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Supplemental Information
First Quarter 2021

                










Current-period information is preliminary and based on company data available at the time of the earnings presentation. It speaks only as of the particular date or dates included in the accompanying pages. Bank of America Corporation (the Corporation) does not undertake an obligation to, and disclaims any duty to, update any of the information provided. Any forward-looking statements in this information are subject to the forward-looking language contained in the Corporation’s reports filed with the SEC pursuant to the Securities Exchange Act of 1934, which are available at the SEC’s website (www.sec.gov) or at the Corporation’s website (www.bankofamerica.com). The Corporation’s future financial performance is subject to risks and uncertainties as described in its SEC filings.


Bank of America Corporation and Subsidiaries
Table of ContentsPage
 
Consumer Banking
Global Wealth & Investment Management
Global Banking
Global Markets
All Other
Key Performance Indicators
The Corporation presents certain key financial and nonfinancial performance indicators that management uses when assessing consolidated and/or segment results. The Corporation believes this information is useful because it provides management with information about underlying operational performance and trends. Key performance indicators are presented in Consolidated Financial Highlights on page 2 and on the Key Indicators pages for each segment.
Business Segment Operations
The Corporation reports the results of operations of its four business segments and All Other on a fully taxable-equivalent (FTE) basis. Additionally, the results for the total Corporation as presented on pages 11 - 12 are reported on an FTE basis.



Bank of America Corporation and Subsidiaries
Consolidated Financial Highlights
(In millions, except per share information)
 First
Quarter
2021		Fourth
Quarter
2020		Third
Quarter
2020		Second
Quarter
2020		First
Quarter
2020
 
Income statement
Net interest income$10,197 $10,253 $10,129 $10,848 $12,130 
Noninterest income12,624 9,846 10,207 11,478 10,637 
Total revenue, net of interest expense22,821 20,099 20,336 22,326 22,767 
Provision for credit losses(1,860)53 1,389 5,117 4,761 
Noninterest expense15,515 13,927 14,401 13,410 13,475 
Income before income taxes9,166 6,119 4,546 3,799 4,531 
Pretax, pre-provision income (1)
7,306 6,172 5,935 8,916 9,292 
Income tax expense1,116 649 (335)266 521 
Net income 8,050 5,470 4,881 3,533 4,010 
Preferred stock dividends490 262 441 249 469 
Net income applicable to common shareholders7,560 5,208 4,440 3,284 3,541 
Diluted earnings per common share0.86 0.59 0.51 0.37 0.40 
Average diluted common shares issued and outstanding8,755.6 8,785.0 8,777.5 8,768.1 8,862.7 
Dividends paid per common share$0.18 $0.18 $0.18 $0.18 $0.18 
Performance ratios
Return on average assets1.13 %0.78 %0.71 %0.53 %0.65 %
Return on average common shareholders’ equity12.28 8.39 7.24 5.44 5.91 
Return on average shareholders’ equity11.91 8.03 7.26 5.34 6.10 
Return on average tangible common shareholders’ equity (2)
17.08 11.73 10.16 7.63 8.32 
Return on average tangible shareholders’ equity (2)
16.01 10.84 9.84 7.23 8.29 
Efficiency ratio 67.98 69.29 70.81 60.06 59.19 
At period end
Book value per share of common stock$29.07 $28.72 $28.33 $27.96 $27.84 
Tangible book value per share of common stock (2)
20.90 20.60 20.23 19.90 19.79 
Market capitalization332,337 262,206 208,656 205,772 184,181 
Number of financial centers - U.S.4,324 4,312 4,309 4,298 4,297 
Number of branded ATMs - U.S.16,905 16,904 16,962 16,862 16,855 
Headcount212,201 212,505 211,225 212,796 208,931 
(1)    Pretax, pre-provision income (PTPI) is a non-GAAP financial measure calculated by adjusting pretax income to add back provision for credit losses. Management believes that PTPI is a useful financial measure because it enables an assessment of the Corporation's ability to generate earnings to cover credit losses through a credit cycle.
(2)    Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income. Tangible book value per share provides additional useful information about the level of tangible assets in relation to outstanding shares of common stock. (See Exhibit A: Non-GAAP Reconciliations - Reconciliations to GAAP Financial Measures on page 31.)


Certain prior-period amounts have been reclassified to conform to current-period presentation.
Current-period information is preliminary and based on company data available at the time of the presentation.
2

Bank of America Corporation and Subsidiaries
Consolidated Statement of Income
(In millions, except per share information)
 First
Quarter
2021		Fourth
Quarter
2020		Third
Quarter
2020		Second
Quarter
2020		First
Quarter
2020
 
Net interest income
Interest income$11,395 $11,461 $11,486 $12,540 $16,098 
Interest expense1,198 1,208 1,357 1,692 3,968 
Net interest income10,197 10,253 10,129 10,848 12,130 
Noninterest income
Fees and commissions9,536 9,061 8,777 8,392 8,321 
Market making and similar activities3,529 1,372 1,689 2,487 2,807 
Other income (loss)(441)(587)(259)599 (491)
Total noninterest income12,624 9,846 10,207 11,478 10,637 
Total revenue, net of interest expense22,821 20,099 20,336 22,326 22,767 
Provision for credit losses(1,860)53 1,389 5,117 4,761 
Noninterest expense
Compensation and benefits9,736 8,190 8,200 7,994 8,341 
Occupancy and equipment1,830 1,839 1,798 1,802 1,702 
Information processing and communications1,425 1,415 1,333 1,265 1,209 
Product delivery and transaction related977 915 930 811 777 
Marketing371 463 308 492 438 
Professional fees403 488 450 381 375 
Other general operating773 617 1,382 665 633 
Total noninterest expense15,515 13,927 14,401 13,410 13,475 
Income before income taxes9,166 6,119 4,546 3,799 4,531 
Income tax expense1,116 649 (335)266 521 
Net income$8,050 $5,470 $4,881 $3,533 $4,010 
Preferred stock dividends490 262 441 249 469 
Net income applicable to common shareholders$7,560 $5,208 $4,440 $3,284 $3,541 
Per common share information
Earnings$0.87 $0.60 $0.51 $0.38 $0.40 
Diluted earnings0.86 0.59 0.51 0.37 0.40 
Average common shares issued and outstanding8,700.1 8,724.9 8,732.9 8,739.9 8,815.6 
Average diluted common shares issued and outstanding8,755.6 8,785.0 8,777.5 8,768.1 8,862.7 

Consolidated Statement of Comprehensive Income
(Dollars in millions)
First Quarter 2021Fourth Quarter 2020Third Quarter 2020Second Quarter 2020First Quarter 2020
Net income $8,050 $5,470 $4,881 $3,533 $4,010 
Other comprehensive income (loss), net-of-tax:
Net change in debt securities(840)5 101 (102)4,795 
Net change in debit valuation adjustments116 (493)(58)(1,293)1,346 
Net change in derivatives(1,114)18 76 315 417 
Employee benefit plan adjustments51 (242)44 57 43 
Net change in foreign currency translation adjustments(29)34 21 (19)(88)
Other comprehensive income (loss)(1,816)(678)184 (1,042)6,513 
Comprehensive income$6,234 $4,792 $5,065 $2,491 $10,523 


Certain prior-period amounts have been reclassified to conform to current-period presentation.

Current-period information is preliminary and based on company data available at the time of the presentation.
3

Bank of America Corporation and Subsidiaries
Net Interest Income and Noninterest Income
(Dollars in millions) 
 First
Quarter
2021		Fourth
Quarter
2020		Third
Quarter
2020		Second
Quarter
2020		First
Quarter
2020
 
Net interest income
Interest income
Loans and leases$7,234 $7,603 $7,894 $8,569 $9,963 
Debt securities2,730 2,377 2,130 2,440 2,843 
Federal funds sold and securities borrowed or purchased under agreements to resell
(7)3 55 26 819 
Trading account assets872 925 948 1,008 1,247 
Other interest income566 553 459 497 1,226 
Total interest income11,395 11,461 11,486 12,540 16,098 
Interest expense
Deposits133 159 227 373 1,184 
Short-term borrowings(79)(37)(24)(72)1,120 
Trading account liabilities246 210 212 223 329 
Long-term debt898 876 942 1,168 1,335 
Total interest expense1,198 1,208 1,357 1,692 3,968 
Net interest income$10,197 $10,253 $10,129 $10,848 $12,130 
Noninterest income
Fees and commissions
Card income
Interchange fees (1)
$1,067 $1,160 $1,172 $830 $792 
Other card income368 407 396 419 480 
Total card income1,435 1,567 1,568 1,249 1,272 
Service charges
Deposit-related fees1,495 1,550 1,515 1,299 1,627 
Lending-related fees297 309 302 263 276 
Total service charges1,792 1,859 1,817 1,562 1,903 
Investment and brokerage services
Asset management fees3,002 2,803 2,740 2,483 2,682 
Brokerage fees1,061 968 883 939 1,076 
Total investment and brokerage services
4,063 3,771 3,623 3,422 3,758 
Investment banking fees
Underwriting income1,546 1,088 1,239 1,523 848 
Syndication fees300 227 133 230 271 
Financial advisory services400 549 397 406 269 
Total investment banking fees2,246 1,864 1,769 2,159 1,388 
Total fees and commissions9,536 9,061 8,777 8,392 8,321 
Market making and similar activities3,529 1,372 1,689 2,487 2,807 
Other income (loss)(441)(587)(259)599 (491)
Total noninterest income$12,624 $9,846 $10,207 $11,478 $10,637 
(1)Gross interchange fees were $2.4 billion, $2.5 billion, $2.4 billion, $2.0 billion and $2.3 billion and are presented net of $1.4 billion, $1.5 billion, $1.4 billion, $1.2 billion and $1.5 billion of expenses for rewards and partner payments as well as certain other card costs for the first quarter of 2021 and the fourth, third, second and first quarters of 2020, respectively.
    

Certain prior-period amounts have been reclassified to conform to current-period presentation.

