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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2024
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from          to
Commission file number:
1-6523
Exact name of registrant as specified in its charter:
Bank of America Corporation
State or other jurisdiction of incorporation or organization:
Delaware
IRS Employer Identification No.:
56-0906609
Address of principal executive offices:
Bank of America Corporate Center
100 N. Tryon Street
Charlotte, North Carolina 28255
Registrant’s telephone number, including area code:
(704386-5681
Former name, former address and former fiscal year, if changed since last report:
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareBACNew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a shareBAC PrENew York Stock Exchange
 of Floating Rate Non-Cumulative Preferred Stock, Series E
Depositary Shares, each representing a 1/1,000th interest in a shareBAC PrBNew York Stock Exchange
 of 6.000% Non-Cumulative Preferred Stock, Series GG
Depositary Shares, each representing a 1/1,000th interest in a shareBAC PrKNew York Stock Exchange
 of 5.875% Non-Cumulative Preferred Stock, Series HH
7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series LBAC PrLNew York Stock Exchange
Depositary Shares, each representing a 1/1,200th interest in a shareBML PrGNew York Stock Exchange
of Bank of America Corporation Floating Rate
Non-Cumulative Preferred Stock, Series 1



Title of each classTrading Symbol(s)Name of each exchange on which registered
Depositary Shares, each representing a 1/1,200th interest in a shareBML PrHNew York Stock Exchange
 of Bank of America Corporation Floating Rate
Non-Cumulative Preferred Stock, Series 2
Depositary Shares, each representing a 1/1,200th interest in a shareBML PrJNew York Stock Exchange
 of Bank of America Corporation Floating Rate
Non-Cumulative Preferred Stock, Series 4
Depositary Shares, each representing a 1/1,200th interest in a shareBML PrLNew York Stock Exchange
 of Bank of America Corporation Floating Rate
Non-Cumulative Preferred Stock, Series 5
Floating Rate Preferred Hybrid Income Term Securities of BAC CapitalBAC/PFNew York Stock Exchange
 Trust XIII (and the guarantee related thereto)
5.63% Fixed to Floating Rate Preferred Hybrid Income Term SecuritiesBAC/PGNew York Stock Exchange
 of BAC Capital Trust XIV (and the guarantee related thereto)
Income Capital Obligation Notes initially due December 15, 2066 ofMER PrKNew York Stock Exchange
Bank of America Corporation
Senior Medium-Term Notes, Series A, Step Up Callable Notes, dueBAC/31BNew York Stock Exchange
 November 28, 2031 of BofA Finance LLC (and the guarantee
of the Registrant with respect thereto)
Depositary Shares, each representing a 1/1,000th interest in a share of
BAC PrMNew York Stock Exchange
 5.375% Non-Cumulative Preferred Stock, Series KK
Depositary Shares, each representing a 1/1,000th interest in a shareBAC PrNNew York Stock Exchange
of 5.000% Non-Cumulative Preferred Stock, Series LL
Depositary Shares, each representing a 1/1,000th interest in a share ofBAC PrONew York Stock Exchange
4.375% Non-Cumulative Preferred Stock, Series NN
Depositary Shares, each representing a 1/1,000th interest in a share ofBAC PrPNew York Stock Exchange
4.125% Non-Cumulative Preferred Stock, Series PP
Depositary Shares, each representing a 1/1,000th interest in a share ofBAC PrQNew York Stock Exchange
4.250% Non-Cumulative Preferred Stock, Series QQ
Depositary Shares, each representing a 1/1,000th interest in a shareBAC PrSNew York Stock Exchange
of 4.750% Non-Cumulative Preferred Stock, Series SS
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting company
                                         Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2).
Yes No
On October 28, 2024, there were 7,672,879,599 shares of Bank of America Corporation Common Stock outstanding.



Bank of America Corporation and Subsidiaries
September 30, 2024
Form 10-Q
INDEX
Part I. Financial Information
Item 1. Financial StatementsPage
Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
1 Bank of America



Part II. Other Information
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Bank of America Corporation (the “Corporation”) and its management may make certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements represent the Corporation’s current expectations, plans or forecasts of its future results, revenues, liquidity, net interest income, provision for credit losses, expenses, efficiency ratio, capital measures, strategy, deposits, assets, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond the Corporation’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements.
You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties more fully discussed under Item 1A. Risk Factors of the Corporation’s 2023 Annual Report on Form 10-K and in any of the Corporation’s subsequent Securities and Exchange Commission filings: the Corporation’s potential judgments, orders, settlements, penalties, fines and reputational damage, which are inherently difficult to predict, resulting from pending, threatened or future litigation and regulatory investigations, proceedings and enforcement actions, of which the Corporation is subject to in the ordinary course of business, including matters related to our processing of unemployment benefits for California and certain other states, the features of our automatic credit card payment service, the adequacy of the Corporation’s anti-money laundering and economic sanctions programs, the processing of electronic payments and related fraud and the rates paid on uninvested cash in investment advisory accounts that is swept into interest-paying bank deposits, which are in various stages; the possibility that the Corporation's future liabilities may be in excess of its recorded liability and estimated range of possible loss for litigation, and regulatory and government actions; the possibility that the Corporation could face increased claims from one or more parties involved in mortgage securitizations; the Corporation's ability to resolve representations and warranties repurchase and related claims; the risks related to the discontinuation of reference rates, including increased expenses and litigation and the effectiveness of hedging strategies; uncertainties about the financial stability and growth rates of non-U.S. jurisdictions, the risk that those jurisdictions may face difficulties servicing their sovereign debt, and related stresses on financial markets, currencies and trade, and the Corporation’s exposures to such risks, including direct, indirect and operational;
the impact of U.S. and global interest rates (including the potential for ongoing reductions in interest rates), inflation, currency exchange rates, economic conditions, trade policies and tensions, including tariffs, and potential geopolitical instability; the impact of the interest rate, inflationary, macroeconomic, banking and regulatory environment on the Corporation’s assets, business, financial condition and results of operations; the impact of adverse developments affecting the U.S. or global banking industry, including bank failures and liquidity concerns, resulting in worsening economic and market volatility, and regulatory responses thereto; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. or global economic conditions and other uncertainties, including the impact of supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; potential losses related to the Corporation’s concentration of credit risk; the Corporation’s ability to achieve its expense targets and expectations regarding revenue, net interest income, provision for credit losses, net charge-offs, effective tax rate, loan growth or other projections; variances to the underlying assumptions and judgments used in estimating banking book net interest income sensitivity; adverse changes to the Corporation’s credit ratings from the major credit rating agencies; an inability to access capital markets or maintain deposits or borrowing costs; estimates of the fair value and other accounting values, subject to impairment assessments, of certain of the Corporation’s assets and liabilities; the estimated or actual impact of changes in accounting standards or assumptions in applying those standards; uncertainty regarding the content, timing and impact of regulatory capital and liquidity requirements; the impact of adverse changes to total loss-absorbing capacity requirements, stress capital buffer requirements and/or global systemically important bank surcharges; the potential impact of actions of the Board of Governors of the Federal Reserve System on the Corporation’s capital plans; the effect of changes in or interpretations of income tax laws and regulations; the impact of implementation and compliance with U.S. and international laws, regulations and regulatory interpretations, including, but not limited to, recovery and resolution planning requirements, Federal Deposit Insurance Corporation assessments, the Volcker Rule, fiduciary standards, derivatives regulations and potential changes to loss allocations between financial institutions and customers, including for losses incurred from the use of our products and services, including electronic payments and payment of checks, that were authorized by the customer but induced by fraud; the impact of failures or disruptions in or breaches of the Corporation’s operations or information systems, or those of third parties, including as a result of cybersecurity incidents; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learning; the risks related to the transition and physical impacts of climate change; our ability to achieve environmental, social and governance goals and commitments or the impact of any changes in the Corporation’s sustainability strategy or commitments generally; the impact of
Bank of America 2


uncertain or changing political conditions or any future federal government shutdown and uncertainty regarding the federal government’s debt limit or changes in fiscal, monetary or regulatory policy; the emergence or continuation of widespread health emergencies or pandemics; the impact of natural disasters, extreme weather events, military conflicts (including the Russia/Ukraine conflict, the conflict in the Middle East, the possible expansion of such conflicts and potential geopolitical consequences), terrorism or other geopolitical events; and other matters.
Forward-looking statements speak only as of the date they are made, and the Corporation undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.
Notes to the Consolidated Financial Statements referred to in Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) are incorporated by reference into the MD&A. Certain prior-period amounts have been reclassified to conform to current-period presentation. Throughout the MD&A, the Corporation uses certain acronyms and abbreviations which are defined in the Glossary.
Executive Summary
Business Overview
The Corporation is a Delaware corporation, a bank holding company (BHC) and a financial holding company. When used in this report, “Bank of America,” “the Corporation,” “we,” “us” and “our” may refer to Bank of America Corporation individually, Bank of America Corporation and its subsidiaries, or certain of Bank of America Corporation’s subsidiaries or affiliates. Our principal executive offices are located in Charlotte, North Carolina. Through our various bank and nonbank subsidiaries throughout the U.S. and in international markets, we provide a diversified range of banking and nonbank financial services and products through four business segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking and Global Markets, with the remaining operations recorded in All Other. We operate our banking activities primarily under the Bank of America, National Association (Bank of America, N.A. or BANA) charter. At September 30, 2024, the Corporation had $3.3 trillion in assets and a headcount of approximately 213,000 employees.
As of September 30, 2024, we served clients through operations across the U.S., its territories and more than 35 countries. Our retail banking footprint covers all major markets in the U.S., and we serve approximately 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs, and leading digital banking platforms (www.bankofamerica.com) with approximately 48 million active users, including approximately
40 million active mobile users. We offer industry-leading support to approximately four million small business households. Our GWIM businesses, with client balances of $4.2 trillion, provide tailored solutions to meet client needs through a full set of investment management, brokerage, banking, trust and retirement products. We are a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world.
The Corporations website is www.bankofamerica.com, and the Investor Relations portion of our website is https://investor.bankofamerica.com. We use our website to distribute company information, including as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. We routinely post and make accessible financial and other information, including environmental, social and governance (ESG) information, regarding the Corporation on our website. Investors should monitor our website, including the Investor Relations portion, in addition to our press releases, U.S. Securities and Exchange Commission (SEC) filings, public conference calls and webcasts. Notwithstanding the foregoing, the information contained on our website as referenced in this paragraph is not incorporated by reference into this Quarterly Report on Form 10-Q.
Recent Developments
Capital Management
In June 2024, the Board of Governors of the Federal Reserve System (Federal Reserve) announced the results of the 2024 Comprehensive Capital Analysis and Review (CCAR) supervisory stress tests, which included preliminary stress capital buffers (SCBs) that were finalized in August 2024. Based on the results, our SCB increased to 3.2 percent from 2.5 percent, resulting in a minimum Common equity tier 1 (CET1) capital ratio requirement of 10.7 percent effective October 1, 2024. As of September 30, 2024, our CET1 capital ratio was 11.8 percent under the Standardized approach.
On July 24, 2024, the Corporation’s Board of Directors (the Board) authorized a $25 billion common stock repurchase program, effective August 1, 2024, which replaced the Corporation’s previous repurchase program. For more information, see Capital Management – CCAR and Capital Planning on page 21.
On October 16, 2024, the Board declared a quarterly common stock dividend of $0.26 per share, payable on December 27, 2024 to shareholders of record as of December 6, 2024.
For more information on our capital resources and regulatory developments, see Capital Management beginning on page 21.

3 Bank of America



Financial Highlights
Table 1Summary Income Statement and Selected Financial Data
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions, except per share information)2024202320242023
Income statement  
Net interest income$13,967 $14,379 $41,701 $42,985 
Noninterest income11,378 10,788 34,839 33,637 
Total revenue, net of interest expense25,345 25,167 76,540 76,622 
Provision for credit losses1,542 1,234 4,369 3,290 
Noninterest expense16,479 15,838 50,025 48,114 
Income before income taxes7,324 8,095 22,146 25,218 
Income tax expense428 293 1,679 1,847 
Net income6,896 7,802 20,467 23,371 
Preferred stock dividends516 532 1,363 1,343 
Net income applicable to common shareholders$6,380 $7,270 $19,104 $22,028 
Per common share information    
Earnings$0.82 $0.91 $2.42 $2.74 
Diluted earnings0.81 0.90 2.40 2.72 
Dividends paid0.26 0.24 0.74 0.68 
Performance ratios  
Return on average assets (1)
0.83 %0.99 %0.84 %1.00 %
Return on average common shareholders’ equity (1)
9.44 11.24 9.59 11.63 
Return on average tangible common shareholders’ equity (2)
12.76 15.47 13.02 16.09 
Efficiency ratio (1)
65.02 62.93 65.36 62.79 
September 30 2024December 31 2023
Balance sheet  
Total loans and leases$1,075,800 $1,053,732 
Total assets3,324,293 3,180,151 
Total deposits1,930,352 1,923,827 
Total liabilities3,027,781 2,888,505 
Total common shareholders’ equity271,958 263,249 
Total shareholders’ equity296,512 291,646 
(1)For definitions, see Key Metrics on page 104.
(2)Return on average tangible common shareholders’ equity is a non-GAAP financial measure. For more information and a corresponding reconciliation to the most directly comparable financial measures defined by accounting principles generally accepted in the United States of America (GAAP), see Non-GAAP Reconciliations on page 49.
Net income was $6.9 billion and $20.5 billion, or $0.81 and $2.40 per diluted share, for the three and nine months ended September 30, 2024 compared to $7.8 billion and $23.4 billion, or $0.90 and $2.72 per diluted share, for the same periods in 2023. The decrease in net income was primarily due to higher noninterest expense and provision for credit losses.
Total assets increased $144.1 billion from December 31, 2023 to $3.3 trillion primarily driven by higher trading account assets and higher securities borrowed or purchased under agreements to resell to support Global Markets client activity, as well as commercial loan growth.
Total liabilities increased $139.3 billion from December 31, 2023 to $3.0 trillion primarily driven by higher securities loaned or sold under agreements to repurchase to support Global Markets client activity.
Shareholders’ equity increased $4.9 billion from December 31, 2023 to $296.5 billion primarily due to net income and market value increases on derivatives, partially offset by returns of capital to shareholders through common stock repurchases, common and preferred stock dividends, and preferred stock redemptions.
Net Interest Income
Net interest income decreased $412 million to $14.0 billion and $1.3 billion to $41.7 billion for the three and nine months ended September 30, 2024 compared to the same periods in 2023. Net interest yield on a fully taxable-equivalent (FTE) basis decreased 19 basis points (bps) to 1.92 percent and 17 bps to 1.95 percent for the same periods. The decreases were primarily driven by higher deposit costs, partially offset by higher asset yields and higher net interest income related to Global Markets activity. For more information on net interest yield and FTE basis, see Supplemental Financial Data on page 6, and for more information on interest rate risk management, see Interest Rate Risk Management for the Banking Book on page 45.
Bank of America 4


Noninterest Income
Table 2Noninterest Income
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)2024202320242023
Fees and commissions:
Card income$1,618 $1,520 $4,662 $4,535 
Service charges1,552 1,464 4,501 4,238 
Investment and brokerage services4,546 3,963 13,053 11,654 
Investment banking fees1,403 1,188 4,532 3,563 
Total fees and commissions9,119 8,135 26,748 23,990 
Market making and similar activities3,278 3,325 10,464 11,734 
Other income(1,019)(672)(2,373)(2,087)
Total noninterest income$11,378 $10,788 $34,839 $33,637 
Noninterest income increased $590 million to $11.4 billion and $1.2 billion to $34.8 billion for the three and nine months ended September 30, 2024 compared to the same periods in 2023. The following highlights the significant changes.
●    Service charges increased $88 million and $263 million primarily driven by higher treasury service charges.
    Investment and brokerage services increased $583 million and $1.4 billion primarily driven by higher asset management fees due to higher average equity market valuations and positive assets under management (AUM) flows, as well as higher brokerage fees due to increased transactional volume, partially offset by the impact of lower AUM pricing.
    Investment banking fees increased $215 million for the three-month period primarily due to higher debt issuance fees. Investment banking fees for the nine-month period increased $969 million primarily due to higher debt and equity issuance fees.
    Market making and similar activities decreased $1.3 billion for the nine-month period primarily driven by lower trading revenue from macro products in Fixed Income, Currencies and Commodities (FICC).
    Other income decreased $347 million and $286 million primarily driven by a charge of $189 million related to Visa’s increase in its litigation escrow account. The decrease in the nine-month period was also driven by higher partnership losses on tax credit investments and certain negative valuation adjustments, partially offset by lower losses on sales of available-for-sale debt securities.
Provision for Credit Losses
The provision for credit losses increased $308 million to $1.5 billion and $1.1 billion to $4.4 billion for the three and nine months ended September 30, 2024 compared to the same periods in 2023. The provision for credit losses for the current-year periods was primarily driven by credit card loans and the commercial real estate office portfolio. For more information on the provision for credit losses, see Allowance for Credit Losses on page 41.
Noninterest Expense
Table 3Noninterest Expense
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)2024202320242023
Compensation and benefits$9,916 $9,551 $29,937 $28,870 
Occupancy and equipment1,836 1,795 5,465 5,370 
Information processing and communications1,784 1,676 5,347 5,017 
Product delivery and transaction related849 880 2,591 2,726 
Marketing504 501 1,446 1,472 
Professional fees723 545 1,925 1,609 
Other general operating867 890 3,314 3,050 
Total noninterest expense$16,479 $15,838 $50,025 $48,114 
Noninterest expense increased $641 million to $16.5 billion and $1.9 billion to $50.0 billion for the three and nine months ended September 30, 2024 compared to the same periods in 2023. The increases in both periods were primarily driven by higher revenue-related compensation and continued investments in the business, including people and technology,
partially offset by lower expense related to a liquidating business activity. The increase in the nine-month period also included the additional accrual of $700 million for the Federal Deposit Insurance Corporation (FDIC) special assessment recorded in the first quarter of 2024.

5 Bank of America



Income Tax Expense
Table 4Income Tax Expense
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)2024202320242023
Income before income taxes$7,324 $8,095 $22,146 $25,218 
Income tax expense428 293 1,679 1,847 
Effective tax rate5.8 %3.6 %7.6 %7.3 %
The effective tax rates for the three and nine months ended September 30, 2024 and 2023 were primarily driven by our recurring tax preference benefits that mainly consist of tax credits from investments in affordable housing and renewable energy. Also included in the effective tax rate for the nine months ended September 30, 2024 was the discrete benefit from the $700 million charge recorded in the first quarter for the FDIC special assessment. Absent the tax credits and discrete tax benefits, the effective tax rates would have been approximately 24 percent and 25 percent for the three months ended September 30, 2024 and 2023 and 25 percent and 26 percent for the nine months ended September 30, 2024 and 2023.
Supplemental Financial Data
Non-GAAP Financial Measures
In this Quarterly Report on Form 10-Q, we present certain non-GAAP financial measures. Non-GAAP financial measures exclude certain items or otherwise include components that differ from the most directly comparable measures calculated in accordance with GAAP. Non-GAAP financial measures are provided as additional useful information to assess our financial condition, results of operations (including period-to-period operating performance) or compliance with prospective regulatory requirements. These non-GAAP financial measures are not intended as a substitute for GAAP financial measures and may not be defined or calculated the same way as non-GAAP financial measures used by other companies.
When presented on a consolidated basis, we view net interest income on an FTE basis as a non-GAAP financial measure. To derive the FTE basis, net interest income is adjusted to reflect tax-exempt income on an equivalent before-tax basis with a corresponding increase in income tax expense. For purposes of this calculation, we use the federal statutory tax rate of 21 percent and a representative state tax rate. Net interest yield, which measures the basis points we earn over the cost of funds, utilizes net interest income on an FTE basis. We believe that presentation of these items on an FTE basis allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices.
We may present certain key performance indicators and ratios excluding certain items (e.g., debit valuation adjustment (DVA) gains (losses)), which result in non-GAAP financial measures. We believe that the presentation of measures that exclude these items is useful because such measures provide additional information to assess the underlying operational performance and trends of our businesses and to allow better comparison of period-to-period operating performance.
We also evaluate our business based on certain ratios that utilize tangible equity, a non-GAAP financial measure. Tangible equity represents shareholders’ equity or common
shareholders’ equity reduced by goodwill and intangible assets (excluding mortgage servicing rights (MSRs)), net of related deferred tax liabilities (“adjusted” shareholders’ equity or common shareholders’ equity). These measures are used to evaluate our use of equity. In addition, profitability, relationship and investment models use both return on average tangible common shareholders’ equity and return on average tangible shareholders’ equity as key measures to support our overall growth objectives. These ratios are:
    Return on average tangible common shareholders’ equity measures our 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.
    Return on average tangible shareholders’ equity measures our 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.
We believe ratios utilizing tangible equity provide additional useful information because they present measures of those assets that can generate income. Tangible book value per common share provides additional useful information about the level of tangible assets in relation to outstanding shares of common stock.
The aforementioned supplemental data and performance measures are presented in Table 5 on page 7.
For more information on the reconciliation of these non-GAAP financial measures to the corresponding GAAP financial measures, see Non-GAAP Reconciliations on page 49.
Key Performance Indicators
We present certain key financial and nonfinancial performance indicators (key performance indicators) that management uses when assessing our consolidated and/or segment results. We believe they are useful to investors because they provide additional information about our underlying operational performance and trends. These key performance indicators (KPIs) may not be defined or calculated in the same way as similar KPIs used by other companies. For information on how these metrics are defined, see Key Metrics on page 104.
Our consolidated key performance indicators, which include various equity and credit metrics, are presented in Table 1 on page 4 and Table 5 on page 7.
For information on key segment performance metrics, see Business Segment Operations on page 10.
Bank of America 6


Table 5Selected Financial Data
Nine Months Ended
September 30
2024 Quarters2023 Quarters
(In millions, except per share information)ThirdSecondFirstFourthThird20242023
Income statement  
Net interest income$13,967 $13,702 $14,032 $13,946 $14,379 $41,701 $42,985 
Noninterest income 11,378 11,675 11,786 8,013 10,788 34,839 33,637 
Total revenue, net of interest expense25,345 25,377 25,818 21,959 25,167 76,540 76,622 
Provision for credit losses1,542 1,508 1,319 1,104 1,234 4,369 3,290 
Noninterest expense16,479 16,309 17,237 17,731 15,838 50,025 48,114 
Income before income taxes7,324 7,560 7,262 3,124 8,095 22,146 25,218 
Income tax expense 428 663 588 (20)293 1,679 1,847 
Net income 6,896 6,897 6,674 3,144 7,802 20,467 23,371 
Net income applicable to common shareholders6,380 6,582 6,142 2,838 7,270 19,104 22,028 
Average common shares issued and outstanding
7,818.0 7,897.9 7,968.2 7,990.9 8,017.1 7,894.7 8,041.3 
Average diluted common shares issued and outstanding
7,902.1 7,960.9 8,031.4 8,062.5 8,075.9 7,965.0 8,153.4 
Performance ratios       
Return on average assets (1)
0.83 %0.85 %0.83 %0.39 %0.99 %0.84 %1.00 %
Four-quarter trailing return on average assets (2)
0.72 0.76 0.78 0.84 0.98 n/an/a
Return on average common shareholders’ equity (1)
9.44 9.98 9.35 4.33 11.24 9.59 11.63 
Return on average tangible common shareholders’ equity (3)
12.76 13.57 12.73 5.92 15.47 13.02 16.09 
Return on average shareholders’ equity (1)
9.30 9.45 9.18 4.32 10.86 9.31 11.10 
Return on average tangible shareholders’ equity (3)
12.20 12.42 12.07 5.71 14.41 12.23 14.78 
Total ending equity to total ending assets8.92 9.02 8.97 9.17 9.10 8.92 9.10 
Common equity ratio (1)
8.18 8.21 8.10 8.28 8.20 8.18 8.20 
Total average equity to total average assets8.95 8.96 9.01 8.98 9.11 8.97 8.99 
Dividend payout (1)
31.70 28.66 31.11 67.42 26.39 30.46 24.78 
Per common share data       
Earnings $0.82 $0.83 $0.77 $0.36 $0.91 $2.42 $2.74 
Diluted earnings 0.81 0.83 0.76 0.35 0.90 2.40 2.72 
Dividends paid0.26 0.24 0.24 0.24 0.24 0.74 0.68 
Book value (1)
35.37 34.39 33.71 33.34 32.65 35.37 32.65 
Tangible book value (3)
26.25 25.37 24.79 24.46 23.79 26.25 23.79 
Market capitalization$305,090 $309,202 $298,312 $265,840 $216,942 $305,090 $216,942 
Average balance sheet     
Total loans and leases$1,059,728 $1,051,472 $1,047,890 $1,050,705 $1,046,254 
Total assets3,296,171 3,274,988 3,247,159 3,213,159 3,128,466 
Total deposits1,920,748 1,909,925 1,907,462 1,905,011 1,876,153 
Long-term debt247,338 243,689 254,782 256,262 245,819 
Common shareholders’ equity269,001 265,290 264,114 260,221 256,578 
Total shareholders’ equity294,985 293,403 292,511 288,618 284,975 
Asset quality      
Allowance for credit losses (4)
$14,351 $14,342 $14,371 $14,551 $14,640 
Nonperforming loans, leases and foreclosed properties (5)
5,824 5,691 6,034 5,630 4,993 
Allowance for loan and lease losses as a percentage of total loans and leases outstanding (5)
1.24 %1.26 %1.26 %1.27 %1.27 %
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases (5)
235 242 225 243 275 
Net charge-offs $1,534 $1,533 $1,498 $1,192 $931 
Annualized net charge-offs as a percentage of average loans and leases outstanding (5)
0.58 %0.59 %0.58 %0.45 %0.35 %
Capital ratios at period end (6)
     
