Enhanced Investments - Financial Portal

Published: 2023-10-17 06:48:23 ET

EX-99.3 4 bac-09302023ex993.htm EX-99.3 Document

Supplemental Information

Third Quarter 2023

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


Bank of America Corporation and Subsidiaries
Table of Contents			Page


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

Debt Securities			9
Supplemental Financial Data			10
Quarterly Results by Business Segment and All Other			11
Year-to-Date Results by Business Segment and All Other			13
Consumer Banking
Total Segment Results			14
Key Indicators			15
Business Results			16
Global Wealth & Investment Management
Total Segment Results			18
Key Indicators			19
Global Banking
Total Segment Results			20
Key Indicators			21

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

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

Exhibit A: Non-GAAP Reconciliations			33







Key Performance Indicators

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

Business Segment Operations

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


Bank of America Corporation and Subsidiaries
Consolidated Financial Highlights
(In millions, except per share information)
	Nine Months Ended September 30						Third Quarter 2023			Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022
	2023			2022
Income statement
Net interest income	$	42,985		$	37,781		$	14,379		$	14,158		$	14,448		$	14,681		$	13,765
Noninterest income	33,637			32,637			10,788			11,039			11,810			9,851			10,737
Total revenue, net of interest expense	76,622			70,418			25,167			25,197			26,258			24,532			24,502
Provision for credit losses	3,290			1,451			1,234			1,125			931			1,092			898
Noninterest expense	48,114			45,895			15,838			16,038			16,238			15,543			15,303
Income before income taxes	25,218			23,072			8,095			8,034			9,089			7,897			8,301
Pretax, pre-provision income (1)	28,508			24,523			9,329			9,159			10,020			8,989			9,199
Income tax expense	1,847			2,676			293			626			928			765			1,219
Net income	23,371			20,396			7,802			7,408			8,161			7,132			7,082
Preferred stock dividends and other	1,343			1,285			532			306			505			228			503
Net income applicable to common shareholders	22,028			19,111			7,270			7,102			7,656			6,904			6,579
Diluted earnings per common share	2.72			2.34			0.90			0.88			0.94			0.85			0.81
Average diluted common shares issued and outstanding	8,153.4			8,173.3			8,075.9			8,080.7			8,182.3			8,155.7			8,160.8
Dividends paid per common share	$	0.68		$	0.64		$	0.24		$	0.22		$	0.22		$	0.22		$	0.22

Performance ratios
Return on average assets	1.00		%	0.86		%	0.99		%	0.94		%	1.07		%	0.92		%	0.90		%
Return on average common shareholders’ equity	11.63			10.58			11.24			11.21			12.48			11.24			10.79
Return on average shareholders’ equity	11.10			10.12			10.86			10.52			11.94			10.38			10.37
Return on average tangible common shareholders’ equity (2)	16.09			14.93			15.47			15.49			17.38			15.79			15.21
Return on average tangible shareholders’ equity (2)	14.78			13.68			14.41			14.00			15.98			13.98			13.99
Efficiency ratio	62.79			65.17			62.93			63.65			61.84			63.36			62.45


At period end
Book value per share of common stock	$	32.65		$	29.96		$	32.65		$	32.05		$	31.58		$	30.61		$	29.96
Tangible book value per share of common stock (2)	23.79			21.21			23.79			23.23			22.78			21.83			21.21
Market capitalization	216,942			242,338			216,942			228,188			228,012			264,853			242,338
Number of financial centers - U.S.	3,862			3,932			3,862			3,887			3,892			3,913			3,932
Number of branded ATMs - U.S.	15,253			15,572			15,253			15,335			15,407			15,528			15,572
Headcount	212,752			213,270			212,752			215,546			217,059			216,823			213,270

(1) Pretax, pre-provision income (PTPI) is a non-GAAP financial measure calculated by adjusting pretax income to add back provision for credit losses. Management believes that PTPI is a useful financial measure because it enables an assessment of the Corporation's ability to generate earnings to cover credit losses through a credit cycle. (See Exhibit A: Non-GAAP Reconciliations - Reconciliations to GAAP Financial Measures on page 33.)

(2) Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income. Tangible book value per share provides additional useful information about the level of tangible assets in relation to outstanding shares of common stock. (See Exhibit A: Non-GAAP Reconciliations - Reconciliations to GAAP Financial Measures on page 33.)


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


Bank of America Corporation and Subsidiaries
Consolidated Statement of Income
(In millions, except per share information)
	Nine Months Ended September 30				Third Quarter 2023		Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022
	2023		2022
Net interest income
Interest income	$	94,633	$	47,490	$	33,624	$	32,354	$	28,655	$	25,075	$	19,621
Interest expense	51,648		9,709		19,245		18,196		14,207		10,394		5,856
Net interest income	42,985		37,781		14,379		14,158		14,448		14,681		13,765

Noninterest income
Fees and commissions	23,990		25,477		8,135		7,961		7,894		7,735		8,001
Market making and similar activities	11,734		9,023		3,325		3,697		4,712		3,052		3,068
Other income (loss)	(2,087)		(1,863)		(672)		(619)		(796)		(936)		(332)
Total noninterest income	33,637		32,637		10,788		11,039		11,810		9,851		10,737
Total revenue, net of interest expense	76,622		70,418		25,167		25,197		26,258		24,532		24,502

Provision for credit losses	3,290		1,451		1,234		1,125		931		1,092		898

Noninterest expense
Compensation and benefits	28,870		27,286		9,551		9,401		9,918		9,161		8,887
Occupancy and equipment	5,370		5,285		1,795		1,776		1,799		1,786		1,777
Information processing and communications	5,017		4,621		1,676		1,644		1,697		1,658		1,546
Product delivery and transaction related	2,726		2,749		880		956		890		904		892

Professional fees	1,609		1,493		545		527		537		649		525
Marketing	1,472		1,365		501		513		458		460		505
Other general operating	3,050		3,096		890		1,221		939		925		1,171
Total noninterest expense	48,114		45,895		15,838		16,038		16,238		15,543		15,303
Income before income taxes	25,218		23,072		8,095		8,034		9,089		7,897		8,301
Income tax expense	1,847		2,676		293		626		928		765		1,219
Net income	$	23,371	$	20,396	$	7,802	$	7,408	$	8,161	$	7,132	$	7,082
Preferred stock dividends and other	1,343		1,285		532		306		505		228		503

Net income applicable to common shareholders	$	22,028	$	19,111	$	7,270	$	7,102	$	7,656	$	6,904	$	6,579

Per common share information
Earnings	$	2.74	$	2.35	$	0.91	$	0.88	$	0.95	$	0.85	$	0.81
Diluted earnings	2.72		2.34		0.90		0.88		0.94		0.85		0.81
Average common shares issued and outstanding	8,041.3		8,122.2		8,017.1		8,040.9		8,065.9		8,088.3		8,107.7
Average diluted common shares issued and outstanding	8,153.4		8,173.3		8,075.9		8,080.7		8,182.3		8,155.7		8,160.8


Consolidated Statement of Comprehensive Income
(Dollars in millions)
	Nine Months Ended September 30				Third Quarter 2023		Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022
	2023		2022
Net income	$	23,371	$	20,396	$	7,802	$	7,408	$	8,161	$	7,132	$	7,082
Other comprehensive income (loss), net-of-tax:
Net change in debt securities	81		(6,381)		(642)		168		555		353		(1,112)
Net change in debit valuation adjustments	(419)		1,298		(25)		(404)		10		(543)		462
Net change in derivatives	(317)		(10,890)		(366)		(1,993)		2,042		835		(3,703)
Employee benefit plan adjustments	25		97		6		9		10		(764)		37
Net change in foreign currency translation adjustments	(6)		(47)		(23)		5		12		(10)		(37)
Other comprehensive income (loss)	(636)		(15,923)		(1,050)		(2,215)		2,629		(129)		(4,353)
Comprehensive income (loss)	$	22,735	$	4,473	$	6,752	$	5,193	$	10,790	$	7,003	$	2,729


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)
	Nine Months Ended September 30				Third Quarter 2023		Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022
	2023		2022
Net interest income
Interest income
Loans and leases	$	41,897	$	25,805	$	14,830	$	13,970	$	13,097	$	12,114	$	10,231
Debt securities	14,809		12,111		4,658		4,691		5,460		5,016		4,239
Federal funds sold and securities borrowed or purchased under agreements to resell	13,555		1,835		4,888		4,955		3,712		2,725		1,446
Trading account assets	6,321		3,753		2,217		2,076		2,028		1,768		1,449
Other interest income	18,051		3,986		7,031		6,662		4,358		3,452		2,256
Total interest income	94,633		47,490		33,624		32,354		28,655		25,075		19,621

Interest expense
Deposits	17,439		1,719		7,340		5,785		4,314		2,999		1,235
Short-term borrowings	22,164		2,705		7,629		8,355		6,180		4,273		2,264
Trading account liabilities	1,486		1,117		510		472		504		421		383
Long-term debt	10,559		4,168		3,766		3,584		3,209		2,701		1,974
Total interest expense	51,648		9,709		19,245		18,196		14,207		10,394		5,856
Net interest income	$	42,985	$	37,781	$	14,379	$	14,158	$	14,448	$	14,681	$	13,765

Noninterest income
Fees and commissions
Card income
Interchange fees (1)	$	2,973	$	3,067	$	994	$	1,023	$	956	$	1,029	$	1,060
Other card income	1,562		1,464		526		523		513		523		513
Total card income	4,535		4,531		1,520		1,546		1,469		1,552		1,573
Service charges
Deposit-related fees	3,266		4,109		1,124		1,045		1,097		1,081		1,162
Lending-related fees	972		907		340		319		313		308		304
Total service charges	4,238		5,016		1,464		1,364		1,410		1,389		1,466
Investment and brokerage services
Asset management fees	8,990		9,308		3,103		2,969		2,918		2,844		2,920
Brokerage fees	2,664		2,870		860		870		934		879		875
Total investment and brokerage services	11,654		12,178		3,963		3,839		3,852		3,723		3,795
Investment banking fees
Underwriting income	1,757		1,559		531		657		569		411		452
Syndication fees	620		896		209		180		231		174		283
Financial advisory services	1,186		1,297		448		375		363		486		432
Total investment banking fees	3,563		3,752		1,188		1,212		1,163		1,071		1,167
Total fees and commissions	23,990		25,477		8,135		7,961		7,894		7,735		8,001
Market making and similar activities	11,734		9,023		3,325		3,697		4,712		3,052		3,068
Other income (loss)	(2,087)		(1,863)		(672)		(619)		(796)		(936)		(332)
Total noninterest income	$	33,637	$	32,637	$	10,788	$	11,039	$	11,810	$	9,851	$	10,737