Current-period information is preliminary and based on company data available at the time of the presentation.
4

Bank of America Corporation and Subsidiaries
Consolidated Balance Sheet
(Dollars in millions)
March 31
2021		December 31
2020		March 31
2020
Assets
Cash and due from banks$33,560 $36,430 $30,052 
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks292,541 344,033 220,338 
Cash and cash equivalents326,101 380,463 250,390 
Time deposits placed and other short-term investments7,859 6,546 12,283 
Federal funds sold and securities borrowed or purchased under agreements to resell259,147 304,058 301,969 
Trading account assets276,881 198,854 193,323 
Derivative assets45,898 47,179 57,654 
Debt securities:  
Carried at fair value280,912 246,601 221,104 
Held-to-maturity, at cost576,000 438,249 254,748 
Total debt securities856,912 684,850 475,852 
Loans and leases903,088 927,861 1,050,785 
Allowance for loan and lease losses(16,168)(18,802)(15,766)
Loans and leases, net of allowance886,920 909,059 1,035,019 
Premises and equipment, net10,803 11,000 10,792 
Goodwill68,951 68,951 68,951 
Loans held-for-sale7,895 9,243 7,862 
Customer and other receivables66,404 64,221 69,238 
Other assets156,221 135,203 136,621 
Total assets$2,969,992 $2,819,627 $2,619,954 
Liabilities
Deposits in U.S. offices:
Noninterest-bearing$703,822 $650,674 $484,342 
Interest-bearing1,079,551 1,038,341 1,008,922 
Deposits in non-U.S. offices:
Noninterest-bearing22,423 17,698 13,695 
Interest-bearing78,262 88,767 76,366 
Total deposits1,884,058 1,795,480 1,583,325 
Federal funds purchased and securities loaned or sold under agreements to repurchase199,443 170,323 170,043 
Trading account liabilities102,788 71,320 77,151 
Derivative liabilities42,325 45,526 54,658 
Short-term borrowings21,724 19,321 30,118 
Accrued expenses and other liabilities194,443 181,799 183,029 
Long-term debt251,211 262,934 256,712 
Total liabilities2,695,992 2,546,703 2,355,036 
Shareholders’ equity
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 3,923,686, 3,931,440 and 3,887,440 shares
24,319 24,510 23,427 
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 8,589,731,470, 8,650,814,105 and 8,675,487,435 shares
83,071 85,982 85,745 
Retained earnings170,082 164,088 155,866 
Accumulated other comprehensive income (loss)(3,472)(1,656)(120)
Total shareholders’ equity274,000 272,924 264,918 
Total liabilities and shareholders’ equity$2,969,992 $2,819,627 $2,619,954 
Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
Trading account assets$4,530 $5,225 $5,405 
Loans and leases19,346 23,636 37,009 
Allowance for loan and lease losses(1,261)(1,693)(1,472)
Loans and leases, net of allowance18,085 21,943 35,537 
All other assets1,387 1,387 536 
Total assets of consolidated variable interest entities$24,002 $28,555 $41,478 
Liabilities of consolidated variable interest entities included in total liabilities above
Short-term borrowings$338 $454 $1,147 
Long-term debt5,286 7,053 6,787 
All other liabilities11 16 39 
Total liabilities of consolidated variable interest entities$5,635 $7,523 $7,973 


Certain prior-period amounts have been reclassified to conform to current-period presentation.



Current-period information is preliminary and based on company data available at the time of the presentation.
5

Bank of America Corporation and Subsidiaries
Capital Management
(Dollars in millions)
March 31
2021		December 31
2020		March 31
2020
Risk-based capital metrics (1):
Standardized Approach
Common equity tier 1 capital$177,789 $176,660 $168,115 
Tier 1 capital201,226 200,096 191,532 
Total capital235,974 237,936 228,511 
Risk-weighted assets1,507,545 1,479,749 1,561,031 
Common equity tier 1 capital ratio11.8 %11.9 %10.8 %
Tier 1 capital ratio13.3 13.5 12.3 
Total capital ratio15.7 16.1 14.6 
Advanced Approaches
Common equity tier 1 capital$177,789 $176,660 $168,115 
Tier 1 capital201,226 200,096 191,532 
Total capital227,672 227,685 221,009 
Risk-weighted assets1,365,978 1,371,316 1,512,390 
Common equity tier 1 capital ratio13.0 %12.9 %11.1 %
Tier 1 capital ratio14.7 14.6 12.7 
Total capital ratio16.7 16.6 14.6 
Leverage-based metrics (1):
Adjusted average assets$2,805,023 $2,718,802 $2,421,943 
Tier 1 leverage ratio7.2 %7.4 %7.9 %
Supplementary leverage exposure$2,868,240 $2,785,747 $2,984,135 
Supplementary leverage ratio7.0 %7.2 %6.4 %
Tangible equity ratio (2)
7.0 7.4 7.7 
Tangible common equity ratio (2)
6.2 6.5 6.7 
(1)Regulatory capital ratios at March 31, 2021 are preliminary. We report regulatory capital ratios under both the Standardized and Advanced approaches. The approach that yields the lower ratio is used to assess capital adequacy. Supplementary leverage exposure at March 31, 2021 and December 31, 2020 excludes U.S. Treasury securities and deposits at Federal Reserve Banks.
(2)Tangible equity ratio equals period-end tangible shareholders’ equity divided by period-end tangible assets. Tangible common equity ratio equals period-end tangible common shareholders’ equity divided by period-end tangible assets. Tangible shareholders’ equity and tangible assets are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income. (See Exhibit A: Non-GAAP Reconciliations - Reconciliation to GAAP Financial Measures on page 31.)


Certain prior-period amounts have been reclassified to conform to current-period presentation.
Current-period information is preliminary and based on company data available at the time of the presentation.
6

Bank of America Corporation and Subsidiaries
Capital Composition under Basel 3
(Dollars in millions)
March 31
2021		December 31
2020		March 31
2020
Total common shareholders' equity$249,681 $248,414 $241,491 
CECL transitional amount (1)
3,544 4,213 3,299 
Goodwill, net of related deferred tax liabilities(68,565)(68,565)(68,570)
Deferred tax assets arising from net operating loss and tax credit carryforwards(5,904)(5,773)(5,337)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities(1,604)(1,617)(1,236)
Defined benefit pension plan net assets(1,181)(1,164)(1,014)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net-of-tax1,625 1,753 (370)
Other193 (601)(148)
Common equity tier 1 capital177,789 176,660 168,115 
Qualifying preferred stock, net of issuance cost23,440 23,437 23,426 
Other(3)(1)(9)
Tier 1 capital201,226 200,096 191,532 
Tier 2 capital instruments21,109 22,213 24,076 
Qualifying allowance for credit losses13,642 15,649 12,909 
Other(3)(22)(6)
Total capital under the Standardized approach235,974 237,936 228,511 
Adjustment in qualifying allowance for credit losses under the Advanced approaches (2)
(8,302)(10,251)(7,502)
Total capital under the Advanced approaches$227,672 $227,685 $221,009 
(1)Includes the impact of the Corporation's adoption of the current expected credit losses (CECL) accounting standard on January 1, 2020 and 25 percent of the increase in reserves since the initial adoption.
(2)Includes the impact of transition provisions related to the CECL accounting standard.



Certain prior-period amounts have been reclassified to conform to current-period presentation.
Current-period information is preliminary and based on company data available at the time of the presentation.
7

Bank of America Corporation and Subsidiaries
Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis
(Dollars in millions)
 First Quarter 2021Fourth Quarter 2020First Quarter 2020
Average
Balance
Interest
Income/
Expense (1)
Yield/
Rate		Average
Balance
Interest
Income/
Expense (1)
Yield/
Rate		Average
Balance
Interest
Income/
Expense (1)
Yield/
Rate
Earning assets
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks
$278,098 $29 0.04 %$321,612 $48 0.06 %$130,282 $268 0.83 %
Time deposits placed and other short-term investments8,742 4 0.18 8,154 (2)(0.09)10,894 30 1.11 
Federal funds sold and securities borrowed or purchased under agreements to resell
249,985 (7)(0.01)264,048 3 — 278,794 819 1.18 
Trading account assets145,089 885 2.47 145,319 938 2.57 156,685 1,266 3.25 
Debt securities788,638 2,745 1.41 653,189 2,391 1.48 465,215 2,868 2.49 
Loans and leases (2)
   
Residential mortgage 219,005 1,529 2.80 228,069 1,660 2.91 239,994 1,987 3.31 
Home equity33,634 281 3.38 35,789 277 3.07 40,040 421 4.22 
Credit card74,165 1,947 10.65 78,210 2,069 10.53 94,471 2,464 10.49 
Direct/Indirect and other consumer91,430 559 2.48 90,424 583 2.57 90,954 746 3.30 
Total consumer418,234 4,316 4.17 432,492 4,589 4.23 465,459 5,618 4.85 
U.S. commercial322,010 2,051 2.58 327,650 2,111 2.56 330,420 2,910 3.54 
Non-U.S. commercial90,904 409 1.83 95,739 427 1.77 111,388 738 2.66 
Commercial real estate59,736 365 2.48 61,540 384 2.48 63,418 583 3.70 
Commercial lease financing16,839 132 3.15 17,377 132 3.03 19,598 161 3.29 
Total commercial489,489 2,957 2.45 502,306 3,054 2.42 524,824 4,392 3.36 
Total loans and leases 907,723 7,273 3.24 934,798 7,643 3.26 990,283 10,010 4.06 
Other earning assets103,650 577 2.26 89,033 553 2.47 87,876 981 4.49 
Total earning assets2,481,925 11,506 1.87 2,416,153 11,574 1.91 2,120,029 16,242 3.08 
Cash and due from banks33,925 35,524  27,997 
Other assets, less allowance for loan and lease losses
363,371 340,197   346,902 
Total assets$2,879,221 $2,791,874   $2,494,928 
Interest-bearing liabilities
U.S. interest-bearing deposits
Savings$67,588 $2 0.01 %$63,600 $2 0.01 %$50,600 $1 0.01 %
Demand and money market deposit accounts889,793 77 0.04 854,723 79 0.04 770,474 653 0.34 
Consumer CDs and IRAs38,207 26 0.28 41,049 47 0.45 53,363 151 1.14 
Negotiable CDs, public funds and other deposits
52,780 23 0.18 52,624 27 0.21 67,985 209 1.23 
Total U.S. interest-bearing deposits1,048,368 128 0.05 1,011,996 155 0.06 942,422 1,014 0.43 
Non-U.S. interest-bearing deposits   
Banks located in non-U.S. countries1,030 — 0.12 1,092 1 0.26 1,904 3 0.60 
Governments and official institutions199 — — 214 — — 161 — 0.05 
Time, savings and other80,737 5 0.02 77,552 3 0.02 75,625 167 0.89 
Total non-U.S. interest-bearing deposits81,966 5 0.02 78,858 4 0.02 77,690 170 0.88 
Total interest-bearing deposits1,130,334 133 0.05 1,090,854 159 0.06 1,020,112 1,184 0.47 
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities
293,236 (79)(0.11)287,459 (37)(0.05)304,503 1,120 1.48 
Trading account liabilities42,923 246 2.32 37,061 210 2.24 48,142 329 2.75 
Long-term debt220,836 898 1.65 225,423 876 1.54 210,816 1,335 2.54 
Total interest-bearing liabilities1,687,329 1,198 0.29 1,640,797 1,208 0.29 1,583,573 3,968 1.01 
Noninterest-bearing sources   
Noninterest-bearing deposits675,413 646,285   419,224 
Other liabilities (3)
242,432 233,772   227,597 
Shareholders’ equity274,047 271,020   264,534 
Total liabilities and shareholders’ equity$2,879,221 $2,791,874   $2,494,928 
Net interest spread1.58 %  1.62 %2.07 %
Impact of noninterest-bearing sources0.10   0.09 0.26 
Net interest income/yield on earning assets (4)
$10,308 1.68 % $10,366 1.71 %$12,274 2.33 %
(1)Includes the impact of interest rate risk management contracts.
(2)Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is generally recognized on a cost recovery basis.
(3)Includes $31.3 billion, $31.8 billion and $35.7 billion of structured notes and liabilities for the first quarter of 2021 and the fourth and first quarters of 2020, respectively.
(4)Net interest income includes FTE adjustments of $111 million, $113 million and $144 million for the first quarter of 2021 and the fourth and first quarters of 2020, respectively.


