Document

EX-99.3 4 bac-12312020ex993.htm THE SUPPLEMENTAL INFORMATION Document

Supplemental Information

Fourth Quarter 2020

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


Bank of America Corporation and Subsidiaries
Table of Contents			Page


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

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

Global Markets
Total Segment Results			22
Key Indicators			23
All Other
Total Results			24
Outstanding Loans and Leases			25
Quarterly Average Loans and Leases by Business Segment and All Other			26
Commercial Credit Exposure by Industry			27
Top 20 Non-U.S. Countries Exposure			28
Nonperforming Loans, Leases and Foreclosed Properties			29
Nonperforming Loans, Leases and Foreclosed Properties Activity			30
Quarterly Net Charge-offs and Net Charge-off Ratios			31
Annual Net Charge-offs and Net Charge-off Ratios			32
Allocation of the Allowance for Credit Losses by Product Type			33

Exhibit A: Non-GAAP Reconciliations			34







Current Expected Credit Losses Accounting Standard
Effective January 1, 2020, the Corporation adopted the new current expected credit losses (CECL) accounting standard that measures the allowance based on management’s best estimate of lifetime expected credit losses inherent in the Corporation’s lending activities. Prior periods presented for 2019 reflect measurement of the allowance based on management’s estimate of probable incurred credit losses.

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

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


Bank of America Corporation and Subsidiaries
Consolidated Financial Highlights
(In millions, except per share information)
	Year Ended December 31						Fourth Quarter 2020			Third Quarter 2020			Second Quarter 2020			First Quarter 2020			Fourth Quarter 2019
	2020			2019
Income statement
Net interest income	$	43,360		$	48,891		$	10,253		$	10,129		$	10,848		$	12,130		$	12,140
Noninterest income	42,168			42,353			9,846			10,207			11,478			10,637			10,209
Total revenue, net of interest expense	85,528			91,244			20,099			20,336			22,326			22,767			22,349
Provision for credit losses	11,320			3,590			53			1,389			5,117			4,761			941
Noninterest expense	55,213			54,900			13,927			14,401			13,410			13,475			13,239
Income before income taxes	18,995			32,754			6,119			4,546			3,799			4,531			8,169
Pretax, pre-provision income (1)	30,315			36,344			6,172			5,935			8,916			9,292			9,110
Income tax expense	1,101			5,324			649			(335)			266			521			1,175
Net income	17,894			27,430			5,470			4,881			3,533			4,010			6,994
Preferred stock dividends	1,421			1,432			262			441			249			469			246
Net income applicable to common shareholders	16,473			25,998			5,208			4,440			3,284			3,541			6,748
Diluted earnings per common share	1.87			2.75			0.59			0.51			0.37			0.40			0.74
Average diluted common shares issued and outstanding	8,796.9			9,442.9			8,785.0			8,777.5			8,768.1			8,862.7			9,079.5
Dividends paid per common share	$	0.72		$	0.66		$	0.18		$	0.18		$	0.18		$	0.18		$	0.18

Performance ratios
Return on average assets	0.67		%	1.14		%	0.78		%	0.71		%	0.53		%	0.65		%	1.13		%
Return on average common shareholders’ equity	6.76			10.62			8.39			7.24			5.44			5.91			11.00
Return on average shareholders’ equity	6.69			10.24			8.03			7.26			5.34			6.10			10.40
Return on average tangible common shareholders’ equity (2)	9.48			14.86			11.73			10.16			7.63			8.32			15.43
Return on average tangible shareholders’ equity (2)	9.07			13.85			10.84			9.84			7.23			8.29			14.09
Efficiency ratio	64.55			60.17			69.29			70.81			60.06			59.19			59.24


At period end
Book value per share of common stock	$	28.72		$	27.32		$	28.72		$	28.33		$	27.96		$	27.84		$	27.32
Tangible book value per share of common stock (2)	20.60			19.41			20.60			20.23			19.90			19.79			19.41
Market capitalization	262,206			311,209			262,206			208,656			205,772			184,181			311,209
Number of financial centers - U.S.	4,312			4,300			4,312			4,309			4,298			4,297			4,300
Number of branded ATMs - U.S.	16,904			16,788			16,904			16,962			16,862			16,855			16,788
Headcount	212,505			208,131			212,505			211,225			212,796			208,931			208,131

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

(2) Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income. Tangible book value per share provides additional useful information about the level of tangible assets in relation to outstanding shares of common stock. (See Exhibit A: Non-GAAP Reconciliations - Reconciliations to GAAP Financial Measures on page 34.)

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)
	Year Ended December 31				Fourth Quarter 2020		Third Quarter 2020		Second Quarter 2020		First Quarter 2020		Fourth Quarter 2019
	2020		2019
Net interest income
Interest income	$	51,585	$	71,236	$	11,461	$	11,486	$	12,540	$	16,098	$	16,926
Interest expense	8,225		22,345		1,208		1,357		1,692		3,968		4,786
Net interest income	43,360		48,891		10,253		10,129		10,848		12,130		12,140

Noninterest income
Fees and commissions	34,551		33,015		9,061		8,777		8,392		8,321		8,520
Market making and similar activities	8,355		9,034		1,372		1,689		2,487		2,807		1,767
Other income (loss)	(738)		304		(587)		(259)		599		(491)		(78)
Total noninterest income	42,168		42,353		9,846		10,207		11,478		10,637		10,209
Total revenue, net of interest expense	85,528		91,244		20,099		20,336		22,326		22,767		22,349

Provision for credit losses	11,320		3,590		53		1,389		5,117		4,761		941

Noninterest expense
Compensation and benefits	32,725		31,977		8,190		8,200		7,994		8,341		7,977
Occupancy and equipment	7,141		6,588		1,839		1,798		1,802		1,702		1,680
Information processing and communications	5,222		4,646		1,415		1,333		1,265		1,209		1,162
Product delivery and transaction related	3,433		2,762		915		930		811		777		695
Marketing	1,701		1,934		463		308		492		438		524
Professional fees	1,694		1,597		488		450		381		375		442
Other general operating	3,297		5,396		617		1,382		665		633		759
Total noninterest expense	55,213		54,900		13,927		14,401		13,410		13,475		13,239
Income before income taxes	18,995		32,754		6,119		4,546		3,799		4,531		8,169
Income tax expense	1,101		5,324		649		(335)		266		521		1,175
Net income	$	17,894	$	27,430	$	5,470	$	4,881	$	3,533	$	4,010	$	6,994
Preferred stock dividends	1,421		1,432		262		441		249		469		246
Net income applicable to common shareholders	$	16,473	$	25,998	$	5,208	$	4,440	$	3,284	$	3,541	$	6,748

Per common share information
Earnings	$	1.88	$	2.77	$	0.60	$	0.51	$	0.38	$	0.40	$	0.75
Diluted earnings	1.87		2.75		0.59		0.51		0.37		0.40		0.74
Average common shares issued and outstanding	8,753.2		9,390.5		8,724.9		8,732.9		8,739.9		8,815.6		9,017.1
Average diluted common shares issued and outstanding	8,796.9		9,442.9		8,785.0		8,777.5		8,768.1		8,862.7		9,079.5


Consolidated Statement of Comprehensive Income
(Dollars in millions)
	Year Ended December 31				Fourth Quarter 2020		Third Quarter 2020		Second Quarter 2020		First Quarter 2020		Fourth Quarter 2019
	2020		2019
Net income	$	17,894	$	27,430	$	5,470	$	4,881	$	3,533	$	4,010	$	6,994
Other comprehensive income (loss), net-of-tax:
Net change in debt securities	4,799		5,875		5		101		(102)		4,795		(356)
Net change in debit valuation adjustments	(498)		(963)		(493)		(58)		(1,293)		1,346		(691)
Net change in derivatives	826		616		18		76		315		417		(35)
Employee benefit plan adjustments	(98)		136		(242)		44		57		43		53
Net change in foreign currency translation adjustments	(52)		(86)		34		21		(19)		(88)		13
Other comprehensive income (loss)	4,977		5,578		(678)		184		(1,042)		6,513		(1,016)
Comprehensive income	$	22,871	$	33,008	$	4,792	$	5,065	$	2,491	$	10,523	$	5,978

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)
	Year Ended December 31				Fourth Quarter 2020		Third Quarter 2020		Second Quarter 2020		First Quarter 2020		Fourth Quarter 2019
	2020		2019
Net interest income
Interest income
Loans and leases	$	34,029	$	43,086	$	7,603	$	7,894	$	8,569	$	9,963	$	10,365
Debt securities	9,790		11,806		2,377		2,130		2,440		2,843		2,841
Federal funds sold and securities borrowed or purchased under agreements to resell	903		4,843		3		55		26		819		1,097
Trading account assets	4,128		5,196		925		948		1,008		1,247		1,234
Other interest income	2,735		6,305		553		459		497		1,226		1,389
Total interest income	51,585		71,236		11,461		11,486		12,540		16,098		16,926

Interest expense
Deposits	1,943		7,188		159		227		373		1,184		1,548
Short-term borrowings	987		7,208		(37)		(24)		(72)		1,120		1,483
Trading account liabilities	974		1,249		210		212		223		329		282
Long-term debt	4,321		6,700		876		942		1,168		1,335		1,473
Total interest expense	8,225		22,345		1,208		1,357		1,692		3,968		4,786
Net interest income	$	43,360	$	48,891	$	10,253	$	10,129	$	10,848	$	12,130	$	12,140

Noninterest income
Fees and commissions
Card income
Interchange fees (1)	$	3,954	$	3,834	$	1,160	$	1,172	$	830	$	792	$	1,007
Other card income	1,702		1,963		407		396		419		480		504
Total card income	5,656		5,797		1,567		1,568		1,249		1,272		1,511
Service charges
Deposit-related fees	5,991		6,588		1,550		1,515		1,299		1,627		1,680
Lending-related fees	1,150		1,086		309		302		263		276		277
Total service charges	7,141		7,674		1,859		1,817		1,562		1,903		1,957
Investment and brokerage services
Asset management fees	10,708		10,241		2,803		2,740		2,483		2,682		2,650
Brokerage fees	3,866		3,661		968		883		939		1,076		928
Total investment and brokerage services	14,574		13,902		3,771		3,623		3,422		3,758		3,578
Investment banking fees
Underwriting income	4,698		2,998		1,088		1,239		1,523		848		800
Syndication fees	861		1,184		227		133		230		271		297
Financial advisory services	1,621		1,460		549		397		406		269		377
Total investment banking fees	7,180		5,642		1,864		1,769		2,159		1,388		1,474
Total fees and commissions	34,551		33,015		9,061		8,777		8,392		8,321		8,520
Market making and similar activities	8,355		9,034		1,372		1,689		2,487		2,807		1,767
Other income (loss)	(738)		304		(587)		(259)		599		(491)		(78)
Total noninterest income	$	42,168	$	42,353	$	9,846	$	10,207	$	11,478	$	10,637	$	10,209

