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Supplemental Information
Third 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 - 13 are reported on an FTE basis.




Bank of America Corporation and Subsidiaries
Consolidated Financial Highlights
(In millions, except per share information)
 Nine Months Ended
September 30
Third
Quarter
2021
Second
Quarter
2021
First
Quarter
2021
Fourth
Quarter
2020
Third
Quarter
2020
 20212020
Income statement
Net interest income$31,524 $33,107 $11,094 $10,233 $10,197 $10,253 $10,129 
Noninterest income35,529 32,322 11,672 11,233 12,624 9,846 10,207 
Total revenue, net of interest expense67,053 65,429 22,766 21,466 22,821 20,099 20,336 
Provision for credit losses(4,105)11,267 (624)(1,621)(1,860)53 1,389 
Noninterest expense45,000 41,286 14,440 15,045 15,515 13,927 14,401 
Income before income taxes26,158 12,876 8,950 8,042 9,166 6,119 4,546 
Pretax, pre-provision income (1)
22,053 24,143 8,326 6,421 7,306 6,172 5,935 
Income tax expense1,193 452 1,259 (1,182)1,116 649 (335)
Net income 24,965 12,424 7,691 9,224 8,050 5,470 4,881 
Preferred stock dividends1,181 1,159 431 260 490 262 441 
Net income applicable to common shareholders23,784 11,265 7,260 8,964 7,560 5,208 4,440 
Diluted earnings per common share2.75 1.28 0.85 1.03 0.86 0.59 0.51 
Average diluted common shares issued and outstanding8,702.2 8,800.5 8,492.8 8,735.5 8,755.6 8,785.0 8,777.5 
Dividends paid per common share$0.57 $0.54 $0.21 $0.18 $0.18 $0.18 $0.18 
Performance ratios
Return on average assets1.12 %0.63 %0.99 %1.23 %1.13 %0.78 %0.71 %
Return on average common shareholders’ equity12.67 6.20 11.43 14.33 12.28 8.39 7.24 
Return on average shareholders’ equity12.15 6.24 11.08 13.47 11.91 8.03 7.26 
Return on average tangible common shareholders’ equity (2)
17.61 8.71 15.85 19.90 17.08 11.73 10.16 
Return on average tangible shareholders’ equity (2)
16.33 8.46 14.87 18.11 16.01 10.84 9.84 
Efficiency ratio 67.11 63.10 63.43 70.09 67.98 69.29 70.81 
At period end
Book value per share of common stock$30.22 $28.33 $30.22 $29.89 $29.07 $28.72 $28.33 
Tangible book value per share of common stock (2)
21.69 20.23 21.69 21.61 20.90 20.60 20.23 
Market capitalization349,841 208,656 349,841 349,925 332,337 262,206 208,656 
Number of financial centers - U.S.4,215 4,309 4,215 4,296 4,324 4,312 4,309 
Number of branded ATMs - U.S.16,513 16,962 16,513 16,795 16,905 16,904 16,962 
Headcount209,407 211,225 209,407 211,608 212,201 212,505 211,225 
(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 33.)


