Bank of America 2009 Annual Report Download - page 205

The tables below summarize gains and losses due to changes in fair value, including both realized and unrealized gains (losses), recorded in earn-
ings for Level 3 assets and liabilities during 2009, 2008 and 2007. These amounts include those gains (losses) generated by loans, LHFS, loan
commitments and structured notes which are accounted for under the fair value option.
Level 3 Total Realized and Unrealized Gains (Losses) Included in Earnings
2009
(Dollars in millions)
Card Income
(Loss)
Equity
Investment
Income
Trading
Account
Profits
(Losses)
Mortgage
Banking
Income
(Loss)
(1)
Other
Income
(Loss) Total
Trading account assets:
Corporate securities, trading loans and other $– $ – $ 370 $ – $ – $ 370
Equity securities – – (396) – – (396)
Foreign sovereign debt – – 136 – – 136
Mortgage trading loans and asset-backed securities – – (262) – – (262)
Total trading account assets – – (152) – – (152)
Net derivative assets – – (2,526) 8,052 – 5,526
Available-for-sale debt securities:
Non-agency MBS:
Residential – – – (20) (1,139) (1,159)
Commercial – – – – (185) (185)
Foreign securities – – – – (79) (79)
Corporate/Agency bonds – – – – (22) (22)
Other taxable securities – – – – (75) (75)
Tax-exempt securities – –– –2 2
Total available-for-sale debt securities – – – (20) (1,498) (1,518)
Loans and leases
(2)
– – (11) – 526 515
Mortgage servicing rights – – – 5,286 – 5,286
Loans held-for-sale
(2)
– – (216) 306 588 678
Other assets 21 947 – 244 61 1,273
Trading account liabilities – Foreign sovereign debt – – (38) – – (38)
Accrued expenses and other liabilities
(2)
– – 36 (11) 1,360 1,385
Long-term debt
(2)
– – (2,083) – (227) (2,310)
Total $21 $ 947 $ (4,990) $13,857 $ 810 $ 10,645
2008
Trading account assets $– $ – $(3,044) $ (178) $ – $ (3,222)
Net derivative assets – – 103 2,428 – 2,531
Available-for-sale debt securities – – – (74) (2,435) (2,509)
Loans and leases
(2)
– – (5) – (775) (780)
Mortgage servicing rights – – – (7,115) – (7,115)
Loans held-for-sale
(2)
– – (195) (848) (4) (1,047)
Other assets 55 110 – – 10 175
Accrued expenses and other liabilities
(2)
– – 9 295 (473) (169)
Total $55 $ 110 $(3,132) $ (5,492) $(3,677) $(12,136)
2007
Trading account assets
(3)
$– $ – $(2,959) $ – $ – $ (2,959)
Net derivative assets
(3)
– – (515) 174 – (341)
Available-for-sale debt securities
(3, 4)
– – – – (398) (398)
Loans and leases
(2)
– – (1) – (139) (140)
Mortgage servicing rights
(3)
– – – 231 – 231
Loans held-for-sale
(2)
– – (61) (29) – (90)
Other assets
(5)
103 1,971 – – 75 2,149
Accrued expenses and other liabilities
(2)
– – (5) – (274) (279)
Total $103 $1,971 $(3,541) $ 376 $ (736) $ (1,827)
(1) Mortgage banking income does not reflect the impact of Level 1 and Level 2 hedges against MSRs.
(2) Amounts represent items which are accounted for under the fair value option.
(3) Amounts represent items which are carried at fair value prior to the adoption of the fair value option.
(4) Amounts represent write-downs on certain securities that were deemed to be other-than-temporarily impaired during 2007.
(5) Amounts represent items which are accounted for under the fair value option.
Bank of America 2009 203