July 14, 2021 - THE SUPPLEMENTAL INFORMATION - 8-K: Current report filing

Supplemental Information

Second 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
Year-to-Date Results by Business Segment and All Other			13
Consumer Banking
Total Segment Results			14
Key Indicators			15
Business Results			16
Global Wealth & Investment Management
Total Segment Results			18
Key Indicators			19
Global Banking
Total Segment Results			20
Key Indicators			21

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

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

Exhibit A: Non-GAAP Reconciliations			33







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

Business Segment Operations
The Corporation reports the results of operations of its four business segments and All Other on a fully taxable-equivalent (FTE) basis. Additionally, the results for the total Corporation as presented on pages 11 - 13 are reported on an FTE basis.


Bank of America Corporation and Subsidiaries
Consolidated Financial Highlights
(In millions, except per share information)
	Six Months Ended June 30						Second Quarter 2021			First Quarter 2021			Fourth Quarter 2020			Third Quarter 2020			Second Quarter 2020
	2021			2020
Income statement
Net interest income	$	20,430		$	22,978		$	10,233		$	10,197		$	10,253		$	10,129		$	10,848
Noninterest income	23,857			22,115			11,233			12,624			9,846			10,207			11,478
Total revenue, net of interest expense	44,287			45,093			21,466			22,821			20,099			20,336			22,326
Provision for credit losses	(3,481)			9,878			(1,621)			(1,860)			53			1,389			5,117
Noninterest expense	30,560			26,885			15,045			15,515			13,927			14,401			13,410
Income before income taxes	17,208			8,330			8,042			9,166			6,119			4,546			3,799
Pretax, pre-provision income (1)	13,727			18,208			6,421			7,306			6,172			5,935			8,916
Income tax expense	(66)			787			(1,182)			1,116			649			(335)			266
Net income	17,274			7,543			9,224			8,050			5,470			4,881			3,533
Preferred stock dividends	750			718			260			490			262			441			249
Net income applicable to common shareholders	16,524			6,825			8,964			7,560			5,208			4,440			3,284
Diluted earnings per common share	1.90			0.77			1.03			0.86			0.59			0.51			0.37
Average diluted common shares issued and outstanding	8,776.2			8,813.3			8,735.5			8,755.6			8,785.0			8,777.5			8,768.1
Dividends paid per common share	$	0.36		$	0.36		$	0.18		$	0.18		$	0.18		$	0.18		$	0.18

Performance ratios
Return on average assets	1.18		%	0.58		%	1.23		%	1.13		%	0.78		%	0.71		%	0.53		%
Return on average common shareholders’ equity	13.31			5.67			14.33			12.28			8.39			7.24			5.44
Return on average shareholders’ equity	12.70			5.71			13.47			11.91			8.03			7.26			5.34
Return on average tangible common shareholders’ equity (2)	18.51			7.97			19.90			17.08			11.73			10.16			7.63
Return on average tangible shareholders’ equity (2)	17.07			7.76			18.11			16.01			10.84			9.84			7.23
Efficiency ratio	69.00			59.62			70.09			67.98			69.29			70.81			60.06


At period end
Book value per share of common stock	$	29.89		$	27.96		$	29.89		$	29.07		$	28.72		$	28.33		$	27.96
Tangible book value per share of common stock (2)	21.61			19.90			21.61			20.90			20.60			20.23			19.90
Market capitalization	349,925			205,772			349,925			332,337			262,206			208,656			205,772
Number of financial centers - U.S.	4,296			4,298			4,296			4,324			4,312			4,309			4,298
Number of branded ATMs - U.S.	16,795			16,862			16,795			16,905			16,904			16,962			16,862
Headcount	211,608			212,796			211,608			212,201			212,505			211,225			212,796

(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 33.)

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)
	Six Months Ended June 30				Second Quarter 2021		First Quarter 2021		Fourth Quarter 2020		Third Quarter 2020		Second Quarter 2020
	2021		2020
Net interest income
Interest income	$	22,782	$	28,638	$	11,387	$	11,395	$	11,461	$	11,486	$	12,540
Interest expense	2,352		5,660		1,154		1,198		1,208		1,357		1,692
Net interest income	20,430		22,978		10,233		10,197		10,253		10,129		10,848

Noninterest income
Fees and commissions	19,241		16,713		9,705		9,536		9,061		8,777		8,392
Market making and similar activities	5,355		5,294		1,826		3,529		1,372		1,689		2,487
Other income (loss)	(739)		108		(298)		(441)		(587)		(259)		599
Total noninterest income	23,857		22,115		11,233		12,624		9,846		10,207		11,478
Total revenue, net of interest expense	44,287		45,093		21,466		22,821		20,099		20,336		22,326

Provision for credit losses	(3,481)		9,878		(1,621)		(1,860)		53		1,389		5,117

Noninterest expense
Compensation and benefits	18,389		16,335		8,653		9,736		8,190		8,200		7,994
Occupancy and equipment	3,589		3,504		1,759		1,830		1,839		1,798		1,802
Information processing and communications	2,873		2,474		1,448		1,425		1,415		1,333		1,265
Product delivery and transaction related	1,953		1,588		976		977		915		930		811
Marketing	1,181		930		810		371		463		308		492
Professional fees	829		756		426		403		488		450		381
Other general operating	1,746		1,298		973		773		617		1,382		665
Total noninterest expense	30,560		26,885		15,045		15,515		13,927		14,401		13,410
Income before income taxes	17,208		8,330		8,042		9,166		6,119		4,546		3,799
Income tax expense	(66)		787		(1,182)		1,116		649		(335)		266
Net income	$	17,274	$	7,543	$	9,224	$	8,050	$	5,470	$	4,881	$	3,533
Preferred stock dividends	750		718		260		490		262		441		249
Net income applicable to common shareholders	$	16,524	$	6,825	$	8,964	$	7,560	$	5,208	$	4,440	$	3,284

Per common share information
Earnings	$	1.91	$	0.78	$	1.04	$	0.87	$	0.60	$	0.51	$	0.38
Diluted earnings	1.90		0.77		1.03		0.86		0.59		0.51		0.37
Average common shares issued and outstanding	8,660.4		8,777.6		8,620.8		8,700.1		8,724.9		8,732.9		8,739.9
Average diluted common shares issued and outstanding	8,776.2		8,813.3		8,735.5		8,755.6		8,785.0		8,777.5		8,768.1


Consolidated Statement of Comprehensive Income
(Dollars in millions)
	Six Months Ended June 30				Second Quarter 2021		First Quarter 2021		Fourth Quarter 2020		Third Quarter 2020		Second Quarter 2020
	2021		2020
Net income	$	17,274	$	7,543	$	9,224	$	8,050	$	5,470	$	4,881	$	3,533
Other comprehensive income (loss), net-of-tax:
Net change in debt securities	(1,090)		4,693		(250)		(840)		5		101		(102)
Net change in debit valuation adjustments	265		53		149		116		(493)		(58)		(1,293)
Net change in derivatives	(699)		732		415		(1,114)		18		76		315
Employee benefit plan adjustments	120		100		69		51		(242)		44		57
Net change in foreign currency translation adjustments	(3)		(107)		26		(29)		34		21		(19)
Other comprehensive income (loss)	(1,407)		5,471		409		(1,816)		(678)		184		(1,042)
Comprehensive income	$	15,867	$	13,014	$	9,633	$	6,234	$	4,792	$	5,065	$	2,491

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)
	Six Months Ended June 30				Second Quarter 2021		First Quarter 2021		Fourth Quarter 2020		Third Quarter 2020		Second Quarter 2020
	2021		2020
Net interest income
Interest income
Loans and leases	$	14,357	$	18,532	$	7,123	$	7,234	$	7,603	$	7,894	$	8,569
Debt securities	5,550		5,283		2,820		2,730		2,377		2,130		2,440
Federal funds sold and securities borrowed or purchased under agreements to resell	(49)		845		(42)		(7)		3		55		26
Trading account assets	1,826		2,255		954		872		925		948		1,008
Other interest income	1,098		1,723		532		566		553		459		497
Total interest income	22,782		28,638		11,387		11,395		11,461		11,486		12,540

Interest expense
Deposits	261		1,557		128		133		159		227		373
Short-term borrowings	(164)		1,048		(85)		(79)		(37)		(24)		(72)
Trading account liabilities	539		552		293		246		210		212		223
Long-term debt	1,716		2,503		818		898		876		942		1,168
Total interest expense	2,352		5,660		1,154		1,198		1,208		1,357		1,692
Net interest income	$	20,430	$	22,978	$	10,233	$	10,197	$	10,253	$	10,129	$	10,848

Noninterest income
Fees and commissions
Card income
Interchange fees (1)	$	2,277	$	1,622	$	1,210	$	1,067	$	1,160	$	1,172	$	830
Other card income	744		899		376		368		407		396		419
Total card income	3,021		2,521		1,586		1,435		1,567		1,568		1,249
Service charges
Deposit-related fees	3,052		2,926		1,557		1,495		1,550		1,515		1,299
Lending-related fees	614		539		317		297		309		302		263
Total service charges	3,666		3,465		1,874		1,792		1,859		1,817		1,562
Investment and brokerage services
Asset management fees	6,158		5,165		3,156		3,002		2,803		2,740		2,483
Brokerage fees	2,028		2,015		967		1,061		968		883		939
Total investment and brokerage services	8,186		7,180		4,123		4,063		3,771		3,623		3,422
Investment banking fees
Underwriting income	2,860		2,371		1,314		1,546		1,088		1,239		1,523
Syndication fees	701		501		401		300		227		133		230
Financial advisory services	807		675		407		400		549		397		406
Total investment banking fees	4,368		3,547		2,122		2,246		1,864		1,769		2,159
Total fees and commissions	19,241		16,713		9,705		9,536		9,061		8,777		8,392
Market making and similar activities	5,355		5,294		1,826		3,529		1,372		1,689		2,487
Other income (loss)	(739)		108		(298)		(441)		(587)		(259)		599
Total noninterest income	$	23,857	$	22,115	$	11,233	$	12,624	$	9,846	$	10,207	$	11,478

