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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)5 101 
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)3 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 4 (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 $98,892 $16,880 
Total assets (1)
3,085,446 1,091,431 393,708 623,640 776,929 199,738 
Total deposits1,964,804 1,015,276 345,590 536,476 54,941 12,521 
 Second Quarter 2021
 Total
Corporation		Consumer BankingGWIMGlobal BankingGlobal MarketsAll
Other
Net interest income$10,343 $5,973 $1,355 $1,984 $990 $41 
Noninterest income
Fees and commissions:
Card income1,586 1,312 21 180 73 — 
Service charges1,874 851 18 900 103 2 
Investment and brokerage services4,123 78 3,536 40 474 (5)
Investment banking fees2,122 — 88 1,173 959 (98)
Total fees and commissions9,705 2,241 3,663 2,293 1,609 (101)
Market making and similar activities1,826 — 11 28 1,964 (177)
Other income (loss)(298)(28)36 785 157 (1,248)
Total noninterest income (loss)11,233 2,213 3,710 3,106 3,730 (1,526)
Total revenue, net of interest expense21,576 8,186 5,065 5,090 4,720 (1,485)
Provision for credit losses(1,621)(697)(62)(831)22 (53)
Noninterest expense15,045 4,859 3,813 2,599 3,471 303 
Income (loss) before income taxes8,152 4,024 1,314 3,322 1,227 (1,735)
Income tax expense (benefit)(1,072)986 322 897 319 (3,596)
Net income$9,224 $3,038 $992 $2,425 $908 $1,861 
Average
Total loans and leases$907,900 $281,767 $193,988 $325,110 $87,826 $19,209 
Total assets (1)
3,015,113 1,054,516 380,315 595,498 797,558 187,226 
Total deposits1,888,834 979,072 333,487 506,618 55,584 14,073 
Quarter end
Total loans and leases$918,928 $282,900 $198,361 $323,256 $96,105 $18,306 
Total assets (1)
3,029,894 1,063,650 378,220 607,969 773,714 206,341 
Total deposits1,909,142 987,655 330,624 520,026 57,297 13,540 
(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)
 Third Quarter 2020
 Total
Corporation		Consumer BankingGWIMGlobal BankingGlobal MarketsAll
Other
Net interest income$10,243 $5,890 $1,237 $2,028 $1,108 $(20)
Noninterest income
Fees and commissions:
Card income1,568 1,220 21 156 170 1 
Service charges1,817 837 17 846 108 9 
Investment and brokerage services3,623 68 3,105 14 439 (3)
Investment banking fees1,769 — 93 970 738 (32)
Total fees and commissions8,777 2,125 3,236 1,986 1,455 (25)
Market making and similar activities1,689 — 14 16 1,725 (66)
Other income (loss)(259)24 59 487 (5)(824)
Total noninterest income (loss)10,207 2,149 3,309 2,489 3,175 (915)
Total revenue, net of interest expense20,450 8,039 4,546 4,517 4,283 (935)
Provision for credit losses1,389 479 24 883 21 (18)
Noninterest expense14,401 4,842 3,533 2,365 3,102 559 
Income (loss) before income taxes4,660 2,718 989 1,269 1,160 (1,476)
Income tax expense (benefit)(221)666 242 343 302 (1,774)
Net income$4,881 $2,052 $747 $926 $858 $298 
Average
Total loans and leases$974,018 $318,751 $185,587 $373,118 $72,319 $24,243 
Total assets (1)
2,739,684 936,112 333,794 557,889 680,983 230,906 
Total deposits1,695,488 860,999 291,845 471,288 56,475 14,881 
Quarter end
Total loans and leases$955,172 $312,447 $187,211 $356,919 $75,475 $23,120 
Total assets (1)
2,738,452 947,513 337,576 553,776 676,242 223,345 
Total deposits1,702,880 872,022 295,893 465,399 56,727 12,839 
(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
Year-to-Date Results by Business Segment and All Other
(Dollars in millions) 
 Nine Months Ended September 30, 2021
 Total
Corporation		Consumer BankingGWIMGlobal BankingGlobal MarketsAll
Other
Net interest income$31,846 $18,386 $4,137 $6,150 $2,980 $193 
Noninterest income
Fees and commissions:
Card income4,604 3,818 62 515 208 1 
Service charges5,594 2,617 54 2,637 280 6 
Investment and brokerage services12,422 236 10,610 90 1,504 (18)
Investment banking fees6,536 — 305 3,642 2,784 (195)
Total fees and commissions29,156 6,671 11,031 6,884 4,776 (206)
Market making and similar activities7,360 1 31 99 7,448 (219)
Other income (loss)(987)35 147 1,834 233 (3,236)
Total noninterest income (loss)35,529 6,707 11,209 8,817 12,457 (3,661)
Total revenue, net of interest expense67,375 25,093 15,346 14,967 15,437 (3,468)
Provision for credit losses(4,105)(1,067)(185)(2,738)33 (148)
Noninterest expense45,000 14,548 11,425 7,915 10,150 962 
Income (loss) before income taxes26,480 11,612 4,106 9,790 5,254 (4,282)
Income tax expense (benefit)1,515 2,845 1,006 2,643 1,366 (6,345)
Net income$24,965 $8,767 $3,100 $7,147 $3,888 $2,063 
Average
Total loans and leases$912,091 $284,644 $194,090 $326,632 $87,535 $19,190 
Total assets (1)
2,990,984 1,043,787 379,802 597,947 775,552 193,896 
Total deposits1,879,597 968,272 333,119 509,445 54,699 14,062 
Period end
Total loans and leases $927,736 $280,803 $202,268 $328,893 $98,892 $16,880 
Total assets (1)
3,085,446 1,091,431 393,708 623,640 776,929 199,738 
Total deposits1,964,804 1,015,276 345,590 536,476 54,941 12,521 
 Nine Months Ended September 30, 2020
 Total
Corporation		Consumer BankingGWIMGlobal BankingGlobal MarketsAll
Other
Net interest income$33,493 $18,743 $4,186 $7,003 $3,558 $3 
Noninterest income
Fees and commissions:
Card income4,089 3,384 56 347 301 1 
Service charges5,282 2,538 49 2,379 290 26 
Investment and brokerage services10,803 204 9,081 45 1,487 (14)
Investment banking fees5,316 — 292 2,912 2,280 (168)
Total fees and commissions25,490 6,126 9,478 5,683 4,358 (155)
Market making and similar activities6,983 2 52 88 7,059 (218)
Other income (loss)(151)149 191 1,434 (116)(1,809)
Total noninterest income (loss)32,322 6,277 9,721 7,205 11,301 (2,182)
Total revenue, net of interest expense65,815 25,020 13,907 14,208 14,859 (2,179)
Provision for credit losses11,267 5,761 349 4,849 233 75 
Noninterest expense41,286 14,074 10,596 6,910 8,598 1,108 
Income (loss) before income taxes13,262 5,185 2,962 2,449 6,028 (3,362)
Income tax expense (benefit)838 1,270 726 661 1,567 (3,386)
Net income$12,424 $3,915 $2,236 $1,788 $4,461 $24 
Average
Total loans and leases$998,473 $319,084 $182,138 $394,331 $72,702 $30,218 
Total assets (1)
2,646,607 877,866 321,565 534,061 685,685 227,430 
Total deposits1,598,031 803,002 280,828 449,273 45,002 19,926 
Period end
Total loans and leases$955,172 $312,447 $187,211 $356,919 $75,475 $23,120 
Total assets (1)
2,738,452 947,513 337,576 553,776 676,242 223,345 
Total deposits1,702,880 872,022 295,893 465,399 56,727 12,839 
(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.
13

