Document

EX-99.3 4 bac-03312025ex993.htm EX-99.3 Document

Supplemental Information

First Quarter 2025

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.

* Website content is not incorporated by reference into this Supplemental Information.


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

Global Wealth & Investment Management
Total Segment Results			15
Key Indicators			16
Global Banking
Total Segment Results			17
Key Indicators			18

Global Markets
Total Segment Results			19
Key Indicators			20
All Other
Total Results			21
Outstanding Loans and Leases			22
Quarterly Average Loans and Leases by Business Segment and All Other			23
Commercial Credit Exposure by Industry			24

Nonperforming Loans, Leases and Foreclosed Properties			25
Nonperforming Loans, Leases and Foreclosed Properties Activity			26
Quarterly Net Charge-offs and Net Charge-off Ratios			27

Allocation of the Allowance for Credit Losses by Product Type			28

Exhibit A: Non-GAAP Reconciliations			29







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 2025	Fourth Quarter 2024			Third Quarter 2024			Second Quarter 2024			First Quarter 2024

Income statement
Net interest income		$	14,443		$	14,359		$	13,967		$	13,702		$	14,032
Noninterest income		12,923			10,988			11,378			11,675			11,786
Total revenue, net of interest expense		27,366			25,347			25,345			25,377			25,818
Provision for credit losses		1,480			1,452			1,542			1,508			1,319
Noninterest expense		17,770			16,787			16,479			16,309			17,237
Income before income taxes		8,116			7,108			7,324			7,560			7,262
Pretax, pre-provision income (1)		9,596			8,560			8,866			9,068			8,581
Income tax expense		720			443			428			663			588
Net income		7,396			6,665			6,896			6,897			6,674
Preferred stock dividends		406			266			516			315			532
Net income applicable to common shareholders		6,990			6,399			6,380			6,582			6,142
Diluted earnings per common share		0.90			0.82			0.81			0.83			0.76
Average diluted common shares issued and outstanding		7,770.8			7,843.7			7,902.1			7,960.9			8,031.4
Dividends paid per common share		$	0.26		$	0.26		$	0.26		$	0.24		$	0.24

Performance ratios
Return on average assets		0.89		%	0.80		%	0.83		%	0.85		%	0.83		%
Return on average common shareholders’ equity		10.36			9.37			9.44			9.98			9.35
Return on average shareholders’ equity		10.14			8.98			9.30			9.45			9.18
Return on average tangible common shareholders’ equity (2)		13.94			12.63			12.76			13.57			12.73
Return on average tangible shareholders’ equity (2)		13.29			11.78			12.20			12.42			12.07
Efficiency ratio		64.93			66.23			65.02			64.26			66.77


At period end
Book value per share of common stock		$	36.39		$	35.79		$	35.37		$	34.39		$	33.71
Tangible book value per share of common stock (2)		27.12			26.58			26.25			25.37			24.79
Market capitalization		315,482			334,497			305,090			309,202			298,312
Number of financial centers - U.S.		3,681			3,700			3,741			3,786			3,804
Number of branded ATMs - U.S.		14,866			14,893			14,900			14,972			15,028
Headcount		212,732			213,193			213,491			212,318			212,335

(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 29.)

(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 29.)


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 2025	Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024		First Quarter 2024

Net interest income
Interest income		$	34,066	$	35,977	$	37,491	$	36,854	$	36,285
Interest expense		19,623		21,618		23,524		23,152		22,253
Net interest income		14,443		14,359		13,967		13,702		14,032

Noninterest income
Fees and commissions		9,415		9,543		9,119		8,969		8,660
Market making and similar activities		3,584		2,503		3,278		3,298		3,888
Other income (loss)		(76)		(1,058)		(1,019)		(592)		(762)
Total noninterest income		12,923		10,988		11,378		11,675		11,786
Total revenue, net of interest expense		27,366		25,347		25,345		25,377		25,818

Provision for credit losses		1,480		1,452		1,542		1,508		1,319

Noninterest expense
Compensation and benefits		10,889		10,245		9,916		9,826		10,195
Information processing and communications		1,894		1,884		1,784		1,763		1,800
Occupancy and equipment		1,856		1,824		1,836		1,818		1,811
Product delivery and transaction related		914		903		849		891		851

Professional fees		652		744		723		654		548
Marketing		506		510		504		487		455
Other general operating		1,059		677		867		870		1,577
Total noninterest expense		17,770		16,787		16,479		16,309		17,237
Income before income taxes		8,116		7,108		7,324		7,560		7,262
Income tax expense (benefit)		720		443		428		663		588
Net income		$	7,396	$	6,665	$	6,896	$	6,897	$	6,674
Preferred stock dividends		406		266		516		315		532

Net income applicable to common shareholders		$	6,990	$	6,399	$	6,380	$	6,582	$	6,142

Per common share information
Earnings		$	0.91	$	0.83	$	0.82	$	0.83	$	0.77
Diluted earnings		0.90		0.82		0.81		0.83		0.76
Average common shares issued and outstanding		7,677.9		7,738.4		7,818.0		7,897.9		7,968.2
Average diluted common shares issued and outstanding		7,770.8		7,843.7		7,902.1		7,960.9		8,031.4


Consolidated Statement of Comprehensive Income
(Dollars in millions)
	First Quarter 2025	Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024		First Quarter 2024

Net income		$	7,396	$	6,665	$	6,896	$	6,897	$	6,674
Other comprehensive income (loss), net-of-tax:
Net change in debt securities		366		(286)		417		(305)		332
Net change in debit valuation adjustments		297		8		—		53		(188)
Net change in derivatives		1,313		(672)		2,830		686		(416)
Employee benefit plan adjustments		27		56		27		25		23
Net change in foreign currency translation adjustments		11		(57)		21		(31)		(20)
Other comprehensive income (loss)		2,014		(951)		3,295		428		(269)
Comprehensive income (loss)		$	9,410	$	5,714	$	10,191	$	7,325	$	6,405


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 2025	Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024		First Quarter 2024

Net interest income
Interest income
Loans and leases		$	15,223	$	15,690	$	15,725	$	15,338	$	15,240
Debt securities		6,767		6,712		6,833		6,325		6,137
Federal funds sold and securities borrowed or purchased under agreements to resell		3,774		4,381		5,196		5,159		5,175
Trading account assets		3,008		2,679		2,726		2,516		2,455
Other interest income		5,294		6,515		7,011		7,516		7,278
Total interest income		34,066		35,977		37,491		36,854		36,285

Interest expense
Deposits		8,632		9,524		10,125		9,655		9,138
Short-term borrowings		6,963		7,993		8,940		9,070		8,535
Trading account liabilities		707		567		538		540		546
Long-term debt		3,321		3,534		3,921		3,887		4,034
Total interest expense		19,623		21,618		23,524		23,152		22,253
Net interest income		$	14,443	$	14,359	$	13,967	$	13,702	$	14,032

Noninterest income
Fees and commissions
Card income
Interchange fees (1)		$	916	$	1,029	$	1,030	$	1,023	$	931
Other card income		602		593		588		558		532
Total card income		1,518		1,622		1,618		1,581		1,463
Service charges
Deposit-related fees		1,228		1,216		1,198		1,172		1,122
Lending-related fees		333		338		354		335		320
Total service charges		1,561		1,554		1,552		1,507		1,442
Investment and brokerage services
Asset management fees		3,738		3,702		3,533		3,370		3,270
Brokerage fees		1,075		1,011		1,013		950		917
Total investment and brokerage services		4,813		4,713		4,546		4,320		4,187
Investment banking fees
Underwriting income		770		763		742		869		901
Syndication fees		369		335		274		318		294
Financial advisory services		384		556		387		374		373
Total investment banking fees		1,523		1,654		1,403		1,561		1,568
Total fees and commissions		9,415		9,543		9,119		8,969		8,660
Market making and similar activities		3,584		2,503		3,278		3,298		3,888
Other income (loss)		(76)		(1,058)		(1,019)		(592)		(762)
Total noninterest income		$	12,923	$	10,988	$	11,378	$	11,675	$	11,786

