1
Q1-17 Financial Highlights2 Q1-17 Business Segment Highlights2
Consumer Banking
Global Wealth and Investment
Management
Global Banking
Global Markets
CEO Commentary
1 Operating leverage calculated as the year-over-year percent change in revenue less the percent change in noninterest expense.
2 Financial Highlights and Business Segment Highlights compare to the year-ago quarter unless noted. Loan and deposit balances are shown on an end-of-period basis unless noted.
3 Average loan balances for business segments excludes loans in All Other of $95 billion and $118 billion, respectively for Q1-17 and Q1-16. Period-end loan balances for Q1-17 and Q4-16 exclude $9.5 billion
and $9.2 billion, respectively, of non-U.S. consumer credit card loans, which were included in assets of business held for sale on the consolidated balance sheet, beginning in Q4-16.
• Loans up $18 billion; deposits up $64
billion
• Brokerage assets increased 21%
• Mobile banking active users increased
13% to 22.2 million
• Total credit/debit card spending up 5%
• Net income increased 40% to $4.9 billion, and
EPS increased 46% to $0.41, compared to $3.5
billion and $0.28, respectively
• Revenue, net of interest expense, increased 7% to
$22.2 billion from $20.8 billion
– Net interest income (NII) increased 5% to
$11.1 billion, reflecting benefits from higher
interest rates, as well as growth in loans and
deposits(A)
– Noninterest income increased 9% to $11.2
billion from $10.3 billion, driven by higher sales
and trading results and record Q1 investment
banking fees
• Provision for credit losses declined 16% to $835
million from $997 million. Net charge-offs
declined 13% to $934 million from $1.1 billion;
the net charge-off ratio declined to 0.42% from
0.48%
• Despite higher revenue-related compensation
expenses, total expense was flat at $14.8 billion
– Q1-17 included $1.4 billion in annual
retirement-eligible incentive costs and
seasonally elevated payroll tax vs. $1.2 billion in
Q1-16
• Average loan balances in business segments3 rose
$44 billion, or 6%, to $819 billion. Total average
deposit balances increased $58 billion, or 5%, to
$1.26 trillion.
• Return on average assets 0.88%; return on
average common equity 7.3%; return on average
tangible common equity 10.3%(C)
• Book value per share rose 5% to $24.36; tangible
book value per share(C) rose 6% to $17.23
• Repurchased a net $2.3 billion in common stock
and paid $0.8 billion in common stock dividends
• Total client balances increased $119
billion to nearly $2.6 trillion
• Loans up $9 billion
• Pretax margin improved to 27%
• Long-term assets under management
(AUM) flows of $29 billion in Q1-17
• Record revenue of $5 billion
• Loans increased $11 billion
• Record Q1 firmwide investment banking
fees of $1.6 billion; No. 3 in global fees(G)
• Record M&A fees
• Sales and trading revenue of $3.9 billion,
including negative net debit valuation
adjustment (DVA) of $130 million
• Excluding net DVA, sales and trading
revenue up 23%(B)
– Fixed income up 29%(B)
– Equities up 7%(B)
Bank of America Reports Q1-17 Net Income of $4.9 Billion, EPS of $0.41
Revenue Rises 7% to $22.2 Billion, Expenses Flat at $14.8 Billion, Creating 7% Operating Leverage1
“Our approach to responsible growth delivered strong results again this
quarter. Revenue was up 7 percent and EPS grew 46 percent. We saw good
client activity in our balanced portfolio of businesses: consumer spending was
up, our wealth management business had strong asset management flows,
investment banking fees rebounded nicely, and we continued to provide credit
and capital to our corporate and institutional clients to help them drive the
economy forward. The U.S. economy continues to show consumer and
business optimism, and our results reflect that.”
- Brian Moynihan, Chief Executive Officer
— Brian Moynihan, Chief Executive OfficerBalance Sheet Highlights ($ in billions, at end of period) March 31, 2017 December 31, 2016 March 31, 2016
Total assets $ 2,248 $ 2,188 $ 2,186
Total loans and leases3 906 907 901
Including non-U.S. consumer credit card 916 916 901
Total deposits 1,272 1,261 1,217
Global Liquidity Sources(D) 519 499 525
Common equity tier 1 (CET1) ratio (transition) 11.0% 11.0% 10.3%
CET1 ratio (fully phased-in)(E) 11.0% 10.8% 10.1%
2
CFO Commentary
Consumer Banking
Three months ended
Financial Results1 ($ in millions) 3/31/2017 12/31/2016 3/31/2016
Net interest income (FTE) $5,781 $5,465 $5,328
Noninterest income 2,503 2,646 2,529
Total revenue (FTE)2 8,284 8,111 7,857
Provision for credit losses 838 760 531
Noninterest expense 4,406 4,330 4,538
Net income $1,894 $1,920 $1,764
1 Comparisons are to the year-ago quarter unless noted.
2 Revenue, net of interest expense.
Three months ended
Business Highlights1,2 ($ in billions) 3/31/2017 12/31/2016 03/31/2016
Average deposits $635.6 $618.0 $578.2
Average loans and leases 257.9 253.6 237.9
Brokerage assets (EOP) 153.8 144.7 126.9
Mobile banking active users
(MM)
22.2 21.6 19.6
Number of financial centers 4,559 4,579 4,689
Efficiency ratio (FTE) 53% 53% 58%
Return on average allocated
capital
21 22 21
Total U.S. Consumer Credit Card2
New card accounts (MM) 1.2 1.1 1.2
Risk-adjusted margin 8.9% 9.2% 9.1%
1 Comparisons are to the year-ago quarter unless noted.
2 The U.S. consumer card portfolio includes Consumer Banking and GWIM.
"Each of our businesses reported higher revenue and earnings this quarter, and each recorded solid operating leverage. We grew loans
and deposits, while remaining within our risk framework. We also did a good job managing expenses. Despite higher revenue-related
expenses in our wealth management and capital markets businesses, we kept overall expenses flat year-over-year as we continued to
focus on streamlining and simplifying our company. Our balance sheet remains strong. We grew capital even as we repurchased a net
$2.3 billion in stock and paid $0.8 billion in common stock dividends in the quarter."
