Bank of America 8K Results of Operations and Financial Condition | BAC 16 Jul 24

Supplemental Information

Second Quarter 2024

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.

* Website content is not incorporated by reference into this Supplemental Information.


Bank of America Corporation and Subsidiaries
Table of Contents			Page


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

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

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

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

Exhibit A: Non-GAAP Reconciliations			33







Key Performance Indicators

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

Business Segment Operations

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


Bank of America Corporation and Subsidiaries
Consolidated Financial Highlights
(In millions, except per share information)
	Six Months Ended June 30						Second Quarter 2024			First Quarter 2024			Fourth Quarter 2023			Third Quarter 2023			Second Quarter 2023
	2024			2023
Income statement
Net interest income	$	27,734		$	28,606		$	13,702		$	14,032		$	13,946		$	14,379		$	14,158
Noninterest income	23,461			22,849			11,675			11,786			8,013			10,788			11,039
Total revenue, net of interest expense	51,195			51,455			25,377			25,818			21,959			25,167			25,197
Provision for credit losses	2,827			2,056			1,508			1,319			1,104			1,234			1,125
Noninterest expense	33,546			32,276			16,309			17,237			17,731			15,838			16,038
Income before income taxes	14,822			17,123			7,560			7,262			3,124			8,095			8,034
Pretax, pre-provision income (1)	17,649			19,179			9,068			8,581			4,228			9,329			9,159
Income tax expense (benefit)	1,251			1,554			663			588			(20)			293			626
Net income	13,571			15,569			6,897			6,674			3,144			7,802			7,408
Preferred stock dividends	847			811			315			532			306			532			306
Net income applicable to common shareholders	12,724			14,758			6,582			6,142			2,838			7,270			7,102
Diluted earnings per common share	1.59			1.82			0.83			0.76			0.35			0.90			0.88
Average diluted common shares issued and outstanding	7,996.2			8,162.6			7,960.9			8,031.4			8,062.5			8,075.9			8,080.7
Dividends paid per common share	$	0.48		$	0.44		$	0.24		$	0.24		$	0.24		$	0.24		$	0.22

Performance ratios
Return on average assets	0.84		%	1.00		%	0.85		%	0.83		%	0.39		%	0.99		%	0.94		%
Return on average common shareholders’ equity	9.67			11.84			9.98			9.35			4.33			11.24			11.21
Return on average shareholders’ equity	9.32			11.22			9.45			9.18			4.32			10.86			10.52
Return on average tangible common shareholders’ equity (2)	13.15			16.42			13.57			12.73			5.92			15.47			15.49
Return on average tangible shareholders’ equity (2)	12.25			14.97			12.42			12.07			5.71			14.41			14.00
Efficiency ratio	65.53			62.73			64.26			66.77			80.75			62.93			63.65


At period end
Book value per share of common stock	$	34.39		$	32.05		$	34.39		$	33.71		$	33.34		$	32.65		$	32.05
Tangible book value per share of common stock (2)	25.37			23.23			25.37			24.79			24.46			23.79			23.23
Market capitalization	309,202			228,188			309,202			298,312			265,840			216,942			228,188
Number of financial centers - U.S.	3,786			3,887			3,786			3,804			3,845			3,862			3,887
Number of branded ATMs - U.S.	14,972			15,335			14,972			15,028			15,168			15,253			15,335
Headcount	212,318			215,546			212,318			212,335			212,985			212,752			215,546

(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)
	Six Months Ended June 30				Second Quarter 2024		First Quarter 2024		Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023
	2024		2023
Net interest income
Interest income	$	73,139	$	61,009	$	36,854	$	36,285	$	35,629	$	33,624	$	32,354
Interest expense	45,405		32,403		23,152		22,253		21,683		19,245		18,196
Net interest income	27,734		28,606		13,702		14,032		13,946		14,379		14,158

Noninterest income
Fees and commissions	17,629		15,855		8,969		8,660		8,019		8,135		7,961
Market making and similar activities	7,186		8,409		3,298		3,888		998		3,325		3,697
Other income (loss)	(1,354)		(1,415)		(592)		(762)		(1,004)		(672)		(619)
Total noninterest income	23,461		22,849		11,675		11,786		8,013		10,788		11,039
Total revenue, net of interest expense	51,195		51,455		25,377		25,818		21,959		25,167		25,197

Provision for credit losses	2,827		2,056		1,508		1,319		1,104		1,234		1,125

Noninterest expense
Compensation and benefits	20,021		19,319		9,826		10,195		9,460		9,551		9,401
Occupancy and equipment	3,629		3,575		1,818		1,811		1,794		1,795		1,776
Information processing and communications	3,563		3,341		1,763		1,800		1,690		1,676		1,644
Product delivery and transaction related	1,742		1,846		891		851		882		880		956

Professional fees	1,202		1,064		654		548		550		545		527
Marketing	942		971		487		455		455		501		513
Other general operating	2,447		2,160		870		1,577		2,900		890		1,221
Total noninterest expense	33,546		32,276		16,309		17,237		17,731		15,838		16,038
Income before income taxes	14,822		17,123		7,560		7,262		3,124		8,095		8,034
Income tax expense (benefit)	1,251		1,554		663		588		(20)		293		626
Net income	$	13,571	$	15,569	$	6,897	$	6,674	$	3,144	$	7,802	$	7,408
Preferred stock dividends	847		811		315		532		306		532		306

Net income applicable to common shareholders	$	12,724	$	14,758	$	6,582	$	6,142	$	2,838	$	7,270	$	7,102

Per common share information
Earnings	$	1.60	$	1.83	$	0.83	$	0.77	$	0.36	$	0.91	$	0.88
Diluted earnings	1.59		1.82		0.83		0.76		0.35		0.90		0.88
Average common shares issued and outstanding	7,933.3		8,053.5		7,897.9		7,968.2		7,990.9		8,017.1		8,040.9
Average diluted common shares issued and outstanding	7,996.2		8,162.6		7,960.9		8,031.4		8,062.5		8,075.9		8,080.7


Consolidated Statement of Comprehensive Income
(Dollars in millions)
	Six Months Ended June 30				Second Quarter 2024		First Quarter 2024		Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023
	2024		2023
Net income	$	13,571	$	15,569	$	6,897	$	6,674	$	3,144	$	7,802	$	7,408
Other comprehensive income (loss), net-of-tax:
Net change in debt securities	27		723		(305)		332		492		(642)		168
Net change in debit valuation adjustments	(135)		(394)		53		(188)		(267)		(25)		(404)
Net change in derivatives	270		49		686		(416)		4,236		(366)		(1,993)
Employee benefit plan adjustments	48		19		25		23		(464)		6		9
Net change in foreign currency translation adjustments	(51)		17		(31)		(20)		7		(23)		5
Other comprehensive income (loss)	159		414		428		(269)		4,004		(1,050)		(2,215)
Comprehensive income (loss)	$	13,730	$	15,983	$	7,325	$	6,405	$	7,148	$	6,752	$	5,193


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)
	Six Months Ended June 30				Second Quarter 2024		First Quarter 2024		Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023
	2024		2023
Net interest income
Interest income
Loans and leases	$	30,578	$	27,067	$	15,338	$	15,240	$	15,227	$	14,830	$	13,970
Debt securities	12,462		10,151		6,325		6,137		5,417		4,658		4,691
Federal funds sold and securities borrowed or purchased under agreements to resell	10,334		8,667		5,159		5,175		5,124		4,888		4,955
Trading account assets	4,971		4,104		2,516		2,455		2,452		2,217		2,076
Other interest income	14,794		11,020		7,516		7,278		7,409		7,031		6,662
Total interest income	73,139		61,009		36,854		36,285		35,629		33,624		32,354

Interest expense
Deposits	18,793		10,099		9,655		9,138		8,724		7,340		5,785
Short-term borrowings	17,605		14,535		9,070		8,535		8,389		7,629		8,355
Trading account liabilities	1,086		976		540		546		557		510		472
Long-term debt	7,921		6,793		3,887		4,034		4,013		3,766		3,584
Total interest expense	45,405		32,403		23,152		22,253		21,683		19,245		18,196
Net interest income	$	27,734	$	28,606	$	13,702	$	14,032	$	13,946	$	14,379	$	14,158

Noninterest income
Fees and commissions
Card income
Interchange fees (1)	$	1,954	$	1,979	$	1,023	$	931	$	1,010	$	994	$	1,023
Other card income	1,090		1,036		558		532		509		526		523
Total card income	3,044		3,015		1,581		1,463		1,519		1,520		1,546
Service charges
Deposit-related fees	2,294		2,142		1,172		1,122		1,116		1,124		1,045
Lending-related fees	655		632		335		320		330		340		319
Total service charges	2,949		2,774		1,507		1,442		1,446		1,464		1,364
Investment and brokerage services
Asset management fees	6,640		5,887		3,370		3,270		3,012		3,103		2,969
Brokerage fees	1,867		1,804		950		917		897		860		870
Total investment and brokerage services	8,507		7,691		4,320		4,187		3,909		3,963		3,839
Investment banking fees
Underwriting income	1,770		1,226		869		901		478		531		657
Syndication fees	612		411		318		294		278		209		180
Financial advisory services	747		738		374		373		389		448		375
Total investment banking fees	3,129		2,375		1,561		1,568		1,145		1,188		1,212
Total fees and commissions	17,629		15,855		8,969		8,660		8,019		8,135		7,961
Market making and similar activities	7,186		8,409		3,298		3,888		998		3,325		3,697
Other income (loss)	(1,354)		(1,415)		(592)		(762)		(1,004)		(672)		(619)
Total noninterest income	$	23,461	$	22,849	$	11,675	$	11,786	$	8,013	$	10,788	$	11,039

(1)Gross interchange fees and merchant income were $6.7 billion and $6.6 billion and are presented net of $4.7 billion and $4.6 billion of expenses for rewards and partner payments as well as certain other card costs for the six months ended June 30, 2024 and 2023. Gross interchange fees and merchant income were $3.5 billion, $3.2 billion, $3.4 billion, $3.4 billion and $3.4 billion and are presented net of $2.4 billion, $2.3 billion, $2.4 billion, $2.4 billion and $2.4 billion of expenses for rewards and partner payments as well as certain other card costs for the second and first quarters of 2024 and the fourth, third and second quarters of 2023, 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)
		June 30 2024		March 31 2024		June 30 2023
Assets
Cash and due from banks		$	25,849	$	23,550	$	29,651
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks		294,783		289,854		343,902
Cash and cash equivalents		320,632		313,404		373,553
Time deposits placed and other short-term investments		8,369		7,859		7,941
Federal funds sold and securities borrowed or purchased under agreements to resell		337,752		316,093		276,281
Trading account assets		306,466		318,364		311,400
Derivative assets		35,956		36,236		46,475
Debt securities:
Carried at fair value		301,051		323,119		142,040
Held-to-maturity, at cost		577,366		586,863		614,118
Total debt securities		878,417		909,982		756,158
Loans and leases		1,056,785		1,049,156		1,051,224
Allowance for loan and lease losses		(13,238)		(13,213)		(12,950)
Loans and leases, net of allowance		1,043,547		1,035,943		1,038,274
Premises and equipment, net		11,917		11,901		11,688
Goodwill		69,021		69,021		69,021
Loans held-for-sale		7,043		8,571		6,788
Customer and other receivables		80,978		86,106		74,000
Other assets		157,898		160,323		151,619
Total assets		$	3,257,996	$	3,273,803	$	3,123,198