(1)Gross interchange fees and merchant income were $9.9 billion and $9.5 billion and are presented net of $7.0 billion and $6.4 billion of expenses for rewards and partner payments as well as certain other card costs for the nine months ended September 30, 2023 and 2022. Gross interchange fees and merchant income were $3.4 billion, $3.4 billion, $3.2 billion, $3.3 billion and $3.3 billion and are presented net of $2.4 billion, $2.4 billion, $2.2 billion, $2.3 billion and $2.2 billion of expenses for rewards and partner payments as well as certain other card costs for the third, second and first quarters of 2023 and the fourth and third quarters of 2022, 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)
		September 30 2023		June 30 2023		September 30 2022
Assets
Cash and due from banks		$	25,255	$	29,651	$	27,802
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks		326,471		343,902		177,174
Cash and cash equivalents		351,726		373,553		204,976
Time deposits placed and other short-term investments		7,995		7,941		7,449
Federal funds sold and securities borrowed or purchased under agreements to resell		309,249		276,281		275,247
Trading account assets		306,409		311,400		293,458
Derivative assets		47,464		46,475		71,956
Debt securities:
Carried at fair value		175,540		142,040		236,245
Held-to-maturity, at cost		603,333		614,118		643,713
Total debt securities		778,873		756,158		879,958
Loans and leases		1,049,149		1,051,224		1,032,466
Allowance for loan and lease losses		(13,287)		(12,950)		(12,302)
Loans and leases, net of allowance		1,035,862		1,038,274		1,020,164
Premises and equipment, net		11,821		11,688		11,117
Goodwill		69,021		69,021		69,022
Loans held-for-sale		7,591		6,788		7,629
Customer and other receivables		74,347		74,000		76,211
Other assets		152,732		151,619		155,766
Total assets		$	3,153,090	$	3,123,198	$	3,072,953

Liabilities
Deposits in U.S. offices:
Noninterest-bearing		$	549,333	$	571,621	$	696,976
Interest-bearing		1,228,039		1,197,396		1,143,317
Deposits in non-U.S. offices:
Noninterest-bearing		15,276		16,662		21,630
Interest-bearing		91,953		91,530		76,174
Total deposits		1,884,601		1,877,209		1,938,097
Federal funds purchased and securities loaned or sold under agreements to repurchase		300,703		288,627		215,627
Trading account liabilities		102,820		97,818		84,768
Derivative liabilities		40,855		43,399		50,156
Short-term borrowings		40,196		41,017		21,044
Accrued expenses and other liabilities		206,492		205,736		224,615
Long-term debt		290,359		286,073		269,122
Total liabilities		2,866,026		2,839,879		2,803,429
Shareholders’ equity
Preferred stock, $0.01 par value; authorized –100,000,000 shares; issued and outstanding – 4,088,099, 4,088,099 and 4,117,652 shares		28,397		28,397		29,134
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 7,923,357,339, 7,953,563,116 and 8,024,450,244 shares		56,710		57,267		59,460
Retained earnings		223,749		218,397		201,957
Accumulated other comprehensive income (loss)		(21,792)		(20,742)		(21,027)
Total shareholders’ equity		287,064		283,319		269,524
Total liabilities and shareholders’ equity		$	3,153,090	$	3,123,198	$	3,072,953

	Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
	Trading account assets	$	4,654	$	4,610	$	2,794
	Loans and leases	15,732		15,884		16,073
	Allowance for loan and lease losses	(804)		(796)		(802)
	Loans and leases, net of allowance	14,928		15,088		15,271

	All other assets	175		126		93
	Total assets of consolidated variable interest entities	$	19,757	$	19,824	$	18,158

	Liabilities of consolidated variable interest entities included in total liabilities above
	Short-term borrowings	$	2,059	$	1,877	$	82
	Long-term debt	5,653		5,701		3,240
	All other liabilities	10		10		9
	Total liabilities of consolidated variable interest entities	$	7,722	$	7,588	$	3,331


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)
	September 30 2023			June 30 2023			September 30 2022
Risk-based capital metrics (1):
Standardized Approach
Common equity tier 1 capital	$	194,230		$	190,113		$	175,554
Tier 1 capital	222,623			218,503			204,675
Total capital	251,129			248,023			235,276
Risk-weighted assets	1,634,075			1,639,064			1,599,322
Common equity tier 1 capital ratio	11.9		%	11.6		%	11.0		%
Tier 1 capital ratio	13.6			13.3			12.8
Total capital ratio	15.4			15.1			14.7

Advanced Approaches
Common equity tier 1 capital	$	194,230		$	190,113		$	175,554
Tier 1 capital	222,623			218,503			204,675
Total capital	241,573			239,279			228,334
Risk-weighted assets	1,442,360			1,436,130			1,390,505
Common equity tier 1 capital ratio	13.5		%	13.2		%	12.6		%
Tier 1 capital ratio	15.4			15.2			14.7
Total capital ratio	16.7			16.7			16.4

Leverage-based metrics (1):
Adjusted average assets	$	3,050,808		$	3,097,700		$	3,028,175
Tier 1 leverage ratio	7.3		%	7.1		%	6.8		%

Supplementary leverage exposure	$	3,597,014		$	3,641,635		$	3,555,578
Supplementary leverage ratio	6.2		%	6.0		%	5.8		%

Total ending equity to total ending assets ratio	9.1			9.1			8.8
Common equity ratio	8.2			8.2			7.8
Tangible equity ratio (2)	7.0			7.0			6.6
Tangible common equity ratio (2)	6.1			6.1			5.7

(1)Regulatory capital ratios at September 30, 2023 are preliminary. The Corporation reports regulatory capital ratios under both the Standardized and Advanced approaches. Capital adequacy is evaluated against the lower of the Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements. The Corporation's binding ratio was the Common equity tier 1 ratio under the Standardized approach for June 30, 2023 and September 30, 2022; and Total capital ratio under the Standardized approach for September 30, 2023.

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


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)
	September 30 2023		June 30 2023		September 30 2022
Total common shareholders' equity	$	258,667	$	254,922	$	240,390
CECL transitional amount (1)	1,254		1,254		1,881
Goodwill, net of related deferred tax liabilities	(68,644)		(68,644)		(68,641)
Deferred tax assets arising from net operating loss and tax credit carryforwards	(7,778)		(7,757)		(7,658)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities	(1,508)		(1,523)		(1,561)
Defined benefit pension plan net assets, net-of-tax	(911)		(898)		(1,227)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net-of-tax	967		956		(240)
Accumulated net (gain) loss on certain cash flow hedges (2)	12,251		11,886		12,762
Other	(68)		(83)		(152)
Common equity tier 1 capital	194,230		190,113		175,554
Qualifying preferred stock, net of issuance cost	28,396		28,396		29,134
Other	(3)		(6)		(13)
Tier 1 capital	222,623		218,503		204,675
Tier 2 capital instruments	15,975		17,066		19,507
Qualifying allowance for credit losses (3)	13,007		12,684		11,325
Other	(476)		(230)		(231)
Total capital under the Standardized approach	251,129		248,023		235,276
Adjustment in qualifying allowance for credit losses under the Advanced approaches (3)	(9,556)		(8,744)		(6,942)
Total capital under the Advanced approaches	$	241,573	$	239,279	$	228,334

(1)September 30, 2023, June 30, 2023 and September 30, 2022 include 50 percent, 50 percent and 75 percent of the current expected credit losses (CECL) transition provision’s impact as of December 31, 2021, respectively.

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

(3)Includes the impact of transition provisions related to the CECL accounting standard.


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


Bank of America Corporation and Subsidiaries
Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis
(Dollars in millions)
	Third Quarter 2023						Second Quarter 2023						Third Quarter 2022
	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	$	353,183	$	4,613	5.18	%	$	359,042	$	4,303	4.81	%	$	184,263	$	848	1.83	%
Time deposits placed and other short-term investments	8,629		113		5.20		11,271		129		4.56		10,352		34		1.33
Federal funds sold and securities borrowed or purchased under agreements to resell	287,403		4,888		6.75		294,535		4,955		6.75		278,059		1,446		2.06
Trading account assets	191,283		2,244		4.66		187,420		2,091		4.47		163,744		1,465		3.55
Debt securities	752,569		4,685		2.47		771,355		4,717		2.44		901,654		4,259		1.88
Loans and leases (2)
Residential mortgage	229,001		1,745		3.04		228,758		1,704		2.98		228,474		1,616		2.83
Home equity	25,661		390		6.04		25,957		353		5.45		27,282		229		3.32
Credit card	98,049		2,727		11.03		94,431		2,505		10.64		85,009		2,187		10.20

Direct/Indirect and other consumer	104,134		1,354		5.16		104,915		1,274		4.87		108,300		923		3.38

Total consumer	456,845		6,216		5.41		454,061		5,836		5.15		449,065		4,955		4.39
U.S. commercial	377,728		5,061		5.32		379,027		4,786		5.06		377,183		3,427		3.60
Non-U.S. commercial	123,781		2,088		6.69		125,827		1,949		6.21		127,793		1,028		3.19
Commercial real estate	74,088		1,364		7.30		74,065		1,303		7.06		66,707		738		4.39
Commercial lease financing	13,812		166		4.79		13,628		149		4.38		13,586		124		3.65
Total commercial	589,409		8,679		5.84		592,547		8,187		5.54		585,269		5,317		3.61
Total loans and leases	1,046,254		14,895		5.65		1,046,608		14,023		5.37		1,034,334		10,272		3.94
Other earning assets	99,378		2,339		9.35		102,712		2,271		8.88		98,172		1,403		5.67
Total earning assets	2,738,699		33,777		4.90		2,772,943		32,489		4.70		2,670,578		19,727		2.94
Cash and due from banks	25,772						26,098						27,250
Other assets, less allowance for loan and lease losses	363,995						376,317						407,718
Total assets	$	3,128,466					$	3,175,358					$	3,105,546
Interest-bearing liabilities
U.S. interest-bearing deposits

Demand and money market deposits	$	942,368	$	4,304	1.81	%	$	951,403	$	3,565	1.50	%	$	981,145	$	832	0.34	%

Time and savings deposits	271,425		2,149		3.14		230,008		1,452		2.53		164,313		193		0.47
Total U.S. interest-bearing deposits	1,213,793		6,453		2.11		1,181,411		5,017		1.70		1,145,458		1,025		0.35




Non-U.S. interest-bearing deposits	97,095		887		3.63		96,802		768		3.18		79,383		210		1.05
Total interest-bearing deposits	1,310,888		7,340		2.22		1,278,213		5,785		1.82		1,224,841		1,235		0.40
Federal funds purchased and securities loaned or sold under agreements to repurchase	294,878		5,342		7.19		322,728		5,807		7.22		211,346		1,338		2.51
Short-term borrowings and other interest-bearing liabilities	140,513		2,287		6.45		163,739		2,548		6.24		137,253		926		2.68
Trading account liabilities	48,084		510		4.21		44,944		472		4.22		46,507		383		3.27
Long-term debt	245,819		3,766		6.10		248,480		3,584		5.78		250,204		1,974		3.14
Total interest-bearing liabilities	2,040,182		19,245		3.75		2,058,104		18,196		3.55		1,870,151		5,856		1.24
Noninterest-bearing sources
Noninterest-bearing deposits	565,265						597,140						737,934
Other liabilities (3)	238,044						237,689						226,444
Shareholders’ equity	284,975						282,425						271,017
Total liabilities and shareholders’ equity	$	3,128,466					$	3,175,358					$	3,105,546
Net interest spread					1.15	%					1.15	%					1.70	%
Impact of noninterest-bearing sources					0.96						0.91						0.36
Net interest income/yield on earning assets (4)			$	14,532	2.11	%			$	14,293	2.06	%			$	13,871	2.06	%

(1)Includes the impact of interest rate risk management contracts.

(2)Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is generally recognized on a cost recovery basis.

(3)Includes $41.1 billion, $39.9 billion and $29.2 billion of structured notes and liabilities for the third and second quarters of 2023 and the third quarter of 2022, respectively.