Common equity tier 1 capital
11.8 %11.9 %11.9 %11.8 %11.9 %
Tier 1 capital
13.2 13.5 13.6 13.5 13.6 
Total capital
14.9 15.1 15.2 15.2 15.4 
Tier 1 leverage
6.9 7.0 7.1 7.1 7.3 
Supplementary leverage ratio
5.9 6.0 6.0 6.1 6.2 
Tangible equity (3)
7.0 7.0 7.0 7.1 7.0 
Tangible common equity (3)
6.2 6.2 6.1 6.2 6.1 
Total loss-absorbing capacity and long-term debt metrics
Total loss-absorbing capacity to risk-weighted assets27.4 %28.2 %28.7 %29.0 %29.3 %
Total loss-absorbing capacity to supplementary leverage exposure12.2 12.5 12.8 13.0 13.3 
Eligible long-term debt to risk-weighted assets13.3 13.7 14.2 14.5 14.8 
Eligible long-term debt to supplementary leverage exposure6.0 6.0 6.3 6.5 6.7 
(1)For definitions, see Key Metrics on page 104.
(2)Calculated as total net income for four consecutive quarters divided by annualized average assets for four consecutive quarters.
(3)Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures. For more information on these ratios and corresponding reconciliations to GAAP financial measures, see Supplemental Financial Data on page 6 and Non-GAAP Reconciliations on page 49.
(4)Includes the allowance for loan and lease losses and the reserve for unfunded lending commitments.
(5)Balances and ratios do not include loans accounted for under the fair value option. For additional exclusions from nonperforming loans, leases and foreclosed properties, see Consumer Portfolio Credit Risk Management – Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity on page 34 and corresponding Table 25 and Commercial Portfolio Credit Risk Management – Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity on page 38 and corresponding Table 31.
(6)For more information, including which approach is used to assess capital adequacy, see Capital Management on page 21.
n/a = not applicable
7 Bank of America



Table 6Quarterly Average Balances and Interest Rates - FTE Basis
Average
Balance
Interest
Income/
Expense (1)
Yield/
Rate
Average
Balance
Interest
Income/
Expense (1)
Yield/
Rate
(Dollars in millions)Third Quarter 2024Third Quarter 2023
Earning assets      
Interest-bearing deposits with the Federal Reserve, non-U.S. central
   banks and other banks
$320,781 $4,129 5.12 %$353,183 $4,613 5.18 %
Time deposits placed and other short-term investments10,031 108 4.29 8,629 113 5.20 
Federal funds sold and securities borrowed or purchased under
   agreements to resell
323,119 5,196 6.40 287,403 4,888 6.75 
Trading account assets214,980 2,749 5.09 191,283 2,244 4.66 
Debt securities883,562 6,859 3.08 752,569 4,685 2.47 
Loans and leases (2)
Residential mortgage227,800 1,872 3.29 229,001 1,745 3.04 
Home equity25,664 418 6.48 25,661 390 6.04 
Credit card99,908 2,924 11.64 98,049 2,727 11.03 
Direct/Indirect and other consumer104,732 1,512 5.74 104,134 1,354 5.16 
Total consumer458,104 6,726 5.85 456,845 6,216 5.41 
U.S. commercial391,728 5,358 5.44 377,728 5,061 5.32 
Non-U.S. commercial125,377 2,222 7.05 123,781 2,088 6.69 
Commercial real estate (3)
69,404 1,275 7.31 74,088 1,364 7.30 
Commercial lease financing15,115 201 5.30 13,812 166 4.79 
Total commercial601,624 9,056 5.99 589,409 8,679 5.84 
Total loans and leases 1,059,728 15,782 5.93 1,046,254 14,895 5.65 
Other earning assets105,496 2,815 10.62 99,378 2,339 9.35 
Total earning assets2,917,697 37,638 5.14 2,738,699 33,777 4.90 
Cash and due from banks23,435 25,772 
Other assets, less allowance for loan and lease losses355,039 363,995 
Total assets$3,296,171 $3,128,466 
Interest-bearing liabilities      
U.S. interest-bearing deposits      
Demand and money market deposits$943,550 $5,497 2.32 %$942,368 $4,304 1.81 %
Time and savings deposits359,631 3,473 3.84 271,425 2,149 3.14 
Total U.S. interest-bearing deposits1,303,181 8,970 2.74 1,213,793 6,453 2.11 
Non-U.S. interest-bearing deposits110,527 1,155 4.16 97,095 887 3.63 
Total interest-bearing deposits1,413,708 10,125 2.85 1,310,888 7,340 2.22 
Federal funds purchased and securities loaned or sold under agreements
    to repurchase
383,334 6,193 6.43 294,878 5,342 7.19 
Short-term borrowings and other interest-bearing liabilities 147,579 2,747 7.41 140,513 2,287 6.45 
Trading account liabilities52,973 538 4.04 48,084 510 4.21 
Long-term debt247,338 3,921 6.32 245,819 3,766 6.10 
Total interest-bearing liabilities2,244,932 23,524 4.17 2,040,182 19,245 3.75 
Noninterest-bearing sources
Noninterest-bearing deposits507,040 565,265 
Other liabilities (4)
249,214 238,044 
Shareholders’ equity294,985 284,975 
Total liabilities and shareholders’ equity$3,296,171 $3,128,466 
Net interest spread0.97 %1.15 %
Impact of noninterest-bearing sources0.95 0.96 
Net interest income/yield on earning assets (5)
$14,114 1.92 %$14,532 2.11 %
(1)Includes the impact of interest rate risk management contracts. For more information, see Interest Rate Risk Management for the Banking Book on page 45.
(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 U.S. commercial real estate loans of $63.1 billion and $67.9 billion, and non-U.S. commercial real estate loans of $6.3 billion and $6.2 billion for the third quarter of 2024 and 2023.
(4)Includes $49.5 billion and $41.1 billion of structured notes and liabilities for the third quarter of 2024 and 2023.
(5)Net interest income includes FTE adjustments of $147 million and $153 million for the third quarter of 2024 and 2023.
Bank of America 8


Table 7Year-to-Date Average Balances and Interest Rates - FTE Basis
Average
Balance
Interest
Income/
Expense (1)
Yield/
Rate
Average
Balance
Interest
Income/
Expense (1)
Yield/
Rate
Nine Months Ended September 30
(Dollars in millions)20242023
Earning assets      
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks$337,495 $13,158 5.21 %$305,526 $10,915 4.78 %
Time deposits placed and other short-term investments10,200 347 4.54 10,153 350 4.61 
Federal funds sold and securities borrowed or purchased under agreements to resell
315,468 15,530 6.58 289,823 13,555 6.25 
Trading account assets206,609 7,773 5.02 187,481 6,375 4.54 
Debt securities859,578 19,373 3.00 791,339 14,887 2.50 
Loans and leases (2)
      
Residential mortgage227,705 5,499 3.22 229,010 5,133 2.99 
Home equity25,572 1,213 6.33 26,041 1,060 5.44 
Credit card99,570 8,535 11.45 94,775 7,658 10.80 
Direct/Indirect and other consumer 103,934 4,339 5.58 104,896 3,814 4.86 
Total consumer456,781 19,586 5.73 454,722 17,665 5.19 
U.S. commercial385,864 15,861 5.49 377,873 14,318 5.07 
Non-U.S. commercial124,501 6,562 7.04 125,525 5,815 6.19 
Commercial real estate (3)
70,906 3,871 7.29 72,927 3,811 6.99 
Commercial lease financing15,003 597 5.31 13,709 462 4.50 
Total commercial596,274 26,891 6.02 590,034 24,406 5.53 
Total loans and leases 1,053,055 46,477 5.89 1,044,756 42,071 5.38 
Other earning assets106,437 8,437 10.59 98,857 6,902 9.33 
Total earning assets2,888,842 111,095 5.14 2,727,935 95,055 4.66 
Cash and due from banks23,941  26,544  
Other assets, less allowance for loan and lease losses360,073   378,936   
Total assets$3,272,856   $3,133,415   
Interest-bearing liabilities      
U.S. interest-bearing deposits      
Demand and money market deposits$947,112 $15,743 2.22 %$956,165 $10,659 1.49 %
Time and savings deposits344,750 9,863 3.82 233,079 4,520 2.59 
Total U.S. interest-bearing deposits1,291,862 25,606 2.65 1,189,244 15,179 1.71 
Non-U.S. interest-bearing deposits107,144 3,312 4.13 95,187 2,260 3.17 
Total interest-bearing deposits1,399,006 28,918 2.76 1,284,431 17,439 1.82 
Federal funds purchased, securities loaned or sold under agreements to repurchase368,459 18,390 6.67 291,349 14,700 6.75 
Short-term borrowings and other interest-bearing liabilities
147,138 8,155 7.40 153,653 7,464 6.49 
Trading account liabilities52,876 1,624 4.10 45,675 1,486 4.35 
Long-term debt248,597 11,842 6.36 246,357 10,559 5.72 
Total interest-bearing liabilities2,216,076 68,929 4.15 2,021,465 51,648 3.41 
Noninterest-bearing sources      
Noninterest-bearing deposits513,735 597,224 
Other liabilities (4)
249,407 233,147 
Shareholders’ equity293,638 281,579 
Total liabilities and shareholders’ equity$3,272,856   $3,133,415   
Net interest spread  0.99 %1.25 %
Impact of noninterest-bearing sources  0.96 0.87 
Net interest income/yield on earning assets (5)
 $42,166 1.95 % $43,407 2.12 %
(1)Includes the impact of interest rate risk management contracts. For more information, see Interest Rate Risk Management for the Banking Book on page 45.
(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 U.S. commercial real estate loans of $64.9 billion and $67.2 billion, and non-U.S. commercial real estate loans of $6.0 billion and $5.8 billion for the nine months ended September 30, 2024 and 2023.
(4)Includes $46.7 billion and $39.5 billion of structured notes and liabilities for the nine months ended September 30, 2024 and 2023.
(5)Net interest income includes FTE adjustments of $465 million and $422 million for the nine months ended September 30, 2024 and 2023.
9 Bank of America



Business Segment Operations
Segment Description and Basis of Presentation
We report our results of operations through four business segments: Consumer Banking, GWIM, Global Banking and Global Markets, with the remaining operations recorded in All Other. We manage our segments and report their results on an FTE basis. For more information, see Business Segment Operations in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
We periodically review capital allocated to our businesses and allocate capital annually during the strategic and capital planning processes. We utilize a methodology that considers the effect of regulatory capital requirements in addition to internal risk-based capital models. The capital allocated to the business segments is referred to as allocated capital. Allocated equity in the reporting units is comprised of allocated capital plus capital
for the portion of goodwill and intangibles specifically assigned to the reporting unit. For more information, including the definition of a reporting unit, see Note 7 – Goodwill and Intangible Assets to the Consolidated Financial Statements.
For more information on our presentation of financial information on an FTE basis, see Supplemental Financial Data on page 6, and for reconciliations to consolidated total revenue, net income and period-end total assets, see Note 17 – Business Segment Information to the Consolidated Financial Statements.
Key Performance Indicators
We present certain key financial and nonfinancial performance indicators that management uses when evaluating segment results. We believe they are useful to investors because they provide additional information about our segments’ operational performance, client trends and business growth.
Consumer Banking
DepositsConsumer LendingTotal Consumer Banking
Three Months Ended September 30
(Dollars in millions)202420232024202320242023% Change
Net interest income$5,271 $5,571 $3,007 $2,820 $8,278 $8,391 (1)%
Noninterest income:
Card income(10)(11)1,412 1,336 1,402 1,325 
Service charges630 605 1 — 631 605 
All other income91 116 16 35 107 151 (29)
Total noninterest income711 710 1,429 1,371 2,140 2,081 
Total revenue, net of interest expense
5,982 6,281 4,436 4,191 10,418 10,472 (1)
Provision for credit losses57 128 1,245 1,269 1,302 1,397 (7)
Noninterest expense3,433 3,240 2,101 2,016 5,534 5,256 
Income before income taxes2,492 2,913 1,090 906 3,582 3,819 (6)
Income tax expense622 729 273 226 895 955 (6)
Net income$1,870 $2,184 $817 $680 $2,687 $2,864 (6)
Effective tax rate (1)
25.0 %25.0 %
Net interest yield2.24 %2.26 %3.86 %3.65 %3.35 %3.26 %
Return on average allocated capital54 63 11 10 25 27 
Efficiency ratio57.39 51.60 47.37 48.06 53.12 50.18 
Balance Sheet
Three Months Ended September 30
Average202420232024202320242023% Change
Total loans and leases$4,383 $4,139 $309,398 $306,622 $313,781 $310,761 %
Total earning assets (2)
935,946 975,968 309,563 306,982 982,058 1,019,980 (4)
Total assets (2)
968,192 1,009,390 314,344 312,731 1,019,085 1,059,152 (4)
Total deposits933,227 974,674 5,137 5,377 938,364 980,051 (4)
Allocated capital13,700 13,700 29,550 28,300 43,250 42,000 
(1)    Estimated at the segment level only.
(2) In segments and businesses where the total of liabilities and equity exceeds assets, we allocate 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.
Bank of America 10


DepositsConsumer LendingTotal Consumer Banking
Nine Months Ended September 30
(Dollars in millions)202420232024202320242023% Change
Net interest income$15,760 $17,120 $8,833 $8,301 $24,593 $25,421 (3)%
Noninterest income:
Card income(30)(31)4,065 3,971 4,035 3,940 
Service charges1,821 1,727 2 1,823 1,729 
All other income288 490 51 122 339 612 (45)
Total noninterest income2,079 2,186 4,118 4,095 6,197 6,281 (1)
Total revenue, net of interest expense
17,839 19,306 12,951 12,396 30,790 31,702 (3)
Provision for credit losses207 414 3,526 3,339 3,733 3,753 (1)
Noninterest expense10,196 10,082 6,277 6,100 16,473 16,182 
Income before income taxes7,436 8,810 3,148 2,957 10,584 11,767 (10)
Income tax expense1,859 2,203 787 739 2,646 2,942 (10)
Net income$5,577 $6,607 $2,361 $2,218 $7,938 $8,825 (10)
Effective tax rate (1)
25.0 %25.0 %
Net interest yield2.23 %2.29 %3.82 %3.66 %3.32 %3.26 %
Return on average allocated capital54 64 11 11 25 28 
Efficiency ratio57.16 52.23 48.47 49.21 53.50 51.05 
Balance Sheet
Nine Months Ended September 30
Average202420232024202320242023% Change
Total loans and leases$4,308 $4,113 $308,719 $302,978 $313,027 $307,091 %
Total earning assets (2)
944,277 1,000,143 308,867 303,266 989,944 1,043,476 (5)
Total assets (2)
976,752 1,033,618 313,739 309,435 1,027,291 1,083,120 (5)
Total deposits941,780 998,947 4,860 5,094 946,640 1,004,041 (6)
Allocated capital13,700 13,700 29,550 28,300 43,250 42,000 
Period endSeptember 30
2024
December 31
2023
September 30
2024
December 31
2023
September 30
2024
December 31
2023
% Change
Total loans and leases$4,492 $4,218 $311,605 $310,901 $316,097 $315,119 — %
Total earning assets (2)
942,038 965,088 311,805 311,008 988,856 1,009,360 (2)
Total assets (2)
974,614 999,372 316,667 317,194 1,026,293 1,049,830 (2)
Total deposits939,050 964,136 5,308 5,436 944,358 969,572 (3)
See page 10 for footnotes.
Consumer Banking, comprised of Deposits and Consumer Lending, offers a diversified range of credit, banking and investment products and services to consumers and small businesses. For more information about Consumer Banking, see Business Segment Operations in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
Consumer Banking Results
Three-Month Comparison
Net income for Consumer Banking decreased $177 million to $2.7 billion due to higher noninterest expense and lower revenue, partially offset by lower provision for credit losses. Net interest income decreased $113 million to $8.3 billion primarily driven by lower deposit balances, partially offset by higher loan balances. Noninterest income increased $59 million to $2.1 billion, primarily due to higher card income.
The provision for credit losses decreased $95 million to $1.3 billion primarily driven by overall improvement in consumer activities. Noninterest expense increased $278 million to $5.5 billion, primarily driven by investments in the business, including people and technology.
The return on average allocated capital was 25 percent, down from 27 percent, due to an increase in allocated capital and lower net income. For information on capital allocated to the business segments, see Business Segment Operations on page 10.

Nine-Month Comparison
Net income for Consumer Banking decreased $887 million to $7.9 billion primarily due to lower revenue and higher noninterest expense. Net interest income decreased $828 million to $24.6 billion primarily due to the same factors as described in the three-month discussion. Noninterest income decreased $84 million to $6.2 billion, primarily due to lower other income driven by the allocation of asset and liability management (ALM) results, partially offset by higher card income and service charges.
The provision for credit losses decreased $20 million to $3.7 billion, relatively unchanged from the same period a year ago. Noninterest expense increased $291 million to $16.5 billion, primarily due to the same factor as described in the three-month discussion.
The return on average allocated capital was 25 percent, down from 28 percent, primarily due to the same factors as described in the three-month discussion.
Deposits
Three-Month Comparison
Net income for Deposits decreased $315 million to $1.9 billion primarily due to lower revenue and higher noninterest expense. Net interest income decreased $300 million to $5.3 billion primarily driven by lower deposit balances. Noninterest income was $711 million, relatively unchanged from the same period a year ago.

11 Bank of America



Noninterest expense increased $193 million to $3.4 billion, primarily driven by investments in the business, including people and technology.
Average deposits decreased $41.4 billion to $933.2 billion primarily due to net outflows of $48.6 billion in money market savings and $19.8 billion in checking, partially offset by growth in time deposits of $35.6 billion.
Nine-Month Comparison
Net income for Deposits decreased $1.0 billion to $5.6 billion primarily due to lower revenue. Net interest income decreased $1.4 billion to $15.8 billion primarily due to the same factor as described in the three-month discussion. Noninterest income decreased $107 million to $2.1 billion primarily driven by the allocation of ALM results, partially offset by higher service charges.
The provision for credit losses decreased $207 million to $207 million primarily driven by lower overdraft losses from fraud activity. Noninterest expense increased $114 million to $10.2 billion primarily due to the same factor as described in the three-month discussion.
Average deposits decreased $57.2 billion to $941.8 billion primarily due to net outflows of $61.0 billion in money market savings and $26.0 billion in checking, partially offset by growth in time deposits of $39.7 billion.
The table below provides key performance indicators for Deposits. Management uses these metrics, and we believe they are useful to investors because they provide additional information to evaluate our deposit profitability and digital/mobile trends.
Key Statistics – Deposits
Three Months Ended September 30Nine Months Ended September 30
2024202320242023
Total deposit spreads (excludes noninterest costs) (1)
2.81%2.76%2.76%2.66%
Period end
Consumer investment assets (in millions) (2)
$496,582$387,467
Active digital banking users (in thousands) (3)
47,83045,797
Active mobile banking users (in thousands) (4)
39,63837,487
Financial centers3,7413,862
ATMs14,90015,253
(1)Includes deposits held in Consumer Lending.
(2)Includes client brokerage assets, deposit sweep balances, Bank of America, N.A. brokered CDs and AUM in Consumer Banking.
(3)Represents mobile and/or online active users over the past 90 days.
(4)Represents mobile active users over the past 90 days.
Consumer investment assets increased $109.1 billion from September 30, 2023 to $496.6 billion at September 30, 2024 driven by market performance and positive net client flows. Active mobile banking users increased approximately two million, reflecting continuing changes in our clients’ banking preferences. Since September 30, 2023, we have had a net decrease of 121 financial centers and 353 ATMs as we continue to optimize our consumer banking network.
Consumer Lending
Three-Month Comparison
Net income for Consumer Lending increased $137 million to $817 million primarily due to higher revenue, partially offset by higher noninterest expense. Net interest income increased $187 million to $3.0 billion primarily due to higher loan balances. Noninterest income increased $58 million to $1.4 billion, primarily driven by higher card income.
The provision for credit losses decreased $24 million to $1.2 billion, relatively unchanged from the same period a year ago. Noninterest expense increased $85 million to $2.1 billion, primarily driven by investments in the business, including people and technology.

Average loans increased $2.8 billion to $309.4 billion driven by increases in credit card, small business and consumer vehicle loans.
Nine-Month Comparison
Net income for Consumer Lending increased $143 million to $2.4 billion driven by higher revenue, partially offset by higher provision for credit losses and higher noninterest expense. Net interest income increased $532 million to $8.8 billion primarily due to the same factor as described in the three-month discussion. Noninterest income increased $23 million to $4.1 billion, relatively unchanged from the same period a year ago.
The provision for credit losses increased $187 million to $3.5 billion primarily driven by credit card loans. Noninterest expense increased $177 million to $6.3 billion, primarily due to the same factor as described in the three-month discussion.
Average loans increased $5.7 billion to $308.7 billion primarily driven by the same factors as described in the three-month discussion.
The following table provides key performance indicators for Consumer Lending. Management uses these metrics, and we believe they are useful to investors because they provide additional information about loan growth and profitability.
Bank of America 12


Key Statistics – Consumer Lending
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)2024202320242023
Total credit card (1)
Gross interest yield (2)
12.49 %12.03 %12.35 %11.85 %
Risk-adjusted margin (3)
7.22 7.70 6.93 8.06 
New accounts (in thousands)970 1,062 2,919 3,386 
Purchase volumes$92,592 $91,711 $272,899 $270,358 
Debit card purchase volumes
$139,352 $133,553 $412,105 $390,891 
(1)Includes GWIM's credit card portfolio.
(2)Calculated as the effective annual percentage rate divided by average loans.
(3)Calculated as the difference between total revenue, net of interest expense, and net credit losses divided by average loans.
During the three months ended September 30, 2024, the total risk-adjusted margin decreased 48 bps primarily driven by higher net credit losses, partially offset by higher interest margin and higher net fee income. During the nine months ended September 30, 2024, the total risk-adjusted margin decreased 113 bps primarily driven by higher net credit losses and lower
net fee income, partially offset by higher net interest margin. During the three and nine months ended September 30, 2024, total credit card purchase volumes increased $881 million and $2.5 billion, and debit card purchase volumes increased $5.8 billion and $21.2 billion, reflecting higher levels of consumer spending.
Key Statistics – Loan Production (1)
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)2024202320242023
Consumer Banking: 
First mortgage$2,684 $2,547 $7,068 $7,392 
Home equity1,897 2,035 5,524 6,389 
Total (2):
First mortgage$5,348 $5,596 $14,519 $15,473 
Home equity2,289 2,421 6,573 7,559 
(1)The 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.
(2)In addition to loan production in Consumer Banking, there is also first mortgage and home equity loan production in GWIM.
First mortgage loan originations for Consumer Banking increased $137 million during the three months ended September 30, 2024 primarily driven by increased refinancing activity due to lower interest rates. First mortgage loan originations for the total Corporation decreased $248 million during the three months ended September 30, 2024 primarily driven by lower demand in GWIM, partially offset by higher demand in Consumer Banking. During the nine months ended September 30, 2024, first mortgage loan originations for Consumer Banking and the total Corporation decreased $324 million and $954 million primarily driven by lower demand.
Home equity production in Consumer Banking and the total Corporation decreased $138 million and $132 million during the three months ended September 30, 2024 primarily driven by lower demand. During the nine months ended September 30, 2024, home equity production in Consumer Banking and the total Corporation decreased $865 million and $986 million primarily driven by lower demand.

