July 18, 2023 - EX-99.3 - 8-K: Current report filing | Bank of America Corporation (BAC)

Supplemental Information

Second Quarter 2023

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


Bank of America Corporation and Subsidiaries
Table of Contents			Page


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

Debt Securities			9
Supplemental Financial Data			10
Quarterly Results by Business Segment and All Other			11
Year-to-Date Results by Business Segment and All Other			13
Consumer Banking
Total Segment Results			14
Key Indicators			15
Business Results			16
Global Wealth & Investment Management
Total Segment Results			18
Key Indicators			19
Global Banking
Total Segment Results			20
Key Indicators			21

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

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

Exhibit A: Non-GAAP Reconciliations			33







Key Performance Indicators

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

Business Segment Operations

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


Bank of America Corporation and Subsidiaries
Consolidated Financial Highlights
(In millions, except per share information)
	Six Months Ended June 30						Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022
	2023			2022
Income statement
Net interest income	$	28,606		$	24,016		$	14,158		$	14,448		$	14,681		$	13,765		$	12,444
Noninterest income	22,849			21,900			11,039			11,810			9,851			10,737			10,244
Total revenue, net of interest expense	51,455			45,916			25,197			26,258			24,532			24,502			22,688
Provision for credit losses	2,056			553			1,125			931			1,092			898			523
Noninterest expense	32,276			30,592			16,038			16,238			15,543			15,303			15,273
Income before income taxes	17,123			14,771			8,034			9,089			7,897			8,301			6,892
Pretax, pre-provision income (1)	19,179			15,324			9,159			10,020			8,989			9,199			7,415
Income tax expense	1,554			1,457			626			928			765			1,219			645
Net income	15,569			13,314			7,408			8,161			7,132			7,082			6,247
Preferred stock dividends and other	811			782			306			505			228			503			315
Net income applicable to common shareholders	14,758			12,532			7,102			7,656			6,904			6,579			5,932
Diluted earnings per common share	1.82			1.53			0.88			0.94			0.85			0.81			0.73
Average diluted common shares issued and outstanding	8,162.6			8,182.2			8,080.7			8,182.3			8,155.7			8,160.8			8,163.1
Dividends paid per common share	$	0.44		$	0.42		$	0.22		$	0.22		$	0.22		$	0.22		$	0.21

Performance ratios
Return on average assets	1.00		%	0.84		%	0.94		%	1.07		%	0.92		%	0.90		%	0.79		%
Return on average common shareholders’ equity	11.84			10.48			11.21			12.48			11.24			10.79			9.93
Return on average shareholders’ equity	11.22			9.99			10.52			11.94			10.38			10.37			9.34
Return on average tangible common shareholders’ equity (2)	16.42			14.78			15.49			17.38			15.79			15.21			14.05
Return on average tangible shareholders’ equity (2)	14.97			13.52			14.00			15.98			13.98			13.99			12.66
Efficiency ratio	62.73			66.63			63.65			61.84			63.36			62.45			67.32


At period end
Book value per share of common stock	$	32.05		$	29.87		$	32.05		$	31.58		$	30.61		$	29.96		$	29.87
Tangible book value per share of common stock (2)	23.23			21.13			23.23			22.78			21.83			21.21			21.13
Market capitalization	228,188			250,136			228,188			228,012			264,853			242,338			250,136
Number of financial centers - U.S.	3,887			3,984			3,887			3,892			3,913			3,932			3,984
Number of branded ATMs - U.S.	15,335			15,730			15,335			15,407			15,528			15,572			15,730
Headcount	215,546			209,824			215,546			217,059			216,823			213,270			209,824

(1) Pretax, pre-provision income (PTPI) is a non-GAAP financial measure calculated by adjusting pretax income to add back provision for credit losses. Management believes that PTPI is a useful financial measure because it enables an assessment of the Corporation's ability to generate earnings to cover credit losses through a credit cycle. (See Exhibit A: Non-GAAP Reconciliations - Reconciliations to GAAP Financial Measures on page 33.)

(2) Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income. Tangible book value per share provides additional useful information about the level of tangible assets in relation to outstanding shares of common stock. (See Exhibit A: Non-GAAP Reconciliations - Reconciliations to GAAP Financial Measures on page 33.)


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


Bank of America Corporation and Subsidiaries
Consolidated Statement of Income
(In millions, except per share information)
	Six Months Ended June 30				Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022
	2023		2022
Net interest income
Interest income	$	61,009	$	27,869	$	32,354	$	28,655	$	25,075	$	19,621	$	14,975
Interest expense	32,403		3,853		18,196		14,207		10,394		5,856		2,531
Net interest income	28,606		24,016		14,158		14,448		14,681		13,765		12,444

Noninterest income
Fees and commissions	15,855		17,476		7,961		7,894		7,735		8,001		8,491
Market making and similar activities	8,409		5,955		3,697		4,712		3,052		3,068		2,717
Other income (loss)	(1,415)		(1,531)		(619)		(796)		(936)		(332)		(964)
Total noninterest income	22,849		21,900		11,039		11,810		9,851		10,737		10,244
Total revenue, net of interest expense	51,455		45,916		25,197		26,258		24,532		24,502		22,688

Provision for credit losses	2,056		553		1,125		931		1,092		898		523

Noninterest expense
Compensation and benefits	19,319		18,399		9,401		9,918		9,161		8,887		8,917
Occupancy and equipment	3,575		3,508		1,776		1,799		1,786		1,777		1,748
Information processing and communications	3,341		3,075		1,644		1,697		1,658		1,546		1,535
Product delivery and transaction related	1,846		1,857		956		890		904		892		924

Professional fees	1,064		968		527		537		649		525		518
Marketing	971		860		513		458		460		505		463
Other general operating	2,160		1,925		1,221		939		925		1,171		1,168
Total noninterest expense	32,276		30,592		16,038		16,238		15,543		15,303		15,273
Income before income taxes	17,123		14,771		8,034		9,089		7,897		8,301		6,892
Income tax expense	1,554		1,457		626		928		765		1,219		645
Net income	$	15,569	$	13,314	$	7,408	$	8,161	$	7,132	$	7,082	$	6,247
Preferred stock dividends and other	811		782		306		505		228		503		315

Net income applicable to common shareholders	$	14,758	$	12,532	$	7,102	$	7,656	$	6,904	$	6,579	$	5,932

Per common share information
Earnings	$	1.83	$	1.54	$	0.88	$	0.95	$	0.85	$	0.81	$	0.73
Diluted earnings	1.82		1.53		0.88		0.94		0.85		0.81		0.73
Average common shares issued and outstanding	8,053.5		8,129.3		8,040.9		8,065.9		8,088.3		8,107.7		8,121.6
Average diluted common shares issued and outstanding	8,162.6		8,182.2		8,080.7		8,182.3		8,155.7		8,160.8		8,163.1


Consolidated Statement of Comprehensive Income
(Dollars in millions)
	Six Months Ended June 30				Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022
	2023		2022
Net income	$	15,569	$	13,314	$	7,408	$	8,161	$	7,132	$	7,082	$	6,247
Other comprehensive income (loss), net-of-tax:
Net change in debt securities	723		(5,269)		168		555		353		(1,112)		(1,822)
Net change in debit valuation adjustments	(394)		836		(404)		10		(543)		462		575
Net change in derivatives	49		(7,187)		(1,993)		2,042		835		(3,703)		(2,008)
Employee benefit plan adjustments	19		60		9		10		(764)		37		36
Net change in foreign currency translation adjustments	17		(10)		5		12		(10)		(37)		(38)
Other comprehensive income (loss)	414		(11,570)		(2,215)		2,629		(129)		(4,353)		(3,257)
Comprehensive income (loss)	$	15,983	$	1,744	$	5,193	$	10,790	$	7,003	$	2,729	$	2,990


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


Bank of America Corporation and Subsidiaries
Net Interest Income and Noninterest Income
(Dollars in millions)
	Six Months Ended June 30				Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022
	2023		2022
Net interest income
Interest income
Loans and leases	$	27,067	$	15,574	$	13,970	$	13,097	$	12,114	$	10,231	$	8,222
Debt securities	10,151		7,872		4,691		5,460		5,016		4,239		4,049
Federal funds sold and securities borrowed or purchased under agreements to resell	8,667		389		4,955		3,712		2,725		1,446		396
Trading account assets	4,104		2,304		2,076		2,028		1,768		1,449		1,223
Other interest income	11,020		1,730		6,662		4,358		3,452		2,256		1,085
Total interest income	61,009		27,869		32,354		28,655		25,075		19,621		14,975

Interest expense
Deposits	10,099		484		5,785		4,314		2,999		1,235		320
Short-term borrowings	14,535		441		8,355		6,180		4,273		2,264		553
Trading account liabilities	976		734		472		504		421		383		370
Long-term debt	6,793		2,194		3,584		3,209		2,701		1,974		1,288
Total interest expense	32,403		3,853		18,196		14,207		10,394		5,856		2,531
Net interest income	$	28,606	$	24,016	$	14,158	$	14,448	$	14,681	$	13,765	$	12,444

Noninterest income
Fees and commissions
Card income
Interchange fees (1)	$	1,979	$	2,007	$	1,023	$	956	$	1,029	$	1,060	$	1,072
Other card income	1,036		951		523		513		523		513		483
Total card income	3,015		2,958		1,546		1,469		1,552		1,573		1,555
Service charges
Deposit-related fees	2,142		2,947		1,045		1,097		1,081		1,162		1,417
Lending-related fees	632		603		319		313		308		304		300
Total service charges	2,774		3,550		1,364		1,410		1,389		1,466		1,717
Investment and brokerage services
Asset management fees	5,887		6,388		2,969		2,918		2,844		2,920		3,102
Brokerage fees	1,804		1,995		870		934		879		875		989
Total investment and brokerage services	7,691		8,383		3,839		3,852		3,723		3,795		4,091
Investment banking fees
Underwriting income	1,226		1,107		657		569		411		452		435
Syndication fees	411		613		180		231		174		283		301
Financial advisory services	738		865		375		363		486		432		392
Total investment banking fees	2,375		2,585		1,212		1,163		1,071		1,167		1,128
Total fees and commissions	15,855		17,476		7,961		7,894		7,735		8,001		8,491
Market making and similar activities	8,409		5,955		3,697		4,712		3,052		3,068		2,717
Other income (loss)	(1,415)		(1,531)		(619)		(796)		(936)		(332)		(964)
Total noninterest income	$	22,849	$	21,900	$	11,039	$	11,810	$	9,851	$	10,737	$	10,244

(1)Gross interchange fees and merchant income were $6.6 billion and $6.2 billion and are presented net of $4.6 billion and $4.2 billion of expenses for rewards and partner payments as well as certain other card costs for the six months ended June 30, 2023 and 2022. Gross interchange fees and merchant income were $3.4 billion, $3.2 billion, $3.3 billion, $3.3 billion and $3.3 billion and are presented net of $2.4 billion, $2.2 billion, $2.3 billion, $2.2 billion and $2.2 billion of expenses for rewards and partner payments as well as certain other card costs for the second and first quarters of 2023 and the fourth, third and second quarters of 2022, respectively.


