July 31, 2026 - 10-Q: Quarterly report [Sections 13 or 15(d)]

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 June 30, 2026

☐ 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 class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	BAC	New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share	BAC PrE	New York Stock Exchange
of Floating Rate Non-Cumulative Preferred Stock, Series E
Depositary Shares, each representing a 1/1,000th interest in a share	BAC PrB	New York Stock Exchange
of 6.000% Non-Cumulative Preferred Stock, Series GG
Depositary Shares, each representing a 1/1,000th interest in a share	BAC PrK	New York Stock Exchange
of 5.875% Non-Cumulative Preferred Stock, Series HH
7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L	BAC PrL	New York Stock Exchange
Depositary Shares, each representing a 1/1,200th interest in a share	BML PrG	New York Stock Exchange
of Bank of America Corporation Floating Rate
Non-Cumulative Preferred Stock, Series 1


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Depositary Shares, each representing a 1/1,200th interest in a share	BML PrH	New 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 share	BML PrJ	New 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 share	BML PrL	New 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 Capital	BAC/PF	New York Stock Exchange
Trust XIII (and the guarantee related thereto)
5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities	BAC/PG	New York Stock Exchange
of BAC Capital Trust XIV (and the guarantee related thereto)
Income Capital Obligation Notes initially due December 15, 2066 of	MER PrK	New York Stock Exchange
Bank of America Corporation
Senior Medium-Term Notes, Series A, Step Up Callable Notes, due	BAC/31B	New 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 PrM	New York Stock Exchange
5.375% Non-Cumulative Preferred Stock, Series KK
Depositary Shares, each representing a 1/1,000th interest in a share	BAC PrN	New York Stock Exchange
of 5.000% Non-Cumulative Preferred Stock, Series LL
Depositary Shares, each representing a 1/1,000th interest in a share of	BAC PrO	New York Stock Exchange
4.375% Non-Cumulative Preferred Stock, Series NN
Depositary Shares, each representing a 1/1,000th interest in a share of	BAC PrP	New York Stock Exchange
4.125% Non-Cumulative Preferred Stock, Series PP
Depositary Shares, each representing a 1/1,000th interest in a share of	BAC PrQ	New York Stock Exchange
4.250% Non-Cumulative Preferred Stock, Series QQ
Depositary Shares, each representing a 1/1,000th interest in a share	BAC PrS	New 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 July 30, 2026, there were 6,992,748,365 shares of Bank of America Corporation Common Stock outstanding.

Bank of America Corporation and Subsidiaries

June 30, 2026

Form 10-Q

INDEX

Part I. Financial Information


Item 1. Financial Statements						Page
Consolidated Statement of Income						47
Consolidated Statement of Comprehensive Income						47
Consolidated Balance Sheet						48
Consolidated Statement of Changes in Shareholders’ Equity						49
Consolidated Statement of Cash Flows						50
Notes to Consolidated Financial Statements						51
Note 1 – Summary of Significant Accounting Principles						51
Note 2 – Net Interest Income and Noninterest Income						52
Note 3 – Derivatives						53
Note 4 – Securities						60
Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses						63

Note 6 – Securitizations and Other Variable Interest Entities						74
Note 7 – Goodwill and Intangible Assets						79
Note 8 – Leases						79
Note 9 – Securities Financing Agreements, Collateral and Restricted Cash						80
Note 10 – Commitments and Contingencies						81
Note 11 – Shareholders’ Equity						84
Note 12 – Accumulated Other Comprehensive Income (Loss)						85
Note 13 – Earnings Per Common Share						86

Note 14 – Fair Value Measurements						86
Note 15 – Fair Value Option						93
Note 16 – Fair Value of Financial Instruments						95
Note 17 – Business Segment Information						96
Glossary						100
Acronyms						102



Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Executive Summary						3
Recent Developments						3
Financial Highlights						4

Supplemental Financial Data						6
Business Segment Operations						10
Consumer Banking						10
Global Wealth & Investment Management						12
Global Banking						14
Global Markets						16

All Other						18
Managing Risk						19

Capital Management						19
Liquidity Risk						23
Credit Risk Management						27
Consumer Portfolio Credit Risk Management						27
Commercial Portfolio Credit Risk Management						32
Non-U.S. Portfolio						38

Allowance for Credit Losses						39
Market Risk Management						41
Trading Risk Management						41
Interest Rate Risk Management for the Banking Book						43
Mortgage Banking Risk Management						45



Critical Accounting Estimates						45
Current Accounting Developments						45
Non-GAAP Reconciliations						46

Item 3. Quantitative and Qualitative Disclosures about Market Risk						46
Item 4. Controls and Procedures						46

1 Bank of America

Part II. Other Information


Item 1. Legal Proceedings						103
Item 1A. Risk Factors						103
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds						103
Item 5. Other Information						103
Item 6. Exhibits						104
Signature						104

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 or its business segments’ future results, which may include, among other measures, revenue, liquidity, net interest income, other income, provision for credit losses, expenses, operating leverage, effective tax rate, efficiency ratio, capital measures, deposits and assets, as well as strategy, 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 2025 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 impact of U.S. and global interest rates (including the potential for 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; 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 a deterioration in private credit markets, 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, including 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, such as the impact of trade policies, supply chain disruptions, commodity prices, 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 (including noninterest expense) and expectations regarding revenue, net interest income, operating leverage, other income, provision for credit losses, net charge-offs, effective tax rate, loan or deposit growth or other projections and targets; 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 Act; 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, 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 Corporation’s operations or

Bank of America 2

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 the ability to achieve expected or potential benefits, such as increased productivity and cost savings; 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, including partial 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 and economic 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. Throughout the MD&A, the Corporation uses certain acronyms and abbreviations that 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 June 30, 2026, the Corporation had $3.5 trillion in assets and a headcount of approximately 211,000 employees. As of June 30, 2026, 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 more than 69 million consumer and small business clients with approximately 3,500 retail financial centers, approximately 15,000 automated teller machines (ATMs), and leading digital banking platforms (www.bankofamerica.com) with approximately 50 million active users, including approximately 42 million active mobile users. We offer industry-leading support to approximately four million small business households. Our GWIM businesses, with client balances of approximately $4.9 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

On July 23, 2026, the Corporation’s Board of Directors (Board) declared a quarterly common stock dividend of $0.32 per share, an increase of 14 percent compared to the prior quarterly dividend, payable on September 25, 2026 to shareholders of record as of September 4, 2026.

For more information on our capital resources, see Capital Management beginning on page 19.

3 Bank of America

Financial Highlights



Table 1	Summary Income Statement and Selected Financial Data

		Three Months Ended June 30						Six Months Ended June 30
(Dollars in millions, except per share information)		2026			2025			2026			2025
Income statement
Net interest income		$	15,997		$	14,670		$	31,742		$	29,113
Noninterest income		15,561			12,773			30,088			26,577
Total revenue, net of interest expense		31,558			27,443			61,830			55,690
Provision for credit losses		1,366			1,592			2,703			3,072
Noninterest expense		18,627			17,183			37,158			34,953
Income before income taxes		11,565			8,668			21,969			17,665
Income tax expense		2,491			1,498			4,311			3,135
Net income		9,074			7,170			17,658			14,530
Preferred stock dividends and other		326			291			755			697
Net income applicable to common shareholders		$	8,748		$	6,879		$	16,903		$	13,833
Per common share information
Earnings		$	1.22		$	0.91		$	2.35		$	1.81
Diluted earnings		1.21			0.90			2.31			1.79
Dividends paid		0.28			0.26			0.56			0.52
Performance ratios
Return on average assets (1)		1.03		%	0.84		%	1.01		%	0.86		%
Return on average common shareholders’ equity (1)		12.71			10.12			12.33			10.24
Return on average tangible common shareholders’ equity (2)		17.03			13.61			16.52			13.79
Efficiency ratio (1)		59.02			62.61			60.10			62.76
								June 30 2026			December 31 2025

Balance sheet
Total loans and leases								$	1,217,619		$	1,185,700
Total assets								3,499,191			3,411,738
Total deposits								2,025,124			2,018,729
Total liabilities								3,198,097			3,108,495
Total common shareholders’ equity								276,098			277,251
Total shareholders’ equity								301,094			303,243

(1)For definitions, see Key Metrics on page 101.

(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 46.

Net income was $9.1 billion and $17.7 billion, or $1.21 and $2.31 per diluted share, for the three and six months ended June 30, 2026 compared to $7.2 billion and $14.5 billion, or $0.90 and $1.79 per diluted share, for the same periods in 2025. The increase in net income was due to higher noninterest income and net interest income, as well as lower provision for credit losses, partially offset by higher noninterest expense.

Total assets increased $87.5 billion from December 31, 2025 to $3.5 trillion primarily driven by higher securities borrowed or purchased under agreements to resell and higher customer and other receivables to support Global Markets client activity, as well as higher loans and leases due to growth in commercial loans, partially offset by lower debt securities primarily due to maturities and paydowns.

Total liabilities increased $89.6 billion from December 31, 2025 to $3.2 trillion primarily driven by higher customer trade payables and trading account liabilities to support Global Markets client activity, as well as higher long-term debt issuances and short-term borrowings for liquidity positioning.

Shareholders’ equity decreased $2.1 billion from December 31, 2025 primarily due to returns of capital to shareholders through common stock repurchases and common and preferred stock dividends, a decrease in accumulated other comprehensive income (OCI) and a preferred stock redemption, partially offset by net income.

Net Interest Income

Net interest income increased $1.3 billion to $16.0 billion, and $2.6 billion to $31.7 billion for the three and six months ended June 30, 2026 compared to the same periods in 2025. Net interest yield on a fully taxable-equivalent (FTE) basis increased 14 basis points (bps) and 12 bps to 2.08 percent for both the three and six months ended June 30, 2026 compared to the same periods in 2025. The increases were primarily driven by higher net interest income related to Global Markets activity, deposit and loan growth, and fixed-asset repricing, partially offset by the impact of lower interest rates. For more information on net interest yield and FTE basis, see Supplemental Financial Data on page 6, and for more information on interest rate risk management, see Interest Rate Risk Management for the Banking Book on page 43.

Bank of America 4

Noninterest Income



Table 2	Noninterest Income

		Three Months Ended June 30				Six Months Ended June 30
(Dollars in millions)		2026		2025		2026		2025
Fees and commissions:
Card income		$	1,583	$	1,646	$	3,076	$	3,164
Service charges		1,706		1,615		3,380		3,176
Investment and brokerage services		5,653		4,780		11,194		9,593
Investment banking fees		2,138		1,428		3,979		2,951
Total fees and commissions		11,080		9,469		21,629		18,884
Market making and similar activities		4,177		3,153		7,814		6,737


Other income (loss)		304		151		645		956

Total noninterest income		$	15,561	$	12,773	$	30,088	$	26,577

Noninterest income increased $2.8 billion to $15.6 billion and increased $3.5 billion to $30.1 billion for the three and six months ended June 30, 2026 compared to the same periods in 2025. The following highlights the significant changes.

● Service charges increased $91 million and $204 million primarily due to higher treasury service charges.

● Investment and brokerage services increased $873 million and $1.6 billion primarily driven by higher asset management fees reflecting higher 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 $710 million for the three-month period due to higher debt issuance, advisory and equity issuance fees. The increase of $1.0 billion in the six-month period was driven by higher advisory, debt issuance and equity issuance fees.

● Market making and similar activities increased $1.0 billion and $1.1 billion primarily driven by higher trading revenue in Equities, partially offset by lower income from foreign currency risk management activities.

● Other income increased $153 million for the three-month period primarily due to relatively higher equity investment expenses recognized in the prior year related to certain tax-related equity investments placed in service during that period. The decrease of $311 million in the six-month period was primarily due to gains recorded on leveraged finance activities in the prior-year period, partially offset by relatively higher equity investment expenses recognized in the prior year related to certain tax-related equity investments placed in service during that period.

Provision for Credit Losses

The provision for credit losses decreased $226 million to $1.4 billion and $369 million to $2.7 billion for the three and six months ended June 30, 2026 compared to the same periods in 2025. For more information on the provision for credit losses, see Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements.

Noninterest Expense



Table 3	Noninterest Expense

		Three Months Ended June 30				Six Months Ended June 30
(Dollars in millions)		2026		2025		2026		2025
Compensation and benefits		$	10,987	$	10,332	$	22,321	$	21,221
Information processing and communications		1,924		1,819		3,942		3,713
Occupancy and equipment		1,914		1,836		3,814		3,692
Product delivery and transaction related		1,327		974		2,453		1,888
Professional fees		573		640		1,156		1,292
Marketing		736		563		1,269		1,069
Other general operating		1,166		1,019		2,203		2,078
Total noninterest expense		$	18,627	$	17,183	$	37,158	$	34,953

Noninterest expense increased $1.4 billion to $18.6 billion and $2.2 billion to $37.2 billion for the three and six months ended June 30, 2026 compared to the same periods in 2025. The increases were primarily driven by higher revenue-related expenses during both periods, as well as continued investments in the business, including people, marketing and technology for the three-month period, and continued investments in people, technology and marketing for the six-month period.

5 Bank of America

Income Tax Expense



Table 4	Income Tax Expense

		Three Months Ended June 30						Six Months Ended June 30
(Dollars in millions)		2026			2025			2026			2025
Income before income taxes		$	11,565		$	8,668		$	21,969		$	17,665
Income tax expense		2,491			1,498			4,311			3,135
Effective tax rate		21.5		%	17.3		%	19.6		%	17.7		%

The effective tax rate increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 driven by lower tax preference items, primarily related to lower renewable energy tax credits on certain tax-related equity investment activity and lower discrete tax benefits relative to pretax earnings.

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 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 7.

For more information on the reconciliation of these non-GAAP financial measures to the corresponding GAAP financial measures, see Non-GAAP Reconciliations on page 46.

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 101.

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 7.

For information on key segment performance metrics, see Business Segment Operations on page 10.

Bank of America 6




Table 5	Selected Financial Data
																	Six Months Ended June 30
		2026 Quarters						2025 Quarters
(In millions, except per share information)		Second			First			Fourth			Third			Second			2026			2025
Income statement
Net interest income		$	15,997		$	15,745		$	15,750		$	15,233		$	14,670		$	31,742		$	29,113
Noninterest income		15,561			14,527			12,617			13,807			12,773			30,088			26,577
Total revenue, net of interest expense		31,558			30,272			28,367			29,040			27,443			61,830			55,690
Provision for credit losses		1,366			1,337			1,308			1,295			1,592			2,703			3,072
Noninterest expense		18,627			18,531			17,437			17,337			17,183			37,158			34,953
Income before income taxes		11,565			10,404			9,622			10,408			8,668			21,969			17,665
Income tax expense		2,491			1,820			1,975			2,076			1,498			4,311			3,135
Net income		9,074			8,584			7,647			8,332			7,170			17,658			14,530
Net income applicable to common shareholders		8,748			8,155			7,319			7,903			6,879			16,903			13,833
Average common shares issued and outstanding		7,151.2			7,256.1			7,364.9			7,466.0			7,581.2			7,203.5			7,629.5
Average diluted common shares issued and outstanding		7,294.2			7,417.5			7,546.9			7,627.1			7,651.6			7,356.2			7,711.2
Performance ratios
Return on average assets (1)		1.03		%	0.99		%	0.89		%	0.96		%	0.84		%	1.01		%	0.86		%
Four-quarter trailing return on average assets (2)		0.97			0.92			0.89			0.88			0.84			n/a			n/a
Return on average common shareholders’ equity (1)		12.71			11.95			10.45			11.40			10.12			12.33			10.24
Return on average tangible common shareholders’ equity (3)		17.03			16.00			13.97			15.29			13.61			16.52			13.79
Return on average shareholders’ equity (1)		12.09			11.51			9.98			11.01			9.74			11.80			9.94
Return on average tangible shareholders’ equity (3)		15.76			14.98			12.97			14.35			12.77			15.37			13.04
Total ending equity to total ending assets		8.60			8.60			8.89			8.89			8.66			8.60			8.66
Common equity ratio (1)		7.89			7.88			8.13			8.12			7.98			7.89			7.98
Total average equity to total average assets		8.52			8.61			8.86			8.75			8.61			8.57			8.70
Dividend payout (1)		22.77			24.82			28.02			26.31			28.48			23.76			28.57
Per common share data
Earnings		$	1.22		$	1.12		$	0.99		$	1.06		$	0.91		$	2.35		$	1.81
Diluted earnings		1.21			1.11			0.98			1.04			0.90			2.31			1.79
Dividends paid		0.28			0.28			0.28			0.28			0.26			0.56			0.52
Book value (1)		39.34			38.66			38.44			37.72			36.92			39.34			36.92
Tangible book value (3)		29.37			28.84			28.73			28.16			27.49			29.37			27.49




Market capitalization		$	399,884		$	347,583		$	396,686		$	378,125		$	351,904		$	399,884		$	351,904
Average balance sheet
Total loans and leases		$	1,216,519		$	1,189,528		$	1,170,895		$	1,153,035		$	1,128,453
Total assets		3,531,568			3,512,490			3,427,791			3,433,447			3,430,280
Total deposits		2,022,950			2,016,929			2,012,523			1,991,434			1,973,761
Long-term debt		256,197			253,997			245,470			247,425			249,104
Common shareholders’ equity		275,988			276,753			277,881			275,149			272,756
Total shareholders’ equity		300,984			302,501			303,873			300,381			295,329
Asset quality
Allowance for credit losses (4)		$	14,264		$	14,309		$	14,380		$	14,361		$	14,434
Nonperforming loans, leases and foreclosed properties (5)		5,870			5,933			5,905			5,470			6,104
Allowance for loan and lease losses as a percentage of total loans and leases outstanding (5)		1.08		%	1.09		%	1.12		%	1.14		%	1.17		%
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases (5)		228			225			228			248			222
Net charge-offs		$	1,412		$	1,409		$	1,287		$	1,367		$	1,525
Annualized net charge-offs as a percentage of average loans and leases outstanding (5)		0.47		%	0.48		%	0.44		%	0.47		%	0.55		%







Capital ratios at period end (6)

Common equity tier 1 capital		11.2		%	11.2		%	11.4		%	11.6		%	11.5		%

Tier 1 capital		12.6			12.6			12.8			13.1			12.9
Total capital		14.7			14.5			14.7			15.0			14.8
Tier 1 leverage		6.6			6.5			6.8			6.8			6.7
Supplementary leverage ratio		5.5			5.5			5.7			5.8			5.7
Tangible equity (3)		6.7			6.7			7.0			7.0			6.8
Tangible common equity (3)		6.0			6.0			6.2			6.2			6.1
Total loss-absorbing capacity and long-term debt metrics
Total loss-absorbing capacity to risk-weighted assets		26.3		%	26.1		%	26.3		%	27.0		%	27.1		%
Total loss-absorbing capacity to supplementary leverage exposure		11.4			11.3			11.7			11.9			12.0
Eligible long-term debt to risk-weighted assets		12.8			12.6			12.7			13.1			13.5
Eligible long-term debt to supplementary leverage exposure		5.6			5.5			5.7			5.8			6.0

(1)For definitions, see Key Metrics on page 101.

