Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

October 29, 2021

Documents

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2021
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from          to
Commission file number:
1-6523
Exact name of registrant as specified in its charter:
Bank of America Corporation
State or other jurisdiction of incorporation or organization:
Delaware
IRS Employer Identification No.:
56-0906609
Address of principal executive offices:
Bank of America Corporate Center
100 N. Tryon Street
Charlotte, North Carolina 28255
Registrant’s telephone number, including area code:
(704) 386-5681
Former name, former address and former fiscal year, if changed since last report:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.01 per share BAC New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share BAC PrE New York Stock Exchange
 of Floating Rate Non-Cumulative Preferred Stock, Series E
Depositary Shares, each representing a 1/1,000th interest in a share BAC PrB New York Stock Exchange
 of 6.000% Non-Cumulative Preferred Stock, Series GG
Depositary Shares, each representing a 1/1,000th interest in a share BAC PrK New York Stock Exchange
 of 5.875% Non-Cumulative Preferred Stock, Series HH
7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L BAC PrL New York Stock Exchange
Depositary Shares, each representing a 1/1,200th interest in a share BML PrG New York Stock Exchange
of Bank of America Corporation Floating Rate
Non-Cumulative Preferred Stock, Series 1


Title of each class Trading Symbol(s) Name of each exchange on which registered
Depositary Shares, each representing a 1/1,200th interest in a share BML PrH New York Stock Exchange
 of Bank of America Corporation Floating Rate
Non-Cumulative Preferred Stock, Series 2
Depositary Shares, each representing a 1/1,200th interest in a share BML PrJ New York Stock Exchange
 of Bank of America Corporation Floating Rate
Non-Cumulative Preferred Stock, Series 4
Depositary Shares, each representing a 1/1,200th interest in a share BML PrL New York Stock Exchange
 of Bank of America Corporation Floating Rate
Non-Cumulative Preferred Stock, Series 5
Floating Rate Preferred Hybrid Income Term Securities of BAC Capital BAC/PF New York Stock Exchange
 Trust XIII (and the guarantee related thereto)
5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities BAC/PG New York Stock Exchange
 of BAC Capital Trust XIV (and the guarantee related thereto)
Income Capital Obligation Notes initially due December 15, 2066 of MER PrK New York Stock Exchange
Bank of America Corporation
Senior Medium-Term Notes, Series A, Step Up Callable Notes, due BAC/31B New York Stock Exchange
 November 28, 2031 of BofA Finance LLC (and the guarantee
of the Registrant with respect thereto)
Depositary Shares, each representing a 1/1,000th interest in a share of
 BAC PrM New York Stock Exchange
 5.375% Non-Cumulative Preferred Stock, Series KK
Depositary Shares, each representing a 1/1,000th interest in a share BAC PrN New York Stock Exchange
of 5.000% Non-Cumulative Preferred Stock, Series LL
Depositary Shares, each representing a 1/1,000th interest in a share of BAC PrO New York Stock Exchange
4.375% Non-Cumulative Preferred Stock, Series NN
Depositary Shares, each representing a 1/1,000th interest in a share of BAC PrP New York Stock Exchange
4.125% Non-Cumulative Preferred Stock, Series PP
Depositary Shares, each representing a 1/1,000th interest in a share of BAC PrQ New York Stock Exchange
4.250% Non-Cumulative Preferred Stock, Series QQ
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐
                                         Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2).
Yes ☐ No ☑
On October 28, 2021, there were 8,184,084,032 shares of Bank of America Corporation Common Stock outstanding.


Bank of America Corporation and Subsidiaries
September 30, 2021
Form 10-Q
INDEX

Part I. Financial Information

Item 1. Financial Statements

 Page
Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
1 Bank of America


Part II. Other Information

Item 5. Other Information

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Bank of America Corporation (the “Corporation”) and its management may make certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements represent the Corporation’s current expectations, plans or forecasts of its future results, revenues, provision for credit losses, expenses, efficiency ratio, capital measures, strategy, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond the Corporation’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements.
You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties more fully discussed under Item 1A. Risk Factors of the Corporation’s 2020 Annual Report on Form 10-K and in any of the Corporation’s subsequent Securities and Exchange Commission filings: the Corporation’s potential judgments, damages, penalties, fines and reputational damage resulting from pending or future litigation and regulatory investigations, proceedings and enforcement actions, including as a result of our participation in and execution of government programs related to the Coronavirus Disease 2019 (COVID-19) pandemic; the possibility that the Corporation's future liabilities may be in excess of its recorded liability and estimated range of possible loss for litigation, and regulatory and government actions; the possibility that the Corporation could face increased claims from one or more parties involved in mortgage securitizations; the Corporation's ability to resolve representations and warranties repurchase and related claims; the risks related to the discontinuation of the London Interbank Offered Rate and other reference rates, including increased expenses and litigation and the effectiveness of hedging strategies; uncertainties about the financial stability and growth rates of non-U.S. jurisdictions, the risk that those jurisdictions may face difficulties servicing their sovereign debt, and related stresses on financial markets, currencies and trade, and the Corporation’s exposures to such risks, including direct, indirect and operational; the impact of U.S. and global interest rates, inflation, currency exchange rates, economic conditions, trade policies and tensions, including tariffs, and potential geopolitical instability; the impact of the interest rate and inflationary environment on the Corporation’s business, financial condition and results of operations; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse
developments with respect to U.S. or global economic conditions and other uncertainties, including the impact of supply chain disruptions and inflationary pressures on the economic recovery; the Corporation’s concentration of credit risk; the Corporation's ability to achieve its expense targets and expectations regarding revenue, net interest income, provision for credit losses, net charge-offs, effective tax rate, loan growth or other projections; adverse changes to the Corporation’s credit ratings from the major credit rating agencies; an inability to access capital markets or maintain deposits or borrowing costs; estimates of the fair value and other accounting values, subject to impairment assessments, of certain of the Corporation’s assets and liabilities; the estimated or actual impact of changes in accounting standards or assumptions in applying those standards; uncertainty regarding the content, timing and impact of regulatory capital and liquidity requirements; the impact of adverse changes to total loss-absorbing capacity requirements, stress capital buffer requirements and/or global systemically important bank surcharges; the potential impact of actions of the Board of Governors of the Federal Reserve System on the Corporation’s capital plans; the effect of changes in or interpretations of income tax laws and regulations; the impact of implementation and compliance with U.S. and international laws, regulations and regulatory interpretations, including, but not limited to, recovery and resolution planning requirements, Federal Deposit Insurance Corporation assessments, the Volcker Rule, fiduciary standards, derivatives regulations and the Coronavirus Aid, Relief, and Economic Security Act and any similar or related rules and regulations; a failure or disruption in or breach of the Corporation’s operational or security systems or infrastructure, or those of third parties, including as a result of cyber-attacks or campaigns; the impact on the Corporation’s business, financial condition and results of operations from the United Kingdom's exit from the European Union; the impact of climate change; the ability to achieve environmental, social and governance goals and commitments; the impact of any future federal government shutdown and uncertainty regarding the federal government’s debt limit or changes in fiscal, monetary or regulatory policy; the emergence of widespread health emergencies or pandemics, including the magnitude and duration of the COVID-19 pandemic and its impact on the U.S. and/or global financial market conditions and our business, results of operations, financial condition and prospects; the impact of natural disasters, extreme weather events, military conflict, terrorism or other geopolitical events; and other matters.
Forward-looking statements speak only as of the date they are made, and the Corporation undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.
Notes to the Consolidated Financial Statements referred to in Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) are incorporated by reference into the MD&A. Certain prior-period amounts have been reclassified to conform to current-period presentation.
Bank of America 2

Throughout the MD&A, the Corporation uses certain acronyms and abbreviations which are defined in the Glossary.

Executive Summary

Business Overview
The Corporation is a Delaware corporation, a bank holding company (BHC) and a financial holding company. When used in this report, “the Corporation,” “we,” “us” and “our” may refer to Bank of America Corporation individually, Bank of America Corporation and its subsidiaries, or certain of Bank of America Corporation’s subsidiaries or affiliates. Our principal executive offices are located in Charlotte, North Carolina. Through our various bank and nonbank subsidiaries throughout the U.S. and in international markets, we provide a diversified range of banking and nonbank financial services and products through four business segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking and Global Markets, with the remaining operations recorded in All Other. We operate our banking activities primarily under the Bank of America, National Association (Bank of America, N.A. or BANA) charter. At September 30, 2021, the Corporation had $3.1 trillion in assets and a headcount of approximately 209,000 employees.
As of September 30, 2021, we served clients through operations across the U.S., its territories and approximately 35 countries. Our retail banking footprint covers all major markets in the U.S., and we serve approximately 66 million consumer and small business clients with approximately 4,200 retail financial centers, approximately 17,000 ATMs, and leading digital banking platforms (www.bankofamerica.com) with approximately 41 million active users, including approximately 32 million active mobile users. We offer industry-leading support to approximately three million small business households. Our GWIM businesses, with client balances of $3.7 trillion, provide tailored solutions to meet client needs through a full set of investment management, brokerage, banking, trust and retirement products. We are a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world.
The Corporation’s website is www.bankofamerica.com, and the Investor Relations portion of our website is https://investor.bankofamerica.com. We use our website to distribute company information, including as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. We routinely post and make accessible financial and other information, including environmental, social and governance (ESG) information, regarding the Corporation on our website. Investors should monitor the Investor Relations portion of our website, in addition to our press releases, U.S. Securities and Exchange Commission (SEC) filings, public conference calls and webcasts. Notwithstanding the foregoing, the information contained on our website as referenced in this paragraph is not incorporated by reference into this Quarterly Report on Form 10-Q.

Recent Developments

Capital Management
In June 2021, the Board of Governors of the Federal Reserve System (Federal Reserve) notified BHCs of their 2021 Comprehensive Capital Analysis and Review (CCAR) stress test results, which included a preliminary stress capital buffer (SCB) that was finalized in August 2021. Based on our results, we are
subject to a 2.5 percent SCB effective October 1, 2021 through September 30, 2022, unchanged from the prior level. Our minimum Basel 3 Common equity tier 1 (CET1) capital ratio requirement also remained unchanged at 9.5 percent.
On October 20, 2021, the Corporation announced that the Board of Directors (the Board) renewed the Corporation’s $25 billion common stock repurchase program previously announced in April 2021. The Board’s authorization replaces the previous program. As with the April authorization, the Board also authorized common stock repurchases to offset shares awarded under the Corporation’s equity-based compensation plans. The Board also declared a quarterly cash common stock dividend of $0.21 per share, payable on December 31, 2021 to shareholders of record as of December 3, 2021.
For more information on our capital resources and regulatory developments, see Capital Management on page 22.
Organizational Changes
During the third quarter of 2021, we announced certain changes to the Corporation’s senior management team. For more information, see the Corporation’s Current Reports on Form 8-K filed on August 26, September 10, September 14 and October 20, 2021.
COVID-19 Pandemic
The Coronavirus Disease 2019 (COVID-19) pandemic (the pandemic) has impacted the Corporation and may continue to do so, as uncertainty remains about the duration of the pandemic and the timing and strength of the global economic recovery. As the pandemic continues to evolve, we regularly evaluate protocols and processes in place to execute our business continuity plans. In conjunction with our efforts to support clients affected by the pandemic, we have cumulatively originated $35.4 billion in loans under the Paycheck Protection Program (PPP) with amounts outstanding of $8.4 billion and $15.7 billion at September 30, 2021 and June 30, 2021. For more information on PPP loans, see Commercial Portfolio Credit Risk Management on page 35.
The future direct and indirect impact of the pandemic on our businesses, results of operations and financial condition remains uncertain. Should current economic conditions deteriorate or if the pandemic worsens due to various factors, including through the spread of more easily communicable variants of COVID-19, such conditions could have an adverse effect on our businesses and results of operations and could adversely affect our financial condition.
For more information on the pandemic, see Executive Summary – Recent Developments – COVID-19 Pandemic in the MD&A and Item 1A. Risk Factors – Coronavirus Disease of the Corporation’s 2020 Annual Report on Form 10-K.
LIBOR and Other Benchmark Rates
Following the 2017 announcement by the U.K.’s Financial Conduct Authority (FCA) that it would no longer compel participating banks to submit rates for the London Interbank Offered Rate (LIBOR) after 2021, regulators, trade associations and financial industry working groups have identified recommended replacement rates for LIBOR, as well as other Interbank Offered Rates (IBORs), and have published recommended conventions to allow new and existing products to incorporate fallbacks or reference these alternative reference rates (ARRs). Additionally, as previously disclosed, the FCA announced the dates that all LIBOR benchmark settings currently published by the ICE Benchmark Administration will cease or become no longer representative of the underlying market the rates seek to measure (i.e., non-representative),
3 Bank of America


subject to the continued publication of certain non-representative LIBOR benchmark settings based on a modified calculation (i.e., on a “synthetic” basis).
The Corporation continues to execute its enterprise-wide IBOR transition program, and is particularly focused on contracts that reference certain IBORs that are expected to cease or become non-representative immediately after December 31, 2021. As of September 30, 2021, a significant majority of the Corporation’s notional contractual exposure to LIBOR currencies that will cease or become non-representative on December 31, 2021 has been remediated, and the Corporation is continuing to remediate the remaining exposure. For any residual exposure after the end of 2021, the Corporation is assessing and planning to leverage relevant contractual and statutory solutions to transition such exposure to ARRs, including the previously disclosed New York legislation adopted in April 2021 for contracts that are governed by New York law and have no fallback provisions or a fallback provision based on LIBOR. Additionally, as part of this transition program, the Corporation continues to decrease initiation of new U.S. dollar (USD) LIBOR-linked consumer and commercial loans that mature after June 30, 2023, subject to certain exceptions, and continues to increase the usage of ARRs in its USD consumer and commercial lending products and contracts. As previously disclosed, the Corporation has ceased initiation of GBP LIBOR-linked derivatives, subject to certain exceptions, and is prioritizing interdealer trading in the Secured Overnight Financing Rate (SOFR) rather than LIBOR for certain USD interest rate swaps in accordance with recommendations by the Commodity
Futures Trading Commission (CFTC). The Corporation continues to update its operational models, systems, processes and internal infrastructure.
While the Corporation continues to work towards meeting the regulatory and industry-wide recommended milestones on cessation of LIBOR, the market and client replacement of IBORs and adoption of ARRs continue to evolve and, as a result, could impact the ability of market participants and the Corporation to transition activity across or within categories of contracts, products, services and markets. Accordingly, the Corporation continues to monitor a variety of market scenarios as part of its transition efforts, including risks associated with insufficient preparation by individual market participants or the overall market ecosystem, ability of market participants to meet regulatory and industry-wide recommended milestones, development and adoption of SOFR, credit-sensitive and other rates, access and demand by clients and market participants to liquidity in certain products, including LIBOR products, and IBOR continuity. Furthermore, banking regulators in the U.S. and globally have increased regulatory scrutiny and intensified supervisory focus of financial institution LIBOR transition plans, preparations and readiness, including the use of credit-sensitive rates.
For more information on the expected replacement of LIBOR and other benchmark rates, see Executive Summary – Recent Developments – LIBOR and Other Benchmark Rates in the MD&A and Item 1A. Risk Factors – Other of the Corporation’s 2020 Annual Report on Form 10-K.

Financial Highlights

Table 1 Summary Income Statement and Selected Financial Data
Three Months Ended September 30 Nine Months Ended
 September 30
(Dollars in millions, except per share information) 2021 2020 2021 2020
Income statement    
Net interest income $ 11,094  $ 10,129  $ 31,524  $ 33,107 
Noninterest income 11,672  10,207  35,529  32,322 
Total revenue, net of interest expense 22,766  20,336  67,053  65,429 
Provision for credit losses (624) 1,389  (4,105) 11,267 
Noninterest expense 14,440  14,401  45,000  41,286 
Income before income taxes 8,950  4,546  26,158  12,876 
Income tax expense 1,259  (335) 1,193  452 
Net income 7,691  4,881  24,965  12,424 
Preferred stock dividends 431  441  1,181  1,159 
Net income applicable to common shareholders
 $ 7,260  $ 4,440  $ 23,784  $ 11,265 
Per common share information        
Earnings $ 0.86  $ 0.51  $ 2.77  $ 1.29 
Diluted earnings 0.85  0.51  2.75  1.28 
Dividends paid 0.21  0.18  0.57  0.54 
Performance ratios    
Return on average assets (1)
0.99  % 0.71  % 1.12  % 0.63  %
Return on average common shareholders’ equity (1)
11.43  7.24  12.67  6.20 
Return on average tangible common shareholders’ equity (2)
15.85  10.16  17.61  8.71 
Efficiency ratio (1)
63.43  70.81  67.11  63.10 
September 30
2021
December 31
2020
Balance sheet    
Total loans and leases $ 927,736  $ 927,861 
Total assets 3,085,446  2,819,627 
Total deposits 1,964,804  1,795,480 
Total liabilities 2,812,982  2,546,703 
Total common shareholders’ equity 249,023  248,414 
Total shareholders’ equity 272,464  272,924 
(1)For definitions, see Key Metrics on page 102.
(2)Return on average tangible common shareholders’ equity is a non-GAAP financial measure. For more information and a corresponding reconciliation to the most closely related financial measures defined by accounting principles generally accepted in the United States of America (GAAP), see Non-GAAP Reconciliations on page 48.
Bank of America 4

Net income was $7.7 billion and $25.0 billion, or $0.85 and $2.75 per diluted share, for the three and nine months ended September 30, 2021 compared to $4.9 billion and $12.4 billion, or $0.51 and $1.28 per diluted share, for the same periods in 2020. The increase in net income was due to improvement in the provision for credit losses and higher revenue, partially offset by higher noninterest expense.
Total assets increased $265.8 billion from December 31, 2020 to $3.1 trillion primarily due to the deployment of cash from continued deposit inflows into debt securities, as well as higher trading account assets due to an increase in inventory in Global Markets.
Total liabilities increased $266.3 billion from December 31, 2020 to $2.8 trillion primarily driven by an increase in deposits due to continued government stimulus measures as well as seasonally higher deposits, an increase in trading account liabilities resulting from higher levels of short positions in Global Markets and higher federal funds purchased and securities loaned or sold under agreements to repurchase due to client activity in Global Markets.
Shareholders’ equity decreased $460 million from December 31, 2020 primarily due to returns of capital to shareholders
through common stock repurchases and common and preferred stock dividends, as well as market value decreases on debt securities and derivatives, partially offset by net income.
Net Interest Income
Net interest income increased $965 million to $11.1 billion, and decreased $1.6 billion to $31.5 billion for the three and nine months ended September 30, 2021 compared to the same periods in 2020. Net interest yield on a fully taxable-equivalent (FTE) basis decreased 4 basis points (bps) to 1.68 percent, and 30 bps to 1.66 percent for the same periods. The increase in net interest income for the three-month period was primarily due to deposit growth and related investment of liquidity and the accelerated recognition of capitalized loan fees due to PPP loan forgiveness, partially offset by lower loan balances. The decrease in the nine-month period was primarily driven by lower interest rates and loan balances, partially offset by higher balances of debt securities. For more information on net interest yield and the FTE basis, see Supplemental Financial Data on page 7, and for more information on interest rate risk management, see Interest Rate Risk Management for the Banking Book on page 46.
Noninterest Income
Table 2 Noninterest Income
Three Months Ended September 30 Nine Months Ended
September 30
(Dollars in millions) 2021 2020 2021 2020
Fees and commissions:
Card income $ 1,583  $ 1,568  $ 4,604  $ 4,089 
Service charges 1,928  1,817  5,594  5,282 
Investment and brokerage services 4,236  3,623  12,422  10,803 
Investment banking fees 2,168  1,769  6,536  5,316 
Total fees and commissions 9,915  8,777  29,156  25,490 
Market making and similar activities 2,005  1,689  7,360  6,983 
Other income (248) (259) (987) (151)
Total noninterest income $ 11,672  $ 10,207  $ 35,529  $ 32,322 
Noninterest income increased $1.5 billion to $11.7 billion and increased $3.2 billion to $35.5 billion for the three and nine months ended September 30, 2021 compared to the same periods in 2020. The following highlights the significant changes.
●    Card income increased $515 million for the nine-month period primarily driven by increased client activity and merchant services revenue.
●    Service charges increased $111 million and $312 million primarily due to increased client activity in the three-month period and higher treasury and credit service charges in the nine-month period.
●    Investment and brokerage services increased $613 million and $1.6 billion primarily driven by higher market valuations and assets under management (AUM) flows, partially offset by declines in AUM pricing.
●    Investment banking fees increased $399 million and $1.2 billion primarily due to higher advisory and debt issuance fees and increased equity issuance fees in the nine-month period.
●    Market making and similar activities increased $316 million and $377 million primarily driven by strong sales and trading performance in Equities. The increase in the nine-month period was partially offset by a weaker performance in Fixed Income, Currencies and Commodities (FICC), which benefited from market-related gains in the prior-year period.
●    Other income decreased $836 million for the nine-month period primarily due to a $704 million gain on sales of certain mortgage loans in the prior year, as well as higher partnership losses on tax credit investments.
Provision for Credit Losses
The provision for credit losses improved $2.0 billion to a benefit of $624 million and $15.4 billion to a benefit of $4.1 billion for the three and nine months ended September 30, 2021 compared to the same periods in 2020. The benefit in the three-month period was primarily due to credit quality improvements. The benefit in the nine-month period was primarily driven by improvements in the macroeconomic outlook and credit quality. For more information on the provision for credit losses, see Allowance for Credit Losses on page 42.

5 Bank of America


Noninterest Expense
Table 3 Noninterest Expense
Three Months Ended September 30 Nine Months Ended
September 30
(Dollars in millions) 2021 2020 2021 2020
Compensation and benefits $ 8,714  $ 8,200  $ 27,103  $ 24,535 
Occupancy and equipment 1,764  1,798  5,353  5,302 
Information processing and communications 1,416  1,333  4,289  3,807 
Product delivery and transaction related 987  930  2,940  2,518 
Marketing 347  308  1,528  1,238 
Professional fees 434  450  1,263  1,206 
Other general operating 778  1,382  2,524  2,680 
Total noninterest expense $ 14,440  $ 14,401  $ 45,000  $ 41,286 
Noninterest expense increased $39 million to $14.4 billion, and $3.7 billion to $45.0 billion for the three and nine months ended September 30, 2021 compared to the same periods in 2020. Noninterest expense in the three-month period was relatively flat, as higher revenue-related expenses were largely offset by lower litigation expense and COVID-19 related costs.
The increase in the nine-month period was primarily due to higher compensation and benefits expense, a contribution to the Bank of America Foundation, higher costs associated with processing transactional card claims related to state unemployment benefits and an impairment charge for real estate rationalization.
Income Tax Expense
Table 4 Income Tax Expense
Three Months Ended September 30 Nine Months Ended
September 30
(Dollars in millions) 2021 2020 2021 2020
Income before income taxes $ 8,950  $ 4,546  $ 26,158  $ 12,876 
Income tax expense 1,259  (335) 1,193  452 
Effective tax rate 14.1  % (7.4) % 4.6  % 3.5  %
Changes in the effective tax rates for the three and nine months ended September 30, 2021 compared to the same periods a year ago were driven by the impact of our recurring tax preference benefits on higher levels of pretax income and the impact of the 2020 U.K. tax law change. Also included in the nine months ended September 30, 2021 was the impact of the 2021 U.K. tax law change further discussed in this section. Our recurring tax preference benefits primarily consist of tax credits from ESG investments in affordable housing and renewable energy, aligning with our responsible growth strategy to address global sustainability challenges. Absent these tax credits and the impact of the U.K. tax law changes, the effective tax rate would have been approximately 25 percent for the three and nine months ended September 30, 2021 compared to 27 percent and 26 percent for the same periods a year ago.

