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

Supplemental Information

Third 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)
	Nine Months Ended September 30						Third Quarter 2021			Second Quarter 2021			First Quarter 2021			Fourth Quarter 2020			Third Quarter 2020
	2021			2020
Income statement
Net interest income	$	31,524		$	33,107		$	11,094		$	10,233		$	10,197		$	10,253		$	10,129
Noninterest income	35,529			32,322			11,672			11,233			12,624			9,846			10,207
Total revenue, net of interest expense	67,053			65,429			22,766			21,466			22,821			20,099			20,336
Provision for credit losses	(4,105)			11,267			(624)			(1,621)			(1,860)			53			1,389
Noninterest expense	45,000			41,286			14,440			15,045			15,515			13,927			14,401
Income before income taxes	26,158			12,876			8,950			8,042			9,166			6,119			4,546
Pretax, pre-provision income (1)	22,053			24,143			8,326			6,421			7,306			6,172			5,935
Income tax expense	1,193			452			1,259			(1,182)			1,116			649			(335)
Net income	24,965			12,424			7,691			9,224			8,050			5,470			4,881
Preferred stock dividends	1,181			1,159			431			260			490			262			441
Net income applicable to common shareholders	23,784			11,265			7,260			8,964			7,560			5,208			4,440
Diluted earnings per common share	2.75			1.28			0.85			1.03			0.86			0.59			0.51
Average diluted common shares issued and outstanding	8,702.2			8,800.5			8,492.8			8,735.5			8,755.6			8,785.0			8,777.5
Dividends paid per common share	$	0.57		$	0.54		$	0.21		$	0.18		$	0.18		$	0.18		$	0.18

Performance ratios
Return on average assets	1.12		%	0.63		%	0.99		%	1.23		%	1.13		%	0.78		%	0.71		%
Return on average common shareholders’ equity	12.67			6.20			11.43			14.33			12.28			8.39			7.24
Return on average shareholders’ equity	12.15			6.24			11.08			13.47			11.91			8.03			7.26
Return on average tangible common shareholders’ equity (2)	17.61			8.71			15.85			19.90			17.08			11.73			10.16
Return on average tangible shareholders’ equity (2)	16.33			8.46			14.87			18.11			16.01			10.84			9.84
Efficiency ratio	67.11			63.10			63.43			70.09			67.98			69.29			70.81


At period end
Book value per share of common stock	$	30.22		$	28.33		$	30.22		$	29.89		$	29.07		$	28.72		$	28.33
Tangible book value per share of common stock (2)	21.69			20.23			21.69			21.61			20.90			20.60			20.23
Market capitalization	349,841			208,656			349,841			349,925			332,337			262,206			208,656
Number of financial centers - U.S.	4,215			4,309			4,215			4,296			4,324			4,312			4,309
Number of branded ATMs - U.S.	16,513			16,962			16,513			16,795			16,905			16,904			16,962
Headcount	209,407			211,225			209,407			211,608			212,201			212,505			211,225

(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)
	Nine Months Ended September 30				Third Quarter 2021		Second Quarter 2021		First Quarter 2021		Fourth Quarter 2020		Third Quarter 2020
	2021		2020
Net interest income
Interest income	$	35,118	$	40,124	$	12,336	$	11,387	$	11,395	$	11,461	$	11,486
Interest expense	3,594		7,017		1,242		1,154		1,198		1,208		1,357
Net interest income	31,524		33,107		11,094		10,233		10,197		10,253		10,129

Noninterest income
Fees and commissions	29,156		25,490		9,915		9,705		9,536		9,061		8,777
Market making and similar activities	7,360		6,983		2,005		1,826		3,529		1,372		1,689
Other income (loss)	(987)		(151)		(248)		(298)		(441)		(587)		(259)
Total noninterest income	35,529		32,322		11,672		11,233		12,624		9,846		10,207
Total revenue, net of interest expense	67,053		65,429		22,766		21,466		22,821		20,099		20,336

Provision for credit losses	(4,105)		11,267		(624)		(1,621)		(1,860)		53		1,389

Noninterest expense
Compensation and benefits	27,103		24,535		8,714		8,653		9,736		8,190		8,200
Occupancy and equipment	5,353		5,302		1,764		1,759		1,830		1,839		1,798
Information processing and communications	4,289		3,807		1,416		1,448		1,425		1,415		1,333
Product delivery and transaction related	2,940		2,518		987		976		977		915		930
Marketing	1,528		1,238		347		810		371		463		308
Professional fees	1,263		1,206		434		426		403		488		450
Other general operating	2,524		2,680		778		973		773		617		1,382
Total noninterest expense	45,000		41,286		14,440		15,045		15,515		13,927		14,401
Income before income taxes	26,158		12,876		8,950		8,042		9,166		6,119		4,546
Income tax expense	1,193		452		1,259		(1,182)		1,116		649		(335)
Net income	$	24,965	$	12,424	$	7,691	$	9,224	$	8,050	$	5,470	$	4,881
Preferred stock dividends	1,181		1,159		431		260		490		262		441
Net income applicable to common shareholders	$	23,784	$	11,265	$	7,260	$	8,964	$	7,560	$	5,208	$	4,440

Per common share information
Earnings	$	2.77	$	1.29	$	0.86	$	1.04	$	0.87	$	0.60	$	0.51
Diluted earnings	2.75		1.28		0.85		1.03		0.86		0.59		0.51
Average common shares issued and outstanding	8,583.1		8,762.6		8,430.7		8,620.8		8,700.1		8,724.9		8,732.9
Average diluted common shares issued and outstanding	8,702.2		8,800.5		8,492.8		8,735.5		8,755.6		8,785.0		8,777.5


Consolidated Statement of Comprehensive Income
(Dollars in millions)
	Nine Months Ended September 30				Third Quarter 2021		Second Quarter 2021		First Quarter 2021		Fourth Quarter 2020		Third Quarter 2020
	2021		2020
Net income	$	24,965	$	12,424	$	7,691	$	9,224	$	8,050	$	5,470	$	4,881
Other comprehensive income (loss), net-of-tax:
Net change in debt securities	(1,243)		4,794		(153)		(250)		(840)		5		101
Net change in debit valuation adjustments	292		(5)		27		149		116		(493)		(58)
Net change in derivatives	(1,130)		808		(431)		415		(1,114)		18		76
Employee benefit plan adjustments	170		144		50		69		51		(242)		44
Net change in foreign currency translation adjustments	(29)		(86)		(26)		26		(29)		34		21
Other comprehensive income (loss)	(1,940)		5,655		(533)		409		(1,816)		(678)		184
Comprehensive income	$	23,025	$	18,079	$	7,158	$	9,633	$	6,234	$	4,792	$	5,065

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)
	Nine Months Ended September 30				Third Quarter 2021		Second Quarter 2021		First Quarter 2021		Fourth Quarter 2020		Third Quarter 2020
	2021		2020
Net interest income
Interest income
Loans and leases	$	21,859	$	26,426	$	7,502	$	7,123	$	7,234	$	7,603	$	7,894
Debt securities	8,832		7,413		3,282		2,820		2,730		2,377		2,130
Federal funds sold and securities borrowed or purchased under agreements to resell	(43)		900		6		(42)		(7)		3		55
Trading account assets	2,793		3,203		967		954		872		925		948
Other interest income	1,677		2,182		579		532		566		553		459
Total interest income	35,118		40,124		12,336		11,387		11,395		11,461		11,486

Interest expense
Deposits	394		1,784		133		128		133		159		227
Short-term borrowings	(205)		1,024		(41)		(85)		(79)		(37)		(24)
Trading account liabilities	824		764		285		293		246		210		212
Long-term debt	2,581		3,445		865		818		898		876		942
Total interest expense	3,594		7,017		1,242		1,154		1,198		1,208		1,357
Net interest income	$	31,524	$	33,107	$	11,094	$	10,233	$	10,197	$	10,253	$	10,129

Noninterest income
Fees and commissions
Card income
Interchange fees (1)	$	3,431	$	2,794	$	1,154	$	1,210	$	1,067	$	1,160	$	1,172
Other card income	1,173		1,295		429		376		368		407		396
Total card income	4,604		4,089		1,583		1,586		1,435		1,567		1,568
Service charges
Deposit-related fees	4,671		4,441		1,619		1,557		1,495		1,550		1,515
Lending-related fees	923		841		309		317		297		309		302
Total service charges	5,594		5,282		1,928		1,874		1,792		1,859		1,817
Investment and brokerage services
Asset management fees	9,434		7,905		3,276		3,156		3,002		2,803		2,740
Brokerage fees	2,988		2,898		960		967		1,061		968		883
Total investment and brokerage services	12,422		10,803		4,236		4,123		4,063		3,771		3,623
Investment banking fees
Underwriting income	4,028		3,610		1,168		1,314		1,546		1,088		1,239
Syndication fees	1,047		634		346		401		300		227		133
Financial advisory services	1,461		1,072		654		407		400		549		397
Total investment banking fees	6,536		5,316		2,168		2,122		2,246		1,864		1,769
Total fees and commissions	29,156		25,490		9,915		9,705		9,536		9,061		8,777
Market making and similar activities	7,360		6,983		2,005		1,826		3,529		1,372		1,689
Other income (loss)	(987)		(151)		(248)		(298)		(441)		(587)		(259)
Total noninterest income	$	35,529	$	32,322	$	11,672	$	11,233	$	12,624	$	9,846	$	10,207

(1)Gross interchange fees and merchant income were $8.4 billion and $6.7 billion and are presented net of $4.9 billion and $4.1 billion of expenses for rewards and partner payments as well as certain other card costs for the nine months ended September 30, 2021 and 2020. Gross interchange fees and merchant income were $3.0 billion, $2.9 billion, $2.5 billion, $2.5 billion and $2.4 billion and are presented net of $1.8 billion, $1.7 billion, $1.4 billion, $1.5 billion and $1.4 billion of expenses for rewards and partner payments as well as certain other card costs for the third, second and first quarters of 2021 and the fourth and third 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)
		September 30 2021		June 30 2021		September 30 2020
Assets
Cash and due from banks		$	28,689	$	30,327	$	32,922
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks		251,165		229,703		268,084
Cash and cash equivalents		279,854		260,030		301,006
Time deposits placed and other short-term investments		6,518		7,356		5,088
Federal funds sold and securities borrowed or purchased under agreements to resell		261,934		268,594		326,745
Trading account assets		288,566		291,733		255,500
Derivative assets		40,829		41,498		44,297
Debt securities:
Carried at fair value		285,377		288,913		245,997
Held-to-maturity, at cost		683,240		651,401		338,400
Total debt securities		968,617		940,314		584,397
Loans and leases		927,736		918,928		955,172
Allowance for loan and lease losses		(13,155)		(14,095)		(19,596)
Loans and leases, net of allowance		914,581		904,833		935,576
Premises and equipment, net		10,684		10,747		10,902
Goodwill		69,023		69,023		68,951
Loans held-for-sale		9,415		8,277		4,434
Customer and other receivables		74,998		67,967		61,684
Other assets		160,427		159,522		139,872
Total assets		$	3,085,446	$	3,029,894	$	2,738,452

