Document

EX-99.3 4 bac-03312022ex993.htm THE SUPPLEMENTAL INFORMATION Document

Supplemental Information

First Quarter 2022

Current-period information is preliminary and based on company data available at the time of the earnings presentation. It speaks only as of the particular date or dates included in the accompanying pages. Bank of America Corporation (the Corporation) does not undertake an obligation to, and disclaims any duty to, update any of the information provided. Any forward-looking statements in this information are subject to the forward-looking language contained in the Corporation’s reports filed with the SEC pursuant to the Securities Exchange Act of 1934, which are available at the SEC’s website (www.sec.gov) or at the Corporation’s website (www.bankofamerica.com). The Corporation’s future financial performance is subject to risks and uncertainties as described in its SEC filings.


Bank of America Corporation and Subsidiaries
Table of Contents			Page


Consolidated Financial Highlights			2
Consolidated Statement of Income			3
Consolidated Statement of Comprehensive Income			3
Net Interest Income and Noninterest Income			4
Consolidated Balance Sheet			5
Capital Management			6
Capital Composition under Basel 3			7
Quarterly Average Balances and Interest Rates			8

Debt Securities			9
Supplemental Financial Data			10
Quarterly Results by Business Segment and All Other			11

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

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

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

Allocation of the Allowance for Credit Losses by Product Type			29

Exhibit A: Non-GAAP Reconciliations			30







Key Performance Indicators

The Corporation presents certain key financial and nonfinancial performance indicators that management uses when assessing consolidated and/or segment results. The Corporation believes this information is useful because it provides management with information about underlying operational performance and trends. Key performance indicators are presented in Consolidated Financial Highlights on page 2 and on the Key Indicators pages for each segment.

Business Segment Operations

The Corporation reports the results of operations of its four business segments and All Other on a fully taxable-equivalent (FTE) basis. Additionally, the results for the total Corporation as presented on pages 11 - 12 are reported on an FTE basis.


Bank of America Corporation and Subsidiaries
Consolidated Financial Highlights
(In millions, except per share information)
	First Quarter 2022	Fourth Quarter 2021			Third Quarter 2021			Second Quarter 2021			First Quarter 2021

Income statement
Net interest income		$	11,572		$	11,410		$	11,094		$	10,233		$	10,197
Noninterest income		11,656			10,650			11,672			11,233			12,624
Total revenue, net of interest expense		23,228			22,060			22,766			21,466			22,821
Provision for credit losses		30			(489)			(624)			(1,621)			(1,860)
Noninterest expense		15,319			14,731			14,440			15,045			15,515
Income before income taxes		7,879			7,818			8,950			8,042			9,166
Pretax, pre-provision income (1)		7,909			7,329			8,326			6,421			7,306
Income tax expense		812			805			1,259			(1,182)			1,116
Net income		7,067			7,013			7,691			9,224			8,050
Preferred stock dividends		467			240			431			260			490
Net income applicable to common shareholders		6,600			6,773			7,260			8,964			7,560
Diluted earnings per common share		0.80			0.82			0.85			1.03			0.86
Average diluted common shares issued and outstanding		8,202.1			8,304.7			8,492.8			8,735.5			8,755.6
Dividends paid per common share		$	0.21		$	0.21		$	0.21		$	0.18		$	0.18

Performance ratios
Return on average assets		0.89		%	0.88		%	0.99		%	1.23		%	1.13		%
Return on average common shareholders’ equity		11.02			10.90			11.43			14.33			12.28
Return on average shareholders’ equity		10.64			10.27			11.08			13.47			11.91
Return on average tangible common shareholders’ equity (2)		15.51			15.25			15.85			19.90			17.08
Return on average tangible shareholders’ equity (2)		14.40			13.87			14.87			18.11			16.01
Efficiency ratio		65.95			66.78			63.43			70.09			67.98


At period end
Book value per share of common stock		$	29.70		$	30.37		$	30.22		$	29.89		$	29.07
Tangible book value per share of common stock (2)		20.99			21.68			21.69			21.61			20.90
Market capitalization		332,320			359,383			349,841			349,925			332,337
Number of financial centers - U.S.		4,056			4,173			4,215			4,296			4,324
Number of branded ATMs - U.S.		15,959			16,209			16,513			16,795			16,905
Headcount		208,139			208,248			209,407			211,608			212,201

(1) Pretax, pre-provision income (PTPI) is a non-GAAP financial measure calculated by adjusting pretax income to add back provision for credit losses. Management believes that PTPI is a useful financial measure because it enables an assessment of the Corporation's ability to generate earnings to cover credit losses through a credit cycle. (See Exhibit A: Non-GAAP Reconciliations - Reconciliations to GAAP Financial Measures on page 30.)

(2) Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income. Tangible book value per share provides additional useful information about the level of tangible assets in relation to outstanding shares of common stock. (See Exhibit A: Non-GAAP Reconciliations - Reconciliations to GAAP Financial Measures on page 30.)


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


Bank of America Corporation and Subsidiaries
Consolidated Statement of Income
(In millions, except per share information)
	First Quarter 2022	Fourth Quarter 2021		Third Quarter 2021		Second Quarter 2021		First Quarter 2021

Net interest income
Interest income		$	12,894	$	12,554	$	12,336	$	11,387	$	11,395
Interest expense		1,322		1,144		1,242		1,154		1,198
Net interest income		11,572		11,410		11,094		10,233		10,197

Noninterest income
Fees and commissions		8,985		10,143		9,915		9,705		9,536
Market making and similar activities		3,238		1,331		2,005		1,826		3,529
Other income (loss)		(567)		(824)		(248)		(298)		(441)
Total noninterest income		11,656		10,650		11,672		11,233		12,624
Total revenue, net of interest expense		23,228		22,060		22,766		21,466		22,821

Provision for credit losses		30		(489)		(624)		(1,621)		(1,860)

Noninterest expense
Compensation and benefits		9,482		9,037		8,714		8,653		9,736
Occupancy and equipment		1,760		1,785		1,764		1,759		1,830
Information processing and communications		1,540		1,480		1,416		1,448		1,425
Product delivery and transaction related		933		941		987		976		977
Marketing		397		411		347		810		371
Professional fees		450		512		434		426		403
Other general operating		757		565		778		973		773
Total noninterest expense		15,319		14,731		14,440		15,045		15,515
Income before income taxes		7,879		7,818		8,950		8,042		9,166
Income tax expense		812		805		1,259		(1,182)		1,116
Net income		$	7,067	$	7,013	$	7,691	$	9,224	$	8,050
Preferred stock dividends		467		240		431		260		490
Net income applicable to common shareholders		$	6,600	$	6,773	$	7,260	$	8,964	$	7,560

Per common share information
Earnings		$	0.81	$	0.82	$	0.86	$	1.04	$	0.87
Diluted earnings		0.80		0.82		0.85		1.03		0.86
Average common shares issued and outstanding		8,136.8		8,226.5		8,430.7		8,620.8		8,700.1
Average diluted common shares issued and outstanding		8,202.1		8,304.7		8,492.8		8,735.5		8,755.6


Consolidated Statement of Comprehensive Income
(Dollars in millions)
	First Quarter 2022	Fourth Quarter 2021		Third Quarter 2021		Second Quarter 2021		First Quarter 2021

Net income		$	7,067	$	7,013	$	7,691	$	9,224	$	8,050
Other comprehensive income (loss), net-of-tax:
Net change in debt securities		(3,447)		(834)		(153)		(250)		(840)
Net change in debit valuation adjustments		261		64		27		149		116
Net change in derivatives		(5,179)		(1,176)		(431)		415		(1,114)
Employee benefit plan adjustments		24		454		50		69		51
Net change in foreign currency translation adjustments		28		(16)		(26)		26		(29)
Other comprehensive income (loss)		(8,313)		(1,508)		(533)		409		(1,816)
Comprehensive income (loss)		$	(1,246)	$	5,505	$	7,158	$	9,633	$	6,234


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 2022	Fourth Quarter 2021		Third Quarter 2021		Second Quarter 2021		First Quarter 2021

Net interest income
Interest income
Loans and leases		$	7,352	$	7,423	$	7,502	$	7,123	$	7,234
Debt securities		3,823		3,544		3,282		2,820		2,730
Federal funds sold and securities borrowed or purchased under agreements to resell		(7)		(47)		6		(42)		(7)
Trading account assets		1,081		977		967		954		872
Other interest income		645		657		579		532		566
Total interest income		12,894		12,554		12,336		11,387		11,395

Interest expense
Deposits		164		143		133		128		133
Short-term borrowings		(112)		(153)		(41)		(85)		(79)
Trading account liabilities		364		304		285		293		246
Long-term debt		906		850		865		818		898
Total interest expense		1,322		1,144		1,242		1,154		1,198
Net interest income		$	11,572	$	11,410	$	11,094	$	10,233	$	10,197

Noninterest income
Fees and commissions
Card income
Interchange fees (1)		$	935	$	1,129	$	1,154	$	1,210	$	1,067
Other card income		468		485		429		376		368
Total card income		1,403		1,614		1,583		1,586		1,435
Service charges
Deposit-related fees		1,530		1,600		1,619		1,557		1,495
Lending-related fees		303		310		309		317		297
Total service charges		1,833		1,910		1,928		1,874		1,792
Investment and brokerage services
Asset management fees		3,286		3,295		3,276		3,156		3,002
Brokerage fees		1,006		973		960		967		1,061
Total investment and brokerage services		4,292		4,268		4,236		4,123		4,063
Investment banking fees
Underwriting income		672		1,049		1,168		1,314		1,546
Syndication fees		312		452		346		401		300
Financial advisory services		473		850		654		407		400
Total investment banking fees		1,457		2,351		2,168		2,122		2,246
Total fees and commissions		8,985		10,143		9,915		9,705		9,536
Market making and similar activities		3,238		1,331		2,005		1,826		3,529
Other income (loss)		(567)		(824)		(248)		(298)		(441)
Total noninterest income		$	11,656	$	10,650	$	11,672	$	11,233	$	12,624

(1)Gross interchange fees and merchant income were $2.9 billion, $3.1 billion, $3.0 billion, $2.9 billion and $2.5 billion and are presented net of $2.0 billion, $2.0 billion, $1.8 billion, $1.7 billion and $1.4 billion of expenses for rewards and partner payments as well as certain other card costs for the first quarter of 2022 and the fourth, third, second, and first quarters of 2021, respectively.


