April 16, 2024 - EX-99.3 - 8-K: Current report filing | Bank of America Corporation (BAC)

Supplemental Information
First Quarter 2024

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


Bank of America Corporation and Subsidiaries
Table of Contents			Page


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

Debt Securities			9
Supplemental Financial Data			10
Quarterly Results by Business Segment and All Other			11

Consumer Banking
Total Segment Results			13
Key Indicators			14
Business Results			15
Global Wealth & Investment Management
Total Segment Results			16
Key Indicators			17
Global Banking
Total Segment Results			18
Key Indicators			19

Global Markets
Total Segment Results			20
Key Indicators			21
All Other
Total Results			22
Outstanding Loans and Leases			23
Quarterly Average Loans and Leases by Business Segment and All Other			24
Commercial Credit Exposure by Industry			25

Nonperforming Loans, Leases and Foreclosed Properties			26
Nonperforming Loans, Leases and Foreclosed Properties Activity			27
Quarterly Net Charge-offs and Net Charge-off Ratios			28

Allocation of the Allowance for Credit Losses by Product Type			29

Exhibit A: Non-GAAP Reconciliations			30







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 - 12 are reported on an FTE basis.


Bank of America Corporation and Subsidiaries
Consolidated Financial Highlights
(In millions, except per share information)
	First Quarter 2024	Fourth Quarter 2023			Third Quarter 2023			Second Quarter 2023			First Quarter 2023

Income statement
Net interest income		$	14,032		$	13,946		$	14,379		$	14,158		$	14,448
Noninterest income		11,786			8,013			10,788			11,039			11,810
Total revenue, net of interest expense		25,818			21,959			25,167			25,197			26,258
Provision for credit losses		1,319			1,104			1,234			1,125			931
Noninterest expense		17,237			17,731			15,838			16,038			16,238
Income before income taxes		7,262			3,124			8,095			8,034			9,089
Pretax, pre-provision income (1)		8,581			4,228			9,329			9,159			10,020
Income tax expense (benefit)		588			(20)			293			626			928
Net income		6,674			3,144			7,802			7,408			8,161
Preferred stock dividends		532			306			532			306			505
Net income applicable to common shareholders		6,142			2,838			7,270			7,102			7,656
Diluted earnings per common share		0.76			0.35			0.90			0.88			0.94
Average diluted common shares issued and outstanding		8,031.4			8,062.5			8,075.9			8,080.7			8,182.3
Dividends paid per common share		$	0.24		$	0.24		$	0.24		$	0.22		$	0.22

Performance ratios
Return on average assets		0.83		%	0.39		%	0.99		%	0.94		%	1.07		%
Return on average common shareholders’ equity		9.35			4.33			11.24			11.21			12.48
Return on average shareholders’ equity		9.18			4.32			10.86			10.52			11.94
Return on average tangible common shareholders’ equity (2)		12.73			5.92			15.47			15.49			17.38
Return on average tangible shareholders’ equity (2)		12.07			5.71			14.41			14.00			15.98
Efficiency ratio		66.77			80.75			62.93			63.65			61.84


At period end
Book value per share of common stock		$	33.71		$	33.34		$	32.65		$	32.05		$	31.58
Tangible book value per share of common stock (2)		24.79			24.46			23.79			23.23			22.78
Market capitalization		298,312			265,840			216,942			228,188			228,012
Number of financial centers - U.S.		3,804			3,845			3,862			3,887			3,892
Number of branded ATMs - U.S.		15,028			15,168			15,253			15,335			15,407
Headcount		212,335			212,985			212,752			215,546			217,059

(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 30.)

(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 30.)

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


Bank of America Corporation and Subsidiaries
Consolidated Statement of Income
(In millions, except per share information)
	First Quarter 2024	Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023		First Quarter 2023

Net interest income
Interest income		$	36,285	$	35,629	$	33,624	$	32,354	$	28,655
Interest expense		22,253		21,683		19,245		18,196		14,207
Net interest income		14,032		13,946		14,379		14,158		14,448

Noninterest income
Fees and commissions		8,660		8,019		8,135		7,961		7,894
Market making and similar activities		3,888		998		3,325		3,697		4,712
Other income (loss)		(762)		(1,004)		(672)		(619)		(796)
Total noninterest income		11,786		8,013		10,788		11,039		11,810
Total revenue, net of interest expense		25,818		21,959		25,167		25,197		26,258

Provision for credit losses		1,319		1,104		1,234		1,125		931

Noninterest expense
Compensation and benefits		10,195		9,460		9,551		9,401		9,918
Occupancy and equipment		1,811		1,794		1,795		1,776		1,799
Information processing and communications		1,800		1,690		1,676		1,644		1,697
Product delivery and transaction related		851		882		880		956		890

Professional fees		548		550		545		527		537
Marketing		455		455		501		513		458
Other general operating		1,577		2,900		890		1,221		939
Total noninterest expense		17,237		17,731		15,838		16,038		16,238
Income before income taxes		7,262		3,124		8,095		8,034		9,089
Income tax expense (benefit)		588		(20)		293		626		928
Net income		$	6,674	$	3,144	$	7,802	$	7,408	$	8,161
Preferred stock dividends		532		306		532		306		505

Net income applicable to common shareholders		$	6,142	$	2,838	$	7,270	$	7,102	$	7,656

Per common share information
Earnings		$	0.77	$	0.36	$	0.91	$	0.88	$	0.95
Diluted earnings		0.76		0.35		0.90		0.88		0.94
Average common shares issued and outstanding		7,968.2		7,990.9		8,017.1		8,040.9		8,065.9
Average diluted common shares issued and outstanding		8,031.4		8,062.5		8,075.9		8,080.7		8,182.3


Consolidated Statement of Comprehensive Income
(Dollars in millions)
	First Quarter 2024	Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023		First Quarter 2023

Net income		$	6,674	$	3,144	$	7,802	$	7,408	$	8,161
Other comprehensive income (loss), net-of-tax:
Net change in debt securities		332		492		(642)		168		555
Net change in debit valuation adjustments		(188)		(267)		(25)		(404)		10
Net change in derivatives		(416)		4,236		(366)		(1,993)		2,042
Employee benefit plan adjustments		23		(464)		6		9		10
Net change in foreign currency translation adjustments		(20)		7		(23)		5		12
Other comprehensive income (loss)		(269)		4,004		(1,050)		(2,215)		2,629
Comprehensive income (loss)		$	6,405	$	7,148	$	6,752	$	5,193	$	10,790

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


Bank of America Corporation and Subsidiaries
Net Interest Income and Noninterest Income
(Dollars in millions)
	First Quarter 2024	Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023		First Quarter 2023

Net interest income
Interest income
Loans and leases		$	15,240	$	15,227	$	14,830	$	13,970	$	13,097
Debt securities		6,137		5,417		4,658		4,691		5,460
Federal funds sold and securities borrowed or purchased under agreements to resell		5,175		5,124		4,888		4,955		3,712
Trading account assets		2,455		2,452		2,217		2,076		2,028
Other interest income		7,278		7,409		7,031		6,662		4,358
Total interest income		36,285		35,629		33,624		32,354		28,655

Interest expense
Deposits		9,138		8,724		7,340		5,785		4,314
Short-term borrowings		8,535		8,389		7,629		8,355		6,180
Trading account liabilities		546		557		510		472		504
Long-term debt		4,034		4,013		3,766		3,584		3,209
Total interest expense		22,253		21,683		19,245		18,196		14,207
Net interest income		$	14,032	$	13,946	$	14,379	$	14,158	$	14,448

Noninterest income
Fees and commissions
Card income
Interchange fees (1)		$	931	$	1,010	$	994	$	1,023	$	956
Other card income		532		509		526		523		513
Total card income		1,463		1,519		1,520		1,546		1,469
Service charges
Deposit-related fees		1,122		1,116		1,124		1,045		1,097
Lending-related fees		320		330		340		319		313
Total service charges		1,442		1,446		1,464		1,364		1,410
Investment and brokerage services
Asset management fees		3,270		3,012		3,103		2,969		2,918
Brokerage fees		917		897		860		870		934
Total investment and brokerage services		4,187		3,909		3,963		3,839		3,852
Investment banking fees
Underwriting income		901		478		531		657		569
Syndication fees		294		278		209		180		231
Financial advisory services		373		389		448		375		363
Total investment banking fees		1,568		1,145		1,188		1,212		1,163
Total fees and commissions		8,660		8,019		8,135		7,961		7,894
Market making and similar activities		3,888		998		3,325		3,697		4,712
Other income (loss)		(762)		(1,004)		(672)		(619)		(796)
Total noninterest income		$	11,786	$	8,013	$	10,788	$	11,039	$	11,810

(1)Gross interchange fees and merchant income were $3.2 billion, $3.4 billion, $3.4 billion, $3.4 billion and $3.2 billion and are presented net of $2.3 billion, $2.4 billion, $2.4 billion, $2.4 billion and $2.2 billion of expenses for rewards and partner payments as well as certain other card costs for the first quarter of 2024 and the fourth, third, second and first quarters of 2023, respectively.