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)
 Nine Months Ended September 30Third
Quarter
2021
Second
Quarter
2021
First
Quarter
2021
Fourth
Quarter
2020
Third
Quarter
2020
 20212020
Net interest income
Interest income$35,118 $40,124 $12,336 $11,387 $11,395 $11,461 $11,486 
Interest expense3,594 7,017 1,242 1,154 1,198 1,208 1,357 
Net interest income31,524 33,107 11,094 10,233 10,197 10,253 10,129 
Noninterest income
Fees and commissions29,156 25,490 9,915 9,705 9,536 9,061 8,777 
Market making and similar activities7,360 6,983 2,005 1,826 3,529 1,372 1,689 
Other income (loss)(987)(151)(248)(298)(441)(587)(259)
Total noninterest income35,529 32,322 11,672 11,233 12,624 9,846 10,207 
Total revenue, net of interest expense67,053 65,429 22,766 21,466 22,821 20,099 20,336 
Provision for credit losses(4,105)11,267 (624)(1,621)(1,860)53 1,389 
Noninterest expense
Compensation and benefits27,103 24,535 8,714 8,653 9,736 8,190 8,200 
Occupancy and equipment5,353 5,302 1,764 1,759 1,830 1,839 1,798 
Information processing and communications4,289 3,807 1,416 1,448 1,425 1,415 1,333 
Product delivery and transaction related2,940 2,518 987 976 977 915 930 
Marketing1,528 1,238 347 810 371 463 308 
Professional fees1,263 1,206 434 426 403 488 450 
Other general operating2,524 2,680 778 973 773 617 1,382 
Total noninterest expense45,000 41,286 14,440 15,045 15,515 13,927 14,401 
Income before income taxes26,158 12,876 8,950 8,042 9,166 6,119 4,546 
Income tax expense1,193 452 1,259 (1,182)1,116 649 (335)
Net income$24,965 $12,424 $7,691 $9,224 $8,050 $5,470 $4,881 
Preferred stock dividends1,181 1,159 431 260 490 262 441 
Net income applicable to common shareholders$23,784 $11,265 $7,260 $8,964 $7,560 $5,208 $4,440 
Per common share information
Earnings$2.77 $1.29 $0.86 $1.04 $0.87 $0.60 $0.51 
Diluted earnings2.75 1.28 0.85 1.03 0.86 0.59 0.51 
Average common shares issued and outstanding8,583.1 8,762.6 8,430.7 8,620.8 8,700.1 8,724.9 8,732.9 
Average diluted common shares issued and outstanding8,702.2 8,800.5 8,492.8 8,735.5 8,755.6 8,785.0 8,777.5 

Consolidated Statement of Comprehensive Income
(Dollars in millions)
Nine Months Ended September 30Third Quarter 2021Second Quarter 2021First Quarter 2021Fourth Quarter 2020Third Quarter 2020
20212020
Net income $24,965 $12,424 $7,691 $9,224 $8,050 $5,470 $4,881 
Other comprehensive income (loss), net-of-tax:
Net change in debt securities(1,243)4,794 (153)(250)(840)101 
Net change in debit valuation adjustments292 (5)27 149 116 (493)(58)
Net change in derivatives(1,130)808 (431)415 (1,114)18 76 
Employee benefit plan adjustments170 144 50 69 51 (242)44 
Net change in foreign currency translation adjustments(29)(86)(26)26 (29)34 21 
Other comprehensive income (loss)(1,940)5,655 (533)409 (1,816)(678)184 
Comprehensive income$23,025 $18,079 $7,158 $9,633 $6,234 $4,792 $5,065 


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) 
 Nine Months Ended September 30Third
Quarter
2021
Second
Quarter
2021
First
Quarter
2021
Fourth
Quarter
2020
Third
Quarter
2020
 20212020
Net interest income
Interest income
Loans and leases$21,859 $26,426 $7,502 $7,123 $7,234 $7,603 $7,894 
Debt securities8,832 7,413 3,282 2,820 2,730 2,377 2,130 
Federal funds sold and securities borrowed or purchased under agreements to resell(43)900 6 (42)(7)55 
Trading account assets2,793 3,203 967 954 872 925 948 
Other interest income1,677 2,182 579 532 566 553 459 
Total interest income35,118 40,124 12,336 11,387 11,395 11,461 11,486 
Interest expense
Deposits394 1,784 133 128 133 159 227 
Short-term borrowings(205)1,024 (41)(85)(79)(37)(24)