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


Bank of America Corporation and Subsidiaries
Consolidated Balance Sheet
(Dollars in millions)
		March 31 2022		December 31 2021		March 31 2021
Assets
Cash and due from banks		$	29,769	$	29,222	$	33,560
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks		244,165		318,999		292,541
Cash and cash equivalents		273,934		348,221		326,101
Time deposits placed and other short-term investments		5,645		7,144		7,859
Federal funds sold and securities borrowed or purchased under agreements to resell		302,108		250,720		259,147
Trading account assets		313,400		247,080		276,881
Derivative assets		48,231		35,344		45,898
Debt securities:
Carried at fair value		297,700		308,073		280,912
Held-to-maturity, at cost		672,180		674,554		576,000
Total debt securities		969,880		982,627		856,912
Loans and leases		993,145		979,124		903,088
Allowance for loan and lease losses		(12,104)		(12,387)		(16,168)
Loans and leases, net of allowance		981,041		966,737		886,920
Premises and equipment, net		10,820		10,833		10,803
Goodwill		69,023		69,022		68,951
Loans held-for-sale		10,270		15,635		7,895
Customer and other receivables		83,622		72,263		66,404
Other assets		170,249		163,869		156,221
Total assets		$	3,238,223	$	3,169,495	$	2,969,992

Liabilities
Deposits in U.S. offices:
Noninterest-bearing		$	787,045	$	784,189	$	703,822
Interest-bearing		1,178,451		1,165,914		1,079,551
Deposits in non-U.S. offices:
Noninterest-bearing		27,589		27,457		22,423
Interest-bearing		79,324		86,886		79,142
Total deposits		2,072,409		2,064,446		1,884,938
Federal funds purchased and securities loaned or sold under agreements to repurchase		214,685		192,329		199,443
Trading account liabilities		117,122		100,690		102,788
Derivative liabilities		44,266		37,675		42,325
Short-term borrowings		24,789		23,753		21,724
Accrued expenses and other liabilities		219,625		200,419		193,563
Long-term debt		278,710		280,117		251,211
Total liabilities		2,971,606		2,899,429		2,695,992
Shareholders’ equity
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 4,037,686, 3,939,686 and 3,923,686 shares		27,137		24,708		24,319
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 8,062,102,236, 8,077,831,463 and 8,589,731,470 shares		59,968		62,398		83,071
Retained earnings		192,929		188,064		170,082
Accumulated other comprehensive income (loss)		(13,417)		(5,104)		(3,472)
Total shareholders’ equity		266,617		270,066		274,000
Total liabilities and shareholders’ equity		$	3,238,223	$	3,169,495	$	2,969,992

	Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
	Trading account assets	$	2,160	$	5,004	$	4,530
	Loans and leases	15,946		17,135		19,346
	Allowance for loan and lease losses	(880)		(958)		(1,261)
	Loans and leases, net of allowance	15,066		16,177		18,085

	All other assets	417		189		1,387
	Total assets of consolidated variable interest entities	$	17,643	$	21,370	$	24,002

	Liabilities of consolidated variable interest entities included in total liabilities above
	Short-term borrowings	$	228	$	247	$	338
	Long-term debt	3,557		3,587		5,286
	All other liabilities	6		7		11
	Total liabilities of consolidated variable interest entities	$	3,791	$	3,841	$	5,635


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 2022			December 31 2021			March 31 2021
Risk-based capital metrics (1):
Standardized Approach
Common equity tier 1 capital	$	169,874		$	171,759		$	177,789
Tier 1 capital	197,007			196,465			201,224
Total capital	229,188			227,592			236,000
Risk-weighted assets	1,639,993			1,617,848			1,508,057
Common equity tier 1 capital ratio	10.4		%	10.6		%	11.8		%
Tier 1 capital ratio	12.0			12.1			13.3
Total capital ratio	14.0			14.1			15.6

Advanced Approaches
Common equity tier 1 capital	$	169,874		$	171,759		$	177,789
Tier 1 capital	197,007			196,465			201,224
Total capital	222,494			220,616			227,693
Risk-weighted assets	1,416,019			1,399,160			1,365,368
Common equity tier 1 capital ratio	12.0		%	12.3		%	13.0		%
Tier 1 capital ratio	13.9			14.0			14.7
Total capital ratio	15.7			15.8			16.7

Leverage-based metrics (1):
Adjusted average assets	$	3,129,996		$	3,087,247		$	2,805,021
Tier 1 leverage ratio	6.3		%	6.4		%	7.2		%

Supplementary leverage exposure	$	3,661,899		$	3,603,807		$	2,868,314
Supplementary leverage ratio	5.4		%	5.5		%	7.0		%

Tangible equity ratio (2)	6.2			6.4			7.0
Tangible common equity ratio (2)	5.3			5.7			6.2

(1)Regulatory capital ratios at March 31, 2022 are preliminary. We report regulatory capital ratios under both the Standardized and Advanced approaches. The approach that yields the lower ratio is used to assess capital adequacy. Supplementary leverage exposure at March 31, 2021 excludes U.S. Treasury securities and deposits at Federal Reserve Banks.

(2)Tangible equity ratio equals period-end tangible shareholders’ equity divided by period-end tangible assets. Tangible common equity ratio equals period-end tangible common shareholders’ equity divided by period-end tangible assets. Tangible shareholders’ equity and tangible assets are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income. (See Exhibit A: Non-GAAP Reconciliations - Reconciliation to GAAP Financial Measures on page 30.)


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


Bank of America Corporation and Subsidiaries
Capital Composition under Basel 3
(Dollars in millions)
	March 31 2022		December 31 2021		March 31 2021
Total common shareholders' equity	$	239,480	$	245,358	$	249,681
CECL transitional amount (1)	1,881		2,508		3,544
Goodwill, net of related deferred tax liabilities	(68,641)		(68,641)		(68,565)
Deferred tax assets arising from net operating loss and tax credit carryforwards	(7,843)		(7,743)		(5,904)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities	(1,589)		(1,605)		(1,604)
Defined benefit pension plan net assets	(1,248)		(1,261)		(1,181)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net-of-tax	1,047		1,400		1,625
Accumulated net (gain) loss on certain cash flow hedges (2)	7,049		1,870		678
Other	(262)		(127)		(485)
Common equity tier 1 capital	169,874		171,759		177,789
Qualifying preferred stock, net of issuance cost	27,136		24,707		23,440
Other	(3)		(1)		(5)
Tier 1 capital	197,007		196,465		201,224
Tier 2 capital instruments	21,719		20,750		21,137
Qualifying allowance for credit losses (3)	11,000		10,534		13,642
Other	(538)		(157)		(3)
Total capital under the Standardized approach	229,188		227,592		236,000
Adjustment in qualifying allowance for credit losses under the Advanced approaches (3)	(6,694)		(6,976)		(8,307)
Total capital under the Advanced approaches	$	222,494	$	220,616	$	227,693

(1)December 31, 2021 and March 31, 2021 include the impact of the Corporation's adoption of the current expected credit losses (CECL) accounting standard on January 1, 2020 and 25 percent of the increase in reserves since the initial adoption. March 31, 2022 includes 75 percent of the transition provisions' impact as of December 31, 2021.

(2)Includes amounts in accumulated other comprehensive income related to the hedging of items that are not recognized at fair value on the Consolidated Balance Sheet.

(3)Includes the impact of transition provisions related to the CECL accounting standard.


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


Bank of America Corporation and Subsidiaries
Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis
(Dollars in millions)
	First Quarter 2022						Fourth Quarter 2021						First Quarter 2021
	Average Balance		Interest Income/ Expense (1)		Yield/ Rate		Average Balance		Interest Income/ Expense (1)		Yield/ Rate		Average Balance		Interest Income/ Expense (1)		Yield/ Rate
Earning assets
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks	$	244,971	$	86	0.14	%	$	256,955	$	66	0.10	%	$	278,098	$	29	0.04	%
Time deposits placed and other short-term investments	9,253		12		0.52		7,200		7		0.36		8,742		4		0.18
Federal funds sold and securities borrowed or purchased under agreements to resell	299,404		(7)		(0.01)		278,163		(47)		(0.07)		249,985		(7)		(0.01)
Trading account assets	151,969		1,096		2.92		146,958		992		2.68		145,089		885		2.47
Debt securities	975,656		3,838		1.58		984,493		3,558		1.45		788,638		2,745		1.41
Loans and leases (2)
Residential mortgage	223,979		1,525		2.73		219,193		1,481		2.70		219,005		1,529		2.80
Home equity	27,784		220		3.21		28,796		255		3.52		33,634		281		3.38
Credit card	78,409		1,940		10.03		78,358		1,997		10.11		74,165		1,947		10.65

Direct/Indirect and other consumer	104,632		579		2.25		101,854		578		2.25		91,430		559		2.48

