Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

October 30, 2020

Documents

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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, 2020
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:
(704) 386-5681
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 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
of 5.000% Non-Cumulative Preferred Stock, Series LL
Depositary Shares, each representing a 1/1,000th interest in a share of BAC PrO New York Stock Exchange
4.375% Non-Cumulative Preferred Stock, Series NN
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 29, 2020, there were 8,650,789,694 shares of Bank of America Corporation Common Stock outstanding.
Bank of America 2

Bank of America Corporation and Subsidiaries
September 30, 2020
Form 10-Q
INDEX
Part I. Financial Information
Item 1. Financial Statements Page
Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
8 
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, provision for credit losses, 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 2019 Annual Report on Form 10-K and in any of the Corporation’s subsequent Securities and Exchange Commission filings: the Corporation’s potential judgments, claims, damages, penalties, fines and reputational damage resulting from pending or future litigation and regulatory and government actions, including as a result of our participation in and execution of government programs related to the Coronavirus Disease 2019 (COVID-19) pandemic; 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 revenue, net interest income, provision for credit losses, 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; uncertainty regarding the content, timing and impact of regulatory capital and liquidity requirements; the impact of adverse changes to total loss-absorbing capacity requirements, stress capital buffer 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, derivatives regulations and the Coronavirus Aid, Relief, and Economic Security Act and any similar or related rules and 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 or campaigns; the impact on the Corporation’s business, financial condition and results of operations from the United Kingdom's exit from the European Union; the impact of any future federal government shutdown and uncertainty regarding the federal government’s debt limit or changes to the U.S. presidential administration and Congress; the emergence of widespread health emergencies or pandemics, including the magnitude and duration of the COVID-19 pandemic and its impact on the U.S. and/or global economy, financial market conditions and our business, results of operations and financial condition; the impact of natural disasters, military conflict, terrorism or other geopolitical events; 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.
Bank of America 2

Throughout the MD&A, the Corporation uses certain acronyms and abbreviations which are defined in the Glossary.
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,” “we,” “us” and “our” 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, 2020, the Corporation had $2.7 trillion in assets and a headcount of approximately 211,000 employees.
As of September 30, 2020, we served clients through operations across the U.S., its territories and approximately 35 countries. Our retail banking footprint covers all major markets in the U.S., and we serve approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, approximately 17,000 ATMs, and leading digital banking platforms (www.bankofamerica.com) with more than 39 million active users, including approximately 31 million active mobile users. We offer industry-leading support to approximately three million small business households. Our wealth management businesses, with client balances of $3.1 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
In June 2020, the Board of Governors of the Federal Reserve System (Federal Reserve) notified BHCs of their 2020 Comprehensive Capital Analysis and Review (CCAR) supervisory stress test results, which included a preliminary stress capital buffer (SCB) that was finalized in August 2020. Based on our results, we are subject to a 2.5 percent SCB for the period beginning October 1, 2020 and ending on September 30, 2021.
Due to economic uncertainty resulting from the Coronavirus Disease 2019 (COVID-19) pandemic, the Federal Reserve required all large banks to suspend share repurchase programs in the third quarter of 2020, except for repurchases to offset shares awarded under equity-based compensation plans, and to limit dividends to existing rates that do not exceed the average of the last four quarters’ net income. In September 2020, the Federal Reserve announced that these measures would remain in place for the fourth quarter of 2020. Large banks will also be required to resubmit and update their capital plans in November
2020 based on the Federal Reserve’s updated supervisory stress test scenarios. The Federal Reserve announced that they will publish the results of the additional supervisory stress tests by December 31, 2020.
On October 21, 2020, the Board of Directors (the Board) declared a quarterly common stock dividend at the current rate of $0.18 per share. We intend to maintain the quarterly common stock dividend at this rate until further notice, subject to approval by the Board. For more information on our capital resources, see Capital Management on page 23.
COVID-19 Pandemic
As previously disclosed, in the first quarter of 2020, the World Health Organization declared the outbreak of COVID-19 a pandemic. In an attempt to contain the spread and impact of the COVID-19 pandemic, travel bans and restrictions, quarantines, shelter-in-place orders and limitations on business activity have been implemented. Additionally, there has been a decline in global economic activity, reduced U.S. and global economic output and a deterioration in macroeconomic conditions in the U.S. and globally. This has resulted in, among other things, high rates of unemployment and underemployment and caused volatility and disruptions in the global financial markets, including the energy and commodity markets. Although some restrictive measures have been eased in certain areas, businesses, market participants, our counterparties and clients, and the U.S. and global economies have been negatively impacted and are likely to be so for an extended period of time, as there remains significant uncertainty about the timing and strength of an economic recovery.
In response to the pandemic, the Corporation has implemented protocols and processes to execute its business continuity plans and help protect its employees and support its clients. The Corporation is managing its response to the COVID-19 pandemic according to its Enterprise Response Framework, which invokes centralized management of the crisis event and the integration of its response. The CEO and key members of the Corporation’s management team meet regularly with co-leaders of the Executive Response Team, which is composed of senior executives across the Corporation, to help drive decisions, communications and consistency of response across all businesses and functions. We are also coordinating with global, regional and local authorities and health experts, including the U.S. Centers for Disease Control and Prevention (CDC) and the World Health Organization.
Additionally, we have implemented a number of measures to assist our employees, clients and the communities we serve as discussed below.
Employees
We are providing support to our teammates to help promote the health and safety of our employees by monitoring guidance from the CDC, medical boards and health authorities and sharing such guidance with our employees. We are also operating our businesses from remote locations and leveraging our business continuity plans and capabilities.
The Corporation has globally implemented a work-from-home posture, which has resulted in the substantial majority of our employees working from home, and pre-planned contingency strategies for site-based operations for our remaining employees. We continue to evaluate our continuity plans and work-from-home strategy in an effort to best protect the health and safety of our employees.
3 Bank of America


Clients
We continue to leverage our business continuity plans and capabilities to service our clients and meet our clients’ financial needs by offering assistance to clients affected by the COVID-19 pandemic and providing access to credit and the important financial services on which our clients rely. We are also participating in the programs created by the Coronavirus Aid, Relief and Economic Security (CARES Act) and Federal Reserve lending programs for businesses, such as the Paycheck Protection Program (PPP) and Main Street Lending Program, as well as other measures. While most of our deferral programs expired in the third quarter of 2020, we continue to offer assistance on a case-by-case basis when requested by clients affected by the COVID-19 pandemic.
As of September 30 2020, we had approximately 343,000 PPP loans outstanding with balances totaling $24.7 billion, which were recorded in the Consumer, GWIM and Global Banking segments. In addition, we have begun to process applications for forgiveness. For more information on PPP loans, see Credit Risk Management on page 31, and for more information on accounting for PPP loans and loan modifications under the CARES Act, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements.
Community Partners
We continue to support the communities where we live and work by engaging in various initiatives to help those affected by COVID-19. These initiatives include committing resources to provide medical supplies, food and other necessities for those in need. We are also supporting racial equality, economic opportunity and environmental sustainability through direct equity investments in minority-owned depository institutions, equity investments in minority entrepreneurs, businesses and funds, as well as other initiatives.

Risk Management
We continue to manage the increased operational risk related to the execution of our business continuity plans in accordance with our Enterprise Response Framework, Risk Framework and Operational Risk Management Program. For more information, see Managing Risk on page 23.
Loan Modifications
The Corporation has implemented various consumer and commercial loan modification programs to provide its borrowers relief from the economic impacts of COVID-19. Based on guidance in the CARES Act that the Corporation adopted, COVID-19 related modifications to consumer and commercial loans that were current as of December 31, 2019 are exempt from troubled debt restructuring (TDR) classification under accounting principles generally accepted in the United States of America (GAAP). In addition, the bank regulatory agencies issued interagency guidance stating that COVID-19 related short-term modifications (i.e., six months or less) granted to consumer or commercial loans that were current as of the loan modification program implementation date are not TDRs. For more information, see Note 1 – Summary of Significant Accounting Principles and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements.
We have provided borrowers with relief from the economic impacts of COVID-19 through payment deferral and forbearance programs. A significant portion of deferrals expired in the third quarter of 2020, reflecting a decline in customer requests for assistance.
As of October 21, 2020, deferred consumer and small business loans recorded on the Consolidated Balance Sheet totaled $9.8 billion, consisting of $9.0 billion of residential mortgage and home equity loans, including loans serviced by others, that are well-collateralized, $298 million of consumer credit card loans and $582 million of small business and consumer vehicle loans. For deferred residential mortgage and home equity loans, the weighted average loan-to-value (LTV) and combined LTV (CLTV) ratios were 61 percent and 57 percent, respectively. Of the consumer credit card loans for which payment deferral programs have expired, 91 percent of cardholders have made at least one payment since exiting deferral.
As of October 21, 2020, excluding small business, deferred commercial balances totaled $1.4 billion, or 0.29 percent of total commercial loans.
Other Related Matters
Although the macroeconomic outlook improved modestly in the three months ended September 30, 2020, the future direct and indirect impact of COVID-19 on our businesses, results of operations and financial condition of the Corporation remain highly uncertain. Should current economic conditions persist or deteriorate, this macroeconomic environment will have a continued adverse effect on our businesses and results of operations and could have an adverse effect on our financial condition. For more information on how the risks related to the COVID-19 pandemic may adversely affect our businesses, results of operations and financial condition, see Part II, Item 1A. Risk Factors on page 105.
LIBOR and Other Benchmark Rates
As previously disclosed, to facilitate an orderly transition from Interbank Offered Rates (IBORs) and other benchmark rates to alternative reference rates (ARRs), the Corporation has established an enterprise-wide program to identify, assess and monitor risks associated with the expected discontinuation or unavailability of benchmarks, including the London Interbank Offered Rate (LIBOR). As part of this program, the Corporation continues to identify, assess and monitor risks associated with the expected discontinuation or unavailability of LIBOR and other benchmarks. Additionally, the Corporation continues to evaluate and address documentation and contractual mechanics of outstanding IBOR-based products and contracts that may mature after LIBOR is no longer deemed a representative benchmark, as well as new and potential future ARR-based products and contracts to achieve operational readiness.
This program, which is led by the Corporation's Chief Operating Officer, includes active involvement of senior management and regular reports to the Enterprise Risk Committee. The program is structured to address the Corporation's industry and regulatory engagement, client and financial contract changes, internal and external communications, technology and operations modifications, introduction of new products, migration of existing clients, and program strategy and governance.
As the markets for ARRs continue to grow, the Corporation continues to monitor and participate in the development and usage of ARRs, including the Secured Overnight Financing Rate (SOFR) and the Sterling Overnight Index Average (SONIA). The Corporation issued debt and deposits linked to SOFR and SONIA, facilitated debt issuances by clients linked to SOFR and SONIA, and executed SOFR- and SONIA-based derivative contracts to make markets and facilitate client activities.
Bank of America 4

In accordance with the industry-wide transition from IBORs to ARRs, central clearing counterparties (CCPs) in Europe and the U.S., which act as intermediaries and require collateral deposits for the clearing and settlement of interest rate swap products and other derivatives, changed the interest rate used to calculate amounts due to counterparties for collateral deposits posted with them from the European Overnight Index Average (EONIA) to the Euro Short-Term Rate (ESTR) and the Effective Fed Funds Rate (EFFR) to SOFR in July and October 2020, respectively. In connection with this transition, the Corporation updated its operational models, systems, procedures and internal infrastructure. The earnings impact from the changes in net valuations of these derivatives was not significant at the point of conversion, as the Corporation either provided or received compensation to/from the CCPs. Additionally, in October 2020, the Corporation and certain of its subsidiaries adhered to the International Swaps and Derivatives Association, Inc. 2020 IBOR Fallbacks Protocol, effective January 25, 2021, which provides a mechanism to enable market participants to incorporate fallbacks for certain legacy non-cleared derivatives linked to certain IBORs.
The Corporation continues to monitor the impact of COVID-19 on the market and industry transition to ARRs, including the readiness of impacted clients and their operational readiness to transition to ARRs. 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 and Item 1A. Risk Factors - Other of the Corporation’s 2019 Annual Report on Form 10-K. For more information about the Corporation's risks related to the COVID-19 pandemic, see Part II, Item 1A. Risk Factors on page 105.
Merchant Services Joint Venture
Prior to July 1, 2020, a significant portion of our merchant processing activity was performed by a joint venture in which we held a 49 percent ownership interest. Effective July 1, 2020, the Corporation received its share of the joint venture's merchant contracts and began performing merchant processing services for these merchants. The Corporation records merchant revenue in card income with the related costs in noninterest expense in the Consolidated Statement of Income. For more information, see Note 10 – Commitments and Contingencies to the Consolidated Financial Statements.
Financial Highlights
Effective January 1, 2020, we adopted the new accounting standard on current expected credit losses (CECL), under which the allowance is measured based on management’s best estimate of lifetime expected credit losses (ECL). Prior-year periods presented reflect measurement of the allowance based on management’s estimate of probable incurred credit losses. For more information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements.
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) 2020 2019 2020 2019
Income statement    
Net interest income $ 10,129  $ 12,187  $ 33,107  $ 36,751 
Noninterest income 10,207  10,620  32,322  32,144 
Total revenue, net of interest expense 20,336  22,807  65,429  68,895 
Provision for credit losses 1,389  779  11,267  2,649 
Noninterest expense 14,401  15,169  41,286  41,661 
Income before income taxes 4,546  6,859  12,876  24,585 
Income tax expense (335) 1,082  452  4,149 
Net income 4,881  5,777  12,424  20,436 
Preferred stock dividends 441  505  1,159  1,186 
Net income applicable to common shareholders
 $ 4,440  $ 5,272  $ 11,265  $ 19,250 
Per common share information        
Earnings $ 0.51  $ 0.57  $ 1.29  $ 2.02 
Diluted earnings 0.51  0.56  1.28  2.01 
Dividends paid 0.18  0.18  0.54  0.48 
Performance ratios    
Return on average assets (1)
0.71  % 0.95  % 0.63  % 1.14  %
Return on average common shareholders’ equity (1)
7.24  8.48  6.20  10.49 
Return on average tangible common shareholders’ equity (2)
10.16  11.84  8.71  14.67 
Efficiency ratio (1)
70.81  66.51  63.10  60.47 
September 30
2020		 December 31
2019
Balance sheet    
Total loans and leases $ 955,172  $ 983,426 
Total assets 2,738,452  2,434,079 
Total deposits 1,702,880  1,434,803 
Total liabilities 2,469,602  2,169,269 
Total common shareholders’ equity 245,423  241,409 
Total shareholders’ equity 268,850  264,810 
(1)For definitions, see Key Metrics on page 104.
(2)Return on average tangible common shareholders’ equity is a non-GAAP financial measure. For more information and a corresponding reconciliation to the most closely related financial measures defined by accounting principles generally accepted in the United States of America, see Non-GAAP Reconciliations on page 51.
5 Bank of America


Net income was $4.9 billion and $12.4 billion, or $0.51 and $1.28 per diluted share, for the three and nine months ended September 30, 2020 compared to $5.8 billion and $20.4 billion, or $0.56 and $2.01 per diluted share, for the same periods in 2019. The decline in net income was primarily due to higher provision for credit losses driven by the weaker economic outlook related to COVID-19 and lower net interest income, partially offset by a $2.1 billion pretax impairment charge related to the notice of the termination of the merchant services joint venture in the prior year.
Total assets increased $304.4 billion from December 31, 2019 to $2.7 trillion primarily driven by an increase in cash and cash equivalents, debt securities and federal funds sold and securities borrowed or purchased under agreements to resell primarily due to cash deployed from higher deposit balances. The increase in assets was partially offset by lower loans and leases primarily driven by a decline in credit card originations and promotional balances, mortgage paydowns and lower origination volumes.
Total liabilities increased $300.3 billion from December 31, 2019 to $2.5 trillion primarily driven by higher deposit inflows resulting from government stimulus actions and client responses to market volatility as clients improved their liquidity positions. The increase in liabilities was also due to higher federal funds purchased and securities loaned or sold under agreements to repurchase primarily due to higher inventory in Fixed Income, Currencies and Commodities (FICC) within Global Markets. Long-term debt also increased primarily driven by
valuations due to lower interest rates, as well as debt issuances.
Shareholders’ equity increased $4.0 billion from December 31, 2019 primarily due to net income and market value increases on debt securities, partially offset by returns of capital to shareholders through common stock repurchases and common and preferred stock dividends as well as the impact of the adoption of the new credit loss accounting standard.
Net Interest Income
Net interest income decreased $2.1 billion to $10.1 billion, and $3.6 billion to $33.1 billion for the three and nine months ended September 30, 2020 compared to the same periods in 2019. Net interest yield on a fully taxable-equivalent (FTE) basis decreased 69 basis points (bps) to 1.72 percent, and 49 bps to 1.96 percent for the same periods. The decrease in net interest income was primarily driven by lower interest rates, partially offset by reduced deposit and funding costs, the deployment of excess deposits into securities and an additional day of interest accrual. We expect net interest income to remain relatively flat or to modestly increase in the fourth quarter of 2020 as compared to the third quarter of 2020 assuming economic conditions do not deteriorate and interest rates remain stable as compared to September 30, 2020. For more information on net interest yield and the FTE basis, see Supplemental Financial Data on page 8, and for more information on interest rate risk management, see Interest Rate Risk Management for the Banking Book on page 48.
Noninterest Income
Table 2 Noninterest Income
Three Months Ended September 30 Nine Months Ended
September 30
(Dollars in millions) 2020 2019 2020 2019
Fees and commissions:
Card income $ 1,568  $ 1,465  $ 4,089  $ 4,286 
Service charges 1,817  1,975  5,282  5,717 
Investment and brokerage services 3,623  3,494  10,803  10,324 
Investment banking fees 1,769  1,533  5,316  4,168 
Total fees and commissions 8,777  8,467  25,490  24,495 
Market making and similar activities 1,689  2,118  6,983  7,267 
Other income (259) 35  (151) 382 
Total noninterest income $ 10,207  $ 10,620  $ 32,322  $ 32,144 
Noninterest income decreased $413 million to $10.2 billion and increased $178 million to $32.3 billion for the three and nine months ended September 30, 2020 compared to the same periods in 2019. The following highlights the significant changes.
●    Card income increased $103 million for the three-month period and decreased $197 million for the nine-month period. The increase in the three-month period was primarily driven by higher income related to the processing of unemployment insurance and higher merchant processing, partially offset by lower client activity related to the impact of COVID-19. The decrease in the nine-month period was primarily due to lower levels of consumer spending driven by the impact of COVID-19.
●    Service charges decreased $158 million and $435 million primarily due to higher deposit balances and lower client activity due to the impact of COVID-19.
●    Investment and brokerage services income increased $129 million and $479 million primarily due to higher client transactional activity, higher market valuations and assets
under management (AUM) flows, partially offset by declines in AUM pricing.     
●    Investment banking fees increased $236 million and $1.1 billion primarily due to higher equity underwriting fees and for the nine-month period, higher debt underwriting fees, as well.
●    Market making and similar activities decreased $429 million and $284 million. The decrease in both periods was primarily due to the impact of lower U.S. interest rates on certain risk management derivatives. The decrease in the nine-month period was also partially offset by increased client activity and strong trading performance in FICC.
●    Other income decreased $294 million and $533 million. The decrease in the three-month period was primarily due to higher partnership losses on tax credit investments, primarily affordable housing and renewable energy, as well as loan sales in the prior period. The decrease in the nine-month period was primarily due to lower equity investment income and higher partnership losses on tax credit investments.
Bank of America 6

Provision for Credit Losses
The provision for credit losses increased $610 million to $1.4 billion, and $8.6 billion to $11.3 billion for the three and nine months ended September 30, 2020 compared to the same periods in 2019 primarily driven by higher ECL due to a weaker economic outlook related to COVID-19. For more information on the provision for credit losses, see Allowance for Credit Losses on page 44.
Noninterest Expense
Table 3 Noninterest Expense
Three Months Ended September 30 Nine Months Ended
September 30
(Dollars in millions) 2020 2019 2020 2019
Compensation and benefits $ 8,200  $ 7,779  $ 24,535  $ 24,000 
Occupancy and equipment 1,798  1,663  5,302  4,908 
Information processing and communications 1,333  1,163  3,807  3,484 
Product delivery and transaction related 930  696  2,518  2,067 
Marketing 308  440  1,238  1,410 
Professional fees 450  386  1,206  1,155 
Other general operating 1,382  3,042  2,680  4,637 
Total noninterest expense $ 14,401  $ 15,169  $ 41,286  $ 41,661 
Noninterest expense decreased $768 million to $14.4 billion, and $375 million to $41.3 billion for the three and nine months ended September 30, 2020 compared to the same periods in 2019. The decrease was primarily due to a $2.1 billion pretax impairment charge related to the notice of termination of the merchant services joint venture recorded in the prior-year
periods, partially offset by the impact of COVID-19 related expense, as well as higher litigation expense. Absent unexpected changes, we expect noninterest expense will be approximately $13.7 billion in the fourth quarter of 2020 assuming both lower COVID-19 related costs and litigation expense.
Income Tax Expense
Table 4 Income Tax Expense
Three Months Ended September 30 Nine Months Ended
September 30
(Dollars in millions) 2020 2019 2020 2019
Income before income taxes $ 4,546  $ 6,859  $ 12,876  $ 24,585 
Income tax expense (335) 1,082  452  4,149 
Effective tax rate (7.4) % 15.8  % 3.5  % 16.9  %
The changes in the effective tax rates for the three and nine months ended September 30, 2020 compared to the same periods a year ago were driven by the impact of our recurring tax preference benefits on the lower levels of pretax income and the impact of the U.K. tax law change discussed below. Our recurring tax preference benefits primarily consist of tax credits from investments in affordable housing and renewable energy, aligning with our responsible growth strategy to address global sustainability challenges. We expect the effective tax rate for the fourth quarter of 2020 to be approximately 10 percent, excluding unusual items. Absent these tax credits, the effective tax rate would be approximately 26 percent.
On July 22, 2020, the U.K. enacted a reversal of the final two percent of scheduled decreases in the U.K. corporation tax rate, which had been previously enacted. This change will unfavorably affect income tax expense on future U.K. earnings, and requires a reversal of the adjustment to the U.K. net deferred tax assets recognized at the time the related tax rate decrease was originally enacted. Accordingly, during the third quarter of 2020, the Corporation recorded a positive income tax adjustment of approximately $700 million along with a corresponding increase to the U.K. net deferred tax assets.

7 Bank of America


Supplemental Financial Data
Non-GAAP Financial Measures
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 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 objectives. 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 ratios utilizing tangible equity provide 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 and 6.
For more information on the reconciliation of these non-GAAP financial measures to the corresponding GAAP financial measures, see Non-GAAP Reconciliations on page 51.
Key Performance Indicators
We present certain key financial and nonfinancial performance indicators (key performance indicators) that management uses when assessing our consolidated and/or segment results. We believe they are useful to investors because they provide additional information about our underlying operational performance and trends. These key performance indicators (KPIs) may not be defined or calculated in the same way as similar KPIs used by other companies. For information on how these metrics are defined, see Key Metrics on page 104.
Our consolidated key performance indicators, which include various equity and credit metrics, are presented in Table 1 on page 5 and/or Table 5 on page 9.
For information on key segment performance metrics, see Business Segment Operations on page 12.

