Form: 8-K

Current report filing

January 12, 2024

Documents




baclogo2020a.jpg


Supplemental Information
Fourth 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
 
Consumer Banking
Global Wealth & Investment Management
Global Banking
Global Markets
All Other
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)
  Year Ended
December 31		 Fourth
Quarter
2023		 Third
Quarter
2023		 Second
Quarter
2023		 First
Quarter
2023		 Fourth
Quarter
2022
  2023 2022
Income statement
Net interest income $ 56,931  $ 52,462  $ 13,946  $ 14,379  $ 14,158  $ 14,448  $ 14,681 
Noninterest income 41,650  42,488  8,013  10,788  11,039  11,810  9,851 
Total revenue, net of interest expense 98,581  94,950  21,959  25,167  25,197  26,258  24,532 
Provision for credit losses 4,394  2,543  1,104  1,234  1,125  931  1,092 
Noninterest expense 65,845  61,438  17,731  15,838  16,038  16,238  15,543 
Income before income taxes 28,342  30,969  3,124  8,095  8,034  9,089  7,897 
Pretax, pre-provision income (1)
32,736  33,512  4,228  9,329  9,159  10,020  8,989 
Income tax expense (benefit) 1,827  3,441  (20) 293  626  928  765 
Net income 26,515  27,528  3,144  7,802  7,408  8,161  7,132 
Preferred stock dividends and other 1,649  1,513  306  532  306  505  228 
Net income applicable to common shareholders 24,866  26,015  2,838  7,270  7,102  7,656  6,904 
Diluted earnings per common share 3.08  3.19  0.35  0.90  0.88  0.94  0.85 
Average diluted common shares issued and outstanding 8,080.5  8,167.5  8,062.5  8,075.9  8,080.7  8,182.3  8,155.7 
Dividends paid per common share $ 0.92  $ 0.86  $ 0.24  $ 0.24  $ 0.22  $ 0.22  $ 0.22 
Performance ratios
Return on average assets 0.84  % 0.88  % 0.39  % 0.99  % 0.94  % 1.07  % 0.92  %
Return on average common shareholders’ equity 9.75  10.75  4.33  11.24  11.21  12.48  11.24 
Return on average shareholders’ equity 9.36  10.18  4.32  10.86  10.52  11.94  10.38 
Return on average tangible common shareholders’ equity (2)
13.46  15.15  5.92  15.47  15.49  17.38  15.79 
Return on average tangible shareholders’ equity (2)
12.44  13.76  5.71  14.41  14.00  15.98  13.98 
Efficiency ratio 66.79  64.71  80.75  62.93  63.65  61.84  63.36 
At period end
Book value per share of common stock $ 33.34  $ 30.61  $ 33.34  $ 32.65  $ 32.05  $ 31.58  $ 30.61 
Tangible book value per share of common stock (2)
24.46  21.83  24.46  23.79  23.23  22.78  21.83 
Market capitalization 265,840  264,853  265,840  216,942  228,188  228,012  264,853 
Number of financial centers - U.S. 3,845  3,913  3,845  3,862  3,887  3,892  3,913 
Number of branded ATMs - U.S. 15,168  15,528  15,168  15,253  15,335  15,407  15,528 
Headcount 212,985  216,823  212,985  212,752  215,546  217,059  216,823 
(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)
Year Ended December 31 Fourth
Quarter
2023		 Third
Quarter
2023		 Second
Quarter
2023		 First
Quarter
2023		 Fourth
Quarter
2022
  2023 2022
Net interest income
Interest income $ 130,262  $ 72,565  $ 35,629  $ 33,624  $ 32,354  $ 28,655  $ 25,075 
Interest expense 73,331  20,103  21,683  19,245  18,196  14,207  10,394 
Net interest income 56,931  52,462  13,946  14,379  14,158  14,448  14,681 
Noninterest income
Fees and commissions 32,009  33,212  8,019  8,135  7,961  7,894  7,735 
Market making and similar activities 12,732  12,075  998  3,325  3,697  4,712  3,052 
Other income (loss) (3,091) (2,799) (1,004) (672) (619) (796) (936)
Total noninterest income 41,650  42,488  8,013  10,788  11,039  11,810  9,851 
Total revenue, net of interest expense 98,581  94,950  21,959  25,167  25,197  26,258  24,532 
Provision for credit losses 4,394  2,543  1,104  1,234  1,125  931  1,092 
Noninterest expense
Compensation and benefits 38,330  36,447  9,460  9,551  9,401  9,918  9,161 
Occupancy and equipment 7,164  7,071  1,794  1,795  1,776  1,799  1,786 
Information processing and communications 6,707  6,279  1,690  1,676  1,644  1,697  1,658 
Product delivery and transaction related 3,608  3,653  882  880  956  890  904 
Professional fees 2,159  2,142  550  545  527  537  649 
Marketing 1,927  1,825  455  501  513  458  460 
Other general operating 5,950  4,021  2,900  890  1,221  939  925 
Total noninterest expense 65,845  61,438  17,731  15,838  16,038  16,238  15,543 
Income before income taxes 28,342  30,969  3,124  8,095  8,034  9,089  7,897 
Income tax expense (benefit) 1,827  3,441  (20) 293  626  928  765 
Net income $ 26,515  $ 27,528  $ 3,144  $ 7,802  $ 7,408  $ 8,161  $ 7,132 
Preferred stock dividends and other 1,649  1,513  306  532  306  505  228 
Net income applicable to common shareholders $ 24,866  $ 26,015  $ 2,838  $ 7,270  $ 7,102  $ 7,656  $ 6,904 
Per common share information
Earnings $ 3.10  $ 3.21  $ 0.36  $ 0.91  $ 0.88  $ 0.95  $ 0.85 
Diluted earnings 3.08  3.19  0.35  0.90  0.88  0.94  0.85 
Average common shares issued and outstanding 8,028.6  8,113.7  7,990.9  8,017.1  8,040.9  8,065.9  8,088.3 
Average diluted common shares issued and outstanding 8,080.5  8,167.5  8,062.5  8,075.9  8,080.7  8,182.3  8,155.7 

Consolidated Statement of Comprehensive Income
(Dollars in millions)
Year Ended December 31 Fourth
Quarter
2023		 Third
Quarter
2023		 Second
Quarter
2023		 First
Quarter
2023		 Fourth
Quarter
2022
2023 2022
Net income $ 26,515  $ 27,528  $ 3,144  $ 7,802  $ 7,408  $ 8,161  $ 7,132 
Other comprehensive income (loss), net-of-tax:
Net change in debt securities 573  (6,028) 492  (642) 168  555  353 
Net change in debit valuation adjustments (686) 755  (267) (25) (404) 10  (543)
Net change in derivatives 3,919  (10,055) 4,236  (366) (1,993) 2,042  835 
Employee benefit plan adjustments (439) (667) (464) 6  9  10  (764)
Net change in foreign currency translation adjustments 1  (57) 7  (23) 5  12  (10)
Other comprehensive income (loss) 3,368  (16,052) 4,004  (1,050) (2,215) 2,629  (129)
Comprehensive income (loss) $ 29,883  $ 11,476  $ 7,148  $ 6,752  $ 5,193  $ 10,790  $ 7,003 




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) 
  Year Ended December 31 Fourth
Quarter
2023		 Third
Quarter
2023		 Second
Quarter
2023		 First
Quarter
2023		 Fourth
Quarter
2022
  2023 2022
Net interest income
Interest income
Loans and leases $ 57,124  $ 37,919  $ 15,227  $ 14,830  $ 13,970  $ 13,097  $ 12,114 
Debt securities 20,226  17,127  5,417  4,658  4,691  5,460  5,016 
Federal funds sold and securities borrowed or purchased under agreements to resell 18,679  4,560  5,124  4,888  4,955  3,712  2,725 
Trading account assets 8,773  5,521  2,452  2,217  2,076  2,028  1,768 
Other interest income 25,460  7,438  7,409  7,031  6,662  4,358  3,452 
Total interest income 130,262  72,565  35,629  33,624  32,354  28,655  25,075 
Interest expense
Deposits 26,163  4,718  8,724  7,340  5,785  4,314  2,999 
Short-term borrowings 30,553  6,978  8,389  7,629  8,355  6,180  4,273 
Trading account liabilities 2,043  1,538  557  510  472  504  421 
Long-term debt 14,572  6,869  4,013  3,766  3,584  3,209  2,701 
Total interest expense 73,331  20,103  21,683  19,245  18,196  14,207  10,394 
Net interest income $ 56,931  $ 52,462  $ 13,946  $ 14,379  $ 14,158  $ 14,448  $ 14,681 
Noninterest income
Fees and commissions
Card income
Interchange fees (1)
$ 3,983  $ 4,096  $ 1,010  $ 994  $ 1,023  $ 956  $ 1,029 
Other card income 2,071  1,987  509  526  523  513  523 
Total card income 6,054  6,083  1,519  1,520  1,546  1,469  1,552 
Service charges
Deposit-related fees 4,382  5,190  1,116  1,124  1,045  1,097  1,081 
Lending-related fees 1,302  1,215  330  340  319  313  308 
Total service charges 5,684  6,405  1,446  1,464  1,364  1,410  1,389 
Investment and brokerage services
Asset management fees 12,002  12,152  3,012  3,103  2,969  2,918  2,844 
Brokerage fees 3,561  3,749  897  860  870  934  879 
Total investment and brokerage services 15,563  15,901  3,909  3,963  3,839  3,852  3,723 
Investment banking fees
Underwriting income 2,235  1,970  478  531  657  569  411 
Syndication fees 898  1,070  278  209  180  231  174 
Financial advisory services 1,575  1,783  389  448  375  363  486 
Total investment banking fees 4,708  4,823  1,145  1,188  1,212  1,163  1,071 
Total fees and commissions 32,009  33,212  8,019  8,135  7,961  7,894  7,735 
Market making and similar activities 12,732  12,075  998  3,325  3,697  4,712  3,052 
Other income (loss) (3,091) (2,799) (1,004) (672) (619) (796) (936)
Total noninterest income $ 41,650  $ 42,488  $ 8,013  $ 10,788  $ 11,039  $ 11,810  $ 9,851 
(1)Gross interchange fees and merchant income were $13.3 billion and $12.9 billion and are presented net of $9.3 billion and $8.8 billion of expenses for rewards and partner payments as well as certain other card costs for the years ended December 31, 2023 and 2022. Gross interchange fees and merchant income were $3.4 billion, $3.4 billion, $3.4 billion, $3.2 billion and $3.3 billion and are presented net of $2.4 billion, $2.4 billion, $2.4 billion, $2.2 billion and $2.3 billion of expenses for rewards and partner payments as well as certain other card costs for the fourth, third, second and first quarters of 2023 and the fourth quarter 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)
December 31
2023		 September 30
2023		 December 31
2022
Assets
Cash and due from banks $ 27,892  $ 25,255  $ 30,334 
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks 305,181  326,471  199,869 
Cash and cash equivalents 333,073  351,726  230,203 
Time deposits placed and other short-term investments 8,346  7,995  7,259 
Federal funds sold and securities borrowed or purchased under agreements to resell 280,624  309,249  267,574 