(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 6 and Non-GAAP Reconciliations on page 46.

(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 32 and corresponding Table 25 and Commercial Portfolio Credit Risk Management – Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity on page 36 and corresponding Table 31.

(6)For more information, including which approach is used to assess capital adequacy, see Capital Management on page 19.

n/a = not applicable

7 Bank of America



Table 6	Quarterly 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)		Second Quarter 2026						Second Quarter 2025
Earning assets
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks		$	254,700	$	2,215	3.49	%	$	274,839	$	2,843	4.15	%
Time deposits placed and other short-term investments		11,839		93		3.15		10,405		89		3.43
Federal funds sold and securities borrowed or purchased under agreements to resell		373,297		4,185		4.50		353,331		4,094		4.65
Trading account assets		240,768		3,097		5.16		234,282		3,081		5.27
Debt securities		880,724		6,051		2.74		933,065		6,932		2.96
Loans and leases (2)
Residential mortgage		236,187		2,106		3.57		235,130		2,031		3.46
Home equity		27,099		370		5.48		26,190		379		5.80
Credit card		103,640		2,794		10.81		100,013		2,846		11.41

Direct/Indirect and other consumer		116,455		1,484		5.11		108,955		1,484		5.47

Total consumer		483,381		6,754		5.60		470,288		6,740		5.74
U.S. commercial		482,510		6,034		5.01		427,194		5,709		5.36
Non-U.S. commercial		164,502		1,940		4.73		149,044		2,016		5.42
Commercial real estate (3)		70,280		985		5.62		65,847		1,023		6.23
Commercial lease financing		15,846		200		5.06		16,080		214		5.33
Total commercial		733,138		9,159		5.01		658,165		8,962		5.46
Total loans and leases		1,216,519		15,913		5.24		1,128,453		15,702		5.58
Other earning assets		128,879		2,441		7.60		115,831		2,277		7.89
Total earning assets		3,106,726		33,995		4.39		3,050,206		35,018		4.60
Cash and due from banks		26,656						24,781
Other assets, less allowance for loan and lease losses		398,186						355,293
Total assets		$	3,531,568					$	3,430,280
Interest-bearing liabilities
U.S. interest-bearing deposits

Demand and money market deposits		$	1,108,939	$	5,042	1.82	%	$	1,078,771	$	5,739	2.13	%

Time and savings deposits		254,022		1,661		2.62		259,261		1,998		3.09
Total U.S. interest-bearing deposits		1,362,961		6,703		1.97		1,338,032		7,737		2.32




Non-U.S. interest-bearing deposits		126,738		669		2.11		121,921		944		3.11
Total interest-bearing deposits		1,489,699		7,372		1.98		1,459,953		8,681		2.38
Federal funds purchased and securities loaned or sold under agreements to repurchase		353,243		4,135		4.70		414,655		4,946		4.78
Short-term borrowings and other interest-bearing liabilities		228,651		2,472		4.34		183,008		2,489		5.45
Trading account liabilities		57,026		756		5.32		53,805		676		5.04
Long-term debt		256,197		3,100		4.85		249,104		3,411		5.49
Total interest-bearing liabilities		2,384,816		17,835		3.00		2,360,525		20,203		3.43
Noninterest-bearing sources
Noninterest-bearing deposits		533,251						513,808
Other liabilities (4)		312,517						260,618
Shareholders’ equity		300,984						295,329
Total liabilities and shareholders’ equity		$	3,531,568					$	3,430,280
Net interest spread						1.39	%					1.17	%
Impact of noninterest-bearing sources						0.69						0.77
Net interest income/yield on earning assets (5)				$	16,160	2.08	%			$	14,815	1.94	%

(1)Includes the impact of interest rate risk management contracts. For more information, see Interest Rate Risk Management for the Banking Book on page 43.

(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 $65.0 billion and $59.9 billion, and non-U.S. commercial real estate loans of $5.3 billion and $5.9 billion for the second quarter of 2026 and 2025.

(4)Includes $84.6 billion and $58.8 billion of structured notes and liabilities for the second quarter of 2026 and 2025.

(5)Net interest income includes FTE adjustments of $163 million and $145 million for the second quarter of 2026 and 2025.

Bank of America 8



Table 7	Year-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
		Six Months Ended June 30
(Dollars in millions)		2026						2025
Earning assets
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks		$	249,443	$	4,302	3.48	%	$	273,433	$	5,653	4.17	%
Time deposits placed and other short-term investments		11,158		170		3.07		9,806		181		3.72
Federal funds sold and securities borrowed or purchased under agreements to resell		359,867		8,042		4.51		337,758		7,868		4.70
Trading account assets		249,355		6,329		5.12		232,867		6,115		5.29
Debt securities		897,762		12,358		2.76		928,432		13,718		2.96
Loans and leases (2)
Residential mortgage		236,138		4,190		3.55		231,902		3,947		3.41
Home equity		26,992		722		5.39		26,020		745		5.77
Credit card		103,365		5,616		10.96		100,092		5,684		11.45

Direct/Indirect and other consumer		115,318		2,937		5.14		107,907		2,916		5.45

Total consumer		481,813		13,465		5.62		465,921		13,292		5.74
U.S. commercial		474,349		11,810		5.02		419,530		11,136		5.35
Non-U.S. commercial		161,309		3,791		4.74		143,977		4,074		5.71
Commercial real estate (3)		69,558		1,948		5.65		65,800		2,043		6.26
Commercial lease financing		16,069		433		5.41		15,963		429		5.40
Total commercial		721,285		17,982		5.03		645,270		17,682		5.52
Total loans and leases		1,203,098		31,447		5.27		1,111,191		30,974		5.62
Other earning assets		132,687		4,868		7.40		115,268		4,720		8.26
Total earning assets		3,103,370		67,516		4.38		3,008,755		69,229		4.63
Cash and due from banks		26,269						24,244
Other assets, less allowance for loan and lease losses		392,443						356,871
Total assets		$	3,522,082					$	3,389,870
Interest-bearing liabilities
U.S. interest-bearing deposits

Demand and money market deposits		$	1,109,271	$	9,982	1.81	%	$	1,073,674	$	11,266	2.12	%

Time and savings deposits		252,985		3,350		2.67		260,977		4,116		3.18
Total U.S. interest-bearing deposits		1,362,256		13,332		1.97		1,334,651		15,382		2.32




Non-U.S. interest-bearing deposits		127,886		1,341		2.11		119,341		1,931		3.26
Total interest-bearing deposits		1,490,142		14,673		1.99		1,453,992		17,313		2.40
Federal funds purchased and securities loaned or sold under agreements to repurchase		368,642		8,422		4.61		399,955		9,575		4.83
Short-term borrowings and other interest-bearing liabilities		213,526		4,695		4.43		171,681		4,823		5.66
Trading account liabilities		54,988		1,501		5.51		53,741		1,383		5.19
Long-term debt		255,103		6,158		4.85		245,092		6,732		5.52
Total interest-bearing liabilities		2,382,401		35,449		3.00		2,324,461		39,826		3.45
Noninterest-bearing sources
Noninterest-bearing deposits		529,813						512,097
Other liabilities (4)		308,130						258,551
Shareholders’ equity		301,738						294,761
Total liabilities and shareholders’ equity		$	3,522,082					$	3,389,870
Net interest spread						1.38	%					1.18	%
Impact of noninterest-bearing sources						0.70						0.78
Net interest income/yield on earning assets (5)				$	32,067	2.08	%			$	29,403	1.96	%

(1)Includes the impact of interest rate risk management contracts. For more information, see Interest Rate Risk Management for the Banking Book on page 43.

(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 $64.0 billion and $59.9 billion, and non-U.S. commercial real estate loans of $5.5 billion and $5.9 billion for the six months ended June 30, 2026 and 2025.

(4)Includes $81.0 billion and $56.3 billion of structured notes and liabilities for the six months ended June 30, 2026 and 2025.

(5)Net interest income includes FTE adjustments of $325 million and $290 million for the six months ended June 30, 2026 and 2025.

9 Bank of America

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 2025 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 6, 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 June 30								Six Months Ended June 30
(Dollars in millions)	2026			2025			% Change		2026			2025			% Change
Net interest income	$	9,206		$	8,726		6	%	$	18,199		$	17,231		6	%
Noninterest income:
Card income	1,346			1,415			(5)		2,619			2,712			(3)
Service charges	639			627			2		1,277			1,245			3
All other income	145			45			n/m		290			118			146
Total noninterest income	2,130			2,087			2		4,186			4,075			3
Total revenue, net of interest expense	11,336			10,813			5		22,385			21,306			5

Provision for credit losses	1,160			1,282			(10)		2,292			2,574			(11)
Noninterest expense	5,801			5,567			4		11,638			11,393			2
Income before income taxes	4,375			3,964			10		8,455			7,339			15
Income tax expense	1,094			991			10		2,114			1,835			15
Net income	$	3,281		$	2,973		10		$	6,341		$	5,504		15

Effective tax rate	25.0		%	25.0		%			25.0		%	25.0		%

Net interest yield	3.68			3.51					3.67			3.49
Efficiency ratio	51.18			51.48					51.99			53.48
Return on average allocated capital	29			27					28			25

Balance Sheet



	Three Months Ended June 30								Six Months Ended June 30
Average	2026			2025			% Change		2026			2025			% Change
Total loans and leases	$	321,056		$	319,142		1	%	$	321,607		$	317,101		1	%
Total earning assets	1,002,799			996,193			1		999,632			994,233			1
Total assets	1,041,292			1,033,776			1		1,038,000			1,031,560			1
Total deposits	956,957			951,986			1		953,900			949,780			—
Allocated capital	45,500			44,000			3		45,500			44,000			3


Period end									June 30 2026			December 31 2025			% Change
Total loans and leases									$	322,271		$	325,871		(1)	%
Total earning assets									999,457			998,969			—
Total assets									1,039,051			1,039,346			—
Total deposits									953,195			956,265			—

n/m = not meaningful

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 2025 Annual Report on Form 10-K.

Consumer Banking Results

Three-Month Comparison

Net income for Consumer Banking increased $308 million to $3.3 billion due to higher revenue and lower provision for credit

losses, partially offset by higher noninterest expense. Net interest income increased $480 million to $9.2 billion primarily driven by higher deposit spreads, as well as loan and deposit balances. Noninterest income was $2.1 billion, relatively unchanged from the same period a year ago.

The provision for credit losses decreased $122 million to $1.2 billion primarily due to improved asset quality in credit card. Noninterest expense increased $234 million to $5.8 billion primarily driven by continued investments in the business, including technology and marketing.

Bank of America 10

Average loans and leases increased $1.9 billion to $321.1 billion primarily due to growth in credit card balances.

Average deposits increased $5.0 billion to $957.0 billion primarily due to net inflows of $11.5 billion in checking and $3.8 billion in time deposits, partially offset by net outflows of $10.4 billion in money market and other savings.

Six-Month Comparison

Net income for Consumer Banking increased $837 million to $6.3 billion due to higher revenue and lower provision for credit losses, partially offset by higher noninterest expense. Net interest income increased $968 million to $18.2 billion due to the same factors as described in the three-month discussion. Noninterest income increased $111 million to $4.2 billion, primarily due to a higher amount of allocated asset and liability management (ALM) activities.

The provision for credit losses decreased $282 million to $2.3 billion primarily due to the same factor as described in the three-month discussion. Noninterest expense increased $245

million to $11.6 billion primarily due to the same factors as described in the three-month discussion.

Average loans and leases increased $4.5 billion to $321.6 billion due to the same factor as described in the three-month discussion.

Average deposits increased $4.1 billion to $953.9 billion primarily due to net inflows of $10.3 billion in checking and $5.9 billion in time deposits, partially offset by net outflows of $12.1 billion in money market and other savings.

Consumer investment assets increased $99.8 billion to $639.5 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 June 30						Six Months Ended June 30
(Dollars in millions)	2026			2025			2026			2025
Deposit Spreads
Total deposit spreads (excludes noninterest costs)	3.08%			2.91%			3.05%			2.88%

Period end
Consumer investment assets (in millions) (1)							$	639,517		$	539,727
Active digital banking users (in thousands) (2)							49,834			48,998
Active mobile banking users (in thousands) (3)							42,056			40,840
Financial centers							3,530			3,664
ATMs							14,939			14,904

Credit and Debit Card
Total credit card (4)
Gross interest yield (5)	11.36		%	12.06		%	11.49		%	12.09		%
Risk-adjusted margin (6)	6.47			7.07			6.58			6.88
New accounts (in thousands)	999			834			1,883			1,747
Purchase volumes	$	101,877		$	94,814		$	194,849		$	183,022
Debit card purchase volumes	164,189			149,288			316,123			289,485

Loan Production (7)
Consumer Banking:
First mortgage	$	3,497		$	3,052		$	6,563		$	4,909
Home equity	2,404			2,241			4,404			4,075
Total (8):
First mortgage	$	8,259		$	6,604		$	14,691		$	11,112
Home equity	2,899			2,766			5,361			4,980

(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.

11 Bank of America

Since June 30, 2025, active mobile banking users increased by more than one million, reflecting client growth and continuing changes in our clients’ banking preferences. We had a net decrease of 134 financial centers and an increase of 35 ATMs as we continued to optimize our consumer banking network.

During the three months ended June 30, 2026, the total risk-adjusted margin decreased 60 bps primarily driven by lower card-related fee income and lower net interest margin due to loan balance mix, partially offset by lower net charge-offs. During the six months ended June 30, 2026, the total risk-adjusted margin decreased 30 bps due to the same factors as described in the three-month discussion. During the three and six months ended June 30, 2026, total credit card purchase volumes

increased $7.1 billion and $11.8 billion, and debit card purchase volumes increased $14.9 billion and $26.6 billion, reflecting higher levels of consumer spending.

During the three and six months ended June 30, 2026, first mortgage loan originations for Consumer Banking increased $445 million and $1.7 billion, and first mortgage loan originations for the total Corporation increased $1.7 billion and $3.6 billion for the same periods, primarily driven by higher demand.

During the three and six months ended June 30, 2026, home equity production in Consumer Banking increased $163 million and $329 million, and home equity production for the total Corporation increased $133 million and $381 million for the same periods, primarily driven by higher demand.

Global Wealth & Investment Management



	Three Months Ended June 30								Six Months Ended June 30
(Dollars in millions)	2026			2025			% Change		2026			2025			% Change
Net interest income	$	1,888		$	1,762		7	%	$	3,750		$	3,527		6	%
Noninterest income:
Investment and brokerage services	4,793			4,033			19		9,464			8,122			17
All other income	190			142			34		369			304			21
Total noninterest income	4,983			4,175			19		9,833			8,426			17
Total revenue, net of interest expense	6,871			5,937			16		13,583			11,953			14

Provision for credit losses	11			20			(45)		13			34			(62)
Noninterest expense	4,976			4,593			8		9,914			9,252			7
Income before income taxes	1,884			1,324			42		3,656			2,667			37
Income tax expense	471			331			42		914			667			37
Net income	$	1,413		$	993		42		$	2,742		$	2,000		37

Effective tax rate	25.0		%	25.0		%			25.0		%	25.0		%

Net interest yield	2.42			2.31					2.39			2.28
Efficiency ratio	72.41			77.36					72.99			77.40
Return on average allocated capital	26			20					25			21


Balance Sheet

	Three Months Ended June 30								Six Months Ended June 30
Average	2026			2025			% Change		2026			2025			% Change

Total loans and leases	$	270,257		$	237,377		14	%	$	266,226		$	234,866		13	%
Total earning assets	313,639			306,490			2		316,294			311,660			1
Total assets	328,688			320,224			3		331,035			325,387			2
Total deposits	281,593			276,825			2		284,072			281,586			1
Allocated capital	22,250			19,750			13		22,250			19,750			13

Period end									June 30 2026			December 31 2025			% Change


Total loans and leases									$	276,980		$	261,303		6	%
Total earning assets									311,564			320,899			(3)
Total assets									327,667			335,495			(2)
Total deposits									278,155			289,854			(4)

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 2025 Annual Report on Form 10-K.

Three-Month Comparison

Net income for GWIM increased $420 million to $1.4 billion primarily due to higher revenue, partially offset by higher noninterest expense. The operating margin was 27 percent compared to 22 percent a year ago.

Net interest income increased $126 million to $1.9 billion primarily driven by loan and deposit growth.

Noninterest income, which primarily includes investment and brokerage services income, increased $808 million to $5.0 billion. The increase was primarily driven by higher asset

management fees, which increased 19 percent to $4.4 billion, reflecting higher market valuations and the impact of positive AUM flows, as well as higher brokerage fees due to increased transactional volume.

