Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

October 28, 2022

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, 2022
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
Depositary Shares, each representing a 1/1,000th interest in a share BAC PrS New York Stock Exchange
of 4.750% Non-Cumulative Preferred Stock, Series SS
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 27, 2022, there were 8,022,432,239 shares of Bank of America Corporation Common Stock outstanding.


Bank of America Corporation and Subsidiaries
September 30, 2022
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 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 2021 Annual Report on Form 10-K and in any of the Corporation’s subsequent Securities and Exchange Commission filings: the Corporation’s potential judgments, orders, settlements, 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, such as the processing of unemployment benefits for California and certain other states; 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, inflationary and macroeconomic 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, inflationary pressures and labor shortages on economic conditions and our business; potential losses related to 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 cyberattacks or campaigns; the risks related to the transition and physical impacts of climate change; our ability to achieve environmental, social and governance goals and commitments or the impact of any changes in the Corporation’s sustainability strategy or commitments generally; 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 U.S. and/or global financial market conditions and our business, results of operations, financial condition and prospects; the impact of
Bank of America 2

natural disasters, extreme weather events, military conflict (including the Russia/Ukraine conflict, the possible expansion of such conflict and potential geopolitical consequences), 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. 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, 2022, the Corporation had $3.1 trillion in assets and a headcount of approximately 213,000 employees.
As of September 30, 2022, 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 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 16,000 ATMs, and leading digital banking platforms (www.bankofamerica.com) with approximately 43 million active users, including approximately 35 million active mobile users. We offer industry-leading support to approximately three million small business households. Our GWIM businesses, with client balances of $3.2 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 our website, including the Investor Relations portion, 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
Monoline Insurance Litigation Settlement
As previously disclosed, on October 6, 2022, the Corporation and certain wholly owned subsidiaries entered into an agreement with Ambac Assurance Corporation (together with its subsidiaries, “Ambac”) to resolve all pending Ambac lawsuits against the Corporation and its subsidiaries previously disclosed in the Corporation’s 2021 Annual Report on Form 10-K and in prior SEC reports. Under the terms of the agreement, in exchange for the Corporation’s payment of $1.84 billion, Ambac, among other things, caused all pending litigation between the parties to be dismissed with prejudice, and released the Corporation and its subsidiaries from all outstanding claims related to Ambac’s issuance of bond insurance policies for certain of the Corporation’s and legacy entities’ securitized pools of residential mortgage loans. The Corporation recorded litigation expense of $354 million in the third quarter of 2022 for the portion of the settlement in excess of previously accrued amounts. For more information, see Note 10 – Commitments and Contingencies to the Consolidated Financial Statements.
Changes in U.S. Tax Law
On August 16, 2022, the U.S. enacted the Inflation Reduction Act of 2022, which contained a number of tax-related provisions. The tax changes included the extension and expansion of renewable energy tax credit programs, the establishment of a new 15 percent alternative minimum tax on adjusted financial statement income for large corporations and a one percent excise tax on stock repurchases. For more information, see Financial Highlights – Income Tax Expense on page 7.
Capital Management
In June 2022, the Board of Governors of the Federal Reserve System (Federal Reserve) announced the results of the 2022 Comprehensive Capital Analysis and Review (CCAR) supervisory stress tests, which included preliminary stress capital buffers (SCBs) that were finalized in August 2022. Based on the results, our SCB increased to 3.4 percent from 2.5 percent, resulting in a minimum Common equity tier 1 (CET1) capital ratio requirement of 10.4 percent under the Standardized approach, effective October 1, 2022 through September 30, 2023.
On October 19, 2022, the Corporation’s Board of Directors (the Board) declared a quarterly common stock dividend of $0.22 per share, payable on December 30, 2022 to shareholders of record as of December 2, 2022.
For more information on our capital resources, see Capital Management on page 23.
Russia/Ukraine Conflict
As previously disclosed, due to the Russia/Ukraine conflict, there has been significant volatility in financial and commodities markets, and multiple jurisdictions have implemented various economic sanctions. At September 30, 2022, June 30, 2022 and December 31, 2021, our direct net country exposure to Russia was $461 million, $550 million and $733 million,
3 Bank of America


primarily consisting of outstanding loans and leases totaling $390 million, $468 million and $686 million, respectively, and our net country exposure to Ukraine was not significant. While the Corporation’s direct exposure to Russia is limited, the potential duration, course and impact of the Russia/Ukraine conflict remain uncertain and could adversely affect macroeconomic and geopolitical conditions, which could negatively impact the Corporation's businesses, results of operations and financial position. For more information on the Russia/Ukraine conflict, including related risks, see Recent Developments – Russia/Ukraine in the MD&A of the Corporation’s quarterly reports on Form 10-Q for the quarters ended June 30, 2022 and March 31, 2022, and the Market and Geopolitical sections within Item 1A. Risk Factors of the Corporation’s 2021 Annual Report on Form 10-K.
LIBOR and Other Benchmark Rates
Immediately after December 31, 2021, ICE Benchmark Administration ceased publishing British Pound Sterling (GBP), Euro, Swiss Franc, and Japanese Yen (JPY) London Interbank Offered Rate (LIBOR) settings and one-week and two-month U.S. dollar (USD) LIBOR settings. However, certain GBP and JPY LIBOR settings that became no longer representative of the underlying market that such rates sought to measure are being published using a modified calculation (i.e., on a “synthetic” basis). The remaining USD LIBOR settings (i.e., overnight, one month, three month, six month and 12 month) will cease or become non-representative immediately after June 30, 2023.
The Corporation continues to execute its enterprise-wide transition program with respect to LIBOR and other impacted benchmark rates. The Corporation has ceased entering into new contracts that use USD LIBOR as a reference rate, subject to limited exceptions, including those consistent with supervisory guidance issued by the Federal Reserve, the Office of the Comptroller of the Currency and the Federal Deposit Insurance
Corporation (FDIC). The Corporation also 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 transition away from impacted benchmarks, and access and demand by clients and market participants to liquidity in certain products, including LIBOR products.
As previously disclosed, the Corporation has remediated a significant majority of its notional contractual exposure to LIBOR products referencing USD LIBOR settings that will cease or become non-representative immediately after June 30, 2023 (i.e., updated to include fallback provisions to alternative reference rates (ARRs), such as the Secured Overnight Financing Rate for USD LIBOR, that are based on market-driven protocols, regulatory guidance, and industry-recommended fallback provisions and related mechanisms). The remaining non-remediated USD LIBOR exposure, a majority of which is made up of derivatives and commercial loans, represents a small minority of outstanding USD LIBOR notional contractual exposure of the Corporation and requires active dialogue with clients to modify such contracts. For any residual exposures after June 2023 that continue to have no fallback provisions, the Corporation is assessing and planning to leverage relevant contractual and statutory solutions, including the Adjustable Interest Rate (LIBOR) Act, enacted in March 2022 at the federal level in the U.S. and subject to the issuance of final implementing rules by the Federal Reserve, and other relevant legislation, to transition such exposure to ARRs.
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 2021 Annual Report on Form 10-K.
Bank of America 4

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) 2022 2021 2022 2021
Income statement    
Net interest income $ 13,765  $ 11,094  $ 37,781  $ 31,524 
Noninterest income 10,737  11,672  32,637  35,529 
Total revenue, net of interest expense 24,502  22,766  70,418  67,053 
Provision for credit losses 898  (624) 1,451  (4,105)
Noninterest expense 15,303  14,440  45,895  45,000 
Income before income taxes 8,301  8,950  23,072  26,158 
Income tax expense 1,219  1,259  2,676  1,193 
Net income 7,082  7,691  20,396  24,965 
Preferred stock dividends 503  431  1,285  1,181 
Net income applicable to common shareholders $ 6,579  $ 7,260  $ 19,111  $ 23,784 
Per common share information        
Earnings $ 0.81  $ 0.86  $ 2.35  $ 2.77 
Diluted earnings 0.81  0.85  2.34  2.75 
Dividends paid 0.22  0.21  0.64  0.57 
Performance ratios    
Return on average assets (1)
0.90  % 0.99  % 0.86  % 1.12  %
Return on average common shareholders’ equity (1)
10.79  11.43  10.58  12.67 
Return on average tangible common shareholders’ equity (2)
15.21  15.85  14.93  17.61 
Efficiency ratio (1)
62.45  63.43  65.17  67.11 
September 30
2022
December 31 2021
Balance sheet    
Total loans and leases $ 1,032,466  $ 979,124 
Total assets 3,072,953  3,169,495 
Total deposits 1,938,097  2,064,446 
Total liabilities 2,803,429  2,899,429 
Total common shareholders’ equity 240,390  245,358 
Total shareholders’ equity 269,524  270,066 
(1)For definitions, see Key Metrics on page 101.
(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.
Net income was $7.1 billion and $20.4 billion, or $0.81 and $2.34 per diluted share, for the three and nine months ended September 30, 2022 compared to $7.7 billion and $25.0 billion, or $0.85 and $2.75 per diluted share, for the same periods in 2021. The decrease in net income was primarily due to an increase in provision for credit losses, lower noninterest income and higher noninterest expense, partially offset by higher net interest income. In addition, the nine-month period in the prior year included a positive income tax adjustment related to the revaluation of U.K. net deferred tax assets.
Total assets decreased $96.5 billion from December 31, 2021 to $3.1 trillion primarily driven by lower cash and cash equivalents due to deposit outflows related to the rising interest rate environment and lower debt securities, partially offset by loan growth across commercial and consumer products, as well as higher trading account assets and derivative assets to support Global Markets activity.
Total liabilities decreased $96.0 billion from December 31, 2021 to $2.8 trillion primarily driven by deposit outflows related to the rising interest rate environment and customer tax payments.
Shareholders’ equity decreased $542 million from December 31, 2021 primarily due to market value decreases on derivatives and debt securities, as well as returns of capital to
shareholders through common and preferred stock dividends and common stock repurchases, partially offset by net income and the issuance of preferred stock.
Net Interest Income
Net interest income increased $2.7 billion to $13.8 billion, and $6.3 billion to $37.8 billion for the three and nine months ended September 30, 2022 compared to the same periods in 2021. Net interest yield on a fully taxable-equivalent (FTE) basis increased 38 basis points (bps) to 2.06 percent, and 21 bps to 1.87 percent for the same periods. The increase in net interest income for the three-month period was primarily driven by benefits from higher interest rates, including lower premium amortization expense, and loan growth, partially offset by lower deposits and securities. The increase in the nine-month period was primarily driven by lower premium amortization expense, loan growth and higher interest rates, partially offset by a decrease in the acceleration of net capitalized loan fees due to Paycheck Protection Program (PPP) loan forgiveness. For more information on net interest yield and the FTE basis, see Supplemental Financial Data on page 8, and for more information on interest rate risk management, see Interest Rate Risk Management for the Banking Book on page 45.

5 Bank of America


Noninterest Income
Table 2 Noninterest Income
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2022 2021 2022 2021
Fees and commissions:
Card income $ 1,573  $ 1,583  $ 4,531  $ 4,604 
Service charges 1,466  1,928  5,016  5,594 
Investment and brokerage services 3,795  4,236  12,178  12,422 
Investment banking fees 1,167  2,168  3,752  6,536 
Total fees and commissions 8,001  9,915  25,477  29,156 
Market making and similar activities 3,068  2,005  9,023  7,360 
Other income (332) (248) (1,863) (987)
Total noninterest income $ 10,737  $ 11,672  $ 32,637  $ 35,529 
Noninterest income decreased $935 million to $10.7 billion and decreased $2.9 billion to $32.6 billion for the three and nine months ended September 30, 2022 compared to the same periods in 2021. The following highlights the significant changes.
●    Service charges decreased $462 million and $578 million primarily driven by the impact of non-sufficient funds and overdraft policy changes as well as lower treasury service charges.
●    Investment and brokerage services decreased $441 million and $244 million primarily driven by lower market valuations.
●    Investment banking fees decreased $1.0 billion and $2.8 billion primarily driven by a decline in demand resulting in lower equity and debt issuance fees and lower advisory fees.
●    Market making and similar activities increased $1.1 billion and $1.7 billion primarily driven by improved performance across macro products in fixed income, currencies and commodities (FICC) and derivative products in Equities.
●    Other income decreased $84 million and $876 million primarily due to certain valuation adjustments.
Provision for Credit Losses
The provision for credit losses increased $1.5 billion to $898 million and $5.6 billion to $1.5 billion for the three and nine months ended September 30, 2022 compared to the same periods in 2021. The provision for credit losses for the three months ended September 30, 2022 was primarily driven by loan growth and a dampening macroeconomic outlook, and the nine-month period was driven by the same factors as well as a reserve build related to Russian exposure, partially offset by asset quality improvement and reduced COVID-19 pandemic (the pandemic) uncertainties. For the same periods in the prior year, the benefit in the provision for credit losses was due to an improved macroeconomic outlook. For more information on the provision for credit losses, see Allowance for Credit Losses on page 42.

Bank of America 6

Noninterest Expense
Table 3 Noninterest Expense
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2022 2021 2022 2021
Compensation and benefits $ 8,887  $ 8,714  $ 27,286  $ 27,103 
Occupancy and equipment 1,777  1,764  5,285  5,353 
Information processing and communications 1,546  1,416  4,621  4,289 
Product delivery and transaction related 892  987  2,749  2,940 
Marketing 505  347  1,365  1,528 
Professional fees 525  434  1,493  1,263 
Other general operating 1,171  778  3,096  2,524 
Total noninterest expense $ 15,303  $ 14,440  $ 45,895  $ 45,000 
Noninterest expense increased $863 million to $15.3 billion and $895 million to $45.9 billion for the three and nine months ended September 30, 2022 compared to the same periods in 2021. The increase in the three-month period was primarily due to higher investments in people and technology and the settlement of the legacy monoline insurance litigation, partially
offset by lower net COVID-19 related costs. The increase in the nine-month period was primarily due to the same factors as described in the three-month period, as well as expenses recognized for certain regulatory matters during the second quarter of 2022.
Income Tax Expense
Table 4 Income Tax Expense
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2022 2021 2022 2021
Income before income taxes $ 8,301  $ 8,950  $ 23,072  $ 26,158 
Income tax expense 1,219  1,259  2,676  1,193 
Effective tax rate 14.7  % 14.1  % 11.6  % 4.6  %
Changes in the effective tax rates for the three and nine months ended September 30, 2022 compared to the same periods a year ago were primarily driven by changes in our recurring preference benefits. 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. The majority of our recurring tax preference benefits consists of tax credits from ESG investments in affordable housing, where the recurring tax credits are recognized ratably over a term of up to 10 years, and wind and solar energy investments, where the tax credits are recognized either at inception for transactions electing Investment Tax Credits (ITCs) or as energy is produced if electing Production Tax Credits (PTCs), as further discussed below. Absent ESG tax credits and unusual items, the effective tax rates would have been approximately 25 percent.
On August 16, 2022, the U.S. enacted the Inflation Reduction Act of 2022, which contained a number of tax-related provisions, including the extension and expansion of renewable energy tax credit programs. In particular, partnerships are no longer limited to an ITC, but can now elect a PTC for solar energy production facilities placed in service after December 31, 2021. As a result, the Corporation changed its estimated impact of solar-related tax credits and reversed the impact of certain solar investment tax credits recognized in the first half of
2022, which increased income tax expense by $152 million in the third quarter of 2022. If there is a change in the expected tax credit election, an income tax adjustment will be recognized in the quarter in which the change occurs.
Other notable tax law changes include the establishment of a new 15 percent alternative minimum tax (AMT) on adjusted financial statement income for large corporations and a one percent excise tax on net stock repurchases, both of which are effective for tax years beginning on or after January 1, 2023. The tax law changes for the new AMT permit business credits, including those from ESG investments in renewable energy and affordable housing, to offset potential AMT liability. The Corporation has assessed the potential impacts of these two U.S. tax law changes and does not expect the changes will have a significant effect on its future effective tax rate.
On June 10, 2021, the U.K. enacted the 2021 Finance Act, which increased 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 three months ended June 30, 2021, the Corporation recorded a positive income tax adjustment of approximately $2.0 billion with a corresponding write-up of U.K. net deferred tax assets, which reflected a reversal of previously recorded write-downs of net deferred tax assets for prior changes in the U.K. corporation income tax rate.
7 Bank of America


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:
●    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 9.
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 101.
Our consolidated key performance indicators, which include various equity and credit metrics, are presented in Table 1 on page 5 and Table 5 on page 9.
For information on key segment performance metrics, see Business Segment Operations on page 12.
Bank of America 8

