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Supplemental Information
Fourth Quarter 2023
        










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)
 Year Ended
December 31
Fourth
Quarter
2023
Third
Quarter
2023
Second
Quarter
2023
First
Quarter
2023
Fourth
Quarter
2022
 20232022
Income statement
Net interest income$56,931 $52,462 $13,946 $14,379 $14,158 $14,448 $14,681 
Noninterest income41,650 42,488 8,013 10,788 11,039 11,810 9,851 
Total revenue, net of interest expense98,581 94,950 21,959 25,167 25,197 26,258 24,532 
Provision for credit losses4,394 2,543 1,104 1,234 1,125 931 1,092 
Noninterest expense65,845 61,438 17,731 15,838 16,038 16,238 15,543 
Income before income taxes28,342 30,969 3,124 8,095 8,034 9,089 7,897 
Pretax, pre-provision income (1)
32,736 33,512 4,228 9,329 9,159 10,020 8,989 
Income tax expense (benefit)1,827 3,441 (20)293 626 928 765 
Net income 26,515 27,528 3,144 7,802 7,408 8,161 7,132 
Preferred stock dividends and other1,649 1,513 306 532 306 505 228 
Net income applicable to common shareholders24,866 26,015 2,838 7,270 7,102 7,656 6,904 
Diluted earnings per common share3.08 3.19 0.35 0.90 0.88 0.94 0.85 
Average diluted common shares issued and outstanding8,080.5 8,167.5 8,062.5 8,075.9 8,080.7 8,182.3 8,155.7 
Dividends paid per common share$0.92 $0.86 $0.24 $0.24 $0.22 $0.22 $0.22 
Performance ratios
Return on average assets0.84 %0.88 %0.39 %0.99 %0.94 %1.07 %0.92 %
Return on average common shareholders’ equity9.75 10.75 4.33 11.24 11.21 12.48 11.24 
Return on average shareholders’ equity9.36 10.18 4.32 10.86 10.52 11.94 10.38 
Return on average tangible common shareholders’ equity (2)
13.46 15.15 5.92 15.47 15.49 17.38 15.79 
Return on average tangible shareholders’ equity (2)
12.44 13.76 5.71 14.41 14.00 15.98 13.98 
Efficiency ratio 66.79 64.71 80.75 62.93 63.65 61.84 63.36 
At period end
Book value per share of common stock$33.34 $30.61 $33.34 $32.65 $32.05 $31.58 $30.61 
Tangible book value per share of common stock (2)
24.46 21.83 24.46 23.79 23.23 22.78 21.83 
Market capitalization265,840 264,853 265,840 216,942 228,188 228,012 264,853 
Number of financial centers - U.S.3,845 3,913 3,845 3,862 3,887 3,892 3,913 
Number of branded ATMs - U.S.15,168 15,528 15,168 15,253 15,335 15,407 15,528 
Headcount212,985 216,823 212,985 212,752 215,546 217,059 216,823 
(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. (See Exhibit A: Non-GAAP Reconciliations - Reconciliations to GAAP Financial Measures on page 33.)
(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.)



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)
Year Ended December 31Fourth
Quarter
2023
Third
Quarter
2023
Second
Quarter
2023
First
Quarter
2023
Fourth
Quarter
2022
 20232022
Net interest income
Interest income$130,262 $72,565 $35,629 $33,624 $32,354 $28,655 $25,075 
Interest expense73,331 20,103 21,683 19,245 18,196 14,207 10,394 
Net interest income56,931 52,462 13,946 14,379 14,158 14,448 14,681 
Noninterest income
Fees and commissions32,009 33,212 8,019 8,135 7,961 7,894 7,735 
Market making and similar activities12,732 12,075 998 3,325 3,697 4,712 3,052 
Other income (loss)(3,091)(2,799)(1,004)(672)(619)(796)(936)
Total noninterest income41,650 42,488 8,013 10,788 11,039 11,810 9,851 
Total revenue, net of interest expense98,581 94,950 21,959 25,167 25,197 26,258 24,532 
Provision for credit losses4,394 2,543 1,104 1,234 1,125 931 1,092 
Noninterest expense
Compensation and benefits38,330 36,447 9,460 9,551 9,401 9,918 9,161 
Occupancy and equipment7,164 7,071 1,794 1,795 1,776 1,799 1,786 
Information processing and communications6,707 6,279 1,690 1,676 1,644 1,697 1,658 
Product delivery and transaction related3,608 3,653 882 880 956 890 904 
Professional fees2,159 2,142 550 545 527 537 649 
Marketing1,927 1,825 455 501 513 458 460 
Other general operating5,950 4,021 2,900 890 1,221 939 925 
Total noninterest expense65,845 61,438 17,731 15,838 16,038 16,238 15,543 
Income before income taxes28,342 30,969 3,124 8,095 8,034 9,089 7,897 
Income tax expense (benefit)1,827 3,441 (20)293 626 928 765 
Net income$26,515 $27,528 $3,144 $7,802 $7,408 $8,161 $7,132 
Preferred stock dividends and other1,649 1,513 306 532 306 505 228 
Net income applicable to common shareholders$24,866 $26,015 $2,838 $7,270 $7,102 $7,656 $6,904 
Per common share information
Earnings$3.10 $3.21 $0.36 $0.91 $0.88 $0.95 $0.85 
Diluted earnings3.08 3.19 0.35 0.90 0.88 0.94 0.85 
Average common shares issued and outstanding8,028.6 8,113.7 7,990.9 8,017.1 8,040.9 8,065.9 8,088.3 
Average diluted common shares issued and outstanding8,080.5 8,167.5 8,062.5 8,075.9 8,080.7 8,182.3 8,155.7 

Consolidated Statement of Comprehensive Income
(Dollars in millions)
Year Ended December 31Fourth
Quarter
2023
Third
Quarter
2023
Second
Quarter
2023
First
Quarter
2023
Fourth
Quarter
2022
20232022
Net income $26,515 $27,528 $3,144 $7,802 $7,408 $8,161 $7,132 
Other comprehensive income (loss), net-of-tax:
Net change in debt securities573 (6,028)492 (642)168 555 353 
Net change in debit valuation adjustments(686)755 (267)(25)(404)10 (543)
Net change in derivatives3,919 (10,055)4,236 (366)(1,993)2,042 835 
Employee benefit plan adjustments(439)(667)(464)10 (764)
Net change in foreign currency translation adjustments1 (57)7 (23)12 (10)
Other comprehensive income (loss)3,368 (16,052)4,004 (1,050)(2,215)2,629 (129)
Comprehensive income (loss)$29,883 $11,476 $7,148 $6,752 $5,193 $10,790 $7,003 




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) 
 Year Ended December 31Fourth
Quarter
2023
Third
Quarter
2023
Second
Quarter
2023
First
Quarter
2023
Fourth
Quarter
2022
 20232022
Net interest income
Interest income
Loans and leases$57,124 $37,919 $15,227 $14,830 $13,970 $13,097 $12,114 
Debt securities20,226 17,127 5,417 4,658 4,691 5,460 5,016 
Federal funds sold and securities borrowed or purchased under agreements to resell18,679 4,560 5,124 4,888 4,955 3,712 2,725 
Trading account assets8,773 5,521 2,452 2,217 2,076 2,028 1,768 
Other interest income25,460 7,438 7,409 7,031 6,662 4,358 3,452 
Total interest income130,262 72,565 35,629 33,624 32,354 28,655 25,075 
Interest expense
Deposits26,163 4,718 8,724 7,340 5,785 4,314 2,999 
Short-term borrowings30,553 6,978 8,389 7,629 8,355 6,180 4,273 
Trading account liabilities2,043 1,538 557 510 472 504 421 
Long-term debt14,572 6,869 4,013 3,766 3,584 3,209 2,701 
Total interest expense73,331 20,103 21,683 19,245 18,196 14,207 10,394 
Net interest income$56,931 $52,462 $13,946 $14,379 $14,158 $14,448 $14,681 
Noninterest income
Fees and commissions
Card income
Interchange fees (1)
$3,983 $4,096 $1,010 $994 $1,023 $956 $1,029 
Other card income2,071 1,987 509 526 523 513 523 
Total card income6,054 6,083 1,519 1,520 1,546 1,469 1,552 
Service charges
Deposit-related fees4,382 5,190 1,116 1,124 1,045 1,097 1,081 
Lending-related fees1,302 1,215 330 340 319 313 308 
Total service charges5,684 6,405 1,446 1,464 1,364 1,410 1,389 
Investment and brokerage services
Asset management fees12,002 12,152 3,012 3,103 2,969 2,918 2,844 
Brokerage fees3,561 3,749 897 860 870 934 879 
Total investment and brokerage services 15,563 15,901 3,909 3,963 3,839 3,852 3,723 
Investment banking fees
Underwriting income2,235 1,970 478 531 657 569 411 
Syndication fees898 1,070 278 209 180 231 174 
Financial advisory services1,575 1,783 389 448 375 363 486 
Total investment banking fees4,708 4,823 1,145 1,188 1,212 1,163 1,071 
Total fees and commissions32,009 33,212 8,019 8,135 7,961 7,894 7,735 
Market making and similar activities12,732 12,075 998 3,325 3,697 4,712 3,052 
Other income (loss)(3,091)(2,799)(1,004)(672)(619)(796)(936)
Total noninterest income$41,650 $42,488 $8,013 $10,788 $11,039 $11,810 $9,851 
(1)Gross interchange fees and merchant income were $13.3 billion and $12.9 billion and are presented net of $9.3 billion and $8.8 billion of expenses for rewards and partner payments as well as certain other card costs for the years ended December 31, 2023 and 2022. Gross interchange fees and merchant income were $3.4 billion, $3.4 billion, $3.4 billion, $3.2 billion and $3.3 billion and are presented net of $2.4 billion, $2.4 billion, $2.4 billion, $2.2 billion and $2.3 billion of expenses for rewards and partner payments as well as certain other card costs for the fourth, third, second and first quarters of 2023 and the fourth quarter of 2022, respectively.
    



