8-K

As filed with the Securities and Exchange Commission on October 17, 2023

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):

October 17, 2023

BANK OF AMERICA CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	1-6523	56-0906609
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

100 North Tryon Street

Charlotte, North Carolina 28255

(Address of principal executive offices)

(704) 386-5681

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	BAC	New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of Floating Rate Non-Cumulative Preferred Stock, Series E	BAC PrE	New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 6.000% Non-Cumulative Preferred Stock, Series GG	BAC PrB	New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 5.875% Non-Cumulative Preferred Stock, Series HH	BAC PrK	New York Stock Exchange
7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L	BAC PrL	New York Stock Exchange
Depositary Shares, each representing a 1/1,200th interest in a share of	BML PrG	New York Stock Exchange
Bank of America Corporation Floating Rate Non-Cumulative
Preferred Stock, Series 1
Depositary Shares, each representing a 1/1,200th interest in a share of	BML PrH	New York Stock Exchange
Bank of America Corporation Floating Rate Non-Cumulative
Preferred Stock, Series 2
Depositary Shares, each representing a 1/1,200th interest in a share of	BML PrJ	New York Stock Exchange
Bank of America Corporation Floating Rate Non-Cumulative
Preferred Stock, Series 4
Depositary Shares, each representing a 1/1,200th interest in a share of	BML PrL	New York Stock Exchange
Bank of America Corporation Floating Rate Non-Cumulative
Preferred Stock, Series 5
Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIII (and the guarantee related thereto)	BAC/PF	New York Stock Exchange
5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIV (and the guarantee related thereto)	BAC/PG	New York Stock Exchange
Income Capital Obligation Notes initially due December 15, 2066 of Bank of America Corporation	MER PrK	New York Stock Exchange
Senior Medium-Term Notes, Series A, Step Up Callable Notes, due	BAC/31B	New York Stock Exchange
November 28, 2031 of BofA Finance LLC (and the guarantee of the
Registrant with respect thereto)
Depositary Shares, each representing a 1/1,000th interest in a share of 5.375% Non-Cumulative Preferred Stock, Series KK	BAC PrM	New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 5.000% Non-Cumulative Preferred Stock, Series LL	BAC PrN	New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 4.375% Non-Cumulative Preferred Stock, Series NN	BAC PrO	New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 4.125% Non-Cumulative Preferred Stock, Series PP	BAC PrP	New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 4.250% Non-Cumulative Preferred Stock, Series QQ	BAC PrQ	New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 4.750% Non-Cumulative Preferred Stock, Series SS	BAC PrS	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On October 17, 2023, Bank of America Corporation (the “Corporation”) announced financial results for the third quarter ended September 30, 2023, reporting third quarter net income of $7.8 billion, or $0.90 per diluted share. A copy of the press release announcing the Corporation’s results for the third quarter ended September 30, 2023 (the “Press Release”) is attached hereto as Exhibit 99.1 and is incorporated by reference in this Item 2.02. The Press Release is available on the Corporation’s website.

The information provided in Item 2.02 of this report, including Exhibit 99.1, shall be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

ITEM 7.01. REGULATION FD DISCLOSURE.

On October 17, 2023, the Corporation will hold an investor conference call and webcast to discuss financial results for the third quarter ended September 30, 2023, including the Press Release and other matters relating to the Corporation.

The Corporation has also made available on its website presentation materials containing certain historical and forward-looking information relating to the Corporation (the “Presentation Materials”) and materials that contain additional information about the Corporation’s financial results for the third quarter ended September 30, 2023 (the “Supplemental Information”). The Presentation Materials and the Supplemental Information are furnished herewith as Exhibit 99.2 and Exhibit 99.3, respectively, and are incorporated by reference in this Item 7.01. All information in Exhibits 99.2 and 99.3 is presented as of the particular date or dates referenced therein, and the Corporation does not undertake any obligation to, and disclaims any duty to, update any of the information provided.

The information provided in Item 7.01 of this report, including Exhibits 99.2 and 99.3, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall the information or Exhibits 99.2 or 99.3 be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.

Exhibit 99.1 is filed herewith. Exhibits 99.2 and 99.3 are furnished herewith.

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
99.1	The Press Release
99.2	The Presentation Materials
99.3	The Supplemental Information
104	Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Corporation has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BANK OF AMERICA CORPORATION
By:	/s/ Rudolf A. Bless
	Rudolf A. Bless
	Chief Accounting Officer

Dated: October 17, 2023

EX-99.1

1 Q3-23 Financial Highlights2(A) Q3-23 Business Segment Highlights2,3(A) Consumer Banking Global Wealth and Investment Management Global Banking Global Markets See page 10 for endnotes. Amounts may not total due to rounding. 1 Revenue, net of interest expense. 2 Financial Highlights and Business Segment Highlights are compared 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. 4 Represents the percentage of consumer checking accounts that are estimated to be the customer’s primary account based on multiple relationship factors (e.g., linked to their direct deposit). 5 Includes repurchases to offset shares awarded under equity-based compensation plans. 6 Source: Dealogic as of September 30, 2023. 7 Tangible book value per common share and return on average tangible common shareholders’ equity ratio represent non-GAAP financial measures. For more information, see page 19. • Net income rose 10% to $7.8 billion, or $0.90 per diluted share, compared to $7.1 billion, or $0.81 per diluted share for Q3-22 • Revenue, net of interest expense, increased 3% to $25.2 billion – Net interest income (NII) up $614 million, or 4%, to $14.4 billion ($14.5 billion FTE)(B), driven primarily by benefits from higher interest rates and loan growth – Noninterest income of $10.8 billion increased $51 million, as higher sales and trading revenue and asset management fees more than offset lower other income • Provision for credit losses of $1.2 billion increased $336 million – Net reserve build of $303 million vs. net reserve build of $378 million in Q3-22(C) – Net charge-offs of $931 million increased compared to the prior year and remained below Q4-19 pre-pandemic levels • Noninterest expense of $15.8 billion increased 3% driven by increased investments in the franchise across people and technology, as well as higher FDIC expense from the increased assessment on banks announced in 2022; efficiency ratio of 63% • Average deposit balances up approximately $1 billion from Q2-23 to $1.9 trillion; declined $87 billion, or 4%, from Q3-22 • Average loan and lease balances up $12 billion, or 1%, to $1.0 trillion led by higher credit card balances • Average Global Liquidity Sources of $859 billion(D) • Common equity tier 1 (CET1) ratio of 11.9% (Standardized) increased 29 bps from Q2-23(E) and was 240 basis points above regulatory minimum, effective October 1, 2023; returned $2.9 billion to shareholders through common stock dividends and share repurchases5 • Book value per common share rose 9% to $32.65; tangible book value per common share rose 12% to $23.797 • Return on average common shareholders' equity ratio of 11.2%; return on average tangible common shareholders' equity ratio of 15.5%7 • Net income of $1.2 billion • Sales and trading revenue up 8% to $4.4 billion, including net debit valuation adjustment (DVA) losses of $16 million; Fixed Income, Currencies and Commodities (FICC) revenue up 6% to $2.7 billion, and Equities revenue up 10% to $1.7 billion • Excluding net DVA(F), sales and trading revenue up 8% to $4.4 billion; FICC revenue up 6% to $2.7 billion; Equities revenue up 10% to $1.7 billion • Zero days of trading losses in Q3-23 From Chair and CEO Brian Moynihan: “Our teammates delivered another strong quarter. We generated $7.8 billion in earnings, up 10 percent from the third quarter a year ago. We added clients and accounts across all lines of business. We did this in a healthy but slowing economy that saw US consumer spending still ahead of last year but continuing to slow. Our growth in revenue and earnings allowed us to continue our investments in our people and technology to drive an enhanced client experience.” • Net income of $1.0 billion • Client balances of $3.6 trillion, up 9%, driven by higher market valuations and positive net client flows • $44 billion of AUM flows since Q3-22 • Client Activity – Added nearly 7,000 net new relationships across Merrill and Private Bank in Q3-23, up 20% from Q3-22 – AUM balances of $1.5 trillion, up $167 billion; $14 billion of AUM flows in Q3-23 – Opened over 39,000 bank accounts, up 6% • Net income of $2.6 billion • Total investment banking fees (excl. self-led) of $1.2 billion, up 2% • No. 3 in investment banking fees6 • Client Activity – Average deposits of $504 billion increased $9 billion, or 2% – Added more than 1,900 new clients YTD, August 2023, while deepening relationships with existing clients • Net income of $2.9 billion • Revenue of $10.5 billion, up 6% • Average deposits of $980 billion, down 8%; 36% above pre-pandemic levels • Average loans and leases of $311 billion increased $16 billion, or 5% • Combined credit / debit card spend of $225 billion, up 3% • Client Activity – Added over 200,000 net new Consumer checking accounts in Q3-23; 19th consecutive quarter of growth – Record 36.6 million consumer checking accounts with 92% being primary4 – Record Small Business checking accounts of 3.9 million, up 4% – Record consumer investment assets of $387 billion grew 28%; accounts grew 10% with record client flows of $51 billion since Q3-22 – Digital logins exceeded 3 billion, up 10%; digital sales represented 46% of total sales Bank of America Reports Q3-23 Net Income of $7.8 Billion; EPS of $0.90, up 11% YoY Revenue Improved YoY to $25.2 Billion1 led by Net Interest Income, up 4%, to $14.4 Billion CET1 Ratio of 11.9%; Book Value Per Share of $32.65 Grew 9% YoY