Certain prior-period amounts have been reclassified to conform to current-period presentation.

Current-period information is preliminary and based on company data available at the time of the presentation.
8

Bank of America Corporation and Subsidiaries
Debt Securities
(Dollars in millions)
 March 31, 2021
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses 		Fair
Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency$52,395 $2,169 $(30)$54,534 
Agency-collateralized mortgage obligations4,618 132 (17)4,733 
Commercial16,013 840 (53)16,800 
Non-agency residential871 30 (43)858 
Total mortgage-backed securities73,897 3,171 (143)76,925 
U.S. Treasury and agency securities158,352 2,161 (492)160,021 
Non-U.S. securities14,767 7 (6)14,768 
Other taxable securities, substantially all asset-backed securities2,519 43 (4)2,558 
Total taxable securities249,535 5,382 (645)254,272 
Tax-exempt securities16,023 328 (10)16,341 
Total available-for-sale debt securities265,558 5,710 (655)270,613 
Other debt securities carried at fair value (1)
10,322 143 (166)10,299 
Total debt securities carried at fair value275,880 5,853 (821)280,912 
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities576,031 6,895 (13,668)569,258 
Total debt securities$851,911 $12,748 $(14,489)$850,170 
 December 31, 2020
Available-for-sale debt securities
Mortgage-backed securities:   
Agency$59,518 $2,370 $(39)$61,849 
Agency-collateralized mortgage obligations5,112 161 (13)5,260 
Commercial15,470 1,025 (4)16,491 
Non-agency residential899 127 (17)1,009 
Total mortgage-backed securities80,999 3,683 (73)84,609 
U.S. Treasury and agency securities114,157 2,236 (13)116,380 
Non-U.S. securities14,009 15 (7)14,017 
Other taxable securities, substantially all asset-backed securities2,656 61 (6)2,711 
Total taxable securities211,821 5,995 (99)217,717 
Tax-exempt securities16,417 389 (32)16,774 
Total available-for-sale debt securities228,238 6,384 (131)234,491 
Other debt securities carried at fair value (1)
11,720 429 (39)12,110 
Total debt securities carried at fair value239,958 6,813 (170)246,601 
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities438,279 10,095 (194)448,180 
Total debt securities$678,237 $16,908 $(364)$694,781 
(1)    Primarily includes non-U.S. securities used to satisfy certain international regulatory requirements.


Certain prior-period amounts have been reclassified to conform to current-period presentation.
Current-period information is preliminary and based on company data available at the time of the presentation.
9

Bank of America Corporation and Subsidiaries
Supplemental Financial Data
(Dollars in millions)
First
Quarter
2021		Fourth
Quarter
2020		Third
Quarter
2020		Second
Quarter
2020		First
Quarter
2020
 
FTE basis data (1)
Net interest income$10,308 $10,366 $10,243 $10,976 $12,274 
Total revenue, net of interest expense 22,933 20,212 20,450 22,454 22,911 
Net interest yield1.68 %1.71 %1.72 %1.87 %2.33 %
Efficiency ratio 67.65 68.90 70.42 59.72 58.82 
(1)FTE basis is a non-GAAP financial measure. FTE basis is a performance measure used by management in operating the business that management believes provides investors with a more accurate picture of the interest margin for comparative purposes. The Corporation believes that this presentation allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices. Net interest income includes FTE adjustments of $111 million, $113 million, $114 million, $128 million and $144 million for the first quarter of 2021 and the fourth, third, second and first quarters of 2020, respectively.


Certain prior-period amounts have been reclassified to conform to current-period presentation.
Current-period information is preliminary and based on company data available at the time of the presentation.
10

Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other
(Dollars in millions)
 First Quarter 2021
 Total
Corporation		Consumer BankingGWIMGlobal BankingGlobal MarketsAll
Other
Net interest income$10,308 $5,920 $1,331 $1,980 $990 $87 
Noninterest income
Fees and commissions:
Card income1,435 1,189 19 150 76 1 
Service charges1,792 831 18 847 94 2 
Investment and brokerage services4,063 77 3,391 41 560 (6)
Investment banking fees2,246 — 135 1,172 981 (42)
Total fees and commissions9,536 2,097 3,563 2,210 1,711 (45)
Market making and similar activities3,529 — 11 31 3,470 17 
Other income (loss)
(441)52 66 412 27 (998)
Total noninterest income (loss)12,624 2,149 3,640 2,653 5,208 (1,026)
Total revenue, net of interest expense 22,932 8,069 4,971 4,633 6,198 (939)
Provision for credit losses(1,860)(617)(65)(1,126)(5)(47)
Noninterest expense15,515 5,131 3,869 2,781 3,427 307 
Income (loss) before income taxes9,277 3,555 1,167 2,978 2,776 (1,199)
Income tax expense (benefit)1,227 871 286 804 722 (1,456)
Net income $8,050 $2,684 $881 $2,174 $2,054 $257 
Average
Total loans and leases$907,723 $290,891 $188,495 $330,107 $77,415 $20,815 
Total assets (1)
2,879,221 999,769 372,594 576,145 723,264 207,449 
Total deposits1,805,747 924,137 326,370 487,034 53,852 14,354 
Quarter end
Total loans and leases$903,088 $282,935 $190,060 $325,996 $84,247 $19,850 
Total assets (1)
2,969,992 1,047,413 378,655 594,235 745,681 204,008 
Total deposits1,884,058 971,709 333,254 505,132 61,450 12,513 
 Fourth Quarter 2020
 Total
Corporation		Consumer BankingGWIMGlobal BankingGlobal MarketsAll
Other
Net interest income$10,366 $5,955 $1,282 $2,010 $1,088 $31 
Noninterest income
Fees and commissions:
Card income1,567 1,289 22 166 89 1 
Service charges1,859 879 18 859 97 6 
Investment and brokerage services3,771 68 3,189 29 487 (2)
Investment banking fees1,864 — 99 1,098 712 (45)
Total fees and commissions9,061 2,236 3,328 2,152 1,385 (40)
Market making and similar activities1,372 — 11 15 1,413 (67)
Other income (loss)(587)51 56 602 21 (1,317)
Total noninterest income (loss)9,846 2,287 3,395 2,769 2,819 (1,424)
Total revenue, net of interest expense20,212 8,242 4,677 4,779 3,907 (1,393)
Provision for credit losses53 4 8 48 18 (25)
Noninterest expense13,927 4,809 3,571 2,432 2,821 294 
Income (loss) before income taxes6,232 3,429 1,098 2,299 1,068 (1,662)
Income tax expense (benefit)762 840 269 621 278 (1,246)
Net income (loss)$5,470 $2,589 $829 $1,678 $790 $(416)
Average
Total loans and leases$934,798 $305,146 $187,167 $346,323 $74,133 $22,029 
Total assets (1)
2,791,874 960,376 348,693 566,845 683,146 232,814 
Total deposits1,737,139 885,210 305,870 478,269 54,539 13,251 
Quarter end
Total loans and leases$927,861 $299,934 $188,562 $339,649 $78,415 $21,301 
Total assets (1)
2,819,627 988,580 369,738 580,561 616,609 264,139 
Total deposits1,795,480 912,652 322,157 493,748 53,925 12,998 
(1)Total assets include asset allocations to match liabilities (i.e., deposits).



Certain prior-period amounts have been reclassified among the segments to conform to current-period presentation.

Current-period information is preliminary and based on company data available at the time of the presentation.
11

Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other (continued)
(Dollars in millions)
 First Quarter 2020
 Total
Corporation		Consumer BankingGWIMGlobal BankingGlobal MarketsAll
Other
Net interest income$12,274 $6,862 $1,571 $2,612 $1,153 $76 
Noninterest income
Fees and commissions:
Card income1,272 1,110 17 123 21 1 
Service charges1,903 995 17 796 87 8 
Investment and brokerage services3,758 70 3,122 7 567 (8)
Investment banking fees1,388 — 115 761 602 (90)
Total fees and commissions8,321 2,175 3,271 1,687 1,277 (89)
Market making and similar activities2,807 1 21 87 2,973 (275)
Other income (loss)(491)91 73 214 (177)(692)
Total noninterest income (loss)10,637 2,267 3,365 1,988 4,073 (1,056)
Total revenue, net of interest expense22,911 9,129 4,936 4,600 5,226 (980)
Provision for credit losses4,761 2,258 189 2,093 107 114 
Noninterest expense13,475 4,496 3,606 2,318 2,815 240 
Income (loss) before income taxes4,675 2,375 1,141 189 2,304 (1,334)
Income tax expense (benefit)665 582 280 51 599 (847)
Net income (loss)$4,010 $1,793 $861 $138 $1,705 $(487)
Average
Total loans and leases$990,283 $316,946 $178,639 $386,483 $71,660 $36,555 
Total assets (1)
2,494,928 811,277 303,173 465,926 713,051 201,501 
Total deposits1,439,336 736,669 263,411 382,373 33,323 23,560 
Quarter end
Total loans and leases$1,050,785 $317,535 $181,492 $437,122 $78,591 $36,045 
Total assets (1)
2,619,954 837,522 323,867 562,529 654,939 241,097 
Total deposits1,583,325 762,387 282,395 477,108 38,536 22,899 
(1)Total assets include asset allocations to match liabilities (i.e., deposits).


Certain prior-period amounts have been reclassified among the segments to conform to current-period presentation.

Current-period information is preliminary and based on company data available at the time of the presentation.
12

Bank of America Corporation and Subsidiaries
Consumer Banking Segment Results
(Dollars in millions)
First
Quarter
2021		Fourth
Quarter
2020		Third
Quarter
2020		Second
Quarter
2020		First
Quarter
2020
Net interest income$5,920 $5,955 $5,890 $5,991 $6,862 
Noninterest income:
Card income1,189 1,289 1,220 1,053 1,110 
Service charges831 879 837 706 995 
All other income129 119 92 102 162 
Total noninterest income2,149 2,287 2,149 1,861 2,267 
Total revenue, net of interest expense8,069 8,242 8,039 7,852 9,129 
Provision for credit losses(617)4 479 3,024 2,258 
Noninterest expense5,131 4,809 4,842 4,735 4,496 
Income before income taxes3,555 3,429 2,718 93 2,375 
Income tax expense871 840 666 23 582 
Net income$2,684 $2,589 $2,052 $70 $1,793 
Net interest yield2.51 %2.58 %2.61 %2.85 %3.57 %
Return on average allocated capital (1)
28 27 21 1 19 
Efficiency ratio63.59 58.34 60.24 60.31 49.24 
Balance Sheet
Average
Total loans and leases$290,891 $305,146 $318,751 $321,558 $316,946 
Total earning assets (2)
957,112 918,086 896,867 845,236 773,635 
Total assets (2)
999,769 960,376 936,112 885,568 811,277 
Total deposits924,137 885,210 860,999 810,700 736,669 
Allocated capital (1)
38,500 38,500 38,500 38,500 38,500 
Period end
Total loans and leases$282,935 $299,934 $312,447 $325,105 $317,535 
Total earning assets (2)
1,004,896 945,343 906,994 890,244 800,144 
Total assets (2)
1,047,413 988,580 947,513 929,193 837,522 
Total deposits971,709 912,652 872,022 854,017 762,387 
(1)    Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.
(2)    Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity.


