Form: 10-Q

Quarterly report [Sections 13 or 15(d)]

October 31, 2025

Documents

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

(Mark One)
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2025
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from          to
Commission file number:
1-6523
Exact name of registrant as specified in its charter:
Bank of America Corporation
State or other jurisdiction of incorporation or organization:
Delaware
IRS Employer Identification No.:
56-0906609
Address of principal executive offices:
Bank of America Corporate Center
100 N. Tryon Street
Charlotte, North Carolina 28255
Registrant’s telephone number, including area code:
(704) 386-5681
Former name, former address and former fiscal year, if changed since last report:
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareBACNew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a shareBAC PrENew York Stock Exchange
 of Floating Rate Non-Cumulative Preferred Stock, Series E
Depositary Shares, each representing a 1/1,000th interest in a shareBAC PrBNew York Stock Exchange
 of 6.000% Non-Cumulative Preferred Stock, Series GG
Depositary Shares, each representing a 1/1,000th interest in a shareBAC PrKNew York Stock Exchange
 of 5.875% Non-Cumulative Preferred Stock, Series HH
7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series LBAC PrLNew York Stock Exchange
Depositary Shares, each representing a 1/1,200th interest in a shareBML PrGNew York Stock Exchange
of Bank of America Corporation Floating Rate
Non-Cumulative Preferred Stock, Series 1


Title of each classTrading Symbol(s)Name of each exchange on which registered
Depositary Shares, each representing a 1/1,200th interest in a shareBML PrHNew York Stock Exchange
 of Bank of America Corporation Floating Rate
Non-Cumulative Preferred Stock, Series 2
Depositary Shares, each representing a 1/1,200th interest in a shareBML PrJNew York Stock Exchange
 of Bank of America Corporation Floating Rate
Non-Cumulative Preferred Stock, Series 4
Depositary Shares, each representing a 1/1,200th interest in a shareBML PrLNew York Stock Exchange
 of Bank of America Corporation Floating Rate
Non-Cumulative Preferred Stock, Series 5
Floating Rate Preferred Hybrid Income Term Securities of BAC CapitalBAC/PFNew York Stock Exchange
 Trust XIII (and the guarantee related thereto)
5.63% Fixed to Floating Rate Preferred Hybrid Income Term SecuritiesBAC/PGNew York Stock Exchange
 of BAC Capital Trust XIV (and the guarantee related thereto)
Income Capital Obligation Notes initially due December 15, 2066 ofMER PrKNew York Stock Exchange
Bank of America Corporation
Senior Medium-Term Notes, Series A, Step Up Callable Notes, dueBAC/31BNew York Stock Exchange
 November 28, 2031 of BofA Finance LLC (and the guarantee
of the Registrant with respect thereto)
Depositary Shares, each representing a 1/1,000th interest in a share of
BAC PrMNew York Stock Exchange
 5.375% Non-Cumulative Preferred Stock, Series KK
Depositary Shares, each representing a 1/1,000th interest in a shareBAC PrNNew York Stock Exchange
of 5.000% Non-Cumulative Preferred Stock, Series LL
Depositary Shares, each representing a 1/1,000th interest in a share ofBAC PrONew York Stock Exchange
4.375% Non-Cumulative Preferred Stock, Series NN
Depositary Shares, each representing a 1/1,000th interest in a share ofBAC PrPNew York Stock Exchange
4.125% Non-Cumulative Preferred Stock, Series PP
Depositary Shares, each representing a 1/1,000th interest in a share ofBAC PrQNew York Stock Exchange
4.250% Non-Cumulative Preferred Stock, Series QQ
Depositary Shares, each representing a 1/1,000th interest in a shareBAC PrSNew York Stock Exchange
of 4.750% Non-Cumulative Preferred Stock, Series SS
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☑Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐
                                         Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2).
Yes ☐ No ☑
On October 30, 2025, there were 7,302,495,550 shares of Bank of America Corporation Common Stock outstanding.


Bank of America Corporation and Subsidiaries
September 30, 2025
Form 10-Q
INDEX
Part I. Financial Information
Item 1. Financial StatementsPage
Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
1 Bank of America


Part II. Other Information
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Bank of America Corporation (the Corporation) and its management may make certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “intends,” “plans,” “goals,” “outlook,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements represent the Corporation’s current expectations, plans or forecasts of its future results, revenues, liquidity, net interest income, provision for credit losses, expenses, efficiency ratio, capital measures, strategy, deposits, assets, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond the Corporation’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements.
You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties more fully discussed under Item 1A. Risk Factors of the Corporation’s 2024 Annual Report on Form 10-K and in any of the Corporation’s subsequent U.S. Securities and Exchange Commission (SEC) filings: the Corporation’s potential judgments, orders, settlements, penalties, fines and reputational damage, which are inherently difficult to predict, resulting from pending, threatened or future litigation and regulatory inquiries, demands, requests, investigations, proceedings and enforcement actions, which the Corporation is subject to in the ordinary course of business, including matters related to our processing of unemployment benefits for California and certain other states, the features of our automatic credit card payment service, the adequacy of the Corporation’s anti-money laundering and economic sanctions programs and the processing of electronic payments, including through the Zelle network, and related fraud, which are in various stages; in connection with ongoing litigation, the impact of certain changes to Visa’s and Mastercard’s respective card payment network rules and reductions in interchange fees for U.S.-based merchants; the possibility that the Corporation's future liabilities may be in excess of its recorded liability and estimated range of possible loss for litigation, and regulatory and government actions; the Corporation's ability to resolve representations and warranties repurchase and related claims; the impact of U.S. and global interest rates (including the potential for ongoing fluctuations in interest rates), inflation, currency exchange rates, economic conditions, trade policies and tensions, including changes in, or the imposition of, tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom, which may have varying effects across industries and geographies, and
geopolitical instability; the risks related to the discontinuation of reference rates, including increased expenses and litigation and the effectiveness of hedging strategies; uncertainties about the financial stability and growth rates of non-U.S. jurisdictions, the risk that those jurisdictions may face difficulties servicing their sovereign debt, and related stresses on financial markets, currencies and trade, and the Corporation’s exposures to such risks, including direct, indirect and operational; the impact of the interest rate, inflationary, macroeconomic, banking and regulatory environment on the Corporation’s assets, business, financial condition and results of operations; the impact of adverse developments affecting the U.S. or global banking industry, including bank failures and liquidity concerns, resulting in worsening economic and market volatility, and regulatory responses thereto; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, which may include unemployment rates, real estate prices, gross domestic product levels and corporate bond spreads, customer behavior, adverse developments with respect to U.S. or global economic conditions and other uncertainties, including the impact of trade policies, supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; potential losses related to the Corporation’s concentration of credit risk; the Corporation’s ability to achieve its expense targets and expectations regarding revenue, net interest income, provision for credit losses, net charge-offs, effective tax rate, loan growth or other projections; variances to the underlying assumptions and judgments used in estimating banking book net interest income sensitivity; adverse changes to the Corporation’s credit ratings from the major credit rating agencies; an inability to access capital markets or maintain deposits or borrowing costs; estimates of the fair value and other accounting values, subject to impairment assessments, of certain of the Corporation’s assets and liabilities; the estimated or actual impact of changes in accounting standards or assumptions in applying those standards; uncertainty regarding the content, timing and impact of regulatory capital and liquidity requirements; the impact of adverse changes to total loss-absorbing capacity requirements, stress capital buffer requirements and/or global systemically important bank surcharges; the potential impact of actions of the Board of Governors of the Federal Reserve System on the Corporation’s capital plans; the effect of changes in or interpretations of income tax laws and regulations, including impacts from the 2025 budget reconciliation legislation; the impact of implementation and compliance with U.S. and international laws, regulations and regulatory interpretations, including recovery and resolution planning requirements, Federal Deposit Insurance Corporation assessments, the Volcker Rule, fiduciary standards, derivatives regulations and potential changes to loss allocations between financial institutions and customers, including for losses incurred from the use of our products and services, including electronic payments and payment of checks, that were authorized by the customer but induced by fraud; the impact of failures or disruptions in or breaches of the
Bank of America 2

Corporation’s operations or information systems, or those of various third parties, including regulators and federal and state governments, such as from cybersecurity incidents; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learning; the risks related to the transition and physical impacts of climate change; our ability to achieve environmental goals or the impact of any changes in the Corporation’s sustainability or human capital management strategy or goals; the impact of uncertain or changing political conditions, federal government shutdowns and uncertainty regarding the federal government’s debt limit or changes in fiscal, monetary, trade or regulatory policy; the emergence of widespread health emergencies or pandemics; the impact of natural disasters, extreme weather events, military conflicts (including the Russia/Ukraine conflict, the conflicts in the Middle East, the possible expansion of such conflicts and potential geopolitical consequences), civil unrest, terrorism or other geopolitical events; and other matters.
Forward-looking statements speak only as of the date they are made, and the Corporation undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.
Notes to the Consolidated Financial Statements referred to in Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) are incorporated by reference into the MD&A. Certain prior-period amounts have been reclassified to conform to current-period presentation. Throughout the MD&A, the Corporation uses certain acronyms and abbreviations which are defined in the Glossary.
Executive Summary
Business Overview
The Corporation is a Delaware corporation, a bank holding company (BHC) and a financial holding company. When used in this report, “Bank of America,” “the Corporation,” “we,” “us” and “our” may refer to Bank of America Corporation individually, Bank of America Corporation and its subsidiaries, or certain of Bank of America Corporation’s subsidiaries or affiliates. Our principal executive offices are located in Charlotte, North Carolina. Through our various bank and nonbank subsidiaries throughout the U.S. and in international markets, we provide a diversified range of banking and nonbank financial services and products through four business segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking and Global Markets, with the remaining operations recorded in All Other. We operate our banking activities primarily under the Bank of America, National Association (Bank of America, N.A. or BANA) charter. At September 30, 2025, the Corporation had $3.4 trillion in assets and a headcount of approximately 213,000 employees. As of September 30, 2025, we served clients through operations across the U.S., its
territories and more than 35 countries and/or jurisdictions. Our retail banking footprint covers all major markets in the U.S., and we serve approximately 69 million consumer and small business clients with approximately 3,600 retail financial centers, approximately 15,000 automated teller machines (ATMs), and leading digital banking platforms (www.bankofamerica.com) with approximately 49 million active users, including approximately 41 million active mobile users. We offer industry-leading support to approximately four million small business households. Our GWIM businesses, with client balances of $4.6 trillion, provide tailored solutions to meet client needs through a full set of investment management, brokerage, banking, trust and retirement products. We are a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world.
The Corporation’s website is www.bankofamerica.com, and the Investor Relations portion of our website is https://investor.bankofamerica.com. We use our website to distribute company information, including as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. We routinely post and make accessible financial and other information regarding the Corporation on our website. Investors should monitor our website, including the Investor Relations portion, in addition to our press releases, SEC filings, public conference calls and webcasts. Notwithstanding the foregoing, the information contained on our website as referenced in this paragraph is not incorporated by reference into this Quarterly Report on Form 10-Q.
Recent Developments
Capital Management
In June 2025, the Board of Governors of the Federal Reserve System (Federal Reserve) announced the results of the 2025 Comprehensive Capital Analysis and Review (CCAR) supervisory stress tests, which included preliminary stress capital buffers (SCBs) that were finalized in August 2025. Based on the results under the current regulatory framework, our SCB decreased to 2.5 percent from 3.2 percent, effective October 1, 2025.
On July 23, 2025, the Board of Directors (Board) authorized a $40 billion common stock repurchase program, effective August 1, 2025, that replaced the Corporation’s $25 billion repurchase program authorized by the Board in July 2024. For more information about the Corporation’s common stock repurchase programs, see Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds on page 104.
On October 23, 2025, the Board declared a quarterly common stock dividend of $0.28 per share, payable on December 26, 2025 to shareholders of record as of December 5, 2025.
For more information on our capital resources and regulatory developments, see Capital Management beginning on page 20.
3 Bank of America


Financial Highlights
Table 1Summary Income Statement and Selected Financial Data
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions, except per share information)2025202420252024
Income statement  
Net interest income$15,233 $13,967 $44,346 $41,701 
Noninterest income12,855 11,378 37,571 34,839 
Total revenue, net of interest expense28,088 25,345 81,917 76,540 
Provision for credit losses1,295 1,542 4,367 4,369 
Noninterest expense17,337 16,479 52,290 50,025 
Income before income taxes9,456 7,324 25,260 22,146 
Income tax expense987 428 2,279 1,679 
Net income8,469 6,896 22,981 20,467 
Preferred stock dividends and other
429 516 1,126 1,363 
Net income applicable to common shareholders$8,040 $6,380 $21,855 $19,104 
Per common share information    
Earnings$1.08 $0.82 $2.89 $2.42 
Diluted earnings1.06 0.81 2.85 2.40 
Dividends paid0.28 0.26 0.80 0.74 
Performance ratios  
Return on average assets (1)
0.98 %0.83 %0.90 %0.84 %
Return on average common shareholders’ equity (1)
11.53 9.44 10.63 9.59 
Return on average tangible common shareholders’ equity (2)
15.43 12.76 14.27 13.02 
Efficiency ratio (1)
61.73 65.02 63.83 65.36 
September 30 2025December 31 2024
Balance sheet  
Total loans and leases$1,165,900 $1,095,835 
Total assets3,403,716 3,261,519 
Total deposits2,002,208 1,965,467 
Total liabilities3,099,564 2,965,960 
Total common shareholders’ equity278,160 272,400 
Total shareholders’ equity304,152 295,559 
(1)For definitions, see Key Metrics on page 102.
(2)Return on average tangible common shareholders’ equity is a non-GAAP financial measure. For more information and a corresponding reconciliation to the most directly comparable financial measures defined by accounting principles generally accepted in the United States of America (GAAP), see Non-GAAP Reconciliations on page 47.
Net income was $8.5 billion and $23.0 billion, or $1.06 and $2.85 per diluted share, for the three and nine months ended September 30, 2025 compared to $6.9 billion and $20.5 billion, or $0.81 and $2.40 per diluted share, for the same periods in 2024. The increases in net income were primarily due to higher noninterest income and net interest income, and lower provision for credit losses, partially offset by higher noninterest expense.
Total assets increased $142.2 billion from December 31, 2024 to $3.4 trillion primarily driven by higher loans and leases due to growth in commercial loans and residential mortgages, higher securities borrowed or purchased under agreements to resell and higher trading account assets to support Global Markets client activity, as well as higher debt securities due to investment of excess cash from deposit inflows.
Total liabilities increased $133.6 billion from December 31, 2024 to $3.1 trillion primarily driven by higher deposits in Global Banking and higher long-term debt issuances, as well as higher trading account liabilities, customer trade payables, and securities loaned or sold under agreements to repurchase to support Global Markets client activity.
Shareholders’ equity increased $8.6 billion from December 31, 2024 primarily due to net income, preferred stock issuances and an increase in accumulated other comprehensive income (OCI), partially offset by returns of capital to shareholders through common stock repurchases and common and preferred stock dividends, as well as preferred stock redemptions.
Net Interest Income
Net interest income increased $1.3 billion to $15.2 billion, and $2.6 billion to $44.3 billion for the three and nine months ended September 30, 2025 compared to the same periods in 2024. Net interest yield on a fully taxable-equivalent (FTE) basis increased nine basis points (bps) to 2.01 percent for the three months ended September 30, 2025, and three bps to 1.98 percent for the nine months ended September 30, 2025. The increase in net interest income in the three-month period was primarily driven by higher net interest income related to Global Markets activity, fixed-asset repricing, and deposit and loan growth, partially offset by the impact of lower interest rates. The increase in net interest income in the nine-month period was primarily driven by fixed-asset repricing, higher net interest income related to Global Markets activity, and deposit and loan growth, partially offset by the impact of lower interest rates and one less day of interest accrual. For more information on net interest yield and FTE basis, see Supplemental Financial Data on page 7, and for more information on interest rate risk management, see Interest Rate Risk Management for the Banking Book on page 44.
Bank of America 4

Noninterest Income
Table 2Noninterest Income
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)2025202420252024
Fees and commissions:
Card income$1,629 $1,618 $4,793 $4,662 
Service charges1,632 1,552 4,808 4,501 
Investment and brokerage services5,063 4,546 14,656 13,053 
Investment banking fees2,013 1,403 4,964 4,532 
Total fees and commissions10,337 9,119 29,221 26,748 
Market making and similar activities3,203 3,278 9,940 10,464 
Other income (loss)(685)(1,019)(1,590)(2,373)
Total noninterest income$12,855 $11,378 $37,571 $34,839 
Noninterest income increased $1.5 billion to $12.9 billion and $2.7 billion to $37.6 billion for the three and nine months ended September 30, 2025 compared to the same periods in 2024. The following highlights the significant changes.
●    Service charges increased $80 million and $307 million primarily due to higher treasury service charges.
●    Investment and brokerage services increased $517 million and $1.6 billion primarily driven by higher asset management fees from higher average equity market valuations and the impact of positive assets under management (AUM) flows, as well as higher brokerage fees due to increased transactional volume.
●    Investment banking fees increased $610 million for the three-month period primarily driven by higher debt issuance, advisory and equity issuance fees. The increase of $432 million for the nine-month period was primarily driven by higher debt issuance and advisory fees, partially offset by lower equity issuance fees.
●    Market making and similar activities decreased $75 million for the three-month period primarily driven by lower trading revenue from macro products in Fixed Income, Currencies and Commodities (FICC), partially offset by higher income from derivatives used in foreign currency risk management
activities. The decrease of $524 million for the nine-month period was primarily driven by lower trading revenue from credit products in FICC and lower income from derivatives used in foreign currency risk management activities.
●    Other income increased $334 million for the three-month period primarily due to lower partnership losses on tax-related equity investments and lower valuation losses on certain derivatives. In addition, the prior-year period included losses on leveraged finance positions. The increase of $783 million for the nine-month period was primarily due to gains on leveraged finance positions.
Provision for Credit Losses
The provision for credit losses decreased $247 million to $1.3 billion for the three months ended September 30, 2025 and remained relatively unchanged at $4.4 billion for the nine months ended September 30, 2025 as compared to the same periods in 2024. For more information on the provision for credit losses, see Allowance for Credit Losses on page 40.

5 Bank of America


Noninterest Expense
Table 3Noninterest Expense
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)2025202420252024
Compensation and benefits$10,523 $9,916 $31,744 $29,937 
Occupancy and equipment
1,872 1,836 5,564 5,465 
Information processing and communications
1,827 1,784 5,540 5,347 
Product delivery and transaction related1,025 849 2,913 2,591 
Professional fees606 723 1,898 1,925 
Marketing572 504 1,641 1,446 
Other general operating912 867 2,990 3,314 
Total noninterest expense$17,337 $16,479 $52,290 $50,025 
Noninterest expense increased $858 million to $17.3 billion and $2.3 billion to $52.3 billion for the three and nine months ended September 30, 2025 compared to the same periods in 2024. The increases were primarily driven by continued investments in the business, including people, technology and
brand, as well as higher revenue-related expenses. Additionally, the prior-year nine-month period included a $700 million accrual for the increase in the Corporation’s share of the Federal Deposit Insurance Corporation (FDIC) special assessment.
Income Tax Expense
Table 4Income Tax Expense
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)2025202420252024
Income before income taxes$9,456 $7,324 $25,260 $22,146 
Income tax expense987 428 2,279 1,679 
Effective tax rate
10.4 %5.8 %9.0 %7.6 %
The effective tax rates (ETR) for the three and nine months ended September 30, 2025 and 2024 were primarily driven by our recurring tax preference benefits, which mainly consisted of tax credits from investments in renewable energy and affordable housing. Absent these credits and discrete items totaling $1.2 billion (13 percentage points) and $1.3 billion (18 percentage points) for the three months ended September 30, 2025 and 2024, the adjusted ETR was 23 percent and 24 percent,
respectively. Absent these credits and discrete items totaling $3.9 billion (15 percentage points) and $3.9 billion (17 percentage points) for the nine months ended September 30, 2025 and 2024, the adjusted ETR was 24 percent and 25 percent, respectively. Adjusted ETR is a non-GAAP financial measure. For more information, see Supplemental Financial Data on page 7.
Bank of America 6

Supplemental Financial Data
Non-GAAP Financial Measures
In this Quarterly Report on Form 10-Q, we present certain non-GAAP financial measures. Non-GAAP financial measures exclude certain items or otherwise include components that differ from the most directly comparable measures calculated in accordance with GAAP. Non-GAAP financial measures are provided as additional useful information to assess our financial condition, results of operations (including period-to-period operating performance) or compliance with prospective regulatory requirements. These non-GAAP financial measures are not intended as a substitute for GAAP financial measures and may not be defined or calculated the same way as non-GAAP financial measures used by other companies.
When presented on a consolidated basis, we view net interest income on an FTE basis as a non-GAAP financial measure. To derive the FTE basis, net interest income is adjusted to reflect tax-exempt income on an equivalent before-tax basis with a corresponding increase in income tax expense. For purposes of this calculation, we use the federal statutory tax rate of 21 percent and a representative state tax rate. Net interest yield, which measures the basis points we earn over the cost of funds, utilizes net interest income on an FTE basis. We believe that presentation of these items on an FTE basis allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices.
We may present certain key performance indicators and ratios excluding certain items (e.g., debit valuation adjustment (DVA) gains (losses)), which result in non-GAAP financial measures. We believe that the presentation of measures that exclude these items is useful because such measures provide additional information to assess the underlying operational performance and trends of our businesses and to allow better comparison of period-to-period operating performance.
We may present an adjusted ETR to exclude the tax rate effects of certain tax credits and discrete tax items (adjusted ETR). We believe the presentation of adjusted ETR is useful because it provides additional information to assess the Corporation’s results of operations.
We also evaluate our business based on certain ratios that utilize tangible equity, a non-GAAP financial measure. Tangible equity represents shareholders’ equity or common shareholders’ equity reduced by goodwill and intangible assets (excluding mortgage servicing rights (MSRs)), net of related deferred tax liabilities (“adjusted” shareholders’ equity or common shareholders’ equity). These measures are used to
evaluate our use of equity. In addition, profitability, relationship and investment models use both return on average tangible common shareholders’ equity and return on average tangible shareholders’ equity as key measures to support our overall growth objectives. These ratios are:
●    Return on average tangible common shareholders’ equity measures our net income applicable to common shareholders as a percentage of adjusted average common shareholders’ equity. The tangible common equity ratio represents adjusted ending common shareholders’ equity divided by total tangible assets.
●    Return on average tangible shareholders’ equity measures our net income as a percentage of adjusted average total shareholders’ equity. The tangible equity ratio represents adjusted ending shareholders’ equity divided by total tangible assets.
●    Tangible book value per common share represents adjusted ending common shareholders’ equity divided by ending common shares outstanding.
We believe ratios utilizing tangible equity provide additional useful information because they present measures of those assets that can generate income. Tangible book value per common share provides additional useful information about the level of tangible assets in relation to outstanding shares of common stock.
The aforementioned supplemental data and performance measures are presented in Table 5 on page 8.
For more information on the reconciliation of these non-GAAP financial measures to the corresponding GAAP financial measures, see Non-GAAP Reconciliations on page 47.
Key Performance Indicators
We present certain key financial and nonfinancial performance indicators (key performance indicators) that management uses when assessing our consolidated and/or segment results. We believe they are useful to investors because they provide additional information about our underlying operational performance and trends. These key performance indicators (KPIs) may not be defined or calculated in the same way as similar KPIs used by other companies. For information on how these metrics are defined, see Key Metrics on page 102.
Our consolidated key performance indicators, which include various equity and credit metrics, are presented in Table 1 on page 4, and Table 5 on page 8.
For information on key segment performance metrics, see Business Segment Operations on page 11.
7 Bank of America