Trading account assets 277,354  306,409  296,108 
Derivative assets 39,323  47,464  48,642 
Debt securities:    
Carried at fair value 276,852  175,540  229,994 
Held-to-maturity, at cost 594,555  603,333  632,825 
Total debt securities 871,407  778,873  862,819 
Loans and leases 1,053,732  1,049,149  1,045,747 
Allowance for loan and lease losses (13,342) (13,287) (12,682)
Loans and leases, net of allowance 1,040,390  1,035,862  1,033,065 
Premises and equipment, net 11,855  11,821  11,510 
Goodwill 69,021  69,021  69,022 
Loans held-for-sale 6,002  7,591  6,871 
Customer and other receivables 81,606  74,347  67,543 
Other assets 160,875  152,732  150,759 
Total assets $ 3,179,876  $ 3,153,090  $ 3,051,375 
Liabilities
Deposits in U.S. offices:
Noninterest-bearing $ 530,619  $ 549,333  $ 640,745 
Interest-bearing 1,273,904  1,228,039  1,182,590 
Deposits in non-U.S. offices:
Noninterest-bearing 16,427  15,276  20,480 
Interest-bearing 102,877  91,953  86,526 
Total deposits 1,923,827  1,884,601  1,930,341 
Federal funds purchased and securities loaned or sold under agreements to repurchase 283,887  300,703  195,635 
Trading account liabilities 95,530  102,820  80,399 
Derivative liabilities 43,432  40,855  44,816 
Short-term borrowings 32,098  40,196  26,932 
Accrued expenses and other liabilities 207,252  206,492  224,073 
Long-term debt 302,204  290,359  275,982 
Total liabilities 2,888,230  2,866,026  2,778,178 
Shareholders’ equity
Preferred stock, $0.01 par value; authorized –100,000,000 shares; issued and outstanding – 4,088,099, 4,088,099 and 4,088,101 shares
28,397  28,397  28,397 
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 7,895,457,665, 7,923,357,339 and 7,996,777,943 shares
56,365  56,710  58,953 
Retained earnings 224,672  223,749  207,003 
Accumulated other comprehensive income (loss) (17,788) (21,792) (21,156)
Total shareholders’ equity 291,646  287,064  273,197 
Total liabilities and shareholders’ equity $ 3,179,876  $ 3,153,090  $ 3,051,375 
Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
Trading account assets $ 6,054  $ 4,654  $ 2,816 
Loans and leases 18,276  16,902  16,738 
Allowance for loan and lease losses (826) (809) (797)
Loans and leases, net of allowance 17,450  16,093  15,941 
All other assets 269  222  116 
Total assets of consolidated variable interest entities $ 23,773  $ 20,969  $ 18,873 
Liabilities of consolidated variable interest entities included in total liabilities above
Short-term borrowings $ 2,957  $ 2,059  $ 42 
Long-term debt 8,456  6,566  4,581 
All other liabilities 19  12  13 
Total liabilities of consolidated variable interest entities $ 11,432  $ 8,637  $ 4,636 




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)
December 31
2023		 September 30
2023		 December 31
2022
Risk-based capital metrics (1):
Standardized Approach
Common equity tier 1 capital $ 194,928  $ 194,230  $ 180,060 
Tier 1 capital 223,323  222,623  208,446 
Total capital 251,399  251,137  238,773 
Risk-weighted assets 1,650,827  1,632,414  1,604,870 
Common equity tier 1 capital ratio 11.8  % 11.9  % 11.2  %
Tier 1 capital ratio 13.5  13.6  13.0 
Total capital ratio 15.2  15.4  14.9 
Advanced Approaches
Common equity tier 1 capital $ 194,928  $ 194,230  $ 180,060 
Tier 1 capital 223,323  222,623  208,446 
Total capital 241,449  241,712  230,916 
Risk-weighted assets 1,458,558  1,441,478  1,411,005 
Common equity tier 1 capital ratio 13.4  % 13.5  % 12.8  %
Tier 1 capital ratio 15.3  15.4  14.8 
Total capital ratio 16.6  16.8  16.4 
Leverage-based metrics (1):
Adjusted average assets $ 3,135,468  $ 3,050,808  $ 2,997,118 
Tier 1 leverage ratio 7.1  % 7.3  % 7.0  %
Supplementary leverage exposure $ 3,676,737  $ 3,597,412  $ 3,523,484 
Supplementary leverage ratio 6.1  % 6.2  % 5.9  %
Total ending equity to total ending assets ratio 9.2  9.1  9.0 
Common equity ratio 8.3  8.2  8.0 
Tangible equity ratio (2)
7.1  7.0  6.8 
Tangible common equity ratio (2)
6.2  6.1  5.9 
(1)Regulatory capital ratios at December 31, 2023 are preliminary. The Corporation reports 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 Total capital ratio under the Standardized approach for December 31, 2023 and September 30, 2023; and the Common equity tier 1 ratio under the Standardized approach for December 31, 2022.
(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)
December 31
2023		 September 30
2023		 December 31
2022
Total common shareholders' equity $ 263,249  $ 258,667  $ 244,800 
CECL transitional amount (1)
1,254  1,254  1,881 
Goodwill, net of related deferred tax liabilities (68,648) (68,644) (68,644)
Deferred tax assets arising from net operating loss and tax credit carryforwards (7,912) (7,778) (7,776)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities (1,496) (1,508) (1,554)
Defined benefit pension plan net assets, net-of-tax (764) (911) (867)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net-of-tax 1,342  967  496 
Accumulated net (gain) loss on certain cash flow hedges (2)
8,025  12,251  11,925 
Other (122) (68) (201)
Common equity tier 1 capital 194,928  194,230  180,060 
Qualifying preferred stock, net of issuance cost 28,396  28,396  28,396 
Other (1) (3) (10)
Tier 1 capital 223,323  222,623  208,446 
Tier 2 capital instruments 15,341  15,981  18,751 
Qualifying allowance for credit losses (3)
12,919  13,007  11,739 
Other (184) (474) (163)
Total capital under the Standardized approach 251,399  251,137  238,773 
Adjustment in qualifying allowance for credit losses under the Advanced approaches (3)
(9,950) (9,425) (7,857)
Total capital under the Advanced approaches $ 241,449  $ 241,712  $ 230,916 
(1)December 31, 2023, September 30, 2023 and December 31, 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)
  Fourth Quarter 2023 Third Quarter 2023 Fourth 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		 $ 380,362  $ 5,050  5.27  % $ 353,183  $ 4,613  5.18  % $ 175,595  $ 1,375  3.11  %
Time deposits placed and other short-term
    investments		 8,370  115  5.48  8,629  113  5.20  9,558  74  3.07 
Federal funds sold and securities borrowed or
   purchased under agreements to resell		 297,149  5,124  6.84  287,403  4,888  6.75  289,321  2,725  3.74 
Trading account assets 194,551  2,474  5.05  191,283  2,244  4.66  169,003  1,784  4.19 
Debt securities 802,657  5,445  2.68  752,569  4,685  2.47  869,084  5,043  2.30 
Loans and leases (2)
     
Residential mortgage 228,975  1,790  3.12  229,001  1,745  3.04  229,364  1,663  2.90 
Home equity 25,756  411  6.34  25,661  390  6.04  26,983  275  4.05 
Credit card 100,389  2,778  10.98  98,049  2,727  11.03  89,575  2,327  10.31 
Direct/Indirect and other consumer 103,606  1,386  5.31  104,134  1,354  5.16  106,598  1,119  4.16 
Total consumer 458,726  6,365  5.52  456,845  6,216  5.41  452,520  5,384  4.73 
U.S. commercial 379,215  5,176  5.42  377,728  5,061  5.32  378,850  4,172  4.37 
Non-U.S. commercial 125,371  2,208  6.99  123,781  2,088  6.69  125,983  1,474  4.64 
Commercial real estate 73,140  1,351  7.33  74,088  1,364  7.30  68,764  994  5.74 
Commercial lease financing 14,253  184  5.14  13,812  166  4.79  13,130  139  4.21 
Total commercial 591,979  8,919  5.98  589,409  8,679  5.84  586,727  6,779  4.58 
Total loans and leases 1,050,705  15,284  5.78  1,046,254  14,895  5.65  1,039,247  12,163  4.65 
Other earning assets 95,971  2,282  9.43  99,378  2,339  9.35  95,904  2,034  8.42 
Total earning assets 2,829,765  35,774  5.02  2,738,699  33,777  4.90  2,647,712  25,198  3.78 
Cash and due from banks 24,690  25,772    27,771 
Other assets, less allowance for loan and lease losses 358,704  363,995      398,806 
Total assets $ 3,213,159  $ 3,128,466      $ 3,074,289 
Interest-bearing liabilities
U.S. interest-bearing deposits
Demand and money market deposits $ 942,561  $ 4,868  2.05  % $ 942,368  $ 4,304  1.81  % $ 980,964  $ 2,044  0.83  %
Time and savings deposits 317,971  2,846  3.55  271,425  2,149  3.14  180,684  543  1.19 
Total U.S. interest-bearing deposits 1,260,532  7,714  2.43  1,213,793  6,453  2.11  1,161,648  2,587  0.88 
Non-U.S. interest-bearing deposits 101,766  1,010  3.94  97,095  887  3.63  83,073  412  1.97 
Total interest-bearing deposits 1,362,298  8,724  2.54  1,310,888  7,340  2.22  1,244,721  2,999  0.96 
Federal funds purchased and securities loaned or sold
   under agreements to repurchase 		329,696  5,883  7.08  294,878  5,342  7.19  214,267  2,246  4.16 
Short-term borrowings and other interest-bearing
    liabilities 		149,273  2,506  6.67  140,513  2,287  6.45  150,351  2,027  5.35 
Trading account liabilities 47,294  557  4.67  48,084  510  4.21  40,393  421  4.13 
Long-term debt 256,262  4,013  6.24  245,819  3,766  6.10  243,871  2,701  4.41 
Total interest-bearing liabilities 2,144,823  21,683  4.01  2,040,182  19,245  3.75  1,893,603  10,394  2.18 
Noninterest-bearing sources      
Noninterest-bearing deposits 542,713  565,265      680,823 
Other liabilities (3)
237,005  238,044      227,234 
Shareholders’ equity 288,618  284,975      272,629 
Total liabilities and shareholders’ equity $ 3,213,159  $ 3,128,466      $ 3,074,289 
Net interest spread 1.01  %     1.15  % 1.60  %
Impact of noninterest-bearing sources 0.96      0.96  0.62 
Net interest income/yield on earning assets (4)
$ 14,091  1.97  %   $ 14,532  2.11  % $ 14,804  2.22  %
(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 $42.3 billion, $41.1 billion and $31.9 billion of structured notes and liabilities for the fourth and third quarters of 2023 and the fourth quarter of 2022, respectively.
