Document

EX-99.3 4 bac-03312023ex993.htm EX-99.3 Document

Supplemental Information

First Quarter 2023

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

Consumer Banking
Total Segment Results			13
Key Indicators			14
Business Results			15
Global Wealth & Investment Management
Total Segment Results			16
Key Indicators			17
Global Banking
Total Segment Results			18
Key Indicators			19

Global Markets
Total Segment Results			20
Key Indicators			21
All Other
Total Results			22
Outstanding Loans and Leases			23
Quarterly Average Loans and Leases by Business Segment and All Other			24
Commercial Credit Exposure by Industry			25

Nonperforming Loans, Leases and Foreclosed Properties			26
Nonperforming Loans, Leases and Foreclosed Properties Activity			27
Quarterly Net Charge-offs and Net Charge-off Ratios			28

Allocation of the Allowance for Credit Losses by Product Type			29

Exhibit A: Non-GAAP Reconciliations			30







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 - 12 are reported on an FTE basis.


Bank of America Corporation and Subsidiaries
Consolidated Financial Highlights
(In millions, except per share information)
	First Quarter 2023	Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022			First Quarter 2022

Income statement
Net interest income		$	14,448		$	14,681		$	13,765		$	12,444		$	11,572
Noninterest income		11,810			9,851			10,737			10,244			11,656
Total revenue, net of interest expense		26,258			24,532			24,502			22,688			23,228
Provision for credit losses		931			1,092			898			523			30
Noninterest expense		16,238			15,543			15,303			15,273			15,319
Income before income taxes		9,089			7,897			8,301			6,892			7,879
Pretax, pre-provision income (1)		10,020			8,989			9,199			7,415			7,909
Income tax expense		928			765			1,219			645			812
Net income		8,161			7,132			7,082			6,247			7,067
Preferred stock dividends and other		505			228			503			315			467
Net income applicable to common shareholders		7,656			6,904			6,579			5,932			6,600
Diluted earnings per common share		0.94			0.85			0.81			0.73			0.80
Average diluted common shares issued and outstanding		8,182.3			8,155.7			8,160.8			8,163.1			8,202.1
Dividends paid per common share		$	0.22		$	0.22		$	0.22		$	0.21		$	0.21

Performance ratios
Return on average assets		1.07		%	0.92		%	0.90		%	0.79		%	0.89		%
Return on average common shareholders’ equity		12.48			11.24			10.79			9.93			11.02
Return on average shareholders’ equity		11.94			10.38			10.37			9.34			10.64
Return on average tangible common shareholders’ equity (2)		17.38			15.79			15.21			14.05			15.51
Return on average tangible shareholders’ equity (2)		15.98			13.98			13.99			12.66			14.40
Efficiency ratio		61.84			63.36			62.45			67.32			65.95


At period end
Book value per share of common stock		$	31.58		$	30.61		$	29.96		$	29.87		$	29.70
Tangible book value per share of common stock (2)		22.78			21.83			21.21			21.13			20.99
Market capitalization		228,012			264,853			242,338			250,136			332,320
Number of financial centers - U.S.		3,892			3,913			3,932			3,984			4,056
Number of branded ATMs - U.S.		15,407			15,528			15,572			15,730			15,959
Headcount		217,059			216,823			213,270			209,824			208,139

(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 30.)

(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 30.)


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


Bank of America Corporation and Subsidiaries
Consolidated Statement of Income
(In millions, except per share information)
	First Quarter 2023	Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022		First Quarter 2022

Net interest income
Interest income		$	28,655	$	25,075	$	19,621	$	14,975	$	12,894
Interest expense		14,207		10,394		5,856		2,531		1,322
Net interest income		14,448		14,681		13,765		12,444		11,572

Noninterest income
Fees and commissions		7,894		7,735		8,001		8,491		8,985
Market making and similar activities		4,712		3,052		3,068		2,717		3,238
Other income (loss)		(796)		(936)		(332)		(964)		(567)
Total noninterest income		11,810		9,851		10,737		10,244		11,656
Total revenue, net of interest expense		26,258		24,532		24,502		22,688		23,228

Provision for credit losses		931		1,092		898		523		30

Noninterest expense
Compensation and benefits		9,918		9,161		8,887		8,917		9,482
Occupancy and equipment		1,799		1,786		1,777		1,748		1,760
Information processing and communications		1,697		1,658		1,546		1,535		1,540
Product delivery and transaction related		890		904		892		924		933

Professional fees		537		649		525		518		450
Marketing		458		460		505		463		397
Other general operating		939		925		1,171		1,168		757
Total noninterest expense		16,238		15,543		15,303		15,273		15,319
Income before income taxes		9,089		7,897		8,301		6,892		7,879
Income tax expense		928		765		1,219		645		812
Net income		$	8,161	$	7,132	$	7,082	$	6,247	$	7,067
Preferred stock dividends and other		505		228		503		315		467

Net income applicable to common shareholders		$	7,656	$	6,904	$	6,579	$	5,932	$	6,600

Per common share information
Earnings		$	0.95	$	0.85	$	0.81	$	0.73	$	0.81
Diluted earnings		0.94		0.85		0.81		0.73		0.80
Average common shares issued and outstanding		8,065.9		8,088.3		8,107.7		8,121.6		8,136.8
Average diluted common shares issued and outstanding		8,182.3		8,155.7		8,160.8		8,163.1		8,202.1


Consolidated Statement of Comprehensive Income
(Dollars in millions)
	First Quarter 2023	Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022		First Quarter 2022

Net income		$	8,161	$	7,132	$	7,082	$	6,247	$	7,067
Other comprehensive income (loss), net-of-tax:
Net change in debt securities		555		353		(1,112)		(1,822)		(3,447)
Net change in debit valuation adjustments		10		(543)		462		575		261
Net change in derivatives		2,042		835		(3,703)		(2,008)		(5,179)
Employee benefit plan adjustments		10		(764)		37		36		24
Net change in foreign currency translation adjustments		12		(10)		(37)		(38)		28
Other comprehensive income (loss)		2,629		(129)		(4,353)		(3,257)		(8,313)
Comprehensive income (loss)		$	10,790	$	7,003	$	2,729	$	2,990	$	(1,246)


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


Bank of America Corporation and Subsidiaries
Net Interest Income and Noninterest Income
(Dollars in millions)
	First Quarter 2023	Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022		First Quarter 2022

Net interest income
Interest income
Loans and leases		$	13,097	$	12,114	$	10,231	$	8,222	$	7,352
Debt securities		5,460		5,016		4,239		4,049		3,823
Federal funds sold and securities borrowed or purchased under agreements to resell		3,712		2,725		1,446		396		(7)
Trading account assets		2,028		1,768		1,449		1,223		1,081
Other interest income		4,358		3,452		2,256		1,085		645
Total interest income		28,655		25,075		19,621		14,975		12,894

Interest expense
Deposits		4,314		2,999		1,235		320		164
Short-term borrowings		6,180		4,273		2,264		553		(112)
Trading account liabilities		504		421		383		370		364
Long-term debt		3,209		2,701		1,974		1,288		906
Total interest expense		14,207		10,394		5,856		2,531		1,322
Net interest income		$	14,448	$	14,681	$	13,765	$	12,444	$	11,572

Noninterest income
Fees and commissions
Card income
Interchange fees (1)		$	956	$	1,029	$	1,060	$	1,072	$	935
Other card income		513		523		513		483		468
Total card income		1,469		1,552		1,573		1,555		1,403
Service charges
Deposit-related fees		1,097		1,081		1,162		1,417		1,530
Lending-related fees		313		308		304		300		303
Total service charges		1,410		1,389		1,466		1,717		1,833
Investment and brokerage services
Asset management fees		2,918		2,844		2,920		3,102		3,286
Brokerage fees		934		879		875		989		1,006
Total investment and brokerage services		3,852		3,723		3,795		4,091		4,292
Investment banking fees
Underwriting income		569		411		452		435		672
Syndication fees		231		174		283		301		312
Financial advisory services		363		486		432		392		473
Total investment banking fees		1,163		1,071		1,167		1,128		1,457
Total fees and commissions		7,894		7,735		8,001		8,491		8,985
Market making and similar activities		4,712		3,052		3,068		2,717		3,238
Other income (loss)		(796)		(936)		(332)		(964)		(567)
Total noninterest income		$	11,810	$	9,851	$	10,737	$	10,244	$	11,656