(1)Gross interchange fees and merchant income were $5.4 billion and $4.3 billion and are presented net of $3.1 billion and $2.7 billion of expenses for rewards and partner payments as well as certain other card costs for the six months ended June 30, 2021 and 2020. Gross interchange fees and merchant income were $2.9 billion, $2.5 billion, $2.5 billion, $2.4 billion and $2.0 billion and are presented net of $1.7 billion, $1.4 billion, $1.5 billion, $1.4 billion and $1.2 billion of expenses for rewards and partner payments as well as certain other card costs for the second and first quarters of 2021 and the fourth, third and second 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)
		June 30 2021		March 31 2021		June 30 2020
Assets
Cash and due from banks		$	30,327	$	33,560	$	33,915
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks		229,703		292,541		255,431
Cash and cash equivalents		260,030		326,101		289,346
Time deposits placed and other short-term investments		7,356		7,859		6,071
Federal funds sold and securities borrowed or purchased under agreements to resell		268,594		259,147		451,179
Trading account assets		291,733		276,881		226,465
Derivative assets		41,498		45,898		45,184
Debt securities:
Carried at fair value		288,913		280,912		202,912
Held-to-maturity, at cost		651,401		576,000		268,949
Total debt securities		940,314		856,912		471,861
Loans and leases		918,928		903,088		998,944
Allowance for loan and lease losses		(14,095)		(16,168)		(19,389)
Loans and leases, net of allowance		904,833		886,920		979,555
Premises and equipment, net		10,747		10,803		10,790
Goodwill		69,023		68,951		68,951
Loans held-for-sale		8,277		7,895		7,381
Customer and other receivables		67,967		66,404		55,392
Other assets		159,522		156,221		129,513
Total assets		$	3,029,894	$	2,969,992	$	2,741,688

Liabilities
Deposits in U.S. offices:
Noninterest-bearing		$	719,481	$	703,822	$	580,667
Interest-bearing		1,076,355		1,079,551		1,048,012
Deposits in non-U.S. offices:
Noninterest-bearing		25,190		22,423		15,082
Interest-bearing		88,116		79,142		74,905
Total deposits		1,909,142		1,884,938		1,718,666
Federal funds purchased and securities loaned or sold under agreements to repurchase		213,787		199,443		179,024
Trading account liabilities		110,084		102,788		80,912
Derivative liabilities		38,916		42,325		42,511
Short-term borrowings		21,635		21,724		17,998
Accrued expenses and other liabilities		184,607		193,563		175,302
Long-term debt		274,604		251,211		261,638
Total liabilities		2,752,775		2,695,992		2,476,051
Shareholders’ equity
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 3,887,686, 3,923,686 and 3,887,440 shares		23,441		24,319		23,427
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 8,487,151,465, 8,589,731,470 and 8,664,081,625 shares		79,242		83,071		85,794
Retained earnings		177,499		170,082		157,578
Accumulated other comprehensive income (loss)		(3,063)		(3,472)		(1,162)
Total shareholders’ equity		277,119		274,000		265,637
Total liabilities and shareholders’ equity		$	3,029,894	$	2,969,992	$	2,741,688

	Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
	Trading account assets	$	4,418	$	4,530	$	4,390
	Loans and leases	16,970		19,346		25,532
	Allowance for loan and lease losses	(1,047)		(1,261)		(1,869)
	Loans and leases, net of allowance	15,923		18,085		23,663

	All other assets	1,134		1,387		563
	Total assets of consolidated variable interest entities	$	21,475	$	24,002	$	28,616

	Liabilities of consolidated variable interest entities included in total liabilities above
	Short-term borrowings	$	324	$	338	$	739
	Long-term debt	5,137		5,286		6,861
	All other liabilities	15		11		22
	Total liabilities of consolidated variable interest entities	$	5,476	$	5,635	$	7,622

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)
	June 30 2021			March 31 2021			June 30 2020
Risk-based capital metrics (1):
Standardized Approach
Common equity tier 1 capital	$	178,818		$	177,789		$	171,020
Tier 1 capital	202,245			201,224			194,441
Total capital	234,484			236,000			233,764
Risk-weighted assets	1,552,869			1,508,057			1,475,133
Common equity tier 1 capital ratio	11.5		%	11.8		%	11.6		%
Tier 1 capital ratio	13.0			13.3			13.2
Total capital ratio	15.1			15.6			15.8

Advanced Approaches
Common equity tier 1 capital	$	178,818		$	177,789		$	171,020
Tier 1 capital	202,245			201,224			194,441
Total capital	227,740			227,693			223,225
Risk-weighted assets	1,380,382			1,365,368			1,503,565
Common equity tier 1 capital ratio	13.0		%	13.0		%	11.4		%
Tier 1 capital ratio	14.7			14.7			12.9
Total capital ratio	16.5			16.7			14.8

Leverage-based metrics (1):
Adjusted average assets	$	2,938,476		$	2,805,021		$	2,632,225
Tier 1 leverage ratio	6.9		%	7.2		%	7.4		%

Supplementary leverage exposure	$	3,443,870		$	2,868,314		$	2,756,799
Supplementary leverage ratio	5.9		%	7.0		%	7.1		%

Tangible equity ratio (2)	7.0			7.0			7.3
Tangible common equity ratio (2)	6.2			6.2			6.5

(1)Regulatory capital ratios at June 30, 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 June 30, 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 33.)

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)
	June 30 2021		March 31 2021		June 30 2020
Total common shareholders' equity	$	253,678	$	249,681	$	242,210
CECL transitional amount (1)	2,994		3,544		4,302
Goodwill, net of related deferred tax liabilities	(68,638)		(68,565)		(68,570)
Deferred tax assets arising from net operating loss and tax credit carryforwards	(7,641)		(5,904)		(5,263)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities	(1,662)		(1,604)		(1,221)
Defined benefit pension plan net assets	(1,196)		(1,181)		(1,025)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net-of-tax	1,499		1,625		1,108
Other	(216)		193		(521)
Common equity tier 1 capital	178,818		177,789		171,020
Qualifying preferred stock, net of issuance cost	23,440		23,440		23,426
Other	(13)		(5)		(5)
Tier 1 capital	202,245		201,224		194,441
Tier 2 capital instruments	20,669		21,137		23,424
Qualifying allowance for credit losses	11,993		13,642		15,917
Other	(423)		(3)		(18)
Total capital under the Standardized approach	234,484		236,000		233,764
Adjustment in qualifying allowance for credit losses under the Advanced approaches (2)	(6,744)		(8,307)		(10,539)
Total capital under the Advanced approaches	$	227,740	$	227,693	$	223,225

(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)
	Second Quarter 2021						First Quarter 2021						Second 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	$	247,673	$	27	0.04	%	$	278,098	$	29	0.04	%	$	314,661	$	33	0.04	%
Time deposits placed and other short-term investments	8,079		—		0.02		8,742		4		0.18		8,644		5		0.25
Federal funds sold and securities borrowed or purchased under agreements to resell	270,443		(42)		(0.06)		249,985		(7)		(0.01)		312,404		26		0.03
Trading account assets	152,307		967		2.55		145,089		885		2.47		143,370		1,021		2.86
Debt securities	895,902		2,834		1.27		788,638		2,745		1.41		476,060		2,462		2.10
Loans and leases (2)
Residential mortgage	214,096		1,498		2.80		219,005		1,529		2.80		241,486		1,880		3.11
Home equity	31,621		267		3.39		33,634		281		3.38		39,308		308		3.15
Credit card	73,399		1,876		10.25		74,165		1,947		10.65		86,191		2,140		9.99

Direct/Indirect and other consumer	94,321		561		2.38		91,430		559		2.48		88,962		623		2.81

Total consumer	413,437		4,202		4.07		418,234		4,316		4.17		455,947		4,951		4.36
U.S. commercial	322,633		2,049		2.55		322,010		2,051		2.58		374,965		2,526		2.71
Non-U.S. commercial	96,343		429		1.78		90,904		409		1.83		116,040		578		2.00
Commercial real estate	59,276		371		2.51		59,736		365		2.48		65,515		430		2.64
Commercial lease financing	16,211		108		2.67		16,839		132		3.15		18,920		128		2.71
Total commercial	494,463		2,957		2.40		489,489		2,957		2.45		575,440		3,662		2.56
Total loans and leases	907,900		7,159		3.16		907,723		7,273		3.24		1,031,387		8,613		3.35
Other earning assets	96,364		552		2.30		103,650		577		2.26		72,256		508		2.82
Total earning assets	2,578,668		11,497		1.79		2,481,925		11,506		1.87		2,358,782		12,668		2.16
Cash and due from banks	31,675						33,925						31,256
Other assets, less allowance for loan and lease losses	404,770						363,371						314,148
Total assets	$	3,015,113					$	2,879,221					$	2,704,186
Interest-bearing liabilities
U.S. interest-bearing deposits
Savings	$	72,798	$	1	0.01	%	$	67,588	$	2	0.01	%	$	56,931	$	2	0.01	%
Demand and money market deposit accounts	915,420		78		0.03		889,793		77		0.04		850,274		152		0.07
Consumer CDs and IRAs	36,181		16		0.17		38,207		26		0.28		50,882		123		0.97
Negotiable CDs, public funds and other deposits	53,537		23		0.17		52,780		23		0.18		81,532		56		0.29
Total U.S. interest-bearing deposits	1,077,936		118		0.04		1,048,368		128		0.05		1,039,619		333		0.13
Non-U.S. interest-bearing deposits
Banks located in non-U.S. countries	1,191		—		—		1,030		—		0.12		1,807		—		0.04
Governments and official institutions	204		—		—		199		—		—		183		—		—
Time, savings and other	80,747		10		0.05		80,737		5		0.02		74,158		40		0.21
Total non-U.S. interest-bearing deposits	82,142		10		0.05		81,966		5		0.02		76,148		40		0.21
Total interest-bearing deposits	1,160,078		128		0.04		1,130,334		133		0.05		1,115,767		373		0.13
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities	320,314		(85)		(0.11)		293,236		(79)		(0.11)		295,465		(72)		(0.10)
Trading account liabilities	58,823		293		2.01		42,923		246		2.32		40,717		223		2.20
Long-term debt	232,034		818		1.42		220,836		898		1.65		221,167		1,168		2.12
Total interest-bearing liabilities	1,771,249		1,154		0.26		1,687,329		1,198		0.29		1,673,116		1,692		0.41
Noninterest-bearing sources
Noninterest-bearing deposits	728,756						675,413						542,430
Other liabilities (3)	240,476						242,432						222,324
Shareholders’ equity	274,632						274,047						266,316
Total liabilities and shareholders’ equity	$	3,015,113					$	2,879,221					$	2,704,186
Net interest spread					1.53	%					1.58	%					1.75	%
Impact of noninterest-bearing sources					0.08						0.10						0.12
Net interest income/yield on earning assets (4)			$	10,343	1.61	%			$	10,308	1.68	%			$	10,976	1.87	%

(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 $30.5 billion, $31.3 billion and $35.5 billion of structured notes and liabilities for the second and first quarters of 2021 and the second quarter of 2020, respectively.