Table 5 Selected Financial Data
Nine Months Ended
2022 Quarters 2021 Quarters September 30
(In millions, except per share information) Third Second First Fourth Third 2022 2021
Income statement    
Net interest income $ 13,765  $ 12,444  $ 11,572  $ 11,410  $ 11,094  $ 37,781  $ 31,524 
Noninterest income 10,737  10,244  11,656  10,650  11,672  32,637  35,529 
Total revenue, net of interest expense 24,502  22,688  23,228  22,060  22,766  70,418  67,053 
Provision for credit losses 898  523  30  (489) (624) 1,451  (4,105)
Noninterest expense 15,303  15,273  15,319  14,731  14,440  45,895  45,000 
Income before income taxes 8,301  6,892  7,879  7,818  8,950  23,072  26,158 
Income tax expense 1,219  645  812  805  1,259  2,676  1,193 
Net income 7,082  6,247  7,067  7,013  7,691  20,396  24,965 
Net income applicable to common shareholders 6,579  5,932  6,600  6,773  7,260  19,111  23,784 
Average common shares issued and outstanding
 8,107.7  8,121.6  8,136.8  8,226.5  8,430.7  8,122.2  8,583.1 
Average diluted common shares issued and outstanding
 8,160.8  8,163.1  8,202.1  8,304.7  8,492.8  8,173.3  8,702.2 
Performance ratios              
Return on average assets (1)
0.90  % 0.79  % 0.89  % 0.88  % 0.99  % 0.86  % 1.12  %
Four-quarter trailing return on average assets (2)
0.87  0.89  0.99  1.05  1.04  n/a n/a
Return on average common shareholders’ equity (1)
10.79  9.93  11.02  10.90  11.43  10.58  12.67 
Return on average tangible common shareholders’ equity (3)
15.21  14.05  15.51  15.25  15.85  14.93  17.61 
Return on average shareholders’ equity (1)
10.37  9.34  10.64  10.27  11.08  10.12  12.15 
Return on average tangible shareholders’ equity (3)
13.99  12.66  14.40  13.87  14.87  13.68  16.33 
Total ending equity to total ending assets 8.77  8.65  8.23  8.52  8.83  8.77  8.83 
Common equity ratio (1)
7.82  7.71  7.40  7.74  8.07  7.82  8.07 
Total average equity to total average assets 8.73  8.49  8.40  8.56  8.95  8.54  9.19 
Dividend payout (1)
27.06  28.68  25.86  25.33  24.10  27.15  20.43 
Per common share data              
Earnings $ 0.81  $ 0.73  $ 0.81  $ 0.82  $ 0.86  $ 2.35  $ 2.77 
Diluted earnings 0.81  0.73  0.80  0.82  0.85  2.34  2.75 
Dividends paid 0.22  0.21  0.21  0.21  0.21  0.64  0.57 
Book value (1)
29.96  29.87  29.70  30.37  30.22  29.96  30.22 
Tangible book value (3)
21.21  21.13  20.99  21.68  21.69  21.21  21.69 
Market capitalization $ 242,338  $ 250,136  $ 332,320  $ 359,383  $ 349,841  $ 242,338  $ 349,841 
Average balance sheet          
Total loans and leases $ 1,034,334  $ 1,014,886  $ 977,793  $ 945,062  $ 920,509 
Total assets 3,105,546  3,157,855  3,207,702  3,164,118  3,076,452 
Total deposits 1,962,775  2,012,079  2,045,811  2,017,223  1,942,705 
Long-term debt 250,204  245,781  246,042  248,525  248,988 
Common shareholders’ equity 241,882  239,523  242,865  246,519  252,043 
Total shareholders’ equity 271,017  268,197  269,309  270,883  275,484 
Asset quality          
Allowance for credit losses (4)
$ 13,817  $ 13,434  $ 13,483  $ 13,843  $ 14,693 
Nonperforming loans, leases and foreclosed properties (5)
4,156  4,326  4,778  4,697  4,831 
Allowance for loan and lease losses as a percentage of total loans and leases outstanding (5)
1.20  % 1.17  % 1.23  % 1.28  % 1.43  %
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases (5)
309  288  262  271  279 
Net charge-offs $ 520  $ 571  $ 392  $ 362  $ 463 
Annualized net charge-offs as a percentage of average loans and leases outstanding (5)
0.20  % 0.23  % 0.16  % 0.15  % 0.20  %
Capital ratios at period end (6)
         
Common equity tier 1 capital
 11.0  % 10.5  % 10.4  % 10.6  % 11.1  %
Tier 1 capital
 12.8  12.3  12.0  12.1  12.6 
Total capital
 14.7  14.2  14.0  14.1  14.7 
Tier 1 leverage
 6.8  6.5  6.3  6.4  6.6 
Supplementary leverage ratio
 5.8  5.5  5.4  5.5  5.6 
Tangible equity (3)
6.6  6.5  6.2  6.4  6.7 
Tangible common equity (3)
5.7  5.6  5.3  5.7  5.9 
Total loss-absorbing capacity and long-term debt metrics
Total loss-absorbing capacity to risk-weighted assets 28.9  % 27.8  % 27.2  % 26.9  % 27.7  %
Total loss-absorbing capacity to supplementary leverage exposure 13.0  12.6  12.2  12.1  12.4 
Eligible long-term debt to risk-weighted assets 15.2  14.7  14.4  14.1  14.4 
Eligible long-term debt to supplementary leverage exposure 6.8  6.6  6.5  6.3  6.4 
(1)For definitions, see Key Metrics on page 101.
(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 8 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 35 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 23.
n/a = not applicable
9 Bank of America


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 2022 Third Quarter 2021
Earning assets            
Interest-bearing deposits with the Federal Reserve, non-U.S. central
   banks and other banks
 $ 184,263  $ 848  1.83  % $ 240,054  $ 50  0.08  %
Time deposits placed and other short-term investments 10,352  34  1.33  6,419  4  0.24 
Federal funds sold and securities borrowed or purchased under
   agreements to resell
278,059  1,446  2.06  270,094  6  0.01 
Trading account assets 163,744  1,465  3.55  147,196  979  2.64 
Debt securities 901,654  4,259  1.88  949,009  3,296  1.39 
Loans and leases (2)
Residential mortgage 228,474  1,616  2.83  215,652  1,487  2.76 
Home equity 27,282  229  3.32  30,069  263  3.47 
Credit card 85,009  2,187  10.20  75,569  1,952  10.25 
Direct/Indirect and other consumer 108,300  923  3.38  98,148  578  2.34 
Total consumer 449,065  4,955  4.39  419,438  4,280  4.06 
U.S. commercial 377,183  3,427  3.60  323,659  2,315  2.84 
Non-U.S. commercial 127,793  1,028  3.19  101,967  446  1.73 
Commercial real estate (3)
66,707  738  4.39  59,881  378  2.51 
Commercial lease financing 13,586  124  3.65  15,564  116  2.98 
Total commercial 585,269  5,317  3.61  501,071  3,255  2.58 
Total loans and leases 1,034,334  10,272  3.94  920,509  7,535  3.25 
Other earning assets 98,172  1,403  5.67  120,734  567  1.86 
Total earning assets 2,670,578  19,727  2.94  2,654,015  12,437  1.86 
Cash and due from banks 27,250  30,101 
Other assets, less allowance for loan and lease losses 407,718  392,336 
Total assets $ 3,105,546  $ 3,076,452 
Interest-bearing liabilities            
U.S. interest-bearing deposits            
Demand and money market deposits $ 981,145  $ 832  0.34  % $ 931,964  $ 79  0.03  %
Time and savings deposits 164,313  193  0.47  162,337  41  0.10 
Total U.S. interest-bearing deposits 1,145,458  1,025  0.35  1,094,301  120  0.04 
Non-U.S. interest-bearing deposits 79,383  210  1.05  84,098  13  0.06 
Total interest-bearing deposits 1,224,841  1,235  0.40  1,178,399  133  0.04 
Federal funds purchased and securities loaned or sold under agreements
    to repurchase
 211,346  1,338  2.51  216,869  147  0.27 
Short-term borrowings and other interest-bearing liabilities (4)
137,253  926  2.68  107,713  (188) (0.69)
Trading account liabilities 46,507  383  3.27  56,496  285  2.00 
Long-term debt 250,204  1,974  3.14  248,988  865  1.37 
Total interest-bearing liabilities 1,870,151  5,856  1.24  1,808,465  1,242  0.27 
Noninterest-bearing sources
Noninterest-bearing deposits 737,934  764,306 
Other liabilities (5)
226,444  228,197 
Shareholders’ equity 271,017  275,484 
Total liabilities and shareholders’ equity $ 3,105,546  $ 3,076,452 
Net interest spread 1.70  % 1.59  %
Impact of noninterest-bearing sources 0.36  0.09 
Net interest income/yield on earning assets (6)
$ 13,871  2.06  % $ 11,195  1.68  %
(1)Includes the impact of interest rate risk management contracts. For more information, see Interest Rate Risk Management for the Banking Book on page 45.
(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 U.S. commercial real estate loans of $62.5 billion and $56.0 billion, and non-U.S. commercial real estate loans of $4.2 billion and $3.9 billion for the third quarter of 2022 and 2021.
(4)For more information on negative interest, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2021 Annual Report on Form 10-K.
(5)Includes $29.2 billion and $29.6 billion of structured notes and liabilities for the third quarter of 2022 and 2021.
(6)Net interest income includes FTE adjustments of $106 million and $101 million for the third quarter of 2022 and 2021.
Bank of America 10

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) 2022 2021
Earning assets            
Interest-bearing deposits with the Federal Reserve, non-U.S. central
   banks and other banks		 $ 202,293  $ 1,216  0.80  % $ 255,136  $ 106  0.06  %
Time deposits placed and other short-term investments 9,091  58  0.86  7,738  8  0.14 
Federal funds sold and securities borrowed or purchased under
   agreements to resell (2)
293,971  1,835  0.83  263,581  (43) (0.02)
Trading account assets 154,428  3,802  3.29  148,205  2,831  2.55 
Debt securities 940,808  12,164  1.72  878,437  8,875  1.36 
Loans and leases (3)
           
Residential mortgage 227,010  4,712  2.77  216,239  4,514  2.78 
Home equity 27,492  684  3.32  31,761  811  3.41 
Credit card 81,505  6,081  9.97  74,383  5,775  10.38 
Direct/Indirect and other consumer 107,204  2,198  2.74  94,658  1,698  2.40 
Total consumer 443,211  13,675  4.12  417,041  12,798  4.10 
U.S. commercial 362,669  8,079  2.98  322,773  6,415  2.66 
Non-U.S. commercial 124,965  2,228  2.38  96,445  1,284  1.78 
Commercial real estate (4)
64,295  1,601  3.33  59,632  1,114  2.50 
Commercial lease financing 14,071  334  3.17  16,200  356  2.94 
Total commercial 566,000  12,242  2.89  495,050  9,169  2.48 
Total loans and leases 1,009,211  25,917  3.43  912,091  21,967  3.22 
Other earning assets 108,968  2,813  3.45  106,978  1,696  2.12 
Total earning assets 2,718,770  47,805  2.35  2,572,166  35,440  1.84 
Cash and due from banks 28,116    31,886   
Other assets, less allowance for loan and lease losses 409,771      386,932     
Total assets $ 3,156,657      $ 2,990,984     
Interest-bearing liabilities            
U.S. interest-bearing deposits            
Demand and money market deposits $ 989,364  $ 1,101  0.15  % $ 912,547  $ 234  0.03  %
Time and savings deposits 161,707  275  0.23  161,156  132  0.11 
Total U.S. interest-bearing deposits 1,151,071  1,376  0.16  1,073,703  366  0.05 
Non-U.S. interest-bearing deposits 80,235  343  0.57  82,743  28  0.04 
Total interest-bearing deposits 1,231,306  1,719  0.19  1,156,446  394  0.05 
Federal funds purchased and securities loaned or sold under agreements
   to repurchase (5)
214,404  1,871  1.17  208,431  381  0.24 
Short-term borrowings and other interest-bearing liabilities (2,5)
132,873  834  0.84  104,395  (586) (0.75)
Trading account liabilities 54,852  1,117  2.72  52,797  824  2.09 
Long-term debt 247,357  4,168  2.25  234,056  2,581  1.48 
Total interest-bearing liabilities 1,880,792  9,709  0.69  1,756,125  3,594  0.27 
Noninterest-bearing sources            
Noninterest-bearing deposits 775,278      723,151     
Other liabilities (6)
231,073      236,982     
Shareholders’ equity 269,514      274,726     
Total liabilities and shareholders’ equity $ 3,156,657      $ 2,990,984     
Net interest spread     1.66  %     1.57  %
Impact of noninterest-bearing sources     0.21      0.09 
Net interest income/yield on earning assets (7)
  $ 38,096  1.87  %   $ 31,846  1.66  %
(1)Includes the impact of interest rate risk management contracts. For more information, see Interest Rate Risk Management for the Banking Book on page 45.
(2)For more information on negative interest, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2021 Annual Report on Form 10-K.
(3)Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is generally recognized on a cost recovery basis.
(4)Includes U.S. commercial real estate loans of $60.0 billion and $56.2 billion and non-U.S. commercial real estate loans of $4.3 billion and $3.4 billion for the nine months ended September 30, 2022 and 2021.
(5)Certain prior-period amounts have been reclassified to conform to current-period presentation.
(6)Includes $29.7 billion and $30.5 billion of structured notes and liabilities for the nine months ended September 30, 2022 and 2021.
(7)Net interest income includes FTE adjustments of $315 million and $322 million for the nine months ended September 30, 2022 and 2021.




11 Bank of America


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 2021 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 8, 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) 2022 2021 2022 2021 2022 2021 % Change
Net interest income $ 5,006  $ 3,730  $ 2,778  $ 2,763  $ 7,784  $ 6,493  20  %
Noninterest income:
Card income (10) (7) 1,341  1,324  1,331  1,317  1 
Service charges 597  934  —  1  597  935  (36)
All other income 141  58  51  35  192  93  106 
Total noninterest income 728  985  1,392  1,360  2,120  2,345  (10)
Total revenue, net of interest expense
 5,734  4,715  4,170  4,123  9,904  8,838  12 
Provision for credit losses 173  53  565  194  738  247  n/m
Noninterest expense 3,141  2,724  1,956  1,834  5,097  4,558  12 
Income before income taxes 2,420  1,938  1,649  2,095  4,069  4,033  1 
Income tax expense 593  475  404  513  997  988  1 
Net income $ 1,827  $ 1,463  $ 1,245  $ 1,582  $ 3,072  $ 3,045  1 
Effective tax rate (1)
24.5  % 24.5  %
Net interest yield 1.87  % 1.49  % 3.76  % 3.95  % 2.79  % 2.49  %
Return on average allocated capital 56  48  18  24  30  31 
Efficiency ratio 54.78  57.75  46.92  44.48  51.47  51.56 
Balance Sheet
Three Months Ended September 30
Average 2022 2021 2022 2021 2022 2021 % Change
Total loans and leases $ 4,153  $ 4,387  $ 291,078  $ 276,993  $ 295,231  $ 281,380  5  %
Total earning assets (2)
1,064,585  991,186  293,366  277,491  1,106,513  1,034,471  7 
Total assets (2)
1,096,911  1,026,811  300,374  283,631  1,145,846  1,076,236  6 
Total deposits 1,063,075  993,624  6,018  7,141  1,069,093  1,000,765  7 
Allocated capital 13,000  12,000  27,000  26,500  40,000  38,500  4 
(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.
n/m = not meaningful
Bank of America 12

Deposits Consumer Lending Total Consumer Banking
Nine Months Ended September 30
(Dollars in millions) 2022 2021 2022 2021 2022 2021 % Change
Net interest income $ 13,535  $ 10,489  $ 8,016  $ 7,897  $ 21,551  $ 18,386  17  %
Noninterest income:
Card income (27) (19) 3,863  3,837  3,836  3,818  — 
Service charges 2,118  2,615  2  2  2,120  2,617  (19)
All other income 264  151  82  121  346  272  27 
Total noninterest income 2,355  2,747  3,947  3,960  6,302  6,707  (6)
Total revenue, net of interest expense
 15,890  13,236  11,963  11,857  27,853  25,093  11 
Provision for credit losses 388  174  648  (1,241) 1,036  (1,067) n/m
Noninterest expense 9,204  8,789  5,773  5,759  14,977  14,548  3 
Income before income taxes 6,298  4,273  5,542  7,339  11,840  11,612  2 
Income tax expense 1,543  1,047  1,358  1,798  2,901  2,845  2 
Net income $ 4,755  $ 3,226  $ 4,184  $ 5,541  $ 8,939  $ 8,767  2 
Effective tax rate (1)
24.5  % 24.5  %
Net interest yield 1.70  % 1.46  % 3.73  % 3.76  % 2.61  % 2.45  %
Return on average allocated capital 49  36  21  28  30  30 
Efficiency ratio 57.92  66.40  48.26  48.57  53.77  57.97 
Balance Sheet
Nine Months Ended September 30
Average 2022 2021 2022 2021 2022 2021 % Change
Total loans and leases $ 4,171  $ 4,479  $ 285,501  $ 280,165  $ 289,672  $ 284,644  2  %
Total earning assets (2)
1,062,668  957,561  287,422  280,617  1,104,653  1,001,590  10 
Total assets (2)
1,095,830  994,562  294,193  285,813  1,144,587  1,043,787  10 
Total deposits 1,061,876  961,266  5,909  7,006  1,067,785  968,272  10 
Allocated capital 13,000  12,000  27,000  26,500  40,000  38,500  4 
Period end September 30
2022		 December 31
2021		 September 30
2022		 December 31
2021		 September 30
2022		 December 31
2021		 % Change
Total loans and leases $ 4,134  $ 4,206  $ 293,691  $ 282,305  $ 297,825  $ 286,511  4  %
Total earning assets (2)
1,068,130  1,048,009  295,637  282,850  1,110,524  1,090,331  2 
Total assets (2)
1,100,517  1,082,449  302,644  289,220  1,149,918  1,131,142  2 
Total deposits 1,066,522  1,049,085  6,058  5,910  1,072,580  1,054,995  2 
See page 12 for footnotes.
n/m = not meaningful
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 2021 Annual Report on Form 10-K.
Consumer Banking Results
Three-Month Comparison
Net income for Consumer Banking increased $27 million to $3.1 billion due to higher revenue, largely offset by higher noninterest expense and an increase in provision for credit losses. Net interest income increased $1.3 billion to $7.8 billion primarily due to higher interest rates and the benefits of higher deposit and loan balances, partially offset by a decrease in the acceleration of net capitalized loan fees due to PPP loan forgiveness. Noninterest income decreased $225 million to $2.1 billion primarily driven by the impact of non-sufficient funds and overdraft policy changes.
The provision for credit losses increased $491 million to $738 million primarily driven by loan growth in the current-year period compared to the prior-year period that benefited from an improved macroeconomic outlook. Noninterest expense increased $539 million to $5.1 billion primarily driven by continued investments for business growth, including marketing, technology and compensation and benefits expenses, as well as increased client activity.