Bank of America 8

Table 5 Selected Financial Data
2020 Quarters 2019 Quarters Nine Months Ended
September 30
(In millions, except per share information) Third Second First Fourth Third 2020 2019
Income statement    
Net interest income $ 10,129  $ 10,848  $ 12,130  $ 12,140  $ 12,187  $ 33,107  $ 36,751 
Noninterest income 10,207  11,478  10,637  10,209  10,620  32,322  32,144 
Total revenue, net of interest expense 20,336  22,326  22,767  22,349  22,807  65,429  68,895 
Provision for credit losses 1,389  5,117  4,761  941  779  11,267  2,649 
Noninterest expense 14,401  13,410  13,475  13,239  15,169  41,286  41,661 
Income before income taxes 4,546  3,799  4,531  8,169  6,859  12,876  24,585 
Income tax expense (335) 266  521  1,175  1,082  452  4,149 
Net income 4,881  3,533  4,010  6,994  5,777  12,424  20,436 
Net income applicable to common shareholders 4,440  3,284  3,541  6,748  5,272  11,265  19,250 
Average common shares issued and outstanding
 8,732.9  8,739.9  8,815.6  9,017.1  9,303.6  8,762.6  9,516.2 
Average diluted common shares issued and outstanding
 8,777.5  8,768.1  8,862.7  9,079.5  9,353.0  8,800.5  9,565.7 
Performance ratios              
Return on average assets (1)
0.71  % 0.53  % 0.65  % 1.13  % 0.95  % 0.63  % 1.14  %
Four-quarter trailing return on average assets (2)
0.75  0.81  0.99  1.14  1.17  n/a n/a
Return on average common shareholders’ equity (1)
7.24  5.44  5.91  11.00  8.48  6.20  10.49 
Return on average tangible common shareholders’ equity (1)
10.16  7.63  8.32  15.43  11.84  8.71  14.67 
Return on average shareholders’ equity (1)
7.26  5.34  6.10  10.40  8.48  6.24  10.19 
Return on average tangible shareholders’ equity (3)
9.84  7.23  8.29  14.09  11.43  8.46  13.78 
Total ending equity to total ending assets 9.82  9.69  10.11  10.88  11.06  9.82  11.06 
Total average equity to total average assets 9.76  9.85  10.60  10.89  11.21  10.05  11.22 
Dividend payout 35.36  47.87  44.57  23.90  31.48  41.90  23.56 
Per common share data              
Earnings $ 0.51  $ 0.38  $ 0.40  $ 0.75  $ 0.57  $ 1.29  $ 2.02 
Diluted earnings 0.51  0.37  0.40  0.74  0.56  1.28  2.01 
Dividends paid 0.18  0.18  0.18  0.18  0.18  0.54  0.48 
Book value (1)
28.33  27.96  27.84  27.32  26.96  28.33  26.96 
Tangible book value (3)
20.23  19.90  19.79  19.41  19.26  20.23  19.26 
Market capitalization $ 208,656  $ 205,772  $ 184,181  $ 311,209  $ 264,842  $ 208,656  $ 264,842 
Average balance sheet          
Total loans and leases $ 974,018  $ 1,031,387  $ 990,283  $ 973,986  $ 964,733 
Total assets 2,739,684  2,704,186  2,494,928  2,450,005  2,412,223 
Total deposits 1,695,488  1,658,197  1,439,336  1,410,439  1,375,052 
Long-term debt 224,254  221,167  210,816  206,026  202,620 
Common shareholders’ equity 243,896  242,889  241,078  243,439  246,630 
Total shareholders’ equity 267,323  266,316  264,534  266,900  270,430 
Asset quality          
Allowance for credit losses (4)
$ 21,506  $ 21,091  $ 17,126  $ 10,229  $ 10,242 
Nonperforming loans, leases and foreclosed properties (5)
4,730  4,611  4,331  3,837  3,723 
Allowance for loan and lease losses as a percentage of total loans and leases outstanding (5)
2.07  % 1.96  % 1.51  % 0.97  % 0.98  %
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases (5)
431  441  389  265  271 
Net charge-offs $ 972  $ 1,146  $ 1,122  $ 959  $ 811 
Annualized net charge-offs as a percentage of average loans and leases outstanding (5)
0.40  % 0.45  % 0.46  % 0.39  % 0.34  %
Capital ratios at period end (6)
         
Common equity tier 1 capital
 11.9  % 11.4  % 10.8  % 11.2  % 11.4  %
Tier 1 capital
 13.5  12.9  12.3  12.6  12.9 
Total capital
 16.1  14.8  14.6  14.7  15.1 
Tier 1 leverage
 7.4  7.4  7.9  7.9  8.2 
Supplementary leverage ratio
 6.9  7.1  6.4  6.4  6.6 
Tangible equity (3)
7.4  7.3  7.7  8.2  8.4 
Tangible common equity (3)
6.6  6.5  6.7  7.3  7.4 
Total loss-absorbing capacity and long-term debt metrics
Total loss-absorbing capacity to risk-weighted assets
 26.9  % 26.0  % 24.6  % 24.6  % 24.8  %
Total loss-absorbing capacity to supplementary leverage exposure
 13.7  14.2  12.8  12.5  12.7 
Eligible long-term debt to risk-weighted assets
 12.9  12.4  11.6  11.5  11.4 
Eligible long-term debt to supplementary leverage exposure
 6.6  6.7  6.1  5.8  5.8 
(1)For definitions, see Key Metrics on page 104.
(2)Calculated as total net income for four consecutive quarters divided by annualized average assets for four consecutive quarters.
(3)Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures. For more information on these ratios and corresponding reconciliations to GAAP financial measures, see Supplemental Financial Data on page 8 and Non-GAAP Reconciliations on page 51.
(4)Includes the allowance for loan and lease losses and the reserve for unfunded lending commitments.
(5)Balances and ratios do not include loans accounted for under the fair value option. For additional exclusions from nonperforming loans, leases and foreclosed properties, see Consumer Portfolio Credit Risk Management – Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity on page 36 and corresponding Table 26 and Commercial Portfolio Credit Risk Management – Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity on page 41 and corresponding Table 33.
(6)For more information, including which approach is used to assess capital adequacy, see Capital Management on page 23.
n/a = not applicable



9 Bank of America


Table 6 Quarterly Average Balances and Interest Rates - FTE Basis
Average
Balance
Interest
Income/
Expense (1)
Yield/
Rate		 Average
Balance
Interest
Income/
Expense (1)
Yield/
Rate
(Dollars in millions) Third Quarter 2020 Third Quarter 2019
Earning assets            
Interest-bearing deposits with the Federal Reserve, non-U.S. central
   banks and other banks
 $ 245,682  $ 10  0.02  % $ 122,033  $ 453  1.47  %
Time deposits placed and other short-term investments 7,686  (4) (0.25) 9,863  47  1.87 
Federal funds sold and securities borrowed or purchased under
   agreements to resell
 384,221  55  0.06  269,129  1,242  1.83 
Trading account assets 146,972  960  2.60  157,818  1,338  3.37 
Debt securities 533,261  2,147  1.63  447,126  2,856  2.56 
Loans and leases (2):
Residential mortgage 237,414  1,811  3.05  224,084  1,937  3.46 
Home equity 37,897  284  2.99  43,616  552  5.03 
Credit card 81,309  2,086  10.20  94,370  2,581  10.85 
Direct/Indirect and other consumer (3)
89,559  593  2.63  90,813  824  3.59 
Total consumer 446,179  4,774  4.26  452,883  5,894  5.18 
U.S. commercial 343,533  2,099  2.43  324,436  3,279  4.01 
Non-U.S. commercial 102,938  531  2.05  105,003  905  3.42 
Commercial real estate (4)
63,262  393  2.47  62,185  687  4.38 
Commercial lease financing 18,106  138  3.04  20,226  182  3.58 
Total commercial 527,839  3,161  2.38  511,850  5,053  3.92 
Total loans and leases 974,018  7,935  3.25  964,733  10,947  4.51 
Other earning assets 83,086  497  2.39  68,018  1,181  6.90 
Total earning assets 2,374,926  11,600  1.95  2,038,720  18,064  3.52 
Cash and due from banks 32,714  25,588 
Other assets, less allowance for loan and lease losses 332,044  347,915 
Total assets $ 2,739,684  $ 2,412,223 
Interest-bearing liabilities            
U.S. interest-bearing deposits:            
Savings $ 61,228  $ 1  0.01  % $ 51,277  $ 1  0.01  %
Demand and money market deposit accounts 842,987  93  0.04  741,602  1,172  0.63 
Consumer CDs and IRAs 45,921  84  0.73  49,811  136  1.08 
Negotiable CDs, public funds and other deposits 57,499  31  0.21  63,936  354  2.19 
Total U.S. interest-bearing deposits 1,007,635  209  0.08  906,626  1,663  0.73 
Non-U.S. interest-bearing deposits:
Banks located in non-U.S. countries 1,108  —  0.08  1,721  5  1.13 
Governments and official institutions 177  —  —  188  —  0.02 
Time, savings and other 74,200  18  0.10  70,234  212  1.20 
Total non-U.S. interest-bearing deposits 75,485  18  0.09  72,143  217  1.19 
Total interest-bearing deposits 1,083,120  227  0.08  978,769  1,880  0.76 
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities
 286,582  (24) (0.03) 280,123  1,876  2.66 
Trading account liabilities 39,689  212  2.13  45,750  303  2.63 
Long-term debt 224,254  942  1.67  202,620  1,670  3.28 
Total interest-bearing liabilities 1,633,645  1,357  0.33  1,507,262  5,729  1.51 
Noninterest-bearing sources:
Noninterest-bearing deposits 612,368  396,283 
Other liabilities (5)
226,348  238,248 
Shareholders’ equity 267,323  270,430 
Total liabilities and shareholders’ equity $ 2,739,684  $ 2,412,223 
Net interest spread 1.62  % 2.01  %
Impact of noninterest-bearing sources 0.10  0.40 
Net interest income/yield on earning assets (6)
$ 10,243  1.72  % $ 12,335  2.41  %
(1)Includes the impact of interest rate risk management contracts. For more information, see Interest Rate Risk Management for the Banking Book on page 48.
(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 third quarter of 2020 and 2019.
(4)Includes U.S. commercial real estate loans of $59.6 billion and $57.6 billion, and non-U.S. commercial real estate loans of $3.7 billion and $4.5 billion for the third quarter of 2020 and 2019.
(5)Includes $34.2 billion and $38.1 billion of structured notes and liabilities for the third quarter of 2020 and 2019.
(6)Net interest income includes FTE adjustments of $114 million and $148 million for the third quarter of 2020 and 2019.
Bank of America 10

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) 2020 2019
Earning assets            
Interest-bearing deposits with the Federal Reserve, non-U.S. central
   banks and other banks
 $ 230,265  $ 311  0.18  % $ 126,416  $ 1,454  1.54  %
Time deposits placed and other short-term investments 9,070  31  0.45  9,377  167  2.38 
Federal funds sold and securities borrowed or purchased under
   agreements to resell
 325,356  900  0.37  274,822  3,746  1.82 
Trading account assets 149,002  3,247  2.91  148,368  4,016  3.62 
Debt securities 491,664  7,477  2.05  445,104  9,051  2.71 
Loans and leases (2):
           
Residential mortgage 239,623  5,678  3.16  216,744  5,698  3.51 
Home equity 39,078  1,013  3.46  45,735  1,732  5.06 
Credit card 87,302  6,690  10.24  94,333  7,622  10.80 
Direct/Indirect and other consumer (3)
89,824  1,962  2.92  90,567  2,475  3.65 
Total consumer 455,827  15,343  4.49  447,379  17,527  5.23 
U.S. commercial 349,616  7,407  2.83  319,621  10,010  4.19 
Non-U.S. commercial 110,096  1,975  2.40  103,625  2,685  3.46 
Commercial real estate (4)
64,062  1,406  2.93  61,612  2,109  4.58 
Commercial lease financing 18,872  427  3.02  20,932  550  3.50 
Total commercial 542,646  11,215  2.76  505,790  15,354  4.06 
Total loans and leases 998,473  26,558  3.55  953,169  32,881  4.61 
Other earning assets 81,079  1,986  3.27  67,431  3,445  6.83 
Total earning assets 2,284,909  40,510  2.37  2,024,687  54,760  3.61 
Cash and due from banks 30,663    25,787   
Other assets, less allowance for loan and lease losses 331,035      340,469     
Total assets $ 2,646,607      $ 2,390,943     
Interest-bearing liabilities            
U.S. interest-bearing deposits:            
Savings $ 56,271  $ 4  0.01  % $ 52,604  $ 4  0.01  %
Demand and money market deposit accounts 821,324  898  0.15  736,613  3,557  0.65 
Consumer CDs and IRAs 50,040  358  0.96  45,688  315  0.92 
Negotiable CDs, public funds and other deposits 68,964  296  0.57  66,618  1,129  2.27 
Total U.S. interest-bearing deposits 996,599  1,556  0.21  901,523  5,005  0.74 
Non-U.S. interest-bearing deposits:            
Banks located in non-U.S. countries 1,604  3  0.27  2,044  16  1.03 
Governments and official institutions 174  —  0.02  182  —  0.06 
Time, savings and other 74,660  225  0.40  67,740  619  1.22 
Total non-U.S. interest-bearing deposits 76,438  228  0.40  69,966  635  1.21 
Total interest-bearing deposits 1,073,037  1,784  0.22  971,489  5,640  0.78 
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities
 295,483  1,024  0.46  274,550  5,725  2.79 
Trading account liabilities 42,838  764  2.38  46,122  967  2.80 
Long-term debt 218,766  3,445  2.10  200,139  5,227  3.49 
Total interest-bearing liabilities 1,630,124  7,017  0.58  1,492,300  17,559  1.57 
Noninterest-bearing sources:            
Noninterest-bearing deposits 524,994      398,689     
Other liabilities (5)
225,427      231,731     
Shareholders’ equity 266,062      268,223     
Total liabilities and shareholders’ equity $ 2,646,607      $ 2,390,943     
Net interest spread     1.79  %     2.04  %
Impact of noninterest-bearing sources     0.17      0.41 
Net interest income/yield on earning assets (6)
  $ 33,493  1.96  %   $ 37,201  2.45  %
(1)Includes the impact of interest rate risk management contracts. For more information, see Interest Rate Risk Management for the Banking Book on page 48.
(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, 2020 and 2019.
(4)Includes U.S. commercial real estate loans of $60.4 billion and $57.0 billion, and non-U.S. commercial real estate loans of $3.7 billion and $4.6 billion for the nine months ended September 30, 2020 and 2019.
(5)Includes $35.1 billion and $34.9 billion of structured notes and liabilities for the nine months ended September 30, 2020 and 2019.
(6)Net interest income includes FTE adjustments of $386 million and $450 million for the nine months ended September 30, 2020 and 2019.




11 Bank of America


Business Segment Operations
Segment Description and Basis of Presentation
We report our results of operations through 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. For more information, see Business Segment Operations in the MD&A of the Corporation’s 2019 Annual Report on Form 10-K.
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 23. 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 7 – 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 8, and for reconciliations to consolidated total revenue, net income and period-end total assets, see Note 17 – Business Segment Information to the Consolidated Financial Statements.
Key Performance Indicators
We present certain key financial and nonfinancial performance indicators that management uses when evaluating segment results. We believe they are useful to investors because they provide additional information about our segments’ operational performance, customer trends and business growth.
Consumer Banking
Deposits Consumer Lending Total Consumer Banking
Three Months Ended September 30
(Dollars in millions) 2020 2019 2020 2019 2020 2019 % Change
Net interest income $ 3,244  $ 4,196  $ 2,646  $ 2,835  $ 5,890  $ 7,031  (16) %
Noninterest income:
Card income (3) (11) 1,224  1,300  1,221  1,289  (5)
Service charges 836  1,098  1  —  837  1,098  (24)
All other income 85  232  6  74  91  306  (70)
Total noninterest income 918  1,319  1,231  1,374  2,149  2,693  (20)
Total revenue, net of interest expense
 4,162  5,515  3,877  4,209  8,039  9,724  (17)
Provision for credit losses 59  84  420  833  479  917  (48)
Noninterest expense 2,938  2,664  1,904  1,735  4,842  4,399  10 
Income before income taxes 1,165  2,767  1,553  1,641  2,718  4,408  (38)
Income tax expense 285  678  381  402  666  1,080  (38)
Net income $ 880  $ 2,089  $ 1,172  $ 1,239  $ 2,052  $ 3,328  (38)
Effective tax rate (1)
24.5  % 24.5  %
Net interest yield 1.52  % 2.37  % 3.35  % 3.76  % 2.61  3.77 
Return on average allocated capital 29  69  18  20  21  36 
Efficiency ratio 70.60  48.29  49.10  41.23  60.23  45.23 
Balance Sheet
Three Months Ended September 30
Average 2020 2019 2020 2019 2020 2019 % Change
Total loans and leases $ 5,046  $ 5,404  $ 313,705  $ 298,428  $ 318,751  $ 303,832  5  %
Total earning assets (2)
849,189  703,926  314,079  299,041  896,867  739,802  21 
Total assets (2)
886,406  735,913  316,107  308,991  936,112  781,739  20 
Total deposits 853,452  703,628  7,547  5,711  860,999  709,339  21 
Allocated capital 12,000  12,000  26,500  25,000  38,500  37,000  4 
(1)Estimated at the segment level only.
(2)In segments and businesses where the total of liabilities and equity exceeds assets, we allocate assets from All Other to match the segments’ and businesses’ liabilities and allocated shareholders’ equity. As a result, total earning assets and total assets of the businesses may not equal total Consumer Banking.
Bank of America 12

Deposits Consumer Lending Total Consumer Banking
Nine Months Ended September 30
(Dollars in millions) 2020 2019 2020 2019 2020 2019 % Change
Net interest income $ 10,491  $ 12,867  $ 8,252  $ 8,386  $ 18,743  $ 21,253  (12) %
Noninterest income:
Card income (15) (24) 3,399  3,778  3,384  3,754  (10)
Service charges 2,537  3,162  1  1  2,538  3,163  (20)
All other income 244  673  111  230  355  903  (61)
Total noninterest income 2,766  3,811  3,511  4,009  6,277  7,820  (20)
Total revenue, net of interest expense
 13,257  16,678  11,763  12,395  25,020  29,073  (14)
Provision for credit losses 328  173  5,433  2,665  5,761  2,838  103 
Noninterest expense 8,532  7,993  5,539  5,185  14,071  13,178  7 
Income before income taxes 4,397  8,512  791  4,545  5,188  13,057  (60)
Income tax expense 1,077  2,086  194  1,113  1,271  3,199  (60)
Net income $ 3,320  $ 6,426  $ 597  $ 3,432  $ 3,917  $ 9,858  (60)
Effective tax rate (1)
24.5  % 24.5  %
Net interest yield 1.76  % 2.46  % 3.51  % 3.83  % 2.98  3.87 
Return on average allocated capital 37  72  3  18  14  36 
Efficiency ratio 64.36  47.92  47.09  41.84  56.24  45.33 
Balance Sheet
Nine Months Ended September 30
Average 2020 2019 2020 2019 2020 2019 % Change
Total loans and leases $ 5,264  $ 5,350  $ 313,820  $ 292,188  $ 319,084  $ 297,538  7  %
Total earning assets (2)
794,370  699,944  314,275  292,641  838,792  735,014  14 
Total assets (2)
829,505  731,593  318,214  302,862  877,866  776,884  13 
Total deposits 796,591  699,280  6,411  5,242  803,002  704,522  14 
Allocated capital 12,000  12,000  26,500  25,000  38,500  37,000  4 
Period end September 30
2020		 December 31
2019		 September 30
2020		 December 31
2019		 September 30
2020		 December 31
2019		 % Change
Total loans and leases $ 4,909  $ 5,467  $ 307,538  $ 311,942  $ 312,447  $ 317,409  (2) %
Total earning assets (2)
859,659  724,573  307,985  312,684  906,994  760,174  19 
Total assets (2)
897,182  758,459  310,981  322,717  947,513  804,093  18 
Total deposits 864,100  725,665  7,922  5,080  872,022  730,745  19 
See page 12 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 2019 Annual Report on Form 10-K.
Consumer Banking Results
Three-Month Comparison
Net income for Consumer Banking decreased $1.3 billion to $2.1 billion primarily due to lower revenue and higher noninterest expense, partially offset by lower provision for credit losses.
Net interest income decreased $1.1 billion to $5.9 billion primarily due to lower interest rates, partially offset by the benefit of higher deposit and loan balances. Noninterest income decreased $544 million to $2.1 billion driven by a decline in service charges primarily due to higher deposit balances and lower card income due to decreased client activity, as well as lower other income due to the allocation of asset and liability management (ALM) results.
The provision for credit losses decreased $438 million to $479 million primarily driven by a release in reserves due to an improved macroeconomic outlook and lower credit card balances.
Noninterest expense increased $443 million to $4.8 billion primarily driven by incremental expense to support customers and employees during COVID-19, as well as the cost of increased client activity and continued investments for business growth, including the merchant services platform.
The return on average allocated capital was 21 percent, down from 36 percent, driven by lower net income, and to a lesser extent, an increase in allocated capital. For information on capital allocated to the business segments, see Business Segment Operations on page 12.
Nine-Month Comparison
Net income for Consumer Banking decreased $5.9 billion to $3.9 billion primarily due to lower revenue and a higher provision for credit losses.
Net interest income decreased $2.5 billion to $18.7 billion and noninterest income decreased $1.5 billion to $6.3 billion. The declines were primarily driven by the same factors as described in the three-month discussion.
The provision for credit losses increased $2.9 billion to $5.8 billion primarily due to the weaker economic outlook related to COVID-19. Noninterest expense increased $893 million to $14.1 billion primarily driven by the same factors as described in the three-month discussion.
The return on average allocated capital was 14 percent, down from 36 percent, driven by lower net income and, to a lesser extent, an increase in allocated capital.
13 Bank of America


Deposits
Three-Month Comparison
Net income for Deposits decreased $1.2 billion to $880 million primarily driven by lower revenue. Net interest income declined $952 million to $3.2 billion primarily due to lower interest rates, partially offset by the benefit of growth in deposits. Noninterest income decreased $401 million to $918 million. The decline in noninterest income was primarily driven by lower service charges due to higher deposit balances and lower client activity related to the impact of COVID-19, as well as lower other income due to the allocation of ALM results.
The provision for credit losses decreased $25 million to $59 million. Noninterest expense increased $274 million to $2.9 billion driven by continued investments in the business and incremental expense to support customers and employees during the COVID-19 pandemic.
Average deposits increased $149.8 billion to $853.5 billion. The increase was driven by strong organic growth of $101.7 billion in checking and time deposits and $47.7 billion in traditional savings and money market savings.
Nine-Month Comparison
Net income for Deposits decreased $3.1 billion to $3.3 billion primarily driven by lower revenue. Net interest income declined $2.4 billion to $10.5 billion primarily due to the same factors as described in the three-month discussion. Noninterest income decreased $1.0 billion to $2.8 billion primarily due to the same factors as described in the three-month discussion.
The provision for credit losses increased $155 million to $328 million due to the weaker economic outlook related to COVID-19. Noninterest expense increased $539 million to $8.5 billion due to the same factors as described in the three-month discussion.
Average deposits increased $97.3 billion to $796.6 billion. The increase was driven by strong organic growth of $71.5 billion in checking and time deposits and $25.7 billion in traditional savings and money market savings.
The following table provides key performance indicators for Deposits. Management uses these metrics, and we believe they are useful to investors because they provide additional information to evaluate our deposit profitability and digital/mobile trends.
Key Statistics – Deposits
Three Months Ended September 30 Nine Months Ended September 30
2020 2019 2020 2019
Total deposit spreads (excludes noninterest costs) (1)
1.87  % 2.35  % 1.98  % 2.38  %
Period End
Consumer investment assets (in millions) (2)
$ 266,733  $ 223,199 
Active digital banking users (units in thousands) (3)
39,267  37,981 
Active mobile banking users (units in thousands) (4)
30,601  28,703 
Financial centers 4,309  4,302 
ATMs
 16,962  16,626 
(1)Includes deposits held in Consumer Lending.
(2)Includes client brokerage assets, deposit sweep balances and AUM in Consumer Banking.
(3)Active digital banking users represents mobile and/or online users over the last three months.
(4)Active mobile banking users represents mobile users over the last three months.
Consumer investment assets increased $43.5 billion driven by client flows and market performance. Active mobile banking users increased 1.9 million reflecting continuing changes in our customers’ banking preferences. We had a net increase of seven financial centers as we continued to optimize our consumer banking network.
Consumer Lending
Three-Month Comparison
Net income for Consumer Lending was $1.2 billion, a decrease of $67 million primarily due to lower revenue and higher noninterest expense, partially offset by a decline in provision for credit losses. Net interest income decreased $189 million to $2.6 billion primarily due to lower interest rates, partially offset by loan growth. Noninterest income decreased $143 million to $1.2 billion primarily driven by lower card income due to lower client activity as well as lower other income due to the allocation of ALM results.
The provision for credit losses decreased $413 million to $420 million primarily driven by a release in reserves due to an improved macroeconomic outlook and lower credit card
balances. Noninterest expense increased $169 million to $1.9 billion primarily driven by investments in the business and incremental expense to support customers and employees during the COVID-19 pandemic.
Average loans increased $15.3 billion to $313.7 billion primarily driven by an increase in residential mortgages and PPP loans, partially offset by a decline in credit cards.
Nine-Month Comparison
Net income for Consumer Lending was $597 million, a decrease of $2.8 billion primarily due to higher provision for credit losses. Net interest income declined $134 million to $8.3 billion and noninterest income decreased $498 million to $3.5 billion primarily driven by the same factors as described in the three-month discussion.
The provision for credit losses increased $2.8 billion to $5.4 billion primarily due to the weaker economic outlook related to COVID-19. Noninterest expense increased $354 million to $5.5 billion primarily driven by the same factors as described in the three-month discussion.
Average loans increased $21.6 billion to $313.8 billion primarily driven by the same factors as described in the three-month discussion.
Bank of America 14

