Enhanced Investments - Financial Portal

Published: 2023-01-13 00:00:00 ET

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Supplemental Information

Fourth Quarter 2022

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


Bank of America Corporation and Subsidiaries
Table of Contents			Page


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

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

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

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

Exhibit A: Non-GAAP Reconciliations			33







Key Performance Indicators

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

Business Segment Operations

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


Bank of America Corporation and Subsidiaries
Consolidated Financial Highlights
(In millions, except per share information)
	Year Ended December 31						Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022			First Quarter 2022			Fourth Quarter 2021
	2022			2021
Income statement
Net interest income	$	52,462		$	42,934		$	14,681		$	13,765		$	12,444		$	11,572		$	11,410
Noninterest income	42,488			46,179			9,851			10,737			10,244			11,656			10,650
Total revenue, net of interest expense	94,950			89,113			24,532			24,502			22,688			23,228			22,060
Provision for credit losses	2,543			(4,594)			1,092			898			523			30			(489)
Noninterest expense	61,438			59,731			15,543			15,303			15,273			15,319			14,731
Income before income taxes	30,969			33,976			7,897			8,301			6,892			7,879			7,818
Pretax, pre-provision income (1)	33,512			29,382			8,989			9,199			7,415			7,909			7,329
Income tax expense	3,441			1,998			765			1,219			645			812			805
Net income	27,528			31,978			7,132			7,082			6,247			7,067			7,013
Preferred stock dividends and other	1,513			1,421			228			503			315			467			240
Net income applicable to common shareholders	26,015			30,557			6,904			6,579			5,932			6,600			6,773
Diluted earnings per common share	3.19			3.57			0.85			0.81			0.73			0.80			0.82
Average diluted common shares issued and outstanding	8,167.5			8,558.4			8,155.7			8,160.8			8,163.1			8,202.1			8,304.7
Dividends paid per common share	$	0.86		$	0.78		$	0.22		$	0.22		$	0.21		$	0.21		$	0.21

Performance ratios
Return on average assets	0.88		%	1.05		%	0.92		%	0.90		%	0.79		%	0.89		%	0.88		%
Return on average common shareholders’ equity	10.75			12.23			11.24			10.79			9.93			11.02			10.90
Return on average shareholders’ equity	10.18			11.68			10.38			10.37			9.34			10.64			10.27
Return on average tangible common shareholders’ equity (2)	15.15			17.02			15.79			15.21			14.05			15.51			15.25
Return on average tangible shareholders’ equity (2)	13.76			15.71			13.98			13.99			12.66			14.40			13.87
Efficiency ratio	64.71			67.03			63.36			62.45			67.32			65.95			66.78


At period end
Book value per share of common stock	$	30.61		$	30.37		$	30.61		$	29.96		$	29.87		$	29.70		$	30.37
Tangible book value per share of common stock (2)	21.83			21.68			21.83			21.21			21.13			20.99			21.68
Market capitalization	264,853			359,383			264,853			242,338			250,136			332,320			359,383
Number of financial centers - U.S.	3,913			4,173			3,913			3,932			3,984			4,056			4,173
Number of branded ATMs - U.S.	15,528			16,209			15,528			15,572			15,730			15,959			16,209
Headcount	216,823			208,248			216,823			213,270			209,824			208,139			208,248

(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)
	Year Ended December 31				Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022		First Quarter 2022		Fourth Quarter 2021
	2022		2021
Net interest income
Interest income	$	72,565	$	47,672	$	25,075	$	19,621	$	14,975	$	12,894	$	12,554
Interest expense	20,103		4,738		10,394		5,856		2,531		1,322		1,144
Net interest income	52,462		42,934		14,681		13,765		12,444		11,572		11,410

Noninterest income
Fees and commissions	33,212		39,299		7,735		8,001		8,491		8,985		10,143
Market making and similar activities	12,075		8,691		3,052		3,068		2,717		3,238		1,331
Other income (loss)	(2,799)		(1,811)		(936)		(332)		(964)		(567)		(824)
Total noninterest income	42,488		46,179		9,851		10,737		10,244		11,656		10,650
Total revenue, net of interest expense	94,950		89,113		24,532		24,502		22,688		23,228		22,060

Provision for credit losses	2,543		(4,594)		1,092		898		523		30		(489)

Noninterest expense
Compensation and benefits	36,447		36,140		9,161		8,887		8,917		9,482		9,037
Occupancy and equipment	7,071		7,138		1,786		1,777		1,748		1,760		1,785
Information processing and communications	6,279		5,769		1,658		1,546		1,535		1,540		1,480
Product delivery and transaction related	3,653		3,881		904		892		924		933		941

Professional fees	2,142		1,775		649		525		518		450		512
Marketing	1,825		1,939		460		505		463		397		411
Other general operating	4,021		3,089		925		1,171		1,168		757		565
Total noninterest expense	61,438		59,731		15,543		15,303		15,273		15,319		14,731
Income before income taxes	30,969		33,976		7,897		8,301		6,892		7,879		7,818
Income tax expense	3,441		1,998		765		1,219		645		812		805
Net income	$	27,528	$	31,978	$	7,132	$	7,082	$	6,247	$	7,067	$	7,013
Preferred stock dividends and other	1,513		1,421		228		503		315		467		240

Net income applicable to common shareholders	$	26,015	$	30,557	$	6,904	$	6,579	$	5,932	$	6,600	$	6,773

Per common share information
Earnings	$	3.21	$	3.60	$	0.85	$	0.81	$	0.73	$	0.81	$	0.82
Diluted earnings	3.19		3.57		0.85		0.81		0.73		0.80		0.82
Average common shares issued and outstanding	8,113.7		8,493.3		8,088.3		8,107.7		8,121.6		8,136.8		8,226.5
Average diluted common shares issued and outstanding	8,167.5		8,558.4		8,155.7		8,160.8		8,163.1		8,202.1		8,304.7


Consolidated Statement of Comprehensive Income
(Dollars in millions)
	Year Ended December 31				Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022		First Quarter 2022		Fourth Quarter 2021
	2022		2021
Net income	$	27,528	$	31,978	$	7,132	$	7,082	$	6,247	$	7,067	$	7,013
Other comprehensive income (loss), net-of-tax:
Net change in debt securities	(6,028)		(2,077)		353		(1,112)		(1,822)		(3,447)		(834)
Net change in debit valuation adjustments	755		356		(543)		462		575		261		64
Net change in derivatives	(10,055)		(2,306)		835		(3,703)		(2,008)		(5,179)		(1,176)
Employee benefit plan adjustments	(667)		624		(764)		37		36		24		454
Net change in foreign currency translation adjustments	(57)		(45)		(10)		(37)		(38)		28		(16)
Other comprehensive income (loss)	(16,052)		(3,448)		(129)		(4,353)		(3,257)		(8,313)		(1,508)
Comprehensive income (loss)	$	11,476	$	28,530	$	7,003	$	2,729	$	2,990	$	(1,246)	$	5,505


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)
	Year Ended December 31				Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022		First Quarter 2022		Fourth Quarter 2021
	2022		2021
Net interest income
Interest income
Loans and leases	$	37,919	$	29,282	$	12,114	$	10,231	$	8,222	$	7,352	$	7,423
Debt securities	17,127		12,376		5,016		4,239		4,049		3,823		3,544
Federal funds sold and securities borrowed or purchased under agreements to resell	4,560		(90)		2,725		1,446		396		(7)		(47)
Trading account assets	5,521		3,770		1,768		1,449		1,223		1,081		977
Other interest income	7,438		2,334		3,452		2,256		1,085		645		657
Total interest income	72,565		47,672		25,075		19,621		14,975		12,894		12,554

Interest expense
Deposits	4,718		537		2,999		1,235		320		164		143
Short-term borrowings	6,978		(358)		4,273		2,264		553		(112)		(153)
Trading account liabilities	1,538		1,128		421		383		370		364		304
Long-term debt	6,869		3,431		2,701		1,974		1,288		906		850
Total interest expense	20,103		4,738		10,394		5,856		2,531		1,322		1,144
Net interest income	$	52,462	$	42,934	$	14,681	$	13,765	$	12,444	$	11,572	$	11,410

Noninterest income
Fees and commissions
Card income
Interchange fees (1)	$	4,096	$	4,560	$	1,029	$	1,060	$	1,072	$	935	$	1,129
Other card income	1,987		1,658		523		513		483		468		485
Total card income	6,083		6,218		1,552		1,573		1,555		1,403		1,614
Service charges
Deposit-related fees	5,190		6,271		1,081		1,162		1,417		1,530		1,600
Lending-related fees	1,215		1,233		308		304		300		303		310
Total service charges	6,405		7,504		1,389		1,466		1,717		1,833		1,910
Investment and brokerage services
Asset management fees	12,152		12,729		2,844		2,920		3,102		3,286		3,295
Brokerage fees	3,749		3,961		879		875		989		1,006		973
Total investment and brokerage services	15,901		16,690		3,723		3,795		4,091		4,292		4,268
Investment banking fees
Underwriting income	1,970		5,077		411		452		435		672		1,049
Syndication fees	1,070		1,499		174		283		301		312		452
Financial advisory services	1,783		2,311		486		432		392		473		850
Total investment banking fees	4,823		8,887		1,071		1,167		1,128		1,457		2,351
Total fees and commissions	33,212		39,299		7,735		8,001		8,491		8,985		10,143
Market making and similar activities	12,075		8,691		3,052		3,068		2,717		3,238		1,331
Other income (loss)	(2,799)		(1,811)		(936)		(332)		(964)		(567)		(824)
Total noninterest income	$	42,488	$	46,179	$	9,851	$	10,737	$	10,244	$	11,656	$	10,650

(1)Gross interchange fees and merchant income were $12.9 billion and $11.5 billion and are presented net of $8.8 billion and $6.9 billion of expenses for rewards and partner payments as well as certain other card costs for the years ended December 31, 2022 and 2021. Gross interchange fees and merchant income were $3.3 billion, $3.3 billion, $3.3 billion, $2.9 billion and $3.1 billion, and are presented net of $2.3 billion, $2.2 billion, $2.2 billion, $2.0 billion and $2.0 billion of expenses for rewards and partner payments as well as certain other card costs for the fourth, third, second and first quarters of 2022, and the fourth quarter of 2021, respectively.