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


Bank of America Corporation and Subsidiaries
Consolidated Balance Sheet
(Dollars in millions)
		March 31 2024		December 31 2023		March 31 2023
Assets
Cash and due from banks		$	23,550	$	27,892	$	29,327
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks		289,854		305,181		346,891
Cash and cash equivalents		313,404		333,073		376,218
Time deposits placed and other short-term investments		7,859		8,346		11,637
Federal funds sold and securities borrowed or purchased under agreements to resell		316,093		280,624		298,078
Trading account assets		318,172		277,354		314,978
Derivative assets		36,236		39,323		40,947
Debt securities:
Carried at fair value		323,119		276,852		172,510
Held-to-maturity, at cost		586,863		594,555		624,495
Total debt securities		909,982		871,407		797,005
Loans and leases		1,049,156		1,053,732		1,046,406
Allowance for loan and lease losses		(13,213)		(13,342)		(12,514)
Loans and leases, net of allowance		1,035,943		1,040,390		1,033,892
Premises and equipment, net		11,901		11,855		11,708
Goodwill		69,021		69,021		69,022
Loans held-for-sale		8,762		6,002		6,809
Customer and other receivables		86,106		81,881		79,902
Other assets		160,324		160,875		154,461
Total assets		$	3,273,803	$	3,180,151	$	3,194,657

Liabilities
Deposits in U.S. offices:
Noninterest-bearing		$	524,982	$	530,619	$	617,922
Interest-bearing		1,304,508		1,273,904		1,183,106
Deposits in non-U.S. offices:
Noninterest-bearing		16,502		16,427		17,686
Interest-bearing		100,504		102,877		91,688
Total deposits		1,946,496		1,923,827		1,910,402
Federal funds purchased and securities loaned or sold under agreements to repurchase		329,658		283,887		314,380
Trading account liabilities		114,326		95,530		92,452
Derivative liabilities		40,401		43,432		40,169
Short-term borrowings		38,895		32,098		56,564
Accrued expenses and other liabilities		214,129		207,527		216,621
Long-term debt		296,346		302,204		283,873
Total liabilities		2,980,251		2,888,505		2,914,461
Shareholders’ equity
Preferred stock, $0.01 par value; authorized –100,000,000 shares; issued and outstanding – 4,088,099, 4,088,099 and 4,088,099 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 – 7,866,868,200, 7,895,457,665 and 7,972,438,148 shares		54,310		56,365		57,264
Retained earnings		228,902		224,672		213,062
Accumulated other comprehensive income (loss)		(18,057)		(17,788)		(18,527)
Total shareholders’ equity		293,552		291,646		280,196
Total liabilities and shareholders’ equity		$	3,273,803	$	3,180,151	$	3,194,657

	Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
	Trading account assets	$	5,838	$	6,054	$	4,276
	Loans and leases	19,250		18,276		15,754
	Allowance for loan and lease losses	(920)		(826)		(797)
	Loans and leases, net of allowance	18,330		17,450		14,957

	All other assets	256		269		129
	Total assets of consolidated variable interest entities	$	24,424	$	23,773	$	19,362

	Liabilities of consolidated variable interest entities included in total liabilities above
	Short-term borrowings	$	3,387	$	2,957	$	1,339
	Long-term debt	8,157		8,456		4,883
	All other liabilities	18		19		7
	Total liabilities of consolidated variable interest entities	$	11,562	$	11,432	$	6,229

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


Bank of America Corporation and Subsidiaries
Capital Management
(Dollars in millions)
	March 31 2024			December 31 2023			March 31 2023
Risk-based capital metrics (1):
Standardized Approach
Common equity tier 1 capital	$	196,625		$	194,928		$	184,432
Tier 1 capital	225,021			223,323			212,825
Total capital	252,390			251,399			242,743
Risk-weighted assets	1,660,396			1,651,232			1,621,900
Common equity tier 1 capital ratio	11.8		%	11.8		%	11.4		%
Tier 1 capital ratio	13.6			13.5			13.1
Total capital ratio	15.2			15.2			15.0

Advanced Approaches
Common equity tier 1 capital	$	196,625		$	194,928		$	184,432
Tier 1 capital	225,021			223,323			212,825
Total capital	242,452			241,449			233,877
Risk-weighted assets	1,470,041			1,458,746			1,427,494
Common equity tier 1 capital ratio	13.4		%	13.4		%	12.9		%
Tier 1 capital ratio	15.3			15.3			14.9
Total capital ratio	16.5			16.6			16.4

Leverage-based metrics (1):
Adjusted average assets	$	3,168,595		$	3,135,468		$	3,018,318
Tier 1 leverage ratio	7.1		%	7.1		%	7.1		%

Supplementary leverage exposure	$	3,725,480		$	3,676,365		$	3,554,884
Supplementary leverage ratio	6.0		%	6.1		%	6.0		%

Total ending equity to total ending assets ratio	9.0			9.2			8.8
Common equity ratio	8.1			8.3			7.9
Tangible equity ratio (2)	7.0			7.1			6.7
Tangible common equity ratio (2)	6.1			6.2			5.8

(1)Regulatory capital ratios at March 31, 2024 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 March 31, 2024 and December 31, 2023, and the Common equity tier 1 ratio under the Standardized approach for March 31, 2023.

(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 30.)

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


Bank of America Corporation and Subsidiaries
Capital Composition under Basel 3
(Dollars in millions)
	March 31 2024		December 31 2023		March 31 2023
Total common shareholders' equity	$	265,155	$	263,249	$	251,799
CECL transitional amount (1)	627		1,254		1,254
Goodwill, net of related deferred tax liabilities	(68,648)		(68,648)		(68,644)
Deferred tax assets arising from net operating loss and tax credit carryforwards	(8,148)		(7,912)		(7,835)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities	(1,481)		(1,496)		(1,538)
Defined benefit pension plan net assets, net-of-tax	(775)		(764)		(882)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net-of-tax	1,584		1,342		484
Accumulated net (gain) loss on certain cash flow hedges (2)	8,449		8,025		9,886
Other	(138)		(122)		(92)
Common equity tier 1 capital	196,625		194,928		184,432
Qualifying preferred stock, net of issuance cost	28,396		28,396		28,396
Other	—		(1)		(3)
Tier 1 capital	225,021		223,323		212,825
Tier 2 capital instruments	14,176		15,340		17,845
Qualifying allowance for credit losses (3)	13,592		12,920		12,449
Other	(399)		(184)		(376)
Total capital under the Standardized approach	252,390		251,399		242,743
Adjustment in qualifying allowance for credit losses under the Advanced approaches (3)	(9,938)		(9,950)		(8,866)
Total capital under the Advanced approaches	$	242,452	$	241,449	$	233,877

(1)March 31, 2024, December 31, 2023 and March 31, 2023 include 25 percent, 50 percent and 50 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.