Bank of America Corporation and Subsidiaries
Consumer Banking Segment Results
(Dollars in millions)
Nine Months Ended
September 30		Third
Quarter
2021		Second
Quarter
2021		First
Quarter
2021		Fourth
Quarter
2020		Third
Quarter
2020
20212020
Net interest income$18,386 $18,743 $6,493 $5,973 $5,920 $5,955 $5,890 
Noninterest income:
Card income3,818 3,384 1,317 1,312 1,189 1,289 1,220 
Service charges2,617 2,538 935 851 831 879 837 
All other income272 355 93 50 129 119 92 
Total noninterest income6,707 6,277 2,345 2,213 2,149 2,287 2,149 
Total revenue, net of interest expense25,093 25,020 8,838 8,186 8,069 8,242 8,039 
Provision for credit losses(1,067)5,761 247 (697)(617)4 479 
Noninterest expense14,548 14,074 4,558 4,859 5,131 4,809 4,842 
Income before income taxes11,612 5,185 4,033 4,024 3,555 3,429 2,718 
Income tax expense2,845 1,270 988 986 871 840 666 
Net income$8,767 $3,915 $3,045 $3,038 $2,684 $2,589 $2,052 
Net interest yield2.45 %2.98 %2.49 %2.37 %2.51 %2.58 %2.61 %
Return on average allocated capital (1)
30 14 31 32 28 27 21 
Efficiency ratio57.97 56.25 51.56 59.36 63.59 58.34 60.24 
Balance Sheet
Average
Total loans and leases$284,644 $319,084 $281,380 $281,767 $290,891 $305,146 $318,751 
Total earning assets (2)
1,001,590 838,792 1,034,471 1,012,335 957,112 918,086 896,867 
Total assets (2)
1,043,787 877,866 1,076,236 1,054,516 999,769 960,376 936,112 
Total deposits968,272 803,002 1,000,765 979,072 924,137 885,210 860,999 
Allocated capital (1)
38,500 38,500 38,500 38,500 38,500 38,500 38,500 
Period end
Total loans and leases$280,803 $312,447 $280,803 $282,900 $282,935 $299,934 $312,447 
Total earning assets (2)
1,050,331 906,994 1,050,331 1,022,092 1,004,896 945,343 906,994 
Total assets (2)
1,091,431 947,513 1,091,431 1,063,650 1,047,413 988,580 947,513 
Total deposits1,015,276 872,022 1,015,276 987,655 971,709 912,652 872,022 
(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.
14

Bank of America Corporation and Subsidiaries
Consumer Banking Key Indicators
(Dollars in millions)
 Nine Months Ended
September 30		Third
Quarter
2021		Second
Quarter
2021		First
Quarter
2021		Fourth
Quarter
2020		Third
Quarter
2020
20212020
Average deposit balances
Checking$542,525 $440,507 $561,629 $550,009 $515,430 $492,332 $479,963 
Savings69,220 54,945 70,799 70,945 65,863 62,070 59,817 
MMS318,849 262,927 331,924 320,594 303,719 289,682 277,896 
CDs and IRAs33,921 41,715 32,578 33,728 35,488 37,674 40,163 
Other3,757 2,908 3,835 3,796 3,637 3,452 3,160 
Total average deposit balances$968,272 $803,002 $1,000,765 $979,072 $924,137 $885,210 $860,999 
Deposit spreads (excludes noninterest costs)
Checking1.97 %2.14 %1.95 %1.97 %1.99 %2.02 %2.07 %
Savings2.25 2.40 2.23 2.26 2.28 2.31 2.35 
MMS1.29 1.81 1.26 1.29 1.32 1.52 1.59 
CDs and IRAs0.41 0.98 0.34 0.41 0.48 0.58 0.72 
Other0.27 1.21 0.24 0.27 0.31 0.34 0.60 
Total deposit spreads1.70 1.98 1.68 1.71 1.73 1.81 1.87 
Consumer investment assets$353,280 $266,733 $353,280 $345,809 $324,479 $306,104 $266,733 
Active digital banking users (in thousands) (1)
40,911 39,267 40,911 40,512 40,286 39,315 39,267 
Active mobile banking users (in thousands) (2)
32,455 30,601 32,455 31,796 31,487 30,783 30,601 
Financial centers4,215 4,309 4,215 4,296 4,324 4,312 4,309 
ATMs16,513 16,962 16,513 16,795 16,905 16,904 16,962 
Total credit card (3)
Loans
Average credit card outstandings$74,383 $87,302 $75,569 $73,399 $74,165 $78,210 $81,309 
Ending credit card outstandings76,869 79,834 76,869 75,599 72,786 78,708 79,834 
Credit quality
Net charge-offs$1,443 $1,944 $321 $488 $634 $405 $509 
2.59 %2.97 %1.69 %2.67 %3.47 %2.06 %2.49 %
30+ delinquency$934 $1,270 $934 $976 $1,317 $1,689 $1,270 
1.21 %1.59 %1.21 %1.29 %1.81 %2.15 %1.59 %
90+ delinquency$450 $545 $450 $533 $755 $903 $545 
0.58 %0.68 %0.58 %0.71 %1.04 %1.15 %0.68 %
Other total credit card indicators (3)
Gross interest yield10.24 %10.21 %10.10 %10.10 %10.52 %10.49 %10.16 %
Risk-adjusted margin9.93 8.66 10.70 9.76 9.29 10.84 9.66 
New accounts (in thousands)2,654 1,991 1,049 931 674 514 487 
Purchase volumes$223,900 $182,133 $80,925 $78,384 $64,591 $69,466 $64,060 
Debit card data
Purchase volumes$349,492 $280,222 $119,680 $121,905 $107,907 $104,280 $102,004 
Loan production (4)
Consumer Banking:
First mortgage$33,194 $35,228 $12,510 $11,502 $9,182 $7,969 $7,298 
Home equity2,579 6,555 1,262 907 410 375 738 
Total (5):
First mortgage$56,731 $55,422 $21,232 $20,266 $15,233 $13,664 $13,360 
Home equity3,192 7,691 1,523 1,166 503 469 984 
(1)    Represents mobile and/or online active users over the past 90 days.
(2)    Represents mobile active users over the past 90 days.
(3)    In addition to the credit card portfolio in Consumer Banking, the remaining credit card portfolio is in GWIM.
(4)    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.
(5)    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.
15

