April 15, 2021 - THE SUPPLEMENTAL INFORMATION - 8-K: Current report filing

Supplemental Information

First Quarter 2021

Current-period information is preliminary and based on company data available at the time of the earnings presentation. It speaks only as of the particular date or dates included in the accompanying pages. Bank of America Corporation (the Corporation) does not undertake an obligation to, and disclaims any duty to, update any of the information provided. Any forward-looking statements in this information are subject to the forward-looking language contained in the Corporation’s reports filed with the SEC pursuant to the Securities Exchange Act of 1934, which are available at the SEC’s website (www.sec.gov) or at the Corporation’s website (www.bankofamerica.com). The Corporation’s future financial performance is subject to risks and uncertainties as described in its SEC filings.


Bank of America Corporation and Subsidiaries
Table of Contents			Page


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

Debt Securities			9
Supplemental Financial Data			10
Quarterly Results by Business Segment and All Other			11

Consumer Banking
Total Segment Results			13
Key Indicators			14
Business Results			15
Global Wealth & Investment Management
Total Segment Results			16
Key Indicators			17
Global Banking
Total Segment Results			18
Key Indicators			19

Global Markets
Total Segment Results			20
Key Indicators			21
All Other
Total Results			22
Outstanding Loans and Leases			23
Quarterly Average Loans and Leases by Business Segment and All Other			24
Commercial Credit Exposure by Industry			25
Top 20 Non-U.S. Countries Exposure			26
Nonperforming Loans, Leases and Foreclosed Properties			27
Nonperforming Loans, Leases and Foreclosed Properties Activity			28
Quarterly Net Charge-offs and Net Charge-off Ratios			29

Allocation of the Allowance for Credit Losses by Product Type			30

Exhibit A: Non-GAAP Reconciliations			31







Key Performance Indicators
The Corporation presents certain key financial and nonfinancial performance indicators that management uses when assessing consolidated and/or segment results. The Corporation believes this information is useful because it provides management with information about underlying operational performance and trends. Key performance indicators are presented in Consolidated Financial Highlights on page 2 and on the Key Indicators pages for each segment.

Business Segment Operations
The Corporation reports the results of operations of its four business segments and All Other on a fully taxable-equivalent (FTE) basis. Additionally, the results for the total Corporation as presented on pages 11 - 12 are reported on an FTE basis.


Bank of America Corporation and Subsidiaries
Consolidated Financial Highlights
(In millions, except per share information)
	First Quarter 2021	Fourth Quarter 2020			Third Quarter 2020			Second Quarter 2020			First Quarter 2020

Income statement
Net interest income		$	10,197		$	10,253		$	10,129		$	10,848		$	12,130
Noninterest income		12,624			9,846			10,207			11,478			10,637
Total revenue, net of interest expense		22,821			20,099			20,336			22,326			22,767
Provision for credit losses		(1,860)			53			1,389			5,117			4,761
Noninterest expense		15,515			13,927			14,401			13,410			13,475
Income before income taxes		9,166			6,119			4,546			3,799			4,531
Pretax, pre-provision income (1)		7,306			6,172			5,935			8,916			9,292
Income tax expense		1,116			649			(335)			266			521
Net income		8,050			5,470			4,881			3,533			4,010
Preferred stock dividends		490			262			441			249			469
Net income applicable to common shareholders		7,560			5,208			4,440			3,284			3,541
Diluted earnings per common share		0.86			0.59			0.51			0.37			0.40
Average diluted common shares issued and outstanding		8,755.6			8,785.0			8,777.5			8,768.1			8,862.7
Dividends paid per common share		$	0.18		$	0.18		$	0.18		$	0.18		$	0.18

Performance ratios
Return on average assets		1.13		%	0.78		%	0.71		%	0.53		%	0.65		%
Return on average common shareholders’ equity		12.28			8.39			7.24			5.44			5.91
Return on average shareholders’ equity		11.91			8.03			7.26			5.34			6.10
Return on average tangible common shareholders’ equity (2)		17.08			11.73			10.16			7.63			8.32
Return on average tangible shareholders’ equity (2)		16.01			10.84			9.84			7.23			8.29
Efficiency ratio		67.98			69.29			70.81			60.06			59.19


At period end
Book value per share of common stock		$	29.07		$	28.72		$	28.33		$	27.96		$	27.84
Tangible book value per share of common stock (2)		20.90			20.60			20.23			19.90			19.79
Market capitalization		332,337			262,206			208,656			205,772			184,181
Number of financial centers - U.S.		4,324			4,312			4,309			4,298			4,297
Number of branded ATMs - U.S.		16,905			16,904			16,962			16,862			16,855
Headcount		212,201			212,505			211,225			212,796			208,931

(1) Pretax, pre-provision income (PTPI) is a non-GAAP financial measure calculated by adjusting pretax income to add back provision for credit losses. Management believes that PTPI is a useful financial measure because it enables an assessment of the Corporation's ability to generate earnings to cover credit losses through a credit cycle.

(2) Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income. Tangible book value per share provides additional useful information about the level of tangible assets in relation to outstanding shares of common stock. (See Exhibit A: Non-GAAP Reconciliations - Reconciliations to GAAP Financial Measures on page 31.)

Certain prior-period amounts have been reclassified to conform to current-period presentation.


Current-period information is preliminary and based on company data available at the time of the presentation.			2


Bank of America Corporation and Subsidiaries
Consolidated Statement of Income
(In millions, except per share information)
	First Quarter 2021	Fourth Quarter 2020		Third Quarter 2020		Second Quarter 2020		First Quarter 2020

Net interest income
Interest income		$	11,395	$	11,461	$	11,486	$	12,540	$	16,098
Interest expense		1,198		1,208		1,357		1,692		3,968
Net interest income		10,197		10,253		10,129		10,848		12,130

Noninterest income
Fees and commissions		9,536		9,061		8,777		8,392		8,321
Market making and similar activities		3,529		1,372		1,689		2,487		2,807
Other income (loss)		(441)		(587)		(259)		599		(491)
Total noninterest income		12,624		9,846		10,207		11,478		10,637
Total revenue, net of interest expense		22,821		20,099		20,336		22,326		22,767

Provision for credit losses		(1,860)		53		1,389		5,117		4,761

Noninterest expense
Compensation and benefits		9,736		8,190		8,200		7,994		8,341
Occupancy and equipment		1,830		1,839		1,798		1,802		1,702
Information processing and communications		1,425		1,415		1,333		1,265		1,209
Product delivery and transaction related		977		915		930		811		777
Marketing		371		463		308		492		438
Professional fees		403		488		450		381		375
Other general operating		773		617		1,382		665		633
Total noninterest expense		15,515		13,927		14,401		13,410		13,475
Income before income taxes		9,166		6,119		4,546		3,799		4,531
Income tax expense		1,116		649		(335)		266		521
Net income		$	8,050	$	5,470	$	4,881	$	3,533	$	4,010
Preferred stock dividends		490		262		441		249		469
Net income applicable to common shareholders		$	7,560	$	5,208	$	4,440	$	3,284	$	3,541

Per common share information
Earnings		$	0.87	$	0.60	$	0.51	$	0.38	$	0.40
Diluted earnings		0.86		0.59		0.51		0.37		0.40
Average common shares issued and outstanding		8,700.1		8,724.9		8,732.9		8,739.9		8,815.6
Average diluted common shares issued and outstanding		8,755.6		8,785.0		8,777.5		8,768.1		8,862.7


Consolidated Statement of Comprehensive Income
(Dollars in millions)
	First Quarter 2021	Fourth Quarter 2020		Third Quarter 2020		Second Quarter 2020		First Quarter 2020

Net income		$	8,050	$	5,470	$	4,881	$	3,533	$	4,010
Other comprehensive income (loss), net-of-tax:
Net change in debt securities		(840)		5		101		(102)		4,795
Net change in debit valuation adjustments		116		(493)		(58)		(1,293)		1,346
Net change in derivatives		(1,114)		18		76		315		417
Employee benefit plan adjustments		51		(242)		44		57		43
Net change in foreign currency translation adjustments		(29)		34		21		(19)		(88)
Other comprehensive income (loss)		(1,816)		(678)		184		(1,042)		6,513
Comprehensive income		$	6,234	$	4,792	$	5,065	$	2,491	$	10,523

Certain prior-period amounts have been reclassified to conform to current-period presentation.


Current-period information is preliminary and based on company data available at the time of the presentation.			3


Bank of America Corporation and Subsidiaries
Net Interest Income and Noninterest Income
(Dollars in millions)
	First Quarter 2021	Fourth Quarter 2020		Third Quarter 2020		Second Quarter 2020		First Quarter 2020

Net interest income
Interest income
Loans and leases		$	7,234	$	7,603	$	7,894	$	8,569	$	9,963
Debt securities		2,730		2,377		2,130		2,440		2,843
Federal funds sold and securities borrowed or purchased under agreements to resell		(7)		3		55		26		819
Trading account assets		872		925		948		1,008		1,247
Other interest income		566		553		459		497		1,226
Total interest income		11,395		11,461		11,486		12,540		16,098

Interest expense
Deposits		133		159		227		373		1,184
Short-term borrowings		(79)		(37)		(24)		(72)		1,120
Trading account liabilities		246		210		212		223		329
Long-term debt		898		876		942		1,168		1,335
Total interest expense		1,198		1,208		1,357		1,692		3,968
Net interest income		$	10,197	$	10,253	$	10,129	$	10,848	$	12,130

Noninterest income
Fees and commissions
Card income
Interchange fees (1)		$	1,067	$	1,160	$	1,172	$	830	$	792
Other card income		368		407		396		419		480
Total card income		1,435		1,567		1,568		1,249		1,272
Service charges
Deposit-related fees		1,495		1,550		1,515		1,299		1,627
Lending-related fees		297		309		302		263		276
Total service charges		1,792		1,859		1,817		1,562		1,903
Investment and brokerage services
Asset management fees		3,002		2,803		2,740		2,483		2,682
Brokerage fees		1,061		968		883		939		1,076
Total investment and brokerage services		4,063		3,771		3,623		3,422		3,758
Investment banking fees
Underwriting income		1,546		1,088		1,239		1,523		848
Syndication fees		300		227		133		230		271
Financial advisory services		400		549		397		406		269
Total investment banking fees		2,246		1,864		1,769		2,159		1,388
Total fees and commissions		9,536		9,061		8,777		8,392		8,321
Market making and similar activities		3,529		1,372		1,689		2,487		2,807
Other income (loss)		(441)		(587)		(259)		599		(491)
Total noninterest income		$	12,624	$	9,846	$	10,207	$	11,478	$	10,637

(1)Gross interchange fees were $2.4 billion, $2.5 billion, $2.4 billion, $2.0 billion and $2.3 billion and are presented net of $1.4 billion, $1.5 billion, $1.4 billion, $1.2 billion and $1.5 billion of expenses for rewards and partner payments as well as certain other card costs for the first quarter of 2021 and the fourth, third, second and first quarters of 2020, respectively.

Certain prior-period amounts have been reclassified to conform to current-period presentation.


