
Rate |
|
Average
Balance |
|
Interest
Income/ Expense (1) |
|
Yield/
Rate |
|
Average
Balance |
|
Interest
Income/ Expense (1) |
|
Yield/
Rate |
||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||||||||||||
Earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks
|
$
|
125,555
|
|
|
$
|
1,823
|
|
|
1.45
|
%
|
|
$
|
139,848
|
|
|
$
|
1,926
|
|
|
1.38
|
%
|
|
$
|
127,431
|
|
|
$
|
1,122
|
|
|
0.88
|
%
|
|
Time deposits placed and other short-term investments
|
9,427
|
|
|
207
|
|
|
2.19
|
|
|
9,446
|
|
|
216
|
|
|
2.29
|
|
|
12,112
|
|
|
241
|
|
|
1.99
|
|
|||||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
279,610
|
|
|
4,843
|
|
|
1.73
|
|
|
251,328
|
|
|
3,176
|
|
|
1.26
|
|
|
222,818
|
|
|
1,806
|
|
|
0.81
|
|
|||||||
Trading account assets
|
148,076
|
|
|
5,269
|
|
|
3.56
|
|
|
132,724
|
|
|
4,901
|
|
|
3.69
|
|
|
129,007
|
|
|
4,618
|
|
|
3.58
|
|
|||||||
Debt securities
|
450,090
|
|
|
11,917
|
|
|
2.65
|
|
|
437,312
|
|
|
11,837
|
|
|
2.66
|
|
|
435,005
|
|
|
10,626
|
|
|
2.44
|
|
|||||||
Loans and leases (2):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residential mortgage
|
220,552
|
|
|
7,651
|
|
|
3.47
|
|
|
207,523
|
|
|
7,294
|
|
|
3.51
|
|
|
197,766
|
|
|
6,831
|
|
|
3.45
|
|
|||||||
Home equity
|
44,600
|
|
|
2,194
|
|
|
4.92
|
|
|
53,886
|
|
|
2,573
|
|
|
4.77
|
|
|
62,260
|
|
|
2,608
|
|
|
4.19
|
|
|||||||
Credit card
|
94,488
|
|
|
10,166
|
|
|
10.76
|
|
|
94,612
|
|
|
9,579
|
|
|
10.12
|
|
|
91,068
|
|
|
8,791
|
|
|
9.65
|
|
|||||||
Non-U.S. credit card (3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,929
|
|
|
358
|
|
|
9.12
|
|
|||||||
Direct/Indirect and other consumer (4)
|
90,656
|
|
|
3,261
|
|
|
3.60
|
|
|
93,036
|
|
|
3,104
|
|
|
3.34
|
|
|
96,002
|
|
|
2,734
|
|
|
2.85
|
|
|||||||
Total consumer
|
450,296
|
|
|
23,272
|
|
|
5.17
|
|
|
449,057
|
|
|
22,550
|
|
|
5.02
|
|
|
451,025
|
|
|
21,322
|
|
|
4.73
|
|
|||||||
U.S. commercial
|
321,467
|
|
|
13,016
|
|
|
4.05
|
|
|
304,387
|
|
|
11,937
|
|
|
3.92
|
|
|
292,452
|
|
|
9,765
|
|
|
3.34
|
|
|||||||
Non-U.S. commercial
|
103,918
|
|
|
3,547
|
|
|
3.41
|
|
|
97,664
|
|
|
3,220
|
|
|
3.30
|
|
|
95,005
|
|
|
2,566
|
|
|
2.70
|
|
|||||||
Commercial real estate (5)
|
62,044
|
|
|
2,741
|
|
|
4.42
|
|
|
60,384
|
|
|
2,618
|
|
|
4.34
|
|
|
58,502
|
|
|
2,116
|
|
|
3.62
|
|
|||||||
Commercial lease financing
|
20,691
|
|
|
718
|
|
|
3.47
|
|
|
21,557
|
|
|
698
|
|
|
3.24
|
|
|
21,747
|
|
|
706
|
|
|
3.25
|
|
|||||||
Total commercial
|
508,120
|
|
|
20,022
|
|
|
3.94
|
|
|
483,992
|
|
|
18,473
|
|
|
3.82
|
|
|
467,706
|
|
|
15,153
|
|
|
3.24
|
|
|||||||
Total loans and leases (3)
|
958,416
|
|
|
43,294
|
|
|
4.52
|
|
|
933,049
|
|
|
41,023
|
|
|
4.40
|
|
|
918,731
|
|
|
36,475
|
|
|
3.97
|
|
|||||||
Other earning assets
|
69,089
|
|
|
4,478
|
|
|
6.48
|
|
|
76,524
|
|
|
4,300
|
|
|
5.62
|
|
|
76,957
|
|
|
3,224
|
|
|
4.19
|
|
|||||||
Total earning assets
|
2,040,263
|
|
|
71,831
|
|
|
3.52
|
|
|
1,980,231
|
|
|
67,379
|
|
|
3.40
|
|
|
1,922,061
|
|
|
58,112
|
|
|
3.02
|
|
|||||||
Cash and due from banks
|
26,193
|
|
|
|
|
|
|
|
25,830
|
|
|
|
|
|
|
|
27,995
|
|
|
|
|
|
|
||||||||||
Other assets, less allowance for loan and lease losses
|
339,374
|
|
|
|
|
|
|
|
|
319,185
|
|
|
|
|
|
|
|
|
318,577
|
|
|
|
|
|
|
|
|||||||
Total assets
|
$
|
2,405,830
|
|
|
|
|
|
|
|
|
$
|
2,325,246
|
|
|
|
|
|
|
|
|
$
|
2,268,633
|
|
|
|
|
|
|
|
||||
Interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
U.S. interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Savings
|
$
|
52,020
|
|
|
$
|
5
|
|
|
0.01
|
%
|
|
$
|
54,226
|
|
|
$
|
6
|
|
|
0.01
|
%
|
|
$
|
53,783
|
|
|
$
|
5
|
|
|
0.01
|
%
|
|
NOW and money market deposit accounts
|
741,126
|
|
|
4,471
|
|
|
0.60
|
|
|
676,382
|
|
|
2,636
|
|
|
0.39
|
|
|
628,647
|
|
|
873
|
|
|
0.14
|
|
|||||||
Consumer CDs and IRAs
|
47,577
|
|
|
471
|
|
|
0.99
|
|
|
39,823
|
|
|
157
|
|
|
0.39
|
|
|
44,794
|
|
|
121
|
|
|
0.27
|
|
|||||||
Negotiable CDs, public funds and other deposits
|
66,866
|
|
|
1,407
|
|
|
2.11
|
|
|
50,593
|
|
|
991
|
|
|
1.96
|
|
|
36,782
|
|
|
354
|
|
|
0.96
|
|
|||||||
Total U.S. interest-bearing deposits
|
907,589
|
|
|
6,354
|
|
|
0.70
|
|
|
821,024
|
|
|
3,790
|
|
|
0.46
|
|
|
764,006
|
|
|
1,353
|
|
|
0.18
|
|
|||||||
Non-U.S. interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Banks located in non-U.S. countries
|
1,936
|
|
|
20
|
|
|
1.04
|
|
|
2,312
|
|
|
39
|
|
|
1.69
|
|
|
2,442
|
|
|
21
|
|
|
0.85
|
|
|||||||
Governments and official institutions
|
181
|
|
|
—
|
|
|
0.05
|
|
|
810
|
|
|
—
|
|
|
0.01
|
|
|
1,006
|
|
|
10
|
|
|
0.95
|
|
|||||||
Time, savings and other
|
69,351
|
|
|
814
|
|
|
1.17
|
|
|
65,097
|
|
|
666
|
|
|
1.02
|
|
|
62,386
|
|
|
547
|
|
|
0.88
|
|
|||||||
Total non-U.S. interest-bearing deposits
|
71,468
|
|
|
834
|
|
|
1.17
|
|
|
68,219
|
|
|
705
|
|
|
1.03
|
|
|
65,834
|
|
|
578
|
|
|
0.88
|
|
|||||||
Total interest-bearing deposits
|
979,057
|
|
|
7,188
|
|
|
0.73
|
|
|
889,243
|
|
|
4,495
|
|
|
0.51
|
|
|
829,840
|
|
|
1,931
|
|
|
0.23
|
|
|||||||
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities
|
276,432
|
|
|
7,208
|
|
|
2.61
|
|
|
269,748
|
|
|
5,839
|
|
|
2.17
|
|
|
274,975
|
|
|
3,146
|
|
|
1.14
|
|
|||||||
Trading account liabilities
|
45,449
|
|
|
1,249
|
|
|
2.75
|
|
|
50,928
|
|
|
1,358
|
|
|
2.67
|
|
|
45,518
|
|
|
1,204
|
|
|
2.64
|
|
|||||||
Long-term debt
|
201,623
|
|
|
6,700
|
|
|
3.32
|
|
|
200,399
|
|
|
6,915
|
|
|
3.45
|
|
|
194,882
|
|
|
5,667
|
|
|
2.91
|
|
|||||||
Total interest-bearing liabilities
|
1,502,561
|
|
|
22,345
|
|
|
1.49
|
|
|
1,410,318
|
|
|
18,607
|
|
|
1.32
|
|
|
1,345,215
|
|
|
11,948
|
|
|
0.89
|
|
|||||||
Noninterest-bearing sources:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Noninterest-bearing deposits
|
401,269
|
|
|
|
|
|
|
|
|
425,698
|
|
|
|
|
|
|
|
|
439,956
|
|
|
|
|
|
|
|
|||||||
Other liabilities (6)
|
234,111
|
|
|
|
|
|
|
|
|
224,482
|
|
|
|
|
|
|
|
|
212,173
|
|
|
|
|
|
|
|
|||||||
Shareholders’ equity
|
267,889
|
|
|
|
|
|
|
|
|
264,748
|
|
|
|
|
|
|
|
|
271,289
|
|
|
|
|
|
|
|
|||||||
Total liabilities and shareholders’ equity
|
$
|
2,405,830
|
|
|
|
|
|
|
|
|
$
|
2,325,246
|
|
|
|
|
|
|
|
|
$
|
2,268,633
|
|
|
|
|
|
|
|
||||
Net interest spread
|
|
|
|
|
|
|
2.03
|
%
|
|
|
|
|
|
|
|
2.08
|
%
|
|
|
|
|
|
|
|
2.13
|
%
|
|||||||
Impact of noninterest-bearing sources
|
|
|
|
|
|
|
0.40
|
|
|
|
|
|
|
|
|
0.37
|
|
|
|
|
|
|
|
|
0.27
|
|
|||||||
Net interest income/yield on earning assets (7)
|
|
|
|
$
|
49,486
|
|
|
2.43
|
%
|
|
|
|
|
$
|
48,772
|
|
|
2.45
|
%
|
|
|
|
|
$
|
46,164
|
|
|
2.40
|
%
|
(1)
|
Includes the impact of interest rate risk management contracts. For more information, see Interest Rate Risk Management for the Banking Book on page 74.
|
(2)
|
Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is generally recognized on a cost recovery basis.
|
(3)
|
Includes assets of the Corporation's non-U.S. consumer credit card business, which was sold during the second quarter of 2017.
|
(4)
|
Includes non-U.S. consumer loans of $2.9 billion, $2.8 billion and $2.9 billion for 2019, 2018 and 2017, respectively.
|
(5)
|
Includes U.S. commercial real estate loans of $57.3 billion, $56.4 billion and $55.0 billion, and non-U.S. commercial real estate loans of $4.7 billion, $4.0 billion and $3.5 billion for 2019, 2018 and 2017, respectively.
|
(6)
|
Includes $35.5 billion, $30.4 billion and $30.3 billion of structured notes and liabilities for 2019, 2018 and 2017, respectively.
|
(7)
|
Net interest income includes FTE adjustments of $595 million, $610 million and $925 million for 2019, 2018 and 2017, respectively.
|
|
|
Bank of America 30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 9
|
Analysis of Changes in Net Interest Income - FTE Basis
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Due to Change in (1)
|
|
Net Change
|
|
Due to Change in (1)
|
|
Net Change
|
||||||||||||||||
|
Volume
|
|
Rate
|
|
|
Volume
|
|
Rate
|
|
|||||||||||||||
(Dollars in millions)
|
From 2018 to 2019
|
|
From 2017 to 2018
|
|||||||||||||||||||||
Increase (decrease) in interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks
|
$
|
(193
|
)
|
|
$
|
90
|
|
|
$
|
(103
|
)
|
|
$
|
109
|
|
|
$
|
695
|
|
|
$
|
804
|
|
|
Time deposits placed and other short-term investments
|
—
|
|
|
(9
|
)
|
|
(9
|
)
|
|
(53
|
)
|
|
28
|
|
|
(25
|
)
|
|||||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
347
|
|
|
1,320
|
|
|
1,667
|
|
|
230
|
|
|
1,140
|
|
|
1,370
|
|
|||||||
Trading account assets
|
563
|
|
|
(195
|
)
|
|
368
|
|
|
134
|
|
|
149
|
|
|
283
|
|
|||||||
Debt securities
|
135
|
|
|
(55
|
)
|
|
80
|
|
|
44
|
|
|
1,167
|
|
|
1,211
|
|
|||||||
Loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Residential mortgage
|
447
|
|
|
(90
|
)
|
|
357
|
|
|
329
|
|
|
134
|
|
|
463
|
|
|||||||
Home equity
|
(446
|
)
|
|
67
|
|
|
(379
|
)
|
|
(350
|
)
|
|
315
|
|
|
(35
|
)
|
|||||||
Credit card
|
(17
|
)
|
|
604
|
|
|
587
|
|
|
339
|
|
|
449
|
|
|
788
|
|
|||||||
Non-U.S. credit card (2)
|
—
|
|
|
—
|
|
|
—
|
|
|
(358
|
)
|
|
—
|
|
|
(358
|
)
|
|||||||
Direct/Indirect and other consumer
|
(76
|
)
|
|
233
|
|
|
157
|
|
|
(82
|
)
|
|
452
|
|
|
370
|
|
|||||||
Total consumer
|
|
|
|
|
|
|
722
|
|
|
|
|
|
|
|
|
1,228
|
|
|||||||
U.S. commercial
|
665
|
|
|
414
|
|
|
1,079
|
|
|
402
|
|
|
1,770
|
|
|
2,172
|
|
|||||||
Non-U.S. commercial
|
209
|
|
|
118
|
|
|
327
|
|
|
71
|
|
|
583
|
|
|
654
|
|
|||||||
Commercial real estate
|
75
|
|
|
48
|
|
|
123
|
|
|
70
|
|
|
432
|
|
|
502
|
|
|||||||
Commercial lease financing
|
(28
|
)
|
|
48
|
|
|
20
|
|
|
(5
|
)
|
|
(3
|
)
|
|
(8
|
)
|
|||||||
Total commercial
|
|
|
|
|
|
|
1,549
|
|
|
|
|
|
|
|
|
3,320
|
|
|||||||
Total loans and leases
|
|
|
|
|
|
|
2,271
|
|
|
|
|
|
|
|
|
4,548
|
|
|||||||
Other earning assets
|
(417
|
)
|
|
595
|
|
|
178
|
|
|
(18
|
)
|
|
1,094
|
|
|
1,076
|
|
|||||||
Total interest income
|
|
|
|
|
|
|
$
|
4,452
|
|
|
|
|
|
|
|
|
$
|
9,267
|
|
|||||
Increase (decrease) in interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
U.S. interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Savings
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
NOW and money market deposit accounts
|
254
|
|
|
1,581
|
|
|
1,835
|
|
|
74
|
|
|
1,689
|
|
|
1,763
|
|
|||||||
Consumer CDs and IRAs
|
29
|
|
|
285
|
|
|
314
|
|
|
(13
|
)
|
|
49
|
|
|
36
|
|
|||||||
Negotiable CDs, public funds and other deposits
|
320
|
|
|
96
|
|
|
416
|
|
|
132
|
|
|
505
|
|
|
637
|
|
|||||||
Total U.S. interest-bearing deposits
|
|
|
|
|
|
|
2,564
|
|
|
|
|
|
|
|
|
2,437
|
|
|||||||
Non-U.S. interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Banks located in non-U.S. countries
|
(6
|
)
|
|
(13
|
)
|
|
(19
|
)
|
|
(1
|
)
|
|
19
|
|
|
18
|
|
|||||||
Governments and official institutions
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(8
|
)
|
|
(10
|
)
|
|||||||
Time, savings and other
|
41
|
|
|
107
|
|
|
148
|
|
|
26
|
|
|
93
|
|
|
119
|
|
|||||||
Total non-U.S. interest-bearing deposits
|
|
|
|
|
|
|
129
|
|
|
|
|
|
|
|
|
127
|
|
|||||||
Total interest-bearing deposits
|
|
|
|
|
|
|
2,693
|
|
|
|
|
|
|
|
|
2,564
|
|
|||||||
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities
|
160
|
|
|
1,209
|
|
|
1,369
|
|
|
(71
|
)
|
|
2,764
|
|
|
2,693
|
|
|||||||
Trading account liabilities
|
(145
|
)
|
|
36
|
|
|
(109
|
)
|
|
140
|
|
|
14
|
|
|
154
|
|
|||||||
Long-term debt
|
41
|
|
|
(256
|
)
|
|
(215
|
)
|
|
165
|
|
|
1,083
|
|
|
1,248
|
|
|||||||
Total interest expense
|
|
|
|
|
|
|
3,738
|
|
|
|
|
|
|
|
|
6,659
|
|
|||||||
Net increase in net interest income (3)
|
|
|
|
|
|
|
$
|
714
|
|
|
|
|
|
|
|
|
$
|
2,608
|
|
(1)
|
The changes for each category of interest income and expense are divided between the portion of change attributable to the variance in volume and the portion of change attributable to the variance in rate for that category. The unallocated change in rate or volume variance is allocated between the rate and volume variances.
|
(2)
|
The Corporation sold its non-U.S. credit card business in the second quarter of 2017.
|
(3)
|
Includes decreases in FTE basis adjustments of $15 million from 2018 to 2019 and $315 million from 2017 to 2018.
|
31 Bank of America
|
|
|
|
|
Bank of America 32
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Deposits
|
|
Consumer Lending
|
|
Total Consumer Banking
|
|
|
||||||||||||||||
(Dollars in millions)
|
2019
|
2018
|
|
2019
|
2018
|
|
2019
|
2018
|
|
% Change
|
||||||||||||||
Net interest income
|
$
|
16,904
|
|
$
|
15,939
|
|
|
$
|
11,254
|
|
$
|
11,086
|
|
|
$
|
28,158
|
|
$
|
27,025
|
|
|
4
|
%
|
|
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Card income
|
(33
|
)
|
(33
|
)
|
|
5,117
|
|
5,135
|
|
|
5,084
|
|
5,102
|
|
|
—
|
|
|||||||
Service charges
|
4,217
|
|
4,298
|
|
|
2
|
|
2
|
|
|
4,219
|
|
4,300
|
|
|
(2
|
)
|
|||||||
All other income
|
832
|
|
762
|
|
|
294
|
|
429
|
|
|
1,126
|
|
1,191
|
|
|
(5
|
)
|
|||||||
Total noninterest income
|
5,016
|
|
5,027
|
|
|
5,413
|
|
5,566
|
|
|
10,429
|
|
10,593
|
|
|
(2
|
)
|
|||||||
Total revenue, net of interest expense
|
21,920
|
|
20,966
|
|
|
16,667
|
|
16,652
|
|
|
38,587
|
|
37,618
|
|
|
3
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Provision for credit losses
|
269
|
|
195
|
|
|
3,503
|
|
3,469
|
|
|
3,772
|
|
3,664
|
|
|
3
|
|
|||||||
Noninterest expense
|
10,682
|
|
10,657
|
|
|
6,936
|
|
7,015
|
|
|
17,618
|
|
17,672
|
|
|
—
|
|
|||||||
Income before income taxes
|
10,969
|
|
10,114
|
|
|
6,228
|
|
6,168
|
|
|
17,197
|
|
16,282
|
|
|
6
|
|
|||||||
Income tax expense
|
2,687
|
|
2,578
|
|
|
1,526
|
|
1,572
|
|
|
4,213
|
|
4,150
|
|
|
2
|
|
|||||||
Net income
|
$
|
8,282
|
|
$
|
7,536
|
|
|
$
|
4,702
|
|
$
|
4,596
|
|
|
$
|
12,984
|
|
$
|
12,132
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Effective tax rate (1)
|
|
|
|
|
|
|
24.5
|
%
|
25.5
|
%
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net interest yield
|
2.40
|
%
|
2.34
|
%
|
|
3.80
|
%
|
3.97
|
%
|
|
3.81
|
|
3.77
|
|
|
|
||||||||
Return on average allocated capital
|
69
|
|
63
|
|
|
19
|
|
18
|
|
|
35
|
|
33
|
|
|
|
||||||||
Efficiency ratio
|
48.73
|
|
50.83
|
|
|
41.61
|
|
42.12
|
|
|
45.66
|
|
46.98
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Average
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total loans and leases
|
$
|
5,373
|
|
$
|
5,233
|
|
|
$
|
295,562
|
|
$
|
278,574
|
|
|
$
|
300,935
|
|
$
|
283,807
|
|
|
6
|
%
|
|
Total earning assets (2)
|
703,444
|
|
682,592
|
|
|
296,051
|
|
279,217
|
|
|
738,770
|
|
717,189
|
|
|
3
|
|
|||||||
Total assets (2)
|
735,232
|
|
710,925
|
|
|
306,169
|
|
290,068
|
|
|
780,676
|
|
756,373
|
|
|
3
|
|
|||||||
Total deposits
|
702,908
|
|
678,640
|
|
|
5,368
|
|
5,533
|
|
|
708,276
|
|
684,173
|
|
|
4
|
|
|||||||
Allocated capital
|
12,000
|
|
12,000
|
|
|
25,000
|
|
25,000
|
|
|
37,000
|
|
37,000
|
|
|
—
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Year end
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total loans and leases
|
$
|
5,472
|
|
$
|
5,470
|
|
|
$
|
311,942
|
|
$
|
288,865
|
|
|
$
|
317,414
|
|
$
|
294,335
|
|
|
8
|
%
|
|
Total earning assets (2)
|
724,536
|
|
694,672
|
|
|
312,684
|
|
289,249
|
|
|
760,137
|
|
728,813
|
|
|
4
|
|
|||||||
Total assets (2)
|
758,385
|
|
724,019
|
|
|
322,717
|
|
299,970
|
|
|
804,019
|
|
768,881
|
|
|
5
|
|
|||||||
Total deposits
|
725,598
|
|
691,666
|
|
|
5,080
|
|
4,480
|
|
|
730,678
|
|
696,146
|
|
|
5
|
|
(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.
|
33 Bank of America
|
|
|
|
|
|
|
||||
Key Statistics – Deposits
|
|
|
|
||||
|
|
|
|
||||
|
2019
|
|
2018
|
||||
Total deposit spreads (excludes noninterest costs) (1)
|
2.34
|
%
|
|
2.14
|
%
|
||
|
|
|
|
||||
Year end
|
|
|
|
||||
Consumer investment assets (in millions) (2)
|
$
|
240,132
|
|
|
$
|
185,881
|
|
Active digital banking users (units in thousands) (3)
|
38,266
|
|
|
36,264
|
|
||
Active mobile banking users (units in thousands)
|
29,174
|
|
|
26,433
|
|
||
Financial centers
|
4,300
|
|
|
4,341
|
|
||
ATMs
|
16,788
|
|
|
16,255
|
|
(1)
|
Includes deposits held in Consumer Lending.
|
(2)
|
Includes client brokerage assets, deposit sweep balances and AUM in Consumer Banking.
|
(3)
|
Active digital banking users represents mobile and/or online users.
|
|
|
|
|
||||
Key Statistics – Consumer Lending
|
|||||||
|
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
||||
Total credit card (1)
|
|
|
|
||||
Gross interest yield
|
10.76
|
%
|
|
10.12
|
%
|
||
Risk-adjusted margin
|
8.28
|
|
|
8.25
|
|
||
New accounts (in thousands)
|
4,320
|
|
|
4,544
|
|
||
Purchase volumes
|
$
|
277,852
|
|
|
$
|
264,706
|
|
Debit card purchase volumes
|
$
|
360,672
|
|
|
$
|
338,810
|
|
(1)
|
Includes GWIM's credit card portfolio.
|
|
|
|
|
||||
Key Statistics – Loan Production (1)
|
|||||||
|
|
|
|
||||
(Dollars in millions)
|
2019
|
|
2018
|
||||
Total (2):
|
|
|
|
||||
First mortgage
|
$
|
72,467
|
|
|
$
|
41,195
|
|
Home equity
|
11,131
|
|
|
14,869
|
|
||
Consumer Banking:
|
|
|
|
||||
First mortgage
|
$
|
49,179
|
|
|
$
|
27,280
|
|
Home equity
|
9,755
|
|
|
13,251
|
|
(1)
|
The loan production amounts represent the unpaid principal balance of loans and, in the case of home equity, the principal amount of the total line of credit.
|
(2)
|
In addition to loan production in Consumer Banking, there is also first mortgage and home equity loan production in GWIM.
|
|
|
Bank of America 34
|
|
|
|
|
|
|
|
|||||
(Dollars in millions)
|
2019
|
|
2018
|
|
% Change
|
||||||
Net interest income
|
$
|
6,504
|
|
|
$
|
6,265
|
|
|
4
|
%
|
|
Noninterest income:
|
|
|
|
|
|
||||||
Investment and brokerage services
|
11,870
|
|
|
11,959
|
|
|
(1
|
)
|
|||
All other income
|
1,163
|
|
|
1,229
|
|
|
(5
|
)
|
|||
Total noninterest income
|
13,033
|
|
|
13,188
|
|
|
(1
|
)
|
|||
Total revenue, net of interest expense
|
19,537
|
|
|
19,453
|
|
|
—
|
|
|||
|
|
|
|
|
|
||||||
Provision for credit losses
|
82
|
|
|
86
|
|
|
(5
|
)
|
|||
Noninterest expense
|
13,823
|
|
|
14,015
|
|
|
(1
|
)
|
|||
Income before income taxes
|
5,632
|
|
|
5,352
|
|
|
5
|
|
|||
Income tax expense
|
1,380
|
|
|
1,364
|
|
|
1
|
|
|||
Net income
|
$
|
4,252
|
|
|
$
|
3,988
|
|
|
7
|
|
|
|
|
|
|
|
|
||||||
Effective tax rate
|
24.5
|
%
|
|
25.5
|
%
|
|
|
||||
|
|
|
|
|
|
||||||
Net interest yield
|
2.33
|
|
|
2.41
|
|
|
|
||||
Return on average allocated capital
|
29
|
|
|
28
|
|
|
|
||||
Efficiency ratio
|
70.75
|
|
|
72.04
|
|
|
|
||||
|
|
|
|
|
|
||||||
Balance Sheet
|
|
|
|
|
|
|
|||||
|
|
|
|
||||||||
Average
|
|
|
|
|
|
||||||
Total loans and leases
|
$
|
168,910
|
|
|
$
|
161,342
|
|
|
5
|
%
|
|
Total earning assets
|
279,684
|
|
|
259,808
|
|
|
8
|
|
|||
Total assets
|
292,003
|
|
|
277,220
|
|
|
5
|
|
|||
Total deposits
|
256,505
|
|
|
241,256
|
|
|
6
|
|
|||
Allocated capital
|
14,500
|
|
|
14,500
|
|
|
—
|
|
|||
|
|
|
|
|
|
||||||
Year end
|
|
|
|
|
|
||||||
Total loans and leases
|
$
|
176,600
|
|
|
$
|
164,854
|
|
|
7
|
%
|
|
Total earning assets
|
287,212
|
|
|
287,199
|
|
|
—
|
|
|||
Total assets
|
299,756
|
|
|
305,907
|
|
|
(2
|
)
|
|||
Total deposits
|
263,103
|
|
|
268,700
|
|
|
(2
|
)
|
35 Bank of America
|
|
|
|
|
|
|
||||
Key Indicators and Metrics
|
|
|
|
||||
|
|
|
|
||||
(Dollars in millions, except as noted)
|
2019
|
|
2018
|
||||
Revenue by Business
|
|
|
|
||||
Merrill Lynch Global Wealth Management
|
$
|
16,111
|
|
|
$
|
15,998
|
|
Bank of America Private Bank
|
3,426
|
|
|
3,455
|
|
||
Total revenue, net of interest expense
|
$
|
19,537
|
|
|
$
|
19,453
|
|
|
|
|
|
||||
Client Balances by Business, at year end
|
|
|
|
||||
Merrill Lynch Global Wealth Management
|
$
|
2,558,102
|
|
|
$
|
2,193,562
|
|
Bank of America Private Bank
|
489,690
|
|
|
427,294
|
|
||
Total client balances
|
$
|
3,047,792
|
|
|
$
|
2,620,856
|
|
|
|
|
|
||||
Client Balances by Type, at year end
|
|
|
|
||||
Assets under management
|
$
|
1,275,555
|
|
|
$
|
1,072,234
|
|
Brokerage and other assets
|
1,372,733
|
|
|
1,162,997
|
|
||
Deposits
|
263,103
|
|
|
268,700
|
|
||
Loans and leases (1)
|
179,296
|
|
|
167,938
|
|
||
Less: Managed deposits in assets under management
|
(42,895
|
)
|
|
(51,013
|
)
|
||
Total client balances
|
$
|
3,047,792
|
|
|
$
|
2,620,856
|
|
|
|
|
|
||||
Assets Under Management Rollforward
|
|
|
|
||||
Assets under management, beginning of year
|
$
|
1,072,234
|
|
|
$
|
1,121,383
|
|
Net client flows
|
24,865
|
|
|
44,607
|
|
||
Market valuation/other
|
178,456
|
|
|
(93,756
|
)
|
||
Total assets under management, end of year
|
$
|
1,275,555
|
|
|
$
|
1,072,234
|
|
|
|
|
|
||||
Associates, at year end
|
|
|
|
||||
Number of financial advisors
|
17,458
|
|
|
17,518
|
|
||
Total wealth advisors, including financial advisors
|
19,440
|
|
|
19,459
|
|
||
Total primary sales professionals, including financial advisors and wealth advisors
|
20,586
|
|
|
20,586
|
|
||
|
|
|
|
||||
Merrill Lynch Global Wealth Management Metric
|
|
|
|
||||
Financial advisor productivity (in thousands)
|
$
|
1,082
|
|
|
$
|
1,034
|
|
|
|
|
|
||||
Bank of America Private Bank Metric, at year end
|
|
|
|
||||
Primary sales professionals
|
1,766
|
|
|
1,748
|
|
(1)
|
Includes margin receivables which are classified in customer and other receivables on the Consolidated Balance Sheet.
|
|
|
Bank of America 36
|
|
|
|
|
|
|
|
|||||
(Dollars in millions)
|
2019
|
|
2018
|
|
% Change
|
||||||
Net interest income
|
$
|
10,675
|
|
|
$
|
10,993
|
|
|
(3
|
)%
|
|
Noninterest income:
|
|
|
|
|
|
||||||
Service charges
|
3,015
|
|
|
3,027
|
|
|
—
|
|
|||
Investment banking fees
|
3,137
|
|
|
2,891
|
|
|
9
|
|
|||
All other income
|
3,656
|
|
|
3,090
|
|
|
18
|
|
|||
Total noninterest income
|
9,808
|
|
|
9,008
|
|
|
9
|
|
|||
Total revenue, net of interest expense
|
20,483
|
|
|
20,001
|
|
|
2
|
|
|||
|
|
|
|
|
|
||||||
Provision for credit losses
|
414
|
|
|
8
|
|
|
n/m
|
|
|||
Noninterest expense
|
9,017
|
|
|
8,745
|
|
|
3
|
|
|||
Income before income taxes
|
11,052
|
|
|
11,248
|
|
|
(2
|
)
|
|||
Income tax expense
|
2,984
|
|
|
2,923
|
|
|
2
|
|
|||
Net income
|
$
|
8,068
|
|
|
$
|
8,325
|
|
|
(3
|
)
|
|
|
|
|
|
|
|
||||||
Effective tax rate
|
27.0
|
%
|
|
26.0
|
%
|
|
|
||||
|
|
|
|
|
|
||||||
Net interest yield
|
2.75
|
|
|
3.01
|
|
|
|
||||
Return on average allocated capital
|
20
|
|
|
20
|
|
|
|
||||
Efficiency ratio
|
44.02
|
|
|
43.72
|
|
|
|
||||
|
|
|
|
|
|
||||||
Balance Sheet
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
||||||
Average
|
|
|
|
|
|
||||||
Total loans and leases
|
$
|
374,304
|
|
|
$
|
354,236
|
|
|
6
|
%
|
|
Total earning assets
|
388,152
|
|
|
364,748
|
|
|
6
|
|
|||
Total assets
|
443,083
|
|
|
425,675
|
|
|
4
|
|
|||
Total deposits
|
362,731
|
|
|
336,337
|
|
|
8
|
|
|||
Allocated capital
|
41,000
|
|
|
41,000
|
|
|
—
|
|
|||
|
|
|
|
|
|
||||||
Year end
|
|
|
|
|
|
||||||
Total loans and leases
|
$
|
379,268
|
|
|
$
|
365,717
|
|
|
4
|
%
|
|
Total earning assets
|
407,180
|
|
|
377,812
|
|
|
8
|
|
|||
Total assets
|
464,032
|
|
|
442,330
|
|
|
5
|
|
|||
Total deposits
|
383,180
|
|
|
360,248
|
|
|
6
|
|
37 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Global Corporate, Global Commercial and Business Banking
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
Global Corporate Banking
|
|
Global Commercial Banking
|
|
Business Banking
|
|
Total
|
||||||||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Business Lending
|
$
|
3,994
|
|
|
$
|
3,904
|
|
|
$
|
4,132
|
|
|
$
|
4,330
|
|
|
$
|
363
|
|
|
$
|
431
|
|
|
$
|
8,489
|
|
|
$
|
8,665
|
|
|
Global Transaction Services
|
3,994
|
|
|
3,832
|
|
|
3,499
|
|
|
3,346
|
|
|
1,064
|
|
|
987
|
|
|
8,557
|
|
|
8,165
|
|
|||||||||
Total revenue, net of interest expense
|
$
|
7,988
|
|
|
$
|
7,736
|
|
|
$
|
7,631
|
|
|
$
|
7,676
|
|
|
$
|
1,427
|
|
|
$
|
1,418
|
|
|
$
|
17,046
|
|
|
$
|
16,830
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total loans and leases
|
$
|
177,713
|
|
|
$
|
163,516
|
|
|
$
|
181,485
|
|
|
$
|
174,279
|
|
|
$
|
15,058
|
|
|
$
|
16,432
|
|
|
$
|
374,256
|
|
|
$
|
354,227
|
|
|
Total deposits
|
177,924
|
|
|
163,559
|
|
|
144,620
|
|
|
135,337
|
|
|
40,196
|
|
|
37,462
|
|
|
362,740
|
|
|
336,358
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Year end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total loans and leases
|
$
|
181,409
|
|
|
$
|
174,378
|
|
|
$
|
182,727
|
|
|
$
|
175,937
|
|
|
$
|
15,152
|
|
|
$
|
15,402
|
|
|
$
|
379,288
|
|
|
$
|
365,717
|
|
|
Total deposits
|
185,352
|
|
|
173,183
|
|
|
157,322
|
|
|
149,118
|
|
|
40,504
|
|
|
37,973
|
|
|
383,178
|
|
|
360,274
|
|
|
|
|
|
|
|
|
|
|
||||||||
Investment Banking Fees
|
|
|
|
|
|
|
||||||||||
|
|
|
||||||||||||||
|
|
Global Banking
|
|
Total Corporation
|
||||||||||||
(Dollars in millions)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Products
|
|
|
|
|
|
|
|
|
||||||||
Advisory
|
|
$
|
1,336
|
|
|
$
|
1,153
|
|
|
$
|
1,460
|
|
|
$
|
1,258
|
|
Debt issuance
|
|
1,348
|
|
|
1,326
|
|
|
3,107
|
|
|
3,084
|
|
||||
Equity issuance
|
|
453
|
|
|
412
|
|
|
1,259
|
|
|
1,183
|
|
||||
Gross investment banking fees
|
|
3,137
|
|
|
2,891
|
|
|
5,826
|
|
|
5,525
|
|
||||
Self-led deals
|
|
(62
|
)
|
|
(68
|
)
|
|
(184
|
)
|
|
(198
|
)
|
||||
Total investment banking fees
|
|
$
|
3,075
|
|
|
$
|
2,823
|
|
|
$
|
5,642
|
|
|
$
|
5,327
|
|
|
|
Bank of America 38
|
|
|
|
|
|
|
|
|||||
(Dollars in millions)
|
2019
|
|
2018
|
|
% Change
|
||||||
Net interest income
|
$
|
3,915
|
|
|
$
|
3,857
|
|
|
2
|
%
|
|
Noninterest income:
|
|
|
|
|
|
||||||
Investment and brokerage services
|
1,738
|
|
|
1,780
|
|
|
(2
|
)
|
|||
Investment banking fees
|
2,288
|
|
|
2,296
|
|
|
—
|
|
|||
Market making and similar activities
|
7,065
|
|
|
7,260
|
|
|
(3
|
)
|
|||
All other income
|
608
|
|
|
990
|
|
|
(39
|
)
|
|||
Total noninterest income
|
11,699
|
|
|
12,326
|
|
|
(5
|
)
|
|||
Total revenue, net of interest expense
|
15,614
|
|
|
16,183
|
|
|
(4
|
)
|
|||
|
|
|
|
|
|
||||||
Provision for credit losses
|
(9
|
)
|
|
—
|
|
|
n/m
|
|
|||
Noninterest expense
|
10,722
|
|
|
10,835
|
|
|
(1
|
)
|
|||
Income before income taxes
|
4,901
|
|
|
5,348
|
|
|
(8
|
)
|
|||
Income tax expense
|
1,397
|
|
|
1,390
|
|
|
1
|
|
|||
Net income
|
$
|
3,504
|
|
|
$
|
3,958
|
|
|
(11
|
)
|
|
|
|
|
|
|
|
||||||
Effective tax rate
|
28.5
|
%
|
|
26.0
|
%
|
|
|
||||
|
|
|
|
|
|
||||||
Return on average allocated capital
|
10
|
|
|
11
|
|
|
|
||||
Efficiency ratio
|
68.67
|
|
|
66.96
|
|
|
|
||||
|
|
|
|
|
|
||||||
Balance Sheet
|
|
|
|
|
|
|
|||||
Average
|
|
|
|
|
|
||||||
Trading-related assets:
|
|
|
|
|
|
||||||
Trading account securities
|
$
|
246,335
|
|
|
$
|
215,112
|
|
|
15
|
%
|
|
Reverse repurchases
|
116,883
|
|
|
125,084
|
|
|
(7
|
)
|
|||
Securities borrowed
|
83,216
|
|
|
78,889
|
|
|
5
|
|
|||
Derivative assets
|
43,271
|
|
|
46,047
|
|
|
(6
|
)
|
|||
Total trading-related assets
|
489,705
|
|
|
465,132
|
|
|
5
|
|
|||
Total loans and leases
|
71,334
|
|
|
72,651
|
|
|
(2
|
)
|
|||
Total earning assets
|
476,225
|
|
|
473,383
|
|
|
1
|
|
|||
Total assets
|
679,297
|
|
|
666,000
|
|
|
2
|
|
|||
Total deposits
|
31,380
|
|
|
31,209
|
|
|
1
|
|
|||
Allocated capital
|
35,000
|
|
|
35,000
|
|
|
—
|
|
|||
|
|
|
|
|
|
||||||
Year end
|
|
|
|
|
|
||||||
Total trading-related assets
|
$
|
452,496
|
|
|
$
|
447,998
|
|
|
1
|
%
|
|
Total loans and leases
|
72,993
|
|
|
73,928
|
|
|
(1
|
)
|
|||
Total earning assets
|
471,701
|
|
|
457,224
|
|
|
3
|
|
|||
Total assets
|
641,806
|
|
|
641,923
|
|
|
—
|
|
|||
Total deposits
|
34,676
|
|
|
37,841
|
|
|
(8
|
)
|
39 Bank of America
|
|
|
|
|
|
|
||||
Sales and Trading Revenue (1, 2, 3)
|
|||||||
|
|
|
|
||||
(Dollars in millions)
|
2019
|
|
2018
|
||||
Sales and trading revenue (2)
|
|
|
|
||||
Fixed-income, currencies and commodities
|
$
|
8,188
|
|
|
$
|
8,271
|
|
Equities
|
4,491
|
|
|
4,900
|
|
||
Total sales and trading revenue
|
$
|
12,679
|
|
|
$
|
13,171
|
|
|
|
|
|
||||
Sales and trading revenue, excluding net DVA (4)
|
|
|
|
||||
Fixed-income, currencies and commodities
|
$
|
8,396
|
|
|
$
|
8,413
|
|
Equities
|
4,505
|
|
|
4,920
|
|
||
Total sales and trading revenue, excluding net DVA
|
$
|
12,901
|
|
|
$
|
13,333
|
|
(1)
|
For more information on sales and trading revenue, see Note 3 – Derivatives to the Consolidated Financial Statements.
|
(2)
|
Includes FTE adjustments of $189 million and $248 million for 2019 and 2018.
|
(3)
|
Includes Global Banking sales and trading revenue of $533 million and $421 million for 2019 and 2018.
|
(4)
|
FICC and Equities sales and trading revenue, excluding net DVA, is a non-GAAP financial measure. FICC net DVA losses were $208 million and $142 million for 2019 and 2018. Equities net DVA losses were $14 million and $20 million for 2019 and 2018.
|
|
|
|
|
|
|
|
|||||
(Dollars in millions)
|
2019
|
|
2018
|
|
% Change
|
||||||
Net interest income
|
$
|
234
|
|
|
$
|
632
|
|
|
(63
|
)%
|
|
Noninterest income (loss)
|
(2,616
|
)
|
|
(2,257
|
)
|
|
16
|
|
|||
Total revenue, net of interest expense
|
(2,382
|
)
|
|
(1,625
|
)
|
|
47
|
|
|||
|
|
|
|
|
|
||||||
Provision for credit losses
|
(669
|
)
|
|
(476
|
)
|
|
41
|
|
|||
Noninterest expense
|
3,720
|
|
|
1,887
|
|
|
97
|
|
|||
Loss before income taxes
|
(5,433
|
)
|
|
(3,036
|
)
|
|
79
|
|
|||
Income tax benefit
|
(4,055
|
)
|
|
(2,780
|
)
|
|
46
|
|
|||
Net loss
|
$
|
(1,378
|
)
|
|
$
|
(256
|
)
|
|
n/m
|
|
|
|
|
|
|
|
|
|
|||||
Balance Sheet
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|||||||
Average
|
|
|
|
|
|
|
|||||
Total loans and leases
|
$
|
42,933
|
|
|
$
|
61,013
|
|
|
(30
|
)%
|
|
Total assets (1)
|
210,771
|
|
|
199,978
|
|
|
5
|
|
|||
Total deposits
|
21,434
|
|
|
21,966
|
|
|
(2
|
)
|
|||
|
|
|
|
|
|
|
|||||
Year end
|
|
|
|
|
|
|
|||||
Total loans and leases
|
$
|
37,151
|
|
|
$
|
48,061
|
|
|
(23
|
)%
|
|
Total assets (1)
|
224,466
|
|
|
195,466
|
|
|
15
|
|
|||
Total deposits
|
23,166
|
|
|
18,541
|
|
|
25
|
|
(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 544.2 billion and $517.0 billion for 2019 and 2018, and year-end allocated assets were $565.3 billion and $540.8 billion at December 31, 2019 and 2018.
|
|
|
Bank of America 40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 10
|
Contractual Obligations
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
December 31, 2019
|
|
December 31
2018 |
||||||||||||||||||||
(Dollars in millions)
|
Due in One
Year or Less |
|
Due After
One Year Through Three Years |
|
Due After
Three Years Through Five Years |
|
Due After
Five Years |
|
Total
|
|
Total
|
|||||||||||||
Long-term debt
|
$
|
24,151
|
|
|
$
|
46,049
|
|
|
$
|
47,096
|
|
|
$
|
123,560
|
|
|
$
|
240,856
|
|
|
$
|
229,392
|
|
|
Operating lease obligations
|
1,966
|
|
|
3,265
|
|
|
2,338
|
|
|
4,225
|
|
|
11,794
|
|
|
15,770
|
|
|||||||
Purchase obligations
|
1,272
|
|
|
1,126
|
|
|
401
|
|
|
731
|
|
|
3,530
|
|
|
4,048
|
|
|||||||
Time deposits
|
68,351
|
|
|
4,612
|
|
|
1,463
|
|
|
247
|
|
|
74,673
|
|
|
61,039
|
|
|||||||
Other long-term liabilities
|
1,670
|
|
|
1,056
|
|
|
714
|
|
|
659
|
|
|
4,099
|
|
|
3,933
|
|
|||||||
Estimated interest expense on long-term debt and time deposits (1)
|
5,571
|
|
|
8,073
|
|
|
6,870
|
|
|
23,871
|
|
|
44,385
|
|
|
56,852
|
|
|||||||
Total contractual obligations
|
$
|
102,981
|
|
|
$
|
64,181
|
|
|
$
|
58,882
|
|
|
$
|
153,293
|
|
|
$
|
379,337
|
|
|
$
|
371,034
|
|
(1)
|
Represents forecasted net interest expense on long-term debt and time deposits based on interest rates at December 31, 2019 and 2018. Forecasts are based on the contractual maturity dates of each liability, and are net of derivative hedges, where applicable.
|
41 Bank of America
|
|
|
●
|
Strategic risk is the risk resulting from incorrect assumptions about external or internal factors, inappropriate business plans, ineffective business strategy execution, or failure to respond in a timely manner to changes in the regulatory, macroeconomic or competitive environments in the geographic locations in which we operate.
|
●
|
Credit risk is the risk of loss arising from the inability or failure of a borrower or counterparty to meet its obligations.
|
●
|
Market risk is the risk that changes in market conditions may adversely impact the value of assets or liabilities, or otherwise negatively impact earnings.
|
●
|
Liquidity risk is the inability to meet expected or unexpected cash flow and collateral needs while continuing to support our businesses and customers under a range of economic conditions.
|
●
|
Compliance risk is the risk of legal or regulatory sanctions, material financial loss or damage to the reputation of the Corporation arising from the failure of the Corporation to comply with the requirements of applicable laws, rules and regulations and our internal policies and procedures.
|
●
|
Operational risk is the risk of loss resulting from inadequate or failed processes, people and systems, or from external events.
|
●
|
Reputational risk is the risk that negative perceptions of the Corporation’s conduct or business practices may adversely impact its profitability or operations.
|
|
|
Bank of America 42
|
43 Bank of America
|
|
|
|
|
Bank of America 44
|
45 Bank of America
|
|
|
|
|
Bank of America 46
|
|
|
|
|
|
|
|
|||||
Table 11
|
Bank of America Corporation Regulatory Capital under Basel 3
|
|
|
||||||||
|
|
|
|||||||||
|
Standardized
Approach |
|
Advanced
Approaches |
|
Regulatory
Minimum (1) |
||||||
(Dollars in millions, except as noted)
|
December 31, 2019
|
||||||||||
Risk-based capital metrics:
|
|
|
|
|
|
||||||
Common equity tier 1 capital
|
$
|
166,760
|
|
|
$
|
166,760
|
|
|
|
||
Tier 1 capital
|
188,492
|
|
|
188,492
|
|
|
|
||||
Total capital (2)
|
221,230
|
|
|
213,098
|
|
|
|
||||
Risk-weighted assets (in billions)
|
1,493
|
|
|
1,447
|
|
|
|
||||
Common equity tier 1 capital ratio
|
11.2
|
%
|
|
11.5
|
%
|
|
9.5
|
%
|
|||
Tier 1 capital ratio
|
12.6
|
|
|
13.0
|
|
|
11.0
|
|
|||
Total capital ratio
|
14.8
|
|
|
14.7
|
|
|
13.0
|
|
|||
|
|
|
|
|
|
|
|||||
Leverage-based metrics:
|
|
|
|
|
|
||||||
Adjusted quarterly average assets (in billions) (3)
|
$
|
2,374
|
|
|
$
|
2,374
|
|
|
|
||
Tier 1 leverage ratio
|
7.9
|
%
|
|
7.9
|
%
|
|
4.0
|
|
|||
|
|
|
|
|
|
||||||
SLR leverage exposure (in billions)
|
|
|
$
|
2,946
|
|
|
|
||||
SLR
|
|
|
6.4
|
%
|
|
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 capital conservation buffer and G-SIB surcharge were 2.5 percent at December 31, 2019 and 1.875 percent at December 31, 2018. The countercyclical capital buffer for both periods was 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 total average assets adjusted for certain Tier 1 capital deductions.
|
|
|
|
|
|
||||
Table 12
|
Capital Composition under Basel 3
|
|
|
|
||||
|
|
|
|
|
||||
|
|
December 31
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
|||||
Total common shareholders’ equity
|
$
|
241,409
|
|
|
$
|
242,999
|
|
|
Goodwill, net of related deferred tax liabilities
|
(68,570
|
)
|
|
(68,572
|
)
|
|||
Deferred tax assets arising from net operating loss and tax credit carryforwards
|
(5,193
|
)
|
|
(5,981
|
)
|
|||
Intangibles, other than mortgage servicing rights and goodwill, net of related deferred tax liabilities
|
(1,328
|
)
|
|
(1,294
|
)
|
|||
Other
|
442
|
|
|
120
|
|
|||
Common equity tier 1 capital
|
166,760
|
|
|
167,272
|
|
|||
Qualifying preferred stock, net of issuance cost
|
22,329
|
|
|
22,326
|
|
|||
Other
|
(597
|
)
|
|
(560
|
)
|
|||
Tier 1 capital
|
188,492
|
|
|
189,038
|
|
|||
Tier 2 capital instruments
|
22,538
|
|
|
21,887
|
|
|||
Eligible credit reserves included in Tier 2 capital
|
2,097
|
|
|
1,972
|
|
|||
Other
|
(29
|
)
|
|
(19
|
)
|
|||
Total capital under the Advanced approaches
|
$
|
213,098
|
|
|
$
|
212,878
|
|
47 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Table 13
|
Risk-weighted Assets under Basel 3
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Standardized Approach
|
|
Advanced Approaches
|
|
Standardized Approach
|
|
Advanced Approaches
|
|||||||||
|
December 31
|
|||||||||||||||
(Dollars in billions)
|
2019
|
|
2018
|
|||||||||||||
Credit risk
|
$
|
1,437
|
|
|
$
|
858
|
|
|
$
|
1,384
|
|
|
$
|
827
|
|
|
Market risk
|
56
|
|
|
55
|
|
|
53
|
|
|
52
|
|
|||||
Operational risk
|
n/a
|
|
|
500
|
|
|
n/a
|
|
|
500
|
|
|||||
Risks related to credit valuation adjustments
|
n/a
|
|
|
34
|
|
|
n/a
|
|
|
30
|
|
|||||
Total risk-weighted assets
|
$
|
1,493
|
|
|
$
|
1,447
|
|
|
$
|
1,437
|
|
|
$
|
1,409
|
|
|
|
|
|
|
|
|
|||||
Table 14
|
Bank of America, N.A. Regulatory Capital under Basel 3
|
|
|
||||||||
|
|
|
|
|
|
|
|||||
|
|
Standardized
Approach |
|
Advanced
Approaches |
|
Regulatory
Minimum (1) |
|||||
(Dollars in millions, except as noted)
|
December 31, 2019
|
||||||||||
Risk-based capital metrics:
|
|
|
|
|
|
||||||
Common equity tier 1 capital
|
$
|
154,626
|
|
|
$
|
154,626
|
|
|
|
||
Tier 1 capital
|
154,626
|
|
|
154,626
|
|
|
|
||||
Total capital (2)
|
166,567
|
|
|
158,665
|
|
|
|
||||
Risk-weighted assets (in billions)
|
1,241
|
|
|
991
|
|
|
|
||||
Common equity tier 1 capital ratio
|
12.5
|
%
|
|
15.6
|
%
|
|
7.0
|
%
|
|||
Tier 1 capital ratio
|
12.5
|
|
|
15.6
|
|
|
8.5
|
|
|||
Total capital ratio
|
13.4
|
|
|
16.0
|
|
|
10.5
|
|
|||
|
|
|
|
|
|
||||||
Leverage-based metrics:
|
|
|
|
|
|
||||||
Adjusted quarterly average assets (in billions) (3)
|
$
|
1,780
|
|
|
$
|
1,780
|
|
|
|
||
Tier 1 leverage ratio
|
8.7
|
%
|
|
8.7
|
%
|
|
5.0
|
|
|||
|
|
|
|
|
|
||||||
SLR leverage exposure (in billions)
|
|
|
$
|
2,177
|
|
|
|
||||
SLR
|
|
|
7.1
|
%
|
|
6.0
|
|
||||
|
|
|
|
|
|
|
|
|
|
||
|
|
December 31, 2018
|
|||||||||
Risk-based capital metrics:
|
|
|
|
|
|
||||||
Common equity tier 1 capital
|
$
|
149,824
|
|
|
$
|
149,824
|
|
|
|
||
Tier 1 capital
|
149,824
|
|
|
149,824
|
|
|
|
||||
Total capital (2)
|
161,760
|
|
|
153,627
|
|
|
|
||||
Risk-weighted assets (in billions)
|
1,195
|
|
|
959
|
|
|
|
||||
Common equity tier 1 capital ratio
|
12.5
|
%
|
|
15.6
|
%
|
|
6.5
|
%
|
|||
Tier 1 capital ratio
|
12.5
|
|
|
15.6
|
|
|
8.0
|
|
|||
Total capital ratio
|
13.5
|
|
|
16.0
|
|
|
10.0
|
|
|||
|
|
|
|
|
|
||||||
Leverage-based metrics:
|
|
|
|
|
|
||||||
Adjusted quarterly average assets (in billions) (3)
|
$
|
1,719
|
|
|
$
|
1,719
|
|
|
|
||
Tier 1 leverage ratio
|
8.7
|
%
|
|
8.7
|
%
|
|
5.0
|
|
|||
|
|
|
|
|
|
||||||
SLR leverage exposure (in billions)
|
|
|
$
|
2,112
|
|
|
|
||||
SLR
|
|
|
7.1
|
%
|
|
6.0
|
|
(1)
|
Risk-based capital regulatory minimums at December 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 period ends and risk-based capital ratios as of December 31, 2018 are the percent required to be considered well capitalized under the PCA framework.
|
(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 total average assets adjusted for certain Tier 1 capital deductions.
|
|
|
Bank of America 48
|
|
|
|
|
|
|
|
|
|
||||||
Table 15
|
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)
|
December 31, 2019
|
|||||||||||||
Total eligible balance
|
$
|
367,449
|
|
|
|
|
$
|
171,349
|
|
|
|
|||
Percentage of risk-weighted assets (3)
|
24.6
|
%
|
|
22.0
|
%
|
|
11.5
|
%
|
|
8.5
|
%
|
|||
Percentage of SLR leverage exposure
|
12.5
|
|
|
9.5
|
|
|
5.8
|
|
|
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. The long-term debt leverage exposure regulatory minimum is 4.5 percent.
|
(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 December 31, 2019.
|
49 Bank of America
|
|
|
|
|
|
|
|
||||
Table 16
|
Average Global Liquidity Sources
|
|||||||
|
|
|
|
|
||||
|
|
Three Months Ended
December 31 |
||||||
(Dollars in billions)
|
2019
|
|
2018
|
|||||
Parent company and NB Holdings
|
$
|
59
|
|
|
$
|
76
|
|
|
Bank subsidiaries
|
454
|
|
|
420
|
|
|||
Other regulated entities
|
63
|
|
|
48
|
|
|||
Total Average Global Liquidity Sources
|
$
|
576
|
|
|
$
|
544
|
|
|
|
Bank of America 50
|
|
|
|
|
|
||||
Table 17
|
Average Global Liquidity Sources Composition
|
|||||||
|
|
|
||||||
|
|
Three Months Ended
December 31 |
||||||
(Dollars in billions)
|
2019
|
|
2018
|
|||||
Cash on deposit
|
$
|
103
|
|
|
$
|
113
|
|
|
U.S. Treasury securities
|
98
|
|
|
81
|
|
|||
U.S. agency securities and mortgage-backed securities
|
358
|
|
|
340
|
|
|||
Non-U.S. government securities
|
17
|
|
|
10
|
|
|||
Total Average Global Liquidity Sources
|
$
|
576
|
|
|
$
|
544
|
|
51 Bank of America
|
|
|
|
|
|
|
|
||||
Table 18
|
Long-term Debt by Major Currency
|
|||||||
|
|
|
||||||
|
|
December 31
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
|||||
U.S. dollar
|
$
|
191,284
|
|
|
$
|
180,724
|
|
|
Euro
|
32,781
|
|
|
34,328
|
|
|||
British pound
|
5,067
|
|
|
5,450
|
|
|||
Japanese yen
|
4,310
|
|
|
3,038
|
|
|||
Canadian dollar
|
3,857
|
|
|
2,936
|
|
|||
Australian dollar
|
1,957
|
|
|
1,722
|
|
|||
Other
|
1,600
|
|
|
1,194
|
|
|||
Total long-term debt
|
$
|
240,856
|
|
|
$
|
229,392
|
|
|
|
Bank of America 52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 19
|
Senior Debt Ratings
|
|||||||||||||||||
|
|
|
||||||||||||||||
|
|
Moody’s Investors Service
|
|
Standard & Poor’s Global Ratings
|
|
Fitch Ratings
|
||||||||||||
|
Long-term
|
|
Short-term
|
|
Outlook
|
|
Long-term
|
|
Short-term
|
|
Outlook
|
|
Long-term
|
|
Short-term
|
|
Outlook
|
|
Bank of America Corporation
|
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
|
|
Bank of America Merrill Lynch International Designated Activity Company
|
NR
|
|
NR
|
|
NR
|
|
A+
|
|
A-1
|
|
Stable
|
|
AA-
|
|
F1+
|
|
Stable
|
|
Merrill Lynch, Pierce, Fenner & Smith Incorporated
|
NR
|
|
NR
|
|
NR
|
|
A+
|
|
A-1
|
|
Stable
|
|
AA-
|
|
F1+
|
|
Stable
|
|
BofA Securities, Inc.