(4)Net interest income includes FTE adjustments of $153 million, $135 million and $106 million for the third and second quarters of 2023 and the third quarter of 2022, 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)
	September 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	22,435	$	—	$	(1,931)	$	20,504
Agency-collateralized mortgage obligations	1,964		—		(266)		1,698
Commercial	7,309		14		(582)		6,741
Non-agency residential	452		3		(68)		387
Total mortgage-backed securities	32,160		17		(2,847)		29,330
U.S. Treasury and government agencies	104,828		6		(1,198)		103,636
Non-U.S. securities	18,901		18		(47)		18,872
Other taxable securities	3,271		1		(93)		3,179

Tax-exempt securities	10,965		—		(372)		10,593
Total available-for-sale debt securities	170,125		42		(4,557)		165,610
Other debt securities carried at fair value (1)	9,933		56		(59)		9,930
Total debt securities carried at fair value	180,058		98		(4,616)		175,540
Held-to-maturity debt securities
Agency mortgage-backed securities	474,100		—		(106,890)		367,210
U.S. Treasury and government agencies	121,633		—		(23,351)		98,282
Other taxable securities	7,632		—		(1,363)		6,269
Total held-to-maturity debt securities	603,365		—		(131,604)		471,761
Total debt securities	$	783,423	$	98	$	(136,220)	$	647,301


	June 30, 2023
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	23,621	$	1	$	(1,469)	$	22,153
Agency-collateralized mortgage obligations	2,033		—		(230)		1,803
Commercial	6,966		26		(511)		6,481
Non-agency residential	455		3		(59)		399
Total mortgage-backed securities	33,075		30		(2,269)		30,836
U.S. Treasury and government agencies	72,422		1		(1,065)		71,358
Non-U.S. securities	15,445		33		(70)		15,408
Other taxable securities	3,858		1		(86)		3,773

Tax-exempt securities	10,884		14		(268)		10,630
Total available-for-sale debt securities	135,684		79		(3,758)		132,005
Other debt securities carried at fair value (1)	10,008		122		(95)		10,035
Total debt securities carried at fair value	145,692		201		(3,853)		142,040
Held-to-maturity debt securities
Agency mortgage-backed securities	484,753		—		(85,005)		399,748
U.S. Treasury and government agencies	121,621		—		(19,788)		101,833
Other taxable securities	7,775		—		(1,005)		6,770
Total held-to-maturity debt securities	614,149		—		(105,798)		508,351
Total debt securities	$	759,841	$	201	$	(109,651)	$	650,391

(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)

	Nine Months Ended September 30						Third Quarter 2023			Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022
	2023			2022






FTE basis data (1)
Net interest income	$	43,407		$	38,096		$	14,532		$	14,293		$	14,582		$	14,804		$	13,871
Total revenue, net of interest expense	77,044			70,733			25,320			25,332			26,392			24,655			24,608
Net interest yield	2.12		%	1.87		%	2.11		%	2.06		%	2.20		%	2.22		%	2.06		%
Efficiency ratio	62.45			64.88			62.55			63.31			61.53			63.05			62.18

(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 $422 million and $315 million for the nine months ended September 30, 2023 and 2022, and $153 million, $135 million and $134 million for the third, second and first quarters of 2023, and $123 million and $106 million for the fourth and third quarters of 2022, 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)
	Third Quarter 2023
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	14,532	$	8,391	$	1,755	$	3,613	$	674	$	99
Noninterest income
Fees and commissions:
Card income	1,520		1,325		9		197		16		(27)
Service charges	1,464		605		20		754		85		—
Investment and brokerage services	3,963		80		3,396		14		475		(2)
Investment banking fees	1,188		—		45		743		463		(63)
Total fees and commissions	8,135		2,010		3,470		1,708		1,039		(92)
Market making and similar activities	3,325		5		34		21		3,195		70
Other income (loss)	(672)		66		62		861		34		(1,695)
Total noninterest income (loss)	10,788		2,081		3,566		2,590		4,268		(1,717)
Total revenue, net of interest expense	25,320		10,472		5,321		6,203		4,942		(1,618)
Provision for credit losses	1,234		1,397		(6)		(119)		(14)		(24)
Noninterest expense	15,838		5,256		3,950		2,804		3,235		593
Income (loss) before income taxes	8,248		3,819		1,377		3,518		1,721		(2,187)
Income tax expense (benefit)	446		955		344		950		473		(2,276)
Net income	$	7,802	$	2,864	$	1,033	$	2,568	$	1,248	$	89

Average
Total loans and leases	$	1,046,254	$	310,761	$	218,569	$	376,214	$	131,298	$	9,412
Total assets (1)	3,128,466		1,059,152		335,124		601,378		863,653		269,159
Total deposits	1,876,153		980,051		291,770		504,432		31,890		68,010
Quarter end
Total loans and leases	$	1,049,149	$	313,216	$	218,913	$	373,351	$	134,386	$	9,283
Total assets (1)	3,153,090		1,062,038		333,779		588,578		864,792		303,903
Total deposits	1,884,601		982,302		290,732		494,938		31,041		85,588

	Second Quarter 2023
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	14,293	$	8,437	$	1,805	$	3,690	$	297	$	64
Noninterest income
Fees and commissions:
Card income	1,546		1,341		12		200		19		(26)
Service charges	1,364		525		18		735		85		1
Investment and brokerage services	3,839		76		3,251		14		499		(1)
Investment banking fees	1,212		—		40		718		503		(49)
Total fees and commissions	7,961		1,942		3,321		1,667		1,106		(75)
Market making and similar activities	3,697		5		32		69		3,409		182
Other income (loss)	(619)		140		84		1,036		59		(1,938)
Total noninterest income (loss)	11,039		2,087		3,437		2,772		4,574		(1,831)
Total revenue, net of interest expense	25,332		10,524		5,242		6,462		4,871		(1,767)
Provision for credit losses	1,125		1,267		13		9		(4)		(160)
Noninterest expense	16,038		5,453		3,925		2,819		3,349		492
Income (loss) before income taxes	8,169		3,804		1,304		3,634		1,526		(2,099)
Income tax expense (benefit)	761		951		326		981		420		(1,917)
Net income (loss)	$	7,408	$	2,853	$	978	$	2,653	$	1,106	$	(182)

Average
Total loans and leases	$	1,046,608	$	306,662	$	218,604	$	383,058	$	128,539	$	9,745
Total assets (1)	3,175,358		1,085,469		340,105		595,585		877,471		276,728
Total deposits	1,875,353		1,006,337		295,380		497,533		33,222		42,881
Quarter end
Total loans and leases	$	1,051,224	$	309,735	$	219,208	$	381,609	$	131,128	$	9,544
Total assets (1)	3,123,198		1,084,512		338,184		586,397		851,771		262,334
Total deposits	1,877,209		1,004,482		292,526		492,734		33,049		54,418

(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)
	Third Quarter 2022
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	13,871	$	7,784	$	1,981	$	3,326	$	743	$	37
Noninterest income
Fees and commissions:
Card income	1,573		1,331		16		206		18		2
Service charges	1,466		597		18		771		81		(1)
Investment and brokerage services	3,795		73		3,255		11		457		(1)
Investment banking fees	1,167		—		47		726		430		(36)
Total fees and commissions	8,001		2,001		3,336		1,714		986		(36)
Market making and similar activities	3,068		3		30		52		2,874		109
Other income (loss)	(332)		116		82		499		(120)		(909)
Total noninterest income (loss)	10,737		2,120		3,448		2,265		3,740		(836)
Total revenue, net of interest expense	24,608		9,904		5,429		5,591		4,483		(799)
Provision for credit losses	898		738		37		170		11		(58)
Noninterest expense	15,303		5,097		3,816		2,651		3,023		716
Income (loss) before income taxes	8,407		4,069		1,576		2,770		1,449		(1,457)
Income tax expense (benefit)	1,325		997		386		734		384		(1,176)
Net income (loss)	$	7,082	$	3,072	$	1,190	$	2,036	$	1,065	$	(281)

Average
Total loans and leases	$	1,034,334	$	295,231	$	223,734	$	384,305	$	120,435	$	10,629
Total assets (1)	3,105,546		1,145,846		383,468		585,683		847,899		142,650
Total deposits	1,962,775		1,069,093		339,487		495,154		38,820		20,221
Quarter end
Total loans and leases	$	1,032,466	$	297,825	$	224,858	$	377,711	$	121,721	$	10,351
Total assets (1)	3,072,953		1,149,918		370,790		575,442		848,752		128,051
Total deposits	1,938,097		1,072,580		324,859		484,309		37,318		19,031

(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
Year-to-Date Results by Business Segment and All Other
(Dollars in millions)
	Nine Months Ended September 30, 2023
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	43,407	$	25,421	$	5,436	$	11,210	$	1,080	$	260
Noninterest income
Fees and commissions:
Card income	4,535		3,940		33		587		51		(76)
Service charges	4,238		1,729		57		2,203		248		1
Investment and brokerage services	11,654		230		9,885		37		1,507		(5)
Investment banking fees	3,563		—		124		2,129		1,435		(125)
Total fees and commissions	23,990		5,899		10,099		4,956		3,241		(205)
Market making and similar activities	11,734		15		100		135		11,002		482
Other income (loss)	(2,087)		367		243		2,567		116		(5,380)
Total noninterest income (loss)	33,637		6,281		10,442		7,658		14,359		(5,103)
Total revenue, net of interest expense	77,044		31,702		15,878		18,868		15,439		(4,843)
Provision for credit losses	3,290		3,753		32		(347)		(71)		(77)
Noninterest expense	48,114		16,182		11,942		8,563		9,935		1,492
Income (loss) before income taxes	25,640		11,767		3,904		10,652		5,575		(6,258)
Income tax expense (benefit)	2,269		2,942		976		2,876		1,533		(6,058)
Net income (loss)	$	23,371	$	8,825	$	2,928	$	7,776	$	4,042	$	(200)

Average
Total loans and leases	$	1,044,756	$	307,091	$	219,530	$	380,076	$	128,317	$	9,742
Total assets (1)	3,133,415		1,083,120		344,709		595,329		870,366		239,891
Total deposits	1,881,655		1,004,041		300,308		498,224		33,725		45,357
Period end
Total loans and leases	$	1,049,149	$	313,216	$	218,913	$	373,351	$	134,386	$	9,283
Total assets (1)	3,153,090		1,062,038		333,779		588,578		864,792		303,903
Total deposits	1,884,601		982,302		290,732		494,938		31,041		85,588

	Nine Months Ended September 30, 2022
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	38,096	$	21,551	$	5,451	$	8,304	$	2,717	$	73
Noninterest income
Fees and commissions:
Card income	4,531		3,836		51		578		49		17
Service charges	5,016		2,120		56		2,590		246		4
Investment and brokerage services	12,178		232		10,395		36		1,520		(5)
Investment banking fees	3,752		—		154		2,298		1,473		(173)
Total fees and commissions	25,477		6,188		10,656		5,502		3,288		(157)
Market making and similar activities	9,023		5		66		181		8,721		50
Other income (loss)	(1,863)		109		165		1,804		(449)		(3,492)
Total noninterest income (loss)	32,637		6,302		10,887		7,487		11,560		(3,599)
Total revenue, net of interest expense	70,733		27,853		16,338		15,791		14,277		(3,526)
Provision for credit losses	1,451		1,036		29		492		24		(130)
Noninterest expense	45,895		14,977		11,706		8,133		9,249		1,830
Income (loss) before income taxes	23,387		11,840		4,603		7,166		5,004		(5,226)
Income tax expense (benefit)	2,991		2,901		1,128		1,899		1,326		(4,263)
Net income (loss)	$	20,396	$	8,939	$	3,475	$	5,267	$	3,678	$	(963)