— Paul M. Donofrio, Chief Financial Officer
• Net income rose 7% to $1.9 billion, driven by solid
operating leverage
• Pretax, pre-provision net revenue up 17% to $3.9
billion(F)
• Revenue increased 5% to $8.3 billion
– NII increased $453 million, driven by strong deposit
growth
– Noninterest income decreased slightly due
primarily to lower mortgage banking income and
the absence of divestiture gains recorded in Q1-16.
This was partially offset by higher service charges
and card income
• Provision for credit losses increased $307 million;
net reserve build of $66 million in Q1-17 versus
release of $208 million in Q1-16
• Noninterest expense decreased $132 million, driven
by improved operating efficiencies, partially offset by
higher FDIC and litigation expense
• Total client balances up 11% to $1.1 trillion
– Client brokerage assets grew $26.9 billion, or 21%,
to $153.8 billion, driven by strong client flows and
market performance
• Average deposit balances grew $57.4 billion, or 10%;
average loan balances grew $20.0 billion, or 8%
• 1.2 million U.S. consumer credit cards issued
• 4,559 financial centers, including 26 new openings
and 231 renovations during the past 12 months
• Digital sales grew to 22% of all Consumer Banking
sales
• 22.2 million mobile banking active users, up 13%;
1 out of 5 deposit transactions completed on mobile
devices
• Efficiency ratio improved to 53% from 58%
3
Global Wealth and Investment Management
Three months ended
Financial Results1 ($ in millions) 3/31/2017 12/31/2016 3/31/2016
Net interest income (FTE) $1,560 $1,449 $1,513
Noninterest income 3,032 2,928 2,956
Total revenue (FTE)2 4,592 4,377 4,469
Provision for credit losses 23 22 25
Noninterest expense 3,333 3,359 3,273
Net income $770 $634 $741
1 Comparisons are to the year-ago quarter unless noted.
2 Revenue, net of interest expense.
Three months ended
Business Highlights1 ($ in billions) 3/31/2017 12/31/2016 3/31/2016
Average deposits $257.4 $256.6 $260.5
Average loans and leases 148.4 146.2 139.1
Total client balances 2,585.4 2,508.6 2,466.2
Long-term AUM flows $29.2 $18.9 $(0.6)
Pretax margin 27% 23% 26%
Efficiency ratio (FTE) 73 77 73
Return on average allocated
capital
22 19 23
1 Comparisons are to the year-ago quarter unless noted.
2 Includes financial advisors in Consumer Banking of 2,092 and 2,259 in Q1-17 and Q1-16.
• Net income up 4% to $770 million as solid revenue
growth more than offset higher revenue-related
expenses
• Revenue rose $123 million, or 3%, to $4.6 billion
– NII rose $47 million, or 3%, driven by higher loan
balances
– Noninterest income rose $76 million, or 3%, as
higher asset management fees more than offset
lower transactional revenue
• Noninterest expense increased $60 million, or 2%,
due to higher revenue-related incentives and FDIC
expense, partially offset by lower support costs
• Average deposit balances declined $3.1 billion, or 1%
• Average loans and leases grew $9.3 billion, or 7%
• Total client balances increased $119 billion, or 5%, to
nearly $2.6 trillion, driven by higher market valuations
and positive long-term AUM flows
– Excluding the sale of AUM of BofA Capital
Management in Q2-16, client balances rose 8%
• Strong long-term AUM flows of $29 billion in Q1-17,
reflecting solid client activity, as well as a shift from
brokerage to AUM
• Record pretax margin of 27%, up from 26%
• Number of wealth advisors2 remains relatively flat at
18,435
4
Global Banking
Three months ended
Financial Results1 ($ in millions) 3/31/2017 12/31/2016 3/31/2016
Net interest income (FTE) $2,774 $2,502 $2,545
Noninterest income2 2,181 2,032 1,909
Total revenue (FTE)2,3 4,955 4,534 4,454
Provision for credit losses 17 13 553
Noninterest expense 2,163 2,036 2,174
Net income $1,729 $1,579 $1,092
1 Comparisons are to the year-ago quarter unless noted.
2 Global Banking and Global Markets share in certain deal economics from investment banking
and loan origination activities.
3 Revenue, net of interest expense.
Three months ended
Business Highlights1,2 ($ in billions) 3/31/2017 12/31/2016 3/31/2016
Average deposits $304.1 $314.1 $297.1
Average loans and leases 342.9 337.8 328.6
Total Corp. IB fees (excl. self-
led)2 $1.6 $1.2 $1.2
Global Banking IB fees2 0.9 0.7 0.6
Business Lending revenue 2.2 2.1 2.2
Global Transaction Services
revenue 1.7 1.7 1.6
Efficiency ratio (FTE) 44% 45% 49%
Return on average allocated
capital
18 17 12
1 Comparisons are to the year-ago quarter unless noted.
2 Global Banking and Global Markets share in certain deal economics from investment banking
and loan origination activities.
• Record Q1 net income of $1.7 billion, reflecting
higher revenue and lower provision for credit losses.
Year over year, net income increased $637 million, or
58%
• Revenue increased 11% to a record $5.0 billion
– NII increased primarily due to loan and leasing-
related growth, partially offset by loan spread
compression
– Noninterest income increased 14%, driven by
higher investment banking fees
• Provision for credit losses decreased $536 million to
$17 million, driven by improvements in energy
exposures
• Noninterest expense decreased slightly as higher
revenue-related incentives and increased FDIC
expense were offset by lower operating costs
• Average loans and leases grew $14.2 billion, or 4%
• Average deposit balances grew $7.0 billion, or 2%
• Total firmwide investment banking fees rose to a Q1
record of $1.6 billion (excluding self-led deals), up
37%
– Ranked No. 3 globally in investment banking fees(G)
– Record M&A fees with participation in 6 of top 10
global completed deals
– Strong debt issuance and equity issuance fees with
participation in 8 of top 10 deals of both products
• Return on average allocated capital increased to 18%
from 12%
• Efficiency ratio improved to 44% from 49%
5
Global Markets
Three months ended
Financial Results1 ($ in millions) 3/31/2017 12/31/2016 3/31/2016
Net interest income (FTE) $1,049 $1,167 $1,184
Noninterest income2 3,659 2,306 2,767
Total revenue (FTE)2,3 4,708 3,473 3,951
Net DVA4 (130) (101) 154
Total revenue
(excl. net DVA) (FTE)2,3,4 4,838 3,574 3,797
Provision for credit losses (17) 8 9
Noninterest expense 2,757 2,482 2,449
Net income $1,297 $658 $973
Three months ended
Business Highlights1,2 ($ in billions) 3/31/2017 12/31/2016 3/31/2016
Average trading-related
assets $422.4 $417.2 $407.7
Average loans and leases 70.1 70.6 69.3
Sales and trading revenue 3.9 2.8 3.4
Sales and trading revenue
(excl. net DVA)(B) 4.0 2.9 3.3
Global Markets IB fees2 0.7 0.6 0.5
Efficiency ratio (FTE) 59% 71% 62%
Return on average allocated
capital
15 7 11
1 Comparisons are to the year-ago quarter unless noted.
2 Global Banking and Global Markets share in certain deal economics from investment banking
and loan origination activities.