Bank of America Corporation and Subsidiaries
Consumer Banking Quarterly Results
(Dollars in millions)
Third Quarter 2021Second Quarter 2021
Total Consumer BankingDepositsConsumer
Lending		Total Consumer BankingDepositsConsumer
Lending
Net interest income$6,493 $3,731 $2,762 $5,973 $3,480 $2,493 
Noninterest income:
Card income1,317 (7)1,324 1,312 (7)1,319 
Service charges935 935 — 851 850 1 
All other income 93 56 37 50 22 28 
Total noninterest income2,345 984 1,361 2,213 865 1,348 
Total revenue, net of interest expense8,838 4,715 4,123 8,186 4,345 3,841 
Provision for credit losses247 53 194 (697)47 (744)
Noninterest expense4,558 2,725 1,833 4,859 2,855 2,004 
Income before income taxes4,033 1,937 2,096 4,024 1,443 2,581 
Income tax expense988 474 514 986 354 632 
Net income $3,045 $1,463 $1,582 $3,038 $1,089 $1,949 
Net interest yield2.49 %1.49 %3.95 %2.37 %1.44 %3.60 %
Return on average allocated capital (1)
31 48 24 32 36 30 
Efficiency ratio51.56 57.75 44.48 59.36 65.73 52.16 
Balance Sheet
Average
Total loans and leases$281,380 $4,387 $276,993 $281,767 $4,447 $277,320 
Total earning assets (2)
1,034,471 991,186 277,491 1,012,335 968,492 277,742 
Total assets (2)
1,076,236 1,026,811 283,631 1,054,516 1,005,237 283,178 
Total deposits1,000,765 993,624 7,141 979,072 972,016 7,056 
Allocated capital (1)
38,500 12,000 26,500 38,500 12,000 26,500 
Period end
Total loans and leases$280,803 $4,345 $276,458 $282,900 $4,410 $278,490 
Total earning assets (2)
1,050,331 1,006,593 277,056 1,022,092 978,402 278,850 
Total assets (2)
1,091,431 1,041,487 283,262 1,063,650 1,013,887 284,923 
Total deposits1,015,276 1,008,051 7,225 987,655 980,486 7,169 
Third Quarter 2020
Total Consumer BankingDepositsConsumer
Lending
Net interest income$5,890 $3,245 $2,645 
Noninterest income:
Card income1,220 (4)1,224 
Service charges837 837 — 
All other income92 84 8 
Total noninterest income2,149 917 1,232 
Total revenue, net of interest expense8,039 4,162 3,877 
Provision for credit losses479 59 420 
Noninterest expense4,842 2,937 1,905 
Income before income taxes2,718 1,166 1,552 
Income tax expense666 286 380 
Net income$2,052 $880 $1,172 
Net interest yield2.61 %1.52 %3.35 %
Return on average allocated capital (1)
21 29 18 
Efficiency ratio60.24 70.60 49.13 
Balance Sheet
Average
Total loans and leases$318,751 $5,046 $313,705 
Total earning assets (2)
896,867 849,190 314,079 
Total assets (2)
936,112 886,406 316,107 
Total deposits860,999 853,452 7,547 
Allocated capital (1)
38,500 12,000 26,500 
Period end
Total loans and leases$312,447 $4,909 $307,538 
Total earning assets (2)
906,994 859,659 307,985 
Total assets (2)
947,513 897,182 310,981 
Total deposits872,022 864,100 7,922 
(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.
16


Bank of America Corporation and Subsidiaries
Consumer Banking Year-to-Date Results
(Dollars in millions)
Nine Months Ended September 30
20212020
Total Consumer BankingDepositsConsumer
Lending		Total Consumer BankingDepositsConsumer
Lending
Net interest income$18,386 $10,489 $7,897 $18,743 $10,491 $8,252 
Noninterest income:
Card income3,818 (19)3,837 3,384 (15)3,399 
Service charges2,617 2,615 2 2,538 2,537 1 
All other income272 151 121 355 244 111 
Total noninterest income6,707 2,747 3,960 6,277 2,766 3,511 
Total revenue, net of interest expense25,093 13,236 11,857 25,020 13,257 11,763 
Provision for credit losses(1,067)174 (1,241)5,761 328 5,433 
Noninterest expense14,548 8,789 5,759 14,074 8,532 5,542 
Income before income taxes11,612 4,273 7,339 5,185 4,397 788 
Income tax expense2,845 1,047 1,798 1,270 1,077 193 
Net income$8,767 $3,226 $5,541 $3,915 $3,320 $595 
Net interest yield2.45 %1.46 %3.76 %2.98 %1.76 %3.51 %
Return on average allocated capital (1)
30 36 28 14 37 3 
Efficiency ratio57.97 66.40 48.57 56.25 64.36 47.11 
Balance Sheet
Average
Total loans and leases$284,644 $4,479 $280,165 $319,084 $5,264 $313,820 
Total earning assets (2)
1,001,590 957,561 280,617 838,792 794,371 314,275 
Total assets (2)
1,043,787 994,562 285,813 877,866 829,505 318,214 
Total deposits968,272 961,266 7,006 803,002 796,591 6,411 
Allocated capital (1)
38,500 12,000 26,500 38,500 12,000 26,500 
Period end
Total loans and leases$280,803 $4,345 $276,458 $312,447 $4,909 $307,538 
Total earning assets (2)
1,050,331 1,006,593 277,056 906,994 859,659 307,985 
Total assets (2)
1,091,431 1,041,487 283,262 947,513 897,182 310,981 
Total deposits1,015,276 1,008,051 7,225 872,022 864,100 7,922 
For footnotes, see page 16.

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 Wealth & Investment Management Segment Results
(Dollars in millions)
 Nine Months Ended
September 30		Third
Quarter
2021		Second
Quarter
2021		First
Quarter
2021		Fourth
Quarter
2020		Third
Quarter
2020
 20212020
Net interest income $4,137 $4,186 $1,451 $1,355 $1,331 $1,282 $1,237 
Noninterest income:
Investment and brokerage services10,610 9,081 3,683 3,536 3,391 3,189 3,105 
All other income599 640 176 174 249 206 204 
Total noninterest income11,209 9,721 3,859 3,710 3,640 3,395 3,309 
Total revenue, net of interest expense 15,346 13,907 5,310 5,065 4,971 4,677 4,546 
Provision for credit losses(185)349 (58)(62)(65)8 24 
Noninterest expense11,425 10,596 3,745 3,813 3,867 3,564 3,533 
Income before income taxes 4,106 2,962 1,623 1,314 1,169 1,105 989 
Income tax expense 1,006 726 398 322 286 271 242 
Net income$3,100 $2,236 $1,225 $992 $883 $834 $747 
Net interest yield 1.51 %1.81 %1.54 %1.48 %1.50 %1.52 %1.53 %
Return on average allocated capital (1)
25 20 30 24 22 22 20 
Efficiency ratio74.45 76.19 70.51 75.29 77.79 76.19 77.70 
Balance Sheet
Average
Total loans and leases$194,090 $182,138 $199,664 $193,988 $188,495 $187,167 $185,587 
Total earning assets (2)
367,239 309,240 373,691 367,778 360,099 336,165 321,410 
Total assets (2)
379,802 321,565 386,346 380,315 372,594 348,693 333,794 
Total deposits333,119 280,828 339,357 333,487 326,370 305,870 291,845 
Allocated capital (1)
16,500 15,000 16,500 16,500 16,500 15,000 15,000 
Period end
Total loans and leases$202,268 $187,211 $202,268 $198,361 $190,060 $188,562 $187,211 
Total earning assets (2)
380,857 324,889 380,857 365,496 365,853 356,873 324,889 
Total assets (2)
393,708 337,576 393,708 378,220 378,654 369,736 337,576 
Total deposits345,590 295,893 345,590 330,624 333,254 322,157 295,893 
(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 Wealth & Investment Management Key Indicators
(Dollars in millions)
 Nine Months Ended
September 30		Third
Quarter
2021		Second
Quarter
2021		First
Quarter
2021		Fourth
Quarter
2020		Third
Quarter
2020
 20212020
Revenue by Business
Merrill Lynch Global Wealth Management$12,916 $11,446 $4,471 $4,260 $4,185 $3,846 $3,748 
Bank of America Private Bank2,430 2,461 839 805 786 831 798 
Total revenue, net of interest expense $15,346 $13,907 $5,310 $5,065 $4,971 $4,677 $4,546 
Client Balances by Business, at period end
Merrill Lynch Global Wealth Management$3,108,358 $2,570,252 $3,108,358 $3,073,252 $2,922,770 $2,808,340 $2,570,252 
Bank of America Private Bank584,475 496,369 584,475 579,562 557,569 541,464 496,369 
Total client balances$3,692,833 $3,066,621 $3,692,833 $3,652,814 $3,480,339 $3,349,804 $3,066,621 
Client Balances by Type, at period end
Assets under management (1)
$1,578,630 $1,286,145 $1,578,630 $1,549,069 $1,467,487 $1,408,465 $1,286,145 
Brokerage and other assets1,612,472 1,344,538 1,612,472 1,619,246 1,535,424 1,479,614 1,344,538 
Deposits345,590 295,893 345,590 330,624 333,254 322,157 295,893 
Loans and leases (2)
205,055 189,952 205,055 201,154 192,725 191,124 189,952 
Less: Managed deposits in assets under management(48,914)(49,907)(48,914)(47,279)(48,551)(51,556)(49,907)
Total client balances$3,692,833 $3,066,621 $3,692,833 $3,652,814 $3,480,339 $3,349,804 $3,066,621 
Assets Under Management Rollforward
Assets under management, beginning balance$1,408,465 $1,275,555 $1,549,069 $1,467,487 $1,408,465 $1,286,145 $1,219,748 
Net client flows44,698 11,993 14,776 11,714 18,208 7,603 1,385 
Market valuation/other125,467 (1,403)14,785 69,868 40,814 114,717 65,012 
Total assets under management, ending balance$1,578,630 $1,286,145 $1,578,630 $1,549,069 $1,467,487 $1,408,465 $1,286,145 
Advisors, at period end
Total wealth advisors (3)
18,855 20,487 18,855 19,385 19,808 20,103 20,487 
(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.
19