Bank of America Corporation and Subsidiaries
Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis
(Dollars in millions)
	First Quarter 2024						Fourth Quarter 2023						First Quarter 2023
	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	$	346,463	$	4,531	5.26	%	$	380,362	$	5,050	5.27	%	$	202,700	$	1,999	4.00	%
Time deposits placed and other short-term investments	9,728		116		4.80		8,370		115		5.48		10,581		108		4.16
Federal funds sold and securities borrowed or purchased under agreements to resell	304,821		5,175		6.83		297,149		5,124		6.84		287,532		3,712		5.24
Trading account assets	202,461		2,482		4.93		194,551		2,474		5.05		183,657		2,040		4.50
Debt securities	842,483		6,162		2.92		802,657		5,445		2.68		851,177		5,485		2.58
Loans and leases (2)
Residential mortgage	227,748		1,803		3.17		228,975		1,790		3.12		229,275		1,684		2.94
Home equity	25,522		390		6.14		25,756		411		6.34		26,513		317		4.84
Credit card	99,815		2,786		11.22		100,389		2,778		10.98		91,775		2,426		10.72

Direct/Indirect and other consumer	103,371		1,399		5.45		103,606		1,386		5.31		105,657		1,186		4.55

Total consumer	456,456		6,378		5.61		458,726		6,365		5.52		453,220		5,613		5.00
U.S. commercial	379,566		5,236		5.55		379,215		5,176		5.42		376,852		4,471		4.81
Non-U.S. commercial	125,024		2,170		6.98		125,371		2,208		6.99		127,003		1,778		5.68
Commercial real estate	71,986		1,311		7.33		73,140		1,351		7.33		70,591		1,144		6.57
Commercial lease financing	14,858		200		5.41		14,253		184		5.14		13,686		147		4.33
Total commercial	591,434		8,917		6.06		591,979		8,919		5.98		588,132		7,540		5.20
Total loans and leases	1,047,890		15,295		5.87		1,050,705		15,284		5.78		1,041,352		13,153		5.11
Other earning assets	106,737		2,682		10.10		95,971		2,282		9.43		94,427		2,292		9.82
Total earning assets	2,860,583		36,443		5.12		2,829,765		35,774		5.02		2,671,426		28,789		4.36
Cash and due from banks	24,185						24,690						27,784
Other assets, less allowance for loan and lease losses	362,391						358,704						396,848
Total assets	$	3,247,159					$	3,213,159					$	3,096,058
Interest-bearing liabilities
U.S. interest-bearing deposits

Demand and money market deposits	$	956,716	$	5,012	2.11	%	$	942,561	$	4,868	2.05	%	$	975,085	$	2,790	1.16	%

Time and savings deposits	325,765		3,059		3.78		317,971		2,846		3.55		196,984		919		1.89
Total U.S. interest-bearing deposits	1,282,481		8,071		2.53		1,260,532		7,714		2.43		1,172,069		3,709		1.28




Non-U.S. interest-bearing deposits	104,373		1,067		4.11		101,766		1,010		3.94		91,603		605		2.68
Total interest-bearing deposits	1,386,854		9,138		2.65		1,362,298		8,724		2.54		1,263,672		4,314		1.38
Federal funds purchased and securities loaned or sold under agreements to repurchase	350,507		6,026		6.92		329,696		5,883		7.08		256,015		3,551		5.63
Short-term borrowings and other interest-bearing liabilities	141,091		2,509		7.15		149,273		2,506		6.67		156,887		2,629		6.79
Trading account liabilities	51,757		546		4.24		47,294		557		4.67		43,953		504		4.65
Long-term debt	254,782		4,034		6.35		256,262		4,013		6.24		244,759		3,209		5.28
Total interest-bearing liabilities	2,184,991		22,253		4.10		2,144,823		21,683		4.01		1,965,286		14,207		2.93
Noninterest-bearing sources
Noninterest-bearing deposits	520,608						542,713						629,977
Other liabilities (3)	249,049						237,005						223,543
Shareholders’ equity	292,511						288,618						277,252
Total liabilities and shareholders’ equity	$	3,247,159					$	3,213,159					$	3,096,058
Net interest spread					1.02	%					1.01	%					1.43	%
Impact of noninterest-bearing sources					0.97						0.96						0.77
Net interest income/yield on earning assets (4)			$	14,190	1.99	%			$	14,091	1.97	%			$	14,582	2.20	%

(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 $44.1 billion, $42.3 billion and $37.3 billion of structured notes and liabilities for the first quarter of 2024 and the fourth and first quarters of 2023, respectively.

(4)Net interest income includes FTE adjustments of $158 million, $145 million and $134 million for the first quarter of 2024 and the fourth and first quarters of 2023, respectively.

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


Bank of America Corporation and Subsidiaries
Debt Securities
(Dollars in millions)
	March 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	37,971	$	28	$	(1,487)	$	36,512
Agency-collateralized mortgage obligations	2,661		8		(219)		2,450
Commercial	10,978		66		(469)		10,575
Non-agency residential	310		46		(58)		298
Total mortgage-backed securities	51,920		148		(2,233)		49,835
U.S. Treasury and government agencies	229,830		81		(1,072)		228,839
Non-U.S. securities	21,249		23		(21)		21,251
Other taxable securities	3,285		2		(49)		3,238

Tax-exempt securities	10,134		11		(235)		9,910
Total available-for-sale debt securities	316,418		265		(3,610)		313,073
Other debt securities carried at fair value (1)	10,035		90		(79)		10,046
Total debt securities carried at fair value	326,453		355		(3,689)		323,119
Held-to-maturity debt securities
Agency mortgage-backed securities	457,841		—		(88,505)		369,336
U.S. Treasury and government agencies	121,658		—		(19,526)		102,132
Other taxable securities	7,400		—		(1,120)		6,280
Total held-to-maturity debt securities	586,899		—		(109,151)		477,748
Total debt securities	$	913,352	$	355	$	(112,840)	$	800,867


	December 31, 2023
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

(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.


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

	First Quarter 2024	Fourth Quarter 2023			Third Quarter 2023			Second Quarter 2023			First Quarter 2023







FTE basis data (1)
Net interest income		$	14,190		$	14,091		$	14,532		$	14,293		$	14,582
Total revenue, net of interest expense		25,977			22,104			25,320			25,332			26,392
Net interest yield		1.99		%	1.97		%	2.11		%	2.06		%	2.20		%
Efficiency ratio		66.36			80.22			62.55			63.31			61.53

(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 $158 million, $145 million, $153 million, $135 million and $134 million for the first quarter of 2024 and the fourth, third, second and first quarters of 2023, respectively.

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


Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other
(Dollars in millions)
	First Quarter 2024
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	14,190	$	8,197	$	1,814	$	3,460	$	681	$	38
Noninterest income
Fees and commissions:
Card income	1,463		1,272		10		188		17		(24)
Service charges	1,442		578		23		750		90		1
Investment and brokerage services	4,187		78		3,600		18		495		(4)
Investment banking fees	1,568		—		63		850		708		(53)
Total fees and commissions	8,660		1,928		3,696		1,806		1,310		(80)
Market making and similar activities	3,888		5		34		68		3,830		(49)
Other income (loss)	(762)		36		47		646		62		(1,553)
Total noninterest income (loss)	11,786		1,969		3,777		2,520		5,202		(1,682)
Total revenue, net of interest expense	25,976		10,166		5,591		5,980		5,883		(1,644)
Provision for credit losses	1,319		1,150		(13)		229		(36)		(11)
Noninterest expense	17,237		5,475		4,264		3,012		3,492		994
Income (loss) before income taxes	7,420		3,541		1,340		2,739		2,427		(2,627)
Income tax expense (benefit)	746		885		335		753		704		(1,931)
Net income (loss)	$	6,674	$	2,656	$	1,005	$	1,986	$	1,723	$	(696)

Average
Total loans and leases	$	1,047,890	$	313,038	$	218,616	$	373,608	$	133,756	$	8,872
Total assets (1)	3,247,159		1,033,101		341,119		623,073		895,382		354,484
Total deposits	1,907,462		952,466		297,373		525,699		32,585		99,339
Quarter end
Total loans and leases	$	1,049,156	$	311,725	$	219,844	$	373,403	$	135,267	$	8,917
Total assets (1)	3,273,803		1,060,482		343,718		623,204		902,741		343,658
Total deposits	1,946,496		978,761		298,039		527,113		34,847		107,736

	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)	3,180,151		1,049,830		344,626		621,751		817,588		346,356
Total deposits	1,923,827		969,572		299,657		527,060		34,833		92,705

(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.


