Supplemental Information

First Quarter 2020

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
Top 20 Non-U.S. Countries Exposure	26
Nonperforming Loans, Leases and Foreclosed Properties	27
Nonperforming Loans, Leases and Foreclosed Properties Activity	28
Quarterly Net Charge-offs and Net Charge-off Ratios	29
Allocation of the Allowance for Credit Losses by Product Type	30
Exhibit A: Non-GAAP Reconciliations	31
Current Expected Credit Losses Accounting Standard
Effective January 1, 2020, the Corporation adopted the new current expected credit losses (CECL) accounting standard that measures the allowance based on management’s best estimate of lifetime expected credit losses inherent in the Corporation’s lending activities. Prior periods presented reflect measurement of the allowance based on management’s estimate of probable incurred credit losses.
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 2020			Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019			First Quarter 2019
Income statement
Net interest income	$	12,130		$	12,140		$	12,187		$	12,189		$	12,375
Noninterest income	10,637			10,209			10,620			10,895			10,629
Total revenue, net of interest expense	22,767			22,349			22,807			23,084			23,004
Provision for credit losses	4,761			941			779			857			1,013
Noninterest expense	13,475			13,239			15,169			13,268			13,224
Income before income taxes	4,531			8,169			6,859			8,959			8,767
Pretax, pre-provision income (1)	9,292			9,110			7,638			9,816			9,780
Income tax expense	521			1,175			1,082			1,611			1,456
Net income	4,010			6,994			5,777			7,348			7,311
Preferred stock dividends	469			246			505			239			442
Net income applicable to common shareholders	3,541			6,748			5,272			7,109			6,869
Diluted earnings per common share	0.40			0.74			0.56			0.74			0.70
Average diluted common shares issued and outstanding	8,862.7			9,079.5			9,353.0			9,559.6			9,787.3
Dividends paid per common share	$	0.18		$	0.18		$	0.18		$	0.15		$	0.15
Performance ratios
Return on average assets	0.65		%	1.13		%	0.95		%	1.23		%	1.26		%
Return on average common shareholders’ equity	5.91			11.00			8.48			11.62			11.42
Return on average shareholders’ equity	6.10			10.40			8.48			11.00			11.14
Return on average tangible common shareholders’ equity (2)	8.32			15.43			11.84			16.24			16.01
Return on average tangible shareholders’ equity (2)	8.29			14.09			11.43			14.88			15.10
Efficiency ratio	59.19			59.24			66.51			57.48			57.48
At period end
Book value per share of common stock	$	27.84		$	27.32		$	26.96		$	26.41		$	25.57
Tangible book value per share of common stock (2)	19.79			19.41			19.26			18.92			18.26
Market capitalization	184,181			311,209			264,842			270,935			263,992
Number of financial centers - U.S.	4,297			4,300			4,302			4,349			4,353
Number of branded ATMs - U.S.	16,855			16,788			16,626			16,561			16,378
Headcount	208,931			208,131			208,561			208,984			205,292

⁽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 Company's ability to generate earnings to cover credit losses through a credit cycle.

⁽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 31.)

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

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

Bank of America Corporation and Subsidiaries
Consolidated Statement of Income
(In millions, except per share information)
	First Quarter 2020			Fourth Quarter 2019			Third Quarter 2019		Second Quarter 2019		First Quarter 2019
Net interest income
Interest income	$	16,098		$	16,926		$	17,916	$	18,224	$	18,170
Interest expense	3,968			4,786			5,729		6,035		5,795
Net interest income	12,130			12,140			12,187		12,189		12,375
Noninterest income
Fees and commissions	8,321			8,520			8,467		8,190		7,838
Market making and similar activities	2,807			1,767			2,118		2,381		2,768
Other income (loss)	(491		)	(78		)	35		324		23
Total noninterest income	10,637			10,209			10,620		10,895		10,629
Total revenue, net of interest expense	22,767			22,349			22,807		23,084		23,004
Provision for credit losses	4,761			941			779		857		1,013
Noninterest expense
Compensation and benefits	8,341			7,977			7,779		7,972		8,249
Occupancy and equipment	1,702			1,680			1,663		1,640		1,605
Information processing and communications	1,209			1,162			1,163		1,157		1,164
Product delivery and transaction related	777			695			696		709		662
Marketing	438			524			440		528		442
Professional fees	375			442			386		409		360
Other general operating	633			759			3,042		853		742
Total noninterest expense	13,475			13,239			15,169		13,268		13,224
Income before income taxes	4,531			8,169			6,859		8,959		8,767
Income tax expense	521			1,175			1,082		1,611		1,456
Net income	$	4,010		$	6,994		$	5,777	$	7,348	$	7,311
Preferred stock dividends	469			246			505		239		442
Net income applicable to common shareholders	$	3,541		$	6,748		$	5,272	$	7,109	$	6,869
Per common share information
Earnings	$	0.40		$	0.75		$	0.57	$	0.75	$	0.71
Diluted earnings	0.40			0.74			0.56		0.74		0.70
Average common shares issued and outstanding	8,815.6			9,017.1			9,303.6		9,523.2		9,725.9
Average diluted common shares issued and outstanding	8,862.7			9,079.5			9,353.0		9,559.6		9,787.3

Consolidated Statement of Comprehensive Income
(Dollars in millions)
	First Quarter 2020			Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019			First Quarter 2019
Net income	$	4,010		$	6,994		$	5,777		$	7,348		$	7,311
Other comprehensive income (loss), net-of-tax:
Net change in debt securities	4,795			(356		)	1,538			2,384			2,309
Net change in debit valuation adjustments	1,346			(691		)	229			(138		)	(363		)
Net change in derivatives	417			(35		)	118			304			229
Employee benefit plan adjustments	43			53			26			29			28
Net change in foreign currency translation adjustments	(88		)	13			(51		)	(14		)	(34		)
Other comprehensive income (loss)	6,513			(1,016		)	1,860			2,565			2,169
Comprehensive income	$	10,523		$	5,978		$	7,637		$	9,913		$	9,480

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

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

Bank of America Corporation and Subsidiaries
Net Interest Income and Noninterest Income
(Dollars in millions)
	First Quarter 2020			Fourth Quarter 2019			Third Quarter 2019		Second Quarter 2019		First Quarter 2019
Net interest income
Interest income
Loans and leases	$	9,963		$	10,365		$	10,894	$	10,942	$	10,885
Debt securities	2,843			2,841			2,829		3,017		3,119
Federal funds sold and securities borrowed or purchased under agreements to resell	819			1,097			1,242		1,309		1,195
Trading account assets	1,247			1,234			1,319		1,321		1,322
Other interest income	1,226			1,389			1,632		1,635		1,649
Total interest income	16,098			16,926			17,916		18,224		18,170
Interest expense
Deposits	1,184			1,548			1,880		1,965		1,795
Short-term borrowings	1,120			1,483			1,876		1,997		1,852
Trading account liabilities	329			282			303		319		345
Long-term debt	1,335			1,473			1,670		1,754		1,803
Total interest expense	3,968			4,786			5,729		6,035		5,795
Net interest income	$	12,130		$	12,140		$	12,187	$	12,189	$	12,375
Noninterest income
Fees and commissions
Card income
Interchange fees (1)	$	792		$	1,007		$	963	$	968	$	896
Other card income	480			504			502		478		479
Total card income	1,272			1,511			1,465		1,446		1,375
Service charges
Deposit-related fees	1,627			1,680			1,690		1,638		1,580
Lending-related fees	276			277			285		265		259
Total service charges	1,903			1,957			1,975		1,903		1,839
Investment and brokerage services
Asset management fees	2,682			2,650			2,597		2,554		2,440
Brokerage fees	1,076			928			897		916		920
Total investment and brokerage services	3,758			3,578			3,494		3,470		3,360
Investment banking fees
Underwriting income	848			800			740		792		666
Syndication fees	271			297			341		291		255
Financial advisory services	269			377			452		288		343
Total investment banking fees	1,388			1,474			1,533		1,371		1,264
Total fees and commissions	8,321			8,520			8,467		8,190		7,838
Market making and similar activities	2,807			1,767			2,118		2,381		2,768
Other income (loss)	(491		)	(78		)	35		324		23
Total noninterest income	$	10,637		$	10,209		$	10,620	$	10,895	$	10,629

⁽¹⁾  Gross interchange fees were $2.3 billion, $2.6 billion, $2.6 billion, $2.5 billion and $2.3 billion and are presented net of $1.5 billion, $1.6 billion, $1.6 billion, $1.6 billion and $1.4 billion of expenses for rewards and partner payments for the first quarter of 2020 and the fourth, third, second and first quarters of 2019, respectively.

