Bank of America Reports Quarterly Earnings of $4.0 Billion, EPS of $0.40 Provision for Credit Losses of $4.8 Billion Includes a $3.6 Billion Reserve Build1 Ends Quarter with $265 Billion in Shareholders' Equity and Nearly $700 Billion in Global Liquidity Sources Q1-20 Financial Highlights2 Q1-20 Business Segment Highlights2,3 • Net income of $4.0 billion, or $0.40 per diluted Consumer Banking share, includes higher provision expense for COVID-19 related reserve build • Net income of $1.8 billion – Pretax income declined 48% to $4.5 billion • Loans up 8% to $317 billion; deposits up 6% to $737 billion • Consumer investment assets up 1% to $212 billion, driven by flows of – Pretax, pre-provision income down 5% to $9.3 $22 billion since Q1-19, largely offset by market performance billion1 • Extended $2.4 billion in credit to small business clients, up 11% • Provision for credit losses increased to $4.8 billion, • Client Support Actions: driven by a $3.6 billion reserve build1 • – Received 279,000 small business loan applications through April 8 Revenue, net of interest expense, decreased 1% to under the Paycheck Protection Program, totaling $43 billion $22.8 billion – Nearly 1 million payment deferrals through April 8 – Net interest income (NII)(B) declined 2% to $12.1 billion, driven by lower interest rates, partially Global Wealth and Investment Management offset by loan and deposit growth – Noninterest income rose slightly to $10.6 billion • Net income of $866 million • Noninterest expense increased 2% to $13.5 billion, • Client balances of $2.7 trillion, reflecting market declines partially reflecting investments in the franchise; efficiency offset by higher loan/deposit balances; AUM flows of $26 billion ratio of 59% since Q1-19 • Average loan and lease balances in the business • Merrill added more than 7,500 net new households and Private Bank segments rose $57 billion, or 6%, YoY to $954 added more than 600 net new relationships billion • Client Support Actions: – Double-digit increase in wealth management client outreach – Ending loan balances rose $68 billion, or 7%, since Q4-19 to $1.0 trillion – Merrill shifting ~700 advisors to support client CARES Act inquiries; Private Bank aligning advisor trainees and wealth management • Average deposit balances rose $79.5 billion, or 6%, analysts to support CARES Act application processing YoY to $1.4 trillion Global Banking – Ending deposit balances rose $149 billion, or 10%, since Q4-19 to $1.6 trillion • Net income of $136 million • Common equity tier 1 (CET1) ratio declined slightly • Firmwide investment banking fees (excl. self-led) up 10% to $1.4 (C) but remained strong at 10.8%(F) billion; No. 3 ranking in investment banking fees • Loans up 4% to $386 billion; deposits up 10% to $382 billion From Chairman and CEO Brian Moynihan: • Client Support Actions: “Our results reflect the strength of our balance sheet, – Extended $67 billion in net funding to commercial and corporate the diversity of our earnings, and the resilience of our clients since year-end 2019 across all business segments teammates to serve clients around the world. Despite – Raised $224 billion in capital on behalf of clients increasing our loan loss reserves, we earned $4 billion – Over 13,000 hours of training completed by employees to ensure this quarter, maintained a significant buffer against readiness to support clients impacted by COVID-19 our most stringent capital requirement, and ended the quarter with more liquidity than when we began. Global Markets • Net income of $1.7 billion "We remain a source of strength - our customers trusted us with $149 billion in additional deposits • Sales and trading revenue of $4.6 billion, including net debit valuation since year-end, which enabled us to provide liquidity to adjustments (DVA) gains of $300 million • Excluding net DVA, sales and trading revenue increased 22% to $4.3 people, small business owners and corporate clients. (D) We received nearly a million requests for assistance billion (D) and we announced a $100 million commitment to – FICC increased 13% to $2.7 billion (D) provide critical support to local communities. We are – Equities increased 39% to $1.7 billion taking extraordinary steps to support our employees, • Client Support Action: clients and communities during this humanitarian – Seamlessly supported clients by providing liquidity and a strong and crisis." resilient trading platform during period of record-breaking market activity See page 10 for endnotes. 1 Reserve build and pretax, pre-provision income (PTPI) represent non-GAAP financial measures. For more information, see endnotes A and H on page 10. 2 Financial Highlights and Business Segment Highlights compare to the year-ago quarter unless noted. Loan and deposit balances are shown on an average basis unless noted. 3 The Corporation reports the results of operations of its four business segments and All Other on a fully taxable-equivalent (FTE) basis. 1

Bank of America Financial Highlights Three months ended ($ in billions, except per share data) 3/31/2020 12/31/2019 3/31/2019 Total revenue $22.8 $22.3 $23.0 Provision for credit losses 4.8 0.9 1.0 Noninterest expense 13.5 13.2 13.2 Pretax income 4.5 8.2 8.8 Income tax expense 0.5 1.2 1.5 Net Income 4.0 7.0 7.3 Diluted earnings per share $0.40 $0.74 $0.70 From Chief Financial Officer Paul Donofrio: “Ten years ago, we set out to transform our business and operate under the principles of responsible growth so we would be a source of strength in the next crisis. Our results this quarter reflect our progress: our strong earnings power allowed us to increase loan loss reserves while generating $4.0 billion in net income for shareholders. During the quarter, we suspended our buyback program to provide additional support to the economy. We also continued to invest in our people and our systems so we could deliver for consumers, small business owners and large corporate clients. We remain well-positioned to support our clients and deliver for all our stakeholders.” Supporting Employees and Clients Through COVID-19 Employees Individual and Family Clients – Committed to no COVID-19-related layoffs in 2020 – Clients can request refunds including overdraft fees, – Hired 2,000 new employees in March and shifted non-sufficient funds fees, and monthly maintenance 3,000 current employees to Consumer and Small fees Business – Clients can request to defer credit card payments; – Special compensation incentives for teammates refunds on late fees serving clients in U.S. financial centers, call centers – Clients can request to defer auto loan payments, with and operation centers payments added to the end of the loan – Specific actions to protect and to support Clients can request to defer mortgage and home equity employees working in our offices payments, with payments added to the end of the loan – Expanded employee benefits (e.g., no-cost – Paused foreclosure sales, evictions and repossessions coronavirus testing, no-fee Teledoc, backup – No negative credit bureau reporting for previously up- childcare, transportation reimbursement) to-date clients – Moved to $20 minimum hourly rate of pay this quarter in the U.S. as previously announced Small Businesses and Commercial Clients – Small business clients can request to defer small Institutional Investors business loan and credit card payments, and refunds on – Seamlessly supported clients by providing liquidity late fees and a strong and resilient trading platform during – Providing support to small business owners through the period of record-breaking market activity with Paycheck Protection Program (received 279,000 Global Markets balance sheet temporarily increasing applications totaling $43 billion through April 8) by $130 billion in early March versus year-end – Extended net funding of $67 billion to commercial clients across all business segments Communities and Other – Helping clients manage operations through digital – Provided $100 million commitment to local channels communities to purchase medical supplies, food and – Connecting Global Commercial Banking/Business other priorities Banking client company associates with payment – Announced commitment of $250 million in capital deferral programs available to bank customers and $10 million in philanthropic grants to – Global Research producing insight and guidance for Community Development Financial Institutions clients (CDFIs) – Raised $224 billion in capital for clients across debt and equity markets 2