Total consumer	434,804		4,264		3.96		428,201		4,311		4.00		418,234		4,316		4.17
U.S. commercial	346,510		2,127		2.49		330,796		2,191		2.63		322,010		2,051		2.58
Non-U.S. commercial	118,767		504		1.72		108,899		468		1.71		90,904		409		1.83
Commercial real estate	63,065		387		2.49		62,296		382		2.43		59,736		365		2.48
Commercial lease financing	14,647		106		2.92		14,870		106		2.83		16,839		132		3.15
Total commercial	542,989		3,124		2.33		516,861		3,147		2.42		489,489		2,957		2.45
Total loans and leases	977,793		7,388		3.06		945,062		7,458		3.14		907,723		7,273		3.24
Other earning assets	120,798		587		1.97		128,938		625		1.93		103,650		577		2.26
Total earning assets	2,779,844		13,000		1.89		2,747,769		12,659		1.83		2,481,925		11,506		1.87
Cash and due from banks	28,082						29,219						33,925
Other assets, less allowance for loan and lease losses	399,776						387,130						363,371
Total assets	$	3,207,702					$	3,164,118					$	2,879,221
Interest-bearing liabilities
U.S. interest-bearing deposits

Demand and money market deposits	$	1,001,184	$	80	0.03	%	$	965,801	$	80	0.03	%	$	889,793	$	77	0.04	%

Time and savings deposits	163,981		40		0.10		162,567		38		0.10		158,575		51		0.13
Total U.S. interest-bearing deposits	1,165,165		120		0.04		1,128,368		118		0.04		1,048,368		128		0.05




Non-U.S. interest-bearing deposits	81,879		44		0.22		82,846		25		0.12		81,966		5		0.02
Total interest-bearing deposits	1,247,044		164		0.05		1,211,214		143		0.05		1,130,334		133		0.05
Federal funds purchased and securities loaned or sold under agreements to repurchase (3)	217,152		79		0.15		218,018		80		0.14		193,325		111		0.23
Short-term borrowings and other interest-bearing liabilities (3)	126,454		(191)		(0.61)		114,637		(233)		(0.80)		99,911		(190)		(0.77)
Trading account liabilities	64,240		364		2.30		57,993		304		2.08		42,923		246		2.32
Long-term debt	246,042		906		1.50		248,525		850		1.35		220,836		898		1.65
Total interest-bearing liabilities	1,900,932		1,322		0.28		1,850,387		1,144		0.24		1,687,329		1,198		0.29
Noninterest-bearing sources
Noninterest-bearing deposits	798,767						806,009						675,413
Other liabilities (4)	238,694						236,839						242,432
Shareholders’ equity	269,309						270,883						274,047
Total liabilities and shareholders’ equity	$	3,207,702					$	3,164,118					$	2,879,221
Net interest spread					1.61	%					1.59	%					1.58	%
Impact of noninterest-bearing sources					0.08						0.08						0.10
Net interest income/yield on earning assets (5)			$	11,678	1.69	%			$	11,515	1.67	%			$	10,308	1.68	%

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

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

(3)Certain prior-period amounts have been reclassified to conform to current-period presentation.

(4)Includes $30.2 billion, $30.4 billion and $31.3 billion of structured notes and liabilities for the first quarter of 2022 and the fourth and first quarters of 2021, respectively.

(5)Net interest income includes FTE adjustments of $106 million, $105 million and $111 million for the first quarter of 2022 and the fourth and first quarters of 2021, respectively.


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


Bank of America Corporation and Subsidiaries
Debt Securities
(Dollars in millions)
	March 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	40,166	$	293	$	(965)	$	39,494
Agency-collateralized mortgage obligations	2,985		11		(102)		2,894
Commercial	19,330		336		(436)		19,230
Non-agency residential	502		5		(53)		454
Total mortgage-backed securities	62,983		645		(1,556)		62,072
U.S. Treasury and government agencies	193,081		1,186		(1,481)		192,786
Non-U.S. securities	15,192		—		(9)		15,183
Other taxable securities	4,007		12		(29)		3,990

Tax-exempt securities	15,325		81		(150)		15,256
Total available-for-sale debt securities	290,588		1,924		(3,225)		289,287
Other debt securities carried at fair value (1)	8,532		91		(210)		8,413
Total debt securities carried at fair value	299,120		2,015		(3,435)		297,700
Held-to-maturity debt securities
Agency mortgage-backed securities	542,601		619		(41,454)		501,766
U.S. Treasury and government agencies	120,863		—		(10,046)		110,817
Other taxable securities	8,754		5		(466)		8,293
Total held-to-maturity debt securities	672,218		624		(51,966)		620,876
Total debt securities	$	971,338	$	2,639	$	(55,401)	$	918,576


	December 31, 2021
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	45,268	$	1,257	$	(186)	$	46,339
Agency-collateralized mortgage obligations	3,331		74		(25)		3,380
Commercial	19,036		647		(79)		19,604
Non-agency residential	591		25		(33)		583
Total mortgage-backed securities	68,226		2,003		(323)		69,906
U.S. Treasury and government agencies	197,853		1,610		(318)		199,145
Non-U.S. securities	11,933		—		—		11,933
Other taxable securities	2,725		39		(3)		2,761

Tax-exempt securities	15,155		317		(39)		15,433
Total available-for-sale debt securities	295,892		3,969		(683)		299,178
Other debt securities carried at fair value (1)	8,873		105		(83)		8,895
Total debt securities carried at fair value	304,765		4,074		(766)		308,073
Held-to-maturity debt securities
Agency mortgage-backed securities	553,721		3,855		(10,366)		547,210
U.S. Treasury and government agencies	111,859		254		(2,395)		109,718
Other taxable securities	9,011		147		(196)		8,962
Total held-to-maturity debt securities	674,591		4,256		(12,957)		665,890
Total debt securities	$	979,356	$	8,330	$	(13,723)	$	973,963

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


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


Bank of America Corporation and Subsidiaries
Supplemental Financial Data
(Dollars in millions)

	First Quarter 2022	Fourth Quarter 2021			Third Quarter 2021			Second Quarter 2021			First Quarter 2021







FTE basis data (1)
Net interest income		$	11,678		$	11,515		$	11,195		$	10,343		$	10,308
Total revenue, net of interest expense		23,334			22,165			22,867			21,576			22,932
Net interest yield		1.69		%	1.67		%	1.68		%	1.61		%	1.68		%
Efficiency ratio		65.65			66.46			63.14			69.73			67.65

(1)FTE basis is a non-GAAP financial measure. FTE basis is a performance measure used by management in operating the business that management believes provides investors with meaningful information on the interest margin for comparative purposes. The Corporation believes that this presentation allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices. Net interest income includes FTE adjustments of $106 million, $105 million, $101 million, $110 million and $111 million for the first quarter of 2022 and the fourth, third, second and first quarters of 2021, respectively.


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


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

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

	Fourth Quarter 2021
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	11,515	$	6,543	$	1,526	$	2,362	$	1,031	$	53
Noninterest income
Fees and commissions:
Card income	1,614		1,354		22		198		12		28
Service charges	1,910		921		18		887		84		—
Investment and brokerage services	4,268		84		3,703		14		474		(7)
Investment banking fees	2,351		—		82		1,465		832		(28)
Total fees and commissions	10,143		2,359		3,825		2,564		1,402		(7)
Market making and similar activities	1,331		1		9		46		1,312		(37)
Other income (loss)	(824)		9		42		935		73		(1,883)
Total noninterest income (loss)	10,650		2,369		3,876		3,545		2,787		(1,927)
Total revenue, net of interest expense	22,165		8,912		5,402		5,907		3,818		(1,874)
Provision for credit losses	(489)		32		(56)		(463)		32		(34)
Noninterest expense	14,731		4,742		3,834		2,717		2,882		556
Income (loss) before income taxes	7,923		4,138		1,624		3,653		904		(2,396)
Income tax expense (benefit)	910		1,014		398		986		235		(1,723)
Net income (loss)	$	7,013	$	3,124	$	1,226	$	2,667	$	669	$	(673)

Average
Total loans and leases	$	945,062	$	282,332	$	205,236	$	338,627	$	102,627	$	16,240
Total assets (1)	3,164,118		1,102,444		408,033		650,940		816,994		185,707
Total deposits	2,017,223		1,026,810		360,912		562,390		43,331		23,780
Quarter end
Total loans and leases	$	979,124	$	286,511	$	208,971	$	352,933	$	114,846	$	15,863
Total assets (1)	3,169,495		1,131,142		438,275		638,131		747,794		214,153
Total deposits	2,064,446		1,054,995		390,143		551,752		46,374		21,182

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


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


Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other (continued)
(Dollars in millions)
	First Quarter 2021
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	10,308	$	5,920	$	1,331	$	1,980	$	990	$	87
Noninterest income
Fees and commissions:
Card income	1,435		1,189		19		150		76		1
Service charges	1,792		831		18		847		94		2
Investment and brokerage services	4,063		77		3,391		41		560		(6)
Investment banking fees	2,246		—		135		1,172		981		(42)
Total fees and commissions	9,536		2,097		3,563		2,210		1,711		(45)
Market making and similar activities	3,529		—		11		31		3,470		17
Other income (loss)	(441)		52		66		412		27		(998)
Total noninterest income (loss)	12,624		2,149		3,640		2,653		5,208		(1,026)
Total revenue, net of interest expense	22,932		8,069		4,971		4,633		6,198		(939)
Provision for credit losses	(1,860)		(617)		(65)		(1,126)		(5)		(47)
Noninterest expense	15,515		5,131		3,867		2,782		3,427		308
Income (loss) before income taxes	9,277		3,555		1,169		2,977		2,776		(1,200)
Income tax expense (benefit)	1,227		871		286		804		722		(1,456)
Net income (loss)	$	8,050	$	2,684	$	883	$	2,173	$	2,054	$	256

