Bank of America

Bank of America
100 North Tryon St
Charlotte, NC 28202

Concentration: All Other Specialization > 1 Billion
Established: 1904-10-17
FDIC Insurance: 1934-01-01
FDIC Cert: #3510
Holden By: Bank Of America Corporation
# of Branches: 4323
Website: www.bankofamerica.com
Total Assets: $1,792,891,000,000
Total Deposits: $1,441,116,000,000
Total Equity Capital: $212,590,000,000
Total Domestic Deposits: $1,353,687,000,000
Net Income: $14,680,000,000
Quarterly Net Income: $7,411,000,000
Return on Assets: 2%
Quarterly Return on Assets: 2% 
Return on Equity: 14% 
Quarterly Return on Equity: 14% 
Charter Class: Commercial bank national (federal) charter and Fed member oversee by the Office of the Comptroller of the Currency (OCC)

1n 2019

3rd Quarter

Bank of America may be international leader in wealth management, company and investment banking and commerce across a broad vary of plus categories, serving companies, governments, establishments and people round the world.

Bank of America offers industry-leading support to about 3 million tiny business homeowners through a set of innovative, easy-to-use online merchandise and services.

Efficiency ratio improved to 45% from 46% 2 Global Wealth and Investment Management Three months ended Financial Results 1 2 6/30/2019 9/30/2018 $4,904 $4,900 $4,817 37 Revenue of $4.9 billion increased 2%, driven primarily Provision for credit losses 3,413 by higher net interest income and asset management Noninterest expense fees, partially offset by a decline in transactional Pretax income 1,454 revenue Income tax expense 356 Noninterest expense decreased 1% as investments Net income $1,098 for business growth were more than offset by lower 1 Comparisons are to the year-ago quarter unless noted. All Other Three months ended Financial Results 1 2 9/30/2019 Total revenue $(749) Net loss of $1.6 billion, compared to net income of Provision for credit losses $32 million, primarily driven by the joint venture impairment charge; excluding the impairment charge, Noninterest expense 2,464 net income of $0.1 billion(A) Pretax loss Noninterest expense included $2.1 billion pretax Income tax expense impairment charge related to the notice of $(1,598) termination of the merchant services joint venture at Net income 1 Comparisons are to the year-ago quarter unless noted.

The impairment charge negatively impacted 3Q19 return on average assets by 28 bps, return on average common shareholders’ equity by 268 bps, return on average tangible common shareholders’ equity by 371 bps and efficiency ratio by 909 bps.

Net interest income on an FTE basis was $12.3 billion, $12.3 billion and $12.2 billion for the three months ended September 30, 2019, June 30, 2019, and September 30, 2018, respectively.

Net DVA was $(15) million, $(31) million and $(99) million for the three months ended September 30, 2019, June 30, 2019, and September 30, 2018, respectively.

FICC net DVA was $(18) million, $(30) million and $(80) million for the three months ended September 30, 2019, June 30, 2019, and September 30, 2018, respectively.

Equities net DVA gains were $3 million, $(1) million and $(19) million for the three months ended September 30, 2019, June 30, 2019, and September 30, 2018, respectively.

The company provides unmatched convenience within the u. s., serving around 66 million shopper and tiny business shoppers with around 4,300 retail money centers, together with around 2,400 disposal centers, 2,600 money centers with a shopper Investment money Solutions adviser and 1,900 business centers; around 16,600 ATMs; and award-winning digital banking with nearly 38 million active users, together with around 29 million mobile users.

Net interest income includes FTE adjustments of $450 million and $455 million for the nine months ended September 30, 2019, and 2018, $148 million and $149 million for the third and second quarters of 2019, and $151 million for the third quarter of 2018.

Bank of America Corporation stock is listed on the ny stock market.

Forward-Looking Statements Bank of America Corporation and its management could certify statements that represent “Forward-looking statements” at intervals which means of the private Securities Litigation Reform Act of 1995.

Lending, derivatives and different industrial banking activities are performed by banking affiliates of Bank of America Corporation, together with Bank of America, N.A., member Federal Deposit Insurance Corporation. Securities, financial informative and different investment banking activities are performed by investment banking affiliates of Bank of America Corporation, together with Merrill Lynch, Pierce, Fener & Smith Incorporated, that are registered broker-dealers and members of Financial Industry Regulatory Authority and Securities Investor Protection Corporation. Investment merchandise offered by Investment Banking Affiliates: aren’t Federal Deposit Insurance Corporation Insured could Lose worth aren’t Bank secured.

Bank of America Corporation’s broker-dealers aren’t banks and are separate legal entities from their bank affiliates.