Liabilities
Deposits in U.S. offices:
Noninterest-bearing		$	503,037	$	524,982	$	571,621
Interest-bearing		1,291,853		1,304,508		1,197,396
Deposits in non-U.S. offices:
Noninterest-bearing		14,573		16,502		16,662
Interest-bearing		101,028		100,504		91,530
Total deposits		1,910,491		1,946,496		1,877,209
Federal funds purchased and securities loaned or sold under agreements to repurchase		368,106		329,658		288,627
Trading account liabilities		100,345		114,326		97,818
Derivative liabilities		40,508		40,401		43,399
Short-term borrowings		40,429		38,895		41,017
Accrued expenses and other liabilities		213,751		214,129		205,736
Long-term debt		290,474		296,346		286,073
Total liabilities		2,964,104		2,980,251		2,839,879
Shareholders’ equity
Preferred stock, $0.01 par value; authorized –100,000,000 shares; issued and outstanding – 4,013,928, 4,088,099 and 4,088,099 shares		26,548		28,397		28,397
Common stock and additional paid-in capital, $0.01 par value; authorized –12,800,000,000 shares; issued and outstanding – 7,774,753,442, 7,866,868,200 and 7,953,563,116 shares		51,376		54,310		57,267
Retained earnings		233,597		228,902		218,397
Accumulated other comprehensive income (loss)		(17,629)		(18,057)		(20,742)
Total shareholders’ equity		293,892		293,552		283,319
Total liabilities and shareholders’ equity		$	3,257,996	$	3,273,803	$	3,123,198

	Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
	Trading account assets	$	5,647	$	5,838	$	4,610
	Loans and leases	19,827		19,250		15,884
	Allowance for loan and lease losses	(917)		(920)		(796)
	Loans and leases, net of allowance	18,910		18,330		15,088

	All other assets	281		256		126
	Total assets of consolidated variable interest entities	$	24,838	$	24,424	$	19,824

	Liabilities of consolidated variable interest entities included in total liabilities above
	Short-term borrowings	$	3,343	$	3,387	$	1,877
	Long-term debt	9,137		8,157		5,701
	All other liabilities	22		18		10
	Total liabilities of consolidated variable interest entities	$	12,502	$	11,562	$	7,588


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)
	June 30 2024			March 31 2024			June 30 2023
Risk-based capital metrics (1):
Standardized Approach
Common equity tier 1 capital	$	198,119		$	196,625		$	190,113
Tier 1 capital	224,641			225,021			218,503
Total capital	251,435			252,400			248,023
Risk-weighted assets	1,661,755			1,657,660			1,639,064
Common equity tier 1 capital ratio	11.9		%	11.9		%	11.6		%
Tier 1 capital ratio	13.5			13.6			13.3
Total capital ratio	15.1			15.2			15.1

Advanced Approaches
Common equity tier 1 capital	$	198,119		$	196,625		$	190,113
Tier 1 capital	224,641			225,021			218,503
Total capital	241,420			242,576			239,279
Risk-weighted assets	1,468,876			1,462,660			1,436,130
Common equity tier 1 capital ratio	13.5		%	13.4		%	13.2		%
Tier 1 capital ratio	15.3			15.4			15.2
Total capital ratio	16.4			16.6			16.7

Leverage-based metrics (1):
Adjusted average assets	$	3,196,465		$	3,168,595		$	3,097,700
Tier 1 leverage ratio	7.0		%	7.1		%	7.1		%

Supplementary leverage exposure	$	3,757,515		$	3,723,890		$	3,641,635
Supplementary leverage ratio	6.0		%	6.0		%	6.0		%

Total ending equity to total ending assets ratio	9.0			9.0			9.1
Common equity ratio	8.2			8.1			8.2
Tangible equity ratio (2)	7.0			7.0			7.0
Tangible common equity ratio (2)	6.2			6.1			6.1

(1)Regulatory capital ratios at June 30, 2024 are preliminary. The Corporation reports regulatory capital ratios under both the Standardized and Advanced approaches. Capital adequacy is evaluated against the lower of the Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements. The Corporation's binding ratio was the Total capital ratio under the Standardized approach for June 30, 2024 and March 31, 2024, and the Common equity tier 1 ratio under the Standardized approach for June 30, 2023.

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


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


Bank of America Corporation and Subsidiaries
Capital Composition under Basel 3
(Dollars in millions)
	June 30 2024		March 31 2024		June 30 2023
Total common shareholders' equity	$	267,344	$	265,155	$	254,922
CECL transitional amount (1)	627		627		1,254
Goodwill, net of related deferred tax liabilities	(68,648)		(68,648)		(68,644)
Deferred tax assets arising from net operating loss and tax credit carryforwards	(8,074)		(8,148)		(7,757)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities	(1,467)		(1,482)		(1,523)
Defined benefit pension plan net assets, net-of-tax	(787)		(775)		(898)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net-of-tax	1,511		1,585		956
Accumulated net (gain) loss on certain cash flow hedges (2)	7,762		8,449		11,886
Other	(149)		(138)		(83)
Common equity tier 1 capital	198,119		196,625		190,113
Qualifying preferred stock, net of issuance cost	26,547		28,396		28,396
Other	(25)		—		(6)
Tier 1 capital	224,641		225,021		218,503
Tier 2 capital instruments	13,584		14,185		17,066
Qualifying allowance for credit losses (3)	13,564		13,592		12,684
Other	(354)		(398)		(230)
Total capital under the Standardized approach	251,435		252,400		248,023
Adjustment in qualifying allowance for credit losses under the Advanced approaches (3)	(10,015)		(9,824)		(8,744)
Total capital under the Advanced approaches	$	241,420	$	242,576	$	239,279

(1)June 30, 2024, March 31, 2024 and June 30, 2023 include 25 percent, 25 percent and 50 percent of the current expected credit losses (CECL) transition provision’s impact as of December 31, 2021, respectively.

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

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


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


Bank of America Corporation and Subsidiaries
Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis
(Dollars in millions)
	Second Quarter 2024						First Quarter 2024						Second Quarter 2023
	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	$	345,423	$	4,498	5.24	%	$	346,463	$	4,531	5.26	%	$	359,042	$	4,303	4.81	%
Time deposits placed and other short-term investments	10,845		123		4.55		9,728		116		4.80		11,271		129		4.56
Federal funds sold and securities borrowed or purchased under agreements to resell	318,380		5,159		6.52		304,821		5,175		6.83		294,535		4,955		6.75
Trading account assets	202,295		2,542		5.05		202,461		2,482		4.93		187,420		2,091		4.47
Debt securities	852,427		6,352		2.98		842,483		6,162		2.92		771,355		4,717		2.44
Loans and leases (2)
Residential mortgage	227,567		1,824		3.21		227,748		1,803		3.17		228,758		1,704		2.98
Home equity	25,529		405		6.38		25,522		390		6.14		25,957		353		5.45
Credit card	98,983		2,825		11.48		99,815		2,786		11.22		94,431		2,505		10.64

Direct/Indirect and other consumer	103,689		1,428		5.54		103,371		1,399		5.45		104,915		1,274		4.87

Total consumer	455,768		6,482		5.71		456,456		6,378		5.61		454,061		5,836		5.15
U.S. commercial	386,232		5,267		5.49		379,566		5,236		5.55		379,027		4,786		5.06
Non-U.S. commercial	123,094		2,170		7.09		125,024		2,170		6.98		125,827		1,949		6.21
Commercial real estate	71,345		1,285		7.24		71,986		1,311		7.33		74,065		1,303		7.06
Commercial lease financing	15,033		196		5.22		14,858		200		5.41		13,628		149		4.38
Total commercial	595,704		8,918		6.02		591,434		8,917		6.06		592,547		8,187		5.54
Total loans and leases	1,051,472		15,400		5.89		1,047,890		15,295		5.87		1,046,608		14,023		5.37
Other earning assets	107,093		2,940		11.04		106,737		2,682		10.10		102,712		2,271		8.88
Total earning assets	2,887,935		37,014		5.15		2,860,583		36,443		5.12		2,772,943		32,489		4.70
Cash and due from banks	24,208						24,185						26,098
Other assets, less allowance for loan and lease losses	362,845						362,391						376,317
Total assets	$	3,274,988					$	3,247,159					$	3,175,358
Interest-bearing liabilities
U.S. interest-bearing deposits

Demand and money market deposits	$	941,109	$	5,234	2.24	%	$	956,716	$	5,012	2.11	%	$	951,403	$	3,565	1.50	%

Time and savings deposits	348,689		3,331		3.84		325,765		3,059		3.78		230,008		1,452		2.53
Total U.S. interest-bearing deposits	1,289,798		8,565		2.67		1,282,481		8,071		2.53		1,181,411		5,017		1.70




Non-U.S. interest-bearing deposits	106,496		1,090		4.12		104,373		1,067		4.11		96,802		768		3.18
Total interest-bearing deposits	1,396,294		9,655		2.78		1,386,854		9,138		2.65		1,278,213		5,785		1.82
Federal funds purchased and securities loaned or sold under agreements to repurchase	371,372		6,171		6.68		350,507		6,026		6.92		322,728		5,807		7.22
Short-term borrowings and other interest-bearing liabilities	152,742		2,899		7.64		141,091		2,509		7.15		163,739		2,548		6.24
Trading account liabilities	53,895		540		4.03		51,757		546		4.24		44,944		472		4.22
Long-term debt	243,689		3,887		6.40		254,782		4,034		6.35		248,480		3,584		5.78
Total interest-bearing liabilities	2,217,992		23,152		4.20		2,184,991		22,253		4.10		2,058,104		18,196		3.55
Noninterest-bearing sources
Noninterest-bearing deposits	513,631						520,608						597,140
Other liabilities (3)	249,962						249,049						237,689
Shareholders’ equity	293,403						292,511						282,425
Total liabilities and shareholders’ equity	$	3,274,988					$	3,247,159					$	3,175,358
Net interest spread					0.95	%					1.02	%					1.15	%
Impact of noninterest-bearing sources					0.98						0.97						0.91
Net interest income/yield on earning assets (4)			$	13,862	1.93	%			$	14,190	1.99	%			$	14,293	2.06	%

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

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

(3)Includes $46.6 billion, $44.1 billion and $39.9 billion of structured notes and liabilities for the second and first quarters of 2024 and the second quarter of 2023, respectively.