Average
Total loans and leases	$	1,009,211	$	289,672	$	218,030	$	373,547	$	114,505	$	13,457
Total assets (1)	3,156,657		1,144,587		407,819		605,884		857,747		140,620
Total deposits	2,006,584		1,067,785		362,611		514,612		41,448		20,128
Period end
Total loans and leases	$	1,032,466	$	297,825	$	224,858	$	377,711	$	121,721	$	10,351
Total assets (1)	3,072,953		1,149,918		370,790		575,442		848,752		128,051
Total deposits	1,938,097		1,072,580		324,859		484,309		37,318		19,031

(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.			13


Bank of America Corporation and Subsidiaries
Consumer Banking Segment Results
(Dollars in millions)
	Nine Months Ended September 30						Third Quarter 2023			Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022
	2023			2022
Net interest income	$	25,421		$	21,551		$	8,391		$	8,437		$	8,593		$	8,494		$	7,784
Noninterest income:
Card income	3,940			3,836			1,325			1,341			1,274			1,333			1,331
Service charges	1,729			2,120			605			525			599			586			597

All other income	612			346			151			221			240			369			192
Total noninterest income	6,281			6,302			2,081			2,087			2,113			2,288			2,120
Total revenue, net of interest expense	31,702			27,853			10,472			10,524			10,706			10,782			9,904

Provision for credit losses	3,753			1,036			1,397			1,267			1,089			944			738

Noninterest expense	16,182			14,977			5,256			5,453			5,473			5,100			5,097
Income before income taxes	11,767			11,840			3,819			3,804			4,144			4,738			4,069
Income tax expense	2,942			2,901			955			951			1,036			1,161			997
Net income	$	8,825		$	8,939		$	2,864		$	2,853		$	3,108		$	3,577		$	3,072

Net interest yield	3.26		%	2.61		%	3.26		%	3.24		%	3.27		%	3.11		%	2.79		%
Return on average allocated capital (1)	28			30			27			27			30			35			30
Efficiency ratio	51.05			53.77			50.18			51.81			51.12			47.29			51.47

Balance Sheet
Average
Total loans and leases	$	307,091		$	289,672		$	310,761		$	306,662		$	303,772		$	300,360		$	295,231
Total earning assets (2)	1,043,476			1,104,653			1,019,980			1,045,743			1,065,202			1,083,850			1,106,513
Total assets (2)	1,083,120			1,144,587			1,059,152			1,085,469			1,105,245			1,123,813			1,145,846
Total deposits	1,004,041			1,067,785			980,051			1,006,337			1,026,242			1,047,058			1,069,093
Allocated capital (1)	42,000			40,000			42,000			42,000			42,000			40,000			40,000

Period end
Total loans and leases	$	313,216		$	297,825		$	313,216		$	309,735		$	304,480		$	304,761		$	297,825
Total earning assets (2)	1,023,162			1,110,524			1,023,162			1,043,228			1,081,780			1,085,079			1,110,524
Total assets (2)	1,062,038			1,149,918			1,062,038			1,084,512			1,124,438			1,126,453			1,149,918
Total deposits	982,302			1,072,580			982,302			1,004,482			1,044,768			1,048,799			1,072,580

(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.			14


Bank of America Corporation and Subsidiaries
Consumer Banking Key Indicators
(Dollars in millions)
	Nine Months Ended September 30						Third Quarter 2023			Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022
	2023			2022
Average deposit balances
Checking	$	572,939		$	599,640		$	562,319		$	575,792		$	580,910		$	588,668		$	599,099
Savings	65,585			72,545			62,352			66,142			68,327			69,790			71,933
MMS	318,042			361,011			296,833			317,942			339,823			356,015			365,271
CDs and IRAs	43,459			29,730			54,596			42,445			33,098			28,619			28,731
Other	4,016			4,859			3,951			4,016			4,084			3,966			4,059
Total average deposit balances	$	1,004,041		$	1,067,785		$	980,051		$	1,006,337		$	1,026,242		$	1,047,058		$	1,069,093

Deposit spreads (excludes noninterest costs)
Checking	2.30		%	1.94		%	2.38		%	2.30		%	2.22		%	2.09		%	1.98		%
Savings	2.65			2.19			2.77			2.65			2.53			2.33			2.19
MMS	3.24			1.39			3.49			3.28			2.99			2.25			1.64
CDs and IRAs	2.87			1.09			2.55			2.96			3.27			2.91			1.85
Other	4.74			1.12			5.05			4.80			4.37			3.35			2.04
Total deposit spreads	2.66			1.74			2.76			2.67			2.54			2.19			1.88

Consumer investment assets	$	387,467		$	302,413		$	387,467		$	386,761		$	354,892		$	319,648		$	302,413

Active digital banking users (in thousands) (1)	45,797			43,496			45,797			45,713			44,962			44,054			43,496
Active mobile banking users (in thousands) (2)	37,487			34,922			37,487			37,329			36,322			35,452			34,922
Financial centers	3,862			3,932			3,862			3,887			3,892			3,913			3,932
ATMs	15,253			15,572			15,253			15,335			15,407			15,528			15,572

Total credit card (3)
Loans
Average credit card outstandings	$	94,775		$	81,505		$	98,049		$	94,431		$	91,775		$	89,575		$	85,009
Ending credit card outstandings	99,686			87,296			99,686			97,009			92,469			93,421			87,296
Credit quality
Net charge-offs	$	1,784		$	948		$	673		$	610		$	501		$	386		$	328
	2.52		%	1.55		%	2.72		%	2.60		%	2.21		%	1.71		%	1.53		%
30+ delinquency	$	2,097		$	1,202		$	2,097		$	1,810		$	1,674		$	1,505		$	1,202
	2.10		%	1.38		%	2.10		%	1.87		%	1.81		%	1.61		%	1.38		%
90+ delinquency	$	1,016		$	547		$	1,016		$	897		$	828		$	717		$	547
	1.02		%	0.63		%	1.02		%	0.92		%	0.90		%	0.77		%	0.63		%
Other total credit card indicators (3)
Gross interest yield	11.85		%	10.14		%	12.03		%	11.66		%	11.85		%	11.18		%	10.71		%
Risk-adjusted margin	8.06			10.13			7.70			7.83			8.69			9.87			10.07
New accounts (in thousands)	3,386			3,301			1,062			1,137			1,187			1,096			1,256
Purchase volumes	$	270,358		$	263,788		$	91,711		$	93,103		$	85,544		$	92,800		$	91,064

Debit card data
Purchase volumes	$	390,891		$	373,426		$	133,553		$	132,962		$	124,376		$	130,157		$	127,135

Loan production (4)
Consumer Banking:
First mortgage	$	7,392		$	18,695		$	2,547		$	2,889		$	1,956		$	2,286		$	4,028
Home equity	6,389			5,875			2,035			2,171			2,183			2,113			1,999
Total (5):
First mortgage	$	15,473		$	39,548		$	5,596		$	5,940		$	3,937		$	5,217		$	8,724
Home equity	7,559			6,995			2,421			2,542			2,596			2,596			2,420

(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.			15


Bank of America Corporation and Subsidiaries
Consumer Banking Quarterly Results
(Dollars in millions)
	Third Quarter 2023									Second Quarter 2023
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	8,391		$	5,571		$	2,820		$	8,437		$	5,733		$	2,704
Noninterest income:
Card income	1,325			(11)			1,336			1,341			(10)			1,351
Service charges	605			605			—			525			524			1
All other income	151			116			35			221			177			44
Total noninterest income	2,081			710			1,371			2,087			691			1,396
Total revenue, net of interest expense	10,472			6,281			4,191			10,524			6,424			4,100

Provision for credit losses	1,397			128			1,269			1,267			103			1,164

Noninterest expense	5,256			3,240			2,016			5,453			3,428			2,025
Income before income taxes	3,819			2,913			906			3,804			2,893			911
Income tax expense	955			729			226			951			723			228
Net income	$	2,864		$	2,184		$	680		$	2,853		$	2,170		$	683

Net interest yield	3.26		%	2.26		%	3.65		%	3.24		%	2.29		%	3.58		%
Return on average allocated capital (1)	27			63			10			27			64			10
Efficiency ratio	50.18			51.60			48.06			51.81			53.33			49.43

Balance Sheet
Average
Total loans and leases	$	310,761		$	4,139		$	306,622		$	306,662		$	4,078		$	302,584
Total earning assets (2)	1,019,980			975,968			306,982			1,045,743			1,002,528			302,944
Total assets (2)	1,059,152			1,009,390			312,731			1,085,469			1,035,969			309,228
Total deposits	980,051			974,674			5,377			1,006,337			1,001,307			5,030
Allocated capital (1)	42,000			13,700			28,300			42,000			13,700			28,300

Period end
Total loans and leases	$	313,216		$	4,165		$	309,051		$	309,735		$	4,122		$	305,613
Total earning assets (2)	1,023,162			978,133			309,527			1,043,228			999,281			306,121
Total assets (2)	1,062,038			1,010,771			315,765			1,084,512			1,034,405			312,281
Total deposits	982,302			976,007			6,295			1,004,482			999,262			5,220

										Third Quarter 2022
										Total Consumer Banking			Deposits			Consumer Lending
Net interest income										$	7,784		$	5,006		$	2,778
Noninterest income:
Card income										1,331			(10)			1,341
Service charges										597			597			—
All other income										192			141			51
Total noninterest income										2,120			728			1,392
Total revenue, net of interest expense										9,904			5,734			4,170

Provision for credit losses										738			173			565

Noninterest expense										5,097			3,141			1,956
Income before income taxes										4,069			2,420			1,649
Income tax expense										997			593			404
Net income										$	3,072		$	1,827		$	1,245

Net interest yield										2.79		%	1.87		%	3.76		%
Return on average allocated capital (1)										30			56			18
Efficiency ratio										51.47			54.78			46.92

Balance Sheet
Average
Total loans and leases										$	295,231		$	4,153		$	291,078
Total earning assets (2)										1,106,513			1,064,585			293,366
Total assets (2)										1,145,846			1,096,911			300,374
Total deposits										1,069,093			1,063,075			6,018
Allocated capital (1)										40,000			13,000			27,000

Period end
Total loans and leases										$	297,825		$	4,134		$	293,691
Total earning assets (2)										1,110,524			1,068,130			295,637
Total assets (2)										1,149,918			1,100,517			302,644
Total deposits										1,072,580			1,066,522			6,058

(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.			16


Bank of America Corporation and Subsidiaries
Consumer Banking Year-to-Date Results
(Dollars in millions)
	Nine Months Ended September 30
	2023									2022
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	25,421		$	17,120		$	8,301		$	21,551		$	13,535		$	8,016
Noninterest income:
Card income	3,940			(31)			3,971			3,836			(27)			3,863
Service charges	1,729			1,727			2			2,120			2,118			2
All other income	612			490			122			346			264			82
Total noninterest income	6,281			2,186			4,095			6,302			2,355			3,947
Total revenue, net of interest expense	31,702			19,306			12,396			27,853			15,890			11,963

Provision for credit losses	3,753			414			3,339			1,036			388			648

Noninterest expense	16,182			10,082			6,100			14,977			9,204			5,773
Income before income taxes	11,767			8,810			2,957			11,840			6,298			5,542
Income tax expense	2,942			2,203			739			2,901			1,543			1,358
Net income	$	8,825		$	6,607		$	2,218		$	8,939		$	4,755		$	4,184

Net interest yield	3.26		%	2.29		%	3.66		%	2.61		%	1.70		%	3.73		%
Return on average allocated capital (1)	28			64			11			30			49			21
Efficiency ratio	51.05			52.23			49.21			53.77			57.92			48.26

Balance Sheet
Average
Total loans and leases	$	307,091		$	4,113		$	302,978		$	289,672		$	4,171		$	285,501
Total earning assets (2)	1,043,476			1,000,143			303,266			1,104,653			1,062,668			287,422
Total assets (2)	1,083,120			1,033,618			309,435			1,144,587			1,095,830			294,193
Total deposits	1,004,041			998,947			5,094			1,067,785			1,061,876			5,909
Allocated capital (1)	42,000			13,700			28,300			40,000			13,000			27,000

Period end
Total loans and leases	$	313,216		$	4,165		$	309,051		$	297,825		$	4,134		$	293,691
Total earning assets (2)	1,023,162			978,133			309,527			1,110,524			1,068,130			295,637
Total assets (2)	1,062,038			1,010,771			315,765			1,149,918			1,100,517			302,644
Total deposits	982,302			976,007			6,295			1,072,580			1,066,522			6,058

For footnotes, see page 16.