Consumer Banking1,2 1 • Net income of $1.8 billion, down $1.4 billion, or 45%, Financial Results as solid client activity was more than offset by an Three months ended increase in loan loss reserves and the impact of lower ($ in millions) 3/31/2020 12/31/2019 3/31/2019 interest rates Total revenue2 $9,129 $9,514 $9,632 – Pretax income declined $1.9 billion, or 45%, to $2.4 Provision for credit losses 2,258 934 974 billion Noninterest expense 4,495 4,468 4,367 – Pretax, pre-provision income declined $631 million, or 12%, to $4.6 billion(H) Pretax income 2,376 4,112 4,291 • Revenue of $9.1 billion decreased 5%, driven by lower Income tax expense 582 1,007 1,051 noninterest income and lower NII Net income $1,794 $3,105 $3,240 • Provision for credit losses increased to $2.3 billion, driven by a reserve build, primarily related to Business Highlights1,3,(G) COVID-19 impact(A) Three months ended – Net charge-off ratio improved to 1.22%, compared ($ in billions) 3/31/2020 12/31/2019 3/31/2019 to 1.28% Average deposits $736.7 $719.7 $697.0 • Noninterest expense increased 3%, driven by the cost Average loans and leases 316.9 311.0 292.3 of increased client activity and investments for business growth, largely offset by improved Consumer investment assets 212.2 240.1 210.9 productivity and lower support costs (EOP) – Continued investment in financial center and ATM Active mobile banking users 29.8 29.2 27.1 (MM) builds/renovations, sales professionals, digital capabilities, and minimum wage increases Number of financial centers 4,297 4,300 4,353 Efficiency ratio 49% 47% 45% Business Highlights1 Return on average allocated 19 33 36 • Average deposits grew $40 billion, or 6%; average capital loans grew $25 billion, or 8%, driven by growth in 3 Total Consumer Credit Card residential mortgages Average credit card $94.5 $95.0 $95.0 • Consumer investment assets grew $1 billion, or 1%, outstanding balances to $212 billion, driven by client flows largely offset by Total credit/debit spend 153.0 167.2 147.8 market performance Risk-adjusted margin 7.9% 8.7% 8.0% • Combined credit/debit card spend increased 4% 1 Comparisons are to the year-ago quarter unless noted. • 9 new financial centers opened and 109 renovated in 2 Revenue, net of interest expense. 3 Q1-20 The consumer credit card portfolio includes Consumer Banking and GWIM. • 6.3 million Consumer customers enrolled in Preferred Continued Business Leadership Rewards, with 99% retention rate • No. 1 Consumer Deposit Market Share (Estimated retail consumer deposits based on June 30, 2019 FDIC deposit data) 1 Digital Usage Continued to Grow • No. 1 Small Business Lender (FDIC, Q4-19) – 39.1 million active digital banking users, up 6% • No. 1 Online Banking and Mobile Banking Functionality (Dynatrace Q4-19 Online Banker Scorecard and Q1-20 Mobile Banker Scorecard; Javelin 2019 Online – 29.8 million active mobile banking users, up 10% and Mobile Banking Scorecards) – Digital sales were 33% of all Consumer Banking • No. 1 Home Equity Originator (Inside Mortgage Finance, Home Equity new sales HELOC commitments, Q4-19) – 1.6 billion mobile logins in Q1-20 • No. 1 in Prime Auto Credit Distribution of New Originations Among Peers (Experian Autocount; Franchised Dealers; Largest percentage of 680+ – 10.4 million active Zelle® users, now including small Vantage 3.0 originations among key competitors as of January 2020) businesses; sent and received 102 million transfers • No. 1 Digital Checking Account Sales Functionality (Forrester, January 2020) worth $27 billion in Q1-20, up 73% • Named North America’s Best Digital Bank (Euromoney, July 2019) – Over 586,000 digital appointments • Best Mortgage Lender for First-Time Home Buyers (Nerdwallet, 2020) • 5 Star Ranking Overall - Named a Top Online Stock Broker for 2020 (Nerdwallet, 2020) 3

