January 16, 2025 - THE SUPPLEMENTAL INFORMATION - 8-K: Current report filing

Supplemental Information
Fourth 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.

* Website content is not incorporated by reference into this Supplemental Information.


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
Annual Results by Business Segment and All Other			13
Consumer Banking
Total Segment Results			14
Key Indicators			15
Business Results			16
Global Wealth & Investment Management
Total Segment Results			18
Key Indicators			19
Global Banking
Total Segment Results			20
Key Indicators			21

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

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

Exhibit A: Non-GAAP Reconciliations			33







Key Performance Indicators

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

Business Segment Operations

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


Bank of America Corporation and Subsidiaries
Consolidated Financial Highlights
(In millions, except per share information)
	Year Ended December 31						Fourth Quarter 2024			Third Quarter 2024			Second Quarter 2024			First Quarter 2024			Fourth Quarter 2023
	2024			2023
Income statement
Net interest income	$	56,060		$	56,931		$	14,359		$	13,967		$	13,702		$	14,032		$	13,946
Noninterest income	45,827			41,650			10,988			11,378			11,675			11,786			8,013
Total revenue, net of interest expense	101,887			98,581			25,347			25,345			25,377			25,818			21,959
Provision for credit losses	5,821			4,394			1,452			1,542			1,508			1,319			1,104
Noninterest expense	66,812			65,845			16,787			16,479			16,309			17,237			17,731
Income before income taxes	29,254			28,342			7,108			7,324			7,560			7,262			3,124
Pretax, pre-provision income (1)	35,075			32,736			8,560			8,866			9,068			8,581			4,228
Income tax expense (benefit)	2,122			1,827			443			428			663			588			(20)
Net income	27,132			26,515			6,665			6,896			6,897			6,674			3,144
Preferred stock dividends	1,629			1,649			266			516			315			532			306
Net income applicable to common shareholders	25,503			24,866			6,399			6,380			6,582			6,142			2,838
Diluted earnings per common share	3.21			3.08			0.82			0.81			0.83			0.76			0.35
Average diluted common shares issued and outstanding	7,935.8			8,080.5			7,843.7			7,902.1			7,960.9			8,031.4			8,062.5
Dividends paid per common share	$	1.00		$	0.92		$	0.26		$	0.26		$	0.24		$	0.24		$	0.24

Performance ratios
Return on average assets	0.83		%	0.84		%	0.80		%	0.83		%	0.85		%	0.83		%	0.39		%
Return on average common shareholders’ equity	9.53			9.75			9.37			9.44			9.98			9.35			4.33
Return on average shareholders’ equity	9.23			9.36			8.98			9.30			9.45			9.18			4.32
Return on average tangible common shareholders’ equity (2)	12.92			13.46			12.63			12.76			13.57			12.73			5.92
Return on average tangible shareholders’ equity (2)	12.12			12.44			11.78			12.20			12.42			12.07			5.71
Efficiency ratio	65.57			66.79			66.23			65.02			64.26			66.77			80.75


At period end
Book value per share of common stock	$	35.79		$	33.34		$	35.79		$	35.37		$	34.39		$	33.71		$	33.34
Tangible book value per share of common stock (2)	26.58			24.46			26.58			26.25			25.37			24.79			24.46
Market capitalization	334,497			265,840			334,497			305,090			309,202			298,312			265,840
Number of financial centers - U.S.	3,700			3,845			3,700			3,741			3,786			3,804			3,845
Number of branded ATMs - U.S.	14,893			15,168			14,893			14,900			14,972			15,028			15,168
Headcount	213,193			212,985			213,193			213,491			212,318			212,335			212,985

(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.


Bank of America Corporation and Subsidiaries
Consolidated Statement of Income
(In millions, except per share information)
	Year Ended December 31				Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024		First Quarter 2024		Fourth Quarter 2023
	2024		2023
Net interest income
Interest income	$	146,607	$	130,262	$	35,977	$	37,491	$	36,854	$	36,285	$	35,629
Interest expense	90,547		73,331		21,618		23,524		23,152		22,253		21,683
Net interest income	56,060		56,931		14,359		13,967		13,702		14,032		13,946

Noninterest income
Fees and commissions	36,291		32,009		9,543		9,119		8,969		8,660		8,019
Market making and similar activities	12,967		12,732		2,503		3,278		3,298		3,888		998
Other income (loss)	(3,431)		(3,091)		(1,058)		(1,019)		(592)		(762)		(1,004)
Total noninterest income	45,827		41,650		10,988		11,378		11,675		11,786		8,013
Total revenue, net of interest expense	101,887		98,581		25,347		25,345		25,377		25,818		21,959

Provision for credit losses	5,821		4,394		1,452		1,542		1,508		1,319		1,104

Noninterest expense
Compensation and benefits	40,182		38,330		10,245		9,916		9,826		10,195		9,460
Occupancy and equipment	7,289		7,164		1,824		1,836		1,818		1,811		1,794
Information processing and communications	7,231		6,707		1,884		1,784		1,763		1,800		1,690
Product delivery and transaction related	3,494		3,608		903		849		891		851		882

Professional fees	2,669		2,159		744		723		654		548		550
Marketing	1,956		1,927		510		504		487		455		455
Other general operating	3,991		5,950		677		867		870		1,577		2,900
Total noninterest expense	66,812		65,845		16,787		16,479		16,309		17,237		17,731
Income before income taxes	29,254		28,342		7,108		7,324		7,560		7,262		3,124
Income tax expense (benefit)	2,122		1,827		443		428		663		588		(20)
Net income	$	27,132	$	26,515	$	6,665	$	6,896	$	6,897	$	6,674	$	3,144
Preferred stock dividends	1,629		1,649		266		516		315		532		306

Net income applicable to common shareholders	$	25,503	$	24,866	$	6,399	$	6,380	$	6,582	$	6,142	$	2,838

Per common share information
Earnings	$	3.25	$	3.10	$	0.83	$	0.82	$	0.83	$	0.77	$	0.36
Diluted earnings	3.21		3.08		0.82		0.81		0.83		0.76		0.35
Average common shares issued and outstanding	7,855.5		8,028.6		7,738.4		7,818.0		7,897.9		7,968.2		7,990.9
Average diluted common shares issued and outstanding	7,935.8		8,080.5		7,843.7		7,902.1		7,960.9		8,031.4		8,062.5


Consolidated Statement of Comprehensive Income
(Dollars in millions)
	Year Ended December 31				Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024		First Quarter 2024		Fourth Quarter 2023
	2024		2023
Net income	$	27,132	$	26,515	$	6,665	$	6,896	$	6,897	$	6,674	$	3,144
Other comprehensive income (loss), net-of-tax:
Net change in debt securities	158		573		(286)		417		(305)		332		492
Net change in debit valuation adjustments	(127)		(686)		8		—		53		(188)		(267)
Net change in derivatives	2,428		3,919		(672)		2,830		686		(416)		4,236
Employee benefit plan adjustments	131		(439)		56		27		25		23		(464)
Net change in foreign currency translation adjustments	(87)		1		(57)		21		(31)		(20)		7
Other comprehensive income (loss)	2,503		3,368		(951)		3,295		428		(269)		4,004
Comprehensive income (loss)	$	29,635	$	29,883	$	5,714	$	10,191	$	7,325	$	6,405	$	7,148

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)
	Year Ended December 31				Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024		First Quarter 2024		Fourth Quarter 2023
	2024		2023
Net interest income
Interest income
Loans and leases	$	61,993	$	57,124	$	15,690	$	15,725	$	15,338	$	15,240	$	15,227
Debt securities	26,007		20,226		6,712		6,833		6,325		6,137		5,417
Federal funds sold and securities borrowed or purchased under agreements to resell	19,911		18,679		4,381		5,196		5,159		5,175		5,124
Trading account assets	10,376		8,773		2,679		2,726		2,516		2,455		2,452
Other interest income	28,320		25,460		6,515		7,011		7,516		7,278		7,409
Total interest income	146,607		130,262		35,977		37,491		36,854		36,285		35,629

Interest expense
Deposits	38,442		26,163		9,524		10,125		9,655		9,138		8,724
Short-term borrowings	34,538		30,553		7,993		8,940		9,070		8,535		8,389
Trading account liabilities	2,191		2,043		567		538		540		546		557
Long-term debt	15,376		14,572		3,534		3,921		3,887		4,034		4,013
Total interest expense	90,547		73,331		21,618		23,524		23,152		22,253		21,683
Net interest income	$	56,060	$	56,931	$	14,359	$	13,967	$	13,702	$	14,032	$	13,946

Noninterest income
Fees and commissions
Card income
Interchange fees (1)	$	4,013	$	3,983	$	1,029	$	1,030	$	1,023	$	931	$	1,010
Other card income	2,271		2,071		593		588		558		532		509
Total card income	6,284		6,054		1,622		1,618		1,581		1,463		1,519
Service charges
Deposit-related fees	4,708		4,382		1,216		1,198		1,172		1,122		1,116
Lending-related fees	1,347		1,302		338		354		335		320		330
Total service charges	6,055		5,684		1,554		1,552		1,507		1,442		1,446
Investment and brokerage services
Asset management fees	13,875		12,002		3,702		3,533		3,370		3,270		3,012
Brokerage fees	3,891		3,561		1,011		1,013		950		917		897
Total investment and brokerage services	17,766		15,563		4,713		4,546		4,320		4,187		3,909
Investment banking fees
Underwriting income	3,275		2,235		763		742		869		901		478
Syndication fees	1,221		898		335		274		318		294		278
Financial advisory services	1,690		1,575		556		387		374		373		389
Total investment banking fees	6,186		4,708		1,654		1,403		1,561		1,568		1,145
Total fees and commissions	36,291		32,009		9,543		9,119		8,969		8,660		8,019
Market making and similar activities	12,967		12,732		2,503		3,278		3,298		3,888		998
Other income (loss)	(3,431)		(3,091)		(1,058)		(1,019)		(592)		(762)		(1,004)
Total noninterest income	$	45,827	$	41,650	$	10,988	$	11,378	$	11,675	$	11,786	$	8,013