Liabilities
Deposits in U.S. offices:
Noninterest-bearing		$	753,107	$	719,481	$	616,925
Interest-bearing		1,108,490		1,076,355		996,804
Deposits in non-U.S. offices:
Noninterest-bearing		25,336		25,190		15,158
Interest-bearing		77,871		88,116		73,993
Total deposits		1,964,804		1,909,142		1,702,880
Federal funds purchased and securities loaned or sold under agreements to repurchase		207,428		213,787		190,769
Trading account liabilities		112,217		110,084		84,681
Derivative liabilities		38,062		38,916		41,728
Short-term borrowings		20,278		21,635		17,861
Accrued expenses and other liabilities		191,572		184,607		175,960
Long-term debt		278,621		274,604		255,723
Total liabilities		2,812,982		2,752,775		2,469,602
Shareholders’ equity
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 3,887,686, 3,887,686 and 3,887,440 shares		23,441		23,441		23,427
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 8,241,243,911, 8,487,151,465 and 8,661,522,562 shares		69,612		79,242		85,954
Retained earnings		183,007		177,499		160,447
Accumulated other comprehensive income (loss)		(3,596)		(3,063)		(978)
Total shareholders’ equity		272,464		277,119		268,850
Total liabilities and shareholders’ equity		$	3,085,446	$	3,029,894	$	2,738,452

	Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
	Trading account assets	$	4,432	$	4,418	$	4,492
	Loans and leases	16,857		16,970		24,094
	Allowance for loan and lease losses	(994)		(1,047)		(1,812)
	Loans and leases, net of allowance	15,863		15,923		22,282

	All other assets	136		1,134		191
	Total assets of consolidated variable interest entities	$	20,431	$	21,475	$	26,965

	Liabilities of consolidated variable interest entities included in total liabilities above
	Short-term borrowings	$	330	$	324	$	739
	Long-term debt	3,830		5,137		5,742
	All other liabilities	10		15		19
	Total liabilities of consolidated variable interest entities	$	4,170	$	5,476	$	6,500

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)
	September 30 2021			June 30 2021			September 30 2020
Risk-based capital metrics (1):
Standardized Approach
Common equity tier 1 capital	$	174,407		$	178,818		$	173,213
Tier 1 capital	197,842			202,245			196,637
Total capital	230,491			234,486			235,446
Risk-weighted assets	1,567,276			1,551,668			1,459,993
Common equity tier 1 capital ratio	11.1		%	11.5		%	11.9		%
Tier 1 capital ratio	12.6			13.0			13.5
Total capital ratio	14.7			15.1			16.1

Advanced Approaches
Common equity tier 1 capital	$	174,407		$	178,818		$	173,213
Tier 1 capital	197,842			202,245			196,637
Total capital	223,970			227,736			224,541
Risk-weighted assets	1,380,843			1,379,805			1,364,259
Common equity tier 1 capital ratio	12.6		%	13.0		%	12.7		%
Tier 1 capital ratio	14.3			14.7			14.4
Total capital ratio	16.2			16.5			16.5

Leverage-based metrics (1):
Adjusted average assets	$	2,999,663		$	2,938,476		$	2,666,645
Tier 1 leverage ratio	6.6		%	6.9		%	7.4		%

Supplementary leverage exposure	$	3,515,643		$	3,443,834		$	2,866,899
Supplementary leverage ratio	5.6		%	5.9		%	6.9		%

Tangible equity ratio (2)	6.7			7.0			7.4
Tangible common equity ratio (2)	5.9			6.2			6.6

(1)Regulatory capital ratios at September 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 September 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)
	September 30 2021		June 30 2021		September 30 2020
Total common shareholders' equity	$	249,023	$	253,678	$	245,423
CECL transitional amount (1)	2,722		2,994		4,411
Goodwill, net of related deferred tax liabilities	(68,638)		(68,638)		(68,569)
Deferred tax assets arising from net operating loss and tax credit carryforwards	(7,638)		(7,641)		(5,853)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities	(1,644)		(1,662)		(1,656)
Defined benefit pension plan net assets	(1,223)		(1,196)		(1,056)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net-of-tax	1,477		1,499		1,245
Other	328		(216)		(732)
Common equity tier 1 capital	174,407		178,818		173,213
Qualifying preferred stock, net of issuance cost	23,440		23,440		23,426
Other	(5)		(13)		(2)
Tier 1 capital	197,842		202,245		196,637
Tier 2 capital instruments	21,741		20,674		22,571
Qualifying allowance for credit losses	11,177		11,993		16,243
Other	(269)		(426)		(5)
Total capital under the Standardized approach	230,491		234,486		235,446
Adjustment in qualifying allowance for credit losses under the Advanced approaches (2)	(6,521)		(6,750)		(10,905)
Total capital under the Advanced approaches	$	223,970	$	227,736	$	224,541

(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)
	Third Quarter 2021						Second Quarter 2021						Third 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	$	240,054	$	50	0.08	%	$	247,673	$	27	0.04	%	$	245,682	$	10	0.02	%
Time deposits placed and other short-term investments	6,419		4		0.24		8,079		—		0.02		7,686		(4)		(0.25)
Federal funds sold and securities borrowed or purchased under agreements to resell	270,094		6		0.01		270,443		(42)		(0.06)		384,221		55		0.06
Trading account assets	147,196		979		2.64		152,307		967		2.55		146,972		960		2.60
Debt securities	949,009		3,296		1.39		895,902		2,834		1.27		533,261		2,147		1.63
Loans and leases (2)
Residential mortgage	215,652		1,487		2.76		214,096		1,498		2.80		237,414		1,811		3.05
Home equity	30,069		263		3.47		31,621		267		3.39		37,897		284		2.99
Credit card	75,569		1,952		10.25		73,399		1,876		10.25		81,309		2,086		10.20

Direct/Indirect and other consumer	98,148		578		2.34		94,321		561		2.38		89,559		593		2.63

Total consumer	419,438		4,280		4.06		413,437		4,202		4.07		446,179		4,774		4.26
U.S. commercial	323,659		2,315		2.84		322,633		2,049		2.55		343,533		2,165		2.51
Non-U.S. commercial	101,967		446		1.73		96,343		429		1.78		102,938		465		1.80
Commercial real estate	59,881		378		2.51		59,276		371		2.51		63,262		393		2.47
Commercial lease financing	15,564		116		2.98		16,211		108		2.67		18,106		138		3.04
Total commercial	501,071		3,255		2.58		494,463		2,957		2.40		527,839		3,161		2.38
Total loans and leases	920,509		7,535		3.25		907,900		7,159		3.16		974,018		7,935		3.25
Other earning assets	120,734		567		1.86		96,364		552		2.30		83,086		497		2.39
Total earning assets	2,654,015		12,437		1.86		2,578,668		11,497		1.79		2,374,926		11,600		1.95
Cash and due from banks	30,101						31,675						32,714
Other assets, less allowance for loan and lease losses	392,336						404,770						332,044
Total assets	$	3,076,452					$	3,015,113					$	2,739,684
Interest-bearing liabilities
U.S. interest-bearing deposits

Demand and money market deposit accounts	$	931,964	$	79	0.03	%	$	915,420	$	78	0.03	%	$	842,987	$	93	0.04	%

Time and savings deposits	162,337		41		0.10		162,516		40		0.10		164,648		116		0.28
Total U.S. interest-bearing deposits	1,094,301		120		0.04		1,077,936		118		0.04		1,007,635		209		0.08




Non-U.S. interest-bearing deposits	84,098		13		0.06		82,142		10		0.05		75,485		18		0.09
Total interest-bearing deposits	1,178,399		133		0.04		1,160,078		128		0.04		1,083,120		227		0.08
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities	324,582		(41)		(0.05)		320,314		(85)		(0.11)		286,582		(24)		(0.03)
Trading account liabilities	56,496		285		2.00		58,823		293		2.01		39,689		212		2.13
Long-term debt	248,988		865		1.37		232,034		818		1.42		224,254		942		1.67
Total interest-bearing liabilities	1,808,465		1,242		0.27		1,771,249		1,154		0.26		1,633,645		1,357		0.33
Noninterest-bearing sources
Noninterest-bearing deposits	764,306						728,756						612,368
Other liabilities (3)	228,197						240,476						226,348
Shareholders’ equity	275,484						274,632						267,323
Total liabilities and shareholders’ equity	$	3,076,452					$	3,015,113					$	2,739,684
Net interest spread					1.59	%					1.53	%					1.62	%
Impact of noninterest-bearing sources					0.09						0.08						0.10
Net interest income/yield on earning assets (4)			$	11,195	1.68	%			$	10,343	1.61	%			$	10,243	1.72	%

(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 $29.6 billion, $30.5 billion and $34.2 billion of structured notes and liabilities for the third and second quarters of 2021 and the third quarter of 2020, respectively.