• Net income increased $324 million, or 33%, to $1.3
billion, driven by improved sales and trading revenue
– Excluding net DVA4, net income increased $500
million, or 57%
• Revenue up $757 million, or 19%, to $4.7 billion;
excluding net DVA4, revenue increased $1.0 billion, or
27%, to $4.8 billion, driven by improved sales and
trading results and higher capital markets fees
• Noninterest expense increased $308 million to $2.8
billion, due to the non-recurrence of a litigation
recovery recorded in Q1-16
– Noninterest expense, excluding litigation, rose $54
million, or 2%, reflecting higher revenue-related
expenses, partially offset by lower operating and
support costs(I)
• Sales and trading revenue increased $457 million, or
13%, to $3.9 billion
• Excluding net DVA, sales and trading revenue rose
23% to $4.0 billion(B)
– Fixed Income, Currencies and Commodities (FICC)
increased 29%, due to a more favorable market
environment in credit-related products, driving
increased client activity
– Equities increased 7%, due to a stronger
performance internationally in derivatives and
client financing on improved investor sentiment
• Return on average allocated capital increased to 15%
from 11%
1 Comparisons are to the year-ago quarter unless noted.
2 Global Banking and Global Markets share in certain deal economics from investment banking
and loan origination activities.
3 Revenue, net of interest expense.
4 Revenue and net income, excluding net DVA, are non-GAAP financial measures. See endnote
B for more information.
6
All Other
Three months ended
Financial Results1 ($ in millions) 3/31/2017 12/31/2016 3/31/2016
Net interest income (FTE) $91 $(57) $130
Noninterest income (185) (214) 144
Total revenue (FTE)2 (94) (271) 274
Provision for credit losses (26) (29) (121)
Noninterest expense 2,189 954 2,382
Net loss $(834) $(95) $(1,098)
1 Comparisons are to the year-ago quarter unless noted.
2 Revenue, net of interest expense.
Note: All Other consists of asset liability management (ALM) activities, equity investments, the
non-U.S. consumer credit card business, non-core mortgage loans and servicing activities, the
net impact of periodic revisions to the mortgage servicing rights (MSR) valuation model for
both core and non-core MSRs and the related economic hedge results and ineffectiveness,
liquidating businesses, residual expense allocations and other. ALM activities encompass certain
residential mortgages, debt securities, interest rate and foreign currency risk management
activities, the impact of certain allocation methodologies and accounting hedge ineffectiveness.
The results of certain ALM activities are allocated to our business segments. Equity investments
include our merchant services joint venture as well as Global Principal Investments, which is
comprised of a portfolio of equity, real estate and other alternative investments. On December,
20, 2016, the Corporation signed an agreement to sell its non-U.S. consumer credit card
business to a third party. Subject to regulatory approval, this transaction is expected to close in
mid-2017. Annual retirement-eligible incentive costs are typically recorded in the first quarter of
every year and allocated to the business segments throughout the year.
• Net loss of $834 million improved from a net loss of
$1.1 billion
• Revenue declined $368 million, reflecting lower non-
core mortgage banking income, reduced loan
balances and smaller gains on the sale of debt
securities
• The provision for credit losses increased $95 million
to a benefit of $26 million, resulting in lower reserve
releases
• Noninterest expense decreased $193 million, driven
by lower litigation expense and a decline in non-core
mortgage servicing costs
– Annual retirement-eligible incentive costs are
recorded in Q1-17 and Q1-16 and allocated to the
businesses throughout the year
• The provision for income taxes included a $222
million benefit related to new accounting guidance
that went into effect in 2017 for the tax impact
associated with stock-based compensation
7
Credit Quality
Three months ended
Highlights1 ($ in millions) 3/31/2017 12/31/2016 3/31/2016
Provision for credit losses $835 $774 $997
Net charge-offs2 934 880 1,068
Net charge-off ratio3 0.42% 0.39% 0.48%
At period-end
Nonperforming loans, leases
and foreclosed properties
$7,637 $8,084 $9,281
Nonperforming loans, leases
and foreclosed properties
ratio4
0.84% 0.89% 1.04%
Allowance for loan and lease
losses5
$11,354 $11,480 $12,069
Allowance for loan and lease
losses ratio5
1.25% 1.26% 1.35%
1 Comparisons are to the year-ago quarter unless noted.
2 Includes net charge-offs of $44 million and $41 million for the three months ended March 31,
2017 and December 31, 2016 respectively, for non-U.S. credit card loans which are included in
assets of business held for sale on the consolidated balance sheet at March 31, 2017 and
December 31, 2016.
3 Net charge-off ratio is calculated as annualized net charge-offs divided by average
outstanding loans and leases during the period.
4 Nonperforming loans, leases and foreclosed properties ratio is calculated as nonperforming
loans, leases and foreclosed properties divided by outstanding loans, leases and foreclosed
properties at the end of the period.
5 Allowance for loan and lease losses ratio is calculated as allowance for loan and lease losses
divided by loans and leases outstanding at the end of the period. Excluding non-U.S. consumer
credit card allowance of $242 million and $243 million, and loans of $9.5 billion and $9.2
billion, Q1-17 and Q4-16 allowance for loan and lease losses was $11.1 billion and $11.2
billion, and allowance as a percentage of ending loans was 1.24% and 1.25%, respectively.
Note: Ratios do not include loans accounted for under the fair value option.
