Pay vs Performance Disclosure - USD ($)
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12 Months Ended |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
| Pay vs Performance Disclosure |
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| Pay vs Performance Disclosure, Table |
Pay versus performance table
The company’s compensation philosophy is to pay for performance over the long- and short-term taking into consideration a range of factors, including both financial and non-financial performance measures. Our approach bases compensation on actual results and how those results were achieved. We align executive and shareholder interests through a compensation program providing a mix of salary, incentives, and benefits paid over time, including deferred equity-based awards. Review our “Compensation discussion and analysis” on page 47 for more information on executive compensation considerations and decisions for our NEOs. Page 58 of the “Compensation discussion and analysis” includes 2024 compensation decisions for our NEOs; these decisions are different than those reflected in the table below which are calculated under prescribed SEC rules. The table below shows the following information for the past five fiscal years: (i) “total” compensation for our NEOs (NEOs) for purposes of the “Summary compensation table”; (ii) the “Compensation actually paid” to NEOs (calculated using rules required by the SEC); (iii) our total shareholder return (TSR); (iv) the TSR of the KBW Bank Index; (v) our net income; and (vi) our revenue (which is our “company-selected performance measure”). “Compensation actually paid” does not represent the value of cash and shares of the company’s common stock received by NEOs during the year, but rather is an amount calculated under SEC rules and includes, among other things, year-over-year changes in the value of unvested equity-based awards. As a result of the calculation methodology required by the SEC, “Compensation actually paid” amounts below differ from compensation actually received by the individuals and the compensation deci sio ns described in the “Compensation discussion and analysis” section above. 2024 Pay versus performance table
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“Summary compensation table” total for CEO (1)
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Compensation actually paid to CEO (2)
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Average “Summary compensation table” total for non-CEO NEOs
(1)
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Average compensation actually paid to non-CEO NEOs
(2)
($) |
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Revenue (4)
($ in millions) |
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28,738,702 |
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47,777,368 |
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16,477,980 |
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26,304,042 |
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141 |
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133 |
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27,132 |
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101,887 |
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28,571,192 |
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32,139,080 |
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14,135,415 |
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15,797,000 |
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106 |
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97 |
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26,515 |
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98,581 |
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30,177,503 |
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11,009,642 |
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18,641,262 |
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11,731,112 |
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101 |
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98 |
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27,528 |
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94,950 |
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23,729,169 |
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49,888,896 |
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16,930,383 |
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29,568,322 |
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132 |
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124 |
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31,978 |
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89,113 |
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25,940,571 |
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15,682,323 |
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13,670,189 |
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10,636,899 |
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88 |
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90 |
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17,894 |
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85,528 |
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| (1) |
The CEO for each year reported was Brian T. Moynihan. The other NEOs, or Non-CEO NEOs, for each year reported are as follows: |
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2024 & 2023: Alastair M. Borthwick; Dean C. Athanasia; James P. DeMare; and Matthew M. Koder |
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• |
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2022: Alastair M. Borthwick; Dean C. Athanasia; Paul M. Donofrio; and Geoffrey S. Greener |
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• |
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2021: Alastair M. Borthwick; Paul M. Donofrio; James P. DeMare; Matthew M. Koder; and Thomas K. Montag |
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• |
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2020: Paul M. Donofrio; Dean C. Athanasia; Geoffrey S. Greener; and Thomas K. Montag |
| (2) |
SEC rules require certain adjustments be made to the “Summary compensation table” totals to determine “compensation actually paid” as reported in the “Pay versus performance table” above. For purposes of the pension valuation adjustments shown below, there was no pension service or prior service cost. In addition, for purposes of the equity award adjustments shown below, no equity awards were canceled due to a failure to meet vesting conditions. The following table details the applicable adjustments that were made to determine “compensation actually paid” (all amounts are averages for the NEOs other than the CEO) for 2024. See the “Pay versus performance table” on page 86 in the 2024 proxy statement and page 80 in the 2023 proxy statement for the adjustments made to determine “compensation actually paid” for prior years: |
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“Summary
compensation
table” total
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Pension valuation
adjustments |
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Deduct change in
pension value
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Deduct
grant date
value of
stock
awards
granted in
the year ($)
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Add year-end
value of unvested equity awards granted in the year
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Change in value
of unvested
equity awards
granted in prior
years
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Change in value
of equity
awards granted
in prior years
which vested in
year
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Change in value
of equity
awards granted
and vested in
year
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CEO |
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28,738,702 |