(1)Gross interchange fees were $9.2 billion and $10.0 billion and are presented net of $5.5 billion and $6.2 billion of expenses for rewards and partner payments as well as certain other card costs for the years ended December 31, 2020 and 2019, respectively. Gross interchange fees were $2.5 billion, $2.4 billion, $2.0 billion, $2.3 billion and $2.6 billion and are presented net of $1.5 billion, $1.4 billion, $1.2 billion, $1.5 billion and $1.6 billion of expenses for rewards and partner payments as well as certain other card costs for the fourth, third, second and first quarters of 2020 and the fourth quarter of 2019, 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)
		December 31 2020		September 30 2020		December 31 2019
Assets
Cash and due from banks		$	36,430	$	32,922	$	30,152
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks		344,033		268,084		131,408
Cash and cash equivalents		380,463		301,006		161,560
Time deposits placed and other short-term investments		6,546		5,088		7,107
Federal funds sold and securities borrowed or purchased under agreements to resell		304,058		326,745		274,597
Trading account assets		198,854		255,500		229,826
Derivative assets		47,179		44,297		40,485
Debt securities:
Carried at fair value		246,601		245,997		256,467
Held-to-maturity, at cost		438,249		338,400		215,730
Total debt securities		684,850		584,397		472,197
Loans and leases		927,861		955,172		983,426
Allowance for loan and lease losses		(18,802)		(19,596)		(9,416)
Loans and leases, net of allowance		909,059		935,576		974,010
Premises and equipment, net		11,000		10,902		10,561
Goodwill		68,951		68,951		68,951
Loans held-for-sale		9,243		4,434		9,158
Customer and other receivables		64,221		61,684		55,937
Other assets		135,203		139,872		129,690
Total assets		$	2,819,627	$	2,738,452	$	2,434,079

Liabilities
Deposits in U.S. offices:
Noninterest-bearing		$	650,674	$	616,925	$	403,305
Interest-bearing		1,038,341		996,804		940,731
Deposits in non-U.S. offices:
Noninterest-bearing		17,698		15,158		13,719
Interest-bearing		88,767		73,993		77,048
Total deposits		1,795,480		1,702,880		1,434,803
Federal funds purchased and securities loaned or sold under agreements to repurchase		170,323		190,769		165,109
Trading account liabilities		71,320		84,681		83,270
Derivative liabilities		45,526		41,728		38,229
Short-term borrowings		19,321		17,861		24,204
Accrued expenses and other liabilities		181,799		175,960		182,798
Long-term debt		262,934		255,723		240,856
Total liabilities		2,546,703		2,469,602		2,169,269
Shareholders’ equity
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 3,931,440, 3,887,440 and 3,887,440 shares		24,510		23,427		23,401
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 8,650,814,105, 8,661,522,562 and 8,836,148,954 shares		85,982		85,954		91,723
Retained earnings		164,088		160,447		156,319
Accumulated other comprehensive income (loss)		(1,656)		(978)		(6,633)
Total shareholders’ equity		272,924		268,850		264,810
Total liabilities and shareholders’ equity		$	2,819,627	$	2,738,452	$	2,434,079

	Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
	Trading account assets	$	5,225	$	4,492	$	5,811
	Loans and leases	23,636		24,094		38,837
	Allowance for loan and lease losses	(1,693)		(1,812)		(807)
	Loans and leases, net of allowance	21,943		22,282		38,030

	All other assets	1,387		191		540
	Total assets of consolidated variable interest entities	$	28,555	$	26,965	$	44,381

	Liabilities of consolidated variable interest entities included in total liabilities above
	Short-term borrowings	$	454	$	739	$	2,175
	Long-term debt	7,053		5,742		8,718
	All other liabilities	16		19		22
	Total liabilities of consolidated variable interest entities	$	7,523	$	6,500	$	10,915

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)
	December 31 2020			September 30 2020			December 31 2019
Risk-based capital metrics (1):
Standardized Approach
Common equity tier 1 capital	$	176,682		$	173,213		$	166,760
Tier 1 capital	200,118			196,637			188,492
Total capital	237,964			235,446			221,230
Risk-weighted assets	1,480,439			1,459,993			1,493,460
Common equity tier 1 capital ratio	11.9		%	11.9		%	11.2		%
Tier 1 capital ratio	13.5			13.5			12.6
Total capital ratio	16.1			16.1			14.8

Advanced Approaches
Common equity tier 1 capital	$	176,682		$	173,213		$	166,760
Tier 1 capital	200,118			196,637			188,492
Total capital	227,718			224,541			213,098
Risk-weighted assets	1,371,548			1,364,259			1,446,529
Common equity tier 1 capital ratio	12.9		%	12.7		%	11.5		%
Tier 1 capital ratio	14.6			14.4			13.0
Total capital ratio	16.6			16.5			14.7

Leverage-based metrics (1):
Adjusted average assets	$	2,718,824		$	2,666,645		$	2,374,185
Tier 1 leverage ratio	7.4		%	7.4		%	7.9		%

Supplementary leverage exposure	$	2,785,561		$	2,866,899		$	2,945,636
Supplementary leverage ratio	7.2		%	6.9		%	6.4		%

Tangible equity ratio (2)	7.4			7.4			8.2
Tangible common equity ratio (2)	6.5			6.6			7.3

(1)Regulatory capital ratios at December 31, 2020 are preliminary. We report regulatory capital ratios under both the Standardized and Advanced approaches. The approach that yields the lower ratio is used to assess capital adequacy. Supplementary leverage exposure at December 31, 2020 and September 30, 2020 excludes U.S. Treasury securities and deposits at Federal Reserve Banks.

(2)Tangible equity ratio equals period-end tangible shareholders’ equity divided by period-end tangible assets. Tangible common equity ratio equals period-end tangible common shareholders’ equity divided by period-end tangible assets. Tangible shareholders’ equity and tangible assets are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income. (See Exhibit A: Non-GAAP Reconciliations - Reconciliation to GAAP Financial Measures on page 34.)

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
Capital Composition under Basel 3
(Dollars in millions)
	December 31 2020		September 30 2020		December 31 2019
Total common shareholders' equity	$	248,414	$	245,423	$	241,409
CECL transitional amount (1)	4,213		4,411		—
Goodwill, net of related deferred tax liabilities	(68,565)		(68,569)		(68,570)
Deferred tax assets arising from net operating loss and tax credit carryforwards	(5,751)		(5,853)		(5,193)
Intangibles, other than mortgage servicing rights and goodwill, net of related deferred tax liabilities	(1,617)		(1,656)		(1,328)
Defined benefit pension plan net assets	(1,164)		(1,056)		(1,003)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net-of-tax	1,753		1,245		1,278
Other	(601)		(732)		167
Common equity tier 1 capital	176,682		173,213		166,760
Qualifying preferred stock, net of issuance cost	23,437		23,426		22,329
Other	(1)		(2)		(597)
Tier 1 capital	200,118		196,637		188,492
Tier 2 capital instruments	22,219		22,571		22,538
Qualifying allowance for credit losses (2)	15,649		16,243		10,229
Other	(22)		(5)		(29)
Total capital under the Standardized approach	237,964		235,446		221,230
Adjustment in qualifying allowance for credit losses under the Advanced approaches (2)	(10,246)		(10,905)		(8,132)
Total capital under the Advanced approaches	$	227,718	$	224,541	$	213,098

(1)The CECL transitional amount includes the impact of the Corporation's adoption of the new CECL accounting standard on January 1, 2020 and 25 percent of the increase in reserves from January 1, 2020 through December 31, 2020.

(2)The balance at December 31, 2020 and September 30, 2020 includes the impact of transition provisions related to the new CECL accounting standard.

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
(Dollars in millions)
	Fourth Quarter 2020						Third Quarter 2020						Fourth Quarter 2019
	Average Balance		Interest Income/ Expense (1)		Yield/ Rate		Average Balance		Interest Income/ Expense (1)		Yield/ Rate		Average Balance		Interest Income/ Expense (1)		Yield/ Rate
Earning assets
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks	$	321,612	$	48	0.06	%	$	245,682	$	10	0.02	%	$	123,000	$	369	1.19	%
Time deposits placed and other short-term investments	8,154		(2)		(0.09)		7,686		(4)		(0.25)		9,574		40		1.67
Federal funds sold and securities borrowed or purchased under agreements to resell	264,048		3		—		384,221		55		0.06		293,819		1,097		1.48
Trading account assets	145,319		938		2.57		146,972		960		2.60		147,210		1,253		3.38
Debt securities	653,189		2,391		1.48		533,261		2,147		1.63		464,884		2,866		2.48
Loans and leases (2):
Residential mortgage	228,069		1,660		2.91		237,414		1,811		3.05		231,849		1,953		3.37
Home equity	35,789		277		3.07		37,897		284		2.99		41,230		462		4.45
Credit card	78,210		2,069		10.53		81,309		2,086		10.20		94,951		2,544		10.63

Direct/Indirect and other consumer	90,424		583		2.57		89,559		593		2.63		90,924		786		3.43

Total consumer	432,492		4,589		4.23		446,179		4,774		4.26		458,954		5,745		4.98
U.S. commercial	327,650		2,111		2.56		343,533		2,165		2.51		326,945		3,069		3.73
Non-U.S. commercial	95,739		427		1.77		102,938		465		1.80		104,787		799		3.03
Commercial real estate	61,540		384		2.48		63,262		393		2.47		63,324		632		3.96
Commercial lease financing	17,377		132		3.03		18,106		138		3.04		19,976		168		3.37
Total commercial	502,306		3,054		2.42		527,839		3,161		2.38		515,032		4,668		3.60
Total loans and leases	934,798		7,643		3.26		974,018		7,935		3.25		973,986		10,413		4.25
Other earning assets	89,033		553		2.47		83,086		497		2.39		74,008		1,033		5.53
Total earning assets	2,416,153		11,574		1.91		2,374,926		11,600		1.95		2,086,481		17,071		3.25
Cash and due from banks	35,524						32,714						27,398
Other assets, less allowance for loan and lease losses	340,197						332,044						336,126
Total assets	$	2,791,874					$	2,739,684					$	2,450,005
Interest-bearing liabilities
U.S. interest-bearing deposits:
Savings	$	63,600	$	2	0.01	%	$	61,228	$	1	0.01	%	$	50,287	$	1	0.01	%
Demand and money market deposit accounts	854,723		79		0.04		842,987		93		0.04		754,517		914		0.48
Consumer CDs and IRAs	41,049		47		0.45		45,921		84		0.73		53,183		156		1.16
Negotiable CDs, public funds and other deposits	52,624		27		0.21		57,499		31		0.21		67,603		278		1.63
Total U.S. interest-bearing deposits	1,011,996		155		0.06		1,007,635		209		0.08		925,590		1,349		0.58
Non-U.S. interest-bearing deposits:
Banks located in non-U.S. countries	1,092		1		0.26		1,108		—		0.08		1,615		4		1.09
Governments and official institutions	214		—		—		177		—		—		180		—		0.01
Time, savings and other	77,552		3		0.02		74,200		18		0.10		74,129		195		1.04
Total non-U.S. interest-bearing deposits	78,858		4		0.02		75,485		18		0.09		75,924		199		1.04
Total interest-bearing deposits	1,090,854		159		0.06		1,083,120		227		0.08		1,001,514		1,548		0.61
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities	287,459		(37)		(0.05)		286,582		(24)		(0.03)		282,022		1,483		2.09
Trading account liabilities	37,061		210		2.24		39,689		212		2.13		43,449		282		2.57
Long-term debt	225,423		876		1.54		224,254		942		1.67		206,026		1,473		2.85
Total interest-bearing liabilities	1,640,797		1,208		0.29		1,633,645		1,357		0.33		1,533,011		4,786		1.24
Noninterest-bearing sources:
Noninterest-bearing deposits	646,285						612,368						408,925
Other liabilities (3)	233,772						226,348						241,169
Shareholders’ equity	271,020						267,323						266,900
Total liabilities and shareholders’ equity	$	2,791,874					$	2,739,684					$	2,450,005
Net interest spread					1.62	%					1.62	%					2.01	%
Impact of noninterest-bearing sources					0.09						0.10						0.34
Net interest income/yield on earning assets (4)			$	10,366	1.71	%			$	10,243	1.72	%			$	12,285	2.35	%

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

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

(3)Includes $31.8 billion, $34.2 billion and $37.2 billion of structured notes and liabilities for the fourth and third quarters of 2020 and the fourth quarter of 2019, respectively.