(1)Gross interchange fees and merchant income were $13.6 billion and $13.3 billion and are presented net of $9.5 billion and $9.3 billion of expenses for rewards and partner payments as well as certain other card costs for the years ended December 31, 2024 and 2023. Gross interchange fees and merchant income were $3.5 billion, $3.4 billion, $3.5 billion, $3.2 billion and $3.4 billion and are presented net of $2.4 billion, $2.4 billion, $2.4 billion, $2.3 billion and $2.4 billion of expenses for rewards and partner payments as well as certain other card costs for the fourth, third, second and first quarters of 2024 and the fourth quarter 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)
		December 31 2024		September 30 2024		December 31 2023
Assets
Cash and due from banks		$	26,003	$	24,847	$	27,892
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks		264,111		270,742		305,181
Cash and cash equivalents		290,114		295,589		333,073
Time deposits placed and other short-term investments		6,372		8,151		8,346
Federal funds sold and securities borrowed or purchased under agreements to resell		274,709		337,706		280,624
Trading account assets		314,460		342,135		277,354
Derivative assets		40,948		34,182		39,323
Debt securities:
Carried at fair value		358,607		325,436		276,852
Held-to-maturity, at cost		558,677		567,553		594,555
Total debt securities		917,284		892,989		871,407
Loans and leases		1,095,835		1,075,800		1,053,732
Allowance for loan and lease losses		(13,240)		(13,251)		(13,342)
Loans and leases, net of allowance		1,082,595		1,062,549		1,040,390
Premises and equipment, net		12,168		12,033		11,855
Goodwill		69,021		69,021		69,021
Loans held-for-sale		9,545		10,351		6,002
Customer and other receivables		82,516		91,267		81,881
Other assets		162,057		168,320		160,875
Total assets		$	3,261,789	$	3,324,293	$	3,180,151

Liabilities
Deposits in U.S. offices:
Noninterest-bearing		$	507,561	$	498,263	$	530,619
Interest-bearing		1,329,014		1,308,856		1,273,904
Deposits in non-U.S. offices:
Noninterest-bearing		16,297		15,457		16,427
Interest-bearing		112,595		107,776		102,877
Total deposits		1,965,467		1,930,352		1,923,827
Federal funds purchased and securities loaned or sold under agreements to repurchase		331,758		397,958		283,887
Trading account liabilities		92,543		98,316		95,530
Derivative liabilities		39,353		43,131		43,432
Short-term borrowings		43,391		38,440		32,098
Accrued expenses and other liabilities		210,439		222,657		207,527
Long-term debt		283,279		296,927		302,204
Total liabilities		2,966,230		3,027,781		2,888,505
Shareholders’ equity
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 3,877,917, 3,933,917 and 4,088,099 shares		23,159		24,554		28,397
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 7,610,862,311, 7,688,767,832 and 7,895,457,665 shares		45,336		48,338		56,365
Retained earnings		242,349		237,954		224,672
Accumulated other comprehensive income (loss)		(15,285)		(14,334)		(17,788)
Total shareholders’ equity		295,559		296,512		291,646
Total liabilities and shareholders’ equity		$	3,261,789	$	3,324,293	$	3,180,151

	Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
	Trading account assets	$	5,575	$	6,280	$	6,054
	Loans and leases	19,144		19,267		18,276
	Allowance for loan and lease losses	(919)		(923)		(826)
	Loans and leases, net of allowance	18,225		18,344		17,450

	All other assets	319		278		269
	Total assets of consolidated variable interest entities	$	24,119	$	24,902	$	23,773

	Liabilities of consolidated variable interest entities included in total liabilities above
	Short-term borrowings	$	3,329	$	3,542	$	2,957
	Long-term debt	8,457		8,873		8,456
	All other liabilities	21		22		19
	Total liabilities of consolidated variable interest entities	$	11,807	$	12,437	$	11,432

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)
	December 31 2024			September 30 2024			December 31 2023
Risk-based capital metrics (1):
Standardized Approach
Common equity tier 1 capital	$	201,083		$	199,805		$	194,928
Tier 1 capital	223,458			222,942			223,323
Total capital	255,361			252,381			251,399
Risk-weighted assets	1,696,475			1,688,751			1,651,232
Common equity tier 1 capital ratio	11.9		%	11.8		%	11.8		%
Tier 1 capital ratio	13.2			13.2			13.5
Total capital ratio	15.1			14.9			15.2

Advanced Approaches
Common equity tier 1 capital	$	201,083		$	199,805		$	194,928
Tier 1 capital	223,458			222,942			223,323
Total capital	244,794			241,794			241,449
Risk-weighted assets	1,490,983			1,482,451			1,458,746
Common equity tier 1 capital ratio	13.5		%	13.5		%	13.4		%
Tier 1 capital ratio	15.0			15.0			15.3
Total capital ratio	16.4			16.3			16.6

Leverage-based metrics (1):
Adjusted average assets	$	3,239,641		$	3,217,562		$	3,135,468
Tier 1 leverage ratio	6.9		%	6.9		%	7.1		%

Supplementary leverage exposure	$	3,818,381		$	3,787,646		$	3,676,365
Supplementary leverage ratio	5.9		%	5.9		%	6.1		%

Total ending equity to total ending assets ratio	9.1			8.9			9.2
Common equity ratio	8.4			8.2			8.3
Tangible equity ratio (2)	7.1			7.0			7.1
Tangible common equity ratio (2)	6.3			6.2			6.2

(1)Regulatory capital ratios at December 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 all periods presented.

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

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


Bank of America Corporation and Subsidiaries
Capital Composition under Basel 3
(Dollars in millions)
	December 31 2024		September 30 2024		December 31 2023
Total common shareholders' equity	$	272,400	$	271,958	$	263,249
CECL transitional amount (1)	627		627		1,254
Goodwill, net of related deferred tax liabilities	(68,649)		(68,648)		(68,648)
Deferred tax assets arising from net operating loss and tax credit carryforwards	(8,097)		(8,188)		(7,912)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities	(1,440)		(1,453)		(1,496)
Defined benefit pension plan net assets, net-of-tax	(786)		(801)		(764)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net-of-tax	1,492		1,509		1,342
Accumulated net (gain) loss on certain cash flow hedges (2)	5,629		4,926		8,025
Other	(93)		(125)		(122)
Common equity tier 1 capital	201,083		199,805		194,928
Qualifying preferred stock, net of issuance cost	22,391		23,158		28,396
Other	(16)		(21)		(1)
Tier 1 capital	223,458		222,942		223,323
Tier 2 capital instruments	18,589		16,201		15,340
Qualifying allowance for credit losses (3)	13,558		13,575		12,920
Other	(244)		(337)		(184)
Total capital under the Standardized approach	255,361		252,381		251,399
Adjustment in qualifying allowance for credit losses under the Advanced approaches (3)	(10,567)		(10,587)		(9,950)
Total capital under the Advanced approaches	$	244,794	$	241,794	$	241,449

(1)December 31, 2024, September 30, 2024 and December 31, 2023 include 25 percent, 25 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)
	Fourth Quarter 2024						Third Quarter 2024						Fourth 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	$	319,203	$	3,648	4.55	%	$	320,781	$	4,129	5.12	%	$	380,362	$	5,050	5.27	%
Time deposits placed and other short-term investments	9,824		112		4.54		10,031		108		4.29		8,370		115		5.48
Federal funds sold and securities borrowed or purchased under agreements to resell	296,204		4,381		5.88		323,119		5,196		6.40		297,149		5,124		6.84
Trading account assets	210,380		2,703		5.11		214,980		2,749		5.09		194,551		2,474		5.05
Debt securities	895,903		6,734		2.99		883,562		6,859		3.08		802,657		5,445		2.68
Loans and leases (2)
Residential mortgage	227,990		1,892		3.32		227,800		1,872		3.29		228,975		1,790		3.12
Home equity	25,767		394		6.09		25,664		418		6.48		25,756		411		6.34
Credit card	100,938		2,903		11.44		99,908		2,924		11.64		100,389		2,778		10.98

Direct/Indirect and other consumer	106,379		1,490		5.57		104,732		1,512		5.74		103,606		1,386		5.31

Total consumer	461,074		6,679		5.77		458,104		6,726		5.85		458,726		6,365		5.52
U.S. commercial	404,606		5,541		5.45		391,728		5,358		5.44		379,215		5,176		5.42
Non-U.S. commercial	132,833		2,187		6.55		125,377		2,222		7.05		125,371		2,208		6.99
Commercial real estate	67,064		1,129		6.69		69,404		1,275		7.31		73,140		1,351		7.33
Commercial lease financing	15,432		209		5.39		15,115		201		5.30		14,253		184		5.14
Total commercial	619,935		9,066		5.82		601,624		9,056		5.99		591,979		8,919		5.98
Total loans and leases	1,081,009		15,745		5.80		1,059,728		15,782		5.93		1,050,705		15,284		5.78
Other earning assets	116,207		2,808		9.61		105,496		2,815		10.62		95,971		2,282		9.43
Total earning assets	2,928,730		36,131		4.91		2,917,697		37,638		5.14		2,829,765		35,774		5.02
Cash and due from banks	24,354						23,435						24,690
Other assets, less allowance for loan and lease losses	365,010						355,039						358,704
Total assets	$	3,318,094					$	3,296,171					$	3,213,159
Interest-bearing liabilities
U.S. interest-bearing deposits

Demand and money market deposits	$	963,827	$	5,134	2.12	%	$	943,550	$	5,497	2.32	%	$	942,561	$	4,868	2.05	%

Time and savings deposits	366,359		3,285		3.57		359,631		3,473		3.84		317,971		2,846		3.55
Total U.S. interest-bearing deposits	1,330,186		8,419		2.52		1,303,181		8,970		2.74		1,260,532		7,714		2.43




Non-U.S. interest-bearing deposits	115,503		1,105		3.81		110,527		1,155		4.16		101,766		1,010		3.94
Total interest-bearing deposits	1,445,689		9,524		2.62		1,413,708		10,125		2.85		1,362,298		8,724		2.54
Federal funds purchased and securities loaned or sold under agreements to repurchase	363,419		5,387		5.90		383,334		6,193		6.43		329,696		5,883		7.08
Short-term borrowings and other interest-bearing liabilities	155,956		2,606		6.65		147,579		2,747		7.41		149,273		2,506		6.67
Trading account liabilities	50,873		567		4.44		52,973		538		4.04		47,294		557		4.67
Long-term debt	238,988		3,534		5.90		247,338		3,921		6.32		256,262		4,013		6.24
Total interest-bearing liabilities	2,254,925		21,618		3.82		2,244,932		23,524		4.17		2,144,823		21,683		4.01
Noninterest-bearing sources
Noninterest-bearing deposits	512,261						507,040						542,713
Other liabilities (3)	255,774						249,214						237,005
Shareholders’ equity	295,134						294,985						288,618
Total liabilities and shareholders’ equity	$	3,318,094					$	3,296,171					$	3,213,159
Net interest spread					1.09	%					0.97	%					1.01	%
Impact of noninterest-bearing sources					0.88						0.95						0.96
Net interest income/yield on earning assets (4)			$	14,513	1.97	%			$	14,114	1.92	%			$	14,091	1.97	%

(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 $53.0 billion, $49.5 billion and $42.3 billion of structured notes and liabilities for the fourth and third quarters of 2024 and the fourth quarter of 2023, respectively.

