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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:
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
of 5.000% Non-Cumulative Preferred Stock, Series LL
Depositary Shares, each representing a 1/1,000th interest in a share of BAC PrO New York Stock Exchange
4.375% Non-Cumulative Preferred Stock, Series NN
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 2


Bank of America Corporation and Subsidiaries
September 30, 2020
Form 10-Q
INDEX
Part I. Financial Information
Item 1. Financial Statements Page
52
52
53
54
55
56
56
59
60
67
Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses
70
79
82
82
83
85
87
88
88
89
96
98
98
103
104
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
3
3
5
8 
12
12
16
18
20
22
23
23
23
27
30
30
37
43
44
46
46
48
50
50
51
51
51
1 Bank of America



Part II. Other Information
105
105
106
107
107
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Bank of America Corporation (the “Corporation”) and its management may make certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements represent the Corporation’s current expectations, plans or forecasts of its future results, revenues, provision for credit losses, expenses, efficiency ratio, capital measures, strategy, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond the Corporation’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements.
You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties more fully discussed under Item 1A. Risk Factors of our 2019 Annual Report on Form 10-K and in any of the Corporation’s subsequent Securities and Exchange Commission filings: the Corporation’s potential judgments, claims, damages, penalties, fines and reputational damage resulting from pending or future litigation and regulatory and government actions, including as a result of our participation in and execution of government programs related to the Coronavirus Disease 2019 (COVID-19) pandemic; the possibility that the Corporation’s future liabilities may be in excess of its recorded liability and estimated range of possible loss for litigation, regulatory, and representations and warranties exposures; the possibility that the Corporation could face increased servicing, fraud, indemnity, contribution or other claims from one or more counterparties, including trustees, purchasers of loans, underwriters, issuers, monolines, private-label and other investors, or other parties involved in securitizations; the Corporation’s ability to resolve representations and warranties repurchase and related claims, including claims brought by investors or trustees seeking to avoid the statute of limitations for repurchase claims; the risks related to the discontinuation of the London Interbank Offered Rate and other reference rates, including increased expenses and litigation and the effectiveness of hedging strategies; uncertainties about the financial stability and growth rates of non-U.S. jurisdictions, the risk that those jurisdictions may face difficulties servicing their sovereign debt, and related stresses on financial markets, currencies and trade, and the Corporation’s exposures to such risks, including direct, indirect and operational; the impact of U.S. and global interest rates, inflation, currency exchange rates, economic conditions, trade policies and tensions, including tariffs, and potential geopolitical instability; the impact of the interest rate environment
on the Corporation’s business, financial condition and results of operations; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. or global economic conditions and other uncertainties; the Corporation’s ability to achieve its expense targets and expectations regarding revenue, net interest income, provision for credit losses, net charge-offs, effective tax rate, loan growth or other projections; adverse changes to the Corporation’s credit ratings from the major credit rating agencies; an inability to access capital markets or maintain deposits or borrowing costs; estimates of the fair value and other accounting values, subject to impairment assessments, of certain of the Corporation’s assets and liabilities; the estimated or actual impact of changes in accounting standards or assumptions in applying those standards; uncertainty regarding the content, timing and impact of regulatory capital and liquidity requirements; the impact of adverse changes to total loss-absorbing capacity requirements, stress capital buffer requirements and/or global systemically important bank surcharges; the potential impact of actions of the Board of Governors of the Federal Reserve System on the Corporation’s capital plans; the effect of regulations, other guidance or additional information on the impact from the Tax Cuts and Jobs Act; the impact of implementation and compliance with U.S. and international laws, regulations and regulatory interpretations, including, but not limited to, recovery and resolution planning requirements, Federal Deposit Insurance Corporation assessments, the Volcker Rule, fiduciary standards, derivatives regulations and the Coronavirus Aid, Relief, and Economic Security Act and any similar or related rules and regulations; a failure or disruption in or breach of the Corporation’s operational or security systems or infrastructure, or those of third parties, including as a result of cyber attacks or campaigns; the impact on the Corporation’s business, financial condition and results of operations from the United Kingdom's exit from the European Union; the impact of any future federal government shutdown and uncertainty regarding the federal government’s debt limit or changes to the U.S. presidential administration and Congress; the emergence of widespread health emergencies or pandemics, including the magnitude and duration of the COVID-19 pandemic and its impact on the U.S. and/or global economy, financial market conditions and our business, results of operations and financial condition; the impact of natural disasters, military conflict, terrorism or other geopolitical events; and other matters.
Forward-looking statements speak only as of the date they are made, and the Corporation undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.
Notes to the Consolidated Financial Statements referred to in Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) are incorporated by reference into the MD&A. Certain prior-period amounts have been reclassified to conform to current-period presentation.
Bank of America 2


