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

Quarterly report pursuant to Section 13 or 15(d)

Fair Value Option (Tables)

Fair Value Option (Tables)

6 Months Ended

Jun. 30, 2011


*Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option*
	Three Months Ended June 30, 2011
	Trading			Mortgage
	Account			Banking			Other
	Profits			Income			Income
(Dollars in millions)	(Losses)			(Loss)			(Loss)			Total

Corporate loans	$	-		$	-		$	33		$	33
Loans held-for-sale		2			1,511			31			1,544
Securities financing agreements		-			-			98			98
Other assets		-			-			1			1
Long-term deposits		-			-			(40	)		(40	)
Asset-backed secured financings		-			(36	)		-			(36	)
Unfunded loan commitments		-			-			(76	)		(76	)
Commercial paper and other short-term borrowings		37			-			-			37
Long-term debt		(178	)		-			214			36

Total	$	(139	)	$	1,475		$	261		$	1,597


	Three Months Ended June 30, 2010

Corporate loans	$	-		$	-		$	(44	)	$	(44	)
Loans held-for-sale		-			3,198			96			3,294
Securities financing agreements		-			-			56			56
Other assets		-			-			49			49
Long-term deposits		-			-			(54	)		(54	)
Asset-backed secured financings		-			(30	)		-			(30	)
Unfunded loan commitments		-			-			(254	)		(254	)
Commercial paper and other short-term borrowings		(151	)		-			-			(151	)
Long-term debt		1,797			-			1,175			2,972

Total	$	1,646		$	3,168		$	1,024		$	5,838


*Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option*
	Six Months Ended June 30, 2011
	Trading			Mortgage
	Account			Banking			Other
	Profits			Income			Income
(Dollars in millions)	(Losses)			(Loss)			(Loss)			Total

Corporate loans	$	-		$	-		$	128		$	128
Loans held-for-sale		2			2,383			252			2,637
Securities financing agreements		-			-			(13	)		(13	)
Other assets		-			-			30			30
Long-term deposits		-			-			(35	)		(35	)
Asset-backed secured financings		-			(82	)		-			(82	)
Unfunded loan commitments		-			-			56			56
Commercial paper and other short-term borrowings		93			-			-			93
Long-term debt		(113	)		-			(372	)		(485	)

Total	$	(18	)	$	2,301		$	46		$	2,329


	Six Months Ended June 30, 2010
Corporate loans	$	2		$	-		$	46		$	48
Loans held-for-sale		-			5,127			252			5,379
Securities financing agreements		-			-			98			98
Other assets		-			-			46			46
Long-term deposits		-			-			(112	)		(112	)
Asset-backed secured financings		-			(41	)		-			(41	)
Unfunded loan commitments		-			-			(67	)		(67	)
Commercial paper and other short-term borrowings		(195	)		-			-			(195	)
Long-term debt		876			-			1,401			2,277

Total	$	683		$	5,086		$	1,664		$	7,433

Gains (Losses) Relating to Assets and Liabilities Accounted for Using Fair Value Option


*Level 3 – Changes in Unrealized Gains (Losses) Relating to Assets and Liabilities Still Held at Reporting Date*
	Three Months Ended June 30, 2011
	Equity		Trading			Mortgage
	Investment		Account			Banking			Other
	Income		Profits			Income			Income
(Dollars in millions)	(Loss)		(Losses)			(Loss) ⁽¹⁾			(Loss)			Total

Trading account assets:
Corporate securities, trading loans and other	$	-	$	(20	)	$	-		$	-		$	(20	)
Equity securities		-		(40	)		-			-			(40	)
Non-U.S. sovereign debt		-		67			-			-			67
Mortgage trading loans and ABS		-		(40	)		-			-			(40	)

Total trading account assets		-		(33	)		-			-			(33	)
Net derivative assets		-		460			166			-			626
AFS debt securities:
Non-agency residential MBS		-		-			-			(29	)		(29	)

Total AFS debt securities		-		-			-			(29	)		(29	)
Mortgage servicing rights		-		-			(2,869	)		-			(2,869	)
Loans held-for-sale ⁽²⁾		-		-			(36	)		3			(33	)
Other assets		150		-			(12	)		-			138
Commercial paper and other short-term borrowings ⁽²⁾		-		-			(28	)		-			(28	)
Accrued expenses and other liabilities ⁽²⁾		-		-			-			(174	)		(174	)
Long-term debt ⁽²⁾		-		(10	)		-			3			(7	)

Total	$	150	$	417		$	(2,779	)	$	(197	)	$	(2,409	)


	Three Months Ended June 30, 2010

Trading account assets:
Corporate securities, trading loans and other	$	-	$	(136	)	$	-		$	-		$	(136	)
Equity securities		-		(33	)		-			-			(33	)
Non-U.S. sovereign debt		-		(73	)		-			-			(73	)
Mortgage trading loans and ABS		-		173			-			-			173

Total trading account assets		-		(69	)		-			-			(69	)
Net derivative assets		-		453			2,187			-			2,640
AFS debt securities:
Non-agency residential MBS		-		-			-			(44	)		(44	)
Other taxable securities		-		-			-			(20	)		(20	)

Total AFS debt securities		-		-			-			(64	)		(64	)
Loans and leases ⁽²⁾		-		-			-			(95	)		(95	)
Mortgage servicing rights		-		-			(4,477	)		-			(4,477	)
Loans held-for-sale ⁽²⁾		-		-			16			(17	)		(1	)
Other assets		716		-			(11	)		-			705
Trading account liabilities – Non-U.S. sovereign debt		-		2			-			-			2
Commercial paper and other short-term borrowings ⁽²⁾		-		-			(16	)		-			(16	)
Accrued expenses and other liabilities ⁽²⁾		-		-			-			(271	)		(271	)
Long-term debt ⁽²⁾		-		384			-			113			497

Total	$	716	$	770		$	(2,301	)	$	(334	)	$	(1,149	)


⁽¹⁾		Mortgage banking income does not reflect the impact of Level 1 and Level 2 hedges on MSRs.