13 Bank of America



Global Wealth & Investment Management
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)20242023% Change20242023% Change
Net interest income$1,709 $1,755 (3)%$5,216 $5,436 (4)%
Noninterest income:
Investment and brokerage services3,874 3,396 14 11,181 9,885 13 
All other income179 170 530 557 (5)
Total noninterest income4,053 3,566 14 11,711 10,442 12 
Total revenue, net of interest expense5,762 5,321 16,927 15,878 
Provision for credit losses7 (6)n/m1 32 (97)
Noninterest expense4,340 3,950 10 12,803 11,942 
Income before income taxes1,415 1,377 4,123 3,904 
Income tax expense354 344 1,031 976 
Net income$1,061 $1,033 $3,092 $2,928 
Effective tax rate25.0 %25.0 %25.0 %25.0 %
Net interest yield2.20 2.16 2.19 2.19 
Return on average allocated capital23 22 22 21 
Efficiency ratio75.32 74.28 75.64 75.21 
Balance Sheet
Three Months Ended September 30Nine Months Ended September 30
Average20242023% Change20242023% Change
Total loans and leases$225,355 $218,569 %$222,260 $219,530 %
Total earning assets309,231 322,032 (4)318,026 331,738 (4)
Total assets322,924 335,124 (4)331,635 344,709 (4)
Total deposits279,999 291,770 (4)288,319 300,308 (4)
Allocated capital18,500 18,500 — 18,500 18,500 — 
Period endSeptember 30
2024
December 31
2023
% Change
Total loans and leases$227,318 $219,657 %
Total earning assets314,594 330,653 (5)
Total assets328,831 344,626 (5)
Total deposits283,432 299,657 (5)
n/m = not meaningful
GWIM consists of two primary businesses: Merrill Wealth Management and Bank of America Private Bank. For additional information on GWIM, see Business Segment Operations in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
Three-Month Comparison
Net income for GWIM increased $28 million to $1.1 billion primarily due to higher revenue, largely offset by higher noninterest expense. The operating margin was 25 percent compared to 26 percent a year ago.
Net interest income decreased $46 million to $1.7 billion, relatively unchanged from the same period a year ago.
Noninterest income, which primarily includes investment and brokerage services income, increased $487 million to $4.1 billion. The increase was primarily driven by higher asset management fees due to higher average equity market valuations and positive AUM flows, as well as higher brokerage fees due to increased transactional volume, partially offset by the impact of lower AUM pricing.
Noninterest expense increased $390 million to $4.3 billion primarily due to higher revenue-related incentives.
The return on average allocated capital was 23 percent, up from 22 percent, due to higher net income. For information on capital allocated to the business segments, see Business Segment Operations on page 10.
Average loans increased $6.8 billion to $225.4 billion primarily driven by custom lending and residential mortgage. Average deposits decreased $11.8 billion to $280.0 billion primarily driven by clients moving deposits to higher yielding investment cash alternatives, including offerings on our investment and brokerage platforms.
Merrill Wealth Management revenue of $4.8 billion increased nine percent primarily driven by higher asset management fees due to the impact of higher average equity market valuations and positive AUM flows, as well as higher brokerage fees due to increased transactional volume.
Bank of America Private Bank revenue of $973 million increased five percent primarily driven by higher asset management fees due to the impact of higher average equity market valuations and the impact of positive AUM flows.
Nine-Month Comparison
Net income for GWIM increased $164 million to $3.1 billion primarily due to higher revenue, partially offset by higher noninterest expense. The operating margin was 24 percent compared to 25 percent a year ago.
Net interest income decreased $220 million to $5.2 billion primarily due to lower average deposit balances.
Noninterest income, which primarily includes investment and brokerage services income, increased $1.3 billion to $11.7 billion due to the same factors as described in the three-month discussion.
Bank of America 14


Noninterest expense increased $861 million to $12.8 billion due to the same factor as described in the three-month discussion.
The return on average allocated capital was 22 percent, up from 21 percent, due to the same factor as described in the three-month discussion.
Average loans increased $2.7 billion to $222.3 billion primarily due to the same factors as described in the three-month discussion. Average deposits decreased $12.0 billion to
$288.3 billion due to the same factors as described in the three-month discussion.
Merrill Wealth Management revenue of $14.1 billion increased seven percent primarily driven by the same factors as described in the three-month discussion.
Bank of America Private Bank revenue of $2.9 billion increased five percent primarily driven by the same factors as described in the three-month discussion.
Key Indicators and Metrics
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)2024202320242023
Revenue by Business
Merrill Wealth Management$4,789 $4,398 $14,059 $13,135 
Bank of America Private Bank973 923 2,868 2,743 
Total revenue, net of interest expense$5,762 $5,321 $16,927 $15,878 
Client Balances by Business, at period end
Merrill Wealth Management$3,527,319 $2,978,229 
Bank of America Private Bank
666,622 572,624 
Total client balances$4,193,941 $3,550,853 
Client Balances by Type, at period end
Assets under management$1,861,124 $1,496,601 
Brokerage and other assets1,856,806 1,578,123 
Deposits283,432 290,732 
Loans and leases (1)
230,062 221,684 
Less: Managed deposits in assets under management(37,483)(36,287)
Total client balances$4,193,941 $3,550,853 
Assets Under Management Rollforward
Assets under management, beginning of period$1,758,875 $1,531,042 $1,617,740 $1,401,474 
Net client flows 21,289 14,226 56,734 43,784 
Market valuation/other
80,960 (48,667)186,650 51,343 
Total assets under management, end of period$1,861,124 $1,496,601 $1,861,124 $1,496,601 
(1)Includes margin receivables, which are classified in customer and other receivables on the Consolidated Balance Sheet.
Client Balances
Client balances increased $643.1 billion, or 18 percent, to $4.2 trillion at September 30, 2024 compared to September 30, 2023. The increase in client balances was primarily due to the impact of higher market valuations and positive net client flows.
15 Bank of America



Global Banking
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)20242023% Change20242023% Change
Net interest income$3,230 $3,613 (11)%$9,965 $11,210 (11)%
Noninterest income:
Service charges802 754 2,327 2,203 
Investment banking fees783 743 2,468 2,129 16 
All other income1,019 1,093 (7)3,107 3,326 (7)
Total noninterest income2,604 2,590 7,902 7,658 
Total revenue, net of interest expense 5,834 6,203 (6)17,867 18,868 (5)
Provision for credit losses229 (119)n/m693 (347)n/m
Noninterest expense2,991 2,804 8,902 8,563 
Income before income taxes2,614 3,518 (26)8,272 10,652 (22)
Income tax expense 719 950 (24)2,275 2,876 (21)
Net income$1,895 $2,568 (26)$5,997 $7,776 (23)
Effective tax rate 27.5 %27.0 %27.5 %27.0 %
Net interest yield2.22 2.68 2.36 2.84 
Return on average allocated capital15 21 16 21 
Efficiency ratio51.27 45.22 49.82 45.38 
Balance Sheet
Three Months Ended September 30Nine Months Ended September 30
Average20242023% Change20242023% Change
Total loans and leases
$371,216 $376,214 (1)%$372,516 $380,076 (2)%
Total earning assets578,988 534,153 563,649 528,205 
Total assets647,541 601,378 631,659 595,329 
Total deposits549,629 504,432 533,620 498,224 
Allocated capital49,250 49,250 — 49,250 49,250 
Period endSeptember 30
2024
December 31 2023% Change
Total loans and leases$375,159 $373,891 — %
Total earning assets583,742 552,453 
Total assets650,936 621,751 
Total deposits556,953 527,060 
n/m = not meaningful
Global Banking, which includes Global Corporate Banking, Global Commercial Banking, Business Banking and Global Investment Banking, provides a wide range of lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services through our network of global offices and client relationship teams. For more information about Global Banking, see Business Segment Operations in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
Three-Month Comparison
Net income for Global Banking decreased $673 million to $1.9 billion driven by lower revenue, higher provision for credit losses and higher noninterest expense.
Net interest income decreased $383 million to $3.2 billion primarily due to the impact of interest rates, partially offset by the benefit of higher average deposit balances.
Noninterest income was $2.6 billion, relatively unchanged from the same period a year ago.
The provision for credit losses increased $348 million to $229 million primarily driven by the commercial and industrial portfolio, as well as the commercial real estate office portfolio.
Noninterest expense increased $187 million to $3.0 billion due to continued investments in the business, including people and technology.
The return on average allocated capital was 15 percent, down from 21 percent, due to lower net income. For information on capital allocated to the business segments, see Business Segment Operations on page 10.
Nine-Month Comparison
Net income for Global Banking decreased $1.8 billion to $6.0 billion driven by higher provision for credit losses, lower revenue and higher noninterest expense.
Net interest income decreased $1.2 billion to $10.0 billion primarily due to the same factors as described in the three-month discussion.
Noninterest income increased $244 million to $7.9 billion due to higher investment banking fees and treasury service charges, partially offset by lower leasing-related revenue.
The provision for credit losses increased $1.0 billion to $693 million primarily driven by the commercial real estate office portfolio compared to a benefit in the prior year due to certain improved macroeconomic conditions.
Noninterest expense increased $339 million to $8.9 billion primarily due to continued investment in the business, including people and technology, and higher regulatory costs.
The return on average allocated capital was 16 percent, down from 21 percent, due to lower net income.



Bank of America 16


Global Corporate, Global Commercial and Business Banking
The following table and discussion present a summary of the results, which exclude certain investment banking and other activities in Global Banking.
Global Corporate, Global Commercial and Business Banking
 Global Corporate BankingGlobal Commercial BankingBusiness BankingTotal
Three Months Ended September 30
(Dollars in millions)20242023202420232024202320242023
Revenue
Business Lending$1,102 $1,300 $1,246 $1,262 $57 $61 $2,405 $2,623 
Global Transaction Services1,243 1,392 968 998 369 379 2,580 2,769 
Total revenue, net of interest expense
$2,345 $2,692 $2,214 $2,260 $426 $440 $4,985 $5,392 
Balance Sheet
Average
Total loans and leases$162,053 $169,384 $196,681 $194,604 $12,373 $12,071 $371,107 $376,059 
Total deposits301,070 272,007 195,475 182,040 53,084 50,381 549,629 504,428 
Global Corporate BankingGlobal Commercial BankingBusiness BankingTotal
Nine Months Ended September 30
(Dollars in millions)20242023202420232024202320242023
Revenue
Business Lending$3,427 $3,693 $3,773 $3,765 $174 $191 $7,374 $7,649 
Global Transaction Services 3,839 4,424 2,876 3,172 1,092 1,161 7,807 8,757 
Total revenue, net of interest expense
$7,266 $8,117 $6,649 $6,937 $1,266 $1,352 $15,181 $16,406 
Balance Sheet
Average
Total loans and leases
$163,122 $172,964 $196,953 $194,496 $12,315 $12,397 $372,390 $379,857 
Total deposits
292,967 266,425 189,415 180,850 51,238 50,951 533,620 498,226 
Period end
Total loans and leases $165,142 $166,974 $197,583 $194,318 $12,333 $11,932 $375,058 $373,224 
Total deposits305,000 266,481 198,482 179,914 53,471 48,537 556,953 494,932 
Business Lending revenue decreased $218 million for the three months ended September 30, 2024 compared to the same period a year ago primarily driven by the impact of interest rates and lower leasing-related revenue. Business lending revenue decreased $275 million for the nine months ended September 30, 2024 compared to the same period a year ago primarily driven by same factors as described in the three-month discussion.
Global Transaction Services revenue decreased $189 million for the three months ended September 30, 2024 primarily driven by the impact of interest rates, partially offset by the benefit of higher average deposit balances and treasury service charges. Global Transaction Services revenue decreased $950 million for the nine months ended September 30, 2024 primarily driven by the same factors as described in the three-month discussion.
Average loans and leases of $371.1 billion decreased one percent for the three months ended September 30, 2024, and average loans and leases of $372.4 billion decreased two percent for the nine months ended September 30, 2024 due to lower client demand.
Average deposits of $549.6 billion increased nine percent for the three months ended September 30, 2024, and average deposits of $533.6 billion increased seven percent for the nine months ended September 30, 2024 due to growth in both domestic and international balances.
Global Investment Banking
Client teams and product specialists underwrite and distribute debt, equity and loan products, and provide advisory services and tailored risk management solutions. The economics of certain investment banking and underwriting activities are shared primarily between Global Banking and Global Markets under an internal revenue-sharing arrangement. Global Banking originates certain deal-related transactions with our corporate and commercial clients that are executed and distributed by Global Markets. To provide a complete discussion of our consolidated investment banking fees, the table below presents total Corporation investment banking fees and the portion attributable to Global Banking.
17 Bank of America



Investment Banking Fees
Global BankingTotal CorporationGlobal BankingTotal Corporation
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)20242023202420232024202320242023
Products
Advisory$351 $396 $387 $448 $990 $1,042 $1,134 $1,186 
Debt issuance332 255 780 570 1,078 808 2,545 1,814 
Equity issuance100 92 270 232 400 279 990 687 
Gross investment banking fees
783 743 1,437 1,250 2,468 2,129 4,669 3,687 
Self-led deals(6)(19)(34)(62)(24)(39)(137)(124)
Total investment banking fees
$777 $724 $1,403 $1,188 $2,444 $2,090 $4,532 $3,563 
Total Corporation investment banking fees, which exclude self-led deals and are primarily included within Global Banking and Global Markets, were $1.4 billion and $4.5 billion for the three and nine months ended September 30, 2024. The three-month period increased 18 percent compared to the same period in 2023 primarily due to higher debt issuance fees. The nine-month period increased 27 percent compared to the same period in 2023 primarily due to higher debt and equity issuance fees.
Global Markets
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)20242023% Change20242023% Change
Net interest income$898 $674 33 %$2,349 $1,080 118 %
Noninterest income:
Investment and brokerage services562 475 18 1,573 1,507 
Investment banking fees589 463 27 2,016 1,435 40 
Market making and similar activities3,349 3,195 10,397 11,002 (5)
All other income232 135 72 637 415 53 
Total noninterest income4,732 4,268 11 14,623 14,359 
Total revenue, net of interest expense5,630 4,942 14 16,972 15,439 10 
Provision for credit losses7 (14)n/m(42)(71)n/m
Noninterest expense3,443 3,235 10,421 9,935 
Income before income taxes2,180 1,721 27 6,593 5,575 18 
Income tax expense632 473 34 1,912 1,533 25 
Net income$1,548 $1,248 24 $4,681 $4,042 16 
Effective tax rate29.0 %27.5 %29.0 %27.5 %
Return on average allocated capital14 11 14 12 
Efficiency ratio61.17 65.47 61.40 64.35 
Balance SheetThree Months Ended September 30Nine Months Ended September 30
Average20242023% Change20242023% Change
Trading-related assets:
Trading account securities$325,236 $307,990 %$323,223 $321,607 %
Reverse repurchases150,751 135,401 11 141,611 133,912 
Securities borrowed133,588 119,936 11 136,040 118,912 14 
Derivative assets36,032 46,417 (22)37,551 44,477 (16)
Total trading-related assets645,607 609,744 638,425 618,908 
Total loans and leases140,806 131,298 136,572 128,317 
Total earning assets728,186 655,971 11 709,208 647,386 10 
Total assets924,093 863,653 909,386 870,366 
Total deposits34,952 31,890 10 33,167 33,725 (2)
Allocated capital45,500 45,500 — 45,500 45,500 — 
Period endSeptember 30
2024
December 31
2023
% Change
Total trading-related assets$653,798 $542,544 21 %
Total loans and leases148,447 136,223 
Total earning assets742,221 637,955 16 
Total assets958,227 817,588 17 
Total deposits35,142 34,833 
n/m = not meaningful

Bank of America 18


Global Markets offers sales and trading services and research services to institutional clients across fixed-income, credit, currency, commodity and equity businesses. Global Markets product coverage includes securities and derivative products in both the primary and secondary markets. For more information about Global Markets, see Business Segment Operations in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
The following explanations for period-over-period changes in results for Global Markets, including those disclosed under Sales and Trading Revenue, are the same for amounts including and excluding net DVA. Amounts excluding net DVA are a non-GAAP financial measure. For more information on net DVA, see Supplemental Financial Data on page 6.
Three-Month Comparison
Net income for Global Markets increased $300 million to $1.5 billion for the three months ended September 30, 2024 compared to the same period in 2023. Net DVA losses totaled $8 million compared to $16 million in 2023. Excluding net DVA, net income increased $294 million to $1.6 billion. These increases were primarily driven by higher revenue, partially offset by higher noninterest expense.
Revenue increased $688 million to $5.6 billion primarily due to higher sales and trading revenue and investment banking fees. Sales and trading revenue increased $525 million, and excluding net DVA, increased $517 million. These increases were driven by higher revenue in both Equities and FICC.
Noninterest expense increased $208 million to $3.4 billion, primarily driven by revenue-related expenses and continued investments in the business, including technology.
Average total assets increased $60.4 billion to $924.1 billion for the three months ended September 30, 2024 compared to the same period in 2023 driven by increased securities financing activity, higher levels of inventory and loan growth.
The return on average allocated capital was 14 percent, up from 11 percent in the same period a year ago, reflecting higher net income. For information on capital allocated to the business segments, see Business Segment Operations on page 10.
Nine-Month Comparison
Net income for Global Markets increased $639 million to $4.7 billion for the nine months ended September 30, 2024 compared to the same period in 2023. Net DVA losses were $94 million compared to $104 million in 2023. Excluding net DVA, net income increased $631 million to $4.8 billion. These increases were primarily driven by higher revenue, partially offset by higher noninterest expense.
Revenue increased $1.5 billion to $17.0 billion primarily due to the same factors as described in the three-month discussion. Sales and trading revenue increased $944 million, and excluding net DVA, sales and trading revenue increased $934 million. These increases were driven by the same factors as described in the three-month discussion.
Noninterest expense increased $486 million to $10.4 billion, driven by the same factors as described in the three-month discussion.
Average total assets increased $39.0 billion to $909.4 billion, and period-end total assets increased $140.6 billion from December 31, 2023 to $958.2 billion. The increases were driven by the same factors as described in the three-month discussion.
The return on average allocated capital was 14 percent, up from 12 percent in the same period a year ago, reflecting higher net income.
Sales and Trading Revenue
For a description of sales and trading revenue, see Business Segment Operations in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K. The following table and related discussion present sales and trading revenue, substantially all of which is in Global Markets, with the remainder in Global Banking. In addition, the following table and related discussion also present sales and trading revenue, excluding net DVA, which is a non-GAAP financial measure. For more information on net DVA, see Supplemental Financial Data on page 6.
Sales and Trading Revenue (1, 2, 3)
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)2024202320242023
Sales and trading revenue (2)
Fixed-income, currencies and commodities$2,934 $2,710 $8,907 $8,817 
Equities1,996 1,695 5,794 4,940 
Total sales and trading revenue$4,930 $4,405 $14,701 $13,757 
Sales and trading revenue, excluding net DVA (4)
Fixed-income, currencies and commodities$2,942 $2,723 $8,986 $8,916 
Equities1,996 1,698 5,809 4,945 
Total sales and trading revenue, excluding net DVA$4,938 $4,421 $14,795 $13,861 
(1)For more information on sales and trading revenue, see Note 3 – Derivatives to the Consolidated Financial Statements.
(2)Includes FTE adjustments of $262 million and $553 million for the three and nine months ended September 30, 2024 compared to $109 million and $285 million for the same periods in 2023.
(3)Includes Global Banking sales and trading revenue of $165 million and $495 million for the three and nine months ended September 30, 2024 compared to $133 million and $464 million for the same periods in 2023.
(4)FICC and Equities sales and trading revenue, excluding net DVA, is a non-GAAP financial measure. FICC net DVA gains (losses) were $(8) million and $(79) million for the three and nine months ended September 30, 2024 compared to $(13) million and $(99) million for the same periods in 2023. Equities net DVA gains (losses) were $0 and $(15) million for the three and nine months ended September 30, 2024 compared to $(3) million and $(5) million for the same periods in 2023.

19 Bank of America



Three-Month Comparison
Including and excluding net DVA, FICC revenue increased $224 million and $219 million for the three months ended September 30, 2024 compared to the same period in 2023. The increases were driven by improved client activity and trading performance in foreign exchange and interest rate products. Including and excluding net DVA, Equities revenue increased $301 million and $298 million driven by strong client activity and trading performance in cash and derivatives.
Nine-Month Comparison
Including and excluding net DVA, FICC revenue increased $90 million and $70 million for the nine months ended September 30, 2024 compared to the same period in 2023 driven by improved trading in mortgages, partially offset by a weaker trading environment for interest rate products. Including and excluding net DVA, Equities revenue increased $854 million and $864 million driven by the same factors as described in the three-month discussion.
All Other
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)20242023% Change20242023% Change
Net interest income$(1)$99 (101)%$43 $260 (83)%
Noninterest income (loss)(2,151)(1,717)25 (5,594)(5,103)10 
Total revenue, net of interest expense(2,152)(1,618)33 (5,551)(4,843)15 
Provision for credit losses(3)(24)(88)(16)(77)(79)
Noninterest expense171 593 (71)1,426 1,492 (4)
Loss before income taxes(2,320)(2,187)(6,961)(6,258)11 
Income tax benefit(2,025)(2,276)(11)(5,720)(6,058)(6)
Net loss$(295)$89 n/m$(1,241)$(200)n/m
Balance Sheet
Three Months Ended September 30Nine Months Ended September 30
Average20242023% Change20242023% Change
Total loans and leases$8,570 $9,412 (9)%$8,680 $9,742 (11)%
Total assets (1)
382,528 269,159 42 372,885 239,891 55 
Total deposits117,804 68,010 73 110,995 45,357 145 
Period endSeptember 30
2024
December 31
2023
% Change
Total loans and leases$8,779 $8,842 (1)%
Total assets (1)
360,006 346,356 
Total deposits110,467 92,705 19 
(1)In segments where the total of liabilities and equity exceeds assets, which are generally deposit-taking segments, we allocate assets from All Other to those segments to match liabilities (i.e., deposits) and allocated shareholders’ equity. Average allocated assets were $944.4 billion and $948.0 billion for the three and nine months ended September 30, 2024 compared to $955.7 billion and $981.8 billion for the same periods in 2023, and period-end allocated assets were $953.6 billion and $972.9 billion at September 30, 2024 and December 31, 2023.
n/m = not meaningful
All Other primarily consists of 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. For more information on our ALM activities, see Note 17 – Business Segment Information to the Consolidated Financial Statements.
Three-Month Comparison
Results for All Other decreased $384 million to a net loss of $295 million compared to net income of $89 million for the same period a year ago, reflecting lower revenue and income tax benefit, partially offset by lower noninterest expense.
Revenue decreased $534 million to a net loss of $2.2 billion primarily due to a charge of $189 million related to Visa’s increase in its litigation escrow account and certain negative valuation adjustments.
Noninterest expense decreased $422 million to $171 million primarily due to lower expenses related to a liquidating business activity and lower technology expenses.

The income tax benefit decreased $251 million to $2.0 billion due to lower tax preference benefits primarily related to tax credit investment activity. Both periods included income tax benefit adjustments to eliminate the FTE treatment of certain tax credits recorded in Global Banking and Global Markets.
Nine-Month Comparison
The net loss in All Other increased $1.0 billion to $1.2 billion primarily due to lower revenue and income tax benefit.
Revenue decreased $708 million to a net loss of $5.6 billion primarily due to the same factors as described in the three-month discussion and higher partnership losses on tax credit investments.
The income tax benefit decreased $338 million to $5.7 billion primarily due the same factor as described in the three-month discussion. Both periods included income tax benefit adjustments to eliminate the FTE treatment of certain tax credits recorded in Global Banking and Global Markets.