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


Bank of America Corporation and Subsidiaries
Consolidated Balance Sheet
(Dollars in millions)
		June 30 2023		March 31 2023		June 30 2022
Assets
Cash and due from banks		$	29,651	$	29,327	$	29,497
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks		343,902		346,891		168,505
Cash and cash equivalents		373,553		376,218		198,002
Time deposits placed and other short-term investments		7,941		11,637		6,841
Federal funds sold and securities borrowed or purchased under agreements to resell		276,281		298,078		272,430
Trading account assets		311,400		314,978		294,027
Derivative assets		46,475		40,947		62,047
Debt securities:
Carried at fair value		142,040		172,510		274,665
Held-to-maturity, at cost		614,118		624,495		658,245
Total debt securities		756,158		797,005		932,910
Loans and leases		1,051,224		1,046,406		1,030,766
Allowance for loan and lease losses		(12,950)		(12,514)		(11,973)
Loans and leases, net of allowance		1,038,274		1,033,892		1,018,793
Premises and equipment, net		11,688		11,708		11,016
Goodwill		69,021		69,022		69,022
Loans held-for-sale		6,788		6,809		6,654
Customer and other receivables		73,435		79,902		79,893
Other assets		151,619		154,461		159,971
Total assets		$	3,122,633	$	3,194,657	$	3,111,606

Liabilities
Deposits in U.S. offices:
Noninterest-bearing		$	571,621	$	617,922	$	741,676
Interest-bearing		1,197,396		1,183,106		1,134,876
Deposits in non-U.S. offices:
Noninterest-bearing		16,662		17,686		26,770
Interest-bearing		91,530		91,688		81,027
Total deposits		1,877,209		1,910,402		1,984,349
Federal funds purchased and securities loaned or sold under agreements to repurchase		288,627		314,380		204,307
Trading account liabilities		97,818		92,452		97,302
Derivative liabilities		43,703		40,169		38,425
Short-term borrowings		41,017		56,564		27,886
Accrued expenses and other liabilities		204,867		216,621		214,522
Long-term debt		286,073		283,873		275,697
Total liabilities		2,839,314		2,914,461		2,842,488
Shareholders’ equity
Preferred stock, $0.01 par value; authorized –100,000,000 shares; issued and outstanding – 4,088,099, 4,088,099 and 4,117,686 shares		28,397		28,397		29,134
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 7,953,563,116, 7,972,438,148 and 8,035,221,887 shares		57,267		57,264		59,499
Retained earnings		218,397		213,062		197,159
Accumulated other comprehensive income (loss)		(20,742)		(18,527)		(16,674)
Total shareholders’ equity		283,319		280,196		269,118
Total liabilities and shareholders’ equity		$	3,122,633	$	3,194,657	$	3,111,606

	Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
	Trading account assets	$	4,610	$	4,276	$	2,294
	Loans and leases	15,884		15,754		16,170
	Allowance for loan and lease losses	(796)		(797)		(832)
	Loans and leases, net of allowance	15,088		14,957		15,338

	All other assets	126		129		177
	Total assets of consolidated variable interest entities	$	19,824	$	19,362	$	17,809

	Liabilities of consolidated variable interest entities included in total liabilities above
	Short-term borrowings	$	1,877	$	1,339	$	165
	Long-term debt	5,701		4,883		4,509
	All other liabilities	10		7		12
	Total liabilities of consolidated variable interest entities	$	7,588	$	6,229	$	4,686


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


Bank of America Corporation and Subsidiaries
Capital Management
(Dollars in millions)
	June 30 2023			March 31 2023			June 30 2022
Risk-based capital metrics (1):
Standardized Approach
Common equity tier 1 capital	$	190,113		$	184,432		$	171,754
Tier 1 capital	218,505			212,825			200,872
Total capital	248,013			242,743			232,297
Risk-weighted assets	1,638,481			1,621,900			1,637,712
Common equity tier 1 capital ratio	11.6		%	11.4		%	10.5		%
Tier 1 capital ratio	13.3			13.1			12.3
Total capital ratio	15.1			15.0			14.2

Advanced Approaches
Common equity tier 1 capital	$	190,113		$	184,432		$	171,754
Tier 1 capital	218,505			212,825			200,872
Total capital	239,215			233,877			225,555
Risk-weighted assets	1,435,692			1,427,494			1,406,950
Common equity tier 1 capital ratio	13.2		%	12.9		%	12.2		%
Tier 1 capital ratio	15.2			14.9			14.3
Total capital ratio	16.7			16.4			16.0

Leverage-based metrics (1):
Adjusted average assets	$	3,097,702		$	3,018,318		$	3,080,248
Tier 1 leverage ratio	7.1		%	7.1		%	6.5		%

Supplementary leverage exposure	$	3,642,215		$	3,554,884		$	3,620,789
Supplementary leverage ratio	6.0		%	6.0		%	5.5		%

Total ending equity to total ending assets ratio	9.1			8.8			8.6
Common equity ratio	8.2			7.9			7.7
Tangible equity ratio (2)	7.0			6.7			6.5
Tangible common equity ratio (2)	6.1			5.8			5.6

(1)Regulatory capital ratios at June 30, 2023 are preliminary. We report regulatory capital ratios under both the Standardized and Advanced approaches. Capital adequacy is evaluated against the lower of the Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements. The Corporation's binding ratio was the Common equity tier 1 ratio under the Standardized approach for all periods presented.

(2)Tangible equity ratio equals period-end tangible shareholders’ equity divided by period-end tangible assets. Tangible common equity ratio equals period-end tangible common shareholders’ equity divided by period-end tangible assets. Tangible shareholders’ equity and tangible assets are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income. (See Exhibit A: Non-GAAP Reconciliations - Reconciliation to GAAP Financial Measures on page 33.)


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


Bank of America Corporation and Subsidiaries
Capital Composition under Basel 3
(Dollars in millions)
	June 30 2023		March 31 2023		June 30 2022
Total common shareholders' equity	$	254,922	$	251,799	$	239,984
CECL transitional amount (1)	1,254		1,254		1,881
Goodwill, net of related deferred tax liabilities	(68,644)		(68,644)		(68,641)
Deferred tax assets arising from net operating loss and tax credit carryforwards	(7,757)		(7,835)		(7,746)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities	(1,523)		(1,538)		(1,575)
Defined benefit pension plan net assets, net-of-tax	(898)		(882)		(1,236)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net-of-tax	956		484		303
Accumulated net (gain) loss on certain cash flow hedges (2)	11,886		9,886		9,058
Other	(83)		(92)		(274)
Common equity tier 1 capital	190,113		184,432		171,754
Qualifying preferred stock, net of issuance cost	28,396		28,396		29,134
Other	(4)		(3)		(16)
Tier 1 capital	218,505		212,825		200,872
Tier 2 capital instruments	17,045		17,845		20,734
Qualifying allowance for credit losses (3)	12,684		12,449		10,975
Other	(221)		(376)		(284)
Total capital under the Standardized approach	248,013		242,743		232,297
Adjustment in qualifying allowance for credit losses under the Advanced approaches (3)	(8,798)		(8,866)		(6,742)
Total capital under the Advanced approaches	$	239,215	$	233,877	$	225,555

(1)June 30, 2023, March 31, 2023 and June 30, 2022 include 50 percent, 50 percent and 75 percent of the current expected credit losses (CECL) transition provision’s impact as of December 31, 2021, respectively.

(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.


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


Bank of America Corporation and Subsidiaries
Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis
(Dollars in millions)
	Second Quarter 2023						First Quarter 2023						Second Quarter 2022
	Average Balance		Interest Income/ Expense (1)		Yield/ Rate		Average Balance		Interest Income/ Expense (1)		Yield/ Rate		Average Balance		Interest Income/ Expense (1)		Yield/ Rate
Earning assets
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks	$	359,042	$	4,303	4.81	%	$	202,700	$	1,999	4.00	%	$	178,313	$	282	0.63	%
Time deposits placed and other short-term investments	11,271		129		4.56		10,581		108		4.16		7,658		12		0.62
Federal funds sold and securities borrowed or purchased under agreements to resell	294,535		4,955		6.75		287,532		3,712		5.24		304,684		396		0.52
Trading account assets	187,420		2,091		4.47		183,657		2,040		4.50		147,442		1,241		3.37
Debt securities	771,355		4,717		2.44		851,177		5,485		2.58		945,927		4,067		1.72
Loans and leases (2)
Residential mortgage	228,758		1,704		2.98		229,275		1,684		2.94		228,529		1,571		2.75
Home equity	25,957		353		5.45		26,513		317		4.84		27,415		235		3.44
Credit card	94,431		2,505		10.64		91,775		2,426		10.72		81,024		1,954		9.68

Direct/Indirect and other consumer	104,915		1,274		4.87		105,657		1,186		4.55		108,639		696		2.57

Total consumer	454,061		5,836		5.15		453,220		5,613		5.00		445,607		4,456		4.01
U.S. commercial	379,027		4,786		5.06		376,852		4,471		4.81		363,978		2,525		2.78
Non-U.S. commercial	125,827		1,949		6.21		127,003		1,778		5.68		128,237		696		2.18
Commercial real estate	74,065		1,303		7.06		70,591		1,144		6.57		63,072		476		3.02
Commercial lease financing	13,628		149		4.38		13,686		147		4.33		13,992		104		2.95
Total commercial	592,547		8,187		5.54		588,132		7,540		5.20		569,279		3,801		2.68
Total loans and leases	1,046,608		14,023		5.37		1,041,352		13,153		5.11		1,014,886		8,257		3.26
Other earning assets	102,712		2,271		8.88		94,427		2,292		9.82		108,180		823		3.06
Total earning assets	2,772,943		32,489		4.70		2,671,426		28,789		4.36		2,707,090		15,078		2.23
Cash and due from banks	26,098						27,784						29,025
Other assets, less allowance for loan and lease losses	376,317						396,848						421,740
Total assets	$	3,175,358					$	3,096,058					$	3,157,855
Interest-bearing liabilities
U.S. interest-bearing deposits

Demand and money market deposits	$	951,403	$	3,565	1.50	%	$	975,085	$	2,790	1.16	%	$	985,983	$	189	0.08	%

Time and savings deposits	230,008		1,452		2.53		196,984		919		1.89		156,824		42		0.11
Total U.S. interest-bearing deposits	1,181,411		5,017		1.70		1,172,069		3,709		1.28		1,142,807		231		0.08




Non-U.S. interest-bearing deposits	96,802		768		3.18		91,603		605		2.68		79,471		89		0.45
Total interest-bearing deposits	1,278,213		5,785		1.82		1,263,672		4,314		1.38		1,222,278		320		0.11
Federal funds purchased and securities loaned or sold under agreements to repurchase	322,728		5,807		7.22		256,015		3,551		5.63		214,777		454		0.85
Short-term borrowings and other interest-bearing liabilities	163,739		2,548		6.24		156,887		2,629		6.79		134,790		99		0.30
Trading account liabilities	44,944		472		4.22		43,953		504		4.65		54,005		370		2.74
Long-term debt	248,480		3,584		5.78		244,759		3,209		5.28		245,781		1,288		2.10
Total interest-bearing liabilities	2,058,104		18,196		3.55		1,965,286		14,207		2.93		1,871,631		2,531		0.54
Noninterest-bearing sources
Noninterest-bearing deposits	597,140						629,977						789,801
Other liabilities (3)	237,689						223,543						228,226
Shareholders’ equity	282,425						277,252						268,197
Total liabilities and shareholders’ equity	$	3,175,358					$	3,096,058					$	3,157,855
Net interest spread					1.15	%					1.43	%					1.69	%
Impact of noninterest-bearing sources					0.91						0.77						0.17
Net interest income/yield on earning assets (4)			$	14,293	2.06	%			$	14,582	2.20	%			$	12,547	1.86	%

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

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

(3)Includes $39.9 billion, $37.3 billion and $29.7 billion of structured notes and liabilities for the second and first quarters of 2023 and the second quarter of 2022, respectively.