On June 10, 2021, the U.K. enacted the 2021 Finance Act, which included an increase in the U.K. corporation income tax rate to 25 percent from 19 percent. This change is effective April 1, 2023 and unfavorably affects income tax expense on future U.K. earnings. As a result, during the nine months ended September 30, 2021, the Corporation recorded a write-up of U.K. net deferred tax assets of approximately $2.0 billion, with a corresponding positive income tax adjustment. This write-up is a reversal of previously recorded write-downs of net deferred tax assets for prior changes in the U.K. corporation income tax rate.
Bank of America 6

Supplemental Financial Data

Non-GAAP Financial Measures
In this Form 10-Q, we present certain non-GAAP financial measures. Non-GAAP financial measures exclude certain items or otherwise include components that differ from the most directly comparable measures calculated in accordance with GAAP. Non-GAAP financial measures are provided as additional useful information to assess our financial condition, results of operations (including period-to-period operating performance) or compliance with prospective regulatory requirements. These non-GAAP financial measures are not intended as a substitute for GAAP financial measures and may not be defined or calculated the same way as non-GAAP financial measures used by other companies.
We view net interest income and related ratios and analyses on an FTE basis, which when presented on a consolidated basis are non-GAAP financial measures. To derive the FTE basis, net interest income is adjusted to reflect tax-exempt income on an equivalent before-tax basis with a corresponding increase in income tax expense. For purposes of this calculation, we use the federal statutory tax rate of 21 percent and a representative state tax rate. Net interest yield, which measures the basis points we earn over the cost of funds, utilizes net interest income on an FTE basis. We believe that presentation of these items on an FTE basis allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices.
We may present certain key performance indicators and ratios excluding certain items (e.g., debit valuation adjustment (DVA) gains (losses)) which result in non-GAAP financial measures. We believe that the presentation of measures that exclude these items is useful because such measures provide additional information to assess the underlying operational performance and trends of our businesses and to allow better comparison of period-to-period operating performance.
We also evaluate our business based on certain ratios that utilize tangible equity, a non-GAAP financial measure. Tangible equity represents shareholders’ equity or common shareholders’ equity reduced by goodwill and intangible assets (excluding mortgage servicing rights (MSRs)), net of related deferred tax liabilities (“adjusted” shareholders’ equity or common shareholders’ equity). These measures are used to evaluate our use of equity. In addition, profitability, relationship and investment models use both return on average tangible
common shareholders’ equity and return on average tangible shareholders’ equity as key measures to support our overall growth objectives. These ratios are as follows:
●    Return on average tangible common shareholders’ equity measures our net income applicable to common shareholders as a percentage of adjusted average common shareholders’ equity. The tangible common equity ratio represents adjusted ending common shareholders’ equity divided by total tangible assets.
●    Return on average tangible shareholders’ equity measures our net income as a percentage of adjusted average total shareholders’ equity. The tangible equity ratio represents adjusted ending shareholders’ equity divided by total tangible assets.
●    Tangible book value per common share represents adjusted ending common shareholders’ equity divided by ending common shares outstanding.
We believe ratios utilizing tangible equity provide additional useful information because they present measures of those assets that can generate income. Tangible book value per common share provides additional useful information about the level of tangible assets in relation to outstanding shares of common stock.
The aforementioned supplemental data and performance measures are presented in Table 5 on page 8.
For more information on the reconciliation of these non-GAAP financial measures to the corresponding GAAP financial measures, see Non-GAAP Reconciliations on page 48.
Key Performance Indicators
We present certain key financial and nonfinancial performance indicators (key performance indicators) that management uses when assessing our consolidated and/or segment results. We believe they are useful to investors because they provide additional information about our underlying operational performance and trends. These key performance indicators (KPIs) may not be defined or calculated in the same way as similar KPIs used by other companies. For information on how these metrics are defined, see Key Metrics on page 102.
Our consolidated key performance indicators, which include various equity and credit metrics, are presented in Table 1 on page 4 and Table 5 on page 8.
For information on key segment performance metrics, see Business Segment Operations on page 11.
7 Bank of America


Table 5 Selected Quarterly Financial Data
2021 Quarters 2020 Quarters Nine Months Ended
 September 30
(In millions, except per share information) Third Second First Fourth Third 2021 2020
Income statement    
Net interest income $ 11,094  $ 10,233  $ 10,197  $ 10,253  $ 10,129  $ 31,524  $ 33,107 
Noninterest income 11,672  11,233  12,624  9,846  10,207  35,529  32,322 
Total revenue, net of interest expense 22,766  21,466  22,821  20,099  20,336  67,053  65,429 
Provision for credit losses (624) (1,621) (1,860) 53  1,389  (4,105) 11,267 
Noninterest expense 14,440  15,045  15,515  13,927  14,401  45,000  41,286 
Income before income taxes 8,950  8,042  9,166  6,119  4,546  26,158  12,876 
Income tax expense 1,259  (1,182) 1,116  649  (335) 1,193  452 
Net income 7,691  9,224  8,050  5,470  4,881  24,965  12,424 
Net income applicable to common shareholders 7,260  8,964  7,560  5,208  4,440  23,784  11,265 
Average common shares issued and outstanding
 8,430.7  8,620.8  8,700.1  8,724.9  8,732.9  8,583.1  8,762.6 
Average diluted common shares issued and outstanding
 8,492.8  8,735.5  8,755.6  8,785.0  8,777.5  8,702.2  8,800.5 
Performance ratios              
Return on average assets (1)
0.99  % 1.23  % 1.13  % 0.78  % 0.71  % 1.12  % 0.63  %
Four-quarter trailing return on average assets (2)
1.04  0.97  0.79  0.67  0.75  n/a n/a
Return on average common shareholders’ equity (1)
11.43  14.33  12.28  8.39  7.24  12.67  6.20 
Return on average tangible common shareholders’ equity (3)
15.85  19.90  17.08  11.73  10.16  17.61  8.71 
Return on average shareholders’ equity (1)
11.08  13.47  11.91  8.03  7.26  12.15  6.24 
Return on average tangible shareholders’ equity (3)
14.87  18.11  16.01  10.84  9.84  16.33  8.46 
Total ending equity to total ending assets 8.83  9.15  9.23  9.68  9.82  8.83  9.82 
Total average equity to total average assets 8.95  9.11  9.52  9.71  9.76  9.19  10.05 
Dividend payout 24.10  17.25  20.68  30.11  35.36  20.43  41.90 
Per common share data              
Earnings $ 0.86  $ 1.04  $ 0.87  $ 0.60  $ 0.51  $ 2.77  $ 1.29 
Diluted earnings 0.85  1.03  0.86  0.59  0.51  2.75  1.28 
Dividends paid 0.21  0.18  0.18  0.18  0.18  0.57  0.54 
Book value (1)
30.22  29.89  29.07  28.72  28.33  30.22  28.33 
Tangible book value (3)
21.69  21.61  20.90  20.60  20.23  21.69  20.23 
Market capitalization $ 349,841  $ 349,925  $ 332,337  $ 262,206  $ 208,656  $ 349,841  $ 208,656 
Average balance sheet          
Total loans and leases $ 920,509  $ 907,900  $ 907,723  $ 934,798  $ 974,018 
Total assets 3,076,452  3,015,113  2,879,221  2,791,874  2,739,684 
Total deposits 1,942,705  1,888,834  1,805,747  1,737,139  1,695,488 
Long-term debt 248,988  232,034  220,836  225,423  224,254 
Common shareholders’ equity 252,043  250,948  249,648  246,840  243,896 
Total shareholders’ equity 275,484  274,632  274,047  271,020  267,323 
Asset quality          
Allowance for credit losses (4)
$ 14,693  $ 15,782  $ 17,997  $ 20,680  $ 21,506 
Nonperforming loans, leases and foreclosed properties (5)
4,831  5,031  5,299  5,116  4,730 
Allowance for loan and lease losses as a percentage of total loans and leases outstanding (5)
1.43  % 1.55  % 1.80  % 2.04  % 2.07  %
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases (5)
279  287  313  380  431 
Net charge-offs $ 463  $ 595  $ 823  $ 881  $ 972 
Annualized net charge-offs as a percentage of average loans and leases outstanding (5)
0.20  % 0.27  % 0.37  % 0.38  % 0.40  %
Capital ratios at period end (6)
         
Common equity tier 1 capital
 11.1  % 11.5  % 11.8  % 11.9  % 11.9  %
Tier 1 capital
 12.6  13.0  13.3  13.5  13.5 
Total capital
 14.7  15.1  15.6  16.1  16.1 
Tier 1 leverage
 6.6  6.9  7.2  7.4  7.4 
Supplementary leverage ratio
 5.6  5.9  7.0  7.2  6.9 
Tangible equity (3)
6.7  7.0  7.0  7.4  7.4 
Tangible common equity (3)
5.9  6.2  6.2  6.5  6.6 
Total loss-absorbing capacity and long-term debt metrics
Total loss-absorbing capacity to risk-weighted assets 27.7  % 27.7  % 26.8  % 27.4  % 26.9  %
Total loss-absorbing capacity to supplementary leverage exposure 12.4  12.5  14.1  14.5  13.7 
Eligible long-term debt to risk-weighted assets 14.4  14.1  13.0  13.3  12.9 
Eligible long-term debt to supplementary leverage exposure 6.4  6.3  6.8  7.1  6.6 
(1)For definitions, see Key Metrics on page 102.
(2)Calculated as total net income for four consecutive quarters divided by annualized average assets for four consecutive quarters.
(3)Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures. For more information on these ratios and corresponding reconciliations to GAAP financial measures, see Supplemental Financial Data on page 7 and Non-GAAP Reconciliations on page 48.
(4)Includes the allowance for loan and lease losses and the reserve for unfunded lending commitments.
(5)Balances and ratios do not include loans accounted for under the fair value option. For additional exclusions from nonperforming loans, leases and foreclosed properties, see Consumer Portfolio Credit Risk Management – Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity on page 34 and corresponding Table 25 and Commercial Portfolio Credit Risk Management – Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity on page 39 and corresponding Table 32.
(6)For more information, including which approach is used to assess capital adequacy, see Capital Management on page 22.
n/a = not applicable
Bank of America 8

Table 6 Quarterly Average Balances and Interest Rates - FTE Basis
Average
Balance
Interest
Income/
Expense (1)
Yield/
Rate		 Average
Balance
Interest
Income/
Expense (1)
Yield/
Rate
(Dollars in millions) Third Quarter 2021 Third Quarter 2020
Earning assets            
Interest-bearing deposits with the Federal Reserve, non-U.S. central
   banks and other banks
 $ 240,054  $ 50  0.08  % $ 245,682  $ 10  0.02  %
Time deposits placed and other short-term investments 6,419  4  0.24  7,686  (4) (0.25)
Federal funds sold and securities borrowed or purchased under
   agreements to resell
 270,094  6  0.01  384,221  55  0.06 
Trading account assets 147,196  979  2.64  146,972  960  2.60 
Debt securities 949,009  3,296  1.39  533,261  2,147  1.63 
Loans and leases (2)
Residential mortgage 215,652  1,487  2.76  237,414  1,811  3.05 
Home equity 30,069  263  3.47  37,897  284  2.99 
Credit card 75,569  1,952  10.25  81,309  2,086  10.20 
Direct/Indirect and other consumer (3)
98,148  578  2.34  89,559  593  2.63 
Total consumer 419,438  4,280  4.06  446,179  4,774  4.26 
U.S. commercial 323,659  2,315  2.84  343,533  2,165  2.51 
Non-U.S. commercial 101,967  446  1.73  102,938  465  1.80 
Commercial real estate (4)
59,881  378  2.51  63,262  393  2.47 
Commercial lease financing 15,564  116  2.98  18,106  138  3.04 
Total commercial 501,071  3,255  2.58  527,839  3,161  2.38 
Total loans and leases 920,509  7,535  3.25  974,018  7,935  3.25 
Other earning assets 120,734  567  1.86  83,086  497  2.39 
Total earning assets 2,654,015  12,437  1.86  2,374,926  11,600  1.95 
Cash and due from banks 30,101  32,714 
Other assets, less allowance for loan and lease losses 392,336  332,044 
Total assets $ 3,076,452  $ 2,739,684 
Interest-bearing liabilities            
U.S. interest-bearing deposits            
Demand and money market deposits $ 931,964  $ 79  0.03  % $ 842,987  $ 93  0.04  %
Time and savings deposits 162,337  41  0.10  164,648  116  0.28 
Total U.S. interest-bearing deposits 1,094,301  120  0.04  1,007,635  209  0.08 
 Non-U.S. interest-bearing deposits 84,098  13  0.06  75,485  18  0.09 
Total interest-bearing deposits 1,178,399  133  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) 286,582  (24) (0.03)
Trading account liabilities 56,496  285  2.00  39,689  212  2.13 
Long-term debt 248,988  865  1.37  224,254  942  1.67 
Total interest-bearing liabilities 1,808,465  1,242  0.27  1,633,645  1,357  0.33 
Noninterest-bearing sources
Noninterest-bearing deposits 764,306  612,368 
Other liabilities (5)
228,197  226,348 
Shareholders’ equity 275,484  267,323 
Total liabilities and shareholders’ equity $ 3,076,452  $ 2,739,684 
Net interest spread 1.59  % 1.62  %
Impact of noninterest-bearing sources 0.09  0.10 
Net interest income/yield on earning assets (6)
$ 11,195  1.68  % $ 10,243  1.72  %
(1)Includes the impact of interest rate risk management contracts. For more information, see Interest Rate Risk Management for the Banking Book on page 46.
(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 non-U.S. consumer loans of $2.9 billion for both the third quarter of 2021 and 2020.
(4)Includes U.S. commercial real estate loans of $56.0 billion and $59.6 billion, and non-U.S. commercial real estate loans of $3.9 billion and $3.7 billion for the third quarter of 2021 and 2020.
(5)Includes $29.6 billion and $34.2 billion of structured notes and liabilities for the third quarter of 2021 and 2020.
(6)Net interest income includes FTE adjustments of $101 million and $114 million for the third quarter of 2021 and 2020.
9 Bank of America


Table 7 Year-to-Date Average Balances and Interest Rates - FTE Basis
Average
Balance
Interest
Income/
Expense (1)
Yield/
Rate		 Average
Balance
Interest
Income/
Expense (1)
Yield/
Rate
Nine Months Ended September 30
(Dollars in millions) 2021 2020
Earning assets            
Interest-bearing deposits with the Federal Reserve, non-U.S. central
   banks and other banks		 $ 255,136  $ 106  0.06  % $ 230,265  $ 311  0.18  %
Time deposits placed and other short-term investments 7,738  8  0.14  9,070  31  0.45 
Federal funds sold and securities borrowed or purchased under
   agreements to resell		 263,581  (43) (0.02) 325,356  900  0.37 
Trading account assets 148,205  2,831  2.55  149,002  3,247  2.91 
Debt securities 878,437  8,875  1.36  491,664  7,477  2.05 
Loans and leases (2)
           
Residential mortgage 216,239  4,514  2.78  239,623  5,678  3.16 
Home equity 31,761  811  3.41  39,078  1,013  3.46 
Credit card 74,383  5,775  10.38  87,302  6,690  10.24 
Direct/Indirect and other consumer (3)
94,658  1,698  2.40  89,824  1,962  2.92 
Total consumer 417,041  12,798  4.10  455,827  15,343  4.49 
U.S. commercial (4)
322,773  6,415  2.66  349,616  7,601  2.90 
Non-U.S. commercial (4)
96,445  1,284  1.78  110,096  1,781  2.16 
Commercial real estate (5)
59,632  1,114  2.50  64,062  1,406  2.93 
Commercial lease financing 16,200  356  2.94  18,872  427  3.02 
Total commercial 495,050  9,169  2.48  542,646  11,215  2.76 
Total loans and leases 912,091  21,967  3.22  998,473  26,558  3.55 
Other earning assets 106,978  1,696  2.12  81,079  1,986  3.27 
Total earning assets 2,572,166  35,440  1.84  2,284,909  40,510  2.37 
Cash and due from banks 31,886    30,663   
Other assets, less allowance for loan and lease losses 386,932      331,035     
Total assets $ 2,990,984      $ 2,646,607     
Interest-bearing liabilities            
U.S. interest-bearing deposits            
Demand and money market deposits $ 912,547  $ 234  0.03  % $ 821,324  $ 898  0.15  %
Time and savings deposits 161,156  132  0.11  175,275  658  0.50 
Total U.S. interest-bearing deposits 1,073,703  366  0.05  996,599  1,556  0.21 
Non-U.S. interest-bearing deposits 82,743  28  0.04  76,438  228  0.40 
Total interest-bearing deposits 1,156,446  394  0.05  1,073,037  1,784  0.22 
Federal funds purchased, securities loaned or sold under agreements to
   repurchase, short-term borrowings and other interest-bearing liabilities		 312,826  (205) (0.09) 295,483  1,024  0.46 
Trading account liabilities 52,797  824  2.09  42,838  764  2.38 
Long-term debt 234,056  2,581  1.48  218,766  3,445  2.10 
Total interest-bearing liabilities 1,756,125  3,594  0.27  1,630,124  7,017  0.58 
Noninterest-bearing sources            
Noninterest-bearing deposits 723,151      524,994     
Other liabilities (6)
236,982      225,427     
Shareholders’ equity 274,726      266,062     
Total liabilities and shareholders’ equity $ 2,990,984      $ 2,646,607     
Net interest spread     1.57  %     1.79  %
Impact of noninterest-bearing sources     0.09      0.17 
Net interest income/yield on earning assets (7)
  $ 31,846  1.66  %   $ 33,493  1.96  %
(1)Includes the impact of interest rate risk management contracts. For more information, see Interest Rate Risk Management for the Banking Book on page 46.
(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 non-U.S. consumer loans of $3.0 billion and $2.9 billion for the nine months ended September 30, 2021 and 2020.
(4)Certain prior-period amounts have been reclassified to conform to current-period presentation.
(5)Includes U.S. commercial real estate loans of $56.2 billion and $60.4 billion, and non-U.S. commercial real estate loans of $3.4 billion and $3.7 billion for the nine months ended September 30, 2021 and 2020.
(6)Includes $30.5 billion and $35.1 billion of structured notes and liabilities for the nine months ended September 30, 2021 and 2020.
(7)Net interest income includes FTE adjustments of $322 million and $386 million for the nine months ended September 30, 2021 and 2020.




Bank of America 10

Business Segment Operations

Segment Description and Basis of Presentation
We report our results of operations through four business segments: Consumer Banking, GWIM, Global Banking and Global Markets, with the remaining operations recorded in All Other. We manage our segments and report their results on an FTE basis. For more information, see Business Segment Operations in the MD&A of the Corporation’s 2020 Annual Report on Form 10-K.
We periodically review capital allocated to our businesses and allocate capital annually during the strategic and capital planning processes. We utilize a methodology that considers the effect of regulatory capital requirements in addition to internal risk-based capital models. Our internal risk-based capital models use a risk-adjusted methodology incorporating each segment’s credit, market, interest rate, business and operational risk components. For more information on the nature of these risks, see Managing Risk on page 22. The capital allocated to the business segments is referred to as
allocated capital. Allocated equity in the reporting units is comprised of allocated capital plus capital for the portion of goodwill and intangibles specifically assigned to the reporting unit. For more information, including the definition of a reporting unit, see Note 7 – Goodwill and Intangible Assets to the Consolidated Financial Statements.
For more information on our presentation of financial information on an FTE basis, see Supplemental Financial Data on page 7, and for reconciliations to consolidated total revenue, net income and period-end total assets, see Note 17 – Business Segment Information to the Consolidated Financial Statements.
Key Performance Indicators
We present certain key financial and nonfinancial performance indicators that management uses when evaluating segment results. We believe they are useful to investors because they provide additional information about our segments’ operational performance, customer trends and business growth.

Consumer Banking

Deposits Consumer Lending Total Consumer Banking
Three Months Ended September 30
(Dollars in millions) 2021 2020 2021 2020 2021 2020 % Change
Net interest income $ 3,731  $ 3,245  $ 2,762  $ 2,645  $ 6,493  $ 5,890  10  %
Noninterest income:
Card income (7) (4) 1,324  1,224  1,317  1,220  8 
Service charges 935  837  —  —  935  837  12 
All other income 56  84  37  8  93  92  1 
Total noninterest income 984  917  1,361  1,232  2,345  2,149  9 
Total revenue, net of interest expense
 4,715  4,162  4,123  3,877  8,838  8,039  10 
Provision for credit losses 53  59  194  420  247  479  (48)
Noninterest expense 2,725  2,937  1,833  1,905  4,558  4,842  (6)
Income before income taxes 1,937  1,166  2,096  1,552  4,033  2,718  48 
Income tax expense 474  286  514  380  988  666  48 
Net income $ 1,463  $ 880  $ 1,582  $ 1,172  $ 3,045  $ 2,052  48 
Effective tax rate (1)
24.5  % 24.5  %
Net interest yield 1.49  % 1.52  % 3.95  % 3.35  % 2.49  2.61 
Return on average allocated capital 48  29  24  18  31  21 
Efficiency ratio 57.75  70.60  44.48  49.13  51.56  60.24 
Balance Sheet
Three Months Ended September 30
Average 2021 2020 2021 2020 2021 2020 % Change
Total loans and leases $ 4,387  $ 5,046  $ 276,993  $ 313,705  $ 281,380  $ 318,751  (12) %
Total earning assets (2)
991,186  849,190  277,491  314,079  1,034,471  896,867  15 
Total assets (2)
1,026,811  886,406  283,631  316,107  1,076,236  936,112  15 
Total deposits 993,624  853,452  7,141  7,547  1,000,765  860,999  16 
Allocated capital 12,000  12,000  26,500  26,500  38,500  38,500  — 
(1)Estimated at the segment level only.
(2)In segments and businesses where the total of liabilities and equity exceeds assets, we allocate 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.
11 Bank of America


Deposits Consumer Lending Total Consumer Banking
Nine Months Ended September 30
(Dollars in millions) 2021 2020 2021 2020 2021 2020 % Change
Net interest income $ 10,489  $ 10,491  $ 7,897  $ 8,252  $ 18,386  $ 18,743  (2) %
Noninterest income:
Card income (19) (15) 3,837  3,399  3,818  3,384  13 
Service charges 2,615  2,537  2  1  2,617  2,538  3 
All other income 151  244  121  111  272  355  (23)
Total noninterest income 2,747  2,766  3,960  3,511  6,707  6,277  7 
Total revenue, net of interest expense
 13,236  13,257  11,857  11,763  25,093  25,020  — 
Provision for credit losses 174  328  (1,241) 5,433  (1,067) 5,761  (119)
Noninterest expense 8,789  8,532  5,759  5,542  14,548  14,074  3 
Income before income taxes 4,273  4,397  7,339  788  11,612  5,185  124 
Income tax expense 1,047  1,077  1,798  193  2,845  1,270  124 
Net income $ 3,226  $ 3,320  $ 5,541  $ 595  $ 8,767  $ 3,915  124 
Effective tax rate (1)
24.5  % 24.5  %
Net interest yield 1.46  % 1.76  % 3.76  % 3.51  % 2.45  2.98 
Return on average allocated capital 36  37  28  3  30  14 
Efficiency ratio 66.40  64.36  48.57  47.11  57.97  56.25 
Balance Sheet
Nine Months Ended September 30
Average 2021 2020 2021 2020 2021 2020 % Change
Total loans and leases $ 4,479  $ 5,264  $ 280,165  $ 313,820  $ 284,644  $ 319,084  (11) %
Total earning assets (2)
957,561  794,371  280,617  314,275  1,001,590  838,792  19 
Total assets (2)
994,562  829,505  285,813  318,214  1,043,787  877,866  19 
Total deposits 961,266  796,591  7,006  6,411  968,272  803,002  21 
Allocated capital 12,000  12,000  26,500  26,500  38,500  38,500  — 
Period end September 30
2021		 December 31
2020		 September 30
2021		 December 31
2020		 September 30
2021		 December 31
2020		 % Change
Total loans and leases $ 4,345  $ 4,673  $ 276,458  $ 295,261  $ 280,803  $ 299,934  (6) %
Total earning assets (2)
1,006,593  899,951  277,056  295,627  1,050,331  945,343  11 
Total assets (2)
1,041,487  939,629  283,262  299,185  1,091,431  988,580  10 
Total deposits 1,008,051  906,092  7,225  6,560  1,015,276  912,652  11 
See page 11 for footnotes.
Consumer Banking, comprised of Deposits and Consumer Lending, offers a diversified range of credit, banking and investment products and services to consumers and small businesses. For more information about Consumer Banking, see Business Segment Operations in the MD&A of the Corporation’s 2020 Annual Report on Form 10-K.
Consumer Banking Results
Three-Month Comparison
Net income for Consumer Banking increased $993 million to $3.0 billion due to higher revenue, lower noninterest expense and lower provision for credit losses. Net interest income increased $603 million to $6.5 billion primarily due to the benefit of higher deposit balances, the allocation of asset and liability management (ALM) results and the recognition of capitalized loan fees due to PPP loan forgiveness, partially offset by lower residential mortgage and card balances. Noninterest income increased $196 million to $2.3 billion driven by higher service charges and card income due to increased client activity.
The provision for credit losses decreased $232 million to $247 million primarily due to credit quality improvements. Noninterest expense decreased $284 million to $4.6 billion primarily driven by lower COVID-19 related costs.
The return on average allocated capital was 31 percent, up from 21 percent, driven by higher net income. For more
information on capital allocated to the business segments, see Business Segment Operations on page 11.
Nine-Month Comparison
Net income for Consumer Banking increased $4.9 billion to $8.8 billion primarily due to lower provision for credit losses, partially offset by higher noninterest expense. Net interest income decreased $357 million to $18.4 billion primarily due to lower interest rates and loan balances and the allocation of ALM results, partially offset by the benefit of higher deposit balances and the recognition of capitalized loan fees due to PPP loan forgiveness. Noninterest income increased $430 million to $6.7 billion primarily due to the same factors as described in the three-month discussion.
The provision for credit losses improved $6.8 billion to a benefit of $1.1 billion primarily driven by reserve releases due to improvements in the macroeconomic outlook and credit quality. Noninterest expense increased $474 million to $14.5 billion primarily driven by an impairment charge for real estate rationalization, the contribution to the Bank of America Foundation, cost of increased client activity and continued investments for business growth, including the merchant services platform, partially offset by lower COVID-19 related costs.
The return on average allocated capital was 30 percent, up from 14 percent, driven by higher net income.
Bank of America 12

Deposits
Three-Month Comparison
Net income for Deposits increased $583 million to $1.5 billion primarily driven by higher revenue and lower noninterest expense. Net interest income increased $486 million to $3.7 billion primarily due to the benefit of higher deposit balances and the allocation of ALM results. Noninterest income increased $67 million to $984 million primarily driven by higher service charges due to increased client activity.
Noninterest expense decreased $212 million to $2.7 billion primarily driven by lower COVID-19 related costs.
Average deposits increased $140.2 billion to $993.6 billion primarily due to net inflows of $74.7 billion in checking and time deposits and $65.0 billion in traditional savings and money market savings driven by strong organic growth.
Nine-Month Comparison
Net income for Deposits decreased $94 million to $3.2 billion
primarily due to higher noninterest expense, partially offset by lower provision for credit losses.
The provision for credit losses decreased $154 million to $174 million due to an improved macroeconomic outlook. Noninterest expense increased $257 million to $8.8 billion primarily driven by an impairment charge for real estate rationalization, and the cost of increased client activity and continued investments for business growth, partially offset by lower COVID-19 related costs.
Average deposits increased $164.7 billion to $961.3 billion primarily due to net inflows of $93.8 billion in checking and time deposits and $70.1 billion in traditional savings and money market savings driven by strong organic growth and continued government stimulus measures.
The table below provides key performance indicators for Deposits. Management uses these metrics, and we believe they are useful to investors because they provide additional information to evaluate our deposit profitability and digital/mobile trends.
Key Statistics – Deposits
Three Months Ended September 30 Nine Months Ended September 30
2021 2020 2021 2020
Total deposit spreads (excludes noninterest costs) (1)
1.68% 1.87% 1.70% 1.98%
Period End
Consumer investment assets (in millions) (2)
$ 353,280 $ 266,733
Active digital banking users (in thousands) (3)
40,911 39,267
Active mobile banking users (in thousands) (4)
32,455 30,601
Financial centers 4,215 4,309
ATMs 16,513 16,962
(1)Includes deposits held in Consumer Lending.
(2)Includes client brokerage assets, deposit sweep balances and AUM in Consumer Banking.
(3)Represents mobile and/or online active users over the past 90 days.
(4)Represents mobile active users over the past 90 days.
Consumer investment assets increased $86.5 billion to $353.3 billion driven by market performance and client flows. Active mobile banking users increased approximately two million, reflecting continuing changes in our customers’ banking preferences. We had a net decrease of 94 financial centers as we continue to optimize our consumer banking network.
Consumer Lending
Three-Month Comparison
Net income for Consumer Lending was $1.6 billion, an increase of $410 million, primarily due to higher revenue and lower provision for credit losses. Net interest income increased $117 million to $2.8 billion primarily driven by the recognition of capitalized loan fees due to PPP loan forgiveness. Noninterest income increased $129 million to $1.4 billion primarily driven by higher card income due to increased client activity.
The provision for credit losses decreased $226 million to $194 million primarily due to credit quality improvements. Noninterest expense decreased $72 million to $1.8 billion primarily driven by lower COVID-19 related costs.