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


Bank of America Corporation and Subsidiaries
Consolidated Balance Sheet
(Dollars in millions)
		December 31 2022		September 30 2022		December 31 2021
Assets
Cash and due from banks		$	30,334	$	27,802	$	29,222
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks		199,869		177,174		318,999
Cash and cash equivalents		230,203		204,976		348,221
Time deposits placed and other short-term investments		7,259		7,449		7,144
Federal funds sold and securities borrowed or purchased under agreements to resell		267,323		275,247		250,720
Trading account assets		295,552		293,458		247,080
Derivative assets		48,642		71,956		35,344
Debt securities:
Carried at fair value		229,994		236,245		308,073
Held-to-maturity, at cost		632,825		643,713		674,554
Total debt securities		862,819		879,958		982,627
Loans and leases		1,045,747		1,032,466		979,124
Allowance for loan and lease losses		(12,682)		(12,302)		(12,387)
Loans and leases, net of allowance		1,033,065		1,020,164		966,737
Premises and equipment, net		11,510		11,117		10,833
Goodwill		69,022		69,022		69,022
Loans held-for-sale		6,871		7,629		15,635
Customer and other receivables		67,429		76,211		72,263
Other assets		151,011		155,766		163,869
Total assets		$	3,050,706	$	3,072,953	$	3,169,495

Liabilities
Deposits in U.S. offices:
Noninterest-bearing		$	640,745	$	696,976	$	784,189
Interest-bearing		1,182,590		1,143,317		1,165,914
Deposits in non-U.S. offices:
Noninterest-bearing		20,480		21,630		27,457
Interest-bearing		86,526		76,174		86,886
Total deposits		1,930,341		1,938,097		2,064,446
Federal funds purchased and securities loaned or sold under agreements to repurchase		195,635		215,627		192,329
Trading account liabilities		79,844		84,768		100,690
Derivative liabilities		44,961		50,156		37,675
Short-term borrowings		26,932		21,044		23,753
Accrued expenses and other liabilities		223,814		224,615		200,419
Long-term debt		275,982		269,122		280,117
Total liabilities		2,777,509		2,803,429		2,899,429
Shareholders’ equity
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 4,088,101, 4,117,652 and 3,939,686 shares		28,397		29,134		24,708
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 7,996,777,943, 8,024,450,244 and 8,077,831,463 shares		58,953		59,460		62,398
Retained earnings		207,003		201,957		188,064
Accumulated other comprehensive income (loss)		(21,156)		(21,027)		(5,104)
Total shareholders’ equity		273,197		269,524		270,066
Total liabilities and shareholders’ equity		$	3,050,706	$	3,072,953	$	3,169,495

	Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
	Trading account assets	$	2,816	$	2,794	$	5,004
	Loans and leases	16,738		16,073		17,135
	Allowance for loan and lease losses	(797)		(802)		(958)
	Loans and leases, net of allowance	15,941		15,271		16,177

	All other assets	116		93		189
	Total assets of consolidated variable interest entities	$	18,873	$	18,158	$	21,370

	Liabilities of consolidated variable interest entities included in total liabilities above
	Short-term borrowings	$	42	$	82	$	247
	Long-term debt	4,581		3,240		3,587
	All other liabilities	13		9		7
	Total liabilities of consolidated variable interest entities	$	4,636	$	3,331	$	3,841


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)
	December 31 2022			September 30 2022			December 31 2021
Risk-based capital metrics (1):
Standardized Approach
Common equity tier 1 capital	$	180,060		$	175,554		$	171,759
Tier 1 capital	208,447			204,675			196,465
Total capital	238,753			235,276			227,592
Risk-weighted assets	1,603,744			1,599,322			1,617,848
Common equity tier 1 capital ratio	11.2		%	11.0		%	10.6		%
Tier 1 capital ratio	13.0			12.8			12.1
Total capital ratio	14.9			14.7			14.1

Advanced Approaches
Common equity tier 1 capital	$	180,060		$	175,554		$	171,759
Tier 1 capital	208,447			204,675			196,465
Total capital	230,895			228,334			220,616
Risk-weighted assets	1,410,104			1,390,505			1,399,160
Common equity tier 1 capital ratio	12.8		%	12.6		%	12.3		%
Tier 1 capital ratio	14.8			14.7			14.0
Total capital ratio	16.4			16.4			15.8

Leverage-based metrics (1):
Adjusted average assets	$	2,997,119		$	3,028,175		$	3,087,247
Tier 1 leverage ratio	7.0		%	6.8		%	6.4		%

Supplementary leverage exposure	$	3,523,530		$	3,555,578		$	3,603,807
Supplementary leverage ratio	5.9		%	5.8		%	5.5		%

Total ending equity to total ending assets ratio	9.0			8.8			8.5
Common equity ratio	8.0			7.8			7.7
Tangible equity ratio (2)	6.8			6.6			6.4
Tangible common equity ratio (2)	5.9			5.7			5.7

(1)Regulatory capital ratios at December 31, 2022 are preliminary. We report 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 as of December 31, 2022 and September 30, 2022, and supplementary leverage ratio as of December 31, 2021.

(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)
	December 31 2022		September 30 2022		December 31 2021
Total common shareholders' equity	$	244,800	$	240,390	$	245,358
CECL transitional amount (1)	1,881		1,881		2,508
Goodwill, net of related deferred tax liabilities	(68,644)		(68,641)		(68,641)
Deferred tax assets arising from net operating loss and tax credit carryforwards	(7,776)		(7,658)		(7,743)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities	(1,554)		(1,561)		(1,605)
Defined benefit pension plan net assets, net-of-tax	(867)		(1,227)		(1,261)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net-of-tax	496		(240)		1,400
Accumulated net (gain) loss on certain cash flow hedges (2)	11,925		12,762		1,870
Other	(201)		(152)		(127)
Common equity tier 1 capital	180,060		175,554		171,759
Qualifying preferred stock, net of issuance cost	28,396		29,134		24,707
Other	(9)		(13)		(1)
Tier 1 capital	208,447		204,675		196,465
Tier 2 capital instruments	18,729		19,507		20,750
Qualifying allowance for credit losses (3)	11,739		11,325		10,534
Other	(162)		(231)		(157)
Total capital under the Standardized approach	238,753		235,276		227,592
Adjustment in qualifying allowance for credit losses under the Advanced approaches (3)	(7,858)		(6,942)		(6,976)
Total capital under the Advanced approaches	$	230,895	$	228,334	$	220,616

(1)December 31, 2021 includes the impact of the Corporation's adoption of the current expected credit losses (CECL) accounting standard on January 1, 2020 and 25 percent of the increase in reserves since the initial adoption. December 31, 2022 and September 30, 2022 include 75 percent of the transition provision's impact as of December 31, 2021.

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

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


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


Bank of America Corporation and Subsidiaries
Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis
(Dollars in millions)
	Fourth Quarter 2022						Third Quarter 2022						Fourth Quarter 2021
	Average Balance		Interest Income/ Expense (1)		Yield/ Rate		Average Balance		Interest Income/ Expense (1)		Yield/ Rate		Average Balance		Interest Income/ Expense (1)		Yield/ Rate
Earning assets
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks	$	175,595	$	1,375	3.11	%	$	184,263	$	848	1.83	%	$	256,955	$	66	0.10	%
Time deposits placed and other short-term investments	9,558		74		3.07		10,352		34		1.33		7,200		7		0.36
Federal funds sold and securities borrowed or purchased under agreements to resell	289,321		2,725		3.74		278,059		1,446		2.06		278,163		(47)		(0.07)
Trading account assets	169,003		1,784		4.19		163,744		1,465		3.55		146,958		992		2.68
Debt securities	869,084		5,043		2.30		901,654		4,259		1.88		984,493		3,558		1.45
Loans and leases (2)
Residential mortgage	229,364		1,663		2.90		228,474		1,616		2.83		219,193		1,481		2.70
Home equity	26,983		275		4.05		27,282		229		3.32		28,796		255		3.52
Credit card	89,575		2,327		10.31		85,009		2,187		10.20		78,358		1,997		10.11

Direct/Indirect and other consumer	106,598		1,119		4.16		108,300		923		3.38		101,854		578		2.25

Total consumer	452,520		5,384		4.73		449,065		4,955		4.39		428,201		4,311		4.00
U.S. commercial	378,850		4,172		4.37		377,183		3,427		3.60		330,796		2,191		2.63
Non-U.S. commercial	125,983		1,474		4.64		127,793		1,028		3.19		108,899		468		1.71
Commercial real estate	68,764		994		5.74		66,707		738		4.39		62,296		382		2.43
Commercial lease financing	13,130		139		4.21		13,586		124		3.65		14,870		106		2.83
Total commercial	586,727		6,779		4.58		585,269		5,317		3.61		516,861		3,147		2.42
Total loans and leases	1,039,247		12,163		4.65		1,034,334		10,272		3.94		945,062		7,458		3.14
Other earning assets	95,904		2,034		8.42		98,172		1,403		5.67		128,938		625		1.93
Total earning assets	2,647,712		25,198		3.78		2,670,578		19,727		2.94		2,747,769		12,659		1.83
Cash and due from banks	27,771						27,250						29,219
Other assets, less allowance for loan and lease losses	398,806						407,718						387,130
Total assets	$	3,074,289					$	3,105,546					$	3,164,118
Interest-bearing liabilities
U.S. interest-bearing deposits

Demand and money market deposits	$	980,964	$	2,044	0.83	%	$	981,145	$	832	0.34	%	$	965,801	$	80	0.03	%

Time and savings deposits	180,684		543		1.19		164,313		193		0.47		162,567		38		0.10
Total U.S. interest-bearing deposits	1,161,648		2,587		0.88		1,145,458		1,025		0.35		1,128,368		118		0.04




Non-U.S. interest-bearing deposits	83,073		412		1.97		79,383		210		1.05		82,846		25		0.12
Total interest-bearing deposits	1,244,721		2,999		0.96		1,224,841		1,235		0.40		1,211,214		143		0.05
Federal funds purchased and securities loaned or sold under agreements to repurchase	214,267		2,246		4.16		211,346		1,338		2.51		218,018		80		0.14
Short-term borrowings and other interest-bearing liabilities	150,351		2,027		5.35		137,253		926		2.68		114,637		(233)		(0.80)
Trading account liabilities	40,393		421		4.13		46,507		383		3.27		57,993		304		2.08
Long-term debt	243,871		2,701		4.41		250,204		1,974		3.14		248,525		850		1.35
Total interest-bearing liabilities	1,893,603		10,394		2.18		1,870,151		5,856		1.24		1,850,387		1,144		0.24
Noninterest-bearing sources
Noninterest-bearing deposits	680,823						737,934						806,009
Other liabilities (3)	227,234						226,444						236,839
Shareholders’ equity	272,629						271,017						270,883
Total liabilities and shareholders’ equity	$	3,074,289					$	3,105,546					$	3,164,118
Net interest spread					1.60	%					1.70	%					1.59	%
Impact of noninterest-bearing sources					0.62						0.36						0.08
Net interest income/yield on earning assets (4)			$	14,804	2.22	%			$	13,871	2.06	%			$	11,515	1.67	%

(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 $30.7 billion, $29.2 billion and $30.4 billion of structured notes and liabilities for the fourth and third quarters of 2022 and the fourth quarter of 2021, respectively.

(4)Net interest income includes FTE adjustments of $123 million, $106 million and $105 million for the fourth and third quarters of 2022 and the fourth quarter of 2021, respectively.