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

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

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

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


Bank of America Corporation and Subsidiaries
Consumer Banking Segment Results
(Dollars in millions)
	First Quarter 2024	Fourth Quarter 2023			Third Quarter 2023			Second Quarter 2023			First Quarter 2023

Net interest income		$	8,197		$	8,268		$	8,391		$	8,437		$	8,593
Noninterest income:
Card income		1,272			1,324			1,325			1,341			1,274
Service charges		578			588			605			525			599

All other income		119			149			151			221			240
Total noninterest income		1,969			2,061			2,081			2,087			2,113
Total revenue, net of interest expense		10,166			10,329			10,472			10,524			10,706

Provision for credit losses		1,150			1,405			1,397			1,267			1,089

Noninterest expense		5,475			5,234			5,256			5,453			5,473
Income before income taxes		3,541			3,690			3,819			3,804			4,144
Income tax expense		885			922			955			951			1,036
Net income		$	2,656		$	2,768		$	2,864		$	2,853		$	3,108

Net interest yield		3.31		%	3.28		%	3.26		%	3.24		%	3.27		%
Return on average allocated capital (1)		25			26			27			27			30
Efficiency ratio		53.86			50.71			50.18			51.81			51.12

Balance Sheet
Average
Total loans and leases		$	313,038		$	313,438		$	310,761		$	306,662		$	303,772
Total earning assets (2)		995,556			1,000,032			1,019,980			1,045,743			1,065,202
Total assets (2)		1,033,101			1,038,418			1,059,152			1,085,469			1,105,245
Total deposits		952,466			959,247			980,051			1,006,337			1,026,242
Allocated capital (1)		43,250			42,000			42,000			42,000			42,000

Period end
Total loans and leases		$	311,725		$	315,119		$	313,216		$	309,735		$	304,480
Total earning assets (2)		1,022,320			1,009,360			1,023,162			1,043,228			1,081,780
Total assets (2)		1,060,482			1,049,830			1,062,038			1,084,512			1,124,438
Total deposits		978,761			969,572			982,302			1,004,482			1,044,768

(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.


Bank of America Corporation and Subsidiaries
Consumer Banking Key Indicators
(Dollars in millions)
	First Quarter 2024	Fourth Quarter 2023			Third Quarter 2023			Second Quarter 2023			First Quarter 2023

Average deposit balances
Checking		$	548,604		$	551,890		$	562,319		$	575,792		$	580,910
Savings		57,401			58,975			62,352			66,142			68,327
MMS		266,056			277,912			296,833			317,942			339,823
CDs and IRAs		76,621			66,758			54,596			42,445			33,098
Other		3,784			3,712			3,951			4,016			4,084
Total average deposit balances		$	952,466		$	959,247		$	980,051		$	1,006,337		$	1,026,242

Deposit spreads (excludes noninterest costs)
Checking		2.50		%	2.47		%	2.38		%	2.30		%	2.22		%
Savings		2.80			2.90			2.77			2.65			2.53
MMS		3.20			3.64			3.49			3.28			2.99
CDs and IRAs		2.04			2.25			2.55			2.96			3.27
Other		5.19			5.21			5.05			4.80			4.37
Total deposit spreads		2.69			2.83			2.76			2.67			2.54

Consumer investment assets		$	456,391		$	424,410		$	387,467		$	386,761		$	354,892

Active digital banking users (in thousands) (1)		47,079			46,265			45,797			45,713			44,962
Active mobile banking users (in thousands) (2)		38,544			37,927			37,487			37,329			36,322
Financial centers		3,804			3,845			3,862			3,887			3,892
ATMs		15,028			15,168			15,253			15,335			15,407

Total credit card (3)
Loans
Average credit card outstandings		$	99,815		$	100,389		$	98,049		$	94,431		$	91,775
Ending credit card outstandings		98,453			102,200			99,686			97,009			92,469
Credit quality
Net charge-offs		$	899		$	777		$	673		$	610		$	501
		3.62		%	3.07		%	2.72		%	2.60		%	2.21		%
30+ delinquency		$	2,446		$	2,419		$	2,097		$	1,810		$	1,674
		2.48		%	2.37		%	2.10		%	1.87		%	1.81		%
90+ delinquency		$	1,299		$	1,224		$	1,016		$	897		$	828
		1.32		%	1.20		%	1.02		%	0.92		%	0.90		%
Other total credit card indicators (3)
Gross interest yield		12.24		%	11.97		%	12.03		%	11.66		%	11.85		%
Risk-adjusted margin		6.81			7.18			7.70			7.83			8.69
New accounts (in thousands)		998			889			1,062			1,137			1,187
Purchase volumes		$	87,011		$	92,759		$	91,711		$	93,103		$	85,544

Debit card data
Purchase volumes		$	132,407		$	136,183		$	133,553		$	132,962		$	124,376

Loan production (4)
Consumer Banking:
First mortgage		$	1,688		$	1,753		$	2,547		$	2,889		$	1,956
Home equity		1,600			1,939			2,035			2,171			2,183
Total (5):
First mortgage		$	3,443		$	3,932		$	5,596		$	5,940		$	3,937
Home equity		1,891			2,255			2,421			2,542			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.


Bank of America Corporation and Subsidiaries
Consumer Banking Quarterly Results
(Dollars in millions)
	First Quarter 2024									Fourth Quarter 2023
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	8,197		$	5,269		$	2,928		$	8,268		$	5,425		$	2,843
Noninterest income:
Card income	1,272			(10)			1,282			1,324			(9)			1,333
Service charges	578			577			1			588			588			—
All other income	119			102			17			149			116			33
Total noninterest income	1,969			669			1,300			2,061			695			1,366
Total revenue, net of interest expense	10,166			5,938			4,228			10,329			6,120			4,209

Provision for credit losses	1,150			76			1,074			1,405			77			1,328

Noninterest expense	5,475			3,378			2,097			5,234			3,269			1,965
Income before income taxes	3,541			2,484			1,057			3,690			2,774			916
Income tax expense	885			621			264			922			693			229
Net income	$	2,656		$	1,863		$	793		$	2,768		$	2,081		$	687

Net interest yield	3.31		%	2.23		%	3.81		%	3.28		%	2.25		%	3.64		%
Return on average allocated capital (1)	25			55			11			26			60			10
Efficiency ratio	53.86			56.89			49.60			50.71			53.51			46.65

Balance Sheet
Average
Total loans and leases	$	313,038		$	4,241		$	308,797		$	313,438		$	4,183		$	309,255
Total earning assets (2)	995,556			950,194			308,914			1,000,032			955,931			309,503
Total assets (2)	1,033,101			982,857			313,795			1,038,418			988,956			314,864
Total deposits	952,466			947,843			4,623			959,247			954,228			5,019
Allocated capital (1)	43,250			13,700			29,550			42,000			13,700			28,300

Period end
Total loans and leases	$	311,725		$	4,260		$	307,465		$	315,119		$	4,218		$	310,901
Total earning assets (2)	1,022,320			976,167			307,634			1,009,360			965,088			311,008
Total assets (2)	1,060,482			1,008,366			313,598			1,049,830			999,372			317,194
Total deposits	978,761			972,906			5,855			969,572			964,136			5,436

										First Quarter 2023
										Total Consumer Banking			Deposits			Consumer Lending
Net interest income										$	8,593		$	5,816		$	2,777
Noninterest income:
Card income										1,274			(10)			1,284
Service charges										599			598			1
All other income										240			197			43
Total noninterest income										2,113			785			1,328
Total revenue, net of interest expense										10,706			6,601			4,105

Provision for credit losses										1,089			183			906

Noninterest expense										5,473			3,415			2,058
Income before income taxes										4,144			3,003			1,141
Income tax expense										1,036			751			285
Net income										$	3,108		$	2,252		$	856

Net interest yield										3.27		%	2.31		%	3.76		%
Return on average allocated capital (1)										30			67			12
Efficiency ratio										51.12			51.76			50.10

Balance Sheet
Average
Total loans and leases										$	303,772		$	4,119		$	299,653
Total earning assets (2)										1,065,202			1,022,445			299,794
Total assets (2)										1,105,245			1,056,007			306,275
Total deposits										1,026,242			1,021,374			4,868
Allocated capital (1)										42,000			13,700			28,300

Period end
Total loans and leases										$	304,480		$	4,065		$	300,415
Total earning assets (2)										1,081,780			1,038,545			300,595
Total assets (2)										1,124,438			1,074,571			307,227
Total deposits										1,044,768			1,039,744			5,024

(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.