(1)Gross interchange fees and merchant income were $3.3 billion, $3.5 billion, $3.4 billion, $3.5 billion and $3.2 billion and are presented net of $2.4 billion, $2.4 billion, $2.4 billion, $2.4 billion and $2.3 billion of expenses for rewards and partner payments as well as certain other card costs for the first quarter of 2025 and the fourth, third, second and first quarters of 2024, 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 2025		December 31 2024		March 31 2024
Assets
Cash and due from banks		$	24,734	$	26,003	$	23,550
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks		248,845		264,111		289,854
Cash and cash equivalents		273,579		290,114		313,404
Time deposits placed and other short-term investments		7,282		6,372		7,859
Federal funds sold and securities borrowed or purchased under agreements to resell		328,365		274,709		316,093
Trading account assets		339,614		314,460		318,364
Derivative assets		36,206		40,948		36,236
Debt securities:
Carried at fair value		388,559		358,607		323,119
Held-to-maturity, at cost		550,720		558,677		586,863
Total debt securities		939,279		917,284		909,982
Loans and leases		1,110,625		1,095,835		1,049,156
Allowance for loan and lease losses		(13,256)		(13,240)		(13,213)
Loans and leases, net of allowance		1,097,369		1,082,595		1,035,943
Premises and equipment, net		12,151		12,168		11,901
Goodwill		69,021		69,021		69,021
Loans held-for-sale		6,867		9,545		8,571
Customer and other receivables		80,329		82,247		86,106
Other assets		159,362		162,056		160,323
Total assets		$	3,349,424	$	3,261,519	$	3,273,803

Liabilities
Deposits in U.S. offices:
Noninterest-bearing		$	513,905	$	507,561	$	524,982
Interest-bearing		1,346,423		1,329,014		1,304,508
Deposits in non-U.S. offices:
Noninterest-bearing		16,105		16,297		16,502
Interest-bearing		113,131		112,595		100,504
Total deposits		1,989,564		1,965,467		1,946,496
Federal funds purchased and securities loaned or sold under agreements to repurchase		376,070		331,758		329,658
Trading account liabilities		105,470		92,543		114,326
Derivative liabilities		35,365		39,353		40,401
Short-term borrowings		41,687		43,391		38,895
Accrued expenses and other liabilities		201,541		210,169		214,129
Long-term debt		304,146		283,279		296,346
Total liabilities		3,053,843		2,965,960		2,980,251
Shareholders’ equity
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 3,771,164, 3,877,917 and 4,088,099 shares		20,499		23,159		28,397
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 7,560,084,716, 7,610,862,311 and 7,866,868,200 shares		41,038		45,336		54,310
Retained earnings		247,315		242,349		228,902
Accumulated other comprehensive income (loss)		(13,271)		(15,285)		(18,057)
Total shareholders’ equity		295,581		295,559		293,552
Total liabilities and shareholders’ equity		$	3,349,424	$	3,261,519	$	3,273,803

	Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
	Trading account assets	$	6,062	$	5,575	$	5,838
	Loans and leases	18,045		19,144		19,250
	Allowance for loan and lease losses	(911)		(919)		(920)
	Loans and leases, net of allowance	17,134		18,225		18,330

	All other assets	608		319		256
	Total assets of consolidated variable interest entities	$	23,804	$	24,119	$	24,424

	Liabilities of consolidated variable interest entities included in total liabilities above
	Short-term borrowings	$	4,289	$	3,329	$	3,387
	Long-term debt	8,368		8,457		8,157
	All other liabilities	30		21		18
	Total liabilities of consolidated variable interest entities	$	12,687	$	11,807	$	11,562


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 2025			December 31 2024			March 31 2024
Risk-based capital metrics (1):
Standardized Approach
Common equity tier 1 capital	$	201,177		$	201,083		$	196,625
Tier 1 capital	221,666			223,458			225,021
Total capital	256,443			255,363			252,400
Risk-weighted assets	1,712,065			1,695,743			1,657,660
Common equity tier 1 capital ratio	11.8		%	11.9		%	11.9		%
Tier 1 capital ratio	12.9			13.2			13.6
Total capital ratio	15.0			15.1			15.2

Advanced Approaches
Common equity tier 1 capital	$	201,177		$	201,083		$	196,625
Tier 1 capital	221,666			223,458			225,021
Total capital	245,969			244,809			242,576
Risk-weighted assets	1,516,101			1,489,896			1,462,660
Common equity tier 1 capital ratio	13.3		%	13.5		%	13.4		%
Tier 1 capital ratio	14.6			15.0			15.4
Total capital ratio	16.2			16.4			16.6

Leverage-based metrics (1):
Adjusted average assets	$	3,272,037		$	3,239,641		$	3,168,595
Tier 1 leverage ratio	6.8		%	6.9		%	7.1		%

Supplementary leverage exposure	$	3,859,821		$	3,818,346		$	3,723,890
Supplementary leverage ratio	5.7		%	5.9		%	6.0		%

Total ending equity to total ending assets ratio	8.8			9.1			9.0
Common equity ratio	8.2			8.4			8.1
Tangible equity ratio (2)	6.9			7.1			7.0
Tangible common equity ratio (2)	6.3			6.3			6.1

(1)Regulatory capital ratios at March 31, 2025 are preliminary. The Corporation reports 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 Tier 1 capital ratio under the Standardized approach at March 31, 2025 and the Total capital ratio under the Standardized approach at December 31, 2024 and March 31, 2024.

(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 29.)


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 2025		December 31 2024		March 31 2024
Total common shareholders' equity	$	275,082	$	272,400	$	265,155
CECL transitional amount (1)	—		627		627
Goodwill, net of related deferred tax liabilities	(68,649)		(68,649)		(68,648)
Deferred tax assets arising from net operating loss and tax credit carryforwards	(8,419)		(8,097)		(8,148)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities	(1,425)		(1,440)		(1,482)
Defined benefit pension plan net assets, net-of-tax	(800)		(786)		(775)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net-of-tax	1,173		1,491		1,585
Accumulated net (gain) loss on certain cash flow hedges (2)	4,298		5,629		8,449
Other	(83)		(92)		(138)
Common equity tier 1 capital	201,177		201,083		196,625
Qualifying preferred stock, net of issuance cost	20,498		22,391		28,396
Other	(9)		(16)		—
Tier 1 capital	221,666		223,458		225,021
Tier 2 capital instruments	20,626		18,592		14,185
Qualifying allowance for credit losses (3)	14,442		13,558		13,592
Other	(291)		(245)		(398)
Total capital under the Standardized approach	256,443		255,363		252,400
Adjustment in qualifying allowance for credit losses under the Advanced approaches (3)	(10,474)		(10,554)		(9,824)
Total capital under the Advanced approaches	$	245,969	$	244,809	$	242,576

(1)December 31, 2024 and March 31, 2024 include 25 percent of the current expected credit losses (CECL) transition provision’s impact as of December 31, 2021. As of January 1, 2025, CECL transition provision’s impact is fully phased-in.

(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)December 31, 2024 and March 31, 2024 include 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 2025						Fourth Quarter 2024						First Quarter 2024
	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	$	272,012	$	2,810	4.19	%	$	319,203	$	3,648	4.55	%	$	346,463	$	4,531	5.26	%
Time deposits placed and other short-term investments	9,202		92		4.04		9,824		112		4.54		9,728		116		4.80
Federal funds sold and securities borrowed or purchased under agreements to resell	322,012		3,774		4.75		296,204		4,381		5.88		304,821		5,175		6.83
Trading account assets	231,437		3,034		5.31		210,380		2,703		5.11		202,461		2,482		4.93
Debt securities	923,747		6,786		2.95		895,903		6,734		2.99		842,483		6,162		2.92
Loans and leases (2)
Residential mortgage	228,638		1,916		3.36		227,990		1,892		3.32		227,748		1,803		3.17
Home equity	25,849		366		5.74		25,767		394		6.09		25,522		390		6.14
Credit card	100,173		2,838		11.49		100,938		2,903		11.44		99,815		2,786		11.22

Direct/Indirect and other consumer	106,847		1,432		5.43		106,379		1,490		5.57		103,371		1,399		5.45

Total consumer	461,507		6,552		5.74		461,074		6,679		5.77		456,456		6,378		5.61
U.S. commercial	411,783		5,427		5.34		404,606		5,541		5.45		379,566		5,236		5.55
Non-U.S. commercial	138,853		2,058		6.01		132,833		2,187		6.55		125,024		2,170		6.98
Commercial real estate	65,751		1,020		6.29		67,064		1,129		6.69		71,986		1,311		7.33
Commercial lease financing	15,844		215		5.46		15,432		209		5.39		14,858		200		5.41
Total commercial	632,231		8,720		5.59		619,935		9,066		5.82		591,434		8,917		6.06
Total loans and leases	1,093,738		15,272		5.65		1,081,009		15,745		5.80		1,047,890		15,295		5.87
Other earning assets	114,695		2,443		8.63		116,207		2,808		9.61		106,737		2,682		10.10
Total earning assets	2,966,843		34,211		4.67		2,928,730		36,131		4.91		2,860,583		36,443		5.12
Cash and due from banks	23,700						24,354						24,185
Other assets, less allowance for loan and lease losses	360,880						365,010						362,391
Total assets	$	3,351,423					$	3,318,094					$	3,247,159
Interest-bearing liabilities
U.S. interest-bearing deposits