(4)Net interest income includes FTE adjustments of $113 million, $114 million and $145 million for the fourth and third quarters of 2020 and the fourth quarter of 2019, 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)
	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	59,518	$	2,370	$	(39)	$	61,849
Agency-collateralized mortgage obligations	5,112		161		(13)		5,260
Commercial	15,470		1,025		(4)		16,491
Non-agency residential	899		127		(17)		1,009
Total mortgage-backed securities	80,999		3,683		(73)		84,609
U.S. Treasury and agency securities	114,157		2,236		(13)		116,380
Non-U.S. securities	14,009		15		(7)		14,017
Other taxable securities, substantially all asset-backed securities	2,656		61		(6)		2,711
Total taxable securities	211,821		5,995		(99)		217,717
Tax-exempt securities	16,417		389		(32)		16,774
Total available-for-sale debt securities	228,238		6,384		(131)		234,491
Other debt securities carried at fair value (1)	11,720		429		(39)		12,110
Total debt securities carried at fair value	239,958		6,813		(170)		246,601
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities	438,279		10,095		(194)		448,180
Total debt securities	$	678,237	$	16,908	$	(364)	$	694,781


	September 30, 2020
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	67,566	$	2,349	$	(51)	$	69,864
Agency-collateralized mortgage obligations	5,663		189		(15)		5,837
Commercial	15,190		1,017		(1)		16,206
Non-agency residential	1,167		146		(30)		1,283
Total mortgage-backed securities	89,586		3,701		(97)		93,190
U.S. Treasury and agency securities	100,508		2,377		(7)		102,878
Non-U.S. securities	16,333		34		(13)		16,354
Other taxable securities, substantially all asset-backed securities	3,628		58		(10)		3,676
Total taxable securities	210,055		6,170		(127)		216,098
Tax-exempt securities	17,299		340		(45)		17,594
Total available-for-sale debt securities	227,354		6,510		(172)		233,692
Other debt securities carried at fair value (1)	11,982		399		(76)		12,305
Total debt securities carried at fair value	239,336		6,909		(248)		245,997
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities	338,418		9,727		(228)		347,917
Total debt securities	$	577,754	$	16,636	$	(476)	$	593,914

(1) Primarily includes non-U.S. securities used to satisfy certain international regulatory 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)

	Year Ended December 31						Fourth Quarter 2020			Third Quarter 2020			Second Quarter 2020			First Quarter 2020			Fourth Quarter 2019
	2020			2019






FTE basis data (1)
Net interest income	$	43,859		$	49,486		$	10,366		$	10,243		$	10,976		$	12,274		$	12,285
Total revenue, net of interest expense	86,027			91,839			20,212			20,450			22,454			22,911			22,494
Net interest yield	1.90		%	2.43		%	1.71		%	1.72		%	1.87		%	2.33		%	2.35		%
Efficiency ratio	64.18			59.78			68.90			70.42			59.72			58.82			58.85

(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 $499 million and $595 million for the years ended December 31, 2020 and 2019, and $113 million, $114 million, $128 million, $144 million and $145 million for the fourth, third, second and first quarters of 2020 and the fourth quarter of 2019, 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)
	Fourth Quarter 2020
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	10,366	$	5,955	$	1,282	$	2,010	$	1,088	$	31
Noninterest income
Fees and commissions:
Card income	1,567		1,290		22		166		89		—
Service charges	1,859		879		19		858		97		6
Investment and brokerage services	3,771		69		3,189		30		487		(4)
Investment banking fees	1,864		—		99		1,098		712		(45)
Total fees and commissions	9,061		2,238		3,329		2,152		1,385		(43)
Market making and similar activities	1,372		—		10		15		1,413		(66)
Other income (loss)	(587)		49		56		602		21		(1,315)
Total noninterest income (loss)	9,846		2,287		3,395		2,769		2,819		(1,424)
Total revenue, net of interest expense	20,212		8,242		4,677		4,779		3,907		(1,393)
Provision for credit losses	53		4		8		48		18		(25)
Noninterest expense	13,927		4,807		3,561		2,433		2,820		306
Income (loss) before income taxes	6,232		3,431		1,108		2,298		1,069		(1,674)
Income tax expense (benefit)	762		841		272		620		278		(1,249)
Net income (loss)	$	5,470	$	2,590	$	836	$	1,678	$	791	$	(425)

Average
Total loans and leases	$	934,798	$	305,146	$	187,167	$	346,323	$	74,133	$	22,029
Total assets (1)	2,791,874		960,376		348,693		566,845		683,146		232,814
Total deposits	1,737,139		885,210		305,870		478,269		54,539		13,251
Quarter end
Total loans and leases	$	927,861	$	299,934	$	188,562	$	339,649	$	78,415	$	21,301
Total assets (1)	2,819,627		988,580		369,736		580,561		616,609		264,141
Total deposits	1,795,480		912,652		322,157		493,748		53,925		12,998

	Third Quarter 2020
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	10,243	$	5,890	$	1,237	$	2,028	$	1,108	$	(20)
Noninterest income
Fees and commissions:
Card income	1,568		1,220		21		156		170		1
Service charges	1,817		837		17		846		108		9
Investment and brokerage services	3,623		68		3,105		14		439		(3)
Investment banking fees	1,769		—		93		970		738		(32)
Total fees and commissions	8,777		2,125		3,236		1,986		1,455		(25)
Market making and similar activities	1,689		—		14		16		1,725		(66)
Other income (loss)	(259)		24		59		487		(5)		(824)
Total noninterest income (loss)	10,207		2,149		3,309		2,489		3,175		(915)
Total revenue, net of interest expense	20,450		8,039		4,546		4,517		4,283		(935)
Provision for credit losses	1,389		479		24		883		21		(18)
Noninterest expense	14,401		4,842		3,530		2,364		3,103		562
Income (loss) before income taxes	4,660		2,718		992		1,270		1,159		(1,479)
Income tax expense (benefit)	(221)		666		243		343		301		(1,774)
Net income	$	4,881	$	2,052	$	749	$	927	$	858	$	295

Average
Total loans and leases	$	974,018	$	318,751	$	185,587	$	373,118	$	72,319	$	24,243
Total assets (1)	2,739,684		936,112		333,794		557,889		680,983		230,906
Total deposits	1,695,488		860,999		291,845		471,288		56,475		14,881
Quarter end
Total loans and leases	$	955,172	$	312,447	$	187,211	$	356,919	$	75,475	$	23,120
Total assets (1)	2,738,452		947,513		337,576		553,776		676,242		223,345
Total deposits	1,702,880		872,022		295,893		465,399		56,727		12,839

(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)
	Fourth Quarter 2019
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	12,285	$	6,905	$	1,587	$	2,559	$	1,135	$	99
Noninterest income
Fees and commissions:
Card income	1,511		1,330		29		133		19		—
Service charges	1,957		1,056		18		790		87		6
Investment and brokerage services	3,578		70		3,065		8		442		(7)
Investment banking fees	1,474		—		106		809		581		(22)
Total fees and commissions	8,520		2,456		3,218		1,740		1,129		(23)
Market making and similar activities	1,767		1		23		44		1,441		258
Other income (loss)	(78)		152		85		798		(280)		(833)
Total noninterest income (loss)	10,209		2,609		3,326		2,582		2,290		(598)
Total revenue, net of interest expense	22,494		9,514		4,913		5,141		3,425		(499)
Provision for credit losses	941		934		19		58		9		(79)
Noninterest expense	13,239		4,468		3,523		2,318		2,615		315
Income (loss) before income taxes	8,314		4,112		1,371		2,765		801		(735)
Income tax expense (benefit)	1,320		1,007		336		746		228		(997)
Net income	$	6,994	$	3,105	$	1,035	$	2,019	$	573	$	262

Average
Total loans and leases	$	973,986	$	311,008	$	174,374	$	377,359	$	73,044	$	38,201
Total assets (1)	2,450,005		792,190		291,723		459,444		680,071		226,577
Total deposits	1,410,439		719,668		255,912		378,510		32,866		23,483
Quarter end
Total loans and leases	$	983,426	$	317,409	$	176,600	$	379,268	$	72,993	$	37,156
Total assets (1)	2,434,079		804,093		299,770		464,032		641,809		224,375
Total deposits	1,434,803		730,745		263,113		383,180		34,676		23,089

(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
Annual Results by Business Segment and All Other
(Dollars in millions)
	Year Ended December 31, 2020
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	43,859	$	24,698	$	5,468	$	9,013	$	4,646	$	34
Noninterest income
Fees and commissions:
Card income	5,656		4,673		78		513		391		1
Service charges	7,141		3,417		67		3,238		387		32
Investment and brokerage services	14,574		273		12,270		74		1,973		(16)
Investment banking fees	7,180		—		391		4,010		2,991		(212)
Total fees and commissions	34,551		8,363		12,806		7,835		5,742		(195)
Market making and similar activities	8,355		2		63		103		8,471		(284)
Other income (loss)	(738)		199		247		2,036		(93)		(3,127)
Total noninterest income (loss)	42,168		8,564		13,116		9,974		14,120		(3,606)
Total revenue, net of interest expense	86,027		33,262		18,584		18,987		18,766		(3,572)
Provision for credit losses	11,320		5,765		357		4,897		251		50
Noninterest expense	55,213		18,878		14,154		9,337		11,422		1,422
Income (loss) before income taxes	19,494		8,619		4,073		4,753		7,093		(5,044)
Income tax expense (benefit)	1,600		2,112		998		1,283		1,844		(4,637)
Net income (loss)	$	17,894	$	6,507	$	3,075	$	3,470	$	5,249	$	(407)

Average
Total loans and leases	$	982,467	$	315,580	$	183,402	$	382,264	$	73,062	$	28,159
Total assets (1)	2,683,122		898,606		328,384		542,302		685,047		228,783
Total deposits	1,632,998		823,666		287,123		456,562		47,400		18,247
Period end
Total loans and leases	$	927,861	$	299,934	$	188,562	$	339,649	$	78,415	$	21,301
Total assets (1)	2,819,627		988,580		369,736		580,561		616,609		264,141
Total deposits	1,795,480		912,652		322,157		493,748		53,925		12,998

	Year Ended December 31, 2019
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	49,486	$	28,158	$	6,504	$	10,675	$	3,915	$	234
Noninterest income
Fees and commissions:
Card income	5,797		5,084		101		532		80		—
Service charges	7,674		4,218		68		3,015		348		25
Investment and brokerage services	13,902		293		11,870		34		1,738		(33)
Investment banking fees	5,642		—		401		3,137		2,288		(184)
Total fees and commissions	33,015		9,595		12,440		6,718		4,454		(192)
Market making and similar activities	9,034		6		113		235		7,065		1,615
Other income (loss)	304		828		481		2,855		180		(4,040)
Total noninterest income (loss)	42,353		10,429		13,034		9,808		11,699		(2,617)
Total revenue, net of interest expense	91,839		38,587		19,538		20,483		15,614		(2,383)
Provision for credit losses	3,590		3,772		82		414		(9)		(669)
Noninterest expense	54,900		17,646		13,825		9,011		10,728		3,690
Income (loss) before income taxes	33,349		17,169		5,631		11,058		4,895		(5,404)
Income tax expense (benefit)	5,919		4,207		1,380		2,985		1,395		(4,048)
Net income (loss)	$	27,430	$	12,962	$	4,251	$	8,073	$	3,500	$	(1,356)

Average
Total loans and leases	$	958,416	$	300,933	$	168,910	$	374,304	$	71,334	$	42,935
Total assets (1)	2,405,830		780,742		292,016		443,083		679,300		210,689
Total deposits	1,380,326		708,340		256,516		362,731		31,380		21,359
Period end
Total loans and leases	$	983,426	$	317,409	$	176,600	$	379,268	$	72,993	$	37,156
Total assets (1)	2,434,079		804,093		299,770		464,032		641,809		224,375
Total deposits	1,434,803		730,745		263,113		383,180		34,676		23,089