(4)Net interest income includes FTE adjustments of $154 million, $147 million and $145 million for the fourth and third quarters of 2024 and the fourth quarter 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)
	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	32,781	$	35	$	(1,614)	$	31,202
Agency-collateralized mortgage obligations	19,519		17		(218)		19,318
Commercial	26,032		73		(503)		25,602
Non-agency residential	287		50		(52)		285
Total mortgage-backed securities	78,619		175		(2,387)		76,407
U.S. Treasury and government agencies	235,582		150		(1,153)		234,579
Non-U.S. securities	22,453		20		(42)		22,431
Other taxable securities	4,646		2		(45)		4,603

Tax-exempt securities	8,628		17		(233)		8,412
Total available-for-sale debt securities	349,928		364		(3,860)		346,432
Other debt securities carried at fair value (1)	12,352		59		(236)		12,175
Total debt securities carried at fair value	362,280		423		(4,096)		358,607
Held-to-maturity debt securities
Agency mortgage-backed securities	430,135		—		(88,458)		341,677
U.S. Treasury and government agencies	121,696		—		(18,661)		103,035
Other taxable securities	6,882		1		(1,047)		5,836
Total held-to-maturity debt securities	558,713		1		(108,166)		450,548
Total debt securities	$	920,993	$	424	$	(112,262)	$	809,155


	September 30, 2024
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	35,978	$	15	$	(1,399)	$	34,594
Agency-collateralized mortgage obligations	16,640		21		(157)		16,504
Commercial	19,358		78		(450)		18,986
Non-agency residential	298		51		(53)		296
Total mortgage-backed securities	72,274		165		(2,059)		70,380
U.S. Treasury and government agencies	211,314		255		(1,374)		210,195
Non-U.S. securities	22,884		52		(22)		22,914
Other taxable securities	2,637		2		(30)		2,609

Tax-exempt securities	9,764		34		(177)		9,621
Total available-for-sale debt securities	318,873		508		(3,662)		315,719
Other debt securities carried at fair value (1)	9,555		219		(57)		9,717
Total debt securities carried at fair value	328,428		727		(3,719)		325,436
Held-to-maturity debt securities
Agency mortgage-backed securities	438,824		—		(69,878)		368,946
U.S. Treasury and government agencies	121,683		—		(14,929)		106,754
Other taxable securities	7,082		1		(896)		6,187
Total held-to-maturity debt securities	567,589		1		(85,703)		481,887
Total debt securities	$	896,017	$	728	$	(89,422)	$	807,323

(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)

	Year Ended December 31						Fourth Quarter 2024			Third Quarter 2024			Second Quarter 2024			First Quarter 2024			Fourth Quarter 2023
	2024			2023






FTE basis data (1)
Net interest income	$	56,679		$	57,498		$	14,513		$	14,114		$	13,862		$	14,190		$	14,091
Total revenue, net of interest expense	102,506			99,148			25,501			25,492			25,537			25,976			22,104
Net interest yield	1.95		%	2.08		%	1.97		%	1.92		%	1.93		%	1.99		%	1.97		%
Efficiency ratio	65.18			66.41			65.83			64.64			63.86			66.36			80.22

(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 $619 million and $567 million for the years ended December 31, 2024 and 2023, and $154 million, $147 million, $160 million, $158 million and $145 million for the fourth, third, second and first quarters of 2024, and the fourth quarter 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)
	Fourth Quarter 2024
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	14,513	$	8,485	$	1,753	$	3,270	$	1,026	$	(21)
Noninterest income
Fees and commissions:
Card income	1,622		1,397		13		200		15		(3)
Service charges	1,554		622		26		808		97		1
Investment and brokerage services	4,713		84		4,057		21		555		(4)
Investment banking fees	1,654		—		62		985		639		(32)
Total fees and commissions	9,543		2,103		4,158		2,014		1,306		(38)
Market making and similar activities	2,503		5		36		63		2,381		18
Other income (loss)	(1,058)		53		55		744		127		(2,037)
Total noninterest income (loss)	10,988		2,161		4,249		2,821		3,814		(2,057)
Total revenue, net of interest expense	25,501		10,646		6,002		6,091		4,840		(2,078)
Provision for credit losses	1,452		1,254		3		190		10		(5)
Noninterest expense	16,787		5,631		4,438		2,951		3,505		262
Income (loss) before income taxes	7,262		3,761		1,561		2,950		1,325		(2,335)
Income tax expense (benefit)	597		940		390		811		384		(1,928)
Net income (loss)	$	6,665	$	2,821	$	1,171	$	2,139	$	941	$	(407)

Average
Total loans and leases	$	1,081,009	$	316,069	$	228,779	$	375,345	$	152,426	$	8,390
Total assets (1)	3,318,094		1,023,388		329,164		679,218		918,660		367,664
Total deposits	1,957,950		942,302		285,023		581,950		36,958		111,717
Period end
Total loans and leases	$	1,095,835	$	318,754	$	231,981	$	379,473	$	157,450	$	8,177
Total assets (1)	3,261,789		1,034,370		338,367		670,905		876,874		341,273
Total deposits	1,965,467		952,311		292,278		578,159		38,848		103,871

	Third Quarter 2024
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	14,114	$	8,278	$	1,709	$	3,230	$	898	$	(1)
Noninterest income
Fees and commissions:
Card income	1,618		1,402		9		200		14		(7)
Service charges	1,552		631		24		802		95		—
Investment and brokerage services	4,546		80		3,874		31		562		(1)
Investment banking fees	1,403		—		64		783		589		(33)
Total fees and commissions	9,119		2,113		3,971		1,816		1,260		(41)
Market making and similar activities	3,278		5		35		66		3,349		(177)
Other income (loss)	(1,019)		22		47		722		123		(1,933)
Total noninterest income (loss)	11,378		2,140		4,053		2,604		4,732		(2,151)
Total revenue, net of interest expense	25,492		10,418		5,762		5,834		5,630		(2,152)
Provision for credit losses	1,542		1,302		7		229		7		(3)
Noninterest expense	16,479		5,534		4,340		2,991		3,443		171
Income (loss) before income taxes	7,471		3,582		1,415		2,614		2,180		(2,320)
Income tax expense (benefit)	575		895		354		719		632		(2,025)
Net income (loss)	$	6,896	$	2,687	$	1,061	$	1,895	$	1,548	$	(295)

Average
Total loans and leases	$	1,059,728	$	313,781	$	225,355	$	371,216	$	140,806	$	8,570
Total assets (1)	3,296,171		1,019,085		322,924		647,541		924,093		382,528
Total deposits	1,920,748		938,364		279,999		549,629		34,952		117,804
Period end
Total loans and leases	$	1,075,800	$	316,097	$	227,318	$	375,159	$	148,447	$	8,779
Total assets (1)	3,324,293		1,026,293		328,831		650,936		958,227		360,006
Total deposits	1,930,352		944,358		283,432		556,953		35,142		110,467

(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)
	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
Period 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
Annual Results by Business Segment and All Other
(Dollars in millions)
	Year Ended December 31, 2024
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	56,679	$	33,078	$	6,969	$	13,235	$	3,375	$	22
Noninterest income
Fees and commissions:
Card income	6,284		5,432		41		786		66		(41)
Service charges	6,055		2,445		97		3,135		375		3
Investment and brokerage services	17,766		320		15,238		91		2,128		(11)
Investment banking fees	6,186		—		246		3,453		2,655		(168)
Total fees and commissions	36,291		8,197		15,622		7,465		5,224		(217)
Market making and similar activities	12,967		21		143		275		12,778		(250)
Other income (loss)	(3,431)		140		195		2,983		435		(7,184)
Total noninterest income (loss)	45,827		8,358		15,960		10,723		18,437		(7,651)
Total revenue, net of interest expense	102,506		41,436		22,929		23,958		21,812		(7,629)
Provision for credit losses	5,821		4,987		4		883		(32)		(21)
Noninterest expense	66,812		22,104		17,241		11,853		13,926		1,688
Income (loss) before income taxes	29,873		14,345		5,684		11,222		7,918		(9,296)
Income tax expense (benefit)	2,741		3,586		1,421		3,086		2,296		(7,648)
Net income (loss)	$	27,132	$	10,759	$	4,263	$	8,136	$	5,622	$	(1,648)

Average
Total loans and leases	$	1,060,081	$	313,792	$	223,899	$	373,227	$	140,557	$	8,606
Total assets (1)	3,284,228		1,026,310		331,014		643,614		911,718		371,572
Total deposits	1,924,106		945,549		287,491		545,769		34,120		111,177
Year end
Total loans and leases	$	1,095,835	$	318,754	$	231,981	$	379,473	$	157,450	$	8,177
Total assets (1)	3,261,789		1,034,370		338,367		670,905		876,874		341,273
Total deposits	1,965,467		952,311		292,278		578,159		38,848		103,871