(4)Net interest income includes FTE adjustments of $160 million, $158 million and $135 million for the second and first quarters of 2024 and the second quarter of 2023, 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)
	June 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	37,022	$	4	$	(1,664)	$	35,362
Agency-collateralized mortgage obligations	9,652		17		(225)		9,444
Commercial	12,421		69		(469)		12,021
Non-agency residential	303		46		(64)		285
Total mortgage-backed securities	59,398		136		(2,422)		57,112
U.S. Treasury and government agencies	201,441		22		(1,183)		200,280
Non-U.S. securities	21,396		12		(23)		21,385
Other taxable securities	2,246		2		(54)		2,194

Tax-exempt securities	10,542		11		(229)		10,324
Total available-for-sale debt securities	295,023		183		(3,911)		291,295
Other debt securities carried at fair value (1)	9,789		62		(95)		9,756
Total debt securities carried at fair value	304,812		245		(4,006)		301,051
Held-to-maturity debt securities
Agency mortgage-backed securities	448,483		—		(89,989)		358,494
U.S. Treasury and government agencies	121,670		—		(19,651)		102,019
Other taxable securities	7,249		—		(1,126)		6,123
Total held-to-maturity debt securities	577,402		—		(110,766)		466,636
Total debt securities	$	882,214	$	245	$	(114,772)	$	767,687


	March 31, 2024
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	37,971	$	28	$	(1,487)	$	36,512
Agency-collateralized mortgage obligations	2,661		8		(219)		2,450
Commercial	10,978		66		(469)		10,575
Non-agency residential	310		46		(58)		298
Total mortgage-backed securities	51,920		148		(2,233)		49,835
U.S. Treasury and government agencies	229,830		81		(1,072)		228,839
Non-U.S. securities	21,249		23		(21)		21,251
Other taxable securities	3,285		2		(49)		3,238

Tax-exempt securities	10,134		11		(235)		9,910
Total available-for-sale debt securities	316,418		265		(3,610)		313,073
Other debt securities carried at fair value (1)	10,035		90		(79)		10,046
Total debt securities carried at fair value	326,453		355		(3,689)		323,119
Held-to-maturity debt securities
Agency mortgage-backed securities	457,841		—		(88,505)		369,336
U.S. Treasury and government agencies	121,658		—		(19,526)		102,132
Other taxable securities	7,400		—		(1,120)		6,280
Total held-to-maturity debt securities	586,899		—		(109,151)		477,748
Total debt securities	$	913,352	$	355	$	(112,840)	$	800,867

(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)

	Six Months Ended June 30						Second Quarter 2024			First Quarter 2024			Fourth Quarter 2023			Third Quarter 2023			Second Quarter 2023
	2024			2023






FTE basis data (1)
Net interest income	$	28,052		$	28,875		$	13,862		$	14,190		$	14,091		$	14,532		$	14,293
Total revenue, net of interest expense	51,513			51,724			25,537			25,976			22,104			25,320			25,332
Net interest yield	1.96		%	2.13		%	1.93		%	1.99		%	1.97		%	2.11		%	2.06		%
Efficiency ratio	65.12			62.40			63.86			66.36			80.22			62.55			63.31

(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 $318 million and $269 million for the six months ended June 30, 2024 and 2023, $160 million and $158 million for the second and first quarters of 2024, and $145 million, $153 million and $135 million for the fourth, third and second quarters of 2023, 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)
	Second Quarter 2024
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	13,862	$	8,118	$	1,693	$	3,275	$	770	$	6
Noninterest income
Fees and commissions:
Card income	1,581		1,361		9		198		20		(7)
Service charges	1,507		614		24		775		93		1
Investment and brokerage services	4,320		78		3,707		21		516		(2)
Investment banking fees	1,561		—		57		835		719		(50)
Total fees and commissions	8,969		2,053		3,797		1,829		1,348		(58)
Market making and similar activities	3,298		6		38		78		3,218		(42)
Other income (loss)	(592)		29		46		871		123		(1,661)
Total noninterest income (loss)	11,675		2,088		3,881		2,778		4,689		(1,761)
Total revenue, net of interest expense	25,537		10,206		5,574		6,053		5,459		(1,755)
Provision for credit losses	1,508		1,281		7		235		(13)		(2)
Noninterest expense	16,309		5,464		4,199		2,899		3,486		261
Income (loss) before income taxes	7,720		3,461		1,368		2,919		1,986		(2,014)
Income tax expense (benefit)	823		866		342		803		576		(1,764)
Net income (loss)	$	6,897	$	2,595	$	1,026	$	2,116	$	1,410	$	(250)

Average
Total loans and leases	$	1,051,472	$	312,254	$	222,776	$	372,738	$	135,106	$	8,598
Total assets (1)	3,274,988		1,029,777		330,958		624,189		908,525		381,539
Total deposits	1,909,925		949,180		287,678		525,357		31,944		115,766
Period end
Total loans and leases	$	1,056,785	$	312,801	$	224,837	$	372,421	$	138,441	$	8,285
Total assets (1)	3,257,996		1,033,960		324,476		620,217		887,162		392,181
Total deposits	1,910,491		952,473		281,283		522,525		33,151		121,059

	First Quarter 2024
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	14,190	$	8,197	$	1,814	$	3,460	$	681	$	38
Noninterest income
Fees and commissions:
Card income	1,463		1,272		10		188		17		(24)
Service charges	1,442		578		23		750		90		1
Investment and brokerage services	4,187		78		3,600		18		495		(4)
Investment banking fees	1,568		—		63		850		708		(53)
Total fees and commissions	8,660		1,928		3,696		1,806		1,310		(80)
Market making and similar activities	3,888		5		34		68		3,830		(49)
Other income (loss)	(762)		36		47		646		62		(1,553)
Total noninterest income (loss)	11,786		1,969		3,777		2,520		5,202		(1,682)
Total revenue, net of interest expense	25,976		10,166		5,591		5,980		5,883		(1,644)
Provision for credit losses	1,319		1,150		(13)		229		(36)		(11)
Noninterest expense	17,237		5,475		4,264		3,012		3,492		994
Income (loss) before income taxes	7,420		3,541		1,340		2,739		2,427		(2,627)
Income tax expense (benefit)	746		885		335		753		704		(1,931)
Net income (loss)	$	6,674	$	2,656	$	1,005	$	1,986	$	1,723	$	(696)

Average
Total loans and leases	$	1,047,890	$	313,038	$	218,616	$	373,608	$	133,756	$	8,872
Total assets (1)	3,247,159		1,033,101		341,119		623,073		895,382		354,484
Total deposits	1,907,462		952,466		297,373		525,699		32,585		99,339
Period end
Total loans and leases	$	1,049,156	$	311,725	$	219,844	$	373,403	$	135,267	$	8,917
Total assets (1)	3,273,803		1,060,482		343,718		623,204		902,741		343,658
Total deposits	1,946,496		978,761		298,039		527,113		34,847		107,736

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

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

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


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


Bank of America Corporation and Subsidiaries
Year-to-Date Results by Business Segment and All Other
(Dollars in millions)
	Six Months Ended June 30, 2024
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	28,052	$	16,315	$	3,507	$	6,735	$	1,451	$	44
Noninterest income
Fees and commissions:
Card income	3,044		2,633		19		386		37		(31)
Service charges	2,949		1,192		47		1,525		183		2
Investment and brokerage services	8,507		156		7,307		39		1,011		(6)
Investment banking fees	3,129		—		120		1,685		1,427		(103)
Total fees and commissions	17,629		3,981		7,493		3,635		2,658		(138)
Market making and similar activities	7,186		11		72		146		7,048		(91)
Other income (loss)	(1,354)		65		93		1,517		185		(3,214)
Total noninterest income (loss)	23,461		4,057		7,658		5,298		9,891		(3,443)
Total revenue, net of interest expense	51,513		20,372		11,165		12,033		11,342		(3,399)
Provision for credit losses	2,827		2,431		(6)		464		(49)		(13)
Noninterest expense	33,546		10,939		8,463		5,911		6,978		1,255
Income (loss) before income taxes	15,140		7,002		2,708		5,658		4,413		(4,641)
Income tax expense (benefit)	1,569		1,751		677		1,556		1,280		(3,695)
Net income (loss)	$	13,571	$	5,251	$	2,031	$	4,102	$	3,133	$	(946)

Average
Total loans and leases	$	1,049,681	$	312,646	$	220,696	$	373,173	$	134,431	$	8,735
Total assets (1)	3,261,071		1,031,439		336,039		623,631		901,952		368,010
Total deposits	1,908,693		950,823		292,525		525,528		32,265		107,552
Period end
Total loans and leases	$	1,056,785	$	312,801	$	224,837	$	372,421	$	138,441	$	8,285
Total assets (1)	3,257,996		1,033,960		324,476		620,217		887,162		392,181
Total deposits	1,910,491		952,473		281,283		522,525		33,151		121,059

	Six Months Ended June 30, 2023
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	28,875	$	17,030	$	3,681	$	7,597	$	406	$	161
Noninterest income
Fees and commissions:
Card income	3,015		2,615		24		390		35		(49)
Service charges	2,774		1,124		37		1,449		163		1
Investment and brokerage services	7,691		150		6,489		23		1,032		(3)
Investment banking fees	2,375		—		79		1,386		972		(62)
Total fees and commissions	15,855		3,889		6,629		3,248		2,202		(113)
Market making and similar activities	8,409		10		66		114		7,807		412
Other income (loss)	(1,415)		301		181		1,706		82		(3,685)
Total noninterest income (loss)	22,849		4,200		6,876		5,068		10,091		(3,386)
Total revenue, net of interest expense	51,724		21,230		10,557		12,665		10,497		(3,225)
Provision for credit losses	2,056		2,356		38		(228)		(57)		(53)
Noninterest expense	32,276		10,926		7,992		5,759		6,700		899
Income (loss) before income taxes	17,392		7,948		2,527		7,134		3,854		(4,071)
Income tax expense (benefit)	1,823		1,987		632		1,926		1,060		(3,782)
Net income (loss)	$	15,569	$	5,961	$	1,895	$	5,208	$	2,794	$	(289)