(1)Gross interchange fees and merchant income were $3.2 billion, $3.3 billion, $3.3 billion, $3.3 billion and $2.9 billion and are presented net of $2.2 billion, $2.3 billion, $2.2 billion, $2.2 billion and $2.0 billion of expenses for rewards and partner payments as well as certain other card costs for the first quarter of 2023 and the fourth, third, second, and first quarters of 2022, 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)
		March 31 2023		December 31 2022		March 31 2022
Assets
Cash and due from banks		$	29,327	$	30,334	$	29,769
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks		346,891		199,869		244,165
Cash and cash equivalents		376,218		230,203		273,934
Time deposits placed and other short-term investments		11,637		7,259		5,645
Federal funds sold and securities borrowed or purchased under agreements to resell		298,078		267,574		302,108
Trading account assets		314,978		296,108		313,400
Derivative assets		40,947		48,642		48,231
Debt securities:
Carried at fair value		172,510		229,994		297,700
Held-to-maturity, at cost		624,495		632,825		672,180
Total debt securities		797,005		862,819		969,880
Loans and leases		1,046,406		1,045,747		993,145
Allowance for loan and lease losses		(12,514)		(12,682)		(12,104)
Loans and leases, net of allowance		1,033,892		1,033,065		981,041
Premises and equipment, net		11,708		11,510		10,820
Goodwill		69,022		69,022		69,022
Loans held-for-sale		6,809		6,871		10,270
Customer and other receivables		79,902		67,543		83,622
Other assets		154,461		150,759		170,250
Total assets		$	3,194,657	$	3,051,375	$	3,238,223

Liabilities
Deposits in U.S. offices:
Noninterest-bearing		$	617,922	$	640,745	$	787,045
Interest-bearing		1,183,106		1,182,590		1,178,451
Deposits in non-U.S. offices:
Noninterest-bearing		17,686		20,480		27,589
Interest-bearing		91,688		86,526		79,324
Total deposits		1,910,402		1,930,341		2,072,409
Federal funds purchased and securities loaned or sold under agreements to repurchase		314,380		195,635		214,685
Trading account liabilities		92,452		80,399		117,122
Derivative liabilities		40,169		44,816		44,266
Short-term borrowings		56,564		26,932		24,789
Accrued expenses and other liabilities		216,621		224,073		219,625
Long-term debt		283,873		275,982		278,710
Total liabilities		2,914,461		2,778,178		2,971,606
Shareholders’ equity
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 4,088,099, 4,088,101 and 4,037,686 shares		28,397		28,397		27,137
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 7,972,438,148, 7,996,777,943 and 8,062,102,236 shares		57,264		58,953		59,968
Retained earnings		213,062		207,003		192,929
Accumulated other comprehensive income (loss)		(18,527)		(21,156)		(13,417)
Total shareholders’ equity		280,196		273,197		266,617
Total liabilities and shareholders’ equity		$	3,194,657	$	3,051,375	$	3,238,223

	Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
	Trading account assets	$	4,276	$	2,816	$	2,160
	Loans and leases	15,754		16,738		15,946
	Allowance for loan and lease losses	(797)		(797)		(880)
	Loans and leases, net of allowance	14,957		15,941		15,066

	All other assets	129		116		417
	Total assets of consolidated variable interest entities	$	19,362	$	18,873	$	17,643

	Liabilities of consolidated variable interest entities included in total liabilities above
	Short-term borrowings	$	1,339	$	42	$	228
	Long-term debt	4,883		4,581		3,557
	All other liabilities	7		13		6
	Total liabilities of consolidated variable interest entities	$	6,229	$	4,636	$	3,791


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


Bank of America Corporation and Subsidiaries
Capital Management
(Dollars in millions)
	March 31 2023			December 31 2022			March 31 2022
Risk-based capital metrics (1):
Standardized Approach
Common equity tier 1 capital	$	184,432		$	180,060		$	169,874
Tier 1 capital	212,825			208,446			197,007
Total capital	242,604			238,773			229,186
Risk-weighted assets	1,623,377			1,604,870			1,638,958
Common equity tier 1 capital ratio	11.4		%	11.2		%	10.4		%
Tier 1 capital ratio	13.1			13.0			12.0
Total capital ratio	14.9			14.9			14.0

Advanced Approaches
Common equity tier 1 capital	$	184,432		$	180,060		$	169,874
Tier 1 capital	212,825			208,446			197,007
Total capital	233,736			230,916			222,481
Risk-weighted assets	1,428,647			1,411,005			1,415,505
Common equity tier 1 capital ratio	12.9		%	12.8		%	12.0		%
Tier 1 capital ratio	14.9			14.8			13.9
Total capital ratio	16.4			16.4			15.7

Leverage-based metrics (1):
Adjusted average assets	$	3,018,318		$	2,997,118		$	3,129,996
Tier 1 leverage ratio	7.1		%	7.0		%	6.3		%

Supplementary leverage exposure	$	3,554,920		$	3,523,484		$	3,661,948
Supplementary leverage ratio	6.0		%	5.9		%	5.4		%

Total ending equity to total ending assets ratio	8.8			9.0			8.2
Common equity ratio	7.9			8.0			7.4
Tangible equity ratio (2)	6.7			6.8			6.2
Tangible common equity ratio (2)	5.8			5.9			5.3

(1)Regulatory capital ratios at March 31, 2023 are preliminary. We report regulatory capital ratios under both the Standardized and Advanced approaches. Capital adequacy is evaluated against the lower of the Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements. The Corporation's binding ratio was the Common equity tier 1 ratio under the Standardized approach for all periods presented.

(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 30.)


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)
	March 31 2023		December 31 2022		March 31 2022
Total common shareholders' equity	$	251,799	$	244,800	$	239,480
CECL transitional amount (1)	1,254		1,881		1,881
Goodwill, net of related deferred tax liabilities	(68,644)		(68,644)		(68,641)
Deferred tax assets arising from net operating loss and tax credit carryforwards	(7,835)		(7,776)		(7,843)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities	(1,538)		(1,554)		(1,589)
Defined benefit pension plan net assets, net-of-tax	(882)		(867)		(1,248)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net-of-tax	485		496		1,047
Accumulated net (gain) loss on certain cash flow hedges (2)	9,886		11,925		7,049
Other	(93)		(201)		(262)
Common equity tier 1 capital	184,432		180,060		169,874
Qualifying preferred stock, net of issuance cost	28,396		28,396		27,136
Other	(3)		(10)		(3)
Tier 1 capital	212,825		208,446		197,007
Tier 2 capital instruments	17,840		18,751		21,737
Qualifying allowance for credit losses (3)	12,315		11,739		11,000
Other	(376)		(163)		(558)
Total capital under the Standardized approach	242,604		238,773		229,186
Adjustment in qualifying allowance for credit losses under the Advanced approaches (3)	(8,868)		(7,857)		(6,705)
Total capital under the Advanced approaches	$	233,736	$	230,916	$	222,481

(1)March 31, 2022 and December 31, 2022 include 75 percent of the current expected credit losses (CECL) transition provision’s impact as of December 31, 2021. March 31, 2023 includes 50 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)
	First Quarter 2023						Fourth Quarter 2022						First Quarter 2022
	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	$	202,700	$	1,999	4.00	%	$	175,595	$	1,375	3.11	%	$	244,971	$	86	0.14	%
Time deposits placed and other short-term investments	10,581		108		4.16		9,558		74		3.07		9,253		12		0.52
Federal funds sold and securities borrowed or purchased under agreements to resell	287,532		3,712		5.24		289,321		2,725		3.74		299,404		(7)		(0.01)
Trading account assets	183,657		2,040		4.50		169,003		1,784		4.19		151,969		1,096		2.92
Debt securities	851,177		5,485		2.58		869,084		5,043		2.30		975,656		3,838		1.58
Loans and leases (2)
Residential mortgage	229,275		1,684		2.94		229,364		1,663		2.90		223,979		1,525		2.73
Home equity	26,513		317		4.84		26,983		275		4.05		27,784		220		3.21
Credit card	91,775		2,426		10.72		89,575		2,327		10.31		78,409		1,940		10.03

Direct/Indirect and other consumer	105,657		1,186		4.55		106,598		1,119		4.16		104,632		579		2.25

Total consumer	453,220		5,613		5.00		452,520		5,384		4.73		434,804		4,264		3.96
U.S. commercial	376,852		4,471		4.81		378,850		4,172		4.37		346,510		2,127		2.49
Non-U.S. commercial	127,003		1,778		5.68		125,983		1,474		4.64		118,767		504		1.72
Commercial real estate	70,591		1,144		6.57		68,764		994		5.74		63,065		387		2.49
Commercial lease financing	13,686		147		4.33		13,130		139		4.21		14,647		106		2.92
Total commercial	588,132		7,540		5.20		586,727		6,779		4.58		542,989		3,124		2.33
Total loans and leases	1,041,352		13,153		5.11		1,039,247		12,163		4.65		977,793		7,388		3.06
Other earning assets	94,427		2,292		9.82		95,904		2,034		8.42		120,798		587		1.97
Total earning assets	2,671,426		28,789		4.36		2,647,712		25,198		3.78		2,779,844		13,000		1.89
Cash and due from banks	27,784						27,771						28,082
Other assets, less allowance for loan and lease losses	396,848						398,806						399,776
Total assets	$	3,096,058					$	3,074,289					$	3,207,702
Interest-bearing liabilities
U.S. interest-bearing deposits