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


Bank of America Corporation and Subsidiaries
Debt Securities
(Dollars in millions)
	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	25,204	$	5	$	(1,767)	$	23,442
Agency-collateralized mortgage obligations	2,452		—		(231)		2,221
Commercial	6,894		28		(515)		6,407
Non-agency residential	461		15		(90)		386
Total mortgage-backed securities	35,011		48		(2,603)		32,456
U.S. Treasury and government agencies	160,773		18		(1,769)		159,022
Non-U.S. securities	13,455		4		(52)		13,407
Other taxable securities	4,728		1		(84)		4,645

Tax-exempt securities	11,518		19		(279)		11,258
Total available-for-sale debt securities	225,485		90		(4,787)		220,788
Other debt securities carried at fair value (1)	8,986		376		(156)		9,206
Total debt securities carried at fair value	234,471		466		(4,943)		229,994
Held-to-maturity debt securities
Agency mortgage-backed securities	503,233		—		(87,319)		415,914
U.S. Treasury and government agencies	121,597		—		(20,259)		101,338
Other taxable securities	8,033		—		(1,018)		7,015
Total held-to-maturity debt securities	632,863		—		(108,596)		524,267
Total debt securities	$	867,334	$	466	$	(113,539)	$	754,261


	September 30, 2022
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	25,743	$	5	$	(2,144)	$	23,604
Agency-collateralized mortgage obligations	2,589		—		(220)		2,369
Commercial	6,248		24		(499)		5,773
Non-agency residential	467		16		(83)		400
Total mortgage-backed securities	35,047		45		(2,946)		32,146
U.S. Treasury and government agencies	169,368		42		(1,797)		167,613
Non-U.S. securities	11,046		1		(44)		11,003
Other taxable securities	3,481		—		(76)		3,405

Tax-exempt securities	12,544		—		(372)		12,172
Total available-for-sale debt securities	231,486		88		(5,235)		226,339
Other debt securities carried at fair value (1)	10,223		54		(371)		9,906
Total debt securities carried at fair value	241,709		142		(5,606)		236,245
Held-to-maturity debt securities
Agency mortgage-backed securities	513,977		—		(94,111)		419,866
U.S. Treasury and government agencies	121,585		—		(21,089)		100,496
Other taxable securities	8,181		—		(990)		7,191
Total held-to-maturity debt securities	643,743		—		(116,190)		527,553
Total debt securities	$	885,452	$	142	$	(121,796)	$	763,798

(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)

	Year Ended December 31						Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022			First Quarter 2022			Fourth Quarter 2021
	2022			2021






FTE basis data (1)
Net interest income	$	52,900		$	43,361		$	14,804		$	13,871		$	12,547		$	11,678		$	11,515
Total revenue, net of interest expense	95,388			89,540			24,655			24,608			22,791			23,334			22,165
Net interest yield	1.96		%	1.66		%	2.22		%	2.06		%	1.86		%	1.69		%	1.67		%
Efficiency ratio	64.41			66.71			63.05			62.18			67.01			65.65			66.46

(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 $438 million and $427 million for the years ended December 31, 2022 and 2021, and $123 million, $106 million, $103 million, $106 million and $105 million for the fourth, third, second and first quarters of 2022 and the fourth quarter of 2021, respectively.


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


Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other
(Dollars in millions)
	Fourth Quarter 2022
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	14,804	$	8,494	$	2,015	$	3,880	$	371	$	44
Noninterest income
Fees and commissions:
Card income	1,552		1,333		19		196		17		(13)
Service charges	1,389		586		17		703		79		4
Investment and brokerage services	3,723		71		3,166		6		482		(2)
Investment banking fees	1,071		—		35		706		347		(17)
Total fees and commissions	7,735		1,990		3,237		1,611		925		(28)
Market making and similar activities	3,052		5		36		34		2,685		292
Other income (loss)	(936)		293		122		913		(120)		(2,144)
Total noninterest income (loss)	9,851		2,288		3,395		2,558		3,490		(1,880)
Total revenue, net of interest expense	24,655		10,782		5,410		6,438		3,861		(1,836)
Provision for credit losses	1,092		944		37		149		4		(42)
Noninterest expense	15,543		5,100		3,784		2,833		3,171		655
Income (loss) before income taxes	8,020		4,738		1,589		3,456		686		(2,449)
Income tax expense (benefit)	888		1,161		389		916		182		(1,760)
Net income (loss)	$	7,132	$	3,577	$	1,200	$	2,540	$	504	$	(689)

Average
Total loans and leases	$	1,039,247	$	300,360	$	225,094	$	380,385	$	123,022	$	10,386
Total assets (1)	3,074,289		1,123,813		361,592		595,525		857,319		136,040
Total deposits	1,925,544		1,047,058		317,849		503,472		37,219		19,946
Quarter end
Total loans and leases	$	1,045,747	$	304,761	$	223,910	$	379,107	$	127,735	$	10,234
Total assets (1)	3,050,706		1,126,453		368,893		588,466		811,820		155,074
Total deposits	1,930,341		1,048,799		323,899		498,661		39,077		19,905

	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.			11


Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other (continued)
(Dollars in millions)
	Fourth Quarter 2021
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	11,515	$	6,543	$	1,526	$	2,362	$	1,031	$	53
Noninterest income
Fees and commissions:
Card income	1,614		1,354		22		198		12		28
Service charges	1,910		921		18		887		84		—
Investment and brokerage services	4,268		84		3,703		14		474		(7)
Investment banking fees	2,351		—		82		1,465		832		(28)
Total fees and commissions	10,143		2,359		3,825		2,564		1,402		(7)
Market making and similar activities	1,331		1		9		46		1,312		(37)
Other income (loss)	(824)		9		42		935		73		(1,883)
Total noninterest income (loss)	10,650		2,369		3,876		3,545		2,787		(1,927)
Total revenue, net of interest expense	22,165		8,912		5,402		5,907		3,818		(1,874)
Provision for credit losses	(489)		32		(56)		(463)		32		(34)
Noninterest expense	14,731		4,742		3,834		2,717		2,882		556
Income (loss) before income taxes	7,923		4,138		1,624		3,653		904		(2,396)
Income tax expense (benefit)	910		1,014		398		986		235		(1,723)
Net income (loss)	$	7,013	$	3,124	$	1,226	$	2,667	$	669	$	(673)

Average
Total loans and leases	$	945,062	$	282,332	$	205,236	$	338,627	$	102,627	$	16,240
Total assets (1)	3,164,118		1,102,444		408,033		650,940		816,994		185,707
Total deposits	2,017,223		1,026,810		360,912		562,390		43,331		23,780
Quarter end
Total loans and leases	$	979,124	$	286,511	$	208,971	$	352,933	$	114,846	$	15,863
Total assets (1)	3,169,495		1,131,142		438,275		638,131		747,794		214,153
Total deposits	2,064,446		1,054,995		390,143		551,752		46,374		21,182

(1)Total assets include asset allocations to match liabilities (i.e., deposits).


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


Bank of America Corporation and Subsidiaries
Annual Results by Business Segment and All Other
(Dollars in millions)
	Year Ended December 31, 2022
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	52,900	$	30,045	$	7,466	$	12,184	$	3,088	$	117
Noninterest income
Fees and commissions:
Card income	6,083		5,169		70		774		66		4
Service charges	6,405		2,706		73		3,293		325		8
Investment and brokerage services	15,901		304		13,561		42		2,002		(8)
Investment banking fees	4,823		—		189		3,004		1,820		(190)
Total fees and commissions	33,212		8,179		13,893		7,113		4,213		(186)
Market making and similar activities	12,075		10		102		215		11,406		342
Other income (loss)	(2,799)		401		287		2,717		(569)		(5,635)
Total noninterest income (loss)	42,488		8,590		14,282		10,045		15,050		(5,479)
Total revenue, net of interest expense	95,388		38,635		21,748		22,229		18,138		(5,362)
Provision for credit losses	2,543		1,980		66		641		28		(172)
Noninterest expense	61,438		20,077		15,490		10,966		12,420		2,485
Income (loss) before income taxes	31,407		16,578		6,192		10,622		5,690		(7,675)
Income tax expense (benefit)	3,879		4,062		1,517		2,815		1,508		(6,023)
Net income (loss)	$	27,528	$	12,516	$	4,675	$	7,807	$	4,182	$	(1,652)

Average
Total loans and leases	$	1,016,782	$	292,366	$	219,810	$	375,271	$	116,652	$	12,683
Total assets (1)	3,135,894		1,139,351		396,167		603,273		857,637		139,466
Total deposits	1,986,158		1,062,561		351,329		511,804		40,382		20,082
Year end
Total loans and leases	$	1,045,747	$	304,761	$	223,910	$	379,107	$	127,735	$	10,234
Total assets (1)	3,050,706		1,126,453		368,893		588,466		811,820		155,074
Total deposits	1,930,341		1,048,799		323,899		498,661		39,077		19,905

	Year Ended December 31, 2021
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	43,361	$	24,929	$	5,664	$	8,511	$	4,011	$	246
Noninterest income
Fees and commissions:
Card income	6,218		5,172		85		713		220		28
Service charges	7,504		3,538		72		3,523		364		7
Investment and brokerage services	16,690		320		14,312		104		1,979		(25)
Investment banking fees	8,887		—		388		5,107		3,616		(224)
Total fees and commissions	39,299		9,030		14,857		9,447		6,179		(214)
Market making and similar activities	8,691		1		40		145		8,760		(255)
Other income (loss)	(1,811)		45		187		2,772		305		(5,120)
Total noninterest income (loss)	46,179		9,076		15,084		12,364		15,244		(5,589)
Total revenue, net of interest expense	89,540		34,005		20,748		20,875		19,255		(5,343)
Provision for credit losses	(4,594)		(1,035)		(241)		(3,201)		65		(182)
Noninterest expense	59,731		19,290		15,258		10,632		13,032		1,519
Income (loss) before income taxes	34,403		15,750		5,731		13,444		6,158		(6,680)
Income tax expense (benefit)	2,425		3,859		1,404		3,630		1,601		(8,069)
Net income (loss)	$	31,978	$	11,891	$	4,327	$	9,814	$	4,557	$	1,389

Average
Total loans and leases	$	920,401	$	284,061	$	196,899	$	329,655	$	91,339	$	18,447
Total assets (1)	3,034,623		1,058,572		386,918		611,304		785,998		191,831
Total deposits	1,914,286		983,027		340,124		522,790		51,833		16,512
Year end
Total loans and leases	$	979,124	$	286,511	$	208,971	$	352,933	$	114,846	$	15,863
Total assets (1)	3,169,495		1,131,142		438,275		638,131		747,794		214,153
Total deposits	2,064,446		1,054,995		390,143		551,752		46,374		21,182

(1)Total assets include asset allocations to match liabilities (i.e., deposits).