(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.			13


Bank of America Corporation and Subsidiaries
Consumer Banking Segment Results
(Dollars in millions)
	Year Ended December 31						Fourth Quarter 2020			Third Quarter 2020			Second Quarter 2020			First Quarter 2020			Fourth Quarter 2019
	2020			2019
Net interest income	$	24,698		$	28,158		$	5,955		$	5,890		$	5,991		$	6,862		$	6,905
Noninterest income:
Card income	4,673			5,084			1,290			1,220			1,053			1,110			1,330
Service charges	3,417			4,218			879			837			706			995			1,056

All other income	474			1,127			118			92			102			162			223
Total noninterest income	8,564			10,429			2,287			2,149			1,861			2,267			2,609
Total revenue, net of interest expense	33,262			38,587			8,242			8,039			7,852			9,129			9,514

Provision for credit losses	5,765			3,772			4			479			3,024			2,258			934

Noninterest expense	18,878			17,646			4,807			4,842			4,734			4,495			4,468
Income before income taxes	8,619			17,169			3,431			2,718			94			2,376			4,112
Income tax expense	2,112			4,207			841			666			23			582			1,007
Net income	$	6,507		$	12,962		$	2,590		$	2,052		$	71		$	1,794		$	3,105

Net interest yield	2.88		%	3.81		%	2.58		%	2.61		%	2.85		%	3.57		%	3.65		%
Return on average allocated capital (1)	17			35			27			21			1			19			33
Efficiency ratio	56.76			45.73			58.33			60.23			60.30			49.23			46.96

Balance Sheet
Average
Total loans and leases	$	315,580		$	300,933		$	305,146		$	318,751		$	321,558		$	316,946		$	311,008
Total earning assets (2)	858,724			738,807			918,086			896,867			845,236			773,635			750,064
Total assets (2)	898,606			780,742			960,376			936,112			885,568			811,277			792,190
Total deposits	823,666			708,340			885,210			860,999			810,700			736,669			719,668
Allocated capital (1)	38,500			37,000			38,500			38,500			38,500			38,500			37,000

Period end
Total loans and leases	$	299,934		$	317,409		$	299,934		$	312,447		$	325,105		$	317,535		$	317,409
Total earning assets (2)	945,343			760,174			945,343			906,994			890,244			800,143			760,174
Total assets (2)	988,580			804,093			988,580			947,513			929,193			837,522			804,093
Total deposits	912,652			730,745			912,652			872,022			854,017			762,387			730,745

(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.			14


Bank of America Corporation and Subsidiaries
Consumer Banking Key Indicators
(Dollars in millions)
	Year Ended December 31						Fourth Quarter 2020			Third Quarter 2020			Second Quarter 2020			First Quarter 2020			Fourth Quarter 2019
	2020			2019
Average deposit balances
Checking	$	453,534		$	375,033		$	492,332		$	479,963		$	446,445		$	394,678		$	384,256
Savings	56,736			50,503			62,070			59,817			55,607			49,358			49,048
MMS	269,653			241,395			289,682			277,896			263,703			247,018			242,147
CDs and IRAs	40,699			38,581			37,674			40,163			42,256			42,743			41,378
Other	3,044			2,828			3,452			3,160			2,689			2,872			2,839
Total average deposit balances	$	823,666		$	708,340		$	885,210		$	860,999		$	810,700		$	736,669		$	719,668

Deposit spreads (excludes noninterest costs)
Checking	2.11		%	2.30		%	2.02		%	2.07		%	2.14		%	2.22		%	2.26		%
Savings	2.37			2.52			2.31			2.35			2.39			2.45			2.47
MMS	1.73			2.41			1.52			1.59			1.68			2.19			2.25
CDs and IRAs	0.89			2.00			0.58			0.72			0.93			1.28			1.57
Other	0.96			2.47			0.34			0.60			1.28			1.88			2.11
Total deposit spreads	1.94			2.34			1.81			1.87			1.94			2.17			2.23

Consumer investment assets	$	306,104		$	240,132		$	306,104		$	266,733		$	246,146		$	212,227		$	240,132

Active digital banking users (units in thousands) (1)	39,315			38,266			39,315			39,267			39,294			39,075			38,266
Active mobile banking users (units in thousands)	30,783			29,174			30,783			30,601			30,307			29,820			29,174
Financial centers	4,312			4,300			4,312			4,309			4,298			4,297			4,300
ATMs	16,904			16,788			16,904			16,962			16,862			16,855			16,788

Total credit card (2)
Loans
Average credit card outstandings	$	85,017		$	94,488		$	78,210		$	81,309		$	86,191		$	94,471		$	94,951
Ending credit card outstandings	78,708			97,608			78,708			79,834			84,244			91,890			97,608
Credit quality
Net charge-offs	$	2,349		$	2,948		$	405		$	509		$	665		$	770		$	724
	2.76		%	3.12		%	2.06		%	2.49		%	3.10		%	3.28		%	3.03		%
30+ delinquency	$	1,689		$	2,035		$	1,689		$	1,270		$	1,420		$	1,900		$	2,035
	2.15		%	2.09		%	2.15		%	1.59		%	1.69		%	2.07		%	2.09		%
90+ delinquency	$	903		$	1,042		$	903		$	545		$	782		$	991		$	1,042
	1.15		%	1.07		%	1.15		%	0.68		%	0.93		%	1.08		%	1.07		%
Other total credit card indicators (2)
Gross interest yield	10.27		%	10.76		%	10.49		%	10.16		%	9.95		%	10.49		%	10.63		%
Risk-adjusted margin	9.16			8.28			10.84			9.66			8.49			7.94			8.68
New accounts (in thousands)	2,505			4,320			514			487			449			1,055			1,046
Purchase volumes	$	251,599		$	277,852		$	69,466		$	64,060		$	53,694		$	64,379		$	73,717

Debit card data
Purchase volumes	$	384,503		$	360,672		$	104,280		$	102,004		$	89,631		$	88,588		$	93,468

Loan production (3)
Consumer Banking:
First mortgage	$	43,197		$	49,179		$	7,969		$	7,298		$	15,049		$	12,881		$	14,645
Home equity	6,930			9,755			375			738			3,176			2,641			2,646
Total (4):
First mortgage	$	69,086		$	72,467		$	13,664		$	13,360		$	23,124		$	18,938		$	22,114
Home equity	8,160			11,131			469			984			3,683			3,024			2,999

(1) Active digital banking users represents mobile and/or online users.

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

(3) 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.			15


Bank of America Corporation and Subsidiaries
Consumer Banking Quarterly Results
(Dollars in millions)
	Fourth Quarter 2020									Third Quarter 2020
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	5,955		$	3,247		$	2,708		$	5,890		$	3,245		$	2,645
Noninterest income:
Card income	1,290			(4)			1,294			1,220			(4)			1,224
Service charges	879			878			1			837			837			—
All other income	118			67			51			92			84			8
Total noninterest income	2,287			941			1,346			2,149			917			1,232
Total revenue, net of interest expense	8,242			4,188			4,054			8,039			4,162			3,877

Provision for credit losses	4			51			(47)			479			59			420

Noninterest expense	4,807			2,975			1,832			4,842			2,939			1,903
Income (loss) before income taxes	3,431			1,162			2,269			2,718			1,164			1,554
Income tax expense (benefit)	841			285			556			666			285			381
Net income (loss)	$	2,590		$	877		$	1,713		$	2,052		$	879		$	1,173

Net interest yield	2.58		%	1.48		%	3.58		%	2.61		%	1.52		%	3.35		%
Return on average allocated capital (1)	27			29			26			21			29			18
Efficiency ratio	58.33			71.08			45.17			60.23			70.60			49.10

Balance Sheet
Average
Total loans and leases	$	305,146		$	4,786		$	300,360		$	318,751		$	5,046		$	313,705
Total earning assets (2)	918,086			871,583			300,694			896,867			849,189			314,079
Total assets (2)	960,376			910,735			303,832			936,112			886,406			316,107
Total deposits	885,210			877,656			7,554			860,999			853,452			7,547
Allocated capital (1)	38,500			12,000			26,500			38,500			12,000			26,500

Period end
Total loans and leases	$	299,934		$	4,673		$	295,261		$	312,447		$	4,909		$	307,538
Total earning assets (2)	945,343			899,951			295,627			906,994			859,659			307,985
Total assets (2)	988,580			939,629			299,186			947,513			897,182			310,981
Total deposits	912,652			906,092			6,560			872,022			864,100			7,922

										Fourth Quarter 2019
										Total Consumer Banking			Deposits			Consumer Lending
Net interest income										$	6,905		$	4,037		$	2,868
Noninterest income:
Card income										1,330			(8)			1,338
Service charges										1,056			1,056			—
All other income										223			158			65
Total noninterest income										2,609			1,206			1,403
Total revenue, net of interest expense										9,514			5,243			4,271

Provision for credit losses										934			95			839

Noninterest expense										4,468			2,727			1,741
Income before income taxes										4,112			2,421			1,691
Income tax expense										1,007			593			414
Net income										$	3,105		$	1,828		$	1,277

Net interest yield										3.65		%	2.24		%	3.72		%
Return on average allocated capital (1)										33			60			20
Efficiency ratio										46.96			52.01			40.78

Balance Sheet
Average
Total loans and leases										$	311,008		$	5,434		$	305,574
Total earning assets (2)										750,064			713,977			306,171
Total assets (2)										792,190			746,293			315,981
Total deposits										719,668			713,924			5,744
Allocated capital (1)										37,000			12,000			25,000

Period end
Total loans and leases										$	317,409		$	5,467		$	311,942
Total earning assets (2)										760,174			724,573			312,684
Total assets (2)										804,093			758,459			322,717
Total deposits										730,745			725,665			5,080

(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.			16


Bank of America Corporation and Subsidiaries
Consumer Banking Annual Results
(Dollars in millions)

	Year Ended December 31, 2020									Year Ended December 31, 2019
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	24,698		$	13,739		$	10,959		$	28,158		$	16,904		$	11,254
Noninterest income:
Card income	4,673			(20)			4,693			5,084			(33)			5,117
Service charges	3,417			3,416			1			4,218			4,216			2

All other income	474			310			164			1,127			833			294
Total noninterest income	8,564			3,706			4,858			10,429			5,016			5,413
Total revenue, net of interest expense	33,262			17,445			15,817			38,587			21,920			16,667

Provision for credit losses	5,765			379			5,386			3,772			269			3,503

Noninterest expense	18,878			11,508			7,370			17,646			10,718			6,928
Income before income taxes	8,619			5,558			3,061			17,169			10,933			6,236
Income tax expense	2,112			1,362			750			4,207			2,679			1,528
Net income	$	6,507		$	4,196		$	2,311		$	12,962		$	8,254		$	4,708

Net interest yield	2.88		%	1.69		%	3.53		%	3.81		%	2.40		%	3.80		%
Return on average allocated capital (1)	17			35			9			35			69			19
Efficiency ratio	56.76			65.97			46.60			45.73			48.90			41.56

Balance Sheet
Average
Total loans and leases	$	315,580		$	5,144		$	310,436		$	300,933		$	5,371		$	295,562
Total earning assets (2)	858,724			813,779			310,862			738,807			703,481			296,051
Total assets (2)	898,606			849,924			314,599			780,742			735,298			306,169
Total deposits	823,666			816,968			6,698			708,340			702,972			5,368
Allocated capital (1)	38,500			12,000			26,500			37,000			12,000			25,000

Year end
Total loans and leases	$	299,934		$	4,673		$	295,261		$	317,409		$	5,467		$	311,942
Total earning assets (2)	945,343			899,951			295,627			760,174			724,573			312,684
Total assets (2)	988,580			939,629			299,186			804,093			758,459			322,717
Total deposits	912,652			906,092			6,560			730,745			725,665			5,080

For footnotes, see page 16.