Bank of America Corporation and Subsidiaries
Global Wealth & Investment Management Segment Results
(Dollars in millions)
	First Quarter 2024	Fourth Quarter 2023			Third Quarter 2023			Second Quarter 2023			First Quarter 2023

Net interest income		$	1,814		$	1,711		$	1,755		$	1,805		$	1,876
Noninterest income:
Investment and brokerage services		3,600			3,328			3,396			3,251			3,238
All other income		177			188			170			186			201
Total noninterest income		3,777			3,516			3,566			3,437			3,439
Total revenue, net of interest expense		5,591			5,227			5,321			5,242			5,315

Provision for credit losses		(13)			(26)			(6)			13			25

Noninterest expense		4,264			3,894			3,950			3,925			4,067
Income before income taxes		1,340			1,359			1,377			1,304			1,223
Income tax expense		335			340			344			326			306
Net income		$	1,005		$	1,019		$	1,033		$	978		$	917

Net interest yield		2.23		%	2.10		%	2.16		%	2.21		%	2.20		%
Return on average allocated capital (1)		22			22			22			21			20

Efficiency ratio		76.27			74.41			74.28			74.86			76.53

Balance Sheet
Average
Total loans and leases		$	218,616		$	219,425		$	218,569		$	218,604		$	221,448
Total earning assets (2)		327,692			322,827			322,032			327,066			346,384
Total assets (2)		341,119			336,067			335,124			340,105			359,164
Total deposits		297,373			292,478			291,770			295,380			314,019
Allocated capital (1)		18,500			18,500			18,500			18,500			18,500


Period end
Total loans and leases		$	219,844		$	219,657		$	218,913		$	219,208		$	217,804
Total earning assets (2)		329,515			330,653			320,196			324,820			336,560
Total assets (2)		343,718			344,626			333,779			338,184			349,888
Total deposits		298,039			299,657			290,732			292,526			301,471

(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.


Bank of America Corporation and Subsidiaries
Global Wealth & Investment Management Key Indicators
(Dollars in millions)
	First Quarter 2024	Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023		First Quarter 2023

Revenue by Business
Merrill Wealth Management		$	4,647	$	4,326	$	4,398	$	4,340	$	4,397
Bank of America Private Bank		944		901		923		902		918

Total revenue, net of interest expense		$	5,591	$	5,227	$	5,321	$	5,242	$	5,315

Client Balances by Business, at period end
Merrill Wealth Management		$	3,339,693	$	3,182,735	$	2,978,229	$	3,057,680	$	2,952,681
Bank of America Private Bank		633,697		606,639		572,624		577,514		568,925

Total client balances		$	3,973,390	$	3,789,374	$	3,550,853	$	3,635,194	$	3,521,606

Client Balances by Type, at period end


Assets under management (1)		$	1,730,005	$	1,617,740	$	1,496,601	$	1,531,042	$	1,467,242
Brokerage and other assets		1,758,642		1,688,923		1,578,123		1,628,294		1,571,409

Deposits		298,039		299,657		290,732		292,526		301,471
Loans and leases (2)		222,528		222,287		221,684		222,280		220,633
Less: Managed deposits in assets under management		(35,824)		(39,233)		(36,287)		(38,948)		(39,149)
Total client balances		$	3,973,390	$	3,789,374	$	3,550,853	$	3,635,194	$	3,521,606

Assets Under Management Rollforward
Assets under management, beginning balance		$	1,617,740	$	1,496,601	$	1,531,042	$	1,467,242	$	1,401,474
Net client flows		24,655		8,443		14,226		14,296		15,262

Market valuation/other		87,610		112,696		(48,667)		49,504		50,506
Total assets under management, ending balance		$	1,730,005	$	1,617,740	$	1,496,601	$	1,531,042	$	1,467,242

(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.

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


Bank of America Corporation and Subsidiaries
Global Banking Segment Results
(Dollars in millions)
	First Quarter 2024	Fourth Quarter 2023			Third Quarter 2023			Second Quarter 2023			First Quarter 2023

Net interest income		$	3,460		$	3,435		$	3,613		$	3,690		$	3,907
Noninterest income:
Service charges		750			749			754			735			714
Investment banking fees		850			690			743			718			668
All other income		920			1,054			1,093			1,319			914
Total noninterest income		2,520			2,493			2,590			2,772			2,296
Total revenue, net of interest expense		5,980			5,928			6,203			6,462			6,203

Provision for credit losses		229			(239)			(119)			9			(237)

Noninterest expense		3,012			2,781			2,804			2,819			2,940
Income before income taxes		2,739			3,386			3,518			3,634			3,500
Income tax expense		753			914			950			981			945
Net income		$	1,986		$	2,472		$	2,568		$	2,653		$	2,555

Net interest yield		2.50		%	2.45		%	2.68		%	2.80		%	3.03		%
Return on average allocated capital (1)		16			20			21			22			21
Efficiency ratio		50.37			46.92			45.22			43.59			47.41

Balance Sheet
Average
Total loans and leases		$	373,608		$	374,862		$	376,214		$	383,058		$	381,009
Total earning assets (2)		555,957			557,147			534,153			527,959			522,374
Total assets (2)		623,073			624,093			601,378			595,585			588,886
Total deposits		525,699			527,597			504,432			497,533			492,577
Allocated capital (1)		49,250			49,250			49,250			49,250			49,250

Period end
Total loans and leases		$	373,403		$	373,891		$	373,351		$	381,609		$	383,491
Total earning assets (2)		554,253			552,453			521,423			518,547			524,299
Total assets (2)		623,204			621,751			588,578			586,397			591,231
Total deposits		527,113			527,060			494,938			492,734			495,949

(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.


Bank of America Corporation and Subsidiaries
Global Banking Key Indicators
(Dollars in millions)
	First Quarter 2024	Fourth Quarter 2023			Third Quarter 2023			Second Quarter 2023			First Quarter 2023

Investment Banking fees (1)
Advisory (2)		$	317		$	350		$	396		$	333		$	313
Debt issuance		383			265			255			263			290
Equity issuance		150			75			92			122			65
Total Investment Banking fees (3)		$	850		$	690		$	743		$	718		$	668

Business Lending
Corporate		$	1,065		$	1,235		$	1,300		$	1,359		$	1,034
Commercial		1,280			1,251			1,262			1,270			1,233
Business Banking		59			62			61			63			67
Total Business Lending revenue		$	2,404		$	2,548		$	2,623		$	2,692		$	2,334

Global Transaction Services
Corporate		$	1,335		$	1,322		$	1,392		$	1,483		$	1,549
Commercial		970			967			998			1,045			1,129
Business Banking		361			370			379			395			387
Total Global Transaction Services revenue		$	2,666		$	2,659		$	2,769		$	2,923		$	3,065

Average deposit balances
Interest-bearing		$	362,100		$	351,007		$	315,289		$	289,187		$	257,012
Noninterest-bearing		163,599			176,590			189,143			208,346			235,565
Total average deposits		$	525,699		$	527,597		$	504,432		$	497,533		$	492,577



Provision for credit losses		$	229		$	(239)		$	(119)		$	9		$	(237)

Credit quality (4, 5)
Reservable criticized utilized exposure		$	22,530		$	21,597		$	22,025		$	19,714		$	18,104
		5.70		%	5.46		%	5.58		%	4.89		%	4.46		%

Nonperforming loans, leases and foreclosed properties		$	3,075		$	2,673		$	1,908		$	1,248		$	1,023
		0.83		%	0.72		%	0.51		%	0.33		%	0.27		%

Average loans and leases by product
U.S. commercial		$	226,470		$	225,070		$	225,758		$	230,111		$	229,558
Non-U.S. commercial		76,284			78,483			78,748			81,546			82,412
Commercial real estate		55,683			56,735			57,573			57,449			55,019
Commercial lease financing		15,170			14,573			14,134			13,951			14,019
Other		1			1			1			1			1
Total average loans and leases		$	373,608		$	374,862		$	376,214		$	383,058		$	381,009

Total Corporation Investment Banking fees
Advisory (2)		$	373		$	389		$	448		$	375		$	363
Debt issuance		885			589			570			600			644
Equity issuance		363			199			232			287			168
Total investment banking fees including self-led deals		1,621			1,177			1,250			1,262			1,175
Self-led deals		(53)			(32)			(62)			(50)			(12)
Total Investment Banking fees		$	1,568		$	1,145		$	1,188		$	1,212		$	1,163

(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.