Average
Total loans and leases	$	1,043,994	$	305,225	$	220,018	$	382,039	$	126,802	$	9,910
Total assets (1)	3,135,879		1,095,302		349,582		592,254		873,727		225,014
Total deposits	1,884,451		1,016,234		304,648		495,069		34,658		33,842
Period end
Total loans and leases	$	1,051,224	$	309,735	$	219,208	$	381,609	$	131,128	$	9,544
Total assets (1)	3,123,198		1,084,512		338,184		586,397		851,771		262,334
Total deposits	1,877,209		1,004,482		292,526		492,734		33,049		54,418

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


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


Bank of America Corporation and Subsidiaries
Consumer Banking Segment Results
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2024			First Quarter 2024			Fourth Quarter 2023			Third Quarter 2023			Second Quarter 2023
	2024			2023
Net interest income	$	16,315		$	17,030		$	8,118		$	8,197		$	8,268		$	8,391		$	8,437
Noninterest income:
Card income	2,633			2,615			1,361			1,272			1,324			1,325			1,341
Service charges	1,192			1,124			614			578			588			605			525

All other income	232			461			113			119			149			151			221
Total noninterest income	4,057			4,200			2,088			1,969			2,061			2,081			2,087
Total revenue, net of interest expense	20,372			21,230			10,206			10,166			10,329			10,472			10,524

Provision for credit losses	2,431			2,356			1,281			1,150			1,405			1,397			1,267

Noninterest expense	10,939			10,926			5,464			5,475			5,234			5,256			5,453
Income before income taxes	7,002			7,948			3,461			3,541			3,690			3,819			3,804
Income tax expense	1,751			1,987			866			885			922			955			951
Net income	$	5,251		$	5,961		$	2,595		$	2,656		$	2,768		$	2,864		$	2,853

Net interest yield	3.30		%	3.25		%	3.29		%	3.31		%	3.28		%	3.26		%	3.24		%
Return on average allocated capital (1)	24			29			24			25			26			27			27
Efficiency ratio	53.70			51.46			53.54			53.86			50.71			50.18			51.81

Balance Sheet
Average
Total loans and leases	$	312,646		$	305,225		$	312,254		$	313,038		$	313,438		$	310,761		$	306,662
Total earning assets (2)	993,931			1,055,419			992,304			995,556			1,000,032			1,019,980			1,045,743
Total assets (2)	1,031,439			1,095,302			1,029,777			1,033,101			1,038,418			1,059,152			1,085,469
Total deposits	950,823			1,016,234			949,180			952,466			959,247			980,051			1,006,337
Allocated capital (1)	43,250			42,000			43,250			43,250			42,000			42,000			42,000

Period end
Total loans and leases	$	312,801		$	309,735		$	312,801		$	311,725		$	315,119		$	313,216		$	309,735
Total earning assets (2)	995,348			1,043,228			995,348			1,022,320			1,009,360			1,023,162			1,043,228
Total assets (2)	1,033,960			1,084,512			1,033,960			1,060,482			1,049,830			1,062,038			1,084,512
Total deposits	952,473			1,004,482			952,473			978,761			969,572			982,302			1,004,482

(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)
	Six Months Ended June 30						Second Quarter 2024			First Quarter 2024			Fourth Quarter 2023			Third Quarter 2023			Second Quarter 2023
	2024			2023
Average deposit balances
Checking	$	549,059		$	578,337		$	549,514		$	548,604		$	551,890		$	562,319		$	575,792
Savings	56,843			67,228			56,285			57,401			58,975			62,352			66,142
MMS	261,540			328,822			257,023			266,056			277,912			296,833			317,942
CDs and IRAs	79,594			37,797			82,566			76,621			66,758			54,596			42,445
Other	3,787			4,050			3,792			3,784			3,712			3,951			4,016
Total average deposit balances	$	950,823		$	1,016,234		$	949,180		$	952,466		$	959,247		$	980,051		$	1,006,337

Deposit spreads (excludes noninterest costs)
Checking	2.56		%	2.26		%	2.62		%	2.50		%	2.47		%	2.38		%	2.30		%
Savings	2.85			2.59			2.90			2.80			2.90			2.77			2.65
MMS	3.24			3.13			3.28			3.20			3.64			3.49			3.28
CDs and IRAs	2.02			3.10			2.00			2.04			2.25			2.55			2.96
Other	5.18			4.58			5.18			5.19			5.21			5.05			4.80
Total deposit spreads	2.73			2.60			2.77			2.69			2.83			2.76			2.67

Consumer investment assets	$	476,116		$	386,761		$	476,116		$	456,391		$	424,410		$	387,467		$	386,761

Active digital banking users (in thousands) (1)	47,304			45,713			47,304			47,079			46,265			45,797			45,713
Active mobile banking users (in thousands) (2)	38,988			37,329			38,988			38,544			37,927			37,487			37,329
Financial centers	3,786			3,887			3,786			3,804			3,845			3,862			3,887
ATMs	14,972			15,335			14,972			15,028			15,168			15,253			15,335

Total credit card (3)
Loans
Average credit card outstandings	$	99,399		$	93,110		$	98,983		$	99,815		$	100,389		$	98,049		$	94,431
Ending credit card outstandings	99,450			97,009			99,450			98,453			102,200			99,686			97,009
Credit quality
Net charge-offs	$	1,854		$	1,111		$	955		$	899		$	777		$	673		$	610
	3.75		%	2.41		%	3.88		%	3.62		%	3.07		%	2.72		%	2.60		%
30+ delinquency	$	2,415		$	1,810		$	2,415		$	2,446		$	2,419		$	2,097		$	1,810
	2.43		%	1.87		%	2.43		%	2.48		%	2.37		%	2.10		%	1.87		%
90+ delinquency	$	1,257		$	897		$	1,257		$	1,299		$	1,224		$	1,016		$	897
	1.26		%	0.92		%	1.26		%	1.32		%	1.20		%	1.02		%	0.92		%
Other total credit card indicators (3)
Gross interest yield	12.28		%	11.75		%	12.32		%	12.24		%	11.97		%	12.03		%	11.66		%
Risk-adjusted margin	6.78			8.25			6.75			6.81			7.18			7.70			7.83
New accounts (in thousands)	1,949			2,324			951			998			889			1,062			1,137
Purchase volumes	$	180,307		$	178,647		$	93,296		$	87,011		$	92,759		$	91,711		$	93,103

Debit card data
Purchase volumes	$	272,753		$	257,338		$	140,346		$	132,407		$	136,183		$	133,553		$	132,962

Loan production (4)
Consumer Banking:
First mortgage	$	4,384		$	4,845		$	2,696		$	1,688		$	1,753		$	2,547		$	2,889
Home equity	3,627			4,354			2,027			1,600			1,939			2,035			2,171
Total (5):
First mortgage	$	9,171		$	9,877		$	5,728		$	3,443		$	3,932		$	5,596		$	5,940
Home equity	4,284			5,138			2,393			1,891			2,255			2,421			2,542

(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)
	Second Quarter 2024									First Quarter 2024
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	8,118		$	5,220		$	2,898		$	8,197		$	5,269		$	2,928
Noninterest income:
Card income	1,361			(10)			1,371			1,272			(10)			1,282
Service charges	614			614			—			578			577			1
All other income	113			95			18			119			102			17
Total noninterest income	2,088			699			1,389			1,969			669			1,300
Total revenue, net of interest expense	10,206			5,919			4,287			10,166			5,938			4,228

Provision for credit losses	1,281			74			1,207			1,150			76			1,074

Noninterest expense	5,464			3,385			2,079			5,475			3,378			2,097
Income before income taxes	3,461			2,460			1,001			3,541			2,484			1,057
Income tax expense	866			616			250			885			621			264
Net income	$	2,595		$	1,844		$	751		$	2,656		$	1,863		$	793

Net interest yield	3.29		%	2.22		%	3.78		%	3.31		%	2.23		%	3.81		%
Return on average allocated capital (1)	24			54			10			25			55			11
Efficiency ratio	53.54			57.20			48.49			53.86			56.89			49.60

Balance Sheet
Average
Total loans and leases	$	312,254		$	4,299		$	307,955		$	313,038		$	4,241		$	308,797
Total earning assets (2)	992,304			946,784			308,116			995,556			950,194			308,914
Total assets (2)	1,029,777			979,302			313,070			1,033,101			982,857			313,795
Total deposits	949,180			944,363			4,817			952,466			947,843			4,623
Allocated capital (1)	43,250			13,700			29,550			43,250			13,700			29,550

Period end
Total loans and leases	$	312,801		$	4,357		$	308,444		$	311,725		$	4,260		$	307,465
Total earning assets (2)	995,348			948,823			308,592			1,022,320			976,167			307,634
Total assets (2)	1,033,960			981,546			314,481			1,060,482			1,008,366			313,598
Total deposits	952,473			946,420			6,053			978,761			972,906			5,855

										Second Quarter 2023
										Total Consumer Banking			Deposits			Consumer Lending
Net interest income										$	8,437		$	5,733		$	2,704
Noninterest income:
Card income										1,341			(10)			1,351
Service charges										525			524			1
All other income										221			177			44
Total noninterest income										2,087			691			1,396
Total revenue, net of interest expense										10,524			6,424			4,100

Provision for credit losses										1,267			103			1,164

Noninterest expense										5,453			3,428			2,025
Income before income taxes										3,804			2,893			911
Income tax expense										951			723			228
Net income										$	2,853		$	2,170		$	683

Net interest yield										3.24		%	2.29		%	3.58		%
Return on average allocated capital (1)										27			64			10
Efficiency ratio										51.81			53.33			49.43

Balance Sheet
Average
Total loans and leases										$	306,662		$	4,078		$	302,584
Total earning assets (2)										1,045,743			1,002,528			302,944
Total assets (2)										1,085,469			1,035,969			309,228
Total deposits										1,006,337			1,001,307			5,030
Allocated capital (1)										42,000			13,700			28,300

Period end
Total loans and leases										$	309,735		$	4,122		$	305,613
Total earning assets (2)										1,043,228			999,281			306,121
Total assets (2)										1,084,512			1,034,405			312,281
Total deposits										1,004,482			999,262			5,220

(2) For presentation purposes, in segments or businesses where the total of liabilities and equity exceeds assets, the Corporation allocates assets from All Other to match the segments’ and businesses’ liabilities and allocated shareholders’ equity. As a result, total earning assets and total assets of the businesses may not equal total Consumer Banking.