Certain prior-period amounts have been reclassified among the segments to conform to current-period presentation.

Current-period information is preliminary and based on company data available at the time of the presentation.
13

Bank of America Corporation and Subsidiaries
Consumer Banking Key Indicators
(Dollars in millions)
 First
Quarter
2021		Fourth
Quarter
2020		Third
Quarter
2020		Second
Quarter
2020		First
Quarter
2020
Average deposit balances
Checking$515,430 $492,332 $479,963 $446,445 $394,678 
Savings65,863 62,070 59,817 55,607 49,358 
MMS303,719 289,682 277,896 263,703 247,018 
CDs and IRAs35,488 37,674 40,163 42,256 42,743 
Other3,637 3,452 3,160 2,689 2,872 
Total average deposit balances$924,137 $885,210 $860,999 $810,700 $736,669 
Deposit spreads (excludes noninterest costs)
Checking1.99 %2.02 %2.07 %2.14 %2.22 %
Savings2.28 2.31 2.35 2.39 2.45 
MMS1.32 1.52 1.59 1.68 2.19 
CDs and IRAs0.48 0.58 0.72 0.93 1.28 
Other0.31 0.34 0.60 1.28 1.88 
Total deposit spreads1.73 1.81 1.87 1.94 2.17 
Consumer investment assets$324,479 $306,104 $266,733 $246,146 $212,227 
Active digital banking users (units in thousands) (1)
40,286 39,315 39,267 39,294 39,075 
Active mobile banking users (units in thousands)31,487 30,783 30,601 30,307 29,820 
Financial centers4,324 4,312 4,309 4,298 4,297 
ATMs16,905 16,904 16,962 16,862 16,855 
Total credit card (2)
Loans
Average credit card outstandings$74,165 $78,210 $81,309 $86,191 $94,471 
Ending credit card outstandings72,786 78,708 79,834 84,244 91,890 
Credit quality
Net charge-offs$634 $405 $509 $665 $770 
3.47 %2.06 %2.49 %3.10 %3.28 %
30+ delinquency$1,317 $1,689 $1,270 $1,420 $1,900 
1.81 %2.15 %1.59 %1.69 %2.07 %
90+ delinquency$755 $903 $545 $782 $991 
1.04 %1.15 %0.68 %0.93 %1.08 %
Other total credit card indicators (2)
Gross interest yield10.52 %10.49 %10.16 %9.95 %10.49 %
Risk-adjusted margin9.29 10.84 9.66 8.49 7.94 
New accounts (in thousands)674 514 487 449 1,055 
Purchase volumes$64,591 $69,466 $64,060 $53,694 $64,379 
Debit card data
Purchase volumes$107,907 $104,280 $102,004 $89,631 $88,588 
Loan production (3)
Consumer Banking:
First mortgage$9,182 $7,969 $7,298 $15,049 $12,881 
Home equity410 375 738 3,176 2,641 
Total (4):
First mortgage$15,233 $13,664 $13,360 $23,124 $18,938 
Home equity503 469 984 3,683 3,024 
(1)    Digital active users represents mobile and/or online 90 day active users.
(2)    In addition to the credit card portfolio in Consumer Banking, the remaining credit card portfolio is in GWIM.
(3)    Loan production amounts represent the unpaid principal balance of loans and, in the case of home equity, the principal amount of the total line of credit.
(4)    In addition to loan production in Consumer Banking, there is also first mortgage and home equity loan production in GWIM.

Certain prior-period amounts have been reclassified among the segments to conform to current-period presentation.

Current-period information is preliminary and based on company data available at the time of the presentation.
14

Bank of America Corporation and Subsidiaries
Consumer Banking Quarterly Results
(Dollars in millions)
First Quarter 2021Fourth Quarter 2020
Total Consumer BankingDepositsConsumer
Lending		Total Consumer BankingDepositsConsumer
Lending
Net interest income$5,920 $3,278 $2,642 $5,955 $3,247 $2,708 
Noninterest income:
Card income1,189 (5)1,194 1,289 (5)1,294 
Service charges831 830 1 879 879 — 
All other income 129 73 56 119 67 52 
Total noninterest income2,149 898 1,251 2,287 941 1,346 
Total revenue, net of interest expense8,069 4,176 3,893 8,242 4,188 4,054 
Provision for credit losses(617)74 (691)4 51 (47)
Noninterest expense5,131 3,209 1,922 4,809 2,977 1,832 
Income before income taxes3,555 893 2,662 3,429 1,160 2,269 
Income tax expense871 219 652 840 284 556 
Net income $2,684 $674 $2,010 $2,589 $876 $1,713 
Net interest yield2.51 %1.46 %3.74 %2.58 %1.48 %3.58 %
Return on average allocated capital (1)
28 23 31 27 29 26 
Efficiency ratio63.59 76.87 49.34 58.34 71.08 45.19 
Balance Sheet
Average
Total loans and leases$290,891 $4,607 $286,284 $305,146 $4,786 $300,360 
Total earning assets (2)
957,112 912,135 286,720 918,086 871,583 300,694 
Total assets (2)
999,769 950,803 290,709 960,376 910,735 303,832 
Total deposits924,137 917,319 6,818 885,210 877,656 7,554 
Allocated capital (1)
38,500 12,000 26,500 38,500 12,000 26,500 
Period end
Total loans and leases$282,935 $4,490 $278,445 $299,934 $4,673 $295,261 
Total earning assets (2)
1,004,896 960,132 278,984 945,343 899,951 295,627 
Total assets (2)
1,047,413 997,601 284,032 988,580 939,629 299,185 
Total deposits971,709 964,406 7,303 912,652 906,092 6,560 
First Quarter 2020
Total Consumer BankingDepositsConsumer
Lending
Net interest income$6,862 $3,948 $2,914 
Noninterest income:
Card income1,110 (8)1,118 
Service charges995 995 — 
All other income162 97 65 
Total noninterest income2,267 1,084 1,183 
Total revenue, net of interest expense9,129 5,032 4,097 
Provision for credit losses2,258 115 2,143 
Noninterest expense4,496 2,725 1,771 
Income before income taxes2,375 2,192 183 
Income tax expense582 537 45 
Net income$1,793 $1,655 $138 
Net interest yield3.57 %2.17 %3.76 %
Return on average allocated capital (1)
19 55 2 
Efficiency ratio49.24 54.14 43.23 
Balance Sheet
Average
Total loans and leases$316,946 $5,435 $311,511 
Total earning assets (2)
773,635 731,928 312,127 
Total assets (2)
811,277 764,117 317,580 
Total deposits736,669 731,277 5,392 
Allocated capital (1)
38,500 12,000 26,500 
Period end
Total loans and leases$317,535 $5,466 $312,069 
Total earning assets (2)
800,144 756,869 312,739 
Total assets (2)
837,522 789,846 317,141 
Total deposits762,387 756,873 5,514 
(1)    Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.
(2)    For presentation purposes, in segments or businesses where the total of liabilities and equity exceeds assets, the Corporation allocates assets from All Other to match the segments’ and businesses’ liabilities and allocated shareholders’ equity. As a result, total earning assets and total assets of the businesses may not equal total Consumer Banking.
Certain prior-period amounts have been reclassified among the segments to conform to current-period presentation.
Current-period information is preliminary and based on company data available at the time of the presentation.
15



Bank of America Corporation and Subsidiaries
Global Wealth & Investment Management Segment Results
(Dollars in millions)
 First
Quarter
2021		Fourth
Quarter
2020		Third
Quarter
2020		Second
Quarter
2020		First
Quarter
2020
 
Net interest income $1,331 $1,282 $1,237 $1,378 $1,571 
Noninterest income:
Investment and brokerage services3,391 3,189 3,105 2,854 3,122 
All other income249 206 204 193 243 
Total noninterest income3,640 3,395 3,309 3,047 3,365 
Total revenue, net of interest expense 4,971 4,677 4,546 4,425 4,936 
Provision for credit losses(65)8 24 136 189 
Noninterest expense3,869 3,571 3,540 3,469 3,606 
Income before income taxes 1,167 1,098 982 820 1,141 
Income tax expense 286 269 241 201 280 
Net income$881 $829 $741 $619 $861 
Net interest yield 1.50 %1.52 %1.53 %1.76 %2.17 %
Return on average allocated capital (1)
22 22 20 17 23 
Efficiency ratio77.85 76.35 77.86 78.40 73.06 
Balance Sheet
Average
Total loans and leases$188,495 $187,167 $185,587 $182,150 $178,639 
Total earning assets (2)
360,099 336,165 321,410 315,258 290,919 
Total assets (2)
372,594 348,693 333,794 327,594 303,173 
Total deposits326,370 305,870 291,845 287,109 263,411 
Allocated capital (1)
16,500 15,000 15,000 15,000 15,000 
Period end
Total loans and leases$190,060 $188,562 $187,211 $184,293 $181,492 
Total earning assets (2)
365,854 356,874 324,890 321,846 311,124 
Total assets (2)
378,655 369,738 337,577 334,191 323,867 
Total deposits333,254 322,157 295,893 291,740 282,395 
(1)Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.
(2)Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity.


Certain prior-period amounts have been reclassified among the segments to conform to current-period presentation.

Current-period information is preliminary and based on company data available at the time of the presentation.
16

Bank of America Corporation and Subsidiaries
Global Wealth & Investment Management Key Indicators
(Dollars in millions, except as noted)
 First
Quarter
2021		Fourth
Quarter
2020		Third
Quarter
2020		Second
Quarter
2020		First
Quarter
2020
 
Revenue by Business
Merrill Lynch Global Wealth Management$4,185 $3,846 $3,748 $3,625 $4,073 
Bank of America Private Bank786 831 798 800 863 
Total revenue, net of interest expense $4,971 $4,677 $4,546 $4,425 $4,936 
Client Balances by Business, at period end
Merrill Lynch Global Wealth Management$2,922,770 $2,808,340 $2,570,252 $2,449,305 $2,215,531 
Bank of America Private Bank557,569 541,464 496,369 478,521 443,080 
Total client balances$3,480,339 $3,349,804 $3,066,621 $2,927,826 $2,658,611 
Client Balances by Type, at period end
Assets under management (1)
$1,467,487 $1,408,465 $1,286,145 $1,219,748 $1,092,482 
Brokerage and other assets1,535,424 1,479,614 1,344,538 1,282,044 1,155,461 
Deposits333,254 322,157 295,893 291,740 282,395 
Loans and leases (2)
192,725 191,124 189,952 187,004 184,011 
Less: Managed deposits in assets under management(48,551)(51,556)(49,907)(52,710)(55,738)
Total client balances$3,480,339 $3,349,804 $3,066,621 $2,927,826 $2,658,611 
Assets Under Management Rollforward
Assets under management, beginning balance$1,408,465 $1,286,145 $1,219,748 $1,092,482 $1,275,555 
Net client flows18,208 7,603 1,385 3,573 7,035 
Market valuation/other40,814 114,717 65,012 123,693 (190,108)
Total assets under management, ending balance$1,467,487 $1,408,465 $1,286,145 $1,219,748 $1,092,482 
Advisors, at period end
Total wealth advisors (3)
19,808 20,103 20,487 20,622 20,393 
(1)Defined as managed assets under advisory and/or discretion of GWIM.
(2)Includes margin receivables which are classified in customer and other receivables on the Consolidated Balance Sheet.
(3)Includes advisors across all wealth management businesses in GWIM and Consumer Banking.