Demand and money market deposits	$	966,678	$	4,638	1.95	%	$	963,827	$	5,134	2.12	%	$	956,716	$	5,012	2.11	%

Time and savings deposits	364,554		3,007		3.34		366,359		3,285		3.57		325,765		3,059		3.78
Total U.S. interest-bearing deposits	1,331,232		7,645		2.33		1,330,186		8,419		2.52		1,282,481		8,071		2.53




Non-U.S. interest-bearing deposits	116,733		987		3.42		115,503		1,105		3.81		104,373		1,067		4.11
Total interest-bearing deposits	1,447,965		8,632		2.42		1,445,689		9,524		2.62		1,386,854		9,138		2.65
Federal funds purchased and securities loaned or sold under agreements to repurchase	385,091		4,629		4.87		363,419		5,387		5.90		350,507		6,026		6.92
Short-term borrowings and other interest-bearing liabilities	160,226		2,334		5.91		155,956		2,606		6.65		141,091		2,509		7.15
Trading account liabilities	53,678		707		5.34		50,873		567		4.44		51,757		546		4.24
Long-term debt	241,036		3,321		5.56		238,988		3,534		5.90		254,782		4,034		6.35
Total interest-bearing liabilities	2,287,996		19,623		3.47		2,254,925		21,618		3.82		2,184,991		22,253		4.10
Noninterest-bearing sources
Noninterest-bearing deposits	510,367						512,261						520,608
Other liabilities (3)	257,273						255,774						249,049
Shareholders’ equity	295,787						295,134						292,511
Total liabilities and shareholders’ equity	$	3,351,423					$	3,318,094					$	3,247,159
Net interest spread					1.20	%					1.09	%					1.02	%
Impact of noninterest-bearing sources					0.79						0.88						0.97
Net interest income/yield on earning assets (4)			$	14,588	1.99	%			$	14,513	1.97	%			$	14,190	1.99	%

(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 $53.7 billion, $53.0 billion and $44.1 billion of structured notes and liabilities for the first quarter of 2025 and the fourth and first quarters of 2024, respectively.

(4)Net interest income includes FTE adjustments of $145 million, $154 million and $158 million for the first quarter of 2025 and the fourth and first quarters of 2024, 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, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	31,974	$	42	$	(1,448)	$	30,568
Agency-collateralized mortgage obligations	20,718		13		(198)		20,533
Commercial	30,030		85		(465)		29,650
Non-agency residential	282		52		(52)		282
Total mortgage-backed securities	83,004		192		(2,163)		81,033
U.S. Treasury and government agencies	260,631		213		(999)		259,845
Non-U.S. securities	23,956		26		(18)		23,964
Other taxable securities	3,032		3		(38)		2,997

Tax-exempt securities	8,601		15		(206)		8,410
Total available-for-sale debt securities	379,224		449		(3,424)		376,249
Other debt securities carried at fair value (1)	12,306		114		(110)		12,310
Total debt securities carried at fair value	391,530		563		(3,534)		388,559
Held-to-maturity debt securities
Agency mortgage-backed securities	422,326		—		(79,614)		342,712
U.S. Treasury and government agencies	121,708		—		(15,826)		105,882
Other taxable securities	6,722		2		(910)		5,814
Total held-to-maturity debt securities	550,756		2		(96,350)		454,408
Total debt securities	$	942,286	$	565	$	(99,884)	$	842,967


	December 31, 2024
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	32,781	$	35	$	(1,614)	$	31,202
Agency-collateralized mortgage obligations	19,519		17		(218)		19,318
Commercial	26,032		73		(503)		25,602
Non-agency residential	287		50		(52)		285
Total mortgage-backed securities	78,619		175		(2,387)		76,407
U.S. Treasury and government agencies	235,582		150		(1,153)		234,579
Non-U.S. securities	22,453		20		(42)		22,431
Other taxable securities	4,646		2		(45)		4,603

Tax-exempt securities	8,628		17		(233)		8,412
Total available-for-sale debt securities	349,928		364		(3,860)		346,432
Other debt securities carried at fair value (1)	12,352		59		(236)		12,175
Total debt securities carried at fair value	362,280		423		(4,096)		358,607
Held-to-maturity debt securities
Agency mortgage-backed securities	430,135		—		(88,458)		341,677
U.S. Treasury and government agencies	121,696		—		(18,661)		103,035
Other taxable securities	6,882		1		(1,047)		5,836
Total held-to-maturity debt securities	558,713		1		(108,166)		450,548
Total debt securities	$	920,993	$	424	$	(112,262)	$	809,155

(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 2025	Fourth Quarter 2024			Third Quarter 2024			Second Quarter 2024			First Quarter 2024







FTE basis data (1)
Net interest income		$	14,588		$	14,513		$	14,114		$	13,862		$	14,190
Total revenue, net of interest expense		27,511			25,501			25,492			25,537			25,976
Net interest yield		1.99		%	1.97		%	1.92		%	1.93		%	1.99		%
Efficiency ratio		64.59			65.83			64.64			63.86			66.36

(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 $145 million, $154 million, $147 million, $160 million and $158 million for the first quarter of 2025 and the fourth, third, second and first quarters of 2024, 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 2025
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	14,588	$	8,505	$	1,765	$	3,151	$	1,189	$	(22)
Noninterest income
Fees and commissions:
Card income	1,518		1,297		10		202		14		(5)
Service charges	1,561		618		27		826		89		1
Investment and brokerage services	4,813		83		4,089		18		627		(4)
Investment banking fees	1,523		—		69		847		681		(74)
Total fees and commissions	9,415		1,998		4,195		1,893		1,411		(82)
Market making and similar activities	3,584		8		34		66		3,622		(146)
Other income (loss)	(76)		(18)		22		867		362		(1,309)
Total noninterest income (loss)	12,923		1,988		4,251		2,826		5,395		(1,537)
Total revenue, net of interest expense	27,511		10,493		6,016		5,977		6,584		(1,559)
Provision for credit losses	1,480		1,292		14		154		28		(8)
Noninterest expense	17,770		5,826		4,659		3,184		3,811		290
Income (loss) before income taxes	8,261		3,375		1,343		2,639		2,745		(1,841)
Income tax expense (benefit)	865		844		336		726		796		(1,837)
Net income (loss)	$	7,396	$	2,531	$	1,007	$	1,913	$	1,949	$	(4)

Average
Total loans and leases	$	1,093,738	$	315,038	$	232,326	$	378,733	$	159,625	$	8,016
Total assets (1)	3,351,423		1,029,320		330,607		674,322		969,340		347,834
Total deposits	1,958,332		947,550		286,399		575,185		38,809		110,389
Quarter end
Total loans and leases	$	1,110,625	$	318,337	$	234,304	$	384,208	$	166,348	$	7,428
Total assets (1)	3,349,424		1,054,637		329,816		687,702		959,533		317,736
Total deposits	1,989,564		972,064		285,063		591,619		38,268		102,550

	Fourth Quarter 2024
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	14,513	$	8,485	$	1,753	$	3,270	$	1,026	$	(21)
Noninterest income
Fees and commissions:
Card income	1,622		1,397		13		200		15		(3)
Service charges	1,554		622		26		808		97		1
Investment and brokerage services	4,713		84		4,057		21		555		(4)
Investment banking fees	1,654		—		62		985		639		(32)
Total fees and commissions	9,543		2,103		4,158		2,014		1,306		(38)
Market making and similar activities	2,503		5		36		63		2,381		18
Other income (loss)	(1,058)		53		55		744		127		(2,037)
Total noninterest income (loss)	10,988		2,161		4,249		2,821		3,814		(2,057)
Total revenue, net of interest expense	25,501		10,646		6,002		6,091		4,840		(2,078)
Provision for credit losses	1,452		1,254		3		190		10		(5)
Noninterest expense	16,787		5,631		4,438		2,951		3,505		262
Income (loss) before income taxes	7,262		3,761		1,561		2,950		1,325		(2,335)
Income tax expense (benefit)	597		940		390		811		384		(1,928)
Net income (loss)	$	6,665	$	2,821	$	1,171	$	2,139	$	941	$	(407)