Global Wealth and Investment Management 1,2 1 • Net income of $866 million, down $177 million, or Financial Results 17%, as solid client activity was more than offset by Three months ended higher provision expense driven by a reserve build, ($ in millions) 3/31/2020 12/31/2019 3/31/2019 primarily related to COVID-19 impact(A) 2 – Pretax income declined $234 million, or 17%, to Total revenue $4,936 $4,913 $4,820 $1.1 billion; pretax margin of 23% Provision for credit losses 189 19 5 – Pretax, pre-provision income declined $50 million, Noninterest expense 3,600 3,523 3,434 (H) or 4%, to $1.3 billion Pretax income 1,147 1,371 1,381 • Revenue of $4.9 billion increased 2%, reflecting Income tax expense 281 336 338 higher asset management and brokerage fees, partially offset by the impact of lower interest rates Net income $866 $1,035 $1,043 – Asset management fees increased 10%, driven by the impact of higher market valuations and positive Business Highlights1,(G) AUM flows Three months ended – Brokerage revenue increased 10% on higher transactional activity ($ in billions) 3/31/2020 12/31/2019 3/31/2019 • Noninterest expense increased 5%, primarily due to Average deposits $263.4 $255.9 $261.8 revenue-related incentives and investments for Average loans and leases 178.6 174.4 164.4 business growth Total client balances (EOP) 2,658.6 3,047.8 2,837.0 AUM flows 7.0 8.1 5.9 Business Highlights1 Pretax margin 23% 28% 29% • Total client balances declined 6% to $2.7 trillion, driven by lower end-of-period market valuations Return on average allocated 23 28 29 capital – AUM flows of $7.0 billion since Q4-19 and $26 1 Comparisons are to the year-ago quarter unless noted. billion since Q1-19 2 Revenue, net of interest expense. – Average deposits increased $1.6 billion, or 1%, to $263 billion Continued Business Leadership – Average loans and leases grew $14.2 billion, or 9%, • No. 1 U.S. wealth management market position across client assets, to $179 billion, driven by residential mortgages and deposits and loans (U.S.-based full-service wirehouse peers based on 4Q19 custom lending earnings releases) • No. 1 in Personal trust assets under management (Industry Q4-19 FDIC call • Strong wealth management client growth reports) – Merrill added more than 7,500 net new households • No. 1 in Barron’s Top 1,200 ranked Financial Advisors (2020) – Referrals to/from Merrill up 52% YoY • No. 1 in Forbes’ Top Next Generation Advisors (2019) and – Private Bank added more than 600 net new Best-in-State Wealth Advisors (2020) relationships • No. 1 in Financial Times Top 401K Retirement Plan Advisers (2019) • No. 1 in Barron’s Top 100 Women Advisors (2019) – Referrals to/from Private Bank up 16% YoY • No. 1 in Forbes’ Top Women Advisors (2019) Digital Usage Continued to Grow1 • Merrill Lynch – 77% of clients actively using an online or mobile platform across Merrill and Bank of America – 40% growth in client usage of MyMerrill mobile app and 18% increase in ML online platform users • Private Bank – 78% of clients actively using an online or mobile platform across Private Bank and Bank of America – 32% growth in mobile active users and 11% growth in online platform users 4

Global Banking1,2 1 • Net income decreased $1.9 billion to $136 million, Financial Results driven by higher provision expense for a reserve build Three months ended (A) primarily related to COVID-19 impact ($ in millions) 3/31/2020 12/31/2019 3/31/2019 – Pretax income declined $2.6 billion, or 93%, to 2,3 Total revenue $4,600 $5,141 $5,155 $186 million Provision for credit losses 2,093 58 111 – Pretax, pre-provision income declined $610 million, or 21%, to $2.3 billion(H) Noninterest expense 2,321 2,320 2,266 • Revenue of $4.6 billion decreased 11%, as Pretax income 186 2,763 2,778 markdowns in capital markets and the Fair Value Income tax expense 50 746 750 Option loan portfolio, as well as spread compression, Net income $136 $2,017 $2,028 were partly mitigated by loan and deposit balance growth and higher investment banking fees • Provision for credit losses increased $2.0 billion to Business Highlights1,2,(G) $2.1 billion, driven by a reserve build primarily related Three months ended to COVID-19 impact(A) ($ in billions) 3/31/2020 12/31/2019 3/31/2019 • Noninterest expense increased 2%, primarily due to Average deposits investment in the platform partly offset by lower $382.4 $378.5 $349.0 revenue-related compensation costs Average loans and leases 386.5 377.4 370.1 Total Corp. IB fees (excl. self- 1.4 1.5 1.3 2 Business Highlights1 led) • Average deposits increased $33 billion, or 10%, to Global Banking IB fees2 0.8 0.8 0.7 $382 billion, driven by increased client coverage; Business Lending revenue 2.0 2.1 2.2 ending deposits increased $94 billion since Q4-19, reflecting client flight to safety and placement of Global Transaction Services 2.0 2.1 2.2 revenue credit draws in the latter part of the quarter • Average loans and leases grew $16 billion, or 4%, to Efficiency ratio 50% 45% 44% $386 billion, driven by broad-based growth across Return on average allocated 1 20 20 corporate and commercial clients; ending loans and capital leases increased $58 billion since Q4-19, due to 1 Comparisons are to the year-ago quarter unless noted. 2 increased draw activity as clients secured liquidity Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities. • Total Corporation investment banking fees of $1.4 3 Revenue, net of interest expense. billion (excl. self-led) increased 10%, driven by higher debt and equity underwriting fees Continued Business Leadership • Intelligent Receivables won Best Use of AI in Treasury Management Digital Usage Continued to Grow1 (Global Finance, 2020) • ~500K CashPro® Online users (digital banking • North America’s Best Bank for Small to Medium-sized Enterprises platform) across our commercial, corporate and (Euromoney, 2019) business banking businesses  • Best Overall Brand Middle Market Banking (Greenwich, 2019) • CashPro Mobile Active Users increased 67% and • Best Bank for Payments and Collections, Globally and in North America logins increased 107% (rolling 12 months, YoY) (Global Finance, 2020) • CashPro Mobile Payment Approvals value of $175 • North America’s Best Bank for Financing (Euromoney, 2019) billion, increasing 67% (rolling 12 months, YoY) • 2019 Quality, Share and Excellence Awards for U.S. Large Corporate • Number of checks deposited via CashPro Mobile Banking and Cash Management (Greenwich, 2019) up 121%, and dollar volume increased 145% • Best Investment Bank for Debt in Western Europe (Global Finance, 2019) (rolling 12 months, YoY) • Relationships with 77% of the Global Fortune 500 and 95% of the U.S. • 11 million incoming receivables were digitally Fortune 1000 (2019) matched in last 12 months using Intelligent Receivables, which uses AI to match payments and accounts receivables • Commercial Prepaid Card App active users increased by 192%, with 160% increase in cards added to app YoY, the highest since launch 5