The return on average allocated capital was 30 percent, down from 31 percent, primarily driven by an increase in allocated capital. For more information on capital allocated to the business segments, see Business Segment Operations on page 12.
Nine-Month Comparison
Net income for Consumer Banking increased $172 million to $8.9 billion due to higher revenue, partially offset by an increase in provision for credit losses and higher noninterest expense. Net interest income increased $3.2 billion to $21.6 billion primarily due to the same factors as described in the three-month discussion. Noninterest income decreased $405 million to $6.3 billion primarily driven by the impact of non-sufficient funds and overdraft policy changes and lower mortgage banking income, partially offset by higher other service charges and card income due to increased client activity.
The provision for credit losses increased $2.1 billion to $1.0 billion primarily driven by loan growth and a dampening macroeconomic outlook in the current-year period compared to a benefit in the prior-year period due to an improved macroeconomic outlook. Noninterest expense increased $429 million to $15.0 billion primarily driven by continued investments for business growth and increased client activity, partially offset by an impairment charge for real estate rationalization and the contribution to the Bank of America Foundation in the prior-year period.
The return on average allocated capital was 30 percent, unchanged from the prior-year period.
13 Bank of America


Deposits
Three-Month Comparison
Net income for Deposits increased $364 million to $1.8 billion due to higher revenue, partially offset by higher noninterest expense. Net interest income increased $1.3 billion to $5.0 billion primarily due to higher interest rates and the benefit of higher deposit balances. Noninterest income decreased $257 million to $728 million primarily driven by the impact of non-sufficient funds and overdraft policy changes.
Noninterest expense increased $417 million to $3.1 billion primarily driven by continued investments for business growth and increased client activity.
Average deposits increased $69.5 billion to $1.1 trillion primarily due to net inflows of $38.8 billion in checking and $33.3 billion in money market savings largely driven by strong organic growth.
Nine-Month Comparison
Net income for Deposits increased $1.5 billion to $4.8 billion primarily due to higher revenue, partially offset by higher
noninterest expense. Net interest income increased $3.0 billion to $13.5 billion primarily due to the same factors as described in the three-month discussion. Noninterest income decreased $392 million to $2.4 billion primarily due to the same factor as described in the three-month discussion.
Noninterest expense increased $415 million to $9.2 billion primarily driven by continued investments for business growth and increased client activity, partially offset by an impairment charge for real estate rationalization in the prior-year period.
Average deposits increased $100.6 billion to $1.1 trillion primarily due to net inflows of $58.4 billion in checking and $42.2 billion in money market savings largely driven by strong organic growth.
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
2022 2021 2022 2021
Total deposit spreads (excludes noninterest costs) (1)
1.88% 1.68% 1.74% 1.70%
Period End
Consumer investment assets (in millions) (2)
$ 302,413 $ 353,280
Active digital banking users (in thousands) (3)
43,496 40,911
Active mobile banking users (in thousands) (4)
34,922 32,455
Financial centers 3,932 4,215
ATMs 15,572 16,513
(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 decreased $50.9 billion to $302.4 billion driven by market performance, partially offset by client flows. Active mobile banking users increased approximately two million, reflecting continuing changes in our clients’ banking preferences. We had a net decrease of 283 financial centers and 941 ATMs as we continue to optimize our consumer banking network.
Consumer Lending
Three-Month Comparison
Net income for Consumer Lending decreased $337 million to $1.2 billion primarily due to an increase in provision for credit losses. Net interest income increased $15 million to $2.8 billion primarily due to higher interest rates and loan balances, largely offset by a decrease in the acceleration of net capitalized loan fees due to PPP loan forgiveness. Noninterest income increased $32 million to $1.4 billion primarily driven by higher card income.
The provision for credit losses increased $371 million to $565 million primarily driven by loan growth in the current-year period compared to the prior-year period that benefited from an improved macroeconomic outlook. Noninterest expense increased $122 million to $2.0 billion primarily driven by increased client activity.
Average loans increased $14.1 billion to $291.1 billion primarily driven by an increase in credit card loans and first mortgage loans, partially offset by a decline in PPP loans.
Nine-Month Comparison
Net income for Consumer Lending decreased $1.4 billion to $4.2 billion primarily due to an increase in provision for credit losses. Net interest income increased $119 million to $8.0 billion primarily due to the same factors as described in the three-month discussion. Noninterest income decreased $13 million to $3.9 billion primarily driven by lower mortgage banking income, largely offset by higher card income.
The provision for credit losses increased $1.9 billion to $648 million primarily driven by loan growth and a dampening macroeconomic outlook in the current-year period compared to a benefit in the prior-year period due to an improved macroeconomic outlook. Noninterest expense increased $14 million to $5.8 billion primarily driven by increased client activity, largely offset by the contribution to the Bank of America Foundation in the prior-year period.
Average loans increased $5.3 billion to $285.5 billion primarily driven by an increase in credit card loans and first mortgage loans, partially offset by a decline in PPP loans.
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.
Bank of America 14

Key Statistics – Consumer Lending
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2022 2021 2022 2021
Total credit card (1)
Gross interest yield (2)
10.71  % 10.10  % 10.14  % 10.24  %
Risk-adjusted margin (3)
10.07  10.70  10.13  9.93 
New accounts (in thousands) 1,256  1,049  3,301  2,654 
Purchase volumes $ 91,064  $ 80,925  $ 263,788  $ 223,900 
Debit card purchase volumes
 $ 127,135  $ 119,680  $ 373,426  $ 349,492 
(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 months ended September 30, 2022, the total risk-adjusted margin decreased 63 bps primarily driven by lower net interest margin and lower fee income, partially offset by lower net credit losses. During the nine months ended September 30, 2022, the total risk-adjusted margin increased 20 bps primarily driven by lower net credit losses, partially
offset by lower net interest margin and lower fee income. During the three and nine months ended September 30, 2022, total credit card purchase volumes increased $10.1 billion and $39.9 billion, and debit card purchase volumes increased $7.5 billion and $23.9 billion, reflecting higher levels of consumer spending.
Key Statistics – Loan Production (1)
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2022 2021 2022 2021
Consumer Banking:  
First mortgage $ 4,028  $ 12,510  $ 18,695  $ 33,194 
Home equity 1,999  1,262  5,875  2,579 
Total (2):
First mortgage $ 8,724  $ 21,232  $ 39,548  $ 56,731 
Home equity 2,420  1,523  6,995  3,192 
(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 decreased $8.5 billion and $12.5 billion during the three months ended September 30, 2022 primarily driven by changes in demand. During the nine months ended September 30, 2022, Consumer Banking and the total Corporation decreased $14.5 billion and $17.2 billion primarily driven by changes in demand.
Home equity production in Consumer Banking and the total Corporation increased $737 million and $897 million during the three months ended September 30, 2022 primarily driven by higher demand. During the nine months ended September 30, 2022, Consumer Banking and the total Corporation increased $3.3 billion and $3.8 billion primarily driven by higher demand.
15 Bank of America


Global Wealth & Investment Management
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2022 2021 % Change 2022 2021 % Change
Net interest income $ 1,981  $ 1,452  36  % $ 5,451  $ 4,137  32  %
Noninterest income:
Investment and brokerage services 3,255  3,682  (12) 10,395  10,610  (2)
All other income 193  176  10  492  599  (18)
Total noninterest income 3,448  3,858  (11) 10,887  11,209  (3)
Total revenue, net of interest expense 5,429  5,310  2  16,338  15,346  6 
Provision for credit losses 37  (58) n/m 29  (185) (116)
Noninterest expense 3,816  3,744  2  11,706  11,425  2 
Income before income taxes 1,576  1,624  (3) 4,603  4,106  12 
Income tax expense 386  398  (3) 1,128  1,006  12 
Net income $ 1,190  $ 1,226  (3) $ 3,475  $ 3,100  12 
Effective tax rate 24.5  % 24.5  % 24.5  % 24.5  %
Net interest yield 2.12  1.54  1.84  1.51 
Return on average allocated capital 27  30  27  25 
Efficiency ratio 70.28  70.51  71.65  74.45 
Balance Sheet
Three Months Ended September 30 Nine Months Ended September 30
Average 2022 2021 % Change 2022 2021 % Change
Total loans and leases $ 223,734  $ 199,664  12  % $ 218,030  $ 194,090  12  %
Total earning assets 370,733  373,691  (1) 395,023  367,239  8 
Total assets 383,468  386,346  (1) 407,819  379,802  7 
Total deposits 339,487  339,357  —  362,611  333,119  9 
Allocated capital 17,500  16,500  6  17,500  16,500  6 
Period end September 30
2022		 December 31
2021		 % Change
Total loans and leases $ 224,858  $ 208,971  8  %
Total earning assets 357,434  425,112  (16)
Total assets 370,790  438,275  (15)
Total deposits 324,859  390,143  (17)
n/m = not meaningful

GWIM consists of two primary businesses: Merrill Wealth Management and Bank of America Private Bank. For more information about GWIM, see Business Segment Operations in the MD&A of the Corporation’s 2021 Annual Report on Form 10-K.
Three-Month Comparison
Net income for GWIM of $1.2 billion remained relatively unchanged. The operating margin was 29 percent compared to 31 percent a year ago.
Net interest income increased $529 million to $2.0 billion driven by the benefits of higher interest rates and higher loan balances.
Noninterest income, which primarily includes investment and brokerage services income, decreased $410 million to $3.4 billion primarily due to the impacts of lower market valuations and declines in assets under management (AUM) pricing, partially offset by the impact of positive AUM flows.
The provision for credit losses increased $95 million to $37 million primarily due to loan growth and a dampening macroeconomic outlook in the current-year period. Noninterest expense increased $72 million to $3.8 billion primarily driven by continued investments in the business, partially offset by lower revenue-related incentives.
The return on average allocated capital was 27 percent, down from 30 percent, due to an increase in allocated capital and lower net income. For more information on capital allocated to the business segments, see Business Segment Operations on page 12.
Average loans increased $24.1 billion to $223.7 billion primarily driven by residential mortgage, custom lending and securities-based lending. Average deposits of $339.5 billion remained relatively unchanged.
Merrill Wealth Management revenue of $4.5 billion increased one percent as the benefits of higher interest rates and higher loan balances were largely offset by the impact of lower market valuations and declines in AUM pricing.
Bank of America Private Bank revenue of $905 million increased eight percent driven by the benefits of higher deposit and loan balances and higher interest rates.
Nine-Month Comparison
Net income for GWIM increased $375 million to $3.5 billion driven by higher revenue, partially offset by higher noninterest expense and provision for credit losses. The operating margin was 28 percent compared to 27 percent a year ago.
Net interest income increased $1.3 billion to $5.5 billion due to the same factors as described in the three-month discussion, as well as the benefits of higher deposit balances.
Noninterest income, which primarily includes investment and brokerage services income, decreased $322 million to $10.9 billion primarily due to the same factors as described in the three-month discussion.
The provision for credit losses increased $214 million primarily due to the same factors as described in the three-month discussion. Noninterest expense increased $281 million to $11.7 billion primarily due to the same factors as described in the three-month discussion.
Bank of America 16

The return on average allocated capital was 27 percent, up from 25 percent, due to higher net income, partially offset by an increase in allocated capital.
Average loans increased $23.9 billion to $218.0 billion primarily due to the same factors as described in the three-month discussion. Average deposits increased $29.5 billion to $362.6 billion primarily driven by inflows from new and existing accounts.
Merrill Wealth Management revenue of $13.6 billion increased six percent primarily driven by the benefits of higher interest rates, higher deposit and loan balances and positive AUM flows, partially offset by the impact of lower market valuations and declines in AUM pricing.
Bank of America Private Bank revenue of $2.7 billion increased 11 percent primarily driven by the same factors as described in the three-month discussion.
Key Indicators and Metrics
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2022 2021 2022 2021
Revenue by Business
Merrill Wealth Management $ 4,524  $ 4,471  $ 13,649  $ 12,916 
Bank of America Private Bank 905  839  2,689  2,430 
Total revenue, net of interest expense $ 5,429  $ 5,310  $ 16,338  $ 15,346 
Client Balances by Business, at period end
Merrill Wealth Management $ 2,710,985  $ 3,108,358 
Bank of America Private Bank
 537,771  584,475 
Total client balances $ 3,248,756  $ 3,692,833 
Client Balances by Type, at period end
Assets under management $ 1,329,557  $ 1,578,630 
Brokerage and other assets 1,413,946  1,612,472 
Deposits 324,859  345,590 
Loans and leases (1)
228,129  205,055 
Less: Managed deposits in assets under management (47,735) (48,914)
Total client balances $ 3,248,756  $ 3,692,833 
Assets Under Management Rollforward
Assets under management, beginning of period $ 1,411,344  $ 1,549,069  $ 1,638,782  $ 1,408,465 
Net client flows 4,110  14,776  20,680  44,698 
Market valuation/other
(85,897) 14,785  (329,905) 125,467 
Total assets under management, end of period $ 1,329,557  $ 1,578,630  $ 1,329,557  $ 1,578,630 
Total wealth advisors, at period end (2)
18,841  18,855 
(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.
Client Balances
Client balances decreased $444.1 billion, or 12 percent, to $3.2 trillion at September 30, 2022 compared to September 30, 2021. The decrease in client balances was primarily due to the impact of lower market valuations, partially offset by positive client flows.
17 Bank of America


Global Banking
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2022 2021 % Change 2022 2021 % Change
Net interest income $ 3,326  $ 2,185  52  % $ 8,304  $ 6,150  35  %
Noninterest income:
Service charges 771  889  (13) 2,590  2,637  (2)
Investment banking fees 726  1,297  (44) 2,298  3,642  (37)
All other income 768  874  (12) 2,599  2,538  2 
Total noninterest income 2,265  3,060  (26) 7,487  8,817  (15)
Total revenue, net of interest expense 5,591  5,245  7  15,791  14,967  6 
Provision for credit losses 170  (781) (122) 492  (2,738) (118)
Noninterest expense 2,651  2,534  5  8,133  7,915  3 
Income before income taxes 2,770  3,492  (21) 7,166  9,790  (27)
Income tax expense 734  943  (22) 1,899  2,643  (28)
Net income $ 2,036  $ 2,549  (20) $ 5,267  $ 7,147  (26)
Effective tax rate 26.5  % 27.0  % 26.5  % 27.0  %
Net interest yield 2.53  1.55  2.05  1.53 
Return on average allocated capital 18  24  16  22 
Efficiency ratio 47.41  48.31  51.50  52.88 
Balance Sheet
Three Months Ended September 30 Nine Months Ended September 30
Average 2022 2021 % Change 2022 2021 % Change
Total loans and leases
$ 384,305  $ 324,736  18  % $ 373,547  $ 326,632  14  %
Total earning assets 521,555  560,181  (7) 541,670  537,037  1 
Total assets 585,683  621,699  (6) 605,884  597,947  1 
Total deposits 495,154  534,166  (7) 514,612  509,445  1 
Allocated capital 44,500  42,500  5  44,500  42,500  5 
Period end September 30
2022		 December 31
2021		 % Change
Total loans and leases $ 377,711  $ 352,933  7  %
Total earning assets 511,494  574,583  (11)
Total assets 575,442  638,131  (10)
Total deposits 484,309  551,752  (12)
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 2021 Annual Report on Form 10-K.
Three-Month Comparison
Net income for Global Banking decreased $513 million to $2.0 billion driven by higher provision for credit losses and higher noninterest expense, partially offset by higher revenue.
Net interest income increased $1.1 billion to $3.3 billion primarily due to the benefits of higher interest rates and loan growth, partially offset by the impact of lower deposit balances.
Noninterest income decreased $795 million to $2.3 billion driven by lower investment banking fees, income from ESG investment activities and treasury service charges.
The provision for credit losses increased $951 million to $170 million primarily driven by a dampening macroeconomic outlook compared to a benefit in the provision for credit losses of $781 million in the prior-year period due to an improved macroeconomic outlook.
Noninterest expense increased $117 million to $2.7 billion primarily due to continued investments in the business, including strategic hiring.
The return on average allocated capital was 18 percent, down from 24 percent, due to lower net income and higher allocated capital. For more information on capital allocated to the business segments, see Business Segment Operations on page 12.
Nine-Month Comparison
Net income for Global Banking decreased $1.9 billion to $5.3 billion driven by higher provision for credit losses and higher noninterest expense, partially offset by higher revenue.
Net interest income increased $2.2 billion to $8.3 billion primarily due to the benefits of higher interest rates and loan growth.
Noninterest income decreased $1.3 billion to $7.5 billion driven by lower investment banking fees and valuation adjustments on leveraged loans.
The provision for credit losses increased $3.2 billion to $492 million primarily driven by a dampening macroeconomic outlook and loan growth as well as a reserve build in the current-year period for our Russian exposure, compared to a benefit in the provision for credit losses of $2.7 billion in the prior-year period due to an improved macroeconomic outlook.

Bank of America 18

Noninterest expense increased $218 million to $8.1 billion, primarily due to continued investments in the business, partially offset by an acceleration of expenses due to incentive compensation award changes in the prior-year period.
The return on average allocated capital was 16 percent, down from 22 percent, due to lower net income and higher allocated capital.
Global Corporate, Global Commercial and Business Banking
The following table and discussion present a summary of the results, which exclude certain investment banking 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) 2022 2021 2022 2021 2022 2021 2022 2021
Revenue
Business Lending $ 902  $ 885  $ 1,111  $ 923  $ 66  $ 54  $ 2,079  $ 1,862 
Global Transaction Services (1)
1,369  850  1,112  855  322  240  2,803  1,945 
Total revenue, net of interest expense
 $ 2,271  $ 1,735  $ 2,223  $ 1,778  $ 388  $ 294  $ 4,882  $ 3,807 
Balance Sheet
Average
Total loans and leases $ 177,166  $ 147,906  $ 193,828  $ 159,986  $ 12,697  $ 12,635  $ 383,691  $ 320,527 
Total deposits (1)
241,289  263,478  198,479  213,713  55,386  56,935  495,154  534,126 
Global Corporate Banking Global Commercial Banking Business Banking Total
Nine Months Ended September 30
(Dollars in millions) 2022 2021 2022 2021 2022 2021 2022 2021
Revenue
Business Lending $ 2,908  $ 2,528  $ 3,128  $ 2,688  $ 186  $ 165  $ 6,222  $ 5,381 
Global Transaction Services (1)
3,456  2,324  2,981  2,432  835  692  7,272  5,448 
Total revenue, net of interest expense
 $ 6,364  $ 4,852  $ 6,109  $ 5,120  $ 1,021  $ 857  $ 13,494  $ 10,829 
Balance Sheet
Average
Total loans and leases
$ 173,740  $ 148,101  $ 185,981  $ 158,939  $ 12,799  $ 12,778  $ 372,520  $ 319,818 
Total deposits (1)
247,924  246,269  209,583  207,783  57,106  55,361  514,613  509,413 
Period end
Total loans and leases $ 172,806  $ 150,797  $ 191,739  $ 162,371  $ 12,663  $ 12,640  $ 377,208  $ 325,808 
Total deposits (1)
242,837  257,462  187,899  221,160  53,572  57,814  484,308  536,436 
(1)Prior periods have been revised to conform to current-period presentation.
Business Lending revenue increased $217 million for the three months ended September 30, 2022 compared to the same period in 2021 primarily due to the benefits of loan growth and higher interest rates, partially offset by lower income from ESG investment activities. Business Lending revenue increased $841 million for the nine months ended September 30, 2022 primarily due to the benefits of loan growth and higher interest rates.
Global Transaction Services revenue increased $858 million for the three months ended September 30, 2022 driven by higher interest rates, partially offset by the impact of lower deposit balances and treasury service charges. Global Transaction Services revenue increased $1.8 billion for the nine months ended September 30, 2022 driven by higher interest rates.
Average loans and leases increased 20 percent and 16 percent for the three and nine months ended September 30, 2022 due to higher client demand. Average deposits decreased
seven percent during the three months ended September 30, 2022 due to declines in domestic and international balances, and increased one percent during the nine months ended September 30, 2022 due to portfolio growth.
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 table below presents total Corporation investment banking fees and the portion attributable to Global Banking.
19 Bank of America