	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)	3,180,151		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
Consumer Banking Segment Results
(Dollars in millions)
	Year Ended December 31						Fourth Quarter 2024			Third Quarter 2024			Second Quarter 2024			First Quarter 2024			Fourth Quarter 2023
	2024			2023
Net interest income	$	33,078		$	33,689		$	8,485		$	8,278		$	8,118		$	8,197		$	8,268
Noninterest income:
Card income	5,432			5,264			1,397			1,402			1,361			1,272			1,324
Service charges	2,445			2,317			622			631			614			578			588

All other income	481			761			142			107			113			119			149
Total noninterest income	8,358			8,342			2,161			2,140			2,088			1,969			2,061
Total revenue, net of interest expense	41,436			42,031			10,646			10,418			10,206			10,166			10,329

Provision for credit losses	4,987			5,158			1,254			1,302			1,281			1,150			1,405

Noninterest expense	22,104			21,416			5,631			5,534			5,464			5,475			5,234
Income before income taxes	14,345			15,457			3,761			3,582			3,461			3,541			3,690
Income tax expense	3,586			3,864			940			895			866			885			922
Net income	$	10,759		$	11,593		$	2,821		$	2,687		$	2,595		$	2,656		$	2,768

Net interest yield	3.34		%	3.26		%	3.42		%	3.35		%	3.29		%	3.31		%	3.28		%
Return on average allocated capital (1)	25			28			26			25			24			25			26
Efficiency ratio	53.35			50.95			52.89			53.12			53.54			53.86			50.71

Balance Sheet
Average
Total loans and leases	$	313,792		$	308,690		$	316,069		$	313,781		$	312,254		$	313,038		$	313,438
Total earning assets (2)	988,950			1,032,525			985,990			982,058			992,304			995,556			1,000,032
Total assets (2)	1,026,310			1,071,853			1,023,388			1,019,085			1,029,777			1,033,101			1,038,418
Total deposits	945,549			992,750			942,302			938,364			949,180			952,466			959,247
Allocated capital (1)	43,250			42,000			43,250			43,250			43,250			43,250			42,000

Period end
Total loans and leases	$	318,754		$	315,119		$	318,754		$	316,097		$	312,801		$	311,725		$	315,119
Total earning assets (2)	995,369			1,009,360			995,369			988,856			995,348			1,022,320			1,009,360
Total assets (2)	1,034,370			1,049,830			1,034,370			1,026,293			1,033,960			1,060,482			1,049,830
Total deposits	952,311			969,572			952,311			944,358			952,473			978,761			969,572

(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)
	Year Ended December 31						Fourth Quarter 2024			Third Quarter 2024			Second Quarter 2024			First Quarter 2024			Fourth Quarter 2023
	2024			2023
Average deposit balances
Checking	$	546,849		$	567,633		$	547,060		$	542,267		$	549,514		$	548,604		$	551,890
Savings	55,147			63,919			52,812			54,128			56,285			57,401			58,975
MMS	253,340			307,927			242,257			248,200			257,023			266,056			277,912
CDs and IRAs	86,535			49,331			96,630			90,172			82,566			76,621			66,758
Other	3,678			3,940			3,543			3,597			3,792			3,784			3,712
Total average deposit balances	$	945,549		$	992,750		$	942,302		$	938,364		$	949,180		$	952,466		$	959,247

Deposit spreads (excludes noninterest costs)
Checking	2.65		%	2.34		%	2.75		%	2.71		%	2.62		%	2.50		%	2.47		%
Savings	2.93			2.71			3.05			2.98			2.90			2.80			2.90
MMS	3.28			3.33			3.32			3.32			3.28			3.20			3.64
CDs and IRAs	1.87			2.66			1.63			1.85			2.00			2.04			2.25
Other	4.97			4.85			4.43			5.07			5.18			5.19			5.21
Total deposit spreads	2.77			2.70			2.81			2.81			2.77			2.69			2.83

Consumer investment assets	$	517,835		$	424,410		$	517,835		$	496,582		$	476,116		$	456,391		$	424,410

Active digital banking users (in thousands) (1)	48,150			46,265			48,150			47,830			47,304			47,079			46,265
Active mobile banking users (in thousands) (2)	39,958			37,927			39,958			39,638			38,988			38,544			37,927
Financial centers	3,700			3,845			3,700			3,741			3,786			3,804			3,845
ATMs	14,893			15,168			14,893			14,900			14,972			15,028			15,168

Total credit card (3)
Loans
Average credit card outstandings	$	99,914		$	96,190		$	100,938		$	99,908		$	98,983		$	99,815		$	100,389
Ending credit card outstandings	103,566			102,200			103,566			100,842			99,450			98,453			102,200
Credit quality
Net charge-offs	$	3,745		$	2,561		$	963		$	928		$	955		$	899		$	777
	3.75		%	2.66		%	3.79		%	3.70		%	3.88		%	3.62		%	3.07		%
30+ delinquency	$	2,638		$	2,419		$	2,638		$	2,563		$	2,415		$	2,446		$	2,419
	2.55		%	2.37		%	2.55		%	2.54		%	2.43		%	2.48		%	2.37		%
90+ delinquency	$	1,401		$	1,224		$	1,401		$	1,306		$	1,257		$	1,299		$	1,224
	1.35		%	1.20		%	1.35		%	1.30		%	1.26		%	1.32		%	1.20		%
Other total credit card indicators (3)
Gross interest yield	12.30		%	11.88		%	12.15		%	12.49		%	12.32		%	12.24		%	11.97		%
Risk-adjusted margin	6.98			7.83			7.12			7.22			6.75			6.81			7.18
New accounts (in thousands)	3,820			4,275			901			970			951			998			889
Purchase volumes	$	368,861		$	363,117		$	95,962		$	92,592		$	93,296		$	87,011		$	92,759

Debit card data
Purchase volumes	$	557,000		$	527,074		$	144,895		$	139,352		$	140,346		$	132,407		$	136,183

Loan production (4)
Consumer Banking:
First mortgage	$	10,252		$	9,145		$	3,184		$	2,684		$	2,696		$	1,688		$	1,753
Home equity	7,450			8,328			1,926			1,897			2,027			1,600			1,939
Total (5):
First mortgage	$	21,104		$	19,405		$	6,585		$	5,348		$	5,728		$	3,443		$	3,932
Home equity	8,884			9,814			2,311			2,289			2,393			1,891			2,255

(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)
	Fourth Quarter 2024									Third Quarter 2024
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	8,485		$	5,456		$	3,029		$	8,278		$	5,271		$	3,007
Noninterest income:
Card income	1,397			(11)			1,408			1,402			(10)			1,412
Service charges	622			622			—			631			630			1
All other income	142			123			19			107			91			16
Total noninterest income	2,161			734			1,427			2,140			711			1,429
Total revenue, net of interest expense	10,646			6,190			4,456			10,418			5,982			4,436

Provision for credit losses	1,254			96			1,158			1,302			57			1,245

Noninterest expense	5,631			3,510			2,121			5,534			3,433			2,101
Income before income taxes	3,761			2,584			1,177			3,582			2,492			1,090
Income tax expense	940			645			295			895			622			273
Net income	$	2,821		$	1,939		$	882		$	2,687		$	1,870		$	817

Net interest yield	3.42		%	2.31		%	3.86		%	3.35		%	2.24		%	3.86		%
Return on average allocated capital (1)	26			56			12			25			54			11
Efficiency ratio	52.89			56.72			47.58			53.12			57.39			47.37

Balance Sheet
Average
Total loans and leases	$	316,069		$	4,443		$	311,626		$	313,781		$	4,383		$	309,398
Total earning assets (2)	985,990			939,872			311,880			982,058			935,946			309,563
Total assets (2)	1,023,388			972,584			316,567			1,019,085			968,192			314,344
Total deposits	942,302			937,334			4,968			938,364			933,227			5,137
Allocated capital (1)	43,250			13,700			29,550			43,250			13,700			29,550

Period end
Total loans and leases	$	318,754		$	4,510		$	314,244		$	316,097		$	4,492		$	311,605
Total earning assets (2)	995,369			949,523			314,527			988,856			942,038			311,805
Total assets (2)	1,034,370			983,518			319,533			1,026,293			974,614			316,667
Total deposits	952,311			947,837			4,474			944,358			939,050			5,308

										Fourth Quarter 2023
										Total Consumer Banking			Deposits			Consumer Lending
Net interest income										$	8,268		$	5,425		$	2,843
Noninterest income:
Card income										1,324			(9)			1,333
Service charges										588			588			—
All other income										149			116			33
Total noninterest income										2,061			695			1,366
Total revenue, net of interest expense										10,329			6,120			4,209

Provision for credit losses										1,405			77			1,328

Noninterest expense										5,234			3,269			1,965
Income before income taxes										3,690			2,774			916
Income tax expense										922			693			229
Net income										$	2,768		$	2,081		$	687

Net interest yield										3.28		%	2.25		%	3.64		%
Return on average allocated capital (1)										26			60			10
Efficiency ratio										50.71			53.51			46.65

Balance Sheet
Average
Total loans and leases										$	313,438		$	4,183		$	309,255
Total earning assets (2)										1,000,032			955,931			309,503
Total assets (2)										1,038,418			988,956			314,864
Total deposits										959,247			954,228			5,019
Allocated capital (1)										42,000			13,700			28,300

Period end
Total loans and leases										$	315,119		$	4,218		$	310,901
Total earning assets (2)										1,009,360			965,088			311,008
Total assets (2)										1,049,830			999,372			317,194
Total deposits										969,572			964,136			5,436

(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
Consumer Banking Annual Results
(Dollars in millions)
	Year Ended December 31
	2024									2023
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	33,078		$	21,217		$	11,861		$	33,689		$	22,545		$	11,144
Noninterest income:
Card income	5,432			(41)			5,473			5,264			(40)			5,304
Service charges	2,445			2,443			2			2,317			2,314			3
All other income	481			410			71			761			607			154
Total noninterest income	8,358			2,812			5,546			8,342			2,881			5,461
Total revenue, net of interest expense	41,436			24,029			17,407			42,031			25,426			16,605

Provision for credit losses	4,987			303			4,684			5,158			491			4,667

Noninterest expense	22,104			13,707			8,397			21,416			13,358			8,058
Income before income taxes	14,345			10,019			4,326			15,457			11,577			3,880
Income tax expense	3,586			2,504			1,082			3,864			2,894			970
Net income	$	10,759		$	7,515		$	3,244		$	11,593		$	8,683		$	2,910

Net interest yield	3.34		%	2.25		%	3.83		%	3.26		%	2.28		%	3.66		%
Return on average allocated capital (1)	25			55			11			28			63			10
Efficiency ratio	53.35			57.04			48.24			50.95			52.54			48.52

Balance Sheet
Average
Total loans and leases	$	313,792		$	4,342		$	309,450		$	308,690		$	4,129		$	304,561
Total earning assets (2)	988,950			943,170			309,624			1,032,525			989,000			304,838
Total assets (2)	1,026,310			975,704			314,450			1,071,853			1,022,361			310,805
Total deposits	945,549			940,662			4,887			992,750			987,675			5,075
Allocated capital (1)	43,250			13,700			29,550			42,000			13,700			28,300

Year end
Total loans and leases	$	318,754		$	4,510		$	314,244		$	315,119		$	4,218		$	310,901
Total earning assets (2)	995,369			949,523			314,527			1,009,360			965,088			311,008
Total assets (2)	1,034,370			983,518			319,533			1,049,830			999,372			317,194
Total deposits	952,311			947,837			4,474			969,572			964,136			5,436

For footnotes, see page 16.

