Document

EX-99.3 4 bac-06302022ex993.htm THE SUPPLEMENTAL INFORMATION Document

Supplemental Information

Second Quarter 2022

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


Bank of America Corporation and Subsidiaries
Table of Contents			Page


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

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

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

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

Exhibit A: Non-GAAP Reconciliations			33







Key Performance Indicators

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

Business Segment Operations

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


Bank of America Corporation and Subsidiaries
Consolidated Financial Highlights
(In millions, except per share information)
	Six Months Ended June 30						Second Quarter 2022			First Quarter 2022			Fourth Quarter 2021			Third Quarter 2021			Second Quarter 2021
	2022			2021
Income statement
Net interest income	$	24,016		$	20,430		$	12,444		$	11,572		$	11,410		$	11,094		$	10,233
Noninterest income	21,900			23,857			10,244			11,656			10,650			11,672			11,233
Total revenue, net of interest expense	45,916			44,287			22,688			23,228			22,060			22,766			21,466
Provision for credit losses	553			(3,481)			523			30			(489)			(624)			(1,621)
Noninterest expense	30,592			30,560			15,273			15,319			14,731			14,440			15,045
Income before income taxes	14,771			17,208			6,892			7,879			7,818			8,950			8,042
Pretax, pre-provision income (1)	15,324			13,727			7,415			7,909			7,329			8,326			6,421
Income tax expense	1,457			(66)			645			812			805			1,259			(1,182)
Net income	13,314			17,274			6,247			7,067			7,013			7,691			9,224
Preferred stock dividends	782			750			315			467			240			431			260
Net income applicable to common shareholders	12,532			16,524			5,932			6,600			6,773			7,260			8,964
Diluted earnings per common share	1.53			1.90			0.73			0.80			0.82			0.85			1.03
Average diluted common shares issued and outstanding	8,182.2			8,776.2			8,163.1			8,202.1			8,304.7			8,492.8			8,735.5
Dividends paid per common share	$	0.42		$	0.36		$	0.21		$	0.21		$	0.21		$	0.21		$	0.18

Performance ratios
Return on average assets	0.84		%	1.18		%	0.79		%	0.89		%	0.88		%	0.99		%	1.23		%
Return on average common shareholders’ equity	10.48			13.31			9.93			11.02			10.90			11.43			14.33
Return on average shareholders’ equity	9.99			12.70			9.34			10.64			10.27			11.08			13.47
Return on average tangible common shareholders’ equity (2)	14.78			18.51			14.05			15.51			15.25			15.85			19.90
Return on average tangible shareholders’ equity (2)	13.52			17.07			12.66			14.40			13.87			14.87			18.11
Efficiency ratio	66.63			69.00			67.32			65.95			66.78			63.43			70.09


At period end
Book value per share of common stock	$	29.87		$	29.89		$	29.87		$	29.70		$	30.37		$	30.22		$	29.89
Tangible book value per share of common stock (2)	21.13			21.61			21.13			20.99			21.68			21.69			21.61
Market capitalization	250,136			349,925			250,136			332,320			359,383			349,841			349,925
Number of financial centers - U.S.	3,984			4,296			3,984			4,056			4,173			4,215			4,296
Number of branded ATMs - U.S.	15,730			16,795			15,730			15,959			16,209			16,513			16,795
Headcount	209,824			211,608			209,824			208,139			208,248			209,407			211,608

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

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


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


Bank of America Corporation and Subsidiaries
Consolidated Statement of Income
(In millions, except per share information)
	Six Months Ended June 30				Second Quarter 2022		First Quarter 2022		Fourth Quarter 2021		Third Quarter 2021		Second Quarter 2021
	2022		2021
Net interest income
Interest income	$	27,869	$	22,782	$	14,975	$	12,894	$	12,554	$	12,336	$	11,387
Interest expense	3,853		2,352		2,531		1,322		1,144		1,242		1,154
Net interest income	24,016		20,430		12,444		11,572		11,410		11,094		10,233

Noninterest income
Fees and commissions	17,476		19,241		8,491		8,985		10,143		9,915		9,705
Market making and similar activities	5,955		5,355		2,717		3,238		1,331		2,005		1,826
Other income (loss)	(1,531)		(739)		(964)		(567)		(824)		(248)		(298)
Total noninterest income	21,900		23,857		10,244		11,656		10,650		11,672		11,233
Total revenue, net of interest expense	45,916		44,287		22,688		23,228		22,060		22,766		21,466

Provision for credit losses	553		(3,481)		523		30		(489)		(624)		(1,621)

Noninterest expense
Compensation and benefits	18,399		18,389		8,917		9,482		9,037		8,714		8,653
Occupancy and equipment	3,508		3,589		1,748		1,760		1,785		1,764		1,759
Information processing and communications	3,075		2,873		1,535		1,540		1,480		1,416		1,448
Product delivery and transaction related	1,857		1,953		924		933		941		987		976
Marketing	860		1,181		463		397		411		347		810
Professional fees	968		829		518		450		512		434		426
Other general operating	1,925		1,746		1,168		757		565		778		973
Total noninterest expense	30,592		30,560		15,273		15,319		14,731		14,440		15,045
Income before income taxes	14,771		17,208		6,892		7,879		7,818		8,950		8,042
Income tax expense	1,457		(66)		645		812		805		1,259		(1,182)
Net income	$	13,314	$	17,274	$	6,247	$	7,067	$	7,013	$	7,691	$	9,224
Preferred stock dividends	782		750		315		467		240		431		260
Net income applicable to common shareholders	$	12,532	$	16,524	$	5,932	$	6,600	$	6,773	$	7,260	$	8,964

Per common share information
Earnings	$	1.54	$	1.91	$	0.73	$	0.81	$	0.82	$	0.86	$	1.04
Diluted earnings	1.53		1.90		0.73		0.80		0.82		0.85		1.03
Average common shares issued and outstanding	8,129.3		8,660.4		8,121.6		8,136.8		8,226.5		8,430.7		8,620.8
Average diluted common shares issued and outstanding	8,182.2		8,776.2		8,163.1		8,202.1		8,304.7		8,492.8		8,735.5


Consolidated Statement of Comprehensive Income
(Dollars in millions)
	Six Months Ended June 30				Second Quarter 2022		First Quarter 2022		Fourth Quarter 2021		Third Quarter 2021		Second Quarter 2021
	2022		2021
Net income	$	13,314	$	17,274	$	6,247	$	7,067	$	7,013	$	7,691	$	9,224
Other comprehensive income (loss), net-of-tax:
Net change in debt securities	(5,269)		(1,090)		(1,822)		(3,447)		(834)		(153)		(250)
Net change in debit valuation adjustments	836		265		575		261		64		27		149
Net change in derivatives	(7,187)		(699)		(2,008)		(5,179)		(1,176)		(431)		415
Employee benefit plan adjustments	60		120		36		24		454		50		69
Net change in foreign currency translation adjustments	(10)		(3)		(38)		28		(16)		(26)		26
Other comprehensive income (loss)	(11,570)		(1,407)		(3,257)		(8,313)		(1,508)		(533)		409
Comprehensive income (loss)	$	1,744	$	15,867	$	2,990	$	(1,246)	$	5,505	$	7,158	$	9,633


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


Bank of America Corporation and Subsidiaries
Net Interest Income and Noninterest Income
(Dollars in millions)
	Six Months Ended June 30				Second Quarter 2022		First Quarter 2022		Fourth Quarter 2021		Third Quarter 2021		Second Quarter 2021
	2022		2021
Net interest income
Interest income
Loans and leases	$	15,574	$	14,357	$	8,222	$	7,352	$	7,423	$	7,502	$	7,123
Debt securities	7,872		5,550		4,049		3,823		3,544		3,282		2,820
Federal funds sold and securities borrowed or purchased under agreements to resell	389		(49)		396		(7)		(47)		6		(42)
Trading account assets	2,304		1,826		1,223		1,081		977		967		954
Other interest income	1,730		1,098		1,085		645		657		579		532
Total interest income	27,869		22,782		14,975		12,894		12,554		12,336		11,387

Interest expense
Deposits	484		261		320		164		143		133		128
Short-term borrowings	441		(164)		553		(112)		(153)		(41)		(85)
Trading account liabilities	734		539		370		364		304		285		293
Long-term debt	2,194		1,716		1,288		906		850		865		818
Total interest expense	3,853		2,352		2,531		1,322		1,144		1,242		1,154
Net interest income	$	24,016	$	20,430	$	12,444	$	11,572	$	11,410	$	11,094	$	10,233

Noninterest income
Fees and commissions
Card income
Interchange fees (1)	$	2,007	$	2,277	$	1,072	$	935	$	1,129	$	1,154	$	1,210
Other card income	951		744		483		468		485		429		376
Total card income	2,958		3,021		1,555		1,403		1,614		1,583		1,586
Service charges
Deposit-related fees	2,947		3,052		1,417		1,530		1,600		1,619		1,557
Lending-related fees	603		614		300		303		310		309		317
Total service charges	3,550		3,666		1,717		1,833		1,910		1,928		1,874
Investment and brokerage services
Asset management fees	6,388		6,158		3,102		3,286		3,295		3,276		3,156
Brokerage fees	1,995		2,028		989		1,006		973		960		967
Total investment and brokerage services	8,383		8,186		4,091		4,292		4,268		4,236		4,123
Investment banking fees
Underwriting income	1,107		2,860		435		672		1,049		1,168		1,314
Syndication fees	613		701		301		312		452		346		401
Financial advisory services	865		807		392		473		850		654		407
Total investment banking fees	2,585		4,368		1,128		1,457		2,351		2,168		2,122
Total fees and commissions	17,476		19,241		8,491		8,985		10,143		9,915		9,705
Market making and similar activities	5,955		5,355		2,717		3,238		1,331		2,005		1,826
Other income (loss)	(1,531)		(739)		(964)		(567)		(824)		(248)		(298)
Total noninterest income	$	21,900	$	23,857	$	10,244	$	11,656	$	10,650	$	11,672	$	11,233

(1)Gross interchange fees and merchant income were $6.2 billion and $5.4 billion and are presented net of $4.2 billion and $3.1 billion of expenses for rewards and partner payments as well as certain other card costs for the six months ended June 30, 2022 and 2021. Gross interchange fees and merchant income were $3.3 billion, $2.9 billion, $3.1 billion, $3.0 billion and $2.9 billion and are presented net of $2.2 billion, $2.0 billion, $2.0 billion, $1.8 billion and $1.7 billion of expenses for rewards and partner payments as well as certain other card costs for the second and first quarters of 2022 and the fourth, third, and second quarters of 2021, respectively.