Table 5Selected Financial Data
Nine Months Ended
September 30
2025 Quarters2024 Quarters
(In millions, except per share information)ThirdSecondFirstFourthThird20252024
Income statement  
    Net interest income$15,233 $14,670 $14,443 $14,359 $13,967 $44,346 $41,701 
    Noninterest income 12,855 11,793 12,923 10,988 11,378 37,571 34,839 
    Total revenue, net of interest expense28,088 26,463 27,366 25,347 25,345 81,917 76,540 
Provision for credit losses1,295 1,592 1,480 1,452 1,542 4,367 4,369 
    Noninterest expense17,337 17,183 17,770 16,787 16,479 52,290 50,025 
    Income before income taxes9,456 7,688 8,116 7,108 7,324 25,260 22,146 
Income tax expense 987 572 720 443 428 2,279 1,679 
   Net income 8,469 7,116 7,396 6,665 6,896 22,981 20,467 
   Net income applicable to common shareholders8,040 6,825 6,990 6,399 6,380 21,855 19,104 
      Average common shares issued and outstanding7,466.0 7,581.2 7,677.9 7,738.4 7,818.0 7,574.5 7,894.7 
      Average diluted common shares issued and outstanding7,627.1 7,651.6 7,770.8 7,843.7 7,902.1 7,724.7 7,965.0 
Performance ratios       
    Return on average assets (1)
0.98 %0.83 %0.89 %0.80 %0.83 %0.90 %0.84 %
    Four-quarter trailing return on average assets (2)
0.88 0.84 0.84 0.83 0.72 n/an/a
   Return on average common shareholders’ equity (1)
11.53 9.98 10.36 9.37 9.44 10.63 9.59 
Return on average tangible common shareholders’ equity (3)
15.43 13.40 13.94 12.63 12.76 14.27 13.02 
    Return on average shareholders’ equity (1)
11.13 9.61 10.14 8.98 9.30 10.30 9.31 
    Return on average tangible shareholders’ equity (3)
14.49 12.58 13.29 11.78 12.20 13.47 12.23 
    Total ending equity to total ending assets8.94 8.71 8.82 9.06 8.92 8.94 8.92 
Common equity ratio (1)
8.17 8.02 8.21 8.35 8.18 8.17 8.18 
    Total average equity to total average assets8.79 8.65 8.83 8.89 8.95 8.75 8.97 
    Dividend payout (1)
25.86 28.71 28.51 31.29 31.70 27.60 30.46 
Per common share data       
    Earnings $1.08 $0.90 $0.91 $0.83 $0.82 $2.89 $2.42 
    Diluted earnings 1.06 0.89 0.90 0.82 0.81 2.85 2.40 
    Dividends paid0.28 0.26 0.26 0.26 0.26 0.80 0.74 
    Book value (1)
37.95 37.13 36.39 35.79 35.37 37.95 35.37 
    Tangible book value (3)
28.39 27.71 27.12 26.58 26.25 28.39 26.25 
Market capitalization$378,125 $351,904 $315,482 $334,497 $305,090 $378,125 $305,090 
Average balance sheet     
    Total loans and leases$1,153,035 $1,128,453 $1,093,738 $1,081,009 $1,059,728 
    Total assets3,435,943 3,432,734 3,351,423 3,318,094 3,296,171 
    Total deposits1,991,434 1,973,761 1,958,332 1,957,950 1,920,748 
    Long-term debt247,425 249,104 241,036 238,988 247,338 
Common shareholders’ equity276,743 274,344 273,480 271,641 269,001 
Total shareholders’ equity301,975 296,917 295,787 295,134 294,985 
Asset quality     
Allowance for credit losses (4)
$14,361 $14,434 $14,366 $14,336 $14,351 
Nonperforming loans, leases and foreclosed properties (5)
5,470 6,104 6,201 6,120 5,824 
Allowance for loan and lease losses as a percentage of total loans and leases outstanding (5)
1.14 %1.17 %1.20 %1.21 %1.24 %
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases (5)
248 222 218 222 235 
Net charge-offs $1,367 $1,525 $1,452 $1,466 $1,534 
Annualized net charge-offs as a percentage of average loans and leases outstanding (5)
0.47 %0.55 %0.54 %0.54 %0.58 %
Capital ratios at period end (6)
    
Common equity tier 1 capital
11.6 %11.5 %11.8 %11.9 %11.8 %
      Tier 1 capital13.1 12.9 13.0 13.2 13.2 
      Total capital15.0 14.8 15.0 15.1 14.9 
      Tier 1 leverage6.8 6.7 6.8 6.9 6.9 
      Supplementary leverage ratio5.8 5.7 5.7 5.9 5.9 
      Tangible equity (3)
7.0 6.8 6.9 7.1 7.0 
Tangible common equity (3)
6.2 6.1 6.3 6.3 6.2 
Total loss-absorbing capacity and long-term debt metrics
    Total loss-absorbing capacity to risk-weighted assets27.0 %27.1 %27.4 %27.1 %27.4 %
    Total loss-absorbing capacity to supplementary leverage exposure11.9 12.0 12.1 12.0 12.2 
    Eligible long-term debt to risk-weighted assets13.1 13.5 13.6 13.0 13.3 
Eligible long-term debt to supplementary leverage exposure5.8 6.0 6.0 5.8 6.0 
(1)For definitions, see Key Metrics on page 102.
(2)Calculated as total net income for four consecutive quarters divided by annualized average assets for four consecutive quarters.
(3)Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures. For more information on these ratios and corresponding reconciliations to GAAP financial measures, see Supplemental Financial Data on page 7 and Non-GAAP Reconciliations on page 47.
(4)Includes the allowance for loan and lease losses and the reserve for unfunded lending commitments.
(5)Balances and ratios do not include loans accounted for under the fair value option. For additional exclusions from nonperforming loans, leases and foreclosed properties, see Consumer Portfolio Credit Risk Management – Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity on page 33 and corresponding Table 25 and Commercial Portfolio Credit Risk Management – Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity on page 37 and corresponding Table 31.
(6)For more information, including which approach is used to assess capital adequacy, see Capital Management on page 20.
n/a = not applicable
Bank of America 8


Table 6Quarterly Average Balances and Interest Rates - FTE Basis
Average
Balance
Interest
Income/
Expense (1)
Yield/
Rate		Average
Balance
Interest
Income/
Expense (1)
Yield/
Rate
(Dollars in millions)Third Quarter 2025Third Quarter 2024
Earning assets      
Interest-bearing deposits with the Federal Reserve, non-U.S. central
   banks and other banks
$264,233 $2,698 4.05 %$320,781 $4,129 5.12 %
Time deposits placed and other short-term investments9,716 88 3.59 10,031 108 4.29 
Federal funds sold and securities borrowed or purchased under
   agreements to resell
316,603 3,802 4.76 323,119 5,196 6.40 
Trading account assets239,048 3,222 5.35 214,980 2,749 5.09 
Debt securities932,588 6,975 2.97 883,562 6,859 3.08 
Loans and leases (2)
Residential mortgage235,301 2,070 3.52 227,800 1,872 3.29 
Home equity26,413 390 5.86 25,664 418 6.48 
Credit card100,966 2,932 11.52 99,908 2,924 11.64 
Direct/Indirect and other consumer110,127 1,525 5.49 104,732 1,512 5.74 
Total consumer472,807 6,917 5.82 458,104 6,726 5.85 
U.S. commercial443,274 5,953 5.33 391,728 5,358 5.44 
Non-U.S. commercial154,458 2,121 5.45 125,377 2,222 7.05 
Commercial real estate (3)
66,494 1,044 6.23 69,404 1,275 7.31 
Commercial lease financing16,002 216 5.37 15,115 201 5.30 
Total commercial680,228 9,334 5.45 601,624 9,056 5.99 
Total loans and leases 1,153,035 16,251 5.60 1,059,728 15,782 5.93 
Other earning assets124,965 2,484 7.89 105,496 2,815 10.62 
Total earning assets3,040,188 35,520 4.64 2,917,697 37,638 5.14 
Cash and due from banks24,963 23,435 
Other assets, less allowance for loan and lease losses370,792 355,039 
Total assets$3,435,943 $3,296,171 
Interest-bearing liabilities      
U.S. interest-bearing deposits      
Demand and money market deposits (4)
$1,095,931 $6,063 2.19 %$1,043,182 $6,603 2.52 %
Time and savings deposits (4)
257,475 1,941 2.99 259,999 2,367 3.62 
Total U.S. interest-bearing deposits1,353,406 8,004 2.35 1,303,181 8,970 2.74 
Non-U.S. interest-bearing deposits125,309 928 2.94 110,527 1,155 4.16 
Total interest-bearing deposits1,478,715 8,932 2.40 1,413,708 10,125 2.85 
Federal funds purchased and securities loaned or sold under agreements
    to repurchase
392,431 4,800 4.85 383,334 6,193 6.43 
Short-term borrowings and other interest-bearing liabilities 178,368 2,372 5.28 147,579 2,747 7.41 
Trading account liabilities52,452 672 5.08 52,973 538 4.04 
Long-term debt247,425 3,357 5.40 247,338 3,921 6.32 
Total interest-bearing liabilities2,349,391 20,133 3.40 2,244,932 23,524 4.17 
Noninterest-bearing sources
Noninterest-bearing deposits512,719 507,040 
Other liabilities (5)
271,858 249,214 
Shareholders’ equity301,975 294,985 
Total liabilities and shareholders’ equity$3,435,943 $3,296,171 
Net interest spread1.24 %0.97 %
Impact of noninterest-bearing sources0.77 0.95 
Net interest income/yield on earning assets (6)
$15,387 2.01 %$14,114 1.92 %
(1)Includes the impact of interest rate risk management contracts. For more information, see Interest Rate Risk Management for the Banking Book on page 44.
(2)Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is generally recognized on a cost recovery basis.
(3)Includes U.S. commercial real estate loans of $60.6 billion and $63.1 billion, and non-U.S. commercial real estate loans of $5.9 billion and $6.3 billion for the third quarter of 2025 and 2024.
(4)Certain prior-period time and savings deposits have been reclassified to demand and money market deposits.
(5)Includes $66.2 billion and $49.5 billion of structured notes and liabilities for the third quarter of 2025 and 2024.
(6)Net interest income includes FTE adjustments of $154 million and $147 million for the third quarter of 2025 and 2024.


9 Bank of America


Table 7Year-to-Date Average Balances and Interest Rates - FTE Basis
Average
Balance
Interest
Income/
Expense (1)
Yield/
Rate		Average
Balance
Interest
Income/
Expense (1)
Yield/
Rate
Nine Months Ended September 30
(Dollars in millions)20252024
Earning assets      
Interest-bearing deposits with the Federal Reserve, non-U.S. central
  banks and other banks
$270,333 $8,351 4.13 %$337,495 $13,158 5.21 %
Time deposits placed and other short-term investments9,776 269 3.67 10,200 347 4.54 
Federal funds sold and securities borrowed or purchased under
  agreements to resell
330,629 11,670 4.72 315,468 15,530 6.58 
Trading account assets234,950 9,337 5.31 206,609 7,773 5.02 
Debt securities929,833 20,693 2.96 859,578 19,373 3.00 
Loans and leases (2)
      
Residential mortgage233,047 6,017 3.44 227,705 5,499 3.22 
Home equity26,153 1,135 5.80 25,572 1,213 6.33 
Credit card100,387 8,616 11.48 99,570 8,535 11.45 
Direct/Indirect and other consumer 108,655 4,441 5.46 103,934 4,339 5.58 
Total consumer468,242 20,209 5.77 456,781 19,586 5.73 
U.S. commercial427,532 17,089 5.34 385,864 15,861 5.49 
Non-U.S. commercial147,509 6,195 5.62 124,501 6,562 7.04 
Commercial real estate (3)
66,034 3,087 6.25 70,906 3,871 7.29 
Commercial lease financing15,976 645 5.39 15,003 597 5.31 
Total commercial657,051 27,016 5.50 596,274 26,891 6.02 
Total loans and leases 1,125,293 47,225 5.61 1,053,055 46,477 5.89 
Other earning assets118,534 7,204 8.13 106,437 8,437 10.59 
Total earning assets3,019,348 104,749 4.64 2,888,842 111,095 5.14 
Cash and due from banks24,486  23,941  
Other assets, less allowance for loan and lease losses363,176   360,073   
Total assets$3,407,010   $3,272,856   
Interest-bearing liabilities      
U.S. interest-bearing deposits      
Demand and money market deposits (4)
$1,081,175 $17,329 2.14 %$1,044,707 $19,024 2.43 %
Time and savings deposits (4)
259,796 6,057 3.12 247,155 6,582 3.56 
Total U.S. interest-bearing deposits1,340,971 23,386 2.33 1,291,862 25,606 2.65 
Non-U.S. interest-bearing deposits121,352 2,859 3.15 107,144 3,312 4.13 
Total interest-bearing deposits1,462,323 26,245 2.40 1,399,006 28,918 2.76 
Federal funds purchased, securities loaned or sold under agreements
  to repurchase
397,419 14,375 4.84 368,459 18,390 6.67 
Short-term borrowings and other interest-bearing liabilities
173,935 7,195 5.53 147,138 8,155 7.40 
Trading account liabilities53,307 2,055 5.15 52,876 1,624 4.10 
Long-term debt245,878 10,089 5.48 248,597 11,842 6.36 
Total interest-bearing liabilities2,332,862 59,959 3.44 2,216,076 68,929 4.15 
Noninterest-bearing sources      
Noninterest-bearing deposits512,307 513,735 
Other liabilities (5)
263,592 249,407 
Shareholders’ equity298,249 293,638 
Total liabilities and shareholders’ equity$3,407,010   $3,272,856   
Net interest spread  1.20 %0.99 %
Impact of noninterest-bearing sources  0.78 0.96 
Net interest income/yield on earning assets (6)
 $44,790 1.98 % $42,166 1.95 %
(1)Includes the impact of interest rate risk management contracts. For more information, see Interest Rate Risk Management for the Banking Book on page 44.
(2)Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is generally recognized on a cost recovery basis.
(3)Includes U.S. commercial real estate loans of $60.1 billion and $64.9 billion, and non-U.S. commercial real estate loans of $5.9 billion and $6.0 billion for the nine months ended September 30, 2025 and 2024.
(4)Certain prior-period time and savings deposits have been reclassified to demand and money market deposits.
(5)Includes $59.6 billion and $46.7 billion of structured notes and liabilities for the nine months ended September 30, 2025 and 2024.
(6)Net interest income includes FTE adjustments of $444 million and $465 million for the nine months ended September 30, 2025 and 2024.


Bank of America 10

Business Segment Operations
Segment Description and Basis of Presentation
We report our results of operations through four business segments: Consumer Banking, GWIM, Global Banking and Global Markets, with the remaining operations recorded in All Other. We manage our segments and report their results on an FTE basis. For more information, see Business Segment Operations in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K.
We periodically review capital allocated to our businesses and allocate capital annually during the strategic and capital planning processes. We utilize a methodology that considers the effect of regulatory capital requirements in addition to internal risk-based capital models. The capital allocated to the business segments is referred to as allocated capital. Allocated equity in the reporting units is comprised of allocated capital plus capital
for the portion of goodwill and intangibles specifically assigned to the reporting unit. For more information, including the definition of a reporting unit, see Note 7 – Goodwill and Intangible Assets to the Consolidated Financial Statements.
For more information on our presentation of financial information on an FTE basis, see Supplemental Financial Data on page 7, and for reconciliations to consolidated total revenue, net income and period-end total assets, see Note 17 – Business Segment Information to the Consolidated Financial Statements.
Key Performance Indicators
We present certain key financial and nonfinancial performance indicators that management uses when evaluating segment results. We believe they are useful to investors because they provide additional information about our segments’ operational performance, client trends and business growth.
Consumer Banking
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)20252024% Change20252024% Change
Net interest income$8,988 $8,278 9 %$26,219 $24,593 7 %
Noninterest income:
Card income1,403 1,402 — 4,115 4,035 2 
Service charges645 631 2 1,890 1,823 4 
All other income130 107 21 248 339 (27)
Total noninterest income2,178 2,140 2 6,253 6,197 1 
Total revenue, net of interest expense
11,166 10,418 7 32,472 30,790 5 
Provision for credit losses1,009 1,302 (23)3,583 3,733 (4)
Noninterest expense5,575 5,534 1 16,968 16,473 3 
Income before income taxes4,582 3,582 28 11,921 10,584 13 
Income tax expense1,145 895 28 2,980 2,646 13 
Net income$3,437 $2,687 28 $8,941 $7,938 13 
Effective tax rate
25.0 %25.0 %25.0 %25.0 %
Net interest yield3.59 3.35 3.53 3.32 
Efficiency ratio49.92 53.12 52.25 53.50 
Return on average allocated capital31 25 27 25 
Balance Sheet
Three Months Ended September 30Nine Months Ended September 30
Average20252024% Change20252024% Change
Total loans and leases$320,297 $313,781 2 %$318,178 $313,027 2 %
Total earning assets
992,007 982,058 1 993,484 989,944 — 
Total assets
1,029,529 1,019,085 1 1,030,874 1,027,291 — 
Total deposits947,414 938,364 1 948,983 946,640 — 
Allocated capital44,000 43,250 2 44,000 43,250 2 
Period endSeptember 30
2025		December 31
2024		% Change
Total loans and leases$321,905 $318,754 1 %
Total earning assets
994,931 995,369 — 
Total assets
1,032,826 1,034,370 — 
Total deposits949,100 952,311 — 
Consumer Banking offers a diversified range of lending, deposit and investment products and services to consumers and small businesses. For more information about Consumer Banking, see Business Segment Operations in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K.
Consumer Banking Results
Three-Month Comparison
Net income for Consumer Banking increased $750 million to $3.4 billion primarily due to higher revenue and lower provision
for credit losses, partially offset by higher noninterest expense. Net interest income increased $710 million to $9.0 billion primarily driven by higher deposit spreads, as well as loan and deposit balances. Noninterest income was $2.2 billion, relatively unchanged from the same period a year ago.
The provision for credit losses decreased $293 million to $1.0 billion primarily due to improved asset quality in credit card. Noninterest expense increased $41 million to $5.6 billion primarily driven by investments in the business, including people.
11 Bank of America


The return on average allocated capital was 31 percent, up from 25 percent, due to higher net income, partially offset by an increase in allocated capital. For information on capital allocated to the business segments, see Business Segment Operations on page 11.
Average loans and leases increased $6.5 billion to $320.3 billion due to growth across all products.
Average deposits increased $9.1 billion to $947.4 billion primarily due to growth in time deposits of $15.5 billion and net inflows of $11.2 billion in checking, partially offset by net outflows of $17.6 billion in money market and other savings.
Nine-Month Comparison
Net income for Consumer Banking increased $1.0 billion to $8.9 billion due to higher revenue and lower provision for credit losses, partially offset by higher noninterest expense. Net interest income increased $1.6 billion to $26.2 billion primarily driven by higher deposit spreads and loan balances, partially offset by one less day of interest accrual. Noninterest income was $6.3 billion, largely unchanged from the same period a year ago.
The provision for credit losses decreased $150 million to $3.6 billion driven by improved asset quality in credit card,
partially offset by the dampened macroeconomic outlook. Noninterest expense increased $495 million to $17.0 billion primarily driven by investments in the business, including operations, people and technology.
The return on average allocated capital was 27 percent, up from 25 percent, due to higher net income, partially offset by an increase in allocated capital.
Average loans and leases increased $5.2 billion to $318.2 billion due to the same factor as described in the three-month discussion.
Average deposits increased $2.3 billion to $949.0 billion primarily due to growth in time deposits of $18.4 billion and net inflows of $6.9 billion in checking, partially offset by net outflows of $22.9 billion in money market and other savings.
Consumer investment assets increased $83.8 billion to $580.4 billion driven by higher market valuations and positive net client flows.
Key Statistics
The table below provides key performance indicators for deposit spreads, other period-end information, credit and debit card and loan production activities.
Key Statistics
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)2025202420252024
Deposit Spreads
Total deposit spreads (excludes noninterest costs)
2.94%2.81%2.90%2.76%
Period end
Consumer investment assets (in millions) (1)
$580,391$496,582
Active digital banking users (in thousands) (2)
49,19847,830
Active mobile banking users (in thousands) (3)
41,25839,638
Financial centers3,6493,741
ATMs14,92014,900
Credit and Debit Card
Total credit card (4)
Gross interest yield (5)
12.17 %12.49 %12.12 %12.35 %
Risk-adjusted margin (6)
7.48 7.22 7.08 6.93 
New accounts (in thousands)929 970 2,676 2,919 
Purchase volumes$95,116 $92,592 $278,138 $272,899 
 Debit card purchase volumes150,048 139,352 439,533 412,105 
Loan Production (7)
Consumer Banking:
First mortgage$3,052 $2,684 $7,961 $7,068 
Home equity2,326 1,897 6,401 5,524 
Total (8):
First mortgage$6,751 $5,348 $17,863 $14,519 
Home equity2,800 2,289 7,780 6,573 
(1)Includes client brokerage assets, deposit sweep balances, brokered CDs and AUM in Consumer Banking.
(2)Represents mobile and/or online active users over the past 90 days.
(3)Represents mobile active users over the past 90 days.
(4)Includes consumer credit card portfolios in Consumer Banking and GWIM.
(5)Calculated as the effective annual percentage rate divided by average loans.
(6)Calculated as the difference between total revenue, net of interest expense, and net charge-offs divided by average loans.
(7)The loan production amounts represent the unpaid principal balance of loans and, in the case of home equity, the principal amount of the total line of credit.
(8)In addition to loan production in Consumer Banking, there is also first mortgage and home equity loan production in GWIM.


