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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 March 31, 2025
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 April 29, 2025, there were 7,531,876,103 shares of Bank of America Corporation Common Stock outstanding.



Bank of America Corporation and Subsidiaries
March 31, 2025
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,” “outlook,” “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 2024 Annual Report on Form 10-K and in any of the Corporation’s subsequent U.S. Securities and Exchange Commission (SEC) 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, 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 and the processing of electronic payments, including through the Zelle network, and related fraud, 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 Corporation's ability to resolve representations and warranties repurchase and related claims; the impact of U.S. and global interest rates (including the potential for ongoing fluctuations in interest rates), inflation, currency exchange rates, economic conditions, trade policies and tensions, including changes in, or the imposition of, tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom, which may have varying effects across industries and geographies, and geopolitical instability; 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 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, which may include unemployment rates, real estate prices, gross domestic product levels and corporate bond spreads, customer behavior, adverse developments with respect to U.S. or global economic conditions and other uncertainties, including the impact of trade policies, 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 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 various third parties, including regulators and federal and state governments, such as from cybersecurity incidents; the risks related to the development, implementation, use and management of emerging technologies,
Bank of America 2


including artificial intelligence and machine learning; the risks related to the transition and physical impacts of climate change; our ability to achieve environmental goals or the impact of any changes in the Corporation’s sustainability or human capital management strategy or goals; the impact of 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, trade or regulatory policy; the emergence of widespread health emergencies or pandemics; the impact of natural disasters, extreme weather events, military conflicts (including the Russia/Ukraine conflict, the conflicts 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 March 31, 2025, the Corporation had $3.3 trillion in assets and a headcount of approximately 213,000 employees. As of March 31, 2025, 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 49 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 Corporation’s 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 regarding the Corporation on our website. Investors should monitor our website, including the Investor Relations portion, in addition to our press releases, 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
On April 23, 2025, the Corporation’s Board of Directors (the Board) declared a quarterly common stock dividend of $0.26 per share, payable on June 27, 2025 to shareholders of record as of June 6, 2025.
For more information on our capital resources, see Capital Management beginning on page 16.
Financial Highlights
Table 1Summary Income Statement and Selected Financial Data
Three Months Ended March 31
(Dollars in millions, except per share information)20252024
Income statement
Net interest income$14,443 $14,032 
Noninterest income12,923 11,786 
Total revenue, net of interest expense27,366 25,818 
Provision for credit losses1,480 1,319 
Noninterest expense17,770 17,237 
Income before income taxes8,116 7,262 
Income tax expense720 588 
Net income7,396 6,674 
Preferred stock dividends406 532 
Net income applicable to common shareholders$6,990 $6,142 
Per common share information  
Earnings$0.91 $0.77 
Diluted earnings0.90 0.76 
Dividends paid0.26 0.24 
Performance ratios
Return on average assets (1)
0.89 %0.83 %
Return on average common shareholders’ equity (1)
10.36 9.35 
Return on average tangible common shareholders’ equity (2)
13.94 12.73 
Efficiency ratio (1)
64.93 66.77 
March 31 2025December 31 2024
Balance sheet  
Total loans and leases$1,110,625 $1,095,835 
Total assets3,349,424 3,261,519 
Total deposits1,989,564 1,965,467 
Total liabilities3,053,843 2,965,960 
Total common shareholders’ equity275,082 272,400 
Total shareholders’ equity295,581 295,559 
(1)For definitions, see Key Metrics on page 94.
(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 43.

3 Bank of America



Net income was $7.4 billion, or $0.90 per diluted share, for the three months ended March 31, 2025 compared to $6.7 billion, or $0.76 per diluted share, for the same period in 2024. The increase in net income was primarily due to higher noninterest income and net interest income, partially offset by higher noninterest expense.
Total assets increased $87.9 billion from December 31, 2024 to $3.3 trillion primarily driven by higher securities borrowed or purchased under agreements to resell to support Global Markets client activity, higher trading account assets and debt securities, and loan growth.
Total liabilities increased $87.9 billion from December 31, 2024 to $3.1 trillion primarily driven by higher securities loaned or sold under agreements to repurchase to support Global Markets client activity, higher deposits due to seasonal deposit inflows and client activity, and long-term debt issuances.
Shareholders’ equity was $295.6 billion at March 31, 2025, relatively unchanged compared to December 31, 2024, as net income and market value increases on derivatives were largely offset by returns of capital to shareholders through common stock repurchases and common and preferred stock dividends, as well as preferred stock redemptions.
Net Interest Income
Net interest income increased $411 million to $14.4 billion for the three months ended March 31, 2025 compared to the same period in 2024. Net interest yield on a fully taxable-equivalent (FTE) basis was 1.99 percent, unchanged from the same period a year ago. The increase in net interest income was primarily driven by lower deposit costs, higher net interest income related to Global Markets activity and fixed-rate asset repricing, partially offset by the impacts of lower rates and one less day of interest accrual. For more information on net interest yield and FTE basis, see Supplemental Financial Data on page 5, and for more information on interest rate risk management, see Interest Rate Risk Management for the Banking Book on page 40.
Noninterest Income
Table 2Noninterest Income
Three Months Ended March 31
(Dollars in millions)20252024
Fees and commissions:
Card income$1,518 $1,463 
Service charges1,561 1,442 
Investment and brokerage services4,813 4,187 
Investment banking fees1,523 1,568 
Total fees and commissions9,415 8,660 
Market making and similar activities3,584 3,888 
Other income (loss)(76)(762)
Total noninterest income$12,923 $11,786 
Noninterest income increased $1.1 billion to $12.9 billion for the three months ended March 31, 2025 compared to the same period in 2024. The following highlights the significant changes.
●    Service charges increased $119 million primarily due to higher treasury service charges.
    Investment and brokerage services increased $626 million primarily driven by higher asset management fees due to higher average equity market valuations and the impact of positive assets under management (AUM) flows.
    Market making and similar activities decreased $304 million primarily driven by lower trading revenue from credit products in Fixed Income, Currencies and Commodities (FICC), and lower income from foreign currency risk management activities.
    Other income increased $686 million primarily due to gains on leveraged finance positions and certain valuation adjustments.
Provision for Credit Losses
The provision for credit losses increased $161 million to $1.5 billion for the three months ended March 31, 2025 compared to the same period in 2024. The provision for credit losses for the current year was primarily driven by credit card loans. Compared to the same period a year ago, the provision for credit losses 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 36.
Noninterest Expense
Table 3Noninterest Expense
Three Months Ended March 31
(Dollars in millions)20252024
Compensation and benefits$10,889 $10,195 
Information processing and communications1,894 1,800 
Occupancy and equipment1,856 1,811 
Product delivery and transaction related914 851 
Professional fees652 548 
Marketing506 455 
Other general operating1,059 1,577 
Total noninterest expense$17,770 $17,237 
Noninterest expense increased $533 million to $17.8 billion for the three months ended March 31, 2025 compared to the same period in 2024. The increase was primarily driven by investments in people, revenue-related expenses, technology, and operations. Additionally, the prior-year period included a $700 million accrual for the increase in the Corporation’s share of the Federal Deposit Insurance Corporation (FDIC) special assessment.
Income Tax Expense
Table 4Income Tax Expense
Three Months Ended March 31
(Dollars in millions)20252024
Income before income taxes$8,116 $7,262 
Income tax expense720 588 
Effective tax rate
8.9 %8.1 %
The effective tax rates (ETR) for the three months ended March 31, 2025 and 2024 were primarily driven by our recurring tax preference benefits, which mainly consisted of tax credits from investments in affordable housing and renewable energy. Absent these credits and discrete items of $1.4 billion (17 percentage points) for the three months ended March 31, 2025 and $1.3 billion (18 percentage points) for the three months ended March 31, 2024, the adjusted ETR would have been approximately 26 percent for both periods. Adjusted ETR is a non-GAAP financial measure. For more information, see Supplemental Financial Data on page 5.
Bank of America 4


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 may present an adjusted ETR to exclude the tax rate effects of certain tax credits and discrete tax items (adjusted ETR). We believe the presentation of adjusted ETR is useful because it provides additional information to assess the Corporation’s results of operations.
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 6.
For more information on the reconciliation of these non-GAAP financial measures to the corresponding GAAP financial measures, see Non-GAAP Reconciliations on page 43.
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 94.
Our consolidated key performance indicators, which include various equity and credit metrics, are presented in Table 1 on page 3, and Table 5 on page 6.
For information on key segment performance metrics, see Business Segment Operations on page 8.
5 Bank of America



Table 5Selected Quarterly Financial Data
2025 Quarter2024 Quarters
(In millions, except per share information)FirstFourthThirdSecondFirst
Income statement  
Net interest income$14,443 $14,359 $13,967 $13,702 $14,032 
Noninterest income 12,923 10,988 11,378 11,675 11,786 
Total revenue, net of interest expense27,366 25,347 25,345 25,377 25,818 
Provision for credit losses1,480 1,452 1,542 1,508 1,319 
Noninterest expense17,770 16,787 16,479 16,309 17,237 
Income before income taxes8,116 7,108 7,324 7,560 7,262 
Income tax expense 720 443 428 663 588 
Net income 7,396 6,665 6,896 6,897 6,674 
Net income applicable to common shareholders6,990 6,399 6,380 6,582 6,142 
Average common shares issued and outstanding
7,677.9 7,738.4 7,818.0 7,897.9 7,968.2 
Average diluted common shares issued and outstanding
7,770.8 7,843.7 7,902.1 7,960.9 8,031.4 
Performance ratios     
Return on average assets (1)
0.89 %0.80 %0.83 %0.85 %0.83 %
Four-quarter trailing return on average assets (2)
0.84 0.83 0.72 0.76 0.78 
Return on average common shareholders’ equity (1)
10.36 9.37 9.44 9.98 9.35 
Return on average tangible common shareholders’ equity (3)
13.94 12.63 12.76 13.57 12.73 
Return on average shareholders’ equity (1)
10.14 8.98 9.30 9.45 9.18 
Return on average tangible shareholders’ equity (3)
13.29 11.78 12.20 12.42 12.07 
Total ending equity to total ending assets8.82 9.06 8.92 9.02 8.97 
Common equity ratio (1)
8.21 8.35 8.18 8.21 8.10 
Total average equity to total average assets8.83 8.89 8.95 8.96 9.01 
Dividend payout (1)
28.51 31.29 31.70 28.66 31.11 
Per common share data     
Earnings $0.91 $0.83 $0.82 $0.83 $0.77 
Diluted earnings 0.90 0.82 0.81 0.83 0.76 
Dividends paid0.26 0.26 0.26 0.24 0.24 
Book value (1)
36.39 35.79 35.37 34.39 33.71 
Tangible book value (3)
27.12 26.58 26.25 25.37 24.79 
Market capitalization$315,482 $334,497 $305,090 $309,202 $298,312 
Average balance sheet     
Total loans and leases$1,093,738 $1,081,009 $1,059,728 $1,051,472 $1,047,890 
Total assets3,351,423 3,318,094 3,296,171 3,274,988 3,247,159 
Total deposits1,958,332 1,957,950 1,920,748 1,909,925 1,907,462 
Long-term debt241,036 238,988 247,338 243,689 254,782 
Common shareholders’ equity273,480 271,641 269,001 265,290 264,114 
Total shareholders’ equity295,787 295,134 294,985 293,403 292,511 
Asset quality     
Allowance for credit losses (4)
$14,366 $14,336 $14,351 $14,342 $14,371 
Nonperforming loans, leases and foreclosed properties (5)
6,201 6,120 5,824 5,691 6,034 
Allowance for loan and lease losses as a percentage of total loans and leases outstanding (5)
1.20 %1.21 %1.24 %1.26 %1.26 %
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases (5)
218 222 235242 225 
Net charge-offs $1,452 $1,466 $1,534 $1,533 $1,498 
Annualized net charge-offs as a percentage of average loans and leases outstanding (5)
0.54 %0.54 %0.58 %0.59 %0.58 %
Capital ratios at period end (6)
    
Common equity tier 1 capital
11.8 %11.9 %11.8 %11.9 %11.9 %
Tier 1 capital
13.0 13.2 13.2 13.5 13.6 
Total capital
15.0 15.1 14.9 15.1 15.2 
Tier 1 leverage
6.8 6.9 6.9 7.0 7.1 
Supplementary leverage ratio
5.7 5.9 5.9 6.0 6.0 
Tangible equity (3)
6.9 7.1 7.0 7.0 7.0 
Tangible common equity (3)
6.3 6.3 6.2 6.2 6.1 
Total loss-absorbing capacity and long-term debt metrics
Total loss-absorbing capacity to risk-weighted assets27.4 %27.1 %27.4 %28.2 %28.7 %
Total loss-absorbing capacity to supplementary leverage exposure12.1 12.0 12.2 12.5 12.8 
Eligible long-term debt to risk-weighted assets13.6 13.0 13.3 13.7 14.2 
Eligible long-term debt to supplementary leverage exposure6.0 5.8 6.0 6.0 6.3 
(1)For definitions, see Key Metrics on page 94.
(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 5 and Non-GAAP Reconciliations on page 43.
(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 29 and corresponding Table 24 and Commercial Portfolio Credit Risk Management – Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity on page 33 and corresponding Table 30.
(6)For more information, including which approach is used to assess capital adequacy, see Capital Management on page 16.
Bank of America 6


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)First Quarter 2025First Quarter 2024
Earning assets      
Interest-bearing deposits with the Federal Reserve, non-U.S. central
   banks and other banks
$272,012 $2,810 4.19 %$346,463 $4,531 5.26 %
Time deposits placed and other short-term investments9,202 92 4.04 9,728 116 4.80 
Federal funds sold and securities borrowed or purchased under
   agreements to resell
322,012 3,774 4.75 304,821 5,175 6.83 
Trading account assets231,437 3,034 5.31 202,461 2,482 4.93 
Debt securities923,747 6,786 2.95 842,483 6,162 2.92 
Loans and leases (2)
Residential mortgage228,638 1,916 3.36 227,748 1,803 3.17 
Home equity25,849 366 5.74 25,522 390 6.14 
Credit card100,173 2,838 11.49 99,815 2,786 11.22 
Direct/Indirect and other consumer106,847 1,432 5.43 103,371 1,399 5.45 
Total consumer461,507 6,552 5.74 456,456 6,378 5.61 
U.S. commercial411,783 5,427 5.34 379,566 5,236 5.55 
Non-U.S. commercial138,853 2,058 6.01 125,024 2,170 6.98 
Commercial real estate (3)
65,751 1,020 6.29 71,986 1,311 7.33 
Commercial lease financing15,844 215 5.46 14,858 200 5.41 
Total commercial632,231 8,720 5.59 591,434 8,917 6.06 
Total loans and leases 1,093,738 15,272 5.65 1,047,890 15,295 5.87 
Other earning assets114,695 2,443 8.63 106,737 2,682 10.10 
Total earning assets2,966,843 34,211 4.67 2,860,583 36,443 5.12 
Cash and due from banks23,700 24,185 
Other assets, less allowance for loan and lease losses360,880 362,391 
Total assets$3,351,423 $3,247,159 
Interest-bearing liabilities      
U.S. interest-bearing deposits      
Demand and money market deposits$966,678 $4,638 1.95 %$956,716 $5,012 2.11 %
Time and savings deposits364,554 3,007 3.34 325,765 3,059 3.78 
Total U.S. interest-bearing deposits1,331,232 7,645 2.33 1,282,481 8,071 2.53 
Non-U.S. interest-bearing deposits116,733 987 3.42 104,373 1,067 4.11 
Total interest-bearing deposits1,447,965 8,632 2.42 1,386,854 9,138 2.65 
Federal funds purchased and securities loaned or sold under agreements
    to repurchase
385,091 4,629 4.87 350,507 6,026 6.92 
Short-term borrowings and other interest-bearing liabilities 160,226 2,334 5.91 141,091 2,509 7.15 
Trading account liabilities53,678 707 5.34 51,757 546 4.24 
Long-term debt241,036 3,321 5.56 254,782 4,034 6.35 
Total interest-bearing liabilities2,287,996 19,623 3.47 2,184,991 22,253 4.10 
Noninterest-bearing sources
Noninterest-bearing deposits510,367 520,608 
Other liabilities (4)
257,273 249,049 
Shareholders’ equity295,787 292,511 
Total liabilities and shareholders’ equity$3,351,423 $3,247,159 
Net interest spread1.20 %1.02 %
Impact of noninterest-bearing sources0.79 0.97 
Net interest income/yield on earning assets (5)
$14,588 1.99 %$14,190 1.99 %
(1)Includes the impact of interest rate risk management contracts. For more information, see Interest Rate Risk Management for the Banking Book on page 40.
(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 $59.8 billion and $66.2 billion, and non-U.S. commercial real estate loans of $5.9 billion and $5.8 billion for the first quarter of 2025 and 2024.
(4)Includes $53.7 billion and $44.1 billion of structured notes and liabilities for the first quarter of 2025 and 2024.
(5)Net interest income includes FTE adjustments of $145 million and $158 million for the first quarter of 2025 and 2024.