Global Markets1,2 1 • Net income of $1.7 billion increased $670 million, Financial Results driven by higher sales and trading revenue as the firm Three months ended continued to support clients ($ in millions) 3/31/2020 12/31/2019 3/31/2019 – Pretax income increased $856 million, or 59%, to 2,3 $2.3 billion Total revenue $5,225 $3,425 $4,181 4 – Pretax, pre-provision income increased $986 Net DVA 300 (86) (90) million, or 69%, to $2.4 billion(H) Total revenue $4,925 $3,511 $4,271 (excl. net DVA)2,3,4 • Revenue of $5.2 billion increased 25%, driven by higher sales and trading; excluding net DVA, revenue Provision for credit losses 107 9 (23) 4 increased 15% Noninterest expense 2,813 2,613 2,755 • Provision for credit losses increased $130 million to Pretax income 2,305 803 1,449 $107 million, driven by an increase in loan loss Income tax expense 599 229 413 reserves primarily related to COVID-19 impact(A) Net income $1,706 $574 $1,036 • Noninterest expense increased $58 million, or 2%, to $2.8 billion, driven by higher revenue-related Net income (excl. net $1,478 $639 $1,104 DVA)4 expenses • Average VaR of $48 million5 1,2,(G) 1 Business Highlights Business Highlights • Reported sales and trading revenue increased 34% Three months ended to $4.6 billion ($ in billions) 3/31/2020 12/31/2019 3/31/2019 • Excluding net DVA, sales and trading revenue Average total assets $713.0 $680.1 $664.1 increased 22% to $4.3 billion(D) Average trading-related 503.0 489.3 474.3 – FICC revenue of $2.7 billion increased 13%, driven assets by increased client activity and improved market- Average loans and leases 71.7 73.0 70.1 making conditions across all macro products (in Sales and trading revenue2 4.6 2.8 3.5 particular Rates), more than offsetting weaker performances in the credit-sensitive businesses Sales and trading revenue 4.3 2.9 3.6 (excl. net DVA)2,D – Equities revenue of $1.7 billion increased 39%, 2 driven by increased client activity and a strong Global Markets IB fees 0.6 0.6 0.5 trading performance in the more volatile market Efficiency ratio 54% 76% 66% environment Return on average allocated 19 7 12 capital Additional Highlights 1 Comparisons are to the year-ago quarter unless noted. • 680+ research analysts covering 3,100+ companies, 2 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities. 1,230+ corporate bond issues across 55+ economies 3 Revenue, net of interest expense. and 24 industries 4 Revenue and net income, excluding net DVA, are non-GAAP financial measures. See endnote D on page 10 for more information. 5 VaR model uses a historical simulation approach based on three years of historical data and an expected shortfall methodology equivalent to a 99% confidence level. Average VaR was $48MM, $35MM and $37MM for Q1-20, Q4-19 and Q1-19, respectively. Continued Business Leadership • Derivatives House of the Year (GlobalCapital, 2019; Risk 2020 Awards; IFR Awards, 2019) • Most Innovative Bank for Equity Derivatives (The Banker, 2019) • No. 1 Quality Leader in U.S. Fixed Income Overall Trading Quality and No. 1 U.S. Fixed Income Overall Service Quality (Greenwich, 2019) • Quality Leader in Global Foreign Exchange Sales and Corporate FX Sales (Greenwich, 2019) • Share Leader in U.S. Fixed Income Market Share (Greenwich, 2019)   • No. 1 Municipal Bonds Underwriter (Refinitiv, 2019)   • No. 1 Global Research Firm (Institutional Investor, 2019) • No. 1 Global Fixed Income Research Team (Institutional Investor, 2019) 6

All Other1 1 • Net loss increased to $492 million from a loss of Financial Results $36 million, driven by certain valuation Three months ended adjustments and, to a lesser extent, increased ($ in millions) 3/31/2020 12/31/2019 3/31/2019 provision expense related to COVID-19 on the non- 2 core mortgage portfolio(A) Total revenue $(979) $(499) $(631) • Total Corporation effective tax rate of 11.5% Provision for credit losses 114 (79) (54) reflected: Noninterest expense 246 315 402 – $108 million benefit related to stock-based Pretax loss (1,339) (735) (979) compensation Income tax expense (benefit) (847) (998) (943) – The greater impact of tax credits related to tax advantaged investments on lower pretax Net income (loss) $(492) $263 $(36) income 1 Comparisons are to the year-ago quarter unless noted. 2 Revenue, net of interest expense. Note: 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. 7

