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Published: 2022-04-18 00:00:00 ET
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Supplemental Information
First Quarter 2022
                











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


Bank of America Corporation and Subsidiaries
Table of ContentsPage
 
Consumer Banking
Global Wealth & Investment Management
Global Banking
Global Markets
All Other
Key Performance Indicators
The Corporation presents certain key financial and nonfinancial performance indicators that management uses when assessing consolidated and/or segment results. The Corporation believes this information is useful because it provides management with information about underlying operational performance and trends. Key performance indicators are presented in Consolidated Financial Highlights on page 2 and on the Key Indicators pages for each segment.
Business Segment Operations
The Corporation reports the results of operations of its four business segments and All Other on a fully taxable-equivalent (FTE) basis. Additionally, the results for the total Corporation as presented on pages 11 - 12 are reported on an FTE basis.



Bank of America Corporation and Subsidiaries
Consolidated Financial Highlights
(In millions, except per share information)
 First Quarter 2022Fourth
Quarter
2021		Third
Quarter
2021		Second
Quarter
2021		First
Quarter
2021
 
Income statement
Net interest income$11,572 $11,410 $11,094 $10,233 $10,197 
Noninterest income11,656 10,650 11,672 11,233 12,624 
Total revenue, net of interest expense23,228 22,060 22,766 21,466 22,821 
Provision for credit losses30 (489)(624)(1,621)(1,860)
Noninterest expense15,319 14,731 14,440 15,045 15,515 
Income before income taxes7,879 7,818 8,950 8,042 9,166 
Pretax, pre-provision income (1)
7,909 7,329 8,326 6,421 7,306 
Income tax expense812 805 1,259 (1,182)1,116 
Net income 7,067 7,013 7,691 9,224 8,050 
Preferred stock dividends467 240 431 260 490 
Net income applicable to common shareholders6,600 6,773 7,260 8,964 7,560 
Diluted earnings per common share0.80 0.82 0.85 1.03 0.86 
Average diluted common shares issued and outstanding8,202.1 8,304.7 8,492.8 8,735.5 8,755.6 
Dividends paid per common share$0.21 $0.21 $0.21 $0.18 $0.18 
Performance ratios
Return on average assets0.89 %0.88 %0.99 %1.23 %1.13 %
Return on average common shareholders’ equity11.02 10.90 11.43 14.33 12.28 
Return on average shareholders’ equity10.64 10.27 11.08 13.47 11.91 
Return on average tangible common shareholders’ equity (2)
15.51 15.25 15.85 19.90 17.08 
Return on average tangible shareholders’ equity (2)
14.40 13.87 14.87 18.11 16.01 
Efficiency ratio 65.95 66.78 63.43 70.09 67.98 
At period end
Book value per share of common stock$29.70 $30.37 $30.22 $29.89 $29.07 
Tangible book value per share of common stock (2)
20.99 21.68 21.69 21.61 20.90 
Market capitalization332,320 359,383 349,841 349,925 332,337 
Number of financial centers - U.S.4,056 4,173 4,215 4,296 4,324 
Number of branded ATMs - U.S.15,959 16,209 16,513 16,795 16,905 
Headcount208,139 208,248 209,407 211,608 212,201 
(1)    Pretax, pre-provision income (PTPI) is a non-GAAP financial measure calculated by adjusting pretax income to add back provision for credit losses. Management believes that PTPI is a useful financial measure because it enables an assessment of the Corporation's ability to generate earnings to cover credit losses through a credit cycle. (See Exhibit A: Non-GAAP Reconciliations - Reconciliations to GAAP Financial Measures on page 30.)
(2)    Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income. Tangible book value per share provides additional useful information about the level of tangible assets in relation to outstanding shares of common stock. (See Exhibit A: Non-GAAP Reconciliations - Reconciliations to GAAP Financial Measures on page 30.)



Current-period information is preliminary and based on company data available at the time of the presentation.
2

Bank of America Corporation and Subsidiaries
Consolidated Statement of Income
(In millions, except per share information)
 First Quarter 2022Fourth
Quarter
2021		Third
Quarter
2021		Second
Quarter
2021		First
Quarter
2021
 
Net interest income
Interest income$12,894 $12,554 $12,336 $11,387 $11,395 
Interest expense1,322 1,144 1,242 1,154 1,198 
Net interest income11,572 11,410 11,094 10,233 10,197 
Noninterest income
Fees and commissions8,985 10,143 9,915 9,705 9,536 
Market making and similar activities3,238 1,331 2,005 1,826 3,529 
Other income (loss)(567)(824)(248)(298)(441)
Total noninterest income11,656 10,650 11,672 11,233 12,624 
Total revenue, net of interest expense23,228 22,060 22,766 21,466 22,821 
Provision for credit losses30 (489)(624)(1,621)(1,860)
Noninterest expense
Compensation and benefits9,482 9,037 8,714 8,653 9,736 
Occupancy and equipment1,760 1,785 1,764 1,759 1,830 
Information processing and communications1,540 1,480 1,416 1,448 1,425 
Product delivery and transaction related933 941 987 976 977 
Marketing397 411 347 810 371 
Professional fees450 512 434 426 403 
Other general operating757 565 778 973 773 
Total noninterest expense15,319 14,731 14,440 15,045 15,515 
Income before income taxes7,879 7,818 8,950 8,042 9,166 
Income tax expense812 805 1,259 (1,182)1,116 
Net income$7,067 $7,013 $7,691 $9,224 $8,050 
Preferred stock dividends467 240 431 260 490 
Net income applicable to common shareholders$6,600 $6,773 $7,260 $8,964 $7,560 
Per common share information
Earnings$0.81 $0.82 $0.86 $1.04 $0.87 
Diluted earnings0.80 0.82 0.85 1.03 0.86 
Average common shares issued and outstanding8,136.8 8,226.5 8,430.7 8,620.8 8,700.1 
Average diluted common shares issued and outstanding8,202.1 8,304.7 8,492.8 8,735.5 8,755.6 

Consolidated Statement of Comprehensive Income
(Dollars in millions)
First Quarter 2022Fourth Quarter 2021Third Quarter 2021Second Quarter 2021First Quarter 2021
Net income $7,067 $7,013 $7,691 $9,224 $8,050 
Other comprehensive income (loss), net-of-tax:
Net change in debt securities(3,447)(834)(153)(250)(840)
Net change in debit valuation adjustments261 64 27 149 116 
Net change in derivatives(5,179)(1,176)(431)415 (1,114)
Employee benefit plan adjustments24 454 50 69 51 
Net change in foreign currency translation adjustments28 (16)(26)26 (29)
Other comprehensive income (loss)(8,313)(1,508)(533)409 (1,816)
Comprehensive income (loss)$(1,246)$5,505 $7,158 $9,633 $6,234 




Current-period information is preliminary and based on company data available at the time of the presentation.
3

Bank of America Corporation and Subsidiaries
Net Interest Income and Noninterest Income
(Dollars in millions) 
 First
Quarter
2022		Fourth
Quarter
2021		Third
Quarter
2021		Second
Quarter
2021		First
Quarter
2021
 
Net interest income
Interest income
Loans and leases$7,352 $7,423 $7,502 $7,123 $7,234 
Debt securities3,823 3,544 3,282 2,820 2,730 
Federal funds sold and securities borrowed or purchased under agreements to resell(7)(47)6 (42)(7)
Trading account assets1,081 977 967 954 872 
Other interest income645 657 579 532 566 
Total interest income12,894 12,554 12,336 11,387 11,395 
Interest expense
Deposits164 143 133 128 133 
Short-term borrowings(112)(153)(41)(85)(79)
Trading account liabilities364 304 285 293 246 
Long-term debt906 850 865 818 898 
Total interest expense1,322 1,144 1,242 1,154 1,198 
Net interest income$11,572 $11,410 $11,094 $10,233 $10,197 
Noninterest income
Fees and commissions
Card income
Interchange fees (1)
$935 $1,129 $1,154 $1,210 $1,067 
Other card income468 485 429 376 368 
Total card income1,403 1,614 1,583 1,586 1,435 
Service charges
Deposit-related fees1,530 1,600 1,619 1,557 1,495 
Lending-related fees303 310 309 317 297 
Total service charges1,833 1,910 1,928 1,874 1,792 
Investment and brokerage services
Asset management fees3,286 3,295 3,276 3,156 3,002 
Brokerage fees1,006 973 960 967 1,061 
Total investment and brokerage services 4,292 4,268 4,236 4,123 4,063 
Investment banking fees
Underwriting income672 1,049 1,168 1,314 1,546 
Syndication fees312 452 346 401 300 
Financial advisory services473 850 654 407 400 
Total investment banking fees1,457 2,351 2,168 2,122 2,246 
Total fees and commissions8,985 10,143 9,915 9,705 9,536 
Market making and similar activities3,238 1,331 2,005 1,826 3,529 
Other income (loss)(567)(824)(248)(298)(441)
Total noninterest income$11,656 $10,650 $11,672 $11,233 $12,624 
(1)Gross interchange fees and merchant income were $2.9 billion, $3.1 billion, $3.0 billion, $2.9 billion and $2.5 billion and are presented net of $2.0 billion, $2.0 billion, $1.8 billion, $1.7 billion and $1.4 billion of expenses for rewards and partner payments as well as certain other card costs for the first quarter of 2022 and the fourth, third, second, and first quarters of 2021, respectively.
    



