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

Quarterly report pursuant to Section 13 or 15(d)

Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings (Tables)

Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term Borrowings (Tables)

9 Months Ended

Sep. 30, 2017

Federal Funds Sold, Securities Borrowed or Purchased Under Agreements to Resell and Short-term Borrowings [Abstract]

Federal Funds Sold Securities Borrowed Or Purchased Under Agreements To Resell And Short Term Borrowings

The following table presents federal funds sold or purchased, securities financing agreements, which include securities borrowed or purchased under agreements to resell and securities loaned or sold under agreements to repurchase, and short-term borrowings. The Corporation elects to account for certain securities financing agreements and short-term borrowings under the fair value option. For more information on the election of the fair value option, see Note 15 – Fair Value Option.




	Three Months Ended September 30								Nine Months Ended September 30
	2017				2016				2017				2016
(Dollars in millions)	Amount		Rate		Amount		Rate		Amount		Rate		Amount		Rate
Federal funds sold and securities borrowed or purchased under agreements to resell
Average during period	$	223,585	1.17	%	$	214,254	0.50	%	$	222,255	1.00	%	$	215,476	0.50	%
Maximum month-end balance during period	224,815		n/a		222,489		n/a		237,064		n/a		225,015		n/a
Federal funds purchased and securities loaned or sold under agreements to repurchase
Average during period	$	197,794	1.37	%	$	177,883	0.93	%	$	199,433	1.18	%	$	184,500	1.00	%
Maximum month-end balance during period	197,604		n/a		192,536		n/a		218,017		n/a		196,631		n/a
Short-term borrowings
Average during period	32,153		2.54		29,751		2.02		38,329		2.43		30,631		1.85
Maximum month-end balance during period	32,679		n/a		31,935		n/a		46,202		n/a		33,051		n/a

n/a = not applicable

Offsetting Assets [Line Items]

Transfer of Certain Financial Assets Accounted for as Secured Borrowings

The tables below present securities sold under agreements to repurchase and securities loaned by remaining contractual term to maturity and class of collateral pledged. Included in “Other” are transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged as collateral or sold. Certain agreements contain a right to substitute collateral and/or terminate the agreement prior to maturity at the option of the Corporation or the counterparty. Such agreements are included in the table below based on the remaining contractual term to maturity.




Remaining Contractual Maturity
	September 30, 2017
(Dollars in millions)	Overnight and Continuous		30 Days or Less		After 30 Days Through 90 Days		Greater than 90 Days ⁽¹⁾		Total
Securities sold under agreements to repurchase	$	119,610	$	89,934	$	41,358	$	59,174	$	310,076
Securities loaned	16,027		404		1,989		6,131		24,551
Other	22,258		—		—		—		22,258
Total	$	157,895	$	90,338	$	43,347	$	65,305	$	356,885

	December 31, 2016
Securities sold under agreements to repurchase	$	129,853	$	77,780	$	31,851	$	40,752	$	280,236
Securities loaned	8,564		6,602		1,473		2,153		18,792
Other	14,448		—		—		—		14,448
Total	$	152,865	$	84,382	$	33,324	$	42,905	$	313,476


⁽¹⁾	No agreements have maturities greater than three years.




Class of Collateral Pledged
	September 30, 2017
(Dollars in millions)	Securities Sold Under Agreements to Repurchase		Securities Loaned		Other		Total
U.S. government and agency securities	$	169,501	$	—	$	281	$	169,782
Corporate securities, trading loans and other	8,933		1,339		443		10,715
Equity securities	30,483		17,892		21,479		69,854
Non-U.S. sovereign debt	95,997		5,320		55		101,372
Mortgage trading loans and ABS	5,162		—		—		5,162
Total	$	310,076	$	24,551	$	22,258	$	356,885

	December 31, 2016
U.S. government and agency securities	$	153,184	$	—	$	70	$	153,254
Corporate securities, trading loans and other	11,086		1,630		127		12,843
Equity securities	24,007		11,175		14,196		49,378
Non-U.S. sovereign debt	84,171		5,987		55		90,213
Mortgage trading loans and ABS	7,788		—		—		7,788
Total	$	280,236	$	18,792	$	14,448	$	313,476