2 Bank of America Financial Highlights Three Months Ended ($ in billions, except per share data) 9/30/2023 6/30/2023 9/30/2022 Total revenue, net of interest expense $25.2 $25.2 $24.5 Provision for credit losses 1.2 1.1 0.9 Noninterest expense 15.8 16.0 15.3 Pretax income 8.1 8.0 8.3 Pretax, pre-provision income1(G) 9.3 9.2 9.2 Income tax expense 0.3 0.6 1.2 Net income 7.8 7.4 7.1 Diluted earnings per share $0.90 $0.88 $0.81 1 Pretax, pre-provision income represents a non-GAAP financial measure. For more information, see page 19. From Chief Financial Officer Alastair Borthwick: “We grew revenue and net income from the third quarter of 2022, as we continued to execute on our Responsible Growth strategy. We remained disciplined and decreased expenses for the second consecutive quarter while continuing to invest in our franchise. Our organic earnings generation allowed us to build our capital ratio to 11.9%, leaving us well above our 9.5% October 1st minimum requirement, and we returned $2.9 billion to shareholders in common stock dividends and share repurchases.” Common Equity Tier 1 Capital $175.6 $180.1 $184.4 $190.1 $194.2 11.0% 11.2% 11.4% 11.6% 11.9% Common Equity Tier 1 capital Common Equity Tier 1 capital ratio Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Net Income $7.1 $7.1 $8.2 $7.4 $7.8 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Spotlight on Net Income and Common Equity Tier 1 Capital ($B) 1 Common equity tier 1 capital ratio under the Standardized approach. 1

3 Consumer Banking1,2 Financial Results Three months ended ($ in millions) 9/30/2023 6/30/2023 9/30/2022 Total revenue2 $10,472 $10,524 $9,904 Provision for credit losses 1,397 1,267 738 Noninterest expense 5,256 5,453 5,097 Pretax income 3,819 3,804 4,069 Income tax expense 955 951 997 Net income $2,864 $2,853 $3,072 Business Highlights(A) Three months ended ($ in billions) 9/30/2023 6/30/2023 9/30/2022 Average deposits $980.1 $1,006.3 $1,069.1 Average loans and leases 310.8 306.7 295.2 Consumer investment assets (EOP)3 387.5 386.8 302.4 Active mobile banking users (MM) 37.5 37.3 34.9 Number of financial centers 3,862 3,887 3,932 Efficiency ratio 50 % 52 % 51 % Return on average allocated capital 27 27 30 Total Consumer Credit Card4 Average credit card outstanding balances $98.0 $94.4 $85.0 Total credit / debit spend 225.3 226.1 218.2 Risk-adjusted margin 7.7 % 7.8 % 10.1 % 1 Comparisons are to the year-ago quarter unless noted. 2 Revenue, net of interest expense. 3 Consumer investment assets includes client brokerage assets, deposit sweep balances, Bank of America, N.A. brokered CDs, and AUM in Consumer Banking. 4 The Consumer credit card portfolio includes Consumer Banking and GWIM. 5 Represents the percentage of consumer checking accounts that are estimated to be the customer’s primary account based on multiple relationship factors (e.g., linked to their direct deposit). 6 As of August 2023. Includes clients in Consumer, Small Business and GWIM. 7 Household adoption represents households with consumer bank login activities in a 90-day period, as of August 2023. • Net income of $2.9 billion decreased 7%, as strong revenue growth was more than offset by higher provision for credit losses and noninterest expense – Pretax income of $3.8 billion decreased 6% – Pretax, pre-provision income(G) of $5.2 billion increased 9% – 10th consecutive quarter of operating leverage(H); efficiency ratio improved to 50% • Revenue of $10.5 billion improved 6%, driven by improved NII from higher interest rates and loan balances • Provision for credit losses of $1.4 billion increased $659 million – Net reserve build of $486 million(C) in Q3-23, driven primarily by credit card – Net charge-offs of $911 million increased $399 million driven by credit card; remained below Q4-19 pre-pandemic level • Noninterest expense of $5.3 billion increased $159 million, driven primarily by continued investments in the business and higher FDIC expense Business Highlights1,4(A) • Average deposits of $980 billion decreased $89 billion, or 8% – 57% of deposits in checking accounts; 92% primary accounts5 • Average loans and leases of $311 billion increased $16 billion, or 5% • Combined credit / debit card spend of $225 billion increased 3% from Q3-22 • Record consumer investment assets3 of $387 billion grew $85 billion, or 28%, driven by record $51 billion of client flows from new and existing clients and higher market valuations – 3.8 million consumer investment accounts, up 10% • 10.7 million Total clients6 enrolled in Preferred Rewards, up 7%, with 99% annualized retention rate Strong Digital Usage Continued1 • 74% of overall households7 actively using digital platforms • 46 million active digital banking users, up 5% or 2.3 million • ~1.5 million digital sales, down 19% • Record 3.2 billion digital logins, up 10% • New Zelle® records: 21 million active users, up 19% YoY, sent and received 323 million transactions, worth $97 billion, up 27% and 25% YoY, respectively • Clients booked ~938,000 digital appointments Continued Business Leadership • No. 1 in estimated U.S. Retail Deposits(a) • No. 1 Online Banking and Mobile Banking Functionality(b) • No. 1 Small Business Lender(c) • Best Bank in North America(d) • Best Consumer Digital Bank in the U.S.(e) • Best Bank in the U.S. for Small and Medium Enterprises(f) • Certified by J.D. Power for Outstanding Client satisfaction with Customer Financial Health Support – Banking & Payments(g) • No. 1 in Customer Satisfaction for U.S. Retail Banking Advice(h) See page 11 for Business Leadership sources.

4 Global Wealth and Investment Management1,2 Financial Results Three months ended ($ in millions) 9/30/2023 6/30/2023 9/30/2022 Total revenue2 $5,321 $5,242 $5,429 Provision for credit losses (6) 13 37 Noninterest expense 3,950 3,925 3,816 Pretax income 1,377 1,304 1,576 Income tax expense 344 326 386 Net income $1,033 $978 $1,190 Business Highlights(A) Three months ended ($ in billions) 9/30/2023 6/30/2023 9/30/2022 Average deposits $291.8 $295.4 $339.5 Average loans and leases 218.6 218.6 223.7 Total client balances (EOP) 3,550.9 3,635.2 3,248.8 AUM flows 14.2 14.3 4.1 Pretax margin 26 % 25 % 29 % Return on average allocated capital 22 21 27 1 Comparisons are to the year-ago quarter unless noted. 2 Revenue, net of interest expense. 3 Percentage of digitally active Merrill primary households ($250K+ in investable assets within the enterprise). Excludes Stock Plan and Banking only households. 4 Percentage of digitally active Private Bank core relationships ($3MM+ in total Balances). Includes third-party activities and excludes Irrevocable Trust-only relationships, Institutional Philanthropic relationships, and exiting relationships. Continued Business Leadership • No. 1 on Forbes’ Best-in-State Wealth Advisors (2023), Top Women Wealth Advisors (2023), Top Women Wealth Advisors Best-in State (2023), Best-in-State Teams (2023), and Top Next Generation Advisors (2023) • No. 1 on Barron’s Top 100 Women Financial Advisors List (2023) • No. 1 on Financial Planning's 'Top 40 Advisors Under 40' List (2023) • Celent Model Wealth Manager award (2023) • No. 1 in personal trust AUM(i) • Best National Private Bank(j) and in North America(k) • Best Broker-Dealer for Technology(l) • Largest U.S. Outsourced Manager for Endowment and Foundation Assets(m) • Best Private Bank Philanthropic Initiative in Americas(n) See page 11 for Business Leadership sources. • Net income of $1.0 billion decreased 13% – Pretax margin 26% – Strong organic client activity • Revenue of $5.3 billion decreased 2%, driven by lower NII, partially offset by higher asset management fees due to higher market levels and client flows • Noninterest expense of $4.0 billion increased 4%, driven by investments in the business, including strategic hiring Business Highlights1(A) • Client balances of $3.6 trillion increased 9%, driven by higher market valuations and positive net client flows – AUM flows of $14 billion in Q3-23 – Average deposits of $292 billion decreased $48 billion, or 14% – Average loans and leases of $219 billion decreased $5 billion, or 2% Merrill Wealth Management Highlights1 Client Activity and Advisor Engagement – Client balances of $3.0 trillion(A) – AUM balances of $1.2 trillion – ~6,300 net new households in Q3-23, up 22% Strong Digital Usage Continued – 83% of Merrill households3 digitally active across the enterprise – Continued strength of advisor / client digital communications; ~407,000 households exchanged ~1.6 million secure messages – Record 79% of households enrolled in eDelivery; ~319,000 planning reports generated, up 19%; 64% of clients received a planning report in the last 24 months, up from 43% a year ago – 74% of eligible checks deposited through automated channels – 70% of eligible Bank and Brokerage accounts opened through Digital Onboarding, up from 33% a year ago Client Engagement – Client balances of $573 billion(A) – AUM balances of $340 billion – ~600 net new relationships in Q3-23, up 8% Bank of America Private Bank Highlights1 Strong Digital Usage Continued – 92% of clients4 digitally active across the enterprise – 75% of eligible checks deposited through automated channels – Clients continued leveraging the convenience and effectiveness of our digital capabilities: ▪ Zelle® transactions up 38% ▪ Digital wallet transactions up 40%