Average
Total loans and leases	$	1,081,009	$	316,069	$	228,779	$	375,345	$	152,426	$	8,390
Total assets (1)	3,318,094		1,023,388		329,164		679,218		918,660		367,664
Total deposits	1,957,950		942,302		285,023		581,950		36,958		111,717
Quarter end
Total loans and leases	$	1,095,835	$	318,754	$	231,981	$	379,473	$	157,450	$	8,177
Total assets (1)	3,261,519		1,034,370		338,367		670,905		876,605		341,272
Total deposits	1,965,467		952,311		292,278		578,159		38,848		103,871

(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 2024
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	14,190	$	8,197	$	1,814	$	3,460	$	681	$	38
Noninterest income
Fees and commissions:
Card income	1,463		1,272		10		188		17		(24)
Service charges	1,442		578		23		750		90		1
Investment and brokerage services	4,187		78		3,600		18		495		(4)
Investment banking fees	1,568		—		63		850		708		(53)
Total fees and commissions	8,660		1,928		3,696		1,806		1,310		(80)
Market making and similar activities	3,888		5		34		68		3,830		(49)
Other income (loss)	(762)		36		47		646		62		(1,553)
Total noninterest income (loss)	11,786		1,969		3,777		2,520		5,202		(1,682)
Total revenue, net of interest expense	25,976		10,166		5,591		5,980		5,883		(1,644)
Provision for credit losses	1,319		1,150		(13)		229		(36)		(11)
Noninterest expense	17,237		5,475		4,264		3,012		3,492		994
Income (loss) before income taxes	7,420		3,541		1,340		2,739		2,427		(2,627)
Income tax expense (benefit)	746		885		335		753		704		(1,931)
Net income (loss)	$	6,674	$	2,656	$	1,005	$	1,986	$	1,723	$	(696)

Average
Total loans and leases	$	1,047,890	$	313,038	$	218,616	$	373,608	$	133,756	$	8,872
Total assets (1)	3,247,159		1,033,101		341,119		623,073		895,382		354,484
Total deposits	1,907,462		952,466		297,373		525,699		32,585		99,339
Quarter end
Total loans and leases	$	1,049,156	$	311,725	$	219,844	$	373,403	$	135,267	$	8,917
Total assets (1)	3,273,803		1,060,482		343,718		623,204		902,741		343,658
Total deposits	1,946,496		978,761		298,039		527,113		34,847		107,736

(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 2025	Fourth Quarter 2024			Third Quarter 2024			Second Quarter 2024			First Quarter 2024

Net interest income		$	8,505		$	8,485		$	8,278		$	8,118		$	8,197
Noninterest income:
Card income		1,297			1,397			1,402			1,361			1,272
Service charges		618			622			631			614			578

All other income		73			142			107			113			119
Total noninterest income		1,988			2,161			2,140			2,088			1,969
Total revenue, net of interest expense		10,493			10,646			10,418			10,206			10,166

Provision for credit losses		1,292			1,254			1,302			1,281			1,150

Noninterest expense		5,826			5,631			5,534			5,464			5,475
Income before income taxes		3,375			3,761			3,582			3,461			3,541
Income tax expense		844			940			895			866			885
Net income		$	2,531		$	2,821		$	2,687		$	2,595		$	2,656

Net interest yield		3.48		%	3.42		%	3.35		%	3.29		%	3.31		%
Return on average allocated capital (1)		23			26			25			24			25
Efficiency ratio		55.53			52.89			53.12			53.54			53.86

Balance Sheet
Average
Total loans and leases		$	315,038		$	316,069		$	313,781		$	312,254		$	313,038
Total earning assets (2)		992,252			985,990			982,058			992,304			995,556
Total assets (2)		1,029,320			1,023,388			1,019,085			1,029,777			1,033,101
Total deposits		947,550			942,302			938,364			949,180			952,466
Allocated capital (1)		44,000			43,250			43,250			43,250			43,250

Period end
Total loans and leases		$	318,337		$	318,754		$	316,097		$	312,801		$	311,725
Total earning assets (2)		1,016,785			995,369			988,856			995,348			1,022,320
Total assets (2)		1,054,637			1,034,370			1,026,293			1,033,960			1,060,482
Total deposits		972,064			952,311			944,358			952,473			978,761

(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 2025	Fourth Quarter 2024			Third Quarter 2024			Second Quarter 2024			First Quarter 2024

Average deposit balances
Checking		$	551,555		$	547,060		$	542,267		$	549,514		$	548,604
Savings		52,985			52,812			54,128			56,285			57,401
MMS		241,423			242,257			248,200			257,023			266,056
CDs and IRAs		98,023			96,630			90,172			82,566			76,621
Other		3,564			3,543			3,597			3,792			3,784
Total average deposit balances		$	947,550		$	942,302		$	938,364		$	949,180		$	952,466

Deposit spreads (excludes noninterest costs)
Checking		2.81		%	2.75		%	2.71		%	2.62		%	2.50		%
Savings		3.13			3.05			2.98			2.90			2.80
MMS		3.38			3.32			3.32			3.28			3.20
CDs and IRAs		1.57			1.63			1.85			2.00			2.04
Other		4.26			4.43			5.07			5.18			5.19
Total deposit spreads		2.85			2.81			2.81			2.77			2.69

Consumer investment assets		$	497,680		$	517,835		$	496,582		$	476,116		$	456,391

Active digital banking users (in thousands) (1)		49,028			48,150			47,830			47,304			47,079
Active mobile banking users (in thousands) (2)		40,492			39,958			39,638			38,988			38,544
Financial centers		3,681			3,700			3,741			3,786			3,804
ATMs		14,866			14,893			14,900			14,972			15,028

Total credit card (3)
Loans
Average credit card outstandings		$	100,173		$	100,938		$	99,908		$	98,983		$	99,815
Ending credit card outstandings		99,731			103,566			100,842			99,450			98,453
Credit quality
Net charge-offs		$	1,001		$	963		$	928		$	955		$	899
		4.05		%	3.79		%	3.70		%	3.88		%	3.62		%
30+ delinquency		$	2,497		$	2,638		$	2,563		$	2,415		$	2,446
		2.50		%	2.55		%	2.54		%	2.43		%	2.48		%
90+ delinquency		$	1,334		$	1,401		$	1,306		$	1,257		$	1,299
		1.34		%	1.35		%	1.30		%	1.26		%	1.32		%
Other total credit card indicators (3)
Gross interest yield		12.12		%	12.15		%	12.49		%	12.32		%	12.24		%
Risk-adjusted margin		6.68			7.12			7.22			6.75			6.81
New accounts (in thousands)		913			901			970			951			998
Purchase volumes		$	88,208		$	95,962		$	92,592		$	93,296		$	87,011

Debit card data
Purchase volumes		$	140,197		$	144,895		$	139,352		$	140,346		$	132,407

Loan production (4)
Consumer Banking:
First mortgage		$	1,857		$	3,184		$	2,684		$	2,696		$	1,688
Home equity		1,834			1,926			1,897			2,027			1,600
Total (5):
First mortgage		$	4,508		$	6,585		$	5,348		$	5,728		$	3,443
Home equity		2,214			2,311			2,289			2,393			1,891

(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
Global Wealth & Investment Management Segment Results
(Dollars in millions)
	First Quarter 2025	Fourth Quarter 2024			Third Quarter 2024			Second Quarter 2024			First Quarter 2024

Net interest income		$	1,765		$	1,753		$	1,709		$	1,693		$	1,814
Noninterest income:
Investment and brokerage services		4,089			4,057			3,874			3,707			3,600
All other income		162			192			179			174			177
Total noninterest income		4,251			4,249			4,053			3,881			3,777
Total revenue, net of interest expense		6,016			6,002			5,762			5,574			5,591

Provision for credit losses		14			3			7			7			(13)

Noninterest expense		4,659			4,438			4,340			4,199			4,264
Income before income taxes		1,343			1,561			1,415			1,368			1,340
Income tax expense		336			390			354			342			335
Net income		$	1,007		$	1,171		$	1,061		$	1,026		$	1,005

Net interest yield		2.26		%	2.21		%	2.20		%	2.15		%	2.23		%
Return on average allocated capital (1)		21			25			23			22			22

Efficiency ratio		77.44			73.93			75.32			75.34			76.27

Balance Sheet
Average
Total loans and leases		$	232,326		$	228,779		$	225,355		$	222,776		$	218,616
Total earning assets (2)		316,887			315,071			309,231			317,250			327,692
Total assets (2)		330,607			329,164			322,924			330,958			341,119
Total deposits		286,399			285,023			279,999			287,678			297,373
Allocated capital (1)		19,750			18,500			18,500			18,500			18,500