7 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 2024 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 5, 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
Three Months Ended March 31
(Dollars in millions)20252024% Change
Net interest income$8,505 $8,197 %
Noninterest income:
Card income1,297 1,272 
Service charges618 578 
All other income73 119 (39)
Total noninterest income1,988 1,969 
Total revenue, net of interest expense
10,493 10,166 
Provision for credit losses1,292 1,150 12 
Noninterest expense5,826 5,475 
Income before income taxes3,375 3,541 (5)
Income tax expense844 885 (5)
Net income$2,531 $2,656 (5)
Effective tax rate
25.0 %25.0 %
Net interest yield3.48 3.31 
Efficiency ratio55.53 53.86 
Return on average allocated capital23 25 
Balance Sheet
Three Months Ended March 31
Average20252024% Change
Total loans and leases$315,038 $313,038 %
Total earning assets
992,252 995,556 — 
Total assets
1,029,320 1,033,101 — 
Total deposits947,550 952,466 (1)
Allocated capital44,000 43,250 
Period endMarch 31
2025
December 31
2024
% Change
Total loans and leases$318,337 $318,754 — %
Total earning assets
1,016,785 995,369 
Total assets
1,054,637 1,034,370 
Total deposits972,064 952,311 
Consumer Banking offers a diversified range of lending, deposit 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 2024 Annual Report on Form 10-K.
Net income for Consumer Banking decreased $125 million to $2.5 billion due to higher noninterest expense and higher provision for credit losses, partially offset by higher revenue. Net interest income increased $308 million to $8.5 billion primarily driven by higher deposit spreads and loan balances, partially
offset by one less day of interest accrual. Noninterest income was $2.0 billion, relatively unchanged from the same period a year ago.
The provision for credit losses increased $142 million to $1.3 billion primarily due to credit card. Noninterest expense increased $351 million to $5.8 billion primarily driven by investments in the business, including operations, people and technology.
The return on average allocated capital was 23 percent, down from 25 percent, due to an increase in allocated capital
Bank of America 8


and lower net income. For information on capital allocated to the business segments, see Business Segment Operations on page 8.
Average loans and leases increased $2.0 billion to $315.0 billion largely due to growth in small business loans.
Average deposits decreased $4.9 billion to $947.6 billion primarily due to net outflows of $24.6 billion in money market
savings, partially offset by growth in time deposits of $21.4 billion.
Consumer investment assets increased $41.3 billion to $497.7 billion driven by positive net client flows and market performance.
Key Statistics
The table below provides key performance indicators for deposit spreads, other period-end information, credit and debit card and loan production activities.
Key Statistics
Three Months Ended March 31
(Dollars in millions)20252024
Deposit Spreads
Total deposit spreads (excludes noninterest costs)
2.85%2.69%
Period end
Consumer investment assets (in millions) (1)
$497,680$456,391
Active digital banking users (in thousands) (2)
49,02847,079
Active mobile banking users (in thousands) (3)
40,49238,544
Financial centers3,6813,804
ATMs14,86615,028
Credit and Debit Card
Total credit card (4)
Gross interest yield (5)
12.12 %12.24 %
Risk-adjusted margin (6)
6.68 6.81 
New accounts (in thousands)913 998 
Purchase volumes$88,208 $87,011 
 Debit card purchase volumes$140,197 $132,407 
Loan Production (7)
Consumer Banking:
First mortgage$1,857 $1,688 
Home equity1,834 1,600 
Total (8):
First mortgage$4,508 $3,443 
Home equity2,214 1,891 
(1)Includes client brokerage assets, deposit sweep balances, Bank of America, N.A. brokered CDs and AUM in Consumer Banking.
(2)Represents mobile and/or online active users over the past 90 days.
(3)Represents mobile active users over the past 90 days.
(4)Includes consumer credit card portfolios in Consumer Banking and GWIM.
(5)Calculated as the effective annual percentage rate divided by average loans.
(6)Calculated as the difference between total revenue, net of interest expense, and net credit losses divided by average loans.
(7)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.
(8)In addition to loan production in Consumer Banking, there is also first mortgage and home equity loan production in GWIM.

Active mobile banking users increased approximately two million, reflecting client growth and continuing changes in our clients’ banking preferences. We had a net decrease of 123 financial centers and 162 ATMs as we continued to optimize our consumer banking network.
During the three months ended March 31, 2025, the total risk-adjusted margin decreased 13 basis points (bps) compared to the same period in 2024 primarily driven by higher net credit losses, partially offset by higher net interest margin and higher net fee income. Total credit card purchase volumes increased $1.2 billion to $88.2 billion, and debit card purchase volumes increased $7.8 billion to $140.2 billion, reflecting higher levels of consumer spending.

During the three months ended March 31, 2025, first mortgage loan originations for Consumer Banking and the total Corporation increased $169 million and $1.1 billion compared to the same period in 2024 primarily driven by higher demand.
During the three months ended March 31, 2025, home equity production in Consumer Banking and the total Corporation increased $234 million and $323 million compared to the same period in 2024 primarily driven by higher demand.
9 Bank of America



Global Wealth & Investment Management
Three Months Ended March 31
(Dollars in millions)20252024% Change
Net interest income$1,765 $1,814 (3)%
Noninterest income:
Investment and brokerage services4,089 3,600 14 
All other income162 177 (8)
Total noninterest income4,251 3,777 13 
Total revenue, net of interest expense6,016 5,591 
Provision for credit losses14 (13)n/m
Noninterest expense4,659 4,264 
Income before income taxes1,343 1,340 — 
Income tax expense336 335 — 
Net income$1,007 $1,005 — 
Effective tax rate25.0 %25.0 %
Net interest yield2.26 2.23 
Efficiency ratio77.44 76.27 
Return on average allocated capital21 22 
Balance Sheet
Three Months Ended March 31
AverageMarch 31, 20252024% Change
Total loans and leases$232,326 $218,616 %
Total earning assets316,887 327,692 (3)
Total assets330,607 341,119 (3)
Total deposits286,399 297,373 (4)
Allocated capital19,750 18,500 
Period endMarch 31
2025
December 31
2024
% Change
Total loans and leases$234,304 $231,981 %
Total earning assets315,663 323,496 (2)
Total assets329,816 338,367 (3)
Total deposits285,063 292,278 (2)
n/m = not meaningful
GWIM consists of two primary businesses: Merrill Wealth Management and Bank of America Private Bank. For more information on GWIM, see Business Segment Operations in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K.
Net income for GWIM was $1.0 billion for the three months ended March 31, 2025, largely unchanged from the same period in 2024, primarily due to higher revenue, mostly offset by higher noninterest expense. The operating margin was 22 percent compared to 24 percent a year ago.
Net interest income decreased $49 million to $1.8 billion primarily due to the impact of lower interest rates and lower average deposit balances.
Noninterest income, which primarily includes investment and brokerage services income, increased $474 million to $4.3 billion. The increase was primarily due to higher asset management fees driven by higher average equity market valuations and the impact of positive AUM flows.
Noninterest expense increased $395 million to $4.7 billion primarily due to higher revenue-related incentives and investments in the business, including people and technology.
The return on average allocated capital was 21 percent, down from 22 percent, due to an increase in allocated capital. For information on capital allocated to the business segments, see Business Segment Operations on page 8.
Average loans and leases increased $13.7 billion to $232.3 billion, primarily driven by custom lending, securities based lending and residential mortgage loans. Average deposits decreased $11.0 billion to $286.4 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 $5.0 billion increased eight percent primarily due to higher asset management fees driven by higher average equity market valuations and the impact of positive net AUM flows.
Bank of America Private Bank revenue of $997 million increased six percent primarily driven by higher asset management fees due to the impact of higher average equity market valuations and positive net client flows.
Bank of America 10


Key Indicators and Metrics
Three Months Ended March 31
(Dollars in millions)20252024
Revenue by Business
Merrill Wealth Management$5,019 $4,647 
Bank of America Private Bank997 944 
Total revenue, net of interest expense$6,016 $5,591 
Client Balances by Business, at period end
Merrill Wealth Management$3,486,594 $3,339,693 
Bank of America Private Bank
670,600 633,697 
Total client balances$4,157,194 $3,973,390 
Client Balances by Type, at period end
Assets under management$1,855,657 $1,730,005 
Brokerage and other assets1,821,203 1,758,642 
Deposits285,063 298,039 
Loans and leases (1)
236,641 222,528 
Less: Managed deposits in assets under management(41,370)(35,824)
Total client balances$4,157,194 $3,973,390 
Assets Under Management Rollforward
Assets under management, beginning of period$1,882,211 $1,617,740 
Net client flows 23,957 24,655 
Market valuation/other
(50,511)87,610 
Total assets under management, end of period$1,855,657 $1,730,005 
(1)Includes margin receivables, which are classified in customer and other receivables on the Consolidated Balance Sheet.
Client Balances
Client balances increased $183.8 billion, or five percent, to $4.2 trillion at March 31, 2025 compared to March 31, 2024. The increase in client balances was primarily due to the impact of higher market valuations and positive net client flows.
11 Bank of America



Global Banking
Three Months Ended March 31
(Dollars in millions)20252024% Change
Net interest income$3,151 $3,460 (9)%
Noninterest income:
Service charges826 750 10 
Investment banking fees847 850 
All other income1,153 920 25 
Total noninterest income2,826 2,520 12 
Total revenue, net of interest expense 5,977 5,980 
Provision for credit losses154 229 (33)
Noninterest expense3,184 3,012 
Income before income taxes2,639 2,739 (4)
Income tax expense 726 753 (4)
Net income$1,913 $1,986 (4)
Effective tax rate 27.5 %27.5 %
Net interest yield2.11 2.50 
Efficiency ratio53.27 50.37 
Return on average allocated capital15 16 
Balance Sheet
Three Months Ended March 31
Average20252024% Change
Total loans and leases
$378,733 $373,608 %
Total earning assets606,802 555,957 
Total assets674,322 623,073 
Total deposits575,185 525,699 
Allocated capital50,750 49,250 
Period endMarch 31
2025
December 31
2024
% Change
Total loans and leases$384,208 $379,473 %
Total earning assets620,055 603,481 
Total assets687,702 670,905 
Total deposits591,619 578,159 
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 2024 Annual Report on Form 10-K.
Net income for Global Banking decreased $73 million to $1.9 billion for the three months ended March 31, 2025 compared to the same period in 2024 driven by higher noninterest expense, partially offset by lower provision for credit losses.
Net interest income decreased $309 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 of $2.8 billion included realized gains of approximately $230 million in other income primarily related to sales of certain leveraged finance positions, as well as higher
treasury service charges, partially offset by lower leasing-related revenue compared to the same period in 2024.
The provision for credit losses decreased $75 million to $154 million primarily driven by improved asset quality within the commercial real estate office portfolio.
Noninterest expense increased $172 million to $3.2 billion primarily due to continued investments in the business, including technology and operations.
The return on average allocated capital was 15 percent, down from 16 percent, due to lower net income and an increase in allocated capital. For information on capital allocated to the business segments, see Business Segment Operations on page 8.
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.
Bank of America 12


Global Corporate, Global Commercial and Business Banking
Global Corporate BankingGlobal Commercial BankingBusiness BankingTotal
Three Months Ended March 31
(Dollars in millions)20252024202520242025202420252024
Revenue
Business Lending$914 $1,065 $1,129 $1,280 $54 $59 $2,097 $2,404 
Global Transaction Services 1,288 1,335 1,032 970 360 361 2,680 2,666 
Total revenue, net of interest expense
$2,202 $2,400 $2,161 $2,250 $414 $420 $4,777 $5,070 
Balance Sheet
Average
Total loans and leases
$171,087 $165,040 $195,775 $196,276 $11,779 $12,132 $378,641 $373,448 
Total deposits
317,620 290,392 205,341 185,727 52,225 49,578 575,186 525,697 
Period end
Total loans and leases $175,916 $164,161 $196,502 $196,850 $11,770 $12,262 $384,188 $373,273 
Total deposits335,905 291,066 204,422 186,051 51,293 49,992 591,620 527,109 
Business Lending revenue decreased $307 million for the three months ended March 31, 2025 compared to the same period in 2024 primarily driven by lower net interest income and lower leasing-related revenue.
Global Transaction Services revenue increased $14 million for the three months ended March 31, 2025 compared to the same period in 2024 primarily driven by the benefit of higher average deposit balances and higher treasury service charges, largely offset by the impact of lower interest rates.
Average loans and leases of $378.6 billion increased one percent for the three months ended March 31, 2025 compared to the same period in 2024 due to client demand. Average deposits of $575.2 billion increased nine percent 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.
Investment Banking Fees
Global BankingTotal Corporation
(Dollars in millions)2025202420252024
Products
Advisory$339 $317 $384 $373 
Debt issuance409 383 942 885 
Equity issuance99 150 272 363 
Gross investment banking fees
847 850 1,598 1,621 
Self-led deals(28)(13)(75)(53)
Total investment banking fees
$819 $837 $1,523 $1,568 
Total Corporation investment banking fees of $1.5 billion, which exclude self-led deals and are primarily included within Global Banking and Global Markets, decreased three percent for the three months ended March 31, 2025 compared to the same period in 2024. The decrease was primarily due to lower equity insurance fees, partially offset by higher debt and advisory fees.
13 Bank of America



Global Markets
Three Months Ended March 31
(Dollars in millions)20252024% Change
Net interest income$1,189 $681 75 %
Noninterest income:
Investment and brokerage services627 495 27 
Investment banking fees681 708 (4)
Market making and similar activities3,622 3,830 (5)
All other income465 169 n/m
Total noninterest income5,395 5,202 
Total revenue, net of interest expense6,584 5,883 12 
Provision for credit losses28 (36)n/m
Noninterest expense3,811 3,492 
Income before income taxes2,745 2,427 13 
Income tax expense796 704 13 
Net income$1,949 $1,723 13 
Effective tax rate29.0 %29.0 %
Efficiency ratio57.89 59.38 
Return on average allocated capital16 15 
Balance SheetThree Months Ended March 31
Average20252024% Change
Trading-related assets:
Trading account securities$346,590 $323,210 %
Reverse repurchases143,605 134,081 
Securities borrowed136,800 134,852 
Derivative assets41,242 37,683 
Total trading-related assets668,237 629,826 
Total loans and leases159,625 133,756 19 
Total earning assets767,592 692,851 11 
Total assets969,340 895,382 
Total deposits38,809 32,585 19 
Allocated capital49,000 45,500 
Period endMarch 31
2025
December 31
2024
% Change
Total trading-related assets$660,267 $580,557 14 %
Total loans and leases166,348 157,450 
Total earning assets761,826 687,678 11 
Total assets959,533 876,605 
Total deposits38,268 38,848 (1)
n/m = not meaningful
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 2024 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 non-GAAP financial measures. For more information on net DVA, see Supplemental Financial Data on page 5.
Net income for Global Markets increased $226 million to $1.9 billion for the three months ended March 31, 2025 compared to the same period in 2024. Net DVA gains were $19 million compared to losses of $85 million in 2024. Excluding net DVA, net income increased $147 million to $1.9 billion. These increases were primarily driven by higher revenue, partially offset by higher noninterest expense.
Revenue of $6.6 billion included higher sales and trading revenue and realized gains of approximately $230 million in
other income primarily related to sales of certain leveraged finance positions. Sales and trading revenue increased $572 million, and excluding net DVA, increased $468 million. These increases were driven by higher revenue in both Equities and FICC.
Noninterest expense increased $319 million to $3.8 billion, primarily driven by higher revenue-related expenses and continued investments in the business, including people and technology.
Average total assets increased $74.0 billion to $969.3 billion for the three months ended March 31, 2025 compared to the same period in 2024 driven by higher levels of inventory, loan growth and increased financing activity. Period-end total assets increased $82.9 billion from December 31, 2024 to $959.5 billion driven by the same factors as average total assets.
The return on average allocated capital was 16 percent, up from 15 percent, reflecting higher net income, partially offset by an increase in allocated capital. For information on capital allocated to the business segments, see Business Segment Operations on page 8.

Bank of America 14


Sales and Trading Revenue
For a description of sales and trading revenue, see Business Segment Operations in the MD&A of the Corporation’s 2024 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 5.
Sales and Trading Revenue (1, 2, 3)
Three Months Ended March 31
(Dollars in millions)20252024
Sales and trading revenue (2)
Fixed-income, currencies and commodities$3,478 $3,231 
Equities2,186 1,861 
Total sales and trading revenue$5,664 $5,092 
Sales and trading revenue, excluding net DVA (4)
Fixed-income, currencies and commodities$3,463 $3,307 
Equities2,182 1,870 
Total sales and trading revenue, excluding net DVA$5,645 $5,177 
(1)For more information on sales and trading revenue, see Note 3 – Derivatives to the Consolidated Financial Statements.
(2)Includes FTE adjustments of $77 million and $149 million for the three months ended March 31, 2025 and 2024.
(3)Includes Global Banking sales and trading revenue of $(37) million and $144 million for the three months ended March 31, 2025 and 2024.
(4)FICC and Equities sales and trading revenue, excluding net DVA, is a non-GAAP financial measure. FICC net DVA gains (losses) were $15 million and $(76) million for the three months ended March 31, 2025 and 2024. Equities net DVA gains (losses) were $4 million and $(9) million for the three months ended March 31, 2025 and 2024.
Including and excluding net DVA, FICC revenue increased $247 million and $156 million for the three months ended March 31, 2025 compared to the same period in 2024 driven by strong trading performance in macro products and continued strength in credit trading. Including and excluding net DVA, Equities revenue increased $325 million and $312 million driven by improved trading performance and increased client activity.
All Other
Three Months Ended March 31
(Dollars in millions)20252024% Change
Net interest income$(22)$38 n/m
Noninterest income (loss)(1,537)(1,682)(9)%
Total revenue, net of interest expense(1,559)(1,644)(5)
Provision for credit losses(8)(11)(27)
Noninterest expense290 994 (71)
Loss before income taxes(1,841)(2,627)(30)
Income tax benefit(1,837)(1,931)(5)
Net loss$(4)$(696)(99)
Balance Sheet
Three Months Ended March 31
Average20252024% Change
Total loans and leases$8,016 $8,872 (10)%
Total assets (1)
347,834 354,484 (2)
Total deposits110,389 99,339 11 
Period endMarch 31
2025
December 31
2024
% Change
Total loans and leases$7,428 $8,177 (9)%
Total assets (1)
317,736 341,272 (7)
Total deposits102,550 103,871 (1)
(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 $974.7 billion and $958.0 billion for the three months ended March 31, 2025 and 2024, and period-end allocated assets were $1.0 trillion and $978.4 billion at March 31, 2025 and December 31, 2024.
n/m = not meaningful
All Other primarily consists of asset and liability management (ALM) activities, liquidating businesses and certain expenses not otherwise allocated to a business segment. ALM activities encompass interest rate and foreign currency risk management activities for which substantially all of the results are allocated to our business segments. For more information on our ALM activities, see Note 17 – Business Segment Information to the Consolidated Financial Statements.
The net loss in All Other decreased $692 million to $4 million primarily due to lower noninterest expense.
Noninterest expense decreased $704 million to $290 million primarily due to the $700 million accrual recorded in the prior year for the increase in the Corporation’s estimated share of the FDIC special assessment.
The income tax benefit decreased $94 million to $1.8 billion due to lower tax preference benefits primarily related to tax credit investment activity.
15 Bank of America