Bank of America Corporation and Subsidiaries
Global Banking Segment Results
(Dollars in millions)
 Nine Months Ended
September 30		Third
Quarter
2021		Second
Quarter
2021		First
Quarter
2021		Fourth
Quarter
2020		Third
Quarter
2020
 20212020
Net interest income $6,150 $7,003 $2,186 $1,984 $1,980 $2,010 $2,028 
Noninterest income:
Service charges2,637 2,379 890 900 847 859 846 
Investment banking fees3,642 2,912 1,297 1,173 1,172 1,098 970 
All other income2,538 1,914 871 1,033 634 812 673 
Total noninterest income8,817 7,205 3,058 3,106 2,653 2,769 2,489 
Total revenue, net of interest expense 14,967 14,208 5,244 5,090 4,633 4,779 4,517 
Provision for credit losses(2,738)4,849 (781)(831)(1,126)48 883 
Noninterest expense7,915 6,910 2,534 2,599 2,782 2,433 2,365 
Income before income taxes 9,790 2,449 3,491 3,322 2,977 2,298 1,269 
Income tax expense 2,643 661 942 897 804 621 343 
Net income$7,147 $1,788 $2,549 $2,425 $2,173 $1,677 $926 
Net interest yield 1.53 %1.96 %1.55 %1.49 %1.56 %1.57 %1.61 %
Return on average allocated capital (1)
22 6 24 23 21 16 9 
Efficiency ratio 52.88 48.63 48.31 51.07 60.04 50.90 52.36 
Balance Sheet
Average
Total loans and leases$326,632 $394,331 $324,736 $325,110 $330,107 $346,323 $373,118 
Total earning assets (2)
537,037 477,606 560,181 534,562 515,880 509,759 501,572 
Total assets (2)
597,947 534,061 621,699 595,498 576,145 566,845 557,889 
Total deposits509,445 449,273 534,166 506,618 487,034 478,269 471,288 
Allocated capital (1)
42,500 42,500 42,500 42,500 42,500 42,500 42,500 
Period end
Total loans and leases$328,893 $356,919 $328,893 $323,256 $325,996 $339,649 $356,919 
Total earning assets (2)
561,239 496,825 561,239 547,278 533,852 522,650 496,825 
Total assets (2)
623,640 553,776 623,640 607,969 594,235 580,561 553,776 
Total deposits536,476 465,399 536,476 520,026 506,012 493,748 465,399 
(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.
20

Bank of America Corporation and Subsidiaries
Global Banking Key Indicators
(Dollars in millions)
 Nine Months Ended
September 30		Third
Quarter
2021		Second
Quarter
2021		First
Quarter
2021		Fourth
Quarter
2020		Third
Quarter
2020
 20212020
Investment Banking fees (1)
Advisory (2)
$1,341 $948 $608 $376 $357 $510 $356 
Debt issuance1,306 1,247 401 482 423 308 320 
Equity issuance995 717 288 315 392 280 294 
Total Investment Banking fees (3)
$3,642 $2,912 $1,297 $1,173 $1,172 $1,098 $970 
Business Lending
Corporate$2,529 $2,658 $886 $989 $654 $894 $791 
Commercial2,689 2,815 924 867 898 928 953 
Business Banking166 207 55 56 55 54 59 
Total Business Lending revenue$5,384 $5,680 $1,865 $1,912 $1,607 $1,876 $1,803 
Global Transaction Services
Corporate$2,245 $2,314 $821 $734 $690 $672 $658 
Commercial2,334 2,432 819 771 744 737 745 
Business Banking653 682 227 215 211 211 209 
Total Global Transaction Services revenue$5,232 $5,428 $1,867 $1,720 $1,645 $1,620 $1,612 
Average deposit balances
Interest-bearing$164,420 $213,142 $165,669 $162,947 $164,633 $169,637 $190,417 
Noninterest-bearing345,025 236,131 368,497 343,671 322,401 308,632 280,871 
Total average deposits$509,445 $449,273 $534,166 $506,618 $487,034 $478,269 $471,288 
Loan spread1.59 %1.43 %1.60 %1.57 %1.60 %1.58 %1.52 %
Provision for credit losses$(2,738)$4,849 $(781)$(831)$(1,126)$48 $883 
Credit quality (4, 5)
Reservable criticized utilized exposure$20,894 $30,803 $20,894 $25,158 $29,954 $34,001 $30,803 
5.99 %8.18 %5.99 %7.33 %8.66 %9.45 %8.18 %
Nonperforming loans, leases and foreclosed properties$1,504 $1,935 $1,504 $1,651 $1,812 $1,979 $1,935 
0.46 %0.55 %0.46 %0.52 %0.56 %0.59 %0.55 %
Average loans and leases by product
U.S. commercial$189,444 $230,514 $187,047 $188,716 $192,628 $200,670 $218,063 
Non-U.S. commercial71,037 91,046 71,859 70,666 70,573 76,634 83,950 
Commercial real estate49,564 53,515 49,868 49,139 49,685 51,254 52,607 
Commercial lease financing16,585 19,255 15,961 16,588 17,221 17,765 18,498 
Other2 1 1 1 — — — 
Total average loans and leases$326,632 $394,331 $324,736 $325,110 $330,107 $346,323 $373,118 
Total Corporation Investment Banking fees
Advisory (2)
$1,461 $1,072 $654 $407 $400 $549 $397 
Debt issuance3,031 2,725 933 1,110 988 718 740 
Equity issuance2,239 1,687 637 702 900 641 664 
Total investment banking fees including self-led deals6,731 5,484 2,224 2,219 2,288 1,908 1,801 
Self-led deals(195)(168)(56)(97)(42)(44)(32)
Total Investment Banking fees$6,536 $5,316 $2,168 $2,122 $2,246 $1,864 $1,769 
(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.
21