|
NR
|
|
NR
|
|
NR
|
|
A+
|
|
A-1
|
|
Stable
|
|
AA-
|
|
F1+
|
|
Stable
|
|
Merrill Lynch International
|
NR
|
|
NR
|
|
NR
|
|
A+
|
|
A-1
|
|
Stable
|
|
A+
|
|
F1
|
|
Stable
|
|
BofA Securities Europe SA
|
NR
|
|
NR
|
|
NR
|
|
A+
|
|
A-1
|
|
Stable
|
|
A+
|
|
F1
|
|
Stable
|
53 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 20
|
Consumer Credit Quality
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Outstandings
|
|
Nonperforming
|
|
Accruing Past Due
90 Days or More
|
|||||||||||||||||||
|
December 31
|
|||||||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||||||
Residential mortgage (1)
|
$
|
236,169
|
|
|
$
|
208,557
|
|
|
$
|
1,470
|
|
|
$
|
1,893
|
|
|
$
|
1,088
|
|
|
$
|
1,884
|
|
|
Home equity
|
40,208
|
|
|
48,286
|
|
|
536
|
|
|
1,893
|
|
|
—
|
|
|
—
|
|
|||||||
Credit card
|
97,608
|
|
|
98,338
|
|
|
n/a
|
|
|
n/a
|
|
|
1,042
|
|
|
994
|
|
|||||||
Direct/Indirect consumer (2)
|
90,998
|
|
|
91,166
|
|
|
47
|
|
|
56
|
|
|
33
|
|
|
38
|
|
|||||||
Other consumer
|
192
|
|
|
202
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Consumer loans excluding loans accounted for under the fair value option
|
$
|
465,175
|
|
|
$
|
446,549
|
|
|
$
|
2,053
|
|
|
$
|
3,842
|
|
|
$
|
2,163
|
|
|
$
|
2,916
|
|
|
Loans accounted for under the fair value option (3)
|
594
|
|
|
682
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total consumer loans and leases
|
$
|
465,769
|
|
|
$
|
447,231
|
|
|
|
|
|
|
|
|
|
|||||||||
Percentage of outstanding consumer loans and leases (4)
|
n/a
|
|
|
n/a
|
|
|
0.44
|
%
|
|
0.86
|
%
|
|
0.47
|
%
|
|
0.65
|
%
|
|||||||
Percentage of outstanding consumer loans and leases, excluding fully-insured loan portfolios (4)
|
n/a
|
|
|
n/a
|
|
|
0.46
|
|
|
0.90
|
|
|
0.24
|
|
|
0.24
|
|
(1)
|
Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At December 31, 2019 and 2018, residential mortgage includes $740 million 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 $348 million and $498 million of loans on which interest was still accruing.
|
(2)
|
Outstandings primarily include auto and specialty lending loans and leases of $50.4 billion and $50.1 billion, U.S. securities-based lending loans of $36.7 billion and $37.0 billion and non-U.S. consumer loans of $2.8 billion and $2.9 billion at December 31, 2019 and 2018.
|
(3)
|
Consumer loans accounted for under the fair value option include residential mortgage loans of $257 million and $336 million and home equity loans of $337 million and $346 million at December 31, 2019 and 2018. For more information on the fair value option, see Note 22 – Fair Value Option to the Consolidated Financial Statements.
|
(4)
|
Excludes consumer loans accounted for under the fair value option. At December 31, 2019 and 2018, $6 million and $12 million of loans accounted for under the fair value option were past due 90 days or more and not accruing interest.
|
|
|
Bank of America 54
|
|
|
|
|
|
|
|
|
|
||||||
Table 21
|
Consumer Net Charge-offs and Related Ratios
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
Net Charge-offs
|
|
Net Charge-off Ratios (1)
|
||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||
Residential mortgage
|
$
|
(47
|
)
|
|
$
|
28
|
|
|
(0.02
|
)%
|
|
0.01
|
%
|
|
Home equity
|
(358
|
)
|
|
(2
|
)
|
|
(0.81
|
)
|
|
—
|
|
|||
Credit card
|
2,948
|
|
|
2,837
|
|
|
3.12
|
|
|
3.00
|
|
|||
Direct/Indirect consumer
|
209
|
|
|
195
|
|
|
0.23
|
|
|
0.21
|
|
|||
Other consumer
|
234
|
|
|
182
|
|
|
n/m
|
|
|
n/m
|
|
|||
Total
|
$
|
2,986
|
|
|
$
|
3,240
|
|
|
0.66
|
|
|
0.72
|
|
(1)
|
Net charge-off ratios are calculated as net charge-offs divided by average outstanding loans and leases excluding loans accounted for under the fair value option.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 22
|
Consumer Real Estate Portfolio (1)
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||
|
|
Outstandings
|
|
Nonperforming
|
|
|
|
|
||||||||||||||||
|
December 31
|
|
Net Charge-offs
|
|||||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||||||
Core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential mortgage
|
$
|
225,770
|
|
|
$
|
193,695
|
|
|
$
|
883
|
|
|
$
|
1,010
|
|
|
$
|
7
|
|
|
$
|
11
|
|
|
Home equity
|
35,226
|
|
|
40,010
|
|
|
363
|
|
|
955
|
|
|
51
|
|
|
78
|
|
|||||||
Total core portfolio
|
260,996
|
|
|
233,705
|
|
|
1,246
|
|
|
1,965
|
|
|
58
|
|
|
89
|
|
|||||||
Non-core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage
|
10,399
|
|
|
14,862
|
|
|
587
|
|
|
883
|
|
|
(54
|
)
|
|
17
|
|
|||||||
Home equity
|
4,982
|
|
|
8,276
|
|
|
173
|
|
|
938
|
|
|
(409
|
)
|
|
(80
|
)
|
|||||||
Total non-core portfolio
|
15,381
|
|
|
23,138
|
|
|
760
|
|
|
1,821
|
|
|
(463
|
)
|
|
(63
|
)
|
|||||||
Consumer real estate portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential mortgage
|
236,169
|
|
|
208,557
|
|
|
1,470
|
|
|
1,893
|
|
|
(47
|
)
|
|
28
|
|
|||||||
Home equity
|
40,208
|
|
|
48,286
|
|
|
536
|
|
|
1,893
|
|
|
(358
|
)
|
|
(2
|
)
|
|||||||
Total consumer real estate portfolio
|
$
|
276,377
|
|
|
$
|
256,843
|
|
|
$
|
2,006
|
|
|
$
|
3,786
|
|
|
$
|
(405
|
)
|
|
$
|
26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Allowance for Loan
and Lease Losses
|
|
Provision for Loan
and Lease Losses |
||||||||||||||||
|
|
|
|
|
|
December 31
|
|
|||||||||||||||||
|
|
|
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||
Core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Residential mortgage
|
|
|
|
|
$
|
229
|
|
|
$
|
214
|
|
|
$
|
22
|
|
|
$
|
7
|
|
|||||
Home equity
|
|
|
|
|
120
|
|
|
228
|
|
|
(58
|
)
|
|
(60
|
)
|
|||||||||
Total core portfolio
|
|
|
|
|
349
|
|
|
442
|
|
|
(36
|
)
|
|
(53
|
)
|
|||||||||
Non-core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Residential mortgage
|
|
|
|
|
96
|
|
|
208
|
|
|
(134
|
)
|
|
(104
|
)
|
|||||||||
Home equity
|
|
|
|
|
101
|
|
|
278
|
|
|
(510
|
)
|
|
(335
|
)
|
|||||||||
Total non-core portfolio
|
|
|
|
|
197
|
|
|
486
|
|
|
(644
|
)
|
|
(439
|
)
|
|||||||||
Consumer real estate portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Residential mortgage
|
|
|
|
|
325
|
|
|
422
|
|
|
(112
|
)
|
|
(97
|
)
|
|||||||||
Home equity
|
|
|
|
|
221
|
|
|
506
|
|
|
(568
|
)
|
|
(395
|
)
|
|||||||||
Total consumer real estate portfolio
|
|
|
|
|
$
|
546
|
|
|
$
|
928
|
|
|
$
|
(680
|
)
|
|
$
|
(492
|
)
|
(1)
|
Outstandings and nonperforming loans exclude loans accounted for under the fair value option. Consumer loans accounted for under the fair value option include residential mortgage loans of $257 million and $336 million and home equity loans of $337 million and $346 million at December 31, 2019 and 2018. For more information, see Note 22 – Fair Value Option to the Consolidated Financial Statements.
|
55 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Table 23
|
Residential Mortgage – Key Credit Statistics
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
Reported Basis (1)
|
|
Excluding Fully-insured Loans (1)
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
December 31
|
||||||||||||||
(Dollars in millions)
|
|
|
|
|
|
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||
Outstandings
|
|
|
|
|
|
|
|
$
|
236,169
|
|
|
$
|
208,557
|
|
|
$
|
217,479
|
|
|
$
|
188,427
|
|
||
Accruing past due 30 days or more
|
|
|
|
|
|
|
|
3,108
|
|
|
3,945
|
|
|
1,296
|
|
|
1,155
|
|
||||||
Accruing past due 90 days or more
|
|
|
|
|
|
|
|
1,088
|
|
|
1,884
|
|
|
—
|
|
|
—
|
|
||||||
Nonperforming loans
|
|
|
|
|
|
|
|
1,470
|
|
|
1,893
|
|
|
1,470
|
|
|
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)
|
|
|
|
|
|
|
|
4
|
|
|
6
|
|
|
4
|
|
|
6
|
|
(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 $365 million, or 25 percent, and $536 million, or 28 percent, of nonperforming residential mortgage loans at December 31, 2019 and 2018.
|
|
|
Bank of America 56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 24
|
Residential Mortgage State Concentrations
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Outstandings (1)
|
|
Nonperforming (1)
|
|
|
|
|
|||||||||||||||||
|
December 31
|
|
Net Charge-offs
|
|||||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||||||
California
|
$
|
88,998
|
|
|
$
|
76,323
|
|
|
$
|
274
|
|
|
$
|
314
|
|
|
$
|
(22
|
)
|
|
$
|
(22
|
)
|
|
New York
|
22,385
|
|
|
19,219
|
|
|
196
|
|
|
222
|
|
|
5
|
|
|
10
|
|
|||||||
Florida
|
12,833
|
|
|
11,624
|
|
|
143
|
|
|
221
|
|
|
(12
|
)
|
|
(6
|
)
|
|||||||
Texas
|
8,943
|
|
|
7,820
|
|
|
65
|
|
|
102
|
|
|
1
|
|
|
4
|
|
|||||||
New Jersey
|
8,734
|
|
|
7,051
|
|
|
77
|
|
|
98
|
|
|
(4
|
)
|
|
8
|
|
|||||||
Other
|
75,586
|
|
|
66,390
|
|
|
715
|
|
|
936
|
|
|
(15
|
)
|
|
34
|
|
|||||||
Residential mortgage loans
|
$
|
217,479
|
|
|
$
|
188,427
|
|
|
$
|
1,470
|
|
|
$
|
1,893
|
|
|
$
|
(47
|
)
|
|
$
|
28
|
|
|
Fully-insured loan portfolio
|
18,690
|
|
|
20,130
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total residential mortgage loan portfolio
|
$
|
236,169
|
|
|
$
|
208,557
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Outstandings and nonperforming loans exclude loans accounted for under the fair value option.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Table 25
|
Home Equity – Key Credit Statistics (1)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
December 31
|
||||||
(Dollars in millions)
|
|
|
|
|
|
|
|
|
2019
|
|
2018
|
|||||
Outstandings
|
|
|
|
|
|
|
|
|
$
|
40,208
|
|
|
$
|
48,286
|
|
|
Accruing past due 30 days or more (2)
|
|
|
|
|
|
218
|
|
|
363
|
|
||||||
Nonperforming loans (2)
|
|
|
|
|
|
|
|
|
536
|
|
|
1,893
|
|
|||
Percent of portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Refreshed CLTV greater than 90 but less than or equal to 100
|
|
|
|
1
|
%
|
|
2
|
%
|
||||||||
Refreshed CLTV greater than 100
|
|
|
|
|
|
2
|
|
|
3
|
|
||||||
Refreshed FICO below 620
|
|
|
|
|
|
|
|
|
3
|
|
|
5
|
|
|||
2006 and 2007 vintages (3)
|
|
|
|
|
|
|
|
18
|
|
|
22
|
|
(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 $30 million and $48 million and nonperforming loans include $57 million and $218 million of loans where we serviced the underlying first lien at December 31, 2019 and 2018.
|
(3)
|
These vintages of loans accounted for 34 percent and 49 percent of nonperforming home equity loans at December 31, 2019 and 2018.
|
57 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 26
|
Home Equity State Concentrations
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Outstandings (1)
|
|
Nonperforming (1)
|
|
|
||||||||||||||||||
|
|
December 31
|
|
Net Charge-offs
|
||||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||||||
California
|
$
|
11,232
|
|
|
$
|
13,515
|
|
|
$
|
101
|
|
|
$
|
536
|
|
|
$
|
(117
|
)
|
|
$
|
(54
|
)
|
|
Florida
|
4,327
|
|
|
5,418
|
|
|
71
|
|
|
315
|
|
|
(74
|
)
|
|
1
|
|
|||||||
New Jersey
|
3,216
|
|
|
3,871
|
|
|
56
|
|
|
150
|
|
|
(8
|
)
|
|
25
|
|
|||||||
New York
|
2,899
|
|
|
3,590
|
|
|
85
|
|
|
194
|
|
|
(1
|
)
|
|
23
|
|
|||||||
Massachusetts
|
2,023
|
|
|
2,400
|
|
|
29
|
|
|
65
|
|
|
(5
|
)
|
|
5
|
|
|||||||
Other
|
16,511
|
|
|
19,492
|
|
|
194
|
|
|
633
|
|
|
(153
|
)
|
|
(2
|
)
|
|||||||
Total home equity loan portfolio
|
$
|
40,208
|
|
|
$
|
48,286
|
|
|
$
|
536
|
|
|
$
|
1,893
|
|
|
$
|
(358
|
)
|
|
$
|
(2
|
)
|
(1)
|
Outstandings and nonperforming loans exclude loans accounted for under the fair value option.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 27
|
Credit Card State Concentrations
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Outstandings
|
|
Accruing Past Due
90 Days or More
|
|
|
||||||||||||||||||
|
|
December 31
|
|
Net Charge-offs
|
||||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||||||
California
|
$
|
16,135
|
|
|
$
|
16,062
|
|
|
$
|
178
|
|
|
$
|
163
|
|
|
$
|
526
|
|
|
$
|
479
|
|
|
Florida
|
9,075
|
|
|
8,840
|
|
|
135
|
|
|
119
|
|
|
363
|
|
|
332
|
|
|||||||
Texas
|
7,815
|
|
|
7,730
|
|
|
93
|
|
|
84
|
|
|
241
|
|
|
224
|
|
|||||||
New York
|
5,975
|
|
|
6,066
|
|
|
80
|
|
|
81
|
|
|
243
|
|
|
268
|
|
|||||||
Washington
|
4,639
|
|
|
4,558
|
|
|
26
|
|
|
24
|
|
|
71
|
|
|
63
|
|
|||||||
Other
|
53,969
|
|
|
55,082
|
|
|
530
|
|
|
523
|
|
|
1,504
|
|
|
1,471
|
|
|||||||
Total credit card portfolio
|
$
|
97,608
|
|
|
$
|
98,338
|
|
|
$
|
1,042
|
|
|
$
|
994
|
|
|
$
|
2,948
|
|
|
$
|
2,837
|
|
|
|
Bank of America 58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 28
|
Direct/Indirect State Concentrations
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Outstandings
|
|
Accruing Past Due
90 Days or More |
|
|
||||||||||||||||||
|
|
December 31
|
|
Net Charge-offs
|
||||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||||||
California
|
$
|
11,912
|
|
|
$
|
11,734
|
|
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
49
|
|
|
$
|
21
|
|
|
Florida
|
10,154
|
|
|
10,240
|
|
|
4
|
|
|
4
|
|
|
27
|
|
|
36
|
|
|||||||
Texas
|
9,516
|
|
|
9,876
|
|
|
5
|
|
|
6
|
|
|
29
|
|
|
30
|
|
|||||||
New York
|
6,394
|
|
|
6,296
|
|
|
1
|
|
|
2
|
|
|
12
|
|
|
9
|
|
|||||||
New Jersey
|
3,468
|
|
|
3,308
|
|
|
1
|
|
|
1
|
|
|
4
|
|
|
2
|
|
|||||||
Other
|
49,554
|
|
|
49,712
|
|
|
18
|
|
|
21
|
|
|
88
|
|
|
97
|
|
|||||||
Total direct/indirect loan portfolio
|
$
|
90,998
|
|
|
$
|
91,166
|
|
|
$
|
33
|
|
|
$
|
38
|
|
|
$
|
209
|
|
|
$
|
195
|
|
(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 $260 million and $488 million at December 31, 2019 and 2018.
|
(3)
|
Outstanding consumer loans and leases exclude loans accounted for under the fair value option.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 30
|
Consumer Real Estate Troubled Debt Restructurings
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
(Dollars in millions)
|
Nonperforming
|
|
Performing
|
|
Total
|
|
Nonperforming
|
|
Performing
|
|
Total
|
|||||||||||||
Residential mortgage (1, 2)
|
$
|
921
|
|
|
$
|
3,832
|
|
|
$
|
4,753
|
|
|
$
|
1,209
|
|
|
$
|
4,988
|
|
|
$
|
6,197
|
|
|
Home equity (3)
|
252
|
|
|
977
|
|
|
1,229
|
|
|
1,107
|
|
|
1,252
|
|
|
2,359
|
|
|||||||
Total consumer real estate troubled debt restructurings
|
$
|
1,173
|
|
|
$
|
4,809
|
|
|
$
|
5,982
|
|
|
$
|
2,316
|
|
|
$
|
6,240
|
|
|
$
|
8,556
|
|
(1)
|
At December 31, 2019 and 2018, residential mortgage TDRs deemed collateral dependent totaled $1.2 billion and $1.6 billion, and included $748 million and $960 million of loans classified as nonperforming and $468 million and $605 million of loans classified as performing.
|
(2)
|
At December 31, 2019 and 2018, residential mortgage performing TDRs include $2.1 billion and $2.8 billion of loans that were fully-insured.
|
(3)
|
At December 31, 2019 and 2018, home equity TDRs deemed collateral dependent totaled $442 million and $1.3 billion, and include $209 million and $961 million of loans classified as nonperforming and $233 million and $322 million of loans classified as performing.
|
59 Bank of America
|
|
|
|
|
Bank of America 60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 31
|
Commercial Credit Exposure by Type
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Commercial Utilized (1)
|
|
Commercial Unfunded (2, 3, 4)
|
|
Total Commercial Committed
|
||||||||||||||||||
|
|
December 31
|
||||||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||||||
Loans and leases
|
$
|
517,657
|
|
|
$
|
499,664
|
|
|
$
|
405,834
|
|
|
$
|
369,282
|
|
|
$
|
923,491
|
|
|
$
|
868,946
|
|
|
Derivative assets (5)
|
40,485
|
|
|
43,725
|
|
|
—
|
|
|
—
|
|
|
40,485
|
|
|
43,725
|
|
|||||||
Standby letters of credit and financial guarantees
|
36,062
|
|
|
34,941
|
|
|
468
|
|
|
491
|
|
|
36,530
|
|
|
35,432
|
|
|||||||
Debt securities and other investments
|
25,546
|
|
|
25,425
|
|
|
5,101
|
|
|
4,250
|
|
|
30,647
|
|
|
29,675
|
|
|||||||
Loans held-for-sale
|
7,047
|
|
|
9,090
|
|
|
15,135
|
|
|
14,812
|
|
|
22,182
|
|
|
23,902
|
|
|||||||
Operating leases
|
6,660
|
|
|
6,060
|
|
|
—
|
|
|
—
|
|
|
6,660
|
|
|
6,060
|
|
|||||||
Commercial letters of credit
|
1,049
|
|
|
1,210
|
|
|
451
|
|
|
168
|
|
|
1,500
|
|
|
1,378
|
|
|||||||
Other
|
800
|
|
|
898
|
|
|
—
|
|
|
—
|
|
|
800
|
|
|
898
|
|
|||||||
Total
|
$
|
635,306
|
|
|
$
|
621,013
|
|
|
$
|
426,989
|
|
|
$
|
389,003
|
|
|
$
|
1,062,295
|
|
|
$
|
1,010,016
|
|
(1)
|
Commercial utilized exposure includes loans of $7.7 billion and $3.7 billion and issued letters of credit with a notional amount of $170 million and $100 million accounted for under the fair value option at December 31, 2019 and 2018.
|
(2)
|
Commercial unfunded exposure includes commitments accounted for under the fair value option with a notional amount of $4.2 billion and $3.0 billion at December 31, 2019 and 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 $10.6 billion and $10.7 billion at December 31, 2019 and 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 $33.9 billion and $32.4 billion at December 31, 2019 and 2018. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $35.2 billion and $33.0 billion at December 31, 2019 and 2018, which consists primarily of other marketable securities.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 32
|
Commercial Credit Quality
|
|||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
|
Outstandings
|
|
Nonperforming
|
|
Accruing Past Due
90 Days or More
|
||||||||||||||||||
|
|
December 31
|
||||||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||||||
Commercial and industrial:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
U.S. commercial
|
$
|
307,048
|
|
|
$
|
299,277
|
|
|
$
|
1,094
|
|
|
$
|
794
|
|
|
$
|
106
|
|
|
$
|
197
|
|
|
Non-U.S. commercial
|
104,966
|
|
|
98,776
|
|
|
43
|
|
|
80
|
|
|
8
|
|
|
—
|
|
|||||||
Total commercial and industrial
|
412,014
|
|
|
398,053
|
|
|
1,137
|
|
|
874
|
|
|
114
|
|
|
197
|
|
|||||||
Commercial real estate
|
62,689
|
|
|
60,845
|
|
|
280
|
|
|
156
|
|
|
19
|
|
|
4
|
|
|||||||
Commercial lease financing
|
19,880
|
|
|
22,534
|
|
|
32
|
|
|
18
|
|
|
20
|
|
|
29
|
|
|||||||
|
494,583
|
|
|
481,432
|
|
|
1,449
|
|
|
1,048
|
|
|
153
|
|
|
230
|
|
|||||||
U.S. small business commercial (1)
|
15,333
|
|
|
14,565
|
|
|
50
|
|
|
54
|
|
|
97
|
|
|
84
|
|
|||||||
Commercial loans excluding loans accounted for under the fair value option
|
509,916
|
|
|
495,997
|
|
|
1,499
|
|
|
1,102
|
|
|
250
|
|
|
314
|
|
|||||||
Loans accounted for under the fair value option (2)
|
7,741
|
|
|
3,667
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total commercial loans and leases
|
$
|
517,657
|
|
|
$
|
499,664
|
|
|
$
|
1,499
|
|
|
$
|
1,102
|
|
|
$
|
250
|
|
|
$
|
314
|
|
(1)
|
Includes card-related products.
|
(2)
|
Commercial loans accounted for under the fair value option include U.S. commercial of $4.7 billion and $2.5 billion and non-U.S. commercial of $3.1 billion and $1.1 billion at December 31, 2019 and 2018. For more information on the fair value option, see Note 22 – Fair Value Option to the Consolidated Financial Statements.
|
|
|
|
|
|
|
|
|
|
||||||
Table 33
|
Commercial Net Charge-offs and Related Ratios
|
|||||||||||||
|
|
|
|
|
|
|
||||||||
|
|
Net Charge-offs
|
|
Net Charge-off Ratios (1)
|
||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||
Commercial and industrial:
|
|
|
|
|
|
|
|
|||||||
U.S. commercial
|
$
|
256
|
|
|
$
|
215
|
|
|
0.08
|
%
|
|
0.07
|
%
|
|
Non-U.S. commercial
|
84
|
|
|
68
|
|
|
0.08
|
|
|
0.07
|
|
|||
Total commercial and industrial
|
340
|
|
|
283
|
|
|
0.08
|
|
|
0.07
|
|
|||
Commercial real estate
|
29
|
|
|
1
|
|
|
0.05
|
|
|
—
|
|
|||
Commercial lease financing
|
21
|
|
|
(1
|
)
|
|
0.10
|
|
|
(0.01
|
)
|
|||
|
|
390
|
|
|
283
|
|
|
0.08
|
|
|
0.06
|
|
||
U.S. small business commercial
|
272
|
|
|
240
|
|
|
1.83
|
|
|
1.70
|
|
|||
Total commercial
|
$
|
662
|
|
|
$
|
523
|
|
|
0.13
|
|
|
0.11
|
|
(1)
|
Net charge-off ratios are calculated as net charge-offs divided by average outstanding loans and leases excluding loans accounted for under the fair value option.
|
61 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Table 34
|
Commercial Reservable Criticized Utilized Exposure (1, 2)
|
|||||||||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
December 31
|
||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|||||||||||
Commercial and industrial:
|
||||||||||||||
U.S. commercial
|
$
|
8,272
|
|
|
2.46
|
%
|
|
$
|
7,986
|
|
|
2.43
|
%
|
|
Non-U.S. commercial
|
989
|
|
|
0.89
|
|
|
1,013
|
|
|
0.97
|
|
|||
Total commercial and industrial
|
9,261
|
|
|
2.07
|
|
|
8,999
|
|
|
2.08
|
|
|||
Commercial real estate
|
1,129
|
|
|
1.75
|
|
|
936
|
|
|
1.50
|
|
|||
Commercial lease financing
|
329
|
|
|
1.66
|
|
|
366
|
|
|
1.62
|
|
|||
|
|
10,719
|
|
|
2.01
|
|
|
10,301
|
|
|
1.99
|
|
||
U.S. small business commercial
|
733
|
|
|
4.78
|
|
|
760
|
|
|
5.22
|
|
|||
Total commercial reservable criticized utilized exposure (1)
|
$
|
11,452
|
|
|
2.09
|
|
|
$
|
11,061
|
|
|
2.08
|
|
(1)
|
Total commercial reservable criticized utilized exposure includes loans and leases of $10.7 billion and $10.3 billion and commercial letters of credit of $715 million and $781 million at December 31, 2019 and 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 62
|
|
|
|
|
|
||||
Table 35
|
Outstanding Commercial Real Estate Loans
|
|||||||
|
|
|
|
|
||||
|
|
December 31
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
|||||
By Geographic Region
|
|
|
|
|
|
|||
California
|
$
|
14,910
|
|
|
$
|
14,002
|
|
|
Northeast
|
12,408
|
|
|
10,895
|
|
|||
Southwest
|
8,408
|
|
|
7,339
|
|
|||
Southeast
|
5,937
|
|
|
5,726
|
|
|||
Florida
|
3,984
|
|
|
3,680
|
|
|||
Illinois
|
3,349
|
|
|
2,989
|
|
|||
Midwest
|
3,203
|
|
|
3,772
|
|
|||
Midsouth
|
2,468
|
|
|
2,919
|
|
|||
Northwest
|
1,638
|
|
|
2,178
|
|
|||
Non-U.S.
|
3,724
|
|
|
4,240
|
|
|||
Other (1)
|
2,660
|
|
|
3,105
|
|
|||
Total outstanding commercial real estate loans
|
$
|
62,689
|
|
|
$
|
60,845
|
|
|
By Property Type
|
|
|
|
|
|
|||
Non-residential
|
|
|
|
|||||
Office
|
$
|
17,902
|
|
|
$
|
17,246
|
|
|
Industrial / Warehouse
|
8,677
|
|
|
5,379
|
|
|||
Shopping centers / Retail
|
8,183
|
|
|
8,798
|
|
|||
Multi-family rental
|
7,250
|
|
|
7,762
|
|
|||
Hotels / Motels
|
6,982
|
|
|
7,248
|
|
|||
Unsecured
|
3,438
|
|
|
2,956
|
|
|||
Multi-use
|
1,788
|
|
|
2,848
|
|
|||
Other
|
6,958
|
|
|
7,029
|
|
|||
Total non-residential
|
61,178
|
|
|
59,266
|
|
|||
Residential
|
1,511
|
|
|
1,579
|
|
|||
Total outstanding commercial real estate loans
|
$
|
62,689
|
|
|
$
|
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.
|
|
|
|
|
|
||||
Table 36
|
Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity (1, 2)
|
|||||||
|
|
|
|
|
||||
(Dollars in millions)
|
2019
|
|
2018
|
|||||
Nonperforming loans and leases, January 1
|
$
|
1,102
|
|
|
$
|
1,304
|
|
|
Additions
|
2,048
|
|
|
1,415
|
|
|||
Reductions:
|
|
|
|
|
||||
Paydowns
|
(648
|
)
|
|
(771
|
)
|
|||
Sales
|
(215
|
)
|
|
(210
|
)
|
|||
Returns to performing status (3)
|
(120
|
)
|
|
(246
|
)
|
|||
Charge-offs
|
(478
|
)
|
|
(361
|
)
|
|||
Transfers to foreclosed properties
|
(9
|
)
|
|
(12
|
)
|
|||
Transfers to loans held-for-sale
|
(181
|
)
|
|
(17
|
)
|
|||
Total net reductions to nonperforming loans and leases
|
397
|
|
|
(202
|
)
|
|||
Total nonperforming loans and leases, December 31
|
1,499
|
|
|
1,102
|
|
|||
Foreclosed properties, December 31
|
56
|
|
|
56
|
|
|||
Nonperforming commercial loans, leases and foreclosed properties, December 31
|
$
|
1,555
|
|
|
$
|
1,158
|
|
|
Nonperforming commercial loans and leases as a percentage of outstanding commercial loans and leases (4)
|
0.29
|
%
|
|
0.22
|
%
|
|||
Nonperforming commercial loans, leases and foreclosed properties as a percentage of outstanding commercial loans, leases and foreclosed properties (4)
|
0.30
|
|
|
0.23
|
|
(1)
|
Balances do not include nonperforming loans held-for-sale of $239 million and $292 million at December 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.
|
63 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 37
|
Commercial Troubled Debt Restructurings
|
|||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
(Dollars in millions)
|
Nonperforming
|
|
Performing
|
|
Total
|
|
Nonperforming
|
|
Performing
|
|
Total
|
|||||||||||||
Commercial and industrial:
|
||||||||||||||||||||||||
U.S. commercial
|
$
|
617
|
|
|
$
|
999
|
|
|
$
|
1,616
|
|
|
$
|
306
|
|
|
$
|
1,092
|
|
|
$
|
1,398
|
|
|
Non-U.S. commercial
|
41
|
|
|
193
|
|
|
234
|
|
|
78
|
|
|
162
|
|
|
240
|
|
|||||||
Total commercial and industrial
|
658
|
|
|
1,192
|
|
|
1,850
|
|
|
384
|
|
|
1,254
|
|
|
1,638
|
|
|||||||
Commercial real estate
|
212
|
|
|
14
|
|
|
226
|
|
|
114
|
|
|
6
|
|
|
120
|
|
|||||||
Commercial lease financing
|
18
|
|
|
31
|
|
|
49
|
|
|
3
|
|
|
68
|
|
|
71
|
|
|||||||
|
888
|
|
|
1,237
|
|
|
2,125
|
|
|
501
|
|
|
1,328
|
|
|
1,829
|
|
|||||||
U.S. small business commercial
|
—
|
|
|
27
|
|
|
27
|
|
|
3
|
|
|
18
|
|
|
21
|
|
|||||||
Total commercial troubled debt restructurings
|
$
|
888
|
|
|
$
|
1,264
|
|
|
$
|
2,152
|
|
|
$
|
504
|
|
|
$
|
1,346
|
|
|
$
|
1,850
|
|
|
|
Bank of America 64
|
|
|
|
|
|
|
|
|
|
||||||||
Table 38
|
Commercial Credit Exposure by Industry (1)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Commercial
Utilized
|
|
Total Commercial
Committed (2)
|
||||||||||||
|
|
December 31
|
||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||
Asset managers and funds
|
$
|
71,289
|
|
|
$
|
71,756
|
|
|
$
|
109,972
|
|
|
$
|
107,888
|
|
|
Real estate (3)
|
70,341
|
|
|
65,328
|
|
|
96,349
|
|
|
86,514
|
|
|||||
Capital goods
|
41,060
|
|
|
39,192
|
|
|
80,871
|
|
|
75,080
|
|
|||||
Finance companies
|
40,171
|
|
|
36,662
|
|
|
63,940
|
|
|
56,659
|
|
|||||
Healthcare equipment and services
|
34,353
|
|
|
35,763
|
|
|
55,918
|
|
|
56,489
|
|
|||||
Government and public education
|
41,889
|
|
|
43,675
|
|
|
53,566
|
|
|
54,749
|
|
|||||
Materials
|
26,663
|
|
|
27,347
|
|
|
52,128
|
|
|
51,865
|
|
|||||
Consumer services
|
28,434
|
|
|
25,702
|
|
|
49,071
|
|
|
43,298
|
|
|||||
Retailing
|
25,868
|
|
|
25,333
|
|
|
48,317
|
|
|
47,507
|
|
|||||
Food, beverage and tobacco
|
24,163
|
|
|
23,586
|
|
|
45,956
|
|
|
42,745
|
|
|||||
Commercial services and supplies
|
23,102
|
|
|
22,623
|
|
|
38,943
|
|
|
39,349
|
|
|||||
Energy
|
16,407
|
|
|
13,727
|
|
|
36,327
|
|
|
32,279
|
|
|||||
Utilities
|
12,383
|
|
|
12,035
|
|
|
36,060
|
|
|
27,623
|
|
|||||
Transportation
|
23,448
|
|
|
22,814
|
|
|
33,027
|
|
|
31,523
|
|
|||||
Global commercial banks
|
26,492
|
|
|
26,583
|
|
|
28,670
|
|
|
28,627
|
|
|||||
Individuals and trusts
|
18,926
|
|
|
18,643
|
|
|
27,815
|
|
|
25,019
|
|
|||||
Technology hardware and equipment
|
10,645
|
|
|
13,014
|
|
|
24,071
|
|
|
26,228
|
|
|||||
Media
|
12,429
|
|
|
12,132
|
|
|
23,629
|
|
|
24,502
|
|
|||||
Vehicle dealers
|
18,013
|
|
|
17,603
|
|
|
21,435
|
|
|
20,446
|
|
|||||
Consumer durables and apparel
|
10,193
|
|
|
9,904
|
|
|
21,245
|
|
|
20,199
|
|
|||||
Software and services
|
10,432
|
|
|
8,809
|
|
|
20,556
|
|
|
19,172
|
|
|||||
Pharmaceuticals and biotechnology
|
5,962
|
|
|
7,430
|
|
|
20,203
|
|
|
23,634
|
|
|||||
Telecommunication services
|
9,144
|
|
|
8,686
|
|
|
16,103
|
|
|
14,166
|
|
|||||
Insurance
|
6,669
|
|
|
8,674
|
|
|
15,214
|
|
|
15,807
|
|
|||||
Automobiles and components
|
7,345
|
|
|
7,131
|
|
|
14,910
|
|
|
13,893
|
|
|||||
Financial markets infrastructure (clearinghouses)
|
9,351
|
|
|
8,317
|
|
|
11,851
|
|
|
10,042
|
|
|||||
Food and staples retailing
|
6,290
|
|
|
4,787
|
|
|
10,392
|
|
|
9,093
|
|
|||||
Religious and social organizations
|
3,844
|
|
|
3,757
|
|
|
5,756
|
|
|
5,620
|
|
|||||
Total commercial credit exposure by industry
|
$
|
635,306
|
|
|
$
|
621,013
|
|
|
$
|
1,062,295
|
|
|
$
|
1,010,016
|
|
|
Net credit default protection purchased on total commitments (4)
|
|
|
|
|
|
|
$
|
(3,349
|
)
|
|
$
|
(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 $10.6 billion and $10.7 billion at December 31, 2019 and 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 to hedge funded and unfunded exposures for which we elected the fair value option, as well as certain other credit exposures. For more information, see Commercial Portfolio Credit Risk Management – Risk Mitigation.
|
|
|
|
|
|
||
Table 39
|
Net Credit Default Protection by Maturity
|
|||||
|
|
|
|
|
||
|
|
December 31
|
||||
|
|
2019
|
|
2018
|
||
Less than or equal to one year
|
54
|
%
|
|
20
|
%
|
|
Greater than one year and less than or equal to five years
|
45
|
|
|
78
|
|
|
Greater than five years
|
1
|
|
|
2
|
|
|
Total net credit default protection
|
100
|
%
|
|
100
|
%
|
65 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Table 40
|
Net Credit Default Protection by Credit Exposure Debt Rating
|
|||||||||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
Net
Notional (1) |
|
Percent of
Total |
|
Net
Notional (1) |
|
Percent of
Total |
||||||
|
|
December 31
|
||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|||||||||||
Ratings (2, 3)
|
|
|
|
|
|
|
|
|
|
|
|
|||
A
|
$
|
(697
|
)
|
|
20.8
|
%
|
|
$
|
(700
|
)
|
|
26.3
|
%
|
|
BBB
|
(1,089
|
)
|
|
32.5
|
|
|
(501
|
)
|
|
18.8
|
|
|||
BB
|
(766
|
)
|
|
22.9
|
|
|
(804
|
)
|
|
30.2
|
|
|||
B
|
(373
|
)
|
|
11.1
|
|
|
(422
|
)
|
|
15.8
|
|
|||
CCC and below
|
(119
|
)
|
|
3.6
|
|
|
(205
|
)
|
|
7.7
|
|
|||
NR (4)
|
(305
|
)
|
|
9.1
|
|
|
(31
|
)
|
|
1.2
|
|
|||
Total net credit
default protection
|
$
|
(3,349
|
)
|
|
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.
|
|
|
Bank of America 66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Table 41
|
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 December 31
2019 |
|
Hedges and Credit Default Protection
|
|
Net Country Exposure at December 31
2019 |
|
Increase (Decrease) from December 31
2018 |
|||||||||||||||||
United Kingdom
|
$
|
29,156
|
|
|
$
|
17,341
|
|
|
$
|
7,800
|
|
|
$
|
3,545
|
|
|
$
|
57,842
|
|
|
$
|
(1,998
|
)
|
|
$
|
55,844
|
|
|
$
|
990
|
|
|
Germany
|
21,920
|
|
|
7,408
|
|
|
1,828
|
|
|
1,967
|
|
|
33,123
|
|
|
(2,295
|
)
|
|
30,828
|
|
|
2,171
|
|
|||||||||
Canada
|
7,967
|
|
|
8,255
|
|
|
1,690
|
|
|
2,879
|
|
|
20,791
|
|
|
(669
|
)
|
|
20,122
|
|
|
607
|
|
|||||||||
France
|
7,243
|
|
|
9,208
|
|
|
876
|
|
|
969
|
|
|
18,296
|
|
|
(2,041
|
)
|
|
16,255
|
|
|
3,604
|
|
|||||||||
China
|
13,304
|
|
|
497
|
|
|
1,085
|
|
|
949
|
|
|
15,835
|
|
|
(248
|
)
|
|
15,587
|
|
|
946
|
|
|||||||||
India
|
7,817
|
|
|
364
|
|
|
398
|
|
|
3,660
|
|
|
12,239
|
|
|
(222
|
)
|
|
12,017
|
|
|
905
|
|
|||||||||
Brazil
|
7,393
|
|
|
716
|
|
|
218
|
|
|
3,683
|
|
|
12,010
|
|
|
(238
|
)
|
|
11,772
|
|
|
1,523
|
|
|||||||||
Australia
|
6,100
|
|
|
3,583
|
|
|
415
|
|
|
1,443
|
|
|
11,541
|
|
|
(439
|
)
|
|
11,102
|
|
|
1,172
|
|
|||||||||
Japan
|
8,450
|
|
|
896
|
|
|
1,002
|
|
|
1,589
|
|
|
11,937
|
|
|
(1,405
|
)
|
|
10,532
|
|
|
(9,491
|
)
|
|||||||||
Netherlands
|
6,322
|
|
|
3,585
|
|
|
330
|
|
|
876
|
|
|
11,113
|
|
|
(786
|
)
|
|
10,327
|
|
|
(1,250
|
)
|
|||||||||
South Korea
|
5,981
|
|
|
758
|
|
|
386
|
|
|
1,762
|
|
|
8,887
|
|
|
(182
|
)
|
|
8,705
|
|
|
(465
|
)
|
|||||||||
Singapore
|
3,749
|
|
|
435
|
|
|
172
|
|
|
3,528
|
|
|
7,884
|
|
|
(58
|
)
|
|
7,826
|
|
|
2,309
|
|
|||||||||
Mexico
|
4,190
|
|
|
1,733
|
|
|
224
|
|
|
1,814
|
|
|
7,961
|
|
|
(150
|
)
|
|
7,811
|
|
|
1,575
|
|
|||||||||
Switzerland
|
4,387
|
|
|
2,947
|
|
|
213
|
|
|
325
|
|
|
7,872
|
|
|
(487
|
)
|
|
7,385
|
|
|
(379
|
)
|
|||||||||
Hong Kong
|
5,106
|
|
|
353
|
|
|
434
|
|
|
1,194
|
|
|
7,087
|
|
|
(31
|
)
|
|
7,056
|
|
|
(180
|
)
|
|||||||||
Belgium
|
5,077
|
|
|
1,259
|
|
|
526
|
|
|
159
|
|
|
7,021
|
|
|
(514
|
)
|
|
6,507
|
|
|
929
|
|
|||||||||
Italy
|
2,353
|
|
|
2,303
|
|
|
510
|
|
|
1,386
|
|
|
6,552
|
|
|
(1,175
|
)
|
|
5,377
|
|
|
2,296
|
|
|||||||||
Spain
|
3,153
|
|
|
1,073
|
|
|
258
|
|
|
867
|
|
|
5,351
|
|
|
(629
|
)
|
|
4,722
|
|
|
72
|
|
|||||||||
United Arab Emirates
|
3,267
|
|
|
229
|
|
|
119
|
|
|
10
|
|
|
3,625
|
|
|
(38
|
)
|
|
3,587
|
|
|
(62
|
)
|
|||||||||
Ireland
|
2,142
|
|
|
979
|
|
|
76
|
|
|
201
|
|
|
3,398
|
|
|
(31
|
)
|
|
3,367
|
|
|
1,206
|
|
|||||||||
Total top 20 non-U.S. countries exposure
|
$
|
155,077
|
|
|
$
|
63,922
|
|
|
$
|
18,560
|
|
|
$
|
32,806
|
|
|
$
|
270,365
|
|
|
$
|
(13,636
|
)
|
|
$
|
256,729
|
|
|
$
|
8,478
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Table 42
|
Total Cross-border Exposure Exceeding One Percent of Total Assets
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(Dollars in millions)
|
December 31
|
|
Public Sector
|
|
Banks
|
|
Private Sector
|
|
Cross-border
Exposure |
|
Exposure as a
Percent of Total Assets |
||||||||||
United Kingdom
|
2019
|
|
$
|
1,859
|
|
|
$
|
3,580
|
|
|
$
|
93,232
|
|
|
$
|
98,671
|
|
|
4.05
|
%
|
|
|
2018
|
|
1,505
|
|
|
3,458
|
|
|
46,191
|
|
|
51,154
|
|
|
2.17
|
|
|||||
|
2017
|
|
923
|
|
|
2,984
|
|
|
47,205
|
|
|
51,112
|
|
|
2.24
|
|
|||||
France
|
2019
|
|
736
|
|
|
2,473
|
|
|
23,172
|
|
|
26,381
|
|
|
1.08
|
|
|||||
|
2018
|
|
633
|
|
|
2,385
|
|
|
29,847
|
|
|
32,865
|
|
|
1.40
|
|
|||||
|
|
2017
|
|
2,964
|
|
|
1,521
|
|
|
27,903
|
|
|
32,388
|
|
|
1.42
|
|
67 Bank of America
|
|
|
|
|
Bank of America 68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Table 43
|
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)
|
December 31, 2019
|
|
December 31, 2018
|
|||||||||||||||||
Allowance for loan and lease losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Residential mortgage
|
$
|
325
|
|
|
3.45
|
%
|
|
0.14
|
%
|
|
$
|
422
|
|
|
4.40
|
%
|
|
0.20
|
%
|
|
Home equity
|
221
|
|
|
2.35
|
|
|
0.55
|
|
|
506
|
|
|
5.27
|
|
|
1.05
|
|
|||
Credit card
|
3,710
|
|
|
39.39
|
|
|
3.80
|
|
|
3,597
|
|
|
37.47
|
|
|
3.66
|
|
|||
Direct/Indirect consumer
|
234
|
|
|
2.49
|
|
|
0.26
|
|
|
248
|
|
|
2.58
|
|
|
0.27
|
|
|||
Other consumer
|
52
|
|
|
0.55
|
|
|
n/m
|
|
|
29
|
|
|
0.30
|
|
|
n/m
|
|
|||
Total consumer
|
4,542
|
|
|
48.23
|
|
|
0.98
|
|
|
4,802
|
|
|
50.02
|
|
|
1.08
|
|
|||
U.S. commercial (2)
|
3,015
|
|
|
32.02
|
|
|
0.94
|
|
|
3,010
|
|
|
31.35
|
|
|
0.96
|
|
|||
Non-U.S. commercial
|
658
|
|
|
6.99
|
|
|
0.63
|
|
|
677
|
|
|
7.05
|
|
|
0.69
|
|
|||
Commercial real estate
|
1,042
|
|
|
11.07
|
|
|
1.66
|
|
|
958
|
|
|
9.98
|
|
|
1.57
|
|
|||
Commercial lease financing
|
159
|
|
|
1.69
|
|
|
0.80
|
|
|
154
|
|
|
1.60
|
|
|
0.68
|
|
|||
Total commercial
|
4,874
|
|
|
51.77
|
|
|
0.96
|
|
|
4,799
|
|
|
49.98
|
|
|
0.97
|
|
|||
Allowance for loan and lease losses
|
9,416
|
|
|
100.00
|
%
|
|
0.97
|
|
|
9,601
|
|
|
100.00
|
%
|
|
1.02
|
|
|||
Reserve for unfunded lending commitments
|
813
|
|
|
|
|
|
|
797
|
|
|
|
|
|
|
||||||
Allowance for credit losses
|
$
|
10,229
|
|
|
|
|
|
|
$
|
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 $257 million and $336 million and home equity loans of $337 million and $346 million at December 31, 2019 and 2018. Commercial loans accounted for under the fair value option include U.S. commercial loans of $4.7 billion and $2.5 billion and non-U.S. commercial loans of $3.1 billion and $1.1 billion at December 31, 2019 and 2018.
|
(2)
|
Includes allowance for loan and lease losses for U.S. small business commercial loans of $523 million and $474 million at December 31, 2019 and 2018.
|
69 Bank of America
|
|
|
|
|
|
|
|
||||
Table 44
|
Allowance for Credit Losses
|
|
|
|
||||
|
|
|
|
|
||||
(Dollars in millions)
|
2019
|
|
2018
|
|||||
Allowance for loan and lease losses, January 1
|
$
|
9,601
|
|
|
$
|
10,393
|
|
|
Loans and leases charged off
|
|
|
|
|||||
Residential mortgage
|
(93
|
)
|
|
(207
|
)
|
|||
Home equity
|
(429
|
)
|
|
(483
|
)
|
|||
Credit card
|
(3,535
|
)
|
|
(3,345
|
)
|
|||
Direct/Indirect consumer
|
(518
|
)
|
|
(495
|
)
|
|||
Other consumer
|
(249
|
)
|
|
(197
|
)
|
|||
Total consumer charge-offs
|
(4,824
|
)
|
|
(4,727
|
)
|
|||
U.S. commercial (1)
|
(650
|
)
|
|
(575
|
)
|
|||
Non-U.S. commercial
|
(115
|
)
|
|
(82
|
)
|
|||
Commercial real estate
|
(31
|
)
|
|
(10
|
)
|
|||
Commercial lease financing
|
(26
|
)
|
|
(8
|
)
|
|||
Total commercial charge-offs
|
(822
|
)
|
|
(675
|
)
|
|||
Total loans and leases charged off
|
(5,646
|
)
|
|
(5,402
|
)
|
|||
Recoveries of loans and leases previously charged off
|
|
|
|
|||||
Residential mortgage
|
140
|
|
|
179
|
|
|||
Home equity
|
787
|
|
|
485
|
|
|||
Credit card
|
587
|
|
|
508
|
|
|||
Direct/Indirect consumer
|
309
|
|
|
300
|
|
|||
Other consumer
|
15
|
|
|
15
|
|
|||
Total consumer recoveries
|
1,838
|
|
|
1,487
|
|
|||
U.S. commercial (2)
|
122
|
|
|
120
|
|
|||
Non-U.S. commercial
|
31
|
|
|
14
|
|
|||
Commercial real estate
|
2
|
|
|
9
|
|
|||
Commercial lease financing
|
5
|
|
|
9
|
|
|||
Total commercial recoveries
|
160
|
|
|
152
|
|
|||
Total recoveries of loans and leases previously charged off
|
1,998
|
|
|
1,639
|
|
|||
Net charge-offs
|
(3,648
|
)
|
|
(3,763
|
)
|
|||
Provision for loan and lease losses
|
3,574
|
|
|
3,262
|
|
|||
Other (3)
|
(111
|
)
|
|
(291
|
)
|
|||
Allowance for loan and lease losses, December 31
|
9,416
|
|
|
9,601
|
|
|||
Reserve for unfunded lending commitments, January 1
|
797
|
|
|
777
|
|
|||
Provision for unfunded lending commitments
|
16
|
|
|
20
|
|
|||
Reserve for unfunded lending commitments, December 31
|
813
|
|
|
797
|
|
|||
Allowance for credit losses, December 31
|
$
|
10,229
|
|
|
$
|
10,398
|
|
|
|
|
|
|
|
||||
Loan and allowance ratios:
|
|
|
|
|||||
Loans and leases outstanding at December 31 (4)
|
$
|
975,091
|
|
|
$
|
942,546
|
|
|
Allowance for loan and lease losses as a percentage of total loans and leases outstanding at December 31 (4)
|
0.97
|
%
|
|
1.02
|
%
|
|||
Consumer allowance for loan and lease losses as a percentage of total consumer loans and leases outstanding at
December 31 (5)
|
0.98
|
|
|
1.08
|
|
|||
Commercial allowance for loan and lease losses as a percentage of total commercial loans and leases outstanding at December 31 (6)
|
0.96
|
|
|
0.97
|
|
|||
Average loans and leases outstanding (4)
|
$
|
951,583
|
|
|
$
|
927,531
|
|
|
Net charge-offs as a percentage of average loans and leases outstanding (4)
|
0.38
|
%
|
|
0.41
|
%
|
|||
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases at December 31
|
265
|
|
|
194
|
|
|||
Ratio of the allowance for loan and lease losses at December 31 to net charge-offs
|
2.58
|
|
|
2.55
|
|
|||
Amounts included in allowance for loan and lease losses for loans and leases that are excluded from nonperforming loans and leases at December 31 (7)
|
$
|
4,151
|
|
|
$
|
4,031
|
|
|
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 December 31 (7)
|
148
|
%
|
|
113
|
%
|
(1)
|
Includes U.S. small business commercial charge-offs of $320 million and $287 million in 2019 and 2018.
|
(2)
|
Includes U.S. small business commercial recoveries of $48 million and $47 million in 2019 and 2018.
|
(3)
|
Primarily represents write-offs of purchased credit-impaired (PCI) loans, the net impact of portfolio sales, and transfers to loans held-for-sale.
|
(4)
|
Outstanding loan and lease balances and ratios do not include loans accounted for under the fair value option of $8.3 billion and $4.3 billion at December 31, 2019 and 2018. Average loans accounted for under the fair value option were $6.8 billion and $5.5 billion in 2019 and 2018.
|
(5)
|
Excludes consumer loans accounted for under the fair value option of $594 million and $682 million at December 31, 2019 and 2018.
|
(6)
|
Excludes commercial loans accounted for under the fair value option of $7.7 billion and $3.7 billion at December 31, 2019 and 2018.
|
(7)
|
Primarily includes amounts allocated to credit card and unsecured consumer lending portfolios in Consumer Banking.
|
|
|
Bank of America 70
|
71 Bank of America
|
|
|
|
|
Bank of America 72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Table 45
|
Market Risk VaR for Trading Activities
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|||||||||||||||||||||||||||||
(Dollars in millions)
|
Year End
|
|
Average
|
|
High (1)
|
|
Low (1)
|
|
Year End
|
|
Average
|
|
High (1)
|
|
Low (1)
|
|||||||||||||||||
Foreign exchange
|
$
|
4
|
|
|
$
|
6
|
|
|
$
|
13
|
|
|
$
|
2
|
|
|
$
|
9
|
|
|
$
|
8
|
|
|
$
|
15
|
|
|
$
|
2
|
|
|
Interest rate
|
25
|
|
|
24
|
|
|
49
|
|
|
14
|
|
|
36
|
|
|
25
|
|
|
45
|
|
|
15
|
|
|||||||||
Credit
|
26
|
|
|
23
|
|
|
32
|
|
|
16
|
|
|
26
|
|
|
25
|
|
|
31
|
|
|
20
|
|
|||||||||
Equity
|
29
|
|
|
22
|
|
|
33
|
|
|
14
|
|
|
20
|
|
|
20
|
|
|
40
|
|
|
11
|
|
|||||||||
Commodities
|
4
|
|
|
6
|
|
|
31
|
|
|
4
|
|
|
13
|
|
|
8
|
|
|
15
|
|
|
3
|
|
|||||||||
Portfolio diversification
|
(47
|
)
|
|
(49
|
)
|
|
—
|
|
|
—
|
|
|
(59
|
)
|
|
(55
|
)
|
|
—
|
|
|
—
|
|
|||||||||
Total covered positions portfolio
|
41
|
|
|
32
|
|
|
47
|
|
|
24
|
|
|
45
|
|
|
31
|
|
|
45
|
|
|
20
|
|
|||||||||
Impact from less liquid exposures
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|||||||||
Total covered positions and less liquid trading positions portfolio
|
41
|
|
|
35
|
|
|
53
|
|
|
27
|
|
|
50
|
|
|
34
|
|
|
51
|
|
|
23
|
|
|||||||||
Fair value option loans
|
8
|
|
|
10
|
|
|
13
|
|
|
7
|
|
|
8
|
|
|
11
|
|
|
18
|
|
|
8
|
|
|||||||||
Fair value option hedges
|
10
|
|
|
10
|
|
|
17
|
|
|
4
|
|
|
5
|
|
|
9
|
|
|
17
|
|
|
4
|
|
|||||||||
Fair value option portfolio diversification
|
(9
|
)
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|||||||||
Total fair value option portfolio
|
9
|
|
|
10
|
|
|
16
|
|
|
5
|
|
|
6
|
|
|
9
|
|
|
16
|
|
|
5
|
|
|||||||||
Portfolio diversification
|
(5
|
)
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|||||||||
Total market-based portfolio
|
$
|
45
|
|
|
$
|
38
|
|
|
56
|
|
|
28
|
|
|
$
|
53
|
|
|
$
|
38
|
|
|
57
|
|
|
26
|
|
(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.