Current-period information is preliminary and based on company data available at the time of the presentation.			4


Bank of America Corporation and Subsidiaries
Consolidated Balance Sheet
(Dollars in millions)
		March 31 2021		December 31 2020		March 31 2020
Assets
Cash and due from banks		$	33,560	$	36,430	$	30,052
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks		292,541		344,033		220,338
Cash and cash equivalents		326,101		380,463		250,390
Time deposits placed and other short-term investments		7,859		6,546		12,283
Federal funds sold and securities borrowed or purchased under agreements to resell		259,147		304,058		301,969
Trading account assets		276,881		198,854		193,323
Derivative assets		45,898		47,179		57,654
Debt securities:
Carried at fair value		280,912		246,601		221,104
Held-to-maturity, at cost		576,000		438,249		254,748
Total debt securities		856,912		684,850		475,852
Loans and leases		903,088		927,861		1,050,785
Allowance for loan and lease losses		(16,168)		(18,802)		(15,766)
Loans and leases, net of allowance		886,920		909,059		1,035,019
Premises and equipment, net		10,803		11,000		10,792
Goodwill		68,951		68,951		68,951
Loans held-for-sale		7,895		9,243		7,862
Customer and other receivables		66,404		64,221		69,238
Other assets		156,221		135,203		136,621
Total assets		$	2,969,992	$	2,819,627	$	2,619,954

Liabilities
Deposits in U.S. offices:
Noninterest-bearing		$	703,822	$	650,674	$	484,342
Interest-bearing		1,079,551		1,038,341		1,008,922
Deposits in non-U.S. offices:
Noninterest-bearing		22,423		17,698		13,695
Interest-bearing		78,262		88,767		76,366
Total deposits		1,884,058		1,795,480		1,583,325
Federal funds purchased and securities loaned or sold under agreements to repurchase		199,443		170,323		170,043
Trading account liabilities		102,788		71,320		77,151
Derivative liabilities		42,325		45,526		54,658
Short-term borrowings		21,724		19,321		30,118
Accrued expenses and other liabilities		194,443		181,799		183,029
Long-term debt		251,211		262,934		256,712
Total liabilities		2,695,992		2,546,703		2,355,036
Shareholders’ equity
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 3,923,686, 3,931,440 and 3,887,440 shares		24,319		24,510		23,427
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 8,589,731,470, 8,650,814,105 and 8,675,487,435 shares		83,071		85,982		85,745
Retained earnings		170,082		164,088		155,866
Accumulated other comprehensive income (loss)		(3,472)		(1,656)		(120)
Total shareholders’ equity		274,000		272,924		264,918
Total liabilities and shareholders’ equity		$	2,969,992	$	2,819,627	$	2,619,954

	Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
	Trading account assets	$	4,530	$	5,225	$	5,405
	Loans and leases	19,346		23,636		37,009
	Allowance for loan and lease losses	(1,261)		(1,693)		(1,472)
	Loans and leases, net of allowance	18,085		21,943		35,537

	All other assets	1,387		1,387		536
	Total assets of consolidated variable interest entities	$	24,002	$	28,555	$	41,478

	Liabilities of consolidated variable interest entities included in total liabilities above
	Short-term borrowings	$	338	$	454	$	1,147
	Long-term debt	5,286		7,053		6,787
	All other liabilities	11		16		39
	Total liabilities of consolidated variable interest entities	$	5,635	$	7,523	$	7,973

Certain prior-period amounts have been reclassified to conform to current-period presentation.


Current-period information is preliminary and based on company data available at the time of the presentation.			5


Bank of America Corporation and Subsidiaries
Capital Management
(Dollars in millions)
	March 31 2021			December 31 2020			March 31 2020
Risk-based capital metrics (1):
Standardized Approach
Common equity tier 1 capital	$	177,789		$	176,660		$	168,115
Tier 1 capital	201,226			200,096			191,532
Total capital	235,974			237,936			228,511
Risk-weighted assets	1,507,545			1,479,749			1,561,031
Common equity tier 1 capital ratio	11.8		%	11.9		%	10.8		%
Tier 1 capital ratio	13.3			13.5			12.3
Total capital ratio	15.7			16.1			14.6

Advanced Approaches
Common equity tier 1 capital	$	177,789		$	176,660		$	168,115
Tier 1 capital	201,226			200,096			191,532
Total capital	227,672			227,685			221,009
Risk-weighted assets	1,365,978			1,371,316			1,512,390
Common equity tier 1 capital ratio	13.0		%	12.9		%	11.1		%
Tier 1 capital ratio	14.7			14.6			12.7
Total capital ratio	16.7			16.6			14.6

Leverage-based metrics (1):
Adjusted average assets	$	2,805,023		$	2,718,802		$	2,421,943
Tier 1 leverage ratio	7.2		%	7.4		%	7.9		%

Supplementary leverage exposure	$	2,868,240		$	2,785,747		$	2,984,135
Supplementary leverage ratio	7.0		%	7.2		%	6.4		%

Tangible equity ratio (2)	7.0			7.4			7.7
Tangible common equity ratio (2)	6.2			6.5			6.7

(1)Regulatory capital ratios at March 31, 2021 are preliminary. We report regulatory capital ratios under both the Standardized and Advanced approaches. The approach that yields the lower ratio is used to assess capital adequacy. Supplementary leverage exposure at March 31, 2021 and December 31, 2020 excludes U.S. Treasury securities and deposits at Federal Reserve Banks.

(2)Tangible equity ratio equals period-end tangible shareholders’ equity divided by period-end tangible assets. Tangible common equity ratio equals period-end tangible common shareholders’ equity divided by period-end tangible assets. Tangible shareholders’ equity and tangible assets are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income. (See Exhibit A: Non-GAAP Reconciliations - Reconciliation to GAAP Financial Measures on page 31.)

Certain prior-period amounts have been reclassified to conform to current-period presentation.


Current-period information is preliminary and based on company data available at the time of the presentation.			6


Bank of America Corporation and Subsidiaries
Capital Composition under Basel 3
(Dollars in millions)
	March 31 2021		December 31 2020		March 31 2020
Total common shareholders' equity	$	249,681	$	248,414	$	241,491
CECL transitional amount (1)	3,544		4,213		3,299
Goodwill, net of related deferred tax liabilities	(68,565)		(68,565)		(68,570)
Deferred tax assets arising from net operating loss and tax credit carryforwards	(5,904)		(5,773)		(5,337)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities	(1,604)		(1,617)		(1,236)
Defined benefit pension plan net assets	(1,181)		(1,164)		(1,014)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net-of-tax	1,625		1,753		(370)
Other	193		(601)		(148)
Common equity tier 1 capital	177,789		176,660		168,115
Qualifying preferred stock, net of issuance cost	23,440		23,437		23,426
Other	(3)		(1)		(9)
Tier 1 capital	201,226		200,096		191,532
Tier 2 capital instruments	21,109		22,213		24,076
Qualifying allowance for credit losses	13,642		15,649		12,909
Other	(3)		(22)		(6)
Total capital under the Standardized approach	235,974		237,936		228,511
Adjustment in qualifying allowance for credit losses under the Advanced approaches (2)	(8,302)		(10,251)		(7,502)
Total capital under the Advanced approaches	$	227,672	$	227,685	$	221,009

(1)Includes the impact of the Corporation's adoption of the current expected credit losses (CECL) accounting standard on January 1, 2020 and 25 percent of the increase in reserves since the initial adoption.

(2)Includes the impact of transition provisions related to the CECL accounting standard.

Certain prior-period amounts have been reclassified to conform to current-period presentation.


Current-period information is preliminary and based on company data available at the time of the presentation.			7


Bank of America Corporation and Subsidiaries
Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis
(Dollars in millions)
	First Quarter 2021						Fourth Quarter 2020						First Quarter 2020
	Average Balance		Interest Income/ Expense (1)		Yield/ Rate		Average Balance		Interest Income/ Expense (1)		Yield/ Rate		Average Balance		Interest Income/ Expense (1)		Yield/ Rate
Earning assets
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks	$	278,098	$	29	0.04	%	$	321,612	$	48	0.06	%	$	130,282	$	268	0.83	%
Time deposits placed and other short-term investments	8,742		4		0.18		8,154		(2)		(0.09)		10,894		30		1.11
Federal funds sold and securities borrowed or purchased under agreements to resell	249,985		(7)		(0.01)		264,048		3		—		278,794		819		1.18
Trading account assets	145,089		885		2.47		145,319		938		2.57		156,685		1,266		3.25
Debt securities	788,638		2,745		1.41		653,189		2,391		1.48		465,215		2,868		2.49
Loans and leases (2)
Residential mortgage	219,005		1,529		2.80		228,069		1,660		2.91		239,994		1,987		3.31
Home equity	33,634		281		3.38		35,789		277		3.07		40,040		421		4.22
Credit card	74,165		1,947		10.65		78,210		2,069		10.53		94,471		2,464		10.49

Direct/Indirect and other consumer	91,430		559		2.48		90,424		583		2.57		90,954		746		3.30

Total consumer	418,234		4,316		4.17		432,492		4,589		4.23		465,459		5,618		4.85
U.S. commercial	322,010		2,051		2.58		327,650		2,111		2.56		330,420		2,910		3.54
Non-U.S. commercial	90,904		409		1.83		95,739		427		1.77		111,388		738		2.66
Commercial real estate	59,736		365		2.48		61,540		384		2.48		63,418		583		3.70
Commercial lease financing	16,839		132		3.15		17,377		132		3.03		19,598		161		3.29
Total commercial	489,489		2,957		2.45		502,306		3,054		2.42		524,824		4,392		3.36
Total loans and leases	907,723		7,273		3.24		934,798		7,643		3.26		990,283		10,010		4.06
Other earning assets	103,650		577		2.26		89,033		553		2.47		87,876		981		4.49
Total earning assets	2,481,925		11,506		1.87		2,416,153		11,574		1.91		2,120,029		16,242		3.08
Cash and due from banks	33,925						35,524						27,997
Other assets, less allowance for loan and lease losses	363,371						340,197						346,902
Total assets	$	2,879,221					$	2,791,874					$	2,494,928
Interest-bearing liabilities
U.S. interest-bearing deposits
Savings	$	67,588	$	2	0.01	%	$	63,600	$	2	0.01	%	$	50,600	$	1	0.01	%
Demand and money market deposit accounts	889,793		77		0.04		854,723		79		0.04		770,474		653		0.34
Consumer CDs and IRAs	38,207		26		0.28		41,049		47		0.45		53,363		151		1.14
Negotiable CDs, public funds and other deposits	52,780		23		0.18		52,624		27		0.21		67,985		209		1.23
Total U.S. interest-bearing deposits	1,048,368		128		0.05		1,011,996		155		0.06		942,422		1,014		0.43
Non-U.S. interest-bearing deposits
Banks located in non-U.S. countries	1,030		—		0.12		1,092		1		0.26		1,904		3		0.60
Governments and official institutions	199		—		—		214		—		—		161		—		0.05
Time, savings and other	80,737		5		0.02		77,552		3		0.02		75,625		167		0.89
Total non-U.S. interest-bearing deposits	81,966		5		0.02		78,858		4		0.02		77,690		170		0.88
Total interest-bearing deposits	1,130,334		133		0.05		1,090,854		159		0.06		1,020,112		1,184		0.47
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities	293,236		(79)		(0.11)		287,459		(37)		(0.05)		304,503		1,120		1.48
Trading account liabilities	42,923		246		2.32		37,061		210		2.24		48,142		329		2.75
Long-term debt	220,836		898		1.65		225,423		876		1.54		210,816		1,335		2.54
Total interest-bearing liabilities	1,687,329		1,198		0.29		1,640,797		1,208		0.29		1,583,573		3,968		1.01
Noninterest-bearing sources
Noninterest-bearing deposits	675,413						646,285						419,224
Other liabilities (3)	242,432						233,772						227,597
Shareholders’ equity	274,047						271,020						264,534
Total liabilities and shareholders’ equity	$	2,879,221					$	2,791,874					$	2,494,928
Net interest spread					1.58	%					1.62	%					2.07	%
Impact of noninterest-bearing sources					0.10						0.09						0.26
Net interest income/yield on earning assets (4)			$	10,308	1.68	%			$	10,366	1.71	%			$	12,274	2.33	%

(1)Includes the impact of interest rate risk management contracts.

