Document

EX-99.3 4 bac-09302022ex993.htm THE SUPPLEMENTAL INFORMATION Document

Supplemental Information

Third 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)
	Nine Months Ended September 30						Third Quarter 2022			Second Quarter 2022			First Quarter 2022			Fourth Quarter 2021			Third Quarter 2021
	2022			2021
Income statement
Net interest income	$	37,781		$	31,524		$	13,765		$	12,444		$	11,572		$	11,410		$	11,094
Noninterest income	32,637			35,529			10,737			10,244			11,656			10,650			11,672
Total revenue, net of interest expense	70,418			67,053			24,502			22,688			23,228			22,060			22,766
Provision for credit losses	1,451			(4,105)			898			523			30			(489)			(624)
Noninterest expense	45,895			45,000			15,303			15,273			15,319			14,731			14,440
Income before income taxes	23,072			26,158			8,301			6,892			7,879			7,818			8,950
Pretax, pre-provision income (1)	24,523			22,053			9,199			7,415			7,909			7,329			8,326
Income tax expense	2,676			1,193			1,219			645			812			805			1,259
Net income	20,396			24,965			7,082			6,247			7,067			7,013			7,691
Preferred stock dividends	1,285			1,181			503			315			467			240			431
Net income applicable to common shareholders	19,111			23,784			6,579			5,932			6,600			6,773			7,260
Diluted earnings per common share	2.34			2.75			0.81			0.73			0.80			0.82			0.85
Average diluted common shares issued and outstanding	8,173.3			8,702.2			8,160.8			8,163.1			8,202.1			8,304.7			8,492.8
Dividends paid per common share	$	0.64		$	0.57		$	0.22		$	0.21		$	0.21		$	0.21		$	0.21

Performance ratios
Return on average assets	0.86		%	1.12		%	0.90		%	0.79		%	0.89		%	0.88		%	0.99		%
Return on average common shareholders’ equity	10.58			12.67			10.79			9.93			11.02			10.90			11.43
Return on average shareholders’ equity	10.12			12.15			10.37			9.34			10.64			10.27			11.08
Return on average tangible common shareholders’ equity (2)	14.93			17.61			15.21			14.05			15.51			15.25			15.85
Return on average tangible shareholders’ equity (2)	13.68			16.33			13.99			12.66			14.40			13.87			14.87
Efficiency ratio	65.17			67.11			62.45			67.32			65.95			66.78			63.43


At period end
Book value per share of common stock	$	29.96		$	30.22		$	29.96		$	29.87		$	29.70		$	30.37		$	30.22
Tangible book value per share of common stock (2)	21.21			21.69			21.21			21.13			20.99			21.68			21.69
Market capitalization	242,338			349,841			242,338			250,136			332,320			359,383			349,841
Number of financial centers - U.S.	3,932			4,215			3,932			3,984			4,056			4,173			4,215
Number of branded ATMs - U.S.	15,572			16,513			15,572			15,730			15,959			16,209			16,513
Headcount	213,270			209,407			213,270			209,824			208,139			208,248			209,407

(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)
	Nine Months Ended September 30				Third Quarter 2022		Second Quarter 2022		First Quarter 2022		Fourth Quarter 2021		Third Quarter 2021
	2022		2021
Net interest income
Interest income	$	47,490	$	35,118	$	19,621	$	14,975	$	12,894	$	12,554	$	12,336
Interest expense	9,709		3,594		5,856		2,531		1,322		1,144		1,242
Net interest income	37,781		31,524		13,765		12,444		11,572		11,410		11,094

Noninterest income
Fees and commissions	25,477		29,156		8,001		8,491		8,985		10,143		9,915
Market making and similar activities	9,023		7,360		3,068		2,717		3,238		1,331		2,005
Other income (loss)	(1,863)		(987)		(332)		(964)		(567)		(824)		(248)
Total noninterest income	32,637		35,529		10,737		10,244		11,656		10,650		11,672
Total revenue, net of interest expense	70,418		67,053		24,502		22,688		23,228		22,060		22,766

Provision for credit losses	1,451		(4,105)		898		523		30		(489)		(624)

Noninterest expense
Compensation and benefits	27,286		27,103		8,887		8,917		9,482		9,037		8,714
Occupancy and equipment	5,285		5,353		1,777		1,748		1,760		1,785		1,764
Information processing and communications	4,621		4,289		1,546		1,535		1,540		1,480		1,416
Product delivery and transaction related	2,749		2,940		892		924		933		941		987
Marketing	1,365		1,528		505		463		397		411		347
Professional fees	1,493		1,263		525		518		450		512		434
Other general operating	3,096		2,524		1,171		1,168		757		565		778
Total noninterest expense	45,895		45,000		15,303		15,273		15,319		14,731		14,440
Income before income taxes	23,072		26,158		8,301		6,892		7,879		7,818		8,950
Income tax expense	2,676		1,193		1,219		645		812		805		1,259
Net income	$	20,396	$	24,965	$	7,082	$	6,247	$	7,067	$	7,013	$	7,691
Preferred stock dividends	1,285		1,181		503		315		467		240		431
Net income applicable to common shareholders	$	19,111	$	23,784	$	6,579	$	5,932	$	6,600	$	6,773	$	7,260

Per common share information
Earnings	$	2.35	$	2.77	$	0.81	$	0.73	$	0.81	$	0.82	$	0.86
Diluted earnings	2.34		2.75		0.81		0.73		0.80		0.82		0.85
Average common shares issued and outstanding	8,122.2		8,583.1		8,107.7		8,121.6		8,136.8		8,226.5		8,430.7
Average diluted common shares issued and outstanding	8,173.3		8,702.2		8,160.8		8,163.1		8,202.1		8,304.7		8,492.8


Consolidated Statement of Comprehensive Income
(Dollars in millions)
	Nine Months Ended September 30				Third Quarter 2022		Second Quarter 2022		First Quarter 2022		Fourth Quarter 2021		Third Quarter 2021
	2022		2021
Net income	$	20,396	$	24,965	$	7,082	$	6,247	$	7,067	$	7,013	$	7,691
Other comprehensive income (loss), net-of-tax:
Net change in debt securities	(6,381)		(1,243)		(1,112)		(1,822)		(3,447)		(834)		(153)
Net change in debit valuation adjustments	1,298		292		462		575		261		64		27
Net change in derivatives	(10,890)		(1,130)		(3,703)		(2,008)		(5,179)		(1,176)		(431)
Employee benefit plan adjustments	97		170		37		36		24		454		50
Net change in foreign currency translation adjustments	(47)		(29)		(37)		(38)		28		(16)		(26)
Other comprehensive income (loss)	(15,923)		(1,940)		(4,353)		(3,257)		(8,313)		(1,508)		(533)
Comprehensive income (loss)	$	4,473	$	23,025	$	2,729	$	2,990	$	(1,246)	$	5,505	$	7,158


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)
	Nine Months Ended September 30				Third Quarter 2022		Second Quarter 2022		First Quarter 2022		Fourth Quarter 2021		Third Quarter 2021
	2022		2021
Net interest income
Interest income
Loans and leases	$	25,805	$	21,859	$	10,231	$	8,222	$	7,352	$	7,423	$	7,502
Debt securities	12,111		8,832		4,239		4,049		3,823		3,544		3,282
Federal funds sold and securities borrowed or purchased under agreements to resell	1,835		(43)		1,446		396		(7)		(47)		6
Trading account assets	3,753		2,793		1,449		1,223		1,081		977		967
Other interest income	3,986		1,677		2,256		1,085		645		657		579
Total interest income	47,490		35,118		19,621		14,975		12,894		12,554		12,336

Interest expense
Deposits	1,719		394		1,235		320		164		143		133
Short-term borrowings	2,705		(205)		2,264		553		(112)		(153)		(41)
Trading account liabilities	1,117		824		383		370		364		304		285
Long-term debt	4,168		2,581		1,974		1,288		906		850		865
Total interest expense	9,709		3,594		5,856		2,531		1,322		1,144		1,242
Net interest income	$	37,781	$	31,524	$	13,765	$	12,444	$	11,572	$	11,410	$	11,094

Noninterest income
Fees and commissions
Card income
Interchange fees (1)	$	3,067	$	3,431	$	1,060	$	1,072	$	935	$	1,129	$	1,154
Other card income	1,464		1,173		513		483		468		485		429
Total card income	4,531		4,604		1,573		1,555		1,403		1,614		1,583
Service charges
Deposit-related fees	4,109		4,671		1,162		1,417		1,530		1,600		1,619
Lending-related fees	907		923		304		300		303		310		309
Total service charges	5,016		5,594		1,466		1,717		1,833		1,910		1,928
Investment and brokerage services
Asset management fees	9,308		9,434		2,920		3,102		3,286		3,295		3,276
Brokerage fees	2,870		2,988		875		989		1,006		973		960
Total investment and brokerage services	12,178		12,422		3,795		4,091		4,292		4,268		4,236
Investment banking fees
Underwriting income	1,559		4,028		452		435		672		1,049		1,168
Syndication fees	896		1,047		283		301		312		452		346
Financial advisory services	1,297		1,461		432		392		473		850		654
Total investment banking fees	3,752		6,536		1,167		1,128		1,457		2,351		2,168
Total fees and commissions	25,477		29,156		8,001		8,491		8,985		10,143		9,915
Market making and similar activities	9,023		7,360		3,068		2,717		3,238		1,331		2,005
Other income (loss)	(1,863)		(987)		(332)		(964)		(567)		(824)		(248)
Total noninterest income	$	32,637	$	35,529	$	10,737	$	10,244	$	11,656	$	10,650	$	11,672