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


Bank of America Corporation and Subsidiaries
Consumer Banking Segment Results
(Dollars in millions)
	Year Ended December 31						Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022			First Quarter 2022			Fourth Quarter 2021
	2022			2021
Net interest income	$	30,045		$	24,929		$	8,494		$	7,784		$	7,087		$	6,680		$	6,543
Noninterest income:
Card income	5,169			5,172			1,333			1,331			1,320			1,185			1,354
Service charges	2,706			3,538			586			597			679			844			921

All other income	715			366			369			192			50			104			94
Total noninterest income	8,590			9,076			2,288			2,120			2,049			2,133			2,369
Total revenue, net of interest expense	38,635			34,005			10,782			9,904			9,136			8,813			8,912

Provision for credit losses	1,980			(1,035)			944			738			350			(52)			32

Noninterest expense	20,077			19,290			5,100			5,097			4,959			4,921			4,742
Income before income taxes	16,578			15,750			4,738			4,069			3,827			3,944			4,138
Income tax expense	4,062			3,859			1,161			997			938			966			1,014
Net income	$	12,516		$	11,891		$	3,577		$	3,072		$	2,889		$	2,978		$	3,124

Net interest yield	2.73		%	2.45		%	3.11		%	2.79		%	2.55		%	2.48		%	2.44		%
Return on average allocated capital (1)	31			31			35			30			29			30			32
Efficiency ratio	51.96			56.73			47.29			51.47			54.28			55.84			53.22

Balance Sheet
Average
Total loans and leases	$	292,366		$	284,061		$	300,360		$	295,231		$	289,595		$	284,068		$	282,332
Total earning assets (2)	1,099,410			1,016,751			1,083,850			1,106,513			1,114,552			1,092,742			1,061,742
Total assets (2)	1,139,351			1,058,572			1,123,813			1,145,846			1,154,773			1,133,001			1,102,444
Total deposits	1,062,561			983,027			1,047,058			1,069,093			1,078,020			1,056,100			1,026,810
Allocated capital (1)	40,000			38,500			40,000			40,000			40,000			40,000			38,500

Period end
Total loans and leases	$	304,761		$	286,511		$	304,761		$	297,825		$	294,570		$	286,322		$	286,511
Total earning assets (2)	1,085,079			1,090,331			1,085,079			1,110,524			1,114,524			1,125,963			1,090,331
Total assets (2)	1,126,453			1,131,142			1,126,453			1,149,918			1,154,366			1,166,443			1,131,142
Total deposits	1,048,799			1,054,995			1,048,799			1,072,580			1,077,215			1,088,940			1,054,995

(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)
	Year Ended December 31						Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022			First Quarter 2022			Fourth Quarter 2021
	2022			2021
Average deposit balances
Checking	$	596,875		$	551,392		$	588,668		$	599,099		$	606,331		$	593,428		$	577,703
Savings	71,851			69,598			69,790			71,933			73,295			72,413			70,719
MMS	359,752			324,889			356,015			365,271			362,798			354,850			342,812
CDs and IRAs	29,450			33,332			28,619			28,731			29,796			30,685			31,584
Other	4,633			3,816			3,966			4,059			5,800			4,724			3,992
Total average deposit balances	$	1,062,561		$	983,027		$	1,047,058		$	1,069,093		$	1,078,020		$	1,056,100		$	1,026,810

Deposit spreads (excludes noninterest costs)
Checking	1.98		%	1.96		%	2.09		%	1.98		%	1.93		%	1.91		%	1.92		%
Savings	2.23			2.24			2.33			2.19			2.19			2.19			2.21
MMS	1.61			1.28			2.25			1.64			1.29			1.23			1.24
CDs and IRAs	1.53			0.39			2.91			1.85			0.98			0.46			0.32
Other	1.60			0.26			3.35			2.04			1.04			0.41			0.22
Total deposit spreads	1.86			1.69			2.19			1.88			1.70			1.65			1.66

Consumer investment assets	$	319,648		$	368,831		$	319,648		$	302,413		$	315,243		$	357,593		$	368,831

Active digital banking users (in thousands) (1)	44,054			41,365			44,054			43,496			42,690			42,269			41,365
Active mobile banking users (in thousands) (2)	35,452			32,980			35,452			34,922			34,167			33,589			32,980
Financial centers	3,913			4,173			3,913			3,932			3,984			4,056			4,173
ATMs	15,528			16,209			15,528			15,572			15,730			15,959			16,209

Total credit card (3)
Loans
Average credit card outstandings	$	83,539		$	75,385		$	89,575		$	85,009		$	81,024		$	78,409		$	78,358
Ending credit card outstandings	93,421			81,438			93,421			87,296			84,010			79,356			81,438
Credit quality
Net charge-offs	$	1,334		$	1,723		$	386		$	328		$	323		$	297		$	280
	1.60		%	2.29		%	1.71		%	1.53		%	1.60		%	1.53		%	1.42		%
30+ delinquency	$	1,505		$	997		$	1,505		$	1,202		$	1,008		$	1,003		$	997
	1.61		%	1.22		%	1.61		%	1.38		%	1.20		%	1.26		%	1.22		%
90+ delinquency	$	717		$	487		$	717		$	547		$	493		$	492		$	487
	0.77		%	0.60		%	0.77		%	0.63		%	0.59		%	0.62		%	0.60		%
Other total credit card indicators (3)
Gross interest yield	10.42		%	10.17		%	11.18		%	10.71		%	9.76		%	9.90		%	9.96		%
Risk-adjusted margin	10.06			10.17			9.87			10.07			9.95			10.40			10.85
New accounts (in thousands)	4,397			3,594			1,096			1,256			1,068			977			940
Purchase volumes	$	356,588		$	311,571		$	92,800		$	91,064		$	91,810		$	80,914		$	87,671

Debit card data
Purchase volumes	$	503,583		$	473,770		$	130,157		$	127,135		$	128,707		$	117,584		$	124,278

Loan production (4)
Consumer Banking:
First mortgage	$	20,981		$	45,976		$	2,286		$	4,028		$	6,551		$	8,116		$	12,782
Home equity	7,988			3,996			2,113			1,999			2,151			1,725			1,417
Total (5):
First mortgage	$	44,765		$	79,692		$	5,217		$	8,724		$	14,471		$	16,353		$	22,961
Home equity	9,591			4,895			2,596			2,420			2,535			2,040			1,703

(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)
	Fourth Quarter 2022									Third Quarter 2022
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	8,494		$	5,719		$	2,775		$	7,784		$	5,006		$	2,778
Noninterest income:
Card income	1,333			(9)			1,342			1,331			(10)			1,341
Service charges	586			585			1			597			597			—
All other income	369			214			155			192			141			51
Total noninterest income	2,288			790			1,498			2,120			728			1,392
Total revenue, net of interest expense	10,782			6,509			4,273			9,904			5,734			4,170

Provision for credit losses	944			176			768			738			173			565

Noninterest expense	5,100			3,189			1,911			5,097			3,141			1,956
Income before income taxes	4,738			3,144			1,594			4,069			2,420			1,649
Income tax expense	1,161			771			390			997			593			404
Net income	$	3,577		$	2,373		$	1,204		$	3,072		$	1,827		$	1,245

Net interest yield	3.11		%	2.18		%	3.71		%	2.79		%	1.87		%	3.76		%
Return on average allocated capital (1)	35			72			18			30			56			18
Efficiency ratio	47.29			49.00			44.70			51.47			54.78			46.92

Balance Sheet
Average
Total loans and leases	$	300,360		$	4,132		$	296,228		$	295,231		$	4,153		$	291,078
Total earning assets (2)	1,083,850			1,042,289			296,535			1,106,513			1,064,585			293,366
Total assets (2)	1,123,813			1,075,446			303,340			1,145,846			1,096,911			300,374
Total deposits	1,047,058			1,041,669			5,389			1,069,093			1,063,075			6,018
Allocated capital (1)	40,000			13,000			27,000			40,000			13,000			27,000

Period end
Total loans and leases	$	304,761		$	4,148		$	300,613		$	297,825		$	4,134		$	293,691
Total earning assets (2)	1,085,079			1,043,049			300,787			1,110,524			1,068,130			295,637
Total assets (2)	1,126,453			1,077,203			308,007			1,149,918			1,100,517			302,644
Total deposits	1,048,799			1,043,194			5,605			1,072,580			1,066,522			6,058

										Fourth Quarter 2021
										Total Consumer Banking			Deposits			Consumer Lending
Net interest income										$	6,543		$	3,870		$	2,673
Noninterest income:
Card income										1,354			(9)			1,363
Service charges										921			921			—
All other income										94			70			24
Total noninterest income										2,369			982			1,387
Total revenue, net of interest expense										8,912			4,852			4,060

Provision for credit losses										32			66			(34)

Noninterest expense										4,742			2,862			1,880
Income before income taxes										4,138			1,924			2,214
Income tax expense										1,014			471			543
Net income										$	3,124		$	1,453		$	1,671

Net interest yield										2.44		%	1.51		%	3.81		%
Return on average allocated capital (1)										32			48			25
Efficiency ratio										53.22			58.98			46.33

Balance Sheet
Average
Total loans and leases										$	282,332		$	4,290		$	278,042
Total earning assets (2)										1,061,742			1,018,888			278,488
Total assets (2)										1,102,444			1,053,379			284,698
Total deposits										1,026,810			1,020,092			6,718
Allocated capital (1)										38,500			12,000			26,500

Period end
Total loans and leases										$	286,511		$	4,206		$	282,305
Total earning assets (2)										1,090,331			1,048,009			282,850
Total assets (2)										1,131,142			1,082,449			289,220
Total deposits										1,054,995			1,049,085			5,910

(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 Annual Results
(Dollars in millions)
	Year Ended December 31
	2022									2021
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	30,045		$	19,254		$	10,791		$	24,929		$	14,358		$	10,571
Noninterest income:
Card income	5,169			(36)			5,205			5,172			(28)			5,200
Service charges	2,706			2,703			3			3,538			3,535			3
All other income	715			478			237			366			223			143
Total noninterest income	8,590			3,145			5,445			9,076			3,730			5,346
Total revenue, net of interest expense	38,635			22,399			16,236			34,005			18,088			15,917

Provision for credit losses	1,980			564			1,416			(1,035)			240			(1,275)

Noninterest expense	20,077			12,393			7,684			19,290			11,650			7,640
Income before income taxes	16,578			9,442			7,136			15,750			6,198			9,552
Income tax expense	4,062			2,314			1,748			3,859			1,519			2,340
Net income	$	12,516		$	7,128		$	5,388		$	11,891		$	4,679		$	7,212

Net interest yield	2.73		%	1.82		%	3.72		%	2.45		%	1.48		%	3.77		%
Return on average allocated capital (1)	31			55			20			31			39			27
Efficiency ratio	51.96			55.33			47.32			56.73			64.41			48.00

Balance Sheet
Average
Total loans and leases	$	292,366		$	4,161		$	288,205		$	284,061		$	4,431		$	279,630
Total earning assets (2)	1,099,410			1,057,531			289,719			1,016,751			973,018			280,080
Total assets (2)	1,139,351			1,090,692			296,499			1,058,572			1,009,387			285,532
Total deposits	1,062,561			1,056,783			5,778			983,027			976,093			6,934
Allocated capital (1)	40,000			13,000			27,000			38,500			12,000			26,500

Year end
Total loans and leases	$	304,761		$	4,148		$	300,613		$	286,511		$	4,206		$	282,305
Total earning assets (2)	1,085,079			1,043,049			300,787			1,090,331			1,048,009			282,850
Total assets (2)	1,126,453			1,077,203			308,007			1,131,142			1,082,449			289,220
Total deposits	1,048,799			1,043,194			5,605			1,054,995			1,049,085			5,910

