Exhibit

EX-99.3 4 bac-3312019ex993.htm THE SUPPLEMENTAL INFORMATION Exhibit

Supplemental Information

First Quarter 2019

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



Bank of America Corporation and Subsidiaries
Table of Contents	Page


Consolidated Financial Highlights	2
Consolidated Statement of Income	3
Consolidated Statement of Comprehensive Income	3
Net Interest Income and Noninterest Income	4
Consolidated Balance Sheet	5
Capital Management	6
Quarterly Average Balances and Interest Rates	7
Debt Securities	9
Supplemental Financial Data	10
Quarterly Results by Business Segment and All Other	11
Consumer Banking
Total Segment Results	13
Key Indicators	14
Business Results	15
Global Wealth & Investment Management
Total Segment Results	16
Key Indicators	17
Global Banking
Total Segment Results	18
Key Indicators	19
Global Markets
Total Segment Results	20
Key Indicators	21
All Other
Total Results	22
Outstanding Loans and Leases	23
Quarterly Average Loans and Leases by Business Segment and All Other	24
Commercial Credit Exposure by Industry	25
Top 20 Non-U.S. Countries Exposure	26
Nonperforming Loans, Leases and Foreclosed Properties	27
Nonperforming Loans, Leases and Foreclosed Properties Activity	28
Quarterly Net Charge-offs and Net Charge-off Ratios	29
Allocation of the Allowance for Credit Losses by Product Type	30

Exhibit A: Non-GAAP Reconciliations	31


Financial Reporting Changes and Reclassifications Effective January 1, 2019, the Corporation made certain financial reporting changes and reclassifications, which were adopted on a retrospective basis. The changes and reclassifications reflect changes to both the format of the Consolidated Statement of Income and segment allocations. For additional information, see the Corporation’s Current Report on Form 8-K filed with the SEC on April 1, 2019. Prior-period financial information presented herein for the Consolidated Statement of Income, Consolidated Balance Sheet, certain consolidated quarterly averages and segment results has been updated to reflect the changes and reclassifications.

Business Segment Operations The Corporation reports the results of operations of its four business segments and All Other on a fully taxable-equivalent (FTE) basis. Additionally, the results for the total Corporation as presented on pages 11-12 are reported on an FTE basis.



Bank of America Corporation and Subsidiaries
Consolidated Financial Highlights
(In millions, except per share information)
	First Quarter 2019			Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018

Income statement
Net interest income	$	12,375		$	12,504		$	12,061		$	11,828		$	11,769
Noninterest income	10,629			10,173			10,663			10,721			11,301
Total revenue, net of interest expense	23,004			22,677			22,724			22,549			23,070
Provision for credit losses	1,013			905			716			827			834
Noninterest expense	13,224			13,074			13,014			13,224			13,842
Income tax expense	1,456			1,420			1,827			1,714			1,476
Net income	7,311			7,278			7,167			6,784			6,918
Preferred stock dividends	442			239			466			318			428
Net income applicable to common shareholders	6,869			7,039			6,701			6,466			6,490
Diluted earnings per common share	0.70			0.70			0.66			0.63			0.62
Average diluted common shares issued and outstanding	9,787.3			9,996.0			10,170.8			10,309.4			10,472.7
Dividends paid per common share	$	0.15		$	0.15		$	0.15		$	0.12		$	0.12

Performance ratios
Return on average assets	1.26		%	1.24		%	1.23		%	1.17		%	1.21		%
Return on average common shareholders’ equity	11.42			11.57			10.99			10.75			10.85
Return on average shareholders’ equity	11.14			10.95			10.74			10.26			10.57
Return on average tangible common shareholders’ equity ⁽¹⁾	16.01			16.29			15.48			15.15			15.26
Return on average tangible shareholders’ equity ⁽¹⁾	15.10			14.90			14.61			13.95			14.37
Efficiency ratio	57.48			57.65			57.27			58.65			60.00


At period end
Book value per share of common stock	$	25.57		$	25.13		$	24.33		$	24.07		$	23.74
Tangible book value per share of common stock ⁽¹⁾	18.26			17.91			17.23			17.07			16.84
Market capitalization	263,992			238,251			290,424			282,259			305,176
Number of financial centers - U.S.	4,353			4,341			4,385			4,433			4,452
Number of branded ATMs - U.S.	16,378			16,255			16,089			16,050			16,011
Headcount	205,292			204,489			204,681			207,992			207,953

⁽¹⁾

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 31.)

Certain prior period amounts have been reclassified to conform to current period presentation.



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



Bank of America Corporation and Subsidiaries
Consolidated Statement of Income
(In millions, except per share information)
	First Quarter 2019		Fourth Quarter 2018		Third Quarter 2018		Second Quarter 2018		First Quarter 2018

Net interest income
Interest income	$	18,170	$	17,836	$	16,965	$	16,369	$	15,599
Interest expense	5,795		5,332		4,904		4,541		3,830
Net interest income	12,375		12,504		12,061		11,828		11,769

Noninterest income
Fees and commissions	7,838		8,345		8,076		8,317		8,340
Trading account income	2,338		1,448		1,717		2,151		2,553
Other income	453		380		870		253		408
Total noninterest income	10,629		10,173		10,663		10,721		11,301
Total revenue, net of interest expense	23,004		22,677		22,724		22,549		23,070

Provision for credit losses	1,013		905		716		827		834

Noninterest expense
Compensation and benefits	8,249		7,735		7,721		7,944		8,480
Occupancy and equipment	1,605		1,593		1,589		1,591		1,607
Information processing and communications	1,164		1,156		1,113		1,121		1,165
Product delivery and transaction related	662		708		687		706		756
Marketing	442		513		421		395		345
Professional fees	360		480		439		399		381
Other general operating	742		889		1,044		1,068		1,108
Total noninterest expense	13,224		13,074		13,014		13,224		13,842
Income before income taxes	8,767		8,698		8,994		8,498		8,394
Income tax expense	1,456		1,420		1,827		1,714		1,476
Net income	$	7,311	$	7,278	$	7,167	$	6,784	$	6,918
Preferred stock dividends	442		239		466		318		428
Net income applicable to common shareholders	$	6,869	$	7,039	$	6,701	$	6,466	$	6,490

Per common share information
Earnings	$	0.71	$	0.71	$	0.67	$	0.64	$	0.63
Diluted earnings	0.70		0.70		0.66		0.63		0.62
Average common shares issued and outstanding	9,725.9		9,855.8		10,031.6		10,181.7		10,322.4
Average diluted common shares issued and outstanding	9,787.3		9,996.0		10,170.8		10,309.4		10,472.7



Consolidated Statement of Comprehensive Income
(Dollars in millions)
	First Quarter 2019			Fourth Quarter 2018			Third Quarter 2018				Second Quarter 2018				First Quarter 2018

Net income	$	7,311		$	7,278		$	7,167			$	6,784			$	6,918
Other comprehensive income (loss), net-of-tax:
Net change in debt and equity securities	2,309			2,213			(1,172		)	—	(1,031		)	—	(3,963		)
Net change in debit valuation adjustments	(363		)	566			(269		)		179				273
Net change in derivatives	229			293			21				(92		)		(275		)
Employee benefit plan adjustments	28			(496		)	31				30				30
Net change in foreign currency translation adjustments	(34		)	49			(114		)		(141		)		(48		)
Other comprehensive income (loss)	2,169			2,625			(1,503		)		(1,055		)		(3,983		)
Comprehensive income	$	9,480		$	9,903		$	5,664			$	5,729			$	2,935

Certain prior period amounts have been reclassified to conform to current period presentation.



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



Bank of America Corporation and Subsidiaries
Net Interest Income and Noninterest Income
(Dollars in millions)
	First Quarter 2019		Fourth Quarter 2018		Third Quarter 2018		Second Quarter 2018		First Quarter 2018

Net interest income
Interest income
Loans and leases	$	10,885	$	10,716	$	10,401	$	10,071	$	9,623
Debt securities	3,119		3,078		2,986		2,856		2,804
Federal funds sold and securities borrowed or purchased under agreements to resell	1,195		1,046		799		709		622
Trading account assets	1,322		1,305		1,172		1,198		1,136
Other interest income	1,649		1,691		1,607		1,535		1,414
Total interest income	18,170		17,836		16,965		16,369		15,599

Interest expense
Deposits	1,795		1,562		1,230		943		760
Short-term borrowings	1,852		1,716		1,526		1,462		1,135
Trading account liabilities	345		318		335		348		357
Long-term debt	1,803		1,736		1,813		1,788		1,578
Total interest expense	5,795		5,332		4,904		4,541		3,830
Net interest income	$	12,375	$	12,504	$	12,061	$	11,828	$	11,769

Noninterest income
Fees and commissions
Card income
Interchange fees ⁽¹⁾	$	896	$	1,016	$	925	$	1,011	$	914
Other card income	479		506		492		472		488
Total card income	1,375		1,522		1,417		1,483		1,402
Service charges
Deposit-related fees	1,580		1,659		1,682		1,680		1,646
Lending-related fees	259		272		279		274		275
Total service charges	1,839		1,931		1,961		1,954		1,921
Investment and brokerage services
Asset management fees	2,440		2,536		2,576		2,513		2,564
Brokerage fees	920		1,008		918		945		1,100
Total investment and brokerage services	3,360		3,544		3,494		3,458		3,664
Investment banking fees
Underwriting income	666		562		701		719		740
Syndication fees	255		389		241		400		317
Financial advisory services	343		397		262		303		296
Total investment banking fees	1,264		1,348		1,204		1,422		1,353
Total fees and commissions	7,838		8,345		8,076		8,317		8,340
Trading account income	2,338		1,448		1,717		2,151		2,553
Other income	453		380		870		253		408
Total noninterest income	$	10,629	$	10,173	$	10,663	$	10,721	$	11,301


⁽¹⁾	Gross interchange fees were $2.3 billion, $2.5 billion, $2.4 billion, $2.4 billion and $2.2 billion and are presented net of $1.4 billion, $1.5 billion, $1.5 billion, $1.4 billion and $1.3 billion of expenses for rewards and partner payments for the first quarter of 2019 and fourth, third, second and first quarters of 2018, respectively.

Certain prior period amounts have been reclassified to conform to current period presentation.