(4)Net interest income includes FTE adjustments of $110 million, $111 million and $128 million for the second and first quarters of 2021 and the second quarter 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)
	June 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	56,258	$	1,696	$	(65)	$	57,889
Agency-collateralized mortgage obligations	4,111		123		(8)		4,226
Commercial	18,062		882		(25)		18,919
Non-agency residential	829		33		(10)		852
Total mortgage-backed securities	79,260		2,734		(108)		81,886
U.S. Treasury and agency securities	158,691		1,906		(264)		160,333
Non-U.S. securities	17,165		4		(2)		17,167
Other taxable securities, substantially all asset-backed securities	2,873		46		2		2,921
Total taxable securities	257,989		4,690		(372)		262,307
Tax-exempt securities	15,529		347		(2)		15,874
Total available-for-sale debt securities	273,518		5,037		(374)		278,181
Other debt securities carried at fair value (1)	10,713		113		(94)		10,732
Total debt securities carried at fair value	284,231		5,150		(468)		288,913
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities	651,434		6,613		(8,022)		650,025
Total debt securities	$	935,665	$	11,763	$	(8,490)	$	938,938


	March 31, 2021
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

(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)

	Six Months Ended June 30						Second Quarter 2021			First Quarter 2021			Fourth Quarter 2020			Third Quarter 2020			Second Quarter 2020
	2021			2020






FTE basis data (1)
Net interest income	$	20,651		$	23,250		$	10,343		$	10,308		$	10,366		$	10,243		$	10,976
Total revenue, net of interest expense	44,508			45,365			21,576			22,932			20,212			20,450			22,454
Net interest yield	1.64		%	2.09		%	1.61		%	1.68		%	1.71		%	1.72		%	1.87		%
Efficiency ratio	68.66			59.26			69.73			67.65			68.90			70.42			59.72

(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 $221 million and $272 million for the six months ended June 30, 2021 and 2020, $110 million and $111 million for the second and first quarters of 2021, and $113 million, $114 million and $128 million for the fourth, third and second 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)
	Second Quarter 2021
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	10,343	$	5,973	$	1,354	$	1,984	$	991	$	41
Noninterest income
Fees and commissions:
Card income	1,586		1,312		21		180		74		(1)
Service charges	1,874		851		18		900		103		2
Investment and brokerage services	4,123		78		3,537		40		473		(5)
Investment banking fees	2,122		—		88		1,173		959		(98)
Total fees and commissions	9,705		2,241		3,664		2,293		1,609		(102)
Market making and similar activities	1,826		—		11		28		1,964		(177)
Other income (loss)	(298)		(28)		36		784		156		(1,246)
Total noninterest income (loss)	11,233		2,213		3,711		3,105		3,729		(1,525)
Total revenue, net of interest expense	21,576		8,186		5,065		5,089		4,720		(1,484)
Provision for credit losses	(1,621)		(697)		(62)		(831)		22		(53)
Noninterest expense	15,045		4,859		3,814		2,599		3,471		302
Income (loss) before income taxes	8,152		4,024		1,313		3,321		1,227		(1,733)
Income tax expense (benefit)	(1,072)		986		322		897		319		(3,596)
Net income	$	9,224	$	3,038	$	991	$	2,424	$	908	$	1,863

Average
Total loans and leases	$	907,900	$	281,767	$	193,988	$	325,110	$	87,826	$	19,209
Total assets (1)	3,015,113		1,054,516		380,315		595,498		797,558		187,226
Total deposits	1,888,834		979,072		333,487		506,618		55,584		14,073
Quarter end
Total loans and leases	$	918,928	$	282,900	$	198,361	$	323,256	$	96,105	$	18,306
Total assets (1)	3,029,894		1,063,650		378,220		607,969		773,714		206,341
Total deposits	1,909,142		987,655		330,624		520,026		57,297		13,540

	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		3,868		2,781		3,427		308
Income (loss) before income taxes	9,277		3,555		1,168		2,978		2,776		(1,200)
Income tax expense (benefit)	1,227		871		286		804		722		(1,456)
Net income	$	8,050	$	2,684	$	882	$	2,174	$	2,054	$	256

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	1,884,938		971,709		333,254		506,012		61,450		12,513

(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)
	Second Quarter 2020
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	10,976	$	5,991	$	1,378	$	2,363	$	1,297	$	(53)
Noninterest income
Fees and commissions:
Card income	1,249		1,053		18		68		111		(1)
Service charges	1,562		706		14		738		95		9
Investment and brokerage services	3,422		66		2,854		23		480		(1)
Investment banking fees	2,159		—		84		1,181		939		(45)
Total fees and commissions	8,392		1,825		2,970		2,010		1,625		(38)
Market making and similar activities	2,487		1		18		(15)		2,360		123
Other income (loss)	599		35		59		733		68		(296)
Total noninterest income (loss)	11,478		1,861		3,047		2,728		4,053		(211)
Total revenue, net of interest expense	22,454		7,852		4,425		5,091		5,350		(264)
Provision for credit losses	5,117		3,024		136		1,873		105		(21)
Noninterest expense	13,410		4,735		3,464		2,222		2,684		305
Income (loss) before income taxes	3,927		93		825		996		2,561		(548)
Income tax expense (benefit)	394		23		202		269		666		(766)
Net income	$	3,533	$	70	$	623	$	727	$	1,895	$	218

Average
Total loans and leases	$	1,031,387	$	321,558	$	182,150	$	423,625	$	74,131	$	29,923
Total assets (1)	2,704,186		885,568		327,594		578,106		663,072		249,846
Total deposits	1,658,197		810,700		287,109		493,918		45,083		21,387
Quarter end
Total loans and leases	$	998,944	$	325,105	$	184,293	$	390,108	$	74,342	$	25,096
Total assets (1)	2,741,688		929,193		334,190		586,078		652,068		240,159
Total deposits	1,718,666		854,017		291,740		500,918		52,842		19,149

(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
Year-to-Date Results by Business Segment and All Other
(Dollars in millions)
	Six Months Ended June 30, 2021
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	20,651	$	11,893	$	2,685	$	3,964	$	1,981	$	128
Noninterest income
Fees and commissions:
Card income	3,021		2,501		40		330		150		—
Service charges	3,666		1,682		36		1,747		197		4
Investment and brokerage services	8,186		155		6,928		81		1,033		(11)
Investment banking fees	4,368		—		223		2,345		1,940		(140)
Total fees and commissions	19,241		4,338		7,227		4,503		3,320		(147)
Market making and similar activities	5,355		—		22		59		5,434		(160)
Other income (loss)	(739)		24		102		1,196		183		(2,244)
Total noninterest income (loss)	23,857		4,362		7,351		5,758		8,937		(2,551)
Total revenue, net of interest expense	44,508		16,255		10,036		9,722		10,918		(2,423)
Provision for credit losses	(3,481)		(1,314)		(127)		(1,957)		17		(100)
Noninterest expense	30,560		9,990		7,682		5,380		6,898		610
Income (loss) before income taxes	17,429		7,579		2,481		6,299		4,003		(2,933)
Income tax expense (benefit)	155		1,857		608		1,701		1,041		(5,052)
Net income	$	17,274	$	5,722	$	1,873	$	4,598	$	2,962	$	2,119

Average
Total loans and leases	$	907,812	$	286,304	$	191,257	$	327,595	$	82,649	$	20,007
Total assets (1)	2,947,542		1,027,294		376,476		585,875		760,616		197,281
Total deposits	1,847,520		951,757		329,948		496,880		54,723		14,212
Period end
Total loans and leases	$	918,928	$	282,900	$	198,361	$	323,256	$	96,105	$	18,306
Total assets (1)	3,029,894		1,063,650		378,220		607,969		773,714		206,341
Total deposits	1,909,142		987,655		330,624		520,026		57,297		13,540

	Six Months Ended June 30, 2020
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	23,250	$	12,853	$	2,949	$	4,975	$	2,449	$	24
Noninterest income
Fees and commissions:
Card income	2,521		2,163		35		191		132		—
Service charges	3,465		1,701		32		1,533		182		17
Investment and brokerage services	7,180		137		5,976		31		1,048		(12)
Investment banking fees	3,547		—		199		1,942		1,542		(136)
Total fees and commissions	16,713		4,001		6,242		3,697		2,904		(131)
Market making and similar activities	5,294		2		39		72		5,334		(153)
Other income (loss)	108		124		131		947		(112)		(982)
Total noninterest income (loss)	22,115		4,127		6,412		4,716		8,126		(1,266)
Total revenue, net of interest expense	45,365		16,980		9,361		9,691		10,575		(1,242)
Provision for credit losses	9,878		5,282		325		3,966		212		93
Noninterest expense	26,885		9,230		7,064		4,540		5,498		553
Income (loss) before income taxes	8,602		2,468		1,972		1,185		4,865		(1,888)
Income tax expense (benefit)	1,059		605		483		320		1,265		(1,614)
Net income (loss)	$	7,543	$	1,863	$	1,489	$	865	$	3,600	$	(274)

Average
Total loans and leases	$	1,010,835	$	319,252	$	180,395	$	405,054	$	72,896	$	33,238
Total assets (1)	2,599,557		848,422		315,383		522,016		688,062		225,674
Total deposits	1,548,766		773,685		275,260		438,145		39,203		22,473
Period end
Total loans and leases	$	998,944	$	325,105	$	184,293	$	390,108	$	74,342	$	25,096
Total assets (1)	2,741,688		929,193		334,190		586,078		652,068		240,159
Total deposits	1,718,666		854,017		291,740		500,918		52,842		19,149

(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.			13


Bank of America Corporation and Subsidiaries
Consumer Banking Segment Results
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2021			First Quarter 2021			Fourth Quarter 2020			Third Quarter 2020			Second Quarter 2020
	2021			2020
Net interest income	$	11,893		$	12,853		$	5,973		$	5,920		$	5,955		$	5,890		$	5,991
Noninterest income:
Card income	2,501			2,163			1,312			1,189			1,289			1,220			1,053
Service charges	1,682			1,701			851			831			879			837			706

All other income	179			263			50			129			119			92			102
Total noninterest income	4,362			4,127			2,213			2,149			2,287			2,149			1,861
Total revenue, net of interest expense	16,255			16,980			8,186			8,069			8,242			8,039			7,852

Provision for credit losses	(1,314)			5,282			(697)			(617)			4			479			3,024

Noninterest expense	9,990			9,230			4,859			5,131			4,809			4,842			4,735
Income before income taxes	7,579			2,468			4,024			3,555			3,429			2,718			93
Income tax expense	1,857			605			986			871			840			666			23
Net income	$	5,722		$	1,863		$	3,038		$	2,684		$	2,589		$	2,052		$	70