Trading account liabilities824 764 285 293 246 210 212 
Long-term debt2,581 3,445 865 818 898 876 942 
Total interest expense3,594 7,017 1,242 1,154 1,198 1,208 1,357 
Net interest income$31,524 $33,107 $11,094 $10,233 $10,197 $10,253 $10,129 
Noninterest income
Fees and commissions
Card income
Interchange fees (1)
$3,431 $2,794 $1,154 $1,210 $1,067 $1,160 $1,172 
Other card income1,173 1,295 429 376 368 407 396 
Total card income4,604 4,089 1,583 1,586 1,435 1,567 1,568 
Service charges
Deposit-related fees4,671 4,441 1,619 1,557 1,495 1,550 1,515 
Lending-related fees923 841 309 317 297 309 302 
Total service charges5,594 5,282 1,928 1,874 1,792 1,859 1,817 
Investment and brokerage services
Asset management fees9,434 7,905 3,276 3,156 3,002 2,803 2,740 
Brokerage fees2,988 2,898 960 967 1,061 968 883 
Total investment and brokerage services 12,422 10,803 4,236 4,123 4,063 3,771 3,623 
Investment banking fees
Underwriting income4,028 3,610 1,168 1,314 1,546 1,088 1,239 
Syndication fees1,047 634 346 401 300 227 133 
Financial advisory services1,461 1,072 654 407 400 549 397 
Total investment banking fees6,536 5,316 2,168 2,122 2,246 1,864 1,769 
Total fees and commissions29,156 25,490 9,915 9,705 9,536 9,061 8,777 
Market making and similar activities7,360 6,983 2,005 1,826 3,529 1,372 1,689 
Other income (loss)(987)(151)(248)(298)(441)(587)(259)
Total noninterest income$35,529 $32,322 $11,672 $11,233 $12,624 $9,846 $10,207 
(1)Gross interchange fees and merchant income were $8.4 billion and $6.7 billion and are presented net of $4.9 billion and $4.1 billion of expenses for rewards and partner payments as well as certain other card costs for the nine months ended September 30, 2021 and 2020. Gross interchange fees and merchant income were $3.0 billion, $2.9 billion, $2.5 billion, $2.5 billion and $2.4 billion and are presented net of $1.8 billion, $1.7 billion, $1.4 billion, $1.5 billion and $1.4 billion of expenses for rewards and partner payments as well as certain other card costs for the third, second and first quarters of 2021 and the fourth and third 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)
September 30
2021
June 30
2021
September 30
2020
Assets
Cash and due from banks$28,689 $30,327 $32,922 
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks251,165 229,703 268,084 
Cash and cash equivalents279,854 260,030 301,006 
Time deposits placed and other short-term investments6,518 7,356 5,088 
Federal funds sold and securities borrowed or purchased under agreements to resell261,934 268,594 326,745 
Trading account assets288,566 291,733 255,500 
Derivative assets40,829 41,498 44,297 
Debt securities:  
Carried at fair value285,377 288,913 245,997 
Held-to-maturity, at cost683,240 651,401 338,400 
Total debt securities968,617 940,314 584,397 
Loans and leases927,736 918,928 955,172 
Allowance for loan and lease losses(13,155)(14,095)(19,596)
Loans and leases, net of allowance914,581 904,833 935,576 
Premises and equipment, net10,684 10,747 10,902 
Goodwill69,023 69,023 68,951 
Loans held-for-sale9,415 8,277 4,434 
Customer and other receivables74,998 67,967 61,684 
Other assets160,427 159,522 139,872 
Total assets$3,085,446 $3,029,894 $2,738,452 
Liabilities
Deposits in U.S. offices:
Noninterest-bearing$753,107 $719,481 $616,925 
Interest-bearing1,108,490 1,076,355 996,804 
Deposits in non-U.S. offices:
Noninterest-bearing25,336 25,190 15,158 
Interest-bearing77,871 88,116 73,993 
Total deposits1,964,804 1,909,142 1,702,880 
Federal funds purchased and securities loaned or sold under agreements to repurchase207,428 213,787 190,769 