Average
Total loans and leases	$	907,723	$	290,891	$	188,495	$	330,107	$	77,415	$	20,815
Total assets (1)	2,879,221		999,769		372,594		576,145		723,264		207,449
Total deposits	1,805,747		924,137		326,370		487,034		53,852		14,354
Quarter end
Total loans and leases	$	903,088	$	282,935	$	190,060	$	325,996	$	84,247	$	19,850
Total assets (1)	2,969,992		1,047,413		378,654		594,235		745,681		204,009
Total deposits	1,884,938		971,709		333,254		506,012		61,450		12,513

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


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


Bank of America Corporation and Subsidiaries
Consumer Banking Segment Results
(Dollars in millions)
	First Quarter 2022	Fourth Quarter 2021			Third Quarter 2021			Second Quarter 2021			First Quarter 2021

Net interest income		$	6,680		$	6,543		$	6,493		$	5,973		$	5,920
Noninterest income:
Card income		1,185			1,354			1,317			1,312			1,189
Service charges		844			921			935			851			831

All other income		104			94			93			50			129
Total noninterest income		2,133			2,369			2,345			2,213			2,149
Total revenue, net of interest expense		8,813			8,912			8,838			8,186			8,069

Provision for credit losses		(52)			32			247			(697)			(617)

Noninterest expense		4,921			4,742			4,558			4,859			5,131
Income before income taxes		3,944			4,138			4,033			4,024			3,555
Income tax expense		966			1,014			988			986			871
Net income		$	2,978		$	3,124		$	3,045		$	3,038		$	2,684

Net interest yield		2.48		%	2.44		%	2.49		%	2.37		%	2.51		%
Return on average allocated capital (1)		30			32			31			32			28
Efficiency ratio		55.84			53.22			51.56			59.36			63.59

Balance Sheet
Average
Total loans and leases		$	284,068		$	282,332		$	281,380		$	281,767		$	290,891
Total earning assets (2)		1,092,742			1,061,742			1,034,471			1,012,335			957,112
Total assets (2)		1,133,001			1,102,444			1,076,236			1,054,516			999,769
Total deposits		1,056,100			1,026,810			1,000,765			979,072			924,137
Allocated capital (1)		40,000			38,500			38,500			38,500			38,500

Period end
Total loans and leases		$	286,322		$	286,511		$	280,803		$	282,900		$	282,935
Total earning assets (2)		1,125,963			1,090,331			1,050,331			1,022,092			1,004,896
Total assets (2)		1,166,443			1,131,142			1,091,431			1,063,650			1,047,413
Total deposits		1,088,940			1,054,995			1,015,276			987,655			971,709

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

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


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


Bank of America Corporation and Subsidiaries
Consumer Banking Key Indicators
(Dollars in millions)
	First Quarter 2022	Fourth Quarter 2021			Third Quarter 2021			Second Quarter 2021			First Quarter 2021

Average deposit balances
Checking		$	593,428		$	577,703		$	561,629		$	550,009		$	515,430
Savings		72,413			70,719			70,799			70,945			65,863
MMS		354,850			342,812			331,924			320,594			303,719
CDs and IRAs		30,685			31,584			32,578			33,728			35,488
Other		4,724			3,992			3,835			3,796			3,637
Total average deposit balances		$	1,056,100		$	1,026,810		$	1,000,765		$	979,072		$	924,137

Deposit spreads (excludes noninterest costs)
Checking		1.91		%	1.92		%	1.95		%	1.97		%	1.99		%
Savings		2.19			2.21			2.23			2.26			2.28
MMS		1.23			1.24			1.26			1.29			1.32
CDs and IRAs		0.46			0.32			0.34			0.41			0.48
Other		0.41			0.22			0.24			0.27			0.31
Total deposit spreads		1.65			1.66			1.68			1.71			1.73

Consumer investment assets		$	357,593		$	368,831		$	353,280		$	345,809		$	324,479

Active digital banking users (in thousands) (1)		42,269			41,365			40,911			40,512			40,286
Active mobile banking users (in thousands) (2)		33,589			32,980			32,455			31,796			31,487
Financial centers		4,056			4,173			4,215			4,296			4,324
ATMs		15,959			16,209			16,513			16,795			16,905

Total credit card (3)
Loans
Average credit card outstandings		$	78,409		$	78,358		$	75,569		$	73,399		$	74,165
Ending credit card outstandings		79,356			81,438			76,869			75,599			72,786
Credit quality
Net charge-offs		$	297		$	280		$	321		$	488		$	634
		1.53		%	1.42		%	1.69		%	2.67		%	3.47		%
30+ delinquency		$	1,003		$	997		$	934		$	976		$	1,317
		1.26		%	1.22		%	1.21		%	1.29		%	1.81		%
90+ delinquency		$	492		$	487		$	450		$	533		$	755
		0.62		%	0.60		%	0.58		%	0.71		%	1.04		%
Other total credit card indicators (3)
Gross interest yield		9.90		%	9.96		%	10.10		%	10.10		%	10.52		%
Risk-adjusted margin		10.40			10.85			10.70			9.76			9.29
New accounts (in thousands)		977			940			1,049			931			674
Purchase volumes		$	80,914		$	87,671		$	80,925		$	78,384		$	64,591

Debit card data
Purchase volumes		$	117,584		$	124,278		$	119,680		$	121,905		$	107,907

Loan production (4)
Consumer Banking:
First mortgage		$	8,116		$	12,782		$	12,510		$	11,502		$	9,182
Home equity		1,725			1,417			1,262			907			410
Total (5):
First mortgage		$	16,353		$	22,961		$	21,232		$	20,266		$	15,233
Home equity		2,040			1,703			1,523			1,166			503

(1) Represents mobile and/or online active users over the past 90 days.

(2) Represents mobile active users over the past 90 days.

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

(4) Loan production amounts represent the unpaid principal balance of loans and, in the case of home equity, the principal amount of the total line of credit.

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


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


Bank of America Corporation and Subsidiaries
Consumer Banking Quarterly Results
(Dollars in millions)
	First Quarter 2022									Fourth Quarter 2021
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	6,680		$	4,052		$	2,628		$	6,543		$	3,870		$	2,673
Noninterest income:
Card income	1,185			(8)			1,193			1,354			(9)			1,363
Service charges	844			843			1			921			921			—
All other income	104			68			36			94			70			24
Total noninterest income	2,133			903			1,230			2,369			982			1,387
Total revenue, net of interest expense	8,813			4,955			3,858			8,912			4,852			4,060

Provision for credit losses	(52)			73			(125)			32			66			(34)

Noninterest expense	4,921			3,008			1,913			4,742			2,862			1,880
Income before income taxes	3,944			1,874			2,070			4,138			1,924			2,214
Income tax expense	966			459			507			1,014			471			543
Net income	$	2,978		$	1,415		$	1,563		$	3,124		$	1,453		$	1,671

Net interest yield	2.48		%	1.56		%	3.79		%	2.44		%	1.51		%	3.81		%
Return on average allocated capital (1)	30			44			23			32			48			25
Efficiency ratio	55.84			60.71			49.58			53.22			58.98			46.33

Balance Sheet
Average
Total loans and leases	$	284,068		$	4,215		$	279,853		$	282,332		$	4,290		$	278,042
Total earning assets (2)	1,092,742			1,050,490			281,255			1,061,742			1,018,888			278,488
Total assets (2)	1,133,001			1,084,343			287,660			1,102,444			1,053,379			284,698
Total deposits	1,056,100			1,050,247			5,853			1,026,810			1,020,092			6,718
Allocated capital (1)	40,000			13,000			27,000			38,500			12,000			26,500

Period end
Total loans and leases	$	286,322		$	4,165		$	282,157		$	286,511		$	4,206		$	282,305
Total earning assets (2)	1,125,963			1,083,664			284,069			1,090,331			1,048,009			282,850
Total assets (2)	1,166,443			1,117,241			290,972			1,131,142			1,082,449			289,220
Total deposits	1,088,940			1,082,885			6,055			1,054,995			1,049,085			5,910

										First Quarter 2021
										Total Consumer Banking			Deposits			Consumer Lending
Net interest income										$	5,920		$	3,278		$	2,642
Noninterest income:
Card income										1,189			(5)			1,194
Service charges										831			830			1
All other income										129			73			56
Total noninterest income										2,149			898			1,251
Total revenue, net of interest expense										8,069			4,176			3,893

Provision for credit losses										(617)			74			(691)

Noninterest expense										5,131			3,209			1,922
Income before income taxes										3,555			893			2,662
Income tax expense										871			219			652
Net income										$	2,684		$	674		$	2,010

Net interest yield										2.51		%	1.46		%	3.74		%
Return on average allocated capital (1)										28			23			31
Efficiency ratio										63.59			76.87			49.34

Balance Sheet
Average
Total loans and leases										$	290,891		$	4,607		$	286,284
Total earning assets (2)										957,112			912,135			286,720
Total assets (2)										999,769			950,803			290,709
Total deposits										924,137			917,319			6,818
Allocated capital (1)										38,500			12,000			26,500

Period end
Total loans and leases										$	282,935		$	4,490		$	278,445
Total earning assets (2)										1,004,896			960,132			278,984
Total assets (2)										1,047,413			997,601			284,032
Total deposits										971,709			964,406			7,303

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


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


Bank of America Corporation and Subsidiaries
Global Wealth & Investment Management Segment Results
(Dollars in millions)
	First Quarter 2022	Fourth Quarter 2021			Third Quarter 2021			Second Quarter 2021			First Quarter 2021

Net interest income		$	1,668		$	1,526		$	1,452		$	1,355		$	1,331
Noninterest income:
Investment and brokerage services		3,654			3,703			3,682			3,536			3,391
All other income		154			173			176			174			249
Total noninterest income		3,808			3,876			3,858			3,710			3,640
Total revenue, net of interest expense		5,476			5,402			5,310			5,065			4,971

Provision for credit losses		(41)			(56)			(58)			(62)			(65)

