Document

EX-99.3 4 bac-12312021ex993.htm THE SUPPLEMENTAL INFORMATION Document

Supplemental Information

Fourth Quarter 2021

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


Bank of America Corporation and Subsidiaries
Table of Contents			Page


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

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

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

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

Exhibit A: Non-GAAP Reconciliations			33







Key Performance Indicators

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

Business Segment Operations

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


Bank of America Corporation and Subsidiaries
Consolidated Financial Highlights
(In millions, except per share information)
	Year Ended December 31						Fourth Quarter 2021			Third Quarter 2021			Second Quarter 2021			First Quarter 2021			Fourth Quarter 2020
	2021			2020
Income statement
Net interest income	$	42,934		$	43,360		$	11,410		$	11,094		$	10,233		$	10,197		$	10,253
Noninterest income	46,179			42,168			10,650			11,672			11,233			12,624			9,846
Total revenue, net of interest expense	89,113			85,528			22,060			22,766			21,466			22,821			20,099
Provision for credit losses	(4,594)			11,320			(489)			(624)			(1,621)			(1,860)			53
Noninterest expense	59,731			55,213			14,731			14,440			15,045			15,515			13,927
Income before income taxes	33,976			18,995			7,818			8,950			8,042			9,166			6,119
Pretax, pre-provision income (1)	29,382			30,315			7,329			8,326			6,421			7,306			6,172
Income tax expense	1,998			1,101			805			1,259			(1,182)			1,116			649
Net income	31,978			17,894			7,013			7,691			9,224			8,050			5,470
Preferred stock dividends	1,421			1,421			240			431			260			490			262
Net income applicable to common shareholders	30,557			16,473			6,773			7,260			8,964			7,560			5,208
Diluted earnings per common share	3.57			1.87			0.82			0.85			1.03			0.86			0.59
Average diluted common shares issued and outstanding	8,558.4			8,796.9			8,304.7			8,492.8			8,735.5			8,755.6			8,785.0
Dividends paid per common share	$	0.78		$	0.72		$	0.21		$	0.21		$	0.18		$	0.18		$	0.18

Performance ratios
Return on average assets	1.05		%	0.67		%	0.88		%	0.99		%	1.23		%	1.13		%	0.78		%
Return on average common shareholders’ equity	12.23			6.76			10.90			11.43			14.33			12.28			8.39
Return on average shareholders’ equity	11.68			6.69			10.27			11.08			13.47			11.91			8.03
Return on average tangible common shareholders’ equity (2)	17.02			9.48			15.25			15.85			19.90			17.08			11.73
Return on average tangible shareholders’ equity (2)	15.71			9.07			13.87			14.87			18.11			16.01			10.84
Efficiency ratio	67.03			64.55			66.78			63.43			70.09			67.98			69.29


At period end
Book value per share of common stock	$	30.37		$	28.72		$	30.37		$	30.22		$	29.89		$	29.07		$	28.72
Tangible book value per share of common stock (2)	21.68			20.60			21.68			21.69			21.61			20.90			20.60
Market capitalization	359,383			262,206			359,383			349,841			349,925			332,337			262,206
Number of financial centers - U.S.	4,173			4,312			4,173			4,215			4,296			4,324			4,312
Number of branded ATMs - U.S.	16,209			16,904			16,209			16,513			16,795			16,905			16,904
Headcount	208,248			212,505			208,248			209,407			211,608			212,201			212,505

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

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

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 2021		Third Quarter 2021		Second Quarter 2021		First Quarter 2021		Fourth Quarter 2020
	2021		2020
Net interest income
Interest income	$	47,672	$	51,585	$	12,554	$	12,336	$	11,387	$	11,395	$	11,461
Interest expense	4,738		8,225		1,144		1,242		1,154		1,198		1,208
Net interest income	42,934		43,360		11,410		11,094		10,233		10,197		10,253

Noninterest income
Fees and commissions	39,299		34,551		10,143		9,915		9,705		9,536		9,061
Market making and similar activities	8,691		8,355		1,331		2,005		1,826		3,529		1,372
Other income (loss)	(1,811)		(738)		(824)		(248)		(298)		(441)		(587)
Total noninterest income	46,179		42,168		10,650		11,672		11,233		12,624		9,846
Total revenue, net of interest expense	89,113		85,528		22,060		22,766		21,466		22,821		20,099

Provision for credit losses	(4,594)		11,320		(489)		(624)		(1,621)		(1,860)		53

Noninterest expense
Compensation and benefits	36,140		32,725		9,037		8,714		8,653		9,736		8,190
Occupancy and equipment	7,138		7,141		1,785		1,764		1,759		1,830		1,839
Information processing and communications	5,769		5,222		1,480		1,416		1,448		1,425		1,415
Product delivery and transaction related	3,881		3,433		941		987		976		977		915
Marketing	1,939		1,701		411		347		810		371		463
Professional fees	1,775		1,694		512		434		426		403		488
Other general operating	3,089		3,297		565		778		973		773		617
Total noninterest expense	59,731		55,213		14,731		14,440		15,045		15,515		13,927
Income before income taxes	33,976		18,995		7,818		8,950		8,042		9,166		6,119
Income tax expense	1,998		1,101		805		1,259		(1,182)		1,116		649
Net income	$	31,978	$	17,894	$	7,013	$	7,691	$	9,224	$	8,050	$	5,470
Preferred stock dividends	1,421		1,421		240		431		260		490		262
Net income applicable to common shareholders	$	30,557	$	16,473	$	6,773	$	7,260	$	8,964	$	7,560	$	5,208

Per common share information
Earnings	$	3.60	$	1.88	$	0.82	$	0.86	$	1.04	$	0.87	$	0.60
Diluted earnings	3.57		1.87		0.82		0.85		1.03		0.86		0.59
Average common shares issued and outstanding	8,493.3		8,753.2		8,226.5		8,430.7		8,620.8		8,700.1		8,724.9
Average diluted common shares issued and outstanding	8,558.4		8,796.9		8,304.7		8,492.8		8,735.5		8,755.6		8,785.0


Consolidated Statement of Comprehensive Income
(Dollars in millions)
	Year Ended December 31				Fourth Quarter 2021		Third Quarter 2021		Second Quarter 2021		First Quarter 2021		Fourth Quarter 2020
	2021		2020
Net income	$	31,978	$	17,894	$	7,013	$	7,691	$	9,224	$	8,050	$	5,470
Other comprehensive income (loss), net-of-tax:
Net change in debt securities	(2,077)		4,799		(834)		(153)		(250)		(840)		5
Net change in debit valuation adjustments	356		(498)		64		27		149		116		(493)
Net change in derivatives	(2,306)		826		(1,176)		(431)		415		(1,114)		18
Employee benefit plan adjustments	624		(98)		454		50		69		51		(242)
Net change in foreign currency translation adjustments	(45)		(52)		(16)		(26)		26		(29)		34
Other comprehensive income (loss)	(3,448)		4,977		(1,508)		(533)		409		(1,816)		(678)
Comprehensive income	$	28,530	$	22,871	$	5,505	$	7,158	$	9,633	$	6,234	$	4,792

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 2021		Third Quarter 2021		Second Quarter 2021		First Quarter 2021		Fourth Quarter 2020
	2021		2020
Net interest income
Interest income
Loans and leases	$	29,282	$	34,029	$	7,423	$	7,502	$	7,123	$	7,234	$	7,603
Debt securities	12,376		9,790		3,544		3,282		2,820		2,730		2,377
Federal funds sold and securities borrowed or purchased under agreements to resell	(90)		903		(47)		6		(42)		(7)		3
Trading account assets	3,770		4,128		977		967		954		872		925
Other interest income	2,334		2,735		657		579		532		566		553
Total interest income	47,672		51,585		12,554		12,336		11,387		11,395		11,461

Interest expense
Deposits	537		1,943		143		133		128		133		159
Short-term borrowings	(358)		987		(153)		(41)		(85)		(79)		(37)
Trading account liabilities	1,128		974		304		285		293		246		210
Long-term debt	3,431		4,321		850		865		818		898		876
Total interest expense	4,738		8,225		1,144		1,242		1,154		1,198		1,208
Net interest income	$	42,934	$	43,360	$	11,410	$	11,094	$	10,233	$	10,197	$	10,253

Noninterest income
Fees and commissions
Card income
Interchange fees (1)	$	4,560	$	3,954	$	1,129	$	1,154	$	1,210	$	1,067	$	1,160
Other card income	1,658		1,702		485		429		376		368		407
Total card income	6,218		5,656		1,614		1,583		1,586		1,435		1,567
Service charges
Deposit-related fees	6,271		5,991		1,600		1,619		1,557		1,495		1,550
Lending-related fees	1,233		1,150		310		309		317		297		309
Total service charges	7,504		7,141		1,910		1,928		1,874		1,792		1,859
Investment and brokerage services
Asset management fees	12,729		10,708		3,295		3,276		3,156		3,002		2,803
Brokerage fees	3,961		3,866		973		960		967		1,061		968
Total investment and brokerage services	16,690		14,574		4,268		4,236		4,123		4,063		3,771
Investment banking fees
Underwriting income	5,077		4,698		1,049		1,168		1,314		1,546		1,088
Syndication fees	1,499		861		452		346		401		300		227
Financial advisory services	2,311		1,621		850		654		407		400		549
Total investment banking fees	8,887		7,180		2,351		2,168		2,122		2,246		1,864
Total fees and commissions	39,299		34,551		10,143		9,915		9,705		9,536		9,061
Market making and similar activities	8,691		8,355		1,331		2,005		1,826		3,529		1,372
Other income (loss)	(1,811)		(738)		(824)		(248)		(298)		(441)		(587)
Total noninterest income	$	46,179	$	42,168	$	10,650	$	11,672	$	11,233	$	12,624	$	9,846