Bank of America Corporation and Subsidiaries
Global Markets Segment Results
(Dollars in millions)
	First Quarter 2024	Fourth Quarter 2023			Third Quarter 2023			Second Quarter 2023			First Quarter 2023

Net interest income		$	681		$	598		$	674		$	297		$	109
Noninterest income:
Investment and brokerage services		495			486			475			499			533
Investment banking fees		708			439			463			503			469
Market making and similar activities		3,830			2,428			3,195			3,409			4,398
All other income		169			137			135			163			117
Total noninterest income		5,202			3,490			4,268			4,574			5,517
Total revenue, net of interest expense (1)		5,883			4,088			4,942			4,871			5,626

Provision for credit losses		(36)			(60)			(14)			(4)			(53)

Noninterest expense		3,492			3,271			3,235			3,349			3,351
Income before income taxes		2,427			877			1,721			1,526			2,328
Income tax expense		704			241			473			420			640
Net income		$	1,723		$	636		$	1,248		$	1,106		$	1,688

Return on average allocated capital (2)		15		%	6		%	11		%	10		%	15		%

Efficiency ratio		59.38			80.00			65.47			68.74			59.56

Balance Sheet
Average
Total trading-related assets		$	629,826		$	615,414		$	609,744		$	621,125		$	626,035
Total loans and leases		133,756			133,631			131,298			128,539			125,046
Total earning assets		692,851			667,094			655,971			657,947			627,935
Total assets		895,382			867,953			863,653			877,471			870,038
Total deposits		32,585			31,950			31,890			33,222			36,109
Allocated capital (2)		45,500			45,500			45,500			45,500			45,500


Period end
Total trading-related assets		$	628,890		$	542,544		$	613,009		$	599,787		$	599,841
Total loans and leases		135,267			136,223			134,386			131,128			130,804
Total earning assets		698,279			637,955			660,172			640,712			632,873
Total assets		902,741			817,588			864,792			851,771			861,477
Total deposits		34,847			34,833			31,041			33,049			33,624

Trading-related assets (average)
Trading account securities		$	323,210		$	309,051		$	307,990		$	317,928		$	339,248
Reverse repurchases		134,081			133,209			135,401			139,480			126,760
Securities borrowed		134,852			129,365			119,936			120,481			116,280
Derivative assets		37,683			43,789			46,417			43,236			43,747
Total trading-related assets		$	629,826		$	615,414		$	609,744		$	621,125		$	626,035

(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 21.

(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.


Bank of America Corporation and Subsidiaries
Global Markets Key Indicators
(Dollars in millions)
	First Quarter 2024	Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023		First Quarter 2023

Sales and trading revenue (1)
Fixed-income, currencies and commodities		$	3,231	$	2,079	$	2,710	$	2,667	$	3,440
Equities		1,861		1,540		1,695		1,618		1,627
Total sales and trading revenue		$	5,092	$	3,619	$	4,405	$	4,285	$	5,067

Sales and trading revenue, excluding net debit valuation adjustment (2,3)
Fixed-income, currencies and commodities		$	3,307	$	2,206	$	2,723	$	2,764	$	3,429
Equities		1,870		1,545		1,698		1,623		1,624
Total sales and trading revenue, excluding net debit valuation adjustment		$	5,177	$	3,751	$	4,421	$	4,387	$	5,053

Sales and trading revenue breakdown
Net interest income		$	512	$	432	$	518	$	137	$	(74)
Commissions		494		486		474		492		529
Trading		3,830		2,428		3,194		3,407		4,398
Other		256		273		219		249		214
Total sales and trading revenue		$	5,092	$	3,619	$	4,405	$	4,285	$	5,067

(1) Includes Global Banking sales and trading revenue of $144 million, $190 million, $133 million, $154 million and $177 million for the first quarter of 2024 and the fourth, third, second and first quarters of 2023, 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 $(85) million, $(132) million, $(16) million, $(102) million and $14 million for the first quarter of 2024 and the fourth, third, second and first quarters of 2023, respectively. FICC net DVA gains (losses) were $(76) million, $(127) million, $(13) million, $(97) million and $11 million for the first quarter of 2024 and the fourth, third, second and first quarters of 2023, respectively. Equities net DVA gains (losses) were $(9) million, $(5) million, $(3) million, $(5) million and $3 million for the first quarter of 2024 and the fourth, third, second and first quarters of 2023, respectively.

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


Bank of America Corporation and Subsidiaries
All Other Results (1)
(Dollars in millions)
	First Quarter 2024	Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023		First Quarter 2023

Net interest income		$	38	$	79	$	99	$	64	$	97





Noninterest income (loss)		(1,682)		(3,547)		(1,717)		(1,831)		(1,555)
Total revenue, net of interest expense		(1,644)		(3,468)		(1,618)		(1,767)		(1,458)

Provision for credit losses		(11)		24		(24)		(160)		107



Noninterest expense		994		2,551		593		492		407
Loss before income taxes		(2,627)		(6,043)		(2,187)		(2,099)		(1,972)
Income tax expense (benefit)		(1,931)		(2,292)		(2,276)		(1,917)		(1,865)
Net income (loss)		$	(696)	$	(3,751)	$	89	$	(182)	$	(107)

Balance Sheet
Average
Total loans and leases		$	8,872	$	9,349	$	9,412	$	9,745	$	10,077
Total assets (2)		354,484		346,628		269,159		276,728		172,725
Total deposits		99,339		93,739		68,010		42,881		24,702

Period end
Total loans and leases		$	8,917	$	8,842	$	9,283	$	9,544	$	9,827

Total assets (3)		343,658		346,356		303,903		262,334		267,623
Total deposits		107,736		92,705		85,588		54,418		34,590

(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 $958.0 billion, $958.4 billion, $955.7 billion, $977.8 billion and $1.0 trillion for the first quarter of 2024 and the fourth, third, second and first quarters of 2023, respectively.

(3)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $987.1 billion, $972.9 billion, $945.7 billion, $963.6 billion and $1.0 trillion at March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.

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


Bank of America Corporation and Subsidiaries
Outstanding Loans and Leases
(Dollars in millions)
	March 31 2024		December 31 2023		March 31 2023
Consumer
Residential mortgage	$	227,435	$	228,403	$	228,827
Home equity	25,185		25,527		25,868
Credit card	98,453		102,200		92,469
Direct/Indirect consumer (1)	102,849		103,468		104,540
Other consumer (2)	115		124		120
Total consumer loans excluding loans accounted for under the fair value option	454,037		459,722		451,824
Consumer loans accounted for under the fair value option (3)	235		243		334
Total consumer	454,272		459,965		452,158

Commercial
U.S. commercial	362,744		358,931		360,655
Non-U.S. commercial	123,073		124,581		124,827
Commercial real estate (4)	71,652		72,878		73,051
Commercial lease financing	14,781		14,854		13,448
	572,250		571,244		571,981
U.S. small business commercial (5)	19,931		19,197		18,204
Total commercial loans excluding loans accounted for under the fair value option	592,181		590,441		590,185
Commercial loans accounted for under the fair value option (3)	2,703		3,326		4,063
Total commercial	594,884		593,767		594,248

Total loans and leases	$	1,049,156	$	1,053,732	$	1,046,406

(1)Includes primarily auto and specialty lending loans and leases of $54.1 billion, $53.9 billion and $52.7 billion, U.S. securities-based lending loans of $45.3 billion, $46.0 billion and $48.1 billion and non-U.S. consumer loans of $2.7 billion, $2.8 billion and $2.8 billion at March 31, 2024, December 31, 2023 and March 31, 2023, 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 $62 million, $66 million and $72 million and home equity loans of $173 million, $177 million and $262 million at March 31, 2024, December 31, 2023 and March 31, 2023, respectively. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $1.7 billion, $2.2 billion and $2.2 billion and non-U.S. commercial loans of $1.0 billion, $1.2 billion and $1.9 billion at March 31, 2024, December 31, 2023 and March 31, 2023, respectively.

(4)Includes U.S. commercial real estate loans of $65.5 billion, $66.8 billion and $67.2 billion and non-U.S. commercial real estate loans of $6.2 billion, $6.1 billion and $5.8 billion at March 31, 2024, December 31, 2023 and March 31, 2023, 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.