Certain prior-period amounts have been reclassified among the segments to conform to current-period presentation.

Current-period information is preliminary and based on company data available at the time of the presentation.
17

Bank of America Corporation and Subsidiaries
Global Banking Segment Results
(Dollars in millions)
 First
Quarter
2021		Fourth
Quarter
2020		Third
Quarter
2020		Second
Quarter
2020		First
Quarter
2020
 
Net interest income $1,980 $2,010 $2,028 $2,363 $2,612 
Noninterest income:
Service charges847 859 846 738 796 
Investment banking fees1,172 1,098 970 1,181 761 
All other income634 812 673 809 431 
Total noninterest income2,653 2,769 2,489 2,728 1,988 
Total revenue, net of interest expense 4,633 4,779 4,517 5,091 4,600 
Provision for credit losses(1,126)48 883 1,873 2,093 
Noninterest expense2,781 2,432 2,364 2,222 2,318 
Income before income taxes 2,978 2,299 1,270 996 189 
Income tax expense 804 621 343 269 51 
Net income$2,174 $1,678 $927 $727 $138 
Net interest yield 1.56 %1.57 %1.61 %1.82 %2.57 %
Return on average allocated capital (1)
21 16 9 7 1 
Efficiency ratio 60.03 50.88 52.34 43.65 50.40 
Balance Sheet
Average
Total loans and leases$330,107 $346,323 $373,118 $423,625 $386,483 
Total earning assets (2)
515,880 509,759 501,572 521,930 409,052 
Total assets (2)
576,145 566,845 557,889 578,106 465,926 
Total deposits487,034 478,269 471,288 493,918 382,373 
Allocated capital (1)
42,500 42,500 42,500 42,500 42,500 
Period end
Total loans and leases$325,996 $339,649 $356,919 $390,108 $437,122 
Total earning assets (2)
533,852 522,650 496,825 531,649 505,451 
Total assets (2)
594,235 580,561 553,776 586,078 562,529 
Total deposits505,132 493,748 465,399 500,918 477,108 
(1)Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.
(2)Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity.


Certain prior-period amounts have been reclassified among the segments to conform to current-period presentation.

Current-period information is preliminary and based on company data available at the time of the presentation.
18

Bank of America Corporation and Subsidiaries
Global Banking Key Indicators
(Dollars in millions)
 First
Quarter
2021		Fourth
Quarter
2020		Third
Quarter
2020		Second
Quarter
2020		First
Quarter
2020
 
Investment Banking fees (1)
Advisory (2)
$357 $510 $356 $345 $247 
Debt issuance423 308 320 503 424 
Equity issuance392 280 294 333 90 
Total Investment Banking fees (3)
$1,172 $1,098 $970 $1,181 $761 
Business Lending
Corporate$654 $894 $791 $916 $951 
Commercial898 928 953 881 981 
Business Banking55 54 59 66 82 
Total Business Lending revenue$1,607 $1,876 $1,803 $1,863 $2,014 
Global Transaction Services
Corporate$690 $672 $658 $785 $871 
Commercial744 737 745 809 878 
Business Banking211 211 209 217 256 
Total Global Transaction Services revenue$1,645 $1,620 $1,612 $1,811 $2,005 
Average deposit balances
Interest-bearing$164,633 $169,637 $190,417 $242,408 $206,851 
Noninterest-bearing322,401 308,632 280,871 251,510 175,522 
Total average deposits$487,034 $478,269 $471,288 $493,918 $382,373 
Loan spread1.60 %1.58 %1.52 %1.37 %1.40 %
Provision for credit losses$(1,126)$48 $883 $1,873 $2,093 
Credit quality (4, 5)
Reservable criticized utilized exposure$29,954 $34,001 $30,803 $22,900 $15,187 
8.66 %9.45 %8.18 %5.62 %3.34 %
Nonperforming loans, leases and foreclosed properties$1,812 $1,979 $1,935 $2,035 $1,700 
0.56 %0.59 %0.55 %0.53 %0.39 %
Average loans and leases by product
U.S. commercial$192,628 $200,670 $218,063 $252,649 $220,967 
Non-U.S. commercial70,573 76,634 83,950 96,742 92,526 
Commercial real estate49,685 51,254 52,607 54,938 53,009 
Commercial lease financing17,221 17,765 18,498 19,293 19,980 
Other— — — 3 1 
Total average loans and leases$330,107 $346,323 $373,118 $423,625 $386,483 
Total Corporation Investment Banking fees
Advisory (2)
$400 $549 $397 $406 $269 
Debt issuance988 718 740 1,058 927 
Equity issuance900 641 664 740 283 
Total investment banking fees including self-led deals
2,288 1,908 1,801 2,204 1,479 
Self-led deals(42)(44)(32)(45)(91)
Total Investment Banking fees$2,246 $1,864 $1,769 $2,159 $1,388 
(1)Investment banking fees represent total investment banking fees for Global Banking inclusive of self-led deals and fees included within Business Lending.
(2)Advisory includes fees on debt and equity advisory and mergers and acquisitions.
(3)Investment banking fees represent only the fee component in Global Banking and do not include certain other items shared with the Investment Banking Group under internal revenue sharing agreements.
(4)Criticized exposure corresponds to the Special Mention, Substandard and Doubtful asset categories defined by regulatory authorities. The reservable criticized exposure is on an end-of-period basis and is also shown as a percentage of total commercial reservable utilized exposure, including loans and leases, standby letters of credit, financial guarantees, commercial letters of credit and bankers’ acceptances.
(5)Nonperforming loans, leases and foreclosed properties are on an end-of-period basis. The nonperforming ratio is nonperforming assets divided by loans, leases and foreclosed properties.

Certain prior-period amounts have been reclassified among the segments to conform to current-period presentation.
Current-period information is preliminary and based on company data available at the time of the presentation.
19



Bank of America Corporation and Subsidiaries
Global Markets Segment Results
(Dollars in millions)
 First
Quarter
2021		Fourth
Quarter
2020		Third
Quarter
2020		Second
Quarter
2020		First
Quarter
2020
 
Net interest income$990 $1,088 $1,108 $1,297 $1,153 
Noninterest income:
Investment and brokerage services560 487 439 480 567 
Investment banking fees981 712 738 939 602 
Market making and similar activities3,470 1,413 1,725 2,360 2,973 
All other income197 207 273 274 (69)
Total noninterest income5,208 2,819 3,175 4,053 4,073 
Total revenue, net of interest expense (1)
6,198 3,907 4,283 5,350 5,226 
Provision for credit losses(5)18 21 105 107 
Noninterest expense3,427 2,821 3,103 2,684 2,815 
Income before income taxes2,776 1,068 1,159 2,561 2,304 
Income tax expense722 278 301 666 599 
Net income$2,054 $790 $858 $1,895 $1,705 
Return on average allocated capital (2)
22 %9 %9 %21 %19 %
Efficiency ratio55.30 72.20 72.44 50.17 53.85 
Balance Sheet
Average
Total trading-related assets$501,789 $476,607 $485,314 $466,990 $503,119 
Total loans and leases77,415 74,133 72,319 74,131 71,660 
Total earning assets495,324 472,410 476,182 478,648 501,616 
Total assets723,264 683,146 680,983 663,072 713,051 
Total deposits53,852 54,539 56,475 45,083 33,323 
Allocated capital (2)
38,000 36,000 36,000 36,000 36,000 
Period end
Total trading-related assets$524,188 $421,698 $477,552 $468,309 $439,684 
Total loans and leases84,247 78,415 75,475 74,342 78,591 
Total earning assets496,103 447,350 461,855 462,184 465,632 
Total assets 745,681 616,609 676,242 652,068 654,939 
Total deposits61,450 53,925 56,727 52,842 38,536 
Trading-related assets (average)
Trading account securities$265,181 $248,785 $251,735 $216,157 $257,254 
Reverse repurchases99,886 97,932 100,395 104,883 115,698 
Securities borrowed89,253 82,331 86,508 96,448 83,271 
Derivative assets47,469 47,559 46,676 49,502 46,896 
Total trading-related assets$501,789 $476,607 $485,314 $466,990 $503,119 
(1)Substantially all of Global Markets total revenue is sales and trading revenue and investment banking fees, with a small portion related to certain revenue sharing agreements with other business segments. For additional sales and trading revenue information, see page 21.
(2)Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.


Certain prior-period amounts have been reclassified among the segments to conform to current-period presentation.

Current-period information is preliminary and based on company data available at the time of the presentation.
20

Bank of America Corporation and Subsidiaries
Global Markets Key Indicators
(Dollars in millions)
First
Quarter
2021		Fourth
Quarter
2020		Third
Quarter
2020		Second
Quarter
2020		First
Quarter
2020
Sales and trading revenue (1)
Fixed-income, currencies and commodities$3,242 $1,690 $2,019 $2,941 $2,945 
Equities1,836 1,317 1,205 1,210 1,690 
Total sales and trading revenue$5,078 $3,007 $3,224 $4,151 $4,635 
Sales and trading revenue, excluding net debit valuation adjustment (2)
Fixed-income, currencies and commodities$3,251 $1,742 $2,126 $3,186 $2,671 
Equities1,829 1,321 1,214 1,226 1,664 
Total sales and trading revenue, excluding net debit valuation adjustment
$5,080 $3,063 $3,340 $4,412 $4,335 
Sales and trading revenue breakdown
Net interest income$899 $999 $960 $1,158 $1,024 
Commissions548 476 429 470 557 
Trading3,470 1,412 1,725 2,360 2,973 
Other161 120 110 163 81 
Total sales and trading revenue$5,078 $3,007 $3,224 $4,151 $4,635 
(1)    Includes Global Banking sales and trading revenue of $104 million, $101 million, $85 million, $65 million and $227 million for the first quarter of 2021 and the fourth, third, second and first quarters of 2020, respectively.
(2)    For this presentation, sales and trading revenue excludes net debit valuation adjustment (DVA) gains (losses) which include net DVA on derivatives, as well as amortization of own credit portion of purchase discount and realized DVA on structured liabilities. Sales and trading revenue excluding net DVA gains (losses) represents a non-GAAP financial measure. We believe the use of this non-GAAP financial measure provides additional useful information to assess the underlying performance of these businesses and to allow better comparison of period-to-period operating performance.