Net interest yield	2.44		%	3.19		%	2.37		%	2.51		%	2.58		%	2.61		%	2.85		%
Return on average allocated capital (1)	30			10			32			28			27			21			1
Efficiency ratio	61.46			54.36			59.36			63.59			58.34			60.24			60.31

Balance Sheet
Average
Total loans and leases	$	286,304		$	319,252		$	281,767		$	290,891		$	305,146		$	318,751		$	321,558
Total earning assets (2)	984,891			809,436			1,012,364			957,112			918,086			896,867			845,236
Total assets (2)	1,027,294			848,422			1,054,516			999,769			960,376			936,112			885,568
Total deposits	951,757			773,685			979,072			924,137			885,210			860,999			810,700
Allocated capital (1)	38,500			38,500			38,500			38,500			38,500			38,500			38,500

Period end
Total loans and leases	$	282,900		$	325,105		$	282,900		$	282,935		$	299,934		$	312,447		$	325,105
Total earning assets (2)	1,022,092			890,244			1,022,092			1,004,896			945,343			906,994			890,244
Total assets (2)	1,063,650			929,193			1,063,650			1,047,413			988,580			947,513			929,193
Total deposits	987,655			854,017			987,655			971,709			912,652			872,022			854,017

(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.			14


Bank of America Corporation and Subsidiaries
Consumer Banking Key Indicators
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2021			First Quarter 2021			Fourth Quarter 2020			Third Quarter 2020			Second Quarter 2020
	2021			2020
Average deposit balances
Checking	$	532,815		$	420,562		$	550,009		$	515,430		$	492,332		$	479,963		$	446,445
Savings	68,418			52,482			70,945			65,863			62,070			59,817			55,607
MMS	312,203			255,361			320,594			303,719			289,682			277,896			263,703
CDs and IRAs	34,603			42,499			33,728			35,488			37,674			40,163			42,256
Other	3,718			2,781			3,796			3,637			3,452			3,160			2,689
Total average deposit balances	$	951,757		$	773,685		$	979,072		$	924,137		$	885,210		$	860,999		$	810,700

Deposit spreads (excludes noninterest costs)
Checking	1.98		%	2.18		%	1.97		%	1.99		%	2.02		%	2.07		%	2.14		%
Savings	2.27			2.42			2.26			2.28			2.31			2.35			2.39
MMS	1.31			1.92			1.29			1.32			1.52			1.59			1.68
CDs and IRAs	0.45			1.11			0.41			0.48			0.58			0.72			0.93
Other	0.29			1.58			0.27			0.31			0.34			0.60			1.28
Total deposit spreads	1.72			2.05			1.71			1.73			1.81			1.87			1.94

Consumer investment assets	$	345,809		$	246,146		$	345,809		$	324,479		$	306,104		$	266,733		$	246,146

Active digital banking users (units in thousands) (1)	40,512			39,294			40,512			40,286			39,315			39,267			39,294
Active mobile banking users (units in thousands)	31,796			30,307			31,796			31,487			30,783			30,601			30,307
Financial centers	4,296			4,298			4,296			4,324			4,312			4,309			4,298
ATMs	16,795			16,862			16,795			16,905			16,904			16,962			16,862

Total credit card (2)
Loans
Average credit card outstandings	$	73,780		$	90,331		$	73,399		$	74,165		$	78,210		$	81,309		$	86,191
Ending credit card outstandings	75,599			84,244			75,599			72,786			78,708			79,834			84,244
Credit quality
Net charge-offs	$	1,122		$	1,435		$	488		$	634		$	405		$	509		$	665
	3.07		%	3.19		%	2.67		%	3.47		%	2.06		%	2.49		%	3.10		%
30+ delinquency	$	976		$	1,420		$	976		$	1,317		$	1,689		$	1,270		$	1,420
	1.29		%	1.69		%	1.29		%	1.81		%	2.15		%	1.59		%	1.69		%
90+ delinquency	$	533		$	782		$	533		$	755		$	903		$	545		$	782
	0.71		%	0.93		%	0.71		%	1.04		%	1.15		%	0.68		%	0.93		%
Other total credit card indicators (2)
Gross interest yield	10.31		%	10.23		%	10.10		%	10.52		%	10.49		%	10.16		%	9.95		%
Risk-adjusted margin	9.53			8.20			9.76			9.29			10.84			9.66			8.49
New accounts (in thousands)	1,605			1,504			931			674			514			487			449
Purchase volumes	$	142,975		$	118,073		$	78,384		$	64,591		$	69,466		$	64,060		$	53,694

Debit card data
Purchase volumes	$	229,812		$	178,219		$	121,905		$	107,907		$	104,280		$	102,004		$	89,631

Loan production (3)
Consumer Banking:
First mortgage	$	20,684		$	27,930		$	11,502		$	9,182		$	7,969		$	7,298		$	15,049
Home equity	1,317			5,817			907			410			375			738			3,176
Total (4):
First mortgage	$	35,499		$	42,062		$	20,266		$	15,233		$	13,664		$	13,360		$	23,124
Home equity	1,669			6,707			1,166			503			469			984			3,683

(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.			15


Bank of America Corporation and Subsidiaries
Consumer Banking Quarterly Results
(Dollars in millions)
	Second Quarter 2021									First Quarter 2021
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	5,973		$	3,480		$	2,493		$	5,920		$	3,278		$	2,642
Noninterest income:
Card income	1,312			(7)			1,319			1,189			(5)			1,194
Service charges	851			851			—			831			830			1
All other income	50			21			29			129			73			56
Total noninterest income	2,213			865			1,348			2,149			898			1,251
Total revenue, net of interest expense	8,186			4,345			3,841			8,069			4,176			3,893

Provision for credit losses	(697)			47			(744)			(617)			74			(691)

Noninterest expense	4,859			2,856			2,003			5,131			3,209			1,922
Income before income taxes	4,024			1,442			2,582			3,555			893			2,662
Income tax expense	986			353			633			871			219			652
Net income	$	3,038		$	1,089		$	1,949		$	2,684		$	674		$	2,010

Net interest yield	2.37		%	1.44		%	3.60		%	2.51		%	1.46		%	3.74		%
Return on average allocated capital (1)	32			36			30			28			23			31
Efficiency ratio	59.36			65.73			52.16			63.59			76.87			49.34

Balance Sheet
Average
Total loans and leases	$	281,767		$	4,447		$	277,320		$	290,891		$	4,607		$	286,284
Total earning assets (2)	1,012,364			968,491			277,742			957,112			912,135			286,720
Total assets (2)	1,054,516			1,005,237			283,148			999,769			950,803			290,709
Total deposits	979,072			972,016			7,056			924,137			917,319			6,818
Allocated capital (1)	38,500			12,000			26,500			38,500			12,000			26,500

Period end
Total loans and leases	$	282,900		$	4,410		$	278,490		$	282,935		$	4,490		$	278,445
Total earning assets (2)	1,022,092			978,402			278,850			1,004,896			960,132			278,984
Total assets (2)	1,063,650			1,013,887			284,923			1,047,413			997,601			284,032
Total deposits	987,655			980,486			7,169			971,709			964,406			7,303

										Second Quarter 2020
										Total Consumer Banking			Deposits			Consumer Lending
Net interest income										$	5,991		$	3,299		$	2,692
Noninterest income:
Card income										1,053			(4)			1,057
Service charges										706			706			—
All other income										102			62			40
Total noninterest income										1,861			764			1,097
Total revenue, net of interest expense										7,852			4,063			3,789

Provision for credit losses										3,024			154			2,870

Noninterest expense										4,735			2,869			1,866
Income (loss) before income taxes										93			1,040			(947)
Income tax expense (benefit)										23			255			(232)
Net income (loss)										$	70		$	785		$	(715)

Net interest yield										2.85		%	1.66		%	3.42		%
Return on average allocated capital (1)										1			26			(11)
Efficiency ratio										60.31			70.62			49.25

Balance Sheet
Average
Total loans and leases										$	321,558		$	5,314		$	316,244
Total earning assets (2)										845,236			801,391			316,622
Total assets (2)										885,568			837,367			320,978
Total deposits										810,700			804,418			6,282
Allocated capital (1)										38,500			12,000			26,500

Period end
Total loans and leases										$	325,105		$	5,146		$	319,959
Total earning assets (2)										890,244			843,132			320,461
Total assets (2)										929,193			879,641			322,900
Total deposits										854,017			846,622			7,395

(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.			16


Bank of America Corporation and Subsidiaries
Consumer Banking Year-to-Date Results
(Dollars in millions)
	Six Months Ended June 30
	2021									2020
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	11,893		$	6,758		$	5,135		$	12,853		$	7,247		$	5,606
Noninterest income:
Card income	2,501			(12)			2,513			2,163			(12)			2,175
Service charges	1,682			1,681			1			1,701			1,700			1

All other income	179			94			85			263			159			104
Total noninterest income	4,362			1,763			2,599			4,127			1,847			2,280
Total revenue, net of interest expense	16,255			8,521			7,734			16,980			9,094			7,886

Provision for credit losses	(1,314)			121			(1,435)			5,282			269			5,013

Noninterest expense	9,990			6,065			3,925			9,230			5,593			3,637
Income (loss) before income taxes	7,579			2,335			5,244			2,468			3,232			(764)
Income tax expense (benefit)	1,857			572			1,285			605			792			(187)
Net income (loss)	$	5,722		$	1,763		$	3,959		$	1,863		$	2,440		$	(577)

Net interest yield	2.44		%	1.45		%	3.67		%	3.19		%	1.90		%	3.59		%
Return on average allocated capital (1)	30			30			30			10			41			(4)
Efficiency ratio	61.46			71.19			50.74			54.36			61.50			46.12

Balance Sheet
Average
Total loans and leases	$	286,304		$	4,527		$	281,777		$	319,252		$	5,374		$	313,878
Total earning assets (2)	984,891			940,469			282,206			809,436			766,660			314,375
Total assets (2)	1,027,294			978,170			286,908			848,422			800,742			319,279
Total deposits	951,757			944,819			6,938			773,685			767,848			5,837
Allocated capital (1)	38,500			12,000			26,500			38,500			12,000			26,500

Period end
Total loans and leases	$	282,900		$	4,410		$	278,490		$	325,105		$	5,146		$	319,959
Total earning assets (2)	1,022,092			978,402			278,850			890,244			843,132			320,461
Total assets (2)	1,063,650			1,013,887			284,923			929,193			879,641			322,900
Total deposits	987,655			980,486			7,169			854,017			846,622			7,395

For footnotes, see page 16.

