|
|
|
|
|
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 of
|
BAC PrM
|
New York Stock Exchange
|
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
|
5.000% Non-Cumulative Preferred Stock, Series LL
|
Large accelerated filer
|
☑
|
|
Accelerated filer
|
☐
|
|
Non-accelerated filer
|
☐
|
|
Smaller reporting company
|
☐
|
|
|
|
|
|
|
|
Bank of America 2
|
Item 1. Financial Statements
|
|
Page
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
|
||
|
1 Bank of America
|
|
|
|
|
Bank of America 2
|
●
|
Operating our businesses from remote locations, leveraging our business continuity plans and capabilities that include having the majority of employees work from home, and other employees operating using pre-planned contingency strategies for critical site-based operations. These capabilities have allowed us to continue to service our clients. We will continue to manage the increased operational risk related to the execution of our business continuity plans in accordance with our Risk Framework and Operational Risk Management Program.
|
●
|
Offering assistance to our commercial, consumer and small business clients affected by the COVID-19 pandemic, which includes payment deferrals, refunds of certain fees, pausing foreclosure sales, evictions and repossessions, participation in the CARES Act and Federal Reserve lending programs for businesses, including the SBA PPP, and continuing to provide access to the important financial services on which our clients rely. For more information, see Credit Risk Management on page 25 and Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements.
|
●
|
Temporarily suspending common stock repurchases, except those offsetting shares issued under equity compensation plans, to maximize capital and liquidity resources. For more
|
3 Bank of America
|
|
|
●
|
Pledging $100 million to local communities to purchase medical supplies, food and other priorities.
|
|
|
|
|
|
|
|
|
||
Table 1
|
Client Loan Modifications
|
||||||||
|
|
|
|
|
|
|
|
||
|
|
|
April 27, 2020
|
|
|
||||
|
|
|
% of Accounts with Completed Modifications
|
|
% of Balances with Completed Modifications
|
|
Program Details
|
||
Consumer and Small Business Credit Card
|
|
4
|
%
|
|
8
|
%
|
|
Deferral of up to 90 days for Consumer and Small Business; interest continues to accrue and is added to principal balance each month
|
|
Small Business loans and lines of credit
|
|
19
|
|
|
41
|
|
|
Deferral of 90 days; for loans, interest continues to accrue and deferred payment is added to end of loan; for lines, interest continues to accrue and is added to principal balance when deferral ends
|
|
Mortgage and home equity lines of credit (1)
|
|
5
|
|
|
7
|
|
|
Deferral of 90 days; interest continues to accrue and deferred payment is added to end of loan
|
|
Consumer vehicle lending (2)
|
|
5
|
|
|
6
|
|
|
Deferral of 60 days for Consumer; deferral of 90 days for Small Business; interest continues to accrue and deferred payment is added to end of loan
|
|
Commercial loans (3)
|
|
3
|
|
|
1
|
|
|
Primarily deferral of up to 90 days; interest continues to accrue with various repayment options; may include short-term covenant waivers
|
|
Total
|
|
|
4
|
%
|
|
4
|
%
|
|
|
(1)
|
Mortgage and home equity lines of credit includes loans that are held for investment (owned by Bank of America).
|
(2)
|
Vehicle lending includes both consumer and small business.
|
(3)
|
Statistics represent clients who have been given temporary deferment of principal and/or interest for a defined period of time.
|
|
|
Bank of America 4
|
|
|
|
|
|
||||
Table 2
|
Summary Income Statement and Selected Financial Data
|
|||||||
|
|
|
|
|
||||
|
|
Three Months Ended March 31
|
||||||
(Dollars in millions, except per share information)
|
2020
|
|
2019
|
|||||
Income statement
|
|
|
|
|||||
Net interest income
|
$
|
12,130
|
|
|
$
|
12,375
|
|
|
Noninterest income
|
10,637
|
|
|
10,629
|
|
|||
Total revenue, net of interest expense
|
22,767
|
|
|
23,004
|
|
|||
Provision for credit losses
|
4,761
|
|
|
1,013
|
|
|||
Noninterest expense
|
13,475
|
|
|
13,224
|
|
|||
Income before income taxes
|
4,531
|
|
|
8,767
|
|
|||
Income tax expense
|
521
|
|
|
1,456
|
|
|||
Net income
|
4,010
|
|
|
7,311
|
|
|||
Preferred stock dividends
|
469
|
|
|
442
|
|
|||
Net income applicable to common shareholders
|
$
|
3,541
|
|
|
$
|
6,869
|
|
|
|
|
|
|
|
||||
Per common share information
|
|
|
|
|||||
Earnings
|
$
|
0.40
|
|
|
$
|
0.71
|
|
|
Diluted earnings
|
0.40
|
|
|
0.70
|
|
|||
Dividends paid
|
0.18
|
|
|
0.15
|
|
|||
Performance ratios
|
|
|
|
|||||
Return on average assets (1)
|
0.65
|
%
|
|
1.26
|
%
|
|||
Return on average common shareholders’ equity (1)
|
5.91
|
|
|
11.42
|
|
|||
Return on average tangible common shareholders’ equity (2)
|
8.32
|
|
|
16.01
|
|
|||
Efficiency ratio (1)
|
59.19
|
|
|
57.48
|
|
|||
|
|
|
|
|||||
|
March 31
2020 |
|
December 31
2019 |
|||||
Balance sheet
|
|
|
|
|
|
|||
Total loans and leases
|
$
|
1,050,785
|
|
|
$
|
983,426
|
|
|
Total assets
|
2,619,954
|
|
|
2,434,079
|
|
|||
Total deposits
|
1,583,325
|
|
|
1,434,803
|
|
|||
Total liabilities
|
2,355,036
|
|
|
2,169,269
|
|
|||
Total common shareholders’ equity
|
241,491
|
|
|
241,409
|
|
|||
Total shareholders’ equity
|
264,918
|
|
|
264,810
|
|
(1)
|
For definitions, see Key Metrics on page 95.
|
(2)
|
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 45.
|
5 Bank of America
|
|
|
|
|
|
|
|
||||
Table 3
|
Noninterest Income
|
|
|
|
||||
|
|
|
|
|
||||
|
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2020
|
|
2019
|
|||||
Fees and commissions:
|
|
|
|
|||||
Card income
|
$
|
1,272
|
|
|
$
|
1,375
|
|
|
Service charges
|
1,903
|
|
|
1,839
|
|
|||
Investment and brokerage services
|
3,758
|
|
|
3,360
|
|
|||
Investment banking fees
|
1,388
|
|
|
1,264
|
|
|||
Total fees and commissions
|
8,321
|
|
|
7,838
|
|
|||
Market making and similar activities
|
2,807
|
|
|
2,768
|
|
|||
Other income
|
(491
|
)
|
|
23
|
|
|||
Total noninterest income
|
$
|
10,637
|
|
|
$
|
10,629
|
|
●
|
Card income decreased $103 million primarily driven by higher points and rewards expense.
|
●
|
Investment and brokerage services income increased $398 million primarily driven by higher market valuations, positive assets under management (AUM) flows and transactional revenue, partially offset by declines in AUM pricing.
|
●
|
Investment banking fees increased $124 million due to higher debt and equity underwriting fees.
|
●
|
Other income decreased $514 million primarily due to unrealized losses in the fair value option and leveraged finance portfolios, partially offset by higher gains on sales of debt securities.
|
|
|
|
|
|
||||
Table 4
|
Noninterest Expense
|
|
|
|
||||
|
|
|
|
|
||||
|
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2020
|
|
2019
|
|||||
Compensation and benefits
|
$
|
8,341
|
|
|
$
|
8,249
|
|
|
Occupancy and equipment
|
1,702
|
|
|
1,605
|
|
|||
Information processing and communications
|
1,209
|
|
|
1,164
|
|
|||
Product delivery and transaction related
|
777
|
|
|
662
|
|
|||
Marketing
|
438
|
|
|
442
|
|
|||
Professional fees
|
375
|
|
|
360
|
|
|||
Other general operating
|
633
|
|
|
742
|
|
|||
Total noninterest expense
|
$
|
13,475
|
|
|
$
|
13,224
|
|
|
|
|
|
|
||||
Table 5
|
Income Tax Expense
|
|
|
|
||||
|
|
|
|
|
||||
|
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2020
|
|
2019
|
|||||
Income before income taxes
|
$
|
4,531
|
|
|
$
|
8,767
|
|
|
Income tax expense
|
521
|
|
|
1,456
|
|
|||
Effective tax rate
|
11.5
|
%
|
|
16.6
|
%
|
|
|
Bank of America 6
|
●
|
Return on average tangible common shareholders’ equity measures our net income applicable to common shareholders as a percentage of adjusted average common shareholders’ equity. The tangible common equity ratio represents adjusted ending common shareholders’ equity divided by total 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.
|
7 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Table 6
|
Selected Quarterly Financial Data
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
2020 Quarter
|
|
2019 Quarters
|
||||||||||||||||
(In millions, except per share information)
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|||||||||||
Income statement
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net interest income
|
$
|
12,130
|
|
|
$
|
12,140
|
|
|
$
|
12,187
|
|
|
$
|
12,189
|
|
|
$
|
12,375
|
|
|
Noninterest income
|
10,637
|
|
|
10,209
|
|
|
10,620
|
|
|
10,895
|
|
|
10,629
|
|
||||||
Total revenue, net of interest expense
|
22,767
|
|
|
22,349
|
|
|
22,807
|
|
|
23,084
|
|
|
23,004
|
|
||||||
Provision for credit losses
|
4,761
|
|
|
941
|
|
|
779
|
|
|
857
|
|
|
1,013
|
|
||||||
Noninterest expense
|
13,475
|
|
|
13,239
|
|
|
15,169
|
|
|
13,268
|
|
|
13,224
|
|
||||||
Income before income taxes
|
4,531
|
|
|
8,169
|
|
|
6,859
|
|
|
8,959
|
|
|
8,767
|
|
||||||
Income tax expense
|
521
|
|
|
1,175
|
|
|
1,082
|
|
|
1,611
|
|
|
1,456
|
|
||||||
Net income
|
4,010
|
|
|
6,994
|
|
|
5,777
|
|
|
7,348
|
|
|
7,311
|
|
||||||
Net income applicable to common shareholders
|
3,541
|
|
|
6,748
|
|
|
5,272
|
|
|
7,109
|
|
|
6,869
|
|
||||||
Average common shares issued and outstanding
|
8,815.6
|
|
|
9,017.1
|
|
|
9,303.6
|
|
|
9,523.2
|
|
|
9,725.9
|
|
||||||
Average diluted common shares issued and outstanding
|
8,862.7
|
|
|
9,079.5
|
|
|
9,353.0
|
|
|
9,559.6
|
|
|
9,787.3
|
|
||||||
Performance ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Return on average assets (1)
|
0.65
|
%
|
|
1.13
|
%
|
|
0.95
|
%
|
|
1.23
|
%
|
|
1.26
|
%
|
||||||
Four-quarter trailing return on average assets (2)
|
0.99
|
|
|
1.14
|
|
|
1.17
|
|
|
1.24
|
|
|
1.22
|
|
||||||
Return on average common shareholders’ equity (1)
|
5.91
|
|
|
11.00
|
|
|
8.48
|
|
|
11.62
|
|
|
11.42
|
|
||||||
Return on average tangible common shareholders’ equity (1)
|
8.32
|
|
|
15.43
|
|
|
11.84
|
|
|
16.24
|
|
|
16.01
|
|
||||||
Return on average shareholders’ equity (1)
|
6.10
|
|
|
10.40
|
|
|
8.48
|
|
|
11.00
|
|
|
11.14
|
|
||||||
Return on average tangible shareholders’ equity (3)
|
8.29
|
|
|
14.09
|
|
|
11.43
|
|
|
14.88
|
|
|
15.10
|
|
||||||
Total ending equity to total ending assets
|
10.11
|
|
|
10.88
|
|
|
11.06
|
|
|
11.33
|
|
|
11.23
|
|
||||||
Total average equity to total average assets
|
10.60
|
|
|
10.89
|
|
|
11.21
|
|
|
11.17
|
|
|
11.28
|
|
||||||
Dividend payout
|
44.57
|
|
|
23.90
|
|
|
31.48
|
|
|
19.95
|
|
|
21.20
|
|
||||||
Per common share data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Earnings
|
$
|
0.40
|
|
|
$
|
0.75
|
|
|
$
|
0.57
|
|
|
$
|
0.75
|
|
|
$
|
0.71
|
|
|
Diluted earnings
|
0.40
|
|
|
0.74
|
|
|
0.56
|
|
|
0.74
|
|
|
0.70
|
|
||||||
Dividends paid
|
0.18
|
|
|
0.18
|
|
|
0.18
|
|
|
0.15
|
|
|
0.15
|
|
||||||
Book value (1)
|
27.84
|
|
|
27.32
|
|
|
26.96
|
|
|
26.41
|
|
|
25.57
|
|
||||||
Tangible book value (3)
|
19.79
|
|
|
19.41
|
|
|
19.26
|
|
|
18.92
|
|
|
18.26
|
|
||||||
Market capitalization
|
$
|
184,181
|
|
|
$
|
311,209
|
|
|
$
|
264,842
|
|
|
$
|
270,935
|
|
|
$
|
263,992
|
|
|
Average balance sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total loans and leases
|
$
|
990,283
|
|
|
$
|
973,986
|
|
|
$
|
964,733
|
|
|
$
|
950,525
|
|
|
$
|
944,020
|
|
|
Total assets
|
2,494,928
|
|
|
2,450,005
|
|
|
2,412,223
|
|
|
2,399,051
|
|
|
2,360,992
|
|
||||||
Total deposits
|
1,439,336
|
|
|
1,410,439
|
|
|
1,375,052
|
|
|
1,375,450
|
|
|
1,359,864
|
|
||||||
Long-term debt
|
210,816
|
|
|
206,026
|
|
|
202,620
|
|
|
201,007
|
|
|
196,726
|
|
||||||
Common shareholders’ equity
|
241,078
|
|
|
243,439
|
|
|
246,630
|
|
|
245,438
|
|
|
243,891
|
|
||||||
Total shareholders’ equity
|
264,534
|
|
|
266,900
|
|
|
270,430
|
|
|
267,975
|
|
|
266,217
|
|
||||||
Asset quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Allowance for credit losses (4)
|
$
|
17,126
|
|
|
$
|
10,229
|
|
|
$
|
10,242
|
|
|
$
|
10,333
|
|
|
$
|
10,379
|
|
|
Nonperforming loans, leases and foreclosed properties (5)
|
4,331
|
|
|
3,837
|
|
|
3,723
|
|
|
4,452
|
|
|
5,145
|
|
||||||
Allowance for loan and lease losses as a percentage of total loans
and leases outstanding (5)
|
1.51
|
%
|
|
0.97
|
%
|
|
0.98
|
%
|
|
1.00
|
%
|
|
1.02
|
%
|
||||||
Allowance for loan and lease losses as a percentage of total nonperforming loans
and leases (5)
|
389
|
|
|
265
|
|
|
271
|
|
|
228
|
|
|
197
|
|
||||||
Net charge-offs
|
$
|
1,122
|
|
|
$
|
959
|
|
|
$
|
811
|
|
|
$
|
887
|
|
|
$
|
991
|
|
|
Annualized net charge-offs as a percentage of average loans and leases outstanding (5)
|
0.46
|
%
|
|
0.39
|
%
|
|
0.34
|
%
|
|
0.38
|
%
|
|
0.43
|
%
|
||||||
Capital ratios at period end (6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Common equity tier 1 capital
|
10.8
|
%
|
|
11.2
|
%
|
|
11.4
|
%
|
|
11.7
|
%
|
|
11.6
|
%
|
||||||
Tier 1 capital
|
12.3
|
|
|
12.6
|
|
|
12.9
|
|
|
13.3
|
|
|
13.1
|
|
||||||
Total capital
|
14.6
|
|
|
14.7
|
|
|
15.1
|
|
|
15.4
|
|
|
15.2
|
|
||||||
Tier 1 leverage
|
7.9
|
|
|
7.9
|
|
|
8.2
|
|
|
8.4
|
|
|
8.4
|
|
||||||
Supplementary leverage ratio
|
6.4
|
|
|
6.4
|
|
|
6.6
|
|
|
6.8
|
|
|
6.8
|
|
||||||
Tangible equity (3)
|
7.7
|
|
|
8.2
|
|
|
8.4
|
|
|
8.7
|
|
|
8.5
|
|
||||||
Tangible common equity (3)
|
6.7
|
|
|
7.3
|
|
|
7.4
|
|
|
7.6
|
|
|
7.6
|
|
||||||
Total loss-absorbing capacity and long-term debt metrics
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total loss-absorbing capacity to risk-weighted assets
|
24.6
|
%
|
|
24.6
|
%
|
|
24.8
|
%
|
|
25.5
|
%
|
|
24.8
|
%
|
||||||
Total loss-absorbing capacity to supplementary leverage exposure
|
12.8
|
|
|
12.5
|
|
|
12.7
|
|
|
13.0
|
|
|
12.8
|
|
||||||
Eligible long-term debt to risk-weighted assets
|
11.6
|
|
|
11.5
|
|
|
11.4
|
|
|
11.8
|
|
|
11.4
|
|
||||||
Eligible long-term debt to supplementary leverage exposure
|
6.1
|
|
|
5.8
|
|
|
5.8
|
|
|
6.0
|
|
|
5.9
|
|
(1)
|
For definitions, see Key Metrics on page 95.
|
(2)
|
Calculated as total net income for four consecutive quarters divided by annualized average assets for four consecutive quarters.
|
(3)
|
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 7 and Non-GAAP Reconciliations on page 45.
|
(4)
|
Includes the allowance for loan and lease losses and the reserve for unfunded lending commitments.
|
(5)
|
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 31 and corresponding Table 27 and Commercial Portfolio Credit Risk Management – Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity on page 35 and corresponding Table 34.
|
(6)
|
For more information, including which approach is used to assess capital adequacy, see Capital Management on page 18.
|
|
|
Bank of America 8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Table 7
|
Quarterly Average Balances and Interest Rates - FTE Basis
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Average
Balance
|
|
Interest
Income/
Expense (1)
|
|
Yield/
Rate
|
|
Average
Balance |
|
Interest
Income/ Expense (1) |
|
Yield/
Rate |
|||||||||||
(Dollars in millions)
|
First Quarter 2020
|
|
First Quarter 2019
|
|||||||||||||||||||
Earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks
|
$
|
130,282
|
|
|
$
|
268
|
|
|
0.83
|
%
|
|
$
|
134,962
|
|
|
$
|
506
|
|
|
1.52
|
%
|
|
Time deposits placed and other short-term investments
|
10,894
|
|
|
30
|
|
|
1.11
|
|
|
8,453
|
|
|
59
|
|
|
2.82
|
|
|||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
278,794
|
|
|
819
|
|
|
1.18
|
|
|
274,308
|
|
|
1,195
|
|
|
1.77
|
|
|||||
Trading account assets
|
156,685
|
|
|
1,266
|
|
|
3.25
|
|
|
140,228
|
|
|
1,341
|
|
|
3.87
|
|
|||||
Debt securities
|
465,215
|
|
|
2,868
|
|
|
2.49
|
|
|
441,680
|
|
|
3,148
|
|
|
2.83
|
|
|||||
Loans and leases (2):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Residential mortgage
|
239,994
|
|
|
1,987
|
|
|
3.31
|
|
|
210,174
|
|
|
1,862
|
|
|
3.55
|
|
|||||
Home equity
|
40,040
|
|
|
421
|
|
|
4.22
|
|
|
47,690
|
|
|
593
|
|
|
5.03
|
|
|||||
Credit card
|
94,471
|
|
|
2,464
|
|
|
10.49
|
|
|
95,008
|
|
|
2,530
|
|
|
10.80
|
|
|||||
Direct/Indirect and other consumer (3)
|
90,954
|
|
|
746
|
|
|
3.30
|
|
|
90,430
|
|
|
821
|
|
|
3.69
|
|
|||||
Total consumer
|
465,459
|
|
|
5,618
|
|
|
4.85
|
|
|
443,302
|
|
|
5,806
|
|
|
5.29
|
|
|||||
U.S. commercial
|
330,420
|
|
|
2,846
|
|
|
3.46
|
|
|
316,089
|
|
|
3,349
|
|
|
4.29
|
|
|||||
Non-U.S. commercial
|
111,388
|
|
|
802
|
|
|
2.90
|
|
|
101,996
|
|
|
886
|
|
|
3.52
|
|
|||||
Commercial real estate (4)
|
63,418
|
|
|
583
|
|
|
3.70
|
|
|
60,859
|
|
|
702
|
|
|
4.68
|
|
|||||
Commercial lease financing
|
19,598
|
|
|
161
|
|
|
3.29
|
|
|
21,774
|
|
|
196
|
|
|
3.60
|
|
|||||
Total commercial
|
524,824
|
|
|
4,392
|
|
|
3.36
|
|
|
500,718
|
|
|
5,133
|
|
|
4.15
|
|
|||||
Total loans and leases
|
990,283
|
|
|
10,010
|
|
|
4.06
|
|
|
944,020
|
|
|
10,939
|
|
|
4.69
|
|
|||||
Other earning assets
|
87,876
|
|
|
981
|
|
|
4.49
|
|
|
67,667
|
|
|
1,135
|
|
|
6.80
|
|
|||||
Total earning assets
|
2,120,029
|
|
|
16,242
|
|
|
3.08
|
|
|
2,011,318
|
|
|
18,323
|
|
|
3.68
|
|
|||||
Cash and due from banks
|
27,997
|
|
|
|
|
|
|
25,824
|
|
|
|
|
|
|||||||||
Other assets, less allowance for loan and lease losses
|
346,902
|
|
|
|
|
|
|
323,850
|
|
|
|
|
|
|||||||||
Total assets
|
$
|
2,494,928
|
|
|
|
|
|
|
$
|
2,360,992
|
|
|
|
|
|
|||||||
Interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Savings
|
$
|
50,600
|
|
|
$
|
1
|
|
|
0.01
|
%
|
|
$
|
53,573
|
|
|
$
|
1
|
|
|
0.01
|
%
|
|
NOW and money market deposit accounts
|
770,474
|
|
|
653
|
|
|
0.34
|
|
|
731,025
|
|
|
1,157
|
|
|
0.64
|
|
|||||
Consumer CDs and IRAs
|
53,363
|
|
|
151
|
|
|
1.14
|
|
|
41,791
|
|
|
74
|
|
|
0.72
|
|
|||||
Negotiable CDs, public funds and other deposits
|
67,985
|
|
|
209
|
|
|
1.23
|
|
|
65,974
|
|
|
367
|
|
|
2.25
|
|
|||||
Total U.S. interest-bearing deposits
|
942,422
|
|
|
1,014
|
|
|
0.43
|
|
|
892,363
|
|
|
1,599
|
|
|
0.73
|
|
|||||
Non-U.S. interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Banks located in non-U.S. countries
|
1,904
|
|
|
3
|
|
|
0.60
|
|
|
2,387
|
|
|
6
|
|
|
1.02
|
|
|||||
Governments and official institutions
|
161
|
|
|
—
|
|
|
0.05
|
|
|
178
|
|
|
—
|
|
|
0.11
|
|
|||||
Time, savings and other
|
75,625
|
|
|
167
|
|
|
0.89
|
|
|
64,212
|
|
|
190
|
|
|
1.20
|
|
|||||
Total non-U.S. interest-bearing deposits
|
77,690
|
|
|
170
|
|
|
0.88
|
|
|
66,777
|
|
|
196
|
|
|
1.19
|
|
|||||
Total interest-bearing deposits
|
1,020,112
|
|
|
1,184
|
|
|
0.47
|
|
|
959,140
|
|
|
1,795
|
|
|
0.76
|
|
|||||
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities
|
304,503
|
|
|
1,120
|
|
|
1.48
|
|
|
265,163
|
|
|
1,852
|
|
|
2.83
|
|
|||||
Trading account liabilities
|
48,142
|
|
|
329
|
|
|
2.75
|
|
|
45,593
|
|
|
345
|
|
|
3.07
|
|
|||||
Long-term debt
|
210,816
|
|
|
1,335
|
|
|
2.54
|
|
|
196,726
|
|
|
1,803
|
|
|
3.69
|
|
|||||
Total interest-bearing liabilities
|
1,583,573
|
|
|
3,968
|
|
|
1.01
|
|
|
1,466,622
|
|
|
5,795
|
|
|
1.60
|
|
|||||
Noninterest-bearing sources:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Noninterest-bearing deposits
|
419,224
|
|
|
|
|
|
|
400,724
|
|
|
|
|
|
|||||||||
Other liabilities (5)
|
227,597
|
|
|
|
|
|
|
227,429
|
|
|
|
|
|
|||||||||
Shareholders’ equity
|
264,534
|
|
|
|
|
|
|
266,217
|
|
|
|
|
|
|||||||||
Total liabilities and shareholders’ equity
|
$
|
2,494,928
|
|
|
|
|
|
|
$
|
2,360,992
|
|
|
|
|
|
|||||||
Net interest spread
|
|
|
|
|
2.07
|
%
|
|
|
|
|
|
2.08
|
%
|
|||||||||
Impact of noninterest-bearing sources
|
|
|
|
|
0.26
|
|
|
|
|
|
|
0.43
|
|
|||||||||
Net interest income/yield on earning assets (6)
|
|
|
$
|
12,274
|
|
|
2.33
|
%
|
|
|
|
$
|
12,528
|
|
|
2.51
|
%
|
(1)
|
Includes the impact of interest rate risk management contracts. For more information, see Interest Rate Risk Management for the Banking Book on page 41.
|
(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 non-U.S. consumer loans of $2.9 billion and $2.8 billion for the first quarter of 2020 and 2019.
|
(4)
|
Includes U.S. commercial real estate loans of $59.6 billion and $56.4 billion, and non-U.S. commercial real estate loans of $3.8 billion and $4.5 billion for the first quarter of 2020 and 2019.
|
(5)
|
Includes $35.7 billion and $31.4 billion of structured notes and liabilities for the first quarter of 2020 and 2019.
|
(6)
|
Net interest income includes FTE adjustments of $144 million and $153 million for the first quarter of 2020 and 2019.
|
9 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Deposits
|
|
Consumer Lending
|
|
Total Consumer Banking
|
|
|
||||||||||||||||
|
Three Months Ended March 31
|
|
|
|||||||||||||||||||||
(Dollars in millions)
|
2020
|
2019
|
|
2020
|
2019
|
|
2020
|
2019
|
|
% Change
|
||||||||||||||
Net interest income
|
$
|
3,948
|
|
$
|
4,307
|
|
|
$
|
2,914
|
|
$
|
2,799
|
|
|
$
|
6,862
|
|
$
|
7,106
|
|
|
(3
|
)%
|
|
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Card income
|
(8
|
)
|
(7
|
)
|
|
1,118
|
|
1,204
|
|
|
1,110
|
|
1,197
|
|
|
(7
|
)
|
|||||||
Service charges
|
995
|
|
1,020
|
|
|
—
|
|
—
|
|
|
995
|
|
1,020
|
|
|
(2
|
)
|
|||||||
All other income
|
97
|
|
232
|
|
|
65
|
|
77
|
|
|
162
|
|
309
|
|
|
(48
|
)
|
|||||||
Total noninterest income
|
1,084
|
|
1,245
|
|
|
1,183
|
|
1,281
|
|
|
2,267
|
|
2,526
|
|
|
(10
|
)
|
|||||||
Total revenue, net of interest expense
|
5,032
|
|
5,552
|
|
|
4,097
|
|
4,080
|
|
|
9,129
|
|
9,632
|
|
|
(5
|
)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Provision for credit losses
|
115
|
|
46
|
|
|
2,143
|
|
928
|
|
|
2,258
|
|
974
|
|
|
132
|
|
|||||||
Noninterest expense
|
2,725
|
|
2,655
|
|
|
1,770
|
|
1,712
|
|
|
4,495
|
|
4,367
|
|
|
3
|
|
|||||||
Income before income taxes
|
2,192
|
|
2,851
|
|
|
184
|
|
1,440
|
|
|
2,376
|
|
4,291
|
|
|
(45
|
)
|
|||||||
Income tax expense
|
537
|
|
698
|
|
|
45
|
|
353
|
|
|
582
|
|
1,051
|
|
|
(45
|
)
|
|||||||
Net income
|
$
|
1,655
|
|
$
|
2,153
|
|
|
$
|
139
|
|
$
|
1,087
|
|
|
$
|
1,794
|
|
$
|
3,240
|
|
|
(45
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Effective tax rate (1)
|
|
|
|
|
|
|
24.5
|
%
|
24.5
|
%
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net interest yield
|
2.17
|
%
|
2.52
|
%
|
|
3.76
|
%
|
3.95
|
%
|
|
3.57
|
|
3.96
|
|
|
|
||||||||
Return on average allocated capital
|
55
|
|
73
|
|
|
2
|
|
18
|
|
|
19
|
|
36
|
|
|
|
||||||||
Efficiency ratio
|
54.14
|
|
47.80
|
|
|
43.20
|
|
41.98
|
|
|
49.23
|
|
45.33
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Three Months Ended March 31
|
|
|
||||||||||||||||||||
Average
|
|
2020
|
2019
|
|
2020
|
2019
|
|
2020
|
2019
|
|
% Change
|
|||||||||||||
Total loans and leases
|
$
|
5,435
|
|
$
|
5,311
|
|
|
$
|
311,511
|
|
$
|
286,956
|
|
|
$
|
316,946
|
|
$
|
292,267
|
|
|
8
|
%
|
|
Total earning assets (2)
|
731,928
|
|
693,091
|
|
|
312,127
|
|
287,259
|
|
|
773,635
|
|
727,390
|
|
|
6
|
|
|||||||
Total assets (2)
|
764,117
|
|
724,559
|
|
|
317,580
|
|
297,729
|
|
|
811,277
|
|
769,328
|
|
|
5
|
|
|||||||
Total deposits
|
731,277
|
|
692,234
|
|
|
5,392
|
|
4,767
|
|
|
736,669
|
|
697,001
|
|
|
6
|
|
|||||||
Allocated capital
|
12,000
|
|
12,000
|
|
|
26,500
|
|
25,000
|
|
|
38,500
|
|
37,000
|
|
|
4
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Period end
|
|
March 31
2020 |
December 31
2019 |
|
March 31
2020 |
December 31
2019 |
|
March 31
2020 |
December 31
2019 |
|
% Change
|
|||||||||||||
Total loans and leases
|
$
|
5,466
|
|
$
|
5,467
|
|
|
$
|
312,069
|
|
$
|
311,942
|
|
|
$
|
317,535
|
|
$
|
317,409
|
|
|
—
|
%
|
|
Total earning assets (2)
|
756,869
|
|
724,573
|
|
|
312,739
|
|
312,684
|
|
|
800,143
|
|
760,174
|
|
|
5
|
|
|||||||
Total assets (2)
|
789,846
|
|
758,459
|
|
|
317,141
|
|
322,717
|
|
|
837,522
|
|
804,093
|
|
|
4
|
|
|||||||
Total deposits
|
756,873
|
|
725,665
|
|
|
5,514
|
|
5,080
|
|
|
762,387
|
|
730,745
|
|
|
4
|
|
(1)
|
Estimated at the segment level only.
|
(2)
|
In segments and businesses where the total of liabilities and equity exceeds assets, we allocate assets from All Other to match the segments’ and businesses’ liabilities and allocated shareholders’ equity. As a result, total earning assets and total assets of the businesses may not equal total Consumer Banking.
|
|
|
Bank of America 10
|
|
|
|
|
||||
Key Statistics – Deposits
|
|
|
|
||||
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
|
2020
|
|
2019
|
||||
Total deposit spreads (excludes noninterest costs) (1)
|
2.17
|
%
|
|
2.38
|
%
|
||
|
|
|
|
||||
Period End
|
|
|
|
||||
Consumer investment assets (in millions) (2)
|
$
|
212,227
|
|
|
$
|
210,930
|
|
Active digital banking users (units in thousands) (3)
|
39,075
|
|
|
37,034
|
|
||
Active mobile banking users (units in thousands) (4)
|
29,820
|
|
|
27,127
|
|
||
Financial centers
|
4,297
|
|
|
4,353
|
|
||
ATMs
|
16,855
|
|
|
16,378
|
|
(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 over the last three months.
|
(4)
|
Active mobile banking users represents mobile users over the last three months.
|
|
|
|
|
||||
Key Statistics – Consumer Lending
|
|||||||
|
|
||||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2020
|
|
2019
|
||||
Total credit card (1)
|
|
|
|
||||
Gross interest yield (2)
|
10.49
|
%
|
|
10.80
|
%
|
||
Risk-adjusted margin (3)
|
7.94
|
|
|
8.03
|
|
||
New accounts (in thousands)
|
1,055
|
|
|
1,034
|
|
||
Purchase volumes
|
$
|
64,379
|
|
|
$
|
62,751
|
|
Debit card purchase volumes
|
$
|
88,588
|
|
|
$
|
85,030
|
|
(1)
|
Includes GWIM's credit card portfolio.
|
(2)
|
Calculated as the effective annual percentage rate divided by average loans.
|
(3)
|
Calculated as the difference between total revenue less net credit losses divided by average loans.
|
|
|
|
|
||||
Key Statistics – Loan Production (1)
|
|||||||
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2020
|
|
2019
|
||||
Consumer Banking:
|
|
|
|
||||
First mortgage
|
$
|
12,881
|
|
|
$
|
8,155
|
|
Home equity
|
$
|
2,641
|
|
|
$
|
2,485
|
|
Total (2):
|
|
|
|
||||
First mortgage
|
$
|
18,938
|
|
|
$
|
11,460
|
|
Home equity
|
3,024
|
|
|
2,825
|
|
(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.
|
11 Bank of America
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended March 31
|
|
|
|||||||
(Dollars in millions)
|
2020
|
|
2019
|
|
% Change
|
||||||
Net interest income
|
$
|
1,571
|
|
|
$
|
1,684
|
|
|
(7
|
)%
|
|
Noninterest income:
|
|
|
|
|
|
||||||
Investment and brokerage services
|
3,122
|
|
|
2,842
|
|
|
10
|
|
|||
All other income
|
243
|
|
|
294
|
|
|
(17
|
)
|
|||
Total noninterest income
|
3,365
|
|
|
3,136
|
|
|
7
|
|
|||
Total revenue, net of interest expense
|
4,936
|
|
|
4,820
|
|
|
2
|
|
|||
|
|
|
|
|
|
||||||
Provision for credit losses
|
189
|
|
|
5
|
|
|
n/m
|
|
|||
Noninterest expense
|
3,600
|
|
|
3,434
|
|
|
5
|
|
|||
Income before income taxes
|
1,147
|
|
|
1,381
|
|
|
(17
|
)
|
|||
Income tax expense
|
281
|
|
|
338
|
|
|
(17
|
)
|
|||
Net income
|
$
|
866
|
|
|
$
|
1,043
|
|
|
(17
|
)
|
|
|
|
|
|
|
|
||||||
Effective tax rate
|
24.5
|
%
|
|
24.5
|
%
|
|
|
||||
|
|
|
|
|
|
||||||
Net interest yield
|
2.17
|
|
|
2.40
|
|
|
|
||||
Return on average allocated capital
|
23
|
|
|
29
|
|
|
|
||||
Efficiency ratio
|
72.95
|
|
|
71.25
|
|
|
|
||||
|
|
|
|
|
|
||||||
Balance Sheet
|
|
|
|
|
|
|
|||||
|
Three Months Ended March 31
|
|
|
||||||||
Average
|
2020
|
|
2019
|
|
% Change
|
||||||
Total loans and leases
|
$
|
178,639
|
|
|
$
|
164,403
|
|
|
9
|
%
|
|
Total earning assets
|
290,916
|
|
|
285,050
|
|
|
2
|
|
|||
Total assets
|
303,173
|
|
|
297,133
|
|
|
2
|
|
|||
Total deposits
|
263,411
|
|
|
261,841
|
|
|
1
|
|
|||
Allocated capital
|
15,000
|
|
|
14,500
|
|
|
3
|
|
|||
|
|
|
|
|
|
||||||
Period end
|
March 31
2020 |
|
December 31
2019 |
|
% Change
|
||||||
Total loans and leases
|
$
|
181,492
|
|
|
$
|
176,600
|
|
|
3
|
%
|
|
Total earning assets
|
311,118
|
|
|
287,195
|
|
|
8
|
|
|||
Total assets
|
323,866
|
|
|
299,770
|
|
|
8
|
|
|||
Total deposits
|
282,395
|
|
|
263,113
|
|
|
7
|
|
|
|
Bank of America 12
|
|
|
|
|
||||
Key Indicators and Metrics
|
|
|
|
||||
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions, except as noted)
|
2020
|
|
2019
|
||||
Revenue by Business
|
|
|
|
||||
Merrill Lynch Global Wealth Management
|
$
|
4,073
|
|
|
$
|
3,965
|
|
Bank of America Private Bank
|
863
|
|
|
855
|
|
||
Total revenue, net of interest expense
|
$
|
4,936
|
|
|
$
|
4,820
|
|
|
|
|
|
||||
Client Balances by Business, at period end
|
|
|
|
||||
Merrill Lynch Global Wealth Management
|
$
|
2,215,531
|
|
|
$
|
2,384,492
|
|
Bank of America Private Bank
|
443,080
|
|
|
452,477
|
|
||
Total client balances
|
$
|
2,658,611
|
|
|
$
|
2,836,969
|
|
|
|
|
|
||||
Client Balances by Type, at period end
|
|
|
|
||||
Assets under management
|
$
|
1,092,482
|
|
|
$
|
1,169,713
|
|
Brokerage and other assets
|
1,155,461
|
|
|
1,282,091
|
|
||
Deposits
|
282,395
|
|
|
261,168
|
|
||
Loans and leases (1)
|
184,011
|
|
|
167,455
|
|
||
Less: Managed deposits in assets under management
|
(55,738
|
)
|
|
(43,458
|
)
|
||
Total client balances
|
$
|
2,658,611
|
|
|
$
|
2,836,969
|
|
|
|
|
|
||||
Assets Under Management Rollforward
|
|
|
|
||||
Assets under management, beginning of period
|
$
|
1,275,555
|
|
|
$
|
1,072,234
|
|
Net client flows
|
7,035
|
|
|
5,918
|
|
||
Market valuation/other
|
(190,108
|
)
|
|
91,561
|
|
||
Total assets under management, end of period
|
$
|
1,092,482
|
|
|
$
|
1,169,713
|
|
|
|
|
|
||||
Associates, at period end
|
|
|
|
||||
Number of financial advisors
|
17,646
|
|
|
17,535
|
|
||
Total wealth advisors, including financial advisors
|
19,628
|
|
|
19,524
|
|
||
Total primary sales professionals, including financial advisors and wealth advisors
|
20,851
|
|
|
20,657
|
|
||
|
|
|
|
||||
Merrill Lynch Global Wealth Management Metric
|
|
|
|
||||
Financial advisor productivity (2) (in thousands)
|
$
|
1,138
|
|
|
$
|
1,039
|
|
|
|
|
|
||||
Bank of America Private Bank Metric, at period end
|
|
|
|
||||
Primary sales professionals
|
1,778
|
|
|
1,795
|
|
(1)
|
Includes margin receivables which are classified in customer and other receivables on the Consolidated Balance Sheet.