(4)Net interest income includes FTE adjustments of $101 million, $110 million and $114 million for the third and second quarters of 2021 and the third 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)
	September 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	50,756	$	1,631	$	(90)	$	52,297
Agency-collateralized mortgage obligations	3,684		103		(11)		3,776
Commercial	18,091		778		(50)		18,819
Non-agency residential	799		39		(35)		803
Total mortgage-backed securities	73,330		2,551		(186)		75,695
U.S. Treasury and government agencies	167,419		1,869		(163)		169,125
Non-U.S. securities	12,289		4		—		12,293
Other taxable securities	2,589		45		(1)		2,633

Tax-exempt securities	15,312		321		(21)		15,612
Total available-for-sale debt securities	270,939		4,790		(371)		275,358
Other debt securities carried at fair value (1)	10,076		101		(158)		10,019
Total debt securities carried at fair value	281,015		4,891		(529)		285,377
Held-to-maturity debt securities
Agency mortgage-backed securities	562,124		5,497		(8,031)		559,590
U.S. Treasury and government agencies	111,855		167		(2,614)		109,408
Other taxable securities	9,295		197		(157)		9,335
Total held-to-maturity debt securities	683,274		5,861		(10,802)		678,333
Total debt securities	$	964,289	$	10,752	$	(11,331)	$	963,710


	June 30, 2021
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 government agencies	158,691		1,906		(264)		160,333
Non-U.S. securities	17,165		4		(2)		17,167
Other taxable securities	2,873		48		—		2,921

Tax-exempt securities	15,529		347		(2)		15,874
Total available-for-sale debt securities	273,518		5,039		(376)		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		5,152		(470)		288,913
Held-to-maturity debt securities
Agency mortgage-backed securities	547,508		6,040		(5,849)		547,699
U.S. Treasury and government agencies	94,353		327		(2,017)		92,663
Other taxable securities	9,573		246		(156)		9,663
Total held-to-maturity debt securities	651,434		6,613		(8,022)		650,025
Total debt securities	$	935,665	$	11,765	$	(8,492)	$	938,938

(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)

	Nine Months Ended September 30						Third Quarter 2021			Second Quarter 2021			First Quarter 2021			Fourth Quarter 2020			Third Quarter 2020
	2021			2020






FTE basis data (1)
Net interest income	$	31,846		$	33,493		$	11,195		$	10,343		$	10,308		$	10,366		$	10,243
Total revenue, net of interest expense	67,375			65,815			22,867			21,576			22,932			20,212			20,450
Net interest yield	1.66		%	1.96		%	1.68		%	1.61		%	1.68		%	1.71		%	1.72		%
Efficiency ratio	66.79			62.73			63.14			69.73			67.65			68.90			70.42

(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 $322 million and $386 million for the nine months ended September 30, 2021 and 2020, $101 million, $110 million and $111 million for the third, second and first quarters of 2021, and $113 million and $114 million for the fourth and third 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)
	Third Quarter 2021
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	11,195	$	6,493	$	1,451	$	2,186	$	1,000	$	65
Noninterest income
Fees and commissions:
Card income	1,583		1,317		22		185		59		—
Service charges	1,928		935		18		890		83		2
Investment and brokerage services	4,236		81		3,683		9		470		(7)
Investment banking fees	2,168		—		82		1,297		844		(55)
Total fees and commissions	9,915		2,333		3,805		2,381		1,456		(60)
Market making and similar activities	2,005		1		9		40		2,014		(59)
Other income (loss)	(248)		11		45		637		49		(990)
Total noninterest income (loss)	11,672		2,345		3,859		3,058		3,519		(1,109)
Total revenue, net of interest expense	22,867		8,838		5,310		5,244		4,519		(1,044)
Provision for credit losses	(624)		247		(58)		(781)		16		(48)
Noninterest expense	14,440		4,558		3,745		2,534		3,252		351
Income (loss) before income taxes	9,051		4,033		1,623		3,491		1,251		(1,347)
Income tax expense (benefit)	1,360		988		398		942		325		(1,293)
Net income	$	7,691	$	3,045	$	1,225	$	2,549	$	926	$	(54)

Average
Total loans and leases	$	920,509	$	281,380	$	199,664	$	324,736	$	97,148	$	17,581
Total assets (1)	3,076,452		1,076,236		386,346		621,699		804,938		187,233
Total deposits	1,942,705		1,000,765		339,357		534,166		54,650		13,767
Quarter end
Total loans and leases	$	927,736	$	280,803	$	202,268	$	328,893	$	98,892	$	16,880
Total assets (1)	3,085,446		1,091,431		393,708		623,640		776,929		199,738
Total deposits	1,964,804		1,015,276		345,590		536,476		54,941		12,521

	Second Quarter 2021
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	10,343	$	5,973	$	1,355	$	1,984	$	990	$	41
Noninterest income
Fees and commissions:
Card income	1,586		1,312		21		180		73		—
Service charges	1,874		851		18		900		103		2
Investment and brokerage services	4,123		78		3,536		40		474		(5)
Investment banking fees	2,122		—		88		1,173		959		(98)
Total fees and commissions	9,705		2,241		3,663		2,293		1,609		(101)
Market making and similar activities	1,826		—		11		28		1,964		(177)
Other income (loss)	(298)		(28)		36		785		157		(1,248)
Total noninterest income (loss)	11,233		2,213		3,710		3,106		3,730		(1,526)
Total revenue, net of interest expense	21,576		8,186		5,065		5,090		4,720		(1,485)
Provision for credit losses	(1,621)		(697)		(62)		(831)		22		(53)
Noninterest expense	15,045		4,859		3,813		2,599		3,471		303
Income (loss) before income taxes	8,152		4,024		1,314		3,322		1,227		(1,735)
Income tax expense (benefit)	(1,072)		986		322		897		319		(3,596)
Net income	$	9,224	$	3,038	$	992	$	2,425	$	908	$	1,861

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

(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)
	Third Quarter 2020
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	10,243	$	5,890	$	1,237	$	2,028	$	1,108	$	(20)
Noninterest income
Fees and commissions:
Card income	1,568		1,220		21		156		170		1
Service charges	1,817		837		17		846		108		9
Investment and brokerage services	3,623		68		3,105		14		439		(3)
Investment banking fees	1,769		—		93		970		738		(32)
Total fees and commissions	8,777		2,125		3,236		1,986		1,455		(25)
Market making and similar activities	1,689		—		14		16		1,725		(66)
Other income (loss)	(259)		24		59		487		(5)		(824)
Total noninterest income (loss)	10,207		2,149		3,309		2,489		3,175		(915)
Total revenue, net of interest expense	20,450		8,039		4,546		4,517		4,283		(935)
Provision for credit losses	1,389		479		24		883		21		(18)
Noninterest expense	14,401		4,842		3,533		2,365		3,102		559
Income (loss) before income taxes	4,660		2,718		989		1,269		1,160		(1,476)
Income tax expense (benefit)	(221)		666		242		343		302		(1,774)
Net income	$	4,881	$	2,052	$	747	$	926	$	858	$	298

Average
Total loans and leases	$	974,018	$	318,751	$	185,587	$	373,118	$	72,319	$	24,243
Total assets (1)	2,739,684		936,112		333,794		557,889		680,983		230,906
Total deposits	1,695,488		860,999		291,845		471,288		56,475		14,881
Quarter end
Total loans and leases	$	955,172	$	312,447	$	187,211	$	356,919	$	75,475	$	23,120
Total assets (1)	2,738,452		947,513		337,576		553,776		676,242		223,345
Total deposits	1,702,880		872,022		295,893		465,399		56,727		12,839

(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)
	Nine Months Ended September 30, 2021
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	31,846	$	18,386	$	4,137	$	6,150	$	2,980	$	193
Noninterest income
Fees and commissions:
Card income	4,604		3,818		62		515		208		1
Service charges	5,594		2,617		54		2,637		280		6
Investment and brokerage services	12,422		236		10,610		90		1,504		(18)
Investment banking fees	6,536		—		305		3,642		2,784		(195)
Total fees and commissions	29,156		6,671		11,031		6,884		4,776		(206)
Market making and similar activities	7,360		1		31		99		7,448		(219)
Other income (loss)	(987)		35		147		1,834		233		(3,236)
Total noninterest income (loss)	35,529		6,707		11,209		8,817		12,457		(3,661)
Total revenue, net of interest expense	67,375		25,093		15,346		14,967		15,437		(3,468)
Provision for credit losses	(4,105)		(1,067)		(185)		(2,738)		33		(148)
Noninterest expense	45,000		14,548		11,425		7,915		10,150		962
Income (loss) before income taxes	26,480		11,612		4,106		9,790		5,254		(4,282)
Income tax expense (benefit)	1,515		2,845		1,006		2,643		1,366		(6,345)
Net income	$	24,965	$	8,767	$	3,100	$	7,147	$	3,888	$	2,063

Average
Total loans and leases	$	912,091	$	284,644	$	194,090	$	326,632	$	87,535	$	19,190
Total assets (1)	2,990,984		1,043,787		379,802		597,947		775,552		193,896
Total deposits	1,879,597		968,272		333,119		509,445		54,699		14,062
Period end
Total loans and leases	$	927,736	$	280,803	$	202,268	$	328,893	$	98,892	$	16,880
Total assets (1)	3,085,446		1,091,431		393,708		623,640		776,929		199,738
Total deposits	1,964,804		1,015,276		345,590		536,476		54,941		12,521

	Nine Months Ended September 30, 2020
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	33,493	$	18,743	$	4,186	$	7,003	$	3,558	$	3
Noninterest income
Fees and commissions:
Card income	4,089		3,384		56		347		301		1
Service charges	5,282		2,538		49		2,379		290		26
Investment and brokerage services	10,803		204		9,081		45		1,487		(14)
Investment banking fees	5,316		—		292		2,912		2,280		(168)
Total fees and commissions	25,490		6,126		9,478		5,683		4,358		(155)
Market making and similar activities	6,983		2		52		88		7,059		(218)
Other income (loss)	(151)		149		191		1,434		(116)		(1,809)
Total noninterest income (loss)	32,322		6,277		9,721		7,205		11,301		(2,182)
Total revenue, net of interest expense	65,815		25,020		13,907		14,208		14,859		(2,179)
Provision for credit losses	11,267		5,761		349		4,849		233		75
Noninterest expense	41,286		14,074		10,596		6,910		8,598		1,108
Income (loss) before income taxes	13,262		5,185		2,962		2,449		6,028		(3,362)
Income tax expense (benefit)	838		1,270		726		661		1,567		(3,386)
Net income	$	12,424	$	3,915	$	2,236	$	1,788	$	4,461	$	24

Average
Total loans and leases	$	998,473	$	319,084	$	182,138	$	394,331	$	72,702	$	30,218
Total assets (1)	2,646,607		877,866		321,565		534,061		685,685		227,430
Total deposits	1,598,031		803,002		280,828		449,273		45,002		19,926
Period end
Total loans and leases	$	955,172	$	312,447	$	187,211	$	356,919	$	75,475	$	23,120
Total assets (1)	2,738,452		947,513		337,576		553,776		676,242		223,345
Total deposits	1,702,880		872,022		295,893		465,399		56,727		12,839