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 Wealth & Investment Management Segment Results
(Dollars in millions)
	Year Ended December 31						Fourth Quarter 2020			Third Quarter 2020			Second Quarter 2020			First Quarter 2020			Fourth Quarter 2019
	2020			2019
Net interest income	$	5,468		$	6,504		$	1,282		$	1,237		$	1,378		$	1,571		$	1,587
Noninterest income:
Investment and brokerage services	12,270			11,870			3,189			3,105			2,854			3,122			3,065
All other income	846			1,164			206			204			193			243			261
Total noninterest income	13,116			13,034			3,395			3,309			3,047			3,365			3,326
Total revenue, net of interest expense	18,584			19,538			4,677			4,546			4,425			4,936			4,913

Provision for credit losses	357			82			8			24			136			189			19

Noninterest expense	14,154			13,825			3,561			3,530			3,463			3,600			3,523
Income before income taxes	4,073			5,631			1,108			992			826			1,147			1,371
Income tax expense	998			1,380			272			243			202			281			336
Net income	$	3,075		$	4,251		$	836		$	749		$	624		$	866		$	1,035

Net interest yield	1.73		%	2.33		%	1.52		%	1.53		%	1.76		%	2.17		%	2.25		%
Return on average allocated capital (1)	21			29			22			20			17			23			28

Efficiency ratio	76.16			70.76			76.14			77.63			78.25			72.94			71.71

Balance Sheet
Average
Total loans and leases	$	183,402		$	168,910		$	187,167		$	185,587		$	182,150		$	178,639		$	174,374
Total earning assets (2)	316,008			279,681			336,165			321,410			315,258			290,919			279,374
Total assets (2)	328,384			292,016			348,693			333,794			327,594			303,173			291,723
Total deposits	287,123			256,516			305,870			291,845			287,109			263,411			255,912
Allocated capital (1)	15,000			14,500			15,000			15,000			15,000			15,000			14,500


Period end
Total loans and leases	$	188,562		$	176,600		$	188,562		$	187,211		$	184,293		$	181,492		$	176,600
Total earning assets (2)	356,873			287,201			356,873			324,889			321,846			311,124			287,201
Total assets (2)	369,736			299,770			369,736			337,576			334,190			323,866			299,770
Total deposits	322,157			263,113			322,157			295,893			291,740			282,395			263,113

(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 Wealth & Investment Management Key Indicators
(Dollars in millions, except as noted)
	Year Ended December 31				Fourth Quarter 2020		Third Quarter 2020		Second Quarter 2020		First Quarter 2020		Fourth Quarter 2019
	2020		2019
Revenue by Business
Merrill Lynch Global Wealth Management	$	15,292	$	16,112	$	3,846	$	3,748	$	3,625	$	4,073	$	4,046
Bank of America Private Bank	3,292		3,426		831		798		800		863		867

Total revenue, net of interest expense	$	18,584	$	19,538	$	4,677	$	4,546	$	4,425	$	4,936	$	4,913

Client Balances by Business, at period end
Merrill Lynch Global Wealth Management	$	2,808,340	$	2,558,102	$	2,808,340	$	2,570,252	$	2,449,305	$	2,215,531	$	2,558,102
Bank of America Private Bank	541,464		489,690		541,464		496,369		478,521		443,080		489,690

Total client balances	$	3,349,804	$	3,047,792	$	3,349,804	$	3,066,621	$	2,927,826	$	2,658,611	$	3,047,792

Client Balances by Type, at period end


Assets under management (1)	$	1,408,465	$	1,275,555	$	1,408,465	$	1,286,145	$	1,219,748	$	1,092,482	$	1,275,555
Brokerage and other assets	1,479,614		1,372,733		1,479,614		1,344,538		1,282,044		1,155,461		1,372,733

Deposits	322,157		263,103		322,157		295,893		291,740		282,395		263,103
Loans and leases (2)	191,124		179,296		191,124		189,952		187,004		184,011		179,296
Less: Managed deposits in assets under management	(51,556)		(42,895)		(51,556)		(49,907)		(52,710)		(55,738)		(42,895)
Total client balances	$	3,349,804	$	3,047,792	$	3,349,804	$	3,066,621	$	2,927,826	$	2,658,611	$	3,047,792

Assets Under Management Rollforward
Assets under management, beginning balance	$	1,275,555	$	1,072,234	$	1,286,145	$	1,219,748	$	1,092,482	$	1,275,555	$	1,212,120
Net client flows	19,596		24,865		7,603		1,385		3,573		7,035		8,144

Market valuation/other	113,314		178,456		114,717		65,012		123,693		(190,108)		55,291
Total assets under management, ending balance	$	1,408,465	$	1,275,555	$	1,408,465	$	1,286,145	$	1,219,748	$	1,092,482	$	1,275,555

Associates, at period end
Number of financial advisors	17,331		17,458		17,331		17,760		17,888		17,646		17,458
Total wealth advisors, including financial advisors	19,373		19,440		19,373		19,673		19,851		19,628		19,440
Total primary sales professionals, including financial advisors and wealth advisors	21,213		20,586		21,213		21,271		21,198		20,851		20,586

Merrill Lynch Global Wealth Management Metric
Financial advisor productivity (in thousands)	$	1,126	$	1,082	$	1,170	$	1,125	$	1,069	$	1,138	$	1,108

Bank of America Private Bank Metric, at period end
Primary sales professionals	1,759		1,766		1,759		1,770		1,781		1,778		1,766

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

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

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 Banking Segment Results
(Dollars in millions)
	Year Ended December 31						Fourth Quarter 2020			Third Quarter 2020			Second Quarter 2020			First Quarter 2020			Fourth Quarter 2019
	2020			2019
Net interest income	$	9,013		$	10,675		$	2,010		$	2,028		$	2,363		$	2,612		$	2,559
Noninterest income:
Service charges	3,238			3,015			858			846			738			796			790
Investment banking fees	4,010			3,137			1,098			970			1,181			761			809
All other income	2,726			3,656			813			673			809			431			983
Total noninterest income	9,974			9,808			2,769			2,489			2,728			1,988			2,582
Total revenue, net of interest expense	18,987			20,483			4,779			4,517			5,091			4,600			5,141

Provision for credit losses	4,897			414			48			883			1,873			2,093			58

Noninterest expense	9,337			9,011			2,433			2,364			2,222			2,318			2,318
Income before income taxes	4,753			11,058			2,298			1,270			996			189			2,765
Income tax expense	1,283			2,985			620			343			269			51			746
Net income	$	3,470		$	8,073		$	1,678		$	927		$	727		$	138		$	2,019

Net interest yield	1.86		%	2.75		%	1.57		%	1.61		%	1.82		%	2.57		%	2.51		%
Return on average allocated capital (1)	8			20			16			9			7			1			20
Efficiency ratio	49.17			43.99			50.88			52.34			43.65			50.40			45.07

Balance Sheet
Average
Total loans and leases	$	382,264		$	374,304		$	346,323		$	373,118		$	423,625		$	386,483		$	377,359
Total earning assets (2)	485,688			388,152			509,759			501,572			521,930			409,052			404,299
Total assets (2)	542,302			443,083			566,845			557,889			578,106			465,926			459,444
Total deposits	456,562			362,731			478,269			471,288			493,918			382,373			378,510
Allocated capital (1)	42,500			41,000			42,500			42,500			42,500			42,500			41,000

Period end
Total loans and leases	$	339,649		$	379,268		$	339,649		$	356,919		$	390,108		$	437,122		$	379,268
Total earning assets (2)	522,650			407,180			522,650			496,825			531,649			505,451			407,180
Total assets (2)	580,561			464,032			580,561			553,776			586,078			562,529			464,032
Total deposits	493,748			383,180			493,748			465,399			500,918			477,108			383,180

(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.			20


Bank of America Corporation and Subsidiaries
Global Banking Key Indicators
(Dollars in millions)
	Year Ended December 31						Fourth Quarter 2020			Third Quarter 2020			Second Quarter 2020			First Quarter 2020			Fourth Quarter 2019
	2020			2019
Investment Banking fees (1)
Advisory (2)	$	1,458		$	1,336		$	510		$	356		$	345		$	247		$	352
Debt issuance	1,555			1,348			308			320			503			424			341
Equity issuance	997			453			280			294			333			90			116
Total Investment Banking fees (3)	$	4,010		$	3,137		$	1,098		$	970		$	1,181		$	761		$	809

Business Lending
Corporate	$	3,552		$	3,994		$	894		$	791		$	916		$	951		$	1,002
Commercial	3,743			4,132			928			953			881			981			1,032
Business Banking	261			363			54			59			66			82			88
Total Business Lending revenue	$	7,556		$	8,489		$	1,876		$	1,803		$	1,863		$	2,014		$	2,122

Global Transaction Services
Corporate	$	2,986		$	3,994		$	672		$	658		$	785		$	871		$	1,015
Commercial	3,169			3,499			737			745			809			878			857
Business Banking	893			1,064			211			209			217			256			264
Total Global Transaction Services revenue	$	7,048		$	8,557		$	1,620		$	1,612		$	1,811		$	2,005		$	2,136

Average deposit balances
Interest-bearing	$	202,207		$	194,514		$	169,637		$	190,417		$	242,408		$	206,851		$	209,343
Noninterest-bearing	254,355			168,217			308,632			280,871			251,510			175,522			169,167
Total average deposits	$	456,562		$	362,731		$	478,269		$	471,288		$	493,918		$	382,373		$	378,510

Loan spread	1.46		%	1.41		%	1.58		%	1.52		%	1.37		%	1.40		%	1.37		%

Provision for credit losses	$	4,897		$	414		$	48		$	883		$	1,873		$	2,093		$	58

Credit quality (4, 5)
Reservable criticized utilized exposure	$	34,001		$	9,996		$	34,001		$	30,803		$	22,900		$	15,187		$	9,996
	9.45		%	2.51		%	9.45		%	8.18		%	5.62		%	3.34		%	2.51		%

Nonperforming loans, leases and foreclosed properties	$	1,979		$	1,333		$	1,979		$	1,935		$	2,035		$	1,700		$	1,333
	0.59		%	0.36		%	0.59		%	0.55		%	0.53		%	0.39		%	0.36		%

Average loans and leases by product
U.S. commercial	$	223,012		$	216,822		$	200,670		$	218,063		$	252,649		$	220,967		$	217,326
Non-U.S. commercial	87,424			85,220			76,634			83,950			96,742			92,526			87,872
Commercial real estate	52,946			51,092			51,254			52,607			54,938			53,009			51,761
Commercial lease financing	18,880			21,170			17,765			18,498			19,293			19,980			20,399
Other	2			—			—			—			3			1			1
Total average loans and leases	$	382,264		$	374,304		$	346,323		$	373,118		$	423,625		$	386,483		$	377,359

Total Corporation Investment Banking fees
Advisory (2)	$	1,621		$	1,460		$	549		$	397		$	406		$	269		$	377
Debt issuance	3,443			3,107			718			740			1,058			927			797
Equity issuance	2,328			1,259			641			664			740			283			322
Total investment banking fees including self-led deals	7,392			5,826			1,908			1,801			2,204			1,479			1,496
Self-led deals	(212)			(184)			(44)			(32)			(45)			(91)			(22)
Total Investment Banking fees	$	7,180		$	5,642		$	1,864		$	1,769		$	2,159		$	1,388		$	1,474