(2)Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is generally recognized on a cost recovery basis.

(3)Includes $31.3 billion, $31.8 billion and $35.7 billion of structured notes and liabilities for the first quarter of 2021 and the fourth and first quarters of 2020, respectively.

(4)Net interest income includes FTE adjustments of $111 million, $113 million and $144 million for the first quarter of 2021 and the fourth and first quarters of 2020, respectively.

Certain prior-period amounts have been reclassified to conform to current-period presentation.


Current-period information is preliminary and based on company data available at the time of the presentation.			8


Bank of America Corporation and Subsidiaries
Debt Securities
(Dollars in millions)
	March 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	52,395	$	2,169	$	(30)	$	54,534
Agency-collateralized mortgage obligations	4,618		132		(17)		4,733
Commercial	16,013		840		(53)		16,800
Non-agency residential	871		30		(43)		858
Total mortgage-backed securities	73,897		3,171		(143)		76,925
U.S. Treasury and agency securities	158,352		2,161		(492)		160,021
Non-U.S. securities	14,767		7		(6)		14,768
Other taxable securities, substantially all asset-backed securities	2,519		43		(4)		2,558
Total taxable securities	249,535		5,382		(645)		254,272
Tax-exempt securities	16,023		328		(10)		16,341
Total available-for-sale debt securities	265,558		5,710		(655)		270,613
Other debt securities carried at fair value (1)	10,322		143		(166)		10,299
Total debt securities carried at fair value	275,880		5,853		(821)		280,912
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities	576,031		6,895		(13,668)		569,258
Total debt securities	$	851,911	$	12,748	$	(14,489)	$	850,170


	December 31, 2020
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	59,518	$	2,370	$	(39)	$	61,849
Agency-collateralized mortgage obligations	5,112		161		(13)		5,260
Commercial	15,470		1,025		(4)		16,491
Non-agency residential	899		127		(17)		1,009
Total mortgage-backed securities	80,999		3,683		(73)		84,609
U.S. Treasury and agency securities	114,157		2,236		(13)		116,380
Non-U.S. securities	14,009		15		(7)		14,017
Other taxable securities, substantially all asset-backed securities	2,656		61		(6)		2,711
Total taxable securities	211,821		5,995		(99)		217,717
Tax-exempt securities	16,417		389		(32)		16,774
Total available-for-sale debt securities	228,238		6,384		(131)		234,491
Other debt securities carried at fair value (1)	11,720		429		(39)		12,110
Total debt securities carried at fair value	239,958		6,813		(170)		246,601
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities	438,279		10,095		(194)		448,180
Total debt securities	$	678,237	$	16,908	$	(364)	$	694,781

(1) Primarily includes non-U.S. securities used to satisfy certain international regulatory requirements.

Certain prior-period amounts have been reclassified to conform to current-period presentation.


Current-period information is preliminary and based on company data available at the time of the presentation.			9


Bank of America Corporation and Subsidiaries
Supplemental Financial Data
(Dollars in millions)

	First Quarter 2021	Fourth Quarter 2020			Third Quarter 2020			Second Quarter 2020			First Quarter 2020







FTE basis data (1)
Net interest income		$	10,308		$	10,366		$	10,243		$	10,976		$	12,274
Total revenue, net of interest expense		22,933			20,212			20,450			22,454			22,911
Net interest yield		1.68		%	1.71		%	1.72		%	1.87		%	2.33		%
Efficiency ratio		67.65			68.90			70.42			59.72			58.82

(1)FTE basis is a non-GAAP financial measure. FTE basis is a performance measure used by management in operating the business that management believes provides investors with a more accurate picture of the interest margin for comparative purposes. The Corporation believes that this presentation allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices. Net interest income includes FTE adjustments of $111 million, $113 million, $114 million, $128 million and $144 million for the first quarter of 2021 and the fourth, third, second and first quarters of 2020, respectively.

Certain prior-period amounts have been reclassified to conform to current-period presentation.


Current-period information is preliminary and based on company data available at the time of the presentation.			10


Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other
(Dollars in millions)
	First Quarter 2021
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	10,308	$	5,920	$	1,331	$	1,980	$	990	$	87
Noninterest income
Fees and commissions:
Card income	1,435		1,189		19		150		76		1
Service charges	1,792		831		18		847		94		2
Investment and brokerage services	4,063		77		3,391		41		560		(6)
Investment banking fees	2,246		—		135		1,172		981		(42)
Total fees and commissions	9,536		2,097		3,563		2,210		1,711		(45)
Market making and similar activities	3,529		—		11		31		3,470		17
Other income (loss)	(441)		52		66		412		27		(998)
Total noninterest income (loss)	12,624		2,149		3,640		2,653		5,208		(1,026)
Total revenue, net of interest expense	22,932		8,069		4,971		4,633		6,198		(939)
Provision for credit losses	(1,860)		(617)		(65)		(1,126)		(5)		(47)
Noninterest expense	15,515		5,131		3,869		2,781		3,427		307
Income (loss) before income taxes	9,277		3,555		1,167		2,978		2,776		(1,199)
Income tax expense (benefit)	1,227		871		286		804		722		(1,456)
Net income	$	8,050	$	2,684	$	881	$	2,174	$	2,054	$	257

Average
Total loans and leases	$	907,723	$	290,891	$	188,495	$	330,107	$	77,415	$	20,815
Total assets (1)	2,879,221		999,769		372,594		576,145		723,264		207,449
Total deposits	1,805,747		924,137		326,370		487,034		53,852		14,354
Quarter end
Total loans and leases	$	903,088	$	282,935	$	190,060	$	325,996	$	84,247	$	19,850
Total assets (1)	2,969,992		1,047,413		378,655		594,235		745,681		204,008
Total deposits	1,884,058		971,709		333,254		505,132		61,450		12,513

	Fourth Quarter 2020
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	10,366	$	5,955	$	1,282	$	2,010	$	1,088	$	31
Noninterest income
Fees and commissions:
Card income	1,567		1,289		22		166		89		1
Service charges	1,859		879		18		859		97		6
Investment and brokerage services	3,771		68		3,189		29		487		(2)
Investment banking fees	1,864		—		99		1,098		712		(45)
Total fees and commissions	9,061		2,236		3,328		2,152		1,385		(40)
Market making and similar activities	1,372		—		11		15		1,413		(67)
Other income (loss)	(587)		51		56		602		21		(1,317)
Total noninterest income (loss)	9,846		2,287		3,395		2,769		2,819		(1,424)
Total revenue, net of interest expense	20,212		8,242		4,677		4,779		3,907		(1,393)
Provision for credit losses	53		4		8		48		18		(25)
Noninterest expense	13,927		4,809		3,571		2,432		2,821		294
Income (loss) before income taxes	6,232		3,429		1,098		2,299		1,068		(1,662)
Income tax expense (benefit)	762		840		269		621		278		(1,246)
Net income (loss)	$	5,470	$	2,589	$	829	$	1,678	$	790	$	(416)

Average
Total loans and leases	$	934,798	$	305,146	$	187,167	$	346,323	$	74,133	$	22,029
Total assets (1)	2,791,874		960,376		348,693		566,845		683,146		232,814
Total deposits	1,737,139		885,210		305,870		478,269		54,539		13,251
Quarter end
Total loans and leases	$	927,861	$	299,934	$	188,562	$	339,649	$	78,415	$	21,301
Total assets (1)	2,819,627		988,580		369,738		580,561		616,609		264,139
Total deposits	1,795,480		912,652		322,157		493,748		53,925		12,998

(1)Total assets include asset allocations to match liabilities (i.e., deposits).

Certain prior-period amounts have been reclassified among the segments to conform to current-period presentation.


Current-period information is preliminary and based on company data available at the time of the presentation.			11


Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other (continued)
(Dollars in millions)
	First Quarter 2020
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	12,274	$	6,862	$	1,571	$	2,612	$	1,153	$	76
Noninterest income
Fees and commissions:
Card income	1,272		1,110		17		123		21		1
Service charges	1,903		995		17		796		87		8
Investment and brokerage services	3,758		70		3,122		7		567		(8)
Investment banking fees	1,388		—		115		761		602		(90)
Total fees and commissions	8,321		2,175		3,271		1,687		1,277		(89)
Market making and similar activities	2,807		1		21		87		2,973		(275)
Other income (loss)	(491)		91		73		214		(177)		(692)
Total noninterest income (loss)	10,637		2,267		3,365		1,988		4,073		(1,056)
Total revenue, net of interest expense	22,911		9,129		4,936		4,600		5,226		(980)
Provision for credit losses	4,761		2,258		189		2,093		107		114
Noninterest expense	13,475		4,496		3,606		2,318		2,815		240
Income (loss) before income taxes	4,675		2,375		1,141		189		2,304		(1,334)
Income tax expense (benefit)	665		582		280		51		599		(847)
Net income (loss)	$	4,010	$	1,793	$	861	$	138	$	1,705	$	(487)

Average
Total loans and leases	$	990,283	$	316,946	$	178,639	$	386,483	$	71,660	$	36,555
Total assets (1)	2,494,928		811,277		303,173		465,926		713,051		201,501
Total deposits	1,439,336		736,669		263,411		382,373		33,323		23,560
Quarter end
Total loans and leases	$	1,050,785	$	317,535	$	181,492	$	437,122	$	78,591	$	36,045
Total assets (1)	2,619,954		837,522		323,867		562,529		654,939		241,097
Total deposits	1,583,325		762,387		282,395		477,108		38,536		22,899

(1)Total assets include asset allocations to match liabilities (i.e., deposits).

Certain prior-period amounts have been reclassified among the segments to conform to current-period presentation.