Throughout the MD&A, the Corporation uses certain acronyms and abbreviations which are defined in the Glossary.
Executive Summary
Business Overview
The Corporation is a Delaware corporation, a bank holding company (BHC) and a financial holding company. When used in this report, “the Corporation,” “we,” “us” and “our” may refer to Bank of America Corporation individually, Bank of America Corporation and its subsidiaries, or certain of Bank of America Corporation’s subsidiaries or affiliates. Our principal executive offices are located in Charlotte, North Carolina. Through our banking and various nonbank subsidiaries throughout the U.S. and in international markets, we provide a diversified range of banking and nonbank financial services and products through four business segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking and Global Markets, with the remaining operations recorded in All Other. We operate our banking activities primarily under the Bank of America, National Association (Bank of America, N.A. or BANA) charter. At September 30, 2020, the Corporation had $2.7 trillion in assets and a headcount of approximately 211,000 employees.
As of September 30, 2020, we served clients through operations across the U.S., its territories and approximately 35 countries. Our retail banking footprint covers all major markets in the U.S., and we serve approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, approximately 17,000 ATMs, and leading digital banking platforms (www.bankofamerica.com) with more than 39 million active users, including approximately 31 million active mobile users. We offer industry-leading support to approximately three million small business households. Our wealth management businesses, with client balances of $3.1 trillion, provide tailored solutions to meet client needs through a full set of investment management, brokerage, banking, trust and retirement products. We are a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world.
Recent Developments
Capital Management
In June 2020, the Board of Governors of the Federal Reserve System (Federal Reserve) notified BHCs of their 2020 Comprehensive Capital Analysis and Review (CCAR) supervisory stress test results, which included a preliminary stress capital buffer (SCB) that was finalized in August 2020. Based on our results, we are subject to a 2.5 percent SCB for the period beginning October 1, 2020 and ending on September 30, 2021.
Due to economic uncertainty resulting from the Coronavirus Disease 2019 (COVID-19) pandemic, the Federal Reserve required all large banks to suspend share repurchase programs in the third quarter of 2020, except for repurchases to offset shares awarded under equity-based compensation plans, and to limit dividends to existing rates that do not exceed the average of the last four quarters’ net income. In September 2020, the Federal Reserve announced that these measures would remain in place for the fourth quarter of 2020. Large banks will also be required to resubmit and update their capital plans in November
2020 based on the Federal Reserve’s updated supervisory stress test scenarios. The Federal Reserve announced that they will publish the results of the additional supervisory stress tests by December 31, 2020.
On October 21, 2020, the Board of Directors (the Board) declared a quarterly common stock dividend at the current rate of $0.18 per share. We intend to maintain the quarterly common stock dividend at this rate until further notice, subject to approval by the Board. For more information on our capital resources, see Capital Management on page 23.
COVID-19 Pandemic
As previously disclosed, in the first quarter of 2020, the World Health Organization declared the outbreak of COVID-19 a pandemic. In an attempt to contain the spread and impact of the COVID-19 pandemic, travel bans and restrictions, quarantines, shelter-in-place orders and limitations on business activity have been implemented. Additionally, there has been a decline in global economic activity, reduced U.S. and global economic output and a deterioration in macroeconomic conditions in the U.S. and globally. This has resulted in, among other things, high rates of unemployment and underemployment and caused volatility and disruptions in the global financial markets, including the energy and commodity markets. Although some restrictive measures have been eased in certain areas, businesses, market participants, our counterparties and clients, and the U.S. and global economies have been negatively impacted and are likely to be so for an extended period of time, as there remains significant uncertainty about the timing and strength of an economic recovery.
In response to the pandemic, the Corporation has implemented protocols and processes to execute its business continuity plans and help protect its employees and support its clients. The Corporation is managing its response to the COVID-19 pandemic according to its Enterprise Response Framework, which invokes centralized management of the crisis event and the integration of its response. The CEO and key members of the Corporation’s management team meet regularly with co-leaders of the Executive Response Team, which is composed of senior executives across the Corporation, to help drive decisions, communications and consistency of response across all businesses and functions. We are also coordinating with global, regional and local authorities and health experts, including the U.S. Centers for Disease Control and Prevention (CDC) and the World Health Organization.
Additionally, we have implemented a number of measures to assist our employees, clients and the communities we serve as discussed below.
Employees
We are providing support to our teammates to help promote the health and safety of our employees by monitoring guidance from the CDC, medical boards and health authorities and sharing such guidance with our employees. We are also operating our businesses from remote locations and leveraging our business continuity plans and capabilities.
The Corporation has globally implemented a work-from-home posture, which has resulted in the substantial majority of our employees working from home, and pre-planned contingency strategies for site-based operations for our remaining employees. We continue to evaluate our continuity plans and work-from-home strategy in an effort to best protect the health and safety of our employees.
3 Bank of America



Clients
We continue to leverage our business continuity plans and capabilities to service our clients and meet our clients’ financial needs by offering assistance to clients affected by the COVID-19 pandemic and providing access to credit and the important financial services on which our clients rely. We are also participating in the programs created by the Coronavirus Aid, Relief and Economic Security (CARES Act) and Federal Reserve lending programs for businesses, such as the Paycheck Protection Program (PPP) and Main Street Lending Program, as well as other measures. While most of our deferral programs expired in the third quarter of 2020, we continue to offer assistance on a case-by-case basis when requested by clients affected by the COVID-19 pandemic.
As of September 30 2020, we had approximately 343,000 PPP loans outstanding with balances totaling $24.7 billion, which were recorded in the Consumer, GWIM and Global Banking segments. In addition, we have begun to process applications for forgiveness. For more information on PPP loans, see Credit Risk Management on page 31, and for more information on accounting for PPP loans and loan modifications under the CARES Act, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements.
Community Partners
We continue to support the communities where we live and work by engaging in various initiatives to help those affected by COVID-19. These initiatives include committing resources to provide medical supplies, food and other necessities for those in need. We are also supporting racial equality, economic opportunity and environmental sustainability through direct equity investments in minority-owned depository institutions, equity investments in minority entrepreneurs, businesses and funds, as well as other initiatives.