The following table provides key performance indicators for Consumer Lending. Management uses these metrics, and we believe they are useful to investors because they provide additional information about loan growth and profitability.
Key Statistics – Consumer Lending
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2020 2019 2020 2019
Total credit card (1)
Gross interest yield (2)
10.16  % 10.85  % 10.21  % 10.80  %
Risk-adjusted margin (3)
9.66  8.45  8.66  8.14 
New accounts (in thousands) 487  1,172  1,991  3,274 
Purchase volumes $ 64,060  $ 71,096  $ 182,133  $ 204,135 
Debit card purchase volumes
 $ 102,004  $ 90,942  $ 280,222  $ 267,204 
(1)Includes GWIM's credit card portfolio.
(2)Calculated as the effective annual percentage rate divided by average loans.
(3)Calculated as the difference between total revenue, net of interest expense, and net credit losses divided by average loans.
During the three and nine months ended September 30, 2020, total risk-adjusted margin increased 121 bps and 52 bps compared to the same periods in 2019 primarily due to a decrease in the proportion of customers who pay their balances in full each month. During the three and nine months ended September 30, 2020, total credit card purchase volumes declined $7.0 billion to $64.1 billion, and $22.0 billion to $182.1 billion compared to the same periods in 2019. The declines in credit card purchase volumes were driven by the
impact of COVID-19. While overall spending improved during the third quarter of 2020, spending for travel and entertainment remained lower compared to the same periods a year ago. During the three and nine months ended September 30, 2020, debit card purchase volumes increased $11.1 billion to $102.0 billion and $13.0 billion to $280.2 billion compared to the same periods in 2019. Debit card purchase volumes improved late in the second quarter of 2020 and continued throughout the third quarter of 2020 as businesses reopened.
Key Statistics – Residential Mortgage Loan Production (1)
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2020 2019 2020 2019
Consumer Banking:  
First mortgage $ 7,298  $ 13,622  $ 35,228  $ 34,534 
Home equity 738  2,219  6,555  7,109 
Total (2):
First mortgage $ 13,360  $ 20,664  $ 55,422  $ 50,353 
Home equity 984  2,539  7,691  8,132 
(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 decreased $6.3 billion and $7.3 billion for the three months ended September 30, 2020 compared to the same period in 2019 due to a decline in applications. First mortgage loan originations in Consumer Banking and for the total Corporation increased $694 million and $5.1 billion for the nine months ended September 30, 2020 compared to the same period in 2019 primarily driven by an increase in applications
during the first quarter of 2020 due to a lower interest rate environment.
Home equity production in Consumer Banking and for the total Corporation decreased $1.5 billion and $1.6 billion for the three months ended September 30, 2020 and $554 million and $441 million for the nine months ended September 30, 2020 primarily driven by a decline in applications.
15 Bank of America


Global Wealth & Investment Management
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2020 2019 % Change 2020 2019 % Change
Net interest income $ 1,237  $ 1,609  (23  %) $ 4,186  $ 4,917  (15) %
Noninterest income:
Investment and brokerage services 3,105  3,001  3  9,081  8,805  3 
All other income 204  294  (31) 640  903  (29)
Total noninterest income 3,309  3,295  —  9,721  9,708  — 
Total revenue, net of interest expense 4,546  4,904  (7) 13,907  14,625  (5)
Provision for credit losses 24  37  (35) 349  63  n/m
Noninterest expense 3,530  3,414  3  10,593  10,302  3 
Income before income taxes 992  1,453  (32) 2,965  4,260  (30)
Income tax expense 243  356  (32) 726  1,044  (30)
Net income $ 749  $ 1,097  (32) $ 2,239  $ 3,216  (30)
Effective tax rate 24.5  % 24.5  % 24.5  % 24.5  %
Net interest yield 1.53  2.30  1.81  2.35 
Return on average allocated capital 20  30  20  30 
Efficiency ratio 77.63  69.61  76.17  70.44 
Balance Sheet
Three Months Ended September 30 Nine Months Ended September 30
Average 2020 2019 % Change 2020 2019 % Change
Total loans and leases $ 185,587  $ 170,414  9  % $ 182,138  $ 167,069  9  %
Total earning assets 321,410  277,343  16  309,240  279,784  11 
Total assets 333,794  289,460  15  321,565  292,114  10 
Total deposits 291,845  254,460  15  280,828  256,720  9 
Allocated capital 15,000  14,500  3  15,000  14,500  3 
Period end September 30
2020		 December 31
2019		 % Change
Total loans and leases $ 187,211  $ 176,600  6  %
Total earning assets 324,889  287,201  13 
Total assets 337,576  299,770  13 
Total deposits 295,893  263,113  12 
n/m = not meaningful
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 2019 Annual Report on Form 10-K.
Three-Month Comparison
Net income for GWIM decreased $348 million to $749 million primarily due to lower revenue and higher noninterest expense. The operating margin was 22 percent compared to 30 percent a year ago.
Net interest income decreased $372 million to $1.2 billion due to the impact of lower interest rates, partially offset by the benefit of strong deposit and loan growth.
Noninterest income, which primarily includes investment and brokerage services income, remained relatively unchanged at $3.3 billion, as the benefits of higher market valuations and positive AUM flows were offset by declines in AUM pricing as well as lower other income due to the allocation of ALM results.
The provision for credit losses decreased $13 million to $24 million. Noninterest expense increased $116 million to $3.5 billion primarily driven by higher revenue-related incentives and investments in primary sales professionals.
The return on average allocated capital was 20 percent, down from 30 percent, due to lower net income and, to a lesser extent, a small increase in allocated capital.

Average loans increased $15.2 billion to $185.6 billion primarily driven by residential mortgage and custom lending. Average deposits increased $37.4 billion to $291.8 billion primarily driven by inflows resulting from client responses to market volatility and lower spending.
MLGWM revenue of $3.7 billion decreased eight percent primarily driven by the impact of lower interest rates, partially offset by the benefits of higher market valuations and positive AUM flows.
Bank of America Private Bank revenue of $798 million decreased six percent primarily driven by the impact of lower interest rates.
Nine-Month Comparison
Net income for GWIM decreased $977 million to $2.2 billion primarily due to lower revenue, higher noninterest expense and higher provision for credit losses. The operating margin was 21 percent compared to 29 percent a year ago.
Net interest income decreased $731 million to $4.2 billion due to the same factors as described in the three-month discussion.
Noninterest income, which primarily includes investment and brokerage services income, remained relatively unchanged at $9.7 billion due to the same factors as described in the three-month discussion.

Bank of America 16

The provision for credit losses increased $286 million to $349 million primarily due to the weaker economic outlook related to COVID-19. Noninterest expense increased $291 million to $10.6 billion, primarily due to investments for business growth along with higher revenue-related incentives.
The return on average allocated capital was 20 percent, down from 30 percent, due to lower net income and, to a lesser extent, a small increase in allocated capital.
Average loans increased $15.1 billion to $182.1 billion, and
average deposits increased $24.1 billion to $280.8 billion due to the same factors as described in the three-month discussion.
MLGWM revenue of $11.4 billion decreased five percent primarily driven by the impact of lower interest rates and AUM pricing, partially offset by higher market valuations and positive AUM flows.
Bank of America Private Bank revenue of $2.5 billion decreased four percent primarily driven by the impact of lower interest rates.
Key Indicators and Metrics
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions, except as noted) 2020 2019 2020 2019
Revenue by Business
Merrill Lynch Global Wealth Management $ 3,748  $ 4,053  $ 11,446  $ 12,065 
Bank of America Private Bank
 798  851  2,461  2,559 
Total revenue, net of interest expense $ 4,546  $ 4,904  $ 13,907  $ 14,624 
Client Balances by Business, at period end
Merrill Lynch Global Wealth Management $ 2,570,252  $ 2,443,614 
Bank of America Private Bank
 496,369  462,347 
Total client balances $ 3,066,621  $ 2,905,961 
Client Balances by Type, at period end
Assets under management $ 1,286,145  $ 1,212,120 
Brokerage and other assets 1,344,538  1,305,926 
Deposits 295,893  252,466 
Loans and leases (1)
189,952  175,579 
Less: Managed deposits in assets under management (49,907) (40,130)
Total client balances $ 3,066,621  $ 2,905,961 
Assets Under Management Rollforward
Assets under management, beginning of period $ 1,219,748  $ 1,203,783  $ 1,275,555  $ 1,072,234 
Net client flows 1,385  5,529  11,993  16,721 
Market valuation/other
65,012  2,808  (1,403) 123,165 
Total assets under management, end of period $ 1,286,145  $ 1,212,120  $ 1,286,145  $ 1,212,120 
Associates, at period end
Number of financial advisors 17,760  17,657 
Total wealth advisors, including financial advisors 19,673  19,672 
Total primary sales professionals, including financial advisors and wealth advisors 21,271  20,775 
Merrill Lynch Global Wealth Management Metric
Financial advisor productivity (2) (in thousands)
$ 1,125  $ 1,096  $ 1,111  $ 1,073 
Bank of America Private Bank Metric, at period end
Primary sales professionals 1,770  1,811 
(1)Includes margin receivables which are classified in customer and other receivables on the Consolidated Balance Sheet.
(2)For a definition, see Key Metrics on page 104.
Client Balances
Client balances increased $160.7 billion, or six percent, to $3.1 trillion at September 30, 2020 compared to September 30, 2019. The increase in client balances was primarily due to higher market valuations and positive client flows.
17 Bank of America


Global Banking
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2020 2019 % Change 2020 2019 % Change
Net interest income $ 2,028  $ 2,617  (23  %) $ 7,003  $ 8,116  (14) %
Noninterest income:
Service charges 845  763  11  2,379  2,225  7 
Investment banking fees 970  902  8  2,912  2,328  25 
All other income 674  930  (28) 1,914  2,673  (28)
Total noninterest income 2,489  2,595  (4) 7,205  7,226  —
Total revenue, net of interest expense 4,517  5,212  (13) 14,208  15,342  (7)
Provision for credit losses 883  120  n/m 4,849  356  n/m
Noninterest expense 2,365  2,219  7  6,910  6,697  3 
Income before income taxes 1,269  2,873  (56) 2,449  8,289  (70)
Income tax expense 343  776  (56) 661  2,238  (70)
Net income $ 926  $ 2,097  (56) $ 1,788  $ 6,051  (70)
Effective tax rate 27.0  % 27.0  % 27.0  % 27.0  %
Net interest yield 1.61  2.69  1.96  2.84 
Return on average allocated capital 9  20  6  20 
Efficiency ratio 52.36  42.58  48.63  43.65 
Balance Sheet
Three Months Ended September 30 Nine Months Ended September 30
Average 2020 2019 % Change 2020 2019 % Change
Total loans and leases
$ 373,118  $ 377,109  (1  %) $ 394,331  $ 373,275  6  %
Total earning assets 501,572  385,999  30  477,606  382,711  25 
Total assets 557,889  441,186  26  534,061  437,570  22 
Total deposits 471,288  360,457  31  449,273  357,413  26 
Allocated capital 42,500  41,000  4  42,500  41,000  4 
Period end September 30
2020		 December 31
2019		 % Change
Total loans and leases $ 356,919  $ 379,268  (6) %
Total earning assets 496,825  407,180  22 
Total assets 553,776  464,032  19 
Total deposits 465,399  383,180  21 
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 2019 Annual Report on Form 10-K.
Three-Month Comparison
Net income for Global Banking decreased $1.2 billion to $926 million primarily driven by higher provision for credit losses and lower revenue.
Revenue decreased $695 million to $4.5 billion driven by lower net interest income and lower noninterest income. Net interest income decreased $589 million to $2.0 billion primarily due to lower interest rates, partially offset by deposit growth and higher credit spreads.
Noninterest income decreased $106 million to $2.5 billion primarily due to lower leasing-related revenue and the allocation of ALM results, partially offset by higher investment banking fees and service charges.
The provision for credit losses increased $763 million to $883 million primarily due to a reserve build for industries that are more heavily impacted by COVID-19, such as travel and entertainment. Noninterest expense increased $146 million to $2.4 billion due to continued investments in the business, including the merchant services platform.
The return on average allocated capital was nine percent in 2020 compared to 20 percent in 2019, due to lower net income, and to a lesser extent, an increase in allocated capital. For information on capital allocated to the business segments, see Business Segment Operations on page 12.
Nine-Month Comparison
Net income for Global Banking decreased $4.3 billion to $1.8 billion primarily driven by higher provision for credit losses as well as lower revenue.
Revenue decreased $1.1 billion to $14.2 billion driven by lower net interest income. Net interest income decreased $1.1 billion to $7.0 billion primarily driven by lower interest rates, partially offset by higher loan and deposit balances.
Noninterest income of $7.2 billion remained relatively unchanged as lower valuation adjustments on the fair value option loan portfolio and the allocation of ALM results were largely offset by higher investment banking fees.

Bank of America 18

The provision for credit losses increased $4.5 billion to $4.8 billion primarily due to the weaker economic outlook related to COVID-19. Noninterest expense increased $213 million primarily due to continued investments in the business, partially offset by lower revenue-related incentives and COVID-19 related costs.
The return on average allocated capital was six percent in 2020 compared to 20 percent in 2019, due to lower net income and, to a lesser extent, an increase in allocated capital. For
information on capital allocated to the business segments, see Business Segment Operations on page 12.
Global Corporate, Global Commercial and Business Banking
The table below and following discussion present a summary of the results, which exclude certain investment banking, merchant services and PPP 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) 2020 2019 2020 2019 2020 2019 2020 2019
Revenue
Business Lending $ 791  $ 1,024  $ 953  $ 1,020  $ 59  $ 91  $ 1,803  $ 2,135 
Global Transaction Services 658  967  745  862  209  267  1,612  2,096 
Total revenue, net of interest expense
 $ 1,449  $ 1,991  $ 1,698  $ 1,882  $ 268  $ 358  $ 3,415  $ 4,231 
Balance Sheet
Average
Total loans and leases $ 174,235  $ 179,191  $ 175,536  $ 183,031  $ 13,972  $ 14,868  $ 363,743  $ 377,090 
Total deposits 218,593  175,914  201,523  143,835  50,946  40,707  471,062  360,456 
Global Corporate Banking Global Commercial Banking Business Banking Total
Nine Months Ended September 30
(Dollars in millions) 2020 2019 2020 2019 2020 2019 2020 2019
Revenue
Business Lending $ 2,658  $ 2,992  $ 2,815  $ 3,100  $ 207  $ 275  $ 5,680  $ 6,367 
Global Transaction Services 2,314  2,979  2,432  2,642  682  800  5,428  6,421 
Total revenue, net of interest expense
 $ 4,972  $ 5,971  $ 5,247  $ 5,742  $ 889  $ 1,075  $ 11,108  $ 12,788 
Balance Sheet
Average
Total loans and leases
$ 186,220  $ 177,071  $ 188,147  $ 181,091  $ 14,721  $ 15,108  $ 389,088  $ 373,270 
Total deposits 214,327  175,239  188,271  142,665  46,599  39,522  449,197  357,426 
Period end
Total loans and leases $ 165,498  $ 179,291  $ 168,385  $ 183,314  $ 13,665  $ 14,919  $ 347,548  $ 377,524 
Total deposits 212,564  183,678  200,591  147,119  51,889  41,089  465,044  371,886 
Business Lending revenue decreased $332 million and $687 million for the three and nine months ended September 30, 2020 compared to the same periods in 2019. The decrease was primarily driven by lower interest rates.
Global Transaction Services revenue decreased $484 million and $993 million for the three and nine months ended September 30, 2020 driven by the allocation of ALM results, partially offset by the impact of higher deposit balances.
Average loans and leases decreased four percent for the three months ended September 30, 2020 compared to the same period in 2019 driven by client paydowns. Average loans and leases increased four percent for the nine months ended September 30, 2020 driven by growth in the commercial and industrial loan portfolio. Average deposits increased 31 percent and 26 percent for the three and nine months ended September 30, 2020 primarily due to client responses to market volatility, government stimulus and placement of credit draws.

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.
19 Bank of America


Investment Banking Fees
Global Banking Total Corporation Global Banking Total Corporation
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2020 2019 2020 2019 2020 2019 2020 2019
Products
Advisory $ 356  $ 427  $ 397  $ 452  $ 948  $ 984  $ 1,072  $ 1,083 
Debt issuance 320  356  740  816  1,247  1,007  2,725  2,310 
Equity issuance 294  119  664  308  717  337  1,687  937 
Gross investment banking fees
 970  902  1,801  1,576  2,912  2,328  5,484  4,330 
Self-led deals (13) (11) (32) (43) (73) (54) (168) (162)
Total investment banking fees
 $ 957  $ 891  $ 1,769  $ 1,533  $ 2,839  $ 2,274  $ 5,316  $ 4,168 
Total Corporation investment banking fees, excluding self-led deals, of $1.8 billion and $5.3 billion, which are primarily included within Global Banking and Global Markets, increased 15 percent and 28 percent for the three and nine months ended September 30, 2020 compared to the same periods in 2019 primarily driven by higher equity issuance fees.
Global Markets
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2020 2019 % Change 2020 2019 % Change
Net interest income $ 1,108  $ 1,016  9  % $ 3,558  $ 2,780  28  %
Noninterest income:
Investment and brokerage services 440  419  5  1,487  1,296  15 
Investment banking fees 739  585  26  2,280  1,707  34 
Market making and similar activities 1,726  1,580  9  7,059  5,623  26 
All other income 270  263  3  475  783  (39)
Total noninterest income 3,175  2,847  12  11,301  9,409  20 
Total revenue, net of interest expense 4,283  3,863  11  14,859  12,189  22 
Provision for credit losses 21  —  n/m 233  (18) n/m
Noninterest expense 3,104  2,677  16  8,598  8,109  6 
Income before income taxes 1,158  1,186  (2) 6,028  4,098  47 
Income tax expense 301  338  (11) 1,567  1,168  34 
Net income $ 857  $ 848  1  $ 4,461  $ 2,930  52 
Effective tax rate 26.0  % 28.5  % 26.0  % 28.5  %
Return on average allocated capital 9  10  17  11 
Efficiency ratio 72.42  69.31  57.86  66.53 
Balance Sheet
Three Months Ended September 30 Nine Months Ended September 30
Average 2020 2019 % Change 2020 2019 % Change
Trading-related assets:
Trading account securities $ 251,735  $ 261,182  (4) % $ 241,753  $ 246,077  (2) %
Reverse repurchases 100,395  110,907  (9) 106,968  117,087  (9)
Securities borrowed 86,508  80,641  7  88,734  82,772  7 
Derivative assets 46,676  46,066  1  47,687  43,922  9 
Total trading-related assets 485,314  498,796  (3) 485,142  489,858  (1)
Total loans and leases 72,319  71,589  1  72,702  70,757  3 
Total earning assets 476,182  476,919  —  485,448  474,481  2 
Total assets 680,983  687,398  (1) 685,685  679,040  1 
Total deposits 56,475  30,155  87  45,002  30,878  46 
Allocated capital 36,000  35,000  3  36,000  35,000  3 
Period end September 30
2020		 December 31
2019		 % Change
Total trading-related assets $ 477,552  $ 452,499  6  %
Total loans and leases 75,475  72,993  3 
Total earning assets 461,855  471,701  (2)
Total assets 676,242  641,809  5 
Total deposits 56,727  34,676  64 
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 2019 Annual Report on Form 10-K.
The following explanations for current period-over-period changes for Global Markets, including those disclosed under Sales and Trading Revenue, are the same for amounts including
Bank of America 20

and excluding net DVA. Amounts excluding net DVA are a non-GAAP financial measure. For more information on net DVA, see Supplemental Financial Data on page 8.
Three-Month Comparison
Net income for Global Markets remained relatively unchanged at $857 million. Net DVA losses were $116 million compared to losses of $15 million in the prior-year period. Excluding net DVA, net income increased $86 million to $945 million. These increases were primarily driven by higher revenue, partially offset by higher noninterest expense.
Revenue increased $420 million to $4.3 billion primarily driven by higher sales and trading revenue, investment banking fees and card income. Sales and trading revenue increased $16 million, and excluding net DVA, increased $117 million driven by increased client activity in Asian equities and stronger performance in mortgage and foreign exchange products.
Noninterest expense increased $427 million to $3.1 billion driven by higher activity-based expenses for both card and trading.
Average total assets decreased $6.4 billion to $681.0 billion driven by increased balance sheet efficiency in securities financing matched-book activity and lower levels of inventory in FICC, partially offset by higher client balances in Global Equities.
The return on average allocated capital was nine percent, down from 10 percent, primarily due to an increase in allocated capital. For more information on capital allocated to the business segments, see Business Segment Operations on page 12.
Nine-Month Comparison
Net income for Global Markets increased $1.5 billion to $4.5 billion. Net DVA losses were $77 million compared to losses of $136 million in the prior-year period. Excluding net DVA, net income increased $1.5 billion to $4.5 billion. These increases
were primarily driven by an increase in revenue, partially offset by higher noninterest expense and provision for credit losses.
Revenue increased $2.7 billion to $14.9 billion primarily driven by higher sales and trading revenue and investment banking fees. Sales and trading revenue increased $2.1 billion, and excluding net DVA, increased $2.0 billion. These increases were driven by higher revenue across FICC and Equities.
The provision for credit losses increased $251 million primarily due to the weaker economic outlook related to COVID-19. Noninterest expense increased $489 million to $8.6 billion due to the same factors as described in the three-month discussion.
Average total assets increased $6.6 billion to $685.7 billion primarily due to increased levels of inventory in FICC to facilitate expected client demand. Period-end total assets increased $34.4 billion since December 31, 2019 to $676.2 billion primarily driven by Equities due to increased hedging of client activity with stock positions relative to derivative transactions at year end.
The return on average allocated capital was 17 percent, up from 11 percent, reflecting higher net income, partially offset by an increase in allocated capital.
Sales and Trading Revenue
For a description of sales and trading revenue, see Business Segment Operations in the MD&A of the Corporation’s 2019 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 8.
Sales and Trading Revenue (1, 2, 3)
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2020 2019 2020 2019
Sales and trading revenue (2)
Fixed income, currencies and commodities
 $ 2,019  $ 2,056  $ 7,905  $ 6,435 
Equities 1,205  1,152  4,105  3,478 
Total sales and trading revenue $ 3,224  $ 3,208  $ 12,010  $ 9,913 
Sales and trading revenue, excluding net DVA (4)
Fixed income, currencies and commodities
 $ 2,126  $ 2,074  $ 7,983  $ 6,562 
Equities 1,214  1,149  4,104  3,487 
Total sales and trading revenue, excluding net DVA
 $ 3,340  $ 3,223  $ 12,087  $ 10,049 
(1)For more information on sales and trading revenue, see Note 3 – Derivatives to the Consolidated Financial Statements.
(2)Includes FTE adjustments of $38 million and $138 million for the three and nine months ended September 30, 2020 compared to $52 million and $131 million for the same periods in 2019.
(3)    Includes Global Banking sales and trading revenue of $86 million and $378 million for the three and nine months ended September 30, 2020 compared to $152 million and $399 million for the same periods in 2019.
(4)    FICC and Equities sales and trading revenue, excluding net DVA, is a non-GAAP financial measure. FICC net DVA losses were $107 million and $78 million for the three and nine months ended September 30, 2020 compared to losses of $18 million and $127 million for the same periods in 2019. Equities net DVA losses were $9 million and gains of $1 million for the three and nine months ended September 30, 2020 compared to gains of $3 million and losses of $9 million for the same periods in 2019.
Three-Month Comparison
FICC revenue increased $52 million due to stronger performance in mortgages and foreign exchange products. Equities revenue increased $65 million driven by increased client activity in Asia.
Nine-Month Comparison
FICC revenue increased $1.4 billion driven by increased client activity and improved market-making conditions across macro products, partially offset by weaker performances in credit-sensitive businesses. Equities revenue increased $617 million driven by increased client activity and a strong trading performance in a more volatile market environment.
21 Bank of America