Bank of America 12

Active mobile banking users increased approximately two million, reflecting client growth and continuing changes in our clients’ banking preferences. We had a net decrease of 92 financial centers and an increase of 20 ATMs as we continued to optimize our consumer banking network.
During the three months ended September 30, 2025, the total risk-adjusted margin increased 26 bps primarily driven by lower net charge-offs and higher net interest margin. During the nine months ended September 30, 2025, the total risk-adjusted margin increased 15 bps primarily driven by higher net interest margin and fee income, partially offset by higher net charge-offs. During the three and nine months ended September 30, 2025, total credit card purchase volumes increased $2.5 billion and $5.2 billion, and debit card purchase volumes increased $10.7
billion and $27.4 billion, reflecting higher levels of consumer spending.
During the three and nine months ended September 30, 2025, first mortgage loan originations for Consumer Banking increased $368 million and $893 million, and first mortgage loan originations for the total Corporation increased $1.4 billion and $3.3 billion for the same periods, primarily driven by higher demand.
During the three and nine months ended September 30, 2025, home equity production in Consumer Banking increased $429 million and $877 million, and home equity production for the total Corporation increased $511 million and $1.2 billion for the same periods, primarily driven by higher demand.
Global Wealth & Investment Management
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)20252024% Change20252024% Change
Net interest income$1,800 $1,709 5 %$5,327 $5,216 2 %
Noninterest income:
Investment and brokerage services4,334 3,874 12 12,456 11,181 11 
All other income178 179 (1)482 530 (9)
Total noninterest income4,512 4,053 11 12,938 11,711 10 
Total revenue, net of interest expense6,312 5,762 10 18,265 16,927 8 
Provision for credit losses4 7 (43)38 1 n/m
Noninterest expense4,622 4,340 6 13,874 12,803 8 
Income before income taxes1,686 1,415 19 4,353 4,123 6 
Income tax expense421 354 19 1,088 1,031 6 
Net income$1,265 $1,061 19 $3,265 $3,092 6 
Effective tax rate25.0 %25.0 %25.0 %25.0 %
Net interest yield2.33 2.20 2.30 2.19 
Efficiency ratio73.22 75.32 75.96 75.64 
Return on average allocated capital26 23 22 22 
Balance Sheet
Three Months Ended September 30Nine Months Ended September 30
Average20252024% Change20252024% Change
Total loans and leases$245,523 $225,355 9 %$238,457 $222,260 7 %
Total earning assets306,384 309,231 (1)309,882 318,026 (3)
Total assets320,484 322,924 (1)323,735 331,635 (2)
Total deposits276,534 279,999 (1)279,883 288,319 (3)
Allocated capital19,750 18,500 7 19,750 18,500 7 
Period endSeptember 30
2025		December 31
2024		% Change
Total loans and leases$252,986 $231,981 9 %
Total earning assets310,732 323,496 (4)
Total assets325,605 338,367 (4)
Total deposits278,931 292,278 (5)
n/m = not meaningful
GWIM consists of two primary businesses: Merrill Wealth Management and Bank of America Private Bank. For more information on GWIM, see Business Segment Operations in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K.
Three-Month Comparison
Net income for GWIM increased $204 million to $1.3 billion primarily due to higher revenue, partially offset by higher noninterest expense. The operating margin was 27 percent compared to 25 percent.
Net interest income increased $91 million to $1.8 billion primarily driven by loan growth.
Noninterest income, which primarily includes investment and brokerage services income, increased $459 million to $4.5
billion. The increase was primarily driven by higher asset management fees, which increased 12 percent to $3.9 billion, due to higher average equity market valuations and the impact of positive AUM flows.
Noninterest expense increased $282 million to $4.6 billion primarily due to higher revenue-related incentives and investments in people.
The return on average allocated capital was 26 percent, up from 23 percent, primarily due to higher net income, partially offset by an increase in allocated capital. For information on capital allocated to the business segments, see Business Segment Operations on page 11.
Average loans and leases increased $20.2 billion to $245.5 billion primarily driven by custom lending, securities-based
13 Bank of America


lending and residential mortgage. Average deposits decreased $3.5 billion to $276.5 billion primarily driven by clients moving deposits to higher yielding investment cash alternatives, including offerings on our investment and brokerage platforms, as well as a higher level of client tax payments.
Merrill Wealth Management revenue of $5.3 billion increased 10 percent primarily driven by higher asset management fees due to higher average equity market valuations and the impact of positive AUM flows.
Bank of America Private Bank revenue of $1.1 billion increased eight percent primarily driven by higher net interest income from deposit and loan growth, as well as higher asset management fees due to higher average equity market valuations and the impact of positive AUM flows.
Nine-Month Comparison
Net income for GWIM increased $173 million to $3.3 billion primarily due to the same factors as described in the three-month discussion. The operating margin was 24 percent at both September 30, 2025 and 2024.
Net interest income increased $111 million to $5.3 billion primarily due to the same factor as described in the three-month discussion.
Noninterest income, which primarily includes investment and brokerage services income, increased $1.2 billion to $12.9 billion due to the same factors as described in the three-month discussion.
Noninterest expense increased $1.1 billion to $13.9 billion primarily driven by revenue-related incentives and investments in the business, including people and technology.
The return on average allocated capital was 22 percent, unchanged from the same period a year ago.
Average loans and leases increased $16.2 billion to $238.5 billion due to the same factors as described in the three-month discussion.
Average deposits decreased $8.4 billion to $279.9 billion due to the same factors as described in the three-month discussion.
Merrill Wealth Management revenue of $15.2 billion increased eight percent, and Bank of America Private Bank revenue of $3.0 billion increased six percent primarily driven by the same factors as described in the three-month discussion.
Key Indicators and Metrics
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)2025202420252024
Revenue by Business
Merrill Wealth Management$5,261 $4,789 $15,222 $14,059 
Bank of America Private Bank1,051 973 3,043 2,868 
Total revenue, net of interest expense$6,312 $5,762 $18,265 $16,927 
Client Balances by Business, at period end
Merrill Wealth Management$3,896,124 $3,527,319 
Bank of America Private Bank
744,675 666,622 
Total client balances$4,640,799 $4,193,941 
Client Balances by Type, at period end
Assets under management$2,109,946 $1,861,124 
Brokerage and other assets2,040,748 1,856,806 
Deposits278,931 283,432 
Loans and leases (1)
255,381 230,062 
Less: Managed deposits in assets under management(44,207)(37,483)
Total client balances$4,640,799 $4,193,941 
Assets Under Management Rollforward
Assets under management, beginning of period$1,986,523 $1,758,875 $1,882,211 $1,617,740 
Net client flows 23,517 21,289 61,788 56,734 
Market valuation/other
99,906 80,960 165,947 186,650 
Total assets under management, end of period$2,109,946 $1,861,124 $2,109,946 $1,861,124 
(1)Includes margin receivables, which are classified in customer and other receivables on the Consolidated Balance Sheet.
Client Balances
Client balances increased $446.9 billion, or 11 percent, to $4.6 trillion at September 30, 2025 compared to September 30, 2024. The increase in client balances was primarily due to the impact of higher market valuations and positive net client flows.
Bank of America 14

Global Banking
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)20252024% Change20252024% Change
Net interest income$3,141 $3,230 (3)%$9,373 $9,965 (6)%
Noninterest income:
Service charges863 802 8 2,553 2,327 10 
Investment banking fees1,155 783 48 2,769 2,468 12 
All other income1,086 1,019 7 3,217 3,107 4 
Total noninterest income3,104 2,604 19 8,539 7,902 8 
Total revenue, net of interest expense 6,245 5,834 7 17,912 17,867 —
Provision for credit losses269 229 17 700 693 1 
Noninterest expense3,044 2,991 2 9,298 8,902 4 
Income before income taxes2,932 2,614 12 7,914 8,272 (4)
Income tax expense 806 719 12 2,176 2,275 (4)
Net income$2,126 $1,895 12 $5,738 $5,997 (4)
Effective tax rate 27.5 %27.5 %27.5 %27.5 %
Net interest yield1.88 2.22 1.97 2.36 
Efficiency ratio48.72 51.27 51.91 49.82 
Return on average allocated capital17 15 15 16 
Balance Sheet
Three Months Ended September 30Nine Months Ended September 30
Average20252024% Change20252024% Change
Total loans and leases
$388,482 $371,216 5 %$385,062 $372,516 3 %
Total earning assets663,181 578,988 15 635,629 563,649 13 
Total assets730,779 647,541 13 703,198 631,659 11 
Total deposits631,560 549,629 15 603,591 533,620 13 
Allocated capital50,750 49,250 3 50,750 49,250 3 
Period endSeptember 30
2025		December 31
2024		% Change
Total loans and leases$386,828 $379,473 2 %
Total earning assets669,970 603,481 11 
Total assets738,273 670,905 10 
Total deposits640,801 578,159 11 
Global Banking, which includes Global Corporate Banking, Global Commercial Banking, Business Banking and Global Investment Banking, provides a wide range of lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services through our network of global offices and client relationship teams. For more information about Global Banking, see Business Segment Operations in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K.
Three-Month Comparison
Net income for Global Banking increased $231 million to $2.1 billion primarily driven by higher revenue, partially offset by higher noninterest expense and higher provision for credit losses.
Net interest income decreased $89 million to $3.1 billion primarily due to the impact of lower interest rates, partially offset by the benefit of higher average deposit and loan balances.
Noninterest income increased $500 million to $3.1 billion primarily due to higher investment banking fees and treasury service charges.
The provision for credit losses increased $40 million to $269 million primarily driven by the commercial and industrial portfolio, partially offset by improvement within the commercial real estate office portfolio.
Noninterest expense increased $53 million to $3.0 billion primarily due to continued investments in the business, including people.
The return on average allocated capital was 17 percent, up from 15 percent, due to higher net income, partially offset by an increase in allocated capital. For information on capital allocated to the business segments, see Business Segment Operations on page 11.
Nine-Month Comparison
Net income for Global Banking decreased $259 million to $5.7 billion primarily driven by higher noninterest expense, partially offset by higher revenue.
Net interest income decreased $592 million to $9.4 billion primarily due to the same factors as described in the three-month discussion.
Noninterest income increased $637 million to $8.5 billion primarily due to sales of certain leveraged finance positions, higher investment banking fees and higher treasury service charges, partially offset by lower leasing-related revenue.
The provision for credit losses of $700 million for the nine months ended September 30, 2025, was relatively unchanged from the prior year, as improved asset quality in commercial real estate was offset by the commercial and industrial portfolio.
Noninterest expense increased $396 million to $9.3 billion primarily due to continued investments in the business, including technology, operations and people.
The return on average allocated capital was 15 percent, down from 16 percent, due to lower net income and an increase in allocated capital.
15 Bank of America


Global Corporate, Global Commercial and Business Banking
The following table and discussion present a summary of the results, which exclude certain investment banking and other activities in Global Banking.
Global Corporate, Global Commercial and Business Banking
 Global Corporate BankingGlobal Commercial BankingBusiness BankingTotal
Three Months Ended September 30
(Dollars in millions)20252024202520242025202420252024
Revenue
Business Lending$1,079 $1,102 $1,157 $1,246 $56 $57 $2,292 $2,405 
Global Transaction Services1,326 1,243 1,043 968 370 369 2,739 2,580 
Total revenue, net of interest expense
$2,405 $2,345 $2,200 $2,214 $426 $426 $5,031 $4,985 
Balance Sheet
Average
Total loans and leases$176,378 $162,053 $200,201 $196,681 $11,844 $12,373 $388,423 $371,107 
Total deposits357,835 301,070 219,345 195,475 54,378 53,084 631,558 549,629 
Global Corporate BankingGlobal Commercial BankingBusiness BankingTotal
Nine Months Ended September 30
(Dollars in millions)20252024202520242025202420252024
Revenue
Business Lending$2,980 $3,427 $3,447 $3,773 $165 $174 $6,592 $7,374 
Global Transaction Services 3,884 3,839 3,093 2,876 1,091 1,092 8,068 7,807 
Total revenue, net of interest expense
$6,864 $7,266 $6,540 $6,649 $1,256 $1,266 $14,660 $15,181 
Balance Sheet
Average
Total loans and leases
$174,920 $163,122 $198,247 $196,953 $11,828 $12,315 $384,995 $372,390 
Total deposits
340,142 292,967 210,462 189,415 52,987 51,238 603,591 533,620 
Period end
Total loans and leases $174,680 $165,142 $200,116 $197,583 $12,053 $12,333 $386,849 $375,058 
Total deposits360,531 305,000 223,333 198,482 56,931 53,471 640,795 556,953 
Business Lending revenue decreased $113 million for the three months ended September 30, 2025 compared to the same period a year ago primarily driven by lower net interest income and leasing-related revenue. Business Lending revenue decreased $782 million for the nine months ended September 30, 2025 compared to the same period a year ago primarily driven by the same factors as described in the three-month discussion.
Global Transaction Services revenue increased $159 million for the three months ended September 30, 2025 primarily driven by the benefit of higher average deposit balances and higher treasury service charges, partially offset by the impact of lower interest rates. Global Transaction Services revenue increased $261 million for the nine months ended September 30, 2025 primarily driven by the same factors as described in the three-month discussion.
Average loans and leases of $388 billion increased five percent for the three months ended September 30, 2025, and average loans and leases of $385 billion increased three percent for the nine months ended September 30, 2025 due to client demand.
Average deposits of $632 billion increased 15 percent for the three months ended September 30, 2025, and average deposits of $604 billion increased 13 percent for the nine months ended September 30, 2025 due to growth in deposit balances from existing clients and the addition of new clients.
Global Investment Banking
Client teams and product specialists underwrite and distribute debt, equity and loan products, and provide advisory services and tailored risk management solutions. The economics of certain investment banking and underwriting activities are shared primarily between Global Banking and Global Markets under an internal revenue-sharing arrangement. Global Banking originates certain deal-related transactions with our corporate and commercial clients that are executed and distributed by Global Markets. To provide a complete discussion of our consolidated investment banking fees, the following table presents total Corporation investment banking fees and the portion attributable to Global Banking.
Bank of America 16

Investment Banking Fees
Global BankingTotal CorporationGlobal BankingTotal Corporation
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)20252024202520242025202420252024
Products
Advisory$536 $351 $583 $387 $1,166 $990 $1,300 $1,134 
Debt issuance472 332 1,109 780 1,227 1,078 2,888 2,545 
Equity issuance147 100 362 270 376 400 962 990 
Gross investment banking fees
1,155 783 2,054 1,437 2,769 2,468 5,150 4,669 
Self-led deals(12)(6)(41)(34)(62)(24)(186)(137)
Total investment banking fees
$1,143 $777 $2,013 $1,403 $2,707 $2,444 $4,964 $4,532 
Total Corporation investment banking fees, which exclude self-led deals and are primarily included within Global Banking and Global Markets, were $2.0 billion and $5.0 billion for the three and nine months ended September 30, 2025. The three-month period increased 43 percent compared to the same period in 2024 primarily due to higher debt issuance, advisory and equity issuance fees. The nine-month period increased 10 percent compared to the same period in 2024 primarily due to higher debt issuance and advisory fees, partially offset by lower equity issuance fees.
Global Markets
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)20252024% Change20252024% Change
Net interest income$1,484 $898 65 %$3,940 $2,349 68 %
Noninterest income:
Investment and brokerage services614 562 9 1,883 1,573 20 
Investment banking fees834 589 42 2,181 2,016 8 
Market making and similar activities3,141 3,349 (6)10,063 10,397 (3)
All other income151 232 (35)721 637 13 
Total noninterest income4,740 4,732 — 14,848 14,623 2 
Total revenue, net of interest expense6,224 5,630 11 18,788 16,972 11 
Provision for credit losses9 7 29 59 (42)n/m
Noninterest expense3,895 3,443 13 11,512 10,421 10 
Income before income taxes2,320 2,180 6 7,217 6,593 9 
Income tax expense673 632 6 2,093 1,912 9 
Net income$1,647 $1,548 6 $5,124 $4,681 9 
Effective tax rate29.0 %29.0 %29.0 %29.0 %
Efficiency ratio62.59 61.17 61.27 61.40 
Return on average allocated capital13 14 14 14 
Balance SheetThree Months Ended September 30Nine Months Ended September 30
Average20252024% Change20252024% Change
Trading-related assets:
Trading account securities$361,610 $325,236 11 %$350,778 $323,223 9 %
Reverse repurchases138,908 150,751 (8)150,509 141,611 6 
Securities borrowed135,615 133,588 2 139,764 136,040 3 
Derivative assets40,488 36,032 12 40,737 37,551 8 
Total trading-related assets676,621 645,607 5 681,788 638,425 7 
Total loans and leases190,994 140,806 36 175,777 136,572 29 
Total earning assets813,197 728,186 12 802,375 709,208 13 
Total assets1,024,349 924,093 11 1,005,768 909,386 11 
Total deposits37,588 34,952 8 38,141 33,167 15 
Allocated capital49,000 45,500 8 49,000 45,500 8 
Period endSeptember 30
2025		December 31
2024		% Change
Total trading-related assets$638,176 $580,557 10 %
Total loans and leases196,759 157,450 25 
Total earning assets793,246 687,678 15 
Total assets997,961 876,605 14 
Total deposits36,883 38,848 (5)
n/m = not meaningful

17 Bank of America


Global Markets offers sales and trading services and research services to institutional clients across fixed-income, credit, currency, commodity and equity businesses. Global Markets product coverage includes securities and derivative products in both the primary and secondary markets. For more information about Global Markets, see Business Segment Operations in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K.
The following explanations for period-over-period changes in results for Global Markets, including those disclosed under Sales and Trading Revenue, are the same for amounts including and excluding net DVA. Amounts excluding net DVA are a non-GAAP financial measure. For more information on net DVA, see Supplemental Financial Data on page 7.
Three-Month Comparison
Net income for Global Markets increased $99 million to $1.6 billion for the three months ended September 30, 2025 compared to the same period in 2024. Net DVA gains totaled $14 million compared to losses of $8 million in 2024. Excluding net DVA, net income increased $82 million to $1.6 billion. These increases were primarily driven by higher revenue, partially offset by higher noninterest expense.
Revenue increased $594 million to $6.2 billion primarily due to higher sales and trading revenue and investment banking fees. Sales and trading revenue increased $431 million, and excluding net DVA, increased $409 million. These increases were primarily driven by higher revenue in Equities and FICC. For more information, see Sales and Trading Revenue in this section.
Noninterest expense increased $452 million to $3.9 billion primarily driven by higher revenue-related expenses and continued investments in the business, including people and technology.
Average total assets increased $100.3 billion to $1.0 trillion for the three months ended September 30, 2025 compared to the same period in 2024 driven by loan growth, higher levels of inventory and increased financing activity.
The return on average allocated capital was 13 percent, down from 14 percent in the same period a year ago, due to an increase in allocated capital, partially offset by higher net income. For information on capital allocated to the business segments, see Business Segment Operations on page 11.
Nine-Month Comparison
Net income for Global Markets increased $443 million to $5.1 billion for the nine months ended September 30, 2025 compared to the same period in 2024. Net DVA losses were $18 million compared to losses of $94 million in 2024. Excluding net DVA, net income increased $386 million to $5.1 billion. These increases were primarily driven by higher revenue, partially offset by higher noninterest expense.
Revenue increased $1.8 billion to $18.8 billion primarily due to higher sales and trading revenue, higher investment banking fees and sales of certain leveraged finance positions. Sales and trading revenue increased $1.7 billion, and excluding net DVA, increased $1.6 billion. These increases were driven by higher revenue in FICC and Equities. For more information, see Sales and Trading Revenue in this section.
Noninterest expense increased $1.1 billion to $11.5 billion primarily driven by the same factors as described in the three-month discussion.
Average total assets increased $96.4 billion to $1.0 trillion for the nine months ended September 30, 2025 compared to the same period in 2024 driven by loan growth, higher levels of inventory and increased financing activity. Period-end total assets increased $121.4 billion from December 31, 2024 to $998.0 billion driven by the same factors as average total assets.
The return on average allocated capital was 14 percent, unchanged from the same period a year ago.
Sales and Trading Revenue
For a description of sales and trading revenue, see Business Segment Operations in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K. The following table and related discussion present sales and trading revenue, substantially all of which is in Global Markets, with the remainder in Global Banking. In addition, the following table and related discussion also present sales and trading revenue, excluding net DVA, which is a non-GAAP financial measure. For more information on net DVA, see Supplemental Financial Data on page 7.
Sales and Trading Revenue (1, 2, 3)
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)2025202420252024
Sales and trading revenue (2)
Fixed-income, currencies and commodities$3,091 $2,934 $9,762 $8,907 
Equities2,270 1,996 6,589 5,794 
Total sales and trading revenue$5,361 $4,930 $16,351 $14,701 
Sales and trading revenue, excluding net DVA (4)
Fixed-income, currencies and commodities$3,077 $2,942 $9,787 $8,986 
Equities2,270 1,996 6,582 5,809 
Total sales and trading revenue, excluding net DVA$5,347 $4,938 $16,369 $14,795 
(1)For more information on sales and trading revenue, see Note 3 – Derivatives to the Consolidated Financial Statements.
(2)Includes FTE adjustments of $154 million and $445 million for the three and nine months ended September 30, 2025 compared to $262 million and $553 million for the same periods in 2024.
(3)Includes Global Banking sales and trading revenue of $172 million and $347 million for the three and nine months ended September 30, 2025 compared to $165 million and $495 million for the same periods in 2024.
(4)FICC and Equities sales and trading revenue, excluding net DVA, is a non-GAAP financial measure. FICC net DVA gains (losses) were $14 million and $(25) million for the three and nine months ended September 30, 2025 compared to $(8) million and $(79) million for the same periods in 2024. Equities net DVA gains (losses) were $0 and $7 million for the three and nine months ended September 30, 2025 compared to $0 and $(15) million for the same periods in 2024.

Bank of America 18

Three-Month Comparison
Including and excluding net DVA, FICC revenue increased $157 million and $135 million for the three months ended September 30, 2025 compared to the same period in 2024. These increases were driven by improved trading performance in credit products. Including and excluding net DVA, Equities revenue increased $274 million driven by increased client financing activity.
Nine-Month Comparison
Including and excluding net DVA, FICC revenue increased $855 million and $801 million for the nine months ended September 30, 2025 compared to the same period in 2024 driven by improved trading performance in macro products. Including and excluding net DVA, Equities revenue increased $795 million and $773 million driven by increased client financing activity and improved trading performance.
All Other
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)20252024% Change20252024% Change
Net interest income$(26)$(1)n/m$(69)$43 n/m
Noninterest income (loss)(1,679)(2,151)(22)%(5,007)(5,594)(10)%
Total revenue, net of interest expense(1,705)(2,152)(21)(5,076)(5,551)(9)
Provision for credit losses4 (3)n/m(13)(16)(19)
Noninterest expense201 171 18 638 1,426 (55)
Loss before income taxes(1,910)(2,320)(18)(5,701)(6,961)(18)
Income tax benefit(1,904)(2,025)(6)(5,614)(5,720)(2)
Net loss$(6)$(295)(98)$(87)$(1,241)(93)
Balance Sheet
Three Months Ended September 30Nine Months Ended September 30
Average20252024% Change20252024% Change
Total loans and leases$7,739 $8,570 (10)%$7,819 $8,680 (10)%
Total assets (1)
330,802 382,528 (14)343,435 372,885 (8)
Total deposits98,338 117,804 (17)104,032 110,995 (6)
Period endSeptember 30
2025		December 31
2024		% Change
Total loans and leases$7,422 $8,177 (9)%
Total assets (1)
309,051 341,272 (9)
Total deposits96,493 103,871 (7)
(1)In segments where the total of liabilities and equity exceeds assets, which are generally deposit-taking segments, we allocate assets from All Other to those segments to match liabilities (i.e., deposits) and allocated shareholders’ equity. Average allocated assets were $992.5 billion and $982.3 billion for the three and nine months ended September 30, 2025 compared to $944.4 billion and $948.0 billion for the same periods in 2024, and period-end allocated assets were $1.0 trillion and $978.4 billion at September 30, 2025 and December 31, 2024.
n/m = not meaningful
All Other primarily consists of asset and liability management (ALM) activities, liquidating businesses and certain expenses not otherwise allocated to a business segment. ALM activities encompass interest rate and foreign currency risk management activities for which substantially all of the results are allocated to our business segments. For more information on our ALM activities, see Note 17 – Business Segment Information to the Consolidated Financial Statements.
Three-Month Comparison
The net loss in All Other decreased $289 million to $6 million primarily due to a lower loss in noninterest income.
The loss in noninterest income decreased $472 million due to lower partnership losses on tax-related equity investments and lower valuation losses.
The income tax benefit decreased $121 million reflecting the impact of lower pretax losses.
Nine-Month Comparison
The net loss in All Other decreased $1.2 billion to $87 million primarily due to lower noninterest expense and a lower loss in noninterest income.
The loss in noninterest income decreased $587 million primarily due to the same factors as described in the three-month discussion.
Noninterest expense decreased $788 million to $638 million primarily due to a $700 million accrual recorded in the prior year for the increase in the Corporation’s estimated share of the FDIC special assessment and lower expenses related to a liquidating business activity.
The income tax benefit decreased $106 million reflecting the impact of lower pretax losses.
19 Bank of America


Managing Risk
Risk is inherent in all our business activities. The seven key types of risk faced by the Corporation are strategic, credit, market, liquidity, compliance, operational and reputational. Sound risk management enables us to serve our customers and deliver for our shareholders. If not managed well, risk can result in financial loss, regulatory sanctions and penalties, and damage to our reputation, each of which may adversely impact our ability to execute our business strategies. We take a comprehensive approach to risk management with a defined Risk Framework and an articulated Risk Appetite Statement, which are approved annually by the Board’s Enterprise Risk Committee (ERC) and the Board.
Our Risk Framework serves as the foundation for the consistent and effective management of risks facing the Corporation. The Risk Framework sets forth roles and responsibilities for the management of risk and provides a blueprint for how the Board, through delegation of authority to committees and executive officers, establishes risk appetite and associated limits for our activities.
Our risk appetite provides a common framework that includes a set of measures to assist senior management and the Board in assessing the Corporation’s risk profile across all risk types against our risk appetite and risk capacity. Our risk appetite is formally articulated in the Risk Appetite Statement, which includes both qualitative statements and quantitative limits.
For more information on the Corporation’s risks, see Item 1A. Risk Factors of the Corporation’s 2024 Annual Report on Form 10-K. These risks are being managed within our Risk Framework and supporting risk management programs. For more information on our Risk Framework, risk management activities and the key types of risk faced by the Corporation, see the Managing Risk section in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K.
Capital Management
The Corporation manages its capital position so that its capital is more than adequate to support its business activities and aligns with risk, risk appetite and strategic planning. For more information, see Capital Management in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K.
CCAR and Capital Planning
The Federal Reserve requires large BHCs to submit a capital plan and planned capital actions on an annual basis to help facilitate supervisory stress testing. Based on the results of our 2025 CCAR stress test under the current regulatory framework, our SCB decreased to 2.5 percent from 3.2 percent, resulting in a Common equity tier 1 (CET1) minimum requirement of 10.0 percent, effective October 1, 2025. At September 30, 2025, the Corporation’s CET1 ratio was 11.6 percent under the Standardized approach.
During the three months ended September 30, 2025, we repurchased $5.3 billion of common stock pursuant to Board authorizations of the Corporation’s common stock repurchase programs. For more information, see Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds on page 104 and Capital Management – CCAR and Capital Planning in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K.