(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)
	Nine Months Ended September 30						Third Quarter 2021			Second Quarter 2021			First Quarter 2021			Fourth Quarter 2020			Third Quarter 2020
	2021			2020
Net interest income	$	18,386		$	18,743		$	6,493		$	5,973		$	5,920		$	5,955		$	5,890
Noninterest income:
Card income	3,818			3,384			1,317			1,312			1,189			1,289			1,220
Service charges	2,617			2,538			935			851			831			879			837

All other income	272			355			93			50			129			119			92
Total noninterest income	6,707			6,277			2,345			2,213			2,149			2,287			2,149
Total revenue, net of interest expense	25,093			25,020			8,838			8,186			8,069			8,242			8,039

Provision for credit losses	(1,067)			5,761			247			(697)			(617)			4			479

Noninterest expense	14,548			14,074			4,558			4,859			5,131			4,809			4,842
Income before income taxes	11,612			5,185			4,033			4,024			3,555			3,429			2,718
Income tax expense	2,845			1,270			988			986			871			840			666
Net income	$	8,767		$	3,915		$	3,045		$	3,038		$	2,684		$	2,589		$	2,052

Net interest yield	2.45		%	2.98		%	2.49		%	2.37		%	2.51		%	2.58		%	2.61		%
Return on average allocated capital (1)	30			14			31			32			28			27			21
Efficiency ratio	57.97			56.25			51.56			59.36			63.59			58.34			60.24

Balance Sheet
Average
Total loans and leases	$	284,644		$	319,084		$	281,380		$	281,767		$	290,891		$	305,146		$	318,751
Total earning assets (2)	1,001,590			838,792			1,034,471			1,012,335			957,112			918,086			896,867
Total assets (2)	1,043,787			877,866			1,076,236			1,054,516			999,769			960,376			936,112
Total deposits	968,272			803,002			1,000,765			979,072			924,137			885,210			860,999
Allocated capital (1)	38,500			38,500			38,500			38,500			38,500			38,500			38,500

Period end
Total loans and leases	$	280,803		$	312,447		$	280,803		$	282,900		$	282,935		$	299,934		$	312,447
Total earning assets (2)	1,050,331			906,994			1,050,331			1,022,092			1,004,896			945,343			906,994
Total assets (2)	1,091,431			947,513			1,091,431			1,063,650			1,047,413			988,580			947,513
Total deposits	1,015,276			872,022			1,015,276			987,655			971,709			912,652			872,022

(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)
	Nine Months Ended September 30						Third Quarter 2021			Second Quarter 2021			First Quarter 2021			Fourth Quarter 2020			Third Quarter 2020
	2021			2020
Average deposit balances
Checking	$	542,525		$	440,507		$	561,629		$	550,009		$	515,430		$	492,332		$	479,963
Savings	69,220			54,945			70,799			70,945			65,863			62,070			59,817
MMS	318,849			262,927			331,924			320,594			303,719			289,682			277,896
CDs and IRAs	33,921			41,715			32,578			33,728			35,488			37,674			40,163
Other	3,757			2,908			3,835			3,796			3,637			3,452			3,160
Total average deposit balances	$	968,272		$	803,002		$	1,000,765		$	979,072		$	924,137		$	885,210		$	860,999

Deposit spreads (excludes noninterest costs)
Checking	1.97		%	2.14		%	1.95		%	1.97		%	1.99		%	2.02		%	2.07		%
Savings	2.25			2.40			2.23			2.26			2.28			2.31			2.35
MMS	1.29			1.81			1.26			1.29			1.32			1.52			1.59
CDs and IRAs	0.41			0.98			0.34			0.41			0.48			0.58			0.72
Other	0.27			1.21			0.24			0.27			0.31			0.34			0.60
Total deposit spreads	1.70			1.98			1.68			1.71			1.73			1.81			1.87

Consumer investment assets	$	353,280		$	266,733		$	353,280		$	345,809		$	324,479		$	306,104		$	266,733

Active digital banking users (in thousands) (1)	40,911			39,267			40,911			40,512			40,286			39,315			39,267
Active mobile banking users (in thousands) (2)	32,455			30,601			32,455			31,796			31,487			30,783			30,601
Financial centers	4,215			4,309			4,215			4,296			4,324			4,312			4,309
ATMs	16,513			16,962			16,513			16,795			16,905			16,904			16,962

Total credit card (3)
Loans
Average credit card outstandings	$	74,383		$	87,302		$	75,569		$	73,399		$	74,165		$	78,210		$	81,309
Ending credit card outstandings	76,869			79,834			76,869			75,599			72,786			78,708			79,834
Credit quality
Net charge-offs	$	1,443		$	1,944		$	321		$	488		$	634		$	405		$	509
	2.59		%	2.97		%	1.69		%	2.67		%	3.47		%	2.06		%	2.49		%
30+ delinquency	$	934		$	1,270		$	934		$	976		$	1,317		$	1,689		$	1,270
	1.21		%	1.59		%	1.21		%	1.29		%	1.81		%	2.15		%	1.59		%
90+ delinquency	$	450		$	545		$	450		$	533		$	755		$	903		$	545
	0.58		%	0.68		%	0.58		%	0.71		%	1.04		%	1.15		%	0.68		%
Other total credit card indicators (3)
Gross interest yield	10.24		%	10.21		%	10.10		%	10.10		%	10.52		%	10.49		%	10.16		%
Risk-adjusted margin	9.93			8.66			10.70			9.76			9.29			10.84			9.66
New accounts (in thousands)	2,654			1,991			1,049			931			674			514			487
Purchase volumes	$	223,900		$	182,133		$	80,925		$	78,384		$	64,591		$	69,466		$	64,060

Debit card data
Purchase volumes	$	349,492		$	280,222		$	119,680		$	121,905		$	107,907		$	104,280		$	102,004

Loan production (4)
Consumer Banking:
First mortgage	$	33,194		$	35,228		$	12,510		$	11,502		$	9,182		$	7,969		$	7,298
Home equity	2,579			6,555			1,262			907			410			375			738
Total (5):
First mortgage	$	56,731		$	55,422		$	21,232		$	20,266		$	15,233		$	13,664		$	13,360
Home equity	3,192			7,691			1,523			1,166			503			469			984

(1) Represents mobile and/or online active users over the past 90 days.

(2) Represents mobile active users over the past 90 days.

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

(4) 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.

(5) 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)
	Third Quarter 2021									Second Quarter 2021
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	6,493		$	3,731		$	2,762		$	5,973		$	3,480		$	2,493
Noninterest income:
Card income	1,317			(7)			1,324			1,312			(7)			1,319
Service charges	935			935			—			851			850			1
All other income	93			56			37			50			22			28
Total noninterest income	2,345			984			1,361			2,213			865			1,348
Total revenue, net of interest expense	8,838			4,715			4,123			8,186			4,345			3,841

Provision for credit losses	247			53			194			(697)			47			(744)

Noninterest expense	4,558			2,725			1,833			4,859			2,855			2,004
Income before income taxes	4,033			1,937			2,096			4,024			1,443			2,581
Income tax expense	988			474			514			986			354			632
Net income	$	3,045		$	1,463		$	1,582		$	3,038		$	1,089		$	1,949

Net interest yield	2.49		%	1.49		%	3.95		%	2.37		%	1.44		%	3.60		%
Return on average allocated capital (1)	31			48			24			32			36			30
Efficiency ratio	51.56			57.75			44.48			59.36			65.73			52.16

Balance Sheet
Average
Total loans and leases	$	281,380		$	4,387		$	276,993		$	281,767		$	4,447		$	277,320
Total earning assets (2)	1,034,471			991,186			277,491			1,012,335			968,492			277,742
Total assets (2)	1,076,236			1,026,811			283,631			1,054,516			1,005,237			283,178
Total deposits	1,000,765			993,624			7,141			979,072			972,016			7,056
Allocated capital (1)	38,500			12,000			26,500			38,500			12,000			26,500

Period end
Total loans and leases	$	280,803		$	4,345		$	276,458		$	282,900		$	4,410		$	278,490
Total earning assets (2)	1,050,331			1,006,593			277,056			1,022,092			978,402			278,850
Total assets (2)	1,091,431			1,041,487			283,262			1,063,650			1,013,887			284,923
Total deposits	1,015,276			1,008,051			7,225			987,655			980,486			7,169

										Third Quarter 2020
										Total Consumer Banking			Deposits			Consumer Lending
Net interest income										$	5,890		$	3,245		$	2,645
Noninterest income:
Card income										1,220			(4)			1,224
Service charges										837			837			—
All other income										92			84			8
Total noninterest income										2,149			917			1,232
Total revenue, net of interest expense										8,039			4,162			3,877

Provision for credit losses										479			59			420

Noninterest expense										4,842			2,937			1,905
Income before income taxes										2,718			1,166			1,552
Income tax expense										666			286			380
Net income										$	2,052		$	880		$	1,172

Net interest yield										2.61		%	1.52		%	3.35		%
Return on average allocated capital (1)										21			29			18
Efficiency ratio										60.24			70.60			49.13

Balance Sheet
Average
Total loans and leases										$	318,751		$	5,046		$	313,705
Total earning assets (2)										896,867			849,190			314,079
Total assets (2)										936,112			886,406			316,107
Total deposits										860,999			853,452			7,547
Allocated capital (1)										38,500			12,000			26,500

Period end
Total loans and leases										$	312,447		$	4,909		$	307,538
Total earning assets (2)										906,994			859,659			307,985
Total assets (2)										947,513			897,182			310,981
Total deposits										872,022			864,100			7,922

(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)
	Nine Months Ended September 30
	2021									2020
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	18,386		$	10,489		$	7,897		$	18,743		$	10,491		$	8,252
Noninterest income:
Card income	3,818			(19)			3,837			3,384			(15)			3,399
Service charges	2,617			2,615			2			2,538			2,537			1

All other income	272			151			121			355			244			111
Total noninterest income	6,707			2,747			3,960			6,277			2,766			3,511
Total revenue, net of interest expense	25,093			13,236			11,857			25,020			13,257			11,763

Provision for credit losses	(1,067)			174			(1,241)			5,761			328			5,433

Noninterest expense	14,548			8,789			5,759			14,074			8,532			5,542
Income before income taxes	11,612			4,273			7,339			5,185			4,397			788
Income tax expense	2,845			1,047			1,798			1,270			1,077			193
Net income	$	8,767		$	3,226		$	5,541		$	3,915		$	3,320		$	595