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 Wealth & Investment Management Segment Results
(Dollars in millions)
	Nine Months Ended September 30						Third Quarter 2023			Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022
	2023			2022
Net interest income	$	5,436		$	5,451		$	1,755		$	1,805		$	1,876		$	2,015		$	1,981
Noninterest income:
Investment and brokerage services	9,885			10,395			3,396			3,251			3,238			3,166			3,255
All other income	557			492			170			186			201			229			193
Total noninterest income	10,442			10,887			3,566			3,437			3,439			3,395			3,448
Total revenue, net of interest expense	15,878			16,338			5,321			5,242			5,315			5,410			5,429

Provision for credit losses	32			29			(6)			13			25			37			37

Noninterest expense	11,942			11,706			3,950			3,925			4,067			3,784			3,816
Income before income taxes	3,904			4,603			1,377			1,304			1,223			1,589			1,576
Income tax expense	976			1,128			344			326			306			389			386
Net income	$	2,928		$	3,475		$	1,033		$	978		$	917		$	1,200		$	1,190

Net interest yield	2.19		%	1.84		%	2.16		%	2.21		%	2.20		%	2.29		%	2.12		%
Return on average allocated capital (1)	21			27			22			21			20			27			27

Efficiency ratio	75.21			71.65			74.28			74.86			76.53			69.96			70.28

Balance Sheet
Average
Total loans and leases	$	219,530		$	218,030		$	218,569		$	218,604		$	221,448		$	225,094		$	223,734
Total earning assets (2)	331,738			395,023			322,032			327,066			346,384			348,718			370,733
Total assets (2)	344,709			407,819			335,124			340,105			359,164			361,592			383,468
Total deposits	300,308			362,611			291,770			295,380			314,019			317,849			339,487
Allocated capital (1)	18,500			17,500			18,500			18,500			18,500			17,500			17,500


Period end
Total loans and leases	$	218,913		$	224,858		$	218,913		$	219,208		$	217,804		$	223,910		$	224,858
Total earning assets (2)	320,196			357,434			320,196			324,820			336,560			355,461			357,434
Total assets (2)	333,779			370,790			333,779			338,184			349,888			368,893			370,790
Total deposits	290,732			324,859			290,732			292,526			301,471			323,899			324,859

(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 Wealth & Investment Management Key Indicators
(Dollars in millions)
	Nine Months Ended September 30				Third Quarter 2023		Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022
	2023		2022
Revenue by Business
Merrill Wealth Management	$	13,135	$	13,649	$	4,398	$	4,340	$	4,397	$	4,486	$	4,524
Bank of America Private Bank	2,743		2,689		923		902		918		924		905

Total revenue, net of interest expense	$	15,878	$	16,338	$	5,321	$	5,242	$	5,315	$	5,410	$	5,429

Client Balances by Business, at period end
Merrill Wealth Management	$	2,978,229	$	2,710,985	$	2,978,229	$	3,057,680	$	2,952,681	$	2,822,910	$	2,710,985
Bank of America Private Bank	572,624		537,771		572,624		577,514		568,925		563,931		537,771

Total client balances	$	3,550,853	$	3,248,756	$	3,550,853	$	3,635,194	$	3,521,606	$	3,386,841	$	3,248,756

Client Balances by Type, at period end


Assets under management (1)	$	1,496,601	$	1,329,557	$	1,496,601	$	1,531,042	$	1,467,242	$	1,401,474	$	1,329,557
Brokerage and other assets	1,578,123		1,413,946		1,578,123		1,628,294		1,571,409		1,482,025		1,413,946

Deposits	290,732		324,859		290,732		292,526		301,471		323,899		324,859
Loans and leases (2)	221,684		228,129		221,684		222,280		220,633		226,973		228,129
Less: Managed deposits in assets under management	(36,287)		(47,735)		(36,287)		(38,948)		(39,149)		(47,530)		(47,735)
Total client balances	$	3,550,853	$	3,248,756	$	3,550,853	$	3,635,194	$	3,521,606	$	3,386,841	$	3,248,756

Assets Under Management Rollforward
Assets under management, beginning balance	$	1,401,474	$	1,638,782	$	1,531,042	$	1,467,242	$	1,401,474	$	1,329,557	$	1,411,344
Net client flows	43,784		20,680		14,226		14,296		15,262		105		4,110

Market valuation/other	51,343		(329,905)		(48,667)		49,504		50,506		71,812		(85,897)
Total assets under management, ending balance	$	1,496,601	$	1,329,557	$	1,496,601	$	1,531,042	$	1,467,242	$	1,401,474	$	1,329,557

Advisors, at period end

Total wealth advisors (3)	19,130		18,841		19,130		19,099		19,243		19,273		18,841

(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.			19


Bank of America Corporation and Subsidiaries
Global Banking Segment Results
(Dollars in millions)
	Nine Months Ended September 30						Third Quarter 2023			Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022
	2023			2022
Net interest income	$	11,210		$	8,304		$	3,613		$	3,690		$	3,907		$	3,880		$	3,326
Noninterest income:
Service charges	2,203			2,590			754			735			714			703			771
Investment banking fees	2,129			2,298			743			718			668			706			726
All other income	3,326			2,599			1,093			1,319			914			1,149			768
Total noninterest income	7,658			7,487			2,590			2,772			2,296			2,558			2,265
Total revenue, net of interest expense	18,868			15,791			6,203			6,462			6,203			6,438			5,591

Provision for credit losses	(347)			492			(119)			9			(237)			149			170

Noninterest expense	8,563			8,133			2,804			2,819			2,940			2,833			2,651
Income before income taxes	10,652			7,166			3,518			3,634			3,500			3,456			2,770
Income tax expense	2,876			1,899			950			981			945			916			734
Net income	$	7,776		$	5,267		$	2,568		$	2,653		$	2,555		$	2,540		$	2,036

Net interest yield	2.84		%	2.05		%	2.68		%	2.80		%	3.03		%	2.90		%	2.53		%
Return on average allocated capital (1)	21			16			21			22			21			23			18
Efficiency ratio	45.38			51.50			45.22			43.59			47.41			44.03			47.41

Balance Sheet
Average
Total loans and leases	$	380,076		$	373,547		$	376,214		$	383,058		$	381,009		$	380,385		$	384,305
Total earning assets (2)	528,205			541,670			534,153			527,959			522,374			531,206			521,555
Total assets (2)	595,329			605,884			601,378			595,585			588,886			595,525			585,683
Total deposits	498,224			514,612			504,432			497,533			492,577			503,472			495,154
Allocated capital (1)	49,250			44,500			49,250			49,250			49,250			44,500			44,500

Period end
Total loans and leases	$	373,351		$	377,711		$	373,351		$	381,609		$	383,491		$	379,107		$	377,711
Total earning assets (2)	521,423			511,494			521,423			518,547			524,299			522,539			511,494
Total assets (2)	588,578			575,442			588,578			586,397			591,231			588,466			575,442
Total deposits	494,938			484,309			494,938			492,734			495,949			498,661			484,309

(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.			20


Bank of America Corporation and Subsidiaries
Global Banking Key Indicators
(Dollars in millions)
	Nine Months Ended September 30						Third Quarter 2023			Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022
	2023			2022
Investment Banking fees (1)
Advisory (2)	$	1,042		$	1,197		$	396		$	333		$	313		$	446		$	397
Debt issuance	808			915			255			263			290			184			273
Equity issuance	279			186			92			122			65			76			56
Total Investment Banking fees (3)	$	2,129		$	2,298		$	743		$	718		$	668		$	706		$	726

Business Lending
Corporate	$	3,693		$	2,908		$	1,300		$	1,359		$	1,034		$	1,417		$	902
Commercial	3,765			3,128			1,262			1,270			1,233			1,188			1,111
Business Banking	191			186			61			63			67			65			66
Total Business Lending revenue	$	7,649		$	6,222		$	2,623		$	2,692		$	2,334		$	2,670		$	2,079

Global Transaction Services
Corporate	$	4,424		$	3,456		$	1,392		$	1,483		$	1,549		$	1,546		$	1,369
Commercial	3,172			2,981			998			1,045			1,129			1,185			1,112
Business Banking	1,161			835			379			395			387			378			322
Total Global Transaction Services revenue	$	8,757		$	7,272		$	2,769		$	2,923		$	3,065		$	3,109		$	2,803

Average deposit balances
Interest-bearing	$	287,376		$	156,950		$	315,289		$	289,187		$	257,012		$	225,671		$	171,203
Noninterest-bearing	210,848			357,662			189,143			208,346			235,565			277,801			323,951
Total average deposits	$	498,224		$	514,612		$	504,432		$	497,533		$	492,577		$	503,472		$	495,154

Loan spread	1.53		%	1.51		%	1.52		%	1.52		%	1.55		%	1.52		%	1.51		%

Provision for credit losses	$	(347)		$	492		$	(119)		$	9		$	(237)		$	149		$	170

Credit quality (4, 5)
Reservable criticized utilized exposure	$	22,025		$	15,809		$	22,025		$	19,714		$	18,104		$	17,519		$	15,809
	5.58		%	3.95		%	5.58		%	4.89		%	4.46		%	4.37		%	3.95		%

Nonperforming loans, leases and foreclosed properties	$	1,908		$	1,057		$	1,908		$	1,248		$	1,023		$	923		$	1,057
	0.51		%	0.28		%	0.51		%	0.33		%	0.27		%	0.25		%	0.28		%

Average loans and leases by product
U.S. commercial	$	228,461		$	223,550		$	225,758		$	230,111		$	229,558		$	230,591		$	233,027
Non-U.S. commercial	80,889			83,733			78,748			81,546			82,412			82,222			84,287
Commercial real estate	56,690			51,811			57,573			57,449			55,019			54,104			53,042
Commercial lease financing	14,035			14,451			14,134			13,951			14,019			13,467			13,948
Other	1			2			1			1			1			1			1
Total average loans and leases	$	380,076		$	373,547		$	376,214		$	383,058		$	381,009		$	380,385		$	384,305

Total Corporation Investment Banking fees
Advisory (2)	$	1,186		$	1,297		$	448		$	375		$	363		$	486		$	432
Debt issuance	1,814			2,109			570			600			644			414			616
Equity issuance	687			520			232			287			168			189			156
Total investment banking fees including self-led deals	3,687			3,926			1,250			1,262			1,175			1,089			1,204
Self-led deals	(124)			(174)			(62)			(50)			(12)			(18)			(37)
Total Investment Banking fees	$	3,563		$	3,752		$	1,188		$	1,212		$	1,163		$	1,071		$	1,167

(1)Investment banking fees represent total investment banking fees for Global Banking inclusive of self-led deals and fees included within Business Lending.