Noninterest expense increased $383 million to $5.0 billion primarily due to higher revenue-related incentives.

Average loans and leases increased $32.9 billion to $270.3 billion primarily driven by custom lending, securities-based lending and residential mortgage. Average deposits increased $4.8 billion to $281.6 billion, with growth in banking balances largely offset by a decline in brokerage deposits due to clients moving balances to higher yielding cash alternatives.

Merrill Wealth Management revenue of $5.7 billion increased 16 percent primarily driven by higher asset management fees

Bank of America 12

reflecting higher market valuations and the impact of positive AUM flows, as well as higher brokerage fees due to increased transactional volume.

Bank of America Private Bank revenue of $1.2 billion increased 17 percent primarily driven by higher net interest income from loan and deposit growth, as well as higher asset management fees reflecting higher market valuations and the impact of positive AUM flows.

Six-Month Comparison

Net income for GWIM increased $742 million to $2.7 billion primarily due to higher revenue, partially offset by higher noninterest expense. The operating margin was 27 percent compared to 22 percent a year ago.

Net interest income increased $223 million to $3.8 billion due to the same factors as described in the three-month discussion.

Noninterest income, which primarily includes investment and brokerage services income, increased $1.4 billion to $9.8 billion due to the same factors as described in the three-month discussion.

Noninterest expense increased $662 million to $9.9 billion due to the same factor as described in the three-month discussion.

Average loans increased $31.4 billion to $266.2 billion due to the same factors as described in the three-month discussion. Average deposits increased $2.5 billion to $284.1 billion due to the same factors as described in the three-month discussion.

Merrill Wealth Management revenue of $11.3 billion increased 13 percent, and Bank of America Private Bank revenue of $2.3 billion increased 15 percent primarily driven by the same factors as described in the three-month discussion.



Key Indicators and Metrics

	Three Months Ended June 30				Six Months Ended June 30
(Dollars in millions)	2026		2025		2026		2025
Revenue by Business
Merrill Wealth Management	$	5,711	$	4,942	$	11,290	$	9,961
Bank of America Private Bank	1,160		995		2,293		1,992

Total revenue, net of interest expense	$	6,871	$	5,937	$	13,583	$	11,953

Client Balances by Business, at period end
Merrill Wealth Management					$	4,132,451	$	3,695,213
Bank of America Private Bank					801,945		700,018

Total client balances					$	4,934,396	$	4,395,231

Client Balances by Type, at period end


Assets under management					$	2,327,766	$	1,986,523
Brokerage and other assets					2,094,157		1,932,182

Deposits					278,155		275,778
Loans and leases (1)					279,618		243,409
Less: Managed deposits in assets under management					(45,300)		(42,661)
Total client balances					$	4,934,396	$	4,395,231

Assets Under Management Rollforward
Assets under management, beginning of period	$	2,115,782	$	1,855,657	$	2,177,708	$	1,882,211


Net client flows	13,673		14,314		34,045		38,271
Market valuation/other	198,311		116,552		116,013		66,041
Total assets under management, end of period	$	2,327,766	$	1,986,523	$	2,327,766	$	1,986,523

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

Client Balances

Client balances increased $539.2 billion, or 12 percent, to $4.9 trillion at June 30, 2026 compared to June 30, 2025. The increase in client balances was primarily driven by higher market valuations, as well as positive net client flows since June 30, 2025.

13 Bank of America

Global Banking



	Three Months Ended June 30								Six Months Ended June 30
(Dollars in millions)	2026			2025			% Change		2026			2025			% Change
Net interest income	$	3,198		$	3,081		4	%	$	6,428		$	6,232		3	%
Noninterest income:
Service charges	932			864			8		1,836			1,690			9
Investment banking fees	1,154			767			50		2,201			1,614			36
All other income	952			977			(3)		2,058			2,145			(4)
Total noninterest income	3,038			2,608			16		6,095			5,449			12
Total revenue, net of interest expense	6,236			5,689			10		12,523			11,681			7

Provision for credit losses	215			277			(22)		400			431			(7)
Noninterest expense	3,199			3,070			4		6,422			6,254			3
Income before income taxes	2,822			2,342			20		5,701			4,996			14
Income tax expense	776			644			20		1,568			1,374			14
Net income	$	2,046		$	1,698		20		$	4,133		$	3,622		14

Effective tax rate	27.5		%	27.5		%			27.5		%	27.5		%

Net interest yield	1.86			1.94					1.88			2.02
Efficiency ratio	51.30			53.98					51.29			53.55
Return on average allocated capital	15			13					15			14

Balance Sheet

	Three Months Ended June 30								Six Months Ended June 30
Average	2026			2025			% Change		2026			2025			% Change

Total loans and leases	$	413,364		$	387,864		7	%	$	405,222		$	383,324		6	%
Total earning assets	689,980			638,259			8		687,699			623,607			10
Total assets	754,368			703,326			7		752,145			688,686			9
Total deposits	651,867			603,410			8		649,737			589,375			10
Allocated capital	54,250			50,750			7		54,250			50,750			7


Period end									June 30 2026			December 31 2025			% Change

Total loans and leases									$	412,294		$	388,998		6	%
Total earning assets									695,499			671,354			4
Total assets									761,395			734,710			4
Total deposits									662,867			641,211			3

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 2025 Annual Report on Form 10-K.

Three-Month Comparison

Net income for Global Banking increased $348 million to $2.0 billion due to higher revenue and lower provision for credit losses, partially offset by higher noninterest expense.

Net interest income increased $117 million to $3.2 billion primarily due to the benefit of higher average deposit and loan balances, partially offset by the impact of lower interest rates.

Noninterest income increased $430 million to $3.0 billion primarily due to higher investment banking fees and treasury service charges.

The provision for credit losses decreased $62 million to $215 million primarily driven by improved asset quality within the commercial real estate portfolio.

Noninterest expense increased $129 million to $3.2 billion primarily due to continued investments in the business, including people and technology.

Six-Month Comparison

Net income for Global Banking increased $511 million to $4.1 billion due to higher revenue and lower provision for credit losses, partially offset by higher noninterest expense.

Net interest income increased $196 million to $6.4 billion primarily due to the same factors as described in the three-month discussion.

Noninterest income increased $646 million to $6.1 billion primarily due to higher investment banking fees, revenue from tax-related equity investment activity and higher treasury service charges, partially offset by gains related to sales of certain leveraged finance positions in the prior-year period.

The provision for credit losses decreased $31 million to $400 million primarily driven by improved asset quality within the commercial real estate portfolio, partially offset by loan growth in the commercial and industrial portfolio and a qualitative reserve build related to uncertainties associated with the ongoing conflicts in the Middle East.

Noninterest expense increased $168 million to $6.4 billion, primarily due to the same factors as described in the three-month discussion.

Bank of America 14

Global Corporate, Global Commercial and Business Banking

The following table and discussion present a summary of results, which exclude certain investment banking and other activities in Global Banking.



Global Corporate, Global Commercial and Business Banking

	Global Corporate Banking				Global Commercial Banking				Business Banking				Total
	Three Months Ended June 30
(Dollars in millions)	2026		2025		2026		2025		2026		2025		2026		2025
Revenue
Business Lending	$	893	$	1,006	$	1,118	$	1,141	$	50	$	55	$	2,061	$	2,202
Global Transaction Services	1,399		1,270		1,118		1,018		403		361		2,920		2,649
Total revenue, net of interest expense	$	2,292	$	2,276	$	2,236	$	2,159	$	453	$	416	$	4,981	$	4,851

Balance Sheet
Average
Total loans and leases	$	190,088	$	177,238	$	210,506	$	198,717	$	12,735	$	11,861	$	413,329	$	387,816
Total deposits	357,758		344,529		233,772		206,546		60,336		52,334		651,866		603,409

	Global Corporate Banking				Global Commercial Banking				Business Banking				Total
	Six Months Ended June 30
(Dollars in millions)	2026		2025		2026		2025		2026		2025		2026		2025
Revenue
Business Lending	$	1,985	$	1,955	$	2,255	$	2,250	$	98	$	109	$	4,338	$	4,314
Global Transaction Services	2,805		2,558		2,213		2,050		787		721		5,805		5,329
Total revenue, net of interest expense	$	4,790	$	4,513	$	4,468	$	4,300	$	885	$	830	$	10,143	$	9,643

Balance Sheet

Average
Total loans and leases	$	186,336	$	174,179	$	206,272	$	197,254	$	12,545	$	11,820	$	405,153	$	383,253
Total deposits	359,356		331,149		231,405		205,947		58,976		52,280		649,737		589,376

Period end
Total loans and leases	$	189,602	$	179,017	$	209,841	$	199,794	$	12,803	$	11,856	$	412,246	$	390,667
Total deposits	358,213		370,575		243,834		219,468		60,816		53,483		662,863		643,526

Business Lending revenue decreased $141 million for the three months ended June 30, 2026 compared to the same period a year ago primarily driven by the impact of lower interest rates, partially offset by the benefit of higher average loan balances. Business Lending revenue increased $24 million for the six months ended June 30, 2026 compared to the same period a year ago primarily driven by higher tax-related equity investment activity across the portfolios, as well as the benefit of higher average loan balances, largely offset by the impact of lower interest rates.

Global Transaction Services revenue increased $271 million for the three months ended June 30, 2026 primarily driven by the benefit of higher average deposit balances and treasury service charges, partially offset by the impact of lower interest rates. Global Transaction Services revenue increased $476 million for the six months ended June 30, 2026 primarily driven by the same factors as described in the three-month discussion.

Average loans and leases of $413.3 billion increased seven percent for the three months ended June 30, 2026, and average loans and leases of $405.2 billion increased six percent for the six months ended June 30, 2026 due to client demand.

Average deposits of $651.9 billion increased eight percent for the three months ended June 30, 2026, and average deposits of $649.7 billion increased 10 percent for the six months ended June 30, 2026 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 table below presents total Corporation investment banking fees and the portion attributable to Global Banking.

15 Bank of America



Investment Banking Fees

	Global Banking				Total Corporation				Global Banking				Total Corporation
	Three Months Ended June 30								Six Months Ended June 30

(Dollars in millions)	2026		2025		2026		2025		2026		2025		2026		2025
Products
Advisory	$	517	$	291	$	558	$	333	$	1,014	$	630	$	1,111	$	717
Debt issuance	417		346		1,113		837		837		755		2,099		1,779
Equity issuance	220		130		535		328		350		229		888		600
Gross investment banking fees	1,154		767		2,206		1,498		2,201		1,614		4,098		3,096
Self-led deals	(18)		(22)		(68)		(70)		(32)		(50)		(119)		(145)
Total investment banking fees	$	1,136	$	745	$	2,138	$	1,428	$	2,169	$	1,564	$	3,979	$	2,951

Total Corporation investment banking fees, which exclude self-led deals and are primarily included within Global Banking and Global Markets, were $2.1 billion and $4.0 billion for the three and six months ended June 30, 2026. The three-month period increased 50 percent compared to the same period in 2025 due to higher debt issuance, advisory and equity issuance fees. The six-month period increased 35 percent compared to the same period in 2025 due to higher advisory, debt issuance and equity issuance fees.

Global Markets



	Three Months Ended June 30								Six Months Ended June 30
(Dollars in millions)	2026			2025			% Change		2026			2025			% Change
Net interest income	$	1,911		$	1,267		51	%	$	3,772		$	2,456		54	%
Noninterest income:
Investment and brokerage services	729			642			14		1,489			1,269			17
Investment banking fees	965			666			45		1,727			1,347			28
Market making and similar activities	4,422			3,300			34		8,143			6,922			18
All other income	(5)			107			(105)		—			573			(100)
Total noninterest income	6,111			4,715			30		11,359			10,111			12
Total revenue, net of interest expense	8,022			5,982			34		15,131			12,567			20

Provision for credit losses	(11)			22			n/m		16			50			(68)
Noninterest expense	4,484			3,806			18		8,854			7,617			16
Income before income taxes	3,549			2,154			65		6,261			4,900			28
Income tax expense	923			625			48		1,628			1,421			15
Net income	$	2,626		$	1,529		72		$	4,633		$	3,479		33

Effective tax rate	26.0		%	29.0		%			26.0		%	29.0		%

Efficiency ratio	55.90			63.61					58.52			60.61
Return on average allocated capital	20			13					17			14


Balance Sheet	Three Months Ended June 30								Six Months Ended June 30
Average	2026			2025			% Change		2026			2025			% Change


Trading-related assets:
Trading account securities	$	371,536		$	343,971		8	%	$	379,481		$	345,273		10	%
Reverse repurchases	168,093			169,064			(1)		162,604			156,405			4
Securities borrowed	159,969			146,889			9		150,113			141,872			6
Derivative assets	47,340			40,489			17		46,305			40,864			13
Total trading-related assets	746,938			700,413			7		738,503			684,414			8
Total loans and leases	204,994			176,368			16		203,126			168,043			21
Total earning assets	885,914			825,835			7		880,124			796,875			10
Total assets	1,120,548			1,022,955			10		1,111,115			996,267			12
Total deposits	38,129			38,040			—		38,936			38,423			1
Allocated capital	53,500			49,000			9		53,500			49,000			9

Period end									June 30 2026			December 31 2025			% Change


Total trading-related assets									$	733,711		$	670,949		9	%
Total loans and leases									198,678			202,733			(2)
Total earning assets									873,890			814,196			7
Total assets									1,106,999			1,032,858			7
Total deposits									38,146			40,614			(6)

n/m = not meaningful

Bank of America 16

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 2025 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 non-GAAP financial measures. For more information on net DVA, see Supplemental Financial Data on page 6.

Three-Month Comparison

Net income for Global Markets increased $1.1 billion to $2.6 billion for the three months ended June 30, 2026 compared to the same period in 2025. Net DVA losses totaled $57 million compared to $51 million in 2025. Excluding net DVA, net income increased $1.1 billion to $2.7 billion. These increases were primarily driven by higher revenue, partially offset by higher noninterest expense.

Revenue increased $2.0 billion to $8.0 billion primarily due to higher sales and trading revenue and investment banking fees. Sales and trading revenue, including and excluding net DVA, increased $1.8 billion. These increases were primarily driven by higher revenue in Equities and Fixed-income, Currencies and Commodities (FICC).

Noninterest expense increased $678 million to $4.5 billion primarily driven by higher revenue-related expenses and continued investments in the business, including people and technology.

Average total assets increased $97.6 billion to $1.1 trillion for the three months ended June 30, 2026 compared to the same period in 2025 driven by increased financing activity and loan growth.

Six-Month Comparison

Net income for Global Markets increased $1.2 billion to $4.6 billion for the six months ended June 30, 2026 compared to the same period in 2025. Net DVA gains were $6 million compared to losses of $32 million in 2025. Excluding net DVA, net income increased $1.1 billion to $4.6 billion. These increases were primarily driven by higher revenue, partially offset by higher noninterest expense.

Revenue increased $2.6 billion to $15.1 billion primarily due to higher sales and trading revenue and investment banking fees, partially offset by gains related to sales of certain leveraged finance positions in the prior-year period. Sales and trading revenue, including and excluding net DVA, increased $2.5 billion. These increases were driven by higher revenue in Equities and FICC. For more information, see Sales and Trading Revenue in this section.

Noninterest expense increased $1.2 billion to $8.9 billion primarily driven by the same factors as described in the three-month discussion.

Average total assets increased $114.8 billion to $1.1 trillion for the six months ended June 30, 2026 compared to the same period in 2025 driven by increased financing activity, loan growth and higher levels of inventory. Period-end total assets increased $74.1 billion from December 31, 2025 to $1.1 trillion driven by increased financing activity.

Sales and Trading Revenue

For a description of sales and trading revenue, see Business Segment Operations in the MD&A of the Corporation’s 2025 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 6.



Sales and Trading Revenue (1, 2, 3)

	Three Months Ended June 30				Six Months Ended June 30
(Dollars in millions)	2026		2025		2026		2025
Sales and trading revenue
Fixed-income, currencies and commodities	$	3,476	$	3,195	$	7,021	$	6,674
Equities	3,622		2,133		6,464		4,319
Total sales and trading revenue	$	7,098	$	5,328	$	13,485	$	10,993

Sales and trading revenue, excluding net DVA (4)
Fixed-income, currencies and commodities	$	3,536	$	3,249	$	7,032	$	6,713
Equities	3,619		2,130		6,447		4,312
Total sales and trading revenue, excluding net DVA	$	7,155	$	5,379	$	13,479	$	11,025

(1)For more information on sales and trading revenue, see Note 3 – Derivatives to the Consolidated Financial Statements.

(2)Includes FTE adjustments of $222 million and $396 million for the three and six months ended June 30, 2026 compared to $216 million and $294 million for the same periods in 2025.

(3)Includes Global Banking sales and trading revenue of $227 million and $469 million for the three and six months ended June 30, 2026 compared to $212 million and $175 million for the same periods in 2025.

(4)FICC and Equities sales and trading revenue, excluding net DVA, is a non-GAAP financial measure. FICC net DVA losses were $60 million and $11 million for the three and six months ended June 30, 2026 compared to $54 million and $39 million for the same periods in 2025. Equities net DVA gains were $3 million and $17 million for the three and six months ended June 30, 2026 compared to $3 million and $7 million for the same periods in 2025.

17 Bank of America

Three-Month Comparison

Including and excluding net DVA, FICC revenue increased $281 million and $287 million for the three months ended June 30, 2026 compared to the same period in 2025. These increases were driven by improved trading performance in credit products and commodities. Including and excluding net DVA, Equities revenue increased $1.5 billion driven by increased client financing activity and a strong trading performance in derivatives and cash.