Securities Loaned and Financial Assets Sold Under Agreements to Repurchase

Offsetting Liabilities [Line Items]

Offsetting Liabilities




Securities Financing Agreements
	September 30, 2017
(Dollars in millions)	Gross Assets/Liabilities ⁽¹⁾		Amounts Offset			Net Balance Sheet Amount		Financial Instruments ⁽²⁾			Net Assets/Liabilities
Securities borrowed or purchased under agreements to resell ⁽³⁾	$	362,065	$	(144,851	)	$	217,214	$	(165,776	)	$	51,438

Securities loaned or sold under agreements to repurchase	$	334,627	$	(144,851	)	$	189,776	$	(161,131	)	$	28,645
Other ⁽⁴⁾	22,258		—			22,258		(22,258		)	—
Total	$	356,885	$	(144,851	)	$	212,034	$	(183,389	)	$	28,645

	December 31, 2016
Securities borrowed or purchased under agreements to resell ⁽³⁾	$	326,970	$	(128,746	)	$	198,224	$	(154,974	)	$	43,250

Securities loaned or sold under agreements to repurchase	$	299,028	$	(128,746	)	$	170,282	$	(140,774	)	$	29,508
Other ⁽⁴⁾	14,448		—			14,448		(14,448		)	—
Total	$	313,476	$	(128,746	)	$	184,730	$	(155,222	)	$	29,508


⁽¹⁾	Includes activity where uncertainty exists as to the enforceability of certain master netting agreements under bankruptcy laws in some countries or industries.

⁽²⁾

Financial instruments includes securities collateral received or pledged under repurchase or securities lending agreements where there is a legally enforceable master netting agreement. These amounts are not offset on the Consolidated Balance Sheet but are shown as a reduction to derive a net asset or liability. Securities collateral received or pledged where the legal enforceability of the master netting agreements is uncertain is excluded from the table.


⁽³⁾	Excludes repurchase activity of $11.1 billion and $10.1 billion reported in loans and leases on the Consolidated Balance Sheet at September 30, 2017 and December 31, 2016.

⁽⁴⁾

Balance is reported in accrued expenses and other liabilities on the Consolidated Balance Sheet and relates to transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged as collateral or sold. In these transactions, the Corporation recognizes an asset at fair value, representing the securities received, and a liability, representing the obligation to return those securities.

Securities Borrowed and Securities Purchased Under Agreements to Resell

Offsetting Assets [Line Items]

Offsetting Assets




Securities Financing Agreements
	September 30, 2017
(Dollars in millions)	Gross Assets/Liabilities ⁽¹⁾		Amounts Offset			Net Balance Sheet Amount		Financial Instruments ⁽²⁾			Net Assets/Liabilities
Securities borrowed or purchased under agreements to resell ⁽³⁾	$	362,065	$	(144,851	)	$	217,214	$	(165,776	)	$	51,438

Securities loaned or sold under agreements to repurchase	$	334,627	$	(144,851	)	$	189,776	$	(161,131	)	$	28,645
Other ⁽⁴⁾	22,258		—			22,258		(22,258		)	—
Total	$	356,885	$	(144,851	)	$	212,034	$	(183,389	)	$	28,645

	December 31, 2016
Securities borrowed or purchased under agreements to resell ⁽³⁾	$	326,970	$	(128,746	)	$	198,224	$	(154,974	)	$	43,250

Securities loaned or sold under agreements to repurchase	$	299,028	$	(128,746	)	$	170,282	$	(140,774	)	$	29,508
Other ⁽⁴⁾	14,448		—			14,448		(14,448		)	—
Total	$	313,476	$	(128,746	)	$	184,730	$	(155,222	)	$	29,508


⁽¹⁾	Includes activity where uncertainty exists as to the enforceability of certain master netting agreements under bankruptcy laws in some countries or industries.

⁽²⁾


⁽³⁾	Excludes repurchase activity of $11.1 billion and $10.1 billion reported in loans and leases on the Consolidated Balance Sheet at September 30, 2017 and December 31, 2016.

⁽⁴⁾