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


Bank of America Corporation and Subsidiaries
Consumer Banking Segment Results
(Dollars in millions)
	First Quarter 2021	Fourth Quarter 2020			Third Quarter 2020			Second Quarter 2020			First Quarter 2020

Net interest income		$	5,920		$	5,955		$	5,890		$	5,991		$	6,862
Noninterest income:
Card income		1,189			1,289			1,220			1,053			1,110
Service charges		831			879			837			706			995

All other income		129			119			92			102			162
Total noninterest income		2,149			2,287			2,149			1,861			2,267
Total revenue, net of interest expense		8,069			8,242			8,039			7,852			9,129

Provision for credit losses		(617)			4			479			3,024			2,258

Noninterest expense		5,131			4,809			4,842			4,735			4,496
Income before income taxes		3,555			3,429			2,718			93			2,375
Income tax expense		871			840			666			23			582
Net income		$	2,684		$	2,589		$	2,052		$	70		$	1,793

Net interest yield		2.51		%	2.58		%	2.61		%	2.85		%	3.57		%
Return on average allocated capital (1)		28			27			21			1			19
Efficiency ratio		63.59			58.34			60.24			60.31			49.24

Balance Sheet
Average
Total loans and leases		$	290,891		$	305,146		$	318,751		$	321,558		$	316,946
Total earning assets (2)		957,112			918,086			896,867			845,236			773,635
Total assets (2)		999,769			960,376			936,112			885,568			811,277
Total deposits		924,137			885,210			860,999			810,700			736,669
Allocated capital (1)		38,500			38,500			38,500			38,500			38,500

Period end
Total loans and leases		$	282,935		$	299,934		$	312,447		$	325,105		$	317,535
Total earning assets (2)		1,004,896			945,343			906,994			890,244			800,144
Total assets (2)		1,047,413			988,580			947,513			929,193			837,522
Total deposits		971,709			912,652			872,022			854,017			762,387

(1) Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.

(2) Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity.

Certain prior-period amounts have been reclassified among the segments to conform to current-period presentation.


Current-period information is preliminary and based on company data available at the time of the presentation.			13


Bank of America Corporation and Subsidiaries
Consumer Banking Key Indicators
(Dollars in millions)
	First Quarter 2021	Fourth Quarter 2020			Third Quarter 2020			Second Quarter 2020			First Quarter 2020

Average deposit balances
Checking		$	515,430		$	492,332		$	479,963		$	446,445		$	394,678
Savings		65,863			62,070			59,817			55,607			49,358
MMS		303,719			289,682			277,896			263,703			247,018
CDs and IRAs		35,488			37,674			40,163			42,256			42,743
Other		3,637			3,452			3,160			2,689			2,872
Total average deposit balances		$	924,137		$	885,210		$	860,999		$	810,700		$	736,669

Deposit spreads (excludes noninterest costs)
Checking		1.99		%	2.02		%	2.07		%	2.14		%	2.22		%
Savings		2.28			2.31			2.35			2.39			2.45
MMS		1.32			1.52			1.59			1.68			2.19
CDs and IRAs		0.48			0.58			0.72			0.93			1.28
Other		0.31			0.34			0.60			1.28			1.88
Total deposit spreads		1.73			1.81			1.87			1.94			2.17

Consumer investment assets		$	324,479		$	306,104		$	266,733		$	246,146		$	212,227

Active digital banking users (units in thousands) (1)		40,286			39,315			39,267			39,294			39,075
Active mobile banking users (units in thousands)		31,487			30,783			30,601			30,307			29,820
Financial centers		4,324			4,312			4,309			4,298			4,297
ATMs		16,905			16,904			16,962			16,862			16,855

Total credit card (2)
Loans
Average credit card outstandings		$	74,165		$	78,210		$	81,309		$	86,191		$	94,471
Ending credit card outstandings		72,786			78,708			79,834			84,244			91,890
Credit quality
Net charge-offs		$	634		$	405		$	509		$	665		$	770
		3.47		%	2.06		%	2.49		%	3.10		%	3.28		%
30+ delinquency		$	1,317		$	1,689		$	1,270		$	1,420		$	1,900
		1.81		%	2.15		%	1.59		%	1.69		%	2.07		%
90+ delinquency		$	755		$	903		$	545		$	782		$	991
		1.04		%	1.15		%	0.68		%	0.93		%	1.08		%
Other total credit card indicators (2)
Gross interest yield		10.52		%	10.49		%	10.16		%	9.95		%	10.49		%
Risk-adjusted margin		9.29			10.84			9.66			8.49			7.94
New accounts (in thousands)		674			514			487			449			1,055
Purchase volumes		$	64,591		$	69,466		$	64,060		$	53,694		$	64,379

Debit card data
Purchase volumes		$	107,907		$	104,280		$	102,004		$	89,631		$	88,588

Loan production (3)
Consumer Banking:
First mortgage		$	9,182		$	7,969		$	7,298		$	15,049		$	12,881
Home equity		410			375			738			3,176			2,641
Total (4):
First mortgage		$	15,233		$	13,664		$	13,360		$	23,124		$	18,938
Home equity		503			469			984			3,683			3,024

(1) Digital active users represents mobile and/or online 90 day active users.

(2) In addition to the credit card portfolio in Consumer Banking, the remaining credit card portfolio is in GWIM.

(3) 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.

(4) In addition to loan production in Consumer Banking, there is also first mortgage and home equity loan production in GWIM.

Certain prior-period amounts have been reclassified among the segments to conform to current-period presentation.


Current-period information is preliminary and based on company data available at the time of the presentation.			14


Bank of America Corporation and Subsidiaries
Consumer Banking Quarterly Results
(Dollars in millions)
	First Quarter 2021									Fourth Quarter 2020
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	5,920		$	3,278		$	2,642		$	5,955		$	3,247		$	2,708
Noninterest income:
Card income	1,189			(5)			1,194			1,289			(5)			1,294
Service charges	831			830			1			879			879			—
All other income	129			73			56			119			67			52
Total noninterest income	2,149			898			1,251			2,287			941			1,346
Total revenue, net of interest expense	8,069			4,176			3,893			8,242			4,188			4,054

Provision for credit losses	(617)			74			(691)			4			51			(47)

Noninterest expense	5,131			3,209			1,922			4,809			2,977			1,832
Income before income taxes	3,555			893			2,662			3,429			1,160			2,269
Income tax expense	871			219			652			840			284			556
Net income	$	2,684		$	674		$	2,010		$	2,589		$	876		$	1,713

Net interest yield	2.51		%	1.46		%	3.74		%	2.58		%	1.48		%	3.58		%
Return on average allocated capital (1)	28			23			31			27			29			26
Efficiency ratio	63.59			76.87			49.34			58.34			71.08			45.19

Balance Sheet
Average
Total loans and leases	$	290,891		$	4,607		$	286,284		$	305,146		$	4,786		$	300,360
Total earning assets (2)	957,112			912,135			286,720			918,086			871,583			300,694
Total assets (2)	999,769			950,803			290,709			960,376			910,735			303,832
Total deposits	924,137			917,319			6,818			885,210			877,656			7,554
Allocated capital (1)	38,500			12,000			26,500			38,500			12,000			26,500

Period end
Total loans and leases	$	282,935		$	4,490		$	278,445		$	299,934		$	4,673		$	295,261
Total earning assets (2)	1,004,896			960,132			278,984			945,343			899,951			295,627
Total assets (2)	1,047,413			997,601			284,032			988,580			939,629			299,185
Total deposits	971,709			964,406			7,303			912,652			906,092			6,560

										First Quarter 2020
										Total Consumer Banking			Deposits			Consumer Lending
Net interest income										$	6,862		$	3,948		$	2,914
Noninterest income:
Card income										1,110			(8)			1,118
Service charges										995			995			—
All other income										162			97			65
Total noninterest income										2,267			1,084			1,183
Total revenue, net of interest expense										9,129			5,032			4,097

Provision for credit losses										2,258			115			2,143

Noninterest expense										4,496			2,725			1,771
Income before income taxes										2,375			2,192			183
Income tax expense										582			537			45
Net income										$	1,793		$	1,655		$	138

Net interest yield										3.57		%	2.17		%	3.76		%
Return on average allocated capital (1)										19			55			2
Efficiency ratio										49.24			54.14			43.23

Balance Sheet
Average
Total loans and leases										$	316,946		$	5,435		$	311,511
Total earning assets (2)										773,635			731,928			312,127
Total assets (2)										811,277			764,117			317,580
Total deposits										736,669			731,277			5,392
Allocated capital (1)										38,500			12,000			26,500

Period end
Total loans and leases										$	317,535		$	5,466		$	312,069
Total earning assets (2)										800,144			756,869			312,739
Total assets (2)										837,522			789,846			317,141
Total deposits										762,387			756,873			5,514

(2) For presentation purposes, in segments or businesses where the total of liabilities and equity exceeds assets, the Corporation allocates assets from All Other to match the segments’ and businesses’ liabilities and allocated shareholders’ equity. As a result, total earning assets and total assets of the businesses may not equal total Consumer Banking.

Certain prior-period amounts have been reclassified among the segments to conform to current-period presentation.


Current-period information is preliminary and based on company data available at the time of the presentation.			15


Bank of America Corporation and Subsidiaries
Global Wealth & Investment Management Segment Results
(Dollars in millions)
	First Quarter 2021	Fourth Quarter 2020			Third Quarter 2020			Second Quarter 2020			First Quarter 2020

Net interest income		$	1,331		$	1,282		$	1,237		$	1,378		$	1,571
Noninterest income:
Investment and brokerage services		3,391			3,189			3,105			2,854			3,122
All other income		249			206			204			193			243
Total noninterest income		3,640			3,395			3,309			3,047			3,365
Total revenue, net of interest expense		4,971			4,677			4,546			4,425			4,936

Provision for credit losses		(65)			8			24			136			189

Noninterest expense		3,869			3,571			3,540			3,469			3,606
Income before income taxes		1,167			1,098			982			820			1,141
Income tax expense		286			269			241			201			280
Net income		$	881		$	829		$	741		$	619		$	861

Net interest yield		1.50		%	1.52		%	1.53		%	1.76		%	2.17		%
Return on average allocated capital (1)		22			22			20			17			23

Efficiency ratio		77.85			76.35			77.86			78.40			73.06

Balance Sheet
Average
Total loans and leases		$	188,495		$	187,167		$	185,587		$	182,150		$	178,639
Total earning assets (2)		360,099			336,165			321,410			315,258			290,919
Total assets (2)		372,594			348,693			333,794			327,594			303,173
Total deposits		326,370			305,870			291,845			287,109			263,411
Allocated capital (1)		16,500			15,000			15,000			15,000			15,000


Period end
Total loans and leases		$	190,060		$	188,562		$	187,211		$	184,293		$	181,492
Total earning assets (2)		365,854			356,874			324,890			321,846			311,124
Total assets (2)		378,655			369,738			337,577			334,191			323,867
Total deposits		333,254			322,157			295,893			291,740			282,395

(1)Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.

(2)Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity.

Certain prior-period amounts have been reclassified among the segments to conform to current-period presentation.