Certain prior-period amounts have been reclassified among the segments to conform to current-period presentation.

Current-period information is preliminary and based on company data available at the time of the presentation.
21

Bank of America Corporation and Subsidiaries
All Other Results (1)
(Dollars in millions)
 First
Quarter
2021		Fourth
Quarter
2020		Third
Quarter
2020		Second
Quarter
2020		First
Quarter
2020
 
Net interest income$87 $31 $(20)$(53)$76 
Noninterest income (loss)(1,026)(1,424)(915)(211)(1,056)
Total revenue, net of interest expense(939)(1,393)(935)(264)(980)
Provision for credit losses(47)(25)(18)(21)114 
Noninterest expense307 294 552 300 240 
Loss before income taxes(1,199)(1,662)(1,469)(543)(1,334)
Income tax expense (benefit)(1,456)(1,246)(1,772)(765)(847)
Net income (loss)$257 $(416)$303 $222 $(487)
Balance Sheet
Average
Total loans and leases$20,815 $22,029 $24,243 $29,923 $36,555 
Total assets (2)
207,449 232,814 230,906 249,846 201,501 
Total deposits14,354 13,251 14,881 21,387 23,560 
Period end
Total loans and leases$19,850 $21,301 $23,120 $25,096 $36,045 
Total assets (3)
204,008 264,139 223,344 240,158 241,097 
Total deposits12,513 12,998 12,839 19,149 22,899 
(1)All Other primarily consists of asset and liability management (ALM) activities, liquidating businesses and certain expenses not otherwise allocated to a business segment. ALM activities encompass interest rate and foreign currency risk management activities for which substantially all of the results are allocated to our business segments.
(2)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $1.0 trillion, $908.7 billion, $828.3 billion, $740.7 billion and $572.2 billion for the first quarter of 2021 and the fourth, third, second and first quarters of 2020, respectively.
(3)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $1.1 trillion, $977.7 billion, $857.8 billion, $829.1 billion and $665.8 billion at March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively.


Certain prior-period amounts have been reclassified among the segments to conform to current-period presentation.

Current-period information is preliminary and based on company data available at the time of the presentation.
22

Bank of America Corporation and Subsidiaries
Outstanding Loans and Leases
(Dollars in millions)
March 31
2021		December 31
2020		March 31
2020
Consumer
Residential mortgage$214,779 $223,555 $243,545 
Home equity32,078 34,311 39,567 
Credit card72,786 78,708 91,890 
Direct/Indirect consumer (1) 
91,737 91,363 90,246 
Other consumer (2) 
132 124 150 
Total consumer loans excluding loans accounted for under the fair value option411,512 428,061 465,398 
Consumer loans accounted for under the fair value option (3) 
693 735 556 
Total consumer412,205 428,796 465,954 
Commercial
U.S. commercial283,229 288,728 358,504 
Non-U.S. commercial91,335 90,460 116,612 
Commercial real estate (4) 
58,764 60,364 66,654 
Commercial lease financing16,359 17,098 19,180 
449,687 456,650 560,950 
U.S. small business commercial (5)
34,886 36,469 15,421 
Total commercial loans excluding loans accounted for under the fair value option484,573 493,119 576,371 
Commercial loans accounted for under the fair value option (3) 
6,310 5,946 8,460 
Total commercial490,883 499,065 584,831 
Total loans and leases $903,088 $927,861 $1,050,785 
(1)Includes primarily auto and specialty lending loans and leases of $45.4 billion, $46.4 billion and $50.0 billion, U.S. securities-based lending loans of $42.4 billion, $41.1 billion and $36.4 billion and non-U.S. consumer loans of $3.1 billion, $3.0 billion and $3.0 billion at March 31, 2021, December 31, 2020 and March 31, 2020, respectively.
(2)Substantially all of other consumer is consumer overdrafts.
(3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $275 million, $298 million and $231 million and home equity loans of $418 million, $437 million and $325 million at March 31, 2021, December 31, 2020 and March 31, 2020, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $4.2 billion, $2.9 billion and $5.1 billion and non-U.S. commercial loans of $2.1 billion, $3.0 billion and $3.4 billion at March 31, 2021, December 31, 2020 and March 31, 2020, respectively.
(4)Includes U.S. commercial real estate loans of $55.8 billion, $57.2 billion and $62.9 billion and non-U.S. commercial real estate loans of $3.0 billion, $3.2 billion and $3.8 billion at March 31, 2021, December 31, 2020 and March 31, 2020, respectively.
(5)Includes card-related products.


Certain prior-period amounts have been reclassified to conform to current-period presentation.

Current-period information is preliminary and based on company data available at the time of the presentation.
23

Bank of America Corporation and Subsidiaries
Quarterly Average Loans and Leases by Business Segment and All Other
(Dollars in millions)
 First Quarter 2021
 Total
Corporation		Consumer BankingGWIMGlobal
Banking		Global
Markets		All 
Other
Consumer
Residential mortgage$219,005 $113,729 $88,532 $— $— $16,744 
Home equity33,634 26,490 2,812 — 284 4,048 
Credit card74,165 71,805 2,360 — — — 
Direct/Indirect and other consumer91,430 46,320 45,107 — — 3 
Total consumer418,234 258,344 138,811 — 284 20,795 
Commercial
U.S. commercial322,010 32,535 44,436 192,628 52,016 395 
Non-U.S. commercial90,904 — 932 70,573 19,369 30 
Commercial real estate59,736 12 4,316 49,685 5,717 6 
Commercial lease financing16,839 — — 17,221 29 (411)
Total commercial489,489 32,547 49,684 330,107 77,131 20 
Total loans and leases$907,723 $290,891 $188,495 $330,107 $77,415 $20,815 
 Fourth Quarter 2020
 Total
Corporation		Consumer BankingGWIMGlobal
Banking		Global
Markets		All 
Other
Consumer
Residential mortgage$228,069 $120,548 $89,278 $— $— $18,243 
Home equity35,789 28,300 2,977 — 293 4,219 
Credit card78,210 75,748 2,463 — — (1)
Direct/Indirect and other consumer90,424 47,094 43,327 — — 3 
Total consumer432,492 271,690 138,045 — 293 22,464 
Commercial
U.S. commercial327,650 33,443 43,832 200,670 49,760 (55)
Non-U.S. commercial95,739 — 933 76,634 18,143 29 
Commercial real estate61,540 13 4,357 51,254 5,909 7 
Commercial lease financing17,377 — — 17,765 28 (416)
Total commercial502,306 33,456 49,122 346,323 73,840 (435)
Total loans and leases $934,798 $305,146 $187,167 $346,323 $74,133 $22,029 
 First Quarter 2020
 Total
Corporation		Consumer BankingGWIMGlobal
Banking		Global
Markets		All 
Other
Consumer
Residential mortgage$239,994 $121,718 $86,375 $1 $— $31,900 
Home equity40,040 31,712 3,129 — 308 4,891 
Credit card94,471 91,709 2,762 — — — 
Direct/Indirect and other consumer90,954 50,752 40,198 — — 4 
Total consumer465,459 295,891 132,464 1 308 36,795 
Commercial
U.S. commercial330,420 21,040 41,085 220,967 47,176 152 
Non-U.S. commercial111,388 — 800 92,526 18,038 24 
Commercial real estate63,418 15 4,288 53,009 6,097 9 
Commercial lease financing19,598 — 2 19,980 41 (425)
Total commercial524,824 21,055 46,175 386,482 71,352 (240)
Total loans and leases$990,283 $316,946 $178,639 $386,483 $71,660 $36,555 



Certain prior-period amounts have been reclassified among the segments to conform to current-period presentation.
Current-period information is preliminary and based on company data available at the time of the presentation.
24

Bank of America Corporation and Subsidiaries
Commercial Credit Exposure by Industry (1, 2, 3, 4, 6)
(Dollars in millions)
Commercial UtilizedTotal Commercial Committed
March 31
2021		December 31
2020		March 31
2020		March 31
2021		December 31
2020		March 31
2020
Asset managers and funds$68,863 $68,093 $75,625 $106,681 $101,540 $111,531 
Real estate (5)
66,477 69,267 75,958 90,604 92,414 95,783 
Capital goods37,231 39,911 48,272 78,372 80,959 85,525 
Finance companies49,483 46,948 46,089 76,246 70,004 66,609 
Healthcare equipment and services32,022 33,759 40,695 56,458 57,880 58,691 
Government and public education39,093 41,669 45,171 51,381 56,212 56,296 
Materials23,506 24,548 30,712 50,739 50,792 53,332 
Retailing24,843 24,749 33,505 48,962 49,710 49,501 
Consumer services29,881 32,000 34,753 47,503 48,026 46,304 
Food, beverage and tobacco22,701 22,871 28,039 44,861 44,628 47,770 
Commercial services and supplies21,187 21,154 25,572 37,830 38,149 36,774 
Energy13,602 13,936 18,328 32,425 32,983 38,041 
Transportation22,044 23,426 28,160 32,394 33,444 36,476 
Utilities11,681 12,387 14,505 29,481 29,234 31,710 
Individuals and trusts22,029 18,784 20,052 29,150 25,881 28,657 
Software and services11,690 11,709 11,337 27,198 23,647 19,817 
Media12,906 13,144 13,604 25,832 24,677 24,512 
Technology hardware and equipment9,846 10,515 12,837 25,034 24,796 23,799 
Telecommunication services8,752 9,411 10,082 24,422 15,605 15,919 
Global commercial banks21,232 20,751 31,316 23,380 22,922 33,510 
Automobiles and components11,858 10,956 11,846 20,528 20,765 17,289 
Consumer durables and apparel8,507 9,232 12,648 19,484 20,223 20,541 
Pharmaceuticals and biotechnology4,617 5,217 6,285 17,410 16,349 19,554 
Vehicle dealers13,487 15,028 18,315 16,877 18,696 21,196 
Insurance6,208 5,921 7,890 14,783 13,491 15,271 
Food and staples retailing5,499 5,209 6,797 10,585 11,810 10,667 
Financial markets infrastructure (clearinghouses)4,271 4,939 7,117 7,275 8,648 9,534 
Religious and social organizations4,598 4,769 4,372 6,513 6,759 6,135 
Total commercial credit exposure by industry$608,114 $620,303 $719,882 $1,052,408 $1,040,244 $1,080,744 
(1)Includes loans and leases, standby letters of credit and financial guarantees, derivative assets, assets held-for-sale, commercial letters of credit, bankers’ acceptances, securitized assets, foreclosed properties and other collateral acquired. Derivative assets are carried at fair value, reflect the effects of legally enforceable master netting agreements and have been reduced by cash collateral of $35.3 billion, $42.5 billion and $53.3 billion at March 31, 2021, December 31, 2020 and March 31, 2020, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $39.4 billion, $39.3 billion and $35.7 billion, which consists primarily of other marketable securities, at March 31, 2021, December 31, 2020 and March 31, 2020, respectively.
(2)Total utilized and total committed exposure includes loans of $6.3 billion, $5.9 billion and $8.5 billion and issued letters of credit with a notional amount of $79 million, $89 million and $156 million accounted for under the fair value option at March 31, 2021, December 31, 2020 and March 31, 2020, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $4.5 billion, $3.9 billion and $3.6 billion at March 31, 2021, December 31, 2020 and March 31, 2020, respectively.
(3)Includes U.S. small business commercial exposure.
(4)Includes the notional amount of unfunded legally binding lending commitments net of amounts distributed (e.g., syndicated or participated) to other financial institutions.
(5)Industries are viewed from a variety of perspectives to best isolate the perceived risks. For purposes of this table, the real estate industry is defined based on the primary business activity of the borrowers or the counterparties using operating cash flows and primary source of repayment as key factors.
(6)March 31, 2021 and December 31, 2020 include $21.1 billion and $22.7 billion of Paycheck Protection Program loan exposure across impacted industries.