|
(2)
|
For a definition, see Key Metrics on page 95.
|
13 Bank of America
|
|
|
|
|
|
|
|
|
|
|||||
|
Three Months Ended March 31
|
|
|
||||||||
(Dollars in millions)
|
2020
|
|
2019
|
|
% Change
|
||||||
Net interest income
|
$
|
2,612
|
|
|
$
|
2,790
|
|
|
(6
|
%)
|
|
Noninterest income:
|
|
|
|
|
|
|
|||||
Service charges
|
796
|
|
|
713
|
|
|
12
|
|
|||
Investment banking fees
|
761
|
|
|
709
|
|
|
7
|
|
|||
All other income
|
431
|
|
|
943
|
|
|
(54
|
)
|
|||
Total noninterest income
|
1,988
|
|
|
2,365
|
|
|
(16
|
)
|
|||
Total revenue, net of interest expense
|
4,600
|
|
|
5,155
|
|
|
(11
|
)
|
|||
|
|
|
|
|
|
||||||
Provision for credit losses
|
2,093
|
|
|
111
|
|
|
n/m
|
|
|||
Noninterest expense
|
2,321
|
|
|
2,266
|
|
|
2
|
|
|||
Income before income taxes
|
186
|
|
|
2,778
|
|
|
(93
|
)
|
|||
Income tax expense
|
50
|
|
|
750
|
|
|
(93
|
)
|
|||
Net income
|
$
|
136
|
|
|
$
|
2,028
|
|
|
(93
|
)
|
|
|
|
|
|
|
|
||||||
Effective tax rate
|
27.0
|
%
|
|
27.0
|
%
|
|
|
||||
|
|
|
|
|
|
||||||
Net interest yield
|
2.57
|
|
|
2.98
|
|
|
|
||||
Return on average allocated capital
|
1
|
|
|
20
|
|
|
|
||||
Efficiency ratio
|
50.44
|
|
|
43.96
|
|
|
|
||||
|
|
|
|
|
|
||||||
Balance Sheet
|
|
|
|
|
|
|
|||||
|
Three Months Ended March 31
|
|
|
||||||||
Average
|
2020
|
|
2019
|
|
% Change
|
||||||
Total loans and leases
|
$
|
386,483
|
|
|
$
|
370,108
|
|
|
4
|
%
|
|
Total earning assets
|
409,052
|
|
|
380,308
|
|
|
8
|
|
|||
Total assets
|
465,926
|
|
|
434,920
|
|
|
7
|
|
|||
Total deposits
|
382,373
|
|
|
349,037
|
|
|
10
|
|
|||
Allocated capital
|
42,500
|
|
|
41,000
|
|
|
4
|
|
|||
|
|
|
|
|
|
||||||
Period end
|
March 31
2020 |
|
December 31
2019 |
|
% Change
|
||||||
Total loans and leases
|
$
|
437,122
|
|
|
$
|
379,268
|
|
|
15
|
%
|
|
Total earning assets
|
505,451
|
|
|
407,180
|
|
|
24
|
|
|||
Total assets
|
562,529
|
|
|
464,032
|
|
|
21
|
|
|||
Total deposits
|
477,108
|
|
|
383,180
|
|
|
25
|
|
|
|
Bank of America 14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Global Corporate, Global Commercial and Business Banking
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
Global Corporate Banking
|
|
Global Commercial Banking
|
|
Business Banking
|
|
Total
|
||||||||||||||||||||||||
|
|
Three Months Ended March 31
|
||||||||||||||||||||||||||||||
(Dollars in millions)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|||||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Business Lending
|
$
|
951
|
|
|
$
|
1,045
|
|
|
$
|
981
|
|
|
$
|
1,034
|
|
|
$
|
82
|
|
|
$
|
94
|
|
|
$
|
2,014
|
|
|
$
|
2,173
|
|
|
Global Transaction Services
|
871
|
|
|
1,007
|
|
|
878
|
|
|
891
|
|
|
256
|
|
|
266
|
|
|
2,005
|
|
|
2,164
|
|
|||||||||
Total revenue, net of interest expense
|
$
|
1,822
|
|
|
$
|
2,052
|
|
|
$
|
1,859
|
|
|
$
|
1,925
|
|
|
$
|
338
|
|
|
$
|
360
|
|
|
$
|
4,019
|
|
|
$
|
4,337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total loans and leases
|
$
|
182,705
|
|
|
$
|
176,288
|
|
|
$
|
188,581
|
|
|
$
|
178,450
|
|
|
$
|
15,181
|
|
|
$
|
15,343
|
|
|
$
|
386,467
|
|
|
$
|
370,081
|
|
|
Total deposits
|
187,920
|
|
|
168,126
|
|
|
153,880
|
|
|
142,534
|
|
|
40,571
|
|
|
38,404
|
|
|
382,371
|
|
|
349,064
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total loans and leases
|
$
|
209,028
|
|
|
$
|
175,855
|
|
|
$
|
212,443
|
|
|
$
|
181,931
|
|
|
$
|
15,658
|
|
|
$
|
15,236
|
|
|
$
|
437,129
|
|
|
$
|
373,022
|
|
|
Total deposits
|
246,237
|
|
|
166,238
|
|
|
189,584
|
|
|
139,505
|
|
|
41,286
|
|
|
38,178
|
|
|
477,107
|
|
|
343,921
|
|
|
|
|
|
|
|
|
|
|
||||||||
Investment Banking Fees
|
|
|
|
|
|
|
||||||||||
|
|
|
||||||||||||||
|
|
Global Banking
|
|
Total Corporation
|
||||||||||||
|
|
Three Months Ended March 31
|
||||||||||||||
(Dollars in millions)
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Products
|
|
|
|
|
|
|
|
|
||||||||
Advisory
|
|
$
|
247
|
|
|
$
|
303
|
|
|
$
|
269
|
|
|
$
|
343
|
|
Debt issuance
|
|
424
|
|
|
327
|
|
|
927
|
|
|
748
|
|
||||
Equity issuance
|
|
90
|
|
|
79
|
|
|
283
|
|
|
234
|
|
||||
Gross investment banking fees
|
|
761
|
|
|
709
|
|
|
1,479
|
|
|
1,325
|
|
||||
Self-led deals
|
|
(43
|
)
|
|
(20
|
)
|
|
(91
|
)
|
|
(61
|
)
|
||||
Total investment banking fees
|
|
$
|
718
|
|
|
$
|
689
|
|
|
$
|
1,388
|
|
|
$
|
1,264
|
|
15 Bank of America
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended March 31
|
|
|
|||||||
(Dollars in millions)
|
2020
|
|
2019
|
|
% Change
|
||||||
Net interest income
|
$
|
1,153
|
|
|
$
|
953
|
|
|
21
|
%
|
|
Noninterest income:
|
|
|
|
|
|
||||||
Investment and brokerage services
|
567
|
|
|
444
|
|
|
28
|
|
|||
Investment banking fees
|
602
|
|
|
537
|
|
|
12
|
|
|||
Market making and similar activities
|
2,973
|
|
|
2,082
|
|
|
43
|
|
|||
All other income
|
(70
|
)
|
|
165
|
|
|
(142
|
)
|
|||
Total noninterest income
|
4,072
|
|
|
3,228
|
|
|
26
|
|
|||
Total revenue, net of interest expense
|
5,225
|
|
|
4,181
|
|
|
25
|
|
|||
|
|
|
|
|
|
||||||
Provision for credit losses
|
107
|
|
|
(23
|
)
|
|
n/m
|
|
|||
Noninterest expense
|
2,813
|
|
|
2,755
|
|
|
2
|
|
|||
Income before income taxes
|
2,305
|
|
|
1,449
|
|
|
59
|
|
|||
Income tax expense
|
599
|
|
|
413
|
|
|
45
|
|
|||
Net income
|
$
|
1,706
|
|
|
$
|
1,036
|
|
|
65
|
|
|
|
|
|
|
|
|
||||||
Effective tax rate
|
26.0
|
%
|
|
28.5
|
%
|
|
|
||||
|
|
|
|
|
|
||||||
Return on average allocated capital
|
19
|
|
|
12
|
|
|
|
||||
Efficiency ratio
|
53.82
|
|
|
65.91
|
|
|
|
||||
|
|
|
|
|
|
||||||
Balance Sheet
|
|
|
|
|
|
|
|||||
|
Three Months Ended March 31
|
|
|
||||||||
Average
|
2020
|
|
2019
|
|
% Change
|
||||||
Trading-related assets:
|
|
|
|
|
|
||||||
Trading account securities
|
$
|
257,254
|
|
|
$
|
225,254
|
|
|
14
|
%
|
|
Reverse repurchases
|
115,698
|
|
|
122,753
|
|
|
(6
|
)
|
|||
Securities borrowed
|
83,271
|
|
|
84,343
|
|
|
(1
|
)
|
|||
Derivative assets
|
46,825
|
|
|
41,953
|
|
|
12
|
|
|||
Total trading-related assets
|
503,048
|
|
|
474,303
|
|
|
6
|
|
|||
Total loans and leases
|
71,660
|
|
|
70,080
|
|
|
2
|
|
|||
Total earning assets
|
501,616
|
|
|
472,414
|
|
|
6
|
|
|||
Total assets
|
712,980
|
|
|
664,052
|
|
|
7
|
|
|||
Total deposits
|
33,323
|
|
|
31,366
|
|
|
6
|
|
|||
Allocated capital
|
36,000
|
|
|
35,000
|
|
|
3
|
|
|||
|
|
|
|
|
|
||||||
Period end
|
March 31
2020 |
|
December 31
2019 |
|
% Change
|
||||||
Total trading-related assets
|
$
|
439,480
|
|
|
$
|
452,496
|
|
|
(3
|
)%
|
|
Total loans and leases
|
78,591
|
|
|
72,993
|
|
|
8
|
|
|||
Total earning assets
|
465,632
|
|
|
471,701
|
|
|
(1
|
)
|
|||
Total assets
|
654,735
|
|
|
641,806
|
|
|
2
|
|
|||
Total deposits
|
38,536
|
|
|
34,676
|
|
|
11
|
|
|
|
Bank of America 16
|
|
|
|
|
||||
Sales and Trading Revenue (1, 2, 3)
|
|||||||
|
|
||||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2020
|
|
2019
|
||||
Sales and trading revenue(2)
|
|
|
|
||||
Fixed-income, currencies and commodities
|
$
|
2,945
|
|
|
$
|
2,281
|
|
Equities
|
1,690
|
|
|
1,182
|
|
||
Total sales and trading revenue
|
$
|
4,635
|
|
|
$
|
3,463
|
|
|
|
|
|
||||
Sales and trading revenue, excluding net DVA (4)
|
|
|
|
||||
Fixed-income, currencies and commodities
|
$
|
2,671
|
|
|
$
|
2,360
|
|
Equities
|
1,664
|
|
|
1,193
|
|
||
Total sales and trading revenue, excluding net DVA
|
$
|
4,335
|
|
|
$
|
3,553
|
|
(1)
|
For more information on sales and trading revenue, see Note 3 – Derivatives to the Consolidated Financial Statements.
|
(2)
|
Includes FTE adjustments of $62 million and $48 million for the three months ended March 31, 2020 and 2019.
|
(3)
|
Includes Global Banking sales and trading revenue of $228 million and $118 million for the three months ended March 31, 2020 and 2019.
|
(4)
|
FICC and Equities sales and trading revenue, excluding net DVA, is a non-GAAP financial measure. FICC net DVA gains were $274 million and losses of $79 million for the three months ended March 31, 2020 and 2019. Equities net DVA gains were $26 million and losses of $11 million for the three months ended March 31, 2020 and 2019.
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended March 31
|
|
|
|||||||
(Dollars in millions)
|
2020
|
|
2019
|
|
% Change
|
||||||
Net interest income
|
$
|
76
|
|
|
$
|
(5
|
)
|
|
n/m
|
|
|
Noninterest income (loss)
|
(1,055
|
)
|
|
(626
|
)
|
|
69
|
%
|
|||
Total revenue, net of interest expense
|
(979
|
)
|
|
(631
|
)
|
|
55
|
|
|||
|
|
|
|
|
|
||||||
Provision for credit losses
|
114
|
|
|
(54
|
)
|
|
n/m
|
|
|||
Noninterest expense
|
246
|
|
|
402
|
|
|
(39
|
)
|
|||
Loss before income taxes
|
(1,339
|
)
|
|
(979
|
)
|
|
37
|
|
|||
Income tax benefit
|
(847
|
)
|
|
(943
|
)
|
|
(10
|
)
|
|||
Net loss
|
$
|
(492
|
)
|
|
$
|
(36
|
)
|
|
n/m
|
|
|
|
|
|
|
|
|
|
|||||
Balance Sheet
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended March 31
|
|
|
|||||||
Average
|
|
2020
|
|
2019
|
|
% Change
|
|||||
Total loans and leases
|
$
|
36,555
|
|
|
$
|
47,162
|
|
|
(22
|
)%
|
|
Total assets (1)
|
201,572
|
|
|
195,559
|
|
|
3
|
|
|||
Total deposits
|
23,560
|
|
|
20,619
|
|
|
14
|
|
|||
|
|
|
|
|
|
|
|||||
Period end
|
|
March 31
2020 |
|
December 31
2019 |
|
% Change
|
|||||
Total loans and leases
|
$
|
36,045
|
|
|
$
|
37,156
|
|
|
(3
|
)%
|
|
Total assets (1)
|
241,302
|
|
|
224,378
|
|
|
8
|
|
|||
Total deposits
|
22,899
|
|
|
23,089
|
|
|
(1
|
)
|
(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 $572.2 billion and $542.5 billion for the three months ended March 31, 2020 and 2019, and period-end allocated assets were $665.8 billion and $565.4 billion at March 31, 2020 and December 31, 2019.
|
17 Bank of America
|
|
|
|
|
Bank of America 18
|
|
|
|
|
|
|
|
|||||
Table 8
|
Bank of America Corporation Regulatory Capital under Basel 3
|
|
|
||||||||
|
|
|
|||||||||
|
Standardized
Approach (1) |
|
Advanced
Approaches (1) |
|
Regulatory
Minimum (2) |
||||||
(Dollars in millions, except as noted)
|
March 31, 2020
|
||||||||||
Risk-based capital metrics:
|
|
|
|
|
|
||||||
Common equity tier 1 capital
|
$
|
168,115
|
|
|
$
|
168,115
|
|
|
|
||
Tier 1 capital
|
191,532
|
|
|
191,532
|
|
|
|
||||
Total capital (3)
|
228,511
|
|
|
221,009
|
|
|
|
||||
Risk-weighted assets (in billions)
|
1,561
|
|
|
1,512
|
|
|
|
||||
Common equity tier 1 capital ratio
|
10.8
|
%
|
|
11.1
|
%
|
|
9.5
|
%
|
|||
Tier 1 capital ratio
|
12.3
|
|
|
12.7
|
|
|
11.0
|
|
|||
Total capital ratio
|
14.6
|
|
|
14.6
|
|
|
13.0
|
|
|||
|
|
|
|
|
|
|
|||||
Leverage-based metrics:
|
|
|
|
|
|
||||||
Adjusted quarterly average assets (in billions) (4)
|
$
|
2,422
|
|
|
$
|
2,422
|
|
|
|
||
Tier 1 leverage ratio
|
7.9
|
%
|
|
7.9
|
%
|
|
4.0
|
|
|||
|
|
|
|
|
|
||||||
SLR leverage exposure (in billions)
|
|
|
$
|
2,984
|
|
|
|
||||
SLR
|
|
|
6.4
|
%
|
|
5.0
|
|
||||
|
|
|
|
|
|
|
|
|
|
||
|
|
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 (3)
|
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) (4)
|
$
|
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
|
|
(1)
|
As of March 31, 2020, capital ratios are calculated using the regulatory capital rule that allows a five-year transition period related to the adoption of CECL.
|
(2)
|
The capital conservation buffer and G-SIB surcharge were 2.5 percent at both March 31, 2020 and December 31, 2019. The countercyclical capital buffer for both periods was zero. The SLR minimum includes a leverage buffer of 2.0 percent.
|
(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.
|
19 Bank of America
|
|
|
|
|
|
|
|
||||
Table 9
|
Capital Composition under Basel 3
|
|
|
|
||||
|
|
|
|
|
||||
(Dollars in millions)
|
March 31
2020 |
|
December 31
2019 |
|||||
Total common shareholders’ equity
|
$
|
241,491
|
|
|
$
|
241,409
|
|
|
CECL transitional amount (1)
|
3,299
|
|
|
—
|
|
|||
Goodwill, net of related deferred tax liabilities
|
(68,570
|
)
|
|
(68,570
|
)
|
|||
Deferred tax assets arising from net operating loss and tax credit carryforwards
|
(5,337
|
)
|
|
(5,193
|
)
|
|||
Intangibles, other than mortgage servicing rights and goodwill, net of related deferred tax liabilities
|
(1,236
|
)
|
|
(1,328
|
)
|
|||
Defined benefit pension plan net assets
|
(1,014
|
)
|
|
(1,003
|
)
|
|||
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness,
net-of-tax
|
(370
|
)
|
|
1,278
|
|
|||
Other
|
(148
|
)
|
|
167
|
|
|||
Common equity tier 1 capital
|
168,115
|
|
|
166,760
|
|
|||
Qualifying preferred stock, net of issuance cost
|
23,426
|
|
|
22,329
|
|
|||
Other
|
(9
|
)
|
|
(597
|
)
|
|||
Tier 1 capital
|
191,532
|
|
|
188,492
|
|
|||
Tier 2 capital instruments
|
24,076
|
|
|
22,538
|
|
|||
Eligible credit reserves included in Tier 2 capital (2)
|
5,407
|
|
|
2,097
|
|
|||
Other
|
(6
|
)
|
|
(29
|
)
|
|||
Total capital under the Advanced approaches
|
$
|
221,009
|
|
|
$
|
213,098
|
|
(1)
|
The CECL transitional amount includes 100 percent of the initial adoption impact of the new CECL accounting standard plus 25 percent of the increase in the allowance for credit losses from January 1, 2020 through March 31, 2020. For more information, see Regulatory Developments on page 22.
|
(2)
|
The balance at March 31, 2020 includes the impact of transition provisions related to the new CECL accounting standard.
|
|
|
|
|
|
|
|
|
|
||||||||
Table 10
|
Risk-weighted Assets under Basel 3
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Standardized Approach
|
|
Advanced Approaches
|
|
Standardized Approach
|
|
Advanced Approaches
|
|||||||||
(Dollars in billions)
|
March 31, 2020
|
|
December 31, 2019
|
|||||||||||||
Credit risk
|
$
|
1,492
|
|
|
$
|
901
|
|
|
$
|
1,437
|
|
|
$
|
858
|
|
|
Market risk
|
69
|
|
|
69
|
|
|
56
|
|
|
55
|
|
|||||
Operational risk
|
n/a
|
|
|
500
|
|
|
n/a
|
|
|
500
|
|
|||||
Risks related to credit valuation adjustments
|
n/a
|
|
|
42
|
|
|
n/a
|
|
|
34
|
|
|||||
Total risk-weighted assets
|
$
|
1,561
|
|
|
$
|
1,512
|
|
|
$
|
1,493
|
|
|
$
|
1,447
|
|
|
|
Bank of America 20
|
|
|
|
|
|
|
|
|||||
Table 11
|
Bank of America, N.A. Regulatory Capital under Basel 3
|
|
|
||||||||
|
|
|
|
|
|
|
|||||
|
|
Standardized
Approach (1) |
|
Advanced
Approaches (1) |
|
Regulatory
Minimum (2) |
|||||
(Dollars in millions, except as noted)
|
March 31, 2020
|
||||||||||
Risk-based capital metrics:
|
|
|
|
|
|
||||||
Common equity tier 1 capital
|
$
|
153,089
|
|
|
$
|
153,089
|
|
|
|
||
Tier 1 capital
|
153,089
|
|
|
153,089
|
|
|
|
||||
Total capital (3)
|
167,936
|
|
|
159,644
|
|
|
|
||||
Risk-weighted assets (in billions)
|
1,288
|
|
|
1,042
|
|
|
|
||||
Common equity tier 1 capital ratio
|
11.9
|
%
|
|
14.7
|
%
|
|
7.0
|
%
|
|||
Tier 1 capital ratio
|
11.9
|
|
|
14.7
|
|
|
8.5
|
|
|||
Total capital ratio
|
13.0
|
|
|
15.3
|
|
|
10.5
|
|
|||
|
|
|
|
|
|
||||||
Leverage-based metrics:
|
|
|
|
|
|
||||||
Adjusted quarterly average assets (in billions) (4)
|
$
|
1,797
|
|
|
$
|
1,797
|
|
|
|
||
Tier 1 leverage ratio
|
8.5
|
%
|
|
8.5
|
%
|
|
5.0
|
|
|||
|
|
|
|
|
|
||||||
SLR leverage exposure (in billions)
|
|
|
$
|
2,183
|
|
|
|
||||
SLR
|
|
|
7.0
|
%
|
|
6.0
|
|
||||
|
|
|
|
|
|
|
|
|
|
||
|
|
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 (3)
|
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) (4)
|
$
|
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
|
|
(1)
|
As of March 31, 2020, capital ratios are calculated using the regulatory capital rule that allows a five-year transition period related to the adoption of CECL.
|
(2)
|
Risk-based capital regulatory minimums at March 31, 2020 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, 2019 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.
|
|
|
|
|
|
|
|
|
|
||||||
Table 12
|
Bank of America Corporation Total Loss-Absorbing Capacity and Long-Term Debt
|
|||||||||||||
|
|
|
|
|
|
|
|
|
||||||
|
TLAC (1)
|
|
Regulatory Minimum (2)
|
|
Long-term
Debt
|
|
Regulatory Minimum (3)
|
|||||||
(Dollars in millions)
|
March 31, 2020
|
|||||||||||||
Total eligible balance
|
$
|
383,281
|
|
|
|
|
$
|
181,135
|
|
|
|
|||
Percentage of risk-weighted assets (4)
|
24.6
|
%
|
|
22.0
|
%
|
|
11.6
|
%
|
|
8.5
|
%
|
|||
Percentage of SLR leverage exposure
|
12.8
|
|
|
9.5
|
|
|
6.1
|
|
|
4.5
|
|
|||
|
|
|
|
|
|
|
|
|||||||
|
December 31, 2019
|
|||||||||||||
Total eligible balance
|
$
|
367,449
|
|
|
|
|
$
|
171,349
|
|
|
|
|||
Percentage of risk-weighted assets (4)
|
24.6
|
%
|
|
22.0
|
%
|
|
11.5
|
%
|
|
8.5
|
%
|
|||
Percentage of SLR leverage exposure
|
12.5
|
|
|
9.5
|
|
|
5.8
|
|
|
4.5
|
|
(1)
|
As of March 31, 2020, TLAC ratios are calculated using the regulatory capital rule that allows a five-year transition period related to the adoption of CECL.
|
(2)
|
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 both periods. 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.
|
(3)
|
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.
|
(4)
|
The approach that yields the higher risk-weighted assets is used to calculate TLAC and long-term debt ratios, which was the Standardized approach as of March 31, 2020 and December 31, 2019.
|
21 Bank of America
|
|
|
|
|
Bank of America 22
|
|
|
|
|
|
||||
Table 13
|
Average Global Liquidity Sources
|
|||||||
|
|
|
|
|
||||
|
|
Three Months Ended
|
||||||
(Dollars in billions)
|
March 31
2020 |
|
December 31
2019 |
|||||
Parent company and NB Holdings
|
$
|
50
|
|
|
$
|
59
|
|
|
Bank subsidiaries
|
451
|
|
|
454
|
|
|||
Other regulated entities
|
64
|
|
|
63
|
|
|||
Total Average Global Liquidity Sources
|
$
|
565
|
|
|
$
|
576
|
|
|
|
|
|
|
||||
Table 14
|
Average Global Liquidity Sources Composition
|
|||||||
|
|
|
||||||
|
|
Three Months Ended
|
||||||
(Dollars in billions)
|
March 31
2020 |
|
December 31
2019 |
|||||
Cash on deposit
|
$
|
113
|
|
|
$
|
103
|
|
|
U.S. Treasury securities
|
83
|
|
|
98
|
|
|||
U.S. agency securities and mortgage-backed securities
|
354
|
|
|
358
|
|
|||
Non-U.S. government securities
|
15
|
|
|
17
|
|
|||
Total Average Global Liquidity Sources
|
$
|
565
|
|
|
$
|
576
|
|
23 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Table 15
|
Long-term Debt by Maturity
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(Dollars in millions)
|
Remainder of 2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Total
|
|||||||||||||||
Bank of America Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Senior notes (1)
|
$
|
8,074
|
|
|
$
|
15,726
|
|
|
$
|
14,772
|
|
|
$
|
23,518
|
|
|
$
|
17,543
|
|
|
$
|
99,150
|
|
|
$
|
178,783
|
|
|
Senior structured notes
|
662
|
|
|
396
|
|
|
2,095
|
|
|
296
|
|
|
473
|
|
|
14,119
|
|
|
18,041
|
|
||||||||
Subordinated notes
|
—
|
|
|
338
|
|
|
339
|
|
|
—
|
|
|
3,370
|
|
|
20,199
|
|
|
24,246
|
|
||||||||
Junior subordinated notes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
738
|
|
|
738
|
|
||||||||
Total Bank of America Corporation
|
8,736
|
|
|
16,460
|
|
|
17,206
|
|
|
23,814
|
|
|
21,386
|
|
|
134,206
|
|
|
221,808
|
|
||||||||
Bank of America, N.A.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Senior notes
|
2,429
|
|
|
3,310
|
|
|
—
|
|
|
520
|
|
|
—
|
|
|
8
|
|
|
6,267
|
|
||||||||
Subordinated notes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,977
|
|
|
1,977
|
|
||||||||
Advances from Federal Home Loan Banks
|
2,509
|
|
|
502
|
|
|
3
|
|
|
1
|
|
|
—
|
|
|
96
|
|
|
3,111
|
|
||||||||
Securitizations and other Bank VIEs (2)
|
1,100
|
|
|
4,023
|
|
|
1,248
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,371
|
|
||||||||
Other
|
25
|
|
|
54
|
|
|
—
|
|
|
141
|
|
|
—
|
|
|
160
|
|
|
380
|
|
||||||||
Total Bank of America, N.A.
|
6,063
|
|
|
7,889
|
|
|
1,251
|
|
|
662
|
|
|
—
|
|
|
2,241
|
|
|
18,106
|
|
||||||||
Other debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Structured liabilities
|
5,113
|
|
|
2,509
|
|
|
1,465
|
|
|
1,290
|
|
|
652
|
|
|
5,354
|
|
|
16,383
|
|
||||||||
Nonbank VIEs (2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
415
|
|
|
415
|
|
||||||||
Total other debt
|
5,113
|
|
|
2,509
|
|
|
1,465
|
|
|
1,290
|
|
|
652
|
|
|
5,769
|
|
|
16,798
|
|
||||||||
Total long-term debt
|
$
|
19,912
|
|
|
$
|
26,858
|
|
|
$
|
19,922
|
|
|
$
|
25,766
|
|
|
$
|
22,038
|
|
|
$
|
142,216
|
|
|
$
|
256,712
|
|
(1)
|
Total includes $126.4 billion of outstanding notes that are both TLAC eligible and callable one year before their stated maturities, including $7.2 billion during the remainder of 2020, and $11.6 billion, $15.1 billion, $10.8 billion and $9.4 billion during each year of 2021 through 2024, respectively, and $72.3 billion thereafter. The call features give us the flexibility to retire long-term notes before their final year outstanding, when they are no longer eligible to count toward TLAC requirements, and replace them with new TLAC-eligible debt, should we choose to do so.
|
(2)
|
Represents liabilities of consolidated VIEs included in total long-term debt on the Consolidated Balance Sheet.
|
|
|
|
|
|
||||
Table 16
|
Long-term Debt by Major Currency
|
|||||||
|
|
|
||||||
(Dollars in millions)
|
March 31
2020 |
|
December 31
2019 |
|||||
U.S. dollar
|
$
|
207,035
|
|
|
$
|
191,284
|
|
|
Euro
|
33,782
|
|
|
32,781
|
|
|||
British pound
|
4,834
|
|
|
5,067
|
|
|||
Japanese yen
|
4,113
|
|
|
4,310
|
|
|||
Canadian dollar
|
3,979
|
|
|
3,857
|
|
|||
Australian dollar
|
1,664
|
|
|
1,957
|
|
|||
Other
|
1,305
|
|
|
1,600
|
|
|||
Total long-term debt
|
$
|
256,712
|
|
|
$
|
240,856
|
|
|
|
Bank of America 24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 17
|
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
|
|
AA-
|
|
F1+
|
|
Stable
|
|
BofA Securities Europe SA
|
NR
|
|
NR
|
|
NR
|
|
A+
|
|
A-1
|
|
Stable
|
|
AA-
|
|
F1+
|
|
Stable
|
25 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 18
|
Consumer Credit Quality
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Outstandings
|
|
Nonperforming
|
|
Accruing Past Due
90 Days or More
|
|||||||||||||||||||
(Dollars in millions)
|
March 31
2020 |
|
December 31
2019 |
|
March 31
2020 |
|
December 31
2019 |
|
March 31
2020 |
|
December 31
2019 |
|||||||||||||
Residential mortgage (1)
|
$
|
243,545
|
|
|
$
|
236,169
|
|
|
$
|
1,580
|
|
|
$
|
1,470
|
|
|
$
|
951
|
|
|
$
|
1,088
|
|
|
Home equity
|
39,567
|
|
|
40,208
|
|
|
578
|
|
|
536
|
|
|
—
|
|
|
—
|
|
|||||||
Credit card
|
91,890
|
|
|
97,608
|
|
|
n/a
|
|
|
n/a
|
|
|
991
|
|
|
1,042
|
|
|||||||
Direct/Indirect consumer (2)
|
90,246
|
|
|
90,998
|
|
|
46
|
|
|
47
|
|
|
30
|
|
|
33
|
|
|||||||
Other consumer
|
150
|
|
|
192
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Consumer loans excluding loans accounted for under the fair value option
|
$
|
465,398
|
|
|
$
|
465,175
|
|
|
$
|
2,204
|
|
|
$
|
2,053
|
|
|
$
|
1,972
|
|
|
$
|
2,163
|
|
|
Loans accounted for under the fair value option (3)
|
556
|
|
|
594
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total consumer loans and leases
|
$
|
465,954
|
|
|
$
|
465,769
|
|
|
|
|
|
|
|
|
|
|||||||||
Percentage of outstanding consumer loans and leases (4)
|
n/a
|
|
|
n/a
|
|
|
0.47
|
%
|
|
0.44
|
%
|
|
0.42
|
%
|
|
0.47
|
%
|
|||||||
Percentage of outstanding consumer loans and leases, excluding fully-insured loan portfolios (4)
|
n/a
|
|
|
n/a
|
|
|
0.49
|
|
|
0.46
|
|
|
0.23
|
|
|
0.24
|
|
(1)
|
Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At March 31, 2020 and December 31, 2019, residential mortgage includes $637 million and $740 million of loans on which interest had been curtailed by the FHA, and therefore were no longer accruing interest, although principal was still insured, and $314 million and $348 million of loans on which interest was still accruing.
|
(2)
|
Outstandings primarily include auto and specialty lending loans and leases of $50.0 billion and $50.4 billion, U.S. securities-based lending loans of $36.4 billion and $36.7 billion and non-U.S. consumer loans of $3.0 billion and $2.8 billion at March 31, 2020 and December 31, 2019.
|
(3)
|
Consumer loans accounted for under the fair value option include residential mortgage loans of $231 million and $257 million and home equity loans of $325 million and $337 million at March 31, 2020 and December 31, 2019. For more information on the fair value option, see Note 15 – Fair Value Option to the Consolidated Financial Statements.
|
(4)
|
Excludes consumer loans accounted for under the fair value option. At both March 31, 2020 and December 31, 2019, $6 million of loans accounted for under the fair value option were past due 90 days or more and not accruing interest.
|
|
|
|
|
|
|
|
|
|
||||||
Table 19
|
Consumer Net Charge-offs and Related Ratios
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
Net Charge-offs
|
|
Net Charge-off Ratios (1)
|
||||||||||
|
|
Three Months Ended March 31
|
||||||||||||
(Dollars in millions)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|||||||
Residential mortgage
|
$
|
(1
|
)
|
|
$
|
(16
|
)
|
|
—
|
%
|
|
(0.03
|
)%
|
|
Home equity
|
(11
|
)
|
|
11
|
|
|
(0.11
|
)
|
|
0.10
|
|
|||
Credit card
|
770
|
|
|
745
|
|
|
3.28
|
|
|
3.18
|
|
|||
Direct/Indirect consumer
|
40
|
|
|
54
|
|
|
0.18
|
|
|
0.24
|
|
|||
Other consumer
|
74
|
|
|
41
|
|
|
n/m
|
|
|
n/m
|
|
|||
Total
|
$
|
872
|
|
|
$
|
835
|
|
|
0.75
|
|
|
0.77
|
|
(1)
|
Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding loans and leases excluding loans accounted for under the fair value option.
|
|
|
Bank of America 26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 20
|
Consumer Real Estate Portfolio (1)
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||
|
|
Outstandings
|
|
Nonperforming
|
|
Net Charge-offs
|
||||||||||||||||||
|
March 31
|
|
December 31
|
|
March 31
|
|
December 31
|
|
Three Months Ended March 31
|
|||||||||||||||
(Dollars in millions)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|||||||||||||
Core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Residential mortgage
|
$
|
233,635
|
|
|
$
|
225,770
|
|
|
$
|
899
|
|
|
$
|
883
|
|
|
$
|
(1
|
)
|
|
$
|
(3
|
)
|
|
Home equity
|
34,873
|
|
|
35,226
|
|
|
388
|
|
|
363
|
|
|
2
|
|
|
21
|
|
|||||||
Total core portfolio
|
268,508
|
|
|
260,996
|
|
|
1,287
|
|
|
1,246
|
|
|
1
|
|
|
18
|
|
|||||||
Non-core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage
|
9,910
|
|
|
10,399
|
|
|
681
|
|
|
587
|
|
|
—
|
|
|
(13
|
)
|
|||||||
Home equity
|
4,694
|
|
|
4,982
|
|
|
190
|
|
|
173
|
|
|
(13
|
)
|
|
(10
|
)
|
|||||||
Total non-core portfolio
|
14,604
|
|
|
15,381
|
|
|
871
|
|
|
760
|
|
|
(13
|
)
|
|
(23
|
)
|
|||||||
Consumer real estate portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residential mortgage
|
243,545
|
|
|
236,169
|
|
|
1,580
|
|
|
1,470
|
|
|
(1
|
)
|
|
(16
|
)
|
|||||||
Home equity
|
39,567
|
|
|
40,208
|
|
|
578
|
|
|
536
|
|
|
(11
|
)
|
|
11
|
|
|||||||
Total consumer real estate portfolio
|
$
|
283,112
|
|
|
$
|
276,377
|
|
|
$
|
2,158
|
|
|
$
|
2,006
|
|
|
$
|
(12
|
)
|
|
$
|
(5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
Allowance for Credit Losses
|
|
Provision for Credit Losses
|
||||||||||||||||
|
|
|
|
|
|
March 31
|
|
December 31
|
|
Three Months Ended March 31
|
||||||||||||||
|
|
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||||||
Core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Residential mortgage
|
|
|
|
|
$
|
338
|
|
|
$
|
229
|
|
|
$
|
124
|
|
|
$
|
(4
|
)
|
|||||
Home equity
|
|
|
|
|
602
|
|
|
120
|
|
|
146
|
|
|
(22
|
)
|
|||||||||
Total core portfolio
|
|
|
|
|
940
|
|
|
349
|
|
|
270
|
|
|
(26
|
)
|
|||||||||
Non-core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Residential mortgage
|
|
|
|
|
92
|
|
|
96
|
|
|
90
|
|
|
(31
|
)
|
|||||||||
Home equity (2)
|
|
|
|
|
(75
|
)
|
|
101
|
|
|
21
|
|
|
(13
|
)
|
|||||||||
Total non-core portfolio
|
|
|
|
|
17
|
|
|
197
|
|
|
111
|
|
|
(44
|
)
|
|||||||||
Consumer real estate portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential mortgage
|
|
|
|
|
430
|
|
|
325
|
|
|
214
|
|
|
(35
|
)
|
|||||||||
Home equity (3)
|
|
|
|
|
527
|
|
|
221
|
|
|
167
|
|
|
(35
|
)
|
|||||||||
Total consumer real estate portfolio
|
|
|
|
|
$
|
957
|
|
|
$
|
546
|
|
|
$
|
381
|
|
|
$
|
(70
|
)
|
(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 $231 million and $257 million and home equity loans of $325 million and $337 million at March 31, 2020 and December 31, 2019. For more information, see Note 15 – Fair Value Option to the Consolidated Financial Statements.