Six-Month Comparison

Including and excluding net DVA, FICC revenue increased $347 million and $319 million for the six months ended June 30, 2026 compared to the same period in 2025 due to the same factors as described in the three-month discussion. Including and excluding net DVA, Equities revenue increased $2.1 billion due to the same factors as described in the three-month discussion.

All Other



	Three Months Ended June 30						Six Months Ended June 30
(Dollars in millions)	2026		2025		% Change		2026		2025		% Change
Net interest income	$	(43)	$	(21)	105	%	$	(82)	$	(43)	91	%





Noninterest income (loss)	(701)		(812)		(14)		(1,385)		(1,484)		(7)
Total revenue, net of interest expense	(744)		(833)		(11)		(1,467)		(1,527)		(4)

Provision for credit losses	(9)		(9)		—		(18)		(17)		6


Noninterest expense	167		147		14		330		437		(24)
Loss before income taxes	(902)		(971)		(7)		(1,779)		(1,947)		(9)
Income tax benefit	(610)		(948)		(36)		(1,588)		(1,872)		(15)
Net loss	$	(292)	$	(23)	n/m		$	(191)	$	(75)	n/m

Balance Sheet
	Three Months Ended June 30						Six Months Ended June 30


Average	2026		2025		% Change		2026		2025		% Change
Total loans and leases	$	6,848	$	7,702	(11)	%	$	6,917	$	7,857	(12)	%
Total assets (1)	286,672		349,999		(18)		289,787		347,970		(17)
Total deposits	94,404		103,500		(9)		93,310		106,925		(13)

Period end							June 30 2026		December 31 2025		% Change




Total loans and leases							$	7,396	$	6,795	9	%
Total assets (1)							264,079		269,329		(2)
Total deposits							92,761		90,785		2

(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 $984.1 billion and $993.4 billion for the three and six months ended June 30, 2026 compared to $981.6 billion and $979.1 billion for the same periods in 2025, and period-end allocated assets were $982.1 billion and $1.0 trillion at June 30, 2026 and December 31, 2025.

n/m = not meaningful

All Other primarily consists of ALM activities, liquidating businesses and certain expenses not otherwise allocated to a business segment, and adjustments to allocate income tax benefits from tax-related equity investments to noninterest income to present Global Banking and Global Markets on an FTE basis. 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 increased $269 million to $292 million primarily driven by lower discrete tax benefits and lower renewable energy tax credits on certain tax-related equity investment activity.

Six-Month Comparison

The net loss in All Other increased $116 million to $191 million primarily driven by lower renewable energy tax credits on certain tax-related equity investment activity.

Bank of America 18

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, litigation 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 2025 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 2025 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 2025 Annual Report on Form 10-K.

CCAR and Capital Planning

The Federal Reserve requires BHCs with average total consolidated assets of $100 billion or more to submit a capital plan and planned capital actions on an annual basis, consistent with the rules governing the Comprehensive Capital Analysis and Review (CCAR) capital plan and associated stress capital buffer (SCB) requirements, which include supervisory stress testing by the Federal Reserve. The Corporation submitted its 2026 CCAR capital plan and related supervisory stress tests in April 2026. On June 24, 2026, the Federal Reserve released the results of the 2026 CCAR stress tests. As previously announced in February 2026, SCB requirements for large banks, including the Corporation, will not change until 2027. As a result, the Corporation’s SCB will remain at 2.5 percent through September 30, 2027, with a Common equity tier 1 (CET1) minimum requirement of 10.0 percent through December 31, 2026. The Corporation’s global systemically important bank (G-SIB) surcharge is expected to increase on January 1, 2027. For more information, see Regulatory Capital – Minimum Capital Requirements in this section.

The Board authorized a $40 billion common stock repurchase program, effective August 1, 2025. Pursuant to this

Board authorization, during the three months ended June 30, 2026, the Corporation repurchased $6.0 billion of common stock. For more information, including the remaining buyback authority amount as of June 30, 2026, see Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds on page 103 and Capital Management – CCAR and Capital Planning in the MD&A of the Corporation’s 2025 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 or discontinued 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).

Further, as part of our planned capital actions, during the three months ended June 30, 2026, the Corporation paid common stock dividends of $2.0 billion.

Regulatory Capital

As a BHC, we are subject to regulatory capital rules, including Basel 3, issued by U.S. banking regulators. Basel 3 established minimum capital ratios and buffer requirements and outlined two methods of calculating risk-weighted assets (RWA), the Standardized approach and the Advanced approaches. The Standardized approach relies primarily on supervisory risk weights based on exposure type, and the Advanced approaches determine risk weights based on internal models.

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 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 June 30, 2026, the Corporation’s binding ratio was the Tier 1 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 G-SIB surcharge. The buffers and surcharge must be comprised solely of CET1 capital. At June 30, 2026 and December 31, 2025, the Corporation’s minimum CET1 requirement was 10.0 percent under both the Standardized approach and the Advanced approaches. At June 30, 2026, the Corporation’s CET1 capital ratio was 11.2 percent under the Standardized approach and 12.5 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.

19 Bank of America

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. Under the current regulatory framework, on January 1, 2027, the Corporation’s G-SIB surcharge will increase by 50 bps to 2.0 percent under Method 1 and to 3.5 percent under Method 2, which will increase the Corporation’s minimum capital ratio requirements.

The Corporation and its insured depository institution subsidiaries are also required to maintain a minimum supplementary leverage ratio (SLR) plus a leverage buffer to avoid certain restrictions on capital distributions and discretionary bonus payments to executive officers. Prior to January 1, 2026, the minimum SLR requirement was 5.0 percent for the Corporation and 6.0 percent for its insured depository institutions. Effective January 1, 2026, the Corporation and its insured depository institutions early adopted a final rule on modified enhanced SLR requirements, resulting in

a minimum SLR requirement of 3.75 percent, which includes the leverage buffer, for both the Corporation and its insured depository institutions. At June 30, 2026, the Corporation’s SLR was 5.5 percent and BANA’s SLR was 5.9 percent, which both exceeded their minimum SLR requirement of 3.75 percent. For more information, see Capital Management – Regulatory Developments in the MD&A of the Corporation’s 2025 Annual Report on Form 10-K.

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 June 30, 2026 and December 31, 2025. For the periods presented herein, the Corporation met the definition of well capitalized under current regulatory requirements.



Table 8	Bank of America Corporation Regulatory Capital under Basel 3


		Standardized Approach			Advanced Approaches			Regulatory Minimum (1)
(Dollars in millions, except as noted)		June 30, 2026
Risk-based capital metrics:
Common equity tier 1 capital		$	201,581		$	201,581
Tier 1 capital		226,568			226,568
Total capital (2)		262,752			252,284
Risk-weighted assets (in billions)		1,792			1,613
Common equity tier 1 capital ratio		11.2		%	12.5		%	10.0	%
Tier 1 capital ratio		12.6			14.0			11.5
Total capital ratio		14.7			15.6			13.5

Leverage-based metrics:
Adjusted quarterly average assets (in billions) (3)		$	3,452		$	3,452
Tier 1 leverage ratio		6.6		%	6.6		%	4.0

Supplementary leverage exposure (in billions)					$	4,122
Supplementary leverage ratio					5.5		%	3.75

		December 31, 2025
Risk-based capital metrics:
Common equity tier 1 capital		$	201,410		$	201,410
Tier 1 capital		227,382			227,382
Total capital (2)		261,232			250,347
Risk-weighted assets (in billions)		1,773			1,570
Common equity tier 1 capital ratio		11.4		%	12.8		%	10.0	%
Tier 1 capital ratio		12.8			14.5			11.5
Total capital ratio		14.7			15.9			13.5

Leverage-based metrics:
Adjusted quarterly average assets (in billions) (3)		$	3,348		$	3,348
Tier 1 leverage ratio		6.8		%	6.8		%	4.0

Supplementary leverage exposure (in billions)					$	3,986
Supplementary leverage ratio					5.7		%	5.0

(1)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 2.5 percent at June 30, 2026 and December 31, 2025. The countercyclical capital buffer was zero for both periods. The SLR regulatory minimum at June 30, 2026 and December 31, 2025 includes a leverage buffer of 0.75 percent and 2.0 percent.

(2)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.

(3)Reflects total average assets adjusted for certain Tier 1 capital deductions.

At June 30, 2026, CET1 capital was $201.6 billion, an increase of $171 million from December 31, 2025, primarily due to earnings, largely offset by capital distributions and accumulated OCI. Tier 1 capital decreased $814 million driven by the same factors as CET1 capital and a preferred stock redemption. Total capital under the Standardized approach increased $1.5 billion driven by the same factors as Tier 1 capital, a subordinated debt issuance and a decrease 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 June 30, 2026, increased $19.3 billion during the second quarter of 2026 to $1,792 billion primarily driven by growth in Global Banking and Global Markets, partially offset by GWIM. Supplementary leverage exposure at June 30, 2026 increased $135.8 billion primarily driven by increased activity in Global Markets and loan growth.

Bank of America 20

Table 9 shows the capital composition at June 30, 2026 and December 31, 2025.



Table 9	Capital Composition under Basel 3


(Dollars in millions)		June 30 2026		December 31 2025
Total common shareholders’ equity		$	276,098	$	277,251

Goodwill, net of related deferred tax liabilities		(68,651)		(68,651)
Deferred tax assets arising from net operating loss and tax credit carryforwards		(8,561)		(8,761)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities		(1,357)		(1,386)
Defined benefit pension plan net assets		(886)		(868)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net-of-tax		1,541		1,825
Accumulated net (gain) loss on certain cash flow hedges (1)		3,413		2,020
Other		(16)		(20)
Common equity tier 1 capital		201,581		201,410
Qualifying preferred stock, net of issuance cost		24,995		25,991
Other		(8)		(19)
Tier 1 capital		226,568		227,382
Tier 2 capital instruments		22,348		19,627
Qualifying allowance for credit losses		14,318		14,431
Other		(482)		(208)
Total capital under the Standardized approach		262,752		261,232
Adjustment in qualifying allowance for credit losses under the Advanced approaches		(10,468)		(10,885)
Total capital under the Advanced approaches		$	252,284	$	250,347

(1)Includes amounts in accumulated OCI related to the hedging of items that are not recognized at fair value on the Consolidated Balance Sheet.

Table 10 shows the components of RWA as measured under Basel 3 at June 30, 2026 and December 31, 2025.



Table 10	Risk-weighted Assets under Basel 3

		Standardized Approach		Advanced Approaches		Standardized Approach		Advanced Approaches
(Dollars in billions)		June 30, 2026				December 31, 2025

Credit risk		$	1,710	$	1,120	$	1,694	$	1,087
Market risk		82		82		79		79
Operational risk		n/a		358		n/a		357
Risks related to credit valuation adjustments		n/a		53		n/a		47
Total risk-weighted assets		$	1,792	$	1,613	$	1,773	$	1,570

n/a = not applicable

21 Bank of America

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 June 30, 2026 and December 31, 2025. BANA met the definition of well capitalized under the PCA framework for both periods.



Table 11	Bank of America, N.A. Regulatory Capital under Basel 3

		Standardized Approach			Advanced Approaches			Regulatory Minimum (1)
(Dollars in millions, except as noted)		June 30, 2026
Risk-based capital metrics:
Common equity tier 1 capital		$	186,728		$	186,728
Tier 1 capital		186,728			186,728
Total capital (2)		202,413			192,214
Risk-weighted assets (in billions)		1,544			1,259
Common equity tier 1 capital ratio		12.1		%	14.8		%	7.0	%
Tier 1 capital ratio		12.1			14.8			8.5
Total capital ratio		13.1			15.3			10.5

Leverage-based metrics:
Adjusted quarterly average assets (in billions) (3)		$	2,625		$	2,625
Tier 1 leverage ratio		7.1		%	7.1		%	5.0

Supplementary leverage exposure (in billions)					$	3,161
Supplementary leverage ratio					5.9		%	3.75

		December 31, 2025
Risk-based capital metrics:
Common equity tier 1 capital		$	190,831		$	190,831
Tier 1 capital		190,831			190,831
Total capital (2)		206,640			196,006
Risk-weighted assets (in billions)		1,530			1,227
Common equity tier 1 capital ratio		12.5		%	15.6		%	7.0	%
Tier 1 capital ratio		12.5			15.6			8.5
Total capital ratio		13.5			16.0			10.5

Leverage-based metrics:
Adjusted quarterly average assets (in billions) (3)		$	2,592		$	2,592
Tier 1 leverage ratio		7.4		%	7.4		%	5.0

Supplementary leverage exposure (in billions)					$	3,101
Supplementary leverage ratio					6.2		%	6.0

(1)Risk-based capital regulatory minimums at both June 30, 2026 and December 31, 2025 are the minimum ratios under Basel 3 including a capital conservation buffer of 2.5 percent. The regulatory minimums for the Tier 1 leverage ratios as of both period ends, and the SLR as of December 31, 2025, are the percent required to be considered well capitalized under the PCA framework.

(3)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 June 30, 2026 and December 31, 2025.

Bank of America 22



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

		TLAC			Regulatory Minimum (1)		Long-term Debt			Regulatory Minimum (2)
(Dollars in millions)		June 30, 2026
Total eligible balance		$	471,209				$	229,637
Percentage of risk-weighted assets (3)		26.3		%	22.0	%	12.8		%	9.0	%
Percentage of supplementary leverage exposure		11.4			8.25		5.6			3.25

		December 31, 2025
Total eligible balance		$	466,728				$	225,518
Percentage of risk-weighted assets (3)		26.3		%	22.0	%	12.7		%	9.0	%
Percentage of supplementary leverage exposure		11.7			9.5		5.7			4.5

(1)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 0.75 percent TLAC leverage buffer. The TLAC RWA and leverage buffers must be comprised solely of CET1 capital and Tier 1 capital, respectively.

(2)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 3.25 percent, consisting of 2.5 percent plus a 0.75 percent long-term debt leverage buffer.

(3)The approach that yields the higher RWA is used to calculate TLAC and long-term debt ratios, which was the Standardized approach as of June 30, 2026 and December 31, 2025.

Regulatory Developments

The following supplements the disclosure in Capital Management – Regulatory Developments in the MD&A of the Corporation’s 2025 Annual Report on Form 10-K.

On March 19, 2026, the Federal Reserve, Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation issued a notice of proposed rulemaking (NPR) regarding risk-based capital requirements for large banking organizations. Separately, the Federal Reserve issued an NPR that would revise the calculation of the G-SIB surcharge. Any final rules issued are subject to change from the current proposals. The Corporation is evaluating the potential impact of the proposed rules on its regulatory 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 SEC alternative net capital requirements, is required to regularly 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. In accordance with CFTC net capital requirements, BofAS is required to hold a certain percentage of its customers' and affiliates' risk-based margin if greater than the SEC’s minimum net capital requirement. At June 30, 2026, BofAS had tentative net capital of $25.8 billion. BofAS also had

regulatory net capital of $21.1 billion, which exceeded the minimum requirement of $5.4 billion.

MLPF&S provides retail services and is required to maintain net capital that is the greater of $250,000 or two percent of a certain component of its reserve calculation. At June 30, 2026, MLPF&S' regulatory net capital was $11.4 billion, which exceeded the minimum requirement of $227 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 June 30, 2026, MLI’s capital resources were $34.3 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 June 30, 2026, BofASE's capital resources were $11.6 billion, which exceeded the minimum Pillar 1 requirement of $4.4 billion.

In addition, MLI and BofASE remained conditionally registered with the SEC as security-based swap dealers, and maintained net liquid assets at June 30, 2026 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 June 30, 2026.

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 helped enable us to effectively navigate market volatility arising from the interest rate environment, inflationary pressures and broader macroeconomic changes.

We define liquidity as readily available assets, limited to cash and high-quality, liquid, unencumbered securities that we

23 Bank of America

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 2025 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 2025 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 June 30, 2026 and December 31, 2025.



Table 13	Average Global Liquidity Sources

		Three Months Ended

(Dollars in billions)		June 30 2026		December 31 2025

Bank entities		$	759	$	789
Nonbank and other entities (1)		188		186
Total Average Global Liquidity Sources		$	947	$	975

(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 $357 billion and $343 billion at June 30, 2026 and December 31, 2025. 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.

Table 14 presents the composition of average GLS for the three months ended June 30, 2026 and December 31, 2025.



Table 14	Average Global Liquidity Sources Composition

		Three Months Ended


(Dollars in billions)		June 30 2026		December 31 2025
Cash on deposit		$	251	$	227
U.S. Treasury securities		298		371
U.S. agency securities, mortgage-backed securities, and other investment-grade securities		356		336
Non-U.S. government securities		42		41
Total Average Global Liquidity Sources		$	947	$	975

Our GLS are substantially the same in composition as 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

Bank of America 24

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 $684 billion and $667 billion for the three months ended June 30, 2026 and December 31, 2025. For both periods, the average consolidated LCR was 112 percent. Our LCR may fluctuate 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 2025 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. For the three months ended March 31, 2026 and June 30, 2026, the average consolidated NSFR was 119 percent and 117 percent.

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 $2.03 trillion and $2.02 trillion at June 30, 2026 and December 31, 2025. 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 June 30, 2026, 47 percent of our deposits were in Consumer Banking, 14 percent in GWIM and 33 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 June 30, 2026, approximately 70 percent of consumer and small business deposits and approximately 83 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 June 30, 2026 and December 31, 2025, 27 percent and 26 percent of our deposits were noninterest bearing and were primarily operating accounts of our consumer and commercial clients. Deposits at June 30, 2026 increased $6.4 billion from December 31, 2025 primarily due to deposit growth in Global Banking, partially offset by lower deposits in GWIM due to an expected seasonal decline from customer tax payments.

During the three months ended June 30, 2026 and 2025, rates paid on deposits were 48 bps and 58 bps in Consumer Banking, 202 bps and 247 bps in GWIM, and 223 bps and 277 bps in Global Banking. For information on rates paid on consolidated deposit balances, see Table 6 on page 8.