|
|
|
|
|
|
|
|
|
|
||||||||
Table 46
|
Average Market Risk VaR for Trading Activities – 99 percent and 95 percent VaR Statistics
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
2019
|
|
2018
|
||||||||||||
(Dollars in millions)
|
99 percent
|
|
95 percent
|
|
99 percent
|
|
95 percent
|
|||||||||
Foreign exchange
|
$
|
6
|
|
|
$
|
3
|
|
|
$
|
8
|
|
|
$
|
5
|
|
|
Interest rate
|
24
|
|
|
15
|
|
|
25
|
|
|
16
|
|
|||||
Credit
|
23
|
|
|
15
|
|
|
25
|
|
|
15
|
|
|||||
Equity
|
22
|
|
|
11
|
|
|
20
|
|
|
11
|
|
|||||
Commodities
|
6
|
|
|
3
|
|
|
8
|
|
|
4
|
|
|||||
Portfolio diversification
|
(49
|
)
|
|
(29
|
)
|
|
(55
|
)
|
|
(33
|
)
|
|||||
Total covered positions portfolio
|
32
|
|
|
18
|
|
|
31
|
|
|
18
|
|
|||||
Impact from less liquid exposures
|
3
|
|
|
2
|
|
|
3
|
|
|
1
|
|
|||||
Total covered positions and less liquid trading positions portfolio
|
35
|
|
|
20
|
|
|
34
|
|
|
19
|
|
|||||
Fair value option loans
|
10
|
|
|
5
|
|
|
11
|
|
|
6
|
|
|||||
Fair value option hedges
|
10
|
|
|
6
|
|
|
9
|
|
|
6
|
|
|||||
Fair value option portfolio diversification
|
(10
|
)
|
|
(5
|
)
|
|
(11
|
)
|
|
(7
|
)
|
|||||
Total fair value option portfolio
|
10
|
|
|
6
|
|
|
9
|
|
|
5
|
|
|||||
Portfolio diversification
|
(7
|
)
|
|
(5
|
)
|
|
(5
|
)
|
|
(3
|
)
|
|||||
Total market-based portfolio
|
$
|
38
|
|
|
$
|
21
|
|
|
$
|
38
|
|
|
$
|
21
|
|
73 Bank of America
|
|
|
|
|
Bank of America 74
|
|
|
|
|
|
|
|
|||
Table 47
|
Forward Rates
|
||||||||
|
|
|
|
|
|
|
|||
|
|
December 31, 2019
|
|||||||
|
|
Federal
Funds
|
|
Three-month
LIBOR
|
|
10-Year
Swap
|
|||
Spot rates
|
1.75
|
%
|
|
1.91
|
%
|
|
1.90
|
%
|
|
12-month forward rates
|
1.50
|
|
|
1.62
|
|
|
1.92
|
|
|
|
|
|
|
|
|
|
|||
|
|
December 31, 2018
|
|||||||
Spot rates
|
2.50
|
%
|
|
2.81
|
%
|
|
2.71
|
%
|
|
12-month forward rates
|
2.50
|
|
|
2.64
|
|
|
2.75
|
|
|
|
|
|
|
|
|
|
|
||||||
Table 48
|
Estimated Banking Book Net Interest Income Sensitivity to Curve Changes
|
|||||||||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
Short
Rate (bps)
|
|
Long
Rate (bps)
|
|
|
|
|
||||||
|
|
|
December 31
|
|||||||||||
(Dollars in millions)
|
|
|
2019
|
|
2018
|
|||||||||
Parallel Shifts
|
|
|
|
|
|
|
|
|||||||
+100 bps
instantaneous shift
|
+100
|
|
+100
|
|
$
|
4,190
|
|
|
$
|
2,833
|
|
|||
-100 bps
instantaneous shift
|
-100
|
|
|
-100
|
|
|
(6,536
|
)
|
|
(4,280
|
)
|
|||
Flatteners
|
|
|
|
|
|
|
|
|
|
|||||
Short-end
instantaneous change
|
+100
|
|
—
|
|
|
2,641
|
|
|
2,158
|
|
||||
Long-end
instantaneous change
|
—
|
|
|
-100
|
|
|
(2,965
|
)
|
|
(1,618
|
)
|
|||
Steepeners
|
|
|
|
|
|
|
|
|
|
|||||
Short-end
instantaneous change
|
-100
|
|
|
—
|
|
|
(3,527
|
)
|
|
(2,648
|
)
|
|||
Long-end
instantaneous change
|
—
|
|
|
+100
|
|
1,561
|
|
|
675
|
|
75 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Table 49
|
Asset and Liability Management Interest Rate and Foreign Exchange Contracts
|
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
December 31, 2019
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
Expected Maturity
|
|
|
|||||||||||||||||||||||||||||
(Dollars in millions, average estimated duration in years)
|
Fair
Value |
|
Total
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Average
Estimated Duration |
||||||||||||||||||
Receive-fixed interest rate swaps (1)
|
$
|
12,370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.47
|
|
||||||||
Notional amount
|
|
|
|
$
|
215,123
|
|
|
$
|
16,347
|
|
|
$
|
14,642
|
|
|
$
|
21,616
|
|
|
$
|
36,356
|
|
|
$
|
21,257
|
|
|
$
|
104,905
|
|
|
|
|||
Weighted-average fixed-rate
|
|
|
2.68
|
%
|
|
2.68
|
%
|
|
3.17
|
%
|
|
2.48
|
%
|
|
2.36
|
%
|
|
2.55
|
%
|
|
2.79
|
%
|
|
|
|||||||||||
Pay-fixed interest rate swaps (1)
|
(2,669
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.99
|
|
|||||||||
Notional amount
|
|
|
|
$
|
69,586
|
|
|
$
|
4,344
|
|
|
$
|
2,117
|
|
|
$
|
—
|
|
|
$
|
13,993
|
|
|
$
|
8,194
|
|
|
$
|
40,938
|
|
|
|
|
||
Weighted-average fixed-rate
|
|
|
2.36
|
%
|
|
2.16
|
%
|
|
2.15
|
%
|
|
—
|
%
|
|
2.52
|
%
|
|
2.26
|
%
|
|
2.35
|
%
|
|
|
|||||||||||
Same-currency basis swaps (2)
|
(290
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notional amount
|
|
|
|
$
|
152,160
|
|
|
$
|
18,857
|
|
|
$
|
18,590
|
|
|
$
|
4,306
|
|
|
$
|
2,017
|
|
|
$
|
14,567
|
|
|
$
|
93,823
|
|
|
|
|
||
Foreign exchange basis swaps (1, 3, 4)
|
(1,258
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Notional amount
|
|
|
|
113,529
|
|
|
23,639
|
|
|
24,215
|
|
|
14,611
|
|
|
7,111
|
|
|
3,521
|
|
|
40,432
|
|
|
|
|
|||||||||
Foreign exchange contracts (1, 4, 5)
|
414
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Notional amount (6)
|
|
|
(53,106
|
)
|
|
(79,315
|
)
|
|
4,539
|
|
|
2,674
|
|
|
2,340
|
|
|
4,432
|
|
|
12,224
|
|
|
|
|||||||||||
Option products
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Notional amount
|
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
|
|
|||||||||
Net ALM contracts
|
$
|
8,567
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|||||||||
Foreign exchange contracts (1, 4, 5)
|
82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Notional amount (6)
|
|
|
|
(8,447
|
)
|
|
(27,823
|
)
|
|
13
|
|
|
4,196
|
|
|
2,741
|
|
|
2,448
|
|
|
9,978
|
|
|
|
||||||||||
Option products
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notional amount
|
|
|
|
587
|
|
|
572
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
|
|
|||||||||
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 December 31, 2019 and 2018, the notional amount of same-currency basis swaps included $152.2 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 $(53.1) billion at December 31, 2019 was comprised of $29.0 billion in foreign currency-denominated and cross-currency receive-fixed swaps, $(82.4) billion in net foreign currency forward rate contracts, $(313) million in foreign currency-denominated interest rate swaps and $644 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 interest rate 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.
|
|
|
Bank of America 76
|
77 Bank of America
|
|
|
|
|
Bank of America 78
|
79 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Table 50
|
Five-year Reconciliations to GAAP Financial Measures (1)
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in millions, shares in thousands)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||
Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Shareholders’ equity
|
$
|
267,889
|
|
|
$
|
264,748
|
|
|
$
|
271,289
|
|
|
$
|
265,843
|
|
|
$
|
251,384
|
|
|
Goodwill
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(69,286
|
)
|
|
(69,750
|
)
|
|
(69,772
|
)
|
||||||
Intangible assets (excluding MSRs)
|
(1,721
|
)
|
|
(2,058
|
)
|
|
(2,652
|
)
|
|
(3,382
|
)
|
|
(4,201
|
)
|
||||||
Related deferred tax liabilities
|
773
|
|
|
906
|
|
|
1,463
|
|
|
1,644
|
|
|
1,852
|
|
||||||
Tangible shareholders’ equity
|
$
|
197,990
|
|
|
$
|
194,645
|
|
|
$
|
200,814
|
|
|
$
|
194,355
|
|
|
$
|
179,263
|
|
|
Preferred stock
|
(23,036
|
)
|
|
(22,949
|
)
|
|
(24,188
|
)
|
|
(24,656
|
)
|
|
(21,808
|
)
|
||||||
Tangible common shareholders’ equity
|
$
|
174,954
|
|
|
$
|
171,696
|
|
|
$
|
176,626
|
|
|
$
|
169,699
|
|
|
$
|
157,455
|
|
|
Reconciliation of year-end shareholders’ equity to year-end tangible shareholders’ equity and year-end tangible common shareholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Shareholders’ equity
|
$
|
264,810
|
|
|
$
|
265,325
|
|
|
$
|
267,146
|
|
|
$
|
266,195
|
|
|
$
|
255,615
|
|
|
Goodwill
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(69,744
|
)
|
|
(69,761
|
)
|
||||||
Intangible assets (excluding MSRs)
|
(1,661
|
)
|
|
(1,774
|
)
|
|
(2,312
|
)
|
|
(2,989
|
)
|
|
(3,768
|
)
|
||||||
Related deferred tax liabilities
|
713
|
|
|
858
|
|
|
943
|
|
|
1,545
|
|
|
1,716
|
|
||||||
Tangible shareholders’ equity
|
$
|
194,911
|
|
|
$
|
195,458
|
|
|
$
|
196,826
|
|
|
$
|
195,007
|
|
|
$
|
183,802
|
|
|
Preferred stock
|
(23,401
|
)
|
|
(22,326
|
)
|
|
(22,323
|
)
|
|
(25,220
|
)
|
|
(22,272
|
)
|
||||||
Tangible common shareholders’ equity
|
$
|
171,510
|
|
|
$
|
173,132
|
|
|
$
|
174,503
|
|
|
$
|
169,787
|
|
|
$
|
161,530
|
|
|
Reconciliation of year-end assets to year-end tangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Assets
|
$
|
2,434,079
|
|
|
$
|
2,354,507
|
|
|
$
|
2,281,234
|
|
|
$
|
2,188,067
|
|
|
$
|
2,144,606
|
|
|
Goodwill
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(69,744
|
)
|
|
(69,761
|
)
|
||||||
Intangible assets (excluding MSRs)
|
(1,661
|
)
|
|
(1,774
|
)
|
|
(2,312
|
)
|
|
(2,989
|
)
|
|
(3,768
|
)
|
||||||
Related deferred tax liabilities
|
713
|
|
|
858
|
|
|
943
|
|
|
1,545
|
|
|
1,716
|
|
||||||
Tangible assets
|
$
|
2,364,180
|
|
|
$
|
2,284,640
|
|
|
$
|
2,210,914
|
|
|
$
|
2,116,879
|
|
|
$
|
2,072,793
|
|
(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 27.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Table 51
|
Quarterly Reconciliations to GAAP Financial Measures (1)
|
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
2019 Quarters
|
|
2018 Quarters
|
||||||||||||||||||||||||||||
(Dollars in millions)
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|||||||||||||||||
Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Shareholders’ equity
|
$
|
266,900
|
|
|
$
|
270,430
|
|
|
$
|
267,975
|
|
|
$
|
266,217
|
|
|
$
|
263,698
|
|
|
$
|
264,653
|
|
|
$
|
265,181
|
|
|
$
|
265,480
|
|
|
Goodwill
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|||||||||
Intangible assets (excluding MSRs)
|
(1,678
|
)
|
|
(1,707
|
)
|
|
(1,736
|
)
|
|
(1,763
|
)
|
|
(1,857
|
)
|
|
(1,992
|
)
|
|
(2,126
|
)
|
|
(2,261
|
)
|
|||||||||
Related deferred tax liabilities
|
730
|
|
|
752
|
|
|
770
|
|
|
841
|
|
|
874
|
|
|
896
|
|
|
916
|
|
|
939
|
|
|||||||||
Tangible shareholders’ equity
|
$
|
197,001
|
|
|
$
|
200,524
|
|
|
$
|
198,058
|
|
|
$
|
196,344
|
|
|
$
|
193,764
|
|
|
$
|
194,606
|
|
|
$
|
195,020
|
|
|
$
|
195,207
|
|
|
Preferred stock
|
(23,461
|
)
|
|
(23,800
|
)
|
|
(22,537
|
)
|
|
(22,326
|
)
|
|
(22,326
|
)
|
|
(22,841
|
)
|
|
(23,868
|
)
|
|
(22,767
|
)
|
|||||||||
Tangible common shareholders’ equity
|
$
|
173,540
|
|
|
$
|
176,724
|
|
|
$
|
175,521
|
|
|
$
|
174,018
|
|
|
$
|
171,438
|
|
|
$
|
171,765
|
|
|
$
|
171,152
|
|
|
$
|
172,440
|
|
|
Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Shareholders’ equity
|
$
|
264,810
|
|
|
$
|
268,387
|
|
|
$
|
271,408
|
|
|
$
|
267,010
|
|
|
$
|
265,325
|
|
|
$
|
262,158
|
|
|
$
|
264,216
|
|
|
$
|
266,224
|
|
|
Goodwill
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|||||||||
Intangible assets (excluding MSRs)
|
(1,661
|
)
|
|
(1,690
|
)
|
|
(1,718
|
)
|
|
(1,747
|
)
|
|
(1,774
|
)
|
|
(1,908
|
)
|
|
(2,043
|
)
|
|
(2,177
|
)
|
|||||||||
Related deferred tax liabilities
|
713
|
|
|
734
|
|
|
756
|
|
|
773
|
|
|
858
|
|
|
878
|
|
|
900
|
|
|
920
|
|
|||||||||
Tangible shareholders’ equity
|
$
|
194,911
|
|
|
$
|
198,480
|
|
|
$
|
201,495
|
|
|
$
|
197,085
|
|
|
$
|
195,458
|
|
|
$
|
192,177
|
|
|
$
|
194,122
|
|
|
$
|
196,016
|
|
|
Preferred stock
|
(23,401
|
)
|
|
(23,606
|
)
|
|
(24,689
|
)
|
|
(22,326
|
)
|
|
(22,326
|
)
|
|
(22,326
|
)
|
|
(23,181
|
)
|
|
(24,672
|
)
|
|||||||||
Tangible common shareholders’ equity
|
$
|
171,510
|
|
|
$
|
174,874
|
|
|
$
|
176,806
|
|
|
$
|
174,759
|
|
|
$
|
173,132
|
|
|
$
|
169,851
|
|
|
$
|
170,941
|
|
|
$
|
171,344
|
|
|
Reconciliation of period-end assets to period-end tangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Assets
|
$
|
2,434,079
|
|
|
$
|
2,426,330
|
|
|
$
|
2,395,892
|
|
|
$
|
2,377,164
|
|
|
$
|
2,354,507
|
|
|
$
|
2,338,833
|
|
|
$
|
2,291,670
|
|
|
$
|
2,328,478
|
|
|
Goodwill
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|||||||||
Intangible assets (excluding MSRs)
|
(1,661
|
)
|
|
(1,690
|
)
|
|
(1,718
|
)
|
|
(1,747
|
)
|
|
(1,774
|
)
|
|
(1,908
|
)
|
|
(2,043
|
)
|
|
(2,177
|
)
|
|||||||||
Related deferred tax liabilities
|
713
|
|
|
734
|
|
|
756
|
|
|
773
|
|
|
858
|
|
|
878
|
|
|
900
|
|
|
920
|
|
|||||||||
Tangible assets
|
$
|
2,364,180
|
|
|
$
|
2,356,423
|
|
|
$
|
2,325,979
|
|
|
$
|
2,307,239
|
|
|
$
|
2,284,640
|
|
|
$
|
2,268,852
|
|
|
$
|
2,221,576
|
|
|
$
|
2,258,270
|
|
(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 27.
|
|
|
Bank of America 80
|
Statistical Tables
|
|
|
|
|
|
|
|
|
Table of Contents
|
|
|
|
|
Page
|
|
||
|
||
|
||
|
||
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Table I
|
Outstanding Loans and Leases
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
December 31
|
||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential mortgage
|
$
|
236,169
|
|
|
$
|
208,557
|
|
|
$
|
203,811
|
|
|
$
|
191,797
|
|
|
$
|
187,911
|
|
|
Home equity
|
40,208
|
|
|
48,286
|
|
|
57,744
|
|
|
66,443
|
|
|
75,948
|
|
||||||
Credit card
|
97,608
|
|
|
98,338
|
|
|
96,285
|
|
|
92,278
|
|
|
89,602
|
|
||||||
Non-U.S. credit card
|
—
|
|
|
—
|
|
|
—
|
|
|
9,214
|
|
|
9,975
|
|
||||||
Direct/Indirect consumer (1)
|
90,998
|
|
|
91,166
|
|
|
96,342
|
|
|
95,962
|
|
|
90,149
|
|
||||||
Other consumer (2)
|
192
|
|
|
202
|
|
|
166
|
|
|
626
|
|
|
713
|
|
||||||
Total consumer loans excluding loans accounted for under the fair value option
|
465,175
|
|
|
446,549
|
|
|
454,348
|
|
|
456,320
|
|
|
454,298
|
|
||||||
Consumer loans accounted for under the fair value option (3)
|
594
|
|
|
682
|
|
|
928
|
|
|
1,051
|
|
|
1,871
|
|
||||||
Total consumer
|
465,769
|
|
|
447,231
|
|
|
455,276
|
|
|
457,371
|
|
|
456,169
|
|
||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|||||||||||
U.S. commercial
|
307,048
|
|
|
299,277
|
|
|
284,836
|
|
|
270,372
|
|
|
252,771
|
|
||||||
Non-U.S. commercial
|
104,966
|
|
|
98,776
|
|
|
97,792
|
|
|
89,397
|
|
|
91,549
|
|
||||||
Commercial real estate (4)
|
62,689
|
|
|
60,845
|
|
|
58,298
|
|
|
57,355
|
|
|
57,199
|
|
||||||
Commercial lease financing
|
19,880
|
|
|
22,534
|
|
|
22,116
|
|
|
22,375
|
|
|
21,352
|
|
||||||
|
|
494,583
|
|
|
481,432
|
|
|
463,042
|
|
|
439,499
|
|
|
422,871
|
|
|||||
U.S. small business commercial (5)
|
15,333
|
|
|
14,565
|
|
|
13,649
|
|
|
12,993
|
|
|
12,876
|
|
||||||
Total commercial loans excluding loans accounted for under the fair value option
|
509,916
|
|
|
495,997
|
|
|
476,691
|
|
|
452,492
|
|
|
435,747
|
|
||||||
Commercial loans accounted for under the fair value option (3)
|
7,741
|
|
|
3,667
|
|
|
4,782
|
|
|
6,034
|
|
|
5,067
|
|
||||||
Total commercial
|
517,657
|
|
|
499,664
|
|
|
481,473
|
|
|
458,526
|
|
|
440,814
|
|
||||||
Less: Loans of business held for sale (6)
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,214
|
)
|
|
—
|
|
||||||
Total loans and leases
|
$
|
983,426
|
|
|
$
|
946,895
|
|
|
$
|
936,749
|
|
|
$
|
906,683
|
|
|
$
|
896,983
|
|
(1)
|
Includes primarily auto and specialty lending loans and leases of $50.4 billion, $50.1 billion, $52.4 billion, $50.7 billion and $43.9 billion, U.S. securities-based lending loans of $36.7 billion, $37.0 billion, $39.8 billion, $40.1 billion and $39.8 billion and non-U.S. consumer loans of $2.8 billion, $2.9 billion, $3.0 billion, $3.0 billion and $3.9 billion at December 31, 2019, 2018, 2017, 2016 and 2015, respectively.
|
(2)
|
Substantially all of other consumer at December 31, 2019, 2018 and 2017 is consumer overdrafts. Other consumer at December 31, 2016 and 2015 also includes consumer finance loans of $465 million and $564 million, respectively.
|
(3)
|
Consumer loans accounted for under the fair value option include residential mortgage loans of $257 million, $336 million, $567 million, $710 million and $1.6 billion, and home equity loans of $337 million, $346 million, $361 million, $341 million and $250 million at December 31, 2019, 2018, 2017, 2016 and 2015, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $4.7 billion, $2.5 billion, $2.6 billion, $2.9 billion and $2.3 billion, and non-U.S. commercial loans of $3.1 billion, $1.1 billion, $2.2 billion, $3.1 billion and $2.8 billion at December 31, 2019, 2018, 2017, 2016 and 2015, respectively.
|
(4)
|
Includes U.S. commercial real estate loans of $59.0 billion, $56.6 billion, $54.8 billion, $54.3 billion and $53.6 billion, and non-U.S. commercial real estate loans of $3.7 billion, $4.2 billion, $3.5 billion, $3.1 billion and $3.5 billion at December 31, 2019, 2018, 2017, 2016 and 2015, respectively.
|
(5)
|
Includes card-related products.
|
(6)
|
Represents non-U.S. credit card loans, which were included in assets of business held for sale on the Consolidated Balance Sheet.
|
81 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Table II
|
Nonperforming Loans, Leases and Foreclosed Properties (1)
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
December 31
|
||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential mortgage
|
$
|
1,470
|
|
|
$
|
1,893
|
|
|
$
|
2,476
|
|
|
$
|
3,056
|
|
|
$
|
4,803
|
|
|
Home equity
|
536
|
|
|
1,893
|
|
|
2,644
|
|
|
2,918
|
|
|
3,337
|
|
||||||
Direct/Indirect consumer
|
47
|
|
|
56
|
|
|
46
|
|
|
28
|
|
|
24
|
|
||||||
Other consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
1
|
|
||||||
Total consumer (2)
|
2,053
|
|
|
3,842
|
|
|
5,166
|
|
|
6,004
|
|
|
8,165
|
|
||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. commercial
|
1,094
|
|
|
794
|
|
|
814
|
|
|
1,256
|
|
|
867
|
|
||||||
Non-U.S. commercial
|
43
|
|
|
80
|
|
|
299
|
|
|
279
|
|
|
158
|
|
||||||
Commercial real estate
|
280
|
|
|
156
|
|
|
112
|
|
|
72
|
|
|
93
|
|
||||||
Commercial lease financing
|
32
|
|
|
18
|
|
|
24
|
|
|
36
|
|
|
12
|
|
||||||
|
|
1,449
|
|
|
1,048
|
|
|
1,249
|
|
|
1,643
|
|
|
1,130
|
|
|||||
U.S. small business commercial
|
50
|
|
|
54
|
|
|
55
|
|
|
60
|
|
|
82
|
|
||||||
Total commercial (3)
|
1,499
|
|
|
1,102
|
|
|
1,304
|
|
|
1,703
|
|
|
1,212
|
|
||||||
Total nonperforming loans and leases
|
3,552
|
|
|
4,944
|
|
|
6,470
|
|
|
7,707
|
|
|
9,377
|
|
||||||
Foreclosed properties
|
285
|
|
|
300
|
|
|
288
|
|
|
377
|
|
|
459
|
|
||||||
Total nonperforming loans, leases and foreclosed properties
|
$
|
3,837
|
|
|
$
|
5,244
|
|
|
$
|
6,758
|
|
|
$
|
8,084
|
|
|
$
|
9,836
|
|
(1)
|
Balances exclude foreclosed properties insured by certain government-guaranteed loans, principally FHA-insured loans, that entered foreclosure of $260 million, $488 million, $801 million, $1.2 billion and $1.4 billion at December 31, 2019, 2018, 2017, 2016 and 2015, respectively.
|
(2)
|
In 2019, $422 million in interest income was estimated to be contractually due on $2.1 billion of consumer loans and leases classified as nonperforming at December 31, 2019, as presented in the table above, plus $5.5 billion of TDRs classified as performing at December 31, 2019. Approximately $297 million of the estimated $422 million in contractual interest was received and included in interest income for 2019.
|
(3)
|
In 2019, $133 million in interest income was estimated to be contractually due on $1.5 billion of commercial loans and leases classified as nonperforming at December 31, 2019, as presented in the table above, plus $1.3 billion of TDRs classified as performing at December 31, 2019. Approximately $88 million of the estimated $133 million in contractual interest was received and included in interest income for 2019.
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Table III
|
Accruing Loans and Leases Past Due 90 Days or More (1)
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
December 31
|
||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential mortgage (2)
|
$
|
1,088
|
|
|
$
|
1,884
|
|
|
$
|
3,230
|
|
|
$
|
4,793
|
|
|
$
|
7,150
|
|
|
Credit card
|
1,042
|
|
|
994
|
|
|
900
|
|
|
782
|
|
|
789
|
|
||||||
Non-U.S. credit card
|
—
|
|
|
—
|
|
|
—
|
|
|
66
|
|
|
76
|
|
||||||
Direct/Indirect consumer
|
33
|
|
|
38
|
|
|
40
|
|
|
34
|
|
|
39
|
|
||||||
Other consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
3
|
|
||||||
Total consumer
|
2,163
|
|
|
2,916
|
|
|
4,170
|
|
|
5,679
|
|
|
8,057
|
|
||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
U.S. commercial
|
106
|
|
|
197
|
|
|
144
|
|
|
106
|
|
|
113
|
|
||||||
Non-U.S. commercial
|
8
|
|
|
—
|
|
|
3
|
|
|
5
|
|
|
1
|
|
||||||
Commercial real estate
|
19
|
|
|
4
|
|
|
4
|
|
|
7
|
|
|
3
|
|
||||||
Commercial lease financing
|
20
|
|
|
29
|
|
|
19
|
|
|
19
|
|
|
15
|
|
||||||
|
|
153
|
|
|
230
|
|
|
170
|
|
|
137
|
|
|
132
|
|
|||||
U.S. small business commercial
|
97
|
|
|
84
|
|
|
75
|
|
|
71
|
|
|
61
|
|
||||||
Total commercial
|
250
|
|
|
314
|
|
|
245
|
|
|
208
|
|
|
193
|
|
||||||
Total accruing loans and leases past due 90 days or more
|
$
|
2,413
|
|
|
$
|
3,230
|
|
|
$
|
4,415
|
|
|
$
|
5,887
|
|
|
$
|
8,250
|
|
(1)
|
Our policy is to classify consumer real estate-secured loans as nonperforming at 90 days past due, except the fully-insured loan portfolio and loans accounted for under the fair value option.
|
(2)
|
Balances are fully-insured loans.
|
|
|
Bank of America 82
|
|
|
|
|
|
|
|
|
|
||||||||
Table IV
|
Selected Loan Maturity Data (1, 2)
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
December 31, 2019
|
||||||||||||||
(Dollars in millions)
|
Due in One
Year or Less
|
|
Due After One Year Through Five Years
|
|
Due After
Five Years
|
|
Total
|
|||||||||
U.S. commercial
|
$
|
76,523
|
|
|
$
|
200,298
|
|
|
$
|
50,216
|
|
|
$
|
327,037
|
|
|
U.S. commercial real estate
|
13,683
|
|
|
39,259
|
|
|
6,023
|
|
|
58,965
|
|
|||||
Non-U.S. and other (3)
|
47,828
|
|
|
56,072
|
|
|
7,875
|
|
|
111,775
|
|
|||||
Total selected loans
|
$
|
138,034
|
|
|
$
|
295,629
|
|
|
$
|
64,114
|
|
|
$
|
497,777
|
|
|
Percent of total
|
28
|
%
|
|
59
|
%
|
|
13
|
%
|
|
100
|
%
|
|||||
Sensitivity of selected loans to changes in interest rates for loans due after one year:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Fixed interest rates
|
|
|
|
$
|
21,526
|
|
|
$
|
31,383
|
|
|
|
|
|||
Floating or adjustable interest rates
|
|
|
|
274,103
|
|
|
32,731
|
|
|
|
|
|||||
Total
|
|
|
|
$
|
295,629
|
|
|
$
|
64,114
|
|
|
|
|
(1)
|
Loan maturities are based on the remaining maturities under contractual terms.
|
(2)
|
Includes loans accounted for under the fair value option.
|
(3)
|
Loan maturities include non-U.S. commercial and commercial real estate loans.
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Table V
|
Allowance for Credit Losses
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||
Allowance for loan and lease losses, January 1
|
$
|
9,601
|
|
|
$
|
10,393
|
|
|
$
|
11,237
|
|
|
$
|
12,234
|
|
|
$
|
14,419
|
|
|
Loans and leases charged off
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Residential mortgage
|
(93
|
)
|
|
(207
|
)
|
|
(188
|
)
|
|
(403
|
)
|
|
(866
|
)
|
||||||
Home equity
|
(429
|
)
|
|
(483
|
)
|
|
(582
|
)
|
|
(752
|
)
|
|
(975
|
)
|
||||||
Credit card
|
(3,535
|
)
|
|
(3,345
|
)
|
|
(2,968
|
)
|
|
(2,691
|
)
|
|
(2,738
|
)
|
||||||
Non-U.S. credit card (1)
|
—
|
|
|
—
|
|
|
(103
|
)
|
|
(238
|
)
|
|
(275
|
)
|
||||||
Direct/Indirect consumer
|
(518
|
)
|
|
(495
|
)
|
|
(491
|
)
|
|
(392
|
)
|
|
(383
|
)
|
||||||
Other consumer
|
(249
|
)
|
|
(197
|
)
|
|
(212
|
)
|
|
(232
|
)
|
|
(224
|
)
|
||||||
Total consumer charge-offs
|
(4,824
|
)
|
|
(4,727
|
)
|
|
(4,544
|
)
|
|
(4,708
|
)
|
|
(5,461
|
)
|
||||||
U.S. commercial (2)
|
(650
|
)
|
|
(575
|
)
|
|
(589
|
)
|
|
(567
|
)
|
|
(536
|
)
|
||||||
Non-U.S. commercial
|
(115
|
)
|
|
(82
|
)
|
|
(446
|
)
|
|
(133
|
)
|
|
(59
|
)
|
||||||
Commercial real estate
|
(31
|
)
|
|
(10
|
)
|
|
(24
|
)
|
|
(10
|
)
|
|
(30
|
)
|
||||||
Commercial lease financing
|
(26
|
)
|
|
(8
|
)
|
|
(16
|
)
|
|
(30
|
)
|
|
(19
|
)
|
||||||
Total commercial charge-offs
|
(822
|
)
|
|
(675
|
)
|
|
(1,075
|
)
|
|
(740
|
)
|
|
(644
|
)
|
||||||
Total loans and leases charged off
|
(5,646
|
)
|
|
(5,402
|
)
|
|
(5,619
|
)
|
|
(5,448
|
)
|
|
(6,105
|
)
|
||||||
Recoveries of loans and leases previously charged off
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Residential mortgage
|
140
|
|
|
179
|
|
|
288
|
|
|
272
|
|
|
393
|
|
||||||
Home equity
|
787
|
|
|
485
|
|
|
369
|
|
|
347
|
|
|
339
|
|
||||||
Credit card
|
587
|
|
|
508
|
|
|
455
|
|
|
422
|
|
|
424
|
|
||||||
Non-U.S. credit card (1)
|
—
|
|
|
—
|
|
|
28
|
|
|
63
|
|
|
87
|
|
||||||
Direct/Indirect consumer
|
309
|
|
|
300
|
|
|
277
|
|
|
258
|
|
|
271
|
|
||||||
Other consumer
|
15
|
|
|
15
|
|
|
49
|
|
|
27
|
|
|
31
|
|
||||||
Total consumer recoveries
|
1,838
|
|
|
1,487
|
|
|
1,466
|
|
|
1,389
|
|
|
1,545
|
|
||||||
U.S. commercial (3)
|
122
|
|
|
120
|
|
|
142
|
|
|
175
|
|
|
172
|
|
||||||
Non-U.S. commercial
|
31
|
|
|
14
|
|
|
6
|
|
|
13
|
|
|
5
|
|
||||||
Commercial real estate
|
2
|
|
|
9
|
|
|
15
|
|
|
41
|
|
|
35
|
|
||||||
Commercial lease financing
|
5
|
|
|
9
|
|
|
11
|
|
|
9
|
|
|
10
|
|
||||||
Total commercial recoveries
|
160
|
|
|
152
|
|
|
174
|
|
|
238
|
|
|
222
|
|
||||||
Total recoveries of loans and leases previously charged off
|
1,998
|
|
|
1,639
|
|
|
1,640
|
|
|
1,627
|
|
|
1,767
|
|
||||||
Net charge-offs
|
(3,648
|
)
|
|
(3,763
|
)
|
|
(3,979
|
)
|
|
(3,821
|
)
|
|
(4,338
|
)
|
||||||
Provision for loan and lease losses
|
3,574
|
|
|
3,262
|
|
|
3,381
|
|
|
3,581
|
|
|
3,043
|
|
||||||
Other (4)
|
(111
|
)
|
|
(291
|
)
|
|
(246
|
)
|
|
(514
|
)
|
|
(890
|
)
|
||||||
Total allowance for loan and lease losses, December 31
|
9,416
|
|
|
9,601
|
|
|
10,393
|
|
|
11,480
|
|
|
12,234
|
|
||||||
Less: Allowance included in assets of business held for sale (5)
|
—
|
|
|
—
|
|
|
—
|
|
|
(243
|
)
|
|
—
|
|
||||||
Allowance for loan and lease losses, December 31
|
9,416
|
|
|
9,601
|
|
|
10,393
|
|
|
11,237
|
|
|
12,234
|
|
||||||
Reserve for unfunded lending commitments, January 1
|
797
|
|
|
777
|
|
|
762
|
|
|
646
|
|
|
528
|
|
||||||
Provision for unfunded lending commitments
|
16
|
|
|
20
|
|
|
15
|
|
|
16
|
|
|
118
|
|
||||||
Other (4)
|
—
|
|
|
—
|
|
|
—
|
|
|
100
|
|
|
—
|
|
||||||
Reserve for unfunded lending commitments, December 31
|
813
|
|
|
797
|
|
|
777
|
|
|
762
|
|
|
646
|
|
||||||
Allowance for credit losses, December 31
|
$
|
10,229
|
|
|
$
|
10,398
|
|
|
$
|
11,170
|
|
|
$
|
11,999
|
|
|
$
|
12,880
|
|
(1)
|
Represents amounts related to the non-U.S. credit card loan portfolio, which was sold in 2017.
|
(2)
|
Includes U.S. small business commercial charge-offs of $320 million, $287 million, $258 million, $253 million and $282 million in 2019, 2018, 2017, 2016 and 2015, respectively.
|
(3)
|
Includes U.S. small business commercial recoveries of $48 million, $47 million, $43 million, $45 million and $57 million in 2019, 2018, 2017, 2016 and 2015, respectively.
|
(4)
|
Primarily represents write-offs of PCI loans, the net impact of portfolio sales, consolidations and deconsolidations, foreign currency translation adjustments, transfers to held for sale and certain other reclassifications.
|
(5)
|
Represents allowance related to the non-U.S. credit card loan portfolio, which was sold in 2017.
|
83 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Table V
|
Allowance for Credit Losses (continued)
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||
Loan and allowance ratios (6):
|
|
|
|
|
|
|
|
|
|
|||||||||||
Loans and leases outstanding at December 31 (7)
|
$
|
975,091
|
|
|
$
|
942,546
|
|
|
$
|
931,039
|
|
|
$
|
908,812
|
|
|
$
|
890,045
|
|
|
Allowance for loan and lease losses as a percentage of total loans and leases outstanding at December 31 (7)
|
0.97
|
%
|
|
1.02
|
%
|
|
1.12
|
%
|
|
1.26
|
%
|
|
1.37
|
%
|
||||||
Consumer allowance for loan and lease losses as a percentage of total consumer loans and leases outstanding at December 31 (8)
|
0.98
|
|
|
1.08
|
|
|
1.18
|
|
|
1.36
|
|
|
1.63
|
|
||||||
Commercial allowance for loan and lease losses as a percentage of total commercial loans and leases outstanding at December 31 (9)
|
0.96
|
|
|
0.97
|
|
|
1.05
|
|
|
1.16
|
|
|
1.11
|
|
||||||
Average loans and leases outstanding (7)
|
$
|
951,583
|
|
|
$
|
927,531
|
|
|
$
|
911,988
|
|
|
$
|
892,255
|
|
|
$
|
869,065
|
|
|
Net charge-offs as a percentage of average loans and leases outstanding (7)
|
0.38
|
%
|
|
0.41
|
%
|
|
0.44
|
%
|
|
0.43
|
%
|
|
0.50
|
%
|
||||||
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases at December 31
|
265
|
|
|
194
|
|
|
161
|
|
|
149
|
|
|
130
|
|
||||||
Ratio of the allowance for loan and lease losses at December 31 to net charge-offs
|
2.58
|
|
|
2.55
|
|
|
2.61
|
|
|
3.00
|
|
|
2.82
|
|
||||||
Amounts included in allowance for loan and lease losses for loans and leases that are excluded from nonperforming loans and leases at December 31 (10)
|
$
|
4,151
|
|
|
$
|
4,031
|
|
|
$
|
3,971
|
|
|
$
|
3,951
|
|
|
$
|
4,518
|
|
|
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 December 31 (10)
|
148
|
%
|
|
113
|
%
|
|
99
|
%
|
|
98
|
%
|
|
82
|
%
|
(6)
|
Loan and allowance ratios for 2016 include $243 million of non-U.S. credit card allowance for loan and lease losses and $9.2 billion of ending non-U.S. credit card loans, which were sold in 2017.
|
(7)
|
Outstanding loan and lease balances and ratios do not include loans accounted for under the fair value option of $8.3 billion, $4.3 billion, $5.7 billion, $7.1 billion and $6.9 billion at December 31, 2019, 2018, 2017, 2016 and 2015, respectively. Average loans accounted for under the fair value option were $6.8 billion, $5.5 billion, $6.7 billion, $8.2 billion and $7.7 billion in 2019, 2018, 2017, 2016 and 2015, respectively.
|
(8)
|
Excludes consumer loans accounted for under the fair value option of $594 million, $682 million, $928 million, $1.1 billion and $1.9 billion at December 31, 2019, 2018, 2017, 2016 and 2015, respectively.
|
(9)
|
Excludes commercial loans accounted for under the fair value option of $7.7 billion, $3.7 billion, $4.8 billion, $6.0 billion and $5.1 billion at December 31, 2019, 2018, 2017, 2016 and 2015, respectively.
|
(10)
|
Primarily includes amounts allocated to credit card and unsecured consumer lending portfolios in Consumer Banking and, in 2016 and 2015, the non-U.S. credit card portfolio in All Other.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Table VI
|
Allocation of the Allowance for Credit Losses by Product Type
|
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
December 31
|
||||||||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||||||||||||||||
(Dollars in millions)
|
Amount
|
|
Percent
of Total |
|
Amount
|
|
Percent
of Total |
|
Amount
|
|
Percent
of Total |
|
Amount
|
|
Percent
of Total |
|
Amount
|
|
Percent
of Total |
||||||||||||||||
Allowance for loan and lease losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential mortgage
|
$
|
325
|
|
|
3.45
|
%
|
|
$
|
422
|
|
|
4.40
|
%
|
|
$
|
701
|
|
|
6.74
|
%
|
|
$
|
1,012
|
|
|
8.82
|
%
|
|
$
|
1,500
|
|
|
12.26
|
%
|
|
Home equity
|
221
|
|
|
2.35
|
|
|
506
|
|
|
5.27
|
|
|
1,019
|
|
|
9.80
|
|
|
1,738
|
|
|
15.14
|
|
|
2,414
|
|
|
19.73
|
|
||||||
Credit card
|
3,710
|
|
|
39.39
|
|
|
3,597
|
|
|
37.47
|
|
|
3,368
|
|
|
32.41
|
|
|
2,934
|
|
|
25.56
|
|
|
2,927
|
|
|
23.93
|
|
||||||
Non-U.S. credit card
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
243
|
|
|
2.12
|
|
|
274
|
|
|
2.24
|
|
||||||
Direct/Indirect consumer
|
234
|
|
|
2.49
|
|
|
248
|
|
|
2.58
|
|
|
264
|
|
|
2.54
|
|
|
244
|
|
|
2.13
|
|
|
223
|
|
|
1.82
|
|
||||||
Other consumer
|
52
|
|
|
0.55
|
|
|
29
|
|
|
0.30
|
|
|
31
|
|
|
0.30
|
|
|
51
|
|
|
0.44
|
|
|
47
|
|
|
0.38
|
|
||||||
Total consumer
|
4,542
|
|
|
48.23
|
|
|
4,802
|
|
|
50.02
|
|
|
5,383
|
|
|
51.79
|
|
|
6,222
|
|
|
54.21
|
|
|
7,385
|
|
|
60.36
|
|
||||||
U.S. commercial (1)
|
3,015
|
|
|
32.02
|
|
|
3,010
|
|
|
31.35
|
|
|
3,113
|
|
|
29.95
|
|
|
3,326
|
|
|
28.97
|
|
|
2,964
|
|
|
24.23
|
|
||||||
Non-U.S. commercial
|
658
|
|
|
6.99
|
|
|
677
|
|
|
7.05
|
|
|
803
|
|
|
7.73
|
|
|
874
|
|
|
7.61
|
|
|
754
|
|
|
6.17
|
|
||||||
Commercial real estate
|
1,042
|
|
|
11.07
|
|
|
958
|
|
|
9.98
|
|
|
935
|
|
|
9.00
|
|
|
920
|
|
|
8.01
|
|
|
967
|
|
|
7.90
|
|
||||||
Commercial lease financing
|
159
|
|
|
1.69
|
|
|
154
|
|
|
1.60
|
|
|
159
|
|
|
1.53
|
|
|
138
|
|
|
1.20
|
|
|
164
|
|
|
1.34
|
|
||||||
Total commercial
|
4,874
|
|
|
51.77
|
|
|
4,799
|
|
|
49.98
|
|
|
5,010
|
|
|
48.21
|
|
|
5,258
|
|
|
45.79
|
|
|
4,849
|
|
|
39.64
|
|
||||||
Total allowance for loan and lease losses
|
9,416
|
|
|
100.00
|
%
|
|
9,601
|
|
|
100.00
|
%
|
|
10,393
|
|
|
100.00
|
%
|
|
11,480
|
|
|
100.00
|
%
|
|
12,234
|
|
|
100.00
|
%
|
||||||
Less: Allowance included in assets of business held for sale (2)
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(243
|
)
|
|
|
|
—
|
|
|
|
|||||||||||
Allowance for loan and lease losses
|
9,416
|
|
|
|
|
9,601
|
|
|
|
|
10,393
|
|
|
|
|
11,237
|
|
|
|
|
12,234
|
|
|
|
|||||||||||
Reserve for unfunded lending commitments
|
813
|
|
|
|
|
797
|
|
|
|
|
|
777
|
|
|
|
|
762
|
|
|
|
|
646
|
|
|
|
||||||||||
Allowance for credit losses
|
$
|
10,229
|
|
|
|
|
$
|
10,398
|
|
|
|
|
|
$
|
11,170
|
|
|
|
|
$
|
11,999
|
|
|
|
|
$
|
12,880
|
|
|
|
(1)
|
Includes allowance for loan and lease losses for U.S. small business commercial loans of $523 million, $474 million, $439 million, $416 million and $507 million at December 31, 2019, 2018, 2017, 2016 and 2015, respectively.
|
(2)
|
Represents allowance for loan and lease losses related to the non-U.S. credit card loan portfolio, which was sold in 2017.
|
|
|
Bank of America 84
|
Item 8. Financial Statements and Supplementary Data
|
||||
|
||||
|
||||
Table of Contents
|
|
|
Page
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
85 Bank of America
|
|
|
|
|
Bank of America 86
|
87 Bank of America
|
|
|
|
|
Bank of America 88
|
|
|
|
|
|
|
||||||
Consolidated Statement of Income
|
|||||||||||
|
|
|
|
||||||||
(In millions, except per share information)
|
2019
|
|
2018
|
|
2017
|
||||||
Net interest income
|
|
|
|
|
|
|
|||||
Interest income
|
$
|
71,236
|
|
|
$
|
66,769
|
|
|
$
|
57,579
|
|
Interest expense
|
22,345
|
|
|
18,607
|
|
|
12,340
|
|
|||
Net interest income
|
48,891
|
|
|
48,162
|
|
|
45,239
|
|
|||
|
|
|
|
|
|
||||||
Noninterest income
|
|
|
|
|
|
|
|||||
Fees and commissions
|
33,015
|
|
|
33,078
|
|
|
33,341
|
|
|||
Market making and similar activities
|
9,034
|
|
|
9,008
|
|
|
7,102
|
|
|||
Other income
|
304
|
|
|
772
|
|
|
1,444
|
|
|||
Total noninterest income
|
42,353
|
|
|
42,858
|
|
|
41,887
|
|
|||
Total revenue, net of interest expense
|
91,244
|
|
|
91,020
|
|
|
87,126
|
|
|||
|
|
|
|
|
|
||||||
Provision for credit losses
|
3,590
|
|
|
3,282
|
|
|
3,396
|
|
|||
|
|
|
|
|
|
||||||
Noninterest expense
|
|
|
|
|
|
||||||
Compensation and benefits
|
31,977
|
|
|
31,880
|
|
|
31,931
|
|
|||
Occupancy and equipment
|
6,588
|
|
|
6,380
|
|
|
6,264
|
|
|||
Information processing and communications
|
4,646
|
|
|
4,555
|
|
|
4,530
|
|
|||
Product delivery and transaction related
|
2,762
|
|
|
2,857
|
|
|
3,041
|
|
|||
Marketing
|
1,934
|
|
|
1,674
|
|
|
1,746
|
|
|||
Professional fees
|
1,597
|
|
|
1,699
|
|
|
1,888
|
|
|||
Other general operating
|
5,396
|
|
|
4,109
|
|
|
5,117
|
|
|||
Total noninterest expense
|
54,900
|
|
|
53,154
|
|
|
54,517
|
|
|||
Income before income taxes
|
32,754
|
|
|
34,584
|
|
|
29,213
|
|
|||
Income tax expense
|
5,324
|
|
|
6,437
|
|
|
10,981
|
|
|||
Net income
|
$
|
27,430
|
|
|
$
|
28,147
|
|
|
$
|
18,232
|
|
Preferred stock dividends
|
1,432
|
|
|
1,451
|
|
|
1,614
|
|
|||
Net income applicable to common shareholders
|
$
|
25,998
|
|
|
$
|
26,696
|
|
|
$
|
16,618
|
|
|
|
|
|
|
|
||||||
Per common share information
|
|
|
|
|
|
|
|||||
Earnings
|
$
|
2.77
|
|
|
$
|
2.64
|
|
|
$
|
1.63
|
|
Diluted earnings
|
2.75
|
|
|
2.61
|
|
|
1.56
|
|
|||
Average common shares issued and outstanding
|
9,390.5
|
|
|
10,096.5
|
|
|
10,195.6
|
|
|||
Average diluted common shares issued and outstanding
|
9,442.9
|
|
|
10,236.9
|
|
|
10,778.4
|
|
|
|
|
|
|
|
||||||
Consolidated Statement of Comprehensive Income
|
|
|
|||||||||
|
|
|
|
|
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2017
|
||||||
Net income
|
$
|
27,430
|
|
|
$
|
28,147
|
|
|
$
|
18,232
|
|
Other comprehensive income (loss), net-of-tax:
|
|
|
|
|
|
||||||
Net change in debt securities
|
5,875
|
|
|
(3,953
|
)
|
|
61
|
|
|||
Net change in debit valuation adjustments
|
(963
|
)
|
|
749
|
|
|
(293
|
)
|
|||
Net change in derivatives
|
616
|
|
|
(53
|
)
|
|
64
|
|
|||
Employee benefit plan adjustments
|
136
|
|
|
(405
|
)
|
|
288
|
|
|||
Net change in foreign currency translation adjustments
|
(86
|
)
|
|
(254
|
)
|
|
86
|
|
|||
Other comprehensive income (loss)
|
5,578
|
|
|
(3,916
|
)
|
|
206
|
|
|||
Comprehensive income
|
$
|
33,008
|
|
|
$
|
24,231
|
|
|
$
|
18,438
|
|
89 Bank of America
|
|
|
|
|
|
|
|
||||
Consolidated Balance Sheet
|
||||||||
|
|
December 31
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
|||||
Assets
|
|
|
|
|
|
|||
Cash and due from banks
|
$
|
30,152
|
|
|
$
|
29,063
|
|
|
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks
|
131,408
|
|
|
148,341
|
|
|||
Cash and cash equivalents
|
161,560
|
|
|
177,404
|
|
|||
Time deposits placed and other short-term investments
|
7,107
|
|
|
7,494
|
|
|||
Federal funds sold and securities borrowed or purchased under agreements to resell
(includes $50,364 and $56,399 measured at fair value)
|
274,597
|
|
|
261,131
|
|
|||
Trading account assets (includes $90,946 and $119,363 pledged as collateral)
|
229,826
|
|
|
214,348
|
|
|||
Derivative assets
|
40,485
|
|
|
43,725
|
|
|||
Debt securities:
|
|
|
|
|
||||
Carried at fair value
|
256,467
|
|
|
238,101
|
|
|||
Held-to-maturity, at cost (fair value – $219,821 and $200,435)
|
215,730
|
|
|
203,652
|
|
|||
Total debt securities
|
472,197
|
|
|
441,753
|
|
|||
Loans and leases (includes $8,335 and $4,349 measured at fair value)
|
983,426
|
|
|
946,895
|
|
|||
Allowance for loan and lease losses
|
(9,416
|
)
|
|
(9,601
|
)
|
|||
Loans and leases, net of allowance
|
974,010
|
|
|
937,294
|
|
|||
Premises and equipment, net
|
10,561
|
|
|
9,906
|
|
|||
Goodwill
|
68,951
|
|
|
68,951
|
|
|||
Loans held-for-sale (includes $3,709 and $2,942 measured at fair value)
|
9,158
|
|
|
10,367
|
|
|||
Customer and other receivables
|
55,937
|
|
|
65,814
|
|
|||
Other assets (includes $15,518 and $19,739 measured at fair value)
|
129,690
|
|
|
116,320
|
|
|||
Total assets
|
$
|
2,434,079
|
|
|
$
|
2,354,507
|
|
|
|
|
|
|
|
||||
Liabilities
|
|
|
|
|
|
|||
Deposits in U.S. offices:
|
|
|
|
|
|
|||
Noninterest-bearing
|
$
|
403,305
|
|
|
$
|
412,587
|
|
|
Interest-bearing (includes $508 and $492 measured at fair value)
|
940,731
|
|
|
891,636
|
|
|||
Deposits in non-U.S. offices:
|
|
|
|
|||||
Noninterest-bearing
|
13,719
|
|
|
14,060
|
|
|||
Interest-bearing
|
77,048
|
|
|
63,193
|
|
|||
Total deposits
|
1,434,803
|
|
|
1,381,476
|
|
|||
Federal funds purchased and securities loaned or sold under agreements to repurchase
(includes $16,008 and $28,875 measured at fair value)
|
165,109
|
|
|
186,988
|
|
|||
Trading account liabilities
|
83,270
|
|
|
68,220
|
|
|||
Derivative liabilities
|
38,229
|
|
|
37,891
|
|
|||
Short-term borrowings (includes $3,941 and $1,648 measured at fair value)
|
24,204
|
|
|
20,189
|
|
|||
Accrued expenses and other liabilities (includes $15,434 and $20,075 measured at fair value
and $813 and $797 of reserve for unfunded lending commitments)
|
182,798
|
|
|
165,026
|
|
|||
Long-term debt (includes $34,975 and $27,689 measured at fair value)
|
240,856
|
|
|
229,392
|
|
|||
Total liabilities
|
2,169,269
|
|
|
2,089,182
|
|
|||
Commitments and contingencies (Note 7 – Securitizations and Other Variable Interest Entities
and Note 13 – Commitments and Contingencies)
|
|
|
|
|
||||
Shareholders’ equity
|
|
|
|
|
||||
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 3,887,440 and 3,843,140 shares
|
23,401
|
|
|
22,326
|
|
|||
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares;
issued and outstanding – 8,836,148,954 and 9,669,286,370 shares
|
91,723
|
|
|
118,896
|
|
|||
Retained earnings
|
156,319
|
|
|
136,314
|
|
|||
Accumulated other comprehensive income (loss)
|
(6,633
|
)
|
|
(12,211
|
)
|
|||
Total shareholders’ equity
|
264,810
|
|
|
265,325
|
|
|||
Total liabilities and shareholders’ equity
|
$
|
2,434,079
|
|
|
$
|
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
|
$
|
5,811
|
|
|
$
|
5,798
|
|
|
Loans and leases
|
38,837
|
|
|
43,850
|
|
||
|
Allowance for loan and lease losses
|
(807
|
)
|
|
(912
|
)
|
||
|
Loans and leases, net of allowance
|
38,030
|
|
|
42,938
|
|
||
|
All other assets
|
540
|
|
|
337
|
|
||
|
Total assets of consolidated variable interest entities
|
$
|
44,381
|
|
|
$
|
49,073
|
|
|
Liabilities of consolidated variable interest entities included in total liabilities above
|
|
|
|
|
|
||
|
Short-term borrowings
|
$
|
2,175
|
|
|
$
|
742
|
|
|
Long-term debt (includes $8,717 and $10,943 of non-recourse debt)
|
8,718
|
|
|
10,944
|
|
||
|
All other liabilities (includes $19 and $27 of non-recourse liabilities)
|
22
|
|
|
30
|
|
||
|
Total liabilities of consolidated variable interest entities
|
$
|
10,915
|
|
|
$
|
11,716
|
|
|
|
Bank of America 90
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
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, 2016
|
$
|
25,220
|
|
|
10,052.6
|
|
|
$
|
147,038
|
|
|
$
|
101,225
|
|
|
$
|
(7,288
|
)
|
|
$
|
266,195
|
|
Net income
|
|
|
|
|
|
|
|
|
|
18,232
|
|
|
|
|
18,232
|
|
||||||
Net change in debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
61
|
|
|
61
|
|
|||||
Net change in debit valuation adjustments
|
|
|
|
|
|
|
|
|
(293
|
)
|
|
(293
|
)
|
|||||||||
Net change in derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
64
|
|
|
64
|
|
|||||
Employee benefit plan adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
288
|
|
|
288
|
|
|||||
Net change in foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
|
|
|
86
|
|
|
86
|
|
||||||
Dividends declared:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Common
|
|
|
|
|
|
|
|
(4,027
|
)
|
|
|
|
|
(4,027
|
)
|
|||||||
Preferred
|
|
|
|
|
|
|
|
|
(1,578
|
)
|
|
|
|
|
(1,578
|
)
|
||||||
Common stock issued in connection with exercise of warrants and exchange of preferred stock
|
(2,897
|
)
|
|
700.0
|
|
|
2,933
|
|
|
(36
|
)
|
|
|
|
—
|
|
||||||
Common stock issued under employee plans, net, and other
|
|
|
43.3
|
|
|
932
|
|
|
|
|
|
|
|
932
|
|
|||||||
Common stock repurchased
|
|
|
(508.6
|
)
|
|
(12,814
|
)
|
|
|
|
|
|
(12,814
|
)
|
||||||||
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
|
|
|
|
|
|
|
28,147
|
|
|
|
|
28,147
|
|
|||||||||
Net change in debt securities
|
|
|
|
|
|
|
|
|
(3,953
|
)
|
|
(3,953
|
)
|
|||||||||
Net change in debit valuation adjustments
|
|
|
|
|
|
|
|
|
749
|
|
|
749
|
|
|||||||||
Net change in derivatives
|
|
|
|
|
|
|
|
|
(53
|
)
|
|
(53
|
)
|
|||||||||
Employee benefit plan adjustments
|
|
|
|
|
|
|
|
|
(405
|
)
|
|
(405
|
)
|
|||||||||
Net change in foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
(254
|
)
|
|
(254
|
)
|
|||||||||
Dividends declared:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common
|
|
|
|
|
|
|
(5,424
|
)
|
|
|
|
(5,424
|
)
|
|||||||||
Preferred
|
|
|
|
|
|
|
(1,451
|
)
|
|
|
|
(1,451
|
)
|
|||||||||
Issuance of preferred stock
|
4,515
|
|
|
|
|
|
|
|
|
|
|
4,515
|
|
|||||||||
Redemption of preferred stock
|
(4,512
|
)
|
|
|
|
|
|
|
|
|
|
(4,512
|
)
|
|||||||||
Common stock issued under employee plans, net, and other
|
|
|
58.2
|
|
|
901
|
|
|
(12
|
)
|
|
|
|
889
|
|
|||||||
Common stock repurchased
|
|
|
(676.2
|
)
|
|
(20,094
|
)
|
|
|
|
|
|
(20,094
|
)
|
||||||||
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
|
|
|
|
|
|
|
27,430
|
|
|
|
|
27,430
|
|
|||||||||
Net change in debt securities
|
|
|
|
|
|
|
|
|
5,875
|
|
|
5,875
|
|
|||||||||
Net change in debit valuation adjustments
|
|
|
|
|
|
|
|
|
(963
|
)
|
|
(963
|
)
|
|||||||||
Net change in derivatives
|
|
|
|
|
|
|
|
|
616
|
|
|
616
|
|
|||||||||
Employee benefit plan adjustments
|
|
|
|
|
|
|
|
|
136
|
|
|
136
|
|
|||||||||
Net change in foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
(86
|
)
|
|
(86
|
)
|
|||||||||
Dividends declared:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common
|
|
|
|
|
|
|
(6,146
|
)
|
|
|
|
(6,146
|
)
|
|||||||||
Preferred
|
|
|
|
|
|
|
(1,432
|
)
|
|
|
|
(1,432
|
)
|
|||||||||
Issuance of preferred stock
|
3,643
|
|
|
|
|
|
|
|
|
|
|
3,643
|
|
|||||||||
Redemption of preferred stock
|
(2,568
|
)
|
|
|
|
|
|
|
|
|
|
(2,568
|
)
|
|||||||||
Common stock issued under employee plans, net, and other
|
|
|
123.3
|
|
|
971
|
|
|
(12
|
)
|
|
|
|
959
|
|
|||||||
Common stock repurchased
|
|
|
(956.5
|
)
|
|
(28,144
|
)
|
|
|
|
|
|
(28,144
|
)
|
||||||||
Balance, December 31, 2019
|
$
|
23,401
|
|
|
8,836.1
|
|
|
$
|
91,723
|
|
|
$
|
156,319
|
|
|
$
|
(6,633
|
)
|
|
$
|
264,810
|
|
91 Bank of America
|
|
|
|
|
|
|
|
|
||||||
Consolidated Statement of Cash Flows
|
|||||||||||
|
|
|
|
|
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2017
|
||||||
Operating activities
|
|
|
|
|
|
|
|
|
|||
Net income
|
$
|
27,430
|
|
|
$
|
28,147
|
|
|
$
|
18,232
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|||
Provision for credit losses
|
3,590
|
|
|
3,282
|
|
|
3,396
|
|
|||
Gains on sales of debt securities
|
(217
|
)
|
|
(154
|
)
|
|
(255
|
)
|
|||
Depreciation and amortization
|
1,729
|
|
|
2,063
|
|
|
2,103
|
|
|||
Net amortization of premium/discount on debt securities
|
2,066
|
|
|
1,824
|
|
|
2,251
|
|
|||
Deferred income taxes
|
2,435
|
|
|
3,041
|
|
|
8,175
|
|
|||
Stock-based compensation
|
1,974
|
|
|
1,729
|
|
|
1,649
|
|
|||
Impairment of equity method investment
|
2,072
|
|
|
—
|
|
|
—
|
|
|||
Loans held-for-sale:
|
|
|
|
|
|
||||||
Originations and purchases
|
(28,874
|
)
|
|
(28,071
|
)
|
|
(43,506
|
)
|
|||
Proceeds from sales and paydowns of loans originally classified as held for sale and instruments
from related securitization activities
|
30,191
|
|
|
28,972
|
|
|
40,548
|
|
|||
Net change in:
|
|
|
|
|
|
||||||
Trading and derivative assets/liabilities
|
7,920
|
|
|
(23,673
|
)
|
|
(14,663
|
)
|
|||
Other assets
|
(11,113
|
)
|
|
11,920
|
|
|
(20,090
|
)
|
|||
Accrued expenses and other liabilities
|
16,363
|
|
|
13,010
|
|
|
4,673
|
|
|||
Other operating activities, net
|
6,211
|
|
|
(2,570
|
)
|
|
7,351
|
|
|||
Net cash provided by operating activities
|
61,777
|
|
|
39,520
|
|
|
9,864
|
|
|||
Investing activities
|
|
|
|
|
|
|
|
|
|||
Net change in:
|
|
|
|
|
|
||||||
Time deposits placed and other short-term investments
|
387
|
|
|
3,659
|
|
|
(1,292
|
)
|
|||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
(13,466
|
)
|
|
(48,384
|
)
|
|
(14,523
|
)
|
|||
Debt securities carried at fair value:
|
|
|
|
|
|
||||||
Proceeds from sales
|
52,006
|
|
|
5,117
|
|
|
73,353
|
|
|||
Proceeds from paydowns and maturities
|
79,114
|
|
|
78,513
|
|
|
93,874
|
|
|||
Purchases
|
(152,782
|
)
|
|
(76,640
|
)
|
|
(166,975
|
)
|
|||
Held-to-maturity debt securities:
|
|
|
|
|
|
||||||
Proceeds from paydowns and maturities
|
34,770
|
|
|
18,789
|
|
|
16,653
|
|
|||
Purchases
|
(37,115
|
)
|
|
(35,980
|
)
|
|
(25,088
|
)
|
|||
Loans and leases:
|
|
|
|
|
|
||||||
Proceeds from sales of loans originally classified as held for investment and instruments
from related securitization activities
|
12,201
|
|
|
21,365
|
|
|
11,996
|
|
|||
Purchases
|
(5,963
|
)
|
|
(4,629
|
)
|
|
(6,846
|
)
|
|||
Other changes in loans and leases, net
|
(46,808
|
)
|
|
(31,292
|
)
|
|
(41,104
|
)
|
|||
Other investing activities, net
|
(2,974
|
)
|
|
(1,986
|
)
|
|
8,411
|
|
|||
Net cash used in investing activities
|
(80,630
|
)
|
|
(71,468
|
)
|
|
(51,541
|
)
|
|||
Financing activities
|
|
|
|
|
|
|
|
|
|||
Net change in:
|
|
|
|
|
|
||||||
Deposits
|
53,327
|
|
|
71,931
|
|
|
48,611
|
|
|||
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
(21,879
|
)
|
|
10,070
|
|
|
7,024
|
|
|||
Short-term borrowings
|
4,004
|
|
|
(12,478
|
)
|
|
8,538
|
|
|||
Long-term debt:
|
|
|
|
|
|
||||||
Proceeds from issuance
|
52,420
|
|
|
64,278
|
|
|
53,486
|
|
|||
Retirement
|
(50,794
|
)
|
|
(53,046
|
)
|
|
(49,480
|
)
|
|||
Preferred stock:
|
|
|
|
|
|
||||||
Proceeds from issuance
|
3,643
|
|
|
4,515
|
|
|
—
|
|
|||
Redemption
|
(2,568
|
)
|
|
(4,512
|
)
|
|
—
|
|
|||
Common stock repurchased
|
(28,144
|
)
|
|
(20,094
|
)
|
|
(12,814
|
)
|
|||
Cash dividends paid
|
(5,934
|
)
|
|
(6,895
|
)
|
|
(5,700
|
)
|
|||
Other financing activities, net
|
(698
|
)
|
|
(651
|
)
|
|
(397
|
)
|
|||
Net cash provided by financing activities
|
3,377
|
|
|
53,118
|
|
|
49,268
|
|
|||
Effect of exchange rate changes on cash and cash equivalents
|
(368
|
)
|
|
(1,200
|
)
|
|
2,105
|
|
|||
Net increase (decrease) in cash and cash equivalents
|
(15,844
|
)
|
|
19,970
|
|
|
9,696
|
|
|||
Cash and cash equivalents at January 1
|
177,404
|
|
|
157,434
|
|
|
147,738
|
|
|||
Cash and cash equivalents at December 31
|
$
|
161,560
|
|
|
$
|
177,404
|
|
|
$
|
157,434
|
|
Supplemental cash flow disclosures
|
|
|
|
|
|
||||||
Interest paid
|
$
|
22,196
|
|
|
$
|
19,087
|
|
|
$
|
12,852
|
|
Income taxes paid, net
|
4,359
|
|
|
2,470
|
|
|
3,235
|
|
|
|
Bank of America 92
|
93 Bank of America
|
|
|
|
|
Bank of America 94
|
95 Bank of America
|
|
|
|
|
Bank of America 96
|
97 Bank of America
|
|
|
|
|
Bank of America 98
|
Level 1
|
Unadjusted quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain U.S. Treasury securities that are highly liquid and are actively traded in OTC markets.