(4)Net interest income includes FTE adjustments of $135 million, $134 million and $103 million for the second and first quarters of 2023 and the second quarter of 2022, respectively.


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


Bank of America Corporation and Subsidiaries
Debt Securities
(Dollars in millions)
	June 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	23,621	$	1	$	(1,469)	$	22,153
Agency-collateralized mortgage obligations	2,033		—		(230)		1,803
Commercial	6,966		26		(511)		6,481
Non-agency residential	455		3		(59)		399
Total mortgage-backed securities	33,075		30		(2,269)		30,836
U.S. Treasury and government agencies	72,422		1		(1,065)		71,358
Non-U.S. securities	15,445		33		(70)		15,408
Other taxable securities	3,858		1		(86)		3,773

Tax-exempt securities	10,884		14		(268)		10,630
Total available-for-sale debt securities	135,684		79		(3,758)		132,005
Other debt securities carried at fair value (1)	10,008		122		(95)		10,035
Total debt securities carried at fair value	145,692		201		(3,853)		142,040
Held-to-maturity debt securities
Agency mortgage-backed securities	484,753		—		(85,005)		399,748
U.S. Treasury and government agencies	121,621		—		(19,788)		101,833
Other taxable securities	7,775		—		(1,005)		6,770
Total held-to-maturity debt securities	614,149		—		(105,798)		508,351
Total debt securities	$	759,841	$	201	$	(109,651)	$	650,391


	March 31, 2023
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	24,726	$	5	$	(1,479)	$	23,252
Agency-collateralized mortgage obligations	2,235		—		(200)		2,035
Commercial	6,890		31		(481)		6,440
Non-agency residential	459		3		(55)		407
Total mortgage-backed securities	34,310		39		(2,215)		32,134
U.S. Treasury and government agencies	102,943		2		(1,438)		101,507
Non-U.S. securities	13,161		5		(46)		13,120
Other taxable securities	4,830		1		(85)		4,746

Tax-exempt securities	11,105		25		(227)		10,903
Total available-for-sale debt securities	166,349		72		(4,011)		162,410
Other debt securities carried at fair value (1)	10,081		63		(44)		10,100
Total debt securities carried at fair value	176,430		135		(4,055)		172,510
Held-to-maturity debt securities
Agency mortgage-backed securities	494,998		—		(80,664)		414,334
U.S. Treasury and government agencies	121,609		—		(17,511)		104,098
Other taxable securities	7,921		—		(901)		7,020
Total held-to-maturity debt securities	624,528		—		(99,076)		525,452
Total debt securities	$	800,958	$	135	$	(103,131)	$	697,962

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


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


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

	Six Months Ended June 30						Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022
	2023			2022






FTE basis data (1)
Net interest income	$	28,875		$	24,225		$	14,293		$	14,582		$	14,804		$	13,871		$	12,547
Total revenue, net of interest expense	51,724			46,125			25,332			26,392			24,655			24,608			22,791
Net interest yield	2.13		%	1.77		%	2.06		%	2.20		%	2.22		%	2.06		%	1.86		%
Efficiency ratio	62.40			66.32			63.31			61.53			63.05			62.18			67.01

(1)FTE basis is a non-GAAP financial measure. FTE basis is a performance measure used by management in operating the business that management believes provides investors with meaningful information on the interest margin for comparative purposes. The Corporation believes that this presentation allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices. Net interest income includes FTE adjustments of $269 million and $209 million for the six months ended June 30, 2023 and 2022, $135 million and $134 million for the second and first quarters of 2023, and $123 million, $106 million and $103 million for the fourth, third and second quarters of 2022, respectively.


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


Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other
(Dollars in millions)
	Second Quarter 2023
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	14,293	$	8,437	$	1,805	$	3,690	$	297	$	64
Noninterest income
Fees and commissions:
Card income	1,546		1,341		12		200		19		(26)
Service charges	1,364		525		18		735		85		1
Investment and brokerage services	3,839		76		3,251		14		499		(1)
Investment banking fees	1,212		—		40		718		503		(49)
Total fees and commissions	7,961		1,942		3,321		1,667		1,106		(75)
Market making and similar activities	3,697		5		32		69		3,409		182
Other income (loss)	(619)		140		84		1,036		59		(1,938)
Total noninterest income (loss)	11,039		2,087		3,437		2,772		4,574		(1,831)
Total revenue, net of interest expense	25,332		10,524		5,242		6,462		4,871		(1,767)
Provision for credit losses	1,125		1,267		13		9		(4)		(160)
Noninterest expense	16,038		5,453		3,925		2,819		3,349		492
Income (loss) before income taxes	8,169		3,804		1,304		3,634		1,526		(2,099)
Income tax expense (benefit)	761		951		326		981		420		(1,917)
Net income (loss)	$	7,408	$	2,853	$	978	$	2,653	$	1,106	$	(182)

Average
Total loans and leases	$	1,046,608	$	306,662	$	218,604	$	383,058	$	128,539	$	9,745
Total assets (1)	3,175,358		1,085,469		340,105		595,585		877,471		276,728
Total deposits	1,875,353		1,006,337		295,380		497,533		33,222		42,881
Quarter end
Total loans and leases	$	1,051,224	$	309,735	$	219,208	$	381,609	$	131,128	$	9,544
Total assets (1)	3,122,633		1,084,512		338,184		586,397		851,206		262,334
Total deposits	1,877,209		1,004,482		292,526		492,734		33,049		54,418

	First Quarter 2023
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	14,582	$	8,593	$	1,876	$	3,907	$	109	$	97
Noninterest income
Fees and commissions:
Card income	1,469		1,274		12		190		16		(23)
Service charges	1,410		599		19		714		78		—
Investment and brokerage services	3,852		74		3,238		9		533		(2)
Investment banking fees	1,163		—		39		668		469		(13)
Total fees and commissions	7,894		1,947		3,308		1,581		1,096		(38)
Market making and similar activities	4,712		5		34		45		4,398		230
Other income (loss)	(796)		161		97		670		23		(1,747)
Total noninterest income (loss)	11,810		2,113		3,439		2,296		5,517		(1,555)
Total revenue, net of interest expense	26,392		10,706		5,315		6,203		5,626		(1,458)
Provision for credit losses	931		1,089		25		(237)		(53)		107
Noninterest expense	16,238		5,473		4,067		2,940		3,351		407
Income (loss) before income taxes	9,223		4,144		1,223		3,500		2,328		(1,972)
Income tax expense (benefit)	1,062		1,036		306		945		640		(1,865)
Net income (loss)	$	8,161	$	3,108	$	917	$	2,555	$	1,688	$	(107)

Average
Total loans and leases	$	1,041,352	$	303,772	$	221,448	$	381,009	$	125,046	$	10,077
Total assets (1)	3,096,058		1,105,245		359,164		588,886		870,038		172,725
Total deposits	1,893,649		1,026,242		314,019		492,577		36,109		24,702
Quarter end
Total loans and leases	$	1,046,406	$	304,480	$	217,804	$	383,491	$	130,804	$	9,827
Total assets (1)	3,194,657		1,124,438		349,888		591,231		861,477		267,623
Total deposits	1,910,402		1,044,768		301,471		495,949		33,624		34,590

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


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


Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other (continued)
(Dollars in millions)
	Second Quarter 2022
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	12,547	$	7,087	$	1,802	$	2,634	$	981	$	43
Noninterest income
Fees and commissions:
Card income	1,555		1,320		17		196		17		5
Service charges	1,717		679		19		933		83		3
Investment and brokerage services	4,091		76		3,486		13		518		(2)
Investment banking fees	1,128		—		41		692		461		(66)
Total fees and commissions	8,491		2,075		3,563		1,834		1,079		(60)
Market making and similar activities	2,717		2		23		80		2,657		(45)
Other income (loss)	(964)		(28)		45		458		(215)		(1,224)
Total noninterest income (loss)	10,244		2,049		3,631		2,372		3,521		(1,329)
Total revenue, net of interest expense	22,791		9,136		5,433		5,006		4,502		(1,286)
Provision for credit losses	523		350		33		157		8		(25)
Noninterest expense	15,273		4,959		3,875		2,799		3,109		531
Income (loss) before income taxes	6,995		3,827		1,525		2,050		1,385		(1,792)
Income tax expense (benefit)	748		938		374		543		367		(1,474)
Net income (loss)	$	6,247	$	2,889	$	1,151	$	1,507	$	1,018	$	(318)

Average
Total loans and leases	$	1,014,886	$	289,595	$	219,277	$	377,248	$	114,375	$	14,391
Total assets (1)	3,157,855		1,154,773		409,472		601,945		866,742		124,923
Total deposits	2,012,079		1,078,020		363,943		509,261		41,192		19,663
Quarter end
Total loans and leases	$	1,030,766	$	294,570	$	221,705	$	385,376	$	118,290	$	10,825
Total assets (1)	3,111,606		1,154,366		393,948		591,490		835,129		136,673
Total deposits	1,984,349		1,077,215		347,991		499,714		40,055		19,374

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


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


Bank of America Corporation and Subsidiaries
Year-to-Date Results by Business Segment and All Other
(Dollars in millions)
	Six Months Ended June 30, 2023
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	28,875	$	17,030	$	3,681	$	7,597	$	406	$	161
Noninterest income
Fees and commissions:
Card income	3,015		2,615		24		390		35		(49)
Service charges	2,774		1,124		37		1,449		163		1
Investment and brokerage services	7,691		150		6,489		23		1,032		(3)
Investment banking fees	2,375		—		79		1,386		972		(62)
Total fees and commissions	15,855		3,889		6,629		3,248		2,202		(113)
Market making and similar activities	8,409		10		66		114		7,807		412
Other income (loss)	(1,415)		301		181		1,706		82		(3,685)
Total noninterest income (loss)	22,849		4,200		6,876		5,068		10,091		(3,386)
Total revenue, net of interest expense	51,724		21,230		10,557		12,665		10,497		(3,225)
Provision for credit losses	2,056		2,356		38		(228)		(57)		(53)
Noninterest expense	32,276		10,926		7,992		5,759		6,700		899
Income (loss) before income taxes	17,392		7,948		2,527		7,134		3,854		(4,071)
Income tax expense (benefit)	1,823		1,987		632		1,926		1,060		(3,782)
Net income (loss)	$	15,569	$	5,961	$	1,895	$	5,208	$	2,794	$	(289)

Average
Total loans and leases	$	1,043,994	$	305,225	$	220,018	$	382,039	$	126,802	$	9,910
Total assets (1)	3,135,879		1,095,302		349,582		592,254		873,727		225,014
Total deposits	1,884,451		1,016,234		304,648		495,069		34,658		33,842
Period end
Total loans and leases	$	1,051,224	$	309,735	$	219,208	$	381,609	$	131,128	$	9,544
Total assets (1)	3,122,633		1,084,512		338,184		586,397		851,206		262,334
Total deposits	1,877,209		1,004,482		292,526		492,734		33,049		54,418