(1)Gross interchange fees and merchant income were $11.5 billion and $9.2 billion and are presented net of $6.9 billion and $5.5 billion of expenses for rewards and partner payments as well as certain other card costs for the years ended December 31, 2021 and 2020. Gross interchange fees and merchant income were $3.1 billion, $3.0 billion, $2.9 billion, $2.5 billion and $2.5 billion and are presented net of $2.0 billion, $1.8 billion, $1.7 billion, $1.4 billion and $1.5 billion of expenses for rewards and partner payments as well as certain other card costs for the fourth, third, second, and first quarters of 2021 and the fourth quarter of 2020, 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 2021		September 30 2021		December 31 2020
Assets
Cash and due from banks		$	29,222	$	28,689	$	36,430
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks		318,999		251,165		344,033
Cash and cash equivalents		348,221		279,854		380,463
Time deposits placed and other short-term investments		7,144		6,518		6,546
Federal funds sold and securities borrowed or purchased under agreements to resell		250,720		261,934		304,058
Trading account assets		247,080		288,566		198,854
Derivative assets		35,344		40,829		47,179
Debt securities:
Carried at fair value		308,073		285,377		246,601
Held-to-maturity, at cost		674,554		683,240		438,249
Total debt securities		982,627		968,617		684,850
Loans and leases		979,124		927,736		927,861
Allowance for loan and lease losses		(12,387)		(13,155)		(18,802)
Loans and leases, net of allowance		966,737		914,581		909,059
Premises and equipment, net		10,833		10,684		11,000
Goodwill		69,022		69,023		68,951
Loans held-for-sale		15,635		9,415		9,243
Customer and other receivables		72,716		74,998		64,221
Other assets		163,869		160,427		135,203
Total assets		$	3,169,948	$	3,085,446	$	2,819,627

Liabilities
Deposits in U.S. offices:
Noninterest-bearing		$	784,189	$	753,107	$	650,674
Interest-bearing		1,165,914		1,108,490		1,038,341
Deposits in non-U.S. offices:
Noninterest-bearing		27,457		25,336		17,698
Interest-bearing		86,886		77,871		88,767
Total deposits		2,064,446		1,964,804		1,795,480
Federal funds purchased and securities loaned or sold under agreements to repurchase		192,329		207,428		170,323
Trading account liabilities		100,690		112,217		71,320
Derivative liabilities		37,675		38,062		45,526
Short-term borrowings		23,753		20,278		19,321
Accrued expenses and other liabilities		200,872		191,572		181,799
Long-term debt		280,117		278,621		262,934
Total liabilities		2,899,882		2,812,982		2,546,703
Shareholders’ equity
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 3,939,686, 3,887,686 and 3,931,440 shares		24,708		23,441		24,510
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 8,077,831,463, 8,241,243,911 and 8,650,814,105 shares		62,398		69,612		85,982
Retained earnings		188,064		183,007		164,088
Accumulated other comprehensive income (loss)		(5,104)		(3,596)		(1,656)
Total shareholders’ equity		270,066		272,464		272,924
Total liabilities and shareholders’ equity		$	3,169,948	$	3,085,446	$	2,819,627

	Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
	Trading account assets	$	5,004	$	4,432	$	5,225
	Loans and leases	17,135		16,857		23,636
	Allowance for loan and lease losses	(958)		(994)		(1,693)
	Loans and leases, net of allowance	16,177		15,863		21,943

	All other assets	189		136		1,387
	Total assets of consolidated variable interest entities	$	21,370	$	20,431	$	28,555

	Liabilities of consolidated variable interest entities included in total liabilities above
	Short-term borrowings	$	247	$	330	$	454
	Long-term debt	3,587		3,830		7,053
	All other liabilities	7		10		16
	Total liabilities of consolidated variable interest entities	$	3,841	$	4,170	$	7,523

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 2021			September 30 2021			December 31 2020
Risk-based capital metrics (1):
Standardized Approach
Common equity tier 1 capital	$	171,759		$	174,407		$	176,660
Tier 1 capital	196,465			197,842			200,096
Total capital	228,007			230,506			237,936
Risk-weighted assets	1,616,880			1,568,069			1,479,749
Common equity tier 1 capital ratio	10.6		%	11.1		%	11.9		%
Tier 1 capital ratio	12.2			12.6			13.5
Total capital ratio	14.1			14.7			16.1

Advanced Approaches
Common equity tier 1 capital	$	171,759		$	174,407		$	176,660
Tier 1 capital	196,465			197,842			200,096
Total capital	221,031			223,997			227,685
Risk-weighted assets	1,398,299			1,380,475			1,371,316
Common equity tier 1 capital ratio	12.3		%	12.6		%	12.9		%
Tier 1 capital ratio	14.1			14.3			14.6
Total capital ratio	15.8			16.2			16.6

Leverage-based metrics (1):
Adjusted average assets	$	3,087,247		$	2,999,663		$	2,718,802
Tier 1 leverage ratio	6.4		%	6.6		%	7.4		%

Supplementary leverage exposure	$	3,603,900		$	3,515,654		$	2,785,747
Supplementary leverage ratio	5.5		%	5.6		%	7.2		%

Tangible equity ratio (2)	6.4			6.7			7.4
Tangible common equity ratio (2)	5.6			5.9			6.5

(1)Regulatory capital ratios at December 31, 2021 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 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 33.)

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 2021		September 30 2021		December 31 2020
Total common shareholders' equity	$	245,358	$	249,023	$	248,414
CECL transitional amount (1)	2,508		2,722		4,213
Goodwill, net of related deferred tax liabilities	(68,641)		(68,638)		(68,565)
Deferred tax assets arising from net operating loss and tax credit carryforwards	(7,743)		(7,638)		(5,773)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities	(1,605)		(1,644)		(1,617)
Defined benefit pension plan net assets	(1,261)		(1,223)		(1,164)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net-of-tax	1,400		1,477		1,753
Accumulated net (gain) loss on certain cash flow hedges (2)	1,870		693		(436)
Other	(127)		(365)		(165)
Common equity tier 1 capital	171,759		174,407		176,660
Qualifying preferred stock, net of issuance cost	24,707		23,440		23,437
Other	(1)		(5)		(1)
Tier 1 capital	196,465		197,842		200,096
Tier 2 capital instruments	21,165		21,756		22,213
Qualifying allowance for credit losses (3)	10,534		11,177		15,649
Other	(157)		(269)		(22)
Total capital under the Standardized approach	228,007		230,506		237,936
Adjustment in qualifying allowance for credit losses under the Advanced approaches (3)	(6,976)		(6,509)		(10,251)
Total capital under the Advanced approaches	$	221,031	$	223,997	$	227,685

(1)Includes the impact of the Corporation's adoption of the current expected credit losses (CECL) accounting standard on January 1, 2020 and 25 percent of the increase in reserves since the initial adoption.

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

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

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 2021						Third Quarter 2021						Fourth Quarter 2020
	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	$	256,955	$	66	0.10	%	$	240,054	$	50	0.08	%	$	321,612	$	48	0.06	%
Time deposits placed and other short-term investments	7,200		7		0.36		6,419		4		0.24		8,154		(2)		(0.09)
Federal funds sold and securities borrowed or purchased under agreements to resell	278,163		(47)		(0.07)		270,094		6		0.01		264,048		3		—
Trading account assets	146,958		992		2.68		147,196		979		2.64		145,319		938		2.57
Debt securities	984,493		3,558		1.45		949,009		3,296		1.39		653,189		2,391		1.48
Loans and leases (2)
Residential mortgage	219,193		1,481		2.70		215,652		1,487		2.76		228,069		1,660		2.91
Home equity	28,796		255		3.52		30,069		263		3.47		35,789		277		3.07
Credit card	78,358		1,997		10.11		75,569		1,952		10.25		78,210		2,069		10.53

Direct/Indirect and other consumer	101,854		578		2.25		98,148		578		2.34		90,424		583		2.57

Total consumer	428,201		4,311		4.00		419,438		4,280		4.06		432,492		4,589		4.23
U.S. commercial	330,796		2,191		2.63		323,659		2,315		2.84		327,650		2,111		2.56
Non-U.S. commercial	108,899		468		1.71		101,967		446		1.73		95,739		427		1.77
Commercial real estate	62,296		382		2.43		59,881		378		2.51		61,540		384		2.48
Commercial lease financing	14,870		106		2.83		15,564		116		2.98		17,377		132		3.03
Total commercial	516,861		3,147		2.42		501,071		3,255		2.58		502,306		3,054		2.42
Total loans and leases	945,062		7,458		3.14		920,509		7,535		3.25		934,798		7,643		3.26
Other earning assets	128,938		625		1.93		120,734		567		1.86		89,033		553		2.47
Total earning assets	2,747,769		12,659		1.83		2,654,015		12,437		1.86		2,416,153		11,574		1.91
Cash and due from banks	29,219						30,101						35,524
Other assets, less allowance for loan and lease losses	387,130						392,336						340,197
Total assets	$	3,164,118					$	3,076,452					$	2,791,874
Interest-bearing liabilities
U.S. interest-bearing deposits

Demand and money market deposit accounts	$	965,801	$	80	0.03	%	$	931,964	$	79	0.03	%	$	854,723	$	79	0.04	%

Time and savings deposits	162,567		38		0.10		162,337		41		0.10		157,273		76		0.19
Total U.S. interest-bearing deposits	1,128,368		118		0.04		1,094,301		120		0.04		1,011,996		155		0.06




Non-U.S. interest-bearing deposits	82,846		25		0.12		84,098		13		0.06		78,858		4		0.02
Total interest-bearing deposits	1,211,214		143		0.05		1,178,399		133		0.04		1,090,854		159		0.06
Federal funds purchased and securities loaned or sold under agreements to repurchase	218,018		80		0.14		216,869		147		0.27		187,424		152		0.32
Short-term borrowings and other interest-bearing liabilities	114,637		(233)		(0.80)		107,713		(188)		(0.69)		100,035		(189)		(0.75)
Trading account liabilities	57,993		304		2.08		56,496		285		2.00		37,061		210		2.24
Long-term debt	248,525		850		1.35		248,988		865		1.37		225,423		876		1.54
Total interest-bearing liabilities	1,850,387		1,144		0.24		1,808,465		1,242		0.27		1,640,797		1,208		0.29
Noninterest-bearing sources
Noninterest-bearing deposits	806,009						764,306						646,285
Other liabilities (3)	236,839						228,197						233,772
Shareholders’ equity	270,883						275,484						271,020
Total liabilities and shareholders’ equity	$	3,164,118					$	3,076,452					$	2,791,874
Net interest spread					1.59	%					1.59	%					1.62	%
Impact of noninterest-bearing sources					0.08						0.09						0.09
Net interest income/yield on earning assets (4)			$	11,515	1.67	%			$	11,195	1.68	%			$	10,366	1.71	%

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

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

(3)Includes $30.4 billion, $29.6 billion and $31.8 billion of structured notes and liabilities for the fourth and third quarters of 2021 and the fourth quarter of 2020, respectively.