Average loans decreased $36.7 billion to $277.0 billion primarily driven by a decline in residential mortgage, PPP and credit card loans.
Nine-Month Comparison
Net income for Consumer Lending was $5.5 billion, an increase of $4.9 billion, primarily due to improvement in the provision for credit losses. Net interest income declined $355 million to $7.9 billion primarily due to lower interest rates and loan balances. Noninterest income increased $449 million to $4.0 billion primarily due to the same factor as described in the three-month discussion.
The provision for credit losses improved $6.7 billion to a benefit of $1.2 billion primarily driven by reserve releases due to improvements in the macroeconomic outlook and credit quality. Noninterest expense increased $217 million to $5.8 billion primarily driven by continued investments for business growth, partially offset by lower COVID-19 related costs.
Average loans decreased $33.7 billion to $280.2 billion primarily driven by a decline in residential mortgage and credit card loans.

13 Bank of America


The table below provides key performance indicators for Consumer Lending. Management uses these metrics, and we believe they are useful to investors because they provide additional information about loan growth and profitability.
Key Statistics – Consumer Lending
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2021 2020 2021 2020
Total credit card (1)
Gross interest yield (2)
10.10  % 10.16  % 10.24  % 10.21  %
Risk-adjusted margin (3)
10.70  9.66  9.93  8.66 
New accounts (in thousands) 1,049  487  2,654  1,991 
Purchase volumes $ 80,925  $ 64,060  $ 223,900  $ 182,133 
Debit card purchase volumes
 $ 119,680  $ 102,004  $ 349,492  $ 280,222 
(1)Includes GWIM's credit card portfolio.
(2)Calculated as the effective annual percentage rate divided by average loans.
(3)Calculated as the difference between total revenue, net of interest expense, and net credit losses divided by average loans.
During the three and nine months ended September 30, 2021, the total risk-adjusted margin increased 104 bps and 127 bps primarily driven by lower net credit losses, higher net interest margin, and higher fee income. During the three and nine months ended September 30, 2021, total credit card purchase volumes increased $16.9 billion to $80.9 billion, and $41.8 billion to $223.9 billion as spending continued to
recover, with improvements across all categories, primarily in retail and travel. During the three and nine months ended September 30, 2021, debit card purchase volumes increased $17.7 billion to $119.7 billion, and $69.3 billion to $349.5 billion due to continued retail growth from the pandemic recovery, as well as the impact of government stimulus measures, and tax refunds.
Key Statistics – Residential Mortgage Loan Production (1)
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2021 2020 2021 2020
Consumer Banking:  
First mortgage $ 12,510  $ 7,298  $ 33,194  $ 35,228 
Home equity 1,262  738  2,579  6,555 
Total (2):
First mortgage $ 21,232  $ 13,360  $ 56,731  $ 55,422 
Home equity 1,523  984  3,192  7,691 
(1)The loan production amounts represent the unpaid principal balance of loans and, in the case of home equity, the principal amount of the total line of credit.
(2)In addition to loan production in Consumer Banking, there is also first mortgage and home equity loan production in GWIM.
First mortgage loan originations for Consumer Banking and the total Corporation increased $5.2 billion and $7.9 billion during the three months ended September 30, 2021 primarily due to higher demand driven by lower interest rates. During the nine months ended September 30, 2021, Consumer Banking decreased $2.0 billion and the total Corporation increased $1.3 billion, primarily driven by changes in demand.
Home equity production in Consumer Banking and for the total Corporation increased $524 million and $539 million during the three months ended September 30, 2021 primarily driven by higher demand. Consumer Banking and the total Corporation decreased $4.0 billion and $4.5 billion during the nine months ended September 30, 2021, primarily driven by lower demand due to increased borrower liquidity.
Bank of America 14

Global Wealth & Investment Management

Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2021 2020 % Change 2021 2020 % Change
Net interest income $ 1,451  $ 1,237  17  % $ 4,137  $ 4,186  (1) %
Noninterest income:
Investment and brokerage services 3,683  3,105  19  10,610  9,081  17 
All other income 176  204  (14) 599  640  (6)
Total noninterest income 3,859  3,309  17  11,209  9,721  15 
Total revenue, net of interest expense 5,310  4,546  17  15,346  13,907  10 
Provision for credit losses (58) 24  n/m (185) 349  n/m
Noninterest expense 3,745  3,533  6  11,425  10,596  8 
Income before income taxes 1,623  989  64  4,106  2,962  39 
Income tax expense 398  242  64  1,006  726  39 
Net income $ 1,225  $ 747  64  $ 3,100  $ 2,236  39 
Effective tax rate 24.5  % 24.5  % 24.5  % 24.5  %
Net interest yield 1.54  1.53  1.51  1.81 
Return on average allocated capital 30  20  25  20 
Efficiency ratio 70.51  77.70  74.45  76.19 
Balance Sheet
Three Months Ended September 30 Nine Months Ended September 30
Average 2021 2020 % Change 2021 2020 % Change
Total loans and leases $ 199,664  $ 185,587  8  % $ 194,090  $ 182,138  7  %
Total earning assets 373,691  321,410  16  367,239  309,240  19 
Total assets 386,346  333,794  16  379,802  321,565  18 
Total deposits 339,357  291,845  16  333,119  280,828  19 
Allocated capital 16,500  15,000  10  16,500  15,000  10 
September 30 December 31
Period end 2021 2020 % Change
Total loans and leases $ 202,268  $ 188,562  7  %
Total earning assets 380,857  356,873  7 
Total assets 393,708  369,736  6 
Total deposits 345,590  322,157  7 
n/m = not meaningful
GWIM consists of two primary businesses: Merrill Lynch Global Wealth Management (MLGWM) and Bank of America Private Bank. For more information about GWIM, see Business Segment Operations in the MD&A of the Corporation’s 2020 Annual Report on Form 10-K.
Three-Month Comparison
Net income for GWIM increased $478 million to $1.2 billion primarily driven by higher revenue, partially offset by higher noninterest expense. The operating margin was 31 percent compared to 22 percent a year ago.
Net interest income increased $214 million to $1.5 billion primarily due to the benefits of loan and deposit growth.
Noninterest income, which primarily includes investment and brokerage services income, increased $550 million to $3.9 billion primarily due to higher market valuations and positive AUM flows, partially offset by declines in AUM pricing.
The provision for credit losses improved $82 million to a benefit of $58 million primarily due to credit quality improvements. Noninterest expense increased $212 million to $3.7 billion primarily driven by higher revenue-related incentives.
The return on average allocated capital was 30 percent, up from 20 percent, due to higher net income, partially offset by an increase in allocated capital. For more information on capital allocated to the business segments, see Business Segment Operations on page 11.
Average loans increased $14.1 billion to $199.7 billion primarily driven by securities-based lending, custom lending and
residential mortgage. Average deposits increased $47.5 billion to $339.4 billion primarily driven by inflows from new accounts and client responses to market volatility.
MLGWM revenue of $4.5 billion increased 19 percent primarily driven by the benefits of higher market valuations and positive AUM flows.
Bank of America Private Bank revenue of $839 million increased five percent primarily driven by the benefits of higher market valuations and AUM flows, partially offset by the realignment of certain business results to MLGWM.
Nine-Month Comparison
Net income for GWIM increased $864 million to $3.1 billion due to the same factors as described in the three-month discussion. The operating margin was 27 percent compared to 21 percent a year ago.
Net interest income decreased $49 million to $4.1 billion due to lower interest rates, partially offset by the benefits of deposit and loan growth.
Noninterest income, which primarily includes investment and brokerage services income, increased $1.5 billion to $11.2 billion due to the same factors as described in the three-month discussion.
The provision for credit losses improved $534 million to a benefit of $185 million primarily due to improvements in the macroeconomic outlook and credit quality. Noninterest expense increased $829 million to $11.4 billion, primarily due to the same factor as described in the three-month discussion.
15 Bank of America


The return on average allocated capital was 25 percent, up from 20 percent, due to the same factors as described in the three-month discussion.
Average loans increased $12.0 billion to $194.1 billion, and average deposits increased $52.3 billion to $333.1 billion. The changes in average loans and deposits were both primarily due to the same factors as described in the three-month discussion.
MLGWM revenue of $12.9 billion increased 13 percent primarily driven by the benefits of higher market valuations,
positive AUM flows and loan and deposit growth, partially offset by the impact of lower interest rates.
Bank of America Private Bank revenue of $2.4 billion decreased one percent primarily driven by the realignment of certain business results to MLGWM and lower interest rates, partially offset by the benefits of higher market valuations and AUM flows.
Key Indicators and Metrics
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2021 2020 2021 2020
Revenue by Business
Merrill Lynch Global Wealth Management $ 4,471  $ 3,748  $ 12,916  $ 11,446 
Bank of America Private Bank
 839  798  2,430  2,461 
Total revenue, net of interest expense $ 5,310  $ 4,546  $ 15,346  $ 13,907 
Client Balances by Business, at period end
Merrill Lynch Global Wealth Management $ 3,108,358  $ 2,570,252 
Bank of America Private Bank
 584,475  496,369 
Total client balances $ 3,692,833  $ 3,066,621 
Client Balances by Type, at period end
Assets under management $ 1,578,630  $ 1,286,145 
Brokerage and other assets 1,612,472  1,344,538 
Deposits 345,590  295,893 
Loans and leases (1)
205,055  189,952 
Less: Managed deposits in assets under management (48,914) (49,907)
Total client balances $ 3,692,833  $ 3,066,621 
Assets Under Management Rollforward
Assets under management, beginning of period $ 1,549,069  $ 1,219,748  $ 1,408,465  $ 1,275,555 
Net client flows 14,776  1,385  44,698  11,993 
Market valuation/other
14,785  65,012  125,467  (1,403)
Total assets under management, end of period $ 1,578,630  $ 1,286,145  $ 1,578,630  $ 1,286,145 
Total wealth advisors, at period end (2)
18,855  20,487 
(1)Includes margin receivables which are classified in customer and other receivables on the Consolidated Balance Sheet.
(2)Includes advisors across all wealth management businesses in GWIM and Consumer Banking. Prior period has been revised to conform to current-period presentation.
Client Balances
Client balances increased $626.2 billion, or 20 percent, to $3.7 trillion at September 30, 2021 compared to September 30, 2020. The increase in client balances was primarily due to higher market valuations and positive client flows.
Bank of America 16

Global Banking
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2021 2020 % Change 2021 2020 % Change
Net interest income $ 2,186  $ 2,028  8  % $ 6,150  $ 7,003  (12) %
Noninterest income:
Service charges 890  846  5  2,637  2,379  11 
Investment banking fees 1,297  970  34  3,642  2,912  25 
All other income 871  673  29  2,538  1,914  33 
Total noninterest income 3,058  2,489  23  8,817  7,205  22 
Total revenue, net of interest expense 5,244  4,517  16  14,967  14,208  5 
Provision for credit losses (781) 883  n/m (2,738) 4,849  n/m
Noninterest expense 2,534  2,365  7  7,915  6,910  15 
Income before income taxes 3,491  1,269  n/m 9,790  2,449  n/m
Income tax expense 942  343  n/m 2,643  661  n/m
Net income $ 2,549  $ 926  n/m $ 7,147  $ 1,788  n/m
Effective tax rate 27.0  % 27.0  % 27.0  % 27.0  %
Net interest yield 1.55  1.61  1.53  1.96 
Return on average allocated capital 24  9  22  6 
Efficiency ratio 48.31  52.36  52.88  48.63 
Balance Sheet
Three Months Ended September 30 Nine Months Ended September 30
Average 2021 2020 % Change 2021 2020 % Change
Total loans and leases
$ 324,736  $ 373,118  (13) % $ 326,632  $ 394,331  (17) %
Total earning assets 560,181  501,572  12  537,037  477,606  12 
Total assets 621,699  557,889  11  597,947  534,061  12 
Total deposits 534,166  471,288  13  509,445  449,273  13 
Allocated capital 42,500  42,500  —  42,500  42,500  —
Period end September 30
2021		 December 31
2020		 % Change
Total loans and leases $ 328,893  $ 339,649  (3) %
Total earning assets 561,239  522,650  7 
Total assets 623,640  580,561  7 
Total deposits 536,476  493,748  9 
n/m = not meaningful
Global Banking, which includes Global Corporate Banking, Global Commercial Banking, Business Banking and Global Investment Banking, provides a wide range of lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services through our network of offices and client relationship teams. For more information about Global Banking, see Business Segment Operations in the MD&A of the Corporation’s 2020 Annual Report on Form 10-K.
Three-Month Comparison
Net income for Global Banking increased $1.6 billion to $2.5 billion driven by improvement in the provision for credit losses and higher revenue, partially offset by higher noninterest expense.
Net interest income increased $158 million to $2.2 billion primarily due to the allocation of ALM results and the benefit of higher deposit balances, partially offset by a decline in loan balances and lower deposit spreads.
Noninterest income increased $569 million to $3.1 billion primarily due to higher investment banking fees and higher income from ESG investment activities.
The provision for credit losses improved $1.7 billion to a benefit of $781 million primarily driven by a reserve release due to credit quality improvements, whereas the reserve build in the prior-year period was driven by COVID-19 impacted industries, such as travel and entertainment.
Noninterest expense increased $169 million primarily due to higher compensation and benefits expense, as well as higher operating costs.
The return on average allocated capital was 24 percent, up from nine percent, due to higher net income. For more information on capital allocated to the business segments, see Business Segment Operations on page 11.
Nine-Month Comparison
Net income for Global Banking increased $5.4 billion to $7.1 billion primarily due to the same factors as described in the three-month discussion.
Net interest income decreased $853 million to $6.2 billion primarily due to the impact of lower loan balances, lower deposit spreads and the allocation of ALM results, partially offset by the benefits of higher deposit balances and credit spreads.
Noninterest income increased $1.6 billion to $8.8 billion driven by higher investment banking fees, higher valuation-driven adjustments on the fair value loan portfolio, debt securities and leveraged loans, as well as higher treasury and credit service charges.
The provision for credit losses improved $7.6 billion to a benefit of $2.7 billion primarily driven by a reserve release due to improvements in the macroeconomic outlook and credit quality.
17 Bank of America


Noninterest expense increased $1.0 billion to $7.9 billion, primarily due to higher revenue-related incentives and an acceleration in expenses from incentive compensation award changes, as well as higher operating costs.
The return on average allocated capital was 22 percent, up from six percent, due to higher net income.

Global Corporate, Global Commercial and Business Banking
The table below and following discussion present a summary of the results, which exclude certain investment banking, merchant services and PPP activities in Global Banking.
Global Corporate, Global Commercial and Business Banking
  Global Corporate Banking Global Commercial Banking Business Banking Total
Three Months Ended September 30
(Dollars in millions) 2021 2020 2021 2020 2021 2020 2021 2020
Revenue
Business Lending $ 886  $ 791  $ 924  $ 953  $ 55  $ 59  $ 1,865  $ 1,803 
Global Transaction Services 821  658  819  745  227  209  1,867  1,612 
Total revenue, net of interest expense
 $ 1,707  $ 1,449  $ 1,743  $ 1,698  $ 282  $ 268  $ 3,732  $ 3,415 
Balance Sheet
Average
Total loans and leases $ 147,906  $ 174,235  $ 159,986  $ 175,536  $ 12,635  $ 13,972  $ 320,527  $ 363,743 
Total deposits 261,951  218,593  213,319  201,523  56,891  50,946  532,161  471,062 
Global Corporate Banking Global Commercial Banking Business Banking Total
Nine Months Ended September 30
(Dollars in millions) 2021 2020 2021 2020 2021 2020 2021 2020
Revenue
Business Lending $ 2,529  $ 2,658  $ 2,689  $ 2,815  $ 166  $ 207  $ 5,384  $ 5,680 
Global Transaction Services 2,245  2,314  2,334  2,432  653  682  5,232  5,428 
Total revenue, net of interest expense
 $ 4,774  $ 4,972  $ 5,023  $ 5,247  $ 819  $ 889  $ 10,616  $ 11,108 
Balance Sheet
Average
Total loans and leases
$ 148,101  $ 186,220  $ 158,939  $ 188,147  $ 12,778  $ 14,721  $ 319,818  $ 389,088 
Total deposits 245,483  214,327  207,520  188,271  55,331  46,599  508,334  449,197 
Period end
Total loans and leases $ 150,797  $ 165,498  $ 162,371  $ 168,385  $ 12,640  $ 13,665  $ 325,808  $ 347,548 
Total deposits 255,981  212,564  220,738  200,591  57,766  51,889  534,485  465,044 
Business Lending revenue increased $62 million for the three months ended September 30, 2021 compared to the same period in 2020 primarily due to higher income from ESG investment activities and credit spreads, partially offset by the impact of lower loan balances. Business Lending revenue decreased $296 million for the nine months ended September 30, 2021 primarily due to the impact of lower loan balances and interest rates, partially offset by higher credit spreads.
Global Transaction Services revenue increased $255 million for the three months ended September 30, 2021 driven by the allocation of ALM results and the benefit of higher deposit balances, partially offset by lower deposit spreads. Global Transaction Services revenue decreased $196 million for the nine months ended September 30, 2021 driven by lower interest rates, partially offset by the benefit of higher deposit balances.
Average loans and leases decreased 12 percent and 18 percent for the three and nine months ended September 30, 2021 driven by client paydowns and lower demand.

Average deposits increased 13 percent for both the three and nine months ended September 30, 2021 primarily driven by elevated balances from prior-year inflows on client responses to market volatility and government stimulus measures.
Global Investment Banking
Client teams and product specialists underwrite and distribute debt, equity and loan products, and provide advisory services and tailored risk management solutions. The economics of certain investment banking and underwriting activities are shared primarily between Global Banking and Global Markets under an internal revenue-sharing arrangement. Global Banking originates certain deal-related transactions with our corporate and commercial clients that are executed and distributed by Global Markets. To provide a complete discussion of our consolidated investment banking fees, the following table presents total Corporation investment banking fees and the portion attributable to Global Banking.
Bank of America 18

Investment Banking Fees
Global Banking Total Corporation Global Banking Total Corporation
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2021 2020 2021 2020 2021 2020 2021 2020
Products
Advisory $ 608  $ 356  $ 654  $ 397  $ 1,341  $ 948  $ 1,461  $ 1,072 
Debt issuance 401  320  933  740  1,306  1,247  3,031  2,725 
Equity issuance 288  294  637  664  995  717  2,239  1,687 
Gross investment banking fees
 1,297  970  2,224  1,801  3,642  2,912  6,731  5,484 
Self-led deals (23) (13) (56) (32) (85) (73) (195) (168)
Total investment banking fees
 $ 1,274  $ 957  $ 2,168  $ 1,769  $ 3,557  $ 2,839  $ 6,536  $ 5,316 
Total Corporation investment banking fees, excluding self-led deals, which are primarily included within Global Banking and Global Markets, were $2.2 billion and $6.5 billion for the three and nine months ended September 30, 2021. The three-month period increased 23 percent compared to the same period in 2020 primarily driven by higher advisory and debt issuance fees. The nine-month period increased 23 percent primarily driven by higher equity issuance fees as well as advisory and debt issuance fees.

Global Markets

Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2021 2020 % Change 2021 2020 % Change
Net interest income $ 1,000  $ 1,108  (10) % $ 2,980  $ 3,558  (16) %
Noninterest income:
Investment and brokerage services 470  439  7  1,504  1,487  1 
Investment banking fees 844  738  14  2,784  2,280  22 
Market making and similar activities 2,014  1,725  17  7,448  7,059  6 
All other income 191  273  (30) 721  475  52 
Total noninterest income 3,519  3,175  11  12,457  11,301  10 
Total revenue, net of interest expense 4,519  4,283  6  15,437  14,859  4 
Provision for credit losses 16  21  (24) 33  233  (86)
Noninterest expense 3,252  3,102  5  10,150  8,598  18 
Income before income taxes 1,251  1,160  8  5,254  6,028  (13)
Income tax expense 325  302  8  1,366  1,567  (13)
Net income $ 926  $ 858  8  $ 3,888  $ 4,461  (13)
Effective tax rate 26.0  % 26.0  % 26.0  % 26.0  %
Return on average allocated capital 10  9  14  17 
Efficiency ratio 71.94  72.42  65.75  57.86 
Balance Sheet
Three Months Ended September 30 Nine Months Ended September 30
2021 2020 % Change 2021 2020 % Change
Average
Trading-related assets:
Trading account securities $ 304,133  $ 251,735  21  % $ 291,500  $ 241,753  21  %
Reverse repurchases 117,486  100,395  17  111,330  106,968  4 
Securities borrowed 101,086  86,508  17  97,205  88,734  10 
Derivative assets 41,010  46,676  (12) 44,308  47,687  (7)
Total trading-related assets 563,715  485,314  16  544,343  485,142  12 
Total loans and leases 97,148  72,319  34  87,535  72,702  20 
Total earning assets 557,333  476,182  17  528,113  485,448  9 
Total assets 804,938  680,983  18  775,552  685,685  13 
Total deposits 54,650  56,475  (3) 54,699  45,002  22 
Allocated capital 38,000  36,000  6  38,000  36,000  6 
Period end September 30
2021		 December 31
2020		 % Change
Total trading-related assets $ 536,125  $ 421,698  27  %
Total loans and leases 98,892  78,415  26 
Total earning assets 526,585  447,350  18 
Total assets 776,929  616,609  26 
Total deposits 54,941  53,925  2 


19 Bank of America


Global Markets offers sales and trading services and research services to institutional clients across fixed-income, credit, currency, commodity and equity businesses. Global Markets product coverage includes securities and derivative products in both the primary and secondary markets. For more information about Global Markets, see Business Segment Operations in the MD&A of the Corporation’s 2020 Annual Report on Form 10-K.
The following explanations for current period-over-period changes for Global Markets, including those disclosed under Sales and Trading Revenue, are the same for amounts including and excluding net DVA. Amounts excluding net DVA are a non-GAAP financial measure. For more information on net DVA, see Supplemental Financial Data on page 7.
Three-Month Comparison
Net income for Global Markets increased $68 million to $926 million primarily due to higher revenue (net of lower net DVA losses), partially offset by higher noninterest expense. Net DVA losses were $20 million compared to $116 million in the prior-year period. Excluding net DVA, net income decreased $5 million to $941 million. The decrease was primarily driven by higher noninterest expense, largely offset by higher revenue.
Revenue increased $236 million to $4.5 billion primarily driven by higher sales and trading revenue and investment banking income. Sales and trading revenue increased $390 million, and excluding net DVA, increased $294 million. These increases were driven by higher revenue in Equities, partially offset by lower revenue in FICC.
Noninterest expense increased $150 million to $3.3 billion driven by higher activity-based expenses for sales and trading.
Average total assets increased $124.0 billion to $804.9 billion driven by higher client balances in Equities, and higher levels of inventory and loan growth in FICC.
The return on average allocated capital was 10 percent, up from 9 percent, reflecting higher net income, partially offset by an increase in allocated capital. For more information on capital allocated to the business segments, see Business Segment Operations on page 11.
Nine-Month Comparison
Net income for Global Markets decreased $573 million to $3.9 billion. Net DVA losses were $56 million compared to $77 million in the prior-year period. Excluding net DVA, net income decreased $589 million to $3.9 billion. These decreases were primarily driven by higher noninterest expense.
Revenue increased $578 million to $15.4 billion primarily driven by higher investment banking income and sales and trading revenue. Sales and trading revenue increased $243 million, and excluding net DVA, increased $222 million driven by higher revenue in Equities, partially offset by a decline in FICC revenue. Noninterest expense increased $1.6 billion to $10.2 billion, primarily driven by higher costs associated with processing transactional card claims related to state unemployment benefits, activity-based expenses for sales and trading, and an acceleration in expenses from incentive compensation award changes.
The provision for credit losses decreased $200 million primarily due to an improved macroeconomic outlook.
Average total assets increased $89.9 billion to $775.6 billion, primarily due to higher client balances in Equities and higher levels of inventory and loan growth in FICC. Period-end total assets increased $160.3 billion since December 31, 2020 to $776.9 billion driven by higher client balances and increased hedging of client activity with stock positions relative to derivatives in Equities, and higher levels of inventory and loan growth in FICC.
The return on average allocated capital was 14 percent, down from 17 percent, reflecting lower net income and an increase in allocated capital.
Sales and Trading Revenue
For a description of sales and trading revenue, see Business Segment Operations in the MD&A of the Corporation’s 2020 Annual Report on Form 10-K. The following table and related discussion present sales and trading revenue, substantially all of which is in Global Markets, with the remainder in Global Banking. In addition, the following table and related discussion present sales and trading revenue, excluding net DVA, which is a non-GAAP financial measure. For more information on net DVA, see Supplemental Financial Data on page 7.
Sales and Trading Revenue (1, 2, 3)
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2021 2020 2021 2020
Sales and trading revenue
Fixed income, currencies and commodities
 $ 2,009  $ 2,019  $ 7,188  $ 7,905 
Equities 1,605  1,205  5,065  4,105 
Total sales and trading revenue $ 3,614  $ 3,224  $ 12,253  $ 12,010 
Sales and trading revenue, excluding net DVA (4)
Fixed income, currencies and commodities
 $ 2,025  $ 2,126  $ 7,241  $ 7,983 
Equities 1,609  1,214  5,068  4,104 
Total sales and trading revenue, excluding net DVA
 $ 3,634  $ 3,340  $ 12,309  $ 12,087 
(1)For more information on sales and trading revenue, see Note 3 – Derivatives to the Consolidated Financial Statements.
(2)Includes FTE adjustments of $99 million and $232 million for the three and nine months ended September 30, 2021 compared to $38 million and $138 million for the same periods in 2020.
(3)    Includes Global Banking sales and trading revenue of $138 million and $412 million for the three and nine months ended September 30, 2021 compared to $85 million and $378 million for the same periods in 2020.
(4)    FICC and Equities sales and trading revenue, excluding net DVA, is a non-GAAP financial measure. FICC net DVA losses were $16 million and $53 million for the three and nine months ended September 30, 2021 compared to losses of $107 million and $78 million for the same periods in 2020. Equities net DVA losses were $4 million and $3 million for the three and nine months ended September 30, 2021 compared to losses of $9 million and gains of $1 million for the same periods in 2020.
Bank of America 20

Three-Month Comparison
FICC revenue decreased $101 million driven by a weaker trading environment for mortgage and interest rate products, partially offset by improved client flows in foreign exchange. Equities revenue increased $395 million driven by growth in client financing activities, a stronger trading performance and increased client activity.
Nine-Month Comparison
FICC revenue decreased $742 million driven by reduced activity in macro products, partially offset by stronger performance in credit and municipal products, and gains in commodities (partially offset by related losses in another segment) from market volatility driven by a weather-related event. Equities revenue increased $964 million due to the same factors as described in the three-month discussion.