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 Wealth & Investment Management Segment Results
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2021			First Quarter 2021			Fourth Quarter 2020			Third Quarter 2020			Second Quarter 2020
	2021			2020
Net interest income	$	2,685		$	2,949		$	1,354		$	1,331		$	1,282		$	1,237		$	1,378
Noninterest income:
Investment and brokerage services	6,928			5,976			3,537			3,391			3,189			3,105			2,854
All other income	423			436			174			249			206			204			193
Total noninterest income	7,351			6,412			3,711			3,640			3,395			3,309			3,047
Total revenue, net of interest expense	10,036			9,361			5,065			4,971			4,677			4,546			4,425

Provision for credit losses	(127)			325			(62)			(65)			8			24			136

Noninterest expense	7,682			7,064			3,814			3,868			3,564			3,533			3,464
Income before income taxes	2,481			1,972			1,313			1,168			1,105			989			825
Income tax expense	608			483			322			286			271			242			202
Net income	$	1,873		$	1,489		$	991		$	882		$	834		$	747		$	623

Net interest yield	1.49		%	1.96		%	1.48		%	1.50		%	1.52		%	1.53		%	1.76		%
Return on average allocated capital (1)	23			20			24			22			22			20			17

Efficiency ratio	76.54			75.46			75.29			77.81			76.19			77.70			78.26

Balance Sheet
Average
Total loans and leases	$	191,257		$	180,395		$	193,988		$	188,495		$	187,167		$	185,587		$	182,150
Total earning assets (2)	363,960			303,089			367,778			360,099			336,165			321,410			315,258
Total assets (2)	376,476			315,383			380,315			372,594			348,693			333,794			327,594
Total deposits	329,948			275,260			333,487			326,370			305,870			291,845			287,109
Allocated capital (1)	16,500			15,000			16,500			16,500			15,000			15,000			15,000


Period end
Total loans and leases	$	198,361		$	184,293		$	198,361		$	190,060		$	188,562		$	187,211		$	184,293
Total earning assets (2)	365,496			321,846			365,496			365,854			356,873			324,889			321,846
Total assets (2)	378,220			334,190			378,220			378,655			369,736			337,576			334,190
Total deposits	330,624			291,740			330,624			333,254			322,157			295,893			291,740

(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 Wealth & Investment Management Key Indicators
(Dollars in millions)
	Six Months Ended June 30				Second Quarter 2021		First Quarter 2021		Fourth Quarter 2020		Third Quarter 2020		Second Quarter 2020
	2021		2020
Revenue by Business
Merrill Lynch Global Wealth Management	$	8,445	$	7,698	$	4,260	$	4,185	$	3,846	$	3,748	$	3,625
Bank of America Private Bank	1,591		1,663		805		786		831		798		800

Total revenue, net of interest expense	$	10,036	$	9,361	$	5,065	$	4,971	$	4,677	$	4,546	$	4,425

Client Balances by Business, at period end
Merrill Lynch Global Wealth Management	$	3,073,252	$	2,449,305	$	3,073,252	$	2,922,770	$	2,808,340	$	2,570,252	$	2,449,305
Bank of America Private Bank	579,562		478,521		579,562		557,569		541,464		496,369		478,521

Total client balances	$	3,652,814	$	2,927,826	$	3,652,814	$	3,480,339	$	3,349,804	$	3,066,621	$	2,927,826

Client Balances by Type, at period end


Assets under management (1)	$	1,549,069	$	1,219,748	$	1,549,069	$	1,467,487	$	1,408,465	$	1,286,145	$	1,219,748
Brokerage and other assets	1,619,246		1,282,044		1,619,246		1,535,424		1,479,614		1,344,538		1,282,044

Deposits	330,624		291,740		330,624		333,254		322,157		295,893		291,740
Loans and leases (2)	201,154		187,004		201,154		192,725		191,124		189,952		187,004
Less: Managed deposits in assets under management	(47,279)		(52,710)		(47,279)		(48,551)		(51,556)		(49,907)		(52,710)
Total client balances	$	3,652,814	$	2,927,826	$	3,652,814	$	3,480,339	$	3,349,804	$	3,066,621	$	2,927,826

Assets Under Management Rollforward
Assets under management, beginning balance	$	1,408,465	$	1,275,555	$	1,467,487	$	1,408,465	$	1,286,145	$	1,219,748	$	1,092,482
Net client flows	29,922		10,608		11,714		18,208		7,603		1,385		3,573

Market valuation/other	110,682		(66,415)		69,868		40,814		114,717		65,012		123,693
Total assets under management, ending balance	$	1,549,069	$	1,219,748	$	1,549,069	$	1,467,487	$	1,408,465	$	1,286,145	$	1,219,748

Advisors, at period end

Total wealth advisors (3)	19,385		20,622		19,385		19,808		20,103		20,487		20,622

(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.			19


Bank of America Corporation and Subsidiaries
Global Banking Segment Results
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2021			First Quarter 2021			Fourth Quarter 2020			Third Quarter 2020			Second Quarter 2020
	2021			2020
Net interest income	$	3,964		$	4,975		$	1,984		$	1,980		$	2,010		$	2,028		$	2,363
Noninterest income:
Service charges	1,747			1,533			900			847			859			846			738
Investment banking fees	2,345			1,942			1,173			1,172			1,098			970			1,181
All other income	1,666			1,241			1,032			634			812			673			809
Total noninterest income	5,758			4,716			3,105			2,653			2,769			2,489			2,728
Total revenue, net of interest expense	9,722			9,691			5,089			4,633			4,779			4,517			5,091

Provision for credit losses	(1,957)			3,966			(831)			(1,126)			48			883			1,873

Noninterest expense	5,380			4,540			2,599			2,781			2,432			2,364			2,222
Income before income taxes	6,299			1,185			3,321			2,978			2,299			1,270			996
Income tax expense	1,701			320			897			804			621			343			269
Net income	$	4,598		$	865		$	2,424		$	2,174		$	1,678		$	927		$	727

Net interest yield	1.52		%	2.15		%	1.49		%	1.56		%	1.57		%	1.61		%	1.82		%
Return on average allocated capital (1)	22			4			23			21			16			9			7
Efficiency ratio	55.34			46.86			51.07			60.03			50.88			52.34			43.65

Balance Sheet
Average
Total loans and leases	$	327,595		$	405,054		$	325,110		$	330,107		$	346,323		$	373,118		$	423,625
Total earning assets (2)	525,332			465,491			534,680			515,880			509,759			501,572			521,930
Total assets (2)	585,875			522,016			595,498			576,145			566,845			557,889			578,106
Total deposits	496,880			438,145			506,618			487,034			478,269			471,288			493,918
Allocated capital (1)	42,500			42,500			42,500			42,500			42,500			42,500			42,500

Period end
Total loans and leases	$	323,256		$	390,108		$	323,256		$	325,996		$	339,649		$	356,919		$	390,108
Total earning assets (2)	547,278			531,649			547,278			533,852			522,650			496,825			531,649
Total assets (2)	607,969			586,078			607,969			594,235			580,561			553,776			586,078
Total deposits	520,026			500,918			520,026			506,012			493,748			465,399			500,918

(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.			20


Bank of America Corporation and Subsidiaries
Global Banking Key Indicators
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2021			First Quarter 2021			Fourth Quarter 2020			Third Quarter 2020			Second Quarter 2020
	2021			2020
Investment Banking fees (1)
Advisory (2)	$	733		$	592		$	376		$	357		$	510		$	356		$	345
Debt issuance	905			927			482			423			308			320			503
Equity issuance	707			423			315			392			280			294			333
Total Investment Banking fees (3)	$	2,345		$	1,942		$	1,173		$	1,172		$	1,098		$	970		$	1,181

Business Lending
Corporate	$	1,643		$	1,867		$	989		$	654		$	894		$	791		$	916
Commercial	1,765			1,862			867			898			928			953			881
Business Banking	111			148			56			55			54			59			66
Total Business Lending revenue	$	3,519		$	3,877		$	1,912		$	1,607		$	1,876		$	1,803		$	1,863

Global Transaction Services
Corporate	$	1,424		$	1,656		$	734		$	690		$	672		$	658		$	785
Commercial	1,515			1,687			771			744			737			745			809
Business Banking	426			473			215			211			211			209			217
Total Global Transaction Services revenue	$	3,365		$	3,816		$	1,720		$	1,645		$	1,620		$	1,612		$	1,811

Average deposit balances
Interest-bearing	$	163,785		$	224,630		$	162,947		$	164,633		$	169,637		$	190,417		$	242,408
Noninterest-bearing	333,095			213,515			343,671			322,401			308,632			280,871			251,510
Total average deposits	$	496,880		$	438,145		$	506,618		$	487,034		$	478,269		$	471,288		$	493,918

Loan spread	1.59		%	1.38		%	1.57		%	1.60		%	1.58		%	1.52		%	1.37		%

Provision for credit losses	$	(1,957)		$	3,966		$	(831)		$	(1,126)		$	48		$	883		$	1,873

Credit quality (4, 5)
Reservable criticized utilized exposure	$	25,158		$	22,900		$	25,158		$	29,954		$	34,001		$	30,803		$	22,900
	7.33		%	5.62		%	7.33		%	8.66		%	9.45		%	8.18		%	5.62		%

Nonperforming loans, leases and foreclosed properties	$	1,651		$	2,035		$	1,651		$	1,812		$	1,979		$	1,935		$	2,035
	0.52		%	0.53		%	0.52		%	0.56		%	0.59		%	0.55		%	0.53		%

Average loans and leases by product
U.S. commercial	$	190,661		$	236,808		$	188,716		$	192,628		$	200,670		$	218,063		$	252,649
Non-U.S. commercial	70,620			94,634			70,666			70,573			76,634			83,950			96,742
Commercial real estate	49,410			53,974			49,139			49,685			51,254			52,607			54,938
Commercial lease financing	16,902			19,637			16,588			17,221			17,765			18,498			19,293
Other	2			1			1			—			—			—			3
Total average loans and leases	$	327,595		$	405,054		$	325,110		$	330,107		$	346,323		$	373,118		$	423,625

Total Corporation Investment Banking fees
Advisory (2)	$	807		$	675		$	407		$	400		$	549		$	397		$	406
Debt issuance	2,098			1,985			1,110			988			718			740			1,058
Equity issuance	1,602			1,023			702			900			641			664			740
Total investment banking fees including self-led deals	4,507			3,683			2,219			2,288			1,908			1,801			2,204
Self-led deals	(139)			(136)			(97)			(42)			(44)			(32)			(45)
Total Investment Banking fees	$	4,368		$	3,547		$	2,122		$	2,246		$	1,864		$	1,769		$	2,159