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



Bank of America Corporation and Subsidiaries
Consolidated Balance Sheet
(Dollars in millions)
		March 31 2019			December 31 2018			March 31 2018
Assets
Cash and due from banks		$	28,083		$	29,063		$	26,247
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks		143,540			148,341			177,994
Cash and cash equivalents		171,623			177,404			204,241
Time deposits placed and other short-term investments		9,480			7,494			8,069
Federal funds sold and securities borrowed or purchased under agreements to resell		267,017			261,131			244,630
Trading account assets		239,062			214,348			198,477
Derivative assets		42,391			43,725			47,869
Debt securities:
Carried at fair value		241,956			238,101			303,298
Held-to-maturity, at cost		198,718			203,652			123,539
Total debt securities		440,674			441,753			426,837
Loans and leases		945,615			946,895			934,078
Allowance for loan and lease losses		(9,577		)	(9,601		)	(10,260		)
Loans and leases, net of allowance		936,038			937,294			923,818
Premises and equipment, net		10,251			9,906			9,399
Goodwill		68,951			68,951			68,951
Loans held-for-sale		6,297			10,367			9,227
Customer and other receivables		53,496			65,814			58,127
Other assets		131,884			116,320			128,833
Total assets		$	2,377,164		$	2,354,507		$	2,328,478

Liabilities
Deposits in U.S. offices:
Noninterest-bearing		$	395,350		$	412,587		$	434,709
Interest-bearing		907,076			891,636			811,212
Deposits in non-U.S. offices:
Noninterest-bearing		12,066			14,060			13,768
Interest-bearing		64,845			63,193			68,975
Total deposits		1,379,337			1,381,476			1,328,664
Federal funds purchased and securities loaned or sold under agreements to repurchase		188,451			186,988			178,528
Trading account liabilities		84,410			68,220			100,218
Derivative liabilities		36,338			37,891			33,900
Short-term borrowings		14,008			20,189			38,073
Accrued expenses and other liabilities		173,681			165,026			150,563
Long-term debt		233,929			229,392			232,308
Total liabilities		2,110,154			2,089,182			2,062,254
Shareholders’ equity
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 3,843,140, 3,843,140 and 3,931,683 shares		22,326			22,326			24,672
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 9,568,389,268, 9,669,286,370 and 10,175,910,851 shares		112,838			118,896			133,532
Retained earnings		141,888			136,314			120,298
Accumulated other comprehensive income (loss)		(10,042		)	(12,211		)	(12,278		)
Total shareholders’ equity		267,010			265,325			266,224
Total liabilities and shareholders’ equity		$	2,377,164		$	2,354,507		$	2,328,478

	Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
	Trading account assets	$	5,453		$	5,798		$	6,065
	Loans and leases	41,528			43,850			46,590
	Allowance for loan and lease losses	(884		)	(912		)	(984		)
	Loans and leases, net of allowance	40,644			42,938			45,606
	All other assets	332			337			412
	Total assets of consolidated variable interest entities	$	46,429		$	49,073		$	52,083

	Liabilities of consolidated variable interest entities included in total liabilities above
	Short-term borrowings	$	1,547		$	742		$	286
	Long-term debt	8,182			10,944			10,051
	All other liabilities	25			30			38
	Total liabilities of consolidated variable interest entities	$	9,754		$	11,716		$	10,375

Certain prior period amounts have been reclassified to conform to current period presentation.



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



Bank of America Corporation and Subsidiaries
Capital Management
(Dollars in millions)
	March 31 2019			December 31 2018			March 31 2018
Risk-based capital metrics ⁽¹⁾:
Standardized Approach
Common equity tier 1 capital	$	169,243		$	167,272		$	164,828
Tier 1 capital	190,963			189,038			188,900
Total capital	223,710			221,304			223,772
Risk-weighted assets	1,454,968			1,437,206			1,451,791
Common equity tier 1 capital ratio	11.6		%	11.6		%	11.4		%
Tier 1 capital ratio	13.1			13.2			13.0
Total capital ratio	15.4			15.4			15.4

Advanced Approaches
Common equity tier 1 capital	$	169,243		$	167,272		$	164,828
Tier 1 capital	190,963			189,038			188,900
Total capital	215,594			212,878			215,261
Risk-weighted assets	1,423,456			1,408,939			1,457,795
Common equity tier 1 capital ratio	11.9		%	11.9		%	11.3		%
Tier 1 capital ratio	13.4			13.4			13.0
Total capital ratio	15.1			15.1			14.8

Leverage-based metrics ⁽¹⁾
Adjusted average assets	$	2,283,983		$	2,257,545		$	2,247,247
Tier 1 leverage ratio	8.4		%	8.4		%	8.4		%

Supplementary leverage exposure	$	2,822,155		$	2,791,316		$	2,794,363
Supplementary leverage ratio	6.8		%	6.8		%	6.8		%

Tangible equity ratio ⁽²⁾	8.5			8.6			8.7
Tangible common equity ratio⁽²⁾	7.6			7.6			7.6


⁽¹⁾	Regulatory capital ratios at March 31, 2019 are preliminary. We report regulatory capital ratios under both the Standardized and Advanced approaches. The approach that yields the lower ratio is used to assess capital adequacy.

⁽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 31.)

Certain prior period amounts have been reclassified to conform to current period presentation.



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



Bank of America Corporation and Subsidiaries
Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis
(Dollars in millions)
	First Quarter 2019						Fourth Quarter 2018						First Quarter 2018
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Earning assets
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks	$	134,962	$	506	1.52	%	$	129,814	$	494	1.51	%	$	140,247	$	422	1.22	%
Time deposits placed and other short-term investments	8,453		59		2.82		8,691		59		2.72		10,786		61		2.31
Federal funds sold and securities borrowed or purchased under agreements to resell	274,308		1,195		1.77		263,626		1,046		1.57		248,320		622		1.02
Trading account assets	140,228		1,341		3.87		138,046		1,327		3.82		131,123		1,147		3.54
Debt securities	441,680		3,148		2.83		440,967		3,108		2.76		433,096		2,830		2.58
Loans and leases ⁽¹⁾:
Residential mortgage	210,174		1,862		3.55		209,646		1,857		3.54		204,830		1,782		3.48
Home equity	47,690		593		5.03		50,757		634		4.96		56,952		643		4.56
U.S. credit card	95,008		2,530		10.80		95,766		2,533		10.49		94,423		2,313		9.93
Direct/Indirect and other consumer	90,430		821		3.69		91,458		823		3.57		95,292		728		3.10
Total consumer	443,302		5,806		5.29		447,627		5,847		5.20		451,497		5,466		4.89
U.S. commercial	316,089		3,349		4.29		308,557		3,203		4.12		299,850		2,717		3.68
Non-U.S. commercial	101,996		886		3.52		95,937		835		3.45		99,504		738		3.01
Commercial real estate	60,859		702		4.68		60,876		703		4.59		59,231		587		4.02
Commercial lease financing	21,774		196		3.60		21,724		182		3.36		21,833		175		3.20
Total commercial	500,718		5,133		4.15		487,094		4,923		4.01		480,418		4,217		3.56
Total loans and leases	944,020		10,939		4.69		934,721		10,770		4.58		931,915		9,683		4.20
Other earning assets	67,667		1,135		6.80		70,869		1,187		6.65		84,345		984		4.72
Total earning assets⁽²⁾	2,011,318		18,323		3.68		1,986,734		17,991		3.60		1,979,832		15,749		3.21
Cash and due from banks	25,824						26,081						26,275
Other assets, less allowance for loan and lease losses	323,850						321,771						319,771
Total assets	$	2,360,992					$	2,334,586					$	2,325,878


⁽¹⁾	Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is generally recognized on a cost recovery basis.


⁽²⁾	The impact of interest rate risk management derivatives on interest income is presented below. Interest income includes the impact of interest rate risk management contracts, which increased (decreased) interest income on:



	First Quarter 2019				Fourth Quarter 2018				First Quarter 2018
Federal funds sold and securities borrowed or purchased under agreements to resell		$	(74	)		$	(61	)		$	5
Debt securities		10				13				(3		)
U.S. commercial loans and leases		(9		)		(10		)		(9		)
Net hedge expense on assets		$	(73	)		$	(58	)		$	(7	)

Certain prior period amounts have been reclassified to conform to current period presentation.



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 (continued)
(Dollars in millions)
	First Quarter 2019						Fourth Quarter 2018						First Quarter 2018
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Interest-bearing liabilities
U.S. interest-bearing deposits:
Savings	$	53,573	$	1	0.01	%	$	52,523	$	2	0.01	%	$	54,747	$	1	0.01	%
NOW and money market deposit accounts	731,025		1,157		0.64		701,697		957		0.54		659,033		406		0.25
Consumer CDs and IRAs	41,791		74		0.72		38,899		48		0.49		41,313		33		0.33
Negotiable CDs, public funds and other deposits	65,974		367		2.25		62,719		362		2.29		40,639		157		1.56
Total U.S. interest-bearing deposits	892,363		1,599		0.73		855,838		1,369		0.63		795,732		597		0.30
Non-U.S. interest-bearing deposits:
Banks located in non-U.S. countries	2,387		6		1.02		2,321		7		1.14		2,243		9		1.67
Governments and official institutions	178		—		0.11		275		—		0.04		1,154		—		0.02
Time, savings and other	64,212		190		1.20		64,599		186		1.14		67,334		154		0.92
Total non-U.S. interest-bearing deposits	66,777		196		1.19		67,195		193		1.14		70,731		163		0.93
Total interest-bearing deposits	959,140		1,795		0.76		923,033		1,562		0.67		866,463		760		0.36
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities	265,163		1,852		2.83		262,497		1,716		2.60		279,801		1,135		1.64
Trading account liabilities	45,593		345		3.07		45,329		318		2.79		55,362		357		2.62
Long-term debt	196,726		1,803		3.69		201,056		1,736		3.44		197,787		1,578		3.22
Total interest-bearing liabilities ⁽¹⁾	1,466,622		5,795		1.60		1,431,915		5,332		1.48		1,399,413		3,830		1.11
Noninterest-bearing sources:
Noninterest-bearing deposits	400,724						421,918						430,805
Other liabilities ⁽²⁾	227,429						217,055						230,180
Shareholders’ equity	266,217						263,698						265,480
Total liabilities and shareholders’ equity	$	2,360,992					$	2,334,586					$	2,325,878
Net interest spread					2.08	%					2.12	%					2.10	%
Impact of noninterest-bearing sources					0.43						0.40						0.32
Net interest income/yield on earning assets ⁽³⁾			$	12,528	2.51	%			$	12,659	2.52	%			$	11,919	2.42	%


⁽¹⁾	The impact of interest rate risk management derivatives on interest expense is presented below. Interest expense includes the impact of interest rate risk management contracts, which increased (decreased) interest expense on:



	First Quarter 2019			Fourth Quarter 2018				First Quarter 2018
Consumer CDs and IRAs		$	5		$	6			$	5
Negotiable CDs, public funds and other deposits		3			3				3
Banks located in non-U.S. countries		4			4				5
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities		5			11				29
Long-term debt		33			(51		)		(246		)
Net hedge (income) expense on liabilities		$	50		$	(27	)		$	(204	)


⁽²⁾	Includes $31.4 billion, $29.6 billion and $31.9 billion of structured notes and liabilities for the first quarter of 2019 and the fourth and first quarters of 2018, respectively.