5 Global Banking1,2,3 Financial Results Three months ended ($ in millions) 9/30/2023 6/30/2023 9/30/2022 Total revenue2,3 $6,203 $6,462 $5,591 Provision for credit losses (119) 9 170 Noninterest expense 2,804 2,819 2,651 Pretax income 3,518 3,634 2,770 Income tax expense 950 981 734 Net income $2,568 $2,653 $2,036 Business Highlights2(A) Three months ended ($ in billions) 9/30/2023 6/30/2023 9/30/2022 Average deposits $504.4 $497.5 $495.2 Average loans and leases 376.2 383.1 384.3 Total Corp. IB fees (excl. self- led) 1.2 1.2 1.2 Global Banking IB fees 0.7 0.7 0.7 Business Lending revenue 2.6 2.7 2.1 Global Transaction Services revenue 2.8 2.9 2.8 Efficiency ratio 45 % 44 % 47 % Return on average allocated capital 21 22 18 1 Comparisons are to the year-ago quarter unless noted. 2 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities. 3 Revenue, net of interest expense. • Net income of $2.6 billion increased 26% – Pretax income of $3.5 billion increased 27% – Pretax, pre-provision income(G) of $3.4 billion increased 16% • Revenue of $6.2 billion increased 11%, driven primarily by higher NII and leasing revenue • Provision for credit losses reflected a benefit of $119 million, driven primarily by net loan paydowns, and decreased $289 million from Q3-22, as the prior year included a reserve build(C) • Noninterest expense of $2.8 billion increased 6%, driven by continued investments in the business and higher FDIC expense Continued Business Leadership • World’s Most Innovative Bank – 2023, Most Innovative Bank in North America(o) • World’s Best Digital Bank, World’s Best Bank for Financing, North America’s Best Digital Bank, North America’s Best Bank for Small to Medium-sized Enterprises, North America’s Best Bank for Sustainable Finance(p) • Best Bank for Payments & Collections in North America(q) • Model Bank award for Product Innovation in Cash Management – 2023, for CashPro Mobile, CashPro Forecasting, and CashPro API(r) • Best Transaction Bank in North America(s) • 2022 Quality, Share and Excellence Awards for U.S. Large Corporate Banking and Cash Management(t) • Relationships with 74% of the Global Fortune 500; 95% of the U.S. Fortune 1,000 (2023) See page 11 for Business Leadership sources. Strong Digital Usage Continued1 • 75% digitally active clients across commercial, corporate, and business banking clients (CashPro® and BA360 platforms) (as of August 2023) • Record quarterly CashPro App active users increased 14% and record number of sign-ins increased 41% • Quarterly CashPro App Payment Approvals value of $192 billion increased 16% • 40% of eligible credit monitoring documents uploaded digitally (as of August 2023) Business Highlights1,2(A) • Total Corporation investment banking fees (excl. self-led) of $1.2 billion increased $21 million, or 2% • Average deposits of $504 billion increased $9 billion, or 2% • Average loans and leases of $376 billion decreased $8 billion, or 2%, reflecting paydowns and lower client demand

6 Global Markets1,2,3,6 Financial Results Three months ended ($ in millions) 9/30/2023 6/30/2023 9/30/2022 Total revenue2,3 $4,942 $4,871 $4,483 Net DVA4 (16) (102) (14) Total revenue (excl. net DVA)2,3,4 $4,958 $4,973 $4,497 Provision for credit losses (14) (4) 11 Noninterest expense 3,235 3,349 3,023 Pretax income 1,721 1,526 1,449 Income tax expense 473 420 384 Net income $1,248 $1,106 $1,065 Net income (excl. net DVA)4 $1,260 $1,184 $1,076 Business Highlights2(A) Three months ended ($ in billions) 9/30/2023 6/30/2023 9/30/2022 Average total assets $863.7 $877.5 $847.9 Average trading-related assets 609.7 621.1 592.4 Average loans and leases 131.3 128.5 120.4 Sales and trading revenue 4.4 4.3 4.1 Sales and trading revenue (excl. net DVA)4(F) 4.4 4.4 4.1 Global Markets IB fees 0.5 0.5 0.4 Efficiency ratio 65 % 69 % 67 % Return on average allocated capital 11 10 10 1 Comparisons are to the year-ago quarter unless noted. 2 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities. 3 Revenue, net of interest expense. 4 Revenue and net income, excluding net DVA, are non-GAAP financial measures. See endnote F 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 $69MM, $76MM and $117MM for Q3-23, Q2-23 and Q3-22, respectively. 6 The explanations for current period-over-period changes for Global Markets are the same for amounts including and excluding net DVA. • Net income of $1.2 billion increased $183 million, or 17% – Excluding net DVA, net income of $1.3 billion increased 17%4 • Revenue of $4.9 billion increased 10%, driven primarily by higher sales and trading revenue • Noninterest expense of $3.2 billion increased 7%, driven by investments in the business, including people and technology • Average VaR of $69 million5 Business Highlights1,2,6(A) • Sales and trading revenue of $4.4 billion increased 8%; excluding net DVA, up 8%(F) – Fixed income, currencies, and commodities (FICC) revenue increased 6%, (ex. DVA, up 6%)(F) to $2.7 billion, driven by improved trading in credit and mortgage products, partially offset by weaker trading in currencies and rates – Equities revenue increased 10%, (ex. DVA, up 10%)(F) to $1.7 billion, driven primarily by an increase in client financing activities Additional Highlights • 680+ research analysts covering over 3,500 companies; 1,250+ corporate bond issuers across 55+ economies and 25 industries Continued Business Leadership • World's Best Bank for Markets(p) • North America's Best Bank for Sustainable Finance(p) • Americas Derivatives House of the Year and Americas House of the Year for Equity Derivatives, FX Derivatives, Commodities Derivatives and Research & Strategy House(u) • Commodity Derivatives House and Americas ESG Financing House(v) • Best CLO Arranger of the Year, Best Loan Secondary Trading Desk of the Year, Best CLO Tranche Trading Desk of the Year, Best CLO Research House(w) • No. 1 All-America Sales Team in Equities Idea Generation(x) • No. 1 Municipal Bonds Underwriter(y) • No. 1 Market Share in US Registered Equity Block Trade Fees(z) See page 11 for Business Leadership sources.

7 All Other1,2 Financial Results Three months ended ($ in millions) 9/30/2023 6/30/2023 9/30/2022 Total revenue2 $(1,618) $(1,767) $(799) Provision for credit losses (24) (160) (58) Noninterest expense 593 492 716 Pretax loss (2,187) (2,099) (1,457) Income tax expense (benefit) (2,276) (1,917) (1,176) Net income (loss) $89 $(182) $(281) 1 Comparisons are to the year-ago quarter unless noted. 2 Revenue, net of interest expense. Note: 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. • Net income of $89 million increased $370 million vs. Q3-22, driven primarily by a higher income tax benefit and lower litigation expense • Total corporate effective tax rate (ETR) for the quarter was 4% – Excluding discrete tax benefits and recurring ESG tax credit benefits, the ETR would have been approximately 25% – Full-year 2023 ETR, excluding FDIC special assessment and other discrete items, is expected to be between 9-10%

8 Credit Quality1 Highlights Three months ended ($ in millions) 9/30/2023 6/30/2023 9/30/2022 Provision for credit losses $1,234 $1,125 $898 Net charge-offs 931 869 520 Net charge-off ratio2 0.35 % 0.33 % 0.20 % At period-end Nonperforming loans and leases $4,833 $4,126 $3,983 Nonperforming loans and leases ratio 0.46 % 0.39 % 0.39 % Allowance for loan and lease losses $13,287 $12,950 $12,302 Allowance for loan and lease losses ratio3 1.27 % 1.24 % 1.20 % 1 Comparisons are to the year-ago quarter unless noted. 2 Net charge-off ratio is calculated as annualized net charge-offs divided by average outstanding loans and leases during the period. 3 Allowance for loan and lease losses ratio is calculated as allowance for loan and lease losses divided by loans and leases outstanding at the end of the period. Note: Ratios do not include loans accounted for under the fair value option. Charge-offs • Total net charge-offs of $931 million increased $62 million from Q2-23 – Consumer net charge-offs of $804 million increased $84 million from Q2-23, driven primarily by higher credit card losses – Credit card loss rate of 2.72% in Q3-23 vs. 2.60% in Q2-23, and remained below Q4-19 pre-pandemic loss rate of 3.03% – Commercial net charge-offs of $127 million decreased $22 million from Q2-23, driven by lower losses in Commercial Real Estate • Net charge-off ratio2 of 0.35% increased 2 bps from Q2-23 and remained below Q4-19 pre-pandemic levels Provision for credit losses • Provision for credit losses of $1.2 billion – Net reserve build of $303 million in Q3-23(C), driven primarily by credit card Allowance for credit losses • Allowance for loan and lease losses of $13.3 billion represented 1.27% of total loans and leases3 – Total allowance of $14.6 billion included $1.4 billion for unfunded commitments • Nonperforming loans of $4.8 billion increased $707 million from Q2-23, driven primarily by Commercial Real Estate – 59% of Consumer nonperforming loans are contractually current • Commercial reservable criticized utilized exposure of $23.7 billion increased $2.3 billion from Q2-23, driven primarily by Commercial Real Estate

9 Balance Sheet, Liquidity, and Capital Highlights ($ in billions except per share data, end of period, unless otherwise noted)(A) Three months ended 9/30/2023 6/30/2023 9/30/2022 Ending Balance Sheet Total assets $3,153.1 $3,123.2 $3,073.0 Total loans and leases 1,049.1 1,051.2 1,032.5 Total loans and leases in business segments (excluding All Other) 1,039.9 1,041.7 1,022.1 Total deposits 1,884.6 1,877.2 1,938.1 Average Balance Sheet Average total assets $3,128.5 $3,175.4 $3,105.5 Average loans and leases 1,046.3 1,046.6 1,034.3 Average deposits 1,876.2 1,875.4 1,962.8 Funding and Liquidity Long-term debt $290.4 $286.1 $269.1 Global Liquidity Sources, average(D) 859 867 941 Equity Common shareholders’ equity $258.7 $254.9 $240.4 Common equity ratio 8.2 % 8.2 % 7.8 % Tangible common shareholders’ equity1 $188.5 $184.8 $170.2 Tangible common equity ratio1 6.1 % 6.1 % 5.7 % Per Share Data Common shares outstanding (in billions) 7.92 7.95 8.02 Book value per common share $32.65 $32.05 $29.96 Tangible book value per common share1 23.79 23.23 21.21 Regulatory Capital(E) CET1 capital $194.2 $190.1 $175.6 Standardized approach Risk-weighted assets $1,634 $1,639 $1,599 CET1 ratio 11.9 % 11.6 % 11.0 % Advanced approaches Risk-weighted assets $1,442 $1,436 $1,391 CET1 ratio 13.5 % 13.2 % 12.6 % Supplementary leverage Supplementary leverage ratio (SLR) 6.2 % 6.0 % 5.8 % 1 Represents a non-GAAP financial measure. For reconciliation, see page 19.