|
Level 2
|
Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts where fair value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes U.S. government and agency mortgage-backed (MBS) and asset-backed securities (ABS), corporate debt securities, derivative contracts, certain loans and LHFS.
|
Level 3
|
Unobservable inputs that are supported by little or no market activity and that are significant to the overall fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments for which the determination of fair value requires significant management judgment or estimation. The fair value for such assets and liabilities is generally determined using pricing models, discounted cash flow methodologies or similar techniques that incorporate the assumptions a market participant would use in pricing the asset or liability. This category generally includes retained residual interests in securitizations, consumer MSRs, certain ABS, highly structured, complex or long-dated derivative contracts, certain loans and LHFS, IRLCs and certain CDOs where independent pricing information cannot be obtained for a significant portion of the underlying assets.
|
99 Bank of America
|
|
|
|
|
Bank of America 100
|
|
|
|
|
|
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2017
|
||||||
Net interest income
|
|
|
|
|
|
||||||
Interest income
|
|
|
|
|
|
||||||
Loans and leases
|
$
|
43,086
|
|
|
$
|
40,811
|
|
|
$
|
36,221
|
|
Debt securities
|
11,806
|
|
|
11,724
|
|
|
10,471
|
|
|||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
4,843
|
|
|
3,176
|
|
|
2,390
|
|
|||
Trading account assets
|
5,196
|
|
|
4,811
|
|
|
4,474
|
|
|||
Other interest income
|
6,305
|
|
|
6,247
|
|
|
4,023
|
|
|||
Total interest income
|
71,236
|
|
|
66,769
|
|
|
57,579
|
|
|||
|
|
|
|
|
|
||||||
Interest expense
|
|
|
|
|
|
||||||
Deposits
|
7,188
|
|
|
4,495
|
|
|
1,931
|
|
|||
Short-term borrowings
|
7,208
|
|
|
5,839
|
|
|
3,538
|
|
|||
Trading account liabilities
|
1,249
|
|
|
1,358
|
|
|
1,204
|
|
|||
Long-term debt
|
6,700
|
|
|
6,915
|
|
|
5,667
|
|
|||
Total interest expense
|
22,345
|
|
|
18,607
|
|
|
12,340
|
|
|||
Net interest income
|
$
|
48,891
|
|
|
$
|
48,162
|
|
|
$
|
45,239
|
|
|
|
|
|
|
|
||||||
Noninterest income
|
|
|
|
|
|
||||||
Fees and commissions
|
|
|
|
|
|
||||||
Card income
|
|
|
|
|
|
||||||
Interchange fees (1)
|
$
|
3,834
|
|
|
$
|
3,866
|
|
|
$
|
3,777
|
|
Other card income
|
1,963
|
|
|
1,958
|
|
|
1,899
|
|
|||
Total card income
|
5,797
|
|
|
5,824
|
|
|
5,676
|
|
|||
Service charges
|
|
|
|
|
|
||||||
Deposit-related fees
|
6,588
|
|
|
6,667
|
|
|
6,708
|
|
|||
Lending-related fees
|
1,086
|
|
|
1,100
|
|
|
1,110
|
|
|||
Total service charges
|
7,674
|
|
|
7,767
|
|
|
7,818
|
|
|||
Investment and brokerage services
|
|
|
|
|
|
||||||
Asset management fees
|
10,241
|
|
|
10,189
|
|
|
9,310
|
|
|||
Brokerage fees
|
3,661
|
|
|
3,971
|
|
|
4,526
|
|
|||
Total investment and brokerage services
|
13,902
|
|
|
14,160
|
|
|
13,836
|
|
|||
Investment banking fees
|
|
|
|
|
|
||||||
Underwriting income
|
2,998
|
|
|
2,722
|
|
|
2,821
|
|
|||
Syndication fees
|
1,184
|
|
|
1,347
|
|
|
1,499
|
|
|||
Financial advisory services
|
1,460
|
|
|
1,258
|
|
|
1,691
|
|
|||
Total investment banking fees
|
5,642
|
|
|
5,327
|
|
|
6,011
|
|
|||
Total fees and commissions
|
33,015
|
|
|
33,078
|
|
|
33,341
|
|
|||
Market making and similar activities
|
9,034
|
|
|
9,008
|
|
|
7,102
|
|
|||
Other income
|
304
|
|
|
772
|
|
|
1,444
|
|
|||
Total noninterest income
|
$
|
42,353
|
|
|
$
|
42,858
|
|
|
$
|
41,887
|
|
(1)
|
Gross interchange fees were $10.0 billion, $9.5 billion and $8.8 billion for 2019, 2018 and 2017, respectively, and are presented net of $6.2 billion, $5.6 billion and $5.1 billion of expenses for rewards and partner payments for the same periods.
|
101 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
December 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
|
$
|
15,074.4
|
|
|
$
|
162.0
|
|
|
$
|
9.7
|
|
|
$
|
171.7
|
|
|
$
|
168.5
|
|
|
$
|
0.4
|
|
|
$
|
168.9
|
|
Futures and forwards
|
3,279.8
|
|
|
1.0
|
|
|
—
|
|
|
1.0
|
|
|
1.0
|
|
|
—
|
|
|
1.0
|
|
|||||||
Written options
|
1,767.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32.5
|
|
|
—
|
|
|
32.5
|
|
|||||||
Purchased options
|
1,673.6
|
|
|
37.4
|
|
|
—
|
|
|
37.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Foreign exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Swaps
|
1,657.7
|
|
|
30.3
|
|
|
0.7
|
|
|
31.0
|
|
|
31.7
|
|
|
0.9
|
|
|
32.6
|
|
|||||||
Spot, futures and forwards
|
3,792.7
|
|
|
35.9
|
|
|
0.1
|
|
|
36.0
|
|
|
38.7
|
|
|
0.3
|
|
|
39.0
|
|
|||||||
Written options
|
274.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.8
|
|
|
—
|
|
|
3.8
|
|
|||||||
Purchased options
|
261.6
|
|
|
4.0
|
|
|
—
|
|
|
4.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Equity contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Swaps
|
315.0
|
|
|
6.5
|
|
|
—
|
|
|
6.5
|
|
|
8.1
|
|
|
—
|
|
|
8.1
|
|
|||||||
Futures and forwards
|
125.1
|
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
|
1.1
|
|
|
—
|
|
|
1.1
|
|
|||||||
Written options
|
731.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34.6
|
|
|
—
|
|
|
34.6
|
|
|||||||
Purchased options
|
668.6
|
|
|
42.4
|
|
|
—
|
|
|
42.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Commodity contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Swaps
|
42.0
|
|
|
2.1
|
|
|
—
|
|
|
2.1
|
|
|
4.4
|
|
|
—
|
|
|
4.4
|
|
|||||||
Futures and forwards
|
61.3
|
|
|
1.7
|
|
|
—
|
|
|
1.7
|
|
|
0.4
|
|
|
—
|
|
|
0.4
|
|
|||||||
Written options
|
33.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.4
|
|
|
—
|
|
|
1.4
|
|
|||||||
Purchased options
|
37.9
|
|
|
1.4
|
|
|
—
|
|
|
1.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Credit derivatives (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Purchased credit derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Credit default swaps
|
321.6
|
|
|
2.7
|
|
|
—
|
|
|
2.7
|
|
|
5.6
|
|
|
—
|
|
|
5.6
|
|
|||||||
Total return swaps/options
|
86.6
|
|
|
0.4
|
|
|
—
|
|
|
0.4
|
|
|
1.3
|
|
|
—
|
|
|
1.3
|
|
|||||||
Written credit derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Credit default swaps
|
300.2
|
|
|
5.4
|
|
|
—
|
|
|
5.4
|
|
|
2.0
|
|
|
—
|
|
|
2.0
|
|
|||||||
Total return swaps/options
|
86.2
|
|
|
0.8
|
|
|
—
|
|
|
0.8
|
|
|
0.4
|
|
|
—
|
|
|
0.4
|
|
|||||||
Gross derivative assets/liabilities
|
|
|
$
|
334.3
|
|
|
$
|
10.5
|
|
|
$
|
344.8
|
|
|
$
|
335.5
|
|
|
$
|
1.6
|
|
|
$
|
337.1
|
|
||
Less: Legally enforceable master netting agreements
|
|
|
|
|
|
|
|
|
|
(270.4
|
)
|
|
|
|
|
|
|
|
(270.4
|
)
|
|||||||
Less: Cash collateral received/paid
|
|
|
|
|
|
|
|
|
|
(33.9
|
)
|
|
|
|
|
|
|
|
(28.5
|
)
|
|||||||
Total derivative assets/liabilities
|
|
|
|
|
|
|
|
|
|
$
|
40.5
|
|
|
|
|
|
|
|
|
$
|
38.2
|
|
(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 $2.8 billion and $309.7 billion at December 31, 2019.
|
|
|
Bank of America 102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
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.
|
103 Bank of America
|
|
|
|
|
|
|
|
|
|
|
||||||||
Offsetting of Derivatives (1)
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
Derivative
Assets
|
|
Derivative Liabilities
|
|
Derivative
Assets
|
|
Derivative Liabilities
|
||||||||
(Dollars in billions)
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||
Interest rate contracts
|
|
|
|
|
|
|
|
|
|
|
|
||||
Over-the-counter
|
$
|
203.1
|
|
|
$
|
196.6
|
|
|
$
|
174.2
|
|
|
$
|
169.4
|
|
Exchange-traded
|
0.1
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
||||
Over-the-counter cleared
|
6.0
|
|
|
5.3
|
|
|
4.8
|
|
|
4.0
|
|
||||
Foreign exchange contracts
|
|
|
|
|
|
|
|
||||||||
Over-the-counter
|
69.2
|
|
|
73.1
|
|
|
82.5
|
|
|
86.3
|
|
||||
Over-the-counter cleared
|
0.5
|
|
|
0.5
|
|
|
0.9
|
|
|
0.9
|
|
||||
Equity contracts
|
|
|
|
|
|
|
|
||||||||
Over-the-counter
|
21.3
|
|
|
17.8
|
|
|
24.6
|
|
|
14.6
|
|
||||
Exchange-traded
|
26.4
|
|
|
22.8
|
|
|
16.1
|
|
|
15.1
|
|
||||
Commodity contracts
|
|
|
|
|
|
|
|
||||||||
Over-the-counter
|
2.8
|
|
|
4.2
|
|
|
3.5
|
|
|
4.5
|
|
||||
Exchange-traded
|
0.8
|
|
|
0.8
|
|
|
1.0
|
|
|
0.9
|
|
||||
Over-the-counter cleared
|
—
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
||||
Credit derivatives
|
|
|
|
|
|
|
|
||||||||
Over-the-counter
|
6.4
|
|
|
6.6
|
|
|
7.7
|
|
|
8.2
|
|
||||
Over-the-counter cleared
|
2.5
|
|
|
2.2
|
|
|
2.5
|
|
|
2.3
|
|
||||
Total gross derivative assets/liabilities, before netting
|
|
|
|
|
|
|
|
||||||||
Over-the-counter
|
302.8
|
|
|
298.3
|
|
|
292.5
|
|
|
283.0
|
|
||||
Exchange-traded
|
27.3
|
|
|
23.7
|
|
|
17.1
|
|
|
16.0
|
|
||||
Over-the-counter cleared
|
9.0
|
|
|
8.1
|
|
|
8.2
|
|
|
7.2
|
|
||||
Less: Legally enforceable master netting agreements and cash collateral received/paid
|
|
|
|
|
|
|
|
||||||||
Over-the-counter
|
(274.7
|
)
|
|
(269.3
|
)
|
|
(264.4
|
)
|
|
(259.2
|
)
|
||||
Exchange-traded
|
(21.5
|
)
|
|
(21.5
|
)
|
|
(13.5
|
)
|
|
(13.5
|
)
|
||||
Over-the-counter cleared
|
(8.1
|
)
|
|
(8.1
|
)
|
|
(7.2
|
)
|
|
(7.2
|
)
|
||||
Derivative assets/liabilities, after netting
|
34.8
|
|
|
31.2
|
|
|
32.7
|
|
|
26.3
|
|
||||
Other gross derivative assets/liabilities (2)
|
5.7
|
|
|
7.0
|
|
|
11.0
|
|
|
11.6
|
|
||||
Total derivative assets/liabilities
|
40.5
|
|
|
38.2
|
|
|
43.7
|
|
|
37.9
|
|
||||
Less: Financial instruments collateral (3)
|
(14.6
|
)
|
|
(16.1
|
)
|
|
(16.3
|
)
|
|
(8.6
|
)
|
||||
Total net derivative assets/liabilities
|
$
|
25.9
|
|
|
$
|
22.1
|
|
|
$
|
27.4
|
|
|
$
|
29.3
|
|
(1)
|
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.
|
|
|
Bank of America 104
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gains and Losses on Derivatives Designated as Fair Value Hedges
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Derivative
|
|
Hedged Item
|
||||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
Interest rate risk on long-term debt (1)
|
$
|
6,113
|
|
|
$
|
(1,538
|
)
|
|
$
|
(1,537
|
)
|
|
$
|
(6,110
|
)
|
|
$
|
1,429
|
|
|
$
|
1,045
|
|
Interest rate and foreign currency risk on long-term debt (2)
|
119
|
|
|
(1,187
|
)
|
|
1,811
|
|
|
(101
|
)
|
|
1,079
|
|
|
(1,767
|
)
|
||||||
Interest rate risk on available-for-sale securities (3)
|
(102
|
)
|
|
(52
|
)
|
|
(67
|
)
|
|
98
|
|
|
50
|
|
|
35
|
|
||||||
Total
|
$
|
6,130
|
|
|
$
|
(2,777
|
)
|
|
$
|
207
|
|
|
$
|
(6,113
|
)
|
|
$
|
2,558
|
|
|
$
|
(687
|
)
|
(1)
|
Amounts are recorded in interest expense in the Consolidated Statement of Income.
|
(2)
|
In 2019, 2018 and 2017, the derivative amount includes gains (losses) of $73 million, $(116) million and $(365) million in interest expense, $28 million, $(992) million and $2.2 billion in market making and similar activities, and $18 million and $(79) million in accumulated OCI, respectively. Line item totals are in the Consolidated Statement of Income and in the Consolidated Balance Sheet.
|
(3)
|
Amounts are recorded in interest income in the Consolidated Statement of Income.
|
|
|
|
|
|
|
|
|
||||||||
Designated Fair Value Hedged Assets (Liabilities)
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Carrying Value
|
|
Cumulative
Fair Value Adjustments (1)
|
|
Carrying Value
|
|
Cumulative
Fair Value Adjustments (1)
|
||||||||
(Dollars in millions)
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||
Long-term debt (2)
|
$
|
(162,389
|
)
|
|
$
|
(8,685
|
)
|
|
$
|
(138,682
|
)
|
|
$
|
(2,117
|
)
|
Available-for-sale debt securities (2)
|
1,654
|
|
|
64
|
|
|
981
|
|
|
(29
|
)
|
(1)
|
For assets, increase (decrease) to carrying value and for liabilities, (increase) decrease to carrying value.
|
(2)
|
At December 31, 2019 and 2018, the cumulative fair value adjustments remaining on long-term debt and AFS debt securities from discontinued hedging relationships resulted in a decrease in the related liability of $1.3 billion and $1.6 billion and an increase (decrease) in the related asset of $8 million and $(29) million, which are being amortized over the remaining contractual life of the de-designated hedged items.
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gains and Losses on Derivatives Designated as Cash Flow and Net Investment Hedges
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Gains (Losses) in
Accumulated OCI on Derivatives
|
|
Gains (Losses) in Income
Reclassified from Accumulated OCI
|
||||||||||||||||||||
(Dollars in millions, amounts pretax)
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
Cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Interest rate risk on variable-rate assets (1)
|
$
|
671
|
|
|
$
|
(159
|
)
|
|
$
|
(109
|
)
|
|
$
|
(104
|
)
|
|
$
|
(165
|
)
|
|
$
|
(327
|
)
|
Price risk on certain compensation plans (2)
|
34
|
|
|
4
|
|
|
59
|
|
|
(2
|
)
|
|
27
|
|
|
148
|
|
||||||
Total
|
$
|
705
|
|
|
$
|
(155
|
)
|
|
$
|
(50
|
)
|
|
$
|
(106
|
)
|
|
$
|
(138
|
)
|
|
$
|
(179
|
)
|
Net investment hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Foreign exchange risk (3)
|
$
|
22
|
|
|
$
|
989
|
|
|
$
|
(1,588
|
)
|
|
$
|
366
|
|
|
$
|
411
|
|
|
$
|
1,782
|
|
(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. Amounts excluded from effectiveness testing and recognized in market making and similar activities were gains of $154 million, $47 million and $120 million in 2019, 2018 and 2017, respectively.
|
105 Bank of America
|
|
|
|
|
|
|
|
|
||||||
Gains and Losses on Other Risk Management Derivatives
|
|||||||||||
|
|
|
|
|
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2017
|
||||||
Interest rate risk on mortgage activities (1, 2)
|
$
|
315
|
|
|
$
|
(107
|
)
|
|
$
|
8
|
|
Credit risk on loans (2)
|
(58
|
)
|
|
9
|
|
|
(6
|
)
|
|||
Interest rate and foreign currency risk on ALM activities (3)
|
1,112
|
|
|
3,278
|
|
|
(1,318
|
)
|
|||
Price risk on certain compensation plans (4)
|
943
|
|
|
(495
|
)
|
|
704
|
|
(1)
|
Primarily related to hedges of interest rate risk on MSRs and 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 $73 million, $47 million and $220 million in 2019, 2018 and 2017, respectively.
|
(2)
|
Gains (losses) on these derivatives are recorded in other income.
|
(3)
|
Gains (losses) on these derivatives are recorded in market making and similar activities. Prior-period amounts have been updated to conform to the current-period presentation.
|
(4)
|
Gains (losses) on these derivatives are recorded in compensation and benefits expense.
|
|
|
|
|
|
|
|
|
||||||||
Sales and Trading Revenue
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Market making and similar activities
|
|
Net Interest
Income
|
|
Other (1)
|
|
Total
|
||||||||
(Dollars in millions)
|
2019
|
||||||||||||||
Interest rate risk
|
$
|
916
|
|
|
$
|
1,831
|
|
|
$
|
121
|
|
|
$
|
2,868
|
|
Foreign exchange risk
|
1,300
|
|
|
54
|
|
|
43
|
|
|
1,397
|
|
||||
Equity risk
|
3,565
|
|
|
(638
|
)
|
|
1,574
|
|
|
4,501
|
|
||||
Credit risk
|
1,158
|
|
|
1,800
|
|
|
511
|
|
|
3,469
|
|
||||
Other risk
|
123
|
|
|
75
|
|
|
57
|
|
|
255
|
|
||||
Total sales and trading revenue
|
$
|
7,062
|
|
|
$
|
3,122
|
|
|
$
|
2,306
|
|
|
$
|
12,490
|
|
|
|
|
|
|
|
|
|
||||||||
|
2018
|
||||||||||||||
Interest rate risk
|
$
|
784
|
|
|
$
|
1,696
|
|
|
$
|
259
|
|
|
$
|
2,739
|
|
Foreign exchange risk
|
1,486
|
|
|
11
|
|
|
14
|
|
|
1,511
|
|
||||
Equity risk
|
3,874
|
|
|
(662
|
)
|
|
1,644
|
|
|
4,856
|
|
||||
Credit risk
|
1,063
|
|
|
1,861
|
|
|
588
|
|
|
3,512
|
|
||||
Other risk
|
50
|
|
|
202
|
|
|
53
|
|
|
305
|
|
||||
Total sales and trading revenue
|
$
|
7,257
|
|
|
$
|
3,108
|
|
|
$
|
2,558
|
|
|
$
|
12,923
|
|
|
|
|
|
|
|
|
|
||||||||
|
2017
|
||||||||||||||
Interest rate risk
|
$
|
429
|
|
|
$
|
1,846
|
|
|
$
|
248
|
|
|
$
|
2,523
|
|
Foreign exchange risk
|
1,409
|
|
|
12
|
|
|
9
|
|
|
1,430
|
|
||||
Equity risk
|
2,598
|
|
|
(427
|
)
|
|
1,904
|
|
|
4,075
|
|
||||
Credit risk
|
1,685
|
|
|
1,945
|
|
|
578
|
|
|
4,208
|
|
||||
Other risk
|
79
|
|
|
170
|
|
|
75
|
|
|
324
|
|
||||
Total sales and trading revenue
|
$
|
6,200
|
|
|
$
|
3,546
|
|
|
$
|
2,814
|
|
|
$
|
12,560
|
|
(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 $1.7 billion, $1.7 billion and $2.0 billion in 2019, 2018 and 2017, respectively.
|
|
|
Bank of America 106
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Credit Derivative Instruments
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Less than
One Year
|
|
One to
Three Years
|
|
Three to
Five Years
|
|
Over Five
Years
|
|
Total
|
||||||||||
|
December 31, 2019
|
||||||||||||||||||
(Dollars in millions)
|
Carrying Value
|
||||||||||||||||||
Credit default swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
60
|
|
|
$
|
164
|
|
|
$
|
229
|
|
Non-investment grade
|
70
|
|
|
292
|
|
|
561
|
|
|
808
|
|
|
1,731
|
|
|||||
Total
|
70
|
|
|
297
|
|
|
621
|
|
|
972
|
|
|
1,960
|
|
|||||
Total return swaps/options:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
35
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|||||
Non-investment grade
|
344
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
344
|
|
|||||
Total
|
379
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
379
|
|
|||||
Total credit derivatives
|
$
|
449
|
|
|
$
|
297
|
|
|
$
|
621
|
|
|
$
|
972
|
|
|
$
|
2,339
|
|
Credit-related notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
1
|
|
|
$
|
639
|
|
|
$
|
643
|
|
Non-investment grade
|
6
|
|
|
2
|
|
|
1
|
|
|
1,125
|
|
|
1,134
|
|
|||||
Total credit-related notes
|
$
|
6
|
|
|
$
|
5
|
|
|
$
|
2
|
|
|
$
|
1,764
|
|
|
$
|
1,777
|
|
|
Maximum Payout/Notional
|
||||||||||||||||||
Credit default swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
$
|
55,827
|
|
|
$
|
67,838
|
|
|
$
|
71,320
|
|
|
$
|
17,708
|
|
|
$
|
212,693
|
|
Non-investment grade
|
19,049
|
|
|
26,521
|
|
|
29,618
|
|
|
12,337
|
|
|
87,525
|
|
|||||
Total
|
74,876
|
|
|
94,359
|
|
|
100,938
|
|
|
30,045
|
|
|
300,218
|
|
|||||
Total return swaps/options:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
56,488
|
|
|
—
|
|
|
62
|
|
|
76
|
|
|
56,626
|
|
|||||
Non-investment grade
|
28,707
|
|
|
657
|
|
|
104
|
|
|
60
|
|
|
29,528
|
|
|||||
Total
|
85,195
|
|
|
657
|
|
|
166
|
|
|
136
|
|
|
86,154
|
|
|||||
Total credit derivatives
|
$
|
160,071
|
|
|
$
|
95,016
|
|
|
$
|
101,104
|
|
|
$
|
30,181
|
|
|
$
|
386,372
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
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
|
|
107 Bank of America
|
|
|
|
|
|
|
||||
Additional Collateral Required to be Posted Upon Downgrade at December 31, 2019
|
|||||||
|
|
|
|
||||
(Dollars in millions)
|
One
incremental notch
|
|
Second
incremental notch
|
||||
Bank of America Corporation
|
$
|
480
|
|
|
$
|
491
|
|
Bank of America, N.A. and subsidiaries (1)
|
222
|
|
|
353
|
|
(1)
|
Included in Bank of America Corporation collateral requirements in this table.
|
|
|
|
|
||||
Derivative Liabilities Subject to Unilateral Termination Upon Downgrade at December 31, 2019
|
|||||||
|
|
|
|
||||
(Dollars in millions)
|
One
incremental notch
|
|
Second
incremental notch
|
||||
Derivative liabilities
|
$
|
57
|
|
|
$
|
783
|
|
Collateral posted
|
42
|
|
|
411
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Valuation Adjustments Gains (Losses) on Derivatives (1)
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||
|
Gross
|
Net
|
|
Gross
|
Net
|
|
Gross
|
Net
|
||||||||||||
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||
Derivative assets (CVA)
|
$
|
72
|
|
$
|
45
|
|
|
$
|
77
|
|
$
|
187
|
|
|
$
|
330
|
|
$
|
98
|
|
Derivative assets/liabilities (FVA)
|
(2
|
)
|
46
|
|
|
(15
|
)
|
14
|
|
|
160
|
|
178
|
|
||||||
Derivative liabilities (DVA)
|
(147
|
)
|
(135
|
)
|
|
(19
|
)
|
(55
|
)
|
|
(324
|
)
|
(281
|
)
|
(1)
|
At December 31, 2019, 2018 and 2017, cumulative CVA reduced the derivative assets balance by $528 million, $600 million and $677 million, cumulative FVA reduced the net derivatives balance by $153 million, $151 million and $136 million, and cumulative DVA reduced the derivative liabilities balance by $285 million, $432 million and $450 million, respectively.
|
|
|
Bank of America 108
|
|
|
|
|
|
|
|
|
||||||||
Debt Securities
|
|
|
|
|
|||||||||||
|
|
||||||||||||||
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
(Dollars in millions)
|
December 31, 2019
|
||||||||||||||
Available-for-sale debt securities
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|||||||
Agency
|
$
|
121,698
|
|
|
$
|
1,013
|
|
|
$
|
(183
|
)
|
|
$
|
122,528
|
|
Agency-collateralized mortgage obligations
|
4,587
|
|
|
78
|
|
|
(24
|
)
|
|
4,641
|
|
||||
Commercial
|
14,797
|
|
|
249
|
|
|
(25
|
)
|
|
15,021
|
|
||||
Non-agency residential (1)
|
948
|
|
|
138
|
|
|
(9
|
)
|
|
1,077
|
|
||||
Total mortgage-backed securities
|
142,030
|
|
|
1,478
|
|
|
(241
|
)
|
|
143,267
|
|
||||
U.S. Treasury and agency securities
|
67,700
|
|
|
1,023
|
|
|
(195
|
)
|
|
68,528
|
|
||||
Non-U.S. securities
|
11,987
|
|
|
6
|
|
|
(2
|
)
|
|
11,991
|
|
||||
Other taxable securities, substantially all asset-backed securities
|
3,874
|
|
|
67
|
|
|
—
|
|
|
3,941
|
|
||||
Total taxable securities
|
225,591
|
|
|
2,574
|
|
|
(438
|
)
|
|
227,727
|
|
||||
Tax-exempt securities
|
17,716
|
|
|
202
|
|
|
(6
|
)
|
|
17,912
|
|
||||
Total available-for-sale debt securities
|
243,307
|
|
|
2,776
|
|
|
(444
|
)
|
|
245,639
|
|
||||
Other debt securities carried at fair value (2)
|
10,596
|
|
|
255
|
|
|
(23
|
)
|
|
10,828
|
|
||||
Total debt securities carried at fair value
|
253,903
|
|
|
3,031
|
|
|
(467
|
)
|
|
256,467
|
|
||||
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities
|
215,730
|
|
|
4,433
|
|
|
(342
|
)
|
|
219,821
|
|
||||
Total debt securities (3, 4)
|
$
|
469,633
|
|
|
$
|
7,464
|
|
|
$
|
(809
|
)
|
|
$
|
476,288
|
|
|
|
|
|
|
|
|
|
||||||||
|
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 (2)
|
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 (3, 4)
|
$
|
446,527
|
|
|
$
|
1,418
|
|
|
$
|
(9,409
|
)
|
|
$
|
438,536
|
|
(1)
|
At December 31, 2019 and 2018, the underlying collateral type included approximately 49 percent and 68 percent prime, six percent and four percent Alt-A and 45 percent and 28 percent subprime.
|
(2)
|
Primarily includes non-U.S. securities used to satisfy certain international regulatory requirements. Any changes in value are reported in other income. For detail on the components, see Note 21 – Fair Value Measurements.
|
(3)
|
Includes securities pledged as collateral of $67.0 billion and $40.6 billion at December 31, 2019 and 2018.
|
(4)
|
The Corporation held debt securities from FNMA and FHLMC that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $157.2 billion and $54.1 billion, and a fair value of $160.6 billion and $55.1 billion at December 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.
|
|
|
|
|
|
|
||||||
Gains and Losses on Sales of AFS Debt Securities
|
|||||||||||
|
|
|
|
||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2017
|
||||||
Gross gains
|
$
|
336
|
|
|
$
|
169
|
|
|
$
|
352
|
|
Gross losses
|
(119
|
)
|
|
(15
|
)
|
|
(97
|
)
|
|||
Net gains on sales of AFS debt securities
|
$
|
217
|
|
|
$
|
154
|
|
|
$
|
255
|
|
Income tax expense attributable to realized net gains on sales of AFS debt securities
|
$
|
54
|
|
|
$
|
37
|
|
|
$
|
97
|
|
109 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
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)
|
December 31, 2019
|
||||||||||||||||||||||
Temporarily impaired AFS debt securities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Agency
|
$
|
17,641
|
|
|
$
|
(41
|
)
|
|
$
|
17,238
|
|
|
$
|
(142
|
)
|
|
$
|
34,879
|
|
|
$
|
(183
|
)
|
Agency-collateralized mortgage obligations
|
255
|
|
|
(1
|
)
|
|
925
|
|
|
(23
|
)
|
|
1,180
|
|
|
(24
|
)
|
||||||
Commercial
|
2,180
|
|
|
(22
|
)
|
|
442
|
|
|
(3
|
)
|
|
2,622
|
|
|
(25
|
)
|
||||||
Non-agency residential
|
19
|
|
|
(1
|
)
|
|
1
|
|
|
—
|
|
|
20
|
|
|
(1
|
)
|
||||||
Total mortgage-backed securities
|
20,095
|
|
|
(65
|
)
|
|
18,606
|
|
|
(168
|
)
|
|
38,701
|
|
|
(233
|
)
|
||||||
U.S. Treasury and agency securities
|
12,836
|
|
|
(71
|
)
|
|
18,866
|
|
|
(124
|
)
|
|
31,702
|
|
|
(195
|
)
|
||||||
Non-U.S. securities
|
851
|
|
|
—
|
|
|
837
|
|
|
(2
|
)
|
|
1,688
|
|
|
(2
|
)
|
||||||
Other taxable securities, substantially all asset-backed securities
|
938
|
|
|
—
|
|
|
222
|
|
|
—
|
|
|
1,160
|
|
|
—
|
|
||||||
Total taxable securities
|
34,720
|
|
|
(136
|
)
|
|
38,531
|
|
|
(294
|
)
|
|
73,251
|
|
|
(430
|
)
|
||||||
Tax-exempt securities
|
4,286
|
|
|
(5
|
)
|
|
190
|
|
|
(1
|
)
|
|
4,476
|
|
|
(6
|
)
|
||||||
Total temporarily impaired AFS debt securities
|
39,006
|
|
|
(141
|
)
|
|
38,721
|
|
|
(295
|
)
|
|
77,727
|
|
|
(436
|
)
|
||||||
Other-than-temporarily impaired AFS debt securities (1)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-agency residential mortgage-backed securities
|
103
|
|
|
(5
|
)
|
|
21
|
|
|
(3
|
)
|
|
124
|
|
|
(8
|
)
|
||||||
Total temporarily impaired and other-than-temporarily impaired
AFS debt securities
|
$
|
39,109
|
|
|
$
|
(146
|
)
|
|
$
|
38,742
|
|
|
$
|
(298
|
)
|
|
$
|
77,851
|
|
|
$
|
(444
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
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.
|
|
|
Bank of America 110
|
|
|
|
|
|
|
|||
Significant Assumptions
|
||||||||
|
|
|
|
|||||
|
|
|
Range (1)
|
|||||
|
Weighted
average |
|
10th
Percentile (2)
|
|
90th
Percentile (2)
|
|||
Prepayment speed
|
16.6
|
%
|
|
5.5
|
%
|
|
27.8
|
%
|
Loss severity
|
14.7
|
|
|
8.0
|
|
|
30.7
|
|
Life default rate
|
11.9
|
|
|
1.0
|
|
|
36.5
|
|
(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
|
$
|
—
|
|
|
—
|
%
|
|
$
|
11
|
|
|
5.25
|
%
|
|
$
|
66
|
|
|
4.56
|
%
|
|
$
|
124,618
|
|
|
3.24
|
%
|
|
$
|
124,695
|
|
|
3.24
|
%
|
Agency-collateralized mortgage obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|
2.48
|
|
|
4,560
|
|
|
3.16
|
|
|
4,587
|
|
|
3.16
|
|
|||||
Commercial
|
—
|
|
|
—
|
|
|
3,806
|
|
|
2.37
|
|
|
10,136
|
|
|
2.57
|
|
|
868
|
|
|
2.99
|
|
|
14,810
|
|
|
2.54
|
|
|||||
Non-agency residential
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
2,157
|
|
|
9.26
|
|
|
2,169
|
|
|
9.22
|
|
|||||
Total mortgage-backed securities
|
—
|
|
|
—
|
|
|
3,817
|
|
|
2.38
|
|
|
10,241
|
|
|
2.58
|
|
|
132,203
|
|
|
3.33
|
|
|
146,261
|
|
|
3.25
|
|
|||||
U.S. Treasury and agency securities
|
1,350
|
|
|
0.92
|
|
|
35,544
|
|
|
1.67
|
|
|
30,789
|
|
|
2.25
|
|
|
20
|
|
|
2.45
|
|
|
67,703
|
|
|
1.92
|
|
|||||
Non-U.S. securities
|
15,648
|
|
|
1.17
|
|
|
2,598
|
|
|
1.03
|
|
|
7
|
|
|
4.17
|
|
|
96
|
|
|
6.74
|
|
|
18,349
|
|
|
1.18
|
|
|||||
Other taxable securities, substantially all asset-backed securities
|
1,189
|
|
|
2.80
|
|
|
1,650
|
|
|
3.02
|
|
|
440
|
|
|
3.32
|
|
|
595
|
|
|
2.91
|
|
|
3,874
|
|
|
2.97
|
|
|||||
Total taxable securities
|
18,187
|
|
|
1.26
|
|
|
43,609
|
|
|
1.74
|
|
|
41,477
|
|
|
2.34
|
|
|
132,914
|
|
|
3.34
|
|
|
236,187
|
|
|
2.70
|
|
|||||
Tax-exempt securities
|
2,189
|
|
|
1.72
|
|
|
7,472
|
|
|
2.10
|
|
|
4,849
|
|
|
2.06
|
|
|
3,206
|
|
|
2.44
|
|
|
17,716
|
|
|
2.10
|
|
|||||
Total amortized cost of debt securities carried at fair value
|
$
|
20,376
|
|
|
1.31
|
|
|
$
|
51,081
|
|
|
1.79
|
|
|
$
|
46,326
|
|
|
2.31
|
|
|
$
|
136,120
|
|
|
3.32
|
|
|
$
|
253,903
|
|
|
2.67
|
|
Amortized cost of HTM debt securities (2)
|
$
|
1,025
|
|
|
2.83
|
|
|
$
|
48
|
|
|
3.57
|
|
|
$
|
1,102
|
|
|
2.57
|
|
|
$
|
213,555
|
|
|
3.19
|
|
|
$
|
215,730
|
|
|
3.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Debt securities carried at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Agency
|
$
|
—
|
|
|
|
|
|
$
|
11
|
|
|
|
|
|
$
|
71
|
|
|
|
|
|
$
|
125,449
|
|
|
|
|
|
$
|
125,531
|
|
|
|
|
Agency-collateralized mortgage obligations
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
26
|
|
|
|
|
|
4,615
|
|
|
|
|
|
4,641
|
|
|
|
|
|||||
Commercial
|
—
|
|
|
|
|
|
3,854
|
|
|
|
|
|
10,287
|
|
|
|
|
|
893
|
|
|
|
|
|
15,034
|
|
|
|
|
|||||
Non-agency residential
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
25
|
|
|
|
|
|
2,386
|
|
|
|
|
|
2,411
|
|
|
|
|
|||||
Total mortgage-backed securities
|
—
|
|
|
|
|
3,865
|
|
|
|
|
10,409
|
|
|
|
|
133,343
|
|
|
|
|
147,617
|
|
|
|
||||||||||
U.S. Treasury and agency securities
|
1,347
|
|
|
|
|
35,686
|
|
|
|
|
31,478
|
|
|
|
|
20
|
|
|
|
|
68,531
|
|
|
|
||||||||||
Non-U.S. securities
|
15,751
|
|
|
|
|
|
2,606
|
|
|
|
|
|
8
|
|
|
|
|
|
98
|
|
|
|
|
|
18,463
|
|
|
|
|
|||||
Other taxable securities, substantially all asset-backed securities
|
1,196
|
|
|
|
|
|
1,687
|
|
|
|
|
|
465
|
|
|
|
|
|
596
|
|
|
|
|
|
3,944
|
|
|
|
|
|||||
Total taxable securities
|
18,294
|
|
|
|
|
|
43,844
|
|
|
|
|
|
42,360
|
|
|
|
|
|
134,057
|
|
|
|
|
|
238,555
|
|
|
|
|
|||||
Tax-exempt securities
|
2,192
|
|
|
|
|
|
7,509
|
|
|
|
|
|
4,976
|
|
|
|
|
|
3,235
|
|
|
|
|
|
17,912
|
|
|
|
|
|||||
Total debt securities carried at fair value
|
$
|
20,486
|
|
|
|
|
|
$
|
51,353
|
|
|
|
|
|
$
|
47,336
|
|
|
|
|
|
$
|
137,292
|
|
|
|
|
|
$
|
256,467
|
|
|
|
|
Fair value of HTM debt securities (2)
|
$
|
1,025
|
|
|
|
|
$
|
48
|
|
|
|
|
$
|
1,113
|
|
|
|
|
$
|
217,635
|
|
|
|
|
$
|
219,821
|
|
|
|
(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.
|
111 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, 2019
|
||||||||||||||||||||||||||
Consumer real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Residential mortgage
|
$
|
1,378
|
|
|
$
|
261
|
|
|
$
|
565
|
|
|
$
|
2,204
|
|
|
$
|
223,566
|
|
|
|
|
$
|
225,770
|
|
||
Home equity
|
135
|
|
|
70
|
|
|
198
|
|
|
403
|
|
|
34,823
|
|
|
|
|
35,226
|
|
||||||||
Non-core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Residential mortgage
|
458
|
|
|
209
|
|
|
1,263
|
|
|
1,930
|
|
|
8,469
|
|
|
|
|
10,399
|
|
||||||||
Home equity
|
34
|
|
|
16
|
|
|
72
|
|
|
122
|
|
|
4,860
|
|
|
|
|
4,982
|
|
||||||||
Credit card and other consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Credit card
|
564
|
|
|
429
|
|
|
1,042
|
|
|
2,035
|
|
|
95,573
|
|
|
|
|
97,608
|
|
||||||||
Direct/Indirect consumer (4)
|
297
|
|
|
85
|
|
|
35
|
|
|
417
|
|
|
90,581
|
|
|
|
|
90,998
|
|
||||||||
Other consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
192
|
|
|
|
|
192
|
|
||||||||
Total consumer
|
2,866
|
|
|
1,070
|
|
|
3,175
|
|
|
7,111
|
|
|
458,064
|
|
|
|
|
465,175
|
|
||||||||
Consumer loans accounted for under the fair value option (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
594
|
|
|
594
|
|
||||||
Total consumer loans and leases
|
2,866
|
|
|
1,070
|
|
|
3,175
|
|
|
7,111
|
|
|
458,064
|
|
|
594
|
|
|
465,769
|
|
|||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
U.S. commercial
|
788
|
|
|
279
|
|
|
371
|
|
|
1,438
|
|
|
305,610
|
|
|
|
|
307,048
|
|
||||||||
Non-U.S. commercial
|
35
|
|
|
23
|
|
|
8
|
|
|
66
|
|
|
104,900
|
|
|
|
|
104,966
|
|
||||||||
Commercial real estate (6)
|
144
|
|
|
19
|
|
|
119
|
|
|
282
|
|
|
62,407
|
|
|
|
|
62,689
|
|
||||||||
Commercial lease financing
|
100
|
|
|
56
|
|
|
39
|
|
|
195
|
|
|
19,685
|
|
|
|
|
19,880
|
|
||||||||
U.S. small business commercial
|
119
|
|
|
56
|
|
|
107
|
|
|
282
|
|
|
15,051
|
|
|
|
|
15,333
|
|
||||||||
Total commercial
|
1,186
|
|
|
433
|
|
|
644
|
|
|
2,263
|
|
|
507,653
|
|
|
|
|
509,916
|
|
||||||||
Commercial loans accounted for under the fair value option (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,741
|
|
|
7,741
|
|
|||||||
Total commercial loans and leases
|
1,186
|
|
|
433
|
|
|
644
|
|
|
2,263
|
|
|
507,653
|
|
|
7,741
|
|
|
517,657
|
|
|||||||
Total loans and leases (7)
|
$
|
4,052
|
|
|
$
|
1,503
|
|
|
$
|
3,819
|
|
|
$
|
9,374
|
|
|
$
|
965,717
|
|
|
$
|
8,335
|
|
|
$
|
983,426
|
|
Percentage of outstandings
|
0.41
|
%
|
|
0.15
|
%
|
|
0.39
|
%
|
|
0.95
|
%
|
|
98.20
|
%
|
|
0.85
|
%
|
|
100.00
|
%
|
(1)
|
Consumer real estate loans 30-59 days past due includes fully-insured loans of $517 million and nonperforming loans of $139 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $206 million and nonperforming loans of $114 million.
|
(2)
|
Consumer real estate includes fully-insured loans of $1.1 billion.
|
(3)
|
Consumer real estate includes $856 million and direct/indirect consumer includes $45 million of nonperforming loans.
|
(4)
|
Total outstandings primarily includes auto and specialty lending loans and leases of $50.4 billion, U.S. securities-based lending loans of $36.7 billion and non-U.S. consumer loans of $2.8 billion.
|
(5)
|
Consumer loans accounted for under the fair value option includes residential mortgage loans of $257 million and home equity loans of $337 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $4.7 billion and non-U.S. commercial loans of $3.1 billion. For more information, see Note 21 – Fair Value Measurements and Note 22 – Fair Value Option.
|
(6)
|
Total outstandings includes U.S. commercial real estate loans of $59.0 billion and non-U.S. commercial real estate loans of $3.7 billion.
|
(7)
|
Total outstandings includes loans and leases pledged as collateral of $25.9 billion. The Corporation also pledged $168.2 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank.
|
|
|
Bank of America 112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
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 primarily includes auto and specialty lending loans and leases of $50.1 billion, U.S. securities-based lending loans of $37.0 billion and non-U.S. consumer loans of $2.9 billion.
|
(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 more information, see Note 21 – Fair Value Measurements and Note 22 – 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 Federal Home Loan Bank.
|
113 Bank of America
|
|
|
|
|
|
|
|
|
|
|
||||||||
Credit Quality
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Nonperforming Loans
and Leases
|
|
Accruing Past Due
90 Days or More
|
||||||||||||
|
December 31
|
||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Consumer real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||
Core portfolio
|
|
|
|
|
|
|
|
||||||||
Residential mortgage (1)
|
$
|
883
|
|
|
$
|
1,010
|
|
|
$
|
176
|
|
|
$
|
274
|
|
Home equity
|
363
|
|
|
955
|
|
|
—
|
|
|
—
|
|
||||
Non-core portfolio
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential mortgage (1)
|
587
|
|
|
883
|
|
|
912
|
|
|
1,610
|
|
||||
Home equity
|
173
|
|
|
938
|
|
|
—
|
|
|
—
|
|
||||
Credit card and other consumer
|
|
|
|
|
|
|
|
|
|
||||||
Credit card
|
n/a
|
|
|
n/a
|
|
|
1,042
|
|
|
994
|
|
||||
Direct/Indirect consumer
|
47
|
|
|
56
|
|
|
33
|
|
|
38
|
|
||||
Total consumer
|
2,053
|
|
|
3,842
|
|
|
2,163
|
|
|
2,916
|
|
||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. commercial
|
1,094
|
|
|
794
|
|
|
106
|
|
|
197
|
|
||||
Non-U.S. commercial
|
43
|
|
|
80
|
|
|
8
|
|
|
—
|
|
||||
Commercial real estate
|
280
|
|
|
156
|
|
|
19
|
|
|
4
|
|
||||
Commercial lease financing
|
32
|
|
|
18
|
|
|
20
|
|
|
29
|
|
||||
U.S. small business commercial
|
50
|
|
|
54
|
|
|
97
|
|
|
84
|
|
||||
Total commercial
|
1,499
|
|
|
1,102
|
|
|
250
|
|
|
314
|
|
||||
Total loans and leases
|
$
|
3,552
|
|
|
$
|
4,944
|
|
|
$
|
2,413
|
|
|
$
|
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 December 31, 2019 and 2018, residential mortgage includes $740 million and $1.4 billion of loans on which interest has been curtailed by the FHA and therefore are no longer accruing interest, although principal is still insured, and $348 million and $498 million of loans on which interest is still accruing.
|
|
|
Bank of America 114
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
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)
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||||||||||
Refreshed LTV
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Less than or equal to 90 percent
|
$
|
205,357
|
|
|
$
|
7,433
|
|
|
$
|
34,733
|
|
|
$
|
4,127
|
|
|
$
|
173,911
|
|
|
$
|
10,272
|
|
|
$
|
39,246
|
|
|
$
|
6,478
|
|
Greater than 90 percent but less than or equal to 100 percent
|
3,100
|
|
|
273
|
|
|
226
|
|
|
348
|
|
|
2,349
|
|
|
533
|
|
|
354
|
|
|
715
|
|
||||||||
Greater than 100 percent
|
1,049
|
|
|
267
|
|
|
267
|
|
|
507
|
|
|
817
|
|
|
545
|
|
|
410
|
|
|
1,083
|
|
||||||||
Fully-insured loans (2)
|
16,264
|
|
|
2,426
|
|
|
|
|
|
|
16,618
|
|
|
3,512
|
|
|
|
|
|
||||||||||||
Total consumer real estate
|
$
|
225,770
|
|
|
$
|
10,399
|
|
|
$
|
35,226
|
|
|
$
|
4,982
|
|
|
$
|
193,695
|
|
|
$
|
14,862
|
|
|
$
|
40,010
|
|
|
$
|
8,276
|
|
Refreshed FICO score
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Less than 620
|
$
|
2,127
|
|
|
$
|
1,230
|
|
|
$
|
751
|
|
|
$
|
541
|
|
|
$
|
2,125
|
|
|
$
|
1,974
|
|
|
$
|
1,064
|
|
|
$
|
1,503
|
|
Greater than or equal to 620 and less than 680
|
4,821
|
|
|
1,053
|
|
|
1,550
|
|
|
800
|
|
|
4,538
|
|
|
1,719
|
|
|
2,008
|
|
|
1,720
|
|
||||||||
Greater than or equal to 680 and less than 740
|
26,905
|
|
|
1,981
|
|
|
6,025
|
|
|
1,412
|
|
|
23,841
|
|
|
3,042
|
|
|
7,008
|
|
|
2,188
|
|
||||||||
Greater than or equal to 740
|
175,653
|
|
|
3,709
|
|
|
26,900
|
|
|
2,229
|
|
|
146,573
|
|
|
4,615
|
|
|
29,930
|
|
|
2,865
|
|
||||||||
Fully-insured loans (2)
|
16,264
|
|
|
2,426
|
|
|
|
|
|
|
16,618
|
|
|
3,512
|
|
|
|
|
|
||||||||||||
Total consumer real estate
|
$
|
225,770
|
|
|
$
|
10,399
|
|
|
$
|
35,226
|
|
|
$
|
4,982
|
|
|
$
|
193,695
|
|
|
$
|
14,862
|
|
|
$
|
40,010
|
|
|
$
|
8,276
|
|
(1)
|
Excludes $594 million and $682 million of loans accounted for under the fair value option at December 31, 2019 and 2018.
|
(2)
|
Credit quality indicators are not reported for fully-insured loans as principal repayment is insured.