Noninterest expense		4,015			3,834			3,744			3,813			3,867
Income before income taxes		1,502			1,624			1,624			1,314			1,169
Income tax expense		368			398			398			322			286
Net income		$	1,134		$	1,226		$	1,226		$	992		$	883

Net interest yield		1.62		%	1.53		%	1.54		%	1.48		%	1.50		%
Return on average allocated capital (1)		26			30			30			24			22

Efficiency ratio		73.31			70.95			70.51			75.29			77.79

Balance Sheet
Average
Total loans and leases		$	210,937		$	205,236		$	199,664		$	193,988		$	188,495
Total earning assets (2)		418,248			395,144			373,691			367,778			360,099
Total assets (2)		431,040			408,033			386,346			380,315			372,594
Total deposits		384,902			360,912			339,357			333,487			326,370
Allocated capital (1)		17,500			16,500			16,500			16,500			16,500


Period end
Total loans and leases		$	214,273		$	208,971		$	202,268		$	198,361		$	190,060
Total earning assets (2)		419,903			425,112			380,857			365,496			365,853
Total assets (2)		433,122			438,275			393,708			378,220			378,654
Total deposits		385,288			390,143			345,590			330,624			333,254

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

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


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


Bank of America Corporation and Subsidiaries
Global Wealth & Investment Management Key Indicators
(Dollars in millions)
	First Quarter 2022	Fourth Quarter 2021		Third Quarter 2021		Second Quarter 2021		First Quarter 2021

Revenue by Business
Merrill Wealth Management		$	4,589	$	4,532	$	4,471	$	4,260	$	4,185
Bank of America Private Bank		887		870		839		805		786

Total revenue, net of interest expense		$	5,476	$	5,402	$	5,310	$	5,065	$	4,971

Client Balances by Business, at period end
Merrill Wealth Management		$	3,116,052	$	3,214,881	$	3,108,358	$	3,073,252	$	2,922,770
Bank of America Private Bank		598,100		625,453		584,475		579,562		557,569

Total client balances		$	3,714,152	$	3,840,334	$	3,692,833	$	3,652,814	$	3,480,339

Client Balances by Type, at period end


Assets under management (1)		$	1,571,605	$	1,638,782	$	1,578,630	$	1,549,069	$	1,467,487
Brokerage and other assets		1,592,802		1,655,021		1,612,472		1,619,246		1,535,424

Deposits		385,288		390,143		345,590		330,624		333,254
Loans and leases (2)		217,461		212,251		205,055		201,154		192,725
Less: Managed deposits in assets under management		(53,004)		(55,863)		(48,914)		(47,279)		(48,551)
Total client balances		$	3,714,152	$	3,840,334	$	3,692,833	$	3,652,814	$	3,480,339

Assets Under Management Rollforward
Assets under management, beginning balance		$	1,638,782	$	1,578,630	$	1,549,069	$	1,467,487	$	1,408,465
Net client flows		15,537		21,552		14,776		11,714		18,208

Market valuation/other		(82,714)		38,600		14,785		69,868		40,814
Total assets under management, ending balance		$	1,571,605	$	1,638,782	$	1,578,630	$	1,549,069	$	1,467,487

Advisors, at period end

Total wealth advisors (3)		18,571		18,846		18,855		19,385		19,808

(1)Defined as managed assets under advisory and/or discretion of GWIM.

(2)Includes margin receivables which are classified in customer and other receivables on the Consolidated Balance Sheet.

(3)Includes advisors across all wealth management businesses in GWIM and Consumer Banking.


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


Bank of America Corporation and Subsidiaries
Global Banking Segment Results
(Dollars in millions)
	First Quarter 2022	Fourth Quarter 2021			Third Quarter 2021			Second Quarter 2021			First Quarter 2021

Net interest income		$	2,344		$	2,362		$	2,185		$	1,984		$	1,980
Noninterest income:
Service charges		886			887			889			900			847
Investment banking fees		880			1,465			1,297			1,173			1,172
All other income		1,084			1,193			874			1,033			634
Total noninterest income		2,850			3,545			3,060			3,106			2,653
Total revenue, net of interest expense		5,194			5,907			5,245			5,090			4,633

Provision for credit losses		165			(463)			(781)			(831)			(1,126)

Noninterest expense		2,683			2,717			2,534			2,599			2,782
Income before income taxes		2,346			3,653			3,492			3,322			2,977
Income tax expense		622			986			943			897			804
Net income		$	1,724		$	2,667		$	2,549		$	2,425		$	2,173

Net interest yield		1.68		%	1.59		%	1.55		%	1.49		%	1.56		%
Return on average allocated capital (1)		16			25			24			23			21
Efficiency ratio		51.65			45.99			48.31			51.07			60.04

Balance Sheet
Average
Total loans and leases		$	358,807		$	338,627		$	324,736		$	325,110		$	330,107
Total earning assets (2)		566,277			587,472			560,181			534,562			515,880
Total assets (2)		630,517			650,940			621,699			595,498			576,145
Total deposits		539,912			562,390			534,166			506,618			487,034
Allocated capital (1)		44,500			42,500			42,500			42,500			42,500

Period end
Total loans and leases		$	367,423		$	352,933		$	328,893		$	323,256		$	325,996
Total earning assets (2)		558,639			574,583			561,239			547,278			533,852
Total assets (2)		623,168			638,131			623,640			607,969			594,235
Total deposits		533,820			551,752			536,476			520,026			506,012

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

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


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


Bank of America Corporation and Subsidiaries
Global Banking Key Indicators
(Dollars in millions)
	First Quarter 2022	Fourth Quarter 2021			Third Quarter 2021			Second Quarter 2021			First Quarter 2021

Investment Banking fees (1)
Advisory (2)		$	439		$	798		$	608		$	376		$	357
Debt issuance		359			430			401			482			423
Equity issuance		82			237			288			315			392
Total Investment Banking fees (3)		$	880		$	1,465		$	1,297		$	1,173		$	1,172

Business Lending
Corporate		$	1,060		$	1,195		$	885		$	989		$	654
Commercial		993			987			923			867			898
Business Banking		58			59			54			56			55
Total Business Lending revenue		$	2,111		$	2,241		$	1,862		$	1,912		$	1,607

Global Transaction Services (4)
Corporate		$	949		$	911		$	850		$	763		$	711
Commercial		896			909			855			805			772
Business Banking		243			249			240			230			222
Total Global Transaction Services revenue		$	2,088		$	2,069		$	1,945		$	1,798		$	1,705

Average deposit balances
Interest-bearing		$	157,126		$	164,522		$	165,669		$	162,947		$	164,633
Noninterest-bearing		382,786			397,868			368,497			343,671			322,401
Total average deposits		$	539,912		$	562,390		$	534,166		$	506,618		$	487,034

Loan spread		1.53		%	1.58		%	1.60		%	1.57		%	1.60		%

Provision for credit losses		$	165		$	(463)		$	(781)		$	(831)		$	(1,126)

Credit quality (5, 6)
Reservable criticized utilized exposure		$	18,304		$	19,873		$	20,894		$	25,158		$	29,954
		4.72		%	5.34		%	5.99		%	7.33		%	8.66		%

Nonperforming loans, leases and foreclosed properties		$	1,329		$	1,351		$	1,504		$	1,651		$	1,812
		0.37		%	0.39		%	0.46		%	0.52		%	0.56		%

Average loans and leases by product
U.S. commercial		$	211,568		$	196,168		$	187,047		$	188,716		$	192,628
Non-U.S. commercial		80,783			75,611			71,859			70,666			70,573
Commercial real estate		51,400			51,570			49,868			49,139			49,685
Commercial lease financing		15,055			15,261			15,961			16,588			17,221
Other		1			17			1			1			—
Total average loans and leases		$	358,807		$	338,627		$	324,736		$	325,110		$	330,107

Total Corporation Investment Banking fees
Advisory (2)		$	473		$	850		$	654		$	407		$	400
Debt issuance		831			984			933			1,110			988
Equity issuance		225			545			637			702			900
Total investment banking fees including self-led deals		1,529			2,379			2,224			2,219			2,288
Self-led deals		(72)			(28)			(56)			(97)			(42)
Total Investment Banking fees		$	1,457		$	2,351		$	2,168		$	2,122		$	2,246

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

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

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

(4)Prior periods have been revised to conform to current-period presentation.

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

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


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


Bank of America Corporation and Subsidiaries
Global Markets Segment Results (1)
(Dollars in millions)
	First Quarter 2022	Fourth Quarter 2021			Third Quarter 2021			Second Quarter 2021			First Quarter 2021

Net interest income		$	993		$	1,031		$	1,000		$	990		$	990
Noninterest income:
Investment and brokerage services		545			474			471			474			560
Investment banking fees		582			832			844			959			981
Market making and similar activities		3,190			1,312			2,014			1,964			3,470
All other income		(18)			169			190			333			197
Total noninterest income		4,299			2,787			3,519			3,730			5,208
Total revenue, net of interest expense (2)		5,292			3,818			4,519			4,720			6,198

Provision for credit losses		5			32			16			22			(5)

Noninterest expense		3,117			2,882			3,252			3,471			3,427
Income before income taxes		2,170			904			1,251			1,227			2,776
Income tax expense		575			235			325			319			722
Net income		$	1,595		$	669		$	926		$	908		$	2,054

Return on average allocated capital (3)		15		%	7		%	10		%	10		%	22		%

Efficiency ratio		58.90			75.49			71.94			73.55			55.29

Balance Sheet
Average
Total trading-related assets		$	596,154		$	564,282		$	563,715		$	566,842		$	501,789
Total loans and leases		108,576			102,627			97,148			87,826			77,415
Total earning assets		610,926			580,794			557,333			531,000			495,324
Total assets		858,719			816,994			804,938			797,558			723,264
Total deposits		44,393			43,331			54,650			55,584			53,852
Allocated capital (3)		42,500			38,000			38,000			38,000			38,000


Period end
Total trading-related assets		$	616,811		$	491,160		$	536,125		$	542,614		$	524,188
Total loans and leases		110,037			114,846			98,892			96,105			84,247
Total earning assets		609,290			561,135			526,585			527,983			496,103
Total assets		883,304			747,794			776,929			773,714			745,681
Total deposits		43,371			46,374			54,941			57,297			61,450

Trading-related assets (average)
Trading account securities		$	301,285		$	291,518		$	304,133		$	304,760		$	265,181
Reverse repurchases		138,581			121,878			117,486			116,424			99,886
Securities borrowed		114,468			109,455			101,086			101,144			89,253
Derivative assets		41,820			41,431			41,010			44,514			47,469
Total trading-related assets		$	596,154		$	564,282		$	563,715		$	566,842		$	501,789

(1)Effective October 1, 2021, a business activity previously included in the Global Markets segment is being reported as a liquidating business in All Other, consistent with a realignment in performance reporting to senior management. The activity was not material to Global Markets’ results of operations and historical results for the third, second and first quarters of 2021 were not restated.