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 Board’s 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 2024 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 2024 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 2024 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 the Comprehensive Capital Analysis and Review (CCAR) capital plan and associated stress capital buffer (SCB) requirement, which include supervisory stress testing by the Federal Reserve. Based on 2024 CCAR stress test results, our SCB is 3.2 percent effective from October 1, 2024 through September 30, 2025. In April 2025, we submitted our 2025 CCAR capital plan and related supervisory stress tests. The Federal Reserve has indicated that it will disclose CCAR capital plan supervisory stress test results by June 30, 2025.
The Board authorized a $25 billion common stock repurchase program, effective August 1, 2024. Pursuant to Board authorization, during the three months ended March 31, 2025, we repurchased $4.5 billion of common stock. For more information, see Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds on page 93 and Capital Management – CCAR and Capital Planning in the MD&A of the Corporation’s 2024 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).
Additionally, as part of our planned capital actions, during the first quarter of 2025, the Corporation paid common stock dividends of $1.9 billion.
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 March 31, 2025, the Corporation’s binding ratio was the Tier 1 capital ratio under the Standardized approach.
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 October 1, 2024 through September 30, 2025, the Corporation’s minimum CET1 requirements are 10.7 percent under the Standardized approach and 10.0 percent under 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. The Corporation’s G-SIB surcharge, which is higher under Method 2, is expected to increase to 3.5 percent from 3.0 percent on January 1, 2027, unless its surcharge calculated as of December 31, 2025 is lower than 3.5 percent. At March 31, 2025, the Corporation’s CET1 capital ratio of 11.8 percent under the Standardized approach exceeded its CET1 capital ratio requirement.
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 March 31, 2025, 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.
Bank of America 16


Capital Composition and Ratios
Table 7 presents Bank of America Corporation’s capital ratios and related information in accordance with Basel 3 Standardized and Advanced approaches as measured at March 31, 2025 and December 31, 2024. For the periods presented herein, the Corporation met the definition of well capitalized under current regulatory requirements.
Table 7Bank of America Corporation Regulatory Capital under Basel 3
Standardized
Approach
(1)
Advanced
Approaches
(1)
Regulatory
Minimum
(2)
(Dollars in millions, except as noted)March 31, 2025
Risk-based capital metrics:
Common equity tier 1 capital$201,177 $201,177 
Tier 1 capital221,666 221,666 
Total capital (3)
256,466 245,995 
Risk-weighted assets (in billions) 1,711 1,514 
Common equity tier 1 capital ratio11.8 %13.3 %10.7 %
Tier 1 capital ratio13.0 14.6 12.2 
Total capital ratio15.0 16.2 14.2 
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)
$3,272 $3,272 
Tier 1 leverage ratio6.8 %6.8 %4.0 
Supplementary leverage exposure (in billions)$3,860 
Supplementary leverage ratio5.7 %5.0 
December 31, 2024
Risk-based capital metrics:
Common equity tier 1 capital$201,083 $201,083 
Tier 1 capital223,458 223,458 
Total capital (3)
255,363 244,809 
Risk-weighted assets (in billions)1,696 1,490 
Common equity tier 1 capital ratio11.9 %13.5 %10.7 %
Tier 1 capital ratio13.2 15.0 12.2 
Total capital ratio15.1 16.4 14.2 
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)
$3,240 $3,240 
Tier 1 leverage ratio6.9 %6.9 %4.0 
Supplementary leverage exposure (in billions) $3,818 
Supplementary leverage ratio5.9 %5.0 
(1)Capital ratios as of December 31, 2024 were calculated using the regulatory capital rule that allowed 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, and SCB (under the Standardized approach) of 3.2 percent. 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 March 31, 2025, CET1 capital was $201.2 billion, an increase of $94 million from December 31, 2024, primarily due to earnings, largely offset by capital distributions. Tier 1 capital decreased $1.8 billion driven by the same factors as CET1 capital as well as preferred stock redemptions. Total capital under the Standardized approach increased $1.1 billion driven by the same factors as Tier 1 capital, as well as subordinated
debt issuances and an increase in the adjusted allowance for credit losses included in Tier 2 capital. RWA under the Standardized approach, which yielded the lower CET1 capital ratio at March 31, 2025, increased $15.3 billion during 2025 to $1,711 billion primarily driven by client activity in Global Markets. Supplementary leverage exposure at March 31, 2025 increased $41.5 billion primarily driven by increased activity in Global Markets.
17 Bank of America



Table 8 shows the capital composition at March 31, 2025 and December 31, 2024.
Table 8Capital Composition under Basel 3
(Dollars in millions)March 31
2025
December 31
2024
Total common shareholders’ equity$275,082 $272,400 
CECL transitional amount (1)
 627 
Goodwill, net of related deferred tax liabilities(68,649)(68,649)
Deferred tax assets arising from net operating loss and tax credit carryforwards(8,419)(8,097)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities(1,425)(1,440)
Defined benefit pension plan net assets(800)(786)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness,
 net-of-tax
1,173 1,491 
Accumulated net (gain) loss on certain cash flow hedges (2)
4,298 5,629 
Other(83)(92)
Common equity tier 1 capital201,177 201,083 
Qualifying preferred stock, net of issuance cost20,498 22,391 
Other(9)(16)
Tier 1 capital221,666 223,458 
Tier 2 capital instruments20,650 18,592 
Qualifying allowance for credit losses (3)
14,442 13,558 
Other(292)(245)
Total capital under the Standardized approach256,466 255,363 
Adjustment in qualifying allowance for credit losses under the Advanced approaches (3)
(10,471)(10,554)
Total capital under the Advanced approaches$245,995 $244,809 
(1)December 31, 2024 includes 25 percent of the CECL transition provision’s impact as of December 31, 2021. As of January 1, 2025, CECL transition provision’s impact is fully phased-in.
(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)December 31, 2024 includes the impact of transition provisions related to the CECL accounting standard.
Table 9 shows the components of RWA as measured under Basel 3 at March 31, 2025 and December 31, 2024.
Table 9Risk-weighted Assets under Basel 3
Standardized ApproachAdvanced ApproachesStandardized ApproachAdvanced Approaches
(Dollars in billions)March 31, 2025December 31, 2024
Credit risk$1,630 $1,027 $1,623 $1,015 
Market risk81 81 73 73 
Operational riskn/a360 n/a359 
Risks related to credit valuation adjustmentsn/a46 n/a43 
Total risk-weighted assets$1,711 $1,514 $1,696 $1,490 
n/a = not applicable

Bank of America 18


Bank of America, N.A. Regulatory Capital
Table 10 presents regulatory capital information for BANA in accordance with Basel 3 Standardized and Advanced approaches as measured at March 31, 2025 and December 31, 2024. BANA met the definition of well capitalized under the PCA framework for both periods.
Table 10Bank of America, N.A. Regulatory Capital under Basel 3
Standardized
Approach
(1)
Advanced
Approaches
(1)
Regulatory
Minimum 
(2)
(Dollars in millions, except as noted)March 31, 2025
Risk-based capital metrics:
Common equity tier 1 capital$193,808 $193,808 
Tier 1 capital193,808 193,808 
Total capital (3)
209,624 199,393 
Risk-weighted assets (in billions) 1,450 1,165 
Common equity tier 1 capital ratio13.4 %16.6 %7.0 %
Tier 1 capital ratio13.4 16.6 8.5 
Total capital ratio14.5 17.1 10.5 
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)
$2,545 $2,545 
Tier 1 leverage ratio7.6 %7.6 %5.0 
Supplementary leverage exposure (in billions)$3,020 
Supplementary leverage ratio6.4 %6.0 




December 31, 2024
Risk-based capital metrics:
Common equity tier 1 capital$194,341 $194,341 
Tier 1 capital194,341 194,341 
Total capital (3)
209,256 198,923 
Risk-weighted assets (in billions) 1,444 1,151 
Common equity tier 1 capital ratio13.5 %16.9 %7.0 %
Tier 1 capital ratio13.5 16.9 8.5 
Total capital ratio14.5 17.3 10.5 
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)
$2,546 $2,546 
Tier 1 leverage ratio7.6 %7.6 %5.0 
Supplementary leverage exposure (in billions)$3,015 
Supplementary leverage ratio6.4 %6.0 
(1)Capital ratios as of December 31, 2024 were calculated using the regulatory capital rule that allowed 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 March 31, 2025 and December 31, 2024 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 11 presents the Corporation's TLAC and long-term debt ratios and related information as of March 31, 2025 and December 31, 2024.
19 Bank of America



Table 11Bank 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)March 31, 2025
Total eligible balance$468,442 $232,568 
Percentage of risk-weighted assets (4)
27.4 %22.0 %13.6 %9.0 %
Percentage of supplementary leverage exposure12.1 9.5 6.0 4.5 
December 31, 2024
Total eligible balance$459,857 $220,666 
Percentage of risk-weighted assets (4)
27.1 %22.0 %13.0 %9.0 %
Percentage of supplementary leverage exposure12.0 9.5 5.8 4.5 
(1)TLAC ratios as of December 31, 2024 were calculated using the regulatory capital rule that allowed 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. The long-term debt leverage exposure regulatory minimum is 4.5 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 March 31, 2025 and December 31, 2024.
Regulatory Developments
On April 17, 2025, the Federal Reserve Board issued a notice of proposed rulemaking (NPR) to reduce the volatility of the stress capital buffer requirement. Under the NPR, results from the two most recent annual supervisory stress tests would be averaged. In addition, the annual effective date of the stress capital buffer requirement would change from October 1st of the current year to January 1st of the following year to provide banks with additional time to comply with their new capital requirements.
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 March 31, 2025, BofAS had tentative net capital of $20.3 billion. BofAS also had regulatory net capital of $17.4 billion, which exceeded the minimum requirement of $4.5 billion.
MLPF&S provides retail services. At March 31, 2025, MLPF&S' regulatory net capital was $7.4 billion, which exceeded the minimum requirement of $158 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 March 31, 2025, MLI’s capital resources were $33.6 billion, which exceeded the minimum Pillar 1 requirement of $12.5 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 March 31, 2025, BofASE's capital resources were $11.3 billion, which exceeded the minimum Pillar 1 requirement of $3.6 billion.
In addition, MLI and BofASE remained conditionally registered with the SEC as security-based swap dealers, and maintained net liquid assets at March 31, 2025 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 March 31, 2025.
Bank of America 20


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 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.
For more information on the Corporation’s liquidity risks, see the Liquidity section within Item 1A. Risk Factors of the Corporation’s 2024 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 2024 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 12 presents average GLS for the three months ended March 31, 2025 and December 31, 2024.
Table 12Average Global Liquidity Sources
Three Months Ended
(Dollars in billions)March 31
2025
December 31
2024
Bank entities$763 $777 
Nonbank and other entities (1)
179 176 
Total Average Global Liquidity Sources
$942 $953 
(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 $333 billion and $328 billion at March 31, 2025 and December 31, 2024. 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.
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.
21 Bank of America



Table 13 presents the composition of average GLS for the three months ended March 31, 2025 and December 31, 2024.
Table 13Average Global Liquidity Sources Composition
Three Months Ended
(Dollars in billions)March 31
2025
December 31
2024
Cash on deposit$268 $315 
U.S. Treasury securities345 313 
U.S. agency securities, mortgage-backed securities, and other investment-grade securities
296 296 
Non-U.S. government securities33 29 
Total Average Global Liquidity Sources$942 $953 
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 $629 billion and $623 billion for the three months ended March 31, 2025 and December 31, 2024. For the same periods, the average consolidated LCR was 112 percent and 113 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 2024 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 March 31, 2025, 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 December 31, 2024 and September 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 $1.99 trillion and $1.97 trillion at March 31, 2025 and December 31, 2024. 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 March 31, 2025, 49 percent of our deposits were in Consumer Banking, 14 percent in GWIM and 30 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 March 31, 2025 approximately 69 percent of consumer and small business deposits and approximately 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 both March 31, 2025 and December 31, 2024, 27 percent of our deposits were noninterest bearing and included operating accounts of our consumer and commercial clients. Deposits at March 31, 2025 increased $24.1 billion from December 31, 2024 primarily due to seasonal deposit inflows and client activity.
During the three months ended March 31, 2025 and 2024, rates paid on deposits were 61 bps and 55 bps in Consumer Banking, 250 bps and 289 bps in GWIM, and 273 bps and 312 bps in Global Banking. For information on rates paid on consolidated deposit balances, see Table 6 on page 7.
Long-term Debt
During the three months ended March 31, 2025, we issued $33.3 billion of long-term debt consisting of $21.5 billion of notes issued by Bank of America Corporation, substantially all of which were TLAC compliant, $5.2 billion of notes issued by Bank of America, N.A. and $6.6 billion of other debt.
During the three months ended March 31, 2025, we had total long-term debt maturities and redemptions in the aggregate of $16.0 billion consisting of $9.9 billion for Bank of America Corporation, $2.9 billion for Bank of America, N.A. and $3.2 billion of other debt. Table 14 presents the carrying value of aggregate annual contractual maturities of long-term debt at March 31, 2025.
Bank of America 22


Table 14Long-term Debt by Maturity
(Dollars in millions)Remainder of 20252026202720282029ThereafterTotal
Bank of America Corporation
Senior notes (1)
$2,737 $19,566 $23,684 $29,525 $22,145 $96,805 $194,462 
Senior structured notes1,258 2,117 906 522 1,200 12,872 18,875 
Subordinated notes2,656 4,896 2,023 904 — 17,626 28,105 
Junior subordinated notes— — 193 — — 557 750 
Total Bank of America Corporation6,651 26,579 26,806 30,951 23,345 127,860 242,192 
Bank of America, N.A.
Senior notes3,414 9,943 — 627 — — 13,984 
Subordinated notes— — — — — 1,420 1,420 
Advances from Federal Home Loan Banks905 458 36 1,412 
Securitizations and other Bank VIEs (2)
2,231 2,749 1,249 1,217 132 144 7,722 
Other104 199 39 62 89 — 493 
Total Bank of America, N.A.6,654 13,349 1,291 1,914 223 1,600 25,031 
Other debt
Structured Liabilities4,649 7,494 4,989 2,696 3,219 13,231 36,278 
Nonbank VIEs (1)
— — — — 17 628 645 
Other— — — — — —  
Total other debt4,649 7,494 4,989 2,696 3,236 13,859 36,923 
Total long-term debt$17,954 $47,422 $33,086 $35,561 $26,804 $143,319 $304,146 
(1)Total includes $178.7 billion of outstanding senior notes that are both TLAC eligible and callable one year before their stated maturities, including $13.3 billion during the remainder of 2025, and $23.7 billion, $26.6 billion, $23.2 billion and $8.2 billion during each year of 2026 through 2029, respectively, and $83.7 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 2024 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 increased $20.9 billion to $304.1 billion during the three months ended March 31, 2025 primarily due to debt issuances and valuation adjustments, partially offset by maturities. We may, from time to time, repurchase 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 three months ended March 31, 2025, we issued $8.9 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 2024 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 40.
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 15 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 2024 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 2024 Annual Report on Form 10-K.
23 Bank of America



Table 15Senior 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 March 31, 2025. 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 2024 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 2024 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 24, Commercial Portfolio Credit Risk Management on page 29, Non-U.S. Portfolio on page 35, Allowance for Credit Losses on page 36, 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 2024 Annual Report on Form 10-K. For more information on the Corporation’s credit risks, see the Credit section within Item 1A. Risk Factors of the Corporation’s 2024 Annual Report on Form 10-K. For more information on the Corporation’s economic and geopolitical risks, see the Geopolitical section within Item 1A. Risk Factors of the Corporation’s 2024 Annual Report on Form 10-K.
During the three months ended March 31, 2025, our net charge-off ratio decreased compared to the same period in 2024 primarily driven by lower commercial real estate office
charge-offs. Commercial reservable criticized exposure increased compared to December 31, 2024 driven by commercial real estate due to the sustained high interest rate environment. Nonperforming loans remained relatively unchanged compared to December 31, 2024. Uncertainty remains regarding broader economic impacts as a result of ongoing negotiations regarding international trade policies, 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 three months ended March 31, 2025, the U.S. unemployment rate and home prices remained relatively stable. During the three months ended March 31, 2025, net charge-offs increased $91 million to $1.1 billion compared to the same period in 2024, primarily due to the credit card portfolio.
The consumer allowance for loan and lease losses was $8.6 billion, relatively unchanged from December 31, 2024. For more information, see Allowance for Credit Losses on page 36.
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 2024 Annual Report on Form 10-K and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements.
Table 16 presents our outstanding consumer loans and leases, consumer nonperforming loans and accruing consumer loans past due 90 days or more.
Bank of America 24