• Overall credit quality remained strong
Q1-17 vs. Q1-16
• Net charge-offs declined $134 million to $934
million, driven primarily by lower losses in consumer
real estate and lower energy-related losses
– The net charge-off ratio decreased to 0.42%
from 0.48%
• The provision for credit losses decreased $162
million to $835 million, driven by improvements in
the Commercial portfolio, particularly energy
• Nonperforming loans declined $1.6 billion to $7.3
billion, driven by credit improvement and Consumer
NPL sales
Q1-17 vs. Q4-16
• Net charge-offs increased $54 million, driven by
seasonally higher credit card losses, while
Commercial net charge-offs were relatively flat
– The net charge-off ratio increased to 0.42% from
0.39%
• The provision for credit losses increased $61 million
Reserve Release
• The net reserve release was $99 million, compared to
$106 million in the prior quarter and $71 million in
the year-ago quarter
8
Balance Sheet, Liquidity and Capital Highlights ($ in billions except per share data, end of period)
Three months ended
3/31/2017 12/31/2016 3/31/2016
Total assets $2,247.7 $2,187.7 $2,185.7
Total loans and leases1 906.2 906.7 901.1
Including non-U.S. consumer credit card 915.7 915.9 901.1
Total deposits 1,272.1 1,260.9 1,217.3
Funding and Liquidity
Long-term debt $221.4 $216.8 $232.8
Global Liquidity Sources(D) 519 499 525
Time to required funding (months)(D) 40 35 36
Equity
Common shareholders’ equity $242.9 $241.6 $238.7
Common equity ratio 10.8% 11.0% 10.9%
Tangible common shareholders’ equity2 $171.9 $170.4 $167.0
Tangible common equity ratio2 7.9% 8.1% 7.9%
Per Share Data
Common shares outstanding (in billions) 9.97 10.05 10.31
Book value per common share $24.36 $24.04 $23.14
Tangible book value per common share2 17.23 16.95 16.19
Regulatory Capital
Basel 3 Transition (as reported)3,4
Common equity tier 1 (CET1) capital $167.4 $168.9 $162.7
Risk-weighted assets 1,517 1,530 1,587
CET1 ratio 11.0% 11.0% 10.3%
Basel 3 Fully Phased-in3,4
CET1 capital $164.3 $162.7 $157.5
Standardized approach
Risk-weighted assets $1,416 $1,417 $1,426
CET1 ratio 11.6% 11.5% 11.0%
Advanced approaches(E)
Risk-weighted assets $1,498 $1,512 $1,557
CET1 ratio 11.0% 10.8% 10.1%
Supplementary leverage(H)
Bank holding company supplementary leverage ratio (SLR) 7.0% 6.9% 6.8%
Bank SLR 7.2 7.3 7.4
Notes:
1 Period-end loan balances for Q1-17 and Q4-16 exclude $9.5 billion and $9.2 billion of non-U.S. consumer credit card loans, which are included in assets of business
held for sale on the consolidated balance sheet beginning in Q4-16.
2 Represents a non-GAAP financial measure. For reconciliation, see pages 16-17 of this press release.
3 Regulatory capital ratios are preliminary. Common equity tier 1 (CET1) capital, risk-weighted assets (RWA) and CET1 ratio as shown on a fully phased-in basis are non-
GAAP financial measures. For a reconciliation of CET1 to fully phased-in, see page 13 of this press release.
4 Bank of America reports regulatory capital ratios under both the Standardized and Advanced approaches. The approach that yields the lower ratio is used to assess
capital adequacy, which is the Advanced approaches for the periods presented.
9
Endnotes
A
B
C
D
E
F
G
H
I
The Corporation also measures net interest income on an FTE basis, which is a non-GAAP financial measure. FTE basis is a performance measure used in
operating the business that management believes provides investors a more accurate picture of the interest margin for comparative purposes. The Corporation
believes that this presentation allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices. Net
interest income on an FTE basis was $11.3 billion and $10.7 billion for the three months ended March 31, 2017 and 2016. For reconciliation to GAAP financial
measures, refer to pages 16-17 of this press release.
Fully phased-in estimates are non-GAAP financial measures. For reconciliation to GAAP financial measures, refer to page 13 of this press release. Basel 3 fully
phased-in Advanced approaches estimates assume approval by U.S. banking regulators of our internal models methodology (IMM) for calculating counterparty
credit risk regulatory capital for derivatives. As of March 31, 2017, we did not have regulatory approval of the IMM model.
Global Liquidity Sources (GLS) include cash and high-quality, liquid, unencumbered securities, limited to U.S. government securities, U.S. agency securities, U.S.
agency MBS, and a select group of non-U.S. government and supranational securities, and are readily available to meet funding requirements as they arise. It
does not include Federal Reserve Discount Window or Federal Home Loan Bank borrowing capacity. Transfers of liquidity among legal entities may be subject to
certain regulatory and other restrictions. Time to Required Funding (TTF) is a debt coverage measure and is expressed as the number of months unsecured
holding company obligations of Bank of America Corporation can be met using only the Global Liquidity Sources held at the BAC parent company and NB
Holdings without the BAC parent company issuing debt or sourcing additional liquidity. We define unsecured contractual obligations for purposes of this metric
as maturities of senior or subordinated debt issued or guaranteed by Bank of America Corporation. Prior to the third quarter of 2016, the TTF metric
incorporated only the GLS of the BAC parent company. Effective September 30, 2016, the TTF metric was expanded to include the GLS of NB Holdings,
following changes in the Corporation’s liquidity management practices, initiated in connection with the Corporation’s resolution planning activities, that include
maintaining at NB Holdings GLS previously held at the BAC parent company.
Return on average tangible common shareholders' equity and tangible book value per share of common stock are non-GAAP financial measures. For reconciliation
to GAAP financial measures, refer to pages 16-17 of this press release.
Rankings per Dealogic as of April 7, 2017 for the quarter ended March 31, 2017, excluding self-led deals.
The numerator of the SLR is quarter-end Basel 3 Tier 1 capital calculated on a fully phased-in basis. The denominator is total leverage exposure based on the
daily average of the sum of on-balance sheet exposures less permitted Tier 1 deductions, as well as the simple average of certain off-balance sheet exposures,
as of the end of each month in a quarter. Off-balance sheet exposures primarily include undrawn lending commitments, letters of credit, potential future
derivative exposures and repo-style transactions.
Global Markets revenue and net income, excluding net debit valuation adjustments (DVA), and sales and trading revenue, excluding net DVA, are non-GAAP
financial measures. Net DVA gains (losses) were $(130) million, $(101) million and $154 million for the three months ended March 31, 2017, December 31, 2016
and March 31, 2016, respectively. FICC net DVA gains (losses) were $(120) million and $140 million for the three months ended March 31, 2017 and 2016.