Long-term Debt

During the six months ended June 30, 2026, we issued $73.8 billion of long-term debt consisting of $22.7 billion of notes issued by Bank of America Corporation, substantially all of which were TLAC compliant, $24.2 billion of notes issued by Bank of America, N.A. and $26.9 billion of other debt, which was primarily structured notes.

During the six months ended June 30, 2026, we had total long-term debt maturities and redemptions in the aggregate of $51.2 billion consisting of $20.0 billion for Bank of America Corporation, $13.5 billion for Bank of America, N.A. and $17.7 billion of other debt. Table 15 presents the carrying value of aggregate annual contractual maturities of long-term debt at June 30, 2026.

25 Bank of America



Table 15	Long-term Debt by Maturity

(Dollars in millions)		Remainder of 2026		2027		2028		2029		2030		Thereafter		Total
Bank of America Corporation
Senior notes (1)		$	411	$	11,624	$	30,085	$	26,644	$	12,070	$	104,395	$	185,229
Senior structured notes		838		1,953		553		1,457		1,051		16,192		22,044
Subordinated notes		2,906		2,006		869		—		—		20,420		26,201
Junior subordinated notes		—		178		—		—		—		557		735
Total Bank of America Corporation		4,155		15,761		31,507		28,101		13,121		141,564		234,209
Bank of America, N.A.
Senior notes		8,464		15,451		687		—		—		—		24,602
Subordinated notes		—		—		—		—		—		1,398		1,398
Advances from Federal Home Loan Banks		1,402		5,806		7		2		5		27		7,249
Securitizations and other bank VIEs (2)		1,500		1,295		1,878		1,980		542		179		7,374
Other		34		207		113		174		—		3		531
Total Bank of America, N.A.		11,400		22,759		2,685		2,156		547		1,607		41,154
Other debt
Structured liabilities		4,727		12,671		7,000		4,931		4,997		29,993		64,319
Nonbank VIEs (2)		—		—		—		—		2		179		181
Total other debt		4,727		12,671		7,000		4,931		4,999		30,172		64,500
Total		$	20,282	$	51,191	$	41,192	$	35,188	$	18,667	$	173,343	$	339,863

(1)Total includes $176.9 billion of outstanding senior notes that are both TLAC eligible and callable one year before their stated maturities, including $11.7 billion during the remainder of 2026, and $27.1 billion, $27.8 billion, $12.0 billion and $21.4 billion during each year of 2027 through 2030, respectively, and $76.9 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 2025 Annual Report on Form 10-K.

(2)Represents liabilities of consolidated variable interest entities (VIEs) included in long-term debt on the Consolidated Balance Sheet.

Total long-term debt increased $22.0 billion to $339.9 billion during the six months ended June 30, 2026 primarily due to debt issuances, partially offset by maturities and valuation adjustments. 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 six months ended June 30, 2026, we issued $31.4 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 2025 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 43.

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 and its subsidiaries have not changed from those disclosed in the Corporation's 2025 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 2025 Annual Report on Form 10-K.

Bank of America 26



Table 16	Senior Debt Ratings

		Moody’s Investors Service			Standard & Poor’s Global Ratings			Fitch Ratings
		Long-term	Short-term	Outlook	Long-term	Short-term	Outlook	Long-term	Short-term	Outlook
Bank of America Corporation		A1	P-1	Stable	A-	A-2	Stable	AA-	F1+	Stable
Bank of America, N.A.		Aa2	P-1	Stable	A+	A-1	Stable	AA	F1+	Stable
Bank of America Europe Designated Activity Company		NR	NR	NR	A+	A-1	Stable	AA	F1+	Stable
Merrill Lynch, Pierce, Fenner & Smith Incorporated		NR	NR	NR	A+	A-1	Stable	AA	F1+	Stable
BofA Securities, Inc.		NR	NR	NR	A+	A-1	Stable	AA	F1+	Stable
Merrill Lynch International		NR	NR	NR	A+	A-1	Stable	AA	F1+	Stable
BofA Securities Europe SA		NR	NR	NR	A+	A-1	Stable	AA	F1+	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 June 30, 2026. 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 2025 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 2025 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 27, Commercial Portfolio Credit Risk Management on page 32, Non-U.S. Portfolio on page 38, Allowance for Credit Losses on page 39, 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 2025 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 2025 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 2025 Annual Report on Form 10-K.

During the six months ended June 30, 2026, our net charge-off ratio decreased compared to the same period in 2025 primarily driven by lower commercial real estate office charge-offs. Commercial reservable criticized exposure decreased $2.7

billion compared to December 31, 2025 driven by commercial real estate as well as the commercial and industrial portfolio. Nonperforming loans remained relatively unchanged compared to December 31, 2025 at $5.8 billion. Uncertainties surrounding geopolitical tensions, particularly related to the ongoing conflicts in the Middle East, and persistent inflationary pressures continue to weigh on the broader economic outlook. 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 six months ended June 30, 2026, the U.S. unemployment rate and home prices remained relatively stable. During the three months ended June 30, 2026, net charge-offs remained relatively unchanged at $1.0 billion compared to the same period in 2025. During the six months ended June 30, 2026, net charge-offs decreased $79 million to $2.1 billion compared to the same period in 2025, primarily due to improvement in the credit card portfolio.

The consumer allowance for loan and lease losses decreased $134 million to $8.2 billion from December 31, 2025. For more information, see Allowance for Credit Losses on page 39.

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 2025 Annual Report on Form 10-K and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements.

27 Bank of America

Table 17 presents our outstanding consumer loans and leases, consumer nonperforming loans and accruing consumer loans past due 90 days or more.



Table 17	Consumer Credit Quality

		Outstandings				Nonperforming						Accruing Past Due 90 Days or More


(Dollars in millions)		June 30 2026		December 31 2025		June 30 2026			December 31 2025			June 30 2026			December 31 2025
Residential mortgage (1)		$	236,316	$	236,302	$	2,049		$	2,008		$	219		$	207
Home equity		27,114		26,823		371			392			—			—
Credit card		105,659		106,027		n/a			n/a			1,241			1,351
Direct/Indirect consumer (2)		118,327		114,130		170			176			1			5
Other consumer		182		144		—			—			—			—
Consumer loans excluding loans accounted for under the fair value option		$	487,598	$	483,426	$	2,590		$	2,576		$	1,461		$	1,563
Loans accounted for under the fair value option (3)		159		165
Total consumer loans and leases		$	487,757	$	483,591
Percentage of outstanding consumer loans and leases (4)		n/a		n/a		0.53		%	0.53		%	0.30		%	0.32		%
Percentage of outstanding consumer loans and leases, excluding fully-insured loan portfolios (4)		n/a		n/a		0.54			0.54			0.26			0.29

(1)Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At June 30, 2026 and December 31, 2025, residential mortgage included $119 million and $104 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 $100 million and $103 million of loans on which interest was still accruing.

(2)Outstandings primarily includes auto and specialty lending loans and leases of $52.4 billion and $55.3 billion, U.S. securities-based lending loans of $61.9 billion and $55.0 billion, and non-U.S. consumer loans of $3.2 billion and $3.0 billion at June 30, 2026 and December 31, 2025.

(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 June 30, 2026 and December 31, 2025, 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 18	Consumer Net Charge-offs and Related Ratios

		Net Charge-offs (1)								Net Charge-off Ratios (1)
		Three Months Ended June 30				Six Months Ended June 30				Three Months Ended June 30				Six Months Ended June 30

(Dollars in millions)		2026		2025		2026		2025		2026		2025		2026		2025
Residential mortgage		$	1	$	2	$	6	$	2	—	%	—	%	—	%	—	%
Home equity		(6)		(10)		(13)		(22)		(0.09)		(0.15)		(0.09)		(0.17)
Credit card		919		954		1,843		1,955		3.55		3.82		3.59		3.94

Direct/Indirect consumer		56		47		130		117		0.19		0.17		0.23		0.22
Other consumer		70		66		133		126		n/m		n/m		n/m		n/m
Total		$	1,040	$	1,059	$	2,099	$	2,178	0.86		0.90		0.88		0.94

(1)Negative numbers represent net recoveries. 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 48 percent of consumer loans and leases at June 30, 2026. Approximately 49 percent of the residential mortgage portfolio was in Consumer Banking, 48 percent was in GWIM and the remaining portion was in Global Markets and All Other.

Outstanding balances in the residential mortgage portfolio were relatively unchanged during the six months ended June 30, 2026.

At June 30, 2026 and December 31, 2025, the residential mortgage portfolio included $8.7 billion and $9.1 billion of outstanding fully-insured loans, of which $1.8 billion and $1.9 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.

Bank of America 28



Table 19	Residential Mortgage – Key Credit Statistics

		Reported Basis (1)						Excluding Fully-insured Loans (1)


(Dollars in millions)		June 30 2026			December 31 2025			June 30 2026			December 31 2025
Outstandings		$	236,316		$	236,302		$	227,665		$	227,227
Accruing past due 30 days or more		1,691			1,609			1,271			1,159
Accruing past due 90 days or more		219			207			—			—
Nonperforming loans (2)		2,049			2,008			2,049			2,008
Percent of portfolio
Refreshed LTV greater than 90 but less than or equal to 100		1		%	1		%	1		%	1		%
Refreshed LTV greater than 100		1			1			1			1
Refreshed FICO below 620		2			2			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 increased $41 million to $2.0 billion during the six months ended June 30, 2026 driven by extended relief provided to borrowers for their residential rebuilding efforts after the 2025 California wildfires. Of the nonperforming residential mortgage loans at June 30, 2026, $1.2 billion, or 58 percent, were current on contractual payments. Excluding fully-insured loans, loans accruing past due 30 days or more increased $112 million to $1.3 billion during the six months ended June 30, 2026.

Of the $227.7 billion in total residential mortgage loans outstanding at June 30, 2026, $66.1 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 $3.7 billion, or six percent, at June 30, 2026. 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 June 30, 2026, $42 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 $1.3

billion, or less than one percent, for the entire residential mortgage portfolio. In addition, at June 30, 2026, $158 million, or four percent, of outstanding interest-only residential mortgage loans that had entered the amortization period were nonperforming, of which $46 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 2028 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 14 percent and 15 percent of outstandings at June 30, 2026 and December 31, 2025. The Los Angeles-Long Beach-Santa Ana MSA within California represented 14 percent of outstandings at both June 30, 2026 and December 31, 2025.



Table 20	Residential Mortgage State Concentrations

		Outstandings (1)				Nonperforming (1)				Net Charge-offs (2)
		June 30 2026		December 31 2025		June 30 2026		December 31 2025		Three Months Ended June 30				Six Months Ended June 30
(Dollars in millions)										2026		2025		2026		2025



California		$	83,223	$	82,719	$	677	$	601	$	2	$	2	$	2	$	2
New York		25,861		25,927		279		277		—		—		1		—
Florida		16,885		16,696		136		139		(1)		—		(1)		—
Massachusetts		9,577		9,674		42		51		—		—		—		—
New Jersey		9,360		9,474		78		83		(1)		—		—		—
Other		82,759		82,737		837		857		1		—		4		—
Residential mortgage loans		$	227,665	$	227,227	$	2,049	$	2,008	$	1	$	2	$	6	$	2
Fully-insured loan portfolio		8,651		9,075

Total residential mortgage loan portfolio		$	236,316	$	236,302

(1)Outstandings and nonperforming loans exclude loans accounted for under the fair value option.

(2)Negative numbers represent net recoveries.

Home Equity

At June 30, 2026, 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 June 30, 2026, 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 $291 million during the six months ended June 30, 2026 primarily due to draws on existing lines and new originations outpacing paydowns. Of the total home equity portfolio at June 30, 2026 and December 31, 2025, $8.8 billion and $8.9 billion, or 33 percent for both periods, were in first-lien positions.

29 Bank of America

At June 30, 2026, 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 $4.8 billion, or 18 percent, of our total home equity portfolio.

Unused HELOCs totaled $42.3 billion and $43.1 billion at June 30, 2026 and December 31, 2025. The HELOC utilization rate was 39 percent and 38 percent at June 30, 2026 and December 31, 2025.

Table 21 presents certain home equity portfolio key credit statistics.



Table 21	Home Equity – Key Credit Statistics (1)



(Dollars in millions)							June 30 2026		December 31 2025
Outstandings							$	27,114	$	26,823
Accruing past due 30 days or more				75		87
Nonperforming loans (2)							371		392
Percent of portfolio
Refreshed CLTV greater than 90 but less than or equal to 100		—	%	—	%
Refreshed CLTV greater than 100				—		—
Refreshed FICO below 620							3		3

(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 $21 million to $371 million during the six months ended June 30, 2026. Of the nonperforming home equity loans at June 30, 2026, $231 million, or 62 percent, were current on contractual payments. In addition, $71 million, or 19 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 six months ended June 30, 2026.

Of the $27.1 billion in total home equity portfolio outstandings at June 30, 2026, as shown in Table 21, nine 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 June 30, 2026. 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 June 30, 2026, $23 million, or one percent, of outstanding HELOCs that had entered the

amortization period were accruing past due 30 days or more. In addition, at June 30, 2026, $193 million, or six percent, were nonperforming.

For our interest-only HELOC portfolio, we can determine how many of our home equity customers pay only the minimum amount due on their home equity loans and lines through a review of our HELOC portfolio that we service and is still in its revolving period. During the six months ended June 30, 2026, 21 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 of the outstanding home equity portfolio at both June 30, 2026 and December 31, 2025. The Los Angeles-Long Beach-Santa Ana MSA within California made up 10 percent of the outstanding home equity portfolio at both June 30, 2026 and December 31, 2025.



Table 22	Home Equity State Concentrations

		Outstandings (1)				Nonperforming (1)				Net Charge-offs (2)


		June 30 2026		December 31 2025		June 30 2026		December 31 2025		Three Months Ended June 30				Six Months Ended June 30
(Dollars in millions)										2026		2025		2026		2025
California		$	7,283	$	7,219	$	106	$	108	$	(1)	$	(3)	$	(3)	$	(5)
Florida		2,563		2,588		40		43		(1)		(1)		(2)		(2)
New Jersey		1,890		1,871		24		27		(1)		(1)		(2)		(2)
Texas		1,708		1,674		18		17		1		—		1		—
New York		1,396		1,421		50		55		(1)		(1)		(2)		(3)
Other		12,274		12,050		133		142		(3)		(4)		(5)		(10)
Total home equity loan portfolio		$	27,114	$	26,823	$	371	$	392	$	(6)	$	(10)	$	(13)	$	(22)

(1)Outstandings and nonperforming loans exclude loans accounted for under the fair value option.

(2)Negative numbers represent net recoveries.

Credit Card

At June 30, 2026, 96 percent of the credit card portfolio was managed in Consumer Banking with the remainder in GWIM. Outstandings in the credit card portfolio remained relatively unchanged at $105.7 billion during the six months ended June 30, 2026.

Net charge-offs decreased $35 million to $919 million and decreased $112 million to $1.8 billion during the three and six months ended June 30, 2026 compared to the same periods in 2025, as asset quality continued to improve. Credit card loans 30 days or more past due decreased $252 million to $2.4 billion, and 90 days or more past due decreased $110 million to $1.2 billion during the six months ended June 30, 2026.

Bank of America 30

Unused lines of credit for credit card increased to $430.1 billion at June 30, 2026 from $417.6 billion at December 31, 2025.

Table 23 presents certain state concentrations for the credit card portfolio.



Table 23	Credit Card State Concentrations

		Outstandings				Past Due 90 Days or More				Net Charge-offs


		June 30 2026		December 31 2025		June 30 2026		December 31 2025		Three Months Ended June 30				Six Months Ended June 30
(Dollars in millions)										2026		2025		2026		2025
California		$	17,567	$	17,664	$	228	$	241	$	166	$	186	$	334	$	379
Florida		11,110		11,169		173		192		131		126		263		267
Texas		9,395		9,403		124		142		95		94		190		193
Washington		5,954		5,853		44		47		31		32		62		63
New York		5,774		5,822		76		80		55		58		109		118
Other		55,859		56,116		596		649		441		458		885		935
Total credit card portfolio		$	105,659	$	106,027	$	1,241	$	1,351	$	919	$	954	$	1,843	$	1,955

Direct/Indirect Consumer

At June 30, 2026, 44 percent of the direct/indirect portfolio was included in Consumer Banking (consumer auto and recreational vehicle lending) and 56 percent was included in GWIM (principally securities-based lending loans). Outstandings

in the direct/indirect portfolio increased $4.2 billion during the six months ended June 30, 2026 to $118.3 billion driven by an increase in securities-based lending.

Table 24 presents certain state concentrations for the direct/indirect consumer loan portfolio.



Table 24	Direct/Indirect State Concentrations

		Outstandings				Nonperforming				Net Charge-offs


		June 30 2026		December 31 2025		June 30 2026		December 31 2025		Three Months Ended June 30				Six Months Ended June 30
(Dollars in millions)										2026		2025		2026		2025

California		$	17,862	$	17,247	$	42	$	44	$	22	$	12	$	47	$	29
Florida		16,347		15,127		16		20		5		7		14		15
Texas		11,436		11,051		16		17		6		6		14		14
New York		8,565		8,019		25		10		2		2		4		7
New Jersey		5,032		4,740		6		6		1		2		3		3
Other		59,085		57,946		65		79		20		18		48		49
Total direct/indirect loan portfolio		$	118,327	$	114,130	$	170	$	176	$	56	$	47	$	130	$	117

Other Consumer

Other consumer primarily consists of deposit overdraft balances. Net charge-offs increased $4 million to $70 million and $7 million to $133 million during the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily driven by higher overdraft losses.

Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity

Table 25 presents nonperforming consumer loans, leases and foreclosed properties activity for the three and six months ended June 30, 2026 and 2025. During the six months ended June 30, 2026, nonperforming consumer loans remained relatively unchanged at $2.6 billion.