All Other
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2020 2019 % Change 2020 2019 % Change
Net interest income $ (20) $ 62  (132) % $ 3  $ 135  (98) %
Noninterest income (loss) (915) (810) 13  (2,182) (2,019) 8 
Total revenue, net of interest expense (935) (748) 25  (2,179) (1,884) 16 
Provision for credit losses (18) (295) (94) 75  (590) (113)
Noninterest expense 560  2,460  (77) 1,114  3,375  (67)
Loss before income taxes (1,477) (2,913) (49) (3,368) (4,669) (28)
Income tax benefit (1,774) (1,320) 34  (3,387) (3,050) 11 
Net income (loss) $ 297  $ (1,593) (119) $ 19  $ (1,619) (101)
Balance Sheet
Three Months Ended September 30 Nine Months Ended September 30
Average 2020 2019 % Change 2020 2019 % Change
Total loans and leases $ 24,243  $ 41,789  (42) % $ 30,218  $ 44,530  (32) %
Total assets (1)
230,906  212,440  9  227,430  205,335  11 
Total deposits 14,881  20,641  (28) 19,926  20,645  (3)
Period end September 30
2020		 December 31
2019		 % Change
Total loans and leases $ 23,120  $ 37,156  (38) %
Total assets (1)
223,345  224,375  — 
Total deposits 12,839  23,089  (44)
(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 $828.3 billion and $714.2 billion for the three and nine months ended September 30, 2020 compared to $536.8 billion and $540.9 billion for the same periods in 2019, and period-end allocated assets were $857.8 billion and $565.4 billion at September 30, 2020 and December 31, 2019.
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. For more information on our ALM activities, see Note 17 – Business Segment Information to the Consolidated Financial Statements. For more information about All Other, see Business Segment Operations in the MD&A of the Corporation’s 2019 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, 2020, residential mortgage loans held for ALM activities decreased $11.7 billion to $10.0 billion due primarily to loan sales. 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, 2020, total non-core loans decreased $2.4 billion to $13.3 billion due primarily to payoffs and paydowns, as well as Federal Housing Administration (FHA) loan conveyances and sales, partially offset by repurchases. For more information on the composition of the core and non-core portfolios, see Consumer Portfolio Credit Risk Management on page 30.
Three-Month Comparison
Results for All Other improved $1.9 billion to net income of $297 million from a net loss of $1.6 billion in the prior-year period primarily due to a $2.1 billion pretax impairment charge related to the notice of termination of the merchant services joint venture in the prior year, partially offset by lower revenue and a decrease in the benefit in provision for credit losses.
Revenue decreased $187 million due to lower noninterest income driven by the results of certain treasury activities and lower net interest income.
Noninterest expense decreased $1.9 billion to $560 million due to the $2.1 billion pretax impairment charge in the prior-year period, partially offset by higher litigation expense.
The benefit in the provision for credit losses decreased $277 million to $18 million primarily due to recoveries from sales of previously charged-off non-core consumer real estate loans in the prior-year period.
The income tax benefit increased $454 million reflecting the impact of the U.K. tax law change, partially offset by the impact of decreased pretax losses and lower discrete tax benefits. For more information on the U.K. tax law change, see Financial Highlights on page 7. Both periods included income tax benefit adjustments to eliminate the FTE treatment of certain tax credits recorded in Global Banking.
Nine-Month Comparison
Results for All Other improved $1.6 billion to net income of $19 million from a net loss of $1.6 billion in the prior-year period primarily due to the same factors as described in the three-month discussion.
Revenue decreased $295 million primarily due to the results of certain treasury activities, valuation adjustments on securities and derivatives and extinguishment losses on certain structured liabilities, partially offset by a gain on sales of mortgage loans.
The provision for credit losses increased $665 million to $75 million due to the same factor as described in the three-month discussion as well as the weaker economic outlook related to COVID-19.
Noninterest expense decreased $2.3 billion to $1.1 billion due to the same factors as described in the three-month discussion.
The income tax benefit increased $337 million due to 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.
Bank of America 22

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 10 – 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 2019 Annual Report on Form 10-K, and Note 12 – Long-term Debt and Note 13 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s 2019 Annual Report on Form 10-K.
Representations and Warranties Obligations
For more information on representations and warranties obligations in connection with the sale of mortgage loans, see Note 13 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s 2019 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. We take 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 serves as the foundation for the 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 about the Corporation's risks related to the COVID-19 pandemic, see Part II, Item 1A. Risk Factors on page 105. These COVID-19 related risks are being managed within our Risk Framework and supporting risk management programs.
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 2019 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 2019 Annual Report on Form 10-K.
CCAR and Capital Planning
The Federal Reserve requires BHCs to submit a capital plan and planned capital actions on an annual basis, consistent with the rules governing the CCAR capital plan. In June 2020, the Federal Reserve notified BHCs of their 2020 CCAR supervisory stress test results, which included a preliminary stress capital buffer (SCB) that was finalized in August 2020. Based on our results, we are subject to a 2.5 percent SCB for the period beginning October 1, 2020 and ending on September 30, 2021. Our Common equity tier 1 (CET1) capital ratio under the Standardized approach must remain above 9.5 percent during this period (the sum of our CET1 capital ratio minimum of 4.5 percent, global systemically important bank (G-SIB) surcharge of 2.5 percent and our SCB of 2.5 percent) in order to avoid restrictions on capital distributions and discretionary bonus payments.
Due to economic uncertainty resulting from the COVID-19 pandemic, the Federal Reserve required all large banks to suspend share repurchase programs in the third quarter of 2020, except for repurchases to offset shares awarded under equity-based compensation plans, and to limit dividends to existing rates that do not exceed the average of the last four quarters’ net income. In September 2020, the Federal Reserve announced that these measures would remain in place for the fourth quarter of 2020. Large banks will also be required to update and resubmit their capital plans in November 2020 based on the Federal Reserve’s updated supervisory stress test scenarios. The Federal Reserve announced that it will publish the results of the additional supervisory stress tests by December 31, 2020.
As previously disclosed, the Federal Reserve’s directives regarding share repurchases aligned with our decision to voluntarily suspend our general common stock repurchase program during the first half of 2020. The suspension of our repurchases did not include repurchases to offset shares awarded under our equity-based compensation plans, for which we repurchased $114 million of common stock during the third quarter of 2020 pursuant to the Board’s repurchase authorization.
We intend to maintain the quarterly common stock dividend at the current rate of $0.18 per share until further notice, subject to approval by the Board. We will also continue our current suspension of common stock repurchases in the fourth quarter of 2020, except for repurchases to offset shares awarded under our equity-based compensation plans, which have previously been authorized by the Board.
Our general common stock repurchase program is subject to the Board’s approval, and at such time that we reinstate our stock repurchase program, our stock repurchases will be 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. Such 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).

23 Bank of America


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 (RWA) 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, 2020, the CET1, Tier 1 capital and Total capital ratios for the Corporation were lower under the Standardized approach.
Minimum Capital Requirements
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 G-SIB surcharge. On October 1, 2020, the capital conservation buffer was replaced by the SCB for the Corporation’s Standardized approach ratio requirements. 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.
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, 2020 and December 31, 2019. For 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 (1, 2)
Advanced
Approaches (1)
Regulatory
Minimum (3)
(Dollars in millions, except as noted) September 30, 2020
Risk-based capital metrics:
Common equity tier 1 capital $ 173,213  $ 173,213 
Tier 1 capital 196,637  196,637 
Total capital (4)
235,446  224,541 
Risk-weighted assets (in billions) 1,460  1,364 
Common equity tier 1 capital ratio 11.9  % 12.7  % 9.5  %
Tier 1 capital ratio 13.5  14.4  11.0 
Total capital ratio 16.1  16.5  13.0 
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (5)
$ 2,667  $ 2,667 
Tier 1 leverage ratio 7.4  % 7.4  % 4.0 
Supplementary leverage exposure (in billions) (6)
$ 2,867 
Supplementary leverage ratio 6.9  % 5.0 
December 31, 2019
Risk-based capital metrics:
Common equity tier 1 capital $ 166,760  $ 166,760 
Tier 1 capital 188,492  188,492 
Total capital (4)
221,230  213,098 
Risk-weighted assets (in billions) 1,493  1,447 
Common equity tier 1 capital ratio 11.2  % 11.5  % 9.5  %
Tier 1 capital ratio 12.6  13.0  11.0 
Total capital ratio 14.8  14.7  13.0 
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (5)
$ 2,374  $ 2,374 
Tier 1 leverage ratio 7.9  % 7.9  % 4.0 
Supplementary leverage exposure (in billions) $ 2,946 
Supplementary leverage ratio 6.4  % 5.0 
(1)As of September 30, 2020, capital ratios are calculated using the regulatory capital rule that allows a five-year transition period related to the adoption of CECL.
(2)Derivative exposure amounts are calculated using the standardized approach for measuring counterparty credit risk at September 30, 2020 and the current exposure method at December 31, 2019.
(3)The capital conservation buffer and G-SIB surcharge were 2.5 percent at both September 30, 2020 and December 31, 2019. The countercyclical capital buffer for both periods was zero. The SLR minimum includes a leverage buffer of 2.0 percent.
(4)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.
(5)Reflects total average assets adjusted for certain Tier 1 capital deductions.
(6)Supplementary leverage exposure at September 30, 2020 reflects the temporary exclusion of U.S. Treasury Securities and deposits at Federal Reserve Banks.
At September 30, 2020, CET1 capital was $173.2 billion, an increase of $6.5 billion from December 31, 2019, 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. Total capital under the Standardized approach increased $14.2 billion primarily driven by the same factors as CET1 capital, an increase in the adjusted allowance for credit losses included in Tier 2 capital and the issuance of preferred stock. RWA under the Standardized approach, which yielded the
Bank of America 24

lower CET1 capital ratio at September 30, 2020, decreased $33.5 billion during the nine months ended September 30, 2020 to $1,460 billion primarily due to lower exposures in Global Banking and Consumer Banking, partially offset by
increases in counterparty credit risk and market risk RWA. Table 9 shows the capital composition at September 30, 2020 and December 31, 2019.
Table 9 Capital Composition under Basel 3
(Dollars in millions) September 30
2020		 December 31
2019
Total common shareholders’ equity $ 245,423  $ 241,409 
CECL transitional amount (1)
4,411  — 
Goodwill, net of related deferred tax liabilities (68,569) (68,570)
Deferred tax assets arising from net operating loss and tax credit carryforwards (5,853) (5,193)
Intangibles, other than mortgage servicing rights and goodwill, net of related deferred tax liabilities (1,656) (1,328)
Defined benefit pension plan net assets (1,056) (1,003)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness,
net-of-tax		 1,245  1,278 
Other (732) 167 
Common equity tier 1 capital 173,213  166,760 
Qualifying preferred stock, net of issuance cost 23,426  22,329 
Other (2) (597)
Tier 1 capital 196,637  188,492 
Tier 2 capital instruments 22,571  22,538 
Qualifying allowance for credit losses (2)
16,243  10,229 
Other (5) (29)
Total capital under the Standardized approach 235,446  221,230 
    Adjustment in qualifying allowance for credit losses under the Advanced approaches (2)
(10,905) (8,132)
Total capital under the Advanced approaches $ 224,541  $ 213,098 
(1)The CECL transitional amount includes the impact of the Corporation's adoption of the new CECL accounting standard on January 1, 2020 plus 25 percent of the increase in the adjusted allowance for credit losses from January 1, 2020 through September 30, 2020.
(2)The balance at September 30, 2020 includes the impact of transition provisions related to the new CECL accounting standard.

Table 10 shows the components of RWA as measured under Basel 3 at September 30, 2020 and December 31, 2019.
Table 10 Risk-weighted Assets under Basel 3
Standardized Approach (1)
Advanced Approaches
Standardized Approach (1)
Advanced Approaches
(Dollars in billions) September 30, 2020 December 31, 2019
Credit risk $ 1,396  $ 884  $ 1,437  $ 858 
Market risk 64  63  56  55 
Operational risk (2)
n/a 372  n/a 500 
Risks related to credit valuation adjustments n/a 45  n/a 34 
Total risk-weighted assets $ 1,460  $ 1,364  $ 1,493  $ 1,447 
(1) Derivative exposure amounts are calculated using the standardized approach for measuring counterparty credit risk at September 30, 2020 and the current exposure method at December 31, 2019.
(2) September 30, 2020 includes the effects of an update made to our operational risk RWA model during the third quarter of 2020.
n/a = not applicable

25 Bank of America


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, 2020 and December 31, 2019. 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 (1, 2)
Advanced
Approaches (1)
Regulatory
Minimum (3)
(Dollars in millions, except as noted) September 30, 2020
Risk-based capital metrics:
Common equity tier 1 capital
 $ 160,013  $ 160,013 
Tier 1 capital 160,013  160,013 
Total capital (4)
176,754  166,426 
Risk-weighted assets (in billions) 1,212  1,019 
Common equity tier 1 capital ratio 13.2  % 15.7  % 7.0  %
Tier 1 capital ratio 13.2  15.7  8.5 
Total capital ratio 14.6  16.3  10.5 
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (5)
$ 2,091  $ 2,091 
Tier 1 leverage ratio 7.7  % 7.7  % 5.0 
Supplementary leverage exposure (in billions) $ 2,465 
Supplementary leverage ratio 6.5  % 6.0 




December 31, 2019
Risk-based capital metrics:
Common equity tier 1 capital
 $ 154,626  $ 154,626 
Tier 1 capital 154,626  154,626 
Total capital (4)
166,567  158,665 
Risk-weighted assets (in billions) 1,241  991 
Common equity tier 1 capital ratio 12.5  % 15.6  % 7.0  %
Tier 1 capital ratio 12.5  15.6  8.5 
Total capital ratio 13.4  16.0  10.5 
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (5)
$ 1,780  $ 1,780 
Tier 1 leverage ratio 8.7  % 8.7  % 5.0 
Supplementary leverage exposure (in billions) $ 2,177 
Supplementary leverage ratio 7.1  % 6.0 
(1)As of September 30, 2020, capital ratios are calculated using the regulatory capital rule that allows a five-year transition period related to the adoption of CECL.
(2)Derivative exposure amounts are calculated using the standardized approach for measuring counterparty credit risk at September 30, 2020 and the current exposure method at December 31, 2019.
(3)Risk-based capital regulatory minimums at September 30, 2020 and December 31, 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 are the percent required to be considered well capitalized under the PCA framework.
(4)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.
(5)Reflects total average assets adjusted for certain Tier 1 capital deductions.
Total Loss-Absorbing Capacity Requirements
Total loss-absorbing capacity (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 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, 2020 and December 31, 2019.
Bank of America 26

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

TLAC (1)
Regulatory Minimum (2)
Long-term
Debt
Regulatory Minimum (3)
(Dollars in millions) September 30, 2020
Total eligible balance $ 392,767  $ 188,022 
Percentage of risk-weighted assets (4)
26.9  % 22.0  % 12.9  % 8.5  %
Percentage of supplementary leverage exposure (5, 6)
13.7  9.5  6.6  4.5 
December 31, 2019
Total eligible balance $ 367,449  $ 171,349 
Percentage of risk-weighted assets (4)
24.6  % 22.0  % 11.5  % 8.5  %
Percentage of supplementary leverage exposure (6)
12.5  9.5  5.8  4.5 
(1)As of September 30, 2020, TLAC ratios are calculated using the regulatory capital rule that allows a five-year transition period related to the adoption of CECL.
(2)The TLAC RWA regulatory minimum consists of 18.0 percent plus a TLAC RWA buffer comprised of 2.5 percent plus the method 1 G-SIB surcharge of 1.5 percent. The countercyclical buffer is zero for both periods. The TLAC supplementary leverage exposure regulatory minimum consists of 7.5 percent plus a 2.0 percent TLAC leverage buffer. The TLAC RWA and leverage buffers must be comprised solely of CET1 capital and Tier 1 capital, respectively.
(3)The long-term debt RWA regulatory minimum is comprised of 6.0 percent plus an additional 2.5 percent requirement based on the Corporation’s method 2 G-SIB surcharge. The long-term debt leverage exposure regulatory minimum is 4.5 percent.
(4)The approach that yields the higher RWA is used to calculate TLAC and long-term debt ratios, which was the Standardized approach as of September 30, 2020 and December 31, 2019.
(5)Supplementary leverage exposure at September 30, 2020 reflects the temporary exclusion of U.S. Treasury Securities and deposits at Federal Reserve Banks.
(6)Derivative exposure amounts are calculated using the standardized approach for measuring counterparty credit risk at September 30, 2020 and the current exposure method at December 31, 2019.
Regulatory Developments
The following supplements the disclosure in Capital Management – Regulatory Developments in the MD&A of the Corporation’s 2019 Annual Report on Form 10-K and in the Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2020.
Deduction of Unsecured Debt of G-SIBs
On October 20, 2020, the Federal Reserve, Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency (U.S. Agencies) finalized a rule requiring Advanced approaches institutions to deduct from regulatory capital certain investments in TLAC-eligible long-term debt and other pari passu or subordinated debt instruments issued by G-SIBs above a specified threshold. The final rule is intended to limit the interconnectedness between G-SIBs and is complementary to existing regulatory capital requirements that generally require banks to deduct investments in the regulatory capital of financial institutions. The final rule is effective April 1, 2021. The impact to the Corporation is not expected to be significant.
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). 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 15c3-1e, 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 Commodity Futures Trading Commission (CFTC) Regulation 1.17. The U.S. broker-dealer subsidiaries are also registered with the Financial Industry Regulatory Authority, Inc. (FINRA). Pursuant to FINRA Rule 4110, FINRA may impose higher net capital requirements than Rule 15c3-1 under the Exchange Act with respect to each of the broker-dealers.
BofAS provides institutional services, and in accordance with the alternative net capital requirements, 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 must also notify the Securities and Exchange Commission (SEC) in the event its tentative net capital is less than $5.0 billion. BofAS is also required to hold a certain percentage of its customers' and affiliates' risk-based margin in order to meet its CFTC minimum net capital requirement. At September 30, 2020, BofAS had tentative net capital of $20.3 billion. BofAS also had regulatory net capital of $17.9 billion, which exceeded the minimum requirement of $3.0 billion.
MLPCC is a fully-guaranteed subsidiary of BofAS and provides clearing and settlement services as well as prime brokerage and arranged financing services for institutional clients. At September 30, 2020, MLPCC’s regulatory net capital of $7.2 billion exceeded the minimum requirement of $1.2 billion.
MLPF&S provides retail services. At September 30, 2020, MLPF&S' regulatory net capital was $3.4 billion, which exceeded the minimum requirement of $147 million.
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, 2020, MLI’s capital resources were $35.1 billion, which exceeded the minimum Pillar 1 requirement of $13.8 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, 2020, BofASE's capital resources were $6.0 billion which exceeded the minimum Pillar 1 requirement of $1.9 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. These liquidity risk management practices have allowed us to effectively manage the market stress that began in the first quarter of 2020 from the COVID-19 pandemic. For more information on the effects of
27 Bank of America


the pandemic, see Executive Summary - Recent Developments – COVID-19 Pandemic on page 3.
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 liquidity sources, liquidity arrangements, contingency planning and credit ratings discussed below, see Liquidity Risk in the MD&A of the Corporation’s 2019 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, 2020 and December 31, 2019.
Table 13 Average Global Liquidity Sources
Three Months Ended
(Dollars in billions) September 30
2020		 December 31
2019
Bank entities $ 690  $ 454 
Nonbank and other entities (1)
169  122 
Total Average Global Liquidity Sources
 $ 859  $ 576 
(1) Nonbank includes Parent, NB Holdings and other regulated entities.
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 Federal Home Loan Banks (FHLBs) and the Federal Reserve
Discount Window. The cash we could have obtained by borrowing against this pool of specifically-identified eligible assets was $320 billion and $372 billion at September 30, 2020 and December 31, 2019. 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, 2020 and December 31, 2019.
Table 14 Average Global Liquidity Sources Composition
Three Months Ended
(Dollars in billions) September 30
2020		 December 31
2019
Cash on deposit $ 244  $ 103 
U.S. Treasury securities 166  98 
U.S. agency securities, mortgage-backed securities, and other investment-grade securities
 426  358 
Non-U.S. government securities
 23  17 
Total Average Global Liquidity Sources $ 859  $ 576 
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 $562 billion and $464 billion for the three months ended September 30, 2020 and December 31, 2019. For the same periods, the average consolidated LCR was 122 percent and 116 percent. Our LCR fluctuates 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 2019 Annual Report on Form 10-K.
Bank of America 28

Net Stable Funding Ratio Final Rule
On October 20, 2020, the U.S. Agencies finalized the Net Stable Funding Ratio, a rule requiring large banks to maintain a minimum level of stable funding over a one-year period. The final rule is intended to support the ability of banks to lend to households and businesses in both normal and adverse economic conditions and is complementary to the LCR rule, which focuses on short-term liquidity risks. The final rule is effective July 1, 2021. The impact to the Corporation is not expected to be significant.
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 $1.70 trillion and $1.43 trillion at September 30, 2020 and December 31, 2019.
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, 2020, we issued $40.7 billion of long-term debt consisting of $32.9 billion of notes issued by Bank of America Corporation, substantially all of which was TLAC compliant, $1.9 billion of notes issued by Bank of America, N.A. and $5.9 billion of other debt.
During the nine months ended September 30, 2020, we had total long-term debt maturities and redemptions in the aggregate of $36.4 billion consisting of $16.4 billion for Bank of America Corporation, $10.1 billion for Bank of America, N.A. and $9.9 billion of other debt. Table 15 presents the carrying value of aggregate annual contractual maturities of long-term debt at September 30, 2020.
Table 15 Long-term Debt by Maturity
(Dollars in millions) Remainder of 2020 2021 2022 2023 2024 Thereafter Total
Bank of America Corporation
Senior notes (1)
$ 2,352  $ 11,457  $ 15,109  $ 23,752  $ 18,777  $ 114,846  $ 186,293 
Senior structured notes 191  457  1,956  264  269  13,636  16,773 
Subordinated notes —  352  375  —  3,368  20,191  24,286 
Junior subordinated notes —  —  —  —  —  739  739 
Total Bank of America Corporation 2,543  12,266  17,440  24,016  22,414  149,412  228,091 
Bank of America, N.A.
Senior notes 1,342  1,340  —  516  —  8  3,206 
Subordinated notes —  —  —  —  —  1,937  1,937 
Advances from Federal Home Loan Banks 7  2  3  1  —  94  107 
Securitizations and other Bank VIEs (2)
—  4,024  1,249  —  —  18  5,291 
Other 5  95  —  152  1  110  363 
Total Bank of America, N.A. 1,354  5,461  1,252  669  1  2,167  10,904 
Other debt
Structured liabilities 1,565  3,937  2,093  1,841  624  6,215  16,275 
Nonbank VIEs (2)
—  1  —  —  —  452  453 
Total other debt 1,565  3,938  2,093  1,841  624  6,667  16,728 
Total long-term debt $ 5,462  $ 21,665  $ 20,785  $ 26,526  $ 23,039  $ 158,246  $ 255,723 
(1)    Total includes $139.8 billion of outstanding notes that are both TLAC eligible and callable one year before their stated maturities, including $2.8 billion during the remainder of 2020, and $11.8 billion, $15.2 billion, $12.0 billion and $11.6 billion during each year of 2021 through 2024, respectively, and $86.4 billion thereafter. The call features provide the flexibility to retire long-term notes before their final year outstanding, when they are no longer eligible to count toward TLAC requirements, and replace them with new TLAC-eligible debt, should we choose to do so.
(2)     Represents liabilities of consolidated VIEs included in total long-term debt on the Consolidated Balance Sheet.
Total long-term debt increased $14.9 billion during the nine months ended September 30, 2020 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.
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 48.
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, 2020, we issued $6.1 billion of structured notes, which are unsecured 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. For more information on long-term debt funding, including issuances and maturities and redemptions, see Note 12 – Long-term Debt to the Consolidated Financial Statements of the Corporation’s 2019 Annual Report on Form 10-K.