(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.			21


Bank of America Corporation and Subsidiaries
Global Markets Segment Results
(Dollars in millions)
	Year Ended December 31						Fourth Quarter 2020			Third Quarter 2020			Second Quarter 2020			First Quarter 2020			Fourth Quarter 2019
	2020			2019
Net interest income	$	4,646		$	3,915		$	1,088		$	1,108		$	1,297		$	1,153		$	1,135
Noninterest income:
Investment and brokerage services	1,973			1,738			487			439			480			567			442
Investment banking fees	2,991			2,288			712			738			939			602			581
Market making and similar activities	8,471			7,065			1,413			1,725			2,360			2,973			1,441
All other income	685			608			207			273			274			(69)			(174)
Total noninterest income	14,120			11,699			2,819			3,175			4,053			4,073			2,290
Total revenue, net of interest expense (1)	18,766			15,614			3,907			4,283			5,350			5,226			3,425

Provision for credit losses	251			(9)			18			21			105			107			9

Noninterest expense	11,422			10,728			2,820			3,103			2,684			2,815			2,615
Income before income taxes	7,093			4,895			1,069			1,159			2,561			2,304			801
Income tax expense	1,844			1,395			278			301			666			599			228
Net income	$	5,249		$	3,500		$	791		$	858		$	1,895		$	1,705		$	573

Return on average allocated capital (2)	15		%	10		%	9		%	9		%	21		%	19		%	7		%

Efficiency ratio	60.86			68.71			72.19			72.44			50.17			53.85			76.35

Balance Sheet
Average
Total trading-related assets	$	482,996		$	489,708		$	476,607		$	485,314		$	466,990		$	503,119		$	489,260
Total loans and leases	73,062			71,334			74,133			72,319			74,131			71,660			73,044
Total earning assets	482,171			476,225			472,410			476,182			478,648			501,616			481,401
Total assets	685,047			679,300			683,146			680,983			663,072			713,051			680,071
Total deposits	47,400			31,380			54,539			56,475			45,083			33,323			32,866
Allocated capital (2)	36,000			35,000			36,000			36,000			36,000			36,000			35,000


Period end
Total trading-related assets	$	421,698		$	452,499		$	421,698		$	477,552		$	468,309		$	439,684		$	452,499
Total loans and leases	78,415			72,993			78,415			75,475			74,342			78,591			72,993
Total earning assets	447,350			471,701			447,350			461,855			462,184			465,632			471,701
Total assets	616,609			641,809			616,609			676,242			652,068			654,939			641,809
Total deposits	53,925			34,676			53,925			56,727			52,842			38,536			34,676

Trading-related assets (average)
Trading account securities	$	243,519		$	246,336		$	248,785		$	251,735		$	216,157		$	257,254		$	247,097
Reverse repurchases	104,697			116,883			97,932			100,395			104,883			115,698			116,280
Securities borrowed	87,125			83,216			82,331			86,508			96,448			83,271			84,533
Derivative assets	47,655			43,273			47,559			46,676			49,502			46,896			41,350
Total trading-related assets	$	482,996		$	489,708		$	476,607		$	485,314		$	466,990		$	503,119		$	489,260

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

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

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
Global Markets Key Indicators
(Dollars in millions)
	Year Ended December 31				Fourth Quarter 2020		Third Quarter 2020		Second Quarter 2020		First Quarter 2020		Fourth Quarter 2019
	2020		2019
Sales and trading revenue (1)
Fixed-income, currencies and commodities	$	9,595	$	8,189	$	1,690	$	2,019	$	2,941	$	2,945	$	1,754
Equities	5,422		4,493		1,317		1,205		1,210		1,690		1,015
Total sales and trading revenue	$	15,017	$	12,682	$	3,007	$	3,224	$	4,151	$	4,635	$	2,769

Sales and trading revenue, excluding net debit valuation adjustment (2)
Fixed-income, currencies and commodities	$	9,725	$	8,397	$	1,742	$	2,126	$	3,186	$	2,671	$	1,835
Equities	5,425		4,507		1,321		1,214		1,226		1,664		1,020
Total sales and trading revenue, excluding net debit valuation adjustment	$	15,150	$	12,904	$	3,063	$	3,340	$	4,412	$	4,335	$	2,855

Sales and trading revenue breakdown
Net interest income	$	4,141	$	3,309	$	999	$	960	$	1,158	$	1,024	$	1,008
Commissions	1,932		1,698		476		429		470		557		432
Trading	8,470		7,062		1,412		1,725		2,360		2,973		1,441
Other	474		613		120		110		163		81		(112)
Total sales and trading revenue	$	15,017	$	12,682	$	3,007	$	3,224	$	4,151	$	4,635	$	2,769

(1) Includes Global Banking sales and trading revenue of $478 million and $538 million for the years ended December 31, 2020 and 2019, and $101 million, $85 million, $65 million, $227 million and $139 million for the fourth, third, second and first quarters of 2020 and the fourth quarter of 2019, 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.			23


Bank of America Corporation and Subsidiaries
All Other Results (1)
(Dollars in millions)
	Year Ended December 31				Fourth Quarter 2020		Third Quarter 2020		Second Quarter 2020		First Quarter 2020		Fourth Quarter 2019
	2020		2019
Net interest income	$	34	$	234	$	31	$	(20)	$	(53)	$	76	$	99





Noninterest income (loss)	(3,606)		(2,617)		(1,424)		(915)		(211)		(1,056)		(598)
Total revenue, net of interest expense	(3,572)		(2,383)		(1,393)		(935)		(264)		(980)		(499)

Provision for credit losses	50		(669)		(25)		(18)		(21)		114		(79)



Noninterest expense	1,422		3,690		306		562		307		247		315
Loss before income taxes	(5,044)		(5,404)		(1,674)		(1,479)		(550)		(1,341)		(735)
Income tax expense (benefit)	(4,637)		(4,048)		(1,249)		(1,774)		(766)		(848)		(997)
Net income (loss)	$	(407)	$	(1,356)	$	(425)	$	295	$	216	$	(493)	$	262

Balance Sheet
Average
Total loans and leases	$	28,159	$	42,935	$	22,029	$	24,243	$	29,923	$	36,555	$	38,201
Total assets (2)	228,783		210,689		232,814		230,906		249,846		201,501		226,577
Total deposits	18,247		21,359		13,251		14,881		21,387		23,560		23,483

Period end
Total loans and leases	$	21,301	$	37,156	$	21,301	$	23,120	$	25,096	$	36,045	$	37,156

Total assets (3)	264,141		224,375		264,141		223,345		240,159		241,098		224,375
Total deposits	12,998		23,089		12,998		12,839		19,149		22,899		23,089

(1)All Other consists of asset and liability management (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.

(2)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $763.1 billion and $544.3 billion for the years ended December 31, 2020 and 2019, and $908.7 billion, $828.3 billion, $740.7 billion, $572.2 billion and $554.2 billion for the fourth, third, second and first quarters of 2020 and the fourth quarter of 2019, respectively.

(3)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $977.7 billion, $857.8 billion, $829.1 billion, $665.8 billion and $565.4 billion at December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020 and December 31, 2019, 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.			24


Bank of America Corporation and Subsidiaries
Outstanding Loans and Leases
(Dollars in millions)
	December 31 2020		September 30 2020		December 31 2019
Consumer
Residential mortgage	$	223,555	$	232,718	$	236,169
Home equity	34,311		36,530		40,208
Credit card	78,708		79,834		97,608
Direct/Indirect consumer (1)	91,363		89,914		90,998
Other consumer (2)	124		140		192
Total consumer loans excluding loans accounted for under the fair value option	428,061		439,136		465,175
Consumer loans accounted for under the fair value option (3)	735		657		594
Total consumer	428,796		439,793		465,769

Commercial
U.S. commercial	288,403		293,934		307,048
Non-U.S. commercial	90,785		96,151		104,966
Commercial real estate (4)	60,364		62,454		62,689
Commercial lease financing	17,098		17,413		19,880
	456,650		469,952		494,583
U.S. small business commercial (5)	36,469		38,850		15,333
Total commercial loans excluding loans accounted for under the fair value option	493,119		508,802		509,916
Commercial loans accounted for under the fair value option (3)	5,946		6,577		7,741
Total commercial	499,065		515,379		517,657

Total loans and leases	$	927,861	$	955,172	$	983,426

(1)Includes primarily auto and specialty lending loans and leases of $46.4 billion, $47.1 billion and $50.4 billion, U.S. securities-based lending loans of $41.1 billion, $39.0 billion and $36.7 billion and non-U.S. consumer loans of $3.0 billion, $2.9 billion and $2.8 billion at December 31, 2020, September 30, 2020 and December 31, 2019, respectively.

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

(3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $298 million, $314 million and $257 million and home equity loans of $437 million, $343 million and $337 million at December 31, 2020, September 30, 2020 and December 31, 2019, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $2.9 billion, $3.4 billion and $4.7 billion and non-U.S. commercial loans of $3.0 billion, $3.2 billion and $3.1 billion at December 31, 2020, September 30, 2020 and December 31, 2019, respectively.

(4)Includes U.S. commercial real estate loans of $57.2 billion, $58.7 billion and $59.0 billion and non-U.S. commercial real estate loans of $3.2 billion, $3.7 billion and $3.7 billion at December 31, 2020, September 30, 2020 and December 31, 2019, 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.			25


Bank of America Corporation and Subsidiaries
Quarterly Average Loans and Leases by Business Segment and All Other
(Dollars in millions)
	Fourth Quarter 2020
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	228,069	$	120,548	$	89,278	$	—	$	—	$	18,243
Home equity	35,789		28,300		2,977		—		293		4,219
Credit card	78,210		75,748		2,463		—		—		(1)
Direct/Indirect and other consumer	90,424		47,094		43,327		—		—		3
Total consumer	432,492		271,690		138,045		—		293		22,464

Commercial
U.S. commercial	327,650		33,443		43,832		200,670		49,760		(55)
Non-U.S. commercial	95,739		—		933		76,634		18,143		29
Commercial real estate	61,540		13		4,357		51,254		5,909		7
Commercial lease financing	17,377		—		—		17,765		28		(416)
Total commercial	502,306		33,456		49,122		346,323		73,840		(435)
Total loans and leases	$	934,798	$	305,146	$	187,167	$	346,323	$	74,133	$	22,029

	Third Quarter 2020
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	237,414	$	127,546	$	89,926	$	—	$	—	$	19,942
Home equity	37,897		30,069		3,128		—		302		4,398
Credit card	81,309		78,915		2,394		—		—		—
Direct/Indirect and other consumer	89,559		48,137		41,420		—		—		2
Total consumer	446,179		284,667		136,868		—		302		24,342

Commercial
U.S. commercial	343,533		34,069		43,401		218,063		47,691		309
Non-U.S. commercial	102,938		—		837		83,950		18,146		5
Commercial real estate	63,262		15		4,480		52,607		6,154		6
Commercial lease financing	18,106		—		1		18,498		26		(419)
Total commercial	527,839		34,084		48,719		373,118		72,017		(99)
Total loans and leases	$	974,018	$	318,751	$	185,587	$	373,118	$	72,319	$	24,243

	Fourth Quarter 2019
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	231,849	$	114,871	$	83,899	$	1	$	—	$	33,078
Home equity	41,230		32,447		3,192		—		295		5,296
Credit card	94,951		92,131		2,820		—		—		—
Direct/Indirect and other consumer	90,924		50,827		40,091		—		—		6
Total consumer	458,954		290,276		130,002		1		295		38,380

Commercial
U.S. commercial	326,945		20,716		39,704		217,326		48,967		232
Non-U.S. commercial	104,787		—		532		87,872		16,373		10
Commercial real estate	63,324		16		4,134		51,761		7,404		9
Commercial lease financing	19,976		—		2		20,399		5		(430)
Total commercial	515,032		20,732		44,372		377,358		72,749		(179)
Total loans and leases	$	973,986	$	311,008	$	174,374	$	377,359	$	73,044	$	38,201