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)
	Year Ended December 31						Fourth Quarter 2024			Third Quarter 2024			Second Quarter 2024			First Quarter 2024			Fourth Quarter 2023
	2024			2023
Net interest income	$	6,969		$	7,147		$	1,753		$	1,709		$	1,693		$	1,814		$	1,711
Noninterest income:
Investment and brokerage services	15,238			13,213			4,057			3,874			3,707			3,600			3,328
All other income	722			745			192			179			174			177			188
Total noninterest income	15,960			13,958			4,249			4,053			3,881			3,777			3,516
Total revenue, net of interest expense	22,929			21,105			6,002			5,762			5,574			5,591			5,227

Provision for credit losses	4			6			3			7			7			(13)			(26)

Noninterest expense	17,241			15,836			4,438			4,340			4,199			4,264			3,894
Income before income taxes	5,684			5,263			1,561			1,415			1,368			1,340			1,359
Income tax expense	1,421			1,316			390			354			342			335			340
Net income	$	4,263		$	3,947		$	1,171		$	1,061		$	1,026		$	1,005		$	1,019

Net interest yield	2.20		%	2.17		%	2.21		%	2.20		%	2.15		%	2.23		%	2.10		%
Return on average allocated capital (1)	23			21			25			23			22			22			22

Efficiency ratio	75.19			75.04			73.93			75.32			75.34			76.27			74.41

Balance Sheet
Average
Total loans and leases	$	223,899		$	219,503		$	228,779		$	225,355		$	222,776		$	218,616		$	219,425
Total earning assets (2)	317,283			329,493			315,071			309,231			317,250			327,692			322,827
Total assets (2)	331,014			342,531			329,164			322,924			330,958			341,119			336,067
Total deposits	287,491			298,335			285,023			279,999			287,678			297,373			292,478
Allocated capital (1)	18,500			18,500			18,500			18,500			18,500			18,500			18,500


Period end
Total loans and leases	$	231,981		$	219,657		$	231,981		$	227,318		$	224,837		$	219,844		$	219,657
Total earning assets (2)	323,496			330,653			323,496			314,594			310,055			329,515			330,653
Total assets (2)	338,367			344,626			338,367			328,831			324,476			343,718			344,626
Total deposits	292,278			299,657			292,278			283,432			281,283			298,039			299,657

(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)
	Year Ended December 31				Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024		First Quarter 2024		Fourth Quarter 2023
	2024		2023
Revenue by Business
Merrill Wealth Management	$	19,066	$	17,461	$	5,007	$	4,789	$	4,623	$	4,647	$	4,326
Bank of America Private Bank	3,863		3,644		995		973		951		944		901

Total revenue, net of interest expense	$	22,929	$	21,105	$	6,002	$	5,762	$	5,574	$	5,591	$	5,227

Client Balances by Business, at period end
Merrill Wealth Management	$	3,578,513	$	3,182,735	$	3,578,513	$	3,527,319	$	3,371,418	$	3,339,693	$	3,182,735
Bank of America Private Bank	673,593		606,639		673,593		666,622		640,467		633,697		606,639

Total client balances	$	4,252,106	$	3,789,374	$	4,252,106	$	4,193,941	$	4,011,885	$	3,973,390	$	3,789,374

Client Balances by Type, at period end


Assets under management (1)	$	1,882,211	$	1,617,740	$	1,882,211	$	1,861,124	$	1,758,875	$	1,730,005	$	1,617,740
Brokerage and other assets	1,888,334		1,688,923		1,888,334		1,856,806		1,779,881		1,758,642		1,688,923

Deposits	292,278		299,657		292,278		283,432		281,283		298,039		299,657
Loans and leases (2)	234,208		222,287		234,208		230,062		227,657		222,528		222,287
Less: Managed deposits in assets under management	(44,925)		(39,233)		(44,925)		(37,483)		(35,811)		(35,824)		(39,233)
Total client balances	$	4,252,106	$	3,789,374	$	4,252,106	$	4,193,941	$	4,011,885	$	3,973,390	$	3,789,374

Assets Under Management Rollforward
Assets under management, beginning balance	$	1,617,740	$	1,401,474	$	1,861,124	$	1,758,875	$	1,730,005	$	1,617,740	$	1,496,601
Net client flows	79,227		52,227		22,493		21,289		10,790		24,655		8,443

Market valuation/other	185,244		164,039		(1,406)		80,960		18,080		87,610		112,696
Total assets under management, ending balance	$	1,882,211	$	1,617,740	$	1,882,211	$	1,861,124	$	1,758,875	$	1,730,005	$	1,617,740

(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)
	Year Ended December 31						Fourth Quarter 2024			Third Quarter 2024			Second Quarter 2024			First Quarter 2024			Fourth Quarter 2023
	2024			2023
Net interest income	$	13,235		$	14,645		$	3,270		$	3,230		$	3,275		$	3,460		$	3,435
Noninterest income:
Service charges	3,135			2,952			808			802			775			750			749
Investment banking fees	3,453			2,819			985			783			835			850			690
All other income	4,135			4,380			1,028			1,019			1,168			920			1,054
Total noninterest income	10,723			10,151			2,821			2,604			2,778			2,520			2,493
Total revenue, net of interest expense	23,958			24,796			6,091			5,834			6,053			5,980			5,928

Provision for credit losses	883			(586)			190			229			235			229			(239)

Noninterest expense	11,853			11,344			2,951			2,991			2,899			3,012			2,781
Income before income taxes	11,222			14,038			2,950			2,614			2,919			2,739			3,386
Income tax expense	3,086			3,790			811			719			803			753			914
Net income	$	8,136		$	10,248		$	2,139		$	1,895		$	2,116		$	1,986		$	2,472

Net interest yield	2.30		%	2.73		%	2.13		%	2.22		%	2.37		%	2.50		%	2.45		%
Return on average allocated capital (1)	17			21			17			15			17			16			20
Efficiency ratio	49.47			45.75			48.44			51.27			47.88			50.37			46.92

Balance Sheet
Average
Total loans and leases	$	373,227		$	378,762		$	375,345		$	371,216		$	372,738		$	373,608		$	374,862
Total earning assets (2)	575,594			535,500			611,171			578,988			555,834			555,957			557,147
Total assets (2)	643,614			602,579			679,218			647,541			624,189			623,073			624,093
Total deposits	545,769			505,627			581,950			549,629			525,357			525,699			527,597
Allocated capital (1)	49,250			49,250			49,250			49,250			49,250			49,250			49,250

Period end
Total loans and leases	$	379,473		$	373,891		$	379,473		$	375,159		$	372,421		$	373,403		$	373,891
Total earning assets (2)	603,481			552,453			603,481			583,742			550,525			554,253			552,453
Total assets (2)	670,905			621,751			670,905			650,936			620,217			623,204			621,751
Total deposits	578,159			527,060			578,159			556,953			522,525			527,113			527,060

(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)
	Year Ended December 31						Fourth Quarter 2024			Third Quarter 2024			Second Quarter 2024			First Quarter 2024			Fourth Quarter 2023
	2024			2023
Investment Banking fees (1)
Advisory (2)	$	1,504		$	1,392		$	514		$	351		$	322		$	317		$	350
Debt issuance	1,398			1,073			320			332			363			383			265
Equity issuance	551			354			151			100			150			150			75
Total Investment Banking fees (3)	$	3,453		$	2,819		$	985		$	783		$	835		$	850		$	690

Business Lending
Corporate	$	4,463		$	4,928		$	1,036		$	1,102		$	1,260		$	1,065		$	1,235
Commercial	5,027			5,016			1,254			1,246			1,247			1,280			1,251
Business Banking	231			253			57			57			58			59			62
Total Business Lending revenue	$	9,721		$	10,197		$	2,347		$	2,405		$	2,565		$	2,404		$	2,548

Global Transaction Services
Corporate	$	5,125		$	5,746		$	1,286		$	1,243		$	1,261		$	1,335		$	1,322
Commercial	3,906			4,139			1,030			968			938			970			967
Business Banking	1,474			1,531			382			369			362			361			370
Total Global Transaction Services revenue	$	10,505		$	11,416		$	2,698		$	2,580		$	2,561		$	2,666		$	2,659

Average deposit balances
Interest-bearing	$	387,750		$	303,414		$	425,165		$	395,459		$	367,779		$	362,100		$	351,007
Noninterest-bearing	158,019			202,213			156,785			154,170			157,578			163,599			176,590
Total average deposits	$	545,769		$	505,627		$	581,950		$	549,629		$	525,357		$	525,699		$	527,597



Provision for credit losses	$	883		$	(586)		$	190		$	229		$	235		$	229		$	(239)

Credit quality (4, 5)
Reservable criticized utilized exposure	$	23,574		$	21,597		$	23,574		$	24,934		$	22,619		$	22,530		$	21,597
	5.90		%	5.46		%	5.90		%	6.30		%	5.75		%	5.70		%	5.46		%