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

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

Bank of America Corporation and Subsidiaries
Consolidated Balance Sheet
(Dollars in millions)
		March 31 2020			December 31 2019			March 31 2019
Assets
Cash and due from banks		$	30,052		$	30,152		$	28,083
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks		220,338			131,408			143,540
Cash and cash equivalents		250,390			161,560			171,623
Time deposits placed and other short-term investments		12,283			7,107			9,480
Federal funds sold and securities borrowed or purchased under agreements to resell		301,969			274,597			267,017
Trading account assets		193,323			229,826			239,062
Derivative assets		57,654			40,485			42,391
Debt securities:
Carried at fair value		221,104			256,467			241,956
Held-to-maturity, at cost		254,748			215,730			198,718
Total debt securities		475,852			472,197			440,674
Loans and leases		1,050,785			983,426			945,615
Allowance for loan and lease losses		(15,766		)	(9,416		)	(9,577		)
Loans and leases, net of allowance		1,035,019			974,010			936,038
Premises and equipment, net		10,792			10,561			10,251
Goodwill		68,951			68,951			68,951
Loans held-for-sale		7,862			9,158			6,297
Customer and other receivables		69,238			55,937			53,496
Other assets		136,621			129,690			131,884
Total assets		$	2,619,954		$	2,434,079		$	2,377,164
Liabilities
Deposits in U.S. offices:
Noninterest-bearing		$	484,342		$	403,305		$	395,350
Interest-bearing		1,008,922			940,731			907,076
Deposits in non-U.S. offices:
Noninterest-bearing		13,695			13,719			12,066
Interest-bearing		76,366			77,048			64,845
Total deposits		1,583,325			1,434,803			1,379,337
Federal funds purchased and securities loaned or sold under agreements to repurchase		170,043			165,109			188,451
Trading account liabilities		77,151			83,270			84,410
Derivative liabilities		54,658			38,229			36,338
Short-term borrowings		30,118			24,204			14,008
Accrued expenses and other liabilities		183,029			182,798			173,681
Long-term debt		256,712			240,856			233,929
Total liabilities		2,355,036			2,169,269			2,110,154
Shareholders’ equity
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 3,887,440, 3,887,440and 3,843,140 shares		23,427			23,401			22,326
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 8,675,487,435, 8,836,148,954 and 9,568,389,268 shares		85,745			91,723			112,838
Retained earnings		155,866			156,319			141,888
Accumulated other comprehensive income (loss)		(120		)	(6,633		)	(10,042		)
Total shareholders’ equity		264,918			264,810			267,010
Total liabilities and shareholders’ equity		$	2,619,954		$	2,434,079		$	2,377,164
	Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
	Trading account assets	$	5,405		$	5,811		$	5,453
	Loans and leases	37,009			38,837			41,528
	Allowance for loan and lease losses	(1,472		)	(807		)	(884		)
	Loans and leases, net of allowance	35,537			38,030			40,644
	All other assets	536			540			332
	Total assets of consolidated variable interest entities	$	41,478		$	44,381		$	46,429
	Liabilities of consolidated variable interest entities included in total liabilities above
	Short-term borrowings	$	1,147		$	2,175		$	1,547
	Long-term debt	6,787			8,718			8,182
	All other liabilities	39			22			25
	Total liabilities of consolidated variable interest entities	$	7,973		$	10,915		$	9,754

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

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

Bank of America Corporation and Subsidiaries
Capital Management
(Dollars in millions)
	March 31 2020			December 31 2019			March 31 2019
Risk-based capital metrics (1):
Standardized Approach
Common equity tier 1 capital	$	168,115		$	166,760		$	169,243
Tier 1 capital	191,532			188,492			190,963
Total capital	228,470			221,230			223,745
Risk-weighted assets	1,563,601			1,493,460			1,454,657
Common equity tier 1 capital ratio	10.8		%	11.2		%	11.6		%
Tier 1 capital ratio	12.2			12.6			13.1
Total capital ratio	14.6			14.8			15.4
Advanced Approaches
Common equity tier 1 capital	$	168,115		$	166,760		$	169,243
Tier 1 capital	191,532			188,492			190,963
Total capital	219,937			213,098			215,634
Risk-weighted assets	1,515,446			1,446,529			1,422,631
Common equity tier 1 capital ratio	11.1		%	11.5		%	11.9		%
Tier 1 capital ratio	12.6			13.0			13.4
Total capital ratio	14.5			14.7			15.2
Leverage-based metrics (1)
Adjusted average assets	$	2,423,024		$	2,374,185		$	2,283,978
Tier 1 leverage ratio	7.9		%	7.9		%	8.4		%
Supplementary leverage exposure	$	2,985,462		$	2,945,636		$	2,822,231
Supplementary leverage ratio	6.4		%	6.4		%	6.8		%
Tangible equity ratio (2)	7.7			8.2			8.5
Tangible common equity ratio (2)	6.7			7.3			7.6

⁽¹⁾  Regulatory capital ratios at March 31, 2020 are preliminary. We report regulatory capital ratios under both the Standardized and Advanced approaches. The approach that yields the lower ratio is used to assess capital adequacy.

⁽²⁾  Tangible equity ratio equals period-end tangible shareholders’ equity divided by period-end tangible assets. Tangible common equity ratio equals period-end tangible common shareholders’ equity divided by period-end tangible assets. Tangible shareholders’ equity and tangible assets are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income. (See Exhibit A: Non-GAAP Reconciliations - Reconciliation to GAAP Financial Measures on page 31.)

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

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

Bank of America Corporation and Subsidiaries
Capital Composition under Basel 3
(Dollars in millions)
	March 31 2020			December 31 2019
Total common shareholders' equity	$	241,491		$	241,409
CECL transitional amount (1)	3,299			—
Goodwill, net of related deferred tax liabilities	(68,570		)	(68,570		)
Deferred tax assets arising from net operating loss and tax credit carryforwards	(5,337		)	(5,193		)
Intangibles, other than mortgage servicing rights and goodwill, net of related deferred tax liabilities	(1,236		)	(1,328		)
Defined benefit pension plan net assets	(1,014		)	(1,003		)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax	(370		)	1,278
Other	(148		)	167
Common equity tier 1 capital	168,115			166,760
Qualifying preferred stock, net of issuance cost	23,426			22,329
Other	(9		)	(597		)
Total tier 1 capital	191,532			188,492
Tier 2 capital instruments	24,035			22,538
Eligible credit reserves included in tier 2 capital	4,375			2,097
Other	(5		)	(29		)
Total capital under the Advanced approaches	$	219,937		$	213,098

⁽¹⁾  The CECL transitional amount includes the impact of the Corporation's adoption of the new CECL accounting standard on January 1, 2020 and 25 percent of the increase in reserves from January 1, 2020 through March 31, 2020.

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

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

Bank of America Corporation and Subsidiaries
Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis
(Dollars in millions)
	First Quarter 2020						Fourth Quarter 2019						First Quarter 2019
	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	$	130,282	$	268	0.83	%	$	123,000	$	369	1.19	%	$	134,962	$	506	1.52	%
Time deposits placed and other short-term investments	10,894		30		1.11		9,574		40		1.67		8,453		59		2.82
Federal funds sold and securities borrowed or purchased under agreements to resell	278,794		819		1.18		293,819		1,097		1.48		274,308		1,195		1.77
Trading account assets	156,685		1,266		3.25		147,210		1,253		3.38		140,228		1,341		3.87
Debt securities	465,215		2,868		2.49		464,884		2,866		2.48		441,680		3,148		2.83
Loans and leases (2):
Residential mortgage	239,994		1,987		3.31		231,849		1,953		3.37		210,174		1,862		3.55
Home equity	40,040		421		4.22		41,230		462		4.45		47,690		593		5.03
Credit card	94,471		2,464		10.49		94,951		2,544		10.63		95,008		2,530		10.80
Direct/Indirect and other consumer	90,954		746		3.30		90,924		786		3.43		90,430		821		3.69
Total consumer	465,459		5,618		4.85		458,954		5,745		4.98		443,302		5,806		5.29
U.S. commercial	330,420		2,846		3.46		326,945		3,006		3.65		316,089		3,349		4.29
Non-U.S. commercial	111,388		802		2.90		104,787		862		3.26		101,996		886		3.52
Commercial real estate	63,418		583		3.70		63,324		632		3.96		60,859		702		4.68
Commercial lease financing	19,598		161		3.29		19,976		168		3.37		21,774		196		3.60
Total commercial	524,824		4,392		3.36		515,032		4,668		3.60		500,718		5,133		4.15
Total loans and leases	990,283		10,010		4.06		973,986		10,413		4.25		944,020		10,939		4.69
Other earning assets	87,876		981		4.49		74,008		1,033		5.53		67,667		1,135		6.80
Total earning assets	2,120,029		16,242		3.08		2,086,481		17,071		3.25		2,011,318		18,323		3.68
Cash and due from banks	27,997						27,398						25,824
Other assets, less allowance for loan and lease losses	346,902						336,126						323,850
Total assets	$	2,494,928					$	2,450,005					$	2,360,992
Interest-bearing liabilities
U.S. interest-bearing deposits:
Savings	$	50,600	$	1	0.01	%	$	50,287	$	1	0.01	%	$	53,573	$	1	0.01	%
NOW and money market deposit accounts	770,474		653		0.34		754,517		914		0.48		731,025		1,157		0.64
Consumer CDs and IRAs	53,363		151		1.14		53,183		156		1.16		41,791		74		0.72
Negotiable CDs, public funds and other deposits	67,985		209		1.23		67,603		278		1.63		65,974		367		2.25
Total U.S. interest-bearing deposits	942,422		1,014		0.43		925,590		1,349		0.58		892,363		1,599		0.73
Non-U.S. interest-bearing deposits:
Banks located in non-U.S. countries	1,904		3		0.60		1,615		4		1.09		2,387		6		1.02
Governments and official institutions	161		—		0.05		180		—		0.01		178		—		0.11
Time, savings and other	75,625		167		0.89		74,129		195		1.04		64,212		190		1.20
Total non-U.S. interest-bearing deposits	77,690		170		0.88		75,924		199		1.04		66,777		196		1.19
Total interest-bearing deposits	1,020,112		1,184		0.47		1,001,514		1,548		0.61		959,140		1,795		0.76
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities	304,503		1,120		1.48		282,022		1,483		2.09		265,163		1,852		2.83
Trading account liabilities	48,142		329		2.75		43,449		282		2.57		45,593		345		3.07
Long-term debt	210,816		1,335		2.54		206,026		1,473		2.85		196,726		1,803		3.69
Total interest-bearing liabilities	1,583,573		3,968		1.01		1,533,011		4,786		1.24		1,466,622		5,795		1.60
Noninterest-bearing sources:
Noninterest-bearing deposits	419,224						408,925						400,724
Other liabilities (3)	227,597						241,169						227,429
Shareholders’ equity	264,534						266,900						266,217
Total liabilities and shareholders’ equity	$	2,494,928					$	2,450,005					$	2,360,992
Net interest spread					2.07	%					2.01	%					2.08	%
Impact of noninterest-bearing sources					0.26						0.34						0.43
Net interest income/yield on earning assets (4)			$	12,274	2.33	%			$	12,285	2.35	%			$	12,528	2.51	%

⁽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 $35.7 billion, $37.2 billion and $31.4 billion of structured notes and liabilities for the first quarter of 2020 and the fourth and first quarters of 2019, respectively.