(4)Net interest income includes FTE adjustments of $105 million, $101 million and $113 million for the fourth and third quarters of 2021 and the fourth quarter of 2020, 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, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	45,268	$	1,257	$	(186)	$	46,339
Agency-collateralized mortgage obligations	3,331		74		(25)		3,380
Commercial	19,036		647		(79)		19,604
Non-agency residential	591		25		(33)		583
Total mortgage-backed securities	68,226		2,003		(323)		69,906
U.S. Treasury and government agencies	197,853		1,610		(318)		199,145
Non-U.S. securities	11,933		—		—		11,933
Other taxable securities	2,725		39		(3)		2,761

Tax-exempt securities	15,155		317		(39)		15,433
Total available-for-sale debt securities	295,892		3,969		(683)		299,178
Other debt securities carried at fair value (1)	8,873		105		(83)		8,895
Total debt securities carried at fair value	304,765		4,074		(766)		308,073
Held-to-maturity debt securities
Agency mortgage-backed securities	553,721		3,855		(10,366)		547,210
U.S. Treasury and government agencies	111,859		254		(2,395)		109,718
Other taxable securities	9,011		147		(196)		8,962
Total held-to-maturity debt securities	674,591		4,256		(12,957)		665,890
Total debt securities	$	979,356	$	8,330	$	(13,723)	$	973,963


	September 30, 2021
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	50,756	$	1,631	$	(90)	$	52,297
Agency-collateralized mortgage obligations	3,684		103		(11)		3,776
Commercial	18,091		778		(50)		18,819
Non-agency residential	799		39		(35)		803
Total mortgage-backed securities	73,330		2,551		(186)		75,695
U.S. Treasury and government agencies	167,419		1,869		(163)		169,125
Non-U.S. securities	12,289		4		—		12,293
Other taxable securities	2,589		45		(1)		2,633

Tax-exempt securities	15,312		321		(21)		15,612
Total available-for-sale debt securities	270,939		4,790		(371)		275,358
Other debt securities carried at fair value (1)	10,076		101		(158)		10,019
Total debt securities carried at fair value	281,015		4,891		(529)		285,377
Held-to-maturity debt securities
Agency mortgage-backed securities	562,124		5,497		(8,031)		559,590
U.S. Treasury and government agencies	111,855		167		(2,614)		109,408
Other taxable securities	9,295		197		(157)		9,335
Total held-to-maturity debt securities	683,274		5,861		(10,802)		678,333
Total debt securities	$	964,289	$	10,752	$	(11,331)	$	963,710

(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 2021			Third Quarter 2021			Second Quarter 2021			First Quarter 2021			Fourth Quarter 2020
	2021			2020






FTE basis data (1)
Net interest income	$	43,361		$	43,859		$	11,515		$	11,195		$	10,343		$	10,308		$	10,366
Total revenue, net of interest expense	89,540			86,027			22,165			22,867			21,576			22,932			20,212
Net interest yield	1.66		%	1.90		%	1.67		%	1.68		%	1.61		%	1.68		%	1.71		%
Efficiency ratio	66.71			64.18			66.46			63.14			69.73			67.65			68.90

(1)FTE basis is a non-GAAP financial measure. FTE basis is a performance measure used by management in operating the business that management believes provides investors with meaningful information on the interest margin for comparative purposes. The Corporation believes that this presentation allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices. Net interest income includes FTE adjustments of $427 million and $499 million for the years ended December 31, 2021 and 2020, $105 million, $101 million, $110 million, $111 million and $113 million for the fourth, third, second and first quarters of 2021 and the fourth quarter of 2020, 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 2021
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	11,515	$	6,543	$	1,526	$	2,362	$	1,031	$	53
Noninterest income
Fees and commissions:
Card income	1,614		1,354		22		198		12		28
Service charges	1,910		921		18		887		84		—
Investment and brokerage services	4,268		84		3,703		14		474		(7)
Investment banking fees	2,351		—		82		1,465		832		(28)
Total fees and commissions	10,143		2,359		3,825		2,564		1,402		(7)
Market making and similar activities	1,331		1		9		46		1,312		(37)
Other income (loss)	(824)		9		42		935		73		(1,883)
Total noninterest income (loss)	10,650		2,369		3,876		3,545		2,787		(1,927)
Total revenue, net of interest expense	22,165		8,912		5,402		5,907		3,818		(1,874)
Provision for credit losses	(489)		32		(56)		(463)		32		(34)
Noninterest expense	14,731		4,742		3,834		2,717		2,882		556
Income (loss) before income taxes	7,923		4,138		1,624		3,653		904		(2,396)
Income tax expense (benefit)	910		1,014		398		986		235		(1,723)
Net income (loss)	$	7,013	$	3,124	$	1,226	$	2,667	$	669	$	(673)

Average
Total loans and leases	$	945,062	$	282,332	$	205,236	$	338,627	$	102,627	$	16,240
Total assets (1)	3,164,118		1,102,444		408,033		650,940		816,994		185,707
Total deposits	2,017,223		1,026,810		360,912		562,390		43,331		23,780
Quarter end
Total loans and leases	$	979,124	$	286,511	$	208,971	$	352,933	$	114,846	$	15,863
Total assets (1)	3,169,948		1,131,142		438,275		638,131		748,248		214,152
Total deposits	2,064,446		1,054,995		390,143		551,752		46,374		21,182

	Third Quarter 2021
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	11,195	$	6,493	$	1,452	$	2,185	$	1,000	$	65
Noninterest income
Fees and commissions:
Card income	1,583		1,317		23		185		59		(1)
Service charges	1,928		935		18		889		83		3
Investment and brokerage services	4,236		81		3,682		9		471		(7)
Investment banking fees	2,168		—		83		1,297		844		(56)
Total fees and commissions	9,915		2,333		3,806		2,380		1,457		(61)
Market making and similar activities	2,005		—		9		40		2,014		(58)
Other income (loss)	(248)		12		43		640		48		(991)
Total noninterest income (loss)	11,672		2,345		3,858		3,060		3,519		(1,110)
Total revenue, net of interest expense	22,867		8,838		5,310		5,245		4,519		(1,045)
Provision for credit losses	(624)		247		(58)		(781)		16		(48)
Noninterest expense	14,440		4,558		3,744		2,534		3,252		352
Income (loss) before income taxes	9,051		4,033		1,624		3,492		1,251		(1,349)
Income tax expense (benefit)	1,360		988		398		943		325		(1,294)
Net income (loss)	$	7,691	$	3,045	$	1,226	$	2,549	$	926	$	(55)

Average
Total loans and leases	$	920,509	$	281,380	$	199,664	$	324,736	$	97,148	$	17,581
Total assets (1)	3,076,452		1,076,236		386,346		621,699		804,938		187,233
Total deposits	1,942,705		1,000,765		339,357		534,166		54,650		13,767
Quarter end
Total loans and leases	$	927,736	$	280,803	$	202,268	$	328,893	$	98,892	$	16,880
Total assets (1)	3,085,446		1,091,431		393,708		623,640		776,929		199,738
Total deposits	1,964,804		1,015,276		345,590		536,476		54,941		12,521

(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 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		1,289		22		166		89		1
Service charges	1,859		879		18		859		97		6
Investment and brokerage services	3,771		68		3,189		29		487		(2)
Investment banking fees	1,864		—		99		1,098		712		(45)
Total fees and commissions	9,061		2,236		3,328		2,152		1,385		(40)
Market making and similar activities	1,372		—		11		15		1,413		(67)
Other income (loss)	(587)		51		56		602		21		(1,317)
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		4,809		3,564		2,433		2,820		301
Income (loss) before income taxes	6,232		3,429		1,105		2,298		1,069		(1,669)
Income tax expense (benefit)	762		840		271		621		278		(1,248)
Net income (loss)	$	5,470	$	2,589	$	834	$	1,677	$	791	$	(421)

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

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

Average
Total loans and leases	$	920,401	$	284,061	$	196,899	$	329,655	$	91,339	$	18,447
Total assets (1)	3,034,623		1,058,572		386,918		611,304		785,998		191,831
Total deposits	1,914,286		983,027		340,124		522,790		51,833		16,512
Year end
Total loans and leases	$	979,124	$	286,511	$	208,971	$	352,933	$	114,846	$	15,863
Total assets (1)	3,169,948		1,131,142		438,275		638,131		748,248		214,152
Total deposits	2,064,446		1,054,995		390,143		551,752		46,374		21,182

	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		(94)		(3,126)
Total noninterest income (loss)	42,168		8,564		13,116		9,974		14,119		(3,605)
Total revenue, net of interest expense	86,027		33,262		18,584		18,987		18,765		(3,571)
Provision for credit losses	11,320		5,765		357		4,897		251		50
Noninterest expense	55,213		18,882		14,160		9,342		11,417		1,412
Income (loss) before income taxes	19,494		8,615		4,067		4,748		7,097		(5,033)
Income tax expense (benefit)	1,600		2,111		996		1,282		1,845		(4,634)
Net income (loss)	$	17,894	$	6,504	$	3,071	$	3,466	$	5,252	$	(399)

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
Year 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

(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 2021			Third Quarter 2021			Second Quarter 2021			First Quarter 2021			Fourth Quarter 2020
	2021			2020
Net interest income	$	24,929		$	24,698		$	6,543		$	6,493		$	5,973		$	5,920		$	5,955
Noninterest income:
Card income	5,172			4,673			1,354			1,317			1,312			1,189			1,289
Service charges	3,538			3,417			921			935			851			831			879

All other income	366			474			94			93			50			129			119
Total noninterest income	9,076			8,564			2,369			2,345			2,213			2,149			2,287
Total revenue, net of interest expense	34,005			33,262			8,912			8,838			8,186			8,069			8,242

Provision for credit losses	(1,035)			5,765			32			247			(697)			(617)			4

Noninterest expense	19,290			18,882			4,742			4,558			4,859			5,131			4,809
Income before income taxes	15,750			8,615			4,138			4,033			4,024			3,555			3,429
Income tax expense	3,859			2,111			1,014			988			986			871			840
Net income	$	11,891		$	6,504		$	3,124		$	3,045		$	3,038		$	2,684		$	2,589

Net interest yield	2.45		%	2.88		%	2.44		%	2.49		%	2.37		%	2.51		%	2.58		%
Return on average allocated capital (1)	31			17			32			31			32			28			27
Efficiency ratio	56.73			56.77			53.22			51.56			59.36			63.59			58.34