⁽³⁾	Net interest income includes FTE adjustments of $153 million, $155 million and $150 million for the first quarter of 2019 and fourth and first quarters of 2018, respectively.

Certain prior period amounts have been reclassified to conform to current period presentation.



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



Bank of America Corporation and Subsidiaries
Debt Securities
(Dollars in millions)
	March 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	118,899	$	217	$	(1,951	)	$	117,165
Agency-collateralized mortgage obligations	5,411		35		(67		)	5,379
Commercial	14,489		48		(168		)	14,369
Non-agency residential	1,772		251		(8		)	2,015
Total mortgage-backed securities	140,571		551		(2,194		)	138,928
U.S. Treasury and agency securities	61,461		261		(698		)	61,024
Non-U.S. securities	10,759		5		(2		)	10,762
Other taxable securities, substantially all asset-backed securities	3,375		59		(1		)	3,433
Total taxable securities	216,166		876		(2,895		)	214,147
Tax-exempt securities	17,360		148		(42		)	17,466
Total available-for-sale debt securities	233,526		1,024		(2,937		)	231,613
Other debt securities carried at fair value	10,152		211		(20		)	10,343
Total debt securities carried at fair value	243,678		1,235		(2,957		)	241,956
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities	198,718		1,949		(2,137		)	198,530
Total debt securities	$	442,396	$	3,184	$	(5,094	)	$	440,486

	December 31, 2018
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	125,116	$	138	$	(3,428	)	$	121,826
Agency-collateralized mortgage obligations	5,621		19		(110		)	5,530
Commercial	14,469		11		(402		)	14,078
Non-agency residential	1,792		136		(11		)	1,917
Total mortgage-backed securities	146,998		304		(3,951		)	143,351
U.S. Treasury and agency securities	56,239		62		(1,378		)	54,923
Non-U.S. securities	9,307		5		(6		)	9,306
Other taxable securities, substantially all asset-backed securities	4,387		29		(6		)	4,410
Total taxable securities	216,931		400		(5,341		)	211,990
Tax-exempt securities	17,349		99		(72		)	17,376
Total available-for-sale debt securities	234,280		499		(5,413		)	229,366
Other debt securities carried at fair value	8,595		172		(32		)	8,735
Total debt securities carried at fair value	242,875		671		(5,445		)	238,101
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities	203,652		747		(3,964		)	200,435
Total debt securities	$	446,527	$	1,418	$	(9,409	)	$	438,536



Other Debt Securities Carried at Fair Value
(Dollars in millions)	March 31 2019		December 31 2018
Mortgage-backed securities	$	2,651	$	1,606
U.S. Treasury and agency securities	—		1,282
Non-U.S. securities ⁽¹⁾	7,689		5,844
Other taxable securities, substantially all asset-backed securities	3		3
Total	$	10,343	$	8,735


⁽¹⁾	These securities are primarily used to satisfy certain international regulatory liquidity requirements.

Certain prior period amounts have been reclassified to conform to current period presentation.



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



Bank of America Corporation and Subsidiaries
Supplemental Financial Data
(Dollars in millions)

	First Quarter 2019			Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018

Fully taxable-equivalent (FTE) basis data ⁽¹⁾
Net interest income	$	12,528		$	12,659		$	12,212		$	11,982		$	11,919
Total revenue, net of interest expense	23,157			22,832			22,875			22,703			23,220
Net interest yield	2.51		%	2.52		%	2.45		%	2.41		%	2.42		%
Efficiency ratio	57.10			57.26			56.89			58.25			59.61

⁽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 a more accurate picture of 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 $153 million, $155 million, $151 million, $154 million and $150 million for the first quarter of 2019 and fourth, third, second and first quarters of 2018, respectively.

Certain prior period amounts have been reclassified to conform to current period presentation.



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



Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other
(Dollars in millions)
	First Quarter 2019
	Total Corporation		Consumer Banking			GWIM		Global Banking		Global Markets			All Other
Net interest income	$	12,528	$	7,106		$	1,684	$	2,790	$	953		$	(5	)
Noninterest income
Fees and commissions:
Card income	1,375		1,197			26		131		20			1
Service charges	1,839		1,020			18		713		82			6
Investment and brokerage services	3,360		73			2,842		9		444			(8		)
Investment banking fees	1,264		—			80		709		537			(62		)
Total fees and commissions	7,838		2,290			2,966		1,562		1,083			(63		)
Trading account income	2,338		2			34		50		2,082			170
Other income (loss)	453		234			136		753		63			(733		)
Total noninterest income (loss)	10,629		2,526			3,136		2,365		3,228			(626		)
Total revenue, net of interest expense	23,157		9,632			4,820		5,155		4,181			(631		)
Provision for credit losses	1,013		974			5		111		(23		)	(54		)
Noninterest expense	13,224		4,359			3,426		2,266		2,755			418
Income (loss) before income taxes	8,920		4,299			1,389		2,778		1,449			(995		)
Income tax expense (benefit)	1,609		1,053			340		750		413			(947		)
Net income (loss)	$	7,311	$	3,246		$	1,049	$	2,028	$	1,036		$	(48	)

Average
Total loans and leases	$	944,020	$	292,269		$	164,403	$	370,108	$	70,080		$	47,160
Total assets ⁽¹⁾	2,360,992		769,262			297,123		434,920		664,052			195,635
Total deposits	1,359,864		696,939			261,831		349,037		31,366			20,691
Quarter end
Total loans and leases	$	945,615	$	292,454		$	164,483	$	373,017	$	70,052		$	45,609
Total assets ⁽¹⁾	2,377,164		794,510			296,785		436,066		671,123			178,680
Total deposits	1,379,337		721,727			261,168		343,897		31,073			21,472

	Fourth Quarter 2018
	Total Corporation		Consumer Banking			GWIM		Global Banking		Global Markets			All Other
Net interest income	$	12,659	$	7,111		$	1,612	$	2,849	$	936		$	151
Noninterest income
Fees and commissions:
Card income	1,522		1,339			34		129		20			—
Service charges	1,931		1,086			18		743		79			5
Investment and brokerage services	3,544		77			2,978		24		474			(9		)
Investment banking fees	1,348		(1		)	94		760		514			(19		)
Total fees and commissions	8,345		2,501			3,124		1,656		1,087			(23		)
Trading account income	1,448		2			31		75		1,132			208
Other income (loss)	380		349			271		589		92			(921		)
Total noninterest income (loss)	10,173		2,852			3,426		2,320		2,311			(736		)
Total revenue, net of interest expense	22,832		9,963			5,038		5,169		3,247			(585		)
Provision for credit losses	905		915			23		85		6			(124		)
Noninterest expense	13,074		4,442			3,560		2,127		2,553			392
Income (loss) before income taxes	8,853		4,606			1,455		2,957		688			(853		)
Income tax expense (benefit)	1,575		1,173			370		769		178			(915		)
Net income	$	7,278	$	3,433		$	1,085	$	2,188	$	510		$	62

Average
Total loans and leases	$	934,721	$	289,862		$	163,516	$	357,410	$	70,609		$	53,324
Total assets ⁽¹⁾	2,334,586		759,027			283,264		440,522		655,069			196,704
Total deposits	1,344,951		686,826			247,427		359,642		31,077			19,979
Quarter end
Total loans and leases	$	946,895	$	294,335		$	164,854	$	365,717	$	73,928		$	48,061
Total assets ⁽¹⁾	2,354,507		768,881			305,907		442,330		641,923			195,466
Total deposits	1,381,476		696,146			268,700		360,248		37,841			18,541


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

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.



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



Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other (continued)
(Dollars in millions)
	First Quarter 2018
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets			All Other
Net interest income	$	11,919	$	6,477	$	1,584	$	2,679	$	1,020		$	159
Noninterest income
Fees and commissions:
Card income	1,402		1,234		21		128		20			(1		)
Service charges	1,921		1,044		19		763		90			5
Investment and brokerage services	3,664		82		3,040		25		488			29
Investment banking fees	1,353		—		84		744		609			(84		)
Total fees and commissions	8,340		2,360		3,164		1,660		1,207			(51		)
Trading account income (loss)	2,553		2		29		61		2,557			(96		)
Other income (loss)	408		141		79		595		28			(435		)
Total noninterest income (loss)	11,301		2,503		3,272		2,316		3,792			(582		)
Total revenue, net of interest expense	23,220		8,980		4,856		4,995		4,812			(423		)
Provision for credit losses	834		935		38		16		(3		)	(152		)
Noninterest expense	13,842		4,548		3,580		2,291		2,923			500
Income (loss) before income taxes	8,544		3,497		1,238		2,688		1,892			(771		)
Income tax expense (benefit)	1,626		893		316		699		492			(774		)
Net income	$	6,918	$	2,604	$	922	$	1,989	$	1,400		$	3

Average
Total loans and leases	$	931,915	$	279,557	$	159,095	$	351,689	$	73,763		$	67,811
Total assets ⁽¹⁾	2,325,878		746,647		279,716		421,863		678,354			199,298
Total deposits	1,297,268		674,351		243,077		324,405		32,320			23,115
Quarter end
Total loans and leases	$	934,078	$	279,055	$	159,636	$	355,165	$	75,638		$	64,584
Total assets ⁽¹⁾	2,328,478		774,257		279,332		425,328		648,605			200,956
Total deposits	1,328,664		701,488		241,531		331,238		32,301			22,106


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

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.



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



Bank of America Corporation and Subsidiaries
Consumer Banking Segment Results
(Dollars in millions)
	First Quarter 2019			Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018

Net interest income	$	7,106		$	7,111		$	6,844		$	6,593		$	6,477
Noninterest income:
Card income	1,197			1,339			1,237			1,292			1,234
Service charges	1,020			1,086			1,098			1,072			1,044
All other income	309			427			263			276			225
Total noninterest income	2,526			2,852			2,598			2,640			2,503
Total revenue, net of interest expense	9,632			9,963			9,442			9,233			8,980

Provision for credit losses	974			915			870			944			935

Noninterest expense	4,359			4,442			4,328			4,369			4,548
Income before income taxes	4,299			4,606			4,244			3,920			3,497
Income tax expense	1,053			1,173			1,081			999			893
Net income	$	3,246		$	3,433		$	3,163		$	2,921		$	2,604

Net interest yield	3.96		%	3.92		%	3.77		%	3.67		%	3.71		%
Return on average allocated capital ⁽¹⁾	36			37			34			32			29
Efficiency ratio	45.24			44.58			45.83			47.33			50.64

Balance Sheet
Average
Total loans and leases	$	292,269		$	289,862		$	284,994		$	280,689		$	279,557
Total earning assets⁽²⁾	727,350			719,329			720,643			720,871			707,746
Total assets ⁽²⁾	769,262			759,027			759,665			759,982			746,647
Total deposits	696,939			686,826			687,530			687,812			674,351
Allocated capital ⁽¹⁾	37,000			37,000			37,000			37,000			37,000

Period end
Total loans and leases	$	292,454		$	294,335		$	287,277		$	283,565		$	279,055
Total earning assets⁽²⁾	752,620			728,813			726,486			729,029			735,241
Total assets ⁽²⁾	794,510			768,881			765,498			768,188			774,257
Total deposits	721,727			696,146			692,770			695,530			701,488


⁽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.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.