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)
December 31
2023
September 30
2023
December 31
2022
Assets
Cash and due from banks$27,892 $25,255 $30,334 
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks305,181 326,471 199,869 
Cash and cash equivalents333,073 351,726 230,203 
Time deposits placed and other short-term investments8,346 7,995 7,259 
Federal funds sold and securities borrowed or purchased under agreements to resell280,624 309,249 267,574 
Trading account assets277,354 306,409 296,108 
Derivative assets39,323 47,464 48,642 
Debt securities:  
Carried at fair value276,852 175,540 229,994 
Held-to-maturity, at cost594,555 603,333 632,825 
Total debt securities871,407 778,873 862,819 
Loans and leases1,053,732 1,049,149 1,045,747 
Allowance for loan and lease losses(13,342)(13,287)(12,682)
Loans and leases, net of allowance1,040,390 1,035,862 1,033,065 
Premises and equipment, net11,855 11,821 11,510 
Goodwill69,021 69,021 69,022 
Loans held-for-sale6,002 7,591 6,871 
Customer and other receivables81,606 74,347 67,543 
Other assets160,875 152,732 150,759 
Total assets$3,179,876 $3,153,090 $3,051,375 
Liabilities
Deposits in U.S. offices:
Noninterest-bearing$530,619 $549,333 $640,745 
Interest-bearing1,273,904 1,228,039 1,182,590 
Deposits in non-U.S. offices:
Noninterest-bearing16,427 15,276 20,480 
Interest-bearing102,877 91,953 86,526 
Total deposits1,923,827 1,884,601 1,930,341 
Federal funds purchased and securities loaned or sold under agreements to repurchase283,887 300,703 195,635 
Trading account liabilities95,530 102,820 80,399 
Derivative liabilities43,432 40,855 44,816 
Short-term borrowings32,098 40,196 26,932 
Accrued expenses and other liabilities207,252 206,492 224,073 
Long-term debt302,204 290,359 275,982 
Total liabilities2,888,230 2,866,026 2,778,178 
Shareholders’ equity
Preferred stock, $0.01 par value; authorized –100,000,000 shares; issued and outstanding – 4,088,099, 4,088,099 and 4,088,101 shares
28,397 28,397 28,397 
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 7,895,457,665, 7,923,357,339 and 7,996,777,943 shares
56,365 56,710 58,953 
Retained earnings224,672 223,749 207,003 
Accumulated other comprehensive income (loss)(17,788)(21,792)(21,156)
Total shareholders’ equity291,646 287,064 273,197 
Total liabilities and shareholders’ equity$3,179,876 $3,153,090 $3,051,375 
Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
Trading account assets$6,054 $4,654 $2,816 
Loans and leases18,276 16,902 16,738 
Allowance for loan and lease losses(826)(809)(797)
Loans and leases, net of allowance17,450 16,093 15,941 
All other assets269 222 116 
Total assets of consolidated variable interest entities$23,773 $20,969 $18,873 
Liabilities of consolidated variable interest entities included in total liabilities above
Short-term borrowings$2,957 $2,059 $42 
Long-term debt8,456 6,566 4,581 
All other liabilities19 12 13 
Total liabilities of consolidated variable interest entities$11,432 $8,637 $4,636 




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)
December 31
2023
September 30
2023
December 31
2022
Risk-based capital metrics (1):
Standardized Approach
Common equity tier 1 capital$194,928 $194,230 $180,060 
Tier 1 capital223,323 222,623 208,446 
Total capital251,399 251,137 238,773 
Risk-weighted assets1,650,827 1,632,414 1,604,870 
Common equity tier 1 capital ratio11.8 %11.9 %11.2 %
Tier 1 capital ratio13.5 13.6 13.0 
Total capital ratio15.2 15.4 14.9 
Advanced Approaches
Common equity tier 1 capital$194,928 $194,230 $180,060 
Tier 1 capital223,323 222,623 208,446 
Total capital241,449 241,712 230,916 
Risk-weighted assets1,458,558 1,441,478 1,411,005 
Common equity tier 1 capital ratio13.4 %13.5 %12.8 %
Tier 1 capital ratio15.3 15.4 14.8 
Total capital ratio16.6 16.8 16.4 
Leverage-based metrics (1):
Adjusted average assets$3,135,468 $3,050,808 $2,997,118 
Tier 1 leverage ratio7.1 %7.3 %7.0 %
Supplementary leverage exposure$3,676,737 $3,597,412 $3,523,484 
Supplementary leverage ratio6.1 %6.2 %5.9 %
Total ending equity to total ending assets ratio9.2 9.1 9.0 
Common equity ratio8.3 8.2 8.0 
Tangible equity ratio (2)
7.1 7.0 6.8 
Tangible common equity ratio (2)
6.2 6.1 5.9 
(1)Regulatory capital ratios at December 31, 2023 are preliminary. The Corporation reports regulatory capital ratios under both the Standardized and Advanced approaches. Capital adequacy is evaluated against the lower of the Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements. The Corporation's binding ratio was the Total capital ratio under the Standardized approach for December 31, 2023 and September 30, 2023; and the Common equity tier 1 ratio under the Standardized approach for December 31, 2022.
(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.)



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)
December 31
2023
September 30
2023
December 31
2022
Total common shareholders' equity$263,249 $258,667 $244,800 
CECL transitional amount (1)
1,254 1,254 1,881 
Goodwill, net of related deferred tax liabilities(68,648)(68,644)(68,644)
Deferred tax assets arising from net operating loss and tax credit carryforwards(7,912)(7,778)(7,776)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities(1,496)(1,508)(1,554)
Defined benefit pension plan net assets, net-of-tax(764)(911)(867)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net-of-tax1,342 967 496 
Accumulated net (gain) loss on certain cash flow hedges (2)
8,025 12,251 11,925 
Other(122)(68)(201)
Common equity tier 1 capital194,928 194,230 180,060 
Qualifying preferred stock, net of issuance cost28,396 28,396 28,396 
Other(1)(3)(10)
Tier 1 capital223,323 222,623 208,446 
Tier 2 capital instruments15,341 15,981 18,751 
Qualifying allowance for credit losses (3)
12,919 13,007 11,739 
Other(184)(474)(163)
Total capital under the Standardized approach251,399 251,137 238,773 
Adjustment in qualifying allowance for credit losses under the Advanced approaches (3)
(9,950)(9,425)(7,857)
Total capital under the Advanced approaches$241,449 $241,712 $230,916 
(1)December 31, 2023, September 30, 2023 and December 31, 2022 include 50 percent, 50 percent and 75 percent of the current expected credit losses (CECL) transition provision’s impact as of December 31, 2021, respectively.
(2)Includes amounts in accumulated other comprehensive income related to the hedging of items that are not recognized at fair value on the Consolidated Balance Sheet.
(3)Includes the impact of transition provisions related to the CECL accounting standard.



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)
 Fourth Quarter 2023Third Quarter 2023Fourth Quarter 2022
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
$380,362 $5,050 5.27 %$353,183 $4,613 5.18 %$175,595 $1,375 3.11 %
Time deposits placed and other short-term
    investments
8,370 115 5.48 8,629 113 5.20 9,558 74 3.07 
Federal funds sold and securities borrowed or
   purchased under agreements to resell
297,149 5,124 6.84 287,403 4,888 6.75 289,321 2,725 3.74 
Trading account assets194,551 2,474 5.05 191,283 2,244 4.66 169,003 1,784 4.19 
Debt securities802,657 5,445 2.68 752,569 4,685 2.47 869,084 5,043 2.30 
Loans and leases (2)
   
Residential mortgage 228,975 1,790 3.12 229,001 1,745 3.04 229,364 1,663 2.90 
Home equity25,756 411 6.34 25,661 390 6.04 26,983 275 4.05 
Credit card100,389 2,778 10.98 98,049 2,727 11.03 89,575 2,327 10.31 
Direct/Indirect and other consumer103,606 1,386 5.31 104,134 1,354 5.16 106,598 1,119 4.16 
Total consumer458,726 6,365 5.52 456,845 6,216 5.41 452,520 5,384 4.73 
U.S. commercial379,215 5,176 5.42 377,728 5,061 5.32 378,850 4,172 4.37 
Non-U.S. commercial125,371 2,208 6.99 123,781 2,088 6.69 125,983 1,474 4.64 
Commercial real estate73,140 1,351 7.33 74,088 1,364 7.30 68,764 994 5.74 
Commercial lease financing14,253 184 5.14 13,812 166 4.79 13,130 139 4.21 
Total commercial591,979 8,919 5.98 589,409 8,679 5.84 586,727 6,779 4.58 
Total loans and leases 1,050,705 15,284 5.78 1,046,254 14,895 5.65 1,039,247 12,163 4.65 
Other earning assets95,971 2,282 9.43 99,378 2,339 9.35 95,904 2,034 8.42 
Total earning assets2,829,765 35,774 5.02 2,738,699 33,777 4.90 2,647,712 25,198 3.78 
Cash and due from banks24,690 25,772  27,771 
Other assets, less allowance for loan and lease losses358,704 363,995   398,806 
Total assets$3,213,159 $3,128,466   $3,074,289 
Interest-bearing liabilities
U.S. interest-bearing deposits
Demand and money market deposits$942,561 $4,868 2.05 %$942,368 $4,304 1.81 %$980,964 $2,044 0.83 %
Time and savings deposits317,971 2,846 3.55 271,425 2,149 3.14 180,684 543 1.19 
Total U.S. interest-bearing deposits1,260,532 7,714 2.43 1,213,793 6,453 2.11 1,161,648 2,587 0.88 
Non-U.S. interest-bearing deposits101,766 1,010 3.94 97,095 887 3.63 83,073 412 1.97 
Total interest-bearing deposits1,362,298 8,724 2.54 1,310,888 7,340 2.22 1,244,721 2,999 0.96 
Federal funds purchased and securities loaned or sold
   under agreements to repurchase
329,696 5,883 7.08 294,878 5,342 7.19 214,267 2,246 4.16 
Short-term borrowings and other interest-bearing
    liabilities
149,273 2,506 6.67 140,513 2,287 6.45 150,351 2,027 5.35 
Trading account liabilities47,294 557 4.67 48,084 510 4.21 40,393 421 4.13 
Long-term debt256,262 4,013 6.24 245,819 3,766 6.10 243,871 2,701 4.41 
Total interest-bearing liabilities2,144,823 21,683 4.01 2,040,182 19,245 3.75 1,893,603 10,394 2.18 
Noninterest-bearing sources   
Noninterest-bearing deposits542,713 565,265   680,823 
Other liabilities (3)
237,005 238,044   227,234 
Shareholders’ equity288,618 284,975   272,629 
Total liabilities and shareholders’ equity$3,213,159 $3,128,466   $3,074,289 
Net interest spread1.01 %  1.15 %1.60 %
Impact of noninterest-bearing sources0.96   0.96 0.62 
Net interest income/yield on earning assets (4)
$14,091 1.97 % $14,532 2.11 %$14,804 2.22 %
(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 $42.3 billion, $41.1 billion and $31.9 billion of structured notes and liabilities for the fourth and third quarters of 2023 and the fourth quarter of 2022, respectively.
(4)Net interest income includes FTE adjustments of $145 million, $153 million and $123 million for the fourth and third quarters of 2023 and the fourth quarter of 2022, respectively.