Current-period information is preliminary and based on company data available at the time of the presentation.
4

Bank of America Corporation and Subsidiaries
Consolidated Balance Sheet
(Dollars in millions)
March 31
2022		December 31
2021		March 31
2021
Assets
Cash and due from banks$29,769 $29,222 $33,560 
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks244,165 318,999 292,541 
Cash and cash equivalents273,934 348,221 326,101 
Time deposits placed and other short-term investments5,645 7,144 7,859 
Federal funds sold and securities borrowed or purchased under agreements to resell302,108 250,720 259,147 
Trading account assets313,400 247,080 276,881 
Derivative assets48,231 35,344 45,898 
Debt securities:  
Carried at fair value297,700 308,073 280,912 
Held-to-maturity, at cost672,180 674,554 576,000 
Total debt securities969,880 982,627 856,912 
Loans and leases993,145 979,124 903,088 
Allowance for loan and lease losses(12,104)(12,387)(16,168)
Loans and leases, net of allowance981,041 966,737 886,920 
Premises and equipment, net10,820 10,833 10,803 
Goodwill69,023 69,022 68,951 
Loans held-for-sale10,270 15,635 7,895 
Customer and other receivables83,622 72,263 66,404 
Other assets170,249 163,869 156,221 
Total assets$3,238,223 $3,169,495 $2,969,992 
Liabilities
Deposits in U.S. offices:
Noninterest-bearing$787,045 $784,189 $703,822 
Interest-bearing1,178,451 1,165,914 1,079,551 
Deposits in non-U.S. offices:
Noninterest-bearing27,589 27,457 22,423 
Interest-bearing79,324 86,886 79,142 
Total deposits2,072,409 2,064,446 1,884,938 
Federal funds purchased and securities loaned or sold under agreements to repurchase214,685 192,329 199,443 
Trading account liabilities117,122 100,690 102,788 
Derivative liabilities44,266 37,675 42,325 
Short-term borrowings24,789 23,753 21,724 
Accrued expenses and other liabilities219,625 200,419 193,563 
Long-term debt278,710 280,117 251,211 
Total liabilities2,971,606 2,899,429 2,695,992 
Shareholders’ equity
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 4,037,686, 3,939,686 and 3,923,686 shares
27,137 24,708 24,319 
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 8,062,102,236, 8,077,831,463 and 8,589,731,470 shares
59,968 62,398 83,071 
Retained earnings192,929 188,064 170,082 
Accumulated other comprehensive income (loss)(13,417)(5,104)(3,472)
Total shareholders’ equity266,617 270,066 274,000 
Total liabilities and shareholders’ equity$3,238,223 $3,169,495 $2,969,992 
Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
Trading account assets$2,160 $5,004 $4,530 
Loans and leases15,946 17,135 19,346 
Allowance for loan and lease losses(880)(958)(1,261)
Loans and leases, net of allowance15,066 16,177 18,085 
All other assets417 189 1,387 
Total assets of consolidated variable interest entities$17,643 $21,370 $24,002 
Liabilities of consolidated variable interest entities included in total liabilities above
Short-term borrowings$228 $247 $338 
Long-term debt3,557 3,587 5,286 
All other liabilities6 7 11 
Total liabilities of consolidated variable interest entities$3,791 $3,841 $5,635 




Current-period information is preliminary and based on company data available at the time of the presentation.
5

Bank of America Corporation and Subsidiaries
Capital Management
(Dollars in millions)
March 31
2022		December 31
2021		March 31
2021
Risk-based capital metrics (1):
Standardized Approach
Common equity tier 1 capital$169,874 $171,759 $177,789 
Tier 1 capital197,007 196,465 201,224 
Total capital229,188 227,592 236,000 
Risk-weighted assets1,639,993 1,617,848 1,508,057 
Common equity tier 1 capital ratio10.4 %10.6 %11.8 %
Tier 1 capital ratio12.0 12.1 13.3 
Total capital ratio14.0 14.1 15.6 
Advanced Approaches
Common equity tier 1 capital$169,874 $171,759 $177,789 
Tier 1 capital197,007 196,465 201,224 
Total capital222,494 220,616 227,693 
Risk-weighted assets1,416,019 1,399,160 1,365,368 
Common equity tier 1 capital ratio12.0 %12.3 %13.0 %
Tier 1 capital ratio13.9 14.0 14.7 
Total capital ratio15.7 15.8 16.7 
Leverage-based metrics (1):
Adjusted average assets$3,129,996 $3,087,247 $2,805,021 
Tier 1 leverage ratio6.3 %6.4 %7.2 %
Supplementary leverage exposure$3,661,899 $3,603,807 $2,868,314 
Supplementary leverage ratio5.4 %5.5 %7.0 %
Tangible equity ratio (2)
6.2 6.4 7.0 
Tangible common equity ratio (2)
5.3 5.7 6.2 
(1)Regulatory capital ratios at March 31, 2022 are preliminary. We report regulatory capital ratios under both the Standardized and Advanced approaches. The approach that yields the lower ratio is used to assess capital adequacy. Supplementary leverage exposure at March 31, 2021 excludes U.S. Treasury securities and deposits at Federal Reserve Banks.
(2)Tangible equity ratio equals period-end tangible shareholders’ equity divided by period-end tangible assets. Tangible common equity ratio equals period-end tangible common shareholders’ equity divided by period-end tangible assets. Tangible shareholders’ equity and tangible assets are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income. (See Exhibit A: Non-GAAP Reconciliations - Reconciliation to GAAP Financial Measures on page 30.)



Current-period information is preliminary and based on company data available at the time of the presentation.
6

Bank of America Corporation and Subsidiaries
Capital Composition under Basel 3
(Dollars in millions)
March 31
2022		December 31
2021		March 31
2021
Total common shareholders' equity$239,480 $245,358 $249,681 
CECL transitional amount (1)
1,881 2,508 3,544 
Goodwill, net of related deferred tax liabilities(68,641)(68,641)(68,565)
Deferred tax assets arising from net operating loss and tax credit carryforwards(7,843)(7,743)(5,904)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities(1,589)(1,605)(1,604)
Defined benefit pension plan net assets(1,248)(1,261)(1,181)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net-of-tax1,047 1,400 1,625 
Accumulated net (gain) loss on certain cash flow hedges (2)
7,049 1,870 678 
Other(262)(127)(485)
Common equity tier 1 capital169,874 171,759 177,789 
Qualifying preferred stock, net of issuance cost27,136 24,707 23,440 
Other(3)(1)(5)
Tier 1 capital197,007 196,465 201,224 
Tier 2 capital instruments21,719 20,750 21,137 
Qualifying allowance for credit losses (3)
11,000 10,534 13,642 
Other(538)(157)(3)
Total capital under the Standardized approach229,188 227,592 236,000 
Adjustment in qualifying allowance for credit losses under the Advanced approaches (3)
(6,694)(6,976)(8,307)
Total capital under the Advanced approaches$222,494 $220,616 $227,693 
(1)December 31, 2021 and March 31, 2021 include the impact of the Corporation's adoption of the current expected credit losses (CECL) accounting standard on January 1, 2020 and 25 percent of the increase in reserves since the initial adoption. March 31, 2022 includes 75 percent of the transition provisions' impact as of December 31, 2021.
(2)Includes amounts in accumulated other comprehensive income related to the hedging of items that are not recognized at fair value on the Consolidated Balance Sheet.
(3)Includes the impact of transition provisions related to the CECL accounting standard.



Current-period information is preliminary and based on company data available at the time of the presentation.
7

Bank of America Corporation and Subsidiaries
Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis
(Dollars in millions)
 First Quarter 2022Fourth Quarter 2021First Quarter 2021
Average
Balance
Interest
Income/
Expense (1)
Yield/
Rate		Average
Balance
Interest
Income/
Expense (1)
Yield/
Rate		Average
Balance
Interest
Income/
Expense (1)
Yield/
Rate
Earning assets
Interest-bearing deposits with the Federal Reserve,
   non-U.S. central banks and other banks		$244,971 $86 0.14 %$256,955 $66 0.10 %$278,098 $29 0.04 %
Time deposits placed and other short-term
    investments		9,253 12 0.52 7,200 7 0.36 8,742 4 0.18 
Federal funds sold and securities borrowed or
   purchased under agreements to resell		299,404 (7)(0.01)278,163 (47)(0.07)249,985 (7)(0.01)
Trading account assets151,969 1,096 2.92 146,958 992 2.68 145,089 885 2.47 
Debt securities975,656 3,838 1.58 984,493 3,558 1.45 788,638 2,745 1.41 
Loans and leases (2)
   
Residential mortgage 223,979 1,525 2.73 219,193 1,481 2.70 219,005 1,529 2.80 
Home equity27,784 220 3.21 28,796 255 3.52 33,634 281 3.38 
Credit card78,409 1,940 10.03 78,358 1,997 10.11 74,165 1,947 10.65 
Direct/Indirect and other consumer104,632 579 2.25 101,854 578 2.25 91,430 559 2.48 
Total consumer434,804 4,264 3.96 428,201 4,311 4.00 418,234 4,316 4.17 
U.S. commercial346,510 2,127 2.49 330,796 2,191 2.63 322,010 2,051 2.58 
Non-U.S. commercial118,767 504 1.72 108,899 468 1.71 90,904 409 1.83 
Commercial real estate63,065 387 2.49 62,296 382 2.43 59,736 365 2.48 
Commercial lease financing14,647 106 2.92 14,870 106 2.83 16,839 132 3.15 
Total commercial542,989 3,124 2.33 516,861 3,147 2.42 489,489 2,957 2.45 
Total loans and leases 977,793 7,388 3.06 945,062 7,458 3.14 907,723 7,273 3.24 
Other earning assets120,798 587 1.97 128,938 625 1.93 103,650 577 2.26 
Total earning assets2,779,844 13,000 1.89 2,747,769 12,659 1.83 2,481,925 11,506 1.87 
Cash and due from banks28,082 29,219  33,925 
Other assets, less allowance for loan and lease losses399,776 387,130   363,371 
Total assets$3,207,702 $3,164,118   $2,879,221 
Interest-bearing liabilities
U.S. interest-bearing deposits
Demand and money market deposits$1,001,184 $80 0.03 %$965,801 $80 0.03 %$889,793 $77 0.04 %
Time and savings deposits163,981 40 0.10 162,567 38 0.10 158,575 51 0.13 
Total U.S. interest-bearing deposits1,165,165 120 0.04 1,128,368 118 0.04 1,048,368 128 0.05 
Non-U.S. interest-bearing deposits81,879 44 0.22 82,846 25 0.12 81,966 5 0.02 
Total interest-bearing deposits1,247,044 164 0.05 1,211,214 143 0.05 1,130,334 133 0.05 
Federal funds purchased and securities loaned or sold
   under agreements to repurchase (3)
217,152 79 0.15 218,018 80 0.14 193,325 111 0.23 
Short-term borrowings and other interest-bearing
    liabilities (3)
126,454 (191)(0.61)114,637 (233)(0.80)99,911 (190)(0.77)
Trading account liabilities64,240 364 2.30 57,993 304 2.08 42,923 246 2.32 
Long-term debt246,042 906 1.50 248,525 850 1.35 220,836 898 1.65 
Total interest-bearing liabilities1,900,932 1,322 0.28 1,850,387 1,144 0.24 1,687,329 1,198 0.29 
Noninterest-bearing sources   
Noninterest-bearing deposits798,767 806,009   675,413 
Other liabilities (4)
238,694 236,839   242,432 
Shareholders’ equity269,309 270,883   274,047 
Total liabilities and shareholders’ equity$3,207,702 $3,164,118   $2,879,221 
Net interest spread1.61 %  1.59 %1.58 %
Impact of noninterest-bearing sources0.08   0.08 0.10 
Net interest income/yield on earning assets (5)
$11,678 1.69 % $11,515 1.67 %$10,308 1.68 %
(1)Includes the impact of interest rate risk management contracts.
(2)Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is generally recognized on a cost recovery basis.
(3)Certain prior-period amounts have been reclassified to conform to current-period presentation.
(4)Includes $30.2 billion, $30.4 billion and $31.3 billion of structured notes and liabilities for the first quarter of 2022 and the fourth and first quarters of 2021, respectively.
(5)Net interest income includes FTE adjustments of $106 million, $105 million and $111 million for the first quarter of 2022 and the fourth and first quarters of 2021, respectively.