The obligations of the broker-dealers are not obligations of their bank affiliates, and these bank affiliates are not responsible for securities sold, offered or recommended by the broker-dealers.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom at https://newsroom.

We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income.

Bank of America Corporation reports regulatory capital ratios under both the Standardized and Advanced approaches.

Bank of America Corporation and Subsidiaries Reconciliations to GAAP Financial Measures the Corporation evaluates its business based on the following ratios that utilize tangible equity, a non-GAAP financial measure…

Return on average tangible common shareholders’ equity measures the Corporation’s net income applicable to common shareholders as a percentage of adjusted average common shareholders’ equity.

Return on average tangible shareholders’ equity measures the Corporation’s net income applicable to common shareholders as a percentage of adjusted average total shareholders’ equity.

The tangible equity ratio represents adjusted ending shareholders’ equity divided by total assets less goodwill and intangible assets, net of related deferred tax liabilities.

These measures are used to evaluate the Corporation’s use of equity.

2nd Quarter

All Other Three months ended Financial Results 1 2 Net income of $9 million, compared to net loss of $349 million in 2Q18 Total revenue improved $33 million Noninterest expense Pretax loss Income tax expense Benefit in provision for credit losses increased $136 million to $241 million.

The FTE adjustment was $149 million, $153 million and $154 million for the three months ended June 30, 2019, March 31, 2019, and June 30, 2018, respectively.

Net DVA gains were $(31) million, $(90) million and $(179) million for the three months ended June 30, 2019, March 31, 2019, and June 30, 2018, respectively.

FICC net DVA gains were $(30) million, $(79) million and $(184) million for the three months ended June 30, 2019, March 31, 2019, and June 30, 2018, respectively.

Equities net DVA gains were $(1) million, $(11) million and $5 million for the three months ended June 30, 2019, March 31, 2019, and June 30, 2018, respectively.

The company provides unmatched convenience within the us, serving around 66 million shopper and little business purchasers with around 4,300 retail money centers, as well as around 2,200 loaning centers, 2,400 monetary centers with a client Investment monetary Solutions consultant and 1,700 business centers; around 16,600 ATMs; and award-winning digital banking with quite 37 million active users, together with around 28 million mobile users.

Net interest income includes FTE adjustments of $302 million and $304 million for the six months ended June 30, 2019, and 2018, respectively; $149 million and $153 million for the second and first quarters of 2019, respectively, and $154 million for the second quarter of 2018.

1st Quarter

The strength of our record allowed North American countries to come to our record earnings and extra excess capital to shareholders. We tend to repurchase $6.3 billion in stock and paid $1.5 billion in common dividends. Those repurchases contributed to a 13 % increase in EPS compared with the primary quarter of 2018 whereas book value per share multiplied eight %. Our diluted share count currently has been reduced by 1.5 billion shares within the past four years. – Paul M. Donofrio, Chief financial officer client Banking 3 months all over financial Results one net of $3.2 billion, up $642 million or 25th Revenue multiplied $652 million, or 7%, to $9.6 billion.

Net loss of $48 million Revenue decreased $208 million driven by lower NII Benefit in provision for credit losses declined $98 million to $54 million primarily due to a slower pace of portfolio improvement Total revenue 3/31/2019 1 2 Comparisons are to the year-ago quarter unless noted.

Net interest income on an FTE basis was $12.5 billion, $12.7 billion and $11.9 billion for the three months ended March 31, 2019, December 31, 2018, and March 31, 2018, respectively.

The FTE adjustment was $153 million, $155 million and $150 million for the three months ended March 31, 2019, December 31, 2018, and March 31, 2018, respectively.

B Global Markets revenue and net income, excluding net debt valuation adjustments, and sales and trading revenue, excluding net DVA, are non-GAAP financial measures.

Net DVA gains were $(90) million, $52 million and $64 million for the three months ended March 31, 2019, December 31, 2018, and March 31, 2018, respectively.

FICC net DVA gains were $(79) million, $45 million and $77 million for the three months ended March 31, 2019, December 31, 2018, and March 31, 2018, respectively.

Equities net DVA gains were $(11) million, $7 million and $(13) million for the three months ended March 31, 2019, December 31, 2018, and March 31, 2018, respectively.

They do not include the Federal Reserve Discount Window or Federal Home Loan Bank borrowing capacity.

The company provides unmatched convenience within the us, serving about 66 million client and little business shoppers with about 4,400 retail money centers, together with about 1,800 loaning centers, 2,200 financial centers with a client Investment money Solutions consultant and 1,500 business centers; about 16,400 ATMs; and award-winning digital banking with over 37 million active users, together with over 27 million mobile users.

Net interest income includes FTE adjustments of $153 million, $155 million and $150 million for the first quarter of 2019 and the fourth and first quarters of 2018, respectively.

