Bank of America Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information (Tables)

Business Segment Information (Tables)

9 Months Ended

Sep. 30, 2013

The following tables present total revenue, net of interest expense, on a FTE basis, and net income (loss) for the three and nine months ended September 30, 2013 and 2012, and total assets at September 30, 2013 and 2012 for each business segment, as well as All Other.



Business Segments
At and for the Three Months Ended September 30
	Total Corporation ⁽¹⁾				Consumer & Business Banking				Consumer Real Estate Services
(Dollars in millions)	2013		2012		2013		2012		2013			2012
Net interest income (FTE basis)	$	10,479	$	10,167	$	5,056	$	4,824	$	733		$	719
Noninterest income	11,264		10,490		2,468		2,437		844			2,364
Total revenue, net of interest expense (FTE basis)	21,743		20,657		7,524		7,261		1,577			3,083
Provision for credit losses	296		1,774		761		1,006		(308		)	263
Amortization of intangibles	270		315		126		156		—			—
Other noninterest expense	16,119		17,229		3,854		3,955		3,419			4,180
Income (loss) before income taxes	5,058		1,339		2,783		2,144		(1,534		)	(1,360		)
Income tax expense (benefit) (FTE basis)	2,561		999		1,004		793		(534		)	(503		)
Net income (loss)	$	2,497	$	340	$	1,779	$	1,351	$	(1,000	)	$	(857	)
Period-end total assets	$	2,126,653	$	2,166,162	$	588,627	$	540,419	$	115,424		$	138,120

					Global Banking				Global Markets
					2013		2012		2013			2012
Net interest income (FTE basis)					$	2,201	$	2,009	$	975		$	929
Noninterest income					1,808		1,777		2,401			2,349
Total revenue, net of interest expense (FTE basis)					4,009		3,786		3,376			3,278
Provision for credit losses					322		23		47			31
Amortization of intangibles					16		20		16			16
Other noninterest expense					1,912		1,916		2,868			2,559
Income before income taxes					1,759		1,827		445			672
Income tax expense (FTE basis)					625		676		1,223			948
Net income (loss)					$	1,134	$	1,151	$	(778	)	$	(276	)
Period-end total assets					$	373,110	$	325,488	$	601,139		$	600,154

					Global Wealth & Investment Management				All Other
					2013		2012		2013			2012
Net interest income (FTE basis)					$	1,478	$	1,413	$	36		$	273
Noninterest income (loss)					2,912		2,670		831			(1,107		)
Total revenue, net of interest expense (FTE basis)					4,390		4,083		867			(834		)
Provision for credit losses					23		61		(549		)	390
Amortization of intangibles					95		101		17			22
Other noninterest expense					3,153		3,014		913			1,605
Income (loss) before income taxes					1,119		907		486			(2,851		)
Income tax expense (benefit) (FTE basis)					400		336		(157		)	(1,251		)
Net income (loss)					$	719	$	571	$	643		$	(1,600	)
Period-end total assets					$	270,484	$	268,408	$	177,869		$	293,573


⁽¹⁾	There were no material intersegment revenues.



Business Segments
At and for the Nine Months Ended September 30
	Total Corporation ⁽¹⁾				Consumer & Business Banking					Consumer Real Estate Services
(Dollars in millions)	2013		2012		2013		2012			2013			2012
Net interest income (FTE basis)	$	32,125	$	31,002	$	15,103	$	14,984		$	2,175		$	2,200
Noninterest income	35,975		34,342		7,267		7,405			3,829			6,076
Total revenue, net of interest expense (FTE basis)	68,100		65,344		22,370		22,389			6,004			8,276
Provision for credit losses	3,220		5,965		2,680		3,069			318			957
Amortization of intangibles	820		955		380		472			—			—
Other noninterest expense	51,087		52,778		11,935		12,349			12,219			11,583
Income (loss) before income taxes	12,973		5,646		7,375		6,499			(6,533		)	(4,264		)
Income tax expense (benefit) (FTE basis)	4,981		2,190		2,754		2,398			(2,439		)	(1,529		)
Net income (loss)	$	7,992	$	3,456	$	4,621	$	4,101		$	(4,094	)	$	(2,735	)
Period-end total assets	$	2,126,653	$	2,166,162	$	588,627	$	540,419		$	115,424		$	138,120