Bank of America 20


Managing Risk
Risk is inherent in all our business activities. The seven key types of risk faced by the Corporation are strategic, credit, market, liquidity, compliance, operational and reputational. Sound risk management enables us to serve our customers and deliver for our shareholders. If not managed well, risk can result in financial loss, regulatory sanctions and penalties, and damage to our reputation, each of which may adversely impact our ability to execute our business strategies. We take a comprehensive approach to risk management with a defined Risk Framework and an articulated Risk Appetite Statement, which are approved annually by the Enterprise Risk Committee (ERC) and the Board.
Our Risk Framework serves as the foundation for the consistent and effective management of risks facing the Corporation. The Risk Framework sets forth roles and responsibilities for the management of risk and provides a blueprint for how the Board, through delegation of authority to committees and executive officers, establishes risk appetite and associated limits for our activities.
Our risk appetite provides a common framework that includes a set of measures to assist senior management and the Board in assessing the Corporation’s risk profile across all risk types against our risk appetite and risk capacity. Our risk appetite is formally articulated in the Risk Appetite Statement, which includes both qualitative statements and quantitative limits.
For more information on the Corporation’s risks, see Item 1A. Risk Factors of the Corporation’s 2023 Annual Report on Form 10-K. These risks are being managed within our Risk Framework and supporting risk management programs. For more information on our Risk Framework, risk management activities and the key types of risk faced by the Corporation, see the Managing Risk section in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
Capital Management
The Corporation manages its capital position so that its capital is more than adequate to support its business activities and aligns with risk, risk appetite and strategic planning. For more information, see Capital Management in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
CCAR and Capital Planning
The Federal Reserve requires BHCs to submit a capital plan and planned capital actions on an annual basis, consistent with the rules governing capital planning and the SCB requirement, which include supervisory stress testing by the Federal Reserve. Based on the results of our 2024 CCAR stress test, our SCB increased to 3.2 percent from 2.5 percent, resulting in a CET1 minimum requirement of 10.7 percent. The new SCB is effective from October 1, 2024 through September 30, 2025.
In October 2021, the Board authorized the repurchase of up to $25 billion of common stock over time. This authorization was modified in September 2023 to include common stock repurchases to offset shares awarded under the Corporation’s equity-based compensation plans when determining the remaining repurchase authority. On July 24, 2024, the Board authorized a $25 billion common stock repurchase program, effective August 1, 2024, which replaced the Corporation’s previous program that expired on August 1, 2024.

Pursuant to Board authorizations, during the three months ended September 30, 2024, we repurchased $3.5 billion of common stock. For more information, see Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds on page 106 and Capital Management – CCAR and Capital Planning in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
The timing and amount of common stock repurchases are subject to various factors, including the Corporation’s capital position, liquidity, financial performance and alternative uses of capital, stock trading price, regulatory requirements and general market conditions, and may be suspended at any time. Such repurchases may be effected through open market purchases or privately negotiated transactions, including repurchase plans that satisfy the conditions of Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (Exchange Act).
Regulatory Capital
As a BHC, we are subject to regulatory capital rules, including Basel 3, issued by U.S. banking regulators. The Corporation's depository institution subsidiaries are also subject to the Prompt Corrective Action (PCA) framework. The Corporation and its primary affiliated banking entity, BANA, are Advanced approaches institutions under Basel 3 and are required to report regulatory risk-based capital ratios and risk-weighted assets (RWA) under both the Standardized and Advanced approaches. The lower of the capital ratios under Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements is used to assess capital adequacy, including under the PCA framework. As of September 30, 2024, the CET1 capital, Tier 1 capital and Total capital ratios under the Standardized approach were the binding ratios.
Minimum Capital Requirements
In order to avoid restrictions on capital distributions and discretionary bonus payments to executive officers, the Corporation must meet risk-based capital ratio requirements that include a capital conservation buffer of 2.5 percent (under the Advanced approaches only), an SCB (under the Standardized approach only), plus any applicable countercyclical capital buffer and a global systemically important bank (G-SIB) surcharge. The buffers and surcharge must be comprised solely of CET1 capital. For the period from January 1, 2024 through September 30, 2024, the Corporation's minimum CET1 capital ratio requirements were 10.0 percent under both the Standardized approach and the Advanced approaches.
The Corporation is required to calculate its G-SIB surcharge on an annual basis under two methods and is subject to the higher of the resulting two surcharges. Method 1 is consistent with the approach prescribed by the Basel Committee’s assessment methodology and is calculated using specified indicators of systemic importance. Method 2 modifies the Method 1 approach by, among other factors, including a measure of the Corporation’s reliance on short-term wholesale funding. Effective January 1, 2024, the Corporation’s G-SIB surcharge, which is higher under Method 2, increased 50 bps, resulting in an increase in our minimum CET1 capital ratio requirement under the Standardized approach and the Advanced approaches to 10.0 percent from 9.5 percent. At September 30, 2024, the Corporation’s CET1 capital ratio of 11.8 percent under the Standardized approach exceeded its CET1 capital ratio requirement.
21 Bank of America



The Corporation is also required to maintain a minimum supplementary leverage ratio (SLR) of 3.0 percent plus a leverage buffer of 2.0 percent in order to avoid certain restrictions on capital distributions and discretionary bonus payments to executive officers. At September 30, 2024, our insured depository institution subsidiaries exceeded their requirement to maintain a minimum 6.0 percent SLR to be considered well capitalized under the PCA framework.
Capital Composition and Ratios
Table 8 presents Bank of America Corporation’s capital ratios and related information in accordance with Basel 3 Standardized and Advanced approaches as measured at September 30, 2024 and December 31, 2023. For the periods presented herein, the Corporation met the definition of well capitalized under current regulatory requirements.
Table 8Bank of America Corporation Regulatory Capital under Basel 3
Standardized
Approach
(1)
Advanced
Approaches
(1)
Regulatory
Minimum
(2)
(Dollars in millions, except as noted)September 30, 2024
Risk-based capital metrics:
Common equity tier 1 capital$199,805 $199,805 
Tier 1 capital222,942 222,942 
Total capital (3)
252,381 241,794 
Risk-weighted assets (in billions) 1,689 1,482 
Common equity tier 1 capital ratio11.8 %13.5 %10.0 %
Tier 1 capital ratio13.2 15.0 11.5 
Total capital ratio14.9 16.3 13.5 
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)
$3,218 $3,218 
Tier 1 leverage ratio6.9 %6.9 %4.0 
Supplementary leverage exposure (in billions)$3,788 
Supplementary leverage ratio5.9 %5.0 
December 31, 2023
Risk-based capital metrics:
Common equity tier 1 capital$194,928 $194,928 
Tier 1 capital223,323 223,323 
Total capital (3)
251,399 241,449 
Risk-weighted assets (in billions)1,651 1,459 
Common equity tier 1 capital ratio11.8 %13.4 %9.5 %
Tier 1 capital ratio13.5 15.3 11.0 
Total capital ratio15.2 16.6 13.0 
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)
$3,135 $3,135 
Tier 1 leverage ratio7.1 %7.1 %4.0 
Supplementary leverage exposure (in billions) $3,676 
Supplementary leverage ratio6.1 %5.0 
(1)Capital ratios as of September 30, 2024 and December 31, 2023 are calculated using the regulatory capital rule that allows a five-year transition period related to the adoption of the current expected credit losses (CECL) accounting standard on January 1, 2020.
(2)The CET1 capital regulatory minimum is the sum of the CET1 capital ratio minimum of 4.5 percent, our G-SIB surcharge of 3.0 percent at September 30, 2024 and 2.5 percent at December 31, 2023, and our capital conservation buffer (under the Advanced approaches) or SCB (under the Standardized approach) of 2.5 percent, as applicable. The countercyclical capital buffer was zero for both periods. The SLR regulatory minimum includes a leverage buffer of 2.0 percent.
(3)Total capital under the Advanced approaches differs from the Standardized approach due to differences in the amount permitted in Tier 2 capital related to the qualifying allowance for credit losses.
(4)Reflects total average assets adjusted for certain Tier 1 capital deductions.

At September 30, 2024, CET1 capital was $199.8 billion, an increase of $4.9 billion from December 31, 2023, primarily due to earnings, partially offset by capital distributions. Tier 1 capital decreased $381 million primarily driven by preferred stock redemptions, partially offset by the increase in CET1 capital. Total capital under the Standardized approach increased $982 million primarily due to an increase in subordinated debt and adjusted allowance for credit losses included in Tier 2 capital,
partially offset by the decrease in Tier 1 capital. RWA under the Standardized approach, which yielded the lower CET1 capital ratio at September 30, 2024, increased $37.5 billion during 2024 to $1,689 billion primarily driven by client activity in Global Markets and lending activity in GWIM and Global Banking. Supplementary leverage exposure at September 30, 2024 increased $111.3 billion primarily driven by increased activity in Global Markets and ALM activities in All Other.
Bank of America 22


Table 9 shows the capital composition at September 30, 2024 and December 31, 2023.
Table 9Capital Composition under Basel 3
(Dollars in millions)September 30
2024
December 31
2023
Total common shareholders’ equity$271,958 $263,249 
CECL transitional amount (1)
627 1,254 
Goodwill, net of related deferred tax liabilities(68,648)(68,648)
Deferred tax assets arising from net operating loss and tax credit carryforwards(8,188)(7,912)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities(1,453)(1,496)
Defined benefit pension plan net assets(801)(764)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness,
 net-of-tax
1,509 1,342 
Accumulated net (gain) loss on certain cash flow hedges (2)
4,926 8,025 
Other(125)(122)
Common equity tier 1 capital199,805 194,928 
Qualifying preferred stock, net of issuance cost23,158 28,396 
Other(21)(1)
Tier 1 capital222,942 223,323 
Tier 2 capital instruments16,201 15,340 
Qualifying allowance for credit losses (3)
13,575 12,920 
Other(337)(184)
Total capital under the Standardized approach252,381 251,399 
Adjustment in qualifying allowance for credit losses under the Advanced approaches (3)
(10,587)(9,950)
Total capital under the Advanced approaches$241,794 $241,449 
(1)September 30, 2024 and December 31, 2023 include 25 percent and 50 percent of the CECL transition provision’s impact as of December 31, 2021.
(2)Includes amounts in accumulated other comprehensive income (OCI) 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.
Table 10 shows the components of RWA as measured under Basel 3 at September 30, 2024 and December 31, 2023.
Table 10Risk-weighted Assets under Basel 3
Standardized ApproachAdvanced ApproachesStandardized ApproachAdvanced Approaches
(Dollars in billions)
September 30, 2024December 31, 2023
Credit risk$1,616 $1,005 $1,580 $983 
Market risk73 73 71 71 
Operational riskn/a359 n/a361 
Risks related to credit valuation adjustmentsn/a45 n/a44 
Total risk-weighted assets$1,689 $1,482 $1,651 $1,459 
n/a = not applicable

23 Bank of America



Bank of America, N.A. Regulatory Capital
Table 11 presents regulatory capital information for BANA in accordance with Basel 3 Standardized and Advanced approaches as measured at September 30, 2024 and December 31, 2023. BANA met the definition of well capitalized under the PCA framework for both periods.
Table 11Bank of America, N.A. Regulatory Capital under Basel 3
Standardized
Approach
(1)
Advanced
Approaches
(1)
Regulatory
Minimum 
(2)
(Dollars in millions, except as noted)September 30, 2024
Risk-based capital metrics:
Common equity tier 1 capital$191,412 $191,412 
Tier 1 capital191,412 191,412 
Total capital (3)
206,410 196,057 
Risk-weighted assets (in billions) 1,428 1,137 
Common equity tier 1 capital ratio13.4 %16.8 %7.0 %
Tier 1 capital ratio13.4 16.8 8.5 
Total capital ratio14.5 17.2 10.5 
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)
$2,507 $2,507 
Tier 1 leverage ratio7.6 %7.6 %5.0 
Supplementary leverage exposure (in billions)$2,974 
Supplementary leverage ratio6.4 %6.0 




December 31, 2023
Risk-based capital metrics:
Common equity tier 1 capital$187,621 $187,621 
Tier 1 capital187,621 187,621 
Total capital (3)
201,932 192,175 
Risk-weighted assets (in billions) 1,395 1,114 
Common equity tier 1 capital ratio13.5 %16.8 %7.0 %
Tier 1 capital ratio13.5 16.8 8.5 
Total capital ratio14.5 17.2 10.5 
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)
$2,471 $2,471 
Tier 1 leverage ratio7.6 %7.6 %5.0 
Supplementary leverage exposure (in billions)$2,910 
Supplementary leverage ratio6.4 %6.0 
(1)Capital ratios as of September 30, 2024 and December 31, 2023 are calculated using the regulatory capital rule that allows a five-year transition period related to the adoption of the CECL accounting standard on January 1, 2020.
(2)Risk-based capital regulatory minimums at both September 30, 2024 and December 31, 2023 are the minimum ratios under Basel 3 including a capital conservation buffer of 2.5 percent. The regulatory minimums for the leverage ratios as of both period ends are the percent required to be considered well capitalized under the PCA framework.
(3)Total capital under the Advanced approaches differs from the Standardized approach due to differences in the amount permitted in Tier 2 capital related to the qualifying allowance for credit losses.
(4)Reflects total average assets adjusted for certain Tier 1 capital deductions.
Total Loss-Absorbing Capacity Requirements
Total loss-absorbing capacity (TLAC) consists of the Corporation’s Tier 1 capital and eligible long-term debt issued directly by the Corporation. Eligible long-term debt for TLAC ratios is comprised of unsecured debt that has a remaining maturity of at least one year and satisfies additional requirements as prescribed in the TLAC final rule. As with the
risk-based capital ratios and SLR, the Corporation is required to maintain TLAC ratios in excess of minimum requirements plus applicable buffers to avoid restrictions on capital distributions and discretionary bonus payments to executive officers. Table 12 presents the Corporation's TLAC and long-term debt ratios and related information as of September 30, 2024 and December 31, 2023.
Bank of America 24


Table 12Bank of America Corporation Total Loss-Absorbing Capacity and Long-Term Debt

TLAC (1)
Regulatory Minimum (2)
Long-term
Debt
Regulatory Minimum (3)
(Dollars in millions)September 30, 2024
Total eligible balance$463,241 $225,379 
Percentage of risk-weighted assets (4)
27.4 %22.0 %13.3 %9.0 %
Percentage of supplementary leverage exposure12.2 9.5 6.0 4.5 
December 31, 2023
Total eligible balance$479,156 $239,892 
Percentage of risk-weighted assets (4)
29.0 %22.0 %14.5 %8.5 %
Percentage of supplementary leverage exposure13.0 9.5 6.5 4.5 
(1)As of September 30, 2024 and December 31, 2023, TLAC ratios are calculated using the regulatory capital rule that allows a five-year transition period related to the adoption of the CECL accounting standard on January 1, 2020.
(2)The TLAC RWA regulatory minimum consists of 18.0 percent plus a TLAC RWA buffer comprised of 2.5 percent plus the Method 1 G-SIB surcharge of 1.5 percent. The countercyclical buffer is zero for both periods. The TLAC supplementary leverage exposure regulatory minimum consists of 7.5 percent plus a 2.0 percent TLAC leverage buffer. The TLAC RWA and leverage buffers must be comprised solely of CET1 capital and Tier 1 capital, respectively.
(3)The long-term debt RWA regulatory minimum is comprised of 6.0 percent plus the Corporation’s G-SIB surcharge of 3.0 percent at September 30, 2024 and 2.5 percent at December 31, 2023. The long-term debt leverage exposure regulatory minimum is 4.5 percent. Effective January 1, 2024, the Corporation’s G-SIB surcharge, which is higher under Method 2, increased 50 bps, resulting in an increase in our long-term debt RWA regulatory minimum requirement to 9.0 percent from 8.5 percent.
(4)The approach that yields the higher RWA is used to calculate TLAC and long-term debt ratios, which was the Standardized approach as of September 30, 2024 and December 31, 2023.
Regulatory Developments
For information on regulatory developments, see Capital Management – Regulatory Developments in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
Regulatory Capital and Securities Regulation
The Corporation’s principal U.S. broker-dealer subsidiaries are BofA Securities, Inc. (BofAS) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S). The Corporation's principal European subsidiaries undertaking broker-dealer activities are Merrill Lynch International (MLI) and BofA Securities Europe SA (BofASE).
The U.S. broker-dealer subsidiaries are subject to the net capital requirements of Rule 15c3-1 under the Exchange Act. BofAS computes its capital requirements as an alternative net capital broker-dealer under Rule 15c3-1e, and MLPF&S computes its capital requirements in accordance with the alternative standard under Rule 15c3-1. BofAS is registered as a futures commission merchant and is subject to Commodity Futures Trading Commission (CFTC) Regulation 1.17. The U.S. broker-dealer subsidiaries are also registered with the Financial Industry Regulatory Authority, Inc. (FINRA). Pursuant to FINRA Rule 4110, FINRA may impose higher net capital requirements than Rule 15c3-1 under the Exchange Act with respect to each of the broker-dealers.
BofAS provides institutional services, and in accordance with the alternative net capital requirements, is required to maintain tentative net capital in excess of $5.0 billion and net capital in excess of the greater of $1.0 billion or a certain percentage of its reserve requirement in addition to a certain percentage of securities-based swap risk margin. BofAS must also notify the SEC in the event its tentative net capital is less than $6.0 billion. BofAS is also required to hold a certain percentage of its customers' and affiliates' risk-based margin in order to meet its CFTC minimum net capital requirement. At September 30, 2024, BofAS had tentative net capital of $21.8 billion. BofAS also had regulatory net capital of $18.9 billion, which exceeded the minimum requirement of $4.8 billion.
MLPF&S provides retail services. At September 30, 2024, MLPF&S' regulatory net capital was $6.7 billion, which exceeded the minimum requirement of $160 million.
Our European broker-dealers are subject to requirements from U.S. and non-U.S. regulators. MLI, a U.K. investment firm, is regulated by the Prudential Regulation Authority and the Financial Conduct Authority and is subject to certain regulatory
capital requirements. At September 30, 2024, MLI’s capital resources were $33.7 billion, which exceeded the minimum Pillar 1 requirement of $13.1 billion.
BofASE, an authorized credit institution with its head office located in France, is regulated by the Autorité de Contrôle Prudentiel et de Résolution and the Autorité des Marchés Financiers, and supervised under the Single Supervisory Mechanism by the European Central Bank. At September 30, 2024, BofASE's capital resources were $10.2 billion, which exceeded the minimum Pillar 1 requirement of $3.4 billion.
In addition, MLI and BofASE remained conditionally registered with the SEC as security-based swap dealers, and maintained net liquid assets at September 30, 2024 that exceeded the applicable minimum requirements under the Exchange Act. The entities are also registered as swap dealers with the CFTC and met applicable capital requirements at September 30, 2024.
Liquidity Risk
Funding and Liquidity Risk Management
Our primary liquidity risk management objective is to meet expected or unexpected cash flow and collateral requirements, including payments under long-term debt agreements, commitments to extend credit and customer deposit withdrawals, while continuing to support our businesses and customers under a range of economic conditions. To achieve that objective, we analyze and monitor our liquidity risk under expected and stressed conditions, maintain liquidity and access to diverse funding sources, including our stable deposit base, and seek to align liquidity-related incentives and risks. These liquidity risk management practices have allowed us to effectively manage market fluctuations from the rising interest rate environment, inflationary pressures and changes in the macroeconomic environment.
We define liquidity as readily available assets, limited to cash and high-quality, liquid, unencumbered securities that we can use to meet our contractual and contingent financial obligations as they arise. We manage our liquidity position through line of business and ALM activities, as well as through our legal entity funding strategy, on both a forward and current (including intraday) basis under both expected and stressed conditions. We believe that a centralized approach to funding and liquidity management enhances our ability to monitor
25 Bank of America



liquidity requirements, maximizes access to funding sources, minimizes borrowing costs and facilitates timely responses to liquidity events.
We provide centralized funding and liquidity management through a variety of activities, including monitoring of established limits, assessing exposures under both normal and stressed conditions and reviewing liquidity risk management processes and controls. Global Risk Management (GRM) provides oversight of liquidity management across the Corporation, including front-line units and legal entities. GRM oversees the liquidity risk management governance structure, establishes liquidity risk policies, and provides independent review and challenge of the Corporation's liquidity risk management processes.
The Board, its risk committee and various management committees oversee the Corporation’s liquidity risk activities. The Board and/or ERC approve our liquidity risk policy, Financial Contingency and Recovery Plan and liquidity risk appetite limits. Management committees responsible for liquidity governance include the Corporation’s Management Risk Committee, Asset and Liability Governance Committee, Liquidity Risk Committee and Asset and Liability Management Investment Committee.
For more information on the Corporation’s liquidity risks, see the Liquidity section within Item 1A. Risk Factors of the Corporation’s 2023 Annual Report on Form 10-K. For more information regarding global funding and liquidity risk management, as well as liquidity sources, liquidity arrangements, contingency planning and credit ratings discussed below, see Liquidity Risk in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
NB Holdings Corporation
Bank of America Corporation, as the parent company (the Parent), which is a separate and distinct legal entity from our bank and nonbank subsidiaries, has an intercompany arrangement with our wholly-owned holding company subsidiary, NB Holdings Corporation (NB Holdings). We have transferred, and agreed to transfer, additional Parent assets not required to satisfy anticipated near-term expenditures to NB Holdings. The Parent is expected to continue to have access to the same flow of dividends, interest and other amounts of cash necessary to service its debt, pay dividends and perform other obligations as it would have had it not entered into these arrangements and transferred any assets. These arrangements support our preferred single point of entry resolution strategy, under which only the Parent would be resolved under the U.S. Bankruptcy Code.

Global Liquidity Sources and Other Unencumbered Assets
We maintain liquidity available to the Corporation, including the Parent and selected subsidiaries, in the form of cash and high- quality, liquid, unencumbered securities. Our liquidity buffer, referred to as Global Liquidity Sources (GLS), is comprised of assets that are readily available to the Parent and selected subsidiaries, including holding company, bank and broker-dealer subsidiaries, even during stressed market conditions. Our cash is primarily on deposit with the Federal Reserve Bank and, to a lesser extent, central banks outside of the U.S. We limit the composition of high-quality, liquid, unencumbered securities to U.S. government securities, U.S. agency securities, U.S. agency mortgage-backed securities and other investment-grade securities, and a select group of non-U.S. government securities. We can obtain cash for these securities, even in stressed conditions, through repurchase agreements or outright sales. We hold our GLS in legal entities that allow us to meet the liquidity requirements of our global businesses, and we consider the impact of potential regulatory, tax, legal and other restrictions that could limit the transferability of funds among entities.
Table 13 presents average GLS for the three months ended September 30, 2024 and December 31, 2023.
Table 13Average Global Liquidity Sources
Three Months Ended
(Dollars in billions)September 30
2024
December 31 2023
Bank entities$769 $735 
Nonbank and other entities (1)
178 162 
Total Average Global Liquidity Sources
$947 $897 
(1) Nonbank includes Parent, NB Holdings and other regulated entities.
Our bank subsidiaries’ liquidity is primarily driven by deposit and lending activity, as well as securities valuation and net debt activity. Bank subsidiaries can also generate incremental liquidity by pledging a range of unencumbered loans and securities to certain Federal Home Loan Banks (FHLBs) and the Federal Reserve Discount Window. The cash we could have obtained by borrowing against this pool of specifically-identified eligible assets was $334 billion and $312 billion at September 30, 2024 and December 31, 2023. We have established operational procedures to enable us to borrow against these assets, including regularly monitoring our total pool of eligible loans and securities collateral. Eligibility is defined in guidelines from the FHLBs and the Federal Reserve and is subject to change at their discretion. Due to regulatory restrictions, liquidity generated by the bank subsidiaries can generally be used only to fund obligations within the bank subsidiaries, and transfers to the Parent or nonbank subsidiaries may be subject to prior regulatory approval.