Risk Management
We continue to manage the increased operational risk related to the execution of our business continuity plans in accordance with our Enterprise Response Framework, Risk Framework and Operational Risk Management Program. For more information, see Managing Risk on page 23.
Loan Modifications
The Corporation has implemented various consumer and commercial loan modification programs to provide its borrowers relief from the economic impacts of COVID-19. Based on guidance in the CARES Act that the Corporation adopted, COVID-19 related modifications to consumer and commercial loans that were current as of December 31, 2019 are exempt from troubled debt restructuring (TDR) classification under accounting principles generally accepted in the United States of America (GAAP). In addition, the bank regulatory agencies issued interagency guidance stating that COVID-19 related short-term modifications (i.e., six months or less) granted to consumer or commercial loans that were current as of the loan modification program implementation date are not TDRs. For more information, see Note 1 – Summary of Significant Accounting Principles and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements.
We have provided borrowers with relief from the economic impacts of COVID-19 through payment deferral and forbearance programs. A significant portion of deferrals expired in the third quarter of 2020, reflecting a decline in customer requests for assistance.
As of October 21, 2020, deferred consumer and small business loans recorded on the Consolidated Balance Sheet totaled $9.8 billion, consisting of $9.0 billion of residential mortgage and home equity loans, including loans serviced by others, that are well-collateralized, $298 million of consumer credit card loans and $582 million of small business and consumer vehicle loans. For deferred residential mortgage and home equity loans, the weighted average loan-to-value (LTV) and combined LTV (CLTV) ratios were 61 percent and 57 percent, respectively. Of the consumer credit card loans for which payment deferral programs have expired, 91 percent of cardholders have made at least one payment since exiting deferral.
As of October 21, 2020, excluding small business, deferred commercial balances totaled $1.4 billion, or 0.29 percent of total commercial loans.
Other Related Matters
Although the macroeconomic outlook improved modestly in the three months ended September 30, 2020, the future direct and indirect impact of COVID-19 on our businesses, results of operations and financial condition of the Corporation remain highly uncertain. Should current economic conditions persist or deteriorate, this macroeconomic environment will have a continued adverse effect on our businesses and results of operations and could have an adverse effect on our financial condition. For more information on how the risks related to the COVID-19 pandemic may adversely affect our businesses, results of operations and financial condition, see Part II, Item 1A. Risk Factors on page 105.
LIBOR and Other Benchmark Rates
As previously disclosed, to facilitate an orderly transition from Interbank Offered Rates (IBORs) and other benchmark rates to alternative reference rates (ARRs), the Corporation has established an enterprise-wide program to identify, assess and monitor risks associated with the expected discontinuation or unavailability of benchmarks, including the London Interbank Offered Rate (LIBOR). As part of this program, the Corporation continues to identify, assess and monitor risks associated with the expected discontinuation or unavailability of LIBOR and other benchmarks. Additionally, the Corporation continues to evaluate and address documentation and contractual mechanics of outstanding IBOR-based products and contracts that may mature after LIBOR is no longer deemed a representative benchmark, as well as new and potential future ARR-based products and contracts to achieve operational readiness.
This program, which is led by the Corporation's Chief Operating Officer, includes active involvement of senior management and regular reports to the Enterprise Risk Committee. The program is structured to address the Corporation's industry and regulatory engagement, client and financial contract changes, internal and external communications, technology and operations modifications, introduction of new products, migration of existing clients, and program strategy and governance.
As the markets for ARRs continue to grow, the Corporation continues to monitor and participate in the development and usage of ARRs, including the Secured Overnight Financing Rate (SOFR) and the Sterling Overnight Index Average (SONIA). The Corporation issued debt and deposits linked to SOFR and SONIA, facilitated debt issuances by clients linked to SOFR and SONIA, and executed SOFR- and SONIA-based derivative contracts to make markets and facilitate client activities.
Bank of America 4