Equities net DVA gains (losses) were $(10) million and $14 million for the three months ended March 31, 2017 and 2016.
Pretax, pre-provision net revenue (PPNR) is a non-GAAP financial measure. PPNR is total revenue, net of interest expense (on an FTE basis), less noninterest
expense. Consumer Banking total revenue, net of interest expense (on an FTE basis) was $8.3 billion and $7.9 billion for the three months ended March 31,
2017 and 2016. Noninterest expense was $4.4 billion and $4.5 billion for the three months ended March 31, 2017 and 2016.
Global Markets noninterest expense, excluding litigation, is a non-GAAP financial measure. Global Markets litigation expense was $69 million and $(185) million
for the three months ended March 31, 2017 and 2016.
10
Contact Information and Investor Conference Call Invitation
Note: Chief Executive Officer Brian Moynihan and Chief Financial Officer Paul Donofrio will discuss first-
quarter 2017 financial results in a conference call at 8:30 a.m. ET today. The presentation and supporting
materials can be accessed on the Bank of America Investor Relations website at
http://investor.bankofamerica.com.
For a listen-only connection to the conference call, dial 1.877.200.4456 (U.S.) or 1.785.424.1732
(international), and the conference ID is 79795. Please dial in 10 minutes prior to the start of the call. A replay
will also be available beginning at noon ET on April 18 through midnight, April 25 by telephone at
1.800.934.4850 (U.S.) or 1.402.220.1178 (international).
Investor Call
Information
Investors May Contact:
Lee McEntire, Bank of America, 1.980.388.6780
Jonathan Blum, Bank of America (Fixed Income), 1.212.449.3112
Reporters May Contact:
Jerry Dubrowski, Bank of America, 1.980.388.2840
jerome.f.dubrowski@bankofamerica.com
About Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses
and large corporations with a full range of banking, investing, asset management and other financial and risk management products
and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and
small business relationships with approximately 4,600 retail financial centers, approximately 15,900 ATMs, and award-winning digital
banking with approximately 35 million active users and more than 22 million mobile users. Bank of America is a global leader in
wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations,
governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3
million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients
through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of
America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Forward-Looking Statements
Bank of America Corporation (the “Company”) 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 Company's
current expectations, plans or forecasts of its future results, revenues, expenses, efficiency ratio, capital measures, 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 Company's control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these
forward-looking statements.
11
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 the Company's 2016 Annual Report on Form
10-K and in any of the Company's subsequent Securities and Exchange Commission filings: the Company'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 possibility that the Company could face increased servicing, securities, fraud,
indemnity, contribution or other claims from one or more counterparties, including trustees, purchasers of loans, underwriters, issuers,
other parties involved in securitizations, monolines or private-label and other investors; the possibility that future representations and
warranties losses may occur in excess of the Company's recorded liability and estimated range of possible loss for its representations
and warranties exposures; potential claims, damages, penalties, fines and reputational damage resulting from pending or future
litigation and regulatory proceedings, including the possibility that amounts may be in excess of the Company's recorded liability and
estimated range of possible loss for litigation exposures; 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 Company's exposures to such risks, including direct, indirect and operational; the impact of U.S.
and global interest rates, currency exchange rates and economic conditions; the impact on the Company's business, financial
condition and results of operations of a potential higher interest rate environment; the possibility that future credit losses may be
higher than currently expected due to changes in economic assumptions, customer behavior and other uncertainties; the impact on
the Company's business, financial condition and results of operations from a protracted period of lower oil prices or ongoing volatility
with respect to oil prices; the Company’s ability to achieve its expense targets or net interest income or other projections; adverse
changes to the Company's credit ratings from the major credit rating agencies; estimates of the fair value of certain of the
Company's assets and liabilities; uncertainty regarding the content, timing and impact of regulatory capital and liquidity requirements,
including the approval of our internal models methodology for calculating counterparty credit risk for derivatives; the potential impact
of total loss-absorbing capacity requirements; potential adverse changes to our global systemically important bank (G-SIB) surcharge;
the impact of Federal Reserve actions on the Company's capital plans; the possible impact of the Company's failure to remediate
shortcomings identified by banking regulators in the Company's Recovery and Resolution plan; 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 (FDIC) assessments, the Volcker Rule, fiduciary standards
and derivatives regulations; a failure in or breach of the Company's operational or security systems or infrastructure, or those of third
parties, including as a result of cyber attacks; the impact on the Company's business, financial condition and results of operations
from the planned exit of the United Kingdom (U.K.) from the European Union (EU); and other similar matters.
Forward-looking statements speak only as of the date they are made, and the Company 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.
"Bank of America Merrill Lynch" is the marketing name for the Global Banking and Global Markets businesses of Bank of America
Corporation. Lending, derivatives and other commercial banking activities are performed by banking affiliates of Bank of America
Corporation, including Bank of America, N.A., member FDIC. Securities, financial advisory and other investment banking activities are
performed by investment banking affiliates of Bank of America Corporation (Investment Banking Affiliates), including Merrill Lynch,
Pierce, Fenner & Smith Incorporated, which are registered broker-dealers and members of FINRA and SIPC. Investment products
offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed. Bank of America
Corporation's broker-dealers are not banks and are separate legal entities from their bank affiliates. The obligations of the broker-
dealers are not obligations of their bank affiliates (unless explicitly stated otherwise), and these bank affiliates are not responsible for
securities sold, offered or recommended by the broker-dealers. The foregoing also applies to other non-bank affiliates.
For more Bank of America news, visit the Bank of America newsroom at http://newsroom.bankofamerica.com.
www.bankofamerica.com
Current period information is preliminary and based on company data available at the time of the presentation.