(4)Net interest income includes FTE adjustments of $145 million, $153 million and $123 million for the fourth and third quarters of 2023 and the fourth 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)
  December 31, 2023
  Amortized
Cost		 Gross
Unrealized
Gains		 Gross
Unrealized
Losses 		Fair
Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency $ 39,195  $ 37  $ (1,420) $ 37,812 
Agency-collateralized mortgage obligations 2,739  6  (201) 2,544 
Commercial 10,909  40  (514) 10,435 
Non-agency residential 449  3  (70) 382 
Total mortgage-backed securities 53,292  86  (2,205) 51,173 
U.S. Treasury and government agencies 179,108  19  (1,461) 177,666 
Non-U.S. securities 22,868  27  (20) 22,875 
Other taxable securities 4,910  1  (76) 4,835 
Tax-exempt securities 10,304  17  (221) 10,100 
Total available-for-sale debt securities 270,482  150  (3,983) 266,649 
Other debt securities carried at fair value (1)
10,202  56  (55) 10,203 
Total debt securities carried at fair value 280,684  206  (4,038) 276,852 
Held-to-maturity debt securities
Agency mortgage-backed securities 465,456  —  (78,930) 386,526 
U.S. Treasury and government agencies 121,645  —  (17,963) 103,682 
Other taxable securities 7,490  —  (1,101) 6,389 
Total held-to-maturity debt securities 594,591  —  (97,994) 496,597 
Total debt securities $ 875,275  $ 206  $ (102,032) $ 773,449 
  September 30, 2023
Available-for-sale debt securities
Mortgage-backed securities:      
Agency $ 22,435  $ —  $ (1,931) $ 20,504 
Agency-collateralized mortgage obligations 1,964  —  (266) 1,698 
Commercial 7,309  14  (582) 6,741 
Non-agency residential 452  3  (68) 387 
Total mortgage-backed securities 32,160  17  (2,847) 29,330 
U.S. Treasury and government agencies 104,828  6  (1,198) 103,636 
Non-U.S. securities 18,901  18  (47) 18,872 
Other taxable securities 3,271  1  (93) 3,179 
Tax-exempt securities 10,965  —  (372) 10,593 
Total available-for-sale debt securities 170,125  42  (4,557) 165,610 
Other debt securities carried at fair value (1)
9,933  56  (59) 9,930 
Total debt securities carried at fair value 180,058  98  (4,616) 175,540 
Held-to-maturity debt securities
Agency mortgage-backed securities 474,100  —  (106,890) 367,210 
U.S. Treasury and government agencies 121,633  —  (23,351) 98,282 
Other taxable securities 7,632  —  (1,363) 6,269 
Total held-to-maturity debt securities 603,365  —  (131,604) 471,761 
Total debt securities $ 783,423  $ 98  $ (136,220) $ 647,301 
(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)
Year Ended
December 31		 Fourth
Quarter
2023		 Third
Quarter
2023		 Second
Quarter
2023		 First
Quarter
2023		 Fourth
Quarter
2022
  2023 2022
FTE basis data (1)
Net interest income $ 57,498  $ 52,900  $ 14,091  $ 14,532  $ 14,293  $ 14,582  $ 14,804 
Total revenue, net of interest expense 99,148  95,388  22,104  25,320  25,332  26,392  24,655 
Net interest yield 2.08  % 1.96  % 1.97  % 2.11  % 2.06  % 2.20  % 2.22  %
Efficiency ratio 66.41  64.41  80.22  62.55  63.31  61.53  63.05 
(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 $567 million and $438 million for the years ended December 31, 2023 and 2022, and $145 million, $153 million, $135 million, $134 million and $123 million for the fourth, third, second and first quarters of 2023 and the fourth quarter 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)
  Fourth Quarter 2023
  Total
Corporation		 Consumer Banking GWIM Global Banking Global Markets All
Other
Net interest income $ 14,091  $ 8,268  $ 1,711  $ 3,435  $ 598  $ 79 
Noninterest income
Fees and commissions:
Card income 1,519  1,324  12  194  15  (26)
Service charges 1,446  588  20  749  87  2 
Investment and brokerage services 3,909  78  3,328  20  486  (3)
Investment banking fees 1,145  —  47  690  439  (31)
Total fees and commissions 8,019  1,990  3,407  1,653  1,027  (58)
Market making and similar activities 998  5  37  55  2,428  (1,527)
Other income (loss)
(1,004) 66  72  785  35  (1,962)
Total noninterest income (loss) 8,013  2,061  3,516  2,493  3,490  (3,547)
Total revenue, net of interest expense 22,104  10,329  5,227  5,928  4,088  (3,468)
Provision for credit losses 1,104  1,405  (26) (239) (60) 24 
Noninterest expense 17,731  5,234  3,894  2,781  3,271  2,551 
Income (loss) before income taxes 3,269  3,690  1,359  3,386  877  (6,043)
Income tax expense (benefit) 125  922  340  914  241  (2,292)
Net income (loss) $ 3,144  $ 2,768  $ 1,019  $ 2,472  $ 636  $ (3,751)
Average
Total loans and leases $ 1,050,705  $ 313,438  $ 219,425  $ 374,862  $ 133,631  $ 9,349 
Total assets (1)
3,213,159  1,038,418  336,067  624,093  867,953  346,628 
Total deposits 1,905,011  959,247  292,478  527,597  31,950  93,739 
Quarter end
Total loans and leases $ 1,053,732  $ 315,119  $ 219,657  $ 373,891  $ 136,223  $ 8,842 
Total assets (1)
3,179,876  1,049,830  344,626  621,751  817,313  346,356 
Total deposits 1,923,827  969,572  299,657  527,060  34,833  92,705 
  Third Quarter 2023
  Total
Corporation		 Consumer Banking GWIM Global Banking Global Markets All
Other
Net interest income $ 14,532  $ 8,391  $ 1,755  $ 3,613  $ 674  $ 99 
Noninterest income
Fees and commissions:
Card income 1,520  1,325  9  197  16  (27)
Service charges 1,464  605  20  754  85  — 
Investment and brokerage services 3,963  80  3,396  14  475  (2)
Investment banking fees 1,188  —  45  743  463  (63)
Total fees and commissions 8,135  2,010  3,470  1,708  1,039  (92)
Market making and similar activities 3,325  5  34  21  3,195  70 
Other income (loss) (672) 66  62  861  34  (1,695)
Total noninterest income (loss) 10,788  2,081  3,566  2,590  4,268  (1,717)
Total revenue, net of interest expense 25,320  10,472  5,321  6,203  4,942  (1,618)
Provision for credit losses 1,234  1,397  (6) (119) (14) (24)
Noninterest expense 15,838  5,256  3,950  2,804  3,235  593 
Income (loss) before income taxes 8,248  3,819  1,377  3,518  1,721  (2,187)
Income tax expense (benefit) 446  955  344  950  473  (2,276)
Net income (loss) $ 7,802  $ 2,864  $ 1,033  $ 2,568  $ 1,248  $ 89 
Average
Total loans and leases $ 1,046,254  $ 310,761  $ 218,569  $ 376,214  $ 131,298  $ 9,412 
Total assets (1)
3,128,466  1,059,152  335,124  601,378  863,653  269,159 
Total deposits 1,876,153  980,051  291,770  504,432  31,890  68,010 
Quarter end
Total loans and leases $ 1,049,149  $ 313,216  $ 218,913  $ 373,351  $ 134,386  $ 9,283 
Total assets (1)
3,153,090  1,062,038  333,779  588,578  864,792  303,903 
Total deposits 1,884,601  982,302  290,732  494,938  31,041  85,588 
(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)
  Fourth Quarter 2022
  Total
Corporation		 Consumer Banking GWIM Global Banking Global Markets All
Other
Net interest income $ 14,804  $ 8,494  $ 2,015  $ 3,880  $ 371  $ 44 
Noninterest income
Fees and commissions:
Card income 1,552  1,333  19  196  17  (13)
Service charges 1,389  586  17  703  79  4 
Investment and brokerage services 3,723  71  3,166  6  482  (2)
Investment banking fees 1,071  —  35  706  347  (17)
Total fees and commissions 7,735  1,990  3,237  1,611  925  (28)
Market making and similar activities 3,052  5  36  34  2,685  292 
Other income (loss) (936) 293  122  913  (120) (2,144)
Total noninterest income (loss) 9,851  2,288  3,395  2,558  3,490  (1,880)
Total revenue, net of interest expense 24,655  10,782  5,410  6,438  3,861  (1,836)
Provision for credit losses 1,092  944  37  149  4  (42)
Noninterest expense 15,543  5,100  3,784  2,833  3,171  655 
Income (loss) before income taxes 8,020  4,738  1,589  3,456  686  (2,449)
Income tax expense (benefit) 888  1,161  389  916  182  (1,760)
Net income (loss) $ 7,132  $ 3,577  $ 1,200  $ 2,540  $ 504  $ (689)
Average
Total loans and leases $ 1,039,247  $ 300,360  $ 225,094  $ 380,385  $ 123,022  $ 10,386 
Total assets (1)
3,074,289  1,123,813  361,592  595,525  857,319  136,040 
Total deposits 1,925,544  1,047,058  317,849  503,472  37,219  19,946 
Quarter end
Total loans and leases $ 1,045,747  $ 304,761  $ 223,910  $ 379,107  $ 127,735  $ 10,234 
Total assets (1)
3,051,375  1,126,453  368,893  588,466  812,489  155,074 
Total deposits 1,930,341  1,048,799  323,899  498,661  39,077  19,905 
(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
Annual Results by Business Segment and All Other
(Dollars in millions) 
  Year Ended December 31, 2023
  Total
Corporation		 Consumer Banking GWIM Global Banking Global Markets All
Other
Net interest income $ 57,498  $ 33,689  $ 7,147  $ 14,645  $ 1,678  $ 339 
Noninterest income
Fees and commissions:
Card income 6,054  5,264  45  781  66  (102)
Service charges 5,684  2,317  78  2,952  335  2 
Investment and brokerage services 15,563  308  13,213  57  1,993  (8)
Investment banking fees 4,708  —  171  2,819  1,874  (156)
Total fees and commissions 32,009  7,889  13,507  6,609  4,268  (264)
Market making and similar activities 12,732  20  137  190  13,430  (1,045)
Other income (loss) (3,091) 433  314  3,352  151  (7,341)
Total noninterest income (loss) 41,650  8,342  13,958  10,151  17,849  (8,650)
Total revenue, net of interest expense 99,148  42,031  21,105  24,796  19,527  (8,311)
Provision for credit losses 4,394  5,158  6  (586) (131) (53)
Noninterest expense 65,845  21,416  15,836  11,344  13,206  4,043 
Income (loss) before income taxes 28,909  15,457  5,263  14,038  6,452  (12,301)
Income tax expense (benefit) 2,394  3,864  1,316  3,790  1,774  (8,350)
Net income (loss) $ 26,515  $ 11,593  $ 3,947  $ 10,248  $ 4,678  $ (3,951)
Average
Total loans and leases $ 1,046,256  $ 308,690  $ 219,503  $ 378,762  $ 129,657  $ 9,644 
Total assets (1)
3,153,513  1,071,853  342,531  602,579  869,756  266,794 
Total deposits 1,887,541  992,750  298,335  505,627  33,278  57,551 
Year end
Total loans and leases $ 1,053,732  $ 315,119  $ 219,657  $ 373,891  $ 136,223  $ 8,842 