The timing and amount of common stock repurchases are subject to various factors, including the Corporation’s capital position, liquidity, financial performance and alternative uses of capital, stock trading price, regulatory requirements and general market conditions, and may be suspended at any time. Such repurchases may be effected through open market purchases or privately negotiated transactions, including repurchase plans that satisfy the conditions of Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (Exchange Act).
As part of our planned capital actions, during the three months ended September 30, 2025, the Corporation paid common stock dividends of $2.1 billion.
On October 23, 2025, the Board declared a quarterly common stock dividend of $0.28 per share, payable on December 26, 2025 to shareholders of record as of December 5, 2025.
Regulatory Capital
As a BHC, we are subject to regulatory capital rules issued by U.S. banking regulators, including U.S. implementation of the Basel Framework. The Corporation's depository institution subsidiaries are also subject to the Prompt Corrective Action (PCA) framework. The Corporation and its primary affiliated banking entity, BANA, are Advanced approaches institutions under Basel 3 and are required to report regulatory risk-based capital ratios and risk-weighted assets (RWA) under both the Standardized and Advanced approaches. The lower of the capital ratios under Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements is used to assess capital adequacy, including under the PCA framework. As of September 30, 2025, the Corporation’s binding ratio was the Total capital ratio under the Standardized approach.
Minimum Capital Requirements
In order to avoid restrictions on capital distributions and discretionary bonus payments to executive officers, the Corporation must meet risk-based capital ratio requirements that include a capital conservation buffer of 2.5 percent (under the Advanced approaches only), an SCB (under the Standardized approach only), plus any applicable countercyclical capital buffer and a global systemically important bank (G-SIB) surcharge. The buffers and surcharge must be comprised solely of CET1 capital. For the period from October 1, 2024 through September 30, 2025, the Corporation’s minimum CET1 ratio requirements were 10.7 percent under the Standardized approach and 10.0 percent under the Advanced approaches.
The Corporation is required to calculate its G-SIB surcharge on an annual basis under two methods and is subject to the higher of the resulting two surcharges. Method 1 is consistent with the approach prescribed by the Basel Committee on Banking Supervision’s assessment methodology and is calculated using specified indicators of systemic importance. Method 2 modifies the Method 1 approach for various factors. The Corporation’s Method 1 G-SIB surcharge is 1.5 percent, and its Method 2 G-SIB surcharge is 3.0 percent. The Corporation’s Method 2 G-SIB surcharge is expected to increase to 3.5 percent on January 1, 2027, unless its surcharge calculated as of December 31, 2025 is lower than 3.5 percent. At September 30, 2025, the Corporation’s CET1 capital ratio of 11.6 percent under the Standardized approach exceeded its
Bank of America 20

minimum CET1 capital ratio requirement of 10.7 percent. Effective October 1, 2025, the Corporation’s minimum CET1 capital ratio requirement was 10.0 percent under the Standardized approach.
The Corporation is also required to maintain a minimum supplementary leverage ratio (SLR) of 3.0 percent plus a leverage buffer of 2.0 percent in order to avoid certain restrictions on capital distributions and discretionary bonus payments to executive officers. Our insured depository institution subsidiaries are required to maintain a minimum 6.0 percent SLR to be considered well capitalized under the current
PCA framework. At September 30, 2025, both the Corporation and its insured depository institution subsidiaries exceeded their minimum supplementary leverage requirements.
Capital Composition and Ratios
Table 8 presents Bank of America Corporation’s capital ratios and related information in accordance with Basel 3 Standardized and Advanced approaches as measured at September 30, 2025 and December 31, 2024. For the periods presented herein, the Corporation met the definition of well capitalized under current regulatory requirements.
Table 8Bank of America Corporation Regulatory Capital under Basel 3
Standardized
Approach (1)
Advanced
Approaches (1)
Regulatory
Minimum (2)
(Dollars in millions, except as noted)September 30, 2025
Risk-based capital metrics:
Common equity tier 1 capital$202,875 $202,875 
Tier 1 capital228,829 228,829 
Total capital (3)
263,433 252,730 
Risk-weighted assets (in billions) 1,751 1,546 
Common equity tier 1 capital ratio11.6 %13.1 %10.7 %
Tier 1 capital ratio13.1 14.8 12.2 
Total capital ratio15.0 16.3 14.2 
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)
$3,357 $3,357 
Tier 1 leverage ratio6.8 %6.8 %4.0 
Supplementary leverage exposure (in billions)$3,977 
Supplementary leverage ratio5.8 %5.0 
December 31, 2024
Risk-based capital metrics:
Common equity tier 1 capital$201,083 $201,083 
Tier 1 capital223,458 223,458 
Total capital (3)
255,363 244,809 
Risk-weighted assets (in billions)1,696 1,490 
Common equity tier 1 capital ratio11.9 %13.5 %10.7 %
Tier 1 capital ratio13.2 15.0 12.2 
Total capital ratio15.1 16.4 14.2 
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)
$3,240 $3,240 
Tier 1 leverage ratio6.9 %6.9 %4.0 
Supplementary leverage exposure (in billions) $3,818 
Supplementary leverage ratio5.9 %5.0 
(1)As of January 1, 2025, CECL transition provision’s impact was fully phased-in. Capital ratios as of December 31, 2024 were calculated using the regulatory capital rule that allowed a five-year transition period related to the adoption of the current expected credit losses (CECL) accounting standard on January 1, 2020.
(2)The CET1 capital regulatory minimum is the sum of the CET1 capital ratio minimum of 4.5 percent, our G-SIB surcharge of 3.0 percent, and SCB (under the Standardized approach) of 3.2 percent. The countercyclical capital buffer was zero for both periods. The SLR regulatory minimum includes a leverage buffer of 2.0 percent.
(3)Total capital under the Advanced approaches differs from the Standardized approach due to differences in the amount permitted in Tier 2 capital related to the qualifying allowance for credit losses.
(4)Reflects total average assets adjusted for certain Tier 1 capital deductions.

At September 30, 2025, CET1 capital was $202.9 billion, an increase of $1.8 billion from December 31, 2024, primarily due to earnings, partially offset by capital distributions. Tier 1 capital increased $5.4 billion driven by the same factors as CET1 capital as well as preferred stock issuances. Total capital under the Standardized approach increased $8.1 billion driven by the same factors as Tier 1 capital, as well as subordinated debt

issuances and an increase in the adjusted allowance for credit losses included in Tier 2 capital. RWA under the Standardized approach, which drove the lower CET1 capital ratio at September 30, 2025, increased $55.2 billion during 2025 to $1,751 billion primarily driven by client activity in Global Markets and lending activity in GWIM and Global Banking. Supplementary leverage exposure at September 30, 2025 increased $158.3 billion primarily driven by increased activity in Global Markets.
21 Bank of America


Table 9 shows the capital composition at September 30, 2025 and December 31, 2024.
Table 9Capital Composition under Basel 3
(Dollars in millions)September 30
2025		December 31
2024
Total common shareholders’ equity$278,160 $272,400 
CECL transitional amount (1)
— 627 
Goodwill, net of related deferred tax liabilities(68,653)(68,649)
Deferred tax assets arising from net operating loss and tax credit carryforwards(8,483)(8,097)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities(1,401)(1,440)
Defined benefit pension plan net assets(838)(786)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness,
 net-of-tax		1,645 1,491 
Accumulated net (gain) loss on certain cash flow hedges (2)
2,464 5,629 
Other(19)(92)
Common equity tier 1 capital202,875 201,083 
Qualifying preferred stock, net of issuance cost25,991 22,391 
Other(37)(16)
Tier 1 capital228,829 223,458 
Tier 2 capital instruments20,502 18,592 
Qualifying allowance for credit losses (3)
14,420 13,558 
Other(318)(245)
Total capital under the Standardized approach263,433 255,363 
Adjustment in qualifying allowance for credit losses under the Advanced approaches (3)
(10,703)(10,554)
Total capital under the Advanced approaches$252,730 $244,809 
(1)As of January 1, 2025, CECL transition provision’s impact was fully phased-in. December 31, 2024 includes 25 percent of the CECL transition provision’s impact as of December 31, 2021.
(2)Includes amounts in accumulated other comprehensive income (OCI) related to the hedging of items that are not recognized at fair value on the Consolidated Balance Sheet.
(3)December 31, 2024 includes the impact of transition provisions related to the CECL accounting standard.
Table 10 shows the components of RWA as measured under Basel 3 at September 30, 2025 and December 31, 2024.
Table 10Risk-weighted Assets under Basel 3
Standardized ApproachAdvanced ApproachesStandardized ApproachAdvanced Approaches
(Dollars in billions)September 30, 2025December 31, 2024
Credit risk$1,674 $1,063 $1,623 $1,015 
Market risk77 76 73 73 
Operational riskn/a357 n/a359 
Risks related to credit valuation adjustmentsn/a50 n/a43 
Total risk-weighted assets$1,751 $1,546 $1,696 $1,490 
n/a = not applicable

Bank of America 22

Bank of America, N.A. Regulatory Capital
Table 11 presents regulatory capital information for BANA in accordance with Basel 3 Standardized and Advanced approaches as measured at September 30, 2025 and December 31, 2024. BANA met the definition of well capitalized under the PCA framework for both periods.
Table 11Bank of America, N.A. Regulatory Capital under Basel 3
Standardized
Approach (1)
Advanced
Approaches (1)
Regulatory
Minimum (2)
(Dollars in millions, except as noted)September 30, 2025
Risk-based capital metrics:
Common equity tier 1 capital$196,596 $196,596 
Tier 1 capital196,596 196,596 
Total capital (3)
212,398 201,942 
Risk-weighted assets (in billions) 1,509 1,207 
Common equity tier 1 capital ratio13.0 %16.3 %7.0 %
Tier 1 capital ratio13.0 16.3 8.5 
Total capital ratio14.1 16.7 10.5 
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)
$2,606 $2,606 
Tier 1 leverage ratio7.5 %7.5 %5.0 
Supplementary leverage exposure (in billions)$3,104 
Supplementary leverage ratio6.3 %6.0 




December 31, 2024
Risk-based capital metrics:
Common equity tier 1 capital$194,341 $194,341 
Tier 1 capital194,341 194,341 
Total capital (3)
209,256 198,923 
Risk-weighted assets (in billions) 1,444 1,151 
Common equity tier 1 capital ratio13.5 %16.9 %7.0 %
Tier 1 capital ratio13.5 16.9 8.5 
Total capital ratio14.5 17.3 10.5 
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)
$2,546 $2,546 
Tier 1 leverage ratio7.6 %7.6 %5.0 
Supplementary leverage exposure (in billions)$3,015 
Supplementary leverage ratio6.4 %6.0 
(1)As of January 1, 2025, CECL transition provision’s impact was fully phased-in. Capital ratios as of December 31, 2024 were calculated using the regulatory capital rule that allowed a five-year transition period related to the adoption of the CECL accounting standard on January 1, 2020.
(2)Risk-based capital regulatory minimums at both September 30, 2025 and December 31, 2024 are the minimum ratios under Basel 3 including a capital conservation buffer of 2.5 percent. The regulatory minimums for the leverage ratios as of both period ends are the percent required to be considered well capitalized under the PCA framework.
(3)Total capital under the Advanced approaches differs from the Standardized approach due to differences in the amount permitted in Tier 2 capital related to the qualifying allowance for credit losses.
(4)Reflects total average assets adjusted for certain Tier 1 capital deductions.
Total Loss-Absorbing Capacity Requirements
Total loss-absorbing capacity (TLAC) consists of the Corporation’s Tier 1 capital and eligible long-term debt issued directly by the Corporation. Eligible long-term debt for TLAC ratios is comprised of unsecured debt that has a remaining maturity of at least one year and satisfies additional requirements as prescribed in the TLAC final rule. As with the
risk-based capital ratios and SLR, the Corporation is required to maintain TLAC ratios in excess of minimum requirements plus applicable buffers to avoid restrictions on capital distributions and discretionary bonus payments to executive officers. Table 12 presents the Corporation's TLAC and long-term debt ratios and related information as of September 30, 2025 and December 31, 2024.
23 Bank of America


Table 12Bank of America Corporation Total Loss-Absorbing Capacity and Long-Term Debt

TLAC (1)
Regulatory Minimum (2)
Long-term
Debt
Regulatory Minimum (3)
(Dollars in millions)September 30, 2025
Total eligible balance$472,886 $228,745 
Percentage of risk-weighted assets (4)
27.0 %22.0 %13.1 %9.0 %
Percentage of supplementary leverage exposure11.9 9.5 5.8 4.5 
December 31, 2024
Total eligible balance$459,857 $220,666 
Percentage of risk-weighted assets (4)
27.1 %22.0 %13.0 %9.0 %
Percentage of supplementary leverage exposure12.0 9.5 5.8 4.5 
(1)As of January 1, 2025, CECL transition provision’s impact was fully phased-in. TLAC ratios as of December 31, 2024 were calculated using the regulatory capital rule that allowed a five-year transition period related to the adoption of the CECL accounting standard on January 1, 2020.
(2)The TLAC RWA regulatory minimum consists of 18.0 percent plus a TLAC RWA buffer comprised of 2.5 percent plus the Method 1 G-SIB surcharge of 1.5 percent. The countercyclical buffer is zero for both periods. The TLAC supplementary leverage exposure regulatory minimum consists of 7.5 percent plus a 2.0 percent TLAC leverage buffer. The TLAC RWA and leverage buffers must be comprised solely of CET1 capital and Tier 1 capital, respectively.
(3)The long-term debt RWA regulatory minimum is comprised of 6.0 percent plus the Corporation’s Method 2 G-SIB surcharge of 3.0 percent. The long-term debt leverage exposure regulatory minimum is 4.5 percent.
(4)The approach that yields the higher RWA is used to calculate TLAC and long-term debt ratios, which was the Standardized approach as of September 30, 2025 and December 31, 2024.
Regulatory Developments
On October 24, 2025, the Federal Reserve issued two notices of proposed rulemaking (NPRs) related to its annual stress test. The first NPR requests comment on the hypothetical scenarios that will be used in the upcoming 2026 supervisory stress test. The second NPR requests comment on the models the Federal Reserve uses to conduct the supervisory stress test, including proposed updates that would be implemented in 2026. It also outlines proposed changes to the broader stress testing framework and codifies an enhanced disclosure process under which the Federal Reserve would annually publish and invite public comment on stress test scenarios, models and material changes to those models.
On June 27, 2025, the Federal Reserve issued an NPR that would modify enhanced supplementary leverage ratio requirements for bank holding companies and their depository institution subsidiaries, with corresponding revisions to TLAC and long-term debt requirements. Under this NPR, static buffer requirements would be replaced with a dynamic buffer requirement equal to 50 percent of the G-SIB’s Method 1 surcharge, which is expected to reduce leverage-based capital requirements. For more information on Method 1 and Method 2, see Minimum Capital Requirements in this section.
On April 17, 2025, the Federal Reserve issued an NPR to modify the capital plan rule and SCB requirements. Under this NPR, results from the two most recent annual supervisory stress tests would be averaged to determine the Corporation’s SCB requirement. In addition, the annual effective date of the SCB requirement would change from October 1st of the current year to January 1st of the following year, providing banks with additional time to comply with their new capital requirements.
Regulatory Capital and Securities Regulation
The Corporation’s principal U.S. broker-dealer subsidiaries are BofA Securities, Inc. (BofAS) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S). The Corporation's principal European subsidiaries undertaking broker-dealer activities are Merrill Lynch International (MLI) and BofA Securities Europe SA (BofASE).
The U.S. broker-dealer subsidiaries are subject to the net capital requirements of Rule 15c3-1 under the Exchange Act. BofAS computes its capital requirements as an alternative net capital broker-dealer under Rule 15c3-1(a)(7) and Rule 15c3-1e, which permit the use of SEC-approved models, and MLPF&S computes its capital requirements in accordance with the alternative standard under Rule 15c3-1. BofAS is registered as
a futures commission merchant and is subject to Commodity Futures Trading Commission (CFTC) Regulation 1.17. The U.S. broker-dealer subsidiaries are also registered with the Financial Industry Regulatory Authority, Inc. (FINRA). Pursuant to FINRA Rule 4110, FINRA may impose higher net capital requirements than Rule 15c3-1 under the Exchange Act with respect to each of the broker-dealers.
BofAS provides institutional services, and in accordance with the alternative net capital requirements, is required to maintain tentative net capital in excess of $5.0 billion and net capital in excess of the greater of $1.0 billion or a certain percentage of its reserve requirement in addition to a certain percentage of securities-based swap risk margin. BofAS must also notify the SEC in the event its tentative net capital is less than $6.0 billion. BofAS is also required to hold a certain percentage of its customers' and affiliates' risk-based margin in order to meet its CFTC minimum net capital requirement. At September 30, 2025, BofAS had tentative net capital of $24.0 billion. BofAS also had regulatory net capital of $18.6 billion, which exceeded the minimum requirement of $5.1 billion.
MLPF&S provides retail services. At September 30, 2025, MLPF&S' regulatory net capital was $7.2 billion, which exceeded the minimum requirement of 174 million.
Our European broker-dealers are subject to requirements from U.S. and non-U.S. regulators. MLI, a U.K. investment firm, is regulated by the Prudential Regulation Authority and the Financial Conduct Authority and is subject to certain regulatory capital requirements. At September 30, 2025, MLI’s capital resources were $33.4 billion, which exceeded the minimum Pillar 1 requirement of $14.0 billion.
BofASE, an authorized credit institution with its head office located in France, is regulated by the Autorité de Contrôle Prudentiel et de Résolution and the Autorité des Marchés Financiers, and supervised under the Single Supervisory Mechanism by the European Central Bank. At September 30, 2025, BofASE's capital resources were $12.4 billion, which exceeded the minimum Pillar 1 requirement of $3.8 billion.
In addition, MLI and BofASE remained conditionally registered with the SEC as security-based swap dealers, and maintained net liquid assets at September 30, 2025 that exceeded the applicable minimum requirements under the Exchange Act. The entities are also registered as swap dealers with the CFTC and met applicable capital requirements at September 30, 2025.
Bank of America 24

Liquidity Risk
Funding and Liquidity Risk Management
Our primary liquidity risk management objective is to meet expected or unexpected cash flow and collateral requirements, including payments under long-term debt agreements, commitments to extend credit and customer deposit withdrawals, while continuing to support our businesses and customers under a range of economic conditions. To achieve that objective, we analyze and monitor our liquidity risk under expected and stressed conditions, maintain liquidity and access to diverse funding sources, including our stable deposit base, and seek to align liquidity-related incentives and risks. These liquidity risk management practices have allowed us to effectively manage market fluctuations from the rising interest rate environment, inflationary pressures and changes in the macroeconomic environment.
We define liquidity as readily available assets, limited to cash and high-quality, liquid, unencumbered securities that we can use to meet our contractual and contingent financial obligations as they arise. We manage our liquidity position through line of business and ALM activities, as well as through our legal entity funding strategy, on both a forward and current (including intraday) basis under both expected and stressed conditions. We believe that a centralized approach to funding and liquidity management enhances our ability to monitor liquidity requirements, maximizes access to funding sources, minimizes borrowing costs and facilitates timely responses to liquidity events.
We provide centralized funding and liquidity management through a variety of activities, including monitoring of established limits, assessing exposures under both normal and stressed conditions and reviewing liquidity risk management processes and controls. Global Risk Management (GRM) provides oversight of liquidity management across the Corporation, including front-line units and legal entities. GRM oversees the liquidity risk management governance structure, establishes liquidity risk policies, and provides independent review and challenge of the Corporation's liquidity risk management processes.
For more information on the Corporation’s liquidity risks, see the Liquidity section within Item 1A. Risk Factors of the Corporation’s 2024 Annual Report on Form 10-K. For more information regarding global funding and liquidity risk management, as well as liquidity sources, liquidity arrangements, contingency planning and credit ratings discussed below, see Liquidity Risk in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K.
NB Holdings Corporation
Bank of America Corporation, as the parent company (the Parent), which is a separate and distinct legal entity from our bank and nonbank subsidiaries, has an intercompany arrangement with our wholly-owned holding company subsidiary, NB Holdings Corporation (NB Holdings). We have transferred, and agreed to transfer, additional Parent assets not required to satisfy anticipated near-term expenditures to NB Holdings. The Parent is expected to continue to have access to the same flow of dividends, interest and other amounts of cash necessary to service its debt, pay dividends and perform other obligations as it would have had it not entered into these arrangements and transferred any assets. These arrangements support our preferred single point of entry resolution strategy, under which only the Parent would be resolved under the U.S. Bankruptcy Code.
Global Liquidity Sources and Other Unencumbered Assets
We maintain liquidity available to the Corporation, including the Parent and selected subsidiaries, in the form of cash and high- quality, liquid, unencumbered securities. Our liquidity buffer, referred to as Global Liquidity Sources (GLS), is comprised of assets that are readily available to the Parent and selected subsidiaries, including holding company, bank and broker-dealer subsidiaries, even during stressed market conditions. Our cash is primarily on deposit with the Federal Reserve Bank and, to a lesser extent, central banks outside of the U.S. We limit the composition of high-quality, liquid, unencumbered securities to U.S. government securities, U.S. agency securities, U.S. agency mortgage-backed securities and other investment-grade securities, and a select group of non-U.S. government securities. We can obtain cash for these securities, even in stressed conditions, through repurchase agreements or outright sales. We hold our GLS in legal entities that allow us to meet the liquidity requirements of our global businesses, and we consider the impact of potential regulatory, tax, legal and other restrictions that could limit the transferability of funds among entities.
Table 13 presents average GLS for the three months ended September 30, 2025 and December 31, 2024.
Table 13Average Global Liquidity Sources
Three Months Ended
(Dollars in billions)September 30
2025		December 31
2024
Bank entities$768 $777 
Nonbank and other entities (1)
193 176 
Total Average Global Liquidity Sources
$961 $953 
(1) Nonbank includes Parent, NB Holdings and other regulated entities.
Our bank subsidiaries’ liquidity is primarily driven by deposit and lending activity, as well as securities valuation and net debt activity. Bank subsidiaries can also generate incremental liquidity by pledging a range of unencumbered loans and securities to certain Federal Home Loan Banks (FHLBs) and the Federal Reserve Discount Window. The cash we could have obtained by borrowing against this pool of specifically-identified eligible assets was $330 billion and $328 billion at September 30, 2025 and December 31, 2024. We have established operational procedures to enable us to borrow against these assets, including regularly monitoring our total pool of eligible loans and securities collateral. Eligibility is defined in guidelines from the FHLBs and the Federal Reserve and is subject to change at their discretion. Due to regulatory restrictions, liquidity generated by the bank subsidiaries can generally be used only to fund obligations within the bank subsidiaries, and transfers to the Parent or nonbank subsidiaries may be subject to prior regulatory approval.
Liquidity is also held in nonbank entities, including the Parent, NB Holdings and other regulated entities. The Parent and NB Holdings liquidity is typically in the form of cash deposited at BANA, which is excluded from the liquidity at bank subsidiaries, and high-quality, liquid, unencumbered securities. Liquidity held in other regulated entities, comprised primarily of broker-dealer subsidiaries, is primarily available to meet the obligations of that entity, and transfers to the Parent or to any other subsidiary may be subject to prior regulatory approval due to regulatory restrictions and minimum requirements. Our other regulated entities also hold unencumbered investment-grade securities and equities that we believe could be used to generate additional liquidity.
25 Bank of America