Nonperforming loans, leases and foreclosed properties	$	2,970		$	2,673		$	2,970		$	2,780		$	2,731		$	3,075		$	2,673
	0.79		%	0.72		%	0.79		%	0.75		%	0.74		%	0.83		%	0.72		%

Average loans and leases by product
U.S. commercial	$	229,824		$	227,607		$	234,533		$	230,051		$	228,189		$	226,470		$	225,070
Non-U.S. commercial	74,551			80,283			74,632			73,077			74,227			76,284			78,483
Commercial real estate	53,437			56,701			50,452			52,672			54,984			55,683			56,735
Commercial lease financing	15,413			14,170			15,727			15,415			15,336			15,170			14,573
Other	2			1			1			1			2			1			1
Total average loans and leases	$	373,227		$	378,762		$	375,345		$	371,216		$	372,738		$	373,608		$	374,862

Total Corporation Investment Banking fees
Advisory (2)	$	1,690		$	1,575		$	556		$	387		$	374		$	373		$	389
Debt issuance	3,310			2,403			765			780			880			885			589
Equity issuance	1,354			886			364			270			357			363			199
Total investment banking fees including self-led deals	6,354			4,864			1,685			1,437			1,611			1,621			1,177
Self-led deals	(168)			(156)			(31)			(34)			(50)			(53)			(32)
Total Investment Banking fees	$	6,186		$	4,708		$	1,654		$	1,403		$	1,561		$	1,568		$	1,145

(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)
	Year Ended December 31						Fourth Quarter 2024			Third Quarter 2024			Second Quarter 2024			First Quarter 2024			Fourth Quarter 2023
	2024			2023
Net interest income	$	3,375		$	1,678		$	1,026		$	898		$	770		$	681		$	598
Noninterest income:
Investment and brokerage services	2,128			1,993			555			562			516			495			486
Investment banking fees	2,655			1,874			639			589			719			708			439
Market making and similar activities	12,778			13,430			2,381			3,349			3,218			3,830			2,428
All other income	876			552			239			232			236			169			137
Total noninterest income	18,437			17,849			3,814			4,732			4,689			5,202			3,490
Total revenue, net of interest expense (1)	21,812			19,527			4,840			5,630			5,459			5,883			4,088

Provision for credit losses	(32)			(131)			10			7			(13)			(36)			(60)

Noninterest expense	13,926			13,206			3,505			3,443			3,486			3,492			3,271
Income before income taxes	7,918			6,452			1,325			2,180			1,986			2,427			877
Income tax expense	2,296			1,774			384			632			576			704			241
Net income	$	5,622		$	4,678		$	941		$	1,548		$	1,410		$	1,723		$	636

Return on average allocated capital (2)	12		%	10		%	8		%	14		%	13		%	15		%	6		%

Efficiency ratio	63.84			67.63			72.39			61.17			63.83			59.38			80.00

Balance Sheet
Average
Total trading-related assets	$	634,020		$	618,028		$	620,903		$	645,607		$	639,763		$	629,826		$	615,414
Total loans and leases	140,557			129,657			152,426			140,806			135,106			133,756			133,631
Total earning assets	710,604			652,352			714,762			728,186			706,383			692,851			667,094
Total assets	911,718			869,756			918,660			924,093			908,525			895,382			867,953
Total deposits	34,120			33,278			36,958			34,952			31,944			32,585			31,950
Allocated capital (2)	45,500			45,500			45,500			45,500			45,500			45,500			45,500


Period end
Total trading-related assets	$	580,557		$	542,544		$	580,557		$	653,798		$	619,122		$	629,082		$	542,544
Total loans and leases	157,450			136,223			157,450			148,447			138,441			135,267			136,223
Total earning assets	687,678			637,955			687,678			742,221			701,978			698,279			637,955
Total assets	876,874			817,588			876,874			958,227			887,162			902,741			817,588
Total deposits	38,848			34,833			38,848			35,142			33,151			34,847			34,833

Trading-related assets (average)
Trading account securities	$	324,065		$	318,443		$	326,572		$	325,236		$	321,204		$	323,210		$	309,051
Reverse repurchases	137,052			133,735			123,473			150,751			139,901			134,081			133,209
Securities borrowed	135,108			121,547			132,334			133,588			139,705			134,852			129,365
Derivative assets	37,795			44,303			38,524			36,032			38,953			37,683			43,789
Total trading-related assets	$	634,020		$	618,028		$	620,903		$	645,607		$	639,763		$	629,826		$	615,414

(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.


Bank of America Corporation and Subsidiaries
Global Markets Key Indicators
(Dollars in millions)
	Year Ended December 31				Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024		First Quarter 2024		Fourth Quarter 2023
	2024		2023
Sales and trading revenue (1)
Fixed-income, currencies and commodities	$	11,371	$	10,896	$	2,464	$	2,934	$	2,742	$	3,231	$	2,079
Equities	7,436		6,480		1,642		1,996		1,937		1,861		1,540
Total sales and trading revenue	$	18,807	$	17,376	$	4,106	$	4,930	$	4,679	$	5,092	$	3,619

Sales and trading revenue, excluding net debit valuation adjustment (2,3)
Fixed-income, currencies and commodities	$	11,468	$	11,122	$	2,482	$	2,942	$	2,737	$	3,307	$	2,206
Equities	7,452		6,490		1,643		1,996		1,943		1,870		1,545
Total sales and trading revenue, excluding net debit valuation adjustment	$	18,920	$	17,612	$	4,125	$	4,938	$	4,680	$	5,177	$	3,751

Sales and trading revenue breakdown
Net interest income	$	2,744	$	1,013	$	876	$	744	$	612	$	512	$	432
Commissions	2,126		1,981		554		561		517		494		486
Trading	12,776		13,427		2,381		3,348		3,217		3,830		2,428
Other	1,161		955		295		277		333		256		273
Total sales and trading revenue	$	18,807	$	17,376	$	4,106	$	4,930	$	4,679	$	5,092	$	3,619

(1) Includes Global Banking sales and trading revenue of $677 million and $654 million for the years ended December 31, 2024 and 2023, and $182 million, $165 million, $186 million, $144 million and $190 million for the fourth, third, second and first quarters of 2024, and the fourth quarter 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 $(113) million and $(236) million for the years ended December 31, 2024 and 2023, and $(19) million, $(8) million, $(1) million, $(85) million and $(132) million for the fourth, third, second and first quarters of 2024, and the fourth quarter of 2023, respectively. FICC net DVA gains (losses) were $(97) million and $(226) million for the years ended December 31, 2024 and 2023, and $(18) million, $(8) million, $5 million, $(76) million and $(127) million for the fourth, third, second and first quarters of 2024, and the fourth quarter of 2023, respectively. Equities net DVA gains (losses) were $(16) million and $(10) million for the years ended December 31, 2024 and 2023, and $(1) million, $0, $(6) million, $(9) million and $(5) million for the fourth, third, second and first quarters of 2024, and the fourth quarter 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)
	Year Ended December 31				Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024		First Quarter 2024		Fourth Quarter 2023
	2024		2023
Net interest income	$	22	$	339	$	(21)	$	(1)	$	6	$	38	$	79





Noninterest income (loss)	(7,651)		(8,650)		(2,057)		(2,151)		(1,761)		(1,682)		(3,547)
Total revenue, net of interest expense	(7,629)		(8,311)		(2,078)		(2,152)		(1,755)		(1,644)		(3,468)

Provision for credit losses	(21)		(53)		(5)		(3)		(2)		(11)		24



Noninterest expense	1,688		4,043		262		171		261		994		2,551
Loss before income taxes	(9,296)		(12,301)		(2,335)		(2,320)		(2,014)		(2,627)		(6,043)
Income tax expense (benefit)	(7,648)		(8,350)		(1,928)		(2,025)		(1,764)		(1,931)		(2,292)
Net income (loss)	$	(1,648)	$	(3,951)	$	(407)	$	(295)	$	(250)	$	(696)	$	(3,751)

Balance Sheet
Average
Total loans and leases	$	8,606	$	9,644	$	8,390	$	8,570	$	8,598	$	8,872	$	9,349
Total assets (2)	371,572		266,794		367,664		382,528		381,539		354,484		346,628
Total deposits	111,177		57,551		111,717		117,804		115,766		99,339		93,739

Period end
Total loans and leases	$	8,177	$	8,842	$	8,177	$	8,779	$	8,285	$	8,917	$	8,842

Total assets (3)	341,273		346,356		341,273		360,006		392,181		343,658		346,356
Total deposits	103,871		92,705		103,871		110,467		121,059		107,736		92,705

(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 $954.6 billion and $975.9 billion for the years ended December 31, 2024 and 2023, and $974.2 billion, $944.4 billion, $941.7 billion, $958.0 billion and $958.4 billion for the fourth, third, second and first quarters of 2024, and the fourth quarter of 2023, respectively.

(3)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $978.4 billion, $953.6 billion, $931.1 billion, $987.1 billion and $972.9 billion at December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 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)
	December 31 2024		September 30 2024		December 31 2023
Consumer
Residential mortgage	$	228,199	$	227,842	$	228,403
Home equity	25,737		25,483		25,527
Credit card	103,566		100,841		102,200
Direct/Indirect consumer (1)	107,122		105,695		103,468
Other consumer (2)	151		161		124
Total consumer loans excluding loans accounted for under the fair value option	464,775		460,022		459,722
Consumer loans accounted for under the fair value option (3)	221		229		243
Total consumer	464,996		460,251		459,965

Commercial
U.S. commercial	386,990		379,563		358,931
Non-U.S. commercial	137,518		127,738		124,581
Commercial real estate (4)	65,730		68,420		72,878
Commercial lease financing	15,708		14,992		14,854
	605,946		590,713		571,244
U.S. small business commercial	20,865		20,893		19,197
Total commercial loans excluding loans accounted for under the fair value option	626,811		611,606		590,441
Commercial loans accounted for under the fair value option (3)	4,028		3,943		3,326
Total commercial	630,839		615,549		593,767

Total loans and leases	$	1,095,835	$	1,075,800	$	1,053,732

(1)Includes primarily auto and specialty lending loans and leases of $54.9 billion, $54.9 billion and $53.9 billion, U.S. securities-based lending loans of $48.7 billion, $47.3 billion and $46.0 billion and non-U.S. consumer loans of $2.8 billion, $2.8 billion and $2.8 billion at December 31, 2024, September 30, 2024 and December 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 $59 million, $63 million and $66 million and home equity loans of $162 million, $166 million and $177 million at December 31, 2024, September 30, 2024 and December 31, 2023, respectively. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.8 billion, $2.7 billion and $2.2 billion and non-U.S. commercial loans of $1.3 billion, $1.3 billion and $1.2 billion at December 31, 2024, September 30, 2024 and December 31, 2023, respectively.