Current-period information is preliminary and based on company data available at the time of the presentation.
8

Bank of America Corporation and Subsidiaries
Debt Securities
(Dollars in millions)
 March 31, 2022
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses 		Fair
Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency$40,166 $293 $(965)$39,494 
Agency-collateralized mortgage obligations2,985 11 (102)2,894 
Commercial19,330 336 (436)19,230 
Non-agency residential502 5 (53)454 
Total mortgage-backed securities62,983 645 (1,556)62,072 
U.S. Treasury and government agencies193,081 1,186 (1,481)192,786 
Non-U.S. securities15,192 — (9)15,183 
Other taxable securities4,007 12 (29)3,990 
Tax-exempt securities15,325 81 (150)15,256 
Total available-for-sale debt securities290,588 1,924 (3,225)289,287 
Other debt securities carried at fair value (1)
8,532 91 (210)8,413 
Total debt securities carried at fair value299,120 2,015 (3,435)297,700 
Held-to-maturity debt securities
Agency mortgage-backed securities542,601 619 (41,454)501,766 
U.S. Treasury and government agencies120,863 — (10,046)110,817 
Other taxable securities8,754 5 (466)8,293 
Total held-to-maturity debt securities672,218 624 (51,966)620,876 
Total debt securities$971,338 $2,639 $(55,401)$918,576 
 December 31, 2021
Available-for-sale debt securities
Mortgage-backed securities:   
Agency$45,268 $1,257 $(186)$46,339 
Agency-collateralized mortgage obligations3,331 74 (25)3,380 
Commercial19,036 647 (79)19,604 
Non-agency residential591 25 (33)583 
Total mortgage-backed securities68,226 2,003 (323)69,906 
U.S. Treasury and government agencies197,853 1,610 (318)199,145 
Non-U.S. securities11,933 — — 11,933 
Other taxable securities2,725 39 (3)2,761 
Tax-exempt securities15,155 317 (39)15,433 
Total available-for-sale debt securities295,892 3,969 (683)299,178 
Other debt securities carried at fair value (1)
8,873 105 (83)8,895 
Total debt securities carried at fair value304,765 4,074 (766)308,073 
Held-to-maturity debt securities
Agency mortgage-backed securities553,721 3,855 (10,366)547,210 
U.S. Treasury and government agencies111,859 254 (2,395)109,718 
Other taxable securities9,011 147 (196)8,962 
Total held-to-maturity debt securities674,591 4,256 (12,957)665,890 
Total debt securities$979,356 $8,330 $(13,723)$973,963 
(1)    Primarily includes non-U.S. securities used to satisfy certain international regulatory requirements.



Current-period information is preliminary and based on company data available at the time of the presentation.
9

Bank of America Corporation and Subsidiaries
Supplemental Financial Data
(Dollars in millions)
First
Quarter
2022		Fourth
Quarter
2021		Third
Quarter
2021		Second
Quarter
2021		First
Quarter
2021
 
FTE basis data (1)
Net interest income$11,678 $11,515 $11,195 $10,343 $10,308 
Total revenue, net of interest expense 23,334 22,165 22,867 21,576 22,932 
Net interest yield1.69 %1.67 %1.68 %1.61 %1.68 %
Efficiency ratio 65.65 66.46 63.14 69.73 67.65 
(1)FTE basis is a non-GAAP financial measure. FTE basis is a performance measure used by management in operating the business that management believes provides investors with meaningful information on the interest margin for comparative purposes. The Corporation believes that this presentation allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices. Net interest income includes FTE adjustments of $106 million, $105 million, $101 million, $110 million and $111 million for the first quarter of 2022 and the fourth, third, second and first quarters of 2021, respectively.



Current-period information is preliminary and based on company data available at the time of the presentation.
10

Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other
(Dollars in millions)
 First Quarter 2022
 Total
Corporation		Consumer BankingGWIMGlobal BankingGlobal MarketsAll
Other
Net interest income$11,678 $6,680 $1,668 $2,344 $993 $(7)
Noninterest income
Fees and commissions:
Card income1,403 1,185 18 176 14 10 
Service charges1,833 844 19 886 82 2 
Investment and brokerage services4,292 83 3,654 12 545 (2)
Investment banking fees1,457 — 66 880 582 (71)
Total fees and commissions8,985 2,112 3,757 1,954 1,223 (61)
Market making and similar activities3,238 — 13 49 3,190 (14)
Other income (loss)
(567)21 38 847 (114)(1,359)
Total noninterest income (loss)11,656 2,133 3,808 2,850 4,299 (1,434)
Total revenue, net of interest expense 23,334 8,813 5,476 5,194 5,292 (1,441)
Provision for credit losses30 (52)(41)165 5 (47)
Noninterest expense15,319 4,921 4,015 2,683 3,117 583 
Income (loss) before income taxes7,985 3,944 1,502 2,346 2,170 (1,977)
Income tax expense (benefit)918 966 368 622 575 (1,613)
Net income (loss)$7,067 $2,978 $1,134 $1,724 $1,595 $(364)
Average
Total loans and leases$977,793 $284,068 $210,937 $358,807 $108,576 $15,405 
Total assets (1)
3,207,702 1,133,001 431,040 630,517 858,719 154,425 
Total deposits2,045,811 1,056,100 384,902 539,912 44,393 20,504 
Quarter end
Total loans and leases$993,145 $286,322 $214,273 $367,423 $110,037 $15,090 
Total assets (1)
3,238,223 1,166,443 433,122 623,168 883,304 132,186 
Total deposits2,072,409 1,088,940 385,288 533,820 43,371 20,990 
 Fourth Quarter 2021
 Total
Corporation		Consumer BankingGWIMGlobal BankingGlobal MarketsAll
Other
Net interest income$11,515 $6,543 $1,526 $2,362 $1,031 $53 
Noninterest income
Fees and commissions:
Card income1,614 1,354 22 198 12 28 
Service charges1,910 921 18 887 84 — 
Investment and brokerage services4,268 84 3,703 14 474 (7)
Investment banking fees2,351 — 82 1,465 832 (28)
Total fees and commissions10,143 2,359 3,825 2,564 1,402 (7)
Market making and similar activities1,331 1 9 46 1,312 (37)
Other income (loss)(824)9 42 935 73 (1,883)
Total noninterest income (loss)10,650 2,369 3,876 3,545 2,787 (1,927)
Total revenue, net of interest expense22,165 8,912 5,402 5,907 3,818 (1,874)
Provision for credit losses(489)32 (56)(463)32 (34)
Noninterest expense14,731 4,742 3,834 2,717 2,882 556 
Income (loss) before income taxes7,923 4,138 1,624 3,653 904 (2,396)
Income tax expense (benefit)910 1,014 398 986 235 (1,723)
Net income (loss)$7,013 $3,124 $1,226 $2,667 $669 $(673)
Average
Total loans and leases$945,062 $282,332 $205,236 $338,627 $102,627 $16,240 
Total assets (1)
3,164,118 1,102,444 408,033 650,940 816,994 185,707 
Total deposits2,017,223 1,026,810 360,912 562,390 43,331 23,780 
Quarter end
Total loans and leases$979,124 $286,511 $208,971 $352,933 $114,846 $15,863 
Total assets (1)
3,169,495 1,131,142 438,275 638,131 747,794 214,153 
Total deposits2,064,446 1,054,995 390,143 551,752 46,374 21,182 
(1)Total assets include asset allocations to match liabilities (i.e., deposits).





Current-period information is preliminary and based on company data available at the time of the presentation.
11

Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other (continued)
(Dollars in millions)
 First Quarter 2021
 Total
Corporation		Consumer BankingGWIMGlobal BankingGlobal MarketsAll
Other
Net interest income$10,308 $5,920 $1,331 $1,980 $990 $87 
Noninterest income
Fees and commissions:
Card income1,435 1,189 19 150 76 1 
Service charges1,792 831 18 847 94 2 
Investment and brokerage services4,063 77 3,391 41 560 (6)
Investment banking fees2,246 — 135 1,172 981 (42)
Total fees and commissions9,536 2,097 3,563 2,210 1,711 (45)
Market making and similar activities3,529 — 11 31 3,470 17 
Other income (loss)(441)52 66 412 27 (998)
Total noninterest income (loss)12,624 2,149 3,640 2,653 5,208 (1,026)
Total revenue, net of interest expense22,932 8,069 4,971 4,633 6,198 (939)
Provision for credit losses(1,860)(617)(65)(1,126)(5)(47)
Noninterest expense15,515 5,131 3,867 2,782 3,427 308 
Income (loss) before income taxes9,277 3,555 1,169 2,977 2,776 (1,200)
Income tax expense (benefit)1,227 871 286 804 722 (1,456)
Net income (loss)$8,050 $2,684 $883 $2,173 $2,054 $256 
Average
Total loans and leases$907,723 $290,891 $188,495 $330,107 $77,415 $20,815 
Total assets (1)
2,879,221 999,769 372,594 576,145 723,264 207,449 
Total deposits1,805,747 924,137 326,370 487,034 53,852 14,354 
Quarter end
Total loans and leases$903,088 $282,935 $190,060 $325,996 $84,247 $19,850 
Total assets (1)
2,969,992 1,047,413 378,654 594,235 745,681 204,009 
Total deposits1,884,938 971,709 333,254 506,012 61,450 12,513 
(1)Total assets include asset allocations to match liabilities (i.e., deposits).