(1)Gross interchange fees and merchant income were $9.5 billion and $8.3 billion and are presented net of $6.4 billion and $4.9 billion of expenses for rewards and partner payments as well as certain other card costs for the nine months ended September 30, 2022 and 2021. Gross interchange fees and merchant income were $3.3 billion, $3.3 billion, $2.9 billion, $3.1 billion, and $3.0 billion and are presented net of $2.2 billion, $2.2 billion, $2.0 billion, $2.0 billion, and $1.8 billion of expenses for rewards and partner payments as well as certain other card costs for the third, second and first quarters of 2022, and the fourth and third 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)
		September 30 2022		June 30 2022		September 30 2021
Assets
Cash and due from banks		$	27,802	$	29,497	$	28,689
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks		177,174		168,505		251,165
Cash and cash equivalents		204,976		198,002		279,854
Time deposits placed and other short-term investments		7,449		6,841		6,518
Federal funds sold and securities borrowed or purchased under agreements to resell		275,247		272,430		261,934
Trading account assets		293,458		294,027		288,566
Derivative assets		72,386		62,047		40,829
Debt securities:
Carried at fair value		236,245		274,665		285,377
Held-to-maturity, at cost		643,713		658,245		683,240
Total debt securities		879,958		932,910		968,617
Loans and leases		1,032,466		1,030,766		927,736
Allowance for loan and lease losses		(12,302)		(11,973)		(13,155)
Loans and leases, net of allowance		1,020,164		1,018,793		914,581
Premises and equipment, net		11,117		11,016		10,684
Goodwill		69,022		69,022		69,023
Loans held-for-sale		7,629		6,654		9,415
Customer and other receivables		76,211		79,893		74,998
Other assets		155,766		159,971		160,427
Total assets		$	3,073,383	$	3,111,606	$	3,085,446

Liabilities
Deposits in U.S. offices:
Noninterest-bearing		$	696,976	$	741,676	$	753,107
Interest-bearing		1,143,317		1,134,876		1,108,490
Deposits in non-U.S. offices:
Noninterest-bearing		21,630		26,770		25,336
Interest-bearing		76,174		81,027		77,871
Total deposits		1,938,097		1,984,349		1,964,804
Federal funds purchased and securities loaned or sold under agreements to repurchase		215,627		204,307		207,428
Trading account liabilities		84,768		97,302		112,217
Derivative liabilities		50,586		38,425		38,062
Short-term borrowings		21,044		27,886		20,278
Accrued expenses and other liabilities		224,615		214,522		191,572
Long-term debt		269,122		275,697		278,621
Total liabilities		2,803,859		2,842,488		2,812,982
Shareholders’ equity
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 4,117,652, 4,117,686 and 3,887,686 shares		29,134		29,134		23,441
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 8,024,450,244, 8,035,221,887 and 8,241,243,911 shares		59,460		59,499		69,612
Retained earnings		201,957		197,159		183,007
Accumulated other comprehensive income (loss)		(21,027)		(16,674)		(3,596)
Total shareholders’ equity		269,524		269,118		272,464
Total liabilities and shareholders’ equity		$	3,073,383	$	3,111,606	$	3,085,446

	Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
	Trading account assets	$	2,794	$	2,294	$	4,432
	Loans and leases	16,073		16,170		16,857
	Allowance for loan and lease losses	(802)		(832)		(994)
	Loans and leases, net of allowance	15,271		15,338		15,863

	All other assets	93		177		136
	Total assets of consolidated variable interest entities	$	18,158	$	17,809	$	20,431

	Liabilities of consolidated variable interest entities included in total liabilities above
	Short-term borrowings	$	82	$	165	$	330
	Long-term debt	3,240		4,509		3,830
	All other liabilities	9		12		10
	Total liabilities of consolidated variable interest entities	$	3,331	$	4,686	$	4,170


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)
	September 30 2022			June 30 2022			September 30 2021
Risk-based capital metrics (1):
Standardized Approach
Common equity tier 1 capital	$	175,554		$	171,754		$	174,407
Tier 1 capital	204,675			200,872			197,842
Total capital	235,282			232,297			230,506
Risk-weighted assets	1,599,135			1,637,712			1,568,069
Common equity tier 1 capital ratio	11.0		%	10.5		%	11.1		%
Tier 1 capital ratio	12.8			12.3			12.6
Total capital ratio	14.7			14.2			14.7

Advanced Approaches
Common equity tier 1 capital	$	175,554		$	171,754		$	174,407
Tier 1 capital	204,675			200,872			197,842
Total capital	228,100			225,555			223,997
Risk-weighted assets	1,391,159			1,406,950			1,380,475
Common equity tier 1 capital ratio	12.6		%	12.2		%	12.6		%
Tier 1 capital ratio	14.7			14.3			14.3
Total capital ratio	16.4			16.0			16.2

Leverage-based metrics (1):
Adjusted average assets	$	3,028,175		$	3,080,248		$	2,999,663
Tier 1 leverage ratio	6.8		%	6.5		%	6.6		%

Supplementary leverage exposure	$	3,555,579		$	3,620,789		$	3,515,654
Supplementary leverage ratio	5.8		%	5.5		%	5.6		%

Total ending equity to total ending assets ratio	8.8			8.6			8.8
Common equity ratio	7.8			7.7			8.1
Tangible equity ratio (2)	6.6			6.5			6.7
Tangible common equity ratio (2)	5.7			5.6			5.9

(1)Regulatory capital ratios at September 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)
	September 30 2022		June 30 2022		September 30 2021
Total common shareholders' equity	$	240,390	$	239,984	$	249,023
CECL transitional amount (1)	1,881		1,881		2,722
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	(7,658)		(7,746)		(7,638)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities	(1,561)		(1,575)		(1,644)
Defined benefit pension plan net assets	(1,227)		(1,236)		(1,223)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net-of-tax	(239)		303		1,477
Accumulated net (gain) loss on certain cash flow hedges (2)	12,762		9,058		693
Other	(153)		(274)		(365)
Common equity tier 1 capital	175,554		171,754		174,407
Qualifying preferred stock, net of issuance cost	29,134		29,134		23,440
Other	(13)		(16)		(5)
Tier 1 capital	204,675		200,872		197,842
Tier 2 capital instruments	19,514		20,734		21,756
Qualifying allowance for credit losses (3)	11,325		10,975		11,177
Other	(232)		(284)		(269)
Total capital under the Standardized approach	235,282		232,297		230,506
Adjustment in qualifying allowance for credit losses under the Advanced approaches (3)	(7,182)		(6,742)		(6,509)
Total capital under the Advanced approaches	$	228,100	$	225,555	$	223,997

(1)September 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. September 30, 2022 and June 30, 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)
	Third Quarter 2022						Second Quarter 2022						Third 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	$	184,263	$	848	1.83	%	$	178,313	$	282	0.63	%	$	240,054	$	50	0.08	%
Time deposits placed and other short-term investments	10,352		34		1.33		7,658		12		0.62		6,419		4		0.24
Federal funds sold and securities borrowed or purchased under agreements to resell	278,059		1,446		2.06		304,684		396		0.52		270,094		6		0.01
Trading account assets	163,744		1,465		3.55		147,442		1,241		3.37		147,196		979		2.64
Debt securities	901,654		4,259		1.88		945,927		4,067		1.72		949,009		3,296		1.39
Loans and leases (2)
Residential mortgage	228,474		1,616		2.83		228,529		1,571		2.75		215,652		1,487		2.76
Home equity	27,282		229		3.32		27,415		235		3.44		30,069		263		3.47
Credit card	85,009		2,187		10.20		81,024		1,954		9.68		75,569		1,952		10.25

Direct/Indirect and other consumer	108,300		923		3.38		108,639		696		2.57		98,148		578		2.34

Total consumer	449,065		4,955		4.39		445,607		4,456		4.01		419,438		4,280		4.06
U.S. commercial	377,183		3,427		3.60		363,978		2,525		2.78		323,659		2,315		2.84
Non-U.S. commercial	127,793		1,028		3.19		128,237		696		2.18		101,967		446		1.73
Commercial real estate	66,707		738		4.39		63,072		476		3.02		59,881		378		2.51
Commercial lease financing	13,586		124		3.65		13,992		104		2.95		15,564		116		2.98
Total commercial	585,269		5,317		3.61		569,279		3,801		2.68		501,071		3,255		2.58
Total loans and leases	1,034,334		10,272		3.94		1,014,886		8,257		3.26		920,509		7,535		3.25
Other earning assets	98,172		1,403		5.67		108,180		823		3.06		120,734		567		1.86
Total earning assets	2,670,578		19,727		2.94		2,707,090		15,078		2.23		2,654,015		12,437		1.86
Cash and due from banks	27,250						29,025						30,101
Other assets, less allowance for loan and lease losses	407,718						421,740						392,336
Total assets	$	3,105,546					$	3,157,855					$	3,076,452
Interest-bearing liabilities
U.S. interest-bearing deposits

Demand and money market deposits	$	981,145	$	832	0.34	%	$	985,983	$	189	0.08	%	$	931,964	$	79	0.03	%

Time and savings deposits	164,313		193		0.47		156,824		42		0.11		162,337		41		0.10
Total U.S. interest-bearing deposits	1,145,458		1,025		0.35		1,142,807		231		0.08		1,094,301		120		0.04




Non-U.S. interest-bearing deposits	79,383		210		1.05		79,471		89		0.45		84,098		13		0.06
Total interest-bearing deposits	1,224,841		1,235		0.40		1,222,278		320		0.11		1,178,399		133		0.04
Federal funds purchased and securities loaned or sold under agreements to repurchase	211,346		1,338		2.51		214,777		454		0.85		216,869		147		0.27
Short-term borrowings and other interest-bearing liabilities	137,253		926		2.68		134,790		99		0.30		107,713		(188)		(0.69)
Trading account liabilities	46,507		383		3.27		54,005		370		2.74		56,496		285		2.00
Long-term debt	250,204		1,974		3.14		245,781		1,288		2.10		248,988		865		1.37
Total interest-bearing liabilities	1,870,151		5,856		1.24		1,871,631		2,531		0.54		1,808,465		1,242		0.27
Noninterest-bearing sources
Noninterest-bearing deposits	737,934						789,801						764,306
Other liabilities (3)	226,444						228,226						228,197
Shareholders’ equity	271,017						268,197						275,484
Total liabilities and shareholders’ equity	$	3,105,546					$	3,157,855					$	3,076,452
Net interest spread					1.70	%					1.69	%					1.59	%
Impact of noninterest-bearing sources					0.36						0.17						0.09
Net interest income/yield on earning assets (4)			$	13,871	2.06	%			$	12,547	1.86	%			$	11,195	1.68	%

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

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

(3)Includes $29.2 billion, $29.7 billion and $29.6 billion of structured notes and liabilities for the third and second quarters of 2022 and the third quarter of 2021, respectively.