Period end
Total loans and leases		$	234,304		$	231,981		$	227,318		$	224,837		$	219,844
Total earning assets (2)		315,663			323,496			314,594			310,055			329,515
Total assets (2)		329,816			338,367			328,831			324,476			343,718
Total deposits		285,063			292,278			283,432			281,283			298,039

(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.			15


Bank of America Corporation and Subsidiaries
Global Wealth & Investment Management Key Indicators
(Dollars in millions)
	First Quarter 2025	Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024		First Quarter 2024

Revenue by Business
Merrill Wealth Management		$	5,019	$	5,007	$	4,789	$	4,623	$	4,647
Bank of America Private Bank		997		995		973		951		944

Total revenue, net of interest expense		$	6,016	$	6,002	$	5,762	$	5,574	$	5,591

Client Balances by Business, at period end
Merrill Wealth Management		$	3,486,594	$	3,578,513	$	3,527,319	$	3,371,418	$	3,339,693
Bank of America Private Bank		670,600		673,593		666,622		640,467		633,697

Total client balances		$	4,157,194	$	4,252,106	$	4,193,941	$	4,011,885	$	3,973,390

Client Balances by Type, at period end


Assets under management (1)		$	1,855,657	$	1,882,211	$	1,861,124	$	1,758,875	$	1,730,005
Brokerage and other assets		1,821,203		1,888,334		1,856,806		1,779,881		1,758,642

Deposits		285,063		292,278		283,432		281,283		298,039
Loans and leases (2)		236,641		234,208		230,062		227,657		222,528
Less: Managed deposits in assets under management		(41,370)		(44,925)		(37,483)		(35,811)		(35,824)
Total client balances		$	4,157,194	$	4,252,106	$	4,193,941	$	4,011,885	$	3,973,390

Assets Under Management Rollforward
Assets under management, beginning balance		$	1,882,211	$	1,861,124	$	1,758,875	$	1,730,005	$	1,617,740
Net client flows		23,957		22,493		21,289		10,790		24,655

Market valuation/other		(50,511)		(1,406)		80,960		18,080		87,610
Total assets under management, ending balance		$	1,855,657	$	1,882,211	$	1,861,124	$	1,758,875	$	1,730,005

(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.


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 Banking Segment Results
(Dollars in millions)
	First Quarter 2025	Fourth Quarter 2024			Third Quarter 2024			Second Quarter 2024			First Quarter 2024

Net interest income		$	3,151		$	3,270		$	3,230		$	3,275		$	3,460
Noninterest income:
Service charges		826			808			802			775			750
Investment banking fees		847			985			783			835			850
All other income		1,153			1,028			1,019			1,168			920
Total noninterest income		2,826			2,821			2,604			2,778			2,520
Total revenue, net of interest expense		5,977			6,091			5,834			6,053			5,980

Provision for credit losses		154			190			229			235			229

Noninterest expense		3,184			2,951			2,991			2,899			3,012
Income before income taxes		2,639			2,950			2,614			2,919			2,739
Income tax expense		726			811			719			803			753
Net income		$	1,913		$	2,139		$	1,895		$	2,116		$	1,986

Net interest yield		2.11		%	2.13		%	2.22		%	2.37		%	2.50		%
Return on average allocated capital (1)		15			17			15			17			16
Efficiency ratio		53.27			48.44			51.27			47.88			50.37

Balance Sheet
Average
Total loans and leases		$	378,733		$	375,345		$	371,216		$	372,738		$	373,608
Total earning assets (2)		606,802			611,171			578,988			555,834			555,957
Total assets (2)		674,322			679,218			647,541			624,189			623,073
Total deposits		575,185			581,950			549,629			525,357			525,699
Allocated capital (1)		50,750			49,250			49,250			49,250			49,250

Period end
Total loans and leases		$	384,208		$	379,473		$	375,159		$	372,421		$	373,403
Total earning assets (2)		620,055			603,481			583,742			550,525			554,253
Total assets (2)		687,702			670,905			650,936			620,217			623,204
Total deposits		591,619			578,159			556,953			522,525			527,113

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

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


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 Key Indicators
(Dollars in millions)
	First Quarter 2025	Fourth Quarter 2024			Third Quarter 2024			Second Quarter 2024			First Quarter 2024

Investment Banking fees (1)
Advisory (2)		$	339		$	514		$	351		$	322		$	317
Debt issuance		409			320			332			363			383
Equity issuance		99			151			100			150			150
Total Investment Banking fees (3)		$	847		$	985		$	783		$	835		$	850

Business Lending
Corporate		$	914		$	1,036		$	1,102		$	1,260		$	1,065
Commercial		1,129			1,254			1,246			1,247			1,280
Business Banking		54			57			57			58			59
Total Business Lending revenue		$	2,097		$	2,347		$	2,405		$	2,565		$	2,404

Global Transaction Services
Corporate		$	1,288		$	1,286		$	1,243		$	1,261		$	1,335
Commercial		1,032			1,030			968			938			970
Business Banking		360			382			369			362			361
Total Global Transaction Services revenue		$	2,680		$	2,698		$	2,580		$	2,561		$	2,666

Average deposit balances
Interest-bearing		$	422,300		$	425,165		$	395,459		$	367,779		$	362,100
Noninterest-bearing		152,885			156,785			154,170			157,578			163,599
Total average deposits		$	575,185		$	581,950		$	549,629		$	525,357		$	525,699



Provision for credit losses		$	154		$	190		$	229		$	235		$	229

Credit quality (4, 5)
Reservable criticized utilized exposure		$	24,446		$	23,574		$	24,934		$	22,619		$	22,530
		6.04		%	5.90		%	6.30		%	5.75		%	5.70		%

Nonperforming loans, leases and foreclosed properties		$	2,987		$	2,970		$	2,780		$	2,731		$	3,075
		0.78		%	0.79		%	0.75		%	0.74		%	0.83		%

Average loans and leases by product
U.S. commercial		$	235,518		$	234,533		$	230,051		$	228,189		$	226,470
Non-U.S. commercial		78,141			74,632			73,077			74,227			76,284
Commercial real estate		48,939			50,452			52,672			54,984			55,683
Commercial lease financing		16,135			15,727			15,415			15,336			15,170
Other		—			1			1			2			1
Total average loans and leases		$	378,733		$	375,345		$	371,216		$	372,738		$	373,608

Total Corporation Investment Banking fees
Advisory (2)		$	384		$	556		$	387		$	374		$	373
Debt issuance		942			765			780			880			885
Equity issuance		272			364			270			357			363
Total investment banking fees including self-led deals		1,598			1,685			1,437			1,611			1,621
Self-led deals		(75)			(31)			(34)			(50)			(53)
Total Investment Banking fees		$	1,523		$	1,654		$	1,403		$	1,561		$	1,568

(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.			18


Bank of America Corporation and Subsidiaries
Global Markets Segment Results
(Dollars in millions)
	First Quarter 2025	Fourth Quarter 2024			Third Quarter 2024			Second Quarter 2024			First Quarter 2024

Net interest income		$	1,189		$	1,026		$	898		$	770		$	681
Noninterest income:
Investment and brokerage services		627			555			562			516			495
Investment banking fees		681			639			589			719			708
Market making and similar activities		3,622			2,381			3,349			3,218			3,830
All other income		465			239			232			236			169
Total noninterest income		5,395			3,814			4,732			4,689			5,202
Total revenue, net of interest expense (1)		6,584			4,840			5,630			5,459			5,883

Provision for credit losses		28			10			7			(13)			(36)

Noninterest expense		3,811			3,505			3,443			3,486			3,492
Income before income taxes		2,745			1,325			2,180			1,986			2,427
Income tax expense		796			384			632			576			704
Net income		$	1,949		$	941		$	1,548		$	1,410		$	1,723

Return on average allocated capital (2)		16		%	8		%	14		%	13		%	15		%

Efficiency ratio		57.89			72.39			61.17			63.83			59.38

Balance Sheet
Average
Total trading-related assets		$	668,237		$	620,903		$	645,607		$	639,763		$	629,826
Total loans and leases		159,625			152,426			140,806			135,106			133,756
Total earning assets		767,592			714,762			728,186			706,383			692,851
Total assets		969,340			918,660			924,093			908,525			895,382
Total deposits		38,809			36,958			34,952			31,944			32,585
Allocated capital (2)		49,000			45,500			45,500			45,500			45,500


Period end
Total trading-related assets		$	660,267		$	580,557		$	653,798		$	619,122		$	629,082
Total loans and leases		166,348			157,450			148,447			138,441			135,267
Total earning assets		761,826			687,678			742,221			701,978			698,279
Total assets		959,533			876,605			958,227			887,162			902,741
Total deposits		38,268			38,848			35,142			33,151			34,847

Trading-related assets (average)
Trading account securities		$	346,590		$	326,572		$	325,236		$	321,204		$	323,210
Reverse repurchases		143,605			123,473			150,751			139,901			134,081
Securities borrowed		136,800			132,334			133,588			139,705			134,852
Derivative assets		41,242			38,524			36,032			38,953			37,683
Total trading-related assets		$	668,237		$	620,903		$	645,607		$	639,763		$	629,826

(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 20.