Bank of America Corporation and Subsidiaries
Global Markets Segment Results
(Dollars in millions)
 Nine Months Ended
September 30		Third
Quarter
2021		Second
Quarter
2021		First
Quarter
2021		Fourth
Quarter
2020		Third
Quarter
2020
 20212020
Net interest income$2,980 $3,558 $1,000 $990 $990 $1,088 $1,108 
Noninterest income:
Investment and brokerage services1,504 1,487 470 474 560 487 439 
Investment banking fees2,784 2,280 844 959 981 712 738 
Market making and similar activities7,448 7,059 2,014 1,964 3,470 1,413 1,725 
All other income721 475 191 333 197 207 273 
Total noninterest income12,457 11,301 3,519 3,730 5,208 2,819 3,175 
Total revenue, net of interest expense (1)
15,437 14,859 4,519 4,720 6,198 3,907 4,283 
Provision for credit losses33 233 16 22 (5)18 21 
Noninterest expense10,150 8,598 3,252 3,471 3,427 2,820 3,102 
Income before income taxes5,254 6,028 1,251 1,227 2,776 1,069 1,160 
Income tax expense1,366 1,567 325 319 722 278 302 
Net income$3,888 $4,461 $926 $908 $2,054 $791 $858 
Return on average allocated capital (2)
14 %17 %10 %10 %22 %9 %9 %
Efficiency ratio65.75 57.86 71.94 73.55 55.29 72.18 72.42 
Balance Sheet
Average
Total trading-related assets$544,343 $485,142 $563,715 $566,842 $501,789 $476,607 $485,314 
Total loans and leases87,535 72,702 97,148 87,826 77,415 74,133 72,319 
Total earning assets528,113 485,448 557,333 531,000 495,324 472,410 476,182 
Total assets775,552 685,685 804,938 797,558 723,264 683,146 680,983 
Total deposits54,699 45,002 54,650 55,584 53,852 54,539 56,475 
Allocated capital (2)
38,000 36,000 38,000 38,000 38,000 36,000 36,000 
Period end
Total trading-related assets$536,125 $477,552 $536,125 $542,614 $524,188 $421,698 $477,552 
Total loans and leases98,892 75,475 98,892 96,105 84,247 78,415 75,475 
Total earning assets526,585 461,855 526,585 527,983 496,103 447,350 461,855 
Total assets 776,929 676,242 776,929 773,714 745,681 616,609 676,242 
Total deposits54,941 56,727 54,941 57,297 61,450 53,925 56,727 
Trading-related assets (average)
Trading account securities$291,500 $241,753 $304,133 $304,760 $265,181 $248,785 $251,735 
Reverse repurchases111,330 106,968 117,486 116,424 99,886 97,932 100,395 
Securities borrowed97,205 88,734 101,086 101,144 89,253 82,331 86,508 
Derivative assets44,308 47,687 41,010 44,514 47,469 47,559 46,676 
Total trading-related assets$544,343 $485,142 $563,715 $566,842 $501,789 $476,607 $485,314 
(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 23.
(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.
22

Bank of America Corporation and Subsidiaries
Global Markets Key Indicators
(Dollars in millions)
Nine Months Ended
September 30		Third
Quarter
2021		Second
Quarter
2021		First
Quarter
2021		Fourth
Quarter
2020		Third
Quarter
2020
20212020
Sales and trading revenue (1)
Fixed-income, currencies and commodities$7,188 $7,905 $2,009 $1,937 $3,242 $1,690 $2,019 
Equities5,065 4,105 1,605 1,624 1,836 1,317 1,205 
Total sales and trading revenue$12,253 $12,010 $3,614 $3,561 $5,078 $3,007 $3,224 
Sales and trading revenue, excluding net debit valuation adjustment (2,3)
Fixed-income, currencies and commodities$7,241 $7,983 $2,025 $1,965 $3,251 $1,742 $2,126 
Equities5,068 4,104 1,609 1,630 1,829 1,321 1,214 
Total sales and trading revenue, excluding net debit valuation adjustment$12,309 $12,087 $3,634 $3,595 $5,080 $3,063 $3,340 
Sales and trading revenue breakdown
Net interest income$2,733 $3,142 $920 $914 $899 $999 $960 
Commissions1,469 1,456 459 462 548 476 429 
Trading7,447 7,058 2,014 1,963 3,470 1,412 1,725 
Other604 354 221 222 161 120 110 
Total sales and trading revenue$12,253 $12,010 $3,614 $3,561 $5,078 $3,007 $3,224 
(1)    Includes Global Banking sales and trading revenue of $412 million and $378 million for the nine months ended September 30, 2021 and 2020, and $138 million, $170 million and $104 million for the third, second and first quarters of 2021, and $101 million and $85 million for the fourth and third 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.
(3)Net DVA gains (losses) were $(56) million and $(77) million for the nine months ended September 30, 2021 and 2020 and $(20) million, $(34) million, $(2) million, $(56) million and $(116) million for the third, second and first quarters of 2021 and the fourth and third quarters of 2020, respectively. FICC net DVA gains (losses) were $(53) million and $(78) million for the nine months ended September 30, 2021 and 2020, and $(16) million, $(28) million, $(9) million, $(52) million and $(107) million for the third, second and first quarters of 2021 and the fourth and third quarters of 2020, respectively. Equities net DVA gains (losses) were $(3) million and $1 million for the nine months ended September 30, 2021 and 2020, and $(4) million, $(6) million, $7 million, $(4) million and $(9) million 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 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.
23

Bank of America Corporation and Subsidiaries
All Other Results (1)
(Dollars in millions)
 Nine Months Ended
September 30		Third
Quarter
2021		Second
Quarter
2021		First
Quarter
2021		Fourth
Quarter
2020		Third
Quarter
2020
 20212020
Net interest income$193 $3 $65 $41 $87 $31 $(20)
Noninterest income (loss)(3,661)(2,182)(1,109)(1,526)(1,026)(1,424)(915)
Total revenue, net of interest expense(3,468)(2,179)(1,044)(1,485)(939)(1,393)(935)
Provision for credit losses(148)75 (48)(53)(47)(25)(18)
Noninterest expense962 1,108 351 303 308 301 559 
Loss before income taxes(4,282)(3,362)(1,347)(1,735)(1,200)(1,669)(1,476)
Income tax expense (benefit)(6,345)(3,386)(1,293)(3,596)(1,456)(1,248)(1,774)
Net income (loss)$2,063 $24 $(54)$1,861 $256 $(421)$298 
Balance Sheet
Average
Total loans and leases$19,190 $30,218 $17,581 $19,209 $20,815 $22,029 $24,243 
Total assets (2)
193,896 227,430 187,233 187,226 207,449 232,814 230,906 
Total deposits14,062 19,926 13,767 14,073 14,354 13,251 14,881 
Period end
Total loans and leases$16,880 $23,120 $16,880 $18,306 $19,850 $21,301 $23,120 
Total assets (3)
199,738 223,345 199,738 206,341 204,009 264,141 223,345 
Total deposits12,521 12,839 12,521 13,540 12,513 12,998 12,839 
(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 $1.1 trillion and $714.2 billion for the nine months ended September 30, 2021 and 2020, $1.1 trillion, $1.1 trillion and $1.0 trillion for the third, second and first quarters of 2021, and $908.7 billion and $828.3 billion for the fourth and third quarters of 2020, respectively.
(3)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $1.2 trillion, $1.1 trillion, $1.1 trillion, $977.7 billion and $857.8 billion at September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 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.
24