Bank of America Corporation and Subsidiaries
Quarterly Average Loans and Leases by Business Segment and All Other
(Dollars in millions)
	First Quarter 2024
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	227,748	$	115,536	$	105,177	$	1	$	—	$	7,034
Home equity	25,522		21,289		2,402		—		159		1,672
Credit card	99,815		96,480		3,335		—		—		—
Direct/Indirect and other consumer	103,371		54,413		48,956		—		—		2
Total consumer	456,456		287,718		159,870		1		159		8,708

Commercial
U.S. commercial	379,566		25,310		51,029		226,470		76,590		167
Non-U.S. commercial	125,024		—		572		76,284		47,861		307
Commercial real estate	71,986		10		7,145		55,683		9,146		2
Commercial lease financing	14,858		—		—		15,170		—		(312)
Total commercial	591,434		25,320		58,746		373,607		133,597		164
Total loans and leases	$	1,047,890	$	313,038	$	218,616	$	373,608	$	133,756	$	8,872

	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

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

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

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


Bank of America Corporation and Subsidiaries
Commercial Credit Exposure by Industry (1, 2, 3, 4)
(Dollars in millions)
	Commercial Utilized						Total Commercial Committed
	March 31 2024		December 31 2023		March 31 2023		March 31 2024		December 31 2023		March 31 2023
Asset managers and funds	$	104,602	$	103,138	$	102,345	$	172,321	$	169,318	$	164,480
Real estate (5)	72,992		73,150		73,515		99,338		100,269		101,072
Capital goods	49,292		49,698		48,146		94,710		97,044		88,060
Finance companies	60,501		62,906		58,226		89,253		89,119		81,811
Healthcare equipment and services	35,013		35,037		34,245		61,827		61,766		59,280
Materials	25,257		25,223		27,224		54,935		55,296		56,244
Retailing	25,399		24,561		26,021		53,193		54,523		54,127
Consumer services	29,287		27,355		27,475		51,724		49,105		48,491
Food, beverage and tobacco	23,624		23,865		24,307		48,283		49,426		46,838
Government and public education	31,453		31,051		33,443		47,041		45,873		46,931
Individuals and trusts	32,800		32,481		31,874		44,587		43,938		43,488
Commercial services and supplies	23,073		22,642		24,136		41,480		41,473		41,711
Utilities	17,571		18,610		19,118		39,298		39,481		39,209
Energy	12,143		12,450		13,667		37,978		36,996		34,923
Transportation	23,868		24,200		22,051		35,924		36,267		33,846
Technology hardware and equipment	11,363		11,951		10,500		29,605		29,160		29,807
Global commercial banks	22,816		22,749		26,910		25,667		25,684		29,047
Software and services	9,904		9,830		11,678		25,257		22,381		25,300
Media	12,944		13,033		15,102		24,998		24,908		29,006
Vehicle dealers	17,365		16,283		13,281		23,370		22,570		21,237
Consumer durables and apparel	8,948		9,184		10,167		20,771		20,732		21,784
Pharmaceuticals and biotechnology	7,202		6,852		6,581		20,428		22,169		21,419
Insurance	8,499		9,371		10,007		19,423		19,322		19,109
Telecommunication services	9,396		9,224		9,646		17,186		17,269		17,666
Automobiles and components	7,508		7,049		8,163		15,724		16,459		15,910
Food and staples retailing	7,512		7,423		7,331		13,200		12,496		12,507
Financial markets infrastructure (clearinghouses)	2,687		4,229		3,013		5,008		6,503		8,526
Religious and social organizations	2,734		2,754		2,542		4,643		4,565		4,557

Total commercial credit exposure by industry	$	695,753	$	696,299	$	700,714	$	1,217,172	$	1,214,112	$	1,196,386

(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 $57.7 billion, $55.8 billion and $29.1 billion at March 31, 2024, December 31, 2023 and March 31, 2023, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $27.9 billion, $29.4 billion and $51.0 billion, which consists primarily of other marketable securities, at March 31, 2024, December 31, 2023 and March 31, 2023, respectively.

(2)Total utilized and total committed exposure includes loans of $2.7 billion, $3.3 billion and $4.1 billion and issued letters of credit with a notional amount of $25 million, $14 million and $15 million accounted for under the fair value option at March 31, 2024, December 31, 2023 and March 31, 2023, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $3.1 billion, $2.6 billion and $3.1 billion at March 31, 2024, December 31, 2023 and March 31, 2023, respectively.

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

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

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

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


Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties
(Dollars in millions)
	March 31 2024			December 31 2023			September 30 2023			June 30 2023			March 31 2023
Residential mortgage	$	2,112		$	2,114		$	2,185		$	2,140		$	2,125
Home equity	438			450			479			482			488

Direct/Indirect consumer	147			148			128			107			101

Total consumer	2,697			2,712			2,792			2,729			2,714
U.S. commercial	720			636			561			476			559
Non-U.S. commercial	157			175			102			84			125
Commercial real estate	2,273			1,927			1,343			816			502
Commercial lease financing	16			19			18			6			4
	3,166			2,757			2,024			1,382			1,190
U.S. small business commercial	20			16			17			15			14
Total commercial	3,186			2,773			2,041			1,397			1,204
Total nonperforming loans and leases	5,883			5,485			4,833			4,126			3,918
Foreclosed properties (1)	151			145			160			148			165
Total nonperforming loans, leases, and foreclosed properties(2, 3)	$	6,034		$	5,630		$	4,993		$	4,274		$	4,083

Fully-insured home loans past due 30 days or more and still accruing	$	476		$	527		$	523		$	525		$	580
Consumer credit card past due 30 days or more and still accruing	2,446			2,419			2,097			1,811			1,674
Other loans past due 30 days or more and still accruing	2,907			2,974			2,848			2,920			3,146
Total loans past due 30 days or more and still accruing (4, 5)	$	5,829		$	5,920		$	5,468		$	5,256		$	5,400

Fully-insured home loans past due 90 days or more and still accruing	$	230		$	252		$	265		$	288		$	338
Consumer credit card past due 90 days or more and still accruing	1,299			1,224			1,016			896			828
Other loans past due 90 days or more and still accruing	343			280			286			356			508
Total loans past due 90 days or more and still accruing (5)	$	1,872		$	1,756		$	1,567		$	1,540		$	1,674

Nonperforming loans, leases and foreclosed properties/Total assets (6)	0.18		%	0.18		%	0.16		%	0.14		%	0.13		%
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties (5)	0.58			0.54			0.48			0.41			0.39
Nonperforming loans and leases/Total loans and leases (6)	0.56			0.52			0.46			0.39			0.38

Commercial reservable criticized utilized exposure (7)	$	24,529		$	23,300		$	23,722		$	21,469		$	19,789
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure (6)	3.93		%	3.74		%	3.83		%	3.44		%	3.17		%
Total commercial criticized utilized exposure/Commercial utilized exposure (7)	4.13			4.00			4.12			3.79			3.67

(1)Includes repossessed assets of $23 million for the first quarter of 2024, $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 $379 million, $161 million, $173 million, $174 million and $250 million at March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.

(4)Balances do not include loans held-for-sale past due 30 days or more and still accruing of $106 million, $72 million, $22 million, $39 million and $36 million at March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, 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 $2.9 billion, $3.6 billion, $4.3 billion, $4.3 billion and $4.4 billion at March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, 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.


Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties Activity (1)
(Dollars in millions)
	First Quarter 2024		Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023		First Quarter 2023
Nonperforming Consumer Loans and Leases:
Balance, beginning of period	$	2,712	$	2,792	$	2,729	$	2,714	$	2,754

Additions	254		247		297		258		253


Reductions:
Paydowns and payoffs	(131)		(129)		(117)		(131)		(103)
Sales	(1)		(57)		(2)		(2)		(2)
Returns to performing status (2)	(113)		(122)		(91)		(92)		(170)
Charge-offs (3)	(10)		(15)		(13)		(13)		(12)
Transfers to foreclosed properties	(14)		(4)		(11)		(5)		(6)

Total net additions (reductions) to nonperforming loans and leases	(15)		(80)		63		15		(40)
Total nonperforming consumer loans and leases, end of period	2,697		2,712		2,792		2,729		2,714
Foreclosed properties (4)	112		103		112		97		117
Nonperforming consumer loans, leases and foreclosed properties, end of period	$	2,809	$	2,815	$	2,904	$	2,826	$	2,831

Nonperforming Commercial Loans and Leases (5):
Balance, beginning of period	$	2,773	$	2,041	$	1,397	$	1,204	$	1,054

Additions	1,006		1,085		875		484		419
Reductions:
Paydowns	(220)		(121)		(153)		(171)		(72)
Sales	(1)		(1)		—		(3)		—
Returns to performing status (6)	(4)		(45)		(2)		(7)		(52)
Charge-offs	(368)		(186)		(67)		(87)		(88)
Transfers to foreclosed properties	—		—		—		(23)		—
Transfers to loans held-for-sale	—		—		(9)		—		(57)
Total net additions (reductions) to nonperforming loans and leases	413		732		644		193		150
Total nonperforming commercial loans and leases, end of period	3,186		2,773		2,041		1,397		1,204
Foreclosed properties (4)	39		42		48		51		48
Nonperforming commercial loans, leases and foreclosed properties, end of period	$	3,225	$	2,815	$	2,089	$	1,448	$	1,252

(1)For amounts excluded from nonperforming loans, leases and foreclosed properties, see footnotes to Nonperforming Loans, Leases and Foreclosed Properties table on page 26.