Balance Sheet
Average
Total loans and leases	$	284,061		$	315,580		$	282,332		$	281,380		$	281,767		$	290,891		$	305,146
Total earning assets (2)	1,016,751			858,724			1,061,742			1,034,471			1,012,335			957,112			918,086
Total assets (2)	1,058,572			898,606			1,102,444			1,076,236			1,054,516			999,769			960,376
Total deposits	983,027			823,666			1,026,810			1,000,765			979,072			924,137			885,210
Allocated capital (1)	38,500			38,500			38,500			38,500			38,500			38,500			38,500

Period end
Total loans and leases	$	286,511		$	299,934		$	286,511		$	280,803		$	282,900		$	282,935		$	299,934
Total earning assets (2)	1,090,331			945,343			1,090,331			1,050,331			1,022,092			1,004,896			945,343
Total assets (2)	1,131,142			988,580			1,131,142			1,091,431			1,063,650			1,047,413			988,580
Total deposits	1,054,995			912,652			1,054,995			1,015,276			987,655			971,709			912,652

(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 2021			Third Quarter 2021			Second Quarter 2021			First Quarter 2021			Fourth Quarter 2020
	2021			2020
Average deposit balances
Checking	$	551,392		$	453,534		$	577,703		$	561,629		$	550,009		$	515,430		$	492,332
Savings	69,598			56,736			70,719			70,799			70,945			65,863			62,070
MMS	324,889			269,653			342,812			331,924			320,594			303,719			289,682
CDs and IRAs	33,332			40,699			31,584			32,578			33,728			35,488			37,674
Other	3,816			3,044			3,992			3,835			3,796			3,637			3,452
Total average deposit balances	$	983,027		$	823,666		$	1,026,810		$	1,000,765		$	979,072		$	924,137		$	885,210

Deposit spreads (excludes noninterest costs)
Checking	1.96		%	2.11		%	1.92		%	1.95		%	1.97		%	1.99		%	2.02		%
Savings	2.24			2.37			2.21			2.23			2.26			2.28			2.31
MMS	1.28			1.73			1.24			1.26			1.29			1.32			1.52
CDs and IRAs	0.39			0.89			0.32			0.34			0.41			0.48			0.58
Other	0.26			0.96			0.22			0.24			0.27			0.31			0.34
Total deposit spreads	1.69			1.94			1.66			1.68			1.71			1.73			1.81

Consumer investment assets	$	368,831		$	306,104		$	368,831		$	353,280		$	345,809		$	324,479		$	306,104

Active digital banking users (in thousands) (1)	41,365			39,315			41,365			40,911			40,512			40,286			39,315
Active mobile banking users (in thousands) (2)	32,980			30,783			32,980			32,455			31,796			31,487			30,783
Financial centers	4,173			4,312			4,173			4,215			4,296			4,324			4,312
ATMs	16,209			16,904			16,209			16,513			16,795			16,905			16,904

Total credit card (3)
Loans
Average credit card outstandings	$	75,385		$	85,017		$	78,358		$	75,569		$	73,399		$	74,165		$	78,210
Ending credit card outstandings	81,438			78,708			81,438			76,869			75,599			72,786			78,708
Credit quality
Net charge-offs	$	1,723		$	2,349		$	280		$	321		$	488		$	634		$	405
	2.29		%	2.76		%	1.42		%	1.69		%	2.67		%	3.47		%	2.06		%
30+ delinquency	$	997		$	1,689		$	997		$	934		$	976		$	1,317		$	1,689
	1.22		%	2.15		%	1.22		%	1.21		%	1.29		%	1.81		%	2.15		%
90+ delinquency	$	487		$	903		$	487		$	450		$	533		$	755		$	903
	0.60		%	1.15		%	0.60		%	0.58		%	0.71		%	1.04		%	1.15		%
Other total credit card indicators (3)
Gross interest yield	10.17		%	10.27		%	9.96		%	10.10		%	10.10		%	10.52		%	10.49		%
Risk-adjusted margin	10.17			9.16			10.85			10.70			9.76			9.29			10.84
New accounts (in thousands)	3,594			2,505			940			1,049			931			674			514
Purchase volumes	$	311,571		$	251,599		$	87,671		$	80,925		$	78,384		$	64,591		$	69,466

Debit card data
Purchase volumes	$	473,770		$	384,503		$	124,278		$	119,680		$	121,905		$	107,907		$	104,280

Loan production (4)
Consumer Banking:
First mortgage	$	45,976		$	43,197		$	12,782		$	12,510		$	11,502		$	9,182		$	7,969
Home equity	3,996			6,930			1,417			1,262			907			410			375
Total (5):
First mortgage	$	79,692		$	69,086		$	22,961		$	21,232		$	20,266		$	15,233		$	13,664
Home equity	4,895			8,160			1,703			1,523			1,166			503			469

(1) Represents mobile and/or online active users over the past 90 days.

(2) Represents mobile active users over the past 90 days.

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

(4) Loan production amounts represent the unpaid principal balance of loans and, in the case of home equity, the principal amount of the total line of credit.

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

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 2021									Third Quarter 2021
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	6,543		$	3,870		$	2,673		$	6,493		$	3,730		$	2,763
Noninterest income:
Card income	1,354			(9)			1,363			1,317			(7)			1,324
Service charges	921			921			—			935			934			1
All other income	94			70			24			93			58			35
Total noninterest income	2,369			982			1,387			2,345			985			1,360
Total revenue, net of interest expense	8,912			4,852			4,060			8,838			4,715			4,123

Provision for credit losses	32			66			(34)			247			53			194

Noninterest expense	4,742			2,862			1,880			4,558			2,724			1,834
Income before income taxes	4,138			1,924			2,214			4,033			1,938			2,095
Income tax expense	1,014			471			543			988			475			513
Net income	$	3,124		$	1,453		$	1,671		$	3,045		$	1,463		$	1,582

Net interest yield	2.44		%	1.51		%	3.81		%	2.49		%	1.49		%	3.95		%
Return on average allocated capital (1)	32			48			25			31			48			24
Efficiency ratio	53.22			58.98			46.33			51.56			57.75			44.48

Balance Sheet
Average
Total loans and leases	$	282,332		$	4,290		$	278,042		$	281,380		$	4,387		$	276,993
Total earning assets (2)	1,061,742			1,018,888			278,488			1,034,471			991,186			277,491
Total assets (2)	1,102,444			1,053,379			284,698			1,076,236			1,026,811			283,631
Total deposits	1,026,810			1,020,092			6,718			1,000,765			993,624			7,141
Allocated capital (1)	38,500			12,000			26,500			38,500			12,000			26,500

Period end
Total loans and leases	$	286,511		$	4,206		$	282,305		$	280,803		$	4,345		$	276,458
Total earning assets (2)	1,090,331			1,048,009			282,850			1,050,331			1,006,593			277,056
Total assets (2)	1,131,142			1,082,449			289,220			1,091,431			1,041,487			283,262
Total deposits	1,054,995			1,049,085			5,910			1,015,276			1,008,051			7,225

										Fourth Quarter 2020
										Total Consumer Banking			Deposits			Consumer Lending
Net interest income										$	5,955		$	3,247		$	2,708
Noninterest income:
Card income										1,289			(5)			1,294
Service charges										879			879			—
All other income										119			67			52
Total noninterest income										2,287			941			1,346
Total revenue, net of interest expense										8,242			4,188			4,054

Provision for credit losses										4			51			(47)

Noninterest expense										4,809			2,977			1,832
Income before income taxes										3,429			1,160			2,269
Income tax expense										840			284			556
Net income										$	2,589		$	876		$	1,713

Net interest yield										2.58		%	1.48		%	3.58		%
Return on average allocated capital (1)										27			29			26
Efficiency ratio										58.34			71.08			45.19

Balance Sheet
Average
Total loans and leases										$	305,146		$	4,786		$	300,360
Total earning assets (2)										918,086			871,583			300,694
Total assets (2)										960,376			910,735			303,832
Total deposits										885,210			877,656			7,554
Allocated capital (1)										38,500			12,000			26,500

Period end
Total loans and leases										$	299,934		$	4,673		$	295,261
Total earning assets (2)										945,343			899,951			295,627
Total assets (2)										988,580			939,629			299,185
Total deposits										912,652			906,092			6,560

(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, 2021									Year Ended December 31, 2020
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	24,929		$	14,358		$	10,571		$	24,698		$	13,739		$	10,959
Noninterest income:
Card income	5,172			(28)			5,200			4,673			(20)			4,693
Service charges	3,538			3,535			3			3,417			3,416			1

All other income	366			223			143			474			310			164
Total noninterest income	9,076			3,730			5,346			8,564			3,706			4,858
Total revenue, net of interest expense	34,005			18,088			15,917			33,262			17,445			15,817

Provision for credit losses	(1,035)			240			(1,275)			5,765			379			5,386

Noninterest expense	19,290			11,650			7,640			18,882			11,508			7,374
Income before income taxes	15,750			6,198			9,552			8,615			5,558			3,057
Income tax expense	3,859			1,519			2,340			2,111			1,362			749
Net income	$	11,891		$	4,679		$	7,212		$	6,504		$	4,196		$	2,308

Net interest yield	2.45		%	1.48		%	3.77		%	2.88		%	1.69		%	3.53		%
Return on average allocated capital (1)	31			39			27			17			35			9
Efficiency ratio	56.73			64.41			48.00			56.77			65.97			46.62

Balance Sheet
Average
Total loans and leases	$	284,061		$	4,431		$	279,630		$	315,580		$	5,144		$	310,436
Total earning assets (2)	1,016,751			973,018			280,080			858,724			813,779			310,862
Total assets (2)	1,058,572			1,009,387			285,532			898,606			849,924			314,599
Total deposits	983,027			976,093			6,934			823,666			816,968			6,698
Allocated capital (1)	38,500			12,000			26,500			38,500			12,000			26,500

Year end
Total loans and leases	$	286,511		$	4,206		$	282,305		$	299,934		$	4,673		$	295,261
Total earning assets (2)	1,090,331			1,048,009			282,850			945,343			899,951			295,627
Total assets (2)	1,131,142			1,082,449			289,220			988,580			939,629			299,185
Total deposits	1,054,995			1,049,085			5,910			912,652			906,092			6,560