Table 16Consumer Credit Quality
 OutstandingsNonperformingAccruing Past Due
90 Days or More
(Dollars in millions)March 31
2025
December 31
2024
March 31
2025
December 31
2024
March 31
2025
December 31
2024
Residential mortgage (1)
$235,246 $228,199 $2,036 $2,052 $234 $229 
Home equity 25,666 25,737 410 409  — 
Credit card99,731 103,566 n/an/a1,334 1,401 
Direct/Indirect consumer (2)
106,984 107,122 167 186 1 
Other consumer153 151  —  — 
Consumer loans excluding loans accounted for under the fair value option
$467,780 $464,775 $2,613 $2,647 $1,569 $1,631 
Loans accounted for under the fair value option (3)
221 221 
Total consumer loans and leases $468,001 $464,996 
Percentage of outstanding consumer loans and leases (4)
n/an/a0.56 %0.57 %0.34 %0.35 %
Percentage of outstanding consumer loans and leases, excluding fully-insured loan portfolios (4)
n/an/a0.57 0.58 0.29 0.31 
(1)Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At March 31, 2025 and December 31, 2024, residential mortgage included $124 million and $119 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 $110 million and $110 million of loans on which interest was still accruing.
(2)Outstandings primarily includes auto and specialty lending loans and leases of $54.1 billion and $54.9 billion, U.S. securities-based lending loans of $49.3 billion and $48.7 billion at March 31, 2025 and December 31, 2024, and non-U.S. consumer loans of $2.8 billion at both March 31, 2025 and December 31, 2024.
(3)For more information on the fair value option, see Note 15 – Fair Value Option to the Consolidated Financial Statements.
(4)Excludes consumer loans accounted for under the fair value option. At March 31, 2025 and December 31, 2024, loans accounted for under the fair value option that were past due 90 days or more and not accruing interest were insignificant.
n/a= not applicable
Table 17 presents net charge-offs and related ratios for consumer loans and leases.
Table 17Consumer Net Charge-offs and Related Ratios
Net Charge-offs
Net Charge-off Ratios (1)
Three Months Ended March 31
(Dollars in millions)2025202420252024
Residential mortgage$ $ %0.01 %
Home equity(12)(13)(0.19)(0.20)
Credit card1,001 899 4.05 3.62 
Direct/Indirect consumer70 65 0.27 0.26 
Other consumer60 74 n/mn/m
Total$1,119 $1,028 0.98 0.91 
(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

25 Bank of America



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 March 31, 2025. Approximately 50 percent of the residential mortgage portfolio was in Consumer Banking, 45 percent was in GWIM and the remaining portion was in Global Markets and All Other.
Outstanding balances in the residential mortgage portfolio increased $7.0 billion during the three months ended March 31, 2025, primarily due to a loan portfolio acquisition.
At March 31, 2025 and December 31, 2024, the residential mortgage portfolio included $9.7 billion and $9.9 billion of outstanding fully-insured loans, of which $1.9 billion and $2.0 billion had FHA insurance, with the remainder protected by Fannie Mae long-term standby agreements.
Table 18 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.
Table 18Residential Mortgage – Key Credit Statistics
Reported Basis (1)
Excluding Fully-insured Loans (1)
(Dollars in millions)March 31
2025
December 31
2024
March 31
2025
December 31
2024
Outstandings$235,246 $228,199 $225,596 $218,287 
Accruing past due 30 days or more1,477 1,494 1,017 1,007 
Accruing past due 90 days or more234 229  — 
Nonperforming loans (2)
2,036 2,052 2,036 2,052 
Percent of portfolio    
Refreshed LTV greater than 90 but less than or equal to 1001 %%1 %%
Refreshed LTV greater than 100 —  — 
Refreshed FICO below 6202 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 three months ended March 31, 2025. Of the nonperforming residential mortgage loans at March 31, 2025, $1.3 billion, or 62 percent, were current on contractual payments. Excluding fully-insured loans, loans accruing past due 30 days or more of $1.0 billion also remained relatively unchanged.
Of the $225.6 billion in total residential mortgage loans outstanding at March 31, 2025, $64.0 billion, or 28 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 March 31, 2025. 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 March 31, 2025, $68 million, or two percent, of outstanding interest-only residential mortgages that had entered the amortization period were accruing past due 30 days or more compared to $1.0 billion, or less than one percent, for the entire residential mortgage portfolio. In addition, at March 31, 2025, $191
million, or five percent, of outstanding interest-only residential mortgage loans that had entered the amortization period were nonperforming, of which $60 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 19 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 March 31, 2025 and December 31, 2024. The Los Angeles-Long Beach-Santa Ana MSA within California represented 14 percent of outstandings at both March 31, 2025 and December 31, 2024.
Bank of America 26


Table 19Residential Mortgage State Concentrations
Outstandings (1)
Nonperforming (1)
Net Charge-offs
March 31
2025
December 31
2024
March 31
2025
December 31
2024
Three Months Ended March 31
(Dollars in millions)20252024
California$81,595 $81,729 $606 $602 $ $
New York26,022 25,827 319 318  — 
Florida16,433 15,715 142 142  (1)
Massachusetts9,816 7,926 46 43  — 
New Jersey9,496 8,568 86 88  — 
Other82,234 78,522 837 859  
Residential mortgage loans$225,596 $218,287 $2,036 $2,052 $ $
Fully-insured loan portfolio9,650 9,912   
Total residential mortgage loan portfolio$235,246 $228,199   
(1)Outstandings and nonperforming loans exclude loans accounted for under the fair value option.
Home Equity
At March 31, 2025, the home equity portfolio made up five 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 March 31, 2025, 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 $71 million during the three months ended March 31, 2025 primarily due to paydowns outpacing draws on existing lines and new originations. Of the
total home equity portfolio at March 31, 2025 and December 31, 2024, $9.0 billion and $9.2 billion, or 35 percent and 36 percent, were in first-lien positions. At March 31, 2025, 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.
Unused HELOCs totaled $44.2 billion and $44.3 billion at March 31, 2025 and December 31, 2024. The HELOC utilization rate was 36 percent at both March 31, 2025 and December 31, 2024.
Table 20 presents certain home equity portfolio key credit statistics.
Table 20
Home Equity – Key Credit Statistics (1)
(Dollars in millions)March 31 2025December 31 2024
Outstandings$25,666 $25,737 
Accruing past due 30 days or more82 84 
Nonperforming loans (2)
410 409 
Percent of portfolio
Refreshed CLTV greater than 90 but less than or equal to 100 %— %
Refreshed CLTV greater than 100 — 
Refreshed FICO below 6203 
(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 remained relatively unchanged during the three months ended March 31, 2025. Of the nonperforming home equity loans at March 31, 2025, $249 million, or 61 percent, were current on contractual payments. In addition, $85 million, or 21 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 three months ended March 31, 2025.
Of the $25.7 billion in total home equity portfolio outstandings at March 31, 2025, as shown in Table 20, eight 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 $3.3 billion at March 31, 2025. 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 March 31, 2025, $31 million, or one percent, of outstanding HELOCs that had entered the
amortization period were accruing past due 30 days or more. In addition, at March 31, 2025, $239 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 three months ended March 31, 2025, 24 percent of these customers with an outstanding balance did not pay any principal on their HELOCs.
Table 21 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 March 31, 2025 and December 31, 2024. The Los Angeles-Long Beach-Santa Ana MSA within California made up 10 percent and 11 percent of the outstanding home equity portfolio at March 31, 2025 and December 31, 2024.
27 Bank of America



Table 21Home Equity State Concentrations
Outstandings (1)
Nonperforming (1)
Net Charge-offs
March 31
2025
December 31
2024
March 31
2025
December 31
2024
Three Months Ended March 31
(Dollars in millions)20252024
California$7,015 $7,038 $103 $102 $(2)$(3)
Florida2,526 2,542 48 47 (1)(2)
New Jersey1,799 1,817 32 34 (1)(2)
Texas
1,553 1,521 19 17  — 
New York
1,423 1,447 61 62 (2)— 
Other11,350 11,372 147 147 (6)(6)
Total home equity loan portfolio$25,666 $25,737 $410 $409 $(12)$(13)
(1)Outstandings and nonperforming loans exclude loans accounted for under the fair value option.
Credit Card
At March 31, 2025, 97 percent of the credit card portfolio was managed in Consumer Banking with the remainder in GWIM. Outstandings in the credit card portfolio decreased $3.8 billion during the three months ended March 31, 2025 to $99.7 billion, primarily driven by a seasonal decline in purchase volume. Net charge-offs increased $102 million to $1.0 billion during the three months ended March 31, 2025 compared to
the same period in 2024. Credit card loans 30 days or more past due decreased $141 million, and 90 days or more past due decreased $67 million at March 31, 2025.
Unused lines of credit for credit card increased to $407.6 billion at March 31, 2025 from $398.7 billion at December 31, 2024.
Table 22 presents certain state concentrations for the credit card portfolio.
Table 22Credit Card State Concentrations
OutstandingsPast Due
90 Days or More
Net Charge-offs
March 31
2025
December 31
2024
March 31
2025
December 31
2024
Three Months Ended March 31
(Dollars in millions)20252024
California$16,648 $17,289 $243 $253 $193 $161 
Florida10,446 10,794 179 199 141 123 
Texas8,894 9,121 138 142 99 90 
New York5,549 5,765 81 84 60 62 
Washington5,362 5,586 46 46 31 27 
Other52,832 55,011 647 677 477 436 
Total credit card portfolio$99,731 $103,566 $1,334 $1,401 $1,001 $899 
Direct/Indirect Consumer
At March 31, 2025, 51 percent of the direct/indirect portfolio was included in Consumer Banking (consumer auto and recreational vehicle lending) and 49 percent was included in GWIM (principally securities-based lending loans). Outstandings
in the direct/indirect portfolio of $107.0 billion were relatively unchanged during the three months ended March 31, 2025.
Table 23 presents certain state concentrations for the direct/indirect consumer loan portfolio.
Table 23Direct/Indirect State Concentrations
OutstandingsNonperformingNet Charge-offs
March 31
2025
December 31
2024
March 31
2025
December 31
2024
Three Months Ended March 31
(Dollars in millions)20252024
California$15,964 $16,017 $34 $38 $17 $15 
Florida14,570 14,573 20 23 8 
Texas10,162 10,164 18 18 8 
New York7,645 7,820 13 15 5 
New Jersey4,359 4,429 7 1 
Other54,284 54,119 75 85 31 27 
Total direct/indirect loan portfolio$106,984 $107,122 $167 $186 $70 $65 
Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity
Table 24 presents nonperforming consumer loans, leases and foreclosed properties activity for the three months ended March 31, 2025. During the three months ended March 31, 2025, nonperforming consumer loans of $2.6 billion remained relatively unchanged.
At March 31, 2025, $450 million, or 17 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 March 31, 2025, $1.6 billion, or 60 percent, of nonperforming consumer loans were current and classified as nonperforming loans in accordance with applicable policies.
During the three months ended March 31, 2025, foreclosed properties decreased $24 million to $88 million.
Bank of America 28


Table 24Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity
Three Months Ended March 31
(Dollars in millions)20252024
Nonperforming loans and leases, January 1$2,647 $2,712 
Additions 242 254 
Reductions:
Paydowns and payoffs(111)(131)
Sales(1)(1)
Returns to performing status (1)
(154)(113)
Charge-offs(5)(10)
Transfers to foreclosed properties (5)(14)
Total net reductions to nonperforming loans and leases(34)(15)
Total nonperforming loans and leases, March 31
2,613 2,697 
Foreclosed properties, March 31
88 112 
Nonperforming consumer loans, leases and foreclosed properties, March 31 (2)
$2,701 $2,809 
Nonperforming consumer loans and leases as a percentage of outstanding consumer loans and leases (3)
0.56 %0.59 %
Nonperforming consumer loans, leases and foreclosed properties as a percentage of outstanding consumer loans, leases and foreclosed properties (3)
0.58 0.62 
(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 $32 million and $22 million at March 31, 2025 and 2024.
(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 29, 31 and 34 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 31 and Commercial Portfolio Credit Risk Management – Industry Concentrations on page 33.
For more information on our accounting policies regarding delinquencies, nonperforming status and net charge-offs, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2024 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 $11.8 billion during the three months ended March 31, 2025 due to growth in U.S. and non-U.S. commercial, primarily in Global Markets and Global Banking. During the three months ended March 31, 2025, commercial credit quality deteriorated as reservable criticized utilized exposure increased primarily driven by commercial real estate due to the sustained high interest rate environment. Nonperforming commercial loans increased $142 million during the three months ended March 31, 2025, primarily in non-U.S. commercial and commercial real estate. Commercial net charge-offs decreased $137 million compared
to the same period in 2024 primarily due to lower charge-offs in the commercial real estate office portfolio.
With the exception of the office property type, which is further discussed in the Commercial Real Estate section herein, credit quality of commercial borrowers has remained relatively stable since December 31, 2024; however, we are closely monitoring emerging trends, including ongoing negotiations regarding international trade policies, as well as borrower performance in the current 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.
The commercial allowance for loan and lease losses of $4.7 billion remained relatively unchanged during the three months ended March 31, 2025. For more information, see Allowance for Credit Losses on page 36.
Total commercial utilized credit exposure increased $1.3 billion during the three months ended March 31, 2025 to $740.8 billion driven by higher loans and leases partially offset by decreases in derivative assets and loans held-for-sale. The utilization rate for loans and leases, standby letters of credit (SBLCs) and financial guarantees, and commercial letters of credit, in the aggregate, was 56 percent and 55 percent at March 31, 2025 and December 31, 2024.
Table 25 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.
29 Bank of America



Table 25Commercial Credit Exposure by Type
 
Commercial Utilized (1)
Commercial Unfunded (2, 3, 4)
Total Commercial Committed
(Dollars in millions)March 31
2025
December 31
2024
March 31
2025
December 31
2024
March 31
2025
December 31
2024
Loans and leases$642,624 $630,839 $536,966 $535,675 $1,179,590 $1,166,514 
Derivative assets (5)
36,206 40,948  — 36,206 40,948 
Standby letters of credit and financial guarantees32,732 33,147 2,426 1,889 35,158 35,036 
Debt securities and other investments17,312 19,133 4,392 4,407 21,704 23,540 
Loans held-for-sale4,597 7,985 6,823 5,003 11,420 12,988 
Operating leases5,406 5,608  — 5,406 5,608 
Commercial letters of credit770 839  111 770 950 
Other1,136 1,004  — 1,136 1,004 
Total$740,783 $739,503 $550,607 $547,085 $1,291,390 $1,286,588 
(1)Commercial utilized exposure includes loans of $5.2 billion and $4.0 billion accounted for under the fair value option at March 31, 2025 and December 31, 2024.
(2)Commercial unfunded exposure includes commitments accounted for under the fair value option with a notional amount of $2.0 billion and $2.2 billion at March 31, 2025 and December 31, 2024.
(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 $10.6 billion and $10.4 billion at March 31, 2025 and December 31, 2024.
(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 $26.5 billion and $30.1 billion at March 31, 2025 and December 31, 2024. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $56.7 billion and $59.7 billion at March 31, 2025 and December 31, 2024, which consists primarily of other marketable securities.
Nonperforming commercial loans increased $142 million during the three months ended March 31, 2025, primarily in non-U.S. commercial and commercial real estate. Table 26 presents our commercial loans and leases portfolio and related credit quality information at March 31, 2025 and December 31, 2024.
Table 26Commercial Credit Quality
OutstandingsNonperforming Accruing Past Due
90 Days or More
(Dollars in millions)March 31
2025
December 31
2024
March 31
2025
December 31
2024
March 31
2025
December 31
2024
Commercial and industrial:
U.S. commercial$393,413 $386,990 $1,157 $1,204 $85 $90 
Non-U.S. commercial141,327 137,518 111 1 
Total commercial and industrial534,740 524,508 1,268 1,212 86 94 
Commercial real estate65,539 65,730 2,145 2,068 5 
Commercial lease financing15,698 15,708 26 20 8 
615,977 605,946 3,439 3,300 99 103 
U.S. small business commercial (1)
21,482 20,865 31 28 199 197 
Commercial loans excluding loans accounted for under the fair value option$637,459 $626,811 $3,470 $3,328 $298 $300 
Loans accounted for under the fair value option (2)
5,165 4,028 
Total commercial loans and leases$642,624 $630,839 
(1)Includes card-related products.
(2)Commercial loans accounted for under the fair value option includes U.S. commercial of $4.0 billion and $2.8 billion and non-U.S. commercial of $1.2 billion and $1.3 billion at March 31, 2025 and December 31, 2024 For more information on the fair value option, see Note 15 – Fair Value Option to the Consolidated Financial Statements.
Table 27 presents net charge-offs and related ratios for the three months ended March 31, 2025 and 2024.
Table 27Commercial Net Charge-offs and Related Ratios
Net Charge-offs
Net Charge-off Ratios (1)
Three Months Ended March 31
(Dollars in millions)2025202420252024
Commercial and industrial:
U.S. commercial$70 $66 0.07 %0.07 %
Non-U.S. commercial7 (9)0.02 (0.03)
Total commercial and industrial77 57 0.06 0.05 
Commercial real estate123 304 0.75 1.70 
Commercial lease financing  0.03 
200 362 0.13 0.26 
U.S. small business commercial133 108 2.57 2.22 
Total commercial$333 $470 0.22 0.32 
(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 28 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
Bank of America 30


criticized utilized exposure increased $1.2 billion during the three months ended March 31, 2025 primarily driven by commercial real estate. At March 31, 2025 and December 31,
2024, 92 percent and 91 percent of commercial reservable criticized utilized exposure was secured.
Table 28
Commercial Reservable Criticized Utilized Exposure (1, 2)
(Dollars in millions)March 31, 2025December 31, 2024
Commercial and industrial:
U.S. commercial$13,342 3.17 %$13,387 3.23 %
Non-U.S. commercial1,804 1.23 1,955 1.37 
Total commercial and industrial15,146 2.67 15,342 2.75 
Commercial real estate11,483 17.19 10,168 15.17 
Commercial lease financing281 1.79 291 1.85 
26,910 4.14 25,801 4.03 
U.S. small business commercial742 3.45 694 3.33 
Total commercial reservable criticized utilized exposure$27,652 4.12 $26,495 4.01 
(1)Total commercial reservable criticized utilized exposure includes loans and leases of $26.7 billion and $25.5 billion and commercial letters of credit of $994 million and $977 million at March 31, 2025 and December 31, 2024.
(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 March 31, 2025, 60 percent of the U.S. commercial loan portfolio, excluding small business, was managed in Global Banking, 23 percent in Global Markets, 16 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 $6.4 billion, or two percent, during the three months ended March 31, 2025 primarily driven by Global Banking and Global Markets. Reservable criticized utilized exposure remained relatively unchanged.
Non-U.S. Commercial
At March 31, 2025, 57 percent of the non-U.S. commercial loan portfolio was managed in Global Banking and 43 percent in Global Markets. Non-U.S. commercial loans increased $3.8 billion, or three percent, during the three months ended March 31, 2025 primarily driven by Global Banking. Reservable criticized utilized exposure decreased $151 million, or eight percent. For information on the non-U.S. commercial portfolio, see Non-U.S. Portfolio on page 35.
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 of $65.5 billion remained relatively unchanged during the three months ended March 31, 2025. 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 21 percent of commercial real estate at both March 31, 2025 and December 31, 2024.
Reservable criticized utilized exposure increased $1.3 billion, or 13 percent, during the three months ended March 31, 2025 primarily driven by industrial/warehouse and multi-family rental loans that are being impacted by the elevated interest rate environment. Office loans represented the largest property type concentration at 22 percent of the commercial real estate portfolio at March 31, 2025, 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 $5.2 billion at March 31, 2025, representing an increase of $168 million, or three percent, from December 31, 2024, with an aggregate loan-to-value of approximately 85 percent based on property appraisals completed in the last twelve months. Approximately $3.4 billion of office loans are scheduled to mature by the end of 2025.
During the three months ended March 31, 2025, net charge-offs decreased $181 million to $123 million compared to the same period in 2024 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.