Table 14 presents the composition of average GLS for the three months ended September 30, 2025 and December 31, 2024.
Table 14Average Global Liquidity Sources Composition
Three Months Ended
(Dollars in billions)September 30
2025		December 31
2024
Cash on deposit$260 $315 
U.S. Treasury securities361 313 
U.S. agency securities, mortgage-backed securities, and other investment-grade securities
305 296 
Non-U.S. government securities35 29 
Total Average Global Liquidity Sources$961 $953 
Our GLS are substantially the same in composition to what qualifies as High Quality Liquid Assets (HQLA) under the final U.S. Liquidity Coverage Ratio (LCR) rules. However, HQLA for purposes of calculating LCR is not reported at market value, but at a lower value that incorporates regulatory deductions and the exclusion of excess liquidity held at certain subsidiaries. The LCR is calculated as the amount of a financial institution’s unencumbered HQLA relative to the estimated net cash outflows the institution could encounter over a 30-day period of significant liquidity stress, expressed as a percentage. Our average consolidated HQLA, on a net basis, was $664 billion and $623 billion for the three months ended September 30, 2025 and December 31, 2024. For both periods, the average consolidated LCR was 113 percent. Our LCR fluctuates due to normal business flows from customer activity.
Liquidity Stress Analysis
We utilize liquidity stress analysis to assist us in determining the appropriate amounts of liquidity to maintain at the Parent and our subsidiaries to meet contractual and contingent cash outflows under a range of scenarios. For more information on liquidity stress analysis, see Liquidity Risk – Liquidity Stress Analysis in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K.
Net Stable Funding Ratio
The Net Stable Funding Ratio (NSFR) is a liquidity requirement for large banks to maintain a minimum level of stable funding over a one-year period. The requirement is intended to support the ability of banks to lend to households and businesses in both normal and adverse economic conditions and is complementary to the LCR, which focuses on short-term liquidity risks. The U.S. NSFR applies to the Corporation on a consolidated basis and to our insured depository institutions. At September 30, 2025, the Corporation and its insured depository institutions were in compliance with the U.S. NSFR. For more information, see the Basel Pillar 3 Disclosures for the quarters ended March 31, 2025 and June 30, 2025 on the
Corporation’s website, the contents of which are not incorporated by reference into this Quarterly Report on Form 10-Q.
Diversified Funding Sources
We fund our assets primarily with a mix of deposits, and secured and unsecured liabilities through a centralized, globally coordinated funding approach diversified across products, programs, markets, currencies and investor groups. We fund a substantial portion of our lending activities through our deposits, which were $2.00 trillion and $1.97 trillion at September 30, 2025 and December 31, 2024. Our trading activities in other regulated entities are primarily funded on a secured basis through securities lending and repurchase agreements, and these amounts will vary based on customer activity and market conditions.
Deposits
Our deposit base is well-diversified by clients, geography and product type across our business segments. At September 30, 2025, 47 percent of our deposits were in Consumer Banking, 14 percent in GWIM and 32 percent in Global Banking. We consider a substantial portion of our deposit base to be a stable, low-cost and consistent source of liquidity. At September 30, 2025 approximately 69 percent of consumer and small business deposits and approximately 81 percent of U.S. deposits in Global Banking were held by clients who have had accounts with us for 10 or more years. In addition, at September 30, 2025 and December 31, 2024, 26 percent and 27 percent of our deposits were noninterest bearing and included operating accounts of our consumer and commercial clients. Deposits at September 30, 2025 increased $36.7 billion from December 31, 2024 primarily due to deposit growth in Global Banking from existing clients and the addition of new clients.
During the three months ended September 30, 2025 and 2024, rates paid on deposits were 58 bps and 65 bps in Consumer Banking, 249 bps and 313 bps in GWIM, and 280 bps and 327 bps in Global Banking. For information on rates paid on consolidated deposit balances, see Table 6 on page 9.
Long-term Debt
During the nine months ended September 30, 2025, we issued $74.9 billion of long-term debt consisting of $31.3 billion of notes issued by Bank of America Corporation, substantially all of which were TLAC compliant, $19.6 billion of notes issued by Bank of America, N.A. and $24.0 billion of other debt.
During the nine months ended September 30, 2025, we had total long-term debt maturities and redemptions in the aggregate of $57.0 billion consisting of $31.0 billion for Bank of America Corporation, $13.8 billion for Bank of America, N.A. and $12.2 billion of other debt. Table 15 presents the carrying value of aggregate annual contractual maturities of long-term debt at September 30, 2025.
Bank of America 26

Table 15Long-term Debt by Maturity
(Dollars in millions)Remainder of 20252026202720282029ThereafterTotal
Bank of America Corporation
Senior notes (1)
$— $7,462 $24,226 $30,331 $25,711 $101,410 $189,140 
Senior structured notes783 2,692 824 451 933 15,937 21,620 
Subordinated notes151 4,893 2,046 902 — 17,612 25,604 
Junior subordinated notes— — 192 — — 557 749 
Total Bank of America Corporation
934 15,047 27,288 31,684 26,644 135,516 237,113 
Bank of America, N.A.
Senior notes
— 14,950 — 660 — — 15,610 
Subordinated notes
— — — — — 1,411 1,411 
Advances from Federal Home Loan Banks212 2,883 3 8 2 35 3,143 
Securitizations and other Bank VIEs (2)
1,250 2,492 1,582 1,991 481 193 7,989 
Other13 81 30 96 118 16 354 
Total Bank of America, N.A.1,475 20,406 1,615 2,755 601 1,655 28,507 
Other debt
Structured liabilities954 10,397 6,444 4,646 3,083 19,910 45,434 
Nonbank VIEs (2)
— — — — — 430 430 
Total other debt954 10,397 6,444 4,646 3,083 20,340 45,864 
Total long-term debt$3,363 $45,850 $35,347 $39,085 $30,328 $157,511 $311,484 
(1)Total includes $179.4 billion of outstanding senior notes that are both TLAC eligible and callable one year before their stated maturities, including $4.7 billion during the remainder of 2025, and $24.2 billion, $27.2 billion, $26.9 billion and $8.4 billion during each year of 2026 through 2029, respectively, and $88.0 billion thereafter. For more information on our TLAC eligible and callable outstanding notes, see Liquidity Risk – Diversified Funding Sources in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K.
(2)Represents liabilities of consolidated variable interest entities (VIEs) included in total long-term debt on the Consolidated Balance Sheet.
Total long-term debt increased $28.2 billion to $311.5 billion during the nine months ended September 30, 2025 primarily due to debt issuances and valuation adjustments, partially offset by maturities. We may, from time to time, repurchase outstanding debt instruments in various transactions, depending on market conditions, liquidity and other factors. Our other regulated entities may also make markets in our debt instruments to provide liquidity for investors.
During the nine months ended September 30, 2025, we issued $31.0 billion of structured notes, which are debt obligations that pay investors returns linked to other debt or equity securities, indices, currencies or commodities. These structured notes are typically issued to meet client demand, and notes with certain attributes may also be TLAC eligible. We typically use derivatives and/or investments to economically hedge the variable returns due on the structured notes so that the net cost, which is recognized in market making and similar activities, is similar to unsecured long-term debt. We could be required to settle certain structured note obligations for cash or other securities prior to maturity under certain circumstances, which we consider for liquidity planning purposes. We believe, however, that a portion of such borrowings will remain outstanding beyond the earliest put or redemption date.
Substantially all of our senior and subordinated debt obligations contain no provisions that could trigger a requirement for an early repayment, require additional collateral support, result in changes to terms, accelerate maturity or create additional financial obligations upon an adverse change in our credit ratings, financial ratios, earnings, cash flows or stock price. For more information on long-term debt funding, including issuances and maturities and redemptions, see Note 11 – Long-term Debt to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K.
We use derivative transactions to manage the duration, interest rate and currency risks of our borrowings, considering the characteristics of the assets they are funding. For more information on our ALM activities, see Interest Rate Risk Management for the Banking Book on page 44.
Credit Ratings
Credit ratings and outlooks are opinions expressed by rating agencies on our creditworthiness and that of our obligations or securities, including long-term debt, short-term borrowings, preferred stock and other securities, including asset securitizations. Table 16 presents the Corporation’s current long-term/short-term senior debt ratings and outlooks expressed by the rating agencies.
The ratings and outlooks from Moody's Investors Service, Standard & Poor’s Global Ratings and Fitch Ratings for the Corporation have not changed from those disclosed in the Corporation's 2024 Annual Report on Form 10-K. On May 19, 2025, Moody’s Investors Service downgraded its rating for the long-term senior debt of BANA to Aa2 from Aa1, removing one notch of rating uplift for government support as a consequence of the agency’s recent downgrade of U.S. sovereign debt. The ratings and outlooks from Standard & Poor’s Global Ratings and Fitch Ratings for the Corporation’s rated subsidiaries have not changed from those disclosed in the Corporation's 2024 Annual Report on Form 10-K.
For more information on additional collateral and termination payments that could be required in connection with certain over-the-counter derivative contracts and other trading agreements in the event of a credit rating downgrade, see Note 3 – Derivatives to the Consolidated Financial Statements herein and Item 1A. Risk Factors of the Corporation’s 2024 Annual Report on Form 10-K.
27 Bank of America


Table 16Senior Debt Ratings
Moody’s Investors ServiceStandard & Poor’s Global RatingsFitch Ratings
Long-termShort-termOutlookLong-termShort-termOutlookLong-termShort-termOutlook
Bank of America CorporationA1P-1StableA-A-2StableAA-F1+Stable
Bank of America, N.A.Aa2P-1StableA+A-1StableAAF1+Stable
Bank of America Europe Designated Activity CompanyNRNRNRA+A-1StableAAF1+Stable
Merrill Lynch, Pierce, Fenner & Smith IncorporatedNRNRStableA+A-1StableAAF1+Stable
BofA Securities, Inc.NRNRStableA+A-1StableAAF1+Stable
Merrill Lynch InternationalNRNRNRA+A-1StableAAF1+Stable
BofA Securities Europe SANRNRNRA+A-1StableAAF1+Stable
NR = not rated
Finance Subsidiary Issuers and Parent Guarantor
BofA Finance LLC, a Delaware limited liability company (BofA Finance), is a consolidated finance subsidiary of the Corporation that has issued and sold, and is expected to continue to issue and sell, its senior unsecured debt securities (Guaranteed Notes) that are fully and unconditionally guaranteed by the Corporation. The Corporation guarantees the due and punctual payment, on demand, of amounts payable on the Guaranteed Notes if not paid by BofA Finance. In addition, each of BAC Capital Trust XIII, BAC Capital Trust XIV and BAC Capital Trust XV, Delaware statutory trusts (collectively, the Trusts) is a 100 percent owned finance subsidiary of the Corporation that has issued and sold trust preferred securities (the Trust Preferred Securities) or capital securities (the Capital Securities and, together with the Guaranteed Notes and the Trust Preferred Securities, the Guaranteed Securities), as applicable, that remained outstanding at September 30, 2025. The Corporation has fully and unconditionally guaranteed (or effectively provided for the full and unconditional guarantee of) all such securities issued by such finance subsidiaries. For more information regarding such guarantees by the Corporation, see Liquidity Risk – Finance Subsidiary Issuers and Parent Guarantor in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K.
Representations and Warranties Obligations
For information on representations and warranties obligations in connection with the sale of mortgage loans, see Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K.
Credit Risk Management
For information on our credit risk management activities, see the following: Consumer Portfolio Credit Risk Management on page 28, Commercial Portfolio Credit Risk Management on page 33, Non-U.S. Portfolio on page 39, Allowance for Credit Losses on page 40, Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements, and Credit Risk Management in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K. For more information on the Corporation’s credit risks, see the Credit section within Item 1A. Risk Factors of the Corporation’s 2024 Annual Report on Form 10-K. For more information on the Corporation’s economic and geopolitical risks, see the Geopolitical section within Item 1A. Risk Factors of the Corporation’s 2024 Annual Report on Form 10-K.
During the nine months ended September 30, 2025, our net charge-off ratio decreased compared to the same period in 2024 primarily driven by lower commercial real estate office charge-offs. Commercial reservable criticized exposure decreased $163 million, and nonperforming loans decreased
$628 million compared to December 31, 2024 driven by the commercial real estate portfolio. Ongoing uncertainty surrounding international trade policy negotiations and tensions, persistent inflationary pressures, interest rates and ongoing geopolitical tensions continue to weigh on the broader economic outlook. Additionally, the current lapse in government funding and the potential for a prolonged pause in some U.S. government functions could disrupt economic activity, delay federal spending and increase financial market volatility. These factors have been assessed for any impacts to the portfolio and may contribute to future deterioration in credit quality metrics as they evolve.
Consumer Portfolio Credit Risk Management
Credit risk management for the consumer portfolio begins with initial underwriting and continues throughout a borrower’s credit cycle. Statistical techniques in conjunction with experiential judgment are used in all aspects of portfolio management including underwriting, product pricing, risk appetite, setting credit limits, and establishing operating processes and metrics to quantify and balance risks and returns. Statistical models are built using detailed behavioral information from external sources, such as credit bureaus, and/or internal historical experience and are a component of our consumer credit risk management process. These models are used in part to assist in making both new and ongoing credit decisions as well as portfolio management strategies, including authorizations and line management, collection practices and strategies, and determination of the allowance for loan and lease losses and allocated capital for credit risk.
Consumer Credit Portfolio
During the nine months ended September 30, 2025, the U.S. unemployment rate and home prices remained relatively stable. During the three months ended September 30, 2025, net charge-offs decreased $66 million to $978 million compared to the same period in 2024, primarily driven by the credit card portfolio. During the nine months ended September 30, 2025, net charge-offs remained relatively unchanged at $3.2 billion compared to the same period in 2024.
The consumer allowance for loan and lease losses decreased $118 million to $8.5 billion from December 31, 2024. For more information, see Allowance for Credit Losses on page 40.
For more information on our accounting policies regarding delinquencies, nonperforming status, charge-offs and loan modifications for the consumer portfolio, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements.
Bank of America 28

Table 17 presents our outstanding consumer loans and leases, consumer nonperforming loans and accruing consumer loans past due 90 days or more.
Table 17Consumer Credit Quality
 OutstandingsNonperformingAccruing Past Due
90 Days or More
(Dollars in millions)September 30
2025		December 31
2024		September 30
2025		December 31
2024		September 30
2025		December 31
2024
Residential mortgage (1)
$235,429 $228,199 $1,972 $2,052 $201 $229 
Home equity 26,482 25,737 386 409 — — 
Credit card102,109 103,566 n/an/a1,260 1,401 
Direct/Indirect consumer (2)
111,412 107,122 173 186 9 1 
Other consumer169 151 — — — — 
Consumer loans excluding loans accounted for under the fair value option
$475,601 $464,775 $2,531 $2,647 $1,470 $1,631 
Loans accounted for under the fair value option (3)
165 221 
Total consumer loans and leases $475,766 $464,996 
Percentage of outstanding consumer loans and leases (4)
n/an/a0.53 %0.57 %0.31 %0.35 %
Percentage of outstanding consumer loans and leases, excluding fully-insured loan portfolios (4)
n/an/a0.54 0.58 0.27 0.31 
(1)Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At September 30, 2025 and December 31, 2024, residential mortgage included $108 million and $119 million of loans on which interest had been curtailed by the Federal Housing Administration (FHA), and therefore were no longer accruing interest, although principal was still insured, and $93 million and $110 million of loans on which interest was still accruing.
(2)Outstandings primarily includes auto and specialty lending loans and leases of $55.1 billion and $54.9 billion, U.S. securities-based lending loans of $52.5 billion and $48.7 billion at September 30, 2025 and December 31, 2024, and non-U.S. consumer loans of $3.0 billion and $2.8 billion at September 30, 2025 and December 31, 2024.
(3)For more information on the fair value option, see Note 15 – Fair Value Option to the Consolidated Financial Statements.
(4)Excludes consumer loans accounted for under the fair value option. At September 30, 2025 and December 31, 2024, loans accounted for under the fair value option that were past due 90 days or more and not accruing interest were insignificant.
n/a= not applicable
Table 18 presents net charge-offs and related ratios for consumer loans and leases.
Table 18Consumer Net Charge-offs and Related Ratios
Net Charge-offs
Net Charge-off Ratios (1)
Three Months Ended
September 30		Nine Months Ended
September 30		Three Months Ended
September 30		Nine Months Ended
September 30
(Dollars in millions)20252024202520242025202420252024
Residential mortgage$(1)$(2)$1 $1 — %— %— %— %
Home equity(11)(5)(33)(32)(0.17)(0.07)(0.17)(0.17)
Credit card880 928 2,835 2,782 3.46 3.70 3.78 3.73 
Direct/Indirect consumer55 56 172 172 0.20 0.21 0.21 0.22 
Other consumer55 67 181 208 n/mn/mn/mn/m
Total$978 $1,044 $3,156 $3,131 0.82 0.91 0.90 0.92 
(1)Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding loans and leases, excluding loans accounted for under the fair value option.
n/m = not meaningful
We believe that the presentation of information adjusted to exclude the impact of the fully-insured loan portfolio and loans accounted for under the fair value option is more representative of the ongoing operations and credit quality of the business. As a result, in the following tables and discussions of the residential mortgage and home equity portfolios, we exclude loans accounted for under the fair value option and provide information that excludes the impact of the fully-insured loan portfolio in certain credit quality statistics.
Residential Mortgage
The residential mortgage portfolio made up the largest percentage of our consumer loan portfolio at 49 percent of consumer loans and leases at September 30, 2025. Approximately 50 percent of the residential mortgage portfolio was in Consumer Banking, 46 percent was in GWIM and the remaining portion was in Global Markets and All Other.
Outstanding balances in the residential mortgage portfolio increased $7.2 billion during the nine months ended September 30, 2025, primarily due to a loan portfolio acquisition in the first quarter of 2025.
At September 30, 2025 and December 31, 2024, the residential mortgage portfolio included $9.3 billion and $9.9 billion of outstanding fully-insured loans, of which $1.9 billion and $2.0 billion had FHA insurance, with the remainder protected by Fannie Mae long-term standby agreements.
Table 19 presents certain residential mortgage key credit statistics on both a reported basis and excluding the fully-insured loan portfolio. The following discussion presents the residential mortgage portfolio excluding the fully-insured loan portfolio.
29 Bank of America


Table 19Residential Mortgage – Key Credit Statistics
Reported Basis (1)
Excluding Fully-insured Loans (1)
(Dollars in millions)September 30
2025		December 31
2024		September 30
2025		December 31
2024
Outstandings$235,429 $228,199 $226,140 $218,287 
Accruing past due 30 days or more1,533 1,494 1,093 1,007 
Accruing past due 90 days or more201 229 — — 
Nonperforming loans (2)
1,972 2,052 1,972 2,052 
Percent of portfolio    
Refreshed LTV greater than 90 but less than or equal to 1001%1 %1%1 %
Refreshed LTV greater than 100— — — — 
Refreshed FICO below 6202 1 1 1 
(1)Outstandings, accruing past due, nonperforming loans and percentages of portfolio exclude loans accounted for under the fair value option.
(2)Includes loans that are contractually current that have not yet demonstrated a sustained period of payment performance following a modification.
Nonperforming outstanding balances in the residential mortgage portfolio decreased $80 million to $2.0 billion during the nine months ended September 30, 2025. Of the nonperforming residential mortgage loans at September 30, 2025, $1.2 billion, or 62 percent, were current on contractual payments. Excluding fully-insured loans, loans accruing past due 30 days or more increased $86 million to $1.1 billion during the nine months ended September 30, 2025.
Of the $226.1 billion in total residential mortgage loans outstanding at September 30, 2025, $64.9 billion, or 29 percent, of loans were originated as interest-only. The outstanding balance of interest-only residential mortgage loans that had entered the amortization period was $3.6 billion, or six percent, at September 30, 2025. Residential mortgage loans that have entered the amortization period generally experience a higher rate of early stage delinquencies and nonperforming status compared to the residential mortgage portfolio as a whole. At September 30, 2025, $51 million, or one percent, of outstanding interest-only residential mortgages that had entered the amortization period were accruing past due 30 days or more compared to $1.1 billion, or less than one percent, for the
entire residential mortgage portfolio. In addition, at September 30, 2025, $163 million, or five percent, of outstanding interest-only residential mortgage loans that had entered the amortization period were nonperforming, of which $52 million were contractually current. Loans that have yet to enter the amortization period in our interest-only residential mortgage portfolio are primarily well-collateralized loans to our wealth management clients and have an interest-only period of three years to 10 years. Substantially all of these loans that have yet to enter the amortization period will not be required to make a fully-amortizing payment until 2027 or later.
Table 20 presents outstandings, nonperforming loans and net charge-offs by certain state concentrations for the residential mortgage portfolio. In the New York area, the New York-Northern New Jersey-Long Island Metropolitan Statistical Area (MSA) made up 15 percent of outstandings at both September 30, 2025 and December 31, 2024. The Los Angeles-Long Beach-Santa Ana MSA within California represented 14 percent of outstandings at both September 30, 2025 and December 31, 2024.
Table 20Residential Mortgage State Concentrations
Outstandings (1)
Nonperforming (1)
Net Charge-offs
September 30
2025		December 31
2024		September 30
2025		December 31
2024		Three Months Ended
September 30		Nine Months Ended
September 30
(Dollars in millions)2025202420252024
California$82,051 $81,729 $586 $602 $(3)$(1)$(1)$1 
New York25,859 25,827 280 318 1 1 1 2 
Florida16,579 15,715 135 142 — (2)— (3)
Massachusetts9,730 7,926 53 43 — — — — 
New Jersey9,463 8,568 86 88 — — — (1)
Other82,458 78,522 832 859 1 — 1 2 
Residential mortgage loans$226,140 $218,287 $1,972 $2,052 $(1)$(2)$1 $1 
Fully-insured loan portfolio9,289 9,912     
Total residential mortgage loan portfolio$235,429 $228,199     
(1)Outstandings and nonperforming loans exclude loans accounted for under the fair value option.
Home Equity
At September 30, 2025, the home equity portfolio made up six percent of the consumer portfolio and was comprised of home equity lines of credit (HELOCs), home equity loans and reverse mortgages. HELOCs generally have an initial draw period of 10 years, and after the initial draw period ends, the loans generally convert to 15- or 20-year amortizing loans. We no longer originate home equity loans or reverse mortgages.
At September 30, 2025, 85 percent of the home equity portfolio was in Consumer Banking, 11 percent was in GWIM and the remainder of the portfolio was in All Other. Outstanding
balances in the home equity portfolio increased $745 million during the nine months ended September 30, 2025 primarily due to draws on existing lines and new originations outpacing paydowns. Of the total home equity portfolio at September 30, 2025 and December 31, 2024, $9.0 billion and $9.2 billion, or 34 percent and 36 percent, were in first-lien positions. At September 30, 2025, outstanding balances in the home equity portfolio that were in a second-lien or more junior-lien position and where we also held the first-lien loan totaled $4.7 billion, or 18 percent, of our total home equity portfolio.
Bank of America 30

Unused HELOCs totaled $43.5 billion and $44.3 billion at September 30, 2025 and December 31, 2024. The HELOC utilization rate was 37 percent and 36 percent at September 30, 2025 and December 31, 2024.
Table 21 presents certain home equity portfolio key credit statistics.
Table 21
Home Equity – Key Credit Statistics (1)
(Dollars in millions)September 30
2025		December 31
2024
Outstandings$26,482 $25,737 
Accruing past due 30 days or more85 84 
Nonperforming loans (2)
386 409 
Percent of portfolio
Refreshed CLTV greater than 90 but less than or equal to 100—%— %
Refreshed CLTV greater than 100— — 
Refreshed FICO below 6203 2 
(1)Outstandings, accruing past due, nonperforming loans and percentages of the portfolio exclude loans accounted for under the fair value option.
(2)Includes loans that are contractually current that have not yet demonstrated a sustained period of payment performance following a modification.
Nonperforming outstanding balances in the home equity portfolio decreased $23 million to $386 million during the nine months ended September 30, 2025. Of the nonperforming home equity loans at September 30, 2025, $239 million, or 62 percent, were current on contractual payments. In addition, $79 million, or 20 percent, were 180 days or more past due and had been written down to the estimated fair value of the collateral, less costs to sell. Accruing loans that were 30 days or more past due remained relatively unchanged during the nine months ended September 30, 2025.
Of the $26.5 billion in total home equity portfolio outstandings at September 30, 2025, as shown in Table 21, eight percent require interest-only payments. The outstanding balance of HELOCs that had reached the end of their draw period and entered the amortization period was $3.1 billion at September 30, 2025. The HELOCs that have entered the amortization period have experienced a higher percentage of early stage delinquencies and nonperforming status when compared to the HELOC portfolio as a whole. At September 30, 2025, $31 million, or one percent, of outstanding HELOCs that
had entered the amortization period were accruing past due 30 days or more. In addition, at September 30, 2025, $219 million, or seven percent, were nonperforming.
For our interest-only HELOC portfolio, we do not actively track how many of our home equity customers pay only the minimum amount due on their home equity loans and lines; however, we can infer some of this information through a review of our HELOC portfolio that we service and is still in its revolving period. During the nine months ended September 30, 2025, 25 percent of these customers with an outstanding balance did not pay any principal on their HELOCs.
Table 22 presents outstandings, nonperforming balances and net recoveries by certain state concentrations for the home equity portfolio. In the New York area, the New York-Northern New Jersey-Long Island MSA made up 10 percent and 11 percent of the outstanding home equity portfolio at September 30, 2025 and December 31, 2024. The Los Angeles-Long Beach-Santa Ana MSA within California made up 10 percent and 11 percent of the outstanding home equity portfolio at September 30, 2025 and December 31, 2024.
Table 22Home Equity State Concentrations
Outstandings (1)
Nonperforming (1)
Net Charge-offs
September 30
2025		December 31
2024		September 30
2025		December 31
2024		Three Months Ended
September 30		Nine Months Ended
September 30
(Dollars in millions)2025202420252024
California$7,170 $7,038 $104 $102 $(2)$(1)$(7)$(6)
Florida2,558 2,542 43 47 (1)(2)(3)(6)
New Jersey1,843 1,817 28 34 (1)— (3)(4)
Texas
1,628 1,521 17 17 — (1)— 1 
New York
1,426 1,447 56 62 (2)1 (5)(3)
Other11,857 11,372 138 147 (5)(2)(15)(14)
Total home equity loan portfolio$26,482 $25,737 $386 $409 $(11)$(5)$(33)$(32)
(1)Outstandings and nonperforming loans exclude loans accounted for under the fair value option.
Credit Card
At September 30, 2025, 97 percent of the credit card portfolio was managed in Consumer Banking with the remainder in GWIM. Outstandings in the credit card portfolio decreased $1.5 billion during the nine months ended September 30, 2025 to $102.1 billion, as payments more than offset purchase volume and card transfers. Net charge-offs decreased $48 million to $880 million during the three months ended September 30, 2025 compared to the same period in 2024. Net charge-offs
increased $53 million to $2.8 billion during the nine months ended September 30, 2025 compared to the same period in 2024. Credit card loans 30 days or more past due decreased $174 million, and 90 days or more past due decreased $141 million during the nine months ended September 30, 2025.
Unused lines of credit for credit card increased to $415.7 billion at September 30, 2025 from $398.7 billion at December 31, 2024.