All Other

Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2021 2020 % Change 2021 2020 % Change
Net interest income $ 65  $ (20) n/m $ 193  $ 3  n/m
Noninterest income (loss) (1,109) (915) 21  % (3,661) (2,182) 68  %
Total revenue, net of interest expense (1,044) (935) 12  (3,468) (2,179) 59 
Provision for credit losses (48) (18) n/m (148) 75  n/m
Noninterest expense 351  559  (37) 962  1,108  (13)
Loss before income taxes (1,347) (1,476) (9) (4,282) (3,362) 27 
Income tax benefit (1,293) (1,774) (27) (6,345) (3,386) 87 
Net income (loss) $ (54) $ 298  (118) $ 2,063  $ 24  n/m
Balance Sheet
Three Months Ended September 30 Nine Months Ended September 30
Average 2021 2020 % Change 2021 2020 % Change
Total loans and leases $ 17,581  $ 24,243  (27) % $ 19,190  $ 30,218  (36) %
Total assets (1)
187,233  230,906  (19) 193,896  227,430  (15)
Total deposits 13,767  14,881  (7) 14,062  19,926  (29)
Period end September 30
2021		 December 31
2020		 % Change
Total loans and leases $ 16,880  $ 21,301  (21) %
Total assets (1)
199,738  264,141  (24)
Total deposits 12,521  12,998  (4)
(1)In segments where the total of liabilities and equity exceeds assets, which are generally deposit-taking segments, we allocate assets from All Other to those segments to match liabilities (i.e., deposits) and allocated shareholders’ equity. Average allocated assets were $1.1 trillion for both the three and nine months ended September 30, 2021 compared to $828.3 billion and $714.2 billion for the same periods in 2020, and period-end allocated assets were $1.2 trillion and $977.7 billion at September 30, 2021 and December 31, 2020.
n/m = not meaningful
All Other primarily consists of ALM activities, liquidating businesses and certain expenses not otherwise allocated to a business segment. ALM activities encompass interest rate and foreign currency risk management activities for which substantially all of the results are allocated to our business segments. For more information on our ALM activities, see Note 17 – Business Segment Information to the Consolidated Financial Statements.
Three-Month Comparison
Net income decreased $352 million to a loss of $54 million driven by a decrease in the income tax benefit and lower revenue, partially offset by lower noninterest expense.
Revenue decreased $109 million primarily due to higher partnership losses for ESG investments.
Noninterest expense decreased $208 million primarily due to lower litigation expense.
The income tax benefit decreased $481 million primarily due to the impact of the 2020 U.K. tax law change in the prior year. Both periods included income tax benefit adjustments to eliminate the FTE treatment of certain tax credits recorded in Global Banking.
Nine-Month Comparison
Net income increased $2.0 billion to $2.1 billion primarily due to a higher income tax benefit, partially offset by lower revenue.
Revenue decreased $1.3 billion primarily due to a $704 million gain on sales of certain mortgage loans in the prior-year period, higher partnership losses for ESG investments and lower market making and similar activities.
The provision for credit losses improved $223 million to a benefit of $148 million primarily due to an improved macroeconomic outlook.
Noninterest expense decreased $146 million primarily due to the same factor as described in the three-month discussion.
The income tax benefit increased $3.0 billion primarily due to the impact of the U.K. tax law changes, and higher levels of income tax credits from increased ESG investment activities. For more information on U.K. tax law changes, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements. Both periods included income tax benefit adjustments to eliminate the FTE treatment of certain tax credits recorded in Global Banking.
21 Bank of America


Off-Balance Sheet Arrangements and Contractual Obligations

We have contractual obligations to make future payments on debt and lease agreements. Additionally, in the normal course of business, we enter into contractual arrangements whereby we commit to future purchases of products or services from unaffiliated parties. For more information on obligations and commitments, see Note 10 – Commitments and Contingencies to the Consolidated Financial Statements herein, as well as Off-Balance Sheet Arrangements and Contractual Obligations in the MD&A of the Corporation’s 2020 Annual Report on Form 10-K, and Note 11 – Long-term Debt and Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K.
Representations and Warranties Obligations
For more information on representations and warranties obligations in connection with the sale of mortgage loans, see Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K.

Managing Risk

Risk is inherent in all our business activities. The seven key types of risk faced by the Corporation are strategic, credit, market, liquidity, compliance, operational and reputational. Sound risk management enables us to serve our customers and deliver for our shareholders. If not managed well, risks can result in financial loss, regulatory sanctions and penalties, and damage to our reputation, each of which may adversely impact our ability to execute our business strategies. We take a comprehensive approach to risk management with a defined Risk Framework and an articulated Risk Appetite Statement, which are approved annually by the Enterprise Risk Committee and the Board.
Our Risk Framework serves as the foundation for the consistent and effective management of risks facing the Corporation. The Risk Framework sets forth clear roles, responsibilities and accountability for the management of risk and provides a blueprint for how the Board, through delegation of authority to committees and executive officers, establishes risk appetite and associated limits for our activities.
Our Risk Appetite Statement is intended to ensure that the Corporation maintains an acceptable risk profile by providing a common framework and a comparable set of measures for senior management and the Board to clearly indicate the level of risk the Corporation is willing to accept. Risk appetite is set at least annually and is aligned with the Corporation’s strategic, capital and financial operating plans. Our line-of-business strategies and risk appetite are also similarly aligned.
For more information about the Corporation’s risks related to the pandemic, see Item 1A. Risk Factors – Coronavirus Disease of the Corporation’s 2020 Annual Report on Form 10-K. These pandemic-related risks are being managed within our Risk Framework and supporting risk management programs.
For more information on our Risk Framework, our risk management activities and the key types of risk faced by the Corporation, see the Managing Risk section in the MD&A of the Corporation’s 2020 Annual Report on Form 10-K.

Capital Management

The Corporation manages its capital position so that its capital is more than adequate to support its business activities and aligns with risk, risk appetite and strategic planning. For more
information, including related regulatory requirements, see Capital Management in the MD&A of the Corporation’s 2020 Annual Report on Form 10-K.
CCAR and Capital Planning
The Federal Reserve requires BHCs to submit a capital plan and planned capital actions on an annual basis, consistent with the rules governing the CCAR capital plan. Based on the results of our 2021 CCAR capital plan and related supervisory stress tests submitted in the second quarter of 2021, we are subject to a 2.5 percent SCB, unchanged from the prior level, effective October 1, 2021 to September 30, 2022. Our CET1 capital ratio under the Standardized approach must remain above 9.5 percent during this period in order to avoid restrictions on capital distributions and discretionary bonus payments.
Due to uncertainty resulting from the pandemic, the Federal Reserve imposed various restrictions on share repurchase programs and dividends. In conjunction with its release of 2021 CCAR supervisory stress test results, the Federal Reserve announced those restrictions would end as of July 1, 2021 for large banks, including the Corporation, and large banks would be subject to the normal restrictions under the Federal Reserve's SCB framework. Pursuant to the Board’s authorization on April 15, 2021, during the third quarter of 2021, we repurchased $9.9 billion of common stock, including repurchases to offset shares awarded under equity-based compensation plans during the period. On October 20, 2021, the Corporation announced that the Board renewed the Corporation’s $25 billion common stock repurchase program previously announced in April 2021. The Board’s authorization replaces the previous program. As with the April authorization, the Board also authorized common stock repurchases to offset shares awarded under the Corporation’s equity-based compensation plans.
The timing and amount of common stock repurchases made pursuant to our stock repurchase program are subject to various factors, including the Corporation’s capital position, liquidity, financial performance and alternative uses of capital, stock trading price, regulatory requirements and general market conditions, and may be suspended at any time. Such repurchases may be effected through open market purchases or privately negotiated transactions, including repurchase plans that satisfy the conditions of Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (Exchange Act).
Regulatory Capital
As a financial services holding company, we are subject to regulatory capital rules, including Basel 3, issued by U.S. banking regulators. The Corporation's depository institution subsidiaries are also subject to the Prompt Corrective Action (PCA) framework. The Corporation and its primary affiliated banking entity, BANA, are Advanced approaches institutions under Basel 3 and are required to report regulatory risk-based capital ratios and risk-weighted assets (RWA) under both the Standardized and Advanced approaches. The approach that yields the lower ratio is used to assess capital adequacy, including under the PCA framework. As of September 30, 2021, the CET1, Tier 1 capital and Total capital ratios for the Corporation were lower under the Standardized approach.
Minimum Capital Requirements
In order to avoid restrictions on capital distributions and discretionary bonus payments, the Corporation must meet risk-based capital ratio requirements that include a capital conservation buffer or SCB, plus any applicable countercyclical capital buffer and a global systemically important bank (G-SIB)
Bank of America 22

surcharge. The buffers and surcharge must be comprised solely of CET1 capital. The Corporation's CET1 capital ratio must be a minimum of 9.5 percent under both the Standardized and Advanced approaches.
The Corporation is also required to maintain a minimum supplementary leverage ratio (SLR) of 3.0 percent plus a leverage buffer of 2.0 percent in order to avoid certain restrictions on capital distributions and discretionary bonus payments. Our insured depository institution subsidiaries are
required to maintain a minimum 6.0 percent SLR to be considered well capitalized under the PCA framework.
Capital Composition and Ratios
Table 8 presents Bank of America Corporation’s capital ratios and related information in accordance with Basel 3 Standardized and Advanced approaches as measured at September 30, 2021 and December 31, 2020. For the periods presented herein, the Corporation met the definition of well capitalized under current regulatory requirements.
Table 8 Bank of America Corporation Regulatory Capital under Basel 3
Standardized
Approach (1)
Advanced
Approaches (1)
Regulatory
Minimum (2)
(Dollars in millions, except as noted) September 30, 2021
Risk-based capital metrics:
Common equity tier 1 capital $ 174,407  $ 174,407 
Tier 1 capital 197,842  197,842 
Total capital (3)
230,506  223,997 
Risk-weighted assets (in billions) 1,568  1,380 
Common equity tier 1 capital ratio 11.1  % 12.6  % 9.5  %
Tier 1 capital ratio 12.6  14.3  11.0 
Total capital ratio 14.7  16.2  13.0 
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)
$ 3,000  $ 3,000 
Tier 1 leverage ratio 6.6  % 6.6  % 4.0 
Supplementary leverage exposure (in billions) (5)
$ 3,516 
Supplementary leverage ratio 5.6  % 5.0 
December 31, 2020
Risk-based capital metrics:
Common equity tier 1 capital $ 176,660  $ 176,660 
Tier 1 capital 200,096  200,096 
Total capital (3)
237,936  227,685 
Risk-weighted assets (in billions) 1,480  1,371 
Common equity tier 1 capital ratio 11.9  % 12.9  % 9.5  %
Tier 1 capital ratio 13.5  14.6  11.0 
Total capital ratio 16.1  16.6  13.0 
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)
$ 2,719  $ 2,719 
Tier 1 leverage ratio 7.4  % 7.4  % 4.0 
Supplementary leverage exposure (in billions) (5)
$ 2,786 
Supplementary leverage ratio 7.2  % 5.0 
(1)As of September 30, 2021 and December 31, 2020, capital ratios are calculated using the regulatory capital rule that allows a five-year transition period related to the adoption of the current expected credit losses (CECL) accounting standard.
(2)The capital conservation buffer and G-SIB surcharge were 2.5 percent at both September 30, 2021 and December 31, 2020. At September 30, 2021 and December 31, 2020, the Corporation's SCB of 2.5 percent was applied in place of the capital conservation buffer under the Standardized approach. The countercyclical capital buffer for both periods was zero. The CET1 capital regulatory minimum is the sum of the CET1 capital ratio minimum of 4.5 percent, our G-SIB surcharge of 2.5 percent and our SCB or the capital conservation buffer, as applicable, of 2.5 percent. The SLR regulatory minimum includes a leverage buffer of 2.0 percent.
(3)Total capital under the Advanced approaches differs from the Standardized approach due to differences in the amount permitted in Tier 2 capital related to the qualifying allowance for credit losses.
(4)Reflects total average assets adjusted for certain Tier 1 capital deductions.
(5)Supplementary leverage exposure at December 31, 2020 reflects the temporary exclusion of U.S. Treasury securities and deposits at Federal Reserve Banks. The temporary relief expired after March 31, 2021 and is not reflected in supplementary leverage exposure at September 30, 2021.

23 Bank of America


At September 30, 2021, CET1 capital was $174.4 billion, a decrease of $2.3 billion from December 31, 2020, driven by common stock repurchases, dividends and lower net unrealized gains on available-for-sale (AFS) debt securities included in accumulated other comprehensive income (OCI), partially offset by earnings. Tier 1 capital decreased $2.3 billion primarily driven by the same factors as CET1 capital. Total capital under the Standardized approach decreased $7.4 billion primarily due to the same factors driving the decrease in CET1 capital, and a decrease in the adjusted allowance for credit losses included in Tier 2 capital. RWA under the Standardized approach, which yielded the lower CET1 capital ratio at September 30, 2021,
increased $88.3 billion during the nine months ended September 30, 2021 to $1,568 billion primarily due to strong client activity in Global Markets and an increase in debt securities resulting from the deployment of cash received from deposit inflows. Supplementary leverage exposure at September 30, 2021 increased $729.9 billion during the nine months ended September 30, 2021 primarily due to the expiration of the Federal Reserve’s temporary relief to exclude U.S. Treasury securities and deposits at Federal Reserve Banks and an increase in debt securities resulting from the deployment of cash received from deposit inflows.
Table 9 shows the capital composition at September 30, 2021 and December 31, 2020.
Table 9 Capital Composition under Basel 3
(Dollars in millions) September 30
2021		 December 31
2020
Total common shareholders’ equity $ 249,023  $ 248,414 
CECL transitional amount (1)
2,722  4,213 
Goodwill, net of related deferred tax liabilities (68,638) (68,565)
Deferred tax assets arising from net operating loss and tax credit carryforwards (7,638) (5,773)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities (1,644) (1,617)
Defined benefit pension plan net assets (1,223) (1,164)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness,
 net-of-tax		 1,477  1,753 
Other 328  (601)
Common equity tier 1 capital 174,407  176,660 
Qualifying preferred stock, net of issuance cost 23,440  23,437 
Other (5) (1)
Tier 1 capital 197,842  200,096 
Tier 2 capital instruments 21,756  22,213 
Qualifying allowance for credit losses (2)
11,177  15,649 
Other (269) (22)
Total capital under the Standardized approach 230,506  237,936 
Adjustment in qualifying allowance for credit losses under the Advanced approaches (2)
(6,509) (10,251)
Total capital under the Advanced approaches $ 223,997  $ 227,685 
(1)Includes the impact of the Corporation's adoption of the 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.

Table 10 shows the components of RWA as measured under Basel 3 at September 30, 2021 and December 31, 2020.
Table 10 Risk-weighted Assets under Basel 3
Standardized Approach Advanced Approaches Standardized Approach Advanced Approaches
(Dollars in billions)
 September 30, 2021 December 31, 2020
Credit risk $ 1,506  $ 901  $ 1,420  $ 896 
Market risk 62  62  60  60 
Operational risk n/a 375  n/a 372 
Risks related to credit valuation adjustments n/a 42  n/a 43 
Total risk-weighted assets $ 1,568  $ 1,380  $ 1,480  $ 1,371 
n/a = not applicable
Bank of America 24

Bank of America, N.A. Regulatory Capital
Table 11 presents regulatory capital information for BANA in accordance with Basel 3 Standardized and Advanced approaches as measured at September 30, 2021 and December 31, 2020. BANA met the definition of well capitalized under the PCA framework for both periods.
Table 11 Bank of America, N.A. Regulatory Capital under Basel 3
Standardized
Approach (1)
Advanced
Approaches (1)
Regulatory
Minimum (2)
(Dollars in millions, except as noted) September 30, 2021
Risk-based capital metrics:
Common equity tier 1 capital
 $ 173,710  $ 173,710 
Tier 1 capital 173,710  173,710 
Total capital (3)
186,588  179,901 
Risk-weighted assets (in billions) 1,288  1,012 
Common equity tier 1 capital ratio 13.5  % 17.2  % 7.0  %
Tier 1 capital ratio 13.5  17.2  8.5 
Total capital ratio 14.5  17.8  10.5 
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)
$ 2,329  $ 2,329 
Tier 1 leverage ratio 7.5  % 7.5  % 5.0 
Supplementary leverage exposure (in billions) $ 2,736 
Supplementary leverage ratio 6.3  % 6.0 




December 31, 2020
Risk-based capital metrics:
Common equity tier 1 capital
 $ 164,593  $ 164,593 
Tier 1 capital 164,593  164,593 
Total capital (3)
181,370  170,922 
Risk-weighted assets (in billions) 1,221  1,014 
Common equity tier 1 capital ratio 13.5  % 16.2  % 7.0  %
Tier 1 capital ratio 13.5  16.2  8.5 
Total capital ratio 14.9  16.9  10.5 
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)
$ 2,143  $ 2,143 
Tier 1 leverage ratio 7.7  % 7.7  % 5.0 
Supplementary leverage exposure (in billions) $ 2,525 
Supplementary leverage ratio 6.5  % 6.0 
(1)Capital ratios for both September 30, 2021 and December 31, 2020 are calculated using the regulatory capital rule that allows a five-year transition period related to the adoption of CECL.
(2)Risk-based capital regulatory minimums at September 30, 2021 and December 31, 2020 are the minimum ratios under Basel 3 including a capital conservation buffer of 2.5 percent. The regulatory minimums for the leverage ratios as of both period ends are the percent required to be considered well capitalized under the PCA framework.
(3)Total capital under the Advanced approaches differs from the Standardized approach due to differences in the amount permitted in Tier 2 capital related to the qualifying allowance for credit losses.
(4)Reflects total average assets adjusted for certain Tier 1 capital deductions.
Total Loss-Absorbing Capacity Requirements
Total loss-absorbing capacity (TLAC) consists of the Corporation’s Tier 1 capital and eligible long-term debt issued directly by the Corporation. Eligible long-term debt for TLAC ratios is comprised of unsecured debt that has a remaining maturity of at least one year and satisfies additional requirements as prescribed in the TLAC final rule. As with the
risk-based capital ratios and SLR, the Corporation is required to maintain TLAC ratios in excess of minimum requirements plus applicable buffers to avoid restrictions on capital distributions and discretionary bonus payments. Table 12 presents the Corporation's TLAC and long-term debt ratios and related information as of September 30, 2021 and December 31, 2020.
25 Bank of America


Table 12 Bank of America Corporation Total Loss-Absorbing Capacity and Long-Term Debt

TLAC (1)
Regulatory Minimum (2)
Long-term
Debt
Regulatory Minimum (3)
(Dollars in millions) September 30, 2021
Total eligible balance $ 434,224  $ 226,431 
Percentage of risk-weighted assets (4)
27.7  % 22.0  % 14.4  % 8.5  %
Percentage of supplementary leverage exposure (5)
12.4  9.5  6.4  4.5 
December 31, 2020
Total eligible balance $ 405,153  $ 196,997 
Percentage of risk-weighted assets (4)
27.4  % 22.0  % 13.3  % 8.5  %
Percentage of supplementary leverage exposure (5)
14.5  9.5  7.1  4.5 
(1)As of September 30, 2021 and December 31, 2020, TLAC ratios are calculated using the regulatory capital rule that allows a five-year transition period related to the adoption of CECL.
(2)The TLAC RWA regulatory minimum consists of 18.0 percent plus a TLAC RWA buffer comprised of 2.5 percent plus the Method 1 G-SIB surcharge of 1.5 percent. The countercyclical buffer is zero for both periods. The TLAC supplementary leverage exposure regulatory minimum consists of 7.5 percent plus a 2.0 percent TLAC leverage buffer. The TLAC RWA and leverage buffers must be comprised solely of CET1 capital and Tier 1 capital, respectively.
(3)The long-term debt RWA regulatory minimum is comprised of 6.0 percent plus an additional 2.5 percent requirement based on the Corporation’s Method 2 G-SIB surcharge. The long-term debt leverage exposure regulatory minimum is 4.5 percent.
(4)The approach that yields the higher RWA is used to calculate TLAC and long-term debt ratios, which was the Standardized approach as of September 30, 2021 and December 31, 2020.
(5)Supplementary leverage exposure at December 31, 2020 reflects the temporary exclusion of U.S. Treasury Securities and deposits at Federal Reserve Banks. The temporary relief expired after March 31, 2021 and is not reflected in supplementary leverage exposure at September 30, 2021.