⁽⁴⁾  Net interest income includes FTE adjustments of $144 million, $145 million and $153 million for the first quarter of 2020 and the fourth and first quarters of 2019, respectively.

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

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

Bank of America Corporation and Subsidiaries
Debt Securities
(Dollars in millions)
	March 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	76,599	$	2,863	$	(1	)	$	79,461
Agency-collateralized mortgage obligations	4,348		212		(9		)	4,551
Commercial	14,800		814		(12		)	15,602
Non-agency residential	1,632		119		(80		)	1,671
Total mortgage-backed securities	97,379		4,008		(102		)	101,285
U.S. Treasury and agency securities	64,353		4,352		(9		)	68,696
Non-U.S. securities	12,248		10		(11		)	12,247
Other taxable securities, substantially all asset-backed securities	5,252		91		(204		)	5,139
Total taxable securities	179,232		8,461		(326		)	187,367
Tax-exempt securities	18,766		163		(75		)	18,854
Total available-for-sale debt securities	197,998		8,624		(401		)	206,221
Other debt securities carried at fair value (1)	14,791		317		(225		)	14,883
Total debt securities carried at fair value	212,789		8,941		(626		)	221,104
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities (2)	254,764		11,848		(17		)	266,595
Total debt securities	$	467,553	$	20,789	$	(643	)	$	487,699
	December 31, 2019
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	121,698	$	1,013	$	(183	)	$	122,528
Agency-collateralized mortgage obligations	4,587		78		(24		)	4,641
Commercial	14,797		249		(25		)	15,021
Non-agency residential	948		138		(9		)	1,077
Total mortgage-backed securities	142,030		1,478		(241		)	143,267
U.S. Treasury and agency securities	67,700		1,023		(195		)	68,528
Non-U.S. securities	11,987		6		(2		)	11,991
Other taxable securities, substantially all asset-backed securities	3,874		67		—			3,941
Total taxable securities	225,591		2,574		(438		)	227,727
Tax-exempt securities	17,716		202		(6		)	17,912
Total available-for-sale debt securities	243,307		2,776		(444		)	245,639
Other debt securities carried at fair value (1)	10,596		255		(23		)	10,828
Total debt securities carried at fair value	253,903		3,031		(467		)	256,467
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities	215,730		4,433		(342		)	219,821
Total debt securities	$	469,633	$	7,464	$	(809	)	$	476,288

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

⁽²⁾  During the first quarter of 2020, we transferred available-for-sale securities with a fair value of $44.4 billion to held to maturity. Additionally, we transferred trading securities with fair values of $5.2 billion to available-for-sale securities and $5.9 billion to other debt securities.

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

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

Bank of America Corporation and Subsidiaries
Supplemental Financial Data
(Dollars in millions)
	First Quarter 2020			Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019			First Quarter 2019
FTE basis data (1)
Net interest income	$	12,274		$	12,285		$	12,335		$	12,338		$	12,528
Total revenue, net of interest expense	22,911			22,494			22,955			23,233			23,157
Net interest yield	2.33		%	2.35		%	2.41		%	2.44		%	2.51		%
Efficiency ratio	58.82			58.85			66.08			57.11			57.10

⁽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 a more accurate picture of 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 $144 million, $145 million, $148 million, $149 million and $153 million for the first quarter of 2020 and the fourth, third, second and first quarters of 2019, respectively.

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

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

Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other
(Dollars in millions)
	First Quarter 2020
	Total Corporation			Consumer Banking		GWIM		Global Banking		Global Markets			All Other
Net interest income	$	12,274		$	6,862	$	1,571	$	2,612	$	1,153		$	76
Noninterest income
Fees and commissions:
Card income	1,272			1,110		17		123		21			1
Service charges	1,903			995		17		796		87			8
Investment and brokerage services	3,758			70		3,122		7		567			(8		)
Investment banking fees	1,388			—		115		761		602			(90		)
Total fees and commissions	8,321			2,175		3,271		1,687		1,277			(89		)
Market making and similar activities	2,807			1		21		87		2,973			(275		)
Other income (loss)	(491		)	91		73		214		(178		)	(691		)
Total noninterest income (loss)	10,637			2,267		3,365		1,988		4,072			(1,055		)
Total revenue, net of interest expense	22,911			9,129		4,936		4,600		5,225			(979		)
Provision for credit losses	4,761			2,258		189		2,093		107			114
Noninterest expense	13,475			4,495		3,600		2,321		2,813			246
Income (loss) before income taxes	4,675			2,376		1,147		186		2,305			(1,339		)
Income tax expense (benefit)	665			582		281		50		599			(847		)
Net income (loss)	$	4,010		$	1,794	$	866	$	136	$	1,706		$	(492	)
Average
Total loans and leases	$	990,283		$	316,946	$	178,639	$	386,483	$	71,660		$	36,555
Total assets (1)	2,494,928			811,277		303,173		465,926		712,980			201,572
Total deposits	1,439,336			736,669		263,411		382,373		33,323			23,560
Quarter end
Total loans and leases	$	1,050,785		$	317,535	$	181,492	$	437,122	$	78,591		$	36,045
Total assets (1)	2,619,954			837,522		323,866		562,529		654,735			241,302
Total deposits	1,583,325			762,387		282,395		477,108		38,536			22,899
	Fourth Quarter 2019
	Total Corporation			Consumer Banking		GWIM		Global Banking		Global Markets			All Other
Net interest income	$	12,285		$	6,905	$	1,587	$	2,559	$	1,135		$	99
Noninterest income
Fees and commissions:
Card income	1,511			1,330		29		133		19			—
Service charges	1,957			1,056		18		790		87			6
Investment and brokerage services	3,578			70		3,065		8		442			(7		)
Investment banking fees	1,474			—		106		809		581			(22		)
Total fees and commissions	8,520			2,456		3,218		1,740		1,129			(23		)
Market making and similar activities	1,767			1		23		44		1,441			258
Other income (loss)	(78		)	152		85		798		(280		)	(833		)
Total noninterest income (loss)	10,209			2,609		3,326		2,582		2,290			(598		)
Total revenue, net of interest expense	22,494			9,514		4,913		5,141		3,425			(499		)
Provision for credit losses	941			934		19		58		9			(79		)
Noninterest expense	13,239			4,468		3,523		2,320		2,613			315
Income (loss) before income taxes	8,314			4,112		1,371		2,763		803			(735		)
Income tax expense (benefit)	1,320			1,007		336		746		229			(998		)
Net income	$	6,994		$	3,105	$	1,035	$	2,017	$	574		$	263
Average
Total loans and leases	$	973,986		$	311,008	$	174,374	$	377,359	$	73,044		$	38,201
Total assets (1)	2,450,005			792,190		291,723		459,444		680,067			226,581
Total deposits	1,410,439			719,668		255,912		378,510		32,866			23,483
Quarter end
Total loans and leases	$	983,426		$	317,409	$	176,600	$	379,268	$	72,993		$	37,156
Total assets (1)	2,434,079			804,093		299,770		464,032		641,806			224,378
Total deposits	1,434,803			730,745		263,113		383,180		34,676			23,089

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

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.

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

Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other (continued)
(Dollars in millions)
	First Quarter 2019
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets			All Other
Net interest income	$	12,528	$	7,106	$	1,684	$	2,790	$	953		$	(5	)
Noninterest income
Fees and commissions:
Card income	1,375		1,197		26		131		20			1
Service charges	1,839		1,020		18		713		82			6
Investment and brokerage services	3,360		73		2,842		9		444			(8		)
Investment banking fees	1,264		—		80		709		537			(62		)
Total fees and commissions	7,838		2,290		2,966		1,562		1,083			(63		)
Market making and similar activities	2,768		2		34		50		2,082			600
Other income (loss)	23		234		136		753		63			(1,163		)
Total noninterest income (loss)	10,629		2,526		3,136		2,365		3,228			(626		)
Total revenue, net of interest expense	23,157		9,632		4,820		5,155		4,181			(631		)
Provision for credit losses	1,013		974		5		111		(23		)	(54		)
Noninterest expense	13,224		4,367		3,434		2,266		2,755			402
Income (loss) before income taxes	8,920		4,291		1,381		2,778		1,449			(979		)
Income tax expense (benefit)	1,609		1,051		338		750		413			(943		)
Net income (loss)	$	7,311	$	3,240	$	1,043	$	2,028	$	1,036		$	(36	)
Average
Total loans and leases	$	944,020	$	292,267	$	164,403	$	370,108	$	70,080		$	47,162
Total assets (1)	2,360,992		769,328		297,133		434,920		664,052			195,559
Total deposits	1,359,864		697,001		261,841		349,037		31,366			20,619
Quarter end
Total loans and leases	$	945,615	$	292,453	$	164,483	$	373,017	$	70,052		$	45,610
Total assets (1)	2,377,164		794,586		296,799		436,066		671,123			178,590
Total deposits	1,379,337		721,800		261,180		343,897		31,073			21,387

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

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.

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

Bank of America Corporation and Subsidiaries
Consumer Banking Segment Results
(Dollars in millions)
	First Quarter 2020			Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019			First Quarter 2019
Net interest income	$	6,862		$	6,905		$	7,031		$	7,116		$	7,106
Noninterest income:
Card income	1,110			1,330			1,289			1,268			1,197
Service charges	995			1,056			1,098			1,045			1,020
All other income	162			223			306			288			309
Total noninterest income	2,267			2,609			2,693			2,601			2,526
Total revenue, net of interest expense	9,129			9,514			9,724			9,717			9,632
Provision for credit losses	2,258			934			917			947			974
Noninterest expense	4,495			4,468			4,399			4,412			4,367
Income before income taxes	2,376			4,112			4,408			4,358			4,291
Income tax expense	582			1,007			1,080			1,068			1,051
Net income	$	1,794		$	3,105		$	3,328		$	3,290		$	3,240
Net interest yield	3.57		%	3.65		%	3.77		%	3.87		%	3.96		%
Return on average allocated capital (1)	19			33			36			36			36
Efficiency ratio	49.23			46.96			45.23			45.41			45.33
Balance Sheet
Average
Total loans and leases	$	316,946		$	311,008		$	303,832		$	296,388		$	292,267
Total earning assets (2)	773,635			750,064			739,802			737,714			727,390
Total assets (2)	811,277			792,190			781,739			779,450			769,328
Total deposits	736,669			719,668			709,339			707,091			697,001
Allocated capital (1)	38,500			37,000			37,000			37,000			37,000
Period end
Total loans and leases	$	317,535		$	317,409		$	307,925		$	300,411		$	292,453
Total earning assets (2)	800,143			760,174			747,279			744,253			752,659
Total assets (2)	837,522			804,093			788,814			787,036			794,586
Total deposits	762,387			730,745			715,778			714,289			721,800

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

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

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.