Demand and money market deposits	$	975,085	$	2,790	1.16	%	$	980,964	$	2,044	0.83	%	$	1,001,184	$	80	0.03	%

Time and savings deposits	196,984		919		1.89		180,684		543		1.19		163,981		40		0.10
Total U.S. interest-bearing deposits	1,172,069		3,709		1.28		1,161,648		2,587		0.88		1,165,165		120		0.04




Non-U.S. interest-bearing deposits	91,603		605		2.68		83,073		412		1.97		81,879		44		0.22
Total interest-bearing deposits	1,263,672		4,314		1.38		1,244,721		2,999		0.96		1,247,044		164		0.05
Federal funds purchased and securities loaned or sold under agreements to repurchase	256,015		3,551		5.63		214,267		2,246		4.16		217,152		79		0.15
Short-term borrowings and other interest-bearing liabilities	156,887		2,629		6.79		150,351		2,027		5.35		126,454		(191)		(0.61)
Trading account liabilities	43,953		504		4.65		40,393		421		4.13		64,240		364		2.30
Long-term debt	244,759		3,209		5.28		243,871		2,701		4.41		246,042		906		1.50
Total interest-bearing liabilities	1,965,286		14,207		2.93		1,893,603		10,394		2.18		1,900,932		1,322		0.28
Noninterest-bearing sources
Noninterest-bearing deposits	629,977						680,823						798,767
Other liabilities (3)	223,543						227,234						238,694
Shareholders’ equity	277,252						272,629						269,309
Total liabilities and shareholders’ equity	$	3,096,058					$	3,074,289					$	3,207,702
Net interest spread					1.43	%					1.60	%					1.61	%
Impact of noninterest-bearing sources					0.77						0.62						0.08
Net interest income/yield on earning assets (4)			$	14,582	2.20	%			$	14,804	2.22	%			$	11,678	1.69	%

(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 $37.3 billion, $31.9 billion and $30.2 billion of structured notes and liabilities for the first quarter of 2023 and the fourth and first quarters of 2022, respectively.

(4)Net interest income includes FTE adjustments of $134 million, $123 million and $106 million for the first quarter of 2023 and the fourth and first quarters of 2022, 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)
	March 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	24,726	$	5	$	(1,479)	$	23,252
Agency-collateralized mortgage obligations	2,235		—		(200)		2,035
Commercial	6,890		31		(481)		6,440
Non-agency residential	459		3		(55)		407
Total mortgage-backed securities	34,310		39		(2,215)		32,134
U.S. Treasury and government agencies	102,943		2		(1,438)		101,507
Non-U.S. securities	13,161		2		(43)		13,120
Other taxable securities	4,830		1		(85)		4,746

Tax-exempt securities	11,105		25		(227)		10,903
Total available-for-sale debt securities	166,349		69		(4,008)		162,410
Other debt securities carried at fair value (1)	10,081		63		(44)		10,100
Total debt securities carried at fair value	176,430		132		(4,052)		172,510
Held-to-maturity debt securities
Agency mortgage-backed securities	494,998		—		(80,664)		414,334
U.S. Treasury and government agencies	121,609		—		(17,511)		104,098
Other taxable securities	7,921		—		(901)		7,020
Total held-to-maturity debt securities	624,528		—		(99,076)		525,452
Total debt securities	$	800,958	$	132	$	(103,128)	$	697,962


	December 31, 2022
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	25,204	$	5	$	(1,767)	$	23,442
Agency-collateralized mortgage obligations	2,452		—		(231)		2,221
Commercial	6,894		28		(515)		6,407
Non-agency residential	461		15		(90)		386
Total mortgage-backed securities	35,011		48		(2,603)		32,456
U.S. Treasury and government agencies	160,773		18		(1,769)		159,022
Non-U.S. securities	13,455		4		(52)		13,407
Other taxable securities	4,728		1		(84)		4,645

Tax-exempt securities	11,518		19		(279)		11,258
Total available-for-sale debt securities	225,485		90		(4,787)		220,788
Other debt securities carried at fair value (1)	8,986		376		(156)		9,206
Total debt securities carried at fair value	234,471		466		(4,943)		229,994
Held-to-maturity debt securities
Agency mortgage-backed securities	503,233		—		(87,319)		415,914
U.S. Treasury and government agencies	121,597		—		(20,259)		101,338
Other taxable securities	8,033		—		(1,018)		7,015
Total held-to-maturity debt securities	632,863		—		(108,596)		524,267
Total debt securities	$	867,334	$	466	$	(113,539)	$	754,261

(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)

	First Quarter 2023	Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022			First Quarter 2022







FTE basis data (1)
Net interest income		$	14,582		$	14,804		$	13,871		$	12,547		$	11,678
Total revenue, net of interest expense		26,391			24,655			24,608			22,791			23,334
Net interest yield		2.20		%	2.22		%	2.06		%	1.86		%	1.69		%
Efficiency ratio		61.53			63.05			62.18			67.01			65.65

(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 $134 million, $123 million, $106 million, $103 million and $106 million for the first quarter of 2023 and the fourth, third, second and first quarters of 2022, 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)
	First Quarter 2023
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	14,582	$	8,593	$	1,876	$	3,907	$	109	$	97
Noninterest income
Fees and commissions:
Card income	1,469		1,274		12		190		16		(23)
Service charges	1,410		599		19		714		78		—
Investment and brokerage services	3,852		74		3,238		9		533		(2)
Investment banking fees	1,163		—		39		668		469		(13)
Total fees and commissions	7,894		1,947		3,308		1,581		1,096		(38)
Market making and similar activities	4,712		5		34		45		4,398		230
Other income (loss)	(796)		161		97		670		23		(1,747)
Total noninterest income (loss)	11,810		2,113		3,439		2,296		5,517		(1,555)
Total revenue, net of interest expense	26,392		10,706		5,315		6,203		5,626		(1,458)
Provision for credit losses	931		1,089		25		(237)		(53)		107
Noninterest expense	16,238		5,473		4,067		2,940		3,351		407
Income (loss) before income taxes	9,223		4,144		1,223		3,500		2,328		(1,972)
Income tax expense (benefit)	1,062		1,036		306		945		640		(1,865)
Net income (loss)	$	8,161	$	3,108	$	917	$	2,555	$	1,688	$	(107)

Average
Total loans and leases	$	1,041,352	$	303,772	$	221,448	$	381,009	$	125,046	$	10,077
Total assets (1)	3,096,058		1,105,245		359,164		588,886		870,038		172,725
Total deposits	1,893,649		1,026,242		314,019		492,577		36,109		24,702
Quarter end
Total loans and leases	$	1,046,406	$	304,480	$	217,804	$	383,491	$	130,804	$	9,827
Total assets (1)	3,194,657		1,124,438		349,888		591,231		861,477		267,623
Total deposits	1,910,402		1,044,768		301,471		495,949		33,624		34,590

	Fourth Quarter 2022
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	14,804	$	8,494	$	2,015	$	3,880	$	371	$	44
Noninterest income
Fees and commissions:
Card income	1,552		1,333		19		196		17		(13)
Service charges	1,389		586		17		703		79		4
Investment and brokerage services	3,723		71		3,166		6		482		(2)
Investment banking fees	1,071		—		35		706		347		(17)
Total fees and commissions	7,735		1,990		3,237		1,611		925		(28)
Market making and similar activities	3,052		5		36		34		2,685		292
Other income (loss)	(936)		293		122		913		(120)		(2,144)
Total noninterest income (loss)	9,851		2,288		3,395		2,558		3,490		(1,880)
Total revenue, net of interest expense	24,655		10,782		5,410		6,438		3,861		(1,836)
Provision for credit losses	1,092		944		37		149		4		(42)
Noninterest expense	15,543		5,100		3,784		2,833		3,171		655
Income (loss) before income taxes	8,020		4,738		1,589		3,456		686		(2,449)
Income tax expense (benefit)	888		1,161		389		916		182		(1,760)
Net income (loss)	$	7,132	$	3,577	$	1,200	$	2,540	$	504	$	(689)

Average
Total loans and leases	$	1,039,247	$	300,360	$	225,094	$	380,385	$	123,022	$	10,386
Total assets (1)	3,074,289		1,123,813		361,592		595,525		857,319		136,040
Total deposits	1,925,544		1,047,058		317,849		503,472		37,219		19,946
Quarter end
Total loans and leases	$	1,045,747	$	304,761	$	223,910	$	379,107	$	127,735	$	10,234
Total assets (1)	3,051,375		1,126,453		368,893		588,466		812,489		155,074
Total deposits	1,930,341		1,048,799		323,899		498,661		39,077		19,905

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

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

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


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


Bank of America Corporation and Subsidiaries
Consumer Banking Segment Results
(Dollars in millions)
	First Quarter 2023	Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022			First Quarter 2022