Current-period information is preliminary and based on company data available at the time of the presentation.			16


Bank of America Corporation and Subsidiaries
Global Wealth & Investment Management Key Indicators
(Dollars in millions, except as noted)
	First Quarter 2021	Fourth Quarter 2020		Third Quarter 2020		Second Quarter 2020		First Quarter 2020

Revenue by Business
Merrill Lynch Global Wealth Management		$	4,185	$	3,846	$	3,748	$	3,625	$	4,073
Bank of America Private Bank		786		831		798		800		863

Total revenue, net of interest expense		$	4,971	$	4,677	$	4,546	$	4,425	$	4,936

Client Balances by Business, at period end
Merrill Lynch Global Wealth Management		$	2,922,770	$	2,808,340	$	2,570,252	$	2,449,305	$	2,215,531
Bank of America Private Bank		557,569		541,464		496,369		478,521		443,080

Total client balances		$	3,480,339	$	3,349,804	$	3,066,621	$	2,927,826	$	2,658,611

Client Balances by Type, at period end


Assets under management (1)		$	1,467,487	$	1,408,465	$	1,286,145	$	1,219,748	$	1,092,482
Brokerage and other assets		1,535,424		1,479,614		1,344,538		1,282,044		1,155,461

Deposits		333,254		322,157		295,893		291,740		282,395
Loans and leases (2)		192,725		191,124		189,952		187,004		184,011
Less: Managed deposits in assets under management		(48,551)		(51,556)		(49,907)		(52,710)		(55,738)
Total client balances		$	3,480,339	$	3,349,804	$	3,066,621	$	2,927,826	$	2,658,611

Assets Under Management Rollforward
Assets under management, beginning balance		$	1,408,465	$	1,286,145	$	1,219,748	$	1,092,482	$	1,275,555
Net client flows		18,208		7,603		1,385		3,573		7,035

Market valuation/other		40,814		114,717		65,012		123,693		(190,108)
Total assets under management, ending balance		$	1,467,487	$	1,408,465	$	1,286,145	$	1,219,748	$	1,092,482

Advisors, at period end

Total wealth advisors (3)		19,808		20,103		20,487		20,622		20,393

(1)Defined as managed assets under advisory and/or discretion of GWIM.

(2)Includes margin receivables which are classified in customer and other receivables on the Consolidated Balance Sheet.

(3)Includes advisors across all wealth management businesses in GWIM and Consumer Banking.

Certain prior-period amounts have been reclassified among the segments to conform to current-period presentation.


Current-period information is preliminary and based on company data available at the time of the presentation.			17


Bank of America Corporation and Subsidiaries
Global Banking Segment Results
(Dollars in millions)
	First Quarter 2021	Fourth Quarter 2020			Third Quarter 2020			Second Quarter 2020			First Quarter 2020

Net interest income		$	1,980		$	2,010		$	2,028		$	2,363		$	2,612
Noninterest income:
Service charges		847			859			846			738			796
Investment banking fees		1,172			1,098			970			1,181			761
All other income		634			812			673			809			431
Total noninterest income		2,653			2,769			2,489			2,728			1,988
Total revenue, net of interest expense		4,633			4,779			4,517			5,091			4,600

Provision for credit losses		(1,126)			48			883			1,873			2,093

Noninterest expense		2,781			2,432			2,364			2,222			2,318
Income before income taxes		2,978			2,299			1,270			996			189
Income tax expense		804			621			343			269			51
Net income		$	2,174		$	1,678		$	927		$	727		$	138

Net interest yield		1.56		%	1.57		%	1.61		%	1.82		%	2.57		%
Return on average allocated capital (1)		21			16			9			7			1
Efficiency ratio		60.03			50.88			52.34			43.65			50.40

Balance Sheet
Average
Total loans and leases		$	330,107		$	346,323		$	373,118		$	423,625		$	386,483
Total earning assets (2)		515,880			509,759			501,572			521,930			409,052
Total assets (2)		576,145			566,845			557,889			578,106			465,926
Total deposits		487,034			478,269			471,288			493,918			382,373
Allocated capital (1)		42,500			42,500			42,500			42,500			42,500

Period end
Total loans and leases		$	325,996		$	339,649		$	356,919		$	390,108		$	437,122
Total earning assets (2)		533,852			522,650			496,825			531,649			505,451
Total assets (2)		594,235			580,561			553,776			586,078			562,529
Total deposits		505,132			493,748			465,399			500,918			477,108

(1)Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.

(2)Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity.

Certain prior-period amounts have been reclassified among the segments to conform to current-period presentation.


Current-period information is preliminary and based on company data available at the time of the presentation.			18


Bank of America Corporation and Subsidiaries
Global Banking Key Indicators
(Dollars in millions)
	First Quarter 2021	Fourth Quarter 2020			Third Quarter 2020			Second Quarter 2020			First Quarter 2020

Investment Banking fees (1)
Advisory (2)		$	357		$	510		$	356		$	345		$	247
Debt issuance		423			308			320			503			424
Equity issuance		392			280			294			333			90
Total Investment Banking fees (3)		$	1,172		$	1,098		$	970		$	1,181		$	761

Business Lending
Corporate		$	654		$	894		$	791		$	916		$	951
Commercial		898			928			953			881			981
Business Banking		55			54			59			66			82
Total Business Lending revenue		$	1,607		$	1,876		$	1,803		$	1,863		$	2,014

Global Transaction Services
Corporate		$	690		$	672		$	658		$	785		$	871
Commercial		744			737			745			809			878
Business Banking		211			211			209			217			256
Total Global Transaction Services revenue		$	1,645		$	1,620		$	1,612		$	1,811		$	2,005

Average deposit balances
Interest-bearing		$	164,633		$	169,637		$	190,417		$	242,408		$	206,851
Noninterest-bearing		322,401			308,632			280,871			251,510			175,522
Total average deposits		$	487,034		$	478,269		$	471,288		$	493,918		$	382,373

Loan spread		1.60		%	1.58		%	1.52		%	1.37		%	1.40		%

Provision for credit losses		$	(1,126)		$	48		$	883		$	1,873		$	2,093

Credit quality (4, 5)
Reservable criticized utilized exposure		$	29,954		$	34,001		$	30,803		$	22,900		$	15,187
		8.66		%	9.45		%	8.18		%	5.62		%	3.34		%

Nonperforming loans, leases and foreclosed properties		$	1,812		$	1,979		$	1,935		$	2,035		$	1,700
		0.56		%	0.59		%	0.55		%	0.53		%	0.39		%

Average loans and leases by product
U.S. commercial		$	192,628		$	200,670		$	218,063		$	252,649		$	220,967
Non-U.S. commercial		70,573			76,634			83,950			96,742			92,526
Commercial real estate		49,685			51,254			52,607			54,938			53,009
Commercial lease financing		17,221			17,765			18,498			19,293			19,980
Other		—			—			—			3			1
Total average loans and leases		$	330,107		$	346,323		$	373,118		$	423,625		$	386,483

Total Corporation Investment Banking fees
Advisory (2)		$	400		$	549		$	397		$	406		$	269
Debt issuance		988			718			740			1,058			927
Equity issuance		900			641			664			740			283
Total investment banking fees including self-led deals		2,288			1,908			1,801			2,204			1,479
Self-led deals		(42)			(44)			(32)			(45)			(91)
Total Investment Banking fees		$	2,246		$	1,864		$	1,769		$	2,159		$	1,388

(1)Investment banking fees represent total investment banking fees for Global Banking inclusive of self-led deals and fees included within Business Lending.

(2)Advisory includes fees on debt and equity advisory and mergers and acquisitions.

(3)Investment banking fees represent only the fee component in Global Banking and do not include certain other items shared with the Investment Banking Group under internal revenue sharing agreements.

(4)Criticized exposure corresponds to the Special Mention, Substandard and Doubtful asset categories defined by regulatory authorities. The reservable criticized exposure is on an end-of-period basis and is also shown as a percentage of total commercial reservable utilized exposure, including loans and leases, standby letters of credit, financial guarantees, commercial letters of credit and bankers’ acceptances.

(5)Nonperforming loans, leases and foreclosed properties are on an end-of-period basis. The nonperforming ratio is nonperforming assets divided by loans, leases and foreclosed properties.

Certain prior-period amounts have been reclassified among the segments to conform to current-period presentation.


Current-period information is preliminary and based on company data available at the time of the presentation.			19


Bank of America Corporation and Subsidiaries
Global Markets Segment Results
(Dollars in millions)
	First Quarter 2021	Fourth Quarter 2020			Third Quarter 2020			Second Quarter 2020			First Quarter 2020

Net interest income		$	990		$	1,088		$	1,108		$	1,297		$	1,153
Noninterest income:
Investment and brokerage services		560			487			439			480			567
Investment banking fees		981			712			738			939			602
Market making and similar activities		3,470			1,413			1,725			2,360			2,973
All other income		197			207			273			274			(69)
Total noninterest income		5,208			2,819			3,175			4,053			4,073
Total revenue, net of interest expense (1)		6,198			3,907			4,283			5,350			5,226

Provision for credit losses		(5)			18			21			105			107

Noninterest expense		3,427			2,821			3,103			2,684			2,815
Income before income taxes		2,776			1,068			1,159			2,561			2,304
Income tax expense		722			278			301			666			599
Net income		$	2,054		$	790		$	858		$	1,895		$	1,705

Return on average allocated capital (2)		22		%	9		%	9		%	21		%	19		%

Efficiency ratio		55.30			72.20			72.44			50.17			53.85

Balance Sheet
Average
Total trading-related assets		$	501,789		$	476,607		$	485,314		$	466,990		$	503,119
Total loans and leases		77,415			74,133			72,319			74,131			71,660
Total earning assets		495,324			472,410			476,182			478,648			501,616
Total assets		723,264			683,146			680,983			663,072			713,051
Total deposits		53,852			54,539			56,475			45,083			33,323
Allocated capital (2)		38,000			36,000			36,000			36,000			36,000


Period end
Total trading-related assets		$	524,188		$	421,698		$	477,552		$	468,309		$	439,684
Total loans and leases		84,247			78,415			75,475			74,342			78,591
Total earning assets		496,103			447,350			461,855			462,184			465,632
Total assets		745,681			616,609			676,242			652,068			654,939
Total deposits		61,450			53,925			56,727			52,842			38,536

Trading-related assets (average)
Trading account securities		$	265,181		$	248,785		$	251,735		$	216,157		$	257,254
Reverse repurchases		99,886			97,932			100,395			104,883			115,698
Securities borrowed		89,253			82,331			86,508			96,448			83,271
Derivative assets		47,469			47,559			46,676			49,502			46,896
Total trading-related assets		$	501,789		$	476,607		$	485,314		$	466,990		$	503,119

(1)Substantially all of Global Markets total revenue is sales and trading revenue and investment banking fees, with a small portion related to certain revenue sharing agreements with other business segments. For additional sales and trading revenue information, see page 21.

(2)Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.

Certain prior-period amounts have been reclassified among the segments to conform to current-period presentation.


Current-period information is preliminary and based on company data available at the time of the presentation.			20


Bank of America Corporation and Subsidiaries
Global Markets Key Indicators
(Dollars in millions)
	First Quarter 2021	Fourth Quarter 2020		Third Quarter 2020		Second Quarter 2020		First Quarter 2020

Sales and trading revenue (1)
Fixed-income, currencies and commodities		$	3,242	$	1,690	$	2,019	$	2,941	$	2,945
Equities		1,836		1,317		1,205		1,210		1,690
Total sales and trading revenue		$	5,078	$	3,007	$	3,224	$	4,151	$	4,635

Sales and trading revenue, excluding net debit valuation adjustment (2)
Fixed-income, currencies and commodities		$	3,251	$	1,742	$	2,126	$	3,186	$	2,671
Equities		1,829		1,321		1,214		1,226		1,664
Total sales and trading revenue, excluding net debit valuation adjustment		$	5,080	$	3,063	$	3,340	$	4,412	$	4,335

Sales and trading revenue breakdown
Net interest income		$	899	$	999	$	960	$	1,158	$	1,024
Commissions		548		476		429		470		557
Trading		3,470		1,412		1,725		2,360		2,973
Other		161		120		110		163		81
Total sales and trading revenue		$	5,078	$	3,007	$	3,224	$	4,151	$	4,635

(1) Includes Global Banking sales and trading revenue of $104 million, $101 million, $85 million, $65 million and $227 million for the first quarter of 2021 and the fourth, third, second and first quarters of 2020, respectively.