Bank of America 26


Liquidity is also held in nonbank entities, including the Parent, NB Holdings and other regulated entities. The Parent and NB Holdings liquidity is typically in the form of cash deposited at BANA, which is excluded from the liquidity at bank subsidiaries, and high-quality, liquid, unencumbered securities. Liquidity held in other regulated entities, comprised primarily of broker-dealer subsidiaries, is primarily available to meet the obligations of that entity, and transfers to the Parent or to any other subsidiary may be subject to prior regulatory approval due to regulatory restrictions and minimum requirements. Our other regulated entities also hold unencumbered investment-grade securities and equities that we believe could be used to generate additional liquidity.
Table 14 presents the composition of average GLS for the three months ended September 30, 2024 and December 31, 2023.
Table 14Average Global Liquidity Sources Composition
Three Months Ended
(Dollars in billions)September 30
2024
December 31 2023
Cash on deposit$318 $380 
U.S. Treasury securities300 197 
U.S. agency securities, mortgage-backed securities, and other investment-grade securities
303 299 
Non-U.S. government securities26 21 
Total Average Global Liquidity Sources$947 $897 
Our GLS are substantially the same in composition to what qualifies as High Quality Liquid Assets (HQLA) under the final U.S. Liquidity Coverage Ratio (LCR) rules. However, HQLA for purposes of calculating LCR is not reported at market value, but at a lower value that incorporates regulatory deductions and the exclusion of excess liquidity held at certain subsidiaries. The LCR is calculated as the amount of a financial institution’s unencumbered HQLA relative to the estimated net cash outflows the institution could encounter over a 30-day period of significant liquidity stress, expressed as a percentage. Our average consolidated HQLA, on a net basis, was $610 billion and $590 billion for the three months ended September 30, 2024 and December 31, 2023. For both periods, the average consolidated LCR was 115 percent. Our LCR fluctuates due to normal business flows from customer activity.
Liquidity Stress Analysis
We utilize liquidity stress analysis to assist us in determining the appropriate amounts of liquidity to maintain at the Parent and our subsidiaries to meet contractual and contingent cash outflows under a range of scenarios. For more information on liquidity stress analysis, see Liquidity Risk – Liquidity Stress Analysis in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
Net Stable Funding Ratio
The Net Stable Funding Ratio (NSFR) is a liquidity requirement for large banks to maintain a minimum level of stable funding over a one-year period. The requirement is intended to support the ability of banks to lend to households and businesses in both normal and adverse economic conditions and is complementary to the LCR, which focuses on short-term liquidity
risks. The U.S. NSFR applies to the Corporation on a consolidated basis and to our insured depository institutions. At September 30, 2024, the Corporation and its insured depository institutions were in compliance with the U.S. NSFR. For more information, see the Pillar 3 U.S. NSFR Disclosure report for the quarters ended March 31, 2024 and June 30, 2024 on the Corporation’s website, the contents of which are not incorporated by reference into this Quarterly Report on Form 10-Q.
Diversified Funding Sources
We fund our assets primarily with a mix of deposits, and secured and unsecured liabilities through a centralized, globally coordinated funding approach diversified across products, programs, markets, currencies and investor groups. We fund a substantial portion of our lending activities through our deposits, which were $1.93 trillion and $1.92 trillion at September 30, 2024 and December 31, 2023. Our trading activities in other regulated entities are primarily funded on a secured basis through securities lending and repurchase agreements, and these amounts will vary based on customer activity and market conditions.
Deposits
Our deposit base is well-diversified by clients, geography and product type across our business segments. At September 30, 2024, 49 percent of our deposits were in Consumer Banking, 15 percent in GWIM and 29 percent in Global Banking. We consider a substantial portion of our deposit base to be a stable, low-cost and consistent source of liquidity. At September 30, 2024 approximately 68 percent of consumer and small business deposits and 80 percent of U.S. deposits in Global Banking were held by clients who have had accounts with us for 10 or more years. In addition, at September 30, 2024 and December 31, 2023, 27 percent and 28 percent of our deposits were noninterest bearing and included operating accounts of our consumer and commercial clients. Deposits at September 30, 2024 increased $6.5 billion from December 31, 2023 primarily due to higher commercial deposits and time deposit growth, partially offset by consumer deposit outflows and customers’ movement of balances to higher yielding investment alternatives.
During the three months ended September 30, 2024 and 2023, rates paid on deposits were 65 bps and 34 bps in Consumer Banking, 313 bps and 269 bps in GWIM, and 327 bps and 266 bps in Global Banking. For information on rates paid on consolidated deposit balances, see Table 6 on page 8.
Long-term Debt
During the nine months ended September 30, 2024, we issued $41.9 billion of long-term debt consisting of $12.4 billion of notes issued by Bank of America Corporation, substantially all of which were TLAC compliant, $13.2 billion of notes issued by Bank of America, N.A. and $16.3 billion of other debt.
During the nine months ended September 30, 2024, we had total long-term debt maturities and redemptions in the aggregate of $50.0 billion consisting of $28.6 billion for Bank of America Corporation, $12.8 billion for Bank of America, N.A. and $8.6 billion of other debt. Table 15 presents the carrying value of aggregate annual contractual maturities of long-term debt at September 30, 2024.
27 Bank of America



Table 15Long-term Debt by Maturity
(Dollars in millions)Remainder of 20242025202620272028ThereafterTotal
Bank of America Corporation
Senior notes (1)
$— $9,290 $25,110 $21,866 $28,510 $107,992 $192,768 
Senior structured notes129 1,864 1,497 987 950 13,256 18,683 
Subordinated notes100 5,161 4,920 2,094 926 11,791 24,992 
Junior subordinated notes— — — 192 — 557 749 
Total Bank of America Corporation229 16,315 31,527 25,139 30,386 133,596 237,192 
Bank of America, N.A.
Senior notes— 7,108 3,266 — 692 — 11,066 
Subordinated notes— — — — — 1,471 1,471 
Advances from Federal Home Loan Banks— 3,147 39 3,205 
Securitizations and other Bank VIEs (2)
— 2,302 3,285 1,249 1,234 285 8,355 
Other— 691 122 11 45 70 939 
Total Bank of America, N.A.— 13,248 6,681 1,263 1,979 1,865 25,036 
Other debt
Structured Liabilities1,527 6,551 5,171 4,672 1,985 14,263 34,169 
Nonbank VIEs (2)
— 508 530 
Total other debt1,533 6,554 5,180 4,672 1,989 14,771 34,699 
Total long-term debt$1,762 $36,117 $43,388 $31,074 $34,354 $150,232 $296,927 
(1)Total includes $175.7 billion of outstanding notes that are both TLAC eligible and callable one year before their stated maturities, including $2.0 billion during the remainder of 2024, and $22.3 billion, $21.9 billion, $25.5 billion and $20.2 billion during each year of 2025 through 2028, respectively, and $83.8 billion thereafter. For more information on our TLAC eligible and callable outstanding notes, see Liquidity Risk – Diversified Funding Sources in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
(2)Represents liabilities of consolidated variable interest entities (VIEs) included in total long-term debt on the Consolidated Balance Sheet.
Total long-term debt decreased $5.3 billion to $296.9 billion during the nine months ended September 30, 2024 primarily due to debt maturities, partially offset by debt issuances and valuation adjustments. We may, from time to time, purchase outstanding debt instruments in various transactions, depending on market conditions, liquidity and other factors. Our other regulated entities may also make markets in our debt instruments to provide liquidity for investors.
During the nine months ended September 30, 2024, we issued $21.2 billion of structured notes, which are debt obligations that pay investors returns linked to other debt or equity securities, indices, currencies or commodities. These structured notes are typically issued to meet client demand, and notes with certain attributes may also be TLAC eligible. We typically hedge the returns we are obligated to pay on these liabilities with derivatives and/or investments in the underlying instruments, so that from a funding perspective, the cost is similar to our other unsecured long-term debt. We could be required to settle certain structured note obligations for cash or other securities prior to maturity under certain circumstances, which we consider for liquidity planning purposes. We believe, however, that a portion of such borrowings will remain outstanding beyond the earliest put or redemption date.
Substantially all of our senior and subordinated debt obligations contain no provisions that could trigger a requirement for an early repayment, require additional collateral support, result in changes to terms, accelerate maturity or create additional financial obligations upon an adverse change in our credit ratings, financial ratios, earnings, cash flows or stock price. For more information on long-term debt funding,
including issuances and maturities and redemptions, see Note 11 – Long-term Debt to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K.
We use derivative transactions to manage the duration, interest rate and currency risks of our borrowings, considering the characteristics of the assets they are funding. For more information on our ALM activities, see Interest Rate Risk Management for the Banking Book on page 45.
Credit Ratings
Credit ratings and outlooks are opinions expressed by rating agencies on our creditworthiness and that of our obligations or securities, including long-term debt, short-term borrowings, preferred stock and other securities, including asset securitizations. Table 16 presents the Corporation’s current long-term/short-term senior debt ratings and outlooks expressed by the rating agencies.
The ratings and outlooks from Moody's Investors Service, Standard & Poor’s Global Ratings and Fitch Ratings for the Corporation and its subsidiaries have not changed from those disclosed in the Corporation's 2023 Annual Report on Form 10-K.
For more information on additional collateral and termination payments that could be required in connection with certain over-the-counter derivative contracts and other trading agreements in the event of a credit rating downgrade, see Note 3 – Derivatives to the Consolidated Financial Statements herein and Item 1A. Risk Factors of the Corporation’s 2023 Annual Report on Form 10-K.
Bank of America 28


Table 16Senior Debt Ratings
Moody’s Investors ServiceStandard & Poor’s Global RatingsFitch Ratings
Long-termShort-termOutlookLong-termShort-termOutlookLong-termShort-termOutlook
Bank of America CorporationA1P-1StableA-A-2StableAA-F1+Stable
Bank of America, N.A.Aa1P-1NegativeA+A-1StableAAF1+Stable
Bank of America Europe Designated Activity CompanyNRNRNRA+A-1StableAAF1+Stable
Merrill Lynch, Pierce, Fenner & Smith IncorporatedNRNRNRA+A-1StableAAF1+Stable
BofA Securities, Inc.NRNRNRA+A-1StableAAF1+Stable
Merrill Lynch InternationalNRNRNRA+A-1StableAAF1+Stable
BofA Securities Europe SANRNRNRA+A-1StableAAF1+Stable
NR = not rated
Finance Subsidiary Issuers and Parent Guarantor
BofA Finance LLC, a Delaware limited liability company (BofA Finance), is a consolidated finance subsidiary of the Corporation that has issued and sold, and is expected to continue to issue and sell, its senior unsecured debt securities (Guaranteed Notes) that are fully and unconditionally guaranteed by the Corporation. The Corporation guarantees the due and punctual payment, on demand, of amounts payable on the Guaranteed Notes if not paid by BofA Finance. In addition, each of BAC Capital Trust XIII, BAC Capital Trust XIV and BAC Capital Trust XV, Delaware statutory trusts (collectively, the Trusts) is a 100 percent owned finance subsidiary of the Corporation that has issued and sold trust preferred securities (the Trust Preferred Securities) or capital securities (the Capital Securities and, together with the Guaranteed Notes and the Trust Preferred Securities, the Guaranteed Securities), as applicable, that remained outstanding at September 30, 2024. The Corporation has fully and unconditionally guaranteed (or effectively provided for the full and unconditional guarantee of) all such securities issued by such finance subsidiaries. For more information regarding such guarantees by the Corporation, see Liquidity Risk – Finance Subsidiary Issuers and Parent Guarantor in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
Representations and Warranties Obligations
For information on representations and warranties obligations in connection with the sale of mortgage loans, see Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K.
Credit Risk Management
For information on our credit risk management activities, see the following: Consumer Portfolio Credit Risk Management on page 29, Commercial Portfolio Credit Risk Management on page 34, Non-U.S. Portfolio on page 40, Allowance for Credit Losses on page 41, Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements, and Credit Risk Management in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K. For information on the Corporation’s loan modification programs, see Note 1 – Summary of Significant Accounting Principles and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements. For more information on the Corporation’s credit risks, see the Credit section within Item 1A. Risk Factors of the Corporation’s 2023 Annual Report on Form 10-K.
During the nine months ended September 30, 2024, our net charge-off ratio increased primarily driven by credit card loans and the commercial real estate office portfolio. Commercial
reservable criticized exposure increased compared to December 31, 2023 driven by an increase across a broad range of industries. Nonperforming loans also increased compared to December 31, 2023 primarily driven by commercial real estate. Uncertainty remains regarding broader economic impacts as a result of higher costs associated with inflationary pressures experienced over the past several years, elevated rates as well as the current geopolitical environment, and could lead to adverse impacts to credit quality metrics in future periods.
Consumer Portfolio Credit Risk Management
Credit risk management for the consumer portfolio begins with initial underwriting and continues throughout a borrower’s credit cycle. Statistical techniques in conjunction with experiential judgment are used in all aspects of portfolio management including underwriting, product pricing, risk appetite, setting credit limits, and establishing operating processes and metrics to quantify and balance risks and returns. Statistical models are built using detailed behavioral information from external sources, such as credit bureaus, and/or internal historical experience and are a component of our consumer credit risk management process. These models are used in part to assist in making both new and ongoing credit decisions as well as portfolio management strategies, including authorizations and line management, collection practices and strategies, and determination of the allowance for loan and lease losses and allocated capital for credit risk.
Consumer Credit Portfolio
During the nine months ended September 30, 2024, the U.S. unemployment rate remained relatively stable and home prices continued to rise. During the three and nine months ended September 30, 2024, net charge-offs increased $240 million and $954 million to $1.0 billion and $3.1 billion compared to the same periods in 2023, primarily due to higher credit card loan charge-offs.
The consumer allowance for loan and lease losses was $8.6 billion, relatively unchanged from December 31, 2023. For more information, see Allowance for Credit Losses on page 41.
For more information on our accounting policies regarding delinquencies, nonperforming status, charge-offs and loan modifications for the consumer portfolio, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements.
Table 17 presents our outstanding consumer loans and leases, consumer nonperforming loans and accruing consumer loans past due 90 days or more.
29 Bank of America



Table 17Consumer Credit Quality
 OutstandingsNonperformingAccruing Past Due
90 Days or More
(Dollars in millions)September 30
2024
December 31
2023
September 30
2024
December 31
2023
September 30
2024
December 31
2023
Residential mortgage (1)
$227,842 $228,403 $2,089 $2,114 $215 $252 
Home equity 25,483 25,527 413 450  — 
Credit card100,841 102,200 n/an/a1,306 1,224 
Direct/Indirect consumer (2)
105,695 103,468 175 148 1 
Other consumer161 124  —  — 
Consumer loans excluding loans accounted for under the fair value option
$460,022 $459,722 $2,677 $2,712 $1,522 $1,478 
Loans accounted for under the fair value option (3)
229 243 
Total consumer loans and leases $460,251 $459,965 
Percentage of outstanding consumer loans and leases (4)
n/an/a0.58 %0.59 %0.33 %0.32 %
Percentage of outstanding consumer loans and leases, excluding fully-insured loan portfolios (4)
n/an/a0.60 0.60 0.29 0.27 
(1)Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At September 30, 2024 and December 31, 2023, residential mortgage included $114 million and $156 million of loans on which interest had been curtailed by the Federal Housing Administration (FHA), and therefore were no longer accruing interest, although principal was still insured, and $101 million and $96 million of loans on which interest was still accruing.
(2)Outstandings primarily includes auto and specialty lending loans and leases of $54.9 billion and $53.9 billion, U.S. securities-based lending loans of $47.3 billion and $46.0 billion at September 30, 2024 and December 31, 2023, and non-U.S. consumer loans of $2.8 billion at both September 30, 2024 and December 31, 2023.
(3)For more information on the fair value option, see Note 15 – Fair Value Option to the Consolidated Financial Statements.
(4)Excludes consumer loans accounted for under the fair value option. At September 30, 2024 and December 31, 2023, loans accounted for under the fair value option past due 90 days or more and not accruing interest were insignificant.
n/a= not applicable
Table 18 presents net charge-offs and related ratios for consumer loans and leases.
Table 18Consumer Net Charge-offs and Related Ratios
Net Charge-offs
Net Charge-off Ratios (1)
Three Months Ended
September 30
Nine Months Ended
September 30
Three Months Ended
September 30
Nine Months Ended
September 30
(Dollars in millions)20242023202420232024202320242023
Residential mortgage$(2)$$1 $ %— % %— %
Home equity(5)(14)(32)(42)(0.07)(0.22)(0.17)(0.22)
Credit card928 673 2,782 1,784 3.70 2.72 3.73 2.52 
Direct/Indirect consumer56 25 172 43 0.21 0.10 0.22 0.05 
Other consumer67 118 208 387 n/mn/mn/mn/m
Total$1,044 $804 $3,131 $2,177 0.91 0.70 0.92 0.64 
(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.
n/m = not meaningful
We believe that the presentation of information adjusted to exclude the impact of the fully-insured loan portfolio and loans accounted for under the fair value option is more representative of the ongoing operations and credit quality of the business. As a result, in the following tables and discussions of the residential mortgage and home equity portfolios, we exclude loans accounted for under the fair value option and provide information that excludes the impact of the fully-insured loan portfolio in certain credit quality statistics.
Residential Mortgage
The residential mortgage portfolio made up the largest percentage of our consumer loan portfolio at 50 percent of consumer loans and leases at September 30, 2024. Approximately 50 percent of the residential mortgage portfolio was in Consumer Banking, 47 percent was in GWIM and the remaining portion was in All Other.
Outstanding balances in the residential mortgage portfolio decreased $561 million during the nine months ended September 30, 2024, as paydowns and payoffs outpaced new originations.
At September 30, 2024 and December 31, 2023, the residential mortgage portfolio included $10.3 billion and $11.0 billion of outstanding fully-insured loans, of which $2.2 billion had FHA insurance as of both dates, with the remainder protected by Fannie Mae long-term standby agreements.
Table 19 presents certain residential mortgage key credit statistics on both a reported basis and excluding the fully-insured loan portfolio. The following discussion presents the residential mortgage portfolio excluding the fully-insured loan portfolio.
Bank of America 30


Table 19Residential Mortgage – Key Credit Statistics
Reported Basis (1)
Excluding Fully-insured Loans (1)
(Dollars in millions)September 30
2024
December 31
2023
September 30
2024
December 31
2023
Outstandings$227,842 $228,403 $217,528 $217,439 
Accruing past due 30 days or more1,442 1,513 979 986 
Accruing past due 90 days or more215 252  — 
Nonperforming loans (2)
2,089 2,114 2,089 2,114 
Percent of portfolio    
Refreshed LTV greater than 90 but less than or equal to 1001 %%1 %%
Refreshed LTV greater than 100 —  — 
Refreshed FICO below 6201 1 
(1)Outstandings, accruing past due, nonperforming loans and percentages of portfolio exclude loans accounted for under the fair value option.
(2)Includes loans that are contractually current that have not yet demonstrated a sustained period of payment performance following a modification.
Nonperforming outstanding balances in the residential mortgage portfolio remained relatively unchanged during the nine months ended September 30, 2024. Of the nonperforming residential mortgage loans at September 30, 2024, $1.3 billion, or 62 percent, were current on contractual payments. Loans accruing past due 30 days or more of $979 million also remained relatively unchanged.
Of the $217.5 billion in total residential mortgage loans outstanding at September 30, 2024, $63.5 billion, or 29 percent, of loans were originated as interest-only. The outstanding balance of interest-only residential mortgage loans that had entered the amortization period was $3.5 billion, or six percent, at September 30, 2024. Residential mortgage loans that have entered the amortization period generally experience a higher rate of early stage delinquencies and nonperforming status compared to the residential mortgage portfolio as a whole. At September 30, 2024, $45 million, or one percent, of outstanding interest-only residential mortgages that had entered the amortization period were accruing past due 30 days or more compared to $979 million, or less than one percent, for the
entire residential mortgage portfolio. In addition, at September 30, 2024, $218 million, or six percent, of outstanding interest-only residential mortgage loans that had entered the amortization period were nonperforming, of which $74 million were contractually current. Loans that have yet to enter the amortization period in our interest-only residential mortgage portfolio are primarily well-collateralized loans to our wealth management clients and have an interest-only period of three years to 10 years. Substantially all of these loans that have yet to enter the amortization period will not be required to make a fully-amortizing payment until 2026 or later.
Table 20 presents outstandings, nonperforming loans and net charge-offs by certain state concentrations for the residential mortgage portfolio. In the New York area, the New York-Northern New Jersey-Long Island Metropolitan Statistical Area (MSA) made up 15 percent of outstandings at both September 30, 2024 and December 31, 2023. The Los Angeles-Long Beach-Santa Ana MSA within California represented 14 percent of outstandings at both September 30, 2024 and December 31, 2023.
Table 20Residential Mortgage State Concentrations
Outstandings (1)
Nonperforming (1)
Net Charge-offs
September 30
2024
December 31
2023
September 30
2024
December 31
2023
Three Months Ended September 30Nine Months Ended
September 30
(Dollars in millions)2024202320242023
California$81,379 $81,085 $637 $641 $(1)$$1 $— 
New York25,804 25,975 309 320 1 — 2 
Florida15,614 15,450 140 131 (2)— (3)(2)
Texas9,329 9,361 91 88  —  
New Jersey8,596 8,671 90 97  — (1)(1)
Other76,806 76,897 822 837  2 
Residential mortgage loans$217,528 $217,439 $2,089 $2,114 $(2)$$1 $
Fully-insured loan portfolio10,314 10,964     
Total residential mortgage loan portfolio$227,842 $228,403     
(1)Outstandings and nonperforming loans exclude loans accounted for under the fair value option.
Home Equity
At September 30, 2024, the home equity portfolio made up six percent of the consumer portfolio and was comprised of home equity lines of credit (HELOCs), home equity loans and reverse mortgages. HELOCs generally have an initial draw period of 10 years, and after the initial draw period ends, the loans generally convert to 15- or 20-year amortizing loans. We no longer originate home equity loans or reverse mortgages.
At September 30, 2024, 85 percent of the home equity portfolio was in Consumer Banking, 10 percent was in GWIM and the remainder of the portfolio was in All Other. Outstanding
balances in the home equity portfolio decreased $44 million during the nine months ended September 30, 2024 primarily due to paydowns outpacing draws on existing lines and new originations. Of the total home equity portfolio at September 30, 2024 and December 31, 2023, $9.3 billion and $10.1 billion, or 37 percent and 39 percent, were in first-lien positions. At September 30, 2024, outstanding balances in the home equity portfolio that were in a second-lien or more junior-lien position and where we also held the first-lien loan totaled $4.5 billion, or 18 percent, of our total home equity portfolio.
31 Bank of America



Unused HELOCs totaled $44.7 billion and $45.1 billion at September 30, 2024 and December 31, 2023. The HELOC utilization rate was 36 percent and 35 percent at September 30, 2024 and December 31, 2023. Table 21 presents certain home equity portfolio key credit statistics.
Table 21
Home Equity – Key Credit Statistics (1)
(Dollars in millions)September 30 2024December 31 2023
Outstandings$25,483 $25,527 
Accruing past due 30 days or more82 95 
Nonperforming loans (2)
413 450 
Percent of portfolio
Refreshed CLTV greater than 90 but less than or equal to 100 %— %
Refreshed CLTV greater than 100 — 
Refreshed FICO below 6202 
(1)Outstandings, accruing past due, nonperforming loans and percentages of the portfolio exclude loans accounted for under the fair value option.
(2)Includes loans that are contractually current that have not yet demonstrated a sustained period of payment performance following a modification.
Nonperforming outstanding balances in the home equity portfolio decreased $37 million to $413 million at September 30, 2024, primarily driven by paydowns and payoffs and returns to performing status outpacing new additions. Of the nonperforming home equity loans at September 30, 2024, $253 million, or 61 percent, were current on contractual payments. In addition, $90 million, or 22 percent, were 180 days or more past due and had been written down to the estimated fair value of the collateral, less costs to sell. Accruing loans that were 30 days or more past due remained relatively unchanged during the nine months ended September 30, 2024.
Of the $25.5 billion in total home equity portfolio outstandings at September 30, 2024, as shown in Table 21, nine percent require interest-only payments. The outstanding balance of HELOCs that had reached the end of their draw period and entered the amortization period was $3.5 billion at September 30, 2024. The HELOCs that have entered the amortization period have experienced a higher percentage of early stage delinquencies and nonperforming status when compared to the HELOC portfolio as a whole. At September 30, 2024, $30 million, or one percent, of outstanding HELOCs that
had entered the amortization period were accruing past due 30 days or more. In addition, at September 30, 2024, $253 million, or seven percent, were nonperforming.
For our interest-only HELOC portfolio, we do not actively track how many of our home equity customers pay only the minimum amount due on their home equity loans and lines; however, we can infer some of this information through a review of our HELOC portfolio that we service and is still in its revolving period. During the nine months ended September 30, 2024, 30 percent of these customers with an outstanding balance did not pay any principal on their HELOCs.
Table 22 presents outstandings, nonperforming balances and net recoveries by certain state concentrations for the home equity portfolio. In the New York area, the New York-Northern New Jersey-Long Island MSA made up 11 percent of the outstanding home equity portfolio at both September 30, 2024 and December 31, 2023. The Los Angeles-Long Beach-Santa Ana MSA within California made up 11 percent and 10 percent of the outstanding home equity portfolio at September 30, 2024 and December 31, 2023.
Table 22Home Equity State Concentrations
Outstandings (1)
Nonperforming (1)
Net Charge-Offs
September 30
2024
December 31
2023
September 30
2024
December 31
2023
Three Months Ended September 30Nine Months Ended
September 30
(Dollars in millions)2024202320242023
California$6,985 $6,966 $104 $109 $(1)$(3)$(6)$(5)
Florida2,521 2,576 47 53 (2)(3)(6)(8)
New Jersey1,807 1,870 36 46  — (4)(3)
Texas
1,487 1,410 16 16 (1)— 1 — 
New York
1,464 1,590 65 71 1 (2)(3)(6)
Other11,219 11,115 145 155 (2)(6)(14)(20)
Total home equity loan portfolio$25,483 $25,527 $413 $450 $(5)$(14)$(32)$(42)
(1)Outstandings and nonperforming loans exclude loans accounted for under the fair value option.
Credit Card
At September 30, 2024, 97 percent of the credit card portfolio was managed in Consumer Banking with the remainder in GWIM. Outstandings in the credit card portfolio decreased $1.4 billion during the nine months ended September 30, 2024 to $100.8 billion, as payments more than offset purchase volume and card transfers. Net charge-offs increased $255 million to $928 million and $998 million to $2.8 billion during the
three and nine months ended September 30, 2024 compared to the same periods in 2023. Credit card loans 30 days or more past due and still accruing interest increased $144 million, and 90 days or more past due and still accruing interest increased $82 million at September 30, 2024.
Unused lines of credit for credit card increased to $397.4 billion at September 30, 2024 from $390.2 billion at December 31, 2023.