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

Bank of America Corporation and Subsidiaries
Consumer Banking Key Indicators
(Dollars in millions)
	First Quarter 2020			Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019			First Quarter 2019
Average deposit balances
Checking	$	394,678		$	384,256		$	376,821		$	373,912		$	364,908
Savings	49,358			49,048			50,013			51,688			51,294
MMS	247,018			242,147			239,941			241,050			242,460
CDs and IRAs	42,743			41,378			39,727			37,577			35,566
Other	2,872			2,839			2,837			2,864			2,773
Total average deposit balances	$	736,669		$	719,668		$	709,339		$	707,091		$	697,001
Deposit spreads (excludes noninterest costs)
Checking	2.22		%	2.26		%	2.31		%	2.34		%	2.31		%
Savings	2.45			2.47			2.53			2.55			2.53
MMS	2.19			2.25			2.46			2.50			2.45
CDs and IRAs	1.28			1.57			1.88			2.21			2.42
Other	1.88			2.11			2.42			2.68			2.71
Total deposit spreads	2.17			2.23			2.35			2.40			2.38
Consumer investment assets	$	212,227		$	240,132		$	223,199		$	219,732		$	210,930
Active digital banking users (units in thousands) (1)	39,075			38,266			37,981			37,292			37,034
Active mobile banking users (units in thousands)	29,820			29,174			28,703			27,818			27,127
Financial centers	4,297			4,300			4,302			4,349			4,353
ATMs	16,855			16,788			16,626			16,561			16,378
Total credit card(2)
Loans
Average credit card outstandings	$	94,471		$	94,951		$	94,370		$	93,627		$	95,008
Ending credit card outstandings	91,890			97,608			94,946			93,989			93,009
Credit quality
Net charge-offs	$	770		$	724		$	717		$	762		$	745
	3.28		%	3.03		%	3.01		%	3.26		%	3.18		%
30+ delinquency	$	1,900		$	2,035		$	1,937		$	1,838		$	1,932
	2.07		%	2.09		%	2.04		%	1.96		%	2.08		%
90+ delinquency	$	991		$	1,042		$	960		$	941		$	1,005
	1.08		%	1.07		%	1.01		%	1.00		%	1.08		%
Other total credit card indicators (2)
Gross interest yield	10.49		%	10.63		%	10.85		%	10.76		%	10.80		%
Risk-adjusted margin	7.94			8.68			8.45			7.93			8.03
New accounts (in thousands)	1,055			1,046			1,172			1,068			1,034
Purchase volumes	$	64,379		$	73,717		$	71,096		$	70,288		$	62,751
Debit card data
Purchase volumes	$	88,588		$	93,468		$	90,942		$	91,232		$	85,030
Loan production(3)
Total (4):
First mortgage	$	18,938		$	22,114		$	20,664		$	18,229		$	11,460
Home equity	3,024			2,999			2,539			2,768			2,825
Consumer Banking:
First mortgage	$	12,881		$	14,645		$	13,622		$	12,757		$	8,155
Home equity	2,641			2,646			2,219			2,405			2,485

⁽¹⁾  Active digital banking users represents mobile and/or online users.

⁽²⁾  In addition to the credit card portfolio in Consumer Banking, the remaining credit card portfolio is in GWIM.

⁽³⁾  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.

⁽⁴⁾  In addition to loan production in Consumer Banking, there is also first mortgage and home equity loan production in GWIM.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.

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

Bank of America Corporation and Subsidiaries
Consumer Banking Quarterly Results
(Dollars in millions)
	First Quarter 2020									Fourth Quarter 2019
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	6,862		$	3,948		$	2,914		$	6,905		$	4,037		$	2,868
Noninterest income:
Card income	1,110			(8		)	1,118			1,330			(8		)	1,338
Service charges	995			995			—			1,056			1,056			—
All other income	162			97			65			223			158			65
Total noninterest income	2,267			1,084			1,183			2,609			1,206			1,403
Total revenue, net of interest expense	9,129			5,032			4,097			9,514			5,243			4,271
Provision for credit losses	2,258			115			2,143			934			95			839
Noninterest expense	4,495			2,725			1,770			4,468			2,727			1,741
Income before income taxes	2,376			2,192			184			4,112			2,421			1,691
Income tax expense	582			537			45			1,007			593			414
Net income	$	1,794		$	1,655		$	139		$	3,105		$	1,828		$	1,277
Net interest yield	3.57		%	2.17		%	3.76		%	3.65		%	2.24		%	3.72		%
Return on average allocated capital (1)	19			55			2			33			60			20
Efficiency ratio	49.23			54.14			43.20			46.96			52.01			40.78
Balance Sheet
Average
Total loans and leases	$	316,946		$	5,435		$	311,511		$	311,008		$	5,434		$	305,574
Total earning assets (2)	773,635			731,928			312,127			750,064			713,977			306,171
Total assets (2)	811,277			764,117			317,580			792,190			746,293			315,981
Total deposits	736,669			731,277			5,392			719,668			713,924			5,744
Allocated capital (1)	38,500			12,000			26,500			37,000			12,000			25,000
Period end
Total loans and leases	$	317,535		$	5,466		$	312,069		$	317,409		$	5,467		$	311,942
Total earning assets (2)	800,143			756,869			312,739			760,174			724,573			312,684
Total assets (2)	837,522			789,846			317,141			804,093			758,459			322,717
Total deposits	762,387			756,873			5,514			730,745			725,665			5,080
										First Quarter 2019
										Total Consumer Banking			Deposits			Consumer Lending
Net interest income										$	7,106		$	4,307		$	2,799
Noninterest income:
Card income										1,197			(7		)	1,204
Service charges										1,020			1,020			—
All other income										309			232			77
Total noninterest income										2,526			1,245			1,281
Total revenue, net of interest expense										9,632			5,552			4,080
Provision for credit losses										974			46			928
Noninterest expense										4,367			2,655			1,712
Income before income taxes										4,291			2,851			1,440
Income tax expense										1,051			698			353
Net income										$	3,240		$	2,153		$	1,087
Net interest yield										3.96		%	2.52		%	3.95		%
Return on average allocated capital (1)										36			73			18
Efficiency ratio										45.33			47.80			41.98
Balance Sheet
Average
Total loans and leases										$	292,267		$	5,311		$	286,956
Total earning assets (2)										727,390			693,091			287,259
Total assets (2)										769,328			724,559			297,729
Total deposits										697,001			692,234			4,767
Allocated capital (1)										37,000			12,000			25,000
Period end
Total loans and leases										$	292,453		$	5,282		$	287,171
Total earning assets (2)										752,659			717,792			287,661
Total assets (2)										794,586			748,818			298,562
Total deposits										721,800			716,418			5,382

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

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.

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

Bank of America Corporation and Subsidiaries
Global Wealth & Investment Management Segment Results
(Dollars in millions)
	First Quarter 2020			Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019			First Quarter 2019
Net interest income	$	1,571		$	1,587		$	1,609		$	1,624		$	1,684
Noninterest income:
Investment and brokerage services	3,122			3,065			3,001			2,962			2,842
All other income	243			261			294			314			294
Total noninterest income	3,365			3,326			3,295			3,276			3,136
Total revenue, net of interest expense	4,936			4,913			4,904			4,900			4,820
Provision for credit losses	189			19			37			21			5
Noninterest expense	3,600			3,523			3,414			3,454			3,434
Income before income taxes	1,147			1,371			1,453			1,425			1,381
Income tax expense	281			336			356			349			338
Net income	$	866		$	1,035		$	1,097		$	1,076		$	1,043
Net interest yield	2.17		%	2.25		%	2.30		%	2.35		%	2.40		%
Return on average allocated capital (1)	23			28			30			30			29
Efficiency ratio	72.95			71.71			69.61			70.47			71.25
Balance Sheet
Average
Total loans and leases	$	178,639		$	174,374		$	170,414		$	166,324		$	164,403
Total earning assets (2)	290,916			279,367			277,338			277,033			285,050
Total assets (2)	303,173			291,723			289,460			289,835			297,133
Total deposits	263,411			255,912			254,460			253,940			261,841
Allocated capital (1)	15,000			14,500			14,500			14,500			14,500
Period end
Total loans and leases	$	181,492		$	176,600		$	172,677		$	168,993		$	164,483
Total earning assets (2)	311,118			287,195			275,864			275,360			284,454
Total assets (2)	323,866			299,770			288,332			287,903			296,799
Total deposits	282,395			263,113			252,478			251,835			261,180

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

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

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.