	Six Months Ended June 30, 2022
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	24,225	$	13,767	$	3,470	$	4,978	$	1,974	$	36
Noninterest income
Fees and commissions:
Card income	2,958		2,505		35		372		31		15
Service charges	3,550		1,523		38		1,819		165		5
Investment and brokerage services	8,383		159		7,140		25		1,063		(4)
Investment banking fees	2,585		—		107		1,572		1,043		(137)
Total fees and commissions	17,476		4,187		7,320		3,788		2,302		(121)
Market making and similar activities	5,955		2		36		129		5,847		(59)
Other income (loss)	(1,531)		(7)		83		1,305		(329)		(2,583)
Total noninterest income (loss)	21,900		4,182		7,439		5,222		7,820		(2,763)
Total revenue, net of interest expense	46,125		17,949		10,909		10,200		9,794		(2,727)
Provision for credit losses	553		298		(8)		322		13		(72)
Noninterest expense	30,592		9,880		7,890		5,482		6,226		1,114
Income (loss) before income taxes	14,980		7,771		3,027		4,396		3,555		(3,769)
Income tax expense (benefit)	1,666		1,904		742		1,165		942		(3,087)
Net income (loss)	$	13,314	$	5,867	$	2,285	$	3,231	$	2,613	$	(682)

Average
Total loans and leases	$	996,442	$	286,846	$	215,130	$	368,078	$	111,492	$	14,896
Total assets (1)	3,182,640		1,143,947		420,196		616,156		862,753		139,588
Total deposits	2,028,852		1,067,120		374,365		524,502		42,784		20,081
Period end
Total loans and leases	$	1,030,766	$	294,570	$	221,705	$	385,376	$	118,290	$	10,825
Total assets (1)	3,111,606		1,154,366		393,948		591,490		835,129		136,673
Total deposits	1,984,349		1,077,215		347,991		499,714		40,055		19,374

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


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


Bank of America Corporation and Subsidiaries
Consumer Banking Segment Results
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022
	2023			2022
Net interest income	$	17,030		$	13,767		$	8,437		$	8,593		$	8,494		$	7,784		$	7,087
Noninterest income:
Card income	2,615			2,505			1,341			1,274			1,333			1,331			1,320
Service charges	1,124			1,523			525			599			586			597			679

All other income	461			154			221			240			369			192			50
Total noninterest income	4,200			4,182			2,087			2,113			2,288			2,120			2,049
Total revenue, net of interest expense	21,230			17,949			10,524			10,706			10,782			9,904			9,136

Provision for credit losses	2,356			298			1,267			1,089			944			738			350

Noninterest expense	10,926			9,880			5,453			5,473			5,100			5,097			4,959
Income before income taxes	7,948			7,771			3,804			4,144			4,738			4,069			3,827
Income tax expense	1,987			1,904			951			1,036			1,161			997			938
Net income	$	5,961		$	5,867		$	2,853		$	3,108		$	3,577		$	3,072		$	2,889

Net interest yield	3.25		%	2.52		%	3.24		%	3.27		%	3.11		%	2.79		%	2.55		%
Return on average allocated capital (1)	29			30			27			30			35			30			29
Efficiency ratio	51.46			55.04			51.81			51.12			47.29			51.47			54.28

Balance Sheet
Average
Total loans and leases	$	305,225		$	286,846		$	306,662		$	303,772		$	300,360		$	295,231		$	289,595
Total earning assets (2)	1,055,419			1,103,707			1,045,743			1,065,202			1,083,850			1,106,513			1,114,552
Total assets (2)	1,095,302			1,143,947			1,085,469			1,105,245			1,123,813			1,145,846			1,154,773
Total deposits	1,016,234			1,067,120			1,006,337			1,026,242			1,047,058			1,069,093			1,078,020
Allocated capital (1)	42,000			40,000			42,000			42,000			40,000			40,000			40,000

Period end
Total loans and leases	$	309,735		$	294,570		$	309,735		$	304,480		$	304,761		$	297,825		$	294,570
Total earning assets (2)	1,043,228			1,114,524			1,043,228			1,081,780			1,085,079			1,110,524			1,114,524
Total assets (2)	1,084,512			1,154,366			1,084,512			1,124,438			1,126,453			1,149,918			1,154,366
Total deposits	1,004,482			1,077,215			1,004,482			1,044,768			1,048,799			1,072,580			1,077,215

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

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


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


Bank of America Corporation and Subsidiaries
Consumer Banking Key Indicators
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022
	2023			2022
Average deposit balances
Checking	$	578,337		$	599,915		$	575,792		$	580,910		$	588,668		$	599,099		$	606,331
Savings	67,228			72,856			66,142			68,327			69,790			71,933			73,295
MMS	328,822			358,846			317,942			339,823			356,015			365,271			362,798
CDs and IRAs	37,797			30,238			42,445			33,098			28,619			28,731			29,796
Other	4,050			5,265			4,016			4,084			3,966			4,059			5,800
Total average deposit balances	$	1,016,234		$	1,067,120		$	1,006,337		$	1,026,242		$	1,047,058		$	1,069,093		$	1,078,020

Deposit spreads (excludes noninterest costs)
Checking	2.26		%	1.92		%	2.30		%	2.22		%	2.09		%	1.98		%	1.93		%
Savings	2.59			2.19			2.65			2.53			2.33			2.19			2.19
MMS	3.13			1.26			3.28			2.99			2.25			1.64			1.29
CDs and IRAs	3.10			0.72			2.96			3.27			2.91			1.85			0.98
Other	4.58			0.76			4.80			4.37			3.35			2.04			1.04
Total deposit spreads	2.60			1.68			2.67			2.54			2.19			1.88			1.70

Consumer investment assets	$	386,761		$	315,243		$	386,761		$	354,892		$	319,648		$	302,413		$	315,243

Active digital banking users (in thousands) (1)	45,713			42,690			45,713			44,962			44,054			43,496			42,690
Active mobile banking users (in thousands) (2)	37,329			34,167			37,329			36,322			35,452			34,922			34,167
Financial centers	3,887			3,984			3,887			3,892			3,913			3,932			3,984
ATMs	15,335			15,730			15,335			15,407			15,528			15,572			15,730

Total credit card (3)
Loans
Average credit card outstandings	$	93,110		$	79,724		$	94,431		$	91,775		$	89,575		$	85,009		$	81,024
Ending credit card outstandings	97,009			84,010			97,009			92,469			93,421			87,296			84,010
Credit quality
Net charge-offs	$	1,111		$	620		$	610		$	501		$	386		$	328		$	323
	2.41		%	1.57		%	2.60		%	2.21		%	1.71		%	1.53		%	1.60		%
30+ delinquency	$	1,810		$	1,008		$	1,810		$	1,674		$	1,505		$	1,202		$	1,008
	1.87		%	1.20		%	1.87		%	1.81		%	1.61		%	1.38		%	1.20		%
90+ delinquency	$	897		$	493		$	897		$	828		$	717		$	547		$	493
	0.92		%	0.59		%	0.92		%	0.90		%	0.77		%	0.63		%	0.59		%
Other total credit card indicators (3)
Gross interest yield	11.75		%	9.83		%	11.66		%	11.85		%	11.18		%	10.71		%	9.76		%
Risk-adjusted margin	8.25			10.17			7.83			8.69			9.87			10.07			9.95
New accounts (in thousands)	2,324			2,045			1,137			1,187			1,096			1,256			1,068
Purchase volumes	$	178,647		$	172,724		$	93,103		$	85,544		$	92,800		$	91,064		$	91,810

Debit card data
Purchase volumes	$	257,338		$	246,291		$	132,962		$	124,376		$	130,157		$	127,135		$	128,707

Loan production (4)
Consumer Banking:
First mortgage	$	4,845		$	14,667		$	2,889		$	1,956		$	2,286		$	4,028		$	6,551
Home equity	4,354			3,876			2,171			2,183			2,113			1,999			2,151
Total (5):
First mortgage	$	9,877		$	30,824		$	5,940		$	3,937		$	5,217		$	8,724		$	14,471
Home equity	5,138			4,575			2,542			2,596			2,596			2,420			2,535

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

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

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

(4) Loan production amounts represent the unpaid principal balance of loans and, in the case of home equity, the principal amount of the total line of credit.

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


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


Bank of America Corporation and Subsidiaries
Consumer Banking Quarterly Results
(Dollars in millions)
	Second Quarter 2023									First Quarter 2023
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	8,437		$	5,733		$	2,704		$	8,593		$	5,816		$	2,777
Noninterest income:
Card income	1,341			(10)			1,351			1,274			(10)			1,284
Service charges	525			524			1			599			598			1
All other income	221			177			44			240			197			43
Total noninterest income	2,087			691			1,396			2,113			785			1,328
Total revenue, net of interest expense	10,524			6,424			4,100			10,706			6,601			4,105

Provision for credit losses	1,267			103			1,164			1,089			183			906

Noninterest expense	5,453			3,428			2,025			5,473			3,415			2,058
Income before income taxes	3,804			2,893			911			4,144			3,003			1,141
Income tax expense	951			723			228			1,036			751			285
Net income	$	2,853		$	2,170		$	683		$	3,108		$	2,252		$	856

Net interest yield	3.24		%	2.29		%	3.58		%	3.27		%	2.31		%	3.76		%
Return on average allocated capital (1)	27			64			10			30			67			12
Efficiency ratio	51.81			53.33			49.43			51.12			51.76			50.10

Balance Sheet
Average
Total loans and leases	$	306,662		$	4,078		$	302,584		$	303,772		$	4,119		$	299,653
Total earning assets (2)	1,045,743			1,002,528			302,944			1,065,202			1,022,445			299,794
Total assets (2)	1,085,469			1,035,969			309,228			1,105,245			1,056,007			306,275
Total deposits	1,006,337			1,001,307			5,030			1,026,242			1,021,374			4,868
Allocated capital (1)	42,000			13,700			28,300			42,000			13,700			28,300

Period end
Total loans and leases	$	309,735		$	4,122		$	305,613		$	304,480		$	4,065		$	300,415
Total earning assets (2)	1,043,228			999,281			306,121			1,081,780			1,038,545			300,595
Total assets (2)	1,084,512			1,034,405			312,281			1,124,438			1,074,571			307,227
Total deposits	1,004,482			999,262			5,220			1,044,768			1,039,744			5,024

										Second Quarter 2022
										Total Consumer Banking			Deposits			Consumer Lending
Net interest income										$	7,087		$	4,477		$	2,610
Noninterest income:
Card income										1,320			(9)			1,329
Service charges										679			678			1
All other income										50			55			(5)
Total noninterest income										2,049			724			1,325
Total revenue, net of interest expense										9,136			5,201			3,935

Provision for credit losses										350			142			208

Noninterest expense										4,959			3,055			1,904
Income before income taxes										3,827			2,004			1,823
Income tax expense										938			491			447
Net income										$	2,889		$	1,513		$	1,376

Net interest yield										2.55		%	1.67		%	3.64		%
Return on average allocated capital (1)										29			47			20
Efficiency ratio										54.28			58.74			48.38

Balance Sheet
Average
Total loans and leases										$	289,595		$	4,147		$	285,448
Total earning assets (2)										1,114,552			1,072,773			287,512
Total assets (2)										1,154,773			1,106,098			294,407
Total deposits										1,078,020			1,072,166			5,854
Allocated capital (1)										40,000			13,000			27,000

Period end
Total loans and leases										$	294,570		$	4,123		$	290,447
Total earning assets (2)										1,114,524			1,072,291			292,657
Total assets (2)										1,154,366			1,104,991			299,799
Total deposits										1,077,215			1,071,089			6,126