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.			26


Bank of America Corporation and Subsidiaries
Commercial Credit Exposure by Industry (1, 2, 3, 4, 6)
(Dollars in millions)
	Commercial Utilized						Total Commercial Committed
	December 31 2020		September 30 2020		December 31 2019		December 31 2020		September 30 2020		December 31 2019
Asset managers and funds	$	68,093	$	63,360	$	71,386	$	101,540	$	97,518	$	110,069
Real estate (5)	69,267		72,105		70,361		92,414		95,251		96,370
Capital goods	39,911		42,899		41,082		80,959		83,159		80,892
Finance companies	46,948		43,396		40,173		70,004		66,964		63,942
Healthcare equipment and services	33,759		36,554		34,353		57,880		61,094		55,918
Government and public education	41,669		43,699		41,889		56,212		56,785		53,566
Materials	24,548		25,478		26,663		50,792		51,316		52,129
Retailing	24,749		27,085		25,868		49,710		49,602		48,317
Consumer services	32,000		32,016		28,434		48,026		48,631		49,071
Food, beverage and tobacco	22,871		22,706		24,163		44,628		45,019		45,956
Commercial services and supplies	21,154		22,274		23,103		38,149		39,219		38,944
Transportation	23,426		25,157		23,449		33,444		34,668		33,028
Energy	13,936		15,432		16,406		32,983		34,514		36,326
Utilities	12,387		12,488		12,383		29,234		29,501		36,060
Individuals and trusts	18,784		21,171		18,927		25,881		27,954		27,817
Technology hardware and equipment	10,515		9,875		10,646		24,796		22,563		24,072
Media	13,144		13,616		12,445		24,677		25,802		23,645
Software and services	11,709		10,767		10,432		23,647		21,104		20,556
Global commercial banks	20,751		21,295		30,171		22,922		23,444		32,345
Automobiles and components	10,956		11,916		7,345		20,765		19,391		14,910
Consumer durables and apparel	9,232		10,053		10,193		20,223		20,972		21,245
Vehicle dealers	15,028		14,598		18,013		18,696		18,457		21,435
Pharmaceuticals and biotechnology	5,217		5,142		5,964		16,349		15,634		20,206
Telecommunication services	9,411		7,063		9,154		15,605		13,441		16,113
Insurance	5,921		6,310		6,673		13,491		13,962		15,218
Food and staples retailing	5,209		5,166		6,290		11,810		10,470		10,392
Financial markets infrastructure (clearinghouses)	4,939		4,587		5,496		8,648		7,216		7,997
Religious and social organizations	4,769		4,987		3,844		6,759		6,910		5,756

Total commercial credit exposure by industry	$	620,303	$	631,195	$	635,306	$	1,040,244	$	1,040,561	$	1,062,295

(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 $42.5 billion, $41.3 billion and $33.9 billion at December 31, 2020, September 30, 2020 and December 31, 2019, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $39.3 billion, $35.0 billion and $33.3 billion, which consists primarily of other marketable securities, at December 31, 2020, September 30, 2020 and December 31, 2019, respectively.

(2)Total utilized and total committed exposure includes loans of $5.9 billion, $6.6 billion and $7.7 billion and issued letters of credit with a notional amount of $89 million, $121 million and $170 million accounted for under the fair value option at December 31, 2020, September 30, 2020 and December 31, 2019, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $3.9 billion, $3.2 billion and $4.2 billion at December 31, 2020, September 30, 2020 and December 31, 2019, respectively.

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

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

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

(6)December 31, 2020 and September 30, 2020 include $22.7 billion and $24.7 billion of Paycheck Protection Program loan exposure across impacted industries.

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
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 December 31 2020		Hedges and Credit Default Protection (3)		Net Country Exposure at December 31 2020 (4)		Increase (Decrease) from September 30 2020
United Kingdom	$	31,817	$	18,201	$	6,601	$	4,086	$	60,705	$	(1,233)	$	59,472	$	4,441
Germany	29,169		10,772		2,155		4,492		46,588		(1,685)		44,903		(5,164)
Canada	8,657		8,681		1,624		2,628		21,590		(456)		21,134		1,258
France	8,219		8,353		988		4,329		21,889		(1,098)		20,791		(3,495)
Japan	12,679		1,286		1,115		3,325		18,405		(709)		17,696		(6,924)
China	10,098		67		1,529		1,952		13,646		(226)		13,420		931
Australia	6,559		4,242		372		2,235		13,408		(321)		13,087		(163)
Brazil	5,854		696		708		3,288		10,546		(253)		10,293		(774)
Netherlands	4,654		4,109		486		997		10,246		(562)		9,684		(1,348)
Singapore	4,115		278		359		4,603		9,355		(73)		9,282		949
South Korea	5,161		856		488		2,214		8,719		(168)		8,551		55
India	5,428		221		353		1,989		7,991		(180)		7,811		(2,058)
Switzerland	3,811		2,817		412		130		7,170		(275)		6,895		(1,769)
Hong Kong	4,434		452		584		1,128		6,598		(61)		6,537		(59)
Mexico	3,712		1,379		205		1,112		6,408		(121)		6,287		(583)
Italy	2,456		1,784		553		1,568		6,361		(669)		5,692		1,053
Belgium	2,471		1,334		505		797		5,107		(140)		4,967		(1,799)
Spain	2,835		1,156		262		914		5,167		(351)		4,816		(245)
Ireland	2,785		1,050		100		253		4,188		(23)		4,165		(518)
United Arab Emirates	2,218		136		266		77		2,697		(10)		2,687		(225)
Total top 20 non-U.S. countries exposure	$	157,132	$	67,870	$	19,665	$	42,117	$	286,784	$	(8,614)	$	278,170	$	(16,437)

(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.			28


Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties
(Dollars in millions)
	December 31 2020			September 30 2020			June 30 2020			March 31 2020			December 31 2019
Residential mortgage	$	2,005		$	1,675		$	1,552		$	1,580		$	1,470
Home equity	649			640			594			578			536

Direct/Indirect consumer	71			42			45			46			47

Total consumer	2,725			2,357			2,191			2,204			2,053
U.S. commercial	1,243			1,351			1,247			1,240			1,094
Non-U.S. commercial	418			338			387			90			43
Commercial real estate	404			414			474			408			280
Commercial lease financing	87			14			17			44			32
	2,152			2,117			2,125			1,782			1,449
U.S. small business commercial	75			76			77			70			50
Total commercial	2,227			2,193			2,202			1,852			1,499
Total nonperforming loans and leases	4,952			4,550			4,393			4,056			3,552
Foreclosed properties (1)	164			180			218			275			285
Total nonperforming loans, leases and foreclosed properties (2, 3, 4)	$	5,116		$	4,730		$	4,611		$	4,331		$	3,837

Fully-insured home loans past due 30 days or more and still accruing	$	1,090		$	1,213		$	1,153		$	1,598		$	1,811
Consumer credit card past due 30 days or more and still accruing	1,689			1,270			1,420			1,900			2,035
Other loans past due 30 days or more and still accruing	3,398			3,322			2,980			3,904			3,746
Total loans past due 30 days or more and still accruing (3, 5, 6)	$	6,177		$	5,805		$	5,553		$	7,402		$	7,592

Fully-insured home loans past due 90 days or more and still accruing	$	762		$	837		$	854		$	951		$	1,088
Consumer credit card past due 90 days or more and still accruing	903			546			782			991			1,042
Other loans past due 90 days or more and still accruing	417			365			579			384			283
Total loans past due 90 days or more and still accruing (3, 5, 6)	$	2,082		$	1,748		$	2,215		$	2,326		$	2,413

Nonperforming loans, leases and foreclosed properties/Total assets (7)	0.18		%	0.17		%	0.17		%	0.17		%	0.16		%
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties (7)	0.56			0.50			0.47			0.42			0.39
Nonperforming loans and leases/Total loans and leases (7)	0.54			0.48			0.44			0.39			0.36

Commercial reservable criticized utilized exposure (8)	$	38,666		$	35,710		$	25,950		$	17,400		$	11,452
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure (8)	7.31		%	6.55		%	4.51		%	2.84		%	2.09		%
Total commercial criticized utilized exposure/Commercial utilized exposure (8)	7.22			6.34			4.34			2.65			2.00

(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 $119 million, $131 million, $124 million, $224 million and $260 million at December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020 and December 31, 2019, 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)For periods prior to 2020, 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 nonperforming loans held-for-sale of $359 million, $184 million, $151 million, $223 million and $239 million and nonperforming loans accounted for under the fair value option of $11 million, $9 million, $79 million, $6 million and $6 million at December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020 and December 31, 2019, respectively.

(5)Balances do not include loans held-for-sale past due 30 days or more and still accruing of $38 million, $93 million, $209 million, $354 million and $21 million at December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020 and December 31, 2019, respectively, and loans held-for-sale past due 90 days or more and still accruing of $32 million, $41 million, $5 million, $0 and $11 million at December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020 and December 31, 2019, respectively. At December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020 and December 31, 2019, there were $15 million, $119 million, $18 million, $52 million and $6 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 $6.7 billion, $7.2 billion, $9.2 billion, $9.0 billion and $8.3 billion at December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020 and December 31, 2019, 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.			29


Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties Activity (1)
(Dollars in millions)
	Fourth Quarter 2020		Third Quarter 2020		Second Quarter 2020		First Quarter 2020		Fourth Quarter 2019
Nonperforming Consumer Loans and Leases:
Balance, beginning of period	$	2,357	$	2,191	$	2,204	$	2,053	$	2,189

Additions	860		587		354		477		291


Reductions:
Paydowns and payoffs	(137)		(113)		(84)		(106)		(121)
Sales	(7)		—		(25)		(6)		(109)
Returns to performing status (2)	(325)		(291)		(233)		(165)		(143)
Charge-offs (3)	(16)		(13)		(22)		(27)		(31)
Transfers to foreclosed properties	(7)		(4)		(3)		(22)		(23)

Total net additions (reductions) to nonperforming loans and leases	368		166		(13)		151		(136)
Total nonperforming consumer loans and leases, end of period	2,725		2,357		2,191		2,204		2,053
Foreclosed properties	123		135		169		226		229
Nonperforming consumer loans, leases and foreclosed properties, end of period	$	2,848	$	2,492	$	2,360	$	2,430	$	2,282

Nonperforming Commercial Loans and Leases (4):
Balance, beginning of period	$	2,193	$	2,202	$	1,852	$	1,499	$	1,287

Additions	1,192		656		889		781		527
Reductions:
Paydowns	(397)		(216)		(177)		(212)		(169)
Sales	(274)		(50)		(10)		(16)		(22)
Return to performing status (5)	(127)		(21)		(8)		(16)		(15)
Charge-offs	(313)		(367)		(344)		(184)		(107)
Transfers to foreclosed properties	(2)		—		—		—		(2)
Transfers to loans held-for-sale	(45)		(11)		—		—		—
Total net additions (reductions) to nonperforming loans and leases	34		(9)		350		353		212
Total nonperforming commercial loans and leases, end of period	2,227		2,193		2,202		1,852		1,499
Foreclosed properties	41		45		49		49		56
Nonperforming commercial loans, leases and foreclosed properties, end of period	$	2,268	$	2,238	$	2,251	$	1,901	$	1,555

(1)For amounts excluded from nonperforming loans, leases and foreclosed properties, see footnotes to Nonperforming Loans, Leases and Foreclosed Properties table on page 29.

