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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2020

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the transition period from          to

Commission file number:

1-6523

Exact name of registrant as specified in its charter:

Bank of America Corporation

State or other jurisdiction of incorporation or organization:

Delaware

IRS Employer Identification No.:

56-0906609

Address of principal executive offices:

Bank of America Corporate Center

100 N. Tryon Street

Charlotte, North Carolina 28255

Registrant’s telephone number, including area code:

(704) 386-5681

Former name, former address and former fiscal year, if changed since last report:

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

                                         Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2).

Yes ☐ No ☑

On October 29, 2020, there were 8,650,789,694 shares of Bank of America Corporation Common Stock outstanding.

Bank of America Corporation and Subsidiaries

September 30, 2020

Form 10-Q

INDEX

Part I. Financial Information

Item 1. Financial Statements						Page
Consolidated Statement of Income						52
Consolidated Statement of Comprehensive Income						52
Consolidated Balance Sheet						53
Consolidated Statement of Changes in Shareholders’ Equity						54
Consolidated Statement of Cash Flows						55
Notes to Consolidated Financial Statements						56
Note 1 – Summary of Significant Accounting Principles						56
Note 2 – Net Interest Income and Noninterest Income						59
Note 3 – Derivatives						60
Note 4 – Securities						67
Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses						70
Note 6 – Securitizations and Other Variable Interest Entities						79
Note 7 – Goodwill and Intangible Assets						82
Note 8 – Leases						82
Note 9 – Federal Funds Sold or Purchased, Securities Financing Agreements, Short-term Borrowings and Restricted Cash						83
Note 10 – Commitments and Contingencies						85
Note 11 – Shareholders’ Equity						87
Note 12 – Earnings Per Common Share						88
Note 13 – Accumulated Other Comprehensive Income (Loss)						88
Note 14 – Fair Value Measurements						89
Note 15 – Fair Value Option						96
Note 16 – Fair Value of Financial Instruments						98
Note 17 – Business Segment Information						98
Glossary						103
Acronyms						104

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Executive Summary						3
Recent Developments						3
Financial Highlights						5
Supplemental Financial Data						8
Business Segment Operations						12
Consumer Banking						12
Global Wealth & Investment Management						16
Global Banking						18
Global Markets						20
All Other						22
Off-Balance Sheet Arrangements and Contractual Obligations						23
Managing Risk						23
Capital Management						23
Liquidity Risk						27
Credit Risk Management						30
Consumer Portfolio Credit Risk Management						30
Commercial Portfolio Credit Risk Management						37
Non-U.S. Portfolio						43
Allowance for Credit Losses						44
Market Risk Management						46
Trading Risk Management						46
Interest Rate Risk Management for the Banking Book						48
Mortgage Banking Risk Management						50
Complex Accounting Estimates						50
Non-GAAP Reconciliations						51
Item 3. Quantitative and Qualitative Disclosures about Market Risk						51
Item 4. Controls and Procedures						51

Part II. Other Information

Item 1. Legal Proceedings						105
Item 1A. Risk Factors						105
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds						106
Item 6. Exhibits						107
Signature						107

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

(1)For definitions, see Key Metrics on page 104.

(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 51.

Noninterest Income

Income Tax Expense

Supplemental Financial Data