Net interest yield	2.45		%	1.46		%	3.76		%	2.98		%	1.76		%	3.51		%
Return on average allocated capital (1)	30			36			28			14			37			3
Efficiency ratio	57.97			66.40			48.57			56.25			64.36			47.11

Balance Sheet
Average
Total loans and leases	$	284,644		$	4,479		$	280,165		$	319,084		$	5,264		$	313,820
Total earning assets (2)	1,001,590			957,561			280,617			838,792			794,371			314,275
Total assets (2)	1,043,787			994,562			285,813			877,866			829,505			318,214
Total deposits	968,272			961,266			7,006			803,002			796,591			6,411
Allocated capital (1)	38,500			12,000			26,500			38,500			12,000			26,500

Period end
Total loans and leases	$	280,803		$	4,345		$	276,458		$	312,447		$	4,909		$	307,538
Total earning assets (2)	1,050,331			1,006,593			277,056			906,994			859,659			307,985
Total assets (2)	1,091,431			1,041,487			283,262			947,513			897,182			310,981
Total deposits	1,015,276			1,008,051			7,225			872,022			864,100			7,922

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)
	Nine Months Ended September 30						Third Quarter 2021			Second Quarter 2021			First Quarter 2021			Fourth Quarter 2020			Third Quarter 2020
	2021			2020
Net interest income	$	4,137		$	4,186		$	1,451		$	1,355		$	1,331		$	1,282		$	1,237
Noninterest income:
Investment and brokerage services	10,610			9,081			3,683			3,536			3,391			3,189			3,105
All other income	599			640			176			174			249			206			204
Total noninterest income	11,209			9,721			3,859			3,710			3,640			3,395			3,309
Total revenue, net of interest expense	15,346			13,907			5,310			5,065			4,971			4,677			4,546

Provision for credit losses	(185)			349			(58)			(62)			(65)			8			24

Noninterest expense	11,425			10,596			3,745			3,813			3,867			3,564			3,533
Income before income taxes	4,106			2,962			1,623			1,314			1,169			1,105			989
Income tax expense	1,006			726			398			322			286			271			242
Net income	$	3,100		$	2,236		$	1,225		$	992		$	883		$	834		$	747

Net interest yield	1.51		%	1.81		%	1.54		%	1.48		%	1.50		%	1.52		%	1.53		%
Return on average allocated capital (1)	25			20			30			24			22			22			20

Efficiency ratio	74.45			76.19			70.51			75.29			77.79			76.19			77.70

Balance Sheet
Average
Total loans and leases	$	194,090		$	182,138		$	199,664		$	193,988		$	188,495		$	187,167		$	185,587
Total earning assets (2)	367,239			309,240			373,691			367,778			360,099			336,165			321,410
Total assets (2)	379,802			321,565			386,346			380,315			372,594			348,693			333,794
Total deposits	333,119			280,828			339,357			333,487			326,370			305,870			291,845
Allocated capital (1)	16,500			15,000			16,500			16,500			16,500			15,000			15,000


Period end
Total loans and leases	$	202,268		$	187,211		$	202,268		$	198,361		$	190,060		$	188,562		$	187,211
Total earning assets (2)	380,857			324,889			380,857			365,496			365,853			356,873			324,889
Total assets (2)	393,708			337,576			393,708			378,220			378,654			369,736			337,576
Total deposits	345,590			295,893			345,590			330,624			333,254			322,157			295,893

(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)
	Nine Months Ended September 30				Third Quarter 2021		Second Quarter 2021		First Quarter 2021		Fourth Quarter 2020		Third Quarter 2020
	2021		2020
Revenue by Business
Merrill Lynch Global Wealth Management	$	12,916	$	11,446	$	4,471	$	4,260	$	4,185	$	3,846	$	3,748
Bank of America Private Bank	2,430		2,461		839		805		786		831		798

Total revenue, net of interest expense	$	15,346	$	13,907	$	5,310	$	5,065	$	4,971	$	4,677	$	4,546

Client Balances by Business, at period end
Merrill Lynch Global Wealth Management	$	3,108,358	$	2,570,252	$	3,108,358	$	3,073,252	$	2,922,770	$	2,808,340	$	2,570,252
Bank of America Private Bank	584,475		496,369		584,475		579,562		557,569		541,464		496,369

Total client balances	$	3,692,833	$	3,066,621	$	3,692,833	$	3,652,814	$	3,480,339	$	3,349,804	$	3,066,621

Client Balances by Type, at period end


Assets under management (1)	$	1,578,630	$	1,286,145	$	1,578,630	$	1,549,069	$	1,467,487	$	1,408,465	$	1,286,145
Brokerage and other assets	1,612,472		1,344,538		1,612,472		1,619,246		1,535,424		1,479,614		1,344,538

Deposits	345,590		295,893		345,590		330,624		333,254		322,157		295,893
Loans and leases (2)	205,055		189,952		205,055		201,154		192,725		191,124		189,952
Less: Managed deposits in assets under management	(48,914)		(49,907)		(48,914)		(47,279)		(48,551)		(51,556)		(49,907)
Total client balances	$	3,692,833	$	3,066,621	$	3,692,833	$	3,652,814	$	3,480,339	$	3,349,804	$	3,066,621

Assets Under Management Rollforward
Assets under management, beginning balance	$	1,408,465	$	1,275,555	$	1,549,069	$	1,467,487	$	1,408,465	$	1,286,145	$	1,219,748
Net client flows	44,698		11,993		14,776		11,714		18,208		7,603		1,385

Market valuation/other	125,467		(1,403)		14,785		69,868		40,814		114,717		65,012
Total assets under management, ending balance	$	1,578,630	$	1,286,145	$	1,578,630	$	1,549,069	$	1,467,487	$	1,408,465	$	1,286,145

Advisors, at period end

Total wealth advisors (3)	18,855		20,487		18,855		19,385		19,808		20,103		20,487

(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)
	Nine Months Ended September 30						Third Quarter 2021			Second Quarter 2021			First Quarter 2021			Fourth Quarter 2020			Third Quarter 2020
	2021			2020
Net interest income	$	6,150		$	7,003		$	2,186		$	1,984		$	1,980		$	2,010		$	2,028
Noninterest income:
Service charges	2,637			2,379			890			900			847			859			846
Investment banking fees	3,642			2,912			1,297			1,173			1,172			1,098			970
All other income	2,538			1,914			871			1,033			634			812			673
Total noninterest income	8,817			7,205			3,058			3,106			2,653			2,769			2,489
Total revenue, net of interest expense	14,967			14,208			5,244			5,090			4,633			4,779			4,517

Provision for credit losses	(2,738)			4,849			(781)			(831)			(1,126)			48			883

Noninterest expense	7,915			6,910			2,534			2,599			2,782			2,433			2,365
Income before income taxes	9,790			2,449			3,491			3,322			2,977			2,298			1,269
Income tax expense	2,643			661			942			897			804			621			343
Net income	$	7,147		$	1,788		$	2,549		$	2,425		$	2,173		$	1,677		$	926

Net interest yield	1.53		%	1.96		%	1.55		%	1.49		%	1.56		%	1.57		%	1.61		%
Return on average allocated capital (1)	22			6			24			23			21			16			9
Efficiency ratio	52.88			48.63			48.31			51.07			60.04			50.90			52.36

Balance Sheet
Average
Total loans and leases	$	326,632		$	394,331		$	324,736		$	325,110		$	330,107		$	346,323		$	373,118
Total earning assets (2)	537,037			477,606			560,181			534,562			515,880			509,759			501,572
Total assets (2)	597,947			534,061			621,699			595,498			576,145			566,845			557,889
Total deposits	509,445			449,273			534,166			506,618			487,034			478,269			471,288
Allocated capital (1)	42,500			42,500			42,500			42,500			42,500			42,500			42,500

Period end
Total loans and leases	$	328,893		$	356,919		$	328,893		$	323,256		$	325,996		$	339,649		$	356,919
Total earning assets (2)	561,239			496,825			561,239			547,278			533,852			522,650			496,825
Total assets (2)	623,640			553,776			623,640			607,969			594,235			580,561			553,776
Total deposits	536,476			465,399			536,476			520,026			506,012			493,748			465,399

(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)
	Nine Months Ended September 30						Third Quarter 2021			Second Quarter 2021			First Quarter 2021			Fourth Quarter 2020			Third Quarter 2020
	2021			2020
Investment Banking fees (1)
Advisory (2)	$	1,341		$	948		$	608		$	376		$	357		$	510		$	356
Debt issuance	1,306			1,247			401			482			423			308			320
Equity issuance	995			717			288			315			392			280			294
Total Investment Banking fees (3)	$	3,642		$	2,912		$	1,297		$	1,173		$	1,172		$	1,098		$	970

Business Lending
Corporate	$	2,529		$	2,658		$	886		$	989		$	654		$	894		$	791
Commercial	2,689			2,815			924			867			898			928			953
Business Banking	166			207			55			56			55			54			59
Total Business Lending revenue	$	5,384		$	5,680		$	1,865		$	1,912		$	1,607		$	1,876		$	1,803

Global Transaction Services
Corporate	$	2,245		$	2,314		$	821		$	734		$	690		$	672		$	658
Commercial	2,334			2,432			819			771			744			737			745
Business Banking	653			682			227			215			211			211			209
Total Global Transaction Services revenue	$	5,232		$	5,428		$	1,867		$	1,720		$	1,645		$	1,620		$	1,612

Average deposit balances
Interest-bearing	$	164,420		$	213,142		$	165,669		$	162,947		$	164,633		$	169,637		$	190,417
Noninterest-bearing	345,025			236,131			368,497			343,671			322,401			308,632			280,871
Total average deposits	$	509,445		$	449,273		$	534,166		$	506,618		$	487,034		$	478,269		$	471,288

Loan spread	1.59		%	1.43		%	1.60		%	1.57		%	1.60		%	1.58		%	1.52		%

Provision for credit losses	$	(2,738)		$	4,849		$	(781)		$	(831)		$	(1,126)		$	48		$	883

Credit quality (4, 5)
Reservable criticized utilized exposure	$	20,894		$	30,803		$	20,894		$	25,158		$	29,954		$	34,001		$	30,803
	5.99		%	8.18		%	5.99		%	7.33		%	8.66		%	9.45		%	8.18		%

Nonperforming loans, leases and foreclosed properties	$	1,504		$	1,935		$	1,504		$	1,651		$	1,812		$	1,979		$	1,935
	0.46		%	0.55		%	0.46		%	0.52		%	0.56		%	0.59		%	0.55		%