Trading account liabilities112,217 110,084 84,681 
Derivative liabilities38,062 38,916 41,728 
Short-term borrowings20,278 21,635 17,861 
Accrued expenses and other liabilities191,572 184,607 175,960 
Long-term debt278,621 274,604 255,723 
Total liabilities2,812,982 2,752,775 2,469,602 
Shareholders’ equity
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 3,887,686, 3,887,686 and 3,887,440 shares
23,441 23,441 23,427 
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 8,241,243,911, 8,487,151,465 and 8,661,522,562 shares
69,612 79,242 85,954 
Retained earnings183,007 177,499 160,447 
Accumulated other comprehensive income (loss)(3,596)(3,063)(978)
Total shareholders’ equity272,464 277,119 268,850 
Total liabilities and shareholders’ equity$3,085,446 $3,029,894 $2,738,452 
Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
Trading account assets$4,432 $4,418 $4,492 
Loans and leases16,857 16,970 24,094 
Allowance for loan and lease losses(994)(1,047)(1,812)
Loans and leases, net of allowance15,863 15,923 22,282 
All other assets136 1,134 191 
Total assets of consolidated variable interest entities$20,431 $21,475 $26,965 
Liabilities of consolidated variable interest entities included in total liabilities above
Short-term borrowings$330 $324 $739 
Long-term debt3,830 5,137 5,742 
All other liabilities10 15 19 
Total liabilities of consolidated variable interest entities$4,170 $5,476 $6,500 


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)
September 30
2021
June 30
2021
September 30
2020
Risk-based capital metrics (1):
Standardized Approach
Common equity tier 1 capital$174,407 $178,818 $173,213 
Tier 1 capital197,842 202,245 196,637 
Total capital230,491 234,486 235,446 
Risk-weighted assets1,567,276 1,551,668 1,459,993 
Common equity tier 1 capital ratio11.1 %11.5 %11.9 %
Tier 1 capital ratio12.6 13.0 13.5 
Total capital ratio14.7 15.1 16.1 
Advanced Approaches
Common equity tier 1 capital$174,407 $178,818 $173,213 
Tier 1 capital197,842 202,245 196,637 
Total capital223,970 227,736 224,541 
Risk-weighted assets1,380,843 1,379,805 1,364,259 
Common equity tier 1 capital ratio12.6 %13.0 %12.7 %
Tier 1 capital ratio14.3 14.7 14.4 
Total capital ratio16.2 16.5 16.5 
Leverage-based metrics (1):
Adjusted average assets$2,999,663 $2,938,476 $2,666,645 
Tier 1 leverage ratio6.6 %6.9 %7.4 %
Supplementary leverage exposure$3,515,643 $3,443,834 $2,866,899 
Supplementary leverage ratio5.6 %5.9 %6.9 %
Tangible equity ratio (2)
6.7 7.0 7.4 
Tangible common equity ratio (2)
5.9 6.2 6.6 
(1)Regulatory capital ratios at September 30, 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 September 30, 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 33.)


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)
September 30
2021
June 30
2021
September 30
2020
Total common shareholders' equity$249,023 $253,678 $245,423 
CECL transitional amount (1)
2,722 2,994 4,411 
Goodwill, net of related deferred tax liabilities(68,638)(68,638)(68,569)
Deferred tax assets arising from net operating loss and tax credit carryforwards(7,638)(7,641)(5,853)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities(1,644)(1,662)(1,656)
Defined benefit pension plan net assets(1,223)(1,196)(1,056)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net-of-tax1,477 1,499 1,245 
Other328 (216)(732)
Common equity tier 1 capital174,407 178,818 173,213 
Qualifying preferred stock, net of issuance cost23,440 23,440 23,426 
Other(5)(13)(2)
Tier 1 capital197,842 202,245 196,637 
Tier 2 capital instruments21,741 20,674 22,571 
Qualifying allowance for credit losses11,177 11,993 16,243 
Other(269)(426)(5)