31 Bank of America



Table 29 presents outstanding commercial real estate loans by geographic region, based on the geographic location of the collateral, and by property type.
Table 29Outstanding Commercial Real Estate Loans
(Dollars in millions)March 31
2025
December 31
2024
By Geographic Region   
Northeast$15,073 $14,708 
California13,955 13,712 
Southwest7,369 7,719 
Southeast7,044 6,914 
Florida4,706 4,410 
Illinois2,896 2,996 
Midsouth2,598 2,487 
Midwest2,501 2,468 
Northwest1,672 1,979 
Non-U.S. 5,810 6,109 
Other 1,915 2,228 
Total outstanding commercial real estate loans
$65,539 $65,730 
By Property Type  
Non-residential
Office$14,419 $15,061 
Industrial / Warehouse13,036 13,166 
Multi-family rental10,792 11,022 
Shopping centers / Retail5,713 5,603 
Hotel / Motels4,531 4,680 
Multi-use1,978 2,162 
Other14,098 13,179 
Total non-residential64,567 64,873 
Residential972 857 
Total outstanding commercial real estate loans
$65,539 $65,730 
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 53 percent of the U.S. small business commercial portfolio at both March 31, 2025 and December 31, 2024 and represented 98 percent of net charge-offs for the three months ended March 31, 2025 and 2024. Accruing loans that were past due 90 days or more remained relatively unchanged during the three months ended March 31, 2025.
Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity
Table 30 presents the nonperforming commercial loans, leases and foreclosed properties activity during the three months ended March 31, 2025 and 2024. Nonperforming loans do not include loans accounted for under the fair value option. During the three months ended March 31, 2025, nonperforming commercial loans and leases increased $142 million to $3.5 billion. At March 31, 2025, nearly 100 percent of commercial nonperforming loans, leases and foreclosed properties were secured, and 36 percent were contractually current. Commercial nonperforming loans were carried at 86 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.
Bank of America 32


Table 30
Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity (1, 2)
Three Months Ended March 31
(Dollars in millions)20252024
Nonperforming loans and leases, January 1$3,328 $2,773 
Additions644 1,006 
Reductions: 
Paydowns(275)(220)
Sales (1)
Returns to performing status (3)
(9)(4)
Charge-offs(218)(368)
Total net additions to nonperforming loans and leases
142 413 
Total nonperforming loans and leases, March 313,470 3,186 
Foreclosed properties, March 3130 39 
Nonperforming commercial loans, leases and foreclosed properties, March 31$3,500 $3,225 
Nonperforming commercial loans and leases as a percentage of outstanding commercial loans and leases (4)
0.54 %0.54 %
Nonperforming commercial loans, leases and foreclosed properties as a percentage of outstanding commercial loans, leases and foreclosed properties (4)
0.55 0.54 
(1)Balances do not include nonperforming loans held-for-sale of $583 million and $379 million at March 31, 2025 and 2024.
(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 31 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 $4.8 billion during the three months ended March 31, 2025 to $1.3 trillion. The increase in commercial committed exposure was concentrated in Finance companies, Government & public education and Capital goods.
For information on industry limits, see Commercial Portfolio Credit Risk Management – Risk Mitigation in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K.
Asset managers and funds, our largest industry concentration with committed exposure of $190.2 billion, decreased $3.7 billion, or two percent, during the three months ended March 31, 2025, which was primarily driven by investment-grade exposures.

Finance companies, our second largest industry concentration with committed exposure of $109.8 billion, increased $8.0 billion, or eight percent, during the three months ended March 31, 2025. The increase in committed exposure was primarily driven by increases in Consumer finance, Thrifts and mortgage finance and Diversified financials.
Capital goods, our third largest industry concentration with committed exposure of $101.9 billion, increased $3.1 billion, or three percent, during the three months ended March 31, 2025. The increase in committed exposure was driven by increases in Trading companies and distributors, Machinery and Electrical equipment, partially offset by a decrease in Industrial conglomerates.
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 these risks as well as the ongoing negotiations regarding international trade policies.

33 Bank of America



Table 31
Commercial Credit Exposure by Industry (1)
Commercial
Utilized
Total Commercial
Committed (2)
(Dollars in millions)March 31
2025
December 31
2024
March 31
2025
December 31
2024
Asset managers and funds$116,857 $118,123 $190,223 $193,947 
Finance companies77,795 74,975 109,820 101,828 
Capital goods52,912 51,367 101,909 98,780 
Real estate (3)
68,311 69,841 95,300 95,981 
Healthcare equipment and services36,501 35,964 65,887 65,819 
Materials28,434 26,797 61,164 58,128 
Retailing26,606 24,449 53,773 53,471 
Consumer services29,144 28,391 52,708 53,054 
Government and public education32,872 32,682 52,009 48,204 
Food, beverage and tobacco25,209 25,763 50,875 54,370 
Individuals and trusts35,181 35,457 50,091 50,353 
Commercial services and supplies25,724 24,409 45,275 43,451 
Utilities18,822 18,186 42,774 42,107 
Transportation23,426 24,135 35,836 35,743 
Energy13,968 13,857 35,560 35,510 
Technology hardware and equipment9,758 11,526 28,358 30,093 
Software and services11,169 11,158 25,229 27,383 
Global commercial banks20,802 22,641 24,341 25,220 
Vehicle dealers18,050 18,194 23,542 23,855 
Media10,120 12,130 22,911 24,023 
Insurance10,820 12,640 22,050 23,445 
Pharmaceuticals and biotechnology7,704 7,378 21,911 21,717 
Consumer durables and apparel9,615 8,987 21,292 21,823 
Telecommunication services9,320 8,571 17,824 18,759 
Automobiles and components8,136 8,172 17,270 16,268 
Food and staples retailing7,129 7,206 12,594 12,777 
Financial markets infrastructure (clearinghouses)3,956 4,219 6,676 6,413 
Religious and social organizations2,442 2,285 4,188 4,066 
Total commercial credit exposure by industry$740,783 $739,503 $1,291,390 $1,286,588 
(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 $10.6 billion and $10.4 billion at March 31, 2025 and December 31, 2024.
(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 March 31, 2025 and December 31, 2024, 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 $12.0 billion and $10.4 billion. We recorded net gains of $3 million for the three months ended March 31, 2025 compared to net losses of $25 million for the three months ended March 31, 2024. 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 the exposures under the fair value option are included in the fair value option portfolio information in Table 37. For more information, see Trading Risk Management on page 38.
Tables 32 and 33 present the maturity profiles and the credit exposure debt ratings of the net credit default protection portfolio at March 31, 2025 and December 31, 2024.
Table 32Net Credit Default Protection by Maturity
March 31
2025
December 31
2024
Less than or equal to one year16 %24 %
Greater than one year and less than or equal to five years
76 76 
Greater than five years8 — 
Total net credit default protection100 %100 %
Bank of America 34


Table 33Net Credit Default Protection by Credit Exposure Debt Rating
Net
Notional
(1)
Percent of
Total
Net
Notional
(1)
Percent of
Total
(Dollars in millions)March 31, 2025December 31, 2024
Ratings (2, 3)
    
AAA$(195)1.6 %$(120)1.1 %
AA(1,071)8.9 (960)9.2 
A(5,223)43.6 (4,978)47.7 
BBB(3,761)31.4 (3,385)32.4 
BB(1,060)8.8 (526)5.0 
B(402)3.4 (385)3.7 
CCC and below(88)0.7 (82)0.8 
NR (4)
(189)1.6 — 0.1 
Total net credit
default protection
$(11,989)100.0 %$(10,436)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.
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 2024 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 2024 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 2024 Annual Report on Form 10-K.
Table 34 presents our 20 largest non-U.S. country exposures at March 31, 2025. These exposures accounted for 89 percent of our total non-U.S. exposure at both March 31, 2025 and December 31, 2024. Net country exposure for these 20 countries increased $6.1 billion from December 31, 2024 primarily driven by increases in Germany, India and Singapore.

Table 34Top 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 March 31
2025
Hedges and Credit Default ProtectionNet Country Exposure at March 31
2025
Increase (Decrease) from December 31
2024
United Kingdom$34,482 $18,275 $4,568 $4,373 $61,698 $(1,768)$59,930 $(2,115)
Germany26,714 11,297 1,897 1,660 41,568 (1,548)40,020 2,982 
Canada14,100 11,300 1,308 3,522 30,230 (501)29,729 (1,743)
France16,583 9,190 1,076 2,465 29,314 (1,564)27,750 1,596 
Australia15,498 4,742 610 2,257 23,107 (343)22,764 628 
Brazil10,248 1,351 1,032 4,642 17,273 (92)17,181 443 
Japan11,057 1,352 1,200 3,988 17,597 (740)16,857 (2,384)
India8,107 372 772 7,081 16,332 (59)16,273 2,487 
Singapore5,720 631 169 5,185 11,705 (38)11,667 1,780 
Switzerland5,366 5,065 294 274 10,999 (142)10,857 256 
China4,490 260 703 4,826 10,279 (264)10,015 793 
Ireland6,952 1,629 118 419 9,118 (146)8,972 711 
South Korea4,624 1,290 739 2,113 8,766 (208)8,558 115 
Netherlands3,341 3,568 646 1,386 8,941 (608)8,333 204 
Italy5,034 2,369 266 735 8,404 (570)7,834 (55)
Mexico4,467 1,767 400 1,283 7,917 (237)7,680 (362)
Spain3,287 2,124 54 1,085 6,550 (334)6,216 113 
Hong Kong3,049 591 728 1,228 5,596 (80)5,516 426 
Indonesia1,185 — 29 3,593 4,807 (31)4,776 355 
Belgium968 1,281 152 1,042 3,443 (169)3,274 (101)
Total top 20 non-U.S. countries exposure
$185,272 $78,454 $16,761 $53,157 $333,644 $(9,442)$324,202 $6,129 
Our largest non-U.S. country exposure at March 31, 2025 was the United Kingdom with net exposure of $59.9 billion, which decreased $2.1 billion from December 31, 2024 primarily due to lower deposits with the central bank. Our second largest non-U.S. country exposure was Germany with net exposure of $40.0 billion at March 31, 2025, which increased $3.0 billion from December 31, 2024 primarily due to increased exposure to sovereign institutions.
35 Bank of America



Allowance for Credit Losses
The allowance for credit losses increased $30 million from December 31, 2024 to $14.4 billion at March 31, 2025, which included a reserve decrease of $18 million and a reserve increase of $48 million related to the consumer and commercial
portfolios, respectively.
Table 35 presents an allocation of the allowance for credit losses by product type at March 31, 2025 and December 31, 2024.
Table 35Allocation 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)March 31, 2025December 31, 2024
Allowance for loan and lease losses      
Residential mortgage$290 2.19 %0.12 %$264 1.99 %0.12 %
Home equity50 0.38 0.19 29 0.22 0.11 
Credit card7,434 56.08 7.45 7,515 56.76 7.26 
Direct/Indirect consumer710 5.36 0.66 700 5.29 0.65 
Other consumer68 0.51 n/m62 0.47 n/m
Total consumer8,552 64.52 1.83 8,570 64.73 1.84 
U.S. commercial (2)
2,739 20.66 0.66 2,637 19.91 0.65 
Non-U.S. commercial720 5.43 0.51 778 5.88 0.57 
Commercial real estate1,204 9.08 1.84 1,219 9.21 1.85 
Commercial lease financing41 0.31 0.27 36 0.27 0.23 
Total commercial4,704 35.48 0.74 4,670 35.27 0.75 
Allowance for loan and lease losses13,256 100.00 %1.20 13,240 100.00 %1.21 
Reserve for unfunded lending commitments1,110 1,096  
Allowance for credit losses$14,366 $14,336 
(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 $1.3 billion and $1.2 billion at March 31, 2025 and December 31, 2024.
n/m = not meaningful
Net charge-offs of $1.5 billion for the three months ended March 31, 2025 were relatively unchanged compared to the same period in 2024. The provision for credit losses increased $161 million to $1.5 billion for the three months ended March 31, 2025 compared to the same period in 2024. The provision for credit losses for the three months ended March 31, 2025 was primarily driven by credit card loans. The provision for credit losses for the consumer portfolio, including unfunded lending commitments, increased $140 million to $1.1 billion for the three months ended March 31, 2025 compared to the same period in 2024. The provision for credit losses for the commercial portfolio, including unfunded lending commitments,
increased $21 million to $381 million for the three months ended March 31, 2025 compared to the same period in 2024.
Table 36 presents a rollforward of the allowance for credit losses, including certain loan and allowance ratios for the three months ended March 31, 2025 and 2024. 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 2024 Annual Report on Form 10-K and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements.
Bank of America 36


Table 36Allowance for Credit Losses
Three Months Ended March 31
(Dollars in millions)20252024
Allowance for loan and lease losses, January 1$13,240 $13,342 
Loans and leases charged off
Residential mortgage(3)(8)
Home equity(3)(3)
Credit card(1,178)(1,045)
Direct/Indirect consumer(105)(102)
Other consumer(66)(78)
Total consumer charge-offs(1,355)(1,236)
U.S. commercial (1)
(244)(196)
Non-U.S. commercial(8)(1)
Commercial real estate(126)(304)
Commercial lease financing (1)
Total commercial charge-offs(378)(502)
Total loans and leases charged off(1,733)(1,738)
Recoveries of loans and leases previously charged off
Residential mortgage3 
Home equity15 16 
Credit card177 146 
Direct/Indirect consumer35 37 
Other consumer6 
Total consumer recoveries236 208 
U.S. commercial (2)
41 22 
Non-U.S. commercial1 10 
Commercial real estate3 — 
Commercial lease financing — 
Total commercial recoveries45 32 
Total recoveries of loans and leases previously charged off281 240 
Net charge-offs (1,452)(1,498)
Provision for loan and lease losses1,466 1,370 
Other2 (1)
Allowance for loan and lease losses, March 31
13,256 13,213 
Reserve for unfunded lending commitments, January 11,096 1,209 
Provision for unfunded lending commitments14 (51)
Reserve for unfunded lending commitments, March 31
1,110 1,158 
Allowance for credit losses, March 31
$14,366 $14,371 
Loan and allowance ratios (3):
Loans and leases outstanding at March 31
$1,105,239 $1,046,218 
Allowance for loan and lease losses as a percentage of total loans and leases outstanding at March 31
1.20 %1.26 %
Consumer allowance for loan and lease losses as a percentage of total consumer loans and leases outstanding at March 31
1.83 1.87 
Commercial allowance for loan and lease losses as a percentage of total commercial loans and leases outstanding at March 31
0.74 0.80 
Average loans and leases outstanding$1,088,296 $1,044,723 
Net charge-offs as a percentage of average loans and leases outstanding0.54 %0.58 %
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases at March 31
218 225 
Ratio of the allowance for loan and lease losses at March 31 to annualized net charge-offs
2.25 2.19 
Amounts included in allowance for loan and lease losses for loans and leases that are excluded from nonperforming loans and leases at March 31 (4)
$8,663 $8,353 
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 March 31 (4)
76 %83 %
(1)Includes U.S. small business commercial charge-offs of $147 million and $118 million for the three months ended March 31, 2025 and 2024.
(2)Includes U.S. small business commercial recoveries of $14 million and $10 million for the three months ended March 31, 2025 and 2024.
(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.