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)
	Year Ended December 31						Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022			First Quarter 2022			Fourth Quarter 2021
	2022			2021
Net interest income	$	7,466		$	5,664		$	2,015		$	1,981		$	1,802		$	1,668		$	1,526
Noninterest income:
Investment and brokerage services	13,561			14,312			3,166			3,255			3,486			3,654			3,703
All other income	721			772			229			193			145			154			173
Total noninterest income	14,282			15,084			3,395			3,448			3,631			3,808			3,876
Total revenue, net of interest expense	21,748			20,748			5,410			5,429			5,433			5,476			5,402

Provision for credit losses	66			(241)			37			37			33			(41)			(56)

Noninterest expense	15,490			15,258			3,784			3,816			3,875			4,015			3,834
Income before income taxes	6,192			5,731			1,589			1,576			1,525			1,502			1,624
Income tax expense	1,517			1,404			389			386			374			368			398
Net income	$	4,675		$	4,327		$	1,200		$	1,190		$	1,151		$	1,134		$	1,226

Net interest yield	1.95		%	1.51		%	2.29		%	2.12		%	1.82		%	1.62		%	1.53		%
Return on average allocated capital (1)	27			26			27			27			26			26			30

Efficiency ratio	71.23			73.54			69.96			70.28			71.34			73.31			70.95

Balance Sheet
Average
Total loans and leases	$	219,810		$	196,899		$	225,094		$	223,734		$	219,277		$	210,937		$	205,236
Total earning assets (2)	383,352			374,273			348,718			370,733			396,611			418,248			395,144
Total assets (2)	396,167			386,918			361,592			383,468			409,472			431,040			408,033
Total deposits	351,329			340,124			317,849			339,487			363,943			384,902			360,912
Allocated capital (1)	17,500			16,500			17,500			17,500			17,500			17,500			16,500


Period end
Total loans and leases	$	223,910		$	208,971		$	223,910		$	224,858		$	221,705		$	214,273		$	208,971
Total earning assets (2)	355,461			425,112			355,461			357,434			380,771			419,903			425,112
Total assets (2)	368,893			438,275			368,893			370,790			393,948			433,122			438,275
Total deposits	323,899			390,143			323,899			324,859			347,991			385,288			390,143

(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)
	Year Ended December 31				Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022		First Quarter 2022		Fourth Quarter 2021
	2022		2021
Revenue by Business
Merrill Wealth Management	$	18,135	$	17,448	$	4,486	$	4,524	$	4,536	$	4,589	$	4,532
Bank of America Private Bank	3,613		3,300		924		905		897		887		870

Total revenue, net of interest expense	$	21,748	$	20,748	$	5,410	$	5,429	$	5,433	$	5,476	$	5,402

Client Balances by Business, at period end
Merrill Wealth Management	$	2,822,910	$	3,214,881	$	2,822,910	$	2,710,985	$	2,819,998	$	3,116,052	$	3,214,881
Bank of America Private Bank	563,931		625,453		563,931		537,771		547,116		598,100		625,453

Total client balances	$	3,386,841	$	3,840,334	$	3,386,841	$	3,248,756	$	3,367,114	$	3,714,152	$	3,840,334

Client Balances by Type, at period end


Assets under management (1)	$	1,401,474	$	1,638,782	$	1,401,474	$	1,329,557	$	1,411,344	$	1,571,605	$	1,638,782
Brokerage and other assets	1,482,025		1,655,021		1,482,025		1,413,946		1,437,562		1,592,802		1,655,021

Deposits	323,899		390,143		323,899		324,859		347,991		385,288		390,143
Loans and leases (2)	226,973		212,251		226,973		228,129		224,847		217,461		212,251
Less: Managed deposits in assets under management	(47,530)		(55,863)		(47,530)		(47,735)		(54,630)		(53,004)		(55,863)
Total client balances	$	3,386,841	$	3,840,334	$	3,386,841	$	3,248,756	$	3,367,114	$	3,714,152	$	3,840,334

Assets Under Management Rollforward
Assets under management, beginning balance	$	1,638,782	$	1,408,465	$	1,329,557	$	1,411,344	$	1,571,605	$	1,638,782	$	1,578,630
Net client flows	20,785		66,250		105		4,110		1,033		15,537		21,552

Market valuation/other	(258,093)		164,067		71,812		(85,897)		(161,294)		(82,714)		38,600
Total assets under management, ending balance	$	1,401,474	$	1,638,782	$	1,401,474	$	1,329,557	$	1,411,344	$	1,571,605	$	1,638,782

Advisors, at period end

Total wealth advisors (3)	19,273		18,846		19,273		18,841		18,449		18,571		18,846

(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)
	Year Ended December 31						Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022			First Quarter 2022			Fourth Quarter 2021
	2022			2021
Net interest income	$	12,184		$	8,511		$	3,880		$	3,326		$	2,634		$	2,344		$	2,362
Noninterest income:
Service charges	3,293			3,523			703			771			933			886			887
Investment banking fees	3,004			5,107			706			726			692			880			1,465
All other income	3,748			3,734			1,149			768			747			1,084			1,193
Total noninterest income	10,045			12,364			2,558			2,265			2,372			2,850			3,545
Total revenue, net of interest expense	22,229			20,875			6,438			5,591			5,006			5,194			5,907

Provision for credit losses	641			(3,201)			149			170			157			165			(463)

Noninterest expense	10,966			10,632			2,833			2,651			2,799			2,683			2,717
Income before income taxes	10,622			13,444			3,456			2,770			2,050			2,346			3,653
Income tax expense	2,815			3,630			916			734			543			622			986
Net income	$	7,807		$	9,814		$	2,540		$	2,036		$	1,507		$	1,724		$	2,667

Net interest yield	2.26		%	1.55		%	2.90		%	2.53		%	1.97		%	1.68		%	1.59		%
Return on average allocated capital (1)	18			23			23			18			14			16			25
Efficiency ratio	49.34			50.93			44.03			47.41			55.90			51.65			45.99

Balance Sheet
Average
Total loans and leases	$	375,271		$	329,655		$	380,385		$	384,305		$	377,248		$	358,807		$	338,627
Total earning assets (2)	539,032			549,749			531,206			521,555			537,660			566,277			587,472
Total assets (2)	603,273			611,304			595,525			585,683			601,945			630,517			650,940
Total deposits	511,804			522,790			503,472			495,154			509,261			539,912			562,390
Allocated capital (1)	44,500			42,500			44,500			44,500			44,500			44,500			42,500

Period end
Total loans and leases	$	379,107		$	352,933		$	379,107		$	377,711		$	385,376		$	367,423		$	352,933
Total earning assets (2)	522,539			574,583			522,539			511,494			526,879			558,639			574,583
Total assets (2)	588,466			638,131			588,466			575,442			591,490			623,168			638,131
Total deposits	498,661			551,752			498,661			484,309			499,714			533,820			551,752

(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)
	Year Ended December 31						Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022			First Quarter 2022			Fourth Quarter 2021
	2022			2021
Investment Banking fees (1)
Advisory (2)	$	1,643		$	2,139		$	446		$	397		$	361		$	439		$	798
Debt issuance	1,099			1,736			184			273			283			359			430
Equity issuance	262			1,232			76			56			48			82			237
Total Investment Banking fees (3)	$	3,004		$	5,107		$	706		$	726		$	692		$	880		$	1,465

Business Lending
Corporate	$	4,325		$	3,723		$	1,417		$	902		$	946		$	1,060		$	1,195
Commercial	4,316			3,675			1,188			1,111			1,024			993			987
Business Banking	251			224			65			66			62			58			59
Total Business Lending revenue	$	8,892		$	7,622		$	2,670		$	2,079		$	2,032		$	2,111		$	2,241

Global Transaction Services (4)
Corporate	$	5,002		$	3,235		$	1,546		$	1,369		$	1,138		$	949		$	911
Commercial	4,166			3,341			1,185			1,112			973			896			909
Business Banking	1,213			941			378			322			270			243			249
Total Global Transaction Services revenue	$	10,381		$	7,517		$	3,109		$	2,803		$	2,381		$	2,088		$	2,069

Average deposit balances
Interest-bearing	$	174,272		$	164,446		$	225,671		$	171,203		$	142,366		$	157,126		$	164,522
Noninterest-bearing	337,532			358,344			277,801			323,951			366,895			382,786			397,868
Total average deposits	$	511,804		$	522,790		$	503,472		$	495,154		$	509,261		$	539,912		$	562,390

Loan spread	1.51		%	1.59		%	1.52		%	1.51		%	1.49		%	1.53		%	1.58		%

Provision for credit losses	$	641		$	(3,201)		$	149		$	170		$	157		$	165		$	(463)

Credit quality (5, 6)
Reservable criticized utilized exposure	$	17,519		$	19,873		$	17,519		$	15,809		$	15,999		$	18,304		$	19,873
	4.37		%	5.34		%	4.37		%	3.95		%	3.92		%	4.72		%	5.34		%

Nonperforming loans, leases and foreclosed properties	$	923		$	1,351		$	923		$	1,057		$	1,126		$	1,329		$	1,351
	0.25		%	0.39		%	0.25		%	0.28		%	0.29		%	0.37		%	0.39		%

Average loans and leases by product
U.S. commercial	$	225,325		$	191,138		$	230,591		$	233,027		$	225,820		$	211,568		$	196,168
Non-U.S. commercial	83,352			72,190			82,222			84,287			86,092			80,783			75,611
Commercial real estate	52,389			50,070			54,104			53,042			50,973			51,400			51,570
Commercial lease financing	14,203			16,251			13,467			13,948			14,362			15,055			15,261
Other	2			6			1			1			1			1			17
Total average loans and leases	$	375,271		$	329,655		$	380,385		$	384,305		$	377,248		$	358,807		$	338,627

Total Corporation Investment Banking fees
Advisory (2)	$	1,783		$	2,311		$	486		$	432		$	392		$	473		$	850
Debt issuance	2,523			4,015			414			616			662			831			984
Equity issuance	709			2,784			189			156			139			225			545
Total investment banking fees including self-led deals	5,015			9,110			1,089			1,204			1,193			1,529			2,379
Self-led deals	(192)			(223)			(18)			(37)			(65)			(72)			(28)
Total Investment Banking fees	$	4,823		$	8,887		$	1,071		$	1,167		$	1,128		$	1,457		$	2,351

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

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

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

(4)Prior periods have been revised to conform to current-period presentation.

