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As Of Filer Filing For·On·As Docs:Size 5/01/20 Bank of America Corp/DE 10-Q 3/31/20 138:49M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 6.66M 2: EX-10.1 Material Contract HTML 97K 3: EX-10.2 Material Contract HTML 99K 4: EX-31.1 Certification -- §302 - SOA'02 HTML 46K 5: EX-31.2 Certification -- §302 - SOA'02 HTML 46K 6: EX-32.1 Certification -- §906 - SOA'02 HTML 41K 7: EX-32.2 Certification -- §906 - SOA'02 HTML 41K 85: R1 Cover Page HTML 140K 27: R2 Consolidated Statement of Income HTML 121K 46: R3 Consolidated Statement of Comprehensive Income HTML 69K 125: R4 Consolidated Balance Sheet HTML 172K 83: R5 Consolidated Balance Sheet (Parenthetical) HTML 95K 26: R6 Consolidated Statement of Changes in Shareholders' HTML 105K Equity 45: R7 Consolidated Statement of Cash Flows HTML 162K 129: R8 Summary of Significant Accounting Principles HTML 72K 81: R9 Net Interest Income and Noninterest Income HTML 100K 130: R10 Derivatives HTML 803K 82: R11 Securities HTML 492K 29: R12 Outstanding Loans and Leases HTML 1.00M 44: R13 Securitizations and Other Variable Interest HTML 442K Entities 128: R14 Goodwill and Intangible Assets HTML 59K 80: R15 Leases HTML 80K 28: R16 Federal Funds Sold or Purchased, Securities HTML 221K Financing Agreements, Short-term Borrowings and Restricted Cash 43: R17 Commitments and Contingencies HTML 156K 126: R18 Shareholders' Equity HTML 63K 84: R19 Earnings Per Common Share HTML 67K 23: R20 Accumulated Other Comprehensive Income (Loss) HTML 184K 75: R21 Fair Value Measurements HTML 859K 119: R22 Fair Value Option HTML 167K 106: R23 Fair Value of Financial Instruments HTML 90K 20: R24 Business Segment Information HTML 394K 72: R25 Summary of Significant Accounting Principles 10Q HTML 76K (Policies) 116: R26 Net Interest Income and Noninterest Income HTML 100K (Tables) 103: R27 Derivatives (Tables) HTML 908K 25: R28 Securities (Tables) HTML 488K 71: R29 Outstanding Loans and Leases (Tables) HTML 967K 47: R30 Securitizations and Other Variable Interest HTML 420K Entities (Tables) 32: R31 Goodwill and Intangible Assets (Tables) HTML 56K 76: R32 Federal Funds Sold or Purchased, Securities HTML 287K Financing Agreements, Short-term Borrowings and Restricted Cash (Tables) 121: R33 Commitments and Contingencies (Tables) HTML 119K 50: R34 Shareholders' Equity (Tables) HTML 52K 35: R35 Earnings Per Common Share (Tables) HTML 66K 79: R36 Accumulated Other Comprehensive Income (Loss) HTML 186K (Tables) 124: R37 Fair Value Measurements (Tables) HTML 1.09M 51: R38 Fair Value Option (Tables) HTML 163K 30: R39 Fair Value of Financial Instruments (Tables) HTML 89K 62: R40 Business Segment Information (Tables) HTML 393K 14: R41 Summary of Significant Accounting Principles - 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Debt Securities (Details) HTML 149K 137: R56 Securities - Narrative (Details) HTML 74K 92: R57 Securities - AFS Debt Securities in a Continuous HTML 103K Unrealized Loss Position (Details) 38: R58 Securities - Maturities of Debt Securities Carried HTML 184K at Fair Value and Held-to-maturity Debt Securities (Details) 53: R59 Outstanding Loans and Leases - Past Due (Details) HTML 227K 112: R60 Outstanding Loans and Leases - Nonperforming, HTML 58K Narrative (Details) 96: R61 Outstanding Loans and Leases - Nonperforming, HTML 95K Credit Quality (Details) 18: R62 Outstanding Loans and Leases - Residential HTML 103K Mortgage - Credit Quality Indicators (Details) 68: R63 Outstanding Loans and Leases - Home Equity - HTML 99K Credit Quality Indicators Including Vintage (Details) 111: R64 Outstanding Loans and Leases - Credit Card and HTML 101K Other Consumer - Credit Quality Indicators (Details) 95: R65 Outstanding Loans and Leases - Commercial - Credit HTML 142K Quality Indicators (Details) 17: R66 Outstanding Loans and Leases - Credit Quality HTML 42K Indicators, Narrative (Details) 67: R67 Outstanding Loans and Leases - Troubled Debt HTML 62K Restructurings, Narrative (Details) 108: R68 Outstanding Loans and Leases - Consumer Real HTML 55K Estate - TDRs Entered into During the Period (Details) 98: R69 Outstanding Loans and Leases - Consumer Real HTML 51K Estate - Modification Programs (Details) 89: R70 Outstanding Loans and Leases - Consumer Real HTML 52K Estate - TDRs Entering Payment Default That Were Modified During the Preceding 12 Months (Details) 132: R71 Outstanding Loans and Leases - Credit Card and HTML 64K Other Consumer - TDRs by Program Type (Details) 59: R72 Outstanding Loans and Leases - Credit Card and HTML 55K Other Consumer - TDRs Entered into During the Period (Details) 40: R73 Outstanding Loans and Leases - Credit Card and HTML 49K Other Consumer - TDRs Modified by Program Type (Details) 90: R74 Outstanding Loans and Leases - Credit Card and HTML 50K Other Consumer - TDRs Entered into During the Period, Narrative (Details) 133: R75 Outstanding Loans and Leases - Commercial Loans - HTML 62K Impaired Loans (Details) 60: R76 Outstanding Loans and Leases - Allowance for HTML 102K Credit Losses (Details) 41: R77 Outstanding Loans and Leases - Allowance by HTML 97K Portfolio Segment (Details) 87: R78 Securitizations and Other Variable Interest HTML 42K Entities - Additional Information (Details) 136: R79 Securitizations and Other Variable Interest HTML 65K Entities - First Lien Mortgage Securitizations (Details) 88: R80 Securitizations and Other Variable Interest HTML 116K Entities - First Lien Mortgages VIE (Details) 131: R81 Securitizations and Other Variable Interest HTML 132K Entities - Home Equity Loan, Credit Card and Other Asset-backed VIEs (Details) 58: R82 Securitizations and Other Variable Interest HTML 61K Entities - Other Asset-backed Securitizations, Additional Information (Details) 39: R83 Securitizations and Other Variable Interest HTML 101K Entities - Other Variable Interest Entities (Details) 91: R84 Securitizations and Other Variable Interest HTML 81K Entities - Other Variable Interest Entities, Additional Information (Details) 134: R85 Goodwill and Intangible Assets - Schedule of HTML 53K Goodwill (Details) 61: R86 Goodwill and Intangible Assets - Additional HTML 50K Information (Details) 42: R87 Leases - Lessor Arrangements (Details) HTML 54K 86: R88 Leases - Lessee Arrangements (Details) HTML 42K 135: R89 Federal Funds Sold or Purchased, Securities HTML 63K Financing Agreements, Short-term Borrowings and Restricted Cash - Schedule (Details) 113: R90 Federal Funds Sold or Purchased, Securities HTML 84K Financing Agreements, Short-term Borrowings and Restricted Cash - Securities Financing Agreements (Details) 97: R91 Federal Funds Sold or Purchased, Securities HTML 66K Financing Agreements, Short-term Borrowings and Restricted Cash - Remaining Contractual Maturity (Details) 19: R92 Federal Funds Sold or Purchased, Securities HTML 67K Financing Agreements, Short-term Borrowings and Restricted Cash - Class of Collateral Pledged (Details) 69: R93 Federal Funds Sold or Purchased, Securities HTML 42K Financing Agreements, Short-term Borrowings and Restricted Cash - Restricted Cash (Details) 110: R94 Commitments and Contingencies - Credit Extension HTML 53K Commitments Narrative (Details) 94: R95 Commitments and Contingencies - Credit Extension HTML 82K Commitments (Details) 16: R96 Commitments and Contingencies - Other Commitments HTML 62K (Details) 66: R97 Commitments and Contingencies - Other Guarantees HTML 77K (Details) 109: R98 Commitments and Contingencies - Litigation and HTML 47K Regulatory Matters (Details) 99: R99 Shareholders' Equity - Declared Quarterly Cash HTML 43K Dividends on Common Stock (Details) 22: R100 Shareholders' Equity - Common Stock Narrative HTML 56K (Details) 74: R101 Shareholders' Equity - Preferred Stock (Details) HTML 60K 118: R102 Shareholders' Equity - Restricted Stock Units HTML 65K (Details) 105: R103 Earnings Per Common Share - Basic and Diluted HTML 69K (Details) 21: R104 Earnings Per Common Share - Narrative (Details) HTML 51K 73: R105 Accumulated Other Comprehensive Income (Loss) - HTML 65K Change in Accumulated OCI (Details) 117: R106 Accumulated Other Comprehensive Income (Loss) - HTML 101K Changes in OCI Components Pre- and After-tax (Details) 104: R107 Fair Value Measurements - Recurring Fair Value HTML 256K (Details) 24: R108 Fair Value Measurements - Level 3 Reconciliation HTML 243K (Details) 70: R109 Fair Value Measurements - Recurring Fair Value HTML 264K Inputs (Details) 48: R110 Fair Value Measurements - Nonrecurring Fair Value HTML 68K (Details) 33: R111 Fair Value Measurements - Nonrecurring Fair Value HTML 85K Inputs (Details) 77: R112 Fair Value Option - Elections (Details) HTML 88K 122: R113 Fair Value Option - Gains (Losses) Relating to HTML 78K Assets and Liabilities (Details) 49: R114 Fair Value Option - Gains (Losses) Related to HTML 50K Borrower-specific Credit Risk for Assets Accounted for Under the Fair Value Option (Details) 34: R115 Fair Value of Financial Instruments (Details) HTML 66K 78: R116 Business Segment Information - Narrative (Details) HTML 40K 123: R117 Business Segment Information - Results of Business HTML 91K Segments and All Other (Details) 52: R118 Business Segment Information - Noninterest Income HTML 172K by Business Segment and All Other (Details) 31: R119 Business Segment Information - Business Segment HTML 59K Reconciliations (Details) 107: R120 Business Segment Information - Segments' Total HTML 51K Assets (Details) 54: R9999 Uncategorized Items - bac-0331202010xq.htm HTML 43K 120: XML IDEA XML File -- Filing Summary XML 265K 57: XML XBRL Instance -- bac-0331202010xq_htm XML 17.48M 127: EXCEL IDEA Workbook of Financial Reports XLSX 241K 9: EX-101.CAL XBRL Calculations -- bac-20200331_cal XML 531K 10: EX-101.DEF XBRL Definitions -- bac-20200331_def XML 2.48M 11: EX-101.LAB XBRL Labels -- bac-20200331_lab XML 4.04M 12: EX-101.PRE XBRL Presentations -- bac-20200331_pre XML 2.85M 8: EX-101.SCH XBRL Schema -- bac-20200331 XSD 479K 102: JSON XBRL Instance as JSON Data -- MetaLinks 727± 1.19M 64: ZIP XBRL Zipped Folder -- 0000070858-20-000023-xbrl Zip 1.09M
Document |
Title
of each class | Trading Symbol(s) | Name of each exchange on which registered |
i Common Stock, par value $0.01 per share | i BAC | i New
York Stock Exchange |
i Depositary Shares, each representing a 1/1,000th interest in a share | i BAC PrE | i New
York Stock Exchange |
of Floating Rate Non-Cumulative Preferred Stock, Series E | ||
i Depositary Shares, each representing a 1/1,000th interest in a share | i BAC
PrC | i New York Stock Exchange |
of 6.200% Non-Cumulative Preferred Stock, Series CC | ||
i Depositary
Shares, each representing a 1/1,000th interest in a share | i BAC PrA | i New York Stock Exchange |
of
6.000% Non-Cumulative Preferred Stock, Series EE | ||
i Depositary Shares, each representing a 1/1,000th interest in a share | i BAC PrB | i New
York Stock Exchange |
of 6.000% Non-Cumulative Preferred Stock, Series GG | ||
i Depositary Shares, each representing a 1/1,000th interest in a share | i BAC
PrK | i New York Stock Exchange |
of 5.875% Non-Cumulative Preferred Stock, Series HH | ||
i 7.25%
Non-Cumulative Perpetual Convertible Preferred Stock, Series L | i BAC PrL | i New York Stock Exchange |
i Depositary
Shares, each representing a 1/1,200th interest in a share | i BML PrG | i 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 |
i Depositary Shares, each representing a 1/1,200th interest in a share | i BML
PrH | i New York Stock Exchange |
of Bank of America Corporation Floating Rate | ||
Non-Cumulative Preferred Stock, Series 2 | ||
i Depositary
Shares, each representing a 1/1,200th interest in a share | i BML PrJ | i New York Stock Exchange |
of
Bank of America Corporation Floating Rate | ||
Non-Cumulative Preferred Stock, Series 4 | ||
i Depositary Shares, each representing a 1/1,200th interest in a share | i BML
PrL | i New York Stock Exchange |
of Bank of America Corporation Floating Rate | ||
Non-Cumulative Preferred Stock, Series 5 | ||
i Floating
Rate Preferred Hybrid Income Term Securities of BAC Capital | i BAC/PF | i New York Stock Exchange |
Trust
XIII (and the guarantee related thereto) | ||
i 5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities | i BAC/PG | i New
York Stock Exchange |
of BAC Capital Trust XIV (and the guarantee related thereto) | ||
i Income Capital Obligation Notes initially due December 15, 2066 of | i MER
PrK | i New York Stock Exchange |
Bank of America Corporation | ||
i Senior
Medium-Term Notes, Series A, Step Up Callable Notes, due | i BAC/31B | i New York Stock Exchange |
November
28, 2031 of BofA Finance LLC (and the guarantee | ||
of the Registrant with respect thereto) | ||
i Depositary Shares, each representing a 1/1,000th interest in a share of | i BAC
PrM | i New York Stock Exchange |
5.375% Non-Cumulative Preferred Stock, Series KK | ||
i Depositary
Shares, each representing a 1/1,000th interest in a share | i BAC PrN | i New York Stock Exchange |
5.000%
Non-Cumulative Preferred Stock, Series LL |
i Large
accelerated filer | ☑ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | i ☐ |
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 | ||||||||
% 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) | |||||||||||
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 | ||||||||
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) | ||||||||||||||||
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) | |||||||||||
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 | ||||||||
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) | ||||||||||||||
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 | ||||||||||
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 | |||||||||||||||||||||||
(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) | ||||||||||||||
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 | |||||||||||||||||||||||
(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) | ||||||||||||||
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) | ||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||
(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 | ||||||||
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 | ||||||
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 | ||||||||||||||||||||||||||||||||||
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 |
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 | $ | i 16,098 | $ | i 18,170 | |||
Interest
expense | i 3,968 | i 5,795 | |||||
Net
interest income | i 12,130 | i 12,375 | |||||
Noninterest
income | |||||||
Fees and commissions | i 8,321 | i 7,838 | |||||
Market
making and similar activities | i 2,807 | i 2,768 | |||||
Other
income | ( i 491 | ) | i 23 | ||||
Total
noninterest income | i 10,637 | i 10,629 | |||||
Total
revenue, net of interest expense | i 22,767 | i 23,004 | |||||
Provision
for credit losses | i 4,761 | i 1,013 | |||||
Noninterest
expense | |||||||
Compensation and benefits | i 8,341 | i 8,249 | |||||
Occupancy
and equipment | i 1,702 | i 1,605 | |||||
Information
processing and communications | i 1,209 | i 1,164 | |||||
Product
delivery and transaction related | i 777 | i 662 | |||||
Marketing | i 438 | i 442 | |||||
Professional
fees | i 375 | i 360 | |||||
Other
general operating | i 633 | i 742 | |||||
Total
noninterest expense | i 13,475 | i 13,224 | |||||
Income
before income taxes | i 4,531 | i 8,767 | |||||
Income
tax expense | i 521 | i 1,456 | |||||
Net
income | $ | i 4,010 | $ | i 7,311 | |||
Preferred
stock dividends | i 469 | i 442 | |||||
Net
income applicable to common shareholders | $ | i 3,541 | $ | i 6,869 | |||
Per
common share information | |||||||
Earnings | $ | i 0.40 | $ | i 0.71 | |||
Diluted
earnings | i 0.40 | i 0.70 | |||||
Average
common shares issued and outstanding | i 8,815.6 | i 9,725.9 | |||||
Average
diluted common shares issued and outstanding | i 8,862.7 | i 9,787.3 |
Consolidated
Statement of Comprehensive Income | |||||||
Three Months Ended March 31 | |||||||
(Dollars in millions) | 2020 | 2019 | |||||
Net income | $ | i 4,010 | $ | i 7,311 | |||
Other
comprehensive income (loss), net-of-tax: | |||||||
Net change in debt securities | i 4,795 | i 2,309 | |||||
Net
change in debit valuation adjustments | i 1,346 | ( i 363 | ) | ||||
Net
change in derivatives | i 417 | i 229 | |||||
Employee
benefit plan adjustments | i 43 | i 28 | |||||
Net
change in foreign currency translation adjustments | ( i 88 | ) | ( i 34 | ) | |||
Other
comprehensive income (loss) | i 6,513 | i 2,169 | |||||
Comprehensive
income | $ | i 10,523 | $ | i 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 | $ | i 30,052 | $ | i 30,152 | ||||
Interest-bearing
deposits with the Federal Reserve, non-U.S. central banks and other banks | i 220,338 | i 131,408 | ||||||
Cash
and cash equivalents | i 250,390 | i 161,560 | ||||||
Time
deposits placed and other short-term investments | i 12,283 | i 7,107 | ||||||
Federal
funds sold and securities borrowed or purchased under agreements to resell (includes $49,033 and $50,364 measured at fair value) | i 301,969 | i 274,597 | ||||||
Trading
account assets (includes $82,023 and $90,946 pledged as collateral) | i 193,323 | i 229,826 | ||||||
Derivative
assets | i 57,654 | i 40,485 | ||||||
Debt
securities: | ||||||||
Carried at fair value | i 221,104 | i 256,467 | ||||||
Held-to-maturity,
at cost (fair value – $266,595 and $219,821) | i 254,748 | i 215,730 | ||||||
Total
debt securities | i 475,852 | i 472,197 | ||||||
Loans
and leases (includes $9,016 and $8,335 measured at fair value) | i 1,050,785 | i 983,426 | ||||||
Allowance
for loan and lease losses | ( i 15,766 | ) | ( i 9,416 | ) | ||||
Loans
and leases, net of allowance | i 1,035,019 | i 974,010 | ||||||
Premises
and equipment, net | i 10,792 | i 10,561 | ||||||
Goodwill | i 68,951 | i 68,951 | ||||||
Loans
held-for-sale (includes $3,609 and $3,709 measured at fair value) | i 7,862 | i 9,158 | ||||||
Customer
and other receivables | i 69,238 | i 55,937 | ||||||
Other
assets (includes $6,789 and $15,518 measured at fair value) | i 136,621 | i 129,690 | ||||||
Total
assets | $ | i 2,619,954 | $ | i 2,434,079 | ||||
Liabilities | ||||||||
Deposits
in U.S. offices: | ||||||||
Noninterest-bearing | $ | i 484,342 | $ | i 403,305 | ||||
Interest-bearing
(includes $589 and $508 measured at fair value) | i 1,008,922 | i 940,731 | ||||||
Deposits
in non-U.S. offices: | ||||||||
Noninterest-bearing | i 13,695 | i 13,719 | ||||||
Interest-bearing | i 76,366 | i 77,048 | ||||||
Total
deposits | i 1,583,325 | i 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) | i 170,043 | i 165,109 | ||||||
Trading
account liabilities | i 77,151 | i 83,270 | ||||||
Derivative
liabilities | i 54,658 | i 38,229 | ||||||
Short-term
borrowings (includes $3,020 and $3,941 measured at fair value) | i 30,118 | i 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) | i 183,029 | i 182,798 | ||||||
Long-term
debt (includes $32,163 and $34,975 measured at fair value) | i 256,712 | i 240,856 | ||||||
Total
liabilities | i 2,355,036 | i 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 | i 23,427 | i 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 | i 85,745 | i 91,723 | ||||||
Retained
earnings | i 155,866 | i 156,319 | ||||||
Accumulated
other comprehensive income (loss) | ( i 120 | ) | ( i 6,633 | ) | ||||
Total
shareholders’ equity | i 264,918 | i 264,810 | ||||||
Total
liabilities and shareholders’ equity | $ | i 2,619,954 | $ | i 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 | $ | i 5,405 | $ | i 5,811 | ||||
Loans
and leases | i 37,009 | i 38,837 | ||||||
Allowance
for loan and lease losses | ( i 1,472 | ) | ( i 807 | ) | ||||
Loans
and leases, net of allowance | i 35,537 | i 38,030 | ||||||
All
other assets | i 536 | i 540 | ||||||
Total
assets of consolidated variable interest entities | $ | i 41,478 | $ | i 44,381 | ||||
Liabilities
of consolidated variable interest entities included in total liabilities above | ||||||||
Short-term borrowings | $ | i 1,147 | $ | i 2,175 | ||||
Long-term
debt (includes $6,786 and $8,717 of non-recourse debt) | i 6,787 | i 8,718 | ||||||
All
other liabilities (includes $37 and $19 of non-recourse liabilities) | i 39 | i 22 | ||||||
Total
liabilities of consolidated variable interest entities | $ | i 7,973 | $ | i 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 | $ | i 22,326 | i 9,669.3 | $ | i 118,896 | $ | i 136,314 | $ | ( i 12,211 | ) | $ | i 265,325 | ||||||||||
Cumulative
adjustment for adoption of lease accounting standard | i 165 | i 165 | ||||||||||||||||||||
Net
income | i 7,311 | i 7,311 | ||||||||||||||||||||
Net
change in debt securities | i 2,309 | i 2,309 | ||||||||||||||||||||
Net
change in debit valuation adjustments | ( i 363 | ) | ( i 363 | ) | ||||||||||||||||||
Net
change in derivatives | i 229 | i 229 | ||||||||||||||||||||
Employee
benefit plan adjustments | i 28 | i 28 | ||||||||||||||||||||
Net
change in foreign currency translation adjustments | ( i 34 | ) | ( i 34 | ) | ||||||||||||||||||
Dividends
declared: | ||||||||||||||||||||||
Common | ( i 1,456 | ) | ( i 1,456 | ) | ||||||||||||||||||
Preferred | ( i 442 | ) | ( i 442 | ) | ||||||||||||||||||
Common
stock issued under employee plans, net, and other | i 119.1 | i 205 | ( i 4 | ) | i 201 | |||||||||||||||||
Common
stock repurchased | ( i 220.0 | ) | ( i 6,263 | ) | ( i 6,263 | ) | ||||||||||||||||
Balance,
March 31, 2019 | $ | i 22,326 | i 9,568.4 | $ | i 112,838 | $ | i 141,888 | $ | ( i 10,042 | ) | $ | i 267,010 | ||||||||||
Balance,
December 31, 2019 | $ | i 23,401 | i 8,836.1 | $ | i 91,723 | $ | i 156,319 | $ | ( i 6,633 | ) | $ | i 264,810 | ||||||||||
Cumulative
adjustment for adoption of credit loss accounting standard | ( i 2,406 | ) | ( i 2,406 | ) | ||||||||||||||||||
Net
income | i 4,010 | i 4,010 | ||||||||||||||||||||
Net
change in debt securities | i 4,795 | i 4,795 | ||||||||||||||||||||
Net
change in debit valuation adjustments | i 1,346 | i 1,346 | ||||||||||||||||||||
Net
change in derivatives | i 417 | i 417 | ||||||||||||||||||||
Employee
benefit plan adjustments | i 43 | i 43 | ||||||||||||||||||||
Net
change in foreign currency translation adjustments | ( i 88 | ) | ( i 88 | ) | ||||||||||||||||||
Dividends
declared: | ||||||||||||||||||||||
Common | ( i 1,579 | ) | ( i 1,579 | ) | ||||||||||||||||||
Preferred | ( i 469 | ) | ( i 469 | ) | ||||||||||||||||||
Issuance
of preferred stock | i 1,098 | i 1,098 | ||||||||||||||||||||
Redemption
of preferred stock | ( i 1,072 | ) | ( i 1,072 | ) | ||||||||||||||||||
Common
stock issued under employee plans, net, and other | i 39.7 | i 384 | ( i 9 | ) | i 375 | |||||||||||||||||
Common
stock repurchased | ( i 200.3 | ) | ( i 6,362 | ) | ( i 6,362 | ) | ||||||||||||||||
Balance,
March 31, 2020 | $ | i 23,427 | i 8,675.5 | $ | i 85,745 | $ | i 155,866 | $ | ( i 120 | ) | $ | i 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 | $ | i 4,010 | $ | i 7,311 | |||
Adjustments
to reconcile net income to net cash provided by operating activities: | |||||||
Provision for credit losses | i 4,761 | i 1,013 | |||||
Gains
on sales of debt securities | ( i 315 | ) | ( i 6 | ) | |||
Depreciation
and amortization | i 432 | i 418 | |||||
Net
amortization of premium/discount on debt securities | i 482 | i 362 | |||||
Deferred
income taxes | ( i 229 | ) | i 763 | ||||
Stock-based
compensation | i 543 | i 504 | |||||
Loans
held-for-sale: | |||||||
Originations and purchases | ( i 6,078 | ) | ( i 3,566 | ) | |||
Proceeds
from sales and paydowns of loans originally classified as held for sale and instruments from related securitization activities | i 7,397 | i 7,848 | |||||
Net
change in: | |||||||
Trading and derivative assets/liabilities | i 29,615 | ( i 6,543 | ) | ||||
Other
assets | ( i 21,022 | ) | i 3,995 | ||||
Accrued
expenses and other liabilities | ( i 588 | ) | ( i 346 | ) | |||
Other
operating activities, net | i 35 | i 3,348 | |||||
Net
cash provided by operating activities | i 19,043 | i 15,101 | |||||
Investing
activities | |||||||
Net change in: | |||||||
Time deposits placed and other short-term investments | ( i 5,176 | ) | ( i 1,986 | ) | |||
Federal
funds sold and securities borrowed or purchased under agreements to resell | ( i 27,372 | ) | ( i 5,886 | ) | |||
Debt
securities carried at fair value: | |||||||
Proceeds from sales | i 9,977 | i 31,136 | |||||
Proceeds
from paydowns and maturities | i 16,708 | i 18,903 | |||||
Purchases | ( i 18,131 | ) | ( i 51,028 | ) | |||
Held-to-maturity
debt securities: | |||||||
Proceeds from paydowns and maturities | i 11,933 | i 5,284 | |||||
Purchases | ( i 7,132 | ) | ( i 416 | ) | |||
Loans
and leases: | |||||||
Proceeds from sales of loans originally classified as held for investment and instruments from related securitization activities | i 2,050 | i 2,952 | |||||
Purchases | ( i 1,982 | ) | ( i 1,060 | ) | |||
Other
changes in loans and leases, net | ( i 69,667 | ) | ( i 1,999 | ) | |||
Other
investing activities, net | ( i 1,619 | ) | ( i 667 | ) | |||
Net
cash used in investing activities | ( i 90,411 | ) | ( i 4,767 | ) | |||
Financing
activities | |||||||
Net change in: | |||||||
Deposits | i 148,522 | ( i 2,139 | ) | ||||
Federal
funds purchased and securities loaned or sold under agreements to repurchase | i 4,934 | i 1,463 | |||||
Short-term
borrowings | i 5,904 | ( i 6,181 | ) | ||||
Long-term
debt: | |||||||
Proceeds from issuance | i 18,728 | i 14,716 | |||||
Retirement | ( i 7,843 | ) | ( i 14,292 | ) | |||
Preferred
stock: | |||||||
Proceeds from issuance | i 1,098 | i — | |||||
Redemption | ( i 1,072 | ) | i — | ||||
Common
stock repurchased | ( i 6,362 | ) | ( i 6,263 | ) | |||
Cash
dividends paid | ( i 2,083 | ) | ( i 1,926 | ) | |||
Other
financing activities, net | ( i 679 | ) | ( i 886 | ) | |||
Net
cash provided by (used in) financing activities | i 161,147 | ( i 15,508 | ) | ||||
Effect
of exchange rate changes on cash and cash equivalents | ( i 949 | ) | ( i 607 | ) | |||
Net
increase (decrease) in cash and cash equivalents | i 88,830 | ( i 5,781 | ) | ||||
Cash
and cash equivalents at January 1 | i 161,560 | i 177,404 | |||||
Cash
and cash equivalents at March 31 | $ | i 250,390 | $ | i 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 | $ | i 9,963 | $ | i 10,885 | |||
Debt
securities | i 2,843 | i 3,119 | |||||
Federal
funds sold and securities borrowed or purchased under agreements to resell | i 819 | i 1,195 | |||||
Trading
account assets | i 1,247 | i 1,322 | |||||
Other
interest income | i 1,226 | i 1,649 | |||||
Total
interest income | i 16,098 | i 18,170 | |||||
Interest
expense | |||||||
Deposits | i 1,184 | i 1,795 | |||||
Short-term
borrowings | i 1,120 | i 1,852 | |||||
Trading
account liabilities | i 329 | i 345 | |||||
Long-term
debt | i 1,335 | i 1,803 | |||||
Total
interest expense | i 3,968 | i 5,795 | |||||
Net
interest income | $ | i 12,130 | $ | i 12,375 | |||
Noninterest
income | |||||||
Fees and commissions | |||||||
Card income | |||||||
Interchange fees (1) | $ | i 792 | $ | i 896 | |||
Other
card income | i 480 | i 479 | |||||
Total
card income | i 1,272 | i 1,375 | |||||
Service
charges | |||||||
Deposit-related fees | i 1,627 | i 1,580 | |||||
Lending-related
fees | i 276 | i 259 | |||||
Total
service charges | i 1,903 | i 1,839 | |||||
Investment
and brokerage services | |||||||
Asset management fees | i 2,682 | i 2,440 | |||||
Brokerage
fees | i 1,076 | i 920 | |||||
Total
investment and brokerage services | i 3,758 | i 3,360 | |||||
Investment
banking fees | |||||||
Underwriting income | i 848 | i 666 | |||||
Syndication
fees | i 271 | i 255 | |||||
Financial
advisory services | i 269 | i 343 | |||||
Total
investment banking fees | i 1,388 | i 1,264 | |||||
Total
fees and commissions | i 8,321 | i 7,838 | |||||
Market
making and similar activities | i 2,807 | i 2,768 | |||||
Other
income | ( i 491 | ) | i 23 | ||||
Total
noninterest income | $ | i 10,637 | $ | i 10,629 |
(1) | Gross
interchange fees were $ i 2.3 billion for both the three months ended March 31, 2020 and 2019, and are presented net of $ i 1.5
billion and $ i 1.4 billion of expenses for rewards and partner payments for the same periods. |
53 Bank of America |
Gross Derivative Assets | Gross Derivative Liabilities | ||||||||||||||||||||||||||
(Dollars in billions) | 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
| $ | i 19,058.4 | $ | i 199.6 | $ | i 21.0 | $ | i 220.6 | $ | i 217.2 | $ | i 0.5 | $ | i 217.7 | |||||||||||||
Futures
and forwards | i 6,585.6 | i 13.4 | i — | i 13.4 | i 13.0 | i — | i 13.0 | ||||||||||||||||||||
Written
options | i 1,782.9 | i — | i — | i — | i 56.3 | i — | i 56.3 | ||||||||||||||||||||
Purchased
options | i 1,768.8 | i 60.6 | i — | i 60.6 | i — | i — | i — | ||||||||||||||||||||
Foreign
exchange contracts | |||||||||||||||||||||||||||
Swaps | i 1,617.0 | i 47.9 | i 1.2 | i 49.1 | i 53.6 | i 1.5 | i 55.1 | ||||||||||||||||||||
Spot,
futures and forwards | i 4,566.2 | i 68.5 | i 1.0 | i 69.5 | i 66.8 | i 0.2 | i 67.0 | ||||||||||||||||||||
Written
options | i 314.1 | i — | i — | i — | i 6.8 | i — | i 6.8 | ||||||||||||||||||||
Purchased
options | i 309.6 | i 7.5 | i — | i 7.5 | i — | i — | i — | ||||||||||||||||||||
Equity
contracts | |||||||||||||||||||||||||||
Swaps | i 241.8 | i 22.0 | i — | i 22.0 | i 19.8 | i — | i 19.8 | ||||||||||||||||||||
Futures
and forwards | i 95.8 | i 1.2 | i 0.1 | i 1.3 | i 0.4 | i — | i 0.4 | ||||||||||||||||||||
Written
options | i 601.7 | i — | i — | i — | i 50.0 | i — | i 50.0 | ||||||||||||||||||||
Purchased
options | i 576.1 | i 56.4 | i — | i 56.4 | i — | i — | i — | ||||||||||||||||||||
Commodity
contracts | |||||||||||||||||||||||||||
Swaps | i 41.3 | i 5.9 | i — | i 5.9 | i 6.3 | i — | i 6.3 | ||||||||||||||||||||
Futures
and forwards | i 48.2 | i 1.9 | i — | i 1.9 | i 0.6 | i — | i 0.6 | ||||||||||||||||||||
Written
options | i 33.0 | i — | i — | i — | i 5.6 | i — | i 5.6 | ||||||||||||||||||||
Purchased
options | i 37.0 | i 5.2 | i — | i 5.2 | i — | i — | i — | ||||||||||||||||||||
Credit
derivatives (2) | |||||||||||||||||||||||||||
Purchased
credit derivatives: | |||||||||||||||||||||||||||
Credit
default swaps | i 354.2 | i 8.1 | i — | i 8.1 | i 2.1 | i — | i 2.1 | ||||||||||||||||||||
Total
return swaps/options | i 98.3 | i 2.1 | i — | i 2.1 | i 1.5 | i — | i 1.5 | ||||||||||||||||||||
Written
credit derivatives: | |||||||||||||||||||||||||||
Credit
default swaps | i 332.0 | i 1.7 | i — | i 1.7 | i 6.5 | i — | i 6.5 | ||||||||||||||||||||
Total
return swaps/options | i 97.8 | i 1.0 | i — | i 1.0 | i 1.9 | i — | i 1.9 | ||||||||||||||||||||
Gross
derivative assets/liabilities | $ | i 503.0 | $ | i 23.3 | $ | i 526.3 | $ | i 508.4 | $ | i 2.2 | $ | i 510.6 | |||||||||||||||
Less:
Legally enforceable master netting agreements | ( i 415.2 | ) | ( i 415.2 | ) | |||||||||||||||||||||||
Less:
Cash collateral received/paid | ( i 53.4 | ) | ( i 40.7 | ) | |||||||||||||||||||||||
Total
derivative assets/liabilities | $ | i 57.7 | $ | i 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 $( i 4.5)
billion and $ i 279.4 billion at March 31, 2020. |
Bank
of America 54 |
Gross Derivative Assets | Gross Derivative Liabilities | ||||||||||||||||||||||||||
(Dollars in billions) | 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
| $ | i 15,074.4 | $ | i 162.0 | $ | i 9.7 | $ | i 171.7 | $ | i 168.5 | $ | i 0.4 | $ | i 168.9 | |||||||||||||
Futures
and forwards | i 3,279.8 | i 1.0 | i — | i 1.0 | i 1.0 | i — | i 1.0 | ||||||||||||||||||||
Written
options | i 1,767.7 | i — | i — | i — | i 32.5 | i — | i 32.5 | ||||||||||||||||||||
Purchased
options | i 1,673.6 | i 37.4 | i — | i 37.4 | i — | i — | i — | ||||||||||||||||||||
Foreign
exchange contracts | |||||||||||||||||||||||||||
Swaps | i 1,657.7 | i 30.3 | i 0.7 | i 31.0 | i 31.7 | i 0.9 | i 32.6 | ||||||||||||||||||||
Spot,
futures and forwards | i 3,792.7 | i 35.9 | i 0.1 | i 36.0 | i 38.7 | i 0.3 | i 39.0 | ||||||||||||||||||||
Written
options | i 274.3 | i — | i — | i — | i 3.8 | i — | i 3.8 | ||||||||||||||||||||
Purchased
options | i 261.6 | i 4.0 | i — | i 4.0 | i — | i — | i — | ||||||||||||||||||||
Equity
contracts | |||||||||||||||||||||||||||
Swaps | i 315.0 | i 6.5 | i — | i 6.5 | i 8.1 | i — | i 8.1 | ||||||||||||||||||||
Futures
and forwards | i 125.1 | i 0.3 | i — | i 0.3 | i 1.1 | i — | i 1.1 | ||||||||||||||||||||
Written
options | i 731.1 | i — | i — | i — | i 34.6 | i — | i 34.6 | ||||||||||||||||||||
Purchased
options | i 668.6 | i 42.4 | i — | i 42.4 | i — | i — | i — | ||||||||||||||||||||
Commodity
contracts | |||||||||||||||||||||||||||
Swaps | i 42.0 | i 2.1 | i — | i 2.1 | i 4.4 | i — | i 4.4 | ||||||||||||||||||||
Futures
and forwards | i 61.3 | i 1.7 | i — | i 1.7 | i 0.4 | i — | i 0.4 | ||||||||||||||||||||
Written
options | i 33.2 | i — | i — | i — | i 1.4 | i — | i 1.4 | ||||||||||||||||||||
Purchased
options | i 37.9 | i 1.4 | i — | i 1.4 | i — | i — | i — | ||||||||||||||||||||
Credit
derivatives (2) | |||||||||||||||||||||||||||
Purchased
credit derivatives: | |||||||||||||||||||||||||||
Credit
default swaps | i 321.6 | i 2.7 | i — | i 2.7 | i 5.6 | i — | i 5.6 | ||||||||||||||||||||
Total
return swaps/options | i 86.6 | i 0.4 | i — | i 0.4 | i 1.3 | i — | i 1.3 | ||||||||||||||||||||
Written
credit derivatives: | |||||||||||||||||||||||||||
Credit
default swaps | i 300.2 | i 5.4 | i — | i 5.4 | i 2.0 | i — | i 2.0 | ||||||||||||||||||||
Total
return swaps/options | i 86.2 | i 0.8 | i — | i 0.8 | i 0.4 | i — | i 0.4 | ||||||||||||||||||||
Gross
derivative assets/liabilities | $ | i 334.3 | $ | i 10.5 | $ | i 344.8 | $ | i 335.5 | $ | i 1.6 | $ | i 337.1 | |||||||||||||||
Less:
Legally enforceable master netting agreements | ( i 270.4 | ) | ( i 270.4 | ) | |||||||||||||||||||||||
Less:
Cash collateral received/paid | ( i 33.9 | ) | ( i 28.5 | ) | |||||||||||||||||||||||
Total
derivative assets/liabilities | $ | i 40.5 | $ | i 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 $ i 2.8
billion and $ i 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) | |||||||||||||||
Interest rate contracts | |||||||||||||||
Over-the-counter | $ | i 277.6 | $ | i 271.1 | $ | i 203.1 | $ | i 196.6 | |||||||
Exchange-traded
| i 0.3 | i 0.3 | i 0.1 | i 0.1 | |||||||||||
Over-the-counter
cleared | i 15.2 | i 13.4 | i 6.0 | i 5.3 | |||||||||||
Foreign
exchange contracts | |||||||||||||||
Over-the-counter | i 121.5 | i 124.4 | i 69.2 | i 73.1 | |||||||||||
Over-the-counter
cleared | i 2.1 | i 2.1 | i 0.5 | i 0.5 | |||||||||||
Equity
contracts | |||||||||||||||
Over-the-counter | i 32.3 | i 24.4 | i 21.3 | i 17.8 | |||||||||||
Exchange-traded
| i 43.7 | i 42.2 | i 26.4 | i 22.8 | |||||||||||
Commodity
contracts | |||||||||||||||
Over-the-counter | i 9.0 | i 9.1 | i 2.8 | i 4.2 | |||||||||||
Exchange-traded
| i 2.5 | i 2.2 | i 0.8 | i 0.8 | |||||||||||
Over-the-counter
cleared | i — | i 0.1 | i — | i 0.1 | |||||||||||
Credit
derivatives | |||||||||||||||
Over-the-counter | i 11.5 | i 10.6 | i 6.4 | i 6.6 | |||||||||||
Over-the-counter
cleared | i 1.2 | i 1.2 | i 2.5 | i 2.2 | |||||||||||
Total
gross derivative assets/liabilities, before netting | |||||||||||||||
Over-the-counter | i 451.9 | i 439.6 | i 302.8 | i 298.3 | |||||||||||
Exchange-traded
| i 46.5 | i 44.7 | i 27.3 | i 23.7 | |||||||||||
Over-the-counter
cleared | i 18.5 | i 16.8 | i 9.0 | i 8.1 | |||||||||||
Less:
Legally enforceable master netting agreements and cash collateral received/paid | |||||||||||||||
Over-the-counter | ( i 413.4 | ) | ( i 400.7 | ) | ( i 274.7 | ) | ( i 269.3 | ) | |||||||
Exchange-traded
| ( i 40.5 | ) | ( i 40.5 | ) | ( i 21.5 | ) | ( i 21.5 | ) | |||||||
Over-the-counter
cleared | ( i 14.7 | ) | ( i 14.7 | ) | ( i 8.1 | ) | ( i 8.1 | ) | |||||||
Derivative
assets/liabilities, after netting | i 48.3 | i 45.2 | i 34.8 | i 31.2 | |||||||||||
Other
gross derivative assets/liabilities (2) | i 9.4 | i 9.5 | i 5.7 | i 7.0 | |||||||||||
Total
derivative assets/liabilities | i 57.7 | i 54.7 | i 40.5 | i 38.2 | |||||||||||
Less:
Financial instruments collateral (3) | ( i 16.7 | ) | ( i 21.4 | ) | ( i 14.6 | ) | ( i 16.1 | ) | |||||||
Total
net derivative assets/liabilities | $ | i 41.0 | $ | i 33.3 | $ | i 25.9 | $ | i 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) | $ | i 10,334 | $ | ( i 10,276 | ) | $ | i 1,913 | $ | ( i 1,929 | ) | |||||
Interest
rate and foreign currency risk on long-term debt (2) | i 505 | ( i 491 | ) | i 57 | ( i 48 | ) | |||||||||
Interest
rate risk on available-for-sale securities (3) | ( i 350 | ) | i 342 | ( i 45 | ) | i 43 | |||||||||
Total | $ | i 10,489 | $ | ( i 10,425 | ) | $ | i 1,925 | $ | ( i 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 $ i 734
million and $ i 170 million in interest expense, $( i 241)
million and $( i 121) million in market making and similar activities, and $ i 12
million and $ i 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) | |||||||||||||||
(Dollars in millions) | Carrying Value | Cumulative Fair Value Adjustments (1) | Carrying Value | Cumulative Fair Value Adjustments (1) | |||||||||||
Long-term debt
(2) | $ | ( i 186,490 | ) | $ | ( i 19,542 | ) | $ | ( i 162,389 | ) | $ | ( i 8,685 | ) | |||
Available-for-sale
debt securities (2, 3) | i 4,157 | i 314 | i 1,654 | i 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 $ i 1.2
billion and $ i 1.3 billion and an increase in the related asset of $ i 22
million and $ i 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) | $ | i 591 | $ | ( i 26 | ) | $ | i 254 | $ | ( i 23 | ) | |||||
Price
risk on certain compensation plans (2) | ( i 82 | ) | i — | i — | i — | ||||||||||
Total | $ | i 509 | $ | ( i 26 | ) | $ | i 254 | $ | ( i 23 | ) | |||||
Net
investment hedges | |||||||||||||||
Foreign exchange risk (3) | $ | i 1,368 | $ | i — | $ | i 6 | $ | i 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 $ i 30 million and $ i 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) | $ | i 379 | $ | i 104 | |||
Credit
risk on loans (2) | i 88 | ( i 26 | ) | ||||
Interest
rate and foreign currency risk on ALM activities (3) | i 1,528 | i 1,229 | |||||
Price
risk on certain compensation plans (4) | ( i 757 | ) | i 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 $ i 48 million and $ i 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 | $ | i 1,568 | $ | i 619 | $ | i 68 | $ | i 2,255 | |||||||
Foreign
exchange risk | i 446 | i 5 | i 5 | i 456 | |||||||||||
Equity
risk | i 1,261 | ( i 123 | ) | i 519 | i 1,657 | ||||||||||
Credit
risk | ( i 406 | ) | i 441 | i 39 | i 74 | ||||||||||
Other
risk | i 103 | i 21 | i 7 | i 131 | |||||||||||
Total
sales and trading revenue | $ | i 2,972 | $ | i 963 | $ | i 638 | $ | i 4,573 | |||||||
Three
Months Ended March 31, 2019 | |||||||||||||||
Interest rate risk | $ | i 300 | $ | i 410 | $ | i 86 | $ | i 796 | |||||||
Foreign
exchange risk | i 318 | i 19 | i 6 | i 343 | |||||||||||
Equity
risk | i 969 | ( i 175 | ) | i 396 | i 1,190 | ||||||||||
Credit
risk | i 487 | i 430 | i 134 | i 1,051 | |||||||||||
Other
risk | i 7 | i 18 | i 10 | i 35 | |||||||||||
Total
sales and trading revenue | $ | i 2,081 | $ | i 702 | $ | i 632 | $ | i 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 $ i 557 million and $ i 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 | |||||||||||||||
(Dollars in millions) | Carrying Value | ||||||||||||||||||
Credit default swaps: | |||||||||||||||||||
Investment
grade | $ | i 9 | $ | i 87 | $ | i 620 | $ | i 532 | $ | i 1,248 | |||||||||
Non-investment
grade | i 192 | i 1,021 | i 1,945 | i 2,054 | i 5,212 | ||||||||||||||
Total | i 201 | i 1,108 | i 2,565 | i 2,586 | i 6,460 | ||||||||||||||
Total
return swaps/options: | |||||||||||||||||||
Investment
grade | i 578 | i — | i — | i — | i 578 | ||||||||||||||
Non-investment
grade | i 1,301 | i 10 | i — | i — | i 1,311 | ||||||||||||||
Total | i 1,879 | i 10 | i — | i — | i 1,889 | ||||||||||||||
Total
credit derivatives | $ | i 2,080 | $ | i 1,118 | $ | i 2,565 | $ | i 2,586 | $ | i 8,349 | |||||||||
Credit-related
notes: | |||||||||||||||||||
Investment
grade | $ | i — | $ | i — | $ | i — | $ | i 1,156 | $ | i 1,156 | |||||||||
Non-investment
grade | i 6 | i 2 | i — | i 1,075 | i 1,083 | ||||||||||||||
Total
credit-related notes | $ | i 6 | $ | i 2 | $ | i — | $ | i 2,231 | $ | i 2,239 | |||||||||
Maximum
Payout/Notional | |||||||||||||||||||
Credit default swaps: | |||||||||||||||||||
Investment
grade | $ | i 48,868 | $ | i 75,071 | $ | i 77,467 | $ | i 26,226 | $ | i 227,632 | |||||||||
Non-investment
grade | i 19,106 | i 30,941 | i 39,604 | i 14,694 | i 104,345 | ||||||||||||||
Total | i 67,974 | i 106,012 | i 117,071 | i 40,920 | i 331,977 | ||||||||||||||
Total
return swaps/options: | |||||||||||||||||||
Investment
grade | i 65,869 | i — | i 126 | i — | i 65,995 | ||||||||||||||
Non-investment
grade | i 27,272 | i 4,476 | i 6 | i 5 | i 31,759 | ||||||||||||||
Total | i 93,141 | i 4,476 | i 132 | i 5 | i 97,754 | ||||||||||||||
Total
credit derivatives | $ | i 161,115 | $ | i 110,488 | $ | i 117,203 | $ | i 40,925 | $ | i 429,731 | |||||||||
Carrying Value | |||||||||||||||||||
Credit default swaps: | |||||||||||||||||||
Investment
grade | $ | i — | $ | i 5 | $ | i 60 | $ | i 164 | $ | i 229 | |||||||||
Non-investment
grade | i 70 | i 292 | i 561 | i 808 | i 1,731 | ||||||||||||||
Total | i 70 | i 297 | i 621 | i 972 | i 1,960 | ||||||||||||||
Total
return swaps/options: | |||||||||||||||||||
Investment
grade | i 35 | i — | i — | i — | i 35 | ||||||||||||||
Non-investment
grade | i 344 | i — | i — | i — | i 344 | ||||||||||||||
Total | i 379 | i — | i — | i — | i 379 | ||||||||||||||
Total
credit derivatives | $ | i 449 | $ | i 297 | $ | i 621 | $ | i 972 | $ | i 2,339 | |||||||||
Credit-related
notes: | |||||||||||||||||||
Investment
grade | $ | i — | $ | i 3 | $ | i 1 | $ | i 639 | $ | i 643 | |||||||||
Non-investment
grade | i 6 | i 2 | i 1 | i 1,125 | i 1,134 | ||||||||||||||
Total
credit-related notes | $ | i 6 | $ | i 5 | $ | i 2 | $ | i 1,764 | $ | i 1,777 | |||||||||
Maximum
Payout/Notional | |||||||||||||||||||
Credit default swaps: | |||||||||||||||||||
Investment grade | $ | i 55,827 | $ | i 67,838 | $ | i 71,320 | $ | i 17,708 | $ | i 212,693 | |||||||||
Non-investment
grade | i 19,049 | i 26,521 | i 29,618 | i 12,337 | i 87,525 | ||||||||||||||
Total | i 74,876 | i 94,359 | i 100,938 | i 30,045 | i 300,218 | ||||||||||||||
Total
return swaps/options: | |||||||||||||||||||
Investment
grade | i 56,488 | i — | i 62 | i 76 | i 56,626 | ||||||||||||||
Non-investment
grade | i 28,707 | i 657 | i 104 | i 60 | i 29,528 | ||||||||||||||
Total | i 85,195 | i 657 | i 166 | i 136 | i 86,154 | ||||||||||||||
Total
credit derivatives | $ | i 160,071 | $ | i 95,016 | $ | i 101,104 | $ | i 30,181 | $ | i 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 | $ | i 519 | $ | i 724 | |||
Bank
of America, N.A. and subsidiaries (1) | i 257 | i 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 | $ | i 161 | $ | i 1,498 | |||
Collateral
posted | i 144 | i 1,098 |
Valuation Adjustments Gains (Losses) on Derivatives (1) | |||||||
Three
Months Ended March 31 | |||||||
2020 | 2019 | ||||||
Derivative assets (CVA) | $ | ( i 784 | ) | $ | i 66 | ||
Derivative
assets/liabilities (FVA) | ( i 156 | ) | i 7 | ||||
Derivative
liabilities (DVA) | i 414 | ( i 81 | ) |
(1) | At
March 31, 2020 and December 31, 2019, cumulative CVA reduced the derivative assets balance by $ i 1.3 billion and $ i 528
million, cumulative FVA reduced the net derivatives balance by $ i 309 million and $ i 153
million, and cumulative DVA reduced the derivative liabilities balance by $ i 699 million and $ i 285
million, respectively. |
Bank of America 60 |
Debt
Securities | |||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair
Value | ||||||||||||
(Dollars in millions) | |||||||||||||||
Available-for-sale debt securities | |||||||||||||||
Mortgage-backed
securities: | |||||||||||||||
Agency | $ | i 76,599 | $ | i 2,863 | $ | ( i 1 | ) | $ | i 79,461 | ||||||
Agency-collateralized
mortgage obligations | i 4,348 | i 212 | ( i 9 | ) | i 4,551 | ||||||||||
Commercial | i 14,800 | i 814 | ( i 12 | ) | i 15,602 | ||||||||||
Non-agency
residential (1) | i 882 | i 130 | ( i 80 | ) | i 932 | ||||||||||
Total
mortgage-backed securities | i 96,629 | i 4,019 | ( i 102 | ) | i 100,546 | ||||||||||
U.S.
Treasury and agency securities | i 64,353 | i 4,352 | ( i 9 | ) | i 68,696 | ||||||||||
Non-U.S.
securities | i 12,248 | i 10 | ( i 11 | ) | i 12,247 | ||||||||||
Other
taxable securities, substantially all asset-backed securities | i 6,016 | i 80 | ( i 204 | ) | i 5,892 | ||||||||||
Total
taxable securities | i 179,246 | i 8,461 | ( i 326 | ) | i 187,381 | ||||||||||
Tax-exempt
securities | i 18,752 | i 163 | ( i 75 | ) | i 18,840 | ||||||||||
Total
available-for-sale debt securities (3) | i 197,998 | i 8,624 | ( i 401 | ) | i 206,221 | ||||||||||
Other
debt securities carried at fair value (2) | i 14,791 | i 317 | ( i 225 | ) | i 14,883 | ||||||||||
Total
debt securities carried at fair value | i 212,789 | i 8,941 | ( i 626 | ) | i 221,104 | ||||||||||
Held-to-maturity
debt securities, substantially all U.S. agency mortgage-backed securities (3) | i 254,764 | i 11,848 | ( i 17 | ) | i 266,595 | ||||||||||
Total
debt securities (4, 5) | $ | i 467,553 | $ | i 20,789 | $ | ( i 643 | ) | $ | i 487,699 | ||||||
Available-for-sale debt securities | |||||||||||||||
Mortgage-backed securities: | |||||||||||||||
Agency | $ | i 121,698 | $ | i 1,013 | $ | ( i 183 | ) | $ | i 122,528 | ||||||
Agency-collateralized
mortgage obligations | i 4,587 | i 78 | ( i 24 | ) | i 4,641 | ||||||||||
Commercial | i 14,797 | i 249 | ( i 25 | ) | i 15,021 | ||||||||||
Non-agency
residential (1) | i 948 | i 138 | ( i 9 | ) | i 1,077 | ||||||||||
Total
mortgage-backed securities | i 142,030 | i 1,478 | ( i 241 | ) | i 143,267 | ||||||||||
U.S.
Treasury and agency securities | i 67,700 | i 1,023 | ( i 195 | ) | i 68,528 | ||||||||||
Non-U.S.
securities | i 11,987 | i 6 | ( i 2 | ) | i 11,991 | ||||||||||
Other
taxable securities, substantially all asset-backed securities | i 3,874 | i 67 | i — | i 3,941 | |||||||||||
Total
taxable securities | i 225,591 | i 2,574 | ( i 438 | ) | i 227,727 | ||||||||||
Tax-exempt
securities | i 17,716 | i 202 | ( i 6 | ) | i 17,912 | ||||||||||
Total
available-for-sale debt securities | i 243,307 | i 2,776 | ( i 444 | ) | i 245,639 | ||||||||||
Other
debt securities carried at fair value (2) | i 10,596 | i 255 | ( i 23 | ) | i 10,828 | ||||||||||
Total
debt securities carried at fair value | i 253,903 | i 3,031 | ( i 467 | ) | i 256,467 | ||||||||||
Held-to-maturity
debt securities, substantially all U.S. agency mortgage-backed securities | i 215,730 | i 4,433 | ( i 342 | ) | i 219,821 | ||||||||||
Total
debt securities (4, 5) | $ | i 469,633 | $ | i 7,464 | $ | ( i 809 | ) | $ | i 476,288 |
(1) | At
both March 31, 2020 and December 31, 2019, the underlying collateral type included approximately i 49 percent
prime, i six percent Alt-A and i 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 $ i 44.4 billion to HTM. Additionally, the Corporation transferred $ i 11.1
billion of debt securities from its trading account inventory to its Banking Book with $ i 5.2 billion subsequently classified as AFS securities and $ i 5.9
billion classified in other debt securities carried at fair value. |
(4) | Includes securities pledged as collateral of $ i 71.4 billion and $ i 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 $ i 153.3
billion and $ i 58.8 billion, and a fair value of $ i 161.2
billion and $ i 61.7 billion at March 31, 2020, and an amortized cost of $ i 157.2
billion and $ i 54.1 billion, and a fair value of $ i 160.6
billion and $ i 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) | |||||||||||||||||||||||
Continuously unrealized loss-positioned AFS debt securities | |||||||||||||||||||||||
Mortgage-backed
securities: | |||||||||||||||||||||||
Agency | $ | i — | $ | i — | $ | i 704 | $ | ( i 1 | ) | $ | i 704 | $ | ( i 1 | ) | |||||||||
Agency-collateralized
mortgage obligations | i 6 | i — | i 582 | ( i 9 | ) | i 588 | ( i 9 | ) | |||||||||||||||
Commercial | i 652 | ( i 9 | ) | i 348 | ( i 3 | ) | i 1,000 | ( i 12 | ) | ||||||||||||||
Non-agency
residential | i 455 | ( i 67 | ) | i 38 | ( i 13 | ) | i 493 | ( i 80 | ) | ||||||||||||||
Total
mortgage-backed securities | i 1,113 | ( i 76 | ) | i 1,672 | ( i 26 | ) | i 2,785 | ( i 102 | ) | ||||||||||||||
U.S.
Treasury and agency securities | ( i 495 | ) | ( i 7 | ) | i 523 | ( i 2 | ) | i 28 | ( i 9 | ) | |||||||||||||
Non-U.S.
securities | i 2,733 | ( i 10 | ) | i 513 | ( i 1 | ) | i 3,246 | ( i 11 | ) | ||||||||||||||
Other
taxable securities, substantially all asset-backed securities | i 2,950 | ( i 191 | ) | i 293 | ( i 13 | ) | i 3,243 | ( i 204 | ) | ||||||||||||||
Total
taxable securities | i 6,301 | ( i 284 | ) | i 3,001 | ( i 42 | ) | i 9,302 | ( i 326 | ) | ||||||||||||||
Tax-exempt
securities | i 6,075 | ( i 46 | ) | i 3,090 | ( i 29 | ) | i 9,165 | ( i 75 | ) | ||||||||||||||
Total
AFS debt securities in a continuous unrealized loss position | $ | i 12,376 | $ | ( i 330 | ) | $ | i 6,091 | $ | ( i 71 | ) | $ | i 18,467 | $ | ( i 401 | ) | ||||||||
Continuously unrealized loss-positioned AFS debt securities | |||||||||||||||||||||||
Mortgage-backed
securities: | |||||||||||||||||||||||
Agency | $ | i 17,641 | $ | ( i 41 | ) | $ | i 17,238 | $ | ( i 142 | ) | $ | i 34,879 | $ | ( i 183 | ) | ||||||||
Agency-collateralized
mortgage obligations | i 255 | ( i 1 | ) | i 925 | ( i 23 | ) | i 1,180 | ( i 24 | ) | ||||||||||||||
Commercial | i 2,180 | ( i 22 | ) | i 442 | ( i 3 | ) | i 2,622 | ( i 25 | ) | ||||||||||||||
Non-agency
residential | i 122 | ( i 6 | ) | i 22 | ( i 3 | ) | i 144 | ( i 9 | ) | ||||||||||||||
Total
mortgage-backed securities | i 20,198 | ( i 70 | ) | i 18,627 | ( i 171 | ) | i 38,825 | ( i 241 | ) | ||||||||||||||
U.S.
Treasury and agency securities | i 12,836 | ( i 71 | ) | i 18,866 | ( i 124 | ) | i 31,702 | ( i 195 | ) | ||||||||||||||
Non-U.S.
securities | i 851 | i — | i 837 | ( i 2 | ) | i 1,688 | ( i 2 | ) | |||||||||||||||
Other
taxable securities, substantially all asset-backed securities | i 938 | i — | i 222 | i — | i 1,160 | i — | |||||||||||||||||
Total
taxable securities | i 34,823 | ( i 141 | ) | i 38,552 | ( i 297 | ) | i 73,375 | ( i 438 | ) | ||||||||||||||
Tax-exempt
securities | i 4,286 | ( i 5 | ) | i 190 | ( i 1 | ) | i 4,476 | ( i 6 | ) | ||||||||||||||
Total
AFS debt securities in a continuous unrealized loss position | $ | i 39,109 | $ | ( i 146 | ) | $ | i 38,742 | $ | ( i 298 | ) | $ | i 77,851 | $ | ( i 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 | $ | i — | i — | % | $ | i 9 | i 5.42 | % | $ | i 65 | i 4.47 | % | $ | i 82,426 | i 3.42 | % | $ | i 82,500 | i 3.42 | % | ||||||||||||||
Agency-collateralized
mortgage obligations | i — | i — | i — | i — | i 26 | i 2.50 | i 4,322 | i 3.16 | i 4,348 | i 3.16 | ||||||||||||||||||||||||
Commercial | i 22 | i 1.68 | i 4,956 | i 2.45 | i 8,821 | i 2.56 | i 1,014 | i 2.86 | i 14,813 | i 2.54 | ||||||||||||||||||||||||
Non-agency
residential | i — | i — | i — | i — | i 12 | i — | i 2,069 | i 9.01 | i 2,081 | i 8.96 | ||||||||||||||||||||||||
Total
mortgage-backed securities | i 22 | i 1.68 | i 4,965 | i 2.45 | i 8,924 | i 2.57 | i 89,831 | i 3.53 | i 103,742 | i 3.40 | ||||||||||||||||||||||||
U.S.
Treasury and agency securities | i 6,401 | i 1.25 | i 30,295 | i 1.73 | i 27,622 | i 2.21 | i 38 | i 2.45 | i 64,356 | i 1.89 | ||||||||||||||||||||||||
Non-U.S.
securities | i 18,332 | i 0.87 | i 1,478 | i 1.47 | i 11 | i 2.97 | i 102 | i 7.02 | i 19,923 | i 0.95 | ||||||||||||||||||||||||
Other
taxable securities, substantially all asset-backed securities | i 1,474 | i 2.13 | i 2,011 | i 2.66 | i 1,237 | i 3.31 | i 1,294 | i 3.22 | i 6,016 | i 2.78 | ||||||||||||||||||||||||
Total
taxable securities | i 26,229 | i 1.04 | i 38,749 | i 1.86 | i 37,794 | i 2.33 | i 91,265 | i 3.53 | i 194,037 | i 2.63 | ||||||||||||||||||||||||
Tax-exempt
securities | i 2,612 | i 1.82 | i 7,882 | i 3.28 | i 5,035 | i 2.18 | i 3,223 | i 4.00 | i 18,752 | i 2.90 | ||||||||||||||||||||||||
Total
amortized cost of debt securities carried at fair value | $ | i 28,841 | i 1.11 | $ | i 46,631 | i 2.10 | $ | i 42,829 | i 2.32 | $ | i 94,488 | i 3.54 | $ | i 212,789 | i 2.65 | |||||||||||||||||||
Amortized
cost of HTM debt securities (2) | $ | i 595 | i 2.66 | $ | i 46 | i 3.62 | $ | i 1,096 | i 2.56 | $ | i 253,027 | i 3.14 | $ | i 254,764 | i 3.14 | |||||||||||||||||||
Debt
securities carried at fair value | ||||||||||||||||||||||||||||||||||
Mortgage-backed
securities: | ||||||||||||||||||||||||||||||||||
Agency | $ | i — | $ | i 9 | $ | i 69 | $ | i 85,472 | $ | i 85,550 | ||||||||||||||||||||||||
Agency-collateralized
mortgage obligations | i — | i — | i 26 | i 4,525 | i 4,551 | |||||||||||||||||||||||||||||
Commercial | i 22 | i 5,154 | i 9,352 | i 1,087 | i 15,615 | |||||||||||||||||||||||||||||
Non-agency
residential | i — | i — | i 23 | i 2,031 | i 2,054 | |||||||||||||||||||||||||||||
Total
mortgage-backed securities | i 22 | i 5,163 | i 9,470 | i 93,115 | i 107,770 | |||||||||||||||||||||||||||||
U.S.
Treasury and agency securities | i 6,464 | i 31,645 | i 30,551 | i 39 | i 68,699 | |||||||||||||||||||||||||||||
Non-U.S.
securities | i 18,307 | i 1,481 | i 11 | i 100 | i 19,899 | |||||||||||||||||||||||||||||
Other
taxable securities, substantially all asset-backed securities | i 1,460 | i 1,880 | i 1,234 | i 1,322 | i 5,896 | |||||||||||||||||||||||||||||
Total
taxable securities | i 26,253 | i 40,169 | i 41,266 | i 94,576 | i 202,264 | |||||||||||||||||||||||||||||
Tax-exempt
securities | i 2,610 | i 7,875 | i 5,100 | i 3,255 | i 18,840 | |||||||||||||||||||||||||||||
Total
debt securities carried at fair value | $ | i 28,863 | $ | i 48,044 | $ | i 46,366 | $ | i 97,831 | $ | i 221,104 | ||||||||||||||||||||||||
Fair
value of HTM debt securities (2) | $ | i 595 | $ | i 46 | $ | i 1,164 | $ | i 264,790 | $ | i 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) | |||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||
Core
portfolio | |||||||||||||||||||||||||||
Residential
mortgage | $ | i 1,348 | $ | i 262 | $ | i 580 | $ | i 2,190 | $ | i 231,445 | $ | i 233,635 | |||||||||||||||
Home
equity | i 129 | i 59 | i 215 | i 403 | i 34,470 | i 34,873 | |||||||||||||||||||||
Non-core
portfolio | |||||||||||||||||||||||||||
Residential
mortgage | i 434 | i 172 | i 1,109 | i 1,715 | i 8,195 | i 9,910 | |||||||||||||||||||||
Home
equity | i 34 | i 15 | i 67 | i 116 | i 4,578 | i 4,694 | |||||||||||||||||||||
Credit
card and other consumer | |||||||||||||||||||||||||||
Credit
card | i 541 | i 368 | i 991 | i 1,900 | i 89,990 | i 91,890 | |||||||||||||||||||||
Direct/Indirect
consumer (2) | i 288 | i 77 | i 32 | i 397 | i 89,849 | i 90,246 | |||||||||||||||||||||
Other
consumer | i — | i — | i — | i — | i 150 | i 150 | |||||||||||||||||||||
Total
consumer | i 2,774 | i 953 | i 2,994 | i 6,721 | i 458,677 | i 465,398 | |||||||||||||||||||||
Consumer
loans accounted for under the fair value option (3) | $ | i 556 | i 556 | ||||||||||||||||||||||||
Total
consumer loans and leases | i 2,774 | i 953 | i 2,994 | i 6,721 | i 458,677 | i 556 | i 465,954 | ||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||
U.S.
commercial | i 715 | i 378 | i 504 | i 1,597 | i 356,907 | i 358,504 | |||||||||||||||||||||
Non-U.S.
commercial | i 29 | i 41 | i 1 | i 71 | i 116,541 | i 116,612 | |||||||||||||||||||||
Commercial
real estate (4) (4) | i 188 | i 25 | i 137 | i 350 | i 66,304 | i 66,654 | |||||||||||||||||||||
Commercial
lease financing | i 119 | i 25 | i 68 | i 212 | i 18,968 | i 19,180 | |||||||||||||||||||||
U.S.
small business commercial | i 123 | i 51 | i 108 | i 282 | i 15,139 | i 15,421 | |||||||||||||||||||||
Total
commercial | i 1,174 | i 520 | i 818 | i 2,512 | i 573,859 | i 576,371 | |||||||||||||||||||||
Commercial
loans accounted for under the fair value option (3) | i 8,460 | i 8,460 | |||||||||||||||||||||||||
Total
commercial loans and leases | i 1,174 | i 520 | i 818 | i 2,512 | i 573,859 | i 8,460 | i 584,831 | ||||||||||||||||||||
Total
loans and leases (5) | $ | i 3,948 | $ | i 1,473 | $ | i 3,812 | $ | i 9,233 | $ | i 1,032,536 | $ | i 9,016 | $ | i 1,050,785 | |||||||||||||
Percentage
of outstandings | i 0.38 | % | i 0.14 | % | i 0.36 | % | i 0.88 | % | i 98.26 | % | i 0.86 | % | i 100.00 | % |
(1) | Consumer
real estate loans 30-59 days past due includes fully-insured loans of $ i 474 million and nonperforming loans of $ i 138
million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $ i 174 million and nonperforming loans of $ i 123
million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $ i 1.0 billion. Consumer real estate loans current or less than 30 days past due
includes $ i 878 million and direct/indirect consumer includes $ i 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 $ i 50.0
billion, U.S. securities-based lending loans of $ i 36.4 billion and non-U.S. consumer loans of $ i 3.0
billion. |
(3) | Consumer loans accounted for under the fair value option includes residential mortgage loans of $ i 231
million and home equity loans of $ i 325 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $ i 5.1
billion and non-U.S. commercial loans of $ i 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 $ i 62.9 billion and non-U.S. commercial real estate loans of $ i 3.8
billion. |
(5) | Total outstandings includes loans and leases pledged as collateral of $ i 32.7 billion. The Corporation also pledged $ i 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) | |||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||
Core
portfolio | |||||||||||||||||||||||||||
Residential
mortgage | $ | i 1,378 | $ | i 261 | $ | i 565 | $ | i 2,204 | $ | i 223,566 | $ | i 225,770 | |||||||||||||||
Home
equity | i 135 | i 70 | i 198 | i 403 | i 34,823 | i 35,226 | |||||||||||||||||||||
Non-core
portfolio | |||||||||||||||||||||||||||
Residential
mortgage | i 458 | i 209 | i 1,263 | i 1,930 | i 8,469 | i 10,399 | |||||||||||||||||||||
Home
equity | i 34 | i 16 | i 72 | i 122 | i 4,860 | i 4,982 | |||||||||||||||||||||
Credit
card and other consumer | |||||||||||||||||||||||||||
Credit
card | i 564 | i 429 | i 1,042 | i 2,035 | i 95,573 | i 97,608 | |||||||||||||||||||||
Direct/Indirect
consumer (2) | i 297 | i 85 | i 35 | i 417 | i 90,581 | i 90,998 | |||||||||||||||||||||
Other
consumer | i — | i — | i — | i — | i 192 | i 192 | |||||||||||||||||||||
Total
consumer | i 2,866 | i 1,070 | i 3,175 | i 7,111 | i 458,064 | i 465,175 | |||||||||||||||||||||
Consumer
loans accounted for under the fair value option (3) | $ | i 594 | i 594 | ||||||||||||||||||||||||
Total
consumer loans and leases | i 2,866 | i 1,070 | i 3,175 | i 7,111 | i 458,064 | i 594 | i 465,769 | ||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||
U.S.
commercial | i 788 | i 279 | i 371 | i 1,438 | i 305,610 | i 307,048 | |||||||||||||||||||||
Non-U.S.
commercial | i 35 | i 23 | i 8 | i 66 | i 104,900 | i 104,966 | |||||||||||||||||||||
Commercial
real estate (4) | i 144 | i 19 | i 119 | i 282 | i 62,407 | i 62,689 | |||||||||||||||||||||
Commercial
lease financing | i 100 | i 56 | i 39 | i 195 | i 19,685 | i 19,880 | |||||||||||||||||||||
U.S.
small business commercial | i 119 | i 56 | i 107 | i 282 | i 15,051 | i 15,333 | |||||||||||||||||||||
Total
commercial | i 1,186 | i 433 | i 644 | i 2,263 | i 507,653 | i 509,916 | |||||||||||||||||||||
Commercial
loans accounted for under the fair value option (3) | i 7,741 | i 7,741 | |||||||||||||||||||||||||
Total
commercial loans and leases | i 1,186 | i 433 | i 644 | i 2,263 | i 507,653 | i 7,741 | i 517,657 | ||||||||||||||||||||
Total
loans and leases (5) | $ | i 4,052 | $ | i 1,503 | $ | i 3,819 | $ | i 9,374 | $ | i 965,717 | $ | i 8,335 | $ | i 983,426 | |||||||||||||
Percentage
of outstandings | i 0.41 | % | i 0.15 | % | i 0.39 | % | i 0.95 | % | i 98.20 | % | i 0.85 | % | i 100.00 | % |
(1) | Consumer
real estate loans 30-59 days past due includes fully-insured loans of $ i 517 million and nonperforming loans of $ i 139
million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $ i 206 million and nonperforming loans of $ i 114
million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $ i 1.1 billion. Consumer real estate loans current or less than 30 days past due
includes $ i 856 million and direct/indirect consumer includes $ i 45
million of nonperforming loans. |
(2) | Total outstandings primarily includes auto and specialty lending loans and leases of $ i 50.4
billion, U.S. securities-based lending loans of $ i 36.7 billion and non-U.S. consumer loans of $ i 2.8
billion. |
(3) | Consumer loans accounted for under the fair value option includes residential mortgage loans of $ i 257
million and home equity loans of $ i 337 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $ i 4.7
billion and non-U.S. commercial loans of $ i 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 $ i 59.0 billion and non-U.S. commercial real estate loans of $ i 3.7
billion. |
(5) | Total outstandings includes loans and leases pledged as collateral of $ i 25.9 billion. The Corporation also pledged $ i 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) | $ | i 1,580 | $ | i 1,470 | $ | i 951 | $ | i 1,088 | |||||||
With
negative allowance (3) | i 482 | i — | |||||||||||||
Home
equity (2) | i 578 | i 536 | i — | i — | |||||||||||
With
negative allowance (3) | i 123 | i — | |||||||||||||
Credit
Card | n/a | n/a | i 991 | i 1,042 | |||||||||||
Direct/indirect
consumer | i 46 | i 47 | i 30 | i 33 | |||||||||||
Total
consumer | i 2,204 | i 2,053 | i 1,972 | i 2,163 | |||||||||||
U.S.
commercial | i 1,240 | i 1,094 | i 188 | i 106 | |||||||||||
Non-U.S.
commercial | i 90 | i 43 | i 1 | i 8 | |||||||||||
Commercial
real estate | i 408 | i 280 | i 39 | i 19 | |||||||||||
Commercial
lease financing | i 44 | i 32 | i 31 | i 20 | |||||||||||
U.S.
small business commercial | i 70 | i 50 | i 95 | i 97 | |||||||||||
Total
commercial | i 1,852 | i 1,499 | i 354 | i 250 | |||||||||||
Total
nonperforming loans | $ | i 4,056 | $ | i 3,552 | $ | i 2,326 | $ | i 2,413 | |||||||
Percentage
of outstanding loans and leases | i 0.39 | % | i 0.36 | % | i 0.22 | % | i 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 $ i 637
million and $ i 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 $ i 314
million and i 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 $ i 145 million and $ i 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 | $ | i 219,592 | $ | i 16,686 | $ | i 61,053 | $ | i 23,539 | $ | i 31,947 | $ | i 32,310 | $ | i 54,057 | |||||||||||||
Greater
than 90 percent but less than or equal to 100 percent | i 3,735 | i 528 | i 1,714 | i 592 | i 221 | i 140 | i 540 | ||||||||||||||||||||
Greater
than 100 percent | i 1,393 | i 175 | i 437 | i 159 | i 79 | i 66 | i 477 | ||||||||||||||||||||
Fully-insured
loans | i 18,825 | i 564 | i 2,789 | i 591 | i 456 | i 2,660 | i 11,765 | ||||||||||||||||||||
Total
Residential Mortgage | $ | i 243,545 | $ | i 17,953 | $ | i 65,993 | $ | i 24,881 | $ | i 32,703 | $ | i 35,176 | $ | i 66,839 | |||||||||||||
Total
Residential Mortgage | |||||||||||||||||||||||||||
Refreshed
FICO score | |||||||||||||||||||||||||||
Less
than 620 | $ | i 3,288 | $ | i 59 | $ | i 279 | $ | i 252 | $ | i 247 | $ | i 267 | $ | i 2,184 | |||||||||||||
Greater
than or equal to 620 and less than 680 | i 5,948 | i 172 | i 1,083 | i 689 | i 672 | i 502 | i 2,830 | ||||||||||||||||||||
Greater
than or equal to 680 and less than 740 | i 28,591 | i 1,638 | i 7,262 | i 3,426 | i 3,728 | i 3,311 | i 9,226 | ||||||||||||||||||||
Greater
than or equal to 740 | i 186,893 | i 15,520 | i 54,580 | i 19,923 | i 27,600 | i 28,436 | i 40,834 | ||||||||||||||||||||
Fully-insured
loans | i 18,825 | i 564 | i 2,789 | i 591 | i 456 | i 2,660 | i 11,765 | ||||||||||||||||||||
Total
Residential Mortgage | $ | i 243,545 | $ | i 17,953 | $ | i 65,993 | $ | i 24,881 | $ | i 32,703 | $ | i 35,176 | $ | i 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) | |||||||||||||||
Total Home Equity | |||||||||||||||
Refreshed
LTV | |||||||||||||||
Less than or equal to 90 percent | $ | i 38,277 | $ | i 2,169 | $ | i 25,653 | $ | i 10,455 | |||||||
Greater
than 90 percent but less than or equal to 100 percent | i 562 | i 159 | i 159 | i 244 | |||||||||||
Greater
than 100 percent | i 728 | i 229 | i 150 | i 349 | |||||||||||
Total
Home Equity | $ | i 39,567 | $ | i 2,557 | $ | i 25,962 | $ | i 11,048 | |||||||
Total
Home Equity | |||||||||||||||
Refreshed FICO score | |||||||||||||||
Less
than 620 | $ | i 1,283 | $ | i 268 | $ | i 290 | $ | i 725 | |||||||
Greater
than or equal to 620 and less than 680 | i 2,214 | i 308 | i 692 | i 1,214 | |||||||||||
Greater
than or equal to 680 and less than 740 | i 7,153 | i 647 | i 3,713 | i 2,793 | |||||||||||
Greater
than or equal to 740 | i 28,917 | i 1,334 | i 21,267 | i 6,316 | |||||||||||
Total
Home Equity | $ | i 39,567 | $ | i 2,557 | $ | i 25,962 | $ | i 11,048 |
(1) | Includes
reverse mortgages of $ i 1.4 billion and home equity loans of $ i 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 | $ | i 1,369 | $ | i 26 | $ | i 231 | $ | i 255 | $ | i 404 | $ | i 288 | $ | i 165 | $ | i 5,017 | $ | i 4,766 | $ | i 251 | |||||||||||||||||||
Greater
than or equal to 620 and less than 680 | i 2,663 | i 234 | i 863 | i 512 | i 516 | i 317 | i 221 | i 11,874 | i 11,670 | i 204 | |||||||||||||||||||||||||||||
Greater
than or equal to 680 and less than 740 | i 8,362 | i 946 | i 3,046 | i 1,639 | i 1,308 | i 758 | i 665 | i 34,088 | i 33,919 | i 169 | |||||||||||||||||||||||||||||
Greater
than or equal to 740 | i 37,863 | i 3,971 | i 13,845 | i 8,313 | i 5,756 | i 3,115 | i 2,863 | i 40,911 | i 40,872 | i 39 | |||||||||||||||||||||||||||||
Other
internal credit metrics (1, 2) | i 39,989 | i 2,821 | i 4,311 | i 4,037 | i 3,182 | i 3,362 | i 22,276 | i — | i — | i — | |||||||||||||||||||||||||||||
Total
credit card and other consumer | $ | i 90,246 | $ | i 7,998 | $ | i 22,296 | $ | i 14,756 | $ | i 11,166 | $ | i 7,840 | $ | i 26,190 | $ | i 91,890 | $ | i 91,227 | $ | i 663 |
(1) | Other
internal credit metrics may include delinquency status, geography or other factors. |
(2) | Direct/indirect consumer includes $ i 39.3
billion and $ i 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 |
Commercial
– Credit Quality Indicators By Vintage (1, 2) | |||||||||||||||||||||||||||||||
Term Loans | |||||||||||||||||||||||||||||||
Amortized
Cost Basis by Origination Year | |||||||||||||||||||||||||||||||
(Dollars in millions) | Total as of March 31, 2020 | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving
Loans | |||||||||||||||||||||||
U.S. Commercial | |||||||||||||||||||||||||||||||
Risk
ratings | |||||||||||||||||||||||||||||||
Pass
rated | $ | i 346,042 | $ | i 17,797 | $ | i 48,441 | $ | i 24,019 | $ | i 18,227 | $ | i 10,092 | $ | i 24,445 | $ | i 203,021 | |||||||||||||||
Reservable
criticized | i 12,462 | i 578 | i 999 | i 872 | i 635 | i 377 | i 978 | i 8,023 | |||||||||||||||||||||||
Total
U.S. Commercial | $ | i 358,504 | $ | i 18,375 | $ | i 49,440 | $ | i 24,891 | $ | i 18,862 | $ | i 10,469 | $ | i 25,423 | $ | i 211,044 | |||||||||||||||
Non-U.S.
Commercial | |||||||||||||||||||||||||||||||
Risk
ratings | |||||||||||||||||||||||||||||||
Pass
rated | $ | i 115,233 | $ | i 6,026 | $ | i 18,591 | $ | i 12,245 | $ | i 7,510 | $ | i 1,810 | $ | i 7,269 | $ | i 61,782 | |||||||||||||||
Reservable
criticized | i 1,379 | i 46 | i 216 | i 86 | i 98 | i 74 | i 6 | i 853 | |||||||||||||||||||||||
Total
Non-U.S. Commercial | $ | i 116,612 | $ | i 6,072 | $ | i 18,807 | $ | i 12,331 | $ | i 7,608 | $ | i 1,884 | $ | i 7,275 | $ | i 62,635 | |||||||||||||||
Commercial
Real Estate | |||||||||||||||||||||||||||||||
Risk
ratings | |||||||||||||||||||||||||||||||
Pass
rated | $ | i 65,133 | $ | i 3,384 | $ | i 17,481 | $ | i 12,594 | $ | i 7,586 | $ | i 4,358 | $ | i 9,309 | $ | i 10,421 | |||||||||||||||
Reservable
criticized | i 1,521 | i 1 | i 306 | i 213 | i 467 | i 69 | i 302 | i 163 | |||||||||||||||||||||||
Total
Commercial Real Estate | $ | i 66,654 | $ | i 3,385 | $ | i 17,787 | $ | i 12,807 | $ | i 8,053 | $ | i 4,427 | $ | i 9,611 | $ | i 10,584 | |||||||||||||||
Commercial
Lease Financing | |||||||||||||||||||||||||||||||
Risk
ratings | |||||||||||||||||||||||||||||||
Pass
rated | $ | i 18,768 | $ | i 944 | $ | i 4,165 | $ | i 4,138 | $ | i 3,264 | $ | i 2,204 | $ | i 4,053 | $ | i — | |||||||||||||||
Reservable
criticized | i 412 | i 54 | i 15 | i 68 | i 37 | i 41 | i 197 | i — | |||||||||||||||||||||||
Total
Commercial Lease Financing | $ | i 19,180 | $ | i 998 | $ | i 4,180 | $ | i 4,206 | $ | i 3,301 | $ | i 2,245 | $ | i 4,250 | $ | i — | |||||||||||||||
U.S.
Small Business Commercial (3) | |||||||||||||||||||||||||||||||
Risk
ratings | |||||||||||||||||||||||||||||||
Pass
rated | $ | i 7,280 | $ | i 359 | $ | i 1,412 | $ | i 1,056 | $ | i 902 | $ | i 655 | $ | i 2,653 | $ | i 243 | |||||||||||||||
Reservable
criticized | i 604 | i 1 | i 16 | i 86 | i 121 | i 93 | i 279 | i 8 | |||||||||||||||||||||||
Total
U.S. Small Business Commercial | $ | i 7,884 | $ | i 360 | $ | i 1,428 | $ | i 1,142 | $ | i 1,023 | $ | i 748 | $ | i 2,932 | $ | i 251 | |||||||||||||||
Total
(1, 2) | $ | i 568,834 | $ | i 29,190 | $ | i 91,642 | $ | i 55,377 | $ | i 38,847 | $ | i 19,773 | $ | i 49,491 | $ | i 284,514 |
(2) | Includes $ i 41
million of loans that converted from revolving to term loans. |
(3) | Excludes U.S. Small Business Card loans of $ i 7.5
billion. Refreshed FICO scores for this portfolio are $ i 319 million for less than 620; $ i 749
million for greater than or equal to 620 and less than 680; $ i 2.2 billion for greater than or equal to 680 and less than 740; and $ i 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) | |||||||||||||||||||||
Residential
mortgage | $ | i 122 | $ | i 103 | i 4.04 | % | i 3.94 | % | |||||||||||||
Home
equity | i 23 | i 20 | i 4.69 | i 4.68 | |||||||||||||||||
Total
| $ | i 145 | $ | i 123 | i 4.15 | i 4.06 | |||||||||||||||
Residential mortgage | $ | i 135 | $ | i 112 | i 4.19 | % | i 4.27 | % | |||||||||||||
Home
equity | i 63 | i 48 | i 5.23 | i 4.86 | |||||||||||||||||
Total
| $ | i 198 | $ | i 160 | i 4.52 | i 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 | $ | i 1 | $ | i 3 | |||
Modifications
under proprietary programs | i 28 | i 26 | |||||
Loans
discharged in Chapter 7 bankruptcy (2) | i 15 | i 28 | |||||
Trial
modifications | i 79 | i 103 | |||||
Total
modifications | $ | i 123 | $ | i 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. |
Consumer
Real Estate – TDRs Entering Payment Default that were Modified During the Preceding 12 Months (1) | |||||||
Three Months Ended March 31 | |||||||
(Dollars in millions) | 2020 | 2019 | |||||
Modifications
under government programs | $ | i 6 | $ | i 7 | |||
Modifications
under proprietary programs | i 14 | i 29 | |||||
Loans
discharged in Chapter 7 bankruptcy (2) | i 7 | i 9 | |||||
Trial
modifications (3) | i 18 | i 16 | |||||
Total
modifications | $ | i 45 | $ | i 61 |
(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) | |||||||||||||||||||||
Credit card | $ | i 94 | $ | i 101 | i 18.52 | % | i 5.30 | % | |||||||||||||
Direct/Indirect
consumer | i 17 | i 9 | i 5.34 | i 5.34 | |||||||||||||||||
Total
| $ | i 111 | $ | i 110 | i 17.40 | i 5.30 | |||||||||||||||
Credit card | $ | i 98 | $ | i 105 | i 19.86 | % | i 5.21 | % | |||||||||||||
Direct/Indirect
consumer | i 18 | i 10 | i 4.96 | i 4.96 | |||||||||||||||||
Total
| $ | i 116 | $ | i 115 | i 18.56 | i 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 | $ | i 74 | $ | i 75 | |||
External
programs | i 27 | i 30 | |||||
Other | i 9 | i 10 | |||||
Total | $ | i 110 | $ | i 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 | $ | i 440 | $ | i 7,430 | $ | i 4,488 | $ | i 12,358 | |||||||
Loans
and leases charged off | ( i 35 | ) | ( i 1,121 | ) | ( i 282 | ) | ( i 1,438 | ) | |||||||
Recoveries
of loans and leases previously charged off | i 47 | i 237 | i 32 | i 316 | |||||||||||
Net
charge-offs | i 12 | ( i 884 | ) | ( i 250 | ) | ( i 1,122 | ) | ||||||||
Provision
for loan and lease losses | i 351 | i 1,712 | i 2,462 | i 4,525 | |||||||||||
Other
(1) | i 5 | i — | i — | i 5 | |||||||||||
Allowance
for loan and lease losses, March 31 | i 808 | i 8,258 | i 6,700 | i 15,766 | |||||||||||
Reserve
for unfunded lending commitments, January 1 | i 119 | i — | i 1,004 | i 1,123 | |||||||||||
Provision
for unfunded lending commitments | i 30 | i — | i 206 | i 236 | |||||||||||
Other
(1) | i — | i — | i 1 | i 1 | |||||||||||
Reserve
for unfunded lending commitments, March 31 | i 149 | i — | i 1,211 | i 1,360 | |||||||||||
Allowance
for credit losses, March 31 | $ | i 957 | $ | i 8,258 | $ | i 7,911 | $ | i 17,126 | |||||||
Three
Months Ended March 31, 2019 | |||||||||||||||
Allowance for loan and lease losses, January 1 | $ | i 928 | $ | i 3,874 | $ | i 4,799 | $ | i 9,601 | |||||||
Loans
and leases charged off | ( i 103 | ) | ( i 1,057 | ) | ( i 177 | ) | ( i 1,337 | ) | |||||||
Recoveries
of loans and leases previously charged off | i 108 | i 217 | i 21 | i 346 | |||||||||||
Net
charge-offs | i 5 | ( i 840 | ) | ( i 156 | ) | ( i 991 | ) | ||||||||
Provision
for loan and lease losses | ( i 70 | ) | i 900 | i 178 | i 1,008 | ||||||||||
Other
(1) | ( i 41 | ) | i — | i — | ( i 41 | ) | |||||||||
Allowance
for loan and lease losses, March 31 | i 822 | i 3,934 | i 4,821 | i 9,577 | |||||||||||
Reserve
for unfunded lending commitments, January 1 | i — | i — | i 797 | i 797 | |||||||||||
Provision
for unfunded lending commitments | i — | i — | i 5 | i 5 | |||||||||||
Reserve
for unfunded lending commitments, March 31 | i — | i — | i 802 | i 802 | |||||||||||
Allowance
for credit losses, March 31 | $ | i 822 | $ | i 3,934 | $ | i 5,623 | $ | i 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) | $ | i 1,552 | $ | i 1,096 | $ | i 2,072 | $ | i 987 | |||||||
Gains
on securitizations (2) | i 6 | i 7 | i 41 | i 17 | |||||||||||
Repurchases
from securitization trusts (3) | i 128 | i 244 | i — | i — |
(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 $ i 27
million and $ i 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) | $ | i 12,228 | $ | i 12,554 | $ | i 317 | $ | i 340 | $ | i 1,381 | $ | i 1,622 | $ | i 86 | $ | i 98 | $ | i 1,102 | $ | i 1,036 | ||||||||||||||
On-balance
sheet assets | ||||||||||||||||||||||||||||||||||
Senior
securities: | ||||||||||||||||||||||||||||||||||
Trading
account assets | $ | i 641 | $ | i 627 | $ | i 12 | $ | i 5 | $ | i 23 | $ | i 54 | $ | i 26 | $ | i 24 | $ | i 73 | $ | i 65 | ||||||||||||||
Debt
securities carried at fair value | i 5,419 | i 6,392 | i 165 | i 193 | i 996 | i 1,178 | i 59 | i 72 | i — | i — | ||||||||||||||||||||||||
Held-to-maturity
securities | i 6,168 | i 5,535 | i — | i — | i — | i — | i — | i — | i 867 | i 809 | ||||||||||||||||||||||||
All
other assets | i — | i — | i 7 | i 2 | i 31 | i 49 | i 1 | i 2 | i 50 | i 38 | ||||||||||||||||||||||||
Total
retained positions | $ | i 12,228 | $ | i 12,554 | $ | i 184 | $ | i 200 | $ | i 1,050 | $ | i 1,281 | $ | i 86 | $ | i 98 | $ | i 990 | $ | i 912 | ||||||||||||||
Principal
balance outstanding (2) | $ | i 153,421 | $ | i 160,226 | $ | i 7,400 | $ | i 7,268 | $ | i 7,687 | $ | i 8,594 | $ | i 18,997 | $ | i 19,878 | $ | i 60,748 | $ | i 60,129 | ||||||||||||||
Consolidated
VIEs | ||||||||||||||||||||||||||||||||||
Maximum
loss exposure (1) | $ | i 10,852 | $ | i 10,857 | $ | i — | $ | i 5 | $ | i 45 | $ | i 44 | $ | i — | $ | i — | $ | i — | $ | i — | ||||||||||||||
On-balance
sheet assets | ||||||||||||||||||||||||||||||||||
Trading
account assets | $ | i 1,210 | $ | i 780 | $ | i 100 | $ | i 116 | $ | i 216 | $ | i 149 | $ | i — | $ | i — | $ | i — | $ | i — | ||||||||||||||
Loans
and leases, net | i 9,478 | i 9,917 | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||
All
other assets | i 164 | i 161 | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||
Total
assets | $ | i 10,852 | $ | i 10,858 | $ | i 100 | $ | i 116 | $ | i 216 | $ | i 149 | $ | i — | $ | i — | $ | i — | $ | i — | ||||||||||||||
Total
liabilities | $ | i 2 | $ | i 4 | $ | i 100 | $ | i 111 | $ | i 171 | $ | i 105 | $ | i — | $ | i — | $ | i — | $ | i — |
(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 | $ | i 386 | $ | i 412 | $ | i — | $ | i — | $ | i 6,409 | $ | i 7,526 | $ | i 3,412 | $ | i 3,701 | |||||||||||
On-balance
sheet assets | |||||||||||||||||||||||||||
Senior
securities (4): | |||||||||||||||||||||||||||
Trading
account assets | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 1,262 | $ | i 2,188 | $ | i 213 | $ | i — | |||||||||||
Debt
securities carried at fair value | i 10 | i 11 | i — | i — | i 1,097 | i 1,126 | i — | i — | |||||||||||||||||||
Held-to-maturity
securities | i — | i — | i — | i — | i 4,050 | i 4,212 | i — | i — | |||||||||||||||||||
Total
retained positions | $ | i 10 | $ | i 11 | $ | i — | $ | i — | $ | i 6,409 | $ | i 7,526 | $ | i 213 | $ | i — | |||||||||||
Total
assets of VIEs (5) | $ | i 961 | $ | i 1,023 | $ | i — | $ | i — | $ | i 15,082 | $ | i 21,234 | $ | i 3,960 | $ | i 4,395 | |||||||||||
Consolidated
VIEs | |||||||||||||||||||||||||||
Maximum
loss exposure | $ | i 73 | $ | i 64 | $ | i 17,392 | $ | i 17,915 | $ | i 196 | $ | i 54 | $ | i 1,966 | $ | i 2,656 | |||||||||||
On-balance
sheet assets | |||||||||||||||||||||||||||
Trading
account assets | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 214 | $ | i 73 | $ | i 1,790 | $ | i 2,480 | |||||||||||
Loans
and leases | i 111 | i 122 | i 25,156 | i 26,985 | i — | i — | i — | i — | |||||||||||||||||||
Allowance
for loan and lease losses | i 17 | ( i 2 | ) | ( i 1,483 | ) | ( i 800 | ) | i — | i — | i — | i — | ||||||||||||||||
All
other assets | i 4 | i 3 | i 103 | i 119 | i — | i — | i 176 | i 176 | |||||||||||||||||||
Total
assets | $ | i 132 | $ | i 123 | $ | i 23,776 | $ | i 26,304 | $ | i 214 | $ | i 73 | $ | i 1,966 | $ | i 2,656 | |||||||||||
On-balance
sheet liabilities | |||||||||||||||||||||||||||
Short-term
borrowings | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 1,147 | $ | i 2,175 | |||||||||||
Long-term
debt | i 59 | i 64 | i 6,371 | i 8,372 | i 18 | i 19 | i — | i — | |||||||||||||||||||
All
other liabilities | i — | i — | i 13 | i 17 | i — | i — | i — | i — | |||||||||||||||||||
Total
liabilities | $ | i 59 | $ | i 64 | $ | i 6,384 | $ | i 8,389 | $ | i 18 | $ | i 19 | $ | i 1,147 | $ | i 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 $ i 11.0 billion and $ i 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) | |||||||||||||||||||||||
Maximum loss exposure | $ | i 4,131 | $ | i 25,448 | $ | i 29,579 | $ | i 4,055 | $ | i 26,326 | $ | i 30,381 | |||||||||||
On-balance
sheet assets | |||||||||||||||||||||||
Trading
account assets | $ | i 1,875 | $ | i 577 | $ | i 2,452 | $ | i 2,213 | $ | i 549 | $ | i 2,762 | |||||||||||
Debt
securities carried at fair value | i — | i 71 | i 71 | i — | i 74 | i 74 | |||||||||||||||||
Loans
and leases | i 2,261 | i 3,031 | i 5,292 | i 1,810 | i 3,214 | i 5,024 | |||||||||||||||||
Allowance
for loan and lease losses | ( i 3 | ) | ( i 66 | ) | ( i 69 | ) | ( i 2 | ) | ( i 38 | ) | ( i 40 | ) | |||||||||||
All
other assets | i 89 | i 20,416 | i 20,505 | i 81 | i 20,547 | i 20,628 | |||||||||||||||||
Total | $ | i 4,222 | $ | i 24,029 | $ | i 28,251 | $ | i 4,102 | $ | i 24,346 | $ | i 28,448 | |||||||||||
On-balance
sheet liabilities | |||||||||||||||||||||||
Long-term
debt | $ | i 68 | $ | i — | $ | i 68 | $ | i 46 | $ | i — | $ | i 46 | |||||||||||
All
other liabilities | i 24 | i 4,931 | i 4,955 | i 2 | i 5,087 | i 5,089 | |||||||||||||||||
Total | $ | i 92 | $ | i 4,931 | $ | i 5,023 | $ | i 48 | $ | i 5,087 | $ | i 5,135 | |||||||||||
Total
assets of VIEs | $ | i 4,222 | $ | i 99,229 | $ | i 103,451 | $ | i 4,102 | $ | i 98,491 | $ | i 102,593 |
75 Bank
of America |
Goodwill
| |||||||
(Dollars in millions) | March 31 2020 | December 31 2019 | |||||
Consumer Banking | $ | i 30,123 | $ | i 30,123 | |||
Global
Wealth & Investment Management | i 9,677 | i 9,677 | |||||
Global
Banking | i 23,923 | i 23,923 | |||||
Global
Markets | i 5,182 | i 5,182 | |||||
All
Other | i 46 | i 46 | |||||
Total
goodwill | $ | i 68,951 | $ | i 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 | $ | i 278,794 | i 1.18 | % | $ | i 274,308 | i 1.77 | % | |||||
Maximum
month-end balance during period | i 301,969 | n/a | i 280,562 | n/a | |||||||||
Federal
funds purchased and securities loaned or sold under agreements to repurchase | |||||||||||||
Average during period | $ | i 199,539 | i 1.60 | % | $ | i 200,154 | i 2.44 | % | |||||
Maximum
month-end balance during period | i 206,493 | n/a | i 200,486 | n/a | |||||||||
Short-term
borrowings | |||||||||||||
Average during period | i 26,430 | i 1.62 | i 15,432 | i 2.95 | |||||||||
Maximum
month-end balance during period | i 30,118 | n/a | i 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) | |||||||||||||||||||
Securities borrowed or purchased under agreements to resell (3) | $ | i 461,366 | $ | ( i 159,397 | ) | $ | i 301,969 | $ | ( i 266,713 | ) | $ | i 35,256 | |||||||
Securities
loaned or sold under agreements to repurchase | $ | i 329,440 | $ | ( i 159,397 | ) | $ | i 170,043 | $ | ( i 147,064 | ) | $ | i 22,979 | |||||||
Other
(4) | i 6,618 | i — | i 6,618 | ( i 6,618 | ) | i — | |||||||||||||
Total | $ | i 336,058 | $ | ( i 159,397 | ) | $ | i 176,661 | $ | ( i 153,682 | ) | $ | i 22,979 | |||||||
Securities borrowed or purchased under agreements to resell (3) | $ | i 434,257 | $ | ( i 159,660 | ) | $ | i 274,597 | $ | ( i 244,486 | ) | $ | i 30,111 | |||||||
Securities
loaned or sold under agreements to repurchase | $ | i 324,769 | $ | ( i 159,660 | ) | $ | i 165,109 | $ | ( i 141,482 | ) | $ | i 23,627 | |||||||
Other
(4) | i 15,346 | i — | i 15,346 | ( i 15,346 | ) | i — | |||||||||||||
Total | $ | i 340,115 | $ | ( i 159,660 | ) | $ | i 180,455 | $ | ( i 156,828 | ) | $ | i 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 $ i 13.1 billion and $ i 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) | |||||||||||||||||||
Securities sold under agreements to repurchase | $ | i 142,680 | $ | i 104,485 | $ | i 29,017 | $ | i 33,127 | $ | i 309,309 | |||||||||
Securities
loaned | i 16,658 | i 523 | i 779 | i 2,171 | i 20,131 | ||||||||||||||
Other | i 6,618 | i — | i — | i — | i 6,618 | ||||||||||||||
Total | $ | i 165,956 | $ | i 105,008 | $ | i 29,796 | $ | i 35,298 | $ | i 336,058 | |||||||||
Securities sold under agreements to repurchase | $ | i 129,455 | $ | i 122,685 | $ | i 25,322 | $ | i 21,922 | $ | i 299,384 | |||||||||
Securities
loaned | i 18,766 | i 3,329 | i 1,241 | i 2,049 | i 25,385 | ||||||||||||||
Other | i 15,346 | i — | i — | i — | i 15,346 | ||||||||||||||
Total | $ | i 163,567 | $ | i 126,014 | $ | i 26,563 | $ | i 23,971 | $ | i 340,115 |
(1) | No
agreements have maturities greater than i three years. |
77 Bank of America |
Class
of Collateral Pledged | |||||||||||||||
Securities Sold Under Agreements to Repurchase | Securities Loaned | Other | Total | ||||||||||||
(Dollars
in millions) | |||||||||||||||
U.S. government and agency securities | $ | i 174,900 | $ | i — | $ | i — | $ | i 174,900 | |||||||
Corporate
securities, trading loans and other | i 10,801 | i 2,394 | i 241 | i 13,436 | |||||||||||
Equity
securities | i 11,252 | i 15,872 | i 6,324 | i 33,448 | |||||||||||
Non-U.S.
sovereign debt | i 107,565 | i 1,865 | i 53 | i 109,483 | |||||||||||
Mortgage
trading loans and ABS | i 4,791 | i — | i — | i 4,791 | |||||||||||
Total | $ | i 309,309 | $ | i 20,131 | $ | i 6,618 | $ | i 336,058 | |||||||
U.S. government and agency securities | $ | i 173,533 | $ | i 1 | $ | i — | $ | i 173,534 | |||||||
Corporate
securities, trading loans and other | i 10,467 | i 2,014 | i 258 | i 12,739 | |||||||||||
Equity
securities | i 14,933 | i 20,026 | i 15,024 | i 49,983 | |||||||||||
Non-U.S.
sovereign debt | i 96,576 | i 3,344 | i 64 | i 99,984 | |||||||||||
Mortgage
trading loans and ABS | i 3,875 | i — | i — | i 3,875 | |||||||||||
Total | $ | i 299,384 | $ | i 25,385 | $ | i 15,346 | $ | i 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) | |||||||||||||||||||
Notional amount of credit extension commitments | |||||||||||||||||||
Loan
commitments (1) | $ | i 91,682 | $ | i 126,412 | $ | i 142,815 | $ | i 17,232 | $ | i 378,141 | |||||||||
Home
equity lines of credit | i 948 | i 2,085 | i 7,109 | i 33,530 | i 43,672 | ||||||||||||||
Standby
letters of credit and financial guarantees (2) | i 23,695 | i 9,201 | i 3,346 | i 375 | i 36,617 | ||||||||||||||
Letters
of credit (3) | i 978 | i 147 | i 58 | i 53 | i 1,236 | ||||||||||||||
Legally
binding commitments | i 117,303 | i 137,845 | i 153,328 | i 51,190 | i 459,666 | ||||||||||||||
Credit
card lines (4) | i 385,893 | i — | i — | i — | i 385,893 | ||||||||||||||
Total
credit extension commitments | $ | i 503,196 | $ | i 137,845 | $ | i 153,328 | $ | i 51,190 | $ | i 845,559 | |||||||||
Notional amount of credit extension commitments | |||||||||||||||||||
Loan
commitments (1) | $ | i 97,454 | $ | i 148,000 | $ | i 173,699 | $ | i 24,487 | $ | i 443,640 | |||||||||
Home
equity lines of credit | i 1,137 | i 1,948 | i 6,351 | i 34,134 | i 43,570 | ||||||||||||||
Standby
letters of credit and financial guarantees (2) | i 21,311 | i 11,512 | i 3,712 | i 408 | i 36,943 | ||||||||||||||
Letters
of credit (3) | i 1,156 | i 254 | i 65 | i 25 | i 1,500 | ||||||||||||||
Legally
binding commitments | i 121,058 | i 161,714 | i 183,827 | i 59,054 | i 525,653 | ||||||||||||||
Credit
card lines (4) | i 376,067 | i — | i — | i — | i 376,067 | ||||||||||||||
Total
credit extension commitments | $ | i 497,125 | $ | i 161,714 | $ | i 183,827 | $ | i 59,054 | $ | i 901,720 |
(1)
| At March 31, 2020 and December 31, 2019, $ i 4.4 billion and $ i 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 $ i 27.2
billion and $ i 9 billion at March 31, 2020, and $ i 27.9
billion and $ i 8.6 billion at December 31, 2019. Amounts in the table include consumer SBLCs of $ i 439
million and $ i 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 $ i 1.7 billion
and $ i 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 | |||||
$ | i 0.18 | |||||||
i 0.18 |
(1) |
81 Bank
of America |
Three Months Ended March 31 | |||||||
(In millions, except per share information) | 2020 | 2019 | |||||
Earnings
per common share | |||||||
Net income | $ | i 4,010 | $ | i 7,311 | |||
Preferred
stock dividends | ( i 469 | ) | ( i 442 | ) | |||
Net
income applicable to common shareholders | $ | i 3,541 | $ | i 6,869 | |||
Average
common shares issued and outstanding | i 8,815.6 | i 9,725.9 | |||||
Earnings
per common share | $ | i 0.40 | $ | i 0.71 | |||
Diluted
earnings per common share | |||||||
Net income applicable to common shareholders | $ | i 3,541 | $ | i 6,869 | |||
Average
common shares issued and outstanding | i 8,815.6 | i 9,725.9 | |||||
Dilutive
potential common shares (1) | i 47.1 | i 61.4 | |||||
Total
diluted average common shares issued and outstanding | i 8,862.7 | i 9,787.3 | |||||
Diluted
earnings per common share | $ | i 0.40 | $ | i 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 | $ | ( i 5,552 | ) | $ | ( i 531 | ) | $ | ( i 1,016 | ) | $ | ( i 4,304 | ) | $ | ( i 808 | ) | $ | ( i 12,211 | ) | |||||
Net
change | i 2,309 | ( i 363 | ) | i 229 | i 28 | ( i 34 | ) | i 2,169 | |||||||||||||||
Balance,
March 31, 2019 | $ | ( i 3,243 | ) | $ | ( i 894 | ) | $ | ( i 787 | ) | $ | ( i 4,276 | ) | $ | ( i 842 | ) | $ | ( i 10,042 | ) | |||||
Balance,
December 31, 2019 | $ | i 323 | $ | ( i 1,494 | ) | $ | ( i 400 | ) | $ | ( i 4,168 | ) | $ | ( i 894 | ) | $ | ( i 6,633 | ) | ||||||
Net
change | i 4,795 | i 1,346 | i 417 | i 43 | ( i 88 | ) | i 6,513 | ||||||||||||||||
Balance,
March 31, 2020 | $ | i 5,118 | $ | ( i 148 | ) | $ | i 17 | $ | ( i 4,125 | ) | $ | ( i 982 | ) | $ | ( i 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 | $ | i 6,701 | $ | ( i 1,670 | ) | $ | i 5,031 | $ | i 3,075 | $ | ( i 763 | ) | $ | i 2,312 | |||||||||
Net
realized (gains) reclassified into earnings (1) | ( i 315 | ) | i 79 | ( i 236 | ) | ( i 4 | ) | i 1 | ( i 3 | ) | |||||||||||||
Net
change | i 6,386 | ( i 1,591 | ) | i 4,795 | i 3,071 | ( i 762 | ) | i 2,309 | |||||||||||||||
Debit
valuation adjustments: | |||||||||||||||||||||||
Net increase (decrease) in fair value | i 1,751 | ( i 408 | ) | i 1,343 | ( i 475 | ) | i 110 | ( i 365 | ) | ||||||||||||||
Net
realized losses reclassified into earnings (1) | i 4 | ( i 1 | ) | i 3 | i 3 | ( i 1 | ) | i 2 | |||||||||||||||
Net
change | i 1,755 | ( i 409 | ) | i 1,346 | ( i 472 | ) | i 109 | ( i 363 | ) | ||||||||||||||
Derivatives: | |||||||||||||||||||||||
Net
increase in fair value | i 520 | ( i 125 | ) | i 395 | i 264 | ( i 52 | ) | i 212 | |||||||||||||||
Reclassifications
into earnings: | |||||||||||||||||||||||
Net interest income | i 29 | ( i 7 | ) | i 22 | i 23 | ( i 6 | ) | i 17 | |||||||||||||||
Net
realized losses reclassified into earnings | i 29 | ( i 7 | ) | i 22 | i 23 | ( i 6 | ) | i 17 | |||||||||||||||
Net
change | i 549 | ( i 132 | ) | i 417 | i 287 | ( i 58 | ) | i 229 | |||||||||||||||
Employee
benefit plans: | |||||||||||||||||||||||
Net actuarial losses and other reclassified into earnings (2) | i 57 | ( i 14 | ) | i 43 | i 35 | ( i 7 | ) | i 28 | |||||||||||||||
Net
change | i 57 | ( i 14 | ) | i 43 | i 35 | ( i 7 | ) | i 28 | |||||||||||||||
Foreign
currency: | |||||||||||||||||||||||
Net (decrease) in fair value | i 228 | ( i 316 | ) | ( i 88 | ) | i 5 | ( i 39 | ) | ( i 34 | ) | |||||||||||||
Net
change | i 228 | ( i 316 | ) | ( i 88 | ) | i 5 | ( i 39 | ) | ( i 34 | ) | |||||||||||||
Total
other comprehensive income (loss) | $ | i 8,975 | $ | ( i 2,462 | ) | $ | i 6,513 | $ | i 2,926 | $ | ( i 757 | ) | $ | i 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 |
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 | $ | i 1,084 | $ | i — | $ | i — | $ | — | $ | i 1,084 | |||||||||
Federal
funds sold and securities borrowed or purchased under agreements to resell | i — | i 49,033 | i — | — | i 49,033 | ||||||||||||||
Trading
account assets: | |||||||||||||||||||
U.S.
Treasury and agency securities | i 37,646 | i 4,172 | i — | — | i 41,818 | ||||||||||||||
Corporate
securities, trading loans and other | i — | i 27,504 | i 1,640 | — | i 29,144 | ||||||||||||||
Equity
securities | i 41,486 | i 25,454 | i 249 | — | i 67,189 | ||||||||||||||
Non-U.S.
sovereign debt | i 7,871 | i 22,653 | i 250 | — | i 30,774 | ||||||||||||||
Mortgage
trading loans, MBS and ABS: | |||||||||||||||||||
U.S. government-sponsored agency guaranteed (2) | i — | i 14,605 | i — | — | i 14,605 | ||||||||||||||
Mortgage
trading loans, ABS and other MBS | i — | i 8,060 | i 1,733 | — | i 9,793 | ||||||||||||||
Total
trading account assets (3) | i 87,003 | i 102,448 | i 3,872 | — | i 193,323 | ||||||||||||||
Derivative
assets | i 26,134 | i 498,231 | i 1,856 | ( i 468,567 | ) | i 57,654 | |||||||||||||
AFS
debt securities: | |||||||||||||||||||
U.S.
Treasury and agency securities | i 67,763 | i 933 | i — | — | i 68,696 | ||||||||||||||
Mortgage-backed
securities: | |||||||||||||||||||
Agency | i — | i 79,461 | i — | — | i 79,461 | ||||||||||||||
Agency-collateralized
mortgage obligations | i — | i 4,551 | i — | — | i 4,551 | ||||||||||||||
Non-agency
residential | i — | i 408 | i 524 | — | i 932 | ||||||||||||||
Commercial | i — | i 15,602 | i — | — | i 15,602 | ||||||||||||||
Non-U.S.
securities | i 1 | i 12,245 | i 1 | — | i 12,247 | ||||||||||||||
Other
taxable securities | i — | i 5,824 | i 68 | — | i 5,892 | ||||||||||||||
Tax-exempt
securities | i — | i 18,740 | i 100 | — | i 18,840 | ||||||||||||||
Total
AFS debt securities | i 67,764 | i 137,764 | i 693 | — | i 206,221 | ||||||||||||||
Other
debt securities carried at fair value: | |||||||||||||||||||
U.S. Treasury and agency securities | i 4 | i — | i — | — | i 4 | ||||||||||||||
Agency
MBS | i — | i 6,089 | i — | — | i 6,089 | ||||||||||||||
Non-agency
residential MBS | i — | i 853 | i 269 | — | i 1,122 | ||||||||||||||
Non-U.S.
and other securities | i 3,685 | i 3,983 | i — | — | i 7,668 | ||||||||||||||
Total
other debt securities carried at fair value | i 3,689 | i 10,925 | i 269 | — | i 14,883 | ||||||||||||||
Loans
and leases | i — | i 8,458 | i 558 | — | i 9,016 | ||||||||||||||
Loans
held-for-sale | i — | i 2,532 | i 1,077 | — | i 3,609 | ||||||||||||||
Other
assets (4) | i 3,864 | i 965 | i 1,960 | — | i 6,789 | ||||||||||||||
Total
assets (5) | $ | i 189,538 | $ | i 810,356 | $ | i 10,285 | $ | ( i 468,567 | ) | $ | i 541,612 | ||||||||
Liabilities | |||||||||||||||||||
Interest-bearing
deposits in U.S. offices | $ | i — | $ | i 589 | $ | i — | $ | — | $ | i 589 | |||||||||
Federal
funds purchased and securities loaned or sold under agreements to repurchase | i — | i 17,192 | i — | — | i 17,192 | ||||||||||||||
Trading
account liabilities: | |||||||||||||||||||
U.S.
Treasury and agency securities | i 12,276 | i 401 | i — | — | i 12,677 | ||||||||||||||
Equity
securities | i 36,692 | i 5,462 | i 1 | — | i 42,155 | ||||||||||||||
Non-U.S.
sovereign debt | i 7,026 | i 9,834 | i — | — | i 16,860 | ||||||||||||||
Corporate
securities and other | i — | i 5,439 | i 20 | — | i 5,459 | ||||||||||||||
Total
trading account liabilities | i 55,994 | i 21,136 | i 21 | — | i 77,151 | ||||||||||||||
Derivative
liabilities | i 25,638 | i 480,153 | i 4,765 | ( i 455,898 | ) | i 54,658 | |||||||||||||
Short-term
borrowings | i — | i 3,020 | i — | — | i 3,020 | ||||||||||||||
Accrued
expenses and other liabilities | i 5,541 | i 1,284 | i — | — | i 6,825 | ||||||||||||||
Long-term
debt | i — | i 31,442 | i 721 | — | i 32,163 | ||||||||||||||
Total
liabilities (5) | $ | i 87,173 | $ | i 554,816 | $ | i 5,507 | $ | ( i 455,898 | ) | $ | i 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 $ i 16.0 billion
of GSE obligations. |
(3) | Includes securities with a fair value of $ i 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 $ i 1.2 billion which
are classified as Level 3 assets. |
(5) | Total recurring Level 3 assets were i 0.39 percent of total consolidated
assets, and total recurring Level 3 liabilities were i 0.23 percent of total consolidated liabilities. |
Bank
of America 84 |
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 | $ | i 1,000 | $ | i — | $ | i — | $ | — | $ | i 1,000 | |||||||||
Federal
funds sold and securities borrowed or purchased under agreements to resell | i — | i 50,364 | i — | — | i 50,364 | ||||||||||||||
Trading
account assets: | |||||||||||||||||||
U.S.
Treasury and agency securities | i 49,517 | i 4,157 | i — | — | i 53,674 | ||||||||||||||
Corporate
securities, trading loans and other | i — | i 25,226 | i 1,507 | — | i 26,733 | ||||||||||||||
Equity
securities | i 53,597 | i 32,619 | i 239 | — | i 86,455 | ||||||||||||||
Non-U.S.
sovereign debt | i 3,965 | i 23,854 | i 482 | — | i 28,301 | ||||||||||||||
Mortgage
trading loans, MBS and ABS: | |||||||||||||||||||
U.S. government-sponsored agency guaranteed (2) | i — | i 24,324 | i — | — | i 24,324 | ||||||||||||||
Mortgage
trading loans, ABS and other MBS | i — | i 8,786 | i 1,553 | — | i 10,339 | ||||||||||||||
Total
trading account assets (3) | i 107,079 | i 118,966 | i 3,781 | — | i 229,826 | ||||||||||||||
Derivative
assets | i 14,079 | i 328,442 | i 2,226 | ( i 304,262 | ) | i 40,485 | |||||||||||||
AFS
debt securities: | |||||||||||||||||||
U.S.
Treasury and agency securities | i 67,332 | i 1,196 | i — | — | i 68,528 | ||||||||||||||
Mortgage-backed
securities: | |||||||||||||||||||
Agency | i — | i 122,528 | i — | — | i 122,528 | ||||||||||||||
Agency-collateralized
mortgage obligations | i — | i 4,641 | i — | — | i 4,641 | ||||||||||||||
Non-agency
residential | i — | i 653 | i 424 | — | i 1,077 | ||||||||||||||
Commercial | i — | i 15,021 | i — | — | i 15,021 | ||||||||||||||
Non-U.S.
securities | i — | i 11,989 | i 2 | — | i 11,991 | ||||||||||||||
Other
taxable securities | i — | i 3,876 | i 65 | — | i 3,941 | ||||||||||||||
Tax-exempt
securities | i — | i 17,804 | i 108 | — | i 17,912 | ||||||||||||||
Total
AFS debt securities | i 67,332 | i 177,708 | i 599 | — | i 245,639 | ||||||||||||||
Other
debt securities carried at fair value: | |||||||||||||||||||
U.S. Treasury and agency securities | i 3 | i — | i — | — | i 3 | ||||||||||||||
Agency
MBS | i — | i 3,003 | i — | — | i 3,003 | ||||||||||||||
Non-agency
residential MBS | i — | i 1,035 | i 299 | — | i 1,334 | ||||||||||||||
Non-U.S.
and other securities | i 400 | i 6,088 | i — | — | i 6,488 | ||||||||||||||
Total
other debt securities carried at fair value | i 403 | i 10,126 | i 299 | — | i 10,828 | ||||||||||||||
Loans
and leases | i — | i 7,642 | i 693 | — | i 8,335 | ||||||||||||||
Loans
held-for-sale | i — | i 3,334 | i 375 | — | i 3,709 | ||||||||||||||
Other
assets (4) | i 11,782 | i 1,376 | i 2,360 | — | i 15,518 | ||||||||||||||
Total
assets (5) | $ | i 201,675 | $ | i 697,958 | $ | i 10,333 | $ | ( i 304,262 | ) | $ | i 605,704 | ||||||||
Liabilities | |||||||||||||||||||
Interest-bearing
deposits in U.S. offices | $ | i — | $ | i 508 | $ | i — | $ | — | $ | i 508 | |||||||||
Federal
funds purchased and securities loaned or sold under agreements to repurchase | i — | i 16,008 | i — | — | i 16,008 | ||||||||||||||
Trading
account liabilities: | |||||||||||||||||||
U.S.
Treasury and agency securities | i 13,140 | i 282 | i — | — | i 13,422 | ||||||||||||||
Equity
securities | i 38,148 | i 4,144 | i 2 | — | i 42,294 | ||||||||||||||
Non-U.S.
sovereign debt | i 10,751 | i 11,310 | i — | — | i 22,061 | ||||||||||||||
Corporate
securities and other | i — | i 5,478 | i 15 | — | i 5,493 | ||||||||||||||
Total
trading account liabilities | i 62,039 | i 21,214 | i 17 | — | i 83,270 | ||||||||||||||
Derivative
liabilities | i 11,904 | i 320,479 | i 4,764 | ( i 298,918 | ) | i 38,229 | |||||||||||||
Short-term
borrowings | i — | i 3,941 | i — | — | i 3,941 | ||||||||||||||
Accrued
expenses and other liabilities | i 13,927 | i 1,507 | i — | — | i 15,434 | ||||||||||||||
Long-term
debt | i — | i 33,826 | i 1,149 | — | i 34,975 | ||||||||||||||
Total
liabilities (5) | $ | i 87,870 | $ | i 397,483 | $ | i 5,930 | $ | ( i 298,918 | ) | $ | i 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 $ i 26.7 billion
of GSE obligations. |
(3) | Includes securities with a fair value of $ i 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 $ i 1.5 billion which
are classified as Level 3 assets. |
(5) | Total recurring Level 3 assets were i 0.42 percent of total consolidated assets,
and total recurring Level 3 liabilities were i 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 | $ | i 1,507 | $ | ( i 103 | ) | $ | ( i 1 | ) | $ | i 216 | $ | ( i 90 | ) | $ | i 8 | $ | ( i 32 | ) | $ | i 237 | $ | ( i 102 | ) | $ | i 1,640 | $ | ( i 108 | ) | |||||
Equity
securities | i 239 | ( i 26 | ) | i — | i 26 | ( i 11 | ) | i — | i — | i 25 | ( i 4 | ) | i 249 | ( i 27 | ) | ||||||||||||||||||
Non-U.S.
sovereign debt | i 482 | i 2 | ( i 53 | ) | i 73 | ( i 48 | ) | i — | ( i 10 | ) | i 17 | ( i 213 | ) | i 250 | i 3 | ||||||||||||||||||
Mortgage
trading loans, ABS and other MBS | i 1,553 | ( i 125 | ) | ( i 2 | ) | i 362 | ( i 245 | ) | i — | ( i 19 | ) | i 233 | ( i 24 | ) | i 1,733 | ( i 129 | ) | ||||||||||||||||
Total
trading account assets | i 3,781 | ( i 252 | ) | ( i 56 | ) | i 677 | ( i 394 | ) | i 8 | ( i 61 | ) | i 512 | ( i 343 | ) | i 3,872 | ( i 261 | ) | ||||||||||||||||
Net
derivative assets (liabilities) (4) | ( i 2,538 | ) | i 346 | i — | i 40 | ( i 148 | ) | i — | i 12 | ( i 528 | ) | ( i 93 | ) | ( i 2,909 | ) | i 279 | |||||||||||||||||
AFS
debt securities: | |||||||||||||||||||||||||||||||||
Non-agency
residential MBS | i 424 | ( i 3 | ) | ( i 13 | ) | i — | i — | i — | ( i 12 | ) | i 128 | i — | i 524 | i — | |||||||||||||||||||
Non-U.S.
securities | i 2 | i — | i — | i — | ( i 1 | ) | i — | i — | i — | i — | i 1 | i — | |||||||||||||||||||||
Other
taxable securities | i 65 | i — | i — | i 3 | i — | i — | i — | i — | i — | i 68 | i — | ||||||||||||||||||||||
Tax-exempt
securities | i 108 | ( i 10 | ) | i 2 | i — | i — | i — | i — | i — | i — | i 100 | i — | |||||||||||||||||||||
Total
AFS debt securities | i 599 | ( i 13 | ) | ( i 11 | ) | i 3 | ( i 1 | ) | i — | ( i 12 | ) | i 128 | i — | i 693 | i — | ||||||||||||||||||
Other
debt securities carried at fair value – Non-agency residential MBS | i 299 | ( i 49 | ) | i — | i — | i — | i — | ( i 4 | ) | i 26 | ( i 3 | ) | i 269 | ( i 49 | ) | ||||||||||||||||||
Loans
and leases (5,6) | i 693 | ( i 119 | ) | i — | i — | i — | i — | ( i 16 | ) | i — | i — | i 558 | ( i 107 | ) | |||||||||||||||||||
Loans
held-for-sale (5,6) | i 375 | ( i 9 | ) | ( i 28 | ) | i — | i — | i 691 | ( i 45 | ) | i 93 | i — | i 1,077 | ( i 15 | ) | ||||||||||||||||||
Other
assets (6,7) | i 2,360 | ( i 251 | ) | ( i 30 | ) | i — | i 1 | i 20 | ( i 142 | ) | i 2 | i — | i 1,960 | ( i 287 | ) | ||||||||||||||||||
Trading
account liabilities – Equity securities | ( i 2 | ) | i 1 | i — | i — | i — | i — | i — | i — | i — | ( i 1 | ) | i 1 | ||||||||||||||||||||
Trading
account liabilities – Corporate securities and other | ( i 15 | ) | i 1 | i — | ( i 6 | ) | i — | i — | i — | i — | i — | ( i 20 | ) | i 1 | |||||||||||||||||||
Long-term
debt (5) | ( i 1,149 | ) | i 127 | i 187 | i 8 | i — | ( i 13 | ) | i 141 | ( i 23 | ) | i 1 | ( i 721 | ) | i 126 | ||||||||||||||||||
Three
Months Ended March 31, 2019 | |||||||||||||||||||||||||||||||||
Trading
account assets: | |||||||||||||||||||||||||||||||||
Corporate securities, trading loans and other | $ | i 1,558 | $ | i 3 | $ | i — | $ | i 54 | $ | ( i 73 | ) | $ | i — | $ | ( i 60 | ) | $ | i 139 | $ | ( i 193 | ) | $ | i 1,428 | $ | ( i 8 | ) | |||||||
Equity
securities | i 276 | i 2 | i — | i 18 | ( i 1 | ) | i — | ( i 3 | ) | i 2 | ( i 6 | ) | i 288 | i 2 | |||||||||||||||||||
Non-U.S.
sovereign debt | i 465 | i 8 | ( i 1 | ) | i — | i — | i — | i — | i — | i — | i 472 | i 8 | |||||||||||||||||||||
Mortgage
trading loans, ABS and other MBS | i 1,635 | i 38 | ( i 1 | ) | i 230 | ( i 337 | ) | i — | ( i 9 | ) | i 89 | ( i 135 | ) | i 1,510 | i 27 | ||||||||||||||||||
Total
trading account assets | i 3,934 | i 51 | ( i 2 | ) | i 302 | ( i 411 | ) | i — | ( i 72 | ) | i 230 | ( i 334 | ) | i 3,698 | i 29 | ||||||||||||||||||
Net
derivative assets (liabilities) (4) | ( i 935 | ) | ( i 25 | ) | i — | i 111 | ( i 245 | ) | i — | ( i 55 | ) | i 122 | i 9 | ( i 1,018 | ) | ( i 25 | ) | ||||||||||||||||
AFS
debt securities: | |||||||||||||||||||||||||||||||||
Non-agency
residential MBS | i 597 | i — | i 93 | i — | i — | i — | ( i 7 | ) | i 159 | ( i 261 | ) | i 581 | i — | ||||||||||||||||||||
Non-U.S.
securities | i 2 | i — | i — | i — | i — | i — | i — | i — | i — | i 2 | i — | ||||||||||||||||||||||
Other
taxable securities | i 7 | i — | i — | i — | i — | i — | ( i 4 | ) | i — | i — | i 3 | i — | |||||||||||||||||||||
Total
AFS debt securities | i 606 | i — | i 93 | i — | i — | i — | ( i 11 | ) | i 159 | ( i 261 | ) | i 586 | i — | ||||||||||||||||||||
Other
debt securities carried at fair value – Non-agency residential MBS | i 172 | i 47 | i — | i — | i — | i — | ( i 1 | ) | i 38 | ( i 32 | ) | i 224 | i 47 | ||||||||||||||||||||
Loans
and leases (5,6) | i 338 | i 4 | i — | i — | ( i 15 | ) | i — | ( i 10 | ) | i — | i — | i 317 | i 4 | ||||||||||||||||||||
Loans
held-for-sale (5,6) | i 542 | i 12 | ( i 2 | ) | i 10 | ( i 21 | ) | i 11 | ( i 53 | ) | i 59 | i — | i 558 | i 4 | |||||||||||||||||||
Other
assets (6,7) | i 2,932 | ( i 74 | ) | i 8 | i — | i — | i 41 | ( i 158 | ) | i — | i — | i 2,749 | ( i 128 | ) | |||||||||||||||||||
Trading
account liabilities – Corporate securities and other | ( i 18 | ) | i — | i — | i — | ( i 3 | ) | i — | i — | i — | i — | ( i 21 | ) | i — | |||||||||||||||||||
Long-term
debt (5) | ( i 817 | ) | ( i 46 | ) | ( i 1 | ) | i — | i — | ( i 3 | ) | i 38 | ( i 61 | ) | i — | ( i 890 | ) | ( i 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 $ i 67 million and $ i 96
million related to financial instruments still held at March 31, 2020 and 2019. |
(4) | Net derivative assets (liabilities) include derivative assets of $ i 1.9
billion and $ i 3.5 billion and derivative liabilities of $ i 4.8
billion and $ i 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 | $ | i 1,567 | Discounted
cash flow, Market comparables | Yield | 0% to 25% | 7% | |
Trading account assets – Mortgage trading loans, ABS and other MBS | i 456 | Prepayment
speed | 1% to 32% CPR | 21% CPR | |||
Loans and leases | i 253 | Default
rate | 0% to 3% CDR | 1% CDR | |||
Loans held-for-sale | i 1 | Loss
severity | 0% to 47% | 14% | |||
AFS debt securities, primarily non-agency residential | i 525 | Price | $0
to $160 | $ i 98 | |||
AFS
debt securities – Other taxable securities | i 63 | ||||||
Other
debt securities carried at fair value - Non-agency residential | i 269 | ||||||
Instruments
backed by commercial real estate assets | $ | i 1,224 | Discounted
cash flow | Yield | 0% to 25% | 3% | |
Trading account assets – Corporate securities, trading loans and other | i 250 | Price | $0
to $103 | $ i 60 | |||
Trading
account assets – Mortgage trading loans, ABS and other MBS | i 172 | ||||||
Loans
held-for-sale | i 802 | ||||||
Commercial
loans, debt securities and other | $ | i 3,429 | Discounted cash flow, Market comparables | Yield | 1%
to 25% | 7% | |
Trading account assets – Corporate securities, trading loans and other | i 1,390 | Prepayment
speed | 10% to 20% | 15% | |||
Trading account assets – Non-U.S. sovereign debt | i 250 | Default
rate | 3% to 4% | 4% | |||
Trading account assets – Mortgage trading loans, ABS and other MBS | i 1,105 | Loss
severity | 35% to 40% | 38% | |||
AFS debt securities – Other taxable securities | i 5 | Price | $0
to $142 | $ i 68 | |||
AFS
debt securities – Tax-exempt securities | i 100 | Long-dated equity volatilities | 78% | n/a | |||
Loans
and leases | i 305 | ||||||
Loans
held-for-sale | i 274 | ||||||
Other
assets, primarily auction rate securities | $ | i 796 | Discounted
cash flow, Market comparables | Price | $10 to $99 | $ i 95 | |
MSRs | $ | i 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 | $ | ( i 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 | $ i 74 | |||||
Natural
gas forward price | $1/MMBtu to $5/MMBtu | $3/MMBtu | |||||
Net derivative assets (liabilities) | |||||||
Credit derivatives | $ | ( i 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 | $ i 41 | |||||
Equity
derivatives | $ | ( i 1,007 | ) | Industry standard
derivative pricing (3) | Equity correlation | 6% to 100% | 68% |
Long-dated equity volatilities | 12% to 290% | 34% | |||||
Commodity derivatives | $ | ( i 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 | $ | ( i 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) | $ | ( i 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 $ i 1.6
billion, Trading account assets – Non-U.S. sovereign debt of $ i 250 million, Trading account assets – Mortgage trading loans, ABS and other MBS of $ i 1.7
billion, AFS debt securities of $ i 693 million, Other debt securities carried at fair value - Non-agency residential of $ i 269
million, Other assets, including MSRs, of $ i 2.0 billion, Loans and leases of $ i 558
million and LHFS of $ i 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 | $ | i 1,407 | Discounted
cash flow, Market comparables | Yield | 0% to 25% | 6% | |
Trading account assets – Mortgage trading loans, ABS and other MBS | i 332 | Prepayment
speed | 1% to 27% CPR | 17% CPR | |||
Loans and leases | i 281 | Default
rate | 0% to 3% CDR | 1% CDR | |||
Loans held-for-sale | i 4 | Loss
severity | 0% to 47% | 14% | |||
AFS debt securities, primarily non-agency residential | i 491 | Price | $0
to $160 | $ i 94 | |||
Other
debt securities carried at fair value - Non-agency residential | i 299 | ||||||
Instruments
backed by commercial real estate assets | $ | i 303 | Discounted
cash flow | Yield | 0% to 30% | 14% | |
Trading account assets – Corporate securities, trading loans and other | i 201 | Price | $0
to $100 | $ i 55 | |||
Trading
account assets – Mortgage trading loans, ABS and other MBS | i 85 | ||||||
Loans
held-for-sale | i 17 | ||||||
Commercial
loans, debt securities and other | $ | i 3,798 | Discounted cash flow, Market comparables | Yield | 1%
to 20% | 6% | |
Trading account assets – Corporate securities, trading loans and other | i 1,306 | Prepayment
speed | 10% to 20% | 13% | |||
Trading account assets – Non-U.S. sovereign debt | i 482 | Default
rate | 3% to 4% | 4% | |||
Trading account assets – Mortgage trading loans, ABS and other MBS | i 1,136 | Loss
severity | 35% to 40% | 38% | |||
AFS debt securities – Tax-exempt securities | i 108 | Price | $0
to $142 | $ i 72 | |||
Loans
and leases | i 412 | Long-dated equity volatilities | 35% | n/a | |||
Loans
held-for-sale | i 354 | ||||||
Other
assets, primarily auction rate securities | $ | i 815 | Discounted
cash flow, Market comparables | Price | $10 to $100 | $ i 96 | |
MSRs | $ | i 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 | $ | ( i 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 | $ i 74 | |||||
Natural
gas forward price | $1/MMBtu to $5/MMBtu | $3/MMBtu | |||||
Net derivative assets (liabilities) | |||||||
Credit derivatives | $ | i 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 | $ i 73 | |||||
Equity
derivatives | $ | ( i 1,081 | ) | Industry standard
derivative pricing (3) | Equity correlation | 9% to 100% | 63% |
Long-dated equity volatilities | 4% to 101% | 32% | |||||
Commodity derivatives | $ | ( i 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 | $ | ( i 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) | $ | ( i 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 $ i 1.5
billion, Trading account assets – Non-U.S. sovereign debt of $ i 482 million, Trading account assets – Mortgage trading loans, ABS and other MBS of $ i 1.6
billion, AFS debt securities of $ i 599 million, Other debt securities carried at fair value - Non-agency residential of $ i 299
million, Other assets, including MSRs, of $ i 2.4 billion, Loans and leases of $ i 693
million and LHFS of $ i 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 | |||||||||||
Three Months Ended March 31, 2020 | |||||||||||
(Dollars in millions) | Level 2 | Level
3 | Gains (Losses) | ||||||||
Assets | |||||||||||
Loans held-for-sale | $ | i 1,017 | $ | i 628 | $ | ( i 78 | ) | ||||
Loans
and leases (1) | i — | i 117 | ( i 27 | ) | |||||||
Foreclosed
properties (2, 3) | i — | i 15 | ( i 6 | ) | |||||||
Other
assets | i 27 | i 24 | ( i 2 | ) | |||||||
Three Months Ended March 31, 2019 | |||||||||||
Assets | |||||||||||
Loans held-for-sale | $ | i 55 | $ | i — | $ | ( i 1 | ) | ||||
Loans
and leases (1) | i — | i 120 | ( i 40 | ) | |||||||
Foreclosed
properties (2, 3) | i — | i 40 | ( i 13 | ) | |||||||
Other
assets | i 61 | i 6 | ( i 11 | ) |
(1) | Includes
$ i 12 million and $ i 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
$ i 224 million and $ i 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) | ||||||||
Loans held-for-sale | $ | i 628 | Discounted
cash flow | Price | $9 to $99 | $ i 95 | ||
Loans
and leases (2) | i 117 | Market comparables | OREO discount | 13%
to 59% | i 24 | % | ||
Costs
to sell | 8% to 26% | i 9 | % | |||||
Loans held-for-sale | $ | i 102 | Discounted cash flow | Price | $85
to $97 | $ i 88 | ||
Loans and leases (2) | i 257 | Market
comparables | OREO discount | 13% to 59% | i 24 | % | ||
Costs
to sell | 8% to 26% | i 9 | % | |||||
Other
assets (3) | i 640 | Discounted cash flow | Customer attrition | 0%
to 19% | i 5 | % | ||
Costs
to service | 11% to 19% | i 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 | |||||||||||||||||||||||
(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 | $ | i 49,033 | $ | i 49,016 | $ | i 17 | $ | i 50,364 | $ | i 50,318 | $ | i 46 | |||||||||||
Loans
reported as trading account assets (1) | i 7,652 | i 16,542 | ( i 8,890 | ) | i 6,989 | i 14,703 | ( i 7,714 | ) | |||||||||||||||
Trading
inventory – other | i 16,780 | n/a | n/a | i 19,574 | n/a | n/a | |||||||||||||||||
Consumer
and commercial loans | i 9,016 | i 9,358 | ( i 342 | ) | i 8,335 | i 8,372 | ( i 37 | ) | |||||||||||||||
Loans
held-for-sale (1) | i 3,609 | i 4,564 | ( i 955 | ) | i 3,709 | i 4,879 | ( i 1,170 | ) | |||||||||||||||
Other
assets | i 4 | n/a | n/a | i 4 | n/a | n/a | |||||||||||||||||
Long-term
deposits | i 589 | i 541 | i 48 | i 508 | i 496 | i 12 | |||||||||||||||||
Federal
funds purchased and securities loaned or sold under agreements to repurchase | i 17,192 | i 17,184 | i 8 | i 16,008 | i 16,029 | ( i 21 | ) | ||||||||||||||||
Short-term
borrowings | i 3,020 | i 3,265 | ( i 245 | ) | i 3,941 | i 3,930 | i 11 | ||||||||||||||||
Unfunded
loan commitments | i 207 | n/a | n/a | i 90 | n/a | n/a | |||||||||||||||||
Long-term
debt (2) | i 32,163 | i 35,714 | ( i 3,551 | ) | i 34,975 | i 35,730 | ( i 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 $ i 31.8
billion and $ i 34.6 billion at March 31, 2020 and December 31, 2019, and contractual principal outstanding of $ i 35.3
billion at both periods. |
Gains
(Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option | |||||||||||||||||||||||
Three
Months Ended March 31 | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
(Dollars in millions) | Market making and similar activities | Other Income | Total | Market
making and similar activities | Other Income | Total | |||||||||||||||||
Loans reported as trading account assets | $ | ( i 387 | ) | $ | i — | $ | ( i 387 | ) | $ | i 91 | $ | i — | $ | i 91 | |||||||||
Trading
inventory – other (1) | ( i 2,793 | ) | i — | ( i 2,793 | ) | i 2,544 | i — | i 2,544 | |||||||||||||||
Consumer
and commercial loans | ( i 83 | ) | ( i 358 | ) | ( i 441 | ) | i 1 | i 18 | i 19 | ||||||||||||||
Short-term
borrowings | i 517 | i — | i 517 | i — | i — | i — | |||||||||||||||||
Unfunded
loan commitments | i — | ( i 116 | ) | ( i 116 | ) | i — | i 63 | i 63 | |||||||||||||||
Long-term
debt (2) | i 916 | ( i 16 | ) | i 900 | ( i 1,080 | ) | ( i 23 | ) | ( i 1,103 | ) | |||||||||||||
Other
(3) | i 13 | ( i 51 | ) | ( i 38 | ) | i 11 | i 23 | i 34 | |||||||||||||||
Total | $ | ( i 1,817 | ) | $ | ( i 541 | ) | $ | ( i 2,358 | ) | $ | i 1,567 | $ | i 81 | $ | i 1,648 |
(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. |
Gains
(Losses) Related to Borrower-specific Credit Risk for Assets Accounted for Under the Fair Value Option | |||||||
Three Months Ended March 31 | |||||||
(Dollars in millions) | 2020 | 2019 | |||||
Loans reported
as trading account assets | $ | ( i 389 | ) | $ | i 12 | ||
Consumer
and commercial loans | ( i 349 | ) | i 19 | ||||
Loans
held-for-sale | ( i 74 | ) | i 11 | ||||
Unfunded
loan commitments | ( i 116 | ) | i 63 |
Bank of America 90 |
Fair
Value of Financial Instruments | |||||||||||||||
Fair Value | |||||||||||||||
Carrying Value | Level 2 | Level
3 | Total | ||||||||||||
(Dollars in millions) | |||||||||||||||
Financial assets | |||||||||||||||
Loans | $ | i 1,011,597 | $ | i 64,762 | $ | i 975,625 | $ | i 1,040,387 | |||||||
Loans
held-for-sale | i 7,862 | i 5,556 | i 2,308 | $ | i 7,864 | ||||||||||
Financial
liabilities | |||||||||||||||
Deposits (1) | i 1,583,325 | i 1,583,659 | i — | i 1,583,659 | |||||||||||
Long-term
debt | i 256,712 | i 248,324 | i 721 | i 249,045 | |||||||||||
Commercial
unfunded lending commitments (2) | i 1,567 | i 207 | i 6,318 | i 6,525 | |||||||||||
Financial assets | |||||||||||||||
Loans | $ | i 950,093 | $ | i 63,633 | $ | i 914,597 | $ | i 978,230 | |||||||
Loans
held-for-sale | i 9,158 | i 8,439 | i 719 | i 9,158 | |||||||||||
Financial
liabilities | |||||||||||||||
Deposits (1) | i 1,434,803 | i 1,434,809 | i — | i 1,434,809 | |||||||||||
Long-term
debt | i 240,856 | i 247,376 | i 1,149 | i 248,525 | |||||||||||
Commercial
unfunded lending commitments (2) | i 903 | i 90 | i 4,777 | i 4,867 |
(1) | Includes
demand deposits of $ i 650.9 billion and $ i 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 | $ | i 12,274 | $ | i 12,528 | $ | i 6,862 | $ | i 7,106 | $ | i 1,571 | $ | i 1,684 | ||||||||||||
Noninterest
income | i 10,637 | i 10,629 | i 2,267 | i 2,526 | i 3,365 | i 3,136 | ||||||||||||||||||
Total
revenue, net of interest expense | i 22,911 | i 23,157 | i 9,129 | i 9,632 | i 4,936 | i 4,820 | ||||||||||||||||||
Provision
for credit losses | i 4,761 | i 1,013 | i 2,258 | i 974 | i 189 | i 5 | ||||||||||||||||||
Noninterest
expense | i 13,475 | i 13,224 | i 4,495 | i 4,367 | i 3,600 | i 3,434 | ||||||||||||||||||
Income
before income taxes | i 4,675 | i 8,920 | i 2,376 | i 4,291 | i 1,147 | i 1,381 | ||||||||||||||||||
Income
tax expense | i 665 | i 1,609 | i 582 | i 1,051 | i 281 | i 338 | ||||||||||||||||||
Net
income | $ | i 4,010 | $ | i 7,311 | $ | i 1,794 | $ | i 3,240 | $ | i 866 | $ | i 1,043 | ||||||||||||
Period-end
total assets | $ | i 2,619,954 | $ | i 2,377,164 | $ | i 837,522 | $ | i 794,586 | $ | i 323,866 | $ | i 296,799 | ||||||||||||
Global
Banking | Global Markets | All Other | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net
interest income | $ | i 2,612 | $ | i 2,790 | $ | i 1,153 | $ | i 953 | $ | i 76 | $ | ( i 5 | ) | |||||||||||
Noninterest
income | i 1,988 | i 2,365 | i 4,072 | i 3,228 | ( i 1,055 | ) | ( i 626 | ) | ||||||||||||||||
Total
revenue, net of interest expense | i 4,600 | i 5,155 | i 5,225 | i 4,181 | ( i 979 | ) | ( i 631 | ) | ||||||||||||||||
Provision
for credit losses | i 2,093 | i 111 | i 107 | ( i 23 | ) | i 114 | ( i 54 | ) | ||||||||||||||||
Noninterest
expense | i 2,321 | i 2,266 | i 2,813 | i 2,755 | i 246 | i 402 | ||||||||||||||||||
Income
before income taxes | i 186 | i 2,778 | i 2,305 | i 1,449 | ( i 1,339 | ) | ( i 979 | ) | ||||||||||||||||
Income
tax expense | i 50 | i 750 | i 599 | i 413 | ( i 847 | ) | ( i 943 | ) | ||||||||||||||||
Net
income | $ | i 136 | $ | i 2,028 | $ | i 1,706 | $ | i 1,036 | $ | ( i 492 | ) | $ | ( i 36 | ) | ||||||||||
Period-end
total assets | $ | i 562,529 | $ | i 436,066 | $ | i 654,735 | $ | i 671,123 | $ | i 241,302 | $ | i 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 | $ | i 792 | $ | i 896 | $ | i 644 | $ | i 728 | $ | i 8 | $ | i 17 | |||||||||||
Other
card income | i 480 | i 479 | i 466 | i 469 | i 9 | i 9 | |||||||||||||||||
Total
card income | i 1,272 | i 1,375 | i 1,110 | i 1,197 | i 17 | i 26 | |||||||||||||||||
Service
charges | |||||||||||||||||||||||
Deposit-related fees | i 1,627 | i 1,580 | i 995 | i 1,020 | i 17 | i 18 | |||||||||||||||||
Lending-related
fees | i 276 | i 259 | i — | i — | i — | i — | |||||||||||||||||
Total
service charges | i 1,903 | i 1,839 | i 995 | i 1,020 | i 17 | i 18 | |||||||||||||||||
Investment
and brokerage services | |||||||||||||||||||||||
Asset management fees | i 2,682 | i 2,440 | i 37 | i 35 | i 2,652 | i 2,414 | |||||||||||||||||
Brokerage
fees | i 1,076 | i 920 | i 33 | i 38 | i 470 | i 428 | |||||||||||||||||
Total
investment and brokerage services | i 3,758 | i 3,360 | i 70 | i 73 | i 3,122 | i 2,842 | |||||||||||||||||
Investment
banking fees | |||||||||||||||||||||||
Underwriting income | i 848 | i 666 | i — | i — | i 115 | i 80 | |||||||||||||||||
Syndication
fees | i 271 | i 255 | i — | i — | i — | i — | |||||||||||||||||
Financial
advisory services | i 269 | i 343 | i — | i — | i — | i — | |||||||||||||||||
Total
investment banking fees | i 1,388 | i 1,264 | i — | i — | i 115 | i 80 | |||||||||||||||||
Total
fees and commissions | i 8,321 | i 7,838 | i 2,175 | i 2,290 | i 3,271 | i 2,966 | |||||||||||||||||
Market
making and similar activities | i 2,807 | i 2,768 | i 1 | i 2 | i 21 | i 34 | |||||||||||||||||
Other
income (loss) | ( i 491 | ) | i 23 | i 91 | i 234 | i 73 | i 136 | ||||||||||||||||
Total
noninterest income | $ | i 10,637 | $ | i 10,629 | $ | i 2,267 | $ | i 2,526 | $ | i 3,365 | $ | i 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 | $ | i 119 | $ | i 129 | $ | i 21 | $ | i 21 | $ | i — | $ | i 1 | |||||||||||
Other
card income | i 4 | i 2 | i — | ( i 1 | ) | i 1 | i — | ||||||||||||||||
Total
card income | i 123 | i 131 | i 21 | i 20 | i 1 | i 1 | |||||||||||||||||
Service
charges | |||||||||||||||||||||||
Deposit-related
fees | i 572 | i 498 | i 35 | i 38 | i 8 | i 6 | |||||||||||||||||
Lending-related
fees | i 224 | i 215 | i 52 | i 44 | i — | i — | |||||||||||||||||
Total
service charges | i 796 | i 713 | i 87 | i 82 | i 8 | i 6 | |||||||||||||||||
Investment
and brokerage services | |||||||||||||||||||||||
Asset
management fees | i — | i — | i — | i — | ( i 7 | ) | ( i 9 | ) | |||||||||||||||
Brokerage
fees | i 7 | i 9 | i 567 | i 444 | ( i 1 | ) | i 1 | ||||||||||||||||
Total
investment and brokerage services | i 7 | i 9 | i 567 | i 444 | ( i 8 | ) | ( i 8 | ) | |||||||||||||||
Investment
banking fees | |||||||||||||||||||||||
Underwriting
income | i 369 | i 279 | i 455 | i 368 | ( i 91 | ) | ( i 61 | ) | |||||||||||||||
Syndication
fees | i 145 | i 127 | i 125 | i 129 | i 1 | ( i 1 | ) | ||||||||||||||||
Financial
advisory services | i 247 | i 303 | i 22 | i 40 | i — | i — | |||||||||||||||||
Total
investment banking fees | i 761 | i 709 | i 602 | i 537 | ( i 90 | ) | ( i 62 | ) | |||||||||||||||
Total
fees and commissions | i 1,687 | i 1,562 | i 1,277 | i 1,083 | ( i 89 | ) | ( i 63 | ) | |||||||||||||||
Market
making and similar activities | i 87 | i 50 | i 2,973 | i 2,082 | ( i 275 | ) | i 600 | ||||||||||||||||
Other
income (loss) | i 214 | i 753 | ( i 178 | ) | i 63 | ( i 691 | ) | ( i 1,163 | ) | ||||||||||||||
Total
noninterest income | $ | i 1,988 | $ | i 2,365 | $ | i 4,072 | $ | i 3,228 | $ | ( i 1,055 | ) | $ | ( i 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 | $ | i 23,890 | $ | i 23,788 | |||
Adjustments
(1): | |||||||
ALM activities | ( i 85 | ) | i 12 | ||||
Liquidating
businesses, eliminations and other | i 894 | i 643 | |||||
FTE
basis adjustment | ( i 144 | ) | ( i 153 | ) | |||
Consolidated
revenue, net of interest expense | $ | i 22,767 | $ | i 23,004 | |||
Segments’
total net income | i 4,502 | i 7,347 | |||||
Adjustments,
net-of-tax (1): | |||||||
ALM activities | ( i 77 | ) | i 18 | ||||
Liquidating
businesses, eliminations and other | ( i 415 | ) | ( i 54 | ) | |||
Consolidated
net income | $ | i 4,010 | $ | i 7,311 | |||
March
31 | |||||||
2020 | 2019 | ||||||
Segments’ total assets | $ | i 2,378,652 | $ | i 2,198,574 | |||
Adjustments
(1): | |||||||
ALM activities, including securities portfolio | i 840,187 | i 671,751 | |||||
Elimination
of segment asset allocations to match liabilities | ( i 665,795 | ) | ( i 566,812 | ) | |||
Other | i 66,910 | i 73,651 | |||||
Consolidated
total assets | $ | i 2,619,954 | $ | i 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 |
Exhibit No. | Description | Notes | Form | Exhibit | Filing
Date | File No. |
3.1 | 10-K | 3.1 | 2/19/20 | |||
3.2 | 10-Q | 3(b) | 10/28/19 | |||
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: | /s/ Rudolf A. Bless | ||||
Chief Accounting Officer |
Bank of America 98 |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
11/28/31 | ||||
4/28/25 | ||||
1/1/22 | ||||
3/31/21 | ||||
10/1/20 | ||||
7/28/20 | 4 | |||
6/30/20 | 10-Q, 13F-HR, 424B2, FWP | |||
6/26/20 | 424B2, FWP | |||
6/5/20 | 424B2, FWP | |||
Filed on: | 5/1/20 | |||
4/30/20 | ||||
4/27/20 | 424B2 | |||
4/24/20 | 4, 424B5 | |||
4/22/20 | 4, 8-K, DEF 14A, SC 13D/A | |||
4/9/20 | ||||
4/1/20 | ||||
For Period end: | 3/31/20 | 13F-HR, FWP | ||
3/30/20 | 424B2, FWP | |||
3/27/20 | 424B2, 424B5 | |||
3/17/20 | 4, 424B2, FWP | |||
3/15/20 | 4 | |||
3/11/20 | 424B2 | |||
3/6/20 | 424B2, 424B5, FWP | |||
3/4/20 | 424B2, FWP | |||
3/1/20 | 4 | |||
2/28/20 | 424B2 | |||
1/29/20 | 424B2 | |||
1/24/20 | 424B2, 8-K | |||
1/1/20 | ||||
12/31/19 | 10-K, 11-K, 13F-HR, 3, 424B3, 5, EFFECT, SC 13D | |||
7/29/19 | 10-Q, 424B2, FWP | |||
7/1/19 | 424B2, FWP | |||
6/27/19 | 3, 424B2, 8-K, SC 13D | |||
3/31/19 | 10-Q, 13F-HR | |||
1/16/19 | 8-K | |||
12/31/18 | 10-K, 11-K, 13F-HR, 424B2, 5, FWP | |||
1/1/10 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/22/23 Bank of America Corp./DE 10-K 12/31/22 200:66M 11/10/22 Bank of America Corp./DE SC TO-I 7:1.3M Bank of America Corp./DE Donnelley … Solutions/FA 2/22/22 Bank of America Corp./DE 10-K 12/31/21 201:72M 2/24/21 Bank of America Corp./DE 10-K 12/31/20 199:66M 1/25/21 Bank of America Corp./DE 424B5 1/22/21 1:1.4M Donnelley … Solutions/FA 1/21/21 Bank of America Corp./DE 424B2 1:1.4M Donnelley … Solutions/FA 10/28/20 Bank of America Corp./DE 424B5 1:1.4M Donnelley … Solutions/FA 10/27/20 Bank of America Corp./DE 424B2 1:1.4M Donnelley … Solutions/FA |