10 Endnotes H Operating leverage is calculated as the year-over-year percentage change in revenue, net of interest expense, less the percentage change in noninterest expense. Three months ended (Dollars in millions) 9/30/2023 6/30/2023 9/30/2022 Sales and trading revenue Fixed-income, currencies and commodities $ 2,710 $ 2,667 $ 2,552 Equities 1,695 1,618 1,540 Total sales and trading revenue $ 4,405 $ 4,285 $ 4,092 Sales and trading revenue, excluding net debit valuation adjustment1 Fixed-income, currencies and commodities $ 2,723 $ 2,764 $ 2,567 Equities 1,698 1,623 1,539 Total sales and trading revenue, excluding net debit valuation adjustment $ 4,421 $ 4,387 $ 4,106 A 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 Consolidated and Business Segment Highlights on page 1, Balance Sheet, Liquidity, and Capital Highlights on page 9 and on the Segment pages for each segment. B We also measure NII 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 with meaningful information on 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 practice. NII on an FTE basis was $14.5 billion, $14.3 billion and $13.9 billion for the three months ended September 30, 2023, June 30, 2023 and September 30, 2022, respectively. The FTE adjustment was $153 million, $135 million and $106 million for the three months ended September 30, 2023, June 30, 2023 and September 30, 2022, respectively. C Reserve Build (or Release) is calculated by subtracting net charge-offs for the period from the provision for credit losses recognized in that period. 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 and other valuation accounts recognized in that period. D Global Liquidity Sources (GLS) include cash and high-quality, liquid, unencumbered securities, inclusive of U.S. government securities, U.S. agency securities, U.S. agency mortgage-backed securities, and a select group of non-U.S. government and supranational securities, and other investment-grade securities, and are readily available to meet funding requirements as they arise. It does 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. E Regulatory capital ratios at September 30, 2023 are preliminary. The Corporation reports regulatory capital ratios under both the Standardized and Advanced approaches. Capital adequacy is evaluated against the lower of the Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements. The Corporation’s binding ratio was the Common equity tier 1 ratio under the Standardized approach for June 30, 2023 and September 30, 2022; and Total capital ratio under the Standardized approach for September 30, 2023. F The below table includes Global Markets sales and trading revenue, excluding net DVA, which is a non-GAAP financial measure. We believe that the presentation of measures that exclude this item is useful because such measures provide additional information to assess the underlying operational performance and trends of our businesses and to allow better comparison of period-to-period operating performance. 1 For the three months ended September 30, 2023, June 30, 2023 and September 30, 2022, net DVA gains (losses) were $(16) million, $(102) million and $(14) million, FICC net DVA gains (losses) were $(13) million, $(97) million and $(15) million, and Equities net DVA gains (losses) were $(3) million, $(5) million and $1 million, respectively. (Dollars in millions) Third Quarter 2023 Consumer Banking Global Banking Pretax income $ 3,819 $ 3,518 Provision for credit losses 1,397 (119) Pretax, pre-provision income $ 5,216 $ 3,399 Second Quarter 2023 Consumer Banking Global Banking Pretax income $ 3,804 $ 3,634 Provision for credit losses 1,267 9 Pretax, pre-provision income $ 5,071 $ 3,643 Third Quarter 2022 Consumer Banking Global Banking Pretax income $ 4,069 $ 2,770 Provision for credit losses 738 170 Pretax, pre-provision income $ 4,807 $ 2,940 G Pretax, pre-provision income (PTPI) at the consolidated level, as well as at the segment level, is a non-GAAP financial measure calculated by adjusting the respective entity’s pretax income to add back provision for credit losses. 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 19 for Total company and below for segments.

11 (a) Estimated U.S. retail deposits based on June 30, 2023 FDIC deposit data. (b) Javelin 2023 Online and Mobile Banking Scorecards. (c) FDIC, Q2-23. (d) Global Finance, March 2023. (e) Global Finance, August 2023. (f) Global Finance, December 2022. (g) J.D. Power 2023 Financial Health Support CertificationSM is based on exceeding customer experience benchmarks using client surveys and a best practices verification. For more information, visit jdpower.com/awards.* (h) J.D. Power 2023 U.S. Retail Banking Advice Satisfaction Study. For more information, visit jdpower.com/awards.* (i) Industry Q2-23 FDIC call reports. (j) Family Wealth Report, 2023. (k) Global Private Banking Innovation Award, 2023. (l) Wealth Management Industry Awards, 2023. (m) Pensions and Investments, 2023. (n) WealthBriefing Wealth for Good Awards, 2023. (o) Global Finance, 2023. (p) Euromoney, 2023. (q) Global Finance Treasury & Cash Management Awards, 2023. (r) Celent, 2023. (s) The Banker, 2023. (t) Greenwich, 2023. (u) GlobalCapital, 2023. (v) IFR, 2022. (w) DealCatalyst, 2022. (x) Institutional Investor, 2022. (y) Refinitiv, 2023 YTD. (z) Dealogic, 2023 YTD. * Website content is not incorporated by reference into this press release. Business Leadership Sources

12 Contact Information and Investor Conference Call Invitation Investor Call Information Chief Executive Officer Brian Moynihan and Chief Financial Officer Alastair Borthwick will discuss third-quarter 2023 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 https://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 noon October 17 through 11:59 p.m. ET on October 27. Investors May Contact: Lee McEntire, Bank of America Phone: 1.980.388.6780 lee.mcentire@bofa.com Jonathan G. Blum, Bank of America (Fixed Income) Phone: 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 69 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 57 million verified digital 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 4 million small business households 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 more than 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 Corporation) 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 Corporation’s current expectations, plans or forecasts of its future results, revenues, liquidity, net interest income, provision for credit losses, expenses, efficiency ratio, capital measures, strategy, deposits, assets, 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 Corporation’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements. * Website content is not incorporated by reference into this press release. Reporters May Contact: Bill Halldin, Bank of America Phone: 1.916.724.0093 william.halldin@bofa.com Christopher Feeney, Bank of America Phone: 1.980.386.6794 christopher.feeney@bofa.com

13 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 Corporation’s 2022 Annual Report on Form 10-K and in any of the Corporation’s subsequent Securities and Exchange Commission filings: the Corporation’s potential judgments, orders, settlements, penalties, fines and reputational damage resulting from pending or future litigation and regulatory investigations, proceedings and enforcement actions, including as a result of our participation in and execution of government programs related to the Coronavirus Disease 2019 (COVID-19) pandemic, such as the processing of unemployment benefits for California and certain other states; the possibility that the Corporation's future liabilities may be in excess of its recorded liability and estimated range of possible loss for litigation, and regulatory and government actions; the possibility that the Corporation could face increased claims from one or more parties involved in mortgage securitizations; the Corporation’s ability to resolve representations and warranties repurchase and related claims; the risks related to the discontinuation of 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 Corporation’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, inflationary, macroeconomic, banking and regulatory environment on the Corporation’s assets, business, financial condition and results of operations; the impact of adverse developments affecting the U.S. or global banking industry, including bank failures and liquidity concerns, resulting in worsening economic and market volatility, and regulatory responses thereto; 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, including the impact of supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; potential losses related to the Corporation’s concentration of credit risk; the Corporation's ability to achieve its expense targets and expectations regarding revenue, net interest income, provision for credit losses, net charge-offs, effective tax rate, loan growth or other projections; adverse changes to the Corporation’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 Corporation’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, stress capital buffer 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 Corporation’s capital plans; the effect of changes in or interpretations of income tax laws and regulations; 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 potential changes to loss allocations between financial institutions and customers, including for losses incurred from the use of our products and services, including Zelle, that were authorized by the customer but induced by fraud; the impact of failures or disruptions in or breaches of the Corporation’s operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns; the risks related to the transition and physical impacts of climate change; our ability to achieve environmental, social and governance goals and commitments or the impact of any changes in the Corporation's sustainability strategy or commitments generally; the impact of any future federal government shutdown and uncertainty regarding the federal government’s debt limit or changes in fiscal, monetary or regulatory policy; the emergence or continuation of widespread health emergencies or pandemics; the impact of natural disasters, extreme weather events, military conflict (including the Russia/Ukraine conflict, the conflict in Israel and surrounding areas, the possible expansion of such conflicts and potential geopolitical consequences), terrorism or other geopolitical events; and other matters. Forward-looking statements speak only as of the date they are made, and the Corporation 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”) or other affiliates, including, in the United States, BofA Securities, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, each of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. is registered as a futures commission merchant with the CFTC and is a member 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 * * Website content is not incorporated by reference into this press release.