(2) For this presentation, sales and trading revenue excludes net debit valuation adjustment (DVA) gains (losses) which include net DVA on derivatives, as well as amortization of own credit portion of purchase discount and realized DVA on structured liabilities. Sales and trading revenue excluding net DVA gains (losses) represents a non-GAAP financial measure. We believe the use of this non-GAAP financial measure provides additional useful information to assess the underlying performance of these businesses and to allow better comparison of period-to-period operating performance.

Certain prior-period amounts have been reclassified among the segments to conform to current-period presentation.


Current-period information is preliminary and based on company data available at the time of the presentation.			21


Bank of America Corporation and Subsidiaries
All Other Results (1)
(Dollars in millions)
	First Quarter 2021	Fourth Quarter 2020		Third Quarter 2020		Second Quarter 2020		First Quarter 2020

Net interest income		$	87	$	31	$	(20)	$	(53)	$	76





Noninterest income (loss)		(1,026)		(1,424)		(915)		(211)		(1,056)
Total revenue, net of interest expense		(939)		(1,393)		(935)		(264)		(980)

Provision for credit losses		(47)		(25)		(18)		(21)		114



Noninterest expense		307		294		552		300		240
Loss before income taxes		(1,199)		(1,662)		(1,469)		(543)		(1,334)
Income tax expense (benefit)		(1,456)		(1,246)		(1,772)		(765)		(847)
Net income (loss)		$	257	$	(416)	$	303	$	222	$	(487)

Balance Sheet
Average
Total loans and leases		$	20,815	$	22,029	$	24,243	$	29,923	$	36,555
Total assets (2)		207,449		232,814		230,906		249,846		201,501
Total deposits		14,354		13,251		14,881		21,387		23,560

Period end
Total loans and leases		$	19,850	$	21,301	$	23,120	$	25,096	$	36,045

Total assets (3)		204,008		264,139		223,344		240,158		241,097
Total deposits		12,513		12,998		12,839		19,149		22,899

(1)All Other primarily consists of asset and liability management (ALM) activities, liquidating businesses and certain expenses not otherwise allocated to a business segment. ALM activities encompass interest rate and foreign currency risk management activities for which substantially all of the results are allocated to our business segments.

(2)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $1.0 trillion, $908.7 billion, $828.3 billion, $740.7 billion and $572.2 billion for the first quarter of 2021 and the fourth, third, second and first quarters of 2020, respectively.

(3)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $1.1 trillion, $977.7 billion, $857.8 billion, $829.1 billion and $665.8 billion at March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively.

Certain prior-period amounts have been reclassified among the segments to conform to current-period presentation.


Current-period information is preliminary and based on company data available at the time of the presentation.			22


Bank of America Corporation and Subsidiaries
Outstanding Loans and Leases
(Dollars in millions)
	March 31 2021		December 31 2020		March 31 2020
Consumer
Residential mortgage	$	214,779	$	223,555	$	243,545
Home equity	32,078		34,311		39,567
Credit card	72,786		78,708		91,890
Direct/Indirect consumer (1)	91,737		91,363		90,246
Other consumer (2)	132		124		150
Total consumer loans excluding loans accounted for under the fair value option	411,512		428,061		465,398
Consumer loans accounted for under the fair value option (3)	693		735		556
Total consumer	412,205		428,796		465,954

Commercial
U.S. commercial	283,229		288,728		358,504
Non-U.S. commercial	91,335		90,460		116,612
Commercial real estate (4)	58,764		60,364		66,654
Commercial lease financing	16,359		17,098		19,180
	449,687		456,650		560,950
U.S. small business commercial (5)	34,886		36,469		15,421
Total commercial loans excluding loans accounted for under the fair value option	484,573		493,119		576,371
Commercial loans accounted for under the fair value option (3)	6,310		5,946		8,460
Total commercial	490,883		499,065		584,831

Total loans and leases	$	903,088	$	927,861	$	1,050,785

(1)Includes primarily auto and specialty lending loans and leases of $45.4 billion, $46.4 billion and $50.0 billion, U.S. securities-based lending loans of $42.4 billion, $41.1 billion and $36.4 billion and non-U.S. consumer loans of $3.1 billion, $3.0 billion and $3.0 billion at March 31, 2021, December 31, 2020 and March 31, 2020, respectively.

(2)Substantially all of other consumer is consumer overdrafts.

(3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $275 million, $298 million and $231 million and home equity loans of $418 million, $437 million and $325 million at March 31, 2021, December 31, 2020 and March 31, 2020, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $4.2 billion, $2.9 billion and $5.1 billion and non-U.S. commercial loans of $2.1 billion, $3.0 billion and $3.4 billion at March 31, 2021, December 31, 2020 and March 31, 2020, respectively.

(4)Includes U.S. commercial real estate loans of $55.8 billion, $57.2 billion and $62.9 billion and non-U.S. commercial real estate loans of $3.0 billion, $3.2 billion and $3.8 billion at March 31, 2021, December 31, 2020 and March 31, 2020, respectively.

(5)Includes card-related products.

Certain prior-period amounts have been reclassified to conform to current-period presentation.


Current-period information is preliminary and based on company data available at the time of the presentation.			23


Bank of America Corporation and Subsidiaries
Quarterly Average Loans and Leases by Business Segment and All Other
(Dollars in millions)
	First Quarter 2021
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	219,005	$	113,729	$	88,532	$	—	$	—	$	16,744
Home equity	33,634		26,490		2,812		—		284		4,048
Credit card	74,165		71,805		2,360		—		—		—
Direct/Indirect and other consumer	91,430		46,320		45,107		—		—		3
Total consumer	418,234		258,344		138,811		—		284		20,795

Commercial
U.S. commercial	322,010		32,535		44,436		192,628		52,016		395
Non-U.S. commercial	90,904		—		932		70,573		19,369		30
Commercial real estate	59,736		12		4,316		49,685		5,717		6
Commercial lease financing	16,839		—		—		17,221		29		(411)
Total commercial	489,489		32,547		49,684		330,107		77,131		20
Total loans and leases	$	907,723	$	290,891	$	188,495	$	330,107	$	77,415	$	20,815

	Fourth Quarter 2020
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	228,069	$	120,548	$	89,278	$	—	$	—	$	18,243
Home equity	35,789		28,300		2,977		—		293		4,219
Credit card	78,210		75,748		2,463		—		—		(1)
Direct/Indirect and other consumer	90,424		47,094		43,327		—		—		3
Total consumer	432,492		271,690		138,045		—		293		22,464

Commercial
U.S. commercial	327,650		33,443		43,832		200,670		49,760		(55)
Non-U.S. commercial	95,739		—		933		76,634		18,143		29
Commercial real estate	61,540		13		4,357		51,254		5,909		7
Commercial lease financing	17,377		—		—		17,765		28		(416)
Total commercial	502,306		33,456		49,122		346,323		73,840		(435)
Total loans and leases	$	934,798	$	305,146	$	187,167	$	346,323	$	74,133	$	22,029

	First Quarter 2020
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	239,994	$	121,718	$	86,375	$	1	$	—	$	31,900
Home equity	40,040		31,712		3,129		—		308		4,891
Credit card	94,471		91,709		2,762		—		—		—
Direct/Indirect and other consumer	90,954		50,752		40,198		—		—		4
Total consumer	465,459		295,891		132,464		1		308		36,795

Commercial
U.S. commercial	330,420		21,040		41,085		220,967		47,176		152
Non-U.S. commercial	111,388		—		800		92,526		18,038		24
Commercial real estate	63,418		15		4,288		53,009		6,097		9
Commercial lease financing	19,598		—		2		19,980		41		(425)
Total commercial	524,824		21,055		46,175		386,482		71,352		(240)
Total loans and leases	$	990,283	$	316,946	$	178,639	$	386,483	$	71,660	$	36,555

Certain prior-period amounts have been reclassified among the segments to conform to current-period presentation.


Current-period information is preliminary and based on company data available at the time of the presentation.			24


Bank of America Corporation and Subsidiaries
Commercial Credit Exposure by Industry (1, 2, 3, 4, 6)
(Dollars in millions)
	Commercial Utilized						Total Commercial Committed
	March 31 2021		December 31 2020		March 31 2020		March 31 2021		December 31 2020		March 31 2020
Asset managers and funds	$	68,863	$	68,093	$	75,625	$	106,681	$	101,540	$	111,531
Real estate (5)	66,477		69,267		75,958		90,604		92,414		95,783
Capital goods	37,231		39,911		48,272		78,372		80,959		85,525
Finance companies	49,483		46,948		46,089		76,246		70,004		66,609
Healthcare equipment and services	32,022		33,759		40,695		56,458		57,880		58,691
Government and public education	39,093		41,669		45,171		51,381		56,212		56,296
Materials	23,506		24,548		30,712		50,739		50,792		53,332
Retailing	24,843		24,749		33,505		48,962		49,710		49,501
Consumer services	29,881		32,000		34,753		47,503		48,026		46,304
Food, beverage and tobacco	22,701		22,871		28,039		44,861		44,628		47,770
Commercial services and supplies	21,187		21,154		25,572		37,830		38,149		36,774
Energy	13,602		13,936		18,328		32,425		32,983		38,041
Transportation	22,044		23,426		28,160		32,394		33,444		36,476
Utilities	11,681		12,387		14,505		29,481		29,234		31,710
Individuals and trusts	22,029		18,784		20,052		29,150		25,881		28,657
Software and services	11,690		11,709		11,337		27,198		23,647		19,817
Media	12,906		13,144		13,604		25,832		24,677		24,512
Technology hardware and equipment	9,846		10,515		12,837		25,034		24,796		23,799
Telecommunication services	8,752		9,411		10,082		24,422		15,605		15,919
Global commercial banks	21,232		20,751		31,316		23,380		22,922		33,510
Automobiles and components	11,858		10,956		11,846		20,528		20,765		17,289
Consumer durables and apparel	8,507		9,232		12,648		19,484		20,223		20,541
Pharmaceuticals and biotechnology	4,617		5,217		6,285		17,410		16,349		19,554
Vehicle dealers	13,487		15,028		18,315		16,877		18,696		21,196
Insurance	6,208		5,921		7,890		14,783		13,491		15,271
Food and staples retailing	5,499		5,209		6,797		10,585		11,810		10,667
Financial markets infrastructure (clearinghouses)	4,271		4,939		7,117		7,275		8,648		9,534
Religious and social organizations	4,598		4,769		4,372		6,513		6,759		6,135

Total commercial credit exposure by industry	$	608,114	$	620,303	$	719,882	$	1,052,408	$	1,040,244	$	1,080,744

(1)Includes loans and leases, standby letters of credit and financial guarantees, derivative assets, assets held-for-sale, commercial letters of credit, bankers’ acceptances, securitized assets, foreclosed properties and other collateral acquired. Derivative assets are carried at fair value, reflect the effects of legally enforceable master netting agreements and have been reduced by cash collateral of $35.3 billion, $42.5 billion and $53.3 billion at March 31, 2021, December 31, 2020 and March 31, 2020, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $39.4 billion, $39.3 billion and $35.7 billion, which consists primarily of other marketable securities, at March 31, 2021, December 31, 2020 and March 31, 2020, respectively.