At June 30, 2026, $480 million, or 19 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 June 30, 2026, $1.5 billion, or 57 percent, of nonperforming consumer loans were current and classified as nonperforming loans in accordance with applicable policies.

During the six months ended June 30, 2026, foreclosed properties increased $7 million to $97 million.

31 Bank of America



Table 25	Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity

		Three Months Ended June 30						Six Months Ended June 30
(Dollars in millions)		2026			2025			2026		2025
Nonperforming loans and leases, beginning of period		$	2,680		$	2,613		$	2,576	$	2,647
Additions		305			264			700		506
Reductions:
Paydowns and payoffs		(135)			(132)			(253)		(243)
Sales		(87)			(1)			(87)		(2)
Returns to performing status (1)		(156)			(157)			(306)		(311)
Charge-offs		(12)			(13)			(27)		(18)
Transfers to foreclosed properties		(5)			(10)			(13)		(15)

Total net additions (reductions) to nonperforming loans and leases		(90)			(49)			14		(83)
Total nonperforming loans and leases, June 30		2,590			2,564			2,590		2,564
Foreclosed properties, June 30		97			94			97		94
Nonperforming consumer loans, leases and foreclosed properties, June 30		$	2,687		$	2,658		$	2,687	$	2,658
Nonperforming consumer loans and leases as a percentage of outstanding consumer loans and leases (2)		0.53		%	0.54		%
Nonperforming consumer loans, leases and foreclosed properties as a percentage of outstanding consumer loans, leases and foreclosed properties (2)		0.55			0.56

(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)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 36.

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 2025 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 $27.8 billion during the six months ended June 30, 2026 due to growth in U.S. and Non-U.S. commercial, primarily in Global Banking and GWIM. During the six months ended June 30, 2026, commercial credit quality improved, as the reservable criticized utilized exposure decreased $2.7 billion and reservable criticized utilized exposure rate improved to 2.89 percent from 3.37 percent as of December 31, 2025.

Nonperforming commercial loans decreased $67 million during the six months ended June 30, 2026, primarily due to commercial real estate. Commercial net charge-offs decreased $94 million and $77 million to $372 million and $722 million during the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to continued asset quality improvement in the commercial real estate portfolio, partially offset by higher charge-offs in commercial and industrial.

We are closely monitoring emerging trends, including the ongoing conflicts in the Middle East and elevated energy prices, as well as borrower performance in the current environment.

The commercial allowance for loan and lease losses increased $45 million during the six months ended June 30, 2026 to $4.9 billion. For more information, see Allowance for Credit Losses on page 39.

Total commercial utilized credit exposure increased $38.7 billion during the six months ended June 30, 2026 to $847.0 billion primarily driven by higher loans and leases, as well as derivative assets. The utilization rate for loans and leases, standby letters of credit (SBLCs) and financial guarantees, and commercial letters of credit, in the aggregate, was 55 percent at both June 30, 2026 and December 31, 2025.

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.

Bank of America 32



Table 26	Commercial Credit Exposure by Type

		Commercial Utilized (1)				Commercial Unfunded (2, 3, 4)				Total Commercial Committed


(Dollars in millions)		June 30 2026		December 31 2025		June 30 2026		December 31 2025		June 30 2026		December 31 2025
Loans and leases		$	729,862	$	702,109	$	616,239	$	596,676	$	1,346,101	$	1,298,785
Derivative assets (5)		45,336		40,881		—		—		45,336		40,881
Standby letters of credit and financial guarantees		37,393		35,048		2,187		2,081		39,580		37,129
Debt securities and other investments		20,803		19,155		3,465		3,391		24,268		22,546
Loans held-for-sale		3,978		3,450		8,345		17,151		12,323		20,601
Operating leases		6,283		5,686		—		—		6,283		5,686
Commercial letters of credit		839		748		—		—		839		748
Other		2,552		1,312		—		—		2,552		1,312
Total		$	847,046	$	808,389	$	630,236	$	619,299	$	1,477,282	$	1,427,688

(1)Commercial utilized exposure includes loans of $3.2 billion and $3.3 billion accounted for under the fair value option at June 30, 2026 and December 31, 2025.

(2)Commercial unfunded exposure includes commitments accounted for under the fair value option with a notional amount of $3.2 billion and $2.3 billion at June 30, 2026 and December 31, 2025.

(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 $10.5 billion and $10.6 billion at June 30, 2026 and December 31, 2025.

(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 $33.8 billion and $27.2 billion at June 30, 2026 and December 31, 2025. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $84.7 billion and $71.4 billion at June 30, 2026 and December 31, 2025, which consists primarily of other marketable securities.

Nonperforming commercial loans decreased $67 million during the six months ended June 30, 2026, driven by commercial real estate. Table 27 presents our commercial loans and leases portfolio and related credit quality information at June 30, 2026 and December 31, 2025.



Table 27	Commercial Credit Quality

		Outstandings				Nonperforming				Accruing Past Due 90 Days or More

(Dollars in millions)		June 30 2026		December 31 2025		June 30 2026		December 31 2025		June 30 2026		December 31 2025
Commercial and industrial:
U.S. commercial		$	456,632	$	436,242	$	1,674	$	1,404	$	127	$	302
Non-U.S. commercial		159,894		155,045		312		80		35		9
Total commercial and industrial		616,526		591,287		1,986		1,484		162		311
Commercial real estate		71,097		68,748		1,068		1,596		33		10
Commercial lease financing		15,402		16,241		62		97		25		33
		703,025		676,276		3,116		3,177		220		354
U.S. small business commercial (1)		23,637		22,500		45		51		181		204
Commercial loans excluding loans accounted for under the fair value option		$	726,662	$	698,776	$	3,161	$	3,228	$	401	$	558
Loans accounted for under the fair value option (2)		3,200		3,333
Total commercial loans and leases		$	729,862	$	702,109

(1)Includes card-related products.

(2)Commercial loans accounted for under the fair value option includes U.S. commercial of $2.2 billion and $2.1 billion and non-U.S. commercial of $1.0 billion and $1.2 billion at June 30, 2026 and December 31, 2025. 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 three and six months ended June 30, 2026 and 2025.



Table 28	Commercial Net Charge-offs and Related Ratios

		Net Charge-offs								Net Charge-off Ratios (1)
		Three Months Ended June 30				Six Months Ended June 30				Three Months Ended June 30				Six Months Ended June 30
(Dollars in millions)		2026		2025		2026		2025		2026		2025		2026		2025
Commercial and industrial:
U.S. commercial		$	180	$	129	$	312	$	199	0.16	%	0.13	%	0.14	%	0.10	%
Non-U.S. commercial		53		—		60		7		0.13		—		0.08		0.01
Total commercial and industrial		233		129		372		206		0.15		0.09		0.12		0.08
Commercial real estate		2		202		58		325		0.01		1.24		0.17		1.00
Commercial lease financing		—		1		12		1		—		0.02		0.14		0.01
		235		332		442		532		0.13		0.21		0.13		0.17
U.S. small business commercial		137		134		280		267		2.35		2.48		2.45		2.52
Total commercial		$	372	$	466	$	722	$	799	0.20		0.29		0.20		0.25

(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.

33 Bank of America

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 $22.1 billion decreased $2.7 billion, or 11 percent, during the six months ended June 30,

2026 primarily driven by commercial real estate and U.S. commercial. At June 30, 2026 and December 31, 2025, 86 percent and 87 percent of commercial reservable criticized utilized exposure was secured.



Table 29	Commercial Reservable Criticized Utilized Exposure (1, 2)




(Dollars in millions)		June 30, 2026				December 31, 2025
Commercial and industrial:
U.S. commercial		$	11,625	2.38	%	$	12,239	2.63	%
Non-U.S. commercial		2,594		1.57		2,803		1.74
Total commercial and industrial		14,219		2.18		15,042		2.40
Commercial real estate		6,420		8.87		8,356		11.91
Commercial lease financing		606		3.93		471		2.9
		21,245		2.87		23,869		3.35
U.S. small business commercial		829		3.51		879		3.91
Total commercial reservable criticized utilized exposure		$	22,074	2.89		$	24,748	3.37

(1)Total commercial reservable criticized utilized exposure includes loans and leases of $21.2 billion and $23.9 billion and commercial letters of credit of $888 million and $869 million at June 30, 2026 and December 31, 2025.

(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 June 30, 2026, 56 percent of the U.S. commercial loan portfolio, excluding small business, was managed in Global Banking, 24 percent in Global Markets, 18 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 $20.4 billion, or five percent, during the six months ended June 30, 2026 primarily driven by Global Banking and GWIM. Reservable criticized utilized exposure decreased $614 million, or five percent, driven by a broad range of industries.

Non-U.S. Commercial

At June 30, 2026, 53 percent of the non-U.S. commercial loan portfolio was managed in Global Banking and 46 percent in Global Markets. Non-U.S. commercial loans increased $4.8 billion, or three percent, during the six months ended June 30, 2026 primarily driven by Global Banking. Reservable criticized utilized exposure decreased $209 million, or seven percent. For more information on the non-U.S. commercial portfolio, see Non-U.S. Portfolio on page 38.

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 $2.3 billion or three

percent during the six months ended June 30, 2026 to $71.1 billion, driven by growth across multiple property types. The commercial real estate portfolio is primarily managed in Global Banking and consists of loans made primarily to public and 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 of commercial real estate at both June 30, 2026 and December 31, 2025. Industrial/Warehouse loans represented the largest property type concentration at 18 percent and 19 percent of commercial real estate at June 30, 2026 and December 31, 2025. Office loans decreased $1.0 billion, or eight percent, from December 31, 2025 and represented less than one percent of total loans for the Corporation.

Reservable criticized utilized exposure for commercial real estate decreased $1.9 billion, or 23 percent, during the six months ended June 30, 2026. Reservable criticized exposure for the office property type was $2.8 billion at June 30, 2026, representing a decrease of $664 million, or 19 percent, from December 31, 2025. Approximately $3.2 billion of office loans are scheduled to mature by the end of 2026.

During the three and six months ended June 30, 2026, net charge-offs decreased $200 million and $267 million to $2 million and $58 million compared to the same periods in 2025 driven by office loans. We use a number of proactive risk mitigation initiatives designed 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.

Bank of America 34

Table 30 presents outstanding commercial real estate loans by geographic region, based on the geographic location of the collateral, and by property type.



Table 30	Outstanding Commercial Real Estate Loans


(Dollars in millions)		June 30 2026		December 31 2025
By Geographic Region
Northeast		$	16,536	$	17,044
California		14,313		13,916
Southwest		10,404		8,412
Southeast		6,333		6,958
Florida		5,701		5,167
Midsouth		3,498		2,962
Midwest		2,989		2,862
Illinois		2,798		2,513
Northwest		1,653		1,451
Non-U.S.		5,175		6,021
Other		1,697		1,442
Total outstanding commercial real estate loans		$	71,097	$	68,748
By Property Type
Non-residential
Industrial / Warehouse		$	12,738	$	13,031
Multi-family rental		11,807		10,986
Office		11,404		12,447
Shopping centers / Retail		7,966		6,947
Hotel / Motels		4,760		4,629

Multi-use		2,377		2,509

Other		18,808		17,295
Total non-residential		69,860		67,844
Residential		1,237		904
Total outstanding commercial real estate loans		$	71,097	$	68,748

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 51 percent of the U.S. small business commercial portfolio at both June 30, 2026 and December 31, 2025, and represented 95 percent and 96 percent of net charge-offs for the three and six months ended June 30, 2026. Accruing loans that were past due 90 days or more decreased $23 million during the six months ended June 30, 2026.

Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity

Table 31 presents the nonperforming commercial loans, leases and foreclosed properties activity during the three and six months ended June 30, 2026 and 2025. Nonperforming loans do not include loans accounted for under the fair value option. During the six months ended June 30, 2026, nonperforming commercial loans and leases decreased $67 million to $3.2 billion. At June 30, 2026, 92 percent of commercial nonperforming loans, leases and foreclosed properties were secured, and 48 percent were contractually current. Commercial nonperforming loans were carried at 80 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.

35 Bank of America



Table 31	Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity (1, 2)

		Three Months Ended June 30						Six Months Ended June 30
(Dollars in millions)		2026			2025			2026		2025
Nonperforming loans and leases, beginning of period		$	3,151		$	3,470		$	3,228	$	3,328
Additions		680			1,105			1,345		1,749


Reductions:
Paydowns		(205)			(484)			(483)		(759)
Sales		(126)			(107)			(351)		(107)
Returns to performing status (3)		(71)			(219)			(73)		(228)
Charge-offs		(254)			(348)			(491)		(566)
Transfers to foreclosed properties		(14)			—			(14)		—

Total net (reductions) additions to nonperforming loans and leases		10			(53)			(67)		89
Total nonperforming loans and leases, June 30		3,161			3,417			3,161		3,417






Foreclosed properties, June 30		22			29			22		29
Nonperforming commercial loans, leases and foreclosed properties, June 30		$	3,183		$	3,446		$	3,183	$	3,446
Nonperforming commercial loans and leases as a percentage of outstanding commercial loans and leases (4)		0.43		%	0.51		%
Nonperforming commercial loans, leases and foreclosed properties as a percentage of outstanding commercial loans, leases and foreclosed properties (4)		0.44			0.52

(1)Balances do not include nonperforming loans held-for-sale of $358 million and $481 million at June 30, 2026 and 2025.

(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 $49.6 billion during the six months ended June 30, 2026 to $1.5 trillion. The increase in commercial committed exposure was primarily concentrated in Capital goods, Asset managers and funds, Individuals and trusts, and Technology hardware and equipment.

For information on industry limits, see Commercial Portfolio Credit Risk Management – Risk Mitigation in the MD&A of the Corporation’s 2025 Annual Report on Form 10-K.

Asset managers and funds, our largest industry concentration with committed exposure of $244.9 billion, increased $10.6 billion, or four percent, during the six months

ended June 30, 2026, which was primarily driven by investment-grade exposures.

Finance companies, our second largest industry concentration, had committed exposure of $129.9 billion at June 30, 2026, relatively unchanged compared to December 31, 2025.

Capital goods, our third largest industry concentration with committed exposure of $119.6 billion, increased $10.9 billion, or 10 percent, during the six months ended June 30, 2026. The increase in committed exposure was driven by increases in Trading companies and distributors, and Machinery and Electrical equipment, partially offset by a decrease in Industrial conglomerates.

Geopolitical tensions, particularly related to the ongoing conflicts in the Middle East, and higher costs associated with persistent inflationary pressures have led to increased 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.

Bank of America 36



Table 32	Commercial Credit Exposure by Industry (1)

		Commercial Utilized				Total Commercial Committed (2)

(Dollars in millions)		June 30 2026		December 31 2025		June 30 2026		December 31 2025
Asset managers and funds		$	158,972	$	149,178	$	244,880	$	234,323
Finance companies		92,461		94,444		129,861		129,652
Capital goods		56,536		54,293		119,644		108,722
Real estate (3)		70,197		69,939		99,742		99,454
Healthcare equipment and services		39,552		35,417		74,237		71,944
Individuals and trusts		51,250		43,556		66,984		59,713
Materials		30,374		29,094		61,528		61,872
Retailing		26,404		25,648		56,795		55,313
Consumer services		29,019		29,757		56,212		55,291
Food, beverage and tobacco		24,802		25,561		53,498		51,016
Government and public education		34,112		33,874		50,651		50,898
Commercial services and supplies		27,640		24,680		49,700		46,058
Utilities		20,560		18,670		46,788		43,554
Energy		14,425		13,199		40,347		39,122
Transportation		25,826		24,772		38,852		37,707
Media		12,303		11,324		35,445		43,691
Technology hardware and equipment		14,155		11,488		35,373		30,519
Software and services		16,308		15,317		33,089		32,070
Global commercial banks		24,268		22,377		27,074		25,327
Pharmaceuticals and biotechnology		8,397		7,166		26,820		23,325
Insurance		12,432		11,443		25,075		23,762
Vehicle dealers		19,833		19,222		25,049		24,669
Consumer durables and apparel		9,838		9,612		21,888		23,299
Telecommunication services		6,784		6,525		17,141		15,686
Automobiles and components		7,348		8,129		16,291		17,284
Food and staples retailing		5,936		5,313		11,703		10,836
Financial markets infrastructure (clearinghouses)		5,013		6,101		8,368		8,336
Religious and social organizations		2,301		2,290		4,247		4,245

Total commercial credit exposure by industry		$	847,046	$	808,389	$	1,477,282	$	1,427,688

(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 $10.5 billion and $10.6 billion at June 30, 2026 and December 31, 2025.

(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 June 30, 2026 and December 31, 2025, 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 $12.0 billion and $14.5 billion. We recorded net losses of $46 million and $34 million for the three and six months ended June 30, 2026 compared to net losses of $59 million and $56 million for the three and six months ended June 30, 2025. The net losses on these instruments were largely offset by net gains on the related exposures. The Value-at-Risk

(VaR) results for these exposures are included in the fair value option portfolio information in Table 38. For more information, see Trading Risk Management on page 41.

Tables 33 and 34 present the maturity profiles and the credit exposure debt ratings of the net credit default protection portfolio at June 30, 2026 and December 31, 2025.



Table 33	Net Credit Default Protection by Maturity


		June 30 2026		December 31 2025
Less than or equal to one year		39	%	37	%
Greater than one year and less than or equal to five years		59		61
Greater than five years		2		2
Total net credit default protection		100	%	100	%

37 Bank of America



Table 34	Net Credit Default Protection by Credit Exposure Debt Rating

		Net Notional (1)		Percent of Total		Net Notional (1)		Percent of Total


(Dollars in millions)		June 30, 2026				December 31, 2025
Ratings (2, 3)
AAA		$	(125)	1.0	%	$	(145)	1.0	%
AA		(2,015)		16.7		(1,968)		13.5
A		(4,968)		41.3		(6,348)		43.7
BBB		(3,356)		27.9		(4,639)		31.9
BB		(677)		5.6		(697)		4.8
B		(280)		2.3		(441)		3.0
CCC and below		(28)		0.2		(17)		0.1
NR (4)		(591)		5.0		(270)		2.0
Total net credit default protection		$	(12,040)	100.0	%	$	(14,525)	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 2025 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 2025 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 2025 Annual Report on Form 10-K.

