Document

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 Contents			Page


Consolidated Financial Highlights			2
Consolidated Statement of Income			3
Consolidated Statement of Comprehensive Income			3
Net Interest Income and Noninterest Income			4
Consolidated Balance Sheet			5
Capital Management			6
Capital Composition under Basel 3			7
Quarterly Average Balances and Interest Rates			8

Debt Securities			9
Supplemental Financial Data			10
Quarterly Results by Business Segment and All Other			11
Annual Results by Business Segment and All Other			13
Consumer Banking
Total Segment Results			14
Key Indicators			15
Business Results			16
Global Wealth & Investment Management
Total Segment Results			18
Key Indicators			19
Global Banking
Total Segment Results			20
Key Indicators			21

Global Markets
Total Segment Results			22
Key Indicators			23
All Other
Total Results			24
Outstanding Loans and Leases			25
Quarterly Average Loans and Leases by Business Segment and All Other			26
Commercial Credit Exposure by Industry			27

Nonperforming Loans, Leases and Foreclosed Properties			28
Nonperforming Loans, Leases and Foreclosed Properties Activity			29
Quarterly Net Charge-offs and Net Charge-off Ratios			30
Annual Net Charge-offs and Net Charge-off Ratios			31
Allocation of the Allowance for Credit Losses by Product Type			32

Exhibit A: Non-GAAP Reconciliations			33







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
	2023			2022
Income statement
Net interest income	$	56,931		$	52,462		$	13,946		$	14,379		$	14,158		$	14,448		$	14,681
Noninterest income	41,650			42,488			8,013			10,788			11,039			11,810			9,851
Total revenue, net of interest expense	98,581			94,950			21,959			25,167			25,197			26,258			24,532
Provision for credit losses	4,394			2,543			1,104			1,234			1,125			931			1,092
Noninterest expense	65,845			61,438			17,731			15,838			16,038			16,238			15,543
Income before income taxes	28,342			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 other	1,649			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
Diluted earnings per common share	3.08			3.19			0.35			0.90			0.88			0.94			0.85
Average diluted common shares issued and outstanding	8,080.5			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 assets	0.84		%	0.88		%	0.39		%	0.99		%	0.94		%	1.07		%	0.92		%
Return on average common shareholders’ equity	9.75			10.75			4.33			11.24			11.21			12.48			11.24
Return on average shareholders’ equity	9.36			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 capitalization	265,840			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
Headcount	212,985			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 31				Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022
	2023		2022
Net interest income
Interest income	$	130,262	$	72,565	$	35,629	$	33,624	$	32,354	$	28,655	$	25,075
Interest expense	73,331		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	32,009		33,212		8,019		8,135		7,961		7,894		7,735
Market making and similar activities	12,732		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
Total revenue, net of interest expense	98,581		94,950		21,959		25,167		25,197		26,258		24,532

Provision for credit losses	4,394		2,543		1,104		1,234		1,125		931		1,092

Noninterest expense
Compensation and benefits	38,330		36,447		9,460		9,551		9,401		9,918		9,161
Occupancy and equipment	7,164		7,071		1,794		1,795		1,776		1,799		1,786
Information processing and communications	6,707		6,279		1,690		1,676		1,644		1,697		1,658
Product delivery and transaction related	3,608		3,653		882		880		956		890		904

Professional fees	2,159		2,142		550		545		527		537		649
Marketing	1,927		1,825		455		501		513		458		460
Other general operating	5,950		4,021		2,900		890		1,221		939		925
Total noninterest expense	65,845		61,438		17,731		15,838		16,038		16,238		15,543
Income before income taxes	28,342		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 other	1,649		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 earnings	3.08		3.19		0.35		0.90		0.88		0.94		0.85
Average common shares issued and outstanding	8,028.6		8,113.7		7,990.9		8,017.1		8,040.9		8,065.9		8,088.3
Average diluted common shares issued and outstanding	8,080.5		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 31				Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022
	2023		2022
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 securities	573		(6,028)		492		(642)		168		555		353
Net change in debit valuation adjustments	(686)		755		(267)		(25)		(404)		10		(543)
Net change in derivatives	3,919		(10,055)		4,236		(366)		(1,993)		2,042		835
Employee benefit plan adjustments	(439)		(667)		(464)		6		9		10		(764)
Net change in foreign currency translation adjustments	1		(57)		7		(23)		5		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 31				Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022
	2023		2022
Net interest income
Interest income
Loans and leases	$	57,124	$	37,919	$	15,227	$	14,830	$	13,970	$	13,097	$	12,114
Debt securities	20,226		17,127		5,417		4,658		4,691		5,460		5,016
Federal funds sold and securities borrowed or purchased under agreements to resell	18,679		4,560		5,124		4,888		4,955		3,712		2,725
Trading account assets	8,773		5,521		2,452		2,217		2,076		2,028		1,768
Other interest income	25,460		7,438		7,409		7,031		6,662		4,358		3,452
Total interest income	130,262		72,565		35,629		33,624		32,354		28,655		25,075