⁽²⁾		Amounts represent instruments which are accounted for under the fair value option.


*Level 3 – Changes in Unrealized Gains (Losses) Relating to Assets and Liabilities Still Held at Reporting Date*
	Six Months Ended June 30, 2011
	Equity		Trading			Mortgage
	Investment		Account			Banking			Other
	Income		Profits			Income			Income
(Dollars in millions)	(Loss)		(Losses)			(Loss) ⁽¹⁾			(Loss)			Total

Trading account assets:
Corporate securities, trading loans and other	$	-	$	286		$	-		$	-		$	286
Equity securities		-		(21	)		-			-			(21	)
Non-U.S. sovereign debt		-		70			-			-			70
Mortgage trading loans and ABS		-		278			-			-			278

Total trading account assets		-		613			-			-			613
Net derivative assets		-		247			192			-			439
AFS debt securities:
Non-agency residential MBS		-		-			-			(99	)		(99	)

Total AFS debt securities		-		-			-			(99	)		(99	)
Loans and leases ⁽²⁾		-		-			-			127			127
Mortgage servicing rights		-		-			(2,933	)		-			(2,933	)
Loans held-for-sale ⁽²⁾		-		-			(48	)		91			43
Other assets		137		-			(11	)		-			126
Commercial paper and other short-term borrowings ⁽²⁾		-		-			(61	)		-			(61	)
Accrued expenses and other liabilities ⁽²⁾		-		-			-			(90	)		(90	)
Long-term debt ⁽²⁾		-		(102	)		-			(53	)		(155	)

Total	$	137	$	758		$	(2,861	)	$	(24	)	$	(1,990	)


	Six Months Ended June 30, 2010

Trading account assets:
Corporate securities, trading loans and other	$	-	$	705		$	-		$	-		$	705
Equity securities		-		(49	)		-			-			(49	)
Non-U.S. sovereign debt		-		(156	)		-			-			(156	)
Mortgage trading loans and ABS		-		106			-			-			106

Total trading account assets		-		606			-			-			606
Net derivative assets		-		377			3,013			-			3,390
AFS debt securities:
Non-agency MBS:
Residential		-		-			-			(139	)		(139	)
Commercial		-		-			-			(30	)		(30	)
Non-U.S. securities		-		-			-			(121	)		(121	)
Other taxable securities		-		-			-			(14	)		(14	)

Total AFS debt securities		-		-			-			(304	)		(304	)
Loans and leases ⁽²⁾		-		-			-			45			45
Mortgage servicing rights		-		-			(5,708	)		-			(5,708	)
Loans held-for-sale ⁽²⁾		-		-			6			(102	)		(96	)
Other assets		635		-			(13	)		-			622
Trading account liabilities:
Non-U.S. sovereign debt		-		23			-			-			23
Corporate securities and other		-		(38	)		-			-			(38	)

Total trading account liabilities		-		(15	)		-			-			(15	)
Commercial paper and other short-term borrowings ⁽²⁾		-		-			(16	)		-			(16	)
Accrued expenses and other liabilities ⁽²⁾		-		-			-			(201	)		(201	)
Long-term debt ⁽²⁾		-		494			-			191			685

Total	$	635	$	1,462		$	(2,718	)	$	(371	)	$	(992	)


⁽¹⁾		Mortgage banking income does not reflect the impact of Level 1 and Level 2 hedges on MSRs.

⁽²⁾		Amounts represent instruments which are accounted for under the fair value option.

- Definition

Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) the reasons for electing a fair value option for each eligible item or group of similar eligible items and (b) if the fair value option is elected for some but not all eligible items within a group of similar eligible items: (i) a description of those similar items and the reasons for partial election and (ii) information of how the group of similar items relates to individual balance sheet line items; (c) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, information of how each line item in the statement of financial position relates to major categories of assets and liabilities presented in accordance with other fair value disclosures; (2) for items included in the income statement: (a) a description of how interest and dividends are measured and where they are reported in the income statement; (b) how the gains or losses attributable to changes in instrument-specific credit risk were determined; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk: (i) qualitative information about the reasons for the changes and (ii) how the gains and losses attributable to changes in instrument-specific credit risk were determined; and (3) certain other disclosures as required or determined to be provided.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 18
-Subparagraph b(1), b(2)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14217-108612

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 22
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14210-108612

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b),(c)(2),(d)(2)-(3)
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 19
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 19
-Subparagraph d(2), d(3)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 19
-Subparagraph c(2)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 18
-Subparagraph c(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (a),(b),(c)(1)
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 18
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details