In accordance with the industry-wide transition from IBORs to ARRs, central clearing counterparties (CCPs) in Europe and the U.S., which act as intermediaries and require collateral deposits for the clearing and settlement of interest rate swap products and other derivatives, changed the interest rate used to calculate amounts due to counterparties for collateral deposits posted with them from the European Overnight Index Average (EONIA) to the Euro Short-Term Rate (ESTR) and the Effective Fed Funds Rate (EFFR) to SOFR in July and October 2020, respectively. In connection with this transition, the Corporation updated its operational models, systems, procedures and internal infrastructure. The earnings impact from the changes in net valuations of these derivatives was not significant at the point of conversion, as the Corporation either provided or received compensation to/from the CCPs. Additionally, in October 2020, the Corporation and certain of its subsidiaries adhered to the International Swaps and Derivatives Association, Inc. 2020 IBOR Fallbacks Protocol, effective January 25, 2021, which provides a mechanism to enable market participants to incorporate fallbacks for certain legacy non-cleared derivatives linked to certain IBORs.
The Corporation continues to monitor the impact of COVID-19 on the market and industry transition to ARRs, including the readiness of impacted clients and their operational readiness to transition to ARRs. For more information on the expected replacement of LIBOR and other benchmark rates, see
Executive Summary - Recent Developments - LIBOR and Other Benchmark Rates in the MD&A and Item 1A. Risk Factors - Other of the Corporation’s 2019 Annual Report on Form 10-K. For more information about the Corporation's risks related to the COVID-19 pandemic, see Part II, Item 1A. Risk Factors on page 105.
Merchant Services Joint Venture
Prior to July 1, 2020, a significant portion of our merchant processing activity was performed by a joint venture in which we held a 49 percent ownership interest. Effective July 1, 2020, the Corporation received its share of the joint venture's merchant contracts and began performing merchant processing services for these merchants. The Corporation records merchant revenue in card income with the related costs in noninterest expense in the Consolidated Statement of Income. For more information, see Note 10 – Commitments and Contingencies to the Consolidated Financial Statements.
Financial Highlights
Effective January 1, 2020, we adopted the new accounting standard on current expected credit losses (CECL), under which the allowance is measured based on management’s best estimate of lifetime expected credit losses (ECL). Prior-year periods presented reflect measurement of the allowance based on management’s estimate of probable incurred credit losses. For more information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements.
Table 1 Summary Income Statement and Selected Financial Data
Three Months Ended
September 30
Nine Months Ended
September 30
(Dollars in millions, except per share information) 2020 2019 2020 2019
Income statement    
Net interest income $ 10,129  $ 12,187  $ 33,107  $ 36,751 
Noninterest income 10,207  10,620  32,322  32,144 
Total revenue, net of interest expense 20,336  22,807  65,429  68,895 
Provision for credit losses 1,389  779  11,267  2,649 
Noninterest expense 14,401  15,169  41,286  41,661 
Income before income taxes 4,546  6,859  12,876  24,585 
Income tax expense (335) 1,082  452  4,149 
Net income 4,881  5,777  12,424  20,436 
Preferred stock dividends 441  505  1,159  1,186 
Net income applicable to common shareholders
$ 4,440  $ 5,272  $ 11,265  $ 19,250 
Per common share information        
Earnings $ 0.51  $ 0.57  $ 1.29  $ 2.02 
Diluted earnings 0.51  0.56  1.28  2.01 
Dividends paid 0.18  0.18  0.54  0.48 
Performance ratios    
Return on average assets (1)
0.71  % 0.95  % 0.63  % 1.14  %
Return on average common shareholders’ equity (1)
7.24  8.48  6.20  10.49 
Return on average tangible common shareholders’ equity (2)
10.16  11.84  8.71  14.67 
Efficiency ratio (1)
70.81  66.51  63.10  60.47 
September 30
2020
December 31
2019
Balance sheet    
Total loans and leases $ 955,172  $ 983,426 
Total assets 2,738,452  2,434,079 
Total deposits 1,702,880  1,434,803 
Total liabilities 2,469,602  2,169,269 
Total common shareholders’ equity 245,423  241,409 
Total shareholders’ equity 268,850  264,810 
(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.
5 Bank of America



Net income was $4.9 billion and $12.4 billion, or $0.51 and $1.28 per diluted share, for the three and nine months ended September 30, 2020 compared to $5.8 billion and $20.4 billion, or $0.56 and $2.01 per diluted share, for the same periods in 2019. The decline in net income was primarily due to higher provision for credit losses driven by the weaker economic outlook related to COVID-19 and lower net interest income, partially offset by a $2.1 billion pretax impairment charge related to the notice of the termination of the merchant services joint venture in the prior year.
Total assets increased $304.4 billion from December 31, 2019 to $2.7 trillion primarily driven by an increase in cash and cash equivalents, debt securities and federal funds sold and securities borrowed or purchased under agreements to resell primarily due to cash deployed from higher deposit balances. The increase in assets was partially offset by lower loans and leases primarily driven by a decline in credit card originations and promotional balances, mortgage paydowns and lower origination volumes.
Total liabilities increased $300.3 billion from December 31, 2019 to $2.5 trillion primarily driven by higher deposit inflows resulting from government stimulus actions and client responses to market volatility as clients improved their liquidity positions. The increase in liabilities was also due to higher federal funds purchased and securities loaned or sold under agreements to repurchase primarily due to higher inventory in Fixed Income, Currencies and Commodities (FICC) within Global Markets. Long-term debt also increased primarily driven by
valuations due to lower interest rates, as well as debt issuances.
Shareholders’ equity increased $4.0 billion from December 31, 2019 primarily due to net income and market value increases on debt securities, partially offset by returns of capital to shareholders through common stock repurchases and common and preferred stock dividends as well as the impact of the adoption of the new credit loss accounting standard.
Net Interest Income
Net interest income decreased $2.1 billion to $10.1 billion, and $3.6 billion to $33.1 billion for the three and nine months ended September 30, 2020 compared to the same periods in 2019. Net interest yield on a fully taxable-equivalent (FTE) basis decreased 69 basis points (bps) to 1.72 percent, and 49 bps to 1.96 percent for the same periods. The decrease in net interest income was primarily driven by lower interest rates, partially offset by reduced deposit and funding costs, the deployment of excess deposits into securities and an additional day of interest accrual. We expect net interest income to remain relatively flat or to modestly increase in the fourth quarter of 2020 as compared to the third quarter of 2020 assuming economic conditions do not deteriorate and interest rates remain stable as compared to September 30, 2020. For more information on net interest yield and the FTE basis, see Supplemental Financial Data on page 8, and for more information on interest rate risk management, see Interest Rate Risk Management for the Banking Book on page 48.
Noninterest Income
Table 2 Noninterest Income
Three Months Ended September 30 Nine Months Ended
September 30
(Dollars in millions) 2020 2019 2020 2019
Fees and commissions:
Card income $ 1,568  $ 1,465  $ 4,089  $ 4,286 
Service charges 1,817  1,975  5,282  5,717 
Investment and brokerage services 3,623  3,494  10,803  10,324 
Investment banking fees 1,769  1,533  5,316  4,168 
Total fees and commissions 8,777  8,467  25,490  24,495 
Market making and similar activities 1,689  2,118  6,983  7,267 
Other income (259) 35  (151) 382 
Total noninterest income $ 10,207  $ 10,620  $ 32,322  $ 32,144 
Noninterest income decreased $413 million to $10.2 billion and increased $178 million to $32.3 billion for the three and nine months ended September 30, 2020 compared to the same periods in 2019. The following highlights the significant changes.
    Card income increased $103 million for the three-month period and decreased $197 million for the nine-month period. The increase in the three-month period was primarily driven by higher income related to the processing of unemployment insurance and higher merchant processing, partially offset by lower client activity related to the impact of COVID-19. The decrease in the nine-month period was primarily due to lower levels of consumer spending driven by the impact of COVID-19.
    Service charges decreased $158 million and $435 million primarily due to higher deposit balances and lower client activity due to the impact of COVID-19.
●    Investment and brokerage services income increased $129 million and $479 million primarily due to higher client transactional activity, higher market valuations and assets
under management (AUM) flows, partially offset by declines in AUM pricing.     
    Investment banking fees increased $236 million and $1.1 billion primarily due to higher equity underwriting fees and for the nine-month period, higher debt underwriting fees, as well.
    Market making and similar activities decreased $429 million and $284 million. The decrease in both periods was primarily due to the impact of lower U.S. interest rates on certain risk management derivatives. The decrease in the nine-month period was also partially offset by increased client activity and strong trading performance in FICC.
    Other income decreased $294 million and $533 million. The decrease in the three-month period was primarily due to higher partnership losses on tax credit investments, primarily affordable housing and renewable energy, as well as loan sales in the prior period. The decrease in the nine-month period was primarily due to lower equity investment income and higher partnership losses on tax credit investments.
Bank of America 6