Total capital under the Standardized approach230,491 234,486 235,446 
Adjustment in qualifying allowance for credit losses under the Advanced approaches (2)
(6,521)(6,750)(10,905)
Total capital under the Advanced approaches$223,970 $227,736 $224,541 
(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)
 Third Quarter 2021Second Quarter 2021Third 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
$240,054 $50 0.08 %$247,673 $27 0.04 %$245,682 $10 0.02 %
Time deposits placed and other short-term
    investments
6,419 4 0.24 8,079 — 0.02 7,686 (4)(0.25)
Federal funds sold and securities borrowed or
   purchased under agreements to resell
270,094 6 0.01 270,443 (42)(0.06)384,221 55 0.06 
Trading account assets147,196 979 2.64 152,307 967 2.55 146,972 960 2.60 
Debt securities949,009 3,296 1.39 895,902 2,834 1.27 533,261 2,147 1.63 
Loans and leases (2)
   
Residential mortgage 215,652 1,487 2.76 214,096 1,498 2.80 237,414 1,811 3.05 
Home equity30,069 263 3.47 31,621 267 3.39 37,897 284 2.99 
Credit card75,569 1,952 10.25 73,399 1,876 10.25 81,309 2,086 10.20 
Direct/Indirect and other consumer98,148 578 2.34 94,321 561 2.38 89,559 593 2.63 
Total consumer419,438 4,280 4.06 413,437 4,202 4.07 446,179 4,774 4.26 
U.S. commercial323,659 2,315 2.84 322,633 2,049 2.55 343,533 2,165 2.51 
Non-U.S. commercial101,967 446 1.73 96,343 429 1.78 102,938 465 1.80 
Commercial real estate59,881 378 2.51 59,276 371 2.51 63,262 393 2.47 
Commercial lease financing15,564 116 2.98 16,211 108 2.67 18,106 138 3.04 
Total commercial501,071 3,255 2.58 494,463 2,957 2.40 527,839 3,161 2.38 
Total loans and leases 920,509 7,535 3.25 907,900 7,159 3.16 974,018 7,935 3.25 
Other earning assets120,734 567 1.86 96,364 552 2.30 83,086 497 2.39 
Total earning assets2,654,015 12,437 1.86 2,578,668 11,497 1.79 2,374,926 11,600 1.95 
Cash and due from banks30,101 31,675  32,714 
Other assets, less allowance for loan and lease losses392,336 404,770   332,044 
Total assets$3,076,452 $3,015,113   $2,739,684 
Interest-bearing liabilities
U.S. interest-bearing deposits
Demand and money market deposit accounts$931,964 $79 0.03 %$915,420 $78 0.03 %$842,987 $93 0.04 %
Time and savings deposits162,337 41 0.10 162,516 40 0.10 164,648 116 0.28 
Total U.S. interest-bearing deposits1,094,301 120 0.04 1,077,936 118 0.04 1,007,635 209 0.08 
Non-U.S. interest-bearing deposits84,098 13 0.06 82,142 10 0.05 75,485 18 0.09 
Total interest-bearing deposits1,178,399 133 0.04 1,160,078 128 0.04 1,083,120 227 0.08 
Federal funds purchased, securities loaned or sold
   under agreements to repurchase, short-term
   borrowings and other interest-bearing liabilities
324,582 (41)(0.05)320,314 (85)(0.11)286,582 (24)(0.03)
Trading account liabilities56,496 285 2.00 58,823 293 2.01 39,689 212 2.13 
Long-term debt248,988 865 1.37 232,034 818 1.42 224,254 942 1.67 
Total interest-bearing liabilities1,808,465 1,242 0.27 1,771,249 1,154 0.26 1,633,645 1,357 0.33 
Noninterest-bearing sources   
Noninterest-bearing deposits764,306 728,756   612,368 
Other liabilities (3)
228,197 240,476   226,348 
Shareholders’ equity275,484 274,632   267,323 
Total liabilities and shareholders’ equity$3,076,452 $3,015,113   $2,739,684 
Net interest spread1.59 %  1.53 %1.62 %
Impact of noninterest-bearing sources0.09   0.08 0.10 
Net interest income/yield on earning assets (4)
$11,195 1.68 % $10,343 1.61 %$10,243 1.72 %
(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 $29.6 billion, $30.5 billion and $34.2 billion of structured notes and liabilities for the third and second quarters of 2021 and the third quarter of 2020, respectively.