Investment Banking Fees
Global Banking Total Corporation Global Banking Total Corporation
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2022 2021 2022 2021 2022 2021 2022 2021
Products
Advisory $ 397  $ 608  $ 432  $ 654  $ 1,197  $ 1,341  $ 1,297  $ 1,461 
Debt issuance 273  401  616  933  915  1,306  2,109  3,031 
Equity issuance 56  288  156  637  186  995  520  2,239 
Gross investment banking fees
 726  1,297  1,204  2,224  2,298  3,642  3,926  6,731 
Self-led deals (17) (24) (37) (56) (74) (85) (174) (195)
Total investment banking fees
 $ 709  $ 1,273  $ 1,167  $ 2,168  $ 2,224  $ 3,557  $ 3,752  $ 6,536 
Total Corporation investment banking fees, which exclude self-led deals and are primarily included within Global Banking and Global Markets, were $1.2 billion and $3.8 billion for the three and nine months ended September 30, 2022. The three-month and nine-month periods decreased 46 percent and 43 percent compared to the same periods in 2021 primarily driven by lower equity issuance, debt issuance and advisory fees.
Global Markets
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2022 2021 % Change 2022 2021 % Change
Net interest income $ 743  $ 1,000  (26) % $ 2,717  $ 2,980  (9) %
Noninterest income:
Investment and brokerage services 457  471  (3) 1,520  1,504  1 
Investment banking fees 430  844  (49) 1,473  2,784  (47)
Market making and similar activities 2,874  2,014  43  8,721  7,448  17 
All other income (21) 190  (111) (154) 721  (121)
Total noninterest income 3,740  3,519  6  11,560  12,457  (7)
Total revenue, net of interest expense 4,483  4,519  (1) 14,277  15,437  (8)
Provision for credit losses 11  16  (31) 24  33  (27)
Noninterest expense 3,023  3,252  (7) 9,249  10,150  (9)
Income before income taxes 1,449  1,251  16  5,004  5,254  (5)
Income tax expense 384  325  18  1,326  1,366  (3)
Net income $ 1,065  $ 926  15  $ 3,678  $ 3,888  (5)
Effective tax rate 26.5  % 26.0  % 26.5  % 26.0  %
Return on average allocated capital 10  10  12  14 
Efficiency ratio 67.42  71.94  64.78  65.75 
Balance Sheet
Three Months Ended September 30 Nine Months Ended September 30
2022 2021 % Change 2022 2021 % Change
Average
Trading-related assets:
Trading account securities $ 308,514  $ 304,133  1  % $ 301,690  $ 291,500  3  %
Reverse repurchases 112,828  117,486  (4) 127,527  111,330  15 
Securities borrowed 114,032  101,086  13  115,898  97,205  19 
Derivative assets 57,017  41,010  39  53,098  44,308  20 
Total trading-related assets 592,391  563,715  5  598,213  544,343  10 
Total loans and leases 120,435  97,148  24  114,505  87,535  31 
Total earning assets 591,883  557,333  6  600,477  528,113  14 
Total assets 847,899  804,938  5  857,747  775,552  11 
Total deposits 38,820  54,650  (29) 41,448  54,699  (24)
Allocated capital 42,500  38,000  12  42,500  38,000  12 
Period end September 30
2022		 December 31
2021		 % Change
Total trading-related assets $ 592,938  $ 491,160  21  %
Total loans and leases 121,721  114,846  6 
Total earning assets 595,988  561,135  6 
Total assets 848,752  747,794  14 
Total deposits 37,318  46,374  (20)

Bank of America 20

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 2021 Annual Report on Form 10-K.
Except as otherwise noted below, 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 8.
Three-Month Comparison
Net income for Global Markets increased $139 million to $1.1 billion. Net DVA losses were $14 million compared to losses of $20 million in the prior-year period. Excluding net DVA, net income increased $135 million to $1.1 billion. These increases were primarily driven by lower noninterest expense.
Revenue decreased $36 million to $4.5 billion primarily driven by lower investment banking fees, largely offset by higher sales and trading revenue. Sales and trading revenue increased $478 million, and excluding net DVA, increased $472 million. These increases were driven by higher revenue in FICC.
Noninterest expense decreased $229 million to $3.0 billion primarily driven by the realignment of a liquidating business activity from Global Markets to All Other in the fourth quarter of 2021.
Average total assets increased $43.0 billion to $847.9 billion driven by loan growth, higher derivative balances due to a strong U.S. dollar and higher interest rates, as well as growth in commodities activity.
The return on average allocated capital was 10 percent, unchanged from the prior-year period, reflecting higher net income offset by an increase in allocated capital. For more information on capital allocated to the business segments, see Business Segment Operations on page 12.
Nine-Month Comparison
Net income for Global Markets decreased $210 million to $3.7 billion. Net DVA gains were $213 million compared to losses of $56 million in the prior-year period. Excluding net DVA, net income decreased $415 million to $3.5 billion. These decreases were primarily driven by lower revenue, partially offset by lower noninterest expense.
Revenue decreased $1.2 billion to $14.3 billion primarily due to the same factors as described in the three-month discussion. Sales and trading revenue increased $711 million and excluding net DVA, sales and trading revenue increased $442 million. These increases were driven by higher revenue in both FICC and Equities.
Noninterest expense decreased $901 million to $9.2 billion primarily due to the same factor as described in the three-month discussion and an acceleration of expenses from incentive compensation award changes in the prior-year period.
Average total assets increased $82.2 billion to $857.7 billion driven by loan growth and commodities activity in FICC as well as higher balances in Equities. Period-end total assets increased $101.0 billion from December 31, 2021 to $848.8 billion driven by higher derivative balances due to a strong U.S. dollar and higher interest rates, higher levels of inventory in FICC to facilitate client activity, and increased hedging of client activity with stock positions relative to derivatives in Equities.
The return on average allocated capital was 12 percent, down from 14 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 2021 Annual Report on Form 10-K. The table below 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 8.
Sales and Trading Revenue (1, 2, 3)
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2022 2021 2022 2021
Sales and trading revenue
Fixed income, currencies and commodities
 $ 2,552  $ 2,009  $ 7,760  $ 7,188 
Equities 1,540  1,605  5,204  5,065 
Total sales and trading revenue $ 4,092  $ 3,614  $ 12,964  $ 12,253 
Sales and trading revenue, excluding net DVA (4)
Fixed income, currencies and commodities
 $ 2,567  $ 2,025  $ 7,555  $ 7,241 
Equities 1,539  1,609  5,196  5,068 
Total sales and trading revenue, excluding net DVA
 $ 4,106  $ 3,634  $ 12,751  $ 12,309 
(1)For more information on sales and trading revenue, see Note 3 – Derivatives to the Consolidated Financial Statements.
(2)Includes FTE adjustments of $58 million and $253 million for the three and nine months ended September 30, 2022 compared to $99 million and $232 million for the same periods in 2021.
(3)    Includes Global Banking sales and trading revenue of $287 million and $785 million for the three and nine months ended September 30, 2022 compared to $138 million and $412 million for the same periods in 2021.
(4)    FICC and Equities sales and trading revenue, excluding net DVA, is a non-GAAP financial measure. FICC net DVA gains (losses) were $(15) million and $205 million for the three and nine months ended September 30, 2022 compared to losses of $16 million and $53 million for the same periods in 2021. Equities net DVA gains were $1 million and $8 million for the three and nine months ended September 30, 2022 compared to losses of $4 million and $3 million for the same periods in 2021.

21 Bank of America


Three-Month Comparison
FICC revenue increased $542 million driven by improved performance across macro products, partially offset by a weaker trading performance in credit and mortgage products. Equities revenue decreased $70 million driven by lower client activity in Asia and a weaker trading performance in cash, partially offset by increased client activity in derivatives.
Nine-Month Comparison
FICC revenue increased $314 million driven by improved trading performance across interest rate and currency products, partially offset by gains in commodities in the prior-year period for a weather-related event and a weaker trading environment for credit products in the current-year period. Equities revenue increased $128 million driven by a strong trading performance in derivatives, partially offset by a weaker trading performance in cash.
All Other
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2022 2021 % Change 2022 2021 % Change
Net interest income $ 37  $ 65  (43) % $ 73  $ 193  (62) %
Noninterest income (loss) (836) (1,110) (25) (3,599) (3,661) (2)
Total revenue, net of interest expense (799) (1,045) (24) (3,526) (3,468) 2 
Provision for credit losses (58) (48) 21  (130) (148) (12)
Noninterest expense 716  352  103  1,830  962  90 
Loss before income taxes (1,457) (1,349) 8  (5,226) (4,282) 22 
Income tax benefit (1,176) (1,294) (9) (4,263) (6,345) (33)
Net income (loss) $ (281) $ (55) n/m $ (963) $ 2,063  (147)
Balance Sheet
Three Months Ended September 30 Nine Months Ended September 30
Average 2022 2021 % Change 2022 2021 % Change
Total loans and leases $ 10,629  $ 17,581  (40) % $ 13,457  $ 19,190  (30) %
Total assets (1)
142,650  187,233  (24) 140,620  193,896  (27)
Total deposits 20,221  13,767  47  20,128  14,062  43 
Period end September 30
2022		 December 31
2021		 % Change
Total loans and leases $ 10,351  $ 15,863  (35) %
Total assets (1)
128,051  214,153  (40)
Total deposits 19,031  21,182  (10)
(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, 2022 compared to $1.1 trillion for both periods in 2021, and period-end allocated assets were $1.1 trillion and $1.2 trillion at September 30, 2022 and December 31, 2021.
n/m = not meaningful

All Other primarily consists of asset and liability management (ALM) activities, liquidating businesses and certain expenses not otherwise allocated to a business segment. ALM activities encompass interest rate and foreign currency risk management activities for which substantially all of the results are allocated to our business segments. For more information on our ALM activities, see Note 17 – Business Segment Information to the Consolidated Financial Statements.
Three-Month Comparison
The net loss of All Other increased $226 million to a loss of $281 million primarily due to higher noninterest expense and a lower income tax benefit, partially offset by higher revenue.
Revenue increased $246 million primarily driven by lower valuation adjustments.
Noninterest expense increased $364 million primarily driven by higher litigation expense due to the legacy monoline insurance litigation settlement and the realignment of a liquidating business activity from Global Markets to All Other in the fourth quarter of 2021, partially offset by decreases in other expenses.
The income tax benefit decreased $118 million primarily due to the impact of lower levels of income tax credits associated with ESG investment activities, which were impacted by enactment of the Inflation Reduction Act of 2022 in the third quarter of 2022. For more information, see Financial Highlights – Income Tax Expense on page 7. 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 decreased $3.0 billion to a loss of $963 million primarily due to a lower income tax benefit and higher noninterest expense.
Noninterest expense increased $868 million primarily due to the same factors as described in the three-month discussion and expenses recognized for certain regulatory matters during the second quarter of 2022.
The income tax benefit decreased $2.1 billion primarily due to the impact of the 2021 U.K. tax law change. For more information, see Financial Highlights – Income Tax Expense on page 7. Both periods included income tax benefit adjustments to eliminate the FTE treatment of certain tax credits recorded in Global Banking.
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, risk 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
Bank of America 22

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 roles and responsibilities 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 provides a common set of measures for senior management and the Board to clearly indicate the level of risk we are willing to take in alignment with our strategic and capital plans and ensure that the Corporation’s risk profile remains aligned with our risk appetite. Our risk appetite is formally articulated in the Risk Appetite Statement, which includes both qualitative components and quantitative limits that are reviewed and approved by the Board at least annually.
For more information about the Corporation’s risks, including those related to the pandemic, see Item 1A. Risk Factors of the Corporation’s 2021 Annual Report on Form 10-K. These 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 2021 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 2021 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 2022 CCAR stress test, our SCB increased to 3.4 percent from 2.5 percent, effective October 1, 2022 through September 30, 2023.
In October 2021, the Board renewed the Corporation’s $25 billion common stock repurchase program previously announced in April 2021. The Board’s authorization replaced the previous program. As with the April 2021 authorization, the Board also authorized common stock repurchases to offset shares awarded under the Corporation’s equity-based compensation plans. Pursuant to the Board’s authorizations, during the third quarter of 2022, we repurchased $450 million of common stock, predominantly offsetting shares awarded under equity-based compensation plans.
The timing and amount of common stock repurchases 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, 2022, 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 of 2.5 percent (under the Advanced approaches only), an SCB (under the Standardized approach only), plus any applicable countercyclical capital buffer and a global systemically important bank (G-SIB) surcharge. The buffers and surcharge must be comprised solely of CET1 capital. For the period from October 1, 2021 through September 30, 2022, the Corporation's minimum CET1 capital ratio requirement was 9.5 percent under both the Standardized and Advanced approaches. Based on the results of our 2022 CCAR stress test, the Corporation’s SCB increased to 3.4 percent, resulting in a minimum CET1 capital ratio requirement of 10.4 percent under the Standardized approach for the period from October 1, 2022 through September 30, 2023. At September 30, 2022, the Corporation’s CET1 capital ratio of 11.0 percent under the Standardized approach exceeded its new CET1 capital ratio requirement that was effective October 1, 2022. Our minimum CET1 capital ratio requirement under the Advanced approaches remains unchanged at 9.5 percent.
The Corporation is required to calculate its G-SIB surcharge on an annual basis under two methods and is subject to the higher of the resulting two surcharges. Method 1 is consistent with the approach prescribed by the Basel Committee’s assessment methodology and is calculated using specified indicators of systemic importance. Method 2 modifies the Method 1 approach by, among other factors, including a measure of the Corporation’s reliance on short-term wholesale funding. The Corporation’s G-SIB surcharge, which is higher under Method 2, is expected to increase to 3.0 percent on January 1, 2024 unless its surcharge calculated as of December 31, 2022 is lower than 3.0 percent.
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, 2022 and December 31, 2021. For the periods presented herein, the Corporation met the definition of well capitalized under current regulatory requirements.
23 Bank of America


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, 2022
Risk-based capital metrics:
Common equity tier 1 capital $ 175,554  $ 175,554 
Tier 1 capital 204,675  204,675 
Total capital (3)
235,276  228,334 
Risk-weighted assets (in billions) 1,599  1,391 
Common equity tier 1 capital ratio 11.0  % 12.6  % 9.5  %
Tier 1 capital ratio 12.8  14.7  11.0 
Total capital ratio 14.7  16.4  13.0 
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)
$ 3,028  $ 3,028 
Tier 1 leverage ratio 6.8  % 6.8  % 4.0 
Supplementary leverage exposure (in billions) $ 3,556 
Supplementary leverage ratio 5.8  % 5.0 
December 31, 2021
Risk-based capital metrics:
Common equity tier 1 capital $ 171,759  $ 171,759 
Tier 1 capital 196,465  196,465 
Total capital (3)
227,592  220,616 
Risk-weighted assets (in billions) 1,618  1,399 
Common equity tier 1 capital ratio 10.6  % 12.3  % 9.5  %
Tier 1 capital ratio 12.1  14.0  11.0 
Total capital ratio 14.1  15.8  13.0 
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)
$ 3,087  $ 3,087 
Tier 1 leverage ratio 6.4  % 6.4  % 4.0 
Supplementary leverage exposure (in billions) $ 3,604 
Supplementary leverage ratio 5.5  % 5.0 
(1)Capital ratios as of September 30, 2022 and December 31, 2021 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, 2022 and December 31, 2021. At both September 30, 2022 and December 31, 2021, 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.

At September 30, 2022, CET1 capital was $175.6 billion, an increase of $3.8 billion from December 31, 2021, due to earnings, partially offset by dividends, an increase in net unrealized losses on available-for-sale debt securities included in accumulated other comprehensive income (OCI), and common stock repurchases. Tier 1 capital increased $8.2 billion primarily driven by the same factors as CET1 capital as well as non-cumulative perpetual preferred stock issuances. Total capital under the Standardized approach increased $7.7 billion primarily due to the same factors driving the increase in Tier 1
capital and an increase 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, 2022, decreased $18.5 billion during the nine months ended September 30, 2022 to $1,599 billion primarily due to lower client activity in Global Markets and a decrease in debt securities, partially offset by loan growth. Supplementary leverage exposure at September 30, 2022 decreased $48.2 billion primarily due to lower debt securities, driven by lower deposits, partially offset by loan growth.
Bank of America 24

Table 9 shows the capital composition at September 30, 2022 and December 31, 2021.
Table 9 Capital Composition under Basel 3
(Dollars in millions) September 30
2022		 December 31
2021
Total common shareholders’ equity $ 240,390  $ 245,358 
CECL transitional amount (1)
1,881  2,508 
Goodwill, net of related deferred tax liabilities (68,641) (68,641)
Deferred tax assets arising from net operating loss and tax credit carryforwards (7,658) (7,743)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities (1,561) (1,605)
Defined benefit pension plan net assets (1,227) (1,261)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness,
 net-of-tax		 (240) 1,400 
Accumulated net (gain) loss on certain cash flow hedges (2)
12,762  1,870 
Other (152) (127)
Common equity tier 1 capital 175,554  171,759 
Qualifying preferred stock, net of issuance cost 29,134  24,707 
Other (13) (1)
Tier 1 capital 204,675  196,465 
Tier 2 capital instruments 19,507  20,750 
Qualifying allowance for credit losses (3)
11,325  10,534 
Other (231) (157)
Total capital under the Standardized approach 235,276  227,592 
Adjustment in qualifying allowance for credit losses under the Advanced approaches (3)
(6,942) (6,976)
Total capital under the Advanced approaches $ 228,334  $ 220,616 
(1)December 31, 2021 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. September 30, 2022 includes 75 percent of the transition provision’s impact as of December 31, 2021.
(2)Includes amounts in accumulated other comprehensive income related to the hedging of items that are not recognized at fair value on the Consolidated Balance Sheet.
(3)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, 2022 and December 31, 2021.
Table 10 Risk-weighted Assets under Basel 3
Standardized Approach Advanced Approaches Standardized Approach Advanced Approaches
(Dollars in billions)
 September 30, 2022 December 31, 2021
Credit risk $ 1,536  $ 903  $ 1,549  $ 913 
Market risk 63  63  69  69 
Operational risk n/a 379  n/a 378 
Risks related to credit valuation adjustments n/a 46  n/a 39 
Total risk-weighted assets $ 1,599  $ 1,391  $ 1,618  $ 1,399 
n/a = not applicable
25 Bank of America


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, 2022 and December 31, 2021. 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, 2022
Risk-based capital metrics:
Common equity tier 1 capital $ 185,255  $ 185,255 
Tier 1 capital 185,255  185,255 
Total capital (3)
198,008  191,303 
Risk-weighted assets (in billions) 1,376  1,056 
Common equity tier 1 capital ratio 13.5  % 17.6  % 7.0  %
Tier 1 capital ratio 13.5  17.6  8.5 
Total capital ratio 14.4  18.1  10.5 
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)
$ 2,383  $ 2,383 
Tier 1 leverage ratio 7.8  % 7.8  % 5.0 
Supplementary leverage exposure (in billions) $ 2,814 
Supplementary leverage ratio 6.6  % 6.0 




December 31, 2021
Risk-based capital metrics:
Common equity tier 1 capital $ 182,526  $ 182,526 
Tier 1 capital 182,526  182,526 
Total capital (3)
194,773  188,091 
Risk-weighted assets (in billions) 1,352  1,048 
Common equity tier 1 capital ratio 13.5  % 17.4  % 7.0  %
Tier 1 capital ratio 13.5  17.4  8.5 
Total capital ratio 14.4  17.9  10.5 
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)
$ 2,414  $ 2,414 
Tier 1 leverage ratio 7.6  % 7.6  % 5.0 
Supplementary leverage exposure (in billions) $ 2,824 
Supplementary leverage ratio 6.5  % 6.0 
(1)Capital ratios as of September 30, 2022 and December 31, 2021 are calculated using the regulatory capital rule that allows a five-year transition period related to the adoption of the CECL accounting standard.
(2)Risk-based capital regulatory minimums at both September 30, 2022 and December 31, 2021 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, 2022 and December 31, 2021.
Bank of America 26

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, 2022
Total eligible balance $ 461,928  $ 242,473 
Percentage of risk-weighted assets (4)
28.9  % 22.0  % 15.2  % 8.5  %
Percentage of supplementary leverage exposure 13.0  9.5  6.8  4.5 
December 31, 2021
Total eligible balance $ 435,904  $ 227,714 
Percentage of risk-weighted assets (4)
26.9  % 22.0  % 14.1  % 8.5  %
Percentage of supplementary leverage exposure 12.1  9.5  6.3  4.5 
(1)As of September 30, 2022 and December 31, 2021, 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, 2022 and December 31, 2021.