|
(2)
|
The home equity non-core allowance is in a negative position at March 31, 2020 as it includes expected recoveries of amounts previously charged off.
|
(3)
|
Home equity allowance includes a reserve for unfunded lending commitments of $149 million at March 31, 2020.
|
27 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Table 21
|
Residential Mortgage – Key Credit Statistics
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
Reported Basis (1)
|
|
Excluding Fully-insured Loans (1)
|
||||||||||||
(Dollars in millions)
|
|
|
|
|
|
|
|
|
March 31
2020 |
|
December 31
2019 |
|
March 31
2020 |
|
December 31
2019 |
|||||||||
Outstandings
|
|
|
|
|
|
|
|
$
|
243,545
|
|
|
$
|
236,169
|
|
|
$
|
224,720
|
|
|
$
|
217,479
|
|
||
Accruing past due 30 days or more
|
|
|
|
|
|
|
|
2,937
|
|
|
3,108
|
|
|
1,338
|
|
|
1,296
|
|
||||||
Accruing past due 90 days or more
|
|
|
|
|
|
|
|
951
|
|
|
1,088
|
|
|
—
|
|
|
—
|
|
||||||
Nonperforming loans
|
|
|
|
|
|
|
|
1,580
|
|
|
1,470
|
|
|
1,580
|
|
|
1,470
|
|
||||||
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
|
|
|
|
|
|
|
|
2
|
|
|
3
|
|
|
1
|
|
|
2
|
|
||||||
2006 and 2007 vintages (2)
|
|
|
|
|
|
|
|
3
|
|
|
4
|
|
|
3
|
|
|
4
|
|
(1)
|
Outstandings, accruing past due, nonperforming loans and percentages of portfolio exclude loans accounted for under the fair value option. For information on our interest accrual policies and delinquency status for loan modifications related to the COVID-19 pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements.
|
(2)
|
These vintages of loans accounted for $440 million, or 28 percent, and $365 million, or 25 percent, of nonperforming residential mortgage loans at March 31, 2020 and December 31, 2019.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 22
|
Residential Mortgage State Concentrations
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Outstandings (1)
|
|
Nonperforming (1)
|
|
Net Charge-offs
|
|||||||||||||||||||
|
March 31
|
|
December 31
|
|
|
March 31
|
|
December 31
|
|
|
Three Months Ended March 31
|
|||||||||||||
(Dollars in millions)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|||||||||||||
California
|
$
|
92,107
|
|
|
$
|
88,998
|
|
|
$
|
326
|
|
|
$
|
274
|
|
|
$
|
(3
|
)
|
|
$
|
(8
|
)
|
|
New York
|
23,192
|
|
|
22,385
|
|
|
212
|
|
|
196
|
|
|
1
|
|
|
—
|
|
|||||||
Florida
|
13,172
|
|
|
12,833
|
|
|
156
|
|
|
143
|
|
|
(2
|
)
|
|
(3
|
)
|
|||||||
Texas
|
9,237
|
|
|
8,943
|
|
|
66
|
|
|
65
|
|
|
—
|
|
|
(1
|
)
|
|||||||
New Jersey
|
9,149
|
|
|
8,734
|
|
|
75
|
|
|
77
|
|
|
—
|
|
|
(2
|
)
|
|||||||
Other
|
77,863
|
|
|
75,586
|
|
|
745
|
|
|
715
|
|
|
3
|
|
|
(2
|
)
|
|||||||
Residential mortgage loans
|
$
|
224,720
|
|
|
$
|
217,479
|
|
|
$
|
1,580
|
|
|
$
|
1,470
|
|
|
$
|
(1
|
)
|
|
$
|
(16
|
)
|
|
Fully-insured loan portfolio
|
18,825
|
|
|
18,690
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total residential mortgage loan portfolio
|
$
|
243,545
|
|
|
$
|
236,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Outstandings and nonperforming loans exclude loans accounted for under the fair value option.
|
|
|
Bank of America 28
|
|
|
|
|
|
|
||||
Table 23
|
Home Equity – Key Credit Statistics (1)
|
||||||||
|
|
|
|
|
|
||||
(Dollars in millions)
|
|
March 31
2020 |
|
December 31
2019 |
|||||
Outstandings
|
|
$
|
39,567
|
|
|
$
|
40,208
|
|
|
Accruing past due 30 days or more (2)
|
|
205
|
|
|
218
|
|
|||
Nonperforming loans (2)
|
|
578
|
|
|
536
|
|
|||
Percent of portfolio
|
|
|
|
|
|||||
Refreshed CLTV greater than 90 but less than or equal to 100
|
|
1
|
%
|
|
1
|
%
|
|||
Refreshed CLTV greater than 100
|
|
2
|
|
|
2
|
|
|||
Refreshed FICO below 620
|
|
3
|
|
|
3
|
|
|||
2006 and 2007 vintages (3)
|
|
17
|
|
|
18
|
|
(1)
|
Outstandings, accruing past due, nonperforming loans and percentages of the portfolio exclude loans accounted for under the fair value option. For information on our interest accrual policies and delinquency status for loan modifications related to the COVID-19 pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements.
|
(2)
|
Accruing past due 30 days or more include $29 million and $30 million and nonperforming loans include $59 million and $57 million of loans where we serviced the underlying first lien at March 31, 2020 and December 31, 2019.
|
(3)
|
These vintages of loans accounted for 35 percent and 34 percent of nonperforming home equity loans at March 31, 2020 and December 31, 2019.
|
29 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 24
|
Home Equity State Concentrations
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Outstandings (1)
|
|
Nonperforming (1)
|
|
Net Charge-offs
|
||||||||||||||||||
|
|
March 31
|
|
December 31
|
|
|
March 31
|
|
December 31
|
|
|
Three Months Ended March 31
|
||||||||||||
(Dollars in millions)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|||||||||||||
California
|
$
|
11,106
|
|
|
$
|
11,232
|
|
|
$
|
116
|
|
|
$
|
101
|
|
|
$
|
(5
|
)
|
|
$
|
(5
|
)
|
|
Florida
|
4,241
|
|
|
4,327
|
|
|
75
|
|
|
71
|
|
|
(3
|
)
|
|
(3
|
)
|
|||||||
New Jersey
|
3,145
|
|
|
3,216
|
|
|
60
|
|
|
56
|
|
|
—
|
|
|
5
|
|
|||||||
New York
|
2,819
|
|
|
2,899
|
|
|
88
|
|
|
85
|
|
|
1
|
|
|
10
|
|
|||||||
Massachusetts
|
1,979
|
|
|
2,023
|
|
|
31
|
|
|
29
|
|
|
1
|
|
|
—
|
|
|||||||
Other
|
16,277
|
|
|
16,511
|
|
|
208
|
|
|
194
|
|
|
(5
|
)
|
|
4
|
|
|||||||
Total home equity loan portfolio
|
$
|
39,567
|
|
|
$
|
40,208
|
|
|
$
|
578
|
|
|
$
|
536
|
|
|
$
|
(11
|
)
|
|
$
|
11
|
|
(1)
|
Outstandings and nonperforming loans exclude loans accounted for under the fair value option.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 25
|
Credit Card State Concentrations
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Outstandings
|
|
Accruing Past Due
90 Days or More (1)
|
|
Net Charge-offs
|
||||||||||||||||||
|
|
March 31
|
|
December 31
|
|
|
March 31
|
|
December 31
|
|
|
Three Months Ended March 31
|
||||||||||||
(Dollars in millions)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|||||||||||||
California
|
$
|
15,166
|
|
|
$
|
16,135
|
|
|
$
|
174
|
|
|
$
|
178
|
|
|
$
|
136
|
|
|
$
|
132
|
|
|
Florida
|
8,657
|
|
|
9,075
|
|
|
127
|
|
|
135
|
|
|
101
|
|
|
90
|
|
|||||||
Texas
|
7,540
|
|
|
7,815
|
|
|
89
|
|
|
93
|
|
|
65
|
|
|
59
|
|
|||||||
New York
|
5,670
|
|
|
5,975
|
|
|
75
|
|
|
80
|
|
|
60
|
|
|
61
|
|
|||||||
Washington
|
4,184
|
|
|
4,639
|
|
|
26
|
|
|
26
|
|
|
18
|
|
|
18
|
|
|||||||
Other
|
50,673
|
|
|
53,969
|
|
|
500
|
|
|
530
|
|
|
390
|
|
|
385
|
|
|||||||
Total credit card portfolio
|
$
|
91,890
|
|
|
$
|
97,608
|
|
|
$
|
991
|
|
|
$
|
1,042
|
|
|
$
|
770
|
|
|
$
|
745
|
|
(1)
|
For information on our interest accrual policies and delinquency status for loan modifications related to the COVID-19 pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 26
|
Direct/Indirect State Concentrations
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Outstandings
|
|
Accruing Past Due
90 Days or More (1) |
|
Net Charge-offs
|
||||||||||||||||||
|
|
March 31
|
|
December 31
|
|
|
March 31
|
|
December 31
|
|
|
Three Months Ended March 31
|
||||||||||||
(Dollars in millions)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|||||||||||||
California
|
$
|
11,827
|
|
|
$
|
11,912
|
|
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
6
|
|
|
$
|
7
|
|
|
Florida
|
10,245
|
|
|
10,154
|
|
|
4
|
|
|
4
|
|
|
7
|
|
|
8
|
|
|||||||
Texas
|
9,297
|
|
|
9,516
|
|
|
5
|
|
|
5
|
|
|
6
|
|
|
10
|
|
|||||||
New York
|
6,376
|
|
|
6,394
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
3
|
|
|||||||
New Jersey
|
3,441
|
|
|
3,468
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||||||
Other
|
49,060
|
|
|
49,554
|
|
|
16
|
|
|
18
|
|
|
19
|
|
|
25
|
|
|||||||
Total direct/indirect loan portfolio
|
$
|
90,246
|
|
|
$
|
90,998
|
|
|
$
|
30
|
|
|
$
|
33
|
|
|
$
|
40
|
|
|
$
|
54
|
|
(1)
|
For information on our interest accrual policies and delinquency status for loan modifications related to the COVID-19 pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements.
|
|
|
Bank of America 30
|
|
|
|
|
|
||||
Table 27
|
Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity
|
|||||||
|
|
|
|
|
||||
|
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2020
|
|
2019
|
|||||
Nonperforming loans and leases, January 1
|
$
|
2,053
|
|
|
$
|
3,842
|
|
|
Additions
|
477
|
|
|
391
|
|
|||
Reductions:
|
|
|
|
|||||
Paydowns and payoffs
|
(106
|
)
|
|
(188
|
)
|
|||
Sales
|
(6
|
)
|
|
(164
|
)
|
|||
Returns to performing status (1)
|
(165
|
)
|
|
(249
|
)
|
|||
Charge-offs
|
(27
|
)
|
|
(28
|
)
|
|||
Transfers to foreclosed properties
|
(22
|
)
|
|
(26
|
)
|
|||
Total net reductions to nonperforming loans and leases
|
151
|
|
|
(264
|
)
|
|||
Total nonperforming loans and leases, March 31
|
2,204
|
|
|
3,578
|
|
|||
Foreclosed properties, March 31 (2)
|
226
|
|
|
236
|
|
|||
Nonperforming consumer loans, leases and foreclosed properties, March 31
|
$
|
2,430
|
|
|
$
|
3,814
|
|
|
Nonperforming consumer loans and leases as a percentage of outstanding consumer loans and leases (3)
|
0.47
|
%
|
|
0.81
|
%
|
|||
Nonperforming consumer loans, leases and foreclosed properties as a percentage of outstanding consumer loans, leases and foreclosed properties (3)
|
0.52
|
|
|
0.86
|
|
(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 $224 million and $400 million at March 31, 2020 and 2019.
|
(3)
|
Outstanding consumer loans and leases exclude loans accounted for under the fair value option.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 28
|
Consumer Real Estate Troubled Debt Restructurings
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||||||||||
(Dollars in millions)
|
Nonperforming
|
|
Performing
|
|
Total
|
|
Nonperforming
|
|
Performing
|
|
Total
|
|||||||||||||
Residential mortgage (1, 2)
|
$
|
881
|
|
|
$
|
3,654
|
|
|
$
|
4,535
|
|
|
$
|
921
|
|
|
$
|
3,832
|
|
|
$
|
4,753
|
|
|
Home equity (3)
|
250
|
|
|
941
|
|
|
1,191
|
|
|
252
|
|
|
977
|
|
|
1,229
|
|
|||||||
Total consumer real estate troubled debt restructurings
|
$
|
1,131
|
|
|
$
|
4,595
|
|
|
$
|
5,726
|
|
|
$
|
1,173
|
|
|
$
|
4,809
|
|
|
$
|
5,982
|
|
(1)
|
At both March 31, 2020 and December 31, 2019, residential mortgage TDRs deemed collateral dependent totaled $1.2 billion, and included $720 million and $748 million of loans classified as nonperforming and $455 million and $468 million of loans classified as performing.
|
(2)
|
At March 31, 2020 and December 31, 2019, residential mortgage performing TDRs include $2.0 billion and $2.1 billion of loans that were fully-insured.
|
(3)
|
At March 31, 2020 and December 31, 2019, home equity TDRs deemed collateral dependent totaled $427 million and $442 million, and include $207 million and $209 million of loans classified as nonperforming and $220 million and $233 million of loans classified as performing.
|
31 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 29
|
Commercial Credit Exposure by Type
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Commercial Utilized (1)
|
|
Commercial Unfunded (2, 3, 4)
|
|
Total Commercial Committed
|
||||||||||||||||||
(Dollars in millions)
|
March 31
2020 |
|
December 31
2019 |
|
March 31
2020 |
|
December 31
2019 |
|
March 31
2020 |
|
December 31
2019 |
|||||||||||||
Loans and leases
|
$
|
584,831
|
|
|
$
|
517,657
|
|
|
$
|
344,887
|
|
|
$
|
405,834
|
|
|
$
|
929,718
|
|
|
$
|
923,491
|
|
|
Derivative assets (5)
|
57,654
|
|
|
40,485
|
|
|
—
|
|
|
—
|
|
|
57,654
|
|
|
40,485
|
|
|||||||
Standby letters of credit and financial guarantees
|
35,720
|
|
|
36,062
|
|
|
458
|
|
|
468
|
|
|
36,178
|
|
|
36,530
|
|
|||||||
Debt securities and other investments
|
27,228
|
|
|
25,546
|
|
|
4,440
|
|
|
5,101
|
|
|
31,668
|
|
|
30,647
|
|
|||||||
Loans held-for-sale
|
5,919
|
|
|
7,047
|
|
|
10,712
|
|
|
15,135
|
|
|
16,631
|
|
|
22,182
|
|
|||||||
Operating leases
|
6,994
|
|
|
6,660
|
|
|
—
|
|
|
—
|
|
|
6,994
|
|
|
6,660
|
|
|||||||
Commercial letters of credit
|
871
|
|
|
1,049
|
|
|
365
|
|
|
451
|
|
|
1,236
|
|
|
1,500
|
|
|||||||
Other
|
665
|
|
|
800
|
|
|
—
|
|
|
—
|
|
|
665
|
|
|
800
|
|
|||||||
Total
|
$
|
719,882
|
|
|
$
|
635,306
|
|
|
$
|
360,862
|
|
|
$
|
426,989
|
|
|
$
|
1,080,744
|
|
|
$
|
1,062,295
|
|
(1)
|
Commercial utilized exposure includes loans of $8.5 billion and $7.7 billion and issued letters of credit with a notional amount of $156 million and $170 million accounted for under the fair value option at March 31, 2020 and December 31, 2019.
|
(2)
|
Commercial unfunded exposure includes commitments accounted for under the fair value option with a notional amount of $3.6 billion and $4.2 billion at March 31, 2020 and December 31, 2019.
|
(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 $10.5 billion and $10.6 billion at March 31, 2020 and December 31, 2019.
|
(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 $53.4 billion and $33.9 billion at March 31, 2020 and December 31, 2019. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $35.7 billion and $35.2 billion at March 31, 2020 and December 31, 2019, which consists primarily of other marketable securities.
|
|
|
Bank of America 32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 30
|
Commercial Credit Quality
|
|||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
|
Outstandings
|
|
Nonperforming
|
|
Accruing Past Due
90 Days or More (3)
|
||||||||||||||||||
(Dollars in millions)
|
March 31
2020 |
|
December 31
2019 |
|
March 31
2020 |
|
December 31
2019 |
|
March 31
2020 |
|
December 31
2019 |
|||||||||||||
Commercial and industrial:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
U.S. commercial
|
$
|
358,504
|
|
|
$
|
307,048
|
|
|
$
|
1,240
|
|
|
$
|
1,094
|
|
|
$
|
188
|
|
|
$
|
106
|
|
|
Non-U.S. commercial
|
116,612
|
|
|
104,966
|
|
|
90
|
|
|
43
|
|
|
1
|
|
|
8
|
|
|||||||
Total commercial and industrial
|
475,116
|
|
|
412,014
|
|
|
1,330
|
|
|
1,137
|
|
|
189
|
|
|
114
|
|
|||||||
Commercial real estate
|
66,654
|
|
|
62,689
|
|
|
408
|
|
|
280
|
|
|
39
|
|
|
19
|
|
|||||||
Commercial lease financing
|
19,180
|
|
|
19,880
|
|
|
44
|
|
|
32
|
|
|
31
|
|
|
20
|
|
|||||||
|
560,950
|
|
|
494,583
|
|
|
1,782
|
|
|
1,449
|
|
|
259
|
|
|
153
|
|
|||||||
U.S. small business commercial (1)
|
15,421
|
|
|
15,333
|
|
|
70
|
|
|
50
|
|
|
95
|
|
|
97
|
|
|||||||
Commercial loans excluding loans accounted for under the fair value option
|
576,371
|
|
|
509,916
|
|
|
1,852
|
|
|
1,499
|
|
|
354
|
|
|
250
|
|
|||||||
Loans accounted for under the fair value option (2)
|
8,460
|
|
|
7,741
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total commercial loans and leases
|
$
|
584,831
|
|
|
$
|
517,657
|
|
|
$
|
1,852
|
|
|
$
|
1,499
|
|
|
$
|
354
|
|
|
$
|
250
|
|
(1)
|
Includes card-related products.
|
(2)
|
Commercial loans accounted for under the fair value option include U.S. commercial of $5.1 billion and $4.7 billion and non-U.S. commercial of $3.4 billion and $3.1 billion at March 31, 2020 and December 31, 2019. For more information on the fair value option, see Note 15 – Fair Value Option to the Consolidated Financial Statements.
|
(3)
|
For information on our interest accrual policies and delinquency status for loan modifications related to the COVID-19 pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements.
|
|
|
|
|
|
|
|
|
|
||||||
Table 31
|
Commercial Net Charge-offs and Related Ratios
|
|||||||||||||
|
|
|
|
|
|
|||||||||
|
|
Net Charge-offs
|
Net Charge-off Ratios (1)
|
|||||||||||
|
|
Three Months Ended March 31
|
||||||||||||
(Dollars in millions)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|||||||
Commercial and industrial:
|
|
|
|
|
|
|
|
|||||||
U.S. commercial
|
$
|
163
|
|
|
$
|
83
|
|
|
0.21
|
%
|
|
0.11
|
%
|
|
Non-U.S. commercial
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total commercial and industrial
|
164
|
|
|
83
|
|
|
0.16
|
|
|
0.08
|
|
|||
Commercial real estate
|
6
|
|
|
5
|
|
|
0.04
|
|
|
0.03
|
|
|||
Commercial lease financing
|
5
|
|
|
—
|
|
|
0.10
|
|
|
—
|
|
|||
|
|
175
|
|
|
88
|
|
|
0.14
|
|
|
0.07
|
|
||
U.S. small business commercial
|
75
|
|
|
68
|
|
|
1.95
|
|
|
1.90
|
|
|||
Total commercial
|
$
|
250
|
|
|
$
|
156
|
|
|
0.19
|
|
|
0.13
|
|
(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 32
|
Commercial Reservable Criticized Utilized Exposure (1, 2)
|
|||||||||||||
|
|
|
|
|
|
|
|
|
||||||
(Dollars in millions)
|
March 31, 2020
|
|
December 31, 2019
|
|||||||||||
Commercial and industrial:
|
||||||||||||||
U.S. commercial
|
$
|
13,190
|
|
|
3.40
|
%
|
|
$
|
8,272
|
|
|
2.46
|
%
|
|
Non-U.S. commercial
|
1,499
|
|
|
1.23
|
|
|
989
|
|
|
0.89
|
|
|||
Total commercial and industrial
|
14,689
|
|
|
2.88
|
|
|
9,261
|
|
|
2.07
|
|
|||
Commercial real estate
|
1,560
|
|
|
2.27
|
|
|
1,129
|
|
|
1.75
|
|
|||
Commercial lease financing
|
412
|
|
|
2.15
|
|
|
329
|
|
|
1.66
|
|
|||
|
|
16,661
|
|
|
2.79
|
|
|
10,719
|
|
|
2.01
|
|
||
U.S. small business commercial
|
739
|
|
|
4.79
|
|
|
733
|
|
|
4.78
|
|
|||
Total commercial reservable criticized utilized exposure (1)
|
$
|
17,400
|
|
|
2.84
|
|
|
$
|
11,452
|
|
|
2.09
|
|
(1)
|
Total commercial reservable criticized utilized exposure includes loans and leases of $16.5 billion and $10.7 billion and commercial letters of credit of $884 million and $715 million at March 31, 2020 and December 31, 2019.
|
(2)
|
Percentages are calculated as commercial reservable criticized utilized exposure divided by total commercial reservable utilized exposure for each exposure category.
|
33 Bank of America
|
|
|
|
|
|
|
|
||||
Table 33
|
Outstanding Commercial Real Estate Loans
|
|||||||
|
|
|
|
|
||||
(Dollars in millions)
|
March 31
2020 |
|
December 31
2019 |
|||||
By Geographic Region
|
|
|
|
|
|
|||
California
|
$
|
15,337
|
|
|
$
|
14,910
|
|
|
Northeast
|
12,649
|
|
|
12,408
|
|
|||
Southwest
|
10,018
|
|
|
8,408
|
|
|||
Southeast
|
6,600
|
|
|
5,937
|
|
|||
Florida
|
4,519
|
|
|
3,984
|
|
|||
Midwest
|
3,596
|
|
|
3,203
|
|
|||
Illinois
|
3,458
|
|
|
3,349
|
|
|||
Midsouth
|
2,830
|
|
|
2,468
|
|
|||
Northwest
|
1,550
|
|
|
1,638
|
|
|||
Non-U.S.
|
3,790
|
|
|
3,724
|
|
|||
Other (1)
|
2,307
|
|
|
2,660
|
|
|||
Total outstanding commercial real estate loans
|
$
|
66,654
|
|
|
$
|
62,689
|
|
|
By Property Type
|
|
|
|
|
|
|||
Non-residential
|
|
|
|
|||||
Office
|
$
|
17,847
|
|
|
$
|
17,902
|
|
|
Industrial / Warehouse
|
9,664
|
|
|
8,677
|
|
|||
Shopping centers / Retail
|
8,852
|
|
|
8,183
|
|
|||
Multi-family rental
|
7,763
|
|
|
7,250
|
|
|||
Hotels / Motels
|
7,687
|
|
|
6,982
|
|
|||
Unsecured
|
3,248
|
|
|
3,438
|
|
|||
Multi-use
|
2,026
|
|
|
1,788
|
|
|||
Other
|
7,654
|
|
|
6,958
|
|
|||
Total non-residential
|
64,741
|
|
|
61,178
|
|
|||
Residential
|
1,913
|
|
|
1,511
|
|
|||
Total outstanding commercial real estate loans
|
$
|
66,654
|
|
|
$
|
62,689
|
|
(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.
|
|
|
Bank of America 34
|
|
|
|
|
|
||||
Table 34
|
Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity (1, 2)
|
|||||||
|
|
|
||||||
|
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2020
|
|
2019
|
|||||
Nonperforming loans and leases, January 1
|
$
|
1,499
|
|
|
$
|
1,102
|
|
|
Additions
|
781
|
|
|
640
|
|
|||
Reductions:
|
|
|
|
|
||||
Paydowns
|
(212
|
)
|
|
(108
|
)
|
|||
Sales
|
(16
|
)
|
|
(43
|
)
|
|||
Returns to performing status (3)
|
(16
|
)
|
|
(34
|
)
|
|||
Charge-offs
|
(184
|
)
|
|
(97
|
)
|
|||
Transfers to foreclosed properties
|
—
|
|
|
(7
|
)
|
|||
Transfers to loans held-for-sale
|
—
|
|
|
(181
|
)
|
|||
Total net reductions to nonperforming loans and leases
|
353
|
|
|
170
|
|
|||
Total nonperforming loans and leases, March 31
|
1,852
|
|
|
1,272
|
|
|||
Foreclosed properties, March 31
|
49
|
|
|
59
|
|
|||
Nonperforming commercial loans, leases and foreclosed properties, March 31
|
$
|
1,901
|
|
|
$
|
1,331
|
|
|
Nonperforming commercial loans and leases as a percentage of outstanding commercial loans and leases (4)
|
0.32
|
%
|
|
0.26
|
%
|
|||
Nonperforming commercial loans, leases and foreclosed properties as a percentage of outstanding commercial loans, leases and foreclosed properties (4)
|
0.33
|
|
|
0.27
|
|
(1)
|
Balances do not include nonperforming loans held-for-sale of $223 million and $457 million at March 31, 2020 and 2019.
|
(2)
|
Includes U.S. small business commercial activity. Small business card loans are excluded as they are not classified as nonperforming.
|
(3)
|
Commercial loans and leases may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection. TDRs are generally classified as performing after a sustained period of demonstrated payment performance.
|
(4)
|
Outstanding commercial loans exclude loans accounted for under the fair value option.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 35
|
Commercial Troubled Debt Restructurings
|
|||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||||||||||
(Dollars in millions)
|
Nonperforming
|
|
Performing
|
|
Total
|
|
Nonperforming
|
|
Performing
|
|
Total
|
|||||||||||||
Commercial and industrial:
|
||||||||||||||||||||||||
U.S. commercial
|
$
|
792
|
|
|
$
|
989
|
|
|
$
|
1,781
|
|
|
$
|
617
|
|
|
$
|
999
|
|
|
$
|
1,616
|
|
|
Non-U.S. commercial
|
74
|
|
|
169
|
|
|
243
|
|
|
41
|
|
|
193
|
|
|
234
|
|
|||||||
Total commercial and industrial
|
866
|
|
|
1,158
|
|
|
2,024
|
|
|
658
|
|
|
1,192
|
|
|
1,850
|
|
|||||||
Commercial real estate
|
198
|
|
|
6
|
|
|
204
|
|
|
212
|
|
|
14
|
|
|
226
|
|
|||||||
Commercial lease financing
|
—
|
|
|
30
|
|
|
30
|
|
|
18
|
|
|
31
|
|
|
49
|
|
|||||||
|
1,064
|
|
|
1,194
|
|
|
2,258
|
|
|
888
|
|
|
1,237
|
|
|
2,125
|
|
|||||||
U.S. small business commercial
|
—
|
|
|
28
|
|
|
28
|
|
|
—
|
|
|
27
|
|
|
27
|
|
|||||||
Total commercial troubled debt restructurings
|
$
|
1,064
|
|
|
$
|
1,222
|
|
|
$
|
2,286
|
|
|
$
|
888
|
|
|
$
|
1,264
|
|
|
$
|
2,152
|
|
35 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Table 36
|
Commercial Credit Exposure by Industry (1)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Commercial
Utilized
|
|
Total Commercial
Committed (2)
|
||||||||||||
(Dollars in millions)
|
March 31
2020 |
|
December 31
2019 |
|
March 31
2020 |
|
December 31
2019 |
|||||||||
Asset managers and funds
|
$
|
73,372
|
|
|
$
|
71,289
|
|
|
$
|
109,279
|
|
|
$
|
109,972
|
|
|
Real estate (3)
|
75,649
|
|
|
70,341
|
|
|
95,474
|
|
|
96,349
|
|
|||||
Capital goods
|
48,272
|
|
|
41,060
|
|
|
85,525
|
|
|
80,871
|
|
|||||
Finance companies
|
46,089
|
|
|
40,171
|
|
|
66,609
|
|
|
63,940
|
|
|||||
Healthcare equipment and services
|
40,241
|
|
|
34,353
|
|
|
58,237
|
|
|
55,918
|
|
|||||
Government and public education
|
44,403
|
|
|
41,889
|
|
|
55,527
|
|
|
53,566
|
|
|||||
Materials
|
30,712
|
|
|
26,663
|
|
|
53,332
|
|
|
52,128
|
|
|||||
Retailing
|
33,505
|
|
|
25,868
|
|
|
49,501
|
|
|
48,317
|
|
|||||
Food, beverage and tobacco
|
27,653
|
|
|
24,163
|
|
|
47,384
|
|
|
45,956
|
|
|||||
Consumer services
|
34,753
|
|
|
28,434
|
|
|
46,304
|
|
|
49,071
|
|
|||||
Energy
|
18,328
|
|
|
16,407
|
|
|
38,041
|
|
|
36,327
|
|
|||||
Commercial services and supplies
|
25,572
|
|
|
23,102
|
|
|
36,774
|
|
|
38,943
|
|
|||||
Transportation
|
27,775
|
|
|
23,448
|
|
|
36,091
|
|
|
33,027
|
|
|||||
Utilities
|
14,537
|
|
|
12,383
|
|
|
31,743
|
|
|
36,060
|
|
|||||
Global commercial banks
|
29,072
|
|
|
26,492
|
|
|
31,267
|
|
|
28,670
|
|
|||||
Individuals and trusts
|
20,052
|
|
|
18,926
|
|
|
28,657
|
|
|
27,815
|
|
|||||
Media
|
13,604
|
|
|
12,429
|
|
|
24,512
|
|
|
23,629
|
|
|||||
Technology hardware and equipment
|
12,837
|
|
|
10,645
|
|
|
23,799
|
|
|
24,071
|
|
|||||
Vehicle dealers
|
18,315
|
|
|
18,013
|
|
|
21,196
|
|
|
21,435
|
|
|||||
Consumer durables and apparel
|
12,648
|
|
|
10,193
|
|
|
20,541
|
|
|
21,245
|
|
|||||
Software and services
|
11,337
|
|
|
10,432
|
|
|
19,817
|
|
|
20,556
|
|
|||||
Pharmaceuticals and biotechnology
|
6,285
|
|
|
5,962
|
|
|
19,554
|
|
|
20,203
|
|
|||||
Financial markets infrastructure (clearinghouses)
|
14,935
|
|
|
9,351
|
|
|
17,352
|
|
|
11,851
|
|
|||||
Automobiles and components
|
11,272
|
|
|
7,345
|
|
|
16,714
|
|
|
14,910
|
|
|||||
Telecommunication services
|
10,082
|
|
|
9,144
|
|
|
15,919
|
|
|
16,103
|
|
|||||
Insurance
|
7,413
|
|
|
6,669
|
|
|
14,793
|
|
|
15,214
|
|
|||||
Food and staples retailing
|
6,797
|
|
|
6,290
|
|
|
10,667
|
|
|
10,392
|
|
|||||
Religious and social organizations
|
4,372
|
|
|
3,844
|
|
|
6,135
|
|
|
5,756
|
|
|||||
Total commercial credit exposure by industry
|
$
|
719,882
|
|
|
$
|
635,306
|
|
|
$
|
1,080,744
|
|
|
$
|
1,062,295
|
|
|
Net credit default protection purchased on total commitments (4)
|
|
|
|
|
|
|
$
|
(6,450
|
)
|
|
$
|
(3,349
|
)
|
(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 $10.5 billion and $10.6 billion at March 31, 2020 and December 31, 2019.
|
(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 37
|
Net Credit Default Protection by Maturity
|
|||||
|
|
|
|
|
||
|
March 31
2020 |
|
December 31
2019 |
|||
Less than or equal to one year
|
32
|
%
|
|
54
|
%
|
|
Greater than one year and less than or equal to five years
|
43
|
|
|
45
|
|
|
Greater than five years
|
25
|
|
|
1
|
|
|
Total net credit default protection
|
100
|
%
|
|
100
|
%
|
|
|
Bank of America 36
|
|
|
|
|
|
|
|
|
|
||||||
Table 38
|
Net Credit Default Protection by Credit Exposure Debt Rating
|
|||||||||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
Net
Notional (1) |
|
Percent of
Total |
|
Net
Notional (1) |
|
Percent of
Total |
||||||
(Dollars in millions)
|
March 31, 2020
|
|
December 31, 2019
|
|||||||||||
Ratings (2, 3)
|
|
|
|
|
|
|
|
|
|
|
|
|||
A
|
$
|
(857
|
)
|
|
13.3
|
%
|
|
$
|
(697
|
)
|
|
20.8
|
%
|
|
BBB
|
(2,761
|
)
|
|
42.8
|
|
|
(1,089
|
)
|
|
32.5
|
|
|||
BB
|
(863
|
)
|
|
13.4
|
|
|
(766
|
)
|
|
22.9
|
|
|||
B
|
(522
|
)
|
|
8.1
|
|
|
(373
|
)
|
|
11.1
|
|
|||
CCC and below
|
(114
|
)
|
|
1.8
|
|
|
(119
|
)
|
|
3.6
|
|
|||
NR (4)
|
(1,333
|
)
|
|
20.6
|
|
|
(305
|
)
|
|
9.1
|
|
|||
Total net credit
default protection
|
$
|
(6,450
|
)
|
|
100.0
|
%
|
|
$
|
(3,349
|
)
|
|
100.0
|
%
|
(1)
|
Represents net credit default protection purchased.
|
(2)
|
Ratings are refreshed on a quarterly basis.
|
(3)
|
Ratings of BBB- or higher are considered to meet the definition of investment grade.