Net interest income		$	8,593		$	8,494		$	7,784		$	7,087		$	6,680
Noninterest income:
Card income		1,274			1,333			1,331			1,320			1,185
Service charges		599			586			597			679			844

All other income		240			369			192			50			104
Total noninterest income		2,113			2,288			2,120			2,049			2,133
Total revenue, net of interest expense		10,706			10,782			9,904			9,136			8,813

Provision for credit losses		1,089			944			738			350			(52)

Noninterest expense		5,473			5,100			5,097			4,959			4,921
Income before income taxes		4,144			4,738			4,069			3,827			3,944
Income tax expense		1,036			1,161			997			938			966
Net income		$	3,108		$	3,577		$	3,072		$	2,889		$	2,978

Net interest yield		3.27		%	3.11		%	2.79		%	2.55		%	2.48		%
Return on average allocated capital (1)		30			35			30			29			30
Efficiency ratio		51.12			47.29			51.47			54.28			55.84

Balance Sheet
Average
Total loans and leases		$	303,772		$	300,360		$	295,231		$	289,595		$	284,068
Total earning assets (2)		1,065,202			1,083,850			1,106,513			1,114,552			1,092,742
Total assets (2)		1,105,245			1,123,813			1,145,846			1,154,773			1,133,001
Total deposits		1,026,242			1,047,058			1,069,093			1,078,020			1,056,100
Allocated capital (1)		42,000			40,000			40,000			40,000			40,000

Period end
Total loans and leases		$	304,480		$	304,761		$	297,825		$	294,570		$	286,322
Total earning assets (2)		1,081,780			1,085,079			1,110,524			1,114,524			1,125,963
Total assets (2)		1,124,438			1,126,453			1,149,918			1,154,366			1,166,443
Total deposits		1,044,768			1,048,799			1,072,580			1,077,215			1,088,940

(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.			13


Bank of America Corporation and Subsidiaries
Consumer Banking Key Indicators
(Dollars in millions)
	First Quarter 2023	Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022			First Quarter 2022

Average deposit balances
Checking		$	580,910		$	588,668		$	599,099		$	606,331		$	593,428
Savings		68,327			69,790			71,933			73,295			72,413
MMS		339,823			356,015			365,271			362,798			354,850
CDs and IRAs		33,098			28,619			28,731			29,796			30,685
Other		4,084			3,966			4,059			5,800			4,724
Total average deposit balances		$	1,026,242		$	1,047,058		$	1,069,093		$	1,078,020		$	1,056,100

Deposit spreads (excludes noninterest costs)
Checking		2.22		%	2.09		%	1.98		%	1.93		%	1.91		%
Savings		2.53			2.33			2.19			2.19			2.19
MMS		2.99			2.25			1.64			1.29			1.23
CDs and IRAs		3.27			2.91			1.85			0.98			0.46
Other		4.37			3.35			2.04			1.04			0.41
Total deposit spreads		2.54			2.19			1.88			1.70			1.65

Consumer investment assets		$	354,892		$	319,648		$	302,413		$	315,243		$	357,593

Active digital banking users (in thousands) (1)		44,962			44,054			43,496			42,690			42,269
Active mobile banking users (in thousands) (2)		36,322			35,452			34,922			34,167			33,589
Financial centers		3,892			3,913			3,932			3,984			4,056
ATMs		15,407			15,528			15,572			15,730			15,959

Total credit card (3)
Loans
Average credit card outstandings		$	91,775		$	89,575		$	85,009		$	81,024		$	78,409
Ending credit card outstandings		92,469			93,421			87,296			84,010			79,356
Credit quality
Net charge-offs		$	501		$	386		$	328		$	323		$	297
		2.21		%	1.71		%	1.53		%	1.60		%	1.53		%
30+ delinquency		$	1,674		$	1,505		$	1,202		$	1,008		$	1,003
		1.81		%	1.61		%	1.38		%	1.20		%	1.26		%
90+ delinquency		$	828		$	717		$	547		$	493		$	492
		0.90		%	0.77		%	0.63		%	0.59		%	0.62		%
Other total credit card indicators (3)
Gross interest yield		11.85		%	11.18		%	10.71		%	9.76		%	9.90		%
Risk-adjusted margin		8.69			9.87			10.07			9.95			10.40
New accounts (in thousands)		1,187			1,096			1,256			1,068			977
Purchase volumes		$	85,544		$	92,800		$	91,064		$	91,810		$	80,914

Debit card data
Purchase volumes		$	124,376		$	130,157		$	127,135		$	128,707		$	117,584

Loan production (4)
Consumer Banking:
First mortgage		$	1,956		$	2,286		$	4,028		$	6,551		$	8,116
Home equity		2,183			2,113			1,999			2,151			1,725
Total (5):
First mortgage		$	3,937		$	5,217		$	8,724		$	14,471		$	16,353
Home equity		2,596			2,596			2,420			2,535			2,040

(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.			14


Bank of America Corporation and Subsidiaries
Consumer Banking Quarterly Results
(Dollars in millions)
	First Quarter 2023									Fourth Quarter 2022
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	8,593		$	5,816		$	2,777		$	8,494		$	5,719		$	2,775
Noninterest income:
Card income	1,274			(10)			1,284			1,333			(9)			1,342
Service charges	599			598			1			586			585			1
All other income	240			197			43			369			214			155
Total noninterest income	2,113			785			1,328			2,288			790			1,498
Total revenue, net of interest expense	10,706			6,601			4,105			10,782			6,509			4,273

Provision for credit losses	1,089			183			906			944			176			768

Noninterest expense	5,473			3,415			2,058			5,100			3,189			1,911
Income before income taxes	4,144			3,003			1,141			4,738			3,144			1,594
Income tax expense	1,036			751			285			1,161			771			390
Net income	$	3,108		$	2,252		$	856		$	3,577		$	2,373		$	1,204

Net interest yield	3.27		%	2.31		%	3.76		%	3.11		%	2.18		%	3.71		%
Return on average allocated capital (1)	30			67			12			35			72			18
Efficiency ratio	51.12			51.76			50.10			47.29			49.00			44.70

Balance Sheet
Average
Total loans and leases	$	303,772		$	4,119		$	299,653		$	300,360		$	4,132		$	296,228
Total earning assets (2)	1,065,202			1,022,445			299,794			1,083,850			1,042,289			296,535
Total assets (2)	1,105,245			1,056,007			306,275			1,123,813			1,075,446			303,340
Total deposits	1,026,242			1,021,374			4,868			1,047,058			1,041,669			5,389
Allocated capital (1)	42,000			13,700			28,300			40,000			13,000			27,000

Period end
Total loans and leases	$	304,480		$	4,065		$	300,415		$	304,761		$	4,148		$	300,613
Total earning assets (2)	1,081,780			1,038,545			300,595			1,085,079			1,043,049			300,787
Total assets (2)	1,124,438			1,074,571			307,227			1,126,453			1,077,203			308,007
Total deposits	1,044,768			1,039,744			5,024			1,048,799			1,043,194			5,605

										First Quarter 2022
										Total Consumer Banking			Deposits			Consumer Lending
Net interest income										$	6,680		$	4,052		$	2,628
Noninterest income:
Card income										1,185			(8)			1,193
Service charges										844			843			1
All other income										104			68			36
Total noninterest income										2,133			903			1,230
Total revenue, net of interest expense										8,813			4,955			3,858

Provision for credit losses										(52)			73			(125)

Noninterest expense										4,921			3,008			1,913
Income before income taxes										3,944			1,874			2,070
Income tax expense										966			459			507
Net income										$	2,978		$	1,415		$	1,563

Net interest yield										2.48		%	1.56		%	3.79		%
Return on average allocated capital (1)										30			44			23
Efficiency ratio										55.84			60.71			49.58

Balance Sheet
Average
Total loans and leases										$	284,068		$	4,215		$	279,853
Total earning assets (2)										1,092,742			1,050,490			281,255
Total assets (2)										1,133,001			1,084,343			287,660
Total deposits										1,056,100			1,050,247			5,853
Allocated capital (1)										40,000			13,000			27,000

Period end
Total loans and leases										$	286,322		$	4,165		$	282,157
Total earning assets (2)										1,125,963			1,083,664			284,069
Total assets (2)										1,166,443			1,117,241			290,972
Total deposits										1,088,940			1,082,885			6,055

(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.			15


Bank of America Corporation and Subsidiaries
Global Wealth & Investment Management Segment Results
(Dollars in millions)
	First Quarter 2023	Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022			First Quarter 2022

Net interest income		$	1,876		$	2,015		$	1,981		$	1,802		$	1,668
Noninterest income:
Investment and brokerage services		3,238			3,166			3,255			3,486			3,654
All other income		201			229			193			145			154
Total noninterest income		3,439			3,395			3,448			3,631			3,808
Total revenue, net of interest expense		5,315			5,410			5,429			5,433			5,476

Provision for credit losses		25			37			37			33			(41)