Regulatory Developments
For information on regulatory developments, see Capital Management – Regulatory Developments in the MD&A of the Corporation’s 2021 Annual Report on Form 10-K.
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 Commodity Futures Trading Commission (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 $5.0 billion and net capital in excess of the greater of $1.0 billion or a certain percentage of its reserve requirement in addition to a certain percentage of securities-based swap risk margin. BofAS must also notify the SEC in the event its tentative net capital is less than $6.0 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, 2022, BofAS had tentative net capital of $19.1 billion. BofAS also had regulatory net capital of $16.2 billion, which exceeded the minimum requirement of $4.1 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, 2022, MLPCC’s regulatory net capital of $7.8 billion exceeded the minimum requirement of $1.5 billion.
MLPF&S provides retail services. At September 30, 2022, MLPF&S' regulatory net capital was $5.6 billion, which exceeded the minimum requirement of $158 million.
Our European broker-dealers are subject to requirements from U.S. and non-U.S. regulators. MLI, a U.K. investment firm, is regulated by the Prudential Regulation Authority and the Financial Conduct Authority and is subject to certain regulatory capital requirements. At September 30, 2022, MLI’s capital resources were $33.1 billion, which exceeded the minimum Pillar 1 requirement of $12.1 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, 2022, BofASE's capital resources were $7.5 billion, which exceeded the minimum Pillar 1 requirement of $3.2 billion.
In addition, MLI and BofASE became conditionally registered with the SEC as security-based swap dealers in the fourth quarter of 2021, and maintained net liquid assets at September 30, 2022 that exceeded the applicable minimum requirements under the Exchange Act.
Liquidity Risk
Funding and Liquidity Risk Management
Our primary liquidity risk management objective is to meet expected or unexpected cash flow and collateral requirements, including payments under long-term debt agreements, commitments to extend credit and customer deposit withdrawals, 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 fluctuation from the rising interest rate environment, inflationary pressures and macroeconomic environment.
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 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
27 Bank of America


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 2021 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 its debt, pay dividends and perform other obligations as it would have had it 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, 2022 and December 31, 2021.
Table 13 Average Global Liquidity Sources
Three Months Ended
(Dollars in billions) September 30
2022		 December 31
2021
Bank entities $ 763  $ 1,006 
Nonbank and other entities (1)
178  152 
Total Average Global Liquidity Sources
 $ 941  $ 1,158 
(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 $349 billion and $322 billion at September 30, 2022 and December 31, 2021. 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. The 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, 2022 and December 31, 2021.
Table 14 Average Global Liquidity Sources Composition
Three Months Ended
(Dollars in billions) September 30
2022		 December 31
2021
Cash on deposit $ 184  $ 259 
U.S. Treasury securities 255  278 
U.S. agency securities, mortgage-backed securities, and other investment-grade securities
 487  606 
Non-U.S. government securities
 15  15 
Total Average Global Liquidity Sources $ 941  $ 1,158 
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 $618 billion and $617 billion for the three months ended September 30, 2022 and December 31, 2021. For the same periods, the average consolidated LCR was 123 percent and 115 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 2021 Annual Report on Form 10-K.
Net Stable Funding Ratio
The Net Stable Funding Ratio (NSFR) is a liquidity requirement for large banks to maintain a minimum level of stable funding over a one-year period. The requirement 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, which focuses on short-term liquidity risks. The U.S. NSFR applies to the Corporation on a consolidated basis and to our insured depository institutions. At September 30, 2022, the Corporation and its insured depository institutions were in compliance with this requirement.

Bank of America 28

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 totaled $1.9 trillion and $2.1 trillion at September 30, 2022 and December 31, 2021.
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, 2022, we issued $56.0 billion of long-term debt consisting of $41.5 billion of notes issued by Bank of America Corporation, substantially all of which was TLAC compliant, $5.9 billion of notes issued by Bank of America, N.A. and $8.6 billion of other debt, which is primarily structured liabilities.
During the nine months ended September 30, 2022, we had total long-term debt maturities and redemptions in the aggregate of $24.3 billion consisting of $13.6 billion for Bank of America Corporation, $7.6 billion for Bank of America, N.A. and $3.1 billion of other debt. Table 15 presents the carrying value of aggregate annual contractual maturities of long-term debt at September 30, 2022.
Table 15 Long-term Debt by Maturity
(Dollars in millions) Remainder of 2022 2023 2024 2025 2026 Thereafter Total
Bank of America Corporation
Senior notes (1)
$ —  $ 13,877  $ 22,295  $ 24,286  $ 23,380  $ 122,517  $ 206,355 
Senior structured notes 141  711  447  500  907  7,619  10,325 
Subordinated notes —  —  3,230  5,123  4,907  12,394  25,654 
Junior subordinated notes —  —  —  —  —  743  743 
Total Bank of America Corporation 141  14,588  25,972  29,909  29,194  143,273  243,077 
Bank of America, N.A.
Senior notes —  2,150  —  —  —  —  2,150 
Subordinated notes —  —  —  —  —  1,485  1,485 
Advances from Federal Home Loan Banks —  500  —  15  9  58  582 
Securitizations and other Bank VIEs (2)
—  998  1,000  1,000  —  50  3,048 
Other 1  315  50  71  30  4  471 
Total Bank of America, N.A. 1  3,963  1,050  1,086  39  1,597  7,736 
Other debt
Structured Liabilities 1,030  4,468  1,881  2,039  1,363  7,336  18,117 
Nonbank VIEs (2)
—  —  —  —  —  192  192 
Other —  —  —  —  —  —  — 
Total other debt 1,030  4,468  1,881  2,039  1,363  7,528  18,309 
Total long-term debt $ 1,172  $ 23,019  $ 28,903  $ 33,034  $ 30,596  $ 152,398  $ 269,122 
(1)Total includes $180.0 billion of outstanding notes that are both TLAC eligible and callable one year before their stated maturities, including $6.0 billion during the remainder of 2022, and $16.4 billion, $21.1 billion, $20.8 billion and $15.8 billion during each year of 2023 through 2026, respectively, and $99.9 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 2021 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 decreased $11.0 billion to $269.1 billion during the nine months ended September 30, 2022, primarily due to debt valuation adjustments, maturities and redemptions, partially offset by debt issuances. 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, 2022, we issued $8.6 billion of structured notes, which are 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 2021 Annual Report on Form 10-K.
We use derivative transactions to manage the duration, 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 45.
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.
29 Bank of America


The ratings and outlooks from Moody's Investors Service, Standard & Poor’s Global Ratings and Fitch Ratings for the Corporation and its subsidiaries have not changed from those disclosed in the Corporation's 2021 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 2021 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 Positive A- A-2 Positive AA- F1+ Stable
Bank of America, N.A. Aa2 P-1 Positive 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 (BofA Finance), 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 (Guaranteed Notes) that are fully and unconditionally guaranteed by the Corporation. The Corporation guarantees the due and punctual payment, on demand, of amounts payable on the Guaranteed Notes if not paid by BofA Finance. In addition, each of BAC Capital Trust XIII, BAC Capital Trust XIV and BAC Capital Trust XV, Delaware statutory trusts (collectively, the Trusts), is a 100 percent owned finance subsidiary of the Corporation that has issued and sold trust preferred securities (the Trust Preferred Securities) or capital securities (the Capital Securities and, together with the Guaranteed Notes and the Trust Preferred Securities, the Guaranteed Securities), as applicable, that remained outstanding at September 30, 2022. 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 2021 Annual Report on Form 10-K.
Representations and Warranties Obligations
For 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 2021 Annual Report on Form 10-K.
Credit Risk Management
For information on our credit risk management activities, see the following: Consumer Portfolio Credit Risk Management, 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, 2022, asset quality continued to improve. Excluding losses associated with non-core mortgage sales, our net charge-off ratio remained near historic lows, and nonperforming loans and commercial reservable criticized utilized exposure decreased, which was partially offset by an increase in reservable criticized exposure
associated with our direct exposure to Russia as a result of the Russia/Ukraine conflict. While uncertainty around the pandemic has largely dissipated, uncertainty remains regarding broader economic impacts as a result of inflationary pressures, rising rates and the current geopolitical situation and could lead to adverse impacts to credit quality metrics in future periods.
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
During the nine months ended September 30, 2022, the U.S. unemployment rate continued to decline and home prices increased compared to the same period a year ago; however, inflationary pressures continued to persist. Net charge-offs increased $130 million to $459 million during the three months ended September 30, 2022 and decreased $211 million to $1.3 billion during the nine months ended September 30, 2022 compared to the same periods in 2021. The increase in the three-month period was primarily due to overdrafts charged off in other consumer, and the decrease in the nine-month period was primarily due to lower credit card losses, as loss rates remain near historic lows. During the nine months ended September 30, 2022, nonperforming loans declined primarily due to decreases from consumer real estate loan sales, partially offset by increases from loans with expired deferrals that were modified as troubled debt restructurings (TDRs) during the first quarter of 2022.

Bank of America 30

The consumer allowance for loan and lease losses decreased $153 million during the nine months ended September 30, 2022 to $6.9 billion. For more information, see Allowance for Credit Losses on page 42.
For more information on our accounting policies regarding delinquencies, nonperforming status, charge-offs and TDRs for the consumer portfolio, see Note 1 – Summary of Significant
Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2021 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 Nonperforming Accruing Past Due
90 Days or More
(Dollars in millions) September 30
2022		 December 31
2021		 September 30
2022		 December 31
2021		 September 30
2022		 December 31
2021
Residential mortgage (1)
$ 229,062  $ 221,963  $ 2,187  $ 2,284  $ 427  $ 634 
Home equity  26,845  27,935  532  630  —  — 
Credit card 87,296  81,438  n/a n/a 547  487 
Direct/Indirect consumer (2)
107,159  103,560  41  75  27  11 
Other consumer 171  190  —  —  —  — 
Consumer loans excluding loans accounted for under the fair value option
 $ 450,533  $ 435,086  $ 2,760  $ 2,989  $ 1,001  $ 1,132 
Loans accounted for under the fair value option (3)
355  618 
Total consumer loans and leases $ 450,888  $ 435,704 
Percentage of outstanding consumer loans and leases (4)
n/a n/a 0.61  % 0.69  % 0.22  % 0.26  %
Percentage of outstanding consumer loans and leases, excluding fully-insured loan portfolios (4)
n/a n/a 0.63  0.71  0.13  0.12 
(1)Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At September 30, 2022 and December 31, 2021, residential mortgage includes $321 million and $444 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 $106 million and $190 million of loans on which interest was still accruing.
(2)Outstandings primarily include auto and specialty lending loans and leases of $50.7 billion and $48.5 billion, U.S. securities-based lending loans of $52.6 billion and $51.1 billion and non-U.S. consumer loans of $2.9 billion and $3.0 billion at September 30, 2022 and December 31, 2021.
(3)For more information on the fair value option, see Note 15 – Fair Value Option to the Consolidated Financial Statements.
(4)Excludes consumer loans accounted for under the fair value option. At September 30, 2022 and December 31, 2021, $8 million and $21 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) 2022 2021 2022 2021 2022 2021 2022 2021
Residential mortgage $ (3) $ (7) $ 73  $ (17) (0.01) % (0.01) % 0.04  % (0.01) %
Home equity (18) (34) (72) (93) (0.25) (0.46) (0.35) (0.40)
Credit card 328  321  948  1,443  1.53  1.69  1.55  2.59 
Direct/Indirect consumer 9  (18) 17  4  0.03  (0.07) 0.02  0.01 
Other consumer 143  67  358  198  n/m n/m n/m n/m
Total $ 459  $ 329  $ 1,324  $ 1,535  0.41  0.31  0.40  0.49 
(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, 2022. Approximately 52 percent of the residential mortgage portfolio was in Consumer Banking and 45 percent was in GWIM. The
remaining portion was in All Other.
Outstanding balances in the residential mortgage portfolio increased $7.1 billion during the nine months ended September 30, 2022 as originations were partially offset by paydowns and loan sales.
At September 30, 2022 and December 31, 2021, the residential mortgage portfolio included $11.9 billion and $12.7 billion of outstanding fully-insured loans, of which both had FHA insurance of $2.2 billion, with the remainder protected by Fannie Mae long-term standby agreements.
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.
31 Bank of America


Table 19 Residential Mortgage – Key Credit Statistics
Reported Basis (1)
Excluding Fully-insured Loans (1)
(Dollars in millions) September 30
2022		 December 31
2021		 September 30
2022		 December 31
2021
Outstandings $ 229,062  $ 221,963  $ 217,130  $ 209,259 
Accruing past due 30 days or more 1,392  1,753  720  866 
Accruing past due 90 days or more 427  634  —  — 
Nonperforming loans (2)
2,187  2,284  2,187  2,284 
Percent of portfolio        
Refreshed LTV greater than 90 but less than or equal to 100 1  % 1  % 1  % 1  %
Refreshed LTV greater than 100 —  —  —  — 
Refreshed FICO below 620 1  2  1  1 
(1)Outstandings, accruing past due, nonperforming loans and percentages of portfolio exclude loans accounted for under the fair value option.
(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 decreased $97 million during the nine months ended September 30, 2022 primarily due to decreases from consumer real estate loan sales in the second quarter of 2022, partially offset by increases from loans with expired deferrals that were modified as TDRs during the first quarter of 2022. Of the nonperforming residential mortgage loans at September 30, 2022, $1.4 billion, or 65 percent, were current on contractual payments. Loans accruing past due 30 days or more decreased $146 million.
Net recoveries of $3 million for the three months ended September 30, 2022 remained relatively unchanged compared to the same period in 2021. Net charge-offs of $73 million for the nine months ended September 30, 2022 increased $90 million compared to the same period in 2021 primarily due to loan sales that occurred in the second quarter of 2022.
Of the $217.1 billion in total residential mortgage loans outstanding at September 30, 2022, 28 percent were originated as interest-only loans. The outstanding balance of interest-only residential mortgage loans that have entered the amortization period was $3.4 billion, or six percent, at September 30, 2022. 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,
2022, $37 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 $720 million, or less than one percent, for the entire residential mortgage portfolio. In addition, at September 30, 2022, $213 million, or six percent, of outstanding interest-only residential mortgage loans that had entered the amortization period were nonperforming, of which $84 million were contractually current. 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 95 percent of these loans that have yet to enter the amortization period will not be required to make a fully-amortizing payment until 2025 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 14 percent and 15 percent of outstandings at September 30, 2022 and December 31, 2021. In the New York area, the New York-Northern New Jersey-Long Island MSA made up 15 percent of outstandings at both September 30, 2022 and December 31, 2021.
Table 20 Residential Mortgage State Concentrations
Outstandings (1)
Nonperforming (1)
Net Charge-offs
September 30
2022		 December 31
2021		 September 30
2022		 December 31
2021		 Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2022 2021 2022 2021
California $ 80,782  $ 77,819  $ 665  $ 693  $ (2) $ (3) $ 38  $ (10)
New York 26,034  24,975  328  358  (1) —  4  2 
Florida 15,125  13,883  142  158  —  (1) (1) (5)
Texas 9,273  9,002  89  86  —  —  1  — 
New Jersey 8,834  8,723  100  117  (1) 2  — 
Other 77,082  74,857  863  872  1  (3) 29  (4)
Residential mortgage loans $ 217,130  $ 209,259  $ 2,187  $ 2,284  $ (3) $ (7) $ 73  $ (17)
Fully-insured loan portfolio 11,932  12,704         
Total residential mortgage loan portfolio
 $ 229,062  $ 221,963         
(1)Outstandings and nonperforming loans exclude loans accounted for under the fair value option.
Home Equity
At September 30, 2022, the home equity portfolio made up six 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, 2022, 82 percent of the home equity portfolio was in Consumer Banking, nine percent was in All Other and the remainder of the portfolio was primarily in GWIM. Outstanding balances in the home equity portfolio decreased
Bank of America 32