Interest expense
Deposits	26,163		4,718		8,724		7,340		5,785		4,314		2,999
Short-term borrowings	30,553		6,978		8,389		7,629		8,355		6,180		4,273
Trading account liabilities	2,043		1,538		557		510		472		504		421
Long-term debt	14,572		6,869		4,013		3,766		3,584		3,209		2,701
Total interest expense	73,331		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 income	2,071		1,987		509		526		523		513		523
Total card income	6,054		6,083		1,519		1,520		1,546		1,469		1,552
Service charges
Deposit-related fees	4,382		5,190		1,116		1,124		1,045		1,097		1,081
Lending-related fees	1,302		1,215		330		340		319		313		308
Total service charges	5,684		6,405		1,446		1,464		1,364		1,410		1,389
Investment and brokerage services
Asset management fees	12,002		12,152		3,012		3,103		2,969		2,918		2,844
Brokerage fees	3,561		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 income	2,235		1,970		478		531		657		569		411
Syndication fees	898		1,070		278		209		180		231		174
Financial advisory services	1,575		1,783		389		448		375		363		486
Total investment banking fees	4,708		4,823		1,145		1,188		1,212		1,163		1,071
Total fees and commissions	32,009		33,212		8,019		8,135		7,961		7,894		7,735
Market making and similar activities	12,732		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 banks		305,181		326,471		199,869
Cash and cash equivalents		333,073		351,726		230,203
Time deposits placed and other short-term investments		8,346		7,995		7,259
Federal funds sold and securities borrowed or purchased under agreements to resell		280,624		309,249		267,574
Trading account assets		277,354		306,409		296,108
Derivative assets		39,323		47,464		48,642
Debt securities:
Carried at fair value		276,852		175,540		229,994
Held-to-maturity, at cost		594,555		603,333		632,825
Total debt securities		871,407		778,873		862,819
Loans and leases		1,053,732		1,049,149		1,045,747
Allowance for loan and lease losses		(13,342)		(13,287)		(12,682)
Loans and leases, net of allowance		1,040,390		1,035,862		1,033,065
Premises and equipment, net		11,855		11,821		11,510
Goodwill		69,021		69,021		69,022
Loans held-for-sale		6,002		7,591		6,871
Customer and other receivables		81,606		74,347		67,543
Other assets		160,875		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-bearing		1,273,904		1,228,039		1,182,590
Deposits in non-U.S. offices:
Noninterest-bearing		16,427		15,276		20,480
Interest-bearing		102,877		91,953		86,526
Total deposits		1,923,827		1,884,601		1,930,341
Federal funds purchased and securities loaned or sold under agreements to repurchase		283,887		300,703		195,635
Trading account liabilities		95,530		102,820		80,399
Derivative liabilities		43,432		40,855		44,816
Short-term borrowings		32,098		40,196		26,932
Accrued expenses and other liabilities		207,252		206,492		224,073
Long-term debt		302,204		290,359		275,982
Total liabilities		2,888,230		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 earnings		224,672		223,749		207,003
Accumulated other comprehensive income (loss)		(17,788)		(21,792)		(21,156)
Total shareholders’ equity		291,646		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 leases	18,276		16,902		16,738
	Allowance for loan and lease losses	(826)		(809)		(797)
	Loans and leases, net of allowance	17,450		16,093		15,941

	All other assets	269		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 debt	8,456		6,566		4,581
	All other liabilities	19		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 capital	223,323			222,623			208,446
Total capital	251,399			251,137			238,773
Risk-weighted assets	1,650,827			1,632,414			1,604,870
Common equity tier 1 capital ratio	11.8		%	11.9		%	11.2		%
Tier 1 capital ratio	13.5			13.6			13.0
Total capital ratio	15.2			15.4			14.9

Advanced Approaches
Common equity tier 1 capital	$	194,928		$	194,230		$	180,060
Tier 1 capital	223,323			222,623			208,446
Total capital	241,449			241,712			230,916
Risk-weighted assets	1,458,558			1,441,478			1,411,005
Common equity tier 1 capital ratio	13.4		%	13.5		%	12.8		%
Tier 1 capital ratio	15.3			15.4			14.8
Total capital ratio	16.6			16.8			16.4