Current-period information is preliminary and based on company data available at the time of the presentation.
12

Bank of America Corporation and Subsidiaries
Consumer Banking Segment Results
(Dollars in millions)
First
Quarter
2022		Fourth
Quarter
2021		Third
Quarter
2021		Second
Quarter
2021		First
Quarter
2021
Net interest income$6,680 $6,543 $6,493 $5,973 $5,920 
Noninterest income:
Card income1,185 1,354 1,317 1,312 1,189 
Service charges844 921 935 851 831 
All other income104 94 93 50 129 
Total noninterest income2,133 2,369 2,345 2,213 2,149 
Total revenue, net of interest expense8,813 8,912 8,838 8,186 8,069 
Provision for credit losses(52)32 247 (697)(617)
Noninterest expense4,921 4,742 4,558 4,859 5,131 
Income before income taxes3,944 4,138 4,033 4,024 3,555 
Income tax expense966 1,014 988 986 871 
Net income$2,978 $3,124 $3,045 $3,038 $2,684 
Net interest yield2.48 %2.44 %2.49 %2.37 %2.51 %
Return on average allocated capital (1)
30 32 31 32 28 
Efficiency ratio55.84 53.22 51.56 59.36 63.59 
Balance Sheet
Average
Total loans and leases$284,068 $282,332 $281,380 $281,767 $290,891 
Total earning assets (2)
1,092,742 1,061,742 1,034,471 1,012,335 957,112 
Total assets (2)
1,133,001 1,102,444 1,076,236 1,054,516 999,769 
Total deposits1,056,100 1,026,810 1,000,765 979,072 924,137 
Allocated capital (1)
40,000 38,500 38,500 38,500 38,500 
Period end
Total loans and leases$286,322 $286,511 $280,803 $282,900 $282,935 
Total earning assets (2)
1,125,963 1,090,331 1,050,331 1,022,092 1,004,896 
Total assets (2)
1,166,443 1,131,142 1,091,431 1,063,650 1,047,413 
Total deposits1,088,940 1,054,995 1,015,276 987,655 971,709 
(1)    Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.
(2)    Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity.




Current-period information is preliminary and based on company data available at the time of the presentation.
13

Bank of America Corporation and Subsidiaries
Consumer Banking Key Indicators
(Dollars in millions)
 First
Quarter
2022		Fourth
Quarter
2021		Third
Quarter
2021		Second
Quarter
2021		First
Quarter
2021
Average deposit balances
Checking$593,428 $577,703 $561,629 $550,009 $515,430 
Savings72,413 70,719 70,799 70,945 65,863 
MMS354,850 342,812 331,924 320,594 303,719 
CDs and IRAs30,685 31,584 32,578 33,728 35,488 
Other4,724 3,992 3,835 3,796 3,637 
Total average deposit balances$1,056,100 $1,026,810 $1,000,765 $979,072 $924,137 
Deposit spreads (excludes noninterest costs)
Checking1.91 %1.92 %1.95 %1.97 %1.99 %
Savings2.19 2.21 2.23 2.26 2.28 
MMS1.23 1.24 1.26 1.29 1.32 
CDs and IRAs0.46 0.32 0.34 0.41 0.48 
Other0.41 0.22 0.24 0.27 0.31 
Total deposit spreads1.65 1.66 1.68 1.71 1.73 
Consumer investment assets$357,593 $368,831 $353,280 $345,809 $324,479 
Active digital banking users (in thousands) (1)
42,269 41,365 40,911 40,512 40,286 
Active mobile banking users (in thousands) (2)
33,589 32,980 32,455 31,796 31,487 
Financial centers4,056 4,173 4,215 4,296 4,324 
ATMs15,959 16,209 16,513 16,795 16,905 
Total credit card (3)
Loans
Average credit card outstandings$78,409 $78,358 $75,569 $73,399 $74,165 
Ending credit card outstandings79,356 81,438 76,869 75,599 72,786 
Credit quality
Net charge-offs$297 $280 $321 $488 $634 
1.53 %1.42 %1.69 %2.67 %3.47 %
30+ delinquency$1,003 $997 $934 $976 $1,317 
1.26 %1.22 %1.21 %1.29 %1.81 %
90+ delinquency$492 $487 $450 $533 $755 
0.62 %0.60 %0.58 %0.71 %1.04 %
Other total credit card indicators (3)
Gross interest yield9.90 %9.96 %10.10 %10.10 %10.52 %
Risk-adjusted margin10.40 10.85 10.70 9.76 9.29 
New accounts (in thousands)977 940 1,049 931 674 
Purchase volumes$80,914 $87,671 $80,925 $78,384 $64,591 
Debit card data
Purchase volumes$117,584 $124,278 $119,680 $121,905 $107,907 
Loan production (4)
Consumer Banking:
First mortgage$8,116 $12,782 $12,510 $11,502 $9,182 
Home equity1,725 1,417 1,262 907 410 
Total (5):
First mortgage$16,353 $22,961 $21,232 $20,266 $15,233 
Home equity2,040 1,703 1,523 1,166 503 
(1)    Represents mobile and/or online active users over the past 90 days.
(2)    Represents mobile active users over the past 90 days.
(3)    In addition to the credit card portfolio in Consumer Banking, the remaining credit card portfolio is in GWIM.
(4)    Loan production amounts represent the unpaid principal balance of loans and, in the case of home equity, the principal amount of the total line of credit.
(5)    In addition to loan production in Consumer Banking, there is also first mortgage and home equity loan production in GWIM.



Current-period information is preliminary and based on company data available at the time of the presentation.
14

Bank of America Corporation and Subsidiaries
Consumer Banking Quarterly Results
(Dollars in millions)
First Quarter 2022Fourth Quarter 2021
Total Consumer BankingDepositsConsumer
Lending		Total Consumer BankingDepositsConsumer
Lending
Net interest income$6,680 $4,052 $2,628 $6,543 $3,870 $2,673 
Noninterest income:
Card income1,185 (8)1,193 1,354 (9)1,363 
Service charges844 843 1 921 921 — 
All other income 104 68 36 94 70 24 
Total noninterest income2,133 903 1,230 2,369 982 1,387 
Total revenue, net of interest expense8,813 4,955 3,858 8,912 4,852 4,060 
Provision for credit losses(52)73 (125)32 66 (34)
Noninterest expense4,921 3,008 1,913 4,742 2,862 1,880 
Income before income taxes3,944 1,874 2,070 4,138 1,924 2,214 
Income tax expense966 459 507 1,014 471 543 
Net income $2,978 $1,415 $1,563 $3,124 $1,453 $1,671 
Net interest yield2.48 %1.56 %3.79 %2.44 %1.51 %3.81 %
Return on average allocated capital (1)
30 44 23 32 48 25 
Efficiency ratio55.84 60.71 49.58 53.22 58.98 46.33 
Balance Sheet
Average
Total loans and leases$284,068 $4,215 $279,853 $282,332 $4,290 $278,042 
Total earning assets (2)
1,092,742 1,050,490 281,255 1,061,742 1,018,888 278,488 
Total assets (2)
1,133,001 1,084,343 287,660 1,102,444 1,053,379 284,698 
Total deposits1,056,100 1,050,247 5,853 1,026,810 1,020,092 6,718 
Allocated capital (1)
40,000 13,000 27,000 38,500 12,000 26,500 
Period end
Total loans and leases$286,322 $4,165 $282,157 $286,511 $4,206 $282,305 
Total earning assets (2)
1,125,963 1,083,664 284,069 1,090,331 1,048,009 282,850 
Total assets (2)
1,166,443 1,117,241 290,972 1,131,142 1,082,449 289,220 
Total deposits1,088,940 1,082,885 6,055 1,054,995 1,049,085 5,910 
First Quarter 2021
Total Consumer BankingDepositsConsumer
Lending
Net interest income$5,920 $3,278 $2,642 
Noninterest income:
Card income1,189 (5)1,194 
Service charges831 830 1 
All other income129 73 56 
Total noninterest income2,149 898 1,251 
Total revenue, net of interest expense8,069 4,176 3,893 
Provision for credit losses(617)74 (691)
Noninterest expense5,131 3,209 1,922 
Income before income taxes3,555 893 2,662 
Income tax expense871 219 652 
Net income$2,684 $674 $2,010 
Net interest yield2.51 %1.46 %3.74 %
Return on average allocated capital (1)
28 23 31 
Efficiency ratio63.59 76.87 49.34 
Balance Sheet
Average
Total loans and leases$290,891 $4,607 $286,284 
Total earning assets (2)
957,112 912,135 286,720 
Total assets (2)
999,769 950,803 290,709 
Total deposits924,137 917,319 6,818 
Allocated capital (1)
38,500 12,000 26,500 
Period end
Total loans and leases$282,935 $4,490 $278,445 
Total earning assets (2)
1,004,896 960,132 278,984 
Total assets (2)
1,047,413 997,601 284,032 
Total deposits971,709 964,406 7,303 
(1)    Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.
(2)    For presentation purposes, in segments or businesses where the total of liabilities and equity exceeds assets, the Corporation allocates assets from All Other to match the segments’ and businesses’ liabilities and allocated shareholders’ equity. As a result, total earning assets and total assets of the businesses may not equal total Consumer Banking.


Current-period information is preliminary and based on company data available at the time of the presentation.
15

Bank of America Corporation and Subsidiaries
Global Wealth & Investment Management Segment Results
(Dollars in millions)
 First
Quarter
2022		Fourth
Quarter
2021		Third
Quarter
2021		Second
Quarter
2021		First
Quarter
2021
 
Net interest income $1,668 $1,526 $1,452 $1,355 $1,331 
Noninterest income:
Investment and brokerage services3,654 3,703 3,682 3,536 3,391 
All other income154 173 176 174 249 
Total noninterest income3,808 3,876 3,858 3,710 3,640 
Total revenue, net of interest expense 5,476 5,402 5,310 5,065 4,971 
Provision for credit losses(41)(56)(58)(62)(65)
Noninterest expense4,015 3,834 3,744 3,813 3,867 
Income before income taxes 1,502 1,624 1,624 1,314 1,169 
Income tax expense 368 398 398 322 286 
Net income$1,134 $1,226 $1,226 $992 $883 
Net interest yield 1.62 %1.53 %1.54 %1.48 %1.50 %
Return on average allocated capital (1)
26 30 30 24 22 
Efficiency ratio73.31 70.95 70.51 75.29 77.79 
Balance Sheet
Average
Total loans and leases$210,937 $205,236 $199,664 $193,988 $188,495 
Total earning assets (2)
418,248 395,144 373,691 367,778 360,099 
Total assets (2)
431,040 408,033 386,346 380,315 372,594 
Total deposits384,902 360,912 339,357 333,487 326,370 
Allocated capital (1)
17,500 16,500 16,500 16,500 16,500 
Period end
Total loans and leases$214,273 $208,971 $202,268 $198,361 $190,060 
Total earning assets (2)
419,903 425,112 380,857 365,496 365,853 
Total assets (2)
433,122 438,275 393,708 378,220 378,654 
Total deposits385,288 390,143 345,590 330,624 333,254 
(1)Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.
(2)Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity.