31 Bank of America


Table 23 presents certain state concentrations for the credit card portfolio.
Table 23Credit Card State Concentrations
OutstandingsPast Due
90 Days or More		Net Charge-offs
September 30
2025		December 31
2024		September 30
2025		December 31
2024		Three Months Ended
September 30		Nine Months Ended
September 30
(Dollars in millions)2025202420252024
California$16,927 $17,289 $227 $253 $167 $176 $546 $514 
Florida10,700 10,794 176 199 124 127 391 380 
Texas9,078 9,121 128 142 87 91 280 275 
New York5,681 5,765 76 84 53 59 171 181 
Washington5,633 5,586 44 46 31 31 94 89 
Other54,090 55,011 609 677 418 444 1,353 1,343 
Total credit card portfolio$102,109 $103,566 $1,260 $1,401 $880 $928 $2,835 $2,782 
Direct/Indirect Consumer
At September 30, 2025, 50 percent of the direct/indirect portfolio was included in Consumer Banking (consumer auto and recreational vehicle lending) and 50 percent was included in GWIM (principally securities-based lending loans). Outstandings in the direct/indirect portfolio increased $4.3 billion during the
nine months ended September 30, 2025 to $111.4 billion driven by increases in securities-based lending.
Table 24 presents certain state concentrations for the direct/indirect consumer loan portfolio.
Table 24Direct/Indirect State Concentrations
OutstandingsNonperformingNet Charge-offs
September 30
2025		December 31
2024		September 30
2025		December 31
2024		Three Months Ended
September 30		Nine Months Ended
September 30
(Dollars in millions)2025202420252024
California$16,524 $16,017 $42 $38 $15 $14 $44 $41 
Florida14,895 14,573 20 23 6 9 21 24 
Texas10,713 10,164 17 18 7 9 21 24 
New York7,909 7,820 12 15 3 4 10 11 
New Jersey4,625 4,429 6 7 1 2 4 6 
Other56,746 54,119 76 85 23 18 72 66 
Total direct/indirect loan
   portfolio		$111,412 $107,122 $173 $186 $55 $56 $172 $172 
Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity
Table 25 presents nonperforming consumer loans, leases and foreclosed properties activity for the three and nine months ended September 30, 2025 and 2024. During the nine months ended September 30, 2025, nonperforming consumer loans of $2.5 billion decreased $116 million.
At September 30, 2025, $414 million, or 16 percent, of nonperforming loans were 180 days or more past due and had
been written down to their estimated property value less costs to sell. In addition, at September 30, 2025, $1.5 billion, or 59 percent, of nonperforming consumer loans were current and classified as nonperforming loans in accordance with applicable policies.
During the nine months ended September 30, 2025, foreclosed properties increased $8 million to $97 million.
Bank of America 32

Table 25Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity
Three Months Ended
September 30		Nine Months Ended
September 30
(Dollars in millions)2025202420252024
Nonperforming loans and leases, beginning of period$2,564 $2,671 $2,647 $2,712 
Additions 253 232 759 709 
Reductions:
Paydowns and payoffs(137)(98)(380)(347)
Sales(1)(1)(3)(3)
Returns to performing status (1)
(136)(115)(447)(349)
Charge-offs(5)(8)(23)(25)
Transfers to foreclosed properties (7)(4)(22)(20)
Total net reductions to nonperforming loans and leases(33)6 (116)(35)
Total nonperforming loans and leases, September 30
2,531 2,677 2,531 2,677 
Foreclosed properties, September 30
97 81 97 81 
Nonperforming consumer loans, leases and foreclosed properties, September 30 (2)
$2,628 $2,758 $2,628 $2,758 
Nonperforming consumer loans and leases as a percentage of outstanding consumer loans and leases (3)
0.53 %0.58 %
Nonperforming consumer loans, leases and foreclosed properties as a percentage of outstanding consumer loans, leases and foreclosed properties (3)
0.54 0.60 
(1)Consumer loans may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection.
(2)Includes repossessed non-real estate assets of $38 million and $21 million at September 30, 2025 and 2024.
(3)Outstanding consumer loans and leases exclude loans accounted for under the fair value option.
Commercial Portfolio Credit Risk Management
Commercial credit risk is evaluated and managed with the goal that concentrations of credit exposure continue to be aligned with our risk appetite. We review, measure and manage concentrations of credit exposure by industry, product, geography, customer relationship and loan size. We also review, measure and manage commercial real estate loans by geographic location and property type. In addition, within our non-U.S. portfolio, we evaluate exposures by region and by country. Tables 30, 32 and 35 summarize our concentrations. We also utilize syndications of exposure to third parties, loan sales, hedging and other risk mitigation techniques to manage the size and risk profile of the commercial credit portfolio. For more information on our industry concentrations, see Table 32 and Commercial Portfolio Credit Risk Management – Industry Concentrations on page 37.
For more information on our accounting policies regarding delinquencies, nonperforming status and net charge-offs, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements.
Commercial Credit Portfolio
Outstanding commercial loans and leases increased $59.3 billion during the nine months ended September 30, 2025 due to growth in U.S. and non-U.S. commercial, primarily in Global Markets and GWIM. During the nine months ended September 30, 2025, commercial credit quality remained relatively stable, as the reservable criticized utilized exposure rate improved to 3.67 percent from 4.01 percent as of December 31, 2024. Nonperforming commercial loans decreased $512 million during the nine months ended September 30, 2025 primarily due to commercial real estate. Commercial net charge-offs decreased $101 million and $246 million to $389 million and $1.2 billion
during the three and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to lower charge-offs in the commercial real estate office portfolio.
With the exception of the office property type, which is further discussed in the Commercial Real Estate section herein, credit quality of commercial borrowers has remained relatively stable since December 31, 2024; however, we are closely monitoring emerging trends, including ongoing negotiations and developments regarding international trade policies, as well as borrower performance in the current environment. Recent demand for office space continues to be stagnant, and future demand for office space continues to be uncertain as companies evaluate space needs with employment models that utilize a mix of remote and conventional office use.
The commercial allowance for loan and lease losses increased $130 million to $4.8 billion during the nine months ended September 30, 2025. For more information, see Allowance for Credit Losses on page 40.
Total commercial utilized credit exposure increased $56.2 billion during the nine months ended September 30, 2025 to $795.7 billion driven by higher loans and leases. The utilization rate for loans and leases, standby letters of credit (SBLCs) and financial guarantees, and commercial letters of credit, in the aggregate, was 56 percent and 55 percent at September 30, 2025 and December 31, 2024.
Table 26 presents commercial credit exposure by type for utilized, unfunded and total binding committed credit exposure. Commercial utilized credit exposure includes SBLCs and financial guarantees and commercial letters of credit that have been issued and for which we are legally bound to advance funds under prescribed conditions during a specified time period, and excludes exposure related to trading account assets. Although funds have not yet been advanced, these exposure types are considered utilized for credit risk management purposes.
33 Bank of America


Table 26Commercial Credit Exposure by Type
 
Commercial Utilized (1)
Commercial Unfunded (2, 3, 4)
Total Commercial Committed
(Dollars in millions)September 30
2025		December 31
2024		September 30
2025		December 31
2024		September 30
2025		December 31
2024
Loans and leases$690,134 $630,839 $564,976 $535,675 $1,255,110 $1,166,514 
Derivative assets (5)
42,115 40,948 — — 42,115 40,948 
Standby letters of credit and financial guarantees32,637 33,147 2,297 1,889 34,934 35,036 
Debt securities and other investments17,859 19,133 3,341 4,407 21,200 23,540 
Loans held-for-sale5,444 7,985 9,503 5,003 14,947 12,988 
Operating leases5,552 5,608 — — 5,552 5,608 
Commercial letters of credit727 839 — 111 727 950 
Other1,207 1,004 — — 1,207 1,004 
Total$795,675 $739,503 $580,117 $547,085 $1,375,792 $1,286,588 
(1)Commercial utilized exposure includes loans of $6.5 billion and $4.0 billion accounted for under the fair value option at September 30, 2025 and December 31, 2024.
(2)Commercial unfunded exposure includes commitments accounted for under the fair value option with a notional amount of $2.2 billion at both September 30, 2025 and December 31, 2024.
(3)Excludes unused business card lines, which are not legally binding.
(4)Includes the notional amount of unfunded legally binding lending commitments, net of amounts distributed (i.e., syndicated or participated) to other financial institutions. The distributed amounts were $10.6 billion and $10.4 billion at September 30, 2025 and December 31, 2024.
(5)Derivative assets are carried at fair value, reflect the effects of legally enforceable master netting agreements and have been reduced by cash collateral of $27.8 billion and $30.1 billion at September 30, 2025 and December 31, 2024. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $69.6 billion and $59.7 billion at September 30, 2025 and December 31, 2024, which consists primarily of other marketable securities.
Nonperforming commercial loans decreased $512 million during the nine months ended September 30, 2025, primarily due to commercial real estate. Table 27 presents our commercial loans and leases portfolio and related credit quality information at September 30, 2025 and December 31, 2024.
Table 27Commercial Credit Quality
OutstandingsNonperforming Accruing Past Due
90 Days or More
(Dollars in millions)September 30
2025		December 31
2024		September 30
2025		December 31
2024		September 30
2025		December 31
2024
Commercial and industrial:
U.S. commercial$429,202 $386,990 $1,131 $1,204 $319 $90 
Non-U.S. commercial148,707 137,518 107 8 17 4 
Total commercial and industrial577,909 524,508 1,238 1,212 336 94 
Commercial real estate66,986 65,730 1,470 2,068 62 6 
Commercial lease financing16,282 15,708 59 20 33 3 
661,177 605,946 2,767 3,300 431 103 
U.S. small business commercial (1)
22,428 20,865 49 28 197 197 
Commercial loans excluding loans accounted for under the fair value option$683,605 $626,811 $2,816 $3,328 $628 $300 
Loans accounted for under the fair value option (2)
6,529 4,028 
Total commercial loans and leases$690,134 $630,839 
(1)Includes card-related products.
(2)Commercial loans accounted for under the fair value option includes U.S. commercial of $2.2 billion and $2.8 billion and non-U.S. commercial of $4.3 billion and $1.3 billion at September 30, 2025 and December 31, 2024 For more information on the fair value option, see Note 15 – Fair Value Option to the Consolidated Financial Statements.
Table 28 presents net charge-offs and related ratios for the nine months ended September 30, 2025 and 2024.
Table 28Commercial Net Charge-offs and Related Ratios
Net Charge-offs
Net Charge-off Ratios (1)
 Three Months Ended
September 30		Nine Months Ended
September 30		Three Months Ended
September 30		Nine Months Ended
September 30
(Dollars in millions)20252024202520242025202420252024
Commercial and industrial:
U.S. commercial$135 $135 $334 $288 0.13 %0.15%0.11 %0.11 %
Non-U.S. commercial— 60 7 48 — 0.19 0.01 0.05 
Total commercial and industrial135 195 341 336 0.09 0.16 0.08 0.09 
Commercial real estate120 171 445 747 0.72 0.98 0.90 1.41 
Commercial lease financing— — 1 1 — — 0.01 0.01 
255 366 787 1,084 0.16 0.25 0.17 0.25 
U.S. small business commercial134 124 401 350 2.41 2.40 2.49 2.32 
Total commercial$389 $490 $1,188 $1,434 0.23 0.33 0.24 0.32 
(1)Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding loans and leases, excluding loans accounted for under the fair value option.
Bank of America 34

Table 29 presents commercial reservable criticized utilized exposure by loan type. Criticized exposure corresponds to the Special Mention, Substandard and Doubtful asset categories as defined by regulatory authorities. Total commercial reservable criticized utilized exposure of $26.3 billion remained relatively unchanged during the nine months ended September 30, 2025. At September 30, 2025 and December 31, 2024, 87 percent and 91 percent of commercial reservable criticized utilized exposure was secured.
Table 29
Commercial Reservable Criticized Utilized Exposure (1, 2)
(Dollars in millions)September 30, 2025December 31, 2024
Commercial and industrial:
U.S. commercial$13,533 2.97 %$13,387 3.23 %
Non-U.S. commercial2,734 1.77 1,955 1.37 
Total commercial and industrial16,267 2.67 15,342 2.75 
Commercial real estate8,836 12.92 10,168 15.17 
Commercial lease financing408 2.51 291 1.85 
25,511 3.67 25,801 4.03 
U.S. small business commercial821 3.66 694 3.33 
Total commercial reservable criticized utilized exposure$26,332 3.67 $26,495 4.01 
(1)Total commercial reservable criticized utilized exposure includes loans and leases of $25.4 billion and $25.5 billion and commercial letters of credit of $903 million and $977 million at September 30, 2025 and December 31, 2024.
(2)Percentages are calculated as commercial reservable criticized utilized exposure divided by total commercial reservable utilized exposure for each exposure category.
Commercial and Industrial
Commercial and industrial loans include U.S. commercial and non-U.S. commercial portfolios.
U.S. Commercial
At September 30, 2025, 56 percent of the U.S. commercial loan portfolio, excluding small business, was managed in Global Banking, 26 percent in Global Markets, 17 percent in GWIM (loans that provide financing for asset purchases, business investments and other liquidity needs for high net worth clients) and the remainder primarily in Consumer Banking. U.S. commercial loans increased $42.2 billion, or 11 percent, during the nine months ended September 30, 2025 primarily driven by Global Markets and GWIM. Reservable criticized utilized exposure increased $146 million, or one percent, driven by a broad range of industries.
Non-U.S. Commercial
At September 30, 2025, 53 percent of the non-U.S. commercial loan portfolio was managed in Global Banking and 47 percent in Global Markets. Non-U.S. commercial loans increased $11.2 billion, or eight percent, during the nine months ended September 30, 2025 primarily driven by Global Markets. Reservable criticized utilized exposure increased $779 million, or 40 percent. For more information on the non-U.S. commercial portfolio, see Non-U.S. Portfolio on page 39.
Commercial Real Estate
Commercial real estate primarily includes commercial loans secured by non-owner-occupied real estate and is dependent on the sale or lease of the real estate as the primary source of repayment. Outstanding loans increased $1.3 billion during the nine months ended September 30, 2025. The commercial real estate portfolio is primarily managed in Global Banking and consists of loans made primarily to public or private developers and commercial real estate firms. The portfolio remains
diversified across property types and geographic regions. California represented the largest state concentration at 20 percent and 21 percent of commercial real estate at September 30, 2025 and December 31, 2024. Office loans represented the largest property type concentration at 19 percent of commercial real estate at September 30, 2025, and approximately one percent of total loans for the Corporation. This property type is roughly 80 percent Class A and had an origination loan-to-value of approximately 55 percent.
Reservable criticized utilized exposure for commercial real estate decreased $1.3 billion, or 13 percent, during the nine months ended at September 30, 2025. Reservable criticized exposure for the office property type was $3.9 billion at September 30, 2025, representing a decrease of $1.2 billion, or 23 percent, from December 31, 2024, with an aggregate loan-to-value of approximately 80 percent based on property appraisals completed in the last twelve months. Approximately $1.3 billion of office loans are scheduled to mature by the end of 2025.
During the three and nine months ended September 30, 2025, net charge-offs decreased $51 million and $302 million to $120 million and $445 million compared to the same periods in 2024. Net charge-offs decreased primarily due to client-related resolution activities. We use a number of proactive risk mitigation initiatives to reduce adversely rated exposure in the commercial real estate portfolio, including transfers of deteriorating exposures for management by independent special asset officers and the pursuit of loan restructurings or asset sales to achieve the best results for our customers and the Corporation.
Table 30 presents outstanding commercial real estate loans by geographic region, based on the geographic location of the collateral, and by property type.
35 Bank of America


Table 30Outstanding Commercial Real Estate Loans
(Dollars in millions)September 30
2025		December 31
2024
By Geographic Region   
Northeast$16,759 $14,708 
California13,660 13,712 
Southwest7,606 7,719 
Southeast6,843 6,914 
Florida4,877 4,410 
Illinois2,996 2,996 
Midwest2,943 2,468 
Midsouth2,508 2,487 
Northwest1,436 1,979 
Non-U.S. 5,871 6,109 
Other 1,487 2,228 
Total outstanding commercial real estate loans
$66,986 $65,730 
By Property Type  
Non-residential
Office$12,574 $15,061 
Industrial / Warehouse12,391 13,166 
Multi-family rental11,014 11,022 
Shopping centers / Retail6,227 5,603 
Hotel / Motels4,707 4,680 
Multi-use2,548 2,162 
Other16,596 13,179 
Total non-residential66,057 64,873 
Residential929 857 
Total outstanding commercial real estate loans
$66,986 $65,730 
U.S. Small Business Commercial
The U.S. small business commercial loan portfolio is comprised of small business card loans and small business loans primarily managed in Consumer Banking. Credit card-related products were 52 percent and 53 percent of the U.S. small business commercial portfolio at September 30, 2025 and December 31, 2024 and represented 98 percent of net charge-offs for both the three and nine months ended September 30, 2025. Accruing loans that were past due 90 days or more remained unchanged during the nine months ended September 30, 2025.
Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity
Table 31 presents the nonperforming commercial loans, leases and foreclosed properties activity during the three and nine months ended September 30, 2025 and 2024. Nonperforming loans do not include loans accounted for under the fair value option. During the nine months ended September 30, 2025, nonperforming commercial loans and leases decreased $512 million to $2.8 billion. At September 30, 2025, 95 percent of commercial nonperforming loans, leases and foreclosed properties were secured, and 53 percent were contractually current. Commercial nonperforming loans were carried at 77 percent of their unpaid principal balance, as the carrying value of these loans has been reduced to the estimated collateral value less costs to sell.
Bank of America 36

Table 31
Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity (1, 2)
Three Months Ended
September 30		Nine Months Ended
September 30
(Dollars in millions)2025202420252024
Nonperforming loans and leases, beginning of period$3,417 $2,802 $3,328 $2,773 
Additions550 965 2,299 2,675 
Reductions:  
Paydowns(834)(374)(1,593)(1,099)
Sales(19)(7)(126)(17)
Returns to performing status (3)
(12)(21)(240)(154)
Charge-offs(286)(386)(852)(1,111)
Transfers to foreclosed properties— (27)— (115)
Total net additions to nonperforming loans and leases
(601)150 (512)179 
Total nonperforming loans and leases, September 302,816 2,952 2,816 2,952 
Foreclosed properties, September 3026 114 26 114 
Nonperforming commercial loans, leases and foreclosed properties, September 30$2,842 $3,066 $2,842 $3,066 
Nonperforming commercial loans and leases as a percentage of outstanding commercial loans and leases (4)
0.41 %0.48 %
Nonperforming commercial loans, leases and foreclosed properties as a percentage of outstanding commercial loans, leases and foreclosed properties (4)
0.42 0.50 
(1)Balances do not include nonperforming loans held-for-sale of $521 million and $785 million at September 30, 2025 and 2024.
(2)Includes U.S. small business commercial activity. Small business card loans are excluded as they are not classified as nonperforming.
(3)Commercial loans and leases may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, when the loan otherwise becomes well-secured and is in the process of collection, or when a modified loan demonstrates a sustained period of payment performance.
(4)Outstanding commercial loans exclude loans accounted for under the fair value option.
Industry Concentrations
Table 32 presents commercial committed and utilized credit exposure by industry. For information on net notional credit protection purchased to hedge funded and unfunded exposures for which we elected the fair value option, as well as certain other credit exposures, see Commercial Portfolio Credit Risk Management – Risk Mitigation.
Commercial credit exposure is diversified across a broad range of industries. Total commercial committed exposure increased $89.2 billion during the nine months ended September 30, 2025 to $1.4 trillion. The increase in commercial committed exposure was concentrated in Asset managers and funds, Finance companies and Capital goods.
For information on industry limits, see Commercial Portfolio Credit Risk Management – Risk Mitigation in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K.
Asset managers and funds, our largest industry concentration with committed exposure of $223.9 billion, increased $29.9 billion, or 15 percent, during the nine months ended September 30, 2025, which was primarily driven by investment-grade exposures.

Finance companies, our second largest industry concentration with committed exposure of $121.1 billion, increased $19.3 billion, or 19 percent, during the nine months ended September 30, 2025. The increase in committed exposure was primarily driven by increases in Consumer finance, Diversified financials and Thrifts and mortgage finance.
Capital goods, our third largest industry concentration with committed exposure of $106.4 billion, increased $7.6 billion, or eight percent, during the nine months ended September 30, 2025. The increase in committed exposure was driven by increases in Trading companies and distributors, Machinery, and Electrical equipment, partially offset by a decrease in Aerospace and defense.
Various macroeconomic challenges, including geopolitical tensions, higher costs associated with inflationary pressures experienced over the past several years, elevated interest rates and ongoing negotiations and developments regarding international trade policies have led to uncertainty in the U.S. and global economies and have adversely impacted, and may continue to adversely impact, a number of industries. We continue to monitor these risks.

37 Bank of America


Table 32
Commercial Credit Exposure by Industry (1)
Commercial
Utilized
Total Commercial
Committed (2)
(Dollars in millions)September 30
2025		December 31
2024		September 30
2025		December 31
2024
Asset managers and funds$145,980 $118,123 $223,876 $193,947 
Finance companies85,106 74,975 121,131 101,828 
Capital goods54,930 51,367 106,394 98,780 
Real estate (3)
69,485 69,841 97,680 95,981 
Healthcare equipment and services36,812 35,964 68,106 65,819 
Materials29,167 26,797 60,707 58,128 
Individuals and trusts42,112 35,457 56,245 50,353 
Retailing27,022 24,449 55,603 53,471 
Consumer services30,481 28,391 55,297 53,054 
Government and public education32,253 32,682 51,589 48,204 
Food, beverage and tobacco25,087 25,763 51,328 54,370 
Commercial services and supplies24,662 24,409 46,191 43,451 
Utilities19,390 18,186 44,483 42,107 
Transportation23,532 24,135 36,736 35,743 
Energy12,553 13,857 36,055 35,510 
Software and services14,620 11,158 32,158 27,383 
Technology hardware and equipment10,269 11,526 30,031 30,093 
Global commercial banks24,329 22,641 28,344 25,220 
Media10,812 12,130 24,995 24,023 
Vehicle dealers19,113 18,194 24,665 23,855 
Insurance11,411 12,640 23,525 23,445 
Pharmaceuticals and biotechnology7,097 7,378 22,463 21,717 
Consumer durables and apparel9,592 8,987 21,516 21,823 
Automobiles and components7,888 8,172 17,052 16,268 
Telecommunication services7,025 8,571 15,628 18,759 
Food and staples retailing6,103 7,206 11,250 12,777 
Financial markets infrastructure (clearinghouses)6,437 4,219 8,671 6,413 
Religious and social organizations2,407 2,285 4,073 4,066 
Total commercial credit exposure by industry$795,675 $739,503 $1,375,792 $1,286,588 
(1)Includes U.S. small business commercial exposure.
(2)Includes the notional amount of unfunded legally binding lending commitments, net of amounts distributed (i.e., syndicated or participated) to other financial institutions. The distributed amounts were $10.6 billion and $10.4 billion at September 30, 2025 and December 31, 2024.
(3)Industries are viewed from a variety of perspectives to best isolate the perceived risks. For purposes of this table, the real estate industry is defined based on the primary business activity of the borrowers or counterparties using operating cash flows and primary source of repayment as key factors.
Risk Mitigation
We purchase credit protection to cover the funded portion as well as the unfunded portion of certain credit exposures. To lower the cost of obtaining our desired credit protection levels, we may add credit exposure within an industry, borrower or counterparty group by selling protection.
At September 30, 2025 and December 31, 2024, net notional credit default protection purchased in our credit derivatives portfolio to hedge our funded and unfunded exposures for which we elected the fair value option, as well as certain other credit exposures, was $15.6 billion and $10.4 billion. We recorded net losses of $39 million and $95 million for the three and nine months ended September 30, 2025 compared to net losses of $42 million and $58 million for the three and nine months ended September 30, 2024. The gains and losses on these instruments were largely offset by gains and losses on the related exposures. The Value-at-Risk (VaR) results for the exposures under the fair value option are included in the fair value option portfolio information in Table 38. For more information, see Trading Risk Management on page 42.
Tables 33 and 34 present the maturity profiles and the credit exposure debt ratings of the net credit default protection portfolio at September 30, 2025 and December 31, 2024.
Table 33Net Credit Default Protection by Maturity
September 30
2025		December 31
2024
Less than or equal to one year22 %24 %
Greater than one year and less than or equal to five years
75 76 
Greater than five years3 — 
Total net credit default protection100 %100 %
Bank of America 38

Table 34Net Credit Default Protection by Credit Exposure Debt Rating
Net
Notional (1)
Percent of
Total
Net
Notional (1)
Percent of
Total
(Dollars in millions)September 30, 2025December 31, 2024
Ratings (2, 3)
    
AAA$(195)1.3 %$(120)1.1 %
AA(1,968)12.6 (960)9.2 
A(6,485)41.7 (4,978)47.7 
BBB(5,338)34.3 (3,385)32.4 
BB(831)5.3 (526)5.0 
B(446)2.9 (385)3.7 
CCC and below(27)0.2 (82)0.8 
NR (4)
(271)1.7 — 0.1 
Total net credit
default protection
$(15,561)100.0 %$(10,436)100.0 %
(1)Represents net credit default protection purchased.
(2)Ratings are refreshed on a quarterly basis.
(3)Ratings of BBB- or higher are considered to meet the definition of investment grade.
(4)NR is comprised of index positions held and any names that have not been rated.
For more information on credit derivatives and counterparty credit risk valuation adjustments, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K.