(4)Includes U.S. commercial real estate loans of $59.6 billion, $61.8 billion and $66.8 billion and non-U.S. commercial real estate loans of $6.1 billion, $6.6 billion and $6.1 billion at December 31, 2024, September 30, 2024 and December 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
Quarterly Average Loans and Leases by Business Segment and All Other
(Dollars in millions)
	Fourth Quarter 2024
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	227,990	$	114,777	$	106,726	$	1	$	—	$	6,486
Home equity	25,767		21,773		2,562		—		152		1,280
Credit card	100,938		97,448		3,490		—		—		—
Direct/Indirect and other consumer	106,379		55,316		51,061		—		—		2
Total consumer	461,074		289,314		163,839		1		152		7,768

Commercial
U.S. commercial	404,606		26,740		56,502		234,533		86,689		142
Non-U.S. commercial	132,833		—		697		74,632		56,747		757
Commercial real estate	67,064		15		7,741		50,452		8,838		18
Commercial lease financing	15,432		—		—		15,727		—		(295)
Total commercial	619,935		26,755		64,940		375,344		152,274		622
Total loans and leases	$	1,081,009	$	316,069	$	228,779	$	375,345	$	152,426	$	8,390

	Third Quarter 2024
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	227,800	$	114,919	$	106,159	$	1	$	—	$	6,721
Home equity	25,664		21,556		2,487		—		153		1,468
Credit card	99,908		96,512		3,395		—		—		1
Direct/Indirect and other consumer	104,732		54,451		50,280		—		—		1
Total consumer	458,104		287,438		162,321		1		153		8,191

Commercial
U.S. commercial	391,728		26,330		54,696		230,051		80,491		160
Non-U.S. commercial	125,377		—		714		73,077		51,085		501
Commercial real estate	69,404		13		7,624		52,672		9,077		18
Commercial lease financing	15,115		—		—		15,415		—		(300)
Total commercial	601,624		26,343		63,034		371,215		140,653		379
Total loans and leases	$	1,059,728	$	313,781	$	225,355	$	371,216	$	140,806	$	8,570

	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

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
	December 31 2024		September 30 2024		December 31 2023		December 31 2024		September 30 2024		December 31 2023
Asset managers and funds	$	118,123	$	110,334	$	103,138	$	193,947	$	178,572	$	169,318
Finance companies	74,975		71,809		62,906		101,828		105,676		89,119
Capital goods	51,367		51,380		49,698		98,780		97,693		97,044
Real estate (5)	69,841		72,076		73,150		95,981		97,860		100,269
Healthcare equipment and services	35,964		34,584		35,037		65,819		64,800		61,766
Materials	26,797		25,583		25,223		58,128		56,501		55,296
Food, beverage and tobacco	25,763		23,986		23,865		54,370		53,632		49,426
Retailing	24,449		26,952		24,561		53,471		55,240		54,523
Consumer services	28,391		28,258		27,355		53,054		53,770		49,105
Individuals and trusts	35,457		34,995		32,481		50,353		49,583		43,938
Government and public education	32,682		31,954		31,051		48,204		47,706		45,873
Commercial services and supplies	24,409		23,465		22,642		43,451		42,362		41,473
Utilities	18,186		17,472		18,610		42,107		40,807		39,481
Transportation	24,135		24,214		24,200		35,743		35,834		36,267
Energy	13,857		14,033		12,450		35,510		35,580		36,996
Technology hardware and equipment	11,526		11,156		11,951		30,093		29,504		29,160
Software and services	11,158		11,411		9,830		27,383		28,023		22,381
Global commercial banks	22,641		20,922		22,749		25,220		24,330		25,684
Media	12,130		11,897		13,033		24,023		23,648		24,908
Vehicle dealers	18,194		17,681		16,283		23,855		23,424		22,570
Insurance	12,640		8,281		9,371		23,445		18,506		19,322
Consumer durables and apparel	8,987		9,380		9,184		21,823		22,197		20,732
Pharmaceuticals and biotechnology	7,378		5,229		6,852		21,717		20,497		22,169
Telecommunication services	8,571		8,708		9,224		18,759		18,156		17,269
Automobiles and components	8,172		8,359		7,049		16,268		16,798		16,459
Food and staples retailing	7,206		7,666		7,423		12,777		13,609		12,496
Financial markets infrastructure (clearinghouses)	4,219		2,880		4,229		6,413		5,104		6,503
Religious and social organizations	2,285		2,319		2,754		4,066		4,024		4,565

Total commercial credit exposure by industry	$	739,503	$	716,984	$	696,299	$	1,286,588	$	1,263,436	$	1,214,112

(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 $59.2 billion, $58.2 billion and $55.8 billion at December 31, 2024, September 30, 2024 and December 31, 2023, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $30.1 billion, $26.4 billion and $29.4 billion, which consists primarily of other marketable securities, at December 31, 2024, September 30, 2024 and December 31, 2023, respectively.

(2)Total utilized and total committed exposure includes loans of $4.0 billion, $3.9 billion and $3.3 billion and issued letters of credit with a notional amount of $40 million, $46 million and $14 million accounted for under the fair value option at December 31, 2024, September 30, 2024 and December 31, 2023, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $2.2 billion, $2.4 billion and $2.6 billion at December 31, 2024, September 30, 2024 and December 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)
	December 31 2024			September 30 2024			June 30 2024			March 31 2024			December 31 2023
Residential mortgage	$	2,052		$	2,089		$	2,097		$	2,112		$	2,114
Home equity	409			413			422			438			450

Direct/Indirect consumer	186			175			152			147			148

Total consumer	2,647			2,677			2,671			2,697			2,712
U.S. commercial	1,204			699			700			720			636
Non-U.S. commercial	8			85			90			157			175
Commercial real estate	2,068			2,124			1,971			2,273			1,927
Commercial lease financing	20			18			19			16			19
	3,300			2,926			2,780			3,166			2,757
U.S. small business commercial	28			26			22			20			16
Total commercial	3,328			2,952			2,802			3,186			2,773
Total nonperforming loans and leases	5,975			5,629			5,473			5,883			5,485
Foreclosed properties (1)	145			195			218			151			145
Total nonperforming loans, leases, and foreclosed properties(2, 3)	$	6,120		$	5,824		$	5,691		$	6,034		$	5,630

Fully-insured home loans past due 30 days or more and still accruing	$	488		$	463		$	466		$	476		$	527
Consumer credit card past due 30 days or more and still accruing	2,638			2,563			2,415			2,446			2,419
Other loans past due 30 days or more and still accruing	3,486			3,483			2,770			2,907			2,974
Total loans past due 30 days or more and still accruing (4, 5)	$	6,612		$	6,509		$	5,651		$	5,829		$	5,920

Fully-insured home loans past due 90 days or more and still accruing	$	229		$	215		$	211		$	230		$	252
Consumer credit card past due 90 days or more and still accruing	1,401			1,306			1,257			1,299			1,224
Other loans past due 90 days or more and still accruing	301			626			332			343			280
Total loans past due 90 days or more and still accruing (5)	$	1,931		$	2,147		$	1,800		$	1,872		$	1,756

Nonperforming loans, leases and foreclosed properties/Total assets (6)	0.19		%	0.18		%	0.17		%	0.18		%	0.18		%
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties (6)	0.56			0.54			0.54			0.58			0.54
Nonperforming loans and leases/Total loans and leases (6)	0.55			0.53			0.52			0.56			0.52

Commercial reservable criticized utilized exposure (7)	$	26,495		$	27,439		$	24,761		$	24,529		$	23,300
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure (6)	4.01		%	4.25		%	3.94		%	3.93		%	3.74		%
Total commercial criticized utilized exposure/Commercial utilized exposure (7)	4.16			4.45			4.14			4.13			4.00

(1)Includes repossessed assets of $31 million, $22 million, $24 million and $23 million for the fourth, third, second and first quarters of 2024, and $22 million for the fourth quarter of 2023, respectively.

(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 $731 million, $785 million, $707 million, $379 million and $161 million at December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively.

(4)Balances do not include loans held-for-sale past due 30 days or more and still accruing of $84 million, $166 million, $46 million, $106 million and $72 million at December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 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 $4.2 billion, $4.2 billion, $3.2 billion, $2.9 billion and $3.6 billion at December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 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)
	Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024		First Quarter 2024		Fourth Quarter 2023
Nonperforming Consumer Loans and Leases:
Balance, beginning of period	$	2,677	$	2,671	$	2,697	$	2,712	$	2,792

Additions	260		232		223		254		247


Reductions:
Paydowns and payoffs	(132)		(98)		(118)		(131)		(129)
Sales	(2)		(1)		(1)		(1)		(57)
Returns to performing status (2)	(140)		(115)		(121)		(113)		(122)
Charge-offs (3)	(7)		(8)		(7)		(10)		(15)
Transfers to foreclosed properties	(9)		(4)		(2)		(14)		(4)

Total net additions (reductions) to nonperforming loans and leases	(30)		6		(26)		(15)		(80)
Total nonperforming consumer loans and leases, end of period	2,647		2,677		2,671		2,697		2,712
Foreclosed properties (4)	89		81		114		112		103
Nonperforming consumer loans, leases and foreclosed properties, end of period	$	2,736	$	2,758	$	2,785	$	2,809	$	2,815

Nonperforming Commercial Loans and Leases (5):
Balance, beginning of period	$	2,952	$	2,802	$	3,186	$	2,773	$	2,041

Additions	1,239		965		704		1,006		1,085
Reductions:
Paydowns	(570)		(374)		(505)		(220)		(121)
Sales	(15)		(7)		(9)		(1)		(1)
Returns to performing status (6)	(28)		(21)		(129)		(4)		(45)
Charge-offs	(250)		(386)		(357)		(368)		(186)
Transfers to foreclosed properties	—		(27)		(88)		—		—
Transfers to loans held-for-sale	—		—		—		—		—
Total net additions (reductions) to nonperforming loans and leases	376		150		(384)		413		732
Total nonperforming commercial loans and leases, end of period	3,328		2,952		2,802		3,186		2,773
Foreclosed properties (4)	56		114		104		39		42
Nonperforming commercial loans, leases and foreclosed properties, end of period	$	3,384	$	3,066	$	2,906	$	3,225	$	2,815

(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.