29 Bank of America


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 16 presents the Corporation’s current long-term/short-term senior debt ratings and outlooks expressed by the rating agencies.
The ratings and outlooks from 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, 2020. The ratings and outlooks
from Moody’s Investors Service (Moody’s) and Standard & Poor’s Global Ratings for the Corporation and its subsidiaries did not change from those disclosed in the Corporation's 2019 Annual Report on Form 10-K.
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 in the event of a credit rating downgrade, see Note 3 – Derivatives to the Consolidated Financial Statements herein and Item 1A. Risk Factors of the Corporation’s 2019 Annual Report on Form 10-K.
Table 16 Senior Debt Ratings
Moody’s Investors Service Standard & Poor’s Global Ratings Fitch Ratings
Long-term Short-term Outlook Long-term Short-term Outlook Long-term Short-term Outlook
Bank of America Corporation         A2         P-1       Stable          A-         A-2       Stable          A+          F1       Stable
Bank of America, N.A.        Aa2         P-1       Stable          A+         A-1       Stable         AA-          F1+       Stable
Bank of America Merrill Lynch International Designated Activity Company
         NR         NR         NR          A+         A-1       Stable         AA-          F1+       Stable
Merrill Lynch, Pierce, Fenner & Smith Incorporated
         NR         NR         NR          A+         A-1       Stable         AA-          F1+       Stable
BofA Securities, Inc.         NR         NR         NR          A+         A-1       Stable         AA-          F1+       Stable
Merrill Lynch International         NR         NR         NR          A+         A-1       Stable         AA-          F1+       Stable
BofA Securities Europe SA         NR         NR         NR          A+         A-1       Stable         AA-          F1+       Stable
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 37, Non-U.S. Portfolio on page 43, Allowance for Credit Losses on page 44, and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements.
During the nine months ended September 30, 2020, the COVID-19 pandemic negatively impacted economic activity in the U.S. and around the world. However, there were also positive signs during this period as parts of the economy began to reopen, and unemployment dropped from double-digit highs in the second quarter of 2020. To provide relief to individuals and businesses in the U.S., the President signed into law four economic stimulus packages in March and April 2020, including the CARES Act, and also signed an executive order in August 2020 to establish the Lost Wage Assistance Program. In addition, U.S. bank regulatory agencies also issued interagency guidance to financial institutions that are working with borrowers affected by COVID-19.
Consumer charge-offs remained low during the nine months ended September 30, 2020 due to payment deferrals and government stimulus benefits. However, we experienced increases in nonperforming loans and commercial reservable criticized utilized exposures as a result of weaker economic conditions arising from COVID-19, particularly in certain sectors of the economy that have been more significantly impacted during the pandemic (e.g., travel and entertainment).
To support our customers, we implemented various loan modification programs and other forms of support beginning in March 2020, including offering loan payment deferrals, refunding certain fees, and pausing foreclosure sales, evictions and repossessions. During the three months ended September 30, 2020, we experienced a decline in the need for customer assistance as the number of customer accounts and balances on deferral decreased significantly. For information on the accounting for loan modifications related to the COVID-19
pandemic, 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
While COVID-19 is severely impacting economic activity, and is contributing to increasing delinquencies and nonperforming loans within certain consumer portfolios, it did not have a significant impact on consumer portfolio charge-offs during the three and nine months ended September 30, 2020 due to payment deferrals and government stimulus benefits. However, COVID-19 could lead to adverse impacts to credit quality metrics in future periods if negative economic conditions continue or worsen. Net charge-offs decreased $58 million to $564 million for the three months ended September 30, 2020 due to lower credit card losses and remained relatively flat at $2.2 billion for the nine months ended September 30, 2020.
The consumer allowance for loan and lease losses increased $6.1 billion during the nine months ended September 30, 2020 to $10.7 billion due to the adoption of the new CECL accounting standard and deterioration in the economic outlook resulting
Bank of America 30

from the impact of COVID-19. For more information, see Allowance for Credit Losses on page 44.
For more information on our accounting policies regarding delinquencies, nonperforming status, charge-offs and 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 2019 Annual Report on Form 10-K. For
information on our interest accrual policies and delinquency status for loan modifications related to the COVID-19 pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements.
Table 17 presents our outstanding consumer loans and leases, consumer nonperforming loans and accruing consumer loans past due 90 days or more.
Table 17 Consumer Credit Quality
  Outstandings Nonperforming Accruing Past Due
90 Days or More
(Dollars in millions) September 30
2020		 December 31
2019		 September 30
2020		 December 31
2019		 September 30
2020		 December 31
2019
Residential mortgage (1)
$ 232,718  $ 236,169  $ 1,675  $ 1,470  $ 837  $ 1,088 
Home equity  36,530  40,208  640  536  —  — 
Credit card 79,834  97,608  n/a n/a 546  1,042 
Direct/Indirect consumer (2)
89,914  90,998  42  47  27  33 
Other consumer 140  192  —  —  —  — 
Consumer loans excluding loans accounted for under the fair value option
 $ 439,136  $ 465,175  $ 2,357  $ 2,053  $ 1,410  $ 2,163 
Loans accounted for under the fair value option (3)
657  594 
Total consumer loans and leases $ 439,793  $ 465,769 
Percentage of outstanding consumer loans and leases (4)
0.54  % 0.44  % 0.32  % 0.47  %
Percentage of outstanding consumer loans and leases, excluding fully-insured loan portfolios (4)
0.55  0.46  0.13  0.24 
(1)Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At September 30, 2020 and December 31, 2019, residential mortgage includes $561 million and $740 million of loans on which interest had been curtailed by the FHA, and therefore were no longer accruing interest, although principal was still insured, and $276 million and $348 million of loans on which interest was still accruing.
(2)Outstandings primarily include auto and specialty lending loans and leases of $47.1 billion and $50.4 billion, U.S. securities-based lending loans of $39.0 billion and $36.7 billion and non-U.S. consumer loans of $2.9 billion and $2.8 billion at September 30, 2020 and December 31, 2019.
(3)Consumer loans accounted for under the fair value option include residential mortgage loans of $314 million and $257 million and home equity loans of $343 million and $337 million at September 30, 2020 and December 31, 2019. For more information on the fair value option, see Note 15 – Fair Value Option to the Consolidated Financial Statements.
(4)Excludes consumer loans accounted for under the fair value option. At September 30, 2020 and December 31, 2019, $9 million and $6 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 18 presents net charge-offs and related ratios for consumer loans and leases.
Table 18 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) 2020 2019 2020 2019 2020 2019 2020 2019
Residential mortgage $ (6) $ (38) $ (27) $ (51) (0.01) % (0.07) % (0.02) % (0.03) %
Home equity (20) (202) (45) (346) (0.21) (1.85) (0.16) (1.02)
Credit card 509  717  1,944  2,224  2.49  3.01  2.97  3.15 
Direct/Indirect consumer 18  76  84  170  0.08  0.33  0.13  0.25 
Other consumer 63  69  214  151  n/m n/m n/m n/m
Total $ 564  $ 622  $ 2,170  $ 2,148  0.50  0.55  0.64  0.64 
(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 19 presents outstandings, nonperforming balances, net charge-offs, allowance for credit losses and provision for credit 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, 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 19 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 19, outstanding core consumer real estate loans decreased $4.8 billion during the nine months ended September 30, 2020 driven by a decrease of $1.9 billion in residential mortgage and a $2.9 billion decrease in home equity.
31 Bank of America


Table 19
Consumer Real Estate Portfolio (1)
Outstandings Nonperforming Net Charge-offs
September 30
2020		 December 31
2019		 September 30
2020		 December 31
2019		 Three Months Ended
September 30		 Nine Months Ended
September 30
(Dollars in millions) 2020 2019 2020 2019
Core portfolio          
Residential mortgage $ 223,895  $ 225,770  $ 1,057  $ 883  $ (3) $ (6) $ (23) $ (2)
Home equity 32,338  35,226  451  363  (4) 8  (1) 39 
Total core portfolio 256,233  260,996  1,508  1,246  (7) 2  (24) 37 
Non-core portfolio          
Residential mortgage 8,823  10,399  618  587  (3) (32) (4) (49)
Home equity 4,192  4,982  189  173  (16) (210) (44) (385)
Total non-core portfolio 13,015  15,381  807  760  (19) (242) (48) (434)
Consumer real estate portfolio
            
 Residential mortgage 232,718  236,169  1,675  1,470  (6) (38) (27) (51)
 Home equity 36,530  40,208  640  536  (20) (202) (45) (346)
Total consumer real estate portfolio
 $ 269,248  $ 276,377  $ 2,315  $ 2,006  $ (26) $ (240) $ (72) $ (397)
Allowance for Credit Losses Provision for Credit Losses
September 30
2020		 December 31
2019		 Three Months Ended
September 30		 Nine Months Ended
September 30
2020 2019 2020 2019
Core portfolio
Residential mortgage $ 371  $ 229  $ 8  $ (4) $ 135  $ 3 
Home equity 603  120  (4) (19) 144  (52)
Total core portfolio 974  349  4  (23) 279  (49)
Non-core portfolio      
Residential mortgage 86  96  2  (39) 78  (91)
 Home equity (2)
(67) 101  (15) (250) (2) (481)
Total non-core portfolio 19  197  (13) (289) 76  (572)
Consumer real estate portfolio
        
 Residential mortgage 457  325  10  (43) 213  (88)
 Home equity (3)
536  221  (19) (269) 142  (533)
Total consumer real estate portfolio
 $ 993  $ 546  $ (9) $ (312) $ 355  $ (621)
(1)Outstandings and nonperforming loans exclude loans accounted for under the fair value option. Consumer loans accounted for under the fair value option include residential mortgage loans of $314 million and $257 million and home equity loans of $343 million and $337 million at September 30, 2020 and December 31, 2019. For more information, see Note 15 – Fair Value Option to the Consolidated Financial Statements.
(2)The home equity non-core allowance is in a negative position at September 30, 2020 as it includes expected recoveries of amounts previously charged off.
(3)Home equity allowance includes a reserve for unfunded lending commitments of $138 million at September 30, 2020.
We believe that the presentation of information adjusted to exclude the impact of the fully-insured loan portfolio and loans accounted for under the fair value option is more representative of the ongoing operations and credit quality of the business. As a result, in the following tables and discussions of the residential mortgage and home equity portfolios, we exclude loans accounted for under the fair value option and provide information that excludes the impact of the fully-insured loan portfolio in certain credit quality statistics.
Residential Mortgage
The residential mortgage portfolio made up the largest percentage of our consumer loan portfolio at 53 percent of consumer loans and leases at September 30, 2020. Approximately 53 percent of the residential mortgage portfolio was in Consumer Banking and 39 percent was in GWIM. The remaining portion was in All Other and was comprised of loans used in our overall ALM activities, delinquent FHA loans repurchased pursuant to our servicing agreements with the
Government National Mortgage Association as well as loans repurchased related to our representations and warranties.
Outstanding balances in the residential mortgage portfolio decreased $3.5 billion during the nine months ended September 30, 2020 as both loan sales and runoff were partially offset by originations.
At September 30, 2020 and December 31, 2019, the residential mortgage portfolio included $11.7 billion and $18.7 billion of outstanding fully-insured loans, of which $3.0 billion and $11.2 billion had FHA insurance with the remainder protected by Fannie Mae long-term standby agreements. The decline was primarily driven by sales of loans with FHA insurance during the nine months ended September 30, 2020.
Table 20 presents certain residential mortgage key credit statistics on both a reported basis and excluding the fully-insured loan portfolio. The following discussion presents the residential mortgage portfolio excluding the fully-insured loan portfolio.
Bank of America 32

Table 20 Residential Mortgage – Key Credit Statistics
Reported Basis (1)
Excluding Fully-insured Loans (1)
(Dollars in millions) September 30
2020		 December 31
2019		 September 30
2020		 December 31
2019
Outstandings $ 232,718  $ 236,169  $ 220,996  $ 217,479 
Accruing past due 30 days or more 2,607  3,108  1,394  1,296 
Accruing past due 90 days or more 837  1,088  —  — 
Nonperforming loans (2)
1,675  1,470  1,675  1,470 
Percent of portfolio        
Refreshed LTV greater than 90 but less than or equal to 100 2  % 2  % 2  % 2  %
Refreshed LTV greater than 100 1  1  1  1 
Refreshed FICO below 620 2  3  1  2 
2006 and 2007 vintages (3)
3  4  3  4 
(1)Outstandings, accruing past due, nonperforming loans and percentages of portfolio exclude loans accounted for under the fair value option. For information on our interest accrual policies and delinquency status for loan modifications related to the COVID-19 pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements.
(2)Includes loans that are contractually current which primarily consist of collateral-dependent TDRs, including those that have been discharged in Chapter 7 bankruptcy and loans that have not yet demonstrated a sustained period of payment performance following a TDR.
(3)These vintages of loans accounted for $481 million, or 29 percent, and $365 million, or 25 percent, of nonperforming residential mortgage loans at September 30, 2020 and December 31, 2019.
Nonperforming outstanding balances in the residential mortgage portfolio increased $205 million during the nine months ended September 30, 2020 primarily driven by loans with deferrals that expired and have subsequently become nonperforming, and the inclusion of certain loans that, upon adoption of the new credit loss standard, became accounted for on an individual basis, which previously had been accounted for under a pool basis. Of the nonperforming residential mortgage loans at September 30, 2020, $531 million, or 32 percent, were current on contractual payments. Loans accruing past due 30 days or more increased $98 million driven primarily by borrowers whose deferrals expired throughout the year and have subsequently become delinquent.
Net charge-offs increased $32 million and $24 million to a net recovery of $6 million and $27 million for the three and nine months ended September 30, 2020 compared to the same periods in 2019. This increase is due largely to lower recoveries from the sales of previously charged-off loans.
Of the $221.0 billion in total residential mortgage loans outstanding at September 30, 2020, as shown in Table 20, 27 percent were originated as interest-only loans. The outstanding balance of interest-only residential mortgage loans that have entered the amortization period was $6.3 billion, or 11 percent, at September 30, 2020. Residential mortgage loans that have entered the amortization period generally have experienced a higher rate of early stage delinquencies and nonperforming status compared to the residential mortgage portfolio as a
whole. At September 30, 2020, $101 million, or two percent of outstanding interest-only residential mortgages that had entered the amortization period were accruing past due 30 days or more compared to $1.4 billion, or less than one percent, for the entire residential mortgage portfolio. In addition, at September 30, 2020, $329 million, or five percent, of outstanding interest-only residential mortgage loans that had entered the amortization period were nonperforming, of which $71 million were contractually current, compared to $1.7 billion, or one percent, for the entire residential mortgage portfolio. Loans that have yet to enter the amortization period in our interest-only residential mortgage portfolio are primarily well-collateralized loans to our wealth management clients and have an interest-only period of three to ten years. Approximately 97 percent of these loans that have yet to enter the amortization period will not be required to make a fully-amortizing payment until 2022 or later.
Table 21 presents outstandings, nonperforming loans and net charge-offs by certain state concentrations for the residential mortgage portfolio. The Los Angeles-Long Beach-Santa Ana Metropolitan Statistical Area (MSA) within California represented 16 percent of outstandings at both September 30, 2020 and December 31, 2019. In the New York area, the New York-Northern New Jersey-Long Island MSA made up 14 percent and 13 percent of outstandings at September 30, 2020 and December 31, 2019.
Table 21 Residential Mortgage State Concentrations
Outstandings (1)
Nonperforming (1)
Net Charge-offs
September 30
2020		 December 31
2019		 September 30
2020		 December 31
2019		 Three Months Ended
September 30		 Nine Months Ended
September 30
(Dollars in millions) 2020 2019 2020 2019
California $ 89,467  $ 88,998  $ 390  $ 274  $ (5) $ (12) $ (16) $ (22)
New York 23,935  22,385  238  196  1  1  2  2 
Florida 13,155  12,833  161  143  (1) (8) (4) (12)
Texas 9,121  8,943  73  65  —  —  —  (1)
New Jersey 9,081  8,734  84  77  (1) (2) (1) (4)
Other 76,237  75,586  729  715  —  (17) (8) (14)
Residential mortgage loans $ 220,996  $ 217,479  $ 1,675  $ 1,470  $ (6) $ (38) $ (27) $ (51)
Fully-insured loan portfolio 11,722  18,690         
Total residential mortgage loan portfolio
 $ 232,718  $ 236,169         
(1)Outstandings and nonperforming loans exclude loans accounted for under the fair value option.

33 Bank of America


Home Equity
At September 30, 2020, the home equity portfolio made up eight percent of the consumer portfolio and was comprised of home equity lines of credit (HELOCs), home equity loans and reverse mortgages. We no longer originate home equity loans or reverse mortgages.
At September 30, 2020, our HELOC portfolio had an outstanding balance of $34.2 billion, or 94 percent of the total home equity portfolio, compared to $37.5 billion, or 93 percent, at December 31, 2019. HELOCs generally have an initial draw period of 10 years, and after the initial draw period ends, the loans generally convert to 15- or 20-year amortizing loans.
At September 30, 2020 and December 31, 2019, our home equity loan portfolio had an outstanding balance of $974 million and $1.2 billion, or three percent, of the total home equity portfolio. At September 30, 2020, our reverse mortgage portfolio had an outstanding balance of $1.3 billion, or three percent of the total home equity portfolio, compared to $1.5 billion, or four percent, at December 31, 2019.
At September 30, 2020, 80 percent of the home equity portfolio was in Consumer Banking, 12 percent was in All Other and the remainder of the portfolio was primarily in GWIM. Outstanding balances in the home equity portfolio decreased $3.7 billion during the nine months ended September 30, 2020 primarily due to paydowns outpacing new originations and draws on existing lines. Of the total home equity portfolio at September 30, 2020 and December 31, 2019, $14.3 billion, or 39 percent, and $15.0 billion, or 37 percent, were in first-lien positions. At September 30, 2020, outstanding balances in the home equity portfolio that were in a second-lien or more junior-lien position and where we also held the first-lien loan totaled $6.3 billion, or 17 percent, of our total home equity portfolio.
Unused HELOCs totaled $43.5 billion and $43.6 billion at September 30, 2020 and December 31, 2019. The HELOC utilization rate was 44 percent and 46 percent at September 30, 2020 and December 31, 2019.
Table 22 presents certain home equity portfolio key credit statistics.
Table 22
Home Equity – Key Credit Statistics (1)
(Dollars in millions) September 30
2020		 December 31
2019
Outstandings $ 36,530  $ 40,208 
Accruing past due 30 days or more (2)
215  218 
Nonperforming loans (2, 3)
640  536 
Percent of portfolio
Refreshed CLTV greater than 90 but less than or equal to 100 1  % 1  %
Refreshed CLTV greater than 100 2  2 
Refreshed FICO below 620 3  3 
2006 and 2007 vintages (4)
16  18 
(1)Outstandings, accruing past due, nonperforming loans and percentages of the portfolio exclude loans accounted for under the fair value option. For information on our interest accrual policies and delinquency status for loan modifications related to the COVID-19 pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements.
(2)Accruing past due 30 days or more include $30 million at both September 30, 2020 and December 31, 2019, and nonperforming loans include $84 million and $57 million of loans where we serviced the underlying first lien at September 30, 2020 and December 31, 2019.
(3)Includes loans that are contractually current which primarily consist of collateral-dependent TDRs, including those that have been discharged in Chapter 7 bankruptcy, junior-lien loans where the underlying first lien is 90 days or more past due, as well as loans that have not yet demonstrated a sustained period of payment performance following a TDR.
(4)These vintages of loans accounted for 36 percent and 34 percent of nonperforming home equity loans at September 30, 2020 and December 31, 2019.
Nonperforming outstanding balances in the home equity portfolio increased $104 million during the nine months ended September 30, 2020 primarily driven by loans with deferrals that expired and have subsequently become nonperforming. Of the nonperforming home equity loans at September 30, 2020, $262 million, or 41 percent, were current on contractual payments. In addition, $223 million, or 35 percent, of nonperforming home equity loans were 180 days or more past due and had been written down to the estimated fair value of the collateral, less costs to sell. Accruing loans that were 30 days or more past due decreased $3 million during the nine months ended September 30, 2020.
Net charge-offs increased $182 million to a net recovery of $20 million, and $301 million to a net recovery of $45 million for the three and nine months ended September 30, 2020 compared to the same periods in 2019 as the prior-year period included recoveries from non-core home equity loan sales.
Of the $36.5 billion in total home equity portfolio outstandings at September 30, 2020, as shown in Table 22, 15 percent require interest-only payments. The outstanding balance of HELOCs that have reached the end of their draw period and have entered the amortization period was $9.9 billion at September 30, 2020. The HELOCs that have entered the
amortization period have experienced a higher percentage of early stage delinquencies and nonperforming status when compared to the HELOC portfolio as a whole. At September 30, 2020, $145 million, or one percent of outstanding HELOCs that had entered the amortization period were accruing past due 30 days or more. In addition, at September 30, 2020, $473 million, or five percent, were nonperforming. Loans that have yet to enter the amortization period in our interest-only portfolio are primarily post-2008 vintages and generally have better credit quality than the previous vintages that had entered the amortization period. We communicate to contractually current customers more than a year prior to the end of their draw period to inform them of the potential change to the payment structure before entering the amortization period, and provide payment options to customers prior to the end of the draw period.
Although we do not actively track how many of our home equity customers pay only the minimum amount due on their home equity loans and lines, we can infer some of this information through a review of our HELOC portfolio that we service and that is still in its revolving period. During the three months ended September 30, 2020, 17 percent of these customers with an outstanding balance did not pay any principal on their HELOCs.

Bank of America 34

Table 23 presents outstandings, nonperforming balances and net charge-offs by certain state concentrations for the home equity portfolio. In the New York area, the New York-Northern New Jersey-Long Island MSA made up 13 percent of the outstanding home equity portfolio at both September 30, 2020
and December 31, 2019. The Los Angeles-Long Beach-Santa Ana MSA within California made up 11 percent of the outstanding home equity portfolio at both September 30, 2020 and December 31, 2019.
Table 23 Home Equity State Concentrations
Outstandings (1)
Nonperforming (1)
Net Charge-offs
September 30
2020		 December 31
2019		 September 30
2020		 December 31
2019		 Three Months Ended
September 30		 Nine Months Ended
September 30
(Dollars in millions) 2020 2019 2020 2019
California $ 10,171  $ 11,232  $ 136  $ 101  $ (8) $ (54) $ (17) $ (109)
Florida 3,916  4,327  82  71  (2) (30) (7) (72)
New Jersey 2,925  3,216  67  56  —  (13) (1) (11)
New York 2,636  2,899  100  85  (1) (10) —  (4)
Massachusetts 1,826  2,023  34  29  —  (6) 1  (6)
Other 15,056  16,511  221  194  (9) (89) (21) (144)
Total home equity loan
   portfolio
 $ 36,530  $ 40,208  $ 640  $ 536  $ (20) $ (202) $ (45) $ (346)
(1)Outstandings and nonperforming loans exclude loans accounted for under the fair value option.
Credit Card
At September 30, 2020, 97 percent of the credit card portfolio was managed in Consumer Banking with the remainder in GWIM. Outstandings in the credit card portfolio decreased $17.8 billion during the nine months ended September 30, 2020 to $79.8 billion due to lower retail spending. Net charge-offs decreased $208 million to $509 million and $280 million to $1.9 billion during the three and nine months ended September 30, 2020 compared to the same periods in 2019 due to government stimulus benefits and payment deferrals associated with COVID-19. Credit card loans 30 days or more past due and still
accruing interest decreased $765 million and loans 90 days or more past due and still accruing interest decreased $496 million primarily due to government stimulus benefits and payment deferrals along with declines in loan balances associated with COVID-19.
Unused lines of credit for credit card increased to $344.6 billion at September 30, 2020 from $336.9 billion at December 31, 2019 driven by decreased consumer spending.
Table 24 presents certain state concentrations for the credit card portfolio.
Table 24 Credit Card State Concentrations
Outstandings
Accruing Past Due
90 Days or More (1)
Net Charge-offs
September 30
2020		 December 31
2019		 September 30
2020		 December 31
2019		 Three Months Ended
September 30		 Nine Months Ended
September 30
(Dollars in millions) 2020 2019 2020 2019
California $ 12,820  $ 16,135  $ 96  $ 178  $ 92  $ 132  $ 347  $ 398 
Florida 7,634  9,075  73  135  66  90  252  272 
Texas 6,578  7,815  51  93  45  58  166  180 
New York 4,799  5,975  44  80  43  63  154  183 
Washington 3,696  4,639  13  26  12  17  47  53 
Other 44,307  53,969  269  530  251  357  978  1,138 
Total credit card portfolio $ 79,834  $ 97,608  $ 546  $ 1,042  $ 509  $ 717  $ 1,944  $ 2,224 
(1)For information on our interest accrual policies and delinquency status for loan modifications related to the COVID-19 pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements.
Direct/Indirect Consumer
At September 30, 2020, 53 percent of the direct/indirect portfolio was included in Consumer Banking (consumer auto and specialty lending – automotive, recreational vehicle, marine, aircraft and consumer personal loans) and 47 percent was
included in GWIM (principally securities-based lending loans). Outstandings in the direct/indirect portfolio decreased $1.1 billion during the nine months ended September 30, 2020 to $89.9 billion primarily due to lower originations in Auto.