Certain prior-period amounts have been reclassified to conform to current-period presentation.


Current-period information is preliminary and based on company data available at the time of the presentation.
25

Bank of America Corporation and Subsidiaries
Top 20 Non-U.S. Countries Exposure
(Dollars in millions)
Funded Loans and Loan Equivalents (1)
Unfunded Loan CommitmentsNet Counterparty Exposure
Securities/
Other
Investments (2)
Country Exposure at March 31
2021
Hedges and Credit Default Protection (3)
Net Country Exposure at March 31 2021 (4)
Increase (Decrease) from December 31
2020
United Kingdom$32,750 $17,379 $6,245 $3,585 $59,959 $(1,172)$58,787 $(685)
Germany30,236 9,504 2,020 3,296 45,056 (1,543)43,513 (1,390)
Canada8,071 16,428 1,725 2,743 28,967 (376)28,591 7,457 
Japan19,846 1,228 2,688 1,852 25,614 (632)24,982 7,486 
France12,356 8,806 1,256 3,013 25,431 (1,025)24,406 3,615 
Australia6,764 5,378 485 2,603 15,230 (323)14,907 1,820 
China10,315 269 1,152 1,322 13,058 (311)12,747 (673)
Brazil5,707 780 411 4,231 11,129 (291)10,838 545 
Netherlands5,498 4,042 671 803 11,014 (424)10,590 906 
Singapore4,844 335 431 4,057 9,667 (54)9,613 331 
India5,427 180 493 2,649 8,749 (173)8,576 765 
South Korea5,253 883 448 2,075 8,659 (154)8,505 (46)
Switzerland4,922 2,921 436 267 8,546 (271)8,275 1,380 
Hong Kong4,791 565 534 1,154 7,044 (27)7,017 480 
Italy2,325 1,415 540 2,746 7,026 (711)6,315 623 
Ireland4,416 1,035 113 343 5,907 (19)5,888 1,723 
Mexico3,264 1,268 174 1,179 5,885 (360)5,525 (762)
Belgium2,906 1,303 297 615 5,121 (144)4,977 10 
Spain2,655 1,009 248 702 4,614 (290)4,324 (492)
Sweden1,190 903 217 434 2,744 (159)2,585 29 
Total top 20 non-U.S. countries exposure
$173,536 $75,631 $20,584 $39,669 $309,420 $(8,459)$300,961 $23,122 
(1)Includes loans, leases, and other extensions of credit and funds, including letters of credit and due from placements, which have not been reduced by collateral, hedges or credit default protection. Funded loans and loan equivalents are reported net of charge-offs but prior to any allowance for loan and lease losses.
(2)Long securities exposures are netted on a single-name basis to, but not below, zero by short exposures and net credit default swaps purchased, consisting of single-name and net indexed and tranched credit default swaps.
(3)Represents credit default protection purchased, net of credit default protection sold, which is used to mitigate the Corporation’s risk to country exposures as listed, consisting of net single-name and net indexed and tranched credit default swaps. Amounts are calculated based on the credit default swaps notional amount assuming a zero recovery rate less any fair value receivable or payable.
(4)    Represents country exposure less hedges and credit default protection purchased, net of credit default protection sold.


Certain prior-period amounts have been reclassified to conform to current-period presentation.


Current-period information is preliminary and based on company data available at the time of the presentation.
26

Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties
(Dollars in millions)
March 31
2021		December 31
2020		September 30
2020		June 30
2020		March 31
2020
Residential mortgage$2,366 $2,005 $1,675 $1,552 $1,580 
Home equity669 649 640 594 578 
Direct/Indirect consumer56 71 42 45 46 
Total consumer3,091 2,725 2,357 2,191 2,204 
U.S. commercial1,228 1,243 1,351 1,247 1,240 
Non-U.S. commercial342 418 338 387 90 
Commercial real estate354 404 414 474 408 
Commercial lease financing80 87 14 17 44 
2,004 2,152 2,117 2,125 1,782 
U.S. small business commercial67 75 76 77 70 
Total commercial2,071 2,227 2,193 2,202 1,852 
Total nonperforming loans and leases5,162 4,952 4,550 4,393 4,056 
Foreclosed properties (1)
137 164 180 218 275 
Total nonperforming loans, leases and foreclosed properties (2, 3)
$5,299 $5,116 $4,730 $4,611 $4,331 
Fully-insured home loans past due 30 days or more and still accruing$1,030 $1,090 $1,213 $1,153 $1,598 
Consumer credit card past due 30 days or more and still accruing 1,317 1,689 1,270 1,420 1,900 
Other loans past due 30 days or more and still accruing3,506 3,398 3,322 2,980 3,904 
Total loans past due 30 days or more and still accruing (4, 5)
$5,853 $6,177 $5,805 $5,553 $7,402 
Fully-insured home loans past due 90 days or more and still accruing$728 $762 $837 $854 $951 
Consumer credit card past due 90 days or more and still accruing
755 903 546 782 991 
Other loans past due 90 days or more and still accruing309 417 365 579 384 
Total loans past due 90 days or more and still accruing (4, 5)
$1,792 $2,082 $1,748 $2,215 $2,326 
Nonperforming loans, leases and foreclosed properties/Total assets (6)
0.18 %0.18 %0.17 %0.17 %0.17 %
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties (6)
0.59 0.56 0.50 0.47 0.42 
Nonperforming loans and leases/Total loans and leases (6)
0.58 0.54 0.48 0.44 0.39 
Commercial reservable criticized utilized exposure (7)
$34,283 $38,666 $35,710 $25,950 $17,400 
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure (7)
6.59 %7.31 %6.55 %4.51 %2.84 %
Total commercial criticized utilized exposure/Commercial utilized exposure (7)
6.41 7.22 6.34 4.34 2.65 
(1)Foreclosed property balances do not include properties insured by certain government-guaranteed loans, principally loans insured by the Federal Housing Administration (FHA), that entered foreclosure of $87 million, $119 million, $131 million, $124 million and $224 million at March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively.
(2)Balances do not include past due consumer credit card, consumer loans secured by real estate where repayments are insured by the FHA and individually insured long-term stand-by agreements (fully-insured home loans), and in general, other consumer and commercial loans not secured by real estate.
(3)Balances do not include nonperforming loans held-for-sale of $384 million, $359 million, $184 million, $151 million and $223 million and nonperforming loans accounted for under the fair value option of $12 million, $11 million, $9 million, $79 million and $6 million at March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively.
(4)Balances do not include loans held-for-sale past due 30 days or more and still accruing of $75 million, $38 million, $93 million, $209 million and $354 million at March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively, and loans held-for-sale past due 90 days or more and still accruing of $18 million, $32 million, $41 million, $5 million and $0 at March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively. At March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, there were $12 million, $15 million, $119 million, $18 million and $52 million, respectively, of loans accounted for under the fair value option past due 30 days or more and still accruing interest.
(5)These balances are excluded from total nonperforming loans, leases and foreclosed properties.
(6)Total assets and total loans and leases do not include loans accounted for under the fair value option of $7.0 billion, $6.7 billion, $7.2 billion, $9.2 billion and $9.0 billion at March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively.
(7)Criticized exposure corresponds to the Special Mention, Substandard and Doubtful asset categories defined by regulatory authorities. The reservable criticized exposure excludes loans held-for-sale, exposure accounted for under the fair value option and other nonreservable exposure.

Certain prior-period amounts have been reclassified to conform to current-period presentation.
Current-period information is preliminary and based on company data available at the time of the presentation.
27

Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties Activity (1)
 (Dollars in millions)
First
Quarter
2021		Fourth
Quarter
2020		Third
Quarter
2020		Second
Quarter
2020		First
Quarter
2020
Nonperforming Consumer Loans and Leases:
Balance, beginning of period$2,725 $2,357 $2,191 $2,204 $2,053 
Additions851 860 587 354 477 
Reductions:
Paydowns and payoffs(123)(137)(113)(84)(106)
Sales(1)(7)— (25)(6)
Returns to performing status (2)
(347)(325)(291)(233)(165)
Charge-offs (3)
(12)(16)(13)(22)(27)
Transfers to foreclosed properties(2)(7)(4)(3)(22)
Total net additions (reductions) to nonperforming loans and leases366 368 166 (13)151 
Total nonperforming consumer loans and leases, end of period3,091 2,725 2,357 2,191 2,204 
Foreclosed properties101 123 135 169 226 
Nonperforming consumer loans, leases and foreclosed properties, end of period$3,192 $2,848 $2,492 $2,360 $2,430 
Nonperforming Commercial Loans and Leases (4):
Balance, beginning of period$2,227 $2,193 $2,202 $1,852 $1,499 
Additions472 1,192 656 889 781 
Reductions:
Paydowns(312)(397)(216)(177)(212)
Sales(22)(274)(50)(10)(16)
Return to performing status (5)
(28)(127)(21)(8)(16)
Charge-offs(78)(313)(367)(344)(184)
Transfers to foreclosed properties— (2)— — — 
Transfers to loans held-for-sale(188)(45)(11)— — 
Total net additions (reductions) to nonperforming loans and leases(156)34 (9)350 353 
Total nonperforming commercial loans and leases, end of period2,071 2,227 2,193 2,202 1,852 
Foreclosed properties36 41 45 49 49 
Nonperforming commercial loans, leases and foreclosed properties, end of period$2,107 $2,268 $2,238 $2,251 $1,901 
(1)For amounts excluded from nonperforming loans, leases and foreclosed properties, see footnotes to Nonperforming Loans, Leases and Foreclosed Properties table on page 27.
(2)Consumer loans and leases may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection. Certain troubled debt restructurings are classified as nonperforming at the time of restructuring and may only be returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period, generally six months.
(3)Our policy is not to classify consumer credit card and non-bankruptcy related consumer loans not secured by real estate as nonperforming; therefore, the charge-offs on these loans have no impact on nonperforming activity and, accordingly, are excluded from this table.
(4)Includes U.S. small business commercial activity. Small business card loans are excluded as they are not classified as nonperforming.
(5)Commercial loans and leases may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection. Troubled debt restructurings are generally classified as performing after a sustained period of demonstrated payment performance.