12
Bank of America Corporation and Subsidiaries
Selected Financial Data
(Dollars in millions, except per share data; shares in thousands)
Summary Income Statement
First
Quarter
2017
Fourth
Quarter
2016
First
Quarter
2016
Net interest income $ 11,058 $ 10,292 $ 10,485
Noninterest income 11,190 9,698 10,305
Total revenue, net of interest expense 22,248 19,990 20,790
Provision for credit losses 835 774 997
Noninterest expense 14,848 13,161 14,816
Income before income taxes 6,565 6,055 4,977
Income tax expense 1,709 1,359 1,505
Net income $ 4,856 $ 4,696 $ 3,472
Preferred stock dividends 502 361 457
Net income applicable to common shareholders $ 4,354 $ 4,335 $ 3,015
Average common shares issued and outstanding 10,099,557 10,170,031 10,370,094
Average diluted common shares issued and outstanding 10,914,815 10,958,621 11,100,067
Summary Average Balance Sheet
Total debt securities $ 430,234 $ 430,719 $ 399,978
Total loans and leases 914,144 908,396 892,984
Total earning assets 1,895,373 1,884,112 1,844,822
Total assets 2,231,420 2,208,039 2,173,922
Total deposits 1,256,632 1,250,948 1,198,455
Common shareholders’ equity 242,883 245,139 237,229
Total shareholders’ equity 268,103 270,360 260,423
Performance Ratios
Return on average assets 0.88% 0.85% 0.64%
Return on average common shareholders' equity 7.27 7.04 5.11
Return on average tangible common shareholders’ equity (1) 10.28 9.92 7.33
Per common share information
Earnings $ 0.43 $ 0.43 $ 0.29
Diluted earnings 0.41 0.40 0.28
Dividends paid 0.075 0.075 0.05
Book value 24.36 24.04 23.14
Tangible book value (1) 17.23 16.95 16.19
March 31
2017
December 31
2016
March 31
2016
Summary Period-End Balance Sheet
Total debt securities $ 428,045 $ 430,731 $ 400,569
Total loans and leases (2) 906,242 906,683 901,113
Total earning assets 1,904,017 1,849,752 1,862,236
Total assets 2,247,701 2,187,702 2,185,726
Total deposits 1,272,141 1,260,934 1,217,261
Common shareholders’ equity 242,933 241,620 238,662
Total shareholders’ equity 268,153 266,840 263,004
Common shares issued and outstanding 9,974,190 10,052,626 10,312,660
Credit Quality
First
Quarter
2017
Fourth
Quarter
2016
First
Quarter
2016
Total net charge-offs (3) $ 934 $ 880 $ 1,068
Net charge-offs as a percentage of average loans and leases outstanding (4) 0.42% 0.39% 0.48%
Provision for credit losses $ 835 $ 774 $ 997
March 31
2017
December 31
2016
March 31
2016
Total nonperforming loans, leases and foreclosed properties (5) $ 7,637 $ 8,084 $ 9,281
Nonperforming loans, leases and foreclosed properties as a percentage of total loans, leases and foreclosed properties (4) 0.84% 0.89% 1.04%
Allowance for loan and lease losses (6) $ 11,354 $ 11,480 $ 12,069
Allowance for loan and lease losses as a percentage of total loans and leases outstanding (4, 6) 1.25% 1.26% 1.35%
For footnotes see page 13.
Current period information is preliminary and based on company data available at the time of the presentation.
13
Bank of America Corporation and Subsidiaries
Selected Financial Data (continued)
(Dollars in millions)
Basel 3 Transition
Capital Management March 31
2017
December 31
2016
March 31
2016
Risk-based capital metrics (7, 8):
Common equity tier 1 capital $ 167,351 $ 168,866 $ 162,732
Common equity tier 1 capital ratio 11.0% 11.0% 10.3%
Tier 1 leverage ratio 8.8 8.9 8.7
Tangible equity ratio (9) 9.1 9.2 9.1
Tangible common equity ratio (9) 7.9 8.1 7.9
Regulatory Capital Reconciliations (7, 8, 10) March 31
2017
December 31
2016
March 31
2016
Regulatory capital – Basel 3 transition to fully phased-in
Common equity tier 1 capital (transition) $ 167,351 $ 168,866 $ 162,732
Deferred tax assets arising from net operating loss and tax credit carryforwards phased in during
transition (1,594) (3,318) (3,764)
Accumulated OCI phased in during transition (964) (1,899) (117)
Intangibles phased in during transition (375) (798) (983)
Defined benefit pension fund assets phased in during transition (175) (341) (381)
DVA related to liabilities and derivatives phased in during transition 128 276 76
Other adjustments and deductions phased in during transition (38) (57) (54)
Common equity tier 1 capital (fully phased-in) $ 164,333 $ 162,729 $ 157,509
Risk-weighted assets – As reported to Basel 3 (fully phased-in)
Basel 3 Standardized approach risk-weighted assets as reported $ 1,398,354 $ 1,399,477 $ 1,405,748
Changes in risk-weighted assets from reported to fully phased-in 17,785 17,638 20,104
Basel 3 Standardized approach risk-weighted assets (fully phased-in) $ 1,416,139 $ 1,417,115 $ 1,425,852
Basel 3 Advanced approaches risk-weighted assets as reported $ 1,516,708 $ 1,529,903 $ 1,586,993
Changes in risk-weighted assets from reported to fully phased-in (19,132) (18,113) (29,710)
Basel 3 Advanced approaches risk-weighted assets (fully phased-in) (11) $ 1,497,576 $ 1,511,790 $ 1,557,283
Regulatory capital ratios
Basel 3 Standardized approach common equity tier 1 (transition) 12.0% 12.1% 11.6%
Basel 3 Advanced approaches common equity tier 1 (transition) 11.0 11.0 10.3
Basel 3 Standardized approach common equity tier 1 (fully phased-in) 11.6 11.5 11.0
Basel 3 Advanced approaches common equity tier 1 (fully phased-in) (11) 11.0 10.8 10.1
(1) Return on average tangible common shareholders' equity and tangible book value per share of common stock are non-GAAP financial measures. 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. Tangible book value per share provides additional useful information
about the level of tangible assets in relation to outstanding shares of common stock. See Reconciliations to GAAP Financial Measures on pages 16-17.
(2) Period-end loan balances for Q1-17 and Q4-16 exclude $9.5 billion and $9.2 billion of non-U.S. consumer credit card loans, which are included in assets of business held for sale on the
consolidated balance sheet beginning in Q4-16.
(3) Includes non-U.S. credit card net charge-offs of $44 million and $41 million for Q1-17 and Q4-16.
(4) Ratios do not include loans accounted for under the fair value option. Charge-off ratios are annualized for the quarterly presentation.