Regulatory Developments
The following supplements the disclosure in Capital Management – Regulatory Developments in the MD&A of the Corporation’s 2020 Annual Report on Form 10-K.
Supplementary Leverage Ratio
On March 19, 2021, U.S. banking regulators announced that the temporary change to the SLR for BHCs and depository institutions issued in 2020 would expire as scheduled after March 31, 2021. While the temporary relief automatically applied to the Corporation, the Corporation’s lead depository institution, Bank of America, N.A., did not opt to take advantage of the SLR relief offered by the Office of the Comptroller of the Currency. At September 30, 2021, the Corporation’s SLR was 5.6 percent, which exceeds the 5.0 percent minimum required by the Federal Reserve.
Regulatory Capital and Securities Regulation
The Corporation’s principal U.S. broker-dealer subsidiaries are BofA Securities, Inc. (BofAS), Merrill Lynch Professional Clearing Corp. (MLPCC) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S). The Corporation's principal European broker-dealer subsidiaries are Merrill Lynch International (MLI) and BofA Securities Europe SA (BofASE).
The U.S. broker-dealer subsidiaries are subject to the net capital requirements of Rule 15c3-1 under the Exchange Act. BofAS computes its minimum capital requirements as an alternative net capital broker-dealer under Rule 15c3-1e, and MLPCC and MLPF&S compute their minimum capital requirements in accordance with the alternative standard under Rule 15c3-1. BofAS and MLPCC are also registered as futures commission merchants and are subject to CFTC Regulation 1.17. The U.S. broker-dealer subsidiaries are also registered with the Financial Industry Regulatory Authority, Inc. (FINRA). Pursuant to FINRA Rule 4110, FINRA may impose higher net capital requirements than Rule 15c3-1 under the Exchange Act with respect to each of the broker-dealers.
BofAS provides institutional services, and in accordance with the alternative net capital requirements, is required to maintain tentative net capital in excess of $1.0 billion and net capital in excess of the greater of $500 million or a certain percentage of its reserve requirement. BofAS must also notify the SEC in the event its tentative net capital is less than $5.0 billion. BofAS is also required to hold a certain percentage of its customers' and affiliates' risk-based margin in order to meet its CFTC minimum net capital requirement. At September 30, 2021, BofAS had
tentative net capital of $19.2 billion. BofAS also had regulatory net capital of $16.6 billion, which exceeded the minimum requirement of $3.1 billion.
MLPCC is a fully-guaranteed subsidiary of BofAS and provides clearing and settlement services as well as prime brokerage and arranged financing services for institutional clients. At September 30, 2021, MLPCC’s regulatory net capital of $5.0 billion exceeded the minimum requirement of $1.5 billion.
MLPF&S provides retail services. At September 30, 2021, MLPF&S' regulatory net capital was $4.8 billion, which exceeded the minimum requirement of $189 million.
Our European broker-dealers are regulated by non-U.S. regulators. MLI, a U.K. investment firm, is regulated by the Prudential Regulation Authority and the FCA and is subject to certain regulatory capital requirements. At September 30, 2021, MLI’s capital resources were $33.7 billion, which exceeded the minimum Pillar 1 requirement of $14.2 billion. BofASE, a French investment firm, is regulated by the Autorité de Contrôle Prudentiel et de Résolution and the Autorité des Marchés Financiers, and is subject to certain regulatory capital requirements. At September 30, 2021, BofASE's capital resources were $7.0 billion, which exceeded the minimum Pillar 1 requirement of $3.1 billion.
Liquidity Risk
Funding and Liquidity Risk Management
Our primary liquidity risk management objective is to meet expected or unexpected cash flow and collateral needs while continuing to support our businesses and customers under a range of economic conditions. To achieve that objective, we analyze and monitor our liquidity risk under expected and stressed conditions, maintain liquidity and access to diverse funding sources, including our stable deposit base, and seek to align liquidity-related incentives and risks. These liquidity risk management practices have allowed us to effectively manage the market stress from the pandemic that began in the first quarter of 2020. For more information on the effects of the pandemic, see Executive Summary – Recent Developments – COVID-19 Pandemic on page 3 herein and Item 1A. Risk Factors – Coronavirus Disease of the Corporation’s 2020 Annual Report on Form 10-K.
We define liquidity as readily available assets, limited to cash and high-quality, liquid, unencumbered securities that we can use to meet our contractual and contingent financial
Bank of America 26

obligations as they arise. We manage our liquidity position through line-of-business and ALM activities, as well as through our legal entity funding strategy, on both a forward and current (including intraday) basis under both expected and stressed conditions. We believe that a centralized approach to funding and liquidity management enhances our ability to monitor liquidity requirements, maximizes access to funding sources, minimizes borrowing costs and facilitates timely responses to liquidity events. For more information regarding global funding and liquidity risk management, as well as liquidity sources, liquidity arrangements, contingency planning and credit ratings discussed below, see Liquidity Risk in the MD&A of the Corporation’s 2020 Annual Report on Form 10-K.
NB Holdings Corporation
The parent company, which is a separate and distinct legal entity from our bank and nonbank subsidiaries, has an intercompany arrangement with our wholly-owned holding company subsidiary, NB Holdings Corporation (NB Holdings). We have transferred, and agreed to transfer, additional parent company assets not required to satisfy anticipated near-term expenditures to NB Holdings. The parent company is expected to continue to have access to the same flow of dividends, interest and other amounts of cash necessary to service our debt, pay dividends and perform other obligations as it would have had we not entered into these arrangements and transferred any assets. These arrangements support our preferred single point of entry resolution strategy, under which only the parent company would be resolved under the U.S. Bankruptcy Code.
Global Liquidity Sources and Other Unencumbered Assets
Table 13 presents average Global Liquidity Sources (GLS) for the three months ended September 30, 2021 and December 31, 2020.
Table 13 Average Global Liquidity Sources
Three Months Ended
(Dollars in billions) September 30
2021		 December 31
2020
Bank entities $ 960  $ 773 
Nonbank and other entities (1)
160  170 
Total Average Global Liquidity Sources
 $ 1,120  $ 943 
(1) Nonbank includes Parent, NB Holdings and other regulated entities.
Our bank subsidiaries’ liquidity is primarily driven by deposit and lending activity, as well as securities valuation and net debt activity. Bank subsidiaries can also generate incremental liquidity by pledging a range of unencumbered loans and securities to certain Federal Home Loan Banks (FHLBs) and the Federal Reserve Discount Window. The cash we could have obtained by borrowing against this pool of specifically-identified eligible assets was $318 billion and $306 billion at September 30, 2021 and December 31, 2020. We have established operational procedures to enable us to borrow against these assets, including regularly monitoring our total pool of eligible loans and securities collateral. Eligibility is defined in guidelines from the FHLBs and the Federal Reserve and is subject to change at their discretion. Due to regulatory restrictions, liquidity generated by the bank subsidiaries can generally be used only to fund obligations within the bank subsidiaries, and transfers to the parent company or nonbank subsidiaries may be subject to prior regulatory approval.
Liquidity is also held in nonbank entities, including the Parent, NB Holdings and other regulated entities. Parent
company and NB Holdings liquidity is typically in the form of cash deposited at BANA, which is excluded from the liquidity at bank subsidiaries, and high-quality, liquid, unencumbered securities. Liquidity held in other regulated entities, comprised primarily of broker-dealer subsidiaries, is primarily available to meet the obligations of that entity, and transfers to the parent company or to any other subsidiary may be subject to prior regulatory approval due to regulatory restrictions and minimum requirements. Our other regulated entities also hold unencumbered investment-grade securities and equities that we believe could be used to generate additional liquidity.
Table 14 presents the composition of average GLS for the three months ended September 30, 2021 and December 31, 2020.
Table 14 Average Global Liquidity Sources Composition
Three Months Ended
(Dollars in billions) September 30
2021		 December 31
2020
Cash on deposit $ 241  $ 322 
U.S. Treasury securities 265  141 
U.S. agency securities, mortgage-backed securities, and other investment-grade securities
 596  462 
Non-U.S. government securities
 18  18 
Total Average Global Liquidity Sources $ 1,120  $ 943 
Our GLS are substantially the same in composition to what qualifies as High Quality Liquid Assets (HQLA) under the final U.S. Liquidity Coverage Ratio (LCR) rules. However, HQLA for purposes of calculating LCR is not reported at market value, but at a lower value that incorporates regulatory deductions and the exclusion of excess liquidity held at certain subsidiaries. The LCR is calculated as the amount of a financial institution’s unencumbered HQLA relative to the estimated net cash outflows the institution could encounter over a 30-day period of significant liquidity stress, expressed as a percentage. Our average consolidated HQLA, on a net basis, was $612 billion and $584 billion for the three months ended September 30, 2021 and December 31, 2020. For the same periods, the average consolidated LCR was 117 percent and 122 percent. Our LCR fluctuates due to normal business flows from customer activity.
Liquidity Stress Analysis
We utilize liquidity stress analysis to assist us in determining the appropriate amounts of liquidity to maintain at the parent company and our subsidiaries to meet contractual and contingent cash outflows under a range of scenarios. For more information on liquidity stress analysis, see Liquidity Risk – Liquidity Stress Analysis in the MD&A of the Corporation’s 2020 Annual Report on Form 10-K.
Net Stable Funding Ratio Final Rule
On October 20, 2020, the U.S. Agencies finalized the Net Stable Funding Ratio (NSFR), a rule requiring large banks to maintain a minimum level of stable funding over a one-year period. The final rule is intended to support the ability of banks to lend to households and businesses in both normal and adverse economic conditions and is complementary to the LCR rule, which focuses on short-term liquidity risks. The final rule was effective July 1, 2021. The U.S. NSFR applies to the Corporation on a consolidated basis and to our insured depository institutions. The Corporation is in compliance with
27 Bank of America


the final NSFR rule in the regulatory timeline provided, and there have not been any significant impacts to the Corporation.
Diversified Funding Sources
We fund our assets primarily with a mix of deposits, and secured and unsecured liabilities through a centralized, globally coordinated funding approach diversified across products, programs, markets, currencies and investor groups. We fund a substantial portion of our lending activities through our deposits, which were $1.96 trillion and $1.80 trillion at September 30, 2021 and December 31, 2020.
Our trading activities in other regulated entities are primarily funded on a secured basis through securities lending and repurchase agreements, and these amounts will vary based on customer activity and market conditions.
Long-term Debt
During the nine months ended September 30, 2021, we issued $65.5 billion of long-term debt consisting of $49.8 billion of notes issued by Bank of America Corporation, substantially all of which was TLAC compliant, $6.2 billion of notes issued by Bank of America, N.A. and $9.5 billion of other debt.
During the nine months ended September 30, 2021, we had total long-term debt maturities and redemptions in the aggregate of $38.5 billion consisting of $21.3 billion for Bank of America Corporation, $8.0 billion for Bank of America, N.A. and $9.2 billion of other debt. Table 15 presents the carrying value of aggregate annual contractual maturities of long-term debt at September 30, 2021.
Table 15 Long-term Debt by Maturity
(Dollars in millions)
Remainder of 2021
 2022 2023 2024 2025 Thereafter Total
Bank of America Corporation
Senior notes (1)
$ —  $ 5,759  $ 23,451  $ 23,642  $ 19,800  $ 138,303  $ 210,955 
Senior structured notes 80  1,937  594  292  412  11,384  14,699 
Subordinated notes 354  —  —  3,300  5,434  16,064  25,152 
Junior subordinated notes —  —  —  —  —  741  741 
Total Bank of America Corporation 434  7,696  24,045  27,234  25,646  166,492  251,547 
Bank of America, N.A.
Senior notes —  3,245  504  —  —  1  3,750 
Subordinated notes —  —  —  —  —  1,775  1,775 
Advances from Federal Home Loan Banks 500  203  1  —  16  72  792 
Securitizations and other Bank VIEs (2)
—  1,249  999  999  —  84  3,331 
Other 7  67  316  66  153  21  630 
Total Bank of America, N.A. 507  4,764  1,820  1,065  169  1,953  10,278 
Other debt
Structured Liabilities 1,105  3,777  2,507  1,733  671  6,503  16,296 
Nonbank VIEs (2)
1  —  —  —  —  499  500 
Total other debt 1,106  3,777  2,507  1,733  671  7,002  16,796 
Total long-term debt $ 2,047  $ 16,237  $ 28,372  $ 30,032  $ 26,486  $ 175,447  $ 278,621 
(1)    Total includes $177.2 billion of outstanding notes that are both TLAC eligible and callable one year before their stated maturities, including $2.5 billion during the remainder of 2021, and $15.1 billion, $17.0 billion, $16.0 billion and $15.2 billion during each year of 2022 through 2025, respectively, and $111.4 billion thereafter. For more information on our TLAC eligible and callable outstanding notes, see Liquidity Risk – Diversified Funding Sources in the MD&A of the Corporation’s 2020 Annual Report on Form 10-K.
(2)     Represents liabilities of consolidated variable interest entities (VIEs) included in total long-term debt on the Consolidated Balance Sheet.
Total long-term debt increased $15.7 billion to $278.6 billion during the nine months ended September 30, 2021, primarily due to debt issuances, partially offset by debt maturities and redemptions and valuation adjustments. We may, from time to time, purchase outstanding debt instruments in various transactions, depending on market conditions, liquidity and other factors. Our other regulated entities may also make markets in our debt instruments to provide liquidity for investors.
During the nine months ended September 30, 2021, we issued $4.3 billion of structured notes, which are unsecured debt obligations that pay investors returns linked to other debt or equity securities, indices, currencies or commodities. These structured notes are typically issued to meet client demand, and notes with certain attributes may also be TLAC eligible. We typically hedge the returns we are obligated to pay on these liabilities with derivatives and/or investments in the underlying instruments, so that from a funding perspective, the cost is similar to our other unsecured long-term debt. We could be
required to settle certain structured note obligations for cash or other securities prior to maturity under certain circumstances, which we consider for liquidity planning purposes. We believe, however, that a portion of such borrowings will remain outstanding beyond the earliest put or redemption date.
Substantially all of our senior and subordinated debt obligations contain no provisions that could trigger a requirement for an early repayment, require additional collateral support, result in changes to terms, accelerate maturity or create additional financial obligations upon an adverse change in our credit ratings, financial ratios, earnings, cash flows or stock price. For more information on long-term debt funding, including issuances and maturities and redemptions, see Note 11 – Long-term Debt to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K.
We use derivative transactions to manage interest rate and currency risks of our borrowings, considering the characteristics of the assets they are funding. For more information on our ALM activities, see Interest Rate Risk Management for the Banking Book on page 46.
Credit Ratings
Credit ratings and outlooks are opinions expressed by rating agencies on our creditworthiness and that of our obligations or securities, including long-term debt, short-term borrowings, preferred stock and other securities, including asset securitizations. Table 16 presents the Corporation’s current long-term/short-term senior debt ratings and outlooks expressed by the rating agencies.
Bank of America 28

The ratings from Standard & Poor’s Global Ratings (S&P) and Fitch Ratings (Fitch) for the Corporation and its subsidiaries have not changed from those disclosed in the Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021.
The ratings from Moody's Investors Service for the Corporation and its subsidiaries have not changed from those disclosed in the Corporation's 2020 Annual Report on Form 10-K.
For more information on additional collateral and termination payments that could be required in connection with certain over-the-counter derivative contracts and other trading agreements in the event of a credit rating downgrade, see Note 3 – Derivatives to the Consolidated Financial Statements herein and Item 1A. Risk Factors of the Corporation’s 2020 Annual Report on Form 10-K.
Table 16 Senior Debt Ratings
Moody’s Investors Service Standard & Poor’s Global Ratings Fitch Ratings
Long-term Short-term Outlook Long-term Short-term Outlook Long-term Short-term Outlook
Bank of America Corporation A2 P-1 Stable A- A-2 Positive AA- F1+ Stable
Bank of America, N.A. Aa2 P-1 Stable A+ A-1 Positive AA F1+ Stable
Bank of America Europe Designated Activity Company NR NR NR A+ A-1 Positive AA F1+ Stable
Merrill Lynch, Pierce, Fenner & Smith Incorporated NR NR NR A+ A-1 Positive AA F1+ Stable
BofA Securities, Inc. NR NR NR A+ A-1 Positive AA F1+ Stable
Merrill Lynch International NR NR NR A+ A-1 Positive AA F1+ Stable
BofA Securities Europe SA NR NR NR A+ A-1 Positive AA F1+ Stable
NR = not rated
Finance Subsidiary Issuers and Parent Guarantor
BofA Finance LLC, a Delaware limited liability company, is a consolidated finance subsidiary of the Corporation that has issued and sold, and is expected to continue to issue and sell, its senior unsecured debt securities. In addition, each of BAC Capital Trust XIII, BAC Capital Trust XIV and BAC Capital Trust XV, Delaware statutory trusts, is a 100 percent owned finance subsidiary of the Corporation that has issued and sold trust preferred securities or capital securities, as applicable, that remained outstanding at September 30, 2021. The Corporation has fully and unconditionally guaranteed (or effectively provided for the full and unconditional guarantee of) all such securities issued by such finance subsidiaries. For more information regarding such guarantees by the Corporation, see Liquidity Risk – Finance Subsidiary Issuers and Parent Guarantor in the MD&A of the Corporation’s 2020 Annual Report on Form 10-K. For purposes of the discussion in such section in the Corporation’s 2020 Annual Report on Form 10-K, the term “Trusts” shall be deemed to include BAC Capital Trust XV, and the term “Trust Preferred Securities” shall be deemed to include the capital securities issued and sold by BAC Capital Trust XV that remained outstanding at September 30, 2021.

Credit Risk Management

For information on our credit risk management activities, see Consumer Portfolio Credit Risk Management below, Commercial Portfolio Credit Risk Management on page 35, Non-U.S. Portfolio on page 41, Allowance for Credit Losses on page 42, and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements.
During the nine months ended September 30, 2021, the economy gained momentum as unemployment continued to decline from double-digit highs during 2020 and the economy continued to open as vaccination rates increased and restrictions began to ease. Individuals and businesses in the U.S. have benefited from various forms of government support through economic stimulus packages enacted in 2020 and 2021. While there has been significant economic improvement in comparison to 2020, uncertainty remains about the timing and strength of the economy's recovery, which may also be hampered by supply chain disruptions and inflationary pressures
that could lead to adverse impacts to credit quality metrics in future periods. For more information on how the pandemic may affect our operations, see Executive Summary – Recent Developments – COVID-19 Pandemic on page 3 and Item 1A. Risk Factors – Coronavirus Disease of the Corporation’s 2020 Annual Report on Form 10-K.

Consumer Portfolio Credit Risk Management

Credit risk management for the consumer portfolio begins with initial underwriting and continues throughout a borrower’s credit cycle. Statistical techniques in conjunction with experiential judgment are used in all aspects of portfolio management including underwriting, product pricing, risk appetite, setting credit limits, and establishing operating processes and metrics to quantify and balance risks and returns. Statistical models are built using detailed behavioral information from external sources such as credit bureaus and/or internal historical experience and are a component of our consumer credit risk management process. These models are used in part to assist in making both new and ongoing credit decisions, as well as portfolio management strategies, including authorizations and line management, collection practices and strategies, and determination of the allowance for loan and lease losses and allocated capital for credit risk.
Consumer Credit Portfolio
The economic environment improved during the nine months ended September 30, 2021, with the U.S. unemployment rate continuing to decline and home prices increasing. During the three and nine months ended September 30, 2021, net charge-offs decreased $235 million and $635 million to $329 million and $1.5 billion primarily due to lower credit card losses, as balance declines and the impact of government stimulus measures were partially offset by charge-offs associated with deferrals that expired in 2020. During the nine months ended September 30, 2021, nonperforming loans increased due to deferral activity.
The consumer allowance for loan and lease losses decreased $2.9 billion during the nine months ended September 30, 2021 to $7.2 billion primarily due to improvements in the economic outlook and credit quality. For
29 Bank of America


more information, see Allowance for Credit Losses on page 42.
For more information on our accounting policies regarding delinquencies, nonperforming status, charge-offs and troubled debt restructurings (TDRs) for the consumer portfolio, as well as interest accrual policies and delinquency status for loan modifications related to the pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial
Statements of the Corporation’s 2020 Annual Report on Form 10-K and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements.
Table 17 presents our outstanding consumer loans and leases, consumer nonperforming loans and accruing consumer loans past due 90 days or more.
Table 17 Consumer Credit Quality
 
Outstandings (1)
Nonperforming Accruing Past Due
90 Days or More
(Dollars in millions) September 30
2021		 December 31
2020		 September 30
2021		 December 31
2020		 September 30
2021		 December 31
2020
Residential mortgage (2)
$ 216,940  $ 223,555  $ 2,296  $ 2,005  $ 648  $ 762 
Home equity  29,000  34,311  676  649  —  — 
Credit card 76,869  78,708  n/a n/a 450  903 
Direct/Indirect consumer (3)
99,845  91,363  45  71  8  33 
Other consumer 202  124  —  —  —  — 
Consumer loans excluding loans accounted for under the fair value option
 $ 422,856  $ 428,061  $ 3,017  $ 2,725  $ 1,106  $ 1,698 
Loans accounted for under the fair value option (4)
616  735 
Total consumer loans and leases $ 423,472  $ 428,796 
Percentage of outstanding consumer loans and leases (5)
n/a n/a 0.71  % 0.64  % 0.26  % 0.40  %
Percentage of outstanding consumer loans and leases, excluding fully-insured loan portfolios (5)
n/a n/a 0.74  0.65  0.11  0.22 
(1)Outstandings include non-core residential mortgage of $6.7 billion and $8.3 billion and home equity of $3.4 billion and $4.0 billion at September 30, 2021 and December 31, 2020. For more information on non-core loans, see Consumer Credit Risk Management in the MD&A of the Corporation’s 2020 Annual Report on Form 10-K.
(2)Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At September 30, 2021 and December 31, 2020, residential mortgage includes $466 million and $537 million of loans on which interest had been curtailed by the Federal Housing Administration (FHA), and therefore were no longer accruing interest, although principal was still insured, and $182 million and $225 million of loans on which interest was still accruing.
(3)Outstandings primarily include auto and specialty lending loans and leases of $47.2 billion and $46.4 billion, U.S. securities-based lending loans of $48.7 billion and $41.1 billion and non-U.S. consumer loans of $3.0 billion and $3.0 billion at September 30, 2021 and December 31, 2020.
(4)Consumer loans accounted for under the fair value option include residential mortgage loans of $241 million and $298 million and home equity loans of $375 million and $437 million at September 30, 2021 and December 31, 2020. For more information on the fair value option, see Note 15 – Fair Value Option to the Consolidated Financial Statements.
(5)Excludes consumer loans accounted for under the fair value option. At September 30, 2021 and December 31, 2020, $13 million and $11 million of loans accounted for under the fair value option were past due 90 days or more and not accruing interest.
n/a = not applicable
Table 18 presents net charge-offs and related ratios for consumer loans and leases.
Table 18 Consumer Net Charge-offs and Related Ratios
Net Charge-offs
Net Charge-off Ratios (1)
Three Months Ended September 30 Nine Months Ended September 30 Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2021 2020 2021 2020 2021 2020 2021 2020
Residential mortgage $ (7) $ (6) $ (17) $ (27) (0.01) % (0.01) % (0.01) % (0.02) %
Home equity (34) (20) (93) (45) (0.46) (0.21) (0.40) (0.16)
Credit card 321  509  1,443  1,944  1.69  2.49  2.59  2.97 
Direct/Indirect consumer (18) 18  4  84  (0.07) 0.08  0.01  0.13 
Other consumer 67  63  198  214  n/m n/m n/m n/m
Total $ 329  $ 564  $ 1,535  $ 2,170  0.31  0.50  0.49  0.64 
(1)Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding loans and leases excluding loans accounted for under the fair value option.
n/m = not meaningful
We believe that the presentation of information adjusted to exclude the impact of the fully-insured loan portfolio and loans accounted for under the fair value option is more representative of the ongoing operations and credit quality of the business. As a result, in the following tables and discussions of the residential mortgage and home equity portfolios, we exclude loans accounted for under the fair value option and provide information that excludes the impact of the fully-insured loan portfolio in certain credit quality statistics.
Residential Mortgage
The residential mortgage portfolio made up the largest percentage of our consumer loan portfolio at 51 percent of consumer loans and leases at September 30, 2021. Approximately 51 percent of the residential mortgage portfolio
was in Consumer Banking and 42 percent was in GWIM. The remaining portion was in All Other and was comprised of loans used in our overall ALM activities, delinquent FHA loans repurchased pursuant to our servicing agreements with the Government National Mortgage Association, as well as loans repurchased related to our representations and warranties.
Outstanding balances in the residential mortgage portfolio decreased $6.6 billion during the nine months ended September 30, 2021 as paydowns were partially offset by originations.
At September 30, 2021 and December 31, 2020, the residential mortgage portfolio included $12.6 billion and $11.8 billion of outstanding fully-insured loans, of which $2.3 billion and $2.8 billion had FHA insurance, with the remainder protected by Fannie Mae long-term standby agreements.
Bank of America 30

Table 19 presents certain residential mortgage key credit statistics on both a reported basis and excluding the fully-insured loan portfolio. The following discussion presents the residential mortgage portfolio excluding the fully-insured loan portfolio.
Table 19 Residential Mortgage – Key Credit Statistics
Reported Basis (1)
Excluding Fully-insured Loans (1)
(Dollars in millions) September 30
2021		 December 31
2020		 September 30
2021		 December 31
2020
Outstandings $ 216,940  $ 223,555  $ 204,316  $ 211,737 
Accruing past due 30 days or more 1,752  2,314  822  1,224 
Accruing past due 90 days or more 648  762  —  — 
Nonperforming loans (2)
2,296  2,005  2,296  2,005 
Percent of portfolio        
Refreshed LTV greater than 90 but less than or equal to 100 1  % 2  % 1  % 1  %
Refreshed LTV greater than 100 —  1  —  1 
Refreshed FICO below 620 2  2  1  1 
(1)Outstandings, accruing past due, nonperforming loans and percentages of portfolio exclude loans accounted for under the fair value option. For information on our interest accrual policies and delinquency status for loan modifications related to the pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K.
(2)Includes loans that are contractually current which primarily consist of collateral-dependent TDRs, including those that have been discharged in Chapter 7 bankruptcy and loans that have not yet demonstrated a sustained period of payment performance following a TDR.
Nonperforming outstanding balances in the residential mortgage portfolio increased $291 million during the nine months ended September 30, 2021 primarily driven by deferral activity. Of the nonperforming residential mortgage loans at September 30, 2021, $1.3 billion, or 55 percent, were current on contractual payments. Loans accruing past due 30 days or more decreased $402 million driven by continued improvement in credit quality.
Net recoveries of $7 million and $17 million for the three and nine months ended September 30, 2021 remained relatively unchanged compared to the same periods in the prior year.
Of the $204.3 billion in total residential mortgage loans outstanding at September 30, 2021, as shown in Table 20, 28 percent were originated as interest-only loans. The outstanding balance of interest-only residential mortgage loans that have entered the amortization period was $5.1 billion, or nine percent, at September 30, 2021. Residential mortgage loans that have entered the amortization period generally experienced a higher rate of early stage delinquencies and nonperforming status compared to the residential mortgage portfolio as a whole. At September 30, 2021, $61 million, or one percent, of outstanding interest-only residential mortgages that had entered the amortization period were accruing past due 30 days or more
compared to $822 million, or less than one percent, for the entire residential mortgage portfolio. In addition, at September 30, 2021, $287 million, or six percent, of outstanding interest-only residential mortgage loans that had entered the amortization period were nonperforming, of which $107 million were contractually current, compared to $2.3 billion, or one percent, for the entire residential mortgage portfolio. Loans that have yet to enter the amortization period in our interest-only residential mortgage portfolio are primarily well-collateralized loans to our wealth management clients and have an interest-only period of three to ten years. Approximately 97 percent of these loans that have yet to enter the amortization period will not be required to make a fully-amortizing payment until 2022 or later.
Table 20 presents outstandings, nonperforming loans and net charge-offs by certain state concentrations for the residential mortgage portfolio. The Los Angeles-Long Beach-Santa Ana Metropolitan Statistical Area (MSA) within California represented 15 percent and 16 percent of outstandings at September 30, 2021 and December 31, 2020. In the New York area, the New York-Northern New Jersey-Long Island MSA made up 15 percent and 14 percent of outstandings at September 30, 2021 and December 31, 2020.
Table 20 Residential Mortgage State Concentrations
Outstandings (1)
Nonperforming (1)
Net Charge-offs
September 30
2021		 December 31
2020		 September 30
2021		 December 31
2020		 Three Months Ended September 30 Nine Months Ended
September 30
(Dollars in millions) 2021 2020 2021 2020
California $ 75,884  $ 83,185  $ 708  $ 570  $ (3) $ (5) $ (10) $ (16)
New York 24,402  23,832  351  272  —  1  2  2 
Florida 13,524  13,017  160  175  (1) (1) (5) (4)
Texas 8,810  8,868  91  78  —  —  —  — 
New Jersey 8,526  8,806  108  98  —  (1) —  (1)
Other 73,170  74,029  878  812  (3) —  (4) (8)
Residential mortgage loans $ 204,316  $ 211,737  $ 2,296  $ 2,005  $ (7) $ (6) $ (17) $ (27)
Fully-insured loan portfolio 12,624  11,818         
Total residential mortgage loan portfolio
 $ 216,940  $ 223,555         
(1)Outstandings and nonperforming loans exclude loans accounted for under the fair value option.
31 Bank of America