Total assets (1)
3,179,876  1,049,830  344,626  621,751  817,313  346,356 
Total deposits 1,923,827  969,572  299,657  527,060  34,833  92,705 
  Year Ended December 31, 2022
  Total
Corporation		 Consumer Banking GWIM Global Banking Global Markets All
Other
Net interest income $ 52,900  $ 30,045  $ 7,466  $ 12,184  $ 3,088  $ 117 
Noninterest income
Fees and commissions:
Card income 6,083  5,169  70  774  66  4 
Service charges 6,405  2,706  73  3,293  325  8 
Investment and brokerage services 15,901  304  13,561  42  2,002  (8)
Investment banking fees 4,823  —  189  3,004  1,820  (190)
Total fees and commissions 33,212  8,179  13,893  7,113  4,213  (186)
Market making and similar activities 12,075  10  102  215  11,406  342 
Other income (loss) (2,799) 401  287  2,717  (569) (5,635)
Total noninterest income (loss) 42,488  8,590  14,282  10,045  15,050  (5,479)
Total revenue, net of interest expense 95,388  38,635  21,748  22,229  18,138  (5,362)
Provision for credit losses 2,543  1,980  66  641  28  (172)
Noninterest expense 61,438  20,077  15,490  10,966  12,420  2,485 
Income (loss) before income taxes 31,407  16,578  6,192  10,622  5,690  (7,675)
Income tax expense (benefit) 3,879  4,062  1,517  2,815  1,508  (6,023)
Net income (loss) $ 27,528  $ 12,516  $ 4,675  $ 7,807  $ 4,182  $ (1,652)
Average
Total loans and leases $ 1,016,782  $ 292,366  $ 219,810  $ 375,271  $ 116,652  $ 12,683 
Total assets (1)
3,135,894  1,139,351  396,167  603,273  857,637  139,466 
Total deposits 1,986,158  1,062,561  351,329  511,804  40,382  20,082 
Year end
Total loans and leases $ 1,045,747  $ 304,761  $ 223,910  $ 379,107  $ 127,735  $ 10,234 
Total assets (1)
3,051,375  1,126,453  368,893  588,466  812,489  155,074 
Total deposits 1,930,341  1,048,799  323,899  498,661  39,077  19,905 
(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)
Year Ended
December 31		 Fourth
Quarter
2023		 Third
Quarter
2023		 Second
Quarter
2023		 First
Quarter
2023		 Fourth
Quarter
2022
2023 2022
Net interest income $ 33,689  $ 30,045  $ 8,268  $ 8,391  $ 8,437  $ 8,593  $ 8,494 
Noninterest income:
Card income 5,264  5,169  1,324  1,325  1,341  1,274  1,333 
Service charges 2,317  2,706  588  605  525  599  586 
All other income 761  715  149  151  221  240  369 
Total noninterest income 8,342  8,590  2,061  2,081  2,087  2,113  2,288 
Total revenue, net of interest expense 42,031  38,635  10,329  10,472  10,524  10,706  10,782 
Provision for credit losses 5,158  1,980  1,405  1,397  1,267  1,089  944 
Noninterest expense 21,416  20,077  5,234  5,256  5,453  5,473  5,100 
Income before income taxes 15,457  16,578  3,690  3,819  3,804  4,144  4,738 
Income tax expense 3,864  4,062  922  955  951  1,036  1,161 
Net income $ 11,593  $ 12,516  $ 2,768  $ 2,864  $ 2,853  $ 3,108  $ 3,577 
Net interest yield 3.26  % 2.73  % 3.28  % 3.26  % 3.24  % 3.27  % 3.11  %
Return on average allocated capital (1)
28  31  26  27  27  30  35 
Efficiency ratio 50.95  51.96  50.71  50.18  51.81  51.12  47.29 
Balance Sheet
Average
Total loans and leases $ 308,690  $ 292,366  $ 313,438  $ 310,761  $ 306,662  $ 303,772  $ 300,360 
Total earning assets (2)
1,032,525  1,099,410  1,000,032  1,019,980  1,045,743  1,065,202  1,083,850 
Total assets (2)
1,071,853  1,139,351  1,038,418  1,059,152  1,085,469  1,105,245  1,123,813 
Total deposits 992,750  1,062,561  959,247  980,051  1,006,337  1,026,242  1,047,058 
Allocated capital (1)
42,000  40,000  42,000  42,000  42,000  42,000  40,000 
Period end
Total loans and leases $ 315,119  $ 304,761  $ 315,119  $ 313,216  $ 309,735  $ 304,480  $ 304,761 
Total earning assets (2)
1,009,360  1,085,079  1,009,360  1,023,162  1,043,228  1,081,780  1,085,079 
Total assets (2)
1,049,830  1,126,453  1,049,830  1,062,038  1,084,512  1,124,438  1,126,453 
Total deposits 969,572  1,048,799  969,572  982,302  1,004,482  1,044,768  1,048,799 
(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)
  Year Ended
December 31		 Fourth
Quarter
2023		 Third
Quarter
2023		 Second
Quarter
2023		 First
Quarter
2023		 Fourth
Quarter
2022
2023 2022
Average deposit balances
Checking $ 567,633  $ 596,875  $ 551,890  $ 562,319  $ 575,792  $ 580,910  $ 588,668 
Savings 63,919  71,851  58,975  62,352  66,142  68,327  69,790 
MMS 307,927  359,752  277,912  296,833  317,942  339,823  356,015 
CDs and IRAs 49,331  29,450  66,758  54,596  42,445  33,098  28,619 
Other 3,940  4,633  3,712  3,951  4,016  4,084  3,966 
Total average deposit balances $ 992,750  $ 1,062,561  $ 959,247  $ 980,051  $ 1,006,337  $ 1,026,242  $ 1,047,058 
Deposit spreads (excludes noninterest costs)
Checking 2.34  % 1.98  % 2.47  % 2.38  % 2.30  % 2.22  % 2.09  %
Savings 2.71  2.23  2.90  2.77  2.65  2.53  2.33 
MMS 3.33  1.61  3.64  3.49  3.28  2.99  2.25 
CDs and IRAs 2.66  1.53  2.25  2.55  2.96  3.27  2.91 
Other 4.85  1.60  5.21  5.05  4.80  4.37  3.35 
Total deposit spreads 2.70  1.86  2.83  2.76  2.67  2.54  2.19 
Consumer investment assets $ 424,410  $ 319,648  $ 424,410  $ 387,467  $ 386,761  $ 354,892  $ 319,648 
Active digital banking users (in thousands) (1)
46,265  44,054  46,265  45,797  45,713  44,962  44,054 
Active mobile banking users (in thousands) (2)
37,927  35,452  37,927  37,487  37,329  36,322  35,452 
Financial centers 3,845  3,913  3,845  3,862  3,887  3,892  3,913 
ATMs 15,168  15,528  15,168  15,253  15,335  15,407  15,528 
Total credit card (3)
Loans
Average credit card outstandings $ 96,190  $ 83,539  $ 100,389  $ 98,049  $ 94,431  $ 91,775  $ 89,575 
Ending credit card outstandings 102,200  93,421  102,200  99,686  97,009  92,469  93,421 
Credit quality
Net charge-offs $ 2,561  $ 1,334  $ 777  $ 673  $ 610  $ 501  $ 386 
2.66  % 1.60  % 3.07  % 2.72  % 2.60  % 2.21  % 1.71  %
30+ delinquency $ 2,419  $ 1,505  $ 2,419  $ 2,097  $ 1,810  $ 1,674  $ 1,505 
2.37  % 1.61  % 2.37  % 2.10  % 1.87  % 1.81  % 1.61  %
90+ delinquency $ 1,224  $ 717  $ 1,224  $ 1,016  $ 897  $ 828  $ 717 
1.20  % 0.77  % 1.20  % 1.02  % 0.92  % 0.90  % 0.77  %
Other total credit card indicators (3)
Gross interest yield 11.88  % 10.42  % 11.97  % 12.03  % 11.66  % 11.85  % 11.18  %
Risk-adjusted margin 7.83  10.06  7.18  7.70  7.83  8.69  9.87 
New accounts (in thousands) 4,275  4,397  889  1,062  1,137  1,187  1,096 
Purchase volumes $ 363,117  $ 356,588  $ 92,759  $ 91,711  $ 93,103  $ 85,544  $ 92,800 
Debit card data
Purchase volumes $ 527,074  $ 503,583  $ 136,183  $ 133,553  $ 132,962  $ 124,376  $ 130,157 
Loan production (4)
Consumer Banking:
First mortgage $ 9,145  $ 20,981  $ 1,753  $ 2,547  $ 2,889  $ 1,956  $ 2,286 
Home equity 8,328  7,988  1,939  2,035  2,171  2,183  2,113 
Total (5):
First mortgage $ 19,405  $ 44,765  $ 3,932  $ 5,596  $ 5,940  $ 3,937  $ 5,217 
Home equity 9,814  9,591  2,255  2,421  2,542  2,596  2,596 
(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)
Fourth Quarter 2023 Third Quarter 2023
Total Consumer Banking Deposits Consumer
Lending		 Total Consumer Banking Deposits Consumer
Lending
Net interest income $ 8,268  $ 5,425  $ 2,843  $ 8,391  $ 5,571  $ 2,820 
Noninterest income:
Card income 1,324  (9) 1,333  1,325  (11) 1,336 
Service charges 588  588  —  605  605  — 
All other income 149  116  33  151  116  35 
Total noninterest income 2,061  695  1,366  2,081  710  1,371 
Total revenue, net of interest expense 10,329  6,120  4,209  10,472  6,281  4,191 
Provision for credit losses 1,405  77  1,328  1,397  128  1,269 
Noninterest expense 5,234  3,269  1,965  5,256  3,240  2,016 
Income before income taxes 3,690  2,774  916  3,819  2,913  906 
Income tax expense 922  693  229  955  729  226 
Net income $ 2,768  $ 2,081  $ 687  $ 2,864  $ 2,184  $ 680 
Net interest yield 3.28  % 2.25  % 3.64  % 3.26  % 2.26  % 3.65  %
Return on average allocated capital (1)
26  60  10  27  63  10 
Efficiency ratio 50.71  53.51  46.65  50.18  51.60  48.06 
Balance Sheet
Average
Total loans and leases $ 313,438  $ 4,183  $ 309,255  $ 310,761  $ 4,139  $ 306,622 
Total earning assets (2)
1,000,032  955,931  309,503  1,019,980  975,968  306,982 
Total assets (2)
1,038,418  988,956  314,864  1,059,152  1,009,390  312,731 
Total deposits 959,247  954,228  5,019  980,051  974,674  5,377 
Allocated capital (1)
42,000  13,700  28,300  42,000  13,700  28,300 
Period end
Total loans and leases $ 315,119  $ 4,218  $ 310,901  $ 313,216  $ 4,165  $ 309,051 
Total earning assets (2)
1,009,360  965,088  311,008  1,023,162  978,133  309,527 
Total assets (2)
1,049,830  999,372  317,194  1,062,038  1,010,771  315,765 
Total deposits 969,572  964,136  5,436  982,302  976,007  6,295 
Fourth Quarter 2022
Total Consumer Banking Deposits Consumer
Lending
Net interest income $ 8,494  $ 5,719  $ 2,775 
Noninterest income:
Card income 1,333  (9) 1,342 
Service charges 586  585  1 
All other income 369  214  155 
Total noninterest income 2,288  790  1,498 
Total revenue, net of interest expense 10,782  6,509  4,273 
Provision for credit losses 944  176  768 
Noninterest expense 5,100  3,189  1,911 
Income before income taxes 4,738  3,144  1,594 
Income tax expense 1,161  771  390 
Net income $ 3,577  $ 2,373  $ 1,204 
Net interest yield 3.11  % 2.18  % 3.71  %
Return on average allocated capital (1)
35  72  18 
Efficiency ratio 47.29  49.00  44.70 
Balance Sheet
Average
Total loans and leases $ 300,360  $ 4,132  $ 296,228 
Total earning assets (2)
1,083,850  1,042,289  296,535 
Total assets (2)
1,123,813  1,075,446  303,340 
Total deposits 1,047,058  1,041,669  5,389 
Allocated capital (1)
40,000  13,000  27,000 
Period end
Total loans and leases $ 304,761  $ 4,148  $ 300,613 
Total earning assets (2)
1,085,079  1,043,049  300,787 
Total assets (2)
1,126,453  1,077,203  308,007 
Total deposits 1,048,799  1,043,194  5,605 
(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)    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 Annual Results