Bank of America 32


Table 23 presents certain state concentrations for the credit card portfolio.
Table 23Credit Card State Concentrations
OutstandingsAccruing Past Due
90 Days or More
Net Charge-offs
September 30
2024
December 31
2023
September 30
2024
December 31
2023
Three Months Ended September 30Nine Months Ended
September 30
(Dollars in millions)2024202320242023
California$16,757 $16,952 $240 $216 $176 $120 $514 $317 
Florida10,485 10,521 185 168 127 89 380 238 
Texas8,891 8,978 132 125 91 64 275 169 
New York5,659 5,788 80 84 59 52 181 142 
Washington5,435 5,352 46 41 31 21 89 53 
Other53,614 54,609 623 590 444 327 1,343 865 
Total credit card portfolio$100,841 $102,200 $1,306 $1,224 $928 $673 $2,782 $1,784 
Direct/Indirect Consumer
At September 30, 2024, 52 percent of the direct/indirect portfolio was included in Consumer Banking (consumer auto and recreational vehicle lending) and 48 percent was included in GWIM (principally securities-based lending loans). Outstandings in the direct/indirect portfolio increased $2.2 billion during the
nine months ended September 30, 2024 to $105.7 billion driven by increases in securities-based lending and consumer auto.
Table 24 presents certain state concentrations for the direct/indirect consumer loan portfolio.
Table 24Direct/Indirect State Concentrations
OutstandingsNonperformingNet Charge-offs
September 30
2024
December 31
2023
September 30
2024
December 31
2023
Three Months Ended
September 30
Nine Months Ended
September 30
(Dollars in millions)2024202320242023
California$15,803 $15,416 $37 $27 $14 $$41 $11 
Florida14,253 13,550 20 18 9 24 
Texas10,012 9,668 18 14 9 24 
New York7,578 7,335 14 11 4 11 
New Jersey4,454 4,376 6 2 6 
Other53,595 53,123 80 73 18 12 66 15 
Total direct/indirect loan
  portfolio
$105,695 $103,468 $175 $148 $56 $25 $172 $43 
Other Consumer
Other consumer primarily consists of deposit overdraft balances. Net charge-offs decreased $51 million to $67 million and $179 million to $208 million during the three and nine months ended September 30, 2024 compared to the same periods in 2023, primarily driven by lower overdraft losses from fraud activity.
Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity
Table 25 presents nonperforming consumer loans, leases and foreclosed properties activity for the three and nine months
ended September 30, 2024 and 2023. During the nine months ended September 30, 2024, nonperforming consumer loans of $2.7 billion remained relatively unchanged.
At September 30, 2024, $475 million, or 18 percent, of nonperforming loans were 180 days or more past due and had been written down to their estimated property value less costs to sell. In addition, at September 30, 2024, $1.6 billion, or 60 percent, of nonperforming consumer loans were current and classified as nonperforming loans in accordance with applicable policies.
During the nine months ended September 30, 2024, foreclosed properties decreased $22 million to $81 million.
33 Bank of America



Table 25Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity
Three Months Ended
September 30
Nine Months Ended
September 30
(Dollars in millions)2024202320242023
Nonperforming loans and leases, beginning of period$2,671 $2,729 $2,712 $2,754 
Additions 232 297 709 808 
Reductions:
Paydowns and payoffs(98)(117)(347)(351)
Sales(1)(2)(3)(6)
Returns to performing status (1)
(115)(91)(349)(353)
Charge-offs(8)(13)(25)(38)
Transfers to foreclosed properties (4)(11)(20)(22)
Total net additions (reductions) to nonperforming loans and leases
6 63 (35)38 
Total nonperforming loans and leases, September 30
2,677 2,792 2,677 2,792 
Foreclosed properties, September 30
81 112 81 112 
Nonperforming consumer loans, leases and foreclosed properties, September 30 (2)
$2,758 $2,904 $2,758 $2,904 
Nonperforming consumer loans and leases as a percentage of outstanding consumer loans and leases (3)
0.58 %0.61 %
Nonperforming consumer loans, leases and foreclosed properties as a percentage of outstanding consumer loans, leases and foreclosed properties (3)
0.60 0.63 
(1)Consumer loans 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.
(2)Includes repossessed non-real estate assets of $21 million and $19 million at September 30, 2024 and 2023.
(3)Outstanding consumer loans and leases exclude loans accounted for under the fair value option.
Commercial Portfolio Credit Risk Management
Commercial credit risk is evaluated and managed with the goal that concentrations of credit exposure continue to be aligned with our risk appetite. We review, measure and manage concentrations of credit exposure by industry, product, geography, customer relationship and loan size. We also review, measure and manage commercial real estate loans by geographic location and property type. In addition, within our non-U.S. portfolio, we evaluate exposures by region and by country. Tables 30, 32 and 35 summarize our concentrations. We also utilize syndications of exposure to third parties, loan sales, hedging and other risk mitigation techniques to manage the size and risk profile of the commercial credit portfolio. For more information on our industry concentrations, see Table 32 and Commercial Portfolio Credit Risk Management – Industry Concentrations on page 38.
For more information on our accounting policies regarding delinquencies, nonperforming status, net charge-offs and loan modifications for the commercial portfolio, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements.

Commercial Credit Portfolio
Outstanding commercial loans and leases increased $21.8 billion during the nine months ended September 30, 2024 due to growth in U.S. commercial, primarily in Global Banking and Global Markets. During the nine months ended September 30, 2024, commercial credit quality deteriorated as reservable criticized utilized exposure increased across a broad range of industries, and nonperforming commercial loans increased primarily driven by commercial real estate. Commercial net charge-offs increased $363 million and $1.0 billion to $490 million and $1.4 billion during the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to higher losses in the commercial real estate office portfolio and U.S. commercial portfolio.
With the exception of the office property type, which is further discussed in the Commercial Real Estate section herein, credit quality of commercial real estate borrowers has remained relatively stable since December 31, 2023; however, we are closely monitoring emerging trends and borrower performance in a higher interest rate environment. Recent demand for office space continues to be stagnant, and future demand for office space continues to be uncertain as companies evaluate space needs with employment models that utilize a mix of remote and conventional office use.

Bank of America 34


The commercial allowance for loan and lease losses decreased $164 million during the nine months ended September 30, 2024 to $4.7 billion. For more information, see Allowance for Credit Losses on page 41.
Total commercial utilized credit exposure increased $20.7 billion during the nine months ended September 30, 2024 to $717.0 billion primarily driven by increased loans and leases, partially offset by lower derivative assets. The utilization rate for loans and leases, standby letters of credit (SBLCs) and financial guarantees, and commercial letters of credit, in the aggregate, was 55 percent at both September 30, 2024 and December 31, 2023.
Table 26 presents commercial credit exposure by type for utilized, unfunded and total binding committed credit exposure. Commercial utilized credit exposure includes SBLCs and financial guarantees and commercial letters of credit that have been issued and for which we are legally bound to advance funds under prescribed conditions during a specified time period, and excludes exposure related to trading account assets. Although funds have not yet been advanced, these exposure types are considered utilized for credit risk management purposes.
Table 26Commercial Credit Exposure by Type
 
Commercial Utilized (1)
Commercial Unfunded (2, 3, 4)
Total Commercial Committed
(Dollars in millions)September 30
2024
December 31 2023September 30
2024
December 31 2023September 30
2024
December 31 2023
Loans and leases$615,549 $593,767 $533,663 $507,641 $1,149,212 $1,101,408 
Derivative assets (5)
34,182 39,323  — 34,182 39,323 
Standby letters of credit and financial guarantees32,933 31,348 2,038 1,953 34,971 33,301 
Debt securities and other investments18,540 20,422 4,006 3,083 22,546 23,505 
Loans held-for-sale8,884 4,338 6,571 4,904 15,455 9,242 
Operating leases5,285 5,312  — 5,285 5,312 
Commercial letters of credit742 943 174 232 916 1,175 
Other869 846  — 869 846 
Total$716,984 $696,299 $546,452 $517,813 $1,263,436 $1,214,112 
(1)Commercial utilized exposure includes loans of $3.9 billion and $3.3 billion accounted for under the fair value option at September 30, 2024 and December 31, 2023.
(2)Commercial unfunded exposure includes commitments accounted for under the fair value option with a notional amount of $2.4 billion and $2.6 billion at September 30, 2024 and December 31, 2023.
(3)Excludes unused business card lines, which are not legally binding.
(4)Includes the notional amount of unfunded legally binding lending commitments, net of amounts distributed (i.e., syndicated or participated) to other financial institutions. The distributed amounts were $10.3 billion at both September 30, 2024 and December 31, 2023.
(5)Derivative assets are carried at fair value, reflect the effects of legally enforceable master netting agreements and have been reduced by cash collateral of $26.4 billion and $29.4 billion at September 30, 2024 and December 31, 2023. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $58.1 billion and $56.1 billion at September 30, 2024 and December 31, 2023, which consists primarily of other marketable securities.
Table 27 presents our commercial loans and leases portfolio and related credit quality information at September 30, 2024 and December 31, 2023.
Table 27Commercial Credit Quality
OutstandingsNonperforming Accruing Past Due
90 Days or More
(Dollars in millions)September 30
2024
December 31 2023September 30
2024
December 31 2023September 30
2024
December 31 2023
Commercial and industrial:
U.S. commercial$379,563 $358,931 $699 $636 $219 $51 
Non-U.S. commercial127,738 124,581 85 175 12 
Total commercial and industrial507,301 483,512 784 811 231 55 
Commercial real estate68,420 72,878 2,124 1,927 206 32 
Commercial lease financing14,992 14,854 18 19 5 
590,713 571,244 2,926 2,757 442 94 
U.S. small business commercial (1)
20,893 19,197 26 16 183 184 
Commercial loans excluding loans accounted for under the fair value option$611,606 $590,441 $2,952 $2,773 $625 $278 
Loans accounted for under the fair value option (2)
3,943 3,326 
Total commercial loans and leases$615,549 $593,767 
(1)Includes card-related products.
(2)Commercial loans accounted for under the fair value option includes U.S. commercial of $2.7 billion and $2.2 billion and non-U.S. commercial of $1.3 billion and $1.2 billion at September 30, 2024 and December 31, 2023. For more information on the fair value option, see Note 15 – Fair Value Option to the Consolidated Financial Statements.
35 Bank of America



Table 28 presents net charge-offs and related ratios for our commercial loans and leases for the three and nine months ended September 30, 2024 and 2023.
Table 28Commercial Net Charge-offs and Related Ratios
Net Charge-offs
Net Charge-off Ratios (1)
Three Months Ended
September 30
Nine Months Ended
September 30
Three Months Ended
September 30
Nine Months Ended
September 30
(Dollars in millions)20242023202420232024202320242023
Commercial and industrial:
U.S. commercial$135 $288 $57 0.15 %0.01 %0.11 %0.02 %
Non-U.S. commercial60 (2)48 18 0.19 (0.01)0.05 0.02 
Total commercial and industrial195 336 75 0.16 — 0.09 0.02 
Commercial real estate171 39 747 130 0.98 0.21 1.41 0.24 
Commercial lease financing 1  0.08 0.01 0.02 
366 45 1,084 208 0.25 0.03 0.25 0.05 
U.S. small business commercial124 82 350 222 2.40 1.74 2.32 1.62 
Total commercial$490 $127 $1,434 $430 0.33 0.09 0.32 0.10 
(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.
Table 29 presents commercial reservable criticized utilized exposure by loan type. Criticized exposure corresponds to the Special Mention, Substandard and Doubtful asset categories as defined by regulatory authorities. Total commercial reservable criticized utilized exposure increased $4.1 billion during the nine
months ended September 30, 2024 primarily driven by U.S. commercial and commercial real estate. At both September 30, 2024 and December 31, 2023, 89 percent of commercial reservable criticized utilized exposure was secured.
Table 29
Commercial Reservable Criticized Utilized Exposure (1, 2)
(Dollars in millions)September 30, 2024December 31, 2023
Commercial and industrial:
U.S. commercial$14,335 3.53 %$12,006 3.12 %
Non-U.S. commercial2,304 1.73 1,787 1.37 
Total commercial and industrial16,639 3.08 13,793 2.68 
Commercial real estate9,893 14.18 8,749 11.80 
Commercial lease financing244 1.63 166 1.12 
26,776 4.29 22,708 3.76 
U.S. small business commercial663 3.17 592 3.08 
Total commercial reservable criticized utilized exposure$27,439 4.25 $23,300 3.74 
(1)Total commercial reservable criticized utilized exposure includes loans and leases of $26.3 billion and $22.5 billion and commercial letters of credit of $1.1 billion and $795 million at September 30, 2024 and December 31, 2023.
(2)Percentages are calculated as commercial reservable criticized utilized exposure divided by total commercial reservable utilized exposure for each exposure category.
Commercial and Industrial
Commercial and industrial loans include U.S. commercial and non-U.S. commercial portfolios.
U.S. Commercial
At September 30, 2024, 61 percent of the U.S. commercial loan portfolio, excluding small business, was managed in Global Banking, 23 percent in Global Markets, 15 percent in GWIM (loans that provide financing for asset purchases, business investments and other liquidity needs for high net worth clients) and the remainder primarily in Consumer Banking. U.S. commercial loans increased $20.6 billion, or six percent, during the nine months ended September 30, 2024 primarily driven by Global Banking and Global Markets. Reservable criticized utilized exposure increased $2.3 billion, or 19 percent, driven by a broad range of industries.
Non-U.S. Commercial
At September 30, 2024, 58 percent of the non-U.S. commercial loan portfolio was managed in Global Banking, 41 percent in Global Markets and the remainder primarily in GWIM. Non-U.S. commercial loans increased $3.2 billion, or three percent, during the nine months ended September 30, 2024 primarily
driven by Global Markets. Reservable criticized utilized exposure increased $517 million, or 29 percent. For information on the non-U.S. commercial portfolio, see Non-U.S. Portfolio on page 40.
Commercial Real Estate
Commercial real estate primarily includes commercial loans secured by non-owner-occupied real estate and is dependent on the sale or lease of the real estate as the primary source of repayment. Outstanding loans decreased $4.5 billion, or six percent, during the nine months ended September 30, 2024 to $68.4 billion primarily driven by the office property type. The commercial real estate portfolio is primarily managed in Global Banking and consists of loans made primarily to public and private developers, and commercial real estate firms. The portfolio remains diversified across property types and geographic regions. California represented the largest state concentration at 20 percent of commercial real estate at both September 30, 2024 and December 31, 2023.
Reservable criticized utilized exposure increased $1.1 billion, or 13 percent, during the nine months ended September 30, 2024 primarily driven by industrial/warehouse and multi-family rental loans.
Bank of America 36


Office loans represented the largest property type concentration at 23 percent of the commercial real estate portfolio at September 30, 2024, and approximately one percent of total loans for the Corporation. This property type is roughly 75 percent Class A and had an origination loan-to-value of approximately 55 percent. Reservable criticized exposure for the office property type was $5.1 billion at September 30, 2024, representing a decrease of $397 million, or seven percent, from December 31, 2023, with an aggregate loan-to-value of approximately 80 percent based on property appraisals completed in the last twelve months. Approximately $3.5 billion of office loans are scheduled to mature by the end of 2024.
During the three and nine months ended September 30, 2024, net charge-offs increased $132 million and $617 million to $171 million and $747 million compared to the same periods in 2023 driven by office loans. We use a number of proactive risk mitigation initiatives to reduce adversely rated exposure in the commercial real estate portfolio, including transfers of deteriorating exposures for management by independent special asset officers and the pursuit of loan restructurings or asset sales to achieve the best results for our customers and the Corporation.
Table 30 presents outstanding commercial real estate loans by geographic region, based on the geographic location of the collateral, and by property type.
Table 30Outstanding Commercial Real Estate Loans
(Dollars in millions)September 30
2024
December 31 2023
By Geographic Region   
Northeast$15,650 $15,920 
California13,673 14,551 
Southwest8,011 9,318 
Southeast7,160 8,368 
Florida4,636 4,986 
Illinois3,299 3,361 
Midsouth2,675 2,785 
Midwest2,571 3,149 
Northwest1,930 2,095 
Non-U.S. 6,576 6,052 
Other 2,239 2,293 
Total outstanding commercial real estate loans
$68,420 $72,878 
By Property Type  
Non-residential
Office$15,768 $17,976 
Industrial / Warehouse13,912 14,746 
Multi-family rental11,670 10,606 
Shopping centers / Retail5,423 5,756 
Hotel / Motels4,717 5,665 
Multi-use2,073 2,681 
Other14,159 14,201 
Total non-residential67,722 71,631 
Residential698 1,247 
Total outstanding commercial real estate loans
$68,420 $72,878 
U.S. Small Business Commercial
The U.S. small business commercial loan portfolio is comprised of small business card loans and small business loans primarily managed in Consumer Banking. Credit card-related products were 54 percent of the U.S. small business commercial portfolio at both September 30, 2024 and December 31, 2023 and represented 100 percent and 99 percent of net charge-offs for the three and nine months ended September 30, 2024 and 2023. Accruing past due 90 days or more of $183 million remained relatively unchanged.
Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity
Table 31 presents the nonperforming commercial loans, leases and foreclosed properties activity during the three and nine months ended September 30, 2024 and 2023. Nonperforming loans do not include loans accounted for under the fair value option. During the nine months ended September 30, 2024, nonperforming commercial loans and leases increased $179 million to $3.0 billion. At September 30, 2024, 98 percent of commercial nonperforming loans, leases and foreclosed properties were secured, and 33 percent were contractually current. Commercial nonperforming loans were carried at 81 percent of their unpaid principal balance, as the carrying value of these loans has been reduced to the estimated collateral value less costs to sell.
37 Bank of America



Table 31
Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity (1, 2)
Three Months Ended
September 30
Nine Months Ended
September 30
(Dollars in millions)2024202320242023
Nonperforming loans and leases, beginning of period$2,802 $1,397 $2,773 $1,054 
Additions965 875 2,675 1,778 
Reductions:  
Paydowns(374)(153)(1,099)(396)
Sales(7)— (17)(3)
Returns to performing status (3)
(21)(2)(154)(61)
Charge-offs(386)(67)(1,111)(242)
Transfers to foreclosed properties(27)— (115)(23)
Transfers to loans held-for-sale (9) (66)
Total net additions to nonperforming loans and leases
150 644 179 987 
Total nonperforming loans and leases, September 302,952 2,041 2,952 2,041 
Foreclosed properties, September 30114 48 114 48 
Nonperforming commercial loans, leases and foreclosed properties, September 30$3,066 $2,089 $3,066 $2,089 
Nonperforming commercial loans and leases as a percentage of outstanding commercial loans and leases (4)
0.48 %0.35 %
Nonperforming commercial loans, leases and foreclosed properties as a percentage of outstanding commercial loans, leases and foreclosed properties (4)
0.50 0.36 
(1)Balances do not include nonperforming loans held-for-sale of $785 million and $173 million at September 30, 2024 and 2023.
(2)Includes U.S. small business commercial activity. Small business card loans are excluded as they are not classified as nonperforming.
(3)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, when the loan otherwise becomes well-secured and is in the process of collection, or when a modified loan demonstrates a sustained period of payment performance.
(4)Outstanding commercial loans exclude loans accounted for under the fair value option.
Industry Concentrations
Table 32 presents commercial committed and utilized credit exposure by industry. For information on net notional credit protection purchased to hedge funded and unfunded exposures for which we elected the fair value option, as well as certain other credit exposures, see Commercial Portfolio Credit Risk Management – Risk Mitigation.
Commercial credit exposure is diversified across a broad range of industries. Total commercial committed exposure increased $49.3 billion during the nine months ended September 30, 2024 to $1.3 trillion. The increase in commercial committed exposure was concentrated in Finance companies, Asset managers and funds and Individuals and trusts.
For information on industry limits, see Commercial Portfolio Credit Risk Management – Risk Mitigation in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
Asset managers and funds, our largest industry concentration with committed exposure of $178.6 billion, increased $9.3 billion, or five percent, during the nine months ended September 30, 2024, which was primarily driven by investment-grade exposures.
Finance companies, our second largest industry concentration with committed exposure of $105.7 billion, increased $16.6 billion, or 19 percent, during the nine months ended September 30, 2024. The increase in committed exposure was primarily driven by increases in Consumer finance, Thrifts and mortgage finance and Diversified financials.
Real estate, our third largest industry concentration with committed exposure of $97.9 billion, decreased $2.4 billion, or two percent, during the nine months ended September 30, 2024. For more information on the commercial real estate and related portfolios, see Commercial Portfolio Credit Risk Management – Commercial Real Estate on page 36.
Various macroeconomic challenges, including geopolitical tensions, higher costs associated with inflationary pressures experienced over the past several years and elevated interest rates, have led to uncertainty in the U.S. and global economies and have adversely impacted, and may continue to adversely impact, a number of industries. We continue to monitor all industries, particularly higher risk industries that are experiencing or could experience a more significant impact to their financial condition.
Bank of America 38


Table 32
Commercial Credit Exposure by Industry (1)
Commercial
Utilized
Total Commercial
Committed (2)
(Dollars in millions)September 30
2024
December 31 2023September 30
2024
December 31 2023
Asset managers and funds$110,334 $103,138 $178,572 $169,318 
Finance companies71,809 62,906 105,676 89,119 
Real estate (3)
72,076 73,150 97,860 100,269 
Capital goods51,380 49,698 97,693 97,044 
Healthcare equipment and services34,584 35,037 64,800 61,766 
Materials25,583 25,223 56,501 55,296 
Retailing26,952 24,561 55,240 54,523 
Consumer services28,258 27,355 53,770 49,105 
Food, beverage and tobacco23,986 23,865 53,632 49,426 
Individuals and trusts34,995 32,481 49,583 43,938 
Government and public education31,954 31,051 47,706 45,873 
Commercial services and supplies23,465 22,642 42,362 41,473 
Utilities17,472 18,610 40,807 39,481 
Transportation24,214 24,200 35,834 36,267 
Energy14,033 12,450 35,580 36,996 
Technology hardware and equipment11,156 11,951 29,504 29,160 
Software and services11,411 9,830 28,023 22,381 
Global commercial banks20,922 22,749 24,330 25,684 
Media11,897 13,033 23,648 24,908 
Vehicle dealers17,681 16,283 23,424 22,570 
Consumer durables and apparel9,380 9,184 22,197 20,732 
Pharmaceuticals and biotechnology5,229 6,852 20,497 22,169 
Insurance8,281 9,371 18,506 19,322 
Telecommunication services8,708 9,224 18,156 17,269 
Automobiles and components8,359 7,049 16,798 16,459 
Food and staples retailing7,666 7,423 13,609 12,496 
Financial markets infrastructure (clearinghouses)2,880 4,229 5,104 6,503 
Religious and social organizations2,319 2,754 4,024 4,565 
Total commercial credit exposure by industry$716,984 $696,299 $1,263,436 $1,214,112 
(1)Includes U.S. small business commercial exposure.
(2)Includes the notional amount of unfunded legally binding lending commitments, net of amounts distributed (i.e., syndicated or participated) to other financial institutions. The distributed amounts were $10.3 billion at both September 30, 2024 and December 31, 2023.
(3)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 counterparties using operating cash flows and primary source of repayment as key factors.
Risk Mitigation
We purchase credit protection to cover the funded portion as well as the unfunded portion of certain credit exposures. To lower the cost of obtaining our desired credit protection levels, we may add credit exposure within an industry, borrower or counterparty group by selling protection.
At September 30, 2024 and December 31, 2023, net notional credit default protection purchased in our credit derivatives portfolio to hedge our funded and unfunded exposures for which we elected the fair value option, as well as certain other credit exposures, was $11.1 billion and $10.9 billion. We recorded net losses of $42 million and $58 million for the three and nine months ended September 30, 2024 compared to net losses of $23 million and $134 million for the same periods in 2023. The gains and losses on these instruments were largely offset by gains and losses on the related exposures. The Value-at-Risk (VaR) results for these exposures are included in the fair value option portfolio information in Table 38. For more information, see Trading Risk Management on page 43.
Tables 33 and 34 present the maturity profiles and the credit exposure debt ratings of the net credit default protection portfolio at September 30, 2024 and December 31, 2023.
Table 33Net Credit Default Protection by Maturity
September 30
2024
December 31 2023
Less than or equal to one year15 %36 %
Greater than one year and less than or equal to five years
85 64 
Total net credit default protection100 %100 %
Table 34Net Credit Default Protection by Credit Exposure Debt Rating
Net
Notional
(1)
Percent of
Total
Net
Notional
(1)
Percent of
Total
(Dollars in millions)September 30, 2024December 31, 2023
Ratings (2, 3)
    