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 (In millions, except per share data) Nine Months Ended September 30 Third Quarter 2023 Second Quarter 2023 Third Quarter 2022Summary Income Statement 2023 2022 Net interest income $ 42,985 $ 37,781 $ 14,379 $ 14,158 $ 13,765 Noninterest income 33,637 32,637 10,788 11,039 10,737 Total revenue, net of interest expense 76,622 70,418 25,167 25,197 24,502 Provision for credit losses 3,290 1,451 1,234 1,125 898 Noninterest expense 48,114 45,895 15,838 16,038 15,303 Income before income taxes 25,218 23,072 8,095 8,034 8,301 Income tax expense 1,847 2,676 293 626 1,219 Net income $ 23,371 $ 20,396 $ 7,802 $ 7,408 $ 7,082 Preferred stock dividends 1,343 1,285 532 306 503 Net income applicable to common shareholders $ 22,028 $ 19,111 $ 7,270 $ 7,102 $ 6,579 Average common shares issued and outstanding 8,041.3 8,122.2 8,017.1 8,040.9 8,107.7 Average diluted common shares issued and outstanding 8,153.4 8,173.3 8,075.9 8,080.7 8,160.8 Summary Average Balance Sheet Total cash and cash equivalents $ 332,070 $ 230,409 $ 378,955 $ 385,140 $ 211,513 Total debt securities 791,339 940,808 752,569 771,355 901,654 Total loans and leases 1,044,756 1,009,211 1,046,254 1,046,608 1,034,334 Total earning assets 2,727,935 2,718,770 2,738,699 2,772,943 2,670,578 Total assets 3,133,415 3,156,657 3,128,466 3,175,358 3,105,546 Total deposits 1,881,655 2,006,584 1,876,153 1,875,353 1,962,775 Common shareholders’ equity 253,182 241,420 256,578 254,028 241,882 Total shareholders’ equity 281,579 269,514 284,975 282,425 271,017 Performance Ratios Return on average assets 1.00 % 0.86 % 0.99 % 0.94 % 0.90 % Return on average common shareholders’ equity 11.63 10.58 11.24 11.21 10.79 Return on average tangible common shareholders’ equity (1) 16.09 14.93 15.47 15.49 15.21 Per Common Share Information Earnings $ 2.74 $ 2.35 $ 0.91 $ 0.88 $ 0.81 Diluted earnings 2.72 2.34 0.90 0.88 0.81 Dividends paid 0.68 0.64 0.24 0.22 0.22 Book value 32.65 29.96 32.65 32.05 29.96 Tangible book value (1) 23.79 21.21 23.79 23.23 21.21 Summary Period-End Balance Sheet September 30 2023 June 30 2023 September 30 2022 Total cash and cash equivalents $ 351,726 $ 373,553 $ 204,976 Total debt securities 778,873 756,158 879,958 Total loans and leases 1,049,149 1,051,224 1,032,466 Total earning assets 2,761,184 2,724,196 2,639,450 Total assets 3,153,090 3,123,198 3,072,953 Total deposits 1,884,601 1,877,209 1,938,097 Common shareholders’ equity 258,667 254,922 240,390 Total shareholders’ equity 287,064 283,319 269,524 Common shares issued and outstanding 7,923.4 7,953.6 8,024.5 Nine Months Ended September 30 Third Quarter 2023 Second Quarter 2023 Third Quarter 2022Credit Quality 2023 2022 Total net charge-offs $ 2,607 $ 1,483 $ 931 $ 869 $ 520 Net charge-offs as a percentage of average loans and leases outstanding (2) 0.34 % 0.20 % 0.35 % 0.33 % 0.20 % Provision for credit losses $ 3,290 $ 1,451 $ 1,234 $ 1,125 $ 898 September 30 2023 June 30 2023 September 30 2022 Total nonperforming loans, leases and foreclosed properties (3) $ 4,993 $ 4,274 $ 4,156 Nonperforming loans, leases and foreclosed properties as a percentage of total loans, leases and foreclosed properties (3) 0.48 % 0.41 % 0.40 % Allowance for loan and lease losses $ 13,287 $ 12,950 $ 12,302 Allowance for loan and lease losses as a percentage of total loans and leases outstanding (2) 1.27 % 1.24 % 1.20 % For footnotes, see page 15.

Current-period information is preliminary and based on company data available at the time of the presentation. 15 Bank of America Corporation and Subsidiaries Selected Financial Data (continued) (Dollars in millions) Capital Management September 30 2023 June 30 2023 September 30 2022 Regulatory capital metrics (4): Common equity tier 1 capital $ 194,230 $ 190,113 $ 175,554 Common equity tier 1 capital ratio - Standardized approach 11.9 % 11.6 % 11.0 % Common equity tier 1 capital ratio - Advanced approaches 13.5 13.2 12.6 Tier 1 leverage ratio 7.3 7.1 6.8 Supplementary leverage ratio 6.2 6.0 5.8 Total ending equity to total ending assets ratio 9.1 9.1 8.8 Common equity ratio 8.2 8.2 7.8 Tangible equity ratio (5) 7.0 7.0 6.6 Tangible common equity ratio (5) 6.1 6.1 5.7 (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 19. (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 September 30, 2023 are preliminary. Bank of America Corporation reports regulatory capital ratios under both the Standardized and Advanced approaches. Capital adequacy is evaluated against the lower of the Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements. The Corporation’s binding ratio was the Common equity tier 1 ratio under the Standardized approach for June 30, 2023 and September 2022; and Total capital ratio under the Standardized approach for September 30, 2023. (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 19.

Current-period information is preliminary and based on company data available at the time of the presentation. 16 Bank of America Corporation and Subsidiaries Quarterly Results by Business Segment and All Other (Dollars in millions) Third Quarter 2023 Consumer Banking GWIM Global Banking Global Markets All Other Total revenue, net of interest expense $ 10,472 $ 5,321 $ 6,203 $ 4,942 $ (1,618) Provision for credit losses 1,397 (6) (119) (14) (24) Noninterest expense 5,256 3,950 2,804 3,235 593 Net income 2,864 1,033 2,568 1,248 89 Return on average allocated capital (1) 27 % 22 % 21 % 11 % n/m Balance Sheet Average Total loans and leases $ 310,761 $ 218,569 $ 376,214 $ 131,298 $ 9,412 Total deposits 980,051 291,770 504,432 31,890 68,010 Allocated capital (1) 42,000 18,500 49,250 45,500 n/m Quarter end Total loans and leases $ 313,216 $ 218,913 $ 373,351 $ 134,386 $ 9,283 Total deposits 982,302 290,732 494,938 31,041 85,588 Second Quarter 2023 Consumer Banking GWIM Global Banking Global Markets All Other Total revenue, net of interest expense $ 10,524 $ 5,242 $ 6,462 $ 4,871 $ (1,767) Provision for credit losses 1,267 13 9 (4) (160) Noninterest expense 5,453 3,925 2,819 3,349 492 Net income (loss) 2,853 978 2,653 1,106 (182) Return on average allocated capital (1) 27 % 21 % 22 % 10 % n/m Balance Sheet Average Total loans and leases $ 306,662 $ 218,604 $ 383,058 $ 128,539 $ 9,745 Total deposits 1,006,337 295,380 497,533 33,222 42,881 Allocated capital (1) 42,000 18,500 49,250 45,500 n/m Quarter end Total loans and leases $ 309,735 $ 219,208 $ 381,609 $ 131,128 $ 9,544 Total deposits 1,004,482 292,526 492,734 33,049 54,418 Third Quarter 2022 Consumer Banking GWIM Global Banking Global Markets All Other Total revenue, net of interest expense $ 9,904 $ 5,429 $ 5,591 $ 4,483 $ (799) Provision for credit losses 738 37 170 11 (58) Noninterest expense 5,097 3,816 2,651 3,023 716 Net income 3,072 1,190 2,036 1,065 (281) Return on average allocated capital (1) 30 % 27 % 18 % 10 % n/m Balance Sheet Average Total loans and leases $ 295,231 $ 223,734 $ 384,305 $ 120,435 $ 10,629 Total deposits 1,069,093 339,487 495,154 38,820 20,221 Allocated capital (1) 40,000 17,500 44,500 42,500 n/m Quarter end Total loans and leases $ 297,825 $ 224,858 $ 377,711 $ 121,721 $ 10,351 Total deposits 1,072,580 324,859 484,309 37,318 19,031 (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 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. 17 Bank of America Corporation and Subsidiaries Year-to-Date Results by Business Segment and All Other (Dollars in millions) Nine Months Ended September 30, 2023 Consumer Banking GWIM Global Banking Global Markets All Other Total revenue, net of interest expense $ 31,702 $ 15,878 $ 18,868 $ 15,439 $ (4,843) Provision for credit losses 3,753 32 (347) (71) (77) Noninterest expense 16,182 11,942 8,563 9,935 1,492 Net income (loss) 8,825 2,928 7,776 4,042 (200) Return on average allocated capital (1) 28 % 21 % 21 % 12 % n/m Balance Sheet Average Total loans and leases $ 307,091 $ 219,530 $ 380,076 $ 128,317 $ 9,742 Total deposits 1,004,041 300,308 498,224 33,725 45,357 Allocated capital (1) 42,000 18,500 49,250 45,500 n/m Period end Total loans and leases $ 313,216 $ 218,913 $ 373,351 $ 134,386 $ 9,283 Total deposits 982,302 290,732 494,938 31,041 85,588 Nine Months Ended September 30, 2022 Consumer Banking GWIM Global Banking Global Markets All Other Total revenue, net of interest expense $ 27,853 $ 16,338 $ 15,791 $ 14,277 $ (3,526) Provision for credit losses 1,036 29 492 24 (130) Noninterest expense 14,977 11,706 8,133 9,249 1,830 Net income 8,939 3,475 5,267 3,678 (963) Return on average allocated capital (1) 30 % 27 % 16 % 12 % n/m Balance Sheet Average Total loans and leases $ 289,672 $ 218,030 $ 373,547 $ 114,505 $ 13,457 Total deposits 1,067,785 362,611 514,612 41,448 20,128 Allocated capital (1) 40,000 17,500 44,500 42,500 n/m Period end Total loans and leases $ 297,825 $ 224,858 $ 377,711 $ 121,721 $ 10,351 Total deposits 1,072,580 324,859 484,309 37,318 19,031 (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

Current-period information is preliminary and based on company data available at the time of the presentation. 18 Bank of America Corporation and Subsidiaries Supplemental Financial Data (Dollars in millions) Nine Months Ended September 30 Third Quarter 2023 Second Quarter 2023 Third Quarter 2022FTE basis data (1) 2023 2022 Net interest income $ 43,407 $ 38,096 $ 14,532 $ 14,293 $ 13,871 Total revenue, net of interest expense 77,044 70,733 25,320 25,332 24,608 Net interest yield 2.12 % 1.87 % 2.11 % 2.06 % 2.06 % Efficiency ratio 62.45 64.88 62.55 63.31 62.18 Other Data September 30 2023 June 30 2023 September 30 2022 Number of financial centers - U.S. 3,862 3,887 3,932 Number of branded ATMs - U.S. 15,253 15,335 15,572 Headcount 212,752 215,546 213,270 (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 $422 million and $315 million for the nine months ended September 30, 2023 and 2022, $153 million and $135 million for the third and second quarters of 2023, and $106 million for the third quarter of 2022.