(Dollars in millions)
Year Ended December 31
2023 2022
Total Consumer Banking Deposits Consumer
Lending		 Total Consumer Banking Deposits Consumer
Lending
Net interest income $ 33,689  $ 22,545  $ 11,144  $ 30,045  $ 19,254  $ 10,791 
Noninterest income:
Card income 5,264  (40) 5,304  5,169  (36) 5,205 
Service charges 2,317  2,314  3  2,706  2,703  3 
All other income 761  607  154  715  478  237 
Total noninterest income 8,342  2,881  5,461  8,590  3,145  5,445 
Total revenue, net of interest expense 42,031  25,426  16,605  38,635  22,399  16,236 
Provision for credit losses 5,158  491  4,667  1,980  564  1,416 
Noninterest expense 21,416  13,358  8,058  20,077  12,393  7,684 
Income before income taxes 15,457  11,577  3,880  16,578  9,442  7,136 
Income tax expense 3,864  2,894  970  4,062  2,314  1,748 
Net income $ 11,593  $ 8,683  $ 2,910  $ 12,516  $ 7,128  $ 5,388 
Net interest yield 3.26  % 2.28  % 3.66  % 2.73  % 1.82  % 3.72  %
Return on average allocated capital (1)
28  63  10  31  55  20 
Efficiency ratio 50.95  52.54  48.52  51.96  55.33  47.32 
Balance Sheet
Average
Total loans and leases $ 308,690  $ 4,129  $ 304,561  $ 292,366  $ 4,161  $ 288,205 
Total earning assets (2)
1,032,525  989,000  304,838  1,099,410  1,057,531  289,719 
Total assets (2)
1,071,853  1,022,361  310,805  1,139,351  1,090,692  296,499 
Total deposits 992,750  987,675  5,075  1,062,561  1,056,783  5,778 
Allocated capital (1)
42,000  13,700  28,300  40,000  13,000  27,000 
Year end
Total loans and leases $ 315,119  $ 4,218  $ 310,901  $ 304,761  $ 4,148  $ 300,613 
Total earning assets (2)
1,009,360  965,088  311,008  1,085,079  1,043,049  300,787 
Total assets (2)
1,049,830  999,372  317,194  1,126,453  1,077,203  308,007 
Total deposits 969,572  964,136  5,436  1,048,799  1,043,194  5,605 
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)
  Year Ended
December 31		 Fourth
Quarter
2023		 Third
Quarter
2023		 Second
Quarter
2023		 First
Quarter
2023		 Fourth
Quarter
2022
  2023 2022
Net interest income $ 7,147  $ 7,466  $ 1,711  $ 1,755  $ 1,805  $ 1,876  $ 2,015 
Noninterest income:
Investment and brokerage services 13,213  13,561  3,328  3,396  3,251  3,238  3,166 
All other income 745  721  188  170  186  201  229 
Total noninterest income 13,958  14,282  3,516  3,566  3,437  3,439  3,395 
Total revenue, net of interest expense 21,105  21,748  5,227  5,321  5,242  5,315  5,410 
Provision for credit losses 6  66  (26) (6) 13  25  37 
Noninterest expense 15,836  15,490  3,894  3,950  3,925  4,067  3,784 
Income before income taxes 5,263  6,192  1,359  1,377  1,304  1,223  1,589 
Income tax expense 1,316  1,517  340  344  326  306  389 
Net income $ 3,947  $ 4,675  $ 1,019  $ 1,033  $ 978  $ 917  $ 1,200 
Net interest yield 2.17  % 1.95  % 2.10  % 2.16  % 2.21  % 2.20  % 2.29  %
Return on average allocated capital (1)
21  27  22  22  21  20  27 
Efficiency ratio 75.04  71.23  74.41  74.28  74.86  76.53  69.96 
Balance Sheet
Average
Total loans and leases $ 219,503  $ 219,810  $ 219,425  $ 218,569  $ 218,604  $ 221,448  $ 225,094 
Total earning assets (2)
329,493  383,352  322,827  322,032  327,066  346,384  348,718 
Total assets (2)
342,531  396,167  336,067  335,124  340,105  359,164  361,592 
Total deposits 298,335  351,329  292,478  291,770  295,380  314,019  317,849 
Allocated capital (1)
18,500  17,500  18,500  18,500  18,500  18,500  17,500 
Period end
Total loans and leases $ 219,657  $ 223,910  $ 219,657  $ 218,913  $ 219,208  $ 217,804  $ 223,910 
Total earning assets (2)
330,653  355,461  330,653  320,196  324,820  336,560  355,461 
Total assets (2)
344,626  368,893  344,626  333,779  338,184  349,888  368,893 
Total deposits 299,657  323,899  299,657  290,732  292,526  301,471  323,899 
(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)
  Year Ended
December 31		 Fourth
Quarter
2023		 Third
Quarter
2023		 Second
Quarter
2023		 First
Quarter
2023		 Fourth
Quarter
2022
  2023 2022
Revenue by Business
Merrill Wealth Management $ 17,461  $ 18,135  $ 4,326  $ 4,398  $ 4,340  $ 4,397  $ 4,486 
Bank of America Private Bank 3,644  3,613  901  923  902  918  924 
Total revenue, net of interest expense $ 21,105  $ 21,748  $ 5,227  $ 5,321  $ 5,242  $ 5,315  $ 5,410 
Client Balances by Business, at period end
Merrill Wealth Management $ 3,182,735  $ 2,822,910  $ 3,182,735  $ 2,978,229  $ 3,057,680  $ 2,952,681  $ 2,822,910 
Bank of America Private Bank 606,639  563,931  606,639  572,624  577,514  568,925  563,931 
Total client balances $ 3,789,374  $ 3,386,841  $ 3,789,374  $ 3,550,853  $ 3,635,194  $ 3,521,606  $ 3,386,841 
Client Balances by Type, at period end
Assets under management (1)
$ 1,617,740  $ 1,401,474  $ 1,617,740  $ 1,496,601  $ 1,531,042  $ 1,467,242  $ 1,401,474 
Brokerage and other assets 1,688,923  1,482,025  1,688,923  1,578,123  1,628,294  1,571,409  1,482,025 
Deposits 299,657  323,899  299,657  290,732  292,526  301,471  323,899 
Loans and leases (2)
222,287  226,973  222,287  221,684  222,280  220,633  226,973 
Less: Managed deposits in assets under management (39,233) (47,530) (39,233) (36,287) (38,948) (39,149) (47,530)
Total client balances $ 3,789,374  $ 3,386,841  $ 3,789,374  $ 3,550,853  $ 3,635,194  $ 3,521,606  $ 3,386,841 
Assets Under Management Rollforward
Assets under management, beginning balance $ 1,401,474  $ 1,638,782  $ 1,496,601  $ 1,531,042  $ 1,467,242  $ 1,401,474  $ 1,329,557 
Net client flows 52,227  20,785  8,443  14,226  14,296  15,262  105 
Market valuation/other 164,039  (258,093) 112,696  (48,667) 49,504  50,506  71,812 
Total assets under management, ending balance $ 1,617,740  $ 1,401,474  $ 1,617,740  $ 1,496,601  $ 1,531,042  $ 1,467,242  $ 1,401,474 
Advisors, at period end
Total wealth advisors (3)
18,916  19,273  18,916  19,130  19,099  19,243  19,273 
(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)
  Year Ended
December 31		 Fourth
Quarter
2023		 Third
Quarter
2023		 Second
Quarter
2023		 First
Quarter
2023		 Fourth
Quarter
2022
  2023 2022
Net interest income $ 14,645  $ 12,184  $ 3,435  $ 3,613  $ 3,690  $ 3,907  $ 3,880 
Noninterest income:
Service charges 2,952  3,293  749  754  735  714  703 
Investment banking fees 2,819  3,004  690  743  718  668  706 
All other income 4,380  3,748  1,054  1,093  1,319  914  1,149 
Total noninterest income 10,151  10,045  2,493  2,590  2,772  2,296  2,558 
Total revenue, net of interest expense 24,796  22,229  5,928  6,203  6,462  6,203  6,438 
Provision for credit losses (586) 641  (239) (119) 9  (237) 149 
Noninterest expense 11,344  10,966  2,781  2,804  2,819  2,940  2,833 
Income before income taxes 14,038  10,622  3,386  3,518  3,634  3,500  3,456 
Income tax expense 3,790  2,815  914  950  981  945  916 
Net income $ 10,248  $ 7,807  $ 2,472  $ 2,568  $ 2,653  $ 2,555  $ 2,540 
Net interest yield 2.73  % 2.26  % 2.45  % 2.68  % 2.80  % 3.03  % 2.90  %
Return on average allocated capital (1)
21  18  20  21  22  21  23 
Efficiency ratio 45.75  49.34  46.92  45.22  43.59  47.41  44.03 
Balance Sheet
Average
Total loans and leases $ 378,762  $ 375,271  $ 374,862  $ 376,214  $ 383,058  $ 381,009  $ 380,385 
Total earning assets (2)
535,500  539,032  557,147  534,153  527,959  522,374  531,206 
Total assets (2)
602,579  603,273  624,093  601,378  595,585  588,886  595,525 
Total deposits 505,627  511,804  527,597  504,432  497,533  492,577  503,472 
Allocated capital (1)
49,250  44,500  49,250  49,250  49,250  49,250  44,500 
Period end
Total loans and leases $ 373,891  $ 379,107  $ 373,891  $ 373,351  $ 381,609  $ 383,491  $ 379,107 
Total earning assets (2)
552,453  522,539  552,453  521,423  518,547  524,299  522,539 
Total assets (2)
621,751  588,466  621,751  588,578  586,397  591,231  588,466 
Total deposits 527,060  498,661  527,060  494,938  492,734  495,949  498,661 
(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)
  Year Ended
December 31		 Fourth
Quarter
2023		 Third
Quarter
2023		 Second
Quarter
2023		 First
Quarter
2023		 Fourth
Quarter
2022
  2023 2022
Investment Banking fees (1)
Advisory (2)
$ 1,392  $ 1,643  $ 350  $ 396  $ 333  $ 313  $ 446 
Debt issuance 1,073  1,099  265  255  263  290  184 
Equity issuance 354  262  75  92  122  65  76 
Total Investment Banking fees (3)
$ 2,819  $ 3,004  $ 690  $ 743  $ 718  $ 668  $ 706 
Business Lending
Corporate $ 4,928  $ 4,325  $ 1,235  $ 1,300  $ 1,359  $ 1,034  $ 1,417 
Commercial 5,016  4,316  1,251  1,262  1,270  1,233  1,188 
Business Banking 253  251  62  61  63  67  65 
Total Business Lending revenue $ 10,197  $ 8,892  $ 2,548  $ 2,623  $ 2,692  $ 2,334  $ 2,670 
Global Transaction Services
Corporate $ 5,746  $ 5,002  $ 1,322  $ 1,392  $ 1,483  $ 1,549  $ 1,546 
Commercial 4,139  4,166  967  998  1,045  1,129  1,185 
Business Banking 1,531  1,213  370  379  395  387  378 
Total Global Transaction Services revenue $ 11,416  $ 10,381  $ 2,659  $ 2,769  $ 2,923  $ 3,065  $ 3,109 
Average deposit balances
Interest-bearing $ 303,414  $ 174,272  $ 351,007  $ 315,289  $ 289,187  $ 257,012  $ 225,671 
Noninterest-bearing 202,213  337,532  176,590  189,143  208,346  235,565  277,801 
Total average deposits $ 505,627  $ 511,804  $ 527,597  $ 504,432  $ 497,533  $ 492,577  $ 503,472 
Loan spread 1.52  % 1.51  % 1.49  % 1.52  % 1.52  % 1.55  % 1.52  %
Provision for credit losses $ (586) $ 641  $ (239) $ (119) $ 9  $ (237) $ 149 
Credit quality (4, 5)
Reservable criticized utilized exposure $ 21,597  $ 17,519  $ 21,597  $ 22,025  $ 19,714  $ 18,104  $ 17,519 
5.46  % 4.37  % 5.46  % 5.58  % 4.89  % 4.46  % 4.37  %
Nonperforming loans, leases and foreclosed properties $ 2,673  $ 923  $ 2,673  $ 1,908  $ 1,248  $ 1,023  $ 923 
0.72  % 0.25  % 0.72  % 0.51  % 0.33  % 0.27  % 0.25  %
Average loans and leases by product