Home Equity
At September 30, 2021, the home equity portfolio made up seven percent of the consumer portfolio and was comprised of home equity lines of credit (HELOCs), home equity loans and reverse mortgages. HELOCs generally have an initial draw period of 10 years, and after the initial draw period ends, the loans generally convert to 15- or 20-year amortizing loans. We no longer originate home equity loans or reverse mortgages.
At September 30, 2021, 80 percent of the home equity portfolio was in Consumer Banking, 12 percent was in All Other and the remainder of the portfolio was primarily in GWIM. Outstanding balances in the home equity portfolio decreased $5.3 billion during the nine months ended September 30, 2021 primarily due to paydowns outpacing new
originations and draws on existing lines. Of the total home equity portfolio at September 30, 2021 and December 31, 2020, $12.4 billion, or 43 percent, and $13.8 billion, or 40 percent, were in first-lien positions. At September 30, 2021, outstanding balances in the home equity portfolio that were in a second-lien or more junior-lien position and where we also held the first-lien loan totaled $4.8 billion, or 17 percent of our total home equity portfolio.
Unused HELOCs totaled $40.8 billion and $42.3 billion at September 30, 2021 and December 31, 2020. The HELOC utilization rate was 40 percent and 43 percent at September 30, 2021 and December 31, 2020.
Table 21 presents certain home equity portfolio key credit statistics.
Table 21
Home Equity – Key Credit Statistics (1)
(Dollars in millions) September 30
2021		 December 31
2020
Outstandings $ 29,000  $ 34,311 
Accruing past due 30 days or more (2)
165  186 
Nonperforming loans (2, 3)
676  649 
Percent of portfolio
Refreshed CLTV greater than 90 but less than or equal to 100 1  % 1  %
Refreshed CLTV greater than 100 1  1 
Refreshed FICO below 620 3  3 
(1)Outstandings, accruing past due, nonperforming loans and percentages of the portfolio exclude loans accounted for under the fair value option. For information on our interest accrual policies and delinquency status for loan modifications related to the pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K.
(2)Accruing past due 30 days or more include $26 million and $25 million and nonperforming loans include $86 million and $88 million of loans where we serviced the underlying first lien at September 30, 2021 and December 31, 2020.
(3)Includes loans that are contractually current which primarily consist of collateral-dependent TDRs, including those that have been discharged in Chapter 7 bankruptcy, junior-lien loans where the underlying first lien is 90 days or more past due, as well as loans that have not yet demonstrated a sustained period of payment performance following a TDR.

Nonperforming outstanding balances in the home equity portfolio increased $27 million during the nine months ended September 30, 2021, as new additions outpaced returns to performing status and paydowns. Of the nonperforming home equity loans at September 30, 2021, $273 million, or 40 percent were current on contractual payments. In addition, $256 million, or 38 percent of nonperforming home equity loans were 180 days or more past due and had been written down to the estimated fair value of the collateral, less costs to sell. Accruing loans that were 30 days or more past due decreased $21 million during the nine months ended September 30, 2021.
Net recoveries increased $14 million to $34 million and $48 million to $93 million for the three and nine months ended September 30, 2021 compared to the same periods in 2020. The increase was driven by favorable portfolio trends due in part to improvement in home prices.
Of the $29.0 billion in total home equity portfolio outstandings at September 30, 2021, as shown in Table 21, 14 percent require interest-only payments. The outstanding balance of HELOCs that have reached the end of their draw period and have entered the amortization period was $7.4 billion at September 30, 2021. The HELOCs that have entered the amortization period have experienced a higher percentage of early stage delinquencies and nonperforming status when compared to the HELOC portfolio as a whole. At September 30, 2021, $103 million, or one percent, of outstanding HELOCs that had entered the amortization period were accruing past due 30
days or more. In addition, at September 30, 2021, $484 million, or seven percent, were nonperforming. Loans that have yet to enter the amortization period in our interest-only portfolio are primarily post-2008 vintages and generally have better credit quality than the previous vintages that had entered the amortization period. We communicate to contractually current customers more than a year prior to the end of their draw period to inform them of the potential change to the payment structure before entering the amortization period, and provide payment options to customers prior to the end of the draw period.
Although we do not actively track how many of our home equity customers pay only the minimum amount due on their home equity loans and lines, we can infer some of this information through a review of our HELOC portfolio that we service and that is still in its revolving period. During the three months ended September 30, 2021, 20 percent of these customers with an outstanding balance did not pay any principal on their HELOCs.
Table 22 presents outstandings, nonperforming balances and net charge-offs by certain state concentrations for the home equity portfolio. In the New York area, the New York-Northern New Jersey-Long Island MSA made up 13 percent of the outstanding home equity portfolio at both September 30, 2021 and December 31, 2020. The Los Angeles-Long Beach-Santa Ana MSA within California made up 11 percent of the outstanding home equity portfolio at both September 30, 2021 and December 31, 2020.
Bank of America 32

Table 22 Home Equity State Concentrations
Outstandings (1)
Nonperforming (1)
Net Charge-offs
September 30
2021		 December 31
2020		 September 30
2021		 December 31
2020		 Three Months Ended September 30 Nine Months Ended
September 30
(Dollars in millions) 2021 2020 2021 2020
California $ 7,886  $ 9,488  $ 149  $ 143  $ (9) $ (8) $ (31) $ (17)
Florida 3,113  3,715  83  80  (5) (2) (16) (7)
New Jersey 2,346  2,749  72  67  (1) —  (3) (1)
New York 2,157  2,495  101  103  (2) (1) (3) — 
Massachusetts 1,484  1,719  33  32  (2) —  (2) 1 
Other 12,014  14,145  238  224  (15) (9) (38) (21)
Total home equity loan portfolio $ 29,000  $ 34,311  $ 676  $ 649  $ (34) $ (20) $ (93) $ (45)
(1)Outstandings and nonperforming loans exclude loans accounted for under the fair value option.
Credit Card
At September 30, 2021, 97 percent of the credit card portfolio was managed in Consumer Banking with the remainder in GWIM. Outstandings in the credit card portfolio decreased $1.8 billion during the nine months ended September 30, 2021 to $76.9 billion as increased payments more than offset higher purchase volumes as spending continued to recover. Net charge-offs decreased $188 million to $321 million and $501 million to $1.4 billion during the three and nine months ended September 30, 2021 compared to the same periods in 2020 due to balance declines and the impact of government stimulus
measures, partially offset by charge-offs of certain loans with deferrals that expired in 2020. Credit card loans 30 days or more past due and still accruing interest decreased $755 million, and loans 90 days or more past due and still accruing interest decreased $453 million primarily due to charge-offs of certain loans with deferrals that expired in 2020 and the impact of government stimulus measures.
Unused lines of credit for credit card increased to $359.0 billion at September 30, 2021 from $342.4 billion at December 31, 2020.
Table 23 presents certain state concentrations for the credit card portfolio.
Table 23 Credit Card State Concentrations
Outstandings
Accruing Past Due
90 Days or More (1)
Net Charge-offs
September 30
2021		 December 31
2020		 September 30
2021		 December 31
2020		 Three Months Ended September 30 Nine Months Ended
September 30
(Dollars in millions) 2021 2020 2021 2020
California $ 12,248  $ 12,543  $ 81  $ 166  $ 60  $ 92  $ 273  $ 347 
Florida 7,504  7,666  64  135  46  66  205  252 
Texas 6,483  6,499  44  87  30  45  132  166 
New York 4,488  4,654  32  76  24  43  116  154 
Washington 3,840  3,685  12  21  7  12  32  47 
Other 42,306  43,661  217  418  154  251  685  978 
Total credit card portfolio $ 76,869  $ 78,708  $ 450  $ 903  $ 321  $ 509  $ 1,443  $ 1,944 
(1)For information on our interest accrual policies and delinquency status for loan modifications related to the pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K.
Direct/Indirect Consumer
At September 30, 2021, 48 percent of the direct/indirect portfolio was included in Consumer Banking (consumer auto and recreational vehicle lending) and 52 percent was included in GWIM (principally securities-based lending loans). Outstandings
in the direct/indirect portfolio increased by $8.5 billion during the nine months ended September 30, 2021 to $99.8 billion driven by client demand for liquidity and high asset values in the securities-based lending portfolio.

33 Bank of America


Table 24 presents certain state concentrations for the direct/indirect consumer loan portfolio.
Table 24 Direct/Indirect State Concentrations
Outstandings
Accruing Past Due
90 Days or More (1)
Net Charge-offs
September 30
2021		 December 31
2020		 September 30
2021		 December 31
2020		 Three Months Ended September 30 Nine Months Ended
September 30
(Dollars in millions) 2021 2020 2021 2020
California $ 14,225  $ 12,248  $ 1  $ 6  $ (2) $ 2  $ 3  $ 13 
Florida 12,590  10,891  1  4  (2) 3  —  14 
Texas 9,402  8,981  1  6  (4) 4  2  13 
New York 7,511  6,609  1  2  1  2  4  6 
New Jersey 3,988  3,572  —  —  —  —  (1) 1 
Other 52,129  49,062  4  15  (11) 7  (4) 37 
Total direct/indirect loan portfolio $ 99,845  $ 91,363  $ 8  $ 33  $ (18) $ 18  $ 4  $ 84 
(1)For information on our interest accrual policies and delinquency status for loan modifications related to the pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K.
Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity
Table 25 presents nonperforming consumer loans, leases and foreclosed properties activity for the three and nine months ended September 30, 2021 and 2020. During the nine months ended September 30, 2021, nonperforming consumer loans increased $292 million to $3.0 billion primarily driven by consumer real estate deferral activity.
At September 30, 2021, $857 million, or 28 percent of nonperforming loans were 180 days or more past due and had been written down to their estimated property value less costs
to sell. In addition, at September 30, 2021, $1.6 billion, or 52 percent of nonperforming consumer loans were modified and are now current after successful trial periods, or are current loans classified as nonperforming loans in accordance with applicable policies.
Foreclosed properties decreased $36 million during the nine months ended September 30, 2021 to $87 million. Nonperforming loans also include certain loans that have been modified in TDRs where economic concessions have been granted to borrowers experiencing financial difficulties. Nonperforming TDRs are included in Table 25.
Table 25 Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity
Three Months Ended September 30 Nine Months Ended
September 30
(Dollars in millions) 2021 2020 2021 2020
Nonperforming loans and leases, beginning of period $ 3,044  $ 2,191  $ 2,725  $ 2,053 
Additions 353  587  1,635  1,418 
Reductions:
Paydowns and payoffs (163) (113) (446) (303)
Sales (1) —  (3) (31)
Returns to performing status (1)
(201) (291) (839) (689)
Charge-offs (12) (13) (49) (62)
Transfers to foreclosed properties (3) (4) (6) (29)
Total net additions/(reductions) to nonperforming loans and leases (27) 166  292  304 
Total nonperforming loans and leases, September 30
 3,017  2,357  3,017  2,357 
Foreclosed properties, September 30 (2)
87  135  87  135 
Nonperforming consumer loans, leases and foreclosed properties, September 30
 $ 3,104  $ 2,492  $ 3,104  $ 2,492 
Nonperforming consumer loans and leases as a percentage of outstanding consumer loans and leases (3)
0.71  % 0.54  %
Nonperforming consumer loans, leases and foreclosed properties as a percentage of outstanding consumer loans, leases and foreclosed properties (3)
0.73  0.57 
(1)Consumer loans may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection.
(2)Foreclosed property balances do not include properties insured by certain government-guaranteed loans, principally FHA-insured, of $55 million and $131 million at September 30, 2021 and 2020.
(3)Outstanding consumer loans and leases exclude loans accounted for under the fair value option.

Bank of America 34

Table 26 presents TDRs for the consumer real estate portfolio. Performing TDR balances are excluded from nonperforming loans and leases in Table 25.
Table 26 Consumer Real Estate Troubled Debt Restructurings
September 30, 2021 December 31, 2020
(Dollars in millions) Nonperforming Performing Total Nonperforming Performing Total
Residential mortgage (1, 2)
$ 1,530  $ 2,422  $ 3,952  $ 1,195  $ 2,899  $ 4,094 
Home equity (3)
265  692  957  248  836  1,084 
Total consumer real estate troubled debt restructurings $ 1,795  $ 3,114  $ 4,909  $ 1,443  $ 3,735  $ 5,178 
(1)At September 30, 2021 and December 31, 2020, residential mortgage TDRs deemed collateral dependent totaled $1.7 billion and $1.4 billion, and included $1.4 billion and $1.0 billion of loans classified as nonperforming and $297 million and $361 million of loans classified as performing.
(2)At September 30, 2021 and December 31, 2020, residential mortgage performing TDRs include $1.3 billion and $1.5 billion of loans that were fully-insured.
(3)At September 30, 2021 and December 31, 2020, home equity TDRs deemed collateral dependent totaled $390 million and $407 million, and include $232 million and $216 million of loans classified as nonperforming and $158 million and $191 million of loans classified as performing.
In addition to modifying consumer real estate loans, we work with customers who are experiencing financial difficulty by modifying credit card and other consumer loans. Credit card and other consumer loan modifications generally involve a reduction in the customer’s interest rate on the account and placing the customer on a fixed payment plan not exceeding 60 months.
Modifications of credit card and other consumer loans are made through programs utilizing direct customer contact, but may also utilize external programs. At September 30, 2021 and December 31, 2020, our credit card and other consumer TDR portfolio was $654 million and $701 million, of which $590 million and $614 million were current or less than 30 days past due under the modified terms.

Commercial Portfolio Credit Risk Management

Commercial credit risk is evaluated and managed with the goal that concentrations of credit exposure continue to be aligned with our risk appetite. We review, measure and manage concentrations of credit exposure by industry, product, geography, customer relationship and loan size. We also review, measure and manage commercial real estate loans by geographic location and property type. In addition, within our non-U.S. portfolio, we evaluate exposures by region and by country. Tables 31, 34 and 37 summarize our concentrations. We also utilize syndications of exposure to third parties, loan sales, hedging and other risk mitigation techniques to manage the size and risk profile of the commercial credit portfolio. For more information on our industry concentrations, see Table 34 and Commercial Portfolio Credit Risk Management – Industry Concentrations on page 39.
For more information on our accounting policies regarding delinquencies, nonperforming status, net charge-offs and TDRs for the commercial portfolio as well as interest accrual policies and delinquency status for loan modifications related to the pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K.
Commercial Credit Portfolio
During the nine months ended September 30, 2021, commercial credit quality improved as the economic recovery gained momentum amid COVID-19 containment and vaccination progress. Accordingly, charge-offs, nonperforming commercial
loans and reservable criticized utilized exposure declined during this period. Outstanding commercial loans and leases increased $5.2 billion during the nine months ended September 30, 2021 due to growth in commercial and industrial, primarily in Global Markets with most of the increase in investment grade exposures. This increase was largely offset by lower U.S. small
business commercial loans due to PPP forgiveness. For more information on PPP loans, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K.
Credit quality of commercial real estate borrowers has begun to stabilize in many sectors as economies have reopened. However, certain sectors, including hospitality, while showing signs of improvement, continue to be negatively impacted due to the pandemic. Moreover, many real estate markets, while improving, are still experiencing some disruptions in demand, supply chain challenges and tenant difficulties. Current and future office demand is uncertain as companies evaluate space needs with employment models that utilize a mix of remote and conventional office use.
The commercial allowance for loan and lease losses decreased $2.8 billion during the nine months ended September 30, 2021 to $6.0 billion driven by improvements in the macroeconomic outlook and credit quality. For more information, see Allowance for Credit Losses on page 42.
Total commercial utilized credit exposure decreased $4.9 billion during the nine months ended September 30, 2021 to $615.4 billion primarily driven by lower derivative assets. The utilization rate for loans and leases, standby letters of credit (SBLCs) and financial guarantees, and commercial letters of credit, in the aggregate, was 55 percent at September 30, 2021 and 57 percent at December 31, 2020.
Table 27 presents commercial credit exposure by type for utilized, unfunded and total binding committed credit exposure. Commercial utilized credit exposure includes SBLCs and financial guarantees and commercial letters of credit that have been issued and for which we are legally bound to advance funds under prescribed conditions during a specified time period, and excludes exposure related to trading account assets. Although funds have not yet been advanced, these exposure types are considered utilized for credit risk management purposes.
35 Bank of America


Table 27 Commercial Credit Exposure by Type
 
Commercial Utilized (1)
Commercial Unfunded (2, 3, 4)
Total Commercial Committed
(Dollars in millions) September 30
2021		 December 31
2020		 September 30
2021		 December 31
2020		 September 30
2021		 December 31
2020
Loans and leases $ 504,264  $ 499,065  $ 446,891  $ 404,740  $ 951,155  $ 903,805 
Derivative assets (5)
40,829  47,179  —  —  40,829  47,179 
Standby letters of credit and financial guarantees 33,766  34,616  829  538  34,595  35,154 
Debt securities and other investments 20,738  22,618  5,448  4,827  26,186  27,445 
Loans held-for-sale 7,440  8,378  24,674  9,556  32,114  17,934 
Operating leases 5,885  6,424  —  —  5,885  6,424 
Commercial letters of credit 1,299  855  511  280  1,810  1,135 
Other 1,146  1,168  —  —  1,146  1,168 
Total $ 615,367  $ 620,303  $ 478,353  $ 419,941  $ 1,093,720  $ 1,040,244 
(1)Commercial utilized exposure includes loans of $7.0 billion and $5.9 billion and issued letters of credit with a notional amount of $86 million and $89 million accounted for under the fair value option at September 30, 2021 and December 31, 2020.
(2)Commercial unfunded exposure includes commitments accounted for under the fair value option with a notional amount of $4.9 billion and $3.9 billion at September 30, 2021 and December 31, 2020.
(3)Excludes unused business card lines, which are not legally binding.
(4)Includes the notional amount of unfunded legally binding lending commitments net of amounts distributed (i.e., syndicated or participated) to other financial institutions. The distributed amounts were $10.3 billion and $10.5 billion at September 30, 2021 and December 31, 2020.
(5)Derivative assets are carried at fair value, reflect the effects of legally enforceable master netting agreements and have been reduced by cash collateral of $31.2 billion and $42.5 billion at September 30, 2021 and December 31, 2020. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $39.9 billion and $39.3 billion at September 30, 2021 and December 31, 2020, which consists primarily of other marketable securities.
Nonperforming commercial loans decreased $530 million and commercial reservable criticized utilized exposure decreased $14.5 billion, which was broad-based across industries. Table 28 presents our commercial loans and leases portfolio and related credit quality information at September 30, 2021 and December 31, 2020.
Table 28 Commercial Credit Quality
Outstandings Nonperforming Accruing Past Due
90 Days or More
(Dollars in millions) September 30
2021		 December 31
2020		 September 30
2021		 December 31
2020		 September 30
2021		 December 31
2020
Commercial and industrial:
U.S. commercial $ 295,927  $ 288,728  $ 909  $ 1,243  $ 84  $ 228 
Non-U.S. commercial 102,850  90,460  272  418  60  10 
Total commercial and industrial 398,777  379,188  1,181  1,661  144  238 
Commercial real estate 60,723  60,364  414  404  5  6 
Commercial lease financing 15,044  17,098  70  87  11  25 
474,544  456,650  1,665  2,152  160  269 
U.S. small business commercial (1)
22,770  36,469  32  75  64  115 
Commercial loans excluding loans accounted for under the fair value option 497,314  493,119  $ 1,697  $ 2,227  $ 224  $ 384 
Loans accounted for under the fair value option (2)
6,950  5,946 
Total commercial loans and leases $ 504,264  $ 499,065 
(1)Includes card-related products.
(2)Commercial loans accounted for under the fair value option include U.S. commercial of $4.5 billion and $2.9 billion and non-U.S. commercial of $2.4 billion and $3.0 billion at September 30, 2021 and December 31, 2020. For more information on the fair value option, see Note 15 – Fair Value Option to the Consolidated Financial Statements.
Table 29 presents net charge-offs and related ratios for our commercial loans and leases for the three and nine months ended September 30, 2021 and 2020.
Table 29 Commercial Net Charge-offs and Related Ratios
Net Charge-offs
Net Charge-off Ratios (1)
Three Months Ended September 30 Nine Months Ended September 30 Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2021 2020 2021 2020 2021 2020 2021 2020
Commercial and industrial:
U.S. commercial $ 15  $ 154  $ (4) $ 536  0.02  % 0.20  % —  % 0.23  %
Non-U.S. commercial 1  57  41  90  —  0.23  0.06  0.11 
Total commercial and industrial 16  211  37  626  0.02  0.21  0.01  0.20 
Commercial real estate —  106  28  169  —  0.66  0.06  0.35 
Commercial lease financing (1) 24  (1) 60  —  0.53  —  0.43 
15  341  64  855  0.01  0.28  0.02  0.23 
U.S. small business commercial 119  67  282  215  1.76  0.69  1.16  1.01 
Total commercial $ 134  $ 408  $ 346  $ 1,070  0.11  0.31  0.09  0.27 
(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.
Bank of America 36

Table 30 presents commercial reservable criticized utilized exposure by loan type. Criticized exposure corresponds to the Special Mention, Substandard and Doubtful asset categories as defined by regulatory authorities. Total commercial reservable criticized utilized exposure decreased $14.5 billion during the nine months ended September 30, 2021, which was broad-based across industries. At September 30, 2021 and December 31, 2020, 85 percent and 79 percent of commercial reservable criticized utilized exposure was secured.
Table 30
Commercial Reservable Criticized Utilized Exposure (1, 2)
(Dollars in millions) September 30, 2021 December 31, 2020
Commercial and industrial:
U.S. commercial $ 12,275  3.78  % $ 21,388  6.83  %
Non-U.S. commercial 2,904  2.69  5,051  5.03 
Total commercial and industrial 15,179  3.51  26,439  6.40 
Commercial real estate 7,933  12.70  10,213  16.42 
Commercial lease financing 404  2.68  714  4.18 
23,516  4.61  37,366  7.59 
U.S. small business commercial 626  2.75  1,300  3.56 
Total commercial reservable criticized utilized exposure $ 24,142  4.53  $ 38,666  7.31 
(1)Total commercial reservable criticized utilized exposure includes loans and leases of $22.9 billion and $36.6 billion and commercial letters of credit of $1.2 billion and $2.1 billion at September 30, 2021 and December 31, 2020.
(2)Percentages are calculated as commercial reservable criticized utilized exposure divided by total commercial reservable utilized exposure for each exposure category.
Commercial and Industrial
Commercial and industrial loans include U.S. commercial and non-U.S. commercial portfolios.
U.S. Commercial
At September 30, 2021, 62 percent of the U.S. commercial loan portfolio, excluding small business, was managed in Global Banking, 21 percent in Global Markets, 16 percent in GWIM (loans that provide financing for asset purchases, business investments and other liquidity needs for high net worth clients) and the remainder primarily in Consumer Banking. U.S. commercial loans increased $7.2 billion during the nine months ended September 30, 2021 driven by Global Markets. Reservable criticized utilized exposure decreased $9.1 billion, which was broad-based across industries.
Non-U.S. Commercial
At September 30, 2021, 71 percent of the non-U.S. commercial loan portfolio was managed in Global Banking and 29 percent in Global Markets. Non-U.S. commercial loans increased $12.4 billion during the nine months ended September 30, 2021 primarily in Global Markets. For information on the non-U.S. commercial portfolio, see Non-U.S. Portfolio on page 41.

Commercial Real Estate
Commercial real estate primarily includes commercial loans secured by non-owner-occupied real estate and is dependent on the sale or lease of the real estate as the primary source of repayment. Outstanding loans remained relatively unchanged at $60.7 billion as of September 30, 2021. The portfolio remains diversified across property types and geographic regions. California represented the largest state concentration at 22 percent and 23 percent of the commercial real estate portfolio at September 30, 2021 and December 31, 2020. The commercial real estate portfolio is predominantly managed in Global Banking and consists of loans made primarily to public and private developers, and commercial real estate firms.
For the three and nine months ended September 30, 2021 and 2020, we continued to see low default rates and varying degrees of improvement in the portfolio. We use a number of proactive risk mitigation initiatives to reduce adversely rated exposure in the commercial real estate portfolio, including transfers of deteriorating exposures for management by independent special asset officers and the pursuit of loan restructurings or asset sales to achieve the best results for our customers and the Corporation.