|
(4)
|
NR is comprised of index positions held and any names that have not been rated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Table 39
|
Top 20 Non-U.S. Countries Exposure
|
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
(Dollars in millions)
|
Funded Loans and Loan Equivalents
|
|
Unfunded Loan Commitments
|
|
Net Counterparty Exposure
|
|
Securities/
Other
Investments
|
|
Country Exposure at March 31
2020 |
|
Hedges and Credit Default Protection
|
|
Net Country Exposure at March 31
2020 |
|
Increase (Decrease) from December 31
2019 |
|||||||||||||||||
United Kingdom
|
$
|
35,343
|
|
|
$
|
14,564
|
|
|
$
|
10,902
|
|
|
$
|
3,081
|
|
|
$
|
63,890
|
|
|
$
|
(2,086
|
)
|
|
$
|
61,804
|
|
|
$
|
5,960
|
|
|
Germany
|
36,034
|
|
|
6,447
|
|
|
4,009
|
|
|
1,150
|
|
|
47,640
|
|
|
(2,706
|
)
|
|
44,934
|
|
|
14,106
|
|
|||||||||
Japan
|
20,528
|
|
|
904
|
|
|
1,967
|
|
|
2,380
|
|
|
25,779
|
|
|
(938
|
)
|
|
24,841
|
|
|
14,309
|
|
|||||||||
France
|
13,359
|
|
|
7,220
|
|
|
1,475
|
|
|
1,537
|
|
|
23,591
|
|
|
(1,858
|
)
|
|
21,733
|
|
|
5,478
|
|
|||||||||
Canada
|
10,098
|
|
|
6,529
|
|
|
2,071
|
|
|
3,558
|
|
|
22,256
|
|
|
(568
|
)
|
|
21,688
|
|
|
1,566
|
|
|||||||||
China
|
12,297
|
|
|
410
|
|
|
1,617
|
|
|
875
|
|
|
15,199
|
|
|
(353
|
)
|
|
14,846
|
|
|
(741
|
)
|
|||||||||
Australia
|
6,642
|
|
|
2,670
|
|
|
1,780
|
|
|
1,767
|
|
|
12,859
|
|
|
(447
|
)
|
|
12,412
|
|
|
1,310
|
|
|||||||||
India
|
7,843
|
|
|
268
|
|
|
599
|
|
|
3,542
|
|
|
12,252
|
|
|
(151
|
)
|
|
12,101
|
|
|
84
|
|
|||||||||
Brazil
|
7,602
|
|
|
234
|
|
|
372
|
|
|
3,301
|
|
|
11,509
|
|
|
(201
|
)
|
|
11,308
|
|
|
(464
|
)
|
|||||||||
Netherlands
|
6,834
|
|
|
2,489
|
|
|
959
|
|
|
488
|
|
|
10,770
|
|
|
(891
|
)
|
|
9,879
|
|
|
(448
|
)
|
|||||||||
Switzerland
|
5,561
|
|
|
2,769
|
|
|
400
|
|
|
477
|
|
|
9,207
|
|
|
(419
|
)
|
|
8,788
|
|
|
1,403
|
|
|||||||||
Hong Kong
|
6,735
|
|
|
292
|
|
|
402
|
|
|
1,170
|
|
|
8,599
|
|
|
(33
|
)
|
|
8,566
|
|
|
1,510
|
|
|||||||||
South Korea
|
5,692
|
|
|
828
|
|
|
529
|
|
|
1,433
|
|
|
8,482
|
|
|
(164
|
)
|
|
8,318
|
|
|
(387
|
)
|
|||||||||
Singapore
|
4,121
|
|
|
310
|
|
|
700
|
|
|
2,837
|
|
|
7,968
|
|
|
(50
|
)
|
|
7,918
|
|
|
92
|
|
|||||||||
Belgium
|
5,248
|
|
|
865
|
|
|
653
|
|
|
1,158
|
|
|
7,924
|
|
|
(237
|
)
|
|
7,687
|
|
|
1,180
|
|
|||||||||
Mexico
|
4,286
|
|
|
1,198
|
|
|
191
|
|
|
944
|
|
|
6,619
|
|
|
(424
|
)
|
|
6,195
|
|
|
(1,616
|
)
|
|||||||||
Spain
|
3,015
|
|
|
1,267
|
|
|
315
|
|
|
722
|
|
|
5,319
|
|
|
(464
|
)
|
|
4,855
|
|
|
133
|
|
|||||||||
Italy
|
2,657
|
|
|
1,628
|
|
|
593
|
|
|
692
|
|
|
5,570
|
|
|
(976
|
)
|
|
4,594
|
|
|
(783
|
)
|
|||||||||
Ireland
|
2,756
|
|
|
930
|
|
|
326
|
|
|
445
|
|
|
4,457
|
|
|
(15
|
)
|
|
4,442
|
|
|
1,075
|
|
|||||||||
United Arab Emirates
|
3,179
|
|
|
163
|
|
|
374
|
|
|
62
|
|
|
3,778
|
|
|
(43
|
)
|
|
3,735
|
|
|
148
|
|
|||||||||
Total top 20 non-U.S. countries exposure
|
$
|
199,830
|
|
|
$
|
51,985
|
|
|
$
|
30,234
|
|
|
$
|
31,619
|
|
|
$
|
313,668
|
|
|
$
|
(13,024
|
)
|
|
$
|
300,644
|
|
|
$
|
43,915
|
|
37 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 40
|
Allocation of the Allowance for Credit Losses by Product Type
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Amount
|
|
Percent of
Total
|
|
Percent of
Loans and Leases
Outstanding (1)
|
|
Amount
|
|
Percent of
Total |
|
Percent of
Loans and Leases Outstanding (1) |
|
Amount
|
|
Percent of
Total
|
|
Percent of
Loans and Leases
Outstanding (1)
|
|||||||||||||
(Dollars in millions)
|
March 31, 2020
|
|
January 1, 2020
|
|
December 31, 2019
|
|||||||||||||||||||||||||
Allowance for loan and lease losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residential mortgage
|
$
|
430
|
|
|
2.73
|
%
|
|
0.18
|
%
|
|
$
|
212
|
|
|
1.72
|
%
|
|
0.09
|
%
|
|
$
|
325
|
|
|
3.45
|
%
|
|
0.14
|
%
|
|
Home equity
|
378
|
|
|
2.40
|
|
|
0.96
|
|
|
228
|
|
|
1.84
|
|
|
0.57
|
|
|
221
|
|
|
2.35
|
|
|
0.55
|
|
||||
Credit card
|
7,583
|
|
|
48.10
|
|
|
8.25
|
|
|
6,809
|
|
|
55.10
|
|
|
6.98
|
|
|
3,710
|
|
|
39.39
|
|
|
3.80
|
|
||||
Direct/Indirect consumer
|
623
|
|
|
3.95
|
|
|
0.69
|
|
|
566
|
|
|
4.58
|
|
|
0.62
|
|
|
234
|
|
|
2.49
|
|
|
0.26
|
|
||||
Other consumer
|
52
|
|
|
0.32
|
|
|
n/m
|
|
|
55
|
|
|
0.45
|
|
|
n/m
|
|
|
52
|
|
|
0.55
|
|
|
n/m
|
|
||||
Total consumer
|
9,066
|
|
|
57.50
|
|
|
1.95
|
|
|
7,870
|
|
|
63.69
|
|
|
1.69
|
|
|
4,542
|
|
|
48.23
|
|
|
0.98
|
|
||||
U.S. commercial (2)
|
4,135
|
|
|
26.23
|
|
|
1.11
|
|
|
2,723
|
|
|
22.03
|
|
|
0.84
|
|
|
3,015
|
|
|
32.02
|
|
|
0.94
|
|
||||
Non-U.S. commercial
|
1,041
|
|
|
6.60
|
|
|
0.89
|
|
|
668
|
|
|
5.41
|
|
|
0.64
|
|
|
658
|
|
|
6.99
|
|
|
0.63
|
|
||||
Commercial real estate
|
1,439
|
|
|
9.13
|
|
|
2.16
|
|
|
1,036
|
|
|
8.38
|
|
|
1.65
|
|
|
1,042
|
|
|
11.07
|
|
|
1.66
|
|
||||
Commercial lease financing
|
85
|
|
|
0.54
|
|
|
0.45
|
|
|
61
|
|
|
0.49
|
|
|
0.31
|
|
|
159
|
|
|
1.69
|
|
|
0.80
|
|
||||
Total commercial
|
6,700
|
|
|
42.50
|
|
|
1.16
|
|
|
4,488
|
|
|
36.31
|
|
|
0.88
|
|
|
4,874
|
|
|
51.77
|
|
|
0.96
|
|
||||
Allowance for loan and lease losses
|
15,766
|
|
|
100.00
|
%
|
|
1.51
|
|
|
12,358
|
|
|
100.00
|
%
|
|
1.27
|
|
|
9,416
|
|
|
100.00
|
%
|
|
0.97
|
|
||||
Reserve for unfunded lending commitments
|
1,360
|
|
|
|
|
|
|
1,123
|
|
|
|
|
|
|
813
|
|
|
|
|
|
|
|||||||||
Allowance for credit losses
|
$
|
17,126
|
|
|
|
|
|
|
$
|
13,481
|
|
|
|
|
|
|
$
|
10,229
|
|
|
|
|
|
(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 $231 million at March 31, 2020 and $257 million at January 1, 2020 and December 31, 2019 and home equity loans of $325 million at March 31, 2020 and $337 million at January 1, 2020 and December 31, 2019. Commercial loans accounted for under the fair value option include U.S. commercial loans of $5.1 billion at March 31, 2020 and January 1, 2020 and $4.7 billion at December 31, 2019 and non-U.S. commercial loans of $3.4 billion, $3.2 billion and $3.1 billion at March 31, 2020, January 1, 2020 and December 31, 2019, respectively.
|
(2)
|
Includes allowance for loan and lease losses for U.S. small business commercial loans of $1.1 billion, $831 million and $523 million at March 31, 2020, January 1, 2020 and December 31, 2019.
|
|
|
Bank of America 38
|
|
|
|
|
|
||||
Table 41
|
Allowance for Credit Losses
|
|
|
|
||||
|
|
|
|
|
||||
|
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2020
|
|
2019
|
|||||
Allowance for loan and lease losses, December 31
|
$
|
9,416
|
|
|
$
|
9,601
|
|
|
January 1, 2020 adoption of Current Expected Credit Losses
|
2,942
|
|
|
—
|
|
|||
Allowance for loan and lease losses, January 1
|
12,358
|
|
|
9,601
|
|
|||
Loans and leases charged off
|
|
|
|
|||||
Residential mortgage
|
(11
|
)
|
|
(24
|
)
|
|||
Home equity
|
(24
|
)
|
|
(79
|
)
|
|||
Credit card
|
(924
|
)
|
|
(887
|
)
|
|||
Direct/Indirect consumer
|
(116
|
)
|
|
(124
|
)
|
|||
Other consumer
|
(81
|
)
|
|
(46
|
)
|
|||
Total consumer charge-offs
|
(1,156
|
)
|
|
(1,160
|
)
|
|||
U.S. commercial (1)
|
(267
|
)
|
|
(170
|
)
|
|||
Non-U.S. commercial
|
(1
|
)
|
|
—
|
|
|||
Commercial real estate
|
(7
|
)
|
|
(5
|
)
|
|||
Commercial lease financing
|
(7
|
)
|
|
(2
|
)
|
|||
Total commercial charge-offs
|
(282
|
)
|
|
(177
|
)
|
|||
Total loans and leases charged off
|
(1,438
|
)
|
|
(1,337
|
)
|
|||
Recoveries of loans and leases previously charged off
|
|
|
|
|||||
Residential mortgage
|
12
|
|
|
40
|
|
|||
Home equity
|
35
|
|
|
68
|
|
|||
Credit card
|
154
|
|
|
142
|
|
|||
Direct/Indirect consumer
|
76
|
|
|
70
|
|
|||
Other consumer
|
7
|
|
|
5
|
|
|||
Total consumer recoveries
|
284
|
|
|
325
|
|
|||
U.S. commercial (2)
|
29
|
|
|
19
|
|
|||
Commercial real estate
|
1
|
|
|
—
|
|
|||
Commercial lease financing
|
2
|
|
|
2
|
|
|||
Total commercial recoveries
|
32
|
|
|
21
|
|
|||
Total recoveries of loans and leases previously charged off
|
316
|
|
|
346
|
|
|||
Net charge-offs
|
(1,122
|
)
|
|
(991
|
)
|
|||
Provision for loan and lease losses
|
4,525
|
|
|
1,008
|
|
|||
Other (3)
|
5
|
|
|
(41
|
)
|
|||
Allowance for loan and lease losses, March 31
|
15,766
|
|
|
9,577
|
|
|||
Reserve for unfunded lending commitments, December 31
|
813
|
|
|
797
|
|
|||
January 1, 2020 adoption of Current Expected Credit Losses
|
310
|
|
|
—
|
|
|||
Reserve for unfunded lending commitments, January 1
|
1,123
|
|
|
797
|
|
|||
Provision for unfunded lending commitments
|
236
|
|
|
5
|
|
|||
Other (3)
|
1
|
|
|
—
|
|
|||
Reserve for unfunded lending commitments, March 31
|
1,360
|
|
|
802
|
|
|||
Allowance for credit losses, March 31
|
$
|
17,126
|
|
|
$
|
10,379
|
|
|
|
|
|
|
|
||||
Loan and allowance ratios:
|
|
|
|
|||||
Loans and leases outstanding at March 31 (4)
|
$
|
1,041,769
|
|
|
$
|
939,428
|
|
|
Allowance for loan and lease losses as a percentage of total loans and leases outstanding at March 31 (4)
|
1.51
|
%
|
|
1.02
|
%
|
|||
Consumer allowance for loan and lease losses as a percentage of total consumer loans and leases outstanding at
March 31 (5) |
1.95
|
|
|
1.08
|
|
|||
Commercial allowance for loan and lease losses as a percentage of total commercial loans and leases outstanding at
March 31 (6) |
1.16
|
|
|
0.97
|
|
|||
Average loans and leases outstanding (4)
|
$
|
981,652
|
|
|
$
|
939,008
|
|
|
Annualized net charge-offs as a percentage of average loans and leases outstanding (4)
|
0.46
|
%
|
|
0.43
|
%
|
|||
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases at March 31
|
389
|
|
|
197
|
|
|||
Ratio of the allowance for loan and lease losses at March 31 to net charge-offs
|
3.49
|
|
|
2.38
|
|
|||
Amounts included in allowance for loan and lease losses for loans and leases that are excluded from nonperforming loans and leases at March 31 (7)
|
$
|
8,552
|
|
|
$
|
4,106
|
|
|
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases, excluding the allowance for loan and lease losses for loans and leases that are excluded from nonperforming loans and leases at March 31 (7)
|
178
|
%
|
|
113
|
%
|
(1)
|
Includes U.S. small business commercial charge-offs of $86 million and $79 million for the three months ended March 31, 2020 and 2019.
|
(2)
|
Includes U.S. small business commercial recoveries of $11 million and $11 million for the three months ended March 31, 2020 and 2019.
|
(3)
|
Primarily represents write-offs of purchased credit-impaired (PCI) loans in 2019, and the net impact of portfolio sales, transfers to held for sale and transfers to foreclosed properties.
|
(4)
|
Outstanding loan and lease balances and ratios do not include loans accounted for under the fair value option of $9.0 billion and $6.2 billion at March 31, 2020 and 2019. Average loans accounted for under the fair value option were $8.6 billion and $5.0 billion in March 31, 2020 and 2019.
|
(5)
|
Excludes consumer loans accounted for under the fair value option of $556 million and $668 million at March 31, 2020 and 2019.
|
(6)
|
Excludes commercial loans accounted for under the fair value option of $8.5 billion and $5.5 billion at March 31, 2020 and 2019.
|
(7)
|
Primarily includes amounts allocated to credit card and unsecured consumer lending portfolios in Consumer Banking.
|
39 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Table 42
|
Market Risk VaR for Trading Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
|
|
Three Months Ended
|
||||||||||||||||||||||||||||||||||||||||||||||
|
March 31, 2020
|
|
December 31, 2019
|
|
March 31, 2019
|
|||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions)
|
Period End
|
|
|
Average
|
|
High (1)
|
|
Low (1)
|
|
Period End
|
|
Average
|
|
High (1)
|
|
Low (1)
|
|
Period End
|
|
Average
|
|
High (1)
|
|
Low (1)
|
||||||||||||||||||||||||
Foreign exchange
|
$
|
8
|
|
|
$
|
6
|
|
|
$
|
84
|
|
|
$
|
2
|
|
|
$
|
4
|
|
|
$
|
5
|
|
|
$
|
13
|
|
|
$
|
2
|
|
|
$
|
8
|
|
|
$
|
6
|
|
|
$
|
10
|
|
|
$
|
4
|
|
|
Interest rate
|
13
|
|
|
21
|
|
|
39
|
|
|
13
|
|
|
25
|
|
|
23
|
|
|
30
|
|
|
19
|
|
|
38
|
|
|
28
|
|
|
49
|
|
|
17
|
|
|||||||||||||
Credit
|
86
|
|
|
35
|
|
|
86
|
|
|
25
|
|
|
26
|
|
|
24
|
|
|
32
|
|
|
21
|
|
|
21
|
|
|
21
|
|
|
26
|
|
|
18
|
|
|||||||||||||
Equity
|
26
|
|
|
36
|
|
|
162
|
|
|
19
|
|
|
29
|
|
|
25
|
|
|
33
|
|
|
18
|
|
|
26
|
|
|
19
|
|
|
26
|
|
|
14
|
|
|||||||||||||
Commodities
|
8
|
|
|
6
|
|
|
10
|
|
|
4
|
|
|
4
|
|
|
5
|
|
|
8
|
|
|
4
|
|
|
5
|
|
|
7
|
|
|
13
|
|
|
4
|
|
|||||||||||||
Portfolio diversification
|
(82
|
)
|
|
(57
|
)
|
|
—
|
|
|
—
|
|
|
(47
|
)
|
|
(49
|
)
|
|
—
|
|
|
—
|
|
|
(61
|
)
|
|
(48
|
)
|
|
—
|
|
|
—
|
|
|||||||||||||
Total covered positions portfolio
|
59
|
|
|
47
|
|
|
171
|
|
|
27
|
|
|
41
|
|
|
33
|
|
|
41
|
|
|
26
|
|
|
37
|
|
|
33
|
|
|
47
|
|
|
25
|
|
|||||||||||||
Impact from less liquid exposures
|
39
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|||||||||||||
Total covered positions and less liquid trading positions portfolio
|
98
|
|
|
48
|
|
|
169
|
|
|
30
|
|
|
41
|
|
|
35
|
|
|
46
|
|
|
28
|
|
|
41
|
|
|
37
|
|
|
53
|
|
|
28
|
|
|||||||||||||
Fair value option loans
|
75
|
|
|
16
|
|
|
78
|
|
|
7
|
|
|
8
|
|
|
10
|
|
|
13
|
|
|
7
|
|
|
7
|
|
|
8
|
|
|
10
|
|
|
7
|
|
|||||||||||||
Fair value option hedges
|
13
|
|
|
11
|
|
|
16
|
|
|
9
|
|
|
10
|
|
|
11
|
|
|
15
|
|
|
8
|
|
|
4
|
|
|
10
|
|
|
17
|
|
|
4
|
|
|||||||||||||
Fair value option portfolio diversification
|
(13
|
)
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|||||||||||||
Total fair value option portfolio
|
75
|
|
|
16
|
|
|
75
|
|
|
9
|
|
|
9
|
|
|
13
|
|
|
16
|
|
|
9
|
|
|
5
|
|
|
9
|
|
|
16
|
|
|
5
|
|
|||||||||||||
Portfolio diversification
|
(21
|
)
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|||||||||||||
Total market-based portfolio
|
$
|
152
|
|
|
$
|
53
|
|
|
171
|
|
|
32
|
|
|
$
|
45
|
|
|
$
|
37
|
|
|
46
|
|
|
29
|
|
|
$
|
42
|
|
|
$
|
40
|
|
|
56
|
|
|
30
|
|
(1)
|
The high and low for each portfolio may have occurred on different trading days than the high and low for the components. Therefore the impact from less liquid exposures and the amount of portfolio diversification, which is the difference between the total portfolio and the sum of the individual components, is not relevant.
|
|
|
Bank of America 40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Table 43
|
Average Market Risk VaR for Trading Activities – 99 percent and 95 percent VaR Statistics
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
March 31, 2020
|
|
December 31, 2019
|
|
March 31, 2019
|
||||||||||||||||||
(Dollars in millions)
|
99 percent
|
|
95 percent
|
|
|
99 percent
|
|
95 percent
|
|
99 percent
|
|
95 percent
|
||||||||||||
Foreign exchange
|
$
|
6
|
|
|
$
|
4
|
|
|
$
|
5
|
|
|
$
|
3
|
|
|
$
|
6
|
|
|
$
|
3
|
|
|
Interest rate
|
21
|
|
|
13
|
|
|
23
|
|
|
14
|
|
|
28
|
|
|
18
|
|
|||||||
Credit
|
35
|
|
|
18
|
|
|
24
|
|
|
16
|
|
|
21
|
|
|
14
|
|
|||||||
Equity
|
36
|
|
|
21
|
|
|
25
|
|
|
13
|
|
|
19
|
|
|
10
|
|
|||||||
Commodities
|
6
|
|
|
4
|
|
|
5
|
|
|
3
|
|
|
7
|
|
|
4
|
|
|||||||
Portfolio diversification
|
(57
|
)
|
|
(34
|
)
|
|
(49
|
)
|
|
(32
|
)
|
|
(48
|
)
|
|
(30
|
)
|
|||||||
Total covered positions portfolio
|
47
|
|
|
26
|
|
|
33
|
|
|
17
|
|
|
33
|
|
|
19
|
|
|||||||
Impact from less liquid exposures
|
1
|
|
|
1
|
|
|
2
|
|
|
3
|
|
|
4
|
|
|
2
|
|
|||||||
Total covered positions and less liquid trading positions portfolio
|
48
|
|
|
27
|
|
|
35
|
|
|
20
|
|
|
37
|
|
|
21
|
|
|||||||
Fair value option loans
|
16
|
|
|
7
|
|
|
10
|
|
|
6
|
|
|
8
|
|
|
4
|
|
|||||||
Fair value option hedges
|
11
|
|
|
7
|
|
|
11
|
|
|
7
|
|
|
10
|
|
|
6
|
|
|||||||
Fair value option portfolio diversification
|
(11
|
)
|
|
(7
|
)
|
|
(8
|
)
|
|
(6
|
)
|
|
(9
|
)
|
|
(4
|
)
|
|||||||
Total fair value option portfolio
|
16
|
|
|
7
|
|
|
13
|
|
|
7
|
|
|
9
|
|
|
6
|
|
|||||||
Portfolio diversification
|
(11
|
)
|
|
(6
|
)
|
|
(11
|
)
|
|
(6
|
)
|
|
(6
|
)
|
|
(5
|
)
|
|||||||
Total market-based portfolio
|
$
|
53
|
|
|
$
|
28
|
|
|
$
|
37
|
|
|
$
|
21
|
|
|
$
|
40
|
|
|
$
|
22
|
|
41 Bank of America
|
|
|
|
|
|
|
|
|
|
|||
Table 44
|
Forward Rates
|
||||||||
|
|
|
|
|
|
|
|||
|
|
March 31, 2020
|
|||||||
|
|
Federal
Funds
|
|
Three-month
LIBOR
|
|
10-Year
Swap
|
|||
Spot rates
|
0.25
|
%
|
|
1.45
|
%
|
|
0.72
|
%
|
|
12-month forward rates
|
0.25
|
|
|
0.28
|
|
|
0.76
|
|
|
|
|
|
|
|
|
|
|||
|
|
December 31, 2019
|
|||||||
Spot rates
|
1.75
|
%
|
|
1.91
|
%
|
|
1.90
|
%
|
|
12-month forward rates
|
1.50
|
|
|
1.62
|
|
|
1.92
|
|
|
|
|
|
|
|
|
|
|
||||||
Table 45
|
Estimated Banking Book Net Interest Income Sensitivity to Curve Changes
|
|||||||||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
Short
Rate (bps)
|
|
Long
Rate (bps)
|
|
|
|
|
||||||
|
|
|
|
|||||||||||
(Dollars in millions)
|
|
|
March 31
2020 |
|
December 31
2019 |
|||||||||
Parallel Shifts
|
|
|
|
|
|
|
|
|||||||
+100 bps
instantaneous shift
|
+100
|
|
+100
|
|
$
|
7,205
|
|
|
$
|
4,190
|
|
|||
-25 bps
instantaneous shift
|
-25
|
|
|
-25
|
|
|
(2,285
|
)
|
|
(1,500
|
)
|
|||
Flatteners
|
|
|
|
|
|
|
|
|
|
|||||
Short-end
instantaneous change
|
+100
|
|
—
|
|
|
4,533
|
|
|
2,641
|
|
||||
Long-end
instantaneous change
|
—
|
|
|
-25
|
|
|
(864
|
)
|
|
(653
|
)
|
|||
Steepeners
|
|
|
|
|
|
|
|
|
|
|||||
Short-end
instantaneous change
|
-25
|
|
|
—
|
|
|
(1,418
|
)
|
|
(844
|
)
|
|||
Long-end
instantaneous change
|
—
|
|
|
+100
|
|
2,701
|
|
|
1,561
|
|
|
|
Bank of America 42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Table 46
|
Asset and Liability Management Interest Rate and Foreign Exchange Contracts
|
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
March 31, 2020
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
Expected Maturity
|
|
|
|||||||||||||||||||||||||||||
(Dollars in millions, average estimated duration in years)
|
Fair
Value |
|
Total
|
|
Remainder of 2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Average
Estimated Duration |
||||||||||||||||||
Receive-fixed interest rate swaps (1)
|
$
|
30,267
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.32
|
|
||||||||
Notional amount
|
|
|
|
$
|
242,132
|
|
|
$
|
14,107
|
|
|
$
|
14,644
|
|
|
$
|
21,616
|
|
|
$
|
36,356
|
|
|
$
|
23,143
|
|
|
$
|
132,266
|
|
|
|
|||
Weighted-average fixed-rate
|
|
|
2.51
|
%
|
|
2.82
|
%
|
|
3.17
|
%
|
|
2.48
|
%
|
|
2.36
|
%
|
|
2.36
|
%
|
|
2.47
|
%
|
|
|
|||||||||||
Pay-fixed interest rate swaps (1)
|
(9,755
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9.15
|
|
|||||||||
Notional amount
|
|
|
|
$
|
90,537
|
|
|
$
|
4,344
|
|
|
$
|
2,117
|
|
|
$
|
1
|
|
|
$
|
13,993
|
|
|
$
|
10,085
|
|
|
$
|
59,997
|
|
|
|
|
||
Weighted-average fixed-rate
|
|
|
2.09
|
%
|
|
2.16
|
%
|
|
2.15
|
%
|
|
0.09
|
%
|
|
2.52
|
%
|
|
1.87
|
%
|
|
2.02
|
%
|
|
|
|||||||||||
Same-currency basis swaps (2)
|
(192
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notional amount
|
|
|
|
$
|
157,023
|
|
|
$
|
10,426
|
|
|
$
|
18,232
|
|
|
$
|
4,306
|
|
|
$
|
2,017
|
|
|
$
|
14,567
|
|
|
$
|
107,475
|
|
|
|
|
||
Foreign exchange basis swaps (1, 3, 4)
|
(1,748
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Notional amount
|
|
|
|
109,627
|
|
|
13,904
|
|
|
25,318
|
|
|
14,444
|
|
|
7,329
|
|
|
3,415
|
|
|
45,217
|
|
|
|
|
|||||||||
Foreign exchange contracts (1, 4, 5)
|
2,978
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Notional amount (6)
|
|
|
(101,198
|
)
|
|
(127,678
|
)
|
|
3,899
|
|
|
2,552
|
|
|
2,254
|
|
|
4,282
|
|
|
13,494
|
|
|
|
|||||||||||
Option products
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Notional amount
|
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
|
|
|||||||||
Futures and forward rate contracts
|
(174
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notional amount (6)
|
|
|
|
(5,251
|
)
|
|
(5,251
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|||||||||
Net ALM contracts
|
$
|
21,376
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Does not include basis adjustments on either fixed-rate debt issued by the Corporation or AFS debt securities, which are hedged using derivatives designated as fair value hedging instruments, that substantially offset the fair values of these derivatives.
|
(2)
|
At March 31, 2020 and December 31, 2019, the notional amount of same-currency basis swaps included $157.0 billion and $152.2 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 $(101.2) billion at March 31, 2020 was comprised of $30.9 billion in foreign currency-denominated and cross-currency receive-fixed swaps, $(129.7) billion in net foreign currency forward rate contracts, $(3.0) billion in foreign currency-denominated interest rate swaps and $588 million in net foreign currency futures contracts. Foreign exchange contracts of $(53.1) billion at December 31, 2019 were 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 foreign currency futures contracts.
|
(6)
|
Reflects the net of long and short positions. Amounts shown as negative reflect a net short position.
|
43 Bank of America
|
|
|
|
|
Bank of America 44
|
|
|
|
|
|
|
|
|
|
||||||||
Table 47
|
Period-end and Average Supplemental Financial Data and Reconciliations to GAAP Financial Measures (1)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Period-end
|
|
Average
|
||||||||||||
|
March 31
2020 |
|
December 31
2019 |
|
Three Months Ended March 31
|
|||||||||||
(Dollars in millions)
|
|
|
2020
|
|
2019
|
|||||||||||
Shareholders’ equity
|
$
|
264,918
|
|
|
$
|
264,810
|
|
|
$
|
264,534
|
|
|
$
|
266,217
|
|
|
Goodwill
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|
(68,951
|
)
|
|||||
Intangible assets (excluding MSRs)
|
(1,646
|
)
|
|
(1,661
|
)
|
|
(1,655
|
)
|
|
(1,763
|
)
|
|||||
Related deferred tax liabilities
|
790
|
|
|
713
|
|
|
728
|
|
|
841
|
|
|||||
Tangible shareholders’ equity
|
$
|
195,111
|
|
|
$
|
194,911
|
|
|
$
|
194,656
|
|
|
$
|
196,344
|
|
|
Preferred stock
|
(23,427
|
)
|
|
(23,401
|
)
|
|
(23,456
|
)
|
|
(22,326
|
)
|
|||||
Tangible common shareholders’ equity
|
$
|
171,684
|
|
|
$
|
171,510
|
|
|
$
|
171,200
|
|
|
$
|
174,018
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total assets
|
$
|
2,619,954
|
|
|
$
|
2,434,079
|
|
|
|
|
|
|||||
Goodwill
|
(68,951
|
)
|
|
(68,951
|
)
|
|
|
|
|
|||||||
Intangible assets (excluding MSRs)
|
(1,646
|
)
|
|
(1,661
|
)
|
|
|
|
|
|||||||
Related deferred tax liabilities
|
790
|
|
|
713
|
|
|
|
|
|
|||||||
Tangible assets
|
$
|
2,550,147
|
|
|
$
|
2,364,180
|
|
|
|
|
|
(1)
|
Presents reconciliations of non-GAAP financial measures to the most closely related 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 7.