Noninterest expense		4,067			3,784			3,816			3,875			4,015
Income before income taxes		1,223			1,589			1,576			1,525			1,502
Income tax expense		306			389			386			374			368
Net income		$	917		$	1,200		$	1,190		$	1,151		$	1,134

Net interest yield		2.20		%	2.29		%	2.12		%	1.82		%	1.62		%
Return on average allocated capital (1)		20			27			27			26			26

Efficiency ratio		76.53			69.96			70.28			71.34			73.31

Balance Sheet
Average
Total loans and leases		$	221,448		$	225,094		$	223,734		$	219,277		$	210,937
Total earning assets (2)		346,384			348,718			370,733			396,611			418,248
Total assets (2)		359,164			361,592			383,468			409,472			431,040
Total deposits		314,019			317,849			339,487			363,943			384,902
Allocated capital (1)		18,500			17,500			17,500			17,500			17,500


Period end
Total loans and leases		$	217,804		$	223,910		$	224,858		$	221,705		$	214,273
Total earning assets (2)		336,560			355,461			357,434			380,771			419,903
Total assets (2)		349,888			368,893			370,790			393,948			433,122
Total deposits		301,471			323,899			324,859			347,991			385,288

(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.			16


Bank of America Corporation and Subsidiaries
Global Wealth & Investment Management Key Indicators
(Dollars in millions)
	First Quarter 2023	Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022		First Quarter 2022

Revenue by Business
Merrill Wealth Management		$	4,397	$	4,486	$	4,524	$	4,536	$	4,589
Bank of America Private Bank		918		924		905		897		887

Total revenue, net of interest expense		$	5,315	$	5,410	$	5,429	$	5,433	$	5,476

Client Balances by Business, at period end
Merrill Wealth Management		$	2,952,681	$	2,822,910	$	2,710,985	$	2,819,998	$	3,116,052
Bank of America Private Bank		568,925		563,931		537,771		547,116		598,100

Total client balances		$	3,521,606	$	3,386,841	$	3,248,756	$	3,367,114	$	3,714,152

Client Balances by Type, at period end


Assets under management (1)		$	1,467,242	$	1,401,474	$	1,329,557	$	1,411,344	$	1,571,605
Brokerage and other assets		1,571,409		1,482,025		1,413,946		1,437,562		1,592,802

Deposits		301,471		323,899		324,859		347,991		385,288
Loans and leases (2)		220,633		226,973		228,129		224,847		217,461
Less: Managed deposits in assets under management		(39,149)		(47,530)		(47,735)		(54,630)		(53,004)
Total client balances		$	3,521,606	$	3,386,841	$	3,248,756	$	3,367,114	$	3,714,152

Assets Under Management Rollforward
Assets under management, beginning balance		$	1,401,474	$	1,329,557	$	1,411,344	$	1,571,605	$	1,638,782
Net client flows		15,262		105		4,110		1,033		15,537

Market valuation/other		50,506		71,812		(85,897)		(161,294)		(82,714)
Total assets under management, ending balance		$	1,467,242	$	1,401,474	$	1,329,557	$	1,411,344	$	1,571,605

Advisors, at period end

Total wealth advisors (3)		19,243		19,273		18,841		18,449		18,571

(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.			17


Bank of America Corporation and Subsidiaries
Global Banking Segment Results
(Dollars in millions)
	First Quarter 2023	Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022			First Quarter 2022

Net interest income		$	3,907		$	3,880		$	3,326		$	2,634		$	2,344
Noninterest income:
Service charges		714			703			771			933			886
Investment banking fees		668			706			726			692			880
All other income		914			1,149			768			747			1,084
Total noninterest income		2,296			2,558			2,265			2,372			2,850
Total revenue, net of interest expense		6,203			6,438			5,591			5,006			5,194

Provision for credit losses		(237)			149			170			157			165

Noninterest expense		2,940			2,833			2,651			2,799			2,683
Income before income taxes		3,500			3,456			2,770			2,050			2,346
Income tax expense		945			916			734			543			622
Net income		$	2,555		$	2,540		$	2,036		$	1,507		$	1,724

Net interest yield		3.03		%	2.90		%	2.53		%	1.97		%	1.68		%
Return on average allocated capital (1)		21			23			18			14			16
Efficiency ratio		47.41			44.03			47.41			55.90			51.65

Balance Sheet
Average
Total loans and leases		$	381,009		$	380,385		$	384,305		$	377,248		$	358,807
Total earning assets (2)		522,374			531,206			521,555			537,660			566,277
Total assets (2)		588,886			595,525			585,683			601,945			630,517
Total deposits		492,577			503,472			495,154			509,261			539,912
Allocated capital (1)		49,250			44,500			44,500			44,500			44,500

Period end
Total loans and leases		$	383,491		$	379,107		$	377,711		$	385,376		$	367,423
Total earning assets (2)		524,299			522,539			511,494			526,879			558,639
Total assets (2)		591,231			588,466			575,442			591,490			623,168
Total deposits		495,949			498,661			484,309			499,714			533,820

(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 Banking Key Indicators
(Dollars in millions)
	First Quarter 2023	Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022			First Quarter 2022

Investment Banking fees (1)
Advisory (2)		$	313		$	446		$	397		$	361		$	439
Debt issuance		290			184			273			283			359
Equity issuance		65			76			56			48			82
Total Investment Banking fees (3)		$	668		$	706		$	726		$	692		$	880

Business Lending
Corporate		$	1,034		$	1,417		$	902		$	946		$	1,060
Commercial		1,233			1,188			1,111			1,024			993
Business Banking		67			65			66			62			58
Total Business Lending revenue		$	2,334		$	2,670		$	2,079		$	2,032		$	2,111

Global Transaction Services
Corporate		$	1,549		$	1,546		$	1,369		$	1,138		$	949
Commercial		1,129			1,185			1,112			973			896
Business Banking		387			378			322			270			243
Total Global Transaction Services revenue		$	3,065		$	3,109		$	2,803		$	2,381		$	2,088

Average deposit balances
Interest-bearing		$	257,012		$	225,671		$	171,203		$	142,366		$	157,126
Noninterest-bearing		235,565			277,801			323,951			366,895			382,786
Total average deposits		$	492,577		$	503,472		$	495,154		$	509,261		$	539,912

Loan spread		1.55		%	1.52		%	1.51		%	1.49		%	1.53		%

Provision for credit losses		$	(237)		$	149		$	170		$	157		$	165

Credit quality (4, 5)
Reservable criticized utilized exposure		$	18,104		$	17,519		$	15,809		$	15,999		$	18,304
		4.46		%	4.37		%	3.95		%	3.92		%	4.72		%

Nonperforming loans, leases and foreclosed properties		$	1,023		$	923		$	1,057		$	1,126		$	1,329
		0.27		%	0.25		%	0.28		%	0.29		%	0.37		%

Average loans and leases by product
U.S. commercial		$	229,558		$	230,591		$	233,027		$	225,820		$	211,568
Non-U.S. commercial		82,412			82,222			84,287			86,092			80,783
Commercial real estate		55,019			54,104			53,042			50,973			51,400
Commercial lease financing		14,019			13,467			13,948			14,362			15,055
Other		1			1			1			1			1
Total average loans and leases		$	381,009		$	380,385		$	384,305		$	377,248		$	358,807

Total Corporation Investment Banking fees
Advisory (2)		$	363		$	486		$	432		$	392		$	473
Debt issuance		644			414			616			662			831
Equity issuance		168			189			156			139			225
Total investment banking fees including self-led deals		1,175			1,089			1,204			1,193			1,529
Self-led deals		(12)			(18)			(37)			(65)			(72)
Total Investment Banking fees		$	1,163		$	1,071		$	1,167		$	1,128		$	1,457

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

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

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

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

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


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


Bank of America Corporation and Subsidiaries
Global Markets Segment Results
(Dollars in millions)
	First Quarter 2023	Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022			First Quarter 2022

Net interest income		$	109		$	371		$	743		$	981		$	993
Noninterest income:
Investment and brokerage services		533			482			457			518			545
Investment banking fees		469			347			430			461			582
Market making and similar activities		4,398			2,685			2,874			2,657			3,190
All other income		117			(24)			(21)			(115)			(18)
Total noninterest income		5,517			3,490			3,740			3,521			4,299
Total revenue, net of interest expense (1)		5,626			3,861			4,483			4,502			5,292

Provision for credit losses		(53)			4			11			8			5

Noninterest expense		3,351			3,171			3,023			3,109			3,117
Income before income taxes		2,328			686			1,449			1,385			2,170
Income tax expense		640			182			384			367			575
Net income		$	1,688		$	504		$	1,065		$	1,018		$	1,595