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 2021			Third Quarter 2021			Second Quarter 2021			First Quarter 2021			Fourth Quarter 2020
	2021			2020
Net interest income	$	5,664		$	5,468		$	1,526		$	1,452		$	1,355		$	1,331		$	1,282
Noninterest income:
Investment and brokerage services	14,312			12,270			3,703			3,682			3,536			3,391			3,189
All other income	772			846			173			176			174			249			206
Total noninterest income	15,084			13,116			3,876			3,858			3,710			3,640			3,395
Total revenue, net of interest expense	20,748			18,584			5,402			5,310			5,065			4,971			4,677

Provision for credit losses	(241)			357			(56)			(58)			(62)			(65)			8

Noninterest expense	15,258			14,160			3,834			3,744			3,813			3,867			3,564
Income before income taxes	5,731			4,067			1,624			1,624			1,314			1,169			1,105
Income tax expense	1,404			996			398			398			322			286			271
Net income	$	4,327		$	3,071		$	1,226		$	1,226		$	992		$	883		$	834

Net interest yield	1.51		%	1.73		%	1.53		%	1.54		%	1.48		%	1.50		%	1.52		%
Return on average allocated capital (1)	26			21			30			30			24			22			22

Efficiency ratio	73.54			76.19			70.95			70.51			75.29			77.79			76.19

Balance Sheet
Average
Total loans and leases	$	196,899		$	183,402		$	205,236		$	199,664		$	193,988		$	188,495		$	187,167
Total earning assets (2)	374,273			316,008			395,144			373,691			367,778			360,099			336,165
Total assets (2)	386,918			328,384			408,033			386,346			380,315			372,594			348,693
Total deposits	340,124			287,123			360,912			339,357			333,487			326,370			305,870
Allocated capital (1)	16,500			15,000			16,500			16,500			16,500			16,500			15,000


Period end
Total loans and leases	$	208,971		$	188,562		$	208,971		$	202,268		$	198,361		$	190,060		$	188,562
Total earning assets (2)	425,112			356,873			425,112			380,857			365,496			365,853			356,873
Total assets (2)	438,275			369,736			438,275			393,708			378,220			378,654			369,736
Total deposits	390,143			322,157			390,143			345,590			330,624			333,254			322,157

(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)
	Year Ended December 31				Fourth Quarter 2021		Third Quarter 2021		Second Quarter 2021		First Quarter 2021		Fourth Quarter 2020
	2021		2020
Revenue by Business
Merrill Lynch Global Wealth Management	$	17,448	$	15,292	$	4,532	$	4,471	$	4,260	$	4,185	$	3,846
Bank of America Private Bank	3,300		3,292		870		839		805		786		831

Total revenue, net of interest expense	$	20,748	$	18,584	$	5,402	$	5,310	$	5,065	$	4,971	$	4,677

Client Balances by Business, at period end
Merrill Lynch Global Wealth Management	$	3,214,881	$	2,808,340	$	3,214,881	$	3,108,358	$	3,073,252	$	2,922,770	$	2,808,340
Bank of America Private Bank	625,453		541,464		625,453		584,475		579,562		557,569		541,464

Total client balances	$	3,840,334	$	3,349,804	$	3,840,334	$	3,692,833	$	3,652,814	$	3,480,339	$	3,349,804

Client Balances by Type, at period end


Assets under management (1)	$	1,638,782	$	1,408,465	$	1,638,782	$	1,578,630	$	1,549,069	$	1,467,487	$	1,408,465
Brokerage and other assets	1,655,021		1,479,614		1,655,021		1,612,472		1,619,246		1,535,424		1,479,614

Deposits	390,143		322,157		390,143		345,590		330,624		333,254		322,157
Loans and leases (2)	212,251		191,124		212,251		205,055		201,154		192,725		191,124
Less: Managed deposits in assets under management	(55,863)		(51,556)		(55,863)		(48,914)		(47,279)		(48,551)		(51,556)
Total client balances	$	3,840,334	$	3,349,804	$	3,840,334	$	3,692,833	$	3,652,814	$	3,480,339	$	3,349,804

Assets Under Management Rollforward
Assets under management, beginning balance	$	1,408,465	$	1,275,555	$	1,578,630	$	1,549,069	$	1,467,487	$	1,408,465	$	1,286,145
Net client flows	66,250		19,596		21,552		14,776		11,714		18,208		7,603

Market valuation/other	164,067		113,314		38,600		14,785		69,868		40,814		114,717
Total assets under management, ending balance	$	1,638,782	$	1,408,465	$	1,638,782	$	1,578,630	$	1,549,069	$	1,467,487	$	1,408,465

Advisors, at period end

Total wealth advisors (3)	18,846		20,103		18,846		18,855		19,385		19,808		20,103

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

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

(3)Includes advisors across all wealth management businesses in GWIM and Consumer Banking.

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 2021			Third Quarter 2021			Second Quarter 2021			First Quarter 2021			Fourth Quarter 2020
	2021			2020
Net interest income	$	8,511		$	9,013		$	2,362		$	2,185		$	1,984		$	1,980		$	2,010
Noninterest income:
Service charges	3,523			3,238			887			889			900			847			859
Investment banking fees	5,107			4,010			1,465			1,297			1,173			1,172			1,098
All other income	3,734			2,726			1,193			874			1,033			634			812
Total noninterest income	12,364			9,974			3,545			3,060			3,106			2,653			2,769
Total revenue, net of interest expense	20,875			18,987			5,907			5,245			5,090			4,633			4,779

Provision for credit losses	(3,201)			4,897			(463)			(781)			(831)			(1,126)			48

Noninterest expense	10,632			9,342			2,717			2,534			2,599			2,782			2,433
Income before income taxes	13,444			4,748			3,653			3,492			3,322			2,977			2,298
Income tax expense	3,630			1,282			986			943			897			804			621
Net income	$	9,814		$	3,466		$	2,667		$	2,549		$	2,425		$	2,173		$	1,677

Net interest yield	1.55		%	1.86		%	1.59		%	1.55		%	1.49		%	1.56		%	1.57		%
Return on average allocated capital (1)	23			8			25			24			23			21			16
Efficiency ratio	50.93			49.20			45.99			48.31			51.07			60.04			50.90

Balance Sheet
Average
Total loans and leases	$	329,655		$	382,264		$	338,627		$	324,736		$	325,110		$	330,107		$	346,323
Total earning assets (2)	549,749			485,688			587,472			560,181			534,562			515,880			509,759
Total assets (2)	611,304			542,302			650,940			621,699			595,498			576,145			566,845
Total deposits	522,790			456,562			562,390			534,166			506,618			487,034			478,269
Allocated capital (1)	42,500			42,500			42,500			42,500			42,500			42,500			42,500

Period end
Total loans and leases	$	352,933		$	339,649		$	352,933		$	328,893		$	323,256		$	325,996		$	339,649
Total earning assets (2)	574,583			522,650			574,583			561,239			547,278			533,852			522,650
Total assets (2)	638,131			580,561			638,131			623,640			607,969			594,235			580,561
Total deposits	551,752			493,748			551,752			536,476			520,026			506,012			493,748

(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 2021			Third Quarter 2021			Second Quarter 2021			First Quarter 2021			Fourth Quarter 2020
	2021			2020
Investment Banking fees (1)
Advisory (2)	$	2,139		$	1,458		$	798		$	608		$	376		$	357		$	510
Debt issuance	1,736			1,555			430			401			482			423			308
Equity issuance	1,232			997			237			288			315			392			280
Total Investment Banking fees (3)	$	5,107		$	4,010		$	1,465		$	1,297		$	1,173		$	1,172		$	1,098

Business Lending
Corporate	$	3,725		$	3,552		$	1,196		$	886		$	989		$	654		$	894
Commercial	3,676			3,743			987			924			867			898			928
Business Banking	225			261			59			55			56			55			54
Total Business Lending revenue	$	7,626		$	7,556		$	2,242		$	1,865		$	1,912		$	1,607		$	1,876

Global Transaction Services
Corporate	$	3,127		$	2,986		$	882		$	821		$	734		$	690		$	672
Commercial	3,209			3,169			875			819			771			744			737
Business Banking	889			893			236			227			215			211			211
Total Global Transaction Services revenue	$	7,225		$	7,048		$	1,993		$	1,867		$	1,720		$	1,645		$	1,620

Average deposit balances
Interest-bearing	$	164,446		$	202,207		$	164,522		$	165,669		$	162,947		$	164,633		$	169,637
Noninterest-bearing	358,344			254,355			397,868			368,497			343,671			322,401			308,632
Total average deposits	$	522,790		$	456,562		$	562,390		$	534,166		$	506,618		$	487,034		$	478,269

Loan spread	1.59		%	1.46		%	1.58		%	1.60		%	1.57		%	1.60		%	1.58		%

Provision for credit losses	$	(3,201)		$	4,897		$	(463)		$	(781)		$	(831)		$	(1,126)		$	48

Credit quality (4, 5)
Reservable criticized utilized exposure	$	19,873		$	34,001		$	19,873		$	20,894		$	25,158		$	29,954		$	34,001
	5.34		%	9.45		%	5.34		%	5.99		%	7.33		%	8.66		%	9.45		%

Nonperforming loans, leases and foreclosed properties	$	1,351		$	1,979		$	1,351		$	1,504		$	1,651		$	1,812		$	1,979
	0.39		%	0.59		%	0.39		%	0.46		%	0.52		%	0.56		%	0.59		%

Average loans and leases by product
U.S. commercial	$	191,138		$	223,012		$	196,168		$	187,047		$	188,716		$	192,628		$	200,670
Non-U.S. commercial	72,190			87,424			75,611			71,859			70,666			70,573			76,634
Commercial real estate	50,070			52,946			51,570			49,868			49,139			49,685			51,254
Commercial lease financing	16,251			18,880			15,261			15,961			16,588			17,221			17,765
Other	6			2			17			1			1			—			—
Total average loans and leases	$	329,655		$	382,264		$	338,627		$	324,736		$	325,110		$	330,107		$	346,323

Total Corporation Investment Banking fees
Advisory (2)	$	2,311		$	1,621		$	850		$	654		$	407		$	400		$	549
Debt issuance	4,015			3,443			984			933			1,110			988			718
Equity issuance	2,784			2,328			545			637			702			900			641
Total investment banking fees including self-led deals	9,110			7,392			2,379			2,224			2,219			2,288			1,908
Self-led deals	(223)			(212)			(28)			(56)			(97)			(42)			(44)
Total Investment Banking fees	$	8,887		$	7,180		$	2,351		$	2,168		$	2,122		$	2,246		$	1,864