Leverage-based metrics (1):
Adjusted average assets	$	3,135,468		$	3,050,808		$	2,997,118
Tier 1 leverage ratio	7.1		%	7.3		%	7.0		%

Supplementary leverage exposure	$	3,676,737		$	3,597,412		$	3,523,484
Supplementary leverage ratio	6.1		%	6.2		%	5.9		%

Total ending equity to total ending assets ratio	9.2			9.1			9.0
Common equity ratio	8.3			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-tax	1,342		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 capital	194,928		194,230		180,060
Qualifying preferred stock, net of issuance cost	28,396		28,396		28,396
Other	(1)		(3)		(10)
Tier 1 capital	223,323		222,623		208,446
Tier 2 capital instruments	15,341		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 approach	251,399		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 2023						Third Quarter 2023						Fourth 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 assets	194,551		2,474		5.05		191,283		2,244		4.66		169,003		1,784		4.19
Debt securities	802,657		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 equity	25,756		411		6.34		25,661		390		6.04		26,983		275		4.05
Credit card	100,389		2,778		10.98		98,049		2,727		11.03		89,575		2,327		10.31

Direct/Indirect and other consumer	103,606		1,386		5.31		104,134		1,354		5.16		106,598		1,119		4.16

Total consumer	458,726		6,365		5.52		456,845		6,216		5.41		452,520		5,384		4.73
U.S. commercial	379,215		5,176		5.42		377,728		5,061		5.32		378,850		4,172		4.37
Non-U.S. commercial	125,371		2,208		6.99		123,781		2,088		6.69		125,983		1,474		4.64
Commercial real estate	73,140		1,351		7.33		74,088		1,364		7.30		68,764		994		5.74
Commercial lease financing	14,253		184		5.14		13,812		166		4.79		13,130		139		4.21
Total commercial	591,979		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 assets	95,971		2,282		9.43		99,378		2,339		9.35		95,904		2,034		8.42
Total earning assets	2,829,765		35,774		5.02		2,738,699		33,777		4.90		2,647,712		25,198		3.78
Cash and due from banks	24,690						25,772						27,771
Other assets, less allowance for loan and lease losses	358,704						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 deposits	317,971		2,846		3.55		271,425		2,149		3.14		180,684		543		1.19
Total U.S. interest-bearing deposits	1,260,532		7,714		2.43		1,213,793		6,453		2.11		1,161,648		2,587		0.88




Non-U.S. interest-bearing deposits	101,766		1,010		3.94		97,095		887		3.63		83,073		412		1.97
Total interest-bearing deposits	1,362,298		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 liabilities	47,294		557		4.67		48,084		510		4.21		40,393		421		4.13
Long-term debt	256,262		4,013		6.24		245,819		3,766		6.10		243,871		2,701		4.41
Total interest-bearing liabilities	2,144,823		21,683		4.01		2,040,182		19,245		3.75		1,893,603		10,394		2.18
Noninterest-bearing sources
Noninterest-bearing deposits	542,713						565,265						680,823
Other liabilities (3)	237,005						238,044						227,234
Shareholders’ equity	288,618						284,975						272,629
Total liabilities and shareholders’ equity	$	3,213,159					$	3,128,466					$	3,074,289
Net interest spread					1.01	%					1.15	%					1.60	%
Impact of noninterest-bearing sources					0.96						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 obligations	2,739		6		(201)		2,544
Commercial	10,909		40		(514)		10,435
Non-agency residential	449		3		(70)		382
Total mortgage-backed securities	53,292		86		(2,205)		51,173
U.S. Treasury and government agencies	179,108		19		(1,461)		177,666
Non-U.S. securities	22,868		27		(20)		22,875
Other taxable securities	4,910		1		(76)		4,835

Tax-exempt securities	10,304		17		(221)		10,100
Total available-for-sale debt securities	270,482		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 value	280,684		206		(4,038)		276,852
Held-to-maturity debt securities
Agency mortgage-backed securities	465,456		—		(78,930)		386,526
U.S. Treasury and government agencies	121,645		—		(17,963)		103,682
Other taxable securities	7,490		—		(1,101)		6,389
Total held-to-maturity debt securities	594,591		—		(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 obligations	1,964		—		(266)		1,698
Commercial	7,309		14		(582)		6,741
Non-agency residential	452		3		(68)		387
Total mortgage-backed securities	32,160		17		(2,847)		29,330
U.S. Treasury and government agencies	104,828		6		(1,198)		103,636
Non-U.S. securities	18,901		18		(47)		18,872
Other taxable securities	3,271		1		(93)		3,179