(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.

(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 $22 million in consumer loans and $1 million in commercial loans for the first quarter of 2024. Includes $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.

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


Bank of America Corporation and Subsidiaries
Quarterly Net Charge-offs and Net Charge-off Ratios (1)
(Dollars in millions)
	First Quarter 2024				Fourth Quarter 2023				Third Quarter 2023				Second Quarter 2023				First Quarter 2023
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage (2)	$	3	0.01	%	$	11	0.02	%	$	2	—	%	$	2	—	%	$	1	—	%
Home equity (3)	(13)		(0.20)		(17)		(0.26)		(14)		(0.22)		(16)		(0.25)		(12)		(0.18)
Credit card	899		3.62		777		3.07		673		2.72		610		2.60		501		2.21

Direct/Indirect consumer	65		0.26		49		0.19		25		0.10		17		0.06		1		—
Other consumer	74		n/m		93		n/m		118		n/m		107		n/m		162		n/m
Total consumer	1,028		0.91		913		0.79		804		0.70		720		0.64		653		0.58
U.S. commercial	66		0.07		67		0.07		5		0.01		5		0.01		47		0.05
Non-U.S. commercial	(9)		(0.03)		1		—		(2)		(0.01)		—		—		20		0.07
Total commercial and industrial	57		0.05		68		0.06		3		—		5		—		67		0.06
Commercial real estate	304		1.70		115		0.62		39		0.21		69		0.37		22		0.12
Commercial lease financing	1		0.03		(1)		—		3		0.08		1		—		(1)		(0.01)
	362		0.26		182		0.13		45		0.03		75		0.05		88		0.06
U.S. small business commercial	108		2.22		97		1.99		82		1.74		74		1.62		66		1.48
Total commercial	470		0.32		279		0.19		127		0.09		149		0.10		154		0.11
Total net charge-offs	$	1,498	0.58		$	1,192	0.45		$	931	0.35		$	869	0.33		$	807	0.32

By Business Segment and All Other
Consumer Banking	$	1,144	1.47	%	$	1,023	1.30	%	$	911	1.16	%	$	819	1.07	%	$	729	0.97	%
Global Wealth & Investment Management	17		0.03		12		0.02		4		0.01		3		0.01		6		0.01
Global Banking	350		0.38		160		0.17		20		0.02		59		0.06		87		0.09
Global Markets	—		—		8		0.02		13		0.04		5		0.02		—		—
All Other	(13)		(0.59)		(11)		(0.48)		(17)		(0.68)		(17)		(0.74)		(15)		(0.59)
Total net charge-offs	$	1,498	0.58		$	1,192	0.45		$	931	0.35		$	869	0.33		$	807	0.32

(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.


Bank of America Corporation and Subsidiaries
Allocation of the Allowance for Credit Losses by Product Type
(Dollars in millions)
	March 31, 2024		December 31, 2023			March 31, 2023
	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	$	292	0.13%	$	339		0.15%	$	305	0.13%
Home equity	63		0.25	47			0.19	98		0.38
Credit card	7,296		7.41	7,346			7.19	6,220		6.73

Direct/Indirect consumer	751		0.73	715			0.69	628		0.60
Other consumer	74		n/m	73			n/m	110		n/m
Total consumer	8,476		1.87	8,520			1.85	7,361		1.63
U.S. commercial (2)	2,596		0.68	2,600			0.69	2,835		0.75
Non-U.S. commercial	812		0.66	842			0.68	1,019		0.82
Commercial real estate	1,292		1.80	1,342			1.84	1,253		1.72
Commercial lease financing	37		0.25	38			0.26	46		0.34
Total commercial	4,737		0.80	4,822			0.82	5,153		0.87
Allowance for loan and lease losses	13,213		1.26	13,342			1.27	12,514		1.20


Reserve for unfunded lending commitments	1,158			1,209				1,437
Allowance for credit losses	$	14,371		$	14,551			$	13,951

Asset Quality Indicators

Allowance for loan and lease losses/Total loans and leases (1)			1.26%				1.27%			1.20%

Allowance for loan and lease losses/Total nonperforming loans and leases			225				243			319

Ratio of the allowance for loan and lease losses/Annualized net charge-offs			2.19				2.82			3.83

(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 23.

(2)Includes allowance for loan and lease losses for U.S. small business commercial loans of $1.1 billion, $1.0 billion and $864 million at March 31, 2024, December 31, 2023 and March 31, 2023, respectively.

n/m = not meaningful

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

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 directly comparable financial measures defined by GAAP for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023. 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.


	First Quarter 2024	Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023		First Quarter 2023






























Reconciliation of income before income taxes to pretax, pre-provision income
Income before income taxes		$	7,262	$	3,124	$	8,095	$	8,034	$	9,089
Provision for credit losses		1,319		1,104		1,234		1,125		931
Pretax, pre-provision income		$	8,581	$	4,228	$	9,329	$	9,159	$	10,020

Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity		$	292,511	$	288,618	$	284,975	$	282,425	$	277,252
Goodwill		(69,021)		(69,021)		(69,021)		(69,022)		(69,022)
Intangible assets (excluding mortgage servicing rights)		(1,990)		(2,010)		(2,029)		(2,049)		(2,068)
Related deferred tax liabilities		874		886		890		895		899
Tangible shareholders’ equity		$	222,374	$	218,473	$	214,815	$	212,249	$	207,061
Preferred stock		(28,397)		(28,397)		(28,397)		(28,397)		(28,397)
Tangible common shareholders’ equity		$	193,977	$	190,076	$	186,418	$	183,852	$	178,664








Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity		$	293,552	$	291,646	$	287,064	$	283,319	$	280,196
Goodwill		(69,021)		(69,021)		(69,021)		(69,021)		(69,022)
Intangible assets (excluding mortgage servicing rights)		(1,977)		(1,997)		(2,016)		(2,036)		(2,055)
Related deferred tax liabilities		869		874		886		890		895
Tangible shareholders’ equity		$	223,423	$	221,502	$	216,913	$	213,152	$	210,014
Preferred stock		(28,397)		(28,397)		(28,397)		(28,397)		(28,397)
Tangible common shareholders’ equity		$	195,026	$	193,105	$	188,516	$	184,755	$	181,617

Reconciliation of period-end assets to period-end tangible assets
Assets		$	3,273,803	$	3,180,151	$	3,153,090	$	3,123,198	$	3,194,657
Goodwill		(69,021)		(69,021)		(69,021)		(69,021)		(69,022)
Intangible assets (excluding mortgage servicing rights)		(1,977)		(1,997)		(2,016)		(2,036)		(2,055)
Related deferred tax liabilities		869		874		886		890		895
Tangible assets		$	3,203,674	$	3,110,007	$	3,082,939	$	3,053,031	$	3,124,475

Book value per share of common stock
Common shareholders’ equity		$	265,155	$	263,249	$	258,667	$	254,922	$	251,799
Ending common shares issued and outstanding		7,866.9		7,895.5		7,923.4		7,953.6		7,972.4
Book value per share of common stock		$	33.71	$	33.34	$	32.65	$	32.05	$	31.58

Tangible book value per share of common stock
Tangible common shareholders’ equity		$	195,026	$	193,105	$	188,516	$	184,755	$	181,617
Ending common shares issued and outstanding		7,866.9		7,895.5		7,923.4		7,953.6		7,972.4
Tangible book value per share of common stock		$	24.79	$	24.46	$	23.79	$	23.23	$	22.78

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

Form: 8-K

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