1N 2018

4TH Quarter

The Tax Act reduced Q4-17 net income by $2.9 billion, or $0.27 per diluted common share, which included a $0.9 billion pretax charge in other noninterest income predominantly related to the revaluation of certain tax-advantaged energy investments, as well as $1.9 billion of tax expense principally associated with the revaluation of certain deferred tax assets and liabilities.

Adjusted net income, diluted earnings per share, pretax income and revenue are non-GAAP financial measures and exclude the Q4-17 impact of the enactment of the Tax Act.

Our net income grew robustly and our EPS grew faster as we invested part of our profits in share repurchases.

The Tax Act reduced 2017 net income by $2.9 billion, or $0.27 per diluted common share, which included a $0.9 billion pretax charge in other noninterest income predominantly related to the revaluation of certain tax-advantaged energy investments, as well as $1.9 billion of tax expense principally associated with the revaluation of certain deferred tax assets and liabilities.

2 Consumer Banking Three months ended Financial Results1 Net income of $3.3 billion, up $1.1 billion or 52% Revenue increased $922 million, or 10%, to $9.9 billion.

Includes financial advisors in Consumer Banking of 2,722 and 2,402 in Q4-18 and Q4-17.

Global Banking Three months ended Financial Results1 Record net income of $2.1 billion, up $426 million or 25% Total revenue2, 3 Provision for credit losses Record revenue of $5.1 billion, up $31 million or 1% – Reflects higher NII from the benefit of higher interest rates and growth in deposits – Noninterest income includes lower investment banking fees Provision improved to $85 million.

Net interest income on an FTE basis was $12.5 billion, $12.0 billion and $11.7 billion for the three months ended December 31, 2018, September 30, 2018, and December 31, 2017, respectively.

Net DVA gains were $52 million, $(99) million and $(118) million for the three months ended December 31, 2018, September 30, 2018, and December 31, 2017, respectively.

FICC net DVA gains were $45 million, $(80) million and $(112) million for the three months ended December 31, 2018, September 30, 2018, and December 31, 2017, respectively.

Equities net DVA gains were $7 million, $(19) million and $(6) million for the three months ended December 31, 2018, September 30, 2018, and December 31, 2017, respectively.

Enactment of the Tax Act reduced Q4-17 and FY 2017 net income by $2.9 billion, or $0.27 per diluted common share, which included a $0.9 billion pretax charge in other noninterest income predominantly related to the revaluation of certain tax-advantaged energy investments, as well as $1.9 billion of tax expense principally associated with the revaluation of certain deferred tax assets and liabilities.

The company provides unmatched convenience within the u. s., serving roughly 66 million client and tiny business purchasers with roughly 4,300 retail monetary centers, as well as roughly 1,800 loaning centers, 2,200 Merrill Edge investment centers, and 1,500 business centers; roughly 16,300 ATMs; and triumph digital banking with quite 36 million active users, as well as over 26 million mobile users.

Bank of America offers industry-leading support to roughly 3 million tiny business house owners through a collection of innovative, easy-to-use online products and services.

We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income.

Includes non-U.S. credit card net charge-offs of $75 million for the year ended December 31, 2017.

Net interest income includes FTE adjustments of $610 million and $925 million for the years ended December 31, 2018, and 2017, and $155 million, $151 million and $251 million for the fourth and third quarters of 2018 and the fourth quarter of 2017, respectively.

3rd Quarter  

All Other Three months ended Financial Results 1 Net income of $143 million compared to $54 million Revenue increased $364 million, reflecting lower provision for representations and warranties, as well as a small gain from the sale of non-core consumer real estate loans, Benefit in provision for credit losses declined $96 million to $95 million due to a slower pace of portfolio improvement in non-core consumer real estate Noninterest expense decreased $168 million to $566 million.

Net interest income on an FTE basis was $12.0 billion, $11.8 billion and $11.4 billion for the three months ended September 30, 2018, June 30, 2018, and September 30, 2017, respectively.

Net DVA losses were $99 million, $179 million and $21 million for the three months ended September 30, 2018, June 30, 2018, and September 30, 2017, respectively.

FICC net DVA losses were $80 million, $184 million and $14 million for the three months ended September 30, 2018, June 30, 2018, and September 30, 2017, respectively.

Equities net DVA gains were $(19) million, $5 million and $(7) million for the three months ended September 30, 2018, June 30, 2018, and September 30, 2017, respectively.

The company provides unmatched convenience within the U. S., serving just about 67 million client and tiny business shoppers with just about 4,400 retail monetary centers, just about 16,100 ATMs, and triumph digital banking with over 36 million active users, as well as nearly 26 million mobile users.