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

Bank of America Corporation and Subsidiaries
Global Wealth & Investment Management Key Indicators
(Dollars in millions, except as noted)
	First Quarter 2020			Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019			First Quarter 2019
Revenue by Business
Merrill Lynch Global Wealth Management	$	4,073		$	4,046		$	4,053		$	4,047		$	3,965
Bank of America Private Bank	863			867			851			853			855
Total revenue, net of interest expense	$	4,936		$	4,913		$	4,904		$	4,900		$	4,820
Client Balances by Business, at period end
Merrill Lynch Global Wealth Management	$	2,215,531		$	2,558,102		$	2,443,614		$	2,440,710		$	2,384,492
Bank of America Private Bank	443,080			489,690			462,347			458,081			452,477
Total client balances	$	2,658,611		$	3,047,792		$	2,905,961		$	2,898,791		$	2,836,969
Client Balances by Type, at period end
Assets under management (1)	$	1,092,482		$	1,275,555		$	1,212,120		$	1,203,783		$	1,169,713
Brokerage and other assets	1,155,461			1,372,733			1,305,926			1,314,457			1,282,091
Deposits	282,395			263,103			252,466			251,818			261,168
Loans and leases (2)	184,011			179,296			175,579			172,265			167,455
Less: Managed deposits in assets under management	(55,738		)	(42,895		)	(40,130		)	(43,532		)	(43,458		)
Total client balances	$	2,658,611		$	3,047,792		$	2,905,961		$	2,898,791		$	2,836,969
Assets Under Management Rollforward
Assets under management, beginning balance	$	1,275,555		$	1,212,120		$	1,203,783		$	1,169,713		$	1,072,234
Net client flows	7,035			8,144			5,529			5,274			5,918
Market valuation/other	(190,108		)	55,291			2,808			28,796			91,561
Total assets under management, ending balance	$	1,092,482		$	1,275,555		$	1,212,120		$	1,203,783		$	1,169,713
Associates, at period end
Number of financial advisors	17,646			17,458			17,657			17,508			17,535
Total wealth advisors, including financial advisors	19,628			19,440			19,672			19,512			19,524
Total primary sales professionals, including financial advisors and wealth advisors	20,851			20,586			20,775			20,611			20,657
Merrill Lynch Global Wealth Management Metric
Financial advisor productivity (in thousands)	$	1,138		$	1,108		$	1,096		$	1,082		$	1,039
Bank of America Private Bank Metric, at period end
Primary sales professionals	1,778			1,766			1,811			1,808			1,795

⁽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.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.

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

Bank of America Corporation and Subsidiaries
Global Banking Segment Results
(Dollars in millions)
	First Quarter 2020			Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019			First Quarter 2019
Net interest income	$	2,612		$	2,559		$	2,617		$	2,709		$	2,790
Noninterest income:
Service charges	796			790			763			749			713
Investment banking fees	761			809			902			717			709
All other income	431			983			930			800			943
Total noninterest income	1,988			2,582			2,595			2,266			2,365
Total revenue, net of interest expense	4,600			5,141			5,212			4,975			5,155
Provision for credit losses	2,093			58			120			125			111
Noninterest expense	2,321			2,320			2,219			2,211			2,266
Income before income taxes	186			2,763			2,873			2,639			2,778
Income tax expense	50			746			776			713			750
Net income	$	136		$	2,017		$	2,097		$	1,926		$	2,028
Net interest yield	2.57		%	2.51		%	2.69		%	2.80		%	2.98		%
Return on average allocated capital (1)	1			20			20			19			20
Efficiency ratio	50.44			45.11			42.58			44.45			43.96
Balance Sheet
Average
Total loans and leases	$	386,483		$	377,359		$	377,109		$	372,531		$	370,108
Total earning assets (2)	409,052			404,299			385,999			387,819			380,308
Total assets (2)	465,926			459,444			441,186			442,591			434,920
Total deposits	382,373			378,510			360,457			362,619			349,037
Allocated capital (1)	42,500			41,000			41,000			41,000			41,000
Period end
Total loans and leases	$	437,122		$	379,268		$	377,658		$	376,948		$	373,017
Total earning assets (2)	505,451			407,180			397,589			384,884			381,490
Total assets (2)	562,529			464,032			452,642			440,352			436,066
Total deposits	477,108			383,180			371,887			358,902			343,897

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

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

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.

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

Bank of America Corporation and Subsidiaries
Global Banking Key Indicators
(Dollars in millions)
	First Quarter 2020			Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019			First Quarter 2019
Investment Banking fees (1)
Advisory (2)	$	247		$	352		$	427		$	254		$	303
Debt issuance	424			341			356			324			327
Equity issuance	90			116			119			139			79
Total Investment Banking fees (3)	$	761		$	809		$	902		$	717		$	709
Business Lending
Corporate	$	951		$	1,002		$	1,024		$	923		$	1,045
Commercial	981			1,032			1,020			1,046			1,034
Business Banking	82			88			91			90			94
Total Business Lending revenue	$	2,014		$	2,122		$	2,135		$	2,059		$	2,173
Global Transaction Services
Corporate	$	871		$	1,015		$	967		$	1,005		$	1,007
Commercial	878			857			862			889			891
Business Banking	256			264			267			267			266
Total Global Transaction Services revenue	$	2,005		$	2,136		$	2,096		$	2,161		$	2,164
Average deposit balances
Interest-bearing	$	206,851		$	209,343		$	197,801		$	195,575		$	174,924
Noninterest-bearing	175,522			169,167			162,656			167,044			174,113
Total average deposits	$	382,373		$	378,510		$	360,457		$	362,619		$	349,037
Loan spread	1.40		%	1.37		%	1.41		%	1.41		%	1.44		%
Provision for credit losses	$	2,093		$	58		$	120		$	125		$	111
Credit quality (4, 5)
Reservable criticized utilized exposure	$	15,187		$	9,996		$	10,346		$	10,260		$	10,308
	3.34		%	2.51		%	2.61		%	2.59		%	2.62		%
Nonperforming loans, leases and foreclosed properties	$	1,700		$	1,333		$	1,208		$	1,088		$	1,087
	0.39		%	0.36		%	0.32		%	0.29		%	0.29		%
Average loans and leases by product
U.S. commercial	$	220,967		$	217,326		$	219,324		$	215,941		$	214,642
Non-U.S. commercial	92,526			87,872			86,016			84,263			82,663
Commercial real estate	53,009			51,761			51,069			51,006			50,517
Commercial lease financing	19,980			20,399			20,700			21,320			22,286
Other	1			1			—			1			—
Total average loans and leases	$	386,483		$	377,359		$	377,109		$	372,531		$	370,108
Total Corporation Investment Banking fees
Advisory (2)	$	269		$	377		$	452		$	288		$	343
Debt issuance	927			797			816			746			748
Equity issuance	283			322			308			395			234
Total investment banking fees including self-led deals	1,479			1,496			1,576			1,429			1,325
Self-led deals	(91		)	(22		)	(43		)	(58		)	(61		)
Total Investment Banking fees	$	1,388		$	1,474		$	1,533		$	1,371		$	1,264

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

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

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

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

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

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.

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

Bank of America Corporation and Subsidiaries
Global Markets Segment Results
(Dollars in millions)
	First Quarter 2020			Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019			First Quarter 2019
Net interest income	$	1,153		$	1,135		$	1,016		$	811		$	953
Noninterest income:
Investment and brokerage services	567			442			419			433			444
Investment banking fees	602			581			585			585			537
Market making and similar activities	2,973			1,441			1,580			1,961			2,082
All other income	(70		)	(174		)	263			354			165
Total noninterest income	4,072			2,290			2,847			3,333			3,228
Total revenue, net of interest expense (1)	5,225			3,425			3,863			4,144			4,181
Provision for credit losses	107			9			—			5			(23		)
Noninterest expense	2,813			2,613			2,678			2,675			2,755
Income before income taxes	2,305			803			1,185			1,464			1,449
Income tax expense	599			229			338			417			413
Net income	$	1,706		$	574		$	847		$	1,047		$	1,036
Return on average allocated capital (2)	19		%	7		%	10		%	12		%	12		%
Efficiency ratio	53.82			76.29			69.32			64.55			65.91
Balance Sheet
Average
Total trading-related assets	$	503,048		$	489,256		$	498,791		$	496,205		$	474,303
Total loans and leases	71,660			73,044			71,589			70,587			70,080
Total earning assets	501,616			481,401			476,919			474,061			472,414
Total assets	712,980			680,067			687,393			685,412			664,052
Total deposits	33,323			32,866			30,155			31,128			31,366
Allocated capital (2)	36,000			35,000			35,000			35,000			35,000
Period end
Total trading-related assets	$	439,480		$	452,496		$	497,206		$	487,094		$	485,637
Total loans and leases	78,591			72,993			74,979			74,136			70,052
Total earning assets	465,632			471,701			478,303			475,836			470,700
Total assets	654,735			641,806			689,023			674,985			671,123
Total deposits	38,536			34,676			30,885			29,961			31,073
Trading-related assets (average)
Trading account securities	$	257,254		$	247,098		$	261,182		$	251,401		$	225,254
Reverse repurchases	115,698			116,280			110,907			117,730			122,753
Securities borrowed	83,271			84,533			80,641			83,374			84,343
Derivative assets	46,825			41,345			46,061			43,700			41,953
Total trading-related assets	$	503,048		$	489,256		$	498,791		$	496,205		$	474,303

⁽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.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.

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

Bank of America Corporation and Subsidiaries
Global Markets Key Indicators
(Dollars in millions)
	First Quarter 2020		Fourth Quarter 2019			Third Quarter 2019		Second Quarter 2019		First Quarter 2019
Sales and trading revenue (1)
Fixed-income, currencies and commodities	$	2,945	$	1,754		$	2,056	$	2,098	$	2,281
Equities	1,690		1,015			1,152		1,144		1,182
Total sales and trading revenue	$	4,635	$	2,769		$	3,208	$	3,242	$	3,463
Sales and trading revenue, excluding net debit valuation adjustment (2)
Fixed-income, currencies and commodities	$	2,671	$	1,835		$	2,074	$	2,128	$	2,360
Equities	1,664		1,020			1,149		1,145		1,193
Total sales and trading revenue, excluding net debit valuation adjustment	$	4,335	$	2,855		$	3,223	$	3,273	$	3,553
Sales and trading revenue breakdown
Net interest income	$	1,024	$	1,008		$	886	$	665	$	750
Commissions	557		432			410		423		433
Trading	2,972		1,441			1,580		1,960		2,081
Other	82		(112		)	332		194		199
Total sales and trading revenue	$	4,635	$	2,769		$	3,208	$	3,242	$	3,463

⁽¹⁾  Includes Global Banking sales and trading revenue of $228 million, $139 million, $152 million, $130 million and $118 million for the first quarter of 2020 and the fourth, third, second and first quarters of 2019, 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.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.