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


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


Bank of America Corporation and Subsidiaries
Consumer Banking Year-to-Date Results
(Dollars in millions)
	Six Months Ended June 30
	2023									2022
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	17,030		$	11,549		$	5,481		$	13,767		$	8,529		$	5,238
Noninterest income:
Card income	2,615			(20)			2,635			2,505			(17)			2,522
Service charges	1,124			1,122			2			1,523			1,521			2
All other income	461			374			87			154			123			31
Total noninterest income	4,200			1,476			2,724			4,182			1,627			2,555
Total revenue, net of interest expense	21,230			13,025			8,205			17,949			10,156			7,793

Provision for credit losses	2,356			286			2,070			298			215			83

Noninterest expense	10,926			6,843			4,083			9,880			6,063			3,817
Income before income taxes	7,948			5,896			2,052			7,771			3,878			3,893
Income tax expense	1,987			1,474			513			1,904			950			954
Net income	$	5,961		$	4,422		$	1,539		$	5,867		$	2,928		$	2,939

Net interest yield	3.25		%	2.30		%	3.67		%	2.52		%	1.62		%	3.71		%
Return on average allocated capital (1)	29			65			11			30			45			22
Efficiency ratio	51.46			52.53			49.77			55.04			59.70			48.97

Balance Sheet
Average
Total loans and leases	$	305,225		$	4,099		$	301,126		$	286,846		$	4,180		$	282,666
Total earning assets (2)	1,055,419			1,012,432			301,378			1,103,707			1,061,693			284,400
Total assets (2)	1,095,302			1,045,933			307,760			1,143,947			1,095,281			291,052
Total deposits	1,016,234			1,011,285			4,949			1,067,120			1,061,267			5,853
Allocated capital (1)	42,000			13,700			28,300			40,000			13,000			27,000

Period end
Total loans and leases	$	309,735		$	4,122		$	305,613		$	294,570		$	4,123		$	290,447
Total earning assets (2)	1,043,228			999,281			306,121			1,114,524			1,072,291			292,657
Total assets (2)	1,084,512			1,034,405			312,281			1,154,366			1,104,991			299,799
Total deposits	1,004,482			999,262			5,220			1,077,215			1,071,089			6,126

For footnotes, see page 16.


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


Bank of America Corporation and Subsidiaries
Global Wealth & Investment Management Segment Results
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022
	2023			2022
Net interest income	$	3,681		$	3,470		$	1,805		$	1,876		$	2,015		$	1,981		$	1,802
Noninterest income:
Investment and brokerage services	6,489			7,140			3,251			3,238			3,166			3,255			3,486
All other income	387			299			186			201			229			193			145
Total noninterest income	6,876			7,439			3,437			3,439			3,395			3,448			3,631
Total revenue, net of interest expense	10,557			10,909			5,242			5,315			5,410			5,429			5,433

Provision for credit losses	38			(8)			13			25			37			37			33

Noninterest expense	7,992			7,890			3,925			4,067			3,784			3,816			3,875
Income before income taxes	2,527			3,027			1,304			1,223			1,589			1,576			1,525
Income tax expense	632			742			326			306			389			386			374
Net income	$	1,895		$	2,285		$	978		$	917		$	1,200		$	1,190		$	1,151

Net interest yield	2.20		%	1.72		%	2.21		%	2.20		%	2.29		%	2.12		%	1.82		%
Return on average allocated capital (1)	21			26			21			20			27			27			26

Efficiency ratio	75.70			72.33			74.86			76.53			69.96			70.28			71.34

Balance Sheet
Average
Total loans and leases	$	220,018		$	215,130		$	218,604		$	221,448		$	225,094		$	223,734		$	219,277
Total earning assets (2)	336,671			407,369			327,066			346,384			348,718			370,733			396,611
Total assets (2)	349,582			420,196			340,105			359,164			361,592			383,468			409,472
Total deposits	304,648			374,365			295,380			314,019			317,849			339,487			363,943
Allocated capital (1)	18,500			17,500			18,500			18,500			17,500			17,500			17,500


Period end
Total loans and leases	$	219,208		$	221,705		$	219,208		$	217,804		$	223,910		$	224,858		$	221,705
Total earning assets (2)	324,820			380,771			324,820			336,560			355,461			357,434			380,771
Total assets (2)	338,184			393,948			338,184			349,888			368,893			370,790			393,948
Total deposits	292,526			347,991			292,526			301,471			323,899			324,859			347,991

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

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


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


Bank of America Corporation and Subsidiaries
Global Wealth & Investment Management Key Indicators
(Dollars in millions)
	Six Months Ended June 30				Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022
	2023		2022
Revenue by Business
Merrill Wealth Management	$	8,737	$	9,125	$	4,340	$	4,397	$	4,486	$	4,524	$	4,536
Bank of America Private Bank	1,820		1,784		902		918		924		905		897

Total revenue, net of interest expense	$	10,557	$	10,909	$	5,242	$	5,315	$	5,410	$	5,429	$	5,433

Client Balances by Business, at period end
Merrill Wealth Management	$	3,057,680	$	2,819,998	$	3,057,680	$	2,952,681	$	2,822,910	$	2,710,985	$	2,819,998
Bank of America Private Bank	577,514		547,116		577,514		568,925		563,931		537,771		547,116

Total client balances	$	3,635,194	$	3,367,114	$	3,635,194	$	3,521,606	$	3,386,841	$	3,248,756	$	3,367,114

Client Balances by Type, at period end


Assets under management (1)	$	1,531,042	$	1,411,344	$	1,531,042	$	1,467,242	$	1,401,474	$	1,329,557	$	1,411,344
Brokerage and other assets	1,628,294		1,437,562		1,628,294		1,571,409		1,482,025		1,413,946		1,437,562

Deposits	292,526		347,991		292,526		301,471		323,899		324,859		347,991
Loans and leases (2)	222,280		224,847		222,280		220,633		226,973		228,129		224,847
Less: Managed deposits in assets under management	(38,948)		(54,630)		(38,948)		(39,149)		(47,530)		(47,735)		(54,630)
Total client balances	$	3,635,194	$	3,367,114	$	3,635,194	$	3,521,606	$	3,386,841	$	3,248,756	$	3,367,114

Assets Under Management Rollforward
Assets under management, beginning balance	$	1,401,474	$	1,638,782	$	1,467,242	$	1,401,474	$	1,329,557	$	1,411,344	$	1,571,605
Net client flows	29,558		16,570		14,296		15,262		105		4,110		1,033

Market valuation/other	100,010		(244,008)		49,504		50,506		71,812		(85,897)		(161,294)
Total assets under management, ending balance	$	1,531,042	$	1,411,344	$	1,531,042	$	1,467,242	$	1,401,474	$	1,329,557	$	1,411,344

Advisors, at period end

Total wealth advisors (3)	19,099		18,449		19,099		19,243		19,273		18,841		18,449

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

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

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


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


Bank of America Corporation and Subsidiaries
Global Banking Segment Results
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022
	2023			2022
Net interest income	$	7,597		$	4,978		$	3,690		$	3,907		$	3,880		$	3,326		$	2,634
Noninterest income:
Service charges	1,449			1,819			735			714			703			771			933
Investment banking fees	1,386			1,572			718			668			706			726			692
All other income	2,233			1,831			1,319			914			1,149			768			747
Total noninterest income	5,068			5,222			2,772			2,296			2,558			2,265			2,372
Total revenue, net of interest expense	12,665			10,200			6,462			6,203			6,438			5,591			5,006

Provision for credit losses	(228)			322			9			(237)			149			170			157

Noninterest expense	5,759			5,482			2,819			2,940			2,833			2,651			2,799
Income before income taxes	7,134			4,396			3,634			3,500			3,456			2,770			2,050
Income tax expense	1,926			1,165			981			945			916			734			543
Net income	$	5,208		$	3,231		$	2,653		$	2,555		$	2,540		$	2,036		$	1,507

Net interest yield	2.92		%	1.82		%	2.80		%	3.03		%	2.90		%	2.53		%	1.97		%
Return on average allocated capital (1)	21			15			22			21			23			18			14
Efficiency ratio	45.46			53.74			43.59			47.41			44.03			47.41			55.90

Balance Sheet
Average
Total loans and leases	$	382,039		$	368,078		$	383,058		$	381,009		$	380,385		$	384,305		$	377,248
Total earning assets (2)	525,181			551,894			527,959			522,374			531,206			521,555			537,660
Total assets (2)	592,254			616,156			595,585			588,886			595,525			585,683			601,945
Total deposits	495,069			524,502			497,533			492,577			503,472			495,154			509,261
Allocated capital (1)	49,250			44,500			49,250			49,250			44,500			44,500			44,500

Period end
Total loans and leases	$	381,609		$	385,376		$	381,609		$	383,491		$	379,107		$	377,711		$	385,376
Total earning assets (2)	518,547			526,879			518,547			524,299			522,539			511,494			526,879
Total assets (2)	586,397			591,490			586,397			591,231			588,466			575,442			591,490
Total deposits	492,734			499,714			492,734			495,949			498,661			484,309			499,714

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

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


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


Bank of America Corporation and Subsidiaries
Global Banking Key Indicators
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022
	2023			2022
Investment Banking fees (1)
Advisory (2)	$	646		$	800		$	333		$	313		$	446		$	397		$	361
Debt issuance	553			642			263			290			184			273			283
Equity issuance	187			130			122			65			76			56			48
Total Investment Banking fees (3)	$	1,386		$	1,572		$	718		$	668		$	706		$	726		$	692

Business Lending
Corporate	$	2,393		$	2,006		$	1,359		$	1,034		$	1,417		$	902		$	946
Commercial	2,503			2,017			1,270			1,233			1,188			1,111			1,024
Business Banking	130			120			63			67			65			66			62
Total Business Lending revenue	$	5,026		$	4,143		$	2,692		$	2,334		$	2,670		$	2,079		$	2,032

Global Transaction Services
Corporate	$	3,032		$	2,087		$	1,483		$	1,549		$	1,546		$	1,369		$	1,138
Commercial	2,174			1,869			1,045			1,129			1,185			1,112			973
Business Banking	782			513			395			387			378			322			270
Total Global Transaction Services revenue	$	5,988		$	4,469		$	2,923		$	3,065		$	3,109		$	2,803		$	2,381

Average deposit balances
Interest-bearing	$	273,188		$	149,705		$	289,187		$	257,012		$	225,671		$	171,203		$	142,366
Noninterest-bearing	221,881			374,797			208,346			235,565			277,801			323,951			366,895
Total average deposits	$	495,069		$	524,502		$	497,533		$	492,577		$	503,472		$	495,154		$	509,261

Loan spread	1.53		%	1.51		%	1.52		%	1.55		%	1.52		%	1.51		%	1.49		%

Provision for credit losses	$	(228)		$	322		$	9		$	(237)		$	149		$	170		$	157

Credit quality (4, 5)
Reservable criticized utilized exposure	$	19,714		$	15,999		$	19,714		$	18,104		$	17,519		$	15,809		$	15,999
	4.89		%	3.92		%	4.89		%	4.46		%	4.37		%	3.95		%	3.92		%

Nonperforming loans, leases and foreclosed properties	$	1,248		$	1,126		$	1,248		$	1,023		$	923		$	1,057		$	1,126
	0.33		%	0.29		%	0.33		%	0.27		%	0.25		%	0.28		%	0.29		%

Average loans and leases by product
U.S. commercial	$	229,836		$	218,733		$	230,111		$	229,558		$	230,591		$	233,027		$	225,820
Non-U.S. commercial	81,977			83,452			81,546			82,412			82,222			84,287			86,092
Commercial real estate	56,241			51,185			57,449			55,019			54,104			53,042			50,973
Commercial lease financing	13,984			14,706			13,951			14,019			13,467			13,948			14,362
Other	1			2			1			1			1			1			1
Total average loans and leases	$	382,039		$	368,078		$	383,058		$	381,009		$	380,385		$	384,305		$	377,248