Credit Quality Charge-offs Highlights1 • Total net charge-offs increased $163 million, or Three months ended 17%, from Q4-19 to $1.1 billion, driven by higher commercial charge-offs ($ in millions) 3/31/2020 12/31/2019 3/31/2019 • Net charge-off ratio increased 7 basis points Provision for credit losses $4,761 $941 $1,013 from Q4-19 to 0.46% Net charge-offs 1,122 959 991 2 Provision for credit losses Net charge-off ratio 0.46% 0.39% 0.43% • Provision expense increased $3.8 billion from At period-end Q4-19 to $4.8 billion, driven by a reserve build of Nonperforming loans and $4,056 $3,552 $4,850 $3.6 billion primarily due to a deteriorating leases economic outlook related to COVID-19(A) Nonperforming loan and 0.39% 0.36% 0.52% Allowance for loan and lease losses leases ratio • Allowance for loan and lease losses increased Allowance for loan and lease $15,766 $9,416 $9,577 $6.4 billion, or 67%, from 12/31/19 to $15.8 losses billion, representing 1.51% of total loans and Allowance for loan and lease 1.51% 0.97% 1.02% leases losses ratio3 4 – January 1, 2020 CECL adoption impact of $3.3 1 Comparisons are to the year-ago quarter unless noted. 2 billion includes $2.9 billion increase in Net charge-off ratio is calculated as annualized net charge-offs divided by average outstanding loans and leases during the period. allowance for loan and lease losses and $310 3 Allowance for loan and lease losses ratio is calculated as allowance for loan and lease losses million increase in the reserve for unfunded divided by loans and leases outstanding at the end of the period. 4 The Company’s adoption of the new CECL accounting standard effective January 1, 2020 lending commitments measures the allowance based on management’s best estimate of lifetime expected credit – 1Q20 included a reserve build of $3.6 billion, losses inherent in the Company’s lending activities. Prior periods presented reflect measurement of the allowance based on management’s estimate of probable incurred credit due primarily to deteriorating economic outlook losses. related to COVID-19 Note: Ratios do not include loans accounted for under the fair value option. • Nonperforming loans (NPLs) increased $504 million from Q4-19, primarily driven by $353 million increase in commercial loans • Commercial reservable criticized utilized exposure of $17.4 billion increased $5.9 billion, or 75 bps, from Q4-19 – Increase was broad based across industries See page 10 for endnotes. 8

Balance Sheet, Liquidity and Capital Highlights ($ in billions except per share data, end of period, unless otherwise noted)(G) Three months ended 3/31/2020 12/31/2019 3/31/2019 Ending Balance Sheet Total assets $2,620.0 $2,434.1 $2,377.2 Total loans and leases 1,050.8 983.4 945.6 Total loans and leases in business segments (excluding All Other) 1,014.7 946.3 900.0 Total deposits 1,583.3 1,434.8 1,379.3 Average Balance Sheet Average total assets $2,494.9 $2,450.0 $2,361.0 Average loans and leases 990.3 974.0 944.0 Average deposits 1,439.3 1,410.4 1,359.9 Funding and Liquidity Long-term debt $256.7 $240.9 $233.9 Global Liquidity Sources, average(E) 565 576 546 Global Liquidity Sources, end of period(E) 699 579 556 Equity Common shareholders’ equity $241.5 $241.4 $244.7 Common equity ratio 9.2% 9.9% 10.3% Tangible common shareholders’ equity1 $171.7 $171.5 $174.8 Tangible common equity ratio1 6.7% 7.3% 7.6% Per Share Data Common shares outstanding (in billions) 8.68 8.84 9.57 Book value per common share $27.84 $27.32 $25.57 Tangible book value per common share1 19.79 19.41 18.26 Regulatory Capital(F) CET1 capital $168.1 $166.8 $169.2 Standardized approach Risk-weighted assets $1,564 $1,493 $1,455 CET1 ratio 10.8% 11.2% 11.6% Advanced approaches Risk-weighted assets $1,515 $1,447 $1,423 CET1 ratio 11.1% 11.5% 11.9% Supplementary leverage Supplementary leverage ratio (SLR) 6.4% 6.4% 6.8% 1 Represents a non-GAAP financial measure. For reconciliation, see page 17 of this press release. 9

Endnotes A Reserve Build (or Release) is a non-GAAP financial measure, calculated by subtracting net charge-offs for the period from the provision for credit losses recognized in that period.  For GAAP purposes, the period-end allowance, or reserve, for credit losses reflects the beginning of the period allowance adjusted for net charge-offs recorded in that period plus the provision for credit losses recognized in that period. The Company believes that disclosing reserve build is a useful measure that enables investors and others to assess the effect of the provision for credit losses on the allowance for credit losses in the period. For the three months ended March 31, 2020, reserve build of $3.6 billion is calculated as provision for credit losses of $4.8 billion less net charge-offs of $1.1 billion. B We also measure net interest income on an FTE basis, which is a non-GAAP financial measure. FTE basis is a performance measure used in operating the business that management believes provides investors a more accurate picture of the interest margin for comparative purposes. We believe that this presentation allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices. Net interest income on an FTE basis was $12.3 billion, $12.3 billion and $12.5 billion for the three months ended March 31, 2020, December 31, 2019 and March 31, 2019, respectively. The FTE adjustment was $144 million, $145 million and $153 million for the three months ended March 31, 2020, December 31, 2019 and March 31, 2019, respectively. C Source: Dealogic as of April 1, 2020 D Global Markets revenue and net income, excluding net debit valuation adjustments (DVA), and sales and trading revenue, excluding net DVA, are non- GAAP financial measures. Net DVA gains (losses) were $300 million, $(86) million and $(90) million for the three months ended March 31, 2020, December 31, 2019 and March 31, 2019, respectively. FICC net DVA gains (losses) were $274 million, $(81) million and $(79) million for the three months ended March 31, 2020, December 31, 2019 and March 31, 2019, respectively. Equities net DVA gains (losses) were $26 million, $(5) million and $(11) million for the three months ended March 31, 2020, December 31, 2019 and March 31, 2019, respectively. E Global Liquidity Sources (GLS) include cash and high-quality, liquid, unencumbered securities, limited to U.S. government securities, U.S. agency securities, U.S. agency MBS, and a select group of non-U.S. government and supranational securities, and are readily available to meet funding requirements as they arise. They do not include Federal Reserve Discount Window or Federal Home Loan Bank borrowing capacity. Transfers of liquidity among legal entities may be subject to certain regulatory and other restrictions. F Regulatory capital ratios at March 31, 2020 are preliminary. The Corporation reports regulatory capital ratios under both the Standardized and Advanced approaches. The approach that yields the lower ratio is used to assess capital adequacy, which for Common equity tier 1 (CET1) is the Standardized approach for all reporting dates presented. G We present certain key financial and nonfinancial performance indicators (KPIs) that management uses when assessing consolidated and/or segment results. We believe this information is useful because it provides management and investors with information about underlying operational performance and trends. KPIs are presented in Balance Sheet, Liquidity and Capital Highlights and on the Segment pages for each segment. H Pretax, pre-provision income (PTPI) at the consolidated level is a non-GAAP financial measure calculated by adjusting consolidated pretax income to add back provision for credit losses. Similarly, PTPI at the segment level is a non-GAAP financial measure calculated by adjusting pretax income of such segment to add back provision for credit losses for such segment. Management believes that PTPI (both at the consolidated and segment level) is a useful financial measure as it enables an assessment of the Company’s ability to generate earnings to cover credit losses through a credit cycle and provides an additional basis for comparing the Company's results of operations between periods by isolating the impact of provision for credit losses, which can vary significantly between periods. For Reconciliations to GAAP financial measures, see page 17 for Total company and below for segments. (Dollars in millions) First Quarter 2020 Consumer Global Global Banking GWIM Banking Markets All Other Pretax income $ 2,376 $ 1,147 $ 186 $ 2,305 $ (1,339) Provision for credit losses 2,258 189 2,093 107 114 Pretax, pre-provision income $ 4,634 $ 1,336 $ 2,279 $ 2,412 $ (1,225) Fourth Quarter 2019 Consumer Global Global Banking GWIM Banking Markets All Other Pretax income $ 4,112 $ 1,371 $ 2,763 $ 803 $ (735) Provision for credit losses 934 19 58 9 (79) Pretax, pre-provision income $ 5,046 $ 1,390 $ 2,821 $ 812 $ (814) First Quarter 2019 Consumer Global Global Banking GWIM Banking Markets All Other Pretax income $ 4,291 $ 1,381 $ 2,778 $ 1,449 $ (979) Provision for credit losses 974 5 111 (23) (54) Pretax, pre-provision income $ 5,265 $ 1,386 $ 2,889 $ 1,426 $ (1,033) 10