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

Bank of America Corporation and Subsidiaries
All Other Results (1)
(Dollars in millions)
	First Quarter 2020			Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019			First Quarter 2019
Net interest income	$	76		$	99		$	62		$	78		$	(5	)
Noninterest income (loss)	(1,055		)	(598		)	(810		)	(581		)	(626		)
Total revenue, net of interest expense	(979		)	(499		)	(748		)	(503		)	(631		)
Provision for credit losses	114			(79		)	(295		)	(241		)	(54		)
Noninterest expense	246			315			2,459			516			402
Loss before income taxes	(1,339		)	(735		)	(2,912		)	(778		)	(979		)
Income tax expense (benefit)	(847		)	(998		)	(1,320		)	(787		)	(943		)
Net income (loss)	$	(492	)	$	263		$	(1,592	)	$	9		$	(36	)
Balance Sheet
Average
Total loans and leases	$	36,555		$	38,201		$	41,789		$	44,695		$	47,162
Total assets (2)	201,572			226,581			212,445			201,763			195,559
Total deposits	23,560			23,483			20,641			20,672			20,619
Period end
Total loans and leases	$	36,045		$	37,156		$	39,671		$	43,312		$	45,610
Total assets (3)	241,302			224,378			207,519			205,616			178,590
Total deposits	22,899			23,089			21,808			20,106			21,387

⁽¹⁾  All Other consists of asset and liability management (ALM) activities, equity investments, non-core mortgage loans and servicing activities, liquidating businesses and certain expenses not otherwise allocated to a business segment. ALM activities encompass certain residential mortgages, debt securities, and interest rate and foreign currency risk management activities. Substantially all of the results of ALM activities are allocated to our business segments. Equity investments include our merchant services joint venture, as well as a portfolio of equity, real estate and other alternative investments.

⁽²⁾  Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $572.2 billion, $554.2 billion, $536.8 billion, $549.5 billion and $542.5 billion for the first quarter of 2020 and the fourth, third, second and first quarters of 2019, respectively.

⁽³⁾  Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $665.8 billion, $565.4 billion, $546.5 billion, $543.9 billion and $566.8 billion at March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019 and March 31, 2019, respectively.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.

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

Bank of America Corporation and Subsidiaries
Outstanding Loans and Leases
(Dollars in millions)
	March 31 2020		December 31 2019		March 31 2019
Consumer
Residential mortgage	$	243,545	$	236,169	$	212,023
Home equity	39,567		40,208		46,241
Credit card	91,890		97,608		93,009
Direct/Indirect consumer (1)	90,246		90,998		89,548
Other consumer (2)	150		192		152
Total consumer loans excluding loans accounted for under the fair value option	465,398		465,175		440,973
Consumer loans accounted for under the fair value option (3)	556		594		668
Total consumer	465,954		465,769		441,641
Commercial
U.S. commercial	358,504		307,048		300,399
Non-U.S. commercial	116,612		104,966		101,029
Commercial real estate (4)	66,654		62,689		61,215
Commercial lease financing	19,180		19,880		21,196
	560,950		494,583		483,839
U.S. small business commercial (5)	15,421		15,333		14,616
Total commercial loans excluding loans accounted for under the fair value option	576,371		509,916		498,455
Commercial loans accounted for under the fair value option (3)	8,460		7,741		5,519
Total commercial	584,831		517,657		503,974
Total loans and leases	$	1,050,785	$	983,426	$	945,615

⁽¹⁾  Includes primarily auto and specialty lending loans and leases of $50.0 billion, $50.4 billion and $49.9 billion, U.S. securities-based lending loans of $36.4 billion, $36.7 billion and $35.8 billion and non-U.S. consumer loans of $3.0 billion, $2.8 billion and $2.8 billion at March 31, 2020, December 31, 2019 and March 31, 2019, 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 $231 million, $257 million and $315 million and home equity loans of $325 million, $337 million and $353 million at March 31, 2020, December 31, 2019 and March 31, 2019, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $5.1 billion, $4.7 billion and $2.8 billion and non-U.S. commercial loans of $3.4 billion, $3.1 billion and $2.7 billion at March 31, 2020, December 31, 2019 and March 31, 2019, respectively.

⁽⁴⁾  Includes U.S. commercial real estate loans of $62.9 billion, $59.0 billion and $56.8 billion and non-U.S. commercial real estate loans of $3.8 billion, $3.7 billion and $4.4 billion at March 31, 2020, December 31, 2019 and March 31, 2019, respectively.

⁽⁵⁾  Includes card-related products.

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

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

Bank of America Corporation and Subsidiaries
Quarterly Average Loans and Leases by Business Segment and All Other
(Dollars in millions)
	First Quarter 2020
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All  Other
Consumer
Residential mortgage	$	239,994	$	121,718	$	86,375	$	1	$	—	$	31,900
Home equity	40,040		31,712		3,129		—		308		4,891
Credit card	94,471		91,709		2,762		—		—		—
Direct/Indirect and other consumer	90,954		50,752		40,198		—		—		4
Total consumer	465,459		295,891		132,464		1		308		36,795
Commercial
U.S. commercial	330,420		21,040		41,085		220,967		47,176		152
Non-U.S. commercial	111,388		—		800		92,526		18,038		24
Commercial real estate	63,418		15		4,288		53,009		6,097		9
Commercial lease financing	19,598		—		2		19,980		41		(425		)
Total commercial	524,824		21,055		46,175		386,482		71,352		(240		)
Total loans and leases	$	990,283	$	316,946	$	178,639	$	386,483	$	71,660	$	36,555
	Fourth Quarter 2019
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All  Other
Consumer
Residential mortgage	$	231,849	$	114,871	$	83,899	$	1	$	—	$	33,078
Home equity	41,230		32,447		3,192		—		295		5,296
Credit card	94,951		92,131		2,820		—		—		—
Direct/Indirect and other consumer	90,924		50,827		40,091		—		—		6
Total consumer	458,954		290,276		130,002		1		295		38,380
Commercial
U.S. commercial	326,945		20,716		39,704		217,326		48,967		232
Non-U.S. commercial	104,787		—		532		87,872		16,373		10
Commercial real estate	63,324		16		4,134		51,761		7,404		9
Commercial lease financing	19,976		—		2		20,399		5		(430		)
Total commercial	515,032		20,732		44,372		377,358		72,749		(179		)
Total loans and leases	$	973,986	$	311,008	$	174,374	$	377,359	$	73,044	$	38,201
	First Quarter 2019
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All  Other
Consumer
Residential mortgage	$	210,174	$	93,881	$	76,822	$	—	$	—	$	39,471
Home equity	47,690		35,816		3,575		—		348		7,951
Credit card	95,008		92,213		2,795		—		—		—
Direct/Indirect and other consumer	90,430		50,602		39,824		—		—		4
Total consumer	443,302		272,512		123,016		—		348		47,426
Commercial
U.S. commercial	316,089		19,742		37,727		214,642		43,766		212
Non-U.S. commercial	101,996		—		107		82,663		19,198		28
Commercial real estate	60,859		13		3,550		50,517		6,768		11
Commercial lease financing	21,774		—		3		22,286		—		(515		)
Total commercial	500,718		19,755		41,387		370,108		69,732		(264		)
Total loans and leases	$	944,020	$	292,267	$	164,403	$	370,108	$	70,080	$	47,162

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.

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

Bank of America Corporation and Subsidiaries
Commercial Credit Exposure by Industry (1, 2, 3, 4)
(Dollars in millions)
	Commercial Utilized						Total Commercial Committed
	March 31 2020		December 31 2019		March 31 2019		March 31 2020		December 31 2019		March 31 2019
Asset managers and funds	$	73,372	$	71,289	$	67,300	$	109,279	$	109,972	$	104,843
Real estate (5)	75,649		70,341		66,568		95,474		96,349		87,529
Capital goods	48,272		41,060		38,628		86,225		80,871		73,686
Finance companies	46,089		40,171		36,432		66,609		63,940		57,199
Healthcare equipment and services	40,241		34,353		36,095		58,237		55,918		56,488
Government and public education	44,403		41,889		42,950		55,527		53,566		54,321
Materials	30,712		26,663		28,203		53,332		52,128		52,286
Retailing	33,505		25,868		25,943		49,501		48,317		45,945
Food, beverage and tobacco	27,653		24,163		23,978		47,384		45,956		43,153
Consumer services	34,753		28,434		25,514		46,611		49,071		42,788
Energy	18,328		16,407		14,643		38,041		36,327		32,842
Commercial services and supplies	25,572		23,102		21,549		36,921		38,943		38,768
Transportation	27,775		23,448		23,519		36,091		33,027		32,099
Utilities	14,537		12,383		12,208		31,743		36,060		30,146
Global commercial banks	29,072		26,492		27,767		31,268		28,670		30,040
Individuals and trusts	20,052		18,926		18,628		28,657		27,815		25,159
Media	13,604		12,429		11,676		24,277		23,629		23,641
Technology hardware and equipment	12,837		10,645		11,514		23,799		24,071		24,398
Consumer durables and apparel	12,648		10,193		9,870		21,249		21,245		18,625
Vehicle dealers	18,315		18,013		18,100		21,196		21,435		21,168
Software and services	11,337		10,432		9,658		19,936		20,556		20,727
Pharmaceuticals and biotechnology	6,285		5,962		6,638		19,554		20,203		18,660
Financial markets infrastructure (clearinghouses)	14,935		9,351		8,338		17,352		11,851		10,053
Automobiles and components	11,272		7,345		7,632		16,714		14,910		14,143
Telecommunication services	10,082		9,144		8,695		15,919		16,103		16,158
Insurance	7,413		6,669		5,841		14,793		15,214		13,834
Food and staples retailing	6,797		6,290		5,982		10,667		10,392		9,733
Religious and social organizations	4,372		3,844		4,061		6,135		5,756		6,077
Total commercial credit exposure by industry	$	719,882	$	635,306	$	617,930	$	1,082,491	$	1,062,295	$	1,004,509

⁽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 $53.3 billion, $33.9 billion and $32.4 billion at March 31, 2020, December 31, 2019 and March 31, 2019, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $35.7 billion, $33.3 billion and $32.6 billion, which consists primarily of other marketable securities, at March 31, 2020, December 31, 2019 and March 31, 2019, respectively.