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


Bank of America Corporation and Subsidiaries
Consolidated Balance Sheet
(Dollars in millions)
		June 30 2022		March 31 2022		June 30 2021
Assets
Cash and due from banks		$	29,497	$	29,769	$	30,327
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks		168,505		244,165		229,703
Cash and cash equivalents		198,002		273,934		260,030
Time deposits placed and other short-term investments		6,841		5,645		7,356
Federal funds sold and securities borrowed or purchased under agreements to resell		272,430		302,108		268,594
Trading account assets		294,027		313,400		291,733
Derivative assets		62,047		48,231		41,498
Debt securities:
Carried at fair value		274,665		297,700		288,913
Held-to-maturity, at cost		658,245		672,180		651,401
Total debt securities		932,910		969,880		940,314
Loans and leases		1,030,766		993,145		918,928
Allowance for loan and lease losses		(11,973)		(12,104)		(14,095)
Loans and leases, net of allowance		1,018,793		981,041		904,833
Premises and equipment, net		11,016		10,820		10,747
Goodwill		69,022		69,022		69,023
Loans held-for-sale		6,654		10,270		8,277
Customer and other receivables		79,893		83,622		67,967
Other assets		159,971		170,250		159,522
Total assets		$	3,111,606	$	3,238,223	$	3,029,894

Liabilities
Deposits in U.S. offices:
Noninterest-bearing		$	741,676	$	787,045	$	719,481
Interest-bearing		1,134,876		1,178,451		1,076,355
Deposits in non-U.S. offices:
Noninterest-bearing		26,770		27,589		25,190
Interest-bearing		81,027		79,324		88,116
Total deposits		1,984,349		2,072,409		1,909,142
Federal funds purchased and securities loaned or sold under agreements to repurchase		204,307		214,685		213,787
Trading account liabilities		97,302		117,122		110,084
Derivative liabilities		38,425		44,266		38,916
Short-term borrowings		27,886		24,789		21,635
Accrued expenses and other liabilities		214,522		219,625		184,607
Long-term debt		275,697		278,710		274,604
Total liabilities		2,842,488		2,971,606		2,752,775
Shareholders’ equity
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 4,117,686, 4,037,686 and 3,887,686 shares		29,134		27,137		23,441
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 8,035,221,887, 8,062,102,236 and 8,487,151,465 shares		59,499		59,968		79,242
Retained earnings		197,159		192,929		177,499
Accumulated other comprehensive income (loss)		(16,674)		(13,417)		(3,063)
Total shareholders’ equity		269,118		266,617		277,119
Total liabilities and shareholders’ equity		$	3,111,606	$	3,238,223	$	3,029,894

	Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
	Trading account assets	$	2,294	$	2,160	$	4,418
	Loans and leases	16,170		15,946		16,970
	Allowance for loan and lease losses	(832)		(880)		(1,047)
	Loans and leases, net of allowance	15,338		15,066		15,923

	All other assets	177		417		1,134
	Total assets of consolidated variable interest entities	$	17,809	$	17,643	$	21,475

	Liabilities of consolidated variable interest entities included in total liabilities above
	Short-term borrowings	$	165	$	228	$	324
	Long-term debt	4,509		3,557		5,137
	All other liabilities	12		6		15
	Total liabilities of consolidated variable interest entities	$	4,686	$	3,791	$	5,476


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


Bank of America Corporation and Subsidiaries
Capital Management
(Dollars in millions)
	June 30 2022			March 31 2022			June 30 2021
Risk-based capital metrics (1):
Standardized Approach
Common equity tier 1 capital	$	171,754		$	169,874		$	178,818
Tier 1 capital	200,872			197,007			202,245
Total capital	232,316			229,186			234,486
Risk-weighted assets	1,640,017			1,638,958			1,551,668
Common equity tier 1 capital ratio	10.5		%	10.4		%	11.5		%
Tier 1 capital ratio	12.2			12.0			13.0
Total capital ratio	14.2			14.0			15.1

Advanced Approaches
Common equity tier 1 capital	$	171,754		$	169,874		$	178,818
Tier 1 capital	200,872			197,007			202,245
Total capital	225,565			222,481			227,736
Risk-weighted assets	1,408,872			1,415,505			1,379,805
Common equity tier 1 capital ratio	12.2		%	12.0		%	13.0		%
Tier 1 capital ratio	14.3			13.9			14.7
Total capital ratio	16.0			15.7			16.5

Leverage-based metrics (1):
Adjusted average assets	$	3,080,248		$	3,129,996		$	2,938,476
Tier 1 leverage ratio	6.5		%	6.3		%	6.9		%

Supplementary leverage exposure	$	3,620,791		$	3,661,948		$	3,443,834
Supplementary leverage ratio	5.5		%	5.4		%	5.9		%

Tangible equity ratio (2)	6.5			6.2			7.0
Tangible common equity ratio (2)	5.6			5.3			6.2

(1)Regulatory capital ratios at June 30, 2022 are preliminary. We report regulatory capital ratios under both the Standardized and Advanced approaches. The approach that yields the lower ratio is used to assess capital adequacy.

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


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


Bank of America Corporation and Subsidiaries
Capital Composition under Basel 3
(Dollars in millions)
	June 30 2022		March 31 2022		June 30 2021
Total common shareholders' equity	$	239,984	$	239,480	$	253,678
CECL transitional amount (1)	1,881		1,881		2,994
Goodwill, net of related deferred tax liabilities	(68,641)		(68,641)		(68,638)
Deferred tax assets arising from net operating loss and tax credit carryforwards	(7,746)		(7,843)		(7,641)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities	(1,575)		(1,589)		(1,662)
Defined benefit pension plan net assets	(1,236)		(1,248)		(1,196)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net-of-tax	303		1,047		1,499
Accumulated net (gain) loss on certain cash flow hedges (2)	9,059		7,049		265
Other	(275)		(262)		(481)
Common equity tier 1 capital	171,754		169,874		178,818
Qualifying preferred stock, net of issuance cost	29,134		27,136		23,440
Other	(16)		(3)		(13)
Tier 1 capital	200,872		197,007		202,245
Tier 2 capital instruments	20,753		21,737		20,674
Qualifying allowance for credit losses (3)	10,975		11,000		11,993
Other	(284)		(558)		(426)
Total capital under the Standardized approach	232,316		229,186		234,486
Adjustment in qualifying allowance for credit losses under the Advanced approaches (3)	(6,751)		(6,705)		(6,750)
Total capital under the Advanced approaches	$	225,565	$	222,481	$	227,736

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

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

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


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


Bank of America Corporation and Subsidiaries
Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis
(Dollars in millions)
	Second Quarter 2022						First Quarter 2022						Second Quarter 2021
	Average Balance		Interest Income/ Expense (1)		Yield/ Rate		Average Balance		Interest Income/ Expense (1)		Yield/ Rate		Average Balance		Interest Income/ Expense (1)		Yield/ Rate
Earning assets
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks	$	178,313	$	282	0.63	%	$	244,971	$	86	0.14	%	$	247,673	$	27	0.04	%
Time deposits placed and other short-term investments	7,658		12		0.62		9,253		12		0.52		8,079		—		0.02
Federal funds sold and securities borrowed or purchased under agreements to resell	304,684		396		0.52		299,404		(7)		(0.01)		270,443		(42)		(0.06)
Trading account assets	147,442		1,241		3.37		151,969		1,096		2.92		152,307		967		2.55
Debt securities	945,927		4,067		1.72		975,656		3,838		1.58		895,902		2,834		1.27
Loans and leases (2)
Residential mortgage	228,529		1,571		2.75		223,979		1,525		2.73		214,096		1,498		2.80
Home equity	27,415		235		3.44		27,784		220		3.21		31,621		267		3.39
Credit card	81,024		1,954		9.68		78,409		1,940		10.03		73,399		1,876		10.25

Direct/Indirect and other consumer	108,639		696		2.57		104,632		579		2.25		94,321		561		2.38

Total consumer	445,607		4,456		4.01		434,804		4,264		3.96		413,437		4,202		4.07
U.S. commercial	363,978		2,525		2.78		346,510		2,127		2.49		322,633		2,049		2.55
Non-U.S. commercial	128,237		696		2.18		118,767		504		1.72		96,343		429		1.78
Commercial real estate	63,072		476		3.02		63,065		387		2.49		59,276		371		2.51
Commercial lease financing	13,992		104		2.95		14,647		106		2.92		16,211		108		2.67
Total commercial	569,279		3,801		2.68		542,989		3,124		2.33		494,463		2,957		2.40
Total loans and leases	1,014,886		8,257		3.26		977,793		7,388		3.06		907,900		7,159		3.16
Other earning assets	108,180		823		3.06		120,798		587		1.97		96,364		552		2.30
Total earning assets	2,707,090		15,078		2.23		2,779,844		13,000		1.89		2,578,668		11,497		1.79
Cash and due from banks	29,025						28,082						31,675
Other assets, less allowance for loan and lease losses	421,740						399,776						404,770
Total assets	$	3,157,855					$	3,207,702					$	3,015,113
Interest-bearing liabilities
U.S. interest-bearing deposits

Demand and money market deposits	$	985,983	$	189	0.08	%	$	1,001,184	$	80	0.03	%	$	915,420	$	78	0.03	%

Time and savings deposits	156,824		42		0.11		163,981		40		0.10		162,516		40		0.10
Total U.S. interest-bearing deposits	1,142,807		231		0.08		1,165,165		120		0.04		1,077,936		118		0.04




Non-U.S. interest-bearing deposits	79,471		89		0.45		81,879		44		0.22		82,142		10		0.05
Total interest-bearing deposits	1,222,278		320		0.11		1,247,044		164		0.05		1,160,078		128		0.04
Federal funds purchased and securities loaned or sold under agreements to repurchase (3)	214,777		454		0.85		217,152		79		0.15		214,841		122		0.23
Short-term borrowings and other interest-bearing liabilities (3)	134,790		99		0.30		126,454		(191)		(0.61)		105,473		(207)		(0.79)
Trading account liabilities	54,005		370		2.74		64,240		364		2.30		58,823		293		2.01
Long-term debt	245,781		1,288		2.10		246,042		906		1.50		232,034		818		1.42
Total interest-bearing liabilities	1,871,631		2,531		0.54		1,900,932		1,322		0.28		1,771,249		1,154		0.26
Noninterest-bearing sources
Noninterest-bearing deposits	789,801						798,767						728,756
Other liabilities (4)	228,226						238,694						240,476
Shareholders’ equity	268,197						269,309						274,632
Total liabilities and shareholders’ equity	$	3,157,855					$	3,207,702					$	3,015,113
Net interest spread					1.69	%					1.61	%					1.53	%
Impact of noninterest-bearing sources					0.17						0.08						0.08
Net interest income/yield on earning assets (5)			$	12,547	1.86	%			$	11,678	1.69	%			$	10,343	1.61	%

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

(4)Includes $29.7 billion, $30.2 billion and $30.5 billion of structured notes and liabilities for the second and first quarters of 2022 and the second quarter of 2021, respectively.

(5)Net interest income includes FTE adjustments of $103 million, $106 million and $110 million for the second and first quarters of 2022 and the second quarter of 2021, respectively.