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


Bank of America Corporation and Subsidiaries
Consumer Banking Year-to-Date Results
(Dollars in millions)
	Six Months Ended June 30
	2024									2023
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	16,315		$	10,489		$	5,826		$	17,030		$	11,549		$	5,481
Noninterest income:
Card income	2,633			(20)			2,653			2,615			(20)			2,635
Service charges	1,192			1,191			1			1,124			1,122			2
All other income	232			197			35			461			374			87
Total noninterest income	4,057			1,368			2,689			4,200			1,476			2,724
Total revenue, net of interest expense	20,372			11,857			8,515			21,230			13,025			8,205

Provision for credit losses	2,431			150			2,281			2,356			286			2,070

Noninterest expense	10,939			6,764			4,175			10,926			6,843			4,083
Income before income taxes	7,002			4,943			2,059			7,948			5,896			2,052
Income tax expense	1,751			1,236			515			1,987			1,474			513
Net income	$	5,251		$	3,707		$	1,544		$	5,961		$	4,422		$	1,539

Net interest yield	3.30		%	2.22		%	3.80		%	3.25		%	2.30		%	3.67		%
Return on average allocated capital (1)	24			54			11			29			65			11
Efficiency ratio	53.70			57.04			49.04			51.46			52.53			49.77

Balance Sheet
Average
Total loans and leases	$	312,646		$	4,270		$	308,376		$	305,225		$	4,099		$	301,126
Total earning assets (2)	993,931			948,489			308,515			1,055,419			1,012,432			301,378
Total assets (2)	1,031,439			981,080			313,433			1,095,302			1,045,933			307,760
Total deposits	950,823			946,103			4,720			1,016,234			1,011,285			4,949
Allocated capital (1)	43,250			13,700			29,550			42,000			13,700			28,300

Period end
Total loans and leases	$	312,801		$	4,357		$	308,444		$	309,735		$	4,122		$	305,613
Total earning assets (2)	995,348			948,823			308,592			1,043,228			999,281			306,121
Total assets (2)	1,033,960			981,546			314,481			1,084,512			1,034,405			312,281
Total deposits	952,473			946,420			6,053			1,004,482			999,262			5,220

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)
	Six Months Ended June 30						Second Quarter 2024			First Quarter 2024			Fourth Quarter 2023			Third Quarter 2023			Second Quarter 2023
	2024			2023
Net interest income	$	3,507		$	3,681		$	1,693		$	1,814		$	1,711		$	1,755		$	1,805
Noninterest income:
Investment and brokerage services	7,307			6,489			3,707			3,600			3,328			3,396			3,251
All other income	351			387			174			177			188			170			186
Total noninterest income	7,658			6,876			3,881			3,777			3,516			3,566			3,437
Total revenue, net of interest expense	11,165			10,557			5,574			5,591			5,227			5,321			5,242

Provision for credit losses	(6)			38			7			(13)			(26)			(6)			13

Noninterest expense	8,463			7,992			4,199			4,264			3,894			3,950			3,925
Income before income taxes	2,708			2,527			1,368			1,340			1,359			1,377			1,304
Income tax expense	677			632			342			335			340			344			326
Net income	$	2,031		$	1,895		$	1,026		$	1,005		$	1,019		$	1,033		$	978

Net interest yield	2.19		%	2.20		%	2.15		%	2.23		%	2.10		%	2.16		%	2.21		%
Return on average allocated capital (1)	22			21			22			22			22			22			21

Efficiency ratio	75.80			75.70			75.34			76.27			74.41			74.28			74.86

Balance Sheet
Average
Total loans and leases	$	220,696		$	220,018		$	222,776		$	218,616		$	219,425		$	218,569		$	218,604
Total earning assets (2)	322,471			336,671			317,250			327,692			322,827			322,032			327,066
Total assets (2)	336,039			349,582			330,958			341,119			336,067			335,124			340,105
Total deposits	292,525			304,648			287,678			297,373			292,478			291,770			295,380
Allocated capital (1)	18,500			18,500			18,500			18,500			18,500			18,500			18,500


Period end
Total loans and leases	$	224,837		$	219,208		$	224,837		$	219,844		$	219,657		$	218,913		$	219,208
Total earning assets (2)	310,055			324,820			310,055			329,515			330,653			320,196			324,820
Total assets (2)	324,476			338,184			324,476			343,718			344,626			333,779			338,184
Total deposits	281,283			292,526			281,283			298,039			299,657			290,732			292,526

(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)
	Six Months Ended June 30				Second Quarter 2024		First Quarter 2024		Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023
	2024		2023
Revenue by Business
Merrill Wealth Management	$	9,270	$	8,737	$	4,623	$	4,647	$	4,326	$	4,398	$	4,340
Bank of America Private Bank	1,895		1,820		951		944		901		923		902

Total revenue, net of interest expense	$	11,165	$	10,557	$	5,574	$	5,591	$	5,227	$	5,321	$	5,242

Client Balances by Business, at period end
Merrill Wealth Management	$	3,371,418	$	3,057,680	$	3,371,418	$	3,339,693	$	3,182,735	$	2,978,229	$	3,057,680
Bank of America Private Bank	640,467		577,514		640,467		633,697		606,639		572,624		577,514

Total client balances	$	4,011,885	$	3,635,194	$	4,011,885	$	3,973,390	$	3,789,374	$	3,550,853	$	3,635,194

Client Balances by Type, at period end


Assets under management (1)	$	1,758,875	$	1,531,042	$	1,758,875	$	1,730,005	$	1,617,740	$	1,496,601	$	1,531,042
Brokerage and other assets	1,779,881		1,628,294		1,779,881		1,758,642		1,688,923		1,578,123		1,628,294

Deposits	281,283		292,526		281,283		298,039		299,657		290,732		292,526
Loans and leases (2)	227,657		222,280		227,657		222,528		222,287		221,684		222,280
Less: Managed deposits in assets under management	(35,811)		(38,948)		(35,811)		(35,824)		(39,233)		(36,287)		(38,948)
Total client balances	$	4,011,885	$	3,635,194	$	4,011,885	$	3,973,390	$	3,789,374	$	3,550,853	$	3,635,194

Assets Under Management Rollforward
Assets under management, beginning balance	$	1,617,740	$	1,401,474	$	1,730,005	$	1,617,740	$	1,496,601	$	1,531,042	$	1,467,242
Net client flows	35,445		29,558		10,790		24,655		8,443		14,226		14,296

Market valuation/other	105,690		100,010		18,080		87,610		112,696		(48,667)		49,504
Total assets under management, ending balance	$	1,758,875	$	1,531,042	$	1,758,875	$	1,730,005	$	1,617,740	$	1,496,601	$	1,531,042

(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.


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)
	Six Months Ended June 30						Second Quarter 2024			First Quarter 2024			Fourth Quarter 2023			Third Quarter 2023			Second Quarter 2023
	2024			2023
Net interest income	$	6,735		$	7,597		$	3,275		$	3,460		$	3,435		$	3,613		$	3,690
Noninterest income:
Service charges	1,525			1,449			775			750			749			754			735
Investment banking fees	1,685			1,386			835			850			690			743			718
All other income	2,088			2,233			1,168			920			1,054			1,093			1,319
Total noninterest income	5,298			5,068			2,778			2,520			2,493			2,590			2,772
Total revenue, net of interest expense	12,033			12,665			6,053			5,980			5,928			6,203			6,462

Provision for credit losses	464			(228)			235			229			(239)			(119)			9

Noninterest expense	5,911			5,759			2,899			3,012			2,781			2,804			2,819
Income before income taxes	5,658			7,134			2,919			2,739			3,386			3,518			3,634
Income tax expense	1,556			1,926			803			753			914			950			981
Net income	$	4,102		$	5,208		$	2,116		$	1,986		$	2,472		$	2,568		$	2,653

Net interest yield	2.44		%	2.92		%	2.37		%	2.50		%	2.45		%	2.68		%	2.80		%
Return on average allocated capital (1)	17			21			17			16			20			21			22
Efficiency ratio	49.12			45.46			47.88			50.37			46.92			45.22			43.59

Balance Sheet
Average
Total loans and leases	$	373,173		$	382,039		$	372,738		$	373,608		$	374,862		$	376,214		$	383,058
Total earning assets (2)	555,895			525,181			555,834			555,957			557,147			534,153			527,959
Total assets (2)	623,631			592,254			624,189			623,073			624,093			601,378			595,585
Total deposits	525,528			495,069			525,357			525,699			527,597			504,432			497,533
Allocated capital (1)	49,250			49,250			49,250			49,250			49,250			49,250			49,250

Period end
Total loans and leases	$	372,421		$	381,609		$	372,421		$	373,403		$	373,891		$	373,351		$	381,609
Total earning assets (2)	550,525			518,547			550,525			554,253			552,453			521,423			518,547
Total assets (2)	620,217			586,397			620,217			623,204			621,751			588,578			586,397
Total deposits	522,525			492,734			522,525			527,113			527,060			494,938			492,734

(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)
	Six Months Ended June 30						Second Quarter 2024			First Quarter 2024			Fourth Quarter 2023			Third Quarter 2023			Second Quarter 2023
	2024			2023
Investment Banking fees (1)
Advisory (2)	$	639		$	646		$	322		$	317		$	350		$	396		$	333
Debt issuance	746			553			363			383			265			255			263
Equity issuance	300			187			150			150			75			92			122
Total Investment Banking fees (3)	$	1,685		$	1,386		$	835		$	850		$	690		$	743		$	718

Business Lending
Corporate	$	2,325		$	2,393		$	1,260		$	1,065		$	1,235		$	1,300		$	1,359
Commercial	2,527			2,503			1,247			1,280			1,251			1,262			1,270
Business Banking	117			130			58			59			62			61			63
Total Business Lending revenue	$	4,969		$	5,026		$	2,565		$	2,404		$	2,548		$	2,623		$	2,692

Global Transaction Services
Corporate	$	2,596		$	3,032		$	1,261		$	1,335		$	1,322		$	1,392		$	1,483
Commercial	1,908			2,174			938			970			967			998			1,045
Business Banking	723			782			362			361			370			379			395
Total Global Transaction Services revenue	$	5,227		$	5,988		$	2,561		$	2,666		$	2,659		$	2,769		$	2,923

Average deposit balances
Interest-bearing	$	364,940		$	273,188		$	367,779		$	362,100		$	351,007		$	315,289		$	289,187
Noninterest-bearing	160,588			221,881			157,578			163,599			176,590			189,143			208,346
Total average deposits	$	525,528		$	495,069		$	525,357		$	525,699		$	527,597		$	504,432		$	497,533