Table 35 presents our 20 largest non-U.S. country exposures at June 30, 2026. These exposures accounted for 87 percent of our total non-U.S. exposure at June 30, 2026 and 88 percent at December 31, 2025. Net country exposure for these 20 countries increased $10.2 billion from December 31, 2025 primarily driven by increases in India, Australia, Hong Kong and Italy.



Table 35	Top 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 June 30 2026		Hedges and Credit Default Protection		Net Country Exposure at June 30 2026		Increase (Decrease) from December 31 2025
United Kingdom		$	35,304	$	18,429	$	5,706	$	7,885	$	67,324	$	(2,584)	$	64,740	$	125
Germany		22,730		14,627		2,035		2,778		42,170		(1,709)		40,461		1,353
Australia		26,550		6,917		749		2,487		36,703		(623)		36,080		3,208
Canada		13,838		11,234		2,428		4,306		31,806		(574)		31,232		(531)
France		14,573		10,725		1,582		3,941		30,821		(2,402)		28,419		857
Brazil		10,614		1,262		1,082		5,738		18,696		(115)		18,581		587
Japan		9,800		1,703		3,686		3,180		18,369		(738)		17,631		(1,348)
India		9,615		337		1,222		4,235		15,409		(36)		15,373		3,997
Switzerland		5,695		6,721		899		281		13,596		(475)		13,121		442
Singapore		4,872		670		885		5,190		11,617		(165)		11,452		79
Italy		5,823		3,442		345		1,703		11,313		(392)		10,921		2,063
China		4,104		480		1,223		4,869		10,676		(316)		10,360		(573)
South Korea		5,190		1,279		1,471		2,740		10,680		(551)		10,129		596
Ireland		7,944		1,407		492		319		10,162		(106)		10,056		(564)
Netherlands		4,225		3,632		689		1,131		9,677		(622)		9,055		(3,604)
Mexico		4,819		2,161		550		1,547		9,077		(286)		8,791		(968)
Hong Kong		4,842		570		1,089		1,382		7,883		(93)		7,790		2,110
Spain		2,908		2,546		369		1,124		6,947		(465)		6,482		(282)
Saudi Arabia		3,432		1,302		329		84		5,147		(1,055)		4,092		811
Indonesia		1,609		80		92		2,166		3,947		(46)		3,901		1,815
Total top 20 non-U.S. countries exposure		$	198,487	$	89,524	$	26,923	$	57,086	$	372,020	$	(13,353)	$	358,667	$	10,173

Our largest non-U.S. country exposure at June 30, 2026 was the United Kingdom with net exposure of $64.7 billion, relatively unchanged from December 31, 2025. Our second largest non-U.S. country exposure was Germany with net exposure of $40.5 billion at June 30, 2026, which increased $1.4 billion from December 31, 2025 primarily due to increased corporate

debt exposures. We continue to closely monitor the ongoing conflicts in the Middle East and potential impacts on our portfolio and borrowers, including through elevated energy prices, increased market volatility, supply chain disruptions and related macroeconomic effects.

Bank of America 38

Allowance for Credit Losses

The allowance for credit losses decreased $116 million from December 31, 2025 to $14.3 billion at June 30, 2026, which included a $126 million reserve decrease and $10 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 June 30, 2026 and December 31, 2025.



Table 36	Allocation of the Allowance for Credit Losses by Product Type


		Amount		Percent of Total		Percent of Loans and Leases Outstanding (1)			Amount		Percent of Total		Percent of Loans and Leases Outstanding (1)
(Dollars in millions)		June 30, 2026						December 31, 2025
Allowance for loan and lease losses
Residential mortgage		$	313	2.39	%	0.13	%		$	294	2.23	%	0.12	%
Home equity		128		0.98		0.47			122		0.92		0.46
Credit card		7,060		53.84		6.68			7,197		54.51		6.79

Direct/Indirect consumer		681		5.19		0.58			713		5.40		0.63
Other consumer		64		0.49		n/m			54		0.41		n/m
Total consumer		8,246		62.89		1.69			8,380		63.47		1.73
U.S. commercial (2)		3,035		23.14		0.63			2,967		22.47		0.65
Non-U.S. commercial		868		6.62		0.54			801		6.07		0.52
Commercial real estate		908		6.92		1.28			1,007		7.63		1.46
Commercial lease financing		57		0.43		0.37			48		0.36		0.29
Total commercial		4,868		37.11		0.67			4,823		36.53		0.69
Allowance for loan and lease losses		13,114		100.00	%	1.08			13,203		100.00	%	1.12


Reserve for unfunded lending commitments		1,150							1,177
Allowance for credit losses		$	14,264						$	14,380

(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 at both June 30, 2026 and December 31, 2025.

n/m = not meaningful

Table 37 presents a rollforward of the allowance for credit losses, including certain loan and allowance ratios for the three and six months ended June 30, 2026 and 2025. 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 2025 Annual Report on Form 10-K and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements.

39 Bank of America



Table 37	Allowance for Credit Losses

		Three Months Ended June 30						Six Months Ended June 30
(Dollars in millions)		2026			2025			2026			2025


Allowance for loan and lease losses, beginning of period		$	13,148		$	13,256		$	13,203		$	13,240
Loans and leases charged off
Residential mortgage		(9)			(9)			(18)			(12)
Home equity		(7)			(5)			(14)			(8)
Credit card		(1,150)			(1,148)			(2,294)			(2,326)
Direct/Indirect consumer		(88)			(81)			(193)			(186)
Other consumer		(76)			(70)			(143)			(136)
Total consumer charge-offs		(1,330)			(1,313)			(2,662)			(2,668)
U.S. commercial (1)		(349)			(298)			(645)			(542)
Non-U.S. commercial		(54)			—			(61)			(8)
Commercial real estate		(5)			(210)			(94)			(336)
Commercial lease financing		(2)			(3)			(15)			(3)
Total commercial charge-offs		(410)			(511)			(815)			(889)
Total loans and leases charged off		(1,740)			(1,824)			(3,477)			(3,557)
Recoveries of loans and leases previously charged off
Residential mortgage		8			7			12			10
Home equity		13			15			27			30
Credit card		231			194			451			371
Direct/Indirect consumer		32			34			63			69
Other consumer		6			4			10			10
Total consumer recoveries		290			254			563			490
U.S. commercial (2)		32			35			53			76
Non-U.S. commercial		1			—			1			1
Commercial real estate		3			8			36			11
Commercial lease financing		2			2			3			2
Total commercial recoveries		38			45			93			90
Total recoveries of loans and leases previously charged off		328			299			656			580
Net charge-offs		(1,412)			(1,525)			(2,821)			(2,977)

Provision for loan and lease losses		1,377			1,560			2,730			3,026
Other		1			—			2			2
Allowance for loan and lease losses, June 30		13,114			13,291			13,114			13,291




Reserve for unfunded lending commitments, beginning of period		1,161			1,110			1,177			1,096
Provision for unfunded lending commitments		(11)			32			(27)			46
Other		—			1			—			1
Reserve for unfunded lending commitments, June 30		1,150			1,143			1,150			1,143
Allowance for credit losses, June 30		$	14,264		$	14,434		$	14,264		$	14,434

Loan and allowance ratios (3):
Loans and leases outstanding at June 30		$	1,214,260		$	1,140,193		$	1,214,260		$	1,140,193
Allowance for loan and lease losses as a percentage of total loans and leases outstanding at June 30		1.08		%	1.17		%	1.08		%	1.17		%
Consumer allowance for loan and lease losses as a percentage of total consumer loans and leases outstanding at June 30		1.69			1.82			1.69			1.82
Commercial allowance for loan and lease losses as a percentage of total commercial loans and leases outstanding at June 30		0.67			0.71			0.67			0.71
Average loans and leases outstanding		$	1,212,888		$	1,120,764		$	1,199,481		$	1,105,318
Annualized net charge-offs as a percentage of average loans and leases outstanding		0.47		%	0.55		%	0.47		%	0.54		%

Allowance for loan and lease losses as a percentage of total nonperforming loans and leases at June 30		228			222			228			222
Ratio of the allowance for loan and lease losses at June 30 to annualized net charge-offs		2.32			2.17			2.31			2.21

Amounts included in allowance for loan and lease losses for loans and leases that are excluded from nonperforming loans and leases at June 30 (4)		$	8,387		$	8,714		$	8,387		$	8,714
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 June 30 (4)		82		%	77		%	82		%	77		%

(1)Includes U.S. small business commercial charge-offs of $150 million and $306 million for the three and six months ended June 30, 2026 compared to $149 million and $296 million for the same periods in 2025.

(2)Includes U.S. small business commercial recoveries of $13 million and $26 million for the three and six months ended June 30, 2026 compared to $15 million and $29 million for the same periods in 2025.

(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.

Bank of America 40

Market Risk Management

For more information on our market risk management process, see Market Risk Management in the MD&A of the Corporation’s 2025 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 2025 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. The VaR amounts for all periods presented in Table 38 and Table 39 include 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 2025 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 June 30, 2026, March 31, 2026 and June 30, 2025, as well as average daily trading VaR for the six months ended June 30, 2026 and 2025 using a 99 percent confidence level.



Table 38	Market Risk VaR for Trading Activities

		Three Months Ended																							Six Months Ended June 30

		June 30, 2026								March 31, 2026								June 30, 2025
(Dollars in millions)		Period End		Average		High (1)		Low (1)		Period End		Average		High (1)		Low (1)		Period End		Average		High (1)		Low (1)			2026 Average				2025 Average
Foreign exchange		$	13	$	16	$	32	$	8	$	8	$	14	$	22	$	8	$	25	$	17	$	25	$		11			$	15			$	17
Interest rate		36		35		50		27		30		30		49		19		51		55		90		40			33				59
Credit		49		39		50		31		36		38		56		29		49		51		63		42			39				53
Mortgage		20		21		26		18		26		28		31		22		29		36		43		29			24				35
Equity		36		33		50		24		27		30		66		20		22		22		63		13			32				23
Commodities		13		13		17		8		11		15		22		9		8		9		12		7			14				10
Portfolio diversification		(122)		(108)		n/a		n/a		(92)		(108)		n/a		n/a		(108)		(106)		n/a		n/a			(109)				(110)
Total trading positions portfolio VaR		45		49		66		38		46		47		74		38		76		84		102		65			48				87


Fair value option loans		18		22		33		16		21		17		23		14		15		21		27		15			19				24
Fair value option hedges		14		14		24		10		11		9		13		6		12		15		18		12			11				17
Fair value option portfolio diversification		(22)		(25)		n/a		n/a		(19)		(13)		n/a		n/a		(18)		(24)		n/a		n/a			(18)				(27)
Total fair value option portfolio		10		11		13		9		13		13		14		12		9		12		16		8			12				14
Portfolio diversification		(7)		(8)		n/a		n/a		(10)		(8)		n/a		n/a		(6)		(7)		n/a		n/a			(8)				(7)
Total market-based portfolio		$	48	$	52	69		43		$	49	$	52	77		43		$	79	$	89	111		72			$	52			$	94

(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

41 Bank of America

The following graph presents the trading positions portfolio VaR for the previous five quarters, corresponding to the data in Table 38.

Line graph displaying total trading positions portfolio VaR. Data is also displayed in table above.

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 June 30, 2026, March 31, 2026 and June 30, 2025.



Table 39	Average Market Risk VaR for Trading Activities – 99 percent and 95 percent VaR Statistics


		Three Months Ended
		June 30, 2026				March 31, 2026				June 30, 2025
(Dollars in millions)		99 percent		95 percent		99 percent		95 percent		99 percent		95 percent
Foreign exchange		$	16	$	8	$	14	$	7	$	17	$	10
Interest rate		35		18		30		17		55		26
Credit		39		16		38		14		51		24
Mortgage		21		12		28		14		36		18
Equity		33		15		30		14		22		11
Commodities		13		5		15		8		9		6
Portfolio diversification		(108)		(51)		(108)		(51)		(106)		(60)
Total trading positions portfolio VaR		49		23		47		23		84		35


Fair value option loans		22		13		17		10		21		12
Fair value option hedges		14		9		9		5		15		8
Fair value option portfolio diversification		(25)		(16)		(13)		(8)		(24)		(14)
Total fair value option portfolio		11		6		13		7		12		6
Portfolio diversification		(8)		(5)		(8)		(5)		(7)		(3)
Total market-based portfolio		$	52	$	24	$	52	$	25	$	89	$	38

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 2025 Annual Report on Form 10-K.

During the three months ended June 30, 2026, there was one day where this subset of trading revenue had losses that exceeded our total covered portfolio VaR, utilizing a one-day holding period. During the six months ended June 30, 2026, there were three days with losses that exceeded our total covered portfolio VaR.

Bank of America 42

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 net interest income associated with Global Markets trading activities, 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 2025 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 June 30, 2026 compared to the three months ended March 31, 2026. During the three months ended June 30, 2026, 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. This compares to the three months ended March 31, 2026 where positive trading-related revenue was recorded for 100 percent of the trading days, of which 97 percent were daily trading gains of over $25 million.

Histogram displaying daily trading-related 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 2025 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 2025 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 June 30, 2026 and December 31, 2025.



Table 40	Forward Rates


		Federal Funds		SOFR		10-Year SOFR
		June 30, 2026
Spot rates		3.75	%	3.68	%	4.05	%
12-month forward rates		4.25		4.06		4.03

		December 31, 2025

Spot rates		3.75	%	3.87	%	3.80	%
12-month forward rates		3.25		3.11		3.89

Table 41 shows the potential pretax impact to forecasted net interest income over the next 12 months from June 30, 2026 and December 31, 2025 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 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 2025 Annual Report on Form 10-K.

43 Bank of America



Table 41	Estimated Banking Book Net Interest Income Sensitivity to Curve Changes
		Short Rate (bps)	Long Rate (bps)


(Dollars in billions)				June 30 2026		December 31 2025

Parallel Shifts
+100 bps instantaneous shift		+100	+100	$	1.0	$	0.7

-100 bps instantaneous shift		-100	-100	(2.2)		(2.0)
+200 bps instantaneous shift		+200	+200	1.9		0.8
-200 bps instantaneous shift		-200	-200	(5.5)		(4.9)
Flatteners
Short-end instantaneous change		+100	—	0.8		0.5

Long-end instantaneous change		—	-100	(0.3)		(0.3)
Steepeners

Short-end instantaneous change		-100	—	(1.8)		(1.7)
Long-end instantaneous change		—	+100	0.2		0.3

We continue to be asset sensitive to a parallel 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 19.

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.

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

Bank of America 44

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 2025 Annual Report on Form 10-K.

Critical 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 Critical Accounting Estimates in the MD&A of the Corporation’s 2025 Annual Report on Form 10-K and Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2025 Annual Report on Form 10-K.

Goodwill and Intangible Assets

The nature of and accounting for goodwill and intangible assets are discussed in Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2025 Annual Report on Form 10-K and Note 7 – Goodwill and Intangible Assets to the Consolidated Financial Statements. As of June 30, 2026, goodwill recorded on our consolidated balance sheet was as follows.



Table 42	Goodwill by Reporting Segment


(Dollars in millions)		June 30 2026		December 31 2025
Consumer Banking		$	30,137	$	30,137


Global Wealth and Investment Management		9,677		9,677


Global Banking		24,026		24,026



Global Markets		5,181		5,181


Total		$	69,021	$	69,021

We completed our annual goodwill impairment test as of June 30, 2026 using a qualitative assessment. In performing the assessment, we considered various factors, including macroeconomic conditions and outlook, industry and market considerations, financial performance and other relevant reporting unit-specific factors. Based on this evaluation, we concluded that it was not more likely than not that the fair value of any reporting unit was less than its carrying value. Accordingly, no reporting unit was considered at risk of impairment, and no further testing was required.

Current Accounting Developments

Accounting Standard Issued but Not Yet Adopted

Accounting for Internal‑Use Software Costs

The Financial Accounting Standards Board issued updated guidance on the accounting for internal‑use software, providing targeted improvements to the capitalization of costs incurred in the internal development of software. The amendments update existing guidance by eliminating the consideration of software project development stages and enhancing the criteria for when capitalization begins, including establishing a “probable to complete” threshold. The Accounting Standards Update is effective for annual and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Corporation is currently evaluating the impact of and its approach to adopting this guidance; however, adoption is not expected to have a material impact on its Consolidated Financial Statements.

45 Bank of America

Non-GAAP Reconciliations

Table 43 provides reconciliations of certain non-GAAP financial measures to the most directly comparable GAAP financial measures.