Contact Information and Investor Conference Call Invitation Investor Call Note: Chief Executive Officer Brian Moynihan and Chief Financial Officer Paul Donofrio will discuss first- Information quarter 2020 financial results in a conference call at 8:30 a.m. ET today. The presentation and supporting materials can be accessed on the Bank of America Investor Relations website at http://investor.bankofamerica.com. For a listen-only connection to the conference call, dial 1.877.200.4456 (U.S.) or 1.785.424.1732 (international). The conference ID is 79795. Please dial in 10 minutes prior to the start of the call. Investors can access replays of the conference call by visiting the Investor Relations website or by calling 1.800.934.4850 (U.S.) or 1.402.220.1178 (international) from April 15 through April 24. Investors May Contact: Reporters May Contact: Lee McEntire, Bank of America, 1.980.388.6780 Jerry Dubrowski, Bank of America, 1.646.855.1195 (office) or lee.mcentire@bofa.com 1.508.843.5626 (mobile) jerome.f.dubrowski@bofa.com Jonathan Blum, Bank of America (Fixed Income), 1.212.449.3112 jonathan.blum@bofa.com Bank of America Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 3,000 lending centers, 2,700 financial centers with a Consumer Investment Financial Solutions Advisor and approximately 2,100 business centers; approximately 16,900 ATMs; and award-winning digital banking with approximately 39 million active users, including approximately 30 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry- leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange. Forward-Looking Statements Bank of America Corporation (the “Company”) and its management may make certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements represent the Company’s current expectations, plans or forecasts of its future results, revenues, expenses, efficiency ratio, capital measures, strategy, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond the Company’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements. 11

You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties more fully discussed under Item 1A. Risk Factors of the Company’s 2019 Annual Report on Form 10-K and in any of the Company’s subsequent Securities and Exchange Commission filings: the Company’s potential judgments, claims, damages, penalties, fines and reputational damage resulting from pending or future litigation and regulatory and government actions, including as a result of our participation in and execution of government programs related to the COVID-19 pandemic; the possibility that the Company’s future liabilities may be in excess of its recorded liability and estimated range of possible loss for litigation, regulatory, and representations and warranties exposures; the possibility that the Company could face increased servicing, fraud, indemnity, contribution or other claims from one or more counterparties, including trustees, purchasers of loans, underwriters, issuers, monolines, private-label and other investors, or other parties involved in securitizations; the Company’s ability to resolve representations and warranties repurchase and related claims, including claims brought by investors or trustees seeking to avoid the statute of limitations for repurchase claims; the risks related to the discontinuation of the London InterBank Offered Rate and other reference rates, including increased expenses and litigation and the effectiveness of hedging strategies; uncertainties about the financial stability and growth rates of non-U.S. jurisdictions, the risk that those jurisdictions may face difficulties servicing their sovereign debt, and related stresses on financial markets, currencies and trade, and the Company’s exposures to such risks, including direct, indirect and operational; the impact of U.S. and global interest rates, inflation, currency exchange rates, economic conditions, trade policies and tensions, including tariffs, and potential geopolitical instability; the impact of the interest rate environment on the Company’s business, financial condition and results of operations; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. or global economic conditions and other uncertainties; the Company’s ability to achieve its expense targets and expectations regarding net interest income, provision for credit losses, net charge-offs, effective tax rate, loan growth or other projections; adverse changes to the Company’s credit ratings from the major credit rating agencies; an inability to access capital markets or maintain deposits or borrowing costs; estimates of the fair value and other accounting values, subject to impairment assessments, of certain of the Company’s assets and liabilities; the estimated or actual impact of changes in accounting standards or assumptions in applying those standards; uncertainty regarding the content, timing and impact of regulatory capital and liquidity requirements; the impact of adverse changes to total loss-absorbing capacity requirements and/or global systemically important bank surcharges; the potential impact of actions of the Board of Governors of the Federal Reserve System on the Company’s capital plans; the effect of regulations, other guidance or additional information on the impact from the Tax Cuts and Jobs Act; the impact of implementation and compliance with U.S. and international laws, regulations and regulatory interpretations, including, but not limited to, recovery and resolution planning requirements, Federal Deposit Insurance Corporation assessments, the Volcker Rule, fiduciary standards, derivatives regulations and the Coronavirus Relief and Economic Security Act and any similar or related rules and regulations; a failure or disruption in or breach of the Company’s operational or security systems or infrastructure, or those of third parties, including as a result of cyber-attacks or campaigns; the impact on the Company’s business, financial condition and results of operations from the United Kingdom's exit from the European Union; the impact of any future federal government shutdown and uncertainty regarding the federal government’s debt limit; the impact of natural disasters, the emergence of widespread health emergencies or pandemics, including the magnitude and duration of the COVID-19 pandemic and its impact on the global economy and financial market conditions and our business, results of operations and financial condition, military conflict, terrorism or other geopolitical events; and other matters. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made. “Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates:  Are Not FDIC Insured · May Lose Value · Are Not Bank Guaranteed. Bank of America Corporation’s broker-dealers are not banks and are separate legal entities from their bank affiliates. The obligations of the broker-dealers are not obligations of their bank affiliates (unless explicitly stated otherwise), and these bank affiliates are not responsible for securities sold, offered, or recommended by the broker-dealers. The foregoing also applies to other non-bank affiliates. For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom at https://newsroom.bankofamerica.com. www.bankofamerica.com 12