					Global Banking					Global Markets
					2013		2012			2013			2012
Net interest income (FTE basis)					$	6,613	$	6,036		$	3,097		$	2,557
Noninterest income					5,564		5,686			9,337			8,707
Total revenue, net of interest expense (FTE basis)					12,177		11,722			12,434			11,264
Provision for credit losses					634		(404		)	36			17
Amortization of intangibles					48		61			49			48
Other noninterest expense					5,578		5,804			8,680			8,620
Income before income taxes					5,917		6,261			3,669			2,579
Income tax expense (FTE basis)					2,210		2,309			2,321			1,531
Net income					$	3,707	$	3,952		$	1,348		$	1,048
Period-end total assets					$	373,110	$	325,488		$	601,139		$	600,154

					Global Wealth & Investment Management					All Other
					2013		2012			2013			2012
Net interest income (FTE basis)					$	4,579	$	4,337		$	558		$	888
Noninterest income (loss)					8,731		7,987			1,247			(1,519		)
Total revenue, net of interest expense (FTE basis)					13,310		12,324			1,805			(631		)
Provision for credit losses					30		154			(478		)	2,172
Amortization of intangibles					293		310			50			64
Other noninterest expense					9,480		9,214			3,195			5,208
Income (loss) before income taxes					3,507		2,646			(962		)	(8,075		)
Income tax expense (benefit) (FTE basis)					1,310		977			(1,175		)	(3,496		)
Net income (loss)					$	2,197	$	1,669		$	213		$	(4,579	)
Period-end total assets					$	270,484	$	268,408		$	177,869		$	293,573


⁽¹⁾	There were no material intersegment revenues.

Reconciliation of Consolidated Total Assets of Business Segments

The table below presents a reconciliation of the five business segments' total revenue, net of interest expense, on a FTE basis, and net income to the Consolidated Statement of Income, and total assets to the Consolidated Balance Sheet. The adjustments presented in the table below include consolidated income, expense and asset amounts not specifically allocated to individual business segments.



Business Segment Reconciliations
	Three Months Ended September 30						Nine Months Ended September 30
(Dollars in millions)	2013			2012			2013			2012
Segments' total revenue, net of interest expense (FTE basis)	$	20,876		$	21,491		$	66,295		$	65,975
Adjustments:
ALM activities ⁽¹⁾	(180		)	(930		)	(590		)	(1,623		)
Equity investment income	1,121			172			2,217			566
Liquidating businesses and other	(74		)	(76		)	178			426
FTE basis adjustment	(213		)	(229		)	(646		)	(670		)
Consolidated revenue, net of interest expense	$	21,530		$	20,428		$	67,454		$	64,674

Segments' net income	$	1,854		$	1,940		$	7,779		$	8,035
Adjustments, net-of-taxes:
ALM activities	(71		)	(1,156		)	(748		)	(3,209		)
Equity investment income	706			108			1,397			357
Liquidating businesses and other	8			(552		)	(436		)	(1,727		)
Consolidated net income	$	2,497		$	340		$	7,992		$	3,456

							September 30
							2013			2012
Segments' total assets							$	1,948,784		$	1,872,589
Adjustments:
ALM activities, including securities portfolio							662,206			677,585
Equity investments							2,625			5,626
Liquidating businesses and other							70,991			124,053
Elimination of segment asset allocations to match liabilities							(557,953		)	(513,691		)
Consolidated total assets							$	2,126,653		$	2,166,162


⁽¹⁾	Includes negative fair value adjustments on structured liabilities related to the improvement in the Corporation's credit spreads of $152 million and $232 million for the three and nine months ended September 30, 2013 compared to negative adjustments of $1.3 billion and $4.7 billion for the same periods in 2012.

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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