$1.1 billion during the nine months ended September 30, 2022 primarily due to paydowns outpacing draws on existing lines and new originations. Of the total home equity portfolio at September 30, 2022 and December 31, 2021, $11.4 billion and $12.2 billion, or 43 percent and 44 percent, were in first-lien positions. At September 30, 2022, 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 $4.6 billion, or 17 percent of our total home equity portfolio.
Unused HELOCs totaled $41.4 billion and $40.5 billion at September 30, 2022 and December 31, 2021. The HELOC utilization rate was 38 percent and 39 percent at September 30, 2022 and December 31, 2021.
Table 21 presents certain home equity portfolio key credit statistics.
Table 21
Home Equity – Key Credit Statistics (1)
(Dollars in millions) September 30
2022		 December 31
2021
Outstandings $ 26,845  $ 27,935 
Accruing past due 30 days or more 83  157 
Nonperforming loans (2)
532  630 
Percent of portfolio
Refreshed CLTV greater than 90 but less than or equal to 100 —  % —  %
Refreshed CLTV greater than 100 —  1 
Refreshed FICO below 620 2  3 
(1)Outstandings, accruing past due, nonperforming loans and percentages of the portfolio exclude loans accounted for under the fair value option.
(2)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 decreased $98 million to $532 million at September 30, 2022, primarily driven by loan sales. Of the nonperforming home equity loans at September 30, 2022, $277 million, or 52 percent, were current on contractual payments. In addition, $189 million, or 36 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 $74 million during the nine months ended September 30, 2022.
Net recoveries decreased $16 million to $18 million and $21 million to $72 million for the three and nine months ended September 30, 2022 compared to the same periods in 2021.
Of the $26.8 billion in total home equity portfolio outstandings at September 30, 2022, 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 $5.5 billion at September 30, 2022. 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, 2022, $47 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, 2022, $380 million, or seven percent, were nonperforming.
For our interest-only HELOC portfolio, 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; however, we can infer some of this information through a review of our HELOC portfolio that we service and is still in its revolving period. During the three months ended September 30, 2022, 21 percent of these customers with an outstanding balance did not pay any principal on their HELOCs.
Table 22 presents outstandings, nonperforming balances and net recoveries 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, 2022 and December 31, 2021. The Los Angeles-Long Beach-Santa Ana MSA within California made up 11 percent and 10 percent of the outstanding home equity portfolio at September 30, 2022 and December 31, 2021.
Table 22 Home Equity State Concentrations
Outstandings (1)
Nonperforming (1)
Net Charge-offs
September 30
2022		 December 31
2021		 September 30
2022		 December 31
2021		 Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2022 2021 2022 2021
California $ 7,464  $ 7,600  $ 127  $ 140  $ (4) $ (9) $ (17) $ (31)
Florida 2,768  2,977  63  78  (5) (5) (18) (16)
New Jersey 2,113  2,259  54  69  (1) (1) (1) (3)
New York 1,866  2,072  84  96  (1) (2) (4) (3)
Massachusetts 1,380  1,422  25  32  (1) (2) (2) (2)
Other 11,254  11,605  179  215  (6) (15) (30) (38)
Total home equity loan portfolio $ 26,845  $ 27,935  $ 532  $ 630  $ (18) $ (34) $ (72) $ (93)
(1)Outstandings and nonperforming loans exclude loans accounted for under the fair value option.

33 Bank of America


Credit Card
At September 30, 2022, 97 percent of the credit card portfolio was managed in Consumer Banking with the remainder in GWIM. Outstandings in the credit card portfolio increased $5.9 billion during the nine months ended September 30, 2022 to $87.3 billion primarily driven by increased purchase volumes, partially offset by the transfer of a $1.6 billion affinity card loan portfolio to held for sale that was sold in October 2022. Net charge-offs increased $7 million to $328 million during the three months ended September 30, 2022 and decreased $495 million to $948 million during the nine months ended September 30, 2022 compared to the same periods in 2021, as loss rates
remained near historic lows. In addition, the nine-month period in the prior year included charge-offs associated with deferrals that expired in 2020. Credit card loans 30 days or more past due and still accruing interest increased $205 million, and 90 days or more past due and still accruing interest increased $60 million.
Unused lines of credit for credit card increased to $367.4 billion at September 30, 2022 from $361.2 billion at December 31, 2021.
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		 Net Charge-offs
September 30
2022		 December 31
2021		 September 30
2022		 December 31
2021		 Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2022 2021 2022 2021
California $ 14,287  $ 13,076  $ 97  $ 82  $ 58  $ 60  $ 164  $ 273 
Florida 8,843  8,046  75  71  44  46  130  205 
Texas 7,590  6,894  54  47  30  30  87  132 
New York 5,070  4,725  42  35  25  24  71  116 
Washington 4,563  4,080  17  13  9  7  25  32 
Other 46,943  44,617  262  239  162  154  471  685 
Total credit card portfolio $ 87,296  $ 81,438  $ 547  $ 487  $ 328  $ 321  $ 948  $ 1,443 
Direct/Indirect Consumer
At September 30, 2022, 47 percent of the direct/indirect portfolio was included in Consumer Banking (consumer auto and recreational vehicle lending) and 53 percent was included in GWIM (principally securities-based lending loans). Outstandings in the direct/indirect portfolio increased $3.6 billion during
the nine months ended September 30, 2022 to $107.2 billion driven by growth in our auto portfolio and client demand for liquidity in securities-based lending.
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		 Net Charge-offs
September 30
2022		 December 31
2021		 September 30
2022		 December 31
2021		 Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2022 2021 2022 2021
California $ 15,526  $ 15,061  $ 4  $ 2  $ 1  $ (2) $ 4  $ 3 
Florida 13,749  13,352  2  1  2  (2) 2  — 
Texas 10,104  9,505  3  2  2  (4) 3  2 
New York 8,148  7,802  1  1  1  1  2  4 
New Jersey 4,494  4,228  1  —  1  —  1  (1)
Other 55,138  53,612  16  5  2  (11) 5  (4)
Total direct/indirect loan portfolio $ 107,159  $ 103,560  $ 27  $ 11  $ 9  $ (18) $ 17  $ 4 

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, 2022 and 2021. During the nine months ended September 30, 2022, nonperforming consumer loans decreased $229 million to $2.8 billion primarily due to decreases from loan sales, partially offset by increases from loans with expired deferrals that were modified as TDRs during the first quarter of 2022.
At September 30, 2022, $639 million, or 23 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, 2022, $1.7 billion, or 63 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 increased $24 million during the nine months ended September 30, 2022 to $125 million. Nonperforming loans also include certain loans that have been modified in TDRs where economic concessions have been granted to borrowers experiencing financial difficulties.
Bank of America 34

Table 25 Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2022 2021 2022 2021
Nonperforming loans and leases, beginning of period $ 2,866  $ 3,044  $ 2,989  $ 2,725 
Additions 236  353  1,245  1,635 
Reductions:
Paydowns and payoffs (124) (163) (446) (446)
Sales (1) (1) (401) (3)
Returns to performing status (1)
(193) (201) (552) (839)
Charge-offs (12) (12) (50) (49)
Transfers to foreclosed properties (12) (3) (25) (6)
Total net additions/(reductions) to nonperforming loans and leases (106) (27) (229) 292 
Total nonperforming loans and leases, September 30
 2,760  3,017  2,760  3,017 
Foreclosed properties, September 30 (2)
125  87  125  87 
Nonperforming consumer loans, leases and foreclosed properties, September 30
 $ 2,885  $ 3,104  $ 2,885  $ 3,104 
Nonperforming consumer loans and leases as a percentage of outstanding consumer loans and leases (3)
0.61  % 0.71  %
Nonperforming consumer loans, leases and foreclosed properties as a percentage of outstanding consumer loans, leases and foreclosed properties (3)
0.64  0.73 
(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 $75 million and $55 million at September 30, 2022 and 2021.
(3)Outstanding consumer loans and leases exclude loans accounted for under the fair value option.
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, 2022 December 31, 2021
(Dollars in millions) Nonperforming Performing Total Nonperforming Performing Total
Residential mortgage (1, 2)
$ 1,721  $ 1,588  $ 3,309  $ 1,498  $ 2,278  $ 3,776 
Home equity (3)
327  552  879  254  652  906 
Total consumer real estate troubled debt restructurings $ 2,048  $ 2,140  $ 4,188  $ 1,752  $ 2,930  $ 4,682 
(1)At September 30, 2022 and December 31, 2021, residential mortgage TDRs deemed collateral dependent totaled $1.8 billion and $1.6 billion, and included $1.6 billion and $1.4 billion of loans classified as nonperforming and $187 million and $279 million of loans classified as performing.
(2)At September 30, 2022 and December 31, 2021, residential mortgage performing TDRs include $1.1 billion and $1.2 billion of loans that were fully-insured.
(3)At September 30, 2022 and December 31, 2021, home equity TDRs deemed collateral dependent totaled $413 million and $370 million, and include $290 million and $222 million of loans classified as nonperforming and $123 million and $148 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, 2022 and December 31, 2021, our credit card and other consumer TDR portfolio was $608 million and $672 million, of which $533 million and $599 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, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2021 Annual Report on Form 10-K.
Commercial Credit Portfolio
During the nine months ended September 30, 2022, commercial credit quality improved as charge-offs, nonperforming commercial loans and reservable criticized utilized exposure declined during this period. Due to the ongoing Russia/Ukraine conflict, all direct exposure to Russian counterparties was downgraded and reported as reservable criticized exposure, and expected credit losses have been incorporated into our estimate of the allowance for credit losses. Outstanding commercial loans and leases increased $38.2 billion during the nine months ended September 30, 2022 due to growth in commercial and industrial, primarily in Global Banking. This increase was partially offset by lower U.S. small business commercial loans due to repayments of PPP loans by the Small Business Administration (SBA) under the terms of the program. For more information on PPP loans, see Note 1 – Summary of Significant Accounting Principles to the
35 Bank of America


Consolidated Financial Statements of the Corporation’s 2021 Annual Report on Form 10-K.
Credit quality of commercial real estate borrowers continued to stabilize as pandemic-impacted sectors are recovering. However, many real estate markets, while improving, are still experiencing disruptions in demand, supply chain challenges, tenant difficulties and challenging capital markets. Demand for office space continues to be 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 remained relatively unchanged at $5.4 billion at September 30, 2022, as asset quality improvement and reduced pandemic uncertainties were offset by a dampening macroeconomic outlook, loan growth and a reserve build related to Russian exposure. For more information, see Allowance for Credit Losses on page 42.

Total commercial utilized credit exposure increased $65.0 billion during the nine months ended September 30, 2022 to $718.6 billion primarily driven by higher loans and leases and 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 57 percent and 56 percent at September 30, 2022 and December 31, 2021.
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.
Table 27 Commercial Credit Exposure by Type
 
Commercial Utilized (1)
Commercial Unfunded (2, 3, 4)
Total Commercial Committed
(Dollars in millions) September 30
2022		 December 31
2021		 September 30
2022		 December 31
2021		 September 30
2022		 December 31
2021
Loans and leases $ 581,578  $ 543,420  $ 466,564  $ 454,256  $ 1,048,142  $ 997,676 
Derivative assets (5)
71,956  35,344  —  —  71,956  35,344 
Standby letters of credit and financial guarantees 35,080  34,389  1,344  639  36,424  35,028 
Debt securities and other investments 18,647  19,427  3,227  4,638  21,874  24,065 
Loans held-for-sale 3,909  13,185  11,308  16,581  15,217  29,766 
Operating leases 5,516  5,935  —  —  5,516  5,935 
Commercial letters of credit 1,036  1,176  65  247  1,101  1,423 
Other 838  652  —  —  838  652 
Total $ 718,560  $ 653,528  $ 482,508  $ 476,361  $ 1,201,068  $ 1,129,889 
(1)Commercial utilized exposure includes loans of $4.5 billion and $7.2 billion accounted for under the fair value option at September 30, 2022 and December 31, 2021.
(2)Commercial unfunded exposure includes commitments accounted for under the fair value option with a notional amount of $3.5 billion and $4.8 billion at September 30, 2022 and December 31, 2021.
(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 $10.4 billion and $10.7 billion at September 30, 2022 and December 31, 2021.
(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 $40.6 billion and $30.8 billion at September 30, 2022 and December 31, 2021. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $59.3 billion and $44.8 billion at September 30, 2022 and December 31, 2021, which consists primarily of other marketable securities.
Nonperforming commercial loans decreased $355 million. Table 28 presents our commercial loans and leases portfolio and related credit quality information at September 30, 2022 and December 31, 2021.
Table 28 Commercial Credit Quality
Outstandings Nonperforming Accruing Past Due
90 Days or More
(Dollars in millions) September 30
2022		 December 31
2021		 September 30
2022		 December 31
2021		 September 30
2022		 December 31
2021
Commercial and industrial:
U.S. commercial $ 355,370  $ 325,936  $ 640  $ 825  $ 300  $ 171 
Non-U.S. commercial 123,035  113,266  274  268  22  19 
Total commercial and industrial 478,405  439,202  914  1,093  322  190 
Commercial real estate 67,952  63,009  282  382  34  40 
Commercial lease financing 12,956  14,825  11  80  12  8 
559,313  517,036  1,207  1,555  368  238 
U.S. small business commercial (1)
17,769  19,183  16  23  252  87 
Commercial loans excluding loans accounted for under the fair value option $ 577,082  $ 536,219  $ 1,223  $ 1,578  $ 620  $ 325 
Loans accounted for under the fair value option (2)
4,496  7,201 
Total commercial loans and leases $ 581,578  $ 543,420 
(1)Includes card-related products.
(2)Commercial loans accounted for under the fair value option include U.S. commercial of $2.4 billion and $4.6 billion and non-U.S. commercial of $2.1 billion and $2.6 billion at September 30, 2022 and December 31, 2021. For more information on the fair value option, see Note 15 – Fair Value Option to the Consolidated Financial Statements.
Bank of America 36

Table 29 presents net charge-offs and related ratios for our commercial loans and leases for the three and nine months ended September 30, 2022 and 2021.
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) 2022 2021 2022 2021 2022 2021 2022 2021
Commercial and industrial:
U.S. commercial $ 23  $ 15  $ 24  $ (4) 0.03  % 0.02  % 0.01  % —  %
Non-U.S. commercial (6) 1  (10) 41  (0.02) —  (0.01) 0.06 
Total commercial and industrial 17  16  14  37  0.01  0.02  —  0.01 
Commercial real estate 13  —  32  28  0.08  —  0.07  0.06 
Commercial lease financing (1) (1) 3  (1) (0.05) —  0.03  — 
29  15  49  64  0.02  0.01  0.01  0.02 
U.S. small business commercial 32  119  110  282  0.72  1.76  0.82  1.16 
Total commercial $ 61  $ 134  $ 159  $ 346  0.04  0.11  0.04  0.09 
(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.
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 $4.7 billion during the nine months ended September 30, 2022, which was broad-based across industries. At both September 30, 2022 and December 31, 2021, 87 percent of commercial reservable criticized utilized exposure was secured.
Table 30
Commercial Reservable Criticized Utilized Exposure (1, 2)
(Dollars in millions) September 30, 2022 December 31, 2021
Commercial and industrial:
U.S. commercial $ 9,811  2.56  % $ 11,327  3.20  %
Non-U.S. commercial 2,683  2.06  2,582  2.17 
Total commercial and industrial 12,494  2.43  13,909  2.94 
Commercial real estate 4,532  6.52  7,572  11.72 
Commercial lease financing 236  1.82  387  2.61 
17,262  2.90  21,868  3.96 
U.S. small business commercial 397  2.23  513  2.67 
Total commercial reservable criticized utilized exposure $ 17,659  2.88  $ 22,381  3.91 
(1)Total commercial reservable criticized utilized exposure includes loans and leases of $17.0 billion and $21.2 billion and commercial letters of credit of $662 million and $1.2 billion at September 30, 2022 and December 31, 2021.
(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, 2022, 64 percent of the U.S. commercial loan portfolio, excluding small business, was managed in Global Banking, 20 percent in Global Markets, 15 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 $29.4 billion, or nine percent, during the nine months ended September 30, 2022 primarily driven by Global Banking. Reservable criticized utilized exposure decreased $1.5 billion, or 13 percent, driven by decreases across a broad range of industries.
Non-U.S. Commercial
At September 30, 2022, 66 percent of the non-U.S. commercial loan portfolio was managed in Global Banking, 33 percent in Global Markets and the remainder in GWIM. Non-U.S. commercial loans increased $9.8 billion, or nine percent, during the nine months ended September 30, 2022, as loan growth in Global Banking and Global Markets was partially offset by foreign currency valuation adjustments on foreign currency-denominated loans. Reservable criticized utilized exposure increased $101
million, or four percent, due to downgrades for direct exposure to Russian counterparties. For information on the non-U.S. commercial portfolio, see Non-U.S. Portfolio on page 41. For more information on the Russia/Ukraine conflict, see Recent Developments on page 3.
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 increased $4.9 billion, or eight percent, during the nine months ended September 30, 2022 to $68.0 billion due to new originations outpacing paydowns and increased utilizations under existing credit facilities. Reservable criticized utilized exposure decreased $3.0 billion, or 40 percent, primarily driven by Hotels due to improving vacancy rates and reduced travel restrictions. The portfolio remains diversified across property types and geographic regions. California represented the largest state concentration at 20 percent and 21 percent of the commercial real estate portfolio at September 30, 2022 and December 31, 2021. 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, 2022 and 2021, we continued to see low default rates and varying
37 Bank of America


degrees of improvement in certain geographic regions and property types of 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.
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
2022		 December 31
2021
By Geographic Region     
Northeast $ 16,630  $ 14,318 
California 13,424  13,145 
Southwest 8,099  7,510 
Southeast 7,170  6,758 
Florida 5,304  4,367 
Midwest 3,498  3,221 
Illinois 3,223  2,878 
Midsouth 2,359  2,289 
Northwest 1,574  1,709 
Non-U.S.  4,606  4,760 
Other  2,065  2,054 
Total outstanding commercial real estate loans
 $ 67,952  $ 63,009 
By Property Type    
Non-residential
Office $ 18,245  $ 18,309 
Industrial / Warehouse 12,763  10,749 
Multi-family rental 10,176  8,173 
Shopping centers /Retail 6,017  6,502 
Hotel / Motels 5,608  5,932 
Unsecured 2,883  3,178 
Multi-use 2,403  1,835 
Other 8,534  7,238 
Total non-residential 66,629  61,916 
Residential 1,323  1,093 
Total outstanding commercial real estate loans
 $ 67,952  $ 63,009 
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 included $1.5 billion and $4.7 billion of PPP loans outstanding at September 30, 2022 and December 31, 2021. The decline of $3.2 billion in PPP loans during the nine months ended September 30, 2022 was primarily due to repayment of the loans by the SBA under the terms of the program. Excluding PPP, credit card-related products were 54 percent and 50 percent of the U.S. small business commercial portfolio at September 30, 2022 and December 31, 2021 and represented all of the net charge-offs for the three and nine months ended September 30, 2022 compared to 100 percent and 96 percent for the same periods in 2021. The increase of $165 million in accruing past due 90 days or more for the nine months ended September 30, 2022 was driven by PPP loans, which are fully guaranteed by the SBA.