Tax-exempt securities	10,965		—		(372)		10,593
Total available-for-sale debt securities	170,125		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 value	180,058		98		(4,616)		175,540
Held-to-maturity debt securities
Agency mortgage-backed securities	474,100		—		(106,890)		367,210
U.S. Treasury and government agencies	121,633		—		(23,351)		98,282
Other taxable securities	7,632		—		(1,363)		6,269
Total held-to-maturity debt securities	603,365		—		(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
	2023			2022






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 yield	2.08		%	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 Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	14,091	$	8,268	$	1,711	$	3,435	$	598	$	79
Noninterest income
Fees and commissions:
Card income	1,519		1,324		12		194		15		(26)
Service charges	1,446		588		20		749		87		2
Investment and brokerage services	3,909		78		3,328		20		486		(3)
Investment banking fees	1,145		—		47		690		439		(31)
Total fees and commissions	8,019		1,990		3,407		1,653		1,027		(58)
Market making and similar activities	998		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 losses	1,104		1,405		(26)		(239)		(60)		24
Noninterest expense	17,731		5,234		3,894		2,781		3,271		2,551
Income (loss) before income taxes	3,269		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 deposits	1,905,011		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 deposits	1,923,827		969,572		299,657		527,060		34,833		92,705

	Third Quarter 2023
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	14,532	$	8,391	$	1,755	$	3,613	$	674	$	99
Noninterest income
Fees and commissions:
Card income	1,520		1,325		9		197		16		(27)
Service charges	1,464		605		20		754		85		—
Investment and brokerage services	3,963		80		3,396		14		475		(2)
Investment banking fees	1,188		—		45		743		463		(63)
Total fees and commissions	8,135		2,010		3,470		1,708		1,039		(92)
Market making and similar activities	3,325		5		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 expense	25,320		10,472		5,321		6,203		4,942		(1,618)
Provision for credit losses	1,234		1,397		(6)		(119)		(14)		(24)
Noninterest expense	15,838		5,256		3,950		2,804		3,235		593
Income (loss) before income taxes	8,248		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 deposits	1,876,153		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 deposits	1,884,601		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 Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	14,804	$	8,494	$	2,015	$	3,880	$	371	$	44
Noninterest income
Fees and commissions:
Card income	1,552		1,333		19		196		17		(13)
Service charges	1,389		586		17		703		79		4
Investment and brokerage services	3,723		71		3,166		6		482		(2)
Investment banking fees	1,071		—		35		706		347		(17)
Total fees and commissions	7,735		1,990		3,237		1,611		925		(28)
Market making and similar activities	3,052		5		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 expense	24,655		10,782		5,410		6,438		3,861		(1,836)
Provision for credit losses	1,092		944		37		149		4		(42)
Noninterest expense	15,543		5,100		3,784		2,833		3,171		655
Income (loss) before income taxes	8,020		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 deposits	1,925,544		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 deposits	1,930,341		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 Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	57,498	$	33,689	$	7,147	$	14,645	$	1,678	$	339
Noninterest income
Fees and commissions:
Card income	6,054		5,264		45		781		66		(102)
Service charges	5,684		2,317		78		2,952		335		2
Investment and brokerage services	15,563		308		13,213		57		1,993		(8)
Investment banking fees	4,708		—		171		2,819		1,874		(156)
Total fees and commissions	32,009		7,889		13,507		6,609		4,268		(264)
Market making and similar activities	12,732		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 expense	99,148		42,031		21,105		24,796		19,527		(8,311)
Provision for credit losses	4,394		5,158		6		(586)		(131)		(53)
Noninterest expense	65,845		21,416		15,836		11,344		13,206		4,043
Income (loss) before income taxes	28,909		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 deposits	1,887,541		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 deposits	1,923,827		969,572		299,657		527,060		34,833		92,705

	Year Ended December 31, 2022
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	52,900	$	30,045	$	7,466	$	12,184	$	3,088	$	117
Noninterest income
Fees and commissions:
Card income	6,083		5,169		70		774		66		4
Service charges	6,405		2,706		73		3,293		325		8
Investment and brokerage services	15,901		304		13,561		42		2,002		(8)
Investment banking fees	4,823		—		189		3,004		1,820		(190)
Total fees and commissions	33,212		8,179		13,893		7,113		4,213		(186)
Market making and similar activities	12,075		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 expense	95,388		38,635		21,748		22,229		18,138		(5,362)
Provision for credit losses	2,543		1,980		66		641		28		(172)
Noninterest expense	61,438		20,077		15,490		10,966		12,420		2,485
Income (loss) before income taxes	31,407		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 deposits	1,986,158		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 deposits	1,930,341		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
	2023			2022
Net interest income	$	33,689		$	30,045		$	8,268		$	8,391		$	8,437		$	8,593		$	8,494
Noninterest income:
Card income	5,264			5,169			1,324			1,325			1,341			1,274			1,333
Service charges	2,317			2,706			588			605			525			599			586