Average loans and leases by product
U.S. commercial	$	189,444		$	230,514		$	187,047		$	188,716		$	192,628		$	200,670		$	218,063
Non-U.S. commercial	71,037			91,046			71,859			70,666			70,573			76,634			83,950
Commercial real estate	49,564			53,515			49,868			49,139			49,685			51,254			52,607
Commercial lease financing	16,585			19,255			15,961			16,588			17,221			17,765			18,498
Other	2			1			1			1			—			—			—
Total average loans and leases	$	326,632		$	394,331		$	324,736		$	325,110		$	330,107		$	346,323		$	373,118

Total Corporation Investment Banking fees
Advisory (2)	$	1,461		$	1,072		$	654		$	407		$	400		$	549		$	397
Debt issuance	3,031			2,725			933			1,110			988			718			740
Equity issuance	2,239			1,687			637			702			900			641			664
Total investment banking fees including self-led deals	6,731			5,484			2,224			2,219			2,288			1,908			1,801
Self-led deals	(195)			(168)			(56)			(97)			(42)			(44)			(32)
Total Investment Banking fees	$	6,536		$	5,316		$	2,168		$	2,122		$	2,246		$	1,864		$	1,769

(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)
	Nine Months Ended September 30						Third Quarter 2021			Second Quarter 2021			First Quarter 2021			Fourth Quarter 2020			Third Quarter 2020
	2021			2020
Net interest income	$	2,980		$	3,558		$	1,000		$	990		$	990		$	1,088		$	1,108
Noninterest income:
Investment and brokerage services	1,504			1,487			470			474			560			487			439
Investment banking fees	2,784			2,280			844			959			981			712			738
Market making and similar activities	7,448			7,059			2,014			1,964			3,470			1,413			1,725
All other income	721			475			191			333			197			207			273
Total noninterest income	12,457			11,301			3,519			3,730			5,208			2,819			3,175
Total revenue, net of interest expense (1)	15,437			14,859			4,519			4,720			6,198			3,907			4,283

Provision for credit losses	33			233			16			22			(5)			18			21

Noninterest expense	10,150			8,598			3,252			3,471			3,427			2,820			3,102
Income before income taxes	5,254			6,028			1,251			1,227			2,776			1,069			1,160
Income tax expense	1,366			1,567			325			319			722			278			302
Net income	$	3,888		$	4,461		$	926		$	908		$	2,054		$	791		$	858

Return on average allocated capital (2)	14		%	17		%	10		%	10		%	22		%	9		%	9		%

Efficiency ratio	65.75			57.86			71.94			73.55			55.29			72.18			72.42

Balance Sheet
Average
Total trading-related assets	$	544,343		$	485,142		$	563,715		$	566,842		$	501,789		$	476,607		$	485,314
Total loans and leases	87,535			72,702			97,148			87,826			77,415			74,133			72,319
Total earning assets	528,113			485,448			557,333			531,000			495,324			472,410			476,182
Total assets	775,552			685,685			804,938			797,558			723,264			683,146			680,983
Total deposits	54,699			45,002			54,650			55,584			53,852			54,539			56,475
Allocated capital (2)	38,000			36,000			38,000			38,000			38,000			36,000			36,000


Period end
Total trading-related assets	$	536,125		$	477,552		$	536,125		$	542,614		$	524,188		$	421,698		$	477,552
Total loans and leases	98,892			75,475			98,892			96,105			84,247			78,415			75,475
Total earning assets	526,585			461,855			526,585			527,983			496,103			447,350			461,855
Total assets	776,929			676,242			776,929			773,714			745,681			616,609			676,242
Total deposits	54,941			56,727			54,941			57,297			61,450			53,925			56,727

Trading-related assets (average)
Trading account securities	$	291,500		$	241,753		$	304,133		$	304,760		$	265,181		$	248,785		$	251,735
Reverse repurchases	111,330			106,968			117,486			116,424			99,886			97,932			100,395
Securities borrowed	97,205			88,734			101,086			101,144			89,253			82,331			86,508
Derivative assets	44,308			47,687			41,010			44,514			47,469			47,559			46,676
Total trading-related assets	$	544,343		$	485,142		$	563,715		$	566,842		$	501,789		$	476,607		$	485,314

(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)
	Nine Months Ended September 30				Third Quarter 2021		Second Quarter 2021		First Quarter 2021		Fourth Quarter 2020		Third Quarter 2020
	2021		2020
Sales and trading revenue (1)
Fixed-income, currencies and commodities	$	7,188	$	7,905	$	2,009	$	1,937	$	3,242	$	1,690	$	2,019
Equities	5,065		4,105		1,605		1,624		1,836		1,317		1,205
Total sales and trading revenue	$	12,253	$	12,010	$	3,614	$	3,561	$	5,078	$	3,007	$	3,224

Sales and trading revenue, excluding net debit valuation adjustment (2,3)
Fixed-income, currencies and commodities	$	7,241	$	7,983	$	2,025	$	1,965	$	3,251	$	1,742	$	2,126
Equities	5,068		4,104		1,609		1,630		1,829		1,321		1,214
Total sales and trading revenue, excluding net debit valuation adjustment	$	12,309	$	12,087	$	3,634	$	3,595	$	5,080	$	3,063	$	3,340

Sales and trading revenue breakdown
Net interest income	$	2,733	$	3,142	$	920	$	914	$	899	$	999	$	960
Commissions	1,469		1,456		459		462		548		476		429
Trading	7,447		7,058		2,014		1,963		3,470		1,412		1,725
Other	604		354		221		222		161		120		110
Total sales and trading revenue	$	12,253	$	12,010	$	3,614	$	3,561	$	5,078	$	3,007	$	3,224

(1) Includes Global Banking sales and trading revenue of $412 million and $378 million for the nine months ended September 30, 2021 and 2020, and $138 million, $170 million and $104 million for the third, second and first quarters of 2021, and $101 million and $85 million for the fourth and third 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 $(56) million and $(77) million for the nine months ended September 30, 2021 and 2020 and $(20) million, $(34) million, $(2) million, $(56) million and $(116) million for the third, second and first quarters of 2021 and the fourth and third quarters of 2020, respectively. FICC net DVA gains (losses) were $(53) million and $(78) million for the nine months ended September 30, 2021 and 2020, and $(16) million, $(28) million, $(9) million, $(52) million and $(107) million for the third, second and first quarters of 2021 and the fourth and third quarters of 2020, respectively. Equities net DVA gains (losses) were $(3) million and $1 million for the nine months ended September 30, 2021 and 2020, and $(4) million, $(6) million, $7 million, $(4) million and $(9) million for the third, second and first quarters of 2021 and the fourth and third 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)
	Nine Months Ended September 30				Third Quarter 2021		Second Quarter 2021		First Quarter 2021		Fourth Quarter 2020		Third Quarter 2020
	2021		2020
Net interest income	$	193	$	3	$	65	$	41	$	87	$	31	$	(20)





Noninterest income (loss)	(3,661)		(2,182)		(1,109)		(1,526)		(1,026)		(1,424)		(915)
Total revenue, net of interest expense	(3,468)		(2,179)		(1,044)		(1,485)		(939)		(1,393)		(935)

Provision for credit losses	(148)		75		(48)		(53)		(47)		(25)		(18)



Noninterest expense	962		1,108		351		303		308		301		559
Loss before income taxes	(4,282)		(3,362)		(1,347)		(1,735)		(1,200)		(1,669)		(1,476)
Income tax expense (benefit)	(6,345)		(3,386)		(1,293)		(3,596)		(1,456)		(1,248)		(1,774)
Net income (loss)	$	2,063	$	24	$	(54)	$	1,861	$	256	$	(421)	$	298

Balance Sheet
Average
Total loans and leases	$	19,190	$	30,218	$	17,581	$	19,209	$	20,815	$	22,029	$	24,243
Total assets (2)	193,896		227,430		187,233		187,226		207,449		232,814		230,906
Total deposits	14,062		19,926		13,767		14,073		14,354		13,251		14,881

Period end
Total loans and leases	$	16,880	$	23,120	$	16,880	$	18,306	$	19,850	$	21,301	$	23,120

Total assets (3)	199,738		223,345		199,738		206,341		204,009		264,141		223,345
Total deposits	12,521		12,839		12,521		13,540		12,513		12,998		12,839

(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 $1.1 trillion and $714.2 billion for the nine months ended September 30, 2021 and 2020, $1.1 trillion, $1.1 trillion and $1.0 trillion for the third, second and first quarters of 2021, and $908.7 billion and $828.3 billion for the fourth and third quarters of 2020, respectively.

(3)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $1.2 trillion, $1.1 trillion, $1.1 trillion, $977.7 billion and $857.8 billion at September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 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)
	September 30 2021		June 30 2021		September 30 2020
Consumer
Residential mortgage	$	216,940	$	214,324	$	232,718
Home equity	29,000		30,469		36,530
Credit card	76,869		75,599		79,834
Direct/Indirect consumer (1)	99,845		96,903		89,914
Other consumer (2)	202		172		140
Total consumer loans excluding loans accounted for under the fair value option	422,856		417,467		439,136
Consumer loans accounted for under the fair value option (3)	616		654		657
Total consumer	423,472		418,121		439,793

Commercial
U.S. commercial	295,927		291,120		293,934
Non-U.S. commercial	102,850		98,150		96,151
Commercial real estate (4)	60,723		59,606		62,454
Commercial lease financing	15,044		15,768		17,413
	474,544		464,644		469,952
U.S. small business commercial (5)	22,770		29,867		38,850
Total commercial loans excluding loans accounted for under the fair value option	497,314		494,511		508,802
Commercial loans accounted for under the fair value option (3)	6,950		6,296		6,577
Total commercial	504,264		500,807		515,379

Total loans and leases	$	927,736	$	918,928	$	955,172

(1)Includes primarily auto and specialty lending loans and leases of $47.2 billion, $46.4 billion and $47.1 billion, U.S. securities-based lending loans of $48.7 billion, $46.4 billion and $39.0 billion and non-U.S. consumer loans of $3.0 billion, $3.0 billion and $2.9 billion at September 30, 2021, June 30, 2021 and September 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 $241 million, $257 million and $314 million and home equity loans of $375 million, $397 million and $343 million at September 30, 2021, June 30, 2021 and September 30, 2020, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $4.5 billion, $4.4 billion and $3.4 billion and non-U.S. commercial loans of $2.4 billion, $1.9 billion and $3.2 billion at September 30, 2021, June 30, 2021 and September 30, 2020, respectively.