Non-U.S. Portfolio
Our non-U.S. credit and trading portfolios are subject to country risk. We define country risk as the risk of loss from unfavorable economic and political conditions, currency fluctuations, social instability and changes in government policies. A risk management framework is in place to measure, monitor and manage non-U.S. risk and exposures. In addition to the direct risk of doing business in a country, we also are exposed to indirect country risks (e.g., related to the collateral received on secured financing transactions or related to client clearing activities). These indirect exposures are managed in the normal course of business through credit, market and operational risk governance rather than through country risk governance. For more information on our non-U.S. credit and trading portfolios, see Non-U.S. Portfolio in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K. For more information on risks related to our non-U.S. portfolio, see the Geopolitical section within Item 1A. Risk Factors of the Corporation’s 2024 Annual Report on Form 10-K.
Table 35 presents our 20 largest non-U.S. country exposures at September 30, 2025. These exposures accounted for 88 percent of our total non-U.S. exposure at September 30, 2025 and 89 percent at December 31, 2024. Net country exposure for these 20 countries increased $26.7 billion from December 31, 2024 primarily driven by increases in Australia, Germany and the Netherlands.

Table 35Top 20 Non-U.S. Countries Exposure
(Dollars in millions)Funded Loans
 and Loan
 Equivalents		Unfunded
 Loan
 Commitments		Net
 Counterparty
 Exposure		Securities/
Other
Investments		Country Exposure at September 30
2025		Hedges and Credit Default ProtectionNet Country Exposure at September 30
2025		Increase (Decrease) from December 31
2024
United Kingdom$34,995 $18,087 $5,935 $7,491 $66,508 $(2,516)$63,992 $1,947 
Germany27,499 13,411 3,475 983 45,368 (3,819)41,549 4,511 
Australia19,546 6,213 512 3,428 29,699 (418)29,281 7,145 
Canada12,794 11,249 1,977 3,829 29,849 (584)29,265 (2,207)
France15,045 11,388 1,739 2,601 30,773 (2,597)28,176 2,022 
Japan9,361 1,631 3,026 5,615 19,633 (775)18,858 (383)
Brazil10,386 1,463 1,302 5,102 18,253 (55)18,198 1,460 
Singapore6,425 637 430 5,335 12,827 (105)12,722 2,835 
Switzerland5,134 5,972 934 391 12,431 (347)12,084 1,483 
India6,327 222 595 4,508 11,652 (39)11,613 (2,173)
Netherlands5,100 4,749 981 1,105 11,935 (683)11,252 3,123 
China4,225 595 767 4,878 10,465 (267)10,198 976 
Ireland7,364 1,789 562 388 10,103 (175)9,928 1,667 
South Korea4,567 1,170 714 2,643 9,094 (221)8,873 430 
Italy5,811 2,908 280 453 9,452 (787)8,665 776 
Mexico4,503 2,121 476 1,699 8,799 (265)8,534 492 
Spain3,375 3,096 131 1,099 7,701 (623)7,078 975 
Hong Kong3,304 626 977 1,306 6,213 (93)6,120 1,030 
Sweden2,059 1,834 205 251 4,349 (585)3,764 314 
Belgium921 1,722 612 610 3,865 (178)3,687 312 
Total top 20 non-U.S. countries exposure
$188,741 $90,883 $25,630 $53,715 $358,969 $(15,132)$343,837 $26,735 
Our largest non-U.S. country exposure at September 30, 2025 was the United Kingdom with net exposure of $64.0 billion, which increased $1.9 billion from December 31, 2024 primarily due to increased exposure to financial institutions. Our second largest non-U.S. country exposure was Germany with net exposure of $41.5 billion at September 30, 2025, which increased $4.5 billion from December 31, 2024, primarily due to increased sovereign exposure.
39 Bank of America


Allowance for Credit Losses
The allowance for credit losses increased $25 million from December 31, 2024 to $14.4 billion at September 30, 2025, which included a $110 million reserve decrease and $135 million reserve increase related to the consumer and
commercial portfolios, respectively.
Table 36 presents an allocation of the allowance for credit losses by product type at September 30, 2025 and December 31, 2024.
Table 36Allocation of the Allowance for Credit Losses by Product Type
AmountPercent of
Total
Percent of
Loans and
Leases
Outstanding (1)
AmountPercent of
Total
Percent of
Loans and
Leases
Outstanding (1)
(Dollars in millions)September 30, 2025December 31, 2024
Allowance for loan and lease losses      
Residential mortgage$321 2.42 %0.14 %$264 1.99 %0.12 %
Home equity87 0.66 0.33 29 0.22 0.11 
Credit card7,272 54.87 7.12 7,515 56.76 7.26 
Direct/Indirect consumer713 5.38 0.64 700 5.29 0.65 
Other consumer59 0.45 n/m62 0.47 n/m
Total consumer8,452 63.78 1.78 8,570 64.73 1.84 
U.S. commercial (2)
2,896 21.85 0.64 2,637 19.91 0.65 
Non-U.S. commercial813 6.13 0.55 778 5.88 0.57 
Commercial real estate1,045 7.89 1.56 1,219 9.21 1.85 
Commercial lease financing46 0.35 0.28 36 0.27 0.23 
Total commercial4,800 36.22 0.70 4,670 35.27 0.75 
Allowance for loan and lease losses13,252 100.00 %1.14 13,240 100.00 %1.21 
Reserve for unfunded lending commitments1,109 1,096  
Allowance for credit losses$14,361 $14,336 
(1)Ratios are calculated as allowance for loan and lease losses as a percentage of loans and leases outstanding excluding loans accounted for under the fair value option.
(2)Includes allowance for loan and lease losses for U.S. small business commercial loans of $1.4 billion and $1.2 billion at September 30, 2025 and December 31, 2024.
n/m = not meaningful
Net charge-offs for the three months ended September 30, 2025 decreased $167 million to $1.4 billion compared to $1.5 billion for the same period in 2024 driven by asset quality improvement in credit card and commercial. Net charge-offs for the nine months ended September 30, 2025 decreased $221 million to $4.3 billion compared to $4.6 billion for the same period in 2024 driven by asset quality improvement in commercial real estate office. The provision for credit losses decreased $247 million to $1.3 billion for the three months ended September 30, 2025 and remained relatively unchanged at $4.4 billion for the nine months ended September 30, 2025 as compared to the same periods in 2024. The decrease in the provision for credit losses for the three months ended September 30, 2025 was primarily due to improved asset quality in credit card. The provision for credit losses for the nine months ended September 30, 2025 was impacted by improved asset quality in credit card and commercial real estate, partially offset by the dampened macroeconomic outlook and loan growth in commercial. The provision for credit losses for the
consumer portfolio, including unfunded lending commitments, decreased $266 million to $859 million and $135 million to $3.0 billion for the three and nine months ended September 30, 2025 compared to the same periods in 2024. The provision for credit losses for the commercial portfolio, including unfunded lending commitments, increased $19 million to $436 million and $133 million to $1.3 billion for the three and nine months ended September 30, 2025 compared to the same periods in 2024.
Table 37 presents a rollforward of the allowance for credit losses, including certain loan and allowance ratios for the three and nine months ended September 30, 2025 and 2024. For more information on the Corporation’s credit loss accounting policies and activity related to the allowance for credit losses, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements.
Bank of America 40

Table 37Allowance for Credit Losses
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)2025202420252024
Allowance for loan and lease losses, beginning of period $13,291 $13,238 $13,240 $13,342 
Loans and leases charged off
Residential mortgage(6)(5)(18)(18)
Home equity(3)(10)(11)(16)
Credit card(1,083)(1,084)(3,409)(3,235)
Direct/Indirect consumer(88)(101)(274)(292)
Other consumer(59)(71)(195)(221)
Total consumer charge-offs(1,239)(1,271)(3,907)(3,782)
U.S. commercial (1)
(326)(288)(868)(710)
Non-U.S. commercial— (60)(8)(61)
Commercial real estate(135)(180)(471)(762)
Commercial lease financing(1)(1)(4)(2)
Total commercial charge-offs(462)(529)(1,351)(1,535)
Total loans and leases charged off(1,701)(1,800)(5,258)(5,317)
Recoveries of loans and leases previously charged off
Residential mortgage7 7 17 17 
Home equity14 15 44 48 
Credit card203 156 574 453 
Direct/Indirect consumer33 45 102 120 
Other consumer4 4 14 13 
Total consumer recoveries261 227 751 651 
U.S. commercial (2)
57 29 133 72 
Non-U.S. commercial— — 1 13 
Commercial real estate15 9 26 15 
Commercial lease financing1 1 3 1 
Total commercial recoveries73 39 163 101 
Total recoveries of loans and leases previously charged off334 266 914 752 
Net charge-offs (1,367)(1,534)(4,344)(4,565)
Provision for loan and lease losses1,328 1,547 4,354 4,479 
Other— — 2 (5)
Allowance for loan and lease losses, September 30
13,252 13,251 13,252 13,251 
Reserve for unfunded lending commitments, beginning of period 1,143 1,104 1,096 1,209 
Provision for unfunded lending commitments(33)(5)13 (110)
Other (1)1 — 1 
Reserve for unfunded lending commitments, September 30
1,109 1,100 1,109 1,100 
Allowance for credit losses, September 30
$14,361 $14,351 $14,361 $14,351 
Loan and allowance ratios (3):
Loans and leases outstanding at September 30
$1,159,206 $1,071,628 $1,159,206 $1,071,628 
Allowance for loan and lease losses as a percentage of total loans and leases outstanding at September 30
1.14 %1.24 %1.14 %1.24 %
Consumer allowance for loan and lease losses as a percentage of total consumer loans and leases outstanding at September 30
1.78 1.87 1.78 1.87 
Commercial allowance for loan and lease losses as a percentage of total commercial loans and leases outstanding at September 30
0.70 0.76 0.70 0.76 
Average loans and leases outstanding$1,146,430 $1,055,975 $1,119,173 $1,049,689 
Annualized net charge-offs as a percentage of average loans and leases outstanding0.47 %0.58 %0.52 %0.58 %
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases at September 30
248 235 248 235 
Ratio of the allowance for loan and lease losses at September 30 to annualized net charge-offs
2.44 2.17 2.28 2.17 
Amounts included in allowance for loan and lease losses for loans and leases that are excluded from nonperforming loans and leases at September 30 (4)
$8,549 $8,640 $8,549 $8,640 
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases, excluding the allowance for loan and lease losses for loans and leases that are excluded from nonperforming loans and leases at September 30 (4)
88 %82 %88 %82 %
(1)Includes U.S. small business commercial charge-offs of $147 million and $443 million for the three and nine months ended September 30, 2025 compared to $135 million and $383 million for the same periods in 2024.
(2)Includes U.S. small business commercial recoveries of $13 million and $42 million for the three and nine months ended September 30, 2025 compared to $11 million and $33 million for the same periods in 2024.
(3)Ratios are calculated as allowance for loan and lease losses as a percentage of loans and leases outstanding excluding loans accounted for under the fair value option.
(4)Primarily includes amounts related to credit card and unsecured consumer lending portfolios in Consumer Banking.

41 Bank of America


Market Risk Management
For more information on our market risk management process, see Market Risk Management in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K. For more information on market risks, see the Market section within Item 1A. Risk Factors of the Corporation’s 2024 Annual Report on Form 10-K.
Market risk is the risk that changes in market conditions may adversely impact the value of assets or liabilities, or otherwise negatively impact earnings. This risk is inherent in the financial instruments associated with our operations, primarily within our Global Markets segment. We are also exposed to these risks in other areas of the Corporation (e.g., our ALM activities). In the event of market stress, these risks could have a material impact on our results.
Trading Risk Management
To evaluate risks in our trading activities, we focus on the actual and potential volatility of revenues generated by individual positions as well as portfolios of positions. VaR is a common statistic used to measure market risk. Our primary VaR statistic is equivalent to a 99 percent confidence level, which means that for a VaR with a one-day holding period, there should not be losses in excess of VaR, on average, 99 out of 100 trading days.
Table 38 presents the total market-based portfolio VaR, which is the combination of the total trading positions portfolio
and the fair value option portfolio. Prior to the first quarter of 2025, the Corporation presented its VaR using a total market-based portfolio VaR, which was primarily a combination of our total covered positions and certain less liquid trading positions. An insignificant amount of banking book positions was included in these portfolios. Beginning in the first quarter of 2025, the VaR amounts for all periods presented in Table 38 and Table 39 exclude those banking book positions and include only the financial instruments used in the Corporation’s market risk management of its trading portfolios. For more information on the market risk VaR for trading activities, see Trading Risk Management in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K.
The total market-based portfolio VaR results in Table 38 include market risk to which we are exposed from all business segments’ trading activities, which exclude credit valuation adjustment (CVA), DVA and the related hedges of these items. The majority of this portfolio is within the Global Markets segment.
Table 38 presents period-end, average, high and low daily trading VaR for the three months ended September 30, 2025, June 30, 2025 and September 30, 2024 using a 99 percent confidence level. The average of the trading portfolio VaR decreased for the three months ended September 30, 2025 compared to the prior quarter primarily due to a reduction in credit and mortgage risk.
Table 38Market Risk VaR for Trading Activities

Three Months EndedNine Months Ended September 30
September 30, 2025June 30, 2025September 30, 2024
(Dollars in millions)Period
End		Average
High (1)
Low (1)
Period
End		Average
High (1)
Low (1)
Period
End		Average
High (1)
Low (1)
2025 Average2024 Average
Foreign exchange$17 $18 $33 $10 $25 $17 $25 $11 $15 $12 $21 $5 $18 $14 
Interest rate47 52 67 38 51 55 90 40 34 43 71 31 56 58 
Credit36 38 46 32 49 51 63 42 46 51 59 45 48 50 
Mortgage29 28 30 26 29 36 43 29 46 45 50 39 33 37 
Equity25 22 29 15 22 22 63 13 31 23 31 17 22 20 
Commodities9 8 9 7 8 9 12 7 12 11 17 8 9 10 
Portfolio diversification(106)(100)n/an/a(108)(106)n/an/a(120)(121)n/an/a(106)(122)
Total trading positions portfolio VaR57 66 82 53 76 84 102 65 64 64 79 58 80 67 
Fair value option loans14 15 17 12 15 21 27 15 18 16 20 13 21 18 
Fair value option hedges7 8 13 6 12 15 18 12 8 7 9 5 14 10 
Fair value option portfolio
   diversification
(11)(13)n/an/a(18)(24)n/an/a(14)(11)n/an/a(22)(15)
Total fair value option portfolio10 10 11 9 9 12 16 8 12 12 14 10 13 13 
Portfolio diversification(6)(5)n/an/a(6)(7)n/an/a(10)(9)n/an/a(7)(8)
Total market-based portfolio$61 $71 84 57 $79 $89 111 72 $66 $67 85 61 $86 $72 
(1)The high and low for each portfolio may have occurred on different trading days than the high and low for the components. Therefore, the amount of portfolio diversification, which is the difference between the total portfolio and the sum of the individual components, is not relevant.
n/a = not applicable

Bank of America 42

The following graph presents the trading positions portfolio VaR for the previous five quarters, corresponding to the data in Table 38.
Line graph for Total Trading Positions Portfolio VaR with data from Table 38
Additional VaR statistics produced within our single VaR model are provided in Table 39 at the same level of detail as in Table 38. Evaluating VaR with additional statistics allows for an increased understanding of the risks in the portfolio, as the historical market data used in the VaR calculation does not necessarily follow a predefined statistical distribution. Table 39 presents average trading VaR statistics at 99 percent and 95 percent confidence levels for the three months ended September 30, 2025, June 30, 2025 and September 30, 2024.
Table 39Average Market Risk VaR for Trading Activities – 99 percent and 95 percent VaR Statistics
Three Months Ended
September 30, 2025June 30, 2025September 30, 2024
(Dollars in millions)99 percent95 percent99 percent95 percent99 percent95 percent
Foreign exchange$18 $9 $17 $10 $12 $6 
Interest rate52 26 55 26 43 23 
Credit38 16 51 24 51 29 
Mortgage28 16 36 18 45 25 
Equity22 10 22 11 23 11 
Commodities8 5 9 6 11 6 
Portfolio diversification(100)(53)(106)(60)(121)(66)
Total trading positions portfolio VaR66 29 84 35 64 34 
Fair value option loans15 9 21 12 16 9 
Fair value option hedges8 5 15 8 7 4 
Fair value option portfolio diversification(13)(8)(24)(14)(11)(6)
Total fair value option portfolio10 6 12 6 12 7 
Portfolio diversification(5)(4)(7)(3)(9)(5)
Total market-based portfolio$71 $31 $89 $38 $67 $36 
Backtesting
The accuracy of the VaR methodology is evaluated by backtesting, which compares the daily VaR results, utilizing a one-day holding period, against a comparable subset of trading revenue. For more information on our backtesting process, see Trading Risk Management – Backtesting in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K.

During the three and nine months ended September 30, 2025, there were no days where this subset of trading revenue had losses that exceeded our total covered portfolio VaR, utilizing a one-day holding period.

43 Bank of America


Total Trading-related Revenue
Total trading-related revenue, excluding brokerage fees, and CVA, DVA and funding valuation adjustment gains (losses), represents the total amount earned from trading positions, including market-based net interest income, which are taken in a diverse range of financial instruments and markets. For more information, see Trading Risk Management – Total Trading-related Revenue in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K.
The following histogram is a graphic depiction of trading volatility and illustrates the daily level of trading-related revenue for the three months ended September 30, 2025 compared to
the three months ended June 30, 2025 and March 31, 2025. During the three months ended September 30, 2025, positive trading-related revenue was recorded for 100 percent of the trading days, of which 100 percent were daily trading gains of over $25 million. This compares to the three months ended June 30, 2025 where positive trading-related revenue was recorded for 100 percent of the trading days, of which 94 percent were daily trading gains of over $25 million. During the three months ended March 31, 2025, positive trading-related revenue was recorded for 100 percent of the trading days, of which 98 percent were daily trading gains of over $25 million.

Bar graph Histogram Daily Trading-gram Revenue data described in preceding text.
Trading Portfolio Stress Testing
Because the very nature of a VaR model suggests results can exceed our estimates and it is dependent on a limited historical window, we also stress test our portfolio using scenario analysis. This analysis estimates the change in the value of our trading portfolio that may result from abnormal market movements. For more information, see Trading Risk Management – Trading Portfolio Stress Testing in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K.
Interest Rate Risk Management for the Banking Book
The following discussion presents net interest income for banking book activities. For more information, see Interest Rate Risk Management for the Banking Book in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K.
Table 40 presents the spot and 12-month forward rates used in developing the forward curve used in our baseline forecasts at September 30, 2025 and December 31, 2024.
Table 40Forward Rates
 Federal
Funds
SOFR		10-Year
SOFR
September 30, 2025
Spot rates4.25 %4.24 %3.66 %
12-month forward rates3.25 3.18 3.71 
December 31, 2024
Spot rates4.50 %4.49 %4.07 %
12-month forward rates4.00 3.94 4.07 
Table 41 shows the potential pretax impact to forecasted net interest income over the next 12 months from September 30, 2025 and December 31, 2024 resulting from instantaneous parallel and non-parallel shocks to the market-based forward curve. Periodically, we evaluate the scenarios presented so that they are meaningful in the context of the current rate environment. Amounts presented reflect dynamic deposit sensitivities, which incorporate behavioral customer
Bank of America 44

deposit balance changes that could occur under various scenarios. For more information, see Interest Rate Risk
Management for the Banking Book in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K.
Table 41Estimated Banking Book Net Interest Income Sensitivity to Curve Changes
Short
Rate (bps)		Long
Rate (bps)
(Dollars in billions)September 30
2025		December 31
2024
Parallel Shifts
 +100 bps instantaneous shift
+100+100$1.0 $1.1 
 -100 bps instantaneous shift
-100-100(2.2)(2.3)
 +200 bps instantaneous shift
+200+2001.4 2.0 
 -200 bps instantaneous shift
-200-200(5.3)(5.4)
Flatteners  
Short-end instantaneous change
+100— 0.7 1.1 
Long-end instantaneous change
— -100(0.3)(0.1)
Steepeners  
Short-end instantaneous change
-100 — (1.8)(2.1)
Long-end instantaneous change
— +1000.3 0.1 
We continue to be asset sensitive to a parallel upward move in interest rates, with the majority of that impact coming from the short end of the yield curve. Additionally, higher interest rates negatively impact the fair value of our debt securities classified as available for sale and adversely affect accumulated OCI, and thus capital levels under the Basel 3 capital rules. Under instantaneous upward parallel shifts, the near-term adverse impact to Basel 3 capital would be reduced over time by offsetting positive impacts to net interest income generated from banking book activities. For more information on Basel 3, see Capital Management – Regulatory Capital on page 20.
As part of our ALM activities, we use securities, certain residential mortgages, and interest rate and foreign exchange derivatives in managing interest rate sensitivity. The sensitivity analysis in Table 41 assumes that we take no action in response to these rate shocks and does not assume any change in other macroeconomic variables normally correlated with changes in interest rates. In higher rate scenarios, the analysis assumes that a portion of low-cost or noninterest-bearing deposits is replaced with higher yielding deposits or market-based funding. Conversely, in lower rate scenarios, the analysis assumes that a portion of higher yielding deposits or market-based funding is replaced with low-cost or noninterest-bearing deposits.
For larger interest rate shift scenarios, the interest rate sensitivity may behave in a non-linear manner as there are numerous estimates and assumptions, which require a high degree of judgment and are often interrelated, that could impact the outcome. Pertaining to the mortgage-backed securities and residential mortgage portfolio, if long-end interest rates were to significantly decrease over the next twelve months, for example over 200 bps, there would generally be an increase in customer prepayment behaviors with an incremental reduction to net interest income, noting that the extent of changes in customer prepayment activity can be impacted by multiple factors and is not necessarily limited to long-end interest rates. Conversely, if long-end interest rates were to significantly increase over the next twelve months, for example, over 200 bps, customer prepayments would likely modestly decrease and result in an incremental increase to net interest income. In addition, deposit pricing is rate sensitive in nature. This sensitivity is assumed to have non-linear impacts to larger short-end rate movements. In decreasing interest rate scenarios, and particularly where interest rates have decreased to small amounts, the ability to further reduce rates paid is reduced as customer rates near zero. In higher short-end rate scenarios, deposit pricing will likely increase at a faster rate, leading to incremental interest
expense and reducing asset sensitivity. While the impact related to the above assumptions used in the asset sensitivity analysis can provide directional analysis on how net interest income will be impacted in changing environments, the ultimate impact is dependent upon the interrelationship of the assumptions and factors, which vary in different macroeconomic scenarios.
Economic Value of Equity
In addition to interest rate sensitivity described above, the Corporation’s management of its interest rate exposures in the banking book also considers a long-term view of interest rate sensitivity through the measurement of Economic Value of Equity (EVE). EVE captures changes in the net present value of banking book assets and liabilities under various interest rate scenarios and its impact to Tier 1 capital. Similar to net interest income, the Corporation establishes limits for EVE. EVE is largely driven by the Corporation’s longer duration fixed-rate products, such as investment securities, residential mortgages and deposits. For assets or liabilities that have no stated maturity, such as deposits, the Corporation estimates the duration for measurement purposes.
Interest Rate and Foreign Exchange Derivative Contracts
We use interest rate and foreign exchange derivative contracts in our ALM activities to manage our interest rate and foreign exchange risks. Specifically, we use those derivatives to manage both the variability in cash flows and changes in fair value of various assets and liabilities arising from those risks. Our interest rate derivative contracts are generally non-leveraged swaps tied to various benchmark interest rates and foreign exchange basis swaps, options, futures and forwards, and our foreign exchange contracts include cross-currency interest rate swaps, foreign currency futures contracts, foreign currency forward contracts and options.
The derivatives used in our ALM activities can be split into two broad categories: designated accounting hedges and other risk management derivatives. Designated accounting hedges are primarily used to manage our exposure to interest rates as described in the Interest Rate Risk Management for the Banking Book section and are included in the sensitivities presented in Table 41. The Corporation also uses foreign currency derivatives in accounting hedges to manage substantially all of the foreign exchange risk of our foreign operations. By hedging the foreign exchange risk of our foreign operations, the Corporation's market risk exposure in this area is not significant.
45 Bank of America