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, 2022 and 2021. Nonperforming loans do not include loans accounted for under the fair value option. During the nine months ended September 30, 2022, nonperforming commercial loans and leases decreased $355 million to $1.2 billion. At September 30, 2022, 98 percent of commercial nonperforming loans, leases and foreclosed properties were secured and 56 percent were contractually current. Commercial nonperforming loans were carried at 86 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) 2022 2021 2022 2021
Nonperforming loans and leases, beginning of period $ 1,298  $ 1,863  $ 1,578  $ 2,227 
Additions 307  275  811  1,250 
Reductions:    
Paydowns (180) (297) (681) (873)
Sales (12) (29) (53) (128)
Returns to performing status (3)
(148) (82) (299) (169)
Charge-offs (42) (33) (94) (219)
Transfers to loans held-for-sale —  —  (39) (391)
Total net reductions to nonperforming loans and leases (75) (166) (355) (530)
Total nonperforming loans and leases, September 30 1,223  1,697  1,223  1,697 
Foreclosed properties, September 30 48  30  48  30 
Nonperforming commercial loans, leases and foreclosed properties, September 30 $ 1,271  $ 1,727  $ 1,271  $ 1,727 
Nonperforming commercial loans and leases as a percentage of outstanding commercial loans and leases (4)
0.21  % 0.34  %
Nonperforming commercial loans, leases and foreclosed properties as a percentage of outstanding commercial loans, leases and foreclosed properties (4)
0.22  0.35 
(1)Balances do not include nonperforming loans held-for-sale of $222 million and $279 million at September 30, 2022 and 2021.
(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. Commercial TDRs increased $799 million, or 42 percent, during the nine months ended September 30, 2022 primarily due to commercial real estate loans that were modified as TDRs during the first half of the year.
Table 33 Commercial Troubled Debt Restructurings
September 30, 2022 December 31, 2021
(Dollars in millions) Nonperforming Performing Total Nonperforming Performing Total
Commercial and industrial:
U.S. commercial $ 351  $ 956  $ 1,307  $ 359  $ 685  $ 1,044 
Non-U.S. commercial 102  105  207  72  8  80 
Total commercial and industrial 453  1,061  1,514  431  693  1,124 
Commercial real estate 78  1,052  1,130  244  437  681 
Commercial lease financing 3  6  9  50  7  57 
534  2,119  2,653  725  1,137  1,862 
U.S. small business commercial —  46  46  —  38  38 
Total commercial troubled debt restructurings
 $ 534  $ 2,165  $ 2,699  $ 725  $ 1,175  $ 1,900 
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 $71.2 billion, or six percent, during the nine months ended September 30, 2022 to $1.2 trillion. The increase in commercial committed exposure was concentrated in Asset managers and funds, Global commercial banks and Financial markets infrastructure (clearinghouses).
For information on industry limits, see Commercial Portfolio Credit Risk Management – Industry Concentrations in the MD&A of the Corporation’s 2021 Annual Report on Form 10-K.
Asset managers and funds, our largest industry concentration with committed exposure of $172.5 billion,
increased $35.6 billion, or 26 percent, during the nine months ended September 30, 2022, which was primarily driven by investment-grade exposures.
Real estate, our second largest industry concentration with committed exposure of $98.6 billion, increased $2.4 billion, or two percent, during the nine months ended September 30, 2022. 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 $89.4 billion, increased $5.2 billion, or six percent, during the nine months ended September 30, 2022.
While the U.S. and global economies have shown signs of relief from the pandemic, uncertainty remains as a result of geopolitical and inflationary pressures, and a number of industries will likely continue to be adversely impacted due to these conditions. We continue to monitor all industries, particularly higher risk industries that are experiencing or could experience a more significant impact to their financial condition.
39 Bank of America


Table 34
Commercial Credit Exposure by Industry (1)
Commercial
Utilized
Total Commercial
Committed (2)
(Dollars in millions) September 30
2022		 December 31
2021		 September 30
2022		 December 31
2021
Asset managers & funds $ 118,183  $ 89,786  $ 172,468  $ 136,914 
Real estate (3)
70,535  69,384  98,590  96,202 
Capital goods 47,669  42,784  89,447  84,293 
Finance companies 50,749  59,327  74,003  86,009 
Healthcare equipment and services 32,693  32,003  57,834  58,195 
Materials 26,552  25,133  55,599  53,652 
Retailing 26,850  24,514  52,916  50,816 
Government & public education 36,635  37,597  48,991  50,066 
Food, beverage and tobacco 23,258  21,584  48,317  45,419 
Consumer services 26,250  28,172  46,186  48,052 
Individuals and trusts 34,976  29,752  44,640  39,869 
Commercial services and supplies 23,010  22,390  43,769  42,451 
Utilities 19,280  17,082  39,560  36,855 
Energy 16,934  14,217  37,829  34,136 
Transportation 21,671  21,079  34,033  32,015 
Global commercial banks 30,209  20,062  32,482  21,390 
Technology hardware and equipment 10,993  10,159  28,135  26,910 
Media 12,282  12,495  27,331  26,318 
Software and services 13,908  10,663  26,678  27,643 
Consumer durables and apparel 10,251  9,740  21,167  21,226 
Insurance 12,427  5,743  20,901  14,323 
Vehicle dealers 11,788  11,030  19,698  15,678 
Pharmaceuticals and biotechnology 7,722  5,608  18,779  19,439 
Telecommunication services 8,530  10,056  16,608  21,270 
Automobiles and components 7,529  9,236  15,685  17,052 
Financial markets infrastructure (clearinghouses) 7,894  3,876  12,704  6,076 
Food and staples retailing 7,046  6,902  11,728  12,226 
Religious and social organizations 2,736  3,154  4,990  5,394 
Total commercial credit exposure by industry $ 718,560  $ 653,528  $ 1,201,068  $ 1,129,889 
(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 $10.4 billion and $10.7 billion at September 30, 2022 and December 31, 2021.
(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, 2022 and December 31, 2021, 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 $9.1 billion and $2.6 billion. We recorded net losses of $56 million and gains of $66 million for the three and nine months ended September 30, 2022 compared to net losses of $18 million and $86 million for the same periods in 2021. The gains and losses on these instruments were largely 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, 2022 and December 31, 2021.
Table 35 Net Credit Default Protection by Maturity
September 30
2022		 December 31
2021
Less than or equal to one year 20  % 34  %
Greater than one year and less than or equal to five years
 77  62 
Greater than five years 3  4 
Total net credit default protection 100  % 100  %
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, 2022 December 31, 2021
Ratings (2, 3)
       
AAA $ (379) 4.2  % $ —  —  %
AA (852) 9.4  —  — 
A (3,103) 34.1  (350) 13.4 
BBB (2,828) 31.1  (710) 27.1 
BB (1,050) 11.6  (809) 30.9 
B (748) 8.2  (659) 25.2 
CCC and below (79) 0.9  (35) 1.3 
NR (4)
(48) 0.5  (55) 2.1 
Total net credit
default protection
 $ (9,087) 100.0  % $ (2,618) 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.
Bank of America 40

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 2021 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 2021 Annual Report on Form 10-K.
Table 37 presents our 20 largest non-U.S. country exposures at September 30, 2022. These exposures accounted for 89 percent of our total non-U.S. exposure at both September 30, 2022 and December 31, 2021. Net country exposure for these 20 countries increased $1.8 billion during the nine months ended September 30, 2022 primarily driven by increases in Japan, the United Kingdom, Ireland and India, partially offset by reductions in France, Canada and Australia.

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
2022		 Hedges and Credit Default Protection Net Country Exposure at September 30
2022		 Increase (Decrease) from December 31
2021
United Kingdom $ 32,150  $ 14,730  $ 10,068  $ 2,300  $ 59,248  $ (1,259) $ 57,989  $ 3,020 
Germany 22,653  7,101  2,146  2,468  34,368  (823) 33,545  (280)
Canada 10,632  9,144  1,868  3,561  25,205  (617) 24,588  (1,723)
Japan 16,988  1,840  1,816  1,062  21,706  (723) 20,983  3,721 
Australia 12,404  4,078  1,434  2,059  19,975  (333) 19,642  (1,662)
France 8,683  7,342  1,450  2,863  20,338  (1,000) 19,338  (5,569)
Brazil 6,366  1,251  537  3,693  11,847  (88) 11,759  (991)
China 7,192  295  1,909  2,381  11,777  (299) 11,478  (1,104)
India 6,798  305  609  3,121  10,833  (114) 10,719  2,088 
Netherlands 3,945  4,215  1,011  1,234  10,405  (651) 9,754  158 
South Korea 5,983  860  1,351  1,369  9,563  (78) 9,485  1,333 
Singapore 4,178  622  356  4,116  9,272  (36) 9,236  (1,429)
Switzerland 5,187  3,316  570  440  9,513  (298) 9,215  640 
Ireland 6,965  961  175  263  8,364  (50) 8,314  2,775 
Hong Kong 5,858  312  321  1,494  7,985  (25) 7,960  633 
Mexico 4,516  1,661  254  521  6,952  (245) 6,707  245 
Italy 3,066  2,352  294  879  6,591  (375) 6,216  1,012 
Spain 2,146  1,778  750  1,496  6,170  (215) 5,955  35 
Belgium 1,284  1,452  289  934  3,959  (179) 3,780  (1,251)
Saudi Arabia 2,366  932  300  32  3,630  (49) 3,581  108 
Total top 20 non-U.S. countries exposure
 $ 169,360  $ 64,547  $ 27,508  $ 36,286  $ 297,701  $ (7,457) $ 290,244  $ 1,759 
Our largest non-U.S. country exposure at September 30, 2022 was the United Kingdom with net exposure of $58.0 billion, which represents a $3.0 billion increase from December 31, 2021. The increase was primarily driven by net counterparty exposure with financial institutions, partially offset by a reduction in deposits with the central bank. Our second
largest non-U.S. country exposure was Germany with net exposure of $33.5 billion at September 30, 2022, a $280 million decrease from December 31, 2021. The reduction was driven by a decrease in exposure with financial institutions and corporates, offset by an increase in deposits with the central bank.
41 Bank of America


Allowance for Credit Losses
The allowance for credit losses decreased $26 million from December 31, 2021 to $13.8 billion at September 30, 2022, which included a $171 million reserve decrease related to the consumer portfolio and a $145 million reserve increase related to the commercial portfolio. The decrease in the allowance was primarily driven by asset quality improvement and reduced
pandemic uncertainties, partially offset by reserve builds related to loan growth, a dampening macroeconomic outlook and Russian exposure.
Table 38 presents an allocation of the allowance for credit losses by product type at September 30, 2022 and December 31, 2021.
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, 2022 December 31, 2021
Allowance for loan and lease losses            
Residential mortgage $ 282  2.29  % 0.12  % $ 351  2.83  % 0.16  %
Home equity 102  0.83  0.38  206  1.66  0.74 
Credit card 5,879  47.79  6.74  5,907  47.70  7.25 
Direct/Indirect consumer 525  4.27  0.49  523  4.22  0.51 
Other consumer 92  0.75  n/m 46  0.37  n/m
Total consumer 6,880  55.93  1.53  7,033  56.78  1.62 
U.S. commercial (2)
3,018  24.53  0.81  3,019  24.37  0.87 
Non-U.S. commercial 1,191  9.68  0.97  975  7.87  0.86 
Commercial real estate 1,161  9.44  1.71  1,292  10.43  2.05 
Commercial lease financing 52  0.42  0.40  68  0.55  0.46 
Total commercial 5,422  44.07  0.94  5,354  43.22  1.00 
Allowance for loan and lease losses 12,302  100.00  % 1.20  12,387  100.00  % 1.28 
Reserve for unfunded lending commitments 1,515  1,456   
Allowance for credit losses $ 13,817  $ 13,843 
(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 $864 million and $1.2 billion at September 30, 2022 and December 31, 2021.
n/m = not meaningful
Net charge-offs for the three and nine months ended September 30, 2022 were $520 million and $1.5 billion compared to $463 million and $1.9 billion for the same periods in 2021. During the three months ended September 30, 2022, net charge-offs increased $57 million, or 12 percent, primarily due to overdrafts charged off in other consumer. During the nine months ended September 30, 2022, net charge-offs decreased $398 million, or 21 percent, primarily driven by lower credit card losses, as loss rates remained near historic lows. The provision for credit losses increased $1.5 billion to an expense of $898 million, and $5.6 billion to an expense of $1.5 billion for the three and nine months ended September 30, 2022 compared to the same periods in 2021. The provision for credit losses for the three months ended September 30, 2022 was primarily driven by loan growth and a dampening macroeconomic outlook, and the nine-month period was driven by the same factors as well as a reserve build related to Russian exposure, partially offset by asset quality improvement and reduced pandemic uncertainties. For the same periods in the prior year, the benefit in the provision for credit losses was due to an improved macroeconomic outlook. The provision for credit losses for the
consumer portfolio, including unfunded lending commitments, increased $641 million to an expense of $722 million and $2.5 billion to an expense of $1.1 billion for the three and nine months ended September 30, 2022 compared to the same periods in 2021. The provision for credit losses for the commercial portfolio, including unfunded lending commitments, increased $881 million to an expense of $176 million and $3.0 billion to an expense of $304 million for the three and nine months ended September 30, 2022 compared to the same periods in 2021.
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, 2022 and 2021. 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 to the Consolidated Financial Statements of the Corporation’s 2021 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) 2022 2021 2022 2021
Allowance for loan and lease losses, beginning of period $ 11,973  $ 14,095  $ 12,387  $ 18,802 
Loans and leases charged off
Residential mortgage (5) (7) (155) (27)
Home equity (8) (8) (41) (33)
Credit card (487) (495) (1,452) (1,956)
Direct/Indirect consumer (63) (59) (184) (229)
Other consumer (146) (72) (371) (217)
Total consumer charge-offs (709) (641) (2,203) (2,462)
U.S. commercial (1)
(85) (159) (239) (509)
Non-U.S. commercial (1) (2) (3) (44)
Commercial real estate (14) (4) (37) (38)
Commercial lease financing —  —  (5) — 
Total commercial charge-offs (100) (165) (284) (591)
Total loans and leases charged off (809) (806) (2,487) (3,053)
Recoveries of loans and leases previously charged off
Residential mortgage 8  14  82  44 
Home equity 26  42  113  126 
Credit card 159  174  504  513 
Direct/Indirect consumer 54  77  167  225 
Other consumer 3  5  13  19 
Total consumer recoveries 250  312  879  927 
U.S. commercial (2)
30  25  105  231 
Non-U.S. commercial 7  1  13  3 
Commercial real estate 1  4  5  10 
Commercial lease financing 1  1  2  1 
Total commercial recoveries 39  31  125  245 
Total recoveries of loans and leases previously charged off 289  343  1,004  1,172 
Net charge-offs (520) (463) (1,483) (1,881)
Provision for loan and lease losses 845  (475) 1,394  (3,766)
Other 4  (2) 4  — 
Allowance for loan and lease losses, September 30
 12,302  13,155  12,302  13,155 
Reserve for unfunded lending commitments, beginning of period 1,461  1,687  1,456  1,878 
Provision for unfunded lending commitments 53  (149) 57  (339)
Other 1  —  2  (1)
Reserve for unfunded lending commitments, September 30
 1,515  1,538  1,515  1,538 
Allowance for credit losses, September 30
 $ 13,817  $ 14,693  $ 13,817  $ 14,693 
Loan and allowance ratios (3) :
Loans and leases outstanding at September 30
 $ 1,027,615  $ 920,170  $ 1,027,615  $ 920,170 
Allowance for loan and lease losses as a percentage of total loans and leases outstanding at September 30
 1.20  % 1.43  % 1.20  % 1.43  %
Consumer allowance for loan and lease losses as a percentage of total consumer loans and leases outstanding at September 30
 1.53  1.70  1.53  1.70 
Commercial allowance for loan and lease losses as a percentage of total commercial loans and leases outstanding at September 30
 0.94  1.20  0.94  1.20 
Average loans and leases outstanding $ 1,029,084  $ 913,113  $ 1,003,014  $ 905,214 
Annualized net charge-offs as a percentage of average loans and leases outstanding 0.20  % 0.20  % 0.20  % 0.28  %
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases at September 30
 309  279  309  279 
Ratio of the allowance for loan and lease losses at September 30 to annualized net charge-offs
 5.96  7.16  6.20  5.23 
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)
$ 6,746  $ 7,375  $ 6,746  $ 7,375 
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)
140  % 123  % 140  % 123  %
(1)Includes U.S. small business commercial charge-offs of $43 million and $150 million for the three and nine months ended September 30, 2022 compared to $137 million and $343 million for the same periods in 2021.
(2)Includes U.S. small business commercial recoveries of $11 million and $40 million for the three and nine months ended September 30, 2022 compared to $18 million and $61 million for the same periods in 2021.
(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.
43 Bank of America