(4)Includes U.S. commercial real estate loans of $56.6 billion, $55.8 billion and $58.7 billion and non-U.S. commercial real estate loans of $4.1 billion, $3.8 billion and $3.7 billion at September 30, 2021, June 30, 2021 and September 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)
	Third Quarter 2021
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	215,652	$	110,549	$	91,015	$	1	$	—	$	14,087
Home equity	30,069		23,627		2,565		—		266		3,611
Credit card	75,569		72,981		2,588		—		—		—
Direct/Indirect and other consumer	98,148		47,059		51,084		—		—		5
Total consumer	419,438		254,216		147,252		1		266		17,703

Commercial
U.S. commercial	323,659		27,151		46,891		187,047		62,329		241
Non-U.S. commercial	101,967		—		1,237		71,859		28,836		35
Commercial real estate	59,881		13		4,284		49,868		5,714		2
Commercial lease financing	15,564		—		—		15,961		3		(400)
Total commercial	501,071		27,164		52,412		324,735		96,882		(122)
Total loans and leases	$	920,509	$	281,380	$	199,664	$	324,736	$	97,148	$	17,581

	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

	Third Quarter 2020
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	237,414	$	127,546	$	89,926	$	—	$	—	$	19,942
Home equity	37,897		30,069		3,128		—		302		4,398
Credit card	81,309		78,915		2,394		—		—		—
Direct/Indirect and other consumer	89,559		48,137		41,420		—		—		2
Total consumer	446,179		284,667		136,868		—		302		24,342

Commercial
U.S. commercial	343,533		34,069		43,401		218,063		47,691		309
Non-U.S. commercial	102,938		—		837		83,950		18,146		5
Commercial real estate	63,262		15		4,480		52,607		6,154		6
Commercial lease financing	18,106		—		1		18,498		26		(419)
Total commercial	527,839		34,084		48,719		373,118		72,017		(99)
Total loans and leases	$	974,018	$	318,751	$	185,587	$	373,118	$	72,319	$	24,243

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
	September 30 2021		June 30 2021		September 30 2020		September 30 2021		June 30 2021		September 30 2020
Asset managers & funds	$	84,421	$	78,769	$	62,780	$	132,206	$	118,559	$	96,279
Real estate (5)	67,946		66,707		71,814		95,019		92,913		94,577
Capital goods	40,568		38,906		42,788		87,078		84,180		83,015
Finance companies	49,982		52,314		43,396		78,113		78,342		66,964
Healthcare equipment and services	30,475		32,112		36,283		59,665		62,851		60,755
Materials	24,650		23,641		25,446		53,988		50,630		51,281
Government & public education	37,469		38,295		43,699		49,731		50,468		56,785
Consumer services	27,936		28,438		32,011		48,638		48,055		48,605
Retailing	22,919		23,388		26,030		47,074		48,318		48,197
Food, beverage and tobacco	21,825		22,569		22,590		44,520		46,276		44,779
Individuals and trusts	28,384		28,785		26,831		38,124		38,329		36,154
Commercial services and supplies	19,270		20,027		22,223		38,300		39,836		39,163
Energy	14,858		13,223		15,426		33,385		31,830		34,505
Utilities	14,477		13,044		12,488		32,977		31,777		29,501
Transportation	21,880		21,842		24,854		32,771		32,210		34,306
Media	12,470		12,318		13,128		26,540		29,157		25,245
Technology hardware and equipment	9,872		9,446		9,318		25,526		25,208		21,963
Software and services	9,565		8,213		9,891		24,560		21,991		19,981
Global commercial banks	18,527		20,143		21,109		20,683		21,791		23,116
Consumer durables and apparel	9,039		8,587		10,053		20,254		19,731		20,972
Telecommunication services	8,438		8,983		7,063		19,074		18,456		13,441
Pharmaceuticals and biotechnology	4,537		4,934		4,756		17,675		16,099		15,128
Automobiles and components	9,106		9,340		11,833		16,969		17,022		19,201
Vehicle dealers	9,295		10,821		14,598		15,260		14,852		18,457
Insurance	4,978		5,123		6,163		13,382		13,759		13,757
Food and staples retailing	5,323		5,354		5,166		11,425		10,716		10,455
Financial markets infrastructure (clearinghouses)	3,680		3,666		4,587		5,905		5,779		7,216
Religious and social organizations	3,477		4,042		4,871		5,414		5,828		6,763

Total commercial credit exposure by industry	$	615,367	$	613,030	$	631,195	$	1,094,256	$	1,074,963	$	1,040,561

(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 $31.2 billion, $32.3 billion and $41.3 billion at September 30, 2021, June 30, 2021 and September 30, 2020, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $40.3 billion, $37.1 billion and $35.0 billion, which consists primarily of other marketable securities, at September 30, 2021, June 30, 2021 and September 30, 2020, respectively.

(2)Total utilized and total committed exposure includes loans of $6.9 billion, $6.1 billion and $6.6 billion and issued letters of credit with a notional amount of $86 million, $80 million and $121 million accounted for under the fair value option at September 30, 2021, June 30, 2021 and September 30, 2020, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $4.9 billion, $5.2 billion and $3.2 billion at September 30, 2021, June 30, 2021 and September 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 $8.4 billion, $15.7 billion and $24.7 billion of PPP loan exposure across impacted industries at September 30, 2021, June 30, 2021 and September 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)
	September 30 2021			June 30 2021			March 31 2021			December 31 2020			September 30 2020
Residential mortgage	$	2,296		$	2,343		$	2,366		$	2,005		$	1,675
Home equity	676			651			669			649			640

Direct/Indirect consumer	45			50			56			71			42

Total consumer	3,017			3,044			3,091			2,725			2,357
U.S. commercial	909			1,060			1,228			1,243			1,351
Non-U.S. commercial	272			275			342			418			338
Commercial real estate	414			404			354			404			414
Commercial lease financing	70			81			80			87			14
	1,665			1,820			2,004			2,152			2,117
U.S. small business commercial	32			43			67			75			76
Total commercial	1,697			1,863			2,071			2,227			2,193
Total nonperforming loans and leases	4,714			4,907			5,162			4,952			4,550
Foreclosed properties (1)	117			124			137			164			180
Total nonperforming loans, leases and foreclosed properties (2, 3)	$	4,831		$	5,031		$	5,299		$	5,116		$	4,730

Fully-insured home loans past due 30 days or more and still accruing	$	930		$	997		$	1,030		$	1,090		$	1,213
Consumer credit card past due 30 days or more and still accruing	934			976			1,317			1,689			1,270
Other loans past due 30 days or more and still accruing	2,583			2,699			3,506			3,398			3,322
Total loans past due 30 days or more and still accruing (4, 5)	$	4,447		$	4,672		$	5,853		$	6,177		$	5,805

Fully-insured home loans past due 90 days or more and still accruing	$	648		$	687		$	728		$	762		$	837
Consumer credit card past due 90 days or more and still accruing	450			533			755			903			546
Other loans past due 90 days or more and still accruing	232			299			309			417			365
Total loans past due 90 days or more and still accruing (4, 5)	$	1,330		$	1,519		$	1,792		$	2,082		$	1,748

Nonperforming loans, leases and foreclosed properties/Total assets (6)	0.16		%	0.17		%	0.18		%	0.18		%	0.17		%
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties (6)	0.52			0.55			0.59			0.56			0.50
Nonperforming loans and leases/Total loans and leases (6)	0.51			0.54			0.58			0.54			0.48

Commercial reservable criticized utilized exposure (7)	$	24,142		$	28,878		$	34,283		$	38,666		$	35,710
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure (7)	4.53		%	5.45		%	6.59		%	7.31		%	6.55		%
Total commercial criticized utilized exposure/Commercial utilized exposure (7)	4.55			5.37			6.41			7.22			6.34

(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 $55 million, $66 million, $87 million, $119 million and $131 million at September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 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 $279 million, $348 million, $384 million, $359 million and $184 million and nonperforming loans accounted for under the fair value option of $13 million, $13 million, $12 million, $11 million and $9 million at September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, respectively.

(4)Balances do not include loans held-for-sale past due 30 days or more and still accruing of $222 million, $159 million, $75 million, $38 million and $93 million at September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, respectively, and loans held-for-sale past due 90 days or more and still accruing of $9 million, $70 million, $18 million, $32 million and $41 million at September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, respectively. At September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, there were $9 million, $74 million, $12 million, $15 million and $119 million, respectively, of loans accounted for under the fair value option past due 30 days or more and still accruing interest.

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

(6)Total assets and total loans and leases do not include loans accounted for under the fair value option of $7.6 billion, $7.0 billion, $7.0 billion, $6.7 billion and $7.2 billion at September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 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)
	Third Quarter 2021		Second Quarter 2021		First Quarter 2021		Fourth Quarter 2020		Third Quarter 2020
Nonperforming Consumer Loans and Leases:
Balance, beginning of period	$	3,044	$	3,091	$	2,725	$	2,357	$	2,191

Additions	353		431		851		860		587


Reductions:
Paydowns and payoffs	(163)		(160)		(123)		(137)		(113)
Sales	(1)		(1)		(1)		(7)		—
Returns to performing status (2)	(201)		(291)		(347)		(325)		(291)
Charge-offs (3)	(12)		(25)		(12)		(16)		(13)
Transfers to foreclosed properties	(3)		(1)		(2)		(7)		(4)

Total net additions (reductions) to nonperforming loans and leases	(27)		(47)		366		368		166
Total nonperforming consumer loans and leases, end of period	3,017		3,044		3,091		2,725		2,357
Foreclosed properties	87		93		101		123		135
Nonperforming consumer loans, leases and foreclosed properties, end of period	$	3,104	$	3,137	$	3,192	$	2,848	$	2,492

Nonperforming Commercial Loans and Leases (4):
Balance, beginning of period	$	1,863	$	2,071	$	2,227	$	2,193	$	2,202

Additions	275		503		472		1,192		656
Reductions:
Paydowns	(297)		(264)		(312)		(397)		(216)
Sales	(29)		(77)		(22)		(274)		(50)
Return to performing status (5)	(82)		(59)		(28)		(127)		(21)
Charge-offs	(33)		(108)		(78)		(313)		(367)
Transfers to foreclosed properties	—		—		—		(2)		—
Transfers to loans held-for-sale	—		(203)		(188)		(45)		(11)
Total net additions (reductions) to nonperforming loans and leases	(166)		(208)		(156)		34		(9)
Total nonperforming commercial loans and leases, end of period	1,697		1,863		2,071		2,227		2,193
Foreclosed properties	30		31		36		41		45
Nonperforming commercial loans, leases and foreclosed properties, end of period	$	1,727	$	1,894	$	2,107	$	2,268	$	2,238