(2)Total utilized and total committed exposure includes loans of $6.3 billion, $5.9 billion and $8.5 billion and issued letters of credit with a notional amount of $79 million, $89 million and $156 million accounted for under the fair value option at March 31, 2021, December 31, 2020 and March 31, 2020, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $4.5 billion, $3.9 billion and $3.6 billion at March 31, 2021, December 31, 2020 and March 31, 2020, respectively.

(3)Includes U.S. small business commercial exposure.

(4)Includes the notional amount of unfunded legally binding lending commitments net of amounts distributed (e.g., syndicated or participated) to other financial institutions.

(5)Industries are viewed from a variety of perspectives to best isolate the perceived risks. For purposes of this table, the real estate industry is defined based on the primary business activity of the borrowers or the counterparties using operating cash flows and primary source of repayment as key factors.

(6)March 31, 2021 and December 31, 2020 include $21.1 billion and $22.7 billion of Paycheck Protection Program loan exposure across impacted industries.

Certain prior-period amounts have been reclassified to conform to current-period presentation.


Current-period information is preliminary and based on company data available at the time of the presentation.			25


Bank of America Corporation and Subsidiaries
Top 20 Non-U.S. Countries Exposure
(Dollars in millions)
	Funded Loans and Loan Equivalents (1)		Unfunded Loan Commitments		Net Counterparty Exposure		Securities/ Other Investments (2)		Country Exposure at March 31 2021		Hedges and Credit Default Protection (3)		Net Country Exposure at March 31 2021 (4)		Increase (Decrease) from December 31 2020
United Kingdom	$	32,750	$	17,379	$	6,245	$	3,585	$	59,959	$	(1,172)	$	58,787	$	(685)
Germany	30,236		9,504		2,020		3,296		45,056		(1,543)		43,513		(1,390)
Canada	8,071		16,428		1,725		2,743		28,967		(376)		28,591		7,457
Japan	19,846		1,228		2,688		1,852		25,614		(632)		24,982		7,486
France	12,356		8,806		1,256		3,013		25,431		(1,025)		24,406		3,615
Australia	6,764		5,378		485		2,603		15,230		(323)		14,907		1,820
China	10,315		269		1,152		1,322		13,058		(311)		12,747		(673)
Brazil	5,707		780		411		4,231		11,129		(291)		10,838		545
Netherlands	5,498		4,042		671		803		11,014		(424)		10,590		906
Singapore	4,844		335		431		4,057		9,667		(54)		9,613		331
India	5,427		180		493		2,649		8,749		(173)		8,576		765
South Korea	5,253		883		448		2,075		8,659		(154)		8,505		(46)
Switzerland	4,922		2,921		436		267		8,546		(271)		8,275		1,380
Hong Kong	4,791		565		534		1,154		7,044		(27)		7,017		480
Italy	2,325		1,415		540		2,746		7,026		(711)		6,315		623
Ireland	4,416		1,035		113		343		5,907		(19)		5,888		1,723
Mexico	3,264		1,268		174		1,179		5,885		(360)		5,525		(762)
Belgium	2,906		1,303		297		615		5,121		(144)		4,977		10
Spain	2,655		1,009		248		702		4,614		(290)		4,324		(492)
Sweden	1,190		903		217		434		2,744		(159)		2,585		29
Total top 20 non-U.S. countries exposure	$	173,536	$	75,631	$	20,584	$	39,669	$	309,420	$	(8,459)	$	300,961	$	23,122

(1)Includes loans, leases, and other extensions of credit and funds, including letters of credit and due from placements, which have not been reduced by collateral, hedges or credit default protection. Funded loans and loan equivalents are reported net of charge-offs but prior to any allowance for loan and lease losses.

(2)Long securities exposures are netted on a single-name basis to, but not below, zero by short exposures and net credit default swaps purchased, consisting of single-name and net indexed and tranched credit default swaps.

(3)Represents credit default protection purchased, net of credit default protection sold, which is used to mitigate the Corporation’s risk to country exposures as listed, consisting of net single-name and net indexed and tranched credit default swaps. Amounts are calculated based on the credit default swaps notional amount assuming a zero recovery rate less any fair value receivable or payable.

(4) Represents country exposure less hedges and credit default protection purchased, net of credit default protection sold.

Certain prior-period amounts have been reclassified to conform to current-period presentation.


Current-period information is preliminary and based on company data available at the time of the presentation.			26


Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties
(Dollars in millions)
	March 31 2021			December 31 2020			September 30 2020			June 30 2020			March 31 2020
Residential mortgage	$	2,366		$	2,005		$	1,675		$	1,552		$	1,580
Home equity	669			649			640			594			578

Direct/Indirect consumer	56			71			42			45			46

Total consumer	3,091			2,725			2,357			2,191			2,204
U.S. commercial	1,228			1,243			1,351			1,247			1,240
Non-U.S. commercial	342			418			338			387			90
Commercial real estate	354			404			414			474			408
Commercial lease financing	80			87			14			17			44
	2,004			2,152			2,117			2,125			1,782
U.S. small business commercial	67			75			76			77			70
Total commercial	2,071			2,227			2,193			2,202			1,852
Total nonperforming loans and leases	5,162			4,952			4,550			4,393			4,056
Foreclosed properties (1)	137			164			180			218			275
Total nonperforming loans, leases and foreclosed properties (2, 3)	$	5,299		$	5,116		$	4,730		$	4,611		$	4,331

Fully-insured home loans past due 30 days or more and still accruing	$	1,030		$	1,090		$	1,213		$	1,153		$	1,598
Consumer credit card past due 30 days or more and still accruing	1,317			1,689			1,270			1,420			1,900
Other loans past due 30 days or more and still accruing	3,506			3,398			3,322			2,980			3,904
Total loans past due 30 days or more and still accruing (4, 5)	$	5,853		$	6,177		$	5,805		$	5,553		$	7,402

Fully-insured home loans past due 90 days or more and still accruing	$	728		$	762		$	837		$	854		$	951
Consumer credit card past due 90 days or more and still accruing	755			903			546			782			991
Other loans past due 90 days or more and still accruing	309			417			365			579			384
Total loans past due 90 days or more and still accruing (4, 5)	$	1,792		$	2,082		$	1,748		$	2,215		$	2,326

Nonperforming loans, leases and foreclosed properties/Total assets (6)	0.18		%	0.18		%	0.17		%	0.17		%	0.17		%
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties (6)	0.59			0.56			0.50			0.47			0.42
Nonperforming loans and leases/Total loans and leases (6)	0.58			0.54			0.48			0.44			0.39

Commercial reservable criticized utilized exposure (7)	$	34,283		$	38,666		$	35,710		$	25,950		$	17,400
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure (7)	6.59		%	7.31		%	6.55		%	4.51		%	2.84		%
Total commercial criticized utilized exposure/Commercial utilized exposure (7)	6.41			7.22			6.34			4.34			2.65

(1)Foreclosed property balances do not include properties insured by certain government-guaranteed loans, principally loans insured by the Federal Housing Administration (FHA), that entered foreclosure of $87 million, $119 million, $131 million, $124 million and $224 million at March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively.

(2)Balances do not include past due consumer credit card, consumer loans secured by real estate where repayments are insured by the FHA and individually insured long-term stand-by agreements (fully-insured home loans), and in general, other consumer and commercial loans not secured by real estate.

(3)Balances do not include nonperforming loans held-for-sale of $384 million, $359 million, $184 million, $151 million and $223 million and nonperforming loans accounted for under the fair value option of $12 million, $11 million, $9 million, $79 million and $6 million at March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively.

(4)Balances do not include loans held-for-sale past due 30 days or more and still accruing of $75 million, $38 million, $93 million, $209 million and $354 million at March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively, and loans held-for-sale past due 90 days or more and still accruing of $18 million, $32 million, $41 million, $5 million and $0 at March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively. At March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, there were $12 million, $15 million, $119 million, $18 million and $52 million, respectively, of loans accounted for under the fair value option past due 30 days or more and still accruing interest.

(5)These balances are excluded from total nonperforming loans, leases and foreclosed properties.

(6)Total assets and total loans and leases do not include loans accounted for under the fair value option of $7.0 billion, $6.7 billion, $7.2 billion, $9.2 billion and $9.0 billion at March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively.

(7)Criticized exposure corresponds to the Special Mention, Substandard and Doubtful asset categories defined by regulatory authorities. The reservable criticized exposure excludes loans held-for-sale, exposure accounted for under the fair value option and other nonreservable exposure.

Certain prior-period amounts have been reclassified to conform to current-period presentation.


Current-period information is preliminary and based on company data available at the time of the presentation.			27


Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties Activity (1)
(Dollars in millions)
	First Quarter 2021		Fourth Quarter 2020		Third Quarter 2020		Second Quarter 2020		First Quarter 2020
Nonperforming Consumer Loans and Leases:
Balance, beginning of period	$	2,725	$	2,357	$	2,191	$	2,204	$	2,053

Additions	851		860		587		354		477


Reductions:
Paydowns and payoffs	(123)		(137)		(113)		(84)		(106)
Sales	(1)		(7)		—		(25)		(6)
Returns to performing status (2)	(347)		(325)		(291)		(233)		(165)
Charge-offs (3)	(12)		(16)		(13)		(22)		(27)
Transfers to foreclosed properties	(2)		(7)		(4)		(3)		(22)

Total net additions (reductions) to nonperforming loans and leases	366		368		166		(13)		151
Total nonperforming consumer loans and leases, end of period	3,091		2,725		2,357		2,191		2,204
Foreclosed properties	101		123		135		169		226
Nonperforming consumer loans, leases and foreclosed properties, end of period	$	3,192	$	2,848	$	2,492	$	2,360	$	2,430

Nonperforming Commercial Loans and Leases (4):
Balance, beginning of period	$	2,227	$	2,193	$	2,202	$	1,852	$	1,499

Additions	472		1,192		656		889		781
Reductions:
Paydowns	(312)		(397)		(216)		(177)		(212)
Sales	(22)		(274)		(50)		(10)		(16)
Return to performing status (5)	(28)		(127)		(21)		(8)		(16)
Charge-offs	(78)		(313)		(367)		(344)		(184)
Transfers to foreclosed properties	—		(2)		—		—		—
Transfers to loans held-for-sale	(188)		(45)		(11)		—		—
Total net additions (reductions) to nonperforming loans and leases	(156)		34		(9)		350		353
Total nonperforming commercial loans and leases, end of period	2,071		2,227		2,193		2,202		1,852
Foreclosed properties	36		41		45		49		49
Nonperforming commercial loans, leases and foreclosed properties, end of period	$	2,107	$	2,268	$	2,238	$	2,251	$	1,901

(1)For amounts excluded from nonperforming loans, leases and foreclosed properties, see footnotes to Nonperforming Loans, Leases and Foreclosed Properties table on page 27.

(2)Consumer loans and leases may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection. Certain troubled debt restructurings are classified as nonperforming at the time of restructuring and may only be returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period, generally six months.