(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.			21


Bank of America Corporation and Subsidiaries
Global Markets Segment Results
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2021			First Quarter 2021			Fourth Quarter 2020			Third Quarter 2020			Second Quarter 2020
	2021			2020
Net interest income	$	1,981		$	2,449		$	991		$	990		$	1,088		$	1,108		$	1,297
Noninterest income:
Investment and brokerage services	1,033			1,048			473			560			487			439			480
Investment banking fees	1,940			1,542			959			981			712			738			939
Market making and similar activities	5,434			5,334			1,964			3,470			1,413			1,725			2,360
All other income	530			202			333			197			207			273			274
Total noninterest income	8,937			8,126			3,729			5,208			2,819			3,175			4,053
Total revenue, net of interest expense (1)	10,918			10,575			4,720			6,198			3,907			4,283			5,350

Provision for credit losses	17			212			22			(5)			18			21			105

Noninterest expense	6,898			5,498			3,471			3,427			2,821			3,103			2,684
Income before income taxes	4,003			4,865			1,227			2,776			1,068			1,159			2,561
Income tax expense	1,041			1,265			319			722			278			301			666
Net income	$	2,962		$	3,600		$	908		$	2,054		$	790		$	858		$	1,895

Return on average allocated capital (2)	16		%	20		%	10		%	22		%	9		%	9		%	21		%

Efficiency ratio	63.19			51.99			73.55			55.30			72.20			72.44			50.17

Balance Sheet
Average
Total trading-related assets	$	534,496		$	485,054		$	566,842		$	501,789		$	476,607		$	485,314		$	466,990
Total loans and leases	82,649			72,896			87,826			77,415			74,133			72,319			74,131
Total earning assets	513,261			490,132			531,000			495,324			472,410			476,182			478,648
Total assets	760,616			688,062			797,558			723,264			683,146			680,983			663,072
Total deposits	54,723			39,203			55,584			53,852			54,539			56,475			45,083
Allocated capital (2)	38,000			36,000			38,000			38,000			36,000			36,000			36,000


Period end
Total trading-related assets	$	542,614		$	468,309		$	542,614		$	524,188		$	421,698		$	477,552		$	468,309
Total loans and leases	96,105			74,342			96,105			84,247			78,415			75,475			74,342
Total earning assets	527,983			462,184			527,983			496,103			447,350			461,855			462,184
Total assets	773,714			652,068			773,714			745,681			616,609			676,242			652,068
Total deposits	57,297			52,842			57,297			61,450			53,925			56,727			52,842

Trading-related assets (average)
Trading account securities	$	285,081		$	236,704		$	304,760		$	265,181		$	248,785		$	251,735		$	216,157
Reverse repurchases	108,201			110,291			116,424			99,886			97,932			100,395			104,883
Securities borrowed	95,231			89,860			101,144			89,253			82,331			86,508			96,448
Derivative assets	45,983			48,199			44,514			47,469			47,559			46,676			49,502
Total trading-related assets	$	534,496		$	485,054		$	566,842		$	501,789		$	476,607		$	485,314		$	466,990

(1)Substantially all of Global Markets total revenue is sales and trading revenue and investment banking fees, with a small portion related to certain revenue sharing agreements with other business segments. For additional sales and trading revenue information, see page 23.

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

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
Global Markets Key Indicators
(Dollars in millions)
	Six Months Ended June 30				Second Quarter 2021		First Quarter 2021		Fourth Quarter 2020		Third Quarter 2020		Second Quarter 2020
	2021		2020
Sales and trading revenue (1)
Fixed-income, currencies and commodities	$	5,179	$	5,886	$	1,937	$	3,242	$	1,690	$	2,019	$	2,941
Equities	3,460		2,900		1,624		1,836		1,317		1,205		1,210
Total sales and trading revenue	$	8,639	$	8,786	$	3,561	$	5,078	$	3,007	$	3,224	$	4,151

Sales and trading revenue, excluding net debit valuation adjustment (2)(3)
Fixed-income, currencies and commodities	$	5,216	$	5,857	$	1,965	$	3,251	$	1,742	$	2,126	$	3,186
Equities	3,459		2,890		1,630		1,829		1,321		1,214		1,226
Total sales and trading revenue, excluding net debit valuation adjustment	$	8,675	$	8,747	$	3,595	$	5,080	$	3,063	$	3,340	$	4,412

Sales and trading revenue breakdown
Net interest income	$	1,813	$	2,182	$	914	$	899	$	999	$	960	$	1,158
Commissions	1,010		1,027		462		548		476		429		470
Trading	5,433		5,333		1,963		3,470		1,412		1,725		2,360
Other	383		244		222		161		120		110		163
Total sales and trading revenue	$	8,639	$	8,786	$	3,561	$	5,078	$	3,007	$	3,224	$	4,151

(1) Includes Global Banking sales and trading revenue of $274 million and $294 million for the six months ended June 30, 2021 and 2020, and $170 million and $104 million for the second and first quarters of 2021, and $101 million, $85 million and $65 million for the fourth, third and second 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.

(3)Net DVA gains (losses) were $(36) million and $39 million for the six months ended June 30, 2021 and 2020 and $(34) million, $(2) million, $(56) million, $(116) million and $(261) million for the second and first quarters of 2021 and the fourth, third and second quarters of 2020, respectively. FICC net DVA gains (losses) were $(37) million and $29 million for the six months ended June 30, 2021 and 2020, and $(28) million, $(9) million, $(52) million, $(107) million and $(245) million for the second and first quarters of 2021 and the fourth, third and second quarters of 2020, respectively. Equities net DVA gains (losses) were $1 million and $10 million for the six months ended June 30, 2021 and 2020, and $(6) million, $7 million. $(4) million, $(9) million and $(16) million for the second and first quarters of 2021 and the fourth, third and second quarters of 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.			23


Bank of America Corporation and Subsidiaries
All Other Results (1)
(Dollars in millions)
	Six Months Ended June 30				Second Quarter 2021		First Quarter 2021		Fourth Quarter 2020		Third Quarter 2020		Second Quarter 2020
	2021		2020
Net interest income	$	128	$	24	$	41	$	87	$	31	$	(20)	$	(53)





Noninterest income (loss)	(2,551)		(1,266)		(1,525)		(1,026)		(1,424)		(915)		(211)
Total revenue, net of interest expense	(2,423)		(1,242)		(1,484)		(939)		(1,393)		(935)		(264)

Provision for credit losses	(100)		93		(53)		(47)		(25)		(18)		(21)



Noninterest expense	610		553		302		308		301		559		305
Loss before income taxes	(2,933)		(1,888)		(1,733)		(1,200)		(1,669)		(1,476)		(548)
Income tax expense (benefit)	(5,052)		(1,614)		(3,596)		(1,456)		(1,248)		(1,773)		(766)
Net income (loss)	$	2,119	$	(274)	$	1,863	$	256	$	(421)	$	297	$	218

Balance Sheet
Average
Total loans and leases	$	20,007	$	33,238	$	19,209	$	20,815	$	22,029	$	24,243	$	29,923
Total assets (2)	197,281		225,674		187,226		207,449		232,814		230,906		249,846
Total deposits	14,212		22,473		14,073		14,354		13,251		14,881		21,387

Period end
Total loans and leases	$	18,306	$	25,096	$	18,306	$	19,850	$	21,301	$	23,120	$	25,096

Total assets (3)	206,341		240,159		206,341		204,008		264,141		223,345		240,159
Total deposits	13,540		19,149		13,540		12,513		12,998		12,839		19,149

(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 and $656.5 billion for the six months ended June 30, 2021 and 2020, $1.1 trillion and $1.0 trillion for the second and first quarters of 2021, and $908.7 billion, $828.3 billion and $740.7 billion for the fourth, third and second 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, $1.1 trillion, $977.7 billion, $857.8 billion and $829.1 billion at June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 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.			24


Bank of America Corporation and Subsidiaries
Outstanding Loans and Leases
(Dollars in millions)
	June 30 2021		March 31 2021		June 30 2020
Consumer
Residential mortgage	$	214,324	$	214,779	$	239,500
Home equity	30,469		32,078		38,396
Credit card	75,599		72,786		84,244
Direct/Indirect consumer (1)	96,903		91,737		88,628
Other consumer (2)	172		132		120
Total consumer loans excluding loans accounted for under the fair value option	417,467		411,512		450,888
Consumer loans accounted for under the fair value option (3)	654		693		684
Total consumer	418,121		412,205		451,572

Commercial
U.S. commercial	291,322		283,229		313,938
Non-U.S. commercial	98,150		91,335		103,684
Commercial real estate (4)	59,606		58,764		64,095
Commercial lease financing	15,768		16,359		18,200
	464,846		449,687		499,917
U.S. small business commercial (5)	29,867		34,886		38,963
Total commercial loans excluding loans accounted for under the fair value option	494,713		484,573		538,880
Commercial loans accounted for under the fair value option (3)	6,094		6,310		8,492
Total commercial	500,807		490,883		547,372

Total loans and leases	$	918,928	$	903,088	$	998,944

(1)Includes primarily auto and specialty lending loans and leases of $46.4 billion, $45.4 billion and $48.4 billion, U.S. securities-based lending loans of $46.4 billion, $42.4 billion and $36.6 billion and non-U.S. consumer loans of $3.0 billion, $3.1 billion and $2.8 billion at June 30, 2021, March 31, 2021 and June 30, 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 $257 million, $275 million and $330 million and home equity loans of $397 million, $418 million and $354 million at June 30, 2021, March 31, 2021 and June 30, 2020, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $4.2 billion, $4.2 billion and $5.1 billion and non-U.S. commercial loans of $1.9 billion, $2.1 billion and $3.4 billion at June 30, 2021, March 31, 2021 and June 30, 2020, respectively.

(4)Includes U.S. commercial real estate loans of $55.8 billion, $55.8 billion and $60.6 billion and non-U.S. commercial real estate loans of $3.8 billion, $3.0 billion and $3.5 billion at June 30, 2021, March 31, 2021 and June 30, 2020, respectively.

(5)Includes card-related products and Paycheck Protection Program (PPP) loans.