All other income	761			715			149			151			221			240			369
Total noninterest income	8,342			8,590			2,061			2,081			2,087			2,113			2,288
Total revenue, net of interest expense	42,031			38,635			10,329			10,472			10,524			10,706			10,782

Provision for credit losses	5,158			1,980			1,405			1,397			1,267			1,089			944

Noninterest expense	21,416			20,077			5,234			5,256			5,453			5,473			5,100
Income before income taxes	15,457			16,578			3,690			3,819			3,804			4,144			4,738
Income tax expense	3,864			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 yield	3.26		%	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 ratio	50.95			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 deposits	992,750			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 deposits	969,572			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
	2023			2022
Average deposit balances
Checking	$	567,633		$	596,875		$	551,890		$	562,319		$	575,792		$	580,910		$	588,668
Savings	63,919			71,851			58,975			62,352			66,142			68,327			69,790
MMS	307,927			359,752			277,912			296,833			317,942			339,823			356,015
CDs and IRAs	49,331			29,450			66,758			54,596			42,445			33,098			28,619
Other	3,940			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)
Checking	2.34		%	1.98		%	2.47		%	2.38		%	2.30		%	2.22		%	2.09		%
Savings	2.71			2.23			2.90			2.77			2.65			2.53			2.33
MMS	3.33			1.61			3.64			3.49			3.28			2.99			2.25
CDs and IRAs	2.66			1.53			2.25			2.55			2.96			3.27			2.91
Other	4.85			1.60			5.21			5.05			4.80			4.37			3.35
Total deposit spreads	2.70			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 centers	3,845			3,913			3,845			3,862			3,887			3,892			3,913
ATMs	15,168			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 outstandings	102,200			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 yield	11.88		%	10.42		%	11.97		%	12.03		%	11.66		%	11.85		%	11.18		%
Risk-adjusted margin	7.83			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 equity	8,328			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 equity	9,814			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 2023									Third Quarter 2023
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	8,268		$	5,425		$	2,843		$	8,391		$	5,571		$	2,820
Noninterest income:
Card income	1,324			(9)			1,333			1,325			(11)			1,336
Service charges	588			588			—			605			605			—
All other income	149			116			33			151			116			35
Total noninterest income	2,061			695			1,366			2,081			710			1,371
Total revenue, net of interest expense	10,329			6,120			4,209			10,472			6,281			4,191

Provision for credit losses	1,405			77			1,328			1,397			128			1,269

Noninterest expense	5,234			3,269			1,965			5,256			3,240			2,016
Income before income taxes	3,690			2,774			916			3,819			2,913			906
Income tax expense	922			693			229			955			729			226
Net income	$	2,768		$	2,081		$	687		$	2,864		$	2,184		$	680

Net interest yield	3.28		%	2.25		%	3.64		%	3.26		%	2.26		%	3.65		%
Return on average allocated capital (1)	26			60			10			27			63			10
Efficiency ratio	50.71			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 deposits	959,247			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 deposits	969,572			964,136			5,436			982,302			976,007			6,295

										Fourth Quarter 2022
										Total Consumer Banking			Deposits			Consumer Lending
Net interest income										$	8,494		$	5,719		$	2,775
Noninterest income:
Card income										1,333			(9)			1,342
Service charges										586			585			1
All other income										369			214			155
Total noninterest income										2,288			790			1,498
Total revenue, net of interest expense										10,782			6,509			4,273

Provision for credit losses										944			176			768

Noninterest expense										5,100			3,189			1,911
Income before income taxes										4,738			3,144			1,594
Income tax expense										1,161			771			390
Net income										$	3,577		$	2,373		$	1,204

Net interest yield										3.11		%	2.18		%	3.71		%
Return on average allocated capital (1)										35			72			18
Efficiency ratio										47.29			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 deposits										1,047,058			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 deposits										1,048,799			1,043,194			5,605

(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
	2023									2022
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	33,689		$	22,545		$	11,144		$	30,045		$	19,254		$	10,791
Noninterest income:
Card income	5,264			(40)			5,304			5,169			(36)			5,205
Service charges	2,317			2,314			3			2,706			2,703			3
All other income	761			607			154			715			478			237
Total noninterest income	8,342			2,881			5,461			8,590			3,145			5,445
Total revenue, net of interest expense	42,031			25,426			16,605			38,635			22,399			16,236