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

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


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


Bank of America Corporation and Subsidiaries
Global Markets Key Indicators
(Dollars in millions)
	First Quarter 2022	Fourth Quarter 2021		Third Quarter 2021		Second Quarter 2021		First Quarter 2021

Sales and trading revenue (1)
Fixed-income, currencies and commodities		$	2,708	$	1,573	$	2,009	$	1,937	$	3,242
Equities		2,011		1,363		1,605		1,624		1,836
Total sales and trading revenue		$	4,719	$	2,936	$	3,614	$	3,561	$	5,078

Sales and trading revenue, excluding net debit valuation adjustment (2,3)
Fixed-income, currencies and commodities		$	2,648	$	1,569	$	2,025	$	1,965	$	3,251
Equities		2,002		1,365		1,609		1,630		1,829
Total sales and trading revenue, excluding net debit valuation adjustment		$	4,650	$	2,934	$	3,634	$	3,595	$	5,080

Sales and trading revenue breakdown
Net interest income		$	911	$	954	$	920	$	914	$	899
Commissions		531		464		459		462		548
Trading		3,190		1,311		2,014		1,963		3,470
Other		87		207		221		222		161
Total sales and trading revenue		$	4,719	$	2,936	$	3,614	$	3,561	$	5,078

(1) Includes Global Banking sales and trading revenue of $179 million, $98 million, $138 million, $170 million and $104 million for the first quarter of 2022 and the fourth, third, second and first quarters of 2021, respectively.

(2) For this presentation, sales and trading revenue excludes net debit valuation adjustment (DVA) gains (losses) which include net DVA on derivatives, as well as amortization of own credit portion of purchase discount and realized DVA on structured liabilities. Sales and trading revenue excluding net DVA gains (losses) represents a non-GAAP financial measure. We believe the use of this non-GAAP financial measure provides additional useful information to assess the underlying performance of these businesses and to allow better comparison of period-to-period operating performance.

(3)Net DVA gains (losses) were $69 million, $2 million, $(20) million, $(34) million and $(2) million for the first quarter of 2022 and the fourth, third, second and first quarters of 2021, respectively. FICC net DVA gains (losses) were $60 million, $4 million, $(16) million, $(28) million and $(9) million for the first quarter of 2022 and the fourth, third, second and first quarters of 2021, respectively. Equities net DVA gains (losses) were $9 million, $(2) million, $(4) million, $(6) million and $7 million for the first quarter of 2022 and the fourth, third, second and first quarters of 2021, respectively.


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


Bank of America Corporation and Subsidiaries
All Other Results (1,2)
(Dollars in millions)
	First Quarter 2022	Fourth Quarter 2021		Third Quarter 2021		Second Quarter 2021		First Quarter 2021

Net interest income		$	(7)	$	53	$	65	$	41	$	87





Noninterest income (loss)		(1,434)		(1,927)		(1,110)		(1,526)		(1,026)
Total revenue, net of interest expense		(1,441)		(1,874)		(1,045)		(1,485)		(939)

Provision for credit losses		(47)		(34)		(48)		(53)		(47)



Noninterest expense		583		556		352		303		308
Loss before income taxes		(1,977)		(2,396)		(1,349)		(1,735)		(1,200)
Income tax expense (benefit)		(1,613)		(1,723)		(1,294)		(3,596)		(1,456)
Net income (loss)		$	(364)	$	(673)	$	(55)	$	1,861	$	256

Balance Sheet
Average
Total loans and leases		$	15,405	$	16,240	$	17,581	$	19,209	$	20,815
Total assets (3)		154,425		185,707		187,233		187,226		207,449
Total deposits		20,504		23,780		13,767		14,073		14,354

Period end
Total loans and leases		$	15,090	$	15,863	$	16,880	$	18,306	$	19,850

Total assets (4)		132,186		214,153		199,738		206,341		204,009
Total deposits		20,990		21,182		12,521		13,540		12,513

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

(3)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $1.2 trillion, $1.2 trillion, $1.1 trillion, $1.1 trillion and $1.0 trillion for the first quarter of 2022 and the fourth, third, second and first quarters of 2021, respectively.

(4)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $1.2 trillion, $1.2 trillion, $1.2 trillion, $1.1 trillion and $1.1 trillion at March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.


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


Bank of America Corporation and Subsidiaries
Outstanding Loans and Leases
(Dollars in millions)
	March 31 2022		December 31 2021		March 31 2021
Consumer
Residential mortgage	$	226,030	$	221,963	$	214,779
Home equity	26,936		27,935		32,078
Credit card	79,356		81,438		72,786
Direct/Indirect consumer (1)	105,754		103,560		91,737
Other consumer (2)	205		190		132
Total consumer loans excluding loans accounted for under the fair value option	438,281		435,086		411,512
Consumer loans accounted for under the fair value option (3)	568		618		693
Total consumer	438,849		435,704		412,205

Commercial
U.S. commercial	330,973		325,936		283,229
Non-U.S. commercial	122,267		113,266		91,335
Commercial real estate (4)	62,533		63,009		58,764
Commercial lease financing	14,008		14,825		16,359
	529,781		517,036		449,687
U.S. small business commercial (5)	17,972		19,183		34,886
Total commercial loans excluding loans accounted for under the fair value option	547,753		536,219		484,573
Commercial loans accounted for under the fair value option (3)	6,543		7,201		6,310
Total commercial	554,296		543,420		490,883

Total loans and leases	$	993,145	$	979,124	$	903,088

(1)Includes primarily auto and specialty lending loans and leases of $49.7 billion, $48.5 billion and $45.4 billion, U.S. securities-based lending loans of $51.9 billion, $51.1 billion and $42.4 billion and non-U.S. consumer loans of $3.2 billion, $3.0 billion and $3.1 billion at March 31, 2022, December 31, 2021 and March 31, 2021, respectively.

(2)Substantially all of other consumer is consumer overdrafts.

(3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $248 million, $279 million and $275 million and home equity loans of $320 million, $339 million and $418 million at March 31, 2022, December 31, 2021 and March 31, 2021, respectively. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $4.0 billion, $4.6 billion and $4.2 billion and non-U.S. commercial loans of $2.6 billion, $2.6 billion and $2.1 billion at March 31, 2022, December 31, 2021 and March 31, 2021, respectively.

(4)Includes U.S. commercial real estate loans of $58.3 billion, $58.2 billion and $55.8 billion and non-U.S. commercial real estate loans of $4.3 billion, $4.8 billion and $3.0 billion at March 31, 2022, December 31, 2021 and March 31, 2021, respectively.

(5)Includes card-related products and Paycheck Protection Program (PPP) loans.


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


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

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

	Fourth Quarter 2021
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	219,193	$	112,937	$	93,294	$	1	$	—	$	12,961
Home equity	28,796		22,672		2,476		—		253		3,395
Credit card	78,358		75,649		2,709		—		—		—
Direct/Indirect and other consumer	101,854		48,118		53,717		16		—		3
Total consumer	428,201		259,376		152,196		17		253		16,359

Commercial
U.S. commercial	330,796		22,943		47,354		196,168		64,105		226
Non-U.S. commercial	108,899		—		1,276		75,611		31,968		44
Commercial real estate	62,296		13		4,410		51,570		6,301		2
Commercial lease financing	14,870		—		—		15,261		—		(391)
Total commercial	516,861		22,956		53,040		338,610		102,374		(119)
Total loans and leases	$	945,062	$	282,332	$	205,236	$	338,627	$	102,627	$	16,240

	First Quarter 2021
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	219,005	$	113,729	$	88,532	$	—	$	—	$	16,744
Home equity	33,634		26,490		2,812		—		284		4,048
Credit card	74,165		71,805		2,360		—		—		—
Direct/Indirect and other consumer	91,430		46,320		45,107		—		—		3
Total consumer	418,234		258,344		138,811		—		284		20,795

Commercial
U.S. commercial	322,010		32,535		44,436		192,628		52,016		395
Non-U.S. commercial	90,904		—		932		70,573		19,369		30
Commercial real estate	59,736		12		4,316		49,685		5,717		6
Commercial lease financing	16,839		—		—		17,221		29		(411)
Total commercial	489,489		32,547		49,684		330,107		77,131		20
Total loans and leases	$	907,723	$	290,891	$	188,495	$	330,107	$	77,415	$	20,815