Current-period information is preliminary and based on company data available at the time of the presentation.
16

Bank of America Corporation and Subsidiaries
Global Wealth & Investment Management Key Indicators
(Dollars in millions)
 First
Quarter
2022		Fourth
Quarter
2021		Third
Quarter
2021		Second
Quarter
2021		First
Quarter
2021
 
Revenue by Business
Merrill Wealth Management$4,589 $4,532 $4,471 $4,260 $4,185 
Bank of America Private Bank887 870 839 805 786 
Total revenue, net of interest expense $5,476 $5,402 $5,310 $5,065 $4,971 
Client Balances by Business, at period end
Merrill Wealth Management$3,116,052 $3,214,881 $3,108,358 $3,073,252 $2,922,770 
Bank of America Private Bank598,100 625,453 584,475 579,562 557,569 
Total client balances$3,714,152 $3,840,334 $3,692,833 $3,652,814 $3,480,339 
Client Balances by Type, at period end
Assets under management (1)
$1,571,605 $1,638,782 $1,578,630 $1,549,069 $1,467,487 
Brokerage and other assets1,592,802 1,655,021 1,612,472 1,619,246 1,535,424 
Deposits385,288 390,143 345,590 330,624 333,254 
Loans and leases (2)
217,461 212,251 205,055 201,154 192,725 
Less: Managed deposits in assets under management(53,004)(55,863)(48,914)(47,279)(48,551)
Total client balances$3,714,152 $3,840,334 $3,692,833 $3,652,814 $3,480,339 
Assets Under Management Rollforward
Assets under management, beginning balance$1,638,782 $1,578,630 $1,549,069 $1,467,487 $1,408,465 
Net client flows15,537 21,552 14,776 11,714 18,208 
Market valuation/other(82,714)38,600 14,785 69,868 40,814 
Total assets under management, ending balance$1,571,605 $1,638,782 $1,578,630 $1,549,069 $1,467,487 
Advisors, at period end
Total wealth advisors (3)
18,571 18,846 18,855 19,385 19,808 
(1)Defined as managed assets under advisory and/or discretion of GWIM.
(2)Includes margin receivables which are classified in customer and other receivables on the Consolidated Balance Sheet.
(3)Includes advisors across all wealth management businesses in GWIM and Consumer Banking.





Current-period information is preliminary and based on company data available at the time of the presentation.
17

Bank of America Corporation and Subsidiaries
Global Banking Segment Results
(Dollars in millions)
 First
Quarter
2022		Fourth
Quarter
2021		Third
Quarter
2021		Second
Quarter
2021		First
Quarter
2021
 
Net interest income $2,344 $2,362 $2,185 $1,984 $1,980 
Noninterest income:
Service charges886 887 889 900 847 
Investment banking fees880 1,465 1,297 1,173 1,172 
All other income1,084 1,193 874 1,033 634 
Total noninterest income2,850 3,545 3,060 3,106 2,653 
Total revenue, net of interest expense 5,194 5,907 5,245 5,090 4,633 
Provision for credit losses165 (463)(781)(831)(1,126)
Noninterest expense2,683 2,717 2,534 2,599 2,782 
Income before income taxes 2,346 3,653 3,492 3,322 2,977 
Income tax expense 622 986 943 897 804 
Net income$1,724 $2,667 $2,549 $2,425 $2,173 
Net interest yield 1.68 %1.59 %1.55 %1.49 %1.56 %
Return on average allocated capital (1)
16 25 24 23 21 
Efficiency ratio 51.65 45.99 48.31 51.07 60.04 
Balance Sheet
Average
Total loans and leases$358,807 $338,627 $324,736 $325,110 $330,107 
Total earning assets (2)
566,277 587,472 560,181 534,562 515,880 
Total assets (2)
630,517 650,940 621,699 595,498 576,145 
Total deposits539,912 562,390 534,166 506,618 487,034 
Allocated capital (1)
44,500 42,500 42,500 42,500 42,500 
Period end
Total loans and leases$367,423 $352,933 $328,893 $323,256 $325,996 
Total earning assets (2)
558,639 574,583 561,239 547,278 533,852 
Total assets (2)
623,168 638,131 623,640 607,969 594,235 
Total deposits533,820 551,752 536,476 520,026 506,012 
(1)Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.
(2)Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity.




Current-period information is preliminary and based on company data available at the time of the presentation.
18

Bank of America Corporation and Subsidiaries
Global Banking Key Indicators
(Dollars in millions)
 First
Quarter
2022		Fourth
Quarter
2021		Third
Quarter
2021		Second
Quarter
2021		First
Quarter
2021
 
Investment Banking fees (1)
Advisory (2)
$439 $798 $608 $376 $357 
Debt issuance359 430 401 482 423 
Equity issuance82 237 288 315 392 
Total Investment Banking fees (3)
$880 $1,465 $1,297 $1,173 $1,172 
Business Lending
Corporate$1,060 $1,195 $885 $989 $654 
Commercial993 987 923 867 898 
Business Banking58 59 54 56 55 
Total Business Lending revenue$2,111 $2,241 $1,862 $1,912 $1,607 
Global Transaction Services (4)
Corporate$949 $911 $850 $763 $711 
Commercial896 909 855 805 772 
Business Banking243 249 240 230 222 
Total Global Transaction Services revenue$2,088 $2,069 $1,945 $1,798 $1,705 
Average deposit balances
Interest-bearing$157,126 $164,522 $165,669 $162,947 $164,633 
Noninterest-bearing382,786 397,868 368,497 343,671 322,401 
Total average deposits$539,912 $562,390 $534,166 $506,618 $487,034 
Loan spread1.53 %1.58 %1.60 %1.57 %1.60 %
Provision for credit losses$165 $(463)$(781)$(831)$(1,126)
Credit quality (5, 6)
Reservable criticized utilized exposure$18,304 $19,873 $20,894 $25,158 $29,954 
4.72 %5.34 %5.99 %7.33 %8.66 %
Nonperforming loans, leases and foreclosed properties$1,329 $1,351 $1,504 $1,651 $1,812 
0.37 %0.39 %0.46 %0.52 %0.56 %
Average loans and leases by product
U.S. commercial$211,568 $196,168 $187,047 $188,716 $192,628 
Non-U.S. commercial80,783 75,611 71,859 70,666 70,573 
Commercial real estate51,400 51,570 49,868 49,139 49,685 
Commercial lease financing15,055 15,261 15,961 16,588 17,221 
Other1 17 1 1 — 
Total average loans and leases$358,807 $338,627 $324,736 $325,110 $330,107 
Total Corporation Investment Banking fees
Advisory (2)
$473 $850 $654 $407 $400 
Debt issuance831 984 933 1,110 988 
Equity issuance225 545 637 702 900 
Total investment banking fees including self-led deals1,529 2,379 2,224 2,219 2,288 
Self-led deals(72)(28)(56)(97)(42)
Total Investment Banking fees$1,457 $2,351 $2,168 $2,122 $2,246 
(1)Investment banking fees represent total investment banking fees for Global Banking inclusive of self-led deals and fees included within Business Lending.
(2)Advisory includes fees on debt and equity advisory and mergers and acquisitions.
(3)Investment banking fees represent only the fee component in Global Banking and do not include certain other items shared with the Investment Banking Group under internal revenue sharing agreements.
(4)Prior periods have been revised to conform to current-period presentation.
(5)Criticized exposure corresponds to the Special Mention, Substandard and Doubtful asset categories defined by regulatory authorities. The reservable criticized exposure is on an end-of-period basis and is also shown as a percentage of total commercial reservable utilized exposure, including loans and leases, standby letters of credit, financial guarantees, commercial letters of credit and bankers’ acceptances.
(6)Nonperforming loans, leases and foreclosed properties are on an end-of-period basis. The nonperforming ratio is nonperforming assets divided by loans, leases and foreclosed properties.

Current-period information is preliminary and based on company data available at the time of the presentation.
19



Bank of America Corporation and Subsidiaries
Global Markets Segment Results (1)
(Dollars in millions)
 First
Quarter
2022		Fourth
Quarter
2021		Third
Quarter
2021		Second
Quarter
2021		First
Quarter
2021
 
Net interest income$993 $1,031 $1,000 $990 $990 
Noninterest income:
Investment and brokerage services545 474 471 474 560 
Investment banking fees582 832 844 959 981 
Market making and similar activities3,190 1,312 2,014 1,964 3,470 
All other income(18)169 190 333 197 
Total noninterest income4,299 2,787 3,519 3,730 5,208 
Total revenue, net of interest expense (2)
5,292 3,818 4,519 4,720 6,198 
Provision for credit losses5 32 16 22 (5)
Noninterest expense3,117 2,882 3,252 3,471 3,427 
Income before income taxes2,170 904 1,251 1,227 2,776 
Income tax expense575 235 325 319 722 
Net income$1,595 $669 $926 $908 $2,054 
Return on average allocated capital (3)
15 %7 %10 %10 %22 %
Efficiency ratio58.90 75.49 71.94 73.55 55.29 
Balance Sheet
Average
Total trading-related assets$596,154 $564,282 $563,715 $566,842 $501,789 
Total loans and leases108,576 102,627 97,148 87,826 77,415 
Total earning assets610,926 580,794 557,333 531,000 495,324 
Total assets858,719 816,994 804,938 797,558 723,264 
Total deposits44,393 43,331 54,650 55,584 53,852 
Allocated capital (3)
42,500 38,000 38,000 38,000 38,000 
Period end
Total trading-related assets$616,811 $491,160 $536,125 $542,614 $524,188 
Total loans and leases110,037 114,846 98,892 96,105 84,247 
Total earning assets609,290 561,135 526,585 527,983 496,103 
Total assets 883,304 747,794 776,929 773,714 745,681 
Total deposits43,371 46,374 54,941 57,297 61,450 
Trading-related assets (average)
Trading account securities$301,285 $291,518 $304,133 $304,760 $265,181 
Reverse repurchases138,581 121,878 117,486 116,424 99,886 
Securities borrowed114,468 109,455 101,086 101,144 89,253 
Derivative assets41,820 41,431 41,010 44,514 47,469 
Total trading-related assets$596,154 $564,282 $563,715 $566,842 $501,789 
(1)Effective October 1, 2021, a business activity previously included in the Global Markets segment is being reported as a liquidating business in All Other, consistent with a realignment in performance reporting to senior management. The activity was not material to Global Markets’ results of operations and historical results for the third, second and first quarters of 2021 were not restated.
(2)Substantially all of Global Markets total revenue is sales and trading revenue and investment banking fees, with a small portion related to certain revenue sharing agreements with other business segments. For additional sales and trading revenue information, see page 21.
(3)Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.