U.S. commercial $ 227,607  $ 225,325  $ 225,070  $ 225,758  $ 230,111  $ 229,558  $ 230,591 
Non-U.S. commercial 80,283  83,352  78,483  78,748  81,546  82,412  82,222 
Commercial real estate 56,701  52,389  56,735  57,573  57,449  55,019  54,104 
Commercial lease financing 14,170  14,203  14,573  14,134  13,951  14,019  13,467 
Other 1  2  1  1  1  1  1 
Total average loans and leases $ 378,762  $ 375,271  $ 374,862  $ 376,214  $ 383,058  $ 381,009  $ 380,385 
Total Corporation Investment Banking fees
Advisory (2)
$ 1,575  $ 1,783  $ 389  $ 448  $ 375  $ 363  $ 486 
Debt issuance 2,403  2,523  589  570  600  644  414 
Equity issuance 886  709  199  232  287  168  189 
Total investment banking fees including self-led deals 4,864  5,015  1,177  1,250  1,262  1,175  1,089 
Self-led deals (156) (192) (32) (62) (50) (12) (18)
Total Investment Banking fees $ 4,708  $ 4,823  $ 1,145  $ 1,188  $ 1,212  $ 1,163  $ 1,071 
(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)
Year Ended
December 31		 Fourth
Quarter
2023		 Third
Quarter
2023		 Second
Quarter
2023		 First
Quarter
2023		 Fourth
Quarter
2022
  2023 2022
Net interest income $ 1,678  $ 3,088  $ 598  $ 674  $ 297  $ 109  $ 371 
Noninterest income:
Investment and brokerage services 1,993  2,002  486  475  499  533  482 
Investment banking fees 1,874  1,820  439  463  503  469  347 
Market making and similar activities 13,430  11,406  2,428  3,195  3,409  4,398  2,685 
All other income 552  (178) 137  135  163  117  (24)
Total noninterest income 17,849  15,050  3,490  4,268  4,574  5,517  3,490 
Total revenue, net of interest expense (1)
19,527  18,138  4,088  4,942  4,871  5,626  3,861 
Provision for credit losses (131) 28  (60) (14) (4) (53) 4 
Noninterest expense 13,206  12,420  3,271  3,235  3,349  3,351  3,171 
Income before income taxes 6,452  5,690  877  1,721  1,526  2,328  686 
Income tax expense 1,774  1,508  241  473  420  640  182 
Net income $ 4,678  $ 4,182  $ 636  $ 1,248  $ 1,106  $ 1,688  $ 504 
Return on average allocated capital (2)
10  % 10  % 6  % 11  % 10  % 15  % 5  %
Efficiency ratio 67.63  68.48  80.00  65.47  68.74  59.56  82.14 
Balance Sheet
Average
Total trading-related assets $ 618,028  $ 600,803  $ 615,414  $ 609,744  $ 621,125  $ 626,035  $ 608,493 
Total loans and leases 129,657  116,652  133,631  131,298  128,539  125,046  123,022 
Total earning assets 652,352  602,889  667,094  655,971  657,947  627,935  610,045 
Total assets 869,756  857,637  867,953  863,653  877,471  870,038  857,319 
Total deposits 33,278  40,382  31,950  31,890  33,222  36,109  37,219 
Allocated capital (2)
45,500  42,500  45,500  45,500  45,500  45,500  42,500 
Period end
Total trading-related assets $ 542,544  $ 564,769  $ 542,544  $ 613,009  $ 599,787  $ 599,841  $ 564,769 
Total loans and leases 136,223  127,735  136,223  134,386  131,128  130,804  127,735 
Total earning assets 637,955  587,772  637,955  660,172  640,712  632,873  587,772 
Total assets 817,313  812,489  817,313  864,792  851,771  861,477  812,489 
Total deposits 34,833  39,077  34,833  31,041  33,049  33,624  39,077 
Trading-related assets (average)
Trading account securities $ 318,443  $ 303,587  $ 309,051  $ 307,990  $ 317,928  $ 339,248  $ 309,217 
Reverse repurchases 133,735  126,324  133,209  135,401  139,480  126,760  122,753 
Securities borrowed 121,547  116,764  129,365  119,936  120,481  116,280  119,334 
Derivative assets 44,303  54,128  43,789  46,417  43,236  43,747  57,189 
Total trading-related assets $ 618,028  $ 600,803  $ 615,414  $ 609,744  $ 621,125  $ 626,035  $ 608,493 
(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)
Year Ended
December 31		 Fourth
Quarter
2023		 Third
Quarter
2023		 Second
Quarter
2023		 First
Quarter
2023		 Fourth
Quarter
2022
2023 2022
Sales and trading revenue (1)
Fixed-income, currencies and commodities $ 10,896  $ 9,917  $ 2,079  $ 2,710  $ 2,667  $ 3,440  $ 2,157 
Equities 6,480  6,572  1,540  1,695  1,618  1,627  1,368 
Total sales and trading revenue $ 17,376  $ 16,489  $ 3,619  $ 4,405  $ 4,285  $ 5,067  $ 3,525 
Sales and trading revenue, excluding net debit valuation adjustment (2,3)
Fixed-income, currencies and commodities $ 11,122  $ 9,898  $ 2,206  $ 2,723  $ 2,764  $ 3,429  $ 2,343 
Equities 6,490  6,571  1,545  1,698  1,623  1,624  1,375 
Total sales and trading revenue, excluding net debit valuation adjustment $ 17,612  $ 16,469  $ 3,751  $ 4,421  $ 4,387  $ 5,053  $ 3,718 
Sales and trading revenue breakdown
Net interest income $ 1,013  $ 2,536  $ 432  $ 518  $ 137  $ (74) $ 188 
Commissions 1,981  1,955  486  474  492  529  476 
Trading 13,427  11,403  2,428  3,194  3,407  4,398  2,684 
Other 955  595  273  219  249  214  177 
Total sales and trading revenue $ 17,376  $ 16,489  $ 3,619  $ 4,405  $ 4,285  $ 5,067  $ 3,525 
(1)    Includes Global Banking sales and trading revenue of $654 million and $1.0 billion for the years ended December 31, 2023 and 2022, and $190 million, $133 million, $154 million, $177 million and $262 million for the fourth, third, second and first quarters of 2023, and the fourth quarter 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 $(236) million and $20 million for the years ended December 31, 2023 and 2022, and $(132) million, $(16) million, $(102) million, $14 million, and $(193) million for the fourth, third, second and first quarters of 2023, and the fourth quarter of 2022, respectively. FICC net DVA gains (losses) were $(226) million and $19 million for the years ended December 31, 2023 and 2022, and $(127) million, $(13) million, $(97) million, $11 million and $(186) million for the fourth, third, second and first quarters of 2023, and the fourth quarter of 2022, respectively. Equities net DVA gains (losses) were $(10) million and $1 million for the years ended December 31, 2023 and 2022, and $(5) million, $(3) million, $(5) million, $3 million and $(7) million for the fourth, third, second and first quarters of 2023, and the fourth quarter 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)
  Year Ended
December 31		 Fourth
Quarter
2023		 Third
Quarter
2023		 Second
Quarter
2023		 First
Quarter
2023		 Fourth
Quarter
2022
  2023 2022
Net interest income $ 339  $ 117  $ 79  $ 99  $ 64  $ 97  $ 44 
Noninterest income (loss) (8,650) (5,479) (3,547) (1,717) (1,831) (1,555) (1,880)
Total revenue, net of interest expense (8,311) (5,362) (3,468) (1,618) (1,767) (1,458) (1,836)
Provision for credit losses (53) (172) 24  (24) (160) 107  (42)
Noninterest expense 4,043  2,485  2,551  593  492  407  655 
Loss before income taxes (12,301) (7,675) (6,043) (2,187) (2,099) (1,972) (2,449)
Income tax expense (benefit) (8,350) (6,023) (2,292) (2,276) (1,917) (1,865) (1,760)
Net income (loss) $ (3,951) $ (1,652) $ (3,751) $ 89  $ (182) $ (107) $ (689)
Balance Sheet
Average
Total loans and leases $ 9,644  $ 12,683  $ 9,349  $ 9,412  $ 9,745  $ 10,077  $ 10,386 
Total assets (2)
266,794  139,466  346,628  269,159  276,728  172,725  136,040 
Total deposits 57,551  20,082  93,739  68,010  42,881  24,702  19,946 
Period end
Total loans and leases $ 8,842  $ 10,234  $ 8,842  $ 9,283  $ 9,544  $ 9,827  $ 10,234 
Total assets (3)
346,356  155,074  346,356  303,903  262,334  267,623  155,074 
Total deposits 92,705  19,905  92,705  85,588  54,418  34,590  19,905 
(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 $975.9 billion and $1.1 trillion for the years ended December 31, 2023 and 2022, and $958.4 billion, $955.7 billion, $977.8 billion, $1.0 trillion and $1.0 trillion for the fourth, third, second and first quarters of 2023, and the fourth quarter of 2022, respectively.
(3)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $972.9 billion, $945.7 billion, $963.6 billion, $1.0 trillion and $1.0 trillion at December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 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)
December 31
2023		 September 30
2023		 December 31
2022
Consumer
Residential mortgage $ 228,403  $ 229,166  $ 229,670 
Home equity 25,527  25,492  26,563 
Credit card 102,200  99,687  93,421 
Direct/Indirect consumer (1) 
103,468  104,059  106,236 
Other consumer (2) 
124  122  156 
Total consumer loans excluding loans accounted for under the fair value option 459,722  458,526  456,046 
Consumer loans accounted for under the fair value option (3) 
243  253  339 
Total consumer 459,965  458,779  456,385 
Commercial
U.S. commercial 358,931  356,330  358,481 
Non-U.S. commercial 124,581  123,713  124,479 
Commercial real estate (4) 
72,878  73,193  69,766 
Commercial lease financing 14,854  13,904  13,644 
571,244  567,140  566,370 
U.S. small business commercial (5)
19,197  19,233  17,560 
Total commercial loans excluding loans accounted for under the fair value option 590,441  586,373  583,930 
Commercial loans accounted for under the fair value option (3) 
3,326  3,997  5,432 
Total commercial 593,767  590,370  589,362 
Total loans and leases $ 1,053,732  $ 1,049,149  $ 1,045,747 
(1)Includes primarily auto and specialty lending loans and leases of $53.9 billion, $54.0 billion and $51.8 billion, U.S. securities-based lending loans of $46.0 billion, $46.5 billion and $50.4 billion and non-U.S. consumer loans of $2.8 billion, $2.8 billion and $3.0 billion at December 31, 2023, September 30, 2023 and December 31, 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 $66 million, $67 million and $71 million and home equity loans of $177 million, $186 million and $268 million at December 31, 2023, September 30, 2023 and December 31, 2022, respectively. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.2 billion, $2.5 billion and $2.9 billion and non-U.S. commercial loans of $1.2 billion, $1.5 billion and $2.5 billion at December 31, 2023, September 30, 2023 and December 31, 2022, respectively.