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


Bank of America Corporation and Subsidiaries
Debt Securities
(Dollars in millions)
	June 30, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	29,999	$	46	$	(1,320)	$	28,725
Agency-collateralized mortgage obligations	2,741		4		(132)		2,613
Commercial	13,038		130		(608)		12,560
Non-agency residential	477		16		(63)		430
Total mortgage-backed securities	46,255		196		(2,123)		44,328
U.S. Treasury and government agencies	195,527		540		(2,012)		194,055
Non-U.S. securities	11,879		—		(43)		11,836
Other taxable securities	3,318		6		(54)		3,270

Tax-exempt securities	12,976		44		(255)		12,765
Total available-for-sale debt securities	269,955		786		(4,487)		266,254
Other debt securities carried at fair value (1)	8,645		41		(275)		8,411
Total debt securities carried at fair value	278,600		827		(4,762)		274,665
Held-to-maturity debt securities
Agency mortgage-backed securities	528,297		21		(67,193)		461,125
U.S. Treasury and government agencies	121,574		—		(14,896)		106,678
Other taxable securities	8,413		1		(675)		7,739
Total held-to-maturity debt securities	658,284		22		(82,764)		575,542
Total debt securities	$	936,884	$	849	$	(87,526)	$	850,207


	March 31, 2022
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	40,166	$	293	$	(965)	$	39,494
Agency-collateralized mortgage obligations	2,985		11		(102)		2,894
Commercial	19,330		336		(436)		19,230
Non-agency residential	502		5		(53)		454
Total mortgage-backed securities	62,983		645		(1,556)		62,072
U.S. Treasury and government agencies	193,081		1,186		(1,481)		192,786
Non-U.S. securities	15,192		—		(9)		15,183
Other taxable securities	4,007		12		(29)		3,990

Tax-exempt securities	15,325		81		(150)		15,256
Total available-for-sale debt securities	290,588		1,924		(3,225)		289,287
Other debt securities carried at fair value (1)	8,532		91		(210)		8,413
Total debt securities carried at fair value	299,120		2,015		(3,435)		297,700
Held-to-maturity debt securities
Agency mortgage-backed securities	542,601		619		(41,454)		501,766
U.S. Treasury and government agencies	120,863		—		(10,046)		110,817
Other taxable securities	8,754		5		(466)		8,293
Total held-to-maturity debt securities	672,218		624		(51,966)		620,876
Total debt securities	$	971,338	$	2,639	$	(55,401)	$	918,576

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


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


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

	Six Months Ended June 30						Second Quarter 2022			First Quarter 2022			Fourth Quarter 2021			Third Quarter 2021			Second Quarter 2021
	2022			2021






FTE basis data (1)
Net interest income	$	24,225		$	20,651		$	12,547		$	11,678		$	11,515		$	11,195		$	10,343
Total revenue, net of interest expense	46,125			44,508			22,791			23,334			22,165			22,867			21,576
Net interest yield	1.77		%	1.64		%	1.86		%	1.69		%	1.67		%	1.68		%	1.61		%
Efficiency ratio	66.32			68.66			67.01			65.65			66.46			63.14			69.73

(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 $209 million and $221 million for six months ended June 30, 2022 and 2021, $103 million and $106 million for the second and first quarters of 2022, and $105 million, $101 million and $110 million for the fourth, third and second quarters of 2021, respectively.


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


Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other
(Dollars in millions)
	Second Quarter 2022
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	12,547	$	7,087	$	1,802	$	2,634	$	981	$	43
Noninterest income
Fees and commissions:
Card income	1,555		1,320		17		196		17		5
Service charges	1,717		679		19		933		83		3
Investment and brokerage services	4,091		76		3,486		13		518		(2)
Investment banking fees	1,128		—		41		692		461		(66)
Total fees and commissions	8,491		2,075		3,563		1,834		1,079		(60)
Market making and similar activities	2,717		2		23		80		2,657		(45)
Other income (loss)	(964)		(28)		45		458		(215)		(1,224)
Total noninterest income (loss)	10,244		2,049		3,631		2,372		3,521		(1,329)
Total revenue, net of interest expense	22,791		9,136		5,433		5,006		4,502		(1,286)
Provision for credit losses	523		350		33		157		8		(25)
Noninterest expense	15,273		4,959		3,875		2,799		3,109		531
Income (loss) before income taxes	6,995		3,827		1,525		2,050		1,385		(1,792)
Income tax expense (benefit)	748		938		374		543		367		(1,474)
Net income (loss)	$	6,247	$	2,889	$	1,151	$	1,507	$	1,018	$	(318)

Average
Total loans and leases	$	1,014,886	$	289,595	$	219,277	$	377,248	$	114,375	$	14,391
Total assets (1)	3,157,855		1,154,773		409,472		601,945		866,742		124,923
Total deposits	2,012,079		1,078,020		363,943		509,261		41,192		19,663
Quarter end
Total loans and leases	$	1,030,766	$	294,570	$	221,705	$	385,376	$	118,290	$	10,825
Total assets (1)	3,111,606		1,154,366		393,948		591,490		835,129		136,673
Total deposits	1,984,349		1,077,215		347,991		499,714		40,055		19,374

	First Quarter 2022
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	11,678	$	6,680	$	1,668	$	2,344	$	993	$	(7)
Noninterest income
Fees and commissions:
Card income	1,403		1,185		18		176		14		10
Service charges	1,833		844		19		886		82		2
Investment and brokerage services	4,292		83		3,654		12		545		(2)
Investment banking fees	1,457		—		66		880		582		(71)
Total fees and commissions	8,985		2,112		3,757		1,954		1,223		(61)
Market making and similar activities	3,238		—		13		49		3,190		(14)
Other income (loss)	(567)		21		38		847		(114)		(1,359)
Total noninterest income (loss)	11,656		2,133		3,808		2,850		4,299		(1,434)
Total revenue, net of interest expense	23,334		8,813		5,476		5,194		5,292		(1,441)
Provision for credit losses	30		(52)		(41)		165		5		(47)
Noninterest expense	15,319		4,921		4,015		2,683		3,117		583
Income (loss) before income taxes	7,985		3,944		1,502		2,346		2,170		(1,977)
Income tax expense (benefit)	918		966		368		622		575		(1,613)
Net income (loss)	$	7,067	$	2,978	$	1,134	$	1,724	$	1,595	$	(364)

Average
Total loans and leases	$	977,793	$	284,068	$	210,937	$	358,807	$	108,576	$	15,405
Total assets (1)	3,207,702		1,133,001		431,040		630,517		858,719		154,425
Total deposits	2,045,811		1,056,100		384,902		539,912		44,393		20,504
Quarter end
Total loans and leases	$	993,145	$	286,322	$	214,273	$	367,423	$	110,037	$	15,090
Total assets (1)	3,238,223		1,166,443		433,122		623,168		883,304		132,186
Total deposits	2,072,409		1,088,940		385,288		533,820		43,371		20,990

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


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


Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other (continued)
(Dollars in millions)
	Second Quarter 2021
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	10,343	$	5,973	$	1,355	$	1,984	$	990	$	41
Noninterest income
Fees and commissions:
Card income	1,586		1,312		21		180		73		—
Service charges	1,874		851		18		900		103		2
Investment and brokerage services	4,123		78		3,536		40		474		(5)
Investment banking fees	2,122		—		88		1,173		959		(98)
Total fees and commissions	9,705		2,241		3,663		2,293		1,609		(101)
Market making and similar activities	1,826		—		11		28		1,964		(177)
Other income (loss)	(298)		(28)		36		785		157		(1,248)
Total noninterest income (loss)	11,233		2,213		3,710		3,106		3,730		(1,526)
Total revenue, net of interest expense	21,576		8,186		5,065		5,090		4,720		(1,485)
Provision for credit losses	(1,621)		(697)		(62)		(831)		22		(53)
Noninterest expense	15,045		4,859		3,813		2,599		3,471		303
Income (loss) before income taxes	8,152		4,024		1,314		3,322		1,227		(1,735)
Income tax expense (benefit)	(1,072)		986		322		897		319		(3,596)
Net income (loss)	$	9,224	$	3,038	$	992	$	2,425	$	908	$	1,861

Average
Total loans and leases	$	907,900	$	281,767	$	193,988	$	325,110	$	87,826	$	19,209
Total assets (1)	3,015,113		1,054,516		380,315		595,498		797,558		187,226
Total deposits	1,888,834		979,072		333,487		506,618		55,584		14,073
Quarter end
Total loans and leases	$	918,928	$	282,900	$	198,361	$	323,256	$	96,105	$	18,306
Total assets (1)	3,029,894		1,063,650		378,220		607,969		773,714		206,341
Total deposits	1,909,142		987,655		330,624		520,026		57,297		13,540

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


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


Bank of America Corporation and Subsidiaries
Year-to-Date Results by Business Segment and All Other
(Dollars in millions)
	Six Months Ended June 30, 2022
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	24,225	$	13,767	$	3,470	$	4,978	$	1,974	$	36
Noninterest income
Fees and commissions:
Card income	2,958		2,505		35		372		31		15
Service charges	3,550		1,523		38		1,819		165		5
Investment and brokerage services	8,383		159		7,140		25		1,063		(4)
Investment banking fees	2,585		—		107		1,572		1,043		(137)
Total fees and commissions	17,476		4,187		7,320		3,788		2,302		(121)
Market making and similar activities	5,955		2		36		129		5,847		(59)
Other income (loss)	(1,531)		(7)		83		1,305		(329)		(2,583)
Total noninterest income (loss)	21,900		4,182		7,439		5,222		7,820		(2,763)
Total revenue, net of interest expense	46,125		17,949		10,909		10,200		9,794		(2,727)
Provision for credit losses	553		298		(8)		322		13		(72)
Noninterest expense	30,592		9,880		7,890		5,482		6,226		1,114
Income (loss) before income taxes	14,980		7,771		3,027		4,396		3,555		(3,769)
Income tax expense (benefit)	1,666		1,904		742		1,165		942		(3,087)
Net income (loss)	$	13,314	$	5,867	$	2,285	$	3,231	$	2,613	$	(682)

Average
Total loans and leases	$	996,442	$	286,846	$	215,130	$	368,078	$	111,492	$	14,896
Total assets (1)	3,182,640		1,143,947		420,196		616,156		862,753		139,588
Total deposits	2,028,852		1,067,120		374,365		524,502		42,784		20,081
Period end
Total loans and leases	$	1,030,766	$	294,570	$	221,705	$	385,376	$	118,290	$	10,825
Total assets (1)	3,111,606		1,154,366		393,948		591,490		835,129		136,673
Total deposits	1,984,349		1,077,215		347,991		499,714		40,055		19,374

	Six Months Ended June 30, 2021
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	20,651	$	11,893	$	2,685	$	3,964	$	1,981	$	128
Noninterest income
Fees and commissions:
Card income	3,021		2,501		40		330		150		—
Service charges	3,666		1,682		36		1,747		197		4
Investment and brokerage services	8,186		155		6,928		81		1,033		(11)
Investment banking fees	4,368		—		223		2,345		1,940		(140)
Total fees and commissions	19,241		4,338		7,227		4,503		3,320		(147)
Market making and similar activities	5,355		—		22		59		5,434		(160)
Other income (loss)	(739)		24		102		1,196		183		(2,244)
Total noninterest income (loss)	23,857		4,362		7,351		5,758		8,937		(2,551)
Total revenue, net of interest expense	44,508		16,255		10,036		9,722		10,918		(2,423)
Provision for credit losses	(3,481)		(1,314)		(127)		(1,957)		17		(100)
Noninterest expense	30,560		9,990		7,682		5,380		6,898		610
Income (loss) before income taxes	17,429		7,579		2,481		6,299		4,003		(2,933)
Income tax expense (benefit)	155		1,857		608		1,701		1,041		(5,052)
Net income (loss)	$	17,274	$	5,722	$	1,873	$	4,598	$	2,962	$	2,119

Average
Total loans and leases	$	907,812	$	286,304	$	191,257	$	327,595	$	82,649	$	20,007
Total assets (1)	2,947,542		1,027,294		376,476		585,875		760,616		197,281
Total deposits	1,847,520		951,757		329,948		496,880		54,723		14,212
Period end
Total loans and leases	$	918,928	$	282,900	$	198,361	$	323,256	$	96,105	$	18,306
Total assets (1)	3,029,894		1,063,650		378,220		607,969		773,714		206,341
Total deposits	1,909,142		987,655		330,624		520,026		57,297		13,540