(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.			19


Bank of America Corporation and Subsidiaries
Global Markets Key Indicators
(Dollars in millions)
	First Quarter 2025	Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024		First Quarter 2024

Sales and trading revenue (1)
Fixed-income, currencies and commodities		$	3,478	$	2,464	$	2,934	$	2,742	$	3,231
Equities		2,186		1,642		1,996		1,937		1,861
Total sales and trading revenue		$	5,664	$	4,106	$	4,930	$	4,679	$	5,092

Sales and trading revenue, excluding net debit valuation adjustment (2,3)
Fixed-income, currencies and commodities		$	3,463	$	2,482	$	2,942	$	2,737	$	3,307
Equities		2,182		1,643		1,996		1,943		1,870
Total sales and trading revenue, excluding net debit valuation adjustment		$	5,645	$	4,125	$	4,938	$	4,680	$	5,177

Sales and trading revenue breakdown
Net interest income		$	1,034	$	876	$	744	$	612	$	512
Commissions		626		554		561		517		494
Trading		3,622		2,381		3,348		3,217		3,830
Other		382		295		277		333		256
Total sales and trading revenue		$	5,664	$	4,106	$	4,930	$	4,679	$	5,092

(1) Includes Global Banking sales and trading revenue of $(37) million, $182 million, $165 million, $186 million and $144 million for the first quarter of 2025 and the fourth, third, second and first quarters of 2024, 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 $19 million, $(19) million, $(8) million, $(1) million and $(85) million for the first quarter of 2025 and the fourth, third, second and first quarters of 2024, respectively. FICC net DVA gains (losses) were $15 million, $(18) million, $(8) million, $5 million and $(76) million for the first quarter of 2025 and the fourth, third, second and first quarters of 2024, respectively. Equities net DVA gains (losses) were $4 million, $(1) million, $0, $(6) million and $(9) million for the first quarter of 2025 and the fourth, third, second and first quarters of 2024, respectively.


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


Bank of America Corporation and Subsidiaries
All Other Results (1)
(Dollars in millions)
	First Quarter 2025	Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024		First Quarter 2024

Net interest income		$	(22)	$	(21)	$	(1)	$	6	$	38





Noninterest income (loss)		(1,537)		(2,057)		(2,151)		(1,761)		(1,682)
Total revenue, net of interest expense		(1,559)		(2,078)		(2,152)		(1,755)		(1,644)

Provision for credit losses		(8)		(5)		(3)		(2)		(11)



Noninterest expense		290		262		171		261		994
Loss before income taxes		(1,841)		(2,335)		(2,320)		(2,014)		(2,627)
Income tax expense (benefit)		(1,837)		(1,928)		(2,025)		(1,764)		(1,931)
Net income (loss)		$	(4)	$	(407)	$	(295)	$	(250)	$	(696)

Balance Sheet
Average
Total loans and leases		$	8,016	$	8,390	$	8,570	$	8,598	$	8,872
Total assets (2)		347,834		367,664		382,528		381,539		354,484
Total deposits		110,389		111,717		117,804		115,766		99,339

Period end
Total loans and leases		$	7,428	$	8,177	$	8,779	$	8,285	$	8,917

Total assets (3)		317,736		341,272		360,006		392,181		343,658
Total deposits		102,550		103,871		110,467		121,059		107,736

(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 $974.7 billion, $974.2 billion, $944.4 billion, $941.7 billion and $958.0 billion for the first quarter of 2025 and the fourth, third, second and first quarters of 2024, respectively.

(3)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $1.0 trillion, $978.4 billion, $953.6 billion, $931.1 billion and $987.1 billion at March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, 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
Outstanding Loans and Leases
(Dollars in millions)
	March 31 2025		December 31 2024		March 31 2024
Consumer
Residential mortgage	$	235,246	$	228,199	$	227,435
Home equity	25,666		25,737		25,185
Credit card	99,731		103,566		98,453
Direct/Indirect consumer (1)	106,984		107,122		102,849
Other consumer (2)	153		151		115
Total consumer loans excluding loans accounted for under the fair value option	467,780		464,775		454,037
Consumer loans accounted for under the fair value option (3)	221		221		235
Total consumer	468,001		464,996		454,272

Commercial
U.S. commercial	393,413		386,990		362,744
Non-U.S. commercial	141,327		137,518		123,073
Commercial real estate (4)	65,539		65,730		71,652
Commercial lease financing	15,698		15,708		14,781
	615,977		605,946		572,250
U.S. small business commercial	21,482		20,865		19,931
Total commercial loans excluding loans accounted for under the fair value option	637,459		626,811		592,181
Commercial loans accounted for under the fair value option (3)	5,165		4,028		2,703
Total commercial	642,624		630,839		594,884

Total loans and leases	$	1,110,625	$	1,095,835	$	1,049,156

(1)Includes primarily auto and specialty lending loans and leases of $54.1 billion, $54.9 billion and $54.1 billion, U.S. securities-based lending loans of $49.3 billion, $48.7 billion and $45.3 billion and non-U.S. consumer loans of $2.8 billion, $2.8 billion and $2.7 billion at March 31, 2025, December 31, 2024 and March 31, 2024, 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 $60 million, $59 million and $62 million and home equity loans of $161 million, $162 million and $173 million at March 31, 2025, December 31, 2024 and March 31, 2024, respectively. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $4.0 billion, $2.8 billion and $1.7 billion and non-U.S. commercial loans of $1.2 billion, $1.3 billion and $965 million at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

(4)Includes U.S. commercial real estate loans of $59.7 billion, $59.6 billion and $65.5 billion and non-U.S. commercial real estate loans of $5.8 billion, $6.1 billion and $6.2 billion at March 31, 2025, December 31, 2024 and March 31, 2024, 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
Quarterly Average Loans and Leases by Business Segment and All Other
(Dollars in millions)
	First Quarter 2025
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	228,638	$	114,550	$	107,239	$	—	$	657	$	6,192
Home equity	25,849		21,872		2,599		—		150		1,228
Credit card	100,173		96,759		3,414		—		—		—
Direct/Indirect and other consumer	106,847		54,689		52,155		—		—		3
Total consumer	461,507		287,870		165,407		—		807		7,423

Commercial
U.S. commercial	411,783		27,148		58,404		235,518		90,550		163
Non-U.S. commercial	138,853		—		708		78,141		59,302		702
Commercial real estate	65,751		20		7,807		48,939		8,966		19
Commercial lease financing	15,844		—		—		16,135		—		(291)
Total commercial	632,231		27,168		66,919		378,733		158,818		593
Total loans and leases	$	1,093,738	$	315,038	$	232,326	$	378,733	$	159,625	$	8,016

	Fourth Quarter 2024
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	227,990	$	114,777	$	106,726	$	1	$	—	$	6,486
Home equity	25,767		21,773		2,562		—		152		1,280
Credit card	100,938		97,448		3,490		—		—		—
Direct/Indirect and other consumer	106,379		55,316		51,061		—		—		2
Total consumer	461,074		289,314		163,839		1		152		7,768

Commercial
U.S. commercial	404,606		26,740		56,502		234,533		86,689		142
Non-U.S. commercial	132,833		—		697		74,632		56,747		757
Commercial real estate	67,064		15		7,741		50,452		8,838		18
Commercial lease financing	15,432		—		—		15,727		—		(295)
Total commercial	619,935		26,755		64,940		375,344		152,274		622
Total loans and leases	$	1,081,009	$	316,069	$	228,779	$	375,345	$	152,426	$	8,390

	First Quarter 2024
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	227,748	$	115,536	$	105,177	$	1	$	—	$	7,034
Home equity	25,522		21,289		2,402		—		159		1,672
Credit card	99,815		96,480		3,335		—		—		—
Direct/Indirect and other consumer	103,371		54,413		48,956		—		—		2
Total consumer	456,456		287,718		159,870		1		159		8,708