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
Quarterly Average Loans and Leases by Business Segment and All Other
(Dollars in millions)
	Second Quarter 2021
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	214,096	$	109,652	$	89,129	$	1	$	—	$	15,314
Home equity	31,621		24,839		2,670		—		275		3,837
Credit card	73,399		70,900		2,499		—		—		—
Direct/Indirect and other consumer	94,321		46,233		48,085		—		—		3
Total consumer	413,437		251,624		142,383		1		275		19,154

Commercial
U.S. commercial	322,633		30,131		46,253		188,716		57,188		345
Non-U.S. commercial	96,343		—		1,078		70,666		24,490		109
Commercial real estate	59,276		12		4,274		49,139		5,847		4
Commercial lease financing	16,211		—		—		16,588		26		(403)
Total commercial	494,463		30,143		51,605		325,109		87,551		55
Total loans and leases	$	907,900	$	281,767	$	193,988	$	325,110	$	87,826	$	19,209

	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

	Second Quarter 2020
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	241,486	$	127,380	$	88,718	$	3	$	—	$	25,385
Home equity	39,308		31,220		3,160		—		304		4,624
Credit card	86,191		83,890		2,301		—		—		—
Direct/Indirect and other consumer	88,962		49,390		39,569		—		—		3
Total consumer	455,947		291,880		133,748		3		304		30,012

Commercial
U.S. commercial	374,965		29,662		43,244		252,649		49,184		226
Non-U.S. commercial	116,040		—		675		96,742		18,520		103
Commercial real estate	65,515		16		4,482		54,938		6,069		10
Commercial lease financing	18,920		—		1		19,293		54		(428)
Total commercial	575,440		29,678		48,402		423,622		73,827		(89)
Total loans and leases	$	1,031,387	$	321,558	$	182,150	$	423,625	$	74,131	$	29,923

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.			26


Bank of America Corporation and Subsidiaries
Commercial Credit Exposure by Industry (1, 2, 3, 4, 6)
(Dollars in millions)
	Commercial Utilized						Total Commercial Committed
	June 30 2021		March 31 2021		June 30 2020		June 30 2021		March 31 2021		June 30 2020
Asset managers and funds	$	78,769	$	68,195	$	63,675	$	120,332	$	105,459	$	99,566
Real estate (5)	66,707		66,159		73,887		92,609		89,891		95,492
Capital goods	38,906		37,030		47,600		84,180		78,134		85,571
Finance companies	52,314		49,483		40,661		78,342		76,246		63,767
Healthcare equipment and services	32,112		31,750		39,453		62,851		56,118		63,421
Materials	23,641		23,474		28,768		50,630		50,704		52,411
Government and public education	38,295		39,093		43,787		50,561		51,381		55,972
Retailing	23,388		23,857		28,479		48,318		47,562		48,403
Consumer services	28,438		29,877		34,238		48,055		47,471		48,272
Food, beverage and tobacco	22,569		22,597		24,529		46,276		44,651		45,909
Commercial services and supplies	20,027		21,139		24,635		39,836		37,768		38,091
Individuals and trusts	28,785		28,326		25,940		38,329		37,989		36,270
Transportation	21,842		21,745		26,011		32,210		32,032		35,111
Energy	13,223		13,596		16,948		31,830		32,416		37,377
Utilities	13,044		11,681		13,310		31,777		29,481		29,978
Media	12,318		12,358		14,117		29,342		25,262		25,939
Technology hardware and equipment	9,446		9,248		9,760		25,208		24,434		21,899
Software and services	8,213		10,536		10,741		21,991		25,674		19,843
Global commercial banks	20,143		21,019		24,946		21,818		23,048		27,202
Consumer durables and apparel	8,587		8,507		10,931		19,731		19,484		21,061
Telecommunication services	8,983		8,752		7,939		18,456		24,422		13,581
Automobiles and components	9,340		11,694		12,336		17,091		20,213		18,477
Pharmaceuticals and biotechnology	4,934		4,216		6,395		16,099		16,932		17,029
Vehicle dealers	10,821		13,487		15,369		14,852		16,877		19,798
Insurance	5,123		6,052		6,644		13,791		14,567		14,022
Food and staples retailing	5,354		5,499		6,383		10,716		10,570		10,613
Religious and social organizations	4,042		4,473		5,321		5,828		6,347		7,132
Financial markets infrastructure (clearinghouses)	3,666		4,271		4,852		5,779		7,275		7,330

Total commercial credit exposure by industry	$	613,030	$	608,114	$	667,655	$	1,076,838	$	1,052,408	$	1,059,537

(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 $32.3 billion, $35.3 billion and $42.2 billion at June 30, 2021, March 31, 2021 and June 30, 2020, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $37.1 billion, $39.4 billion and $32.2 billion, which consists primarily of other marketable securities, at June 30, 2021, March 31, 2021 and June 30, 2020, respectively.

(2)Total utilized and total committed exposure includes loans of $6.1 billion, $6.3 billion and $8.5 billion and issued letters of credit with a notional amount of $80 million, $79 million and $152 million accounted for under the fair value option at June 30, 2021, March 31, 2021 and June 30, 2020, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $5.2 billion, $4.5 billion and $2.7 billion at June 30, 2021, March 31, 2021 and June 30, 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)Includes $15.7 billion, $21.1 billion and $25.1 billion of PPP loan exposure across impacted industries at June 30, 2021, March 31, 2021 and June 30, 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.			27


Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties
(Dollars in millions)
	June 30 2021			March 31 2021			December 31 2020			September 30 2020			June 30 2020
Residential mortgage	$	2,343		$	2,366		$	2,005		$	1,675		$	1,552
Home equity	651			669			649			640			594

Direct/Indirect consumer	50			56			71			42			45

Total consumer	3,044			3,091			2,725			2,357			2,191
U.S. commercial	1,060			1,228			1,243			1,351			1,247
Non-U.S. commercial	275			342			418			338			387
Commercial real estate	404			354			404			414			474
Commercial lease financing	81			80			87			14			17
	1,820			2,004			2,152			2,117			2,125
U.S. small business commercial	43			67			75			76			77
Total commercial	1,863			2,071			2,227			2,193			2,202
Total nonperforming loans and leases	4,907			5,162			4,952			4,550			4,393
Foreclosed properties (1)	124			137			164			180			218
Total nonperforming loans, leases and foreclosed properties (2, 3)	$	5,031		$	5,299		$	5,116		$	4,730		$	4,611

Fully-insured home loans past due 30 days or more and still accruing	$	997		$	1,030		$	1,090		$	1,213		$	1,153
Consumer credit card past due 30 days or more and still accruing	976			1,317			1,689			1,270			1,420
Other loans past due 30 days or more and still accruing	2,699			3,506			3,398			3,322			2,980
Total loans past due 30 days or more and still accruing (4, 5)	$	4,672		$	5,853		$	6,177		$	5,805		$	5,553

Fully-insured home loans past due 90 days or more and still accruing	$	687		$	728		$	762		$	837		$	854
Consumer credit card past due 90 days or more and still accruing	533			755			903			546			782
Other loans past due 90 days or more and still accruing	299			309			417			365			579
Total loans past due 90 days or more and still accruing (4, 5)	$	1,519		$	1,792		$	2,082		$	1,748		$	2,215

Nonperforming loans, leases and foreclosed properties/Total assets (6)	0.17		%	0.18		%	0.18		%	0.17		%	0.17		%
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties (6)	0.55			0.59			0.56			0.50			0.47
Nonperforming loans and leases/Total loans and leases (6)	0.54			0.58			0.54			0.48			0.44

Commercial reservable criticized utilized exposure (7)	$	28,878		$	34,283		$	38,666		$	35,710		$	25,950
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure (7)	5.45		%	6.59		%	7.31		%	6.55		%	4.51		%
Total commercial criticized utilized exposure/Commercial utilized exposure (7)	5.37			6.41			7.22			6.34			4.34

(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 $66 million, $87 million, $119 million, $131 million and $124 million at June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 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 $348 million, $384 million, $359 million, $184 million and $151 million and nonperforming loans accounted for under the fair value option of $13 million, $12 million, $11 million, $9 million and $79 million at June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, respectively.

(4)Balances do not include loans held-for-sale past due 30 days or more and still accruing of $159 million, $75 million, $38 million, $93 million and $209 million at June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, respectively, and loans held-for-sale past due 90 days or more and still accruing of $70 million, $18 million, $32 million, $41 million and $5 million at June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, respectively. At June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, there were $74 million, $12 million, $15 million, $119 million and $18 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 $6.7 billion, $7.0 billion, $6.7 billion, $7.2 billion and $9.2 billion at June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 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.			28


Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties Activity (1)
(Dollars in millions)
	Second Quarter 2021		First Quarter 2021		Fourth Quarter 2020		Third Quarter 2020		Second Quarter 2020
Nonperforming Consumer Loans and Leases:
Balance, beginning of period	$	3,091	$	2,725	$	2,357	$	2,191	$	2,204

Additions	431		851		860		587		354


Reductions:
Paydowns and payoffs	(160)		(123)		(137)		(113)		(84)
Sales	(1)		(1)		(7)		—		(25)
Returns to performing status (2)	(291)		(347)		(325)		(291)		(233)
Charge-offs (3)	(25)		(12)		(16)		(13)		(22)
Transfers to foreclosed properties	(1)		(2)		(7)		(4)		(3)

Total net additions (reductions) to nonperforming loans and leases	(47)		366		368		166		(13)
Total nonperforming consumer loans and leases, end of period	3,044		3,091		2,725		2,357		2,191
Foreclosed properties	93		101		123		135		169
Nonperforming consumer loans, leases and foreclosed properties, end of period	$	3,137	$	3,192	$	2,848	$	2,492	$	2,360

Nonperforming Commercial Loans and Leases (4):
Balance, beginning of period	$	2,071	$	2,227	$	2,193	$	2,202	$	1,852

Additions	503		472		1,192		656		889
Reductions:
Paydowns	(264)		(312)		(397)		(216)		(177)
Sales	(77)		(22)		(274)		(50)		(10)
Return to performing status (5)	(59)		(28)		(127)		(21)		(8)
Charge-offs	(108)		(78)		(313)		(367)		(344)
Transfers to foreclosed properties	—		—		(2)		—		—
Transfers to loans held-for-sale	(203)		(188)		(45)		(11)		—
Total net additions (reductions) to nonperforming loans and leases	(208)		(156)		34		(9)		350
Total nonperforming commercial loans and leases, end of period	1,863		2,071		2,227		2,193		2,202
Foreclosed properties	31		36		41		45		49
Nonperforming commercial loans, leases and foreclosed properties, end of period	$	1,894	$	2,107	$	2,268	$	2,238	$	2,251

(1)For amounts excluded from nonperforming loans, leases and foreclosed properties, see footnotes to Nonperforming Loans, Leases and Foreclosed Properties table on page 28.