(3)Our policy is not to classify consumer credit card and non-bankruptcy related consumer loans not secured by real estate as nonperforming; therefore, the charge-offs on these loans have no impact on nonperforming activity and, accordingly, are excluded from this table.

(4)Includes U.S. small business commercial activity. Small business card loans are excluded as they are not classified as nonperforming.

(5)Commercial loans and leases may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection. Troubled debt restructurings are generally classified as performing after a sustained period of demonstrated payment performance.

Certain prior-period amounts have been reclassified to conform to current-period presentation.


Current-period information is preliminary and based on company data available at the time of the presentation.			28


Bank of America Corporation and Subsidiaries
Quarterly Net Charge-offs and Net Charge-off Ratios (1)
(Dollars in millions)
	First Quarter 2021				Fourth Quarter 2020				Third Quarter 2020				Second Quarter 2020				First Quarter 2020
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage (2)	$	(4)	(0.01)	%	$	(3)	—	%	$	(6)	(0.01)	%	$	(20)	(0.03)	%	$	(1)	—	%
Home equity	(35)		(0.42)		(28)		(0.31)		(20)		(0.21)		(14)		(0.14)		(11)		(0.11)
Credit card	634		3.47		405		2.06		509		2.49		665		3.10		770		3.28

Direct/Indirect consumer	31		0.14		38		0.17		18		0.08		26		0.12		40		0.18
Other consumer	67		n/m		70		n/m		63		n/m		77		n/m		74		n/m
Total consumer	693		0.67		482		0.44		564		0.50		734		0.65		872		0.75
U.S. commercial	12		0.02		182		0.25		154		0.20		219		0.26		163		0.21
Non-U.S. commercial	26		0.12		65		0.28		57		0.23		32		0.12		1		—
Total commercial and industrial	38		0.04		247		0.26		211		0.21		251		0.22		164		0.16
Commercial real estate	11		0.07		101		0.66		106		0.66		57		0.35		6		0.04
Commercial lease financing	—		—		(1)		(0.03)		24		0.53		31		0.66		5		0.10
	49		0.04		347		0.30		341		0.28		339		0.25		175		0.14
U.S. small business commercial	81		0.89		52		0.53		67		0.69		73		0.96		75		1.95
Total commercial	130		0.11		399		0.32		408		0.31		412		0.29		250		0.19
Total net charge-offs	$	823	0.37		$	881	0.38		$	972	0.40		$	1,146	0.45		$	1,122	0.46

By Business Segment and All Other
Consumer Banking	$	810	1.13	%	$	563	0.73	%	$	658	0.82	%	$	843	1.05	%	$	963	1.22	%
Global Wealth & Investment Management	13		0.03		9		0.02		(6)		(0.01)		9		0.02		9		0.02
Global Banking	36		0.05		314		0.37		328		0.36		330		0.32		160		0.17
Global Markets	3		0.01		24		0.13		17		0.10		—		—		7		0.04
All Other	(39)		(0.78)		(29)		(0.53)		(25)		(0.40)		(36)		(0.49)		(17)		(0.19)
Total net charge-offs	$	823	0.37		$	881	0.38		$	972	0.40		$	1,146	0.45		$	1,122	0.46

(1)Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding loans and leases excluding loans accounted for under the fair value option during the period for each loan and lease category.

(2)Includes loan sale net charge-offs (recoveries) of $0, $0, $0, $(16) million and $0 for the first quarter of 2021 and the fourth, third, second and first quarters of 2020, respectively.

n/m = not meaningful

Certain prior-period amounts have been reclassified to conform to current-period presentation.


Current-period information is preliminary and based on company data available at the time of the presentation.			29


Bank of America Corporation and Subsidiaries
Allocation of the Allowance for Credit Losses by Product Type
(Dollars in millions)
	March 31, 2021		December 31, 2020				March 31, 2020
	Amount		Percent of Loans and Leases Outstanding (1, 2)	Amount		Percent of Loans and Leases Outstanding (1, 2)		Amount		Percent of Loans and Leases Outstanding (1, 2)
Allowance for loan and lease losses
Residential mortgage	$	428	0.20%	$	459	0.21%		$	430	0.18%
Home equity	261		0.81	399		1.16		378		0.96
Credit card	7,278		10.00	8,420		10.70		7,583		8.25

Direct/Indirect consumer	617		0.67	752		0.82		623		0.69
Other consumer	51		n/m	41		n/m		52		n/m
Total consumer	8,635		2.10	10,071		2.35		9,066		1.95
U.S. commercial (3)	4,131		1.30	5,043		1.55		4,135		1.11
Non-U.S.commercial	1,154		1.26	1,241		1.37		1,041		0.89
Commercial real estate	2,148		3.66	2,285		3.79		1,439		2.16
Commercial lease financing	100		0.61	162		0.95		85		0.45
Total commercial	7,533		1.55	8,731		1.77		6,700		1.16
Allowance for loan and lease losses	16,168		1.80	18,802		2.04		15,766		1.51


Reserve for unfunded lending commitments	1,829			1,878				1,360
Allowance for credit losses	$	17,997		$	20,680			$	17,126

Asset Quality Indicators

Allowance for loan and lease losses/Total loans and leases (2)			1.80%			2.04%				1.51%

Allowance for loan and lease losses/Total nonperforming loans and leases (4)			313			380				389

Ratio of the allowance for loan and lease losses/Annualized net charge-offs			4.85			5.37				3.49

(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. Consumer loans accounted for under the fair value option include residential mortgage loans of $275 million, $298 million and $231 million and home equity loans of $418 million, $437 million and $325 million at March 31, 2021, December 31, 2020 and March 31, 2020, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $4.2 billion, $2.9 billion and $5.1 billion and non-U.S. commercial loans of $2.1 billion, $3.0 billion and $3.4 billion at March 31, 2021, December 31, 2020 and March 31, 2020, respectively.

(2)Total loans and leases do not include loans accounted for under the fair value option of $7.0 billion, $6.7 billion and $9.0 billion at March 31, 2021, December 31, 2020 and March 31, 2020, respectively.

(3)Includes allowance for loan and lease losses for U.S. small business commercial loans of $1.5 billion, $1.5 billion and $1.1 billion at March 31, 2021, December 31, 2020 and March 31, 2020, respectively.

(4)Allowance for loan and lease losses includes $8.7 billion, $9.9 billion and $8.6 billion allocated to products (primarily the Consumer Lending portfolios within Consumer Banking) that are excluded from nonperforming loans and leases at March 31, 2021, December 31, 2020 and March 31, 2020, respectively. Excluding these amounts, allowance for loan and lease losses as a percentage of total nonperforming loans and leases was 144 percent, 181 percent and 178 percent at March 31, 2021, December 31, 2020 and March 31, 2020, respectively.

n/m = not meaningful

Certain prior-period amounts have been reclassified to conform to current-period presentation.


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

Exhibit A: Non-GAAP Reconciliations

Bank of America Corporation and Subsidiaries

Reconciliations to GAAP Financial Measures

(Dollars in millions, except per share information)

The Corporation evaluates its business based on the following ratios that utilize tangible equity, a non-GAAP financial measure. Tangible equity represents an adjusted shareholders’ equity or common shareholders’ equity amount which has been reduced by goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities. Return on average tangible common shareholders’ equity measures the Corporation’s net income applicable to common shareholders as a percentage of adjusted average common shareholders’ equity. The tangible common equity ratio represents adjusted ending common shareholders’ equity divided by total assets less goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities. Return on average tangible shareholders’ equity measures the Corporation’s net income as a percentage of adjusted average total shareholders’ equity. The tangible equity ratio represents adjusted ending shareholders’ equity divided by total assets less goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities. Tangible book value per common share represents adjusted ending common shareholders’ equity divided by ending common shares outstanding. These measures are used to evaluate the Corporation’s use of equity. In addition, profitability, relationship and investment models all use return on average tangible shareholders’ equity as key measures to support our overall growth goals.

See the tables below for reconciliations of these non-GAAP financial measures to the most closely related financial measures defined by GAAP for the three months ended March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020. The Corporation believes the use of these non-GAAP financial measures provides additional clarity in understanding its results of operations and trends. Other companies may define or calculate supplemental financial data differently.


	First Quarter 2021	Fourth Quarter 2020		Third Quarter 2020		Second Quarter 2020		First Quarter 2020






























Reconciliation of income before income taxes to pretax, pre-provision income
Income before income taxes		$	9,166	$	6,119	$	4,546	$	3,799	$	4,531
Provision for credit losses		(1,860)		53		1,389		5,117		4,761
Pretax, pre-provision income		$	7,306	$	6,172	$	5,935	$	8,916	$	9,292

Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity		$	274,047	$	271,020	$	267,323	$	266,316	$	264,534
Goodwill		(68,951)		(68,951)		(68,951)		(68,951)		(68,951)
Intangible assets (excluding mortgage servicing rights)		(2,146)		(2,173)		(1,976)		(1,640)		(1,655)
Related deferred tax liabilities		920		910		855		790		728
Tangible shareholders’ equity		$	203,870	$	200,806	$	197,251	$	196,515	$	194,656
Preferred stock		(24,399)		(24,180)		(23,427)		(23,427)		(23,456)
Tangible common shareholders’ equity		$	179,471	$	176,626	$	173,824	$	173,088	$	171,200








Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity		$	274,000	$	272,924	$	268,850	$	265,637	$	264,918
Goodwill		(68,951)		(68,951)		(68,951)		(68,951)		(68,951)
Intangible assets (excluding mortgage servicing rights)		(2,134)		(2,151)		(2,185)		(1,630)		(1,646)
Related deferred tax liabilities		915		920		910		789		790
Tangible shareholders’ equity		$	203,830	$	202,742	$	198,624	$	195,845	$	195,111
Preferred stock		(24,319)		(24,510)		(23,427)		(23,427)		(23,427)
Tangible common shareholders’ equity		$	179,511	$	178,232	$	175,197	$	172,418	$	171,684

Reconciliation of period-end assets to period-end tangible assets
Assets		$	2,969,992	$	2,819,627	$	2,738,452	$	2,741,688	$	2,619,954
Goodwill		(68,951)		(68,951)		(68,951)		(68,951)		(68,951)
Intangible assets (excluding mortgage servicing rights)		(2,134)		(2,151)		(2,185)		(1,630)		(1,646)
Related deferred tax liabilities		915		920		910		789		790
Tangible assets		$	2,899,822	$	2,749,445	$	2,668,226	$	2,671,896	$	2,550,147

Book value per share of common stock
Common shareholders’ equity		$	249,681	$	248,414	$	245,423	$	242,210	$	241,491
Ending common shares issued and outstanding		8,589.7		8,650.8		8,661.5		8,664.1		8,675.5
Book value per share of common stock		$	29.07	$	28.72	$	28.33	$	27.96	$	27.84

Tangible book value per share of common stock
Tangible common shareholders’ equity		$	179,511	$	178,232	$	175,197	$	172,418	$	171,684
Ending common shares issued and outstanding		8,589.7		8,650.8		8,661.5		8,664.1		8,675.5
Tangible book value per share of common stock		$	20.90	$	20.60	$	20.23	$	19.90	$	19.79

Certain prior-period amounts have been reclassified to conform to current-period presentation.


Current-period information is preliminary and based on company data available at the time of the presentation.			31

Form: 8-K

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