Bank of America Files Q3 2024 10-Q

TL;DR

BAC 10-Q filed: Q3 2024 financials out, shows common & preferred stock details.

AI Summary

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

Why It Matters

This filing provides investors and analysts with a detailed look at Bank of America's financial health and operational status as of the end of the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing (10-Q) for a large, established financial institution.

Key Players & Entities

• BANK OF AMERICA CORP /DE/ (company) — Filer
• 0000070858 (company) — Central Index Key
• 20240930 (date) — Period of Report
• 20241029 (date) — Filing Date
• CHARLOTTE (location) — Business Address City
• NC (location) — Business Address State
• us-gaap:CommonStockMember (financial_metric) — Stock Type
• bac:SeriesEPreferredStockMember (financial_metric) — Preferred Stock Type

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share BAC New York Stock Exchange
• $3.3 — September 30, 2024, the Corporation had $3.3 trillion in assets and a headcount of a
• $4.2 — WIM businesses, with client balances of $4.2 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, payable on December 27, 2024
• $6.9 billion — nciliations on page 49. Net income was $6.9 billion and $20.5 billion, or $0.81 and $2.40 p
• $20.5 b — ge 49. Net income was $6.9 billion and $20.5 billion, or $0.81 and $2.40 per diluted s
• $0.81 — was $6.9 billion and $20.5 billion, or $0.81 and $2.40 per diluted share, for the th
• $2.40 — billion and $20.5 billion, or $0.81 and $2.40 per diluted share, for the three and ni
• $7.8 billion — hs ended September 30, 2024 compared to $7.8 billion and $23.4 billion, or $0.90 and $2.72 p
• $23.4 b — r 30, 2024 compared to $7.8 billion and $23.4 billion, or $0.90 and $2.72 per diluted s
• $0.90 — d to $7.8 billion and $23.4 billion, or $0.90 and $2.72 per diluted share, for the sa
• $2.72 — billion and $23.4 billion, or $0.90 and $2.72 per diluted share, for the same periods
• $144.1 billion — credit losses. Total assets increased $144.1 billion from December 31, 2023 to $3.3 trillion
• $139.3 billion — an growth. Total liabilities increased $139.3 billion from December 31, 2023 to $3.0 trillion

Filing Documents

• bac-20240930.htm (10-Q) — 10907KB
• bac-0930202410xqex311.htm (EX-31.1) — 11KB
• bac-0930202410xqex312.htm (EX-31.2) — 11KB
• bac-0930202410xqex321.htm (EX-32.1) — 6KB
• bac-0930202410xqex322.htm (EX-32.2) — 6KB
• bac-20240930_g1.jpg (GRAPHIC) — 38KB
• bac-20240930_g2.jpg (GRAPHIC) — 1275KB
• 0000070858-24-000280.txt ( ) — 50010KB
• bac-20240930.xsd (EX-101.SCH) — 172KB
• bac-20240930_cal.xml (EX-101.CAL) — 235KB
• bac-20240930_def.xml (EX-101.DEF) — 1102KB
• bac-20240930_lab.xml (EX-101.LAB) — 1646KB
• bac-20240930_pre.xml (EX-101.PRE) — 1361KB
• bac-20240930_htm.xml (XML) — 13959KB

Financial Information

Part I. Financial Information

Financial Statements Page

Item 1. Financial Statements Page Consolidated Statement of Income 50 Consolidated Statement of Comprehensive Income 50 Consolidated Balance Sheet 51 Consolidated Statement of Changes in Shareholders' Equity 52 Consolidated Statement of Cash Flows 53

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 54 Note 1 – Summary of Significant Accounting Principles 54 Note 2 – Net Interest Income and Noninterest Income 55 Note 3 – Derivatives 56 Note 4 – Securities 64 Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses 67 Note 6 – Securitizations and Other Variable Interest Entities 78 Note 7 – Goodwill and Intangible Assets 82 Note 8 – Leases 82 Note 9 – Securities Financing Agreements, Collateral and Restricted Cash 83 Note 10 – Commitments and Contingencies 84 Note 11 – Shareholders' Equity 87 Note 12 – Accumulated Other Comprehensive Income (Loss) 88 Note 13 – Earnings Per Common Share 89 Note 14 – Fair Value Measurements 89 Note 15 – Fair Value Option 96 Note 16 – Fair Value of Financial Instruments 98 Note 17 – Business Segment Information 98 Glossary 103 Acronyms 105

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 29 Consumer Portfolio Credit Risk Management 29 Commercial Portfolio Credit Risk Management 34 Non-U.S. Portfolio 40 Allowance for Credit Losses 41 Market Risk Management 43 Trading Risk Management 43 Interest Rate Risk Management for the Banking Book 45 Mortgage Banking Risk Management 47 Climate Ris k 47 Complex Accounting Estimates 48 Non-GAAP Reconciliations 49

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 49

Controls and Procedures

Item 4. Controls and Procedures 49 1 Bank of America

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 106

Risk Factors

Item 1A. Risk Factors 106

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 106

Other Information

Item 5. Other Information 106

Exhibits

Item 6. Exhibits 107 Signature 107

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