37 Bank of America


Table 31 presents outstanding commercial real estate loans by geographic region, based on the geographic location of the collateral, and by property type.
Table 31 Outstanding Commercial Real Estate Loans
(Dollars in millions) September 30
2021		 December 31
2020
By Geographic Region     
California $ 13,559  $ 14,028 
Northeast 13,057  11,628 
Southwest 7,762  8,551 
Southeast 6,630  6,588 
Florida 4,316  4,294 
Illinois 2,906  2,594 
Midwest 2,487  3,483 
Midsouth 2,265  2,370 
Northwest 1,574  1,634 
Non-U.S.  4,101  3,187 
Other  2,066  2,007 
Total outstanding commercial real estate loans
 $ 60,723  $ 60,364 
By Property Type    
Non-residential
Office $ 18,327  $ 17,667 
Industrial / Warehouse 9,292  8,330 
Multi-family rental 7,780  7,051 
Shopping centers /Retail 6,642  7,931 
Hotel / Motels 6,364  7,226 
Unsecured 3,137  2,336 
Multi-use 1,294  1,460 
Other 6,700  7,146 
Total non-residential 59,536  59,147 
Residential 1,187  1,217 
Total outstanding commercial real estate loans
 $ 60,723  $ 60,364 
U.S. Small Business Commercial
The U.S. small business commercial loan portfolio is comprised of small business card loans and small business loans primarily managed in Consumer Banking, and includes $8.4 billion and $22.7 billion of PPP loans outstanding at September 30, 2021 and December 31, 2020. The decline of $14.3 billion in PPP loans during the nine months ended September 30, 2021 was due to repayment of the loans by the Small Business
Administration under the terms of the program. Excluding PPP, credit card-related products were 51 percent and 50 percent of the U.S. small business commercial portfolio at September 30, 2021 and December 31, 2020 and represented 100 percent and 96 percent of net charge-offs for the three and nine months ended September 30, 2021 compared to 93 percent for the three and nine months ended September 30, 2020.

Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity
Table 32 presents the nonperforming commercial loans, leases and foreclosed properties activity during the three and nine months ended September 30, 2021 and 2020. Nonperforming loans do not include loans accounted for under the fair value option. During the nine months ended September 30, 2021, nonperforming commercial loans and leases decreased $530 million to $1.7 billion. At September 30, 2021, 82 percent of commercial nonperforming loans, leases and foreclosed properties were secured and 65 percent were contractually current. Commercial nonperforming loans were carried at 87 percent of their unpaid principal balance, as the carrying value of these loans has been reduced to the estimated collateral value less costs to sell.
Bank of America 38

Table 32
Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity (1, 2)
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2021 2020 2021 2020
Nonperforming loans and leases, beginning of period $ 1,863  $ 2,202  $ 2,227  $ 1,499 
Additions 275  656  1,250  2,326 
Reductions:    
Paydowns (297) (216) (873) (605)
Sales (29) (50) (128) (76)
Returns to performing status (3)
(82) (21) (169) (45)
Charge-offs (33) (367) (219) (895)
Transfers to loans held-for-sale —  (11) (391) (11)
Total net additions (reductions) to nonperforming loans and leases (166) (9) (530) 694 
Total nonperforming loans and leases, September 30 1,697  2,193  1,697  2,193 
Foreclosed properties, September 30 30  45  30  45 
Nonperforming commercial loans, leases and foreclosed properties, September 30 $ 1,727  $ 2,238  $ 1,727  $ 2,238 
Nonperforming commercial loans and leases as a percentage of outstanding commercial loans and leases (4)
0.34  % 0.43  %
Nonperforming commercial loans, leases and foreclosed properties as a percentage of outstanding commercial loans, leases and foreclosed properties (4)
0.35  0.44 
(1)Balances do not include nonperforming loans held-for-sale of $279 million and $184 million at September 30, 2021 and 2020.
(2)Includes U.S. small business commercial activity. Small business card loans are excluded as they are not classified as nonperforming.
(3)Commercial loans and leases may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection. TDRs are generally classified as performing after a sustained period of demonstrated payment performance.
(4)Outstanding commercial loans exclude loans accounted for under the fair value option.
Table 33 presents our commercial TDRs by product type and performing status. U.S. small business commercial TDRs are comprised of renegotiated small business card loans and small business loans. The renegotiated small business card loans are
not classified as nonperforming as they are charged off no later than the end of the month in which the loan becomes 180 days past due.
Table 33 Commercial Troubled Debt Restructurings
September 30, 2021 December 31, 2020
(Dollars in millions) Nonperforming Performing Total Nonperforming Performing Total
Commercial and industrial:
U.S. commercial $ 377  $ 776  $ 1,153  $ 509  $ 850  $ 1,359 
Non-U.S. commercial 65  30  95  49  119  168 
Total commercial and industrial 442  806  1,248  558  969  1,527 
Commercial real estate 158  440  598  137  —  137 
Commercial lease financing 34  8  42  42  2  44 
634  1,254  1,888  737  971  1,708 
U.S. small business commercial —  35  35  —  29  29 
Total commercial troubled debt restructurings
 $ 634  $ 1,289  $ 1,923  $ 737  $ 1,000  $ 1,737 
Industry Concentrations
Table 34 presents commercial committed and utilized credit exposure by industry. For information on net notional credit protection purchased to hedge funded and unfunded exposures for which we elected the fair value option, as well as certain other credit exposures, see Commercial Portfolio Credit Risk Management – Risk Mitigation.
Our commercial credit exposure is diversified across a broad range of industries. Total commercial committed exposure increased $53.5 billion, or five percent, during the nine months ended September 30, 2021 to $1.1 trillion. The increase in commercial committed exposure was concentrated in Asset managers and funds, Finance companies, Capital goods and Individuals and trusts industry sectors. Increases were partially offset by decreased exposure to the Government and public education and Automobiles and components industry sectors.
For information on industry limits, see Commercial Portfolio Credit Risk Management – Industry Concentrations in the MD&A of the Corporation’s 2020 Annual Report on Form 10-K.
Asset managers and funds, our largest industry concentration with committed exposure of $132.2 billion, increased $31.9 billion, or 32 percent, during the nine months
ended September 30, 2021, which was primarily driven by secured investment grade exposures.
Real estate, our second largest industry concentration with committed exposure of $94.5 billion, increased $2.7 billion, or three percent, during the nine months ended September 30, 2021. For more information on the commercial real estate and related portfolios, see Commercial Portfolio Credit Risk Management – Commercial Real Estate on page 37.
Capital goods, our third largest industry concentration with committed exposure of $87.0 billion, increased $6.2 billion, or eight percent, during the nine months ended September 30, 2021 with the growth largely occurring in building products, machinery and trading companies and distributors.
Given the widespread impact of the pandemic on the U.S.
and global economy, a number of industries have been and may continue to be adversely impacted. We continue to monitor all industries, particularly higher risk industries that are experiencing or could experience a more significant impact to their financial condition. For more information on the pandemic, see Executive Summary – Recent Developments – COVID-19 Pandemic on page 3.
39 Bank of America


Table 34
Commercial Credit Exposure by Industry (1)
Commercial
Utilized
Total Commercial
Committed (2)
(Dollars in millions) September 30
2021		 December 31
2020		 September 30
2021		 December 31
2020
Asset managers & funds $ 84,420  $ 67,360  $ 132,205  $ 100,296 
Real estate (3)
67,925  68,967  94,462  91,730 
Capital goods 40,501  39,807  87,011  80,815 
Finance companies 49,979  46,948  78,110  70,004 
Healthcare equipment and services 30,442  33,488  59,632  57,540 
Materials 24,629  24,516  53,967  50,757 
Government & public education 37,468  41,669  49,730  56,212 
Consumer services 27,856  31,993  48,559  47,997 
Retailing 22,882  23,700  47,037  48,306 
Food, beverage and tobacco 21,813  22,755  44,508  44,417 
Commercial Services And Supplies 19,192  21,107  38,222  38,092 
Individuals And Trusts 28,379  24,727  38,119  34,036 
Energy 14,850  13,930  33,378  32,974 
Utilities 14,475  12,387  32,975  29,234 
Transportation 21,862  23,126  32,753  33,082 
Media 12,450  12,632  26,521  24,120 
Technology hardware and equipment 9,866  9,935  25,520  24,196 
Software and services 9,553  10,853  24,549  22,524 
Global commercial banks 19,017  20,544  21,168  22,595 
Consumer durables and apparel 9,028  9,232  20,243  20,223 
Telecommunication services 8,435  9,411  19,072  15,605 
Pharmaceuticals and biotechnology 4,534  4,830  17,672  15,901 
Automobiles and components 9,104  10,792  16,967  20,575 
Vehicle dealers 9,282  15,028  15,247  18,696 
Insurance 4,977  5,772  13,381  13,277 
Food and staples retailing 5,322  5,209  11,424  11,795 
Financial markets infrastructure (clearinghouses) 3,680  4,939  5,905  8,648 
Religious and social organizations 3,446  4,646  5,383  6,597 
Total commercial credit exposure by industry $ 615,367  $ 620,303  $ 1,093,720  $ 1,040,244 
(1)Includes U.S. small business commercial exposure.
(2)Includes the notional amount of unfunded legally binding lending commitments net of amounts distributed (i.e., syndicated or participated) to other financial institutions. The distributed amounts were $10.3 billion and $10.5 billion at September 30, 2021 and December 31, 2020.
(3)Industries are viewed from a variety of perspectives to best isolate the perceived risks. For purposes of this table, the real estate industry is defined based on the primary business activity of the borrowers or counterparties using operating cash flows and primary source of repayment as key factors.
Risk Mitigation
We purchase credit protection to cover the funded portion as well as the unfunded portion of certain credit exposures. To lower the cost of obtaining our desired credit protection levels, we may add credit exposure within an industry, borrower or counterparty group by selling protection.
At September 30, 2021 and December 31, 2020, net notional credit default protection purchased in our credit derivatives portfolio to hedge our funded and unfunded exposures for which we elected the fair value option, as well as certain other credit exposures, was $3.7 billion and $4.2 billion. For these same positions, we recorded net losses of $18 million and $86 million for the three and nine months ended September 30, 2021 compared to net losses of $104 million and $106 million for the same periods in 2020. The gains and losses on these instruments were offset by gains and
losses on the related exposures. The Value-at-Risk (VaR) results for these exposures are included in the fair value option portfolio information in Table 40. For more information, see Trading Risk Management on page 44.
Tables 35 and 36 present the maturity profiles and the credit exposure debt ratings of the net credit default protection portfolio at September 30, 2021 and December 31, 2020.
Table 35 Net Credit Default Protection by Maturity
September 30
2021		 December 31
2020
Less than or equal to one year 37  % 65  %
Greater than one year and less than or equal to five years
 60  34 
Greater than five years 3  1 
Total net credit default protection 100  % 100  %
Bank of America 40

Table 36 Net Credit Default Protection by Credit Exposure Debt Rating
Net
Notional (1)
Percent of
Total
Net
Notional (1)
Percent of
Total
(Dollars in millions) September 30, 2021 December 31, 2020
Ratings (2, 3)
       
A $ (350) 9.4  % $ (250) 6.0  %
BBB (1,423) 38.3  (1,856) 44.5 
BB (854) 23.0  (1,363) 32.7 
B (650) 17.5  (465) 11.2 
CCC and below (138) 3.7  (182) 4.4 
NR (4)
(303) 8.1  (54) 1.2 
Total net credit
default protection
 $ (3,718) 100.0  % $ (4,170) 100.0  %
(1)Represents net credit default protection purchased.
(2)Ratings are refreshed on a quarterly basis.
(3)Ratings of BBB- or higher are considered to meet the definition of investment grade.
(4)NR is comprised of index positions held and any names that have not been rated.
For more information on credit derivatives and counterparty credit risk valuation adjustments, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K.

Non-U.S. Portfolio

Our non-U.S. credit and trading portfolios are subject to country risk. We define country risk as the risk of loss from unfavorable economic and political conditions, currency fluctuations, social instability and changes in government policies. A risk management framework is in place to measure, monitor and manage non-U.S. risk and exposures. In addition to the direct risk of doing business in a country, we also are exposed to indirect country risks (e.g., related to the collateral received on secured financing transactions or related to client clearing activities). These indirect exposures are managed in the normal course of business through credit, market and operational risk governance rather than through country risk governance. For more information on our non-U.S. credit and trading portfolios, see Non-U.S. Portfolio in the MD&A of the Corporation’s 2020 Annual Report on Form 10-K.
Table 37 presents our 20 largest non-U.S. country exposures at September 30, 2021. These exposures accounted for 91 percent and 90 percent of our total non-U.S. exposure at September 30, 2021 and December 31, 2020. Net country exposure for these 20 countries increased $26.1 billion during the nine months ended September 30, 2021. The majority of the increase was due to higher deposits with central banks in Japan and Ireland, and increased corporate exposure in Canada, Spain and Sweden.
Table 37 Top 20 Non-U.S. Countries Exposure
(Dollars in millions) Funded Loans
 and Loan
 Equivalents		 Unfunded
 Loan
 Commitments		 Net
 Counterparty
 Exposure		 Securities/
Other
Investments		 Country Exposure at September 30
2021		 Hedges and Credit Default Protection Net Country Exposure at September 30
2021		 Increase (Decrease) from December 31
2020
United Kingdom $ 31,193  $ 17,767  $ 6,891  $ 2,903  $ 58,754  $ (1,135) $ 57,619  $ (1,853)
Germany 23,506  11,439  1,404  1,704  38,053  (1,775) 36,278  (8,625)
Canada 8,249  12,936  1,853  3,641  26,679  (363) 26,316  5,182 
Japan 19,811  1,412  2,663  1,921  25,807  (704) 25,103  7,607 
France 12,673  8,668  1,211  3,012  25,564  (871) 24,693  3,902 
Australia 8,139  6,462  717  2,767  18,085  (176) 17,909  4,822 
China 10,103  225  954  1,009  12,291  (372) 11,919  (1,501)
Brazil 6,188  1,005  446  4,123  11,762  (180) 11,582  1,289 
Netherlands 6,006  3,412  861  1,007  11,286  (446) 10,840  1,156 
Singapore 3,923  503  302  5,443  10,171  (54) 10,117  835 
Switzerland 5,167  3,084  240  392  8,883  (258) 8,625  1,730 
South Korea 5,536  861  678  1,414  8,489  (141) 8,348  (203)
Ireland 6,765  1,021  152  191  8,129  (45) 8,084  3,919 
Spain 2,715  4,233  461  931  8,340  (393) 7,947  3,131 
India 5,596  171  464  1,739  7,970  (190) 7,780  (31)
Hong Kong 5,656  225  450  1,143  7,474  (18) 7,456  919 
Sweden 1,163  5,355  212  322  7,052  (142) 6,910  4,354 
Mexico 4,247  1,374  119  778  6,518  (296) 6,222  (65)
Italy 2,564  1,688  515  1,492  6,259  (563) 5,696  4 
Belgium 2,643  1,291  355  364  4,653  (202) 4,451  (516)
Total top 20 non-U.S. countries exposure
 $ 171,843  $ 83,132  $ 20,948  $ 36,296  $ 312,219  $ (8,324) $ 303,895  $ 26,056 
In light of the global pandemic and considerations related to the ongoing economic recovery, including supply chain disruptions and inflationary pressures, we continue to manage our non-U.S. exposure closely in impacted regions while supporting the needs of our clients. While vaccines have become more widely available in certain countries, the
magnitude and duration of the pandemic and its full impact on the global economy continue to be highly uncertain. For more information on the pandemic, see Item 1A. Risk Factors – Coronavirus Disease and Executive Summary – Recent Developments – COVID-19 Pandemic of the Corporation’s 2020 Annual Report on Form 10-K.
41 Bank of America


Allowance for Credit Losses

The allowance for credit losses decreased $6.0 billion from December 31, 2020 to $14.7 billion at September 30, 2021, which included a $3.1 billion reserve decrease related to the commercial portfolio and a $2.9 billion reserve decrease related to the consumer portfolio. The decreases were primarily driven
by improvements in the macroeconomic outlook and credit quality.
Table 38 presents an allocation of the allowance for credit losses by product type for September 30, 2021 and December 31, 2020.
Table 38 Allocation of the Allowance for Credit Losses by Product Type
Amount Percent of
Total
Percent of
Loans and
Leases
Outstanding (1)
Amount Percent of
Total
Percent of
Loans and
Leases
Outstanding (1)
(Dollars in millions) September 30, 2021 December 31, 2020
Allowance for loan and lease losses            
Residential mortgage $ 353  2.68  % 0.16  % $ 459  2.44  % 0.21  %
Home equity 202  1.54  0.70  399  2.12  1.16 
Credit card 6,055  46.04  7.88  8,420  44.79  10.70 
Direct/Indirect consumer 541  4.11  0.54  752  4.00  0.82 
Other consumer 43  0.33  n/m 41  0.22  n/m
Total consumer 7,194  54.70  1.70  10,071  53.57  2.35 
U.S. commercial (2)
3,235  24.59  1.02  5,043  26.82  1.55 
Non-U.S. commercial 1,032  7.84  1.00  1,241  6.60  1.37 
Commercial real estate 1,621  12.32  2.67  2,285  12.15  3.79 
Commercial lease financing 73  0.55  0.48  162  0.86  0.95 
Total commercial 5,961  45.30  1.20  8,731  46.43  1.77 
Allowance for loan and lease losses 13,155  100.00  % 1.43  18,802  100.00  % 2.04 
Reserve for unfunded lending commitments 1,538  1,878   
Allowance for credit losses $ 14,693  $ 20,680 
(1)Ratios are calculated as allowance for loan and lease losses as a percentage of loans and leases outstanding excluding loans accounted for under the fair value option.
(2)Includes allowance for loan and lease losses for U.S. small business commercial loans of $1.4 billion and $1.5 billion at September 30, 2021 and December 31, 2020.
n/m = not meaningful
Net charge-offs for the three and nine months ended September 30, 2021 were $463 million and $1.9 billion compared to $972 million and $3.2 billion for the same periods in 2020 driven by decreases across most products. The provision for credit losses decreased $2.0 billion to a $624 million benefit, and $15.4 billion to a $4.1 billion benefit, for the three and nine months ended September 30, 2021 compared to the same periods in 2020. The allowance for credit losses had a reserve release of $6.0 billion for the nine months ended September 30, 2021, primarily driven by improvements in the macroeconomic outlook and credit quality. The provision for credit losses for the consumer portfolio, including unfunded lending commitments, decreased $214 million to an expense of $81 million and $6.4 billion to a benefit of $1.4 billion for the three and nine months ended September 30, 2021 compared
to the same periods in 2020. The provision for credit losses for the commercial portfolio, including unfunded lending commitments, decreased $1.8 billion to a $705 million benefit and $9.0 billion to a $2.7 billion benefit for the three and nine months ended September 30, 2021 compared to the same periods in 2020.
Table 39 presents a rollforward of the allowance for credit losses, including certain loan and allowance ratios for the three and nine months ended September 30, 2021 and 2020. For more information on the Corporation’s credit loss accounting policies and activity related to the allowance for credit losses, see Note 1 – Summary of Significant Accounting Principles of the Corporation's 2020 Annual Report on Form 10-K and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements.
Bank of America 42

Table 39 Allowance for Credit Losses
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2021 2020 2021 2020
Allowance for loan and lease losses, January 1
 $ 14,095  $ 19,389  $ 18,802  $ 12,358 
Loans and leases charged off
Residential mortgage (7) (5) (27) (28)
Home equity (8) (8) (33) (47)
Credit card (495) (665) (1,956) (2,407)
Direct/Indirect consumer (59) (75) (229) (277)
Other consumer (72) (70) (217) (232)
Total consumer charge-offs (641) (823) (2,462) (2,991)
U.S. commercial (1)
(159) (279) (509) (870)
Non-U.S. commercial (2) (57) (44) (91)
Commercial real estate (4) (106) (38) (170)
Commercial lease financing —  (28) —  (68)
Total commercial charge-offs (165) (470) (591) (1,199)
Total loans and leases charged off (806) (1,293) (3,053) (4,190)
Recoveries of loans and leases previously charged off
Residential mortgage 14  11  44  55 
Home equity 42  28  126  92 
Credit card 174  156  513  463 
Direct/Indirect consumer 77  57  225  193 
Other consumer 5  7  19  18 
Total consumer recoveries 312  259  927  821 
U.S. commercial (2)
25  58  231  119 
Non-U.S. commercial 1  —  3  1 
Commercial real estate 4  —  10  1 
Commercial lease financing 1  4  1  8 
Total commercial recoveries 31  62  245  129 
Total recoveries of loans and leases previously charged off 343  321  1,172  950 
Net charge-offs (463) (972) (1,881) (3,240)
Provision for loan and lease losses (475) 1,180  (3,766) 10,480 
Other (2) (1) —  (2)
Allowance for loan and lease losses, September 30
 13,155  19,596  13,155  19,596 
Reserve for unfunded lending commitments, January 1
 1,687  1,702  1,878  1,123 
Provision for unfunded lending commitments (149) 209  (339) 787 
Other —  (1) (1) — 
Reserve for unfunded lending commitments, September 30
 1,538  1,910  1,538  1,910 
Allowance for credit losses, September 30
 $ 14,693  $ 21,506  $ 14,693  $ 21,506 
Loan and allowance ratios (3):
Loans and leases outstanding at September 30
 $ 920,170  $ 947,938  $ 920,170  $ 947,938 
Allowance for loan and lease losses as a percentage of total loans and leases outstanding at September 30
 1.43  % 2.07  % 1.43  % 2.07  %
Consumer allowance for loan and lease losses as a percentage of total consumer loans and leases outstanding at September 30
 1.70  2.43  1.70  2.43 
Commercial allowance for loan and lease losses as a percentage of total commercial loans and leases outstanding at September 30
 1.20  1.75  1.20  1.75 
Average loans and leases outstanding $ 913,113  $ 965,836  $ 905,214  $ 989,839 
Annualized net charge-offs as a percentage of average loans and leases outstanding 0.20  % 0.40  % 0.28  % 0.44  %
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases at September 30
 279  431  279  431 
Ratio of the allowance for loan and lease losses at September 30 to net charge-offs
 7.16  5.07  5.23  4.53 
Amounts included in allowance for loan and lease losses for loans and leases that are excluded from nonperforming loans and leases at September 30 (4)
$ 7,375  $ 10,331  $ 7,375  $ 10,331 
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases, excluding the allowance for loan and lease losses for loans and leases that are excluded from nonperforming loans and leases at September 30 (4)
123  % 204  % 123  % 204  %
(1)Includes U.S. small business commercial charge-offs of $137 million and $343 million for the three and nine months ended September 30, 2021 compared to $77 million and $247 million for the same periods in 2020.
(2)Includes U.S. small business commercial recoveries of $18 million and $61 million for the three and nine months ended September 30, 2021 compared to $10 million and $32 million for the same periods in 2020.
(3)Ratios are calculated as allowance for loan and lease losses as a percentage of loans and leases outstanding excluding loans accounted for under the fair value option.
(4)Primarily includes amounts related to credit card and unsecured consumer lending portfolios in Consumer Banking.

Market Risk Management

For more information on our market risk management process, see Market Risk Management in the MD&A of the Corporation’s 2020 Annual Report on Form 10-K.
Market risk is the risk that changes in market conditions may adversely impact the value of assets or liabilities, or
otherwise negatively impact earnings. This risk is inherent in the financial instruments associated with our operations, primarily
within our Global Markets segment. We are also exposed to these risks in other areas of the Corporation (e.g., our ALM activities). In the event of market stress, these risks could have a material impact on our results.
43 Bank of America


We have been affected, and may continue to be affected, by market stress resulting from the pandemic that began in the first quarter of 2020. For more information, see Executive Summary – Recent Developments – COVID-19 Pandemic on page 3 and Item 1A. Risk Factors – Coronavirus Disease of the Corporation’s 2020 Annual Report on Form 10-K.