(4)Net interest income includes FTE adjustments of $106 million, $103 million and $101 million for the third and second quarters of 2022 and the third 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)
	September 30, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	25,743	$	5	$	(2,144)	$	23,604
Agency-collateralized mortgage obligations	2,589		—		(220)		2,369
Commercial	6,248		24		(499)		5,773
Non-agency residential	467		16		(83)		400
Total mortgage-backed securities	35,047		45		(2,946)		32,146
U.S. Treasury and government agencies	169,368		42		(1,797)		167,613
Non-U.S. securities	11,046		1		(44)		11,003
Other taxable securities	3,481		—		(76)		3,405

Tax-exempt securities	12,544		—		(372)		12,172
Total available-for-sale debt securities	231,486		88		(5,235)		226,339
Other debt securities carried at fair value (1)	10,223		54		(371)		9,906
Total debt securities carried at fair value	241,709		142		(5,606)		236,245
Held-to-maturity debt securities
Agency mortgage-backed securities	513,977		—		(94,111)		419,866
U.S. Treasury and government agencies	121,585		—		(21,089)		100,496
Other taxable securities	8,181		—		(990)		7,191
Total held-to-maturity debt securities	643,743		—		(116,190)		527,553
Total debt securities	$	885,452	$	142	$	(121,796)	$	763,798


	June 30, 2022
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

(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)

	Nine Months Ended September 30						Third Quarter 2022			Second Quarter 2022			First Quarter 2022			Fourth Quarter 2021			Third Quarter 2021
	2022			2021






FTE basis data (1)
Net interest income	$	38,096		$	31,846		$	13,871		$	12,547		$	11,678		$	11,515		$	11,195
Total revenue, net of interest expense	70,733			67,375			24,608			22,791			23,334			22,165			22,867
Net interest yield	1.87		%	1.66		%	2.06		%	1.86		%	1.69		%	1.67		%	1.68		%
Efficiency ratio	64.88			66.79			62.18			67.01			65.65			66.46			63.14

(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 $315 million and $322 million for the nine months ended September 30, 2022 and 2021, $106 million, $103 million and $106 million for the third, second and first quarters of 2022, and $105 million and $101 million for the fourth and third 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)
	Third Quarter 2022
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	13,871	$	7,784	$	1,981	$	3,326	$	743	$	37
Noninterest income
Fees and commissions:
Card income	1,573		1,331		16		206		18		2
Service charges	1,466		597		18		771		81		(1)
Investment and brokerage services	3,795		73		3,255		11		457		(1)
Investment banking fees	1,167		—		47		726		430		(36)
Total fees and commissions	8,001		2,001		3,336		1,714		986		(36)
Market making and similar activities	3,068		3		30		52		2,874		109
Other income (loss)	(332)		116		82		499		(120)		(909)
Total noninterest income (loss)	10,737		2,120		3,448		2,265		3,740		(836)
Total revenue, net of interest expense	24,608		9,904		5,429		5,591		4,483		(799)
Provision for credit losses	898		738		37		170		11		(58)
Noninterest expense	15,303		5,097		3,816		2,651		3,023		716
Income (loss) before income taxes	8,407		4,069		1,576		2,770		1,449		(1,457)
Income tax expense (benefit)	1,325		997		386		734		384		(1,176)
Net income (loss)	$	7,082	$	3,072	$	1,190	$	2,036	$	1,065	$	(281)

Average
Total loans and leases	$	1,034,334	$	295,231	$	223,734	$	384,305	$	120,435	$	10,629
Total assets (1)	3,105,546		1,145,846		383,468		585,683		847,899		142,650
Total deposits	1,962,775		1,069,093		339,487		495,154		38,820		20,221
Quarter end
Total loans and leases	$	1,032,466	$	297,825	$	224,858	$	377,711	$	121,721	$	10,351
Total assets (1)	3,073,383		1,149,918		370,790		575,082		849,542		128,051
Total deposits	1,938,097		1,072,580		324,859		484,309		37,318		19,031

	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

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

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

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


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)
	Nine Months Ended September 30, 2022
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	38,096	$	21,551	$	5,451	$	8,304	$	2,717	$	73
Noninterest income
Fees and commissions:
Card income	4,531		3,836		51		578		49		17
Service charges	5,016		2,120		56		2,590		246		4
Investment and brokerage services	12,178		232		10,395		36		1,520		(5)
Investment banking fees	3,752		—		154		2,298		1,473		(173)
Total fees and commissions	25,477		6,188		10,656		5,502		3,288		(157)
Market making and similar activities	9,023		5		66		181		8,721		50
Other income (loss)	(1,863)		109		165		1,804		(449)		(3,492)
Total noninterest income (loss)	32,637		6,302		10,887		7,487		11,560		(3,599)
Total revenue, net of interest expense	70,733		27,853		16,338		15,791		14,277		(3,526)
Provision for credit losses	1,451		1,036		29		492		24		(130)
Noninterest expense	45,895		14,977		11,706		8,133		9,249		1,830
Income (loss) before income taxes	23,387		11,840		4,603		7,166		5,004		(5,226)
Income tax expense (benefit)	2,991		2,901		1,128		1,899		1,326		(4,263)
Net income (loss)	$	20,396	$	8,939	$	3,475	$	5,267	$	3,678	$	(963)

Average
Total loans and leases	$	1,009,211	$	289,672	$	218,030	$	373,547	$	114,505	$	13,457
Total assets (1)	3,156,657		1,144,587		407,819		605,884		857,747		140,620
Total deposits	2,006,584		1,067,785		362,611		514,612		41,448		20,128
Period end
Total loans and leases	$	1,032,466	$	297,825	$	224,858	$	377,711	$	121,721	$	10,351
Total assets (1)	3,073,383		1,149,918		370,790		575,082		849,542		128,051
Total deposits	1,938,097		1,072,580		324,859		484,309		37,318		19,031

	Nine Months Ended September 30, 2021
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	31,846	$	18,386	$	4,137	$	6,150	$	2,980	$	193
Noninterest income
Fees and commissions:
Card income	4,604		3,818		62		515		208		1
Service charges	5,594		2,617		54		2,637		280		6
Investment and brokerage services	12,422		236		10,610		90		1,504		(18)
Investment banking fees	6,536		—		305		3,642		2,784		(195)
Total fees and commissions	29,156		6,671		11,031		6,884		4,776		(206)
Market making and similar activities	7,360		1		31		99		7,448		(219)
Other income (loss)	(987)		35		147		1,834		233		(3,236)
Total noninterest income (loss)	35,529		6,707		11,209		8,817		12,457		(3,661)
Total revenue, net of interest expense	67,375		25,093		15,346		14,967		15,437		(3,468)
Provision for credit losses	(4,105)		(1,067)		(185)		(2,738)		33		(148)
Noninterest expense	45,000		14,548		11,425		7,915		10,150		962
Income (loss) before income taxes	26,480		11,612		4,106		9,790		5,254		(4,282)
Income tax expense (benefit)	1,515		2,845		1,006		2,643		1,366		(6,345)
Net income (loss)	$	24,965	$	8,767	$	3,100	$	7,147	$	3,888	$	2,063

Average
Total loans and leases	$	912,091	$	284,644	$	194,090	$	326,632	$	87,535	$	19,190
Total assets (1)	2,990,984		1,043,787		379,802		597,947		775,552		193,896
Total deposits	1,879,597		968,272		333,119		509,445		54,699		14,062
Period end
Total loans and leases	$	927,736	$	280,803	$	202,268	$	328,893	$	98,892	$	16,880
Total assets (1)	3,085,446		1,091,431		393,708		623,640		776,929		199,738
Total deposits	1,964,804		1,015,276		345,590		536,476		54,941		12,521

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


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)
	Nine Months Ended September 30						Third Quarter 2022			Second Quarter 2022			First Quarter 2022			Fourth Quarter 2021			Third Quarter 2021
	2022			2021
Net interest income	$	21,551		$	18,386		$	7,784		$	7,087		$	6,680		$	6,543		$	6,493
Noninterest income:
Card income	3,836			3,818			1,331			1,320			1,185			1,354			1,317
Service charges	2,120			2,617			597			679			844			921			935

All other income	346			272			192			50			104			94			93
Total noninterest income	6,302			6,707			2,120			2,049			2,133			2,369			2,345
Total revenue, net of interest expense	27,853			25,093			9,904			9,136			8,813			8,912			8,838

Provision for credit losses	1,036			(1,067)			738			350			(52)			32			247

Noninterest expense	14,977			14,548			5,097			4,959			4,921			4,742			4,558
Income before income taxes	11,840			11,612			4,069			3,827			3,944			4,138			4,033
Income tax expense	2,901			2,845			997			938			966			1,014			988
Net income	$	8,939		$	8,767		$	3,072		$	2,889		$	2,978		$	3,124		$	3,045

Net interest yield	2.61		%	2.45		%	2.79		%	2.55		%	2.48		%	2.44		%	2.49		%
Return on average allocated capital (1)	30			30			30			29			30			32			31
Efficiency ratio	53.77			57.97			51.47			54.28			55.84			53.22			51.56

Balance Sheet
Average
Total loans and leases	$	289,672		$	284,644		$	295,231		$	289,595		$	284,068		$	282,332		$	281,380
Total earning assets (2)	1,104,653			1,001,590			1,106,513			1,114,552			1,092,742			1,061,742			1,034,471
Total assets (2)	1,144,587			1,043,787			1,145,846			1,154,773			1,133,001			1,102,444			1,076,236
Total deposits	1,067,785			968,272			1,069,093			1,078,020			1,056,100			1,026,810			1,000,765
Allocated capital (1)	40,000			38,500			40,000			40,000			40,000			38,500			38,500