⁽²⁾  Total utilized and total committed exposure includes loans of $8.5 billion, $7.7 billion and $5.5 billion and issued letters of credit with a notional amount of $156 million, $170 million and $61 million accounted for under the fair value option at March 31, 2020, December 31, 2019 and March 31, 2019, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $3.6 billion, $4.2 billion and $3.0 billion at March 31, 2020, December 31, 2019 and March 31, 2019, 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.

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

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

Bank of America Corporation and Subsidiaries
Top 20 Non-U.S. Countries Exposure
(Dollars in millions)
	Funded Loans and Loan Equivalents (1)		Unfunded Loan Commitments		Net Counterparty Exposure		Securities/ Other Investments (2)		Country Exposure at March 31 2020		Hedges and Credit Default Protection (3)			Net Country Exposure at March 31 2020 (4)		Increase (Decrease) from December 31 2019
United Kingdom	$	35,343	$	14,564	$	10,902	$	3,081	$	63,890	$	(2,086	)	$	61,804	$	5,960
Germany	36,034		6,447		4,009		1,150		47,640		(2,706		)	44,934		14,106
Japan	20,528		904		1,967		2,380		25,779		(938		)	24,841		14,309
France	13,359		7,220		1,475		1,537		23,591		(1,858		)	21,733		5,478
Canada	10,098		6,529		2,071		3,558		22,256		(568		)	21,688		1,566
China	12,297		410		1,617		875		15,199		(353		)	14,846		(741		)
Australia	6,642		2,670		1,780		1,767		12,859		(447		)	12,412		1,310
India	7,843		268		599		3,542		12,252		(151		)	12,101		84
Brazil	7,602		234		372		3,301		11,509		(201		)	11,308		(464		)
Netherlands	6,834		2,489		959		488		10,770		(891		)	9,879		(448		)
Switzerland	5,561		2,769		400		477		9,207		(419		)	8,788		1,403
Hong Kong	6,735		292		402		1,170		8,599		(33		)	8,566		1,510
South Korea	5,692		828		529		1,433		8,482		(164		)	8,318		(387		)
Singapore	4,121		310		700		2,837		7,968		(50		)	7,918		92
Belgium	5,248		865		653		1,158		7,924		(237		)	7,687		1,180
Mexico	4,286		1,198		191		944		6,619		(424		)	6,195		(1,616		)
Spain	3,015		1,267		315		722		5,319		(464		)	4,855		133
Italy	2,657		1,628		593		692		5,570		(976		)	4,594		(783		)
Ireland	2,756		930		326		445		4,457		(15		)	4,442		1,075
United Arab Emirates	3,179		163		374		62		3,778		(43		)	3,735		148
Total top 20 non-U.S. countries exposure	$	199,830	$	51,985	$	30,234	$	31,619	$	313,668	$	(13,024	)	$	300,644	$	43,915

⁽¹⁾  Includes loans, leases, and other extensions of credit and funds, including letters of credit and due from placements, which have not been reduced by collateral, hedges or credit default protection. Funded loans and loan equivalents are reported net of charge-offs but prior to any allowance for loan and lease losses.

⁽²⁾  Long securities exposures are netted on a single-name basis to, but not below, zero by short exposures and net credit default swaps purchased, consisting of single-name and net indexed and tranched credit default swaps.

⁽³⁾  Represents credit default protection purchased, net of credit default protection sold, which is used to mitigate the Corporation’s risk to country exposures as listed, consisting of net single-name and net indexed and tranched credit default swaps. Amounts are calculated based on the credit default swaps notional amount assuming a zero recovery rate less any fair value receivable or payable.

⁽⁴⁾  Represents country exposure less hedges and credit default protection purchased, net of credit default protection sold.

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

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

Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties
(Dollars in millions)
	March 31 2020			December 31 2019			September 30 2019			June 30 2019			March 31 2019
Residential mortgage	$	1,580		$	1,470		$	1,551		$	1,744		$	1,773
Home equity	578			536			585			1,203			1,751
Direct/Indirect consumer	46			47			53			80			54
Total consumer	2,204			2,053			2,189			3,027			3,578
U.S. commercial	1,240			1,094			966			820			870
Non-U.S. commercial	90			43			51			122			80
Commercial real estate	408			280			185			112			213
Commercial lease financing	44			32			35			55			52
	1,782			1,449			1,237			1,109			1,215
U.S. small business commercial	70			50			50			51			57
Total commercial	1,852			1,499			1,287			1,160			1,272
Total nonperforming loans and leases	4,056			3,552			3,476			4,187			4,850
Foreclosed properties (1)	275			285			247			265			295
Total nonperforming loans, leases and foreclosed properties (2, 3, 4)	$	4,331		$	3,837		$	3,723		$	4,452		$	5,145
Fully-insured home loans past due 30 days or more and still accruing	$	1,598		$	1,811		$	1,919		$	2,155		$	2,390
Consumer credit card past due 30 days or more and still accruing	1,900			2,035			1,937			1,838			1,932
Other loans past due 30 days or more and still accruing	3,904			3,746			3,286			2,864			2,905
Total loans past due 30 days or more and still accruing (3, 5, 6)	$	7,402		$	7,592		$	7,142		$	6,857		$	7,227
Fully-insured home loans past due 90 days or more and still accruing	$	951		$	1,088		$	1,203		$	1,364		$	1,593
Consumer credit card past due 90 days or more and still accruing	991			1,042			960			941			1,005
Other loans past due 90 days or more and still accruing	384			283			496			268			181
Total loans past due 90 days or more and still accruing (3, 5, 6)	$	2,326		$	2,413		$	2,659		$	2,573		$	2,779
Nonperforming loans, leases and foreclosed properties/Total assets (7)	0.17		%	0.16		%	0.15		%	0.19		%	0.22		%
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties (7)	0.42			0.39			0.39			0.47			0.55
Nonperforming loans and leases/Total loans and leases (7)	0.39			0.36			0.36			0.44			0.52
Commercial reservable criticized utilized exposure (8)	$	17,400		$	11,452		$	11,835		$	11,834		$	11,821
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure (8)	2.84		%	2.09		%	2.17		%	2.19		%	2.22		%
Total commercial criticized utilized exposure/Commercial utilized exposure (8)	2.65			2.00			2.02			2.04			2.07

⁽¹⁾  Foreclosed property balances do not include properties insured by certain government-guaranteed loans, principally loans insured by the Federal Housing Administration (FHA), that entered foreclosure of $224 million, $260 million, $275 million, $294 million and $400 million at March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019 and March 31, 2019, 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⁾  For periods prior to 2020, balances do not include purchased credit-impaired loans even though the customer may be contractually past due. Purchased credit-impaired loans were recorded at fair value upon acquisition and accrete interest income over the remaining life of the loan.

⁽⁴⁾  Balances do not include nonperforming loans held-for-sale of $223 million, $239 million, $237 million, $278 million and $457 million and nonperforming loans accounted for under the fair value option of $6 million, $6 million, $7 million, $10 million and $67 million at March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019 and March 31, 2019, respectively.

⁽⁵⁾  Balances do not include loans held-for-sale past due 30 days or more and still accruing of $354 million, $21 million, $44 million, $3 million and $4 million at March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019 and March 31, 2019, respectively, and loans held-for-sale past due 90 days or more and still accruing of $0, $11 million, $3 million, $0 and $1 million at March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019 and March 31, 2019, respectively. At March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019 and March 31, 2019, there were $52 million, $6 million, $9 million, $9 million and $6 million, respectively, of loans accounted for under the fair value option past due 30 days or more and still accruing interest.

⁽⁶⁾  These balances are excluded from total nonperforming loans, leases and foreclosed properties.

⁽⁷⁾  Total assets and total loans and leases do not include loans accounted for under the fair value option of $9.0 billion, $8.3 billion, $7.7 billion, $7.9 billion and $6.2 billion at March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019 and March 31, 2019, respectively.

⁽⁸⁾  Criticized exposure corresponds to the Special Mention, Substandard and Doubtful asset categories defined by regulatory authorities. The reservable criticized exposure excludes loans held-for-sale, exposure accounted for under the fair value option and other nonreservable exposure.

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

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

Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties Activity (1)
(Dollars in millions)
	First Quarter 2020			Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019			First Quarter 2019
Nonperforming Consumer Loans and Leases:
Balance, beginning of period	$	2,053		$	2,189		$	3,027		$	3,578		$	3,842
Additions	477			291			335			390			391
Reductions:
Paydowns and payoffs	(106		)	(121		)	(197		)	(195		)	(188		)
Sales	(6		)	(109		)	(748		)	(502		)	(164		)
Returns to performing status (2)	(165		)	(143		)	(185		)	(189		)	(249		)
Charge-offs (3)	(27		)	(31		)	(23		)	(29		)	(28		)
Transfers to foreclosed properties	(22		)	(23		)	(20		)	(26		)	(26		)
Total net reductions to nonperforming loans and leases	151			(136		)	(838		)	(551		)	(264		)
Total nonperforming consumer loans and leases, end of period	2,204			2,053			2,189			3,027			3,578
Foreclosed properties	226			229			188			205			236
Nonperforming consumer loans, leases and foreclosed properties, end of period	$	2,430		$	2,282		$	2,377		$	3,232		$	3,814
Nonperforming Commercial Loans and Leases (4):
Balance, beginning of period	$	1,499		$	1,287		$	1,160		$	1,272		$	1,102
Additions	781			527			492			389			640
Reductions:
Paydowns	(212		)	(169		)	(161		)	(210		)	(108		)
Sales	(16		)	(22		)	(33		)	(117		)	(43		)
Return to performing status (5)	(16		)	(15		)	(48		)	(23		)	(34		)
Charge-offs	(184		)	(107		)	(123		)	(151		)	(97		)
Transfers to foreclosed properties	—			(2		)	—			—			(7		)
Transfers to loans held-for-sale	—			—			—			—			(181		)
Total net additions (reductions) to nonperforming loans and leases	353			212			127			(112		)	170
Total nonperforming commercial loans and leases, end of period	1,852			1,499			1,287			1,160			1,272
Foreclosed properties	49			56			59			60			59
Nonperforming commercial loans, leases and foreclosed properties, end of period	$	1,901		$	1,555		$	1,346		$	1,220		$	1,331

⁽¹⁾  For amounts excluded from nonperforming loans, leases and foreclosed properties, see footnotes to Nonperforming Loans, Leases and Foreclosed Properties table on page 27.