Total Corporation Investment Banking fees
Advisory (2)	$	738		$	865		$	375		$	363		$	486		$	432		$	392
Debt issuance	1,244			1,493			600			644			414			616			662
Equity issuance	455			364			287			168			189			156			139
Total investment banking fees including self-led deals	2,437			2,722			1,262			1,175			1,089			1,204			1,193
Self-led deals	(62)			(137)			(50)			(12)			(18)			(37)			(65)
Total Investment Banking fees	$	2,375		$	2,585		$	1,212		$	1,163		$	1,071		$	1,167		$	1,128

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

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

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

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

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


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


Bank of America Corporation and Subsidiaries
Global Markets Segment Results
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022
	2023			2022
Net interest income	$	406		$	1,974		$	297		$	109		$	371		$	743		$	981
Noninterest income:
Investment and brokerage services	1,032			1,063			499			533			482			457			518
Investment banking fees	972			1,043			503			469			347			430			461
Market making and similar activities	7,807			5,847			3,409			4,398			2,685			2,874			2,657
All other income	280			(133)			163			117			(24)			(21)			(115)
Total noninterest income	10,091			7,820			4,574			5,517			3,490			3,740			3,521
Total revenue, net of interest expense (1)	10,497			9,794			4,871			5,626			3,861			4,483			4,502

Provision for credit losses	(57)			13			(4)			(53)			4			11			8

Noninterest expense	6,700			6,226			3,349			3,351			3,171			3,023			3,109
Income before income taxes	3,854			3,555			1,526			2,328			686			1,449			1,385
Income tax expense	1,060			942			420			640			182			384			367
Net income	$	2,794		$	2,613		$	1,106		$	1,688		$	504		$	1,065		$	1,018

Return on average allocated capital (2)	12		%	12		%	10		%	15		%	5		%	10		%	10		%

Efficiency ratio	63.82			63.57			68.74			59.56			82.14			67.42			69.07

Balance Sheet
Average
Total trading-related assets	$	623,566		$	601,172		$	621,125		$	626,035		$	608,493		$	592,391		$	606,135
Total loans and leases	126,802			111,492			128,539			125,046			123,022			120,435			114,375
Total earning assets	643,024			604,846			657,947			627,935			610,045			591,883			598,832
Total assets	873,727			862,753			877,471			870,038			857,319			847,899			866,742
Total deposits	34,658			42,784			33,222			36,109			37,219			38,820			41,192
Allocated capital (2)	45,500			42,500			45,500			45,500			42,500			42,500			42,500


Period end
Total trading-related assets	$	599,787		$	577,309		$	599,787		$	599,841		$	564,769		$	592,938		$	577,309
Total loans and leases	131,128			118,290			131,128			130,804			127,735			121,721			118,290
Total earning assets	641,016			571,921			641,016			632,873			587,772			595,988			571,921
Total assets	851,206			835,129			851,206			861,477			812,489			848,752			835,129
Total deposits	33,049			40,055			33,049			33,624			39,077			37,318			40,055

Trading-related assets (average)
Trading account securities	$	328,529		$	298,220		$	317,928		$	339,248		$	309,217		$	308,514		$	295,190
Reverse repurchases	133,155			134,999			139,480			126,760			122,753			112,828			131,456
Securities borrowed	118,392			116,847			120,481			116,280			119,334			114,032			119,200
Derivative assets	43,490			51,106			43,236			43,747			57,189			57,017			60,289
Total trading-related assets	$	623,566		$	601,172		$	621,125		$	626,035		$	608,493		$	592,391		$	606,135

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

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


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


Bank of America Corporation and Subsidiaries
Global Markets Key Indicators
(Dollars in millions)
	Six Months Ended June 30				Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022
	2023		2022
Sales and trading revenue (1)
Fixed-income, currencies and commodities	$	6,107	$	5,208	$	2,667	$	3,440	$	2,157	$	2,552	$	2,500
Equities	3,245		3,664		1,618		1,627		1,368		1,540		1,653
Total sales and trading revenue	$	9,352	$	8,872	$	4,285	$	5,067	$	3,525	$	4,092	$	4,153

Sales and trading revenue, excluding net debit valuation adjustment (2,3)
Fixed-income, currencies and commodities	$	6,193	$	4,988	$	2,764	$	3,429	$	2,343	$	2,567	$	2,340
Equities	3,247		3,657		1,623		1,624		1,375		1,539		1,655
Total sales and trading revenue, excluding net debit valuation adjustment	$	9,440	$	8,645	$	4,387	$	5,053	$	3,718	$	4,106	$	3,995

Sales and trading revenue breakdown
Net interest income	$	63	$	1,762	$	137	$	(74)	$	188	$	586	$	851
Commissions	1,021		1,035		492		529		476		444		504
Trading	7,805		5,846		3,407		4,398		2,684		2,873		2,656
Other	463		229		249		214		177		189		142
Total sales and trading revenue	$	9,352	$	8,872	$	4,285	$	5,067	$	3,525	$	4,092	$	4,153

(1) Includes Global Banking sales and trading revenue of $331 million and $498 million for the six months ended June 30, 2023 and 2022, and $154 million and $177 million for the second and first quarters of 2023, and $262 million, $287 million and $319 million for the fourth, third and second quarters of 2022, respectively.

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

(3)Net DVA gains (losses) were $(88) million and $227 million for the six months ended June 30, 2023 and 2022, and $(102) million, $14 million, $(193) million, $(14) million and $158 million for the second and first quarters of 2023 and the fourth, third and second quarters of 2022, respectively. FICC net DVA gains (losses) were $(86) million and $220 million for the six months ended June 30, 2023 and 2022, and $(97) million, $11 million, $(186) million, $(15) million and $160 million for the second and first quarters of 2023 and the fourth, third and second quarters of 2022, respectively. Equities net DVA gains (losses) were $(2) million and $7 million for the six months ended June 30, 2023 and 2022, and $(5) million, $3 million, $(7) million, $1 million and $(2) million for the second and first quarters of 2023 and the fourth, third and second quarters of 2022, respectively.


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


Bank of America Corporation and Subsidiaries
All Other Results (1)
(Dollars in millions)
	Six Months Ended June 30				Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022
	2023		2022
Net interest income	$	161	$	36	$	64	$	97	$	44	$	37	$	43





Noninterest income (loss)	(3,386)		(2,763)		(1,831)		(1,555)		(1,880)		(836)		(1,329)
Total revenue, net of interest expense	(3,225)		(2,727)		(1,767)		(1,458)		(1,836)		(799)		(1,286)

Provision for credit losses	(53)		(72)		(160)		107		(42)		(58)		(25)



Noninterest expense	899		1,114		492		407		655		716		531
Loss before income taxes	(4,071)		(3,769)		(2,099)		(1,972)		(2,449)		(1,457)		(1,792)
Income tax expense (benefit)	(3,782)		(3,087)		(1,917)		(1,865)		(1,760)		(1,176)		(1,474)
Net income (loss)	$	(289)	$	(682)	$	(182)	$	(107)	$	(689)	$	(281)	$	(318)

Balance Sheet
Average
Total loans and leases	$	9,910	$	14,896	$	9,745	$	10,077	$	10,386	$	10,629	$	14,391
Total assets (2)	225,014		139,588		276,728		172,725		136,040		142,650		124,923
Total deposits	33,842		20,081		42,881		24,702		19,946		20,221		19,663

Period end
Total loans and leases	$	9,544	$	10,825	$	9,544	$	9,827	$	10,234	$	10,351	$	10,825

Total assets (3)	262,334		136,673		262,334		267,623		155,074		128,051		136,673
Total deposits	54,418		19,374		54,418		34,590		19,905		19,031		19,374

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

(2)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $995.1 billion and $1.2 trillion for the six months ended June 30, 2023 and 2022, $977.8 billion and $1.0 trillion for the second and first quarters of 2023, and $1.0 trillion, $1.1 trillion and $1.1 trillion for the fourth, third and second quarters of 2022, respectively.

(3)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $963.6 billion, $1.0 trillion, $1.0 trillion, $1.1 trillion and $1.1 trillion at June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively.


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


Bank of America Corporation and Subsidiaries
Outstanding Loans and Leases
(Dollars in millions)
	June 30 2023		March 31 2023		June 30 2022
Consumer
Residential mortgage	$	228,915	$	228,827	$	227,970
Home equity	25,536		25,868		27,120
Credit card	97,009		92,469		84,010
Direct/Indirect consumer (1)	104,412		104,540		108,826
Other consumer (2)	132		120		195
Total consumer loans excluding loans accounted for under the fair value option	456,004		451,824		448,121
Consumer loans accounted for under the fair value option (3)	266		334		377
Total consumer	456,270		452,158		448,498

Commercial
U.S. commercial	360,796		360,655		355,731
Non-U.S. commercial	123,518		124,827		125,796
Commercial real estate (4)	74,290		73,051		64,253
Commercial lease financing	13,493		13,448		13,612
	572,097		571,981		559,392
U.S. small business commercial (5)	18,796		18,204		17,757
Total commercial loans excluding loans accounted for under the fair value option	590,893		590,185		577,149
Commercial loans accounted for under the fair value option (3)	4,061		4,063		5,119
Total commercial	594,954		594,248		582,268

Total loans and leases	$	1,051,224	$	1,046,406	$	1,030,766

(1)Includes primarily auto and specialty lending loans and leases of $53.3 billion, $52.7 billion and $50.8 billion, U.S. securities-based lending loans of $47.3 billion, $48.1 billion and $54.0 billion and non-U.S. consumer loans of $2.9 billion, $2.8 billion and $3.0 billion at June 30, 2023, March 31, 2023 and June 30, 2022, respectively.

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

(3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $69 million, $72 million and $79 million and home equity loans of $197 million, $262 million and $298 million at June 30, 2023, March 31, 2023 and June 30, 2022, respectively. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.3 billion, $2.2 billion and $2.9 billion and non-U.S. commercial loans of $1.8 billion, $1.9 billion and $2.2 billion at June 30, 2023, March 31, 2023 and June 30, 2022, respectively.

(4)Includes U.S. commercial real estate loans of $68.1 billion, $67.2 billion and $60.1 billion and non-U.S. commercial real estate loans of $6.2 billion, $5.8 billion and $4.1 billion at June 30, 2023, March 31, 2023 and June 30, 2022, respectively.