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


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


Bank of America Corporation and Subsidiaries
Consumer Banking Segment Results
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2022			First Quarter 2022			Fourth Quarter 2021			Third Quarter 2021			Second Quarter 2021
	2022			2021
Net interest income	$	13,767		$	11,893		$	7,087		$	6,680		$	6,543		$	6,493		$	5,973
Noninterest income:
Card income	2,505			2,501			1,320			1,185			1,354			1,317			1,312
Service charges	1,523			1,682			679			844			921			935			851

All other income	154			179			50			104			94			93			50
Total noninterest income	4,182			4,362			2,049			2,133			2,369			2,345			2,213
Total revenue, net of interest expense	17,949			16,255			9,136			8,813			8,912			8,838			8,186

Provision for credit losses	298			(1,314)			350			(52)			32			247			(697)

Noninterest expense	9,880			9,990			4,959			4,921			4,742			4,558			4,859
Income before income taxes	7,771			7,579			3,827			3,944			4,138			4,033			4,024
Income tax expense	1,904			1,857			938			966			1,014			988			986
Net income	$	5,867		$	5,722		$	2,889		$	2,978		$	3,124		$	3,045		$	3,038

Net interest yield	2.52		%	2.44		%	2.55		%	2.48		%	2.44		%	2.49		%	2.37		%
Return on average allocated capital (1)	30			30			29			30			32			31			32
Efficiency ratio	55.04			61.46			54.28			55.84			53.22			51.56			59.36

Balance Sheet
Average
Total loans and leases	$	286,846		$	286,304		$	289,595		$	284,068		$	282,332		$	281,380		$	281,767
Total earning assets (2)	1,103,707			984,891			1,114,552			1,092,742			1,061,742			1,034,471			1,012,335
Total assets (2)	1,143,947			1,027,294			1,154,773			1,133,001			1,102,444			1,076,236			1,054,516
Total deposits	1,067,120			951,757			1,078,020			1,056,100			1,026,810			1,000,765			979,072
Allocated capital (1)	40,000			38,500			40,000			40,000			38,500			38,500			38,500

Period end
Total loans and leases	$	294,570		$	282,900		$	294,570		$	286,322		$	286,511		$	280,803		$	282,900
Total earning assets (2)	1,114,524			1,022,092			1,114,524			1,125,963			1,090,331			1,050,331			1,022,092
Total assets (2)	1,154,366			1,063,650			1,154,366			1,166,443			1,131,142			1,091,431			1,063,650
Total deposits	1,077,215			987,655			1,077,215			1,088,940			1,054,995			1,015,276			987,655

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

(2) Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity.


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


Bank of America Corporation and Subsidiaries
Consumer Banking Key Indicators
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2022			First Quarter 2022			Fourth Quarter 2021			Third Quarter 2021			Second Quarter 2021
	2022			2021
Average deposit balances
Checking	$	599,915		$	532,815		$	606,331		$	593,428		$	577,703		$	561,629		$	550,009
Savings	72,856			68,418			73,295			72,413			70,719			70,799			70,945
MMS	358,846			312,203			362,798			354,850			342,812			331,924			320,594
CDs and IRAs	30,238			34,603			29,796			30,685			31,584			32,578			33,728
Other	5,265			3,718			5,800			4,724			3,992			3,835			3,796
Total average deposit balances	$	1,067,120		$	951,757		$	1,078,020		$	1,056,100		$	1,026,810		$	1,000,765		$	979,072

Deposit spreads (excludes noninterest costs)
Checking	1.92		%	1.98		%	1.93		%	1.91		%	1.92		%	1.95		%	1.97		%
Savings	2.19			2.27			2.19			2.19			2.21			2.23			2.26
MMS	1.26			1.31			1.29			1.23			1.24			1.26			1.29
CDs and IRAs	0.72			0.45			0.98			0.46			0.32			0.34			0.41
Other	0.76			0.29			1.04			0.41			0.22			0.24			0.27
Total deposit spreads	1.68			1.72			1.70			1.65			1.66			1.68			1.71

Consumer investment assets	$	315,243		$	345,809		$	315,243		$	357,593		$	368,831		$	353,280		$	345,809

Active digital banking users (in thousands) (1)	42,690			40,512			42,690			42,269			41,365			40,911			40,512
Active mobile banking users (in thousands) (2)	34,167			31,796			34,167			33,589			32,980			32,455			31,796
Financial centers	3,984			4,296			3,984			4,056			4,173			4,215			4,296
ATMs	15,730			16,795			15,730			15,959			16,209			16,513			16,795

Total credit card (3)
Loans
Average credit card outstandings	$	79,724		$	73,780		$	81,024		$	78,409		$	78,358		$	75,569		$	73,399
Ending credit card outstandings	84,010			75,599			84,010			79,356			81,438			76,869			75,599
Credit quality
Net charge-offs	$	620		$	1,122		$	323		$	297		$	280		$	321		$	488
	1.57		%	3.07		%	1.60		%	1.53		%	1.42		%	1.69		%	2.67		%
30+ delinquency	$	1,008		$	976		$	1,008		$	1,003		$	997		$	934		$	976
	1.20		%	1.29		%	1.20		%	1.26		%	1.22		%	1.21		%	1.29		%
90+ delinquency	$	493		$	533		$	493		$	492		$	487		$	450		$	533
	0.59		%	0.71		%	0.59		%	0.62		%	0.60		%	0.58		%	0.71		%
Other total credit card indicators (3)
Gross interest yield	9.83		%	10.31		%	9.76		%	9.90		%	9.96		%	10.10		%	10.10		%
Risk-adjusted margin	10.17			9.53			9.95			10.40			10.85			10.70			9.76
New accounts (in thousands)	2,045			1,605			1,068			977			940			1,049			931
Purchase volumes	$	172,724		$	142,975		$	91,810		$	80,914		$	87,671		$	80,925		$	78,384

Debit card data
Purchase volumes	$	246,291		$	229,812		$	128,707		$	117,584		$	124,278		$	119,680		$	121,905

Loan production (4)
Consumer Banking:
First mortgage	$	14,667		$	20,684		$	6,551		$	8,116		$	12,782		$	12,510		$	11,502
Home equity	3,876			1,317			2,151			1,725			1,417			1,262			907
Total (5):
First mortgage	$	30,824		$	35,499		$	14,471		$	16,353		$	22,961		$	21,232		$	20,266
Home equity	4,575			1,669			2,535			2,040			1,703			1,523			1,166

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

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

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

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

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


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


Bank of America Corporation and Subsidiaries
Consumer Banking Quarterly Results
(Dollars in millions)
	Second Quarter 2022									First Quarter 2022
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	7,087		$	4,477		$	2,610		$	6,680		$	4,052		$	2,628
Noninterest income:
Card income	1,320			(9)			1,329			1,185			(8)			1,193
Service charges	679			678			1			844			843			1
All other income	50			55			(5)			104			68			36
Total noninterest income	2,049			724			1,325			2,133			903			1,230
Total revenue, net of interest expense	9,136			5,201			3,935			8,813			4,955			3,858

Provision for credit losses	350			142			208			(52)			73			(125)

Noninterest expense	4,959			3,055			1,904			4,921			3,008			1,913
Income before income taxes	3,827			2,004			1,823			3,944			1,874			2,070
Income tax expense	938			491			447			966			459			507
Net income	$	2,889		$	1,513		$	1,376		$	2,978		$	1,415		$	1,563

Net interest yield	2.55		%	1.67		%	3.64		%	2.48		%	1.56		%	3.79		%
Return on average allocated capital (1)	29			47			20			30			44			23
Efficiency ratio	54.28			58.74			48.38			55.84			60.71			49.58

Balance Sheet
Average
Total loans and leases	$	289,595		$	4,147		$	285,448		$	284,068		$	4,215		$	279,853
Total earning assets (2)	1,114,552			1,072,773			287,512			1,092,742			1,050,490			281,255
Total assets (2)	1,154,773			1,106,098			294,407			1,133,001			1,084,343			287,660
Total deposits	1,078,020			1,072,166			5,854			1,056,100			1,050,247			5,853
Allocated capital (1)	40,000			13,000			27,000			40,000			13,000			27,000

Period end
Total loans and leases	$	294,570		$	4,123		$	290,447		$	286,322		$	4,165		$	282,157
Total earning assets (2)	1,114,524			1,072,291			292,657			1,125,963			1,083,664			284,069
Total assets (2)	1,154,366			1,104,991			299,799			1,166,443			1,117,241			290,972
Total deposits	1,077,215			1,071,089			6,126			1,088,940			1,082,885			6,055

										Second Quarter 2021
										Total Consumer Banking			Deposits			Consumer Lending
Net interest income										$	5,973		$	3,480		$	2,493
Noninterest income:
Card income										1,312			(7)			1,319
Service charges										851			850			1
All other income										50			22			28
Total noninterest income										2,213			865			1,348
Total revenue, net of interest expense										8,186			4,345			3,841

Provision for credit losses										(697)			47			(744)

Noninterest expense										4,859			2,855			2,004
Income before income taxes										4,024			1,443			2,581
Income tax expense										986			354			632
Net income										$	3,038		$	1,089		$	1,949

Net interest yield										2.37		%	1.44		%	3.60		%
Return on average allocated capital (1)										32			36			30
Efficiency ratio										59.36			65.73			52.16

Balance Sheet
Average
Total loans and leases										$	281,767		$	4,447		$	277,320
Total earning assets (2)										1,012,335			968,492			277,742
Total assets (2)										1,054,516			1,005,237			283,178
Total deposits										979,072			972,016			7,056
Allocated capital (1)										38,500			12,000			26,500

Period end
Total loans and leases										$	282,900		$	4,410		$	278,490
Total earning assets (2)										1,022,092			978,402			278,850
Total assets (2)										1,063,650			1,013,887			284,923
Total deposits										987,655			980,486			7,169

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


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


Bank of America Corporation and Subsidiaries
Consumer Banking Year-to-Date Results
(Dollars in millions)
	Six Months Ended June 30
	2022									2021
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	13,767		$	8,529		$	5,238		$	11,893		$	6,758		$	5,135
Noninterest income:
Card income	2,505			(17)			2,522			2,501			(12)			2,513
Service charges	1,523			1,521			2			1,682			1,681			1
All other income	154			123			31			179			94			85
Total noninterest income	4,182			1,627			2,555			4,362			1,763			2,599
Total revenue, net of interest expense	17,949			10,156			7,793			16,255			8,521			7,734

Provision for credit losses	298			215			83			(1,314)			121			(1,435)

Noninterest expense	9,880			6,063			3,817			9,990			6,065			3,925
Income before income taxes	7,771			3,878			3,893			7,579			2,335			5,244
Income tax expense	1,904			950			954			1,857			572			1,285
Net income	$	5,867		$	2,928		$	2,939		$	5,722		$	1,763		$	3,959

Net interest yield	2.52		%	1.62		%	3.71		%	2.44		%	1.45		%	3.67		%
Return on average allocated capital (1)	30			45			22			30			30			30
Efficiency ratio	55.04			59.70			48.97			61.46			71.19			50.74

Balance Sheet
Average
Total loans and leases	$	286,846		$	4,180		$	282,666		$	286,304		$	4,527		$	281,777
Total earning assets (2)	1,103,707			1,061,693			284,400			984,891			940,469			282,206
Total assets (2)	1,143,947			1,095,281			291,052			1,027,294			978,170			286,908
Total deposits	1,067,120			1,061,267			5,853			951,757			944,819			6,938
Allocated capital (1)	40,000			13,000			27,000			38,500			12,000			26,500

Period end
Total loans and leases	$	294,570		$	4,123		$	290,447		$	282,900		$	4,410		$	278,490
Total earning assets (2)	1,114,524			1,072,291			292,657			1,022,092			978,402			278,850
Total assets (2)	1,154,366			1,104,991			299,799			1,063,650			1,013,887			284,923
Total deposits	1,077,215			1,071,089			6,126			987,655			980,486			7,169

For footnotes, see page 16.