(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.			30


Bank of America Corporation and Subsidiaries
Quarterly Net Charge-offs and Net Charge-off Ratios (1)
(Dollars in millions)
	Fourth Quarter 2020				Third Quarter 2020				Second Quarter 2020				First Quarter 2020				Fourth Quarter 2019
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage (2)	$	(3)	—	%	$	(6)	(0.01)	%	$	(20)	(0.03)	%	$	(1)	—	%	$	4	0.01	%
Home equity (3)	(28)		(0.31)		(20)		(0.21)		(14)		(0.14)		(11)		(0.11)		(12)		(0.12)
Credit card	405		2.06		509		2.49		665		3.10		770		3.28		724		3.03

Direct/Indirect consumer	38		0.17		18		0.08		26		0.12		40		0.18		39		0.17
Other consumer	70		n/m		63		n/m		77		n/m		74		n/m		83		n/m
Total consumer	482		0.44		564		0.50		734		0.65		872		0.75		838		0.72
U.S. commercial	182		0.25		154		0.20		219		0.26		163		0.21		54		0.07
Non-U.S. commercial	65		0.28		57		0.23		32		0.12		1		—		(31)		(0.12)
Total commercial and industrial	247		0.26		211		0.21		251		0.22		164		0.16		23		0.02
Commercial real estate	101		0.66		106		0.66		57		0.35		6		0.04		21		0.13
Commercial lease financing	(1)		(0.03)		24		0.53		31		0.66		5		0.10		7		0.13
	347		0.30		341		0.28		339		0.25		175		0.14		51		0.04
U.S. small business commercial	52		0.53		67		0.69		73		0.96		75		1.95		70		1.83
Total commercial	399		0.32		408		0.31		412		0.29		250		0.19		121		0.09
Total net charge-offs	$	881	0.38		$	972	0.40		$	1,146	0.45		$	1,122	0.46		$	959	0.39

By Business Segment and All Other
Consumer Banking	$	563	0.73	%	$	658	0.82	%	$	843	1.05	%	$	963	1.22	%	$	924	1.18	%
Global Wealth & Investment Management	9		0.02		(6)		(0.01)		9		0.02		9		0.02		17		0.04
Global Banking	314		0.37		328		0.36		330		0.32		160		0.17		40		0.04
Global Markets	24		0.13		17		0.10		—		—		7		0.04		9		0.05
All Other	(29)		(0.53)		(25)		(0.40)		(36)		(0.49)		(17)		(0.19)		(31)		(0.32)
Total net charge-offs	$	881	0.38		$	972	0.40		$	1,146	0.45		$	1,122	0.46		$	959	0.39

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

(2)Includes loan sale net charge-offs (recoveries) of $0, $0, $(16) million and $0 for the fourth, third, second and first quarters of 2020, and $2 million for the fourth quarter of 2019, respectively.

(3)Includes loan sale net charge-offs (recoveries) of $0 for all quarters of 2020, and $9 million for the fourth quarter of 2019.

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.			31


Bank of America Corporation and Subsidiaries
Annual Net Charge-offs and Net Charge-off Ratios (1)
(Dollars in millions)
	Year Ended December 31
	2020				2019
	Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage (2)	$	(30)	(0.01)	%	$	(47)	(0.02)	%
Home equity (3)	(73)		(0.19)		(358)		(0.81)
Credit card	2,349		2.76		2,948		3.12

Direct/Indirect consumer	122		0.14		209		0.23
Other consumer	284		n/m		234		n/m
Total consumer	2,652		0.59		2,986		0.66
U.S. commercial	718		0.23		256		0.08
Non-U.S. commercial	155		0.15		84		0.08
Total commercial and industrial	873		0.21		340		0.08
Commercial real estate	270		0.43		29		0.05
Commercial lease financing	59		0.32		21		0.10
	1,202		0.24		390		0.08
U.S. small business commercial	267		0.86		272		1.83
Total commercial	1,469		0.28		662		0.13
Total net charge-offs	$	4,121	0.42		$	3,648	0.38

By Business Segment and All Other
Consumer Banking	$	3,027	0.96	%	$	3,669	1.22	%
Global Wealth & Investment Management	21		0.01		80		0.05
Global Banking	1,132		0.30		367		0.10
Global Markets	48		0.07		9		0.01
All Other	(107)		(0.38)		(477)		(1.13)
Total net charge-offs	$	4,121	0.42		$	3,648	0.38

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

(2)Includes loan sale net recoveries of $16 million and $33 million for the years ended December 31, 2020 and 2019.

(3)Includes loan sale net recoveries of $0 and $258 million for the years ended December 31, 2020 and 2019.

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.			32


Bank of America Corporation and Subsidiaries
Allocation of the Allowance for Credit Losses by Product Type
(Dollars in millions)
	December 31, 2020		September 30, 2020			January 1, 2020				December 31, 2019
	Amount		Percent of Loans and Leases Outstanding (1, 2)	Amount			Percent of Loans and Leases Outstanding (1, 2)	Amount			Percent of Loans and Leases Outstanding (1, 2)	Amount		Percent of Loans and Leases Outstanding (1, 2)
Allowance for loan and lease losses
Residential mortgage	$	459	0.21%	$	457		0.20%	$	212		0.09%	$	325	0.14%
Home equity	399		1.16	398			1.09	228			0.57	221		0.55
Credit card	8,420		10.70	8,972			11.24	6,809			6.98	3,710		3.80

Direct/Indirect consumer	752		0.82	800			0.89	566			0.62	234		0.26
Other consumer	41		n/m	64			n/m	55			n/m	52		n/m
Total consumer	10,071		2.35	10,691			2.43	7,870			1.69	4,542		0.98
U.S. commercial (3)	5,043		1.55	5,163			1.55	2,723			0.84	3,015		0.94
Non-U.S.commercial	1,241		1.37	1,353			1.41	668			0.64	658		0.63
Commercial real estate	2,285		3.79	2,283			3.66	1,036			1.65	1,042		1.66
Commercial lease financing	162		0.95	106			0.60	61			0.31	159		0.80
Total commercial	8,731		1.77	8,905			1.75	4,488			0.88	4,874		0.96
Allowance for loan and lease losses	18,802		2.04	19,596			2.07	12,358			1.27	9,416		0.97


Reserve for unfunded lending commitments	1,878			1,910				1,123				813
Allowance for credit losses	$	20,680		$	21,506			$	13,481			$	10,229

Asset Quality Indicators

Allowance for loan and lease losses/Total loans and leases (2)			2.04%				2.07%				1.27%			0.97%

Allowance for loan and lease losses/Total nonperforming loans and leases (4)			380				431				331			265

Ratio of the allowance for loan and lease losses/Annualized net charge-offs			5.37				5.07				n/m			2.48

(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 $298 million, $314 million, $257 million and $257 million and home equity loans of $437 million, $343 million, $337 million and $337 million at December 31, 2020, September 30, 2020, January 1, 2020 and December 31, 2019, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $2.9 billion, $3.4 billion, $5.1 billion and $4.7 billion and non-U.S. commercial loans of $3.0 billion, $3.2 billion, $3.2 billion and $3.1 billion at December 31, 2020, September 30, 2020, January 1, 2020 and December 31, 2019, respectively.

(2)Total loans and leases do not include loans accounted for under the fair value option of $6.7 billion, $7.2 billion, $8.9 billion and $8.3 billion at December 31, 2020, September 30, 2020, January 1, 2020 and December 31, 2019, respectively.

(3)Includes allowance for loan and lease losses for U.S. small business commercial loans of $1.5 billion, $1.5 billion, $831 million and $523 million at December 31, 2020, September 30, 2020, January 1, 2020 and December 31, 2019, respectively.

(4)Allowance for loan and lease losses includes $9.9 billion, $10.3 billion, $7.5 billion and $4.2 billion allocated to products (primarily the Consumer Lending portfolios within Consumer Banking) that are excluded from nonperforming loans and leases at December 31, 2020, September 30, 2020, January 1, 2020 and December 31, 2019, respectively. Excluding these amounts, allowance for loan and lease losses as a percentage of total nonperforming loans and leases was 181 percent, 204 percent, 129 percent and 148 percent at December 31, 2020, September 30, 2020, January 1, 2020 and December 31, 2019, 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.			33

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 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 the most closely related financial measures defined by GAAP for the years ended December 31, 2020 and 2019 and the three months ended December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020 and December 31, 2019. The Corporation believes the use of these non-GAAP financial measures provides additional clarity in understanding its results of operations and trends. Other companies may define or calculate supplemental financial data differently.


	Year Ended December 31				Fourth Quarter 2020		Third Quarter 2020		Second Quarter 2020		First Quarter 2020		Fourth Quarter 2019
	2020		2019





























Reconciliation of income before income taxes to pretax, pre-provision income
Income before income taxes	$	18,995	$	32,754	$	6,119	$	4,546	$	3,799	$	4,531	$	8,169
Provision for credit losses	11,320		3,590		53		1,389		5,117		4,761		941
Pretax, pre-provision income	$	30,315	$	36,344	$	6,172	$	5,935	$	8,916	$	9,292	$	9,110

Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity	$	267,309	$	267,889	$	271,020	$	267,323	$	266,316	$	264,534	$	266,900
Goodwill	(68,951)		(68,951)		(68,951)		(68,951)		(68,951)		(68,951)		(68,951)
Intangible assets (excluding mortgage servicing rights)	(1,862)		(1,721)		(2,173)		(1,976)		(1,640)		(1,655)		(1,678)
Related deferred tax liabilities	821		773		910		855		790		728		730
Tangible shareholders’ equity	$	197,317	$	197,990	$	200,806	$	197,251	$	196,515	$	194,656	$	197,001
Preferred stock	(23,624)		(23,036)		(24,180)		(23,427)		(23,427)		(23,456)		(23,461)
Tangible common shareholders’ equity	$	173,693	$	174,954	$	176,626	$	173,824	$	173,088	$	171,200	$	173,540








Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity	$	272,924	$	264,810	$	272,924	$	268,850	$	265,637	$	264,918	$	264,810
Goodwill	(68,951)		(68,951)		(68,951)		(68,951)		(68,951)		(68,951)		(68,951)
Intangible assets (excluding mortgage servicing rights)	(2,151)		(1,661)		(2,151)		(2,185)		(1,630)		(1,646)		(1,661)
Related deferred tax liabilities	920		713		920		910		789		790		713
Tangible shareholders’ equity	$	202,742	$	194,911	$	202,742	$	198,624	$	195,845	$	195,111	$	194,911
Preferred stock	(24,510)		(23,401)		(24,510)		(23,427)		(23,427)		(23,427)		(23,401)
Tangible common shareholders’ equity	$	178,232	$	171,510	$	178,232	$	175,197	$	172,418	$	171,684	$	171,510

Reconciliation of period-end assets to period-end tangible assets
Assets	$	2,819,627	$	2,434,079	$	2,819,627	$	2,738,452	$	2,741,688	$	2,619,954	$	2,434,079
Goodwill	(68,951)		(68,951)		(68,951)		(68,951)		(68,951)		(68,951)		(68,951)
Intangible assets (excluding mortgage servicing rights)	(2,151)		(1,661)		(2,151)		(2,185)		(1,630)		(1,646)		(1,661)
Related deferred tax liabilities	920		713		920		910		789		790		713
Tangible assets	$	2,749,445	$	2,364,180	$	2,749,445	$	2,668,226	$	2,671,896	$	2,550,147	$	2,364,180

Book value per share of common stock
Common shareholders’ equity	$	248,414	$	241,409	$	248,414	$	245,423	$	242,210	$	241,491	$	241,409
Ending common shares issued and outstanding	8,650.8		8,836.1		8,650.8		8,661.5		8,664.1		8,675.5		8,836.1
Book value per share of common stock	$	28.72	$	27.32	$	28.72	$	28.33	$	27.96	$	27.84	$	27.32

Tangible book value per share of common stock
Tangible common shareholders’ equity	$	178,232	$	171,510	$	178,232	$	175,197	$	172,418	$	171,684	$	171,510
Ending common shares issued and outstanding	8,650.8		8,836.1		8,650.8		8,661.5		8,664.1		8,675.5		8,836.1
Tangible book value per share of common stock	$	20.60	$	19.41	$	20.60	$	20.23	$	19.90	$	19.79	$	19.41

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.			34