Provision for credit losses	$	464		$	(228)		$	235		$	229		$	(239)		$	(119)		$	9

Credit quality (4, 5)
Reservable criticized utilized exposure	$	22,619		$	19,714		$	22,619		$	22,530		$	21,597		$	22,025		$	19,714
	5.75		%	4.89		%	5.75		%	5.70		%	5.46		%	5.58		%	4.89		%

Nonperforming loans, leases and foreclosed properties	$	2,731		$	1,248		$	2,731		$	3,075		$	2,673		$	1,908		$	1,248
	0.74		%	0.33		%	0.74		%	0.83		%	0.72		%	0.51		%	0.33		%

Average loans and leases by product
U.S. commercial	$	227,329		$	229,836		$	228,189		$	226,470		$	225,070		$	225,758		$	230,111
Non-U.S. commercial	75,256			81,977			74,227			76,284			78,483			78,748			81,546
Commercial real estate	55,333			56,241			54,984			55,683			56,735			57,573			57,449
Commercial lease financing	15,253			13,984			15,336			15,170			14,573			14,134			13,951
Other	2			1			2			1			1			1			1
Total average loans and leases	$	373,173		$	382,039		$	372,738		$	373,608		$	374,862		$	376,214		$	383,058

Total Corporation Investment Banking fees
Advisory (2)	$	747		$	738		$	374		$	373		$	389		$	448		$	375
Debt issuance	1,765			1,244			880			885			589			570			600
Equity issuance	720			455			357			363			199			232			287
Total investment banking fees including self-led deals	3,232			2,437			1,611			1,621			1,177			1,250			1,262
Self-led deals	(103)			(62)			(50)			(53)			(32)			(62)			(50)
Total Investment Banking fees	$	3,129		$	2,375		$	1,561		$	1,568		$	1,145		$	1,188		$	1,212

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

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

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

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

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


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


Bank of America Corporation and Subsidiaries
Global Markets Segment Results
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2024			First Quarter 2024			Fourth Quarter 2023			Third Quarter 2023			Second Quarter 2023
	2024			2023
Net interest income	$	1,451		$	406		$	770		$	681		$	598		$	674		$	297
Noninterest income:
Investment and brokerage services	1,011			1,032			516			495			486			475			499
Investment banking fees	1,427			972			719			708			439			463			503
Market making and similar activities	7,048			7,807			3,218			3,830			2,428			3,195			3,409
All other income	405			280			236			169			137			135			163
Total noninterest income	9,891			10,091			4,689			5,202			3,490			4,268			4,574
Total revenue, net of interest expense (1)	11,342			10,497			5,459			5,883			4,088			4,942			4,871

Provision for credit losses	(49)			(57)			(13)			(36)			(60)			(14)			(4)

Noninterest expense	6,978			6,700			3,486			3,492			3,271			3,235			3,349
Income before income taxes	4,413			3,854			1,986			2,427			877			1,721			1,526
Income tax expense	1,280			1,060			576			704			241			473			420
Net income	$	3,133		$	2,794		$	1,410		$	1,723		$	636		$	1,248		$	1,106

Return on average allocated capital (2)	14		%	12		%	13		%	15		%	6		%	11		%	10		%

Efficiency ratio	61.52			63.82			63.83			59.38			80.00			65.47			68.74

Balance Sheet
Average
Total trading-related assets	$	634,794		$	623,566		$	639,763		$	629,826		$	615,414		$	609,744		$	621,125
Total loans and leases	134,431			126,802			135,106			133,756			133,631			131,298			128,539
Total earning assets	699,615			643,024			706,383			692,851			667,094			655,971			657,947
Total assets	901,952			873,727			908,525			895,382			867,953			863,653			877,471
Total deposits	32,265			34,658			31,944			32,585			31,950			31,890			33,222
Allocated capital (2)	45,500			45,500			45,500			45,500			45,500			45,500			45,500


Period end
Total trading-related assets	$	619,122		$	599,787		$	619,122		$	629,082		$	542,544		$	613,009		$	599,787
Total loans and leases	138,441			131,128			138,441			135,267			136,223			134,386			131,128
Total earning assets	701,978			640,712			701,978			698,279			637,955			660,172			640,712
Total assets	887,162			851,771			887,162			902,741			817,588			864,792			851,771
Total deposits	33,151			33,049			33,151			34,847			34,833			31,041			33,049

Trading-related assets (average)
Trading account securities	$	322,207		$	328,529		$	321,204		$	323,210		$	309,051		$	307,990		$	317,928
Reverse repurchases	136,991			133,155			139,901			134,081			133,209			135,401			139,480
Securities borrowed	137,278			118,392			139,705			134,852			129,365			119,936			120,481
Derivative assets	38,318			43,490			38,953			37,683			43,789			46,417			43,236
Total trading-related assets	$	634,794		$	623,566		$	639,763		$	629,826		$	615,414		$	609,744		$	621,125

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

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


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


Bank of America Corporation and Subsidiaries
Global Markets Key Indicators
(Dollars in millions)
	Six Months Ended June 30				Second Quarter 2024		First Quarter 2024		Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023
	2024		2023
Sales and trading revenue (1)
Fixed-income, currencies and commodities	$	5,973	$	6,107	$	2,742	$	3,231	$	2,079	$	2,710	$	2,667
Equities	3,798		3,245		1,937		1,861		1,540		1,695		1,618
Total sales and trading revenue	$	9,771	$	9,352	$	4,679	$	5,092	$	3,619	$	4,405	$	4,285

Sales and trading revenue, excluding net debit valuation adjustment (2,3)
Fixed-income, currencies and commodities	$	6,044	$	6,193	$	2,737	$	3,307	$	2,206	$	2,723	$	2,764
Equities	3,813		3,247		1,943		1,870		1,545		1,698		1,623
Total sales and trading revenue, excluding net debit valuation adjustment	$	9,857	$	9,440	$	4,680	$	5,177	$	3,751	$	4,421	$	4,387

Sales and trading revenue breakdown
Net interest income	$	1,124	$	63	$	612	$	512	$	432	$	518	$	137
Commissions	1,011		1,021		517		494		486		474		492
Trading	7,047		7,805		3,217		3,830		2,428		3,194		3,407
Other	589		463		333		256		273		219		249
Total sales and trading revenue	$	9,771	$	9,352	$	4,679	$	5,092	$	3,619	$	4,405	$	4,285

(1) Includes Global Banking sales and trading revenue of $330 million and $331 million for the six months ended June 30, 2024 and 2023, $186 million and $144 million for the second and first quarters of 2024, and $190 million, $133 million and $154 million for the fourth, third and second quarters of 2023, 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 $(86) million and $(88) million for the six months ended June 30, 2024 and 2023, $(1) million and $(85) million for the second and first quarters of 2024, and $(132) million, $(16) million and $(102) million for the fourth, third and second quarters of 2023, respectively. FICC net DVA gains (losses) were $(71) million and $(86) million for the six months ended June 30, 2024 and 2023, $5 million and $(76) million for the second and first quarters of 2024, and $(127) million, $(13) million and $(97) million for the fourth, third and second quarters of 2023, respectively. Equities net DVA gains (losses) were $(15) million and $(2) million for the six months ended June 30, 2024 and 2023, $(6) million and $(9) million for the second and first quarters of 2024, and $(5) million, $(3) million and $(5) million for the fourth, third and second quarters of 2023, respectively.


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


Bank of America Corporation and Subsidiaries
All Other Results (1)
(Dollars in millions)
	Six Months Ended June 30				Second Quarter 2024		First Quarter 2024		Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023
	2024		2023
Net interest income	$	44	$	161	$	6	$	38	$	79	$	99	$	64





Noninterest income (loss)	(3,443)		(3,386)		(1,761)		(1,682)		(3,547)		(1,717)		(1,831)
Total revenue, net of interest expense	(3,399)		(3,225)		(1,755)		(1,644)		(3,468)		(1,618)		(1,767)

Provision for credit losses	(13)		(53)		(2)		(11)		24		(24)		(160)



Noninterest expense	1,255		899		261		994		2,551		593		492
Loss before income taxes	(4,641)		(4,071)		(2,014)		(2,627)		(6,043)		(2,187)		(2,099)
Income tax expense (benefit)	(3,695)		(3,782)		(1,764)		(1,931)		(2,292)		(2,276)		(1,917)
Net income (loss)	$	(946)	$	(289)	$	(250)	$	(696)	$	(3,751)	$	89	$	(182)

Balance Sheet
Average
Total loans and leases	$	8,735	$	9,910	$	8,598	$	8,872	$	9,349	$	9,412	$	9,745
Total assets (2)	368,010		225,014		381,539		354,484		346,628		269,159		276,728
Total deposits	107,552		33,842		115,766		99,339		93,739		68,010		42,881

Period end
Total loans and leases	$	8,285	$	9,544	$	8,285	$	8,917	$	8,842	$	9,283	$	9,544

Total assets (3)	392,181		262,334		392,181		343,658		346,356		303,903		262,334
Total deposits	121,059		54,418		121,059		107,736		92,705		85,588		54,418

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

(2)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $949.8 billion and $995.1 billion for the six months ended June 30, 2024 and 2023, $941.7 billion and $958.0 billion for the second and first quarters of 2024, and $958.4 billion, $955.7 billion and $977.8 billion for the fourth, third and second quarters of 2023, respectively.

(3)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $931.1 billion, $987.1 billion, $972.9 billion, $945.7 billion and $963.6 billion at June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, 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)
	June 30 2024		March 31 2024		June 30 2023
Consumer
Residential mortgage	$	227,870	$	227,435	$	228,915
Home equity	25,442		25,185		25,536
Credit card	99,450		98,453		97,009
Direct/Indirect consumer (1)	103,834		102,849		104,412
Other consumer (2)	117		115		132
Total consumer loans excluding loans accounted for under the fair value option	456,713		454,037		456,004
Consumer loans accounted for under the fair value option (3)	231		235		266
Total consumer	456,944		454,272		456,270

Commercial
U.S. commercial	369,139		362,744		360,796
Non-U.S. commercial	122,183		123,073		123,518
Commercial real estate (4)	70,284		71,652		74,290
Commercial lease financing	14,874		14,781		13,493
	576,480		572,250		572,097
U.S. small business commercial	20,395		19,931		18,796
Total commercial loans excluding loans accounted for under the fair value option	596,875		592,181		590,893
Commercial loans accounted for under the fair value option (3)	2,966		2,703		4,061
Total commercial	599,841		594,884		594,954

Total loans and leases	$	1,056,785	$	1,049,156	$	1,051,224

(1)Includes primarily auto and specialty lending loans and leases of $53.6 billion, $54.1 billion and $53.3 billion, U.S. securities-based lending loans of $46.7 billion, $45.3 billion and $47.3 billion and non-U.S. consumer loans of $2.8 billion, $2.7 billion and $2.9 billion at June 30, 2024, March 31, 2024 and June 30, 2023, 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 $63 million, $62 million and $69 million and home equity loans of $168 million, $173 million and $197 million at June 30, 2024, March 31, 2024 and June 30, 2023, respectively. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.0 billion, $1.7 billion and $2.3 billion and non-U.S. commercial loans of $945 million, $965 million and $1.8 billion at June 30, 2024, March 31, 2024 and June 30, 2023, respectively.