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



Bank of America Corporation and Subsidiaries
Consumer Banking Key Indicators
(Dollars in millions)
	First Quarter 2019			Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018
	First Quarter 2019			Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018
Average deposit balances
Checking	$	364,908		$	356,609		$	354,013		$	351,686		$	341,204
Savings	51,294			50,968			52,306			54,052			53,068
MMS	242,460			241,576			243,064			242,841			239,714
CDs and IRAs	35,566			34,831			35,225			36,173			37,366
Other	2,711			2,842			2,922			3,060			2,999
Total average deposit balances	$	696,939		$	686,826		$	687,530		$	687,812		$	674,351

Deposit spreads (excludes noninterest costs)
Checking	2.31		%	2.23		%	2.18		%	2.13		%	2.08		%
Savings	2.53			2.49			2.45			2.40			2.37
MMS	2.45			2.29			2.15			2.00			1.85
CDs and IRAs	2.42			2.40			2.22			2.02			1.73
Other	2.78			2.61			2.47			2.16			1.73
Total deposit spreads	2.38			2.28			2.19			2.10			2.00

Consumer Investment Assets	$	210,930		$	185,881		$	203,882		$	191,472		$	182,110

Active digital banking users (units in thousands) ⁽¹⁾	37,034			36,264			36,174			35,722			35,518
Active mobile banking users (units in thousands)	27,127			26,433			25,990			25,335			24,801
Financial centers	4,353			4,341			4,385			4,433			4,452
ATMs	16,378			16,255			16,089			16,050			16,011

Total U.S. credit card ⁽²⁾
Loans
Average credit card outstandings	$	95,008		$	95,766		$	94,710		$	93,531		$	94,423
Ending credit card outstandings	93,009			98,338			94,829			94,790			93,014
Credit quality
Net charge-offs	$	745		$	699		$	698		$	739		$	701
	3.18		%	2.90		%	2.92		%	3.17		%	3.01		%
30+ delinquency	$	1,932		$	1,989		$	1,805		$	1,695		$	1,795
	2.08		%	2.02		%	1.90		%	1.79		%	1.93		%
90+ delinquency	$	1,005		$	994		$	872		$	865		$	925
	1.08		%	1.01		%	0.92		%	0.91		%	0.99		%
Other Total U.S. credit card indicators ⁽²⁾
Gross interest yield	10.80		%	10.49		%	10.20		%	9.86		%	9.93		%
Risk-adjusted margin	8.03			8.73			8.08			7.96			8.22
New accounts (in thousands)	1,034			1,048			1,116			1,186			1,194
Purchase volumes	$	62,751		$	70,048		$	66,490		$	66,821		$	61,347

Debit card data
Purchase volumes	$	78,494		$	81,893		$	79,920		$	80,697		$	76,052

Loan production ⁽³⁾
Total ⁽⁴⁾:
First mortgage	$	11,460		$	9,417		$	10,682		$	11,672		$	9,424
Home equity	2,825			3,640			3,399			4,081			3,749
Consumer Banking:
First mortgage	$	8,155		$	6,227		$	7,208		$	7,881		$	5,964
Home equity	2,485			3,209			3,053			3,644			3,345


⁽¹⁾	Digital users represents mobile and/or online users.


⁽²⁾	In addition to the U.S. credit card portfolio in Consumer Banking, the remaining U.S. credit card portfolio is in GWIM.


⁽³⁾	The above 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.


⁽⁴⁾	In addition to loan production in Consumer Banking, there is also first mortgage and home equity loan production in GWIM.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.



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



Bank of America Corporation and Subsidiaries
Consumer Banking Quarterly Results
(Dollars in millions)
	First Quarter 2019									Fourth Quarter 2018
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	7,106		$	4,307		$	2,799		$	7,111		$	4,280		$	2,831
Noninterest income:
Card income	1,197			(7		)	1,204			1,339			(8		)	1,347
Service charges	1,020			1,020			—			1,086			1,084			2
All other income	309			232			77			427			255			172
Total noninterest income	2,526			1,245			1,281			2,852			1,331			1,521
Total revenue, net of interest expense	9,632			5,552			4,080			9,963			5,611			4,352

Provision for credit losses	974			46			928			915			60			855

Noninterest expense	4,359			2,640			1,719			4,442			2,669			1,773
Income before income taxes	4,299			2,866			1,433			4,606			2,882			1,724
Income tax expense	1,053			702			351			1,173			734			439
Net income	$	3,246		$	2,164		$	1,082		$	3,433		$	2,148		$	1,285

Net interest yield	3.96		%	2.52		%	3.95		%	3.92		%	2.48		%	3.94		%
Return on average allocated capital ⁽¹⁾	36			73			18			37			71			20
Efficiency ratio	45.24			47.54			42.12			44.58			47.56			40.74

Balance Sheet
Average
Total loans and leases	$	292,269		$	5,313		$	286,956		$	289,862		$	5,302		$	284,560
Total earning assets ⁽²⁾	727,350			693,051			287,259			719,329			684,600			284,920
Total assets ⁽²⁾	769,262			724,493			297,729			759,027			713,679			295,539
Total deposits	696,939			692,172			4,767			686,826			681,478			5,348
Allocated capital ⁽¹⁾	37,000			12,000			25,000			37,000			12,000			25,000

Period end
Total loans and leases	$	292,454		$	5,283		$	287,171		$	294,335		$	5,470		$	288,865
Total earning assets ⁽²⁾	752,620			717,753			287,661			728,813			694,672			289,249
Total assets ⁽²⁾	794,510			748,742			298,562			768,881			724,019			299,970
Total deposits	721,727			716,345			5,382			696,146			691,666			4,480

										First Quarter 2018
										Total Consumer Banking			Deposits			Consumer Lending
Net interest income										$	6,477		$	3,712		$	2,765
Noninterest income:
Card income										1,234			(7		)	1,241
Service charges										1,044			1,044			—
All other income										225			130			95
Total noninterest income										2,503			1,167			1,336
Total revenue, net of interest expense										8,980			4,879			4,101

Provision for credit losses										935			41			894

Noninterest expense										4,548			2,720			1,828
Income before income taxes										3,497			2,118			1,379
Income tax expense										893			541			352
Net income										$	2,604		$	1,577		$	1,027

Net interest yield										3.71		%	2.23		%	4.08		%
Return on average allocated capital ⁽¹⁾										29			53			17
Efficiency ratio										50.64			55.75			44.57

Balance Sheet
Average
Total loans and leases										$	279,557		$	5,170		$	274,387
Total earning assets ⁽²⁾										707,746			673,633			274,748
Total assets ⁽²⁾										746,647			701,418			285,864
Total deposits										674,351			668,983			5,368
Allocated capital ⁽¹⁾										37,000			12,000			25,000

Period end
Total loans and leases										$	279,055		$	5,111		$	273,944
Total earning assets ⁽²⁾										735,241			700,415			274,977
Total assets ⁽²⁾										774,257			728,065			286,343
Total deposits										701,488			695,514			5,974


⁽¹⁾	Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.


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

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.



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



Bank of America Corporation and Subsidiaries
Global Wealth & Investment Management Segment Results
(Dollars in millions)
	First Quarter 2019			Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018

Net interest income	$	1,684		$	1,612		$	1,531		$	1,538		$	1,584
Noninterest income:
Investment and brokerage services	2,842			2,978			3,004			2,937			3,040
All other income	294			448			282			267			232
Total noninterest income	3,136			3,426			3,286			3,204			3,272
Total revenue, net of interest expense	4,820			5,038			4,817			4,742			4,856

Provision for credit losses	5			23			13			12			38

Noninterest expense	3,426			3,560			3,440			3,426			3,580
Income before income taxes	1,389			1,455			1,364			1,304			1,238
Income tax expense	340			370			348			332			316
Net income	$	1,049		$	1,085		$	1,016		$	972		$	922

Net interest yield	2.40		%	2.41		%	2.37		%	2.42		%	2.44		%
Return on average allocated capital ⁽¹⁾	29			30			28			27			26
Efficiency ratio	71.07			70.65			71.43			72.23			73.74

Balance Sheet
Average
Total loans and leases	$	164,403		$	163,516		$	161,869		$	160,833		$	159,095
Total earning assets ⁽²⁾	285,033			265,039			256,286			255,147			262,776
Total assets ⁽²⁾	297,123			283,264			273,582			272,318			279,716
Total deposits	261,831			247,427			238,291			236,214			243,077
Allocated capital ⁽¹⁾	14,500			14,500			14,500			14,500			14,500

Period end
Total loans and leases	$	164,483		$	164,854		$	162,191		$	162,034		$	159,636
Total earning assets ⁽²⁾	284,470			287,199			258,562			253,912			262,431
Total assets ⁽²⁾	296,785			305,907			276,146			270,915			279,332
Total deposits	261,168			268,700			239,654			233,925			241,531


⁽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.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.