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)
 December 31, 2023
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency$39,195 $37 $(1,420)$37,812 
Agency-collateralized mortgage obligations2,739 6 (201)2,544 
Commercial10,909 40 (514)10,435 
Non-agency residential449 3 (70)382 
Total mortgage-backed securities53,292 86 (2,205)51,173 
U.S. Treasury and government agencies179,108 19 (1,461)177,666 
Non-U.S. securities22,868 27 (20)22,875 
Other taxable securities4,910 1 (76)4,835 
Tax-exempt securities10,304 17 (221)10,100 
Total available-for-sale debt securities270,482 150 (3,983)266,649 
Other debt securities carried at fair value (1)
10,202 56 (55)10,203 
Total debt securities carried at fair value280,684 206 (4,038)276,852 
Held-to-maturity debt securities
Agency mortgage-backed securities465,456  (78,930)386,526 
U.S. Treasury and government agencies121,645  (17,963)103,682 
Other taxable securities7,490  (1,101)6,389 
Total held-to-maturity debt securities594,591  (97,994)496,597 
Total debt securities$875,275 $206 $(102,032)$773,449 
 September 30, 2023
Available-for-sale debt securities
Mortgage-backed securities:   
Agency$22,435 $— $(1,931)$20,504 
Agency-collateralized mortgage obligations1,964 — (266)1,698 
Commercial7,309 14 (582)6,741 
Non-agency residential452 (68)387 
Total mortgage-backed securities32,160 17 (2,847)29,330 
U.S. Treasury and government agencies104,828 (1,198)103,636 
Non-U.S. securities18,901 18 (47)18,872 
Other taxable securities3,271 (93)3,179 
Tax-exempt securities10,965 — (372)10,593 
Total available-for-sale debt securities170,125 42 (4,557)165,610 
Other debt securities carried at fair value (1)
9,933 56 (59)9,930 
Total debt securities carried at fair value180,058 98 (4,616)175,540 
Held-to-maturity debt securities
Agency mortgage-backed securities474,100 — (106,890)367,210 
U.S. Treasury and government agencies121,633 — (23,351)98,282 
Other taxable securities7,632 — (1,363)6,269 
Total held-to-maturity debt securities603,365 — (131,604)471,761 
Total debt securities$783,423 $98 $(136,220)$647,301 
(1)    Primarily includes non-U.S. securities used to satisfy certain international regulatory requirements.



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)
Year Ended
December 31
Fourth
Quarter
2023
Third
Quarter
2023
Second
Quarter
2023
First
Quarter
2023
Fourth
Quarter
2022
 20232022
FTE basis data (1)
Net interest income$57,498 $52,900 $14,091 $14,532 $14,293 $14,582 $14,804 
Total revenue, net of interest expense 99,148 95,388 22,104 25,320 25,332 26,392 24,655 
Net interest yield2.08 %1.96 %1.97 %2.11 %2.06 %2.20 %2.22 %
Efficiency ratio 66.41 64.41 80.22 62.55 63.31 61.53 63.05 
(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 meaningful information on 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 $567 million and $438 million for the years ended December 31, 2023 and 2022, and $145 million, $153 million, $135 million, $134 million and $123 million for the fourth, third, second and first quarters of 2023 and the fourth quarter of 2022, respectively.



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)
 Fourth Quarter 2023
 Total
Corporation
Consumer BankingGWIMGlobal BankingGlobal MarketsAll
Other
Net interest income$14,091 $8,268 $1,711 $3,435 $598 $79 
Noninterest income
Fees and commissions:
Card income1,519 1,324 12 194 15 (26)
Service charges1,446 588 20 749 87 2 
Investment and brokerage services3,909 78 3,328 20 486 (3)
Investment banking fees1,145  47 690 439 (31)
Total fees and commissions8,019 1,990 3,407 1,653 1,027 (58)
Market making and similar activities998 5 37 55 2,428 (1,527)
Other income (loss)
(1,004)66 72 785 35 (1,962)
Total noninterest income (loss)8,013 2,061 3,516 2,493 3,490 (3,547)
Total revenue, net of interest expense 22,104 10,329 5,227 5,928 4,088 (3,468)
Provision for credit losses1,104 1,405 (26)(239)(60)24 
Noninterest expense17,731 5,234 3,894 2,781 3,271 2,551 
Income (loss) before income taxes3,269 3,690 1,359 3,386 877 (6,043)
Income tax expense (benefit)125 922 340 914 241 (2,292)
Net income (loss)$3,144 $2,768 $1,019 $2,472 $636 $(3,751)
Average
Total loans and leases$1,050,705 $313,438 $219,425 $374,862 $133,631 $9,349 
Total assets (1)
3,213,159 1,038,418 336,067 624,093 867,953 346,628 
Total deposits1,905,011 959,247 292,478 527,597 31,950 93,739 
Quarter end
Total loans and leases$1,053,732 $315,119 $219,657 $373,891 $136,223 $8,842 
Total assets (1)
3,179,876 1,049,830 344,626 621,751 817,313 346,356 
Total deposits1,923,827 969,572 299,657 527,060 34,833 92,705 
 Third Quarter 2023
 Total
Corporation
Consumer BankingGWIMGlobal BankingGlobal MarketsAll
Other
Net interest income$14,532 $8,391 $1,755 $3,613 $674 $99 
Noninterest income
Fees and commissions:
Card income1,520 1,325 197 16 (27)
Service charges1,464 605 20 754 85 — 
Investment and brokerage services3,963 80 3,396 14 475 (2)
Investment banking fees1,188 — 45 743 463 (63)
Total fees and commissions8,135 2,010 3,470 1,708 1,039 (92)
Market making and similar activities3,325 34 21 3,195 70 
Other income (loss)(672)66 62 861 34 (1,695)
Total noninterest income (loss)10,788 2,081 3,566 2,590 4,268 (1,717)
Total revenue, net of interest expense25,320 10,472 5,321 6,203 4,942 (1,618)
Provision for credit losses1,234 1,397 (6)(119)(14)(24)
Noninterest expense15,838 5,256 3,950 2,804 3,235 593 
Income (loss) before income taxes8,248 3,819 1,377 3,518 1,721 (2,187)
Income tax expense (benefit)446 955 344 950 473 (2,276)
Net income (loss)$7,802 $2,864 $1,033 $2,568 $1,248 $89 
Average
Total loans and leases$1,046,254 $310,761 $218,569 $376,214 $131,298 $9,412 
Total assets (1)
3,128,466 1,059,152 335,124 601,378 863,653 269,159 
Total deposits1,876,153 980,051 291,770 504,432 31,890 68,010 
Quarter end
Total loans and leases$1,049,149 $313,216 $218,913 $373,351 $134,386 $9,283 
Total assets (1)
3,153,090 1,062,038 333,779 588,578 864,792 303,903 
Total deposits1,884,601 982,302 290,732 494,938 31,041 85,588 
(1)Total assets include asset allocations to match liabilities (i.e., deposits).





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)
 Fourth Quarter 2022
 Total
Corporation
Consumer BankingGWIMGlobal BankingGlobal MarketsAll
Other
Net interest income$14,804 $8,494 $2,015 $3,880 $371 $44 
Noninterest income
Fees and commissions:
Card income1,552 1,333 19 196 17 (13)
Service charges1,389 586 17 703 79 
Investment and brokerage services3,723 71 3,166 482 (2)
Investment banking fees1,071 — 35 706 347 (17)
Total fees and commissions7,735 1,990 3,237 1,611 925 (28)
Market making and similar activities3,052 36 34 2,685 292 
Other income (loss)(936)293 122 913 (120)(2,144)
Total noninterest income (loss)9,851 2,288 3,395 2,558 3,490 (1,880)
Total revenue, net of interest expense24,655 10,782 5,410 6,438 3,861 (1,836)
Provision for credit losses1,092 944 37 149 (42)
Noninterest expense15,543 5,100 3,784 2,833 3,171 655 
Income (loss) before income taxes8,020 4,738 1,589 3,456 686 (2,449)
Income tax expense (benefit)888 1,161 389 916 182 (1,760)
Net income (loss)$7,132 $3,577 $1,200 $2,540 $504 $(689)
Average
Total loans and leases$1,039,247 $300,360 $225,094 $380,385 $123,022 $10,386 
Total assets (1)
3,074,289 1,123,813 361,592 595,525 857,319 136,040 
Total deposits1,925,544 1,047,058 317,849 503,472 37,219 19,946 
Quarter end
Total loans and leases$1,045,747 $304,761 $223,910 $379,107 $127,735 $10,234 
Total assets (1)
3,051,375 1,126,453 368,893 588,466 812,489 155,074 
Total deposits1,930,341 1,048,799 323,899 498,661 39,077 19,905 
(1)Total assets include asset allocations to match liabilities (i.e., deposits).




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


Bank of America Corporation and Subsidiaries
Annual Results by Business Segment and All Other
(Dollars in millions) 
 Year Ended December 31, 2023
 Total
Corporation
Consumer BankingGWIMGlobal BankingGlobal MarketsAll
Other
Net interest income$57,498 $33,689 $7,147 $14,645 $1,678 $339 
Noninterest income
Fees and commissions:
Card income6,054 5,264 45 781 66 (102)
Service charges5,684 2,317 78 2,952 335 2 
Investment and brokerage services15,563 308 13,213 57 1,993 (8)
Investment banking fees4,708  171 2,819 1,874 (156)
Total fees and commissions32,009 7,889 13,507 6,609 4,268 (264)
Market making and similar activities12,732 20 137 190 13,430 (1,045)
Other income (loss)(3,091)433 314 3,352 151 (7,341)
Total noninterest income (loss)41,650 8,342 13,958 10,151 17,849 (8,650)
Total revenue, net of interest expense99,148 42,031 21,105 24,796 19,527 (8,311)
Provision for credit losses4,394 5,158 6 (586)(131)(53)
Noninterest expense65,845 21,416 15,836 11,344 13,206 4,043 
Income (loss) before income taxes28,909 15,457 5,263 14,038 6,452 (12,301)
Income tax expense (benefit)2,394 3,864 1,316 3,790 1,774 (8,350)
Net income (loss)$26,515 $11,593 $3,947 $10,248 $4,678 $(3,951)
Average
Total loans and leases$1,046,256 $308,690 $219,503 $378,762 $129,657 $9,644 
Total assets (1)
3,153,513 1,071,853 342,531 602,579 869,756 266,794 
Total deposits1,887,541 992,750 298,335 505,627 33,278 57,551 
Year end
Total loans and leases $1,053,732 $315,119 $219,657 $373,891 $136,223 $8,842 
Total assets (1)
3,179,876 1,049,830 344,626 621,751 817,313 346,356 
Total deposits1,923,827 969,572 299,657 527,060 34,833 92,705 
 Year Ended December 31, 2022
 Total
Corporation
Consumer BankingGWIMGlobal BankingGlobal MarketsAll
Other
Net interest income$52,900 $30,045 $7,466 $12,184 $3,088 $117 
Noninterest income
Fees and commissions:
Card income6,083 5,169 70 774 66 
Service charges6,405 2,706 73 3,293 325 
Investment and brokerage services15,901 304 13,561 42 2,002 (8)
Investment banking fees4,823 — 189 3,004 1,820 (190)
Total fees and commissions33,212 8,179 13,893 7,113 4,213 (186)
Market making and similar activities12,075 10 102 215 11,406 342 
Other income (loss)(2,799)401 287 2,717 (569)(5,635)
Total noninterest income (loss)42,488 8,590 14,282 10,045 15,050 (5,479)
Total revenue, net of interest expense95,388 38,635 21,748 22,229 18,138 (5,362)
Provision for credit losses2,543 1,980 66 641 28 (172)
Noninterest expense61,438 20,077 15,490 10,966 12,420 2,485 
Income (loss) before income taxes31,407 16,578 6,192 10,622 5,690 (7,675)
Income tax expense (benefit)3,879 4,062 1,517 2,815 1,508 (6,023)
Net income (loss)$27,528 $12,516 $4,675 $7,807 $4,182 $(1,652)
Average
Total loans and leases$1,016,782 $292,366 $219,810 $375,271 $116,652 $12,683 
Total assets (1)
3,135,894 1,139,351 396,167 603,273 857,637 139,466 
Total deposits1,986,158 1,062,561 351,329 511,804 40,382 20,082 
Year end
Total loans and leases$1,045,747 $304,761 $223,910 $379,107 $127,735 $10,234 
Total assets (1)
3,051,375 1,126,453 368,893 588,466 812,489 155,074 
Total deposits1,930,341 1,048,799 323,899 498,661 39,077 19,905 
(1)Total assets include asset allocations to match liabilities (i.e., deposits).