Commercial
U.S. commercial	379,566		25,310		51,029		226,470		76,590		167
Non-U.S. commercial	125,024		—		572		76,284		47,861		307
Commercial real estate	71,986		10		7,145		55,683		9,146		2
Commercial lease financing	14,858		—		—		15,170		—		(312)
Total commercial	591,434		25,320		58,746		373,607		133,597		164
Total loans and leases	$	1,047,890	$	313,038	$	218,616	$	373,608	$	133,756	$	8,872


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


Bank of America Corporation and Subsidiaries
Commercial Credit Exposure by Industry (1, 2, 3, 4)
(Dollars in millions)
	Commercial Utilized						Total Commercial Committed
	March 31 2025		December 31 2024		March 31 2024		March 31 2025		December 31 2024		March 31 2024
Asset managers and funds	$	116,857	$	118,123	$	104,602	$	190,223	$	193,947	$	172,321
Finance companies	77,795		74,975		60,501		109,820		101,828		89,253
Capital goods	52,912		51,367		49,292		101,909		98,780		94,710
Real estate (5)	68,311		69,841		72,992		95,300		95,981		99,338
Healthcare equipment and services	36,501		35,964		35,013		65,887		65,819		61,827
Materials	28,434		26,797		25,257		61,164		58,128		54,935
Retailing	26,606		24,449		25,399		53,773		53,471		53,193
Consumer services	29,144		28,391		29,287		52,708		53,054		51,724
Government and public education	32,872		32,682		31,453		52,009		48,204		47,041
Food, beverage and tobacco	25,209		25,763		23,624		50,875		54,370		48,283
Individuals and trusts	35,181		35,457		32,800		50,091		50,353		44,587
Commercial services and supplies	25,724		24,409		23,073		45,275		43,451		41,480
Utilities	18,822		18,186		17,571		42,774		42,107		39,298
Transportation	23,426		24,135		23,868		35,836		35,743		35,924
Energy	13,968		13,857		12,143		35,560		35,510		37,978
Technology hardware and equipment	9,758		11,526		11,363		28,358		30,093		29,605
Software and services	11,169		11,158		9,904		25,229		27,383		25,257
Global commercial banks	20,802		22,641		22,816		24,341		25,220		25,667
Vehicle dealers	18,050		18,194		17,365		23,542		23,855		23,370
Media	10,120		12,130		12,944		22,911		24,023		24,998
Insurance	10,820		12,640		8,499		22,050		23,445		19,423
Pharmaceuticals and biotechnology	7,704		7,378		7,202		21,911		21,717		20,428
Consumer durables and apparel	9,615		8,987		8,948		21,292		21,823		20,771
Telecommunication services	9,320		8,571		9,396		17,824		18,759		17,186
Automobiles and components	8,136		8,172		7,508		17,270		16,268		15,724
Food and staples retailing	7,129		7,206		7,512		12,594		12,777		13,200
Financial markets infrastructure (clearinghouses)	3,956		4,219		2,687		6,676		6,413		5,008
Religious and social organizations	2,442		2,285		2,734		4,188		4,066		4,643

Total commercial credit exposure by industry	$	740,783	$	739,503	$	695,753	$	1,291,390	$	1,286,588	$	1,217,172

(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 $56.8 billion, $59.2 billion and $57.7 billion at March 31, 2025, December 31, 2024 and March 31, 2024, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $26.5 billion, $30.1 billion and $27.9 billion, which consists primarily of other marketable securities, at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

(2)Total utilized and total committed exposure includes loans of $5.2 billion, $4.0 billion and $2.7 billion and issued letters of credit with a notional amount of $40 million, $40 million and $25 million accounted for under the fair value option at March 31, 2025, December 31, 2024 and March 31, 2024, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $2.0 billion, $2.2 billion and $3.1 billion at March 31, 2025, December 31, 2024 and March 31, 2024, 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.


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


Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties
(Dollars in millions)
	March 31 2025			December 31 2024			September 30 2024			June 30 2024			March 31 2024
Residential mortgage	$	2,036		$	2,052		$	2,089		$	2,097		$	2,112
Home equity	410			409			413			422			438

Direct/Indirect consumer	167			186			175			152			147

Total consumer	2,613			2,647			2,677			2,671			2,697
U.S. commercial	1,157			1,204			699			700			720
Non-U.S. commercial	111			8			85			90			157
Commercial real estate	2,145			2,068			2,124			1,971			2,273
Commercial lease financing	26			20			18			19			16
	3,439			3,300			2,926			2,780			3,166
U.S. small business commercial	31			28			26			22			20
Total commercial	3,470			3,328			2,952			2,802			3,186
Total nonperforming loans and leases	6,083			5,975			5,629			5,473			5,883
Foreclosed properties (1)	118			145			195			218			151
Total nonperforming loans, leases, and foreclosed properties(2, 3)	$	6,201		$	6,120		$	5,824		$	5,691		$	6,034

Fully-insured home loans past due 30 days or more and still accruing	$	460		$	488		$	463		$	466		$	476
Consumer credit card past due 30 days or more and still accruing	2,497			2,638			2,563			2,415			2,446
Other loans past due 30 days or more and still accruing	3,531			3,486			3,483			2,770			2,907
Total loans past due 30 days or more and still accruing (4, 5)	$	6,488		$	6,612		$	6,509		$	5,651		$	5,829

Fully-insured home loans past due 90 days or more and still accruing	$	234		$	229		$	215		$	211		$	230
Consumer credit card past due 90 days or more and still accruing	1,334			1,401			1,306			1,257			1,299
Other loans past due 90 days or more and still accruing	299			301			626			332			343
Total loans past due 90 days or more and still accruing (5)	$	1,867		$	1,931		$	2,147		$	1,800		$	1,872

Nonperforming loans, leases and foreclosed properties/Total assets (6)	0.19		%	0.19		%	0.18		%	0.17		%	0.18		%
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties (6)	0.56			0.56			0.54			0.54			0.58
Nonperforming loans and leases/Total loans and leases (6)	0.55			0.55			0.53			0.52			0.56

Commercial reservable criticized utilized exposure (7)	$	27,652		$	26,495		$	27,439		$	24,761		$	24,529
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure (6)	4.11		%	4.01		%	4.25		%	3.94		%	3.93		%
Total commercial criticized utilized exposure/Commercial utilized exposure (7)	4.35			4.16			4.45			4.14			4.13

(1)Includes repossessed assets of $35 million for the first quarter of 2025 and $31 million, $22 million, $24 million and $23 million for the fourth, third, second and first quarters of 2024, 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 $583 million, $731 million, $785 million, $707 million and $379 million at March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively.

(4)Balances do not include loans held-for-sale past due 30 days or more and still accruing of $37 million, $84 million, $166 million, $46 million and $106 million at March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively.

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

(6)Total assets and total loans and leases do not include loans accounted for under the fair value option of $5.4 billion, $4.2 billion, $4.2 billion, $3.2 billion and $2.9 billion at March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, 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.			25


Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties Activity (1)
(Dollars in millions)
	First Quarter 2025		Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024		First Quarter 2024
Nonperforming Consumer Loans and Leases:
Balance, beginning of period	$	2,647	$	2,677	$	2,671	$	2,697	$	2,712

Additions	242		260		232		223		254


Reductions:
Paydowns and payoffs	(111)		(132)		(98)		(118)		(131)
Sales	(1)		(2)		(1)		(1)		(1)
Returns to performing status (2)	(154)		(140)		(115)		(121)		(113)
Charge-offs (3)	(5)		(7)		(8)		(7)		(10)
Transfers to foreclosed properties	(5)		(9)		(4)		(2)		(14)

Total net additions (reductions) to nonperforming loans and leases	(34)		(30)		6		(26)		(15)
Total nonperforming consumer loans and leases, end of period	2,613		2,647		2,677		2,671		2,697
Foreclosed properties (4)	88		89		81		114		112
Nonperforming consumer loans, leases and foreclosed properties, end of period	$	2,701	$	2,736	$	2,758	$	2,785	$	2,809

Nonperforming Commercial Loans and Leases (5):
Balance, beginning of period	$	3,328	$	2,952	$	2,802	$	3,186	$	2,773

Additions	644		1,239		965		704		1,006
Reductions:
Paydowns	(275)		(570)		(374)		(505)		(220)
Sales	—		(15)		(7)		(9)		(1)
Returns to performing status (6)	(9)		(28)		(21)		(129)		(4)
Charge-offs	(218)		(250)		(386)		(357)		(368)
Transfers to foreclosed properties	—		—		(27)		(88)		—

Total net additions (reductions) to nonperforming loans and leases	142		376		150		(384)		413
Total nonperforming commercial loans and leases, end of period	3,470		3,328		2,952		2,802		3,186
Foreclosed properties (4)	30		56		114		104		39
Nonperforming commercial loans, leases and foreclosed properties, end of period	$	3,500	$	3,384	$	3,066	$	2,906	$	3,225

(1)For amounts excluded from nonperforming loans, leases and foreclosed properties, see footnotes to Nonperforming Loans, Leases and Foreclosed Properties table on page 25.