Current-period information is preliminary and based on company data available at the time of the presentation.
20

Bank of America Corporation and Subsidiaries
Global Markets Key Indicators
(Dollars in millions)
First
Quarter
2022		Fourth
Quarter
2021		Third
Quarter
2021		Second
Quarter
2021		First
Quarter
2021
Sales and trading revenue (1)
Fixed-income, currencies and commodities$2,708 $1,573 $2,009 $1,937 $3,242 
Equities2,011 1,363 1,605 1,624 1,836 
Total sales and trading revenue$4,719 $2,936 $3,614 $3,561 $5,078 
Sales and trading revenue, excluding net debit valuation adjustment (2,3)
Fixed-income, currencies and commodities$2,648 $1,569 $2,025 $1,965 $3,251 
Equities2,002 1,365 1,609 1,630 1,829 
Total sales and trading revenue, excluding net debit valuation adjustment$4,650 $2,934 $3,634 $3,595 $5,080 
Sales and trading revenue breakdown
Net interest income$911 $954 $920 $914 $899 
Commissions531 464 459 462 548 
Trading3,190 1,311 2,014 1,963 3,470 
Other87 207 221 222 161 
Total sales and trading revenue$4,719 $2,936 $3,614 $3,561 $5,078 
(1)    Includes Global Banking sales and trading revenue of $179 million, $98 million, $138 million, $170 million and $104 million for the first quarter of 2022 and the fourth, third, second and first quarters of 2021, respectively.
(2)    For this presentation, sales and trading revenue excludes net debit valuation adjustment (DVA) gains (losses) which include net DVA on derivatives, as well as amortization of own credit portion of purchase discount and realized DVA on structured liabilities. Sales and trading revenue excluding net DVA gains (losses) represents a non-GAAP financial measure. We believe the use of this non-GAAP financial measure provides additional useful information to assess the underlying performance of these businesses and to allow better comparison of period-to-period operating performance.
(3)Net DVA gains (losses) were $69 million, $2 million, $(20) million, $(34) million and $(2) million for the first quarter of 2022 and the fourth, third, second and first quarters of 2021, respectively. FICC net DVA gains (losses) were $60 million, $4 million, $(16) million, $(28) million and $(9) million for the first quarter of 2022 and the fourth, third, second and first quarters of 2021, respectively. Equities net DVA gains (losses) were $9 million, $(2) million, $(4) million, $(6) million and $7 million for the first quarter of 2022 and the fourth, third, second and first quarters of 2021, respectively.




Current-period information is preliminary and based on company data available at the time of the presentation.
21

Bank of America Corporation and Subsidiaries
All Other Results (1,2)
(Dollars in millions)
 First
Quarter
2022		Fourth
Quarter
2021		Third
Quarter
2021		Second
Quarter
2021		First
Quarter
2021
 
Net interest income$(7)$53 $65 $41 $87 
Noninterest income (loss)(1,434)(1,927)(1,110)(1,526)(1,026)
Total revenue, net of interest expense(1,441)(1,874)(1,045)(1,485)(939)
Provision for credit losses(47)(34)(48)(53)(47)
Noninterest expense583 556 352 303 308 
Loss before income taxes(1,977)(2,396)(1,349)(1,735)(1,200)
Income tax expense (benefit)(1,613)(1,723)(1,294)(3,596)(1,456)
Net income (loss)$(364)$(673)$(55)$1,861 $256 
Balance Sheet
Average
Total loans and leases$15,405 $16,240 $17,581 $19,209 $20,815 
Total assets (3)
154,425 185,707 187,233 187,226 207,449 
Total deposits20,504 23,780 13,767 14,073 14,354 
Period end
Total loans and leases$15,090 $15,863 $16,880 $18,306 $19,850 
Total assets (4)
132,186 214,153 199,738 206,341 204,009 
Total deposits20,990 21,182 12,521 13,540 12,513 
(1)Effective October 1, 2021, a business activity previously included in the Global Markets segment is being reported as a liquidating business in All Other, consistent with a realignment in performance reporting to senior management. The activity was not material to Global Markets’ results of operations and historical results for the third, second and first quarters of 2021 were not restated.
(2)All Other primarily consists of asset and liability management (ALM) activities, liquidating businesses and certain expenses not otherwise allocated to a business segment. ALM activities encompass interest rate and foreign currency risk management activities for which substantially all of the results are allocated to our business segments.
(3)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $1.2 trillion, $1.2 trillion, $1.1 trillion, $1.1 trillion and $1.0 trillion for the first quarter of 2022 and the fourth, third, second and first quarters of 2021, respectively.
(4)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $1.2 trillion, $1.2 trillion, $1.2 trillion, $1.1 trillion and $1.1 trillion at March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.




Current-period information is preliminary and based on company data available at the time of the presentation.
22

Bank of America Corporation and Subsidiaries
Outstanding Loans and Leases
(Dollars in millions)
March 31
2022		December 31
2021		March 31
2021
Consumer
Residential mortgage$226,030 $221,963 $214,779 
Home equity26,936 27,935 32,078 
Credit card79,356 81,438 72,786 
Direct/Indirect consumer (1) 
105,754 103,560 91,737 
Other consumer (2) 
205 190 132 
Total consumer loans excluding loans accounted for under the fair value option438,281 435,086 411,512 
Consumer loans accounted for under the fair value option (3) 
568 618 693 
Total consumer438,849 435,704 412,205 
Commercial
U.S. commercial330,973 325,936 283,229 
Non-U.S. commercial122,267 113,266 91,335 
Commercial real estate (4) 
62,533 63,009 58,764 
Commercial lease financing14,008 14,825 16,359 
529,781 517,036 449,687 
U.S. small business commercial (5)
17,972 19,183 34,886 
Total commercial loans excluding loans accounted for under the fair value option547,753 536,219 484,573 
Commercial loans accounted for under the fair value option (3) 
6,543 7,201 6,310 
Total commercial554,296 543,420 490,883 
Total loans and leases $993,145 $979,124 $903,088 
(1)Includes primarily auto and specialty lending loans and leases of $49.7 billion, $48.5 billion and $45.4 billion, U.S. securities-based lending loans of $51.9 billion, $51.1 billion and $42.4 billion and non-U.S. consumer loans of $3.2 billion, $3.0 billion and $3.1 billion at March 31, 2022, December 31, 2021 and March 31, 2021, respectively.
(2)Substantially all of other consumer is consumer overdrafts.
(3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $248 million, $279 million and $275 million and home equity loans of $320 million, $339 million and $418 million at March 31, 2022, December 31, 2021 and March 31, 2021, respectively. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $4.0 billion, $4.6 billion and $4.2 billion and non-U.S. commercial loans of $2.6 billion, $2.6 billion and $2.1 billion at March 31, 2022, December 31, 2021 and March 31, 2021, respectively.
(4)Includes U.S. commercial real estate loans of $58.3 billion, $58.2 billion and $55.8 billion and non-U.S. commercial real estate loans of $4.3 billion, $4.8 billion and $3.0 billion at March 31, 2022, December 31, 2021 and March 31, 2021, respectively.
(5)Includes card-related products and Paycheck Protection Program (PPP) loans.



Current-period information is preliminary and based on company data available at the time of the presentation.
23

Bank of America Corporation and Subsidiaries
Quarterly Average Loans and Leases by Business Segment and All Other
(Dollars in millions)
 First Quarter 2022
 Total
Corporation		Consumer BankingGWIMGlobal
Banking		Global
Markets		All 
Other
Consumer
Residential mortgage$223,979 $115,388 $96,221 $1 $— $12,369 
Home equity27,784 21,963 2,400 — 241 3,180 
Credit card78,409 75,730 2,679 — — — 
Direct/Indirect and other consumer104,632 49,292 55,338 — — 2 
Total consumer434,804 262,373 156,638 1 241 15,551 
Commercial
U.S. commercial346,510 21,683 48,496 211,568 64,566 197 
Non-U.S. commercial118,767 — 1,237 80,783 36,684 63 
Commercial real estate63,065 12 4,566 51,400 7,085 2 
Commercial lease financing14,647 — — 15,055 — (408)
Total commercial542,989 21,695 54,299 358,806 108,335 (146)
Total loans and leases$977,793 $284,068 $210,937 $358,807 $108,576 $15,405 
 Fourth Quarter 2021
 Total
Corporation		Consumer BankingGWIMGlobal
Banking		Global
Markets		All 
Other
Consumer
Residential mortgage$219,193 $112,937 $93,294 $1 $— $12,961 
Home equity28,796 22,672 2,476 — 253 3,395 
Credit card78,358 75,649 2,709 — — — 
Direct/Indirect and other consumer101,854 48,118 53,717 16 — 3 
Total consumer428,201 259,376 152,196 17 253 16,359 
Commercial
U.S. commercial330,796 22,943 47,354 196,168 64,105 226 
Non-U.S. commercial108,899 — 1,276 75,611 31,968 44 
Commercial real estate62,296 13 4,410 51,570 6,301 2 
Commercial lease financing14,870 — — 15,261 — (391)
Total commercial516,861 22,956 53,040 338,610 102,374 (119)
Total loans and leases $945,062 $282,332 $205,236 $338,627 $102,627 $16,240 
 First Quarter 2021
 Total
Corporation		Consumer BankingGWIMGlobal
Banking		Global
Markets		All 
Other
Consumer
Residential mortgage$219,005 $113,729 $88,532 $— $— $16,744 
Home equity33,634 26,490 2,812 — 284 4,048 
Credit card74,165 71,805 2,360 — — — 
Direct/Indirect and other consumer91,430 46,320 45,107 — — 3 
Total consumer418,234 258,344 138,811 — 284 20,795 
Commercial
U.S. commercial322,010 32,535 44,436 192,628 52,016 395 
Non-U.S. commercial90,904 — 932 70,573 19,369 30 
Commercial real estate59,736 12 4,316 49,685 5,717 6 
Commercial lease financing16,839 — — 17,221 29 (411)
Total commercial489,489 32,547 49,684 330,107 77,131 20 
Total loans and leases$907,723 $290,891 $188,495 $330,107 $77,415 $20,815 