37 Bank of America



Market Risk Management
For more information on our market risk management process, see Market Risk Management in the MD&A of the Corporation’s 2024 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 2024 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 37 presents the total market-based portfolio VaR, which is the combination of the total trading positions portfolio
and the fair value option portfolio. Prior to the first quarter of 2025, the Corporation presented its VaR using a total market-based portfolio VaR, which was primarily a combination of our total covered positions and certain less liquid trading positions. An insignificant amount of banking book positions was included in these portfolios. Beginning in the first quarter of 2025, the VaR amounts for all periods presented in Table 37 and Table 38 exclude those banking book positions and include only the financial instruments used in the Corporation’s market risk management of its trading portfolios. For more information on the market risk VaR for trading activities, see Trading Risk Management in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K.
The total market-based portfolio VaR results in Table 37 include market risk to which we are exposed from all business segments’ trading activities, which exclude credit valuation adjustment (CVA), DVA and the related hedges of these items. The majority of this portfolio is within the Global Markets segment.
Table 37 presents period-end, average, high and low daily trading VaR for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024 using a 99 percent confidence level. The average of the trading portfolio VaR increased for the three months ended March 31, 2025 compared to the prior quarter due to increased credit risk and reduced diversification benefit across asset classes.
Table 37Market Risk VaR for Trading Activities

Three Months Ended
March 31, 2025December 31, 2024March 31, 2024
(Dollars in millions)Period
End
Average
High (1)
Low (1)
Period
End
Average
High (1)
Low (1)
Period
End
Average
High (1)
Low (1)
Foreign exchange$12 $18 $36 $10 $24 $17 $27 $$21 $13 $21 $
Interest rate52 62 83 46 65 59 83 36 56 62 94 40 
Credit61 56 67 48 56 52 59 44 49 50 60 44 
Mortgage41 34 41 28 27 34 51 26 30 32 35 29 
Equity26 24 38 15 20 23 34 16 18 17 24 12 
Commodities11 10 13 7 10 12 12 10 12 
Portfolio diversification(107)(113)n/an/a(114)(127)n/an/a(124)(120)n/an/a
Total trading positions portfolio VaR96 91 119 66 87 68 89 56 62 64 87 53 
Fair value option loans23 27 35 19 31 21 31 15 14 16 19 12 
Fair value option hedges14 19 28 11 22 13 22 10 
Fair value option portfolio diversification(23)(30)n/an/a(34)(21)n/an/a(9)(11)n/an/a
Total fair value option portfolio14 16 20 11 19 13 19 10 11 13 16 10 
Portfolio diversification(4)(8)n/an/a(8)(7)n/an/a(6)(7)n/an/a
Total market-based portfolio$106 $99 127 73 $98 $74 100 61 $67 $70 95 59 
(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 amount of portfolio diversification, which is the difference between the total portfolio and the sum of the individual components, is not relevant.
n/a = not applicable

Bank of America 38


The following graph presents the trading positions portfolio VaR for the previous five quarters, corresponding to the data in Table 37.
VaR Graph V5.1.jpg
Additional VaR statistics produced within our single VaR model are provided in Table 38 at the same level of detail as in Table 37. 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 38 presents average trading VaR statistics at 99 percent and 95 percent confidence levels for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024.
Table 38Average Market Risk VaR for Trading Activities – 99 percent and 95 percent VaR Statistics
Three Months Ended
March 31, 2025December 31, 2024March 31, 2024
(Dollars in millions)99 percent95 percent99 percent95 percent99 percent95 percent
Foreign exchange$18 $9 $17 $$13 $
Interest rate62 33 59 33 62 34 
Credit56 29 52 28 50 24 
Mortgage34 18 34 21 32 17 
Equity24 12 23 12 17 
Commodities10 6 10 10 
Portfolio diversification(113)(68)(127)(73)(120)(63)
Total trading positions portfolio VaR91 39 68 35 64 31 
Fair value option loans27 16 21 12 16 
Fair value option hedges19 11 13 
Fair value option portfolio diversification(30)(19)(21)(12)(11)(6)
Total fair value option portfolio16 8 13 13 
Portfolio diversification(8)(3)(7)(4)(7)(4)
Total market-based portfolio$99 $44 $74 $38 $70 $35 
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 2024 Annual Report on Form 10-K.

During the three months ended March 31, 2025, 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.

39 Bank of America



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 2024 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 March 31, 2025 compared to the three months ended December 31, 2024. During the three months ended March 31, 2025, 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 December 31, 2024 where positive trading-related revenue was recorded for 98 percent of the trading days, of which 86 percent were daily trading gains of over $25 million, and the largest loss was $12 million.

1Q25 Trading Related Revenue Histogram.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 2024 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 2024 Annual Report on Form 10-K.
Table 39 presents the spot and 12-month forward rates used in developing the forward curve used in our baseline forecasts at March 31, 2025 and December 31, 2024.
Table 39Forward Rates
 Federal
Funds

SOFR
10-Year
SOFR
March 31, 2025
Spot rates4.50 %4.41 %3.76 %
12-month forward rates3.65 3.53 3.80 
December 31, 2024
Spot rates4.50 %4.49 %4.07 %
12-month forward rates4.00 3.94 4.07 
Table 40 shows the potential pretax impact to forecasted net interest income over the next 12 months from March 31, 2025 and December 31, 2024 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. Amounts presented reflect dynamic deposit sensitivities, which incorporate behavioral customer deposit balance changes that could occur under various scenarios. For more information, see Interest Rate Risk Management for the Banking Book in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K.
Bank of America 40


Table 40Estimated Banking Book Net Interest Income Sensitivity to Curve Changes
Short
Rate (bps)
Long
Rate (bps)
(Dollars in billions)March 31
2025
December 31
2024
Parallel Shifts
 +100 bps instantaneous shift
+100+100$0.9 $1.1 
 -100 bps instantaneous shift
-100-100(2.2)(2.3)
 +200 bps instantaneous shift
+200+2001.5 2.0 
 -200 bps instantaneous shift
-200-200(5.3)(5.4)
Flatteners  
Short-end instantaneous change
+100— 0.8 1.1 
Long-end instantaneous change
— -100(0.2)(0.1)
Steepeners  
Short-end instantaneous change
-100 — (1.9)(2.1)
Long-end instantaneous change
— +1000.2 0.1 
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 16.
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 40 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. In higher rate scenarios, the analysis assumes that a portion of low-cost or noninterest-bearing deposits is 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 is replaced with low-cost or noninterest-bearing deposits.
For larger interest rate shift 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 40. 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
41 Bank of America



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.
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 2024 Annual Report on Form 10-K.
Climate Risk
Climate risk is divided into two major categories, both of which span the seven key risk types discussed in Managing Risk on page 16: (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 third parties. 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.
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 Committee (CGC) 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 CGC is responsible for overseeing the Corporation’s environmental sustainability-related activities and practices, and regularly reviews the Corporation’s related initiatives and policies.

Our Climate Risk Council consists of leaders across risk, Front Line Unit (FLU) and control functions, and meets routinely to discuss our approach to managing climate-related risks. 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, we created our internal Climate Risk Framework, which addresses various global climate-related laws, rules, regulations and guidance. The framework describes how the Corporation identifies, measures, monitors and controls climate risk by enhancing existing risk management processes, includes examples of how climate risk manifests across the seven risk types, and details the roles and responsibilities for climate risk management across our three lines of defense (i.e., FLUs, 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 2024 Annual Report on Form 10-K. For more information on climate risk, see Item 1A. Risk Factors of the Corporation’s 2024 Annual Report on Form 10-K. For more information on climate- and sustainability-related matters and their importance in supporting our customers and clients, 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 or the Corporation’s 2024 Annual Report on Form 10-K.
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 2024 Annual Report on Form 10-K and Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K.
Bank of America 42


Non-GAAP Reconciliations
Table 41 provides reconciliations of certain non-GAAP financial measures to the most directly comparable GAAP financial measures.
Table 41
Average and Period-end Supplemental Financial Data and Reconciliations to GAAP Financial Measures (1)
2025 Quarter2024 Quarters
(Dollars in millions)FirstFourthThirdSecondFirst
Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity$295,787 $295,134 $294,985 $293,403 $292,511 
Goodwill(69,021)(69,021)(69,021)(69,021)(69,021)
Intangible assets (excluding MSRs)(1,912)(1,932)(1,951)(1,971)(1,990)
Related deferred tax liabilities851 859 864 869 874 
Tangible shareholders’ equity$225,705 $225,040 $224,877 $223,280 $222,374 
Preferred stock(22,307)(23,493)(25,984)(28,113)(28,397)
Tangible common shareholders’ equity$203,398 $201,547 $198,893 $195,167 $193,977 
Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity$295,581 $295,559 $296,512 $293,892 $293,552 
Goodwill(69,021)(69,021)(69,021)(69,021)(69,021)
Intangible assets (excluding MSRs)(1,899)(1,919)(1,938)(1,958)(1,977)
Related deferred tax liabilities846 851859 864 869 
Tangible shareholders’ equity$225,507 $225,470 $226,412 $223,777 $223,423 
Preferred stock(20,499)(23,159)(24,554)(26,548)(28,397)
Tangible common shareholders’ equity$205,008 $202,311 $201,858 $197,229 $195,026 
Reconciliation of period-end assets to period-end tangible assets
Assets$3,349,424 $3,261,519 $3,324,293 $3,257,996 $3,273,803 
Goodwill(69,021)(69,021)(69,021)(69,021)(69,021)
Intangible assets (excluding MSRs)(1,899)(1,919)(1,938)(1,958)(1,977)
Related deferred tax liabilities 846 851859 864 869 
Tangible assets$3,279,350 $3,191,430 $3,254,193 $3,187,881 $3,203,674 
(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 5.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
See Market Risk Management on page 38 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 March 31, 2025, that have materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.
43 Bank of America



Part I. Financial Information
Item 1. Financial Statements
Bank of America Corporation and Subsidiaries
Consolidated Statement of Income
Three Months Ended March 31
(In millions, except per share information)20252024
Net interest income
Interest income$34,066 $36,285 
Interest expense19,623 22,253 
Net interest income14,443 14,032 
Noninterest income
Fees and commissions9,415 8,660 
Market making and similar activities3,584 3,888 
Other income (loss)(76)(762)
Total noninterest income12,923 11,786 
Total revenue, net of interest expense27,366 25,818 
Provision for credit losses1,480 1,319 
Noninterest expense
Compensation and benefits10,889 10,195 
Information processing and communications1,894 1,800 
Occupancy and equipment1,856 1,811 
Product delivery and transaction related914 851 
Professional fees652 548 
Marketing506 455 
Other general operating1,059 1,577 
Total noninterest expense17,770 17,237 
Income before income taxes8,116 7,262 
Income tax expense720 588 
Net income$7,396 $6,674 
Preferred stock dividends406 532 
Net income applicable to common shareholders$6,990 $6,142 
Per common share information
Earnings$0.91 $0.77 
Diluted earnings0.90 0.76 
Average common shares issued and outstanding7,677.9 7,968.2 
Average diluted common shares issued and outstanding7,770.8 8,031.4 
 
Consolidated Statement of Comprehensive Income
Three Months Ended March 31
(Dollars in millions)20252024
Net income$7,396 $6,674 
Other comprehensive income (loss), net-of-tax:
Net change in debt securities366 332 
Net change in debit valuation adjustments297 (188)
Net change in derivatives1,313 (416)
Employee benefit plan adjustments27 23 
Net change in foreign currency translation adjustments11 (20)
Other comprehensive income (loss)2,014 (269)
Comprehensive income (loss)$9,410 $6,405 











See accompanying Notes to Consolidated Financial Statements.
Bank of America 44


Bank of America Corporation and Subsidiaries
Consolidated Balance Sheet
March 31
2025
December 31
2024
(Dollars in millions)
Assets
Cash and due from banks$24,734 $26,003 
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks248,845 264,111 
Cash and cash equivalents273,579 290,114 
Time deposits placed and other short-term investments7,282 6,372 
Federal funds sold and securities borrowed or purchased under agreements to resell
   (includes $181,232 and $144,501 measured at fair value)
328,365 274,709 
Trading account assets (includes $171,255 and $170,328 pledged as collateral)
339,614 314,460 
Derivative assets36,206 40,948 
Debt securities: 
Carried at fair value388,559 358,607 
Held-to-maturity, at cost (fair value $454,408 and $450,548)
550,720 558,677 
Total debt securities939,279 917,284 
Loans and leases (includes $5,386 and $4,249 measured at fair value)
1,110,625 1,095,835 
Allowance for loan and lease losses(13,256)(13,240)
Loans and leases, net of allowance1,097,369 1,082,595 
Premises and equipment, net12,151 12,168 
Goodwill69,021 69,021 
Loans held-for-sale (includes $2,672 and $2,214 measured at fair value)
6,867 9,545 
Customer and other receivables80,329 82,247 
Other assets (includes $9,952 and $13,176 measured at fair value)
159,362 162,056 
Total assets$3,349,424 $3,261,519 
Liabilities  
Deposits in U.S. offices:  
Noninterest-bearing$513,905 $507,561 
Interest-bearing (includes $403 and $310 measured at fair value)
1,346,423 1,329,014 
Deposits in non-U.S. offices:
Noninterest-bearing16,105 16,297 
Interest-bearing113,131 112,595 
Total deposits1,989,564 1,965,467 
Federal funds purchased and securities loaned or sold under agreements to repurchase
   (includes $222,734 and $192,859 measured at fair value)
376,070 331,758 
Trading account liabilities105,470 92,543 
Derivative liabilities35,365 39,353 
Short-term borrowings (includes $6,534 and $6,245 measured at fair value)
41,470 43,391 
Accrued expenses and other liabilities (includes $9,061 and $13,199 measured at fair value
   and $1,110 and $1,096 of reserve for unfunded lending commitments)
201,758 210,169 
Long-term debt (includes $54,545 and $50,005 measured at fair value)
304,146 283,279 
Total liabilities3,053,843 2,965,960 
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 – 3,771,164 and 3,877,917 shares
20,499 23,159 
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares;
   issued and outstanding – 7,560,084,716 and 7,610,862,311 shares
41,038 45,336 
Retained earnings247,315 242,349 
Accumulated other comprehensive income (loss)(13,271)(15,285)
Total shareholders’ equity295,581 295,559 
Total liabilities and shareholders’ equity$3,349,424 $3,261,519 
Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
Trading account assets$6,062 $5,575 
Loans and leases18,045 19,144 
Allowance for loan and lease losses(911)(919)
Loans and leases, net of allowance17,134 18,225 
All other assets608 319 
Total assets of consolidated variable interest entities$23,804 $24,119 
Liabilities of consolidated variable interest entities included in total liabilities above  
Short-term borrowings (includes $0 and $0 of non-recourse short-term borrowings)
$4,289 $3,329 
Long-term debt (includes $8,368 and $8,457 of non-recourse debt)
8,368 8,457 
All other liabilities (includes $30 and $21 of non-recourse liabilities)
30 21 
Total liabilities of consolidated variable interest entities$12,687 $11,807 
See accompanying Notes to Consolidated Financial Statements.
45 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, December 31, 2023$28,397 7,895.5 $56,365 $224,672 $(17,788)$291,646 
Net income   6,674 6,674 
Net change in debt securities   332 332 
Net change in debit valuation adjustments(188)(188)
Net change in derivatives    (416)(416)
Employee benefit plan adjustments    23 23 
Net change in foreign currency translation adjustments   (20)(20)
Dividends declared:    
Common (1,910) (1,910)
Preferred  (532) (532)
Common stock issued under employee plans, net, and other44.0 445 (2) 443 
Common stock repurchased(72.6)(2,500)(2,500)
Balance, March 31, 2024$28,397 7,866.9 $54,310 $228,902 $(18,057)$293,552 
Balance, December 31, 2024$23,159 7,610.9 $45,336 $242,349 $(15,285)$295,559 
Net income7,396 7,396 
Net change in debt securities366 366 
Net change in debit valuation adjustments297 297 
Net change in derivatives1,313 1,313 
Employee benefit plan adjustments27 27 
Net change in foreign currency translation adjustments11 11 
Dividends declared:
Common(1,992)(1,992)
Preferred(397)(397)
Redemption of preferred stock(2,660)(9)(2,669)
Common stock issued under employee plans, net, and other51.7 223 (32)191 
Common stock repurchased(102.5)(4,521)(4,521)
Balance, March 31, 2025$20,499 7,560.1 $41,038 $247,315 $(13,271)$295,581 



































See accompanying Notes to Consolidated Financial Statements.
Bank of America 46


Bank of America Corporation and Subsidiaries
Consolidated Statement of Cash Flows
Three Months Ended March 31
(Dollars in millions)20252024
Operating activities
Net income$7,396 $6,674 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses1,480 1,319 
(Gains) losses on sales of debt securities2 (10)
Depreciation and amortization565 538 
Net accretion of discount/premium on debt securities(85)(352)
Deferred income taxes(172)(512)
Amortization of stock-based compensation999 865 
Net change in:
Trading and derivative assets/liabilities(10,970)(23,795)
Loans held-for-sale
2,599 (2,574)
Other assets4,165 (6,026)
Accrued expenses and other liabilities(8,179)6,907 
Other operating activities, net16 1,427 
Net cash used in operating activities(2,184)(15,539)
Investing activities
Net change in:
Time deposits placed and other short-term investments(910)487 
Federal funds sold and securities borrowed or purchased under agreements to resell(53,656)(32,969)
Debt securities carried at fair value:
Proceeds from sales26,392 16,266 
Proceeds from paydowns and maturities20,719 93,060 
Purchases(72,075)(157,726)
Held-to-maturity debt securities:
Proceeds from paydowns and maturities7,666 7,407 
Loans and leases:
Proceeds from sales of loans originally classified as held for investment and instruments
from related securitization activities
2,232 2,170 
Purchases(9,379)(1,303)
Other changes in loans and leases, net(9,200)2,100 
Other investing activities, net(799)(814)
Net cash used in investing activities(89,010)(71,322)
Financing activities
Net change in:
Deposits24,097 22,669 
Federal funds purchased and securities loaned or sold under agreements to repurchase44,312 45,771 
Short-term borrowings(1,921)6,797 
Long-term debt:
Proceeds from issuance33,640 15,662 
Retirement(16,333)(16,607)
Preferred stock:
Redemption(2,669) 
Common stock repurchased(4,521)(2,500)
Cash dividends paid(2,552)(2,519)
Other financing activities, net(1,221)(615)
Net cash provided by financing activities72,832 68,658 
Effect of exchange rate changes on cash and cash equivalents1,827 (1,466)
Net decrease in cash and cash equivalents(16,535)(19,669)
Cash and cash equivalents at January 1290,114 333,073 
Cash and cash equivalents at March 31$273,579 $313,404 




See accompanying Notes to Consolidated Financial Statements.
47 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 2024 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 48