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


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


Bank of America Corporation and Subsidiaries
Quarterly Average Loans and Leases by Business Segment and All Other
(Dollars in millions)
	Second Quarter 2023
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	228,758	$	117,141	$	104,024	$	1	$	—	$	7,592
Home equity	25,957		21,221		2,376		—		187		2,173
Credit card	94,431		91,252		3,180		—		—		(1)
Direct/Indirect and other consumer	104,915		53,431		51,481		—		—		3
Total consumer	454,061		283,045		161,061		1		187		9,767

Commercial
U.S. commercial	379,027		23,607		49,591		230,111		75,535		183
Non-U.S. commercial	125,827		—		928		81,546		43,236		117
Commercial real estate	74,065		10		7,024		57,449		9,581		1
Commercial lease financing	13,628		—		—		13,951		—		(323)
Total commercial	592,547		23,617		57,543		383,057		128,352		(22)
Total loans and leases	$	1,046,608	$	306,662	$	218,604	$	383,058	$	128,539	$	9,745

	First Quarter 2023
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	229,275	$	117,747	$	103,700	$	1	$	—	$	7,827
Home equity	26,513		21,571		2,444		—		200		2,298
Credit card	91,775		88,731		3,045		—		—		(1)
Direct/Indirect and other consumer	105,657		52,728		52,927		—		—		2
Total consumer	453,220		280,777		162,116		1		200		10,126

Commercial
U.S. commercial	376,852		22,985		52,067		229,558		72,074		168
Non-U.S. commercial	127,003		—		999		82,412		43,478		114
Commercial real estate	70,591		10		6,266		55,019		9,294		2
Commercial lease financing	13,686		—		—		14,019		—		(333)
Total commercial	588,132		22,995		59,332		381,008		124,846		(49)
Total loans and leases	$	1,041,352	$	303,772	$	221,448	$	381,009	$	125,046	$	10,077

	Second Quarter 2022
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	228,529	$	117,355	$	99,615	$	1	$	—	$	11,558
Home equity	27,415		21,835		2,433		—		231		2,916
Credit card	81,024		78,174		2,850		—		—		—
Direct/Indirect and other consumer	108,639		50,498		58,138		—		—		3
Total consumer	445,607		267,862		163,036		1		231		14,477

Commercial
U.S. commercial	363,978		21,722		50,334		225,820		65,897		205
Non-U.S. commercial	128,237		—		1,181		86,092		40,888		76
Commercial real estate	63,072		11		4,726		50,973		7,359		3
Commercial lease financing	13,992		—		—		14,362		—		(370)
Total commercial	569,279		21,733		56,241		377,247		114,144		(86)
Total loans and leases	$	1,014,886	$	289,595	$	219,277	$	377,248	$	114,375	$	14,391


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


Bank of America Corporation and Subsidiaries
Commercial Credit Exposure by Industry (1, 2, 3, 4, 6)
(Dollars in millions)
	Commercial Utilized						Total Commercial Committed
	June 30 2023		March 31 2023		June 30 2022		June 30 2023		March 31 2023		June 30 2022
Asset managers & funds	$	104,838	$	102,345	$	112,812	$	168,062	$	164,480	$	167,163
Real estate (5)	74,545		73,515		68,897		101,284		101,072		97,617
Capital goods	49,505		48,146		46,923		92,886		88,060		89,785
Finance companies	57,375		58,226		49,740		82,742		81,811		76,051
Healthcare equipment and services	34,511		34,245		32,768		61,174		59,280		57,901
Materials	26,192		27,224		27,295		55,838		56,244		59,699
Retailing	25,618		26,021		27,398		54,017		54,127		52,645
Consumer services	27,826		27,475		27,703		49,921		48,491		48,453
Food, beverage and tobacco	24,351		24,307		23,654		49,331		46,838		48,337
Government & public education	32,398		33,443		37,141		46,720		46,931		50,189
Individuals and trusts	32,930		31,874		30,501		43,957		43,488		45,733
Commercial services and supplies	24,588		24,136		22,852		42,500		41,711		43,520
Utilities	18,655		19,118		19,781		39,108		39,209		39,448
Energy	12,999		13,667		17,726		36,034		34,923		39,613
Transportation	23,486		22,051		21,583		35,317		33,846		35,569
Technology hardware and equipment	10,980		10,500		11,411		29,909		29,807		29,697
Global commercial banks	26,444		26,910		29,674		28,994		29,047		30,667
Media	14,558		15,102		12,661		26,377		29,006		27,270
Software and services	10,770		11,678		13,472		25,397		25,300		30,761
Pharmaceuticals and biotechnology	7,070		6,581		7,088		21,859		21,419		19,072
Vehicle dealers	14,245		13,281		11,849		21,228		21,237		20,027
Consumer durables and apparel	9,619		10,167		11,275		21,146		21,784		22,841
Insurance	10,591		10,007		10,238		20,096		19,109		19,496
Telecommunication services	9,901		9,646		7,495		17,370		17,666		15,986
Automobiles and components	8,060		8,163		8,395		15,979		15,910		17,256
Food and staples retailing	7,519		7,331		7,745		13,107		12,507		12,441
Financial markets infrastructure (clearinghouses)	3,013		3,013		9,274		5,797		8,526		14,252
Religious and social organizations	2,437		2,542		2,883		4,373		4,557		5,130

Total commercial credit exposure by industry	$	705,024	$	700,714	$	710,234	$	1,210,523	$	1,196,386	$	1,216,619

(1)Includes loans and leases, standby letters of credit and financial guarantees, derivative assets, assets held-for-sale, commercial letters of credit, bankers’ acceptances, securitized assets, foreclosed properties and other collateral acquired. Derivative assets are carried at fair value, reflect the effects of legally enforceable master netting agreements and have been reduced by cash collateral of $52.1 billion, $29.1 billion and $35.8 billion at June 30, 2023, March 31, 2023 and June 30, 2022, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $30.9 billion, $51.0 billion and $51.9 billion, which consists primarily of other marketable securities, at June 30, 2023, March 31, 2023 and June 30, 2022, respectively.

(2)Total utilized and total committed exposure includes loans of $4.1 billion, $4.1 billion and $5.1 billion and issued letters of credit with a notional amount of $12 million, $15 million and $37 million accounted for under the fair value option at June 30, 2023, March 31, 2023 and June 30, 2022, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $2.6 billion, $3.1 billion and $3.6 billion at June 30, 2023, March 31, 2023 and June 30, 2022, respectively.

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

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

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

(6)Includes $545 million, $749 million and $2.1 billion of PPP loan exposure across impacted industries at June 30, 2023, March 31, 2023 and June 30, 2022, respectively.


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


Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties
(Dollars in millions)
	June 30 2023			March 31 2023			December 31 2022			September 30 2022			June 30 2022
Residential mortgage	$	2,140		$	2,125		$	2,167		$	2,187		$	2,245
Home equity	482			488			510			532			563

Direct/Indirect consumer	107			101			77			41			58

Total consumer	2,729			2,714			2,754			2,760			2,866
U.S. commercial	476			559			553			640			742
Non-U.S. commercial	84			125			212			274			279
Commercial real estate	816			502			271			282			218
Commercial lease financing	6			4			4			11			44
	1,382			1,190			1,040			1,207			1,283
U.S. small business commercial	15			14			14			16			15
Total commercial	1,397			1,204			1,054			1,223			1,298
Total nonperforming loans and leases	4,126			3,918			3,808			3,983			4,164
Foreclosed properties	148			165			170			173			162
Total nonperforming loans, leases and foreclosed properties (1, 2)	$	4,274		$	4,083		$	3,978		$	4,156		$	4,326

Fully-insured home loans past due 30 days or more and still accruing	$	525		$	580		$	627		$	672		$	734
Consumer credit card past due 30 days or more and still accruing	1,811			1,674			1,505			1,202			1,008
Other loans past due 30 days or more and still accruing	2,920			3,146			4,008			3,281			3,494
Total loans past due 30 days or more and still accruing (3, 4)	$	5,256		$	5,400		$	6,140		$	5,155		$	5,236

Fully-insured home loans past due 90 days or more and still accruing	$	288		$	338		$	368		$	427		$	492
Consumer credit card past due 90 days or more and still accruing	896			828			717			547			493
Other loans past due 90 days or more and still accruing	356			508			626			647			720
Total loans past due 90 days or more and still accruing (4)	$	1,540		$	1,674		$	1,711		$	1,621		$	1,705

Nonperforming loans, leases and foreclosed properties/Total assets (5)	0.14		%	0.13		%	0.13		%	0.14		%	0.14		%
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties (5)	0.41			0.39			0.38			0.40			0.42
Nonperforming loans and leases/Total loans and leases (5)	0.39			0.38			0.37			0.39			0.41

Commercial reservable criticized utilized exposure (6)	$	21,469		$	19,789		$	19,274		$	17,659		$	18,114
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure (6)	3.44		%	3.17		%	3.12		%	2.88		%	2.95		%
Total commercial criticized utilized exposure/Commercial utilized exposure (6)	3.79			3.67			3.70			2.82			2.99

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

(2)Balances do not include nonperforming loans held-for-sale of $174 million, $250 million, $219 million, $222 million and $270 million at June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively.

(3)Balances do not include loans held-for-sale past due 30 days or more and still accruing of $39 million, $36 million, $58 million, $81 million and $179 million at June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively.

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

(5)Total assets and total loans and leases do not include loans accounted for under the fair value option of $4.3 billion, $4.4 billion, $5.8 billion, $4.9 billion and $5.5 billion at June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively.

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


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


Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties Activity (1)
(Dollars in millions)
	Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022
Nonperforming Consumer Loans and Leases:
Balance, beginning of period	$	2,714	$	2,754	$	2,760	$	2,866	$	3,104

Additions	258		253		208		236		365


Reductions:
Paydowns and payoffs	(131)		(103)		(89)		(124)		(147)
Sales	(2)		(2)		(1)		(1)		(269)
Returns to performing status (2)	(92)		(170)		(109)		(193)		(157)
Charge-offs (3)	(13)		(12)		(6)		(12)		(23)
Transfers to foreclosed properties	(5)		(6)		(9)		(12)		(7)

Total net additions (reductions) to nonperforming loans and leases	15		(40)		(6)		(106)		(238)
Total nonperforming consumer loans and leases, end of period	2,729		2,714		2,754		2,760		2,866
Foreclosed properties	97		117		121		125		115
Nonperforming consumer loans, leases and foreclosed properties, end of period	$	2,826	$	2,831	$	2,875	$	2,885	$	2,981

Nonperforming Commercial Loans and Leases (4):
Balance, beginning of period	$	1,204	$	1,054	$	1,223	$	1,298	$	1,521

Additions	484		419		141		307		321
Reductions:
Paydowns	(171)		(72)		(144)		(180)		(342)
Sales	(3)		—		(4)		(12)		(16)
Returns to performing status (5)	(7)		(52)		(35)		(148)		(146)
Charge-offs	(87)		(88)		(127)		(42)		(40)
Transfers to foreclosed properties	(23)		—		—		—		—
Transfers to loans held-for-sale	—		(57)		—		—		—
Total net additions (reductions) to nonperforming loans and leases	193		150		(169)		(75)		(223)
Total nonperforming commercial loans and leases, end of period	1,397		1,204		1,054		1,223		1,298
Foreclosed properties	51		48		49		48		47
Nonperforming commercial loans, leases and foreclosed properties, end of period	$	1,448	$	1,252	$	1,103	$	1,271	$	1,345

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

(2)Consumer loans and leases may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection. Prior to January 1, 2023, certain troubled debt restructurings were classified as nonperforming at the time of restructuring and were only returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period, generally six months.

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

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

(5)Commercial loans and leases may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection. Prior to January 1, 2023, troubled debt restructurings were generally classified as performing after a sustained period of demonstrated payment performance.