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

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


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


Bank of America Corporation and Subsidiaries
Global Markets Segment Results (1)
(Dollars in millions)
	Year Ended December 31						Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022			First Quarter 2022			Fourth Quarter 2021
	2022			2021
Net interest income	$	3,088		$	4,011		$	371		$	743		$	981		$	993		$	1,031
Noninterest income:
Investment and brokerage services	2,002			1,979			482			457			518			545			474
Investment banking fees	1,820			3,616			347			430			461			582			832
Market making and similar activities	11,406			8,760			2,685			2,874			2,657			3,190			1,312
All other income	(178)			889			(24)			(21)			(115)			(18)			169
Total noninterest income	15,050			15,244			3,490			3,740			3,521			4,299			2,787
Total revenue, net of interest expense (2)	18,138			19,255			3,861			4,483			4,502			5,292			3,818

Provision for credit losses	28			65			4			11			8			5			32

Noninterest expense	12,420			13,032			3,171			3,023			3,109			3,117			2,882
Income before income taxes	5,690			6,158			686			1,449			1,385			2,170			904
Income tax expense	1,508			1,601			182			384			367			575			235
Net income	$	4,182		$	4,557		$	504		$	1,065		$	1,018		$	1,595		$	669

Return on average allocated capital (3)	10		%	12		%	5		%	10		%	10		%	15		%	7		%

Efficiency ratio	68.48			67.68			82.14			67.42			69.07			58.90			75.49

Balance Sheet
Average
Total trading-related assets	$	600,803		$	549,368		$	608,493		$	592,391		$	606,135		$	596,154		$	564,282
Total loans and leases	116,652			91,339			123,022			120,435			114,375			108,576			102,627
Total earning assets	602,889			541,391			610,045			591,883			598,832			610,926			580,794
Total assets	857,637			785,998			857,319			847,899			866,742			858,719			816,994
Total deposits	40,382			51,833			37,219			38,820			41,192			44,393			43,331
Allocated capital (3)	42,500			38,000			42,500			42,500			42,500			42,500			38,000


Period end
Total trading-related assets	$	563,963		$	491,160		$	563,963		$	592,938		$	577,309		$	616,811		$	491,160
Total loans and leases	127,735			114,846			127,735			121,721			118,290			110,037			114,846
Total earning assets	587,666			561,135			587,666			595,988			571,921			609,290			561,135
Total assets	811,820			747,794			811,820			848,752			835,129			883,304			747,794
Total deposits	39,077			46,374			39,077			37,318			40,055			43,371			46,374

Trading-related assets (average)
Trading account securities	$	303,587		$	291,505		$	309,217		$	308,514		$	295,190		$	301,285		$	291,518
Reverse repurchases	126,324			113,989			122,753			112,828			131,456			138,581			121,878
Securities borrowed	116,764			100,292			119,334			114,032			119,200			114,468			109,455
Derivative assets	54,128			43,582			57,189			57,017			60,289			41,820			41,431
Total trading-related assets	$	600,803		$	549,368		$	608,493		$	592,391		$	606,135		$	596,154		$	564,282

(1)Effective October 1, 2021, a business activity previously included in the Global Markets segment is being reported as a liquidating business in All Other, consistent with a realignment in performance reporting to senior management. The activity was not material to Global Markets’ results of operations, and historical results for the year ended December 31, 2021 were not restated.

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

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


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


Bank of America Corporation and Subsidiaries
Global Markets Key Indicators
(Dollars in millions)
	Year Ended December 31				Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022		First Quarter 2022		Fourth Quarter 2021
	2022		2021
Sales and trading revenue (1)
Fixed-income, currencies and commodities	$	9,917	$	8,761	$	2,157	$	2,552	$	2,500	$	2,708	$	1,573
Equities	6,572		6,428		1,368		1,540		1,653		2,011		1,363
Total sales and trading revenue	$	16,489	$	15,189	$	3,525	$	4,092	$	4,153	$	4,719	$	2,936

Sales and trading revenue, excluding net debit valuation adjustment (2,3)
Fixed-income, currencies and commodities	$	9,898	$	8,810	$	2,343	$	2,567	$	2,340	$	2,648	$	1,569
Equities	6,571		6,433		1,375		1,539		1,655		2,002		1,365
Total sales and trading revenue, excluding net debit valuation adjustment	$	16,469	$	15,243	$	3,718	$	4,106	$	3,995	$	4,650	$	2,934

Sales and trading revenue breakdown
Net interest income	$	2,536	$	3,687	$	188	$	586	$	851	$	911	$	954
Commissions	1,955		1,933		476		444		504		531		464
Trading	11,403		8,758		2,684		2,873		2,656		3,190		1,311
Other	595		811		177		189		142		87		207
Total sales and trading revenue	$	16,489	$	15,189	$	3,525	$	4,092	$	4,153	$	4,719	$	2,936

(1) Includes Global Banking sales and trading revenue of $1.0 billion and $510 million for the years ended December 31, 2022 and 2021, and $262 million, $287 million, $319 million, $179 million and $98 million for the fourth, third, second and first quarters of 2022 and the fourth quarter of 2021, respectively.

(2) For this presentation, sales and trading revenue excludes net debit valuation adjustment (DVA) gains (losses) which include net DVA on derivatives, as well as amortization of own credit portion of purchase discount and realized DVA on structured liabilities. Sales and trading revenue excluding net DVA gains (losses) represents a non-GAAP financial measure. We believe the use of this non-GAAP financial measure provides additional useful information to assess the underlying performance of these businesses and to allow better comparison of period-to-period operating performance.

(3)Net DVA gains (losses) were $20 million and $(54) million for the years ended December 31, 2022 and 2021, and $(193) million, $(14) million, $158 million, $69 million and $2 million for the fourth, third, second and first quarters of 2022 and the fourth quarter of 2021, respectively. FICC net DVA gains (losses) were $19 million and $(49) million for the years ended December 31, 2022 and 2021, and $(186) million, $(15) million, $160 million, $60 million and $4 million for the fourth, third, second and first quarters of 2022 and the fourth quarter of 2021, respectively. Equities net DVA gains (losses) were $1 million and $(5) million for the years ended December 31, 2022 and 2021, and $(7) million, $1 million, $(2) million, $9 million and $(2) million for the fourth, third, second and first quarters of 2022 and the fourth quarter of 2021, 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 (1,2)
(Dollars in millions)
	Year Ended December 31				Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022		First Quarter 2022		Fourth Quarter 2021
	2022		2021
Net interest income	$	117	$	246	$	44	$	37	$	43	$	(7)	$	53





Noninterest income (loss)	(5,479)		(5,589)		(1,880)		(836)		(1,329)		(1,434)		(1,927)
Total revenue, net of interest expense	(5,362)		(5,343)		(1,836)		(799)		(1,286)		(1,441)		(1,874)

Provision for credit losses	(172)		(182)		(42)		(58)		(25)		(47)		(34)



Noninterest expense	2,485		1,519		655		716		531		583		556
Loss before income taxes	(7,675)		(6,680)		(2,449)		(1,457)		(1,792)		(1,977)		(2,396)
Income tax expense (benefit)	(6,023)		(8,069)		(1,760)		(1,176)		(1,474)		(1,613)		(1,723)
Net income (loss)	$	(1,652)	$	1,389	$	(689)	$	(281)	$	(318)	$	(364)	$	(673)

Balance Sheet
Average
Total loans and leases	$	12,683	$	18,447	$	10,386	$	10,629	$	14,391	$	15,405	$	16,240
Total assets (3)	139,466		191,831		136,040		142,650		124,923		154,425		185,707
Total deposits	20,082		16,512		19,946		20,221		19,663		20,504		23,780

Period end
Total loans and leases	$	10,234	$	15,863	$	10,234	$	10,351	$	10,825	$	15,090	$	15,863

Total assets (4)	155,074		214,153		155,074		128,051		136,673		132,186		214,153
Total deposits	19,905		21,182		19,905		19,031		19,374		20,990		21,182

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

(3)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $1.1 trillion for both years ended December 31, 2022 and 2021, and $1.0 trillion, $1.1 trillion, $1.1 trillion, $1.2 trillion and $1.2 trillion for the fourth, third, second and first quarters of 2022 and the fourth quarter of 2021, respectively.

(4)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $1.0 trillion, $1.1 trillion, $1.1 trillion, $1.2 trillion and $1.2 trillion at December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, 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)
	December 31 2022		September 30 2022		December 31 2021
Consumer
Residential mortgage	$	229,670	$	229,062	$	221,963
Home equity	26,563		26,845		27,935
Credit card	93,421		87,296		81,438
Direct/Indirect consumer (1)	106,236		107,159		103,560
Other consumer (2)	156		171		190
Total consumer loans excluding loans accounted for under the fair value option	456,046		450,533		435,086
Consumer loans accounted for under the fair value option (3)	339		355		618
Total consumer	456,385		450,888		435,704

Commercial
U.S. commercial	358,481		355,370		325,936
Non-U.S. commercial	124,479		123,035		113,266
Commercial real estate (4)	69,766		67,952		63,009
Commercial lease financing	13,644		12,956		14,825
	566,370		559,313		517,036
U.S. small business commercial (5)	17,560		17,769		19,183
Total commercial loans excluding loans accounted for under the fair value option	583,930		577,082		536,219
Commercial loans accounted for under the fair value option (3)	5,432		4,496		7,201
Total commercial	589,362		581,578		543,420

Total loans and leases	$	1,045,747	$	1,032,466	$	979,124

(1)Includes primarily auto and specialty lending loans and leases of $51.8 billion, $50.7 billion and $48.5 billion, U.S. securities-based lending loans of $50.4 billion, $52.6 billion and $51.1 billion and non-U.S. consumer loans of $3.0 billion, $2.9 billion and $3.0 billion at December 31, 2022, September 30, 2022 and December 31, 2021, respectively.

(2)Substantially all of other consumer is consumer overdrafts.

(3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $71 million, $74 million and $279 million and home equity loans of $268 million, $281 million and $339 million at December 31, 2022, September 30, 2022 and December 31, 2021, respectively. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.9 billion, $2.4 billion and $4.6 billion and non-U.S. commercial loans of $2.5 billion, $2.1 billion and $2.6 billion at December 31, 2022, September 30, 2022 and December 31, 2021, respectively.

(4)Includes U.S. commercial real estate loans of $64.9 billion, $63.9 billion and $58.2 billion and non-U.S. commercial real estate loans of $4.8 billion, $4.0 billion and $4.8 billion at December 31, 2022, September 30, 2022 and December 31, 2021, respectively.

(5)Includes card-related products and Paycheck Protection Program (PPP) loans.