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



Bank of America Corporation and Subsidiaries
Global Wealth & Investment Management Key Indicators
(Dollars in millions, except as noted)
	First Quarter 2019		Fourth Quarter 2018			Third Quarter 2018		Second Quarter 2018		First Quarter 2018
	First Quarter 2019		Fourth Quarter 2018			Third Quarter 2018		Second Quarter 2018		First Quarter 2018
Revenue by Business
Merrill Lynch Global Wealth Management	$	3,965	$	4,153		$	3,951	$	3,887	$	3,996
Bank of America Private Bank ⁽¹⁾	855		875			866		854		860
Other	—		10			—		1		—
Total revenue, net of interest expense	$	4,820	$	5,038		$	4,817	$	4,742	$	4,856

Client Balances by Business, at period end
Merrill Lynch Global Wealth Management	$	2,384,492	$	2,193,562		$	2,385,479	$	2,311,598	$	2,284,803
Bank of America Private Bank	452,477		427,294			455,894		442,608		440,683
Total client balances	$	2,836,969	$	2,620,856		$	2,841,373	$	2,754,206	$	2,725,486

Client Balances by Type, at period end
Assets under management ⁽²⁾	$	1,126,255	$	1,021,221		$	1,144,375	$	1,101,001	$	1,084,717
Brokerage and other assets	1,282,091		1,162,997			1,292,219		1,254,135		1,236,799
Deposits	261,168		268,700			239,654		233,925		241,531
Loans and leases ⁽³⁾	167,455		167,938			165,125		165,145		162,439
Total client balances	$	2,836,969	$	2,620,856		$	2,841,373	$	2,754,206	$	2,725,486

Assets Under Management Rollforward
Assets under management, beginning balance	$	1,021,221	$	1,144,375		$	1,101,001	$	1,084,717	$	1,080,747
Net client flows	13,473		(6,181		)	7,572		10,775		24,240
Market valuation/other	91,561		(116,973		)	35,802		5,509		(20,270		)
Total assets under management, ending balance	$	1,126,255	$	1,021,221		$	1,144,375	$	1,101,001	$	1,084,717

Associates, at period end ⁽⁴⁾
Number of financial advisors	17,534		17,518			17,456		17,442		17,367
Total wealth advisors, including financial advisors	19,523		19,459			19,343		19,350		19,276
Total primary sales professionals, including financial advisors and wealth advisors	20,656		20,586			20,466		20,451		20,405

Merrill Lynch Global Wealth Management Metric
Financial advisor productivity ⁽⁵⁾ (in thousands)	$	1,039	$	1,046		$	1,035	$	1,017	$	1,038

Bank of America Private Bank Metric, at period end
Primary sales professionals	1,795		1,748			1,711		1,723		1,738


⁽¹⁾	Previously known as U.S. Trust.


⁽²⁾	Defined as managed assets under advisory and/or discretion of GWIM.


⁽³⁾	Includes margin receivables which are classified in customer and other receivables on the Consolidated Balance Sheet.


⁽⁴⁾	Includes financial advisors in the Consumer Banking segment of 2,773, 2,722, 2,618, 2,622 and 2,538 at March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018, respectively.


⁽⁵⁾	Financial advisor productivity is defined as annualized Merrill Lynch Global Wealth Management total revenue, excluding the allocation of certain asset and liability management (ALM) activities, divided by the total average number of financial advisors (excluding financial advisors in the Consumer Banking segment).

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.



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



Bank of America Corporation and Subsidiaries
Global Banking Segment Results
(Dollars in millions)
	First Quarter 2019			Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018

Net interest income	$	2,790		$	2,849		$	2,726		$	2,739		$	2,679
Noninterest income:
Service charges	713			743			753			768			763
Investment banking fees	709			760			644			743			744
All other income	943			817			700			764			809
Total noninterest income	2,365			2,320			2,097			2,275			2,316
Total revenue, net of interest expense	5,155			5,169			4,823			5,014			4,995

Provision for credit losses	111			85			(70		)	(23		)	16

Noninterest expense	2,266			2,127			2,142			2,185			2,291
Income before income taxes	2,778			2,957			2,751			2,852			2,688
Income tax expense	750			769			714			741			699
Net income	$	2,028		$	2,188		$	2,037		$	2,111		$	1,989

Net interest yield	2.98		%	2.99		%	2.99		%	3.01		%	3.00		%
Return on average allocated capital ⁽¹⁾	20			21			20			21			20
Efficiency ratio	43.96			41.15			44.42			43.57			45.87

Balance Sheet
Average
Total loans and leases	$	370,108		$	357,410		$	352,712		$	355,088		$	351,689
Total earning assets ⁽²⁾	380,308			378,163			362,316			364,587			361,822
Total assets ⁽²⁾	434,920			440,522			423,643			424,540			421,863
Total deposits	349,037			359,642			337,685			323,215			324,405
Allocated capital ⁽¹⁾	41,000			41,000			41,000			41,000			41,000

Period end
Total loans and leases	$	373,017		$	365,717		$	352,332		$	355,473		$	355,165
Total earning assets ⁽²⁾	381,490			377,812			368,095			364,428			365,895
Total assets ⁽²⁾	436,066			442,330			430,846			426,448			425,328
Total deposits	343,897			360,248			350,748			326,029			331,238


⁽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.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.



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



Bank of America Corporation and Subsidiaries
Global Banking Key Indicators
(Dollars in millions)
	First Quarter 2019			Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018
	First Quarter 2019			Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018
Investment Banking fees ⁽¹⁾
Advisory ⁽²⁾	$	303		$	370		$	237		$	269		$	276
Debt issuance	327			309			295			367			356
Equity issuance	79			81			112			107			112
Total Investment Banking fees⁽³⁾	$	709		$	760		$	644		$	743		$	744

Business Lending
Corporate	$	1,045		$	1,051		$	987		$	1,120		$	1,076
Commercial	1,034			1,066			1,025			973			975
Business Banking	94			96			99			99			98
Total Business Lending revenue	$	2,173		$	2,213		$	2,111		$	2,192		$	2,149

Global Transaction Services
Corporate	$	1,007		$	1,004		$	951		$	956		$	921
Commercial	891			872			832			829			813
Business Banking	266			266			248			241			232
Total Global Transaction Services revenue	$	2,164		$	2,142		$	2,031		$	2,026		$	1,966

Average deposit balances
Interest-bearing	$	174,924		$	163,465		$	140,126		$	120,427		$	113,312
Noninterest-bearing	174,113			196,177			197,559			202,788			211,093
Total average deposits	$	349,037		$	359,642		$	337,685		$	323,215		$	324,405

Loan spread	1.44		%	1.43		%	1.48		%	1.54		%	1.53		%

Provision for credit losses	$	111		$	85		$	(70	)	$	(23	)	$	16

Credit quality ^{(4, 5)}
Reservable criticized utilized exposure	$	10,308		$	9,488		$	10,065		$	10,482		$	11,865
	2.62		%	2.43		%	2.68		%	2.77		%	3.13		%

Nonperforming loans, leases and foreclosed properties	$	1,087		$	1,004		$	746		$	1,133		$	1,286
	0.29		%	0.28		%	0.21		%	0.32		%	0.36		%

Average loans and leases by product
U.S. commercial	$	214,642		$	206,350		$	201,372		$	202,879		$	200,726
Non-U.S. commercial	82,663			77,818			78,255			79,390			78,716
Commercial real estate	50,517			50,974			51,252			50,745			49,777
Commercial lease financing	22,286			22,266			21,831			22,069			22,469
Other	—			2			2			5			1
Total average loans and leases	$	370,108		$	357,410		$	352,712		$	355,088		$	351,689

Total Corporation Investment Banking fees
Advisory ⁽²⁾	$	343		$	397		$	262		$	303		$	296
Debt issuance	748			699			684			874			827
Equity issuance	234			272			307			290			314
Total investment banking fees including self-led deals	1,325			1,368			1,253			1,467			1,437
Self-led deals	(61		)	(20		)	(49		)	(45		)	(84		)
Total Investment Banking fees	$	1,264		$	1,348		$	1,204		$	1,422		$	1,353


⁽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.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.



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



Bank of America Corporation and Subsidiaries
Global Markets Segment Results
(Dollars in millions)
	First Quarter 2019			Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018

Net interest income	$	953		$	936		$	933		$	968		$	1,020
Noninterest income:
Investment and brokerage services	444			474			388			430			488
Investment banking fees	537			514			522			651			609
Trading account income	2,082			1,132			1,551			2,020			2,557
All other income	165			191			479			182			138
Total noninterest income	3,228			2,311			2,940			3,283			3,792
Total revenue, net of interest expense ⁽¹⁾	4,181			3,247			3,873			4,251			4,812

Provision for credit losses	(23		)	6			(2		)	(1		)	(3		)

Noninterest expense	2,755			2,553			2,633			2,726			2,923
Income before income taxes	1,449			688			1,242			1,526			1,892
Income tax expense	413			178			323			397			492
Net income	$	1,036		$	510		$	919		$	1,129		$	1,400

Return on average allocated capital ⁽²⁾	12		%	6		%	10		%	13		%	16		%
Efficiency ratio	65.91			78.58			68.00			64.15			60.75

Balance Sheet
Average
Total trading-related assets	$	474,303		$	463,998		$	460,279		$	473,126		$	463,169
Total loans and leases	70,080			70,609			71,231			75,053			73,763
Total earning assets	472,414			458,331			459,073			490,482			486,107
Total assets	664,052			655,069			652,481			678,501			678,354
Total deposits	31,366			31,077			30,721			30,736			32,320
Allocated capital ⁽²⁾	35,000			35,000			35,000			35,000			35,000

Period end
Total trading-related assets	$	485,637		$	447,998		$	456,643		$	441,657		$	450,512
Total loans and leases	70,052			73,928			73,023			73,496			75,638
Total earning assets	470,700			457,224			447,304			454,706			478,857
Total assets	671,123			641,923			646,359			637,110			648,605
Total deposits	31,073			37,841			41,102			31,450			32,301

Trading-related assets (average)
Trading account securities	$	225,254		$	225,335		$	215,397		$	209,271		$	210,278
Reverse repurchases	122,753			119,341			124,842			132,257			123,948
Securities borrowed	84,343			75,374			74,648			83,282			82,376
Derivative assets	41,953			43,948			45,392			48,316			46,567
Total trading-related assets	$	474,303		$	463,998		$	460,279		$	473,126		$	463,169


⁽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 21.


⁽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.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.



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



Bank of America Corporation and Subsidiaries
Global Markets Key Indicators
(Dollars in millions)
	First Quarter 2019		Fourth Quarter 2018		Third Quarter 2018		Second Quarter 2018		First Quarter 2018
	First Quarter 2019		Fourth Quarter 2018		Third Quarter 2018		Second Quarter 2018		First Quarter 2018
Sales and trading revenue ⁽¹⁾
Fixed-income, currencies and commodities	$	2,279	$	1,517	$	1,989	$	2,132	$	2,633
Equities	1,181		1,071		998		1,319		1,512
Total sales and trading revenue	$	3,460	$	2,588	$	2,987	$	3,451	$	4,145

Sales and trading revenue, excluding net debit valuation adjustment ⁽²⁾
Fixed-income, currencies and commodities	$	2,358	$	1,472	$	2,069	$	2,316	$	2,556
Equities	1,192		1,064		1,017		1,314		1,525
Total sales and trading revenue, excluding net debit valuation adjustment	$	3,550	$	2,536	$	3,086	$	3,630	$	4,081

Sales and trading revenue breakdown
Net interest income	$	750	$	806	$	813	$	842	$	895
Commissions	433		463		378		420		476
Trading	2,081		1,131		1,550		2,020		2,556
Other	196		188		246		169		218
Total sales and trading revenue	$	3,460	$	2,588	$	2,987	$	3,451	$	4,145


⁽¹⁾	Includes Global Banking sales and trading revenue of $115 million, $126 million, $51 million, $79 million and $165 million for the first quarter of 2019 and the fourth, third, second and first quarters of 2018, 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.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.