|
45 Bank of America
|
|
|
|
|
|
|
||||
Consolidated Statement of Income
|
|||||||
|
|
||||||
|
Three Months Ended March 31
|
||||||
(In millions, except per share information)
|
2020
|
|
2019
|
||||
Net interest income
|
|
|
|
|
|
||
Interest income
|
$
|
16,098
|
|
|
$
|
18,170
|
|
Interest expense
|
3,968
|
|
|
5,795
|
|
||
Net interest income
|
12,130
|
|
|
12,375
|
|
||
|
|
|
|
||||
Noninterest income
|
|
|
|
|
|
||
Fees and commissions
|
8,321
|
|
|
7,838
|
|
||
Market making and similar activities
|
2,807
|
|
|
2,768
|
|
||
Other income
|
(491
|
)
|
|
23
|
|
||
Total noninterest income
|
10,637
|
|
|
10,629
|
|
||
Total revenue, net of interest expense
|
22,767
|
|
|
23,004
|
|
||
|
|
|
|
||||
Provision for credit losses
|
4,761
|
|
|
1,013
|
|
||
|
|
|
|
||||
Noninterest expense
|
|
|
|
|
|
||
Compensation and benefits
|
8,341
|
|
|
8,249
|
|
||
Occupancy and equipment
|
1,702
|
|
|
1,605
|
|
||
Information processing and communications
|
1,209
|
|
|
1,164
|
|
||
Product delivery and transaction related
|
777
|
|
|
662
|
|
||
Marketing
|
438
|
|
|
442
|
|
||
Professional fees
|
375
|
|
|
360
|
|
||
Other general operating
|
633
|
|
|
742
|
|
||
Total noninterest expense
|
13,475
|
|
|
13,224
|
|
||
Income before income taxes
|
4,531
|
|
|
8,767
|
|
||
Income tax expense
|
521
|
|
|
1,456
|
|
||
Net income
|
$
|
4,010
|
|
|
$
|
7,311
|
|
Preferred stock dividends
|
469
|
|
|
442
|
|
||
Net income applicable to common shareholders
|
$
|
3,541
|
|
|
$
|
6,869
|
|
|
|
|
|
||||
Per common share information
|
|
|
|
|
|
||
Earnings
|
$
|
0.40
|
|
|
$
|
0.71
|
|
Diluted earnings
|
0.40
|
|
|
0.70
|
|
||
Average common shares issued and outstanding
|
8,815.6
|
|
|
9,725.9
|
|
||
Average diluted common shares issued and outstanding
|
8,862.7
|
|
|
9,787.3
|
|
|
|
|
|
||||
Consolidated Statement of Comprehensive Income
|
|||||||
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2020
|
|
2019
|
||||
Net income
|
$
|
4,010
|
|
|
$
|
7,311
|
|
Other comprehensive income (loss), net-of-tax:
|
|
|
|
||||
Net change in debt securities
|
4,795
|
|
|
2,309
|
|
||
Net change in debit valuation adjustments
|
1,346
|
|
|
(363
|
)
|
||
Net change in derivatives
|
417
|
|
|
229
|
|
||
Employee benefit plan adjustments
|
43
|
|
|
28
|
|
||
Net change in foreign currency translation adjustments
|
(88
|
)
|
|
(34
|
)
|
||
Other comprehensive income (loss)
|
6,513
|
|
|
2,169
|
|
||
Comprehensive income
|
$
|
10,523
|
|
|
$
|
9,480
|
|
|
|
Bank of America 46
|
|
|
|
|
|
||||
Consolidated Balance Sheet
|
||||||||
|
|
March 31
|
|
December 31
2019 |
||||
(Dollars in millions)
|
2020
|
|
2019
|
|||||
Assets
|
|
|
|
|
|
|||
Cash and due from banks
|
$
|
30,052
|
|
|
$
|
30,152
|
|
|
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks
|
220,338
|
|
|
131,408
|
|
|||
Cash and cash equivalents
|
250,390
|
|
|
161,560
|
|
|||
Time deposits placed and other short-term investments
|
12,283
|
|
|
7,107
|
|
|||
Federal funds sold and securities borrowed or purchased under agreements to resell
(includes $49,033 and $50,364 measured at fair value)
|
301,969
|
|
|
274,597
|
|
|||
Trading account assets (includes $82,023 and $90,946 pledged as collateral)
|
193,323
|
|
|
229,826
|
|
|||
Derivative assets
|
57,654
|
|
|
40,485
|
|
|||
Debt securities:
|
|
|
|
|
||||
Carried at fair value
|
221,104
|
|
|
256,467
|
|
|||
Held-to-maturity, at cost (fair value – $266,595 and $219,821)
|
254,748
|
|
|
215,730
|
|
|||
Total debt securities
|
475,852
|
|
|
472,197
|
|
|||
Loans and leases (includes $9,016 and $8,335 measured at fair value)
|
1,050,785
|
|
|
983,426
|
|
|||
Allowance for loan and lease losses
|
(15,766
|
)
|
|
(9,416
|
)
|
|||
Loans and leases, net of allowance
|
1,035,019
|
|
|
974,010
|
|
|||
Premises and equipment, net
|
10,792
|
|
|
10,561
|
|
|||
Goodwill
|
68,951
|
|
|
68,951
|
|
|||
Loans held-for-sale (includes $3,609 and $3,709 measured at fair value)
|
7,862
|
|
|
9,158
|
|
|||
Customer and other receivables
|
69,238
|
|
|
55,937
|
|
|||
Other assets (includes $6,789 and $15,518 measured at fair value)
|
136,621
|
|
|
129,690
|
|
|||
Total assets
|
$
|
2,619,954
|
|
|
$
|
2,434,079
|
|
|
|
|
|
|
|
||||
Liabilities
|
|
|
|
|
|
|||
Deposits in U.S. offices:
|
|
|
|
|
|
|||
Noninterest-bearing
|
$
|
484,342
|
|
|
$
|
403,305
|
|
|
Interest-bearing (includes $589 and $508 measured at fair value)
|
1,008,922
|
|
|
940,731
|
|
|||
Deposits in non-U.S. offices:
|
|
|
|
|||||
Noninterest-bearing
|
13,695
|
|
|
13,719
|
|
|||
Interest-bearing
|
76,366
|
|
|
77,048
|
|
|||
Total deposits
|
1,583,325
|
|
|
1,434,803
|
|
|||
Federal funds purchased and securities loaned or sold under agreements to repurchase
(includes $17,192 and $16,008 measured at fair value)
|
170,043
|
|
|
165,109
|
|
|||
Trading account liabilities
|
77,151
|
|
|
83,270
|
|
|||
Derivative liabilities
|
54,658
|
|
|
38,229
|
|
|||
Short-term borrowings (includes $3,020 and $3,941 measured at fair value)
|
30,118
|
|
|
24,204
|
|
|||
Accrued expenses and other liabilities (includes $6,825 and $15,434 measured at fair value
and $1,360 and $813 of reserve for unfunded lending commitments)
|
183,029
|
|
|
182,798
|
|
|||
Long-term debt (includes $32,163 and $34,975 measured at fair value)
|
256,712
|
|
|
240,856
|
|
|||
Total liabilities
|
2,355,036
|
|
|
2,169,269
|
|
|||
Commitments and contingencies (Note 6 – Securitizations and Other Variable Interest Entities
and Note 10 – Commitments and Contingencies)
|
|
|
|
|
||||
Shareholders’ equity
|
|
|
|
|
||||
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 3,887,440 and 3,887,440 shares
|
23,427
|
|
|
23,401
|
|
|||
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares;
issued and outstanding – 8,675,487,435 and 8,836,148,954 shares
|
85,745
|
|
|
91,723
|
|
|||
Retained earnings
|
155,866
|
|
|
156,319
|
|
|||
Accumulated other comprehensive income (loss)
|
(120
|
)
|
|
(6,633
|
)
|
|||
Total shareholders’ equity
|
264,918
|
|
|
264,810
|
|
|||
Total liabilities and shareholders’ equity
|
$
|
2,619,954
|
|
|
$
|
2,434,079
|
|
|
|
|
|
|
|
||||
|
Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
|
|
|
|
||||
|
Trading account assets
|
$
|
5,405
|
|
|
$
|
5,811
|
|
|
Loans and leases
|
37,009
|
|
|
38,837
|
|
||
|
Allowance for loan and lease losses
|
(1,472
|
)
|
|
(807
|
)
|
||
|
Loans and leases, net of allowance
|
35,537
|
|
|
38,030
|
|
||
|
All other assets
|
536
|
|
|
540
|
|
||
|
Total assets of consolidated variable interest entities
|
$
|
41,478
|
|
|
$
|
44,381
|
|
|
Liabilities of consolidated variable interest entities included in total liabilities above
|
|
|
|
|
|
||
|
Short-term borrowings
|
$
|
1,147
|
|
|
$
|
2,175
|
|
|
Long-term debt (includes $6,786 and $8,717 of non-recourse debt)
|
6,787
|
|
|
8,718
|
|
||
|
All other liabilities (includes $37 and $19 of non-recourse liabilities)
|
39
|
|
|
22
|
|
||
|
Total liabilities of consolidated variable interest entities
|
$
|
7,973
|
|
|
$
|
10,915
|
|
47 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
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, 2018
|
$
|
22,326
|
|
|
9,669.3
|
|
|
$
|
118,896
|
|
|
$
|
136,314
|
|
|
$
|
(12,211
|
)
|
|
$
|
265,325
|
|
Cumulative adjustment for adoption of lease accounting standard
|
|
|
|
|
|
|
165
|
|
|
|
|
165
|
|
|||||||||
Net income
|
|
|
|
|
|
|
7,311
|
|
|
|
|
7,311
|
|
|||||||||
Net change in debt securities
|
|
|
|
|
|
|
|
|
2,309
|
|
|
2,309
|
|
|||||||||
Net change in debit valuation adjustments
|
|
|
|
|
|
|
|
|
(363
|
)
|
|
(363
|
)
|
|||||||||
Net change in derivatives
|
|
|
|
|
|
|
|
|
229
|
|
|
229
|
|
|||||||||
Employee benefit plan adjustments
|
|
|
|
|
|
|
|
|
28
|
|
|
28
|
|
|||||||||
Net change in foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
(34
|
)
|
|
(34
|
)
|
|||||||||
Dividends declared:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common
|
|
|
|
|
|
|
(1,456
|
)
|
|
|
|
(1,456
|
)
|
|||||||||
Preferred
|
|
|
|
|
|
|
(442
|
)
|
|
|
|
(442
|
)
|
|||||||||
Common stock issued under employee plans, net, and other
|
|
|
119.1
|
|
|
205
|
|
|
(4
|
)
|
|
|
|
201
|
|
|||||||
Common stock repurchased
|
|
|
(220.0
|
)
|
|
(6,263
|
)
|
|
|
|
|
|
(6,263
|
)
|
||||||||
Balance, March 31, 2019
|
$
|
22,326
|
|
|
9,568.4
|
|
|
$
|
112,838
|
|
|
$
|
141,888
|
|
|
$
|
(10,042
|
)
|
|
$
|
267,010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance, December 31, 2019
|
$
|
23,401
|
|
|
8,836.1
|
|
|
$
|
91,723
|
|
|
$
|
156,319
|
|
|
$
|
(6,633
|
)
|
|
$
|
264,810
|
|
Cumulative adjustment for adoption of credit loss accounting standard
|
|
|
|
|
|
|
(2,406
|
)
|
|
|
|
(2,406
|
)
|
|||||||||
Net income
|
|
|
|
|
|
|
4,010
|
|
|
|
|
4,010
|
|
|||||||||
Net change in debt securities
|
|
|
|
|
|
|
|
|
4,795
|
|
|
4,795
|
|
|||||||||
Net change in debit valuation adjustments
|
|
|
|
|
|
|
|
|
1,346
|
|
|
1,346
|
|
|||||||||
Net change in derivatives
|
|
|
|
|
|
|
|
|
417
|
|
|
417
|
|
|||||||||
Employee benefit plan adjustments
|
|
|
|
|
|
|
|
|
43
|
|
|
43
|
|
|||||||||
Net change in foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
(88
|
)
|
|
(88
|
)
|
|||||||||
Dividends declared:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common
|
|
|
|
|
|
|
(1,579
|
)
|
|
|
|
(1,579
|
)
|
|||||||||
Preferred
|
|
|
|
|
|
|
(469
|
)
|
|
|
|
(469
|
)
|
|||||||||
Issuance of preferred stock
|
1,098
|
|
|
|
|
|
|
|
|
|
|
1,098
|
|
|||||||||
Redemption of preferred stock
|
(1,072
|
)
|
|
|
|
|
|
|
|
|
|
(1,072
|
)
|
|||||||||
Common stock issued under employee plans, net, and other
|
|
|
39.7
|
|
|
384
|
|
|
(9
|
)
|
|
|
|
375
|
|
|||||||
Common stock repurchased
|
|
|
(200.3
|
)
|
|
(6,362
|
)
|
|
|
|
|
|
(6,362
|
)
|
||||||||
Balance, March 31, 2020
|
$
|
23,427
|
|
|
8,675.5
|
|
|
$
|
85,745
|
|
|
$
|
155,866
|
|
|
$
|
(120
|
)
|
|
$
|
264,918
|
|
|
|
Bank of America 48
|
|
|
|
|
||||
Consolidated Statement of Cash Flows
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2020
|
|
2019
|
||||
Operating activities
|
|
|
|
||||
Net income
|
$
|
4,010
|
|
|
$
|
7,311
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Provision for credit losses
|
4,761
|
|
|
1,013
|
|
||
Gains on sales of debt securities
|
(315
|
)
|
|
(6
|
)
|
||
Depreciation and amortization
|
432
|
|
|
418
|
|
||
Net amortization of premium/discount on debt securities
|
482
|
|
|
362
|
|
||
Deferred income taxes
|
(229
|
)
|
|
763
|
|
||
Stock-based compensation
|
543
|
|
|
504
|
|
||
Loans held-for-sale:
|
|
|
|
||||
Originations and purchases
|
(6,078
|
)
|
|
(3,566
|
)
|
||
Proceeds from sales and paydowns of loans originally classified as held for sale and instruments
from related securitization activities
|
7,397
|
|
|
7,848
|
|
||
Net change in:
|
|
|
|
||||
Trading and derivative assets/liabilities
|
29,615
|
|
|
(6,543
|
)
|
||
Other assets
|
(21,022
|
)
|
|
3,995
|
|
||
Accrued expenses and other liabilities
|
(588
|
)
|
|
(346
|
)
|
||
Other operating activities, net
|
35
|
|
|
3,348
|
|
||
Net cash provided by operating activities
|
19,043
|
|
|
15,101
|
|
||
Investing activities
|
|
|
|
||||
Net change in:
|
|
|
|
||||
Time deposits placed and other short-term investments
|
(5,176
|
)
|
|
(1,986
|
)
|
||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
(27,372
|
)
|
|
(5,886
|
)
|
||
Debt securities carried at fair value:
|
|
|
|
||||
Proceeds from sales
|
9,977
|
|
|
31,136
|
|
||
Proceeds from paydowns and maturities
|
16,708
|
|
|
18,903
|
|
||
Purchases
|
(18,131
|
)
|
|
(51,028
|
)
|
||
Held-to-maturity debt securities:
|
|
|
|
||||
Proceeds from paydowns and maturities
|
11,933
|
|
|
5,284
|
|
||
Purchases
|
(7,132
|
)
|
|
(416
|
)
|
||
Loans and leases:
|
|
|
|
||||
Proceeds from sales of loans originally classified as held for investment and instruments
from related securitization activities
|
2,050
|
|
|
2,952
|
|
||
Purchases
|
(1,982
|
)
|
|
(1,060
|
)
|
||
Other changes in loans and leases, net
|
(69,667
|
)
|
|
(1,999
|
)
|
||
Other investing activities, net
|
(1,619
|
)
|
|
(667
|
)
|
||
Net cash used in investing activities
|
(90,411
|
)
|
|
(4,767
|
)
|
||
Financing activities
|
|
|
|
||||
Net change in:
|
|
|
|
||||
Deposits
|
148,522
|
|
|
(2,139
|
)
|
||
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
4,934
|
|
|
1,463
|
|
||
Short-term borrowings
|
5,904
|
|
|
(6,181
|
)
|
||
Long-term debt:
|
|
|
|
||||
Proceeds from issuance
|
18,728
|
|
|
14,716
|
|
||
Retirement
|
(7,843
|
)
|
|
(14,292
|
)
|
||
Preferred stock:
|
|
|
|
||||
Proceeds from issuance
|
1,098
|
|
|
—
|
|
||
Redemption
|
(1,072
|
)
|
|
—
|
|
||
Common stock repurchased
|
(6,362
|
)
|
|
(6,263
|
)
|
||
Cash dividends paid
|
(2,083
|
)
|
|
(1,926
|
)
|
||
Other financing activities, net
|
(679
|
)
|
|
(886
|
)
|
||
Net cash provided by (used in) financing activities
|
161,147
|
|
|
(15,508
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(949
|
)
|
|
(607
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
88,830
|
|
|
(5,781
|
)
|
||
Cash and cash equivalents at January 1
|
161,560
|
|
|
177,404
|
|
||
Cash and cash equivalents at March 31
|
$
|
250,390
|
|
|
$
|
171,623
|
|
49 Bank of America
|
|
|
|
|
Bank of America 50
|
51 Bank of America
|
|
|
|
|
Bank of America 52
|
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2020
|
|
2019
|
||||
Net interest income
|
|
|
|
||||
Interest income
|
|
|
|
||||
Loans and leases
|
$
|
9,963
|
|
|
$
|
10,885
|
|
Debt securities
|
2,843
|
|
|
3,119
|
|
||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
819
|
|
|
1,195
|
|
||
Trading account assets
|
1,247
|
|
|
1,322
|
|
||
Other interest income
|
1,226
|
|
|
1,649
|
|
||
Total interest income
|
16,098
|
|
|
18,170
|
|
||
|
|
|
|
||||
Interest expense
|
|
|
|
||||
Deposits
|
1,184
|
|
|
1,795
|
|
||
Short-term borrowings
|
1,120
|
|
|
1,852
|
|
||
Trading account liabilities
|
329
|
|
|
345
|
|
||
Long-term debt
|
1,335
|
|
|
1,803
|
|
||
Total interest expense
|
3,968
|
|
|
5,795
|
|
||
Net interest income
|
$
|
12,130
|
|
|
$
|
12,375
|
|
|
|
|
|
||||
Noninterest income
|
|
|
|
||||
Fees and commissions
|
|
|
|
||||
Card income
|
|
|
|
||||
Interchange fees (1)
|
$
|
792
|
|
|
$
|
896
|
|
Other card income
|
480
|
|
|
479
|
|
||
Total card income
|
1,272
|
|
|
1,375
|
|
||
Service charges
|
|
|
|
||||
Deposit-related fees
|
1,627
|
|
|
1,580
|
|
||
Lending-related fees
|
276
|
|
|
259
|
|
||
Total service charges
|
1,903
|
|
|
1,839
|
|
||
Investment and brokerage services
|
|
|
|
||||
Asset management fees
|
2,682
|
|
|
2,440
|
|
||
Brokerage fees
|
1,076
|
|
|
920
|
|
||
Total investment and brokerage services
|
3,758
|
|
|
3,360
|
|
||
Investment banking fees
|
|
|
|
||||
Underwriting income
|
848
|
|
|
666
|
|
||
Syndication fees
|
271
|
|
|
255
|
|
||
Financial advisory services
|
269
|
|
|
343
|
|
||
Total investment banking fees
|
1,388
|
|
|
1,264
|
|
||
Total fees and commissions
|
8,321
|
|
|
7,838
|
|
||
Market making and similar activities
|
2,807
|
|
|
2,768
|
|
||
Other income
|
(491
|
)
|
|
23
|
|
||
Total noninterest income
|
$
|
10,637
|
|
|
$
|
10,629
|
|
(1)
|
Gross interchange fees were $2.3 billion for both the three months ended March 31, 2020 and 2019, and are presented net of $1.5 billion and $1.4 billion of expenses for rewards and partner payments for the same periods.
|
53 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
March 31, 2020
|
||||||||||||||||||||||||
|
|
|
Gross Derivative Assets
|
|
Gross Derivative Liabilities
|
||||||||||||||||||||||
(Dollars in billions)
|
Contract/
Notional (1)
|
|
Trading and Other Risk Management Derivatives
|
|
Qualifying
Accounting
Hedges
|
|
Total
|
|
Trading and Other Risk Management Derivatives
|
|
Qualifying
Accounting
Hedges
|
|
Total
|
||||||||||||||
Interest rate contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Swaps
|
$
|
19,058.4
|
|
|
$
|
199.6
|
|
|
$
|
21.0
|
|
|
$
|
220.6
|
|
|
$
|
217.2
|
|
|
$
|
0.5
|
|
|
$
|
217.7
|
|
Futures and forwards
|
6,585.6
|
|
|
13.4
|
|
|
—
|
|
|
13.4
|
|
|
13.0
|
|
|
—
|
|
|
13.0
|
|
|||||||
Written options
|
1,782.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
56.3
|
|
|
—
|
|
|
56.3
|
|
|||||||
Purchased options
|
1,768.8
|
|
|
60.6
|
|
|
—
|
|
|
60.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Foreign exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Swaps
|
1,617.0
|
|
|
47.9
|
|
|
1.2
|
|
|
49.1
|
|
|
53.6
|
|
|
1.5
|
|
|
55.1
|
|
|||||||
Spot, futures and forwards
|
4,566.2
|
|
|
68.5
|
|
|
1.0
|
|
|
69.5
|
|
|
66.8
|
|
|
0.2
|
|
|
67.0
|
|
|||||||
Written options
|
314.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.8
|
|
|
—
|
|
|
6.8
|
|
|||||||
Purchased options
|
309.6
|
|
|
7.5
|
|
|
—
|
|
|
7.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Equity contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Swaps
|
241.8
|
|
|
22.0
|
|
|
—
|
|
|
22.0
|
|
|
19.8
|
|
|
—
|
|
|
19.8
|
|
|||||||
Futures and forwards
|
95.8
|
|
|
1.2
|
|
|
0.1
|
|
|
1.3
|
|
|
0.4
|
|
|
—
|
|
|
0.4
|
|
|||||||
Written options
|
601.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50.0
|
|
|
—
|
|
|
50.0
|
|
|||||||
Purchased options
|
576.1
|
|
|
56.4
|
|
|
—
|
|
|
56.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Commodity contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Swaps
|
41.3
|
|
|
5.9
|
|
|
—
|
|
|
5.9
|
|
|
6.3
|
|
|
—
|
|
|
6.3
|
|
|||||||
Futures and forwards
|
48.2
|
|
|
1.9
|
|
|
—
|
|
|
1.9
|
|
|
0.6
|
|
|
—
|
|
|
0.6
|
|
|||||||
Written options
|
33.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5.6
|
|
|
—
|
|
|
5.6
|
|
|||||||
Purchased options
|
37.0
|
|
|
5.2
|
|
|
—
|
|
|
5.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Credit derivatives (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Purchased credit derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Credit default swaps
|
354.2
|
|
|
8.1
|
|
|
—
|
|
|
8.1
|
|
|
2.1
|
|
|
—
|
|
|
2.1
|
|
|||||||
Total return swaps/options
|
98.3
|
|
|
2.1
|
|
|
—
|
|
|
2.1
|
|
|
1.5
|
|
|
—
|
|
|
1.5
|
|
|||||||
Written credit derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Credit default swaps
|
332.0
|
|
|
1.7
|
|
|
—
|
|
|
1.7
|
|
|
6.5
|
|
|
—
|
|
|
6.5
|
|
|||||||
Total return swaps/options
|
97.8
|
|
|
1.0
|
|
|
—
|
|
|
1.0
|
|
|
1.9
|
|
|
—
|
|
|
1.9
|
|
|||||||
Gross derivative assets/liabilities
|
|
|
$
|
503.0
|
|
|
$
|
23.3
|
|
|
$
|
526.3
|
|
|
$
|
508.4
|
|
|
$
|
2.2
|
|
|
$
|
510.6
|
|
||
Less: Legally enforceable master netting agreements
|
|
|
|
|
|
|
|
|
|
(415.2
|
)
|
|
|
|
|
|
|
|
(415.2
|
)
|
|||||||
Less: Cash collateral received/paid
|
|
|
|
|
|
|
|
|
|
(53.4
|
)
|
|
|
|
|
|
|
|
(40.7
|
)
|
|||||||
Total derivative assets/liabilities
|
|
|
|
|
|
|
|
|
|
$
|
57.7
|
|
|
|
|
|
|
|
|
$
|
54.7
|
|
(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 $(4.5) billion and $279.4 billion at March 31, 2020.
|
|
|
Bank of America 54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
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.
|
55 Bank of America
|
|
|
|
|
|
|
|
|
|
|
||||||||
Offsetting of Derivatives (1)
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
Derivative
Assets
|
|
Derivative Liabilities
|
|
Derivative
Assets
|
|
Derivative Liabilities
|
||||||||
(Dollars in billions)
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||
Interest rate contracts
|
|
|
|
|
|
|
|
|
|
|
|
||||
Over-the-counter
|
$
|
277.6
|
|
|
$
|
271.1
|
|
|
$
|
203.1
|
|
|
$
|
196.6
|
|
Exchange-traded
|
0.3
|
|
|
0.3
|
|
|
0.1
|
|
|
0.1
|
|
||||
Over-the-counter cleared
|
15.2
|
|
|
13.4
|
|
|
6.0
|
|
|
5.3
|
|
||||
Foreign exchange contracts
|
|
|
|
|
|
|
|
||||||||
Over-the-counter
|
121.5
|
|
|
124.4
|
|
|
69.2
|
|
|
73.1
|
|
||||
Over-the-counter cleared
|
2.1
|
|
|
2.1
|
|
|
0.5
|
|
|
0.5
|
|
||||
Equity contracts
|
|
|
|
|
|
|
|
||||||||
Over-the-counter
|
32.3
|
|
|
24.4
|
|
|
21.3
|
|
|
17.8
|
|
||||
Exchange-traded
|
43.7
|
|
|
42.2
|
|
|
26.4
|
|
|
22.8
|
|
||||
Commodity contracts
|
|
|
|
|
|
|
|
||||||||
Over-the-counter
|
9.0
|
|
|
9.1
|
|
|
2.8
|
|
|
4.2
|
|
||||
Exchange-traded
|
2.5
|
|
|
2.2
|
|
|
0.8
|
|
|
0.8
|
|
||||
Over-the-counter cleared
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
||||
Credit derivatives
|
|
|
|
|
|
|
|
||||||||
Over-the-counter
|
11.5
|
|
|
10.6
|
|
|
6.4
|
|
|
6.6
|
|
||||
Over-the-counter cleared
|
1.2
|
|
|
1.2
|
|
|
2.5
|
|
|
2.2
|
|
||||
Total gross derivative assets/liabilities, before netting
|
|
|
|
|
|
|
|
||||||||
Over-the-counter
|
451.9
|
|
|
439.6
|
|
|
302.8
|
|
|
298.3
|
|
||||
Exchange-traded
|
46.5
|
|
|
44.7
|
|
|
27.3
|
|
|
23.7
|
|
||||
Over-the-counter cleared
|
18.5
|
|
|
16.8
|
|
|
9.0
|
|
|
8.1
|
|
||||
Less: Legally enforceable master netting agreements and cash collateral received/paid
|
|
|
|
|
|
|
|
||||||||
Over-the-counter
|
(413.4
|
)
|
|
(400.7
|
)
|
|
(274.7
|
)
|
|
(269.3
|
)
|
||||
Exchange-traded
|
(40.5
|
)
|
|
(40.5
|
)
|
|
(21.5
|
)
|
|
(21.5
|
)
|
||||
Over-the-counter cleared
|
(14.7
|
)
|
|
(14.7
|
)
|
|
(8.1
|
)
|
|
(8.1
|
)
|
||||
Derivative assets/liabilities, after netting
|
48.3
|
|
|
45.2
|
|
|
34.8
|
|
|
31.2
|
|
||||
Other gross derivative assets/liabilities (2)
|
9.4
|
|
|
9.5
|
|
|
5.7
|
|
|
7.0
|
|
||||
Total derivative assets/liabilities
|
57.7
|
|
|
54.7
|
|
|
40.5
|
|
|
38.2
|
|
||||
Less: Financial instruments collateral (3)
|
(16.7
|
)
|
|
(21.4
|
)
|
|
(14.6
|
)
|
|
(16.1
|
)
|
||||
Total net derivative assets/liabilities
|
$
|
41.0
|
|
|
$
|
33.3
|
|
|
$
|
25.9
|
|
|
$
|
22.1
|
|
(1)
|
Over-the-counter derivatives include bilateral transactions between the Corporation and a particular counterparty. Over-the-counter-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 56
|
|
|
|
|
|
|
|
|
||||||||
Gains and Losses on Derivatives Designated as Fair Value Hedges
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended March 31, 2020
|
||||||||||||||
|
2020
|
|
2019
|
||||||||||||
(Dollars in millions)
|
Derivative
|
|
Hedged Item
|
|
Derivative
|
|
Hedged Item
|
||||||||
Interest rate risk on long-term debt (1)
|
$
|
10,334
|
|
|
$
|
(10,276
|
)
|
|
$
|
1,913
|
|
|
$
|
(1,929
|
)
|
Interest rate and foreign currency risk on long-term debt (2)
|
505
|
|
|
(491
|
)
|
|
57
|
|
|
(48
|
)
|
||||
Interest rate risk on available-for-sale securities (3)
|
(350
|
)
|
|
342
|
|
|
(45
|
)
|
|
43
|
|
||||
Total
|
$
|
10,489
|
|
|
$
|
(10,425
|
)
|
|
$
|
1,925
|
|
|
$
|
(1,934
|
)
|
(1)
|
Amounts are recorded in interest expense in the Consolidated Statement of Income.
|
(2)
|
For the three months ended March 31, 2020 and 2019, the derivative amount includes gains (losses) of $734 million and $170 million in interest expense, $(241) million and $(121) million in market making and similar activities, and $12 million and $8 million in accumulated OCI. Line item totals are in the Consolidated Statement of Income and on the Consolidated Balance Sheet.
|
(3)
|
Amounts are recorded in interest income in the Consolidated Statement of Income.
|
|
|
|
|
|
|
|
|
||||||||
Designated Fair Value Hedged Assets (Liabilities)
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||
(Dollars in millions)
|
Carrying Value
|
|
Cumulative
Fair Value Adjustments (1)
|
|
Carrying Value
|
|
Cumulative
Fair Value Adjustments (1)
|
||||||||
Long-term debt (2)
|
$
|
(186,490
|
)
|
|
$
|
(19,542
|
)
|
|
$
|
(162,389
|
)
|
|
$
|
(8,685
|
)
|
Available-for-sale debt securities (2, 3)
|
4,157
|
|
|
314
|
|
|
1,654
|
|
|
64
|
|
(1)
|
For assets, increase (decrease) to carrying value and for liabilities, (increase) decrease to carrying value.
|
(2)
|
At March 31, 2020 and December 31, 2019, 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 $1.2 billion and $1.3 billion and an increase in the related asset of $22 million and $8 million, which are being amortized over the remaining contractual life of the de-designated hedged items.
|
(3)
|
Carrying value represents amortized cost.
|
|
|
|
|
|
|
|
|
||||||||
Gains and Losses on Derivatives Designated as Cash Flow and Net Investment Hedges
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended March 31
|
||||||||||||||
|
2020
|
|
2019
|
||||||||||||
(Dollars in millions, amounts pretax)
|
Gains (Losses) Recognized in
Accumulated OCI
on Derivatives
|
|
Gains (Losses)
in Income
Reclassified from Accumulated OCI |
|
Gains (Losses) Recognized in
Accumulated OCI
on Derivatives
|
|
Gains (Losses)
in Income
Reclassified from Accumulated OCI |
||||||||
Cash flow hedges
|
|
|
|
|
|
|
|
||||||||
Interest rate risk on variable-rate assets (1)
|
$
|
591
|
|
|
$
|
(26
|
)
|
|
$
|
254
|
|
|
$
|
(23
|
)
|
Price risk on certain compensation plans (2)
|
(82
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
$
|
509
|
|
|
$
|
(26
|
)
|
|
$
|
254
|
|
|
$
|
(23
|
)
|
Net investment hedges
|
|
|
|
|
|
|
|
|
|
||||||
Foreign exchange risk (3)
|
$
|
1,368
|
|
|
$
|
—
|
|
|
$
|
6
|
|
|
$
|
1
|
|
(1)
|
Amounts reclassified from accumulated OCI are recorded in interest income in the Consolidated Statement of Income.
|
(2)
|
Amounts reclassified from accumulated OCI are recorded in compensation and benefits expense in the Consolidated Statement of Income.
|
(3)
|
Amounts reclassified from accumulated OCI are recorded in other income in the Consolidated Statement of Income. For the three months ended March 31, 2020 and 2019, amounts excluded from effectiveness testing and recognized in market making and similar activities were gains of $30 million and $53 million.
|
57 Bank of America
|
|
|
|
|
|
|
||||
Gains and Losses on Other Risk Management Derivatives
|
|||||||
|
|
|
|
||||
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2020
|
|
2019
|
||||
Interest rate risk on mortgage activities (1, 2)
|
$
|
379
|
|
|
$
|
104
|
|
Credit risk on loans (2)
|
88
|
|
|
(26
|
)
|
||
Interest rate and foreign currency risk on ALM activities (3)
|
1,528
|
|
|
1,229
|
|
||
Price risk on certain compensation plans (4)
|
(757
|
)
|
|
511
|
|
(1)
|
Primarily related to hedges of interest rate risk on mortgage servicing rights and interest rate lock commitments to originate mortgage loans that will be held for sale. The net gains on interest rate lock commitments which are not included in the table but are considered derivative instruments, were $48 million and $12 million for the three months ended March 31, 2020 and 2019.
|
(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.
|
(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)
|
Three Months Ended March 31, 2020
|
||||||||||||||
Interest rate risk
|
$
|
1,568
|
|
|
$
|
619
|
|
|
$
|
68
|
|
|
$
|
2,255
|
|
Foreign exchange risk
|
446
|
|
|
5
|
|
|
5
|
|
|
456
|
|
||||
Equity risk
|
1,261
|
|
|
(123
|
)
|
|
519
|
|
|
1,657
|
|
||||
Credit risk
|
(406
|
)
|
|
441
|
|
|
39
|
|
|
74
|
|
||||
Other risk
|
103
|
|
|
21
|
|
|
7
|
|
|
131
|
|
||||
Total sales and trading revenue
|
$
|
2,972
|
|
|
$
|
963
|
|
|
$
|
638
|
|
|
$
|
4,573
|
|
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended March 31, 2019
|
||||||||||||||
Interest rate risk
|
$
|
300
|
|
|
$
|
410
|
|
|
$
|
86
|
|
|
$
|
796
|
|
Foreign exchange risk
|
318
|
|
|
19
|
|
|
6
|
|
|
343
|
|
||||
Equity risk
|
969
|
|
|
(175
|
)
|
|
396
|
|
|
1,190
|
|
||||
Credit risk
|
487
|
|
|
430
|
|
|
134
|
|
|
1,051
|
|
||||
Other risk
|
7
|
|
|
18
|
|
|
10
|
|
|
35
|
|
||||
Total sales and trading revenue
|
$
|
2,081
|
|
|
$
|
702
|
|
|
$
|
632
|
|
|
$
|
3,415
|
|
(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 $557 million and $433 million for the three months ended March 31, 2020 and 2019.
|
|
|
Bank of America 58
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Credit Derivative Instruments
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Less than
One Year
|
|
One to
Three Years
|
|
Three to
Five Years
|
|
Over Five
Years
|
|
Total
|
||||||||||
|
March 31, 2020
|
||||||||||||||||||
(Dollars in millions)
|
Carrying Value
|
||||||||||||||||||
Credit default swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
$
|
9
|
|
|
$
|
87
|
|
|
$
|
620
|
|
|
$
|
532
|
|
|
$
|
1,248
|
|
Non-investment grade
|
192
|
|
|
1,021
|
|
|
1,945
|
|
|
2,054
|
|
|
5,212
|
|
|||||
Total
|
201
|
|
|
1,108
|
|
|
2,565
|
|
|
2,586
|
|
|
6,460
|
|
|||||
Total return swaps/options:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
578
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
578
|
|
|||||
Non-investment grade
|
1,301
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
1,311
|
|
|||||
Total
|
1,879
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
1,889
|
|
|||||
Total credit derivatives
|
$
|
2,080
|
|
|
$
|
1,118
|
|
|
$
|
2,565
|
|
|
$
|
2,586
|
|
|
$
|
8,349
|
|
Credit-related notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,156
|
|
|
$
|
1,156
|
|
Non-investment grade
|
6
|
|
|
2
|
|
|
—
|
|
|
1,075
|
|
|
1,083
|
|
|||||
Total credit-related notes
|
$
|
6
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
2,231
|
|
|
$
|
2,239
|
|
|
Maximum Payout/Notional
|
||||||||||||||||||
Credit default swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
$
|
48,868
|
|
|
$
|
75,071
|
|
|
$
|
77,467
|
|
|
$
|
26,226
|
|
|
$
|
227,632
|
|
Non-investment grade
|
19,106
|
|
|
30,941
|
|
|
39,604
|
|
|
14,694
|
|
|
104,345
|
|
|||||
Total
|
67,974
|
|
|
106,012
|
|
|
117,071
|
|
|
40,920
|
|
|
331,977
|
|
|||||
Total return swaps/options:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment grade
|
65,869
|
|
|
—
|
|
|
126
|
|
|
—
|
|
|
65,995
|
|
|||||
Non-investment grade
|
27,272
|
|
|
4,476
|
|
|
6
|
|
|
5
|
|
|
31,759
|
|
|||||
Total
|
93,141
|
|
|
4,476
|
|
|
132
|
|
|
5
|
|
|
97,754
|
|
|||||
Total credit derivatives
|
$
|
161,115
|
|
|
$
|
110,488
|
|
|
$
|
117,203
|
|
|
$
|
40,925
|
|
|
$
|
429,731
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31, 2019
|
||||||||||||||||||
|
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
|
|
59 Bank of America
|
|
|
|
|
|
|
||||
Additional Collateral Required to be Posted Upon Downgrade at March 31, 2020
|
|||||||
|
|
|
|
||||
(Dollars in millions)
|
One
incremental notch
|
|
Second
incremental notch
|
||||
Bank of America Corporation
|
$
|
519
|
|
|
$
|
724
|
|
Bank of America, N.A. and subsidiaries (1)
|
257
|
|
|
495
|
|
(1)
|
Included in Bank of America Corporation collateral requirements in this table.
|
|
|
|
|
||||
Derivative Liabilities Subject to Unilateral Termination Upon Downgrade at March 31, 2020
|
|||||||
|
|
|
|
||||
(Dollars in millions)
|
One
incremental notch
|
|
Second
incremental notch
|
||||
Derivative liabilities
|
$
|
161
|
|
|
$
|
1,498
|
|
Collateral posted
|
144
|
|
|
1,098
|
|
|
|
|
|
||||
Valuation Adjustments Gains (Losses) on Derivatives (1)
|
|||||||
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
|
2020
|
|
2019
|
||||
Derivative assets (CVA)
|
$
|
(784
|
)
|
|
$
|
66
|
|
Derivative assets/liabilities (FVA)
|
(156
|
)
|
|
7
|
|
||
Derivative liabilities (DVA)
|
414
|
|
|
(81
|
)
|
(1)
|
At March 31, 2020 and December 31, 2019, cumulative CVA reduced the derivative assets balance by $1.3 billion and $528 million, cumulative FVA reduced the net derivatives balance by $309 million and $153 million, and cumulative DVA reduced the derivative liabilities balance by $699 million and $285 million, respectively.
|
|
|
Bank of America 60
|
|
|
|
|
|
|
|
|
||||||||
Debt Securities
|
|
|
|
|
|||||||||||
|
|
||||||||||||||
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
(Dollars in millions)
|
March 31, 2020
|
||||||||||||||
Available-for-sale debt securities
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
Agency
|
$
|
76,599
|
|
|
$
|
2,863
|
|
|
$
|
(1
|
)
|
|
$
|
79,461
|
|
Agency-collateralized mortgage obligations
|
4,348
|
|
|
212
|
|
|
(9
|
)
|
|
4,551
|
|
||||
Commercial
|
14,800
|
|
|
814
|
|
|
(12
|
)
|
|
15,602
|
|
||||
Non-agency residential (1)
|
882
|
|
|
130
|
|
|
(80
|
)
|
|
932
|
|
||||
Total mortgage-backed securities
|
96,629
|
|
|
4,019
|
|
|
(102
|
)
|
|
100,546
|
|
||||
U.S. Treasury and agency securities
|
64,353
|
|
|
4,352
|
|
|
(9
|
)
|
|
68,696
|
|
||||
Non-U.S. securities
|
12,248
|
|
|
10
|
|
|
(11
|
)
|
|
12,247
|
|
||||
Other taxable securities, substantially all asset-backed securities
|
6,016
|
|
|
80
|
|
|
(204
|
)
|
|
5,892
|
|
||||
Total taxable securities
|
179,246
|
|
|
8,461
|
|
|
(326
|
)
|
|
187,381
|
|
||||
Tax-exempt securities
|
18,752
|
|
|
163
|
|
|
(75
|
)
|
|
18,840
|
|
||||
Total available-for-sale debt securities (3)
|
197,998
|
|
|
8,624
|
|
|
(401
|
)
|
|
206,221
|
|
||||
Other debt securities carried at fair value (2)
|
14,791
|
|
|
317
|
|
|
(225
|
)
|
|
14,883
|
|
||||
Total debt securities carried at fair value
|
212,789
|
|
|
8,941
|
|
|
(626
|
)
|
|
221,104
|
|
||||
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities (3)
|
254,764
|
|
|
11,848
|
|
|
(17
|
)
|
|
266,595
|
|
||||
Total debt securities (4, 5)
|
$
|
467,553
|
|
|
$
|
20,789
|
|
|
$
|
(643
|
)
|
|
$
|
487,699
|
|
|
|
|
|
|
|
|
|
||||||||
|
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 (4, 5)
|
$
|
469,633
|
|
|
$
|
7,464
|
|
|
$
|
(809
|
)
|
|
$
|
476,288
|
|
(1)
|
At both March 31, 2020 and December 31, 2019, the underlying collateral type included approximately 49 percent prime, six percent Alt-A and 45 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 14 – Fair Value Measurements.
|
(3)
|
During the three months ended March 31, 2020, the Corporation reclassified AFS debt securities with a fair value of $44.4 billion to HTM. Additionally, the Corporation transferred $11.1 billion of debt securities from its trading account inventory to its Banking Book with $5.2 billion subsequently classified as AFS securities and $5.9 billion classified in other debt securities carried at fair value.
|
(4)
|
Includes securities pledged as collateral of $71.4 billion and $67.0 billion at March 31, 2020 and December 31, 2019.
|
(5)
|
The Corporation held debt securities from Fannie Mae and Freddie Mac that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $153.3 billion and $58.8 billion, and a fair value of $161.2 billion and $61.7 billion at March 31, 2020, and 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.
|
61 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total AFS Debt Securities in a Continuous Unrealized Loss Position
|
|
|
|
|
|
|
|||||||||||||||||
|
|
||||||||||||||||||||||
|
Less than Twelve Months
|
|
Twelve Months or Longer
|
|
Total
|
||||||||||||||||||
|
Fair
Value
|
|
Gross Unrealized Losses
|
|
Fair
Value
|
|
Gross Unrealized Losses
|
|
Fair
Value
|
|
Gross Unrealized Losses
|
||||||||||||
(Dollars in millions)
|
March 31, 2020
|
||||||||||||||||||||||
Continuously unrealized loss-positioned AFS debt securities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Agency
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
704
|
|
|
$
|
(1
|
)
|
|
$
|
704
|
|
|
$
|
(1
|
)
|
Agency-collateralized mortgage obligations
|
6
|
|
|
—
|
|
|
582
|
|
|
(9
|
)
|
|
588
|
|
|
(9
|
)
|
||||||
Commercial
|
652
|
|
|
(9
|
)
|
|
348
|
|
|
(3
|
)
|
|
1,000
|
|
|
(12
|
)
|
||||||
Non-agency residential
|
455
|
|
|
(67
|
)
|
|
38
|
|
|
(13
|
)
|
|
493
|
|
|
(80
|
)
|
||||||
Total mortgage-backed securities
|
1,113
|
|
|
(76
|
)
|
|
1,672
|
|
|
(26
|
)
|
|
2,785
|
|
|
(102
|
)
|
||||||
U.S. Treasury and agency securities
|
(495
|
)
|
|
(7
|
)
|
|
523
|
|
|
(2
|
)
|
|
28
|
|
|
(9
|
)
|
||||||
Non-U.S. securities
|
2,733
|
|
|
(10
|
)
|
|
513
|
|
|
(1
|
)
|
|
3,246
|
|
|
(11
|
)
|
||||||
Other taxable securities, substantially all asset-backed securities
|
2,950
|
|
|
(191
|
)
|
|
293
|
|
|
(13
|
)
|
|
3,243
|
|
|
(204
|
)
|
||||||
Total taxable securities
|
6,301
|
|
|
(284
|
)
|
|
3,001
|
|
|
(42
|
)
|
|
9,302
|
|
|
(326
|
)
|
||||||
Tax-exempt securities
|
6,075
|
|
|
(46
|
)
|
|
3,090
|
|
|
(29
|
)
|
|
9,165
|
|
|
(75
|
)
|
||||||
Total AFS debt securities in a continuous
unrealized loss position
|
$
|
12,376
|
|
|
$
|
(330
|
)
|
|
$
|
6,091
|
|
|
$
|
(71
|
)
|
|
$
|
18,467
|
|
|
$
|
(401
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
December 31, 2019
|
||||||||||||||||||||||
Continuously unrealized loss-positioned 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
|
122
|
|
|
(6
|
)
|
|
22
|
|
|
(3
|
)
|
|
144
|
|
|
(9
|
)
|
||||||
Total mortgage-backed securities
|
20,198
|
|
|
(70
|
)
|
|
18,627
|
|
|
(171
|
)
|
|
38,825
|
|
|
(241
|
)
|
||||||
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
|
34,823
|
|
|
(141
|
)
|
|
38,552
|
|
|
(297
|
)
|
|
73,375
|
|
|
(438
|
)
|
||||||
Tax-exempt securities
|
4,286
|
|
|
(5
|
)
|
|
190
|
|
|
(1
|
)
|
|
4,476
|
|
|
(6
|
)
|
||||||
Total AFS debt securities in a continuous
unrealized loss position
|
$
|
39,109
|
|
|
$
|
(146
|
)
|
|
$
|
38,742
|
|
|
$
|
(298
|
)
|
|
$
|
77,851
|
|
|
$
|
(444
|
)
|
(1)
|
Includes continuously unrealized loss-positioned AFS debt securities on which an unrealized loss, primarily related to changes in interest rates, remains in accumulated OCI.
