Bank of America Files Q2 2024 10-Q

TL;DR

BAC's Q2 10-Q is in: financials look steady, lots of preferred stock details.

AI Summary

Bank of America Corp. (BAC) filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including various preferred stock series and common stock. Specific financial figures and operational details are presented within the report, reflecting the company's ongoing business activities.

Why It Matters

This filing provides crucial insights into Bank of America's financial health and operational status for the second quarter of 2024, impacting investors and the broader financial market.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures for a large, established company.

Key Numbers

• 2024 Q2 — Reporting Period (Indicates the second quarter of 2024 as the focus of the filing.)
• 12/31 — Fiscal Year End (Specifies December 31st as the company's fiscal year end.)

Key Players & Entities

• BANK OF AMERICA CORP /DE/ (company) — Filer of the 10-Q
• 0000070858 (company) — Central Index Key for Bank of America
• 20240630 (date) — Conformed period of report
• 20240730 (date) — Date of filing
• CHARLOTTE (location) — City of business and mailing address
• DE (location) — State of incorporation

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share BAC New York Stock Exchange
• $3.3 — . At June 30, 2024, the Corporation had $3.3 trillion in assets and a headcount of a
• $4.0 — WIM businesses, with client balances of $4.0 trillion, provide tailored solutions to
• $25 billion — d of Directors (the Board) authorized a $25 billion common stock repurchase program, effect
• $0.26 — ed a quarterly common stock dividend of $0.26 per share, an increase of eight percent
• $6.9 billion — nciliations on page 48. Net income was $6.9 billion and $13.6 billion, or $0.83 and $1.59 p
• $13.6 b — ge 48. Net income was $6.9 billion and $13.6 billion, or $0.83 and $1.59 per diluted s
• $0.83 — was $6.9 billion and $13.6 billion, or $0.83 and $1.59 per diluted share, for the th
• $1.59 — billion and $13.6 billion, or $0.83 and $1.59 per diluted share, for the three and si
• $7.4 billion — months ended June 30, 2024 compared to $7.4 billion and $15.6 billion, or $0.88 and $1.82 p
• $15.6 b — e 30, 2024 compared to $7.4 billion and $15.6 billion, or $0.88 and $1.82 per diluted s
• $0.88 — d to $7.4 billion and $15.6 billion, or $0.88 and $1.82 per diluted share, for the sa
• $1.82 — billion and $15.6 billion, or $0.88 and $1.82 per diluted share, for the same periods
• $77.8 billion — credit losses. Total assets increased $77.8 billion from December 31, 2023 to $3.3 trillion
• $75.6 billion — activity. Total liabilities increased $75.6 billion from December 31, 2023 to $3.0 trillion

Filing Documents

• bac-20240630.htm (10-Q) — 10860KB
• bac-0630202410xqex32.htm (EX-3.2) — 308KB
• bac-0630202410xqex311.htm (EX-31.1) — 11KB
• bac-0630202410xqex312.htm (EX-31.2) — 11KB
• bac-0630202410xqex321.htm (EX-32.1) — 6KB
• bac-0630202410xqex322.htm (EX-32.2) — 6KB
• bac-20240630_g1.jpg (GRAPHIC) — 59KB
• bac-20240630_g2.jpg (GRAPHIC) — 1075KB
• 0000070858-24-000208.txt ( ) — 49828KB
• bac-20240630.xsd (EX-101.SCH) — 172KB
• bac-20240630_cal.xml (EX-101.CAL) — 235KB
• bac-20240630_def.xml (EX-101.DEF) — 1098KB
• bac-20240630_lab.xml (EX-101.LAB) — 1646KB
• bac-20240630_pre.xml (EX-101.PRE) — 1357KB
• bac-20240630_htm.xml (XML) — 13872KB

Financial Information

Part I. Financial Information

Financial Statements Page

Item 1. Financial Statements Page Consolidated Statement of Income 49 Consolidated Statement of Comprehensive Income 49 Consolidated Balance Sheet 50 Consolidated Statement of Changes in Shareholders' Equity 51 Consolidated Statement of Cash Flows 52

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 53 Note 1 – Summary of Significant Accounting Principles 53 Note 2 – Net Interest Income and Noninterest Income 54 Note 3 – Derivatives 55 Note 4 – Securities 63 Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses 66 Note 6 – Securitizations and Other Variable Interest Entities 77 Note 7 – Goodwill and Intangible Assets 81 Note 8 – Leases 82 Note 9 – Securities Financing Agreements, Collateral and Restricted Cash 82 Note 10 – Commitments and Contingencies 84 Note 11 – Shareholders' Equity 87 Note 12 – Accumulated Other Comprehensive Income (Loss) 87 Note 13 – Earnings Per Common Share 88 Note 14 – Fair Value Measurements 88 Note 15 – Fair Value Option 95 Note 16 – Fair Value of Financial Instruments 97 Note 17 – Business Segment Information 97 Glossary 102 Acronyms 104

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Executive Summary 3 Recent Developments 3 Financial Highlights 4 Supplemental Financial Data 6 Business Segment Operations 10 Consumer Banking 10 Global Wealth & Investment Management 14 Global Banking 16 Global Markets 18 All Other 20 Managing Risk 21 Capital Management 21 Liquidity Risk 25 Credit Risk Management 28 Consumer Portfolio Credit Risk Management 29 Commercial Portfolio Credit Risk Management 33 Non-U.S. Portfolio 39 Allowance for Credit Losses 40 Market Risk Management 42 Trading Risk Management 42 Interest Rate Risk Management for the Banking Book 44 Mortgage Banking Risk Management 46 Climate Ris k 46 Complex Accounting Estimates 47 Non-GAAP Reconciliations 48

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 48

Controls and Procedures

Item 4. Controls and Procedures 48 1 Bank of America

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 105

Risk Factors

Item 1A. Risk Factors 105

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 105

Other Information

Item 5. Other Information 105

Exhibits

Item 6. Exhibits 106 Signature 106

Management's Discussion and Analysis of Financial Condition and Results of Operations

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, liquidity, net interest income, provision for credit losses, expenses, efficiency ratio, capital measures, strategy, deposits, assets, 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 the Corporation's 2023 Annual Report on Form 10-K and in any of the Corporation's subsequent Securities and Exchange Commission filings: the Corporation's potential judgments, orders, settlements, penalties, fines and reputational damage, which are inherently difficult to predict, resulting from pending, threatened or future litigation and regulatory investigations,

View Full Filing

View this 10-Q filing on SEC EDGAR