(5) Balances do not include past due consumer credit card loans, consumer loans secured by real estate where repayments are insured by the Federal Housing Administration and individually
insured long-term stand-by agreements (fully-insured home loans), and in general, other consumer and commercial loans not secured by real estate; purchased credit-impaired loans even
though the customer may be contractually past due; nonperforming loans held-for-sale or accounted for under the fair value option.
(6) Excluding non-U.S. consumer credit card allowance of $242 million and $243 million, and loans of $9.5 billion and $9.2 billion, Q1-17 and Q4-16 allowance for loan and lease losses is $11.1
billion and $11.2 billion, and allowance as a percentage of ending loans is 1.24% and 1.25%
(7) Common equity tier 1 (CET1) capital, risk-weighted assets (RWA) and CET1 ratio as shown on a fully phased-in basis are non-GAAP financial measures.
(8) Bank of America reports regulatory capital ratios under both the Standardized and Advanced approaches. The approach that yields the lower ratio is used to assess capital adequacy, which is
the Advanced approaches for the periods presented.
(9) Tangible equity ratio equals period-end tangible shareholders' equity divided by period-end tangible assets. Tangible common equity ratio equals period-end tangible common shareholders'
equity divided by period-end tangible assets. Tangible shareholders' equity and tangible assets are non-GAAP financial measures. 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. See Reconciliations to GAAP Financial Measures on pages 16-17.
(10) Fully phased-in estimates are non-GAAP financial measures. For reconciliations to GAAP financial measures, see above.
(11) Basel 3 fully phased-in Advanced approaches estimates assume approval by U.S. banking regulators of our internal models methodology (IMM) for calculating counterparty credit risk regulatory
capital for derivatives. As of March 31, 2017, we did not have regulatory approval of the IMM model.
Certain prior period amounts have been reclassified to conform to current period presentation.
Current period information is preliminary and based on company data available at the time of the presentation.
14
Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other
(Dollars in millions)
First Quarter 2017
Consumer
Banking GWIM
Global
Banking
Global
Markets
All
Other
Total revenue, net of interest expense (FTE basis) (1) $ 8,284 $ 4,592 $ 4,955 $ 4,708 $ (94)
Provision for credit losses 838 23 17 (17) (26)
Noninterest expense 4,406 3,333 2,163 2,757 2,189
Net income (loss) 1,894 770 1,729 1,297 (834)
Return on average allocated capital (2) 21% 22% 18% 15% n/m
Balance Sheet
Average
Total loans and leases $ 257,945 $ 148,405 $ 342,857 $ 70,064 $ 94,873
Total deposits 635,594 257,386 304,137 33,158 26,357
Allocated capital (2) 37,000 14,000 40,000 35,000 n/m
Period end
Total loans and leases (3) $ 258,421 $ 149,110 $ 344,451 $ 71,053 $ 92,712
Total deposits 661,607 254,595 296,178 33,629 26,132
Fourth Quarter 2016
Consumer
Banking GWIM
Global
Banking
Global
Markets
All
Other
Total revenue, net of interest expense (FTE basis) (1) $ 8,111 $ 4,377 $ 4,534 $ 3,473 $ (271)
Provision for credit losses 760 22 13 8 (29)
Noninterest expense 4,330 3,359 2,036 2,482 954
Net income (loss) 1,920 634 1,579 658 (95)
Return on average allocated capital (2) 22% 19% 17% 7% n/m
Balance Sheet
Average
Total loans and leases $ 253,602 $ 146,180 $ 337,827 $ 70,615 $ 100,172
Total deposits 617,967 256,629 314,133 33,775 28,444
Allocated capital (2) 34,000 13,000 37,000 37,000 n/m
Period end
Total loans and leases (3) $ 258,991 $ 148,179 $ 339,271 $ 72,743 $ 96,713
Total deposits 632,786 262,530 306,430 34,927 24,261
First Quarter 2016
Consumer
Banking GWIM
Global
Banking
Global
Markets
All
Other
Total revenue, net of interest expense (FTE basis) (1) $ 7,857 $ 4,469 $ 4,454 $ 3,951 $ 274
Provision for credit losses 531 25 553 9 (121)
Noninterest expense 4,538 3,273 2,174 2,449 2,382
Net income (loss) 1,764 741 1,092 973 (1,098)
Return on average allocated capital (2) 21% 23% 12% 11% n/m
Balance Sheet
Average
Total loans and leases $ 237,908 $ 139,098 $ 328,643 $ 69,283 $ 118,052
Total deposits 578,193 260,482 297,134 35,886 26,760
Allocated capital (2) 34,000 13,000 37,000 37,000 n/m
Period end
Total loans and leases $ 240,591 $ 139,690 $ 333,604 $ 73,446 $ 113,782
Total deposits 597,796 260,565 298,072 34,403 26,425
(1) Fully taxable-equivalent (FTE) basis is a performance measure used by management in operating the business that management believes provides investors with a more accurate picture of
the interest margin for comparative purposes. The Corporation believes that this presentation allows for comparison of amounts from both taxable and tax-exempt sources and is consistent
with industry practices.
(2) Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital.
Other companies may define or calculate these measures differently.
(3) Includes $9.5 billion and $9.2 billion of non-U.S. credit card loans, which are included in assets of business held for sale on the Consolidated Balance Sheet and in All Other at March 31, 2017
and December 31, 2016.
n/m = not meaningful
Certain prior period amounts have been reclassified among the segments to conform to current period presentation.
Current period information is preliminary and based on company data available at the time of the presentation.
15
Bank of America Corporation and Subsidiaries
Supplemental Financial Data
(Dollars in millions)
Fully taxable-equivalent (FTE) basis data (1) FirstQuarter
2017
Fourth
Quarter
2016
First
Quarter
2016
Net interest income $ 11,255 $ 10,526 $ 10,700
Total revenue, net of interest expense 22,445 20,224 21,005
Net interest yield 2.39% 2.23% 2.33%
Efficiency ratio 66.15 65.08 70.54
Other Data
March 31
2017
December 31
2016
March 31
2016
Number of financial centers - U.S. 4,559 4,579 4,689
Number of branded ATMs - U.S. 15,939 15,928 16,003
Ending full-time equivalent employees 208,573 208,024 213,183
(1) FTE basis is a non-GAAP financial measure. FTE basis is a performance measure used by management in operating the business that management believes provides investors with a more
accurate picture of the interest margin for comparative purposes. The Corporation believes that this presentation allows for comparison of amounts from both taxable and tax-exempt sources
and is consistent with industry practices. See Reconciliations to GAAP Financial Measures on pages 16-17.