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


Bank of America Corporation and Subsidiaries
Global Wealth & Investment Management Segment Results
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2022			First Quarter 2022			Fourth Quarter 2021			Third Quarter 2021			Second Quarter 2021
	2022			2021
Net interest income	$	3,470		$	2,685		$	1,802		$	1,668		$	1,526		$	1,452		$	1,355
Noninterest income:
Investment and brokerage services	7,140			6,928			3,486			3,654			3,703			3,682			3,536
All other income	299			423			145			154			173			176			174
Total noninterest income	7,439			7,351			3,631			3,808			3,876			3,858			3,710
Total revenue, net of interest expense	10,909			10,036			5,433			5,476			5,402			5,310			5,065

Provision for credit losses	(8)			(127)			33			(41)			(56)			(58)			(62)

Noninterest expense	7,890			7,682			3,875			4,015			3,834			3,744			3,813
Income before income taxes	3,027			2,481			1,525			1,502			1,624			1,624			1,314
Income tax expense	742			608			374			368			398			398			322
Net income	$	2,285		$	1,873		$	1,151		$	1,134		$	1,226		$	1,226		$	992

Net interest yield	1.72		%	1.49		%	1.82		%	1.62		%	1.53		%	1.54		%	1.48		%
Return on average allocated capital (1)	26			23			26			26			30			30			24

Efficiency ratio	72.33			76.54			71.34			73.31			70.95			70.51			75.29

Balance Sheet
Average
Total loans and leases	$	215,130		$	191,257		$	219,277		$	210,937		$	205,236		$	199,664		$	193,988
Total earning assets (2)	407,369			363,960			396,611			418,248			395,144			373,691			367,778
Total assets (2)	420,196			376,476			409,472			431,040			408,033			386,346			380,315
Total deposits	374,365			329,948			363,943			384,902			360,912			339,357			333,487
Allocated capital (1)	17,500			16,500			17,500			17,500			16,500			16,500			16,500


Period end
Total loans and leases	$	221,705		$	198,361		$	221,705		$	214,273		$	208,971		$	202,268		$	198,361
Total earning assets (2)	380,771			365,496			380,771			419,903			425,112			380,857			365,496
Total assets (2)	393,948			378,220			393,948			433,122			438,275			393,708			378,220
Total deposits	347,991			330,624			347,991			385,288			390,143			345,590			330,624

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

(2)Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity.


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


Bank of America Corporation and Subsidiaries
Global Wealth & Investment Management Key Indicators
(Dollars in millions)
	Six Months Ended June 30				Second Quarter 2022		First Quarter 2022		Fourth Quarter 2021		Third Quarter 2021		Second Quarter 2021
	2022		2021
Revenue by Business
Merrill Wealth Management	$	9,125	$	8,445	$	4,536	$	4,589	$	4,532	$	4,471	$	4,260
Bank of America Private Bank	1,784		1,591		897		887		870		839		805

Total revenue, net of interest expense	$	10,909	$	10,036	$	5,433	$	5,476	$	5,402	$	5,310	$	5,065

Client Balances by Business, at period end
Merrill Wealth Management	$	2,819,998	$	3,073,252	$	2,819,998	$	3,116,052	$	3,214,881	$	3,108,358	$	3,073,252
Bank of America Private Bank	547,116		579,562		547,116		598,100		625,453		584,475		579,562

Total client balances	$	3,367,114	$	3,652,814	$	3,367,114	$	3,714,152	$	3,840,334	$	3,692,833	$	3,652,814

Client Balances by Type, at period end


Assets under management (1)	$	1,411,344	$	1,549,069	$	1,411,344	$	1,571,605	$	1,638,782	$	1,578,630	$	1,549,069
Brokerage and other assets	1,437,562		1,619,246		1,437,562		1,592,802		1,655,021		1,612,472		1,619,246

Deposits	347,991		330,624		347,991		385,288		390,143		345,590		330,624
Loans and leases (2)	224,847		201,154		224,847		217,461		212,251		205,055		201,154
Less: Managed deposits in assets under management	(54,630)		(47,279)		(54,630)		(53,004)		(55,863)		(48,914)		(47,279)
Total client balances	$	3,367,114	$	3,652,814	$	3,367,114	$	3,714,152	$	3,840,334	$	3,692,833	$	3,652,814

Assets Under Management Rollforward
Assets under management, beginning balance	$	1,638,782	$	1,408,465	$	1,571,605	$	1,638,782	$	1,578,630	$	1,549,069	$	1,467,487
Net client flows	16,570		29,922		1,033		15,537		21,552		14,776		11,714

Market valuation/other	(244,008)		110,682		(161,294)		(82,714)		38,600		14,785		69,868
Total assets under management, ending balance	$	1,411,344	$	1,549,069	$	1,411,344	$	1,571,605	$	1,638,782	$	1,578,630	$	1,549,069

Advisors, at period end

Total wealth advisors (3)	18,449		19,385		18,449		18,571		18,846		18,855		19,385

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

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

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


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


Bank of America Corporation and Subsidiaries
Global Banking Segment Results
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2022			First Quarter 2022			Fourth Quarter 2021			Third Quarter 2021			Second Quarter 2021
	2022			2021
Net interest income	$	4,978		$	3,964		$	2,634		$	2,344		$	2,362		$	2,185		$	1,984
Noninterest income:
Service charges	1,819			1,747			933			886			887			889			900
Investment banking fees	1,572			2,345			692			880			1,465			1,297			1,173
All other income	1,831			1,666			747			1,084			1,193			874			1,033
Total noninterest income	5,222			5,758			2,372			2,850			3,545			3,060			3,106
Total revenue, net of interest expense	10,200			9,722			5,006			5,194			5,907			5,245			5,090

Provision for credit losses	322			(1,957)			157			165			(463)			(781)			(831)

Noninterest expense	5,482			5,380			2,799			2,683			2,717			2,534			2,599
Income before income taxes	4,396			6,299			2,050			2,346			3,653			3,492			3,322
Income tax expense	1,165			1,701			543			622			986			943			897
Net income	$	3,231		$	4,598		$	1,507		$	1,724		$	2,667		$	2,549		$	2,425

Net interest yield	1.82		%	1.52		%	1.97		%	1.68		%	1.59		%	1.55		%	1.49		%
Return on average allocated capital (1)	15			22			14			16			25			24			23
Efficiency ratio	53.74			55.34			55.90			51.65			45.99			48.31			51.07

Balance Sheet
Average
Total loans and leases	$	368,078		$	327,595		$	377,248		$	358,807		$	338,627		$	324,736		$	325,110
Total earning assets (2)	551,894			525,332			537,660			566,277			587,472			560,181			534,562
Total assets (2)	616,156			585,875			601,945			630,517			650,940			621,699			595,498
Total deposits	524,502			496,880			509,261			539,912			562,390			534,166			506,618
Allocated capital (1)	44,500			42,500			44,500			44,500			42,500			42,500			42,500

Period end
Total loans and leases	$	385,376		$	323,256		$	385,376		$	367,423		$	352,933		$	328,893		$	323,256
Total earning assets (2)	526,879			547,278			526,879			558,639			574,583			561,239			547,278
Total assets (2)	591,490			607,969			591,490			623,168			638,131			623,640			607,969
Total deposits	499,714			520,026			499,714			533,820			551,752			536,476			520,026

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

(2)Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity.


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


Bank of America Corporation and Subsidiaries
Global Banking Key Indicators
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2022			First Quarter 2022			Fourth Quarter 2021			Third Quarter 2021			Second Quarter 2021
	2022			2021
Investment Banking fees (1)
Advisory (2)	$	800		$	733		$	361		$	439		$	798		$	608		$	376
Debt issuance	642			905			283			359			430			401			482
Equity issuance	130			707			48			82			237			288			315
Total Investment Banking fees (3)	$	1,572		$	2,345		$	692		$	880		$	1,465		$	1,297		$	1,173

Business Lending
Corporate	$	2,006		$	1,643		$	946		$	1,060		$	1,195		$	885		$	989
Commercial	2,017			1,765			1,024			993			987			923			867
Business Banking	120			111			62			58			59			54			56
Total Business Lending revenue	$	4,143		$	3,519		$	2,032		$	2,111		$	2,241		$	1,862		$	1,912

Global Transaction Services (4)
Corporate	$	2,087		$	1,474		$	1,138		$	949		$	911		$	850		$	763
Commercial	1,869			1,577			973			896			909			855			805
Business Banking	513			452			270			243			249			240			230
Total Global Transaction Services revenue	$	4,469		$	3,503		$	2,381		$	2,088		$	2,069		$	1,945		$	1,798

Average deposit balances
Interest-bearing	$	149,705		$	163,785		$	142,366		$	157,126		$	164,522		$	165,669		$	162,947
Noninterest-bearing	374,797			333,095			366,895			382,786			397,868			368,497			343,671
Total average deposits	$	524,502		$	496,880		$	509,261		$	539,912		$	562,390		$	534,166		$	506,618

Loan spread	1.51		%	1.59		%	1.49		%	1.53		%	1.58		%	1.60		%	1.57		%

Provision for credit losses	$	322		$	(1,957)		$	157		$	165		$	(463)		$	(781)		$	(831)

Credit quality (5, 6)
Reservable criticized utilized exposure	$	15,999		$	25,158		$	15,999		$	18,304		$	19,873		$	20,894		$	25,158
	3.92		%	7.33		%	3.92		%	4.72		%	5.34		%	5.99		%	7.33		%

Nonperforming loans, leases and foreclosed properties	$	1,126		$	1,651		$	1,126		$	1,329		$	1,351		$	1,504		$	1,651
	0.29		%	0.52		%	0.29		%	0.37		%	0.39		%	0.46		%	0.52		%

Average loans and leases by product
U.S. commercial	$	218,733		$	190,661		$	225,820		$	211,568		$	196,168		$	187,047		$	188,716
Non-U.S. commercial	83,452			70,620			86,092			80,783			75,611			71,859			70,666
Commercial real estate	51,185			49,410			50,973			51,400			51,570			49,868			49,139
Commercial lease financing	14,706			16,902			14,362			15,055			15,261			15,961			16,588
Other	2			2			1			1			17			1			1
Total average loans and leases	$	368,078		$	327,595		$	377,248		$	358,807		$	338,627		$	324,736		$	325,110