Period end
Total loans and leases	$	297,825		$	280,803		$	297,825		$	294,570		$	286,322		$	286,511		$	280,803
Total earning assets (2)	1,110,524			1,050,331			1,110,524			1,114,524			1,125,963			1,090,331			1,050,331
Total assets (2)	1,149,918			1,091,431			1,149,918			1,154,366			1,166,443			1,131,142			1,091,431
Total deposits	1,072,580			1,015,276			1,072,580			1,077,215			1,088,940			1,054,995			1,015,276

(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)
	Nine Months Ended September 30						Third Quarter 2022			Second Quarter 2022			First Quarter 2022			Fourth Quarter 2021			Third Quarter 2021
	2022			2021
Average deposit balances
Checking	$	599,640		$	542,525		$	599,099		$	606,331		$	593,428		$	577,703		$	561,629
Savings	72,545			69,220			71,933			73,295			72,413			70,719			70,799
MMS	361,011			318,849			365,271			362,798			354,850			342,812			331,924
CDs and IRAs	29,730			33,921			28,731			29,796			30,685			31,584			32,578
Other	4,859			3,757			4,059			5,800			4,724			3,992			3,835
Total average deposit balances	$	1,067,785		$	968,272		$	1,069,093		$	1,078,020		$	1,056,100		$	1,026,810		$	1,000,765

Deposit spreads (excludes noninterest costs)
Checking	1.94		%	1.97		%	1.98		%	1.93		%	1.91		%	1.92		%	1.95		%
Savings	2.19			2.25			2.19			2.19			2.19			2.21			2.23
MMS	1.39			1.29			1.64			1.29			1.23			1.24			1.26
CDs and IRAs	1.09			0.41			1.85			0.98			0.46			0.32			0.34
Other	1.12			0.27			2.04			1.04			0.41			0.22			0.24
Total deposit spreads	1.74			1.70			1.88			1.70			1.65			1.66			1.68

Consumer investment assets	$	302,413		$	353,280		$	302,413		$	315,243		$	357,593		$	368,831		$	353,280

Active digital banking users (in thousands) (1)	43,496			40,911			43,496			42,690			42,269			41,365			40,911
Active mobile banking users (in thousands) (2)	34,922			32,455			34,922			34,167			33,589			32,980			32,455
Financial centers	3,932			4,215			3,932			3,984			4,056			4,173			4,215
ATMs	15,572			16,513			15,572			15,730			15,959			16,209			16,513

Total credit card (3)
Loans
Average credit card outstandings	$	81,505		$	74,383		$	85,009		$	81,024		$	78,409		$	78,358		$	75,569
Ending credit card outstandings	87,296			76,869			87,296			84,010			79,356			81,438			76,869
Credit quality
Net charge-offs	$	948		$	1,443		$	328		$	323		$	297		$	280		$	321
	1.55		%	2.59		%	1.53		%	1.60		%	1.53		%	1.42		%	1.69		%
30+ delinquency	$	1,202		$	934		$	1,202		$	1,008		$	1,003		$	997		$	934
	1.38		%	1.21		%	1.38		%	1.20		%	1.26		%	1.22		%	1.21		%
90+ delinquency	$	547		$	450		$	547		$	493		$	492		$	487		$	450
	0.63		%	0.58		%	0.63		%	0.59		%	0.62		%	0.60		%	0.58		%
Other total credit card indicators (3)
Gross interest yield	10.14		%	10.24		%	10.71		%	9.76		%	9.90		%	9.96		%	10.10		%
Risk-adjusted margin	10.13			9.93			10.07			9.95			10.40			10.85			10.70
New accounts (in thousands)	3,301			2,654			1,256			1,068			977			940			1,049
Purchase volumes	$	263,788		$	223,900		$	91,064		$	91,810		$	80,914		$	87,671		$	80,925

Debit card data
Purchase volumes	$	373,426		$	349,492		$	127,135		$	128,707		$	117,584		$	124,278		$	119,680

Loan production (4)
Consumer Banking:
First mortgage	$	18,695		$	33,194		$	4,028		$	6,551		$	8,116		$	12,782		$	12,510
Home equity	5,875			2,579			1,999			2,151			1,725			1,417			1,262
Total (5):
First mortgage	$	39,548		$	56,731		$	8,724		$	14,471		$	16,353		$	22,961		$	21,232
Home equity	6,995			3,192			2,420			2,535			2,040			1,703			1,523

(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)
	Third Quarter 2022									Second Quarter 2022
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	7,784		$	5,006		$	2,778		$	7,087		$	4,477		$	2,610
Noninterest income:
Card income	1,331			(10)			1,341			1,320			(9)			1,329
Service charges	597			597			—			679			678			1
All other income	192			141			51			50			55			(5)
Total noninterest income	2,120			728			1,392			2,049			724			1,325
Total revenue, net of interest expense	9,904			5,734			4,170			9,136			5,201			3,935

Provision for credit losses	738			173			565			350			142			208

Noninterest expense	5,097			3,141			1,956			4,959			3,055			1,904
Income before income taxes	4,069			2,420			1,649			3,827			2,004			1,823
Income tax expense	997			593			404			938			491			447
Net income	$	3,072		$	1,827		$	1,245		$	2,889		$	1,513		$	1,376

Net interest yield	2.79		%	1.87		%	3.76		%	2.55		%	1.67		%	3.64		%
Return on average allocated capital (1)	30			56			18			29			47			20
Efficiency ratio	51.47			54.78			46.92			54.28			58.74			48.38

Balance Sheet
Average
Total loans and leases	$	295,231		$	4,153		$	291,078		$	289,595		$	4,147		$	285,448
Total earning assets (2)	1,106,513			1,064,585			293,366			1,114,552			1,072,773			287,512
Total assets (2)	1,145,846			1,096,911			300,374			1,154,773			1,106,098			294,407
Total deposits	1,069,093			1,063,075			6,018			1,078,020			1,072,166			5,854
Allocated capital (1)	40,000			13,000			27,000			40,000			13,000			27,000

Period end
Total loans and leases	$	297,825		$	4,134		$	293,691		$	294,570		$	4,123		$	290,447
Total earning assets (2)	1,110,524			1,068,130			295,637			1,114,524			1,072,291			292,657
Total assets (2)	1,149,918			1,100,517			302,644			1,154,366			1,104,991			299,799
Total deposits	1,072,580			1,066,522			6,058			1,077,215			1,071,089			6,126

										Third Quarter 2021
										Total Consumer Banking			Deposits			Consumer Lending
Net interest income										$	6,493		$	3,730		$	2,763
Noninterest income:
Card income										1,317			(7)			1,324
Service charges										935			934			1
All other income										93			58			35
Total noninterest income										2,345			985			1,360
Total revenue, net of interest expense										8,838			4,715			4,123

Provision for credit losses										247			53			194

Noninterest expense										4,558			2,724			1,834
Income before income taxes										4,033			1,938			2,095
Income tax expense										988			475			513
Net income										$	3,045		$	1,463		$	1,582

Net interest yield										2.49		%	1.49		%	3.95		%
Return on average allocated capital (1)										31			48			24
Efficiency ratio										51.56			57.75			44.48

Balance Sheet
Average
Total loans and leases										$	281,380		$	4,387		$	276,993
Total earning assets (2)										1,034,471			991,186			277,491
Total assets (2)										1,076,236			1,026,811			283,631
Total deposits										1,000,765			993,624			7,141
Allocated capital (1)										38,500			12,000			26,500

Period end
Total loans and leases										$	280,803		$	4,345		$	276,458
Total earning assets (2)										1,050,331			1,006,593			277,056
Total assets (2)										1,091,431			1,041,487			283,262
Total deposits										1,015,276			1,008,051			7,225

(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)
	Nine Months Ended September 30
	2022									2021
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	21,551		$	13,535		$	8,016		$	18,386		$	10,489		$	7,897
Noninterest income:
Card income	3,836			(27)			3,863			3,818			(19)			3,837
Service charges	2,120			2,118			2			2,617			2,615			2
All other income	346			264			82			272			151			121
Total noninterest income	6,302			2,355			3,947			6,707			2,747			3,960
Total revenue, net of interest expense	27,853			15,890			11,963			25,093			13,236			11,857

Provision for credit losses	1,036			388			648			(1,067)			174			(1,241)

Noninterest expense	14,977			9,204			5,773			14,548			8,789			5,759
Income before income taxes	11,840			6,298			5,542			11,612			4,273			7,339
Income tax expense	2,901			1,543			1,358			2,845			1,047			1,798
Net income	$	8,939		$	4,755		$	4,184		$	8,767		$	3,226		$	5,541

Net interest yield	2.61		%	1.70		%	3.73		%	2.45		%	1.46		%	3.76		%
Return on average allocated capital (1)	30			49			21			30			36			28
Efficiency ratio	53.77			57.92			48.26			57.97			66.40			48.57

Balance Sheet
Average
Total loans and leases	$	289,672		$	4,171		$	285,501		$	284,644		$	4,479		$	280,165
Total earning assets (2)	1,104,653			1,062,668			287,422			1,001,590			957,561			280,617
Total assets (2)	1,144,587			1,095,830			294,193			1,043,787			994,562			285,813
Total deposits	1,067,785			1,061,876			5,909			968,272			961,266			7,006
Allocated capital (1)	40,000			13,000			27,000			38,500			12,000			26,500

Period end
Total loans and leases	$	297,825		$	4,134		$	293,691		$	280,803		$	4,345		$	276,458
Total earning assets (2)	1,110,524			1,068,130			295,637			1,050,331			1,006,593			277,056
Total assets (2)	1,149,918			1,100,517			302,644			1,091,431			1,041,487			283,262
Total deposits	1,072,580			1,066,522			6,058			1,015,276			1,008,051			7,225