Certain prior period amounts have been reclassified to conform to current period presentation.
Current period information is preliminary and based on company data available at the time of the presentation.
16
The Corporation evaluates its business based on a fully taxable-equivalent basis, a non-GAAP financial measure. Total revenue, net of interest expense, on a fully taxable-equivalent basis includes
net interest income on a fully taxable-equivalent basis and noninterest income. The Corporation believes that this presentation allows for comparison of amounts from both taxable and tax-
exempt sources and is consistent with industry practices. The Corporation presents related ratios and analyses (i.e., efficiency ratios and net interest yield) on a fully taxable-equivalent basis. To
derive the fully taxable-equivalent 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, the Corporation uses the federal statutory tax rate of 35 percent. The efficiency ratio measures the costs expended to generate a dollar of revenue, and net interest
yield measures the basis points the Corporation earns over the cost of funds.
The Corporation also evaluates its business based on the following ratios that utilize tangible equity, a non-GAAP financial measure. Tangible equity represents an adjusted shareholders' equity
or common shareholders' equity amount which has been reduced by goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities. Return on average
tangible common shareholders' equity measures the Corporation's earnings contribution as a percentage of adjusted average common shareholders' equity. The tangible common equity ratio
represents adjusted ending common shareholders' equity divided by total assets less goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities.
Return on average tangible shareholders' equity measures the Corporation's earnings contribution 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 (excluding mortgage servicing rights), net of related deferred tax liabilities. Tangible book value
per common share represents adjusted ending common shareholders' equity divided by ending common shares outstanding. These measures are used to evaluate the Corporation's use of equity.
In addition, profitability, relationship and investment models all use return on average tangible shareholders' equity as key measures to support our overall growth goals.
See the tables below and on page 17 for reconciliations of these non-GAAP financial measures to financial measures defined by GAAP for the three months ended March 31, 2017, December
31, 2016 and March 31, 2016. The Corporation believes the use of these non-GAAP financial measures provides additional clarity in understanding its results of operations and trends. Other
companies may define or calculate supplemental financial data differently.
Bank of America Corporation and Subsidiaries
Reconciliations to GAAP Financial Measures
(Dollars in millions)
First
Quarter
2017
Fourth
Quarter
2016
First
Quarter
2016
Reconciliation of net interest income to net interest income on a fully taxable-equivalent basis
Net interest income $ 11,058 $ 10,292 $ 10,485
Fully taxable-equivalent adjustment 197 234 215
Net interest income on a fully taxable-equivalent basis $ 11,255 $ 10,526 $ 10,700
Reconciliation of total revenue, net of interest expense to total revenue, net of interest expense on a fully taxable-equivalent basis
Total revenue, net of interest expense $ 22,248 $ 19,990 $ 20,790
Fully taxable-equivalent adjustment 197 234 215
Total revenue, net of interest expense on a fully taxable-equivalent basis $ 22,445 $ 20,224 $ 21,005
Reconciliation of income tax expense to income tax expense on a fully taxable-equivalent basis
Income tax expense $ 1,709 $ 1,359 $ 1,505
Fully taxable-equivalent adjustment 197 234 215
Income tax expense on a fully taxable-equivalent basis $ 1,906 $ 1,593 $ 1,720
Reconciliation of average common shareholders’ equity to average tangible common shareholders’ equity
Common shareholders’ equity $ 242,883 $ 245,139 $ 237,229
Goodwill (69,744) (69,745) (69,761)
Intangible assets (excluding mortgage servicing rights) (2,923) (3,091) (3,687)
Related deferred tax liabilities 1,539 1,580 1,707
Tangible common shareholders’ equity $ 171,755 $ 173,883 $ 165,488
Reconciliation of average shareholders’ equity to average tangible shareholders’ equity
Shareholders’ equity $ 268,103 $ 270,360 $ 260,423
Goodwill (69,744) (69,745) (69,761)
Intangible assets (excluding mortgage servicing rights) (2,923) (3,091) (3,687)
Related deferred tax liabilities 1,539 1,580 1,707
Tangible shareholders’ equity $ 196,975 $ 199,104 $ 188,682
Certain prior period amounts have been reclassified to conform to current period presentation.
Current period information is preliminary and based on company data available at the time of the presentation.
17
Bank of America Corporation and Subsidiaries
Reconciliations to GAAP Financial Measures (continued)
(Dollars in millions)
First
Quarter
2017
Fourth
Quarter
2016
First
Quarter
2016
Reconciliation of period-end common shareholders’ equity to period-end tangible common shareholders’ equity
Common shareholders’ equity $ 242,933 $ 241,620 $ 238,662
Goodwill (69,744) (69,744) (69,761)
Intangible assets (excluding mortgage servicing rights) (2,827) (2,989) (3,578)
Related deferred tax liabilities 1,513 1,545 1,667
Tangible common shareholders’ equity $ 171,875 $ 170,432 $ 166,990
Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity
Shareholders’ equity $ 268,153 $ 266,840 $ 263,004
Goodwill (69,744) (69,744) (69,761)
Intangible assets (excluding mortgage servicing rights) (2,827) (2,989) (3,578)
Related deferred tax liabilities 1,513 1,545 1,667
Tangible shareholders’ equity $ 197,095 $ 195,652 $ 191,332
Reconciliation of period-end assets to period-end tangible assets
Assets $ 2,247,701 $ 2,187,702 $ 2,185,726
Goodwill (69,744) (69,744) (69,761)
Intangible assets (excluding mortgage servicing rights) (2,827) (2,989) (3,578)
Related deferred tax liabilities 1,513 1,545 1,667
Tangible assets $ 2,176,643 $ 2,116,514 $ 2,114,054
Book value per share of common stock
Common shareholders’ equity $ 242,933 $ 241,620 $ 238,662
Ending common shares issued and outstanding 9,974,190 10,052,626 10,312,660
Book value per share of common stock $ 24.36 $ 24.04 $ 23.14
Tangible book value per share of common stock
Tangible common shareholders’ equity $ 171,875 $ 170,432 $ 166,990
Ending common shares issued and outstanding 9,974,190 10,052,626 10,312,660
Tangible book value per share of common stock $ 17.23 $ 16.95 $ 16.19
Certain prior period amounts have been reclassified to conform to current period presentation.