(4)Includes U.S. commercial real estate loans of $66.8 billion, $67.3 billion and $64.9 billion and non-U.S. commercial real estate loans of $6.1 billion, $5.9 billion and $4.8 billion at December 31, 2023, September 30, 2023 and December 31, 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)
  Fourth Quarter 2023
  Total
Corporation		 Consumer Banking GWIM Global
Banking		 Global
Markets		 All 
Other
Consumer
Residential mortgage $ 228,975  $ 116,278  $ 105,184  $ 1  $ —  $ 7,512 
Home equity 25,756  21,307  2,419  —  165  1,865 
Credit card 100,389  97,013  3,378  —  —  (2)
Direct/Indirect and other consumer 103,606  54,035  49,568  —  —  3 
Total consumer 458,726  288,633  160,549  1  165  9,378 
Commercial
U.S. commercial 379,215  24,794  51,196  225,070  77,959  196 
Non-U.S. commercial 125,371  —  535  78,483  46,258  95 
Commercial real estate 73,140  11  7,145  56,735  9,249  — 
Commercial lease financing 14,253  —  —  14,573  —  (320)
Total commercial 591,979  24,805  58,876  374,861  133,466  (29)
Total loans and leases $ 1,050,705  $ 313,438  $ 219,425  $ 374,862  $ 133,631  $ 9,349 
  Third Quarter 2023
  Total
Corporation		 Consumer Banking GWIM Global
Banking		 Global
Markets		 All 
Other
Consumer
Residential mortgage $ 229,001  $ 116,828  $ 104,635  $ 1  $ —  $ 7,537 
Home equity 25,661  21,123  2,372  —  173  1,993 
Credit card 98,049  94,781  3,268  —  —  — 
Direct/Indirect and other consumer 104,134  53,840  50,291  —  —  3 
Total consumer 456,845  286,572  160,566  1  173  9,533 
Commercial
U.S. commercial 377,728  24,179  50,267  225,758  77,369  155 
Non-U.S. commercial 123,781  —  681  78,748  44,306  46 
Commercial real estate 74,088  10  7,055  57,573  9,450  — 
Commercial lease financing 13,812  —  —  14,134  —  (322)
Total commercial 589,409  24,189  58,003  376,213  131,125  (121)
Total loans and leases $ 1,046,254  $ 310,761  $ 218,569  $ 376,214  $ 131,298  $ 9,412 
  Fourth Quarter 2022
  Total
Corporation		 Consumer Banking GWIM Global
Banking		 Global
Markets		 All 
Other
Consumer
Residential mortgage $ 229,364  $ 118,051  $ 103,331  $ 1  $ —  $ 7,981 
Home equity 26,983  21,834  2,485  —  207  2,457 
Credit card 89,575  86,540  3,036  —  —  (1)
Direct/Indirect and other consumer 106,598  51,501  55,093  —  —  4 
Total consumer 452,520  277,926  163,945  1  207  10,441 
Commercial
U.S. commercial 378,850  22,423  54,306  230,591  71,330  200 
Non-U.S. commercial 125,983  1  1,090  82,222  42,590  80 
Commercial real estate 68,764  10  5,753  54,104  8,895  2 
Commercial lease financing 13,130  —  —  13,467  —  (337)
Total commercial 586,727  22,434  61,149  380,384  122,815  (55)
Total loans and leases $ 1,039,247  $ 300,360  $ 225,094  $ 380,385  $ 123,022  $ 10,386 




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, 5)
(Dollars in millions)
Commercial Utilized Total Commercial Committed
December 31
2023		 September 30
2023		 December 31
2022		 December 31
2023		 September 30
2023		 December 31
2022
Asset managers and funds $ 103,138  $ 106,525  $ 106,842  $ 169,318  $ 173,531  $ 165,087 
Real estate (6)
73,150  73,318  72,180  100,269  99,840  99,722 
Capital goods 49,698  48,858  45,580  97,044  93,327  87,314 
Finance companies 62,906  56,733  55,248  89,119  81,968  79,546 
Healthcare equipment and services 35,037  34,986  33,554  61,766  61,151  58,761 
Materials 25,223  25,132  26,304  55,296  55,496  55,589 
Retailing 24,561  26,261  24,785  54,523  57,664  53,714 
Food, beverage and tobacco 23,865  22,609  23,232  49,426  49,678  47,486 
Consumer services 27,355  27,735  26,980  49,105  49,395  47,372 
Government and public education 31,051  32,058  34,861  45,873  46,602  48,134 
Individuals and trusts 32,481  32,297  34,897  43,938  43,323  45,572 
Commercial services and supplies 22,642  24,089  23,628  41,473  42,992  41,596 
Utilities 18,610  17,806  20,292  39,481  38,220  40,164 
Energy 12,450  13,855  15,132  36,996  36,312  36,043 
Transportation 24,200  24,004  22,273  36,267  36,607  33,858 
Technology hardware and equipment 11,951  10,796  11,441  29,160  29,812  29,825 
Global commercial banks 22,749  27,544  27,217  25,684  30,313  29,293 
Media 13,033  14,427  14,781  24,908  25,817  28,216 
Vehicle dealers 16,283  14,359  12,909  22,570  21,334  20,638 
Software and services 9,830  10,160  12,961  22,381  24,839  25,633 
Pharmaceuticals and biotechnology 6,852  7,294  7,547  22,169  20,244  26,208 
Consumer durables and apparel 9,184  9,437  10,009  20,732  20,462  21,389 
Insurance 9,371  11,357  10,224  19,322  21,811  19,444 
Telecommunication services 9,224  9,276  9,679  17,269  17,005  17,349 
Automobiles and components 7,049  7,207  8,774  16,459  15,447  16,911 
Food and staples retailing 7,423  7,973  7,157  12,496  13,698  11,908 
Financial markets infrastructure (clearinghouses) 4,229  2,409  3,913  6,503  4,762  8,752 
Religious and social organizations 2,754  2,400  2,467  4,565  4,518  4,689 
Total commercial credit exposure by industry $ 696,299  $ 700,905  $ 704,867  $ 1,214,112  $ 1,216,168  $ 1,200,213 
(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 $55.8 billion, $53.4 billion and $33.8 billion at December 31, 2023, September 30, 2023 and December 31, 2022, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $29.4 billion, $32.9 billion and $51.1 billion, which consists primarily of other marketable securities, at December 31, 2023, September 30, 2023 and December 31, 2022, respectively.
(2)Total utilized and total committed exposure includes loans of $3.3 billion, $4.0 billion and $5.4 billion and issued letters of credit with a notional amount of $14 million, $14 million and $28 million accounted for under the fair value option at December 31, 2023, September 30, 2023 and December 31, 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, $1.8 billion and $3.0 billion at December 31, 2023, September 30, 2023 and December 31, 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)Includes $329 million, $415 million and $1.0 billion of PPP loan exposure across impacted industries at December 31, 2023, September 30, 2023 and December 31, 2022, respectively.
(6)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.






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)
December 31
2023		 September 30
2023		 June 30
2023		 March 31
2023		 December 31
2022
Residential mortgage $ 2,114  $ 2,185  $ 2,140  $ 2,125  $ 2,167 
Home equity 450  479  482  488  510 
Direct/Indirect consumer 148  128  107  101  77 
Total consumer 2,712  2,792  2,729  2,714  2,754 
U.S. commercial 636  561  476  559  553 
Non-U.S. commercial 175  102  84  125  212 
Commercial real estate 1,927  1,343  816  502  271 
Commercial lease financing 19  18  6  4  4 
2,757  2,024  1,382  1,190  1,040 
U.S. small business commercial 16  17  15  14  14 
Total commercial 2,773  2,041  1,397  1,204  1,054 
Total nonperforming loans and leases 5,485  4,833  4,126  3,918  3,808 
Foreclosed properties (1)
145  160  148  165  170 
Total nonperforming loans, leases, and foreclosed properties(2, 3)
$ 5,630  $ 4,993  $ 4,274  $ 4,083  $ 3,978 
Fully-insured home loans past due 30 days or more and still accruing $ 527  $ 523  $ 525  $ 580  $ 627 
Consumer credit card past due 30 days or more and still accruing 2,419  2,097  1,811  1,674  1,505 
Other loans past due 30 days or more and still accruing 2,974  2,848  2,920  3,146  4,008 
Total loans past due 30 days or more and still accruing (4, 5)
$ 5,920  $ 5,468  $ 5,256  $ 5,400  $ 6,140 
Fully-insured home loans past due 90 days or more and still accruing $ 252  $ 265  $ 288  $ 338  $ 368 
Consumer credit card past due 90 days or more and still accruing
1,224  1,016  896  828  717 
Other loans past due 90 days or more and still accruing 280  286  356  508  626 
Total loans past due 90 days or more and still accruing (5)
$ 1,756  $ 1,567  $ 1,540  $ 1,674  $ 1,711 
Nonperforming loans, leases and foreclosed properties/Total assets (6)
0.18  % 0.16  % 0.14  % 0.13  % 0.13  %
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties (5)
0.54  0.48  0.41  0.39  0.38 
Nonperforming loans and leases/Total loans and leases (6)
0.52  0.46  0.39  0.38  0.37 
Commercial reservable criticized utilized exposure (7)
$ 23,300  $ 23,722  $ 21,469  $ 19,789  $ 19,274 
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure (6)
3.74  % 3.83  % 3.44  % 3.17  % 3.12  %
Total commercial criticized utilized exposure/Commercial utilized exposure (7)
4.00  4.12  3.79  3.67  3.70 
(1)Includes repossessed assets of $22 million and $20 million for the fourth and third quarters of 2023 and $0 for the remaining quarters.
(2)Balances do not include past due consumer credit card, consumer loans secured by real estate where repayments are insured by the FHA and individually insured long-term stand-by agreements (fully-insured home loans), and in general, other consumer and commercial loans not secured by real estate.
(3)Balances do not include nonperforming loans held-for-sale of $161 million, $173 million, $174 million, $250 million and $219 million at December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively.
(4)Balances do not include loans held-for-sale past due 30 days or more and still accruing of $72 million, $22 million, $39 million, $36 million and $58 million at December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively.
(5)These balances are excluded from total nonperforming loans, leases and foreclosed properties.
(6)Total assets and total loans and leases do not include loans accounted for under the fair value option of $3.6 billion, $4.3 billion, $4.3 billion, $4.4 billion and $5.8 billion at December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively.
(7)Criticized exposure corresponds to the Special Mention, Substandard and Doubtful asset categories defined by regulatory authorities. The reservable criticized exposure excludes loans held-for-sale, exposure accounted for under the fair value option and other nonreservable exposure.


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)
Fourth
Quarter
2023		 Third
Quarter
2023		 Second
Quarter
2023		 First
Quarter
2023		 Fourth
Quarter
2022
Nonperforming Consumer Loans and Leases:
Balance, beginning of period $ 2,792  $ 2,729  $ 2,714  $ 2,754  $ 2,760 
Additions 247  297  258  253  208 
Reductions:
Paydowns and payoffs (129) (117) (131) (103) (89)
Sales (57) (2) (2) (2) (1)
Returns to performing status (2)
(122) (91) (92) (170) (109)
Charge-offs (3)
(15) (13) (13) (12) (6)
Transfers to foreclosed properties (4) (11) (5) (6) (9)
Total net additions (reductions) to nonperforming loans and leases (80) 63  15  (40) (6)
Total nonperforming consumer loans and leases, end of period 2,712  2,792  2,729  2,714  2,754 
Foreclosed properties (4)
103  112  97  117  121 
Nonperforming consumer loans, leases and foreclosed properties, end of period $ 2,815  $ 2,904  $ 2,826  $ 2,831  $ 2,875 
Nonperforming Commercial Loans and Leases (5):
Balance, beginning of period $ 2,041  $ 1,397  $ 1,204  $ 1,054  $ 1,223 
Additions 1,085  875  484  419  141 
Reductions:
Paydowns (121) (153) (171) (72) (144)
Sales (1) —  (3) —  (4)
Returns to performing status (6)
(45) (2) (7) (52) (35)
Charge-offs (186) (67) (87) (88) (127)
Transfers to foreclosed properties —  —  (23) —  — 
Transfers to loans held-for-sale —  (9) —  (57) — 
Total net additions (reductions) to nonperforming loans and leases 732  644  193  150  (169)
Total nonperforming commercial loans and leases, end of period 2,773  2,041  1,397  1,204  1,054 
Foreclosed properties (4)
42  48  51  48  49 
Nonperforming commercial loans, leases and foreclosed properties, end of period $ 2,815  $ 2,089  $ 1,448  $ 1,252  $ 1,103 
(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 repossessed assets of $20 million and $19 million in consumer loans and $2 million and $1 million in commercial loans for the fourth and third quarters of 2023 and $0 for the remaining quarters.