35 Bank of America


Table 25 presents certain state concentrations for the direct/indirect consumer loan portfolio.
Table 25 Direct/Indirect State Concentrations
Outstandings
Accruing Past Due
90 Days or More (1)
Net Charge-offs
September 30
2020		 December 31
2019		 September 30
2020		 December 31
2019		 Three Months Ended
September 30		 Nine Months Ended
September 30
(Dollars in millions) 2020 2019 2020 2019
California $ 11,950  $ 11,912  $ 3  $ 4  $ 2  $ 32  $ 13  $ 44 
Florida 10,581  10,154  4  4  3  5  14  21 
Texas 8,915  9,516  3  5  4  8  13  23 
New York 6,542  6,394  2  1  2  3  6  9 
New Jersey 3,472  3,468  —  1  —  1  1  3 
Other 48,454  49,554  15  18  7  27  37  70 
Total direct/indirect loan
portfolio		 $ 89,914  $ 90,998  $ 27  $ 33  $ 18  $ 76  $ 84  $ 170 
(1)For information on our interest accrual policies and delinquency status for loan modifications related to the COVID-19 pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements.
Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity
Table 26 presents nonperforming consumer loans, leases and foreclosed properties activity for the three and nine months ended September 30, 2020 and 2019. During the nine months ended September 30, 2020, nonperforming consumer loans increased $304 million to $2.4 billion primarily driven by loans with deferrals that expired and have subsequently become nonperforming, as well as the inclusion of $137 million of certain loans that were previously classified as purchased credit-impaired loans and accounted for under a pool basis.
At September 30, 2020, $791 million, or 34 percent of nonperforming loans were 180 days or more past due and had been written down to their estimated property value less costs to sell. In addition, at September 30, 2020, $831 million, or 35 percent of nonperforming consumer loans were modified and
are now current after successful trial periods, or are current loans classified as nonperforming loans in accordance with applicable policies.
Foreclosed properties decreased $94 million during the nine months ended September 30, 2020 to $135 million as liquidations outpaced additions.
Nonperforming loans also include certain loans that have been modified in TDRs where economic concessions have been granted to borrowers experiencing financial difficulties. Nonperforming TDRs are included in Table 26. For more information on our loan modification programs offered in response to the COVID-19 pandemic, which are not TDRs, see Executive Summary - Recent Developments – COVID-19 Pandemic on page 3 and Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements.
Table 26 Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity
Three Months Ended
September 30		 Nine Months Ended
September 30
(Dollars in millions) 2020 2019 2020 2019
Nonperforming loans and leases, beginning of period $ 2,191  $ 3,027  $ 2,053  $ 3,842 
Additions 587  335  1,418  1,116 
Reductions:
Paydowns and payoffs (113) (197) (303) (580)
Sales —  (748) (31) (1,414)
Returns to performing status (1)
(291) (185) (689) (623)
Charge-offs (13) (23) (62) (80)
Transfers to foreclosed properties (4) (20) (29) (72)
Total net additions/(reductions) to nonperforming loans and leases 166  (838) 304  (1,653)
Total nonperforming loans and leases, September 30 2,357  2,189  2,357  2,189 
Foreclosed properties, September 30 (2)
135  188  135  188 
Nonperforming consumer loans, leases and foreclosed properties, September 30 $ 2,492  $ 2,377  $ 2,492  $ 2,377 
Nonperforming consumer loans and leases as a percentage of outstanding consumer loans and leases (3)
0.54  % 0.48  %
Nonperforming consumer loans, leases and foreclosed properties as a percentage of outstanding consumer loans, leases and foreclosed properties (3)
0.57  0.52 
(1)Consumer loans may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection.
(2)Foreclosed property balances do not include properties insured by certain government-guaranteed loans, principally FHA-insured, of $131 million and $275 million at September 30, 2020 and 2019.
(3)Outstanding consumer loans and leases exclude loans accounted for under the fair value option.

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Table 27 presents TDRs for the consumer real estate portfolio. Performing TDR balances are excluded from nonperforming loans and leases in Table 26. For more information on our loan modification programs offered in response to the COVID-19 pandemic, which are not TDRs, see Executive Summary - Recent Developments – COVID-19 Pandemic on page 3.
Table 27 Consumer Real Estate Troubled Debt Restructurings
September 30, 2020 December 31, 2019
(Dollars in millions) Nonperforming Performing Total Nonperforming Performing Total
Residential mortgage (1, 2)
$ 852  $ 3,079  $ 3,931  $ 921  $ 3,832  $ 4,753 
Home equity (3)
241  876  1,117  252  977  1,229 
Total consumer real estate troubled debt restructurings $ 1,093  $ 3,955  $ 5,048  $ 1,173  $ 4,809  $ 5,982 
(1)At September 30, 2020 and December 31, 2019, residential mortgage TDRs deemed collateral dependent totaled $1.1 billion and $1.2 billion, and included $709 million and $748 million of loans classified as nonperforming and $386 million and $468 million of loans classified as performing.
(2)At September 30, 2020 and December 31, 2019, residential mortgage performing TDRs include $1.6 billion and $2.1 billion of loans that were fully-insured.
(3)At September 30, 2020 and December 31, 2019, home equity TDRs deemed collateral dependent totaled $408 million and $442 million, and include $206 million and $209 million of loans classified as nonperforming and $202 million and $233 million of loans classified as performing.
In addition to modifying consumer real estate loans, we work with customers who are experiencing financial difficulty by modifying credit card and other consumer loans. Credit card and other consumer loan modifications generally involve a reduction in the customer’s interest rate on the account and placing the customer on a fixed payment plan not exceeding 60 months.
Modifications of credit card and other consumer loans are made through programs utilizing direct customer contact, but may also utilize external programs. At September 30, 2020 and December 31, 2019, our credit card and other consumer TDR portfolio was $699 million and $679 million, of which $624 million and $570 million were current or less than 30 days past due under the modified terms.
Commercial Portfolio Credit Risk Management
Commercial credit risk is evaluated and managed with the goal that concentrations of credit exposure continue to be aligned with our risk appetite. We review, measure and manage concentrations of credit exposure by industry, product, geography, customer relationship and loan size. We also review, measure and manage commercial real estate loans by geographic location and property type. In addition, within our non-U.S. portfolio, we evaluate exposures by region and by country. Tables 32, 35 and 38 summarize our concentrations. We also utilize syndications of exposure to third parties, loan sales, hedging and other risk mitigation techniques to manage the size and risk profile of the commercial credit portfolio. For more information on our industry concentrations, see Commercial Portfolio Credit Risk Management – Industry Concentrations on page 41 and Table 35.
For more information on our accounting policies regarding delinquencies, nonperforming status, net charge-offs and TDRs for the commercial portfolio, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2019 Annual Report on Form 10-K.
For information on the accounting for loan modifications related to the COVID-19 pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements.
Commercial Credit Portfolio
During the nine months ended September 30, 2020, commercial asset quality weakened as a result of the economic impact from COVID-19. However, there were also positive signs during this period. The draws by large corporate and commercial clients contributing to the $67.2 billion loan growth in the first quarter of 2020 have largely been repaid over the past six months as emergency or contingent funding was no longer needed or clients were able to access capital markets. Additionally, as part of the CARES Act, we had $24.7 billion of PPP loans outstanding with our small business clients at September 30, 2020, which are included in U.S. small business commercial in the tables in this section. For more information on PPP loans, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements.
Credit quality of commercial real estate borrowers has begun to stabilize in many sectors as certain economies have reopened. Certain sectors, including hospitality and retail, continue to be negatively impacted as a result of COVID-19. Moreover, many real estate markets, while improving, are still experiencing some disruptions in demand, supply chain challenges and tenant difficulties.
The commercial allowance for loan and lease losses increased $4.0 billion during the nine months ended September 30, 2020 to $8.9 billion due to the deterioration in the economic outlook resulting from the impact of COVID-19. For more information, see Allowance for Credit Losses on page 44.
Total commercial utilized credit exposure decreased $4.1 billion during the nine months ended September 30, 2020 to $631.2 billion driven by lower loans held-for-sale (LHFS) and lower loans and leases. The utilization rate for loans and leases, standby letters of credit (SBLCs) and financial guarantees, and commercial letters of credit, in the aggregate, was 58 percent at both September 30, 2020 and December 31, 2019.

37 Bank of America


Table 28 presents commercial credit exposure by type for utilized, unfunded and total binding committed credit exposure. Commercial utilized credit exposure includes SBLCs and financial guarantees and commercial letters of credit that have been issued and for which we are legally bound to advance
funds under prescribed conditions during a specified time period, and excludes exposure related to trading account assets. Although funds have not yet been advanced, these exposure types are considered utilized for credit risk management purposes.
Table 28 Commercial Credit Exposure by Type
 
Commercial Utilized (1)
Commercial Unfunded (2, 3, 4)
Total Commercial Committed
(Dollars in millions) September 30
2020		 December 31
2019		 September 30
2020		 December 31
2019		 September 30
2020		 December 31
2019
Loans and leases $ 515,379  $ 517,657  $ 396,920  $ 405,834  $ 912,299  $ 923,491 
Derivative assets (5)
44,297  40,485  —  —  44,297  40,485 
Standby letters of credit and financial guarantees 35,406  36,062  531  468  35,937  36,530 
Debt securities and other investments 24,049  25,546  5,066  5,101  29,115  30,647 
Loans held-for-sale 3,732  7,047  6,553  15,135  10,285  22,182 
Operating leases 6,482  6,660  —  —  6,482  6,660 
Commercial letters of credit 817  1,049  296  451  1,113  1,500 
Other 1,033  800  —  —  1,033  800 
Total $ 631,195  $ 635,306  $ 409,366  $ 426,989  $ 1,040,561  $ 1,062,295 
(1)Commercial utilized exposure includes loans of $6.6 billion and $7.7 billion and issued letters of credit with a notional amount of $121 million and $170 million accounted for under the fair value option at September 30, 2020 and December 31, 2019.
(2)Commercial unfunded exposure includes commitments accounted for under the fair value option with a notional amount of $3.2 billion and $4.2 billion at September 30, 2020 and December 31, 2019.
(3)Excludes unused business card lines, which are not legally binding.
(4)Includes the notional amount of unfunded legally binding lending commitments net of amounts distributed (i.e., syndicated or participated) to other financial institutions. The distributed amounts were $10.3 billion and $10.6 billion at September 30, 2020 and December 31, 2019.
(5)Derivative assets are carried at fair value, reflect the effects of legally enforceable master netting agreements and have been reduced by cash collateral of $41.3 billion and $33.9 billion at September 30, 2020 and December 31, 2019. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $35.0 billion and $35.2 billion at September 30, 2020 and December 31, 2019, which consists primarily of other marketable securities.
Outstanding commercial loans and leases decreased $2.3 billion during the nine months ended September 30, 2020 primarily due to repayments, partially offset by $24.7 billion of PPP loans outstanding at September 30, 2020. Nonperforming commercial loans increased $694 million across industries, and commercial reservable criticized utilized exposure increased
$24.3 billion spread across several industries, including travel and entertainment, as a result of weaker economic conditions arising from COVID-19. Table 29 presents our commercial loans and leases portfolio and related credit quality information at September 30, 2020 and December 31, 2019.
Table 29 Commercial Credit Quality
Outstandings Nonperforming
Accruing Past Due
90 Days or More (3)
(Dollars in millions) September 30
2020		 December 31
2019		 September 30
2020		 December 31
2019		 September 30
2020		 December 31
2019
Commercial and industrial:
U.S. commercial $ 293,934  $ 307,048  $ 1,351  $ 1,094  $ 199  $ 106 
Non-U.S. commercial 96,151  104,966  338  43  28  8 
Total commercial and industrial 390,085  412,014  1,689  1,137  227  114 
Commercial real estate 62,454  62,689  414  280  2  19 
Commercial lease financing 17,413  19,880  14  32  32  20 
469,952  494,583  2,117  1,449  261  153 
U.S. small business commercial (1)
38,850  15,333  76  50  77  97 
Commercial loans excluding loans accounted for under the fair value option 508,802  509,916  2,193  1,499  338  250 
Loans accounted for under the fair value option (2)
6,577  7,741 
Total commercial loans and leases $ 515,379  $ 517,657 
(1)Includes card-related products.
(2)Commercial loans accounted for under the fair value option include U.S. commercial of $3.4 billion and $4.7 billion and non-U.S. commercial of $3.2 billion and $3.1 billion at September 30, 2020 and December 31, 2019. For more information on the fair value option, see Note 15 – Fair Value Option to the Consolidated Financial Statements.
(3)For information on our interest accrual policies and delinquency status for loan modifications related to the COVID-19 pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements.

Bank of America 38

Table 30 presents net charge-offs and related ratios for our commercial loans and leases for the three and nine months ended September 30, 2020 and 2019.
Table 30 Commercial 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) 2020 2019 2020 2019 2020 2019 2020 2019
Commercial and industrial:
U.S. commercial $ 154  $ 53  $ 536  $ 202  0.20  % 0.07  % 0.23  % 0.09  %
Non-U.S. commercial 57  67  90  115  0.23  0.26  0.11  0.15 
Total commercial and industrial 211  120  626  317  0.21  0.12  0.20  0.11 
Commercial real estate 106  (1) 169  8  0.66  —  0.35  0.02 
Commercial lease financing 24  1  60  14  0.53  0.02  0.43  0.09 
341  120  855  339  0.28  0.10  0.23  0.09 
U.S. small business commercial 67  69  215  202  0.69  1.83  1.01  1.83 
Total commercial $ 408  $ 189  $ 1,070  $ 541  0.31  0.15  0.27  0.15 
(1)Net charge-off ratios are calculated as net charge-offs divided by average outstanding loans and leases excluding loans accounted for under the fair value option.
Table 31 presents commercial reservable criticized utilized exposure by loan type. Criticized exposure corresponds to the Special Mention, Substandard and Doubtful asset categories as defined by regulatory authorities. Total commercial reservable criticized utilized exposure increased $24.3 billion during the nine months ended September 30, 2020, which was spread across several industries, including travel and entertainment, as a result of weaker economic conditions arising from COVID-19. At September 30, 2020 and December 31, 2019, 84 percent and 90 percent of commercial reservable criticized utilized exposure was secured.
Table 31
Commercial Reservable Criticized Utilized Exposure (1, 2)
(Dollars in millions) September 30, 2020 December 31, 2019
Commercial and industrial:
U.S. commercial $ 22,223  6.88  % $ 8,272  2.46  %
Non-U.S. commercial 4,381  4.30  989  0.89 
Total commercial and industrial 26,604  6.26  9,261  2.07 
Commercial real estate 7,001  10.89  1,129  1.75 
Commercial lease financing 657  3.77  329  1.66 
34,262  6.76  10,719  2.01 
U.S. small business commercial 1,448  3.73  733  4.78 
Total commercial reservable criticized utilized exposure (1)
$ 35,710  6.55  $ 11,452  2.09 
(1)Total commercial reservable criticized utilized exposure includes loans and leases of $33.9 billion and $10.7 billion and commercial letters of credit of $1.8 billion and $715 million at September 30, 2020 and December 31, 2019.
(2)Percentages are calculated as commercial reservable criticized utilized exposure divided by total commercial reservable utilized exposure for each exposure category.
Commercial and Industrial
Commercial and industrial loans include U.S. commercial and non-U.S. commercial portfolios.
U.S. Commercial
At September 30, 2020, 66 percent of the U.S. commercial loan portfolio, excluding small business, was managed in Global Banking, 17 percent in Global Markets, 15 percent in GWIM (generally business-purpose loans for high net worth clients) and the remainder primarily in Consumer Banking. U.S. commercial loans decreased $13.1 billion during the nine months ended September 30, 2020 primarily in Global Banking. Reservable criticized utilized exposure increased $14.0 billion, which was spread across several industries, including travel and entertainment, as a result of weaker economic conditions arising from COVID-19.
Non-U.S. Commercial
At September 30, 2020, 81 percent of the non-U.S. commercial loan portfolio was managed in Global Banking and 19 percent in Global Markets. Non-U.S. commercial loans decreased $8.8 billion during the nine months ended September 30, 2020, primarily in Global Banking. For information on the non-U.S. commercial portfolio, see Non-U.S. Portfolio on page 43.

Commercial Real Estate
Commercial real estate primarily includes commercial loans secured by non-owner-occupied real estate and is dependent on the sale or lease of the real estate as the primary source of repayment. Outstanding loans remained relatively flat at $62.5 billion at September 30, 2020 as paydowns were offset by new originations and increased utilizations under existing credit facilities. Reservable criticized utilized exposure increased $5.9 billion due to downgrades driven by the impact of COVID-19 across industries, led by hotels. Although we have observed property-level improvements in a number of the most impacted sectors, the length of time for recovery has been slower than originally anticipated, which has prompted these downgrades. The portfolio remains diversified across property types and geographic regions. California represented the largest state concentration at 23 percent and 24 percent of the commercial real estate portfolio at September 30, 2020 and December 31, 2019. The commercial real estate portfolio is predominantly managed in Global Banking and consists of loans made primarily to public and private developers, and commercial real estate firms.
For the three and nine months ended September 30, 2020, we continued to see low default rates and varying degrees of improvement in the non-residential portfolio. We use a number of proactive risk mitigation initiatives to reduce adversely rated exposure in the commercial real estate portfolio, including
39 Bank of America


transfers of deteriorating exposures to management by independent special asset officers and the pursuit of loan restructurings or asset sales to achieve the best results for our customers and the Corporation.
Table 32 presents outstanding commercial real estate loans by geographic region, based on the geographic location of the collateral, and by property type.
Table 32 Outstanding Commercial Real Estate Loans
(Dollars in millions) September 30
2020		 December 31
2019
By Geographic Region     
California $ 14,364  $ 14,910 
Northeast 12,030  12,408 
Southwest 9,070  8,408 
Southeast 6,637  5,937 
Florida 4,262  3,984 
Midwest 3,226  3,203 
Illinois 3,028  3,349 
Midsouth 2,496  2,468 
Northwest 1,598  1,638 
Non-U.S.  3,707  3,724 
Other (1)
2,036  2,660 
Total outstanding commercial real estate loans
 $ 62,454  $ 62,689 
By Property Type    
Non-residential
Office $ 17,650  $ 17,902 
Industrial / Warehouse 9,289  8,677 
Shopping centers / Retail 7,850  8,183 
Multi-family rental 7,524  7,250 
Hotels / Motels 7,418  6,982 
Unsecured 2,598  3,438 
Multi-use 1,709  1,788 
Other 7,420  6,958 
Total non-residential 61,458  61,178 
Residential 996  1,511 
Total outstanding commercial real estate loans
 $ 62,454  $ 62,689 
(1)Includes unsecured loans to real estate investment trusts and national home builders whose portfolios of properties span multiple geographic regions and properties in the states of Colorado, Utah, Hawaii, Wyoming and Montana.
U.S. Small Business Commercial
The U.S. small business commercial loan portfolio is comprised of small business card loans and small business loans primarily managed in Consumer Banking, and includes $24.7 billion of PPP loans outstanding at September 30, 2020. Excluding PPP, credit card-related products were 51 percent and 52 percent of the U.S. small business commercial portfolio at September 30, 2020 and December 31, 2019. Of the U.S. small business commercial net charge-offs, 93 percent were credit card-related products for the three and nine months ended September 30, 2020 compared to 92 percent and 95 percent for the same periods in 2019.

Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity
Table 33 presents the nonperforming commercial loans, leases and foreclosed properties activity during the three and nine months ended September 30, 2020 and 2019. Nonperforming loans do not include loans accounted for under the fair value option. During the nine months ended September 30, 2020, nonperforming commercial loans and leases increased $694 million to $2.2 billion, primarily driven by the impact of COVID-19. At September 30, 2020, 85 percent of commercial nonperforming loans, leases and foreclosed properties were secured and 63 percent were contractually current. Commercial nonperforming loans were carried at 78 percent of their unpaid principal balance before consideration of the allowance for loan and lease losses, as the carrying value of these loans has been reduced to the estimated collateral value less costs to sell.
Bank of America 40