Provision for Credit Losses
The provision for credit losses increased $610 million to $1.4 billion, and $8.6 billion to $11.3 billion for the three and nine months ended September 30, 2020 compared to the same periods in 2019 primarily driven by higher ECL due to a weaker economic outlook related to COVID-19. For more information on the provision for credit losses, see Allowance for Credit Losses on page 44.
Noninterest Expense
Table 3 Noninterest Expense
Three Months Ended September 30 Nine Months Ended
September 30
(Dollars in millions) 2020 2019 2020 2019
Compensation and benefits $ 8,200  $ 7,779  $ 24,535  $ 24,000 
Occupancy and equipment 1,798  1,663  5,302  4,908 
Information processing and communications 1,333  1,163  3,807  3,484 
Product delivery and transaction related 930  696  2,518  2,067 
Marketing 308  440  1,238  1,410 
Professional fees 450  386  1,206  1,155 
Other general operating 1,382  3,042  2,680  4,637 
Total noninterest expense $ 14,401  $ 15,169  $ 41,286  $ 41,661 
Noninterest expense decreased $768 million to $14.4 billion, and $375 million to $41.3 billion for the three and nine months ended September 30, 2020 compared to the same periods in 2019. The decrease was primarily due to a $2.1 billion pretax impairment charge related to the notice of termination of the merchant services joint venture recorded in the prior-year
periods, partially offset by the impact of COVID-19 related expense, as well as higher litigation expense. Absent unexpected changes, we expect noninterest expense will be approximately $13.7 billion in the fourth quarter of 2020 assuming both lower COVID-19 related costs and litigation expense.
Income Tax Expense
Table 4 Income Tax Expense
Three Months Ended September 30 Nine Months Ended
September 30
(Dollars in millions) 2020 2019 2020 2019
Income before income taxes $ 4,546  $ 6,859  $ 12,876  $ 24,585 
Income tax expense (335) 1,082  452  4,149 
Effective tax rate (7.4) % 15.8  % 3.5  % 16.9  %
The changes in the effective tax rates for the three and nine months ended September 30, 2020 compared to the same periods a year ago were driven by the impact of our recurring tax preference benefits on the lower levels of pretax income and the impact of the U.K. tax law change discussed below. Our recurring tax preference benefits primarily consist of tax credits from investments in affordable housing and renewable energy, aligning with our responsible growth strategy to address global sustainability challenges. We expect the effective tax rate for the fourth quarter of 2020 to be approximately 10 percent, excluding unusual items. Absent these tax credits, the effective tax rate would be approximately 26 percent.
On July 22, 2020, the U.K. enacted a reversal of the final two percent of scheduled decreases in the U.K. corporation tax rate, which had been previously enacted. This change will unfavorably affect income tax expense on future U.K. earnings, and requires a reversal of the adjustment to the U.K. net deferred tax assets recognized at the time the related tax rate decrease was originally enacted. Accordingly, during the third quarter of 2020, the Corporation recorded a positive income tax adjustment of approximately $700 million along with a corresponding increase to the U.K. net deferred tax assets.