Return on average allocated capital (2)		15		%	5		%	10		%	10		%	15		%

Efficiency ratio		59.56			82.14			67.42			69.07			58.90

Balance Sheet
Average
Total trading-related assets		$	626,035		$	608,493		$	592,391		$	606,135		$	596,154
Total loans and leases		125,046			123,022			120,435			114,375			108,576
Total earning assets		627,935			610,045			591,883			598,832			610,926
Total assets		870,038			857,319			847,899			866,742			858,719
Total deposits		36,109			37,219			38,820			41,192			44,393
Allocated capital (2)		45,500			42,500			42,500			42,500			42,500


Period end
Total trading-related assets		$	599,841		$	564,769		$	592,938		$	577,309		$	616,811
Total loans and leases		130,804			127,735			121,721			118,290			110,037
Total earning assets		632,873			587,772			595,988			571,921			609,290
Total assets		861,477			812,489			848,752			835,129			883,304
Total deposits		33,624			39,077			37,318			40,055			43,371

Trading-related assets (average)
Trading account securities		$	339,248		$	309,217		$	308,514		$	295,190		$	301,285
Reverse repurchases		126,760			122,753			112,828			131,456			138,581
Securities borrowed		116,280			119,334			114,032			119,200			114,468
Derivative assets		43,747			57,189			57,017			60,289			41,820
Total trading-related assets		$	626,035		$	608,493		$	592,391		$	606,135		$	596,154

(1)Substantially all of Global Markets total revenue is sales and trading revenue and investment banking fees, with a small portion related to certain revenue sharing agreements with other business segments. For additional sales and trading revenue information, see page 21.

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


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


Bank of America Corporation and Subsidiaries
Global Markets Key Indicators
(Dollars in millions)
	First Quarter 2023	Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022		First Quarter 2022

Sales and trading revenue (1)
Fixed-income, currencies and commodities		$	3,440	$	2,157	$	2,552	$	2,500	$	2,708
Equities		1,627		1,368		1,540		1,653		2,011
Total sales and trading revenue		$	5,067	$	3,525	$	4,092	$	4,153	$	4,719

Sales and trading revenue, excluding net debit valuation adjustment (2,3)
Fixed-income, currencies and commodities		$	3,429	$	2,343	$	2,567	$	2,340	$	2,648
Equities		1,624		1,375		1,539		1,655		2,002
Total sales and trading revenue, excluding net debit valuation adjustment		$	5,053	$	3,718	$	4,106	$	3,995	$	4,650

Sales and trading revenue breakdown
Net interest income		$	(74)	$	188	$	586	$	851	$	911
Commissions		529		476		444		504		531
Trading		4,398		2,684		2,873		2,656		3,190
Other		214		177		189		142		87
Total sales and trading revenue		$	5,067	$	3,525	$	4,092	$	4,153	$	4,719

(1) Includes Global Banking sales and trading revenue of $177 million, $262 million, $287 million, $319 million and $179 million for the first quarter of 2023 and the fourth, third, second and first quarters of 2022, 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 $14 million, $(193) million, $(14) million, $158 million and $69 million for the first quarter of 2023 and the fourth, third, second and first quarters of 2022, respectively. FICC net DVA gains (losses) were $11 million, $(186) million, $(15) million, $160 million and $60 million for the first quarter of 2023 and the fourth, third, second and first quarters of 2022, respectively. Equities net DVA gains (losses) were $3 million, $(7) million, $1 million, $(2) million and $9 million for the first quarter of 2023 and the fourth, third, second and first quarters of 2022, respectively.


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


Bank of America Corporation and Subsidiaries
All Other Results (1)
(Dollars in millions)
	First Quarter 2023	Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022		First Quarter 2022

Net interest income		$	97	$	44	$	37	$	43	$	(7)





Noninterest income (loss)		(1,555)		(1,880)		(836)		(1,329)		(1,434)
Total revenue, net of interest expense		(1,458)		(1,836)		(799)		(1,286)		(1,441)

Provision for credit losses		107		(42)		(58)		(25)		(47)



Noninterest expense		407		655		716		531		583
Loss before income taxes		(1,972)		(2,449)		(1,457)		(1,792)		(1,977)
Income tax expense (benefit)		(1,865)		(1,760)		(1,176)		(1,474)		(1,613)
Net income (loss)		$	(107)	$	(689)	$	(281)	$	(318)	$	(364)

Balance Sheet
Average
Total loans and leases		$	10,077	$	10,386	$	10,629	$	14,391	$	15,405
Total assets (2)		172,725		136,040		142,650		124,923		154,425
Total deposits		24,702		19,946		20,221		19,663		20,504

Period end
Total loans and leases		$	9,827	$	10,234	$	10,351	$	10,825	$	15,090

Total assets (3)		267,623		155,074		128,051		136,673		132,186
Total deposits		34,590		19,905		19,031		19,374		20,990

(1)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.

(2)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $1.0 trillion, $1.0 trillion, $1.1 trillion, $1.1 trillion and $1.2 trillion for the first quarter of 2023 and the fourth, third, second and first quarters of 2022, respectively.

(3)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $1.0 trillion, $1.0 trillion, $1.1 trillion, $1.1 trillion and $1.2 trillion at March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively.


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


Bank of America Corporation and Subsidiaries
Outstanding Loans and Leases
(Dollars in millions)
	March 31 2023		December 31 2022		March 31 2022
Consumer
Residential mortgage	$	228,827	$	229,670	$	226,030
Home equity	25,868		26,563		26,936
Credit card	92,469		93,421		79,356
Direct/Indirect consumer (1)	104,540		106,236		105,754
Other consumer (2)	120		156		205
Total consumer loans excluding loans accounted for under the fair value option	451,824		456,046		438,281
Consumer loans accounted for under the fair value option (3)	334		339		568
Total consumer	452,158		456,385		438,849

Commercial
U.S. commercial	360,655		358,481		330,973
Non-U.S. commercial	124,827		124,479		122,267
Commercial real estate (4)	73,051		69,766		62,533
Commercial lease financing	13,448		13,644		14,008
	571,981		566,370		529,781
U.S. small business commercial (5)	18,204		17,560		17,972
Total commercial loans excluding loans accounted for under the fair value option	590,185		583,930		547,753
Commercial loans accounted for under the fair value option (3)	4,063		5,432		6,543
Total commercial	594,248		589,362		554,296

Total loans and leases	$	1,046,406	$	1,045,747	$	993,145

(1)Includes primarily auto and specialty lending loans and leases of $52.7 billion, $51.8 billion and $49.7 billion, U.S. securities-based lending loans of $48.1 billion, $50.4 billion and $51.9 billion and non-U.S. consumer loans of $2.8 billion, $3.0 billion and $3.2 billion at March 31, 2023, December 31, 2022 and March 31, 2022, 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 $72 million, $71 million and $248 million and home equity loans of $262 million, $268 million and $320 million at March 31, 2023, December 31, 2022 and March 31, 2022, respectively. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.2 billion, $2.9 billion and $4.0 billion and non-U.S. commercial loans of $1.9 billion, $2.5 billion and $2.6 billion at March 31, 2023, December 31, 2022 and March 31, 2022, respectively.

(4)Includes U.S. commercial real estate loans of $67.2 billion, $64.9 billion and $58.3 billion and non-U.S. commercial real estate loans of $5.8 billion, $4.8 billion and $4.3 billion at March 31, 2023, December 31, 2022 and March 31, 2022, 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.			23


Bank of America Corporation and Subsidiaries
Quarterly Average Loans and Leases by Business Segment and All Other
(Dollars in millions)
	First Quarter 2023
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	229,275	$	117,747	$	103,700	$	1	$	—	$	7,827
Home equity	26,513		21,571		2,444		—		200		2,298
Credit card	91,775		88,731		3,045		—		—		(1)
Direct/Indirect and other consumer	105,657		52,728		52,927		—		—		2
Total consumer	453,220		280,777		162,116		1		200		10,126

Commercial
U.S. commercial	376,852		22,985		52,067		229,558		72,074		168
Non-U.S. commercial	127,003		—		999		82,412		43,478		114
Commercial real estate	70,591		10		6,266		55,019		9,294		2
Commercial lease financing	13,686		—		—		14,019		—		(333)
Total commercial	588,132		22,995		59,332		381,008		124,846		(49)
Total loans and leases	$	1,041,352	$	303,772	$	221,448	$	381,009	$	125,046	$	10,077

	Fourth Quarter 2022
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	229,364	$	118,051	$	103,331	$	1	$	—	$	7,981
Home equity	26,983		21,834		2,485		—		207		2,457
Credit card	89,575		86,540		3,036		—		—		(1)
Direct/Indirect and other consumer	106,598		51,501		55,093		—		—		4
Total consumer	452,520		277,926		163,945		1		207		10,441

Commercial
U.S. commercial	378,850		22,423		54,306		230,591		71,330		200
Non-U.S. commercial	125,983		1		1,090		82,222		42,590		80
Commercial real estate	68,764		10		5,753		54,104		8,895		2
Commercial lease financing	13,130		—		—		13,467		—		(337)
Total commercial	586,727		22,434		61,149		380,384		122,815		(55)
Total loans and leases	$	1,039,247	$	300,360	$	225,094	$	380,385	$	123,022	$	10,386