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)
Year Ended
December 31
Fourth
Quarter
2023
Third
Quarter
2023
Second
Quarter
2023
First
Quarter
2023
Fourth
Quarter
2022
20232022
Net interest income$33,689 $30,045 $8,268 $8,391 $8,437 $8,593 $8,494 
Noninterest income:
Card income5,264 5,169 1,324 1,325 1,341 1,274 1,333 
Service charges2,317 2,706 588 605 525 599 586 
All other income761 715 149 151 221 240 369 
Total noninterest income8,342 8,590 2,061 2,081 2,087 2,113 2,288 
Total revenue, net of interest expense42,031 38,635 10,329 10,472 10,524 10,706 10,782 
Provision for credit losses5,158 1,980 1,405 1,397 1,267 1,089 944 
Noninterest expense21,416 20,077 5,234 5,256 5,453 5,473 5,100 
Income before income taxes15,457 16,578 3,690 3,819 3,804 4,144 4,738 
Income tax expense3,864 4,062 922 955 951 1,036 1,161 
Net income$11,593 $12,516 $2,768 $2,864 $2,853 $3,108 $3,577 
Net interest yield3.26 %2.73 %3.28 %3.26 %3.24 %3.27 %3.11 %
Return on average allocated capital (1)
28 31 26 27 27 30 35 
Efficiency ratio50.95 51.96 50.71 50.18 51.81 51.12 47.29 
Balance Sheet
Average
Total loans and leases$308,690 $292,366 $313,438 $310,761 $306,662 $303,772 $300,360 
Total earning assets (2)
1,032,525 1,099,410 1,000,032 1,019,980 1,045,743 1,065,202 1,083,850 
Total assets (2)
1,071,853 1,139,351 1,038,418 1,059,152 1,085,469 1,105,245 1,123,813 
Total deposits992,750 1,062,561 959,247 980,051 1,006,337 1,026,242 1,047,058 
Allocated capital (1)
42,000 40,000 42,000 42,000 42,000 42,000 40,000 
Period end
Total loans and leases$315,119 $304,761 $315,119 $313,216 $309,735 $304,480 $304,761 
Total earning assets (2)
1,009,360 1,085,079 1,009,360 1,023,162 1,043,228 1,081,780 1,085,079 
Total assets (2)
1,049,830 1,126,453 1,049,830 1,062,038 1,084,512 1,124,438 1,126,453 
Total deposits969,572 1,048,799 969,572 982,302 1,004,482 1,044,768 1,048,799 
(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.




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)
 Year Ended
December 31
Fourth
Quarter
2023
Third
Quarter
2023
Second
Quarter
2023
First
Quarter
2023
Fourth
Quarter
2022
20232022
Average deposit balances
Checking$567,633 $596,875 $551,890 $562,319 $575,792 $580,910 $588,668 
Savings63,919 71,851 58,975 62,352 66,142 68,327 69,790 
MMS307,927 359,752 277,912 296,833 317,942 339,823 356,015 
CDs and IRAs49,331 29,450 66,758 54,596 42,445 33,098 28,619 
Other3,940 4,633 3,712 3,951 4,016 4,084 3,966 
Total average deposit balances$992,750 $1,062,561 $959,247 $980,051 $1,006,337 $1,026,242 $1,047,058 
Deposit spreads (excludes noninterest costs)
Checking2.34 %1.98 %2.47 %2.38 %2.30 %2.22 %2.09 %
Savings2.71 2.23 2.90 2.77 2.65 2.53 2.33 
MMS3.33 1.61 3.64 3.49 3.28 2.99 2.25 
CDs and IRAs2.66 1.53 2.25 2.55 2.96 3.27 2.91 
Other4.85 1.60 5.21 5.05 4.80 4.37 3.35 
Total deposit spreads2.70 1.86 2.83 2.76 2.67 2.54 2.19 
Consumer investment assets$424,410 $319,648 $424,410 $387,467 $386,761 $354,892 $319,648 
Active digital banking users (in thousands) (1)
46,265 44,054 46,265 45,797 45,713 44,962 44,054 
Active mobile banking users (in thousands) (2)
37,927 35,452 37,927 37,487 37,329 36,322 35,452 
Financial centers3,845 3,913 3,845 3,862 3,887 3,892 3,913 
ATMs15,168 15,528 15,168 15,253 15,335 15,407 15,528 
Total credit card (3)
Loans
Average credit card outstandings$96,190 $83,539 $100,389 $98,049 $94,431 $91,775 $89,575 
Ending credit card outstandings102,200 93,421 102,200 99,686 97,009 92,469 93,421 
Credit quality
Net charge-offs$2,561 $1,334 $777 $673 $610 $501 $386 
2.66 %1.60 %3.07 %2.72 %2.60 %2.21 %1.71 %
30+ delinquency$2,419 $1,505 $2,419 $2,097 $1,810 $1,674 $1,505 
2.37 %1.61 %2.37 %2.10 %1.87 %1.81 %1.61 %
90+ delinquency$1,224 $717 $1,224 $1,016 $897 $828 $717 
1.20 %0.77 %1.20 %1.02 %0.92 %0.90 %0.77 %
Other total credit card indicators (3)
Gross interest yield11.88 %10.42 %11.97 %12.03 %11.66 %11.85 %11.18 %
Risk-adjusted margin7.83 10.06 7.18 7.70 7.83 8.69 9.87 
New accounts (in thousands)4,275 4,397 889 1,062 1,137 1,187 1,096 
Purchase volumes$363,117 $356,588 $92,759 $91,711 $93,103 $85,544 $92,800 
Debit card data
Purchase volumes$527,074 $503,583 $136,183 $133,553 $132,962 $124,376 $130,157 
Loan production (4)
Consumer Banking:
First mortgage$9,145 $20,981 $1,753 $2,547 $2,889 $1,956 $2,286 
Home equity8,328 7,988 1,939 2,035 2,171 2,183 2,113 
Total (5):
First mortgage$19,405 $44,765 $3,932 $5,596 $5,940 $3,937 $5,217 
Home equity9,814 9,591 2,255 2,421 2,542 2,596 2,596 
(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.



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)
Fourth Quarter 2023Third Quarter 2023
Total Consumer BankingDepositsConsumer
Lending
Total Consumer BankingDepositsConsumer
Lending
Net interest income$8,268 $5,425 $2,843 $8,391 $5,571 $2,820 
Noninterest income:
Card income1,324 (9)1,333 1,325 (11)1,336 
Service charges588 588  605 605 — 
All other income 149 116 33 151 116 35 
Total noninterest income2,061 695 1,366 2,081 710 1,371 
Total revenue, net of interest expense10,329 6,120 4,209 10,472 6,281 4,191 
Provision for credit losses1,405 77 1,328 1,397 128 1,269 
Noninterest expense5,234 3,269 1,965 5,256 3,240 2,016 
Income before income taxes3,690 2,774 916 3,819 2,913 906 
Income tax expense922 693 229 955 729 226 
Net income $2,768 $2,081 $687 $2,864 $2,184 $680 
Net interest yield3.28 %2.25 %3.64 %3.26 %2.26 %3.65 %
Return on average allocated capital (1)
26 60 10 27 63 10 
Efficiency ratio50.71 53.51 46.65 50.18 51.60 48.06 
Balance Sheet
Average
Total loans and leases$313,438 $4,183 $309,255 $310,761 $4,139 $306,622 
Total earning assets (2)
1,000,032 955,931 309,503 1,019,980 975,968 306,982 
Total assets (2)
1,038,418 988,956 314,864 1,059,152 1,009,390 312,731 
Total deposits959,247 954,228 5,019 980,051 974,674 5,377 
Allocated capital (1)
42,000 13,700 28,300 42,000 13,700 28,300 
Period end
Total loans and leases$315,119 $4,218 $310,901 $313,216 $4,165 $309,051 
Total earning assets (2)
1,009,360 965,088 311,008 1,023,162 978,133 309,527 
Total assets (2)
1,049,830 999,372 317,194 1,062,038 1,010,771 315,765 
Total deposits969,572 964,136 5,436 982,302 976,007 6,295 
Fourth Quarter 2022
Total Consumer BankingDepositsConsumer
Lending
Net interest income$8,494 $5,719 $2,775 
Noninterest income:
Card income1,333 (9)1,342 
Service charges586 585 
All other income369 214 155 
Total noninterest income2,288 790 1,498 
Total revenue, net of interest expense10,782 6,509 4,273 
Provision for credit losses944 176 768 
Noninterest expense5,100 3,189 1,911 
Income before income taxes4,738 3,144 1,594 
Income tax expense1,161 771 390 
Net income$3,577 $2,373 $1,204 
Net interest yield3.11 %2.18 %3.71 %
Return on average allocated capital (1)
35 72 18 
Efficiency ratio47.29 49.00 44.70 
Balance Sheet
Average
Total loans and leases$300,360 $4,132 $296,228 
Total earning assets (2)
1,083,850 1,042,289 296,535 
Total assets (2)
1,123,813 1,075,446 303,340 
Total deposits1,047,058 1,041,669 5,389 
Allocated capital (1)
40,000 13,000 27,000 
Period end
Total loans and leases$304,761 $4,148 $300,613 
Total earning assets (2)
1,085,079 1,043,049 300,787 
Total assets (2)
1,126,453 1,077,203 308,007 
Total deposits1,048,799 1,043,194 5,605 
(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.