Trading Risk Management

To evaluate risks in our trading activities, we focus on the actual and potential volatility of revenues generated by individual positions as well as portfolios of positions. VaR is a common statistic used to measure market risk. Our primary VaR statistic is equivalent to a 99 percent confidence level, which means that for a VaR with a one-day holding period, there should not be losses in excess of VaR, on average, 99 out of 100 trading days.
Table 40 presents the total market-based portfolio VaR, which is the combination of the total covered positions (and less liquid trading positions) portfolio and the fair value option
portfolio. For more information on the market risk VaR for trading activities, see Trading Risk Management in the MD&A of the Corporation’s 2020 Annual Report on Form 10-K.
The total market-based portfolio VaR results in Table 40 include market risk to which we are exposed from all business segments, excluding credit valuation adjustment (CVA), DVA and related hedges. The majority of this portfolio is within the Global Markets segment.
Table 40 presents period-end, average, high and low daily trading VaR for the three months ended September 30, 2021, June 30, 2021 and September 30, 2020 using a 99 percent confidence level, as well as average daily trading VaR for the nine months ended September 30, 2021 and 2020. The amounts disclosed in Table 40 and Table 41 align to the view of covered positions used in the Basel 3 capital calculations. Foreign exchange and commodity positions are always considered covered positions, regardless of trading or banking treatment for the trade, except for structural foreign currency positions that are excluded with prior regulatory approval.
The average of total covered positions and less liquid trading positions portfolio VaR decreased for the three months ended September 30, 2021 compared to the prior-year period primarily due to an increase in diversification benefit between asset classes.
Table 40 Market Risk VaR for Trading Activities
Three Months Ended Nine Months Ended September 30
September 30, 2021 June 30, 2021 September 30, 2020
(Dollars in millions) Period
End		 Average
High (1)
Low (1)
Period
End		 Average
High (1)
Low (1)
Period End Average
High (1)
Low (1)
2021 Average 2020 Average
Foreign exchange $ 12  $ 13  $ 21  $ 9  $ 15  $ 16  $ 20  $ 10  $ 7  $ 7  $ 25  $ 5  $ 13  $ 7 
Interest rate 33  32  48  20  37  58  80  30  14  18  27  13  42  18 
Credit 72  66  80  54  77  73  84  58  61  62  68  54  68  54 
Equity 32  24  32  19  23  23  27  20  16  17  22  12  24  26 
Commodities 6  8  11  5  9  8  12  4  4  6  10  4  8  6 
Portfolio diversification (94) (91) —  —  (106) (119) —  —  (71) (56) —  —  (101) (58)
Total covered positions portfolio 61  52  71  41  55  59  73  47  31  54  96  31  54  53 
Impact from less liquid exposures 40  26  —  —  23  18  —  —  50  55  —  —  22  26 
Total covered positions and less liquid trading positions portfolio
 101  78  123  51  78  77  119  52  81  109  149  55  76  79 
Fair value option loans 50  45  54  31  50  50  55  42  71  62  72  54  50  48 
Fair value option hedges 18  17  20  14  14  16  17  14  11  13  15  11  15  13 
Fair value option portfolio diversification (44) (36) —  —  (34) (37) —  —  (27) (32) —  —  (32) (24)
Total fair value option portfolio 24  26  33  23  30  29  31  24  55  43  58  34  33  37 
Portfolio diversification (21) (12) —  —  (14) (9) —  —  (10) (18) —  —  (7) (14)
Total market-based portfolio $ 104  $ 92  141  60  $ 94  $ 97  146  64  $ 126  $ 134  160  99  $ 102  $ 102 
(1)The high and low for each portfolio may have occurred on different trading days than the high and low for the components. Therefore the impact from less liquid exposures and the amount of portfolio diversification, which is the difference between the total portfolio and the sum of the individual components, is not relevant.
The graph below presents the daily covered positions and less liquid trading positions portfolio VaR for the previous five quarters, corresponding to the data in Table 40.
Line graph displaying the daily total covered positions and less liquid trading portfolio VR History for the previous 5 quarters. The X axis represents the date and the Y axis represents the dollars in millions.
Bank of America 44

Additional VaR statistics produced within our single VaR model are provided in Table 41 at the same level of detail as in Table 40. Evaluating VaR with additional statistics allows for an increased understanding of the risks in the portfolio, as the historical market data used in the VaR calculation does not
necessarily follow a predefined statistical distribution. Table 41 presents average trading VaR statistics at 99 percent and 95
percent confidence levels for the three months ended September 30, 2021, June 30, 2021 and September 30, 2020.
Table 41 Average Market Risk VaR for Trading Activities – 99 percent and 95 percent VaR Statistics
Three Months Ended
September 30, 2021 June 30, 2021 September 30, 2020
(Dollars in millions) 99 percent 95 percent 99 percent 95 percent 99 percent 95 percent
Foreign exchange $ 13  $ 9  $ 16  $ 9  $ 7  $ 4 
Interest rate 32  16  58  28  18  8 
Credit 66  20  73  21  62  18 
Equity 24  11  23  12  17  9 
Commodities 8  4  8  4  6  3 
Portfolio diversification (91) (35) (119) (44) (56) (25)
Total covered positions portfolio 52  25  59  30  54  17 
Impact from less liquid exposures 26  3  18  2  55  5 
Total covered positions and less liquid trading positions portfolio
 78  28  77  32  109  22 
Fair value option loans 45  10  50  11  62  14 
Fair value option hedges 17  9  16  9  13  6 
Fair value option portfolio diversification (36) (9) (37) (10) (32) (7)
Total fair value option portfolio 26  10  29  10  43  13 
Portfolio diversification (12) (6) (9) (6) (18) (7)
Total market-based portfolio $ 92  $ 32  $ 97  $ 36  $ 134  $ 28 
Backtesting
The accuracy of the VaR methodology is evaluated by backtesting, which compares the daily VaR results, utilizing a one-day holding period, against a comparable subset of trading revenue. For more information on our backtesting process, see Trading Risk Management – Backtesting in the MD&A of the Corporation’s 2020 Annual Report on Form 10-K.
During the three and nine months ended September 30, 2021, there was one day where this subset of trading revenue had losses that exceeded our total covered portfolio VaR, utilizing a one-day holding period.
Total Trading-related Revenue
Total trading-related revenue, excluding brokerage fees, and CVA, DVA and funding valuation adjustment gains (losses), represents the total amount earned from trading positions, including market-based net interest income, which are taken in a diverse range of financial instruments and markets. For more information, see Trading Risk Management – Total Trading-related Revenue in the MD&A of the Corporation’s 2020 Annual Report on Form 10-K.
The following histogram is a graphic depiction of trading volatility and illustrates the daily level of trading-related revenue for the three months ended September 30, 2021 compared to the three months ended June 30, 2021 and March 31, 2021. During the three months ended September 30, 2021, positive trading-related revenue was recorded for 95 percent of the trading days, of which 82 percent were daily trading gains of over $25 million. This compares to the three months ended June 30, 2021 where positive trading-related revenue was recorded for 100 percent of the trading days, of which 77
percent were daily trading gains of over $25 million. During the three months ended March 31, 2021, positive trading-related revenue was recorded for 98 percent of the trading days, of which 94 percent were daily trading gains over $25 million.
Histogram that is a graphic depiction of trading volatility and illustrates the daily level of trading-related revenue for the three months ended September 30, 2021 compared to the three months ended June 30, 2021, and March 31, 2021. The X axis represents the revenue (dollars in millions) and the Y axis represents the number of days.
Trading Portfolio Stress Testing
Because the very nature of a VaR model suggests results can exceed our estimates and it is dependent on a limited historical window, we also stress test our portfolio using scenario analysis. This analysis estimates the change in the value of our trading portfolio that may result from abnormal market movements. For more information, see Trading Risk Management – Trading Portfolio Stress Testing in the MD&A of the Corporation’s 2020 Annual Report on Form 10-K.
45 Bank of America


Interest Rate Risk Management for the Banking Book

The following discussion presents net interest income for banking book activities. For more information, see Interest Rate Risk Management for the Banking Book in the MD&A of the Corporation’s 2020 Annual Report on Form 10-K.
Table 42 presents the spot and 12-month forward rates used in our baseline forecasts at September 30, 2021 and December 31, 2020.
Table 42 Forward Rates
September 30, 2021
  Federal
Funds		 Three-month
LIBOR		 10-Year
Swap
Spot rates 0.25  % 0.13  % 1.51  %
12-month forward rates 0.25  0.30  1.67 
December 31, 2020
Spot rates 0.25  % 0.24  % 0.93  %
12-month forward rates 0.25  0.19  1.06 
Table 43 shows the pretax impact to forecasted net interest income over the next 12 months from September 30, 2021 and December 31, 2020 resulting from instantaneous parallel and non-parallel shocks to the market-based forward curve. Periodically, we evaluate the scenarios presented so that they are meaningful in the context of the current rate environment. The interest rate scenarios also assume U.S. dollar rates are floored at zero.
During the nine months ended September 30, 2021, the decrease in asset sensitivity of our balance sheet to Up-rate and Down-rate scenarios was primarily due to ALM activity and an increase in long-end rates. We continue to be asset sensitive to a parallel upward move in interest rates with the majority of that impact coming from the short end of the yield curve. Additionally, higher interest rates impact the fair value of debt securities and, accordingly, for debt securities classified as AFS, may adversely affect accumulated OCI and thus capital levels under the Basel 3 capital rules. Under instantaneous upward parallel shifts, the near-term adverse impact to Basel 3 capital is reduced over time by offsetting positive impacts to net interest income. For more information on Basel 3, see Capital Management – Regulatory Capital on page 22.
Table 43 Estimated Banking Book Net Interest Income Sensitivity to Curve Changes
Short
Rate (bps)		 Long
Rate (bps)
(Dollars in millions) September 30
2021		 December 31
2020
Parallel Shifts
+100 bps
instantaneous shift
 +100 +100 $ 7,163  $ 10,468 
-25 bps
instantaneous shift
 -25  -25  (2,031) (2,766)
Flatteners    
Short-end
instantaneous change
 +100 —  4,931  6,321 
Long-end
instantaneous change
 —  -25  (1,064) (1,686)
Steepeners    
Short-end
instantaneous change
 -25  —  (942) (1,084)
Long-end
instantaneous change
 —  +100 2,440  4,333 
The sensitivity analysis in Table 43 assumes that we take no action in response to these rate shocks and does not assume any change in other macroeconomic variables normally correlated with changes in interest rates. As part of our ALM activities, we use securities, certain residential mortgages, and interest rate and foreign exchange derivatives in managing interest rate sensitivity.
The behavior of our deposits portfolio in the baseline forecast and in alternate interest rate scenarios is a key assumption in our projected estimates of net interest income. The sensitivity analysis in Table 43 assumes no change in deposit portfolio size or mix from the baseline forecast in alternate rate environments. In higher rate scenarios, any customer activity resulting in the replacement of low-cost or noninterest-bearing deposits with higher yielding deposits or market-based funding would reduce our benefit in those scenarios.
Interest Rate and Foreign Exchange Derivative Contracts
We use interest rate and foreign exchange derivative contracts in our ALM activities to manage our interest rate and foreign exchange risks. Specifically, we use those derivatives to manage both the variability in cash flows and changes in fair value of various assets and liabilities arising from those risks. Our interest rate derivative contracts are generally non-leveraged swaps tied to various benchmark interest rates and foreign exchange basis swaps, options, futures and forwards, and our foreign exchange contracts include cross-currency interest rate swaps, foreign currency futures contracts, foreign currency forward contracts and options.
The derivatives used in our ALM activities can be split into two broad categories: designated accounting hedges and other risk management derivatives. Designated accounting hedges are primarily used to manage our exposure to interest rates as described in the Interest Rate Risk Management for the Banking Book section and are included in the sensitivities presented in Table 43. The Corporation also uses foreign currency derivatives in accounting hedges to manage substantially all of the foreign exchange risk of our foreign operations. By hedging the foreign exchange risk of our foreign operations, the Corporation's market risk exposure in this area is insignificant.
Risk management derivatives are predominantly used to hedge foreign exchange risks related to various foreign currency-denominated assets and liabilities and eliminate substantially all foreign currency exposures in the cash flows of the Corporation’s non-trading foreign currency-denominated financial instruments. These foreign exchange derivatives are sensitive to other market risk exposures such as cross-currency basis spreads and interest rate risk. However, as these features are not a significant component of these foreign exchange derivatives, the market risk related to this exposure is insignificant. For more information on the accounting for derivatives, see Note 3 – Derivatives to the Consolidated Financial Statements.

Mortgage Banking Risk Management

We originate, fund and service mortgage loans, which subject us to credit, liquidity and interest rate risks, among others. We determine whether loans will be held for investment or held for sale at the time of commitment and manage credit and liquidity risks by selling or securitizing a portion of the loans we originate.
Bank of America 46

Changes in interest rates impact the value of interest rate lock commitments (IRLCs) and the related residential first mortgage loans held-for-sale (LHFS), as well as the value of the MSRs. Because the interest rate risks of these hedged items offset, we combine them into one overall hedged item with one combined economic hedge portfolio consisting of derivative contracts and securities. For more information on IRLCs and the related residential mortgage LHFS, see Mortgage Banking Risk Management in the MD&A of the Corporation’s 2020 Annual Report on Form 10-K.
During the three and nine months ended September 30, 2021, we recorded gains of $13 million and $35 million related to the change in fair value of the MSRs, IRLCs and LHFS, net of gains and losses on the hedge portfolio, compared to gains of $85 million and $313 million for the same periods in 2020. For more information on MSRs, see Note 14 – Fair Value Measurements to the Consolidated Financial Statements.

Climate Risk Management

Climate-related risks consist of two major categories: (1) risks related to the transition to a low-carbon economy, and (2) risks related to the physical impacts of climate change. The financial effects of transition risk can lead to and amplify credit risk. Physical risk can also lead to increased credit risk by diminishing borrowers’ repayment capacity or collateral values. As climate risk is interconnected with all key risk types, we have developed and continue to enhance processes to embed climate risk considerations into our Risk Framework and risk management programs established for strategic, credit, market, liquidity, compliance, operational and reputational risks. For more information on our governance framework and climate risk process, see the Managing Risk and Climate Risk Management sections in the MD&A of the Corporation’s 2020 Annual Report on Form 10-K. For additional information on climate risk, see Item 1A. Risk Factors of the Corporation’s 2020 Annual Report on Form 10-K. For information on our climate-related metrics that align with Stakeholder Capitalism Metrics published by the International Business Council of the World Economic Forum, see our Annual Report 2020 on the Bank of America website (the content of which is not incorporated by reference into this Quarterly Report on Form 10-Q).
Our Environmental and Social Risk Policy (ESRP) Framework aligns with our Risk Framework and provides additional clarity and transparency regarding our approach to environmental and social risks, inclusive of climate risk. Effective management of
climate risk requires coordinated governance, clearly defined roles and responsibilities, and well-developed processes to identify, measure, monitor and control that risk appropriately and in a timely manner, all of which remain key areas of focus, as we continue to build out and enhance our capabilities in this area.

As outlined in our ESRP Framework, we are focused on supporting and financing areas critical to the transition to a low-carbon society. Accordingly, we have a goal, publicly announced in early 2021, to achieve net-zero greenhouse gas emissions in our financing activities, operations and supply chain before 2050. More broadly, achieving this goal will require technological advances, clearly defined roadmaps for industry sectors, public policies, including those that improve cost of capital for net-zero transition and better emissions data reporting, as well as ongoing, strong and active engagement with clients, suppliers, investors, government officials and other stakeholders. In 2021, we also announced a goal to deploy and mobilize $1 trillion by 2030 to accelerate the transition to a low-carbon, sustainable economy by providing lending, capital raising, advisory and investment services, and by developing other client driven financial solutions. This latter commitment anchors a broader $1.5 trillion sustainable finance goal to support both environmental transition and social inclusive development, which spans business activities across the globe. These goals are intended to help drive business opportunities and enhance risk management related to the transition to a low-carbon economy. Given the extended period of these goals, our initiatives have not resulted in a significant effect on our results of operations or financial condition in the relevant periods presented herein, and are not expected to have a significant effect in the near term.
The foregoing discussion regarding our goals and commitments with respect to climate risk management, including environmental transition considerations, includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond the Corporation’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements.

Complex Accounting Estimates

Our significant accounting principles are essential in understanding the MD&A. Many of our significant accounting principles require complex judgments to estimate the values of assets and liabilities. We have procedures and processes in place to facilitate making these judgments. For more
information, see Complex Accounting Estimates in the MD&A of the Corporation’s 2020 Annual Report on Form 10-K and Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K.
47 Bank of America


Non-GAAP Reconciliations

Table 44 provides reconciliations of certain non-GAAP financial measures to the most closely related GAAP financial measures.
Table 44
Period-end and Average Supplemental Financial Data and Reconciliations to GAAP Financial Measures (1)
Period-end Average
September 30
2021		 December 31
2020		 Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2021 2020 2021 2020
Shareholders’ equity $ 272,464  $ 272,924  $ 275,484  $ 267,323  $ 274,726  $ 266,062 
Goodwill (69,023) (68,951) (69,023) (68,951) (68,999) (68,951)
Intangible assets (excluding MSRs) (2,172) (2,151) (2,185) (1,976) (2,181) (1,758)
Related deferred tax liabilities 913  920  915  855  916  791 
Tangible shareholders’ equity $ 202,182  $ 202,742  $ 205,191  $ 197,251  $ 204,462  $ 196,144 
Preferred stock (23,441) (24,510) (23,441) (23,427) (23,837) (23,437)
Tangible common shareholders’ equity $ 178,741  $ 178,232  $ 181,750  $ 173,824  $ 180,625  $ 172,707 
Total assets $ 3,085,446  $ 2,819,627 
Goodwill (69,023) (68,951)
Intangible assets (excluding MSRs) (2,172) (2,151)
Related deferred tax liabilities 913  920 
Tangible assets $ 3,015,164  $ 2,749,445 
(1)For more information on non-GAAP financial measures and ratios we use in assessing the results of the Corporation, see Supplemental Financial Data on page 7.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

See Market Risk Management on page 43 in the MD&A and the sections referenced therein for Quantitative and Qualitative Disclosures about Market Risk.

Item 4. Controls and Procedures

Disclosure Controls and Procedures
As of the end of the period covered by this report, the Corporation’s management, including the Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness and design of the Corporation’s disclosure controls and procedures (as that term is defined in Rule 13a-15(e) of the Exchange Act). Based upon that evaluation, the Corporation’s Chief Executive Officer and Chief Financial Officer concluded that the Corporation’s disclosure controls and procedures were effective, as of the end of the period covered by this report.
Changes in Internal Control Over Financial Reporting
There have been no changes in the Corporation’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) during the three months ended September 30, 2021, that have materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.
Bank of America 48

Part I. Financial Information

Item 1. Financial Statements

Bank of America Corporation and Subsidiaries

Consolidated Statement of Income

Three Months Ended September 30 Nine Months Ended September 30
(In millions, except per share information) 2021 2020 2021 2020
Net interest income    
Interest income $ 12,336  $ 11,486  $ 35,118  $ 40,124 
Interest expense 1,242  1,357  3,594  7,017 
Net interest income 11,094  10,129  31,524  33,107 
Noninterest income    
Fees and commissions 9,915  8,777  29,156  25,490 
Market making and similar activities 2,005  1,689  7,360  6,983 
Other income (248) (259) (987) (151)
Total noninterest income 11,672  10,207  35,529  32,322 
Total revenue, net of interest expense 22,766  20,336  67,053  65,429 
Provision for credit losses (624) 1,389  (4,105) 11,267 
Noninterest expense    
Compensation and benefits 8,714  8,200  27,103  24,535 
Occupancy and equipment 1,764  1,798  5,353  5,302 
Information processing and communications 1,416  1,333  4,289  3,807 
Product delivery and transaction related 987  930  2,940  2,518 
Marketing 347  308  1,528  1,238 
Professional fees 434  450  1,263  1,206 
Other general operating 778  1,382  2,524  2,680 
Total noninterest expense 14,440  14,401  45,000  41,286 
Income before income taxes 8,950  4,546  26,158  12,876 
Income tax expense 1,259  (335) 1,193  452 
Net income $ 7,691  $ 4,881  $ 24,965  $ 12,424 
Preferred stock dividends 431  441  1,181  1,159 
Net income applicable to common shareholders $ 7,260  $ 4,440  $ 23,784  $ 11,265 
Per common share information    
Earnings $ 0.86  $ 0.51  $ 2.77  $ 1.29 
Diluted earnings 0.85  0.51  2.75  1.28 
Average common shares issued and outstanding 8,430.7  8,732.9  8,583.1  8,762.6 
Average diluted common shares issued and outstanding 8,492.8  8,777.5  8,702.2  8,800.5 

Consolidated Statement of Comprehensive Income
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2021 2020 2021 2020
Net income $ 7,691  $ 4,881  $ 24,965  $ 12,424 
Other comprehensive income (loss), net-of-tax:
Net change in debt securities (153) 101  (1,243) 4,794 
Net change in debit valuation adjustments 27  (58) 292  (5)
Net change in derivatives (431) 76  (1,130) 808 
Employee benefit plan adjustments 50  44  170  144 
Net change in foreign currency translation adjustments (26) 21  (29) (86)
Other comprehensive income (loss) (533) 184  (1,940) 5,655 
Comprehensive income $ 7,158  $ 5,065  $ 23,025  $ 18,079 













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


Bank of America Corporation and Subsidiaries

Consolidated Balance Sheet

September 30 December 31
(Dollars in millions) 2021 2020
Assets
Cash and due from banks $ 28,689  $ 36,430 
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks 251,165  344,033 
Cash and cash equivalents 279,854  380,463 
Time deposits placed and other short-term investments 6,518  6,546 
Federal funds sold and securities borrowed or purchased under agreements to resell
   (includes $154,137 and $108,856 measured at fair value)
261,934  304,058 
Trading account assets (includes $121,259 and $91,510 pledged as collateral)
288,566  198,854 
Derivative assets 40,829  47,179 
Debt securities:  
Carried at fair value 285,377  246,601 
Held-to-maturity, at cost (fair value – $678,333 and $448,180)
683,240  438,249 
Total debt securities 968,617  684,850 
Loans and leases (includes $7,566 and $6,681 measured at fair value)
927,736  927,861 
Allowance for loan and lease losses (13,155) (18,802)
Loans and leases, net of allowance 914,581  909,059 
Premises and equipment, net 10,684  11,000 
Goodwill 69,023  68,951 
Loans held-for-sale (includes $3,982 and $1,585 measured at fair value)
9,415  9,243 
Customer and other receivables 74,998  64,221 
Other assets (includes $11,031 and $15,718 measured at fair value)
160,427  135,203 
Total assets $ 3,085,446  $ 2,819,627 
Liabilities    
Deposits in U.S. offices:    
Noninterest-bearing $ 753,107  $ 650,674 
Interest-bearing (includes $542 and $481 measured at fair value)
1,108,490  1,038,341 
Deposits in non-U.S. offices:
Noninterest-bearing 25,336  17,698 
Interest-bearing 77,871  88,767 
Total deposits 1,964,804  1,795,480 
Federal funds purchased and securities loaned or sold under agreements to repurchase
   (includes $155,151 and $135,391 measured at fair value)
207,428  170,323 
Trading account liabilities 112,217  71,320 
Derivative liabilities 38,062  45,526 
Short-term borrowings (includes $4,128 and $5,874 measured at fair value)
20,278  19,321 
Accrued expenses and other liabilities (includes $10,261 and $16,311 measured at fair value
   and $1,538 and $1,878 of reserve for unfunded lending commitments)
191,572  181,799 
Long-term debt (includes $28,696 and $32,200 measured at fair value)
278,621  262,934 
Total liabilities 2,812,982  2,546,703 
Commitments and contingencies (Note 6 – Securitizations and Other Variable Interest Entities
   and Note 10 – Commitments and Contingencies)
Shareholders’ equity  
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 3,887,686 and 3,931,440 shares
23,441  24,510 
Common stock and additional paid-in capital, $0.01  par value; authorized – 12,800,000,000 shares;
   issued and outstanding – 8,241,243,911 and 8,650,814,105 shares
69,612  85,982 
Retained earnings 183,007  164,088 
Accumulated other comprehensive income (loss) (3,596) (1,656)
Total shareholders’ equity 272,464  272,924 
Total liabilities and shareholders’ equity $ 3,085,446  $ 2,819,627 
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  $ 5,225 
Loans and leases 16,857  23,636 
Allowance for loan and lease losses (994) (1,693)
Loans and leases, net of allowance 15,863  21,943 
All other assets 136  1,387 
Total assets of consolidated variable interest entities $ 20,431  $ 28,555 
Liabilities of consolidated variable interest entities included in total liabilities above    
Short-term borrowings (includes $50 and $22 of non-recourse short-term borrowings)
$ 330  $ 454 
Long-term debt (includes $3,830 and $7,053 of non-recourse debt)
3,830  7,053 
All other liabilities (includes $10 and $16 of non-recourse liabilities)
10  16 
Total liabilities of consolidated variable interest entities $ 4,170  $ 7,523 
See accompanying Notes to Consolidated Financial Statements.
Bank of America 50

Bank of America Corporation and Subsidiaries

ment of Changes in Shareholders’ Equity

Preferred
Stock		 Common Stock and
Additional Paid-in Capital		 Retained
Earnings		 Accumulated
Other
Comprehensive
Income (Loss)		 Total
Shareholders’
Equity
(In millions) Shares Amount
Balance, June 30, 2021 $ 23,441  8,487.2  $ 79,242  $ 177,499  $ (3,063) $ 277,119 
Net income       7,691  7,691 
Net change in debt securities         (153) (153)
Net change in debit valuation adjustments 27  27 
Net change in derivatives         (431) (431)
Employee benefit plan adjustments         50  50 
Net change in foreign currency translation adjustments       (26) (26)
Dividends declared:        
Common   (1,749)   (1,749)
Preferred     (431)   (431)
Common stock issued under employee plans, net, and other 2.0  284  (3)   281 
Common stock repurchased (248.0) (9,914) (9,914)
Balance, September 30, 2021 $ 23,441  8,241.2  $ 69,612  $ 183,007  $ (3,596) $ 272,464 
Balance, December 31, 2020 $ 24,510  8,650.8  $ 85,982  $ 164,088  $ (1,656) $ 272,924 
Net income 24,965  24,965 
Net change in debt securities (1,243) (1,243)
Net change in debit valuation adjustments 292  292 
Net change in derivatives (1,130) (1,130)
Employee benefit plan adjustments 170  170 
Net change in foreign currency translation adjustments (29) (29)
Dividends declared:
Common (4,859) (4,859)
Preferred (1,181) (1,181)
Issuance of preferred stock 902  902 
Redemption of preferred stock (1,971) (1,971)
Common stock issued under employee plans, net, and other 42.2  1,223  (6) 1,217 
Common stock repurchased (451.8) (17,593) (17,593)
Balance, September 30, 2021 $ 23,441  8,241.2  $ 69,612  $ 183,007  $ (3,596) $ 272,464 
Balance, June 30, 2020 $ 23,427  8,664.1  $ 85,794  $ 157,578  $ (1,162) $ 265,637 
Net income 4,881  4,881 
Net change in debt securities 101  101 
Net change in debit valuation adjustments (58) (58)
Net change in derivatives 76  76 
Employee benefit plan adjustments 44  44 
Net change in foreign currency translation adjustments 21