AAA$(414)3.7 %$(479)4.4 %
AA(1,012)9.1 (1,080)9.9 
A(5,222)46.9 (5,237)48.2 
BBB(3,390)30.5 (2,912)26.8 
BB(642)5.8 (698)6.4 
B(356)3.2 (419)3.9 
CCC and below(92)0.8 (52)0.5 
NR (4)
2  (0.1)
Total net credit
default protection
$(11,126)100.0 %$(10,875)100.0 %
(1)Represents net credit default protection purchased.
(2)Ratings are refreshed on a quarterly basis.
(3)Ratings of BBB- or higher are considered to meet the definition of investment grade.
(4)NR is comprised of index positions held and any names that have not been rated.
39 Bank of America



For more information on credit derivatives and counterparty credit risk valuation adjustments, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K.
Non-U.S. Portfolio
Our non-U.S. credit and trading portfolios are subject to country risk. We define country risk as the risk of loss from unfavorable economic and political conditions, currency fluctuations, social instability and changes in government policies. A risk management framework is in place to measure, monitor and manage non-U.S. risk and exposures. In addition to the direct risk of doing business in a country, we also are exposed to indirect country risks (e.g., related to the collateral received on secured financing transactions or related to client clearing activities). These indirect exposures are managed in the normal
course of business through credit, market and operational risk governance rather than through country risk governance. For more information on our non-U.S. credit and trading portfolios, see Non-U.S. Portfolio in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K. For more information on risks related to our non-U.S. portfolio, see the Geopolitical section within Item 1A. Risk Factors of the Corporation’s 2023 Annual Report on Form 10-K.
Table 35 presents our 20 largest non-U.S. country exposures at September 30, 2024. These exposures accounted for 89 percent of our total non-U.S. exposure at both September 30, 2024 and December 31, 2023. Net country exposure for these 20 countries increased $21.5 billion in 2024 primarily driven by increases in the United Kingdom, Japan and the Netherlands.
Table 35Top 20 Non-U.S. Countries Exposure
(Dollars in millions)Funded Loans
 and Loan
 Equivalents
Unfunded
 Loan
 Commitments
Net
 Counterparty
 Exposure
Securities/
Other
Investments
Country Exposure at September 30
2024
Hedges and Credit Default ProtectionNet Country Exposure at September 30
2024
Increase (Decrease) from December 31
2023
United Kingdom$36,664 $18,649 $4,811 $4,467 $64,591 $(2,152)$62,439 $6,504 
Germany24,632 10,368 1,704 2,141 38,845 (5,128)33,717 (1,938)
Canada13,516 10,598 1,531 4,739 30,384 (567)29,817 1,802 
France14,828 9,383 1,146 3,286 28,643 (2,087)26,556 1,698 
Japan12,240 2,414 2,187 5,308 22,149 (748)21,401 4,427 
Australia13,304 5,706 442 2,254 21,706 (385)21,321 (1)
Brazil9,464 1,416 1,009 4,104 15,993 (70)15,923 640 
India7,807 352 992 5,452 14,603 (57)14,546 2,621 
Switzerland5,883 4,937 293 209 11,322 (284)11,038 1,809 
Ireland8,250 2,114 297 427 11,088 (103)10,985 652 
Netherlands5,525 4,370 654 893 11,442 (680)10,762 3,613 
China5,236 285 431 3,223 9,175 (234)8,941 429 
South Korea4,764 1,412 389 2,136 8,701 (147)8,554 94 
Singapore2,963 639 122 4,443 8,167 (32)8,135 (2,682)
Mexico4,493 1,883 309 1,548 8,233 (209)8,024 (895)
Italy4,992 2,679 342 475 8,488 (1,232)7,256 641 
Spain2,984 1,842 98 846 5,770 (339)5,431 (165)
Hong Kong3,035 681 544 1,170 5,430 (63)5,367 (485)
Indonesia916 — 49 3,242 4,207 (31)4,176 1,941 
Sweden1,821 2,113 96 206 4,236 (391)3,845 831 
Total top 20 non-U.S. countries exposure
$183,317 $81,841 $17,446 $50,569 $333,173 $(14,939)$318,234 $21,536 
Our largest non-U.S. country exposure at September 30, 2024 was the United Kingdom with net exposure of $62.4 billion, which increased $6.5 billion from December 31, 2023 primarily due to increased deposits with the central bank. Our second largest non-U.S. country exposure was Germany with net exposure of $33.7 billion at September 30, 2024, which decreased $1.9 billion from December 31, 2023 primarily due to lower exposure to sovereign and financial institutions.
Bank of America 40


Allowance for Credit Losses
The allowance for credit losses decreased $200 million from December 31, 2023 to $14.4 billion at September 30, 2024, which included a $49 million reserve increase and a
$249 million reserve decrease related to the consumer and commercial portfolios.
Table 36 presents an allocation of the allowance for credit losses by product type at September 30, 2024 and December 31, 2023.
Table 36Allocation of the Allowance for Credit Losses by Product Type
AmountPercent of
Total
Percent of
Loans and
Leases
Outstanding (1)
AmountPercent of
Total
Percent of
Loans and
Leases
Outstanding (1)
(Dollars in millions)September 30, 2024December 31, 2023
Allowance for loan and lease losses      
Residential mortgage$280 2.11 %0.12 %$339 2.54 %0.15 %
Home equity29 0.22 0.11 47 0.35 0.19 
Credit card7,492 56.54 7.43 7,346 55.06 7.19 
Direct/Indirect consumer730 5.51 0.69 715 5.36 0.69 
Other consumer62 0.47 n/m73 0.55 n/m
Total consumer8,593 64.85 1.87 8,520 63.86 1.85 
U.S. commercial (2)
2,567 19.37 0.64 2,600 19.49 0.69 
Non-U.S. commercial766 5.78 0.60 842 6.31 0.68 
Commercial real estate1,287 9.71 1.88 1,342 10.06 1.84 
Commercial lease financing38 0.29 0.25 38 0.28 0.26 
Total commercial4,658 35.15 0.76 4,822 36.14 0.82 
Allowance for loan and lease losses13,251 100.00 %1.24 13,342 100.00 %1.27 
Reserve for unfunded lending commitments1,100 1,209  
Allowance for credit losses$14,351 $14,551 
(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.
(2)Includes allowance for loan and lease losses for U.S. small business commercial loans of $1.2 billion and $1.0 billion at September 30, 2024 and December 31, 2023.
n/m = not meaningful
Net charge-offs for the three and nine months ended September 30, 2024 were $1.5 billion and $4.6 billion compared to $931 million and $2.6 billion for the same periods in 2023 primarily due to credit card loans and the commercial real estate office portfolio. The provision for credit losses increased $308 million to $1.5 billion and $1.1 billion to $4.4 billion for the three and nine months ended September 30, 2024 compared to the same periods in 2023. The provision for credit losses for the current-year periods was primarily driven by credit card loans and the commercial real estate office portfolio. The provision for credit losses for the consumer portfolio, including unfunded lending commitments, decreased $93 million to $1.1 billion and $86 million to $3.2 billion for the three and nine months ended September 30, 2024 compared to the same periods in 2023. The provision for credit losses for
the commercial portfolio, including unfunded lending commitments, increased $401 million to $417 million and $1.2 billion to $1.2 billion for the three and nine months ended September 30, 2024 compared to the same periods in 2023.
Table 37 presents a rollforward of the allowance for credit losses, including certain loan and allowance ratios for the three and nine months ended September 30, 2024 and 2023. For more information on the Corporation’s credit loss accounting policies and activity related to the allowance for credit losses, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements.
41 Bank of America



Table 37Allowance for Credit Losses
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)2024202320242023
Allowance for loan and lease losses, December 31n/an/a$13,342 $12,682 
January 1, 2023 adoption of credit loss standardn/an/a
n/a
(243)
Allowance for loan and lease losses, beginning of period$13,238 $12,950 $13,342 $12,439 
Loans and leases charged off
Residential mortgage(5)(8)(18)(26)
Home equity(10)(7)(16)(18)
Credit card(1,084)(814)(3,235)(2,220)
Direct/Indirect consumer(101)(57)(292)(153)
Other consumer(71)(123)(221)(406)
Total consumer charge-offs(1,271)(1,009)(3,782)(2,823)
U.S. commercial (1)
(288)(131)(710)(371)
Non-U.S. commercial(60)— (61)(31)
Commercial real estate(180)(44)(762)(139)
Commercial lease financing(1)(3)(2)(3)
Total commercial charge-offs(529)(178)(1,535)(544)
Total loans and leases charged off(1,800)(1,187)(5,317)(3,367)
Recoveries of loans and leases previously charged off
Residential mortgage7 17 21 
Home equity15 21 48 60 
Credit card156 141 453 436 
Direct/Indirect consumer45 32 120 110 
Other consumer4 13 19 
Total consumer recoveries227 205 651 646 
U.S. commercial (2)
29 44 72 92 
Non-U.S. commercial 13 13 
Commercial real estate9 15 
Commercial lease financing1 — 1 — 
Total commercial recoveries39 51 101 114 
Total recoveries of loans and leases previously charged off266 256 752 760 
Net charge-offs (1,534)(931)(4,565)(2,607)
Provision for loan and lease losses1,547 1,268 4,479 3,477 
Other — (5)(22)
Allowance for loan and lease losses, September 30
13,251 13,287 13,251 13,287 
Reserve for unfunded lending commitments, beginning of period1,104 1,388 1,209 1,540 
Provision for unfunded lending commitments(5)(34)(110)(187)
Other 1 (1)1 — 
Reserve for unfunded lending commitments, September 30
1,100 1,353 1,100 1,353 
Allowance for credit losses, September 30
$14,351 $14,640 $14,351 $14,640 
Loan and allowance ratios (3):
Loans and leases outstanding at September 30
$1,071,628 $1,044,899 $1,071,628 $1,044,899 
Allowance for loan and lease losses as a percentage of total loans and leases outstanding at September 30
1.24 %1.27 %1.24 %1.27 %
Consumer allowance for loan and lease losses as a percentage of total consumer loans and leases outstanding at September 30
1.87 1.78 1.87 1.78 
Commercial allowance for loan and lease losses as a percentage of total commercial loans and leases outstanding at September 30
0.76 0.87 0.76 0.87 
Average loans and leases outstanding$1,055,975 $1,041,972 $1,049,689 $1,040,116 
Annualized net charge-offs as a percentage of average loans and leases outstanding
0.58 %0.35 %0.58 %0.34 %
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases at September 30
235 275 235 275 
Ratio of the allowance for loan and lease losses at September 30 to annualized net charge-offs
2.17 3.60 2.17 3.81 
Amounts included in allowance for loan and lease losses for loans and leases that are excluded from nonperforming loans and leases at September 30 (4)
$8,640 $5,330 $8,640 $5,330 
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases, excluding the allowance for loan and lease losses for loans and leases that are excluded from nonperforming loans and leases at September 30 (4)
82 %165 %82 %165 %
(1)Includes U.S. small business commercial charge-offs of $135 million and $383 million for the three and nine months ended September 30, 2024 compared to $94 million and $254 million for the same periods in 2023.
(2)Includes U.S. small business commercial recoveries of $11 million and $33 million for the three and nine months ended September 30, 2024 compared to $12 million and $32 million for the same periods in 2023.
(3)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.
(4)Primarily includes amounts related to credit card and unsecured consumer lending portfolios in Consumer Banking.
n/a = not applicable
Bank of America 42


Market Risk Management
For more information on our market risk management process, see Market Risk Management in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K. For more information on market risks, see the Market section within Item 1A. Risk Factors of the Corporation’s 2023 Annual Report on Form 10-K.
Market risk is the risk that changes in market conditions may adversely impact the value of assets or liabilities, or otherwise negatively impact earnings. This risk is inherent in the financial instruments associated with our operations, primarily within our Global Markets segment. We are also exposed to these risks in other areas of the Corporation (e.g., our ALM activities). In the event of market stress, these risks could have a material impact on our results.
Trading Risk Management
To evaluate risks in our trading activities, we focus on the actual and potential volatility of revenues generated by individual positions as well as portfolios of positions. VaR is a common statistic used to measure market risk. Our primary VaR statistic is equivalent to a 99 percent confidence level, which means that for a VaR with a one-day holding period, there should not be losses in excess of VaR, on average, 99 out of 100 trading days.
Table 38 presents the total market-based portfolio VaR, which is the combination of the total covered positions (and less liquid trading positions) portfolio and the fair value option portfolio. For more information on the market risk VaR for trading activities, see Trading Risk Management in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
The total market-based portfolio VaR results in Table 38 include market risk to which we are exposed from all business segments, excluding credit valuation adjustment (CVA), DVA and related hedges. The majority of this portfolio is within the Global Markets segment.
Table 38 presents period-end, average, high and low daily trading VaR for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023 using a 99 percent confidence level. The amounts disclosed in Table 38 and Table 39 align to the view of covered positions used in the Basel 3 capital calculations. Foreign exchange and commodity positions are always considered covered positions, regardless of trading or banking treatment for the trade, except for structural foreign currency positions that are excluded with prior regulatory approval.
The average of total covered positions and less liquid trading positions portfolio VaR decreased for the three months ended September 30, 2024 compared to the prior quarter due to a reduction in interest rate risk.
Table 38Market Risk VaR for Trading Activities

Three Months EndedNine Months Ended September 30
September 30, 2024June 30, 2024September 30, 2023
(Dollars in millions)Period
End
Average
High (1)
Low (1)
Period
End
Average
High (1)
Low (1)
Period
End
Average
High (1)
Low (1)
2024 Average2023 Average
Foreign exchange$30 $34 $41 $26 $30 $32 $40 $25 $25 $25 $33 $12 $34 $29 
Interest rate36 42 75 30 76 70 91 50 46 51 86 35 58 48 
Credit57 62 72 57 66 54 69 44 62 49 62 43 54 61 
Equity29 21 29 16 19 20 26 14 13 15 23 11 19 19 
Commodities11 10 16 8 10 12 10 10 10 
Portfolio diversification(95)(99)n/an/a(120)(104)n/an/a(90)(92)n/an/a(102)(104)
Total covered positions portfolio68 70 88 57 81 81 99 64 66 56 74 41 73 62 
Impact from less liquid exposures (2)
11 8 n/an/an/an/a21 13 n/an/a10 22 
Total covered positions and less liquid trading positions portfolio
79 78 94 63 83 90 110 73 87 69 91 52 83 84 
Fair value option loans18 15 18 12 15 21 45 12 16 19 21 16 17 27 
Fair value option hedges11 10 11 8 16 27 10 11 13 11 14 
Fair value option portfolio diversification(15)(12)n/an/a(10)(23)n/an/a(14)(17)n/an/a(15)(24)
Total fair value option portfolio14 13 14 12 13 14 24 10 12 13 14 12 13 17 
Portfolio diversification(11)(10)n/an/a(8)(8)n/an/a(2)(5)n/an/a(9)(7)
Total market-based portfolio$82 $81 99 68 $88 $96 117 82 $97 $77 103 58 $87 $94 
(1)The high and low for each portfolio may have occurred on different trading days than the high and low for the components. Therefore the impact from less liquid exposures and the amount of portfolio diversification, which is the difference between the total portfolio and the sum of the individual components, is not relevant.
(2)Impact is net of diversification effects between the covered positions and less liquid trading positions portfolios.
n/a = not applicable

43 Bank of America



The following graph presents the daily covered positions and less liquid trading positions portfolio VaR for the previous five quarters, corresponding to the data in Table 38.
daily covered positions.jpg
Additional VaR statistics produced within our single VaR model are provided in Table 39 at the same level of detail as in Table 38. Evaluating VaR with additional statistics allows for an increased understanding of the risks in the portfolio, as the historical market data used in the VaR calculation does not necessarily follow a predefined statistical distribution. Table 39 presents average trading VaR statistics at 99 percent and 95 percent confidence levels for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023.
Table 39Average Market Risk VaR for Trading Activities – 99 percent and 95 percent VaR Statistics
Three Months Ended
September 30, 2024June 30, 2024September 30, 2023
(Dollars in millions)99 percent95 percent99 percent95 percent99 percent95 percent
Foreign exchange$34 $22 $32 $21 $25 $16 
Interest rate42 23 70 36 51 28 
Credit62 34 54 30 49 29 
Equity21 11 20 10 15 
Commodities10 6 
Portfolio diversification(99)(60)(104)(63)(92)(53)
Total covered positions portfolio70 36 81 39 56 32 
Impact from less liquid exposures8 3 13 
Total covered positions and less liquid trading positions portfolio
78 39 90 45 69 38 
Fair value option loans15 9 21 13 19 11 
Fair value option hedges10 6 16 11 
Fair value option portfolio diversification(12)(7)(23)(14)(17)(11)
Total fair value option portfolio13 8 14 13 
Portfolio diversification(10)(5)(8)(5)(5)(4)
Total market-based portfolio$81 $42 $96 $48 $77 $41 
Backtesting
The accuracy of the VaR methodology is evaluated by backtesting, which compares the daily VaR results, utilizing a one-day holding period, against a comparable subset of trading revenue. For more information on our backtesting process, see Trading Risk Management – Backtesting in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
During the three and nine months ended September 30, 2024, there were no days where this subset of trading revenue had losses that exceeded our total covered portfolio VaR, utilizing a one-day holding period.
Total Trading-related Revenue
Total trading-related revenue, excluding brokerage fees, and CVA, DVA and funding valuation adjustment gains (losses), represents the total amount earned from trading positions, including market-based net interest income, which are taken in a diverse range of financial instruments and markets. For more
information, see Trading Risk Management – Total Trading-related Revenue in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
The following histogram is a graphic depiction of trading volatility and illustrates the daily level of trading-related revenue for the three months ended September 30, 2024 compared to the three months ended June 30, 2024 and March 31, 2024. During the three months ended September 30, 2024, positive trading-related revenue was recorded for 100 percent of the trading days, of which 98 percent were daily trading gains of over $25 million. This compares to the three months ended June 30, 2024, where positive trading-related revenue was recorded for 100 percent of the trading days, of which 95 percent were daily trading gains of over $25 million. During the three months ended March 31, 2024, positive trading-related revenue was recorded for 100 percent of the trading days, of which 97 percent were daily trading gains of over $25 million.
Bank of America 44


3Q24 Trading Related Revenue Histogram v2.jpg
Trading Portfolio Stress Testing
Because the very nature of a VaR model suggests results can exceed our estimates and it is dependent on a limited historical window, we also stress test our portfolio using scenario analysis. This analysis estimates the change in the value of our trading portfolio that may result from abnormal market movements. For more information, see Trading Risk Management – Trading Portfolio Stress Testing in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
Interest Rate Risk Management for the Banking Book
The following discussion presents net interest income for banking book activities. For more information, see Interest Rate Risk Management for the Banking Book in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
Table 40 presents the spot and 12-month forward rates used in our baseline forecasts at September 30, 2024 and December 31, 2023.
Table 40Forward Rates
 Federal
Funds

SOFR
10-Year
SOFR
September 30, 2024
Spot rates5.00 %4.96 %3.32 %
12-month forward rates3.25 3.10 3.30 
December 31, 2023
Spot rates5.50 %5.38 %3.47 %
12-month forward rates3.89 3.93 3.32 
Table 41 shows the potential pretax impact to net interest income over the next 12 months from September 30, 2024 and December 31, 2023 resulting from instantaneous parallel and non-parallel shocks to the market-based forward curve. Periodically, we evaluate the scenarios presented so that they are meaningful in the context of the current rate environment.
Table 41Estimated Banking Book Net Interest Income Sensitivity to Curve Changes
Short
Rate (bps)
Long
Rate (bps)
Dynamic Deposits (1)
Static Deposits (1)
Static Deposits (1)
(Dollars in billions)September 30
2024
September 30
2024
December 31
2023
Parallel Shifts
 +100 bps instantaneous shift
+100+100$1.8 $3.4 $3.5 
 -100 bps instantaneous shift
-100-100(2.7)(3.5)(3.1)
 +200 bps instantaneous shift
+200+2003.0 6.6 
n/a
 -200 bps instantaneous shift
-200-200(6.3)(7.3)
n/a
Flatteners  
Short-end instantaneous change
+100— 1.7 3.1 3.2 
Long-end instantaneous change
— -100(0.1)(0.4)(0.3)
Steepeners  
Short-end instantaneous change
-100 — (2.4)(3.1)(2.8)
Long-end instantaneous change
— +1000.2 0.4 0.3 
(1)Dynamic Deposit sensitivity reflects behavioral customer deposit balance changes that could occur under various scenarios while Static Deposits assumes no deposit balance change.
n/a = not applicable

45 Bank of America



We continue to be asset sensitive to a parallel upward move in interest rates, with the majority of that impact coming from the short end of the yield curve. Additionally, higher interest rates negatively impact the fair value of our debt securities classified as available for sale and adversely affect accumulated OCI and thus capital levels under the Basel 3 capital rules. Under instantaneous upward parallel shifts, the near-term adverse impact to Basel 3 capital would be reduced over time by offsetting positive impacts to net interest income generated from banking book activities. For more information on Basel 3, see Capital Management – Regulatory Capital on page 21.
As part of our ALM activities, we use securities, certain residential mortgages, and interest rate and foreign exchange derivatives in managing interest rate sensitivity. The sensitivity analysis in Table 41 assumes that we take no action in response to these rate shocks and does not assume any change in other macroeconomic variables normally correlated with changes in interest rates. Beginning in the second quarter of 2024, the sensitivity analysis incorporates potential movements in customer behavior that could result in changes in both total customer deposit balances and deposit balance mix, (e.g., interest bearing versus noninterest bearing), under the various interest rate scenarios. In higher rate scenarios, the analysis assumes that a portion of low-cost or noninterest-bearing deposits are replaced with higher yielding deposits or market-based funding. Conversely, in lower rate scenarios, the analysis assumes that a portion of higher yielding deposits or market-based funding are replaced with low-cost or noninterest-bearing deposits.
For larger interest rate scenarios, the interest rate sensitivity may behave in a non-linear manner as there are numerous estimates and assumptions, which require a high degree of judgment and are often interrelated, that could impact the outcome. Pertaining to the mortgage-backed securities and residential mortgage portfolio, if long-end interest rates were to significantly decrease over the next twelve months, for example over 200 bps, there would generally be an increase in customer prepayment behaviors with an incremental reduction to net interest income, noting that the extent of changes in customer prepayment activity can be impacted by multiple factors and is not necessarily limited to long-end interest rates. Conversely, if long-end interest rates were to significantly increase over the next twelve months, for example, over 200 bps, customer prepayments would likely modestly decrease and result in an incremental increase to net interest income. In addition, deposit pricing is rate sensitive in nature. This sensitivity is assumed to have non-linear impacts to larger short-end rate movements. In decreasing interest rate scenarios, and particularly where interest rates have decreased to small amounts, the ability to further reduce rates paid is reduced as customer rates near zero. In higher short-end rate scenarios, deposit pricing will likely increase at a faster rate, leading to incremental interest expense and reducing asset sensitivity. While the impact related to the above assumptions used in the asset sensitivity analysis can provide directional analysis on how net interest income will be impacted in changing environments, the ultimate impact is dependent upon the interrelationship of the assumptions and factors, which vary in different macroeconomic scenarios.