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



Bank of America Corporation and Subsidiaries
All Other Results ⁽¹⁾
(Dollars in millions)
	First Quarter 2019			Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018
	First Quarter 2019			Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018
Net interest income	$	(5	)	$	151		$	178		$	144		$	159
Noninterest income (loss)	(626		)	(736		)	(258		)	(681		)	(582		)
Total revenue, net of interest expense	(631		)	(585		)	(80		)	(537		)	(423		)

Provision for credit losses	(54		)	(124		)	(95		)	(105		)	(152		)

Noninterest expense	418			392			471			518			500
Loss before income taxes	(995		)	(853		)	(456		)	(950		)	(771		)
Income tax expense (benefit)	(947		)	(915		)	(488		)	(601		)	(774		)
Net income (loss)	$	(48	)	$	62		$	32		$	(349	)	$	3

Balance Sheet
Average
Total loans and leases	$	47,160		$	53,324		$	59,930		$	63,155		$	67,811
Total assets ⁽²⁾	195,635			196,704			208,458			187,337			199,298
Total deposits	20,691			19,979			22,118			22,682			23,115

Period end
Total loans and leases	$	45,609		$	48,061		$	54,978		$	61,256		$	64,584
Total assets ⁽³⁾	178,680			195,466			219,984			189,009			200,956
Total deposits	21,472			18,541			21,375			22,757			22,106

⁽¹⁾

All Other consists of ALM activities, equity investments, non-core mortgage loans and servicing activities, liquidating businesses and certain expenses not otherwise allocated to a business segment. ALM activities encompass certain residential mortgages, debt securities, and interest rate and foreign currency risk management activities. Substantially all of the results of ALM activities are allocated to our business segments. Equity investments include our merchant services joint venture, as well as a portfolio of equity, real estate and other alternative investments.


⁽²⁾	Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $542.4 billion, $525.6 billion, $516.3 billion, $519.6 billion and $514.6 billion for the first quarter of 2019 and fourth, third, second and first quarters of 2018, respectively.


⁽³⁾	Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $566.8 billion, $540.8 billion, $529.8 billion, $522.2 billion and $543.3 billion at March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018, respectively.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.



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



Bank of America Corporation and Subsidiaries
Outstanding Loans and Leases
(Dollars in millions)
	March 31 2019		December 31 2018		March 31 2018
Consumer
Residential mortgage	$	212,023	$	208,557	$	204,112
Home equity	46,241		48,286		55,308
U.S. credit card	93,009		98,338		93,014
Direct/Indirect consumer ⁽¹⁾	89,548		91,166		93,942
Other consumer ⁽²⁾	152		202		131
Total consumer loans excluding loans accounted for under the fair value option	440,973		446,549		446,507
Consumer loans accounted for under the fair value option ⁽³⁾	668		682		894
Total consumer	441,641		447,231		447,401

Commercial
U.S. commercial	300,399		299,277		288,476
Non-U.S. commercial	101,029		98,776		97,365
Commercial real estate ⁽⁴⁾	61,215		60,845		60,085
Commercial lease financing	21,196		22,534		21,764
	483,839		481,432		467,690
U.S. small business commercial ⁽⁵⁾	14,616		14,565		13,892
Total commercial loans excluding loans accounted for under the fair value option	498,455		495,997		481,582
Commercial loans accounted for under the fair value option ⁽³⁾	5,519		3,667		5,095
Total commercial	503,974		499,664		486,677
Total loans and leases	$	945,615	$	946,895	$	934,078

⁽¹⁾

Includes auto and specialty lending loans and leases of $49.9 billion, $50.1 billion and $51.8 billion, unsecured consumer lending loans of $355 million, $383 million and $428 million, U.S. securities-based lending loans of $35.8 billion, $37.0 billion and $38.1 billion, non-U.S. consumer loans of $2.8 billion, $2.9 billion and $2.9 billion and other consumer loans of $697 million, $746 million and $676 million at March 31, 2019, December 31, 2018 and March 31, 2018, respectively.


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

⁽³⁾

Consumer loans accounted for under the fair value option include residential mortgage loans of $315 million, $336 million and $523 million and home equity loans of $353 million, $346 million and $371 million at March 31, 2019, December 31, 2018 and March 31, 2018, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $2.8 billion, $2.5 billion and $3.2 billion and non-U.S. commercial loans of $2.7 billion, $1.1 billion and $1.9 billion at March 31, 2019, December 31, 2018 and March 31, 2018, respectively.


⁽⁴⁾	Includes U.S. commercial real estate loans of $56.8 billion, $56.6 billion and $55.6 billion and non-U.S. commercial real estate loans of $4.4 billion, $4.2 billion and $4.5 billion at March 31, 2019, December 31, 2018 and March 31, 2018, respectively.


⁽⁵⁾	Includes card-related products.

Certain prior period amounts have been reclassified to conform to current period presentation.



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



Bank of America Corporation and Subsidiaries
Quarterly Average Loans and Leases by Business Segment and All Other
(Dollars in millions)
	First Quarter 2019
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	210,174	$	93,881	$	76,822	$	—	$	—	$	39,471
Home equity	47,690		35,816		3,575		—		348		7,951
U.S. credit card	95,008		92,213		2,795		—		—		—
Direct/Indirect and other consumer	90,430		50,602		39,824		—		—		4
Total consumer	443,302		272,512		123,016		—		348		47,426

Commercial
U.S. commercial	316,089		19,744		37,727		214,642		43,766		210
Non-U.S. commercial	101,996		—		107		82,663		19,198		28
Commercial real estate	60,859		13		3,550		50,517		6,768		11
Commercial lease financing	21,774		—		3		22,286		—		(515		)
Total commercial	500,718		19,757		41,387		370,108		69,732		(266		)
Total loans and leases	$	944,020	$	292,269	$	164,403	$	370,108	$	70,080	$	47,160

	Fourth Quarter 2018
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	209,646	$	90,307	$	75,895	$	2	$	4	$	43,438
Home equity	50,757		36,664		3,652		—		345		10,096
U.S. credit card	95,766		92,752		3,014		—		—		—
Direct/Indirect and other consumer	91,458		50,692		40,762		—		—		4
Total consumer	447,627		270,415		123,323		2		349		53,538

Commercial
U.S. commercial	308,557		19,433		36,527		206,350		45,992		255
Non-U.S. commercial	95,937		—		113		77,818		17,939		67
Commercial real estate	60,876		14		3,550		50,974		6,329		9
Commercial lease financing	21,724		—		3		22,266		—		(545		)
Total commercial	487,094		19,447		40,193		357,408		70,260		(214		)
Total loans and leases	$	934,721	$	289,862	$	163,516	$	357,410	$	70,609	$	53,324

	First Quarter 2018
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	204,830	$	77,265	$	72,587	$	—	$	—	$	54,978
Home equity	56,952		39,407		3,997		—		362		13,186
U.S. credit card	94,423		91,372		3,051		—		—		—
Direct/Indirect and other consumer	95,292		52,867		42,419		1		—		5
Total consumer	451,497		260,911		122,054		1		362		68,169

Commercial
U.S. commercial	299,850		18,626		33,333		200,726		46,933		232
Non-U.S. commercial	99,504		—		27		78,716		20,737		24
Commercial real estate	59,231		20		3,678		49,777		5,731		25
Commercial lease financing	21,833		—		3		22,469		—		(639		)
Total commercial	480,418		18,646		37,041		351,688		73,401		(358		)
Total loans and leases	$	931,915	$	279,557	$	159,095	$	351,689	$	73,763	$	67,811

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.



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



Bank of America Corporation and Subsidiaries
Commercial Credit Exposure by Industry ^{(1, 2, 3, 4)}
(Dollars in millions)
	Commercial Utilized						Total Commercial Committed
	March 31 2019		December 31 2018		March 31 2018		March 31 2019		December 31 2018		March 31 2018
Asset managers and funds	$	67,300	$	71,756	$	70,819	$	104,843	$	107,888	$	103,466
Real estate ⁽⁵⁾	66,568		65,328		64,507		87,529		86,514		88,750
Capital goods	38,628		39,192		39,560		73,686		75,080		73,650
Finance companies	36,432		36,662		31,984		57,199		56,659		52,392
Healthcare equipment and services	36,095		35,763		37,456		56,488		56,489		58,960
Government and public education	42,950		43,675		47,499		54,321		54,749		57,269
Materials	28,203		27,347		26,213		52,286		51,865		50,569
Retailing	25,943		25,333		25,679		45,945		47,507		45,241
Food, beverage and tobacco	23,978		23,586		22,351		43,153		42,745		44,620
Consumer services	25,514		25,702		27,160		42,788		43,298		43,005
Commercial services and supplies	21,549		22,623		22,686		38,768		39,349		36,387
Energy	14,643		13,727		15,888		32,842		32,279		35,564
Transportation	23,519		22,814		21,652		32,099		31,523		30,121
Global commercial banks	28,262		26,269		28,142		30,535		28,321		30,218
Utilities	12,208		12,035		11,515		30,146		27,623		28,639
Individuals and trusts	18,628		18,643		19,276		25,159		25,019		25,161
Technology hardware and equipment	11,514		13,014		10,116		24,398		26,228		21,691
Media	11,676		12,132		13,089		23,641		24,502		36,778
Vehicle dealers	18,100		17,603		16,621		21,168		20,446		20,409
Software and services	9,658		8,809		7,971		20,727		19,172		20,757
Pharmaceuticals and biotechnology	6,638		7,430		4,785		18,660		23,634		20,116
Consumer durables and apparel	9,870		9,904		9,286		18,625		20,199		18,535
Telecommunication services	8,695		8,686		6,234		16,158		14,166		12,823
Automobiles and components	7,632		7,131		7,097		14,143		13,893		13,993
Insurance	5,841		8,674		6,230		13,834		15,807		12,853
Food and staples retailing	5,982		4,787		5,298		9,733		9,093		11,452
Religious and social organizations	4,061		3,757		3,823		6,077		5,620		5,697
Financial markets infrastructure (clearinghouses)	1,776		2,382		1,499		3,491		4,107		3,261
Other	6,067		6,249		5,252		6,067		6,241		5,247
Total commercial credit exposure by industry	$	617,930	$	621,013	$	609,688	$	1,004,509	$	1,010,016	$	1,007,624

⁽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 $32.5 billion, $32.4 billion and $36.5 billion at March 31, 2019, December 31, 2018 and March 31, 2018, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $28.9 billion, $33.0 billion and $36.9 billion, which consists primarily of other marketable securities, at March 31, 2019, December 31, 2018 and March 31, 2018, respectively.