(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.

(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 repossessed assets of $32 million in consumer loans and $3 million in commercial loans for the first quarter of 2025. Includes $29 million, $21 million, $22 million and $22 million in consumer loans and $2 million, $1 million, $2 million and $1 million in commercial loans for the fourth, third, second and first quarters of 2024.

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

(6)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.


Current-period information is preliminary and based on company data available at the time of the presentation.			26


Bank of America Corporation and Subsidiaries
Quarterly Net Charge-offs and Net Charge-off Ratios (1)
(Dollars in millions)
	First Quarter 2025				Fourth Quarter 2024				Third Quarter 2024				Second Quarter 2024				First Quarter 2024
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage	$	—	—	%	$	(1)	—	%	$	(2)	—	%	$	—	—	%	$	3	0.01	%
Home equity	(12)		(0.19)		(9)		(0.14)		(5)		(0.07)		(14)		(0.23)		(13)		(0.20)
Credit card	1,001		4.05		963		3.79		928		3.70		955		3.88		899		3.62

Direct/Indirect consumer	70		0.27		67		0.25		56		0.21		51		0.20		65		0.26
Other consumer	60		n/m		87		n/m		67		n/m		67		n/m		74		n/m
Total consumer	1,119		0.98		1,107		0.96		1,044		0.91		1,059		0.93		1,028		0.91
U.S. commercial	70		0.07		100		0.10		135		0.15		87		0.10		66		0.07
Non-U.S. commercial	7		0.02		19		0.06		60		0.19		(3)		(0.01)		(9)		(0.03)
Total commercial and industrial	77		0.06		119		0.09		195		0.16		84		0.07		57		0.05
Commercial real estate	123		0.75		117		0.70		171		0.98		272		1.53		304		1.70
Commercial lease financing	—		—		—		—		—		—		—		—		1		0.03
	200		0.13		236		0.16		366		0.25		356		0.25		362		0.26
U.S. small business commercial	133		2.57		123		2.37		124		2.40		118		2.35		108		2.22
Total commercial	333		0.22		359		0.23		490		0.33		474		0.32		470		0.32
Total net charge-offs	$	1,452	0.54		$	1,466	0.54		$	1,534	0.58		$	1,533	0.59		$	1,498	0.58

By Business Segment and All Other
Consumer Banking	$	1,262	1.62	%	$	1,246	1.57	%	$	1,175	1.49	%	$	1,188	1.53	%	$	1,144	1.47	%
Global Wealth & Investment Management	9		0.02		10		0.02		10		0.02		11		0.02		17		0.03
Global Banking	187		0.20		220		0.23		358		0.39		346		0.38		350		0.38
Global Markets	6		0.01		2		0.01		1		—		2		0.01		—		—
All Other	(12)		(0.62)		(12)		(0.59)		(10)		(0.44)		(14)		(0.66)		(13)		(0.59)
Total net charge-offs	$	1,452	0.54		$	1,466	0.54		$	1,534	0.58		$	1,533	0.59		$	1,498	0.58

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

n/m = not meaningful


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


Bank of America Corporation and Subsidiaries
Allocation of the Allowance for Credit Losses by Product Type
(Dollars in millions)
	March 31, 2025		December 31, 2024			March 31, 2024
	Amount		Percent of Loans and Leases Outstanding (1)	Amount			Percent of Loans and Leases Outstanding (1)	Amount		Percent of Loans and Leases Outstanding (1)
Allowance for loan and lease losses
Residential mortgage	$	290	0.12%	$	264		0.12%	$	292	0.13%
Home equity	50		0.19	29			0.11	63		0.25
Credit card	7,434		7.45	7,515			7.26	7,296		7.41

Direct/Indirect consumer	710		0.66	700			0.65	751		0.73
Other consumer	68		n/m	62			n/m	74		n/m
Total consumer	8,552		1.83	8,570			1.84	8,476		1.87
U.S. commercial (2)	2,739		0.66	2,637			0.65	2,596		0.68
Non-U.S. commercial	720		0.51	778			0.57	812		0.66
Commercial real estate	1,204		1.84	1,219			1.85	1,292		1.80
Commercial lease financing	41		0.27	36			0.23	37		0.25
Total commercial	4,704		0.74	4,670			0.75	4,737		0.80
Allowance for loan and lease losses	13,256		1.20	13,240			1.21	13,213		1.26


Reserve for unfunded lending commitments	1,110			1,096				1,158
Allowance for credit losses	$	14,366		$	14,336			$	14,371

Asset Quality Indicators

Allowance for loan and lease losses/Total loans and leases (1)			1.20%				1.21%			1.26%

Allowance for loan and lease losses/Total nonperforming loans and leases			218				222			225

Ratio of the allowance for loan and lease losses/Annualized net charge-offs			2.25				2.27			2.19

(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. For fair value option amounts, see Outstanding Loans and Leases and related footnotes on page 22.

(2)Includes allowance for loan and lease losses for U.S. small business commercial loans of $1.3 billion, $1.2 billion and $1.1 billion at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

n/m = not meaningful


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

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 using certain non-GAAP financial measures, including pretax, pre-provision income and ratios that utilize tangible equity and tangible assets, each of which is 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 directly comparable financial measures defined by GAAP for the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024. 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 these non-GAAP financial measures differently.


	First Quarter 2025	Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024		First Quarter 2024






























Reconciliation of income before income taxes to pretax, pre-provision income
Income before income taxes		$	8,116	$	7,108	$	7,324	$	7,560	$	7,262
Provision for credit losses		1,480		1,452		1,542		1,508		1,319
Pretax, pre-provision income		$	9,596	$	8,560	$	8,866	$	9,068	$	8,581

Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity		$	295,787	$	295,134	$	294,985	$	293,403	$	292,511
Goodwill		(69,021)		(69,021)		(69,021)		(69,021)		(69,021)
Intangible assets (excluding mortgage servicing rights)		(1,912)		(1,932)		(1,951)		(1,971)		(1,990)
Related deferred tax liabilities		851		859		864		869		874
Tangible shareholders’ equity		$	225,705	$	225,040	$	224,877	$	223,280	$	222,374
Preferred stock		(22,307)		(23,493)		(25,984)		(28,113)		(28,397)
Tangible common shareholders’ equity		$	203,398	$	201,547	$	198,893	$	195,167	$	193,977








Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity		$	295,581	$	295,559	$	296,512	$	293,892	$	293,552
Goodwill		(69,021)		(69,021)		(69,021)		(69,021)		(69,021)
Intangible assets (excluding mortgage servicing rights)		(1,899)		(1,919)		(1,938)		(1,958)		(1,977)
Related deferred tax liabilities		846		851		859		864		869
Tangible shareholders’ equity		$	225,507	$	225,470	$	226,412	$	223,777	$	223,423
Preferred stock		(20,499)		(23,159)		(24,554)		(26,548)		(28,397)
Tangible common shareholders’ equity		$	205,008	$	202,311	$	201,858	$	197,229	$	195,026

Reconciliation of period-end assets to period-end tangible assets
Assets		$	3,349,424	$	3,261,519	$	3,324,293	$	3,257,996	$	3,273,803
Goodwill		(69,021)		(69,021)		(69,021)		(69,021)		(69,021)
Intangible assets (excluding mortgage servicing rights)		(1,899)		(1,919)		(1,938)		(1,958)		(1,977)
Related deferred tax liabilities		846		851		859		864		869
Tangible assets		$	3,279,350	$	3,191,430	$	3,254,193	$	3,187,881	$	3,203,674

Book value per share of common stock
Common shareholders’ equity		$	275,082	$	272,400	$	271,958	$	267,344	$	265,155
Ending common shares issued and outstanding		7,560.1		7,610.9		7,688.8		7,774.8		7,866.9
Book value per share of common stock		$	36.39	$	35.79	$	35.37	$	34.39	$	33.71

Tangible book value per share of common stock
Tangible common shareholders’ equity		$	205,008	$	202,311	$	201,858	$	197,229	$	195,026
Ending common shares issued and outstanding		7,560.1		7,610.9		7,688.8		7,774.8		7,866.9
Tangible book value per share of common stock		$	27.12	$	26.58	$	26.25	$	25.37	$	24.79


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