Provision for credit losses	5,158			491			4,667			1,980			564			1,416

Noninterest expense	21,416			13,358			8,058			20,077			12,393			7,684
Income before income taxes	15,457			11,577			3,880			16,578			9,442			7,136
Income tax expense	3,864			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 yield	3.26		%	2.28		%	3.66		%	2.73		%	1.82		%	3.72		%
Return on average allocated capital (1)	28			63			10			31			55			20
Efficiency ratio	50.95			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 deposits	992,750			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 deposits	969,572			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
	2023			2022
Net interest income	$	7,147		$	7,466		$	1,711		$	1,755		$	1,805		$	1,876		$	2,015
Noninterest income:
Investment and brokerage services	13,213			13,561			3,328			3,396			3,251			3,238			3,166
All other income	745			721			188			170			186			201			229
Total noninterest income	13,958			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 losses	6			66			(26)			(6)			13			25			37

Noninterest expense	15,836			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 ratio	75.04			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 deposits	298,335			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 deposits	299,657			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
	2023		2022
Revenue by Business
Merrill Wealth Management	$	17,461	$	18,135	$	4,326	$	4,398	$	4,340	$	4,397	$	4,486
Bank of America Private Bank	3,644		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 Bank	606,639		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 assets	1,688,923		1,482,025		1,688,923		1,578,123		1,628,294		1,571,409		1,482,025

Deposits	299,657		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 flows	52,227		20,785		8,443		14,226		14,296		15,262		105

Market valuation/other	164,039		(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
	2023			2022
Net interest income	$	14,645		$	12,184		$	3,435		$	3,613		$	3,690		$	3,907		$	3,880
Noninterest income:
Service charges	2,952			3,293			749			754			735			714			703
Investment banking fees	2,819			3,004			690			743			718			668			706
All other income	4,380			3,748			1,054			1,093			1,319			914			1,149
Total noninterest income	10,151			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)			9			(237)			149

Noninterest expense	11,344			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 deposits	505,627			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 deposits	527,060			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
	2023			2022
Investment Banking fees (1)
Advisory (2)	$	1,392		$	1,643		$	350		$	396		$	333		$	313		$	446
Debt issuance	1,073			1,099			265			255			263			290			184
Equity issuance	354			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
Commercial	5,016			4,316			1,251			1,262			1,270			1,233			1,188
Business Banking	253			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
Commercial	4,139			4,166			967			998			1,045			1,129			1,185
Business Banking	1,531			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-bearing	202,213			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 spread	1.52		%	1.51		%	1.49		%	1.52		%	1.52		%	1.55		%	1.52		%

Provision for credit losses	$	(586)		$	641		$	(239)		$	(119)		$	9		$	(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. commercial	80,283			83,352			78,483			78,748			81,546			82,412			82,222
Commercial real estate	56,701			52,389			56,735			57,573			57,449			55,019			54,104
Commercial lease financing	14,170			14,203			14,573			14,134			13,951			14,019			13,467
Other	1			2			1			1			1			1			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 issuance	2,403			2,523			589			570			600			644			414
Equity issuance	886			709			199			232			287			168			189
Total investment banking fees including self-led deals	4,864			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
	2023			2022
Net interest income	$	1,678		$	3,088		$	598		$	674		$	297		$	109		$	371
Noninterest income:
Investment and brokerage services	1,993			2,002			486			475			499			533			482
Investment banking fees	1,874			1,820			439			463			503			469			347
Market making and similar activities	13,430			11,406			2,428			3,195			3,409			4,398			2,685
All other income	552			(178)			137			135			163			117			(24)
Total noninterest income	17,849			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)			4

Noninterest expense	13,206			12,420			3,271			3,235			3,349			3,351			3,171
Income before income taxes	6,452			5,690			877			1,721			1,526			2,328			686
Income tax expense	1,774			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		%	5		%

Efficiency ratio	67.63			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 leases	129,657			116,652			133,631			131,298			128,539			125,046			123,022
Total earning assets	652,352			602,889			667,094			655,971			657,947			627,935			610,045
Total assets	869,756			857,637			867,953			863,653			877,471			870,038			857,319
Total deposits	33,278			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 leases	136,223			127,735			136,223			134,386			131,128			130,804			127,735
Total earning assets	637,955			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 deposits	34,833			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 repurchases	133,735			126,324			133,209			135,401			139,480			126,760			122,753
Securities borrowed	121,547			116,764			129,365			119,936			120,481			116,280			119,334
Derivative assets	44,303			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
	2023		2022
Sales and trading revenue (1)
Fixed-income, currencies and commodities	$	10,896	$	9,917	$	2,079	$	2,710	$	2,667	$	3,440	$	2,157
Equities	6,480		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
Equities	6,490		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
Commissions	1,981		1,955		486		474		492		529		476
Trading	13,427		11,403		2,428		3,194		3,407		4,398		2,684
Other	955		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
	2023		2022
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 expense	4,043		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 deposits	57,551		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 deposits	92,705		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 equity	25,527		25,492		26,563
Credit card	102,200		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 option	459,722		458,526		456,046
Consumer loans accounted for under the fair value option (3)	243		253		339
Total consumer	459,965		458,779		456,385