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)
	Nine Months Ended September 30						Third Quarter 2022			Second Quarter 2022			First Quarter 2022			Fourth Quarter 2021			Third Quarter 2021
	2022			2021
Net interest income	$	5,451		$	4,137		$	1,981		$	1,802		$	1,668		$	1,526		$	1,452
Noninterest income:
Investment and brokerage services	10,395			10,610			3,255			3,486			3,654			3,703			3,682
All other income	492			599			193			145			154			173			176
Total noninterest income	10,887			11,209			3,448			3,631			3,808			3,876			3,858
Total revenue, net of interest expense	16,338			15,346			5,429			5,433			5,476			5,402			5,310

Provision for credit losses	29			(185)			37			33			(41)			(56)			(58)

Noninterest expense	11,706			11,425			3,816			3,875			4,015			3,834			3,744
Income before income taxes	4,603			4,106			1,576			1,525			1,502			1,624			1,624
Income tax expense	1,128			1,006			386			374			368			398			398
Net income	$	3,475		$	3,100		$	1,190		$	1,151		$	1,134		$	1,226		$	1,226

Net interest yield	1.84		%	1.51		%	2.12		%	1.82		%	1.62		%	1.53		%	1.54		%
Return on average allocated capital (1)	27			25			27			26			26			30			30

Efficiency ratio	71.65			74.45			70.28			71.34			73.31			70.95			70.51

Balance Sheet
Average
Total loans and leases	$	218,030		$	194,090		$	223,734		$	219,277		$	210,937		$	205,236		$	199,664
Total earning assets (2)	395,023			367,239			370,733			396,611			418,248			395,144			373,691
Total assets (2)	407,819			379,802			383,468			409,472			431,040			408,033			386,346
Total deposits	362,611			333,119			339,487			363,943			384,902			360,912			339,357
Allocated capital (1)	17,500			16,500			17,500			17,500			17,500			16,500			16,500


Period end
Total loans and leases	$	224,858		$	202,268		$	224,858		$	221,705		$	214,273		$	208,971		$	202,268
Total earning assets (2)	357,434			380,857			357,434			380,771			419,903			425,112			380,857
Total assets (2)	370,790			393,708			370,790			393,948			433,122			438,275			393,708
Total deposits	324,859			345,590			324,859			347,991			385,288			390,143			345,590

(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)
	Nine Months Ended September 30				Third Quarter 2022		Second Quarter 2022		First Quarter 2022		Fourth Quarter 2021		Third Quarter 2021
	2022		2021
Revenue by Business
Merrill Wealth Management	$	13,649	$	12,916	$	4,524	$	4,536	$	4,589	$	4,532	$	4,471
Bank of America Private Bank	2,689		2,430		905		897		887		870		839

Total revenue, net of interest expense	$	16,338	$	15,346	$	5,429	$	5,433	$	5,476	$	5,402	$	5,310

Client Balances by Business, at period end
Merrill Wealth Management	$	2,710,985	$	3,108,358	$	2,710,985	$	2,819,998	$	3,116,052	$	3,214,881	$	3,108,358
Bank of America Private Bank	537,771		584,475		537,771		547,116		598,100		625,453		584,475

Total client balances	$	3,248,756	$	3,692,833	$	3,248,756	$	3,367,114	$	3,714,152	$	3,840,334	$	3,692,833

Client Balances by Type, at period end


Assets under management (1)	$	1,329,557	$	1,578,630	$	1,329,557	$	1,411,344	$	1,571,605	$	1,638,782	$	1,578,630
Brokerage and other assets	1,413,946		1,612,472		1,413,946		1,437,562		1,592,802		1,655,021		1,612,472

Deposits	324,859		345,590		324,859		347,991		385,288		390,143		345,590
Loans and leases (2)	228,129		205,055		228,129		224,847		217,461		212,251		205,055
Less: Managed deposits in assets under management	(47,735)		(48,914)		(47,735)		(54,630)		(53,004)		(55,863)		(48,914)
Total client balances	$	3,248,756	$	3,692,833	$	3,248,756	$	3,367,114	$	3,714,152	$	3,840,334	$	3,692,833

Assets Under Management Rollforward
Assets under management, beginning balance	$	1,638,782	$	1,408,465	$	1,411,344	$	1,571,605	$	1,638,782	$	1,578,630	$	1,549,069
Net client flows	20,680		44,698		4,110		1,033		15,537		21,552		14,776

Market valuation/other	(329,905)		125,467		(85,897)		(161,294)		(82,714)		38,600		14,785
Total assets under management, ending balance	$	1,329,557	$	1,578,630	$	1,329,557	$	1,411,344	$	1,571,605	$	1,638,782	$	1,578,630

Advisors, at period end

Total wealth advisors (3)	18,841		18,855		18,841		18,449		18,571		18,846		18,855

(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)
	Nine Months Ended September 30						Third Quarter 2022			Second Quarter 2022			First Quarter 2022			Fourth Quarter 2021			Third Quarter 2021
	2022			2021
Net interest income	$	8,304		$	6,150		$	3,326		$	2,634		$	2,344		$	2,362		$	2,185
Noninterest income:
Service charges	2,590			2,637			771			933			886			887			889
Investment banking fees	2,298			3,642			726			692			880			1,465			1,297
All other income	2,599			2,538			768			747			1,084			1,193			874
Total noninterest income	7,487			8,817			2,265			2,372			2,850			3,545			3,060
Total revenue, net of interest expense	15,791			14,967			5,591			5,006			5,194			5,907			5,245

Provision for credit losses	492			(2,738)			170			157			165			(463)			(781)

Noninterest expense	8,133			7,915			2,651			2,799			2,683			2,717			2,534
Income before income taxes	7,166			9,790			2,770			2,050			2,346			3,653			3,492
Income tax expense	1,899			2,643			734			543			622			986			943
Net income	$	5,267		$	7,147		$	2,036		$	1,507		$	1,724		$	2,667		$	2,549

Net interest yield	2.05		%	1.53		%	2.53		%	1.97		%	1.68		%	1.59		%	1.55		%
Return on average allocated capital (1)	16			22			18			14			16			25			24
Efficiency ratio	51.50			52.88			47.41			55.90			51.65			45.99			48.31

Balance Sheet
Average
Total loans and leases	$	373,547		$	326,632		$	384,305		$	377,248		$	358,807		$	338,627		$	324,736
Total earning assets (2)	541,670			537,037			521,555			537,660			566,277			587,472			560,181
Total assets (2)	605,884			597,947			585,683			601,945			630,517			650,940			621,699
Total deposits	514,612			509,445			495,154			509,261			539,912			562,390			534,166
Allocated capital (1)	44,500			42,500			44,500			44,500			44,500			42,500			42,500

Period end
Total loans and leases	$	377,711		$	328,893		$	377,711		$	385,376		$	367,423		$	352,933		$	328,893
Total earning assets (2)	511,494			561,239			511,494			526,879			558,639			574,583			561,239
Total assets (2)	575,082			623,640			575,082			591,490			623,168			638,131			623,640
Total deposits	484,309			536,476			484,309			499,714			533,820			551,752			536,476

(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)
	Nine Months Ended September 30						Third Quarter 2022			Second Quarter 2022			First Quarter 2022			Fourth Quarter 2021			Third Quarter 2021
	2022			2021
Investment Banking fees (1)
Advisory (2)	$	1,197		$	1,341		$	397		$	361		$	439		$	798		$	608
Debt issuance	915			1,306			273			283			359			430			401
Equity issuance	186			995			56			48			82			237			288
Total Investment Banking fees (3)	$	2,298		$	3,642		$	726		$	692		$	880		$	1,465		$	1,297

Business Lending
Corporate	$	2,908		$	2,528		$	902		$	946		$	1,060		$	1,195		$	885
Commercial	3,128			2,688			1,111			1,024			993			987			923
Business Banking	186			165			66			62			58			59			54
Total Business Lending revenue	$	6,222		$	5,381		$	2,079		$	2,032		$	2,111		$	2,241		$	1,862

Global Transaction Services (4)
Corporate	$	3,456		$	2,324		$	1,369		$	1,138		$	949		$	911		$	850
Commercial	2,981			2,432			1,112			973			896			909			855
Business Banking	835			692			322			270			243			249			240
Total Global Transaction Services revenue	$	7,272		$	5,448		$	2,803		$	2,381		$	2,088		$	2,069		$	1,945

Average deposit balances
Interest-bearing	$	156,950		$	164,420		$	171,203		$	142,366		$	157,126		$	164,522		$	165,669
Noninterest-bearing	357,662			345,025			323,951			366,895			382,786			397,868			368,497
Total average deposits	$	514,612		$	509,445		$	495,154		$	509,261		$	539,912		$	562,390		$	534,166

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

Provision for credit losses	$	492		$	(2,738)		$	170		$	157		$	165		$	(463)		$	(781)

Credit quality (5, 6)
Reservable criticized utilized exposure	$	15,809		$	20,894		$	15,809		$	15,999		$	18,304		$	19,873		$	20,894
	3.95		%	5.99		%	3.95		%	3.92		%	4.72		%	5.34		%	5.99		%

Nonperforming loans, leases and foreclosed properties	$	1,057		$	1,504		$	1,057		$	1,126		$	1,329		$	1,351		$	1,504
	0.28		%	0.46		%	0.28		%	0.29		%	0.37		%	0.39		%	0.46		%

Average loans and leases by product
U.S. commercial	$	223,550		$	189,444		$	233,027		$	225,820		$	211,568		$	196,168		$	187,047
Non-U.S. commercial	83,733			71,037			84,287			86,092			80,783			75,611			71,859
Commercial real estate	51,811			49,564			53,042			50,973			51,400			51,570			49,868
Commercial lease financing	14,451			16,585			13,948			14,362			15,055			15,261			15,961
Other	2			2			1			1			1			17			1
Total average loans and leases	$	373,547		$	326,632		$	384,305		$	377,248		$	358,807		$	338,627		$	324,736