Current-period information is preliminary and based on company data available at the time of the presentation. 19 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 nine months ended September 30, 2023 and 2022, and the three months ended September 30, 2023, June 30, 2023 and September 30, 2022. The Corporation believes the use of these non-GAAP financial measures provides additional clarity in understanding its results of operations and trends. Other companies may define or calculate supplemental financial data differently. Bank of America Corporation and Subsidiaries Reconciliations to GAAP Financial Measures (Dollars in millions, except per share information) Nine Months Ended September 30 Third Quarter 2023 Second Quarter 2023 Third Quarter 2022 2023 2022 Reconciliation of income before income taxes to pretax, pre-provision income Income before income taxes $ 25,218 $ 23,072 $ 8,095 $ 8,034 $ 8,301 Provision for credit losses 3,290 1,451 1,234 1,125 898 Pretax, pre-provision income $ 28,508 $ 24,523 $ 9,329 $ 9,159 $ 9,199 Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity Shareholders’ equity $ 281,579 $ 269,514 $ 284,975 $ 282,425 $ 271,017 Goodwill (69,022) (69,022) (69,021) (69,022) (69,022) Intangible assets (excluding mortgage servicing rights) (2,049) (2,127) (2,029) (2,049) (2,107) Related deferred tax liabilities 895 925 890 895 920 Tangible shareholders’ equity $ 211,403 $ 199,290 $ 214,815 $ 212,249 $ 200,808 Preferred stock (28,397) (28,094) (28,397) (28,397) (29,134) Tangible common shareholders’ equity $ 183,006 $ 171,196 $ 186,418 $ 183,852 $ 171,674 Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity Shareholders’ equity $ 287,064 $ 269,524 $ 287,064 $ 283,319 $ 269,524 Goodwill (69,021) (69,022) (69,021) (69,021) (69,022) Intangible assets (excluding mortgage servicing rights) (2,016) (2,094) (2,016) (2,036) (2,094) Related deferred tax liabilities 886 915 886 890 915 Tangible shareholders’ equity $ 216,913 $ 199,323 $ 216,913 $ 213,152 $ 199,323 Preferred stock (28,397) (29,134) (28,397) (28,397) (29,134) Tangible common shareholders’ equity $ 188,516 $ 170,189 $ 188,516 $ 184,755 $ 170,189 Reconciliation of period-end assets to period-end tangible assets Assets $ 3,153,090 $ 3,072,953 $ 3,153,090 $ 3,123,198 $ 3,072,953 Goodwill (69,021) (69,022) (69,021) (69,021) (69,022) Intangible assets (excluding mortgage servicing rights) (2,016) (2,094) (2,016) (2,036) (2,094) Related deferred tax liabilities 886 915 886 890 915 Tangible assets $ 3,082,939 $ 3,002,752 $ 3,082,939 $ 3,053,031 $ 3,002,752 Book value per share of common stock Common shareholders’ equity $ 258,667 $ 240,390 $ 258,667 $ 254,922 $ 240,390 Ending common shares issued and outstanding 7,923.4 8,024.5 7,923.4 7,953.6 8,024.5 Book value per share of common stock $ 32.65 $ 29.96 $ 32.65 $ 32.05 $ 29.96 Tangible book value per share of common stock Tangible common shareholders’ equity $ 188,516 $ 170,189 $ 188,516 $ 184,755 $ 170,189 Ending common shares issued and outstanding 7,923.4 8,024.5 7,923.4 7,953.6 8,024.5 Tangible book value per share of common stock $ 23.79 $ 21.21 $ 23.79 $ 23.23 $ 21.21

EX-99.2

Bank of America 3Q23 Financial Results October 17, 2023

1 Net of interest expense. 2 CET1 stands for common equity tier 1. 3 Regulatory minimum of 9.5% effective October 1, 2023. 4 GLS stands for average Global Liquidity Sources. See note A on slide 39 for definition of Global Liquidity Sources. 5 Represents a non-GAAP financial measure. For important presentation information, see slide 42. Solid earnings Strong balance sheet Consistent returns Revenue1 $25.2B +3% YoY Net income $7.8B +10% YoY EPS $0.90 +11% YoY Deposits $1.9T increased modestly QoQ CET1 11.9%2 240 bps above reg. min.3 Quarterly dividend increased 9% Robust liquidity GLS $859B4 Return on average common equity 11.2% Return on average tangible common equity5 15.5% Return on average assets 0.99% 3Q23 Highlights 2

Note: FTE stands for fully taxable-equivalent basis. 1 ROE stands for return on average common shareholders’ equity; ROTCE stands for return on average tangible common shareholders’ equity. 2 Represent non-GAAP financial measures. For important presentation information about these measures, see slide 42. 3 For more information on reserve build (release), see note B on slide 39. Net charge-offs exclude loans measured at fair value. 4 Net charge-off ratio is calculated as annualized net charge-offs divided by average outstanding loans and leases during the period. 5 See note A on slide 39 for definition of Global Liquidity Sources. 3Q23 Highlights (Comparisons to 3Q22, unless otherwise noted) • Net income of $7.8B; diluted earnings per share of $0.90; ROE1 11.2%, ROTCE1,2 15.5% • Revenue, net of interest expense, of $25.2B increased $0.7B, or 3% – Net interest income (NII) of $14.4B ($14.5B FTE)2 increased $0.6B, or 4%, driven primarily by benefits from higher interest rates and loan growth – Noninterest income of $10.8B increased $51MM, as higher sales and trading revenue and asset management fees more than offset lower other income • Provision for credit losses of $1.2B – Net reserve build3 of $303MM vs. net reserve builds of $378MM in 3Q22 and $256MM in 2Q23 – Net charge-offs (NCOs)3 of $931MM increased compared to 3Q22 and 2Q23 and remained below 4Q19 pre-pandemic levels – Net charge-off ratio4 of 35 bps increased 15 bps vs. 3Q22 and 2 bps vs. 2Q23 • Noninterest expense of $15.8B increased $0.5B, or 3%, vs. 3Q22; declined $0.2B, or 1%, vs. 2Q23 • Balance sheet remained strong – Average deposits of $1.88T were relatively flat vs. 2Q23 – Average loans and leases of $1.05T were relatively flat vs. 2Q23 – Common Equity Tier 1 capital of $194B increased $4B from 2Q23 – Common Equity Tier 1 ratio of 11.9% increased 29 bps from 2Q23; 240 bps above regulatory minimum, effective October 1, 2023 – Average Global Liquidity Sources5 of $859B – Paid $1.9B in common dividends and repurchased $1.0B of common stock, including repurchases to offset shares awarded under equity-based compensation plans – Increased quarterly common dividend per share by 9% 3

Added more than 1,900 new clients YTD2 while deepening relationships with existing clients Business Lending revenue up 26% YoY to $2.6B $8.8 billion Global Transaction Services revenue YTD, up 20% YoY #3 in investment banking fees; grew market share 78 bps vs. 3Q223 Highest YTD sales and trading revenue in over a decade Record 3Q Equities sales and trading revenue Record average loans of $131 billion, up 9% YoY Zero trading loss days YTD 2023 1 Includes credit cards across Consumer Banking, Small Business, and Global Wealth & Investment Management. 2 As of August 2023. 3 Source: Dealogic as of September 30, 2023. Added ~7,000 net new relationships across Merrill and Private Bank, up 20% YoY Assets under management flows of $44B since 3Q22 Opened over 39,000 bank accounts, up 6% YoY Sent ~34,000 referrals to other lines of business Continued Organic Growth in 3Q23 4 Consumer Banking Global Wealth & Investment Management Global Banking Global Markets Added over 200,000 net new checking accounts; 19th consecutive quarter of growth Added 1.1 million credit card accounts1 Record 3.8 million consumer investment accounts, with $51 billion net client flows since 3Q22 35th consecutive quarter of net new Small Business checking account growth

323MM Zelle® transactions4 Zelle® sent transactions 2x checks written +27% YoY Note: Represent select 3Q23 digital adoption and engagement statistics. For more information, see line of business digital updates on slides 26, 29, and 31. 1 Consumer household adoption represents households with consumer bank login activities in a 90-day period. Merrill represents Merrill primary households ($250K+ in investable assets within the enterprise) and excludes Stock Plan and Banking-only households. Private Bank represents Private Bank core relationships ($3MM+ in total balances), including third-party activities and excluding Irrevocable Trust-only relationships, Institutional Philanthropic relationships, and exiting relationships. Global Banking represents 90-day active clients across CashPro and BA360 channels. 2 Digital active users represent Consumer and Merrill mobile and / or online 90-day active users. Digital logins represent the total number of desktop and mobile banking sessions on the Consumer Banking platform. 3 Erica engagement represents activity across all platforms powered by Erica: BofA mobile app, online search, and Benefits OnLine mobile app. 4 Includes Bank of America person-to-person payments sent and received through e-mail or mobile identification. 5 Includes mobile check deposits, remote deposit operations, and automated teller machine transactions. 3Q23 Digital Update 5 Digital Adoption %1 170MM Erica® interactions3 +27% YoY 813K CashPro® App sign-ins +41% YoY $192B CashPro® App payments +16% YoY 1.6MM Client-advisor secure messages in Merrill +22% YoY 74% GWIM checks deposited through automated channels5 Client Engagement Digital Volumes Creating an innovative digital experience for our clients Consumer 74% 46MM digital active users and 3.2B digital logins2 Merrill 83% Private Bank 92% Global Banking 75% Online Mobile Connect API