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

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

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

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

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

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

Bank of America Corporation and Subsidiaries
Quarterly Net Charge-offs and Net Charge-off Ratios (1)
(Dollars in millions)
	First Quarter 2020					Fourth Quarter 2019					Third Quarter 2019					Second Quarter 2019					First Quarter 2019
	Amount			Percent		Amount			Percent		Amount			Percent		Amount			Percent		Amount			Percent
Net Charge-offs
Residential mortgage (2)	$	(1	)	—	%	$	4		0.01	%	$	(38	)	(0.07	)%	$	3		0.01	%	$	(16	)	(0.03	)%
Home equity (3)	(11		)	(0.11	)	(12		)	(0.12	)	(202		)	(1.85	)	(155		)	(1.36	)	11			0.10
Credit card	770			3.28		724			3.03		717			3.01		762			3.26		745			3.18
Direct/Indirect consumer	40			0.18		39			0.17		76			0.33		40			0.18		54			0.24
Other consumer	74			n/m		83			n/m		69			n/m		41			n/m		41			n/m
Total consumer	872			0.75		838			0.72		622			0.55		691			0.62		835			0.77
U.S. commercial	163			0.21		54			0.07		53			0.07		66			0.09		83			0.11
Non-U.S. commercial	1			—		(31		)	(0.12	)	67			0.26		48			0.19		—			—
Total commercial and industrial	164			0.16		23			0.02		120			0.12		114			0.11		83			0.08
Commercial real estate	6			0.04		21			0.13		(1		)	—		4			0.02		5			0.03
Commercial lease financing	5			0.10		7			0.13		1			0.02		13			0.26		—			—
	175			0.14		51			0.04		120			0.10		131			0.11		88			0.07
U.S. small business commercial	75			1.95		70			1.83		69			1.83		65			1.76		68			1.90
Total commercial	250			0.19		121			0.09		189			0.15		196			0.16		156			0.13
Total net charge-offs	$	1,122		0.46		$	959		0.39		$	811		0.34		$	887		0.38		$	991		0.43
By Business Segment and All Other
Consumer Banking	$	963		1.22	%	$	924		1.18	%	$	905		1.18	%	$	915		1.24	%	$	925		1.28	%
Global Wealth & Investment Management	9			0.02		17			0.04		39			0.09		12			0.03		12			0.03
Global Banking	160			0.17		40			0.04		116			0.12		129			0.14		82			0.09
Global Markets	7			0.04		9			0.05		—			—		—			—		—			—
All Other	(17		)	(0.19	)	(31		)	(0.32	)	(249		)	(2.43	)	(169		)	(1.54	)	(28		)	(0.24	)
Total net charge-offs	$	1,122		0.46		$	959		0.39		$	811		0.34		$	887		0.38		$	991		0.43

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

⁽²⁾  Includes loan sale net charge-offs (recoveries) of $0, $2 million, $(25) million, $0 and $(10) million for the first quarter of 2020 and the fourth, third, second and first quarters of 2019, respectively.

⁽³⁾  Includes loan sale net charge-offs (recoveries) of $0, $9 million, $(173) million, $(118) million and $24 million for the first quarter of 2020 and the fourth, third, second and first quarters of 2019, respectively.

n/m = not meaningful

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

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

Bank of America Corporation and Subsidiaries
Allocation of the Allowance for Credit Losses by Product Type
(Dollars in millions)
	March 31, 2020			January 1, 2020			December 31, 2019			March 31, 2019
	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)	Amount		Percent of Loans and Leases Outstanding (1, 2)
Allowance for loan and lease losses
Residential mortgage	$	430	0.18%	$	212	0.09%	$	325	0.14%	$	379	0.18%
Home equity	378		0.96	228		0.57	221		0.55	443		0.96
Credit card	7,583		8.25	6,809		6.98	3,710		3.80	3,666		3.94
Direct/Indirect consumer	623		0.69	566		0.62	234		0.26	238		0.27
Other consumer	52		n/m	55		n/m	52		n/m	30		n/m
Total consumer	9,066		1.95	7,870		1.69	4,542		0.98	4,756		1.08
U.S. commercial (3)	4,135		1.11	2,723		0.84	3,015		0.94	2,997		0.95
Non-U.S.commercial	1,041		0.89	668		0.64	658		0.63	705		0.70
Commercial real estate	1,439		2.16	1,036		1.65	1,042		1.66	965		1.58
Commercial lease financing	85		0.45	61		0.31	159		0.80	154		0.73
Total commercial	6,700		1.16	4,488		0.88	4,874		0.96	4,821		0.97
Allowance for loan and lease losses	15,766		1.51	12,358		1.27	9,416		0.97	9,577		1.02
Reserve for unfunded lending commitments	1,360			1,123			813			802
Allowance for credit losses	$	17,126		$	13,481		$	10,229		$	10,379
Asset Quality Indicators
Allowance for loan and lease losses/Total loans and leases (2)			1.51%			1.27%			0.97%			1.02%
Allowance for loan and lease losses/Total nonperforming loans and leases (4)			389			331			265			197
Ratio of the allowance for loan and lease losses/Annualized net charge-offs			3.49			n/m			2.48			2.38

⁽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 $231 million, $257 million and $315 million and home equity loans of $325 million, $337 million and $353 million at March 31, 2020, December 31, 2019 and March 31, 2019, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $5.1 billion, $4.7 billion and $2.8 billion and non-U.S. commercial loans of $3.4 billion, $3.1 billion and $2.7 billion at March 31, 2020, December 31, 2019 and March 31, 2019, respectively.

⁽²⁾  Total loans and leases do not include loans accounted for under the fair value option of $9.0 billion, $8.3 billion and $6.2 billion at March 31, 2020, December 31, 2019 and March 31, 2019, respectively.

⁽³⁾  Includes allowance for loan and lease losses for U.S. small business commercial loans of $1.1 billion, $523 million and $489 million at March 31, 2020, December 31, 2019 and March 31, 2019, respectively.

⁽⁴⁾  Allowance for loan and lease losses includes $8.6 billion, $4.2 billion and $4.1 billion allocated to products (primarily the Consumer Lending portfolios within Consumer Banking) that are excluded from nonperforming loans and leases at March 31, 2020, December 31, 2019 and March 31, 2019, respectively. Excluding these amounts, allowance for loan and lease losses as a percentage of total nonperforming loans and leases was 178 percent, 148 percent and 113 percent at March 31, 2020, December 31, 2019 and March 31, 2019, respectively.

n/m = not meaningful

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

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

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 an adjusted shareholders’ equity or common shareholders’ equity amount which has been reduced by goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities. 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 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 assets less goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities. 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, 2020, December 31, 2019, September 30, 2019, June 30, 2019 and March 31, 2019. 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 2020			Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019			First Quarter 2019
Reconciliation of income before income taxes to pretax, pre-provision income
Income before income taxes	$	4,531		$	8,169		$	6,859		$	8,959		$	8,767
Provision for credit losses	4,761			941			779			857			1,013
Pretax, pre-provision income	$	9,292		$	9,110		$	7,638		$	9,816		$	9,780
Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity	$	264,534		$	266,900		$	270,430		$	267,975		$	266,217
Goodwill	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)
Intangible assets (excluding mortgage servicing rights)	(1,655		)	(1,678		)	(1,707		)	(1,736		)	(1,763		)
Related deferred tax liabilities	728			730			752			770			841
Tangible shareholders’ equity	$	194,656		$	197,001		$	200,524		$	198,058		$	196,344
Preferred stock	(23,456		)	(23,461		)	(23,800		)	(22,537		)	(22,326		)
Tangible common shareholders’ equity	$	171,200		$	173,540		$	176,724		$	175,521		$	174,018
Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity	$	264,918		$	264,810		$	268,387		$	271,408		$	267,010
Goodwill	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)
Intangible assets (excluding mortgage servicing rights)	(1,646		)	(1,661		)	(1,690		)	(1,718		)	(1,747		)
Related deferred tax liabilities	790			713			734			756			773
Tangible shareholders’ equity	$	195,111		$	194,911		$	198,480		$	201,495		$	197,085
Preferred stock	(23,427		)	(23,401		)	(23,606		)	(24,689		)	(22,326		)
Tangible common shareholders’ equity	$	171,684		$	171,510		$	174,874		$	176,806		$	174,759
Reconciliation of period-end assets to period-end tangible assets
Assets	$	2,619,954		$	2,434,079		$	2,426,330		$	2,395,892		$	2,377,164
Goodwill	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)
Intangible assets (excluding mortgage servicing rights)	(1,646		)	(1,661		)	(1,690		)	(1,718		)	(1,747		)
Related deferred tax liabilities	790			713			734			756			773
Tangible assets	$	2,550,147		$	2,364,180		$	2,356,423		$	2,325,979		$	2,307,239
Book value per share of common stock
Common shareholders’ equity	$	241,491		$	241,409		$	244,781		$	246,719		$	244,684
Ending common shares issued and outstanding	8,675.5			8,836.1			9,079.3			9,342.6			9,568.4
Book value per share of common stock	$	27.84		$	27.32		$	26.96		$	26.41		$	25.57
Tangible book value per share of common stock
Tangible common shareholders’ equity	$	171,684		$	171,510		$	174,874		$	176,806		$	174,759
Ending common shares issued and outstanding	8,675.5			8,836.1			9,079.3			9,342.6			9,568.4
Tangible book value per share of common stock	$	19.79		$	19.41		$	19.26		$	18.92		$	18.26

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

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