Table 43	Average and Period-end Supplemental Financial Data and Reconciliations to GAAP Financial Measures (1)

												Six Months Ended June 30


		2026 Quarters				2025 Quarters
(Dollars in millions)		Second		First		Fourth		Third		Second		2026		2025














































Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity		$	300,984	$	302,501	$	303,873	$	300,381	$	295,329	$	301,738	$	294,761
Goodwill		(69,021)		(69,021)		(69,021)		(69,021)		(69,021)		(69,021)		(69,021)
Intangible assets (excluding MSRs)		(1,815)		(1,834)		(1,853)		(1,873)		(1,893)		(1,824)		(1,902)
Related deferred tax liabilities		820		825		827		839		846		823		848
Tangible shareholders’ equity		$	230,968	$	232,471	$	233,826	$	230,326	$	225,261	$	231,716	$	224,686
Preferred stock		(24,996)		(25,748)		(25,992)		(25,232)		(22,573)		(25,370)		(22,440)
Tangible common shareholders’ equity		$	205,972	$	206,723	$	207,834	$	205,094	$	202,688	$	206,346	$	202,246
Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period- end tangible common shareholders’ equity




Shareholders’ equity		$	301,094	$	300,668	$	303,243	$	302,437	$	298,021
Goodwill		(69,021)		(69,021)		(69,021)		(69,021)		(69,021)
Intangible assets (excluding MSRs)		(1,803)		(1,821)		(1,841)		(1,860)		(1,880)
Related deferred tax liabilities		816		821		825		828		842
Tangible shareholders’ equity		$	231,086	$	230,647	$	233,206	$	232,384	$	227,962
Preferred stock		(24,996)		(24,996)		(25,992)		(25,992)		(23,495)
Tangible common shareholders’ equity		$	206,090	$	205,651	$	207,214	$	206,392	$	204,467
Reconciliation of period-end assets to period-end tangible assets
Assets		$	3,499,191	$	3,496,186	$	3,411,738	$	3,403,149	$	3,440,798
Goodwill		(69,021)		(69,021)		(69,021)		(69,021)		(69,021)
Intangible assets (excluding MSRs)		(1,803)		(1,821)		(1,841)		(1,860)		(1,880)
Related deferred tax liabilities		816		821		825		828		842
Tangible assets		$	3,429,183	$	3,426,165	$	3,341,701	$	3,333,096	$	3,370,739

(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 6.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

See Market Risk Management on page 41 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 June 30, 2026, that have materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.

Bank of America 46

Part I. Financial Information

Item 1. Financial Statements

Bank of America Corporation and Subsidiaries



Consolidated Statement of Income

	Three Months Ended June 30				Six Months Ended June 30
(In millions, except per share information)	2026		2025		2026		2025
Net interest income
Interest income	$	33,832	$	34,873	$	67,191	$	68,939
Interest expense	17,835		20,203		35,449		39,826
Net interest income	15,997		14,670		31,742		29,113

Noninterest income
Fees and commissions	11,080		9,469		21,629		18,884
Market making and similar activities	4,177		3,153		7,814		6,737
Other income (loss)	304		151		645		956
Total noninterest income	15,561		12,773		30,088		26,577
Total revenue, net of interest expense	31,558		27,443		61,830		55,690

Provision for credit losses	1,366		1,592		2,703		3,072

Noninterest expense
Compensation and benefits	10,987		10,332		22,321		21,221
Information processing and communications	1,924		1,819		3,942		3,713
Occupancy and equipment	1,914		1,836		3,814		3,692
Product delivery and transaction related	1,327		974		2,453		1,888
Professional fees	573		640		1,156		1,292
Marketing	736		563		1,269		1,069
Other general operating	1,166		1,019		2,203		2,078


Total noninterest expense	18,627		17,183		37,158		34,953
Income before income taxes	11,565		8,668		21,969		17,665
Income tax expense	2,491		1,498		4,311		3,135
Net income	$	9,074	$	7,170	$	17,658	$	14,530
Preferred stock dividends and other	326		291		755		697
Net income applicable to common shareholders	$	8,748	$	6,879	$	16,903	$	13,833

Per common share information
Earnings	$	1.22	$	0.91	$	2.35	$	1.81
Diluted earnings	1.21		0.90		2.31		1.79

Average common shares issued and outstanding	7,151.2		7,581.2		7,203.5		7,629.5
Average diluted common shares issued and outstanding	7,294.2		7,651.6		7,356.2		7,711.2



Consolidated Statement of Comprehensive Income

	Three Months Ended June 30				Six Months Ended June 30
(Dollars in millions)	2026		2025		2026		2025
Net income	$	9,074	$	7,170	$	17,658	$	14,530
Other comprehensive income (loss), net-of-tax:
Net change in debt securities	52		(315)		(477)		51
Net change in debit valuation adjustments	(401)		(153)		259		144
Net change in derivatives	(751)		1,196		(1,378)		2,509
Employee benefit plan adjustments	36		26		71		53
Net change in foreign currency translation adjustments	9		13		18		24
Other comprehensive income (loss)	(1,055)		767		(1,507)		2,781
Comprehensive income	$	8,019	$	7,937	$	16,151	$	17,311

See accompanying Notes to Consolidated Financial Statements.

47 Bank of America

Bank of America Corporation and Subsidiaries



Consolidated Balance Sheet

(Dollars in millions)		June 30 2026		December 31 2025

Assets
Cash and due from banks		$	28,100	$	28,595
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks		201,645		203,250
Cash and cash equivalents		229,745		231,845
Time deposits placed and other short-term investments		9,447		7,474
Federal funds sold and securities borrowed or purchased under agreements to resell (includes $217,206 and $185,491 measured at fair value)		412,415		316,578
Trading account assets (includes $178,949 and $185,869 pledged as collateral)		358,748		366,954
Derivative assets		45,336		40,881
Debt securities:
Carried at fair value		363,419		402,975
Held-to-maturity, at amortized cost (fair value $423,734 and $442,430)		505,799		522,660
Total debt securities		869,218		925,635
Loans and leases (includes $3,359 and $3,498 measured at fair value)		1,217,619		1,185,700
Allowance for loan and lease losses		(13,114)		(13,203)
Loans and leases, net of allowance		1,204,505		1,172,497
Premises and equipment, net		12,788		12,516
Goodwill		69,021		69,021
Loans held-for-sale (includes $3,842 and $2,271 measured at fair value)		6,535		5,165
Customer and other receivables		106,269		98,186
Other assets (includes $7,311 and $9,058 measured at fair value)		175,164		164,986
Total assets		$	3,499,191	$	3,411,738

Liabilities
Deposits in U.S. offices:
Noninterest-bearing		$	529,985	$	517,834
Interest-bearing (includes $1,828 and $1,223 measured at fair value)		1,357,513		1,361,177
Deposits in non-U.S. offices:
Noninterest-bearing		14,358		14,216
Interest-bearing		123,268		125,502
Total deposits		2,025,124		2,018,729
Federal funds purchased and securities loaned or sold under agreements to repurchase (includes $223,698 and $223,067 measured at fair value)		332,218		344,716
Trading account liabilities		123,162		105,996
Derivative liabilities		42,577		42,076
Short-term borrowings (includes $11,431 and $8,051 measured at fair value)		59,979		48,088
Accrued expenses and other liabilities (includes $4,830 and $8,996 measured at fair value and $1,150 and $1,177 of reserve for unfunded lending commitments)		275,174		231,074
Long-term debt (includes $84,797 and $72,591 measured at fair value)		339,863		317,816
Total liabilities		3,198,097		3,108,495
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 – 3,951,164 and 3,991,164 shares		24,996		25,992
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 7,017,967,460 and 7,212,464,345 shares		13,611		26,084
Retained earnings		274,520		261,693
Accumulated other comprehensive income (loss)		(12,033)		(10,526)

Total shareholders’ equity		301,094		303,243
Total liabilities and shareholders’ equity		$	3,499,191	$	3,411,738

	Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
	Trading account assets	$	7,703	$	7,139


	Loans and leases	17,905		17,875
	Allowance for loan and lease losses	(858)		(871)
	Loans and leases, net of allowance	17,047		17,004

	All other assets	889		709
	Total assets of consolidated variable interest entities	$	25,639	$	24,852
	Liabilities of consolidated variable interest entities included in total liabilities above
	Short-term borrowings (includes $0 and $0 of non-recourse short-term borrowings)	$	6,964	$	5,779
	Long-term debt (includes $7,555 and $6,847 of non-recourse debt)	7,555		6,847
	All other liabilities (includes $20 and $18 of non-recourse liabilities)	20		18
	Total liabilities of consolidated variable interest entities	$	14,539	$	12,644

See accompanying Notes to Consolidated Financial Statements.

Bank of America 48

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)			Shares	Amount
Balance, March 31, 2026	$	24,996	7,129.9	$	18,885	$	267,765	$	(10,978)	$	300,668


Net income						9,074				9,074
Net change in debt securities								52		52
Net change in debit valuation adjustments								(401)		(401)
Net change in derivatives								(751)		(751)
Employee benefit plan adjustments								36		36
Net change in foreign currency translation adjustments								9		9
Dividends declared:
Common						(1,993)				(1,993)
Preferred						(326)				(326)


Common stock issued under employee plans, net, and other			0.3	732						732
Common stock repurchased			(112.2)	(6,006)						(6,006)
Balance, June 30, 2026	$	24,996	7,018.0	$	13,611	$	274,520	$	(12,033)	$	301,094
Balance, December 31, 2025	$	25,992	7,212.5	$	26,084	$	261,693	$	(10,526)	$	303,243


Net income						17,658				17,658
Net change in debt securities								(477)		(477)
Net change in debit valuation adjustments								259		259
Net change in derivatives								(1,378)		(1,378)
Employee benefit plan adjustments								71		71
Net change in foreign currency translation adjustments								18		18
Dividends declared:
Common						(4,016)				(4,016)
Preferred						(751)				(751)

Redemption of preferred stock	(996)					(4)				(1,000)
Common stock issued under employee plans, net, and other			57.4	773		(60)				713
Common stock repurchased			(251.9)	(13,246)						(13,246)
Balance, June 30, 2026	$	24,996	7,018.0	$	13,611	$	274,520	$	(12,033)	$	301,094

Balance, March 31, 2025	$	20,499	7,560.1	$	41,038	$	245,683	$	(13,271)	$	293,949

Net income						7,170				7,170
Net change in debt securities								(315)		(315)
Net change in debit valuation adjustments								(153)		(153)
Net change in derivatives								1,196		1,196
Employee benefit plan adjustments								26		26
Net change in foreign currency translation adjustments								13		13
Dividends declared:
Common						(1,960)				(1,960)
Preferred						(291)				(291)

Issuance of preferred stock	2,996									2,996
Common stock issued under employee plans, net, and other			0.4	692						692
Common stock repurchased			(123.8)	(5,302)						(5,302)
Balance, June 30, 2025	$	23,495	7,436.7	$	36,428	$	250,602	$	(12,504)	$	298,021

















Balance, December 31, 2024	$	23,159	7,610.9	$	45,336	$	240,753	$	(15,285)	$	293,963


Net income						14,530				14,530
Net change in debt securities								51		51
Net change in debit valuation adjustments								144		144
Net change in derivatives								2,509		2,509
Employee benefit plan adjustments								53		53
Net change in foreign currency translation adjustments								24		24
Dividends declared:
Common						(3,952)				(3,952)
Preferred						(688)				(688)
Issuance of preferred stock	2,996									2,996
Redemption of preferred stock	(2,660)					(9)				(2,669)
Common stock issued under employee plans, net, and other			52.1	915		(32)				883
Common stock repurchased			(226.3)	(9,823)						(9,823)
Balance, June 30, 2025	$	23,495	7,436.7	$	36,428	$	250,602	$	(12,504)	$	298,021

See accompanying Notes to Consolidated Financial Statements.

49 Bank of America

Bank of America Corporation and Subsidiaries



Consolidated Statement of Cash Flows

		Six Months Ended June 30

	(Dollars in millions)	2026		2025
	Operating activities
	Net income	$	17,658	$	14,530
	Adjustments to reconcile net income to net cash provided by operating activities:
	Provision for credit losses	2,703		3,072
	(Gains) losses on sales of debt securities	(19)		20
	Depreciation and amortization	1,217		1,136
	Net accretion of discount/premium on debt securities	(305)		(146)
	Deferred income taxes	612		(49)
	Amortization of stock-based compensation	2,150		2,014





	Net change in:
	Trading and derivative assets/liabilities	23,147		(25,849)
	Loans held-for-sale	(1,530)		4,080
	Other assets	(17,869)		(19,307)
	Accrued expenses and other liabilities	41,671		9,439
	Other operating activities, net	1,378		(256)
	Net cash provided by (used in) operating activities	70,813		(11,316)
	Investing activities
	Net change in:
	Time deposits placed and other short-term investments	(1,973)		(3,005)
	Federal funds sold and securities borrowed or purchased under agreements to resell	(95,837)		(81,670)
	Debt securities carried at fair value:
	Proceeds from sales	121,408		61,564
	Proceeds from paydowns and maturities	54,880		40,472
	Purchases	(140,172)		(123,638)
	Held-to-maturity debt securities:
	Proceeds from paydowns and maturities	16,292		16,782

	Loans and leases:
	Proceeds from sales of loans originally classified as held for investment and instruments from related securitization activities	7,320		4,051
	Purchases	(4,148)		(11,136)
	Other changes in loans and leases, net	(37,641)		(47,086)
	Other investing activities, net	(3,337)		(2,262)
	Net cash used in investing activities	(83,208)		(145,928)
	Financing activities
	Net change in:
	Deposits	6,395		46,146
	Federal funds purchased and securities loaned or sold under agreements to repurchase	(12,498)		71,689
	Short-term borrowings	12,900		4,500
	Long-term debt:
	Proceeds from issuance	77,366		56,926
	Retirement	(52,000)		(35,964)
	Preferred stock:
	Proceeds from issuance	—		2,996
	Redemption	(1,000)		(2,669)
	Common stock repurchased	(13,246)		(9,823)
	Cash dividends paid	(4,956)		(4,752)
	Other financing activities, net	(1,777)		(1,158)
	Net cash provided by financing activities	11,184		127,891
	Effect of exchange rate changes on cash and cash equivalents	(889)		5,250
	Net decrease in cash and cash equivalents	(2,100)		(24,103)
	Cash and cash equivalents at January 1	231,845		290,114
	Cash and cash equivalents at June 30	$	229,745	$	266,011

See accompanying Notes to Consolidated Financial Statements.

Bank of America 50

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 2025 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).

51 Bank of America

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 six months ended June 30, 2026 and 2025. For more information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2025 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 June 30	Six Months Ended June 30
(Dollars in millions)			2026		2025		2026		2025
Net interest income
Interest income
Loans and leases			$	15,863	$	15,651	$	31,346	$	30,874
Debt securities			6,032		6,913		12,323		13,680
Federal funds sold and securities borrowed or purchased under agreements to resell			4,185		4,094		8,042		7,868
Trading account assets			3,063		3,057		6,261		6,065
Other interest income (1)			4,689		5,158		9,219		10,452
Total interest income			33,832		34,873		67,191		68,939

Interest expense
Deposits			7,372		8,681		14,673		17,313
Short-term borrowings			6,607		7,435		13,117		14,398
Trading account liabilities			756		676		1,501		1,383
Long-term debt			3,100		3,411		6,158		6,732
Total interest expense			17,835		20,203		35,449		39,826
Net interest income			$	15,997	$	14,670	$	31,742	$	29,113

Noninterest income
Fees and commissions
Card income
Interchange fees (2)			$	947	$	1,036	$	1,812	$	1,952
Other card income			636		610		1,264		1,212
Total card income			1,583		1,646		3,076		3,164
Service charges
Deposit-related fees			1,336		1,265		2,642		2,493
Lending-related fees			370		350		738		683
Total service charges			1,706		1,615		3,380		3,176
Investment and brokerage services
Asset management fees			4,427		3,698		8,739		7,436
Brokerage fees			1,226		1,082		2,455		2,157
Total investment and brokerage services			5,653		4,780		11,194		9,593
Investment banking fees
Underwriting income			1,220		806		2,171		1,576
Syndication fees			360		289		697		658
Financial advisory services			558		333		1,111		717
Total investment banking fees			2,138		1,428		3,979		2,951
Total fees and commissions			11,080		9,469		21,629		18,884
Market making and similar activities			4,177		3,153		7,814		6,737
Other income (loss)			304		151		645		956
Total noninterest income			$	15,561	$	12,773	$	30,088	$	26,577

(1)Includes interest income on interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks of $2.2 billion and $2.8 billion for the three months ended June 30, 2026 and 2025, and $4.3 billion and $5.7 billion for the six months ended June 30, 2026 and 2025.

(2)Gross interchange fees and merchant income were $3.7 billion and $3.5 billion for the three months ended June 30, 2026 and 2025, and are presented net of $2.7 billion and $2.4 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods. Gross interchange fees and merchant income were $7.1 billion and $6.8 billion for the six months ended June 30, 2026 and 2025 and are presented net of $5.3 billion and $4.8 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods.

Bank of America 52

NOTE 3 Derivatives

Derivative Balances

Derivatives are entered into on behalf of customers, for trading or to support risk management activities. Derivatives used in risk management activities include derivatives that may or may not be designated in qualifying hedge accounting relationships. Derivatives that are not designated in qualifying hedge accounting relationships are referred to as other risk management derivatives. For more information on the Corporation’s derivatives and hedging activities, see Note 1 – Summary of Significant Accounting Principles and Note 3 –

Derivatives to the Consolidated Financial Statements of the Corporation’s 2025 Annual Report on Form 10-K. The following tables present derivative instruments included on the Consolidated Balance Sheet in derivative assets and liabilities at June 30, 2026 and December 31, 2025. Balances are presented on a gross basis, prior to the application of counterparty and cash collateral netting. Total derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements and have been reduced by cash collateral received or paid.



			June 30, 2026
			Gross Derivative Assets						Gross Derivative Liabilities
(Dollars in billions)	Contract/ Notional (1)		Trading and Other Risk Management Derivatives		Qualifying Accounting Hedges		Total		Trading and Other Risk Management Derivatives		Qualifying Accounting Hedges		Total
Interest rate contracts
Swaps	$	27,203.0	$	73.6	$	4.4	$	78.0	$	64.4	$	7.5	$	71.9
Futures and forwards	4,582.7		4.1		—		4.1		3.5		—		3.5
Written options (2)	2,695.7		—		—		—		28.5		—		28.5
Purchased options (3)	2,600.0		30.3		—		30.3		—		—		—
Foreign exchange contracts
Swaps

Form: 10-Q

Documents