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


Bank of America Corporation and Subsidiaries
Quarterly Net Charge-offs and Net Charge-off Ratios (1)
(Dollars in millions)
	Second Quarter 2023				First Quarter 2023				Fourth Quarter 2022				Third Quarter 2022				Second Quarter 2022
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage (2)	$	2	—	%	$	1	—	%	$	(1)	—	%	$	(3)	(0.01)	%	$	86	0.15	%
Home equity (3)	(16)		(0.25)		(12)		(0.18)		(18)		(0.27)		(18)		(0.25)		(24)		(0.37)
Credit card	610		2.60		501		2.21		386		1.71		328		1.53		323		1.60

Direct/Indirect consumer	17		0.06		1		—		1		—		9		0.03		4		0.02
Other consumer	107		n/m		162		n/m		163		n/m		143		n/m		136		n/m
Total consumer	720		0.64		653		0.58		531		0.47		459		0.41		525		0.47
U.S. commercial	5		0.01		47		0.05		47		0.05		23		0.03		15		0.02
Non-U.S. commercial	—		—		20		0.07		31		0.10		(6)		(0.02)		(5)		(0.01)
Total commercial and industrial	5		—		67		0.06		78		0.06		17		0.01		10		0.01
Commercial real estate	69		0.37		22		0.12		34		0.20		13		0.08		(4)		(0.03)
Commercial lease financing	1		—		(1)		(0.01)		2		0.05		(1)		(0.05)		4		0.13
	75		0.05		88		0.06		114		0.08		29		0.02		10		0.01
U.S. small business commercial	74		1.62		66		1.48		44		0.99		32		0.72		36		0.79
Total commercial	149		0.10		154		0.11		158		0.11		61		0.04		46		0.03
Total net charge-offs	$	869	0.33		$	807	0.32		$	689	0.26		$	520	0.20		$	571	0.23

By Business Segment and All Other
Consumer Banking	$	819	1.07	%	$	729	0.97	%	$	591	0.78	%	$	512	0.69	%	$	502	0.70	%
Global Wealth & Investment Management	3		0.01		6		0.01		4		0.01		5		0.01		9		0.02
Global Banking	59		0.06		87		0.09		112		0.12		26		0.03		14		0.01
Global Markets	5		0.02		—		—		(1)		(0.01)		(1)		—		(4)		(0.01)
All Other	(17)		(0.74)		(15)		(0.59)		(17)		(0.66)		(22)		(0.80)		50		1.40
Total net charge-offs	$	869	0.33		$	807	0.32		$	689	0.26		$	520	0.20		$	571	0.23

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

(2)Includes loan sale net charge-offs of $90 million for the second quarter of 2022 and $0 for the remaining quarters.

(3)Includes loan sale net recoveries of $6 million for the second quarter of 2022 and $0 for the remaining quarters.

n/m = not meaningful


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


Bank of America Corporation and Subsidiaries
Year-to-Date Net Charge-offs and Net Charge-off Ratios (1)
(Dollars in millions)
	Six Months Ended June 30
	2023				2022
	Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage (2)	$	3	—	%	$	76	0.07	%
Home equity (3)	(28)		(0.21)		(54)		(0.40)
Credit card	1,111		2.41		620		1.57

Direct/Indirect consumer	18		0.03		8		0.02
Other consumer	269		n/m		215		n/m
Total consumer	1,373		0.61		865		0.40
U.S. commercial	52		0.03		1		—
Non-U.S. commercial	20		0.03		(4)		(0.01)
Total commercial and industrial	72		0.03		(3)		—
Commercial real estate	91		0.25		19		0.06
Commercial lease financing	—		—		4		0.06
	163		0.06		20		0.01
U.S. small business commercial	140		1.55		78		0.87
Total commercial	303		0.10		98		0.04
Total net charge-offs	$	1,676	0.33		$	963	0.20

By Business Segment and All Other
Consumer Banking	$	1,548	1.02	%	$	918	0.65	%
Global Wealth & Investment Management	9		0.01		10		0.01
Global Banking	146		0.08		2		—
Global Markets	5		0.01		17		0.03
All Other	(32)		(0.66)		16		0.21
Total net charge-offs	$	1,676	0.33		$	963	0.20

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

(2)Includes loan sale net charge-offs (recoveries) of $0 million and $84 million for the six months ended June 30, 2023 and 2022.

(3)Includes loan sale net charge-offs (recoveries) of $0 million and $(8) million for the six months ended June 30, 2023 and 2022.

n/m = not meaningful


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


Bank of America Corporation and Subsidiaries
Allocation of the Allowance for Credit Losses by Product Type
(Dollars in millions)
	June 30, 2023		March 31, 2023			June 30, 2022
	Amount		Percent of Loans and Leases Outstanding (1, 2)	Amount			Percent of Loans and Leases Outstanding (1, 2)	Amount		Percent of Loans and Leases Outstanding (1, 2)
Allowance for loan and lease losses
Residential mortgage	$	366	0.16%	$	305		0.13%	$	280	0.12%
Home equity	61		0.24	98			0.38	116		0.43
Credit card	6,564		6.77	6,220			6.73	5,684		6.77

Direct/Indirect consumer	659		0.63	628			0.60	475		0.44
Other consumer	100		n/m	110			n/m	57		n/m
Total consumer	7,750		1.70	7,361			1.63	6,612		1.48
U.S. commercial (3)	2,846		0.75	2,835			0.75	3,012		0.81
Non-U.S. commercial	968		0.78	1,019			0.82	1,168		0.93
Commercial real estate	1,338		1.80	1,253			1.72	1,128		1.76
Commercial lease financing	48		0.35	46			0.34	53		0.39
Total commercial	5,200		0.88	5,153			0.87	5,361		0.93
Allowance for loan and lease losses	12,950		1.24	12,514			1.20	11,973		1.17


Reserve for unfunded lending commitments	1,388			1,437				1,461
Allowance for credit losses	$	14,338		$	13,951			$	13,434

Asset Quality Indicators

Allowance for loan and lease losses/Total loans and leases (2)			1.24%				1.20%			1.17%

Allowance for loan and lease losses/Total nonperforming loans and leases (4)			314				319			288

Ratio of the allowance for loan and lease losses/Annualized net charge-offs			3.71				3.83			5.22

(1)Ratios are calculated as allowance for loan and lease losses as a percentage of loans and leases outstanding excluding loans accounted for under the fair value option. Consumer loans accounted for under the fair value option include residential mortgage loans of $69 million, $72 million and $79 million, and home equity loans of $197 million, $262 million and $298 million at June 30, 2023, March 31, 2023 and June 30, 2022, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $2.3 billion, $2.2 billion and $2.9 billion and non-U.S. commercial loans of $1.8 billion, $1.9 billion and $2.2 billion at June 30, 2023, March 31, 2023 and June 30, 2022, respectively.

(2)Total loans and leases do not include loans accounted for under the fair value option of $4.3 billion, $4.4 billion and $5.5 billion at June 30, 2023, March 31, 2023 and June 30, 2022, respectively.

(3)Includes allowance for loan and lease losses for U.S. small business commercial loans of $927 million, $864 million and $921 million at June 30, 2023, March 31, 2023 and June 30, 2022, respectively.

(4)Allowance for loan and lease losses includes $5.5 billion, $7.1 billion and $6.6 billion allocated to products (primarily the Consumer Lending portfolios within Consumer Banking) that are excluded from nonperforming loans and leases at June 30, 2023, March 31, 2023 and June 30, 2022, respectively. Excluding these amounts, allowance for loan and lease losses as a percentage of total nonperforming loans and leases was 181 percent, 138 percent and 129 percent at June 30, 2023, March 31, 2023 and June 30, 2022, respectively.

n/m = not meaningful


Current-period information is preliminary and based on company data available at the time of the presentation.			32

Exhibit A: Non-GAAP Reconciliations

Bank of America Corporation and Subsidiaries

Reconciliations to GAAP Financial Measures

(Dollars in millions, except per share information)

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

See the tables below for reconciliations of these non-GAAP financial measures to the most closely related financial measures defined by GAAP for the six months ended June 30, 2023 and 2022, and the three months ended June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022. The Corporation believes the use of these non-GAAP financial measures provides additional clarity in understanding its results of operations and trends. Other companies may define or calculate supplemental financial data differently.


	Six Months Ended June 30				Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022
	2023		2022





























Reconciliation of income before income taxes to pretax, pre-provision income
Income before income taxes	$	17,123	$	14,771	$	8,034	$	9,089	$	7,897	$	8,301	$	6,892
Provision for credit losses	2,056		553		1,125		931		1,092		898		523
Pretax, pre-provision income	$	19,179	$	15,324	$	9,159	$	10,020	$	8,989	$	9,199	$	7,415

Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity	$	279,853	$	268,750	$	282,425	$	277,252	$	272,629	$	271,017	$	268,197
Goodwill	(69,022)		(69,022)		(69,022)		(69,022)		(69,022)		(69,022)		(69,022)
Intangible assets (excluding mortgage servicing rights)	(2,058)		(2,136)		(2,049)		(2,068)		(2,088)		(2,107)		(2,127)
Related deferred tax liabilities	897		927		895		899		914		920		926
Tangible shareholders’ equity	$	209,670	$	198,519	$	212,249	$	207,061	$	202,433	$	200,808	$	197,974
Preferred stock	(28,397)		(27,565)		(28,397)		(28,397)		(28,982)		(29,134)		(28,674)
Tangible common shareholders’ equity	$	181,273	$	170,954	$	183,852	$	178,664	$	173,451	$	171,674	$	169,300








Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity	$	283,319	$	269,118	$	283,319	$	280,196	$	273,197	$	269,524	$	269,118
Goodwill	(69,021)		(69,022)		(69,021)		(69,022)		(69,022)		(69,022)		(69,022)
Intangible assets (excluding mortgage servicing rights)	(2,036)		(2,114)		(2,036)		(2,055)		(2,075)		(2,094)		(2,114)
Related deferred tax liabilities	890		920		890		895		899		915		920
Tangible shareholders’ equity	$	213,152	$	198,902	$	213,152	$	210,014	$	202,999	$	199,323	$	198,902
Preferred stock	(28,397)		(29,134)		(28,397)		(28,397)		(28,397)		(29,134)		(29,134)
Tangible common shareholders’ equity	$	184,755	$	169,768	$	184,755	$	181,617	$	174,602	$	170,189	$	169,768

Reconciliation of period-end assets to period-end tangible assets
Assets	$	3,122,633	$	3,111,606	$	3,122,633	$	3,194,657	$	3,051,375	$	3,072,953	$	3,111,606
Goodwill	(69,021)		(69,022)		(69,021)		(69,022)		(69,022)		(69,022)		(69,022)
Intangible assets (excluding mortgage servicing rights)	(2,036)		(2,114)		(2,036)		(2,055)		(2,075)		(2,094)		(2,114)
Related deferred tax liabilities	890		920		890		895		899		915		920
Tangible assets	$	3,052,466	$	3,041,390	$	3,052,466	$	3,124,475	$	2,981,177	$	3,002,752	$	3,041,390

Book value per share of common stock
Common shareholders’ equity	$	254,922	$	239,984	$	254,922	$	251,799	$	244,800	$	240,390	$	239,984
Ending common shares issued and outstanding	7,953.6		8,035.2		7,953.6		7,972.4		7,996.8		8,024.5		8,035.2
Book value per share of common stock	$	32.05	$	29.87	$	32.05	$	31.58	$	30.61	$	29.96	$	29.87

Tangible book value per share of common stock
Tangible common shareholders’ equity	$	184,755	$	169,768	$	184,755	$	181,617	$	174,602	$	170,189	$	169,768
Ending common shares issued and outstanding	7,953.6		8,035.2		7,953.6		7,972.4		7,996.8		8,024.5		8,035.2
Tangible book value per share of common stock	$	23.23	$	21.13	$	23.23	$	22.78	$	21.83	$	21.21	$	21.13


Current-period information is preliminary and based on company data available at the time of the presentation.			33

Form: 8-K

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