Commercial
U.S. commercial	358,931		356,330		358,481
Non-U.S. commercial	124,581		123,713		124,479
Commercial real estate (4)	72,878		73,193		69,766
Commercial lease financing	14,854		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 option	590,441		586,373		583,930
Commercial loans accounted for under the fair value option (3)	3,326		3,997		5,432
Total commercial	593,767		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 Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	228,975	$	116,278	$	105,184	$	1	$	—	$	7,512
Home equity	25,756		21,307		2,419		—		165		1,865
Credit card	100,389		97,013		3,378		—		—		(2)
Direct/Indirect and other consumer	103,606		54,035		49,568		—		—		3
Total consumer	458,726		288,633		160,549		1		165		9,378

Commercial
U.S. commercial	379,215		24,794		51,196		225,070		77,959		196
Non-U.S. commercial	125,371		—		535		78,483		46,258		95
Commercial real estate	73,140		11		7,145		56,735		9,249		—
Commercial lease financing	14,253		—		—		14,573		—		(320)
Total commercial	591,979		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 Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	229,001	$	116,828	$	104,635	$	1	$	—	$	7,537
Home equity	25,661		21,123		2,372		—		173		1,993
Credit card	98,049		94,781		3,268		—		—		—
Direct/Indirect and other consumer	104,134		53,840		50,291		—		—		3
Total consumer	456,845		286,572		160,566		1		173		9,533

Commercial
U.S. commercial	377,728		24,179		50,267		225,758		77,369		155
Non-U.S. commercial	123,781		—		681		78,748		44,306		46
Commercial real estate	74,088		10		7,055		57,573		9,450		—
Commercial lease financing	13,812		—		—		14,134		—		(322)
Total commercial	589,409		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 Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	229,364	$	118,051	$	103,331	$	1	$	—	$	7,981
Home equity	26,983		21,834		2,485		—		207		2,457
Credit card	89,575		86,540		3,036		—		—		(1)
Direct/Indirect and other consumer	106,598		51,501		55,093		—		—		4
Total consumer	452,520		277,926		163,945		1		207		10,441

Commercial
U.S. commercial	378,850		22,423		54,306		230,591		71,330		200
Non-U.S. commercial	125,983		1		1,090		82,222		42,590		80
Commercial real estate	68,764		10		5,753		54,104		8,895		2
Commercial lease financing	13,130		—		—		13,467		—		(337)
Total commercial	586,727		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 Utilized						Total 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 goods	49,698		48,858		45,580		97,044		93,327		87,314
Finance companies	62,906		56,733		55,248		89,119		81,968		79,546
Healthcare equipment and services	35,037		34,986		33,554		61,766		61,151		58,761
Materials	25,223		25,132		26,304		55,296		55,496		55,589
Retailing	24,561		26,261		24,785		54,523		57,664		53,714
Food, beverage and tobacco	23,865		22,609		23,232		49,426		49,678		47,486
Consumer services	27,355		27,735		26,980		49,105		49,395		47,372
Government and public education	31,051		32,058		34,861		45,873		46,602		48,134
Individuals and trusts	32,481		32,297		34,897		43,938		43,323		45,572
Commercial services and supplies	22,642		24,089		23,628		41,473		42,992		41,596
Utilities	18,610		17,806		20,292		39,481		38,220		40,164
Energy	12,450		13,855		15,132		36,996		36,312		36,043
Transportation	24,200		24,004		22,273		36,267		36,607		33,858
Technology hardware and equipment	11,951		10,796		11,441		29,160		29,812		29,825
Global commercial banks	22,749		27,544		27,217		25,684		30,313		29,293
Media	13,033		14,427		14,781		24,908		25,817		28,216
Vehicle dealers	16,283		14,359		12,909		22,570		21,334		20,638
Software and services	9,830		10,160		12,961		22,381		24,839		25,633
Pharmaceuticals and biotechnology	6,852		7,294		7,547		22,169		20,244		26,208
Consumer durables and apparel	9,184		9,437		10,009		20,732		20,462		21,389
Insurance	9,371		11,357		10,224		19,322		21,811		19,444
Telecommunication services	9,224		9,276		9,679		17,269		17,005		17,349
Automobiles and components	7,049		7,207		8,774		16,459		15,447		16,911
Food and staples retailing	7,423		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 organizations	2,754		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 equity	450			479			482			488			510