Total Corporation Investment Banking fees
Advisory (2)	$	1,297		$	1,461		$	432		$	392		$	473		$	850		$	654
Debt issuance	2,109			3,031			616			662			831			984			933
Equity issuance	520			2,239			156			139			225			545			637
Total investment banking fees including self-led deals	3,926			6,731			1,204			1,193			1,529			2,379			2,224
Self-led deals	(174)			(195)			(37)			(65)			(72)			(28)			(56)
Total Investment Banking fees	$	3,752		$	6,536		$	1,167		$	1,128		$	1,457		$	2,351		$	2,168

(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)
	Nine Months Ended September 30						Third Quarter 2022			Second Quarter 2022			First Quarter 2022			Fourth Quarter 2021			Third Quarter 2021
	2022			2021
Net interest income	$	2,717		$	2,980		$	743		$	981		$	993		$	1,031		$	1,000
Noninterest income:
Investment and brokerage services	1,520			1,504			457			518			545			474			471
Investment banking fees	1,473			2,784			430			461			582			832			844
Market making and similar activities	8,721			7,448			2,874			2,657			3,190			1,312			2,014
All other income	(154)			721			(21)			(115)			(18)			169			190
Total noninterest income	11,560			12,457			3,740			3,521			4,299			2,787			3,519
Total revenue, net of interest expense (2)	14,277			15,437			4,483			4,502			5,292			3,818			4,519

Provision for credit losses	24			33			11			8			5			32			16

Noninterest expense	9,249			10,150			3,023			3,109			3,117			2,882			3,252
Income before income taxes	5,004			5,254			1,449			1,385			2,170			904			1,251
Income tax expense	1,326			1,366			384			367			575			235			325
Net income	$	3,678		$	3,888		$	1,065		$	1,018		$	1,595		$	669		$	926

Return on average allocated capital (3)	12		%	14		%	10		%	10		%	15		%	7		%	10		%

Efficiency ratio	64.78			65.75			67.42			69.07			58.90			75.49			71.94

Balance Sheet
Average
Total trading-related assets	$	598,213		$	544,343		$	592,391		$	606,135		$	596,154		$	564,282		$	563,715
Total loans and leases	114,505			87,535			120,435			114,375			108,576			102,627			97,148
Total earning assets	600,477			528,113			591,883			598,832			610,926			580,794			557,333
Total assets	857,747			775,552			847,899			866,742			858,719			816,994			804,938
Total deposits	41,448			54,699			38,820			41,192			44,393			43,331			54,650
Allocated capital (3)	42,500			38,000			42,500			42,500			42,500			38,000			38,000


Period end
Total trading-related assets	$	593,368		$	536,125		$	593,368		$	577,309		$	616,811		$	491,160		$	536,125
Total loans and leases	121,721			98,892			121,721			118,290			110,037			114,846			98,892
Total earning assets	595,988			526,585			595,988			571,921			609,290			561,135			526,585
Total assets	849,542			776,929			849,542			835,129			883,304			747,794			776,929
Total deposits	37,318			54,941			37,318			40,055			43,371			46,374			54,941

Trading-related assets (average)
Trading account securities	$	301,690		$	291,500		$	308,514		$	295,190		$	301,285		$	291,518		$	304,133
Reverse repurchases	127,527			111,330			112,828			131,456			138,581			121,878			117,486
Securities borrowed	115,898			97,205			114,032			119,200			114,468			109,455			101,086
Derivative assets	53,098			44,308			57,017			60,289			41,820			41,431			41,010
Total trading-related assets	$	598,213		$	544,343		$	592,391		$	606,135		$	596,154		$	564,282		$	563,715

(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 nine months ended September 30, 2021 and the third quarter 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)
	Nine Months Ended September 30				Third Quarter 2022		Second Quarter 2022		First Quarter 2022		Fourth Quarter 2021		Third Quarter 2021
	2022		2021
Sales and trading revenue (1)
Fixed-income, currencies and commodities	$	7,760	$	7,188	$	2,552	$	2,500	$	2,708	$	1,573	$	2,009
Equities	5,204		5,065		1,540		1,653		2,011		1,363		1,605
Total sales and trading revenue	$	12,964	$	12,253	$	4,092	$	4,153	$	4,719	$	2,936	$	3,614

Sales and trading revenue, excluding net debit valuation adjustment (2,3)
Fixed-income, currencies and commodities	$	7,555	$	7,241	$	2,567	$	2,340	$	2,648	$	1,569	$	2,025
Equities	5,196		5,068		1,539		1,655		2,002		1,365		1,609
Total sales and trading revenue, excluding net debit valuation adjustment	$	12,751	$	12,309	$	4,106	$	3,995	$	4,650	$	2,934	$	3,634

Sales and trading revenue breakdown
Net interest income	$	2,348	$	2,733	$	586	$	851	$	911	$	954	$	920
Commissions	1,479		1,469		444		504		531		464		459
Trading	8,719		7,447		2,873		2,656		3,190		1,311		2,014
Other	418		604		189		142		87		207		221
Total sales and trading revenue	$	12,964	$	12,253	$	4,092	$	4,153	$	4,719	$	2,936	$	3,614

(1) Includes Global Banking sales and trading revenue of $785 million and $412 million for the nine months ended September 30, 2022 and 2021, and $287 million, $319 million and $179 million for the third, second and first quarters of 2022, and $98 million and $138 million for the fourth and third 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 $213 million and $(56) million for the nine months ended September 30, 2022 and 2021, and $(14) million, $158 million, $69 million, $2 million and $(20) million for the third, second and first quarters of 2022 and the fourth and third quarters of 2021, respectively. FICC net DVA gains (losses) were $205 million and $(53) million for the nine months ended September 30, 2022 and 2021, and $(15) million, $160 million, $60 million, $4 million and $(16) million for the third, second and first quarters of 2022 and the fourth and third quarters of 2021, respectively. Equities net DVA gains (losses) were $8 million and $(3) million for the nine months ended September 30, 2022 and 2021, and $1 million, $(2) million, $9 million, $(2) million and $(4) million for the third, second and first quarters of 2022 and the fourth and third 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)
	Nine Months Ended September 30				Third Quarter 2022		Second Quarter 2022		First Quarter 2022		Fourth Quarter 2021		Third Quarter 2021
	2022		2021
Net interest income	$	73	$	193	$	37	$	43	$	(7)	$	53	$	65





Noninterest income (loss)	(3,599)		(3,661)		(836)		(1,329)		(1,434)		(1,927)		(1,110)
Total revenue, net of interest expense	(3,526)		(3,468)		(799)		(1,286)		(1,441)		(1,874)		(1,045)

Provision for credit losses	(130)		(148)		(58)		(25)		(47)		(34)		(48)



Noninterest expense	1,830		962		716		531		583		556		352
Loss before income taxes	(5,226)		(4,282)		(1,457)		(1,792)		(1,977)		(2,396)		(1,349)
Income tax expense (benefit)	(4,263)		(6,345)		(1,176)		(1,474)		(1,613)		(1,723)		(1,294)
Net income (loss)	$	(963)	$	2,063	$	(281)	$	(318)	$	(364)	$	(673)	$	(55)

Balance Sheet
Average
Total loans and leases	$	13,457	$	19,190	$	10,629	$	14,391	$	15,405	$	16,240	$	17,581
Total assets (3)	140,620		193,896		142,650		124,923		154,425		185,707		187,233
Total deposits	20,128		14,062		20,221		19,663		20,504		23,780		13,767

Period end
Total loans and leases	$	10,351	$	16,880	$	10,351	$	10,825	$	15,090	$	15,863	$	16,880

Total assets (4)	128,051		199,738		128,051		136,673		132,186		214,153		199,738
Total deposits	19,031		12,521		19,031		19,374		20,990		21,182		12,521

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

(3)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $1.1 trillion for both the nine months ended September 30, 2022 and 2021, $1.1 trillion, $1.1 trillion and $1.2 trillion for the third, second and first quarters of 2022, and $1.2 trillion and $1.1 trillion for the fourth and third 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, $1.1 trillion, $1.2 trillion, $1.2 trillion and $1.2 trillion at September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 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)
	September 30 2022		June 30 2022		September 30 2021
Consumer
Residential mortgage	$	229,062	$	227,970	$	216,940
Home equity	26,845		27,120		29,000
Credit card	87,296		84,010		76,869
Direct/Indirect consumer (1)	107,159		108,826		99,845
Other consumer (2)	171		195		202
Total consumer loans excluding loans accounted for under the fair value option	450,533		448,121		422,856
Consumer loans accounted for under the fair value option (3)	355		377		616
Total consumer	450,888		448,498		423,472

Commercial
U.S. commercial	355,370		355,731		295,927
Non-U.S. commercial	123,035		125,796		102,850
Commercial real estate (4)	67,952		64,253		60,723
Commercial lease financing	12,956		13,612		15,044
	559,313		559,392		474,544
U.S. small business commercial (5)	17,769		17,757		22,770
Total commercial loans excluding loans accounted for under the fair value option	577,082		577,149		497,314
Commercial loans accounted for under the fair value option (3)	4,496		5,119		6,950
Total commercial	581,578		582,268		504,264

Total loans and leases	$	1,032,466	$	1,030,766	$	927,736

(1)Includes primarily auto and specialty lending loans and leases of $50.7 billion, $50.8 billion and $47.2 billion, U.S. securities-based lending loans of $52.6 billion, $54.0 billion and $48.7 billion and non-U.S. consumer loans of $2.9 billion, $3.0 billion and $3.0 billion at September 30, 2022, June 30, 2022 and September 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 $74 million, $79 million and $241 million and home equity loans of $281 million, $298 million and $375 million at September 30, 2022, June 30, 2022 and September 30, 2021, respectively. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.4 billion, $2.9 billion and $4.5 billion and non-U.S. commercial loans of $2.1 billion, $2.2 billion and $2.4 billion at September 30, 2022, June 30, 2022 and September 30, 2021, respectively.