7 Bank of America



Supplemental Financial Data
Non-GAAP Financial Measures
In this Form 10-Q, we present certain non-GAAP financial measures. Non-GAAP financial measures exclude certain items or otherwise include components that differ from the most directly comparable measures calculated in accordance with GAAP. Non-GAAP financial measures are provided as additional useful information to assess our financial condition, results of operations (including period-to-period operating performance) or compliance with prospective regulatory requirements. These non-GAAP financial measures are not intended as a substitute for GAAP financial measures and may not be defined or calculated the same way as non-GAAP financial measures used by other companies.
We view net interest income and related ratios and analyses on an FTE basis, which when presented on a consolidated basis are non-GAAP financial measures. To derive the FTE basis, net interest income is adjusted to reflect tax-exempt income on an equivalent before-tax basis with a corresponding increase in income tax expense. For purposes of this calculation, we use the federal statutory tax rate of 21 percent and a representative state tax rate. Net interest yield, which measures the basis points we earn over the cost of funds, utilizes net interest income on an FTE basis. We believe that presentation of these items on an FTE basis allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices.
We may present certain key performance indicators and ratios excluding certain items (e.g., debit valuation adjustment (DVA) gains (losses)) which result in non-GAAP financial measures. We believe that the presentation of measures that exclude these items is useful because such measures provide additional information to assess the underlying operational performance and trends of our businesses and to allow better comparison of period-to-period operating performance.
We also evaluate our business based on certain ratios that utilize tangible equity, a non-GAAP financial measure. Tangible equity represents shareholders’ equity or common shareholders’ equity reduced by goodwill and intangible assets (excluding mortgage servicing rights (MSRs)), net of related deferred tax liabilities ("adjusted" shareholders' equity or common shareholders' equity). These measures are used to evaluate our use of equity. In addition, profitability, relationship and investment models use both return on average tangible
common shareholders’ equity and return on average tangible shareholders’ equity as key measures to support our overall growth objectives. These ratios are as follows:
    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.
We believe ratios utilizing tangible equity provide additional useful information because they present measures of those assets that can generate income. Tangible book value per common share provides additional useful information about the level of tangible assets in relation to outstanding shares of common stock.
The aforementioned supplemental data and performance measures are presented in Tables 5 and 6.
For more information on the reconciliation of these non-GAAP financial measures to the corresponding GAAP financial measures, see Non-GAAP Reconciliations on page 51.
Key Performance Indicators
We present certain key financial and nonfinancial performance indicators (key performance indicators) that management uses when assessing our consolidated and/or segment results. We believe they are useful to investors because they provide additional information about our underlying operational performance and trends. These key performance indicators (KPIs) may not be defined or calculated in the same way as similar KPIs used by other companies. For information on how these metrics are defined, see Key Metrics on page 104.
Our consolidated key performance indicators, which include various equity and credit metrics, are presented in Table 1 on page 5 and/or Table 5 on page 9.
For information on key segment performance metrics, see Business Segment Operations on page 12.

Bank of America 8


Table 5 Selected Financial Data
2020 Quarters 2019 Quarters Nine Months Ended
September 30
(In millions, except per share information) Third Second First Fourth Third 2020 2019
Income statement    
Net interest income $ 10,129  $ 10,848  $ 12,130  $ 12,140  $ 12,187  $ 33,107  $ 36,751 
Noninterest income 10,207  11,478  10,637  10,209  10,620  32,322  32,144 
Total revenue, net of interest expense 20,336  22,326  22,767  22,349  22,807  65,429  68,895 
Provision for credit losses 1,389  5,117  4,761  941  779  11,267  2,649 
Noninterest expense 14,401  13,410  13,475  13,239  15,169  41,286  41,661 
Income before income taxes 4,546  3,799  4,531  8,169  6,859  12,876  24,585 
Income tax expense (335) 266  521  1,175  1,082  452  4,149 
Net income 4,881  3,533  4,010  6,994  5,777  12,424  20,436 
Net income applicable to common shareholders 4,440  3,284  3,541  6,748  5,272  11,265  19,250 
Average common shares issued and outstanding
8,732.9  8,739.9  8,815.6  9,017.1  9,303.6  8,762.6  9,516.2 
Average diluted common shares issued and outstanding
8,777.5  8,768.1  8,862.7  9,079.5  9,353.0  8,800.5  9,565.7 
Performance ratios              
Return on average assets (1)
0.71  % 0.53  % 0.65  % 1.13  % 0.95  % 0.63  % 1.14  %
Four-quarter trailing return on average assets (2)
0.75  0.81  0.99  1.14  1.17  n/a n/a
Return on average common shareholders’ equity (1)
7.24  5.44  5.91  11.00  8.48  6.20  10.49 
Return on average tangible common shareholders’ equity (1)
10.16  7.63  8.32  15.43  11.84  8.71  14.67 
Return on average shareholders’ equity (1)
7.26  5.34  6.10  10.40  8.48  6.24  10.19 
Return on average tangible shareholders’ equity (3)
9.84  7.23  8.29  14.09  11.43  8.46  13.78 
Total ending equity to total ending assets 9.82  9.69  10.11  10.88  11.06  9.82  11.06 
Total average equity to total average assets 9.76  9.85  10.60  10.89  11.21  10.05  11.22 
Dividend payout 35.36  47.87  44.57  23.90  31.48  41.90  23.56 
Per common share data              
Earnings $ 0.51  $ 0.38  $ 0.40  $ 0.75  $ 0.57  $ 1.29  $ 2.02 
Diluted earnings 0.51  0.37  0.40  0.74  0.56  1.28  2.01 
Dividends paid 0.18  0.18  0.18  0.18  0.18  0.54  0.48 
Book value (1)
28.33  27.96  27.84  27.32  26.96  28.33  26.96 
Tangible book value (3)
20.23  19.90  19.79  19.41  19.26  20.23  19.26 
Market capitalization $ 208,656  $ 205,772  $ 184,181  $ 311,209  $ 264,842  $ 208,656  $ 264,842 
Average balance sheet          
Total loans and leases $ 974,018  $ 1,031,387  $ 990,283  $ 973,986  $ 964,733 
Total assets 2,739,684  2,704,186  2,494,928  2,450,005  2,412,223 
Total deposits 1,695,488  1,658,197  1,439,336  1,410,439  1,375,052 
Long-term debt 224,254  221,167  210,816  206,026  202,620 
Common shareholders’ equity 243,896  242,889  241,078  243,439  246,630 
Total shareholders’ equity 267,323  266,316  264,534  266,900  270,430 
Asset quality          
Allowance for credit losses (4)
$ 21,506  $ 21,091  $ 17,126  $ 10,229  $ 10,242 
Nonperforming loans, leases and foreclosed properties (5)
4,730  4,611  4,331  3,837  3,723 
Allowance for loan and lease losses as a percentage of total loans and leases outstanding (5)
2.07  % 1.96  % 1.51  % 0.97  % 0.98  %
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases (5)
431  441  389  265  271 
Net charge-offs $ 972  $ 1,146  $ 1,122  $ 959  $ 811 
Annualized net charge-offs as a percentage of average loans and leases outstanding (5)
0.40  % 0.45  % 0.46  % 0.39  % 0.34  %
Capital ratios at period end (6)
         