Certain prior-period amounts have been reclassified to conform to current-period presentation.
Current-period information is preliminary and based on company data available at the time of the presentation.
28

Bank of America Corporation and Subsidiaries
Quarterly Net Charge-offs and Net Charge-off Ratios (1) 
(Dollars in millions)
 First
Quarter
2021		Fourth
Quarter
2020		Third
Quarter
2020		Second
Quarter
2020		First
Quarter
2020
AmountPercentAmountPercentAmountPercentAmountPercentAmountPercent
Net Charge-offs
Residential mortgage (2)
$(4)(0.01)%$(3)— %$(6)(0.01)%$(20)(0.03)%$(1)— %
Home equity(35)(0.42)(28)(0.31)(20)(0.21)(14)(0.14)(11)(0.11)
Credit card634 3.47 405 2.06 509 2.49 665 3.10 770 3.28 
Direct/Indirect consumer31 0.14 38 0.17 18 0.08 26 0.12 40 0.18 
Other consumer67 n/m70 n/m63 n/m77 n/m74 n/m
Total consumer693 0.67 482 0.44 564 0.50 734 0.65 872 0.75 
U.S. commercial 12 0.02 182 0.25 154 0.20 219 0.26 163 0.21 
Non-U.S. commercial26 0.12 65 0.28 57 0.23 32 0.12 1 — 
Total commercial and industrial38 0.04 247 0.26 211 0.21 251 0.22 164 0.16 
Commercial real estate11 0.07 101 0.66 106 0.66 57 0.35 6 0.04 
Commercial lease financing— — (1)(0.03)24 0.53 31 0.66 5 0.10 
49 0.04 347 0.30 341 0.28 339 0.25 175 0.14 
U.S. small business commercial81 0.89 52 0.53 67 0.69 73 0.96 75 1.95 
Total commercial130 0.11 399 0.32 408 0.31 412 0.29 250 0.19 
Total net charge-offs$823 0.37 $881 0.38 $972 0.40 $1,146 0.45 $1,122 0.46 
By Business Segment and All Other
Consumer Banking$810 1.13 %$563 0.73 %$658 0.82 %$843 1.05 %$963 1.22 %
Global Wealth & Investment Management13 0.03 9 0.02 (6)(0.01)9 0.02 9 0.02 
Global Banking36 0.05 314 0.37 328 0.36 330 0.32 160 0.17 
Global Markets3 0.01 24 0.13 17 0.10 — — 7 0.04 
All Other (39)(0.78)(29)(0.53)(25)(0.40)(36)(0.49)(17)(0.19)
Total net charge-offs$823 0.37 $881 0.38 $972 0.40 $1,146 0.45 $1,122 0.46 
(1)Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding loans and leases excluding loans accounted for under the fair value option during the period for each loan and lease category.
(2)Includes loan sale net charge-offs (recoveries) of $0, $0, $0, $(16) million and $0 for the first quarter of 2021 and the fourth, third, second and first quarters of 2020, respectively.
n/m = not meaningful




Certain prior-period amounts have been reclassified to conform to current-period presentation.
Current-period information is preliminary and based on company data available at the time of the presentation.
29

Bank of America Corporation and Subsidiaries
Allocation of the Allowance for Credit Losses by Product Type
(Dollars in millions)
March 31, 2021December 31, 2020March 31, 2020
Amount
Percent of
Loans and
Leases
Outstanding (1, 2)
Amount
Percent of
Loans and
Leases
Outstanding (1, 2)
Amount
Percent of
Loans and
Leases
Outstanding (1, 2)
Allowance for loan and lease losses
Residential mortgage$428 0.20%$459 0.21%$430 0.18%
Home equity261 0.81399 1.16378 0.96
Credit card7,278 10.008,420 10.707,583 8.25
Direct/Indirect consumer617 0.67752 0.82623 0.69
Other consumer51 n/m41 n/m52 n/m
Total consumer8,635 2.1010,071 2.359,066 1.95
U.S. commercial (3)
4,131 1.305,043 1.554,135 1.11
Non-U.S.commercial1,154 1.261,241 1.371,041 0.89
Commercial real estate2,148 3.662,285 3.791,439 2.16
Commercial lease financing100 0.61162 0.9585 0.45
Total commercial 7,533 1.558,731 1.776,700 1.16
Allowance for loan and lease losses16,168 1.8018,802 2.0415,766 1.51
Reserve for unfunded lending commitments1,829 1,878 1,360  
Allowance for credit losses$17,997 $20,680 $17,126  
Asset Quality Indicators
Allowance for loan and lease losses/Total loans and leases (2)
1.80%2.04%1.51%
Allowance for loan and lease losses/Total nonperforming loans and leases (4)
313380389
Ratio of the allowance for loan and lease losses/Annualized net charge-offs
4.855.373.49
(1)Ratios are calculated as allowance for loan and lease losses as a percentage of loans and leases outstanding excluding loans accounted for under the fair value option. Consumer loans accounted for under the fair value option include residential mortgage loans of $275 million, $298 million and $231 million and home equity loans of $418 million, $437 million and $325 million at March 31, 2021, December 31, 2020 and March 31, 2020, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $4.2 billion, $2.9 billion and $5.1 billion and non-U.S. commercial loans of $2.1 billion, $3.0 billion and $3.4 billion at March 31, 2021, December 31, 2020 and March 31, 2020, respectively.
(2)Total loans and leases do not include loans accounted for under the fair value option of $7.0 billion, $6.7 billion and $9.0 billion at March 31, 2021, December 31, 2020 and March 31, 2020, respectively.
(3)Includes allowance for loan and lease losses for U.S. small business commercial loans of $1.5 billion, $1.5 billion and $1.1 billion at March 31, 2021, December 31, 2020 and March 31, 2020, respectively.
(4)Allowance for loan and lease losses includes $8.7 billion, $9.9 billion and $8.6 billion allocated to products (primarily the Consumer Lending portfolios within Consumer Banking) that are excluded from nonperforming loans and leases at March 31, 2021, December 31, 2020 and March 31, 2020, respectively. Excluding these amounts, allowance for loan and lease losses as a percentage of total nonperforming loans and leases was 144 percent, 181 percent and 178 percent at March 31, 2021, December 31, 2020 and March 31, 2020, respectively.
n/m = not meaningful

Certain prior-period amounts have been reclassified to conform to current-period presentation.
Current-period information is preliminary and based on company data available at the time of the presentation.
30

Exhibit A: Non-GAAP Reconciliations
Bank of America Corporation and Subsidiaries
Reconciliations to GAAP Financial Measures
(Dollars in millions, except per share information)

The Corporation evaluates its business based on the following ratios that utilize tangible equity, a non-GAAP financial measure. Tangible equity represents an adjusted shareholders’ equity or common shareholders’ equity amount which has been reduced by goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities. Return on average tangible common shareholders’ equity measures the Corporation’s net income applicable to common shareholders as a percentage of adjusted average common shareholders’ equity. The tangible common equity ratio represents adjusted ending common shareholders’ equity divided by total assets less goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities. Return on average tangible shareholders’ equity measures the Corporation’s net income as a percentage of adjusted average total shareholders’ equity. The tangible equity ratio represents adjusted ending shareholders’ equity divided by total assets less goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities. Tangible book value per common share represents adjusted ending common shareholders’ equity divided by ending common shares outstanding. These measures are used to evaluate the Corporation’s use of equity. In addition, profitability, relationship and investment models all use return on average tangible shareholders’ equity as key measures to support our overall growth goals.

See the tables below for reconciliations of these non-GAAP financial measures to the most closely related financial measures defined by GAAP for the three months ended March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020. The Corporation believes the use of these non-GAAP financial measures provides additional clarity in understanding its results of operations and trends. Other companies may define or calculate supplemental financial data differently.
 First Quarter 2021Fourth Quarter 2020Third Quarter 2020Second Quarter 2020First Quarter 2020
 
Reconciliation of income before income taxes to pretax, pre-provision income
Income before income taxes$9,166 $6,119 $4,546 $3,799 $4,531 
Provision for credit losses(1,860)53 1,389 5,117 4,761 
Pretax, pre-provision income$7,306 $6,172 $5,935 $8,916 $9,292 
Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible
common shareholders’ equity
Shareholders’ equity$274,047 $271,020 $267,323 $266,316 $264,534 
Goodwill(68,951)(68,951)(68,951)(68,951)(68,951)
Intangible assets (excluding mortgage servicing rights)(2,146)(2,173)(1,976)(1,640)(1,655)
Related deferred tax liabilities920 910 855 790 728 
Tangible shareholders’ equity$203,870 $200,806 $197,251 $196,515 $194,656 
Preferred stock(24,399)(24,180)(23,427)(23,427)(23,456)
Tangible common shareholders’ equity$179,471 $176,626 $173,824 $173,088 $171,200 
Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end
tangible common shareholders’ equity
Shareholders’ equity$274,000 $272,924 $268,850 $265,637 $264,918 
Goodwill(68,951)(68,951)(68,951)(68,951)(68,951)
Intangible assets (excluding mortgage servicing rights)(2,134)(2,151)(2,185)(1,630)(1,646)
Related deferred tax liabilities915 920 910 789 790 
Tangible shareholders’ equity$203,830 $202,742 $198,624 $195,845 $195,111 
Preferred stock(24,319)(24,510)(23,427)(23,427)(23,427)
Tangible common shareholders’ equity
$179,511 $178,232 $175,197 $172,418 $171,684 
Reconciliation of period-end assets to period-end tangible assets
Assets$2,969,992 $2,819,627 $2,738,452 $2,741,688 $2,619,954 
Goodwill(68,951)(68,951)(68,951)(68,951)(68,951)
Intangible assets (excluding mortgage servicing rights)(2,134)(2,151)(2,185)(1,630)(1,646)
Related deferred tax liabilities915 920 910 789 790 
Tangible assets$2,899,822 $2,749,445 $2,668,226 $2,671,896 $2,550,147 
Book value per share of common stock
Common shareholders’ equity$249,681 $248,414 $245,423 $242,210 $241,491 
Ending common shares issued and outstanding8,589.7 8,650.8 8,661.5 8,664.1 8,675.5 
Book value per share of common stock$29.07 $28.72 $28.33 $27.96 $27.84 
Tangible book value per share of common stock
Tangible common shareholders’ equity$179,511 $178,232 $175,197 $172,418 $171,684 
Ending common shares issued and outstanding8,589.7 8,650.8 8,661.5 8,664.1 8,675.5 
Tangible book value per share of common stock$20.90 $20.60 $20.23 $19.90 $19.79 


Certain prior-period amounts have been reclassified to conform to current-period presentation.
Current-period information is preliminary and based on company data available at the time of the presentation.
31