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(935,198) |
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(25,720,414) |
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24,624,709 |
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10,880,856 |
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275,794 |
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8,348,451 |
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1,564,468 |
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16,477,980 |
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(5,346) |
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(9,753,271) |
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12,815,982 |
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5,378,603 |
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544,848 |
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0 |
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845,246 |
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| (3) |
TSR is determined based on the value of an initial fixed investment of $100 on December 31, 2019. The peer group TSR represents TSR of the KBW Bank Index. |
| (4) |
Represents total revenue, net of interest expense. |
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| Company Selected Measure Name |
revenue
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| Named Executive Officers, Footnote |
| (1) |
The CEO for each year reported was Brian T. Moynihan. The other NEOs, or Non-CEO NEOs, for each year reported are as follows: |
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• |
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2024 & 2023: Alastair M. Borthwick; Dean C. Athanasia; James P. DeMare; and Matthew M. Koder |
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• |
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2022: Alastair M. Borthwick; Dean C. Athanasia; Paul M. Donofrio; and Geoffrey S. Greener |
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• |
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2021: Alastair M. Borthwick; Paul M. Donofrio; James P. DeMare; Matthew M. Koder; and Thomas K. Montag |
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• |
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2020: Paul M. Donofrio; Dean C. Athanasia; Geoffrey S. Greener; and Thomas K. Montag |
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| Peer Group Issuers, Footnote |
TSR is determined based on the value of an initial fixed investment of $100 on December 31, 2019. The peer group TSR represents TSR of the KBW Bank Index.
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| PEO Total Compensation Amount |
$ 28,738,702
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$ 28,571,192
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$ 30,177,503
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$ 23,729,169
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$ 25,940,571
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| PEO Actually Paid Compensation Amount |
$ 47,777,368
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32,139,080
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11,009,642
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49,888,896
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15,682,323
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| Adjustment To PEO Compensation, Footnote |
| (2) |
SEC rules require certain adjustments be made to the “Summary compensation table” totals to determine “compensation actually paid” as reported in the “Pay versus performance table” above. For purposes of the pension valuation adjustments shown below, there was no pension service or prior service cost. In addition, for purposes of the equity award adjustments shown below, no equity awards were canceled due to a failure to meet vesting conditions. The following table details the applicable adjustments that were made to determine “compensation actually paid” (all amounts are averages for the NEOs other than the CEO) for 2024. See the “Pay versus performance table” on page 86 in the 2024 proxy statement and page 80 in the 2023 proxy statement for the adjustments made to determine “compensation actually paid” for prior years: |
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“Summary
compensation
table” total
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Pension valuation
adjustments |
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| |
Deduct change in
pension value
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Deduct
grant date
value of
stock
awards
granted in
the year ($)
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Add year-end
value of unvested equity awards granted in the year
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Change in value
of unvested
equity awards
granted in prior
years
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Change in value
of equity
awards granted
in prior years
which vested in
year
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Change in value
of equity
awards granted
and vested in
year
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CEO |
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28,738,702 |
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(935,198) |
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(25,720,414) |
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24,624,709 |
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10,880,856 |
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275,794 |
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8,348,451 |
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1,564,468 |
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16,477,980 |
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(5,346) |
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(9,753,271) |
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12,815,982 |
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5,378,603 |
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544,848 |
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0 |
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845,246 |
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| Non-PEO NEO Average Total Compensation Amount |
$ 16,477,980
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14,135,415
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18,641,262
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16,930,383
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13,670,189
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| Non-PEO NEO Average Compensation Actually Paid Amount |
$ 26,304,042
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15,797,000
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11,731,112
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29,568,322
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10,636,899
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| Adjustment to Non-PEO NEO Compensation Footnote |
| (2) |
SEC rules require certain adjustments be made to the “Summary compensation table” totals to determine “compensation actually paid” as reported in the “Pay versus performance table” above. For purposes of the pension valuation adjustments shown below, there was no pension service or prior service cost. In addition, for purposes of the equity award adjustments shown below, no equity awards were canceled due to a failure to meet vesting conditions. The following table details the applicable adjustments that were made to determine “compensation actually paid” (all amounts are averages for the NEOs other than the CEO) for 2024. See the “Pay versus performance table” on page 86 in the 2024 proxy statement and page 80 in the 2023 proxy statement for the adjustments made to determine “compensation actually paid” for prior years: |
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“Summary