Common equity tier 1 capital
11.9  % 11.4  % 10.8  % 11.2  % 11.4  %
Tier 1 capital
13.5  12.9  12.3  12.6  12.9 
Total capital
16.1  14.8  14.6  14.7  15.1 
Tier 1 leverage
7.4  7.4  7.9  7.9  8.2 
Supplementary leverage ratio
6.9  7.1  6.4  6.4  6.6 
Tangible equity (3)
7.4  7.3  7.7  8.2  8.4 
Tangible common equity (3)
6.6  6.5  6.7  7.3  7.4 
Total loss-absorbing capacity and long-term debt metrics
Total loss-absorbing capacity to risk-weighted assets
26.9  % 26.0  % 24.6  % 24.6  % 24.8  %
Total loss-absorbing capacity to supplementary leverage exposure
13.7  14.2  12.8  12.5  12.7 
Eligible long-term debt to risk-weighted assets
12.9  12.4  11.6  11.5  11.4 
Eligible long-term debt to supplementary leverage exposure
6.6  6.7  6.1  5.8  5.8 
(1)For definitions, see Key Metrics on page 104.
(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 8 and Non-GAAP Reconciliations on page 51.
(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 36 and corresponding Table 26 and Commercial Portfolio Credit Risk Management – Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity on page 41 and corresponding Table 33.
(6)For more information, including which approach is used to assess capital adequacy, see Capital Management on page 23.
n/a = not applicable



9 Bank of America



Table 6 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) Third Quarter 2020 Third Quarter 2019
Earning assets            
Interest-bearing deposits with the Federal Reserve, non-U.S. central
   banks and other banks
$ 245,682  $ 10  0.02  % $ 122,033  $ 453  1.47  %
Time deposits placed and other short-term investments 7,686  (4) (0.25) 9,863  47  1.87 
Federal funds sold and securities borrowed or purchased under
   agreements to resell
384,221  55  0.06  269,129  1,242  1.83 
Trading account assets 146,972  960  2.60  157,818  1,338  3.37 
Debt securities 533,261  2,147  1.63  447,126  2,856  2.56 
Loans and leases (2):
Residential mortgage 237,414  1,811  3.05  224,084  1,937  3.46 
Home equity 37,897  284  2.99  43,616  552  5.03 
Credit card 81,309  2,086  10.20  94,370  2,581  10.85 
Direct/Indirect and other consumer (3)
89,559  593  2.63  90,813  824  3.59 
Total consumer 446,179  4,774  4.26  452,883  5,894  5.18 
U.S. commercial 343,533  2,099  2.43  324,436  3,279  4.01 
Non-U.S. commercial 102,938  531  2.05  105,003  905  3.42 
Commercial real estate (4)
63,262  393  2.47  62,185  687  4.38 
Commercial lease financing 18,106  138  3.04  20,226  182  3.58 
Total commercial 527,839  3,161  2.38  511,850  5,053  3.92 
Total loans and leases 974,018  7,935  3.25  964,733  10,947  4.51 
Other earning assets 83,086  497  2.39  68,018  1,181  6.90 
Total earning assets 2,374,926  11,600  1.95  2,038,720  18,064  3.52 
Cash and due from banks 32,714  25,588 
Other assets, less allowance for loan and lease losses 332,044  347,915 
Total assets $ 2,739,684  $ 2,412,223 
Interest-bearing liabilities            
U.S. interest-bearing deposits:            
Savings $ 61,228  $ 1  0.01  % $ 51,277  $ 0.01  %
Demand and money market deposit accounts 842,987  93  0.04  741,602  1,172  0.63 
Consumer CDs and IRAs 45,921  84  0.73  49,811  136  1.08 
Negotiable CDs, public funds and other deposits 57,499  31  0.21  63,936  354  2.19 
Total U.S. interest-bearing deposits 1,007,635  209  0.08  906,626  1,663  0.73 
Non-U.S. interest-bearing deposits:
Banks located in non-U.S. countries 1,108    0.08  1,721  1.13 
Governments and official institutions 177      188  —  0.02 
Time, savings and other 74,200  18  0.10  70,234  212  1.20 
Total non-U.S. interest-bearing deposits 75,485  18  0.09  72,143  217  1.19 
Total interest-bearing deposits 1,083,120  227  0.08  978,769  1,880  0.76 
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities
286,582  (24) (0.03) 280,123  1,876  2.66 
Trading account liabilities 39,689  212  2.13  45,750  303  2.63 
Long-term debt 224,254  942  1.67  202,620  1,670  3.28 
Total interest-bearing liabilities 1,633,645  1,357  0.33  1,507,262  5,729  1.51 
Noninterest-bearing sources:
Noninterest-bearing deposits 612,368  396,283 
Other liabilities (5)
226,348  238,248 
Shareholders’ equity 267,323  270,430 
Total liabilities and shareholders’ equity $ 2,739,684  $ 2,412,223 
Net interest spread 1.62  % 2.01  %
Impact of noninterest-bearing sources 0.10  0.40 
Net interest income/yield on earning assets (6)
$ 10,243  1.72  % $ 12,335  2.41  %
(1)Includes the impact of interest rate risk management contracts. For more information, see Interest Rate Risk Management for the Banking Book on page 48.
(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 for both the third quarter of 2020 and 2019.
(4)Includes U.S. commercial real estate loans of $59.6 billion and $57.6 billion, and non-U.S. commercial real estate loans of $3.7 billion and $4.5 billion for the third quarter of 2020 and 2019.
(5)Includes $34.2 billion and $38.1 billion of structured notes and liabilities for the third quarter of 2020 and 2019.
(6)Net interest income includes FTE adjustments of $114 million and $148 million for the third quarter of 2020 and 2019.
Bank of America 10