Total Corporation Investment Banking fees
Advisory (2)	$	865		$	807		$	392		$	473		$	850		$	654		$	407
Debt issuance	1,493			2,098			662			831			984			933			1,110
Equity issuance	364			1,602			139			225			545			637			702
Total investment banking fees including self-led deals	2,722			4,507			1,193			1,529			2,379			2,224			2,219
Self-led deals	(137)			(139)			(65)			(72)			(28)			(56)			(97)
Total Investment Banking fees	$	2,585		$	4,368		$	1,128		$	1,457		$	2,351		$	2,168		$	2,122

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

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

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

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

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

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


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


Bank of America Corporation and Subsidiaries
Global Markets Segment Results (1)
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2022			First Quarter 2022			Fourth Quarter 2021			Third Quarter 2021			Second Quarter 2021
	2022			2021
Net interest income	$	1,974		$	1,981		$	981		$	993		$	1,031		$	1,000		$	990
Noninterest income:
Investment and brokerage services	1,063			1,033			518			545			474			471			474
Investment banking fees	1,043			1,940			461			582			832			844			959
Market making and similar activities	5,847			5,434			2,657			3,190			1,312			2,014			1,964
All other income	(133)			530			(115)			(18)			169			190			333
Total noninterest income	7,820			8,937			3,521			4,299			2,787			3,519			3,730
Total revenue, net of interest expense (2)	9,794			10,918			4,502			5,292			3,818			4,519			4,720

Provision for credit losses	13			17			8			5			32			16			22

Noninterest expense	6,226			6,898			3,109			3,117			2,882			3,252			3,471
Income before income taxes	3,555			4,003			1,385			2,170			904			1,251			1,227
Income tax expense	942			1,041			367			575			235			325			319
Net income	$	2,613		$	2,962		$	1,018		$	1,595		$	669		$	926		$	908

Return on average allocated capital (3)	12		%	16		%	10		%	15		%	7		%	10		%	10		%

Efficiency ratio	63.57			63.19			69.07			58.90			75.49			71.94			73.55

Balance Sheet
Average
Total trading-related assets	$	601,172		$	534,496		$	606,135		$	596,154		$	564,282		$	563,715		$	566,842
Total loans and leases	111,492			82,649			114,375			108,576			102,627			97,148			87,826
Total earning assets	604,846			513,261			598,832			610,926			580,794			557,333			531,000
Total assets	862,753			760,616			866,742			858,719			816,994			804,938			797,558
Total deposits	42,784			54,723			41,192			44,393			43,331			54,650			55,584
Allocated capital (3)	42,500			38,000			42,500			42,500			38,000			38,000			38,000


Period end
Total trading-related assets	$	577,309		$	542,614		$	577,309		$	616,811		$	491,160		$	536,125		$	542,614
Total loans and leases	118,290			96,105			118,290			110,037			114,846			98,892			96,105
Total earning assets	571,921			527,983			571,921			609,290			561,135			526,585			527,983
Total assets	835,129			773,714			835,129			883,304			747,794			776,929			773,714
Total deposits	40,055			57,297			40,055			43,371			46,374			54,941			57,297

Trading-related assets (average)
Trading account securities	$	298,220		$	285,081		$	295,190		$	301,285		$	291,518		$	304,133		$	304,760
Reverse repurchases	134,999			108,201			131,456			138,581			121,878			117,486			116,424
Securities borrowed	116,847			95,231			119,200			114,468			109,455			101,086			101,144
Derivative assets	51,106			45,983			60,289			41,820			41,431			41,010			44,514
Total trading-related assets	$	601,172		$	534,496		$	606,135		$	596,154		$	564,282		$	563,715		$	566,842

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

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

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


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


Bank of America Corporation and Subsidiaries
Global Markets Key Indicators
(Dollars in millions)
	Six Months Ended June 30				Second Quarter 2022		First Quarter 2022		Fourth Quarter 2021		Third Quarter 2021		Second Quarter 2021
	2022		2021
Sales and trading revenue (1)
Fixed-income, currencies and commodities	$	5,208	$	5,179	$	2,500	$	2,708	$	1,573	$	2,009	$	1,937
Equities	3,664		3,460		1,653		2,011		1,363		1,605		1,624
Total sales and trading revenue	$	8,872	$	8,639	$	4,153	$	4,719	$	2,936	$	3,614	$	3,561

Sales and trading revenue, excluding net debit valuation adjustment (2,3)
Fixed-income, currencies and commodities	$	4,988	$	5,216	$	2,340	$	2,648	$	1,569	$	2,025	$	1,965
Equities	3,657		3,459		1,655		2,002		1,365		1,609		1,630
Total sales and trading revenue, excluding net debit valuation adjustment	$	8,645	$	8,675	$	3,995	$	4,650	$	2,934	$	3,634	$	3,595

Sales and trading revenue breakdown
Net interest income	$	1,762	$	1,813	$	851	$	911	$	954	$	920	$	914
Commissions	1,035		1,010		504		531		464		459		462
Trading	5,846		5,433		2,656		3,190		1,311		2,014		1,963
Other	229		383		142		87		207		221		222
Total sales and trading revenue	$	8,872	$	8,639	$	4,153	$	4,719	$	2,936	$	3,614	$	3,561

(1) Includes Global Banking sales and trading revenue of $498 million and $274 million for the six months ended June 30, 2022 and 2021, and $319 million and $179 million for the second and first quarters of 2022, and $98 million, $138 million and $170 million for the fourth, third and second quarters of 2021, respectively.

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

(3)Net DVA gains (losses) were $227 million and $(36) million for the six months ended June 30, 2022 and 2021, and $158 million, $69 million, $2 million, $(20) million and $(34) million for the second and first quarters of 2022 and the fourth, third and second quarters of 2021, respectively. FICC net DVA gains (losses) were $220 million and $(37) million for the six months ended June 30, 2022 and 2021, and $160 million, $60 million, $4 million, $(16) million and $(28) million for the second and first quarters of 2022 and the fourth, third and second quarters of 2021, respectively. Equities net DVA gains (losses) were $7 million and $1 million for the six months ended June 30, 2022 and 2021, and $(2) million, $9 million, $(2) million, $(4) million and $(6) million for the second and first quarters of 2022 and the fourth, third and second quarters of 2021, respectively.


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


Bank of America Corporation and Subsidiaries
All Other Results (1,2)
(Dollars in millions)
	Six Months Ended June 30				Second Quarter 2022		First Quarter 2022		Fourth Quarter 2021		Third Quarter 2021		Second Quarter 2021
	2022		2021
Net interest income	$	36	$	128	$	43	$	(7)	$	53	$	65	$	41





Noninterest income (loss)	(2,763)		(2,551)		(1,329)		(1,434)		(1,927)		(1,110)		(1,526)
Total revenue, net of interest expense	(2,727)		(2,423)		(1,286)		(1,441)		(1,874)		(1,045)		(1,485)

Provision for credit losses	(72)		(100)		(25)		(47)		(34)		(48)		(53)



Noninterest expense	1,114		610		531		583		556		352		303
Loss before income taxes	(3,769)		(2,933)		(1,792)		(1,977)		(2,396)		(1,349)		(1,735)
Income tax expense (benefit)	(3,087)		(5,052)		(1,474)		(1,613)		(1,723)		(1,294)		(3,596)
Net income (loss)	$	(682)	$	2,119	$	(318)	$	(364)	$	(673)	$	(55)	$	1,861

Balance Sheet
Average
Total loans and leases	$	14,896	$	20,007	$	14,391	$	15,405	$	16,240	$	17,581	$	19,209
Total assets (3)	139,588		197,281		124,923		154,425		185,707		187,233		187,226
Total deposits	20,081		14,212		19,663		20,504		23,780		13,767		14,073

Period end
Total loans and leases	$	10,825	$	18,306	$	10,825	$	15,090	$	15,863	$	16,880	$	18,306

Total assets (4)	136,673		206,341		136,673		132,186		214,153		199,738		206,341
Total deposits	19,374		13,540		19,374		20,990		21,182		12,521		13,540

(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 $1.2 trillion and $1.0 trillion for the six months ended June 30, 2022 and 2021, $1.1 trillion and $1.2 trillion for the second and first quarters of 2022, and $1.2 trillion, $1.1 trillion and $1.1 trillion for the fourth, third and second quarters of 2021, respectively.

(4)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $1.1 trillion, $1.2 trillion, $1.2 trillion, $1.2 trillion and $1.1 trillion at June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, respectively.


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


Bank of America Corporation and Subsidiaries
Outstanding Loans and Leases
(Dollars in millions)
	June 30 2022		March 31 2022		June 30 2021
Consumer
Residential mortgage	$	227,970	$	226,030	$	214,324
Home equity	27,120		26,936		30,469
Credit card	84,010		79,356		75,599
Direct/Indirect consumer (1)	108,826		105,754		96,903
Other consumer (2)	195		205		172
Total consumer loans excluding loans accounted for under the fair value option	448,121		438,281		417,467
Consumer loans accounted for under the fair value option (3)	377		568		654
Total consumer	448,498		438,849		418,121

Commercial
U.S. commercial	355,731		330,973		291,120
Non-U.S. commercial	125,796		122,267		98,150
Commercial real estate (4)	64,253		62,533		59,606
Commercial lease financing	13,612		14,008		15,768
	559,392		529,781		464,644
U.S. small business commercial (5)	17,757		17,972		29,867
Total commercial loans excluding loans accounted for under the fair value option	577,149		547,753		494,511
Commercial loans accounted for under the fair value option (3)	5,119		6,543		6,296
Total commercial	582,268		554,296		500,807

Total loans and leases	$	1,030,766	$	993,145	$	918,928

(1)Includes primarily auto and specialty lending loans and leases of $50.8 billion, $49.7 billion and $46.4 billion, U.S. securities-based lending loans of $54.0 billion, $51.9 billion and $46.4 billion and non-U.S. consumer loans of $3.0 billion, $3.2 billion and $3.0 billion at June 30, 2022, March 31, 2022 and June 30, 2021, respectively.

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

(3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $79 million, $248 million and $257 million and home equity loans of $298 million, $320 million and $397 million at June 30, 2022, March 31, 2022 and June 30, 2021, respectively. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.9 billion, $4.0 billion and $4.4 billion and non-U.S. commercial loans of $2.2 billion, $2.6 billion and $1.9 billion at June 30, 2022, March 31, 2022 and June 30, 2021, respectively.

(4)Includes U.S. commercial real estate loans of $60.1 billion, $58.3 billion and $55.8 billion and non-U.S. commercial real estate loans of $4.1 billion, $4.3 billion and $3.8 billion at June 30, 2022, March 31, 2022 and June 30, 2021, respectively.