(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)
	Third Quarter 2021				Second Quarter 2021				First Quarter 2021				Fourth Quarter 2020				Third Quarter 2020
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage	$	(7)	(0.01)	%	$	(6)	(0.01)	%	$	(4)	(0.01)	%	$	(3)	—	%	$	(6)	(0.01)	%
Home equity	(34)		(0.46)		(24)		(0.31)		(35)		(0.42)		(28)		(0.31)		(20)		(0.21)
Credit card	321		1.69		488		2.67		634		3.47		405		2.06		509		2.49

Direct/Indirect consumer	(18)		(0.07)		(9)		(0.04)		31		0.14		38		0.17		18		0.08
Other consumer	67		n/m		64		n/m		67		n/m		70		n/m		63		n/m
Total consumer	329		0.31		513		0.50		693		0.67		482		0.44		564		0.50
U.S. commercial	15		0.02		(31)		(0.04)		12		0.02		182		0.25		154		0.20
Non-U.S. commercial	1		—		14		0.06		26		0.12		65		0.28		57		0.23
Total commercial and industrial	16		0.02		(17)		(0.02)		38		0.04		247		0.26		211		0.21
Commercial real estate	—		—		17		0.11		11		0.07		101		0.66		106		0.66
Commercial lease financing	(1)		—		—		—		—		—		(1)		(0.03)		24		0.53
	15		0.01		—		—		49		0.04		347		0.30		341		0.28
U.S. small business commercial	119		1.76		82		0.98		81		0.89		52		0.53		67		0.69
Total commercial	134		0.11		82		0.07		130		0.11		399		0.32		408		0.31
Total net charge-offs	$	463	0.20		$	595	0.27		$	823	0.37		$	881	0.38		$	972	0.40

By Business Segment and All Other
Consumer Banking	$	489	0.69	%	$	625	0.89	%	$	810	1.13	%	$	563	0.73	%	$	658	0.82	%
Global Wealth & Investment Management	7		0.01		—		—		13		0.03		9		0.02		(6)		(0.01)
Global Banking	8		0.01		3		—		36		0.05		314		0.37		328		0.36
Global Markets	—		—		—		—		3		0.01		24		0.13		17		0.10
All Other	(41)		(0.92)		(33)		(0.70)		(39)		(0.78)		(29)		(0.53)		(25)		(0.40)
Total net charge-offs	$	463	0.20		$	595	0.27		$	823	0.37		$	881	0.38		$	972	0.40

(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)
	Nine Months Ended September 30
	2021				2020
	Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage	$	(17)	(0.01)	%	$	(27)	(0.02)	%
Home equity	(93)		(0.40)		(45)		(0.16)
Credit card	1,443		2.59		1,944		2.97

Direct/Indirect consumer	4		0.01		84		0.13
Other consumer	198		n/m		214		n/m
Total consumer	1,535		0.49		2,170		0.64
U.S. commercial	(4)		—		536		0.23
Non-U.S. commercial	41		0.06		90		0.11
Total commercial and industrial	37		0.01		626		0.20
Commercial real estate	28		0.06		169		0.35
Commercial lease financing	(1)		—		60		0.43
	64		0.02		855		0.23
U.S. small business commercial	282		1.16		215		1.01
Total commercial	346		0.09		1,070		0.27
Total net charge-offs	$	1,881	0.28		$	3,240	0.44

By Business Segment and All Other
Consumer Banking	$	1,924	0.90	%	$	2,464	1.03	%
Global Wealth & Investment Management	20		0.01		12		0.01
Global Banking	47		0.02		818		0.28
Global Markets	3		—		24		0.05
All Other	(113)		(0.80)		(78)		(0.35)
Total net charge-offs	$	1,881	0.28		$	3,240	0.44

(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)
	September 30, 2021		June 30, 2021			September 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	$	353	0.16%	$	394		0.18%	$	457	0.20%
Home equity	202		0.70	203			0.67	398		1.09
Credit card	6,055		7.88	6,234			8.25	8,972		11.24

Direct/Indirect consumer	541		0.54	555			0.57	800		0.89
Other consumer	43		n/m	46			n/m	64		n/m
Total consumer	7,194		1.70	7,432			1.78	10,691		2.43
U.S. commercial (3)	3,235		1.02	3,529			1.10	5,163		1.55
Non-U.S. commercial	1,032		1.00	1,091			1.11	1,353		1.41
Commercial real estate	1,621		2.67	1,956			3.28	2,283		3.66
Commercial lease financing	73		0.48	87			0.55	106		0.60
Total commercial	5,961		1.20	6,663			1.35	8,905		1.75
Allowance for loan and lease losses	13,155		1.43	14,095			1.55	19,596		2.07


Reserve for unfunded lending commitments	1,538			1,687				1,910
Allowance for credit losses	$	14,693		$	15,782			$	21,506

Asset Quality Indicators

Allowance for loan and lease losses/Total loans and leases (2)			1.43%				1.55%			2.07%

Allowance for loan and lease losses/Total nonperforming loans and leases (4)			279				287			431

Ratio of the allowance for loan and lease losses/Annualized net charge-offs			7.16				5.90			5.07

(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 $241 million, $257 million and $314 million and home equity loans of $375 million, $397 million and $343 million at September 30, 2021, June 30, 2021 and September 30, 2020, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $4.5 billion, $4.4 billion and $3.4 billion and non-U.S. commercial loans of $2.4 billion, $1.9 billion and $3.2 billion at September 30, 2021, June 30, 2021 and September 30, 2020, respectively.

(2)Total loans and leases do not include loans accounted for under the fair value option of $7.6 billion, $7.0 billion and $7.2 billion at September 30, 2021, June 30, 2021 and September 30, 2020, respectively.

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

(4)Allowance for loan and lease losses includes $7.4 billion, $7.5 billion and $10.3 billion allocated to products (primarily the Consumer Lending portfolios within Consumer Banking) that are excluded from nonperforming loans and leases at September 30, 2021, June 30, 2021 and September 30, 2020, respectively. Excluding these amounts, allowance for loan and lease losses as a percentage of total nonperforming loans and leases was 123 percent, 134 percent and 204 percent at September 30, 2021, June 30, 2021 and September 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 nine months ended September 30, 2021 and 2020, and the three months ended September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 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.


	Nine Months Ended September 30				Third Quarter 2021		Second Quarter 2021		First Quarter 2021		Fourth Quarter 2020		Third Quarter 2020
	2021		2020





























Reconciliation of income before income taxes to pretax, pre-provision income
Income before income taxes	$	26,158	$	12,876	$	8,950	$	8,042	$	9,166	$	6,119	$	4,546
Provision for credit losses	(4,105)		11,267		(624)		(1,621)		(1,860)		53		1,389
Pretax, pre-provision income	$	22,053	$	24,143	$	8,326	$	6,421	$	7,306	$	6,172	$	5,935

Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity	$	274,726	$	266,062	$	275,484	$	274,632	$	274,047	$	271,020	$	267,323
Goodwill	(68,999)		(68,951)		(69,023)		(69,023)		(68,951)		(68,951)		(68,951)
Intangible assets (excluding mortgage servicing rights)	(2,181)		(1,758)		(2,185)		(2,212)		(2,146)		(2,173)		(1,976)
Related deferred tax liabilities	916		791		915		915		920		910		855
Tangible shareholders’ equity	$	204,462	$	196,144	$	205,191	$	204,312	$	203,870	$	200,806	$	197,251
Preferred stock	(23,837)		(23,437)		(23,441)		(23,684)		(24,399)		(24,180)		(23,427)
Tangible common shareholders’ equity	$	180,625	$	172,707	$	181,750	$	180,628	$	179,471	$	176,626	$	173,824








Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity	$	272,464	$	268,850	$	272,464	$	277,119	$	274,000	$	272,924	$	268,850
Goodwill	(69,023)		(68,951)		(69,023)		(69,023)		(68,951)		(68,951)		(68,951)
Intangible assets (excluding mortgage servicing rights)	(2,172)		(2,185)		(2,172)		(2,192)		(2,134)		(2,151)		(2,185)
Related deferred tax liabilities	913		910		913		915		915		920		910
Tangible shareholders’ equity	$	202,182	$	198,624	$	202,182	$	206,819	$	203,830	$	202,742	$	198,624
Preferred stock	(23,441)		(23,427)		(23,441)		(23,441)		(24,319)		(24,510)		(23,427)
Tangible common shareholders’ equity	$	178,741	$	175,197	$	178,741	$	183,378	$	179,511	$	178,232	$	175,197

Reconciliation of period-end assets to period-end tangible assets
Assets	$	3,085,446	$	2,738,452	$	3,085,446	$	3,029,894	$	2,969,992	$	2,819,627	$	2,738,452
Goodwill	(69,023)		(68,951)		(69,023)		(69,023)		(68,951)		(68,951)		(68,951)
Intangible assets (excluding mortgage servicing rights)	(2,172)		(2,185)		(2,172)		(2,192)		(2,134)		(2,151)		(2,185)
Related deferred tax liabilities	913		910		913		915		915		920		910
Tangible assets	$	3,015,164	$	2,668,226	$	3,015,164	$	2,959,594	$	2,899,822	$	2,749,445	$	2,668,226

Book value per share of common stock
Common shareholders’ equity	$	249,023	$	245,423	$	249,023	$	253,678	$	249,681	$	248,414	$	245,423
Ending common shares issued and outstanding	8,241.2		8,661.5		8,241.2		8,487.2		8,589.7		8,650.8		8,661.5
Book value per share of common stock	$	30.22	$	28.33	$	30.22	$	29.89	$	29.07	$	28.72	$	28.33

Tangible book value per share of common stock
Tangible common shareholders’ equity	$	178,741	$	175,197	$	178,741	$	183,378	$	179,511	$	178,232	$	175,197
Ending common shares issued and outstanding	8,241.2		8,661.5		8,241.2		8,487.2		8,589.7		8,650.8		8,661.5
Tangible book value per share of common stock	$	21.69	$	20.23	$	21.69	$	21.61	$	20.90	$	20.60	$	20.23

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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