22% 21% 29% 3% 8% 3% 5% 6% 8% 6% 4% 8% 5% 4% 7% 7% 4% 2% 12% 4% 3% 4% 2% 6% 7% 6% 1Q- 15 2Q- 15 3Q- 15 4Q- 15 1Q- 16 2Q- 16 3Q- 16 4Q- 16 1Q- 17 2Q- 17 3Q- 17 4Q- 17 1Q- 18 2Q- 18 3Q- 18 4Q- 18 1Q- 19 2Q- 19 3Q- 21 4Q- 21 1Q- 22 2Q- 22 3Q- 22 4Q- 22 1Q- 23 2Q- 23 3Q- 23 3Q23 Revenue: +$0.7B Expense: +$0.5B Revenue (%) (7) (5) (2) 1 (3) 1 3 2 7 7 1 7 4 (1) 4 6 — 2 12 10 2 6 8 11 13 11 3 Expense (%) (29) (25) (31) (2) (10) (2) (1) (4) (1) 1 (3) (1) (1) (5) (2) (1) (4) — — 6 (1) 2 6 6 6 5 3 Quarterly Operating Leverage1 6 Note: Amounts may not total due to rounding. Operating leverage is calculated as the year-over-year percentage change in revenue, net of interest expense, less the percentage change in noninterest expense. 1 Operating leverage calculated after adjusting 4Q17 revenue for the impact of the Tax Cuts and Jobs Act is a non-GAAP financial measure. Reported revenue growth and operating leverage were 11% and 12% for 4Q18, and 2% and 3% for 4Q17. Reported revenue was $22.7B, $20.4B, and $20.0B for 4Q18, 4Q17, and 4Q16, respectively. Excluding a $0.9B noninterest income charge from enactment of the Tax Act, 4Q17 revenue was $21.4B. For important presentation information, see slide 42. 3Q23 did not have operating leverage.

$312 $183 Interest-bearing Noninterest-bearing 06/30/23 09/29/23 $150 $200 $250 $300 $350 $226 $65 Bank deposits Sweep deposits 06/30/23 09/29/23 $0 $100 $200 $300 $504 $348 $131 Checking Other non-checking Consumer investments & CDs 06/30/23 09/29/23 $0 $200 $400 $600 $1,320 $565 Interest-bearing Noninterest-bearing 06/30/23 09/29/23 $500 $1,000 $1,500 Consumer Banking ($B) GWIM ($B) Global Banking ($B) Total Corporation ($B) Weekly Ending Deposit Trends 7 $519 $295 $197 $371 $220 $72 $1,289 $588 2 3 $115 $1,004 $982Total $1,877 $1,885 $293 $291 $493 $495 Rate paid: 155bps1 Rate paid: 34bps1 Rate paid: 266bps1Rate paid: 269bps1 Note: Amounts may not total due to rounding. Deposit trends represent weekly end-of-period deposit balances. Total Corporation also includes Global Markets and All Other. 1 Represents rate paid on total deposits in 3Q23. 2 Includes Consumer and Small Business checking products and excludes consumer investments, which are included in Consumer investments & CDs. 3 Includes Preferred Deposits, other non-sweep Merrill Bank deposits, and Private Bank deposits.

Potential Impact of Proposed Capital Rules1 8 $1.63T $1.95T 3Q23 Actual 3Q23 w/ ~20% RWA Inflation $7.7 $7.0 $7.1 $6.2 $7.1 $7.1 $8.2 $7.4 $7.8 1.7 1.7 1.7 1.7 1.8 1.8 1.8 1.8 1.9 5.9 5.3 5.4 4.5 5.3 5.4 6.4 5.6 5.9 Common dividends Net income less common dividends paid 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Risk Weighted Assets (RWA) 10% Minimum CET1 Capital at Jan 1, 2024 Organic Capital Generation ($B) $163B $195B $194B 3Q23 Min. 3Q23 Min. w/ ~20% Inflation 3Q23 Actual ~20% Note: Amounts may not total due to rounding. 1 Potential estimated impact based on proposed capital rules (Expanded Risk-Based Approach (Basel III Endgame)). Adopted rules and actual impact to Bank of America Corporation (the Corporation) may differ. For forward-looking statements and important presentation information, see slides 41 and 42. 2 Standardized Approach as of September 30, 2023. 2 2

Note: S&T stands for sales and trading. GM stands for Global Markets. GB stands for Global Banking. 1 Represents a non-GAAP financial measure. For more information, see note E on slide 39. For important presentation information, see slide 42. 2 2023 YTD. FICC stands for fixed income, currencies, and commodities. Macro products include currencies, interest rates, and commodities products. Micro products include credit and other products. 3 2023 YTD. Reported GM revenue was $15.4B for 2023 YTD. GM revenue ex. net DVA was $15.5B for 2023 YTD. 4 Source: Dealogic as of September 30, 2023. 5 Institutional Investor, 2023. Global Markets Spotlight 2023 YTD: Revenue $15.4B, up 8%; net income $4.0B, up 10% 9 Diversified Business Efficient Expansion Revenue Growth Consistent Returns Average Assets RWA S&T Revenue (ex. DVA) S&T Revenue (ex. DVA) per $ RWA +35% +16% +32% +14% Return on Avg. Allocated Capital 15% 12% 10% 12% 11% 18% 14% 17% GM GB & GM 2020 2021 2022 2023 YTD S&T Revenue (ex. DVA) YoY Growth 13% 27% 9% 10% 8% 3Q22 4Q22 1Q23 2Q23 3Q23 2016-2019 average Last 12 months International Franchise • Locations cover >80% of international GDP, >90% of equity market capitalization, and >90% of investment banking (IB) fee pool • #3 global IB fee ranking4 • #1 Developed Europe and Emerging EMEA Research Provider5 1 1 1 S&T Revenue (ex. DVA) by Product FICC Macro FICC Micro Equities GM Revenue (ex. DVA)1,3 by Geography 1,2 US / Canada Int’l

Note: Amounts may not total due to rounding. 1 Represent non-GAAP financial measures. For more information on pretax, pre-provision income and a reconciliation to GAAP, see note C on slide 39. For important presentation information about these measures, see slide 42. Summary Income Statement ($B, except per share data) 3Q23 2Q23 Inc / (Dec) 3Q22 Inc / (Dec) Total Revenue, net of interest expense $25.2 $25.2 $— — % $24.5 $0.7 3 % Provision for credit losses 1.2 1.1 0.1 10 0.9 0.3 37 Net charge-offs 0.9 0.9 0.1 7 0.5 0.4 79 Reserve build (release) 0.3 0.3 — 18 0.4 (0.1) (20) Noninterest expense 15.8 16.0 (0.2) (1) 15.3 0.5 3 Pretax income 8.1 8.0 0.1 1 8.3 (0.2) (2) Pretax, pre-provision income1 9.3 9.2 0.2 2 9.2 0.1 1 Income tax expense 0.3 0.6 (0.3) (53) 1.2 (0.9) (76) Net income $7.8 $7.4 $0.4 5 $7.1 $0.7 10 Diluted earnings per share $0.90 $0.88 $0.02 2 $0.81 $0.09 11 Average diluted common shares (in millions) 8,076 8,081 (5) — 8,161 (85) (1) Return Metrics and Efficiency Ratio Return on average assets 0.99 % 0.94 % 0.90 % Return on average common shareholders' equity 11.2 11.2 10.8 Return on average tangible common shareholders' equity1 15.5 15.5 15.2 Efficiency ratio 63 64 62 3Q23 Financial Results 10

Balance Sheet Metrics 3Q23 2Q23 3Q22 Basel 3 Capital ($B)4 3Q23 2Q23 3Q22 Assets ($B) Common equity tier 1 capital $194 $190 $176 Total assets $3,153 $3,123 $3,073 Standardized approach Total loans and leases 1,049 1,051 1,032 Risk-weighted assets (RWA) $1,634 $1,639 $1,599 Cash and cash equivalents 352 374 205 CET1 ratio 11.9 % 11.6 % 11.0 % Total debt securities 779 756 880 Advanced approaches Risk-weighted assets $1,442 $1,436 $1,391 Funding & Liquidity ($B) CET1 ratio 13.5 % 13.2 % 12.6 % Total deposits $1,885 $1,877 $1,938 Supplementary leverage Long-term debt 290 286 269 Supplementary Leverage Ratio 6.2 % 6.0 % 5.8 % Global Liquidity Sources (average)2 859 867 941 Equity ($B) Common shareholders' equity $259 $255 $240 Common equity ratio 8.2 % 8.2 % 7.8 % Tangible common shareholders' equity3 $189 $185 $170 Tangible common equity ratio3 6.1 % 6.1 % 5.7 % Per Share Data Book value per common share $32.65 $32.05 $29.96 Tangible book value per common share3 23.79 23.23 21.21 Common shares outstanding (in billions) 7.92 7.95 8.02 1 EOP stands for end of period. 2 See note A on slide 39 for definition of Global Liquidity Sources. 3 Represent non-GAAP financial measures. For important presentation information, see slide 42. 4 Regulatory capital ratios at September 30, 2023 are preliminary. The Corporation reports regulatory capital ratios under both the Standardized and Advanced approaches. Capital adequacy is evaluated against the lower of the Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements. The Corporation’s binding ratio was the CET1 ratio under the Standardized approach for June 30, 2023 and September 30, 2022; and Total capital ratio under the Standardized approach for September 30, 2023. Balance Sheet, Liquidity, and Capital (EOP1 basis unless noted) 11 • CET1 ratio of 11.9% increased 29 bps vs. 2Q234 – CET1 capital of $194B increased $4B from 2Q23, driven by net income, partially offset by capital distributions to shareholders – Standardized RWA of $1,634B decreased $5B from 2Q23 • Book value per share of $32.65 improved 9% from 3Q22; tangible book value per share3 of $23.79 improved 12% from 3Q22 • Average Global Liquidity Sources2 of $859B, down $8B, or 1%, from 2Q23