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


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


Bank of America Corporation and Subsidiaries
Quarterly Average Loans and Leases by Business Segment and All Other
(Dollars in millions)
	Second Quarter 2022
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	228,529	$	117,355	$	99,615	$	1	$	—	$	11,558
Home equity	27,415		21,835		2,433		—		231		2,916
Credit card	81,024		78,174		2,850		—		—		—
Direct/Indirect and other consumer	108,639		50,498		58,138		—		—		3
Total consumer	445,607		267,862		163,036		1		231		14,477

Commercial
U.S. commercial	363,978		21,722		50,334		225,820		65,897		205
Non-U.S. commercial	128,237		—		1,181		86,092		40,888		76
Commercial real estate	63,072		11		4,726		50,973		7,359		3
Commercial lease financing	13,992		—		—		14,362		—		(370)
Total commercial	569,279		21,733		56,241		377,247		114,144		(86)
Total loans and leases	$	1,014,886	$	289,595	$	219,277	$	377,248	$	114,375	$	14,391

	First Quarter 2022
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	223,979	$	115,388	$	96,221	$	1	$	—	$	12,369
Home equity	27,784		21,963		2,400		—		241		3,180
Credit card	78,409		75,730		2,679		—		—		—
Direct/Indirect and other consumer	104,632		49,292		55,338		—		—		2
Total consumer	434,804		262,373		156,638		1		241		15,551

Commercial
U.S. commercial	346,510		21,683		48,496		211,568		64,566		197
Non-U.S. commercial	118,767		—		1,237		80,783		36,684		63
Commercial real estate	63,065		12		4,566		51,400		7,085		2
Commercial lease financing	14,647		—		—		15,055		—		(408)
Total commercial	542,989		21,695		54,299		358,806		108,335		(146)
Total loans and leases	$	977,793	$	284,068	$	210,937	$	358,807	$	108,576	$	15,405

	Second Quarter 2021
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	214,096	$	109,652	$	89,129	$	1	$	—	$	15,314
Home equity	31,621		24,839		2,670		—		275		3,837
Credit card	73,399		70,900		2,499		—		—		—
Direct/Indirect and other consumer	94,321		46,233		48,085		—		—		3
Total consumer	413,437		251,624		142,383		1		275		19,154

Commercial
U.S. commercial	322,633		30,131		46,253		188,716		57,188		345
Non-U.S. commercial	96,343		—		1,078		70,666		24,490		109
Commercial real estate	59,276		12		4,274		49,139		5,847		4
Commercial lease financing	16,211		—		—		16,588		26		(403)
Total commercial	494,463		30,143		51,605		325,109		87,551		55
Total loans and leases	$	907,900	$	281,767	$	193,988	$	325,110	$	87,826	$	19,209


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
	June 30 2022		March 31 2022		June 30 2021		June 30 2022		March 31 2022		June 30 2021
Asset managers & funds	$	112,812	$	102,558	$	78,769	$	167,163	$	158,973	$	118,559
Real estate (5)	68,897		67,211		66,707		97,617		93,888		92,913
Capital goods	46,923		44,545		38,906		89,785		85,942		84,180
Finance companies	49,740		50,559		52,314		76,051		76,101		78,342
Materials	27,295		27,570		23,641		59,699		60,017		50,630
Healthcare equipment and services	32,768		33,164		32,112		57,901		58,264		62,851
Retailing	27,398		26,678		23,388		52,645		51,557		48,318
Government & public education	37,141		35,212		38,295		50,189		49,213		50,468
Consumer services	27,703		27,045		28,438		48,453		47,344		48,055
Food, beverage and tobacco	23,654		23,332		22,569		48,337		46,566		46,276
Individuals and trusts	30,501		29,340		28,785		45,733		38,961		38,329
Commercial services and supplies	22,852		20,818		20,027		43,520		42,809		39,836
Energy	17,726		16,770		13,223		39,613		36,001		31,830
Utilities	19,781		18,908		13,044		39,448		38,178		31,777
Transportation	21,583		21,268		21,842		35,569		32,034		32,210
Software and services	13,472		12,075		8,213		30,761		30,195		21,991
Global commercial banks	29,674		25,092		20,143		30,667		26,234		21,791
Technology hardware and equipment	11,411		10,551		9,446		29,697		26,479		25,208
Media	12,661		11,693		12,318		27,270		27,525		29,157
Consumer durables and apparel	11,275		10,989		8,587		22,841		22,089		19,731
Vehicle dealers	11,849		11,438		10,821		20,027		20,381		14,852
Insurance	10,238		6,784		5,123		19,496		18,120		13,759
Pharmaceuticals and biotechnology	7,088		6,175		4,934		19,072		19,093		16,099
Automobiles and components	8,395		9,195		9,340		17,256		17,782		17,022
Telecommunication services	7,495		10,500		8,983		15,986		18,453		18,456
Financial markets infrastructure (clearinghouses)	9,274		4,359		3,666		14,252		6,966		5,779
Food and staples retailing	7,745		7,304		5,354		12,441		12,772		10,716
Religious and social organizations	2,883		2,906		4,042		5,130		5,345		5,828

Total commercial credit exposure by industry	$	710,234	$	674,039	$	613,030	$	1,216,619	$	1,167,282	$	1,074,963

(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 $35.8 billion, $34.1 billion and $32.3 billion at June 30, 2022, March 31, 2022 and June 30, 2021, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $51.9 billion, $45.6 billion and $37.1 billion, which consists primarily of other marketable securities, at June 30, 2022, March 31, 2022 and June 30, 2021, respectively.

(2)Total utilized and total committed exposure includes loans of $5.1 billion, $6.5 billion and $6.1 billion and issued letters of credit with a notional amount of $37 million, $48 million and $80 million accounted for under the fair value option at June 30, 2022, March 31, 2022 and June 30, 2021, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $3.6 billion, $4.0 billion and $5.2 billion at June 30, 2022, March 31, 2022 and June 30, 2021, respectively.

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

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

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

(6)Includes $2.1 billion, $3.0 billion and $15.7 billion of PPP loan exposure across impacted industries at June 30, 2022, March 31, 2022 and June 30, 2021, respectively.


Current-period information is preliminary and based on company data available at the time of the presentation.			27


Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties
(Dollars in millions)
	June 30 2022			March 31 2022			December 31 2021			September 30 2021			June 30 2021
Residential mortgage	$	2,245		$	2,422		$	2,284		$	2,296		$	2,343
Home equity	563			615			630			676			651

Direct/Indirect consumer	58			67			75			45			50

Total consumer	2,866			3,104			2,989			3,017			3,044
U.S. commercial	742			818			825			909			1,060
Non-U.S. commercial	279			268			268			272			275
Commercial real estate	218			361			382			414			404
Commercial lease financing	44			54			80			70			81
	1,283			1,501			1,555			1,665			1,820
U.S. small business commercial	15			20			23			32			43
Total commercial	1,298			1,521			1,578			1,697			1,863
Total nonperforming loans and leases	4,164			4,625			4,567			4,714			4,907
Foreclosed properties (1)	162			153			130			117			124
Total nonperforming loans, leases and foreclosed properties (2, 3)	$	4,326		$	4,778		$	4,697		$	4,831		$	5,031

Fully-insured home loans past due 30 days or more and still accruing	$	734		$	817		$	887		$	930		$	997
Consumer credit card past due 30 days or more and still accruing	1,008			1,003			997			934			976
Other loans past due 30 days or more and still accruing	3,494			3,736			3,398			2,583			2,699
Total loans past due 30 days or more and still accruing (4, 5)	$	5,236		$	5,556		$	5,282		$	4,447		$	4,672

Fully-insured home loans past due 90 days or more and still accruing	$	492		$	574		$	634		$	648		$	687
Consumer credit card past due 90 days or more and still accruing	493			492			487			450			533
Other loans past due 90 days or more and still accruing	720			607			336			232			299
Total loans past due 90 days or more and still accruing (4, 5)	$	1,705		$	1,673		$	1,457		$	1,330		$	1,519

Nonperforming loans, leases and foreclosed properties/Total assets (6)	0.14		%	0.15		%	0.15		%	0.16		%	0.17		%
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties (6)	0.42			0.48			0.48			0.52			0.55
Nonperforming loans and leases/Total loans and leases (6)	0.41			0.47			0.47			0.51			0.54

Commercial reservable criticized utilized exposure (7)	$	18,114		$	20,682		$	22,381		$	24,142		$	28,878
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure (7)	2.95		%	3.54		%	3.91		%	4.53		%	5.45		%
Total commercial criticized utilized exposure/Commercial utilized exposure (7)	2.99			3.47			3.91			4.55			5.37

(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 $71 million, $61 million, $52 million, $55 million and $66 million at June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, respectively.

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

(3)Balances do not include nonperforming loans held-for-sale of $270 million, $336 million, $264 million, $279 million and $348 million and nonperforming loans accounted for under the fair value option of $11 million, $19 million, $21 million, $13 million and $13 million at June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, respectively.

(4)Balances do not include loans held-for-sale past due 30 days or more and still accruing of $179 million, $654 million, $523 million, $222 million and $159 million at June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, respectively, and loans held-for-sale past due 90 days or more and still accruing of $22 million, $50 million, $41 million, $9 million and $70 million at June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, respectively. At June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, there were $34 million, $8 million, $12 million, $9 million and $74 million, respectively, of loans accounted for under the fair value option past due 30 days or more and still accruing interest.

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

(6)Total assets and total loans and leases do not include loans accounted for under the fair value option of $5.5 billion, $7.1 billion, $7.8 billion, $7.6 billion and $7.0 billion at June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, respectively.

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


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


Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties Activity (1)
(Dollars in millions)
	Second Quarter 2022		First Quarter 2022		Fourth Quarter 2021		Third Quarter 2021		Second Quarter 2021
Nonperforming Consumer Loans and Leases:
Balance, beginning of period	$	3,104	$	2,989	$	3,017	$	3,044	$	3,091

Additions	365		644		371		353		431


Reductions:
Paydowns and payoffs	(147)		(175)		(179)		(163)		(160)
Sales	(269)		(131)		(1)		(1)		(1)
Returns to performing status (2)	(157)		(202)		(198)		(201)		(291)
Charge-offs (3)	(23)		(15)		(15)		(12)		(25)
Transfers to foreclosed properties	(7)		(6)		(6)		(3)		(1)

Total net additions (reductions) to nonperforming loans and leases	(238)		115		(28)		(27)		(47)
Total nonperforming consumer loans and leases, end of period	2,866		3,104		2,989		3,017		3,044
Foreclosed properties	115		118		101		87		93
Nonperforming consumer loans, leases and foreclosed properties, end of period	$	2,981	$	3,222	$	3,090	$	3,104	$	3,137

Nonperforming Commercial Loans and Leases (4):
Balance, beginning of period	$	1,521	$	1,578	$	1,697	$	1,863	$	2,071

Additions	321		183		372		275		503
Reductions:
Paydowns	(342)		(159)		(290)		(297)		(264)
Sales	(16)		(25)		(71)		(29)		(77)
Returns to performing status (5)	(146)		(5)		(95)		(82)		(59)
Charge-offs	(40)		(12)		(35)		(33)		(108)

Transfers to loans held-for-sale	—		(39)		—		—		(203)
Total net reductions to nonperforming loans and leases	(223)		(57)		(119)		(166)		(208)
Total nonperforming commercial loans and leases, end of period	1,298		1,521		1,578		1,697		1,863
Foreclosed properties	47		35		29		30		31
Nonperforming commercial loans, leases and foreclosed properties, end of period	$	1,345	$	1,556	$	1,607	$	1,727	$	1,894

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

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

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

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

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


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


Bank of America Corporation and Subsidiaries
Quarterly Net Charge-offs and Net Charge-off Ratios (1)
(Dollars in millions)
	Second Quarter 2022				First Quarter 2022				Fourth Quarter 2021				Third Quarter 2021				Second Quarter 2021
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage (2)	$	86	0.15	%	$	(10)	(0.02)	%	$	(11)	(0.02)	%	$	(7)	(0.01)	%	$	(6)	(0.01)	%
Home equity (3)	(24)		(0.37)		(30)		(0.44)		(26)		(0.37)		(34)		(0.46)		(24)		(0.31)
Credit card	323		1.60		297		1.53		280		1.42		321		1.69		488		2.67