13 Bank of America Corporation and Subsidiaries Selected Financial Data (In millions, except per share data) First Fourth First Quarter Quarter Quarter Summary Income Statement 2020 2019 2019 Net interest income $ 12,130 $ 12,140 $ 12,375 Noninterest income 10,637 10,209 10,629 Total revenue, net of interest expense 22,767 22,349 23,004 Provision for credit losses 4,761 941 1,013 Noninterest expense 13,475 13,239 13,224 Income before income taxes 4,531 8,169 8,767 Income tax expense 521 1,175 1,456 Net income $ 4,010 $ 6,994 $ 7,311 Preferred stock dividends 469 246 442 Net income applicable to common shareholders $ 3,541 $ 6,748 $ 6,869 Average common shares issued and outstanding 8,815.6 9,017.1 9,725.9 Average diluted common shares issued and outstanding 8,862.7 9,079.5 9,787.3 Summary Average Balance Sheet Total debt securities $ 465,215 $ 464,884 $ 441,680 Total loans and leases 990,283 973,986 944,020 Total earning assets 2,120,029 2,086,481 2,011,318 Total assets 2,494,928 2,450,005 2,360,992 Total deposits 1,439,336 1,410,439 1,359,864 Common shareholders’ equity 241,078 243,439 243,891 Total shareholders’ equity 264,534 266,900 266,217 Performance Ratios Return on average assets 0.65% 1.13% 1.26% Return on average common shareholders’ equity 5.91 11.00 11.42 Return on average tangible common shareholders’ equity (1) 8.32 15.43 16.01 Per Common Share Information Earnings $ 0.40 $ 0.75 $ 0.71 Diluted earnings 0.40 0.74 0.70 Dividends paid 0.18 0.18 0.15 Book value 27.84 27.32 25.57 Tangible book value (1) 19.79 19.41 18.26 March 31 December 31 March 31 Summary Period-End Balance Sheet 2020 2019 2019 Total debt securities $ 475,852 $ 472,197 $ 440,674 Total loans and leases 1,050,785 983,426 945,615 Total earning assets 2,265,254 2,094,296 2,011,503 Total assets 2,619,954 2,434,079 2,377,164 Total deposits 1,583,325 1,434,803 1,379,337 Common shareholders’ equity 241,491 241,409 244,684 Total shareholders’ equity 264,918 264,810 267,010 Common shares issued and outstanding 8,675.5 8,836.1 9,568.4 First Fourth First Quarter Quarter Quarter Credit Quality 2020 2019 2019 Total net charge-offs $ 1,122 $ 959 $ 991 Net charge-offs as a percentage of average loans and leases outstanding (2) 0.46% 0.39% 0.43% Provision for credit losses $ 4,761 $ 941 $ 1,013 March 31 December 31 March 31 2020 2019 2019 Total nonperforming loans, leases and foreclosed properties (3) $ 4,331 $ 3,837 $ 5,145 Nonperforming loans, leases and foreclosed properties as a percentage of total loans, leases and foreclosed properties (2) 0.42% 0.39% 0.55% Allowance for loan and lease losses $ 15,766 $ 9,416 $ 9,577 Allowance for loan and lease losses as a percentage of total loans and leases outstanding (2) 1.51% 0.97% 1.02% For footnotes, see page 14. Current period information is preliminary and based on company data available at the time of the presentation.

14 Bank of America Corporation and Subsidiaries Selected Financial Data (continued) (Dollars in millions) Capital Management March 31 December 31 March 31 2020 2019 2019 Regulatory capital metrics (4): Common equity tier 1 capital $ 168,115 $ 166,760 $ 169,243 Common equity tier 1 capital ratio - Standardized approach 10.8% 11.2% 11.6% Common equity tier 1 capital ratio - Advanced approaches 11.1 11.5 11.9 Tier 1 leverage ratio 7.9 7.9 8.4 Tangible equity ratio (5) 7.7 8.2 8.5 Tangible common equity ratio (5) 6.7 7.3 7.6 (1) Return on average tangible common shareholders’ equity 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 Reconciliations to GAAP Financial Measures on page 17. (2) Ratios do not include loans accounted for under the fair value option. Charge-off ratios are annualized for the quarterly presentation. (3) Balances do not include past due consumer credit card loans, consumer loans secured by real estate where repayments are insured by the Federal Housing Administration 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, and nonperforming loans held for sale or accounted for under the fair value option. (4) Regulatory capital ratios at March 31, 2020 are preliminary. Bank of America Corporation reports regulatory capital ratios under both the Standardized and Advanced approaches. The approach that yields the lower ratio is used to assess capital adequacy, which for Common equity tier 1 (CET1) is the Standardized approach for all periods presented. (5) 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 Reconciliations to GAAP Financial Measures on page 17. Current period information is preliminary and based on company data available at the time of the presentation.