2nd Quarter

Global Banking Three months ended Financial Results1 Net income increased $278 million, or 16%, to $2.1 billion Revenue decreased $117 million, or 2%, to $4.9 billion – NII increased $170 million, or 7%, reflecting the benefits of higher interest rates, as well as deposit and loan growth – Noninterest income decreased $287 million,

Credit Quality Three months ended 1 Highlights Overall credit quality remained strong across both the consumer and commercial portfolios Net charge-offs increased $88 million to $996 million, driven primarily by higher losses in the consumer credit card portfolio due to seasoning, loan growth and storm-related losses – The net charge-off ratio remained low at 0.43% The provision for credit losses increased $101 million to $827 million – The net reserve release decreased to $169 million from $182 million.

Includes net charge-offs of $31 million in Q2-17 for the non-U.S. consumer credit card loan portfolio, which was sold during the second quarter of 2017.

Net interest income on an FTE basis was $11.8 billion, $11.8 billion and $11.2 billion for the three months ended June 30, 2018, March 31, 2018, and June 30, 2017, respectively.

The FTE adjustment was $154 million, $150 million and $237 million for the three months ended June 30, 2018, March 31, 2018, and June 30, 2017, respectively.

C Global Markets revenue and net income, excluding net debt valuation adjustments, and sales and trading revenue, excluding net DVA, are nonGAAP financial measures.

Net DVA gains were $(179) million, $64 million and $(159) million for the three months ended June 30, 2018, March 31, 2018, and June 30, 2017, respectively.

FICC net DVA gains were $(184) million, $78 million and $(148) million for the three months ended June 30, 2018, March 31, 2018, and June 30, 2017, respectively.

Equities net DVA gains were $5 million, $(14) million and $(11) million for the three months ended June 30, 2018, March 31, 2018, and June 30, 2017, respectively.

The company provides unmatched convenience within the us, serving close to 47 million shopper and tiny business relationships with about 4,400 retail monetary centers, about 16,100 ATMs, and victory digital banking with about 36 million active users, together with 25 million mobile users.

1st Quarter

Provision for credit losses increased $97 million to $935 million, primarily driven by credit card seasoning and loan growth.

Includes financial advisors in Consumer Banking of 2,538 and 2,121 in Q1-18 and Q1-17.

All Other Three months ended Financial Results 1 3/31/2018 2 Total revenue $(333) Provision for credit losses Noninterest expense 976 Revenue declined $239 million, driven by the sale of the non-U.S. consumer credit card business in the Pretax loss second quarter of 2017 Income tax expense The provision for credit losses improved $126 million Net loss $(286) 1 to a benefit of $152 million, primarily driven by Comparisons are to the year-ago quarter unless noted.

Continued runoff of the non-core portfolio Net loss of $286 million, compared to a net loss of $354 million Noninterest expense decreased $458 million to $976 million, due to lower litigation expense, the sale of the non-U.S consumer credit card business and lower non-core mortgage costs Income tax expense for both Q1-18 and Q1-17 included a $0.2 billion tax benefit related to stock-based compensation.

Includes net charge-offs of $44 million in Q1-17 for non-U.S. credit card loans.

Excluding non-U.S. consumer credit card allowance of $242 million and loans of $9.5 billion, the allowance for loan and lease losses in Q1-17 was $11.1 billion and the allowance ratio was 1.24%. 2 Reserve Release The net reserve release decreased to $77 million, from $99 million in the year-ago quarter.

Paul Denver Indianapolis Pittsburgh Salt Lake City Lexington 47MM Consumer and Small Business relationships 19,276 Wealth advisors in Global Wealth & Investment Management and Consumer Banking Global footprint serving middle-market.

Net DVA gains were $64 million, $(118) million and $(130) million for the three months ended March 31, 2018, December 31, 2017, and March 31, 2017, respectively.

FICC net DVA gains were $78 million, $(112) million and $(120) million for the three months ended March 31, 2018, December 31, 2017, and March 31, 2017, respectively.

Equities net DVA gains were $(14) million, $(6) million and $(10) million for the three months ended March 31, 2018, December 31, 2017, and March 31, 2017, respectively.

The company provides unmatched convenience within the u. s., serving just about 47 million shopper and little business relationships with some 4,400 retail monetary centers, some 16,000 ATMs, and triumph digital banking with some 36 million active users, as well as some 25 million mobile users.

For the first quarter of 2017, excluding the non-U.S. consumer credit card allowance of $242 million and loans and leases of $9.5 billion, the allowance for loan and lease losses is $11.1 billion and the allowance for loan and lease losses as a percentage of total loans and leases outstanding is 1.24%. Regulatory capital ratios on March 31, 2018, are preliminary.

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