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

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


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


Bank of America Corporation and Subsidiaries
Commercial Credit Exposure by Industry (1, 2, 3, 4, 6)
(Dollars in millions)
	Commercial Utilized						Total Commercial Committed
	March 31 2023		December 31 2022		March 31 2022		March 31 2023		December 31 2022		March 31 2022
Asset managers & funds	$	102,345	$	106,842	$	102,558	$	164,480	$	165,087	$	158,973
Real estate (5)	73,515		72,180		67,211		101,072		99,722		93,888
Capital goods	48,146		45,580		44,545		88,060		87,314		85,942
Finance companies	58,226		55,248		50,559		81,811		79,546		76,101
Healthcare equipment and services	34,245		33,554		33,164		59,280		58,761		58,264
Materials	27,224		26,304		27,570		56,244		55,589		60,017
Retailing	26,021		24,785		26,678		54,127		53,714		51,557
Consumer services	27,475		26,980		27,045		48,491		47,372		47,344
Government & public education	33,443		34,861		35,212		46,931		48,134		49,213
Food, beverage and tobacco	24,307		23,232		23,332		46,838		47,486		46,566
Individuals and trusts	31,874		34,897		29,340		43,488		45,572		38,961
Commercial services and supplies	24,136		23,628		20,818		41,711		41,596		42,809
Utilities	19,118		20,292		18,908		39,209		40,164		38,178
Energy	13,667		15,132		16,770		34,923		36,043		36,001
Transportation	22,051		22,273		21,268		33,846		33,858		32,034
Technology hardware and equipment	10,500		11,441		10,551		29,807		29,825		26,479
Global commercial banks	26,910		27,217		25,092		29,047		29,293		26,234
Media	15,102		14,781		11,693		29,006		28,216		27,525
Software and services	11,678		12,961		12,075		25,300		25,633		30,195
Consumer durables and apparel	10,167		10,009		10,989		21,784		21,389		22,089
Pharmaceuticals and biotechnology	6,581		7,547		6,175		21,419		26,208		19,093
Vehicle dealers	13,281		12,909		11,438		21,237		20,638		20,381
Insurance	10,007		10,224		6,784		19,109		19,444		18,120
Telecommunication services	9,646		9,679		10,500		17,666		17,349		18,453
Automobiles and components	8,163		8,774		9,195		15,910		16,911		17,782
Food and staples retailing	7,331		7,157		7,304		12,507		11,908		12,772
Financial markets infrastructure (clearinghouses)	3,013		3,913		4,359		8,526		8,752		6,966
Religious and social organizations	2,542		2,467		2,906		4,557		4,689		5,345

Total commercial credit exposure by industry	$	700,714	$	704,867	$	674,039	$	1,196,386	$	1,200,213	$	1,167,282

(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 $29.1 billion, $33.8 billion and $34.1 billion at March 31, 2023, December 31, 2022 and March 31, 2022, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $51.0 billion, $51.1 billion and $45.6 billion, which consists primarily of other marketable securities, at March 31, 2023, December 31, 2022 and March 31, 2022, respectively.

(2)Total utilized and total committed exposure includes loans of $4.1 billion, $5.4 billion and $6.5 billion and issued letters of credit with a notional amount of $15 million, $28 million and $48 million accounted for under the fair value option at March 31, 2023, December 31, 2022 and March 31, 2022, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $3.1 billion, $3.0 billion and $4.0 billion at March 31, 2023, December 31, 2022 and March 31, 2022, 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 $749 million, $1.0 billion and $3.0 billion of PPP loan exposure across impacted industries at March 31, 2023, December 31, 2022 and March 31, 2022, respectively.


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


Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties
(Dollars in millions)
	March 31 2023			December 31 2022			September 30 2022			June 30 2022			March 31 2022
Residential mortgage	$	2,125		$	2,167		$	2,187		$	2,245		$	2,422
Home equity	488			510			532			563			615

Direct/Indirect consumer	101			77			41			58			67

Total consumer	2,714			2,754			2,760			2,866			3,104
U.S. commercial	559			553			640			742			818
Non-U.S. commercial	125			212			274			279			268
Commercial real estate	502			271			282			218			361
Commercial lease financing	4			4			11			44			54
	1,190			1,040			1,207			1,283			1,501
U.S. small business commercial	14			14			16			15			20
Total commercial	1,204			1,054			1,223			1,298			1,521
Total nonperforming loans and leases	3,918			3,808			3,983			4,164			4,625
Foreclosed properties	165			170			173			162			153
Total nonperforming loans, leases and foreclosed properties (1, 2)	$	4,083		$	3,978		$	4,156		$	4,326		$	4,778

Fully-insured home loans past due 30 days or more and still accruing	$	580		$	627		$	672		$	734		$	817
Consumer credit card past due 30 days or more and still accruing	1,674			1,505			1,202			1,008			1,003
Other loans past due 30 days or more and still accruing	3,146			4,008			3,281			3,494			3,736
Total loans past due 30 days or more and still accruing (3, 4)	$	5,400		$	6,140		$	5,155		$	5,236		$	5,556

Fully-insured home loans past due 90 days or more and still accruing	$	338		$	368		$	427		$	492		$	574
Consumer credit card past due 90 days or more and still accruing	828			717			547			493			492
Other loans past due 90 days or more and still accruing	508			626			647			720			607
Total loans past due 90 days or more and still accruing (4)	$	1,674		$	1,711		$	1,621		$	1,705		$	1,673

Nonperforming loans, leases and foreclosed properties/Total assets (5)	0.13		%	0.13		%	0.14		%	0.14		%	0.15		%
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties (5)	0.39			0.38			0.40			0.42			0.48
Nonperforming loans and leases/Total loans and leases (5)	0.38			0.37			0.39			0.41			0.47

Commercial reservable criticized utilized exposure (6)	$	19,789		$	19,274		$	17,659		$	18,114		$	20,682
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure (6)	3.17		%	3.12		%	2.88		%	2.95		%	3.54		%
Total commercial criticized utilized exposure/Commercial utilized exposure (6)	3.67			3.70			2.82			2.99			3.47

(1)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.

(2)Balances do not include nonperforming loans held-for-sale of $250 million, $219 million, $222 million, $270 million and $336 million at March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively.

(3)Balances do not include loans held-for-sale past due 30 days or more and still accruing of $36 million, $58 million, $81 million, $179 million and $654 million at March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively.

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

(5)Total assets and total loans and leases do not include loans accounted for under the fair value option of $4.4 billion, $5.8 billion, $4.9 billion, $5.5 billion and $7.1 billion at March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively.

(6)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.			26


Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties Activity (1)
(Dollars in millions)
	First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022		First Quarter 2022
Nonperforming Consumer Loans and Leases:
Balance, beginning of period	$	2,754	$	2,760	$	2,866	$	3,104	$	2,989

Additions	253		208		236		365		644


Reductions:
Paydowns and payoffs	(103)		(89)		(124)		(147)		(175)
Sales	(2)		(1)		(1)		(269)		(131)
Returns to performing status (2)	(170)		(109)		(193)		(157)		(202)
Charge-offs (3)	(12)		(6)		(12)		(23)		(15)
Transfers to foreclosed properties	(6)		(9)		(12)		(7)		(6)

Total net additions (reductions) to nonperforming loans and leases	(40)		(6)		(106)		(238)		115
Total nonperforming consumer loans and leases, end of period	2,714		2,754		2,760		2,866		3,104
Foreclosed properties	117		121		125		115		118
Nonperforming consumer loans, leases and foreclosed properties, end of period	$	2,831	$	2,875	$	2,885	$	2,981	$	3,222

Nonperforming Commercial Loans and Leases (4):
Balance, beginning of period	$	1,054	$	1,223	$	1,298	$	1,521	$	1,578

Additions	419		141		307		321		183
Reductions:
Paydowns	(72)		(144)		(180)		(342)		(159)
Sales	—		(4)		(12)		(16)		(25)
Returns to performing status (5)	(52)		(35)		(148)		(146)		(5)
Charge-offs	(88)		(127)		(42)		(40)		(12)

Transfers to loans held-for-sale	(57)		—		—		—		(39)
Total net additions (reductions) to nonperforming loans and leases	150		(169)		(75)		(223)		(57)
Total nonperforming commercial loans and leases, end of period	1,204		1,054		1,223		1,298		1,521
Foreclosed properties	48		49		48		47		35
Nonperforming commercial loans, leases and foreclosed properties, end of period	$	1,252	$	1,103	$	1,271	$	1,345	$	1,556

(1)For amounts excluded from nonperforming loans, leases and foreclosed properties, see footnotes to Nonperforming Loans, Leases and Foreclosed Properties table on page 26.