Bank of America Corporation and Subsidiaries
Outstanding Loans and Leases
(Dollars in millions)
September 30
2021		June 30
2021		September 30
2020
Consumer
Residential mortgage$216,940 $214,324 $232,718 
Home equity29,000 30,469 36,530 
Credit card76,869 75,599 79,834 
Direct/Indirect consumer (1) 
99,845 96,903 89,914 
Other consumer (2) 
202 172 140 
Total consumer loans excluding loans accounted for under the fair value option422,856 417,467 439,136 
Consumer loans accounted for under the fair value option (3) 
616 654 657 
Total consumer423,472 418,121 439,793 
Commercial
U.S. commercial295,927 291,120 293,934 
Non-U.S. commercial102,850 98,150 96,151 
Commercial real estate (4) 
60,723 59,606 62,454 
Commercial lease financing15,044 15,768 17,413 
474,544 464,644 469,952 
U.S. small business commercial (5)
22,770 29,867 38,850 
Total commercial loans excluding loans accounted for under the fair value option497,314 494,511 508,802 
Commercial loans accounted for under the fair value option (3) 
6,950 6,296 6,577 
Total commercial504,264 500,807 515,379 
Total loans and leases $927,736 $918,928 $955,172 
(1)Includes primarily auto and specialty lending loans and leases of $47.2 billion, $46.4 billion and $47.1 billion, U.S. securities-based lending loans of $48.7 billion, $46.4 billion and $39.0 billion and non-U.S. consumer loans of $3.0 billion, $3.0 billion and $2.9 billion at September 30, 2021, June 30, 2021 and September 30, 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 $241 million, $257 million and $314 million and home equity loans of $375 million, $397 million and $343 million at September 30, 2021, June 30, 2021 and September 30, 2020, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $4.5 billion, $4.4 billion and $3.4 billion and non-U.S. commercial loans of $2.4 billion, $1.9 billion and $3.2 billion at September 30, 2021, June 30, 2021 and September 30, 2020, respectively.
(4)Includes U.S. commercial real estate loans of $56.6 billion, $55.8 billion and $58.7 billion and non-U.S. commercial real estate loans of $4.1 billion, $3.8 billion and $3.7 billion at September 30, 2021, June 30, 2021 and September 30, 2020, respectively.
(5)Includes card-related products and Paycheck Protection Program (PPP) loans.


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
Quarterly Average Loans and Leases by Business Segment and All Other
(Dollars in millions)
 Third Quarter 2021
 Total
Corporation		Consumer BankingGWIMGlobal
Banking		Global
Markets		All 
Other
Consumer
Residential mortgage$215,652 $110,549 $91,015 $1 $— $14,087 
Home equity30,069 23,627 2,565 — 266 3,611 
Credit card75,569 72,981 2,588 — — — 
Direct/Indirect and other consumer98,148 47,059 51,084 — — 5 
Total consumer419,438 254,216 147,252 1 266 17,703 
Commercial
U.S. commercial323,659 27,151 46,891 187,047 62,329 241 
Non-U.S. commercial101,967 — 1,237 71,859 28,836 35 
Commercial real estate59,881 13 4,284 49,868 5,714 2 
Commercial lease financing15,564 — — 15,961 3 (400)
Total commercial501,071 27,164 52,412 324,735 96,882 (122)
Total loans and leases$920,509 $281,380 $199,664 $324,736 $97,148 $17,581 
 Second Quarter 2021
 Total
Corporation		Consumer BankingGWIMGlobal
Banking		Global
Markets		All 
Other
Consumer
Residential mortgage$214,096 $109,652 $89,129 $1 $— $15,314 
Home equity31,621 24,839 2,670 — 275 3,837 
Credit card73,399 70,900 2,499 — — — 
Direct/Indirect and other consumer94,321 46,233 48,085 — — 3 
Total consumer413,437 251,624 142,383 1 275 19,154 
Commercial
U.S. commercial322,633 30,131 46,253 188,716 57,188 345 
Non-U.S. commercial96,343 — 1,078 70,666 24,490 109 
Commercial real estate59,276 12 4,274 49,139 5,847 4 
Commercial lease financing16,211 — — 16,588 26 (403)
Total commercial494,463 30,143 51,605 325,109 87,551 55 
Total loans and leases $907,900 $281,767 $193,988 $325,110 $87,826 $19,209 
 Third Quarter 2020
 Total
Corporation		Consumer BankingGWIMGlobal
Banking		Global
Markets		All 
Other
Consumer
Residential mortgage$237,414 $127,546 $89,926 $— $— $19,942 
Home equity37,897 30,069 3,128 — 302 4,398 
Credit card81,309 78,915 2,394 — — — 
Direct/Indirect and other consumer89,559 48,137 41,420 — — 2 
Total consumer446,179 284,667 136,868 — 302 24,342 
Commercial
U.S. commercial343,533 34,069 43,401 218,063 47,691 309 
Non-U.S. commercial102,938 — 837 83,950 18,146 5 
Commercial real estate63,262 15 4,480 52,607 6,154 6 
Commercial lease financing18,106 — 1 18,498 26 (419)
Total commercial527,839 34,084 48,719 373,118 72,017 (99)
Total loans and leases$974,018 $318,751 $185,587 $373,118 $72,319 $24,243 



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.
26

Bank of America Corporation and Subsidiaries
Commercial Credit Exposure by Industry (1, 2, 3, 4, 6)
(Dollars in millions)
Commercial UtilizedTotal Commercial Committed
September 30
2021		June 30
2021		September 30
2020		September 30
2021		June 30
2021		September 30
2020
Asset managers & funds$84,421 $78,769 $62,780 $132,206 $118,559 $96,279 
Real estate (5)
67,946 66,707 71,814 95,019 92,913 94,577 
Capital goods40,568 38,906 42,788 87,078 84,180 83,015 
Finance companies49,982 52,314 43,396 78,113 78,342 66,964 
Healthcare equipment and services30,475 32,112 36,283 59,665 62,851 60,755 
Materials24,650 23,641 25,446 53,988 50,630 51,281 
Government & public education37,469 38,295 43,699 49,731 50,468 56,785 
Consumer services27,936 28,438 32,011 48,638 48,055 48,605 
Retailing22,919 23,388 26,030 47,074 48,318 48,197 
Food, beverage and tobacco21,825 22,569 22,590 44,520 46,276 44,779 
Individuals and trusts28,384 28,785 26,831 38,124 38,329 36,154 
Commercial services and supplies19,270 20,027 22,223 38,300 39,836 39,163 
Energy14,858 13,223 15,426 33,385 31,830 34,505 
Utilities14,477 13,044 12,488 32,977 31,777 29,501 
Transportation21,880 21,842 24,854 32,771 32,210 34,306 
Media12,470 12,318 13,128 26,540 29,157 25,245 
Technology hardware and equipment9,872 9,446 9,318 25,526 25,208 21,963 
Software and services9,565 8,213 9,891 24,560 21,991 19,981 
Global commercial banks18,527 20,143 21,109 20,683 21,791 23,116 
Consumer durables and apparel9,039 8,587 10,053 20,254 19,731 20,972 
Telecommunication services8,438 8,983 7,063 19,074 18,456 13,441 
Pharmaceuticals and biotechnology4,537 4,934 4,756 17,675 16,099 15,128 
Automobiles and components9,106 9,340 11,833 16,969 17,022 19,201 
Vehicle dealers9,295 10,821 14,598 15,260 14,852 18,457 
Insurance4,978 5,123 6,163 13,382 13,759 13,757 
Food and staples retailing5,323 5,354 5,166 11,425 10,716 10,455 
Financial markets infrastructure (clearinghouses)3,680 3,666 4,587 5,905 5,779 7,216 
Religious and social organizations3,477 4,042 4,871 5,414 5,828 6,763 
Total commercial credit exposure by industry$615,367 $613,030 $631,195 $1,094,256 $1,074,963 $1,040,561 
(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 $31.2 billion, $32.3 billion and $41.3 billion at September 30, 2021, June 30, 2021 and September 30, 2020, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $40.3 billion, $37.1 billion and $35.0 billion, which consists primarily of other marketable securities, at September 30, 2021, June 30, 2021 and September 30, 2020, respectively.
(2)Total utilized and total committed exposure includes loans of $6.9 billion, $6.1 billion and $6.6 billion and issued letters of credit with a notional amount of $86 million, $80 million and $121 million accounted for under the fair value option at September 30, 2021, June 30, 2021 and September 30, 2020, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $4.9 billion, $5.2 billion and $3.2 billion at September 30, 2021, June 30, 2021 and September 30, 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)Includes $8.4 billion, $15.7 billion and $24.7 billion of PPP loan exposure across impacted industries at September 30, 2021, June 30, 2021 and September 30, 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.
27

Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties
(Dollars in millions)
September 30
2021		June 30
2021		March 31
2021		December 31
2020		September 30
2020
Residential mortgage$2,296 $2,343 $2,366 $2,005 $1,675 
Home equity676 651 669 649 640 
Direct/Indirect consumer45 50 56 71 42 
Total consumer3,017 3,044 3,091 2,725 2,357 
U.S. commercial909 1,060 1,228 1,243 1,351 
Non-U.S. commercial272 275 342 418 338 
Commercial real estate414 404 354 404 414 
Commercial lease financing70 81 80 87 14 
1,665 1,820 2,004 2,152 2,117 
U.S. small business commercial32 43 67 75 76 
Total commercial1,697 1,863 2,071 2,227 2,193 
Total nonperforming loans and leases4,714 4,907 5,162 4,952 4,550 
Foreclosed properties (1)
117 124 137 164 180 
Total nonperforming loans, leases and foreclosed properties (2, 3)
$4,831 $5,031 $5,299 $5,116 $4,730 
Fully-insured home loans past due 30 days or more and still accruing$930 $997 $1,030 $1,090 $1,213 
Consumer credit card past due 30 days or more and still accruing 934 976 1,317 1,689 1,270 
Other loans past due 30 days or more and still accruing2,583 2,699 3,506 3,398 3,322 
Total loans past due 30 days or more and still accruing (4, 5)
$4,447 $4,672 $5,853 $6,177 $5,805 
Fully-insured home loans past due 90 days or more and still accruing$648 $687 $728 $762 $837 
Consumer credit card past due 90 days or more and still accruing
450 533 755 903 546 
Other loans past due 90 days or more and still accruing232 299 309 417 365 
Total loans past due 90 days or more and still accruing (4, 5)
$1,330 $1,519 $1,792 $2,082 $1,748 
Nonperforming loans, leases and foreclosed properties/Total assets (6)
0.16 %0.17 %0.18 %0.18 %0.17 %
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties (6)
0.52 0.55 0.59 0.56 0.50 
Nonperforming loans and leases/Total loans and leases (6)
0.51 0.54 0.58 0.54 0.48 
Commercial reservable criticized utilized exposure (7)
$24,142 $28,878 $34,283 $38,666 $35,710 
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure (7)
4.53 %5.45 %6.59 %7.31 %6.55 %
Total commercial criticized utilized exposure/Commercial utilized exposure (7)
4.55 5.37 6.41 7.22 6.34 
(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 $55 million, $66 million, $87 million, $119 million and $131 million at September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 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 $279 million, $348 million, $384 million, $359 million and $184 million and nonperforming loans accounted for under the fair value option of $13 million, $13 million, $12 million, $11 million and $9 million at September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, respectively.
(4)Balances do not include loans held-for-sale past due 30 days or more and still accruing of $222 million, $159 million, $75 million, $38 million and $93 million at September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, respectively, and loans held-for-sale past due 90 days or more and still accruing of $9 million, $70 million, $18 million, $32 million and $41 million at September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, respectively. At September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, there were $9 million, $74 million, $12 million, $15 million and $119 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 $7.6 billion, $7.0 billion, $7.0 billion, $6.7 billion and $7.2 billion at September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 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.
28

Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties Activity (1)
 (Dollars in millions)
Third
Quarter
2021		Second
Quarter
2021		First
Quarter
2021		Fourth
Quarter
2020		Third
Quarter
2020
Nonperforming Consumer Loans and Leases:
Balance, beginning of period$3,044 $3,091 $2,725 $2,357 $2,191 
Additions353 431 851 860 587 
Reductions:
Paydowns and payoffs(163)(160)(123)(137)(113)
Sales(1)(1)(1)(7)— 
Returns to performing status (2)
(201)(291)(347)(325)(291)
Charge-offs (3)
(12)(25)(12)(16)(13)
Transfers to foreclosed properties(3)(1)(2)(7)(4)
Total net additions (reductions) to nonperforming loans and leases(27)(47)366 368 166 
Total nonperforming consumer loans and leases, end of period3,017 3,044 3,091 2,725 2,357 
Foreclosed properties87 93 101 123 135 
Nonperforming consumer loans, leases and foreclosed properties, end of period$3,104 $3,137 $3,192 $2,848 $2,492 
Nonperforming Commercial Loans and Leases (4):
Balance, beginning of period$1,863 $2,071 $2,227 $2,193 $2,202 
Additions275 503 472 1,192 656 
Reductions:
Paydowns(297)(264)(312)(397)(216)
Sales(29)(77)(22)(274)(50)
Return to performing status (5)
(82)(59)(28)(127)(21)
Charge-offs(33)(108)(78)(313)(367)
Transfers to foreclosed properties— — — (2)— 
Transfers to loans held-for-sale— (203)(188)(45)(11)
Total net additions (reductions) to nonperforming loans and leases(166)(208)(156)34 (9)
Total nonperforming commercial loans and leases, end of period1,697 1,863 2,071 2,227 2,193 
Foreclosed properties30 31 36 41 45 
Nonperforming commercial loans, leases and foreclosed properties, end of period$1,727 $1,894 $2,107 $2,268 $2,238 
(1)For amounts excluded from nonperforming loans, leases and foreclosed properties, see footnotes to Nonperforming Loans, Leases and Foreclosed Properties table on page 28.
(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.
29

Bank of America Corporation and Subsidiaries
Quarterly Net Charge-offs and Net Charge-off Ratios (1) 
(Dollars in millions)
 Third
Quarter
2021		Second
Quarter
2021		First
Quarter
2021		Fourth
Quarter
2020		Third
Quarter
2020
AmountPercentAmountPercentAmountPercentAmountPercentAmountPercent
Net Charge-offs
Residential mortgage $(7)(0.01)%$(6)(0.01)%$(4)(0.01)%$(3)— %$(6)(0.01)%
Home equity(34)(0.46)(24)(0.31)(35)(0.42)(28)(0.31)(20)(0.21)
Credit card321 1.69 488 2.67 634 3.47 405 2.06 509 2.49 
Direct/Indirect consumer(18)(0.07)(9)(0.04)31 0.14 38 0.17 18 0.08 
Other consumer67 n/m64 n/m67 n/m70 n/m63 n/m
Total consumer329 0.31 513 0.50 693 0.67 482 0.44 564 0.50 
U.S. commercial 15 0.02 (31)(0.04)12 0.02 182 0.25 154 0.20 
Non-U.S. commercial1 — 14 0.06 26 0.12 65 0.28 57 0.23 
Total commercial and industrial16 0.02 (17)(0.02)38 0.04 247 0.26 211 0.21 
Commercial real estate— — 17 0.11 11 0.07 101 0.66 106 0.66 
Commercial lease financing(1)— — — — — (1)(0.03)24 0.53 
15 0.01 — — 49 0.04 347 0.30 341 0.28 
U.S. small business commercial119 1.76 82 0.98 81 0.89 52 0.53 67 0.69 
Total commercial134 0.11 82 0.07 130 0.11 399 0.32 408 0.31 
Total net charge-offs$463 0.20 $595 0.27 $823 0.37 $881 0.38 $972 0.40 
By Business Segment and All Other
Consumer Banking$489 0.69 %$625 0.89 %$810 1.13 %$563 0.73 %$658 0.82 %
Global Wealth & Investment Management7 0.01 — — 13 0.03 9 0.02 (6)(0.01)
Global Banking8 0.01 3 — 36 0.05 314 0.37 328 0.36 
Global Markets— — — — 3 0.01 24 0.13 17 0.10 
All Other (41)(0.92)(33)(0.70)(39)(0.78)(29)(0.53)(25)(0.40)
Total net charge-offs$463 0.20 $595 0.27 $823 0.37 $881 0.38 $972 0.40 
(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.
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