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 Annual Results
(Dollars in millions)
Year Ended December 31
20232022
Total Consumer BankingDepositsConsumer
Lending
Total Consumer BankingDepositsConsumer
Lending
Net interest income$33,689 $22,545 $11,144 $30,045 $19,254 $10,791 
Noninterest income:
Card income5,264 (40)5,304 5,169 (36)5,205 
Service charges2,317 2,314 3 2,706 2,703 
All other income761 607 154 715 478 237 
Total noninterest income8,342 2,881 5,461 8,590 3,145 5,445 
Total revenue, net of interest expense42,031 25,426 16,605 38,635 22,399 16,236 
Provision for credit losses5,158 491 4,667 1,980 564 1,416 
Noninterest expense21,416 13,358 8,058 20,077 12,393 7,684 
Income before income taxes15,457 11,577 3,880 16,578 9,442 7,136 
Income tax expense3,864 2,894 970 4,062 2,314 1,748 
Net income$11,593 $8,683 $2,910 $12,516 $7,128 $5,388 
Net interest yield3.26 %2.28 %3.66 %2.73 %1.82 %3.72 %
Return on average allocated capital (1)
28 63 10 31 55 20 
Efficiency ratio50.95 52.54 48.52 51.96 55.33 47.32 
Balance Sheet
Average
Total loans and leases$308,690 $4,129 $304,561 $292,366 $4,161 $288,205 
Total earning assets (2)
1,032,525 989,000 304,838 1,099,410 1,057,531 289,719 
Total assets (2)
1,071,853 1,022,361 310,805 1,139,351 1,090,692 296,499 
Total deposits992,750 987,675 5,075 1,062,561 1,056,783 5,778 
Allocated capital (1)
42,000 13,700 28,300 40,000 13,000 27,000 
Year end
Total loans and leases$315,119 $4,218 $310,901 $304,761 $4,148 $300,613 
Total earning assets (2)
1,009,360 965,088 311,008 1,085,079 1,043,049 300,787 
Total assets (2)
1,049,830 999,372 317,194 1,126,453 1,077,203 308,007 
Total deposits969,572 964,136 5,436 1,048,799 1,043,194 5,605 
For footnotes, see page 16.


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)
 Year Ended
December 31
Fourth
Quarter
2023
Third
Quarter
2023
Second
Quarter
2023
First
Quarter
2023
Fourth
Quarter
2022
 20232022
Net interest income $7,147 $7,466 $1,711 $1,755 $1,805 $1,876 $2,015 
Noninterest income:
Investment and brokerage services13,213 13,561 3,328 3,396 3,251 3,238 3,166 
All other income745 721 188 170 186 201 229 
Total noninterest income13,958 14,282 3,516 3,566 3,437 3,439 3,395 
Total revenue, net of interest expense 21,105 21,748 5,227 5,321 5,242 5,315 5,410 
Provision for credit losses6 66 (26)(6)13 25 37 
Noninterest expense15,836 15,490 3,894 3,950 3,925 4,067 3,784 
Income before income taxes 5,263 6,192 1,359 1,377 1,304 1,223 1,589 
Income tax expense 1,316 1,517 340 344 326 306 389 
Net income$3,947 $4,675 $1,019 $1,033 $978 $917 $1,200 
Net interest yield 2.17 %1.95 %2.10 %2.16 %2.21 %2.20 %2.29 %
Return on average allocated capital (1)
21 27 22 22 21 20 27 
Efficiency ratio75.04 71.23 74.41 74.28 74.86 76.53 69.96 
Balance Sheet
Average
Total loans and leases$219,503 $219,810 $219,425 $218,569 $218,604 $221,448 $225,094 
Total earning assets (2)
329,493 383,352 322,827 322,032 327,066 346,384 348,718 
Total assets (2)
342,531 396,167 336,067 335,124 340,105 359,164 361,592 
Total deposits298,335 351,329 292,478 291,770 295,380 314,019 317,849 
Allocated capital (1)
18,500 17,500 18,500 18,500 18,500 18,500 17,500 
Period end
Total loans and leases$219,657 $223,910 $219,657 $218,913 $219,208 $217,804 $223,910 
Total earning assets (2)
330,653 355,461 330,653 320,196 324,820 336,560 355,461 
Total assets (2)
344,626 368,893 344,626 333,779 338,184 349,888 368,893 
Total deposits299,657 323,899 299,657 290,732 292,526 301,471 323,899 
(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.




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)
 Year Ended
December 31
Fourth
Quarter
2023
Third
Quarter
2023
Second
Quarter
2023
First
Quarter
2023
Fourth
Quarter
2022
 20232022
Revenue by Business
Merrill Wealth Management$17,461 $18,135 $4,326 $4,398 $4,340 $4,397 $4,486 
Bank of America Private Bank3,644 3,613 901 923 902 918 924 
Total revenue, net of interest expense $21,105 $21,748 $5,227 $5,321 $5,242 $5,315 $5,410 
Client Balances by Business, at period end
Merrill Wealth Management$3,182,735 $2,822,910 $3,182,735 $2,978,229 $3,057,680 $2,952,681 $2,822,910 
Bank of America Private Bank606,639 563,931 606,639 572,624 577,514 568,925 563,931 
Total client balances$3,789,374 $3,386,841 $3,789,374 $3,550,853 $3,635,194 $3,521,606 $3,386,841 
Client Balances by Type, at period end
Assets under management (1)
$1,617,740 $1,401,474 $1,617,740 $1,496,601 $1,531,042 $1,467,242 $1,401,474 
Brokerage and other assets1,688,923 1,482,025 1,688,923 1,578,123 1,628,294 1,571,409 1,482,025 
Deposits299,657 323,899 299,657 290,732 292,526 301,471 323,899 
Loans and leases (2)
222,287 226,973 222,287 221,684 222,280 220,633 226,973 
Less: Managed deposits in assets under management(39,233)(47,530)(39,233)(36,287)(38,948)(39,149)(47,530)
Total client balances$3,789,374 $3,386,841 $3,789,374 $3,550,853 $3,635,194 $3,521,606 $3,386,841 
Assets Under Management Rollforward
Assets under management, beginning balance$1,401,474 $1,638,782 $1,496,601 $1,531,042 $1,467,242 $1,401,474 $1,329,557 
Net client flows52,227 20,785 8,443 14,226 14,296 15,262 105 
Market valuation/other164,039 (258,093)112,696 (48,667)49,504 50,506 71,812 
Total assets under management, ending balance$1,617,740 $1,401,474 $1,617,740 $1,496,601 $1,531,042 $1,467,242 $1,401,474 
Advisors, at period end
Total wealth advisors (3)
18,916 19,273 18,916 19,130 19,099 19,243 19,273 
(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.





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)
 Year Ended
December 31
Fourth
Quarter
2023
Third
Quarter
2023
Second
Quarter
2023
First
Quarter
2023
Fourth
Quarter
2022
 20232022
Net interest income $14,645 $12,184 $3,435 $3,613 $3,690 $3,907 $3,880 
Noninterest income:
Service charges2,952 3,293 749 754 735 714 703 
Investment banking fees2,819 3,004 690 743 718 668 706 
All other income4,380 3,748 1,054 1,093 1,319 914 1,149 
Total noninterest income10,151 10,045 2,493 2,590 2,772 2,296 2,558 
Total revenue, net of interest expense 24,796 22,229 5,928 6,203 6,462 6,203 6,438 
Provision for credit losses(586)641 (239)(119)(237)149 
Noninterest expense11,344 10,966 2,781 2,804 2,819 2,940 2,833 
Income before income taxes 14,038 10,622 3,386 3,518 3,634 3,500 3,456 
Income tax expense 3,790 2,815 914 950 981 945 916 
Net income$10,248 $7,807 $2,472 $2,568 $2,653 $2,555 $2,540 
Net interest yield 2.73 %2.26 %2.45 %2.68 %2.80 %3.03 %2.90 %
Return on average allocated capital (1)
21 18 20 21 22 21 23 
Efficiency ratio 45.75 49.34 46.92 45.22 43.59 47.41 44.03 
Balance Sheet
Average
Total loans and leases$378,762 $375,271 $374,862 $376,214 $383,058 $381,009 $380,385 
Total earning assets (2)
535,500 539,032 557,147 534,153 527,959 522,374 531,206 
Total assets (2)
602,579 603,273 624,093 601,378 595,585 588,886 595,525 
Total deposits505,627 511,804 527,597 504,432 497,533 492,577 503,472 
Allocated capital (1)
49,250 44,500 49,250 49,250 49,250 49,250 44,500 
Period end
Total loans and leases$373,891 $379,107 $373,891 $373,351 $381,609 $383,491 $379,107 
Total earning assets (2)
552,453 522,539 552,453 521,423 518,547 524,299 522,539 
Total assets (2)
621,751 588,466 621,751 588,578 586,397 591,231 588,466 
Total deposits527,060 498,661 527,060 494,938 492,734 495,949 498,661 
(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.




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)
 Year Ended
December 31
Fourth
Quarter
2023
Third
Quarter
2023
Second
Quarter
2023
First
Quarter
2023
Fourth
Quarter
2022
 20232022
Investment Banking fees (1)
Advisory (2)
$1,392 $1,643 $350 $396 $333 $313 $446 
Debt issuance1,073 1,099 265 255 263 290 184 
Equity issuance354 262 75 92 122 65 76 
Total Investment Banking fees (3)
$2,819 $3,004 $690 $743 $718 $668 $706 
Business Lending
Corporate$4,928 $4,325 $1,235 $1,300 $1,359 $1,034 $1,417 
Commercial5,016 4,316 1,251 1,262 1,270 1,233 1,188 
Business Banking253 251 62 61 63 67 65 
Total Business Lending revenue$10,197 $8,892 $2,548 $2,623 $2,692 $2,334 $2,670 
Global Transaction Services
Corporate$5,746 $5,002 $1,322 $1,392 $1,483 $1,549 $1,546 
Commercial4,139 4,166 967 998 1,045 1,129 1,185 
Business Banking1,531 1,213 370 379 395 387 378 
Total Global Transaction Services revenue$11,416 $10,381 $2,659 $2,769 $2,923 $3,065 $3,109 
Average deposit balances
Interest-bearing$303,414 $174,272 $351,007 $315,289 $289,187 $257,012 $225,671 
Noninterest-bearing202,213 337,532 176,590 189,143 208,346 235,565 277,801 
Total average deposits$505,627 $511,804 $527,597 $504,432 $497,533 $492,577 $503,472 
Loan spread1.52 %1.51 %1.49 %1.52 %1.52 %1.55 %1.52 %
Provision for credit losses$(586)$641 $(239)$(119)$$(237)$149 
Credit quality (4, 5)
Reservable criticized utilized exposure$21,597 $17,519 $21,597 $22,025 $19,714 $18,104 $17,519 
5.46 %4.37 %5.46 %5.58 %4.89 %4.46 %4.37 %
Nonperforming loans, leases and foreclosed properties$2,673 $923 $2,673 $1,908 $1,248 $1,023 $923 
0.72 %0.25 %0.72 %0.51 %0.33 %0.27 %0.25 %
Average loans and leases by product
U.S. commercial$227,607 $225,325 $225,070 $225,758 $230,111 $229,558 $230,591 
Non-U.S. commercial80,283 83,352 78,483 78,748 81,546 82,412 82,222 
Commercial real estate56,701 52,389 56,735 57,573 57,449 55,019 54,104 
Commercial lease financing14,170 14,203 14,573 14,134 13,951 14,019 13,467 
Other1 1 
Total average loans and leases$378,762 $375,271 $374,862 $376,214 $383,058 $381,009 $380,385 
Total Corporation Investment Banking fees
Advisory (2)
$1,575 $1,783 $389 $448 $375 $363 $486 
Debt issuance2,403 2,523 589 570 600 644 414 
Equity issuance886 709 199 232 287 168 189 
Total investment banking fees including self-led deals4,864 5,015 1,177 1,250 1,262 1,175 1,089 
Self-led deals(156)(192)(32)(62)(50)(12)(18)
Total Investment Banking fees$4,708 $4,823 $1,145 $1,188 $1,212 $1,163 $1,071 
(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.