(4)Includes U.S. commercial real estate loans of $64.4 billion, $65.5 billion and $68.1 billion and non-U.S. commercial real estate loans of $5.9 billion, $6.2 billion and $6.2 billion at June 30, 2024, March 31, 2024 and June 30, 2023, respectively.


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


Bank of America Corporation and Subsidiaries
Quarterly Average Loans and Leases by Business Segment and All Other
(Dollars in millions)
	Second Quarter 2024
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	227,567	$	115,180	$	105,603	$	2	$	—	$	6,782
Home equity	25,529		21,366		2,419		—		156		1,588
Credit card	98,983		95,594		3,389		—		—		—
Direct/Indirect and other consumer	103,689		54,139		49,547		—		—		3
Total consumer	455,768		286,279		160,958		2		156		8,373

Commercial
U.S. commercial	386,232		25,964		53,911		228,189		78,007		161
Non-U.S. commercial	123,094		—		607		74,227		47,910		350
Commercial real estate	71,345		11		7,300		54,984		9,033		17
Commercial lease financing	15,033		—		—		15,336		—		(303)
Total commercial	595,704		25,975		61,818		372,736		134,950		225
Total loans and leases	$	1,051,472	$	312,254	$	222,776	$	372,738	$	135,106	$	8,598

	First Quarter 2024
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	227,748	$	115,536	$	105,177	$	1	$	—	$	7,034
Home equity	25,522		21,289		2,402		—		159		1,672
Credit card	99,815		96,480		3,335		—		—		—
Direct/Indirect and other consumer	103,371		54,413		48,956		—		—		2
Total consumer	456,456		287,718		159,870		1		159		8,708

Commercial
U.S. commercial	379,566		25,310		51,029		226,470		76,590		167
Non-U.S. commercial	125,024		—		572		76,284		47,861		307
Commercial real estate	71,986		10		7,145		55,683		9,146		2
Commercial lease financing	14,858		—		—		15,170		—		(312)
Total commercial	591,434		25,320		58,746		373,607		133,597		164
Total loans and leases	$	1,047,890	$	313,038	$	218,616	$	373,608	$	133,756	$	8,872

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

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


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)
(Dollars in millions)
	Commercial Utilized						Total Commercial Committed
	June 30 2024		March 31 2024		June 30 2023		June 30 2024		March 31 2024		June 30 2023
Asset managers and funds	$	106,806	$	104,602	$	104,838	$	174,326	$	172,321	$	168,062
Real estate (5)	71,734		72,992		74,545		97,266		99,338		101,284
Capital goods	48,192		49,292		49,505		92,243		94,710		92,886
Finance companies	60,950		60,501		57,375		89,871		89,253		82,742
Healthcare equipment and services	34,369		35,013		34,511		62,557		61,827		61,174
Materials	25,662		25,257		26,192		56,069		54,935		55,838
Retailing	25,016		25,399		25,618		53,432		53,193		54,017
Consumer services	27,525		29,287		27,826		51,504		51,724		49,921
Food, beverage and tobacco	24,317		23,624		24,351		49,745		48,283		49,331
Government and public education	31,755		31,453		32,398		47,840		47,041		46,720
Individuals and trusts	34,124		32,800		32,930		46,069		44,587		43,957
Commercial services and supplies	23,282		23,073		24,588		42,292		41,480		42,500
Utilities	17,426		17,571		18,655		39,416		39,298		39,108
Energy	12,332		12,143		12,999		37,122		37,978		36,034
Transportation	23,798		23,868		23,486		34,860		35,924		35,317
Technology hardware and equipment	11,033		11,363		10,980		29,585		29,605		29,909
Software and services	10,901		9,904		10,770		26,734		25,257		25,397
Global commercial banks	21,621		22,816		26,444		24,819		25,667		28,994
Media	12,626		12,944		14,558		24,302		24,998		26,377
Vehicle dealers	18,179		17,365		14,245		23,546		23,370		21,228
Consumer durables and apparel	8,803		8,948		9,619		21,201		20,771		21,146
Pharmaceuticals and biotechnology	6,778		7,202		7,070		20,920		20,428		21,859
Insurance	9,903		8,499		10,591		20,115		19,423		20,096
Telecommunication services	9,165		9,396		9,901		17,685		17,186		17,370
Automobiles and components	8,044		7,508		8,060		16,192		15,724		15,979
Food and staples retailing	7,956		7,512		7,519		12,911		13,200		13,107
Financial markets infrastructure (clearinghouses)	2,953		2,687		3,013		5,156		5,008		5,797
Religious and social organizations	2,563		2,734		2,437		4,367		4,643		4,373

Total commercial credit exposure by industry	$	697,813	$	695,753	$	705,024	$	1,222,145	$	1,217,172	$	1,210,523

(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 $56.8 billion, $57.7 billion and $52.1 billion at June 30, 2024, March 31, 2024 and June 30, 2023, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $27.4 billion, $27.9 billion and $30.9 billion, which consists primarily of other marketable securities, at June 30, 2024, March 31, 2024 and June 30, 2023, respectively.

(2)Total utilized and total committed exposure includes loans of $3.0 billion, $2.7 billion and $4.1 billion and issued letters of credit with a notional amount of $25 million, $25 million and $12 million accounted for under the fair value option at June 30, 2024, March 31, 2024 and June 30, 2023, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $3.2 billion, $3.1 billion and $2.6 billion at June 30, 2024, March 31, 2024 and June 30, 2023, 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.


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)
	June 30 2024			March 31 2024			December 31 2023			September 30 2023			June 30 2023
Residential mortgage	$	2,097		$	2,112		$	2,114		$	2,185		$	2,140
Home equity	422			438			450			479			482

Direct/Indirect consumer	152			147			148			128			107

Total consumer	2,671			2,697			2,712			2,792			2,729
U.S. commercial	700			720			636			561			476
Non-U.S. commercial	90			157			175			102			84
Commercial real estate	1,971			2,273			1,927			1,343			816
Commercial lease financing	19			16			19			18			6
	2,780			3,166			2,757			2,024			1,382
U.S. small business commercial	22			20			16			17			15
Total commercial	2,802			3,186			2,773			2,041			1,397
Total nonperforming loans and leases	5,473			5,883			5,485			4,833			4,126
Foreclosed properties (1)	218			151			145			160			148
Total nonperforming loans, leases, and foreclosed properties(2, 3)	$	5,691		$	6,034		$	5,630		$	4,993		$	4,274

Fully-insured home loans past due 30 days or more and still accruing	$	466		$	476		$	527		$	523		$	525
Consumer credit card past due 30 days or more and still accruing	2,415			2,446			2,419			2,097			1,811
Other loans past due 30 days or more and still accruing	2,770			2,907			2,974			2,848			2,920
Total loans past due 30 days or more and still accruing (4, 5)	$	5,651		$	5,829		$	5,920		$	5,468		$	5,256

Fully-insured home loans past due 90 days or more and still accruing	$	211		$	230		$	252		$	265		$	288
Consumer credit card past due 90 days or more and still accruing	1,257			1,299			1,224			1,016			896
Other loans past due 90 days or more and still accruing	332			343			280			286			356
Total loans past due 90 days or more and still accruing (5)	$	1,800		$	1,872		$	1,756		$	1,567		$	1,540

Nonperforming loans, leases and foreclosed properties/Total assets (6)	0.17		%	0.18		%	0.18		%	0.16		%	0.14		%
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties (6)	0.54			0.58			0.54			0.48			0.41
Nonperforming loans and leases/Total loans and leases (6)	0.52			0.56			0.52			0.46			0.39

Commercial reservable criticized utilized exposure (7)	$	24,761		$	24,529		$	23,300		$	23,722		$	21,469
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure (6)	3.94		%	3.93		%	3.74		%	3.83		%	3.44		%
Total commercial criticized utilized exposure/Commercial utilized exposure (7)	4.14			4.13			4.00			4.12			3.79

(1)Includes repossessed assets of $24 million and $23 million for the second and first quarters of 2024, and $22 million, $20 million and $0 for the fourth, third and second quarters of 2023.

(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 $707 million, $379 million, $161 million, $173 million and $174 million at June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, respectively.

(4)Balances do not include loans held-for-sale past due 30 days or more and still accruing of $46 million, $106 million, $72 million, $22 million and $39 million at June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, respectively.

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

(6)Total assets and total loans and leases do not include loans accounted for under the fair value option of $3.2 billion, $2.9 billion, $3.6 billion, $4.3 billion and $4.3 billion at June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, 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)
	Second Quarter 2024		First Quarter 2024		Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023
Nonperforming Consumer Loans and Leases:
Balance, beginning of period	$	2,697	$	2,712	$	2,792	$	2,729	$	2,714

Additions	223		254		247		297		258


Reductions:
Paydowns and payoffs	(118)		(131)		(129)		(117)		(131)
Sales	(1)		(1)		(57)		(2)		(2)
Returns to performing status (2)	(121)		(113)		(122)		(91)		(92)
Charge-offs (3)	(7)		(10)		(15)		(13)		(13)
Transfers to foreclosed properties	(2)		(14)		(4)		(11)		(5)

Total net additions (reductions) to nonperforming loans and leases	(26)		(15)		(80)		63		15
Total nonperforming consumer loans and leases, end of period	2,671		2,697		2,712		2,792		2,729
Foreclosed properties (4)	114		112		103		112		97
Nonperforming consumer loans, leases and foreclosed properties, end of period	$	2,785	$	2,809	$	2,815	$	2,904	$	2,826

Nonperforming Commercial Loans and Leases (5):
Balance, beginning of period	$	3,186	$	2,773	$	2,041	$	1,397	$	1,204

Additions	704		1,006		1,085		875		484
Reductions:
Paydowns	(505)		(220)		(121)		(153)		(171)
Sales	(9)		(1)		(1)		—		(3)
Returns to performing status (6)	(129)		(4)		(45)		(2)		(7)
Charge-offs	(357)		(368)		(186)		(67)		(87)
Transfers to foreclosed properties	(88)		—		—		—		(23)
Transfers to loans held-for-sale	—		—		—		(9)		—
Total net additions (reductions) to nonperforming loans and leases	(384)		413		732		644		193
Total nonperforming commercial loans and leases, end of period	2,802		3,186		2,773		2,041		1,397
Foreclosed properties (4)	104		39		42		48		51
Nonperforming commercial loans, leases and foreclosed properties, end of period	$	2,906	$	3,225	$	2,815	$	2,089	$	1,448

(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.