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Credit Card and Other Consumer – Credit Quality Indicators
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Credit
Card
|
|
Direct/Indirect
Consumer
|
|
Other Consumer
|
|
Credit
Card |
|
Direct/Indirect
Consumer |
|
Other Consumer
|
||||||||||||
(Dollars in millions)
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
Refreshed FICO score
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Less than 620
|
$
|
5,179
|
|
|
$
|
1,720
|
|
|
|
|
$
|
5,016
|
|
|
$
|
1,719
|
|
|
|
||||
Greater than or equal to 620 and less than 680
|
12,277
|
|
|
2,734
|
|
|
|
|
12,415
|
|
|
3,124
|
|
|
|
||||||||
Greater than or equal to 680 and less than 740
|
35,301
|
|
|
8,460
|
|
|
|
|
35,781
|
|
|
8,921
|
|
|
|
||||||||
Greater than or equal to 740
|
44,851
|
|
|
37,825
|
|
|
|
|
45,126
|
|
|
36,709
|
|
|
|
||||||||
Other internal credit metrics (1, 2)
|
|
|
40,259
|
|
|
$
|
192
|
|
|
|
|
40,693
|
|
|
$
|
202
|
|
||||||
Total credit card and other consumer
|
$
|
97,608
|
|
|
$
|
90,998
|
|
|
$
|
192
|
|
|
$
|
98,338
|
|
|
$
|
91,166
|
|
|
$
|
202
|
|
(1)
|
Other internal credit metrics may include delinquency status, geography or other factors.
|
(2)
|
Direct/indirect consumer includes $39.6 billion and $39.9 billion of securities-based lending which is overcollateralized and therefore has minimal credit risk at December 31, 2019 and 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)
|
December 31, 2019
|
||||||||||||||||||
Risk ratings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pass rated
|
$
|
299,380
|
|
|
$
|
104,051
|
|
|
$
|
61,598
|
|
|
$
|
19,551
|
|
|
$
|
231
|
|
Reservable criticized
|
7,668
|
|
|
915
|
|
|
1,091
|
|
|
329
|
|
|
18
|
|
|||||
Refreshed FICO score
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Less than 620
|
|
|
|
|
|
|
|
|
|
308
|
|
||||||||
Greater than or equal to 620 and less than 680
|
|
|
|
|
|
|
|
|
756
|
|
|||||||||
Greater than or equal to 680 and less than 740
|
|
|
|
|
|
|
|
|
2,267
|
|
|||||||||
Greater than or equal to 740
|
|
|
|
|
|
|
|
|
4,607
|
|
|||||||||
Other internal credit metrics (3)
|
|
|
|
|
|
|
|
|
7,146
|
|
|||||||||
Total commercial
|
$
|
307,048
|
|
|
$
|
104,966
|
|
|
$
|
62,689
|
|
|
$
|
19,880
|
|
|
$
|
15,333
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
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
|
|
|
|
|
|
|
|
|
|
|
|||||||||
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)
|
|
|
|
|
|
|
|
|
6,873
|
|
|||||||||
Total commercial
|
$
|
299,277
|
|
|
$
|
98,776
|
|
|
$
|
60,845
|
|
|
$
|
22,534
|
|
|
$
|
14,565
|
|
(1)
|
Excludes $7.7 billion and $3.7 billion of loans accounted for under the fair value option at December 31, 2019 and 2018.
|
(2)
|
At December 31, 2019 and 2018, U.S. small business commercial includes $715 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. Refreshed FICO score and other internal credit metrics are applicable only to the U.S. small business commercial portfolio.
|
(3)
|
Other internal credit metrics may include delinquency status, application scores, geography or other factors. At both December 31, 2019 and 2018, 99 percent of the balances where internal credit metrics are used were current or less than 30 days past due.
|
115 Bank of America
|
|
|
|
|
Bank of America 116
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Impaired Loans – Consumer Real Estate
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Unpaid
Principal
Balance
|
|
Carrying
Value
|
|
Related
Allowance
|
|
Unpaid
Principal
Balance
|
|
Carrying
Value
|
|
Related
Allowance
|
||||||||||||
(Dollars in millions)
|
|
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
With no recorded allowance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residential mortgage
|
|
|
|
|
$
|
4,224
|
|
|
$
|
3,354
|
|
|
$
|
—
|
|
|
$
|
5,396
|
|
|
$
|
4,268
|
|
|
$
|
—
|
|
Home equity
|
|
|
|
|
1,176
|
|
|
706
|
|
|
—
|
|
|
2,948
|
|
|
1,599
|
|
|
—
|
|
||||||
With an allowance recorded
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Residential mortgage
|
|
|
|
|
$
|
1,426
|
|
|
$
|
1,399
|
|
|
$
|
70
|
|
|
$
|
1,977
|
|
|
$
|
1,929
|
|
|
$
|
114
|
|
Home equity
|
|
|
|
|
543
|
|
|
523
|
|
|
69
|
|
|
812
|
|
|
760
|
|
|
144
|
|
||||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential mortgage
|
|
|
|
|
$
|
5,650
|
|
|
$
|
4,753
|
|
|
$
|
70
|
|
|
$
|
7,373
|
|
|
$
|
6,197
|
|
|
$
|
114
|
|
Home equity
|
|
|
|
|
1,719
|
|
|
1,229
|
|
|
69
|
|
|
3,760
|
|
|
2,359
|
|
|
144
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Average
Carrying Value |
|
Interest
Income Recognized (1) |
|
Average
Carrying Value |
|
Interest
Income Recognized (1) |
|
Average
Carrying Value |
|
Interest
Income Recognized (1) |
||||||||||||
|
|
|
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||
With no recorded allowance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage
|
|
|
|
|
$
|
3,831
|
|
|
$
|
155
|
|
|
$
|
5,424
|
|
|
$
|
207
|
|
|
$
|
7,737
|
|
|
$
|
311
|
|
Home equity
|
|
|
|
|
1,221
|
|
|
76
|
|
|
1,894
|
|
|
105
|
|
|
1,997
|
|
|
109
|
|
||||||
With an allowance recorded
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage
|
|
|
|
|
$
|
1,635
|
|
|
$
|
62
|
|
|
$
|
2,409
|
|
|
$
|
91
|
|
|
$
|
3,414
|
|
|
$
|
123
|
|
Home equity
|
|
|
|
|
637
|
|
|
22
|
|
|
861
|
|
|
25
|
|
|
858
|
|
|
24
|
|
||||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage
|
|
|
|
|
$
|
5,466
|
|
|
$
|
217
|
|
|
$
|
7,833
|
|
|
$
|
298
|
|
|
$
|
11,151
|
|
|
$
|
434
|
|
Home equity
|
|
|
|
|
1,858
|
|
|
98
|
|
|
2,755
|
|
|
130
|
|
|
2,855
|
|
|
133
|
|
(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 2019, 2018 and 2017
|
|||||||||||||||||||||
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
Unpaid Principal Balance
|
|
Carrying
Value |
|
Pre-Modification Interest Rate
|
|
Post-Modification Interest Rate (1)
|
||||||
(Dollars in millions)
|
|
|
December 31, 2019
|
||||||||||||||||||
Residential mortgage
|
|
|
|
|
|
|
|
|
$
|
464
|
|
|
$
|
377
|
|
|
4.19
|
%
|
|
4.13
|
%
|
Home equity
|
|
|
|
|
|
|
|
|
141
|
|
|
101
|
|
|
5.04
|
|
|
4.31
|
|
||
Total
|
|
|
|
|
|
|
|
|
$
|
605
|
|
|
$
|
478
|
|
|
4.39
|
|
|
4.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
December 31, 2018
|
||||||||||||||||||
Residential mortgage
|
|
|
|
|
|
|
|
|
$
|
774
|
|
|
$
|
641
|
|
|
4.33
|
%
|
|
4.21
|
%
|
Home equity
|
|
|
|
|
|
|
|
|
489
|
|
|
358
|
|
|
4.46
|
|
|
3.74
|
|
||
Total
|
|
|
|
|
|
|
|
|
$
|
1,263
|
|
|
$
|
999
|
|
|
4.38
|
|
|
4.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
December 31, 2017
|
||||||||||||||||||
Residential mortgage
|
|
|
|
|
|
|
|
|
$
|
824
|
|
|
$
|
712
|
|
|
4.43
|
%
|
|
4.16
|
%
|
Home equity
|
|
|
|
|
|
|
|
|
764
|
|
|
590
|
|
|
4.22
|
|
|
3.49
|
|
||
Total
|
|
|
|
|
|
|
|
|
$
|
1,588
|
|
|
$
|
1,302
|
|
|
4.33
|
|
|
3.83
|
|
(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.
|
117 Bank of America
|
|
|
|
|
|
|
|
|
||||||
Consumer Real Estate – Modification Programs
|
|
|
|
|
|||||||
|
|
|
|
|
|
||||||
|
TDRs Entered into During
|
||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2017
|
||||||
Modifications under government programs (1)
|
$
|
35
|
|
|
$
|
61
|
|
|
$
|
85
|
|
Modifications under proprietary programs (1)
|
174
|
|
|
523
|
|
|
437
|
|
|||
Loans discharged in Chapter 7 bankruptcy (2)
|
68
|
|
|
130
|
|
|
211
|
|
|||
Trial modifications
|
201
|
|
|
285
|
|
|
569
|
|
|||
Total modifications
|
$
|
478
|
|
|
$
|
999
|
|
|
$
|
1,302
|
|
(1)
|
Includes other modifications such as term or payment extensions and repayment plans. During 2018, this included $198 million of modifications that met the definition of a TDR related to the 2017 hurricanes; there were no such modifications in 2019 or 2017. These modifications were written down to their net realizable value less costs to sell or were fully insured as of December 31, 2018.
|
(2)
|
Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs.
|
|
|
|
|
|
|
|
|
||||||
Consumer Real Estate – TDRs Entering Payment Default that were Modified During the Preceding 12 Months
|
|||||||||||||
|
|
|
|
|
|
|
|
||||||
(Dollars in millions)
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Modifications under government programs
|
|
|
$
|
26
|
|
|
$
|
39
|
|
|
$
|
81
|
|
Modifications under proprietary programs
|
|
|
88
|
|
|
158
|
|
|
138
|
|
|||
Loans discharged in Chapter 7 bankruptcy (1)
|
|
|
30
|
|
|
64
|
|
|
116
|
|
|||
Trial modifications (2)
|
|
|
57
|
|
|
107
|
|
|
391
|
|
|||
Total modifications
|
|
|
$
|
201
|
|
|
$
|
368
|
|
|
$
|
726
|
|
(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)
|
|||||||||||||||||||||||||||||||||
(Dollars in millions)
|
|
December 31, 2019
|
|
December 31, 2018
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||||||||||
With no recorded allowance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Direct/Indirect consumer
|
|
$
|
73
|
|
|
$
|
32
|
|
|
$
|
—
|
|
|
$
|
72
|
|
|
$
|
33
|
|
|
$
|
—
|
|
|
$
|
33
|
|
|
$
|
30
|
|
|
$
|
21
|
|
With an allowance recorded
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Credit card (3)
|
|
$
|
633
|
|
|
$
|
647
|
|
|
$
|
188
|
|
|
$
|
522
|
|
|
$
|
533
|
|
|
$
|
154
|
|
|
$
|
594
|
|
|
$
|
491
|
|
|
$
|
511
|
|
(1)
|
Includes accrued interest and fees.
|
(2)
|
The related interest income recognized, which 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 was considered collectible, was not significant in 2019, 2018 and 2017.
|
(3)
|
The average carrying value in 2017 includes $47 million related to the non-U.S. credit card portfolio, which was sold in the second quarter of 2017.
|
|
|
Bank of America 118
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Credit Card and Other Consumer – TDRs by Program Type at December 31
|
|||||||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||
|
Credit Card
|
|
Direct/Indirect Consumer
|
|
Total TDRs by Program Type
|
||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||
Internal programs
|
$
|
339
|
|
|
$
|
259
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
339
|
|
|
$
|
259
|
|
External programs
|
308
|
|
|
273
|
|
|
—
|
|
|
—
|
|
|
308
|
|
|
273
|
|
||||||
Other
|
—
|
|
|
1
|
|
|
32
|
|
|
33
|
|
|
32
|
|
|
34
|
|
||||||
Total
|
$
|
647
|
|
|
$
|
533
|
|
|
$
|
32
|
|
|
$
|
33
|
|
|
$
|
679
|
|
|
$
|
566
|
|
Percent of balances current or less than 30 days past due
|
85
|
%
|
|
85
|
%
|
|
78
|
%
|
|
81
|
%
|
|
84
|
%
|
|
85
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Credit Card and Other Consumer – TDRs Entered into During 2019, 2018 and 2017
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
Unpaid Principal Balance
|
|
Carrying
Value (1)
|
|
Pre-Modification Interest Rate
|
|
Post-Modification Interest Rate
|
||||||
(Dollars in millions)
|
|
|
December 31, 2019
|
||||||||||||||||||
Credit card
|
|
|
|
|
|
|
|
|
$
|
340
|
|
|
$
|
355
|
|
|
19.18
|
%
|
|
5.35
|
%
|
Direct/Indirect consumer
|
|
|
|
|
|
|
|
|
40
|
|
|
21
|
|
|
5.23
|
|
|
5.21
|
|
||
Total
|
|
|
|
|
|
|
|
|
$
|
380
|
|
|
$
|
376
|
|
|
18.42
|
|
|
5.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
December 31, 2018
|
||||||||||||||||||
Credit card
|
|
|
|
|
|
|
|
|
$
|
278
|
|
|
$
|
292
|
|
|
19.49
|
%
|
|
5.24
|
%
|
Direct/Indirect consumer
|
|
|
|
|
|
|
|
|
42
|
|
|
23
|
|
|
5.10
|
|
|
4.95
|
|
||
Total
|
|
|
|
|
|
|
|
|
$
|
320
|
|
|
$
|
315
|
|
|
18.45
|
|
|
5.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
December 31, 2017
|
||||||||||||
Credit card
|
|
|
|
|
|
|
|
|
$
|
203
|
|
|
$
|
213
|
|
|
18.47
|
%
|
|
5.32
|
%
|
Non-U.S. credit card
|
|
|
|
|
|
|
|
|
37
|
|
|
22
|
|
|
4.81
|
|
|
4.30
|
|
||
Total
|
|
|
|
|
|
|
|
|
$
|
240
|
|
|
$
|
235
|
|
|
17.17
|
|
|
5.22
|
|
(1)
|
Includes accrued interest and fees.
|
119 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Impaired Loans – Commercial
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
Unpaid
Principal
Balance
|
|
Carrying
Value
|
|
Related
Allowance
|
|
Unpaid
Principal
Balance
|
|
Carrying
Value
|
|
Related
Allowance
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
Average Carrying Value (1)
|
||||||||||||||||||||||||||||
(Dollars in millions)
|
|
|
December 31, 2019
|
|
December 31, 2018
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||||||||||
With no recorded allowance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
U.S. commercial
|
|
|
$
|
534
|
|
|
$
|
520
|
|
|
$
|
—
|
|
|
$
|
638
|
|
|
$
|
616
|
|
|
$
|
—
|
|
|
$
|
635
|
|
|
$
|
655
|
|
|
$
|
772
|
|
Non-U.S. commercial
|
|
|
123
|
|
|
123
|
|
|
—
|
|
|
93
|
|
|
93
|
|
|
—
|
|
|
79
|
|
|
43
|
|
|
46
|
|
|||||||||
Commercial real estate
|
|
|
67
|
|
|
58
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
96
|
|
|
44
|
|
|
69
|
|
|||||||||
Commercial lease financing
|
|
|
12
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
3
|
|
|
—
|
|
|||||||||
With an allowance recorded
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
U.S. commercial
|
|
|
$
|
1,776
|
|
|
$
|
1,574
|
|
|
$
|
216
|
|
|
$
|
1,437
|
|
|
$
|
1,270
|
|
|
$
|
121
|
|
|
$
|
1,316
|
|
|
$
|
1,162
|
|
|
$
|
1,260
|
|
Non-U.S. commercial
|
|
|
113
|
|
|
113
|
|
|
9
|
|
|
155
|
|
|
149
|
|
|
30
|
|
|
218
|
|
|
327
|
|
|
463
|
|
|||||||||
Commercial real estate
|
|
|
322
|
|
|
236
|
|
|
64
|
|
|
247
|
|
|
162
|
|
|
16
|
|
|
149
|
|
|
46
|
|
|
73
|
|
|||||||||
Commercial lease financing
|
|
|
57
|
|
|
51
|
|
|
1
|
|
|
71
|
|
|
71
|
|
|
—
|
|
|
73
|
|
|
42
|
|
|
8
|
|
|||||||||
U.S. small business commercial (2)
|
|
91
|
|
|
77
|
|
|
30
|
|
|
83
|
|
|
72
|
|
|
29
|
|
|
75
|
|
|
73
|
|
|
73
|
|
||||||||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
U.S. commercial
|
|
|
$
|
2,310
|
|
|
$
|
2,094
|
|
|
$
|
216
|
|
|
$
|
2,075
|
|
|
$
|
1,886
|
|
|
$
|
121
|
|
|
$
|
1,951
|
|
|
$
|
1,817
|
|
|
$
|
2,032
|
|
Non-U.S. commercial
|
|
|
236
|
|
|
236
|
|
|
9
|
|
|
248
|
|
|
242
|
|
|
30
|
|
|
297
|
|
|
370
|
|
|
509
|
|
|||||||||
Commercial real estate
|
|
|
389
|
|
|
294
|
|
|
64
|
|
|
247
|
|
|
162
|
|
|
16
|
|
|
245
|
|
|
90
|
|
|
142
|
|
|||||||||
Commercial lease financing
|
|
|
69
|
|
|
63
|
|
|
1
|
|
|
71
|
|
|
71
|
|
|
—
|
|
|
78
|
|
|
45
|
|
|
8
|
|
|||||||||
U.S. small business commercial (2)
|
|
91
|
|
|
77
|
|
|
30
|
|
|
83
|
|
|
72
|
|
|
29
|
|
|
75
|
|
|
73
|
|
|
73
|
|
(1)
|
The related interest income recognized, which 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 was considered collectible, was not significant in 2019, 2018 and 2017.
|
(2)
|
Includes U.S. small business commercial renegotiated TDR loans and related allowance.
|
|
|
|
|
|
|
|
|
||||||||
|
Consumer
Real Estate |
|
Credit Card and Other Consumer
|
|
Commercial
|
|
Total
|
||||||||
(Dollars in millions)
|
2019
|
||||||||||||||
Allowance for loan and lease losses, January 1
|
$
|
928
|
|
|
$
|
3,874
|
|
|
$
|
4,799
|
|
|
$
|
9,601
|
|
Loans and leases charged off
|
(522
|
)
|
|
(4,302
|
)
|
|
(822
|
)
|
|
(5,646
|
)
|
||||
Recoveries of loans and leases previously charged off
|
927
|
|
|
911
|
|
|
160
|
|
|
1,998
|
|
||||
Net charge-offs
|
405
|
|
|
(3,391
|
)
|
|
(662
|
)
|
|
(3,648
|
)
|
||||
Provision for loan and lease losses
|
(680
|
)
|
|
3,512
|
|
|
742
|
|
|
3,574
|
|
||||
Other (1)
|
(107
|
)
|
|
1
|
|
|
(5
|
)
|
|
(111
|
)
|
||||
Allowance for loan and lease losses, December 31
|
546
|
|
|
3,996
|
|
|
4,874
|
|
|
9,416
|
|
||||
Reserve for unfunded lending commitments, January 1
|
—
|
|
|
—
|
|
|
797
|
|
|
797
|
|
||||
Provision for unfunded lending commitments
|
—
|
|
|
—
|
|
|
16
|
|
|
16
|
|
||||
Reserve for unfunded lending commitments, December 31
|
—
|
|
|
—
|
|
|
813
|
|
|
813
|
|
||||
Allowance for credit losses, December 31
|
$
|
546
|
|
|
$
|
3,996
|
|
|
$
|
5,687
|
|
|
$
|
10,229
|
|
|
|
|
|
|
|
|
|
||||||||
|
2018
|
||||||||||||||
Allowance for loan and lease losses, January 1
|
$
|
1,720
|
|
|
$
|
3,663
|
|
|
$
|
5,010
|
|
|
$
|
10,393
|
|
Loans and leases charged off
|
(690
|
)
|
|
(4,037
|
)
|
|
(675
|
)
|
|
(5,402
|
)
|
||||
Recoveries of loans and leases previously charged off
|
664
|
|
|
823
|
|
|
152
|
|
|
1,639
|
|
||||
Net charge-offs
|
(26
|
)
|
|
(3,214
|
)
|
|
(523
|
)
|
|
(3,763
|
)
|
||||
Provision for loan and lease losses
|
(492
|
)
|
|
3,441
|
|
|
313
|
|
|
3,262
|
|
||||
Other (1)
|
(274
|
)
|
|
(16
|
)
|
|
(1
|
)
|
|
(291
|
)
|
||||
Allowance for loan and lease losses, December 31
|
928
|
|
|
3,874
|
|
|
4,799
|
|
|
9,601
|
|
||||
Reserve for unfunded lending commitments, January 1
|
—
|
|
|
—
|
|
|
777
|
|
|
777
|
|
||||
Provision for unfunded lending commitments
|
—
|
|
|
—
|
|
|
20
|
|
|
20
|
|
||||
Reserve for unfunded lending commitments, December 31
|
—
|
|
|
—
|
|
|
797
|
|
|
797
|
|
||||
Allowance for credit losses, December 31
|
$
|
928
|
|
|
$
|
3,874
|
|
|
$
|
5,596
|
|
|
$
|
10,398
|
|
|
|
|
|
|
|
|
|
||||||||
|
2017
|
||||||||||||||
Allowance for loan and lease losses, January 1
|
$
|
2,750
|
|
|
$
|
3,229
|
|
|
$
|
5,258
|
|
|
$
|
11,237
|
|
Loans and leases charged off
|
(770
|
)
|
|
(3,774
|
)
|
|
(1,075
|
)
|
|
(5,619
|
)
|
||||
Recoveries of loans and leases previously charged off
|
657
|
|
|
809
|
|
|
174
|
|
|
1,640
|
|
||||
Net charge-offs
|
(113
|
)
|
|
(2,965
|
)
|
|
(901
|
)
|
|
(3,979
|
)
|
||||
Provision for loan and lease losses
|
(710
|
)
|
|
3,437
|
|
|
654
|
|
|
3,381
|
|
||||
Other (1)
|
(207
|
)
|
|
(38
|
)
|
|
(1
|
)
|
|
(246
|
)
|
||||
Allowance for loan and lease losses, December 31
|
1,720
|
|
|
3,663
|
|
|
5,010
|
|
|
10,393
|
|
||||
Reserve for unfunded lending commitments, January 1
|
—
|
|
|
—
|
|
|
762
|
|
|
762
|
|
||||
Provision for unfunded lending commitments
|
—
|
|
|
—
|
|
|
15
|
|
|
15
|
|
||||
Reserve for unfunded lending commitments, December 31
|
—
|
|
|
—
|
|
|
777
|
|
|
777
|
|
||||
Allowance for credit losses, December 31
|
$
|
1,720
|
|
|
$
|
3,663
|
|
|
$
|
5,787
|
|
|
$
|
11,170
|
|
(1)
|
Primarily represents write-offs of purchased credit-impaired loans, the net impact of portfolio sales, and transfers to LHFS.
|
|
|
Bank of America 120
|
|
|
|
|
|
|
|
|
||||||||
|
Consumer
Real Estate |
|
Credit Card and Other Consumer
|
|
Commercial
|
|
Total
|
||||||||
(Dollars in millions)
|
December 31, 2019
|
||||||||||||||
Impaired loans and troubled debt restructurings (1)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allowance for loan and lease losses
|
$
|
139
|
|
|
$
|
188
|
|
|
$
|
320
|
|
|
$
|
647
|
|
Carrying value (2)
|
5,982
|
|
|
679
|
|
|
2,764
|
|
|
9,425
|
|
||||
Allowance as a percentage of carrying value
|
2.32
|
%
|
|
27.69
|
%
|
|
11.58
|
%
|
|
6.86
|
%
|
||||
Loans collectively evaluated for impairment
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allowance for loan and lease losses
|
$
|
407
|
|
|
$
|
3,808
|
|
|
$
|
4,554
|
|
|
$
|
8,769
|
|
Carrying value (2, 3)
|
270,395
|
|
|
188,119
|
|
|
507,152
|
|
|
965,666
|
|
||||
Allowance as a percentage of carrying value (3)
|
0.15
|
%
|
|
2.02
|
%
|
|
0.90
|
%
|
|
0.91
|
%
|
||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allowance for loan and lease losses
|
$
|
546
|
|
|
$
|
3,996
|
|
|
$
|
4,874
|
|
|
$
|
9,416
|
|
Carrying value (2, 3)
|
276,377
|
|
|
188,798
|
|
|
509,916
|
|
|
975,091
|
|
||||
Allowance as a percentage of carrying value (3)
|
0.20
|
%
|
|
2.12
|
%
|
|
0.96
|
%
|
|
0.97
|
%
|
||||
|
|
|
|
|
|
|
|
||||||||
|
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 $8.3 billion and $4.3 billion at December 31, 2019 and 2018.
|
121 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
First-lien Mortgage Securitizations
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Residential Mortgage - Agency
|
|
Commercial Mortgage
|
||||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
Proceeds from loan sales (1)
|
$
|
6,858
|
|
|
$
|
5,801
|
|
|
$
|
16,161
|
|
|
$
|
8,661
|
|
|
$
|
6,991
|
|
|
$
|
5,887
|
|
Gains on securitizations (2)
|
27
|
|
|
62
|
|
|
158
|
|
|
103
|
|
|
101
|
|
|
91
|
|
||||||
Repurchases from securitization trusts (3)
|
881
|
|
|
1,485
|
|
|
2,713
|
|
|
—
|
|
|
—
|
|
|
—
|
|
(1)
|
The Corporation transfers residential mortgage loans to securitizations sponsored primarily by the GSEs or 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 $64 million, $71 million and $243 million, net of hedges, during 2019, 2018 and 2017, respectively, 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
First-lien Mortgage VIEs
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Residential Mortgage
|
|
|
|
|
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
Non-agency
|
|
|
|
|
|
|||||||||||||||||||||||
|
Agency
|
|
Prime
|
|
Subprime
|
|
Alt-A
|
|
Commercial Mortgage
|
|||||||||||||||||||||||||
|
December 31
|
|||||||||||||||||||||||||||||||||
(Dollars in millions)
|
2019
|
2018
|
|
2019
|
2018
|
|
2019
|
2018
|
|
2019
|
2018
|
|
2019
|
2018
|
||||||||||||||||||||
Unconsolidated VIEs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Maximum loss exposure (1)
|
$
|
12,554
|
|
$
|
16,011
|
|
|
$
|
340
|
|
$
|
448
|
|
|
$
|
1,622
|
|
$
|
1,897
|
|
|
$
|
98
|
|
$
|
217
|
|
|
$
|
1,036
|
|
$
|
767
|
|
On-balance sheet assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Senior securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading account assets
|
$
|
627
|
|
$
|
460
|
|
|
$
|
5
|
|
$
|
30
|
|
|
$
|
54
|
|
$
|
36
|
|
|
$
|
24
|
|
$
|
90
|
|
|
$
|
65
|
|
$
|
97
|
|
Debt securities carried at fair value
|
6,392
|
|
9,381
|
|
|
193
|
|
246
|
|
|
1,178
|
|
1,470
|
|
|
72
|
|
125
|
|
|
—
|
|
—
|
|
||||||||||
Held-to-maturity securities
|
5,535
|
|
6,170
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
809
|
|
528
|
|
||||||||||
All other assets
|
—
|
|
—
|
|
|
2
|
|
3
|
|
|
49
|
|
37
|
|
|
2
|
|
2
|
|
|
38
|
|
40
|
|
||||||||||
Total retained positions
|
$
|
12,554
|
|
$
|
16,011
|
|
|
$
|
200
|
|
$
|
279
|
|
|
$
|
1,281
|
|
$
|
1,543
|
|
|
$
|
98
|
|
$
|
217
|
|
|
$
|
912
|
|
$
|
665
|
|
Principal balance outstanding (2)
|
$
|
160,226
|
|
$
|
187,512
|
|
|
$
|
7,268
|
|
$
|
8,954
|
|
|
$
|
8,594
|
|
$
|
8,719
|
|
|
$
|
19,878
|
|
$
|
23,467
|
|
|
$
|
60,129
|
|
$
|
43,593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Consolidated VIEs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Maximum loss exposure (1)
|
$
|
10,857
|
|
$
|
13,296
|
|
|
$
|
5
|
|
$
|
7
|
|
|
$
|
44
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
76
|
|
On-balance sheet assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading account assets
|
$
|
780
|
|
$
|
1,318
|
|
|
$
|
116
|
|
$
|
150
|
|
|
$
|
149
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
76
|
|
Loans and leases, net
|
9,917
|
|
11,858
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||||
All other assets
|
161
|
|
143
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||||
Total assets
|
$
|
10,858
|
|
$
|
13,319
|
|
|
$
|
116
|
|
$
|
150
|
|
|
$
|
149
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
76
|
|
Total liabilities
|
$
|
4
|
|
$
|
26
|
|
|
$
|
111
|
|
$
|
143
|
|
|
$
|
105
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
(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 more information, see Note 13 – Commitments and Contingencies and Note 21 – 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.
|
|
|
Bank of America 122
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Home Equity Loan, Credit Card and Other Asset-backed VIEs
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Home Equity (1)
|
|
Credit Card (2, 3)
|
|
Resecuritization Trusts
|
|
Municipal Bond Trusts
|
||||||||||||||||||||
|
December 31
|
||||||||||||||||||||||||||
(Dollars in millions)
|
2019
|
2018
|
|
2019
|
2018
|
|
2019
|
2018
|
|
2019
|
2018
|
||||||||||||||||
Unconsolidated VIEs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Maximum loss exposure
|
$
|
412
|
|
$
|
908
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
7,526
|
|
$
|
7,647
|
|
|
$
|
3,701
|
|
$
|
2,150
|
|
On-balance sheet assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Senior securities (4):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading account assets
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
2,188
|
|
$
|
1,419
|
|
|
$
|
—
|
|
$
|
26
|
|
Debt securities carried at fair value
|
11
|
|
27
|
|
|
—
|
|
—
|
|
|
1,126
|
|
1,337
|
|
|
—
|
|
—
|
|
||||||||
Held-to-maturity securities
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
4,212
|
|
4,891
|
|
|
—
|
|
—
|
|
||||||||
Total retained positions
|
$
|
11
|
|
$
|
27
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
7,526
|
|
$
|
7,647
|
|
|
$
|
—
|
|
$
|
26
|
|
Total assets of VIEs (5)
|
$
|
1,023
|
|
$
|
1,813
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
21,234
|
|
$
|
16,949
|
|
|
$
|
4,395
|
|
$
|
2,829
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Consolidated VIEs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Maximum loss exposure
|
$
|
64
|
|
$
|
85
|
|
|
$
|
17,915
|
|
$
|
18,800
|
|
|
$
|
54
|
|
$
|
128
|
|
|
$
|
2,656
|
|
$
|
1,540
|
|
On-balance sheet assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading account assets
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
73
|
|
$
|
366
|
|
|
$
|
2,480
|
|
$
|
1,553
|
|
Loans and leases
|
122
|
|
133
|
|
|
26,985
|
|
29,906
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||
Allowance for loan and lease losses
|
(2
|
)
|
(5
|
)
|
|
(800
|
)
|
(901
|
)
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||
All other assets
|
3
|
|
4
|
|
|
119
|
|
136
|
|
|
—
|
|
—
|
|
|
176
|
|
1
|
|
||||||||
Total assets
|
$
|
123
|
|
$
|
132
|
|
|
$
|
26,304
|
|
$
|
29,141
|
|
|
$
|
73
|
|
$
|
366
|
|
|
$
|
2,656
|
|
$
|
1,554
|
|
On-balance sheet liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term borrowings
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
2,175
|
|
$
|
742
|
|
Long-term debt
|
64
|
|
55
|
|
|
8,372
|
|
10,321
|
|
|
19
|
|
238
|
|
|
—
|
|
12
|
|
||||||||
All other liabilities
|
—
|
|
—
|
|
|
17
|
|
20
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||
Total liabilities
|
$
|
64
|
|
$
|
55
|
|
|
$
|
8,389
|
|
$
|
10,341
|
|
|
$
|
19
|
|
$
|
238
|
|
|
$
|
2,175
|
|
$
|
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 more information, see Note 13 – Commitments and Contingencies.
|
(2)
|
At December 31, 2019 and 2018, loans and leases in the consolidated credit card trust included $10.5 billion and $11.0 billion of seller’s interest.
|
(3)
|
At December 31, 2019 and 2018, all other assets in the consolidated credit card trust included 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.
|
123 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other VIEs
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
||||||||||||||||||||
|
Consolidated
|
|
Unconsolidated
|
|
Total
|
|
Consolidated
|
|
Unconsolidated
|
|
Total
|
||||||||||||
|
December 31
|
||||||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
||||||||||||||||||||
Maximum loss exposure
|
$
|
4,055
|
|
|
$
|
26,326
|
|
|
$
|
30,381
|
|
|
$
|
4,177
|
|
|
$
|
24,498
|
|
|
$
|
28,675
|
|
On-balance sheet assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Trading account assets
|
$
|
2,213
|
|
|
$
|
549
|
|
|
$
|
2,762
|
|
|
$
|
2,335
|
|
|
$
|
860
|
|
|
$
|
3,195
|
|
Debt securities carried at fair value
|
—
|
|
|
74
|
|
|
74
|
|
|
—
|
|
|
84
|
|
|
84
|
|
||||||
Loans and leases
|
1,810
|
|
|
3,214
|
|
|
5,024
|
|
|
1,949
|
|
|
3,940
|
|
|
5,889
|
|
||||||
Allowance for loan and lease losses
|
(2
|
)
|
|
(38
|
)
|
|
(40
|
)
|
|
(2
|
)
|
|
(30
|
)
|
|
(32
|
)
|
||||||
All other assets
|
81
|
|
|
20,547
|
|
|
20,628
|
|
|
53
|
|
|
18,885
|
|
|
18,938
|
|
||||||
Total
|
$
|
4,102
|
|
|
$
|
24,346
|
|
|
$
|
28,448
|
|
|
$
|
4,335
|
|
|
$
|
23,739
|
|
|
$
|
28,074
|
|
On-balance sheet liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Long-term debt
|
$
|
46
|
|
|
$
|
—
|
|
|
$
|
46
|
|
|
$
|
152
|
|
|
$
|
—
|
|
|
$
|
152
|
|
All other liabilities
|
2
|
|
|
5,087
|
|
|
5,089
|
|
|
7
|
|
|
4,231
|
|
|
4,238
|
|
||||||
Total
|
$
|
48
|
|
|
$
|
5,087
|
|
|
$
|
5,135
|
|
|
$
|
159
|
|
|
$
|
4,231
|
|
|
$
|
4,390
|
|
Total assets of VIEs
|
$
|
4,102
|
|
|
$
|
98,491
|
|
|
$
|
102,593
|
|
|
$
|
4,335
|
|
|
$
|
94,746
|
|
|
$
|
99,081
|
|
|
|
Bank of America 124
|
|
|
|
|
||||
Goodwill
|
|
|
|
||||
|
|
|
|
||||
|
December 31
|
||||||
(Dollars in millions)
|
2019
|
|
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
|
|
|
|
||
Lease Cost and Supplemental Information for 2019
|
|||
|
|
||
(Dollars in millions)
|
|
||
Operating lease cost
|
$
|
2,085
|
|
Variable lease cost (1)
|
498
|
|
|
Total lease cost (2)
|
$
|
2,583
|
|
|
|
||
Right-of-use assets obtained in exchange for new operating lease liabilities (3)
|
$
|
931
|
|
Operating cash flows from operating leases (4)
|
2,009
|
|
(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)
|
December 31, 2019
|
||||||||||
2020
|
$
|
843
|
|
|
$
|
4,657
|
|
|
$
|
1,966
|
|
2021
|
746
|
|
|
4,887
|
|
|
1,763
|
|
|||
2022
|
651
|
|
|
4,259
|
|
|
1,502
|
|
|||
2023
|
530
|
|
|
3,416
|
|
|
1,240
|
|
|||
2024
|
397
|
|
|
1,939
|
|
|
1,098
|
|
|||
Thereafter
|
1,057
|
|
|
1,910
|
|
|
4,225
|
|
|||
Total undiscounted
cash flows
|
$
|
4,224
|
|
|
21,068
|
|
|
11,794
|
|
||
Less: Net present
value adjustment
|
|
|
1,756
|
|
|
1,701
|
|
||||
Total (3)
|
|
|
|
$
|
19,312
|
|
|
$
|
10,093
|
|
(1)
|
Excludes $1.5 billion in commitments under lessee arrangements that have not yet commenced with lease terms that will begin in 2020.
|
(2)
|
Includes $15.1 billion in commercial lease financing receivables and $4.2 billion in direct/indirect consumer lease financing receivables.
|
(3)
|
Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements.
|
125 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Time Deposits of $100 Thousand or More
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31, 2019
|
|
December 31
2018 |
||||||||||||||||
(Dollars in millions)
|
Three Months
or Less
|
|
Over Three
Months to
Twelve Months
|
|
Thereafter
|
|
Total
|
|
Total
|
||||||||||
U.S. certificates of deposit and other time deposits
|
$
|
16,115
|
|
|
$
|
21,351
|
|
|
$
|
2,273
|
|
|
$
|
39,739
|
|
|
$
|
29,505
|
|
Non-U.S. certificates of deposit and other time deposits
|
7,108
|
|
|
4,821
|
|
|
1,105
|
|
|
13,034
|
|
|
10,792
|
|
|
|
|
|
|
|
||||||
Contractual Maturities of Total Time Deposits
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
(Dollars in millions)
|
U.S.
|
|
Non-U.S.
|
|
Total
|
||||||
Due in 2020
|
$
|
56,351
|
|
|
$
|
12,000
|
|
|
$
|
68,351
|
|
Due in 2021
|
3,503
|
|
|
101
|
|
|
3,604
|
|
|||
Due in 2022
|
990
|
|
|
18
|
|
|
1,008
|
|
|||
Due in 2023
|
280
|
|
|
15
|
|
|
295
|
|
|||
Due in 2024
|
187
|
|
|
981
|
|
|
1,168
|
|
|||
Thereafter
|
212
|
|
|
35
|
|
|
247
|
|
|||
Total time deposits
|
$
|
61,523
|
|
|
$
|
13,150
|
|
|
$
|
74,673
|
|
|
|
|
|
|
|
|
|
||||||
|
Amount
|
|
Rate
|
|
Amount
|
|
Rate
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
|
|
|
|
|
|
|
||||||
Average during year
|
$
|
279,610
|
|
|
1.73
|
%
|
|
$
|
251,328
|
|
|
1.26
|
%
|
Maximum month-end balance during year
|
281,684
|
|
|
n/a
|
|
|
279,350
|
|
|
n/a
|
|
||
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
|
|
|
|
|
|
|
||||||
Average during year
|
$
|
201,797
|
|
|
2.31
|
%
|
|
$
|
193,681
|
|
|
1.80
|
%
|
Maximum month-end balance during year
|
203,063
|
|
|
n/a
|
|
|
201,089
|
|
|
n/a
|
|
||
Short-term borrowings
|
|
|
|
|
|
|
|
||||||
Average during year
|
24,301
|
|
|
2.42
|
|
|
36,021
|
|
|
2.69
|
|
||
Maximum month-end balance during year
|
36,538
|
|
|
n/a
|
|
|
52,480
|
|
|
n/a
|
|
|
|
Bank of America 126
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Securities Financing Agreements
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Gross Assets/Liabilities (1)
|
|
Amounts Offset
|
|
Net Balance Sheet Amount
|
|
Financial Instruments (2)
|
|
Net Assets/Liabilities
|
||||||||||
(Dollars in millions)
|
December 31, 2019
|
||||||||||||||||||
Securities borrowed or purchased under agreements to resell (3)
|
$
|
434,257
|
|
|
$
|
(159,660
|
)
|
|
$
|
274,597
|
|
|
$
|
(244,486
|
)
|
|
$
|
30,111
|
|
Securities loaned or sold under agreements to repurchase
|
$
|
324,769
|
|
|
$
|
(159,660
|
)
|
|
$
|
165,109
|
|
|
$
|
(141,482
|
)
|
|
$
|
23,627
|
|
Other (4)
|
15,346
|
|
|
—
|
|
|
15,346
|
|
|
(15,346
|
)
|
|
—
|
|
|||||
Total
|
$
|
340,115
|
|
|
$
|
(159,660
|
)
|
|
$
|
180,455
|
|
|
$
|
(156,828
|
)
|
|
$
|
23,627
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
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 $12.9 billion and $11.5 billion reported in loans and leases on the Consolidated Balance Sheet at December 31, 2019 and 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.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
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)
|
December 31, 2019
|
||||||||||||||||||
Securities sold under agreements to repurchase
|
$
|
129,455
|
|
|
$
|
122,685
|
|
|
$
|
25,322
|
|
|
$
|
21,922
|
|
|
$
|
299,384
|
|
Securities loaned
|
18,766
|
|
|
3,329
|
|
|
1,241
|
|
|
2,049
|
|
|
25,385
|
|
|||||
Other
|
15,346
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,346
|
|
|||||
Total
|
$
|
163,567
|
|
|
$
|
126,014
|
|
|
$
|
26,563
|
|
|
$
|
23,971
|
|
|
$
|
340,115
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
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)
|
December 31, 2019
|
||||||||||||||
U.S. government and agency securities
|
$
|
173,533
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
173,534
|
|
Corporate securities, trading loans and other
|
10,467
|
|
|
2,014
|
|
|
258
|
|
|
12,739
|
|
||||
Equity securities
|
14,933
|
|
|
20,026
|
|
|
15,024
|
|
|
49,983
|
|
||||
Non-U.S. sovereign debt
|
96,576
|
|
|
3,344
|
|
|
64
|
|
|
99,984
|
|
||||
Mortgage trading loans and ABS
|
3,875
|
|
|
—
|
|
|
—
|
|
|
3,875
|
|
||||
Total
|
$
|
299,384
|
|
|
$
|
25,385
|
|
|
$
|
15,346
|
|
|
$
|
340,115
|
|
|
|
|
|
|
|
|
|
||||||||
|
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
|
|
127 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Weighted-average Rate
|
|
|
|
|
|
|
December 31
|
||||||||
(Dollars in millions)
|
|
Interest Rates
|
|
Maturity Dates
|
|
2019
|
|
2018
|
||||||||
Notes issued by Bank of America Corporation (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Fixed
|
3.30
|
%
|
|
0.25 - 8.05
|
|
%
|
|
2020 - 2050
|
|
$
|
140,265
|
|
|
$
|
120,548
|
|
Floating
|
1.81
|
|
|
0.25 - 6.68
|
|
|
|
2020 - 2044
|
|
19,552
|
|
|
25,574
|
|
||
Senior structured notes
|
|
|
|
|
|
|
|
|
16,941
|
|
|
13,815
|
|
|||
Subordinated notes:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Fixed
|
4.89
|
|
|
2.94 - 8.57
|
|
|
|
2021 - 2045
|
|
21,632
|
|
|
20,843
|
|
||
Floating
|
2.74
|
|
|
2.56 - 2.89
|
|
|
|
2022 - 2026
|
|
782
|
|
|
1,742
|
|
||
Junior subordinated notes:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Fixed
|
6.71
|
|
|
6.45 - 8.05
|
|
|
|
2027 - 2066
|
|
736
|
|
|
732
|
|
||
Floating (2)
|
2.71
|
|
|
2.71
|
|
|
|
2056
|
|
1
|
|
|
1
|
|
||
Total notes issued by Bank of America Corporation
|
|
|
|
|
|
|
|
|
199,909
|
|
|
183,255
|
|
|||
Notes issued by Bank of America, N.A.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Fixed
|
3.34
|
|
|
3.34
|
|
|
|
2023
|
|
508
|
|
|
—
|
|
||
Floating
|
2.18
|
|
|
1.99 - 2.51
|
|
|
|
2020 - 2041
|
|
6,519
|
|
|
1,770
|
|
||
Subordinated notes
|
6.00
|
|
|
6.00
|
|
|
|
2036
|
|
1,744
|
|
|
1,617
|
|
||
Advances from Federal Home Loan Banks:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Fixed
|
4.98
|
|
|
0.01 - 7.72
|
|
|
|
2020 - 2034
|
|
112
|
|
|
130
|
|
||
Floating
|
1.79
|
|
|
1.77 - 1.84
|
|
|
|
2020
|
|
2,500
|
|
|
14,751
|
|
||
Securitizations and other BANA VIEs (3)
|
|
|
|
|
|
|
|
|
8,373
|
|
|
10,326
|
|
|||
Other
|
|
|
|
|
|
|
|
|
402
|
|
|
442
|
|
|||
Total notes issued by Bank of America, N.A.
|
|
|
|
|
|
|
|
|
20,158
|
|
|
29,036
|
|
|||
Other debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Structured liabilities
|
|
|
|
|
|
|
|
|
20,442
|
|
|
16,483
|
|
|||
Nonbank VIEs (3)
|
|
|
|
|
|
|
|
|
347
|
|
|
618
|
|
|||
Total other debt
|
|
|
|
|
|
|
|
|
20,789
|
|
|
17,101
|
|
|||
Total long-term debt
|
|
|
|
|
|
|
|
|
$
|
240,856
|
|
|
$
|
229,392
|
|
(1)
|
Includes total loss-absorbing capacity compliant debt.
|
(2)
|
Includes amounts related to trust preferred securities. For more information, see Trust Preferred Securities in this Note.
|
(3)
|
Represents liabilities of consolidated VIEs included in total long-term debt on the Consolidated Balance Sheet.
|
|
|
Bank of America 128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Long-term Debt by Maturity
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(Dollars in millions)
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Total
|
|||||||||||||||
Bank of America Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Senior notes
|
$
|
9,312
|
|
|
$
|
15,978
|
|
|
$
|
14,875
|
|
|
$
|
23,045
|
|
|
$
|
17,236
|
|
|
$
|
79,371
|
|
|
$
|
159,817
|
|
|
Senior structured notes
|
822
|
|
|
453
|
|
|
2,232
|
|
|
288
|
|
|
547
|
|
|
12,599
|
|
|
16,941
|
|
||||||||
Subordinated notes
|
—
|
|
|
360
|
|
|
386
|
|
|
—
|
|
|
3,213
|
|
|
18,455
|
|
|
22,414
|
|
||||||||
Junior subordinated notes (1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
737
|
|
|
737
|
|
||||||||
Total Bank of America Corporation
|
10,134
|
|
|
16,791
|
|
|
17,493
|
|
|
23,333
|
|
|
20,996
|
|
|
111,162
|
|
|
199,909
|
|
||||||||
Bank of America, N.A.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Senior notes
|
3,000
|
|
|
3,499
|
|
|
—
|
|
|
509
|
|
|
—
|
|
|
19
|
|
|
7,027
|
|
||||||||
Subordinated notes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,744
|
|
|
1,744
|
|
||||||||
Advances from Federal Home Loan Banks
|
2,509
|
|
|
2
|
|
|
3
|
|
|
1
|
|
|
—
|
|
|
97
|
|
|
2,612
|
|
||||||||
Securitizations and other Bank VIEs (2)
|
3,099
|
|
|
4,080
|
|
|
1,185
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
8,373
|
|
||||||||
Other
|
134
|
|
|
55
|
|
|
—
|
|
|
130
|
|
|
—
|
|
|
83
|
|
|
402
|
|
||||||||
Total Bank of America, N.A.
|
8,742
|
|
|
7,636
|
|
|
1,188
|
|
|
649
|
|
|
—
|
|
|
1,943
|
|
|
20,158
|
|
||||||||
Other debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Structured liabilities
|
5,275
|
|
|
1,884
|
|
|
1,057
|
|
|
1,372
|
|
|
745
|
|
|
10,109
|
|
|
20,442
|
|
||||||||
Nonbank VIEs (2)
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
346
|
|
|
347
|
|
||||||||
Total other debt
|
5,275
|
|
|
1,884
|
|
|
1,057
|
|
|
1,373
|
|
|
745
|
|
|
10,455
|
|
|
20,789
|
|
||||||||
Total long-term debt
|
$
|
24,151
|
|
|
$
|
26,311
|
|
|
$
|
19,738
|
|
|
$
|
25,355
|
|
|
$
|
21,741
|
|
|
$
|
123,560
|
|
|
$
|
240,856
|
|
(1)
|
Includes amounts related to trust preferred securities. For more information, see Trust Preferred Securities in this Note.
|
(2)
|
Represents liabilities of consolidated VIEs included in total long-term debt on the Consolidated Balance Sheet.
|
129 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
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)
|
December 31, 2019
|
||||||||||||||||||
Notional amount of credit extension commitments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loan commitments (1)
|
$
|
97,454
|
|
|
$
|
148,000
|
|
|
$
|
173,699
|
|
|
$
|
24,487
|
|
|
$
|
443,640
|
|
Home equity lines of credit
|
1,137
|
|
|
1,948
|
|
|
6,351
|
|
|
34,134
|
|
|
43,570
|
|
|||||
Standby letters of credit and financial guarantees (2)
|
21,311
|
|
|
11,512
|
|
|
3,712
|
|
|
408
|
|
|
36,943
|
|
|||||
Letters of credit (3)
|
1,156
|
|
|
254
|
|
|
65
|
|
|
25
|
|
|
1,500
|
|
|||||
Legally binding commitments
|
121,058
|
|
|
161,714
|
|
|
183,827
|
|
|
59,054
|
|
|
525,653
|
|
|||||
Credit card lines (4)
|
376,067
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
376,067
|
|
|||||
Total credit extension commitments
|
$
|
497,125
|
|
|
$
|
161,714
|
|
|
$
|
183,827
|
|
|
$
|
59,054
|
|
|
$
|
901,720
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31, 2018
|
||||||||||||||||||
Notional amount of credit extension commitments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loan commitments (1)
|
$
|
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 (2)
|
22,571
|
|
|
9,702
|
|
|
2,457
|
|
|
1,074
|
|
|
35,804
|
|
|||||
Letters of credit (3)
|
1,168
|
|
|
84
|
|
|
69
|
|
|
57
|
|
|
1,378
|
|
|||||
Legally binding commitments
|
111,227
|
|
|
154,306
|
|
|
161,354
|
|
|
58,516
|
|
|
485,403
|
|
|||||
Credit card lines (4)
|
371,658
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
371,658
|
|
|||||
Total credit extension commitments
|
$
|
482,885
|
|
|
$
|
154,306
|
|
|
$
|
161,354
|
|
|
$
|
58,516
|
|
|
$
|
857,061
|
|
(1)
|
At December 31, 2019 and 2018, $5.1 billion and $4.3 billion of these loan commitments are held in the form of a security.
|
(2)
|
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 $27.9 billion and $8.6 billion at December 31, 2019, and $28.3 billion and $7.1 billion at December 31, 2018. Amounts in the table include consumer SBLCs of $413 million and $372 million at December 31, 2019 and 2018.
|
(3)
|
At December 31, 2019 and 2018, included are letters of credit of $1.4 billion and $422 million related to certain liquidity commitments of VIEs. For more information, see Note 7 – Securitizations and Other Variable Interest Entities.
|
(4)
|
Includes business card unused lines of credit.
|
|
|
Bank of America 130
|
131 Bank of America
|
|
|
|
|
Bank of America 132
|
133 Bank of America
|
|
|
|
|
|
|
|
|
|
||
Declared Quarterly Cash Dividends on Common Stock (1)
|
||||||||
|
|
|
|
|
|
|
||
Declaration Date
|
|
Record Date
|
|
Payment Date
|
|
Dividend Per Share
|
||
January 29, 2020
|
|
March 6, 2020
|
|
March 27, 2020
|
|
$
|
0.18
|
|
October 22, 2019
|
|
December 6, 2019
|
|
December 27, 2019
|
|
0.18
|
|
|
July 25, 2019
|
|
September 6, 2019
|
|
September 27, 2019
|
|
0.18
|
|
|
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 February 19, 2020.
|
|
|
|
|
|
|
|
||||||
Common Stock Repurchase Summary
|
||||||||||||
|
|
|
|
|
|
|
||||||
(in millions)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Total share repurchases, including CCAR capital plan repurchases
|
|
956
|
|
|
676
|
|
|
509
|
|
|||
|
|
|
|
|
|
|
||||||
Purchase price of shares repurchased and retired
|
|
|
|
|
|
|
||||||
CCAR capital plan repurchases
|
|
$
|
25,644
|
|
|
$
|
16,754
|
|
|
$
|
9,347
|
|
Other authorized repurchases
|
|
2,500
|
|
|
3,340
|
|
|
3,467
|
|
|||
Total shares repurchased
|
|
$
|
28,144
|
|
|
$
|
20,094
|
|
|
$
|
12,814
|
|
|
|
Bank of America 134
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Preferred Stock Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in millions, except as noted)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Series
|
Description
|
|
Initial
Issuance Date |
|
Total
Shares Outstanding |
|
Liquidation
Preference per Share (in dollars) |
|
Carrying
Value |
|
Per Annum
Dividend Rate |
|
Dividend per Share
(in dollars)
|
|
Annual Dividend
|
|
Redemption Period (1)
|
||||||||||
Series B
|
7% Cumulative Redeemable
|
|
June
1997 |
|
7,110
|
|
|
$
|
100
|
|
|
$
|
1
|
|
|
7.00
|
%
|
|
$
|
7.00
|
|
|
$
|
—
|
|
|
n/a
|
Series E (2)
|
Floating Rate Non-Cumulative
|
|
November
2006 |
|
12,691
|
|
|
25,000
|
|
|
317
|
|
|
3-mo. LIBOR + 35 bps (3)
|
|
|
1.01
|
|
|
13
|
|
|
On or after
November 15, 2011 |
||||
Series F
|
Floating Rate Non-Cumulative
|
|
March
2012 |
|
1,409
|
|
|
100,000
|
|
|
141
|
|
|
3-mo. LIBOR + 40 bps (3)
|
|
|
4,055.56
|
|
|
6
|
|
|
On or after
March 15, 2012 |
||||
Series G
|
Adjustable Rate Non-Cumulative
|
|
March
2012 |
|
4,926
|
|
|
100,000
|
|
|
493
|
|
|
3-mo. LIBOR + 40 bps (3)
|
|
|
4,055.56
|
|
|
20
|
|
|
On or after
March 15, 2012 |
||||
Series L
|
7.25% Non-Cumulative Perpetual Convertible
|
|
January
2008 |
|
3,080,182
|
|
|
1,000
|
|
|
3,080
|
|
|
7.25
|
%
|
|
72.50
|
|
|
223
|
|
|
n/a
|
||||
Series T
|
6% Non-cumulative
|
|
September
2011 |
|
354
|
|
|
100,000
|
|
|
35
|
|
|
6.00
|
%
|
|
6,000.00
|
|
|
2
|
|
|
After May 7, 2019
|
||||
Series U (4)
|
Fixed-to-Floating Rate Non-Cumulative
|
|
May
2013 |
|
40,000
|
|
|
25,000
|
|
|
1,000
|
|
|
5.2% to, but excluding, 6/1/23; 3-mo. LIBOR + 313.5 bps thereafter
|
|
|
52.00
|
|
|
52
|
|
|
On or after
June 1, 2023 |
||||
Series X (4)
|
Fixed-to-Floating Rate Non-Cumulative
|
|
September 2014
|
|
80,000
|
|
|
25,000
|
|
|
2,000
|
|
|
6.250% to, but excluding, 9/5/24; 3-mo. LIBOR + 370.5 bps thereafter
|
|
|
62.50
|
|
|
125
|
|
|
On or after
September 5, 2024 |
||||
Series Y (2)
|
6.500% Non-Cumulative
|
|
January 2015
|
|
44,000
|
|
|
25,000
|
|
|
1,100
|
|
|
6.500
|
%
|
|
1.63
|
|
|
72
|
|
|
On or after
January 27, 2020 |
||||
Series Z (4)
|
Fixed-to-Floating Rate Non-Cumulative
|
|
October 2014
|
|
56,000
|
|
|
25,000
|
|
|
1,400
|
|
|
6.500% to, but excluding, 10/23/24; 3-mo. LIBOR + 417.4 bps thereafter
|
|
|
65.00
|
|
|
91
|
|
|
On or after
October 23, 2024 |
||||
Series AA (4)
|
Fixed-to-Floating Rate Non-Cumulative
|
|
March 2015
|
|
76,000
|
|
|
25,000
|
|
|
1,900
|
|
|
6.100% to, but excluding, 3/17/25; 3-mo. LIBOR + 389.8 bps thereafter
|
|
|
61.00
|
|
|
116
|
|
|
On or after
March 17, 2025 |
||||
Series CC (2)
|
6.200% Non-Cumulative
|
|
January 2016
|
|
44,000
|
|
|
25,000
|
|
|
1,100
|
|
|
6.200
|
%
|
|
1.55
|
|
|
68
|
|
|
On or after
January 29, 2021 |
||||
Series DD (4)
|
Fixed-to-Floating Rate Non-Cumulative
|
|
March 2016
|
|
40,000
|
|
|
25,000
|
|
|
1,000
|
|
|
6.300% to, but excluding, 3/10/26; 3-mo. LIBOR + 455.3 bps thereafter
|
|
|
63.00
|
|
|
63
|
|
|
On or after
March 10, 2026 |
||||
Series EE (2)
|
6.000% Non-Cumulative
|
|
April 2016
|
|
36,000
|
|
|
25,000
|
|
|
900
|
|
|
6.000
|
%
|
|
1.50
|
|
|
54
|
|
|
On or after
April 25, 2021 |
||||
Series FF (4)
|
Fixed-to-Floating Rate Non-Cumulative
|
|
March 2018
|
|
94,000
|
|
|
25,000
|
|
|
2,350
|
|
|
5.875% to, but excluding, 3/15/28; 3-mo. LIBOR + 293.1 bps thereafter
|
|
|
58.75
|
|
|
138
|
|
|
On or after
March 15, 2028 |
||||
Series GG (2)
|
6.000% Non-Cumulative
|
|
May
2018 |
|
54,000
|
|
|
25,000
|
|
|
1,350
|
|
|
6.000
|
%
|
|
1.50
|
|
|
81
|
|
|
On or after
May 16, 2023 |
||||
Series HH (2)
|
5.875% Non-Cumulative
|
|
July
2018 |
|
34,160
|
|
|
25,000
|
|
|
854
|
|
|
5.875
|
%
|
|
1.47
|
|
|
50
|
|
|
On or after
July 24, 2023 |
||||
Series JJ (4)
|
Fixed-to-Floating Rate Non-Cumulative
|
|
June
2019 |
|
40,000
|
|
|
25,000
|
|
|
1,000
|
|
|
5.125% to, but excluding, 6/20/24; 3-mo. LIBOR + 329.2 bps thereafter
|
|
|
25.63
|
|
|
26
|
|
|
On or after
June 20, 2024 |
||||
Series KK (2)
|
5.375% Non-Cumulative
|
|
June
2019 |
|
55,900
|
|
|
25,000
|
|
|
1,398
|
|
|
5.375
|
%
|
|
0.67
|
|
|
38
|
|
|
On or after
June 25, 2024 |
||||
Series LL (2)
|
5.000% Non-Cumulative
|
|
September
2019 |
|
52,400
|
|
|
25,000
|
|
|
1,310
|
|
|
5.000
|
%
|
|
0.31
|
|
|
16
|
|
|
On or after
September 17, 2024 |
||||
Series 1 (5)
|
Floating Rate Non-Cumulative
|
|
November
2004 |
|
3,275
|
|
|
30,000
|
|
|
98
|
|
|
3-mo. LIBOR + 75 bps (6)
|
|
|
0.82
|
|
|
3
|
|
|
On or after
November 28, 2009 |
||||
Series 2 (5)
|
Floating Rate Non-Cumulative
|
|
March
2005 |
|
9,967
|
|
|
30,000
|
|
|
299
|
|
|
3-mo. LIBOR + 65 bps (6)
|
|
|
0.81
|
|
|
10
|
|
|
On or after
November 28, 2009 |
||||
Series 4 (5)
|
Floating Rate Non-Cumulative
|
|
November
2005 |
|
7,010
|
|
|
30,000
|
|
|
210
|
|
|
3-mo. LIBOR + 75 bps (3)
|
|
|
1.01
|
|
|
9
|
|
|
On or after
November 28, 2010 |
||||
Series 5 (5)
|
Floating Rate Non-Cumulative
|
|
March
2007 |
|
14,056
|
|
|
30,000
|
|
|
422
|
|
|
3-mo. LIBOR + 50 bps (3)
|
|
|
1.01
|
|
|
17
|
|
|
On or after
May 21, 2012 |
||||
Issuance costs and certain adjustments
|
|
|
|
|
|
(357
|
)
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
|
|
|
|
3,887,440
|
|
|
|
|
|
$
|
23,401
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The Corporation may redeem series of preferred stock on or after the redemption date, in whole or in part, at its option, at the liquidation preference plus declared and unpaid dividends. Series B and Series L Preferred Stock do not have early redemption/call rights.
|
(2)
|
Ownership is held in the form of depositary shares, each representing a 1/1,000th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared.
|
(3)
|
Subject to 4.00% minimum rate per annum.
|
(4)
|
Ownership is held in the form of depositary shares, each representing a 1/25th interest in a share of preferred stock, paying a semi-annual cash dividend, if and when declared, until the first redemption date at which time, it adjusts to a quarterly cash dividend, if and when declared, thereafter.
|
(5)
|
Ownership is held in the form of depositary shares, each representing a 1/1,200th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared.
|
(6)
|
Subject to 3.00% minimum rate per annum.