(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 (1)
(Dollars in millions)
	Year Ended December 31						Fourth Quarter 2021			Third Quarter 2021			Second Quarter 2021			First Quarter 2021			Fourth Quarter 2020
	2021			2020
Net interest income	$	4,011		$	4,646		$	1,031		$	1,000		$	990		$	990		$	1,088
Noninterest income:
Investment and brokerage services	1,979			1,973			474			471			474			560			487
Investment banking fees	3,616			2,991			832			844			959			981			712
Market making and similar activities	8,760			8,471			1,312			2,014			1,964			3,470			1,413
All other income	889			684			169			190			333			197			207
Total noninterest income	15,244			14,119			2,787			3,519			3,730			5,208			2,819
Total revenue, net of interest expense (2)	19,255			18,765			3,818			4,519			4,720			6,198			3,907

Provision for credit losses	65			251			32			16			22			(5)			18

Noninterest expense	13,032			11,417			2,882			3,252			3,471			3,427			2,820
Income before income taxes	6,158			7,097			904			1,251			1,227			2,776			1,069
Income tax expense	1,601			1,845			235			325			319			722			278
Net income	$	4,557		$	5,252		$	669		$	926		$	908		$	2,054		$	791

Return on average allocated capital (3)	12		%	15		%	7		%	10		%	10		%	22		%	9		%

Efficiency ratio	67.68			60.84			75.49			71.94			73.55			55.29			72.18

Balance Sheet
Average
Total trading-related assets	$	549,368		$	482,996		$	564,282		$	563,715		$	566,842		$	501,789		$	476,607
Total loans and leases	91,339			73,062			102,627			97,148			87,826			77,415			74,133
Total earning assets	541,391			482,171			580,794			557,333			531,000			495,324			472,410
Total assets	785,998			685,047			816,994			804,938			797,558			723,264			683,146
Total deposits	51,833			47,400			43,331			54,650			55,584			53,852			54,539
Allocated capital (3)	38,000			36,000			38,000			38,000			38,000			38,000			36,000


Period end
Total trading-related assets	$	491,160		$	421,698		$	491,160		$	536,125		$	542,614		$	524,188		$	421,698
Total loans and leases	114,846			78,415			114,846			98,892			96,105			84,247			78,415
Total earning assets	561,135			447,350			561,135			526,585			527,983			496,103			447,350
Total assets	748,248			616,609			748,248			776,929			773,714			745,681			616,609
Total deposits	46,374			53,925			46,374			54,941			57,297			61,450			53,925

Trading-related assets (average)
Trading account securities	$	291,505		$	243,519		$	291,518		$	304,133		$	304,760		$	265,181		$	248,785
Reverse repurchases	113,989			104,697			121,878			117,486			116,424			99,886			97,932
Securities borrowed	100,292			87,125			109,455			101,086			101,144			89,253			82,331
Derivative assets	43,582			47,655			41,431			41,010			44,514			47,469			47,559
Total trading-related assets	$	549,368		$	482,996		$	564,282		$	563,715		$	566,842		$	501,789		$	476,607

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

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

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

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 2021		Third Quarter 2021		Second Quarter 2021		First Quarter 2021		Fourth Quarter 2020
	2021		2020
Sales and trading revenue (1)
Fixed-income, currencies and commodities	$	8,761	$	9,595	$	1,573	$	2,009	$	1,937	$	3,242	$	1,690
Equities	6,428		5,422		1,363		1,605		1,624		1,836		1,317
Total sales and trading revenue	$	15,189	$	15,017	$	2,936	$	3,614	$	3,561	$	5,078	$	3,007

Sales and trading revenue, excluding net debit valuation adjustment (2,3)
Fixed-income, currencies and commodities	$	8,810	$	9,725	$	1,569	$	2,025	$	1,965	$	3,251	$	1,742
Equities	6,433		5,425		1,365		1,609		1,630		1,829		1,321
Total sales and trading revenue, excluding net debit valuation adjustment	$	15,243	$	15,150	$	2,934	$	3,634	$	3,595	$	5,080	$	3,063

Sales and trading revenue breakdown
Net interest income	$	3,687	$	4,141	$	954	$	920	$	914	$	899	$	999
Commissions	1,933		1,932		464		459		462		548		476
Trading	8,758		8,470		1,311		2,014		1,963		3,470		1,412
Other	811		474		207		221		222		161		120
Total sales and trading revenue	$	15,189	$	15,017	$	2,936	$	3,614	$	3,561	$	5,078	$	3,007

(1) Includes Global Banking sales and trading revenue of $510 million and $479 million for the years ended December 31, 2021 and 2020, and $98 million, $138 million, $170 million, $104 million and $101 million for the fourth, third, second and first quarters of 2021 and the fourth quarter of 2020, respectively.

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

(3)Net DVA gains (losses) were $(54) million and $(133) million for the years ended December 31, 2021 and 2020, and $2 million, $(20) million, $(34) million, $(2) million and $(56) million for the fourth, third, second and first quarters of 2021 and the fourth quarter of 2020, respectively. FICC net DVA gains (losses) were $(49) million and $(130) million for the years ended December 31, 2021 and 2020, and $4 million, $(16) million, $(28) million, $(9) million and $(52) million for the fourth, third, second and first quarters of 2021 and the fourth quarter of 2020, respectively. Equities net DVA gains (losses) were $(5) million and $(3) million for the years ended December 31, 2021 and 2020, and $(2) million, $(4) million, $(6) million, $7 million and $(4) million for the fourth, third, second and first quarters of 2021 and the fourth quarter of 2020, 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.			23


Bank of America Corporation and Subsidiaries
All Other Results (1,2)
(Dollars in millions)
	Year Ended December 31				Fourth Quarter 2021		Third Quarter 2021		Second Quarter 2021		First Quarter 2021		Fourth Quarter 2020
	2021		2020
Net interest income	$	246	$	34	$	53	$	65	$	41	$	87	$	31





Noninterest income (loss)	(5,589)		(3,605)		(1,927)		(1,110)		(1,526)		(1,026)		(1,424)
Total revenue, net of interest expense	(5,343)		(3,571)		(1,874)		(1,045)		(1,485)		(939)		(1,393)

Provision for credit losses	(182)		50		(34)		(48)		(53)		(47)		(25)



Noninterest expense	1,519		1,412		556		352		303		308		301
Loss before income taxes	(6,680)		(5,033)		(2,396)		(1,349)		(1,735)		(1,200)		(1,669)
Income tax expense (benefit)	(8,069)		(4,634)		(1,723)		(1,294)		(3,596)		(1,456)		(1,248)
Net income (loss)	$	1,389	$	(399)	$	(673)	$	(55)	$	1,861	$	256	$	(421)

Balance Sheet
Average
Total loans and leases	$	18,447	$	28,159	$	16,240	$	17,581	$	19,209	$	20,815	$	22,029
Total assets (3)	191,831		228,783		185,707		187,233		187,226		207,449		232,814
Total deposits	16,512		18,247		23,780		13,767		14,073		14,354		13,251

Period end
Total loans and leases	$	15,863	$	21,301	$	15,863	$	16,880	$	18,306	$	19,850	$	21,301

Total assets (4)	214,152		264,141		214,152		199,738		206,341		204,009		264,141
Total deposits	21,182		12,998		21,182		12,521		13,540		12,513		12,998

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

(3)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $1.1 trillion and $763.1 billion for the years ended December 31, 2021 and 2020, and $1.2 trillion, $1.1 trillion, $1.1 trillion, $1.0 trillion and $908.7 billion for the fourth, third, second and first quarters of 2021 and the fourth quarter of 2020, respectively.

(4)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $1.2 trillion, $1.2 trillion, $1.1 trillion, $1.1 trillion and $977.7 billion at December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, 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 2021		September 30 2021		December 31 2020
Consumer
Residential mortgage	$	221,963	$	216,940	$	223,555
Home equity	27,935		29,000		34,311
Credit card	81,438		76,869		78,708
Direct/Indirect consumer (1)	103,560		99,845		91,363
Other consumer (2)	190		202		124
Total consumer loans excluding loans accounted for under the fair value option	435,086		422,856		428,061
Consumer loans accounted for under the fair value option (3)	618		616		735
Total consumer	435,704		423,472		428,796

Commercial
U.S. commercial	325,936		295,927		288,728
Non-U.S. commercial	113,266		102,850		90,460
Commercial real estate (4)	63,009		60,723		60,364
Commercial lease financing	14,825		15,044		17,098
	517,036		474,544		456,650
U.S. small business commercial (5)	19,183		22,770		36,469
Total commercial loans excluding loans accounted for under the fair value option	536,219		497,314		493,119
Commercial loans accounted for under the fair value option (3)	7,201		6,950		5,946
Total commercial	543,420		504,264		499,065

Total loans and leases	$	979,124	$	927,736	$	927,861

(1)Includes primarily auto and specialty lending loans and leases of $48.5 billion, $47.2 billion and $46.4 billion, U.S. securities-based lending loans of $51.1 billion, $48.7 billion and $41.1 billion and non-U.S. consumer loans of $3.0 billion at December 31, 2021, September 30, 2021 and December 31, 2020, 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 $279 million, $241 million and $298 million and home equity loans of $339 million, $375 million and $437 million at December 31, 2021, September 30, 2021 and December 31, 2020, respectively. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $4.6 billion, $4.5 billion and $2.9 billion and non-U.S. commercial loans of $2.6 billion, $2.4 billion and $3.0 billion at December 31, 2021, September 30, 2021 and December 31, 2020, respectively.

(4)Includes U.S. commercial real estate loans of $58.2 billion, $56.6 billion and $57.2 billion and non-U.S. commercial real estate loans of $4.8 billion, $4.1 billion and $3.2 billion at December 31, 2021, September 30, 2021 and December 31, 2020, respectively.