⁽²⁾

Total utilized and total committed exposure includes loans of $5.5 billion, $3.7 billion and $5.1 billion and issued letters of credit with a notional amount of $61 million, $100 million and $193 million accounted for under the fair value option at March 31, 2019, December 31, 2018 and March 31, 2018, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $3.0 billion, $3.0 billion and $4.2 billion at March 31, 2019, December 31, 2018 and March 31, 2018, 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.

Certain prior period amounts have been reclassified to conform to current period presentation.



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



Bank of America Corporation and Subsidiaries
Top 20 Non-U.S. Countries Exposure
(Dollars in millions)
	Funded Loans and Loan Equivalents ⁽¹⁾		Unfunded Loan Commitments		Net Counterparty Exposure		Securities/ Other Investments ⁽²⁾		Country Exposure at March 31 2019		Hedges and Credit Default Protection ⁽³⁾			Net Country Exposure at March 31 2019 ⁽⁴⁾		Increase (Decrease) from December 31 2018
United Kingdom	$	33,105	$	16,444	$	7,001	$	1,681	$	58,231	$	(4,491	)	$	53,740	$	(1,114	)
Germany	23,747		10,421		2,167		955		37,290		(3,338		)	33,952		5,295
Japan	17,976		816		1,693		940		21,425		(1,298		)	20,127		104
Canada	7,453		7,012		1,304		2,286		18,055		(821		)	17,234		(2,281		)
China	11,692		770		714		1,276		14,452		(265		)	14,187		(454		)
France	7,262		5,673		1,246		2,310		16,491		(3,800		)	12,691		40
India	7,725		363		422		4,049		12,559		(166		)	12,393		1,281
Brazil	7,071		589		203		4,065		11,928		(291		)	11,637		1,388
Australia	6,467		3,605		329		1,435		11,836		(409		)	11,427		1,497
South Korea	5,690		588		765		1,994		9,037		(217		)	8,820		(350		)
Netherlands	6,708		2,611		468		392		10,179		(1,549		)	8,630		(2,947		)
Switzerland	4,933		3,359		307		136		8,735		(1,160		)	7,575		(189		)
Hong Kong	5,598		268		446		1,227		7,539		(39		)	7,500		264
Mexico	4,028		1,319		100		1,079		6,526		(174		)	6,352		116
Belgium	4,784		1,008		110		650		6,552		(328		)	6,224		646
Singapore	3,373		160		142		2,333		6,008		(57		)	5,951		434
Spain	3,968		1,325		141		765		6,199		(1,583		)	4,616		(34		)
Italy	2,389		1,511		505		774		5,179		(1,512		)	3,667		586
United Arab Emirates	3,247		257		98		118		3,720		(53		)	3,667		18
Ireland	1,475		1,079		90		129		2,773		(62		)	2,711		550
Total top 20 non-U.S. countries exposure	$	168,691	$	59,178	$	18,251	$	28,594	$	274,714	$	(21,613	)	$	253,101	$	4,850


⁽¹⁾	Includes loans, leases, and other extensions of credit and funds, including letters of credit and due from placements, which have not been reduced by collateral, hedges or credit default protection. Funded loans and loan equivalents are reported net of charge-offs but prior to any allowance for loan and lease losses.


⁽²⁾	Long securities exposures are netted on a single-name basis to, but not below, zero by short exposures and net credit default swaps purchased, consisting of single-name and net indexed and tranched credit default swaps.


⁽³⁾	Represents credit default protection purchased, net of credit default protection sold, which is used to mitigate the Corporation’s risk to country exposures as listed, consisting of net single-name and net indexed and tranched credit default swaps. Amounts are calculated based on the credit default swaps notional amount assuming a zero recovery rate less any fair value receivable or payable.


⁽⁴⁾	Represents country exposure less hedges and credit default protection purchased, net of credit default protection sold.

Certain prior period amounts have been reclassified to conform to current period presentation.



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



Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties
(Dollars in millions)
	March 31 2019			December 31 2018			September 30 2018			June 30 2018			March 31 2018
Residential mortgage	$	1,773		$	1,893		$	2,034		$	2,140		$	2,262
Home equity	1,751			1,893			2,226			2,452			2,598
Direct/Indirect consumer	54			56			46			47			46
Total consumer	3,578			3,842			4,306			4,639			4,906
U.S. commercial	870			794			699			881			1,059
Non-U.S. commercial	80			80			31			170			255
Commercial real estate	213			156			46			117			73
Commercial lease financing	52			18			14			34			27
	1,215			1,048			790			1,202			1,414
U.S. small business commercial	57			54			58			56			58
Total commercial	1,272			1,102			848			1,258			1,472
Total nonperforming loans and leases	4,850			4,944			5,154			5,897			6,378
Foreclosed properties ⁽¹⁾	295			300			295			284			316
Total nonperforming loans, leases and foreclosed properties ^{(2, 3, 4)}	$	5,145		$	5,244		$	5,449		$	6,181		$	6,694

Fully-insured home loans past due 30 days or more and still accruing	$	2,390		$	2,790		$	3,183		$	3,454		$	3,915
Consumer credit card past due 30 days or more and still accruing	1,932			1,989			1,805			1,695			1,795
Other loans past due 30 days or more and still accruing	2,905			3,539			3,255			3,682			3,684
Total loans past due 30 days or more and still accruing ^{(3, 5, 6)}	$	7,227		$	8,318		$	8,243		$	8,831		$	9,394

Fully-insured home loans past due 90 days or more and still accruing	$	1,593		$	1,884		$	2,161		$	2,483		$	2,885
Consumer credit card past due 90 days or more and still accruing	1,005			994			872			865			925
Other loans past due 90 days or more and still accruing	181			352			256			341			234
Total loans past due 90 days or more and still accruing ^{(3, 5, 6)}	$	2,779		$	3,230		$	3,289		$	3,689		$	4,044

Nonperforming loans, leases and foreclosed properties/Total assets ⁽⁷⁾	0.22		%	0.22		%	0.23		%	0.27		%	0.29		%
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties ⁽⁷⁾	0.55			0.56			0.59			0.66			0.72
Nonperforming loans and leases/Total loans and leases ⁽⁷⁾	0.52			0.52			0.56			0.63			0.69

Commercial reservable criticized utilized exposure ⁽⁸⁾	$	11,821		$	11,061		$	11,597		$	12,357		$	13,366
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure ⁽⁸⁾	2.22		%	2.08		%	2.26		%	2.40		%	2.58		%
Total commercial criticized utilized exposure/Commercial utilized exposure ⁽⁸⁾	2.07			1.93			2.16			2.34			2.45


⁽¹⁾	Foreclosed property balances do not include properties insured by certain government-guaranteed loans, principally loans insured by the Federal Housing Administration (FHA), that entered foreclosure of $400 million, $488 million, $500 million, $573 million and $680 million at March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018, respectively.


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


⁽³⁾	Balances do not include purchased credit-impaired loans even though the customer may be contractually past due. Purchased credit-impaired loans were recorded at fair value upon acquisition and accrete interest income over the remaining life of the loan.

⁽⁴⁾ Balances do not include the following:



	March 31 2019		December 31 2018		September 30 2018		June 30 2018		March 31 2018
Nonperforming loans held-for-sale	$	457	$	291	$	177	$	220	$	233
Nonperforming loans accounted for under the fair value option	67		12		16		46		37

⁽⁵⁾

Balances do not include loans held-for-sale past due 30 days or more and still accruing of $4 million, $53 million, $30 million, $28 million and $83 million at March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018, respectively, and loans held-for-sale past due 90 days or more and still accruing of $1 million, $2 million, $8 million, $11 million and $8 million at March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018, respectively. At March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018, there were $6 million, $10 million, $21 million, $24 million and $27 million, respectively, of loans accounted for under the fair value option past due 30 days or more and still accruing interest.


⁽⁶⁾	These balances are excluded from total nonperforming loans, leases and foreclosed properties.


⁽⁷⁾	Total assets and total loans and leases do not include loans accounted for under the fair value option of $6.2 billion, $4.3 billion, $5.7 billion, $6.2 billion and $6.0 billion at March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018, respectively.


⁽⁸⁾	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.

Certain prior period amounts have been reclassified to conform to current period presentation.



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 Activity ⁽¹⁾
(Dollars in millions)
	First Quarter 2019			Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018
Nonperforming Consumer Loans and Leases:
Balance, beginning of period	$	3,842		$	4,306		$	4,639		$	4,906		$	5,166
Additions	391			545			484			599			812
Reductions:
Paydowns and payoffs	(188		)	(214		)	(238		)	(261		)	(245		)
Sales	(164		)	(438		)	(145		)	(117		)	(269		)
Returns to performing status ⁽²⁾	(249		)	(274		)	(309		)	(336		)	(364		)
Charge-offs ⁽³⁾	(28		)	(51		)	(89		)	(114		)	(147		)
Transfers to foreclosed properties	(26		)	(32		)	(36		)	(38		)	(45		)
Transfers to loans held-for-sale	—			—			—			—			(2		)
Total net reductions to nonperforming loans and leases	(264		)	(464		)	(333		)	(267		)	(260		)
Total nonperforming consumer loans and leases, end of period	3,578			3,842			4,306			4,639			4,906
Foreclosed properties	236			244			265			263			264
Nonperforming consumer loans, leases and foreclosed properties, end of period	$	3,814		$	4,086		$	4,571		$	4,902		$	5,170

Nonperforming Commercial Loans and Leases ⁽⁴⁾:
Balance, beginning of period	$	1,102		$	848		$	1,258		$	1,472		$	1,304
Additions	640			500			235			244			436
Reductions:
Paydowns	(108		)	(122		)	(287		)	(193		)	(169		)
Sales	(43		)	(6		)	(130		)	(50		)	(24		)
Return to performing status ⁽⁵⁾	(34		)	(33		)	(95		)	(91		)	(27		)
Charge-offs	(97		)	(85		)	(116		)	(112		)	(48		)
Transfers to foreclosed properties	(7		)	—			(12		)	—			—
Transfers to loans held-for-sale	(181		)	—			(5		)	(12		)	—
Total net additions (reductions) to nonperforming loans and leases	170			254			(410		)	(214		)	168
Total nonperforming commercial loans and leases, end of period	1,272			1,102			848			1,258			1,472
Foreclosed properties	59			56			30			21			52
Nonperforming commercial loans, leases and foreclosed properties, end of period	$	1,331		$	1,158		$	878		$	1,279		$	1,524


⁽¹⁾	For amounts excluded from nonperforming loans, leases and foreclosed properties, see footnotes to Nonperforming Loans, Leases and Foreclosed Properties table on page 27.