|
135 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(Dollars in millions)
|
Debt Securities
|
|
Debit Valuation Adjustments
|
|
Derivatives
|
|
Employee
Benefit Plans
|
|
Foreign
Currency
|
|
Total
|
||||||||||||
Balance, December 31, 2016
|
$
|
(1,267
|
)
|
|
$
|
(767
|
)
|
|
$
|
(895
|
)
|
|
$
|
(3,480
|
)
|
|
$
|
(879
|
)
|
|
$
|
(7,288
|
)
|
Net change
|
61
|
|
|
(293
|
)
|
|
64
|
|
|
288
|
|
|
86
|
|
|
206
|
|
||||||
Balance, December 31, 2017
|
$
|
(1,206
|
)
|
|
$
|
(1,060
|
)
|
|
$
|
(831
|
)
|
|
$
|
(3,192
|
)
|
|
$
|
(793
|
)
|
|
$
|
(7,082
|
)
|
Accounting change related to certain tax effects
|
(393
|
)
|
|
(220
|
)
|
|
(189
|
)
|
|
(707
|
)
|
|
239
|
|
|
(1,270
|
)
|
||||||
Cumulative adjustment for hedge accounting change
|
—
|
|
|
—
|
|
|
57
|
|
|
—
|
|
|
—
|
|
|
57
|
|
||||||
Net change
|
(3,953
|
)
|
|
749
|
|
|
(53
|
)
|
|
(405
|
)
|
|
(254
|
)
|
|
(3,916
|
)
|
||||||
Balance, December 31, 2018
|
$
|
(5,552
|
)
|
|
$
|
(531
|
)
|
|
$
|
(1,016
|
)
|
|
$
|
(4,304
|
)
|
|
$
|
(808
|
)
|
|
$
|
(12,211
|
)
|
Net change
|
5,875
|
|
|
(963
|
)
|
|
616
|
|
|
136
|
|
|
(86
|
)
|
|
5,578
|
|
||||||
Balance, December 31, 2019
|
$
|
323
|
|
|
$
|
(1,494
|
)
|
|
$
|
(400
|
)
|
|
$
|
(4,168
|
)
|
|
$
|
(894
|
)
|
|
$
|
(6,633
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Pretax
|
|
Tax
effect
|
|
After-
tax
|
|
Pretax
|
|
Tax
effect
|
|
After-
tax
|
|
Pretax
|
|
Tax effect
|
|
After-
tax
|
||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||||||||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net increase (decrease) in fair value
|
$
|
8,020
|
|
|
$
|
(2,000
|
)
|
|
$
|
6,020
|
|
|
$
|
(5,189
|
)
|
|
$
|
1,329
|
|
|
$
|
(3,860
|
)
|
|
$
|
240
|
|
|
$
|
14
|
|
|
$
|
254
|
|
Net realized (gains) reclassified into earnings (1)
|
(193
|
)
|
|
48
|
|
|
(145
|
)
|
|
(123
|
)
|
|
30
|
|
|
(93
|
)
|
|
(304
|
)
|
|
111
|
|
|
(193
|
)
|
|||||||||
Net change
|
7,827
|
|
|
(1,952
|
)
|
|
5,875
|
|
|
(5,312
|
)
|
|
1,359
|
|
|
(3,953
|
)
|
|
(64
|
)
|
|
125
|
|
|
61
|
|
|||||||||
Debit valuation adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net increase (decrease) in fair value
|
(1,276
|
)
|
|
289
|
|
|
(987
|
)
|
|
952
|
|
|
(224
|
)
|
|
728
|
|
|
(490
|
)
|
|
171
|
|
|
(319
|
)
|
|||||||||
Net realized losses reclassified into earnings (1)
|
18
|
|
|
6
|
|
|
24
|
|
|
26
|
|
|
(5
|
)
|
|
21
|
|
|
42
|
|
|
(16
|
)
|
|
26
|
|
|||||||||
Net change
|
(1,258
|
)
|
|
295
|
|
|
(963
|
)
|
|
978
|
|
|
(229
|
)
|
|
749
|
|
|
(448
|
)
|
|
155
|
|
|
(293
|
)
|
|||||||||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net increase (decrease) in fair value
|
692
|
|
|
(156
|
)
|
|
536
|
|
|
(232
|
)
|
|
74
|
|
|
(158
|
)
|
|
(50
|
)
|
|
1
|
|
|
(49
|
)
|
|||||||||
Reclassifications into earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net interest income
|
104
|
|
|
(26
|
)
|
|
78
|
|
|
165
|
|
|
(40
|
)
|
|
125
|
|
|
327
|
|
|
(122
|
)
|
|
205
|
|
|||||||||
Compensation and benefits expense
|
2
|
|
|
—
|
|
|
2
|
|
|
(27
|
)
|
|
7
|
|
|
(20
|
)
|
|
(148
|
)
|
|
56
|
|
|
(92
|
)
|
|||||||||
Net realized losses reclassified into earnings
|
106
|
|
|
(26
|
)
|
|
80
|
|
|
138
|
|
|
(33
|
)
|
|
105
|
|
|
179
|
|
|
(66
|
)
|
|
113
|
|
|||||||||
Net change
|
798
|
|
|
(182
|
)
|
|
616
|
|
|
(94
|
)
|
|
41
|
|
|
(53
|
)
|
|
129
|
|
|
(65
|
)
|
|
64
|
|
|||||||||
Employee benefit plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net increase (decrease) in fair value
|
41
|
|
|
(21
|
)
|
|
20
|
|
|
(703
|
)
|
|
164
|
|
|
(539
|
)
|
|
223
|
|
|
(55
|
)
|
|
168
|
|
|||||||||
Net actuarial losses and other reclassified into earnings (2)
|
150
|
|
|
(36
|
)
|
|
114
|
|
|
171
|
|
|
(46
|
)
|
|
125
|
|
|
179
|
|
|
(61
|
)
|
|
118
|
|
|||||||||
Settlements, curtailments and other
|
3
|
|
|
(1
|
)
|
|
2
|
|
|
11
|
|
|
(2
|
)
|
|
9
|
|
|
3
|
|
|
(1
|
)
|
|
2
|
|
|||||||||
Net change
|
194
|
|
|
(58
|
)
|
|
136
|
|
|
(521
|
)
|
|
116
|
|
|
(405
|
)
|
|
405
|
|
|
(117
|
)
|
|
288
|
|
|||||||||
Foreign currency:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net (decrease) in fair value
|
(13
|
)
|
|
(52
|
)
|
|
(65
|
)
|
|
(8
|
)
|
|
(195
|
)
|
|
(203
|
)
|
|
(439
|
)
|
|
430
|
|
|
(9
|
)
|
|||||||||
Net realized (gains) losses reclassified into earnings (3)
|
(110
|
)
|
|
89
|
|
|
(21
|
)
|
|
(149
|
)
|
|
98
|
|
|
(51
|
)
|
|
(606
|
)
|
|
701
|
|
|
95
|
|
|||||||||
Net change
|
(123
|
)
|
|
37
|
|
|
(86
|
)
|
|
(157
|
)
|
|
(97
|
)
|
|
(254
|
)
|
|
(1,045
|
)
|
|
1,131
|
|
|
86
|
|
|||||||||
Total other comprehensive income (loss)
|
$
|
7,438
|
|
|
$
|
(1,860
|
)
|
|
$
|
5,578
|
|
|
$
|
(5,106
|
)
|
|
$
|
1,190
|
|
|
$
|
(3,916
|
)
|
|
$
|
(1,023
|
)
|
|
$
|
1,229
|
|
|
$
|
206
|
|
(1)
|
Reclassifications of pretax debt securities and DVA 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.
|
(3)
|
Reclassifications of pretax debt securities, DVA and foreign currency (gains) losses are recorded in other income in the Consolidated Statement of Income.
|
|
|
Bank of America 136
|
|
|
|
|
|
|
||||||
(In millions, except per share information)
|
2019
|
|
2018
|
|
2017
|
||||||
Earnings per common share
|
|
|
|
|
|
|
|||||
Net income
|
$
|
27,430
|
|
|
$
|
28,147
|
|
|
$
|
18,232
|
|
Preferred stock dividends
|
(1,432
|
)
|
|
(1,451
|
)
|
|
(1,614
|
)
|
|||
Net income applicable to common shareholders
|
$
|
25,998
|
|
|
$
|
26,696
|
|
|
$
|
16,618
|
|
Average common shares issued and outstanding
|
9,390.5
|
|
|
10,096.5
|
|
|
10,195.6
|
|
|||
Earnings per common share
|
$
|
2.77
|
|
|
$
|
2.64
|
|
|
$
|
1.63
|
|
|
|
|
|
|
|
||||||
Diluted earnings per common share
|
|
|
|
|
|
|
|
||||
Net income applicable to common shareholders
|
$
|
25,998
|
|
|
$
|
26,696
|
|
|
$
|
16,618
|
|
Add preferred stock dividends due to assumed conversions (1)
|
—
|
|
|
—
|
|
|
186
|
|
|||
Net income allocated to common shareholders
|
$
|
25,998
|
|
|
$
|
26,696
|
|
|
$
|
16,804
|
|
Average common shares issued and outstanding
|
9,390.5
|
|
|
10,096.5
|
|
|
10,195.6
|
|
|||
Dilutive potential common shares (2)
|
52.4
|
|
|
140.4
|
|
|
582.8
|
|
|||
Total diluted average common shares issued and outstanding
|
9,442.9
|
|
|
10,236.9
|
|
|
10,778.4
|
|
|||
Diluted earnings per common share
|
$
|
2.75
|
|
|
$
|
2.61
|
|
|
$
|
1.56
|
|
(1)
|
Represents the Series T dividends under the "If-converted" method prior to conversion.
|
(2)
|
Includes incremental dilutive shares from RSUs, restricted stock and warrants.
|
137 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Regulatory Capital under Basel 3
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
||||||||||||||||||||
|
Bank of America Corporation
|
|
Bank of America, N.A.
|
||||||||||||||||||
|
Standardized Approach
|
|
Advanced Approaches
|
|
Regulatory Minimum (1)
|
|
Standardized Approach
|
|
Advanced Approaches
|
|
Regulatory Minimum (2)
|
||||||||||
(Dollars in millions, except as noted)
|
December 31, 2019
|
||||||||||||||||||||
Risk-based capital metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Common equity tier 1 capital
|
$
|
166,760
|
|
|
$
|
166,760
|
|
|
|
|
$
|
154,626
|
|
|
$
|
154,626
|
|
|
|
||
Tier 1 capital
|
188,492
|
|
|
188,492
|
|
|
|
|
154,626
|
|
|
154,626
|
|
|
|
||||||
Total capital (3)
|
221,230
|
|
|
213,098
|
|
|
|
|
166,567
|
|
|
158,665
|
|
|
|
||||||
Risk-weighted assets (in billions)
|
1,493
|
|
|
1,447
|
|
|
|
|
1,241
|
|
|
991
|
|
|
|
||||||
Common equity tier 1 capital ratio
|
11.2
|
%
|
|
11.5
|
%
|
|
9.5
|
%
|
|
12.5
|
%
|
|
15.6
|
%
|
|
7.0
|
%
|
||||
Tier 1 capital ratio
|
12.6
|
|
|
13.0
|
|
|
11.0
|
|
|
12.5
|
|
|
15.6
|
|
|
8.5
|
|
||||
Total capital ratio
|
14.8
|
|
|
14.7
|
|
|
13.0
|
|
|
13.4
|
|
|
16.0
|
|
|
10.5
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Leverage-based metrics:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted quarterly average assets (in billions) (4)
|
$
|
2,374
|
|
|
$
|
2,374
|
|
|
|
|
$
|
1,780
|
|
|
$
|
1,780
|
|
|
|
||
Tier 1 leverage ratio
|
7.9
|
%
|
|
7.9
|
%
|
|
4.0
|
|
|
8.7
|
%
|
|
8.7
|
%
|
|
5.0
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
SLR leverage exposure (in billions)
|
|
|
$
|
2,946
|
|
|
|
|
|
|
$
|
2,177
|
|
|
|
||||||
SLR
|
|
|
6.4
|
%
|
|
5.0
|
|
|
|
|
7.1
|
%
|
|
6.0
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31, 2018
|
||||||||||||||||||||
Risk-based capital metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Common equity tier 1 capital
|
$
|
167,272
|
|
|
$
|
167,272
|
|
|
|
|
$
|
149,824
|
|
|
$
|
149,824
|
|
|
|
||
Tier 1 capital
|
189,038
|
|
|
189,038
|
|
|
|
|
149,824
|
|
|
149,824
|
|
|
|
||||||
Total capital (3)
|
221,304
|
|
|
212,878
|
|
|
|
|
161,760
|
|
|
153,627
|
|
|
|
||||||
Risk-weighted assets (in billions)
|
1,437
|
|
|
1,409
|
|
|
|
|
1,195
|
|
|
959
|
|
|
|
||||||
Common equity tier 1 capital ratio
|
11.6
|
%
|
|
11.9
|
%
|
|
8.25
|
%
|
|
12.5
|
%
|
|
15.6
|
%
|
|
6.5
|
%
|
||||
Tier 1 capital ratio
|
13.2
|
|
|
13.4
|
|
|
9.75
|
|
|
12.5
|
|
|
15.6
|
|
|
8.0
|
|
||||
Total capital ratio
|
15.4
|
|
|
15.1
|
|
|
11.75
|
|
|
13.5
|
|
|
16.0
|
|
|
10.0
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Leverage-based metrics:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted quarterly average assets (in billions) (4)
|
$
|
2,258
|
|
|
$
|
2,258
|
|
|
|
|
$
|
1,719
|
|
|
$
|
1,719
|
|
|
|
||
Tier 1 leverage ratio
|
8.4
|
%
|
|
8.4
|
%
|
|
4.0
|
|
|
8.7
|
%
|
|
8.7
|
%
|
|
5.0
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
SLR leverage exposure (in billions)
|
|
|
$
|
2,791
|
|
|
|
|
|
|
$
|
2,112
|
|
|
|
||||||
SLR
|
|
|
6.8
|
%
|
|
5.0
|
|
|
|
|
7.1
|
%
|
|
6.0
|
|
(1)
|
The capital conservation buffer and global systemically important bank surcharge were 2.5 percent at December 31, 2019 and 1.875 percent at December 31, 2018. The countercyclical capital buffer for both periods was zero. The SLR minimum includes a leverage buffer of 2.0 percent.
|
(2)
|
Risk-based capital regulatory minimums at December 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 period ends and risk-based capital ratios as of December 31, 2018 are the percent required to be considered well capitalized under the PCA framework.
|
(3)
|
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.
|
(4)
|
Reflects total average assets adjusted for certain Tier 1 capital deductions.
|
|
|
Bank of America 138
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Pension and Postretirement Plans (1)
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
Qualified
Pension Plan
|
|
Non-U.S.
Pension Plans
|
|
Nonqualified and Other
Pension Plans
|
|
Postretirement
Health and Life Plans
|
||||||||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||
Fair value, January 1
|
$
|
18,178
|
|
|
$
|
19,708
|
|
|
$
|
2,461
|
|
|
$
|
2,943
|
|
|
$
|
2,584
|
|
|
$
|
2,724
|
|
|
$
|
252
|
|
|
$
|
300
|
|
Actual return on plan assets
|
3,187
|
|
|
(550
|
)
|
|
273
|
|
|
(181
|
)
|
|
228
|
|
|
8
|
|
|
5
|
|
|
5
|
|
||||||||
Company contributions
|
—
|
|
|
—
|
|
|
20
|
|
|
22
|
|
|
91
|
|
|
91
|
|
|
24
|
|
|
43
|
|
||||||||
Plan participant contributions
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
103
|
|
|
115
|
|
||||||||
Settlements and curtailments
|
—
|
|
|
—
|
|
|
(42
|
)
|
|
(107
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Benefits paid
|
(1,090
|
)
|
|
(980
|
)
|
|
(108
|
)
|
|
(52
|
)
|
|
(237
|
)
|
|
(239
|
)
|
|
(185
|
)
|
|
(214
|
)
|
||||||||
Federal subsidy on benefits paid
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
—
|
|
|
3
|
|
||||||||
Foreign currency exchange rate changes
|
n/a
|
|
|
n/a
|
|
|
91
|
|
|
(165
|
)
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
||||||||
Fair value, December 31
|
$
|
20,275
|
|
|
$
|
18,178
|
|
|
$
|
2,696
|
|
|
$
|
2,461
|
|
|
$
|
2,666
|
|
|
$
|
2,584
|
|
|
$
|
199
|
|
|
$
|
252
|
|
Change in projected benefit obligation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Projected benefit obligation, January 1
|
$
|
14,144
|
|
|
$
|
15,706
|
|
|
$
|
2,589
|
|
|
$
|
2,814
|
|
|
$
|
2,779
|
|
|
$
|
3,047
|
|
|
$
|
928
|
|
|
$
|
1,056
|
|
Service cost
|
—
|
|
|
—
|
|
|
17
|
|
|
19
|
|
|
1
|
|
|
1
|
|
|
5
|
|
|
6
|
|
||||||||
Interest cost
|
593
|
|
|
563
|
|
|
65
|
|
|
65
|
|
|
113
|
|
|
105
|
|
|
38
|
|
|
36
|
|
||||||||
Plan participant contributions
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
103
|
|
|
115
|
|
||||||||
Plan amendments
|
—
|
|
|
—
|
|
|
2
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Settlements and curtailments
|
—
|
|
|
—
|
|
|
(42
|
)
|
|
(107
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Actuarial loss (gain)
|
1,714
|
|
|
(1,145
|
)
|
|
288
|
|
|
(29
|
)
|
|
263
|
|
|
(135
|
)
|
|
99
|
|
|
(73
|
)
|
||||||||
Benefits paid
|
(1,090
|
)
|
|
(980
|
)
|
|
(108
|
)
|
|
(52
|
)
|
|
(237
|
)
|
|
(239
|
)
|
|
(185
|
)
|
|
(214
|
)
|
||||||||
Federal subsidy on benefits paid
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
—
|
|
|
3
|
|
||||||||
Foreign currency exchange rate changes
|
n/a
|
|
|
n/a
|
|
|
75
|
|
|
(135
|
)
|
|
n/a
|
|
|
n/a
|
|
|
1
|
|
|
(1
|
)
|
||||||||
Projected benefit obligation, December 31
|
$
|
15,361
|
|
|
$
|
14,144
|
|
|
$
|
2,887
|
|
|
$
|
2,589
|
|
|
$
|
2,919
|
|
|
$
|
2,779
|
|
|
$
|
989
|
|
|
$
|
928
|
|
Amounts recognized on Consolidated Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Other assets
|
$
|
4,914
|
|
|
$
|
4,034
|
|
|
$
|
364
|
|
|
$
|
316
|
|
|
$
|
733
|
|
|
$
|
754
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Accrued expenses and other liabilities
|
—
|
|
|
—
|
|
|
(555
|
)
|
|
(444
|
)
|
|
(986
|
)
|
|
(949
|
)
|
|
(790
|
)
|
|
(676
|
)
|
||||||||
Net amount recognized, December 31
|
$
|
4,914
|
|
|
$
|
4,034
|
|
|
$
|
(191
|
)
|
|
$
|
(128
|
)
|
|
$
|
(253
|
)
|
|
$
|
(195
|
)
|
|
$
|
(790
|
)
|
|
$
|
(676
|
)
|
Funded status, December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Accumulated benefit obligation
|
$
|
15,361
|
|
|
$
|
14,144
|
|
|
$
|
2,841
|
|
|
$
|
2,542
|
|
|
$
|
2,919
|
|
|
$
|
2,778
|
|
|
n/a
|
|
|
n/a
|
|
||
Overfunded (unfunded) status of ABO
|
4,914
|
|
|
4,034
|
|
|
(145
|
)
|
|
(81
|
)
|
|
(253
|
)
|
|
(194
|
)
|
|
n/a
|
|
|
n/a
|
|
||||||||
Provision for future salaries
|
—
|
|
|
—
|
|
|
46
|
|
|
47
|
|
|
—
|
|
|
1
|
|
|
n/a
|
|
|
n/a
|
|
||||||||
Projected benefit obligation
|
15,361
|
|
|
14,144
|
|
|
2,887
|
|
|
2,589
|
|
|
2,919
|
|
|
2,779
|
|
|
$
|
989
|
|
|
$
|
928
|
|
||||||
Weighted-average assumptions, December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Discount rate
|
3.32
|
%
|
|
4.32
|
%
|
|
1.81
|
%
|
|
2.60
|
%
|
|
3.20
|
%
|
|
4.26
|
%
|
|
3.27
|
%
|
|
4.25
|
%
|
||||||||
Rate of compensation increase
|
n/a
|
|
|
n/a
|
|
|
4.10
|
|
|
4.49
|
|
|
4.00
|
|
|
4.00
|
|
|
n/a
|
|
|
n/a
|
|
||||||||
Interest-crediting rate
|
5.06
|
|
|
5.18
|
|
|
1.53
|
|
|
1.47
|
|
|
4.52
|
|
|
4.50
|
|
|
n/a
|
|
|
n/a
|
|
(1)
|
The measurement date for all of the above plans was December 31 of each year reported.
|
139 Bank of America
|
|
|
|
|
|
|
|
|
|
|
||||||||
Plans with ABO and PBO in Excess of Plan Assets
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
Non-U.S.
Pension Plans
|
|
Nonqualified
and Other
Pension Plans
|
||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
PBO
|
$
|
744
|
|
|
$
|
615
|
|
|
$
|
988
|
|
|
$
|
950
|
|
ABO
|
720
|
|
|
605
|
|
|
988
|
|
|
949
|
|
||||
Fair value of plan assets
|
191
|
|
|
173
|
|
|
1
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Components of Net Periodic Benefit Cost
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Qualified Pension Plan
|
|
Non-U.S. Pension Plans
|
||||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
Components of net periodic benefit cost (income)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Service cost
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17
|
|
|
$
|
19
|
|
|
$
|
24
|
|
Interest cost
|
593
|
|
|
563
|
|
|
606
|
|
|
65
|
|
|
65
|
|
|
72
|
|
||||||
Expected return on plan assets
|
(1,088
|
)
|
|
(1,136
|
)
|
|
(1,068
|
)
|
|
(99
|
)
|
|
(126
|
)
|
|
(136
|
)
|
||||||
Amortization of net actuarial loss
|
135
|
|
|
147
|
|
|
154
|
|
|
6
|
|
|
10
|
|
|
8
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
12
|
|
|
(7
|
)
|
||||||
Net periodic benefit cost (income)
|
$
|
(360
|
)
|
|
$
|
(426
|
)
|
|
$
|
(308
|
)
|
|
$
|
(7
|
)
|
|
$
|
(20
|
)
|
|
$
|
(39
|
)
|
Weighted-average assumptions used to determine net cost for years ended December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Discount rate
|
4.32
|
%
|
|
3.68
|
%
|
|
4.16
|
%
|
|
2.60
|
%
|
|
2.39
|
%
|
|
2.56
|
%
|
||||||
Expected return on plan assets
|
6.00
|
|
|
6.00
|
|
|
6.00
|
|
|
4.13
|
|
|
4.37
|
|
|
4.73
|
|
||||||
Rate of compensation increase
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
4.49
|
|
|
4.31
|
|
|
4.51
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Nonqualified and
Other Pension Plans |
|
Postretirement Health
and Life Plans |
||||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
Components of net periodic benefit cost (income)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Service cost
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
5
|
|
|
$
|
6
|
|
|
$
|
6
|
|
Interest cost
|
113
|
|
|
105
|
|
|
117
|
|
|
38
|
|
|
36
|
|
|
43
|
|
||||||
Expected return on plan assets
|
(95
|
)
|
|
(84
|
)
|
|
(95
|
)
|
|
(5
|
)
|
|
(6
|
)
|
|
—
|
|
||||||
Amortization of net actuarial loss (gain)
|
34
|
|
|
43
|
|
|
34
|
|
|
(24
|
)
|
|
(27
|
)
|
|
(21
|
)
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(3
|
)
|
|
4
|
|
||||||
Net periodic benefit cost (income)
|
$
|
53
|
|
|
$
|
65
|
|
|
$
|
57
|
|
|
$
|
12
|
|
|
$
|
6
|
|
|
$
|
32
|
|
Weighted-average assumptions used to determine net cost for years ended December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Discount rate
|
4.26
|
%
|
|
3.58
|
%
|
|
4.01
|
%
|
|
4.25
|
%
|
|
3.58
|
%
|
|
3.99
|
%
|
||||||
Expected return on plan assets
|
3.73
|
|
|
3.19
|
|
|
3.50
|
|
|
2.00
|
|
|
2.00
|
|
|
n/a
|
|
||||||
Rate of compensation increase
|
4.00
|
|
|
4.00
|
|
|
4.00
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
|
Bank of America 140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Pretax Amounts included in Accumulated OCI and OCI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Qualified
Pension Plan
|
|
Non-U.S.
Pension Plans
|
|
Nonqualified
and Other
Pension Plans
|
|
Postretirement
Health and
Life Plans
|
|
Total
|
||||||||||||||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||||||
Net actuarial loss (gain)
|
$
|
3,865
|
|
|
$
|
4,386
|
|
|
$
|
559
|
|
|
$
|
454
|
|
|
$
|
1,008
|
|
|
$
|
912
|
|
|
$
|
48
|
|
|
$
|
(75
|
)
|
|
$
|
5,480
|
|
|
$
|
5,677
|
|
Prior service cost (credits)
|
—
|
|
|
—
|
|
|
18
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(9
|
)
|
|
12
|
|
|
9
|
|
||||||||||
Amounts recognized in accumulated OCI
|
$
|
3,865
|
|
|
$
|
4,386
|
|
|
$
|
577
|
|
|
$
|
472
|
|
|
$
|
1,008
|
|
|
$
|
912
|
|
|
$
|
42
|
|
|
$
|
(84
|
)
|
|
$
|
5,492
|
|
|
$
|
5,686
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Current year actuarial loss (gain)
|
$
|
(385
|
)
|
|
$
|
541
|
|
|
$
|
110
|
|
|
$
|
270
|
|
|
$
|
130
|
|
|
$
|
(59
|
)
|
|
$
|
99
|
|
|
$
|
(73
|
)
|
|
$
|
(46
|
)
|
|
$
|
679
|
|
Amortization of actuarial gain (loss) and
prior service cost
|
(135
|
)
|
|
(147
|
)
|
|
(7
|
)
|
|
(11
|
)
|
|
(34
|
)
|
|
(43
|
)
|
|
26
|
|
|
30
|
|
|
(150
|
)
|
|
(171
|
)
|
||||||||||
Current year prior service cost (credit)
|
—
|
|
|
—
|
|
|
2
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
13
|
|
||||||||||
Amounts recognized in OCI
|
$
|
(520
|
)
|
|
$
|
394
|
|
|
$
|
105
|
|
|
$
|
272
|
|
|
$
|
96
|
|
|
$
|
(102
|
)
|
|
$
|
125
|
|
|
$
|
(43
|
)
|
|
$
|
(194
|
)
|
|
$
|
521
|
|
|
|
|
|
2020 Target Allocation
|
|||
|
|
|
|
|
Percentage
|
||
Asset Category
|
Qualified
Pension Plan
|
Non-U.S.
Pension Plans
|
Nonqualified
and Other
Pension Plans
|
Equity securities
|
15 - 50%
|
5 - 30%
|
0 - 5%
|
Debt securities
|
45 - 80%
|
40 - 70%
|
95 - 100%
|
Real estate
|
0 - 10%
|
0 - 15%
|
0 - 5%
|
Other
|
0 - 5%
|
10 - 40%
|
0 - 5%
|
141 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Fair Value Measurements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
(Dollars in millions)
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||||||||||
Cash and short-term investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Money market and interest-bearing cash
|
$
|
1,426
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,426
|
|
|
$
|
1,530
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,530
|
|
Cash and cash equivalent commingled/mutual funds
|
—
|
|
|
250
|
|
|
—
|
|
|
250
|
|
|
—
|
|
|
644
|
|
|
—
|
|
|
644
|
|
||||||||
Fixed income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
U.S. government and agency securities
|
4,403
|
|
|
890
|
|
|
8
|
|
|
5,301
|
|
|
3,637
|
|
|
805
|
|
|
9
|
|
|
4,451
|
|
||||||||
Corporate debt securities
|
—
|
|
|
3,676
|
|
|
—
|
|
|
3,676
|
|
|
—
|
|
|
2,852
|
|
|
—
|
|
|
2,852
|
|
||||||||
Asset-backed securities
|
—
|
|
|
2,684
|
|
|
—
|
|
|
2,684
|
|
|
—
|
|
|
2,119
|
|
|
—
|
|
|
2,119
|
|
||||||||
Non-U.S. debt securities
|
748
|
|
|
1,015
|
|
|
—
|
|
|
1,763
|
|
|
539
|
|
|
961
|
|
|
—
|
|
|
1,500
|
|
||||||||
Fixed income commingled/mutual funds
|
804
|
|
|
1,439
|
|
|
—
|
|
|
2,243
|
|
|
933
|
|
|
1,177
|
|
|
—
|
|
|
2,110
|
|
||||||||
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Common and preferred equity securities
|
4,655
|
|
|
—
|
|
|
—
|
|
|
4,655
|
|
|
4,414
|
|
|
—
|
|
|
—
|
|
|
4,414
|
|
||||||||
Equity commingled/mutual funds
|
147
|
|
|
1,355
|
|
|
—
|
|
|
1,502
|
|
|
288
|
|
|
1,275
|
|
|
—
|
|
|
1,563
|
|
||||||||
Public real estate investment trusts
|
91
|
|
|
—
|
|
|
—
|
|
|
91
|
|
|
104
|
|
|
—
|
|
|
—
|
|
|
104
|
|
||||||||
Real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Private real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
5
|
|
||||||||
Real estate commingled/mutual funds
|
—
|
|
|
18
|
|
|
927
|
|
|
945
|
|
|
—
|
|
|
13
|
|
|
885
|
|
|
898
|
|
||||||||
Limited partnerships
|
—
|
|
|
173
|
|
|
90
|
|
|
263
|
|
|
—
|
|
|
158
|
|
|
82
|
|
|
240
|
|
||||||||
Other investments (1)
|
11
|
|
|
390
|
|
|
636
|
|
|
1,037
|
|
|
93
|
|
|
364
|
|
|
588
|
|
|
1,045
|
|
||||||||
Total plan investment assets, at fair value
|
$
|
12,285
|
|
|
$
|
11,890
|
|
|
$
|
1,661
|
|
|
$
|
25,836
|
|
|
$
|
11,538
|
|
|
$
|
10,368
|
|
|
$
|
1,569
|
|
|
$
|
23,475
|
|
(1)
|
Other investments include commodity and balanced funds of $233 million and $305 million, insurance annuity contracts of $614 million and $562 million and other various investments of $190 million and $178 million at December 31, 2019 and 2018.
|
|
|
|
|
|
|
|
|
||||||||
Level 3 Fair Value Measurements
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Balance
January 1
|
|
Actual Return on
Plan Assets Still Held at the
Reporting Date
|
|
Purchases, Sales and Settlements
|
|
Balance
December 31
|
||||||||
(Dollars in millions)
|
2019
|
||||||||||||||
Fixed income
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. government and agency securities
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
8
|
|
Real estate
|
|
|
|
|
|
|
|
|
|
||||||
Private real estate
|
5
|
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
||||
Real estate commingled/mutual funds
|
885
|
|
|
33
|
|
|
9
|
|
|
927
|
|
||||
Limited partnerships
|
82
|
|
|
—
|
|
|
8
|
|
|
90
|
|
||||
Other investments
|
588
|
|
|
6
|
|
|
42
|
|
|
636
|
|
||||
Total
|
$
|
1,569
|
|
|
$
|
39
|
|
|
$
|
53
|
|
|
$
|
1,661
|
|
|
|
|
|
|
|
|
|
||||||||
|
2018
|
||||||||||||||
Fixed income
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. government and agency securities
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9
|
|
Real estate
|
|
|
|
|
|
|
|
|
|
||||||
Private real estate
|
93
|
|
|
(7
|
)
|
|
(81
|
)
|
|
5
|
|
||||
Real estate commingled/mutual funds
|
831
|
|
|
52
|
|
|
2
|
|
|
885
|
|
||||
Limited partnerships
|
85
|
|
|
(12
|
)
|
|
9
|
|
|
82
|
|
||||
Other investments
|
74
|
|
|
—
|
|
|
514
|
|
|
588
|
|
||||
Total
|
$
|
1,092
|
|
|
$
|
33
|
|
|
$
|
444
|
|
|
$
|
1,569
|
|
|
|
|
|
|
|
|
|
||||||||
|
2017
|
||||||||||||||
Fixed income
|
|
|
|
|
|
|
|
||||||||
U.S. government and agency securities
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
9
|
|
Real estate
|
|
|
|
|
|
|
|
|
|
|
|||||
Private real estate
|
150
|
|
|
8
|
|
|
(65
|
)
|
|
93
|
|
||||
Real estate commingled/mutual funds
|
748
|
|
|
63
|
|
|
20
|
|
|
831
|
|
||||
Limited partnerships
|
38
|
|
|
14
|
|
|
33
|
|
|
85
|
|
||||
Other investments
|
83
|
|
|
5
|
|
|
(14
|
)
|
|
74
|
|
||||
Total
|
$
|
1,029
|
|
|
$
|
90
|
|
|
$
|
(27
|
)
|
|
$
|
1,092
|
|
|
|
Bank of America 142
|
|
|
|
|
|
|
|
|
||||||||
Projected Benefit Payments
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
||||||||
(Dollars in millions)
|
Qualified
Pension Plan (1)
|
|
Non-U.S.
Pension Plans (2)
|
|
Nonqualified
and Other
Pension Plans (2)
|
|
Postretirement Health and Life Plans (3)
|
||||||||
2020
|
$
|
917
|
|
|
$
|
108
|
|
|
$
|
242
|
|
|
$
|
83
|
|
2021
|
926
|
|
|
107
|
|
|
245
|
|
|
80
|
|
||||
2022
|
927
|
|
|
110
|
|
|
232
|
|
|
77
|
|
||||
2023
|
917
|
|
|
116
|
|
|
230
|
|
|
74
|
|
||||
2024
|
924
|
|
|
126
|
|
|
223
|
|
|
72
|
|
||||
2025 - 2029
|
4,409
|
|
|
594
|
|
|
1,011
|
|
|
313
|
|
(1)
|
Benefit payments expected to be made from the plan’s assets.
|
(2)
|
Benefit payments expected to be made from a combination of the plans’ and the Corporation’s assets.
|
(3)
|
Benefit payments (net of retiree contributions) expected to be made from a combination of the plans’ and the Corporation’s assets.
|
|
|
|
Cash-settled Restricted Units
|
|
|
|
|
|
|
Units
|
|
Outstanding at January 1, 2019
|
2,609,122
|
|
Granted
|
2,455,177
|
|
Vested
|
(3,006,707
|
)
|
Canceled
|
(93,170
|
)
|
Outstanding at December 31, 2019
|
1,964,422
|
|
143 Bank of America
|
|
|
|
|
|
|
|
|
||||||
Income Tax Expense
|
|
|
|
|
|||||||
|
|
|
|
|
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2017
|
||||||
Current income tax expense
|
|
|
|
|
|
|
|
|
|||
U.S. federal
|
$
|
1,136
|
|
|
$
|
816
|
|
|
$
|
1,310
|
|
U.S. state and local
|
901
|
|
|
1,377
|
|
|
557
|
|
|||
Non-U.S.
|
852
|
|
|
1,203
|
|
|
939
|
|
|||
Total current expense
|
2,889
|
|
|
3,396
|
|
|
2,806
|
|
|||
Deferred income tax expense
|
|
|
|
|
|
|
|
|
|||
U.S. federal
|
2,001
|
|
|
2,579
|
|
|
7,238
|
|
|||
U.S. state and local
|
223
|
|
|
240
|
|
|
835
|
|
|||
Non-U.S.
|
211
|
|
|
222
|
|
|
102
|
|
|||
Total deferred expense
|
2,435
|
|
|
3,041
|
|
|
8,175
|
|
|||
Total income tax expense
|
$
|
5,324
|
|
|
$
|
6,437
|
|
|
$
|
10,981
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Reconciliation of Income Tax Expense
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||
Expected U.S. federal income tax expense
|
$
|
6,878
|
|
|
21.0
|
%
|
|
$
|
7,263
|
|
|
21.0
|
%
|
|
$
|
10,225
|
|
|
35.0
|
%
|
Increase (decrease) in taxes resulting from:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
State tax expense, net of federal benefit
|
1,283
|
|
|
3.9
|
|
|
1,367
|
|
|
4.0
|
|
|
881
|
|
|
3.0
|
|
|||
Affordable housing/energy/other credits
|
(2,365
|
)
|
|
(7.2
|
)
|
|
(1,888
|
)
|
|
(5.5
|
)
|
|
(1,406
|
)
|
|
(4.8
|
)
|
|||
Changes in prior-period UTBs, including interest
|
(613
|
)
|
|
(1.9
|
)
|
|
144
|
|
|
0.4
|
|
|
133
|
|
|
0.5
|
|
|||
Tax-exempt income, including dividends
|
(433
|
)
|
|
(1.3
|
)
|
|
(413
|
)
|
|
(1.2
|
)
|
|
(672
|
)
|
|
(2.3
|
)
|
|||
Stock-based compensation
|
(225
|
)
|
|
(0.7
|
)
|
|
(257
|
)
|
|
(0.7
|
)
|
|
(236
|
)
|
|
(0.8
|
)
|
|||
Rate differential on non-U.S. earnings
|
504
|
|
|
1.5
|
|
|
98
|
|
|
0.3
|
|
|
(272
|
)
|
|
(0.9
|
)
|
|||
Nondeductible expenses
|
290
|
|
|
0.9
|
|
|
302
|
|
|
0.9
|
|
|
97
|
|
|
0.3
|
|
|||
Tax law changes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,281
|
|
|
7.8
|
|
|||
Other
|
5
|
|
|
0.1
|
|
|
(179
|
)
|
|
(0.6
|
)
|
|
(50
|
)
|
|
(0.2
|
)
|
|||
Total income tax expense
|
$
|
5,324
|
|
|
16.3
|
%
|
|
$
|
6,437
|
|
|
18.6
|
%
|
|
$
|
10,981
|
|
|
37.6
|
%
|
|
|
|
|
|
|
||||||
Reconciliation of the Change in Unrecognized Tax Benefits
|
|||||||||||
|
|
|
|
|
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2017
|
||||||
Balance, January 1
|
$
|
2,197
|
|
|
$
|
1,773
|
|
|
$
|
875
|
|
Increases related to positions taken during the current year
|
238
|
|
|
395
|
|
|
292
|
|
|||
Increases related to positions taken during prior years (1)
|
401
|
|
|
406
|
|
|
750
|
|
|||
Decreases related to positions taken during prior years (1)
|
(1,102
|
)
|
|
(371
|
)
|
|
(122
|
)
|
|||
Settlements
|
(541
|
)
|
|
(6
|
)
|
|
(17
|
)
|
|||
Expiration of statute of limitations
|
(18
|
)
|
|
—
|
|
|
(5
|
)
|
|||
Balance, December 31
|
$
|
1,175
|
|
|
$
|
2,197
|
|
|
$
|
1,773
|
|
(1)
|
The sum of the positions taken during prior years differs from the $(613) million, $144 million and $133 million in the Reconciliation of Income Tax Expense table due to temporary items, state items and jurisdictional offsets, as well as the inclusion of interest in the Reconciliation of Income Tax Expense table.
|
|
|
Bank of America 144
|
|
|
|
|
Tax Examination Status
|
|
|
|
|
|
|
|
|
Years under
Examination (1)
|
|
Status at December 31 2019
|
United States
|
2017-2018
|
|
To begin in 2020
|
California
|
2012-2017
|
|
Field examination
|
New York
|
2016-2018
|
|
Field examination
|
United Kingdom
|
2018
|
|
Field examination
|
(1)
|
All tax years subsequent to the years shown remain subject to examination.
|
|
|
|
|
||||
Deferred Tax Assets and Liabilities
|
|||||||
|
|
|
|
||||
|
December 31
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
||||
Deferred tax assets
|
|
|
|
|
|
||
Net operating loss carryforwards
|
$
|
7,417
|
|
|
$
|
7,993
|
|
Allowance for credit losses
|
2,354
|
|
|
2,400
|
|
||
Lease liability
|
2,321
|
|
|
—
|
|
||
Security, loan and debt valuations
|
1,860
|
|
|
1,818
|
|
||
Accrued expenses
|
1,719
|
|
|
1,875
|
|
||
Employee compensation and retirement benefits
|
1,622
|
|
|
1,564
|
|
||
Credit carryforwards
|
183
|
|
|
623
|
|
||
Available-for-sale securities
|
—
|
|
|
1,854
|
|
||
Other
|
1,203
|
|
|
1,037
|
|
||
Gross deferred tax assets
|
18,679
|
|
|
19,164
|
|
||
Valuation allowance
|
(1,989
|
)
|
|
(1,569
|
)
|
||
Total deferred tax assets, net of valuation allowance
|
16,690
|
|
|
17,595
|
|
||
|
|
|
|
|
|
||
Deferred tax liabilities
|
|
|
|
||||
Equipment lease financing
|
2,933
|
|
|
2,684
|
|
||
Right-to-use asset
|
2,246
|
|
|
—
|
|
||
Tax credit investments
|
1,577
|
|
|
940
|
|
||
Fixed assets
|
1,505
|
|
|
1,104
|
|
||
Available-for-sale securities
|
100
|
|
|
—
|
|
||
Other
|
1,885
|
|
|
2,126
|
|
||
Gross deferred tax liabilities
|
10,246
|
|
|
6,854
|
|
||
Net deferred tax assets
|
$
|
6,444
|
|
|
$
|
10,741
|
|
|
|
|
|
|
|
|
|
||||||
Net Operating Loss and Tax Credit Carryforward Deferred Tax Assets
|
|||||||||||||
|
|
|
|
|
|
|
|
||||||
(Dollars in millions)
|
Deferred
Tax Asset
|
|
Valuation
Allowance
|
|
Net
Deferred
Tax Asset
|
|
First Year
Expiring
|
||||||
Net operating losses - U.S.
|
$
|
312
|
|
|
$
|
—
|
|
|
$
|
312
|
|
|
After 2028
|
Net operating losses - U.K. (1)
|
5,276
|
|
|
—
|
|
|
5,276
|
|
|
None
|
|||
Net operating losses - other non-U.S.
|
493
|
|
|
(423
|
)
|
|
70
|
|
|
Various
|
|||
Net operating losses - U.S. states (2)
|
1,336
|
|
|
(580
|
)
|
|
756
|
|
|
Various
|
|||
Foreign tax credits
|
183
|
|
|
(183
|
)
|
|
—
|
|
|
2028
|
(1)
|
Represents U.K. broker-dealer net operating losses that may be carried forward indefinitely.
|
(2)
|
The net operating losses and related valuation allowances for U.S. states before considering the benefit of federal deductions were $1.7 billion and $734 million.
|
145 Bank of America
|
|
|
|
|
Bank of America 146
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 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
|
$
|
1,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,000
|
|
Federal funds sold and securities borrowed or purchased under agreements to resell
|
—
|
|
|
50,364
|
|
|
—
|
|
|
—
|
|
|
50,364
|
|
|||||
Trading account assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. Treasury and agency securities (2)
|
49,517
|
|
|
4,157
|
|
|
—
|
|
|
—
|
|
|
53,674
|
|
|||||
Corporate securities, trading loans and other
|
—
|
|
|
25,226
|
|
|
1,507
|
|
|
—
|
|
|
26,733
|
|
|||||
Equity securities
|
53,597
|
|
|
32,619
|
|
|
239
|
|
|
—
|
|
|
86,455
|
|
|||||
Non-U.S. sovereign debt
|
3,965
|
|
|
23,854
|
|
|
482
|
|
|
—
|
|
|
28,301
|
|
|||||
Mortgage trading loans, MBS and ABS:
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. government-sponsored agency guaranteed (2)
|
—
|
|
|
24,324
|
|
|
—
|
|
|
—
|
|
|
24,324
|
|
|||||
Mortgage trading loans, ABS and other MBS
|
—
|
|
|
8,786
|
|
|
1,553
|
|
|
—
|
|
|
10,339
|
|
|||||
Total trading account assets (3)
|
107,079
|
|
|
118,966
|
|
|
3,781
|
|
|
—
|
|
|
229,826
|
|
|||||
Derivative assets
|
14,079
|
|
|
328,442
|
|
|
2,226
|
|
|
(304,262
|
)
|
|
40,485
|
|
|||||
AFS debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. Treasury and agency securities
|
67,332
|
|
|
1,196
|
|
|
—
|
|
|
—
|
|
|
68,528
|
|
|||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Agency
|
—
|
|
|
122,528
|
|
|
—
|
|
|
—
|
|
|
122,528
|
|
|||||
Agency-collateralized mortgage obligations
|
—
|
|
|
4,641
|
|
|
—
|
|
|
—
|
|
|
4,641
|
|
|||||
Non-agency residential
|
—
|
|
|
653
|
|
|
424
|
|
|
—
|
|
|
1,077
|
|
|||||
Commercial
|
—
|
|
|
15,021
|
|
|
—
|
|
|
—
|
|
|
15,021
|
|
|||||
Non-U.S. securities
|
—
|
|
|
11,989
|
|
|
2
|
|
|
—
|
|
|
11,991
|
|
|||||
Other taxable securities
|
—
|
|
|
3,876
|
|
|
65
|
|
|
—
|
|
|
3,941
|
|
|||||
Tax-exempt securities
|
—
|
|
|
17,804
|
|
|
108
|
|
|
—
|
|
|
17,912
|
|
|||||
Total AFS debt securities
|
67,332
|
|
|
177,708
|
|
|
599
|
|
|
—
|
|
|
245,639
|
|
|||||
Other debt securities carried at fair value:
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Treasury and agency securities
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|||||
Agency MBS
|
—
|
|
|
3,003
|
|
|
—
|
|
|
—
|
|
|
3,003
|
|
|||||
Non-agency residential MBS
|
—
|
|
|
1,035
|
|
|
299
|
|
|
—
|
|
|
1,334
|
|
|||||
Non-U.S. and other securities
|
400
|
|
|
6,088
|
|
|
—
|
|
|
—
|
|
|
6,488
|
|
|||||
Total other debt securities carried at fair value
|
403
|
|
|
10,126
|
|
|
299
|
|
|
—
|
|
|
10,828
|
|
|||||
Loans and leases
|
—
|
|
|
7,642
|
|
|
693
|
|
|
—
|
|
|
8,335
|
|
|||||
Loans held-for-sale
|
—
|
|
|
3,334
|
|
|
375
|
|
|
—
|
|
|
3,709
|
|
|||||
Other assets (4)
|
11,782
|
|
|
1,376
|
|
|
2,360
|
|
|
—
|
|
|
15,518
|
|
|||||
Total assets (5)
|
$
|
201,675
|
|
|
$
|
697,958
|
|
|
$
|
10,333
|
|
|
$
|
(304,262
|
)
|
|
$
|
605,704
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest-bearing deposits in U.S. offices
|
$
|
—
|
|
|
$
|
508
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
508
|
|
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
—
|
|
|
16,008
|
|
|
—
|
|
|
—
|
|
|
16,008
|
|
|||||
Trading account liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Treasury and agency securities
|
13,140
|
|
|
282
|
|
|
—
|
|
|
—
|
|
|
13,422
|
|
|||||
Equity securities
|
38,148
|
|
|
4,144
|
|
|
2
|
|
|
—
|
|
|
42,294
|
|
|||||
Non-U.S. sovereign debt
|
10,751
|
|
|
11,310
|
|
|
—
|
|
|
—
|
|
|
22,061
|
|
|||||
Corporate securities and other
|
—
|
|
|
5,478
|
|
|
15
|
|
|
—
|
|
|
5,493
|
|
|||||
Total trading account liabilities
|
62,039
|
|
|
21,214
|
|
|
17
|
|
|
—
|
|
|
83,270
|
|
|||||
Derivative liabilities
|
11,904
|
|
|
320,479
|
|
|
4,764
|
|
|
(298,918
|
)
|
|
38,229
|
|
|||||
Short-term borrowings
|
—
|
|
|
3,941
|
|
|
—
|
|
|
—
|
|
|
3,941
|
|
|||||
Accrued expenses and other liabilities
|
13,927
|
|
|
1,507
|
|
|
—
|
|
|
—
|
|
|
15,434
|
|
|||||
Long-term debt
|
—
|
|
|
33,826
|
|
|
1,149
|
|
|
—
|
|
|
34,975
|
|
|||||
Total liabilities (5)
|
$
|
87,870
|
|
|
$
|
397,483
|
|
|
$
|
5,930
|
|
|
$
|
(298,918
|
)
|
|
$
|
192,365
|
|
(1)
|
Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties.
|
(2)
|
Includes $26.7 billion of GSE obligations.
|
(3)
|
Includes securities with a fair value of $14.7 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 $1.5 billion which are classified as Level 3 assets.
|
(5)
|
Total recurring Level 3 assets were 0.42 percent of total consolidated assets, and total recurring Level 3 liabilities were 0.27 percent of total consolidated liabilities.
|
147 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. and other securities
|
490
|
|
|
5,357
|
|
|
—
|
|
|
—
|
|
|
5,847
|
|
|||||
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 148
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
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
December 31 |
Change in Unrealized Gains (Losses) in Net Income Related to Financial Instruments Still Held (2)
|
|||||||||||||||||||||||||
(Dollars in millions)
|
Purchases
|
Sales
|
Issuances
|
Settlements
|
|||||||||||||||||||||||||||||
Year Ended December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Trading account assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Corporate securities, trading loans and other
|
$
|
1,558
|
|
$
|
105
|
|
$
|
—
|
|
$
|
534
|
|
$
|
(390
|
)
|
$
|
18
|
|
$
|
(578
|
)
|
$
|
699
|
|
$
|
(439
|
)
|
$
|
1,507
|
|
$
|
29
|
|
Equity securities
|
276
|
|
(12
|
)
|
—
|
|
38
|
|
(87
|
)
|
—
|
|
(9
|
)
|
79
|
|
(46
|
)
|
239
|
|
(18
|
)
|
|||||||||||
Non-U.S. sovereign debt
|
465
|
|
46
|
|
(12
|
)
|
1
|
|
—
|
|
—
|
|
(51
|
)
|
39
|
|
(6
|
)
|
482
|
|
47
|
|
|||||||||||
Mortgage trading loans, ABS and other MBS
|
1,635
|
|
99
|
|
(2
|
)
|
662
|
|
(899
|
)
|
—
|
|
(175
|
)
|
738
|
|
(505
|
)
|
1,553
|
|
26
|
|
|||||||||||
Total trading account assets
|
3,934
|
|
238
|
|
(14
|
)
|
1,235
|
|
(1,376
|
)
|
18
|
|
(813
|
)
|
1,555
|
|
(996
|
)
|
3,781
|
|
84
|
|
|||||||||||
Net derivative assets (liabilities) (4,5)
|
(935
|
)
|
(37
|
)
|
—
|
|
298
|
|
(837
|
)
|
—
|
|
(97
|
)
|
147
|
|
(1,077
|
)
|
(2,538
|
)
|
228
|
|
|||||||||||
AFS debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-agency residential MBS
|
597
|
|
13
|
|
64
|
|
—
|
|
(73
|
)
|
—
|
|
(40
|
)
|
206
|
|
(343
|
)
|
424
|
|
—
|
|
|||||||||||
Non-U.S. securities
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2
|
|
—
|
|
|||||||||||
Other taxable securities
|
7
|
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(5
|
)
|
61
|
|
—
|
|
65
|
|
—
|
|
|||||||||||
Tax-exempt securities
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
108
|
|
—
|
|
108
|
|
—
|
|
|||||||||||
Total AFS debt securities
|
606
|
|
15
|
|
64
|
|
—
|
|
(73
|
)
|
—
|
|
(45
|
)
|
375
|
|
(343
|
)
|
599
|
|
—
|
|
|||||||||||
Other debt securities carried at fair value – Non-agency residential MBS
|
172
|
|
36
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(17
|
)
|
155
|
|
(47
|
)
|
299
|
|
38
|
|
|||||||||||
Loans and leases (6,7)
|
338
|
|
—
|
|
—
|
|
230
|
|
(35
|
)
|
217
|
|
(57
|
)
|
—
|
|
—
|
|
693
|
|
(1
|
)
|
|||||||||||
Loans held-for-sale (6,7)
|
542
|
|
48
|
|
(6
|
)
|
12
|
|
(71
|
)
|
36
|
|
(245
|
)
|
59
|
|
—
|
|
375
|
|
22
|
|
|||||||||||
Other assets (7)
|
2,932
|
|
(81
|
)
|
19
|
|
—
|
|
(10
|
)
|
179
|
|
(683
|
)
|
5
|
|
(1
|
)
|
2,360
|
|
(267
|
)
|
|||||||||||
Trading account liabilities – Equity securities
|
—
|
|
(2
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2
|
)
|
(2
|
)
|
|||||||||||
Trading account liabilities – Corporate securities
and other
|
(18
|
)
|
8
|
|
—
|
|
(1
|
)
|
(3
|
)
|
(1
|
)
|
—
|
|
—
|
|
—
|
|
(15
|
)
|
—
|
|
|||||||||||
Long-term debt (5,6)
|
(817
|
)
|
(59
|
)
|
(64
|
)
|
—
|
|
—
|
|
(40
|
)
|
180
|
|
(350
|
)
|
1
|
|
(1,149
|
)
|
(55
|
)
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Year Ended December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Trading account assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Corporate securities, trading loans and other
|
$
|
1,864
|
|
$
|
(32
|
)
|
$
|
(1
|
)
|
$
|
436
|
|
$
|
(403
|
)
|
$
|
5
|
|
$
|
(568
|
)
|
$
|
804
|
|
$
|
(547
|
)
|
$
|
1,558
|
|
$
|
(117
|
)
|
Equity securities
|
235
|
|
(17
|
)
|
—
|
|
44
|
|
(11
|
)
|
—
|
|
(4
|
)
|
78
|
|
(49
|
)
|
276
|
|
(22
|
)
|
|||||||||||
Non-U.S. sovereign debt
|
556
|
|
47
|
|
(44
|
)
|
13
|
|
(57
|
)
|
—
|
|
(30
|
)
|
117
|
|
(137
|
)
|
465
|
|
48
|
|
|||||||||||
Mortgage trading loans, ABS and other MBS
|
1,498
|
|
148
|
|
3
|
|
585
|
|
(910
|
)
|
—
|
|
(158
|
)
|
705
|
|
(236
|
)
|
1,635
|
|
97
|
|
|||||||||||
Total trading account assets
|
4,153
|
|
146
|
|
(42
|
)
|
1,078
|
|
(1,381
|
)
|
5
|
|
(760
|
)
|
1,704
|
|
(969
|
)
|
3,934
|
|
6
|
|
|||||||||||
Net derivative assets (liabilities) (4)
|
(1,714
|
)
|
106
|
|
—
|
|
531
|
|
(1,179
|
)
|
—
|
|
778
|
|
39
|
|
504
|
|
(935
|
)
|
(116
|
)
|
|||||||||||
AFS debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Non-agency residential MBS
|
—
|
|
27
|
|
(33
|
)
|
—
|
|
(71
|
)
|
—
|
|
(25
|
)
|
774
|
|
(75
|
)
|
597
|
|
—
|
|
|||||||||||
Non-U.S. securities
|
25
|
|
—
|
|
(1
|
)
|
—
|
|
(10
|
)
|
—
|
|
(15
|
)
|
3
|
|
—
|
|
2
|
|
—
|
|
|||||||||||
Other taxable securities
|
509
|
|
1
|
|
(3
|
)
|
—
|
|
(23
|
)
|
—
|
|
(11
|
)
|
60
|
|
(526
|
)
|
7
|
|
—
|
|
|||||||||||
Tax-exempt securities
|
469
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1
|
)
|
1
|
|
(469
|
)
|
—
|
|
—
|
|
|||||||||||
Total AFS debt securities (8)
|
1,003
|
|
28
|
|
(37
|
)
|
—
|
|
(104
|
)
|
—
|
|
(52
|
)
|
838
|
|
(1,070
|
)
|
606
|
|
—
|
|
|||||||||||
Other debt securities carried at fair value – Non-agency residential MBS
|
—
|
|
(18
|
)
|
—
|
|
—
|
|
(8
|
)
|
—
|
|
(34
|
)
|
365
|
|
(133
|
)
|
172
|
|
(18
|
)
|
|||||||||||
Loans and leases (6,7)
|
571
|
|
(16
|
)
|
—
|
|
—
|
|
(134
|
)
|
—
|
|
(83
|
)
|
—
|
|
—
|
|
338
|
|
(9
|
)
|
|||||||||||
Loans held-for-sale (6)
|
690
|
|
44
|
|
(26
|
)
|
71
|
|
—
|
|
1
|
|
(201
|
)
|
23
|
|
(60
|
)
|
542
|
|
31
|
|
|||||||||||
Other assets (7,8)
|
2,425
|
|
414
|
|
(38
|
)
|
2
|
|
(69
|
)
|
96
|
|
(792
|
)
|
929
|
|
(35
|
)
|
2,932
|
|
149
|
|
|||||||||||
Trading account liabilities – Corporate securities
and other
|
(24
|
)
|
11
|
|
—
|
|
9
|
|
(12
|
)
|
(2
|
)
|
—
|
|
—
|
|
—
|
|
(18
|
)
|
(7
|
)
|
|||||||||||
Accrued expenses and other liabilities (6)
|
(8
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
8
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||||
Long-term debt (6)
|
(1,863
|
)
|
103
|
|
4
|
|
9
|
|
—
|
|
(141
|
)
|
486
|
|
(262
|
)
|
847
|
|
(817
|
)
|
95
|
|
(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 market making and similar activities; Net derivative assets (liabilities) - market making and similar activities and other income; Other debt securities carried at fair value - other income; Loans and leases - predominantly other income; Loans held-for-sale - other income; Other assets - primarily other income related to MSRs; Long-term debt - primarily market making and similar activities.
|
(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. Amounts include net unrealized gains (losses) of $3 million and $(105) million related to financial instruments still held at December 31, 2019 and 2018.
|
(4)
|
Net derivative assets (liabilities) include derivative assets of $2.2 billion and $3.5 billion and derivative liabilities of $4.8 billion and $4.4 billion at December 31, 2019 and 2018.
|
(5)
|
Transfers into long-term debt include a $1.4 billion transfer in of Level 3 derivative assets to reflect the Corporation's change to present bifurcated embedded derivatives with their respective host instruments.
|
(6)
|
Amounts represent instruments that are accounted for under the fair value option.
|
(7)
|
Issuances represent loan originations and MSRs recognized following securitizations or whole-loan sales.
|
(8)
|
Transfers out of AFS debt securities and into other assets primarily relate to the reclassification of certain securities.
|
149 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Level 3 – Fair Value Measurements (1)
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
(Dollars in millions)
|
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
December 31 |
Change in Unrealized Gains/(Losses) in Net Income Related to Financial Instruments Still Held (2)
|
|||||||||||||||||||||||||
Purchases
|
Sales
|
Issuances
|
Settlements
|
||||||||||||||||||||||||||||||
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Trading account assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Corporate securities, trading loans and other
|
$
|
2,777
|
|
$
|
229
|
|
$
|
—
|
|
$
|
547
|
|
$
|
(702
|
)
|
$
|
5
|
|
$
|
(666
|
)
|
$
|
728
|
|
$
|
(1,054
|
)
|
$
|
1,864
|
|
$
|
2
|
|
Equity securities
|
281
|
|
18
|
|
—
|
|
55
|
|
(70
|
)
|
—
|
|
(10
|
)
|
146
|
|
(185
|
)
|
235
|
|
(1
|
)
|
|||||||||||
Non-U.S. sovereign debt
|
510
|
|
74
|
|
(8
|
)
|
53
|
|
(59
|
)
|
—
|
|
(73
|
)
|
72
|
|
(13
|
)
|
556
|
|
70
|
|
|||||||||||
Mortgage trading loans, ABS and other MBS
|
1,211
|
|
165
|
|
(2
|
)
|
1,210
|
|
(990
|
)
|
—
|
|
(233
|
)
|
218
|
|
(81
|
)
|
1,498
|
|
72
|
|
|||||||||||
Total trading account assets
|
4,779
|
|
486
|
|
(10
|
)
|
1,865
|
|
(1,821
|
)
|
5
|
|
(982
|
)
|
1,164
|
|
(1,333
|
)
|
4,153
|
|
143
|
|
|||||||||||
Net derivative assets (liabilities) (4)
|
(1,313
|
)
|
(984
|
)
|
—
|
|
664
|
|
(979
|
)
|
—
|
|
949
|
|
48
|
|
(99
|
)
|
(1,714
|
)
|
(409
|
)
|
|||||||||||
AFS debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Non-U.S. securities
|
229
|
|
2
|
|
16
|
|
49
|
|
—
|
|
—
|
|
(271
|
)
|
—
|
|
—
|
|
25
|
|
—
|
|
|||||||||||
Other taxable securities
|
594
|
|
4
|
|
8
|
|
5
|
|
—
|
|
—
|
|
(42
|
)
|
34
|
|
(94
|
)
|
509
|
|
—
|
|
|||||||||||
Tax-exempt securities
|
542
|
|
1
|
|
3
|
|
14
|
|
(70
|
)
|
—
|
|
(11
|
)
|
35
|
|
(45
|
)
|
469
|
|
—
|
|
|||||||||||
Total AFS debt securities
|
1,365
|
|
7
|
|
27
|
|
68
|
|
(70
|
)
|
—
|
|
(324
|
)
|
69
|
|
(139
|
)
|
1,003
|
|
—
|
|
|||||||||||
Other debt securities carried at fair value – Non-agency residential MBS
|
25
|
|
(1
|
)
|
—
|
|
—
|
|
(21
|
)
|
—
|
|
(3
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||||
Loans and leases (5)
|
720
|
|
15
|
|
—
|
|
3
|
|
(34
|
)
|
—
|
|
(126
|
)
|
—
|
|
(7
|
)
|
571
|
|
11
|
|
|||||||||||
Loans held-for-sale (5,6)
|
656
|
|
100
|
|
(3
|
)
|
3
|
|
(189
|
)
|
—
|
|
(346
|
)
|
501
|
|
(32
|
)
|
690
|
|
14
|
|
|||||||||||
Other assets (6)
|
2,986
|
|
144
|
|
(57
|
)
|
2
|
|
(214
|
)
|
258
|
|
(758
|
)
|
64
|
|
—
|
|
2,425
|
|
(226
|
)
|
|||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase (5)
|
(359
|
)
|
(5
|
)
|
—
|
|
—
|
|
—
|
|
(12
|
)
|
171
|
|
(58
|
)
|
263
|
|
—
|
|
—
|
|
|||||||||||
Trading account liabilities – Corporate securities and other
|
(27
|
)
|
14
|
|
—
|
|
8
|
|
(17
|
)
|
(2
|
)
|
—
|
|
—
|
|
—
|
|
(24
|
)
|
2
|
|
|||||||||||
Accrued expenses and other liabilities (5)
|
(9
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
|
—
|
|
—
|
|
(8
|
)
|
—
|
|
|||||||||||
Long-term debt (5)
|
(1,514
|
)
|
(135
|
)
|
(31
|
)
|
84
|
|
—
|
|
(288
|
)
|
514
|
|
(711
|
)
|
218
|
|
(1,863
|
)
|
(196
|
)
|
(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 - market making and similar activities; Net derivative assets (liabilities) - primarily market making and similar activities 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 - predominantly market making and similar activities.