Direct/Indirect consumer	4		0.02		4		0.02		(3)		(0.01)		(18)		(0.07)		(9)		(0.04)
Other consumer	136		n/m		79		n/m		72		n/m		67		n/m		64		n/m
Total consumer	525		0.47		340		0.32		312		0.29		329		0.31		513		0.50
U.S. commercial	15		0.02		(14)		(0.02)		(19)		(0.02)		15		0.02		(31)		(0.04)
Non-U.S. commercial	(5)		(0.01)		1		—		(6)		(0.02)		1		—		14		0.06
Total commercial and industrial	10		0.01		(13)		(0.01)		(25)		(0.02)		16		0.02		(17)		(0.02)
Commercial real estate	(4)		(0.03)		23		0.15		6		0.04		—		—		17		0.11
Commercial lease financing	4		0.13		—		—		—		—		(1)		—		—		—
	10		0.01		10		0.01		(19)		(0.02)		15		0.01		—		—
U.S. small business commercial	36		0.79		42		0.94		69		1.32		119		1.76		82		0.98
Total commercial	46		0.03		52		0.04		50		0.04		134		0.11		82		0.07
Total net charge-offs	$	571	0.23		$	392	0.16		$	362	0.15		$	463	0.20		$	595	0.27

By Business Segment and All Other
Consumer Banking	$	502	0.70	%	$	416	0.59	%	$	411	0.58	%	$	489	0.69	%	$	625	0.89	%
Global Wealth & Investment Management	9		0.02		1		—		5		0.01		7		0.01		—		—
Global Banking	14		0.01		(12)		(0.01)		(28)		(0.03)		8		0.01		3		—
Global Markets	(4)		(0.01)		21		0.08		10		0.04		—		—		—		—
All Other	50		1.40		(34)		(0.91)		(36)		(0.91)		(41)		(0.92)		(33)		(0.70)
Total net charge-offs	$	571	0.23		$	392	0.16		$	362	0.15		$	463	0.20		$	595	0.27

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

(2)Includes loan sale net charge-offs (recoveries) of $90 million and $(7) million for the second and first quarters of 2022, respectively.

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

n/m = not meaningful


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


Bank of America Corporation and Subsidiaries
Year-to-Date Net Charge-offs and Net Charge-off Ratios (1)
(Dollars in millions)
	Six Months Ended June 30
	2022				2021
	Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage (2)	$	76	0.07	%	$	(10)	(0.01)	%
Home equity (3)	(54)		(0.40)		(59)		(0.37)
Credit card	620		1.57		1,122		3.07

Direct/Indirect consumer	8		0.02		22		0.05
Other consumer	215		n/m		131		n/m
Total consumer	865		0.40		1,206		0.59
U.S. commercial	1		—		(19)		(0.01)
Non-U.S. commercial	(4)		(0.01)		40		0.09
Total commercial and industrial	(3)		—		21		0.01
Commercial real estate	19		0.06		28		0.09
Commercial lease financing	4		0.06		—		—
	20		0.01		49		0.02
U.S. small business commercial	78		0.87		163		0.93
Total commercial	98		0.04		212		0.09
Total net charge-offs	$	963	0.20		$	1,418	0.32

By Business Segment and All Other
Consumer Banking	$	918	0.65	%	$	1,435	1.01	%
Global Wealth & Investment Management	10		0.01		13		0.01
Global Banking	2		—		39		0.02
Global Markets	17		0.03		3		0.01
All Other	16		0.21		(72)		(0.74)
Total net charge-offs	$	963	0.20		$	1,418	0.32

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

(2)Includes loan sale net charge-offs (recoveries) of $84 million for the six months ended June 30, 2022.

(3)Includes loan sale net charge-offs (recoveries) of $(8) million for the six months ended June 30, 2022.

n/m = not meaningful


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


Bank of America Corporation and Subsidiaries
Allocation of the Allowance for Credit Losses by Product Type
(Dollars in millions)
	June 30, 2022		March 31, 2022			June 30, 2021
	Amount		Percent of Loans and Leases Outstanding (1, 2)	Amount			Percent of Loans and Leases Outstanding (1, 2)	Amount		Percent of Loans and Leases Outstanding (1, 2)
Allowance for loan and lease losses
Residential mortgage	$	280	0.12%	$	301		0.13%	$	394	0.18%
Home equity	116		0.43	172			0.64	203		0.67
Credit card	5,684		6.77	5,684			7.16	6,234		8.25

Direct/Indirect consumer	475		0.44	512			0.48	555		0.57
Other consumer	57		n/m	46			n/m	46		n/m
Total consumer	6,612		1.48	6,715			1.53	7,432		1.78
U.S. commercial (3)	3,012		0.81	2,966			0.85	3,529		1.10
Non-U.S. commercial	1,168		0.93	1,155			0.94	1,091		1.11
Commercial real estate	1,128		1.76	1,218			1.95	1,956		3.28
Commercial lease financing	53		0.39	50			0.36	87		0.55
Total commercial	5,361		0.93	5,389			0.98	6,663		1.35
Allowance for loan and lease losses	11,973		1.17	12,104			1.23	14,095		1.55


Reserve for unfunded lending commitments	1,461			1,379				1,687
Allowance for credit losses	$	13,434		$	13,483			$	15,782

Asset Quality Indicators

Allowance for loan and lease losses/Total loans and leases (2)			1.17%				1.23%			1.55%

Allowance for loan and lease losses/Total nonperforming loans and leases (4)			288				262			287

Ratio of the allowance for loan and lease losses/Annualized net charge-offs			5.22				7.62			5.90

(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 $79 million, $248 million and $257 million, and home equity loans of $298 million, $320 million and $397 million at June 30, 2022, March 31, 2022 and June 30, 2021, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $2.9 billion, $4.0 billion and $4.4 billion and non-U.S. commercial loans of $2.2 billion, $2.6 billion and $1.9 billion at June 30, 2022, March 31, 2022 and June 30, 2021, respectively.

(2)Total loans and leases do not include loans accounted for under the fair value option of $5.5 billion, $7.1 billion and $7.0 billion at June 30, 2022, March 31, 2022 and June 30, 2021, respectively.

(3)Includes allowance for loan and lease losses for U.S. small business commercial loans of $921 million, $1.0 billion and $1.4 billion at June 30, 2022, March 31, 2022 and June 30, 2021, respectively.

(4)Allowance for loan and lease losses includes $6.6 billion, $6.6 billion and $7.5 billion allocated to products (primarily the Consumer Lending portfolios within Consumer Banking) that are excluded from nonperforming loans and leases at June 30, 2022, March 31, 2022 and June 30, 2021, respectively. Excluding these amounts, allowance for loan and lease losses as a percentage of total nonperforming loans and leases was 129 percent, 118 percent and 134 percent at June 30, 2022, March 31, 2022 and June 30, 2021, respectively.

n/m = not meaningful


Current-period information is preliminary and based on company data available at the time of the presentation.			32

Exhibit A: Non-GAAP Reconciliations

Bank of America Corporation and Subsidiaries

Reconciliations to GAAP Financial Measures

(Dollars in millions, except per share information)

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

See the tables below for reconciliations of these non-GAAP financial measures to the most closely related financial measures defined by GAAP for the six months ended June 30, 2022 and 2021, and the three months ended June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021. The Corporation believes the use of these non-GAAP financial measures provides additional clarity in understanding its results of operations and trends. Other companies may define or calculate supplemental financial data differently.


	Six Months Ended June 30				Second Quarter 2022		First Quarter 2022		Fourth Quarter 2021		Third Quarter 2021		Second Quarter 2021
	2022		2021





























Reconciliation of income before income taxes to pretax, pre-provision income
Income before income taxes	$	14,771	$	17,208	$	6,892	$	7,879	$	7,818	$	8,950	$	8,042
Provision for credit losses	553		(3,481)		523		30		(489)		(624)		(1,621)
Pretax, pre-provision income	$	15,324	$	13,727	$	7,415	$	7,909	$	7,329	$	8,326	$	6,421

Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity	$	268,750	$	274,341	$	268,197	$	269,309	$	270,883	$	275,484	$	274,632
Goodwill	(69,022)		(68,987)		(69,022)		(69,022)		(69,022)		(69,023)		(69,023)
Intangible assets (excluding mortgage servicing rights)	(2,136)		(2,179)		(2,127)		(2,146)		(2,166)		(2,185)		(2,212)
Related deferred tax liabilities	927		917		926		929		913		915		915
Tangible shareholders’ equity	$	198,519	$	204,092	$	197,974	$	199,070	$	200,608	$	205,191	$	204,312
Preferred stock	(27,565)		(24,039)		(28,674)		(26,444)		(24,364)		(23,441)		(23,684)
Tangible common shareholders’ equity	$	170,954	$	180,053	$	169,300	$	172,626	$	176,244	$	181,750	$	180,628








Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity	$	269,118	$	277,119	$	269,118	$	266,617	$	270,066	$	272,464	$	277,119
Goodwill	(69,022)		(69,023)		(69,022)		(69,022)		(69,022)		(69,023)		(69,023)
Intangible assets (excluding mortgage servicing rights)	(2,114)		(2,192)		(2,114)		(2,133)		(2,153)		(2,172)		(2,192)
Related deferred tax liabilities	920		915		920		926		929		913		915
Tangible shareholders’ equity	$	198,902	$	206,819	$	198,902	$	196,388	$	199,820	$	202,182	$	206,819
Preferred stock	(29,134)		(23,441)		(29,134)		(27,137)		(24,708)		(23,441)		(23,441)
Tangible common shareholders’ equity	$	169,768	$	183,378	$	169,768	$	169,251	$	175,112	$	178,741	$	183,378

Reconciliation of period-end assets to period-end tangible assets
Assets	$	3,111,606	$	3,029,894	$	3,111,606	$	3,238,223	$	3,169,495	$	3,085,446	$	3,029,894
Goodwill	(69,022)		(69,023)		(69,022)		(69,022)		(69,022)		(69,023)		(69,023)
Intangible assets (excluding mortgage servicing rights)	(2,114)		(2,192)		(2,114)		(2,133)		(2,153)		(2,172)		(2,192)
Related deferred tax liabilities	920		915		920		926		929		913		915
Tangible assets	$	3,041,390	$	2,959,594	$	3,041,390	$	3,167,994	$	3,099,249	$	3,015,164	$	2,959,594

Book value per share of common stock
Common shareholders’ equity	$	239,984	$	253,678	$	239,984	$	239,480	$	245,358	$	249,023	$	253,678
Ending common shares issued and outstanding	8,035.2		8,487.2		8,035.2		8,062.1		8,077.8		8,241.2		8,487.2
Book value per share of common stock	$	29.87	$	29.89	$	29.87	$	29.70	$	30.37	$	30.22	$	29.89

Tangible book value per share of common stock
Tangible common shareholders’ equity	$	169,768	$	183,378	$	169,768	$	169,251	$	175,112	$	178,741	$	183,378
Ending common shares issued and outstanding	8,035.2		8,487.2		8,035.2		8,062.1		8,077.8		8,241.2		8,487.2
Tangible book value per share of common stock	$	21.13	$	21.61	$	21.13	$	20.99	$	21.68	$	21.69	$	21.61


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