To your question, yes, unless you want some negative repercussions, you want to report the 1099-SA.

The 1099-SA and 5498-SA are companion forms - the 1999-SA shows what distributions there were from your HSA and the 5498-SA shows what contributions you made to the HSA. The information for both of these end up on the form 8889.

The 8889 must be filled out if you want to (1) benefit from the tax break for contributions you made to the HSA, and (2) don't want to be taxed on the distributions. Otherwise you are very likely to get a letter from the IRS asking for some money, because without the 8889, they will assume that your entire distribution was spent on non-qualified expenses and tax you one them.

So I've received a 1099-SA from Bank of America, but I have not received anything in the form of a 5498-SA. I'm surprised that I even received this 1099-SA from the Bank of America as I expect that form would've come from my insurance company or HSA issuer.

The HSA is an IRA-like instrument that is often held on your behalf by a bank (mine is). Since B of A distributed the funds, it's natural that they would have reported the distribution. And, normally, the distributions are done via via the debit card that they gave your for medical expenses.
Often, you may not get the 5498-SA (even though you should), but if you, like many, had all of your contributions to your HSA go through the "W" code in box 12 in your W-2, then you actually don't need the 5498-SA to complete your return - the information needed is all on the W-2.

Because you can make contributions for tax year 2016 up until April 18, 2017, many banks will not issue the form 5498 until May. You will need two items of information to complete your tax return -- the amount of money that was contributed to the HSA by you or your employer via payroll deduction (which is on your W-2) and the amount of additional after tax contributions you made from your own funds (which you will get from your own financial records or from your HSA account history).