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


Bank of America Corporation and Subsidiaries
Quarterly Average Loans and Leases by Business Segment and All Other
(Dollars in millions)
	Fourth Quarter 2022
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	229,364	$	118,051	$	103,331	$	1	$	—	$	7,981
Home equity	26,983		21,834		2,485		—		207		2,457
Credit card	89,575		86,540		3,036		—		—		(1)
Direct/Indirect and other consumer	106,598		51,501		55,093		—		—		4
Total consumer	452,520		277,926		163,945		1		207		10,441

Commercial
U.S. commercial	378,850		22,423		54,306		230,591		71,330		200
Non-U.S. commercial	125,983		1		1,090		82,222		42,590		80
Commercial real estate	68,764		10		5,753		54,104		8,895		2
Commercial lease financing	13,130		—		—		13,467		—		(337)
Total commercial	586,727		22,434		61,149		380,384		122,815		(55)
Total loans and leases	$	1,039,247	$	300,360	$	225,094	$	380,385	$	123,022	$	10,386

	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

	Fourth Quarter 2021
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	219,193	$	112,937	$	93,294	$	1	$	—	$	12,961
Home equity	28,796		22,672		2,476		—		253		3,395
Credit card	78,358		75,649		2,709		—		—		—
Direct/Indirect and other consumer	101,854		48,118		53,717		16		—		3
Total consumer	428,201		259,376		152,196		17		253		16,359

Commercial
U.S. commercial	330,796		22,943		47,354		196,168		64,105		226
Non-U.S. commercial	108,899		—		1,276		75,611		31,968		44
Commercial real estate	62,296		13		4,410		51,570		6,301		2
Commercial lease financing	14,870		—		—		15,261		—		(391)
Total commercial	516,861		22,956		53,040		338,610		102,374		(119)
Total loans and leases	$	945,062	$	282,332	$	205,236	$	338,627	$	102,627	$	16,240


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, 6)
(Dollars in millions)
	Commercial Utilized						Total Commercial Committed
	December 31 2022		September 30 2022		December 31 2021		December 31 2022		September 30 2022		December 31 2021
Asset managers & funds	$	106,842	$	118,183	$	89,786	$	165,087	$	172,468	$	136,914
Real estate (5)	72,180		70,535		69,384		99,722		98,590		96,202
Capital goods	45,580		47,669		42,784		87,314		89,447		84,293
Finance companies	55,248		50,749		59,327		79,546		74,003		86,009
Healthcare equipment and services	33,554		32,693		32,003		58,761		57,834		58,195
Materials	26,304		26,552		25,133		55,589		55,599		53,652
Retailing	24,785		26,850		24,514		53,714		52,916		50,816
Government & public education	34,861		36,635		37,597		48,134		48,991		50,066
Food, beverage and tobacco	23,232		23,258		21,584		47,486		48,317		45,419
Consumer services	26,980		26,250		28,172		47,372		46,186		48,052
Individuals and trusts	34,897		34,976		29,752		45,572		44,640		39,869
Commercial services and supplies	23,628		23,010		22,390		41,596		43,769		42,451
Utilities	20,292		19,280		17,082		40,164		39,560		36,855
Energy	15,132		16,934		14,217		36,043		37,829		34,136
Transportation	22,273		21,671		21,079		33,858		34,033		32,015
Technology hardware and equipment	11,441		10,993		10,159		29,825		28,135		26,910
Global commercial banks	27,217		30,209		20,062		29,293		32,482		21,390
Media	14,781		12,282		12,495		28,216		27,331		26,318
Pharmaceuticals and biotechnology	7,547		7,722		5,608		26,208		18,779		19,439
Software and services	12,961		13,908		10,663		25,633		26,678		27,643
Consumer durables and apparel	10,009		10,251		9,740		21,389		21,167		21,226
Vehicle dealers	12,909		11,788		11,030		20,638		19,698		15,678
Insurance	10,224		12,427		5,743		19,444		20,901		14,323
Telecommunication services	9,679		8,530		10,056		17,349		16,608		21,270
Automobiles and components	8,774		7,529		9,236		16,911		15,685		17,052
Food and staples retailing	7,157		7,046		6,902		11,908		11,728		12,226
Financial markets infrastructure (clearinghouses)	3,913		7,894		3,876		8,752		12,704		6,076
Religious and social organizations	2,467		2,736		3,154		4,689		4,990		5,394

Total commercial credit exposure by industry	$	704,867	$	718,560	$	653,528	$	1,200,213	$	1,201,068	$	1,129,889

(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 $33.8 billion, $40.7 billion and $30.9 billion at December 31, 2022, September 30, 2022 and December 31, 2021, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $51.1 billion, $59.3 billion and $47.3 billion, which consists primarily of other marketable securities, at December 31, 2022, September 30, 2022 and December 31, 2021, respectively.

(2)Total utilized and total committed exposure includes loans of $5.4 billion, $4.5 billion and $7.2 billion and issued letters of credit with a notional amount of $28 million, $37 million and $51 million accounted for under the fair value option at December 31, 2022, September 30, 2022 and December 31, 2021, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $3.0 billion, $3.5 billion and $4.8 billion at December 31, 2022, September 30, 2022 and December 31, 2021, respectively.

(3)Includes U.S. small business commercial exposure.

(4)Includes the notional amount of unfunded legally binding lending commitments net of amounts distributed (e.g., syndicated or participated) to other financial institutions.

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

(6)Includes $1.0 billion, $1.5 billion and $4.7 billion of PPP loan exposure across impacted industries at December 31, 2022, September 30, 2022 and December 31, 2021, respectively.


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)
	December 31 2022			September 30 2022			June 30 2022			March 31 2022			December 31 2021
Residential mortgage	$	2,167		$	2,187		$	2,245		$	2,422		$	2,284
Home equity	510			532			563			615			630

Direct/Indirect consumer	77			41			58			67			75

Total consumer	2,754			2,760			2,866			3,104			2,989
U.S. commercial	553			640			742			818			825
Non-U.S. commercial	212			274			279			268			268
Commercial real estate	271			282			218			361			382
Commercial lease financing	4			11			44			54			80
	1,040			1,207			1,283			1,501			1,555
U.S. small business commercial	14			16			15			20			23
Total commercial	1,054			1,223			1,298			1,521			1,578
Total nonperforming loans and leases	3,808			3,983			4,164			4,625			4,567
Foreclosed properties (1)	170			173			162			153			130
Total nonperforming loans, leases and foreclosed properties (2, 3)	$	3,978		$	4,156		$	4,326		$	4,778		$	4,697

Fully-insured home loans past due 30 days or more and still accruing	$	627		$	672		$	734		$	817		$	887
Consumer credit card past due 30 days or more and still accruing	1,505			1,202			1,008			1,003			997
Other loans past due 30 days or more and still accruing	4,008			3,281			3,494			3,736			3,398
Total loans past due 30 days or more and still accruing (4, 5)	$	6,140		$	5,155		$	5,236		$	5,556		$	5,282

Fully-insured home loans past due 90 days or more and still accruing	$	368		$	427		$	492		$	574		$	634
Consumer credit card past due 90 days or more and still accruing	717			547			493			492			487
Other loans past due 90 days or more and still accruing	626			647			720			607			336
Total loans past due 90 days or more and still accruing (4, 5)	$	1,711		$	1,621		$	1,705		$	1,673		$	1,457

Nonperforming loans, leases and foreclosed properties/Total assets (6)	0.13		%	0.14		%	0.14		%	0.15		%	0.15		%
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties (6)	0.38			0.40			0.42			0.48			0.48
Nonperforming loans and leases/Total loans and leases (6)	0.37			0.39			0.41			0.47			0.47

Commercial reservable criticized utilized exposure (7)	$	19,274		$	17,659		$	18,114		$	20,682		$	22,381
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure (7)	3.12		%	2.88		%	2.95		%	3.54		%	3.91		%
Total commercial criticized utilized exposure/Commercial utilized exposure (7)	3.70			2.82			2.99			3.47			3.91

(1)Foreclosed property balances do not include properties insured by certain government-guaranteed loans, principally loans insured by the Federal Housing Administration (FHA), that entered foreclosure of $60 million, $75 million, $71 million, $61 million and $52 million at December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively.

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

(3)Balances do not include nonperforming loans held-for-sale of $219 million, $222 million, $270 million, $336 million and $264 million and nonperforming loans accounted for under the fair value option of $7 million, $8 million, $11 million, $19 million and $21 million at December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively.

(4)Balances do not include loans held-for-sale past due 30 days or more and still accruing of $58 million, $81 million, $179 million, $654 million and $523 million at December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively, and loans held-for-sale past due 90 days or more and still accruing of $28 million, $33 million, $22 million, $50 million and $41 million at December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively. At December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, there were $11 million, $4 million, $34 million, $8 million and $12 million, respectively, of loans accounted for under the fair value option past due 30 days or more and still accruing interest.

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

(6)Total assets and total loans and leases do not include loans accounted for under the fair value option of $5.8 billion, $4.9 billion, $5.5 billion, $7.1 billion and $7.8 billion at December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively.

(7)Criticized exposure corresponds to the Special Mention, Substandard and Doubtful asset categories defined by regulatory authorities. The reservable criticized exposure excludes loans held-for-sale, exposure accounted for under the fair value option and other nonreservable exposure.


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


Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties Activity (1)
(Dollars in millions)
	Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022		First Quarter 2022		Fourth Quarter 2021
Nonperforming Consumer Loans and Leases:
Balance, beginning of period	$	2,760	$	2,866	$	3,104	$	2,989	$	3,017

Additions	208		236		365		644		371


Reductions:
Paydowns and payoffs	(89)		(124)		(147)		(175)		(179)
Sales	(1)		(1)		(269)		(131)		(1)
Returns to performing status (2)	(109)		(193)		(157)		(202)		(198)
Charge-offs (3)	(6)		(12)		(23)		(15)		(15)
Transfers to foreclosed properties	(9)		(12)		(7)		(6)		(6)

Total net additions (reductions) to nonperforming loans and leases	(6)		(106)		(238)		115		(28)
Total nonperforming consumer loans and leases, end of period	2,754		2,760		2,866		3,104		2,989
Foreclosed properties	121		125		115		118		101
Nonperforming consumer loans, leases and foreclosed properties, end of period	$	2,875	$	2,885	$	2,981	$	3,222	$	3,090

Nonperforming Commercial Loans and Leases (4):
Balance, beginning of period	$	1,223	$	1,298	$	1,521	$	1,578	$	1,697

Additions	141		307		321		183		372
Reductions:
Paydowns	(144)		(180)		(342)		(159)		(290)
Sales	(4)		(12)		(16)		(25)		(71)
Returns to performing status (5)	(35)		(148)		(146)		(5)		(95)
Charge-offs	(127)		(42)		(40)		(12)		(35)

Transfers to loans held-for-sale	—		—		—		(39)		—
Total net reductions to nonperforming loans and leases	(169)		(75)		(223)		(57)		(119)
Total nonperforming commercial loans and leases, end of period	1,054		1,223		1,298		1,521		1,578
Foreclosed properties	49		48		47		35		29
Nonperforming commercial loans, leases and foreclosed properties, end of period	$	1,103	$	1,271	$	1,345	$	1,556	$	1,607

(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. Certain troubled debt restructurings are classified as nonperforming at the time of restructuring and may only be returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period, generally six months.

(3)Our policy is not to classify consumer credit card and non-bankruptcy related consumer loans not secured by real estate as nonperforming; therefore, the charge-offs on these loans have no impact on nonperforming activity and, accordingly, are excluded from this table.

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

(5)Commercial loans and leases may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection. Troubled debt restructurings are generally classified as performing after a sustained period of demonstrated payment performance.