compensation
table” total
|
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Pension valuation
adjustments |
|
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| |
Deduct change in
pension value
|
|
Deduct
grant date
value of
stock
awards
granted in
the year ($)
|
|
Add year-end
value of unvested equity awards granted in the year
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Change in value
of unvested
equity awards
granted in prior
years
|
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Change in value
of equity
awards granted
in prior years
which vested in
year
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Change in value
of equity
awards granted
and vested in
year
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CEO |
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28,738,702 |
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(935,198) |
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(25,720,414) |
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24,624,709 |
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10,880,856 |
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275,794 |
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8,348,451 |
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1,564,468 |
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16,477,980 |
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(5,346) |
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(9,753,271) |
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12,815,982 |
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5,378,603 |
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544,848 |
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0 |
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845,246 |
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| Compensation Actually Paid vs. Total Shareholder Return |
The chart below highlights the alignment between “compensation actually paid” to our NEOs and our TSR performance and net income for the past five fiscal years.
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| Compensation Actually Paid vs. Net Income |
The chart below highlights the alignment between “compensation actually paid” to our NEOs and our TSR performance and net income for the past five fiscal years.
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| Tabular List, Table |
Net Income
Revenue
Total Shareholder Return
Return on Assets
Tangible Book Value*
| * |
Tangible book value per common share represents ending tangible common shareholders’ equity divided by ending common shares outstanding. |
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| Total Shareholder Return Amount |
$ 141
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106
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101
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132
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88
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| Peer Group Total Shareholder Return Amount |
133
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97
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98
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124
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90
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| Net Income (Loss) |
$ 27,132,000,000
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$ 26,515,000,000
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$ 27,528,000,000
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$ 31,978,000,000
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$ 17,894,000,000
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| Company Selected Measure Amount |
101,887
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98,581
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94,950
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89,113
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85,528
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| PEO Name |
Brian T. Moynihan.
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| Measure:: 1 |
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| Pay vs Performance Disclosure |
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| Name |
Net Income
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| Measure:: 2 |
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| Pay vs Performance Disclosure |
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| Name |
Revenue
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| Measure:: 3 |
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| Pay vs Performance Disclosure |
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| Name |
Total Shareholder Return
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| Measure:: 4 |
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| Pay vs Performance Disclosure |
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| Name |
Return on Assets
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| Measure:: 5 |
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| Pay vs Performance Disclosure |
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| Name |
Tangible Book Value
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| PEO | change in pension value [Member] |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
$ (935,198)
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| PEO | grant date value of stock awards granted in the year [Member] |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
(25,720,414)
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| PEO | year-end value of unvested equity awards granted in year [Member] |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
24,624,709
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| PEO | Change in value of unvested equity awards granted in prior years [Member] |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
10,880,856
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| PEO | Change in value of equity awards granted in prior years which vested in year [Member] |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
275,794
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| PEO | Change in value of equity awards granted and vested in year [Member] |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
8,348,451
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| PEO | dividends & interest accrued [Member] |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
1,564,468
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| Non-PEO NEO | change in pension value [Member] |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
(5,346)
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| Non-PEO NEO | grant date value of stock awards granted in the year [Member] |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
(9,753,271)
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| Non-PEO NEO | year-end value of unvested equity awards granted in year [Member] |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
12,815,982
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| Non-PEO NEO | Change in value of unvested equity awards granted in prior years [Member] |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
5,378,603
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| Non-PEO NEO | Change in value of equity awards granted in prior years which vested in year [Member] |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
544,848
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| Non-PEO NEO | Change in value of equity awards granted and vested in year [Member] |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
0
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| Non-PEO NEO | dividends & interest accrued [Member] |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
$ 845,246
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