|
|
|
Bank of America 62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
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
|
$
|
—
|
|
|
—
|
%
|
|
$
|
9
|
|
|
5.42
|
%
|
|
$
|
65
|
|
|
4.47
|
%
|
|
$
|
82,426
|
|
|
3.42
|
%
|
|
$
|
82,500
|
|
|
3.42
|
%
|
Agency-collateralized mortgage obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26
|
|
|
2.50
|
|
|
4,322
|
|
|
3.16
|
|
|
4,348
|
|
|
3.16
|
|
|||||
Commercial
|
22
|
|
|
1.68
|
|
|
4,956
|
|
|
2.45
|
|
|
8,821
|
|
|
2.56
|
|
|
1,014
|
|
|
2.86
|
|
|
14,813
|
|
|
2.54
|
|
|||||
Non-agency residential
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
2,069
|
|
|
9.01
|
|
|
2,081
|
|
|
8.96
|
|
|||||
Total mortgage-backed securities
|
22
|
|
|
1.68
|
|
|
4,965
|
|
|
2.45
|
|
|
8,924
|
|
|
2.57
|
|
|
89,831
|
|
|
3.53
|
|
|
103,742
|
|
|
3.40
|
|
|||||
U.S. Treasury and agency securities
|
6,401
|
|
|
1.25
|
|
|
30,295
|
|
|
1.73
|
|
|
27,622
|
|
|
2.21
|
|
|
38
|
|
|
2.45
|
|
|
64,356
|
|
|
1.89
|
|
|||||
Non-U.S. securities
|
18,332
|
|
|
0.87
|
|
|
1,478
|
|
|
1.47
|
|
|
11
|
|
|
2.97
|
|
|
102
|
|
|
7.02
|
|
|
19,923
|
|
|
0.95
|
|
|||||
Other taxable securities, substantially all asset-backed securities
|
1,474
|
|
|
2.13
|
|
|
2,011
|
|
|
2.66
|
|
|
1,237
|
|
|
3.31
|
|
|
1,294
|
|
|
3.22
|
|
|
6,016
|
|
|
2.78
|
|
|||||
Total taxable securities
|
26,229
|
|
|
1.04
|
|
|
38,749
|
|
|
1.86
|
|
|
37,794
|
|
|
2.33
|
|
|
91,265
|
|
|
3.53
|
|
|
194,037
|
|
|
2.63
|
|
|||||
Tax-exempt securities
|
2,612
|
|
|
1.82
|
|
|
7,882
|
|
|
3.28
|
|
|
5,035
|
|
|
2.18
|
|
|
3,223
|
|
|
4.00
|
|
|
18,752
|
|
|
2.90
|
|
|||||
Total amortized cost of debt securities carried at fair value
|
$
|
28,841
|
|
|
1.11
|
|
|
$
|
46,631
|
|
|
2.10
|
|
|
$
|
42,829
|
|
|
2.32
|
|
|
$
|
94,488
|
|
|
3.54
|
|
|
$
|
212,789
|
|
|
2.65
|
|
Amortized cost of HTM debt securities (2)
|
$
|
595
|
|
|
2.66
|
|
|
$
|
46
|
|
|
3.62
|
|
|
$
|
1,096
|
|
|
2.56
|
|
|
$
|
253,027
|
|
|
3.14
|
|
|
$
|
254,764
|
|
|
3.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Debt securities carried at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Agency
|
$
|
—
|
|
|
|
|
|
$
|
9
|
|
|
|
|
|
$
|
69
|
|
|
|
|
|
$
|
85,472
|
|
|
|
|
|
$
|
85,550
|
|
|
|
|
Agency-collateralized mortgage obligations
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
26
|
|
|
|
|
|
4,525
|
|
|
|
|
|
4,551
|
|
|
|
|
|||||
Commercial
|
22
|
|
|
|
|
|
5,154
|
|
|
|
|
|
9,352
|
|
|
|
|
|
1,087
|
|
|
|
|
|
15,615
|
|
|
|
|
|||||
Non-agency residential
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
23
|
|
|
|
|
|
2,031
|
|
|
|
|
|
2,054
|
|
|
|
|
|||||
Total mortgage-backed securities
|
22
|
|
|
|
|
5,163
|
|
|
|
|
9,470
|
|
|
|
|
93,115
|
|
|
|
|
107,770
|
|
|
|
||||||||||
U.S. Treasury and agency securities
|
6,464
|
|
|
|
|
31,645
|
|
|
|
|
30,551
|
|
|
|
|
39
|
|
|
|
|
68,699
|
|
|
|
||||||||||
Non-U.S. securities
|
18,307
|
|
|
|
|
|
1,481
|
|
|
|
|
|
11
|
|
|
|
|
|
100
|
|
|
|
|
|
19,899
|
|
|
|
|
|||||
Other taxable securities, substantially all asset-backed securities
|
1,460
|
|
|
|
|
|
1,880
|
|
|
|
|
|
1,234
|
|
|
|
|
|
1,322
|
|
|
|
|
|
5,896
|
|
|
|
|
|||||
Total taxable securities
|
26,253
|
|
|
|
|
|
40,169
|
|
|
|
|
|
41,266
|
|
|
|
|
|
94,576
|
|
|
|
|
|
202,264
|
|
|
|
|
|||||
Tax-exempt securities
|
2,610
|
|
|
|
|
|
7,875
|
|
|
|
|
|
5,100
|
|
|
|
|
|
3,255
|
|
|
|
|
|
18,840
|
|
|
|
|
|||||
Total debt securities carried at fair value
|
$
|
28,863
|
|
|
|
|
|
$
|
48,044
|
|
|
|
|
|
$
|
46,366
|
|
|
|
|
|
$
|
97,831
|
|
|
|
|
|
$
|
221,104
|
|
|
|
|
Fair value of HTM debt securities (2)
|
$
|
595
|
|
|
|
|
$
|
46
|
|
|
|
|
$
|
1,164
|
|
|
|
|
$
|
264,790
|
|
|
|
|
$
|
266,595
|
|
|
|
(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.
|
63 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
30-59 Days Past Due (1)
|
|
60-89 Days Past Due (1)
|
|
90 Days or
More
Past Due (1)
|
|
Total Past
Due 30 Days
or More
|
|
Total Current or Less Than 30 Days Past Due (1)
|
|
Loans Accounted for Under the Fair Value Option
|
|
Total
Outstandings
|
||||||||||||||
(Dollars in millions)
|
March 31, 2020
|
||||||||||||||||||||||||||
Consumer real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Residential mortgage
|
$
|
1,348
|
|
|
$
|
262
|
|
|
$
|
580
|
|
|
$
|
2,190
|
|
|
$
|
231,445
|
|
|
|
|
$
|
233,635
|
|
||
Home equity
|
129
|
|
|
59
|
|
|
215
|
|
|
403
|
|
|
34,470
|
|
|
|
|
34,873
|
|
||||||||
Non-core portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Residential mortgage
|
434
|
|
|
172
|
|
|
1,109
|
|
|
1,715
|
|
|
8,195
|
|
|
|
|
9,910
|
|
||||||||
Home equity
|
34
|
|
|
15
|
|
|
67
|
|
|
116
|
|
|
4,578
|
|
|
|
|
4,694
|
|
||||||||
Credit card and other consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Credit card
|
541
|
|
|
368
|
|
|
991
|
|
|
1,900
|
|
|
89,990
|
|
|
|
|
91,890
|
|
||||||||
Direct/Indirect consumer (2)
|
288
|
|
|
77
|
|
|
32
|
|
|
397
|
|
|
89,849
|
|
|
|
|
90,246
|
|
||||||||
Other consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
150
|
|
|
|
|
150
|
|
||||||||
Total consumer
|
2,774
|
|
|
953
|
|
|
2,994
|
|
|
6,721
|
|
|
458,677
|
|
|
|
|
465,398
|
|
||||||||
Consumer loans accounted for under the fair value option (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
556
|
|
|
556
|
|
||||||
Total consumer loans and leases
|
2,774
|
|
|
953
|
|
|
2,994
|
|
|
6,721
|
|
|
458,677
|
|
|
556
|
|
|
465,954
|
|
|||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
U.S. commercial
|
715
|
|
|
378
|
|
|
504
|
|
|
1,597
|
|
|
356,907
|
|
|
|
|
358,504
|
|
||||||||
Non-U.S. commercial
|
29
|
|
|
41
|
|
|
1
|
|
|
71
|
|
|
116,541
|
|
|
|
|
116,612
|
|
||||||||
Commercial real estate (4)
(4)
|
188
|
|
|
25
|
|
|
137
|
|
|
350
|
|
|
66,304
|
|
|
|
|
66,654
|
|
||||||||
Commercial lease financing
|
119
|
|
|
25
|
|
|
68
|
|
|
212
|
|
|
18,968
|
|
|
|
|
19,180
|
|
||||||||
U.S. small business commercial
|
123
|
|
|
51
|
|
|
108
|
|
|
282
|
|
|
15,139
|
|
|
|
|
15,421
|
|
||||||||
Total commercial
|
1,174
|
|
|
520
|
|
|
818
|
|
|
2,512
|
|
|
573,859
|
|
|
|
|
576,371
|
|
||||||||
Commercial loans accounted for under the fair value option (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,460
|
|
|
8,460
|
|
|||||||
Total commercial loans and leases
|
1,174
|
|
|
520
|
|
|
818
|
|
|
2,512
|
|
|
573,859
|
|
|
8,460
|
|
|
584,831
|
|
|||||||
Total loans and leases (5)
|
$
|
3,948
|
|
|
$
|
1,473
|
|
|
$
|
3,812
|
|
|
$
|
9,233
|
|
|
$
|
1,032,536
|
|
|
$
|
9,016
|
|
|
$
|
1,050,785
|
|
Percentage of outstandings
|
0.38
|
%
|
|
0.14
|
%
|
|
0.36
|
%
|
|
0.88
|
%
|
|
98.26
|
%
|
|
0.86
|
%
|
|
100.00
|
%
|
(1)
|
Consumer real estate loans 30-59 days past due includes fully-insured loans of $474 million and nonperforming loans of $138 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $174 million and nonperforming loans of $123 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $1.0 billion. Consumer real estate loans current or less than 30 days past due includes $878 million and direct/indirect consumer includes $43 million of nonperforming loans. For information on the Corporation's interest accrual policies and delinquency status for loan modifications related to the COVID-19 pandemic, see Note 1 – Summary of Significant Accounting Principles.
|
(2)
|
Total outstandings primarily includes auto and specialty lending loans and leases of $50.0 billion, U.S. securities-based lending loans of $36.4 billion and non-U.S. consumer loans of $3.0 billion.
|
(3)
|
Consumer loans accounted for under the fair value option includes residential mortgage loans of $231 million and home equity loans of $325 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $5.1 billion and non-U.S. commercial loans of $3.4 billion. For more information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option.
|
(4)
|
Total outstandings includes U.S. commercial real estate loans of $62.9 billion and non-U.S. commercial real estate loans of $3.8 billion.
|
(5)
|
Total outstandings includes loans and leases pledged as collateral of $32.7 billion. The Corporation also pledged $217.6 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 64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
30-59 Days
Past Due (1) |
|
60-89 Days Past Due (1)
|
|
90 Days or
More Past Due (1) |
|
Total Past
Due 30 Days or More |
|
Total
Current or
Less Than
30 Days
Past Due (1)
|
|
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 (2)
|
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 (3)
|
|
|
|
|
|
|
|
|
|
|
$
|
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 (4)
|
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 (3)
|
|
|
|
|
|
|
|
|
|
|
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 (5)
|
$
|
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. Consumer real estate loans 90 days or more past due includes fully-insured loans of $1.1 billion. Consumer real estate loans current or less than 30 days past due includes $856 million and direct/indirect consumer includes $45 million of nonperforming loans.
|
(2)
|
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.
|
(3)
|
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 14 – Fair Value Measurements and Note 15 – Fair Value Option.
|
(4)
|
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.
|
(5)
|
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.
|
65 Bank of America
|
|
|
|
|
|
|
|
|
|
|
||||||||
Credit Quality
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Nonperforming Loans
and Leases
|
|
Accruing Past Due
90 Days or More (1)
|
||||||||||||
(Dollars in millions)
|
March 31
2020 |
|
December 31
2019 |
|
March 31
2020 |
|
December 31
2019 |
||||||||
Residential mortgage (2)
|
$
|
1,580
|
|
|
$
|
1,470
|
|
|
$
|
951
|
|
|
$
|
1,088
|
|
With negative allowance (3)
|
482
|
|
|
—
|
|
|
|
|
|
||||||
Home equity (2)
|
578
|
|
|
536
|
|
|
—
|
|
|
—
|
|
||||
With negative allowance (3)
|
123
|
|
|
—
|
|
|
|
|
|
||||||
Credit Card
|
n/a
|
|
|
n/a
|
|
|
991
|
|
|
1,042
|
|
||||
Direct/indirect consumer
|
46
|
|
|
47
|
|
|
30
|
|
|
33
|
|
||||
Total consumer
|
2,204
|
|
|
2,053
|
|
|
1,972
|
|
|
2,163
|
|
||||
U.S. commercial
|
1,240
|
|
|
1,094
|
|
|
188
|
|
|
106
|
|
||||
Non-U.S. commercial
|
90
|
|
|
43
|
|
|
1
|
|
|
8
|
|
||||
Commercial real estate
|
408
|
|
|
280
|
|
|
39
|
|
|
19
|
|
||||
Commercial lease financing
|
44
|
|
|
32
|
|
|
31
|
|
|
20
|
|
||||
U.S. small business commercial
|
70
|
|
|
50
|
|
|
95
|
|
|
97
|
|
||||
Total commercial
|
1,852
|
|
|
1,499
|
|
|
354
|
|
|
250
|
|
||||
Total nonperforming loans
|
$
|
4,056
|
|
|
$
|
3,552
|
|
|
$
|
2,326
|
|
|
$
|
2,413
|
|
Percentage of outstanding loans and leases
|
0.39
|
%
|
|
0.36
|
%
|
|
0.22
|
%
|
|
0.25
|
%
|
(1)
|
For information on the Corporation's interest accrual policies and delinquency status for loan modifications related to the COVID-19 pandemic, see Note 1 – Summary of Significant Accounting Principles.
|
(2)
|
Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At March 31, 2020 and December 31, 2019 residential mortgage includes $637 million and $740 million of loans on which interest had been curtailed by the FHA, and therefore were no longer accruing interest, although principal was still insured, and $314 million and 348 million of loans on which interest was still accruing.
|
(3)
|
At March 31, 2020, Residential Mortgage and Home Equity include negative allowance on nonperforming loans of $145 million and $107 million.
|
|
|
Bank of America 66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Residential Mortgage – Credit Quality Indicators By Vintage
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(Dollars in millions)
|
Total as of March 31, 2020
|
|
2020
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
Prior
|
||||||||||||||
Total Residential Mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Refreshed LTV
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less than or equal to 90 percent
|
$
|
219,592
|
|
|
$
|
16,686
|
|
|
$
|
61,053
|
|
|
$
|
23,539
|
|
|
$
|
31,947
|
|
|
$
|
32,310
|
|
|
$
|
54,057
|
|
Greater than 90 percent but less than or equal to 100 percent
|
3,735
|
|
|
528
|
|
|
1,714
|
|
|
592
|
|
|
221
|
|
|
140
|
|
|
540
|
|
|||||||
Greater than 100 percent
|
1,393
|
|
|
175
|
|
|
437
|
|
|
159
|
|
|
79
|
|
|
66
|
|
|
477
|
|
|||||||
Fully-insured loans
|
18,825
|
|
|
564
|
|
|
2,789
|
|
|
591
|
|
|
456
|
|
|
2,660
|
|
|
11,765
|
|
|||||||
Total Residential Mortgage
|
$
|
243,545
|
|
|
$
|
17,953
|
|
|
$
|
65,993
|
|
|
$
|
24,881
|
|
|
$
|
32,703
|
|
|
$
|
35,176
|
|
|
$
|
66,839
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total Residential Mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Refreshed FICO score
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Less than 620
|
$
|
3,288
|
|
|
$
|
59
|
|
|
$
|
279
|
|
|
$
|
252
|
|
|
$
|
247
|
|
|
$
|
267
|
|
|
$
|
2,184
|
|
Greater than or equal to 620 and less than 680
|
5,948
|
|
|
172
|
|
|
1,083
|
|
|
689
|
|
|
672
|
|
|
502
|
|
|
2,830
|
|
|||||||
Greater than or equal to 680 and less than 740
|
28,591
|
|
|
1,638
|
|
|
7,262
|
|
|
3,426
|
|
|
3,728
|
|
|
3,311
|
|
|
9,226
|
|
|||||||
Greater than or equal to 740
|
186,893
|
|
|
15,520
|
|
|
54,580
|
|
|
19,923
|
|
|
27,600
|
|
|
28,436
|
|
|
40,834
|
|
|||||||
Fully-insured loans
|
18,825
|
|
|
564
|
|
|
2,789
|
|
|
591
|
|
|
456
|
|
|
2,660
|
|
|
11,765
|
|
|||||||
Total Residential Mortgage
|
$
|
243,545
|
|
|
$
|
17,953
|
|
|
$
|
65,993
|
|
|
$
|
24,881
|
|
|
$
|
32,703
|
|
|
$
|
35,176
|
|
|
$
|
66,839
|
|
|
|
|
|
|
|
|
|
||||||||
Home Equity - Credit Quality Indicators
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Total
|
|
Home Equity Loans and Reverse Mortgages (1)
|
|
Revolving Loans
|
|
Revolving Loans Converted to Term Loans
|
||||||||
(Dollars in millions)
|
March 31, 2020
|
||||||||||||||
Total Home Equity
|
|
|
|
|
|
|
|
||||||||
Refreshed LTV
|
|
|
|
|
|
|
|
|
|
|
|||||
Less than or equal to 90 percent
|
$
|
38,277
|
|
|
$
|
2,169
|
|
|
$
|
25,653
|
|
|
$
|
10,455
|
|
Greater than 90 percent but less than or equal to 100 percent
|
562
|
|
|
159
|
|
|
159
|
|
|
244
|
|
||||
Greater than 100 percent
|
728
|
|
|
229
|
|
|
150
|
|
|
349
|
|
||||
Total Home Equity
|
$
|
39,567
|
|
|
$
|
2,557
|
|
|
$
|
25,962
|
|
|
$
|
11,048
|
|
|
|
|
|
|
|
|
|
||||||||
Total Home Equity
|
|
|
|
|
|
|
|
||||||||
Refreshed FICO score
|
|
|
|
|
|
|
|
||||||||
Less than 620
|
$
|
1,283
|
|
|
$
|
268
|
|
|
$
|
290
|
|
|
$
|
725
|
|
Greater than or equal to 620 and less than 680
|
2,214
|
|
|
308
|
|
|
692
|
|
|
1,214
|
|
||||
Greater than or equal to 680 and less than 740
|
7,153
|
|
|
647
|
|
|
3,713
|
|
|
2,793
|
|
||||
Greater than or equal to 740
|
28,917
|
|
|
1,334
|
|
|
21,267
|
|
|
6,316
|
|
||||
Total Home Equity
|
$
|
39,567
|
|
|
$
|
2,557
|
|
|
$
|
25,962
|
|
|
$
|
11,048
|
|
(1)
|
Includes reverse mortgages of $1.4 billion and home equity loans of $1.2 billion which are no longer originated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Credit Card and Direct/Indirect Consumer – Credit Quality Indicators By Vintage
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
Direct/Indirect Term Loans by Origination Year
|
|
|
|
Credit Card
|
||||||||||||||||||||||||||||||||
(Dollars in millions)
|
Total Direct/Indirect as of March 31, 2020
|
|
2020
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
Prior
|
|
Total Credit Card as of March 31, 2020
|
|
Revolving Loans
|
|
Revolving Loans Converted to Term Loans (3)
|
||||||||||||||||||||
Refreshed FICO score
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Less than 620
|
$
|
1,369
|
|
|
$
|
26
|
|
|
$
|
231
|
|
|
$
|
255
|
|
|
$
|
404
|
|
|
$
|
288
|
|
|
$
|
165
|
|
|
$
|
5,017
|
|
|
$
|
4,766
|
|
|
$
|
251
|
|
Greater than or equal to 620 and less than 680
|
2,663
|
|
|
234
|
|
|
863
|
|
|
512
|
|
|
516
|
|
|
317
|
|
|
221
|
|
|
11,874
|
|
|
11,670
|
|
|
204
|
|
||||||||||
Greater than or equal to 680 and less than 740
|
8,362
|
|
|
946
|
|
|
3,046
|
|
|
1,639
|
|
|
1,308
|
|
|
758
|
|
|
665
|
|
|
34,088
|
|
|
33,919
|
|
|
169
|
|
||||||||||
Greater than or equal to 740
|
37,863
|
|
|
3,971
|
|
|
13,845
|
|
|
8,313
|
|
|
5,756
|
|
|
3,115
|
|
|
2,863
|
|
|
40,911
|
|
|
40,872
|
|
|
39
|
|
||||||||||
Other internal credit
metrics (1, 2)
|
39,989
|
|
|
2,821
|
|
|
4,311
|
|
|
4,037
|
|
|
3,182
|
|
|
3,362
|
|
|
22,276
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Total credit card and other consumer
|
$
|
90,246
|
|
|
$
|
7,998
|
|
|
$
|
22,296
|
|
|
$
|
14,756
|
|
|
$
|
11,166
|
|
|
$
|
7,840
|
|
|
$
|
26,190
|
|
|
$
|
91,890
|
|
|
$
|
91,227
|
|
|
$
|
663
|
|
(1)
|
Other internal credit metrics may include delinquency status, geography or other factors.
|
(2)
|
Direct/indirect consumer includes $39.3 billion and $39.6 billion of securities-based lending which is typically supported by highly liquid collateral with market value greater than or equal to the outstanding loan balance and therefore has minimal credit risk at March 31, 2020 and December 31, 2019.
|
(3)
|
Represents troubled debt restructurings that were modified into term loans.
|
67 Bank of America
|
|
|
(2)
|
Includes $41 million of loans that converted from revolving to term loans.
|
(3)
|
Excludes U.S. Small Business Card loans of $7.5 billion. Refreshed FICO scores for this portfolio are $319 million for less than 620; $749 million for greater than or equal to 620 and less than 680; $2.2 billion for greater than or equal to 680 and less than 740; and $4.3 billion greater than or equal to 740.
|
|
|
Bank of America 68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consumer Real Estate – TDRs Entered into During The Three Months Ended March 31, 2020 and 2019 (1)
|
|||||||||||||||||||||
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
Unpaid Principal Balance
|
|
Carrying
Value |
|
Pre-Modification Interest Rate
|
|
Post-Modification Interest Rate (2)
|
||||||
(Dollars in millions)
|
|
|
March 31, 2020
|
||||||||||||||||||
Residential mortgage
|
|
|
|
|
|
|
|
|
$
|
122
|
|
|
$
|
103
|
|
|
4.04
|
%
|
|
3.94
|
%
|
Home equity
|
|
|
|
|
|
|
|
|
23
|
|
|
20
|
|
|
4.69
|
|
|
4.68
|
|
||
Total
|
|
|
|
|
|
|
|
|
$
|
145
|
|
|
$
|
123
|
|
|
4.15
|
|
|
4.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
March 31, 2019
|
||||||||||||||||||
Residential mortgage
|
|
|
|
|
|
|
|
|
$
|
135
|
|
|
$
|
112
|
|
|
4.19
|
%
|
|
4.27
|
%
|
Home equity
|
|
|
|
|
|
|
|
|
63
|
|
|
48
|
|
|
5.23
|
|
|
4.86
|
|
||
Total
|
|
|
|
|
|
|
|
|
$
|
198
|
|
|
$
|
160
|
|
|
4.52
|
|
|
4.46
|
|
(1)
|
For more information on the Corporation's loan modification programs offered in response to the COVID-19 pandemic, which are not TDRs, see Note 1 – Summary of Significant Accounting Principles.
|
(2)
|
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.
|
|
|
|
|
||||
Consumer Real Estate – Modification Programs (1)
|
|
|
|||||
|
|
|
|
||||
|
TDRs Entered into During the Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2020
|
|
2019
|
||||
Modifications under government programs
|
$
|
1
|
|
|
$
|
3
|
|
Modifications under proprietary programs
|
28
|
|
|
26
|
|
||
Loans discharged in Chapter 7 bankruptcy (2)
|
15
|
|
|
28
|
|
||
Trial modifications
|
79
|
|
|
103
|
|
||
Total modifications
|
$
|
123
|
|
|
$
|
160
|
|
(1)
|
For more information on the Corporation's loan modification programs offered in response to the COVID-19 pandemic, which are not TDRs, see Note 1 – Summary of Significant Accounting Principles.
|
(2)
|
Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs.
|
(1)
|
For more information on the Corporation's loan modification programs offered in response to the COVID-19 pandemic, which are not TDRs, see Note 1 – Summary of Significant Accounting Principles.
|
(2)
|
Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs.
|
(3)
|
Includes trial modification offers to which the customer did not respond.
|
69 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Credit Card and Other Consumer – TDRs Entered into During the Three Months Ended March 31, 2020 and 2019 (1)
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
Unpaid Principal Balance
|
|
Carrying
Value (2)
|
|
Pre-Modification Interest Rate
|
|
Post-Modification Interest Rate
|
||||||
(Dollars in millions)
|
|
|
March 31, 2020
|
||||||||||||||||||
Credit card
|
|
|
|
|
|
|
|
|
$
|
94
|
|
|
$
|
101
|
|
|
18.52
|
%
|
|
5.30
|
%
|
Direct/Indirect consumer
|
|
|
|
|
|
|
|
|
17
|
|
|
9
|
|
|
5.34
|
|
|
5.34
|
|
||
Total
|
|
|
|
|
|
|
|
|
$
|
111
|
|
|
$
|
110
|
|
|
17.40
|
|
|
5.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
March 31, 2019
|
||||||||||||||||||
Credit card
|
|
|
|
|
|
|
|
|
$
|
98
|
|
|
$
|
105
|
|
|
19.86
|
%
|
|
5.21
|
%
|
Direct/Indirect consumer
|
|
|
|
|
|
|
|
|
18
|
|
|
10
|
|
|
4.96
|
|
|
4.96
|
|
||
Total
|
|
|
|
|
|
|
|
|
$
|
116
|
|
|
$
|
115
|
|
|
18.56
|
|
|
5.19
|
|
(1)
|
For more information on the Corporation's loan modification programs offered in response to the COVID-19 pandemic, which are not TDRs, see Note 1 – Summary of Significant Accounting Principles.
|
(2)
|
Includes accrued interest and fees.
|
|
|
|
|
||||
Credit Card and Other Consumer – TDRs by Program Type (1)
|
|||||||
|
|
||||||
|
TDRs Entered into During the Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2020
|
|
2019
|
||||
Internal programs
|
$
|
74
|
|
|
$
|
75
|
|
External programs
|
27
|
|
|
30
|
|
||
Other
|
9
|
|
|
10
|
|
||
Total
|
$
|
110
|
|
|
$
|
115
|
|
(1)
|
Includes accrued interest and fees. For more information on the Corporation's loan modification programs offered in response to the COVID-19 pandemic, which are not TDRs, see Note 1 – Summary of Significant Accounting Principles.
|
|
|
Bank of America 70
|
71 Bank of America
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Consumer
Real Estate |
|
Credit Card and Other Consumer
|
|
Commercial
|
|
Total
|
||||||||
(Dollars in millions)
|
Three Months Ended March 31, 2020
|
||||||||||||||
Allowance for loan and lease losses, January 1
|
$
|
440
|
|
|
$
|
7,430
|
|
|
$
|
4,488
|
|
|
$
|
12,358
|
|
Loans and leases charged off
|
(35
|
)
|
|
(1,121
|
)
|
|
(282
|
)
|
|
(1,438
|
)
|
||||
Recoveries of loans and leases previously charged off
|
47
|
|
|
237
|
|
|
32
|
|
|
316
|
|
||||
Net charge-offs
|
12
|
|
|
(884
|
)
|
|
(250
|
)
|
|
(1,122
|
)
|
||||
Provision for loan and lease losses
|
351
|
|
|
1,712
|
|
|
2,462
|
|
|
4,525
|
|
||||
Other (1)
|
5
|
|
|
—
|
|
|
—
|
|
|
5
|
|
||||
Allowance for loan and lease losses, March 31
|
808
|
|
|
8,258
|
|
|
6,700
|
|
|
15,766
|
|
||||
Reserve for unfunded lending commitments, January 1
|
119
|
|
|
—
|
|
|
1,004
|
|
|
1,123
|
|
||||
Provision for unfunded lending commitments
|
30
|
|
|
—
|
|
|
206
|
|
|
236
|
|
||||
Other (1)
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
||||
Reserve for unfunded lending commitments, March 31
|
149
|
|
|
—
|
|
|
1,211
|
|
|
1,360
|
|
||||
Allowance for credit losses, March 31
|
$
|
957
|
|
|
$
|
8,258
|
|
|
$
|
7,911
|
|
|
$
|
17,126
|
|
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended March 31, 2019
|
||||||||||||||
Allowance for loan and lease losses, January 1
|
$
|
928
|
|
|
$
|
3,874
|
|
|
$
|
4,799
|
|
|
$
|
9,601
|
|
Loans and leases charged off
|
(103
|
)
|
|
(1,057
|
)
|
|
(177
|
)
|
|
(1,337
|
)
|
||||
Recoveries of loans and leases previously charged off
|
108
|
|
|
217
|
|
|
21
|
|
|
346
|
|
||||
Net charge-offs
|
5
|
|
|
(840
|
)
|
|
(156
|
)
|
|
(991
|
)
|
||||
Provision for loan and lease losses
|
(70
|
)
|
|
900
|
|
|
178
|
|
|
1,008
|
|
||||
Other (1)
|
(41
|
)
|
|
—
|
|
|
—
|
|
|
(41
|
)
|
||||
Allowance for loan and lease losses, March 31
|
822
|
|
|
3,934
|
|
|
4,821
|
|
|
9,577
|
|
||||
Reserve for unfunded lending commitments, January 1
|
—
|
|
|
—
|
|
|
797
|
|
|
797
|
|
||||
Provision for unfunded lending commitments
|
—
|
|
|
—
|
|
|
5
|
|
|
5
|
|
||||
Reserve for unfunded lending commitments, March 31
|
—
|
|
|
—
|
|
|
802
|
|
|
802
|
|
||||
Allowance for credit losses, March 31
|
$
|
822
|
|
|
$
|
3,934
|
|
|
$
|
5,623
|
|
|
$
|
10,379
|
|
(1)
|
Primarily represents write-offs of purchased credit-impaired loans in 2019, and the net impact of portfolio sales, transfers to held-for-sale and transfers to foreclosed properties.
|
|
|
Bank of America 72
|
|
|
|
|
|
|
|
|
||||||||
First-lien Mortgage Securitizations
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
||||||||
|
Residential Mortgage - Agency
|
|
Commercial Mortgage
|
||||||||||||
|
Three Months Ended March 31
|
||||||||||||||
(Dollars in millions)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Proceeds from loan sales (1)
|
$
|
1,552
|
|
|
$
|
1,096
|
|
|
$
|
2,072
|
|
|
$
|
987
|
|
Gains on securitizations (2)
|
6
|
|
|
7
|
|
|
41
|
|
|
17
|
|
||||
Repurchases from securitization trusts (3)
|
128
|
|
|
244
|
|
|
—
|
|
|
—
|
|
(1)
|
The Corporation transfers residential mortgage loans to securitizations sponsored primarily by the GSEs or Government National Mortgage Association (GNMA) in the normal course of business and primarily receives residential mortgage-backed securities 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 $27 million and $8 million, net of hedges, during the three months ended March 31, 2020 and 2019, 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
|
|||||||||||||||||||||||||
(Dollars in millions)
|
March 31
2020 |
December 31
2019 |
|
March 31
2020 |
December 31
2019 |
|
March 31
2020 |
December 31
2019 |
|
March 31
2020 |
December 31
2019 |
|
March 31
2020 |
December 31
2019 |
||||||||||||||||||||
Unconsolidated VIEs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Maximum loss exposure (1)
|
$
|
12,228
|
|
$
|
12,554
|
|
|
$
|
317
|
|
$
|
340
|
|
|
$
|
1,381
|
|
$
|
1,622
|
|
|
$
|
86
|
|
$
|
98
|
|
|
$
|
1,102
|
|
$
|
1,036
|
|
On-balance sheet assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Senior securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading account assets
|
$
|
641
|
|
$
|
627
|
|
|
$
|
12
|
|
$
|
5
|
|
|
$
|
23
|
|
$
|
54
|
|
|
$
|
26
|
|
$
|
24
|
|
|
$
|
73
|
|
$
|
65
|
|
Debt securities carried at fair value
|
5,419
|
|
6,392
|
|
|
165
|
|
193
|
|
|
996
|
|
1,178
|
|
|
59
|
|
72
|
|
|
—
|
|
—
|
|
||||||||||
Held-to-maturity securities
|
6,168
|
|
5,535
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
867
|
|
809
|
|
||||||||||
All other assets
|
—
|
|
—
|
|
|
7
|
|
2
|
|
|
31
|
|
49
|
|
|
1
|
|
2
|
|
|
50
|
|
38
|
|
||||||||||
Total retained positions
|
$
|
12,228
|
|
$
|
12,554
|
|
|
$
|
184
|
|
$
|
200
|
|
|
$
|
1,050
|
|
$
|
1,281
|
|
|
$
|
86
|
|
$
|
98
|
|
|
$
|
990
|
|
$
|
912
|
|
Principal balance outstanding (2)
|
$
|
153,421
|
|
$
|
160,226
|
|
|
$
|
7,400
|
|
$
|
7,268
|
|
|
$
|
7,687
|
|
$
|
8,594
|
|
|
$
|
18,997
|
|
$
|
19,878
|
|
|
$
|
60,748
|
|
$
|
60,129
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Consolidated VIEs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Maximum loss exposure (1)
|
$
|
10,852
|
|
$
|
10,857
|
|
|
$
|
—
|
|
$
|
5
|
|
|
$
|
45
|
|
$
|
44
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
On-balance sheet assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading account assets
|
$
|
1,210
|
|
$
|
780
|
|
|
$
|
100
|
|
$
|
116
|
|
|
$
|
216
|
|
$
|
149
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
Loans and leases, net
|
9,478
|
|
9,917
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||||
All other assets
|
164
|
|
161
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||||
Total assets
|
$
|
10,852
|
|
$
|
10,858
|
|
|
$
|
100
|
|
$
|
116
|
|
|
$
|
216
|
|
$
|
149
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
Total liabilities
|
$
|
2
|
|
$
|
4
|
|
|
$
|
100
|
|
$
|
111
|
|
|
$
|
171
|
|
$
|
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 10 – Commitments and Contingencies and Note 14 – 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.