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)
Year Ended
December 31
Fourth
Quarter
2023
Third
Quarter
2023
Second
Quarter
2023
First
Quarter
2023
Fourth
Quarter
2022
 20232022
Net interest income$1,678 $3,088 $598 $674 $297 $109 $371 
Noninterest income:
Investment and brokerage services1,993 2,002 486 475 499 533 482 
Investment banking fees1,874 1,820 439 463 503 469 347 
Market making and similar activities13,430 11,406 2,428 3,195 3,409 4,398 2,685 
All other income552 (178)137 135 163 117 (24)
Total noninterest income17,849 15,050 3,490 4,268 4,574 5,517 3,490 
Total revenue, net of interest expense (1)
19,527 18,138 4,088 4,942 4,871 5,626 3,861 
Provision for credit losses(131)28 (60)(14)(4)(53)
Noninterest expense13,206 12,420 3,271 3,235 3,349 3,351 3,171 
Income before income taxes6,452 5,690 877 1,721 1,526 2,328 686 
Income tax expense1,774 1,508 241 473 420 640 182 
Net income$4,678 $4,182 $636 $1,248 $1,106 $1,688 $504 
Return on average allocated capital (2)
10 %10 %6 %11 %10 %15 %%
Efficiency ratio67.63 68.48 80.00 65.47 68.74 59.56 82.14 
Balance Sheet
Average
Total trading-related assets$618,028 $600,803 $615,414 $609,744 $621,125 $626,035 $608,493 
Total loans and leases129,657 116,652 133,631 131,298 128,539 125,046 123,022 
Total earning assets652,352 602,889 667,094 655,971 657,947 627,935 610,045 
Total assets869,756 857,637 867,953 863,653 877,471 870,038 857,319 
Total deposits33,278 40,382 31,950 31,890 33,222 36,109 37,219 
Allocated capital (2)
45,500 42,500 45,500 45,500 45,500 45,500 42,500 
Period end
Total trading-related assets$542,544 $564,769 $542,544 $613,009 $599,787 $599,841 $564,769 
Total loans and leases136,223 127,735 136,223 134,386 131,128 130,804 127,735 
Total earning assets637,955 587,772 637,955 660,172 640,712 632,873 587,772 
Total assets 817,313 812,489 817,313 864,792 851,771 861,477 812,489 
Total deposits34,833 39,077 34,833 31,041 33,049 33,624 39,077 
Trading-related assets (average)
Trading account securities$318,443 $303,587 $309,051 $307,990 $317,928 $339,248 $309,217 
Reverse repurchases133,735 126,324 133,209 135,401 139,480 126,760 122,753 
Securities borrowed121,547 116,764 129,365 119,936 120,481 116,280 119,334 
Derivative assets44,303 54,128 43,789 46,417 43,236 43,747 57,189 
Total trading-related assets$618,028 $600,803 $615,414 $609,744 $621,125 $626,035 $608,493 
(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.





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)
Year Ended
December 31
Fourth
Quarter
2023
Third
Quarter
2023
Second
Quarter
2023
First
Quarter
2023
Fourth
Quarter
2022
20232022
Sales and trading revenue (1)
Fixed-income, currencies and commodities$10,896 $9,917 $2,079 $2,710 $2,667 $3,440 $2,157 
Equities6,480 6,572 1,540 1,695 1,618 1,627 1,368 
Total sales and trading revenue$17,376 $16,489 $3,619 $4,405 $4,285 $5,067 $3,525 
Sales and trading revenue, excluding net debit valuation adjustment (2,3)
Fixed-income, currencies and commodities$11,122 $9,898 $2,206 $2,723 $2,764 $3,429 $2,343 
Equities6,490 6,571 1,545 1,698 1,623 1,624 1,375 
Total sales and trading revenue, excluding net debit valuation adjustment$17,612 $16,469 $3,751 $4,421 $4,387 $5,053 $3,718 
Sales and trading revenue breakdown
Net interest income$1,013 $2,536 $432 $518 $137 $(74)$188 
Commissions1,981 1,955 486 474 492 529 476 
Trading13,427 11,403 2,428 3,194 3,407 4,398 2,684 
Other955 595 273 219 249 214 177 
Total sales and trading revenue$17,376 $16,489 $3,619 $4,405 $4,285 $5,067 $3,525 
(1)    Includes Global Banking sales and trading revenue of $654 million and $1.0 billion for the years ended December 31, 2023 and 2022, and $190 million, $133 million, $154 million, $177 million and $262 million for the fourth, third, second and first quarters of 2023, and the fourth quarter of 2022, 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 $(236) million and $20 million for the years ended December 31, 2023 and 2022, and $(132) million, $(16) million, $(102) million, $14 million, and $(193) million for the fourth, third, second and first quarters of 2023, and the fourth quarter of 2022, respectively. FICC net DVA gains (losses) were $(226) million and $19 million for the years ended December 31, 2023 and 2022, and $(127) million, $(13) million, $(97) million, $11 million and $(186) million for the fourth, third, second and first quarters of 2023, and the fourth quarter of 2022, respectively. Equities net DVA gains (losses) were $(10) million and $1 million for the years ended December 31, 2023 and 2022, and $(5) million, $(3) million, $(5) million, $3 million and $(7) million for the fourth, third, second and first quarters of 2023, and the fourth quarter of 2022, respectively.




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)
 Year Ended
December 31
Fourth
Quarter
2023
Third
Quarter
2023
Second
Quarter
2023
First
Quarter
2023
Fourth
Quarter
2022
 20232022
Net interest income$339 $117 $79 $99 $64 $97 $44 
Noninterest income (loss)(8,650)(5,479)(3,547)(1,717)(1,831)(1,555)(1,880)
Total revenue, net of interest expense(8,311)(5,362)(3,468)(1,618)(1,767)(1,458)(1,836)
Provision for credit losses(53)(172)24 (24)(160)107 (42)
Noninterest expense4,043 2,485 2,551 593 492 407 655 
Loss before income taxes(12,301)(7,675)(6,043)(2,187)(2,099)(1,972)(2,449)
Income tax expense (benefit)(8,350)(6,023)(2,292)(2,276)(1,917)(1,865)(1,760)
Net income (loss)$(3,951)$(1,652)$(3,751)$89 $(182)$(107)$(689)
Balance Sheet
Average
Total loans and leases$9,644 $12,683 $9,349 $9,412 $9,745 $10,077 $10,386 
Total assets (2)
266,794 139,466 346,628 269,159 276,728 172,725 136,040 
Total deposits57,551 20,082 93,739 68,010 42,881 24,702 19,946 
Period end
Total loans and leases$8,842 $10,234 $8,842 $9,283 $9,544 $9,827 $10,234 
Total assets (3)
346,356 155,074 346,356 303,903 262,334 267,623 155,074 
Total deposits92,705 19,905 92,705 85,588 54,418 34,590 19,905 
(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 $975.9 billion and $1.1 trillion for the years ended December 31, 2023 and 2022, and $958.4 billion, $955.7 billion, $977.8 billion, $1.0 trillion and $1.0 trillion for the fourth, third, second and first quarters of 2023, and the fourth quarter of 2022, respectively.
(3)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $972.9 billion, $945.7 billion, $963.6 billion, $1.0 trillion and $1.0 trillion at December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively.




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)
December 31
2023
September 30
2023
December 31
2022
Consumer
Residential mortgage$228,403 $229,166 $229,670 
Home equity25,527 25,492 26,563 
Credit card102,200 99,687 93,421 
Direct/Indirect consumer (1) 
103,468 104,059 106,236 
Other consumer (2) 
124 122 156 
Total consumer loans excluding loans accounted for under the fair value option459,722 458,526 456,046 
Consumer loans accounted for under the fair value option (3) 
243 253 339 
Total consumer459,965 458,779 456,385 
Commercial
U.S. commercial358,931 356,330 358,481 
Non-U.S. commercial124,581 123,713 124,479 
Commercial real estate (4) 
72,878 73,193 69,766 
Commercial lease financing14,854 13,904 13,644 
571,244 567,140 566,370 
U.S. small business commercial (5)
19,197 19,233 17,560 
Total commercial loans excluding loans accounted for under the fair value option590,441 586,373 583,930 
Commercial loans accounted for under the fair value option (3) 
3,326 3,997 5,432 
Total commercial593,767 590,370 589,362 
Total loans and leases $1,053,732 $1,049,149 $1,045,747 
(1)Includes primarily auto and specialty lending loans and leases of $53.9 billion, $54.0 billion and $51.8 billion, U.S. securities-based lending loans of $46.0 billion, $46.5 billion and $50.4 billion and non-U.S. consumer loans of $2.8 billion, $2.8 billion and $3.0 billion at December 31, 2023, September 30, 2023 and December 31, 2022, 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 $66 million, $67 million and $71 million and home equity loans of $177 million, $186 million and $268 million at December 31, 2023, September 30, 2023 and December 31, 2022, respectively. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.2 billion, $2.5 billion and $2.9 billion and non-U.S. commercial loans of $1.2 billion, $1.5 billion and $2.5 billion at December 31, 2023, September 30, 2023 and December 31, 2022, respectively.
(4)Includes U.S. commercial real estate loans of $66.8 billion, $67.3 billion and $64.9 billion and non-U.S. commercial real estate loans of $6.1 billion, $5.9 billion and $4.8 billion at December 31, 2023, September 30, 2023 and December 31, 2022, respectively.
(5)Includes card-related products and Paycheck Protection Program (PPP) loans.