|
(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.
|
(4)
|
Net derivative assets (liabilities) include derivative assets of $4.1 billion and derivative liabilities of $5.8 billion.
|
(5)
|
Amounts represent instruments that are accounted for under the fair value option.
|
(6)
|
Issuances represent loan originations and MSRs recognized following securitizations or whole-loan sales.
|
|
|
Bank of America 150
|
|
|
|
|
|
|
||
Quantitative Information about Level 3 Fair Value Measurements at December 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
|
$
|
1,407
|
|
Discounted cash flow, Market comparables
|
Yield
|
0% to 25%
|
6%
|
Trading account assets – Mortgage trading loans, ABS and other MBS
|
332
|
|
Prepayment speed
|
1% to 27% CPR
|
17% CPR
|
||
Loans and leases
|
281
|
|
Default rate
|
0% to 3% CDR
|
1% CDR
|
||
Loans held-for-sale
|
4
|
|
Loss severity
|
0% to 47%
|
14%
|
||
AFS debt securities, primarily non-agency residential
|
491
|
|
Price
|
$0 to $160
|
$94
|
||
Other debt securities carried at fair value - Non-agency residential
|
299
|
|
|
|
|
||
Instruments backed by commercial real estate assets
|
$
|
303
|
|
Discounted cash flow
|
Yield
|
0% to 30%
|
14%
|
Trading account assets – Corporate securities, trading loans and other
|
201
|
|
Price
|
$0 to $100
|
$55
|
||
Trading account assets – Mortgage trading loans, ABS and other MBS
|
85
|
|
|
|
|
||
Loans held-for-sale
|
17
|
|
|
|
|
||
Commercial loans, debt securities and other
|
$
|
3,798
|
|
Discounted cash flow, Market comparables
|
Yield
|
1% to 20%
|
6%
|
Trading account assets – Corporate securities, trading loans and other
|
1,306
|
|
Prepayment speed
|
10% to 20%
|
13%
|
||
Trading account assets – Non-U.S. sovereign debt
|
482
|
|
Default rate
|
3% to 4%
|
4%
|
||
Trading account assets – Mortgage trading loans, ABS and other MBS
|
1,136
|
|
Loss severity
|
35% to 40%
|
38%
|
||
AFS debt securities – Other taxable securities
|
108
|
|
Price
|
$0 to $142
|
$72
|
||
Loans and leases
|
412
|
|
Long-dated equity volatilities
|
35%
|
n/a
|
||
Loans held-for-sale
|
354
|
|
|
|
|
||
Other assets, primarily auction rate securities
|
$
|
815
|
|
Discounted cash flow, Market comparables
|
Price
|
$10 to $100
|
$96
|
|
|
|
|
|
|||
|
|
|
|
|
|||
MSRs
|
$
|
1,545
|
|
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%
|
11%
|
|||
Structured liabilities
|
|
|
|
|
|
||
Long-term debt
|
$
|
(1,149
|
)
|
Discounted cash flow, Market comparables, Industry standard derivative pricing (3)
|
Yield
|
2% to 6%
|
5%
|
|
|
Equity correlation
|
9% to 100%
|
63%
|
|||
|
|
Long-dated equity volatilities
|
4% to 101%
|
32%
|
|||
|
|
Price
|
$0 to $116
|
$74
|
|||
|
|
Natural gas forward price
|
$1/MMBtu to $5/MMBtu
|
$3/MMBtu
|
|||
Net derivative assets (liabilities)
|
|
|
|
|
|
||
Credit derivatives
|
$
|
13
|
|
Discounted cash flow, Stochastic recovery correlation model
|
Yield
|
5%
|
n/a
|
|
|
Upfront points
|
0 to 100 points
|
63 points
|
|||
|
|
Prepayment speed
|
15% to 100% CPR
|
22% CPR
|
|||
|
|
Default rate
|
1% to 4% CDR
|
2% CDR
|
|||
|
|
Loss severity
|
35%
|
n/a
|
|||
|
|
Price
|
$0 to $104
|
$73
|
|||
Equity derivatives
|
$
|
(1,081
|
)
|
Industry standard derivative pricing (3)
|
Equity correlation
|
9% to 100%
|
63%
|
|
|
Long-dated equity volatilities
|
4% to 101%
|
32%
|
|||
Commodity derivatives
|
$
|
(1,357
|
)
|
Discounted cash flow, Industry standard derivative pricing (3)
|
Natural gas forward price
|
$1/MMBtu to $5/MMBtu
|
$3/MMBtu
|
|
|
Correlation
|
30% to 69%
|
68%
|
|||
|
|
Volatilities
|
14% to 54%
|
27%
|
|||
Interest rate derivatives
|
$
|
(113
|
)
|
Industry standard derivative pricing (4)
|
Correlation (IR/IR)
|
15% to 94%
|
52%
|
|
|
Correlation (FX/IR)
|
0% to 46%
|
2%
|
|||
|
|
Long-dated inflation rates
|
-23% to 56%
|
16%
|
|||
|
|
Long-dated inflation volatilities
|
0% to 1%
|
1%
|
|||
Total net derivative assets (liabilities)
|
$
|
(2,538
|
)
|
|
|
|
|
(1)
|
For loans and securities, structured liabilities and net derivative assets (liabilities), 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 147: Trading account assets – Corporate securities, trading loans and other of $1.5 billion, Trading account assets – Non-U.S. sovereign debt of $482 million, Trading account assets – Mortgage trading loans, ABS and other MBS of $1.6 billion, AFS debt securities of $599 million, Other debt securities carried at fair value - Non-agency residential of $299 million, Other assets, including MSRs, of $2.4 billion, Loans and leases of $693 million and LHFS of $375 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.
|
151 Bank of America
|
|
|
|
|
|
|
|
|
||
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% CPR
|
||
Loans and leases
|
338
|
|
Default rate
|
0% to 3% CDR
|
1% CDR
|
||
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 (liabilities)
|
|
|
|
|
|
||
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% CPR
|
|||
|
|
Default rate
|
1% to 4% CDR
|
2% CDR
|
|||
|
|
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 (liabilities)
|
$
|
(935
|
)
|
|
|
|
|
(1)
|
For loans and securities, structured liabilities and net derivative assets (liabilities), 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 148: 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.
|
|
|
Bank of America 152
|
|
|
|
|
|
|
|
||||||||
Assets Measured at Fair Value on a Nonrecurring Basis
|
||||||||||||||
|
|
|||||||||||||
|
December 31, 2019
|
December 31, 2018
|
||||||||||||
(Dollars in millions)
|
Level 2
|
|
Level 3
|
Level 2
|
|
Level 3
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|||||
Loans held-for-sale
|
$
|
53
|
|
|
$
|
102
|
|
$
|
274
|
|
|
$
|
—
|
|
Loans and leases (1)
|
—
|
|
|
257
|
|
—
|
|
|
474
|
|
||||
Foreclosed properties (2, 3)
|
—
|
|
|
17
|
|
—
|
|
|
42
|
|
||||
Other assets
|
178
|
|
|
646
|
|
331
|
|
|
14
|
|
||||
|
|
|
|
|
|
|
||||||||
|
|
|
Gains (Losses)
|
|||||||||||
|
|
|
2019
|
2018
|
|
2017
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|||||
Loans held-for-sale
|
|
|
$
|
(14
|
)
|
$
|
(18
|
)
|
|
$
|
(6
|
)
|
||
Loans and leases (1)
|
|
|
(81
|
)
|
(202
|
)
|
|
(336
|
)
|
|||||
Foreclosed properties
|
|
|
(9
|
)
|
(24
|
)
|
|
(41
|
)
|
|||||
Other assets
|
|
|
(2,145
|
)
|
(64
|
)
|
|
(124
|
)
|
(1)
|
Includes $36 million, $83 million and $135 million of losses on loans that were written down to a collateral value of zero during 2019, 2018 and 2017, respectively.
|
(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 $260 million and $488 million of properties acquired upon foreclosure of certain government-guaranteed loans (principally FHA-insured loans) at December 31, 2019 and 2018.
|
153 Bank of America
|
|
|
|
|
|
|
|
|
|||
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)
|
December 31, 2019
|
|||||||
Loans held-for-sale
|
$
|
102
|
|
Discounted cash flow
|
Price
|
$85 to $97
|
$88
|
|
Loans and leases (2)
|
257
|
|
Market comparables
|
OREO discount
|
13% to 59%
|
24
|
%
|
|
|
|
|
Costs to sell
|
8% to 26%
|
9
|
%
|
||
Other assets (3)
|
640
|
|
Discounted cash flow
|
Customer attrition
|
0% to 19%
|
5
|
%
|
|
|
|
|
Costs to service
|
11% to 19%
|
15
|
%
|
||
|
December 31, 2018
|
|||||||
Loans and leases (2)
|
$
|
474
|
|
Market comparables
|
OREO discount
|
13% to 59%
|
25
|
%
|
|
|
|
Costs to sell
|
8% to 26%
|
9
|
%
|
(1)
|
The weighted average is calculated based upon the fair value of the loans.
|
(2)
|
Represents residential mortgages where the loan has been written down to the fair value of the underlying collateral.
|
(3)
|
The fair value of the merchant services joint venture was measured using a discounted cash flow method in which the two primary drivers of fair value were the customer attrition rate and certain costs to service the customers. The weighted averages are calculated based on variations of the attrition rates and costs to service the customers.
|
|
|
Bank of America 154
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fair Value Option Elections
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
December 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
|
$
|
50,364
|
|
|
$
|
50,318
|
|
|
$
|
46
|
|
|
$
|
56,399
|
|
|
$
|
56,376
|
|
|
$
|
23
|
|
Loans reported as trading account assets (1)
|
6,989
|
|
|
14,703
|
|
|
(7,714
|
)
|
|
6,195
|
|
|
13,088
|
|
|
(6,893
|
)
|
||||||
Trading inventory – other
|
19,574
|
|
|
n/a
|
|
|
n/a
|
|
|
13,778
|
|
|
n/a
|
|
|
n/a
|
|
||||||
Consumer and commercial loans
|
8,335
|
|
|
8,372
|
|
|
(37
|
)
|
|
4,349
|
|
|
4,399
|
|
|
(50
|
)
|
||||||
Loans held-for-sale (1)
|
3,709
|
|
|
4,879
|
|
|
(1,170
|
)
|
|
2,942
|
|
|
4,749
|
|
|
(1,807
|
)
|
||||||
Other assets
|
4
|
|
|
n/a
|
|
|
n/a
|
|
|
3
|
|
|
n/a
|
|
|
n/a
|
|
||||||
Long-term deposits
|
508
|
|
|
496
|
|
|
12
|
|
|
492
|
|
|
454
|
|
|
38
|
|
||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
16,008
|
|
|
16,029
|
|
|
(21
|
)
|
|
28,875
|
|
|
28,881
|
|
|
(6
|
)
|
||||||
Short-term borrowings
|
3,941
|
|
|
3,930
|
|
|
11
|
|
|
1,648
|
|
|
1,648
|
|
|
—
|
|
||||||
Unfunded loan commitments
|
90
|
|
|
n/a
|
|
|
n/a
|
|
|
169
|
|
|
n/a
|
|
|
n/a
|
|
||||||
Long-term debt (2)
|
34,975
|
|
|
35,730
|
|
|
(755
|
)
|
|
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 $34.6 billion and $27.3 billion, and contractual principal outstanding of $35.3 billion and $28.8 billion at December 31, 2019 and 2018.
|
(1)
|
The gains in market making and similar activities are primarily offset by losses on trading liabilities that hedge these assets.
|
(2)
|
Includes the value of IRLCs on funded loans, including those sold during the period.
|
(3)
|
The net gains (losses) in market making and similar activities relate to the embedded derivatives in structured liabilities and are typically offset by (losses) gains on derivatives and securities that hedge these liabilities. For the cumulative impact of changes in the Corporation’s own credit spreads and the amount recognized in accumulated OCI, see Note 15 – Accumulated Other Comprehensive Income (Loss). For more information on how the Corporation’s own credit spread is determined, see Note 21 – Fair Value Measurements.
|
(4)
|
Includes gains (losses) on federal funds sold and securities borrowed or purchased under agreements to resell, long-term deposits, federal funds purchased and securities loaned or sold under agreements to repurchase, short-term borrowings and unfunded loan commitments.
|
(5)
|
Gains (losses) related to borrower-specific credit risk were $194 million, $(148) million and $38 million in 2019, 2018 and 2017, respectively.
|
155 Bank of America
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fair Value of Financial Instruments
|
|||||||||||||||
|
|
|
|
||||||||||||
|
|
|
Fair Value
|
||||||||||||
|
Carrying Value
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
(Dollars in millions)
|
December 31, 2019
|
||||||||||||||
Financial assets
|
|
|
|
|
|
|
|
||||||||
Loans
|
$
|
950,093
|
|
|
$
|
63,633
|
|
|
$
|
914,597
|
|
|
$
|
978,230
|
|
Loans held-for-sale
|
9,158
|
|
|
8,439
|
|
|
719
|
|
|
9,158
|
|
||||
Financial liabilities
|
|
|
|
|
|
|
|
||||||||
Deposits (1)
|
1,434,803
|
|
|
1,434,809
|
|
|
—
|
|
|
1,434,809
|
|
||||
Long-term debt
|
240,856
|
|
|
247,376
|
|
|
1,149
|
|
|
248,525
|
|
||||
Commercial unfunded lending commitments (2)
|
903
|
|
|
90
|
|
|
4,777
|
|
|
4,867
|
|
||||
|
|
|
|
|
|
|
|
||||||||
|
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 $545.5 billion and $531.9 billion with no stated maturities at December 31, 2019 and 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 13 – Commitments and Contingencies.
|
|
|
Bank of America 156
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Results of Business Segments and All Other
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
At and for the year ended December 31
|
|
Total Corporation (1)
|
|
Consumer Banking
|
||||||||||||||||||||
(Dollars in millions)
|
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
Net interest income
|
|
$
|
49,486
|
|
|
$
|
48,772
|
|
|
$
|
46,164
|
|
|
$
|
28,158
|
|
|
$
|
27,025
|
|
|
$
|
24,203
|
|
Noninterest income
|
|
42,353
|
|
|
42,858
|
|
|
41,887
|
|
|
10,429
|
|
|
10,593
|
|
|
10,101
|
|
||||||
Total revenue, net of interest expense
|
|
91,839
|
|
|
91,630
|
|
|
88,051
|
|
|
38,587
|
|
|
37,618
|
|
|
34,304
|
|
||||||
Provision for credit losses
|
|
3,590
|
|
|
3,282
|
|
|
3,396
|
|
|
3,772
|
|
|
3,664
|
|
|
3,525
|
|
||||||
Noninterest expense
|
|
54,900
|
|
|
53,154
|
|
|
54,517
|
|
|
17,618
|
|
|
17,672
|
|
|
17,847
|
|
||||||
Income before income taxes
|
|
33,349
|
|
|
35,194
|
|
|
30,138
|
|
|
17,197
|
|
|
16,282
|
|
|
12,932
|
|
||||||
Income tax expense
|
|
5,919
|
|
|
7,047
|
|
|
11,906
|
|
|
4,213
|
|
|
4,150
|
|
|
4,897
|
|
||||||
Net income
|
|
$
|
27,430
|
|
|
$
|
28,147
|
|
|
$
|
18,232
|
|
|
$
|
12,984
|
|
|
$
|
12,132
|
|
|
$
|
8,035
|
|
Period-end total assets
|
|
$
|
2,434,079
|
|
|
$
|
2,354,507
|
|
|
|
|
$
|
804,019
|
|
|
$
|
768,881
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Global Wealth &
Investment Management
|
|
Global Banking
|
||||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
Net interest income
|
|
$
|
6,504
|
|
|
$
|
6,265
|
|
|
$
|
6,152
|
|
|
$
|
10,675
|
|
|
$
|
10,993
|
|
|
$
|
10,615
|
|
Noninterest income
|
|
13,033
|
|
|
13,188
|
|
|
12,447
|
|
|
9,808
|
|
|
9,008
|
|
|
9,510
|
|
||||||
Total revenue, net of interest expense
|
|
19,537
|
|
|
19,453
|
|
|
18,599
|
|
|
20,483
|
|
|
20,001
|
|
|
20,125
|
|
||||||
Provision for credit losses
|
|
82
|
|
|
86
|
|
|
56
|
|
|
414
|
|
|
8
|
|
|
212
|
|
||||||
Noninterest expense
|
|
13,823
|
|
|
14,015
|
|
|
13,770
|
|
|
9,017
|
|
|
8,745
|
|
|
8,811
|
|
||||||
Income before income taxes
|
|
5,632
|
|
|
5,352
|
|
|
4,773
|
|
|
11,052
|
|
|
11,248
|
|
|
11,102
|
|
||||||
Income tax expense
|
|
1,380
|
|
|
1,364
|
|
|
1,807
|
|
|
2,984
|
|
|
2,923
|
|
|
4,204
|
|
||||||
Net income
|
|
$
|
4,252
|
|
|
$
|
3,988
|
|
|
$
|
2,966
|
|
|
$
|
8,068
|
|
|
$
|
8,325
|
|
|
$
|
6,898
|
|
Period-end total assets
|
|
$
|
299,756
|
|
|
$
|
305,907
|
|
|
|
|
|
$
|
464,032
|
|
|
$
|
442,330
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Global Markets
|
|
All Other
|
||||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
Net interest income
|
|
$
|
3,915
|
|
|
$
|
3,857
|
|
|
$
|
4,264
|
|
|
$
|
234
|
|
|
$
|
632
|
|
|
$
|
930
|
|
Noninterest income
|
|
11,699
|
|
|
12,326
|
|
|
11,698
|
|
|
(2,616
|
)
|
|
(2,257
|
)
|
|
(1,869
|
)
|
||||||
Total revenue, net of interest expense
|
|
15,614
|
|
|
16,183
|
|
|
15,962
|
|
|
(2,382
|
)
|
|
(1,625
|
)
|
|
(939
|
)
|
||||||
Provision for credit losses
|
|
(9
|
)
|
|
—
|
|
|
164
|
|
|
(669
|
)
|
|
(476
|
)
|
|
(561
|
)
|
||||||
Noninterest expense
|
|
10,722
|
|
|
10,835
|
|
|
10,997
|
|
|
3,720
|
|
|
1,887
|
|
|
3,092
|
|
||||||
Income (loss) before income taxes
|
|
4,901
|
|
|
5,348
|
|
|
4,801
|
|
|
(5,433
|
)
|
|
(3,036
|
)
|
|
(3,470
|
)
|
||||||
Income tax expense (benefit)
|
|
1,397
|
|
|
1,390
|
|
|
1,666
|
|
|
(4,055
|
)
|
|
(2,780
|
)
|
|
(668
|
)
|
||||||
Net income (loss)
|
|
$
|
3,504
|
|
|
$
|
3,958
|
|
|
$
|
3,135
|
|
|
$
|
(1,378
|
)
|
|
$
|
(256
|
)
|
|
$
|
(2,802
|
)
|
Period-end total assets
|
|
$
|
641,806
|
|
|
$
|
641,923
|
|
|
|
|
$
|
224,466
|
|
|
$
|
195,466
|
|
|
|
|
(1)
|
There were no material intersegment revenues.
|
157 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Noninterest Income by Business Segment and All Other
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Total Corporation
|
|
Consumer Banking
|
|
Global Wealth &
Investment Management
|
||||||||||||||||||||||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||
Fees and commissions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Card income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Interchange fees
|
$
|
3,834
|
|
|
$
|
3,866
|
|
|
$
|
3,777
|
|
|
$
|
3,174
|
|
|
$
|
3,196
|
|
|
$
|
3,038
|
|
|
$
|
60
|
|
|
$
|
81
|
|
|
$
|
109
|
|
Other card income
|
1,963
|
|
|
1,958
|
|
|
1,899
|
|
|
1,910
|
|
|
1,906
|
|
|
1,846
|
|
|
41
|
|
|
46
|
|
|
44
|
|
|||||||||
Total card income
|
5,797
|
|
|
5,824
|
|
|
5,676
|
|
|
5,084
|
|
|
5,102
|
|
|
4,884
|
|
|
101
|
|
|
127
|
|
|
153
|
|
|||||||||
Service charges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Deposit-related fees
|
6,588
|
|
|
6,667
|
|
|
6,708
|
|
|
4,219
|
|
|
4,300
|
|
|
4,266
|
|
|
68
|
|
|
73
|
|
|
77
|
|
|||||||||
Lending-related fees
|
1,086
|
|
|
1,100
|
|
|
1,110
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Total service charges
|
7,674
|
|
|
7,767
|
|
|
7,818
|
|
|
4,219
|
|
|
4,300
|
|
|
4,266
|
|
|
68
|
|
|
73
|
|
|
77
|
|
|||||||||
Investment and brokerage services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Asset management fees
|
10,241
|
|
|
10,189
|
|
|
9,310
|
|
|
144
|
|
|
147
|
|
|
133
|
|
|
10,130
|
|
|
10,042
|
|
|
9,177
|
|
|||||||||
Brokerage fees
|
3,661
|
|
|
3,971
|
|
|
4,526
|
|
|
149
|
|
|
172
|
|
|
184
|
|
|
1,740
|
|
|
1,917
|
|
|
2,217
|
|
|||||||||
Total investment and brokerage services
|
13,902
|
|
|
14,160
|
|
|
13,836
|
|
|
293
|
|
|
319
|
|
|
317
|
|
|
11,870
|
|
|
11,959
|
|
|
11,394
|
|
|||||||||
Investment banking fees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Underwriting income
|
2,998
|
|
|
2,722
|
|
|
2,821
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
401
|
|
|
335
|
|
|
316
|
|
|||||||||
Syndication fees
|
1,184
|
|
|
1,347
|
|
|
1,499
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Financial advisory services
|
1,460
|
|
|
1,258
|
|
|
1,691
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|||||||||
Total investment banking fees
|
5,642
|
|
|
5,327
|
|
|
6,011
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
401
|
|
|
337
|
|
|
318
|
|
|||||||||
Total fees and commissions
|
33,015
|
|
|
33,078
|
|
|
33,341
|
|
|
9,596
|
|
|
9,720
|
|
|
9,467
|
|
|
12,440
|
|
|
12,496
|
|
|
11,942
|
|
|||||||||
Market making and similar activities
|
9,034
|
|
|
9,008
|
|
|
7,102
|
|
|
6
|
|
|
8
|
|
|
3
|
|
|
113
|
|
|
112
|
|
|
144
|
|
|||||||||
Other income
|
304
|
|
|
772
|
|
|
1,444
|
|
|
827
|
|
|
865
|
|
|
631
|
|
|
480
|
|
|
580
|
|
|
361
|
|
|||||||||
Total noninterest income
|
$
|
42,353
|
|
|
$
|
42,858
|
|
|
$
|
41,887
|
|
|
$
|
10,429
|
|
|
$
|
10,593
|
|
|
$
|
10,101
|
|
|
$
|
13,033
|
|
|
$
|
13,188
|
|
|
$
|
12,447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Global Banking
|
|
Global Markets
|
|
All Other (1)
|
||||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||
Fees and commissions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Card income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Interchange fees
|
$
|
519
|
|
|
$
|
503
|
|
|
$
|
478
|
|
|
$
|
81
|
|
|
$
|
86
|
|
|
$
|
86
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
66
|
|
Other card income
|
13
|
|
|
8
|
|
|
12
|
|
|
(1
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||||||
Total card income
|
532
|
|
|
511
|
|
|
490
|
|
|
80
|
|
|
84
|
|
|
84
|
|
|
—
|
|
|
—
|
|
|
65
|
|
|||||||||
Service charges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Deposit-related fees
|
2,121
|
|
|
2,111
|
|
|
2,197
|
|
|
156
|
|
|
161
|
|
|
147
|
|
|
24
|
|
|
22
|
|
|
21
|
|
|||||||||
Lending-related fees
|
894
|
|
|
916
|
|
|
928
|
|
|
192
|
|
|
184
|
|
|
182
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Total service charges
|
3,015
|
|
|
3,027
|
|
|
3,125
|
|
|
348
|
|
|
345
|
|
|
329
|
|
|
24
|
|
|
22
|
|
|
21
|
|
|||||||||
Investment and brokerage services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Asset management fees
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
|
—
|
|
|
—
|
|
|||||||||
Brokerage fees
|
34
|
|
|
94
|
|
|
97
|
|
|
1,738
|
|
|
1,780
|
|
|
2,049
|
|
|
—
|
|
|
8
|
|
|
(21
|
)
|
|||||||||
Total investment and brokerage services
|
34
|
|
|
94
|
|
|
97
|
|
|
1,738
|
|
|
1,780
|
|
|
2,049
|
|
|
(33
|
)
|
|
8
|
|
|
(21
|
)
|
|||||||||
Investment banking fees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Underwriting income
|
1,227
|
|
|
1,090
|
|
|
1,172
|
|
|
1,555
|
|
|
1,495
|
|
|
1,588
|
|
|
(185
|
)
|
|
(197
|
)
|
|
(255
|
)
|
|||||||||
Syndication fees
|
574
|
|
|
648
|
|
|
742
|
|
|
610
|
|
|
698
|
|
|
756
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|||||||||
Financial advisory services
|
1,336
|
|
|
1,153
|
|
|
1,557
|
|
|
123
|
|
|
103
|
|
|
133
|
|
|
1
|
|
|
—
|
|
|
(1
|
)
|
|||||||||
Total investment banking fees
|
3,137
|
|
|
2,891
|
|
|
3,471
|
|
|
2,288
|
|
|
2,296
|
|
|
2,477
|
|
|
(184
|
)
|
|
(196
|
)
|
|
(255
|
)
|
|||||||||
Total fees and commissions
|
6,718
|
|
|
6,523
|
|
|
7,183
|
|
|
4,454
|
|
|
4,505
|
|
|
4,939
|
|
|
(193
|
)
|
|
(166
|
)
|
|
(190
|
)
|
|||||||||
Market making and similar activities
|
235
|
|
|
260
|
|
|
134
|
|
|
7,065
|
|
|
7,260
|
|
|
6,203
|
|
|
1,615
|
|
|
1,368
|
|
|
618
|
|
|||||||||
Other income
|
2,855
|
|
|
2,225
|
|
|
2,193
|
|
|
180
|
|
|
561
|
|
|
556
|
|
|
(4,038
|
)
|
|
(3,459
|
)
|
|
(2,297
|
)
|
|||||||||
Total noninterest income
|
$
|
9,808
|
|
|
$
|
9,008
|
|
|
$
|
9,510
|
|
|
$
|
11,699
|
|
|
$
|
12,326
|
|
|
$
|
11,698
|
|
|
$
|
(2,616
|
)
|
|
$
|
(2,257
|
)
|
|
$
|
(1,869
|
)
|
(1)
|
All Other includes eliminations of intercompany transactions.
|
|
|
Bank of America 158
|
|
|
|
|
|
|
||||||
Business Segment Reconciliations
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2017
|
||||||
Segments’ total revenue, net of interest expense
|
$
|
94,221
|
|
|
$
|
93,255
|
|
|
$
|
88,990
|
|
Adjustments (1):
|
|
|
|
|
|
|
|
|
|||
ALM activities
|
241
|
|
|
(325
|
)
|
|
161
|
|
|||
Liquidating businesses, eliminations and other
|
(2,623
|
)
|
|
(1,300
|
)
|
|
(1,100
|
)
|
|||
FTE basis adjustment
|
(595
|
)
|
|
(610
|
)
|
|
(925
|
)
|
|||
Consolidated revenue, net of interest expense
|
$
|
91,244
|
|
|
$
|
91,020
|
|
|
$
|
87,126
|
|
Segments’ total net income
|
28,808
|
|
|
28,403
|
|
|
21,034
|
|
|||
Adjustments, net-of-tax (1):
|
|
|
|
|
|
|
|
||||
ALM activities
|
202
|
|
|
(222
|
)
|
|
154
|
|
|||
Liquidating businesses, eliminations and other
|
(1,580
|
)
|
|
(34
|
)
|
|
(2,956
|
)
|
|||
Consolidated net income
|
$
|
27,430
|
|
|
$
|
28,147
|
|
|
$
|
18,232
|
|
|
|
|
|
|
|
||||||
|
|
|
December 31
|
||||||||
|
|
|
2019
|
|
2018
|
||||||
Segments’ total assets
|
|
|
$
|
2,209,613
|
|
|
$
|
2,159,041
|
|
||
Adjustments (1):
|
|
|
|
|
|
|
|
||||
ALM activities, including securities portfolio
|
|
|
721,806
|
|
|
669,204
|
|
||||
Elimination of segment asset allocations to match liabilities
|
|
|
(565,346
|
)
|
|
(540,798
|
)
|
||||
Other
|
|
|
68,006
|
|
|
67,060
|
|
||||
Consolidated total assets
|
|
|
$
|
2,434,079
|
|
|
$
|
2,354,507
|
|
(1)
|
Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.
|
|
|
|
|
|
|
||||||
Condensed Statement of Income
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2017
|
||||||
Income
|
|
|
|
|
|
|
|
|
|||
Dividends from subsidiaries:
|
|
|
|
|
|
|
|
|
|||
Bank holding companies and related subsidiaries
|
$
|
27,820
|
|
|
$
|
28,575
|
|
|
$
|
12,088
|
|
Nonbank companies and related subsidiaries
|
—
|
|
|
91
|
|
|
202
|
|
|||
Interest from subsidiaries
|
9,502
|
|
|
8,425
|
|
|
7,043
|
|
|||
Other income (loss)
|
74
|
|
|
(1,025
|
)
|
|
28
|
|
|||
Total income
|
37,396
|
|
|
36,066
|
|
|
19,361
|
|
|||
Expense
|
|
|
|
|
|
|
|
|
|||
Interest on borrowed funds from related subsidiaries
|
451
|
|
|
235
|
|
|
189
|
|
|||
Other interest expense
|
5,899
|
|
|
6,425
|
|
|
5,555
|
|
|||
Noninterest expense
|
1,641
|
|
|
1,600
|
|
|
1,672
|
|
|||
Total expense
|
7,991
|
|
|
8,260
|
|
|
7,416
|
|
|||
Income before income taxes and equity in undistributed earnings of subsidiaries
|
29,405
|
|
|
27,806
|
|
|
11,945
|
|
|||
Income tax expense (benefit)
|
341
|
|
|
(281
|
)
|
|
950
|
|
|||
Income before equity in undistributed earnings of subsidiaries
|
29,064
|
|
|
28,087
|
|
|
10,995
|
|
|||
Equity in undistributed earnings (losses) of subsidiaries:
|
|
|
|
|
|
|
|
|
|||
Bank holding companies and related subsidiaries
|
(1,717
|
)
|
|
306
|
|
|
8,725
|
|
|||
Nonbank companies and related subsidiaries
|
83
|
|
|
(246
|
)
|
|
(1,488
|
)
|
|||
Total equity in undistributed earnings of subsidiaries
|
(1,634
|
)
|
|
60
|
|
|
7,237
|
|
|||
Net income
|
$
|
27,430
|
|
|
$
|
28,147
|
|
|
$
|
18,232
|
|
159 Bank of America
|
|
|
|
|
|
|
||||
Condensed Balance Sheet
|
|
|
|
||||
|
|
|
|
||||
|
December 31
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
||||
Assets
|
|
|
|
|
|
||
Cash held at bank subsidiaries (1)
|
$
|
5,695
|
|
|
$
|
5,141
|
|
Securities
|
656
|
|
|
628
|
|
||
Receivables from subsidiaries:
|
|
|
|
||||
Bank holding companies and related subsidiaries
|
173,301
|
|
|
152,905
|
|
||
Banks and related subsidiaries
|
51
|
|
|
195
|
|
||
Nonbank companies and related subsidiaries
|
391
|
|
|
969
|
|
||
Investments in subsidiaries:
|
|
|
|
||||
Bank holding companies and related subsidiaries
|
297,465
|
|
|
293,045
|
|
||
Nonbank companies and related subsidiaries
|
3,663
|
|
|
3,432
|
|
||
Other assets
|
9,438
|
|
|
14,696
|
|
||
Total assets
|
$
|
490,660
|
|
|
$
|
471,011
|
|
Liabilities and shareholders’ equity
|
|
|
|
|
|
||
Accrued expenses and other liabilities
|
$
|
13,381
|
|
|
$
|
8,828
|
|
Payables to subsidiaries:
|
|
|
|
||||
Banks and related subsidiaries
|
458
|
|
|
349
|
|
||
Nonbank companies and related subsidiaries
|
12,102
|
|
|
13,301
|
|
||
Long-term debt
|
199,909
|
|
|
183,208
|
|
||
Total liabilities
|
225,850
|
|
|
205,686
|
|
||
Shareholders’ equity
|
264,810
|
|
|
265,325
|
|
||
Total liabilities and shareholders’ equity
|
$
|
490,660
|
|
|
$
|
471,011
|
|
(1)
|
Balance includes third-party cash held of $4 million and $389 million at December 31, 2019 and 2018.
|
|
|
|
|
|
|
||||||
Condensed Statement of Cash Flows
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2017
|
||||||
Operating activities
|
|
|
|
|
|
|
|
|
|||
Net income
|
$
|
27,430
|
|
|
$
|
28,147
|
|
|
$
|
18,232
|
|
Reconciliation of net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|
|
|||
Equity in undistributed (earnings) losses of subsidiaries
|
1,634
|
|
|
(60
|
)
|
|
(7,237
|
)
|
|||
Other operating activities, net
|
16,973
|
|
|
(3,706
|
)
|
|
(2,593
|
)
|
|||
Net cash provided by operating activities
|
46,037
|
|
|
24,381
|
|
|
8,402
|
|
|||
Investing activities
|
|
|
|
|
|
|
|
|
|||
Net sales (purchases) of securities
|
(17
|
)
|
|
51
|
|
|
312
|
|
|||
Net payments to subsidiaries
|
(19,121
|
)
|
|
(2,262
|
)
|
|
(7,087
|
)
|
|||
Other investing activities, net
|
7
|
|
|
48
|
|
|
(1
|
)
|
|||
Net cash used in investing activities
|
(19,131
|
)
|
|
(2,163
|
)
|
|
(6,776
|
)
|
|||
Financing activities
|
|
|
|
|
|
|
|
|
|||
Net increase (decrease) in other advances
|
(1,625
|
)
|
|
3,867
|
|
|
(6,672
|
)
|
|||
Proceeds from issuance of long-term debt
|
29,315
|
|
|
30,708
|
|
|
37,704
|
|
|||
Retirement of long-term debt
|
(21,039
|
)
|
|
(29,413
|
)
|
|
(29,645
|
)
|
|||
Proceeds from issuance of preferred stock
|
3,643
|
|
|
4,515
|
|
|
—
|
|
|||
Redemption of preferred stock
|
(2,568
|
)
|
|
(4,512
|
)
|
|
—
|
|
|||
Common stock repurchased
|
(28,144
|
)
|
|
(20,094
|
)
|
|
(12,814
|
)
|
|||
Cash dividends paid
|
(5,934
|
)
|
|
(6,895
|
)
|
|
(5,700
|
)
|
|||
Net cash used in financing activities
|
(26,352
|
)
|
|
(21,824
|
)
|
|
(17,127
|
)
|
|||
Net increase (decrease) in cash held at bank subsidiaries
|
554
|
|
|
394
|
|
|
(15,501
|
)
|
|||
Cash held at bank subsidiaries at January 1
|
5,141
|
|
|
4,747
|
|
|
20,248
|
|
|||
Cash held at bank subsidiaries at December 31
|
$
|
5,695
|
|
|
$
|
5,141
|
|
|
$
|
4,747
|
|
|
|
Bank of America 160
|
|
|
|
|
|
|
|
|
|
|
||||||||
(Dollars in millions)
|
|
|
Total Assets at Year End (1)
|
|
Total Revenue, Net of Interest Expense (2)
|
|
Income Before Income Taxes
|
|
Net Income
|
||||||||
U.S. (3)
|
2019
|
|
$
|
2,122,734
|
|
|
$
|
81,236
|
|
|
$
|
30,699
|
|
|
$
|
25,937
|
|
|
2018
|
|
2,051,182
|
|
|
80,777
|
|
|
31,904
|
|
|
26,407
|
|
||||
|
2017
|
|
|
|
74,604
|
|
|
25,108
|
|
|
15,550
|
|
|||||
Asia
|
2019
|
|
102,440
|
|
|
3,491
|
|
|
765
|
|
|
570
|
|
||||
|
2018
|
|
94,865
|
|
|
3,507
|
|
|
865
|
|
|
520
|
|
||||
|
2017
|
|
|
|
3,405
|
|
|
676
|
|
|
464
|
|
|||||
Europe, Middle East and Africa
|
2019
|
|
178,889
|
|
|
5,310
|
|
|
921
|
|
|
672
|
|
||||
|
2018
|
|
185,285
|
|
|
5,632
|
|
|
1,543
|
|
|
1,126
|
|
||||
|
2017
|
|
|
|
7,907
|
|
|
2,990
|
|
|
1,926
|
|
|||||
Latin America and the Caribbean
|
2019
|
|
30,016
|
|
|
1,207
|
|
|
369
|
|
|
251
|
|
||||
|
2018
|
|
23,175
|
|
|
1,104
|
|
|
272
|
|
|
94
|
|
||||
|
2017
|
|
|
|
1,210
|
|
|
439
|
|
|
292
|
|
|||||
Total Non-U.S.
|
2019
|
|
311,345
|
|
|
10,008
|
|
|
2,055
|
|
|
1,493
|
|
||||
|
2018
|
|
303,325
|
|
|
10,243
|
|
|
2,680
|
|
|
1,740
|
|
||||
|
2017
|
|
|
|
12,522
|
|
|
4,105
|
|
|
2,682
|
|
|||||
Total Consolidated
|
2019
|
|
$
|
2,434,079
|
|
|
$
|
91,244
|
|
|
$
|
32,754
|
|
|
$
|
27,430
|
|
|
2018
|
|
2,354,507
|
|
|
91,020
|
|
|
34,584
|
|
|
28,147
|
|
||||
|
2017
|
|
|
|
87,126
|
|
|
29,213
|
|
|
18,232
|
|
(1)
|
Total assets include long-lived assets, which are primarily located in the U.S.
|
(2)
|
There were no material intercompany revenues between geographic regions for any of the periods presented.
|
(3)
|
Substantially reflects the U.S.
|
161 Bank of America
|
|
|
|
|
|
|
|
|
|
Bank of America 162
|
|
|
|
|
|
ABS
|
Asset-backed securities
|
AFS
|
Available-for-sale
|
ALM
|
Asset and liability management
|
ARR
|
Alternative reference rates
|
AUM
|
Assets under management
|
AVM
|
Automated valuation model
|
BANA
|
Bank of America, National Association
|
BHC
|
Bank holding company
|
BofAS
|
BofA Securities, Inc.
|
BofASE
|
BofA Securities Europe SA
|
bps
|
basis points
|
CAE
|
Chief Audit Executive
|
CAO
|
Chief Administrative Officer
|
CCAR
|
Comprehensive Capital Analysis and Review
|
CDO
|
Collateralized debt obligation
|
CDS
|
Credit default swap
|
CET1
|
Common equity tier 1
|
CFPB
|
Consumer Financial Protection Bureau
|
CLO
|
Collateralized loan obligation
|
CFTC
|
Commodity Futures Trading Commission
|
CLTV
|
Combined loan-to-value
|
CRO
|
Chief Risk Officer
|
CVA
|
Credit valuation adjustment
|
DIF
|
Deposit Insurance Fund
|
DVA
|
Debit valuation adjustment
|
EAD
|
Exposure at default
|
EMRC
|
Enterprise Model Risk Committee
|
EPS
|
Earnings per common share
|
ERC
|
Enterprise Risk Committee
|
EU
|
European Union
|
FCA
|
Financial Conduct Authority
|
FDIC
|
Federal Deposit Insurance Corporation
|
FDICIA
|
Federal Deposit Insurance Corporation Improvement Act of 1991
|
FHA
|
Federal Housing Administration
|
FHFA
|
Federal Housing Finance Agency
|
FHLB
|
Federal Home Loan Bank
|
FHLMC
|
Freddie Mac
|
FICC
|
Fixed-income, currencies and commodities
|
FICO
|
Fair Isaac Corporation (credit score)
|
FLUs
|
Front line units
|
FNMA
|
Fannie Mae
|
FTE
|
Fully taxable-equivalent
|
FVA
|
Funding valuation adjustment
|
GAAP
|
Accounting principles generally accepted in the United States of America
|
GDPR
|
General Data Protection Regulation
|
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
|
ICAAP
|
Internal Capital Adequacy Assessment Process
|
IRM
|
Independent Risk Management
|
IBOR
|
Interbank Offered Rates
|
IRLC
|
Interest rate lock commitment
|
ISDA
|
International Swaps and Derivatives Association, Inc.
|
LCR
|
Liquidity Coverage Ratio
|
LGD
|
Loss given default
|
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
|
MRC
|
Management Risk Committee
|
MSA
|
Metropolitan Statistical Area
|
MSR
|
Mortgage servicing right
|
NOL
|
Net operating loss
|
NSFR
|
Net Stable Funding Ratio
|
OCC
|
Office of the Comptroller of the Currency
|
OCI
|
Other comprehensive income
|
OREO
|
Other real estate owned
|
OTC
|
Over-the-counter
|
OTTI
|
Other-than-temporary impairment
|
PCA
|
Prompt Corrective Action
|
RMBS
|
Residential mortgage-backed securities
|
RSU
|
Restricted stock unit
|
SBLC
|
Standby letter of credit
|
SCCL
|
Single-counterparty credit limits
|
SBSDs
|
Security-based swap dealers
|
SEC
|
Securities and Exchange Commission
|
SLR
|
Supplementary leverage ratio
|
SOFR
|
Secured Overnight Financing Rate
|
TDR
|
Troubled debt restructurings
|
TLAC
|
Total loss-absorbing capacity
|
VA
|
U.S. Department of Veterans Affairs
|
VaR
|
Value-at-Risk
|
VIE
|
Variable interest entity
|
163 Bank of America
|
|
|
●
|
“Proposal 1: Electing Directors – Our Director Nominees;”
|
●
|
“Corporate Governance – Additional Corporate Governance Information;” and
|
●
|
“Corporate Governance – Board Meetings, Committee Membership, and Attendance.”
|
●
|
“Compensation Discussion and Analysis;”
|
●
|
“Compensation and Human Capital Committee Report;”
|
●
|
“Executive Compensation;”
|
●
|
“Corporate Governance;” and
|
●
|
“Director Compensation.”
|
|
|
Bank of America 164
|
●
|
“Stock Ownership of Directors, Executive Officers, and Certain Beneficial Owners.”
|
|
|
|
|
|
|
|||
Plan Category (1)
|
(a) Number of Shares to
be Issued Under Outstanding Options, Warrants and Rights (2) |
|
(b) Weighted-average Exercise Price of Outstanding Options, Warrants and Rights (3)
|
|
(c) Number of Shares Remaining for Future Issuance Under Equity Compensation Plans (excluding securities reflected in column (a)) (4)
|
|||
Plans approved by shareholders
|
158,954,915
|
|
|
—
|
|
|
304,904,984
|
|
Plans not approved by shareholders
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
158,954,915
|
|
|
—
|
|
|
304,904,984
|
|
(1)
|
This table does not include 783,282 vested restricted stock units and stock option gain deferrals at December 31, 2019 that were assumed by the Corporation in connection with prior acquisitions under whose plans the awards were originally granted.
|
(2)
|
Consists of outstanding restricted stock units. Includes 1,115,166 vested restricted stock units subject to a required twelve-month holding period.
|
(3)
|
Restricted stock units do not have an exercise price and are delivered without any payment or consideration.
|
(4)
|
Amount represents shares of common stock available for future issuance under the Bank of America Corporation Key Employee Equity Plan.
|
●
|
“Related Person and Certain Other Transactions;” and
|
●
|
“Corporate Governance – Director Independence.”
|
●
|
“Proposal 3: Ratifying the Appointment of our Independent Registered Public Accounting Firm for 2020.”
|
165 Bank of America
|
|
|
|
|
|
Incorporated by Reference
|
|||
Exhibit No.
|
Description
|
Notes
|
Form
|
Exhibit
|
Filing Date
|
File No.
|
3.1
|
1
|
|
|
|
|
|
3.2
|
|
10-Q
|
3(b)
|
10/28/19
|
1-6523
|
|
4.1
|
|
S-3
|
4.1
|
2/1/95
|
33-57533
|
|
4.2
|
|
8-K
|
4.3
|
11/18/98
|
1-6523
|
|
4.3
|
|
8-K
|
4.4
|
6/14/01
|
1-6523
|
|
4.4
|
|
8-K
|
4.2
|
8/27/04
|
1-6523
|
|
4.5
|
|
S-3
|
4.6
|
5/5/06
|
333-133852
|
|
4.6
|
|
8-K
|
4.1
|
12/5/08
|
1-6523
|
|
4.7
|
|
10-K
|
4(ee)
|
2/25/11
|
1-6523
|
|
4.8
|
|
8-K
|
4.1
|
1/13/17
|
1-6523
|
|
4.9
|
|
10-K
|
4(a)
|
2/23/17
|
1-6523
|
|
4.10
|
|
S-3
|
4.2
|
6/28/96
|
333-07229
|
|
4.11
|
|
10-K
|
4(aaa)
|
2/28/07
|
1-6523
|
|
4.12
|
|
S-3
|
4.12
|
5/1/15
|
333-202354
|
|
4.13
|
|
S-3
|
4.13
|
5/1/15
|
333-202354
|
|
4.14
|
|
S-3
|
4.14
|
5/1/15
|
333-202354
|
|
4.15
|
|
8-K
|
4.2
|
1/13/17
|
1-6523
|
|
4.16
|
|
8-K
|
4.3
|
1/13/17
|
1-6523
|
|
4.17
|
|
S-3
|
4.5
|
2/1/95
|
33-57533
|
|
4.18
|
|
8-K
|
4.8
|
11/18/98
|
1-6523
|
|
|
Bank of America 166
|
|
|
|
Incorporated by Reference
|
|||
Exhibit No.
|
Description
|
Notes
|
Form
|
Exhibit
|
Filing Date
|
File No.
|
4.19
|
|
S-4
|
4.3
|
3/16/07
|
333-141361
|
|
4.20
|
|
10-K
|
4(ff)
|
2/25/11
|
1-6523
|
|
4.21
|
|
10-K
|
4(i)
|
2/23/17
|
1-6523
|
|
4.22
|
|
|
S-3
|
4.3
|
6/27/18
|
333-224523
|
4.23
|
|
S-3
|
4.4
|
6/27/18
|
333-224523
|
|
4.24
|
|
S-3
|
4.5
|
6/27/18
|
333-224523
|
|
4.25
|
|
S-3
|
4.6
|
6/27/18
|
333-224523
|
|
4.26
|
|
S-3
|
4.7
|
6/27/18
|
333-224523
|
|
|
Registrant and its subsidiaries have other long-term debt agreements, but these are omitted pursuant to Item 601(b)(4)(iii) of Regulation S-K. Copies of these agreements will be furnished to the Commission on request
|
|
|
|
|
|
4.27
|
1
|
|
|
|
|
|
10.1
|
2
|
10-K
|
10(c)
|
2/27/09
|
1-6523
|
|
10.2
|
|
2
|
10-K
|
10(c)
|
2/26/10
|
1-6523
|
10.3
|
2
|
10-K
|
10(a)
|
2/28/13
|
1-6523
|
|
10.4
|
1,2
|
|
|
|
|
|
10.5
|
1,2
|
|
|
|
|
|
10.6
|
|
1,2
|
|
|
|
|
10.7
|
|
1,2
|
|
|
|
|
10.8
|
NationsBank Corporation Benefit Security Trust dated as of June 27, 1990
|
2
|
10-K
|
10(t)
|
3/27/91
|
1-6523
|
10.9
|
First Supplement to NationsBank Corporation Benefit Security Trust dated as of
November 30, 1992
|
2
|
10-K
|
10(v)
|
3/24/93
|
1-6523
|
10.10
|
2
|
10-K
|
10(o)
|
3/29/96
|
1-6523
|
|
10.11
|
2
|
10-K
|
10(c)
|
2/25/15
|
1-6523
|
|
10.12
|
2
|
10-K
|
10(vv)
|
2/24/16
|
1-6523
|
|
10.13
|
2
|
S-8
|
4(c)
|
11/19/19
|
333-234780
|
|
10.14
|
1,2
|
|
|
|
|
|
10.15
|
2
|
10-K
|
10(g)
|
3/3/03
|
1-6523
|
|
10.16
|
2
|
10-K
|
10(d)
|
2/28/13
|
1-6523
|
|
10.17
|
2
|
10-K
|
10(g)
|
2/28/07
|
1-6523
|
|
10.18
|
2
|
10-K
|
10(f)
|
2/26/19
|
1-6523
|
|
10.19
|
2
|
8-K
|
10.2
|
12/14/05
|
1-6523
|
|
10.20
|
2
|
10-K
|
10(h)
|
3/1/05
|
1-6523
|
|
10.21
|
2
|
10-Q
|
10(a)
|
8/4/11
|
1-6523
|
|
10.22
|
2
|
8-K
|
10.2
|
5/3/10
|
1-6523
|
|
10.23
|
2
|
10-Q
|
10(a)
|
5/1/14
|
1-6523
|
|
10.24
|
2
|
8-K
|
10.2
|
5/7/15
|
1-6523
|
167 Bank of America
|
|
|
|
|
|
Incorporated by Reference
|
|||
Exhibit No.
|
Description
|
Notes
|
Form
|
Exhibit
|
Filing Date
|
File No.
|
10.25
|
2
|
10-Q
|
10(a)
|
5/2/16
|
1-6523
|
|
10.26
|
2
|
10-Q
|
10(c)
|
5/2/16
|
1-6523
|
|
10.27
|
|
2
|
10-Q
|
10(a)
|
5/2/17
|
1-6523
|
10.28
|
|
2
|
10-Q
|
10(b)
|
5/2/17
|
1-6523
|
10.29
|
2
|
10-Q
|
10
|
4/30/18
|
1-6523
|
|
10.30
|
2
|
10-K
|
10(h)
|
2/26/19
|
1-6523
|
|
10.31
|
|
2
|
10-Q
|
10(a)
|
4/26/19
|
1-6523
|
10.32
|
2
|
10-Q
|
10(b)
|
4/26/19
|
1-6523
|
|
10.33
|
2
|
10-Q
|
10(c)
|
4/26/19
|
1-6523
|
|
10.34
|
2
|
10-K
|
10(v)
|
3/1/04
|
1-6523
|
|
10.35
|
2
|
10-K
|
10(r)
|
3/1/05
|
1-6523
|
|
10.36
|
2
|
10-K
|
10(u)
|
3/1/05
|
1-6523
|
|
10.37
|
2
|
10-K
|
10(v)
|
3/1/05
|
1-6523
|
|
10.38
|
2
|
10-K
|
10(p)
|
2/26/10
|
1-6523
|
|
10.39
|
2
|
10-K
|
10(c)
|
2/25/11
|
1-6523
|
|
10.40
|
2
|
10-K
|
10(l)
|
2/28/13
|
1-6523
|
|
10.41
|
2
|
10-K
|
10(x)
|
3/1/05
|
1-6523
|
|
10.42
|
2
|
10-K
|
10(y)
|
3/1/05
|
1-6523
|
|
10.43
|
2
|
10-K
|
10(z)
|
3/1/05
|
1-6523
|
|
10.44
|
2
|
10-K
|
10(aa)
|
3/1/05
|
1-6523
|
|
10.45
|
2
|
10-K
|
10(cc)
|
3/1/05
|
1-6523
|
|
10.46
|
2
|
10-K
|
10(hh)
|
3/1/05
|
1-6523
|
|
10.47
|
2
|
10-K
|
10(ii)
|
3/1/05
|
1-6523
|
|
10.48
|
2
|
10-K
|
10(jj)
|
3/1/05
|
1-6523
|
|
10.49
|
2
|
10-K
|
10(ll)
|
3/1/05
|
1-6523
|
|
10.50
|
2
|
10-K
|
10(oo)
|
3/1/05
|
1-6523
|
|
10.51
|
2
|
S-4
|
10(d)
|
12/4/03
|
333-110924
|
|
10.52
|
2
|
8-K
|
10.1
|
10/26/05
|
1-6523
|
|
10.53
|
2
|
8-K
|
10.2
|
10/26/05
|
1-6523
|
|
10.54
|
2
|
10-K
|
10(zz)
|
2/26/10
|
1-6523
|
|
10.55
|
2
|
10-K
|
10(aaa)
|
2/26/10
|
1-6523
|
|
10.56
|
2
|
10-K
|
10(bbb)
|
2/26/10
|
1-6523
|
|
10.57
|
|
8-K
|
1.1
|
8/25/11
|
1-6523
|
|
10.58
|
|
10-K
|
10(rr)
|
2/23/17
|
1-6523
|
|
10.59
|
2
|
10-Q
|
10
|
7/30/18
|
1-6523
|
|
10.60
|
2
|
10-Q
|
10(b)
|
6/30/19
|
1-6523
|
|
|
Bank of America 168
|
|
|
|
Incorporated by Reference
|
|||
Exhibit No.
|
Description
|
Notes
|
Form
|
Exhibit
|
Filing Date
|
File No.
|
10.61
|
2
|
10-K
|
10(mm)
|
2/26/19
|
1-6523
|
|
10.62
|
2
|
8-K
|
10.1
|
4/24/19
|
1-6523
|
|
21
|
|
1
|
|
|
|
|
23
|
1
|
|
|
|
|
|
24
|
1
|
|
|
|
|
|
31.1
|
1
|
|
|
|
|
|
31.2
|
1
|
|
|
|
|
|
32.1
|
1
|
|
|
|
|
|
32.2
|
1
|
|
|
|
|
|
101.INS
|
Inline XBRL Instance Document
|
3
|
|
|
|
|
101.SCH
|
Inline XBRL Taxonomy Extension Schema Document
|
1
|
|
|
|
|
101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document
|
1
|
|
|
|
|
101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase Document
|
1
|
|
|
|
|
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
1
|
|
|
|
|
101.DEF
|
Inline XBRL Taxonomy Extension Definitions Linkbase Document
|
1
|
|
|
|
|
104
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
|
|
|
|
|
|
169 Bank of America
|
|
|
Bank of America Corporation
|
|
|
|
By:
|
/s/ Brian T. Moynihan
|
|
Brian T. Moynihan
|
|
Chief Executive Officer
|
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
|
|
/s/ Brian T. Moynihan
|
|
Chief Executive Officer, Chairman and Director
(Principal Executive Officer)
|
|
February 19, 2020
|
|
Brian T. Moynihan
|
|
|
||
|
|
|
|
|
|
|
*/s/ Paul M. Donofrio
|
|
Chief Financial Officer
(Principal Financial Officer)
|
|
February 19, 2020
|
|
Paul M. Donofrio
|
|
|
||
|
|
|
|
|
|
|
*/s/ Rudolf A. Bless
|
|
Chief Accounting Officer
(Principal Accounting Officer)
|
|
February 19, 2020
|
|
Rudolf A. Bless
|
|
|
||
|
|
|
|
|
|
|
*/s/ Sharon L. Allen
|
|
Director
|
|
February 19, 2020
|
|
Sharon L. Allen
|
|
|
||
|
|
|
|
|
|
|
*/s/ Susan S. Bies
|
|
Director
|
|
February 19, 2020
|
|
Susan S. Bies
|
|
|
||
|
|
|
|
|
|
|
*/s/ Jack O. Bovender, Jr.
|
|
Director
|
|
February 19, 2020
|
|
Jack O. Bovender, Jr.
|
|
|
||
|
|
|
|
|
|
|
*/s/ Frank P. Bramble, Sr.
|
|
Director
|
|
February 19, 2020
|
|
Frank P. Bramble, Sr.
|
|
|
||
|
|
|
|
|
|
|
*/s/ Pierre de Weck
|
|
Director
|
|
February 19, 2020
|
|
Pierre de Weck
|
|
|
||
|
|
|
|
|
|
|
*/s/ Arnold W. Donald
|
|
Director
|
|
February 19, 2020
|
|
Arnold W. Donald
|
|
|
||
|
|
|
|
|
|
|
*/s/ Linda P. Hudson
|
|
Director
|
|
February 19, 2020
|
|
Linda P. Hudson
|
|
|
||
|
|
|
|
|
|
|
*/s/ Monica C. Lozano
|
|
Director
|
|
February 19, 2020
|
|
Monica C. Lozano
|
|
|
|
|
Bank of America 170
|
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*/s/ Thomas J. May
|
|
Director
|
|
February 19, 2020
|
|
Thomas J. May
|
|
|
||
|
|
|
|
|
|
|
*/s/ Lionel L. Nowell, III
|
|
Director
|
|
February 19, 2020
|
|
Lionel L. Nowell, III
|
|
|
||
|
|
|
|
|
|
|
*/s/ Denise L. Ramos
|
|
Director
|
|
February 19, 2020
|
|
Denise L. Ramos
|
|
|
||
|
|
|
|
|
|
|
*/s/ Clayton S. Rose
|
|
Director
|
|
February 19, 2020
|
|
Clayton S. Rose
|
|
|
||
|
|
|
|
|
|
|
*/s/ Michael D. White
|
|
Director
|
|
February 19, 2020
|
|
Michael D. White
|
|
|
||
|
|
|
|
|
|
|
*/s/ Thomas D. Woods
|
|
Director
|
|
February 19, 2020
|
|
Thomas D. Woods
|
|
|
||
|
|
|
|
|
|
|
*/s/ R. David Yost
|
|
Director
|
|
February 19, 2020
|
|
R. David Yost
|
|
|
||
|
|
|
|
|
|
|
*/s/ Maria T. Zuber
|
|
Director
|
|
February 19, 2020
|
|
Maria T. Zuber
|
|
|
||
|
|
|
|
|
|
*By
|
/s/ Ross E. Jeffries, Jr.
|
|
|
|
|
|
Ross E. Jeffries, Jr.