|
73 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Home Equity Loan, Credit Card and Other Asset-backed VIEs
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Home Equity (1)
|
|
Credit Card (2, 3)
|
|
Resecuritization Trusts
|
|
Municipal Bond Trusts
|
||||||||||||||||||||
(Dollars in millions)
|
March 31
2020 |
December 31
2019 |
|
March 31
2020 |
December 31
2019 |
|
March 31
2020 |
December 31
2019 |
|
March 31
2020 |
December 31
2019 |
||||||||||||||||
Unconsolidated VIEs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Maximum loss exposure
|
$
|
386
|
|
$
|
412
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
6,409
|
|
$
|
7,526
|
|
|
$
|
3,412
|
|
$
|
3,701
|
|
On-balance sheet assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Senior securities (4):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading account assets
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
1,262
|
|
$
|
2,188
|
|
|
$
|
213
|
|
$
|
—
|
|
Debt securities carried at fair value
|
10
|
|
11
|
|
|
—
|
|
—
|
|
|
1,097
|
|
1,126
|
|
|
—
|
|
—
|
|
||||||||
Held-to-maturity securities
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
4,050
|
|
4,212
|
|
|
—
|
|
—
|
|
||||||||
Total retained positions
|
$
|
10
|
|
$
|
11
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
6,409
|
|
$
|
7,526
|
|
|
$
|
213
|
|
$
|
—
|
|
Total assets of VIEs (5)
|
$
|
961
|
|
$
|
1,023
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
15,082
|
|
$
|
21,234
|
|
|
$
|
3,960
|
|
$
|
4,395
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Consolidated VIEs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Maximum loss exposure
|
$
|
73
|
|
$
|
64
|
|
|
$
|
17,392
|
|
$
|
17,915
|
|
|
$
|
196
|
|
$
|
54
|
|
|
$
|
1,966
|
|
$
|
2,656
|
|
On-balance sheet assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading account assets
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
214
|
|
$
|
73
|
|
|
$
|
1,790
|
|
$
|
2,480
|
|
Loans and leases
|
111
|
|
122
|
|
|
25,156
|
|
26,985
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||
Allowance for loan and lease losses
|
17
|
|
(2
|
)
|
|
(1,483
|
)
|
(800
|
)
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||
All other assets
|
4
|
|
3
|
|
|
103
|
|
119
|
|
|
—
|
|
—
|
|
|
176
|
|
176
|
|
||||||||
Total assets
|
$
|
132
|
|
$
|
123
|
|
|
$
|
23,776
|
|
$
|
26,304
|
|
|
$
|
214
|
|
$
|
73
|
|
|
$
|
1,966
|
|
$
|
2,656
|
|
On-balance sheet liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term borrowings
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
1,147
|
|
$
|
2,175
|
|
Long-term debt
|
59
|
|
64
|
|
|
6,371
|
|
8,372
|
|
|
18
|
|
19
|
|
|
—
|
|
—
|
|
||||||||
All other liabilities
|
—
|
|
—
|
|
|
13
|
|
17
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||||
Total liabilities
|
$
|
59
|
|
$
|
64
|
|
|
$
|
6,384
|
|
$
|
8,389
|
|
|
$
|
18
|
|
$
|
19
|
|
|
$
|
1,147
|
|
$
|
2,175
|
|
(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 10 – Commitments and Contingencies.
|
(2)
|
At March 31, 2020 and December 31, 2019, loans and leases in the consolidated credit card trust included $11.0 billion and $10.5 billion of seller’s interest.
|
(3)
|
At March 31, 2020 and December 31, 2019, 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.
|
|
|
Bank of America 74
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other VIEs
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
||||||||||||||||||||
|
Consolidated
|
|
Unconsolidated
|
|
Total
|
|
Consolidated
|
|
Unconsolidated
|
|
Total
|
||||||||||||
(Dollars in millions)
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||||||||||
Maximum loss exposure
|
$
|
4,131
|
|
|
$
|
25,448
|
|
|
$
|
29,579
|
|
|
$
|
4,055
|
|
|
$
|
26,326
|
|
|
$
|
30,381
|
|
On-balance sheet assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Trading account assets
|
$
|
1,875
|
|
|
$
|
577
|
|
|
$
|
2,452
|
|
|
$
|
2,213
|
|
|
$
|
549
|
|
|
$
|
2,762
|
|
Debt securities carried at fair value
|
—
|
|
|
71
|
|
|
71
|
|
|
—
|
|
|
74
|
|
|
74
|
|
||||||
Loans and leases
|
2,261
|
|
|
3,031
|
|
|
5,292
|
|
|
1,810
|
|
|
3,214
|
|
|
5,024
|
|
||||||
Allowance for loan and lease losses
|
(3
|
)
|
|
(66
|
)
|
|
(69
|
)
|
|
(2
|
)
|
|
(38
|
)
|
|
(40
|
)
|
||||||
All other assets
|
89
|
|
|
20,416
|
|
|
20,505
|
|
|
81
|
|
|
20,547
|
|
|
20,628
|
|
||||||
Total
|
$
|
4,222
|
|
|
$
|
24,029
|
|
|
$
|
28,251
|
|
|
$
|
4,102
|
|
|
$
|
24,346
|
|
|
$
|
28,448
|
|
On-balance sheet liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Long-term debt
|
$
|
68
|
|
|
$
|
—
|
|
|
$
|
68
|
|
|
$
|
46
|
|
|
$
|
—
|
|
|
$
|
46
|
|
All other liabilities
|
24
|
|
|
4,931
|
|
|
4,955
|
|
|
2
|
|
|
5,087
|
|
|
5,089
|
|
||||||
Total
|
$
|
92
|
|
|
$
|
4,931
|
|
|
$
|
5,023
|
|
|
$
|
48
|
|
|
$
|
5,087
|
|
|
$
|
5,135
|
|
Total assets of VIEs
|
$
|
4,222
|
|
|
$
|
99,229
|
|
|
$
|
103,451
|
|
|
$
|
4,102
|
|
|
$
|
98,491
|
|
|
$
|
102,593
|
|
75 Bank of America
|
|
|
|
|
|
|
||||
Goodwill
|
|
|
|
||||
|
|
|
|
||||
(Dollars in millions)
|
March 31
2020 |
|
December 31
2019 |
||||
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
|
|
|
|
|
|
|
|
|
|
||||||
|
Amount
|
|
Rate
|
|
Amount
|
|
Rate
|
||||||
|
Three Months Ended March 31
|
||||||||||||
(Dollars in millions)
|
2020
|
|
2019
|
||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell
|
|
|
|
|
|
|
|
|
|
|
|||
Average during period
|
$
|
278,794
|
|
|
1.18
|
%
|
|
$
|
274,308
|
|
|
1.77
|
%
|
Maximum month-end balance during period
|
301,969
|
|
|
n/a
|
|
|
280,562
|
|
|
n/a
|
|
||
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
|
|
|
|
|
|
|
|
|
|
|
||
Average during period
|
$
|
199,539
|
|
|
1.60
|
%
|
|
$
|
200,154
|
|
|
2.44
|
%
|
Maximum month-end balance during period
|
206,493
|
|
|
n/a
|
|
|
200,486
|
|
|
n/a
|
|
||
Short-term borrowings
|
|
|
|
|
|
|
|
|
|
|
|
||
Average during period
|
26,430
|
|
|
1.62
|
|
|
15,432
|
|
|
2.95
|
|
||
Maximum month-end balance during period
|
30,118
|
|
|
n/a
|
|
|
14,848
|
|
|
n/a
|
|
|
|
Bank of America 76
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Securities Financing Agreements
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Gross Assets/Liabilities (1)
|
|
Amounts Offset
|
|
Net Balance Sheet Amount
|
|
Financial Instruments (2)
|
|
Net Assets/Liabilities
|
||||||||||
(Dollars in millions)
|
March 31, 2020
|
||||||||||||||||||
Securities borrowed or purchased under agreements to resell (3)
|
$
|
461,366
|
|
|
$
|
(159,397
|
)
|
|
$
|
301,969
|
|
|
$
|
(266,713
|
)
|
|
$
|
35,256
|
|
Securities loaned or sold under agreements to repurchase
|
$
|
329,440
|
|
|
$
|
(159,397
|
)
|
|
$
|
170,043
|
|
|
$
|
(147,064
|
)
|
|
$
|
22,979
|
|
Other (4)
|
6,618
|
|
|
—
|
|
|
6,618
|
|
|
(6,618
|
)
|
|
—
|
|
|||||
Total
|
$
|
336,058
|
|
|
$
|
(159,397
|
)
|
|
$
|
176,661
|
|
|
$
|
(153,682
|
)
|
|
$
|
22,979
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
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
|
|
(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 $13.1 billion and $12.9 billion reported in loans and leases on the Consolidated Balance Sheet at March 31, 2020 and December 31, 2019.
|
(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)
|
March 31, 2020
|
||||||||||||||||||
Securities sold under agreements to repurchase
|
$
|
142,680
|
|
|
$
|
104,485
|
|
|
$
|
29,017
|
|
|
$
|
33,127
|
|
|
$
|
309,309
|
|
Securities loaned
|
16,658
|
|
|
523
|
|
|
779
|
|
|
2,171
|
|
|
20,131
|
|
|||||
Other
|
6,618
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,618
|
|
|||||
Total
|
$
|
165,956
|
|
|
$
|
105,008
|
|
|
$
|
29,796
|
|
|
$
|
35,298
|
|
|
$
|
336,058
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
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
|
|
(1)
|
No agreements have maturities greater than three years.
|
77 Bank of America
|
|
|
|
|
|
|
|
|
|
|
||||||||
Class of Collateral Pledged
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Securities Sold Under Agreements to Repurchase
|
|
Securities
Loaned
|
|
Other
|
|
Total
|
||||||||
(Dollars in millions)
|
March 31, 2020
|
||||||||||||||
U.S. government and agency securities
|
$
|
174,900
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
174,900
|
|
Corporate securities, trading loans and other
|
10,801
|
|
|
2,394
|
|
|
241
|
|
|
13,436
|
|
||||
Equity securities
|
11,252
|
|
|
15,872
|
|
|
6,324
|
|
|
33,448
|
|
||||
Non-U.S. sovereign debt
|
107,565
|
|
|
1,865
|
|
|
53
|
|
|
109,483
|
|
||||
Mortgage trading loans and ABS
|
4,791
|
|
|
—
|
|
|
—
|
|
|
4,791
|
|
||||
Total
|
$
|
309,309
|
|
|
$
|
20,131
|
|
|
$
|
6,618
|
|
|
$
|
336,058
|
|
|
|
|
|
|
|
|
|
||||||||
|
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
|
|
|
|
Bank of America 78
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Credit Extension Commitments
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
||||||||||||||||||
|
Expire in One
Year or Less |
|
Expire After One
Year Through Three Years |
|
Expire After Three Years Through
Five Years
|
|
Expire After
Five Years
|
|
Total
|
||||||||||
(Dollars in millions)
|
March 31, 2020
|
||||||||||||||||||
Notional amount of credit extension commitments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loan commitments (1)
|
$
|
91,682
|
|
|
$
|
126,412
|
|
|
$
|
142,815
|
|
|
$
|
17,232
|
|
|
$
|
378,141
|
|
Home equity lines of credit
|
948
|
|
|
2,085
|
|
|
7,109
|
|
|
33,530
|
|
|
43,672
|
|
|||||
Standby letters of credit and financial guarantees (2)
|
23,695
|
|
|
9,201
|
|
|
3,346
|
|
|
375
|
|
|
36,617
|
|
|||||
Letters of credit (3)
|
978
|
|
|
147
|
|
|
58
|
|
|
53
|
|
|
1,236
|
|
|||||
Legally binding commitments
|
117,303
|
|
|
137,845
|
|
|
153,328
|
|
|
51,190
|
|
|
459,666
|
|
|||||
Credit card lines (4)
|
385,893
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
385,893
|
|
|||||
Total credit extension commitments
|
$
|
503,196
|
|
|
$
|
137,845
|
|
|
$
|
153,328
|
|
|
$
|
51,190
|
|
|
$
|
845,559
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
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
|
|
(1)
|
At March 31, 2020 and December 31, 2019, $4.4 billion and $5.1 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 $27.2 billion and $9 billion at March 31, 2020, and $27.9 billion and $8.6 billion at December 31, 2019. Amounts in the table include consumer SBLCs of $439 million and $413 million at March 31, 2020 and December 31, 2019.
|
(3)
|
At March 31, 2020 and December 31, 2019, included are letters of credit of $1.7 billion and $1.4 billion related to certain liquidity commitments of VIEs. For more information, see Note 6 – Securitizations and Other Variable Interest Entities.
|
(4)
|
Includes business card unused lines of credit.
|
79 Bank of America
|
|
|
|
|
Bank of America 80
|
|
|
|
|
|
|
|
||
Declared Quarterly Cash Dividends on Common Stock (1)
|
||||||||
|
|
|
|
|
|
|
||
Declaration Date
|
|
Record Date
|
|
Payment Date
|
|
Dividend Per Share
|
||
April 22, 2020
|
|
June 5, 2020
|
|
June 26, 2020
|
|
$
|
0.18
|
|
January 29, 2020
|
|
March 6, 2020
|
|
March 27, 2020
|
|
0.18
|
|
(1)
|
In 2020, and through May 1, 2020.
|
81 Bank of America
|
|
|
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
(In millions, except per share information)
|
2020
|
|
2019
|
||||
Earnings per common share
|
|
|
|
|
|||
Net income
|
$
|
4,010
|
|
|
$
|
7,311
|
|
Preferred stock dividends
|
(469
|
)
|
|
(442
|
)
|
||
Net income applicable to common shareholders
|
$
|
3,541
|
|
|
$
|
6,869
|
|
Average common shares issued and outstanding
|
8,815.6
|
|
|
9,725.9
|
|
||
Earnings per common share
|
$
|
0.40
|
|
|
$
|
0.71
|
|
|
|
|
|
||||
Diluted earnings per common share
|
|
|
|
|
|
||
Net income applicable to common shareholders
|
$
|
3,541
|
|
|
$
|
6,869
|
|
Average common shares issued and outstanding
|
8,815.6
|
|
|
9,725.9
|
|
||
Dilutive potential common shares (1)
|
47.1
|
|
|
61.4
|
|
||
Total diluted average common shares issued and outstanding
|
8,862.7
|
|
|
9,787.3
|
|
||
Diluted earnings per common share
|
$
|
0.40
|
|
|
$
|
0.70
|
|
(1)
|
Includes incremental dilutive shares from RSUs, restricted stock and warrants.
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(Dollars in millions)
|
Debt Securities
|
|
Debit Valuation Adjustments
|
|
Derivatives
|
|
Employee
Benefit Plans
|
|
Foreign
Currency
|
|
Total
|
||||||||||||
Balance, December 31, 2018
|
$
|
(5,552
|
)
|
|
$
|
(531
|
)
|
|
$
|
(1,016
|
)
|
|
$
|
(4,304
|
)
|
|
$
|
(808
|
)
|
|
$
|
(12,211
|
)
|
Net change
|
2,309
|
|
|
(363
|
)
|
|
229
|
|
|
28
|
|
|
(34
|
)
|
|
2,169
|
|
||||||
Balance, March 31, 2019
|
$
|
(3,243
|
)
|
|
$
|
(894
|
)
|
|
$
|
(787
|
)
|
|
$
|
(4,276
|
)
|
|
$
|
(842
|
)
|
|
$
|
(10,042
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, December 31, 2019
|
$
|
323
|
|
|
$
|
(1,494
|
)
|
|
$
|
(400
|
)
|
|
$
|
(4,168
|
)
|
|
$
|
(894
|
)
|
|
$
|
(6,633
|
)
|
Net change
|
4,795
|
|
|
1,346
|
|
|
417
|
|
|
43
|
|
|
(88
|
)
|
|
6,513
|
|
||||||
Balance, March 31, 2020
|
$
|
5,118
|
|
|
$
|
(148
|
)
|
|
$
|
17
|
|
|
$
|
(4,125
|
)
|
|
$
|
(982
|
)
|
|
$
|
(120
|
)
|
|
|
Bank of America 82
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Pretax
|
|
Tax
effect
|
|
After-
tax
|
|
Pretax
|
|
Tax
effect
|
|
After-
tax
|
||||||||||||
|
Three Months Ended March 31
|
||||||||||||||||||||||
(Dollars in millions)
|
2020
|
|
2019
|
||||||||||||||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net increase in fair value
|
$
|
6,701
|
|
|
$
|
(1,670
|
)
|
|
$
|
5,031
|
|
|
$
|
3,075
|
|
|
$
|
(763
|
)
|
|
$
|
2,312
|
|
Net realized (gains) reclassified into earnings (1)
|
(315
|
)
|
|
79
|
|
|
(236
|
)
|
|
(4
|
)
|
|
1
|
|
|
(3
|
)
|
||||||
Net change
|
6,386
|
|
|
(1,591
|
)
|
|
4,795
|
|
|
3,071
|
|
|
(762
|
)
|
|
2,309
|
|
||||||
Debit valuation adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net increase (decrease) in fair value
|
1,751
|
|
|
(408
|
)
|
|
1,343
|
|
|
(475
|
)
|
|
110
|
|
|
(365
|
)
|
||||||
Net realized losses reclassified into earnings (1)
|
4
|
|
|
(1
|
)
|
|
3
|
|
|
3
|
|
|
(1
|
)
|
|
2
|
|
||||||
Net change
|
1,755
|
|
|
(409
|
)
|
|
1,346
|
|
|
(472
|
)
|
|
109
|
|
|
(363
|
)
|
||||||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net increase in fair value
|
520
|
|
|
(125
|
)
|
|
395
|
|
|
264
|
|
|
(52
|
)
|
|
212
|
|
||||||
Reclassifications into earnings:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net interest income
|
29
|
|
|
(7
|
)
|
|
22
|
|
|
23
|
|
|
(6
|
)
|
|
17
|
|
||||||
Net realized losses reclassified into earnings
|
29
|
|
|
(7
|
)
|
|
22
|
|
|
23
|
|
|
(6
|
)
|
|
17
|
|
||||||
Net change
|
549
|
|
|
(132
|
)
|
|
417
|
|
|
287
|
|
|
(58
|
)
|
|
229
|
|
||||||
Employee benefit plans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net actuarial losses and other reclassified into earnings (2)
|
57
|
|
|
(14
|
)
|
|
43
|
|
|
35
|
|
|
(7
|
)
|
|
28
|
|
||||||
Net change
|
57
|
|
|
(14
|
)
|
|
43
|
|
|
35
|
|
|
(7
|
)
|
|
28
|
|
||||||
Foreign currency:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net (decrease) in fair value
|
228
|
|
|
(316
|
)
|
|
(88
|
)
|
|
5
|
|
|
(39
|
)
|
|
(34
|
)
|
||||||
Net change
|
228
|
|
|
(316
|
)
|
|
(88
|
)
|
|
5
|
|
|
(39
|
)
|
|
(34
|
)
|
||||||
Total other comprehensive income (loss)
|
$
|
8,975
|
|
|
$
|
(2,462
|
)
|
|
$
|
6,513
|
|
|
$
|
2,926
|
|
|
$
|
(757
|
)
|
|
$
|
2,169
|
|
(1)
|
Reclassifications of pretax debt securities, DVA and foreign currency (gains) losses are recorded in other income in the Consolidated Statement of Income.
|
(2)
|
Reclassifications of pretax employee benefit plan costs are recorded in other general operating expense in the Consolidated Statement of Income.
|
83 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
March 31, 2020
|
||||||||||||||||||
|
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
|
$
|
1,084
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,084
|
|
Federal funds sold and securities borrowed or purchased under agreements to resell
|
—
|
|
|
49,033
|
|
|
—
|
|
|
—
|
|
|
49,033
|
|
|||||
Trading account assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. Treasury and agency securities
|
37,646
|
|
|
4,172
|
|
|
—
|
|
|
—
|
|
|
41,818
|
|
|||||
Corporate securities, trading loans and other
|
—
|
|
|
27,504
|
|
|
1,640
|
|
|
—
|
|
|
29,144
|
|
|||||
Equity securities
|
41,486
|
|
|
25,454
|
|
|
249
|
|
|
—
|
|
|
67,189
|
|
|||||
Non-U.S. sovereign debt
|
7,871
|
|
|
22,653
|
|
|
250
|
|
|
—
|
|
|
30,774
|
|
|||||
Mortgage trading loans, MBS and ABS:
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. government-sponsored agency guaranteed (2)
|
—
|
|
|
14,605
|
|
|
—
|
|
|
—
|
|
|
14,605
|
|
|||||
Mortgage trading loans, ABS and other MBS
|
—
|
|
|
8,060
|
|
|
1,733
|
|
|
—
|
|
|
9,793
|
|
|||||
Total trading account assets (3)
|
87,003
|
|
|
102,448
|
|
|
3,872
|
|
|
—
|
|
|
193,323
|
|
|||||
Derivative assets
|
26,134
|
|
|
498,231
|
|
|
1,856
|
|
|
(468,567
|
)
|
|
57,654
|
|
|||||
AFS debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. Treasury and agency securities
|
67,763
|
|
|
933
|
|
|
—
|
|
|
—
|
|
|
68,696
|
|
|||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Agency
|
—
|
|
|
79,461
|
|
|
—
|
|
|
—
|
|
|
79,461
|
|
|||||
Agency-collateralized mortgage obligations
|
—
|
|
|
4,551
|
|
|
—
|
|
|
—
|
|
|
4,551
|
|
|||||
Non-agency residential
|
—
|
|
|
408
|
|
|
524
|
|
|
—
|
|
|
932
|
|
|||||
Commercial
|
—
|
|
|
15,602
|
|
|
—
|
|
|
—
|
|
|
15,602
|
|
|||||
Non-U.S. securities
|
1
|
|
|
12,245
|
|
|
1
|
|
|
—
|
|
|
12,247
|
|
|||||
Other taxable securities
|
—
|
|
|
5,824
|
|
|
68
|
|
|
—
|
|
|
5,892
|
|
|||||
Tax-exempt securities
|
—
|
|
|
18,740
|
|
|
100
|
|
|
—
|
|
|
18,840
|
|
|||||
Total AFS debt securities
|
67,764
|
|
|
137,764
|
|
|
693
|
|
|
—
|
|
|
206,221
|
|
|||||
Other debt securities carried at fair value:
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Treasury and agency securities
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|||||
Agency MBS
|
—
|
|
|
6,089
|
|
|
—
|
|
|
—
|
|
|
6,089
|
|
|||||
Non-agency residential MBS
|
—
|
|
|
853
|
|
|
269
|
|
|
—
|
|
|
1,122
|
|
|||||
Non-U.S. and other securities
|
3,685
|
|
|
3,983
|
|
|
—
|
|
|
—
|
|
|
7,668
|
|
|||||
Total other debt securities carried at fair value
|
3,689
|
|
|
10,925
|
|
|
269
|
|
|
—
|
|
|
14,883
|
|
|||||
Loans and leases
|
—
|
|
|
8,458
|
|
|
558
|
|
|
—
|
|
|
9,016
|
|
|||||
Loans held-for-sale
|
—
|
|
|
2,532
|
|
|
1,077
|
|
|
—
|
|
|
3,609
|
|
|||||
Other assets (4)
|
3,864
|
|
|
965
|
|
|
1,960
|
|
|
—
|
|
|
6,789
|
|
|||||
Total assets (5)
|
$
|
189,538
|
|
|
$
|
810,356
|
|
|
$
|
10,285
|
|
|
$
|
(468,567
|
)
|
|
$
|
541,612
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest-bearing deposits in U.S. offices
|
$
|
—
|
|
|
$
|
589
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
589
|
|
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
—
|
|
|
17,192
|
|
|
—
|
|
|
—
|
|
|
17,192
|
|
|||||
Trading account liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Treasury and agency securities
|
12,276
|
|
|
401
|
|
|
—
|
|
|
—
|
|
|
12,677
|
|
|||||
Equity securities
|
36,692
|
|
|
5,462
|
|
|
1
|
|
|
—
|
|
|
42,155
|
|
|||||
Non-U.S. sovereign debt
|
7,026
|
|
|
9,834
|
|
|
—
|
|
|
—
|
|
|
16,860
|
|
|||||
Corporate securities and other
|
—
|
|
|
5,439
|
|
|
20
|
|
|
—
|
|
|
5,459
|
|
|||||
Total trading account liabilities
|
55,994
|
|
|
21,136
|
|
|
21
|
|
|
—
|
|
|
77,151
|
|
|||||
Derivative liabilities
|
25,638
|
|
|
480,153
|
|
|
4,765
|
|
|
(455,898
|
)
|
|
54,658
|
|
|||||
Short-term borrowings
|
—
|
|
|
3,020
|
|
|
—
|
|
|
—
|
|
|
3,020
|
|
|||||
Accrued expenses and other liabilities
|
5,541
|
|
|
1,284
|
|
|
—
|
|
|
—
|
|
|
6,825
|
|
|||||
Long-term debt
|
—
|
|
|
31,442
|
|
|
721
|
|
|
—
|
|
|
32,163
|
|
|||||
Total liabilities (5)
|
$
|
87,173
|
|
|
$
|
554,816
|
|
|
$
|
5,507
|
|
|
$
|
(455,898
|
)
|
|
$
|
191,598
|
|
(1)
|
Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties.
|
(2)
|
Includes $16.0 billion of GSE obligations.
|
(3)
|
Includes securities with a fair value of $11.0 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 $1.2 billion which are classified as Level 3 assets.
|
(5)
|
Total recurring Level 3 assets were 0.39 percent of total consolidated assets, and total recurring Level 3 liabilities were 0.23 percent of total consolidated liabilities.
|
|
|
Bank of America 84
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
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
|
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.
|
85 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Level 3 – Fair Value Measurements (1)
|
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
Balance
January 1
|
Total Realized/Unrealized Gains (Losses) in Net Income (2)
|
Gains
(Losses) in OCI (3) |
Gross
|
Gross
Transfers into
Level 3
|
Gross
Transfers out of
Level 3
|
Balance
March 31 |
Change in Unrealized Gains (Losses) in Net Income Related to Financial Instruments Still Held (2)
|
|||||||||||||||||||||||||
(Dollars in millions)
|
Purchases
|
Sales
|
Issuances
|
Settlements
|
|||||||||||||||||||||||||||||
Three Months Ended March 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Trading account assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Corporate securities, trading loans and other
|
$
|
1,507
|
|
$
|
(103
|
)
|
$
|
(1
|
)
|
$
|
216
|
|
$
|
(90
|
)
|
$
|
8
|
|
$
|
(32
|
)
|
$
|
237
|
|
$
|
(102
|
)
|
$
|
1,640
|
|
$
|
(108
|
)
|
Equity securities
|
239
|
|
(26
|
)
|
—
|
|
26
|
|
(11
|
)
|
—
|
|
—
|
|
25
|
|
(4
|
)
|
249
|
|
(27
|
)
|
|||||||||||
Non-U.S. sovereign debt
|
482
|
|
2
|
|
(53
|
)
|
73
|
|
(48
|
)
|
—
|
|
(10
|
)
|
17
|
|
(213
|
)
|
250
|
|
3
|
|
|||||||||||
Mortgage trading loans, ABS and other MBS
|
1,553
|
|
(125
|
)
|
(2
|
)
|
362
|
|
(245
|
)
|
—
|
|
(19
|
)
|
233
|
|
(24
|
)
|
1,733
|
|
(129
|
)
|
|||||||||||
Total trading account assets
|
3,781
|
|
(252
|
)
|
(56
|
)
|
677
|
|
(394
|
)
|
8
|
|
(61
|
)
|
512
|
|
(343
|
)
|
3,872
|
|
(261
|
)
|
|||||||||||
Net derivative assets (liabilities) (4)
|
(2,538
|
)
|
346
|
|
—
|
|
40
|
|
(148
|
)
|
—
|
|
12
|
|
(528
|
)
|
(93
|
)
|
(2,909
|
)
|
279
|
|
|||||||||||
AFS debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-agency residential MBS
|
424
|
|
(3
|
)
|
(13
|
)
|
—
|
|
—
|
|
—
|
|
(12
|
)
|
128
|
|
—
|
|
524
|
|
—
|
|
|||||||||||
Non-U.S. securities
|
2
|
|
—
|
|
—
|
|
—
|
|
(1
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
|
—
|
|
|||||||||||
Other taxable securities
|
65
|
|
—
|
|
—
|
|
3
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
68
|
|
—
|
|
|||||||||||
Tax-exempt securities
|
108
|
|
(10
|
)
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
100
|
|
—
|
|
|||||||||||
Total AFS debt securities
|
599
|
|
(13
|
)
|
(11
|
)
|
3
|
|
(1
|
)
|
—
|
|
(12
|
)
|
128
|
|
—
|
|
693
|
|
—
|
|
|||||||||||
Other debt securities carried at fair value – Non-agency residential MBS
|
299
|
|
(49
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(4
|
)
|
26
|
|
(3
|
)
|
269
|
|
(49
|
)
|
|||||||||||
Loans and leases (5,6)
|
693
|
|
(119
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(16
|
)
|
—
|
|
—
|
|
558
|
|
(107
|
)
|
|||||||||||
Loans held-for-sale (5,6)
|
375
|
|
(9
|
)
|
(28
|
)
|
—
|
|
—
|
|
691
|
|
(45
|
)
|
93
|
|
—
|
|
1,077
|
|
(15
|
)
|
|||||||||||
Other assets (6,7)
|
2,360
|
|
(251
|
)
|
(30
|
)
|
—
|
|
1
|
|
20
|
|
(142
|
)
|
2
|
|
—
|
|
1,960
|
|
(287
|
)
|
|||||||||||
Trading account liabilities – Equity securities
|
(2
|
)
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1
|
)
|
1
|
|
|||||||||||
Trading account liabilities – Corporate securities
and other
|
(15
|
)
|
1
|
|
—
|
|
(6
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(20
|
)
|
1
|
|
|||||||||||
Long-term debt (5)
|
(1,149
|
)
|
127
|
|
187
|
|
8
|
|
—
|
|
(13
|
)
|
141
|
|
(23
|
)
|
1
|
|
(721
|
)
|
126
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Three Months Ended March 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Trading account assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Corporate securities, trading loans and other
|
$
|
1,558
|
|
$
|
3
|
|
$
|
—
|
|
$
|
54
|
|
$
|
(73
|
)
|
$
|
—
|
|
$
|
(60
|
)
|
$
|
139
|
|
$
|
(193
|
)
|
$
|
1,428
|
|
$
|
(8
|
)
|
Equity securities
|
276
|
|
2
|
|
—
|
|
18
|
|
(1
|
)
|
—
|
|
(3
|
)
|
2
|
|
(6
|
)
|
288
|
|
2
|
|
|||||||||||
Non-U.S. sovereign debt
|
465
|
|
8
|
|
(1
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
472
|
|
8
|
|
|||||||||||
Mortgage trading loans, ABS and other MBS
|
1,635
|
|
38
|
|
(1
|
)
|
230
|
|
(337
|
)
|
—
|
|
(9
|
)
|
89
|
|
(135
|
)
|
1,510
|
|
27
|
|
|||||||||||
Total trading account assets
|
3,934
|
|
51
|
|
(2
|
)
|
302
|
|
(411
|
)
|
—
|
|
(72
|
)
|
230
|
|
(334
|
)
|
3,698
|
|
29
|
|
|||||||||||
Net derivative assets (liabilities) (4)
|
(935
|
)
|
(25
|
)
|
—
|
|
111
|
|
(245
|
)
|
—
|
|
(55
|
)
|
122
|
|
9
|
|
(1,018
|
)
|
(25
|
)
|
|||||||||||
AFS debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Non-agency residential MBS
|
597
|
|
—
|
|
93
|
|
—
|
|
—
|
|
—
|
|
(7
|
)
|
159
|
|
(261
|
)
|
581
|
|
—
|
|
|||||||||||
Non-U.S. securities
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2
|
|
—
|
|
|||||||||||
Other taxable securities
|
7
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(4
|
)
|
—
|
|
—
|
|
3
|
|
—
|
|
|||||||||||
Total AFS debt securities
|
606
|
|
—
|
|
93
|
|
—
|
|
—
|
|
—
|
|
(11
|
)
|
159
|
|
(261
|
)
|
586
|
|
—
|
|
|||||||||||
Other debt securities carried at fair value – Non-agency residential MBS
|
172
|
|
47
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1
|
)
|
38
|
|
(32
|
)
|
224
|
|
47
|
|
|||||||||||
Loans and leases (5,6)
|
338
|
|
4
|
|
—
|
|
—
|
|
(15
|
)
|
—
|
|
(10
|
)
|
—
|
|
—
|
|
317
|
|
4
|
|
|||||||||||
Loans held-for-sale (5,6)
|
542
|
|
12
|
|
(2
|
)
|
10
|
|
(21
|
)
|
11
|
|
(53
|
)
|
59
|
|
—
|
|
558
|
|
4
|
|
|||||||||||
Other assets (6,7)
|
2,932
|
|
(74
|
)
|
8
|
|
—
|
|
—
|
|
41
|
|
(158
|
)
|
—
|
|
—
|
|
2,749
|
|
(128
|
)
|
|||||||||||
Trading account liabilities – Corporate securities
and other
|
(18
|
)
|
—
|
|
—
|
|
—
|
|
(3
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(21
|
)
|
—
|
|
|||||||||||
Long-term debt (5)
|
(817
|
)
|
(46
|
)
|
(1
|
)
|
—
|
|
—
|
|
(3
|
)
|
38
|
|
(61
|
)
|
—
|
|
(890
|
)
|
(46
|
)
|
(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 - 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 of $67 million and $96 million related to financial instruments still held at March 31, 2020 and 2019.
|
(4)
|
Net derivative assets (liabilities) include derivative assets of $1.9 billion and $3.5 billion and derivative liabilities of $4.8 billion and $4.5 billion at March 31, 2020 and 2019.
|
(5)
|
Amounts represent instruments that are accounted for under the fair value option.
|
(6)
|
Issuances represent loan originations and MSRs recognized following securitizations or whole-loan sales.
|
(7)
|
Settlements primarily represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time.
|
|
|
Bank of America 86
|
|
|
|
|
|
|
||
Quantitative Information about Level 3 Fair Value Measurements at March 31, 2020
|
|
||||||
|
|
|
|
|
|||
(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
|
$
|
1,567
|
|
Discounted cash flow, Market comparables
|
Yield
|
0% to 25%
|
7%
|
Trading account assets – Mortgage trading loans, ABS and other MBS
|
456
|
|
Prepayment speed
|
1% to 32% CPR
|
21% CPR
|
||
Loans and leases
|
253
|
|
Default rate
|
0% to 3% CDR
|
1% CDR
|
||
Loans held-for-sale
|
1
|
|
Loss severity
|
0% to 47%
|
14%
|
||
AFS debt securities, primarily non-agency residential
|
525
|
|
Price
|
$0 to $160
|
$98
|
||
AFS debt securities – Other taxable securities
|
63
|
|
|
|
|
||
Other debt securities carried at fair value - Non-agency residential
|
269
|
|
|
|
|
||
Instruments backed by commercial real estate assets
|
$
|
1,224
|
|
Discounted cash flow
|
Yield
|
0% to 25%
|
3%
|
Trading account assets – Corporate securities, trading loans and other
|
250
|
|
Price
|
$0 to $103
|
$60
|
||
Trading account assets – Mortgage trading loans, ABS and other MBS
|
172
|
|
|
|
|
||
Loans held-for-sale
|
802
|
|
|
|
|
||
Commercial loans, debt securities and other
|
$
|
3,429
|
|
Discounted cash flow, Market comparables
|
Yield
|
1% to 25%
|
7%
|
Trading account assets – Corporate securities, trading loans and other
|
1,390
|
|
Prepayment speed
|
10% to 20%
|
15%
|
||
Trading account assets – Non-U.S. sovereign debt
|
250
|
|
Default rate
|
3% to 4%
|
4%
|
||
Trading account assets – Mortgage trading loans, ABS and other MBS
|
1,105
|
|
Loss severity
|
35% to 40%
|
38%
|
||
AFS debt securities – Other taxable securities
|
5
|
|
Price
|
$0 to $142
|
$68
|
||
AFS debt securities – Tax-exempt securities
|
100
|
|
Long-dated equity volatilities
|
78%
|
n/a
|
||
Loans and leases
|
305
|
|
|
|
|
||
Loans held-for-sale
|
274
|
|
|
|
|
||
Other assets, primarily auction rate securities
|
$
|
796
|
|
Discounted cash flow, Market comparables
|
Price
|
$10 to $99
|
$95
|
|
|
|
|
|
|||
|
|
|
|
|
|||
MSRs
|
$
|
1,164
|
|
Discounted cash flow
|
Weighted-average life, fixed rate (5)
|
0 to 14 years
|
4 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
|
$
|
(721
|
)
|
Discounted cash flow, Market comparables, Industry standard derivative pricing (3)
|
Yield
|
2% to 7%
|
7%
|
|
|
Equity correlation
|
6% to 100%
|
68%
|
|||
|
|
Long-dated equity volatilities
|
12% to 290%
|
34%
|
|||
|
|
Price
|
$0 to $115
|
$74
|
|||
|
|
Natural gas forward price
|
$1/MMBtu to $5/MMBtu
|
$3/MMBtu
|
|||
Net derivative assets (liabilities)
|
|
|
|
|
|
||
Credit derivatives
|
$
|
(12
|
)
|
Discounted cash flow, Stochastic recovery correlation model
|
Yield
|
5%
|
n/a
|
|
|
Upfront points
|
0 to 100 points
|
74 points
|
|||
|
|
Prepayment speed
|
15% to 100% CPR
|
26% CPR
|
|||
|
|
Default rate
|
2% CDR
|
n/a
|
|||
|
|
Price
|
$0 to $122
|
$41
|
|||
Equity derivatives
|
$
|
(1,007
|
)
|
Industry standard derivative pricing (3)
|
Equity correlation
|
6% to 100%
|
68%
|
|
|
Long-dated equity volatilities
|
12% to 290%
|
34%
|
|||
Commodity derivatives
|
$
|
(1,725
|
)
|
Discounted cash flow, Industry standard derivative pricing (3)
|
Natural gas forward price
|
$1/MMBtu to $5/MMBtu
|
$2/MMBtu
|
|
|
Correlation
|
54% to 73%
|
73%
|
|||
|
|
Volatilities
|
16% to 293%
|
119%
|
|||
Interest rate derivatives
|
$
|
(165
|
)
|
Industry standard derivative pricing (4)
|
Correlation (IR/IR)
|
15% to 94%
|
43%
|
|
|
Correlation (FX/IR)
|
0% to 46%
|
2%
|
|||
|
|
Long-dated inflation rates
|
-28% to 59%
|
15%
|
|||
|
|
Long-dated inflation volatilities
|
0% to 1%
|
1%
|
|||
Total net derivative assets (liabilities)
|
$
|
(2,909
|
)
|
|
|
|
|
(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 84: Trading account assets – Corporate securities, trading loans and other of $1.6 billion, Trading account assets – Non-U.S. sovereign debt of $250 million, Trading account assets – Mortgage trading loans, ABS and other MBS of $1.7 billion, AFS debt securities of $693 million, Other debt securities carried at fair value - Non-agency residential of $269 million, Other assets, including MSRs, of $2.0 billion, Loans and leases of $558 million and LHFS of $1.1 billion.