(4)Net interest income includes FTE adjustments of $101 million, $110 million and $114 million for the third and second quarters of 2021 and the third quarter 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)
 September 30, 2021
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency$50,756 $1,631 $(90)$52,297 
Agency-collateralized mortgage obligations3,684 103 (11)3,776 
Commercial18,091 778 (50)18,819 
Non-agency residential799 39 (35)803 
Total mortgage-backed securities73,330 2,551 (186)75,695 
U.S. Treasury and government agencies167,419 1,869 (163)169,125 
Non-U.S. securities12,289 4  12,293 
Other taxable securities2,589 45 (1)2,633 
Tax-exempt securities15,312 321 (21)15,612 
Total available-for-sale debt securities270,939 4,790 (371)275,358 
Other debt securities carried at fair value (1)
10,076 101 (158)10,019 
Total debt securities carried at fair value281,015 4,891 (529)285,377 
Held-to-maturity debt securities
Agency mortgage-backed securities562,124 5,497 (8,031)559,590 
U.S. Treasury and government agencies111,855 167 (2,614)109,408 
Other taxable securities9,295 197 (157)9,335 
Total held-to-maturity debt securities683,274 5,861 (10,802)678,333 
Total debt securities$964,289 $10,752 $(11,331)$963,710 
 June 30, 2021
Available-for-sale debt securities
Mortgage-backed securities:   
Agency$56,258 $1,696 $(65)$57,889 
Agency-collateralized mortgage obligations4,111 123 (8)4,226 
Commercial18,062 882 (25)18,919 
Non-agency residential829 33 (10)852 
Total mortgage-backed securities79,260 2,734 (108)81,886 
U.S. Treasury and government agencies158,691 1,906 (264)160,333 
Non-U.S. securities17,165 (2)17,167 
Other taxable securities2,873 48 — 2,921 
Tax-exempt securities15,529 347 (2)15,874 
Total available-for-sale debt securities273,518 5,039 (376)278,181 
Other debt securities carried at fair value (1)
10,713 113 (94)10,732 
Total debt securities carried at fair value284,231 5,152 (470)288,913 
Held-to-maturity debt securities
Agency mortgage-backed securities547,508 6,040 (5,849)547,699 
U.S. Treasury and government agencies94,353 327 (2,017)92,663 
Other taxable securities9,573 246 (156)9,663 
Total held-to-maturity debt securities651,434 6,613 (8,022)650,025 
Total debt securities$935,665 $11,765 $(8,492)$938,938 
(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)
Nine Months Ended
September 30
Third
Quarter
2021
Second
Quarter
2021
First
Quarter
2021
Fourth
Quarter
2020
Third
Quarter
2020
 20212020
FTE basis data (1)
Net interest income$31,846 $33,493 $11,195 $10,343 $10,308 $10,366 $10,243 
Total revenue, net of interest expense 67,375 65,815 22,867 21,576 22,932 20,212 20,450 
Net interest yield1.66 %1.96 %1.68 %1.61 %1.68 %1.71 %1.72 %
Efficiency ratio 66.79 62.73 63.14 69.73 67.65 68.90 70.42 
(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 $322 million and $386 million for the nine months ended September 30, 2021 and 2020, $101 million, $110 million and $111 million for the third, second and first quarters of 2021, and $113 million and $114 million for the fourth and third 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)
 Third Quarter 2021
 Total
Corporation
Consumer BankingGWIMGlobal BankingGlobal MarketsAll
Other
Net interest income$11,195 $6,493 $1,451 $2,186 $1,000 $65 
Noninterest income
Fees and commissions:
Card income1,583 1,317 22 185 59  
Service charges1,928 935 18 890 83 2 
Investment and brokerage services4,236 81 3,683 9 470 (7)
Investment banking fees2,168  82 1,297 844 (55)
Total fees and commissions9,915 2,333 3,805 2,381 1,456 (60)
Market making and similar activities2,005 1 9 40 2,014 (59)
Other income (loss)
(248)11 45 637 49 (990)
Total noninterest income (loss)11,672 2,345 3,859 3,058 3,519 (1,109)
Total revenue, net of interest expense 22,867 8,838 5,310 5,244 4,519 (1,044)
Provision for credit losses(624)247 (58)(781)16 (48)
Noninterest expense14,440 4,558 3,745 2,534 3,252 351 
Income (loss) before income taxes9,051 4,033 1,623 3,491 1,251 (1,347)
Income tax expense (benefit)1,360 988 398 942 325 (1,293)
Net income $7,691 $3,045 $1,225 $2,549 $926 $(54)
Average
Total loans and leases$920,509 $281,380 $199,664 $324,736 $97,148 $17,581 
Total assets (1)
3,076,452 1,076,236 386,346 621,699 804,938 187,233 
Total deposits1,942,705 1,000,765 339,357 534,166 54,650 13,767 
Quarter end
Total loans and leases$927,736 $280,803 $202,268 $328,893 $