(2)Advisory includes fees on debt and equity advisory and mergers and acquisitions.

(3)Investment banking fees represent only the fee component in Global Banking and do not include certain other items shared with the Investment Banking Group under internal revenue sharing agreements.

(4)Criticized exposure corresponds to the Special Mention, Substandard and Doubtful asset categories defined by regulatory authorities. The reservable criticized exposure is on an end-of-period basis and is also shown as a percentage of total commercial reservable utilized exposure, including loans and leases, standby letters of credit, financial guarantees, commercial letters of credit and bankers’ acceptances.

(5)Nonperforming loans, leases and foreclosed properties are on an end-of-period basis. The nonperforming ratio is nonperforming assets divided by loans, leases and foreclosed properties.


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


Bank of America Corporation and Subsidiaries
Global Markets Segment Results
(Dollars in millions)
	Nine Months Ended September 30						Third Quarter 2023			Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022
	2023			2022
Net interest income	$	1,080		$	2,717		$	674		$	297		$	109		$	371		$	743
Noninterest income:
Investment and brokerage services	1,507			1,520			475			499			533			482			457
Investment banking fees	1,435			1,473			463			503			469			347			430
Market making and similar activities	11,002			8,721			3,195			3,409			4,398			2,685			2,874
All other income	415			(154)			135			163			117			(24)			(21)
Total noninterest income	14,359			11,560			4,268			4,574			5,517			3,490			3,740
Total revenue, net of interest expense (1)	15,439			14,277			4,942			4,871			5,626			3,861			4,483

Provision for credit losses	(71)			24			(14)			(4)			(53)			4			11

Noninterest expense	9,935			9,249			3,235			3,349			3,351			3,171			3,023
Income before income taxes	5,575			5,004			1,721			1,526			2,328			686			1,449
Income tax expense	1,533			1,326			473			420			640			182			384
Net income	$	4,042		$	3,678		$	1,248		$	1,106		$	1,688		$	504		$	1,065

Return on average allocated capital (2)	12		%	12		%	11		%	10		%	15		%	5		%	10		%

Efficiency ratio	64.35			64.78			65.47			68.74			59.56			82.14			67.42

Balance Sheet
Average
Total trading-related assets	$	618,908		$	598,213		$	609,744		$	621,125		$	626,035		$	608,493		$	592,391
Total loans and leases	128,317			114,505			131,298			128,539			125,046			123,022			120,435
Total earning assets	647,386			600,477			655,971			657,947			627,935			610,045			591,883
Total assets	870,366			857,747			863,653			877,471			870,038			857,319			847,899
Total deposits	33,725			41,448			31,890			33,222			36,109			37,219			38,820
Allocated capital (2)	45,500			42,500			45,500			45,500			45,500			42,500			42,500


Period end
Total trading-related assets	$	613,009		$	592,938		$	613,009		$	599,787		$	599,841		$	564,769		$	592,938
Total loans and leases	134,386			121,721			134,386			131,128			130,804			127,735			121,721
Total earning assets	660,172			595,988			660,172			640,712			632,873			587,772			595,988
Total assets	864,792			848,752			864,792			851,771			861,477			812,489			848,752
Total deposits	31,041			37,318			31,041			33,049			33,624			39,077			37,318

Trading-related assets (average)
Trading account securities	$	321,607		$	301,690		$	307,990		$	317,928		$	339,248		$	309,217		$	308,514
Reverse repurchases	133,912			127,527			135,401			139,480			126,760			122,753			112,828
Securities borrowed	118,912			115,898			119,936			120,481			116,280			119,334			114,032
Derivative assets	44,477			53,098			46,417			43,236			43,747			57,189			57,017
Total trading-related assets	$	618,908		$	598,213		$	609,744		$	621,125		$	626,035		$	608,493		$	592,391

(1)Substantially all of Global Markets total revenue is sales and trading revenue and investment banking fees, with a small portion related to certain revenue sharing agreements with other business segments. For additional sales and trading revenue information, see page 23.

(2)Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.


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


Bank of America Corporation and Subsidiaries
Global Markets Key Indicators
(Dollars in millions)
	Nine Months Ended September 30				Third Quarter 2023		Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022
	2023		2022
Sales and trading revenue (1)
Fixed-income, currencies and commodities	$	8,817	$	7,760	$	2,710	$	2,667	$	3,440	$	2,157	$	2,552
Equities	4,940		5,204		1,695		1,618		1,627		1,368		1,540
Total sales and trading revenue	$	13,757	$	12,964	$	4,405	$	4,285	$	5,067	$	3,525	$	4,092

Sales and trading revenue, excluding net debit valuation adjustment (2,3)
Fixed-income, currencies and commodities	$	8,916	$	7,555	$	2,723	$	2,764	$	3,429	$	2,343	$	2,567
Equities	4,945		5,196		1,698		1,623		1,624		1,375		1,539
Total sales and trading revenue, excluding net debit valuation adjustment	$	13,861	$	12,751	$	4,421	$	4,387	$	5,053	$	3,718	$	4,106

Sales and trading revenue breakdown
Net interest income	$	581	$	2,348	$	518	$	137	$	(74)	$	188	$	586
Commissions	1,495		1,479		474		492		529		476		444
Trading	10,999		8,719		3,194		3,407		4,398		2,684		2,873
Other	682		418		219		249		214		177		189
Total sales and trading revenue	$	13,757	$	12,964	$	4,405	$	4,285	$	5,067	$	3,525	$	4,092

(1) Includes Global Banking sales and trading revenue of $464 million and $785 million for the nine months ended September 30, 2023 and 2022, and $133 million, $154 million and $177 million for the third, second and first quarters of 2023, and $262 million and $287 million for the fourth and third quarters of 2022, 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 $(104) million and $213 million for the nine months ended September 30, 2023 and 2022, and $(16) million, $(102) million and $14 million for the third, second and first quarters of 2023, and $(193) million and $(14) million for the fourth and third quarters of 2022, respectively. FICC net DVA gains (losses) were $(99) million and $205 million for the nine months ended September 30, 2023 and 2022, and $(13) million, $(97) million and $11 million for the third, second and first quarters of 2023, and $(186) million and $(15) million for the fourth and third quarters of 2022, respectively. Equities net DVA gains (losses) were $(5) million and $8 million for the nine months ended September 30, 2023 and 2022, and $(3) million, $(5) million and $3 million for the third, second and first quarters of 2023, and $(7) million and $1 million for the fourth and third quarters of 2022, respectively.


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


Bank of America Corporation and Subsidiaries
All Other Results (1)
(Dollars in millions)
	Nine Months Ended September 30				Third Quarter 2023		Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022
	2023		2022
Net interest income	$	260	$	73	$	99	$	64	$	97	$	44	$	37





Noninterest income (loss)	(5,103)		(3,599)		(1,717)		(1,831)		(1,555)		(1,880)		(836)
Total revenue, net of interest expense	(4,843)		(3,526)		(1,618)		(1,767)		(1,458)		(1,836)		(799)

Provision for credit losses	(77)		(130)		(24)		(160)		107		(42)		(58)



Noninterest expense	1,492		1,830		593		492		407		655		716
Loss before income taxes	(6,258)		(5,226)		(2,187)		(2,099)		(1,972)		(2,449)		(1,457)
Income tax expense (benefit)	(6,058)		(4,263)		(2,276)		(1,917)		(1,865)		(1,760)		(1,176)
Net income (loss)	$	(200)	$	(963)	$	89	$	(182)	$	(107)	$	(689)	$	(281)

Balance Sheet
Average
Total loans and leases	$	9,742	$	13,457	$	9,412	$	9,745	$	10,077	$	10,386	$	10,629
Total assets (2)	239,891		140,620		269,159		276,728		172,725		136,040		142,650
Total deposits	45,357		20,128		68,010		42,881		24,702		19,946		20,221

Period end
Total loans and leases	$	9,283	$	10,351	$	9,283	$	9,544	$	9,827	$	10,234	$	10,351

Total assets (3)	303,903		128,051		303,903		262,334		267,623		155,074		128,051
Total deposits	85,588		19,031		85,588		54,418		34,590		19,905		19,031

(1)All Other primarily consists of asset and liability management (ALM) activities, liquidating businesses and certain expenses not otherwise allocated to a business segment. ALM activities encompass interest rate and foreign currency risk management activities for which substantially all of the results are allocated to our business segments.

(2)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $981.8 billion and $1.1 trillion for the nine months ended September 30, 2023 and 2022, and $955.7 billion, $977.8 billion and $1.0 trillion for the third, second and first quarters of 2023, and $1.0 trillion and $1.1 trillion for the fourth and third quarters of 2022, respectively.

(3)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $945.7 billion, $963.6 billion, $1.0 trillion, $1.0 trillion and $1.1 trillion at September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively.


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


Bank of America Corporation and Subsidiaries
Outstanding Loans and Leases
(Dollars in millions)
	September 30 2023		June 30 2023		September 30 2022
Consumer
Residential mortgage	$	229,166	$	228,915	$	229,062
Home equity	25,492		25,536		26,845
Credit card	99,687		97,009		87,296
Direct/Indirect consumer (1)	104,059		104,412		107,159
Other consumer (2)	122		132		171
Total consumer loans excluding loans accounted for under the fair value option	458,526		456,004		450,533
Consumer loans accounted for under the fair value option (3)	253		266		355
Total consumer	458,779		456,270		450,888

Commercial
U.S. commercial	356,330		360,796		355,370
Non-U.S. commercial	123,713		123,518		123,035
Commercial real estate (4)	73,193		74,290		67,952
Commercial lease financing	13,904		13,493		12,956
	567,140		572,097		559,313
U.S. small business commercial (5)	19,233		18,796		17,769
Total commercial loans excluding loans accounted for under the fair value option	586,373		590,893		577,082
Commercial loans accounted for under the fair value option (3)	3,997		4,061		4,496
Total commercial	590,370		594,954		581,578

Total loans and leases	$	1,049,149	$	1,051,224	$	1,032,466

(1)Includes primarily auto and specialty lending loans and leases of $54.0 billion, $53.3 billion and $50.7 billion, U.S. securities-based lending loans of $46.5 billion, $47.3 billion and $52.6 billion and non-U.S. consumer loans of $2.8 billion, $2.9 billion and $2.9 billion at September 30, 2023, June 30, 2023 and September 30, 2022, 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 $67 million, $69 million and $74 million and home equity loans of $186 million, $197 million and $281 million at September 30, 2023, June 30, 2023 and September 30, 2022, respectively. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.5 billion, $2.3 billion and $2.4 billion and non-U.S. commercial loans of $1.5 billion, $1.8 billion and $2.1 billion at September 30, 2023, June 30, 2023 and September 30, 2022, respectively.