Market Risk Management
For more information on our market risk management process, see Market Risk Management in the MD&A of the Corporation’s 2021 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.
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 2021 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, 2022, June 30, 2022 and September 30, 2021 using a 99 percent confidence level as well as average daily trading VaR for the nine months ended September 30, 2022 and 2021. 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 for the three months ended September 30, 2022 compared to the prior quarter remained relatively unchanged.
Table 40 Market Risk VaR for Trading Activities
Three Months Ended Nine Months Ended September 30
September 30, 2022 June 30, 2022 September 30, 2021
(Dollars in millions) Period
End		 Average
High (1)
Low (1)
Period
End		 Average
High (1)
Low (1)
Period
End		 Average
High (1)
Low (1)
2022 Average 2021 Average
Foreign exchange $ 24  $ 19  $ 32  $ 12  $ 21  $ 17  $ 22  $ 12  $ 12  $ 13  $ 21  $ 9  $ 18  $ 13 
Interest rate 35  34  55  25  36  36  56  24  33  32  48  20  36  42 
Credit 90  68  95  54  71  73  106  53  72  66  80  54  68  68 
Equity 22  16  23  12  21  22  33  19  32  24  32  19  20  24 
Commodities 12  13  18  9  14  17  27  12  6  8  11  5  13  8 
Portfolio diversification (102) (85) n/a n/a (62) (84) n/a n/a (94) (91) n/a n/a (88) (101)
Total covered positions portfolio 81  65  95  42  101  81  140  56  61  52  71  41  67  54 
Impact from less liquid exposures (2)
82  52  n/a n/a 48  37  n/a n/a 40  26  n/a n/a 38  22 
Total covered positions and less liquid trading positions portfolio
 163  117  173  84  149  118  236  76  101  78  123  51  105  76 
Fair value option loans 59  50  60  37  47  53  65  39  50  45  54  31  52  50 
Fair value option hedges 17  16  18  13  14  18  24  14  18  17  20  14  17  15 
Fair value option portfolio diversification (39) (36) n/a n/a (28) (35) n/a n/a (44) (36) n/a n/a (35) (32)
Total fair value option portfolio 37  30  37  23  33  36  44  30  24  26  33  23  34  33 
Portfolio diversification (5) (4) n/a n/a (8) (14) n/a n/a (21) (12) n/a n/a (13) (7)
Total market-based portfolio $ 195  $ 143  203  103  $ 174  $ 140  287  91  $ 104  $ 92  141  60  $ 126  $ 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.
(2)Impact is net of diversification effects between the covered positions and less liquid trading positions portfolios.
n/a = not applicable
The following graph presents the daily covered positions and less liquid trading positions portfolio VaR for the previous five quarters, corresponding to the data in Table 40.
bac-20220930_g1.jpg

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, 2022, June 30, 2022 and September 30, 2021.
Table 41 Average Market Risk VaR for Trading Activities – 99 percent and 95 percent VaR Statistics
Three Months Ended
September 30, 2022 June 30, 2022 September 30, 2021
(Dollars in millions) 99 percent 95 percent 99 percent 95 percent 99 percent 95 percent
Foreign exchange $ 19  $ 11  $ 17  $ 10  $ 13  $ 9 
Interest rate 34  18  36  18  32  16 
Credit 68  26  73  27  66  20 
Equity 16  8  22  12  24  11 
Commodities 13  7  17  9  8  4 
Portfolio diversification (85) (43) (84) (46) (91) (35)
Total covered positions portfolio 65  27  81  30  52  25 
Impact from less liquid exposures 52  7  37  6  26  3 
Total covered positions and less liquid trading positions portfolio
 117  34  118  36  78  28 
Fair value option loans 50  14  53  16  45  10 
Fair value option hedges 16  10  18  11  17  9 
Fair value option portfolio diversification (36) (13) (35) (15) (36) (9)
Total fair value option portfolio 30  11  36  12  26  10 
Portfolio diversification (4) (7) (14) (8) (12) (6)
Total market-based portfolio $ 143  $ 38  $ 140  $ 40  $ 92  $ 32 
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 2021 Annual Report on Form 10-K.
During the three and nine months ended September 30, 2022, 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 2021 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, 2022 compared to the three months ended June 30, 2022 and March 31, 2022. During the three months ended September 30, 2022, positive trading-related revenue was recorded for 100 percent of the trading days, of which 94 percent were daily trading gains of over $25 million. This compares to the three months ended June 30, 2022 where positive trading-related revenue was recorded for 98 percent of the trading days, of which 85 percent were daily trading gains of over $25 million. During the three months ended March 31, 2022, positive trading-related revenue was recorded for 100 percent of the trading days, of which 95 percent were daily trading gains of over $25 million.

bac-20220930_g2.jpg
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 2021 Annual Report on Form 10-K.
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 2021 Annual Report on Form 10-K.
Table 42 presents the spot and 12-month forward rates used in our baseline forecasts at September 30, 2022 and December 31, 2021.
45 Bank of America


Table 42 Forward Rates
September 30, 2022
  Federal
Funds		 Three-month
LIBOR		 10-Year
Swap
Spot rates 3.25  % 3.75  % 3.88  %
12-month forward rates 4.50  4.56  3.76 
December 31, 2021
Spot rates 0.25  % 0.21  % 1.58  %
12-month forward rates 1.00  1.07  1.84 
Table 43 shows the pretax impact to forecasted net interest income over the next 12 months from September 30, 2022 and December 31, 2021 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 interest rates are floored at zero. Depending on the level of interest rates, Down-rate scenarios may not receive the full impact of the rate shock, particularly in low rate environments.
During the nine months ended September 30, 2022, the overall decrease in asset sensitivity of our balance sheet to Up-rate scenarios was primarily due to an increase in long-end and short-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 negatively impact the fair value of our debt securities classified as available for sale and 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 would be reduced over time by offsetting positive impacts to net interest income generated from the banking book activities. For more information on Basel 3, see Capital Management – Regulatory Capital on page 23.
Table 43 Estimated Banking Book Net Interest Income Sensitivity to Curve Changes
Short
Rate (bps)		 Long
Rate (bps)
(Dollars in millions) September 30,
2022		 December 31,
2021
Parallel Shifts
+100 bps
instantaneous shift
 +100 +100 $ 4,220  $ 6,542 
 -100 bps
  instantaneous shift		 -100 -100 (5,419) n/m
Flatteners    
Short-end
instantaneous change
 +100 —  4,039  4,982 
Long-end
instantaneous change
 —  -100 (210) n/m
Steepeners    
Short-end
instantaneous change
 -100  —  (5,209) n/m
Long-end
instantaneous change
 —  +100 186  1,646 
n/m = not meaningful
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 deposit 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 not significant.
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 not significant. 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.
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 2021 Annual Report on Form 10-K.
There were no significant gains or losses related to the change in fair value of MSR, IRLCs and LHFS, net of gains and
Bank of America 46

losses on the hedge portfolio, for the three and nine months ended September 30, 2022 and 2021. For more information on MSRs, see Note 14 – Fair Value Measurements to the Consolidated Financial Statements.
Climate Risk Management
Climate-related risks are divided into two major categories: (1) risks related to the transition to a low-carbon economy, which may entail extensive policy, legal, technology and market changes, and (2) risks related to the physical impacts of climate change, driven by extreme weather events, such as hurricanes and floods, as well as chronic longer-term shifts, such as rising average global temperatures and sea levels. These changes and events can have broad impacts on operations, supply chains, distribution networks, customers and markets and are otherwise referred to, respectively, as transition risk and physical risk. These risks can impact both financial and nonfinancial risk types. The impacts of transition risk can lead to and amplify credit risk or market risk by reducing our customers’ operating income or the value of their assets as well as expose us to reputational and/or litigation risk due to increased regulatory scrutiny or negative public sentiment. Physical risk can lead to increased credit risk by diminishing borrowers’ repayment capacity or impacting the value of collateral. In addition, it could pose increased operational risk to our facilities and people.
In 2021, we publicly announced our commitment to achieve net zero greenhouse gas emissions in our financing activities, operations, and supply chain before 2050 (Net Zero Goal) and set 2030 emissions targets for our operations and supply chain. In connection with our Net Zero Goal, we committed to reduce emissions by 2030 associated with our financing activities related to auto manufacturing, energy, and power generation (2030 Targets). In our September 2022 Task Force on Climate-related Financial Disclosures report, we disclosed our 2019 and 2020 financed emissions and emissions intensity metrics for these sectors, with 2019 serving as the baseline for our 2030 Targets.
In line with our participation in the Net Zero Banking Alliance, we plan to disclose the financed emissions for additional portions of our business loan portfolio in 2023, and we expect to set financing activity emission reduction targets for other key sectors by April 2024. These reduction targets are intended to align with the International Energy Agency Net Zero Emissions 2050 global pathway to limit warming to 1.5 degrees Celsius.
Achieving our climate--related goals and targets, including our Net Zero Goal and 2030 Targets, will require technological advances, clearly defined roadmaps for industry sectors, public policies, including those that improve the cost of capital for
net zero transition and better emissions data reporting, as
well as ongoing, strong and active engagement with customers, suppliers, investors, government officials and other stakeholders.
Given the extended period of these and other climate-related goals we have established, 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 on our results of operations or financial condition in the near-term.
For more information on our governance framework and climate risk management process, see the Managing Risk and Climate Risk Management sections in the MD&A of the Corporation’s 2021 Annual Report on Form 10-K. For more information on climate risk, see Item 1A. Risk Factors – Other of the Corporation’s 2021 Annual Report on Form 10-K. For more information about climate-related matters and the Corporation’s climate-related goals and commitments, including our plans to achieve our Net Zero Goal and progress on our sustainable finance goals, see the Corporation’s website and the 2021 Annual Report to shareholders available on the Investor Relations portion of our website. The contents of the Corporation’s website and the 2021 Annual Report to shareholders are not incorporated by reference into this Quarterly Report on Form 10-Q.
The foregoing discussion and our discussion in the 2021 Annual Report to shareholders regarding our goals and commitments with respect to climate risk management, including environmental transition considerations, include “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 2021 Annual Report on Form 10-K and Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2021 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
Average and Period-end Supplemental Financial Data and Reconciliations to GAAP Financial Measures (1)
Average
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2022 2021 2022 2021
Shareholders’ equity $ 271,017  $ 275,484  $ 269,514  $ 274,726 
Goodwill (69,022) (69,023) (69,022) (68,999)
Intangible assets (excluding MSRs) (2,107) (2,185) (2,127) (2,181)
Related deferred tax liabilities 920  915  925  916 
Tangible shareholders’ equity $ 200,808  $ 205,191  $ 199,290  $ 204,462 
Preferred stock (29,134) (23,441) (28,094) (23,837)
Tangible common shareholders’ equity $ 171,674  $ 181,750  $ 171,196  $ 180,625 
Period-end
September 30 2022 June 30 2022 March 31 2022 December 31 2021 September 30 2021
(Dollars in millions)
Shareholders’ equity $ 269,524  $ 269,118  $ 266,617  $ 270,066  $ 272,464 
Goodwill (69,022) (69,022) (69,022) (69,022) (69,023)
Intangible assets (excluding MSRs) (2,094) (2,114) (2,133) (2,153) (2,172)
Related deferred tax liabilities 915  920 926  929  913 
Tangible shareholders’ equity $ 199,323  $ 198,902  $ 196,388  $ 199,820  $ 202,182 
Preferred stock (29,134) (29,134) (27,137) (24,708) (23,441)
Tangible common shareholders’ equity $ 170,189  $ 169,768  $ 169,251  $ 175,112  $ 178,741 
Total assets $ 3,072,953  $ 3,111,606  $ 3,238,223  $ 3,169,495  $ 3,085,446 
Goodwill (69,022) (69,022) (69,022) (69,022) (69,023)
Intangible assets (excluding MSRs) (2,094) (2,114) (2,133) (2,153) (2,172)
Related deferred tax liabilities 915  920 926  929  913 
Tangible assets $ 3,002,752  $ 3,041,390  $ 3,167,994  $ 3,099,249  $ 3,015,164 
(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 8.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
See Market Risk Management on page 44 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, 2022, 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) 2022 2021 2022 2021
Net interest income    
Interest income $ 19,621  $ 12,336  $ 47,490  $ 35,118 
Interest expense 5,856  1,242  9,709  3,594 
Net interest income 13,765  11,094  37,781  31,524 
Noninterest income    
Fees and commissions 8,001  9,915  25,477  29,156 
Market making and similar activities 3,068  2,005  9,023  7,360 
Other income (332) (248) (1,863) (987)
Total noninterest income 10,737  11,672  32,637  35,529 
Total revenue, net of interest expense 24,502  22,766  70,418  67,053 
Provision for credit losses 898  (624) 1,451  (4,105)
Noninterest expense    
Compensation and benefits 8,887  8,714  27,286  27,103 
Occupancy and equipment 1,777  1,764  5,285  5,353 
Information processing and communications 1,546  1,416  4,621  4,289 
Product delivery and transaction related 892  987  2,749  2,940 
Professional fees 525  434  1,493  1,263 
Marketing 505  347  1,365  1,528 
Other general operating 1,171  778  3,096  2,524 
Total noninterest expense 15,303  14,440  45,895  45,000 
Income before income taxes 8,301  8,950  23,072  26,158 
Income tax expense 1,219  1,259  2,676  1,193 
Net income $ 7,082  $ 7,691  $ 20,396  $ 24,965 
Preferred stock dividends 503  431  1,285  1,181 
Net income applicable to common shareholders $ 6,579  $ 7,260  $ 19,111  $ 23,784 
Per common share information    
Earnings $ 0.81  $ 0.86  $ 2.35  $ 2.77 
Diluted earnings 0.81  0.85  2.34  2.75 
Average common shares issued and outstanding 8,107.7  8,430.7  8,122.2  8,583.1 
Average diluted common shares issued and outstanding 8,160.8  8,492.8  8,173.3  8,702.2 
Consolidated Statement of Comprehensive Income
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2022 2021 2022 2021
Net income $ 7,082  $ 7,691  $ 20,396  $ 24,965 
Other comprehensive income (loss), net-of-tax:
Net change in debt securities (1,112) (153) (6,381) (1,243)
Net change in debit valuation adjustments 462  27  1,298  292 
Net change in derivatives (3,703) (431) (10,890) (1,130)
Employee benefit plan adjustments 37  50  97  170 
Net change in foreign currency translation adjustments (37) (26) (47) (29)
Other comprehensive income (loss) (4,353) (533) (15,923) (1,940)
Comprehensive income (loss) $ 2,729  $ 7,158  $ 4,473  $ 23,025 













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


Bank of America Corporation and Subsidiaries
Consolidated Balance Sheet
September 30
2022		 December 31
2021
(Dollars in millions)
Assets
Cash and due from banks $ 27,802  $ 29,222 
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks 177,174  318,999 
Cash and cash equivalents 204,976  348,221 
Time deposits placed and other short-term investments 7,449  7,144 
Federal funds sold and securities borrowed or purchased under agreements to resell
   (includes $165,521 and $150,665 measured at fair value)
275,247  250,720 
Trading account assets (includes $112,374 and $103,434 pledged as collateral)
293,458  247,080 
Derivative assets 71,956  35,344 
Debt securities:  
Carried at fair value 236,245  308,073 
Held-to-maturity, at cost (fair value – $527,553 and $665,890)
643,713  674,554 
Total debt securities 879,958  982,627 
Loans and leases (includes $4,851 and $7,819 measured at fair value)
1,032,466  979,124 
Allowance for loan and lease losses (12,302) (12,387)
Loans and leases, net of allowance 1,020,164  966,737 
Premises and equipment, net 11,117  10,833 
Goodwill 69,022  69,022 
Loans held-for-sale (includes $2,395 and $4,455 measured at fair value)
7,629  15,635 
Customer and other receivables 76,211  72,263 
Other assets (includes $7,326 and $12,144 measured at fair value)
155,766  163,869 
Total assets $ 3,072,953  $ 3,169,495 
Liabilities    
Deposits in U.S. offices:    
Noninterest-bearing $ 696,976  $ 784,189 
Interest-bearing (includes $453 and $408 measured at fair value)
1,143,317  1,165,914 
Deposits in non-U.S. offices:
Noninterest-bearing 21,630  27,457 
Interest-bearing 76,174  86,886 
Total deposits 1,938,097  2,064,446 
Federal funds purchased and securities loaned or sold under agreements to repurchase
   (includes $165,390 and $139,641 measured at fair value)
215,627  192,329 
Trading account liabilities 84,768  100,690 
Derivative liabilities 50,156  37,675 
Short-term borrowings (includes $1,993 and $4,279 measured at fair value)
21,044  23,753 
Accrued expenses and other liabilities (includes $6,764 and $11,489 measured at fair value
   and $1,515 and $1,456 of reserve for unfunded lending commitments)
224,615  200,419 
Long-term debt (includes $27,531 and $29,708 measured at fair value)
269,122  280,117 
Total liabilities 2,803,429  2,899,429 
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 – 4,117,652 and 3,939,686 shares
29,134  24,708 
Common stock and additional paid-in capital, $0.01  par value; authorized – 12,800,000,000 shares;
   issued and outstanding – 8,024,450,244 and 8,077,831,463 shares
59,460  62,398 
Retained earnings 201,957  188,064 
Accumulated other comprehensive income (loss) (21,027) (5,104)
Total shareholders’ equity 269,524  270,066 
Total liabilities and shareholders’ equity $ 3,072,953  $ 3,169,495 
Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
Trading account assets $ 2,794  $ 5,004 
Loans and leases 16,073  17,135 
Allowance for loan and lease losses (802) (958)
Loans and leases, net of allowance 15,271  16,177 
All other assets 93  189 
Total assets of consolidated variable interest entities $ 18,158  $ 21,370 
Liabilities of consolidated variable interest entities included in total liabilities above    
Short-term borrowings (includes $33 and $51 of non-recourse short-term borrowings)
$ 82  $ 247 
Long-term debt (includes $3,240 and $3,587 of non-recourse debt)
3,240  3,587 
All other liabilities (includes $9 and $7 of non-recourse liabilities)
9  7 
Total liabilities of consolidated variable interest entities $ 3,331  $ 3,841 
See accompanying Notes to Consolidated Financial Statements.
Bank of America 50

Bank of America Corporation and Subsidiaries
Consolidated Statement 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, 2022 $ 29,134  8,035.2  $ 59,499  $ 197,159  $ (16,674) $ 269,118 
Net income       7,082  7,082 
Net change in debt securities         (1,112) (1,112)
Net change in debit valuation adjustments 462  462 
Net change in derivatives         (3,703) (3,703)
Employee benefit plan adjustments         37  37 
Net change in foreign currency translation adjustments       (37) (37)
Dividends declared:        
Common   (1,780)   (1,780)
Preferred     (503)   (503)
Common stock issued under employee plans, net, and other 2.5  411  (1)   410 
Common stock repurchased (13.2) (450) (450)
Balance, September 30, 2022 $ 29,134  8,024.5  $ 59,460  $ 201,957  $ (21,027) $ 269,524 
Balance, December 31, 2021 $ 24,708  8,077.8  $ 62,398  $ 188,064  $ (5,104) $ 270,066 
Net income 20,396  20,396 
Net change in debt securities (6,381) (6,381)
Net change in debit valuation adjustments 1,298  1,298 
Net change in derivatives (10,890) (10,890)
Employee benefit plan adjustments 97  97 
Net change in foreign currency translation adjustments (47) (47)
Dividends declared:
Common (5,188) (5,188)
Preferred (1,285) (1,285)
Issuance of preferred stock 4,426  4,426 
Common stock issued under employee plans, net, and other 44.5  1,137  (30) 1,107 
Common stock repurchased (97.8) (4,075) (4,075)
Balance, September 30, 2022 $ 29,134