(4)Includes U.S. commercial real estate loans of $63.9 billion, $60.1 billion and $56.6 billion and non-U.S. commercial real estate loans of $4.0 billion, $4.1 billion and $4.1 billion at September 30, 2022, June 30, 2022 and September 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)
	Third Quarter 2022
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	228,474	$	118,173	$	102,204	$	1	$	—	$	8,096
Home equity	27,282		21,939		2,480		—		216		2,647
Credit card	85,009		82,081		2,929		—		—		(1)
Direct/Indirect and other consumer	108,300		51,130		57,167		—		—		3
Total consumer	449,065		273,323		164,780		1		216		10,745

Commercial
U.S. commercial	377,183		21,897		52,090		233,027		69,962		207
Non-U.S. commercial	127,793		—		1,278		84,287		42,190		38
Commercial real estate	66,707		11		5,586		53,042		8,067		1
Commercial lease financing	13,586		—		—		13,948		—		(362)
Total commercial	585,269		21,908		58,954		384,304		120,219		(116)
Total loans and leases	$	1,034,334	$	295,231	$	223,734	$	384,305	$	120,435	$	10,629

	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

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

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


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
	September 30 2022		June 30 2022		September 30 2021		September 30 2022		June 30 2022		September 30 2021
Asset managers & funds	$	118,183	$	112,812	$	84,420	$	172,468	$	167,163	$	132,205
Real estate (5)	70,535		68,897		67,925		98,590		97,617		94,462
Capital goods	47,669		46,923		40,501		89,447		89,785		87,011
Finance companies	50,749		49,740		49,979		74,003		76,051		78,110
Healthcare equipment and services	32,693		32,768		30,442		57,834		57,901		59,632
Materials	26,552		27,295		24,629		55,599		59,699		53,967
Retailing	26,850		27,398		22,882		52,916		52,645		47,037
Government & public education	36,635		37,141		37,468		48,991		50,189		49,730
Food, beverage and tobacco	23,258		23,654		21,813		48,317		48,337		44,508
Consumer services	26,250		27,703		27,856		46,186		48,453		48,559
Individuals and trusts	34,976		30,501		28,379		44,640		45,733		38,119
Commercial services and supplies	23,010		22,852		19,192		43,769		43,520		38,222
Utilities	19,280		19,781		14,475		39,560		39,448		32,975
Energy	16,934		17,726		14,850		37,829		39,613		33,378
Transportation	21,671		21,583		21,862		34,033		35,569		32,753
Global commercial banks	30,639		29,674		19,017		32,912		30,667		21,168
Technology hardware and equipment	10,993		11,411		9,866		28,135		29,697		25,520
Media	12,282		12,661		12,450		27,331		27,270		26,521
Software and services	13,908		13,472		9,553		26,678		30,761		24,549
Consumer durables and apparel	10,251		11,275		9,028		21,167		22,841		20,243
Insurance	12,427		10,238		4,977		20,901		19,496		13,381
Vehicle dealers	11,788		11,849		9,282		19,698		20,027		15,247
Pharmaceuticals and biotechnology	7,722		7,088		4,534		18,779		19,072		17,672
Telecommunication services	8,530		7,495		8,435		16,608		15,986		19,072
Automobiles and components	7,529		8,395		9,104		15,685		17,256		16,967
Financial markets infrastructure (clearinghouses)	7,894		9,274		3,680		12,704		14,252		5,905
Food and staples retailing	7,046		7,745		5,322		11,728		12,441		11,424
Religious and social organizations	2,736		2,883		3,446		4,990		5,130		5,383

Total commercial credit exposure by industry	$	718,990	$	710,234	$	615,367	$	1,201,498	$	1,216,619	$	1,093,720

(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 $40.7 billion, $35.8 billion and $31.2 billion at September 30, 2022, June 30, 2022 and September 30, 2021, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $59.3 billion, $51.9 billion and $40.3 billion, which consists primarily of other marketable securities, at September 30, 2022, June 30, 2022 and September 30, 2021, respectively.

(2)Total utilized and total committed exposure includes loans of $4.5 billion, $5.1 billion and $6.9 billion and issued letters of credit with a notional amount of $37 million, $37 million and $86 million accounted for under the fair value option at September 30, 2022, June 30, 2022 and September 30, 2021, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $3.5 billion, $3.6 billion and $4.9 billion at September 30, 2022, June 30, 2022 and September 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 $1.5 billion, $2.1 billion and $8.4 billion of PPP loan exposure across impacted industries at September 30, 2022, June 30, 2022 and September 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)
	September 30 2022			June 30 2022			March 31 2022			December 31 2021			September 30 2021
Residential mortgage	$	2,187		$	2,245		$	2,422		$	2,284		$	2,296
Home equity	532			563			615			630			676

Direct/Indirect consumer	41			58			67			75			45

Total consumer	2,760			2,866			3,104			2,989			3,017
U.S. commercial	640			742			818			825			909
Non-U.S. commercial	274			279			268			268			272
Commercial real estate	282			218			361			382			414
Commercial lease financing	11			44			54			80			70
	1,207			1,283			1,501			1,555			1,665
U.S. small business commercial	16			15			20			23			32
Total commercial	1,223			1,298			1,521			1,578			1,697
Total nonperforming loans and leases	3,983			4,164			4,625			4,567			4,714
Foreclosed properties (1)	173			162			153			130			117
Total nonperforming loans, leases and foreclosed properties (2, 3)	$	4,156		$	4,326		$	4,778		$	4,697		$	4,831

Fully-insured home loans past due 30 days or more and still accruing	$	672		$	734		$	817		$	887		$	930
Consumer credit card past due 30 days or more and still accruing	1,202			1,008			1,003			997			934
Other loans past due 30 days or more and still accruing	3,281			3,494			3,736			3,398			2,583
Total loans past due 30 days or more and still accruing (4, 5)	$	5,155		$	5,236		$	5,556		$	5,282		$	4,447

Fully-insured home loans past due 90 days or more and still accruing	$	427		$	492		$	574		$	634		$	648
Consumer credit card past due 90 days or more and still accruing	547			493			492			487			450
Other loans past due 90 days or more and still accruing	647			720			607			336			232
Total loans past due 90 days or more and still accruing (4, 5)	$	1,621		$	1,705		$	1,673		$	1,457		$	1,330

Nonperforming loans, leases and foreclosed properties/Total assets (6)	0.14		%	0.14		%	0.15		%	0.15		%	0.16		%
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties (6)	0.40			0.42			0.48			0.48			0.52
Nonperforming loans and leases/Total loans and leases (6)	0.39			0.41			0.47			0.47			0.51

Commercial reservable criticized utilized exposure (7)	$	17,659		$	18,114		$	20,682		$	22,381		$	24,142
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure (7)	2.88		%	2.95		%	3.54		%	3.91		%	4.53		%
Total commercial criticized utilized exposure/Commercial utilized exposure (7)	2.82			2.99			3.47			3.91			4.55

(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 $75 million, $71 million, $61 million, $52 million and $55 million at September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 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 $222 million, $270 million, $336 million, $264 million and $279 million and nonperforming loans accounted for under the fair value option of $8 million, $11 million, $19 million, $21 million and $13 million at September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, respectively.

(4)Balances do not include loans held-for-sale past due 30 days or more and still accruing of $81 million, $179 million, $654 million, $523 million and $222 million at September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, respectively, and loans held-for-sale past due 90 days or more and still accruing of $33 million, $22 million, $50 million, $41 million and $9 million at September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, respectively. At September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, there were $4 million, $34 million, $8 million, $12 million and $9 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 $4.9 billion, $5.5 billion, $7.1 billion, $7.8 billion and $7.6 billion at September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 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)
	Third Quarter 2022		Second Quarter 2022		First Quarter 2022		Fourth Quarter 2021		Third Quarter 2021
Nonperforming Consumer Loans and Leases:
Balance, beginning of period	$	2,866	$	3,104	$	2,989	$	3,017	$	3,044

Additions	236		365		644		371		353


Reductions:
Paydowns and payoffs	(124)		(147)		(175)		(179)		(163)
Sales	(1)		(269)		(131)		(1)		(1)
Returns to performing status (2)	(193)		(157)		(202)		(198)		(201)
Charge-offs (3)	(12)		(23)		(15)		(15)		(12)
Transfers to foreclosed properties	(12)		(7)		(6)		(6)		(3)

Total net additions (reductions) to nonperforming loans and leases	(106)		(238)		115		(28)		(27)
Total nonperforming consumer loans and leases, end of period	2,760		2,866		3,104		2,989		3,017
Foreclosed properties	125		115		118		101		87
Nonperforming consumer loans, leases and foreclosed properties, end of period	$	2,885	$	2,981	$	3,222	$	3,090	$	3,104

Nonperforming Commercial Loans and Leases (4):
Balance, beginning of period	$	1,298	$	1,521	$	1,578	$	1,697	$	1,863

Additions	307		321		183		372		275
Reductions:
Paydowns	(180)		(342)		(159)		(290)		(297)
Sales	(12)		(16)		(25)		(71)		(29)
Returns to performing status (5)	(148)		(146)		(5)		(95)		(82)
Charge-offs	(42)		(40)		(12)		(35)		(33)

Transfers to loans held-for-sale	—		—		(39)		—		—
Total net reductions to nonperforming loans and leases	(75)		(223)		(57)		(119)		(166)
Total nonperforming commercial loans and leases, end of period	1,223		1,298		1,521		1,578		1,697
Foreclosed properties	48		47		35		29		30
Nonperforming commercial loans, leases and foreclosed properties, end of period	$	1,271	$	1,345	$	1,556	$	1,607	$	1,727

(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)
	Third Quarter 2022				Second Quarter 2022				First Quarter 2022				Fourth Quarter 2021				Third Quarter 2021
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage (2)	$	(3)	(0.01)	%	$	86	0.15	%	$	(10)	(0.02)	%	$	(11)	(0.02)	%	$	(7)	(0.01)	%
Home equity (3)	(18)		(0.25)		(24)		(0.37)		(30)		(0.44)		(26)		(0.37)		(34)		(0.46)
Credit card	328		1.53		323		1.60		297		1.53		280		1.42		321		1.69