Attorney-in-Fact
|
|
|
|
|
171 Bank of America
|
|
|
|
|
Class
|
Number of Shares
|
Common…
|
12,800,000,000
|
Preferred……
|
100,000,000.
|
|
|
|
|
Exhibit A
|
Floating Rate Non-Cumulative Preferred Stock, Series E
|
|
|
|
|
Exhibit B
|
Floating Rate Non-Cumulative Preferred Stock, Series F
|
|
|
|
|
Exhibit C
|
Adjustable Rate Non-Cumulative Preferred Stock, Series G
|
|
|
|
|
Exhibit D
|
7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L
|
|
|
|
|
Exhibit E
|
Floating Rate Non-Cumulative Preferred Stock, Series 1
|
|
|
|
|
Exhibit F
|
Floating Rate Non-Cumulative Preferred Stock, Series 2
|
|
|
|
|
Exhibit G
|
Floating Rate Non-Cumulative Preferred Stock, Series 4
|
|
|
|
|
Exhibit H
|
Floating Rate Non-Cumulative Preferred Stock, Series 5
|
|
|
|
|
Exhibit I
|
Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series U
|
|
|
|
|
Exhibit J
|
6% Non-Cumulative Perpetual Preferred Stock, Series T
|
|
|
|
|
Exhibit K
|
Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series X
|
|
|
|
|
Exhibit L
|
Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series Z
|
|
|
|
|
Exhibit M
|
6.500% Non-Cumulative Preferred Stock, Series Y
|
|
Exhibit N
|
Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series AA
|
|
|
|
|
Exhibit O
|
6.200% Non-Cumulative Preferred Stock, Series CC
|
|
|
|
|
Exhibit P
|
Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series DD
|
|
|
|
|
Exhibit Q
|
6.000% Non-Cumulative Preferred Stock, Series EE
|
|
|
|
|
Exhibit R
|
Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series FF
|
|
|
|
|
Exhibit S
|
6.000% Non-Cumulative Preferred Stock, Series GG
|
|
|
|
|
Exhibit T
|
5.875% Non-Cumulative Preferred Stock, Series HH
|
|
|
|
|
Exhibit U
|
Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series JJ
|
|
|
|
|
Exhibit V
|
5.375% Non-Cumulative Preferred Stock, Series KK
|
|
|
|
|
Exhibit W
|
5.000% Non-Cumulative Preferred Stock, Series LL
|
|
|
BANK OF AMERICA CORPORATION
|
|
|
|
By:
|
/s/ Ross E. Jeffries, Jr.
|
Name:
|
Ross E. Jeffries, Jr.
|
Title:
|
Deputy General Counsel and Corporate Secretary
|
|
|
BANK OF AMERICA CORPORATION
|
|
|
|
By:
|
/s/ TERESA M. BRENNER
|
Name:
|
Teresa M. Brenner
|
Title:
|
Associate General Counsel
|
|
|
BANK OF AMERICA CORPORATION
|
|
|
|
By:
|
/s/ TERESA M. BRENNER
|
Name:
|
Teresa M. Brenner
|
Title:
|
Associate General Counsel
|
|
|
BANK OF AMERICA CORPORATION
|
|
|
|
By:
|
/s/ TERESA M. BRENNER
|
Name:
|
Teresa M. Brenner
|
Title:
|
Associate General Counsel
|
|
|
BANK OF AMERICA CORPORATION
|
|
|
|
By:
|
/s/ TERESA M. BRENNER
|
Name:
|
Teresa M. Brenner
|
Title:
|
Associate General Counsel
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective Date
|
$40.00
|
$41.00
|
$42.00
|
$44.00
|
$47.00
|
$50.00
|
$60.00
|
$80.00
|
$110.00
|
$150.00
|
$200.00
|
1/24/2008
|
5.000
|
4.7993
|
4.6190
|
4.2023
|
3.6851
|
3.2540
|
2.1450
|
1.0450
|
0.5164
|
0.2765
|
0.1468
|
1/30/2009
|
5.000
|
4.7512
|
4.4643
|
4.1386
|
3.5702
|
3.1760
|
2.0317
|
0.9563
|
0.4682
|
0.2480
|
0.1285
|
1/30/2010
|
5.000
|
4.6439
|
4.2929
|
3.9886
|
3.3830
|
2.9300
|
1.7617
|
0.6462
|
0.2287
|
0.1033
|
0.0390
|
1/30/2011
|
5.000
|
4.6049
|
4.2429
|
3.9250
|
3.3170
|
2.8040
|
1.5650
|
0.5300
|
0.1964
|
0.1067
|
0.0500
|
1/30/2012
|
5.000
|
4.5780
|
4.2405
|
3.8386
|
3.2596
|
2.5840
|
1.2667
|
0.2313
|
0.0755
|
0.0429
|
0.0206
|
1/30/2013
|
5.000
|
4.5366
|
4.2214
|
3.7932
|
3.1660
|
2.5260
|
1.0217
|
0.0000
|
0.0000
|
0.0000
|
0.0000
|
Thereafter
|
5.000
|
4.5366
|
4.2214
|
3.7932
|
3.1660
|
2.5260
|
1.0217
|
0.0000
|
0.0000
|
0.0000
|
0.0000
|
|
|
|
|
OS1
|
|
|
OS0
|
|
|
|
|
|
OS1
|
|
|
OS0
|
|
|
|
|
|
OS0 + X
|
|
|
OS0 + Y
|
|
|
|
|
|
SP0
|
|
|
SP0 - FMV
|
|
|
|
|
|
MP0 + MPs
|
|
|
MP0
|
|
|
|
|
|
Sp0
|
|
|
Sp0 - DIV
|
|
|
|
|
|
AC + (SP0 X OS1)
|
|
|
OS0 x SP0
|
|
|
|
BANK OF AMERICA CORPORATION
|
|
|
|
By:
|
/s/ TERESA M. BRENNER
|
Name:
|
Teresa M. Brenner
|
Title:
|
Associate General Counsel
|
|
|
BANK OF AMERICA CORPORATION
|
|
|
|
By:
|
/s/ TERESA M. BRENNER
|
Name:
|
Teresa M. Brenner
|
Title:
|
Associate General Counsel
|
|
|
BANK OF AMERICA CORPORATION
|
|
|
|
By:
|
/s/ TERESA M. BRENNER
|
Name:
|
Teresa M. Brenner
|
Title:
|
Associate General Counsel
|
|
|
BANK OF AMERICA CORPORATION
|
|
|
|
By:
|
/s/ TERESA M. BRENNER
|
Name:
|
Teresa M. Brenner
|
Title:
|
Associate General Counsel
|
|
|
BANK OF AMERICA CORPORATION
|
|
|
|
By:
|
/s/ ROSS E. JEFFRIES JR.
|
Name:
|
Ross E. Jeffries, Jr.
|
Title:
|
Corporate Secretary and Associate General Council
|
1.
|
The Certificate of Designations of the Corporation’s 6% Cumulative Perpetual Preferred Stock, Series T, which was previously filed with the Secretary of State of the State of Delaware on August 31, 2011, is hereby amended and restated in its entirety to read as follows:
|
|
|
BANK OF AMERICA CORPORATION
|
|
|
|
By:
|
/s/ ROSS E. JEFFRIES, JR.
|
Name:
|
Ross E. Jeffries, Jr.
|
Title:
|
Deputy General Counsel, Corporate Secretary
|
|
|
BANK OF AMERICA CORPORATION
|
|
|
|
By:
|
/s/ Ross E. Jeffries, Jr.
|
Name:
|
Ross E. Jeffries, Jr.
|
Title:
|
Corporate Secretary and Deputy General Counsel
|
|
|
BANK OF AMERICA CORPORATION
|
|
|
|
By:
|
/s/ Ross E. Jeffries, Jr.
|
Name:
|
Ross E. Jeffries, Jr.
|
Title:
|
Corporate Secretary and Deputy General Counsel
|
|
|
BANK OF AMERICA CORPORATION
|
|
|
|
By:
|
/s/ ROSS E. JEFFRIES, JR.
|
Name:
|
Ross E. Jeffries, Jr.
|
Title:
|
Deputy General Counsel and Corporate Secretary
|
|
|
BANK OF AMERICA CORPORATION
|
|
|
|
By:
|
/s/ ROSS E. JEFFRIES, JR.
|
Name:
|
Ross E. Jeffries, Jr.
|
Title:
|
Deputy General Counsel and Corporate Secretary
|
|
|
BANK OF AMERICA CORPORATION
|
|
|
|
By:
|
/s/ Ross E. Jeffries, Jr.
|
Name:
|
Ross E. Jeffries, Jr.
|
Title:
|
Deputy General Counsel and Corporate Secretary
|
|
|
BANK OF AMERICA CORPORATION
|
|
|
|
By:
|
/s/ ROSS E. JEFFRIES, JR.
|
Name:
|
Ross E. Jeffries, Jr.
|
Title:
|
Deputy General Counsel and Corporate Secretary
|
|
|
BANK OF AMERICA CORPORATION
|
|
|
|
By:
|
/s/ ROSS E. JEFFRIES, JR.
|
Name:
|
Ross E. Jeffries, Jr.
|
Title:
|
Deputy General Counsel and Corporate Secretary
|
|
|
BANK OF AMERICA CORPORATION
|
|
|
|
By:
|
/s/ ROSS E. JEFFRIES, JR.
|
Name:
|
Ross E. Jeffries, Jr.
|
Title:
|
Deputy General Counsel and Corporate Secretary
|
|
|
BANK OF AMERICA CORPORATION
|
|
|
|
By:
|
/s/ ROSS E. JEFFRIES, JR.
|
Name:
|
Ross E. Jeffries, Jr.
|
Title:
|
Deputy General Counsel and Corporate Secretary
|
|
|
BANK OF AMERICA CORPORATION
|
|
|
|
By:
|
/s/ ROSS E. JEFFRIES, JR.
|
Name:
|
Ross E. Jeffries, Jr.
|
Title:
|
Deputy General Counsel and Corporate Secretary
|
(1)
|
the sum of: (a) Term SOFR and (b) the Benchmark Replacement Adjustment;
|
(2)
|
the sum of: (a) Compounded SOFR and (b) the Benchmark Replacement Adjustment;
|
(3)
|
the sum of: (a) the alternate rate that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor (if any) and (b) the Benchmark Replacement Adjustment;
|
(4)
|
the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment;
|
(5)
|
the sum of: (a) the alternate rate that has been selected by the Corporation or the Calculation Agent (after consultation with the Corporation) as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate securities at such time and (b) the Benchmark Replacement Adjustment.
|
(1)
|
the spread adjustment (which may be a positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body or determined by the Corporation or the Calculation Agent (after consultation with the Corporation) in accordance with the method for calculating or determining such spread adjustment that has been selected or recommended by the Relevant Governmental Body, in each case for the applicable Unadjusted Benchmark Replacement;
|
(2)
|
if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment;
|
(3)
|
the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Corporation or the Calculation Agent (after consultation with the Corporation) giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated floating rate securities at such time.
|
(1)
|
in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or
|
(2)
|
in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein.
|
(1)
|
a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark;
|
(2)
|
a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or
|
(3)
|
a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative.
|
(1)
|
the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining Compounded SOFR; provided that:
|
(2)
|
if, and to the extent that, the Corporation or the Calculation Agent (after consulting with the Corporation) determine that Compounded SOFR cannot be determined in accordance with clause (1) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected by Corporation or the Calculation Agent (after consulting with the Corporation) giving due consideration to any industry-accepted market practice for U.S. dollar-denominated floating rate securities at such time.
|
|
|
BANK OF AMERICA CORPORATION
|
|
|
|
By:
|
/s/ ROSS E. JEFFRIES, JR.
|
Name:
|
Ross E. Jeffries, Jr.
|
Title:
|
Deputy General Counsel and Corporate Secretary
|
|
|
BANK OF AMERICA CORPORATION
|
|
|
|
By:
|
/s/ ROSS E. JEFFRIES, JR.
|
Name:
|
Ross E. Jeffries, Jr.
|
Title:
|
Deputy General Counsel and Corporate Secretary
|
|
|
BANK OF AMERICA CORPORATION
|
|
|
|
By:
|
/s/ ROSS E. JEFFRIES, JR.
|
Name:
|
Ross E. Jeffries, Jr.
|
Title:
|
Deputy General Counsel and Corporate Secretary
|
(1)
|
the sum of: (a) Term SOFR and (b) the Benchmark Replacement Adjustment;
|
(2)
|
the sum of: (a) Compounded SOFR and (b) the Benchmark Replacement Adjustment;
|
(3)
|
the sum of: (a) the alternate rate that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor (if any) and (b) the Benchmark Replacement Adjustment;
|
(4)
|
the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment;
|
(5)
|
the sum of: (a) the alternate rate that has been selected by the Corporation or the Corporation’s designee (after consultation with the Corporation) as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate securities at such time and (b) the Benchmark Replacement Adjustment.
|
(1)
|
the spread adjustment (which may be a positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body or determined by the Corporation or the Corporation’s designee (after consultation with the Corporation) in accordance with the method for calculating or determining such spread adjustment that has been selected or recommended by the Relevant Governmental Body, in each case for the applicable Unadjusted Benchmark Replacement;
|
(2)
|
if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment;
|
(3)
|
the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Corporation or the Corporation’s designee (after consultation with the Corporation) giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated floating rate securities at such time.
|
(1)
|
in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or
|
(2)
|
in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein.
|
(1)
|
a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark;
|
(2)
|
a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or
|
(3)
|
a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative.
|
(1)
|
the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining Compounded SOFR; provided that:
|
(2)
|
if, and to the extent that, the Corporation or the Corporation’s designee (after consultation with the Corporation) determines that Compounded SOFR cannot be determined in accordance with clause (1) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Corporation or the Corporation’s designee (after consultation with the Corporation) giving due consideration to any industry-accepted market practice for U.S. dollar-denominated floating rate securities at such time.
|
|
|
BANK OF AMERICA CORPORATION
|
|
|
|
By:
|
/s/ ROSS E. JEFFRIES, JR.
|
Name:
|
Ross E. Jeffries, Jr.
|
Title:
|
Deputy General Counsel and Corporate Secretary
|
•
|
Common Stock, par value $0.01 per share
|
•
|
Depositary Shares, each representing a 1/1,000th interest in a share of Floating Rate Non-Cumulative Preferred Stock, Series E
|
•
|
Depositary Shares, each representing a 1/1,000th interest in a share of 6.500% Non-Cumulative Preferred Stock, Series Y
|
•
|
Depositary Shares, each representing a 1/1,000th interest in a share of 6.200% Non-Cumulative Preferred Stock, Series CC
|
•
|
Depositary Shares, each representing a 1/1,000th interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE
|
•
|
Depositary Shares, each representing a 1/1,000th interest in a share of 6.00% Non-Cumulative Preferred Stock, Series GG
|
•
|
Depositary Shares, each representing a 1/1,000th interest in a share of 5.875% Non-Cumulative Preferred Stock, Series HH
|
•
|
Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 1
|
•
|
Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 2
|
•
|
Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 4
|
•
|
Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 5
|
•
|
Depositary Shares, each representing a 1/1,000th interest in a share of 5.375% Non-Cumulative Preferred Stock, Series KK
|
•
|
Depositary Shares, each representing a 1/1,000th interest in a share of 5.000% Non-Cumulative Preferred Stock, Series LL
|
•
|
7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L
|
•
|
Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIII (and the guarantee related thereto)
|
•
|
5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIV (and the guarantee related thereto)
|
•
|
Income Capital Obligation Notes initially due December 15, 2066 of Bank of America Corporation
|
•
|
Senior Medium-Term Notes, Series A, Step Up Callable Notes, due November 28, 2031, of BofA Finance LLC (and the guarantee of the Company with respect thereto)
|
•
|
35,045 shares were designated as 7% Cumulative Redeemable Preferred Stock, Series B (the “Series B Preferred Stock”), having a liquidation preference of $100 per share, 7,110 shares of which were issued and outstanding;
|
•
|
85,100 shares were designated as Floating Rate Non-Cumulative Preferred Stock, Series E (the “Series E Preferred Stock”), having a liquidation preference of $25,000 per share, 12,691 shares of which were issued and outstanding;
|
•
|
7,001 shares were designated as Floating Rate Non-Cumulative Preferred Stock, Series F (the “Series F Preferred Stock”), having a liquidation preference of $100,000 per share, 1,409 shares of which were issued and outstanding;
|
•
|
8,501 shares were designated as Adjustable Rate Non-Cumulative Preferred Stock, Series G (the “Series G Preferred Stock”), having a liquidation preference of $100,000 per share, 4,926 shares of which were issued and outstanding;
|
•
|
6,900,000 shares were designated as 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L (the “Series L Preferred Stock”), having a liquidation preference of $1,000 per share, 3,080,182 shares of which were issued and outstanding;
|
•
|
50,000 shares were designated as 6% Non-Cumulative Perpetual Preferred Stock, Series T (the “Series T Preferred Stock”), having a liquidation preference of $100,000 per share, 354 shares of which were issued and outstanding;
|
•
|
40,000 shares were designated as Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series U (the “Series U Preferred Stock”), having a liquidation preference of $25,000 per share, 40,000 shares of which were issued and outstanding;
|
•
|
80,000 shares were designated as Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series X (the “Series X Preferred Stock”), having a liquidation preference of $25,000 per share, 80,000 shares of which were issued and outstanding;
|
•
|
44,000 shares were designated as 6.500% Non-Cumulative Preferred Stock, Series Y (the “Series Y Preferred Stock”), having a liquidation preference of $25,000 per share, 44,000 shares of which were issued and outstanding;
|
•
|
56,000 shares were designated as Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series Z (the “Series Z Preferred Stock”), having a liquidation preference of $25,000 per share, 56,000 shares of which were issued and outstanding;
|
•
|
76,000 shares were designated as Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series AA (the “Series AA Preferred Stock”), having a liquidation preference of $25,000 per share, 76,000 shares of which were issued and outstanding;
|
•
|
44,000 shares were designated as 6.200% Non-Cumulative Preferred Stock, Series CC (the “Series CC Preferred Stock”), having a liquidation preference of $25,000 per share, 44,000 shares of which were issued and outstanding;
|
•
|
40,000 shares were designated as Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series DD (the “Series DD Preferred Stock”), having a liquidation preference of $25,000 per share, 40,000 shares of which were issued and outstanding;
|
•
|
36,000 shares were designated as 6.000% Non-Cumulative Preferred Stock, Series EE (the “Series EE Preferred Stock”), having a liquidation preference of $25,000 per share, 36,000 shares of which were issued and outstanding;
|
•
|
94,000 shares were designated as Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series FF (the “Series FF Preferred Stock”), having a liquidation preference of $25,000 per share, 94,000 shares of which were issued and outstanding;
|
•
|
55,200 shares were designated as 6.000% Non-Cumulative Preferred Stock, Series GG (the “Series GG Preferred Stock”), having a liquidation preference of $25,000 per share, 54,000 shares of which were issued and outstanding;
|
•
|
34,160 shares were designated as 5.875% Non-Cumulative Preferred Stock, Series HH (the “Series HH Preferred Stock”), having a liquidation preference of $25,000 per share, all of which were issued and outstanding;
|
•
|
40,000 shares were designated as Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series JJ (the “Series JJ Preferred Stock”), having a liquidation preference of $25,000 per share, all of which were issued and outstanding;
|
•
|
60,950 shares were designated as 5.375% Non-Cumulative Preferred Stock, Series KK (the “Series KK Preferred Stock”), having a liquidation preference of $25,000 per share, 55,900 shares of which were issued and outstanding;
|
•
|
52,400 shares were designated as 5.000% Non-Cumulative Preferred Stock, Series LL (the “Series LL Preferred Stock”), having a liquidation preference of $25,000 per share, all of which were issued and outstanding;
|
•
|
21,000 shares were designated as Floating Rate Non-Cumulative Preferred Stock, Series 1 (the “Series 1 Preferred Stock”), having a liquidation preference of $30,000 per share, 3,275 shares of which were issued and outstanding;
|
•
|
37,000 shares were designated as Floating Rate Non-Cumulative Preferred Stock, Series 2 (the “Series 2 Preferred Stock”), having a liquidation preference of $30,000 per share, 9,967 shares of which were issued and outstanding;
|
•
|
20,000 shares were designated as Floating Rate Non-Cumulative Preferred Stock, Series 4 (the “Series 4 Preferred Stock”), having a liquidation preference of $30,000 per share, 7,010 shares of which were issued and outstanding; and
|
•
|
50,000 shares were designated as Floating Rate Non-Cumulative Preferred Stock, Series 5 (the “Series 5 Preferred Stock”), having a liquidation preference of $30,000 per share, 14,056 shares of which were issued and outstanding.
|
•
|
all rights of the holders of such Trust XIII HITS called for redemption will cease, except the right of the holders of such Trust XIII HITS to receive the redemption price and any distribution payable in respect of the Trust XIII HITS on or prior to the redemption date, but without interest on such redemption price; and
|
•
|
the Trust XIII HITS called for redemption will cease to be outstanding.
|
•
|
upon the Company’s bankruptcy, dissolution or liquidation;
|
•
|
upon the filing of a certificate of dissolution or its equivalent with respect to the Company;
|
•
|
upon the consent of the holders of at least a majority in aggregate liquidation amount of Trust XIII securities voting together as a single class to dissolve Trust XIII;
|
•
|
upon the revocation of the Company’s charter and the expiration of 90 days after the date of revocation without a reinstatement thereof;
|
•
|
at the Company’s election at any time pursuant to which Trust XIII has been dissolved in accordance with the terms of the Trust XIII securities and upon the distribution of the assets of Trust XIII corresponding to its securities to the holders of Trust XIII securities;
|
•
|
upon the entry of a decree of judicial dissolution of the holder of the Trust XIII Common Securities, the Company or Trust XIII; or
|
•
|
upon the redemption of all of the Trust XIII HITS.
|
•
|
the Trust XIII HITS will no longer be deemed to be outstanding;
|
•
|
if the assets to be distributed are shares of Series F Preferred Stock, DTC or its nominee, as the record holder of the Trust XIII HITS, will receive a registered global certificate or certificates representing the shares of Series F Preferred Stock to be delivered upon such distribution;
|
•
|
any certificates representing the Trust XIII HITS not held by DTC or its nominee or surrendered to the exchange agent will be deemed to represent shares of Series F Preferred Stock having a liquidation preference equal to the Trust XIII HITS until such certificates are so surrendered for transfer and reissuance; and
|
•
|
all rights of the holders of the Trust XIII HITS will cease, except the right to receive Series F Preferred Stock upon such surrender.
|
•
|
the Company’s failure to comply in any material respect with its obligations as issuer of the Series F Preferred Stock, under the Restated Certificate of Incorporation, or arising under applicable law;
|
•
|
the default by Trust XIII in the payment of any distribution on any trust security of Trust XIII when such becomes due and payable, and continuation of such default for a period of 30 days;
|
•
|
the default by Trust XIII in the payment of any redemption price of any trust security of Trust XIII when such becomes due and payable;
|
•
|
the failure to perform or the breach, in any material respect, of any other covenant or warranty of the trustees in the Trust XIII Declaration of Trust and the continuation of such default or breach for 90 days after the Company and the trustees have received written notice of the failure to perform or breach in the manner specified in such Trust XIII Declaration of Trust; or
|
•
|
the occurrence of certain events of bankruptcy or insolvency with respect to the property trustee and the Company’s failure to appoint a successor property trustee within 90 days.
|
•
|
the successor entity, if not Trust XIII, either:
|
•
|
expressly assumes all of the obligations of Trust XIII with respect to the Trust XIII securities, or
|
•
|
substitutes for the Trust XIII securities other securities having substantially the same terms as the Trust XIII securities, so long as the successor securities rank the same as the Trust XIII securities in priority with respect to distributions and payments upon liquidation, redemption, and otherwise;
|
•
|
the Trust XIII HITS or any successor securities are listed, or any successor securities will be listed upon notification of issuance, on any national or international securities exchange or with another organization, if any, on which the Trust XIII HITS are then listed or quoted;
|
•
|
the merger, consolidation, amalgamation, or replacement does not cause the Trust XIII HITS, including any successor securities, to be downgraded by any nationally recognized statistical rating organization;
|
•
|
the merger, consolidation, amalgamation, or replacement does not adversely affect the rights, preferences, and privileges of the holders of Trust XIII securities, including any successor securities, in any material respect, other than in connection with any dilution of the holders’ interest in the new entity;
|
•
|
the successor entity has a purpose identical to that of Trust XIII;
|
•
|
prior to the merger, consolidation, amalgamation, or replacement, the Company has received an opinion of counsel to Trust XIII to the effect that:
|
•
|
the merger, consolidation, amalgamation, or replacement does not adversely affect the rights, preferences, and privileges of the holders of Trust XIII securities, including any successor securities, in any material respect, other than in connection with any dilution of the holders’ interest in the new entity;
|
•
|
following the merger, consolidation, amalgamation, or replacement, neither Trust XIII nor the successor entity will be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”); and
|
•
|
following the merger, consolidation, amalgamation, or replacement, Trust XIII or the successor entity will continue to be classified as a grantor trust for U.S. federal income tax purposes; and
|
•
|
the Company guarantees the obligations of the successor entity under the successor securities at least to the extent provided by the guarantees of the Trust XIII securities.
|
•
|
cure any ambiguity, correct or supplement any provisions in the Trust XIII Declaration of Trust that may be inconsistent with any other provision, or to make any other provisions with respect to matters or questions arising under such Trust XIII Declaration of Trust, which may not be inconsistent with the other provisions of the Trust XIII Declaration of Trust;
|
•
|
modify, eliminate or add to any provisions of the Trust XIII Declaration of Trust to such extent as shall be necessary to ensure that Trust XIII will be classified for U.S. federal income tax purposes as one or more grantor trusts and/or agency arrangements and not as an association or a publicly traded partnership taxable as a corporation at all times that any Trust XIII securities are outstanding, to ensure that Trust XIII will not be required to register as an “investment company” under the Investment Company Act or to ensure the treatment of Trust XIII HITS as Tier 1 regulatory capital under prevailing Federal Reserve rules and regulations;
|
•
|
provide that certificates for Trust XIII HITS may be executed by a regular trustee by facsimile signature instead of manual signature, in which case such amendment(s) shall also provide for the appointment by the Company of an authentication agent and certain related provisions;
|
•
|
require that holders that are not U.S. persons for U.S. federal income tax purposes irrevocably appoint a U.S. person to exercise any voting rights to ensure that Trust XIII will not be treated as a foreign trust for U.S. federal income tax purposes; or
|
•
|
conform the terms of the Trust XIII Declaration of Trust to the description of the Trust XIII Declaration of Trust, the Trust XIII HITS and the Trust XIII Common Securities in the prospectus supplement relating to the initial offering of the Trust XIII HITS, in the manner provided in the Trust XIII Declaration of Trust.
|
•
|
the consent of holders representing not less than a majority, based upon liquidation amounts, of each outstanding class of Trust XIII HITS affected by the amendments; and
|
•
|
receipt by the trustees of Trust XIII of an opinion of counsel to the effect that such amendment or the exercise of any power granted to the trustees of Trust XIII or the regular trustees in accordance with such amendment will not affect Trust XIII’s status as one or more grantor trusts and/or agency arrangements for U.S. federal income tax purposes or affect Trust XIII’s exemption from status as an “investment company” under the Investment Company Act.
|
•
|
change the amount or timing, or otherwise adversely affect the amount, of any distribution required to be made in respect of Trust XIII securities as of a specified date; or
|
•
|
restrict the right of a holder of Trust XIII securities to institute a suit for the enforcement of any such payment on or after such date.
|
•
|
all debts and other obligations of Trust XIII (other than with respect to the Trust XIII HITS);
|
•
|
all costs and expenses of Trust XIII, including costs and expenses relating to the organization of Trust XIII, the fees and expenses of the trustees and the cost and expenses relating to the operation of Trust XIII; and
|
•
|
any and all taxes and costs and expenses with respect thereto, other than U.S. withholding taxes, to which Trust XIII might become subject.
|
•
|
all rights of the holders of such Trust XIV HITS called for redemption will cease, except the right of the holders of such Trust XIV HITS to receive the redemption price and any distribution payable in respect of the Trust XIV HITS on or prior to the redemption date, but without interest on such redemption price; and
|
•
|
the Trust XIV HITS called for redemption will cease to be outstanding.
|
•
|
upon the Company’s bankruptcy, dissolution or winding up;
|
•
|
upon the filing of a certificate of dissolution or its equivalent with respect to the Company;
|
•
|
upon the consent of the holders of at least a majority in aggregate liquidation amount of Trust XIV securities voting together as a single class to dissolve Trust XIV;
|
•
|
upon the revocation of the Company’s charter and the expiration of 90 days after the date of revocation without a reinstatement thereof;
|
•
|
at the Company’s election at any time pursuant to which Trust XIV has been dissolved in accordance with the terms of the Trust XIV securities and upon the distribution of the assets of Trust XIV corresponding to its securities to the holders of Trust XIV securities;
|
•
|
upon the entry of a decree of judicial dissolution of the holder of the Trust XIV Common Securities, the Company or Trust XIV; or
|
•
|
upon the redemption of all of the Trust XIV HITS.
|
•
|
the Trust XIV HITS will no longer be deemed to be outstanding;
|
•
|
if the assets to be distributed are shares of Series G Preferred Stock, DTC or its nominee, as the record holder of the Trust XIV HITS, will receive a registered global certificate or certificates representing the shares of Series G Preferred Stock to be delivered upon such distribution;
|
•
|
any certificates representing the Trust XIV HITS not held by DTC or its nominee or surrendered to the exchange agent will be deemed to represent shares of Series G Preferred Stock having a liquidation preference equal to the Trust XIV HITS until such certificates are so surrendered for transfer and reissuance; and
|
•
|
all rights of the holders of the Trust XIV HITS will cease, except the right to receive Series G Preferred Stock upon such surrender.
|
•
|
the Company’s failure to comply in any material respect with its obligations as issuer of the Series G Preferred Stock, under the Restated Certificate of Incorporation, or arising under applicable law;
|
•
|
the default by Trust XIV in the payment of any distribution on any trust security of Trust XIV when such becomes due and payable, and continuation of such default for a period of 30 days;
|
•
|
the default by Trust XIV in the payment of any redemption price of any trust security of Trust XIV when such becomes due and payable;
|
•
|
the failure to perform or the breach, in any material respect, of any other covenant or warranty of the trustees in the Trust XIV Declaration of Trust and the continuation of such default or breach for 90 days after the Company and the trustees have received written notice of the failure to perform or breach in the manner specified in such Trust XIV Declaration of Trust; or
|
•
|
the occurrence of certain events of bankruptcy or insolvency with respect to the property trustee and the Company’s failure to appoint a successor property trustee within 90 days.
|
•
|
the successor entity, if not Trust XIV, either:
|
•
|
expressly assumes all of the obligations of Trust XIV with respect to the Trust XIV securities, or
|
•
|
substitutes for the Trust XIV securities other securities having substantially the same terms as the Trust XIV securities, so long as the successor securities rank the same as the Trust XIV securities in priority with respect to distributions and payments upon liquidation, redemption, and otherwise;
|
•
|
the Trust XIV HITS or any successor securities are listed, or any successor securities will be listed upon notification of issuance, on any national or international securities exchange or with another organization, if any, on which the Trust XIV HITS are then listed or quoted;
|
•
|
the merger, consolidation, amalgamation, or replacement does not cause the Trust XIV HITS, including any successor securities, to be downgraded by any nationally recognized statistical rating organization;
|
•
|
the merger, consolidation, amalgamation, or replacement does not adversely affect the rights, preferences, and privileges of the holders of Trust XIV securities, including any successor securities, in any material respect, other than in connection with any dilution of the holders’ interest in the new entity;
|
•
|
the successor entity has a purpose identical to that of Trust XIV;
|
•
|
prior to the merger, consolidation, amalgamation, or replacement, the Company has received an opinion of counsel to Trust XIV to the effect that:
|
•
|
the merger, consolidation, amalgamation, or replacement does not adversely affect the rights, preferences, and privileges of the holders of Trust XIV securities, including any successor securities, in any material respect, other than in connection with any dilution of the holders’ interest in the new entity;
|
•
|
following the merger, consolidation, amalgamation, or replacement, neither Trust XIV nor the successor entity will be required to register as an investment company under the Investment Company Act; and
|
•
|
following the merger, consolidation, amalgamation, or replacement, Trust XIV or the successor entity will continue to be classified as a grantor trust for U.S. federal income tax purposes; and
|
•
|
the Company guarantees the obligations of the successor entity under the successor securities at least to the extent provided by the guarantees of the Trust XIV securities.
|
•
|
cure any ambiguity, correct or supplement any provisions in the Trust XIV Declaration of Trust that may be inconsistent with any other provision, or to make any other provisions with respect to matters or questions arising under such Trust XIV Declaration of Trust, which may not be inconsistent with the other provisions of the Trust XIV Declaration of Trust;
|
•
|
modify, eliminate or add to any provisions of the Trust XIV Declaration of Trust to such extent as shall be necessary to ensure that Trust XIV will be classified for U.S. federal income tax purposes as one or more grantor trusts and/or agency arrangements and not as an association or a publicly traded partnership taxable as a corporation at all times that any Trust XIV securities are outstanding, to ensure that Trust XIV will not be required to register as an “investment company” under the Investment Company Act or to ensure the treatment of Trust XIV HITS as Tier 1 regulatory capital under prevailing Federal Reserve rules and regulations;
|
•
|
provide that certificates for Trust XIV HITS may be executed by a regular trustee by facsimile signature instead of manual signature, in which case such amendment(s) shall also provide for the appointment by the Company of an authentication agent and certain related provisions;
|
•
|
require that holders that are not U.S. persons for U.S. federal income tax purposes irrevocably appoint a U.S. person to exercise any voting rights to ensure that Trust XIV will not be treated as a foreign trust for U.S. federal income tax purposes; or
|
•
|
conform the terms of the Trust XIV Declaration of Trust to the description of the Trust XIV Declaration of Trust, the Trust XIV HITS and the Trust XIV Common Securities in the prospectus supplement relating to the initial offering of the Trust XIV HITS, in the manner provided in the Trust XIV Declaration of Trust.
|
•
|
the consent of holders representing not less than a majority, based upon liquidation amounts, of each outstanding class of Trust XIV HITS affected by the amendments; and
|
•
|
receipt by the trustees of Trust XIV of an opinion of counsel to the effect that such amendment or the exercise of any power granted to the trustees of Trust XIV or the regular trustees in accordance with such amendment will not affect Trust XIV’s status as one or more grantor trusts and/or agency arrangements for U.S. federal income tax purposes or affect Trust XIV’s exemption from status as an “investment company” under the Investment Company Act.
|
•
|
change the amount or timing, or otherwise adversely affect the amount, of any distribution required to be made in respect of Trust XIV securities as of a specified date; or
|
•
|
restrict the right of a holder of Trust XIV securities to institute a suit for the enforcement of any such payment on or after such date.
|
•
|
all debts and other obligations of Trust XIV (other than with respect to the Trust XIV HITS);
|
•
|
all costs and expenses of Trust XIV, including costs and expenses relating to the organization of Trust XIV, the fees and expenses of the trustees and the cost and expenses relating to the operation of Trust XIV; and
|
•
|
any and all taxes and costs and expenses with respect thereto, other than U.S. withholding taxes, to which Trust XIV might become subject.
|
•
|
the Company’s senior unsecured indebtedness is rated at least Baa1 by Moody’s Investors Service, Inc. (“Moody’s”) or BBB+ by either of Standard & Poor’s Ratings Services, a division of McGraw Hill, Inc. (“S&P”) or Fitch Ratings (“Fitch”) or, if any of Moody’s, S&P and Fitch (or their respective successors) is no longer in existence, the equivalent rating by any other nationally recognized statistical rating organization within the meaning of Rule 15c3-1 under the Exchange Act;
|
•
|
the Company is not deferring the payment of interest on the ICONs pursuant to an Optional Deferral Period (as defined below); and
|
•
|
the Company is not in default in respect of any of its outstanding indebtedness for money borrowed having an aggregate principal or face amount in excess of $100 million.
|
•
|
a default in any payment on any Senior Indebtedness, or any other default under which the maturity of any Senior Indebtedness has been accelerated; and
|
•
|
any judicial proceeding relating to the defaults which shall be pending.
|
•
|
declare or pay any dividends or distributions, or redeem, purchase, acquire, or make a liquidation payment on any of the Company’s capital stock;
|
•
|
make any payment of principal of or interest or premium, if any, on or repay, repurchase or redeem any of the Company’s debt securities that rank equally with or junior in interest to the ICONs, other than pro rata payments of accrued and unpaid amounts on the ICONs and any other of the Company’s debt securities that rank equally with the ICONs; or
|
•
|
make any guarantee payments on any guarantee by the Company of debt securities of any of its subsidiaries if the guarantee ranks equally with or junior in interest to the guarantee issued in connection with Merrill Lynch Capital Trust I other than pro rata payments of accrued and unpaid amounts on the guarantee and any other of the Company’s guarantees of debt securities of its subsidiaries that rank equally with the guarantee.
|
•
|
pay dividends or distributions on its capital stock in additional shares of its capital stock;
|
•
|
declare or pay a dividend in connection with the implementation of a shareholders’ rights plan, or issue stock under such a plan or repurchase such rights; and
|
•
|
purchase Common Stock for issuance pursuant to any employee benefit plans.
|
•
|
default in the payment of interest, including compounded interest, in full on any ICONs for a period of 30 days after the conclusion of a ten-year period following the commencement of any Optional Deferral Period; or
|
•
|
some events of bankruptcy, insolvency and reorganization involving the Company.
|
•
|
to fix any ambiguity, defect or inconsistency, provided that the change does not materially adversely affect the interest of any holder of ICONs; and
|
•
|
to qualify or maintain the qualification of the ICONs Indenture under the Trust Indenture Act.
|
•
|
change the maturity date of the ICONs (other than in connection with any election by the Company to extend the maturity of the ICONs in accordance with their terms), or reduce the principal amount, rate of interest, or extend the time of payment of interest;
|
•
|
reduce the percentage in principal amount of the ICONs necessary to modify the ICONs Indenture;
|
•
|
modify some provisions of the ICONs Indenture relating to modification or waiver, except to increase the required percentage; or
|
•
|
modify the provisions of the ICONs Indenture relating to the subordination of the ICONs in a manner adverse to the holders.
|
•
|
the Company is the continuing entity or the successor is organized under the laws of the United States or any state or the District of Columbia and expressly assumes all of the Company’s obligations under the ICONs Indenture;
|
•
|
immediately after the transaction, no event of default, and no event which, after notice or lapse of time or both, would become an event of default, shall have occurred and be continuing; and
|
•
|
certain other conditions specified in the ICONs Indenture are met.
|
•
|
the holder must have previously given written notice to the trustee of a continuing event of default;
|
•
|
the holders of not less than 25% in principal amount of such outstanding securities issued under the ICONs Indenture must have (1) requested the trustee to institute proceedings in respect of such event of default and (2) offered the trustee indemnity against liabilities incurred by the trustee for taking such action, which indemnity is reasonably satisfactory to the trustee;
|
•
|
the trustee must have failed to institute proceedings within 60 days after receipt of the request referred to above; and
|
•
|
the holders of a majority in principal amount of such outstanding ICONs must not have given direction to the trustee inconsistent with the request of the holders referred to above.
|
•
|
November 28, 2016 to, but excluding, November 28, 2021: 3.00%
|
•
|
November 28, 2021 to, but excluding, November 28, 2026: 3.50%
|
•
|
November 28, 2026 to, but excluding, November 28, 2028: 4.00%
|
•
|
November 28, 2028 to, but excluding, November 28, 2030: 5.00%
|
•
|
November 28, 2030 to, but excluding, November 28, 2031: 7.00%
|
•
|
sales of directors’ qualifying shares;
|
•
|
sales or other dispositions for fair market value, if, after giving effect to the disposition and to conversion of any shares or securities convertible into capital stock of a principal subsidiary bank, the Company would own at least 80% of each class of the capital stock of that principal subsidiary bank;
|
•
|
sales or other dispositions made in compliance with an order of a court or regulatory authority of competent jurisdiction;
|
•
|
any sale by a principal subsidiary bank of additional shares of its capital stock, securities convertible into shares of its capital stock, or options, warrants or rights to subscribe for or purchase shares of its capital stock, to its stockholders at any price, so long as before that sale the Company owned, directly or indirectly, securities of the same class and immediately after the sale, the Company owned, directly or indirectly, at least as great a percentage of each class of securities of the principal subsidiary bank as it owned before the sale of additional securities; and
|
•
|
any issuance of shares of capital stock, or securities convertible into or options, warrants or rights to subscribe for or purchase shares of capital stock, of a principal subsidiary bank or any subsidiary which owns shares of capital stock, or securities convertible into or options, warrants or rights to acquire capital stock, of any principal subsidiary bank, to the Company or its wholly-owned subsidiary.
|
•
|
With respect to BofA Finance:
|
◦
|
the resulting or acquiring entity, if other than BofA Finance, is organized and existing under the laws of the United States or any state or the District of Columbia and expressly assumes all of BofA Finance’s obligations under the BofA Finance Indenture and the debt securities issued under the BofA Finance Indenture; and
|
◦
|
immediately after the transaction, BofA Finance (or any successor entity) is not in default in the performance of any covenant or condition under the BofA Finance Indenture.
|
•
|
With respect to the Company:
|
◦
|
the resulting or acquiring entity, if other than the Company, is organized and existing under the laws of the United States or any state or the District of Columbia and expressly assumes the guarantee obligations under the BofA Finance Indenture; and
|
◦
|
immediately after the transaction, the Company (or any successor guarantor) is not in default in the performance of any covenant or condition under the BofA Finance Indenture.
|
•
|
default in the payment of the principal or any premium when due on the Step Up Callable Notes;
|
•
|
default in the payment of interest or other amounts due (other than principal, premium, if any, or other amounts payable at maturity or upon redemption) on the Step Up Callable Notes, within 30 calendar days after the interest or other such amounts become due;
|
•
|
BofA Finance’s breach of any of its other covenants in the Step Up Callable Notes or in the BofA Finance Indenture that is not cured within 90 calendar days after written notice to BofA Finance by
|
•
|
specified events involving BofA Finance’s bankruptcy, insolvency, or liquidation.
|
•
|
the holder must have previously given written notice to the trustee of a continuing event of default;
|
•
|
the holders of not less than 25% in principal amount of such outstanding securities issued under the BofA Finance Indenture must have (1) requested the trustee to institute proceedings in respect of such event of default and (2) offered the trustee indemnity against liabilities incurred by the trustee for taking such action, which indemnity is reasonably satisfactory to the trustee;
|
•
|
the trustee must have failed to institute proceedings within 60 days after receipt of the request referred to above; and
|
•
|
the holders of a majority in principal amount of such outstanding securities issued under the BofA Finance Indenture must not have given direction to the trustee inconsistent with the request of the holders referred to above.
|
1.
|
Section 1.3 of the Plan is hereby amended to read in its entirety as follows:
|
“(f)
|
Residents of Canada: Notwithstanding any provision of the Restoration Plan to the contrary and in accordance with policies and procedures established by the Global Human Resources Group from time to time, if a Participant resides in Canada, such Participant shall not be permitted to designate the investment vehicle(s) in which the portion of the Participant's Restoration Account attributable to Restoration Credits made before January 1, 2008, if any, shall be deemed to be invested, and any such portion of the Participant’s Restoration Account shall be adjusted instead from time to time at such intervals as determined by the Global Human Resources Group based on a 10% annual rate of return, for the duration of the Participant’s residence in Canada.
|
“(B)
|
For the portion of a Participant’s Restoration Account attributable to Restoration Credits made before January 1, 2008, if any, except as otherwise provided in Section 2.3(f), the Participant shall continue to be eligible to elect from among the available deemed investment vehicles pursuant to Section 2.3 through the last business day immediately preceding complete distribution of the Restoration Plan Benefit.”
|
“(f)
|
Irrevocability of Deferral Elections: All deferral elections made or deemed to be made, as applicable, pursuant to this Section shall be irrevocable for the Plan Year; provided, however, if an Eligible Employee receives a hardship distribution from the 401(k) Plan (or any other Code Section 401(k) plan maintained by the Corporation or any Affiliated Group Member) pursuant to Treas. Reg. Section 1.401(k)-1(d)(3) prior to January 1, 2020: (i) the Eligible Employee shall not be entitled to defer any Base Salary or Eligible Incentive Award pursuant to the Restoration Plan during the 6- month period beginning upon the Eligible Employee’s receipt of the hardship distribution (such period, the “Suspension Period”), (ii) any existing election by the Eligible Employee to defer Base Salary or an Eligible Incentive Award under the Restoration Plan shall be cancelled, in accordance with Treas. Reg. Section 1.409A-3(j)(4)(viii), to the extent necessary to prohibit such deferrals during the Suspension Period, and (iii) no subsequent election by the Eligible Employee to defer Base Salary or an Eligible Incentive Award pursuant to the Restoration Plan shall become effective prior to the end of the Suspension Period. Notwithstanding the preceding sentence, any Suspension Period that is in effect on January 1, 2020 shall end on such date, and any existing election by the Eligible Employee to defer Base
|
Name
|
Location
|
Jurisdiction
|
BA Continuum India Private Limited
|
Hyderabad, India
|
India
|
BA Credit Card Funding, LLC
|
Charlotte, NC
|
Delaware
|
BA Electronic Data Processing (Guangzhou) Ltd.
|
Guangzhou, PRC
|
People's Republic of China
|
BAC Canada Finance Company
|
Toronto, Ontario, Canada
|
Canada
|
BAC North America Holding Company
|
Charlotte, NC
|
Delaware
|
BAL Investment & Advisory, Inc.
|
San Francisco, CA
|
Delaware
|
BAMS Solutions, Inc.
|
Louisville, KY
|
Ohio
|
Banc of America FSC Holdings, Inc.
|
San Francisco, CA
|
Delaware
|
Banc of America Leasing & Capital, LLC
|
San Francisco, CA
|
Delaware
|
Banc of America Preferred Funding Corporation
|
Charlotte, NC
|
Delaware
|
Banc of America Public Capital Corp
|
Charlotte, NC
|
Kansas
|
Banc of America Securities Asia Limited
|
Hong Kong, PRC
|
Hong Kong
|
Bank of America California, National Association
|
San Francisco, CA
|
United States of America
|
Bank of America Custodial Services (Ireland) Limited
|
Dublin, Ireland
|
Ireland
|
Bank of America Malaysia Berhad
|
Kuala Lumpur, Malaysia
|
Malaysia
|
Bank of America Merrill Lynch Banco Múltiplo S.A.
|
Sao Paulo, Brazil
|
Brazil
|
Bank of America Merrill Lynch International Designated Activity Company
|
Dublin, Ireland
|
Ireland
|
Bank of America Mexico, S.A., Institucion de Banca Multiple
|
Mexico City, Mexico
|
Mexico
|
Bank of America, National Association
|
Charlotte, NC
|
United States of America
|
Bank of America Singapore Limited
|
Singapore, Singapore
|
Singapore
|
BankAmerica International Financial Corporation
|
San Francisco, CA
|
United States of America
|
Blue Ridge Investments, L.L.C.
|
Charlotte, NC
|
Delaware
|
BofA Finance LLC
|
Charlotte, NC
|
Delaware
|
BofA Securities Europe SA
|
Paris, France
|
France
|
BofA Securities, Inc.
|
New York, NY
|
Delaware
|
BofAML EMEA Funding Limited
|
St. Helier, Jersey
|
Jersey
|
BofAML Jersey Holdings Limited
|
St. Helier, Jersey
|
Jersey
|
Countrywide Financial Corporation
|
Calabasas, CA
|
Delaware
|
Countrywide Home Loans, Inc.
|
Calabasas, CA
|
New York
|
DSP Merrill Lynch Limited
|
Mumbai, India
|
India
|
Financial Data Services, LLC
|
Jacksonville, FL
|
Florida
|
Managed Account Advisors LLC
|
Jersey City, NJ
|
Delaware
|
Merrill Lynch (Asia Pacific) Limited
|
Hong Kong, PRC
|
Hong Kong
|
Merrill Lynch (Australia) Futures Limited
|
Sydney, Australia
|
Australia
|
Merrill Lynch (Singapore) Pte. Ltd.
|
Singapore, Singapore
|
Singapore
|
Merrill Lynch Argentina S.A.
|
Capital Federal, Argentina
|
Argentina
|
Merrill Lynch B.V.
|
Amsterdam, Netherlands
|
Netherlands
|
Merrill Lynch Bank and Trust Company (Cayman) Limited
|
George Town, Grand Cayman, Cayman Is.
|
Cayman Islands
|
Merrill Lynch Canada Inc.
|
Toronto, Ontario, Canada
|
Canada
|
Merrill Lynch Capital Markets España, S.A., S.V.
|
Madrid, Spain
|
Spain
|
Merrill Lynch Capital Services, Inc.
|
New York, NY
|
Delaware
|
Merrill Lynch Commodities Canada, ULC
|
Toronto, Ontario, Canada
|
Canada
|
Merrill Lynch Commodities, Inc.
|
Houston, TX
|
Delaware
|
Merrill Lynch Corredores de Bolsa SpA
|
Santiago, Chile
|
Chile
|
Merrill Lynch Credit Reinsurance Limited
|
Hamilton, Bermuda
|
Bermuda
|
Merrill Lynch Derivative Products AG
|
Zurich, Switzerland
|
Switzerland
|
Merrill Lynch Equities (Australia) Limited
|
Sydney, Australia
|
Australia
|
Merrill Lynch Equity S.à r.l.
|
Luxembourg, Luxembourg
|
Luxembourg
|
Merrill Lynch Far East Limited
|
Hong Kong, PRC
|
Hong Kong
|
Merrill Lynch Global Services Pte. Ltd.
|
Singapore, Singapore
|
Singapore
|
Merrill Lynch International
|
London, U.K.
|
United Kingdom
|
Merrill Lynch International & Co. C.V.
|
Curacao, Netherlands Antilles
|
Curacao
|
Merrill Lynch International, LLC
|
New York, NY
|
Delaware
|
Merrill Lynch Israel Ltd.
|
Tel Aviv, Israel
|
Israel
|
Merrill Lynch Japan Finance GK
|
Tokyo, Japan
|
Japan
|
Merrill Lynch Japan Securities Co., Ltd.
|
Tokyo, Japan
|
Japan
|
Merrill Lynch Luxembourg Finance S.A.
|
Luxembourg, Luxembourg
|
Luxembourg
|
Merrill Lynch Malaysian Advisory Sdn. Bhd.
|
Kuala Lumpur, Malaysia
|
Malaysia
|
Merrill Lynch Markets (Australia) Pty. Limited
|
Sydney, Australia
|
Australia
|
Merrill Lynch Markets Singapore Pte. Ltd.
|
Singapore, Singapore
|
Singapore
|
Merrill Lynch Mexico, S.A. de C.V., Casa de Bolsa
|
Mexico City, Mexico
|
Mexico
|
Merrill Lynch Professional Clearing Corp.
|
New York, NY
|
Delaware
|
Merrill Lynch Reinsurance Solutions LTD
|
Hamilton, Bermuda
|
Bermuda
|
Merrill Lynch S.A. Corretora de Títulos e Valores Mobiliários
|
Sao Paulo, Brazil
|
Brazil
|
Merrill Lynch Securities (Taiwan) Ltd.
|
Taipei, Taiwan
|
Taiwan
|
Merrill Lynch Securities (Thailand) Limited
|
Bangkok, Thailand
|
Thailand
|
Merrill Lynch South Africa Proprietary Limited
|
Gauteng, South Africa
|
South Africa
|
Merrill Lynch Yatirim Bank A.S.
|
Istanbul, Turkey
|
Turkey
|
Merrill Lynch, Kingdom of Saudi Arabia Company
|
Kingdom of Saudi Arabia
|
Saudi Arabia
|
Merrill Lynch, Pierce, Fenner & Smith Incorporated
|
New York, NY
|
Delaware
|
ML UK Capital Holdings Limited
|
London, U.K.
|
United Kingdom
|
Mortgages 1 Limited
|
London, U.K.
|
United Kingdom
|
Mortgages plc
|
London, U.K.
|
United Kingdom
|
NB Holdings Corporation
|
Charlotte, NC
|
Delaware
|
OOO Merrill Lynch Securities
|
Moscow, Russia
|
Russia Federation
|
PT Merrill Lynch Sekuritas Indonesia
|
Jakarta, Indonesia
|
Indonesia
|
ReconTrust Company, National Association
|
Simi Valley, CA
|
United States of America
|
U.S. Trust Company of Delaware
|
Wilmington, DE
|
Delaware
|
Wave Lending Limited
|
London, U.K.
|
United Kingdom
|
Signature
|
|
Title
|
Date
|
|
|
|
|
/s/ Brian T. Moynihan
|
|
Chief Executive Officer,
Chairman and Director
(Principal Executive Officer)
|
February 19, 2020
|
Brian T. Moynihan
|
|
|
|
|
|
|
|
/s/ Paul M. Donofrio
|
|
Chief Financial Officer
(Principal Financial Officer)
|
February 19, 2020
|
Paul M. Donofrio
|
|
|
|
|
|
|
|
/s/ Rudolf A. Bless
|
|
Chief Accounting Officer
(Principal Accounting Officer)
|
February 19, 2020
|
Rudolf A. Bless
|
|
|
|
|
|
|
|
/s/ Sharon L. Allen
|
|
Director
|
February 19, 2020
|
Sharon L. Allen
|
|
|
|
|
|
|
|
/s/ Susan S. Bies
|
|
Director
|
February 19, 2020
|
Susan S. Bies
|
|
|
|
|
|
|
|
/s/ Jack O. Bovender, Jr.
|
|
Director
|
February 19, 2020
|
Jack O. Bovender, Jr.
|
|
|
|
|
|
|
|
/s/ Frank P. Bramble, Sr.
|
|
Director
|
February 19, 2020
|
Frank P. Bramble, Sr.
|
|
|
|
|
|
|
|
/s/ Pierre J.P. de Weck
|
|
Director
|
February 12, 2020
|
Pierre J.P. de Weck
|
|
|
|
|
|
|
|
/s/ Arnold W. Donald
|
|
Director
|
February 19, 2020
|
Arnold W. Donald
|
|
|
|
|
|
|
|
/s/ Linda P. Hudson
|
|
Director
|
February 19, 2020
|
Linda P. Hudson
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Monica C. Lozano
|
|
Director
|
February 19, 2020
|
Monica C. Lozano
|
|
|
|
|
|
|
|
/s/ Thomas J. May
|
|
Director
|
February 19, 2020
|
Thomas J. May
|
|
|
|
|
|
|
|
/s/ Lionel L. Nowell, III
|
|
Director
|
February 19, 2020
|
Lionel L. Nowell, III
|
|
|
|
|
|
|
|
/s/ Clayton S. Rose
|
|
Director
|
February 19, 2020
|
Clayton S. Rose
|
|
|
|
|
|
|
|
/s/ Michael D. White
|
|
Director
|
February 19, 2020
|
Michael D. White
|
|
|
|
|
|
|
|
/s/ Thomas D. Woods
|
|
Director
|
February 19, 2020
|
Thomas D. Woods
|
|
|
|
|
|
|
|
/s/ R. David Yost
|
|
Director
|
February 19, 2020
|
R. David Yost
|
|
|
|
|
|
|
|
/s/ Maria T. Zuber
|
|
Director
|
February 13, 2020
|
Maria T. Zuber
|
|
|
|
|
|
|
|
1.
|
I have reviewed this Annual Report on Form 10-K 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:
|
February 19, 2020
|
/s/ Brian T. Moynihan
Brian T. Moynihan
Chief Executive Officer
|
1.
|
I have reviewed this Annual Report on Form 10-K 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;
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c)
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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
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d)
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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
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5.
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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):
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a)
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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
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b)
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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.
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Date:
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February 19, 2020
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/s/ Paul M. Donofrio
Paul M. Donofrio
Chief Financial Officer
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1.
|
I am the Chief Executive Officer of Bank of America Corporation (the registrant).
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2.
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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:
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•
|
the Annual Report on Form 10-K of the registrant for the year ended December 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.
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Date:
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February 19, 2020
|
/s/ Brian T. Moynihan
Brian T. Moynihan
Chief Executive Officer
|
1.
|
I am the Chief Financial Officer of Bank of America Corporation (the registrant).
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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 Annual Report on Form 10-K of the registrant for the year ended December 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.
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Date:
|
February 19, 2020
|
/s/ Paul M. Donofrio
Paul M. Donofrio
Chief Financial Officer
|