Bank of America Corporation and Subsidiaries
Year-to-Date Net Charge-offs and Net Charge-off Ratios (1) 
(Dollars in millions)
 Nine Months Ended September 30
 20212020
AmountPercentAmountPercent
Net Charge-offs
Residential mortgage$(17)(0.01)%$(27)(0.02)%
Home equity (93)(0.40)(45)(0.16)
Credit card1,443 2.59 1,944 2.97 
Direct/Indirect consumer4 0.01 84 0.13 
Other consumer198 n/m214 n/m
Total consumer1,535 0.49 2,170 0.64 
U.S. commercial (4)— 536 0.23 
Non-U.S. commercial41 0.06 90 0.11 
Total commercial and industrial37 0.01 626 0.20 
Commercial real estate28 0.06 169 0.35 
Commercial lease financing(1)— 60 0.43 
64 0.02 855 0.23 
U.S. small business commercial282 1.16 215 1.01 
Total commercial346 0.09 1,070 0.27 
Total net charge-offs$1,881 0.28 $3,240 0.44 
By Business Segment and All Other
Consumer Banking$1,924 0.90 %$2,464 1.03 %
Global Wealth & Investment Management20 0.01 12 0.01 
Global Banking47 0.02 818 0.28 
Global Markets3 — 24 0.05 
All Other(113)(0.80)(78)(0.35)
Total net charge-offs$1,881 0.28 $3,240 0.44 
(1)Net charge-off ratios are calculated as 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.
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.
31

Bank of America Corporation and Subsidiaries
Allocation of the Allowance for Credit Losses by Product Type
(Dollars in millions)
September 30, 2021June 30, 2021September 30, 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$353 0.16%$394 0.18%$457 0.20%
Home equity202 0.70203 0.67398 1.09
Credit card6,055 7.886,234 8.258,972 11.24
Direct/Indirect consumer541 0.54555 0.57800 0.89
Other consumer43 n/m46 n/m64 n/m
Total consumer7,194 1.707,432 1.7810,691 2.43
U.S. commercial (3)
3,235 1.023,529 1.105,163 1.55
Non-U.S. commercial1,032 1.001,091 1.111,353 1.41
Commercial real estate1,621 2.671,956 3.282,283 3.66
Commercial lease financing73 0.4887 0.55106 0.60
Total commercial 5,961 1.206,663 1.358,905 1.75
Allowance for loan and lease losses13,155 1.4314,095 1.5519,596 2.07
Reserve for unfunded lending commitments1,538 1,687 1,910  
Allowance for credit losses$14,693 $15,782 $21,506  
Asset Quality Indicators
Allowance for loan and lease losses/Total loans and leases (2)
1.43%1.55%2.07%
Allowance for loan and lease losses/Total nonperforming loans and leases (4)
279287431
Ratio of the allowance for loan and lease losses/Annualized net charge-offs7.165.905.07
(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 $241 million, $257 million and $314 million and home equity loans of $375 million, $397 million and $343 million at September 30, 2021, June 30, 2021 and September 30, 2020, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $4.5 billion, $4.4 billion and $3.4 billion and non-U.S. commercial loans of $2.4 billion, $1.9 billion and $3.2 billion at September 30, 2021, June 30, 2021 and September 30, 2020, respectively.
(2)Total loans and leases do not include loans accounted for under the fair value option of $7.6 billion, $7.0 billion and $7.2 billion at September 30, 2021, June 30, 2021 and September 30, 2020, respectively.
(3)Includes allowance for loan and lease losses for U.S. small business commercial loans of $1.4 billion, $1.4 billion and $1.5 billion at September 30, 2021, June 30, 2021 and September 30, 2020, respectively.
(4)Allowance for loan and lease losses includes $7.4 billion, $7.5 billion and $10.3 billion allocated to products (primarily the Consumer Lending portfolios within Consumer Banking) that are excluded from nonperforming loans and leases at September 30, 2021, June 30, 2021 and September 30, 2020, respectively. Excluding these amounts, allowance for loan and lease losses as a percentage of total nonperforming loans and leases was 123 percent, 134 percent and 204 percent at September 30, 2021, June 30, 2021 and September 30, 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.
32

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 nine months ended September 30, 2021 and 2020, and the three months ended September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 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.
 Nine Months Ended
September 30		Third Quarter 2021Second Quarter 2021First Quarter 2021Fourth Quarter 2020Third Quarter 2020
 20212020
Reconciliation of income before income taxes to pretax, pre-provision income
Income before income taxes$26,158 $12,876 $8,950 $8,042 $9,166 $6,119 $4,546 
Provision for credit losses(4,105)11,267 (624)(1,621)(1,860)53 1,389 
Pretax, pre-provision income$22,053 $24,143 $8,326 $6,421 $7,306 $6,172 $5,935 
Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity$274,726 $266,062 $275,484 $274,632 $274,047 $271,020 $267,323 
Goodwill(68,999)(68,951)(69,023)(69,023)(68,951)(68,951)(68,951)
Intangible assets (excluding mortgage servicing rights)(2,181)(1,758)(2,185)(2,212)(2,146)(2,173)(1,976)
Related deferred tax liabilities916 791 915 915 920 910 855 
Tangible shareholders’ equity$204,462 $196,144 $205,191 $204,312 $203,870 $200,806 $197,251 
Preferred stock(23,837)(23,437)(23,441)(23,684)(24,399)(24,180)(23,427)
Tangible common shareholders’ equity$180,625 $172,707 $181,750 $180,628 $179,471 $176,626 $173,824 
Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity$272,464 $268,850 $272,464 $277,119 $274,000 $272,924 $268,850 
Goodwill(69,023)(68,951)(69,023)(69,023)(68,951)(68,951)(68,951)
Intangible assets (excluding mortgage servicing rights)(2,172)(2,185)(2,172)(2,192)(2,134)(2,151)(2,185)
Related deferred tax liabilities913 910 913 915 915 920 910 
Tangible shareholders’ equity$202,182 $198,624 $202,182 $206,819 $203,830 $202,742 $198,624 
Preferred stock(23,441)(23,427)(23,441)(23,441)(24,319)(24,510)(23,427)
Tangible common shareholders’ equity$178,741 $175,197 $178,741 $183,378 $179,511 $178,232 $175,197 
Reconciliation of period-end assets to period-end tangible assets
Assets$3,085,446 $2,738,452 $3,085,446 $3,029,894 $2,969,992 $2,819,627 $2,738,452 
Goodwill(69,023)(68,951)(69,023)(69,023)(68,951)(68,951)(68,951)
Intangible assets (excluding mortgage servicing rights)(2,172)(2,185)(2,172)(2,192)(2,134)(2,151)(2,185)
Related deferred tax liabilities913 910 913 915 915 920 910 
Tangible assets$3,015,164 $2,668,226 $3,015,164 $2,959,594 $2,899,822 $2,749,445 $2,668,226 
Book value per share of common stock
Common shareholders’ equity$249,023 $245,423 $249,023 $253,678 $249,681 $248,414 $245,423 
Ending common shares issued and outstanding8,241.2 8,661.5 8,241.2 8,487.2 8,589.7 8,650.8 8,661.5 
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
Tangible common shareholders’ equity$178,741 $175,197 $178,741 $183,378 $179,511 $178,232 $175,197 
Ending common shares issued and outstanding8,241.2 8,661.5 8,241.2 8,487.2 8,589.7 8,650.8 8,661.5 
Tangible book value per share of common stock$21.69 $20.23 $21.69 $21.61 $20.90 $20.60 $20.23 

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.
33