Current-period information is preliminary and based on company data available at the time of the presentation.
24

Bank of America Corporation and Subsidiaries
Commercial Credit Exposure by Industry (1, 2, 3, 4, 6)
(Dollars in millions)
Commercial UtilizedTotal Commercial Committed
March 31
2022		December 31
2021		March 31
2021		March 31
2022		December 31
2021		March 31
2021
Asset managers & funds$102,558 $89,786 $68,195 $158,973 $136,914 $105,459 
Real estate (5)
67,211 69,384 66,159 93,888 96,202 89,891 
Capital goods44,545 42,784 37,030 85,942 84,293 78,134 
Finance companies50,559 59,327 49,483 76,101 86,009 76,246 
Materials27,570 25,133 23,474 60,017 53,652 50,704 
Healthcare equipment and services33,164 32,003 31,750 58,264 58,195 56,118 
Retailing26,678 24,514 23,857 51,557 50,816 47,562 
Government & public education35,212 37,597 39,093 49,213 50,066 51,381 
Consumer services27,045 28,172 29,877 47,344 48,052 47,471 
Food, beverage and tobacco23,332 21,584 22,597 46,566 45,419 44,651 
Commercial services and supplies20,818 22,390 21,139 42,809 42,451 37,768 
Individuals and trusts29,340 29,752 28,326 38,961 39,869 37,989 
Utilities18,908 17,082 11,681 38,178 36,855 29,481 
Energy16,770 14,217 13,596 36,001 34,136 32,416 
Transportation21,268 21,079 21,745 32,034 32,015 32,032 
Software and services12,075 10,663 10,536 30,195 27,643 25,674 
Media11,693 12,495 12,358 27,525 26,318 25,262 
Technology hardware and equipment10,551 10,159 9,248 26,479 26,910 24,434 
Global commercial banks25,092 20,062 21,019 26,234 21,390 23,048 
Consumer durables and apparel10,989 9,740 8,507 22,089 21,226 19,484 
Vehicle dealers11,438 11,030 13,487 20,381 15,678 16,877 
Pharmaceuticals and biotechnology6,175 5,608 4,216 19,093 19,439 16,932 
Telecommunication services10,500 10,056 8,752 18,453 21,270 24,422 
Insurance6,784 5,743 6,052 18,120 14,323 14,567 
Automobiles and components9,195 9,236 11,694 17,782 17,052 20,213 
Food and staples retailing7,304 6,902 5,499 12,772 12,226 10,570 
Financial markets infrastructure (clearinghouses)4,359 3,876 4,271 6,966 6,076 7,275 
Religious and social organizations2,906 3,154 4,473 5,345 5,394 6,347 
Total commercial credit exposure by industry$674,039 $653,528 $608,114 $1,167,282 $1,129,889 $1,052,408 
(1)Includes loans and leases, standby letters of credit and financial guarantees, derivative assets, assets held-for-sale, commercial letters of credit, bankers’ acceptances, securitized assets, foreclosed properties and other collateral acquired. Derivative assets are carried at fair value, reflect the effects of legally enforceable master netting agreements and have been reduced by cash collateral of $34.1 billion, $30.9 billion and $35.3 billion at March 31, 2022, December 31, 2021 and March 31, 2021, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $45.6 billion, $47.3 billion and $39.4 billion, which consists primarily of other marketable securities, at March 31, 2022, December 31, 2021 and March 31, 2021, respectively.
(2)Total utilized and total committed exposure includes loans of $6.5 billion, $7.2 billion and $6.3 billion and issued letters of credit with a notional amount of $48 million, $51 million and $79 million accounted for under the fair value option at March 31, 2022, December 31, 2021 and March 31, 2021, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $4.0 billion, $4.8 billion and $4.5 billion at March 31, 2022, December 31, 2021 and March 31, 2021, respectively.
(3)Includes U.S. small business commercial exposure.
(4)Includes the notional amount of unfunded legally binding lending commitments net of amounts distributed (e.g., syndicated or participated) to other financial institutions.
(5)Industries are viewed from a variety of perspectives to best isolate the perceived risks. For purposes of this table, the real estate industry is defined based on the primary business activity of the borrowers or the counterparties using operating cash flows and primary source of repayment as key factors.
(6)Includes $3.0 billion, $4.7 billion and $21.1 billion of PPP loan exposure across impacted industries at March 31, 2022, December 31, 2021 and March 31, 2021, respectively.





Current-period information is preliminary and based on company data available at the time of the presentation.
25

Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties
(Dollars in millions)
March 31
2022		December 31
2021		September 30
2021		June 30
2021		March 31
2021
Residential mortgage$2,422 $2,284 $2,296 $2,343 $2,366 
Home equity615 630 676 651 669 
Direct/Indirect consumer67 75 45 50 56 
Total consumer3,104 2,989 3,017 3,044 3,091 
U.S. commercial818 825 909 1,060 1,228 
Non-U.S. commercial268 268 272 275 342 
Commercial real estate361 382 414 404 354 
Commercial lease financing54 80 70 81 80 
1,501 1,555 1,665 1,820 2,004 
U.S. small business commercial20 23 32 43 67 
Total commercial1,521 1,578 1,697 1,863 2,071 
Total nonperforming loans and leases4,625 4,567 4,714 4,907 5,162 
Foreclosed properties (1)
153 130 117 124 137 
Total nonperforming loans, leases and foreclosed properties (2, 3)
$4,778 $4,697 $4,831 $5,031 $5,299 
Fully-insured home loans past due 30 days or more and still accruing$817 $887 $930 $997 $1,030 
Consumer credit card past due 30 days or more and still accruing 1,003 997 934 976 1,317 
Other loans past due 30 days or more and still accruing3,736 3,398 2,583 2,699 3,506 
Total loans past due 30 days or more and still accruing (4, 5)
$5,556 $5,282 $4,447 $4,672 $5,853 
Fully-insured home loans past due 90 days or more and still accruing$574 $634 $648 $687 $728 
Consumer credit card past due 90 days or more and still accruing
492 487 450 533 755 
Other loans past due 90 days or more and still accruing607 336 232 299 309 
Total loans past due 90 days or more and still accruing (4, 5)
$1,673 $1,457 $1,330 $1,519 $1,792 
Nonperforming loans, leases and foreclosed properties/Total assets (6)
0.15 %0.15 %0.16 %0.17 %0.18 %
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties (6)
0.48 0.48 0.52 0.55 0.59 
Nonperforming loans and leases/Total loans and leases (6)
0.47 0.47 0.51 0.54 0.58 
Commercial reservable criticized utilized exposure (7)
$20,682 $22,381 $24,142 $28,878 $34,283 
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure (7)
3.54 %3.91 %4.53 %5.45 %6.59 %
Total commercial criticized utilized exposure/Commercial utilized exposure (7)
3.47 3.91 4.55 5.37 6.41 
(1)Foreclosed property balances do not include properties insured by certain government-guaranteed loans, principally loans insured by the Federal Housing Administration (FHA), that entered foreclosure of $61 million, $52 million, $55 million, $66 million and $87 million at March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.
(2)Balances do not include past due consumer credit card, consumer loans secured by real estate where repayments are insured by the FHA and individually insured long-term stand-by agreements (fully-insured home loans), and in general, other consumer and commercial loans not secured by real estate.
(3)Balances do not include nonperforming loans held-for-sale of $336 million, $264 million, $279 million, $348 million and $384 million and nonperforming loans accounted for under the fair value option of $19 million, $21 million, $13 million, $13 million and $12 million at March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.
(4)Balances do not include loans held-for-sale past due 30 days or more and still accruing of $654 million, $523 million, $222 million, $159 million and $75 million at March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively, and loans held-for-sale past due 90 days or more and still accruing of $50 million, $41 million, $9 million, $70 million and $18 million at March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively. At March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, there were $8 million, $12 million, $9 million, $74 million and $12 million, respectively, of loans accounted for under the fair value option past due 30 days or more and still accruing interest.
(5)These balances are excluded from total nonperforming loans, leases and foreclosed properties.
(6)Total assets and total loans and leases do not include loans accounted for under the fair value option of $7.1 billion, $7.8 billion, $7.6 billion, $7.0 billion and $7.0 billion at March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.
(7)Criticized exposure corresponds to the Special Mention, Substandard and Doubtful asset categories defined by regulatory authorities. The reservable criticized exposure excludes loans held-for-sale, exposure accounted for under the fair value option and other nonreservable exposure.


Current-period information is preliminary and based on company data available at the time of the presentation.
26

Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties Activity (1)
 (Dollars in millions)
First
Quarter
2022		Fourth
Quarter
2021		Third
Quarter
2021		Second
Quarter
2021		First
Quarter
2021
Nonperforming Consumer Loans and Leases:
Balance, beginning of period$2,989 $3,017 $3,044 $3,091 $2,725 
Additions644 371 353 431 851 
Reductions:
Paydowns and payoffs(175)(179)(163)(160)(123)
Sales(131)(1)(1)(1)(1)
Returns to performing status (2)
(202)(198)(201)(291)(347)
Charge-offs (3)
(15)(15)(12)(25)(12)
Transfers to foreclosed properties(6)(6)(3)(1)(2)
Total net additions (reductions) to nonperforming loans and leases115 (28)(27)(47)366 
Total nonperforming consumer loans and leases, end of period3,104 2,989 3,017 3,044 3,091 
Foreclosed properties118 101 87 93 101 
Nonperforming consumer loans, leases and foreclosed properties, end of period$3,222 $3,090 $3,104 $3,137 $3,192 
Nonperforming Commercial Loans and Leases (4):
Balance, beginning of period$1,578 $1,697 $1,863 $2,071 $2,227 
Additions183 372 275 503 472 
Reductions:
Paydowns(159)(290)(297)(264)(312)
Sales(25)(71)(29)(77)(22)
Return to performing status (5)
(5)(95)(82)(59)(28)
Charge-offs(12)(35)(33)(108)(78)
Transfers to foreclosed properties— — — — — 
Transfers to loans held-for-sale(39)— — (203)(188)
Total net reductions to nonperforming loans and leases(57)(119)(166)(208)(156)
Total nonperforming commercial loans and leases, end of period1,521 1,578 1,697 1,863 2,071 
Foreclosed properties35 29 30 31 36 
Nonperforming commercial loans, leases and foreclosed properties, end of period$1,556 $1,607 $1,727 $1,894 $2,107 
(1)For amounts excluded from nonperforming loans, leases and foreclosed properties, see footnotes to Nonperforming Loans, Leases and Foreclosed Properties table on page 26.
(2)Consumer loans and leases may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection. Certain troubled debt restructurings are classified as nonperforming at the time of restructuring and may only be returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period, generally six months.
(3)Our policy is not to classify consumer credit card and non-bankruptcy related consumer loans not secured by real estate as nonperforming; therefore, the charge-offs on these loans have no impact on nonperforming activity and, accordingly, are excluded from this table.
(4)Includes U.S. small business commercial activity. Small business card loans are excluded as they are not classified as nonperforming.
(5)Commercial loans and leases may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection. Troubled debt restructurings are generally classified as performing after a sustained period of demonstrated payment performance.