Table 7 Year-to-Date Average Balances and Interest Rates - FTE Basis
Average
Balance
Interest
Income/
Expense
(1)
Yield/
Rate
Average
Balance
Interest
Income/
Expense
(1)
Yield/
Rate
Nine Months Ended September 30
(Dollars in millions) 2020 2019
Earning assets            
Interest-bearing deposits with the Federal Reserve, non-U.S. central
   banks and other banks
$ 230,265  $ 311  0.18  % $ 126,416  $ 1,454  1.54  %
Time deposits placed and other short-term investments 9,070  31  0.45  9,377  167  2.38 
Federal funds sold and securities borrowed or purchased under
   agreements to resell
325,356  900  0.37  274,822  3,746  1.82 
Trading account assets 149,002  3,247  2.91  148,368  4,016  3.62 
Debt securities 491,664  7,477  2.05  445,104  9,051  2.71 
Loans and leases (2):
           
Residential mortgage 239,623  5,678  3.16  216,744  5,698  3.51 
Home equity 39,078  1,013  3.46  45,735  1,732  5.06 
Credit card 87,302  6,690  10.24  94,333  7,622  10.80 
Direct/Indirect and other consumer (3)
89,824  1,962  2.92  90,567  2,475  3.65 
Total consumer 455,827  15,343  4.49  447,379  17,527  5.23 
U.S. commercial 349,616  7,407  2.83  319,621  10,010  4.19 
Non-U.S. commercial 110,096  1,975  2.40  103,625  2,685  3.46 
Commercial real estate (4)
64,062  1,406  2.93  61,612  2,109  4.58 
Commercial lease financing 18,872  427  3.02  20,932  550  3.50 
Total commercial 542,646  11,215  2.76  505,790  15,354  4.06 
Total loans and leases 998,473  26,558  3.55  953,169  32,881  4.61 
Other earning assets 81,079  1,986  3.27  67,431  3,445  6.83 
Total earning assets 2,284,909  40,510  2.37  2,024,687  54,760  3.61 
Cash and due from banks 30,663    25,787   
Other assets, less allowance for loan and lease losses 331,035      340,469     
Total assets $ 2,646,607      $ 2,390,943     
Interest-bearing liabilities            
U.S. interest-bearing deposits:            
Savings $ 56,271  $ 4  0.01  % $ 52,604  $ 0.01  %
Demand and money market deposit accounts 821,324  898  0.15  736,613  3,557  0.65 
Consumer CDs and IRAs 50,040  358  0.96  45,688  315  0.92 
Negotiable CDs, public funds and other deposits 68,964  296  0.57  66,618  1,129  2.27 
Total U.S. interest-bearing deposits 996,599  1,556  0.21  901,523  5,005  0.74 
Non-U.S. interest-bearing deposits:            
Banks located in non-U.S. countries 1,604  3  0.27  2,044  16  1.03 
Governments and official institutions 174    0.02  182  —  0.06 
Time, savings and other 74,660  225  0.40  67,740  619  1.22 
Total non-U.S. interest-bearing deposits 76,438  228  0.40  69,966  635  1.21 
Total interest-bearing deposits 1,073,037  1,784  0.22  971,489  5,640  0.78 
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities
295,483  1,024  0.46  274,550  5,725  2.79 
Trading account liabilities 42,838  764  2.38  46,122  967  2.80 
Long-term debt 218,766  3,445  2.10  200,139  5,227  3.49 
Total interest-bearing liabilities 1,630,124  7,017  0.58  1,492,300  17,559  1.57 
Noninterest-bearing sources: