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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from          to
Commission file number:
1-6523
Exact name of registrant as specified in its charter:
Bank of America Corporation
State or other jurisdiction of incorporation or organization:
Delaware
IRS Employer Identification No.:
56-0906609
Address of principal executive offices:
Bank of America Corporate Center
100 N. Tryon Street
Charlotte, North Carolina 28255
Registrant’s telephone number, including area code:
(704386-5681
Former name, former address and former fiscal year, if changed since last report:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
BAC
New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share
BAC PrE
New York Stock Exchange
 of Floating Rate Non-Cumulative Preferred Stock, Series E
Depositary Shares, each representing a 1/1,000th interest in a share
BAC PrY
New York Stock Exchange
of 6.500% Non-Cumulative Preferred Stock, Series Y
Depositary Shares, each representing a 1/1,000th interest in a share
BAC PrC
New York Stock Exchange
of 6.200% Non-Cumulative Preferred Stock, Series CC
Depositary Shares, each representing a 1/1,000th interest in a share
BAC PrA
New York Stock Exchange
of 6.000% Non-Cumulative Preferred Stock, Series EE
Depositary Shares, each representing a 1/1,000th interest in a share
BAC PrB
New York Stock Exchange
 of 6.000% Non-Cumulative Preferred Stock, Series GG
Depositary Shares, each representing a 1/1,000th interest in a share
BAC PrK
New York Stock Exchange
 of 5.875% Non-Cumulative Preferred Stock, Series HH
7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L
BAC PrL
New York Stock Exchange
Depositary Shares, each representing a 1/1,200th interest in a share
BML PrG
New York Stock Exchange
of Bank of America Corporation Floating Rate
Non-Cumulative Preferred Stock, Series 1

1     Bank of America

 
 





Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Depositary Shares, each representing a 1/1,200th interest in a share
BML PrH
New York Stock Exchange
 of Bank of America Corporation Floating Rate
Non-Cumulative Preferred Stock, Series 2
Depositary Shares, each representing a 1/1,200th interest in a share
BML PrJ
New York Stock Exchange
 of Bank of America Corporation Floating Rate
Non-Cumulative Preferred Stock, Series 4
Depositary Shares, each representing a 1/1,200th interest in a share
BML PrL
New York Stock Exchange
 of Bank of America Corporation Floating Rate
Non-Cumulative Preferred Stock, Series 5
Floating Rate Preferred Hybrid Income Term Securities of BAC Capital
BAC/PF
New York Stock Exchange
 Trust XIII (and the guarantee related thereto)
5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities
BAC/PG
New York Stock Exchange
 of BAC Capital Trust XIV (and the guarantee related thereto)
Income Capital Obligation Notes initially due December 15, 2066 of
MER PrK
New York Stock Exchange
Bank of America Corporation
Senior Medium-Term Notes, Series A, Step Up Callable Notes, due
BAC/31B
New York Stock Exchange
 November 28, 2031 of BofA Finance LLC (and the guarantee
of the Registrant with respect thereto)
Depositary Shares, each representing a 1/1,000th interest in a share of
BAC PrM
New York Stock Exchange
 5.375% Non-Cumulative Preferred Stock, Series KK
Depositary Shares, each representing a 1/1,000th interest in a share
BAC PrN
New York Stock Exchange
5.000% Non-Cumulative Preferred Stock, Series LL
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated filer
 
Non-accelerated filer
 
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2).
Yes No
On October 25, 2019, there were 8,995,107,401 shares of Bank of America Corporation Common Stock outstanding.
 
 
 
 
 

 
 
Bank of America    2


Bank of America Corporation and Subsidiaries
September 30, 2019
Form 10-Q

INDEX

Part I. Financial Information

Item 1. Financial Statements
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

1     Bank of America

 
 





Part II. Other Information

 
 
 
 
 

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

Bank of America Corporation (the “Corporation”) and its management may make certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements represent the Corporation’s current expectations, plans or forecasts of its future results, revenues, expenses, efficiency ratio, capital measures, strategy, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond the Corporation’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements.
You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties more fully discussed under Item 1A. Risk Factors of our 2018 Annual Report on Form 10-K and in any of the Corporation’s subsequent Securities and Exchange Commission filings: the Corporation’s potential claims, damages, penalties, fines and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions; the possibility that the Corporation’s future liabilities may be in excess of its recorded liability and estimated range of possible loss for litigation, regulatory, and representations and warranties exposures; the possibility that the Corporation could face increased servicing, fraud, indemnity, contribution or other claims from one or more counterparties, including trustees, purchasers of loans, underwriters, issuers, monolines, private-label and other investors, or other parties involved in securitizations; the Corporation’s ability to resolve representations and warranties repurchase and related claims, including claims brought by investors or trustees seeking to avoid the statute of limitations for repurchase claims; the risks related to the discontinuation of the London InterBank Offered Rate and other reference rates, including increased expenses and litigation and the effectiveness of hedging strategies; uncertainties about the financial stability and growth rates of non-U.S. jurisdictions, the risk that those jurisdictions may face difficulties servicing their sovereign debt, and related stresses on financial markets, currencies and trade, and the Corporation’s exposures to such risks, including direct, indirect and operational; the impact of U.S. and global interest rates, inflation, currency exchange rates, economic conditions, trade policies and tensions, including tariffs,
 
and potential geopolitical instability; the impact of the interest rate environment on the Corporation’s business, financial condition and results of operations; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. or global economic conditions and other uncertainties; the Corporation’s ability to achieve its expense targets and expectations regarding net interest income, net charge-offs, effective tax rate, loan growth or other projections; adverse changes to the Corporation’s credit ratings from the major credit rating agencies; an inability to access capital markets or maintain deposits or borrowing costs; estimates of the fair value and other accounting values, subject to impairment assessments, of certain of the Corporation’s assets and liabilities; the estimated or actual impact of changes in accounting standards or assumptions in applying those standards, including the new credit loss accounting standard; uncertainty regarding the content, timing and impact of regulatory capital and liquidity requirements; the impact of adverse changes to total loss-absorbing capacity requirements and/or global systemically important bank surcharges; the potential impact of actions of the Board of Governors of the Federal Reserve System on the Corporation’s capital plans; the effect of regulations, other guidance or additional information on the impact from the Tax Cuts and Jobs Act; the impact of implementation and compliance with U.S. and international laws, regulations and regulatory interpretations, including, but not limited to, recovery and resolution planning requirements, Federal Deposit Insurance Corporation assessments, the Volcker Rule, fiduciary standards and derivatives regulations; a failure or disruption in or breach of the Corporation’s operational or security systems or infrastructure, or those of third parties, including as a result of cyber-attacks; the impact on the Corporation’s business, financial condition and results of operations from the planned exit of the United Kingdom from the European Union; the impact of any future federal government shutdown and uncertainty regarding the federal government’s debt limit; and other matters.
Forward-looking statements speak only as of the date they are made, and the Corporation undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.
Notes to the Consolidated Financial Statements referred to in Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) are incorporated by reference into the MD&A. Certain prior-period amounts have been reclassified to conform to current-period presentation. Throughout the MD&A, the Corporation uses certain acronyms and abbreviations which are defined in the Glossary.



 
 
Bank of America    2


Executive Summary

Business Overview
The Corporation is a Delaware corporation, a bank holding company (BHC) and a financial holding company. When used in this report, “the Corporation” may refer to Bank of America Corporation individually, Bank of America Corporation and its subsidiaries, or certain of Bank of America Corporation’s subsidiaries or affiliates. Our principal executive offices are located in Charlotte, North Carolina. Through our banking and various nonbank subsidiaries throughout the U.S. and in international markets, we provide a diversified range of banking and nonbank financial services and products through four business segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking and Global Markets, with the remaining operations recorded in All Other. We operate our banking activities primarily under the Bank of America, National Association (Bank of America, N.A. or BANA) charter. At September 30, 2019, the Corporation had $2.4 trillion in assets and a headcount of approximately 209,000 employees.
As of September 30, 2019, we served clients through operations across the U.S., its territories and approximately 35 countries. Our retail banking footprint covers approximately 90 percent of the U.S. population, and we serve approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, approximately 16,600 ATMs, and leading digital banking platforms (www.bankofamerica.com) with nearly 38 million active users, including approximately 29 million active mobile users. We offer industry-leading support to approximately three million small business owners. Our wealth management businesses, with client balances of $2.9 trillion, provide tailored solutions to meet client needs through a full set of investment management, brokerage, banking, trust and retirement products. We are a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world.

Recent Developments

Capital Management
During the third quarter of 2019, we repurchased $7.6 billion of common stock pursuant to the Board of Directors’ (the Board) 2019 repurchase authorization of approximately $30.9 billion announced on June 27, 2019. For additional information, see Capital Management on page 20. On July 25, 2019, the Board declared a quarterly common stock dividend of $0.18 per share, payable on September 27, 2019 to shareholders of record as of September 6, 2019. Additionally, on October 22, 2019, the Board declared a quarterly common stock dividend of $0.18 per share, payable on December 27, 2019 to shareholders of record as of December 6, 2019.
Merchant Services Joint Venture
As previously disclosed in the Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019, a significant portion of our merchant processing activity is performed by a joint venture, formed in 2009, in which we own a 49 percent ownership
 
interest. The joint venture is accounted for as an equity method investment. On July 29, 2019, we gave notice to the joint venture partner of the termination of the joint venture upon the conclusion of its current term, after which we expect to pursue our own merchant services strategy. In addition, the Corporation and the joint venture partner have an agreement to provide uninterrupted delivery of products and services to the joint venture merchants through at least June 2023. As a result of the above actions, we incurred a non-cash, pretax impairment charge of $2.1 billion included in other general operating expense in the three months ended September 30, 2019. We anticipate accounting for the joint venture as an equity method investment until June 2020. For additional information, see Note 11 – Commitments and Contingencies to the Consolidated Financial Statements.
U.K. Exit from the EU
On October 28, 2019, the EU agreed to extend the deadline for the U.K.’s withdrawal from the EU to January 31, 2020. The final outcome of negotiations between the U.K. and the EU regarding the terms and conditions of the withdrawal of the U.K. from the EU remains uncertain.
We conduct business in Europe, the Middle East and Africa primarily through our subsidiaries in the U.K., Ireland and France. For information on the changes we have implemented to enable us to continue to operate in the region, including establishing a bank and broker-dealer in the EU, see the Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019. While we have taken measures to minimize operational disruption and prepare for various potential outcomes of the U.K.’s withdrawal from the EU, the preparedness of our counterparties and the relevant financial markets infrastructure remain outside our control. The global economic impact of the U.K.’s withdrawal from the EU remains uncertain and could result in regional and global financial market disruptions. In preparation for the withdrawal, we will continue to assess potential risks, including operational, regulatory and legal risks.
LIBOR and Other Benchmark Rates
As previously disclosed, to facilitate an orderly transition from Interbank Offered Rates and other benchmark rates to alternative reference rates (ARRs), the Corporation has established an enterprise-wide initiative led by senior management to identify, assess and monitor risks associated with the expected discontinuation or unavailability of benchmarks, including the London InterBank Offered Rate (LIBOR), achieve operational readiness and engage impacted clients in connection with the transition to ARRs. Additionally, the Corporation continues to monitor the development and usage of ARRs, including the Secured Overnight Financing Rate. For more information on the expected replacement of LIBOR and other benchmark rates, see Executive Summary - Recent Developments - LIBOR and Other Benchmark Rates in the MD&A of the Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30 2019, and Item 1A. Risk Factors - Other and Executive Summary - Recent Developments - LIBOR and Other Benchmark Rates in the MD&A of the Corporation’s 2018 Annual Report on Form 10-K.


3     Bank of America

 
 





Financial Highlights

 
 
 
 
 
 
 
 
 
Table 1
Summary Income Statement and Selected Financial Data
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
September 30
 
Nine Months Ended
September 30
(Dollars in millions, except per share information)
2019
 
2018
 
2019
 
2018
Income statement
 

 
 

 
 
 
 
Net interest income
$
12,187

 
$
12,061

 
$
36,751

 
$
35,658

Noninterest income
10,620

 
10,663

 
32,144

 
32,685

Total revenue, net of interest expense
22,807


22,724


68,895


68,343

Provision for credit losses
779

 
716

 
2,649

 
2,377

Noninterest expense
15,169

 
13,014

 
41,661

 
40,080

Income before income taxes
6,859


8,994


24,585


25,886

Income tax expense
1,082

 
1,827

 
4,149

 
5,017

Net income
5,777


7,167


20,436


20,869

Preferred stock dividends
505

 
466

 
1,186

 
1,212

Net income applicable to common shareholders
$
5,272


$
6,701


$
19,250


$
19,657

 
 
 
 
 
 
 
 
 
Per common share information
 
 
 
 
 
 
 
Earnings
$
0.57

 
$
0.67

 
$
2.02

 
$
1.93

Diluted earnings
0.56

 
0.66

 
2.01

 
1.91

Dividends paid
0.18

 
0.15

 
0.48

 
0.39

Performance ratios
 

 
 

 
 
 
 
Return on average assets
0.95
%
 
1.23
%
 
1.14
%
 
1.20
%
Return on average common shareholders’ equity
8.48

 
10.99

 
10.49

 
10.86

Return on average tangible common shareholders’ equity (1)
11.84

 
15.48

 
14.67

 
15.30

Efficiency ratio
66.51

 
57.27

 
60.47

 
58.65

 
 
 
 
 
 
 
 
 
 
 
 
 
September 30
2019
 
December 31
2018
Balance sheet
 
 
 
 
 

 
 

Total loans and leases
 
 
 
 
$
972,910

 
$
946,895

Total assets
 
 
 
 
2,426,330

 
2,354,507

Total deposits
 
 
 
 
1,392,836

 
1,381,476

Total liabilities
 
 
 
 
2,157,943

 
2,089,182

Total common shareholders’ equity
 
 
 
 
244,781

 
242,999

Total shareholders’ equity
 
 
 
 
268,387

 
265,325

(1)
Return on average tangible common shareholders’ equity is a non-GAAP financial measure. For more information and a corresponding reconciliation to the most closely related financial measures defined by accounting principles generally accepted in the United States of America (GAAP), see Non-GAAP Reconciliations on page 45.
Net income was $5.8 billion and $20.4 billion, or $0.56 and $2.01 per diluted share, for the three and nine months ended September 30, 2019 compared to $7.2 billion and $20.9 billion, or $0.66 and $1.91 per diluted share, for the same periods in 2018. The decrease in net income for the three and nine months ended September 30, 2019 was primarily driven by an increase in noninterest expense as a result of a $2.1 billion pretax impairment charge related to the notice of termination of the merchant services joint venture at the conclusion of its current term. Also contributing to the decrease in net income were higher provision for credit losses and lower noninterest income, partially offset by an increase in net interest income.
Total assets increased $71.8 billion from December 31, 2018 to $2.4 trillion primarily driven by higher trading account assets in Global Markets due to increased client balances in Equities and increased levels of inventory in Fixed-Income, Currencies and Commodities (FICC) to facilitate expected client demand, higher loans and leases primarily due to continued residential mortgage and commercial loan growth, and increases in federal funds sold and securities borrowed or purchased under agreements to resell driven by short-term reinvestments of excess cash.
Total liabilities increased $68.8 billion from December 31, 2018 to $2.2 trillion driven by higher federal funds purchased and securities loaned or sold under agreements to repurchase primarily driven by funding needs in the FICC businesses within Global Markets, an increase in long-term debt due to valuation adjustments, higher deposits as a result of continued growth in our Consumer Banking and Global Banking businesses, higher trading account liabilities in FICC to facilitate expected client
 
demand, and an increase in other short-term borrowings as a result of higher Federal Home Loan Bank (FHLB) advances. Shareholders’ equity increased $3.1 billion from December 31, 2018 primarily due to net income, market value increases on debt securities and issuances of preferred stock, partially offset by returns of capital to shareholders through common stock repurchases and common and preferred stock dividends, and the redemption of preferred stock.
Net Interest Income
Net interest income increased $126 million to $12.2 billion, and $1.1 billion to $36.8 billion for the three and nine months ended September 30, 2019 compared to the same periods in 2018. Net interest yield on a fully taxable-equivalent (FTE) basis decreased 4 basis points (bps) to 2.41 percent, and increased 2 bps to 2.45 percent for the same periods. The increase in net interest income for both periods was primarily driven by loan and deposit growth, and for the three-month period, partially offset by lower interest rates. The increase in the nine-month period was also due to higher short-end interest rates. Both long- and short-term interest rates have declined during 2019. We expect net interest income for 2019 to grow approximately one percent as compared to 2018. This reflects the expectation for another short-end rate cut in the fourth quarter of 2019, that long-end interest rates remain flat compared to September 30, 2019 and economic conditions remain stable. For more information on net interest yield and the FTE basis, see Supplemental Financial Data on page 6, and for more information on interest rate risk management, see Interest Rate Risk Management for the Banking Book on page 43.

 
 
Bank of America    4


Noninterest Income
 
 
 
 
 
 
 
 
 
Table 2
Noninterest Income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
September 30
 
Nine Months Ended
September 30
(Dollars in millions)
2019
 
2018
 
2019
 
2018
Fees and commissions:
 
 
 
 
 
 
 
Card income
$
1,465

 
$
1,417

 
$
4,286

 
$
4,302

Service charges
1,975

 
1,961

 
5,717

 
5,836

Investment and brokerage services
3,494

 
3,494

 
10,324

 
10,616

Investment banking fees
1,533

 
1,204

 
4,168

 
3,979

Total fees and commissions
8,467

 
8,076

 
24,495

 
24,733

Trading account income
1,707

 
1,717

 
6,390

 
6,421

Other income
446

 
870

 
1,259

 
1,531

Total noninterest income
$
10,620


$
10,663


$
32,144


$
32,685

Noninterest income decreased $43 million to $10.6 billion, and decreased $541 million to $32.1 billion for the three and nine months ended September 30, 2019 compared to the same periods in 2018. The following highlights the significant changes.
Service charges were relatively unchanged for the three-month period and decreased $119 million for the nine-month period primarily driven by lower treasury fees in Global Banking as well as lower fees due to policy changes and lower ATM volume in Consumer Banking.
Investment and brokerage services income was unchanged for the three-month period and decreased $292 million for the nine-month period. The decline was primarily due to lower transactional revenue and a decrease in assets under management (AUM) pricing, partially offset by the positive impact of AUM flows.
Investment banking fees increased $329 million for the three-month period due to increases in advisory and debt underwriting fees, and increased $189 million for the nine-month period due to increases in advisory and equity underwriting fees, partially offset by decreases in debt underwriting.
 
Other income decreased $424 million and $272 million for the three- and nine-month periods primarily due to an equity investment gain in the prior-year period and lower gains on sales of debt securities. Also, the prior-year nine-month period included a $729 million charge related to the redemption of certain trust preferred securities, partially offset by a $572 million gain from the sale of certain non-core mortgage loans.
Provision for Credit Losses
The provision for credit losses increased $63 million to $779 million, and $272 million to $2.6 billion for the three and nine months ended September 30, 2019 compared to the same periods in 2018. The increases  were driven by commercial, primarily as a result of energy reserve releases in the prior-year periods, partially offset by a decrease in consumer, primarily driven by the impact of recoveries recorded in connection with sales of previously charged-off non-core consumer real estate loans. For more information on the provision for credit losses, see Provision for Credit Losses on page 39.
Noninterest Expense
 
 
 
 
 
 
 
 
 
Table 3
Noninterest Expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
September 30
 
Nine Months Ended
September 30
(Dollars in millions)
2019
 
2018
 
2019
 
2018
Compensation and benefits
$
7,779

 
$
7,721

 
$
24,000

 
$
24,145

Occupancy and equipment
1,663

 
1,589

 
4,908

 
4,787

Information processing and communications
1,163

 
1,113

 
3,484

 
3,399

Product delivery and transaction related
696

 
687

 
2,067

 
2,149

Marketing
440

 
421

 
1,410

 
1,161

Professional fees
386

 
439

 
1,155

 
1,219

Other general operating
3,042

 
1,044

 
4,637

 
3,220

Total noninterest expense
$
15,169


$
13,014


$
41,661


$
40,080

Noninterest expense increased $2.2 billion to $15.2 billion and $1.6 billion to $41.7 billion for the three and nine months ended September 30, 2019 compared to the same periods in 2018. The increase in both periods was primarily due to the aforementioned impairment charge of $2.1 billion, increased costs associated with investment in the businesses, including brand-related marketing costs, and higher litigation expense, partially offset by efficiency savings, lower Federal Deposit Insurance Corporation (FDIC) expense and lower amortization of intangibles expense.

5     Bank of America

 
 





Income Tax Expense
 
 
 
 
 
 
 
 
 
Table 4
Income Tax Expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
September 30
 
Nine Months Ended
September 30
(Dollars in millions)
2019
 
2018
 
2019
 
2018
Income before income taxes
$
6,859

 
$
8,994

 
$
24,585

 
$
25,886

Income tax expense
1,082

 
1,827

 
4,149

 
5,017

Effective tax rate
15.8
%

20.3
%

16.9
%

19.4
%
The effective tax rates for the three and nine months ended September 30, 2019 reflect the impact of our recurring tax preference benefits and discrete tax benefits primarily related to the resolution of various tax matters. The nine-month effective rate also included tax benefits related to stock-based compensation.
The effective tax rates for the three and nine months ended September 30, 2018 reflect the impact of our recurring tax preference benefits. The nine-month effective rate also included tax benefits related to stock-based compensation.
We expect the effective tax rate for the fourth quarter of 2019 to be approximately 19 percent, absent unusual items.

Supplemental Financial Data

In this Form 10-Q, we present certain non-GAAP financial measures. Non-GAAP financial measures exclude certain items or otherwise include components that differ from the most directly comparable measures calculated in accordance with GAAP. Non-GAAP financial measures are provided as additional useful information to assess our financial condition, results of operations (including period-to-period operating performance) or compliance with prospective regulatory requirements. These non-GAAP financial measures are not intended as a substitute for GAAP financial measures and may not be defined or calculated the same way as non-GAAP financial measures used by other companies.
We view net interest income and related ratios and analyses on an FTE basis, which when presented on a consolidated basis are non-GAAP financial measures. To derive the FTE basis, net interest income is adjusted to reflect tax-exempt income on an equivalent before-tax basis with a corresponding increase in income tax expense. For purposes of this calculation, we use the federal statutory tax rate of 21 percent and a representative state tax rate. Net interest yield, which measures the basis points we earn over the cost of funds, utilizes net interest income (and thus total revenue) on an FTE basis. We believe that presentation of these items on an FTE basis allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices.
We may present certain key performance indicators and ratios excluding certain items (e.g., debit valuation adjustment (DVA) gains (losses)) which result in non-GAAP financial measures. We believe that the presentation of measures that exclude these items
 
is useful because such measures provide additional information to assess the underlying operational performance and trends of our businesses and to allow better comparison of period-to-period operating performance.
We also evaluate our business based on certain ratios that utilize tangible equity, a non-GAAP financial measure. Tangible equity represents shareholders’ equity or common shareholders’ equity reduced by goodwill and intangible assets (excluding mortgage servicing rights (MSRs)), net of related deferred tax liabilities ("adjusted" shareholders' equity or common shareholders' equity). These measures are used to evaluate our use of equity. In addition, profitability, relationship and investment models use both return on average tangible common shareholders’ equity and return on average tangible shareholders’ equity as key measures to support our overall growth goals. These ratios are as follows:
Return on average tangible common shareholders’ equity measures our net income applicable to common shareholders as a percentage of adjusted average common shareholders’ equity. The tangible common equity ratio represents adjusted ending common shareholders’ equity divided by total tangible assets.
Return on average tangible shareholders' equity measures our net income as a percentage of adjusted average total shareholders’ equity. The tangible equity ratio represents adjusted ending shareholders’ equity divided by total tangible assets.
Tangible book value per common share represents adjusted ending common shareholders’ equity divided by ending common shares outstanding.
We believe that the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income. Tangible book value per common share provides additional useful information about the level of tangible assets in relation to outstanding shares of common stock.
The aforementioned supplemental data and performance measures are presented in Tables 5.
For more information on the reconciliation of these non-GAAP financial measures to the corresponding GAAP financial measures, see Non-GAAP Reconciliations on page 45.


 
 
Bank of America    6


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Table 5
Selected Financial Data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019 Quarters
 
2018 Quarters
 
Nine-Month Period
(In millions, except per share information)
Third
 
Second
 
First
 
Fourth
 
Third
 
2019
 
2018
Income statement
 
 
 
 
 

 
 
 
 

 
 
 
 
Net interest income
$
12,187

 
$
12,189

 
$
12,375

 
$
12,504

 
$
12,061

 
$
36,751

 
$
35,658

Noninterest income
10,620

 
10,895

 
10,629

 
10,173

 
10,663

 
32,144

 
32,685

Total revenue, net of interest expense
22,807

 
23,084

 
23,004

 
22,677

 
22,724

 
68,895

 
68,343

Provision for credit losses
779

 
857

 
1,013

 
905

 
716

 
2,649

 
2,377

Noninterest expense
15,169

 
13,268

 
13,224

 
13,074

 
13,014

 
41,661

 
40,080

Income before income taxes
6,859

 
8,959

 
8,767

 
8,698

 
8,994

 
24,585

 
25,886

Income tax expense
1,082

 
1,611

 
1,456

 
1,420

 
1,827

 
4,149

 
5,017

Net income
5,777

 
7,348

 
7,311

 
7,278

 
7,167

 
20,436

 
20,869

Net income applicable to common shareholders
5,272

 
7,109

 
6,869

 
7,039

 
6,701

 
19,250

 
19,657

Average common shares issued and outstanding
9,303.6

 
9,523.2

 
9,725.9

 
9,855.8

 
10,031.6

 
9,516.2

 
10,177.5

Average diluted common shares issued and outstanding
9,353.0

 
9,559.6

 
9,787.3

 
9,996.0

 
10,170.8

 
9,565.7

 
10,317.9

Performance ratios
 

 
 

 
 

 
 

 
 

 
 

 
 

Return on average assets
0.95
%
 
1.23
%
 
1.26
%
 
1.24
%
 
1.23
%
 
1.14
%
 
1.20
%
Four-quarter trailing return on average assets (1)
1.17

 
1.24

 
1.22

 
1.21

 
1.00

 
n/a

 
n/a

Return on average common shareholders’ equity
8.48

 
11.62

 
11.42

 
11.57

 
10.99

 
10.49

 
10.86

Return on average tangible common shareholders’ equity (2)
11.84

 
16.24

 
16.01

 
16.29

 
15.48

 
14.67

 
15.30

Return on average shareholders’ equity
8.48

 
11.00

 
11.14

 
10.95

 
10.74

 
10.19

 
10.52

Return on average tangible shareholders’ equity (2)
11.43

 
14.88

 
15.10

 
14.90

 
14.61

 
13.78

 
14.31

Total ending equity to total ending assets
11.06

 
11.33

 
11.23

 
11.27

 
11.21

 
11.06

 
11.21

Total average equity to total average assets
11.21

 
11.17

 
11.28

 
11.30

 
11.42

 
11.22

 
11.42

Dividend payout
31.48

 
19.95

 
21.20

 
20.90

 
22.35

 
23.56

 
20.10

Per common share data
 

 
 

 
 

 
 

 
 

 
 

 
 

Earnings
$
0.57

 
$
0.75

 
$
0.71

 
$
0.71

 
$
0.67

 
2.02

 
1.93

Diluted earnings
0.56

 
0.74

 
0.70

 
0.70

 
0.66

 
2.01

 
1.91

Dividends paid
0.18

 
0.15

 
0.15

 
0.15

 
0.15

 
0.48

 
0.39

Book value
26.96

 
26.41

 
25.57

 
25.13

 
24.33

 
26.96

 
24.33

Tangible book value (2)
19.26

 
18.92

 
18.26

 
17.91

 
17.23

 
19.26

 
17.23

Market capitalization, at period end
$
264,842

 
$
270,935

 
$
263,992

 
$
238,251

 
$
290,424

 
$
264,842

 
$
290,424

Average balance sheet
 

 
 

 
 

 
 

 
 

 
 
 
 
Total loans and leases
$
964,733

 
$
950,525

 
$
944,020

 
$
934,721

 
$
930,736

 


 


Total assets
2,412,223

 
2,399,051

 
2,360,992

 
2,334,586

 
2,317,829

 


 


Total deposits
1,375,052

 
1,375,450

 
1,359,864

 
1,344,951

 
1,316,345

 


 


Long-term debt
202,620

 
201,007

 
196,726

 
201,056

 
203,239

 


 


Common shareholders’ equity
246,630

 
245,438

 
243,891

 
241,372

 
241,812

 


 


Total shareholders’ equity
270,430

 
267,975

 
266,217

 
263,698

 
264,653

 


 


Asset quality
 

 
 

 
 

 
 

 
 

 
 
 
 
Allowance for credit losses (3)
$
10,242

 
$
10,333

 
$
10,379

 
$
10,398

 
$
10,526

 


 


Nonperforming loans, leases and foreclosed properties (4)
3,723

 
4,452

 
5,145

 
5,244

 
5,449

 


 


Allowance for loan and lease losses as a percentage of total loans and leases outstanding (4)
0.98
%
 
1.00
%
 
1.02
%
 
1.02
%
 
1.05
%
 


 


Allowance for loan and lease losses as a percentage of total nonperforming loans and leases (4)
271

 
228

 
197

 
194

 
189

 


 


Net charge-offs
$
811

 
$
887

 
$
991

 
$
924

 
$
932

 


 


Annualized net charge-offs as a percentage of average loans and leases outstanding (4)
0.34
%
 
0.38
%
 
0.43
%
 
0.39
%
 
0.40
%
 


 


Capital ratios at period end (5)
 

 
 

 
 

 
 

 
 

 
 
 
 
Common equity tier 1 capital
11.4
%
 
11.7
%
 
11.6
%
 
11.6
%
 
11.4
%
 


 


Tier 1 capital
12.9

 
13.3

 
13.1

 
13.2

 
12.9

 


 


Total capital
15.1

 
15.4

 
15.2

 
15.1

 
14.7

 


 


Tier 1 leverage
8.2

 
8.4

 
8.4

 
8.4

 
8.3

 


 


Supplementary leverage ratio
6.6

 
6.8

 
6.8

 
6.8

 
6.7

 


 


Tangible equity (2)
8.4

 
8.7

 
8.5

 
8.6

 
8.5

 


 


Tangible common equity (2)
7.4

 
7.6

 
7.6

 
7.6

 
7.5

 


 


Total loss-absorbing capacity and long-term debt metrics (6)
 
 
 
 
 
 
 
 
 
 
 
 
 
Total loss-absorbing capacity to risk-weighted assets
24.8
%
 
25.5
%
 
24.8
%
 
 
 
 
 
 
 
 
Total loss-absorbing capacity to supplementary leverage exposure
12.7

 
13.0

 
12.8

 
 
 
 
 
 
 
 
Eligible long-term debt to risk-weighted assets
11.4

 
11.8

 
11.4

 
 
 
 
 
 
 
 
Eligible long-term debt to supplementary leverage exposure
5.8

 
6.0

 
5.9

 
 
 
 
 
 
 
 
(1) 
Calculated as total net income for four consecutive quarters divided by annualized average assets for four consecutive quarters.
(2) 
Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures. For more information on these ratios, see Supplemental Financial Data on page 6 and for corresponding reconciliations to the most closely related financial measures defined by GAAP, see Non-GAAP Reconciliations on page 45.
(3) 
Includes the allowance for loan and lease losses and the reserve for unfunded lending commitments.
(4) 
Balances and ratios do not include loans accounted for under the fair value option. For additional exclusions from nonperforming loans, leases and foreclosed properties, see Consumer Portfolio Credit Risk Management – Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity on page 32 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.
(5) 
For additional information, including which approach is used to assess capital adequacy, see Capital Management on page 20.
(6) 
Effective January 1, 2019, the Corporation became subject to minimum total loss-absorbing capacity and long-term debt requirements. For more information, see Capital Management on page 20.
n/a = not applicable



7     Bank of America

 
 





 
 
 
 
 
 
 
 
 
 
 
 
 
Table 6
Quarterly Average Balances and Interest Rates - FTE Basis
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in millions)
Average
Balance
 
Interest
Income/
Expense (1)
 
Yield/
Rate
 
Average
Balance
 
Interest
Income/
Expense
(1)
 
Yield/
Rate
 
Third Quarter 2019
 
Third Quarter 2018
Earning assets
 

 
 

 
 

 
 

 
 

 
 

Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks
$
122,033

 
$
453

 
1.47
%
 
$
144,411

 
$
523

 
1.44
%
Time deposits placed and other short-term investments
9,863

 
47

 
1.87

 
8,328

 
48

 
2.26

Federal funds sold and securities borrowed or purchased under agreements to resell
269,129

 
1,242

 
1.83

 
241,426

 
799

 
1.31

Trading account assets
157,818

 
1,338

 
3.37

 
128,896

 
1,195

 
3.68

Debt securities
447,126

 
2,856

 
2.56

 
445,813

 
3,014

 
2.66

Loans and leases (2):
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage
224,084

 
1,937

 
3.46

 
209,460

 
1,857

 
3.54

Home equity
43,616

 
552

 
5.03

 
53,050

 
656

 
4.91

U.S. credit card
94,370

 
2,581

 
10.85

 
94,710

 
2,435

 
10.20

Direct/Indirect and other consumer (3)
90,813

 
824

 
3.59

 
91,828

 
787

 
3.40

Total consumer
452,883

 
5,894

 
5.18

 
449,048

 
5,735

 
5.08

U.S. commercial
324,436

 
3,279

 
4.01

 
303,680

 
3,034

 
3.97

Non-U.S. commercial
105,003

 
905

 
3.42

 
96,019

 
831

 
3.43

Commercial real estate (4)
62,185

 
687

 
4.38

 
60,754

 
682

 
4.45

Commercial lease financing
20,226

 
182

 
3.58

 
21,235

 
173

 
3.25

Total commercial
511,850

 
5,053

 
3.92

 
481,688

 
4,720

 
3.89

Total loans and leases
964,733

 
10,947

 
4.51

 
930,736

 
10,455

 
4.46

Other earning assets
68,018

 
1,181

 
6.90

 
72,827

 
1,082

 
5.91

Total earning assets
2,038,720

 
18,064

 
3.52

 
1,972,437

 
17,116

 
3.45

Cash and due from banks
25,588

 
 
 
 
 
25,639

 
 
 
 
Other assets, less allowance for loan and lease losses
347,915

 
 
 
 
 
319,753

 
 
 
 
Total assets
$
2,412,223

 
 
 
 
 
$
2,317,829

 
 
 
 
Interest-bearing liabilities
 

 
 

 
 

 
 

 
 

 
 

U.S. interest-bearing deposits:
 

 
 

 
 

 
 

 
 

 
 

Savings
$
51,277

 
$
1

 
0.01
%
 
$
53,929

 
$
1

 
0.01
%
NOW and money market deposit accounts
741,602

 
1,172

 
0.63

 
680,285

 
737

 
0.43

Consumer CDs and IRAs
49,811

 
136

 
1.08

 
39,160

 
40

 
0.41

Negotiable CDs, public funds and other deposits
63,936

 
354

 
2.19

 
54,192

 
275

 
2.01

Total U.S. interest-bearing deposits
906,626

 
1,663

 
0.73

 
827,566

 
1,053

 
0.50

Non-U.S. interest-bearing deposits:
 
 
 
 
 
 
 
 
 
 
 
Banks located in non-U.S. countries
1,721

 
5

 
1.13

 
2,353

 
12

 
2.06

Governments and official institutions
188

 

 
0.02

 
709

 

 
0.01

Time, savings and other
70,234

 
212

 
1.20

 
63,179

 
165

 
1.04

Total non-U.S. interest-bearing deposits
72,143

 
217

 
1.19

 
66,241

 
177

 
1.07

Total interest-bearing deposits
978,769

 
1,880

 
0.76

 
893,807

 
1,230

 
0.55

Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities
280,123

 
1,876

 
2.66

 
264,168

 
1,526

 
2.30

Trading account liabilities
45,750

 
303

 
2.63

 
50,904

 
335

 
2.60

Long-term debt
202,620

 
1,670

 
3.28

 
203,239

 
1,813

 
3.55

Total interest-bearing liabilities
1,507,262

 
5,729

 
1.51

 
1,412,118

 
4,904

 
1.38

Noninterest-bearing sources:
 
 
 
 
 
 
 
 
 
 
 
Noninterest-bearing deposits
396,283

 
 
 
 
 
422,538

 
 
 
 
Other liabilities (5)
238,248

 
 
 
 
 
218,520

 
 
 
 
Shareholders’ equity
270,430

 
 
 
 
 
264,653

 
 
 
 
Total liabilities and shareholders’ equity
$
2,412,223

 
 
 
 
 
$
2,317,829

 
 
 
 
Net interest spread
 
 
 
 
2.01
%
 
 
 
 
 
2.07
%
Impact of noninterest-bearing sources
 
 
 
 
0.40

 
 
 
 
 
0.38

Net interest income/yield on earning assets (6)
 
 
$
12,335

 
2.41
%
 
 
 
$
12,212

 
2.45
%
(1) 
Includes the impact of interest rate risk management contracts. For additional information, see Interest Rate Risk Management for the Banking Book on page 43.
(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 third quarter of 2019 and 2018.
(4) 
Includes U.S. commercial real estate loans of $57.6 billion and $56.8 billion, and non-U.S. commercial real estate loans of $4.5 billion and $4.0 billion for the third quarter of 2019 and 2018.
(5) 
Includes $38.1 billion and $30.3 billion of structured notes and liabilities for the third quarter of 2019 and 2018.
(6) 
Net interest income includes FTE adjustments of $148 million and $151 million for the third quarter of 2019 and 2018.

 
 
Bank of America    8


 
 
 
 
 
 
 
 
 
 
 
 
 
Table 7
Year-to-Date Average Balances and Interest Rates - FTE Basis
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
Balance
 
Interest
Income/
Expense
(1)
 
Yield/
Rate
 
Average
Balance
 
Interest
Income/
Expense
(1)
 
Yield/
Rate
 
Nine Months Ended September 30
(Dollars in millions)

2019
 
2018
Earning assets
 

 
 

 
 

 
 

 
 

 
 

Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks
$
126,416

 
$
1,454

 
1.54
%
 
$
143,229

 
$
1,432

 
1.34
%
Time deposits placed and other short-term investments
9,377

 
167

 
2.38

 
9,700

 
157

 
2.16

Federal funds sold and securities borrowed or purchased under agreements to resell
274,822

 
3,746

 
1.82

 
247,183

 
2,130

 
1.15

Trading account assets
148,368

 
4,016

 
3.62

 
130,931

 
3,574

 
3.65

Debt securities
445,104

 
9,051

 
2.71

 
436,080

 
8,729

 
2.62

Loans and leases (2):
 

 
 

 
 

 
 

 
 

 
 

Residential mortgage
216,744

 
5,698

 
3.51

 
206,808

 
5,437

 
3.51

Home equity
45,735

 
1,732

 
5.06

 
54,941

 
1,939

 
4.72

U.S. credit card
94,333

 
7,622

 
10.80

 
94,222

 
7,046

 
10.00

Direct/Indirect and other consumer (3)
90,567

 
2,475

 
3.65

 
93,568

 
2,281

 
3.26

Total consumer
447,379

 
17,527

 
5.23

 
449,539

 
16,703

 
4.96

U.S. commercial
319,621

 
10,010

 
4.19

 
302,981

 
8,734

 
3.85

Non-U.S. commercial
103,625

 
2,685

 
3.46

 
98,246

 
2,385

 
3.25

Commercial real estate (4)
61,612

 
2,109

 
4.58

 
60,218

 
1,915

 
4.25

Commercial lease financing
20,932

 
550

 
3.50

 
21,501

 
516

 
3.20

Total commercial
505,790

 
15,354

 
4.06

 
482,946

 
13,550

 
3.75

Total loans and leases
953,169

 
32,881

 
4.61

 
932,485

 
30,253

 
4.34

Other earning assets
67,431

 
3,445

 
6.83

 
78,431

 
3,113

 
5.31

Total earning assets
2,024,687

 
54,760

 
3.61

 
1,978,039

 
49,388

 
3.34

Cash and due from banks
25,787

 
 
 
 

 
25,746

 
 
 
 

Other assets, less allowance for loan and lease losses
340,469

 
 

 
 

 
318,314

 
 

 
 

Total assets
$
2,390,943

 
 

 
 

 
$
2,322,099

 
 

 
 

Interest-bearing liabilities
 

 
 

 
 

 
 

 
 

 
 

U.S. interest-bearing deposits:
 

 
 

 
 

 
 

 
 

 
 

Savings
$
52,604

 
$
4

 
0.01
%
 
$
54,800

 
$
4

 
0.01
%
NOW and money market deposit accounts
736,613

 
3,557

 
0.65

 
667,851

 
1,679

 
0.34

Consumer CDs and IRAs
45,688

 
315

 
0.92

 
40,134

 
109

 
0.36

Negotiable CDs, public funds and other deposits
66,618

 
1,129

 
2.27

 
46,507

 
629

 
1.81

Total U.S. interest-bearing deposits
901,523

 
5,005

 
0.74

 
809,292

 
2,421

 
0.40

Non-U.S. interest-bearing deposits:
 

 
 

 
 

 
 

 
 

 
 

Banks located in non-U.S. countries
2,044

 
16

 
1.03

 
2,309

 
32

 
1.88

Governments and official institutions
182

 

 
0.06

 
990

 

 
0.01

Time, savings and other
67,740

 
619

 
1.22

 
65,264

 
480

 
0.98

Total non-U.S. interest-bearing deposits
69,966

 
635

 
1.21

 
68,563

 
512

 
1.00

Total interest-bearing deposits
971,489

 
5,640

 
0.78

 
877,855

 
2,933

 
0.45

Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities
274,550

 
5,725

 
2.79

 
272,192

 
4,123

 
2.03

Trading account liabilities
46,122

 
967

 
2.80

 
52,815

 
1,040

 
2.63

Long-term debt
200,139

 
5,227

 
3.49

 
200,178

 
5,179

 
3.45

Total interest-bearing liabilities
1,492,300

 
17,559

 
1.57

 
1,403,040

 
13,275

 
1.26

Noninterest-bearing sources:
 

 
 

 
 

 
 

 
 

 
 

Noninterest-bearing deposits
398,689

 
 

 
 

 
426,972

 
 

 
 

Other liabilities (5)
231,731

 
 

 
 

 
226,985

 
 

 
 

Shareholders’ equity
268,223

 
 

 
 

 
265,102

 
 

 
 

Total liabilities and shareholders’ equity
$
2,390,943

 
 

 
 

 
$
2,322,099

 
 

 
 

Net interest spread
 

 
 

 
2.04
%
 
 

 
 

 
2.08
%
Impact of noninterest-bearing sources
 

 
 

 
0.41

 
 

 
 

 
0.35

Net interest income/yield on earning assets (6)
 

 
$
37,201

 
2.45
%
 
 

 
$
36,113

 
2.43
%
(1) 
Includes the impact of interest rate risk management contracts. For additional information, see Interest Rate Risk Management for the Banking Book on page 43.
(2) 
Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is generally recognized on a cost recovery basis.
(3) 
Includes non-U.S. consumer loans of $2.9 billion for both the nine months ended September 30, 2019 and 2018.
(4) 
Includes U.S. commercial real estate loans of $57.0 billion and $56.2 billion, and non-U.S. commercial real estate loans of $4.6 billion and $4.0 billion for the nine months ended September 30, 2019 and 2018.
(5) 
Includes $34.9 billion and $30.6 billion of structured notes and liabilities for the nine months ended September 30, 2019 and 2018.
(6) 
Net interest income includes FTE adjustments of $450 million and $455 million for the nine months ended September 30, 2019 and 2018.


9     Bank of America

 
 





Business Segment Operations

Segment Description and Basis of Presentation
We report our results of operations through the following four business segments: Consumer Banking, GWIM, Global Banking and Global Markets, with the remaining operations recorded in All Other. We manage our segments and report their results on an FTE basis. We periodically review capital allocated to our businesses and allocate capital annually during the strategic and capital planning processes. We utilize a methodology that considers the effect of regulatory capital requirements in addition to internal risk-based capital models. Our internal risk-based capital models use a risk-adjusted methodology incorporating each segment’s credit,
 
market, interest rate, business and operational risk components. For more information on the nature of these risks, see Managing Risk on page 20. The capital allocated to the business segments is referred to as allocated capital. Allocated equity in the reporting units is comprised of allocated capital plus capital for the portion of goodwill and intangibles specifically assigned to the reporting unit. For more information, see Note 8 – Goodwill and Intangible Assets to the Consolidated Financial Statements.
For more information on our presentation of financial information on an FTE basis, see Supplemental Financial Data on page 6, and for reconciliations to consolidated total revenue, net income and period-end total assets, see Note 18 – Business Segment Information to the Consolidated Financial Statements.

Consumer Banking

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits
 
Consumer Lending
 
Total Consumer Banking
 
 
 
Three Months Ended September 30
 
 
(Dollars in millions)
2019
2018
 
2019
2018
 
2019
2018
 
% Change
Net interest income
$
4,197

$
4,052

 
$
2,834

$
2,792

 
$
7,031

$
6,844

 
3
 %
Noninterest income:
 
 
 
 
 
 
 
 
 
 
Card income
(11
)
(10
)
 
1,300

1,247

 
1,289

1,237

 
4

Service charges
1,096

1,098

 
1


 
1,097

1,098

 

All other income
233

189

 
74

74

 
307

263

 
17

Total noninterest income
1,318

1,277

 
1,375

1,321

 
2,693

2,598

 
4

Total revenue, net of interest expense
5,515

5,329

 
4,209

4,113

 
9,724

9,442

 
3

 
 
 
 
 
 
 
 
 
 
 
Provision for credit losses
84

48

 
833

822

 
917

870

 
5

Noninterest expense
2,651

2,620

 
1,742

1,705

 
4,393

4,325

 
2

Income before income taxes
2,780

2,661

 
1,634

1,586

 
4,414

4,247

 
4

Income tax expense
681

678

 
400

404

 
1,081

1,082

 

Net income
$
2,099

$
1,983

 
$
1,234

$
1,182

 
$
3,333

$
3,165

 
5

 
 
 
 
 
 
 
 
 
 
 
Effective tax rate (1)
 
 
 
 
 
 
24.5
%
25.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest yield
2.37
%
2.34
%
 
3.76
%
3.95
%
 
3.77

3.77

 
 
Return on average allocated capital
69

66

 
20

19

 
36

34

 
 
Efficiency ratio
48.08

49.17

 
41.38

41.45

 
45.18

45.81

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance Sheet
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30
 
 
Average
 
2019
2018
 
2019
2018
 
2019
2018
 
% Change
Total loans and leases
$
5,405

$
5,269

 
$
298,428

$
279,725

 
$
303,833

$
284,994

 
7
 %
Total earning assets (2)
703,889

685,653

 
299,041

280,637

 
739,765

720,643

 
3

Total assets (2)
735,844

713,942

 
308,991

291,370

 
781,670

759,665

 
3

Total deposits
703,562

681,726

 
5,711

5,804

 
709,273

687,530

 
3

Allocated capital
12,000

12,000

 
25,000

25,000

 
37,000

37,000

 

(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


 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits
 
Consumer Lending
 
Total Consumer Banking
 
 
 
Nine Months Ended September 30
 
 
(Dollars in millions)
2019
2018
 
2019
2018
 
2019
2018
 
% Change
Net interest income
$
12,867

$
11,658

 
$
8,386

$
8,256

 
$
21,253

$
19,914

 
7
 %
Noninterest income:
 
 
 
 
 
 
 
 
 
 
Card income
(24
)
(25
)
 
3,778

3,788

 
3,754

3,763

 

Service charges
3,162

3,213

 
1

1

 
3,163

3,214

 
(2
)
All other income
673

510

 
230

255

 
903

765

 
18

Total noninterest income
3,811

3,698

 
4,009

4,044

 
7,820

7,742

 
1

Total revenue, net of interest expense
16,678

15,356

 
12,395

12,300

 
29,073

27,656

 
5

 
 
 
 
 
 
 
 
 
 
 
Provision for credit losses
173

135

 
2,665

2,614

 
2,838

2,749

 
3

Noninterest expense
7,956

7,986

 
5,201

5,255

 
13,157

13,241

 
(1
)
Income before income taxes
8,549

7,235

 
4,529

4,431

 
13,078

11,666

 
12

Income tax expense
2,094

1,845

 
1,110

1,130

 
3,204

2,975

 
8

Net income
$
6,455

$
5,390

 
$
3,419

$
3,301

 
$
9,874

$
8,691

 
14

 
 
 
 
 
 
 
 
 
 
 
Effective tax rate (1)
 
 
 
 
 
 
24.5
%
25.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest yield
2.46
%
2.29
%
 
3.83
%
3.98
%
 
3.87

3.72

 
 
Return on average allocated capital
72

60

 
18

18

 
36

31

 
 
Efficiency ratio
47.70

52.01

 
41.97

42.72

 
45.26

47.88

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance Sheet
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30
 
 
Average
 
2019
2018
 
2019
2018
 
2019
2018
 
% Change
Total loans and leases
$
5,351

$
5,211

 
$
292,188

$
276,556

 
$
297,539

$
281,767

 
6
 %
Total earning assets (2)
699,907

681,914

 
292,641

277,295

 
734,976

716,467

 
3

Total assets (2)
731,528

709,997

 
302,862

288,224

 
776,818

755,479

 
3

Total deposits
699,217

677,684

 
5,242

5,595

 
704,459

683,279

 
3

Allocated capital
12,000

12,000

 
25,000

25,000

 
37,000

37,000

 

 
 
 
 
 
 
 
 
 
 
 
 
Period end
 
September 30
2019
December 31
2018
 
September 30
2019
December 31
2018
 
September 30
2019
December 31
2018
 
% Change
Total loans and leases
$
5,447

$
5,470

 
$
302,478

$
288,865

 
$
307,925

$
294,335

 
5
 %
Total earning assets (2)
711,024

694,672

 
303,195

289,249

 
747,251

728,813

 
3

Total assets (2)
742,583

724,019

 
313,128

299,970

 
788,743

768,881

 
3

Total deposits
710,149

691,666

 
5,566

4,480

 
715,715

696,146

 
3

See page 10 for footnotes.
Consumer Banking, which is comprised of Deposits and Consumer Lending, offers a diversified range of credit, banking and investment products and services to consumers and small businesses. For more information about Consumer Banking, including our Deposits and Consumer Lending businesses, see Business Segment Operations in the MD&A of the Corporation’s 2018 Annual Report on Form 10-K.
Consumer Banking Results
Three-Month Comparison
Net income for Consumer Banking increased $168 million to $3.3 billion primarily driven by higher revenue, partially offset by higher noninterest expense. Net interest income increased $187 million to $7.0 billion primarily due to growth in deposits and loans. Noninterest income increased $95 million to $2.7 billion driven by higher results from asset and liability management (ALM) activities and higher card income.
The provision for credit losses increased $47 million to $917 million. Noninterest expense increased $68 million to $4.4 billion primarily driven by continued investment in the business, including increases in primary sales professionals, combined with investments in new and renovated financial centers and digital capabilities. These increases were largely offset by operating efficiencies and lower FDIC expense.
The return on average allocated capital was 36 percent, up from 34 percent, driven by higher net income. For additional information on capital allocations, see Business Segment Operations on page 10.
 
Nine-Month Comparison
Net income for Consumer Banking increased $1.2 billion to $9.9 billion primarily driven by higher revenue and lower noninterest expense. Net interest income increased $1.3 billion to $21.3 billion primarily due to growth in deposits and loans. Noninterest income increased $78 million to $7.8 billion driven by higher results from ALM activities, largely offset by lower mortgage banking income and lower service charges.
The provision for credit losses increased $89 million to $2.8 billion due primarily to portfolio seasoning in the U.S. credit card portfolio. Noninterest expense decreased $84 million to $13.2 billion primarily driven by lower FDIC expense and operating efficiencies, largely offset by continued investment in the business.
The return on average allocated capital was 36 percent, up from 31 percent, driven by higher net income.
Deposits
Three-Month Comparison
Net income for Deposits increased $116 million to $2.1 billion driven by higher revenue. Net interest income increased $145 million to $4.2 billion primarily due to growth in deposits and pricing discipline. Noninterest income of $1.3 billion increased $41 million driven by higher results from ALM activities.
The provision for credit losses increased $36 million to $84 million. Noninterest expense increased $31 million to $2.7 billion primarily driven by continued investment in the business largely offset by lower FDIC expense and operating efficiencies.

11     Bank of America

 
 





Average deposits increased $21.8 billion to $703.6 billion driven by strong organic growth. Growth in checking and time deposits of $27.4 billion was partially offset by a decline in money market savings and traditional savings of $5.4 billion.
Nine-Month Comparison
Net income for Deposits increased $1.1 billion to $6.5 billion driven by higher revenue. Net interest income increased $1.2 billion to $12.9 billion primarily driven by the same factors as described in the three-month discussion. Noninterest income increased $113 million to $3.8 billion primarily driven by higher
 
results from ALM activities, partially offset by lower service charges.
The provision for credit losses increased $38 million to $173 million. Noninterest expense decreased $30 million to $8.0 billion primarily driven by lower FDIC expense and operating efficiencies, partially offset by continued investment in the business.
Average deposits increased $21.5 billion to $699.2 billion driven by strong organic growth. Growth in checking and time deposits of $24.6 billion was partially offset by a decline in traditional savings and money market savings of $2.9 billion.
 
 
 
 
 
 
 
 
Key Statistics – Deposits
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30
 
Nine Months Ended September 30
 
2019
 
2018
 
2019
 
2018
Total deposit spreads (excludes noninterest costs) (1)
2.35
%
 
2.19
%
 
2.38
%
 
2.10
%
 
 
 
 
 
 
 
 
Period end
 
 
 
 
 
 
 
Consumer investment assets (in millions) (2)
 
 
 
 
$
223,199

 
$
203,882

Active digital banking users (units in thousands) (3)
 
 
 
 
37,981

 
36,174

Active mobile banking users (units in thousands)
 
 
 
 
28,703

 
25,990

Financial centers
 
 
 
 
4,302

 
4,385

ATMs
 
 
 
 
16,626

 
16,089

(1) 
Includes deposits held in Consumer Lending.
(2) 
Includes client brokerage assets, certain deposit sweep balances and AUM in Consumer Banking.
(3) 
Active digital banking users represents mobile and/or online users.
Consumer investment assets increased $19.3 billion driven by strong client flows, partially offset by market declines. Active mobile banking users increased 2.7 million reflecting continuing changes in our customers’ banking preferences. The number of financial centers declined by a net 83 reflecting changes in customer preferences to self-service options as we continue to optimize our consumer banking network and improve our cost to serve.
Consumer Lending
Three-Month Comparison
Net income for Consumer Lending increased $52 million to $1.2 billion driven by higher revenue, partially offset by higher noninterest expense. Net interest income increased $42 million to $2.8 billion driven by loan growth. Noninterest income increased $54 million to $1.4 billion driven by higher card income.
The provision for credit losses increased $11 million to $833 million. Noninterest expense increased $37 million to $1.7 billion primarily driven by continued investment in the business.
 
Average loans increased $18.7 billion to $298.4 billion primarily driven by an increase in residential mortgages, partially offset by lower home equity loans.
Nine-Month Comparison
Net income for Consumer Lending increased $118 million to $3.4 billion driven by higher net interest income and lower noninterest expense, partially offset by lower noninterest income. Net interest income increased $130 million to $8.4 billion driven by loan growth. Noninterest income decreased $35 million to $4.0 billion primarily driven by lower mortgage banking income and lower card income.
The provision for credit losses increased $51 million to $2.7 billion primarily driven by portfolio seasoning in the U.S. credit card portfolio. Noninterest expense decreased $54 million to $5.2 billion primarily driven by operating efficiencies.
Average loans increased $15.6 billion to $292.2 billion primarily driven by increases in residential mortgages and U.S. credit card, partially offset by lower home equity loans.
 
 
 
 
 
 
 
 
Key Statistics – Consumer Lending
 
 
 
 
 
Three Months Ended September 30
 
Nine Months Ended September 30
(Dollars in millions)
2019
 
2018
 
2019
 
2018
Total U.S. credit card (1)
 
 
 
 
 
 
 
Gross interest yield
10.85
%
 
10.20
%
 
10.80
%
 
10.00
%
Risk-adjusted margin
8.46

 
8.08

 
8.14

 
8.09

New accounts (in thousands)
1,172

 
1,116

 
3,274

 
3,496

Purchase volumes
$
71,096

 
$
66,490

 
$
204,135

 
$
194,658

Debit card purchase volumes (2)
$
90,942

 
$
85,529

 
$
267,204

 
$
250,715

(1) 
In addition to the U.S. credit card portfolio in Consumer Banking, the remaining U.S. credit card portfolio is in GWIM.
(2) Historical information has been restated for Original Credit Transaction volume.

During the three and nine months ended September 30, 2019, total U.S. credit card risk-adjusted margin increased 38 bps and 5 bps compared to the same periods in 2018, primarily driven by a portfolio shift away from promotional-rate loans. During the three and nine months ended September 30, 2019, total U.S.
 
credit card purchase volumes increased $4.6 billion to $71.1 billion and $9.5 billion to $204.1 billion compared to the same periods in 2018, and debit card purchase volumes increased $5.4 billion to $90.9 billion and $16.5 billion to $267.2 billion, reflecting higher levels of consumer spending.

 
 
Bank of America    12


 
 
 
 
 
 
 
 
Key Statistics – Loan Production (1)
 
 
 
 
 
 
 
 
 
Three Months Ended September 30
 
Nine Months Ended September 30
(Dollars in millions)
2019
 
2018
 
2019
 
2018
Total (2):
 
 
 
 
 
 
 
First mortgage
$
20,664

 
$
10,682

 
$
50,353

 
$
31,778

Home equity
2,539

 
3,399

 
8,132

 
11,229

Consumer Banking:
 
 
 
 
 
 
 
First mortgage
$
13,622

 
$
7,208

 
$
34,534

 
$
21,053

Home equity
2,219

 
3,053

 
7,109

 
10,042

(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.
First mortgage loan originations in Consumer Banking and for the total Corporation increased $6.4 billion and $10.0 billion for the three months ended September 30, 2019 compared to the same period in 2018 primarily driven by a lower interest rate environment driving higher first-lien mortgage refinances. First mortgage loan originations in Consumer Banking and for the total Corporation increased $13.5 billion and $18.6 billion for the nine months ended September 30, 2019 compared to the same period
 
in 2018 primarily driven by the same factor as described in the three-month discussion.
Home equity production in Consumer Banking and for the total Corporation decreased $834 million and $860 million for the three months ended September 30, 2019 and $2.9 billion and $3.1 billion for the nine months ended September 30, 2019 primarily driven by lower demand.

Global Wealth & Investment Management

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30
 
 
 
Nine Months Ended September 30
 
 
(Dollars in millions)
2019
 
2018
 
% Change
 
2019
 
2018
 
% Change
Net interest income
$
1,609

 
$
1,531

 
5
%
 
$
4,917

 
$
4,653

 
6
 %
Noninterest income:
 
 
 
 
 
 
 
 
 
 
 
Investment and brokerage services
3,001

 
3,004

 

 
8,805

 
8,981

 
(2
)
All other income
294

 
282

 
4

 
902

 
780

 
16

Total noninterest income
3,295

 
3,286

 

 
9,707

 
9,761

 
(1
)
Total revenue, net of interest expense
4,904

 
4,817

 
2

 
14,624

 
14,414

 
1

 
 
 
 
 
 
 
 
 
 
 
 
Provision for credit losses
37

 
13

 
n/m

 
63

 
63

 

Noninterest expense
3,413

 
3,443

 
(1
)
 
10,300

 
10,451

 
(1
)
Income before income taxes
1,454


1,361

 
7

 
4,261

 
3,900

 
9

Income tax expense
356

 
347

 
3

 
1,044

 
994

 
5

Net income
$
1,098

 
$
1,014

 
8

 
$
3,217

 
$
2,906

 
11

 
 
 
 
 
 
 
 
 
 
 
 
Effective tax rate
24.5
%
 
25.5
%
 
 
 
24.5
%
 
25.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest yield
2.30

 
2.37

 
 
 
2.35

 
2.41

 
 
Return on average allocated capital
30

 
28

 
 
 
30

 
27

 
 
Efficiency ratio
69.60

 
71.48

 
 
 
70.43

 
72.50

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance Sheet
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30
 
 
 
Nine Months Ended September 30
 
 
Average
2019
 
2018
 
% Change
 
2019
 
2018
 
% Change
Total loans and leases
$
170,414

 
$
161,869

 
5
%
 
$
167,069

 
$
160,609

 
4
 %
Total earning assets
277,349

 
256,286

 
8

 
279,790

 
258,046

 
8

Total assets
289,447

 
273,582

 
6

 
292,102

 
275,183

 
6

Total deposits
254,449

 
238,291

 
7

 
256,708

 
239,176

 
7

Allocated capital
14,500

 
14,500

 

 
14,500

 
14,500

 

 
 
 
 
 
 
 
 
 
 
 
 
Period end
 
 
 
 
 
 
September 30
2019
 
December 31
2018
 
% Change
Total loans and leases
 
 
 
 
 
 
$
172,677

 
$
164,854

 
5
 %
Total earning assets
 
 
 
 
 
 
275,884

 
287,199

 
(4
)
Total assets
 
 
 
 
 
 
288,317

 
305,907

 
(6
)
Total deposits
 
 
 
 
 
 
252,466

 
268,700

 
(6
)
n/m = not meaningful

13     Bank of America

 
 





GWIM consists of two primary businesses: Merrill Lynch Global Wealth Management (MLGWM) and Bank of America Private Bank. For more information about GWIM, see Business Segment Operations in the MD&A of the Corporation’s 2018 Annual Report on Form 10-K.
Three-Month Comparison
Net income for GWIM increased $84 million to $1.1 billion due to higher revenue and lower noninterest expense. The operating margin was 30 percent compared to 28 percent a year ago.
Net interest income increased $78 million to $1.6 billion due to growth in deposits and loans.
Noninterest income, which primarily includes investment and brokerage services income, increased $9 million to $3.3 billion. The increase was driven by the impact of positive AUM flows and higher average market valuations compared to the same period in 2018, largely offset by lower AUM pricing and transactional revenue.
Noninterest expense decreased $30 million to $3.4 billion, as investments for business growth were more than offset by lower amortization of intangibles and FDIC expense.
The return on average allocated capital was 30 percent, up from 28 percent, due to higher net income. For more information on capital allocated to the business segments, see Business Segment Operations on page 10.
MLGWM revenue of $4.1 billion increased three percent, reflecting higher net interest income and asset management fees.
 
Bank of America Private Bank revenue of $851 million decreased two percent primarily due to lower net interest income.
Nine-Month Comparison
Net income for GWIM increased $311 million to $3.2 billion due to higher revenue and lower noninterest expense. The operating margin was 29 percent compared to 27 percent a year ago.
Net interest income increased $264 million to $4.9 billion due to the same factors as described in the three-month discussion.
Noninterest income, which primarily includes investment and brokerage services income, decreased $54 million to $9.7 billion. The decrease was primarily driven by declines in AUM pricing and transactional revenue, partially offset by the impact of positive AUM flows.
Noninterest expense decreased $151 million to $10.3 billion due to the same factors as described in the three-month section.
The return on average allocated capital was 30 percent, up from 27 percent, due to higher net income.
MLGWM revenue of $12.1 billion increased two percent primarily driven by higher net interest income and the impact of higher AUM flows, partially offset by lower transactional volumes and AUM pricing.
Bank of America Private Bank revenue of $2.6 billion decreased one percent due to the same factor as described in the three-month section.
 
 
 
 
 
 
 
 
Key Indicators and Metrics
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30
 
Nine Months Ended September 30
(Dollars in millions, except as noted)
2019
 
2018
 
2019
 
2018
Revenue by Business
 
 
 
 
 
 
 
Merrill Lynch Global Wealth Management
$
4,053

 
$
3,951

 
$
12,065

 
$
11,834

Bank of America Private Bank
851

 
866

 
2,559

 
2,580

Total revenue, net of interest expense
$
4,904


$
4,817


$
14,624


$
14,414

 
 
 
 
 
 
 
 
Client Balances by Business, at period end
 
 
 
 
 
 
 
Merrill Lynch Global Wealth Management
 
 
 
 
$
2,443,614

 
$
2,385,479

Bank of America Private Bank
 
 
 
 
462,347

 
455,894

Total client balances
 
 
 
 
$
2,905,961

 
$
2,841,373

 
 
 
 
 
 
 
 
Client Balances by Type, at period end
 
 
 
 
 
 
 
Assets under management (1)
 
 
 
 
$
1,212,120

 
$
1,182,504

Brokerage and other assets
 
 
 
 
1,305,926

 
1,292,219

Deposits
 
 
 
 
252,466

 
239,654

Loans and leases (2)
 
 
 
 
175,579

 
165,125

Less: Managed deposits in assets under management (1)
 
 
 
 
(40,130
)
 
(38,129
)
Total client balances
 
 
 
 
$
2,905,961

 
$
2,841,373

 
 
 
 
 
 
 
 
Assets Under Management Rollforward (1)
 
 
 
 
 
 
 
Assets under management, beginning of period
$
1,203,783

 
$
1,138,500

 
$
1,072,234

 
$
1,121,383

Net client flows
5,529

 
8,202

 
16,721

 
40,080

Market valuation/other 
2,808

 
35,802

 
123,165

 
21,041

Total assets under management, end of period
$
1,212,120


$
1,182,504


$
1,212,120


$
1,182,504

 
 
 
 
 
 
 
 
Associates, at period end
 
 
 
 
 
 
 
Number of financial advisors
 
 
 
 
17,657

 
17,456

Total wealth advisors, including financial advisors
 
 
 
 
19,672

 
19,343

Total primary sales professionals, including financial advisors and wealth advisors
 
 
 
 
20,775

 
20,466

 
 
 
 
 
 
 
 
Merrill Lynch Global Wealth Management Metric
 
 
 
 
 
 
 
Financial advisor productivity (in thousands)
$
1,096

 
$
1,035

 
$
1,073

 
$
1,030

 
 
 
 
 
 
 
 
Bank of America Private Bank Metric, at period end
 
 
 
 
 
 
 
Primary sales professionals
 
 
 
 
1,811

 
1,711

(1) 
AUM includes deposits that are managed within investment accounts.
(2) 
Includes margin receivables which are classified in customer and other receivables on the Consolidated Balance Sheet.
Client Balances
Client balances increased $64.6 billion, or two percent, to $2.9 trillion at September 30, 2019 compared to September 30, 2018. The increase in client balances was primarily due to positive net flows over the last year and higher market valuations.

 
 
Bank of America    14


Global Banking

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30
 
 
 
Nine Months Ended September 30
 
 
(Dollars in millions)
2019
 
2018
 
% Change
 
2019
 
2018
 
% Change
Net interest income
$
2,617

 
$
2,726

 
(4
%)
 
$
8,116

 
$
8,144

 
—%

Noninterest income:


 
 
 
 
 
 
 
 
 
 
Service charges
763

 
753

 
1

 
2,225

 
2,285

 
(3
)
Investment banking fees
902

 
644

 
40

 
2,328

 
2,130

 
9

All other income
930

 
700

 
33

 
2,673

 
2,273

 
18

Total noninterest income
2,595

 
2,097

 
24

 
7,226

 
6,688

 
8

Total revenue, net of interest expense
5,212

 
4,823

 
8

 
15,342

 
14,832

 
3

 
 
 
 
 
 
 
 
 
 
 
 
Provision for credit losses
120

 
(70
)
 
n/m

 
356

 
(77
)
 
n/m

Noninterest expense
2,220

 
2,142

 
4

 
6,697

 
6,618

 
1

Income before income taxes
2,872

 
2,751

 
4

 
8,289

 
8,291

 

Income tax expense
775

 
714

 
9

 
2,238

 
2,154

 
4

Net income
$
2,097

 
$
2,037

 
3

 
$
6,051

 
$
6,137

 
(1
)
 
 
 
 
 
 
 
 
 
 
 
 
Effective tax rate
27.0
%
 
26.0
%
 
 
 
27.0
%
 
26.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest yield
2.69

 
2.99

 
 
 
2.84

 
3.00

 
 
Return on average allocated capital
20

 
20

 
 
 
20

 
20

 
 
Efficiency ratio
42.58

 
44.42

 
 
 
43.65

 
44.62

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance Sheet
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30
 
 
 
Nine Months Ended September 30
 
 
Average
2019
 
2018
 
% Change
 
2019
 
2018
 
% Change
Total loans and leases
$
377,109

 
$
352,712

 
7
%
 
$
373,275

 
$
353,167

 
6
 %
Total earning assets
385,999

 
362,316

 
7

 
382,711

 
362,910

 
5

Total assets
441,186

 
423,643

 
4

 
437,570

 
423,355

 
3

Total deposits
360,457

 
337,685

 
7

 
357,413

 
328,484

 
9

Allocated capital
41,000

 
41,000

 

 
41,000

 
41,000

 

 
 
 
 
 
 
 
 
 
 
 
 
Period end
 
 
 
 
 
 
September 30
2019
 
December 31
2018
 
% Change
Total loans and leases
 
 
 
 
 
 
$
377,658

 
$
365,717

 
3
 %
Total earning assets
 
 
 
 
 
 
397,589

 
377,812

 
5

Total assets
 
 
 
 
 
 
452,642

 
442,330

 
2

Total deposits
 
 
 
 
 
 
371,887

 
360,248

 
3

n/m = not meaningful
Global Banking, which includes Global Corporate Banking, Global Commercial Banking, Business Banking and Global Investment Banking, provides a wide range of lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services through our network of offices and client relationship teams. For more information about Global Banking, see Business Segment Operations in the MD&A of the Corporation’s 2018 Annual Report on Form 10-K.
Three-Month Comparison
Net income for Global Banking increased $60 million to $2.1 billion primarily driven by higher revenue partially offset by higher provision for credit losses and noninterest expense.
Revenue increased $389 million to $5.2 billion driven by higher noninterest income offset in part by a modest decline in net interest income. Net interest income decreased $109 million to $2.6 billion as the impact of deposit and loan growth was more than offset by the allocation of ALM activities and loan spread compression.
 
Noninterest income increased $498 million to $2.6 billion driven by growth in investment banking fees and leasing-related revenues. The provision for credit losses increased $190 million to $120 million due to reserve releases in the prior-year period, primarily from energy exposures. Noninterest expense increased $78 million to $2.2 billion primarily due to continued investment in the business.
The return on average allocated capital was 20 percent for both periods. For more information on capital allocated to the business segments, see Business Segment Operations on page 10.
Nine-Month Comparison
Net income for Global Banking decreased $86 million to $6.1 billion primarily driven by higher provision for credit losses and noninterest expense partially offset by higher revenue.
Revenue increased $510 million to $15.3 billion driven by higher noninterest income. Net interest income decreased $28 million to $8.1 billion primarily due to the allocation of ALM activities and loan spread compression more than offsetting the benefit from higher loan and deposit balances.

15     Bank of America

 
 





Noninterest income increased $538 million to $7.2 billion primarily due to higher leasing-related revenue and investment banking fees. The provision for credit losses increased $433 million to $356 million primarily driven by energy reserve releases in the prior-year period. Noninterest expense increased $79 million
 
primarily due to continued investment in the business partially offset by lower FDIC expense.
The return on average allocated capital was 20 percent for both periods. For more information on capital allocated to the business segments, see Business Segment Operations on page 10.
Global Corporate, Global Commercial and Business Banking
The table below and following discussion present a summary of the results, which exclude certain investment banking activities in Global Banking.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Global Corporate, Global Commercial and Business Banking
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Global Corporate Banking
 
Global Commercial Banking
 
Business Banking
 
Total
 
 
Three Months Ended September 30
(Dollars in millions)
2019
 
2018
 
2019

2018
 
2019
 
2018
 
2019
 
2018
Revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Lending
$
1,024

 
$
908

 
$
1,020

 
$
1,095

 
$
91

 
$
108

 
$
2,135

 
$
2,111

Global Transaction Services
967

 
951

 
862

 
832

 
267

 
248

 
2,096

 
2,031

Total revenue, net of interest expense
$
1,991

 
$
1,859

 
$
1,882

 
$
1,927

 
$
358

 
$
356

 
$
4,231

 
$
4,142

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Balance Sheet
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total loans and leases
$
179,191

 
$
162,249

 
$
183,031

 
$
174,315

 
$
14,868

 
$
16,127

 
$
377,090

 
$
352,691

Total deposits
175,914

 
165,522

 
143,835

 
134,486

 
40,707

 
37,703

 
360,456

 
337,711

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Global Corporate Banking
 
Global Commercial Banking
 
Business Banking
 
Total
 
 
Nine Months Ended September 30
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
(Dollars in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Lending
$
2,992

 
$
2,940

 
$
3,100

 
$
3,188

 
$
275

 
$
324

 
$
6,367

 
$
6,452

Global Transaction Services
2,979

 
2,828

 
2,642

 
2,474

 
800

 
721

 
6,421

 
6,023

Total revenue, net of interest expense
$
5,971

 
$
5,768

 
$
5,742

 
$
5,662

 
$
1,075

 
$
1,045

 
$
12,788

 
$
12,475

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Balance Sheet
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total loans and leases
$
177,071

 
$
162,652

 
$
181,091

 
$
173,788

 
$
15,108

 
$
16,720

 
$
373,270

 
$
353,160

Total deposits
175,239

 
159,500

 
142,665

 
132,115

 
39,522

 
36,889

 
357,426

 
328,504

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period end
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total loans and leases
$
179,291

 
$
162,004

 
$
183,314

 
$
174,452

 
$
14,919

 
$
15,880

 
$
377,524

 
$
352,336

Total deposits
183,678

 
174,709

 
147,119

 
138,425

 
41,089

 
37,640

 
371,886

 
350,774

Business Lending revenue increased $24 million for the three months ended September 30, 2019 compared to the same period in 2018 driven by higher leasing-related revenue partly offset by lower ALM results.  For the nine-month period, revenue decreased $85 million as lower ALM results were partly offset by higher leasing-related revenue.
Global Transaction Services revenue increased $65 million and $398 million for the three and nine months ended September 30, 2019 primarily driven by higher deposit balances and rates.
Average loans and leases increased seven percent and six percent for the three and nine months ended September 30, 2019 compared to the same periods in 2018 driven by growth in the commercial and industrial portfolio. Average deposits increased seven percent and nine percent for the three and nine months ended September 30, 2019 due to growth in domestic and international interest-bearing balances.
 
Global Investment Banking
Client teams and product specialists underwrite and distribute debt, equity and loan products, and provide advisory services and tailored risk management solutions. The economics of certain investment banking and underwriting activities are shared primarily between Global Banking and Global Markets under an internal revenue-sharing arrangement. Global Banking originates certain deal-related transactions with our corporate and commercial clients that are executed and distributed by Global Markets. To provide a complete discussion of our consolidated investment banking fees, the following table presents total Corporation investment banking fees and the portion attributable to Global Banking.

 
 
Bank of America    16


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Banking Fees
 
 
 
 
 
 
 
 
 
 
 
 
 
Global Banking
 
Total Corporation
 
Global Banking
 
Total Corporation
 
Three Months Ended September 30
 
Nine Months Ended September 30
(Dollars in millions)
2019
 
2018
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Products
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Advisory
$
427

 
$
237

 
$
452

 
$
262

 
$
984

 
$
782

 
$
1,083

 
$
861

Debt issuance
356

 
295

 
816

 
684

 
1,007

 
1,017

 
2,310

 
2,385

Equity issuance
119

 
112

 
308

 
307

 
337

 
331

 
937

 
911

Gross investment banking fees
902

 
644

 
1,576

 
1,253

 
2,328

 
2,130

 
4,330

 
4,157

Self-led deals
(11
)
 
(15
)
 
(43
)
 
(49
)
 
(54
)
 
(63
)
 
(162
)
 
(178
)
Total investment banking fees
$
891

 
$
629

 
$
1,533

 
$
1,204

 
$
2,274

 
$
2,067

 
$
4,168

 
$
3,979

Total Corporation investment banking fees, excluding self-led deals, of $1.5 billion and $4.2 billion, which are primarily included within Global Banking and Global Markets, increased 27 percent and five percent for the three and nine months ended September 30, 2019 compared to the same periods in 2018 due to increases in Advisory fees, primarily M&A activity.

Global Markets

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30
 
 
 
Nine Months Ended September 30
 
 
(Dollars in millions)
2019
 
2018
 
% Change
 
2019
 
2018
 
% Change
Net interest income
$
1,016

 
$
933

 
9
 %
 
$
2,780

 
$
2,922

 
(5
)%
Noninterest income:
 
 
 
 


 
 
 
 
 


Investment and brokerage services
419

 
388

 
8

 
1,296

 
1,306

 
(1
)
Investment banking fees
585

 
522

 
12

 
1,707

 
1,783

 
(4
)
Trading account income
1,580

 
1,551

 
2

 
5,623

 
6,129

 
(8
)
All other income
264

 
479

 
(45
)
 
783

 
795

 
(2
)
Total noninterest income
2,848

 
2,940

 
(3
)
 
9,409

 
10,013

 
(6
)
Total revenue, net of interest expense
3,864

 
3,873

 

 
12,189

 
12,935

 
(6
)
 
 
 
 
 


 
 
 
 
 


Provision for credit losses

 
(2
)
 
n/m

 
(18
)
 
(6
)
 
n/m

Noninterest expense
2,679

 
2,633

 
2

 
8,109

 
8,283

 
(2
)
Income before income taxes
1,185

 
1,242

 
(5
)
 
4,098

 
4,658

 
(12
)
Income tax expense
338

 
323

 
5

 
1,168

 
1,211

 
(4
)
Net income
$
847

 
$
919

 
(8
)
 
$
2,930

 
$
3,447

 
(15
)
 
 
 
 
 
 
 
 
 
 
 
 
Effective tax rate
28.5
%
 
26.0
%
 
 
 
28.5
%
 
26.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Return on average allocated capital
10

 
10

 
 
 
11

 
13

 
 
Efficiency ratio
69.32

 
68.00

 
 
 
66.53

 
64.04

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance Sheet
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30
 
 
 
Nine Months Ended September 30
 
 
Average
2019
 
2018
 
% Change
 
2019
 
2018
 
% Change
Trading-related assets:
 
 
 
 
 
 
 
 
 
 
 
Trading account securities
$
261,182

 
$
215,397

 
21
 %
 
$
246,077

 
$
211,668

 
16
 %
Reverse repurchases
110,907

 
124,842

 
(11
)
 
117,087

 
127,019

 
(8
)
Securities borrowed
80,641

 
74,648

 
8

 
82,772

 
80,073

 
3

Derivative assets
46,061

 
45,392

 
1

 
43,920

 
46,754

 
(6
)
Total trading-related assets
498,791

 
460,279

 
8

 
489,856

 
465,514

 
5

Total loans and leases
71,589

 
71,231

 
1

 
70,757

 
73,340

 
(4
)
Total earning assets
476,919

 
459,073

 
4

 
474,481

 
478,455

 
(1
)
Total assets
687,393

 
652,481

 
5

 
679,038

 
669,684

 
1

Total deposits
30,155

 
30,721

 
(2
)
 
30,878

 
31,253

 
(1
)
Allocated capital
35,000

 
35,000

 

 
35,000

 
35,000

 

 
 
 
 
 
 
 
 
 
 
 
 
Period end
 
 
 
 
 
 
September 30
2019
 
December 31
2018
 
% Change
Total trading-related assets
 
 
 
 
 
 
$
497,206

 
$
447,998

 
11
 %
Total loans and leases
 
 
 
 
 
 
74,979

 
73,928

 
1

Total earning assets
 
 
 
 
 
 
478,303

 
457,224

 
5

Total assets
 
 
 
 
 
 
689,023

 
641,923

 
7

Total deposits
 
 
 
 
 
 
30,885

 
37,841

 
(18
)
n/m = not meaningful
Global Markets offers sales and trading services and research services to institutional clients across fixed-income, credit, currency, commodity and equity businesses. Global Markets product coverage includes securities and derivative products in
 
both the primary and secondary markets. For more information about Global Markets, see Business Segment Operations in the MD&A of the Corporation’s 2018 Annual Report on Form 10-K.

17     Bank of America

 
 





Three-Month Comparison
Net income for Global Markets decreased $72 million to $847 million. Net DVA losses were $15 million compared to losses of $99 million, and excluding net DVA, net income decreased $136 million to $858 million. These decreases were primarily driven by a decline in revenue and an increase in noninterest expense.
Revenue declined $9 million to $3.9 billion as higher sales and trading revenue and investment banking fees were more than offset by a gain on the sale of an equity investment in the prior-year quarter. Sales and trading revenue increased $217 million, and excluding net DVA, increased $133 million primarily driven by an increase in Equities revenue.
Noninterest expense increased $46 million to $2.7 billion primarily driven by higher revenue-related expenses and continued investment in technology.
Average total assets increased $34.9 billion to $687.4 billion driven by increased levels of inventory in FICC to facilitate expected client demand and higher client balances in Equities.
The return on average allocated capital remained unchanged at 10 percent. For more information on capital allocated to the business segments, see Business Segment Operations on page 10.
Nine-Month Comparison
Net income for Global Markets decreased $517 million to $2.9 billion. Net DVA losses were $136 million compared to losses of $214 million. Excluding net DVA, net income decreased $577 million to $3.0 billion, primarily driven by a decrease in revenue, partially offset by lower noninterest expense.
 
Revenue declined $746 million to $12.2 billion as sales and trading revenue decreased $677 million, and excluding net DVA, decreased $755 million due to declines in both FICC and Equities revenue.
Noninterest expense decreased $174 million to $8.1 billion primarily driven by lower revenue-related expenses.
Average total assets increased $9.4 billion to $679.0 billion primarily due to increased levels of inventory in FICC to facilitate expected client demand. Period-end total assets increased $47.1 billion from December 31, 2018 to $689.0 billion due to increased levels of inventory in FICC to facilitate expected client demand and higher client balances in Equities.
The return on average allocated capital was 11 percent, down from 13 percent, reflecting lower net income.
Sales and Trading Revenue
For a description of sales and trading revenue, see Business Segment Operations in the MD&A of the Corporation’s 2018 Annual Report on Form 10-K. The following table and related discussion present sales and trading revenue, substantially all of which is in Global Markets, with the remainder in Global Banking. In addition, the following table and related discussion present sales and trading revenue, excluding net DVA, which is a non-GAAP financial measure. For more information on net DVA, see Supplemental Financial Data on page 6.
 
 
 
 
 
 
 
 
Sales and Trading Revenue (1, 2, 3)
 
 
 
 
 
 
 
Three Months Ended September 30
 
Nine Months Ended September 30
(Dollars in millions)
2019
 
2018
 
2019
 
2018
Sales and trading revenue (2)
 
 
 
 
 
 
 
Fixed-income, currencies and commodities
$
2,056

 
$
1,989

 
$
6,433

 
$
6,754

Equities
1,148

 
998

 
3,473

 
3,829

Total sales and trading revenue
$
3,204

 
$
2,987

 
$
9,906

 
$
10,583

 
 
 
 
 
 
 
 
Sales and trading revenue, excluding net DVA (4)
 
 
 
 
 
 
 
Fixed-income, currencies and commodities
$
2,074

 
$
2,069

 
$
6,560

 
$
6,941

Equities
1,145

 
1,017

 
3,482

 
3,856

Total sales and trading revenue, excluding net DVA
$
3,219

 
$
3,086

 
$
10,042

 
$
10,797

(1) 
For more information on sales and trading revenue, see Note 3 – Derivatives to the Consolidated Financial Statements.
(2) 
Includes FTE adjustments of $52 million and $132 million for the three and nine months ended September 30, 2019 compared to $54 million and $200 million for the same periods in 2018.
(3) 
Includes Global Banking sales and trading revenue of $147 million and $390 million for the three and nine months ended September 30, 2019 compared to $51 million and $297 million for the same periods in 2018.
(4) 
FICC and Equities sales and trading revenue, excluding net DVA, is a non-GAAP financial measure. FICC net DVA losses were $18 million and $127 million for the three and nine months ended September 30, 2019 compared to losses of $80 million and $187 million for the same periods in 2018. Equities net DVA gains were $3 million and losses of $9 million for the three and nine months ended September 30, 2019 compared to losses of $19 million and $27 million for the same periods in 2018.
The following explanations for period-over-period changes in sales and trading, FICC and Equities revenue exclude net DVA, but would be the same if net DVA was included.
Three-Month Comparison
FICC revenue increased $5 million primarily driven by an improvement in mortgage and municipal products, largely offset by weaker trading performance in foreign exchange and credit
 
products. Equities revenue increased $128 million driven by growth in client financing activities.
Nine-Month Comparison
FICC revenue decreased $381 million due to a generally weaker trading environment. Equities revenue decreased $374 million driven by under performance in derivatives compared to a strong prior-year period which benefited from higher client activity and elevated market volatility.


 
 
Bank of America    18


All Other

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30
 
 
 
Nine Months Ended September 30
 
 
(Dollars in millions)
2019
 
2018
 
% Change
 
2019
 
2018
 
% Change
Net interest income
$
62

 
$
178

 
(65
)%
 
$
135

 
$
480

 
(72
)%
Noninterest income (loss)
(811
)
 
(258
)
 
n/m

 
(2,018
)
 
(1,519
)
 
33

Total revenue, net of interest expense
(749
)
 
(80
)
 
n/m

 
(1,883
)
 
(1,039
)
 
81

 
 
 
 
 
 
 
 
 
 
 
 
Provision for credit losses
(295
)
 
(95
)
 
n/m

 
(590
)
 
(352
)
 
68

Noninterest expense
2,464

 
471

 
n/m

 
3,398

 
1,487

 
129

Loss before income taxes
(2,918
)
 
(456
)
 
n/m

 
(4,691
)
 
(2,174
)
 
116

Income tax benefit
(1,320
)
 
(488
)
 
n/m

 
(3,055
)
 
(1,862
)
 
64

Net income (loss)
$
(1,598
)
 
$
32

 
n/m

 
$
(1,636
)
 
$
(312
)
 
n/m

 
 
 
 
 
 
 
 
 
 
 
 
 
Balance Sheet
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30
 
 
 
Nine Months Ended September 30
 
 
Average
 
2019
 
2018
 
% Change
 
2019
 
2018
 
% Change
Total loans and leases
$
41,788

 
$
59,930

 
(30
)%
 
$
44,529

 
$
63,602

 
(30
)%
Total assets (1)
212,527

 
208,458

 
2

 
205,415

 
198,398

 
4

Total deposits
20,718

 
22,118

 
(6
)
 
20,720

 
22,635

 
(8
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Period end
 
 
 
 
 
 
 
September 30
2019
 
December 31
2018
 
% Change
Total loans and leases
 
 
 
 
 
 
$
39,671

 
$
48,061

 
(17
)%
Total assets (1)
 
 
 
 
 
 
207,605

 
195,466

 
6

Total deposits
 
 
 
 
 
 
21,883

 
18,541

 
18

(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 $536.8 billion and $540.9 billion for the three and nine months ended September 30, 2019 compared to $516.3 billion and $516.8 billion for the same periods in 2018, and period-end allocated assets were $546.5 billion and $540.8 billion at September 30, 2019 and December 31, 2018.
n/m = not meaningful
All Other consists of ALM activities, equity investments, non-core mortgage loans and servicing activities, liquidating businesses and certain expenses not otherwise allocated to a business segment. ALM activities encompass certain residential mortgages, debt securities, and interest rate and foreign currency risk management activities. Substantially all of the results of ALM activities are allocated to our business segments. Equity investments include our merchant services joint venture, as well as a portfolio of equity, real estate and other alternative investments. For information on our merchant services joint venture, see Note 11 – Commitments and Contingencies to the Consolidated Financial Statements. For additional information about All Other, see Business Segment Operations in the MD&A of the Corporation’s 2018 Annual Report on Form 10-K.
Residential mortgage loans that are held for ALM purposes, including interest rate or liquidity risk management, are classified as core and are presented on the balance sheet of All Other. During the nine months ended September 30, 2019, residential mortgage loans held for ALM activities decreased $2.4 billion to $22.5 billion primarily as a result of payoffs and paydowns. Non-core residential mortgage and home equity loans, which are principally runoff portfolios, are also held in All Other. During the nine months ended September 30, 2019, total non-core loans decreased $6.5 billion to $17.0 billion due primarily to sales, payoffs and paydowns as well as Federal Housing Administration (FHA) loan conveyances, offset by repurchases. For more information on the composition of the core and non-core portfolios, see Consumer Portfolio Credit Risk Management on page 26.
Three-Month Comparison
The net loss for All Other was $1.6 billion compared to net income of $32 million for the prior-year period. The current-year period included a $2.1 billion pretax impairment charge related to the notice of termination of the merchant services joint venture at the conclusion of its current term.
Revenue decreased $669 million due to lower net interest income and an increase in the loss in noninterest income. Net
 
interest income decreased $116 million driven by lower loan balances due to non-core consumer real estate loan sales and portfolio run-off. The loss in noninterest income increased $553 million driven by the results of certain ALM and other treasury activities, an increase in the reserve for payment protection insurance and lower gains on sales of debt securities.
The benefit in the provision for credit losses increased $200 million to $295 million primarily due to recoveries from sales of previously charged-off non-core consumer real estate loans. Noninterest expense increased $2.0 billion to $2.5 billion due to the $2.1 billion impairment charge and higher legacy mortgage-related litigation expense.
The income tax benefit was $1.3 billion compared to an income tax benefit of $488 million in the same period in 2018. The increase in the tax benefit was primarily related to the tax impact of the impairment charge and discrete tax benefits from the resolution of various tax matters. Both periods included income tax benefit adjustments to eliminate the FTE treatment of certain tax credits recorded in Global Banking.
Nine-Month Comparison
The net loss for All Other increased $1.3 billion to a loss of $1.6 billion due to the same factor as described in the three-month discussion.
Revenue decreased $844 million due to the same factors as described in the three-month discussion.
The benefit in the provision for credit losses increased $238 million to $590 million primarily driven by the same factor as described in the three-month discussion. Noninterest expense increased $1.9 billion to $3.4 billion due to the same factors as described in the three-month discussion.
The income tax benefit was $3.1 billion compared to a benefit of $1.9 billion in the same period in 2018 driven by the same factors as described in the three-month discussion. Both periods included income tax benefit adjustments to eliminate the FTE treatment of certain tax credits recorded in Global Banking.

19     Bank of America

 
 





Off-Balance Sheet Arrangements and Contractual Obligations

We have contractual obligations to make future payments on debt and lease agreements. Additionally, in the normal course of business, we enter into contractual arrangements whereby we commit to future purchases of products or services from unaffiliated parties. For more information on obligations and commitments, see Note 11 – Commitments and Contingencies to the Consolidated Financial Statements herein, as well as Off-Balance Sheet Arrangements and Contractual Obligations in the MD&A of the Corporation’s 2018 Annual Report on Form 10-K, and Note 11 – Long-term Debt and Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K.
Representations and Warranties Obligations
For information on representations and warranties obligations in connection with the sale of mortgage loans, see Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K. For more information related to the sensitivity of the assumptions used to estimate our reserve for representations and warranties, see Complex Accounting Estimates – Representations and Warranties Liability in the MD&A of the Corporation’s 2018 Annual Report on Form 10-K.

Managing Risk

Risk is inherent in all our business activities. The seven key types of risk faced by the Corporation are strategic, credit, market, liquidity, compliance, operational and reputational. Sound risk management enables us to serve our customers and deliver for our shareholders. If not managed well, risks can result in financial loss, regulatory sanctions and penalties, and damage to our reputation, each of which may adversely impact our ability to execute our business strategies. The Corporation takes a comprehensive approach to risk management with a defined Risk Framework and an articulated Risk Appetite Statement which are approved annually by the Enterprise Risk Committee and the Board.
Our Risk Framework is the foundation for consistent and effective management of risks facing the Corporation. The Risk Framework sets forth clear roles, responsibilities and accountability for the management of risk and provides a blueprint for how the Board, through delegation of authority to committees and executive officers, establishes risk appetite and associated limits for our activities.
Our Risk Appetite Statement is intended to ensure that the Corporation maintains an acceptable risk profile by providing a common framework and a comparable set of measures for senior management and the Board to clearly indicate the level of risk the Corporation is willing to accept. Risk appetite is set at least annually and is aligned with the Corporation’s strategic, capital and financial operating plans. Our line of business strategies and risk appetite are also similarly aligned.
For more information on our Risk Framework, our risk management activities and the key types of risk faced by the Corporation, see the Managing Risk through Reputational Risk sections in the MD&A of the Corporation’s 2018 Annual Report on Form 10-K.

Capital Management

The Corporation manages its capital position so that its capital is more than adequate to support its business activities and aligns with risk, risk appetite and strategic planning. For more information
 
on capital management, including related regulatory requirements, see Capital Management in the MD&A of the Corporation’s 2018 Annual Report on Form 10-K.
CCAR and Capital Planning
The Board of Governors of the Federal Reserve System (Federal Reserve) requires BHCs to submit a capital plan and requests for capital actions on an annual basis, consistent with the rules governing the Comprehensive Capital Analysis and Review (CCAR) capital plan.
On June 27, 2019, following the Federal Reserve’s non-objection to our 2019 CCAR capital plan, the 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 third quarter of 2019, we repurchased $7.6 billion of common stock pursuant to the Board's 2019 repurchase authorization.
Our stock repurchases are subject to various factors, including the Corporation’s capital position, liquidity, financial performance and alternative uses of capital, stock trading price and general market conditions, and may be suspended at any time. The repurchases may be effected through open market purchases or privately negotiated transactions, including repurchase plans that satisfy the conditions of Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (Exchange Act). As a well-capitalized BHC, we may notify the Federal Reserve of our intention to make additional capital distributions not to exceed 0.25 percent of Tier 1 capital, and which were not contemplated in our capital plan, subject to the Federal Reserve’s non-objection.
Regulatory Capital
As a financial services holding company, we are subject to regulatory capital rules, including Basel 3, issued by U.S. banking regulators. The Corporation's depository institution subsidiaries are also subject to the Prompt Corrective Action (PCA) framework. The Corporation and its primary affiliated banking entity, BANA, are Advanced approaches institutions under Basel 3 and are required to report regulatory risk-based capital ratios and risk-weighted assets under both the Standardized and Advanced approaches. The approach that yields the lower ratio is used to assess capital adequacy including under the PCA framework. As of September 30, 2019, the Common equity tier 1 (CET1) and Tier 1 capital ratios for the Corporation were lower under the Standardized approach whereas the Advanced approaches yielded a lower Total capital ratio.
Minimum Capital Requirements
Minimum capital requirements and related buffers were fully phased in as of January 1, 2019. In order to avoid restrictions on capital distributions and discretionary bonus payments, the Corporation must meet risk-based capital ratio requirements that include a capital conservation buffer greater than 2.5 percent, plus any applicable countercyclical capital buffer and a global systemically important bank (G-SIB) surcharge. The buffers and surcharge must be comprised solely of CET1 capital.
The Corporation is also required to maintain a minimum supplementary leverage ratio (SLR) of 3.0 percent plus a leverage buffer of 2.0 percent in order to avoid certain restrictions on capital distributions and discretionary bonus payments. Our insured depository institution subsidiaries are required to maintain a minimum 6.0 percent SLR to be considered well capitalized under the PCA framework.

 
 
Bank of America    20


Capital Composition and Ratios
Table 8 presents Bank of America Corporation’s capital ratios and related information in accordance with Basel 3 Standardized and Advanced approaches as measured at September 30, 2019 and December 31, 2018. As of the periods presented herein, the Corporation met the definition of well capitalized under current regulatory requirements.







Table 8
Bank of America Corporation Regulatory Capital under Basel 3
 
 
 
 
 
 
Standardized
Approach
 
Advanced
Approaches
 
Regulatory Minimum (1)
(Dollars in millions, except as noted)
September 30, 2019
Risk-based capital metrics:
 
 
 
 
 
Common equity tier 1 capital
$
169,203

 
$
169,203

 
 
Tier 1 capital
192,029

 
192,029

 
 
Total capital (2)
225,430

 
217,247

 
 
Risk-weighted assets (in billions)
1,484

 
1,440

 
 
Common equity tier 1 capital ratio
11.4
%
 
11.7
%
 
9.5
%
Tier 1 capital ratio
12.9

 
13.3

 
11.0

Total capital ratio
15.2

 
15.1

 
13.0

 
 
 
 
 
 
 
Leverage-based metrics:
 
 
 
 
 
Adjusted quarterly average assets (in billions) (3)
$
2,336

 
$
2,336

 
 
Tier 1 leverage ratio
8.2
%
 
8.2
%
 
4.0

 
 
 
 
 
 
SLR leverage exposure (in billions)
 
 
$
2,898

 
 
SLR
 
 
6.6
%
 
5.0













December 31, 2018
Risk-based capital metrics:








Common equity tier 1 capital
$
167,272


$
167,272




Tier 1 capital
189,038


189,038




Total capital (2)
221,304


212,878




Risk-weighted assets (in billions)
1,437


1,409




Common equity tier 1 capital ratio
11.6
%

11.9
%

8.25
%
Tier 1 capital ratio
13.2


13.4


9.75

Total capital ratio
15.4


15.1


11.75











Leverage-based metrics:








Adjusted quarterly average assets (in billions) (3)
$
2,258


$
2,258




Tier 1 leverage ratio
8.4
%

8.4
%

4.0

 
 
 
 
 
 
 
SLR leverage exposure (in billions)
 
 
$
2,791

 
 
SLR
 
 
6.8
%
 
5.0

(1) 
The capital conservation buffer and G-SIB surcharge were both 2.5 percent at September 30, 2019 and 1.875 percent at December 31, 2018. The countercyclical capital buffer for both periods was zero. The SLR minimum includes a leverage buffer of 2.0 percent.
(2) 
Total capital under the Advanced approaches differs from the Standardized approach due to differences in the amount permitted in Tier 2 capital related to the qualifying allowance for credit losses.
(3) 
Reflects total average assets adjusted for certain Tier 1 capital deductions.
CET1 capital was $169.2 billion at September 30, 2019, an increase of $1.9 billion from December 31, 2018, driven by earnings and net unrealized gains on available-for-sale (AFS) debt securities included in accumulated other comprehensive income (OCI), partially offset by common stock repurchases and dividends. During the nine months ended September 30, 2019, Total capital under the Advanced approaches increased $4.4 billion primarily driven by the same factors as CET1 capital and a net increase in
 
preferred stock. Risk-weighted assets under the Standardized approach, which yielded the lower CET1 capital ratio at September 30, 2019, increased $46.6 billion during the nine months ended September 30, 2019 to $1,484 billion primarily due to increased client activity in Global Markets and Global Banking and an increase in other assets.
Table 9 shows the capital composition at September 30, 2019 and December 31, 2018.
 
 
 
 
 
Table 9
Capital Composition under Basel 3








(Dollars in millions)
September 30
2019

December 31
2018
Total common shareholders’ equity
$
244,781


$
242,999

Goodwill, net of related deferred tax liabilities
(68,571
)

(68,572
)
Deferred tax assets arising from net operating loss and tax credit carryforwards
(5,210
)

(5,981
)
Intangibles, other than mortgage servicing rights and goodwill, net of related deferred tax liabilities
(1,335
)

(1,294
)
Other
(462
)

120

Common equity tier 1 capital
169,203


167,272

Qualifying preferred stock, net of issuance cost
23,400


22,326

Other
(574
)

(560
)
Tier 1 capital
192,029


189,038

Tier 2 capital instruments
23,160


21,887

Eligible credit reserves included in Tier 2 capital
2,059


1,972

Other
(1
)

(19
)
Total capital under the Advanced approaches
$
217,247


$
212,878


21     Bank of America

 
 





Table 10 shows the components of risk-weighted assets as measured under Basel 3 at September 30, 2019 and December 31, 2018.
 
 
 
 
 
 
 
 
 
Table 10
Risk-weighted Assets under Basel 3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Standardized Approach
 
Advanced Approaches
 
Standardized Approach
 
Advanced Approaches
(Dollars in billions)

September 30, 2019
 
December 31, 2018
Credit risk
$
1,433

 
$
854

 
$
1,384

 
$
827

Market risk
51

 
50

 
53

 
52

Operational risk
n/a

 
500

 
n/a

 
500

Risks related to credit valuation adjustments
n/a

 
36

 
n/a

 
30

Total risk-weighted assets
$
1,484

 
$
1,440

 
$
1,437

 
$
1,409

n/a = not applicable
Bank of America, N.A. Regulatory Capital
Table 11 presents regulatory capital information for BANA in accordance with Basel 3 Standardized and Advanced approaches as measured at September 30, 2019 and December 31, 2018. BANA met the definition of well capitalized under the PCA framework for both periods.
 
 
 
 
 
 
 
Table 11
Bank of America, N.A. Regulatory Capital under Basel 3
 
 
 
 
 
 
 
 
 
 
 
Standardized
Approach
 
Advanced
Approaches
 
Regulatory
Minimum 
(1)
(Dollars in millions, except as noted)

September 30, 2019
Risk-based capital metrics:
 
 
 
 
 
Common equity tier 1 capital
$
154,045

 
$
154,045

 
 
Tier 1 capital
154,045

 
154,045

 
 
Total capital (2)
166,062

 
158,158

 
 
Risk-weighted assets (in billions)
1,229

 
982

 
 
Common equity tier 1 capital ratio
12.5
%
 
15.7
%
 
7.0
%
Tier 1 capital ratio
12.5

 
15.7

 
8.5

Total capital ratio
13.5

 
16.1

 
10.5

 
 
 
 
 
 
Leverage-based metrics:
 
 
 
 
 
Adjusted quarterly average assets (in billions) (3)
1,741

 
1,741

 
 
Tier 1 leverage ratio
8.8
%
 
8.8
%
 
5.0

 
 
 
 
 
 
SLR leverage exposure (in billions)
 
 
2,137

 
 
SLR
 
 
7.2
%
 
6.0













December 31, 2018
Risk-based capital metrics:
 
 
 
 
 
Common equity tier 1 capital
$
149,824


$
149,824


 
Tier 1 capital
149,824


149,824


 
Total capital (2)
161,760

 
153,627

 
 
Risk-weighted assets (in billions)
1,195

 
959

 
 
Common equity tier 1 capital ratio
12.5
%
 
15.6
%
 
6.5
%
Tier 1 capital ratio
12.5

 
15.6

 
8.0

Total capital ratio
13.5

 
16.0

 
10.0

 
 
 
 
 
 
Leverage-based metrics:
 
 
 
 
 
Adjusted quarterly average assets (in billions) (3)
1,719

 
1,719

 
 
Tier 1 leverage ratio
8.7
%
 
8.7
%
 
5.0

 
 
 
 
 
 
SLR leverage exposure (in billions)
 
 
2,112

 
 
SLR
 
 
7.1
%
 
6.0

(1) 
Risk-based capital regulatory minimums at September 30, 2019 are the minimum ratios under Basel 3 including a capital conservation buffer of 2.5 percent. The regulatory minimums for the leverage ratios as of both period ends and risk-based capital ratios as of December 31, 2018 are the percent required to be considered well capitalized under the PCA framework.
(2) 
Total capital under the Advanced approaches differs from the Standardized approach due to differences in the amount permitted in Tier 2 capital related to the qualifying allowance for credit losses.
(3) 
Reflects total average assets adjusted for certain Tier 1 capital deductions.
Total Loss-Absorbing Capacity Requirements
Effective January 1, 2019, the Corporation is subject to the Federal Reserve’s final rule requiring G-SIBs to maintain minimum levels of total loss-absorbing capacity (TLAC) and long-term debt. TLAC consists of the Corporation’s Tier 1 capital and eligible long-term debt issued directly by the Corporation. Eligible long-term debt for TLAC ratios is comprised of unsecured debt that has a remaining maturity of at least one year and satisfies additional requirements
 
as prescribed in the TLAC final rule. As with the risk-based capital ratios and SLR, the Corporation is required to maintain TLAC ratios in excess of minimum requirements plus applicable buffers in order to avoid restrictions on capital distributions and discretionary bonus payments. Table 12 presents the Corporation's TLAC and long-term debt ratios and related information as of September 30, 2019.

 
 
Bank of America    22


 
 
 
 
 
 
 
 
 
Table 12
Bank of America Corporation Total Loss-Absorbing Capacity and Long-Term Debt
 
 
 
 
 
 
 
 
 
 

TLAC
 
Regulatory Minimum (1)
 
Long-term
Debt
 
Regulatory Minimum (2)
(Dollars in millions)

September 30, 2019
Total eligible balance
$
368,490

 
 
 
$
168,864

 
 
Percentage of risk-weighted assets (3)
24.8
%
 
22.0
%
 
11.4
%
 
8.5
%
Percentage of SLR leverage exposure
12.7

 
9.5

 
5.8

 
4.5

(1) 
The TLAC risk-weighted assets regulatory minimum consists of 18.0 percent plus a TLAC risk-weighted assets buffer comprised of 2.5 percent plus the method 1 G-SIB surcharge of 1.5 percent. The countercyclical buffer is zero for this period. The TLAC SLR leverage exposure regulatory minimum consists of 7.5 percent plus a 2.0 percent TLAC leverage buffer. The TLAC risk-weighted assets and leverage buffers must be comprised solely of CET1 capital and Tier 1 capital, respectively.
(2) 
The long-term debt risk-weighted assets regulatory minimum is comprised of 6.0 percent plus an additional 2.5 percent requirement based on the Corporation’s method 2 G-SIB surcharge.
(3) 
The approach that yields the higher risk-weighted assets is used to calculate TLAC and long-term debt ratios, which was the Standardized approach as of September 30, 2019.
Regulatory Developments
The following supplements the disclosure in Capital Management – Regulatory Developments in the MD&A of the Corporation’s 2018 Annual Report on Form 10-K and in the Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019.
Broker-dealer Regulatory Capital and Securities Regulation
The Corporation’s principal U.S. broker-dealer subsidiaries are BofA Securities, Inc. (BofAS), Merrill Lynch Professional Clearing Corp (MLPCC) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S). As previously disclosed in the Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019, BofAS was formed as a result of the reorganization of MLPF&S which was completed in May 2019. The Corporation's principal European broker-dealer subsidiaries are Merrill Lynch International (MLI) and BofA Securities Europe SA (BofASE).
The U.S. broker-dealer subsidiaries are subject to the net capital requirements of Rule 15c3-1 under the Exchange Act. BofAS computes its minimum capital requirements as an alternative net capital broker-dealer under Rule 15c3-1, and MLPCC and MLPF&S compute their minimum capital requirements in accordance with the alternative standard under Rule 15c3-1. BofAS and MLPCC are also registered as futures commission merchants and are subject to U.S. Commodity Futures Trading Commission (CFTC) Regulation 1.17.
BofAS provides institutional services and is required to maintain tentative net capital in excess of $1.0 billion and net capital in excess of the greater of $500 million or a certain percentage of its reserve requirement. BofAS is also required to hold a certain percentage of its risk-based margin in order to meet its CFTC minimum net capital requirement. At September 30, 2019, BofAS had tentative net capital of $13.3 billion. BofAS also had regulatory net capital of $11.1 billion which exceeded the minimum requirement of $2.3 billion by $8.8 billion.
MLPCC is a fully-guaranteed subsidiary of BofAS and provides clearing and settlement services. At September 30, 2019, MLPCC’s regulatory net capital of $4.8 billion exceeded the minimum requirement of $1.2 billion by $3.7 billion.
MLPF&S provides retail services. At September 30, 2019, MLPF&S' regulatory net capital was $3.3 billion which exceeded the minimum requirement of $104 million by $3.2 billion
Our European broker-dealers are regulated by non-U.S. regulators. MLI, a U.K. investment firm, is regulated by the Prudential Regulation Authority and the Financial Conduct Authority, and is subject to certain regulatory capital requirements. At September 30, 2019, MLI’s capital resources were $35.0 billion, which exceeded the minimum Pillar 1 requirement of $14.8 billion by $20.2 billion. BofASE, a French investment firm, is regulated by the Autorité de Contrôle Prudentiel et de Résolution and the Autorité des Marchés Financiers, and is subject to certain regulatory capital requirements. At September 30, 2019, BofASE's
 
capital resources were $5.0 billion which exceeded the minimum Pillar 1 requirement of $1.3 billion by $3.7 billion.

Liquidity Risk

Funding and Liquidity Risk Management
Our primary liquidity risk management objective is to meet expected or unexpected cash flow and collateral needs while continuing to support our businesses and customers under a range of economic conditions. To achieve that objective, we analyze and monitor our liquidity risk under expected and stressed conditions, maintain liquidity and access to diverse funding sources, including our stable deposit base, and seek to align liquidity-related incentives and risks.
We define liquidity as readily available assets, limited to cash and high-quality, liquid, unencumbered securities that we can use to meet our contractual and contingent financial obligations as those obligations arise. We manage our liquidity position through line of business and ALM activities, as well as through our legal entity funding strategy, on both a forward and current (including intraday) basis under both expected and stressed conditions. We believe that a centralized approach to funding and liquidity management enhances our ability to monitor liquidity requirements, maximizes access to funding sources, minimizes borrowing costs and facilitates timely responses to liquidity events. For more information regarding global funding and liquidity risk management, as well as our liquidity sources, liquidity arrangements, contingency planning and credit ratings discussed below, see Liquidity Risk in the MD&A of the Corporation’s 2018 Annual Report on Form 10-K.
NB Holdings Corporation
We have intercompany arrangements with certain key subsidiaries under which we transferred certain assets of Bank of America Corporation, as the parent company, which is a separate and distinct legal entity from our banking and nonbank subsidiaries, and agreed to transfer certain additional parent company assets not needed to satisfy anticipated near-term expenditures, to NB Holdings Corporation, a wholly-owned holding company subsidiary (NB Holdings). The parent company is expected to continue to have access to the same flow of dividends, interest and other amounts of cash necessary to service its debt, pay dividends and perform other obligations as it would have had if it had not entered into these arrangements and transferred any assets. These arrangements support our preferred single point of entry resolution strategy, under which only the parent company would be resolved under the U.S. Bankruptcy Code.
Global Liquidity Sources and Other Unencumbered Assets
Table 13 presents average Global Liquidity Sources (GLS) for the three months ended September 30, 2019 and December 31, 2018.

23     Bank of America

 
 





 
 
 
 
 
Table 13
Average Global Liquidity Sources
 
 
 
 
 
 
 
Three Months Ended
(Dollars in billions)
September 30
2019
 
December 31
2018
Parent company and NB Holdings
$
65

 
$
76

Bank subsidiaries
426

 
420

Other regulated entities
61

 
48

Total Average Global Liquidity Sources
$
552

 
$
544

We maintain liquidity available to the Corporation, including the parent company and selected subsidiaries, in the form of cash and high-quality, liquid, unencumbered securities. Typically, parent company and NB Holdings liquidity is in the form of cash deposited with BANA.
Our bank subsidiaries’ liquidity is primarily driven by deposit and lending activity, as well as securities valuation and net debt activity. Liquidity at bank subsidiaries excludes the cash deposited by the parent company and NB Holdings. Our bank subsidiaries can also generate incremental liquidity by pledging a range of unencumbered loans and securities to certain FHLBs and the Federal Reserve Discount Window. The cash we could have obtained by borrowing against this pool of specifically-identified eligible assets was $356 billion and $344 billion at September 30, 2019 and December 31, 2018. We have established operational procedures to enable us to borrow against these assets, including regularly monitoring our total pool of eligible loans and securities collateral. Eligibility is defined in guidelines from the FHLBs and the Federal Reserve and is subject to change at their discretion. Due to regulatory restrictions, liquidity generated by the bank subsidiaries can generally be used only to fund obligations within the bank subsidiaries, and transfers to the parent company or nonbank subsidiaries may be subject to prior regulatory approval.
Liquidity held in other regulated entities, comprised primarily of broker-dealer subsidiaries, is primarily available to meet the obligations of that entity and transfers to the parent company or to any other subsidiary may be subject to prior regulatory approval due to regulatory restrictions and minimum requirements. Our other regulated entities also hold unencumbered investment-grade securities and equities that we believe could be used to generate additional liquidity.
Table 14 presents the composition of average GLS for the three months ended September 30, 2019 and December 31, 2018.
 
 
 
 
 
Table 14
Average Global Liquidity Sources Composition
 
 
 
 
 
Three Months Ended
(Dollars in billions)
September 30
2019
 
December 31
2018
Cash on deposit
$
103

 
$
113

U.S. Treasury securities
81

 
81

U.S. agency securities and mortgage-backed securities
353

 
340

Non-U.S. government securities
15

 
10

Total Average Global Liquidity Sources
$
552

 
$
544

 
Our GLS are substantially the same in composition to what qualifies as High Quality Liquid Assets (HQLA) under the final U.S. Liquidity Coverage Ratio (LCR) rules. However, HQLA for purposes of calculating LCR is not reported at market value, but at a lower value that incorporates regulatory deductions and the exclusion of excess liquidity held at certain subsidiaries. The LCR is calculated as the amount of a financial institution’s unencumbered HQLA relative to the estimated net cash outflows the institution could encounter over a 30-day period of significant liquidity stress, expressed as a percentage. Our average consolidated HQLA, on
a net basis, was $454 billion and $446 billion for the three months ended September 30, 2019 and December 31, 2018. For the same periods, the average consolidated LCR was 116 percent and 118 percent. Our LCR will fluctuate due to normal business flows from customer activity.
Liquidity Stress Analysis
We utilize liquidity stress analysis to assist us in determining the appropriate amounts of liquidity to maintain at the parent company and our subsidiaries to meet contractual and contingent cash outflows under a range of scenarios. For more information on our liquidity stress analysis, see Liquidity Risk – Liquidity Stress Analysis in the MD&A of the Corporation’s 2018 Annual Report on Form 10-K.
Diversified Funding Sources
We fund our assets primarily with a mix of deposits, and secured and unsecured liabilities through a centralized, globally coordinated funding approach diversified across products, programs, markets, currencies and investor groups. We fund a substantial portion of our lending activities through our deposits, which were $1.39 trillion and $1.38 trillion at September 30, 2019 and December 31, 2018.
Our trading activities in other regulated entities are primarily funded on a secured basis through securities lending and repurchase agreements, and these amounts will vary based on customer activity and market conditions.
Long-term Debt
During the nine months ended September 30, 2019, we issued $45.2 billion of long-term debt consisting of $24.3 billion for Bank of America Corporation, substantially all of which was TLAC eligible, $10.9 billion for Bank of America, N.A. and $10.0 billion of other debt. Substantially all of the long-term, TLAC-eligible senior notes issued by Bank of America Corporation since late 2016 are callable, at our option, at least one year before each stated maturity date. 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.
During the nine months ended September 30, 2019, we had total long-term debt maturities and redemptions in the aggregate of $42.8 billion consisting of $16.6 billion for Bank of America Corporation, $19.8 billion for Bank of America, N.A. and $6.4 billion of other debt. Table 15 presents the carrying value of aggregate annual contractual maturities of long-term debt at September 30, 2019.

 
 
Bank of America    24


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Table 15
Long-term Debt by Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in millions)
Remainder of 2019
 
2020
 
2021
 
2022
 
2023
 
Thereafter
 
Total
Bank of America Corporation
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior notes (1)
$
1,739

 
$
10,191

 
$
15,826

 
$
14,733

 
$
23,077

 
$
94,266

 
$
159,832

Senior structured notes
1,115

 
814

 
503

 
2,045

 
283

 
12,628

 
17,388

Subordinated notes

 

 
336

 
378

 

 
22,198

 
22,912

Junior subordinated notes

 

 

 

 

 
736

 
736

Total Bank of America Corporation
2,854

 
11,005

 
16,665

 
17,156

 
23,360

 
129,828

 
200,868

Bank of America, N.A.
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior notes

 
3,000

 
3,448

 

 
511

 
20

 
6,979

Subordinated notes

 

 

 

 

 
1,812

 
1,812

Advances from Federal Home Loan Banks
3

 
2,510

 
2

 
3

 
1

 
99

 
2,618

Securitizations and other Bank VIEs (2)

 
3,099

 
3,957

 
1,249

 

 

 
8,305

Other
235

 
40

 
78

 

 
134

 
99

 
586

Total Bank of America, N.A.
238

 
8,649

 
7,485

 
1,252

 
646

 
2,030

 
20,300

Other debt
 
 
 
 
 
 
 
 
 
 
 
 
 
Structured liabilities
1,531

 
4,637

 
1,662

 
905

 
1,337

 
11,909

 
21,981

Nonbank VIEs (2)

 

 

 

 
1

 
255

 
256

Total other debt
1,531

 
4,637

 
1,662

 
905

 
1,338

 
12,164

 
22,237

Total long-term debt
$
4,623

 
$
24,291

 
$
25,812

 
$
19,313

 
$
25,344

 
$
144,022

 
$
243,405

(1)  
Total includes $106.0 billion of outstanding notes that are both TLAC eligible and callable at least one year before their stated maturities, including $1.0 billion that will be callable and become TLAC ineligible during the remainder of 2019, and $7.3 billion, $11.6 billion, $14.8 billion and $10.7 billion that will do so during each of 2020 through 2023, respectively, and $60.6 billion thereafter.
(2)  
Represents the total long-term debt included in the liabilities of consolidated variable interest entities (VIEs) on the Consolidated Balance Sheet.
Table 16 presents our long-term debt by major currency at September 30, 2019 and December 31, 2018.
 
 
 
 
 
Table 16
Long-term Debt by Major Currency
 
 
 
(Dollars in millions)
September 30
2019
 
December 31
2018
U.S. dollar
$
193,583

 
$
180,724

Euro
32,866

 
34,328

British pound
5,345

 
5,450

Japanese yen
4,325

 
3,038

Canadian dollar
3,805

 
2,936

Australian dollar
1,878

 
1,722

Other
1,603

 
1,194

Total long-term debt
$
243,405

 
$
229,392

Total long-term debt increased $14.0 billion during the nine months ended September 30, 2019 primarily due to debt issuances and valuation adjustments, partially offset by maturities and redemptions. We may, from time to time, purchase outstanding debt instruments in various transactions, depending on market conditions, liquidity and other factors. Our other regulated entities may also make markets in our debt instruments to provide liquidity for investors. For more information on long-term debt funding, see Note 11 – Long-term Debt to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K.
We use derivative transactions to manage the duration, interest rate and currency risks of our borrowings, considering the characteristics of the assets they are funding. For more information on our ALM activities, see Interest Rate Risk Management for the Banking Book on page 43.
We may issue unsecured debt in the form of structured notes for client purposes, certain of which qualify as TLAC-eligible debt. During the nine months ended September 30, 2019, we issued $7.4 billion of structured notes, which are debt obligations that pay investors returns linked to other debt or equity securities, indices, currencies or commodities. We typically hedge the returns we are obligated to pay on these liabilities with derivatives and/
 
or investments in the underlying instruments, so that from a funding perspective, the cost is similar to our other unsecured long-term debt. We could be required to settle certain structured note obligations for cash or other securities prior to maturity under certain circumstances, which we consider for liquidity planning purposes. We believe, however, that a portion of such borrowings will remain outstanding beyond the earliest put or redemption date.
Substantially all of our senior and subordinated debt obligations contain no provisions that could trigger a requirement for an early repayment, require additional collateral support, result in changes to terms, accelerate maturity or create additional financial obligations upon an adverse change in our credit ratings, financial ratios, earnings, cash flows or stock price.
Credit Ratings
Credit ratings and outlooks are opinions expressed by rating agencies on our creditworthiness and that of our obligations or securities, including long-term debt, short-term borrowings, preferred stock and other securities, including asset securitizations. Table 17 presents the Corporation’s current long-term/short-term senior debt ratings and outlooks expressed by the rating agencies.
The ratings from Moody’s Investors Service and Fitch Ratings for the Corporation and its subsidiaries have not changed from those disclosed in the Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2019.
The ratings from Standard & Poor’s Global Ratings (S&P) for the Corporation and its subsidiaries did not change from those disclosed in the Corporation’s 2018 Annual Report on Form 10-K.
The long-term and short-term debt ratings of BofAS and BofASE, which were initially rated by S&P and Fitch during the first quarter of 2019, also remained unchanged for the third quarter of 2019.
For more information on additional collateral and termination payments that could be required in connection with certain over-the-counter derivative contracts and other trading agreements as a result of a credit rating downgrade, see Note 3 – Derivatives to the Consolidated Financial Statements herein and Item 1A. Risk Factors of the Corporation’s 2018 Annual Report on Form 10-K.

25     Bank of America

 
 





 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
         A+
 
        F1
 
      Stable
BofA Securities Europe SA
       NR
 
       NR
 
       NR
 
         A+
 
       A-1
 
      Stable
 
         A+
 
        F1
 
      Stable
NR = not rated

Credit Risk Management

For information on our credit risk management activities, see Consumer Portfolio Credit Risk Management below, Commercial Portfolio Credit Risk Management on page 33, Non-U.S. Portfolio on page 38, Provision for Credit Losses on page 39, Allowance for Credit Losses on page 39, and Note 5 – Outstanding Loans and Leases and Note 6 – Allowance for Credit Losses to the Consolidated Financial Statements. For information on the new accounting standard on credit losses that is effective on January 1, 2020 and the potential impact on our allowance for credit losses, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements.

Consumer Portfolio Credit Risk Management

Credit risk management for the consumer portfolio begins with initial underwriting and continues throughout a borrower’s credit cycle. Statistical techniques in conjunction with experiential judgment are used in all aspects of portfolio management including underwriting, product pricing, risk appetite, setting credit limits, and establishing operating processes and metrics to quantify and balance risks and returns. Statistical models are built using detailed behavioral information from external sources such as credit bureaus and/or internal historical experience and are a component of our consumer credit risk management process. These models are used in part to assist in making both new and ongoing credit decisions, as well as portfolio management strategies, including authorizations and line management, collection practices and strategies, and determination of the allowance for loan and lease losses and allocated capital for credit risk.
 
Consumer Credit Portfolio
Improvement in home prices continued during the nine months ended September 30, 2019 resulting in improved credit quality compared to the same period in 2018. Additionally, lower credit losses in the consumer real estate portfolio due primarily to non-core loan sales were partially offset by seasoning in the U.S. credit card portfolio compared to the same period in 2018.
Improved credit quality and continued loan balance runoff primarily in the non-core consumer real estate portfolio, partially offset by seasoning within the U.S. credit card portfolio, drove a $226 million decrease in the consumer allowance for loan and lease losses during the nine months ended September 30, 2019 to $4.6 billion. For additional information, see Allowance for Credit Losses on page 39.
For more information on our accounting policies regarding delinquencies, nonperforming status, charge-offs and troubled debt restructurings (TDRs) for the consumer portfolio, see Note 1 – Summary of Significant Accounting Principles and Note 5 – Outstanding Loans and Leases to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K.
Table 18 presents our outstanding consumer loans and leases, consumer nonperforming loans and accruing consumer loans past due 90 days or more. For more information regarding nonperforming loans and accruing consumer loans past 90 days or more, see the Consumer Portfolio Credit Risk Management Section in the MD&A of the Corporation’s 2018 Annual Report on Form 10-K.

 
 
Bank of America    26


 
 
 
 
 
 
 
 
 
 
 
 
 
Table 18
Consumer Credit Quality
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstandings
 
Nonperforming
 
Accruing Past Due
90 Days or More
(Dollars in millions)
September 30
2019
 
December 31
2018
 
September 30
2019
 
December 31
2018
 
September 30
2019
 
December 31
2018
Residential mortgage (1)
$
227,472

 
$
208,557

 
$
1,551

 
$
1,893

 
$
1,203

 
$
1,884

Home equity 
41,574

 
48,286

 
585

 
1,893

 

 

U.S. credit card
94,946

 
98,338

 
n/a

 
n/a

 
960

 
994

Direct/Indirect consumer (2)
90,836

 
91,166

 
53

 
56

 
29

 
38

Other consumer
208

 
202

 

 

 

 

Consumer loans excluding loans accounted for under the fair value option
$
455,036

 
$
446,549


$
2,189


$
3,842


$
2,192


$
2,916

Loans accounted for under the fair value option (3)
640

 
682

 
 
 
 
 
 
 
 
Total consumer loans and leases
$
455,676


$
447,231

 
 
 
 
 
 
 
 
Percentage of outstanding consumer loans and leases (4)
n/a

 
n/a

 
0.48
%
 
0.86
%
 
0.48
%
 
0.65
%
Percentage of outstanding consumer loans and leases, excluding fully-insured loan portfolios (4)
n/a

 
n/a

 
0.50

 
0.90

 
0.23

 
0.24

(1) 
Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At September 30, 2019 and December 31, 2018, residential mortgage includes $858 million and $1.4 billion of loans on which interest had been curtailed by the FHA, and therefore were no longer accruing interest, although principal was still insured, and $345 million and $498 million of loans on which interest was still accruing.
(2) 
Outstandings include auto and specialty lending loans and leases of $50.3 billion and $50.1 billion, unsecured consumer lending loans of $328 million and $383 million, U.S. securities-based lending loans of $36.5 billion and $37.0 billion, non-U.S. consumer loans of $3.0 billion and $2.9 billion and other consumer loans of $694 million and $746 million at September 30, 2019 and December 31, 2018.
(3) 
Consumer loans accounted for under the fair value option include residential mortgage loans of $275 million and $336 million and home equity loans of $365 million and $346 million at September 30, 2019 and December 31, 2018. For more information on the fair value option, see Note 16 – Fair Value Option to the Consolidated Financial Statements.
(4) 
Excludes consumer loans accounted for under the fair value option. At September 30, 2019 and December 31, 2018, $7 million and $12 million of loans accounted for under the fair value option were past due 90 days or more and not accruing interest.
n/a = not applicable
Table 19 presents net charge-offs and related ratios for consumer loans and leases.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Table 19
Consumer Net Charge-offs and Related Ratios
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Charge-offs
 
Net Charge-off Ratios (1)
 
 
Three Months Ended
September 30
 
Nine Months Ended
September 30
 
Three Months Ended
September 30
 
Nine Months Ended
September 30
(Dollars in millions)
2019
 
2018
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Residential mortgage
$
(38
)
 
$
12

 
$
(51
)
 
$
13

 
(0.07
)%
 
0.02
 %
 
(0.03
)%
 
0.01
%
Home equity
(202
)
 
(20
)
 
(346
)
 
13

 
(1.85
)
 
(0.15
)
 
(1.02
)
 
0.03

U.S. credit card
717

 
698

 
2,224

 
2,138

 
3.01

 
2.92

 
3.15

 
3.03

Direct/Indirect consumer
76

 
42

 
170

 
142

 
0.33

 
0.18

 
0.25

 
0.20

Other consumer
69

 
44

 
151

 
130

 
n/m

 
n/m

 
n/m

 
n/m

Total
$
622


$
776


$
2,148


$
2,436

 
0.55

 
0.69

 
0.64

 
0.73

(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.
n/m = not meaningful
Table 20 presents outstandings, nonperforming balances, net charge-offs, allowance for loan and lease losses and provision for loan and lease losses for the core and non-core portfolios within the consumer real estate portfolio. We categorize consumer real estate loans as core and non-core based on loan and customer characteristics such as origination date, product type, loan-to-value (LTV), Fair Isaac Corporation (FICO) score and delinquency status consistent with our current consumer and mortgage servicing strategy. Generally, loans that were originated after January 1, 2010, qualified under government-sponsored enterprise underwriting guidelines, or otherwise met our underwriting guidelines in place in 2015 are characterized as core loans. All
 
other loans are generally characterized as non-core loans and represent runoff portfolios. Core loans as reported in Table 20 include loans held in the Consumer Banking and GWIM segments, as well as loans held for ALM activities in All Other.
As shown in Table 20, outstanding core consumer real estate loans increased $18.6 billion during the nine months ended September 30, 2019 driven by an increase of $22.5 billion in residential mortgage, partially offset by a $3.9 billion decrease in home equity.
During the three and nine months ended September 30, 2019, we sold $2.3 billion and $4.2 billion of consumer real estate loans, primarily non-core.

27     Bank of America

 
 





 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Table 20
Consumer Real Estate Portfolio (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstandings
 
Nonperforming
 
Net Charge-offs
 
September 30
2019
 
December 31
2018
 
September 30
2019
 
December 31
2018
 
Three Months Ended
September 30
 
Nine Months Ended
September 30
(Dollars in millions)
 
 
 
 
2019
 
2018
 
2019
 
2018
Core portfolio
 

 
 

 
 

 
 

 
 

 
 
 
 
 
 
Residential mortgage
$
216,223

 
$
193,695

 
$
930

 
$
1,010

 
$
(6
)
 
$

 
$
(2
)
 
$
13

Home equity
36,116

 
40,010

 
380

 
955

 
8

 
15

 
39

 
52

Total core portfolio
252,339


233,705


1,310


1,965


2


15


37

 
65

Non-core portfolio
 
 
 

 
 

 
 

 
 
 
 
 
 
 
 
Residential mortgage
11,249

 
14,862

 
621

 
883

 
(32
)
 
12

 
(49
)
 

Home equity
5,458

 
8,276

 
205

 
938

 
(210
)
 
(35
)
 
(385
)
 
(39
)
Total non-core portfolio
16,707


23,138


826


1,821


(242
)

(23
)

(434
)
 
(39
)
Consumer real estate portfolio
 

 
 

 
 

 
 

 
 

 
 

 
 
 
 
 Residential mortgage
227,472

 
208,557

 
1,551

 
1,893

 
(38
)
 
12

 
(51
)
 
13

 Home equity
41,574

 
48,286

 
585

 
1,893

 
(202
)
 
(20
)
 
(346
)
 
13

Total consumer real estate portfolio
$
269,046


$
256,843


$
2,136


$
3,786


$
(240
)

$
(8
)

$
(397
)
 
$
26

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for Loan
and Lease Losses
 
Provision for Loan
and Lease Losses
 
 
 
 
 
 
September 30
2019
 
December 31
2018
 
Three Months Ended
September 30
 
Nine Months Ended
September 30
 
 
 
 
 
 
 
 
2019
 
2018
 
2019
 
2018
Core portfolio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage
 
 
 
 
$
219

 
$
214

 
$
(4
)
 
$
(2
)
 
$
3

 
$
7

Home equity
 
 
 
 
135

 
228

 
(19
)
 
(27
)
 
(52
)
 
(51
)
Total core portfolio
 
 
 
 
354


442


(23
)

(29
)

(49
)

(44
)
Non-core portfolio