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)
 Fourth Quarter 2023
 Total
Corporation
Consumer BankingGWIMGlobal
Banking
Global
Markets
All 
Other
Consumer
Residential mortgage$228,975 $116,278 $105,184 $1 $ $7,512 
Home equity25,756 21,307 2,419  165 1,865 
Credit card100,389 97,013 3,378   (2)
Direct/Indirect and other consumer103,606 54,035 49,568   3 
Total consumer458,726 288,633 160,549 1 165 9,378 
Commercial
U.S. commercial379,215 24,794 51,196 225,070 77,959 196 
Non-U.S. commercial125,371  535 78,483 46,258 95 
Commercial real estate73,140 11 7,145 56,735 9,249  
Commercial lease financing14,253   14,573  (320)
Total commercial591,979 24,805 58,876 374,861 133,466 (29)
Total loans and leases$1,050,705 $313,438 $219,425 $374,862 $133,631 $9,349 
 Third Quarter 2023
 Total
Corporation
Consumer BankingGWIMGlobal
Banking
Global
Markets
All 
Other
Consumer
Residential mortgage$229,001 $116,828 $104,635 $$— $7,537 
Home equity25,661 21,123 2,372 — 173 1,993 
Credit card98,049 94,781 3,268 — — — 
Direct/Indirect and other consumer104,134 53,840 50,291 — — 
Total consumer456,845 286,572 160,566 173 9,533 
Commercial
U.S. commercial377,728 24,179 50,267 225,758 77,369 155 
Non-U.S. commercial123,781 — 681 78,748 44,306 46 
Commercial real estate74,088 10 7,055 57,573 9,450 — 
Commercial lease financing13,812 — — 14,134 — (322)
Total commercial589,409 24,189 58,003 376,213 131,125 (121)
Total loans and leases $1,046,254 $310,761 $218,569 $376,214 $131,298 $9,412 
 Fourth Quarter 2022
 Total
Corporation
Consumer BankingGWIMGlobal
Banking
Global
Markets
All 
Other
Consumer
Residential mortgage$229,364 $118,051 $103,331 $$— $7,981 
Home equity26,983 21,834 2,485 — 207 2,457 
Credit card89,575 86,540 3,036 — — (1)
Direct/Indirect and other consumer106,598 51,501 55,093 — — 
Total consumer452,520 277,926 163,945 207 10,441 
Commercial
U.S. commercial378,850 22,423 54,306 230,591 71,330 200 
Non-U.S. commercial125,983 1,090 82,222 42,590 80 
Commercial real estate68,764 10 5,753 54,104 8,895 
Commercial lease financing13,130 — — 13,467 — (337)
Total commercial586,727 22,434 61,149 380,384 122,815 (55)
Total loans and leases$1,039,247 $300,360 $225,094 $380,385 $123,022 $10,386 




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, 5)
(Dollars in millions)
Commercial UtilizedTotal Commercial Committed
December 31
2023
September 30
2023
December 31
2022
December 31
2023
September 30
2023
December 31
2022
Asset managers and funds$103,138 $106,525 $106,842 $169,318 $173,531 $165,087 
Real estate (6)
73,150 73,318 72,180 100,269 99,840 99,722 
Capital goods49,698 48,858 45,580 97,044 93,327 87,314 
Finance companies62,906 56,733 55,248 89,119 81,968 79,546 
Healthcare equipment and services35,037 34,986 33,554 61,766 61,151 58,761 
Materials25,223 25,132 26,304 55,296 55,496 55,589 
Retailing24,561 26,261 24,785 54,523 57,664 53,714 
Food, beverage and tobacco23,865 22,609 23,232 49,426 49,678 47,486 
Consumer services27,355 27,735 26,980 49,105 49,395 47,372 
Government and public education31,051 32,058 34,861 45,873 46,602 48,134 
Individuals and trusts32,481 32,297 34,897 43,938 43,323 45,572 
Commercial services and supplies22,642 24,089 23,628 41,473 42,992 41,596 
Utilities18,610 17,806 20,292 39,481 38,220 40,164 
Energy12,450 13,855 15,132 36,996 36,312 36,043 
Transportation24,200 24,004 22,273 36,267 36,607 33,858 
Technology hardware and equipment11,951 10,796 11,441 29,160 29,812 29,825 
Global commercial banks22,749 27,544 27,217 25,684 30,313 29,293 
Media13,033 14,427 14,781 24,908 25,817 28,216 
Vehicle dealers16,283 14,359 12,909 22,570 21,334 20,638 
Software and services9,830 10,160 12,961 22,381 24,839 25,633 
Pharmaceuticals and biotechnology6,852 7,294 7,547 22,169 20,244 26,208 
Consumer durables and apparel9,184 9,437 10,009 20,732 20,462 21,389 
Insurance9,371 11,357 10,224 19,322 21,811 19,444 
Telecommunication services9,224 9,276 9,679 17,269 17,005 17,349 
Automobiles and components7,049 7,207 8,774 16,459 15,447 16,911 
Food and staples retailing7,423 7,973 7,157 12,496 13,698 11,908 
Financial markets infrastructure (clearinghouses)4,229 2,409 3,913 6,503 4,762 8,752 
Religious and social organizations2,754 2,400 2,467 4,565 4,518 4,689 
Total commercial credit exposure by industry$696,299 $700,905 $704,867 $1,214,112 $1,216,168 $1,200,213 
(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 $55.8 billion, $53.4 billion and $33.8 billion at December 31, 2023, September 30, 2023 and December 31, 2022, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $29.4 billion, $32.9 billion and $51.1 billion, which consists primarily of other marketable securities, at December 31, 2023, September 30, 2023 and December 31, 2022, respectively.
(2)Total utilized and total committed exposure includes loans of $3.3 billion, $4.0 billion and $5.4 billion and issued letters of credit with a notional amount of $14 million, $14 million and $28 million accounted for under the fair value option at December 31, 2023, September 30, 2023 and December 31, 2022, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $2.6 billion, $1.8 billion and $3.0 billion at December 31, 2023, September 30, 2023 and December 31, 2022, 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)Includes $329 million, $415 million and $1.0 billion of PPP loan exposure across impacted industries at December 31, 2023, September 30, 2023 and December 31, 2022, respectively.
(6)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.






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)
December 31
2023
September 30
2023
June 30
2023
March 31
2023
December 31
2022
Residential mortgage$2,114 $2,185 $2,140 $2,125 $2,167 
Home equity450 479 482 488 510 
Direct/Indirect consumer148 128 107 101 77 
Total consumer2,712 2,792 2,729 2,714 2,754 
U.S. commercial636 561 476 559 553 
Non-U.S. commercial175 102 84 125 212 
Commercial real estate1,927 1,343 816 502 271 
Commercial lease financing19 18 
2,757 2,024 1,382 1,190 1,040 
U.S. small business commercial16 17 15 14 14 
Total commercial2,773 2,041 1,397 1,204 1,054 
Total nonperforming loans and leases5,485 4,833 4,126 3,918 3,808 
Foreclosed properties (1)
145 160 148 165 170 
Total nonperforming loans, leases, and foreclosed properties(2, 3)
$5,630 $4,993 $4,274 $4,083 $3,978 
Fully-insured home loans past due 30 days or more and still accruing$527 $523 $525 $580 $627 
Consumer credit card past due 30 days or more and still accruing 2,419 2,097 1,811 1,674 1,505 
Other loans past due 30 days or more and still accruing2,974 2,848 2,920 3,146 4,008 
Total loans past due 30 days or more and still accruing (4, 5)
$5,920 $5,468 $5,256 $5,400 $6,140 
Fully-insured home loans past due 90 days or more and still accruing$252 $265 $288 $338 $368 
Consumer credit card past due 90 days or more and still accruing
1,224 1,016 896 828 717 
Other loans past due 90 days or more and still accruing280 286 356 508 626 
Total loans past due 90 days or more and still accruing (5)
$1,756 $1,567 $1,540 $1,674 $1,711 
Nonperforming loans, leases and foreclosed properties/Total assets (6)
0.18 %0.16 %0.14 %0.13 %0.13 %
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties (5)
0.54 0.48 0.41 0.39 0.38 
Nonperforming loans and leases/Total loans and leases (6)
0.52 0.46 0.39 0.38 0.37 
Commercial reservable criticized utilized exposure (7)
$23,300 $23,722 $21,469 $19,789 $19,274 
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure (6)
3.74 %3.83 %3.44 %3.17 %3.12 %
Total commercial criticized utilized exposure/Commercial utilized exposure (7)
4.00 4.12 3.79 3.67 3.70 
(1)Includes repossessed assets of $22 million and $20 million for the fourth and third quarters of 2023 and $0 for the remaining quarters.
(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 $161 million, $173 million, $174 million, $250 million and $219 million at December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively.
(4)Balances do not include loans held-for-sale past due 30 days or more and still accruing of $72 million, $22 million, $39 million, $36 million and $58 million at December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively.
(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 $3.6 billion, $4.3 billion, $4.3 billion, $4.4 billion and $5.8 billion at December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, 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.


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)
Fourth
Quarter
2023
Third
Quarter
2023
Second
Quarter
2023
First
Quarter
2023
Fourth
Quarter
2022
Nonperforming Consumer Loans and Leases:
Balance, beginning of period$2,792 $2,729 $2,714 $2,754 $2,760 
Additions247 297 258 253 208 
Reductions:
Paydowns and payoffs(129)(117)(131)(103)(89)
Sales(57)(2)(2)(2)(1)
Returns to performing status (2)
(122)(91)(92)(170)(109)
Charge-offs (3)
(15)(13)(13)(12)(6)
Transfers to foreclosed properties(4)(11)(5)(6)(9)
Total net additions (reductions) to nonperforming loans and leases(80)63 15 (40)(6)
Total nonperforming consumer loans and leases, end of period2,712 2,792 2,729 2,714 2,754 
Foreclosed properties (4)
103 112 97 117 121 
Nonperforming consumer loans, leases and foreclosed properties, end of period$2,815 $2,904 $2,826 $2,831 $2,875 
Nonperforming Commercial Loans and Leases (5):
Balance, beginning of period$2,041 $1,397 $1,204 $1,054 $1,223 
Additions1,085 875 484 419 141 
Reductions:
Paydowns(121)(153)(171)(72)(144)
Sales(1)— (3)— (4)
Returns to performing status (6)
(45)(2)(7)(52)(35)
Charge-offs(186)(67)(87)(88)(127)
Transfers to foreclosed properties — (23)— — 
Transfers to loans held-for-sale (9)— (57)— 
Total net additions (reductions) to nonperforming loans and leases732 644 193 150 (169)
Total nonperforming commercial loans and leases, end of period2,773 2,041 1,397 1,204 1,054 
Foreclosed properties (4)
42 48 51 48 49 
Nonperforming commercial loans, leases and foreclosed properties, end of period$2,815 $2,089 $1,448 $1,252 $1,103 
(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. Prior to January 1, 2023, certain troubled debt restructurings were classified as nonperforming at the time of restructuring and were only 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 repossessed assets of $20 million and $19 million in consumer loans and $2 million and $1 million in commercial loans for the fourth and third quarters of 2023 and $0 for the remaining quarters.
(5)Includes U.S. small business commercial activity. Small business card loans are excluded as they are not classified as nonperforming.
(6)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. Prior to January 1, 2023, troubled debt restructurings were generally classified as performing after a sustained period of demonstrated payment performance.