Risk management derivatives are predominantly used to hedge foreign exchange risks related to various foreign currency-denominated assets and liabilities and eliminate substantially all foreign currency exposures in the cash flows of the Corporation’s non-trading foreign currency-denominated financial instruments. These foreign exchange derivatives are sensitive to other market risk exposures such as cross-currency basis spreads and interest rate risk. However, as these features are not a significant component of these foreign exchange derivatives, the market risk related to this exposure is not significant. For more information on the accounting for derivatives, see Note 3 – Derivatives to the Consolidated Financial Statements.
Mortgage Banking Risk Management
We originate, fund and service mortgage loans, which subject us to credit, liquidity and interest rate risks, among others. We determine whether loans will be held for investment or held for sale at the time of commitment and manage credit and liquidity risks by selling or securitizing a portion of the loans we originate.
Changes in interest rates impact the value of interest rate lock commitments (IRLCs) and the related residential first mortgage loans held-for-sale (LHFS), as well as the value of the MSRs. Because the interest rate risks of these hedged items offset, we combine them into one overall hedged item with one combined economic hedge portfolio consisting of derivative contracts and securities. For more information on IRLCs and the related residential mortgage LHFS, see Mortgage Banking Risk Management in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K.
Climate Risk
Climate risk is divided into two major categories, both of which span the seven key risk types discussed in Managing Risk on page 20: (1) Physical Risk: risks related to the physical impacts of climate change, driven by extreme weather events such as hurricanes and floods, as well as chronic longer-term shifts such as rising average global temperatures and sea levels, and (2) Transition Risk: risks related to the transition to a low-carbon economy, which may entail extensive policy, legal, technology and market changes.
Physical risks of climate change, such as more frequent and severe extreme weather events, can increase the Corporation’s risks, including credit risk by diminishing borrowers’ repayment capacity or collateral values, and operational risk by negatively impacting the Corporation’s facilities, employees, or third parties. Transition risks of climate change may amplify credit risks through the financial impacts of changes in policy, technology or the market on the Corporation or our counterparties. Unanticipated market changes can lead to sudden price adjustments and give rise to heightened market risk.

Our approach to managing climate risk is consistent with our risk management governance structure, from senior management to our Board and its committees, including the ERC and the Corporate Governance Committee (CGC) of the Board, which regularly discuss climate-related topics. The ERC oversees climate risk as set forth in our Risk Framework and Risk Appetite Statement. The CGC is responsible for overseeing the Corporation’s environmental sustainability-related activities and practices, and regularly reviews the Corporation’s related initiatives and policies.
Our Climate and Environmental Risk Council consists of leaders across risk, Front Line Units (FLUs) and control functions, and meets routinely to discuss our approach to managing climate-related risks. The Corporation has a Climate and Environmental Risk Management function that is responsible for overseeing climate risk management. They are responsible for establishing the Climate Risk Framework (described below) and governance structure, and providing an independent assessment of enterprise-wide climate risks.
Based on the Corporation’s Risk Framework, we created our internal Climate Risk Framework, which addresses various global climate-related laws, rules, regulations and guidance. The framework describes how the Corporation identifies, measures, monitors and controls climate risk by enhancing existing risk management processes, includes examples of how climate risk manifests across the seven risk types, and details the roles and responsibilities for climate risk management across our three lines of defense (i.e., FLUs, Global Risk Management and Corporate Audit).
For more information on our governance framework, see the Managing Risk section in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K. For more information on climate risk, see Item 1A. Risk Factors of the Corporation’s 2024 Annual Report on Form 10-K. For more information on climate- and sustainability-related matters and their importance in supporting our customers and clients, see the Corporation’s website, including its 2024 Sustainability at Bank of America document. The contents of the Corporation’s website, including the 2024 Sustainability at Bank of America document, are not incorporated by reference into this Quarterly Report on Form 10-Q or the Corporation’s 2024 Annual Report on Form 10-K.
Complex Accounting Estimates
Our significant accounting principles are essential in understanding the MD&A. Many of our significant accounting principles require complex judgments to estimate the values of assets and liabilities. We have procedures and processes in place to facilitate making these judgments. For more information, see Complex Accounting Estimates in the MD&A of the Corporation’s 2024 Annual Report on Form 10-K and Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K.

Bank of America 46

Non-GAAP Reconciliations
Table 42 provides reconciliations of certain non-GAAP financial measures to the most directly comparable GAAP financial measures.
Table 42
Average and Period-end Supplemental Financial Data and Reconciliations to GAAP Financial Measures (1)
Nine Months Ended
September 30
2025 Quarters2024 Quarters
(Dollars in millions)ThirdSecondFirstFourthThird20252024
Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity$301,975 $296,917 $295,787 $295,134 $294,985 $298,249 $293,638 
Goodwill(69,021)(69,021)(69,021)(69,021)(69,021)(69,021)(69,021)
Intangible assets (excluding MSRs)(1,873)(1,893)(1,912)(1,932)(1,951)(1,893)(1,971)
Related deferred tax liabilities839 846 851 859 864 845 869 
Tangible shareholders’ equity$231,920 $226,849 $225,705 $225,040 $224,877 $228,180 $223,515 
Preferred stock(25,232)(22,573)(22,307)(23,493)(25,984)(23,381)(27,493)
Tangible common shareholders’ equity$206,688 $204,276 $203,398 $201,547 $198,893 $204,799 $196,022 
Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity$304,152 $299,599 $295,581 $295,559 $296,512 
Goodwill(69,021)(69,021)(69,021)(69,021)(69,021)
Intangible assets (excluding MSRs)(1,860)(1,880)(1,899)(1,919)(1,938)
Related deferred tax liabilities828 842846 851 859 
Tangible shareholders’ equity$234,099 $229,540 $225,507 $225,470 $226,412 
Preferred stock(25,992)(23,495)(20,499)(23,159)(24,554)
Tangible common shareholders’ equity$208,107 $206,045 $205,008 $202,311 $201,858 
Reconciliation of period-end assets to period-end tangible assets
Assets$3,403,716 $3,441,142 $3,349,424 $3,261,519 $3,324,293 
Goodwill(69,021)(69,021)(69,021)(69,021)(69,021)
Intangible assets (excluding MSRs)(1,860)(1,880)(1,899)(1,919)(1,938)
Related deferred tax liabilities 828 842846 851 859 
Tangible assets$3,333,663 $3,371,083 $3,279,350 $3,191,430 $3,254,193 
(1)For more information on non-GAAP financial measures and ratios we use in assessing the results of the Corporation, see Supplemental Financial Data on page 7.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
See Market Risk Management on page 42 in the MD&A and the sections referenced therein for Quantitative and Qualitative Disclosures about Market Risk.
Item 4. Controls and Procedures
Disclosure Controls and Procedures
As of the end of the period covered by this report, the Corporation’s management, including the Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness and design of the Corporation’s disclosure controls and procedures (as that term is defined in Rule 13a-15(e) of the Exchange Act). Based upon that evaluation, the Corporation’s Chief Executive Officer and Chief Financial Officer concluded that the Corporation’s disclosure controls and procedures were effective, as of the end of the period covered by this report.
Changes in Internal Control Over Financial Reporting
There have been no changes in the Corporation’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) during the three months ended September 30, 2025, that have materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.
47 Bank of America


Part I. Financial Information
Item 1. Financial Statements
Bank of America Corporation and Subsidiaries
Consolidated Statement of Income
Three Months Ended September 30Nine Months Ended September 30
(In millions, except per share information)2025202420252024
Net interest income  
Interest income$35,366 $37,491 $104,305 $110,630 
Interest expense20,133 23,524 59,959 68,929 
Net interest income15,233 13,967 44,346 41,701 
Noninterest income  
Fees and commissions10,337 9,119 29,221 26,748 
Market making and similar activities3,203 3,278 9,940 10,464 
Other income (loss)(685)(1,019)(1,590)(2,373)
Total noninterest income12,855 11,378 37,571 34,839 
Total revenue, net of interest expense28,088 25,345 81,917 76,540 
Provision for credit losses1,295 1,542 4,367 4,369 
Noninterest expense  
Compensation and benefits10,523 9,916 31,744 29,937 
Occupancy and equipment1,872 1,836 5,564 5,465 
Information processing and communications1,827 1,784 5,540 5,347 
Product delivery and transaction related1,025 849 2,913 2,591 
Professional fees606 723 1,898 1,925 
Marketing572 504 1,641 1,446 
Other general operating912 867 2,990 3,314 
Total noninterest expense17,337 16,479 52,290 50,025 
Income before income taxes9,456 7,324 25,260 22,146 
Income tax expense987 428 2,279 1,679 
Net income$8,469 $6,896 $22,981 $20,467 
Preferred stock dividends and other
429 516 1,126 1,363 
Net income applicable to common shareholders$8,040 $6,380 $21,855 $19,104 
Per common share information  
Earnings$1.08 $0.82 $2.89 $2.42 
Diluted earnings1.06 0.81 2.85 2.40 
Average common shares issued and outstanding7,466.0 7,818.0 7,574.5 7,894.7 
Average diluted common shares issued and outstanding7,627.1 7,902.1 7,724.7 7,965.0 
 
Consolidated Statement of Comprehensive Income
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)2025202420252024
Net income$8,469 $6,896 $22,981 $20,467 
Other comprehensive income (loss), net-of-tax:
Net change in debt securities438 417 489 444 
Net change in debit valuation adjustments(305)— (161)(135)
Net change in derivatives636 2,830 3,145 3,100 
Employee benefit plan adjustments(16)27 37 75 
Net change in foreign currency translation adjustments6 21 30 (30)
Other comprehensive income (loss)759 3,295 3,540 3,454 
Comprehensive income
$9,228 $10,191 $26,521 $23,921 











See accompanying Notes to Consolidated Financial Statements.
Bank of America 48

Bank of America Corporation and Subsidiaries
Consolidated Balance Sheet
September 30
2025		December 31
2024
(Dollars in millions)
Assets
Cash and due from banks$25,352 $26,003 
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks221,155 264,111 
Cash and cash equivalents246,507 290,114 
Time deposits placed and other short-term investments8,212 6,372 
Federal funds sold and securities borrowed or purchased under agreements to resell
   (includes $173,686 and $144,501 measured at fair value)
325,800 274,709 
Trading account assets (includes $174,783 and $170,328 pledged as collateral)
335,566 314,460 
Derivative assets42,115 40,948 
Debt securities: 
Carried at fair value404,636 358,607 
Held-to-maturity, at cost (fair value $446,544 and $450,548)
531,414 558,677 
Total debt securities936,050 917,284 
Loans and leases (includes $6,694 and $4,249 measured at fair value)
1,165,900 1,095,835 
Allowance for loan and lease losses(13,252)(13,240)
Loans and leases, net of allowance1,152,648 1,082,595 
Premises and equipment, net12,348 12,168 
Goodwill69,021 69,021 
Loans held-for-sale (includes $2,071 and $2,214 measured at fair value)
6,831 9,545 
Customer and other receivables99,863 82,247 
Other assets (includes $9,830 and $13,176 measured at fair value)
168,755 162,056 
Total assets$3,403,716 $3,261,519 
Liabilities  
Deposits in U.S. offices:  
Noninterest-bearing$510,208 $507,561 
Interest-bearing (includes $1,079 and $310 measured at fair value)
1,354,445 1,329,014 
Deposits in non-U.S. offices:
Noninterest-bearing14,690 16,297 
Interest-bearing122,865 112,595 
Total deposits2,002,208 1,965,467 
Federal funds purchased and securities loaned or sold under agreements to repurchase
   (includes $215,376 and $192,859 measured at fair value)
342,588 331,758 
Trading account liabilities117,322 92,543 
Derivative liabilities40,157 39,353 
Short-term borrowings (includes $6,432 and $6,245 measured at fair value)
54,200 43,391 
Accrued expenses and other liabilities (includes $8,511 and $13,199 measured at fair value
   and $1,109 and $1,096 of reserve for unfunded lending commitments)
231,605 210,169 
Long-term debt (includes $66,315 and $50,005 measured at fair value)
311,484 283,279 
Total liabilities3,099,564 2,965,960 
Commitments and contingencies (Note 6 – Securitizations and Other Variable Interest Entities
   and Note 10 – Commitments and Contingencies)
Shareholders’ equity 
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 3,991,164 and 3,877,917 shares
25,992 23,159 
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares;
   issued and outstanding – 7,329,421,929 and 7,610,862,311 shares
31,764 45,336 
Retained earnings258,141 242,349 
Accumulated other comprehensive income (loss)(11,745)(15,285)
Total shareholders’ equity304,152 295,559 
Total liabilities and shareholders’ equity$3,403,716 $3,261,519 
Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
Trading account assets$6,063 $5,575 
Loans and leases18,007 19,144 
Allowance for loan and lease losses(889)(919)
Loans and leases, net of allowance17,118 18,225 
All other assets614 319 
Total assets of consolidated variable interest entities$23,795 $24,119 
Liabilities of consolidated variable interest entities included in total liabilities above  
Short-term borrowings (includes $0 and $0 of non-recourse short-term borrowings)
$4,980 $3,329 
Long-term debt (includes $8,420 and $8,457 of non-recourse debt)
8,420 8,457 
All other liabilities (includes $22 and $21 of non-recourse liabilities)
22 21 
Total liabilities of consolidated variable interest entities$13,422 $11,807 
See accompanying Notes to Consolidated Financial Statements.
49 Bank of America


Bank of America Corporation and Subsidiaries
Consolidated Statement of Changes in Shareholders’ Equity
Preferred
Stock		Common Stock and
Additional Paid-in Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Total
Shareholders’
Equity
(In millions)SharesAmount
Balance, June 30, 2025$23,495 7,436.7 $36,428 $252,180 $(12,504)$299,599 
Net income   8,469 8,469 
Net change in debt securities   438 438 
Net change in debit valuation adjustments(305)(305)
Net change in derivatives    636 636 
Employee benefit plan adjustments    (16)(16)
Net change in foreign currency translation adjustments   6 6 
Dividends declared:    
Common (2,079) (2,079)
Preferred  (429) (429)
Issuance of preferred stock2,497 2,497 
Common stock issued under employee plans, net, and other1.1 636  636 
Common stock repurchased(108.4)(5,300)(5,300)
Balance, September 30, 2025$25,992 7,329.4 $31,764 $258,141 $(11,745)$304,152 
Balance, December 31, 2024$23,159 7,610.9 $45,336 $242,349 $(15,285)$295,559 
Net income22,981 22,981 
Net change in debt securities489 489 
Net change in debit valuation adjustments(161)(161)
Net change in derivatives3,145 3,145 
Employee benefit plan adjustments37 37 
Net change in foreign currency translation adjustments30 30 
Dividends declared:
Common(6,031)(6,031)
Preferred(1,117)(1,117)
Issuance of preferred stock5,493 5,493 
Redemption of preferred stock(2,660)(9)(2,669)
Common stock issued under employee plans, net, and other53.2 1,551 (32)1,519 
Common stock repurchased(334.7)(15,123)(15,123)
Balance, September 30, 2025$25,992 7,329.4 $31,764 $258,141 $(11,745)$304,152 
Balance, June 30, 2024$26,548 7,774.8 $51,376 $233,597 $(17,629)$293,892 
Net income6,896 6,896 
Net change in debt securities417 417 
Net change in derivatives2,830 2,830 
Employee benefit plan adjustments27 27 
Net change in foreign currency translation adjustments21 21 
Dividends declared:
Common(2,021)(2,021)
Preferred(510)(510)
Redemption of preferred stock(1,994)(6)(2,000)
Common stock issued under employee plans, net, and other2.2 496 (2)494 
Common stock repurchased(88.2)(3,534)(3,534)
Balance, September 30, 2024$24,554 7,688.8 $48,338 $237,954 $(14,334)$296,512 
Balance, December 31, 2023$28,397 7,895.5 $56,365 $224,672 $(17,788)$291,646 
Net income20,467 20,467 
Net change in debt securities444 444 
Net change in debit valuation adjustments(135)(135)
Net change in derivatives3,100 3,100 
Employee benefit plan adjustments75 75 
Net change in foreign currency translation adjustments(30)(30)
Dividends declared:
Common(5,818)(5,818)
Preferred(1,352)(1,352)
Redemption of preferred stock(3,843)(11)(3,854)
Common stock issued under employee plans, net, and other46.6 1,542 (4)1,538 
Common stock repurchased(253.3)(9,569)(9,569)
Balance, September 30, 2024$24,554 7,688.8 $48,338 $237,954 $(14,334)$296,512 






See accompanying Notes to Consolidated Financial Statements.
Bank of America 50

Bank of America Corporation and Subsidiaries
Consolidated Statement of Cash Flows
Nine Months Ended September 30
(Dollars in millions)20252024
Operating activities
Net income$22,981 $20,467 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses4,367 4,369 
Losses on sales of debt securities23 6 
Depreciation and amortization1,720 1,630 
Net accretion of discount/premium on debt securities(664)(354)
Deferred income taxes(255)(1,228)
Amortization of stock-based compensation3,032 2,542 
Net change in:
Trading and derivative assets/liabilities4,687 (56,685)
Loans held-for-sale
2,672 (4,633)
Other assets(24,543)(20,257)
Accrued expenses and other liabilities20,239 14,581 
Other operating activities, net1,299 4,843 
Net cash provided by (used in) operating activities35,558 (34,719)
Investing activities
Net change in:
Time deposits placed and other short-term investments(1,840)195 
Federal funds sold and securities borrowed or purchased under agreements to resell(55,078)(54,582)
Debt securities carried at fair value:
Proceeds from sales96,786 52,594 
Proceeds from paydowns and maturities63,781 217,602 
Purchases(196,704)(312,186)
Held-to-maturity debt securities:
Proceeds from paydowns and maturities26,327 26,033 
Loans and leases:
Proceeds from sales of loans originally classified as held for investment and instruments
from related securitization activities
6,718 7,129 
Purchases(12,487)(4,151)
Other changes in loans and leases, net(68,672)(29,874)
Other investing activities, net(2,816)(2,863)
Net cash used in investing activities(143,985)(100,103)
Financing activities
Net change in:
Deposits36,741 6,525 
Federal funds purchased and securities loaned or sold under agreements to repurchase14,817 114,071 
Short-term borrowings10,802 7,623 
Long-term debt:
Proceeds from issuance75,855 42,593 
Retirement(57,893)(52,711)
Preferred stock:
Proceeds from issuance5,493 — 
Redemption(2,669)(3,854)
Common stock repurchased(15,123)(9,569)
Cash dividends paid(7,203)(7,228)
Other financing activities, net(919)(313)
Net cash provided by financing activities59,901 97,137 
Effect of exchange rate changes on cash and cash equivalents4,919 201 
Net decrease in cash and cash equivalents(43,607)(37,484)
Cash and cash equivalents at January 1290,114 333,073 
Cash and cash equivalents at September 30$246,507 $295,589 






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


Bank of America Corporation and Subsidiaries
Notes to Consolidated Financial Statements
NOTE 1 Summary of Significant Accounting Principles
Bank of America Corporation, a bank holding company and a financial holding company, provides a diverse range of financial services and products throughout the U.S. and in certain international markets. The term “the Corporation” as used herein may refer to Bank of America Corporation, individually, Bank of America Corporation and its subsidiaries, or certain of Bank of America Corporation’s subsidiaries or affiliates.
Principles of Consolidation and Basis of Presentation
The Consolidated Financial Statements include the accounts of the Corporation and its majority-owned subsidiaries and those variable interest entities (VIEs) where the Corporation is the primary beneficiary. Intercompany accounts and transactions have been eliminated. Results of operations of acquired companies are included from the dates of acquisition, and for VIEs, from the dates that the Corporation became the primary beneficiary. Assets held in an agency or fiduciary capacity are not included in the Consolidated Financial Statements. The Corporation accounts for investments in companies for which it
owns a voting interest and for which it has the ability to exercise significant influence over operating and financing decisions using the equity method of accounting. These investments, which include the Corporation’s interests in affordable housing and renewable energy partnerships, are recorded in other assets. Equity method investments are subject to impairment testing, and the Corporation’s proportionate share of income or loss is included in other income.
The preparation of the Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could materially differ from those estimates and assumptions.
These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, and related notes thereto, of the Corporation’s 2024 Annual Report on Form 10-K.
The nature of the Corporation’s business is such that the results of any interim period are not necessarily indicative of results for a full year. In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair statement of the interim period results, have been made. The Corporation evaluates subsequent events through the date of filing with the Securities and Exchange Commission (SEC).
Bank of America 52

NOTE 2 Net Interest Income and Noninterest Income
The table below presents the Corporation’s net interest income and noninterest income disaggregated by revenue source for the three and nine months ended September 30, 2025 and 2024. For more information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K. For a disaggregation of noninterest income by business segment and All Other, see Note 17 – Business Segment Information.
Three Months Ended September 30Nine Months Ended September 30
(Dollars in millions)2025202420252024
Net interest income
Interest income
Loans and leases$16,191 $15,725 $47,065 $46,303 
Debt securities6,958 6,833 20,638 19,295 
Federal funds sold and securities borrowed or purchased under agreements to resell 3,802 5,196 11,670 15,530 
Trading account assets3,195 2,726 9,260 7,697 
Other interest income (1)
5,220 7,011 15,672 21,805 
Total interest income35,366 37,491 104,305 110,630 
Interest expense
Deposits8,932 10,125 26,245 28,918 
Short-term borrowings 7,172 8,940 21,570 26,545 
Trading account liabilities672 538 2,055 1,624 
Long-term debt3,357 3,921 10,089 11,842 
Total interest expense20,133 23,524 59,959 68,929 
Net interest income$15,233 $13,967 $44,346 $41,701 
Noninterest income
Fees and commissions
Card income
Interchange fees (2)
$990 $1,030 $2,942 $2,984 
Other card income639 588 1,851 1,678 
Total card income1,629 1,618 4,793 4,662 
Service charges
Deposit-related fees1,267 1,198 3,760 3,492 
Lending-related fees365 354 1,048 1,009 
Total service charges1,632 1,552 4,808 4,501 
Investment and brokerage services
Asset management fees3,972 3,533 11,408 10,173 
Brokerage fees1,091 1,013 3,248 2,880 
Total investment and brokerage services 5,063 4,546 14,656 13,053 
Investment banking fees
Underwriting income992 742 2,568 2,512 
Syndication fees438 274 1,096 886 
Financial advisory services583