(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. Prior to January 1, 2023, certain troubled debt restructurings were classified as nonperforming at the time of restructuring and were only 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. Prior to January 1, 2023, troubled debt restructurings were 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.			27


Bank of America Corporation and Subsidiaries
Quarterly Net Charge-offs and Net Charge-off Ratios (1)
(Dollars in millions)
	First Quarter 2023				Fourth Quarter 2022				Third Quarter 2022				Second Quarter 2022				First Quarter 2022
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage (2)	$	1	—	%	$	(1)	—	%	$	(3)	(0.01)	%	$	86	0.15	%	$	(10)	(0.02)	%
Home equity (3)	(12)		(0.18)		(18)		(0.27)		(18)		(0.25)		(24)		(0.37)		(30)		(0.44)
Credit card	501		2.21		386		1.71		328		1.53		323		1.60		297		1.53

Direct/Indirect consumer	1		—		1		—		9		0.03		4		0.02		4		0.02
Other consumer	162		n/m		163		n/m		143		n/m		136		n/m		79		n/m
Total consumer	653		0.58		531		0.47		459		0.41		525		0.47		340		0.32
U.S. commercial	47		0.05		47		0.05		23		0.03		15		0.02		(14)		(0.02)
Non-U.S. commercial	20		0.07		31		0.10		(6)		(0.02)		(5)		(0.01)		1		—
Total commercial and industrial	67		0.06		78		0.06		17		0.01		10		0.01		(13)		(0.01)
Commercial real estate	22		0.12		34		0.20		13		0.08		(4)		(0.03)		23		0.15
Commercial lease financing	(1)		(0.01)		2		0.05		(1)		(0.05)		4		0.13		—		—
	88		0.06		114		0.08		29		0.02		10		0.01		10		0.01
U.S. small business commercial	66		1.48		44		0.99		32		0.72		36		0.79		42		0.94
Total commercial	154		0.11		158		0.11		61		0.04		46		0.03		52		0.04
Total net charge-offs	$	807	0.32		$	689	0.26		$	520	0.20		$	571	0.23		$	392	0.16

By Business Segment and All Other
Consumer Banking	$	729	0.97	%	$	591	0.78	%	$	512	0.69	%	$	502	0.70	%	$	416	0.59	%
Global Wealth & Investment Management	6		0.01		4		0.01		5		0.01		9		0.02		1		—
Global Banking	87		0.09		112		0.12		26		0.03		14		0.01		(12)		(0.01)
Global Markets	—		—		(1)		(0.01)		(1)		—		(4)		(0.01)		21		0.08
All Other	(15)		(0.59)		(17)		(0.66)		(22)		(0.80)		50		1.40		(34)		(0.91)
Total net charge-offs	$	807	0.32		$	689	0.26		$	520	0.20		$	571	0.23		$	392	0.16

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

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

(3)Includes loan sale net recoveries of $6 million and $2 million for the second and first quarters of 2022 and $0 for the remaining quarters.

n/m = not meaningful


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


Bank of America Corporation and Subsidiaries
Allocation of the Allowance for Credit Losses by Product Type
(Dollars in millions)
	March 31, 2023		December 31, 2022			March 31, 2022
	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	$	305	0.13%	$	328		0.14%	$	301	0.13%
Home equity	98		0.38	92			0.35	172		0.64
Credit card	6,220		6.73	6,136			6.57	5,684		7.16

Direct/Indirect consumer	628		0.60	585			0.55	512		0.48
Other consumer	110		n/m	96			n/m	46		n/m
Total consumer	7,361		1.63	7,237			1.59	6,715		1.53
U.S. commercial (3)	2,835		0.75	3,007			0.80	2,966		0.85
Non-U.S. commercial	1,019		0.82	1,194			0.96	1,155		0.94
Commercial real estate	1,253		1.72	1,192			1.71	1,218		1.95
Commercial lease financing	46		0.34	52			0.38	50		0.36
Total commercial	5,153		0.87	5,445			0.93	5,389		0.98
Allowance for loan and lease losses	12,514		1.20	12,682			1.22	12,104		1.23


Reserve for unfunded lending commitments	1,437			1,540				1,379
Allowance for credit losses	$	13,951		$	14,222			$	13,483

Asset Quality Indicators

Allowance for loan and lease losses/Total loans and leases (2)			1.20%				1.22%			1.23%

Allowance for loan and lease losses/Total nonperforming loans and leases (4)			319				333			262

Ratio of the allowance for loan and lease losses/Annualized net charge-offs			3.83				4.64			7.62

(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 $72 million, $71 million and $248 million, and home equity loans of $262 million, $268 million and $320 million at March 31, 2023, December 31, 2022 and March 31, 2022, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $2.2 billion, $2.9 billion and $4.0 billion and non-U.S. commercial loans of $1.9 billion, $2.5 billion and $2.6 billion at March 31, 2023, December 31, 2022 and March 31, 2022, respectively.

(2)Total loans and leases do not include loans accounted for under the fair value option of $4.4 billion, $5.8 billion and $7.1 billion at March 31, 2023, December 31, 2022 and March 31, 2022, respectively.

(3)Includes allowance for loan and lease losses for U.S. small business commercial loans of $864 million, $844 million and $1.0 billion at March 31, 2023, December 31, 2022 and March 31, 2022, respectively.

(4)Allowance for loan and lease losses includes $7.1 billion, $7.0 billion and $6.6 billion allocated to products (primarily the Consumer Lending portfolios within Consumer Banking) that are excluded from nonperforming loans and leases at March 31, 2023, December 31, 2022 and March 31, 2022, respectively. Excluding these amounts, allowance for loan and lease losses as a percentage of total nonperforming loans and leases was 138 percent, 149 percent and 118 percent at March 31, 2023, December 31, 2022 and March 31, 2022, respectively.

n/m = not meaningful


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

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 three months ended March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022. The Corporation believes the use of these non-GAAP financial measures provides additional clarity in understanding its results of operations and trends. Other companies may define or calculate supplemental financial data differently.


	First Quarter 2023	Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022		First Quarter 2022






























Reconciliation of income before income taxes to pretax, pre-provision income
Income before income taxes		$	9,089	$	7,897	$	8,301	$	6,892	$	7,879
Provision for credit losses		931		1,092		898		523		30
Pretax, pre-provision income		$	10,020	$	8,989	$	9,199	$	7,415	$	7,909

Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity		$	277,252	$	272,629	$	271,017	$	268,197	$	269,309
Goodwill		(69,022)		(69,022)		(69,022)		(69,022)		(69,022)
Intangible assets (excluding mortgage servicing rights)		(2,068)		(2,088)		(2,107)		(2,127)		(2,146)
Related deferred tax liabilities		899		914		920		926		929
Tangible shareholders’ equity		$	207,061	$	202,433	$	200,808	$	197,974	$	199,070
Preferred stock		(28,397)		(28,982)		(29,134)		(28,674)		(26,444)
Tangible common shareholders’ equity		$	178,664	$	173,451	$	171,674	$	169,300	$	172,626








Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity		$	280,196	$	273,197	$	269,524	$	269,118	$	266,617
Goodwill		(69,022)		(69,022)		(69,022)		(69,022)		(69,022)
Intangible assets (excluding mortgage servicing rights)		(2,055)		(2,075)		(2,094)		(2,114)		(2,133)
Related deferred tax liabilities		895		899		915		920		926
Tangible shareholders’ equity		$	210,014	$	202,999	$	199,323	$	198,902	$	196,388
Preferred stock		(28,397)		(28,397)		(29,134)		(29,134)		(27,137)
Tangible common shareholders’ equity		$	181,617	$	174,602	$	170,189	$	169,768	$	169,251

Reconciliation of period-end assets to period-end tangible assets
Assets		$	3,194,657	$	3,051,375	$	3,072,953	$	3,111,606	$	3,238,223
Goodwill		(69,022)		(69,022)		(69,022)		(69,022)		(69,022)
Intangible assets (excluding mortgage servicing rights)		(2,055)		(2,075)		(2,094)		(2,114)		(2,133)
Related deferred tax liabilities		895		899		915		920		926
Tangible assets		$	3,124,475	$	2,981,177	$	3,002,752	$	3,041,390	$	3,167,994

Book value per share of common stock
Common shareholders’ equity		$	251,799	$	244,800	$	240,390	$	239,984	$	239,480
Ending common shares issued and outstanding		7,972.4		7,996.8		8,024.5		8,035.2		8,062.1
Book value per share of common stock		$	31.58	$	30.61	$	29.96	$	29.87	$	29.70

Tangible book value per share of common stock
Tangible common shareholders’ equity		$	181,617	$	174,602	$	170,189	$	169,768	$	169,251
Ending common shares issued and outstanding		7,972.4		7,996.8		8,024.5		8,035.2		8,062.1
Tangible book value per share of common stock		$	22.78	$	21.83	$	21.21	$	21.13	$	20.99


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