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

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

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

	Third Quarter 2021
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	215,652	$	110,549	$	91,015	$	1	$	—	$	14,087
Home equity	30,069		23,627		2,565		—		266		3,611
Credit card	75,569		72,981		2,588		—		—		—
Direct/Indirect and other consumer	98,148		47,059		51,084		—		—		5
Total consumer	419,438		254,216		147,252		1		266		17,703

Commercial
U.S. commercial	323,659		27,151		46,891		187,047		62,329		241
Non-U.S. commercial	101,967		—		1,237		71,859		28,836		35
Commercial real estate	59,881		13		4,284		49,868		5,714		2
Commercial lease financing	15,564		—		—		15,961		3		(400)
Total commercial	501,071		27,164		52,412		324,735		96,882		(122)
Total loans and leases	$	920,509	$	281,380	$	199,664	$	324,736	$	97,148	$	17,581

	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

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 2021		September 30 2021		December 31 2020		December 31 2021		September 30 2021		December 31 2020
Asset managers & funds	$	89,786	$	84,420	$	67,360	$	136,914	$	132,205	$	100,296
Real estate (5)	69,384		67,925		68,967		96,202		94,462		91,730
Finance companies	59,327		49,979		46,948		86,009		78,110		70,004
Capital goods	42,784		40,501		39,807		84,293		87,011		80,815
Healthcare equipment and services	32,003		30,442		33,488		58,195		59,632		57,540
Materials	25,133		24,629		24,516		53,652		53,967		50,757
Retailing	24,514		22,882		23,700		50,816		47,037		48,306
Government & public education	37,597		37,468		41,669		50,066		49,730		56,212
Consumer services	28,172		27,856		31,993		48,052		48,559		47,997
Food, beverage and tobacco	21,584		21,813		22,755		45,419		44,508		44,417
Commercial services and supplies	22,390		19,192		21,107		42,451		38,222		38,092
Individuals and trusts	29,752		28,379		24,727		39,869		38,119		34,036
Utilities	17,082		14,475		12,387		38,106		32,975		29,234
Energy	14,217		14,850		13,930		34,136		33,378		32,974
Transportation	21,079		21,862		23,126		32,015		32,753		33,082
Software and services	10,663		9,553		10,853		27,643		24,549		22,524
Technology hardware and equipment	10,159		9,866		9,935		26,910		25,520		24,196
Media	12,495		12,450		12,632		26,318		26,521		24,120
Global commercial banks	20,062		19,017		20,544		21,390		21,168		22,595
Telecommunication services	10,056		8,435		9,411		21,270		19,072		15,605
Consumer durables and apparel	9,740		9,028		9,232		21,226		20,243		20,223
Pharmaceuticals and biotechnology	5,608		4,534		4,830		19,439		17,672		15,901
Automobiles and components	9,236		9,104		10,792		17,052		16,967		20,575
Vehicle dealers	11,030		9,282		15,028		15,678		15,247		18,696
Insurance	5,743		4,977		5,772		14,323		13,381		13,277
Food and staples retailing	6,902		5,322		5,209		12,226		11,424		11,795
Financial markets infrastructure (clearinghouses)	3,876		3,680		4,939		6,076		5,905		8,648
Religious and social organizations	3,154		3,446		4,646		5,394		5,383		6,597

Total commercial credit exposure by industry	$	653,528	$	615,367	$	620,303	$	1,131,140	$	1,093,720	$	1,040,244

(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 $30.9 billion, $31.2 billion and $42.5 billion at December 31, 2021, September 30, 2021 and December 31, 2020, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $47.3 billion, $40.3 billion and $39.3 billion, which consists primarily of other marketable securities, at December 31, 2021, September 30, 2021 and December 31, 2020, respectively.

(2)Total utilized and total committed exposure includes loans of $7.2 billion, $6.9 billion and $5.9 billion and issued letters of credit with a notional amount of $51 million, $86 million and $89 million accounted for under the fair value option at December 31, 2021, September 30, 2021 and December 31, 2020, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $4.8 billion, $4.9 billion and $3.9 billion at December 31, 2021, September 30, 2021 and December 31, 2020, respectively.

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

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

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

(6)Includes $4.7 billion, $8.4 billion and $22.7 billion of PPP loan exposure across impacted industries at December 31, 2021, September 30, 2021 and December 31, 2020, 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.			27


Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties
(Dollars in millions)
	December 31 2021			September 30 2021			June 30 2021			March 31 2021			December 31 2020
Residential mortgage	$	2,284		$	2,296		$	2,343		$	2,366		$	2,005
Home equity	630			676			651			669			649

Direct/Indirect consumer	75			45			50			56			71

Total consumer	2,989			3,017			3,044			3,091			2,725
U.S. commercial	825			909			1,060			1,228			1,243
Non-U.S. commercial	268			272			275			342			418
Commercial real estate	382			414			404			354			404
Commercial lease financing	80			70			81			80			87
	1,555			1,665			1,820			2,004			2,152
U.S. small business commercial	23			32			43			67			75
Total commercial	1,578			1,697			1,863			2,071			2,227
Total nonperforming loans and leases	4,567			4,714			4,907			5,162			4,952
Foreclosed properties (1)	130			117			124			137			164
Total nonperforming loans, leases and foreclosed properties (2, 3)	$	4,697		$	4,831		$	5,031		$	5,299		$	5,116

Fully-insured home loans past due 30 days or more and still accruing	$	887		$	930		$	997		$	1,030		$	1,090
Consumer credit card past due 30 days or more and still accruing	997			934			976			1,317			1,689
Other loans past due 30 days or more and still accruing	3,398			2,583			2,699			3,506			3,398
Total loans past due 30 days or more and still accruing (4, 5)	$	5,282		$	4,447		$	4,672		$	5,853		$	6,177

Fully-insured home loans past due 90 days or more and still accruing	$	634		$	648		$	687		$	728		$	762
Consumer credit card past due 90 days or more and still accruing	487			450			533			755			903
Other loans past due 90 days or more and still accruing	336			232			299			309			417
Total loans past due 90 days or more and still accruing (4, 5)	$	1,457		$	1,330		$	1,519		$	1,792		$	2,082

Nonperforming loans, leases and foreclosed properties/Total assets (6)	0.15		%	0.16		%	0.17		%	0.18		%	0.18		%
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties (6)	0.48			0.52			0.55			0.59			0.56
Nonperforming loans and leases/Total loans and leases (6)	0.47			0.51			0.54			0.58			0.54

Commercial reservable criticized utilized exposure (7)	$	22,381		$	24,142		$	28,878		$	34,283		$	38,666
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure (7)	3.91		%	4.53		%	5.45		%	6.59		%	7.31		%
Total commercial criticized utilized exposure/Commercial utilized exposure (7)	3.91			4.55			5.37			6.41			7.22

(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 $52 million, $55 million, $66 million, $87 million and $119 million at December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively.

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

(3)Balances do not include nonperforming loans held-for-sale of $264 million, $279 million, $348 million, $384 million and $359 million and nonperforming loans accounted for under the fair value option of $21 million, $13 million, $13 million, $12 million and $11 million at December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively.

(4)Balances do not include loans held-for-sale past due 30 days or more and still accruing of $523 million, $222 million, $159 million, $75 million and $38 million at December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively, and loans held-for-sale past due 90 days or more and still accruing of $41 million, $9 million, $70 million, $18 million and $32 million at December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively. At December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, there were $12 million, $9 million, $74 million, $12 million and $15 million, respectively, of loans accounted for under the fair value option past due 30 days or more and still accruing interest.

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

(6)Total assets and total loans and leases do not include loans accounted for under the fair value option of $7.8 billion, $7.6 billion, $7.0 billion, $7.0 billion and $6.7 billion at December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively.

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

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 Activity (1)
(Dollars in millions)
	Fourth Quarter 2021		Third Quarter 2021		Second Quarter 2021		First Quarter 2021		Fourth Quarter 2020
Nonperforming Consumer Loans and Leases:
Balance, beginning of period	$	3,017	$	3,044	$	3,091	$	2,725	$	2,357

Additions	371		353		431		851		860


Reductions:
Paydowns and payoffs	(179)		(163)		(160)		(123)		(137)
Sales	(1)		(1)		(1)		(1)		(7)
Returns to performing status (2)	(198)		(201)		(291)		(347)		(325)
Charge-offs (3)	(15)		(12)		(25)		(12)		(16)
Transfers to foreclosed properties	(6)		(3)		(1)		(2)		(7)

Total net additions (reductions) to nonperforming loans and leases	(28)		(27)		(47)		366		368
Total nonperforming consumer loans and leases, end of period	2,989		3,017		3,044		3,091		2,725
Foreclosed properties	101		87		93		101		123
Nonperforming consumer loans, leases and foreclosed properties, end of period	$	3,090	$	3,104	$	3,137	$	3,192	$	2,848

Nonperforming Commercial Loans and Leases (4):
Balance, beginning of period	$	1,697	$	1,863	$	2,071	$	2,227	$	2,193

Additions	372		275		503		472		1,192
Reductions:
Paydowns	(290)		(297)		(264)		(312)		(397)
Sales	(71)		(29)		(77)		(22)		(274)
Return to performing status (5)	(95)		(82)		(59)		(28)		(127)
Charge-offs	(35)		(33)		(108)		(78)		(313)
Transfers to foreclosed properties	—		—		—		—		(2)
Transfers to loans held-for-sale	—		—		(203)		(188)		(45)
Total net additions (reductions) to nonperforming loans and leases	(119)		(166)		(208)		(156)		34
Total nonperforming commercial loans and leases, end of period	1,578		1,697		1,863		2,071		2,227
Foreclosed properties	29		30		31		36		41
Nonperforming commercial loans, leases and foreclosed properties, end of period	$	1,607	$	1,727	$	1,894	$	2,107	$	2,268

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

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

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

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

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

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
Quarterly Net Charge-offs and Net Charge-off Ratios (1)
(Dollars in millions)
	Fourth Quarter 2021				Third Quarter 2021				Second Quarter 2021				First Quarter 2021				Fourth Quarter 2020
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage	$	(11)	(0.02)	%	$	(7)	(0.01)	%	$	(6)	(0.01)	%	$	(4)	(0.01)	%	$	(3)	—	%
Home equity	(26)		(0.37)		(34)		(0.46)		(24)		(0.31)		(35)		(0.42)		(28)		(0.31)
Credit card	280		1.42		321		1.69		488		2.67		634		3.47		405		2.06

Direct/Indirect consumer	(3)		(0.01)		(18)		(0.07)		(9)		(0.04)		31		0.14		38		0.17
Other consumer	72		n/m		67		n/m		64		n/m		67		n/m		70		n/m
Total consumer	312		0.29		329		0.31		513		0.50		693		0.67		482		0.44
U.S. commercial	(19)		(0.02)		15		0.02		(31)		(0.04)		12		0.02		182		0.25
Non-U.S. commercial	(6)		(0.02)		1		—		14		0.06		26		0.12		65		0.28
Total commercial and industrial	(25)		(0.02)		16		0.02		(17)		(0.02)		38		0.04		247		0.26
Commercial real estate	6		0.04		—		—		17		0.11		11		0.07		101		0.66
Commercial lease financing	—		—		(1)		—		—		—		—		—		(1)		(0.03)
	(19)		(0.02)		15		0.01		—		—		49		0.04		347		0.30
U.S. small business commercial	69		1.32		119		1.76		82		0.98		81		0.89		52		0.53
Total commercial	50		0.04		134		0.11		82		0.07		130		0.11		399		0.32
Total net charge-offs	$	362	0.15		$	463	0.20		$	595	0.27		$	823	0.37		$	881	0.38