(4)Includes U.S. commercial real estate loans of $67.3 billion, $68.1 billion and $63.9 billion and non-U.S. commercial real estate loans of $5.9 billion, $6.2 billion and $4.0 billion at September 30, 2023, June 30, 2023 and September 30, 2022, 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.			25


Bank of America Corporation and Subsidiaries
Quarterly Average Loans and Leases by Business Segment and All Other
(Dollars in millions)
	Third Quarter 2023
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	229,001	$	116,828	$	104,635	$	1	$	—	$	7,537
Home equity	25,661		21,123		2,372		—		173		1,993
Credit card	98,049		94,781		3,268		—		—		—
Direct/Indirect and other consumer	104,134		53,840		50,291		—		—		3
Total consumer	456,845		286,572		160,566		1		173		9,533

Commercial
U.S. commercial	377,728		24,179		50,267		225,758		77,369		155
Non-U.S. commercial	123,781		—		681		78,748		44,306		46
Commercial real estate	74,088		10		7,055		57,573		9,450		—
Commercial lease financing	13,812		—		—		14,134		—		(322)
Total commercial	589,409		24,189		58,003		376,213		131,125		(121)
Total loans and leases	$	1,046,254	$	310,761	$	218,569	$	376,214	$	131,298	$	9,412

	Second Quarter 2023
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	228,758	$	117,141	$	104,024	$	1	$	—	$	7,592
Home equity	25,957		21,221		2,376		—		187		2,173
Credit card	94,431		91,252		3,180		—		—		(1)
Direct/Indirect and other consumer	104,915		53,431		51,481		—		—		3
Total consumer	454,061		283,045		161,061		1		187		9,767

Commercial
U.S. commercial	379,027		23,607		49,591		230,111		75,535		183
Non-U.S. commercial	125,827		—		928		81,546		43,236		117
Commercial real estate	74,065		10		7,024		57,449		9,581		1
Commercial lease financing	13,628		—		—		13,951		—		(323)
Total commercial	592,547		23,617		57,543		383,057		128,352		(22)
Total loans and leases	$	1,046,608	$	306,662	$	218,604	$	383,058	$	128,539	$	9,745

	Third Quarter 2022
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	228,474	$	118,173	$	102,204	$	1	$	—	$	8,096
Home equity	27,282		21,939		2,480		—		216		2,647
Credit card	85,009		82,081		2,929		—		—		(1)
Direct/Indirect and other consumer	108,300		51,130		57,167		—		—		3
Total consumer	449,065		273,323		164,780		1		216		10,745

Commercial
U.S. commercial	377,183		21,897		52,090		233,027		69,962		207
Non-U.S. commercial	127,793		—		1,278		84,287		42,190		38
Commercial real estate	66,707		11		5,586		53,042		8,067		1
Commercial lease financing	13,586		—		—		13,948		—		(362)
Total commercial	585,269		21,908		58,954		384,304		120,219		(116)
Total loans and leases	$	1,034,334	$	295,231	$	223,734	$	384,305	$	120,435	$	10,629


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


Bank of America Corporation and Subsidiaries
Commercial Credit Exposure by Industry (1, 2, 3, 4, 5)
(Dollars in millions)
	Commercial Utilized						Total Commercial Committed
	September 30 2023		June 30 2023		September 30 2022		September 30 2023		June 30 2023		September 30 2022
Asset managers & funds	$	106,525	$	104,838	$	118,183	$	173,531	$	168,062	$	172,468
Real estate (6)	73,318		74,545		70,535		99,840		101,284		98,590
Capital goods	48,858		49,505		47,669		93,327		92,886		89,447
Finance companies	56,733		57,375		50,749		81,968		82,742		74,003
Healthcare equipment and services	34,986		34,511		32,693		61,151		61,174		57,834
Retailing	26,261		25,618		26,850		57,664		54,017		52,916
Materials	25,132		26,192		26,552		55,496		55,838		55,599
Food, beverage and tobacco	22,609		24,351		23,258		49,678		49,331		48,317
Consumer services	27,735		27,826		26,250		49,395		49,921		46,186
Government & public education	32,058		32,398		36,635		46,602		46,720		48,991
Individuals and trusts	32,297		32,930		34,976		43,323		43,957		44,640
Commercial services and supplies	24,089		24,588		23,010		42,992		42,500		43,769
Utilities	17,806		18,655		19,280		38,220		39,108		39,560
Transportation	24,004		23,486		21,671		36,607		35,317		34,033
Energy	13,855		12,999		16,934		36,312		36,034		37,829
Global commercial banks	27,544		26,444		30,209		30,313		28,994		32,482
Technology hardware and equipment	10,796		10,980		10,993		29,812		29,909		28,135
Media	14,427		14,558		12,282		25,817		26,377		27,331
Software and services	10,160		10,770		13,908		24,839		25,397		26,678
Insurance	11,357		10,591		12,427		21,811		20,096		20,901
Vehicle dealers	14,359		14,245		11,788		21,334		21,228		19,698
Consumer durables and apparel	9,437		9,619		10,251		20,462		21,146		21,167
Pharmaceuticals and biotechnology	7,294		7,070		7,722		20,244		21,859		18,779
Telecommunication services	9,276		9,901		8,530		17,005		17,370		16,608
Automobiles and components	7,207		8,060		7,529		15,447		15,979		15,685
Food and staples retailing	7,973		7,519		7,046		13,698		13,107		11,728
Financial markets infrastructure (clearinghouses)	2,409		3,013		7,894		4,762		5,797		12,704
Religious and social organizations	2,400		2,437		2,736		4,518		4,373		4,990

Total commercial credit exposure by industry	$	700,905	$	705,024	$	718,560	$	1,216,168	$	1,210,523	$	1,201,068

(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 $53.4 billion, $52.1 billion and $40.7 billion at September 30, 2023, June 30, 2023 and September 30, 2022, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $32.9 billion, $30.9 billion and $59.3 billion, which consists primarily of other marketable securities, at September 30, 2023, June 30, 2023 and September 30, 2022, respectively.

(2)Total utilized and total committed exposure includes loans of $4.0 billion, $4.1 billion and $4.5 billion and issued letters of credit with a notional amount of $14 million, $12 million and $37 million accounted for under the fair value option at September 30, 2023, June 30, 2023 and September 30, 2022, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $1.8 billion, $2.6 billion and $3.5 billion at September 30, 2023, June 30, 2023 and September 30, 2022, 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)Includes $415 million, $545 million and $1.5 billion of PPP loan exposure across impacted industries at September 30, 2023, June 30, 2023 and September 30, 2022, respectively.

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


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


Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties
(Dollars in millions)
	September 30 2023			June 30 2023			March 31 2023			December 31 2022			September 30 2022
Residential mortgage	$	2,185		$	2,140		$	2,125		$	2,167		$	2,187
Home equity	479			482			488			510			532

Direct/Indirect consumer	128			107			101			77			41

Total consumer	2,792			2,729			2,714			2,754			2,760
U.S. commercial	561			476			559			553			640
Non-U.S. commercial	102			84			125			212			274
Commercial real estate	1,343			816			502			271			282
Commercial lease financing	18			6			4			4			11
	2,024			1,382			1,190			1,040			1,207
U.S. small business commercial	17			15			14			14			16
Total commercial	2,041			1,397			1,204			1,054			1,223
Total nonperforming loans and leases	4,833			4,126			3,918			3,808			3,983
Foreclosed properties (1)	160			148			165			170			173
Total nonperforming loans, leases, and foreclosed properties(2, 3)	$	4,993		$	4,274		$	4,083		$	3,978		$	4,156

Fully-insured home loans past due 30 days or more and still accruing	$	523		$	525		$	580		$	627		$	672
Consumer credit card past due 30 days or more and still accruing	2,097			1,811			1,674			1,505			1,202
Other loans past due 30 days or more and still accruing	2,848			2,920			3,146			4,008			3,281
Total loans past due 30 days or more and still accruing (4, 5)	$	5,468		$	5,256		$	5,400		$	6,140		$	5,155

Fully-insured home loans past due 90 days or more and still accruing	$	265		$	288		$	338		$	368		$	427
Consumer credit card past due 90 days or more and still accruing	1,016			896			828			717			547
Other loans past due 90 days or more and still accruing	286			356			508			626			647
Total loans past due 90 days or more and still accruing (5)	$	1,567		$	1,540		$	1,674		$	1,711		$	1,621

Nonperforming loans, leases and foreclosed properties/Total assets (6)	0.16		%	0.14		%	0.13		%	0.13		%	0.14		%
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties (5)	0.48			0.41			0.39			0.38			0.40
Nonperforming loans and leases/Total loans and leases (6)	0.46			0.39			0.38			0.37			0.39

Commercial reservable criticized utilized exposure (7)	$	23,722		$	21,469		$	19,789		$	19,274		$	17,659
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure (6)	3.83		%	3.44		%	3.17		%	3.12		%	2.88		%
Total commercial criticized utilized exposure/Commercial utilized exposure (7)	4.12			3.79			3.67			3.70			2.82

(1)Includes repossessed assets of $20 million for the third quarter of 2023 and $0 for the remaining quarters.

(2)Balances do not include past due consumer credit card, consumer loans secured by real estate where repayments are insured by the FHA and individually insured long-term stand-by agreements (fully-insured home loans), and in general, other consumer and commercial loans not secured by real estate.

(3)Balances do not include nonperforming loans held-for-sale of $173 million, $174 million, $250 million, $219 million and $222 million at September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively.

(4)Balances do not include loans held-for-sale past due 30 days or more and still accruing of $22 million, $39 million, $36 million, $58 million and $81 million at September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively.

(5)These balances are excluded from total nonperforming loans, leases and foreclosed properties.

(6)Total assets and total loans and leases do not include loans accounted for under the fair value option of $4.3 billion, $4.3 billion, $4.4 billion, $5.8 billion and $4.9 billion at September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, 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.			28


Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties Activity (1)
(Dollars in millions)
	Third Quarter 2023		Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022
Nonperforming Consumer Loans and Leases:
Balance, beginning of period	$	2,729	$	2,714	$	2,754	$	2,760	$	2,866

Additions	297		258		253		208		236


Reductions:
Paydowns and payoffs	(117)		(131)		(103)		(89)		(124)
Sales	(2)		(2)		(2)		(1)		(1)
Returns to performing status (2)	(91)		(92)		(170)		(109)		(193)
Charge-offs (3)	(13)		(13)		(12)		(6)		(12)
Transfers to foreclosed properties	(11)		(5)		(6)		(9)		(12)

Total net additions (reductions) to nonperforming loans and leases	63		15		(40)		(6)		(106)
Total nonperforming consumer loans and leases, end of period	2,792		2,729		2,714		2,754		2,760
Foreclosed properties (4)	112		97		117		121		125
Nonperforming consumer loans, leases and foreclosed properties, end of period	$	2,904	$	2,826	$	2,831	$	2,875	$	2,885

Nonperforming Commercial Loans and Leases (5):
Balance, beginning of period	$	1,397	$	1,204	$	1,054	$	1,223	$	1,298

Additions	875		484		419		141		307
Reductions:
Paydowns	(153)		(171)		(72)		(144)		(180)
Sales	—		(3)		—		(4)		(12)
Returns to performing status (6)	(2)		(7)		(52)		(35)		(148)
Charge-offs	(67)		(87)		(88)		(127)		(42)
Transfers to foreclosed properties	—		(23)		—		—		—
Transfers to loans held-for-sale	(9)		—		(57)		—		—
Total net additions (reductions) to nonperforming loans and leases	644		193		150		(169)		(75)
Total nonperforming commercial loans and leases, end of period	2,041		1,397		1,204		1,054		1,223
Foreclosed properties (4)	48		51		48		49		48
Nonperforming commercial loans, leases and foreclosed properties, end of period	$	2,089	$	1,448	$	1,252	$	1,103	$	1,271

(1)For amounts excluded from nonperforming loans, leases and foreclosed properties, see footnotes to Nonperforming Loans, Leases and Foreclosed Properties table on page 28.