Direct/Indirect consumer	148			128			107			101			77

Total consumer	2,712			2,792			2,729			2,714			2,754
U.S. commercial	636			561			476			559			553
Non-U.S. commercial	175			102			84			125			212
Commercial real estate	1,927			1,343			816			502			271
Commercial lease financing	19			18			6			4			4
	2,757			2,024			1,382			1,190			1,040
U.S. small business commercial	16			17			15			14			14
Total commercial	2,773			2,041			1,397			1,204			1,054
Total nonperforming loans and leases	5,485			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 accruing	2,974			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 accruing	280			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

Additions	247		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 period	2,712		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

Additions	1,085		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 leases	732		644		193		150		(169)
Total nonperforming commercial loans and leases, end of period	2,773		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
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage (2)	$	11	0.02	%	$	2	—	%	$	2	—	%	$	1	—	%	$	(1)	—	%
Home equity (3)	(17)		(0.26)		(14)		(0.22)		(16)		(0.25)		(12)		(0.18)		(18)		(0.27)
Credit card	777		3.07		673		2.72		610		2.60		501		2.21		386		1.71

Direct/Indirect consumer	49		0.19		25		0.10		17		0.06		1		—		1		—
Other consumer	93		n/m		118		n/m		107		n/m		162		n/m		163		n/m
Total consumer	913		0.79		804		0.70		720		0.64		653		0.58		531		0.47
U.S. commercial	67		0.07		5		0.01		5		0.01		47		0.05		47		0.05
Non-U.S. commercial	1		—		(2)		(0.01)		—		—		20		0.07		31		0.10
Total commercial and industrial	68		0.06		3		—		5		—		67		0.06		78		0.06
Commercial real estate	115		0.62		39		0.21		69		0.37		22		0.12		34		0.20
Commercial lease financing	(1)		—		3		0.08		1		—		(1)		(0.01)		2		0.05
	182		0.13		45		0.03		75		0.05		88		0.06		114		0.08
U.S. small business commercial	97		1.99		82		1.74		74		1.62		66		1.48		44		0.99
Total commercial	279		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 Management	12		0.02		4		0.01		3		0.01		6		0.01		4		0.01
Global Banking	160		0.17		20		0.02		59		0.06		87		0.09		112		0.12
Global Markets	8		0.02		13		0.04		5		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
	2023				2022
	Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage (2)	$	16	0.01	%	$	72	0.03	%
Home equity (3)	(59)		(0.23)		(90)		(0.33)
Credit card	2,561		2.66		1,334		1.60

Direct/Indirect consumer	92		0.09		18		0.02
Other consumer	480		n/m		521		n/m
Total consumer	3,090		0.68		1,855		0.42
U.S. commercial	124		0.03		71		0.02
Non-U.S. commercial	19		0.02		21		0.02
Total commercial and industrial	143		0.03		92		0.02
Commercial real estate	245		0.34		66		0.10
Commercial lease financing	2		0.02		5		0.03
	390		0.07		163		0.03
U.S. small business commercial	319		1.71		154		0.86
Total commercial	709		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 Management	25		0.01		19		0.01
Global Banking	326		0.09		140		0.04
Global Markets	26		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, 2023		September 30, 2023			December 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 equity	47		0.19	68			0.27	92		0.35
Credit card	7,346		7.19	6,987			7.01	6,136		6.57

Direct/Indirect consumer	715		0.69	671			0.64	585		0.55
Other consumer	73		n/m	97			n/m	96		n/m
Total consumer	8,520		1.85	8,167			1.78	7,237		1.59
U.S. commercial (2)	2,600		0.69	2,764			0.74	3,007		0.80
Non-U.S. commercial	842		0.68	918			0.74	1,194		0.96
Commercial real estate	1,342		1.84	1,393			1.90	1,192		1.71
Commercial lease financing	38		0.26	45			0.33	52		0.38
Total commercial	4,822		0.82	5,120			0.87	5,445		0.93
Allowance for loan and lease losses	13,342		1.27	13,287			1.27	12,682		1.22


Reserve for unfunded lending commitments	1,209			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			243				275			333

Ratio of the allowance for loan and lease losses/Annualized net charge-offs			2.82				3.60			4.64

(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
	2023		2022





























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 losses	4,394		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 liabilities	893		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 liabilities	874		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 liabilities	874		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 outstanding	7,895.5		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 outstanding	7,895.5		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