Current-period information is preliminary and based on company data available at the time of the presentation.
27

Bank of America Corporation and Subsidiaries
Quarterly Net Charge-offs and Net Charge-off Ratios (1) 
(Dollars in millions)
 First
Quarter
2022		Fourth
Quarter
2021		Third
Quarter
2021		Second
Quarter
2021		First
Quarter
2021
AmountPercentAmountPercentAmountPercentAmountPercentAmountPercent
Net Charge-offs
Residential mortgage $(10)(0.02)%$(11)(0.02)%$(7)(0.01)%$(6)(0.01)%$(4)(0.01)%
Home equity(30)(0.44)(26)(0.37)(34)(0.46)(24)(0.31)(35)(0.42)
Credit card297 1.53 280 1.42 321 1.69 488 2.67 634 3.47 
Direct/Indirect consumer4 0.02 (3)(0.01)(18)(0.07)(9)(0.04)31 0.14 
Other consumer79 n/m72 n/m67 n/m64 n/m67 n/m
Total consumer340 0.32 312 0.29 329 0.31 513 0.50 693 0.67 
U.S. commercial (14)(0.02)(19)(0.02)15 0.02 (31)(0.04)12 0.02 
Non-U.S. commercial1 — (6)(0.02)1 — 14 0.06 26 0.12 
Total commercial and industrial(13)(0.01)(25)(0.02)16 0.02 (17)(0.02)38 0.04 
Commercial real estate23 0.15 6 0.04 — — 17 0.11 11 0.07 
Commercial lease financing— — — — (1)— — — — — 
10 0.01 (19)(0.02)15 0.01 — — 49 0.04 
U.S. small business commercial42 0.94 69 1.32 119 1.76 82 0.98 81 0.89 
Total commercial52 0.04 50 0.04 134 0.11 82 0.07 130 0.11 
Total net charge-offs$392 0.16 $362 0.15 $463 0.20 $595 0.27 $823 0.37 
By Business Segment and All Other
Consumer Banking$416 0.59 %$411 0.58 %$489 0.69 %$625 0.89 %$810 1.13 %
Global Wealth & Investment Management1 — 5 0.01 7 0.01 — — 13 0.03 
Global Banking(12)(0.01)(28)(0.03)8 0.01 3 — 36 0.05 
Global Markets21 0.08 10 0.04 — — — — 3 0.01 
All Other (34)(0.91)(36)(0.91)(41)(0.92)(33)(0.70)(39)(0.78)
Total net charge-offs$392 0.16 $362 0.15 $463 0.20 $595 0.27 $823 0.37 
(1)Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding loans and leases excluding loans accounted for under the fair value option during the period for each loan and lease category.
n/m = not meaningful





Current-period information is preliminary and based on company data available at the time of the presentation.
28

Bank of America Corporation and Subsidiaries
Allocation of the Allowance for Credit Losses by Product Type
(Dollars in millions)
March 31, 2022December 31, 2021March 31, 2021
Amount
Percent of
Loans and
Leases
Outstanding (1, 2)
Amount
Percent of
Loans and
Leases
Outstanding (1, 2)
Amount
Percent of
Loans and
Leases
Outstanding (1, 2)
Allowance for loan and lease losses
Residential mortgage$301 0.13%$351 0.16%$428 0.20%
Home equity172 0.64206 0.74261 0.81
Credit card5,684 7.165,907 7.257,278 10.00
Direct/Indirect consumer512 0.48523 0.51617 0.67
Other consumer46 n/m46 n/m51 n/m
Total consumer6,715 1.537,033 1.628,635 2.10
U.S. commercial (3)
2,966 0.853,019 0.874,131 1.30
Non-U.S. commercial1,155 0.94975 0.861,154 1.26
Commercial real estate1,218 1.951,292 2.052,148 3.66
Commercial lease financing50 0.3668 0.46100 0.61
Total commercial 5,389 0.985,354 1.007,533 1.55
Allowance for loan and lease losses12,104 1.2312,387 1.2816,168 1.80
Reserve for unfunded lending commitments1,379 1,456 1,829  
Allowance for credit losses$13,483 $13,843 $17,997  
Asset Quality Indicators
Allowance for loan and lease losses/Total loans and leases (2)
1.23%1.28%1.80%
Allowance for loan and lease losses/Total nonperforming loans and leases (4)
262271313
Ratio of the allowance for loan and lease losses/Annualized net charge-offs7.628.624.85
(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. Consumer loans accounted for under the fair value option include residential mortgage loans of $248 million, $279 million and $275 million, and home equity loans of $320 million, $339 million and $418 million at March 31, 2022, December 31, 2021 and March 31, 2021, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $4.0 billion, $4.6 billion and $4.2 billion and non-U.S. commercial loans of $2.6 billion, $2.6 billion and $2.1 billion at March 31, 2022, December 31, 2021 and March 31, 2021, respectively.
(2)Total loans and leases do not include loans accounted for under the fair value option of $7.1 billion, $7.8 billion and $7.0 billion at March 31, 2022, December 31, 2021 and March 31, 2021, respectively.
(3)Includes allowance for loan and lease losses for U.S. small business commercial loans of $1.0 billion, $1.2 billion and $1.5 billion at March 31, 2022, December 31, 2021 and March 31, 2021, respectively.
(4)Allowance for loan and lease losses includes $6.6 billion, $7.0 billion and $8.7 billion allocated to products (primarily the Consumer Lending portfolios within Consumer Banking) that are excluded from nonperforming loans and leases at March 31, 2022, December 31, 2021 and March 31, 2021, respectively. Excluding these amounts, allowance for loan and lease losses as a percentage of total nonperforming loans and leases was 118 percent, 117 percent and 144 percent at March 31, 2022, December 31, 2021 and March 31, 2021, respectively.
n/m = not meaningful


Current-period information is preliminary and based on company data available at the time of the presentation.
29

Exhibit A: Non-GAAP Reconciliations
Bank of America Corporation and Subsidiaries
Reconciliations to GAAP Financial Measures
(Dollars in millions, except per share information)

The Corporation evaluates its business based on the following 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), net of related deferred tax liabilities ("adjusted" shareholders' equity or common shareholders’ equity). Return on average tangible common shareholders’ equity measures the Corporation’s net income applicable to common shareholders as a percentage of adjusted average common shareholders’ equity. The tangible common equity ratio represents adjusted ending common shareholders’ equity divided by total tangible assets (total assets less goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities). Return on average tangible shareholders’ equity measures the Corporation’s net income as a percentage of adjusted average total shareholders’ equity. The tangible equity ratio represents adjusted ending shareholders’ equity divided by total tangible assets. Tangible book value per common share represents adjusted ending common shareholders’ equity divided by ending common shares outstanding. These measures are used to evaluate the Corporation’s use of equity. In addition, profitability, relationship and investment models all use return on average tangible shareholders’ equity as key measures to support our overall growth goals.

See the tables below for reconciliations of these non-GAAP financial measures to the most closely related financial measures defined by GAAP for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021. The Corporation believes the use of these non-GAAP financial measures provides additional clarity in understanding its results of operations and trends. Other companies may define or calculate supplemental financial data differently.
 First Quarter 2022Fourth Quarter 2021Third Quarter 2021Second Quarter 2021First Quarter 2021
 
Reconciliation of income before income taxes to pretax, pre-provision income
Income before income taxes$7,879 $7,818 $8,950 $8,042 $9,166 
Provision for credit losses30 (489)(624)(1,621)(1,860)
Pretax, pre-provision income$7,909 $7,329 $8,326 $6,421 $7,306 
Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity$269,309 $270,883 $275,484 $274,632 $274,047 
Goodwill(69,023)(69,022)(69,023)(69,023)(68,951)
Intangible assets (excluding mortgage servicing rights)(2,146)(2,166)(2,185)(2,212)(2,146)
Related deferred tax liabilities929 913 915 915 920 
Tangible shareholders’ equity$199,069 $200,608 $205,191 $204,312 $203,870 
Preferred stock(26,444)(24,364)(23,441)(23,684)(24,399)
Tangible common shareholders’ equity$172,625 $176,244 $181,750 $180,628 $179,471 
Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity$266,617 $270,066 $272,464 $277,119 $274,000 
Goodwill(69,023)(69,022)(69,023)(69,023)(68,951)
Intangible assets (excluding mortgage servicing rights)(2,133)(2,153)(2,172)(2,192)(2,134)
Related deferred tax liabilities926 929 913 915 915 
Tangible shareholders’ equity$196,387 $199,820 $202,182 $206,819 $203,830 
Preferred stock(27,137)(24,708)(23,441)(23,441)(24,319)
Tangible common shareholders’ equity$169,250 $175,112 $178,741 $183,378 $179,511 
Reconciliation of period-end assets to period-end tangible assets
Assets$3,238,223 $3,169,495 $3,085,446 $3,029,894 $2,969,992 
Goodwill(69,023)(69,022)(69,023)(69,023)(68,951)
Intangible assets (excluding mortgage servicing rights)(2,133)(2,153)(2,172)(2,192)(2,134)
Related deferred tax liabilities926 929 913 915 915 
Tangible assets$3,167,993 $3,099,249 $3,015,164 $2,959,594 $2,899,822 
Book value per share of common stock
Common shareholders’ equity$239,480 $245,358 $249,023 $253,678 $249,681 
Ending common shares issued and outstanding8,062.1 8,077.8 8,241.2 8,487.2 8,589.7 
Book value per share of common stock$29.70 $30.37 $30.22 $29.89 $29.07 
Tangible book value per share of common stock
Tangible common shareholders’ equity$169,250 $175,112 $178,741 $183,378 $179,511 
Ending common shares issued and outstanding8,062.1 8,077.8 8,241.2 8,487.2 8,589.7 
Tangible book value per share of common stock$20.99 $21.68 $21.69 $21.61 $20.90 

Current-period information is preliminary and based on company data available at the time of the presentation.
30