(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 $29 million in consumer loans and $2 million in commercial loans for the fourth quarter of 2024. Includes $21 million, $22 million, $22 million and $20 million in consumer loans and $1 million, $2 million, $1 million and $2 million in commercial loans for the third, second and first quarters of 2024 and the fourth quarter of 2023.

(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)
	Fourth Quarter 2024				Third Quarter 2024				Second Quarter 2024				First Quarter 2024				Fourth Quarter 2023
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage	$	(1)	—	%	$	(2)	—	%	$	—	—	%	$	3	0.01	%	$	11	0.02	%
Home equity	(9)		(0.14)		(5)		(0.07)		(14)		(0.23)		(13)		(0.20)		(17)		(0.26)
Credit card	963		3.79		928		3.70		955		3.88		899		3.62		777		3.07

Direct/Indirect consumer	67		0.25		56		0.21		51		0.20		65		0.26		49		0.19
Other consumer	87		n/m		67		n/m		67		n/m		74		n/m		93		n/m
Total consumer	1,107		0.96		1,044		0.91		1,059		0.93		1,028		0.91		913		0.79
U.S. commercial	100		0.10		135		0.15		87		0.10		66		0.07		67		0.07
Non-U.S. commercial	19		0.06		60		0.19		(3)		(0.01)		(9)		(0.03)		1		—
Total commercial and industrial	119		0.09		195		0.16		84		0.07		57		0.05		68		0.06
Commercial real estate	117		0.70		171		0.98		272		1.53		304		1.70		115		0.62
Commercial lease financing	—		—		—		—		—		—		1		0.03		(1)		—
	236		0.16		366		0.25		356		0.25		362		0.26		182		0.13
U.S. small business commercial	123		2.37		124		2.40		118		2.35		108		2.22		97		1.99
Total commercial	359		0.23		490		0.33		474		0.32		470		0.32		279		0.19
Total net charge-offs	$	1,466	0.54		$	1,534	0.58		$	1,533	0.59		$	1,498	0.58		$	1,192	0.45

By Business Segment and All Other
Consumer Banking	$	1,246	1.57	%	$	1,175	1.49	%	$	1,188	1.53	%	$	1,144	1.47	%	$	1,023	1.30	%
Global Wealth & Investment Management	10		0.02		10		0.02		11		0.02		17		0.03		12		0.02
Global Banking	220		0.23		358		0.39		346		0.38		350		0.38		160		0.17
Global Markets	2		0.01		1		—		2		0.01		—		—		8		0.02
All Other	(12)		(0.59)		(10)		(0.44)		(14)		(0.66)		(13)		(0.59)		(11)		(0.48)
Total net charge-offs	$	1,466	0.54		$	1,534	0.58		$	1,533	0.59		$	1,498	0.58		$	1,192	0.45

(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.

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
Annual Net Charge-offs and Net Charge-off Ratios (1)
(Dollars in millions)
	Year Ended December 31
	2024				2023
	Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage	$	—	—	%	$	16	0.01	%
Home equity	(41)		(0.16)		(59)		(0.23)
Credit card	3,745		3.75		2,561		2.66

Direct/Indirect consumer	239		0.23		92		0.09
Other consumer	295		n/m		480		n/m
Total consumer	4,238		0.93		3,090		0.68
U.S. commercial	388		0.11		124		0.03
Non-U.S. commercial	67		0.05		19		0.02
Total commercial and industrial	455		0.09		143		0.03
Commercial real estate	864		1.24		245		0.34
Commercial lease financing	1		0.01		2		0.02
	1,320		0.23		390		0.07
U.S. small business commercial	473		2.34		319		1.71
Total commercial	1,793		0.30		709		0.12
Total net charge-offs	$	6,031	0.57		$	3,799	0.36

By Business Segment and All Other
Consumer Banking	$	4,753	1.52	%	$	3,482	1.13	%
Global Wealth & Investment Management	48		0.02		25		0.01
Global Banking	1,274		0.34		326		0.09
Global Markets	5		—		26		0.02
All Other	(49)		(0.57)		(60)		(0.62)
Total net charge-offs	$	6,031	0.57		$	3,799	0.36

(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.

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)
	December 31, 2024		September 30, 2024			December 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	$	264	0.12%	$	280		0.12%	$	339	0.15%
Home equity	29		0.11	29			0.11	47		0.19
Credit card	7,515		7.26	7,492			7.43	7,346		7.19

Direct/Indirect consumer	700		0.65	730			0.69	715		0.69
Other consumer	62		n/m	62			n/m	73		n/m
Total consumer	8,570		1.84	8,593			1.87	8,520		1.85
U.S. commercial (2)	2,637		0.65	2,567			0.64	2,600		0.69
Non-U.S. commercial	778		0.57	766			0.60	842		0.68
Commercial real estate	1,219		1.85	1,287			1.88	1,342		1.84
Commercial lease financing	36		0.23	38			0.25	38		0.26
Total commercial	4,670		0.75	4,658			0.76	4,822		0.82
Allowance for loan and lease losses	13,240		1.21	13,251			1.24	13,342		1.27


Reserve for unfunded lending commitments	1,096			1,100				1,209
Allowance for credit losses	$	14,336		$	14,351			$	14,551

Asset Quality Indicators

Allowance for loan and lease losses/Total loans and leases (1)			1.21%				1.24%			1.27%

Allowance for loan and lease losses/Total nonperforming loans and leases			222				235			243

Ratio of the allowance for loan and lease losses/Annualized net charge-offs			2.27				2.17			2.82

(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 $1.2 billion, $1.2 billion and $1.0 billion at December 31, 2024, September 30, 2024 and December 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 years ended December 31, 2024 and 2023, and the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 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.


	Year Ended December 31				Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024		First Quarter 2024		Fourth Quarter 2023
	2024		2023





























Reconciliation of income before income taxes to pretax, pre-provision income
Income before income taxes	$	29,254	$	28,342	$	7,108	$	7,324	$	7,560	$	7,262	$	3,124
Provision for credit losses	5,821		4,394		1,452		1,542		1,508		1,319		1,104
Pretax, pre-provision income	$	35,075	$	32,736	$	8,560	$	8,866	$	9,068	$	8,581	$	4,228

Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity	$	294,014	$	283,353	$	295,134	$	294,985	$	293,403	$	292,511	$	288,618
Goodwill	(69,021)		(69,022)		(69,021)		(69,021)		(69,021)		(69,021)		(69,021)
Intangible assets (excluding mortgage servicing rights)	(1,961)		(2,039)		(1,932)		(1,951)		(1,971)		(1,990)		(2,010)
Related deferred tax liabilities	866		893		859		864		869		874		886
Tangible shareholders’ equity	$	223,898	$	213,185	$	225,040	$	224,877	$	223,280	$	222,374	$	218,473
Preferred stock	(26,487)		(28,397)		(23,493)		(25,984)		(28,113)		(28,397)		(28,397)
Tangible common shareholders’ equity	$	197,411	$	184,788	$	201,547	$	198,893	$	195,167	$	193,977	$	190,076








Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity	$	295,559	$	291,646	$	295,559	$	296,512	$	293,892	$	293,552	$	291,646
Goodwill	(69,021)		(69,021)		(69,021)		(69,021)		(69,021)		(69,021)		(69,021)
Intangible assets (excluding mortgage servicing rights)	(1,919)		(1,997)		(1,919)		(1,938)		(1,958)		(1,977)		(1,997)
Related deferred tax liabilities	851		874		851		859		864		869		874
Tangible shareholders’ equity	$	225,470	$	221,502	$	225,470	$	226,412	$	223,777	$	223,423	$	221,502
Preferred stock	(23,159)		(28,397)		(23,159)		(24,554)		(26,548)		(28,397)		(28,397)
Tangible common shareholders’ equity	$	202,311	$	193,105	$	202,311	$	201,858	$	197,229	$	195,026	$	193,105

Reconciliation of period-end assets to period-end tangible assets
Assets	$	3,261,789	$	3,180,151	$	3,261,789	$	3,324,293	$	3,257,996	$	3,273,803	$	3,180,151
Goodwill	(69,021)		(69,021)		(69,021)		(69,021)		(69,021)		(69,021)		(69,021)
Intangible assets (excluding mortgage servicing rights)	(1,919)		(1,997)		(1,919)		(1,938)		(1,958)		(1,977)		(1,997)
Related deferred tax liabilities	851		874		851		859		864		869		874
Tangible assets	$	3,191,700	$	3,110,007	$	3,191,700	$	3,254,193	$	3,187,881	$	3,203,674	$	3,110,007

Book value per share of common stock
Common shareholders’ equity	$	272,400	$	263,249	$	272,400	$	271,958	$	267,344	$	265,155	$	263,249
Ending common shares issued and outstanding	7,610.9		7,895.5		7,610.9		7,688.8		7,774.8		7,866.9		7,895.5
Book value per share of common stock	$	35.79	$	33.34	$	35.79	$	35.37	$	34.39	$	33.71	$	33.34

Tangible book value per share of common stock
Tangible common shareholders’ equity	$	202,311	$	193,105	$	202,311	$	201,858	$	197,229	$	195,026	$	193,105
Ending common shares issued and outstanding	7,610.9		7,895.5		7,610.9		7,688.8		7,774.8		7,866.9		7,895.5
Tangible book value per share of common stock	$	26.58	$	24.46	$	26.58	$	26.25	$	25.37	$	24.79	$	24.46

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

Form: 8-K

Documents

Attachments