Bank of America 2014 Annual Report Download - page 248

246 Bank of America 2014
The following tables summarize gains (losses) due to changes in fair value, including both realized and unrealized gains (losses),
recorded in earnings for Level 3 assets and liabilities during 2014, 2013 and 2012. These amounts include gains (losses) on loans,
LHFS, loan commitments and structured liabilities that are accounted for under the fair value option.
Level 3 – Total Realized and Unrealized Gains (Losses) Included in Earnings
2014
(Dollars in millions)
Trading
Account
Profits
(Losses)
Mortgage
Banking
Income
(Loss) (1) Other (2) Total
Trading account assets:
Corporate securities, trading loans and other $180 $—$—$ 180
Non-U.S. sovereign debt 30 — —30
Mortgage trading loans and ABS 199 ——199
Total trading account assets 409 ——409
Net derivative assets (475) 834 104 463
AFS debt securities:
Non-agency residential MBS ——(2)(2)
Non-U.S. securities ——(7)(7)
Other taxable securities —— 9 9
Tax-exempt securities —— 8 8
Total AFS debt securities —— 8 8
Loans and leases (3) ——
69 69
Mortgage servicing rights (6) (1,225)—(1,231)
Loans held-for-sale (3) (14) — 59 45
Other assets — (79) (19) (98)
Trading account liabilities – Corporate securities and other 1——1
Accrued expenses and other liabilities (3) —— 2 2
Long-term debt (3) 78 — (29) 49
Total $ (7) $ (470) $ 194 $ (283)
2013
Trading account assets:
Corporate securities, trading loans and other $ 242 $ — $ — $ 242
Equity securities 74 — — 74
Non-U.S. sovereign debt 50 — — 50
Mortgage trading loans and ABS 53 — — 53
Total trading account assets 419 — — 419
Net derivative assets (1,224) 927 (7) (304)
AFS debt securities:
Non-U.S. securities —— 5 5
Other taxable securities —— 9 9
Tax-exempt securities —— 3 3
Total AFS debt securities — — 17 17
Loans and leases (3) — (38) 136 98
Mortgage servicing rights — 1,941 — 1,941
Loans held-for-sale (3) — 2 60 62
Other assets — 122 (410) (288)
Trading account liabilities – Corporate securities and other 10 — — 10
Accrued expenses and other liabilities (3) —30 —30
Long-term debt (3) 45 — (32) 13
Total $ (750) $ 2,984 $ (236) $ 1,998
(1) Mortgage banking income (loss) does not reflect the impact of Level 1 and Level 2 hedges on MSRs.
(2) Amounts included are primarily recorded in other income (loss). Equity investment gains of $86 million and $77 million recorded on net derivative assets and other assets were also included for
2014 and 2013.
(3) Amounts represent instruments that are accounted for under the fair value option.