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

(4)Includes repossessed assets of $22 million in consumer loans and $2 million in commercial loans for the second quarter of 2024. Includes $22 million, $20 million, $19 million and $0 in consumer loans and $1 million, $2 million, $1 million and $0 in commercial loans for the first quarter of 2024 and fourth, third and second quarters of 2023.

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

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


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)
	Second Quarter 2024				First Quarter 2024				Fourth Quarter 2023				Third Quarter 2023				Second Quarter 2023
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage	$	—	—	%	$	3	0.01	%	$	11	0.02	%	$	2	—	%	$	2	—	%
Home equity	(14)		(0.23)		(13)		(0.20)		(17)		(0.26)		(14)		(0.22)		(16)		(0.25)
Credit card	955		3.88		899		3.62		777		3.07		673		2.72		610		2.60

Direct/Indirect consumer	51		0.20		65		0.26		49		0.19		25		0.10		17		0.06
Other consumer	67		n/m		74		n/m		93		n/m		118		n/m		107		n/m
Total consumer	1,059		0.93		1,028		0.91		913		0.79		804		0.70		720		0.64
U.S. commercial	87		0.10		66		0.07		67		0.07		5		0.01		5		0.01
Non-U.S. commercial	(3)		(0.01)		(9)		(0.03)		1		—		(2)		(0.01)		—		—
Total commercial and industrial	84		0.07		57		0.05		68		0.06		3		—		5		—
Commercial real estate	272		1.53		304		1.70		115		0.62		39		0.21		69		0.37
Commercial lease financing	—		—		1		0.03		(1)		—		3		0.08		1		—
	356		0.25		362		0.26		182		0.13		45		0.03		75		0.05
U.S. small business commercial	118		2.35		108		2.22		97		1.99		82		1.74		74		1.62
Total commercial	474		0.32		470		0.32		279		0.19		127		0.09		149		0.10
Total net charge-offs	$	1,533	0.59		$	1,498	0.58		$	1,192	0.45		$	931	0.35		$	869	0.33

By Business Segment and All Other
Consumer Banking	$	1,188	1.53	%	$	1,144	1.47	%	$	1,023	1.30	%	$	911	1.16	%	$	819	1.07	%
Global Wealth & Investment Management	11		0.02		17		0.03		12		0.02		4		0.01		3		0.01
Global Banking	346		0.38		350		0.38		160		0.17		20		0.02		59		0.06
Global Markets	2		0.01		—		—		8		0.02		13		0.04		5		0.02
All Other	(14)		(0.66)		(13)		(0.59)		(11)		(0.48)		(17)		(0.68)		(17)		(0.74)
Total net charge-offs	$	1,533	0.59		$	1,498	0.58		$	1,192	0.45		$	931	0.35		$	869	0.33

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

n/m = not meaningful


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


Bank of America Corporation and Subsidiaries
Year-to-Date Net Charge-offs and Net Charge-off Ratios (1)
(Dollars in millions)
	Six Months Ended June 30
	2024				2023
	Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage	$	3	—	%	$	3	—	%
Home equity	(27)		(0.21)		(28)		(0.21)
Credit card	1,854		3.75		1,111		2.41

Direct/Indirect consumer	116		0.23		18		0.03
Other consumer	141		n/m		269		n/m
Total consumer	2,087		0.92		1,373		0.61
U.S. commercial	153		0.08		52		0.03
Non-U.S. commercial	(12)		(0.02)		20		0.03
Total commercial and industrial	141		0.06		72		0.03
Commercial real estate	576		1.62		91		0.25
Commercial lease financing	1		0.01		—		—
	718		0.25		163		0.06
U.S. small business commercial	226		2.28		140		1.55
Total commercial	944		0.32		303		0.10
Total net charge-offs	$	3,031	0.58		$	1,676	0.33

By Business Segment and All Other
Consumer Banking	$	2,332	1.50	%	$	1,548	1.02	%
Global Wealth & Investment Management	28		0.03		9		0.01
Global Banking	696		0.38		146		0.08
Global Markets	2		—		5		0.01
All Other	(27)		(0.62)		(32)		(0.66)
Total net charge-offs	$	3,031	0.58		$	1,676	0.33

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)
	June 30, 2024		March 31, 2024			June 30, 2023
	Amount		Percent of Loans and Leases Outstanding (1)	Amount			Percent of Loans and Leases Outstanding (1)	Amount		Percent of Loans and Leases Outstanding (1)
Allowance for loan and lease losses
Residential mortgage	$	283	0.12%	$	292		0.13%	$	366	0.16%
Home equity	64		0.25	63			0.25	61		0.24
Credit card	7,341		7.38	7,296			7.41	6,564		6.77

Direct/Indirect consumer	751		0.72	751			0.73	659		0.63
Other consumer	75		n/m	74			n/m	100		n/m
Total consumer	8,514		1.86	8,476			1.87	7,750		1.70
U.S. commercial (2)	2,586		0.66	2,596			0.68	2,846		0.75
Non-U.S. commercial	822		0.67	812			0.66	968		0.78
Commercial real estate	1,279		1.82	1,292			1.80	1,338		1.80
Commercial lease financing	37		0.25	37			0.25	48		0.35
Total commercial	4,724		0.79	4,737			0.80	5,200		0.88
Allowance for loan and lease losses	13,238		1.26	13,213			1.26	12,950		1.24


Reserve for unfunded lending commitments	1,104			1,158				1,388
Allowance for credit losses	$	14,342		$	14,371			$	14,338

Asset Quality Indicators

Allowance for loan and lease losses/Total loans and leases (1)			1.26%				1.26%			1.24%

Allowance for loan and lease losses/Total nonperforming loans and leases			242				225			314

Ratio of the allowance for loan and lease losses/Annualized net charge-offs			2.15				2.19			3.71

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

(2)Includes allowance for loan and lease losses for U.S. small business commercial loans of $1.2 billion, $1.1 billion and $927 million at June 30, 2024, March 31, 2024 and June 30, 2023, 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 using certain non-GAAP financial measures, including pretax, pre-provision income and ratios that utilize tangible equity and tangible assets, each of which is 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 directly comparable financial measures defined by GAAP for the six months ended June 30, 2024 and 2023, and the three months ended June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023. 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 these non-GAAP financial measures differently.


	Six Months Ended June 30				Second Quarter 2024		First Quarter 2024		Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023
	2024		2023





























Reconciliation of income before income taxes to pretax, pre-provision income
Income before income taxes	$	14,822	$	17,123	$	7,560	$	7,262	$	3,124	$	8,095	$	8,034
Provision for credit losses	2,827		2,056		1,508		1,319		1,104		1,234		1,125
Pretax, pre-provision income	$	17,649	$	19,179	$	9,068	$	8,581	$	4,228	$	9,329	$	9,159

Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity	$	292,957	$	279,853	$	293,403	$	292,511	$	288,618	$	284,975	$	282,425
Goodwill	(69,021)		(69,022)		(69,021)		(69,021)		(69,021)		(69,021)		(69,022)
Intangible assets (excluding mortgage servicing rights)	(1,980)		(2,058)		(1,971)		(1,990)		(2,010)		(2,029)		(2,049)
Related deferred tax liabilities	871		897		869		874		886		890		895
Tangible shareholders’ equity	$	222,827	$	209,670	$	223,280	$	222,374	$	218,473	$	214,815	$	212,249
Preferred stock	(28,255)		(28,397)		(28,113)		(28,397)		(28,397)		(28,397)		(28,397)
Tangible common shareholders’ equity	$	194,572	$	181,273	$	195,167	$	193,977	$	190,076	$	186,418	$	183,852








Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity	$	293,892	$	283,319	$	293,892	$	293,552	$	291,646	$	287,064	$	283,319
Goodwill	(69,021)		(69,021)		(69,021)		(69,021)		(69,021)		(69,021)		(69,021)
Intangible assets (excluding mortgage servicing rights)	(1,958)		(2,036)		(1,958)		(1,977)		(1,997)		(2,016)		(2,036)
Related deferred tax liabilities	864		890		864		869		874		886		890
Tangible shareholders’ equity	$	223,777	$	213,152	$	223,777	$	223,423	$	221,502	$	216,913	$	213,152
Preferred stock	(26,548)		(28,397)		(26,548)		(28,397)		(28,397)		(28,397)		(28,397)
Tangible common shareholders’ equity	$	197,229	$	184,755	$	197,229	$	195,026	$	193,105	$	188,516	$	184,755

Reconciliation of period-end assets to period-end tangible assets
Assets	$	3,257,996	$	3,123,198	$	3,257,996	$	3,273,803	$	3,180,151	$	3,153,090	$	3,123,198
Goodwill	(69,021)		(69,021)		(69,021)		(69,021)		(69,021)		(69,021)		(69,021)
Intangible assets (excluding mortgage servicing rights)	(1,958)		(2,036)		(1,958)		(1,977)		(1,997)		(2,016)		(2,036)
Related deferred tax liabilities	864		890		864		869		874		886		890
Tangible assets	$	3,187,881	$	3,053,031	$	3,187,881	$	3,203,674	$	3,110,007	$	3,082,939	$	3,053,031

Book value per share of common stock
Common shareholders’ equity	$	267,344	$	254,922	$	267,344	$	265,155	$	263,249	$	258,667	$	254,922
Ending common shares issued and outstanding	7,774.8		7,953.6		7,774.8		7,866.9		7,895.5		7,923.4		7,953.6
Book value per share of common stock	$	34.39	$	32.05	$	34.39	$	33.71	$	33.34	$	32.65	$	32.05

Tangible book value per share of common stock
Tangible common shareholders’ equity	$	197,229	$	184,755	$	197,229	$	195,026	$	193,105	$	188,516	$	184,755
Ending common shares issued and outstanding	7,774.8		7,953.6		7,774.8		7,866.9		7,895.5		7,923.4		7,953.6
Tangible book value per share of common stock	$	25.37	$	23.23	$	25.37	$	24.79	$	24.46	$	23.79	$	23.23


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

Bank of America (BAC) 8-KResults of Operations and Financial Condition