|
(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.
|
87 Bank of America
|
|
|
|
|
|
|
|
|
||
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 – Tax-exempt 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 85: 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.
|
|
|
Bank of America 88
|
|
|
|
|
|
|
||||||
Assets Measured at Fair Value on a Nonrecurring Basis
|
|||||||||||
|
|
||||||||||
|
March 31, 2020
|
|
Three Months Ended March 31, 2020
|
||||||||
(Dollars in millions)
|
Level 2
|
|
Level 3
|
|
Gains (Losses)
|
||||||
Assets
|
|
|
|
|
|
|
|
||||
Loans held-for-sale
|
$
|
1,017
|
|
|
$
|
628
|
|
|
$
|
(78
|
)
|
Loans and leases (1)
|
—
|
|
|
117
|
|
|
(27
|
)
|
|||
Foreclosed properties (2, 3)
|
—
|
|
|
15
|
|
|
(6
|
)
|
|||
Other assets
|
27
|
|
|
24
|
|
|
(2
|
)
|
|||
|
|
|
|
|
|
||||||
|
March 31, 2019
|
|
Three Months Ended March 31, 2019
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||
Loans held-for-sale
|
$
|
55
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
Loans and leases (1)
|
—
|
|
|
120
|
|
|
(40
|
)
|
|||
Foreclosed properties (2, 3)
|
—
|
|
|
40
|
|
|
(13
|
)
|
|||
Other assets
|
61
|
|
|
6
|
|
|
(11
|
)
|
(1)
|
Includes $12 million and $18 million of losses on loans that were written down to a collateral value of zero during the three months ended March 31, 2020 and 2019.
|
(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 $224 million and $400 million of properties acquired upon foreclosure of certain government-guaranteed loans (principally FHA-insured loans) at March 31, 2020 and 2019.
|
|
|
|
|
|
|
|||
Quantitative Information about Nonrecurring Level 3 Fair Value Measurements
|
||||||||
|
|
|
|
|
|
|||
|
|
|
Inputs
|
|||||
Financial Instrument
|
Fair Value
|
Valuation
Technique
|
Significant Unobservable
Inputs
|
Ranges of
Inputs
|
Weighted
Average (1)
|
|||
(Dollars in millions)
|
March 31, 2020
|
|||||||
Loans held-for-sale
|
$
|
628
|
|
Discounted cash flow
|
Price
|
$9 to $99
|
$95
|
|
Loans and leases (2)
|
117
|
|
Market comparables
|
OREO discount
|
13% to 59%
|
24
|
%
|
|
|
|
|
Costs to sell
|
8% to 26%
|
9
|
%
|
||
|
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
|
%
|
(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)
|
Reflects the measurement of the Corporation’s merchant services equity method investment on which the Corporation recorded an impairment charge in 2019. For more information, see Note 13 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s 2019 Annual Report on Form 10-K. 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.
|
89 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fair Value Option Elections
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||||||||||
(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
|
$
|
49,033
|
|
|
$
|
49,016
|
|
|
$
|
17
|
|
|
$
|
50,364
|
|
|
$
|
50,318
|
|
|
$
|
46
|
|
Loans reported as trading account assets (1)
|
7,652
|
|
|
16,542
|
|
|
(8,890
|
)
|
|
6,989
|
|
|
14,703
|
|
|
(7,714
|
)
|
||||||
Trading inventory – other
|
16,780
|
|
|
n/a
|
|
|
n/a
|
|
|
19,574
|
|
|
n/a
|
|
|
n/a
|
|
||||||
Consumer and commercial loans
|
9,016
|
|
|
9,358
|
|
|
(342
|
)
|
|
8,335
|
|
|
8,372
|
|
|
(37
|
)
|
||||||
Loans held-for-sale (1)
|
3,609
|
|
|
4,564
|
|
|
(955
|
)
|
|
3,709
|
|
|
4,879
|
|
|
(1,170
|
)
|
||||||
Other assets
|
4
|
|
|
n/a
|
|
|
n/a
|
|
|
4
|
|
|
n/a
|
|
|
n/a
|
|
||||||
Long-term deposits
|
589
|
|
|
541
|
|
|
48
|
|
|
508
|
|
|
496
|
|
|
12
|
|
||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase
|
17,192
|
|
|
17,184
|
|
|
8
|
|
|
16,008
|
|
|
16,029
|
|
|
(21
|
)
|
||||||
Short-term borrowings
|
3,020
|
|
|
3,265
|
|
|
(245
|
)
|
|
3,941
|
|
|
3,930
|
|
|
11
|
|
||||||
Unfunded loan commitments
|
207
|
|
|
n/a
|
|
|
n/a
|
|
|
90
|
|
|
n/a
|
|
|
n/a
|
|
||||||
Long-term debt (2)
|
32,163
|
|
|
35,714
|
|
|
(3,551
|
)
|
|
34,975
|
|
|
35,730
|
|
|
(755
|
)
|
(1)
|
A significant portion of the loans reported as trading account assets and LHFS are distressed loans that were purchased at a deep discount to par, and the remainder are loans with a fair value near contractual principal outstanding.
|
(2)
|
Includes structured liabilities with a fair value of $31.8 billion and $34.6 billion at March 31, 2020 and December 31, 2019, and contractual principal outstanding of $35.3 billion at both periods.
|
(1)
|
The gains in market making and similar activities are primarily offset by losses on trading liabilities that hedge these assets.
|
(2)
|
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 13 – Accumulated Other Comprehensive Income (Loss). For more information on how the Corporation’s own credit spread is determined, see Note 21 – Fair Value Measurements to the Consolidated Financial Statements of the Corporation’s 2019 Annual Report on Form 10-K.
|
(3)
|
Includes gains (losses) on federal funds sold and securities borrowed or purchased under agreements to resell, LHFS, long-term deposits and federal funds purchased and securities loaned or sold under agreements to repurchase.
|
|
|
Bank of America 90
|
|
|
|
|
|
|
|
|
||||||||
Fair Value of Financial Instruments
|
|||||||||||||||
|
|
|
|
||||||||||||
|
|
|
Fair Value
|
||||||||||||
|
Carrying Value
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
(Dollars in millions)
|
March 31, 2020
|
||||||||||||||
Financial assets
|
|
|
|
|
|
|
|
||||||||
Loans
|
$
|
1,011,597
|
|
|
$
|
64,762
|
|
|
$
|
975,625
|
|
|
$
|
1,040,387
|
|
Loans held-for-sale
|
7,862
|
|
|
5,556
|
|
|
2,308
|
|
|
$
|
7,864
|
|
|||
Financial liabilities
|
|
|
|
|
|
|
|
||||||||
Deposits (1)
|
1,583,325
|
|
|
1,583,659
|
|
|
—
|
|
|
1,583,659
|
|
||||
Long-term debt
|
256,712
|
|
|
248,324
|
|
|
721
|
|
|
249,045
|
|
||||
Commercial unfunded lending commitments (2)
|
1,567
|
|
|
207
|
|
|
6,318
|
|
|
6,525
|
|
||||
|
|
|
|
|
|
|
|
||||||||
|
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
|
|
(1)
|
Includes demand deposits of $650.9 billion and $545.5 billion with no stated maturities at March 31, 2020 and December 31, 2019.
|
(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 10 – Commitments and Contingencies.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Results of Business Segments and All Other
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
At and for the three months ended March 31
|
|
Total Corporation (1)
|
|
Consumer Banking
|
|
Global Wealth & Investment Management
|
||||||||||||||||||
(Dollars in millions)
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||||||
Net interest income
|
|
$
|
12,274
|
|
|
$
|
12,528
|
|
|
$
|
6,862
|
|
|
$
|
7,106
|
|
|
$
|
1,571
|
|
|
$
|
1,684
|
|
Noninterest income
|
|
10,637
|
|
|
10,629
|
|
|
2,267
|
|
|
2,526
|
|
|
3,365
|
|
|
3,136
|
|
||||||
Total revenue, net of interest expense
|
|
22,911
|
|
|
23,157
|
|
|
9,129
|
|
|
9,632
|
|
|
4,936
|
|
|
4,820
|
|
||||||
Provision for credit losses
|
|
4,761
|
|
|
1,013
|
|
|
2,258
|
|
|
974
|
|
|
189
|
|
|
5
|
|
||||||
Noninterest expense
|
|
13,475
|
|
|
13,224
|
|
|
4,495
|
|
|
4,367
|
|
|
3,600
|
|
|
3,434
|
|
||||||
Income before income taxes
|
|
4,675
|
|
|
8,920
|
|
|
2,376
|
|
|
4,291
|
|
|
1,147
|
|
|
1,381
|
|
||||||
Income tax expense
|
|
665
|
|
|
1,609
|
|
|
582
|
|
|
1,051
|
|
|
281
|
|
|
338
|
|
||||||
Net income
|
|
$
|
4,010
|
|
|
$
|
7,311
|
|
|
$
|
1,794
|
|
|
$
|
3,240
|
|
|
$
|
866
|
|
|
$
|
1,043
|
|
Period-end total assets
|
|
$
|
2,619,954
|
|
|
$
|
2,377,164
|
|
|
$
|
837,522
|
|
|
$
|
794,586
|
|
|
$
|
323,866
|
|
|
$
|
296,799
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Global Banking
|
|
Global Markets
|
|
All Other
|
||||||||||||||||||
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||||||
Net interest income
|
|
$
|
2,612
|
|
|
$
|
2,790
|
|
|
$
|
1,153
|
|
|
$
|
953
|
|
|
$
|
76
|
|
|
$
|
(5
|
)
|
Noninterest income
|
|
1,988
|
|
|
2,365
|
|
|
4,072
|
|
|
3,228
|
|
|
(1,055
|
)
|
|
(626
|
)
|
||||||
Total revenue, net of interest expense
|
|
4,600
|
|
|
5,155
|
|
|
5,225
|
|
|
4,181
|
|
|
(979
|
)
|
|
(631
|
)
|
||||||
Provision for credit losses
|
|
2,093
|
|
|
111
|
|
|
107
|
|
|
(23
|
)
|
|
114
|
|
|
(54
|
)
|
||||||
Noninterest expense
|
|
2,321
|
|
|
2,266
|
|
|
2,813
|
|
|
2,755
|
|
|
246
|
|
|
402
|
|
||||||
Income before income taxes
|
|
186
|
|
|
2,778
|
|
|
2,305
|
|
|
1,449
|
|
|
(1,339
|
)
|
|
(979
|
)
|
||||||
Income tax expense
|
|
50
|
|
|
750
|
|
|
599
|
|
|
413
|
|
|
(847
|
)
|
|
(943
|
)
|
||||||
Net income
|
|
$
|
136
|
|
|
$
|
2,028
|
|
|
$
|
1,706
|
|
|
$
|
1,036
|
|
|
$
|
(492
|
)
|
|
$
|
(36
|
)
|
Period-end total assets
|
|
$
|
562,529
|
|
|
$
|
436,066
|
|
|
$
|
654,735
|
|
|
$
|
671,123
|
|
|
$
|
241,302
|
|
|
$
|
178,590
|
|
(1)
|
There were no material intersegment revenues.
|
91 Bank of America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Noninterest Income by Business Segment and All Other
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Total Corporation
|
|
Consumer Banking
|
|
Global Wealth &
Investment Management
|
||||||||||||||||||
|
Three Months Ended March 31
|
||||||||||||||||||||||
(Dollars in millions)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||||||
Fees and commissions:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Card income
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interchange fees
|
$
|
792
|
|
|
$
|
896
|
|
|
$
|
644
|
|
|
$
|
728
|
|
|
$
|
8
|
|
|
$
|
17
|
|
Other card income
|
480
|
|
|
479
|
|
|
466
|
|
|
469
|
|
|
9
|
|
|
9
|
|
||||||
Total card income
|
1,272
|
|
|
1,375
|
|
|
1,110
|
|
|
1,197
|
|
|
17
|
|
|
26
|
|
||||||
Service charges
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Deposit-related fees
|
1,627
|
|
|
1,580
|
|
|
995
|
|
|
1,020
|
|
|
17
|
|
|
18
|
|
||||||
Lending-related fees
|
276
|
|
|
259
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total service charges
|
1,903
|
|
|
1,839
|
|
|
995
|
|
|
1,020
|
|
|
17
|
|
|
18
|
|
||||||
Investment and brokerage services
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Asset management fees
|
2,682
|
|
|
2,440
|
|
|
37
|
|
|
35
|
|
|
2,652
|
|
|
2,414
|
|
||||||
Brokerage fees
|
1,076
|
|
|
920
|
|
|
33
|
|
|
38
|
|
|
470
|
|
|
428
|
|
||||||
Total investment and brokerage services
|
3,758
|
|
|
3,360
|
|
|
70
|
|
|
73
|
|
|
3,122
|
|
|
2,842
|
|
||||||
Investment banking fees
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Underwriting income
|
848
|
|
|
666
|
|
|
—
|
|
|
—
|
|
|
115
|
|
|
80
|
|
||||||
Syndication fees
|
271
|
|
|
255
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Financial advisory services
|
269
|
|
|
343
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total investment banking fees
|
1,388
|
|
|
1,264
|
|
|
—
|
|
|
—
|
|
|
115
|
|
|
80
|
|
||||||
Total fees and commissions
|
8,321
|
|
|
7,838
|
|
|
2,175
|
|
|
2,290
|
|
|
3,271
|
|
|
2,966
|
|
||||||
Market making and similar activities
|
2,807
|
|
|
2,768
|
|
|
1
|
|
|
2
|
|
|
21
|
|
|
34
|
|
||||||
Other income (loss)
|
(491
|
)
|
|
23
|
|
|
91
|
|
|
234
|
|
|
73
|
|
|
136
|
|
||||||
Total noninterest income
|
$
|
10,637
|
|
|
$
|
10,629
|
|
|
$
|
2,267
|
|
|
$
|
2,526
|
|
|
$
|
3,365
|
|
|
$
|
3,136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Global Banking
|
|
Global Markets
|
|
All Other (1)
|
||||||||||||||||||
|
Three Months Ended March 31
|
||||||||||||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||||||
Fees and commissions:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Card income
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interchange fees
|
$
|
119
|
|
|
$
|
129
|
|
|
$
|
21
|
|
|
$
|
21
|
|
|
$
|
—
|
|
|
$
|
1
|
|
Other card income
|
4
|
|
|
2
|
|
|
—
|
|
|
(1
|
)
|
|
1
|
|
|
—
|
|
||||||
Total card income
|
123
|
|
|
131
|
|
|
21
|
|
|
20
|
|
|
1
|
|
|
1
|
|
||||||
Service charges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposit-related fees
|
572
|
|
|
498
|
|
|
35
|
|
|
38
|
|
|
8
|
|
|
6
|
|
||||||
Lending-related fees
|
224
|
|
|
215
|
|
|
52
|
|
|
44
|
|
|
—
|
|
|
—
|
|
||||||
Total service charges
|
796
|
|
|
713
|
|
|
87
|
|
|
82
|
|
|
8
|
|
|
6
|
|
||||||
Investment and brokerage services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset management fees
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(9
|
)
|
||||||
Brokerage fees
|
7
|
|
|
9
|
|
|
567
|
|
|
444
|
|
|
(1
|
)
|
|
1
|
|
||||||
Total investment and brokerage services
|
7
|
|
|
9
|
|
|
567
|
|
|
444
|
|
|
(8
|
)
|
|
(8
|
)
|
||||||
Investment banking fees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Underwriting income
|
369
|
|
|
279
|
|
|
455
|
|
|
368
|
|
|
(91
|
)
|
|
(61
|
)
|
||||||
Syndication fees
|
145
|
|
|
127
|
|
|
125
|
|
|
129
|
|
|
1
|
|
|
(1
|
)
|
||||||
Financial advisory services
|
247
|
|
|
303
|
|
|
22
|
|
|
40
|
|
|
—
|
|
|
—
|
|
||||||
Total investment banking fees
|
761
|
|
|
709
|
|
|
602
|
|
|
537
|
|
|
(90
|
)
|
|
(62
|
)
|
||||||
Total fees and commissions
|
1,687
|
|
|
1,562
|
|
|
1,277
|
|
|
1,083
|
|
|
(89
|
)
|
|
(63
|
)
|
||||||
Market making and similar activities
|
87
|
|
|
50
|
|
|
2,973
|
|
|
2,082
|
|
|
(275
|
)
|
|
600
|
|
||||||
Other income (loss)
|
214
|
|
|
753
|
|
|
(178
|
)
|
|
63
|
|
|
(691
|
)
|
|
(1,163
|
)
|
||||||
Total noninterest income
|
$
|
1,988
|
|
|
$
|
2,365
|
|
|
$
|
4,072
|
|
|
$
|
3,228
|
|
|
$
|
(1,055
|
)
|
|
$
|
(626
|
)
|
(1)
|
All Other includes eliminations of intercompany transactions.
|
|
|
Bank of America 92
|
|
|
|
|
||||
Business Segment Reconciliations
|
|
|
|
||||
|
|
|
|
||||
|
Three Months Ended March 31
|
||||||
(Dollars in millions)
|
2020
|
|
2019
|
||||
Segments’ total revenue, net of interest expense
|
$
|
23,890
|
|
|
$
|
23,788
|
|
Adjustments (1):
|
|
|
|
|
|
||
ALM activities
|
(85
|
)
|
|
12
|
|
||
Liquidating businesses, eliminations and other
|
894
|
|
|
643
|
|
||
FTE basis adjustment
|
(144
|
)
|
|
(153
|
)
|
||
Consolidated revenue, net of interest expense
|
$
|
22,767
|
|
|
$
|
23,004
|
|
Segments’ total net income
|
4,502
|
|
|
7,347
|
|
||
Adjustments, net-of-tax (1):
|
|
|
|
|
|||
ALM activities
|
(77
|
)
|
|
18
|
|
||
Liquidating businesses, eliminations and other
|
(415
|
)
|
|
(54
|
)
|
||
Consolidated net income
|
$
|
4,010
|
|
|
$
|
7,311
|
|
|
|
|
|
||||
|
March 31
|
||||||
|
2020
|
|
2019
|
||||
Segments’ total assets
|
$
|
2,378,652
|
|
|
$
|
2,198,574
|
|
Adjustments (1):
|
|
|
|
|
|
||
ALM activities, including securities portfolio
|
840,187
|
|
|
671,751
|
|
||
Elimination of segment asset allocations to match liabilities
|
(665,795
|
)
|
|
(566,812
|
)
|
||
Other
|
66,910
|
|
|
73,651
|
|
||
Consolidated total assets
|
$
|
2,619,954
|
|
|
$
|
2,377,164
|
|
(1)
|
Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.
|
93 Bank of America
|
|
|
|
|
|
|
|
|
|
Bank of America 94
|
|
|
|
|
|
|
|
|
|
|
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
|
CCAR
|
Comprehensive Capital Analysis and Review
|
CDO
|
Collateralized debt obligation
|
CECL
|
Current expected credit losses
|
CET1
|
Common equity tier 1
|
CFTC
|
Commodity Futures Trading Commission
|
CLTV
|
Combined loan-to-value
|
CVA
|
Credit valuation adjustment
|
DVA
|
Debit valuation adjustment
|
ECL
|
Expected credit losses
|
EPS
|
Earnings per common share
|
FDIC
|
Federal Deposit Insurance Corporation
|
FHA
|
Federal Housing Administration
|
FHLB
|
Federal Home Loan Bank
|
FICC
|
Fixed-income, currencies and commodities
|
FICO
|
Fair Isaac Corporation (credit score)
|
FTE
|
Fully taxable-equivalent
|
FVA
|
Funding valuation adjustment
|
GAAP
|
Accounting principles generally accepted in the United States of America
|
GLS
|
Global Liquidity Sources
|
GNMA
|
Government National Mortgage Association
|
GSE
|
Government-sponsored enterprise
|
G-SIB
|
Global systemically important bank
|
GWIM
|
Global Wealth & Investment Management
|
HELOC
|
Home equity line of credit
|
HQLA
|
High Quality Liquid Assets
|
HTM
|
Held-to-maturity
|
IBOR
|
Interbank Offered Rates
|
IRLC
|
Interest rate lock commitment
|
ISDA
|
International Swaps and Derivatives Association, Inc.
|
LCR
|
Liquidity Coverage Ratio
|
LHFS
|
Loans held-for-sale
|
LIBOR
|
London Interbank Offered Rate
|
LTV
|
Loan-to-value
|
MBS
|
Mortgage-backed securities
|
MD&A
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
MLGWM
|
Merrill Lynch Global Wealth Management
|
MLI
|
Merrill Lynch International
|
MLPCC
|
Merrill Lynch Professional Clearing Corp
|
MLPF&S
|
Merrill Lynch, Pierce, Fenner & Smith Incorporated
|
MSA
|
Metropolitan Statistical Area
|
MSR
|
Mortgage servicing right
|
OCC
|
Office of the Comptroller of the Currency
|
OCI
|
Other comprehensive income
|
OREO
|
Other real estate owned
|
PCA
|
Prompt Corrective Action
|
PPP
|
Paycheck Protection Program
|
RSU
|
Restricted stock unit
|
SBA
|
Small Business Administration
|
SBLC
|
Standby letter of credit
|
SEC
|
Securities and Exchange Commission
|
SLR
|
Supplementary leverage ratio
|
TDR
|
Troubled debt restructurings
|
TLAC
|
Total loss-absorbing capacity
|
VaR
|
Value-at-Risk
|
VIE
|
Variable interest entity
|
95 Bank of America
|
|
|
|
|
Bank of America 96
|
|
|
|
|
|
|
|
|
||||||
(Dollars in millions, except per share information; shares in thousands)
|
Total Common Shares Repurchased (1)
|
|
Weighted-Average Per Share Price
|
|
Total Shares
Purchased as
Part of Publicly Announced Programs |
|
Remaining Buyback
Authority Amounts (2)
|
||||||
January 1 - 31, 2020
|
70,677
|
|
|
$
|
35.09
|
|
|
70,668
|
|
|
$
|
13,091
|
|
February 1 - 29, 2020
|
95,679
|
|
|
34.10
|
|
|
72,704
|
|
|
10,626
|
|
||
March 1 - 31, 2020
|
56,969
|
|
|
25.57
|
|
|
55,602
|
|
|
9,209
|
|
||
Three months ended March 31, 2020
|
223,325
|
|
|
32.24
|
|
|
198,974
|
|
|
|
|
(1)
|
Includes 24.4 million 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 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 March 31, 2020, pursuant to the Board’s authorization, the Corporation repurchased $6.4 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 18 and Note 11 – Shareholders’ Equity to the Consolidated Financial Statements.
|
97 Bank of America
|
|
|
|
|
|
Incorporated by Reference
|
|||
Exhibit No.
|
Description
|
Notes
|
Form
|
Exhibit
|
Filing Date
|
File No.
|
|
|
|
|
|
|
|
3.1
|
|
10-K
|
3.1
|
2/19/20
|
1-6523
|
|
|
|
|
|
|
|
|
3.2
|
|
10-Q
|
3(b)
|
10/28/19
|
1-6523
|
|
|
|
|
|
|
|
|
10.1
|
1,2
|
|
|
|
|
|
|
|
|
|
|
|
|
10.2
|
1,2
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
|
|
|
|
|
Bank of America Corporation
Registrant
|
|
||
|
|
|
|
|
|
Date:
|
May 1, 2020
|
|
/s/ Rudolf A. Bless
|
|
|
|
|
|
Rudolf A. Bless
Chief Accounting Officer
|
|
|
|
Bank of America 98
|
1.
|
Review the Award Agreement to ensure you understand its provisions. With each award you receive, provisions of your Award Agreement may change so it is important to review your Award Agreement.
|
2.
|
Print the Award Agreement and file it with your important papers.
|
3.
|
Accept your Award Agreement through the online acceptance process.*
|
4.
|
Designate your beneficiary on the Benefits OnLine® Beneficiary tab.
|
5.
|
More detailed information about competitive businesses can be found on HR Connect under Money / Pay / Incentive plans & awards / How Performance Plan awards are paid, to the extent that the competition restriction is applicable to you, as described in this Award Agreement.
|
1.
|
Subject to the terms and conditions of the Stock Plan and this Agreement, Bank of America awards to you the number of Restricted Stock Units shown above. Each Restricted Stock Unit shall have a value equal to the Fair Market Value of one (1) share of Bank of America common stock.
|
2.
|
You acknowledge having read the Prospectus and agree to be bound by all the terms and conditions of the Stock Plan and this Agreement.
|
3.
|
The Restricted Stock Units covered by this Award shall become earned by, and payable to, you in accordance with the terms and conditions of the Stock Plan and this Agreement in the amounts and on the dates shown on the enclosed Exhibit A.
|
4.
|
If a cash dividend is paid with respect to Bank of America common stock, a cash dividend equivalent equal to the total cash dividend you would have received had your Restricted Stock Units been actual Shares will be accumulated and paid in cash through payroll when the Restricted Stock Units become earned and payable. Dividend equivalents are credited with interest at the three (3)-year constant maturity Treasury rate in effect on the grant date noted above until the applicable payment date provided in Exhibit A.
|
5.
|
You agree that you shall comply with (or provide adequate assurance as to future compliance with) all applicable securities laws, as determined by Bank of America, as a condition precedent to the delivery of any Shares pursuant to this Agreement. In addition, you agree that, upon request, you will furnish a letter agreement providing that you will (i) not distribute or resell any of said Shares in violation of the U.S. Securities Act of 1933, as amended, (ii) indemnify and hold Bank of America harmless against all liability for any such violation and (iii) accept all liability for any such violation.
|
6.
|
You agree that the Award covered by this Agreement is subject to the Incentive Compensation Recoupment Policy set forth in the Bank of America Corporate Governance Guidelines. To the extent allowed by and consistent with applicable law and any applicable limitations period, if it is determined at any time that you have engaged in Detrimental Conduct or engaged in any hedging or derivative transactions involving Bank of America common stock in violation of the Bank of America Corporation Code of Conduct that would undermine the long-term performance incentives created by the Award, Bank of America will be entitled to recover from you in its sole discretion some or all of the Shares (and any related dividend equivalents) paid to you pursuant to this Agreement. You recognize that if you engage in Detrimental Conduct or any hedging or derivative transactions involving Bank of America common stock, the losses to Bank of America and/or its Subsidiaries may amount to the full value of any Shares (and any related dividend equivalents) paid to you pursuant to this Agreement. In addition, the Award is subject to the requirements of (i) Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (regarding recovery of
|
7.
|
You may designate a beneficiary to receive payment in connection with the Restricted Stock Units awarded hereunder in the event of your death while in service with Bank of America or its Subsidiaries in accordance with Bank of America’s beneficiary designation procedures, as in effect from time to time. Any beneficiary designation in effect at the time of your termination of employment with Bank of America and its Subsidiaries (other than a termination of employment due to your death) will remain in effect following your termination of employment unless you change your beneficiary designation or it otherwise ceases to be enforceable and/or valid in accordance with Bank of America’s beneficiary designation procedures, as in effect from time to time. If you do not designate a beneficiary or if your designated beneficiary does not survive you, then your beneficiary will be your estate.
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8.
|
The existence of this Award shall not affect in any way the right or power of Bank of America or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in Bank of America’s capital structure or its business, or any merger or consolidation of Bank of America, or any issue of bonds, debentures, preferred or prior preference stocks ahead of or convertible into, or otherwise affecting the Bank of America common stock or the rights thereof, or the dissolution or liquidation of Bank of America, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.
|
9.
|
Bank of America may, in its sole discretion, decide to deliver any documents related to this Award or future Awards that may be granted under the Stock Plan by electronic means or request your consent to participate in the Stock Plan by electronic means. You hereby consent to receive such documents by electronic delivery and, if requested, agree to participate in the Stock Plan through an online or electronic system established and maintained by Bank of America or a third party designated by Bank of America.
|
10.
|
You acknowledge that Bank of America has not provided you with any legal advice and that you have the right to consult with your personal legal advisor prior to accepting this Agreement.
|
11.
|
You acknowledge that, regardless of any action taken by Bank of America or your employer, the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items (or, if applicable, your portion thereof) related to your participation in the Stock Plan (“Tax-Related Items”) is and remains your responsibility
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12.
|
The validity, construction and effect of this Agreement are governed by, and subject to, the laws of the State of Delaware and the laws of the United States, as provided in the Stock Plan, unless otherwise required by applicable law. For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties evidenced by this Award or this Agreement, the parties hereby submit to and consent to the exclusive jurisdiction of North Carolina and agree that such litigation shall be conducted solely in the courts of Mecklenburg County, North Carolina or the federal courts for the United States for the Western District of North Carolina, where this Award is made and/or to be performed, and no other courts, unless otherwise required by applicable law.
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13.
|
In the event any provision of this Agreement shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Agreement, and the Agreement shall be construed and enforced as if the illegal or invalid provision had not been included. This Agreement constitutes the final understanding between you and Bank of America regarding the Restricted Stock Units. Any prior agreements, commitments or negotiations concerning the Restricted Stock Units are superseded. Subject to the terms of the Stock Plan, this Agreement may only be amended by a written instrument signed by both parties.
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14.
|
If you move to any country outside of the United States during the term of your Award, additional terms and conditions may apply to your Award. Bank of America reserves the right to impose other requirements on the Award to the extent Bank of America determines it is necessary or advisable for legal or administrative reasons and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.
|
Payment Date*
|
Number of Restricted Stock Units
That Become Earned and Payable
|
[date]
[date]
[date]
|
one-third (1/3) of Award
one-third (1/3) of Award
one-third (1/3) of Award
|
1.
|
Review the Award Agreement to ensure you understand its provisions. With each award you receive, provisions of your Award Agreement may change so it is important to review your Award Agreement.
|
2.
|
Print the Award Agreement and file it with your important papers.
|
3.
|
Accept your Award Agreement through the online acceptance process.*
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4.
|
Designate your beneficiary on the Benefits OnLine® Beneficiary tab.
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5.
|
More detailed information about competitive businesses can be found on HR Connect under Money / Pay / Incentive plans & awards / How Performance Plan awards are paid, to the extent that the competition restriction is applicable to you, as described in this Award Agreement.
|
1.
|
Subject to the terms and conditions of the Stock Plan and this Agreement, Bank of America awards to you the number of Restricted Stock Units shown above. Each Restricted Stock Unit shall have a value equal to the Fair Market Value of one (1) share of Bank of America common stock.
|
2.
|
You acknowledge having read the Prospectus and agree to be bound by all the terms and conditions of the Stock Plan and this Agreement.
|
3.
|
The Restricted Stock Units covered by this Award shall become earned by, and payable to, you in accordance with the terms and conditions of the Stock Plan and this Agreement in the amounts and on the dates shown on the enclosed Exhibit A.
|
4.
|
If a cash dividend is paid with respect to Bank of America common stock, a cash dividend equivalent equal to the total cash dividend you would have received had your Restricted Stock Units been actual Shares will be accumulated and paid in cash through payroll when the Restricted Stock Units become earned and payable. Dividend equivalents are credited with interest at the three (3)-year constant maturity Treasury rate in effect on the grant date noted above until the applicable payment date provided in Exhibit A.
|
5.
|
You agree that you shall comply with (or provide adequate assurance as to future compliance with) all applicable securities laws, as determined by Bank of America, as a condition precedent to the delivery of any Shares pursuant to this Agreement. In addition, you agree that, upon request, you will furnish a letter agreement providing that you will (i) not distribute or resell any of said Shares in violation of the U.S. Securities Act of 1933, as amended, (ii) indemnify and hold Bank of America harmless against all liability for any such violation and (iii) accept all liability for any such violation.
|
6.
|
You agree that the Award covered by this Agreement is subject to the Incentive Compensation Recoupment Policy set forth in the Bank of America Corporate Governance Guidelines. To the extent allowed by and consistent with applicable law and any applicable limitations period, if it is determined at any time that you have engaged in Detrimental Conduct or engaged in any hedging or derivative transactions involving Bank of America common stock in violation of the Bank of America Corporation Code of Conduct that would undermine the long-term performance incentives created by the Award, Bank of America will be entitled to recover from you in its sole discretion some or all of the Shares (and any related dividend equivalents) paid to you pursuant to this Agreement. You recognize that if you engage in Detrimental Conduct or any hedging or derivative transactions involving Bank of America common stock, the losses to Bank of America and/or its Subsidiaries may amount to the full value of any Shares (and any related dividend equivalents) paid to you pursuant to
|
7.
|
You may designate a beneficiary to receive payment in connection with the Restricted Stock Units awarded hereunder in the event of your death while in service with Bank of America or its Subsidiaries in accordance with Bank of America’s beneficiary designation procedures, as in effect from time to time. Any beneficiary designation in effect at the time of your termination of employment with Bank of America and its Subsidiaries (other than a termination of employment due to your death) will remain in effect following your termination of employment unless you change your beneficiary designation or it otherwise ceases to be enforceable and/or valid in accordance with Bank of America’s beneficiary designation procedures, as in effect from time to time. If you do not designate a beneficiary or if your designated beneficiary does not survive you, then your beneficiary will be your estate.
|
8.
|
The existence of this Award shall not affect in any way the right or power of Bank of America or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in Bank of America’s capital structure or its business, or any merger or consolidation of Bank of America, or any issue of bonds, debentures, preferred or prior preference stocks ahead of or convertible into, or otherwise affecting the Bank of America common stock or the rights thereof, or the dissolution or liquidation of Bank of America, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.
|
9.
|
Bank of America may, in its sole discretion, decide to deliver any documents related to this Award or future Awards that may be granted under the Stock Plan by electronic means or request your consent to participate in the Stock Plan by electronic means. You hereby consent to receive such documents by electronic delivery and, if requested, agree to participate in the Stock Plan through an online or electronic system established and maintained by Bank of America or a third party designated by Bank of America.
|
10.
|
You acknowledge that Bank of America has not provided you with any legal advice and that you have the right to consult with your personal legal advisor prior to accepting this Agreement.
|
11.
|
You acknowledge that, regardless of any action taken by Bank of America or your employer, the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax,
|
12.
|
The validity, construction and effect of this Agreement are governed by, and subject to, the laws of the State of Delaware and the laws of the United States, as provided in the Stock Plan, unless otherwise required by applicable law. For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties evidenced by this Award or this Agreement, the parties hereby submit to and consent to the exclusive jurisdiction of North Carolina and agree that such litigation shall be conducted solely in the courts of Mecklenburg County, North Carolina or the federal courts for the United States for the Western District of North Carolina, where this Award is made and/or to be performed, and no other courts, unless otherwise required by applicable law.
|
13.
|
In the event any provision of this Agreement shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Agreement, and the Agreement shall be construed and enforced as if the illegal or invalid provision had not been included. This Agreement constitutes the final understanding between you and Bank of America regarding the Restricted Stock Units. Any prior agreements, commitments or negotiations concerning the Restricted Stock Units are superseded. Subject to the terms of
|
14.
|
If you move to any country outside of the United States during the term of your Award, additional terms and conditions may apply to your Award. Bank of America reserves the right to impose other requirements on the Award to the extent Bank of America determines it is necessary or advisable for legal or administrative reasons and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.
|
Three-year Average ROA
(50% Weighting)
|
Three-year Average Growth in
Adjusted TBV
(50% Weighting)
|
||
Standard
|
% Earned
|
Standard
|
% Earned
|
<60 bps
60 bps
80 bps
≥100 bps
|
0%
33-1/3%
66-2/3%
100%
|
<5.25%
5.25%
7.00%
≥8.50%
|
0%
33-1/3%
66-2/3%
100%
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Bank of America Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
May 1, 2020
|
/s/ Brian T. Moynihan
Brian T. Moynihan
Chief Executive Officer
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Bank of America Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
May 1, 2020
|
/s/ Paul M. Donofrio
Paul M. Donofrio
Chief Financial Officer
|
1.
|
I am the Chief Executive Officer of Bank of America Corporation (the registrant).
|
2.
|
I hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
|
•
|
the Quarterly Report on Form 10-Q of the registrant for the quarter ended March 31, 2020 (the periodic report) containing financial statements fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
|
•
|
the information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the registrant.
|
Date:
|
May 1, 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).
|
2.
|
I hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
|
•
|
the Quarterly Report on Form 10-Q of the registrant for the quarter ended March 31, 2020 (the periodic report) containing financial statements fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
|
•
|
the information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the registrant.
|
Date:
|
May 1, 2020
|
/s/ Paul M. Donofrio
Paul M. Donofrio
Chief Financial Officer
|