(2)Consumer loans and leases may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection. 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.			29


Bank of America Corporation and Subsidiaries
Quarterly Net Charge-offs and Net Charge-off Ratios (1)
(Dollars in millions)
	Second Quarter 2021				First Quarter 2021				Fourth Quarter 2020				Third Quarter 2020				Second Quarter 2020
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage	$	(6)	(0.01)	%	$	(4)	(0.01)	%	$	(3)	—	%	$	(6)	(0.01)	%	$	(20)	(0.03)	%
Home equity	(24)		(0.31)		(35)		(0.42)		(28)		(0.31)		(20)		(0.21)		(14)		(0.14)
Credit card	488		2.67		634		3.47		405		2.06		509		2.49		665		3.10

Direct/Indirect consumer	(9)		(0.04)		31		0.14		38		0.17		18		0.08		26		0.12
Other consumer	64		n/m		67		n/m		70		n/m		63		n/m		77		n/m
Total consumer	513		0.50		693		0.67		482		0.44		564		0.50		734		0.65
U.S. commercial	(31)		(0.04)		12		0.02		182		0.25		154		0.20		219		0.26
Non-U.S. commercial	14		0.06		26		0.12		65		0.28		57		0.23		32		0.12
Total commercial and industrial	(17)		(0.02)		38		0.04		247		0.26		211		0.21		251		0.22
Commercial real estate	17		0.11		11		0.07		101		0.66		106		0.66		57		0.35
Commercial lease financing	—		—		—		—		(1)		(0.03)		24		0.53		31		0.66
	—		—		49		0.04		347		0.30		341		0.28		339		0.25
U.S. small business commercial	82		0.98		81		0.89		52		0.53		67		0.69		73		0.96
Total commercial	82		0.07		130		0.11		399		0.32		408		0.31		412		0.29
Total net charge-offs	$	595	0.27		$	823	0.37		$	881	0.38		$	972	0.40		$	1,146	0.45

By Business Segment and All Other
Consumer Banking	$	625	0.89	%	$	810	1.13	%	$	563	0.73	%	$	658	0.82	%	$	843	1.05	%
Global Wealth & Investment Management	—		—		13		0.03		9		0.02		(6)		(0.01)		9		0.02
Global Banking	3		—		36		0.05		314		0.37		328		0.36		330		0.32
Global Markets	—		—		3		0.01		24		0.13		17		0.10		—		—
All Other	(33)		(0.70)		(39)		(0.78)		(29)		(0.53)		(25)		(0.40)		(36)		(0.49)
Total net charge-offs	$	595	0.27		$	823	0.37		$	881	0.38		$	972	0.40		$	1,146	0.45

(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.

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


Bank of America Corporation and Subsidiaries
Year-to-Date Net Charge-offs and Net Charge-off Ratios (1)
(Dollars in millions)
	Six Months Ended June 30
	2021				2020
	Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage	$	(10)	(0.01)	%	$	(21)	(0.02)	%
Home equity	(59)		(0.37)		(25)		(0.13)
Credit card	1,122		3.07		1,435		3.19

Direct/Indirect consumer	22		0.05		66		0.15
Other consumer	131		n/m		151		n/m
Total consumer	1,206		0.59		1,606		0.70
U.S. commercial	(19)		(0.01)		382		0.24
Non-U.S. commercial	40		0.09		33		0.06
Total commercial and industrial	21		0.01		415		0.19
Commercial real estate	28		0.09		63		0.20
Commercial lease financing	—		—		36		0.38
	49		0.02		514		0.20
U.S. small business commercial	163		0.93		148		1.29
Total commercial	212		0.09		662		0.25
Total net charge-offs	$	1,418	0.32		$	2,268	0.46

By Business Segment and All Other
Consumer Banking	$	1,435	1.01	%	$	1,806	1.14	%
Global Wealth & Investment Management	13		0.01		18		0.02
Global Banking	39		0.02		490		0.25
Global Markets	3		0.01		7		0.02
All Other	(72)		(0.74)		(53)		(0.33)
Total net charge-offs	$	1,418	0.32		$	2,268	0.46

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

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.			31


Bank of America Corporation and Subsidiaries
Allocation of the Allowance for Credit Losses by Product Type
(Dollars in millions)
	June 30, 2021		March 31, 2021				June 30, 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	$	394	0.18%	$	428	0.20%		$	439	0.18%
Home equity	203		0.67	261		0.81		394		1.03
Credit card	6,234		8.25	7,278		10.00		9,247		10.98

Direct/Indirect consumer	555		0.57	617		0.67		800		0.90
Other consumer	46		n/m	51		n/m		75		n/m
Total consumer	7,432		1.78	8,635		2.10		10,955		2.43
U.S. commercial (3)	3,529		1.10	4,131		1.30		4,788		1.36
Non-U.S.commercial	1,091		1.11	1,154		1.26		1,321		1.27
Commercial real estate	1,956		3.28	2,148		3.66		2,235		3.49
Commercial lease financing	87		0.55	100		0.61		90		0.50
Total commercial	6,663		1.35	7,533		1.55		8,434		1.57
Allowance for loan and lease losses	14,095		1.55	16,168		1.80		19,389		1.96


Reserve for unfunded lending commitments	1,687			1,829				1,702
Allowance for credit losses	$	15,782		$	17,997			$	21,091

Asset Quality Indicators

Allowance for loan and lease losses/Total loans and leases (2)			1.55%			1.80%				1.96%

Allowance for loan and lease losses/Total nonperforming loans and leases (4)			287			313				441

Ratio of the allowance for loan and lease losses/Annualized net charge-offs			5.90			4.85				4.21

(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 $257 million, $275 million and $330 million and home equity loans of $397 million, $418 million and $354 million at June 30, 2021, March 31, 2021 and June 30, 2020, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $4.2 billion, $4.2 billion and $5.1 billion and non-U.S. commercial loans of $1.9 billion, $2.1 billion and $3.4 billion at June 30, 2021, March 31, 2021 and June 30, 2020, respectively.

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

(3)Includes allowance for loan and lease losses for U.S. small business commercial loans of $1.4 billion, $1.5 billion and $1.4 billion at June 30, 2021, March 31, 2021 and June 30, 2020, respectively.

(4)Allowance for loan and lease losses includes $7.5 billion, $8.7 billion and $10.5 billion allocated to products (primarily the Consumer Lending portfolios within Consumer Banking) that are excluded from nonperforming loans and leases at June 30, 2021, March 31, 2021 and June 30, 2020, respectively. Excluding these amounts, allowance for loan and lease losses as a percentage of total nonperforming loans and leases was 134 percent, 144 percent and 202 percent at June 30, 2021, March 31, 2021 and June 30, 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.			32

Exhibit A: Non-GAAP Reconciliations

Bank of America Corporation and Subsidiaries

Reconciliations to GAAP Financial Measures

(Dollars in millions, except per share information)

The Corporation evaluates its business 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 six months ended June 30, 2021 and 2020, and the three months ended June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 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.


	Six Months Ended June 30				Second Quarter 2021		First Quarter 2021		Fourth Quarter 2020		Third Quarter 2020		Second Quarter 2020
	2021		2020





























Reconciliation of income before income taxes to pretax, pre-provision income
Income before income taxes	$	17,208	$	8,330	$	8,042	$	9,166	$	6,119	$	4,546	$	3,799
Provision for credit losses	(3,481)		9,878		(1,621)		(1,860)		53		1,389		5,117
Pretax, pre-provision income	$	13,727	$	18,208	$	6,421	$	7,306	$	6,172	$	5,935	$	8,916

Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity	$	274,341	$	265,425	$	274,632	$	274,047	$	271,020	$	267,323	$	266,316
Goodwill	(68,987)		(68,951)		(69,023)		(68,951)		(68,951)		(68,951)		(68,951)
Intangible assets (excluding mortgage servicing rights)	(2,179)		(1,648)		(2,212)		(2,146)		(2,173)		(1,976)		(1,640)
Related deferred tax liabilities	917		759		915		920		910		855		790
Tangible shareholders’ equity	$	204,092	$	195,585	$	204,312	$	203,870	$	200,806	$	197,251	$	196,515
Preferred stock	(24,039)		(23,442)		(23,684)		(24,399)		(24,180)		(23,427)		(23,427)
Tangible common shareholders’ equity	$	180,053	$	172,143	$	180,628	$	179,471	$	176,626	$	173,824	$	173,088








Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity	$	277,119	$	265,637	$	277,119	$	274,000	$	272,924	$	268,850	$	265,637
Goodwill	(69,023)		(68,951)		(69,023)		(68,951)		(68,951)		(68,951)		(68,951)
Intangible assets (excluding mortgage servicing rights)	(2,192)		(1,630)		(2,192)		(2,134)		(2,151)		(2,185)		(1,630)
Related deferred tax liabilities	915		789		915		915		920		910		789
Tangible shareholders’ equity	$	206,819	$	195,845	$	206,819	$	203,830	$	202,742	$	198,624	$	195,845
Preferred stock	(23,441)		(23,427)		(23,441)		(24,319)		(24,510)		(23,427)		(23,427)
Tangible common shareholders’ equity	$	183,378	$	172,418	$	183,378	$	179,511	$	178,232	$	175,197	$	172,418

Reconciliation of period-end assets to period-end tangible assets
Assets	$	3,029,894	$	2,741,688	$	3,029,894	$	2,969,992	$	2,819,627	$	2,738,452	$	2,741,688
Goodwill	(69,023)		(68,951)		(69,023)		(68,951)		(68,951)		(68,951)		(68,951)
Intangible assets (excluding mortgage servicing rights)	(2,192)		(1,630)		(2,192)		(2,134)		(2,151)		(2,185)		(1,630)
Related deferred tax liabilities	915		789		915		915		920		910		789
Tangible assets	$	2,959,594	$	2,671,896	$	2,959,594	$	2,899,822	$	2,749,445	$	2,668,226	$	2,671,896

Book value per share of common stock
Common shareholders’ equity	$	253,678	$	242,210	$	253,678	$	249,681	$	248,414	$	245,423	$	242,210
Ending common shares issued and outstanding	8,487.2		8,664.1		8,487.2		8,589.7		8,650.8		8,661.5		8,664.1
Book value per share of common stock	$	29.89	$	27.96	$	29.89	$	29.07	$	28.72	$	28.33	$	27.96

Tangible book value per share of common stock
Tangible common shareholders’ equity	$	183,378	$	172,418	$	183,378	$	179,511	$	178,232	$	175,197	$	172,418
Ending common shares issued and outstanding	8,487.2		8,664.1		8,487.2		8,589.7		8,650.8		8,661.5		8,664.1
Tangible book value per share of common stock	$	21.61	$	19.90	$	21.61	$	20.90	$	20.60	$	20.23	$	19.90

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.			33

Form: 8-K

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