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


Bank of America Corporation and Subsidiaries
Quarterly Net Charge-offs and Net Charge-off Ratios (1)
(Dollars in millions)
	Fourth Quarter 2022				Third Quarter 2022				Second Quarter 2022				First Quarter 2022				Fourth Quarter 2021
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage (2)	$	(1)	—	%	$	(3)	(0.01)	%	$	86	0.15	%	$	(10)	(0.02)	%	$	(11)	(0.02)	%
Home equity (3)	(18)		(0.27)		(18)		(0.25)		(24)		(0.37)		(30)		(0.44)		(26)		(0.37)
Credit card	386		1.71		328		1.53		323		1.60		297		1.53		280		1.42

Direct/Indirect consumer	1		—		9		0.03		4		0.02		4		0.02		(3)		(0.01)
Other consumer	163		n/m		143		n/m		136		n/m		79		n/m		72		n/m
Total consumer	531		0.47		459		0.41		525		0.47		340		0.32		312		0.29
U.S. commercial	47		0.05		23		0.03		15		0.02		(14)		(0.02)		(19)		(0.02)
Non-U.S. commercial	31		0.10		(6)		(0.02)		(5)		(0.01)		1		—		(6)		(0.02)
Total commercial and industrial	78		0.06		17		0.01		10		0.01		(13)		(0.01)		(25)		(0.02)
Commercial real estate	34		0.20		13		0.08		(4)		(0.03)		23		0.15		6		0.04
Commercial lease financing	2		0.05		(1)		(0.05)		4		0.13		—		—		—		—
	114		0.08		29		0.02		10		0.01		10		0.01		(19)		(0.02)
U.S. small business commercial	44		0.99		32		0.72		36		0.79		42		0.94		69		1.32
Total commercial	158		0.11		61		0.04		46		0.03		52		0.04		50		0.04
Total net charge-offs	$	689	0.26		$	520	0.20		$	571	0.23		$	392	0.16		$	362	0.15

By Business Segment and All Other
Consumer Banking	$	591	0.78	%	$	512	0.69	%	$	502	0.70	%	$	416	0.59	%	$	411	0.58	%
Global Wealth & Investment Management	4		0.01		5		0.01		9		0.02		1		—		5		0.01
Global Banking	112		0.12		26		0.03		14		0.01		(12)		(0.01)		(28)		(0.03)
Global Markets	(1)		(0.01)		(1)		—		(4)		(0.01)		21		0.08		10		0.04
All Other	(17)		(0.66)		(22)		(0.80)		50		1.40		(34)		(0.91)		(36)		(0.91)
Total net charge-offs	$	689	0.26		$	520	0.20		$	571	0.23		$	392	0.16		$	362	0.15

(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.

(2)Includes loan sale net charge-offs (recoveries) of $90 million and $(6) million for the second and first quarters of 2022 and $0 for the remaining quarters.

(3)Includes loan sale net charge-offs (recoveries) of $(6) million and $(2) million for the second and first quarters of 2022 and $0 for the remaining quarters.

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
Annual Net Charge-offs and Net Charge-off Ratios (1)
(Dollars in millions)
	Year Ended December 31
	2022				2021
	Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage (2)	$	72	0.03	%	$	(28)	(0.01)	%
Home equity (3)	(90)		(0.33)		(119)		(0.39)
Credit card	1,334		1.60		1,723		2.29

Direct/Indirect consumer	18		0.02		1		—
Other consumer	521		n/m		270		n/m
Total consumer	1,855		0.42		1,847		0.44
U.S. commercial	71		0.02		(23)		(0.01)
Non-U.S. commercial	21		0.02		35		0.04
Total commercial and industrial	92		0.02		12		—
Commercial real estate	66		0.10		34		0.06
Commercial lease financing	5		0.03		(1)		—
	163		0.03		45		0.01
U.S. small business commercial	154		0.86		351		1.19
Total commercial	317		0.06		396		0.08
Total net charge-offs	$	2,172	0.21		$	2,243	0.25

By Business Segment and All Other
Consumer Banking	$	2,021	0.69	%	$	2,335	0.82	%
Global Wealth & Investment Management	19		0.01		25		0.01
Global Banking	140		0.04		19		0.01
Global Markets	15		0.01		13		0.01
All Other	(23)		(0.18)		(149)		(0.82)
Total net charge-offs	$	2,172	0.21		$	2,243	0.25

(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 $84 million for the year ended December 31, 2022.

(3)Includes loan sale net charge-offs (recoveries) of $(8) million for the year ended December 31, 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)
	December 31, 2022		September 30, 2022			December 31, 2021
	Amount		Percent of Loans and Leases Outstanding (1, 2)	Amount			Percent of Loans and Leases Outstanding (1, 2)	Amount		Percent of Loans and Leases Outstanding (1, 2)
Allowance for loan and lease losses
Residential mortgage	$	328	0.14%	$	282		0.12%	$	351	0.16%
Home equity	92		0.35	102			0.38	206		0.74
Credit card	6,136		6.57	5,879			6.74	5,907		7.25

Direct/Indirect consumer	585		0.55	525			0.49	523		0.51
Other consumer	96		n/m	92			n/m	46		n/m
Total consumer	7,237		1.59	6,880			1.53	7,033		1.62
U.S. commercial (3)	3,007		0.80	3,018			0.81	3,019		0.87
Non-U.S. commercial	1,194		0.96	1,191			0.97	975		0.86
Commercial real estate	1,192		1.71	1,161			1.71	1,292		2.05
Commercial lease financing	52		0.38	52			0.40	68		0.46
Total commercial	5,445		0.93	5,422			0.94	5,354		1.00
Allowance for loan and lease losses	12,682		1.22	12,302			1.20	12,387		1.28


Reserve for unfunded lending commitments	1,540			1,515				1,456
Allowance for credit losses	$	14,222		$	13,817			$	13,843

Asset Quality Indicators

Allowance for loan and lease losses/Total loans and leases (2)			1.22%				1.20%			1.28%

Allowance for loan and lease losses/Total nonperforming loans and leases (4)			333				309			271

Ratio of the allowance for loan and lease losses/Annualized net charge-offs			4.64				5.96			8.62

(1)Ratios are calculated as allowance for loan and lease losses as a percentage of loans and leases outstanding excluding loans accounted for under the fair value option. Consumer loans accounted for under the fair value option include residential mortgage loans of $71 million, $74 million and $279 million, and home equity loans of $268 million, $281 million and $339 million at December 31, 2022, September 30, 2022 and December 31, 2021, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $2.9 billion, $2.4 billion and $4.6 billion and non-U.S. commercial loans of $2.5 billion, $2.1 billion and $2.6 billion at December 31, 2022, September 30, 2022 and December 31, 2021, respectively.

(2)Total loans and leases do not include loans accounted for under the fair value option of $5.8 billion, $4.9 billion and $7.8 billion at December 31, 2022, September 30, 2022 and December 31, 2021, respectively.

(3)Includes allowance for loan and lease losses for U.S. small business commercial loans of $844 million, $864 million and $1.2 billion at December 31, 2022, September 30, 2022 and December 31, 2021, respectively.

(4)Allowance for loan and lease losses includes $7.0 billion, $6.7 billion and $7.0 billion allocated to products (primarily the Consumer Lending portfolios within Consumer Banking) that are excluded from nonperforming loans and leases at December 31, 2022, September 30, 2022 and December 31, 2021, respectively. Excluding these amounts, allowance for loan and lease losses as a percentage of total nonperforming loans and leases was 149 percent, 140 percent and 117 percent at December 31, 2022, September 30, 2022 and December 31, 2021, 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 years ended December 31, 2022 and 2021, and the three months ended December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021. The Corporation believes the use of these non-GAAP financial measures provides additional clarity in understanding its results of operations and trends. Other companies may define or calculate supplemental financial data differently.


	Year Ended December 31				Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022		First Quarter 2022		Fourth Quarter 2021
	2022		2021





























Reconciliation of income before income taxes to pretax, pre-provision income
Income before income taxes	$	30,969	$	33,976	$	7,897	$	8,301	$	6,892	$	7,879	$	7,818
Provision for credit losses	2,543		(4,594)		1,092		898		523		30		(489)
Pretax, pre-provision income	$	33,512	$	29,382	$	8,989	$	9,199	$	7,415	$	7,909	$	7,329

Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity	$	270,299	$	273,757	$	272,629	$	271,017	$	268,197	$	269,309	$	270,883
Goodwill	(69,022)		(69,005)		(69,022)		(69,022)		(69,022)		(69,022)		(69,022)
Intangible assets (excluding mortgage servicing rights)	(2,117)		(2,177)		(2,088)		(2,107)		(2,127)		(2,146)		(2,166)
Related deferred tax liabilities	922		916		914		920		926		929		913
Tangible shareholders’ equity	$	200,082	$	203,491	$	202,433	$	200,808	$	197,974	$	199,070	$	200,608
Preferred stock	(28,318)		(23,970)		(28,982)		(29,134)		(28,674)		(26,444)		(24,364)
Tangible common shareholders’ equity	$	171,764	$	179,521	$	173,451	$	171,674	$	169,300	$	172,626	$	176,244








Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity	$	273,197	$	270,066	$	273,197	$	269,524	$	269,118	$	266,617	$	270,066
Goodwill	(69,022)		(69,022)		(69,022)		(69,022)		(69,022)		(69,022)		(69,022)
Intangible assets (excluding mortgage servicing rights)	(2,075)		(2,153)		(2,075)		(2,094)		(2,114)		(2,133)		(2,153)
Related deferred tax liabilities	899		929		899		915		920		926		929
Tangible shareholders’ equity	$	202,999	$	199,820	$	202,999	$	199,323	$	198,902	$	196,388	$	199,820
Preferred stock	(28,397)		(24,708)		(28,397)		(29,134)		(29,134)		(27,137)		(24,708)
Tangible common shareholders’ equity	$	174,602	$	175,112	$	174,602	$	170,189	$	169,768	$	169,251	$	175,112

Reconciliation of period-end assets to period-end tangible assets
Assets	$	3,050,706	$	3,169,495	$	3,050,706	$	3,072,953	$	3,111,606	$	3,238,223	$	3,169,495
Goodwill	(69,022)		(69,022)		(69,022)		(69,022)		(69,022)		(69,022)		(69,022)
Intangible assets (excluding mortgage servicing rights)	(2,075)		(2,153)		(2,075)		(2,094)		(2,114)		(2,133)		(2,153)
Related deferred tax liabilities	899		929		899		915		920		926		929
Tangible assets	$	2,980,508	$	3,099,249	$	2,980,508	$	3,002,752	$	3,041,390	$	3,167,994	$	3,099,249

Book value per share of common stock
Common shareholders’ equity	$	244,800	$	245,358	$	244,800	$	240,390	$	239,984	$	239,480	$	245,358
Ending common shares issued and outstanding	7,996.8		8,077.8		7,996.8		8,024.5		8,035.2		8,062.1		8,077.8
Book value per share of common stock	$	30.61	$	30.37	$	30.61	$	29.96	$	29.87	$	29.70	$	30.37

Tangible book value per share of common stock
Tangible common shareholders’ equity	$	174,602	$	175,112	$	174,602	$	170,189	$	169,768	$	169,251	$	175,112
Ending common shares issued and outstanding	7,996.8		8,077.8		7,996.8		8,024.5		8,035.2		8,062.1		8,077.8
Tangible book value per share of common stock	$	21.83	$	21.68	$	21.83	$	21.21	$	21.13	$	20.99	$	21.68


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