Bank of America 2015 Annual Report Download - page 192

190 Bank of America 2015
NOTE 9 Deposits
The Corporation had U.S. certificates of deposit and other U.S.
time deposits of $100 thousand or more totaling $28.3 billion
and $32.4 billion at December 31, 2015 and 2014. Non-U.S.
certificates of deposit and other non-U.S. time deposits of $100
thousand or more totaled $14.1 billion and $14.0 billion at
December 31, 2015 and 2014. The Corporation also had
aggregate time deposits of $14.2 billion in denominations that
met or exceeded the Federal Deposit Insurance Corporation (FDIC)
insurance limit at December 31, 2015. The table below presents
the contractual maturities for time deposits of $100 thousand or
more at December 31, 2015.
Time Deposits of $100 Thousand or More
(Dollars in millions)
Three Months
or Less
Over Three
Months to
Twelve Months Thereafter Total
U.S. certificates of deposit and other time deposits $ 12,836 $ 12,834 $ 2,677 $ 28,347
Non-U.S. certificates of deposit and other time deposits 12,352 1,517 277 14,146
The scheduled contractual maturities for total time deposits at December 31, 2015 are presented in the table below.
Contractual Maturities of Total Time Deposits
(Dollars in millions) U.S. Non-U.S. Total
Due in 2016 $ 51,319 $ 14,248 $ 65,567
Due in 2017 4,166 103 4,269
Due in 2018 937 1 938
Due in 2019 874 5 879
Due in 2020 1,380 258 1,638
Thereafter 683 — 683
Total time deposits $ 59,359 $ 14,615 $ 73,974
NOTE 10 Federal Funds Sold or Purchased, Securities Financing Agreements and Short-term
Borrowings
The table below presents federal funds sold or purchased, securities financing agreements, which include securities borrowed or
purchased under agreements to resell and securities loaned or sold under agreements to repurchase, and short-term borrowings. The
Corporation elects to account for certain securities financing agreements and short-term borrowings under the fair value option. For
more information on the election of the fair value option, see Note 21 – Fair Value Option.
2015 2014
(Dollars in millions) Amount Rate Amount Rate
Federal funds sold and securities borrowed or purchased under agreements to resell
At December 31 $ 192,482 0.44%$191,823 0.47%
Average during year 211,471 0.47 222,483 0.47
Maximum month-end balance during year 226,502 n/a 240,122 n/a
Federal funds purchased and securities loaned or sold under agreements to repurchase
At December 31 174,291 0.82 201,277 0.98
Average during year 213,497 0.89 215,792 0.99
Maximum month-end balance during year 235,232 n/a 240,154 n/a
Short-term borrowings
At December 31 28,098 1.61 31,172 1.47
Average during year 32,798 1.49 41,886 1.08
Maximum month-end balance during year 40,110 n/a 51,409 n/a
n/a = not applicable
Bank of America, N.A. maintains a global program to offer up
to a maximum of $75 billion outstanding at any one time, of bank
notes with fixed or floating rates and maturities of at least seven
days from the date of issue. Short-term bank notes outstanding
under this program totaled $16.8 billion and $14.6 billion at
December 31, 2015 and 2014. These short-term bank notes,
along with Federal Home Loan Bank (FHLB) advances, U.S.
Treasury tax and loan notes, and term federal funds purchased,
are included in short-term borrowings on the Consolidated Balance
Sheet.