Table 33
Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity (1, 2)
Three Months Ended
September 30		 Nine Months Ended
September 30
(Dollars in millions) 2020 2019 2020 2019
Nonperforming loans and leases, beginning of period $ 2,202  $ 1,160  $ 1,499  $ 1,102 
Additions 656  492  2,326  1,521 
Reductions:    
Paydowns (216) (161) (605) (479)
Sales (50) (33) (76) (193)
Returns to performing status (3)
(21) (48) (45) (105)
Charge-offs (367) (123) (895) (371)
Transfers to foreclosed properties —  —  —  (7)
Transfers to loans held-for-sale (11) —  (11) (181)
Total net additions/(reductions) to nonperforming loans and leases (9) 127  694  185 
Total nonperforming loans and leases, September 30 2,193  1,287  2,193  1,287 
Foreclosed properties, September 30 45  59  45  59 
Nonperforming commercial loans, leases and foreclosed properties, September 30 $ 2,238  $ 1,346  $ 2,238  $ 1,346 
Nonperforming commercial loans and leases as a percentage of outstanding commercial loans and leases (4)
0.43  % 0.25  %
Nonperforming commercial loans, leases and foreclosed properties as a percentage of outstanding commercial loans, leases and foreclosed properties (4)
0.44  0.26 
(1)Balances do not include nonperforming loans held-for-sale of $184 million and $237 million at September 30, 2020 and 2019.
(2)Includes U.S. small business commercial activity. Small business card loans are excluded as they are not classified as nonperforming.
(3)Commercial loans and leases may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection. TDRs are generally classified as performing after a sustained period of demonstrated payment performance.
(4)Outstanding commercial loans exclude loans accounted for under the fair value option.
Table 34 presents our commercial TDRs by product type and performing status. U.S. small business commercial TDRs are comprised of renegotiated small business card loans and small business loans. The renegotiated small business card loans are not classified as nonperforming as they are charged off no later than the end of the month in which the loan becomes 180 days
past due. For more information on our loan modification programs offered in response to the COVID-19 pandemic, which are not TDRs, see Executive Summary - Recent Developments – COVID-19 Pandemic on page 3 and Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements.
Table 34 Commercial Troubled Debt Restructurings
September 30, 2020 December 31, 2019
(Dollars in millions) Nonperforming Performing Total Nonperforming Performing Total
Commercial and industrial:
U.S. commercial $ 743  $ 996  $ 1,739  $ 617  $ 999  $ 1,616 
Non-U.S. commercial 82  128  210  41  193  234 
Total commercial and industrial 825  1,124  1,949  658  1,192  1,850 
Commercial real estate 260  34  294  212  14  226 
Commercial lease financing 2  28  30  18  31  49 
1,087  1,186  2,273  888  1,237  2,125 
U.S. small business commercial —  28  28  —  27  27 
Total commercial troubled debt restructurings
 $ 1,087  $ 1,214  $ 2,301  $ 888  $ 1,264  $ 2,152 
Industry Concentrations
Table 35 presents commercial committed and utilized credit exposure by industry and the total net credit default protection purchased to cover the funded and unfunded portions of certain credit exposures. Our commercial credit exposure is diversified across a broad range of industries. Total commercial committed exposure decreased $21.7 billion, or two percent, during the nine months ended September 30, 2020 to $1.0 trillion. The decrease in commercial committed exposure was concentrated in the Asset managers and funds, Global commercial banks, Utilities, and Pharmaceuticals and biotechnology industry sectors. Decreases were partially offset by increased exposure to the Automobiles and components and the Healthcare equipment and services industry sectors.
For information on industry limits, see Commercial Portfolio Credit Risk Management - Industry Concentrations in the MD&A of the Corporation’s 2019 Annual Report on Form 10-K.
Asset managers and funds, our largest industry concentration with committed exposure of $97.5 billion, decreased $12.6
billion, or 11 percent, during the nine months ended September 30, 2020.
Real estate, our second largest industry concentration with committed exposure of $95.3 billion, decreased $1.1 billion, or one percent, during the nine months ended September 30, 2020. For more information on the commercial real estate and related portfolios, see Commercial Portfolio Credit Risk Management – Commercial Real Estate on page 39.
Capital goods, our third largest industry concentration with committed exposure of $83.2 billion, increased $2.3 billion, or three percent, during the nine months ended September 30, 2020 with the increase largely occurring in the machinery, aerospace and defense, and building products categories, partially offset by a decrease in trading companies and distributors, construction and engineering, and industrial conglomerates.
Given the widespread impact the COVID-19 pandemic is having on the U.S. and global economy, a number of industries have been and continue to be adversely impacted. We continue to monitor all industries, particularly higher risk industries which
41 Bank of America


are experiencing or could experience a more significant impact to their financial condition. The impact of the COVID-19 pandemic has also placed significant stress on global demand for oil, resulting in a steep decline in prices. Our energy-related committed exposure decreased $1.8 billion, or five percent, during the nine months ended September 30, 2020 to $34.5
billion, driven by declines in exploration and production, energy equipment and services and refining and marketing exposure offset, in part, by an increase in our integrated client exposure. For more information on COVID-19, see Executive Summary - Recent Developments – COVID-19 Pandemic on page 3.
Table 35
Commercial Credit Exposure by Industry (1)
Commercial
Utilized
Total Commercial
Committed (2)
(Dollars in millions) September 30
2020		 December 31
2019		 September 30
2020		 December 31
2019
Asset managers and funds $ 63,360  $ 71,386  $ 97,518  $ 110,069 
Real estate (3)
72,105  70,361  95,251  96,370 
Capital goods 42,899  41,082  83,159  80,892 
Finance companies 43,396  40,173  66,964  63,942 
Healthcare equipment and services 36,554  34,353  61,094  55,918 
Government and public education 43,699  41,889  56,785  53,566 
Materials 25,478  26,663  51,316  52,129 
Retailing 27,085  25,868  49,602  48,317 
Consumer services 32,016  28,434  48,631  49,071 
Food, beverage and tobacco 22,706  24,163  45,019  45,956 
Commercial services and supplies 22,274  23,103  39,219  38,944 
Transportation 25,157  23,449  34,668  33,028 
Energy 15,432  16,406  34,514  36,326 
Utilities 12,488  12,383  29,501  36,060 
Individuals and trusts 21,171  18,927  27,954  27,817 
Media 13,616  12,445  25,802  23,645 
Global commercial banks 21,295  30,171  23,444  32,345 
Technology hardware and equipment 9,875  10,646  22,563  24,072 
Software and services 10,767  10,432  21,104  20,556 
Consumer durables and apparel 10,053  10,193  20,972  21,245 
Automobiles and components 11,916  7,345  19,391  14,910 
Vehicle dealers 14,598  18,013  18,457  21,435 
Pharmaceuticals and biotechnology 5,142  5,964  15,634  20,206 
Insurance 6,310  6,673  13,962  15,218 
Telecommunication services 7,063  9,154  13,441  16,113 
Food and staples retailing 5,166  6,290  10,470  10,392 
Financial markets infrastructure (clearinghouses) 4,587  5,496  7,216  7,997 
Religious and social organizations 4,987  3,844  6,910  5,756 
Total commercial credit exposure by industry $ 631,195  $ 635,306  $ 1,040,561  $ 1,062,295 
Net credit default protection purchased on total commitments (4)
    $ (5,206) $ (3,349)
(1)Includes U.S. small business commercial exposure.
(2)Includes the notional amount of unfunded legally binding lending commitments net of amounts distributed (i.e., syndicated or participated) to other financial institutions. The distributed amounts were $10.3 billion and $10.6 billion at September 30, 2020 and December 31, 2019.
(3)Industries are viewed from a variety of perspectives to best isolate the perceived risks. For purposes of this table, the real estate industry is defined based on the primary business activity of the borrowers or counterparties using operating cash flows and primary source of repayment as key factors.
(4)Represents net notional credit protection purchased to hedge funded and unfunded exposures for which we elected the fair value option, as well as certain other credit exposures. For more information, see Commercial Portfolio Credit Risk Management – Risk Mitigation.
Risk Mitigation
We purchase credit protection to cover the funded portion as well as the unfunded portion of certain credit exposures. To lower the cost of obtaining our desired credit protection levels, we may add credit exposure within an industry, borrower or counterparty group by selling protection.
At September 30, 2020 and December 31, 2019, net notional credit default protection purchased in our credit derivatives portfolio to hedge our funded and unfunded exposures for which we elected the fair value option, as well as certain other credit exposures, was $5.2 billion and $3.3 billion. We recorded net losses on these positions of $104 million and $106 million for the three and nine months ended September 30, 2020 compared to net losses of $15 million and $93 million for the same periods in 2019. The gains and losses on these instruments were offset by gains and losses on the related exposures. The Value-at-Risk (VaR) results for these
exposures are included in the fair value option portfolio information in Table 41. For more information, see Trading Risk Management on page 46.
Tables 36 and 37 present the maturity profiles and the credit exposure debt ratings of the net credit default protection portfolio at September 30, 2020 and December 31, 2019.
Table 36 Net Credit Default Protection by Maturity
  September 30
2020		 December 31
2019
Less than or equal to one year 50  % 54  %
Greater than one year and less than or equal to five years
 48  45 
Greater than five years 2  1 
Total net credit default protection 100  % 100  %
Bank of America 42

Table 37 Net Credit Default Protection by Credit Exposure Debt Rating
Net
Notional (1)
Percent of
Total
Net
Notional (1)
Percent of
Total
(Dollars in millions) September 30, 2020 December 31, 2019
Ratings (2, 3)
       
A $ (310) 6.0  % $ (697) 20.8  %
BBB (2,699) 51.8  (1,089) 32.5 
BB (1,388) 26.7  (766) 22.9 
B (519) 10.0  (373) 11.1 
CCC and below (237) 4.6  (119) 3.6 
NR (4)
(53) 0.9  (305) 9.1 
Total net credit
default protection
 $ (5,206) 100.0  % $ (3,349) 100.0  %
(1)Represents net credit default protection purchased.
(2)Ratings are refreshed on a quarterly basis.
(3)Ratings of BBB- or higher are considered to meet the definition of investment grade.
(4)NR is comprised of index positions held and any names that have not been rated.
For more information on credit derivatives and counterparty credit risk valuation adjustments, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2019 Annual Report on Form 10-K.
Non-U.S. Portfolio
Our non-U.S. credit and trading portfolios are subject to country risk. We define country risk as the risk of loss from unfavorable economic and political conditions, currency fluctuations, social instability and changes in government policies. A risk management framework is in place to measure, monitor and manage non-U.S. risk and exposures. In addition to the direct risk of doing business in a country, we also are exposed to indirect country risks (e.g., related to the collateral received on secured financing transactions or related to client clearing activities). These indirect exposures are managed in the normal course of business through credit, market and operational risk governance, rather than through country risk governance.
Table 38 presents our 20 largest non-U.S. country exposures at September 30, 2020. These exposures accounted for 91 percent and 88 percent of our total non-U.S. exposure at September 30, 2020 and December 31, 2019. Net country exposure for these 20 countries increased $37.9 billion in the nine months ended September 30, 2020. The majority of the increase was due to higher deposits with central banks in Germany and Japan.
Table 38 Top 20 Non-U.S. Countries Exposure
(Dollars in millions) Funded Loans and Loan Equivalents Unfunded Loan Commitments Net Counterparty Exposure Securities/
Other
Investments		 Country Exposure at September 30
2020		 Hedges and Credit Default Protection Net Country Exposure at September 30
2020		 Increase (Decrease) from December 31
2019
United Kingdom $ 31,825  $ 16,188  $ 6,197  $ 2,836  $ 57,046  $ (2,015) $ 55,031  $ (813)
Germany 35,523  9,366  2,389  5,353  52,631  (2,564) 50,067  19,239 
Japan 20,481  1,004  1,560  2,558  25,603  (983) 24,620  14,088 
France 11,340  8,436  1,308  4,942  26,026  (1,740) 24,286  8,031 
Canada 8,148  9,043  1,323  2,082  20,596  (720) 19,876  (246)
Australia 6,610  3,660  454  2,893  13,617  (367) 13,250  2,148 
China 9,182  41  1,126  2,343  12,692  (203) 12,489  (3,098)
Brazil 6,478  730  272  3,907  11,387  (320) 11,067  (705)
Netherlands 6,579  3,081  590  1,592  11,842  (810) 11,032  705 
India 5,597  151  448  3,897  10,093  (224) 9,869  (2,148)
Switzerland 5,752  2,921  156  230  9,059  (395) 8,664  1,279 
South Korea 5,486  854  459  1,824  8,623  (127) 8,496  (209)
Singapore 3,997  230  354  3,809  8,390  (57) 8,333  507 
Mexico 3,920  1,225  201  1,663  7,009  (139) 6,870  (941)
Belgium 4,271  1,310  534  901  7,016  (250) 6,766  259 
Hong Kong 4,723  220  512  1,167  6,622  (26) 6,596  (460)
Spain 2,926  1,343  306  789  5,364  (303) 5,061  339 
Ireland 3,272  930  103  389  4,694  (11) 4,683  1,316 
Italy 2,610  1,222  562  1,310  5,704  (1,065) 4,639  (738)
United Arab Emirates 2,545  139  217  52  2,953  (41) 2,912  (675)
Total top 20 non-U.S. countries exposure
 $ 181,265  $ 62,094  $ 19,071  $ 44,537  $ 306,967  $ (12,360) $ 294,607  $ 37,878 
Our largest non-U.S. country exposure at September 30, 2020 was the U.K. with net exposure of $55.0 billion, which represents an $813 million decrease from December 31, 2019. Our second largest non-U.S. country exposure was Germany with net exposure of $50.1 billion at September 30, 2020, a $19.2 billion increase from December 31, 2019. The increase in Germany was primarily driven by an increase in deposits with the central bank.
In light of the global COVID-19 pandemic, we are monitoring our non-U.S. exposure closely, particularly in countries where restrictions on certain activities, in an attempt to contain the spread and impact of the virus, have affected and will likely
continue to adversely affect economic activity. We are managing the impact to our international business operations as part of our overall response framework and are taking actions to manage exposure carefully in impacted regions while supporting the needs of our clients. The magnitude and duration of the COVID-19 pandemic and its full impact on the global economy continue to be highly uncertain. The impact of COVID-19 could have an adverse impact on the global economy for a prolonged period of time. For more information on how the COVID-19 pandemic may affect our operations, see Executive Summary - Recent Developments – COVID-19 Pandemic on page 3 and Part II, Item 1A. Risk Factors on page 105.
43 Bank of America


Allowance for Credit Losses
On January 1, 2020, the Corporation adopted the new accounting standard that requires the measurement of the allowance for credit losses to be based on management’s best estimate of lifetime ECL inherent in the Corporation’s relevant financial assets. Upon adoption of the new accounting standard, the Corporation recorded a net increase of $3.3 billion in the allowance for credit losses which was comprised of a net increase of $2.9 billion in the allowance for loan and lease losses and an increase of $310 million in the reserve for unfunded lending commitments. The net increase was primarily driven by a $3.1 billion increase related to the credit card portfolio.
The allowance for credit losses further increased by $8.0 billion from January 1, 2020 to $21.5 billion at September 30, 2020, which included a $5.2 billion increase in the commercial portfolio and a $2.8 billion increase in the consumer portfolio. The increases were driven by deterioration in the economic outlook resulting from the impact of COVID-19. Assuming the macroeconomic outlook does not deteriorate further, we do not expect to increase the level of the allowance for credit losses in the fourth quarter of 2020. The following table presents an allocation of the allowance for credit losses by product type for September 30, 2020, January 1, 2020 and December 31, 2019 (prior to the adoption of the CECL accounting standard).
Table 39 Allocation of the Allowance for Credit Losses by Product Type
Amount Percent of
Total
Percent of
Loans and
Leases
Outstanding (1)
Amount Percent of
Total
Percent of
Loans and
Leases
Outstanding (1)
Amount Percent of
Total
Percent of
Loans and
Leases
Outstanding (1)
(Dollars in millions) September 30, 2020 January 1, 2020 December 31, 2019
Allowance for loan and lease losses            
Residential mortgage $ 457  2.33  % 0.20  % $ 212  1.72  % 0.09  % $ 325  3.45  % 0.14  %
Home equity 398  2.03  1.09  228  1.84  0.57  221  2.35  0.55 
Credit card 8,972  45.78  11.24  6,809  55.10  6.98  3,710  39.39  3.80 
Direct/Indirect consumer 800  4.08  0.89  566  4.58  0.62  234  2.49  0.26 
Other consumer 64  0.34  n/m 55  0.45  n/m 52  0.55  n/m
Total consumer 10,691  54.56  2.43  7,870  63.69  1.69  4,542  48.23  0.98 
U.S. commercial (2)
5,163  26.35  1.55  2,723  22.03  0.84  3,015  32.02  0.94 
Non-U.S. commercial 1,353  6.90  1.41  668  5.41  0.64  658  6.99  0.63 
Commercial real estate 2,283  11.65  3.66  1,036  8.38  1.65  1,042  11.07  1.66 
Commercial lease financing 106  0.54  0.60  61  0.49  0.31  159  1.69  0.80 
Total commercial 8,905  45.44  1.75  4,488  36.31  0.88  4,874  51.77  0.96 
Allowance for loan and lease losses 19,596  100.00  % 2.07  12,358  100.00  % 1.27  9,416  100.00  % 0.97 
Reserve for unfunded lending commitments 1,910  1,123  813   
Allowance for credit losses $ 21,506  $ 13,481  $ 10,229 
(1)Ratios are calculated as allowance for loan and lease losses as a percentage of loans and leases outstanding excluding loans accounted for under the fair value option. Consumer loans accounted for under the fair value option include residential mortgage loans of $314 million at September 30, 2020 and $257 million at January 1, 2020 and December 31, 2019 and home equity loans of $343 million at September 30, 2020 and $337 million at January 1, 2020 and December 31, 2019. Commercial loans accounted for under the fair value option include U.S. commercial loans of $3.4 billion, $5.1 billion and $4.7 billion at September 30, 2020, January 1, 2020 and December 31, 2019, respectively and non-U.S. commercial loans of $3.2 billion, $3.2 billion and $3.1 billion at September 30, 2020, January 1, 2020 and December 31, 2019, respectively.
(2)Includes allowance for loan and lease losses for U.S. small business commercial loans of $1.5 billion, $831 million and $523 million at September 30, 2020, January 1, 2020 and December 31, 2019, respectively.
n/m = not meaningful
Net charge-offs for the three and nine months ended September 30, 2020 were $972 million and $3.2 billion compared to $811 million and $2.7 billion for the same periods in 2019 driven by increases in commercial losses. The provision for credit losses increased $610 million to $1.4 billion, and $8.6 billion to $11.3 billion for the three and nine months ended September 30, 2020 compared to the same periods in 2019. The allowance for credit losses included a reserve build of $417 million for the three months ended September 30, 2020, driven by COVID-19 impacted industries, such as travel and entertainment, and a reserve build of $8.0 billion for the nine months ended September 30, 2020 primarily due to the deterioration in the economic outlook resulting from the impact of COVID-19 on both the consumer and commercial portfolios. The provision for credit losses for the consumer portfolio, including unfunded lending commitments, decreased $269 million to $295 million and increased $3.0 billion to $5.0 billion
for the three and nine months ended September 30, 2020 compared to the same periods in 2019. The provision for credit losses for the commercial portfolio, including unfunded lending commitments, increased $879 million to $1.1 billion and $5.6 billion to $6.3 billion for the three and nine months ended September 30, 2020 compared to the same periods in 2019.
The following table presents a rollforward of the allowance for credit losses, including certain loan and allowance ratios for the nine months ended September 30, 2020 and 2019, noting that measurement of the allowance for credit losses for 2019 was based on management’s estimate of probable incurred losses. For more information on the Corporation’s credit loss accounting policies and activity related to the allowance for credit losses, see Note 1 – Summary of Significant Accounting Principles and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements.
Bank of America 44

Table 40 Allowance for Credit Losses
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2020 2019 2020 2019
Allowance for loan and lease losses, beginning of period $ 19,389  $ 9,527  $ 12,358  $ 9,601 
Loans and leases charged off
Residential mortgage (5) (28) (28) (69)
Home equity (8) (171) (47) (386)
Credit card (665) (865) (2,407) (2,659)
Direct/Indirect consumer (75) (157) (277) (403)
Other consumer (70) (71) (232) (163)
Total consumer charge-offs (823) (1,292) (2,991) (3,680)
U.S. commercial (1)
(279) (151) (870) (486)
Non-U.S. commercial (57) (66) (91) (115)
Commercial real estate (106) —  (170) (10)
Commercial lease financing (28) (3) (68) (19)
Total commercial charge-offs (470) (220) (1,199) (630)
Total loans and leases charged off (1,293) (1,512) (4,190) (4,310)
Recoveries of loans and leases previously charged off
Residential mortgage 11  66  55  120 
Home equity 28  373  92  732 
Credit card 156  148  463  435 
Direct/Indirect consumer 57  81  193  233 
Other consumer 7  2  18  12 
Total consumer recoveries 259  670  821  1,532 
U.S. commercial (2)
58  29  119  82 
Non-U.S. commercial —  (1) 1  — 
Commercial real estate —  1  1  2 
Commercial lease financing 4  2  8  5 
Total commercial recoveries 62  31  129  89 
Total recoveries of loans and leases previously charged off 321  701  950  1,621 
Net charge-offs (972) (811) (3,240) (2,689)
Provision for loan and lease losses 1,180  776  10,480  2,637 
Other (3)
(1) (59) (2) (116)
Allowance for loan and lease losses, September 30
 19,596  9,433  19,596  9,433 
Reserve for unfunded lending commitments, beginning of period 1,702  806  1,123  797 
Provision for unfunded lending commitments 209  3  787  12 
Other (3)
(1) —  —  — 
Reserve for unfunded lending commitments, September 30
 1,910  809  1,910  809 
Allowance for credit losses, September 30
 $ 21,506  $ 10,242  $ 21,506  $ 10,242 
Loan and allowance ratios:
Loans and leases outstanding at September 30 (4)
$ 947,938  $ 965,236  $ 947,938  $ 965,236 
Allowance for loan and lease losses as a percentage of total loans and leases outstanding at September 30 (4)
2.07  % 0.98  % 2.07  % 0.98  %
Consumer allowance for loan and lease losses as a percentage of total consumer loans and leases outstanding at September 30 (5)
2.43  1.01  2.43  1.01 
Commercial allowance for loan and lease losses as a percentage of total commercial loans and leases outstanding at September 30 (6)
1.75  0.95  1.75  0.95 
Average loans and leases outstanding (4)
$ 965,836  $ 956,850  $ 989,839  $ 946,546 
Annualized net charge-offs as a percentage of average loans and leases outstanding (4)
0.40  % 0.34  % 0.44  % 0.38  %
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases at September 30
 431  271  431  271 
Ratio of the allowance for loan and lease losses at September 30 to net charge-offs
 5.07  2.93  4.53  2.62 
Amounts included in allowance for loan and lease losses for loans and leases that are excluded from nonperforming loans and leases at September 30 (7)
$ 10,331  $ 4,144  $ 10,331  $ 4,144 
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases, excluding the allowance for loan and lease losses for loans and leases that are excluded from nonperforming loans and leases at September 30 (7)
204  % 152  % 204  % 152  %
(1)Includes U.S. small business commercial charge-offs of $77 million and $247 million for the three and nine months ended September 30, 2020 compared to $79 million and $239 million for the same periods in 2019.
(2)Includes U.S. small business commercial recoveries of $10 million and $32 million for the three and nine months ended September 30, 2020 compared to $10 million and $37 million for the same periods in 2019.
(3)Primarily represents write-offs of purchased credit-impaired (PCI) loans in 2019, and the net impact of portfolio sales, transfers to held for sale and transfers to foreclosed properties.
(4)Outstanding loan and lease balances and ratios do not include loans accounted for under the fair value option of $7.2 billion and $7.7 billion at September 30, 2020 and 2019. Average loans accounted for under the fair value option were $8.2 billion and $8.6 billion for the three and nine months ended September 30, 2020 compared to $7.9 billion and $6.6 billion for the same periods in 2019.
(5)Excludes consumer loans accounted for under the fair value option of $657 million and $640 million at September 30, 2020 and 2019.
(6)Excludes commercial loans accounted for under the fair value option of $6.6 billion and $7.0 billion at September 30, 2020 and 2019.
(7)Primarily includes amounts allocated to credit card and unsecured consumer lending portfolios in Consumer Banking.

45 Bank of America


Market Risk Management
For more information on our market risk management process, see Market Risk Management in the MD&A of the Corporation’s 2019 Annual Report on Form 10-K.
Market risk is the risk that changes in market conditions may adversely impact the value of assets or liabilities, or otherwise negatively impact earnings. This risk is inherent in the financial instruments associated with our operations, primarily within our Global Markets segment. We are also exposed to these risks in other areas of the Corporation (e.g., our ALM activities). In the event of market stress, these risks could have a material impact on our results.
We have been affected, and expect to continue to be affected, by market stress resulting from the COVID-19 pandemic that began in the first quarter of 2020. For more information on the effects of the pandemic, see Executive Summary - Recent Developments – COVID-19 Pandemic on page 3.
Trading Risk Management
To evaluate risks in our trading activities, we focus on the actual and potential volatility of revenues generated by individual positions as well as portfolios of positions. VaR is a common statistic used to measure market risk. Our primary VaR statistic is equivalent to a 99 percent confidence level, which means that for a VaR with a one-day holding period, there should not be losses in excess of VaR, on average, 99 out of 100 trading days.
Table 41 presents the total market-based portfolio VaR which is the combination of the total covered positions (and less liquid trading positions) portfolio and the fair value option portfolio. For more information on the market risk VaR for trading activities, see Trading Risk Management in the MD&A of the Corporation’s 2019 Annual Report on Form 10-K.
The total market-based portfolio VaR results in Table 41 include market risk to which we are exposed from all business segments, excluding credit valuation adjustment (CVA), DVA and related hedges. The majority of this portfolio is within the Global Markets segment.
Table 41 presents period-end, average, high and low daily trading VaR for the three months ended September 30, 2020, June 30, 2020 and September 30, 2019 using a 99 percent confidence level, as well as average daily trading VaR for the nine months ended September 30, 2020 and 2019. The amounts disclosed in Table 41 and Table 42 align to the view of covered positions used in the Basel 3 capital calculations. Foreign exchange and commodity positions are always considered covered positions, regardless of trading or banking treatment for the trade, except for structural foreign currency positions that are excluded with prior regulatory approval.
The average of total covered positions and less liquid trading positions portfolio VaR increased for the three months ended September 30, 2020 compared to the prior quarter primarily due to a decrease in portfolio diversification.
Table 41 Market Risk VaR for Trading Activities
Three Months Ended Nine Months Ended September 30
September 30, 2020 June 30, 2020 September 30, 2019
(Dollars in millions) Period End Average
High (1)
Low (1)
Period End Average
High (1)
Low (1)
Period End Average
High (1)
Low (1)
2020 Average 2019 Average
Foreign exchange $ 7  $ 7  $ 25  $ 5  $ 5  $ 7  $ 11  $ 4  $ 3  $ 6  $ 11  $ 3  $ 7  $ 6 
Interest rate 14  18  27  13  17  15  23  7  22  20  26  14  18  25 
Credit 61  62  68  54  64  65  91  48  26  24  27  20  54  22 
Equity 16  17  22  12  16  24  43  15  24  23  29  17  26  21 
Commodities 4  6  10  4  7  7  12  5  4  6  31  4  6  6 
Portfolio diversification (71) (56) —  —  (39) (60) —  —  (50) (48) —  —  (58) (48)
Total covered positions portfolio 31  54  96  31  70  58  85  28  29  31  36  24  53  32 
Impact from less liquid exposures 50  55  —  —  30  23  —  —  2  3  —  —  26  3 
Total covered positions and less liquid trading positions portfolio
 81  109  149  55  100  81  111  47  31  34  38  27  79  35 
Fair value option loans 71  62  72  54  56  67  84  55  11  11  13  9  48  9 
Fair value option hedges 11  13  15  11  15  15  17  12  10  11  13  9  13  9 
Fair value option portfolio diversification (27) (32) —  —  (36) (31) —  —  (6) (10) —  —  (24) (9)
Total fair value option portfolio 55  43  58  34  35  51  86  34  15  12  16  9  37  9 
Portfolio diversification (10) (18) —  —  (16) (12) —  —  (12) (9) —  —  (14) (6)
Total market-based portfolio $ 126  $ 134  160  99  $ 119  $ 120  159  76  $ 34  $ 37  44  28  $ 102  $ 38 
(1)The high and low for each portfolio may have occurred on different trading days than the high and low for the components. Therefore the impact from less liquid exposures and the amount of portfolio diversification, which is the difference between the total portfolio and the sum of the individual components, is not relevant.