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


Bank of America Corporation and Subsidiaries
Commercial Credit Exposure by Industry (1, 2, 3, 4, 6)
(Dollars in millions)
	Commercial Utilized						Total Commercial Committed
	March 31 2022		December 31 2021		March 31 2021		March 31 2022		December 31 2021		March 31 2021
Asset managers & funds	$	102,558	$	89,786	$	68,195	$	158,973	$	136,914	$	105,459
Real estate (5)	67,211		69,384		66,159		93,888		96,202		89,891
Capital goods	44,545		42,784		37,030		85,942		84,293		78,134
Finance companies	50,559		59,327		49,483		76,101		86,009		76,246
Materials	27,570		25,133		23,474		60,017		53,652		50,704
Healthcare equipment and services	33,164		32,003		31,750		58,264		58,195		56,118
Retailing	26,678		24,514		23,857		51,557		50,816		47,562
Government & public education	35,212		37,597		39,093		49,213		50,066		51,381
Consumer services	27,045		28,172		29,877		47,344		48,052		47,471
Food, beverage and tobacco	23,332		21,584		22,597		46,566		45,419		44,651
Commercial services and supplies	20,818		22,390		21,139		42,809		42,451		37,768
Individuals and trusts	29,340		29,752		28,326		38,961		39,869		37,989
Utilities	18,908		17,082		11,681		38,178		36,855		29,481
Energy	16,770		14,217		13,596		36,001		34,136		32,416
Transportation	21,268		21,079		21,745		32,034		32,015		32,032
Software and services	12,075		10,663		10,536		30,195		27,643		25,674
Media	11,693		12,495		12,358		27,525		26,318		25,262
Technology hardware and equipment	10,551		10,159		9,248		26,479		26,910		24,434
Global commercial banks	25,092		20,062		21,019		26,234		21,390		23,048
Consumer durables and apparel	10,989		9,740		8,507		22,089		21,226		19,484
Vehicle dealers	11,438		11,030		13,487		20,381		15,678		16,877
Pharmaceuticals and biotechnology	6,175		5,608		4,216		19,093		19,439		16,932
Telecommunication services	10,500		10,056		8,752		18,453		21,270		24,422
Insurance	6,784		5,743		6,052		18,120		14,323		14,567
Automobiles and components	9,195		9,236		11,694		17,782		17,052		20,213
Food and staples retailing	7,304		6,902		5,499		12,772		12,226		10,570
Financial markets infrastructure (clearinghouses)	4,359		3,876		4,271		6,966		6,076		7,275
Religious and social organizations	2,906		3,154		4,473		5,345		5,394		6,347

Total commercial credit exposure by industry	$	674,039	$	653,528	$	608,114	$	1,167,282	$	1,129,889	$	1,052,408

(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 $34.1 billion, $30.9 billion and $35.3 billion at March 31, 2022, December 31, 2021 and March 31, 2021, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $45.6 billion, $47.3 billion and $39.4 billion, which consists primarily of other marketable securities, at March 31, 2022, December 31, 2021 and March 31, 2021, respectively.

(2)Total utilized and total committed exposure includes loans of $6.5 billion, $7.2 billion and $6.3 billion and issued letters of credit with a notional amount of $48 million, $51 million and $79 million accounted for under the fair value option at March 31, 2022, December 31, 2021 and March 31, 2021, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $4.0 billion, $4.8 billion and $4.5 billion at March 31, 2022, December 31, 2021 and March 31, 2021, respectively.

(3)Includes U.S. small business commercial exposure.

(4)Includes the notional amount of unfunded legally binding lending commitments net of amounts distributed (e.g., syndicated or participated) to other financial institutions.

(5)Industries are viewed from a variety of perspectives to best isolate the perceived risks. For purposes of this table, the real estate industry is defined based on the primary business activity of the borrowers or the counterparties using operating cash flows and primary source of repayment as key factors.

(6)Includes $3.0 billion, $4.7 billion and $21.1 billion of PPP loan exposure across impacted industries at March 31, 2022, December 31, 2021 and March 31, 2021, respectively.


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


Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties
(Dollars in millions)
	March 31 2022			December 31 2021			September 30 2021			June 30 2021			March 31 2021
Residential mortgage	$	2,422		$	2,284		$	2,296		$	2,343		$	2,366
Home equity	615			630			676			651			669

Direct/Indirect consumer	67			75			45			50			56

Total consumer	3,104			2,989			3,017			3,044			3,091
U.S. commercial	818			825			909			1,060			1,228
Non-U.S. commercial	268			268			272			275			342
Commercial real estate	361			382			414			404			354
Commercial lease financing	54			80			70			81			80
	1,501			1,555			1,665			1,820			2,004
U.S. small business commercial	20			23			32			43			67
Total commercial	1,521			1,578			1,697			1,863			2,071
Total nonperforming loans and leases	4,625			4,567			4,714			4,907			5,162
Foreclosed properties (1)	153			130			117			124			137
Total nonperforming loans, leases and foreclosed properties (2, 3)	$	4,778		$	4,697		$	4,831		$	5,031		$	5,299

Fully-insured home loans past due 30 days or more and still accruing	$	817		$	887		$	930		$	997		$	1,030
Consumer credit card past due 30 days or more and still accruing	1,003			997			934			976			1,317
Other loans past due 30 days or more and still accruing	3,736			3,398			2,583			2,699			3,506
Total loans past due 30 days or more and still accruing (4, 5)	$	5,556		$	5,282		$	4,447		$	4,672		$	5,853

Fully-insured home loans past due 90 days or more and still accruing	$	574		$	634		$	648		$	687		$	728
Consumer credit card past due 90 days or more and still accruing	492			487			450			533			755
Other loans past due 90 days or more and still accruing	607			336			232			299			309
Total loans past due 90 days or more and still accruing (4, 5)	$	1,673		$	1,457		$	1,330		$	1,519		$	1,792

Nonperforming loans, leases and foreclosed properties/Total assets (6)	0.15		%	0.15		%	0.16		%	0.17		%	0.18		%
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties (6)	0.48			0.48			0.52			0.55			0.59
Nonperforming loans and leases/Total loans and leases (6)	0.47			0.47			0.51			0.54			0.58

Commercial reservable criticized utilized exposure (7)	$	20,682		$	22,381		$	24,142		$	28,878		$	34,283
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure (7)	3.54		%	3.91		%	4.53		%	5.45		%	6.59		%
Total commercial criticized utilized exposure/Commercial utilized exposure (7)	3.47			3.91			4.55			5.37			6.41

(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 $61 million, $52 million, $55 million, $66 million and $87 million at March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.

(2)Balances do not include past due consumer credit card, consumer loans secured by real estate where repayments are insured by the FHA and individually insured long-term stand-by agreements (fully-insured home loans), and in general, other consumer and commercial loans not secured by real estate.

(3)Balances do not include nonperforming loans held-for-sale of $336 million, $264 million, $279 million, $348 million and $384 million and nonperforming loans accounted for under the fair value option of $19 million, $21 million, $13 million, $13 million and $12 million at March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.

(4)Balances do not include loans held-for-sale past due 30 days or more and still accruing of $654 million, $523 million, $222 million, $159 million and $75 million at March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively, and loans held-for-sale past due 90 days or more and still accruing of $50 million, $41 million, $9 million, $70 million and $18 million at March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively. At March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, there were $8 million, $12 million, $9 million, $74 million and $12 million, respectively, of loans accounted for under the fair value option past due 30 days or more and still accruing interest.

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

(6)Total assets and total loans and leases do not include loans accounted for under the fair value option of $7.1 billion, $7.8 billion, $7.6 billion, $7.0 billion and $7.0 billion at March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.

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


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


Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties Activity (1)
(Dollars in millions)
	First Quarter 2022		Fourth Quarter 2021		Third Quarter 2021		Second Quarter 2021		First Quarter 2021
Nonperforming Consumer Loans and Leases:
Balance, beginning of period	$	2,989	$	3,017	$	3,044	$	3,091	$	2,725

Additions	644		371		353		431		851


Reductions:
Paydowns and payoffs	(175)		(179)		(163)		(160)		(123)
Sales	(131)		(1)		(1)		(1)		(1)
Returns to performing status (2)	(202)		(198)		(201)		(291)		(347)
Charge-offs (3)	(15)		(15)		(12)		(25)		(12)
Transfers to foreclosed properties	(6)		(6)		(3)		(1)		(2)

Total net additions (reductions) to nonperforming loans and leases	115		(28)		(27)		(47)		366
Total nonperforming consumer loans and leases, end of period	3,104		2,989		3,017		3,044		3,091
Foreclosed properties	118		101		87		93		101
Nonperforming consumer loans, leases and foreclosed properties, end of period	$	3,222	$	3,090	$	3,104	$	3,137	$	3,192

Nonperforming Commercial Loans and Leases (4):
Balance, beginning of period	$	1,578	$	1,697	$	1,863	$	2,071	$	2,227

Additions	183		372		275		503		472
Reductions:
Paydowns	(159)		(290)		(297)		(264)		(312)
Sales	(25)		(71)		(29)		(77)		(22)
Return to performing status (5)	(5)		(95)		(82)		(59)		(28)
Charge-offs	(12)		(35)		(33)		(108)		(78)
Transfers to foreclosed properties	—		—		—		—		—
Transfers to loans held-for-sale	(39)		—		—		(203)		(188)
Total net reductions to nonperforming loans and leases	(57)		(119)		(166)		(208)		(156)
Total nonperforming commercial loans and leases, end of period	1,521		1,578		1,697		1,863		2,071
Foreclosed properties	35		29		30		31		36
Nonperforming commercial loans, leases and foreclosed properties, end of period	$	1,556	$	1,607	$	1,727	$	1,894	$	2,107

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

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

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

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

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


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


Bank of America Corporation and Subsidiaries
Quarterly Net Charge-offs and Net Charge-off Ratios (1)
(Dollars in millions)
	First Quarter 2022				Fourth Quarter 2021				Third Quarter 2021				Second Quarter 2021				First Quarter 2021
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage	$	(10)	(0.02)	%	$	(11)	(0.02)	%	$	(7)	(0.01)	%	$	(6)	(0.01)	%	$	(4)	(0.01)	%
Home equity	(30)		(0.44)		(26)		(0.37)		(34)		(0.46)		(24)		(0.31)		(35)		(0.42)
Credit card	297		1.53		280		1.42		321		1.69		488		2.67		634		3.47