Direct/Indirect consumer	9		0.03		4		0.02		4		0.02		(3)		(0.01)		(18)		(0.07)
Other consumer	143		n/m		136		n/m		79		n/m		72		n/m		67		n/m
Total consumer	459		0.41		525		0.47		340		0.32		312		0.29		329		0.31
U.S. commercial	23		0.03		15		0.02		(14)		(0.02)		(19)		(0.02)		15		0.02
Non-U.S. commercial	(6)		(0.02)		(5)		(0.01)		1		—		(6)		(0.02)		1		—
Total commercial and industrial	17		0.01		10		0.01		(13)		(0.01)		(25)		(0.02)		16		0.02
Commercial real estate	13		0.08		(4)		(0.03)		23		0.15		6		0.04		—		—
Commercial lease financing	(1)		(0.05)		4		0.13		—		—		—		—		(1)		—
	29		0.02		10		0.01		10		0.01		(19)		(0.02)		15		0.01
U.S. small business commercial	32		0.72		36		0.79		42		0.94		69		1.32		119		1.76
Total commercial	61		0.04		46		0.03		52		0.04		50		0.04		134		0.11
Total net charge-offs	$	520	0.20		$	571	0.23		$	392	0.16		$	362	0.15		$	463	0.20

By Business Segment and All Other
Consumer Banking	$	512	0.69	%	$	502	0.70	%	$	416	0.59	%	$	411	0.58	%	$	489	0.69	%
Global Wealth & Investment Management	5		0.01		9		0.02		1		—		5		0.01		7		0.01
Global Banking	26		0.03		14		0.01		(12)		(0.01)		(28)		(0.03)		8		0.01
Global Markets	(1)		—		(4)		(0.01)		21		0.08		10		0.04		—		—
All Other	(22)		(0.80)		50		1.40		(34)		(0.91)		(36)		(0.91)		(41)		(0.92)
Total net charge-offs	$	520	0.20		$	571	0.23		$	392	0.16		$	362	0.15		$	463	0.20

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

(2)Includes loan sale net charge-offs (recoveries) of $0, $90 million and $(6) million for the third, second and first quarters of 2022, respectively.

(3)Includes loan sale net charge-offs (recoveries) of $0, $(6) million and $(2) million for the third, 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)
	Nine Months Ended September 30
	2022				2021
	Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage (2)	$	73	0.04	%	$	(17)	(0.01)	%
Home equity (3)	(72)		(0.35)		(93)		(0.40)
Credit card	948		1.55		1,443		2.59

Direct/Indirect consumer	17		0.02		4		0.01
Other consumer	358		n/m		198		n/m
Total consumer	1,324		0.40		1,535		0.49
U.S. commercial	24		0.01		(4)		—
Non-U.S. commercial	(10)		(0.01)		41		0.06
Total commercial and industrial	14		—		37		0.01
Commercial real estate	32		0.07		28		0.06
Commercial lease financing	3		0.03		(1)		—
	49		0.01		64		0.02
U.S. small business commercial	110		0.82		282		1.16
Total commercial	159		0.04		346		0.09
Total net charge-offs	$	1,483	0.20		$	1,881	0.28

By Business Segment and All Other
Consumer Banking	$	1,430	0.66	%	$	1,924	0.90	%
Global Wealth & Investment Management	15		0.01		20		0.01
Global Banking	28		0.01		47		0.02
Global Markets	16		0.02		3		—
All Other	(6)		(0.06)		(113)		(0.80)
Total net charge-offs	$	1,483	0.20		$	1,881	0.28

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

(3)Includes loan sale net charge-offs (recoveries) of $(8) million for the nine months ended September 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)
	September 30, 2022		June 30, 2022			September 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	$	282	0.12%	$	280		0.12%	$	353	0.16%
Home equity	102		0.38	116			0.43	202		0.70
Credit card	5,879		6.74	5,684			6.77	6,055		7.88

Direct/Indirect consumer	525		0.49	475			0.44	541		0.54
Other consumer	92		n/m	57			n/m	43		n/m
Total consumer	6,880		1.53	6,612			1.48	7,194		1.70
U.S. commercial (3)	3,018		0.81	3,012			0.81	3,235		1.02
Non-U.S. commercial	1,191		0.97	1,168			0.93	1,032		1.00
Commercial real estate	1,161		1.71	1,128			1.76	1,621		2.67
Commercial lease financing	52		0.40	53			0.39	73		0.48
Total commercial	5,422		0.94	5,361			0.93	5,961		1.20
Allowance for loan and lease losses	12,302		1.20	11,973			1.17	13,155		1.43


Reserve for unfunded lending commitments	1,515			1,461				1,538
Allowance for credit losses	$	13,817		$	13,434			$	14,693

Asset Quality Indicators

Allowance for loan and lease losses/Total loans and leases (2)			1.20%				1.17%			1.43%

Allowance for loan and lease losses/Total nonperforming loans and leases (4)			309				288			279

Ratio of the allowance for loan and lease losses/Annualized net charge-offs			5.96				5.22			7.16

(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 $74 million, $79 million and $241 million, and home equity loans of $281 million, $298 million and $375 million at September 30, 2022, June 30, 2022 and September 30, 2021, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $2.4 billion, $2.9 billion and $4.5 billion and non-U.S. commercial loans of $2.1 billion, $2.2 billion and $2.4 billion at September 30, 2022, June 30, 2022 and September 30, 2021, respectively.

(2)Total loans and leases do not include loans accounted for under the fair value option of $4.9 billion, $5.5 billion and $7.6 billion at September 30, 2022, June 30, 2022 and September 30, 2021, respectively.

(3)Includes allowance for loan and lease losses for U.S. small business commercial loans of $864 million, $921 million and $1.4 billion at September 30, 2022, June 30, 2022 and September 30, 2021, respectively.

(4)Allowance for loan and lease losses includes $6.7 billion, $6.6 billion and $7.4 billion allocated to products (primarily the Consumer Lending portfolios within Consumer Banking) that are excluded from nonperforming loans and leases at September 30, 2022, June 30, 2022 and September 30, 2021, respectively. Excluding these amounts, allowance for loan and lease losses as a percentage of total nonperforming loans and leases was 140 percent, 129 percent and 123 percent at September 30, 2022, June 30, 2022 and September 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 nine months ended September 30, 2022 and 2021, and the three months ended September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 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.


	Nine Months Ended September 30				Third Quarter 2022		Second Quarter 2022		First Quarter 2022		Fourth Quarter 2021		Third Quarter 2021
	2022		2021





























Reconciliation of income before income taxes to pretax, pre-provision income
Income before income taxes	$	23,072	$	26,158	$	8,301	$	6,892	$	7,879	$	7,818	$	8,950
Provision for credit losses	1,451		(4,105)		898		523		30		(489)		(624)
Pretax, pre-provision income	$	24,523	$	22,053	$	9,199	$	7,415	$	7,909	$	7,329	$	8,326

Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity	$	269,514	$	274,726	$	271,017	$	268,197	$	269,309	$	270,883	$	275,484
Goodwill	(69,022)		(68,999)		(69,022)		(69,022)		(69,022)		(69,022)		(69,023)
Intangible assets (excluding mortgage servicing rights)	(2,127)		(2,181)		(2,107)		(2,127)		(2,146)		(2,166)		(2,185)
Related deferred tax liabilities	925		916		920		926		929		913		915
Tangible shareholders’ equity	$	199,290	$	204,462	$	200,808	$	197,974	$	199,070	$	200,608	$	205,191
Preferred stock	(28,094)		(23,837)		(29,134)		(28,674)		(26,444)		(24,364)		(23,441)
Tangible common shareholders’ equity	$	171,196	$	180,625	$	171,674	$	169,300	$	172,626	$	176,244	$	181,750








Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity	$	269,524	$	272,464	$	269,524	$	269,118	$	266,617	$	270,066	$	272,464
Goodwill	(69,022)		(69,023)		(69,022)		(69,022)		(69,022)		(69,022)		(69,023)
Intangible assets (excluding mortgage servicing rights)	(2,094)		(2,172)		(2,094)		(2,114)		(2,133)		(2,153)		(2,172)
Related deferred tax liabilities	915		913		915		920		926		929		913
Tangible shareholders’ equity	$	199,323	$	202,182	$	199,323	$	198,902	$	196,388	$	199,820	$	202,182
Preferred stock	(29,134)		(23,441)		(29,134)		(29,134)		(27,137)		(24,708)		(23,441)
Tangible common shareholders’ equity	$	170,189	$	178,741	$	170,189	$	169,768	$	169,251	$	175,112	$	178,741

Reconciliation of period-end assets to period-end tangible assets
Assets	$	3,073,383	$	3,085,446	$	3,073,383	$	3,111,606	$	3,238,223	$	3,169,495	$	3,085,446
Goodwill	(69,022)		(69,023)		(69,022)		(69,022)		(69,022)		(69,022)		(69,023)
Intangible assets (excluding mortgage servicing rights)	(2,094)		(2,172)		(2,094)		(2,114)		(2,133)		(2,153)		(2,172)
Related deferred tax liabilities	915		913		915		920		926		929		913
Tangible assets	$	3,003,182	$	3,015,164	$	3,003,182	$	3,041,390	$	3,167,994	$	3,099,249	$	3,015,164

Book value per share of common stock
Common shareholders’ equity	$	240,390	$	249,023	$	240,390	$	239,984	$	239,480	$	245,358	$	249,023
Ending common shares issued and outstanding	8,024.5		8,241.2		8,024.5		8,035.2		8,062.1		8,077.8		8,241.2
Book value per share of common stock	$	29.96	$	30.22	$	29.96	$	29.87	$	29.70	$	30.37	$	30.22

Tangible book value per share of common stock
Tangible common shareholders’ equity	$	170,189	$	178,741	$	170,189	$	169,768	$	169,251	$	175,112	$	178,741
Ending common shares issued and outstanding	8,024.5		8,241.2		8,024.5		8,035.2		8,062.1		8,077.8		8,241.2
Tangible book value per share of common stock	$	21.21	$	21.69	$	21.21	$	21.13	$	20.99	$	21.68	$	21.69


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