Bank of America 46

The graph below presents the daily covered positions and less liquid trading positions portfolio VaR for the previous five quarters, corresponding to the data in Table 41. Peak VaR in mid-March 2020 was driven by increased market realized volatility and higher implied volatilities.
Line graph displaying the daily total covered positions and less liquid trading portfolio VR History for the previous 5 quarters. The X axis represents the date and the Y axis represents the dollars in millions.
Additional VaR statistics produced within our single VaR model are provided in Table 42 at the same level of detail as in Table 41. Evaluating VaR with additional statistics allows for an increased understanding of the risks in the portfolio as the historical market data used in the VaR calculation does not necessarily follow a predefined statistical distribution. Table 42 presents average trading VaR statistics at 99 percent and 95
percent confidence levels for the three months ended September 30, 2020, June 30, 2020 and September 30, 2019. The increase in VaR for the 99 percent confidence level for the three months ended September 30, 2020 was primarily due to COVID-19 related market volatility, which impacted the 99 percent VaR average more severely than the 95 percent VaR average.
Table 42 Average Market Risk VaR for Trading Activities – 99 percent and 95 percent VaR Statistics
Three Months Ended
September 30, 2020 June 30, 2020 September 30, 2019
(Dollars in millions) 99 percent 95 percent 99 percent 95 percent 99 percent 95 percent
Foreign exchange $ 7  $ 4  $ 7  $ 4  $ 6  $ 4 
Interest rate 18  8  15  6  20  13 
Credit 62  18  65  18  24  16 
Equity 17  9  24  12  23  12 
Commodities 6  3  7  4  6  3 
Portfolio diversification (56) (25) (60) (25) (48) (31)
Total covered positions portfolio 54  17  58  19  31  17 
Impact from less liquid exposures 55  5  23  2  3  2 
Total covered positions and less liquid trading positions portfolio
 109  22  81  21  34  19 
Fair value option loans 62  14  67  15  11  6 
Fair value option hedges 13  6  15  8  11  7 
Fair value option portfolio diversification (32) (7) (31) (12) (10) (7)
Total fair value option portfolio 43  13  51  11  12  6 
Portfolio diversification (18) (7) (12) (7) (9) (4)
Total market-based portfolio $ 134  $ 28  $ 120  $ 25  $ 37  $ 21 
Backtesting
The accuracy of the VaR methodology is evaluated by backtesting, which compares the daily VaR results, utilizing a one-day holding period, against a comparable subset of trading revenue. For more information on our backtesting process, see Trading Risk Management – Backtesting in the MD&A of the Corporation’s 2019 Annual Report on Form 10-K.
During the three months ended September 30, 2020, there were no days where this subset of trading revenue had losses that exceeded our total covered portfolio VaR, utilizing a one-day holding period. During the nine months ended September 30, 2020, seven days with losses exceeded total covered portfolio VaR.
Total Trading-related Revenue
Total trading-related revenue, excluding brokerage fees, and CVA, DVA and funding valuation adjustment gains (losses), represents the total amount earned from trading positions,
including market-based net interest income, which are taken in a diverse range of financial instruments and markets. For more information, see Trading Risk Management – Total Trading-related Revenue in the MD&A of the Corporation’s 2019 Annual Report on Form 10-K.
The following histogram is a graphic depiction of trading volatility and illustrates the daily level of trading-related revenue for the three months ended September 30, 2020 compared to the three months ended June 30, 2020 and March 31, 2020. During the three months ended September 30, 2020, positive trading-related revenue was recorded for 100 percent of the trading days, of which 88 percent were daily trading gains of over $25 million. This compares to the three months ended June 30, 2020 where positive trading-related revenue was recorded for 100 percent of the trading days, of which 95 percent were daily trading gains of over $25 million. During the three months ended March 31, 2020, positive trading-related
47 Bank of America


revenue was recorded for 94 percent of the trading days, of which 89 percent were daily trading gains of over $25 million.
Histogram that is a graphic depiction of trading volatility and illustrates the daily level of trading-related revenue for the three months ended September 30, 2020 compared to the three months ended June 30, 2020, and March 31, 2020. The X axis represents the revenue (dollars in millions) and the Y axis represents the number of days.
Trading Portfolio Stress Testing
Because the very nature of a VaR model suggests results can exceed our estimates and it is dependent on a limited historical window, we also stress test our portfolio using scenario analysis. This analysis estimates the change in the value of our trading portfolio that may result from abnormal market movements. For more information, see Trading Risk Management – Trading Portfolio Stress Testing in the MD&A of the Corporation’s 2019 Annual Report on Form 10-K.
Interest Rate Risk Management for the Banking Book
The following discussion presents net interest income for banking book activities. For more information, see Interest Rate Risk Management for the Banking Book in the MD&A of the Corporation’s 2019 Annual Report on Form 10-K.
Table 43 presents the spot and 12-month forward rates used in our baseline forecasts at September 30, 2020 and December 31, 2019.
Table 43 Forward Rates
September 30, 2020
  Federal
Funds		 Three-month
LIBOR		 10-Year
Swap
Spot rates 0.25  % 0.23  % 0.71  %
12-month forward rates 0.25  0.19  0.81 
December 31, 2019
Spot rates 1.75  % 1.91  % 1.90  %
12-month forward rates 1.50  1.62  1.92 
Table 44 shows the pretax impact to forecasted net interest income over the next 12 months from September 30, 2020 and December 31, 2019 resulting from instantaneous parallel and non-parallel shocks to the market-based forward curve. Periodically we evaluate the scenarios presented so that they are meaningful in the context of the current rate environment. The interest rate scenarios also assume U.S. dollar rates are floored at zero.
In the nine months ended September 30, 2020, the asset sensitivity of our balance sheet increased in both up-rate and down-rate scenarios primarily due to higher deposit balances. We continue to be asset sensitive to a parallel upward move in interest rates with the majority of that impact coming from the short end of the yield curve. Additionally, higher interest rates impact the fair value of debt securities and, accordingly, for debt
securities classified as AFS, may adversely affect OCI and thus capital levels under the Basel 3 capital rules. Under instantaneous upward parallel shifts, the near-term adverse impact to Basel 3 capital is reduced over time by offsetting positive impacts to net interest income. For more information on Basel 3, see Capital Management – Regulatory Capital on page 24.
Table 44 Estimated Banking Book Net Interest Income Sensitivity to Curve Changes
Short
Rate (bps)		 Long
Rate (bps)
(Dollars in millions) September 30, 2020 December 31
2019
Parallel Shifts
+100 bps
instantaneous shift
 +100 +100 $ 9,600  $ 4,190 
-25 bps
instantaneous shift
 -25  -25  (2,516) (1,500)
Flatteners    
Short-end
instantaneous change
 +100 —  6,357  2,641 
Long-end
instantaneous change
 —  -25  (1,322) (653)
Steepeners    
Short-end
instantaneous change
 -25  —  (1,198) (844)
Long-end
instantaneous change
 —  +100 3,341  1,561 
The sensitivity analysis in Table 44 assumes that we take no action in response to these rate shocks and does not assume any change in other macroeconomic variables normally correlated with changes in interest rates. As part of our ALM activities, we use securities, certain residential mortgages, and interest rate and foreign exchange derivatives in managing interest rate sensitivity.
The behavior of our deposits portfolio in the baseline forecast and in alternate interest rate scenarios is a key assumption in our projected estimates of net interest income. The sensitivity analysis in Table 44 assumes no change in deposit portfolio size or mix from the baseline forecast in alternate rate environments. In higher rate scenarios, any customer activity resulting in the replacement of low-cost or noninterest-bearing deposits with higher yielding deposits or market-based funding would reduce our benefit in those scenarios.
Interest Rate and Foreign Exchange Derivative Contracts
Interest rate and foreign exchange derivative contracts are utilized in our ALM activities and serve as an efficient tool to manage our interest rate and foreign exchange risk. We use derivatives to hedge the variability in cash flows or changes in fair value on our balance sheet due to interest rate and foreign exchange components. For more information on our hedging activities, see Note 3 – Derivatives to the Consolidated Financial Statements. For more information on interest rate contracts and risk management, see Interest Rate Risk Management for the Banking Book in the MD&A of the Corporation’s 2019 Annual Report on Form 10-K.
We use interest rate derivative instruments to hedge the variability in the cash flows of our assets and liabilities and other forecasted transactions (collectively referred to as cash flow hedges). The net results on both open and terminated cash flow hedge derivative instruments recorded in accumulated OCI
Bank of America 48

were a gain of $557 million and a loss of $496 million, on a pretax basis, at September 30, 2020 and December 31, 2019. These gains and losses are expected to be reclassified into earnings in the same period as the hedged cash flows affect earnings and will decrease income or increase expense on the respective hedged cash flows. Assuming no change in open cash flow derivative hedge positions and no changes in prices or interest rates beyond what is implied in forward yield curves at September 30, 2020, the after-tax net gains are expected to be reclassified into earnings as follows: a gain of $191 million within the next year, a gain of $352 million in years two through five, a loss of $79 million in years six through ten, with the remaining loss of $56 million thereafter. For more information on derivatives designated as cash flow hedges, see Note 3 – Derivatives to the Consolidated Financial Statements.
We hedge our net investment in non-U.S. operations determined to have functional currencies other than the U.S.
dollar using forward foreign exchange contracts that typically settle in less than 180 days, cross-currency basis swaps and foreign exchange options. We recorded net after-tax losses on derivatives in accumulated OCI associated with net investment hedges which were offset by gains on our net investments in consolidated non-U.S. entities at September 30, 2020.
Table 45 presents derivatives utilized in our ALM activities and shows the notional amount, fair value, weighted-average receive-fixed and pay-fixed rates, expected maturity and average estimated durations of our open ALM derivatives at September 30, 2020 and December 31, 2019. These amounts do not include derivative hedges on our MSRs. During the nine months ended September 30, 2020, the fair value of receive-fixed interest rate swaps increased while pay-fixed interest swaps decreased, primarily driven by lower swap rates on hedges of U.S. dollar long-term debt.
Table 45 Asset and Liability Management Interest Rate and Foreign Exchange Contracts
September 30, 2020
Expected Maturity
(Dollars in millions, average estimated duration in years)
 Fair
Value		 Total Remainder of 2020 2021 2022 2023 2024 Thereafter Average
Estimated
Duration
Receive-fixed interest rate swaps (1)
$ 24,685                7.78 
Notional amount   $ 282,994  $ 4,650  $ 14,644  $ 27,058  $ 46,960  $ 31,747  $ 157,935 
Weighted-average fixed-rate 1.90  % 2.79  % 3.17  % 2.01  % 1.82  % 1.42  % 1.85  %
Pay-fixed interest rate swaps (1)
(11,446)               6.66 
Notional amount   $ 271,616  $ 4,344  $ 12,269  $ 15,258  $ 36,919  $ 30,411  $ 172,415   
Weighted-average fixed-rate 1.05  % 2.16  % 0.62  % 0.34  % 1.21  % 1.04  % 1.09  %
Same-currency basis swaps (2)
(199)                
Notional amount   $ 209,569  $ 3,381  $ 18,537  $ 6,796  $ 3,518  $ 22,737  $ 154,600   
Foreign exchange basis swaps (1, 3, 4)
(1,251)    
Notional amount   108,512  1,485  26,538  15,637  7,890  3,555  53,407   
Foreign exchange contracts (1, 4, 5)
1,841   
Notional amount (6)
(102,072) (128,059) 1,989  2,721  2,402  4,546  14,329 
Futures and forward rate contracts 115 
Notional amount 48,375  48,375 
Option products —     
Notional amount   16  —  —  —  16  —  —   
Net ALM contracts $ 13,745                 
    December 31, 2019
    Expected Maturity
(Dollars in millions, average estimated duration in years)
 Fair
Value		 Total 2020 2021 2022 2023 2024 Thereafter Average
Estimated
Duration
Receive-fixed interest rate swaps (1)
$ 12,370                6.47 
Notional amount   $ 215,123  $ 16,347  $ 14,642  $ 21,616  $ 36,356  $ 21,257  $ 104,905 
Weighted-average fixed-rate 2.68  % 2.68  % 3.17  % 2.48  % 2.36  % 2.55  % 2.79  %
Pay-fixed interest rate swaps (1)
(2,669)               6.99 
Notional amount   $ 69,586  $ 4,344  $ 2,117  $ —  $ 13,993  $ 8,194  $ 40,938   
Weighted-average fixed-rate 2.36  % 2.16  % 2.15  % —  % 2.52  % 2.26  % 2.35  %
Same-currency basis swaps (2)
(290)                
Notional amount   $ 152,160  $ 18,857  $ 18,590  $ 4,306  $ 2,017  $ 14,567  $ 93,823   
Foreign exchange basis swaps (1, 3, 4)
(1,258)    
Notional amount   113,529  23,639  24,215  14,611  7,111  3,521  40,432   
Foreign exchange contracts (1, 4, 5)
414   
Notional amount (6)
(53,106) (79,315) 4,539  2,674  2,340  4,432  12,224 
Option products —     
Notional amount   15  —  —  —  15  —  —   
Net ALM contracts $ 8,567                 
(1)Does not include basis adjustments on either fixed-rate debt issued by the Corporation or AFS debt securities, which are hedged using derivatives designated as fair value hedging instruments, that substantially offset the fair values of these derivatives.
(2)At September 30, 2020 and December 31, 2019, the notional amount of same-currency basis swaps included $209.6 billion and $152.2 billion in both foreign currency and U.S. dollar-denominated basis swaps in which both sides of the swap are in the same currency.
(3)Foreign exchange basis swaps consisted of cross-currency variable interest rate swaps used separately or in conjunction with receive-fixed interest rate swaps.
(4)Does not include foreign currency translation adjustments on certain non-U.S. debt issued by the Corporation that substantially offset the fair values of these derivatives.
(5)The notional amount of foreign exchange contracts of $(102.1) billion at September 30, 2020 was comprised of $33.7 billion in foreign currency-denominated and cross-currency receive-fixed swaps, $(131.9) billion in net foreign currency forward rate contracts, $(4.3) billion in foreign currency-denominated interest rate swaps and $462 million in net foreign currency futures contracts. Foreign exchange contracts of $(53.1) billion at December 31, 2019 were comprised of $29.0 billion in foreign currency-denominated and cross-currency receive-fixed swaps, $(82.4) billion in net foreign currency forward rate contracts, $(313) million in foreign currency-denominated interest rate swaps and $644 million in foreign currency futures contracts.
(6)Reflects the net of long and short positions. Amounts shown as negative reflect a net short position.


49 Bank of America




Mortgage Banking Risk Management
We originate, fund and service mortgage loans, which subject us to credit, liquidity and interest rate risks, among others. We determine whether loans will be held for investment or held for sale at the time of commitment and manage credit and liquidity risks by selling or securitizing a portion of the loans we originate.
Changes in interest rates impact the value of interest rate lock commitments (IRLCs) and the related residential first mortgage LHFS, as well as the value of the MSRs. Because the interest rate risks of these hedged items offset, we combine them into one overall hedged item with one combined economic hedge portfolio consisting of derivative contracts and securities. For more information on IRLCs and the related residential mortgage LHFS, see Mortgage Banking Risk Management in the MD&A of the Corporation’s 2019 Annual Report on Form 10-K.
During the three and nine months ended September 30, 2020 and 2019, we recorded gains of $85 million and $313 million related to the change in fair value of the MSRs, IRLCs and LHFS, net of gains and losses on the hedge portfolio, compared to gains of $78 million and $217 million for the same periods in 2019.
Complex Accounting Estimates
Our significant accounting principles are essential in understanding the MD&A. Many of our significant accounting principles require complex judgments to estimate the values of assets and liabilities. We have procedures and processes in place to facilitate making these judgments. For more information, see Complex Accounting Estimates in the MD&A of the Corporation’s 2019 Annual Report on Form 10-K and Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2019 Annual Report on Form 10-K. Except as noted below under Allowance for Credit Losses, there have not been any material updates to our complex accounting estimates as disclosed in the MD&A of the Corporation's Annual Report on Form 10-K.
Allowance for Credit Losses
On January 1, 2020, the Corporation adopted the new accounting standard that requires the measurement of the allowance for credit losses, which includes the allowance for loan and lease losses and the reserve for unfunded lending commitments, to be based on management’s best estimate of lifetime ECL inherent in the Corporation's relevant financial assets.
The Corporation's estimate of lifetime ECL includes the use of quantitative models that incorporate forward-looking
macroeconomic scenarios that are applied over the contractual life of the loan portfolios, adjusted for expected prepayments and borrower-controlled extension options. These macroeconomic scenarios include variables that have historically been key drivers of increases and decreases in credit losses. These variables include, but are not limited to, unemployment rates, real estate prices, gross domestic product levels, corporate bond spreads and long-term interest rate forecasts. As any one economic outlook is inherently uncertain, the Corporation leverages multiple scenarios. The scenarios that are chosen each quarter and the amount of weighting given to each scenario depend on a variety of factors including recent economic events, leading economic indicators, views of internal and third-party economists and industry trends.
The Corporation also includes qualitative reserves to cover losses that are expected but, in the Corporation's assessment, may not be adequately represented in the economic assumptions described above. For example, factors that the Corporation considers include changes in lending policies and procedures, business conditions, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due loans and nonaccrual loans, the effect of external factors such as competition and legal and regulatory requirements, among others. Further, the Corporation considers the inherent uncertainty in quantitative models that are built on historical data.
The allowance for credit losses can also be impacted by unanticipated changes in asset quality of the portfolio, such as increases in risk rating downgrades in our commercial portfolio, deterioration in borrower delinquencies or credit scores in our credit card portfolio or increases in LTVs in our consumer real estate portfolio. In addition, while we have incorporated our estimated impact of COVID-19 into our allowance for credit losses, the ultimate impact of the pandemic is still unknown, including how long economic activities will be impacted and what effect the unprecedented levels of government fiscal and monetary actions will have on the economy and our credit losses. 
As described above, the process to determine the allowance for credit losses requires numerous estimates and assumptions, some of which require a high degree of judgment and are often interrelated. Changes in the estimates and assumptions can result in significant changes in the allowance for credit losses. Our process for determining the allowance for credit losses is further discussed in Note 1 – Summary of Significant Accounting Principles and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements.

Bank of America 50

Non-GAAP Reconciliations
Table 46 provides reconciliations of certain non-GAAP financial measures to the most closely related GAAP financial measures.
Table 46
Period-end and Average Supplemental Financial Data and Reconciliations to GAAP Financial Measures (1)
Period-end Average
September 30
2020		 December 31
2019		 Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2020 2019 2020 2019
Shareholders’ equity $ 268,850  $ 264,810  $ 267,323  $ 270,430  $ 266,062  $ 268,223 
Goodwill (68,951) (68,951) (68,951) (68,951) (68,951) (68,951)
Intangible assets (excluding MSRs) (2,185) (1,661) (1,976) (1,707) (1,758) (1,735)
Related deferred tax liabilities 910  713  855  752  791  787 
Tangible shareholders’ equity $ 198,624  $ 194,911  $ 197,251  $ 200,524  $ 196,144  $ 198,324 
Preferred stock (23,427) (23,401) (23,427) (23,800) (23,437) (22,894)
Tangible common shareholders’ equity $ 175,197  $ 171,510  $ 173,824  $ 176,724  $ 172,707  $ 175,430 
Total assets $ 2,738,452  $ 2,434,079 
Goodwill (68,951) (68,951)
Intangible assets (excluding MSRs) (2,185) (1,661)
Related deferred tax liabilities 910  713 
Tangible assets $ 2,668,226  $ 2,364,180 
(1)Presents reconciliations of non-GAAP financial measures to the most closely related GAAP financial measures. For more information on non-GAAP financial measures and ratios we use in assessing the results of the Corporation, see Supplemental Financial Data on page 8.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
See Market Risk Management on page 46 in the MD&A and the sections referenced therein for Quantitative and Qualitative Disclosures about Market Risk.
Item 4. Controls and Procedures
Disclosure Controls and Procedures
As of the end of the period covered by this report, the Corporation’s management, including the Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness and design of the Corporation’s disclosure controls and procedures (as that term is defined in Rule 13a-15(e) of the Exchange Act). Based upon that evaluation, the Corporation’s Chief Executive Officer and Chief Financial Officer concluded that the Corporation’s disclosure controls and procedures were effective, as of the end of the period covered by this report.
Changes in Internal Control Over Financial Reporting
There have been no changes in the Corporation’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) during the three months ended September 30, 2020, that have materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.

51 Bank of America


Part I. Financial Information
Item 1. Financial Statements
Bank of America Corporation and Subsidiaries
Consolidated Statement of Income
Three Months Ended September 30 Nine Months Ended September 30
(In millions, except per share information) 2020 2019 2020 2019
Net interest income    
Interest income $ 11,486  $ 17,916  $ 40,124  $ 54,310 
Interest expense 1,357  5,729  7,017  17,559 
Net interest income 10,129  12,187  33,107  36,751 
Noninterest income    
Fees and commissions 8,777  8,467  25,490  24,495 
Market making and similar activities 1,689  2,118  6,983  7,267 
Other income (259) 35  (151) 382 
Total noninterest income 10,207  10,620  32,322  32,144 
Total revenue, net of interest expense 20,336  22,807  65,429  68,895 
Provision for credit losses 1,389  779  11,267  2,649 
Noninterest expense    
Compensation and benefits 8,200  7,779  24,535  24,000 
Occupancy and equipment 1,798  1,663  5,302  4,908 
Information processing and communications 1,333  1,163  3,807  3,484 
Product delivery and transaction related 930  696  2,518  2,067 
Marketing 308  440  1,238  1,410 
Professional fees 450  386  1,206  1,155 
Other general operating 1,382  3,042  2,680  4,637 
Total noninterest expense 14,401  15,169  41,286  41,661 
Income before income taxes 4,546  6,859  12,876  24,585 
Income tax expense (335) 1,082  452  4,149 
Net income $ 4,881  $ 5,777  $ 12,424  $ 20,436 
Preferred stock dividends 441  505  1,159  1,186 
Net income applicable to common shareholders $ 4,440  $ 5,272  $ 11,265  $ 19,250 
Per common share information    
Earnings $ 0.51  $ 0.57  $ 1.29  $ 2.02 
Diluted earnings 0.51  0.56  1.28  2.01 
Average common shares issued and outstanding 8,732.9  9,303.6  8,762.6  9,516.2 
Average diluted common shares issued and outstanding 8,777.5  9,353.0  8,800.5  9,565.7 
Consolidated Statement of Comprehensive Income
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2020 2019 2020 2019
Net income $ 4,881  $ 5,777  $ 12,424  $ 20,436 
Other comprehensive income (loss), net-of-tax:
Net change in debt securities 101  1,538  4,794  6,231 
Net change in debit valuation adjustments (58) 229  (5) (272)
Net change in derivatives 76  118  808  651 
Employee benefit plan adjustments 44  26  144  83 
Net change in foreign currency translation adjustments 21  (51) (86) (99)
Other comprehensive income (loss) 184  1,860  5,655  6,594 
Comprehensive income $ 5,065  $ 7,637  $ 18,079  $ 27,030 
See accompanying Notes to Consolidated Financial Statements.
Bank of America 52

Bank of America Corporation and Subsidiaries