15 Bank of America Corporation and Subsidiaries Quarterly Results by Business Segment and All Other (Dollars in millions) First Quarter 2020 Consumer Global Global All Banking GWIM Banking Markets Other Total revenue, net of interest expense $ 9,129 $ 4,936 $ 4,600 $ 5,225 $ (979) Provision for credit losses 2,258 189 2,093 107 114 Noninterest expense 4,495 3,600 2,321 2,813 246 Net income (loss) 1,794 866 136 1,706 (492) Return on average allocated capital (1) 19% 23% 1% 19% n/m Balance Sheet Average Total loans and leases $ 316,946 $ 178,639 $ 386,483 $ 71,660 $ 36,555 Total deposits 736,669 263,411 382,373 33,323 23,560 Allocated capital (1) 38,500 15,000 42,500 36,000 n/m Quarter end Total loans and leases $ 317,535 $ 181,492 $ 437,122 $ 78,591 $ 36,045 Total deposits 762,387 282,395 477,108 38,536 22,899 Fourth Quarter 2019 Consumer Global Global All Banking GWIM Banking Markets Other Total revenue, net of interest expense $ 9,514 $ 4,913 $ 5,141 $ 3,425 $ (499) Provision for credit losses 934 19 58 9 (79) Noninterest expense 4,468 3,523 2,320 2,613 315 Net income 3,105 1,035 2,017 574 263 Return on average allocated capital (1) 33% 28% 20% 7% n/m Balance Sheet Average Total loans and leases $ 311,008 $ 174,374 $ 377,359 $ 73,044 $ 38,201 Total deposits 719,668 255,912 378,510 32,866 23,483 Allocated capital (1) 37,000 14,500 41,000 35,000 n/m Quarter end Total loans and leases $ 317,409 $ 176,600 $ 379,268 $ 72,993 $ 37,156 Total deposits 730,745 263,113 383,180 34,676 23,089 First Quarter 2019 Consumer Global Global All Banking GWIM Banking Markets Other Total revenue, net of interest expense $ 9,632 $ 4,820 $ 5,155 $ 4,181 $ (631) Provision for credit losses 974 5 111 (23) (54) Noninterest expense 4,367 3,434 2,266 2,755 402 Net income (loss) 3,240 1,043 2,028 1,036 (36) Return on average allocated capital (1) 36% 29% 20% 12% n/m Balance Sheet Average Total loans and leases $ 292,267 $ 164,403 $ 370,108 $ 70,080 $ 47,162 Total deposits 697,001 261,841 349,037 31,366 20,619 Allocated capital (1) 37,000 14,500 41,000 35,000 n/m Quarter end Total loans and leases $ 292,453 $ 164,483 $ 373,017 $ 70,052 $ 45,610 Total deposits 721,800 261,180 343,897 31,073 21,387 (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. n/m = not meaningful Certain prior period amounts have been reclassified among the segments to conform to current period presentation. The Company reports the results of operations of its four business segments and All Other on a fully taxable-equivalent (FTE) basis. Current period information is preliminary and based on company data available at the time of the presentation.

16 Bank of America Corporation and Subsidiaries Supplemental Financial Data (Dollars in millions) First Fourth First Quarter Quarter Quarter FTE basis data (1) 2020 2019 2019 Net interest income $ 12,274 $ 12,285 $ 12,528 Total revenue, net of interest expense 22,911 22,494 23,157 Net interest yield 2.33% 2.35% 2.51% Efficiency ratio 58.82 58.85 57.10 March 31 December 31 March 31 Other Data 2020 2019 2019 Number of financial centers - U.S. 4,297 4,300 4,353 Number of branded ATMs - U.S. 16,855 16,788 16,378 Headcount 208,931 208,131 205,292 (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 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.

17 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 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 Fourth First Quarter Quarter Quarter 2020 2019 2019 Reconciliation of income before income taxes to pretax, pre-provision income Income before income taxes $ 4,531 $ 8,169 $ 8,767 Provision for credit losses 4,761 941 1,013 Pretax, pre-provision income $ 9,292 $ 9,110 $ 9,780 Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity Shareholders’ equity 264,534 266,900 266,217 Goodwill (68,951) (68,951) (68,951) Intangible assets (excluding mortgage servicing rights) (1,655) (1,678) (1,763) Related deferred tax liabilities 728 730 841 Tangible shareholders’ equity $ 194,656 $ 197,001 $ 196,344 Preferred stock (23,456) (23,461) (22,326) Tangible common shareholders’ equity $ 171,200 $ 173,540 $ 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 $ 267,010 Goodwill (68,951) (68,951) (68,951) Intangible assets (excluding mortgage servicing rights) (1,646) (1,661) (1,747) Related deferred tax liabilities 790 713 773 Tangible shareholders’ equity $ 195,111 $ 194,911 $ 197,085 Preferred stock (23,427) (23,401) (22,326) Tangible common shareholders’ equity $ 171,684 $ 171,510 $ 174,759 Reconciliation of period-end assets to period-end tangible assets Assets $ 2,619,954 $ 2,434,079 $ 2,377,164 Goodwill (68,951) (68,951) (68,951) Intangible assets (excluding mortgage servicing rights) (1,646) (1,661) (1,747) Related deferred tax liabilities 790 713 773 Tangible assets $ 2,550,147 $ 2,364,180 $ 2,307,239 Book value per share of common stock Common shareholders’ equity $ 241,491 $ 241,409 $ 244,684 Ending common shares issued and outstanding 8,675.5 8,836.1 9,568.4 Book value per share of common stock $ 27.84 $ 27.32 $ 25.57 Tangible book value per share of common stock Tangible common shareholders’ equity $ 171,684 $ 171,510 $ 174,759 Ending common shares issued and outstanding 8,675.5 8,836.1 9,568.4 Tangible book value per share of common stock $ 19.79 $ 19.41 $ 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.