(2)Consumer loans and leases may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection. Prior to January 1, 2023, certain troubled debt restructurings were classified as nonperforming at the time of restructuring and were only 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 repossessed assets of $19 million in consumer loans and $1 million in commercial loans for the third quarter of 2023 and $0 for the remaining quarters.

(5)Includes U.S. small business commercial activity. Small business card loans are excluded as they are not classified as nonperforming.

(6)Commercial loans and leases may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection. Prior to January 1, 2023, troubled debt restructurings were 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.			29


Bank of America Corporation and Subsidiaries
Quarterly Net Charge-offs and Net Charge-off Ratios (1)
(Dollars in millions)
	Third Quarter 2023				Second Quarter 2023				First Quarter 2023				Fourth Quarter 2022				Third Quarter 2022
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage	$	2	—	%	$	2	—	%	$	1	—	%	$	(1)	—	%	$	(3)	(0.01)	%
Home equity	(14)		(0.22)		(16)		(0.25)		(12)		(0.18)		(18)		(0.27)		(18)		(0.25)
Credit card	673		2.72		610		2.60		501		2.21		386		1.71		328		1.53

Direct/Indirect consumer	25		0.10		17		0.06		1		—		1		—		9		0.03
Other consumer	118		n/m		107		n/m		162		n/m		163		n/m		143		n/m
Total consumer	804		0.70		720		0.64		653		0.58		531		0.47		459		0.41
U.S. commercial	5		0.01		5		0.01		47		0.05		47		0.05		23		0.03
Non-U.S. commercial	(2)		(0.01)		—		—		20		0.07		31		0.10		(6)		(0.02)
Total commercial and industrial	3		—		5		—		67		0.06		78		0.06		17		0.01
Commercial real estate	39		0.21		69		0.37		22		0.12		34		0.20		13		0.08
Commercial lease financing	3		0.08		1		—		(1)		(0.01)		2		0.05		(1)		(0.05)
	45		0.03		75		0.05		88		0.06		114		0.08		29		0.02
U.S. small business commercial	82		1.74		74		1.62		66		1.48		44		0.99		32		0.72
Total commercial	127		0.09		149		0.10		154		0.11		158		0.11		61		0.04
Total net charge-offs	$	931	0.35		$	869	0.33		$	807	0.32		$	689	0.26		$	520	0.20

By Business Segment and All Other
Consumer Banking	$	911	1.16	%	$	819	1.07	%	$	729	0.97	%	$	591	0.78	%	$	512	0.69	%
Global Wealth & Investment Management	4		0.01		3		0.01		6		0.01		4		0.01		5		0.01
Global Banking	20		0.02		59		0.06		87		0.09		112		0.12		26		0.03
Global Markets	13		0.04		5		0.02		—		—		(1)		(0.01)		(1)		—
All Other	(17)		(0.68)		(17)		(0.74)		(15)		(0.59)		(17)		(0.66)		(22)		(0.80)
Total net charge-offs	$	931	0.35		$	869	0.33		$	807	0.32		$	689	0.26		$	520	0.20

(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.			30


Bank of America Corporation and Subsidiaries
Year-to-Date Net Charge-offs and Net Charge-off Ratios (1)
(Dollars in millions)
	Nine Months Ended September 30
	2023				2022
	Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage (2)	$	5	—	%	$	73	0.04	%
Home equity (3)	(42)		(0.22)		(72)		(0.35)
Credit card	1,784		2.52		948		1.55

Direct/Indirect consumer	43		0.05		17		0.02
Other consumer	387		n/m		358		n/m
Total consumer	2,177		0.64		1,324		0.40
U.S. commercial	57		0.02		24		0.01
Non-U.S. commercial	18		0.02		(10)		(0.01)
Total commercial and industrial	75		0.02		14		—
Commercial real estate	130		0.24		32		0.07
Commercial lease financing	3		0.02		3		0.03
	208		0.05		49		0.01
U.S. small business commercial	222		1.62		110		0.82
Total commercial	430		0.10		159		0.04
Total net charge-offs	$	2,607	0.34		$	1,483	0.20

By Business Segment and All Other
Consumer Banking	$	2,459	1.07	%	$	1,430	0.66	%
Global Wealth & Investment Management	13		0.01		15		0.01
Global Banking	166		0.06		28		0.01
Global Markets	18		0.02		16		0.02
All Other	(49)		(0.67)		(6)		(0.06)
Total net charge-offs	$	2,607	0.34		$	1,483	0.20

(1)Net charge-off ratios are calculated as net charge-offs divided by average outstanding loans and leases excluding loans accounted for under the fair value option during the period for each loan and lease category.

(2)Includes loan sale net charge-offs (recoveries) of $0 and $84 million for the nine months ended September 30, 2023 and 2022.

(3)Includes loan sale net charge-offs (recoveries) of $0 and $(8) million for the nine months ended September 30, 2023 and 2022.

n/m = not meaningful


Current-period information is preliminary and based on company data available at the time of the presentation.			31


Bank of America Corporation and Subsidiaries
Allocation of the Allowance for Credit Losses by Product Type
(Dollars in millions)
	September 30, 2023		June 30, 2023			September 30, 2022
	Amount		Percent of Loans and Leases Outstanding (1)	Amount			Percent of Loans and Leases Outstanding (1)	Amount		Percent of Loans and Leases Outstanding (1)
Allowance for loan and lease losses
Residential mortgage	$	344	0.15%	$	366		0.16%	$	282	0.12%
Home equity	68		0.27	61			0.24	102		0.38
Credit card	6,987		7.01	6,564			6.77	5,879		6.74

Direct/Indirect consumer	671		0.64	659			0.63	525		0.49
Other consumer	97		n/m	100			n/m	92		n/m
Total consumer	8,167		1.78	7,750			1.70	6,880		1.53
U.S. commercial (2)	2,764		0.74	2,846			0.75	3,018		0.81
Non-U.S. commercial	918		0.74	968			0.78	1,191		0.97
Commercial real estate	1,393		1.90	1,338			1.80	1,161		1.71
Commercial lease financing	45		0.33	48			0.35	52		0.40
Total commercial	5,120		0.87	5,200			0.88	5,422		0.94
Allowance for loan and lease losses	13,287		1.27	12,950			1.24	12,302		1.20


Reserve for unfunded lending commitments	1,353			1,388				1,515
Allowance for credit losses	$	14,640		$	14,338			$	13,817

Asset Quality Indicators

Allowance for loan and lease losses/Total loans and leases (1)			1.27%				1.24%			1.20%

Allowance for loan and lease losses/Total nonperforming loans and leases (3)			275				314			309

Ratio of the allowance for loan and lease losses/Annualized net charge-offs			3.60				3.71			5.96

(1)Ratios are calculated as allowance for loan and lease losses as a percentage of loans and leases outstanding excluding loans accounted for under the fair value option. For fair value option amounts, see Outstanding Loans and Leases and related footnotes on page 25.

(2)Includes allowance for loan and lease losses for U.S. small business commercial loans of $983 million, $927 million and $864 million at September 30, 2023, June 30, 2023 and September 30, 2022, respectively.

(3)Allowance for loan and lease losses includes $5.3 billion, $5.5 billion and $6.7 billion allocated to products (primarily the Consumer Lending portfolios within Consumer Banking) that are excluded from nonperforming loans and leases at September 30, 2023, June 30, 2023 and September 30, 2022, respectively. Excluding these amounts, allowance for loan and lease losses as a percentage of total nonperforming loans and leases was 165 percent, 181 percent and 140 percent at September 30, 2023, June 30, 2023 and September 30, 2022, respectively.

n/m = not meaningful


Current-period information is preliminary and based on company data available at the time of the presentation.			32

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 nine months ended September 30, 2023 and 2022, and the three months ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022. 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.


	Nine Months Ended September 30				Third Quarter 2023		Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022
	2023		2022





























Reconciliation of income before income taxes to pretax, pre-provision income
Income before income taxes	$	25,218	$	23,072	$	8,095	$	8,034	$	9,089	$	7,897	$	8,301
Provision for credit losses	3,290		1,451		1,234		1,125		931		1,092		898
Pretax, pre-provision income	$	28,508	$	24,523	$	9,329	$	9,159	$	10,020	$	8,989	$	9,199

Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity	$	281,579	$	269,514	$	284,975	$	282,425	$	277,252	$	272,629	$	271,017
Goodwill	(69,022)		(69,022)		(69,021)		(69,022)		(69,022)		(69,022)		(69,022)
Intangible assets (excluding mortgage servicing rights)	(2,049)		(2,127)		(2,029)		(2,049)		(2,068)		(2,088)		(2,107)
Related deferred tax liabilities	895		925		890		895		899		914		920
Tangible shareholders’ equity	$	211,403	$	199,290	$	214,815	$	212,249	$	207,061	$	202,433	$	200,808
Preferred stock	(28,397)		(28,094)		(28,397)		(28,397)		(28,397)		(28,982)		(29,134)
Tangible common shareholders’ equity	$	183,006	$	171,196	$	186,418	$	183,852	$	178,664	$	173,451	$	171,674








Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity	$	287,064	$	269,524	$	287,064	$	283,319	$	280,196	$	273,197	$	269,524
Goodwill	(69,021)		(69,022)		(69,021)		(69,021)		(69,022)		(69,022)		(69,022)
Intangible assets (excluding mortgage servicing rights)	(2,016)		(2,094)		(2,016)		(2,036)		(2,055)		(2,075)		(2,094)
Related deferred tax liabilities	886		915		886		890		895		899		915
Tangible shareholders’ equity	$	216,913	$	199,323	$	216,913	$	213,152	$	210,014	$	202,999	$	199,323
Preferred stock	(28,397)		(29,134)		(28,397)		(28,397)		(28,397)		(28,397)		(29,134)
Tangible common shareholders’ equity	$	188,516	$	170,189	$	188,516	$	184,755	$	181,617	$	174,602	$	170,189

Reconciliation of period-end assets to period-end tangible assets
Assets	$	3,153,090	$	3,072,953	$	3,153,090	$	3,123,198	$	3,194,657	$	3,051,375	$	3,072,953
Goodwill	(69,021)		(69,022)		(69,021)		(69,021)		(69,022)		(69,022)		(69,022)
Intangible assets (excluding mortgage servicing rights)	(2,016)		(2,094)		(2,016)		(2,036)		(2,055)		(2,075)		(2,094)
Related deferred tax liabilities	886		915		886		890		895		899		915
Tangible assets	$	3,082,939	$	3,002,752	$	3,082,939	$	3,053,031	$	3,124,475	$	2,981,177	$	3,002,752

Book value per share of common stock
Common shareholders’ equity	$	258,667	$	240,390	$	258,667	$	254,922	$	251,799	$	244,800	$	240,390
Ending common shares issued and outstanding	7,923.4		8,024.5		7,923.4		7,953.6		7,972.4		7,996.8		8,024.5
Book value per share of common stock	$	32.65	$	29.96	$	32.65	$	32.05	$	31.58	$	30.61	$	29.96

Tangible book value per share of common stock
Tangible common shareholders’ equity	$	188,516	$	170,189	$	188,516	$	184,755	$	181,617	$	174,602	$	170,189
Ending common shares issued and outstanding	7,923.4		8,024.5		7,923.4		7,953.6		7,972.4		7,996.8		8,024.5
Tangible book value per share of common stock	$	23.79	$	21.21	$	23.79	$	23.23	$	22.78	$	21.83	$	21.21


Current-period information is preliminary and based on company data available at the time of the presentation.			33