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 months ended March 31, 2025 and 2024. For more information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2024 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 March 31
(Dollars in millions)20252024
Net interest income
Interest income
Loans and leases$15,223 $15,240 
Debt securities6,767 6,137 
Federal funds sold and securities borrowed or purchased under agreements to resell 3,774 5,175 
Trading account assets3,008 2,455 
Other interest income (1)
5,294 7,278 
Total interest income34,066 36,285 
Interest expense
Deposits8,632 9,138 
Short-term borrowings 6,963 8,535 
Trading account liabilities707 546 
Long-term debt3,321 4,034 
Total interest expense19,623 22,253 
Net interest income$14,443 $14,032 
Noninterest income
Fees and commissions
Card income
Interchange fees (2)
$916 $931 
Other card income602 532 
Total card income1,518 1,463 
Service charges
Deposit-related fees1,228 1,122 
Lending-related fees333 320 
Total service charges1,561 1,442 
Investment and brokerage services
Asset management fees3,738 3,270 
Brokerage fees1,075 917 
Total investment and brokerage services 4,813 4,187 
Investment banking fees
Underwriting income770 901 
Syndication fees369 294 
Financial advisory services384 373 
Total investment banking fees1,523 1,568 
Total fees and commissions9,415 8,660 
Market making and similar activities3,584 3,888 
Other income (loss)(76)(762)
Total noninterest income$12,923 $11,786 
(1)Includes interest income on interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks of $2.8 billion and $4.5 billion for the three months ended March 31, 2025 and 2024.
(2)Gross interchange fees and merchant income were $3.3 billion and $3.2 billion for the three months ended March 31, 2025 and 2024, and are presented net of $2.4 billion and $2.3 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods.
49 Bank of America



NOTE 3  Derivatives
Derivative Balances
Derivatives are entered into on behalf of customers, for trading or to support risk management activities. Derivatives used in risk management activities include derivatives that may or may not be designated in qualifying hedge accounting relationships. Derivatives that are not designated in qualifying hedge accounting relationships are referred to as other risk management derivatives. For more information on the Corporation’s derivatives and hedging activities, see Note 1 – Summary of Significant Accounting Principles and Note 3 –
Derivatives to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K. The following tables present derivative instruments included on the Consolidated Balance Sheet in derivative assets and liabilities at March 31, 2025 and December 31, 2024. Balances are presented on a gross basis, prior to the application of counterparty and cash collateral netting. Total derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements and have been reduced by cash collateral received or paid.
March 31, 2025
Gross Derivative AssetsGross Derivative Liabilities
(Dollars in billions)
Contract/
Notional (1)
Trading and Other Risk Management DerivativesQualifying
Accounting
Hedges
TotalTrading and Other Risk Management DerivativesQualifying
Accounting
Hedges
Total
Interest rate contracts       
Swaps $24,353.4 $71.6 $6.3 $77.9 $64.9 $10.8 $75.7 
Futures and forwards4,221.1 2.5  2.5 2.2  2.2 
Written options (2)
1,941.1    26.1  26.1 
Purchased options (3)
1,815.7 27.7  27.7    
Foreign exchange contracts 
Swaps2,389.3 36.9  36.9 35.6  35.6 
Spot, futures and forwards5,310.3 35.3 0.2 35.5 34.2 0.6 34.8 
Written options (2)
788.4    7.8  7.8 
Purchased options (3)
712.0 7.4  7.4    
Equity contracts 
Swaps556.9 16.5  16.5 18.0  18.0 
Futures and forwards123.3 2.4  2.4 1.5  1.5 
Written options (2)
919.4    52.8  52.8 
Purchased options (3)
869.9 48.5  48.5    
Commodity contracts  
Swaps72.1 2.9  2.9 5.2  5.2 
Futures and forwards183.2 6.4  6.4 4.1 0.8 4.9 
Written options (2)
81.3    3.3  3.3 
Purchased options (3)
84.1 3.6  3.6    
Credit derivatives (4)
   
Purchased credit derivatives:   
Credit default swaps 477.7 1.9  1.9 2.7  2.7 
Total return swaps/options94.1 0.7  0.7 0.3  0.3 
Written credit derivatives:  
Credit default swaps457.1 2.0  2.0 1.8  1.8 
Total return swaps/options100.2 0.6  0.6 1.2  1.2 
Gross derivative assets/liabilities$266.9 $6.5 $273.4 $261.7 $12.2 $273.9 
Less: Legally enforceable master netting agreements   (210.7)  (210.7)
Less: Cash collateral received/paid    (26.5)  (27.8)
Total derivative assets/liabilities    $36.2   $35.4 
(1)Represents the total contract/notional amount of derivative assets and liabilities outstanding.
(2)Includes certain out-of-the-money purchased options that have a liability amount primarily due to the deferral of option premiums to the end of the contract.
(3)Includes certain out-of-the-money written options that have an asset amount primarily due to the deferral of option premiums to the end of the contract.
(4)The net derivative asset (liability) and notional amount of written credit derivatives for which the Corporation held purchased credit derivatives with identical underlying referenced names were $203 million and $427.6 billion, respectively, at March 31, 2025.
Bank of America 50


December 31, 2024
Gross Derivative AssetsGross Derivative Liabilities
(Dollars in billions)
Contract/
Notional (1)
Trading and Other Risk Management DerivativesQualifying
Accounting
Hedges
TotalTrading and Other Risk Management DerivativesQualifying
Accounting
Hedges
Total
Interest rate contracts       
Swaps $20,962.1 $71.9 $7.6 $79.5 $61.1 $15.2 $76.3 
Futures and forwards 3,383.0 4.5  4.5 4.2  4.2 
Written options (2)
1,931.2    29.0  29.0 
Purchased options (3)
1,789.1 29.2  29.2    
Foreign exchange contracts      
Swaps2,204.0 46.8 0.1 46.9 47.4  47.4 
Spot, futures and forwards4,273.5 55.4 2.1 57.5 52.4 0.4 52.8 
Written options (2)
652.6    10.7  10.7 
Purchased options (3)
578.3 10.5  10.5    
Equity contracts       
Swaps520.4 12.8  12.8 14.2  14.2 
Futures and forwards129.0 2.3  2.3 1.5  1.5 
Written options (2)
831.6    55.1  55.1 
Purchased options (3)
770.1 50.1  50.1    
Commodity contracts       
Swaps64.8 2.1  2.1 3.6  3.6 
Futures and forwards165.8 4.0  4.0 2.3 0.8 3.1 
Written options (2)
69.5    2.7  2.7 
Purchased options (3)
75.2 2.9  2.9    
Credit derivatives (4)
       
Purchased credit derivatives:       
Credit default swaps 408.3 1.7  1.7 2.6  2.6 
Total return swaps/options98.0 1.0  1.0 0.7  0.7 
Written credit derivatives:      
Credit default swaps388.2 2.0  2.0 1.6  1.6 
Total return swaps/options81.4 1.1  1.1 0.2  0.2 
Gross derivative assets/liabilities $298.3 $9.8 $308.1 $289.3 $16.4 $305.7 
Less: Legally enforceable master netting agreements    (237.1)  (237.1)
Less: Cash collateral received/paid   (30.1)  (29.2)
Total derivative assets/liabilities   $40.9   $39.4 
(1)Represents the total contract/notional amount of derivative assets and liabilities outstanding.
(2)Includes certain out-of-the-money purchased options that have a liability amount primarily due to the deferral of option premiums to the end of the contract.
(3)Includes certain out-of-the-money written options that have an asset amount primarily due to the deferral of option premiums to the end of the contract.
(4)The net derivative asset (liability) and notional amount of written credit derivatives for which the Corporation held purchased credit derivatives with identical underlying referenced names were $406 million and $361.2 billion, respectively, at December 31, 2024.
Offsetting of Derivatives
The Corporation enters into International Swaps and Derivatives Association, Inc. (ISDA) master netting agreements or similar agreements with substantially all of the Corporation’s derivative counterparties. For more information, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K.
The following table presents derivative instruments included in derivative assets and liabilities on the Consolidated Balance Sheet at March 31, 2025 and December 31, 2024 by primary risk (e.g., interest rate risk) and the platform, where applicable,
on which these derivatives are transacted. Balances are presented on a gross basis, prior to the application of counterparty and cash collateral netting. Total gross derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements, which include reducing the balance for counterparty netting and cash collateral received or paid.
For more information on offsetting of securities financing agreements, see Note 9 – Securities Financing Agreements, Collateral and Restricted Cash.
51 Bank of America



Offsetting of Derivatives (1)
Derivative
Assets
Derivative
 Liabilities
Derivative
Assets
Derivative
 Liabilities
(Dollars in billions)March 31, 2025December 31, 2024
Interest rate contracts    
Over-the-counter$103.6 $99.0 $108.8 $103.9 
Exchange-traded 0.1 0.1 0.1 0.1 
Over-the-counter cleared3.8 3.2 3.4 3.6 
Foreign exchange contracts
Over-the-counter78.2 76.6 112.7 109.1 
Over-the-counter cleared0.6 0.6 0.5 0.5 
Equity contracts
Over-the-counter27.7 32.7 24.6 31.1 
Exchange-traded 38.9 38.7 39.8 38.5 
Commodity contracts
Over-the-counter9.6 9.9 6.2 7.0 
Exchange-traded 2.5 2.2 2.0 1.6 
Over-the-counter cleared0.3 0.5 0.3 0.5 
Credit derivatives
Over-the-counter5.1 5.9 5.8 5.0 
Total gross derivative assets/liabilities, before netting
Over-the-counter224.2 224.1 258.1 256.1 
Exchange-traded 41.5 41.0 41.9 40.2 
Over-the-counter cleared4.7 4.3 4.2 4.6 
Less: Legally enforceable master netting agreements and cash collateral received/paid
Over-the-counter(193.2)(195.0)(224.2)(223.5)
Exchange-traded (39.6)(39.6)(39.0)(39.0)
Over-the-counter cleared(4.4)(3.9)(4.0)(3.8)
Derivative assets/liabilities, after netting33.2 30.9 37.0 34.6 
Other gross derivative assets/liabilities (2)
3.0 4.5 3.9 4.8 
Total derivative assets/liabilities 36.2 35.4 40.9 39.4 
Less: Financial instruments collateral (3)
(17.9)(13.5)(18.1)(14.2)
Total net derivative assets/liabilities$18.3 $21.9 $22.8 $25.2 
(1)Over-the-counter (OTC) derivatives include bilateral transactions between the Corporation and a particular counterparty. Over-the-counter cleared derivatives include bilateral transactions between the Corporation and a counterparty where the transaction is cleared through a clearinghouse. Exchange-traded derivatives include listed options transacted on an exchange.
(2)Consists of derivatives entered into under master netting agreements where the enforceability of these agreements is uncertain under bankruptcy laws in some countries or industries.
(3)Amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged. Financial instruments collateral includes securities collateral received or pledged and cash securities held and posted at third-party custodians that are not offset on the Consolidated Balance Sheet but shown as a reduction to derive net derivative assets and liabilities.
Derivatives Designated as Accounting Hedges
The Corporation uses various types of interest rate and foreign exchange derivative contracts to protect against changes in the fair value of its assets and liabilities due to fluctuations in interest rates and foreign exchange rates (fair value hedges). The Corporation also uses these types of contracts to protect against changes in the cash flows of its assets and liabilities, and other forecasted transactions (cash flow hedges). The Corporation hedges its net investment in consolidated non-U.S.
operations determined to have functional currencies other than the U.S. dollar using forward exchange contracts and cross-currency basis swaps, and by issuing foreign currency- denominated debt (net investment hedges).
Fair Value Hedges
The table below summarizes information related to fair value hedges for the three months ended March 31, 2025 and 2024.
Gains and Losses on Derivatives and Hedged Items Designated in Fair Value Hedges
Three Months Ended March 31
20252024
(Dollars in millions)DerivativeHedged ItemDerivativeHedged Item
Interest rate risk on long-term debt (1)
$2,476 $(2,480)$(3,104)$3,090 
Interest rate and foreign currency risk (2)
(202)202 344 (329)
Interest rate risk on available-for-sale securities (3)
(3,227)3,178 2,490 (2,502)
Price risk on commodity inventory (4)
(1,097)1,097 (220)220 
Total$(2,050)$1,997 $(490)$479 
(1)Amounts are recorded in interest expense in the Consolidated Statement of Income.
(2)Represents cross-currency interest rate swaps related to available-for-sale debt securities and long-term debt. For the three months ended March 31, 2025 and 2024, the derivative amount includes gains (losses) of $9 million and $9 million in interest income, $(210) million and $324 million in market making and similar activities, and $(1) million and $11 million in accumulated other comprehensive income (OCI). Line item totals are in the Consolidated Statement of Income and on the Consolidated Balance Sheet.
(3)Amounts are recorded in interest income in the Consolidated Statement of Income.
(4)Amounts are recorded in market making and similar activities in the Consolidated Statement of Income.

Bank of America 52


The table below summarizes the carrying value of hedged assets and liabilities that are designated in fair value hedging relationships, along with the cumulative amount of gains and losses on the hedged assets and liabilities that are included in their carrying value. There is no impact to earnings for the cumulative amount of these fair value hedging adjustments as long as the hedging relationships remain open through the
hedged period. Instead, the open hedges have the effect of synthetically converting the hedged assets and liabilities into variable-rate instruments. If an open hedge is de-designated prior to the derivative’s maturity, any cumulative fair value adjustments at the de-designation date are then amortized or accreted into earnings over the remaining life of the hedged assets or liabilities.
Designated Fair Value Hedged Assets and Liabilities
March 31, 2025December 31, 2024
(Dollars in millions)Carrying Value
Cumulative
Fair Value
Adjustments (1)
Carrying Value
Cumulative
Fair Value
Adjustments (1)
Long-term debt$186,956 $(2,622)$188,202 $(7,263)
Available-for-sale debt securities (2, 3)
264,372 (1,129)244,664 (4,764)
Trading account assets (4)
9,466 537 3,639 101 
(1)Increase (decrease) to carrying value.
(2)These amounts include the amortized cost of the financial assets in closed portfolios used to designate hedging relationships in which the hedged item is a stated layer that is expected to be remaining at the end of the hedging relationship (i.e. portfolio layer hedging relationship). At March 31, 2025 and December 31, 2024, the amortized cost of the closed portfolios used in these hedging relationships was $33.6 billion and $34.8 billion, of which $26.3 billion and $26.1 billion were designated in a portfolio layer hedging relationship. At March 31, 2025 and December 31, 2024, the cumulative adjustment associated with these hedging relationships was a decrease of $88 million and $435 million.
(3)Carrying value represents amortized cost.
(4)Represents hedging activities related to certain commodities inventory.
At March 31, 2025 and December 31, 2024, the fair value basis adjustments recorded on long-term debt hedges decreased the long-term debt carrying value by $12.9 billion and $11.2 billion. The fair value adjustments from de-designated available-for-sale (AFS) debt securities hedges decreased the AFS debt securities carrying value by $3.8 billion and $4.4 billion. The fair value adjustments are being amortized or accreted into interest over the contractual lives of the assets or liabilities.
Cash Flow and Net Investment Hedges
The table below summarizes certain information related to cash flow hedges and net investment hedges for the three months ended March 31, 2025 and 2024. Of the $4.3 billion after-tax
net loss ($5.7 billion pretax) on derivatives in accumulated OCI at March 31, 2025, losses of $2.4 billion after-tax ($3.2 billion pretax) related to both open and closed cash flow hedges are expected to be reclassified into earnings in the next 12 months. These net losses reclassified into earnings are expected to primarily decrease net interest income related to the respective hedged items. For open cash flow hedges, the maximum length of time over which forecasted transactions are hedged is approximately five years. For terminated cash flow hedges, the time period over which the forecasted transactions will be recognized in interest income is approximately four years, with the aggregated amount beyond this time period being insignificant.

Gains and Losses on Derivatives Designated as Cash Flow and Net Investment Hedges
Three Months Ended March 31
20252024
Gains (Losses)
Recognized in
Accumulated OCI
on Derivatives
Gains (Losses)
in Income
Reclassified from
Accumulated OCI
Gains (Losses)
Recognized in
Accumulated OCI
on Derivatives
Gains (Losses)
in Income
Reclassified from
Accumulated OCI
(Dollars in millions, amounts pretax)
Cash flow hedges
Interest rate risk on variable-rate portfolios (1)
$1,361 $(393)$(1,090)$(514)
Price risk on forecasted MBS purchases (1)
 (2) (2)
Price risk on certain compensation plans (2)
1 7 14 9 
Total$1,362 $(388)$(1,076)$(507)
Net investment hedges  
Foreign exchange risk (3)
$(952)$ $797 $ 
(1)Amounts reclassified from accumulated OCI are recorded in interest income in the Consolidated Statement of Income.
(2)Amounts reclassified from accumulated OCI are recorded in compensation and benefits expense in the Consolidated Statement of Income.
(3)Amounts reclassified from accumulated OCI are recorded in other income in the Consolidated Statement of Income. For the three months ended March 31, 2025 and 2024, amounts excluded from effectiveness testing and recognized in market making and similar activities were gains of $2 million and $66 million.
53 Bank of America



Other Risk Management Derivatives
Other risk management derivatives are used by the Corporation to reduce certain risk exposures by economically hedging various assets and liabilities. The table below presents gains (losses) on these derivatives for the three months ended March 31, 2025 and 2024. These gains (losses) are largely offset by the income or expense recorded on the hedged item.
Gains and Losses on Other Risk Management Derivatives
Three Months Ended March 31
(Dollars in millions)20252024
Interest rate risk on mortgage activities (1, 2)
$28 $(30)
Credit risk on loans (2)
1 (19)
Interest rate and foreign currency risk on asset and liability management activities (3)
(782)91 
Price risk on certain compensation plans (4)
(196)242 
(1)Includes hedges of interest rate risk on mortgage servicing rights (MSRs) and interest rate lock commitments (IRLCs) to originate mortgage loans that will be held for sale.
(2)Gains (losses) on these derivatives are recorded in other income.
(3)Gains (losses) on these derivatives are recorded in market making and similar activities.
(4)Gains (losses) on these derivatives are recorded in compensation and benefits expense.
Transfers of Financial Assets with Risk Retained through Derivatives
The Corporation enters into certain transactions involving the transfer of financial assets that are accounted for as sales where substantially all of the economic exposure to the transferred financial assets is retained through derivatives (e.g., interest rate and/or credit), but the Corporation does not retain control over the assets transferred. At both March 31, 2025 and December 31, 2024, the Corporation had transferred $3.9 billion of non-U.S. government-guaranteed mortgage-backed securities to a third-party trust and retained economic exposure to the transferred assets through derivative contracts. In connection with these transfers, the Corporation received gross cash proceeds of $3.9 billion at both transfer dates. At March 31, 2025 and December 31, 2024, the fair value of the transferred securities was $3.7 billion and $3.6 billion.
Sales and Trading Revenue
The Corporation enters into trading derivatives to facilitate client transactions and to manage risk exposures arising from trading account assets and liabilities. It is the Corporation’s policy to
include these derivative instruments in its trading activities, which include derivatives and non-derivative cash instruments. The resulting risk from these derivatives is managed on a portfolio basis as part of the Corporation’s Global Markets business segment. For more information on sales and trading revenue, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K.