Economic Value of Equity
In addition to interest rate sensitivity described above, the Corporation’s management of its interest rate exposures in the banking book also considers a long-term view of interest rate sensitivity through the measurement of Economic Value of Equity (EVE). EVE captures changes in the net present value of banking book assets and liabilities under various interest rate scenarios and its impact to Tier 1 capital. Similar to net interest income, the Corporation establishes limits for EVE. EVE is largely driven by the Corporation’s longer duration fixed-rate products, such as investment securities, residential mortgages and deposits. For assets or liabilities that have no stated maturity, such as deposits, the Corporation estimates the duration for measurement purposes.
Interest Rate and Foreign Exchange Derivative Contracts
We use interest rate and foreign exchange derivative contracts in our ALM activities to manage our interest rate and foreign exchange risks. Specifically, we use those derivatives to manage both the variability in cash flows and changes in fair value of various assets and liabilities arising from those risks. Our interest rate derivative contracts are generally non-leveraged swaps tied to various benchmark interest rates and foreign exchange basis swaps, options, futures and forwards, and our foreign exchange contracts include cross-currency interest rate swaps, foreign currency futures contracts, foreign currency forward contracts and options.
The derivatives used in our ALM activities can be split into two broad categories: designated accounting hedges and other risk management derivatives. Designated accounting hedges are primarily used to manage our exposure to interest rates as described in the Interest Rate Risk Management for the Banking Book section and are included in the sensitivities presented in Table 41. The Corporation also uses foreign currency derivatives in accounting hedges to manage substantially all of the foreign exchange risk of our foreign operations. By hedging the foreign exchange risk of our foreign operations, the Corporation's market risk exposure in this area is not significant.
Risk management derivatives are predominantly used to hedge foreign exchange risks related to various foreign currency-denominated assets and liabilities and eliminate substantially all foreign currency exposures in the cash flows of the Corporation’s non-trading foreign currency-denominated financial instruments. These foreign exchange derivatives are sensitive to other market risk exposures such as cross-currency basis spreads and interest rate risk. However, as these features are not a significant component of these foreign exchange derivatives, the market risk related to this exposure is not significant. For more information on the accounting for derivatives, see Note 3 – Derivatives to the Consolidated Financial Statements.
Bank of America 46


Mortgage Banking Risk Management
We originate, fund and service mortgage loans, which subject us to credit, liquidity and interest rate risks, among others. We determine whether loans will be held for investment or held for sale at the time of commitment and manage credit and liquidity risks by selling or securitizing a portion of the loans we originate.
Changes in interest rates impact the value of interest rate lock commitments (IRLCs) and the related residential first mortgage loans held-for-sale (LHFS), as well as the value of the MSRs. Because the interest rate risks of these hedged items offset, we combine them into one overall hedged item with one combined economic hedge portfolio consisting of derivative contracts and securities. For more information on IRLCs and the related residential mortgage LHFS, see Mortgage Banking Risk Management in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
There were no significant gains or losses related to the change in fair value of MSRs, IRLCs and LHFS, net of gains and losses on the hedge portfolio, for the three and nine months ended September 30, 2024 and 2023. For more information on MSRs, see Note 14 – Fair Value Measurements to the Consolidated Financial Statements.
Climate Risk
Climate Risk Management
Climate risk is the risk that climate change or actions taken to mitigate climate change expose the Corporation to economic, legal/regulatory, operational or reputational harm. Climate-related risks are divided into two major categories, both of which span across the seven key risk types discussed in the Managing Risk section in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K: (1) Physical Risk: risks related to the physical impacts of climate change, driven by extreme weather events such as hurricanes and floods, as well as chronic longer-term shifts such as rising average global temperatures and sea levels, and (2) Transition Risk: risks related to the transition to a low-carbon economy, which may entail extensive policy, legal, technology and market changes.
Physical risks of climate change, such as more frequent and severe extreme weather events, can increase the Corporation’s risks, including credit risk by diminishing borrowers’ repayment capacity or collateral values, and operational risk by negatively impacting the Corporation’s facilities, employees, or vendors. Transition risks of climate change may amplify credit risks through the financial impacts of changes in policy, technology or the market on the Corporation or our counterparties. Unanticipated market changes can lead to sudden price adjustments and give rise to heightened market risk.
Reputational risk can arise if we do not meet our climate-related goals, or are perceived to be inadequately responsive to climate change.
Our approach to managing climate risk is consistent with our risk management governance structure, from senior management to our Board and its committees, including the ERC and the Corporate Governance, ESG and Sustainability Committee (CGESC) of the Board, which regularly discuss climate-related topics. The ERC oversees climate risk as set forth in our Risk Framework and Risk Appetite Statement. The CGESC is responsible for overseeing the Corporation’s environmental and sustainability-related activities and practices, and regularly reviews the Corporation’s climate-related policies and practices. Our Climate Risk Council consists of leaders across risk, Front Line Unit and control functions, and meets routinely to discuss our approach to managing climate-related risks.
Our climate risk management efforts are overseen by an officer who reports to the Chief Risk Officer. The Corporation has a Climate and Environmental Risk Management function that is responsible for overseeing climate risk management. They are responsible for establishing the Climate Risk Framework (described below) and governance structure, and providing an independent assessment of enterprise-wide climate risks.
Based on the Corporation’s Risk Framework, in 2023 we created our internal Climate Risk Framework, which addresses how the Corporation identifies, measures, monitors and controls climate risk by enhancing existing risk management processes and also includes examples of how climate risk manifests across the seven risk types. The framework details the roles and responsibilities for climate risk management across our three lines of defense (i.e., Front Line Units, Global Risk Management and Corporate Audit).
For more information on our governance framework, see the Managing Risk section in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K. For more information on climate risk, see Item 1A. Risk Factors of the Corporation’s 2023 Annual Report on Form 10-K.
Climate-related Goals and Targets
In 2021, the Corporation announced a goal of achieving net zero greenhouse gas emissions before 2050 in our financing activities, operations and supply chain (Net Zero goal). As part of this goal, we have set interim 2030 targets across our financing activities related to certain high-emitting sectors (2030 Financing Activity Emissions Targets), operations and supply chain, all of which are further supported and complemented by our 10-year goal to mobilize and deploy $1.5 trillion in sustainable finance by 2030 in support of the U.N. Sustainable Development Goals, of which $1 trillion is dedicated to supporting the transition to a low-carbon economy, including capital mobilized across clean energy sectors and tailored financial solutions for emerging areas of the low-carbon
47 Bank of America



economy. In particular, we have announced 2030 Financing Activity Emissions Targets for auto manufacturing, aviation, cement, energy, iron and steel, maritime shipping and power generation sectors.
Achieving our climate--related goals and targets, including our Net Zero goal and 2030 Financing Activity Emissions Targets, may require technological advances, clearly defined roadmaps for industry sectors and better emissions data reporting. Required changes may also include new standards and public policies, including those that improve the cost of capital for the transition to a low-carbon economy, as well as strong and active engagement with customers, suppliers, investors, government officials and other stakeholders. Activities related to our climate-related goals and targets have not resulted in a significant effect on our results of operations or financial position in the relevant periods presented herein.
For more information on climate-related matters and the Corporation’s climate-related goals and targets, including the Corporation’s plans to achieve its Net Zero goal and its 2030 targets, and progress on its sustainable finance goal, see the Corporation’s website, including its 2024 Sustainability at Bank of America document. The contents of the Corporation’s website, including the 2024 Sustainability at Bank of America document, are not incorporated by reference into this Quarterly Report on Form 10-Q.
The foregoing discussion and the statements on the Corporation’s website, including in the 2024 Sustainability at Bank of America document, regarding the Corporation’s climate-related goals and targets, its approach with respect to climate risk management, and the nature and extent of climate-related risks, contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond the Corporation’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements.
Complex Accounting Estimates
Our significant accounting principles, are essential in understanding the MD&A. Many of our significant accounting principles require complex judgments to estimate the values of assets and liabilities. We have procedures and processes in place to facilitate making these judgments. For more information, see Complex Accounting Estimates in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K and Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K.

Bank of America 48


Non-GAAP Reconciliations
Table 42 provides reconciliations of certain non-GAAP financial measures to the most directly comparable GAAP financial measures.
Table 42
Average and Period-end Supplemental Financial Data and Reconciliations to GAAP Financial Measures (1)
2024 Quarters2023 QuartersNine Months Ended
September 30
(Dollars in millions)ThirdSecondFirstFourthThird20242023
Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity$294,985 $293,403 $292,511 $288,618 $284,975 $293,638 $281,579 
Goodwill(69,021)(69,021)(69,021)(69,021)(69,021)(69,021)(69,022)
Intangible assets (excluding MSRs)(1,951)(1,971)(1,990)(2,010)(2,029)(1,971)(2,049)
Related deferred tax liabilities864 869 874 886 890 869 895 
Tangible shareholders’ equity$224,877 $223,280 $222,374 $218,473 $214,815 $223,515 $211,403 
Preferred stock(25,984)(28,113)(28,397)(28,397)(28,397)(27,493)(28,397)
Tangible common shareholders’ equity$198,893 $195,167 $193,977 $190,076 $186,418 $196,022 $183,006 
Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity$296,512 $293,892 $293,552 $291,646 $287,064 
Goodwill(69,021)(69,021)(69,021)(69,021)(69,021)
Intangible assets (excluding MSRs)(1,938)(1,958)(1,977)(1,997)(2,016)
Related deferred tax liabilities859 864869 874 886 
Tangible shareholders’ equity$226,412 $223,777 $223,423 $221,502 $216,913 
Preferred stock(24,554)(26,548)(28,397)(28,397)(28,397)
Tangible common shareholders’ equity$201,858 $197,229 $195,026 $193,105 $188,516 
Reconciliation of period-end assets to period-end tangible assets
Assets$3,324,293 $3,257,996 $3,273,803 $3,180,151 $3,153,090 
Goodwill(69,021)(69,021)(69,021)(69,021)(69,021)
Intangible assets (excluding MSRs)(1,938)(1,958)(1,977)(1,997)(2,016)
Related deferred tax liabilities 859 864869 874 886 
Tangible assets$3,254,193 $3,187,881 $3,203,674 $3,110,007 $3,082,939 
(1)For more information on non-GAAP financial measures and ratios we use in assessing the results of the Corporation, see Supplemental Financial Data on page 6.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
See Market Risk Management on page 43 in the MD&A and the sections referenced therein for Quantitative and Qualitative Disclosures about Market Risk.
Item 4. Controls and Procedures
Disclosure Controls and Procedures
As of the end of the period covered by this report, the Corporation’s management, including the Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness and design of the Corporation’s disclosure controls and procedures (as that term is defined in Rule 13a-15(e) of the Exchange Act). Based upon that evaluation, the Corporation’s Chief Executive Officer and Chief Financial Officer concluded that the Corporation’s disclosure controls and procedures were effective, as of the end of the period covered by this report.
Changes in Internal Control Over Financial Reporting
There have been no changes in the Corporation’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) during the three months ended September 30, 2024, that have materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.
49 Bank of America



Part I. Financial Information
Item 1. Financial Statements
Bank of America Corporation and Subsidiaries
Consolidated Statement of Income
Three Months Ended September 30Nine Months Ended September 30
(In millions, except per share information)2024202320242023
Net interest income  
Interest income$37,491 $33,624 $110,630 $94,633 
Interest expense23,524 19,245 68,929 51,648 
Net interest income13,967 14,379 41,701 42,985 
Noninterest income  
Fees and commissions9,119 8,135 26,748 23,990 
Market making and similar activities3,278 3,325 10,464 11,734 
Other income (loss)(1,019)(672)(2,373)(2,087)
Total noninterest income11,378 10,788 34,839 33,637 
Total revenue, net of interest expense25,345 25,167 76,540 76,622 
Provision for credit losses1,542 1,234 4,369 3,290 
Noninterest expense  
Compensation and benefits9,916 9,551 29,937 28,870 
Occupancy and equipment1,836 1,795 5,465 5,370 
Information processing and communications1,784 1,676 5,347 5,017 
Product delivery and transaction related849 880 2,591 2,726 
Professional fees723 545 1,925 1,609 
Marketing504 501 1,446 1,472 
Other general operating867 890 3,314 3,050 
Total noninterest expense16,479 15,838 50,025 48,114 
Income before income taxes7,324 8,095 22,146 25,218 
Income tax expense428 293 1,679 1,847 
Net income$6,896 $7,802 $20,467 $23,371 
Preferred stock dividends516 532 1,363 1,343 
Net income applicable to common shareholders$6,380 $7,270 $19,104 $22,028 
Per common share information  
Earnings$0.82 $0.91 $2.42 $2.74 
Diluted earnings0.81 0.90 2.40 2.72 
Average common shares issued and outstanding7,818.0 8,017.1 7,894.7 8,041.3 
Average diluted common shares issued and outstanding7,902.1 8,075.9 7,965.0 8,153.4 
Consolidated Statement of Comprehensive Income
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)2024202320242023
Net income$6,896 $7,802 $20,467 $23,371 
Other comprehensive income (loss), net-of-tax:
Net change in debt securities417 (642)444 81 
Net change in debit valuation adjustments (25)(135)(419)
Net change in derivatives2,830 (366)3,100 (317)
Employee benefit plan adjustments27 6 75 25 
Net change in foreign currency translation adjustments21 (23)(30)(6)
Other comprehensive income (loss)3,295 (1,050)3,454 (636)
Comprehensive income (loss)$10,191 $6,752 $23,921 $22,735 












See accompanying Notes to Consolidated Financial Statements.
Bank of America 50


Bank of America Corporation and Subsidiaries
Consolidated Balance Sheet
September 30
2024
December 31
2023
(Dollars in millions)
Assets
Cash and due from banks$24,847 $27,892 
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks270,742 305,181 
Cash and cash equivalents295,589 333,073 
Time deposits placed and other short-term investments8,151 8,346 
Federal funds sold and securities borrowed or purchased under agreements to resell
   (includes $176,229 and $133,053 measured at fair value)
337,706 280,624 
Trading account assets (includes $181,996 and $130,815 pledged as collateral)
342,135 277,354 
Derivative assets34,182 39,323 
Debt securities: 
Carried at fair value325,436 276,852 
Held-to-maturity, at cost (fair value $481,887 and $496,597)
567,553 594,555 
Total debt securities892,989 871,407 
Loans and leases (includes $4,172 and $3,569 measured at fair value)
1,075,800 1,053,732 
Allowance for loan and lease losses(13,251)(13,342)
Loans and leases, net of allowance1,062,549 1,040,390 
Premises and equipment, net12,033 11,855 
Goodwill69,021 69,021 
Loans held-for-sale (includes $3,141 and $2,059 measured at fair value)
10,351 6,002 
Customer and other receivables91,267 81,881 
Other assets (includes $17,254 and $11,861 measured at fair value)
168,320 160,875 
Total assets$3,324,293 $3,180,151 
Liabilities  
Deposits in U.S. offices:  
Noninterest-bearing$498,263 $530,619 
Interest-bearing (includes $443 and $284 measured at fair value)
1,308,856 1,273,904 
Deposits in non-U.S. offices:
Noninterest-bearing15,457 16,427 
Interest-bearing107,776 102,877 
Total deposits1,930,352 1,923,827 
Federal funds purchased and securities loaned or sold under agreements to repurchase
   (includes $243,431 and $178,609 measured at fair value)
397,958 283,887 
Trading account liabilities98,316 95,530 
Derivative liabilities43,131 43,432 
Short-term borrowings (includes $6,478 and $4,690 measured at fair value)
38,440 32,098 
Accrued expenses and other liabilities (includes $16,036 and $11,473 measured at fair value
   and $1,100 and $1,209 of reserve for unfunded lending commitments)
222,657 207,527 
Long-term debt (includes $53,554 and $42,809 measured at fair value)
296,927 302,204 
Total liabilities3,027,781 2,888,505 
Commitments and contingencies (Note 6 – Securitizations and Other Variable Interest Entities
   and Note 10 – Commitments and Contingencies)
Shareholders’ equity 
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 3,933,917 and 4,088,099 shares
24,554 28,397 
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares;
   issued and outstanding – 7,688,767,832 and 7,895,457,665 shares
48,338 56,365 
Retained earnings237,954 224,672 
Accumulated other comprehensive income (loss)(14,334)(17,788)
Total shareholders’ equity296,512 291,646 
Total liabilities and shareholders’ equity$3,324,293 $3,180,151 
Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
Trading account assets$6,280 $6,054 
Loans and leases19,267 18,276 
Allowance for loan and lease losses(923)(826)
Loans and leases, net of allowance18,344 17,450 
All other assets278 269 
Total assets of consolidated variable interest entities$24,902 $23,773 
Liabilities of consolidated variable interest entities included in total liabilities above  
Short-term borrowings (includes $0 and $23 of non-recourse short-term borrowings)
$3,542 $2,957 
Long-term debt (includes $8,873 and $8,456 of non-recourse debt)
8,873 8,456 
All other liabilities (includes $22 and $19 of non-recourse liabilities)
22 19 
Total liabilities of consolidated variable interest entities$12,437 $11,432 
See accompanying Notes to Consolidated Financial Statements.
51 Bank of America



Bank of America Corporation and Subsidiaries
Consolidated Statement of Changes in Shareholders’ Equity
Preferred
Stock
Common Stock and
Additional Paid-in Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Shareholders’
Equity
(In millions)SharesAmount
Balance, June 30, 2024$26,548 7,774.8 $51,376 $233,597 $(17,629)$293,892 
Net income   6,896 6,896 
Net change in debt securities    417 417 
Net change in derivatives    2,830 2,830 
Employee benefit plan adjustments    27 27 
Net change in foreign currency translation adjustments   21 21 
Dividends declared:    
Common (2,021) (2,021)
Preferred  (510) (510)
Redemption of preferred stock(1,994)(6)(2,000)
Common stock issued under employee plans, net, and other2.2 496 (2) 494 
Common stock repurchased(88.2)(3,534)(3,534)
Balance, September 30, 2024$24,554 7,688.8 $48,338 $237,954 $(14,334)$296,512 
Balance, December 31, 2023$28,397 7,895.5 $56,365 $224,672 $(17,788)$291,646 
Net income20,467 20,467 
Net change in debt securities444 444 
Net change in debit valuation adjustments(135)(135)
Net change in derivatives3,100 3,100 
Employee benefit plan adjustments75 75 
Net change in foreign currency translation adjustments(30)(30)
Dividends declared:
Common(5,818)(5,818)
Preferred(1,352)(1,352)
Redemption of preferred stock(3,843)(11)(3,854)
Common stock issued under employee plans, net, and other46.6 1,542 (4)1,538 
Common stock repurchased(253.3)(9,569)(9,569)
Balance, September 30, 2024$24,554 7,688.8 $48,338 $237,954 $(14,334)$296,512 
Balance, June 30, 2023$28,397 7,953.6 $57,267 $218,397 $(20,742)$283,319 
Net income7,802 7,802 
Net change in debt securities(642)(642)
Net change in debit valuation adjustments(25)(25)
Net change in derivatives(366)(366)
Employee benefit plan adjustments6 6 
Net change in foreign currency translation adjustments(23)(23)
Dividends declared:
Common(1,919)(1,919)
Preferred(531)(531)
Common stock issued under employee plans, net, and other2.3 443 443 
Common stock repurchased(32.5)(1,000)(1,000)
Balance, September 30, 2023$28,397 7,923.4 $56,710 $223,749 $(21,792)$287,064 
Balance, December 31, 2022$28,397 7,996.8 $58,953 $207,003 $(21,156)$273,197 
Cumulative adjustment for adoption of credit loss accounting
   standard
184 184 
Net income23,371 23,371 
Net change in debt securities81 81 
Net change in debit valuation adjustments(419)(419)
Net change in derivatives(317)(317)
Employee benefit plan adjustments25 25 
Net change in foreign currency translation adjustments(6)(6)
Dividends declared:
Common(5,459)(5,459)
Preferred(1,343)(1,343)
Common stock issued under employee plans, net, and other45.1 1,522 (7)1,515 
Common stock repurchased(118.5)(3,765)(3,765)
Balance, September 30, 2023$28,397 7,923.4 $56,710 $223,749 $(21,792)$287,064 





See accompanying Notes to Consolidated Financial Statements.
Bank of America 52


Bank of America Corporation and Subsidiaries
Consolidated Statement of Cash Flows
Nine Months Ended September 30
(Dollars in millions)20242023
Operating activities  
Net income$20,467 $23,371 
Adjustments to reconcile net income to net cash provided by operating activities:  
Provision for credit losses4,369 3,290 
Losses on sales of debt securities6 404 
Depreciation and amortization1,630 1,530 
Net (accretion) amortization of discount/premium on debt securities(354)155 
Deferred income taxes(1,228)(1,440)
Stock-based compensation2,542 2,214 
Loans held-for-sale:
Originations and purchases(26,279)(11,545)
Proceeds from sales and paydowns of loans originally classified as held for sale and instruments
from related securitization activities
21,646 10,716 
Net change in:
Trading and derivative assets/liabilities(56,685)4,681 
Other assets(20,257)(6,887)
Accrued expenses and other liabilities14,581 (18,086)
Other operating activities, net4,843 3,855 
Net cash provided by (used in) operating activities(34,719)12,258 
Investing activities  
Net change in:
Time deposits placed and other short-term investments195 (736)
Federal funds sold and securities borrowed or purchased under agreements to resell(54,582)(41,675)
Debt securities carried at fair value:
Proceeds from sales52,594 94,080 
Proceeds from paydowns and maturities217,602 50,008 
Purchases(312,186)(90,855)
Held-to-maturity debt securities:
Proceeds from paydowns and maturities26,033 28,517 
Purchases (98)
Loans and leases:
Proceeds from sales of loans originally classified as held for investment and instruments
from related securitization activities
7,129 7,734 
Purchases(4,151)(3,935)
Other changes in loans and leases, net(29,874)(9,973)
Other investing activities, net(2,863)(4,271)
Net cash provided by (used in) investing activities(100,103)28,796 
Financing activities  
Net change in:
Deposits6,525 (45,740)
Federal funds purchased and securities loaned or sold under agreements to repurchase114,071 105,068 
Short-term borrowings7,623 13,264 
Long-term debt:
Proceeds from issuance42,593 52,955 
Retirement(52,711)(32,167)
Preferred stock redemption
(3,854) 
Common stock repurchased(9,569)(3,765)
Cash dividends paid(7,228)(6,854)
Other financing activities, net(313)(707)
Net cash provided by financing activities97,137 82,054 
Effect of exchange rate changes on cash and cash equivalents201 (1,585)
Net increase (decrease) in cash and cash equivalents(37,484)121,523 
Cash and cash equivalents at January 1333,073 230,203 
Cash and cash equivalents at September 30$295,589 $351,726 





See accompanying Notes to Consolidated Financial Statements.
53 Bank of America



Bank of America Corporation and Subsidiaries
Notes to Consolidated Financial Statements
NOTE 1 Summary of Significant Accounting Principles
Bank of America Corporation, a bank holding company and a financial holding company, provides a diverse range of financial services and products throughout the U.S. and in certain international markets. The term “the Corporation” as used herein may refer to Bank of America Corporation, individually, Bank of America Corporation and its subsidiaries, or certain of Bank of America Corporation’s subsidiaries or affiliates.
Principles of Consolidation and Basis of Presentation
The Consolidated Financial Statements include the accounts of the Corporation and its majority-owned subsidiaries and those variable interest entities (VIEs) where the Corporation is the primary beneficiary. Intercompany accounts and transactions have been eliminated. Results of operations of acquired companies are included from the dates of acquisition, and for VIEs, from the dates that the Corporation became the primary beneficiary. Assets held in an agency or fiduciary capacity are not included in the Consolidated Financial Statements. The Corporation accounts for investments in companies for which it owns a voting interest and for which it has the ability to exercise
significant influence over operating and financing decisions using the equity method of accounting. These investments, which include the Corporation’s interests in affordable housing and renewable energy partnerships, are recorded in other assets. Equity method investments are subject to impairment testing, and the Corporation’s proportionate share of income or loss is included in other income.
The preparation of the Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could materially differ from those estimates and assumptions.
These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, and related notes thereto, of the Corporation’s 2023 Annual Report on Form 10-K.
The nature of the Corporation’s business is such that the results of any interim period are not necessarily indicative of results for a full year. In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair statement of the interim period results, have been made. The Corporation evaluates subsequent events through the date of filing with the Securities and Exchange Commission (SEC).
Bank of America 54


NOTE 2 Net Interest Income and Noninterest Income
The table below presents the Corporation’s net interest income and noninterest income disaggregated by revenue source for the three and nine months ended September 30, 2024 and 2023. For more information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K. For a disaggregation of noninterest income by business segment and All Other, see Note 17 – Business Segment Information.
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)2024202320242023
Net interest income
Interest income
Loans and leases$15,725 $14,830 $46,303 $41,897 
Debt securities6,833 4,658 19,295 14,809 
Federal funds sold and securities borrowed or purchased under agreements to resell 5,196 4,888 15,530 13,555 
Trading account assets2,726 2,217 7,697 6,321 
Other interest income (1)
7,011 7,031 21,805 18,051 
Total interest income37,491 33,624 110,630 94,633 
Interest expense
Deposits10,125 7,340 28,918 17,439 
Short-term borrowings 8,940 7,629 26,545 22,164 
Trading account liabilities538 510 1,624 1,486 
Long-term debt3,921 3,766 11,842 10,559 
Total interest expense23,524 19,245 68,929 51,648 
Net interest income$13,967 $14,379 $41,701 $42,985 
Noninterest income
Fees and commissions
Card income
Interchange fees (2)
$1,030 $994 $2,984 $2,973 
Other card income588 526 1,678 1,562 
Total card income1,618 1,520 4,662 4,535 
Service charges
Deposit-related fees1,198 1,124 3,492 3,266 
Lending-related fees354 340 1,009 972 
Total service charges1,552 1,464 4,501 4,238 
Investment and brokerage services
Asset management fees3,533 3,103