⁽²⁾

Consumer loans and leases may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection. Certain troubled debt restructurings are classified as nonperforming at the time of restructuring and may only be returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period, generally six months.


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


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

⁽⁵⁾

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

Certain prior period amounts have been reclassified to conform to current period presentation.



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



Bank of America Corporation and Subsidiaries
Quarterly Net Charge-offs and Net Charge-off Ratios ⁽¹⁾
(Dollars in millions)
	First Quarter 2019					Fourth Quarter 2018					Third Quarter 2018					Second Quarter 2018					First Quarter 2018
	Amount			Percent		Amount			Percent		Amount			Percent		Amount			Percent		Amount			Percent
Net Charge-offs
Residential mortgage ⁽²⁾	$	(16	)	(0.03	)%	$	15		0.03	%	$	12		0.02	%	$	7		0.01	%	$	(6	)	(0.01	)%
Home equity	11			0.10		(15		)	(0.12	)	(20		)	(0.15	)	—			—		33			0.23
U.S. credit card	745			3.18		699			2.90		698			2.92		739			3.17		701			3.01
Direct/Indirect consumer	54			0.24		53			0.23		42			0.18		41			0.18		59			0.25
Other consumer	41			n/m		52			n/m		44			n/m		43			n/m		43			n/m
Total consumer	835			0.77		804			0.71		776			0.69		830			0.74		830			0.75
U.S. commercial	83			0.11		43			0.06		70			0.10		78			0.11		24			0.03
Non-U.S. commercial	—			—		20			0.09		25			0.10		19			0.08		4			0.02
Commercial real estate	5			0.03		(2		)	(0.02	)	2			0.02		4			0.03		(3		)	(0.02	)
Commercial lease financing	—			—		(1		)	(0.01	)	—			—		1			0.01		(1		)	(0.01	)
	88			0.07		60			0.05		97			0.08		102			0.09		24			0.02
U.S. small business commercial	68			1.90		60			1.65		59			1.67		64			1.82		57			1.67
Total commercial	156			0.13		120			0.10		156			0.13		166			0.14		81			0.07
Total net charge-offs	$	991		0.43		$	924		0.39		$	932		0.40		$	996		0.43		$	911		0.40

By Business Segment and All Other
Consumer Banking	$	925		1.28	%	$	889		1.22	%	$	853		1.19	%	$	896		1.28	%	$	877		1.27	%
Global Wealth & Investment Management	12			0.03		8			0.02		13			0.03		15			0.04		25			0.06
Global Banking	82			0.09		56			0.06		85			0.10		86			0.10		19			0.02
Global Markets	—			—		—			—		3			0.02		14			0.08		6			0.03
All Other	(28		)	(0.24	)	(29		)	(0.22	)	(22		)	(0.15	)	(15		)	(0.10	)	(16		)	(0.10	)
Total net charge-offs	$	991		0.43		$	924		0.39		$	932		0.40		$	996		0.43		$	911		0.40


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


⁽²⁾	Includes loan sales charge-offs (recoveries) of $(10) million, $25 million, $6 million, $(5) million and $(18) million for the first quarter of 2019 and fourth, third, second and first quarters of 2018, respectively.

n/m = not meaningful

Certain prior period amounts have been reclassified to conform to current period presentation.



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



Bank of America Corporation and Subsidiaries
Allocation of the Allowance for Credit Losses by Product Type
(Dollars in millions)
	March 31, 2019						December 31, 2018						March 31, 2018
	Amount		Percent of Total		Percent of Loans and Leases Outstanding ^{(1, 2)}		Amount		Percent of Total		Percent of Loans and Leases Outstanding ^{(1, 2)}		Amount		Percent of Total		Percent of Loans and Leases Outstanding ^{(1, 2)}
Allowance for loan and lease losses
Residential mortgage	$	379	3.96	%	0.18	%	$	422	4.40	%	0.20	%	$	611	5.96	%	0.30	%
Home equity	443		4.63		0.96		506		5.27		1.05		919		8.96		1.66
U.S. credit card	3,666		38.27		3.94		3,597		37.47		3.66		3,425		33.38		3.68
Direct/Indirect consumer	238		2.49		0.27		248		2.58		0.27		265		2.58		0.28
Other consumer	30		0.31		n/m		29		0.30		n/m		30		0.29		n/m
Total consumer	4,756		49.66		1.08		4,802		50.02		1.08		5,250		51.17		1.18
U.S. commercial ⁽³⁾	2,997		31.29		0.95		3,010		31.35		0.96		3,091		30.12		1.02
Non-U.S.commercial	705		7.36		0.70		677		7.05		0.69		801		7.81		0.82
Commercial real estate	965		10.08		1.58		958		9.98		1.57		953		9.29		1.59
Commercial lease financing	154		1.61		0.73		154		1.60		0.68		165		1.61		0.76
Total commercial	4,821		50.34		0.97		4,799		49.98		0.97		5,010		48.83		1.04
Allowance for loan and lease losses	9,577		100.00	%	1.02		9,601		100.00	%	1.02		10,260		100.00	%	1.11
Reserve for unfunded lending commitments	802						797						782
Allowance for credit losses	$	10,379					$	10,398					$	11,042

Asset Quality Indicators
Allowance for loan and lease losses/Total loans and leases ⁽²⁾			1.02	%					1.02	%					1.11	%
Allowance for loan and lease losses/Total nonperforming loans and leases⁽⁴⁾			197						194						161
Ratio of the allowance for loan and lease losses/Annualized net charge-offs			2.38						2.62						2.78

⁽¹⁾

Ratios are calculated as allowance for loan and lease losses as a percentage of loans and leases outstanding excluding loans accounted for under the fair value option. Consumer loans accounted for under the fair value option include residential mortgage loans of $315 million, $336 million and $523 million and home equity loans of $353 million, $346 million and $371 million at March 31, 2019, December 31, 2018 and March 31, 2018, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $2.8 billion, $2.5 billion and $3.2 billion and non-U.S. commercial loans of $2.7 billion, $1.1 billion and $1.9 billion at March 31, 2019, December 31, 2018 and March 31, 2018, respectively.


⁽²⁾	Total loans and leases do not include loans accounted for under the fair value option of $6.2 billion, $4.3 billion and $6.0 billion at March 31, 2019, December 31, 2018 and March 31, 2018, respectively.


⁽³⁾	Includes allowance for loan and lease losses for U.S. small business commercial loans of $489 million, $474 million and $446 million at March 31, 2019, December 31, 2018 and March 31, 2018, respectively.

⁽⁴⁾

Allowance for loan and lease losses includes $4.1 billion, $4.0 billion and $4.0 billion allocated to products (primarily the Consumer Lending portfolios within Consumer Banking and purchased credit-impaired loans) that are excluded from nonperforming loans and leases at March 31, 2019, December 31, 2018 and March 31, 2018, respectively. Excluding these amounts, allowance for loan and lease losses as a percentage of total nonperforming loans and leases was 113 percent, 113 percent and 98 percent at March 31, 2019, December 31, 2018 and March 31, 2018, respectively.

n/m = not meaningful

Certain prior period amounts have been reclassified to conform to current period presentation.



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



Exhibit A: Non-GAAP Reconciliations

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

The Corporation evaluates its business based on the following ratios that utilize tangible equity, a non-GAAP financial measure. Tangible equity represents an adjusted shareholders’ equity or common shareholders’ equity amount which has been reduced by goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities. 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 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 applicable to common shareholders as a percentage of adjusted average total shareholders’ equity. The tangible equity ratio represents adjusted ending shareholders’ equity divided by total assets less goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities. 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 financial measures defined by GAAP for the three months ended March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018. The Corporation believes the use of these non-GAAP financial measures provides additional clarity in understanding its results of operations and trends. Other companies may define or calculate supplemental financial data differently.



	First Quarter 2019			Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018
	First Quarter 2019			Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018

Reconciliation of average shareholders’ equity to average tangible common shareholders’ equity and average tangible shareholders’ equity
Shareholders’ equity	$	266,217		$	263,698		$	264,653		$	265,181		$	265,480
Goodwill	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)
Intangible assets (excluding mortgage servicing rights)	(1,763		)	(1,857		)	(1,992		)	(2,126		)	(2,261		)
Related deferred tax liabilities	841			874			896			916			939
Tangible shareholders’ equity	$	196,344		$	193,764		$	194,606		$	195,020		$	195,207
Preferred stock	(22,326		)	(22,326		)	(22,841		)	(23,868		)	(22,767		)
Tangible common shareholders’ equity	$	174,018		$	171,438		$	171,765		$	171,152		$	172,440

Reconciliation of period-end shareholders’ equity to period-end tangible common shareholders’ equity and period-end tangible shareholders’ equity
Shareholders’ equity	$	267,010		$	265,325		$	262,158		$	264,216		$	266,224
Goodwill	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)
Intangible assets (excluding mortgage servicing rights)	(1,747		)	(1,774		)	(1,908		)	(2,043		)	(2,177		)
Related deferred tax liabilities	773			858			878			900			920
Tangible shareholders’ equity	$	197,085		$	195,458		$	192,177		$	194,122		$	196,016
Preferred stock	(22,326		)	(22,326		)	(22,326		)	(23,181		)	(24,672		)
Tangible common shareholders’ equity	$	174,759		$	173,132		$	169,851		$	170,941		$	171,344

Reconciliation of period-end assets to period-end tangible assets
Assets	$	2,377,164		$	2,354,507		$	2,338,833		$	2,291,670		$	2,328,478
Goodwill	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)
Intangible assets (excluding mortgage servicing rights)	(1,747		)	(1,774		)	(1,908		)	(2,043		)	(2,177		)
Related deferred tax liabilities	773			858			878			900			920
Tangible assets	$	2,307,239		$	2,284,640		$	2,268,852		$	2,221,576		$	2,258,270

Book value per share of common stock
Common shareholders’ equity	$	244,684		$	242,999		$	239,832		$	241,035		$	241,552
Ending common shares issued and outstanding	9,568.4			9,669.3			9,858.3			10,012.7			10,175.9
Book value per share of common stock	$	25.57		$	25.13		$	24.33		$	24.07		$	23.74

Tangible book value per share of common stock
Tangible common shareholders’ equity	$	174,759		$	173,132		$	169,851		$	170,941		$	171,344
Ending common shares issued and outstanding	9,568.4			9,669.3			9,858.3			10,012.7			10,175.9
Tangible book value per share of common stock	$	18.26		$	17.91		$	17.23		$	17.07		$	16.84

Certain prior period amounts have been reclassified to conform to current period presentation.



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