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)
 Fourth
Quarter
2023
Third
Quarter
2023
Second
Quarter
2023
First
Quarter
2023
Fourth
Quarter
2022
AmountPercentAmountPercentAmountPercentAmountPercentAmountPercent
Net Charge-offs
Residential mortgage (2)
$11 0.02 %$— %$— %$— %$(1)— %
Home equity (3)
(17)(0.26)(14)(0.22)(16)(0.25)(12)(0.18)(18)(0.27)
Credit card777 3.07 673 2.72 610 2.60 501 2.21 386 1.71 
Direct/Indirect consumer49 0.19 25 0.10 17 0.06 — — 
Other consumer93 n/m118 n/m107 n/m162 n/m163 n/m
Total consumer913 0.79 804 0.70 720 0.64 653 0.58 531 0.47 
U.S. commercial 67 0.07 0.01 0.01 47 0.05 47 0.05 
Non-U.S. commercial1  (2)(0.01)— — 20 0.07 31 0.10 
Total commercial and industrial68 0.06 — — 67 0.06 78 0.06 
Commercial real estate115 0.62 39 0.21 69 0.37 22 0.12 34 0.20 
Commercial lease financing(1) 0.08 — (1)(0.01)0.05 
182 0.13 45 0.03 75 0.05 88 0.06 114 0.08 
U.S. small business commercial97 1.99 82 1.74 74 1.62 66 1.48 44 0.99 
Total commercial279 0.19 127 0.09 149 0.10 154 0.11 158 0.11 
Total net charge-offs$1,192 0.45 $931 0.35 $869 0.33 $807 0.32 $689 0.26 
By Business Segment and All Other
Consumer Banking$1,023 1.30 %$911 1.16 %$819 1.07 %$729 0.97 %$591 0.78 %
Global Wealth & Investment Management12 0.02 0.01 0.01 0.01 0.01 
Global Banking160 0.17 20 0.02 59 0.06 87 0.09 112 0.12 
Global Markets8 0.02 13 0.04 0.02 — — (1)(0.01)
All Other (11)(0.48)(17)(0.68)(17)(0.74)(15)(0.59)(17)(0.66)
Total net charge-offs$1,192 0.45 $931 0.35 $869 0.33 $807 0.32 $689 0.26 
(1)Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding loans and leases excluding loans accounted for under the fair value option during the period for each loan and lease category.
(2)Includes loan sale net charge-offs (recoveries) of $8 million for the fourth quarter of 2023 and $0 for the remaining quarters.
(3)Includes loan sale net charge-offs (recoveries) of $(3) million for the fourth quarter of 2023 and $0 for the remaining quarters.
n/m = not meaningful





Current-period information is preliminary and based on company data available at the time of the presentation.
30


Bank of America Corporation and Subsidiaries
Annual Net Charge-offs and Net Charge-off Ratios (1) 
(Dollars in millions)
 Year Ended December 31
 20232022
AmountPercentAmountPercent
Net Charge-offs
Residential mortgage (2)
$16 0.01 %$72 0.03 %
Home equity (3)
(59)(0.23)(90)(0.33)
Credit card2,561 2.66 1,334 1.60 
Direct/Indirect consumer92 0.09 18 0.02 
Other consumer480 n/m521 n/m
Total consumer3,090 0.68 1,855 0.42 
U.S. commercial 124 0.03 71 0.02 
Non-U.S. commercial19 0.02 21 0.02 
Total commercial and industrial143 0.03 92 0.02 
Commercial real estate245 0.34 66 0.10 
Commercial lease financing2 0.02 0.03 
390 0.07 163 0.03 
U.S. small business commercial319 1.71 154 0.86 
Total commercial709 0.12 317 0.06 
Total net charge-offs$3,799 0.36 $2,172 0.21 
By Business Segment and All Other
Consumer Banking$3,482 1.13 %$2,021 0.69 %
Global Wealth & Investment Management25 0.01 19 0.01 
Global Banking326 0.09 140 0.04 
Global Markets26 0.02 15 0.01 
All Other(60)(0.62)(23)(0.18)
Total net charge-offs$3,799 0.36 $2,172 0.21 
(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.
(2)Includes loan sale net charge-offs (recoveries) of $8 million and $84 million for the years ended December 31, 2023 and 2022.
(3)Includes loan sale net charge-offs (recoveries) of $(3) million and $(8) million for the years ended December 31, 2023 and 2022.
n/m = not meaningful




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)
December 31, 2023September 30, 2023December 31, 2022
Amount
Percent of
Loans and
Leases
Outstanding (1)
Amount
Percent of
Loans and
Leases
Outstanding 
(1)
Amount
Percent of
Loans and
Leases
Outstanding (1)
Allowance for loan and lease losses
Residential mortgage$339 0.15%$344 0.15%$328 0.14%
Home equity47 0.1968 0.2792 0.35
Credit card7,346 7.196,987 7.016,136 6.57
Direct/Indirect consumer715 0.69671 0.64585 0.55
Other consumer73 n/m97 n/m96 n/m
Total consumer8,520 1.858,167 1.787,237 1.59
U.S. commercial (2)
2,600 0.692,764 0.743,007 0.80
Non-U.S. commercial842 0.68918 0.741,194 0.96
Commercial real estate1,342 1.841,393 1.901,192 1.71
Commercial lease financing38 0.2645 0.3352 0.38
Total commercial 4,822 0.825,120 0.875,445 0.93
Allowance for loan and lease losses13,342 1.2713,287 1.2712,682 1.22
Reserve for unfunded lending commitments1,209 1,353 1,540  
Allowance for credit losses$14,551 $14,640 $14,222  
Asset Quality Indicators
Allowance for loan and lease losses/Total loans and leases (1)
1.27%1.27%1.22%
Allowance for loan and lease losses/Total nonperforming loans and leases
243275333
Ratio of the allowance for loan and lease losses/Annualized net charge-offs2.823.604.64
(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. For fair value option amounts, see Outstanding Loans and Leases and related footnotes on page 25.
(2)Includes allowance for loan and lease losses for U.S. small business commercial loans of $1.0 billion, $983 million and $844 million at December 31, 2023, September 30, 2023 and December 31, 2022, respectively.
n/m = not meaningful


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 using certain non-GAAP financial measures, including pretax, pre-provision income and ratios that utilize tangible equity and tangible assets, each of which is a non-GAAP financial measure. Tangible equity represents shareholders’ equity or common shareholders’ equity reduced by goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities ("adjusted" shareholders' equity or common shareholders’ equity). 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 tangible assets (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 tangible assets. 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 years ended December 31, 2023 and 2022, and the three months ended December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022. 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 these non-GAAP financial measures differently.
 Year Ended
December 31
Fourth
Quarter
2023
Third
Quarter
2023
Second
Quarter
2023
First
Quarter
2023
Fourth
Quarter
2022
 20232022
Reconciliation of income before income taxes to pretax, pre-provision income
Income before income taxes$28,342 $30,969 $3,124 $8,095 $8,034 $9,089 $7,897 
Provision for credit losses4,394 2,543 1,104 1,234 1,125 931 1,092 
Pretax, pre-provision income$32,736 $33,512 $4,228 $9,329 $9,159 $10,020 $8,989 
Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity$283,353 $270,299 $288,618 $284,975 $282,425 $277,252 $272,629 
Goodwill(69,022)(69,022)(69,021)(69,021)(69,022)(69,022)(69,022)
Intangible assets (excluding mortgage servicing rights)(2,039)(2,117)(2,010)(2,029)(2,049)(2,068)(2,088)
Related deferred tax liabilities893 922 886 890 895 899 914 
Tangible shareholders’ equity$213,185 $200,082 $218,473 $214,815 $212,249 $207,061 $202,433 
Preferred stock(28,397)(28,318)(28,397)(28,397)(28,397)(28,397)(28,982)
Tangible common shareholders’ equity$184,788 $171,764 $190,076 $186,418 $183,852 $178,664 $173,451 
Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity$291,646 $273,197 $291,646 $287,064 $283,319 $280,196 $273,197 
Goodwill(69,021)(69,022)(69,021)(69,021)(69,021)(69,022)(69,022)
Intangible assets (excluding mortgage servicing rights)(1,997)(2,075)(1,997)(2,016)(2,036)(2,055)(2,075)
Related deferred tax liabilities874 899 874 886 890 895 899 
Tangible shareholders’ equity$221,502 $202,999 $221,502 $216,913 $213,152 $210,014 $202,999 
Preferred stock(28,397)(28,397)(28,397)(28,397)(28,397)(28,397)(28,397)
Tangible common shareholders’ equity$193,105 $174,602 $193,105 $188,516 $184,755 $181,617 $174,602 
Reconciliation of period-end assets to period-end tangible assets
Assets$3,179,876 $3,051,375 $3,179,876 $3,153,090 $3,123,198 $3,194,657 $3,051,375 
Goodwill(69,021)(69,022)(69,021)(69,021)(69,021)(69,022)(69,022)
Intangible assets (excluding mortgage servicing rights)(1,997)(2,075)(1,997)(2,016)(2,036)(2,055)(2,075)
Related deferred tax liabilities874 899 874 886 890 895 899 
Tangible assets$3,109,732 $2,981,177 $3,109,732 $3,082,939 $3,053,031 $3,124,475 $2,981,177 
Book value per share of common stock
Common shareholders’ equity$263,249 $244,800 $263,249 $258,667 $254,922 $251,799 $244,800 
Ending common shares issued and outstanding7,895.5 7,996.8 7,895.5 7,923.4 7,953.6 7,972.4 7,996.8 
Book value per share of common stock$33.34 $30.61 $33.34 $32.65 $32.05 $31.58 $30.61 
Tangible book value per share of common stock
Tangible common shareholders’ equity$193,105 $174,602 $193,105 $188,516 $184,755 $181,617 $174,602 
Ending common shares issued and outstanding7,895.5 7,996.8 7,895.5 7,923.4 7,953.6 7,972.4 7,996.8 
Tangible book value per share of common stock$24.46 $21.83 $24.46 $23.79 $23.23 $22.78 $21.83 
Current-period information is preliminary and based on company data available at the time of the presentation.
33