By Business Segment and All Other
Consumer Banking	$	411	0.58	%	$	489	0.69	%	$	625	0.89	%	$	810	1.13	%	$	563	0.73	%
Global Wealth & Investment Management	5		0.01		7		0.01		—		—		13		0.03		9		0.02
Global Banking	(28)		(0.03)		8		0.01		3		—		36		0.05		314		0.37
Global Markets	10		0.04		—		—		—		—		3		0.01		24		0.13
All Other	(36)		(0.91)		(41)		(0.92)		(33)		(0.70)		(39)		(0.78)		(29)		(0.53)
Total net charge-offs	$	362	0.15		$	463	0.20		$	595	0.27		$	823	0.37		$	881	0.38

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

n/m = not meaningful

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
Annual Net Charge-offs and Net Charge-off Ratios (1)
(Dollars in millions)
	Year Ended December 31
	2021				2020
	Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage	$	(28)	(0.01)	%	$	(30)	(0.01)	%
Home equity	(119)		(0.39)		(73)		(0.19)
Credit card	1,723		2.29		2,349		2.76

Direct/Indirect consumer	1		—		122		0.14
Other consumer	270		n/m		284		n/m
Total consumer	1,847		0.44		2,652		0.59
U.S. commercial	(23)		(0.01)		718		0.23
Non-U.S. commercial	35		0.04		155		0.15
Total commercial and industrial	12		—		873		0.21
Commercial real estate	34		0.06		270		0.43
Commercial lease financing	(1)		—		59		0.32
	45		0.01		1,202		0.24
U.S. small business commercial	351		1.19		267		0.86
Total commercial	396		0.08		1,469		0.28
Total net charge-offs	$	2,243	0.25		$	4,121	0.42

By Business Segment and All Other
Consumer Banking	$	2,335	0.82	%	$	3,027	0.96	%
Global Wealth & Investment Management	25		0.01		21		0.01
Global Banking	19		0.01		1,132		0.30
Global Markets	13		0.01		48		0.07
All Other	(149)		(0.82)		(107)		(0.38)
Total net charge-offs	$	2,243	0.25		$	4,121	0.42

(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.

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
Allocation of the Allowance for Credit Losses by Product Type
(Dollars in millions)
	December 31, 2021		September 30, 2021			December 31, 2020
	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	$	351	0.16%	$	353		0.16%	$	459	0.21%
Home equity	206		0.74	202			0.70	399		1.16
Credit card	5,907		7.25	6,055			7.88	8,420		10.70

Direct/Indirect consumer	523		0.51	541			0.54	752		0.82
Other consumer	46		n/m	43			n/m	41		n/m
Total consumer	7,033		1.62	7,194			1.70	10,071		2.35
U.S. commercial (3)	3,019		0.87	3,235			1.02	5,043		1.55
Non-U.S. commercial	975		0.86	1,032			1.00	1,241		1.37
Commercial real estate	1,292		2.05	1,621			2.67	2,285		3.79
Commercial lease financing	68		0.46	73			0.48	162		0.95
Total commercial	5,354		1.00	5,961			1.20	8,731		1.77
Allowance for loan and lease losses	12,387		1.28	13,155			1.43	18,802		2.04


Reserve for unfunded lending commitments	1,456			1,538				1,878
Allowance for credit losses	$	13,843		$	14,693			$	20,680

Asset Quality Indicators

Allowance for loan and lease losses/Total loans and leases (2)			1.28%				1.43%			2.04%

Allowance for loan and lease losses/Total nonperforming loans and leases (4)			271				279			380

Ratio of the allowance for loan and lease losses/Annualized net charge-offs			8.62				7.16			5.37

(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 $279 million, $241 million and $298 million, and home equity loans of $339 million, $375 million and $437 million at December 31, 2021, September 30, 2021 and December 31, 2020, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $4.6 billion, $4.5 billion and $2.9 billion and non-U.S. commercial loans of $2.6 billion, $2.4 billion and $3.0 billion at December 31, 2021, September 30, 2021 and December 31, 2020, respectively.

(2)Total loans and leases do not include loans accounted for under the fair value option of $7.8 billion, $7.6 billion and $6.7 billion at December 31, 2021, September 30, 2021 and December 31, 2020, respectively.

(3)Includes allowance for loan and lease losses for U.S. small business commercial loans of $1.2 billion, $1.4 billion and $1.5 billion at December 31, 2021, September 30, 2021 and December 31, 2020, respectively.

(4)Allowance for loan and lease losses includes $7.0 billion, $7.4 billion and $9.9 billion allocated to products (primarily the Consumer Lending portfolios within Consumer Banking) that are excluded from nonperforming loans and leases at December 31, 2021, September 30, 2021 and December 31, 2020, respectively. Excluding these amounts, allowance for loan and lease losses as a percentage of total nonperforming loans and leases was 117 percent, 123 percent and 181 percent at December 31, 2021, September 30, 2021 and December 31, 2020, 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.			32

Exhibit A: Non-GAAP Reconciliations

Bank of America Corporation and Subsidiaries

Reconciliations to GAAP Financial Measures

(Dollars in millions, except per share information)

The Corporation evaluates its business based on the following ratios that utilize tangible equity, a non-GAAP financial measure. Tangible equity represents shareholders’ equity or common shareholders’ equity reduced by goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities ("adjusted" shareholders' equity or common shareholders’ equity). Return on average tangible common shareholders’ equity measures the Corporation’s net income applicable to common shareholders as a percentage of adjusted average common shareholders’ equity. The tangible common equity ratio represents adjusted ending common shareholders’ equity divided by total tangible assets (total assets less goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities). Return on average tangible shareholders’ equity measures the Corporation’s net income as a percentage of adjusted average total shareholders’ equity. The tangible equity ratio represents adjusted ending shareholders’ equity divided by total tangible assets. Tangible book value per common share represents adjusted ending common shareholders’ equity divided by ending common shares outstanding. These measures are used to evaluate the Corporation’s use of equity. In addition, profitability, relationship and investment models all use return on average tangible shareholders’ equity as key measures to support our overall growth goals.

See the tables below for reconciliations of these non-GAAP financial measures to the most closely related financial measures defined by GAAP for the years ended December 31, 2021 and 2020, and the three months ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020. 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 2021		Third Quarter 2021		Second Quarter 2021		First Quarter 2021		Fourth Quarter 2020
	2021		2020





























Reconciliation of income before income taxes to pretax, pre-provision income
Income before income taxes	$	33,976	$	18,995	$	7,818	$	8,950	$	8,042	$	9,166	$	6,119
Provision for credit losses	(4,594)		11,320		(489)		(624)		(1,621)		(1,860)		53
Pretax, pre-provision income	$	29,382	$	30,315	$	7,329	$	8,326	$	6,421	$	7,306	$	6,172

Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity	$	273,757	$	267,309	$	270,883	$	275,484	$	274,632	$	274,047	$	271,020
Goodwill	(69,005)		(68,951)		(69,022)		(69,023)		(69,023)		(68,951)		(68,951)
Intangible assets (excluding mortgage servicing rights)	(2,177)		(1,862)		(2,166)		(2,185)		(2,212)		(2,146)		(2,173)
Related deferred tax liabilities	916		821		913		915		915		920		910
Tangible shareholders’ equity	$	203,491	$	197,317	$	200,608	$	205,191	$	204,312	$	203,870	$	200,806
Preferred stock	(23,970)		(23,624)		(24,364)		(23,441)		(23,684)		(24,399)		(24,180)
Tangible common shareholders’ equity	$	179,521	$	173,693	$	176,244	$	181,750	$	180,628	$	179,471	$	176,626








Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity	$	270,066	$	272,924	$	270,066	$	272,464	$	277,119	$	274,000	$	272,924
Goodwill	(69,022)		(68,951)		(69,022)		(69,023)		(69,023)		(68,951)		(68,951)
Intangible assets (excluding mortgage servicing rights)	(2,153)		(2,151)		(2,153)		(2,172)		(2,192)		(2,134)		(2,151)
Related deferred tax liabilities	929		920		929		913		915		915		920
Tangible shareholders’ equity	$	199,820	$	202,742	$	199,820	$	202,182	$	206,819	$	203,830	$	202,742
Preferred stock	(24,708)		(24,510)		(24,708)		(23,441)		(23,441)		(24,319)		(24,510)
Tangible common shareholders’ equity	$	175,112	$	178,232	$	175,112	$	178,741	$	183,378	$	179,511	$	178,232

Reconciliation of period-end assets to period-end tangible assets
Assets	$	3,169,948	$	2,819,627	$	3,169,948	$	3,085,446	$	3,029,894	$	2,969,992	$	2,819,627
Goodwill	(69,022)		(68,951)		(69,022)		(69,023)		(69,023)		(68,951)		(68,951)
Intangible assets (excluding mortgage servicing rights)	(2,153)		(2,151)		(2,153)		(2,172)		(2,192)		(2,134)		(2,151)
Related deferred tax liabilities	929		920		929		913		915		915		920
Tangible assets	$	3,099,702	$	2,749,445	$	3,099,702	$	3,015,164	$	2,959,594	$	2,899,822	$	2,749,445

Book value per share of common stock
Common shareholders’ equity	$	245,358	$	248,414	$	245,358	$	249,023	$	253,678	$	249,681	$	248,414
Ending common shares issued and outstanding	8,077.8		8,650.8		8,077.8		8,241.2		8,487.2		8,589.7		8,650.8
Book value per share of common stock	$	30.37	$	28.72	$	30.37	$	30.22	$	29.89	$	29.07	$	28.72

Tangible book value per share of common stock
Tangible common shareholders’ equity	$	175,112	$	178,232	$	175,112	$	178,741	$	183,378	$	179,511	$	178,232
Ending common shares issued and outstanding	8,077.8		8,650.8		8,077.8		8,241.2		8,487.2		8,589.7		8,650.8
Tangible book value per share of common stock	$	21.68	$	20.60	$	21.68	$	21.69	$	21.61	$	20.90	$	20.60

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