The table below, which includes both derivatives and non-derivative cash instruments, identifies the amounts in the respective income statement line items attributable to the Corporation’s sales and trading revenue in Global Markets, categorized by primary risk, for the three months ended March 31, 2025 and 2024. This table includes debit valuation adjustment (DVA) and funding valuation adjustment (FVA) gains (losses). Global Markets results in Note 17 – Business Segment Information are presented on a fully taxable-equivalent (FTE) basis. The table below is not presented on an FTE basis.
Sales and Trading Revenue
Market making and similar activitiesNet Interest
Income
Other (1)
Total
(Dollars in millions)Three Months Ended March 31, 2025
Interest rate risk$500 $655 $120 $1,275 
Foreign exchange risk540 17 11 568 
Equity risk1,977 (342)549 2,184 
Credit risk431 689 281 1,401 
Other risk (2)
174 (23)8 159 
Total sales and trading revenue
$3,622 $996 $969 $5,587 
Three Months Ended March 31, 2024
Interest rate risk$853 $230 $77 $1,160 
Foreign exchange risk437 34 23 494 
Equity risk1,864 (429)427 1,862 
Credit risk551 604 131 1,286 
Other risk (2)
125 29 (13)141 
Total sales and trading revenue
$3,830 $468 $645 $4,943 
(1)Represents amounts in investment and brokerage services and other income that are recorded in Global Markets and included in the definition of sales and trading revenue. Includes investment and brokerage services revenue of $626 million and $494 million for the three months ended March 31, 2025 and 2024.
(2)Includes commodity risk.
Credit Derivatives
The Corporation enters into credit derivatives primarily to facilitate client transactions and to manage credit risk exposures. Credit derivatives are classified as investment and non-investment grade based on the credit quality of the underlying referenced obligation. The Corporation considers ratings of BBB- or higher as investment grade. Non-investment grade includes non-rated credit derivative instruments. The Corporation discloses internal categorizations of investment grade and non-investment grade consistent with how risk is managed for these instruments. For more information on credit derivatives, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K.
Credit derivative instruments where the Corporation is the seller of credit protection and their expiration at March 31, 2025 and December 31, 2024 are summarized in the following table.
Bank of America 54


Credit Derivative Instruments
Less than
One Year
One to
Three Years
Three to
Five Years
Over Five
Years
Total
March 31, 2025
(Dollars in millions)Carrying Value
Credit default swaps:     
Investment grade$ $2 $21 $31 $54 
Non-investment grade20 311 917 479 1,727 
Total20 313 938 510 1,781 
Total return swaps/options:     
Investment grade61    61 
Non-investment grade1,090 15   1,105 
Total1,151 15   1,166 
Total credit derivatives$1,171 $328 $938 $510 $2,947 
Credit-related notes:     
Investment grade$ $ $4 $491 $495 
Non-investment grade5 2 19 1,283 1,309 
Total credit-related notes$5 $2 $23 $1,774 $1,804 
 Maximum Payout/Notional
Credit default swaps:     
Investment grade$37,038 $84,029 $163,520 $56,679 $341,266 
Non-investment grade15,813 33,441 52,938 13,597 115,789 
Total52,851 117,470 216,458 70,276 457,055 
Total return swaps/options:     
Investment grade64,286 1,296 1,147 457 67,186 
Non-investment grade31,842 952 110 100 33,004 
Total96,128 2,248 1,257 557 100,190 
Total credit derivatives$148,979 $119,718 $217,715 $70,833 $557,245 
December 31, 2024
Carrying Value
Credit default swaps:
Investment grade$ $3 $24 $16 $43 
Non-investment grade33 304 752 441 1,530 
Total33 307 776 457 1,573 
Total return swaps/options:     
Investment grade93    93 
Non-investment grade145    145 
Total238    238 
Total credit derivatives$271 $307 $776 $457 $1,811 
Credit-related notes:     
Investment grade$ $ $9 $715 $724 
Non-investment grade5 5 37 1,119 1,166 
Total credit-related notes$5 $5 $46 $1,834 $1,890 
 Maximum Payout/Notional
Credit default swaps:
Investment grade$35,634 $87,302 $150,225 $21,482 $294,643 
Non-investment grade15,070 30,255 43,969 4,233 93,527 
Total50,704 117,557 194,194 25,715 388,170 
Total return swaps/options:     
Investment grade54,041 1,288 1,185 238 56,752 
Non-investment grade22,762 1,452 292 98 24,604 
Total76,803 2,740 1,477 336 81,356 
Total credit derivatives$127,507 $120,297 $195,671 $26,051 $469,526 
The notional amount represents the maximum amount payable by the Corporation for most credit derivatives. However, the Corporation does not monitor its exposure to credit derivatives based solely on the notional amount because this measure does not take into consideration the probability of occurrence. As such, the notional amount is not a reliable indicator of the Corporation’s exposure to these contracts. Instead, a risk framework is used to define risk tolerances and establish limits so that certain credit risk-related losses occur within acceptable, predefined limits.
Credit-related notes in the table above include investments in securities issued by collateralized debt obligation (CDO), collateralized loan obligation (CLO) and credit-linked note
vehicles. These instruments are primarily classified as trading securities. The carrying value of these instruments equals the Corporation’s maximum exposure to loss. The Corporation is not obligated to make any payments to the entities under the terms of the securities owned.
Credit-related Contingent Features and Collateral
Certain of the Corporation’s derivative contracts contain credit risk-related contingent features, primarily in the form of ISDA master netting agreements and credit support documentation that enhance the creditworthiness of these instruments compared to other obligations of the respective counterparty with whom the Corporation has transacted. These contingent features may be for the benefit of the Corporation as well as its
55 Bank of America



counterparties with respect to changes in the Corporation’s creditworthiness and the mark-to-market exposure under the derivative transactions. At March 31, 2025 and December 31, 2024, the Corporation held cash and securities collateral of $102.8 billion and $105.9 billion and posted cash and securities collateral of $83.0 billion and $83.1 billion in the normal course of business under derivative agreements, excluding cross-product margining agreements where clients are permitted to margin on a net basis for both derivative and secured financing arrangements.
In connection with certain OTC derivative contracts and other trading agreements, the Corporation can be required to provide additional collateral or to terminate transactions with certain counterparties in the event of a downgrade of the senior debt ratings of the Corporation or certain subsidiaries. The amount of additional collateral required depends on the contract and is usually a fixed incremental amount and/or the market value of the exposure. For more information on credit-related contingent features and collateral, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K.
At March 31, 2025, the amount of collateral, calculated based on the terms of the contracts, that the Corporation and certain subsidiaries could be required to post to counterparties but had not yet posted to counterparties was $3.1 billion, including $1.5 billion for Bank of America, National Association (BANA).
Some counterparties are currently able to unilaterally terminate certain contracts, or the Corporation or certain subsidiaries may be required to take other action such as find a suitable replacement or obtain a guarantee. At March 31, 2025 and December 31, 2024, the liability recorded for these derivative contracts was not significant.
The following table presents the amount of additional collateral that would have been contractually required by derivative contracts and other trading agreements at March 31, 2025 if the rating agencies had downgraded their long-term senior debt ratings for the Corporation or certain subsidiaries by one incremental notch and by an additional second incremental notch. The table also presents derivative liabilities that would be subject to unilateral termination by counterparties upon downgrade of the Corporation's or certain subsidiaries’ long-term senior debt ratings.
Additional Collateral Required to be Posted and Derivative Liabilities Subject to Unilateral Termination Upon Downgrade
at March 31, 2025
(Dollars in millions)One
Incremental
 Notch
Second
Incremental
 Notch
Additional collateral required to be posted upon downgrade
Bank of America Corporation$164 $905 
Bank of America, N.A. and subsidiaries (1)
43 754 
Derivative liabilities subject to unilateral termination upon downgrade
Derivative liabilities$20 $50 
Collateral posted17 32 
(1)Included in Bank of America Corporation collateral requirements in this table.
Valuation Adjustments on Derivatives
The table below presents credit valuation adjustment (CVA), DVA and FVA gains (losses) on derivatives (excluding the effect of any related hedge activities), which are recorded in market making and similar activities, for the three months ended March 31, 2025 and 2024. For more information on the valuation adjustments on derivatives, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K.
Valuation Adjustments Gains (Losses) on Derivatives (1)
Three Months Ended March 31
(Dollars in millions)20252024
Derivative assets (CVA)$(25)$62 
Derivative assets/liabilities (FVA)
(15)14 
Derivative liabilities (DVA)27 (69)
(1)At March 31, 2025 and December 31, 2024, cumulative CVA reduced the derivative assets balance by $353 million and $328 million, cumulative FVA reduced the net derivative balance by $81 million and $66 million and cumulative DVA reduced the derivative liabilities balance by $299 million and $272 million.
Bank of America 56


NOTE 4 Securities
The table below presents the amortized cost, gross unrealized gains and losses, and fair value of AFS debt securities, other debt securities carried at fair value and held-to-maturity (HTM) debt securities at March 31, 2025 and December 31, 2024.
Debt Securities
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(Dollars in millions)March 31, 2025December 31, 2024
Available-for-sale debt securities
Mortgage-backed securities:
Agency$31,974 $42 $(1,448)$30,568 $32,781 $35 $(1,614)$31,202 
Agency-collateralized mortgage obligations20,718 13 (198)20,533 19,519 17 (218)19,318 
Commercial30,030 85 (465)29,650 26,032 73 (503)25,602 
Non-agency residential (1)
282 52 (52)282 287 50 (52)285 
Total mortgage-backed securities83,004 192 (2,163)81,033 78,619 175 (2,387)76,407 
U.S. Treasury and government agencies260,631 213 (999)259,845 235,582 150 (1,153)234,579 
Non-U.S. securities23,956 26 (18)23,964 22,453 20 (42)22,431 
Other taxable securities3,032 3 (38)2,997 4,646 2 (45)4,603 
Tax-exempt securities8,601 15 (206)8,410 8,628 17 (233)8,412 
Total available-for-sale debt securities379,224 449 (3,424)376,249 349,928 364 (3,860)346,432 
Other debt securities carried at fair value (2)
12,306 114 (110)12,310 12,352 59 (236)12,175 
Total debt securities carried at fair value391,530 563 (3,534)388,559 362,280 423 (4,096)358,607 
Held-to-maturity debt securities
Agency mortgage-backed securities422,326  (79,614)342,712 430,135  (88,458)341,677 
U.S. Treasury and government agencies121,708  (15,826)105,882 121,696  (18,661)103,035 
Other taxable securities6,722 2 (910)5,814 6,882 1 (1,047)5,836 
Total held-to-maturity debt securities550,756 2 (96,350)454,408 558,713 1 (108,166)450,548 
Total debt securities (3,4)
$942,286 $565 $(99,884)$842,967 $920,993 $424 $(112,262)$809,155 
(1)At March 31, 2025 and December 31, 2024, the underlying collateral type included approximately 26 percent and 25 percent prime and 74 percent and 75 percent subprime.
(2)Primarily includes non-U.S. securities used to satisfy certain international regulatory requirements. Any changes in value are reported in market making and similar activities. For detail on the components, see Note 14 – Fair Value Measurements.
(3)Includes securities pledged as collateral of $189.7 billion and $184.6 billion at March 31, 2025 and December 31, 2024.
(4)The Corporation held debt securities from Fannie Mae (FNMA) and Freddie Mac (FHLMC) that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $259.3 billion and $167.0 billion, and a fair value of $213.1 billion and $137.7 billion at March 31, 2025, and an amortized cost of $260.9 billion and $169.0 billion, and a fair value of $209.6 billion and $136.5 billion at December 31, 2024.
At March 31, 2025, the accumulated net unrealized loss on AFS debt securities, excluding the amount related to debt securities previously transferred to held to maturity, included in accumulated OCI was $2.2 billion, net of the related income tax benefit of $748 million. At March 31, 2025 and December 31, 2024, nonperforming AFS debt securities held by the Corporation were not significant.
At March 31, 2025 and December 31, 2024, $892.7 billion and $871.1 billion of AFS and HTM debt securities, which were predominantly U.S. agency and U.S. Treasury securities, have a zero credit loss assumption. For the same periods, the expected credit losses on the remaining $37.3 billion and $37.5 billion of AFS and HTM debt securities were insignificant. For more information on the zero credit loss assumption, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K.
At both March 31, 2025 and December 31, 2024, the Corporation held equity securities at an aggregate fair value of $247 million and other equity securities, as valued under
the measurement alternative, at a carrying value of $453 million and $438 million, both of which are included in other assets. At March 31, 2025 and December 31, 2024, the Corporation also held money market investments at a fair value of $1.5 billion and $1.3 billion, which are included in time deposits placed and other short-term investments.
The gross realized gains and losses on sales of AFS debt securities for the three months ended March 31, 2025 and 2024 are presented in the table below.
Gains and Losses on Sales of AFS Debt Securities
Three Months Ended March 31
(Dollars in millions)20252024
Gross gains$11 $11 
Gross losses(13)(1)
Net gains (losses) on sales of AFS debt securities$(2)$10 
Income tax expense (benefit) attributable to realized net gains (losses) on sales of AFS debt securities$ $2 
57 Bank of America



The table below presents the fair value and the associated gross unrealized losses on AFS debt securities and whether these securities have had gross unrealized losses for less than 12 months or for 12 months or longer at March 31, 2025 and December 31, 2024.
Total AFS Debt Securities in a Continuous Unrealized Loss Position
Less than Twelve MonthsTwelve Months or LongerTotal
Fair
Value
Gross
 Unrealized
 Losses
Fair
Value
Gross
 Unrealized
 Losses
Fair
Value
Gross
 Unrealized
 Losses
(Dollars in millions)March 31, 2025
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:   
Agency$923 $(2)$21,037 $(1,446)$21,960 $(1,448)
Agency-collateralized mortgage obligations12,022 (32)1,475 (166)13,497 (198)
Commercial11,957 (49)4,993 (416)16,950 (465)
Non-agency residential  160 (52)160 (52)
Total mortgage-backed securities24,902 (83)27,665 (2,080)52,567 (2,163)
U.S. Treasury and government agencies89,932 (82)66,905 (917)156,837 (999)
Non-U.S. securities3,128 (2)5,084 (16)8,212 (18)
Other taxable securities1,363 (3)868 (35)2,231 (38)
Tax-exempt securities1,042 (7)2,226 (199)3,268 (206)
Total AFS debt securities in a continuous
   unrealized loss position
$120,367 $(177)$102,748 $(3,247)$223,115 $(3,424)
December 31, 2024
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:
Agency$2,908 $(22)$20,085 $(1,592)$22,993 $(1,614)
Agency-collateralized mortgage obligations9,597 (21)1,493 (197)11,090 (218)
Commercial11,486 (57)4,667 (446)16,153 (503)
Non-agency residential  160 (52)160 (52)
Total mortgage-backed securities23,991 (100)26,405 (2,287)50,396 (2,387)
U.S. Treasury and government agencies75,753 (135)69,027 (1,018)144,780 (1,153)
Non-U.S. securities3,367 (26)4,906 (16)8,273 (42)
Other taxable securities3,192 (5)814 (40)4,006 (45)
Tax-exempt securities1,025 (20)2,194 (213)3,219 (233)
Total AFS debt securities in a continuous
   unrealized loss position
$107,328 $(286)$103,346 $(3,574)$210,674 $(3,860)


Bank of America 58


The remaining contractual maturity distribution and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at March 31, 2025 are summarized in the table below. Actual duration and yields may differ as prepayments on the loans underlying the mortgage-backed securities (MBS) or other asset-backed securities (ABS) are passed through to the Corporation.
Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities
Due in One
Year or Less
Due after One Year
through Five Years
Due after Five Years
through Ten Years
Due after
Ten Years
Total
(Dollars in millions)Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amortized cost of debt securities carried at fair value          
Mortgage-backed securities:          
Agency$  %$5 3.00 %$5 4.20 %$31,964 4.53 %$31,974 4.53 %
Agency-collateralized mortgage obligations    1 1.00 20,717 5.64 20,718 5.64 
Commercial119 3.55 11,845 4.21 15,897 4.30 2,182 3.71 30,043 4.22 
Non-agency residential      549 11.62 549 11.62 
Total mortgage-backed securities119 3.55 11,850 4.21 15,903 4.30 55,412 4.98 83,284 4.74 
U.S. Treasury and government agencies33,717 4.54 218,753 3.87 11,615 2.70 34 3.94 264,119 3.91 
Non-U.S. securities20,778 2.98 5,054 2.37 3,816 4.15 2,846 3.61 32,494 3.08 
Other taxable securities888 5.75 1,613 5.24 389 4.36 142 4.51 3,032 5.24 
Tax-exempt securities787 2.87 3,432 3.54 956 3.01 3,426 3.62 8,601 3.45 
Total amortized cost of debt securities carried at fair value
$56,289 3.96 $240,702 3.87 $32,679 3.68 $61,860 4.84 $391,530 4.02 
Amortized cost of HTM debt securities
Agency mortgage-backed securities$  %$  %$9 2.89 %$422,317 2.12 %$422,326 2.12 %