Direct/Indirect consumer	4		0.02		(3)		(0.01)		(18)		(0.07)		(9)		(0.04)		31		0.14
Other consumer	79		n/m		72		n/m		67		n/m		64		n/m		67		n/m
Total consumer	340		0.32		312		0.29		329		0.31		513		0.50		693		0.67
U.S. commercial	(14)		(0.02)		(19)		(0.02)		15		0.02		(31)		(0.04)		12		0.02
Non-U.S. commercial	1		—		(6)		(0.02)		1		—		14		0.06		26		0.12
Total commercial and industrial	(13)		(0.01)		(25)		(0.02)		16		0.02		(17)		(0.02)		38		0.04
Commercial real estate	23		0.15		6		0.04		—		—		17		0.11		11		0.07
Commercial lease financing	—		—		—		—		(1)		—		—		—		—		—
	10		0.01		(19)		(0.02)		15		0.01		—		—		49		0.04
U.S. small business commercial	42		0.94		69		1.32		119		1.76		82		0.98		81		0.89
Total commercial	52		0.04		50		0.04		134		0.11		82		0.07		130		0.11
Total net charge-offs	$	392	0.16		$	362	0.15		$	463	0.20		$	595	0.27		$	823	0.37

By Business Segment and All Other
Consumer Banking	$	416	0.59	%	$	411	0.58	%	$	489	0.69	%	$	625	0.89	%	$	810	1.13	%
Global Wealth & Investment Management	1		—		5		0.01		7		0.01		—		—		13		0.03
Global Banking	(12)		(0.01)		(28)		(0.03)		8		0.01		3		—		36		0.05
Global Markets	21		0.08		10		0.04		—		—		—		—		3		0.01
All Other	(34)		(0.91)		(36)		(0.91)		(41)		(0.92)		(33)		(0.70)		(39)		(0.78)
Total net charge-offs	$	392	0.16		$	362	0.15		$	463	0.20		$	595	0.27		$	823	0.37

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

n/m = not meaningful


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


Bank of America Corporation and Subsidiaries
Allocation of the Allowance for Credit Losses by Product Type
(Dollars in millions)
	March 31, 2022		December 31, 2021			March 31, 2021
	Amount		Percent of Loans and Leases Outstanding (1, 2)	Amount			Percent of Loans and Leases Outstanding (1, 2)	Amount		Percent of Loans and Leases Outstanding (1, 2)
Allowance for loan and lease losses
Residential mortgage	$	301	0.13%	$	351		0.16%	$	428	0.20%
Home equity	172		0.64	206			0.74	261		0.81
Credit card	5,684		7.16	5,907			7.25	7,278		10.00

Direct/Indirect consumer	512		0.48	523			0.51	617		0.67
Other consumer	46		n/m	46			n/m	51		n/m
Total consumer	6,715		1.53	7,033			1.62	8,635		2.10
U.S. commercial (3)	2,966		0.85	3,019			0.87	4,131		1.30
Non-U.S. commercial	1,155		0.94	975			0.86	1,154		1.26
Commercial real estate	1,218		1.95	1,292			2.05	2,148		3.66
Commercial lease financing	50		0.36	68			0.46	100		0.61
Total commercial	5,389		0.98	5,354			1.00	7,533		1.55
Allowance for loan and lease losses	12,104		1.23	12,387			1.28	16,168		1.80


Reserve for unfunded lending commitments	1,379			1,456				1,829
Allowance for credit losses	$	13,483		$	13,843			$	17,997

Asset Quality Indicators

Allowance for loan and lease losses/Total loans and leases (2)			1.23%				1.28%			1.80%

Allowance for loan and lease losses/Total nonperforming loans and leases (4)			262				271			313

Ratio of the allowance for loan and lease losses/Annualized net charge-offs			7.62				8.62			4.85

(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 $248 million, $279 million and $275 million, and home equity loans of $320 million, $339 million and $418 million at March 31, 2022, December 31, 2021 and March 31, 2021, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $4.0 billion, $4.6 billion and $4.2 billion and non-U.S. commercial loans of $2.6 billion, $2.6 billion and $2.1 billion at March 31, 2022, December 31, 2021 and March 31, 2021, respectively.

(2)Total loans and leases do not include loans accounted for under the fair value option of $7.1 billion, $7.8 billion and $7.0 billion at March 31, 2022, December 31, 2021 and March 31, 2021, respectively.

(3)Includes allowance for loan and lease losses for U.S. small business commercial loans of $1.0 billion, $1.2 billion and $1.5 billion at March 31, 2022, December 31, 2021 and March 31, 2021, respectively.

(4)Allowance for loan and lease losses includes $6.6 billion, $7.0 billion and $8.7 billion allocated to products (primarily the Consumer Lending portfolios within Consumer Banking) that are excluded from nonperforming loans and leases at March 31, 2022, December 31, 2021 and March 31, 2021, respectively. Excluding these amounts, allowance for loan and lease losses as a percentage of total nonperforming loans and leases was 118 percent, 117 percent and 144 percent at March 31, 2022, December 31, 2021 and March 31, 2021, respectively.

n/m = not meaningful


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

Exhibit A: Non-GAAP Reconciliations

Bank of America Corporation and Subsidiaries

Reconciliations to GAAP Financial Measures

(Dollars in millions, except per share information)

The Corporation evaluates its business based on the following ratios that utilize tangible equity, a non-GAAP financial measure. Tangible equity represents shareholders’ equity or common shareholders’ equity reduced by goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities ("adjusted" shareholders' equity or common shareholders’ equity). Return on average tangible common shareholders’ equity measures the Corporation’s net income applicable to common shareholders as a percentage of adjusted average common shareholders’ equity. The tangible common equity ratio represents adjusted ending common shareholders’ equity divided by total tangible assets (total assets less goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities). Return on average tangible shareholders’ equity measures the Corporation’s net income as a percentage of adjusted average total shareholders’ equity. The tangible equity ratio represents adjusted ending shareholders’ equity divided by total tangible assets. Tangible book value per common share represents adjusted ending common shareholders’ equity divided by ending common shares outstanding. These measures are used to evaluate the Corporation’s use of equity. In addition, profitability, relationship and investment models all use return on average tangible shareholders’ equity as key measures to support our overall growth goals.

See the tables below for reconciliations of these non-GAAP financial measures to the most closely related financial measures defined by GAAP for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021. The Corporation believes the use of these non-GAAP financial measures provides additional clarity in understanding its results of operations and trends. Other companies may define or calculate supplemental financial data differently.


	First Quarter 2022	Fourth Quarter 2021		Third Quarter 2021		Second Quarter 2021		First Quarter 2021






























Reconciliation of income before income taxes to pretax, pre-provision income
Income before income taxes		$	7,879	$	7,818	$	8,950	$	8,042	$	9,166
Provision for credit losses		30		(489)		(624)		(1,621)		(1,860)
Pretax, pre-provision income		$	7,909	$	7,329	$	8,326	$	6,421	$	7,306

Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity		$	269,309	$	270,883	$	275,484	$	274,632	$	274,047
Goodwill		(69,023)		(69,022)		(69,023)		(69,023)		(68,951)
Intangible assets (excluding mortgage servicing rights)		(2,146)		(2,166)		(2,185)		(2,212)		(2,146)
Related deferred tax liabilities		929		913		915		915		920
Tangible shareholders’ equity		$	199,069	$	200,608	$	205,191	$	204,312	$	203,870
Preferred stock		(26,444)		(24,364)		(23,441)		(23,684)		(24,399)
Tangible common shareholders’ equity		$	172,625	$	176,244	$	181,750	$	180,628	$	179,471








Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity		$	266,617	$	270,066	$	272,464	$	277,119	$	274,000
Goodwill		(69,023)		(69,022)		(69,023)		(69,023)		(68,951)
Intangible assets (excluding mortgage servicing rights)		(2,133)		(2,153)		(2,172)		(2,192)		(2,134)
Related deferred tax liabilities		926		929		913		915		915
Tangible shareholders’ equity		$	196,387	$	199,820	$	202,182	$	206,819	$	203,830
Preferred stock		(27,137)		(24,708)		(23,441)		(23,441)		(24,319)
Tangible common shareholders’ equity		$	169,250	$	175,112	$	178,741	$	183,378	$	179,511

Reconciliation of period-end assets to period-end tangible assets
Assets		$	3,238,223	$	3,169,495	$	3,085,446	$	3,029,894	$	2,969,992
Goodwill		(69,023)		(69,022)		(69,023)		(69,023)		(68,951)
Intangible assets (excluding mortgage servicing rights)		(2,133)		(2,153)		(2,172)		(2,192)		(2,134)
Related deferred tax liabilities		926		929		913		915		915
Tangible assets		$	3,167,993	$	3,099,249	$	3,015,164	$	2,959,594	$	2,899,822

Book value per share of common stock
Common shareholders’ equity		$	239,480	$	245,358	$	249,023	$	253,678	$	249,681
Ending common shares issued and outstanding		8,062.1		8,077.8		8,241.2		8,487.2		8,589.7
Book value per share of common stock		$	29.70	$	30.37	$	30.22	$	29.89	$	29.07

Tangible book value per share of common stock
Tangible common shareholders’ equity		$	169,250	$	175,112	$	178,741	$	183,378	$	179,511
Ending common shares issued and outstanding		8,062.1		8,077.8		8,241.2		8,487.2		8,589.7
Tangible book value per share of common stock		$	20.99	$	21.68	$	21.69	$	21.61	$	20.90


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