(5)Includes U.S. small business commercial activity. Small business card loans are excluded as they are not classified as nonperforming.
(6)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)
  Fourth
Quarter
2023		 Third
Quarter
2023		 Second
Quarter
2023		 First
Quarter
2023		 Fourth
Quarter
2022
Amount Percent Amount Percent Amount Percent Amount Percent Amount Percent
Net Charge-offs
Residential mortgage (2)
$ 11  0.02  % $ 2  —  % $ 2  —  % $ 1  —  % $ (1) —  %
Home equity (3)
(17) (0.26) (14) (0.22) (16) (0.25) (12) (0.18) (18) (0.27)
Credit card 777  3.07  673  2.72  610  2.60  501  2.21  386  1.71 
Direct/Indirect consumer 49  0.19  25  0.10  17  0.06  1  —  1  — 
Other consumer 93  n/m 118  n/m 107  n/m 162  n/m 163  n/m
Total consumer 913  0.79  804  0.70  720  0.64  653  0.58  531  0.47 
U.S. commercial 67  0.07  5  0.01  5  0.01  47  0.05  47  0.05 
Non-U.S. commercial 1  —  (2) (0.01) —  —  20  0.07  31  0.10 
Total commercial and industrial 68  0.06  3  —  5  —  67  0.06  78  0.06 
Commercial real estate 115  0.62  39  0.21  69  0.37  22  0.12  34  0.20 
Commercial lease financing (1) —  3  0.08  1  —  (1) (0.01) 2  0.05 
182  0.13  45  0.03  75  0.05  88  0.06  114  0.08 
U.S. small business commercial 97  1.99  82  1.74  74  1.62  66  1.48  44  0.99 
Total commercial 279  0.19  127  0.09  149  0.10  154  0.11  158  0.11 
Total net charge-offs $ 1,192  0.45  $ 931  0.35  $ 869  0.33  $ 807  0.32  $ 689  0.26 
By Business Segment and All Other
Consumer Banking $ 1,023  1.30  % $ 911  1.16  % $ 819  1.07  % $ 729  0.97  % $ 591  0.78  %
Global Wealth & Investment Management 12  0.02  4  0.01  3  0.01  6  0.01  4  0.01 
Global Banking 160  0.17  20  0.02  59  0.06  87  0.09  112  0.12 
Global Markets 8  0.02  13  0.04  5  0.02  —  —  (1) (0.01)
All Other (11) (0.48) (17) (0.68) (17) (0.74) (15) (0.59) (17) (0.66)
Total net charge-offs $ 1,192  0.45  $ 931  0.35  $ 869  0.33  $ 807  0.32  $ 689  0.26 
(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 (recoveries) of $8 million for the fourth quarter of 2023 and $0 for the remaining quarters.
(3)Includes loan sale net charge-offs (recoveries) of $(3) million for the fourth quarter of 2023 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
Annual Net Charge-offs and Net Charge-off Ratios (1) 
(Dollars in millions)
  Year Ended December 31
  2023 2022
Amount Percent Amount Percent
Net Charge-offs
Residential mortgage (2)
$ 16  0.01  % $ 72  0.03  %
Home equity (3)
(59) (0.23) (90) (0.33)
Credit card 2,561  2.66  1,334  1.60 
Direct/Indirect consumer 92  0.09  18  0.02 
Other consumer 480  n/m 521  n/m
Total consumer 3,090  0.68  1,855  0.42 
U.S. commercial 124  0.03  71  0.02 
Non-U.S. commercial 19  0.02  21  0.02 
Total commercial and industrial 143  0.03  92  0.02 
Commercial real estate 245  0.34  66  0.10 
Commercial lease financing 2  0.02  5  0.03 
390  0.07  163  0.03 
U.S. small business commercial 319  1.71  154  0.86 
Total commercial 709  0.12  317  0.06 
Total net charge-offs $ 3,799  0.36  $ 2,172  0.21 
By Business Segment and All Other
Consumer Banking $ 3,482  1.13  % $ 2,021  0.69  %
Global Wealth & Investment Management 25  0.01  19  0.01 
Global Banking 326  0.09  140  0.04 
Global Markets 26  0.02  15  0.01 
All Other (60) (0.62) (23) (0.18)
Total net charge-offs $ 3,799  0.36  $ 2,172  0.21 
(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 $8 million and $84 million for the years ended December 31, 2023 and 2022.
(3)Includes loan sale net charge-offs (recoveries) of $(3) million and $(8) million for the years ended December 31, 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)
December 31, 2023 September 30, 2023 December 31, 2022
Amount
Percent of
Loans and
Leases
Outstanding (1)
Amount
Percent of
Loans and
Leases
Outstanding (1)
Amount
Percent of
Loans and
Leases
Outstanding (1)
Allowance for loan and lease losses
Residential mortgage $ 339  0.15% $ 344  0.15% $ 328  0.14%
Home equity 47  0.19 68  0.27 92  0.35
Credit card 7,346  7.19 6,987  7.01 6,136  6.57
Direct/Indirect consumer 715  0.69 671  0.64 585  0.55
Other consumer 73  n/m 97  n/m 96  n/m
Total consumer 8,520  1.85 8,167  1.78 7,237  1.59
U.S. commercial (2)
2,600  0.69 2,764  0.74 3,007  0.80
Non-U.S. commercial 842  0.68 918  0.74 1,194  0.96
Commercial real estate 1,342  1.84 1,393  1.90 1,192  1.71
Commercial lease financing 38  0.26 45  0.33 52  0.38
Total commercial  4,822  0.82 5,120  0.87 5,445  0.93
Allowance for loan and lease losses 13,342  1.27 13,287  1.27 12,682  1.22
Reserve for unfunded lending commitments 1,209  1,353  1,540   
Allowance for credit losses $ 14,551  $ 14,640  $ 14,222   
Asset Quality Indicators
Allowance for loan and lease losses/Total loans and leases (1)
1.27% 1.27% 1.22%
Allowance for loan and lease losses/Total nonperforming loans and leases
243 275 333
Ratio of the allowance for loan and lease losses/Annualized net charge-offs 2.82 3.60 4.64
(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. For fair value option amounts, see Outstanding Loans and Leases and related footnotes on page 25.
(2)Includes allowance for loan and lease losses for U.S. small business commercial loans of $1.0 billion, $983 million and $844 million at December 31, 2023, September 30, 2023 and December 31, 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 using certain non-GAAP financial measures, including pretax, pre-provision income and ratios that utilize tangible equity and tangible assets, each of which is 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 years ended December 31, 2023 and 2022, and the three months ended December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 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 these non-GAAP financial measures differently.
  Year Ended
December 31		 Fourth
Quarter
2023		 Third
Quarter
2023		 Second
Quarter
2023		 First
Quarter
2023		 Fourth
Quarter
2022
  2023 2022
Reconciliation of income before income taxes to pretax, pre-provision income
Income before income taxes $ 28,342  $ 30,969  $ 3,124  $ 8,095  $ 8,034  $ 9,089  $ 7,897 
Provision for credit losses 4,394  2,543  1,104  1,234  1,125  931  1,092 
Pretax, pre-provision income $ 32,736  $ 33,512  $ 4,228  $ 9,329  $ 9,159  $ 10,020  $ 8,989 
Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity $ 283,353  $ 270,299  $ 288,618  $ 284,975  $ 282,425  $ 277,252  $ 272,629 
Goodwill (69,022) (69,022) (69,021) (69,021) (69,022) (69,022) (69,022)
Intangible assets (excluding mortgage servicing rights) (2,039) (2,117) (2,010) (2,029) (2,049) (2,068) (2,088)
Related deferred tax liabilities 893  922  886  890  895  899  914 
Tangible shareholders’ equity $ 213,185  $ 200,082  $ 218,473  $ 214,815  $ 212,249  $ 207,061  $ 202,433 
Preferred stock (28,397) (28,318) (28,397) (28,397) (28,397) (28,397) (28,982)
Tangible common shareholders’ equity $ 184,788  $ 171,764  $ 190,076  $ 186,418  $ 183,852  $ 178,664  $ 173,451 
Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity $ 291,646  $ 273,197  $ 291,646  $ 287,064  $ 283,319  $ 280,196  $ 273,197 
Goodwill (69,021) (69,022) (69,021) (69,021) (69,021) (69,022) (69,022)
Intangible assets (excluding mortgage servicing rights) (1,997) (2,075) (1,997) (2,016) (2,036) (2,055) (2,075)
Related deferred tax liabilities 874  899  874  886  890  895  899 
Tangible shareholders’ equity $ 221,502  $ 202,999  $ 221,502  $ 216,913  $ 213,152  $ 210,014  $ 202,999 
Preferred stock (28,397) (28,397) (28,397) (28,397) (28,397) (28,397) (28,397)
Tangible common shareholders’ equity $ 193,105  $ 174,602  $ 193,105  $ 188,516  $ 184,755  $ 181,617  $ 174,602 
Reconciliation of period-end assets to period-end tangible assets
Assets $ 3,179,876  $ 3,051,375  $ 3,179,876  $ 3,153,090  $ 3,123,198  $ 3,194,657  $ 3,051,375 
Goodwill (69,021) (69,022) (69,021) (69,021) (69,021) (69,022) (69,022)
Intangible assets (excluding mortgage servicing rights) (1,997) (2,075) (1,997) (2,016) (2,036) (2,055) (2,075)
Related deferred tax liabilities 874  899  874  886  890  895  899 
Tangible assets $ 3,109,732  $ 2,981,177  $ 3,109,732  $ 3,082,939  $ 3,053,031  $ 3,124,475  $ 2,981,177 
Book value per share of common stock
Common shareholders’ equity $ 263,249  $ 244,800  $ 263,249  $ 258,667  $ 254,922  $ 251,799  $ 244,800 
Ending common shares issued and outstanding 7,895.5  7,996.8  7,895.5  7,923.4  7,953.6  7,972.4  7,996.8 
Book value per share of common stock $ 33.34  $ 30.61  $ 33.34  $ 32.65  $ 32.05  $ 31.58  $ 30.61 
Tangible book value per share of common stock
Tangible common shareholders’ equity $ 193,105  $ 174,602  $ 193,105  $ 188,516  $ 184,755  $ 181,617  $ 174,602 
Ending common shares issued and outstanding 7,895.5  7,996.8  7,895.5  7,923.4  7,953.6  7,972.4  7,996.8 
Tangible book value per share of common stock $ 24.46  $ 21.83  $ 24.46  $ 23.79  $ 23.23  $ 22.78  $ 21.83 
Current-period information is preliminary and based on company data available at the time of the presentation.
33