$1,024 $1,029 $1,031 $1,037 $1,037 295 300 304 307 311 224 225 221 219 219 384 380 381 383 376 120 123 125 129 131 Consumer Banking GWIM Global Banking Global Markets 3Q22 4Q22 1Q23 2Q23 3Q23 $0 $250 $500 $750 $1,000 $1,250 $1,034 $1,039 $1,041 $1,047 $1,046 3Q22 4Q22 1Q23 2Q23 3Q23 $800 $900 $1,000 $1,100 +5% (2%) (2%) +9% Average Loan and Lease Trends YoY +1% YoY +1% YoY (11%) Note: Amounts may not total due to rounding. Total Loans and Leases in All Other ($B) Loans and Leases in Business Segments ($B) Total Loans and Leases by Portfolio ($B)Total Loans and Leases ($B) $449 $453 $453 $454 $457 $585 $587 $588 $593 $589 Consumer Commercial 3Q22 4Q22 1Q23 2Q23 3Q23 $0 $250 $500 $750 12 8 8 8 8 8 3 2 2 2 2 $11 $10 $10 $10 $9 Residential mortgage Home equity 3Q22 4Q22 1Q23 2Q23 3Q23 $0 $5 $10 $15

Consumer Banking ($B) GWIM ($B) Global Banking ($B) Total Corporation ($B) Average Deposit Trends Bank of America Ranked #1 in U.S. Retail Deposit Market Share1 Note: Amounts may not total due to rounding. Total Corporation also includes Global Markets and All Other. 1 Estimated U.S. retail deposits based on June 30, 2023 FDIC deposit data. 2 Includes Consumer and Small Business checking products and excludes consumer investments, which are included in non-checking. 3 Includes Preferred Deposits, other non-sweep Merrill Bank deposits, and Private Bank deposits. $256 $339 $318 $314 $295 $292 167 206 211 224 219 223 88 134 106 90 76 69 Bank deposits Sweep deposits 4Q19 3Q22 4Q22 1Q23 2Q23 3Q23 $0 $100 $200 $300 $400 $1,410 $1,963 $1,926 $1,894 $1,875 $1,876 1,002 1,225 1,245 1,264 1,278 1,311 409 738 681 630 597 565 Interest-bearing Noninterest-bearing 4Q19 3Q22 4Q22 1Q23 2Q23 3Q23 $0 $500 $1,000 $1,500 $2,000 $379 $495 $503 $493 $498 $504 209 171 226 257 289 315 169 324 278 236 208 189 Interest-bearing Noninterest-bearing 4Q19 3Q22 4Q22 1Q23 2Q23 3Q23 $0 $200 $400 $600 +2% (10%) +3% (5%) QoQ 0% QoQ (1%) QoQ (3%) +9% (9%) (2%) QoQ +1% 13 $720 $1,069 $1,047 $1,026 $1,006 $980 377 522 511 501 490 482 343 547 536 525 517 498 Non-checking Checking 4Q19 3Q22 4Q22 1Q23 2Q23 3Q23 $0 $250 $500 $750 $1,000 $1,250 (4%) 2 +31% +38% vs. 4Q19 +33% +34% (22%) vs. 4Q19 +14% +28% +45% vs. 4Q19 +36% +51% +12% vs. 4Q19 +33% 3

• Deposits in excess of loans grew from $0.4T in 3Q19 and peaked at $1.1T in 4Q21; remained above $0.8T in 3Q23 • Excess deposits stored in cash and investment securities – 53% HTM and 47% cash and AFS in 3Q23 – Cash levels remained well above pre-pandemic levels ($157B in 3Q19) • AFS securities mostly hedged with floating rate swaps; duration less than 0.5 years and marked through AOCI1 and regulatory capital – Invested net $33B in short-term US Treasuries in 3Q23 • HTM securities book has declined $80B since peaking at $683B in 3Q21; down $40B vs. 3Q22 and $11B vs. 2Q23 – MBS1 of $474B down $11B vs. 2Q23; $129B UST / other flat – Valuation declined 13% vs. 3Q22, as mortgage rates ended 3Q23 at highest level in almost 23 years • Blended cash and securities yield continued to improve in 3Q23 and is 178 bps above deposit rate paid • 3Q23 NII and net interest yield improved vs. 3Q22 and 2Q23 • NII excluding Global Markets of $13.9B in 3Q23 vs. trough of $9.1B in 3Q204 Note: Amounts may not total due to rounding. 1 AFS stands for available-for-sale. HTM stands for held-to-maturity. AOCI stands for accumulated other comprehensive income. MBS stands for mortgage-backed securities. 2 HTM Valuation represents pretax net unrealized gains / (losses) on total held-to-maturity debt securities. 3 Yields based on average balances. Yield on cash represents yield on interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks. 4 Fully taxable-equivalent basis. Represents a non-GAAP financial measure. Reported NII was $14.4B and $10.1B in 3Q23 and 3Q20. FTE NII was $14.5B and $10.2B in 3Q23 and 3Q20. Global Markets NII was $0.7B and $1.1B in 3Q23 and 3Q20. For important presentation information, see slide 42. $601 $885 $1,248 $1,085 $1,131 190 338 683 644 603254 246 285 236 176 157 301 280 205 352 HTM securities AFS & other securities Cash & cash equivalents 3Q19 3Q20 3Q21 3Q22 3Q23 14 3.34% 1.55% Cash & securities yield Total deposit rate paid 3Q19 3Q23 0.00% 1.00% 2.00% 3.00% 4.00% Managing Excess Deposits Deposits in Excess of Loans (EOP, $B) Cash and Securities Portfolios ($B)1 Cash & Securities Yield vs. Deposit Rate Paid 3 Deposits Loans 3Q19 3Q20 3Q21 3Q22 3Q23 $0.5T $2.5T $420B $1,085B $835B HTM Valuation2 $4B $9B ($5B) ($116B) ($131B)

• Net interest income of $14.4B ($14.5B FTE)1 increased $0.6B YoY, driven by benefits from higher interest rates and loan growth, partially offset by lower deposit balances – Increased $0.2B from 2Q23, as higher asset yields, higher NII related to GM activity, and one additional day of interest accrual were partially offset by higher deposit costs – NII related to GM activity declined approximately $0.1B YoY and increased $0.4B from 2Q23 – Premium amortization expense of $91MM in 3Q23, $30MM in 2Q23, and $373MM in 3Q22 • Net interest yield of 2.11% increased 5 bps YoY and increased 5 bps from 2Q23 – Excluding GM, net interest yield of 2.64%1 • As of September 30, 2023, a +100 bps parallel shift above the interest rate yield curve is estimated to benefit NII by $3.1B over the next 12 months; a -100bps parallel shift is estimated to decrease NII by $3.3B2 Net Interest Income (FTE, $B)1 Net Interest Income Increased $0.6B, or 4% YoY Net Interest Yield (FTE)1 Note: FTE stands for fully taxable-equivalent basis. GM stands for Global Markets. 1 Represent non-GAAP financial measures. Net interest yield adjusted to exclude Global Markets NII of $0.7B, $0.3B, $0.1B, $0.4B, $0.7B, and $1.1B and average earning assets of $656.0B, $657.9B, $627.9B, $610.0B, $591.9B, and $476.2B for 3Q23, 2Q23, 1Q23, 4Q22, 3Q22, and 3Q20, respectively. The Corporation believes the presentation of NII and net interest yield excluding Global Markets provides investors with transparency of NII and net interest yield in core banking activities. For important presentation information, see slide 42. 2 NII asset sensitivity represents banking book positions. See note D on slide 39 for information on asset sensitivity assumptions. 1.72% 2.06% 2.22% 2.20% 2.06% 2.11% 2.51% 2.81% 2.85% 2.65% 2.64% Reported net interest yield Net interest yield excl. GM 3Q20 3Q22 4Q22 1Q23 2Q23 3Q23 1.00% 1.50% 2.00% 2.50% 3.00% $10.2 $13.9 $14.8 $14.6 $14.3 $14.5 $10.1 $13.8 $14.7 $14.4 $14.2 $14.4 Net interest income (GAAP) FTE Adjustment 3Q20 3Q22 4Q22 1Q23 2Q23 3Q23 $0.0 $5.0 $10.0 $15.0 15 Net Interest Income excl. GM (FTE, $B)1 $10.2 $13.9 $14.8 $14.6 $14.3 $14.5 $9.1 $13.1 $14.4 $14.5 $14.0 $13.9 NII excl. GM GM NII 3Q20 3Q22 4Q22 1Q23 2Q23 3Q23 $0.0 $5.0 $10.0 $15.0 1.92%

$15.3 $15.5 $16.2 $16.0 $15.8 8.9 9.2 9.9 9.4 9.6 6.4 6.4 6.3 6.6 6.3 Compensation and benefits Other 3Q22 4Q22 1Q23 2Q23 3Q23 $0.0 $6.0 $12.0 $18.0 62% 63% 62% 64% 63% 3Q22 4Q22 1Q23 2Q23 3Q23 55% 60% 65% 70% Total Noninterest Expense ($B) Headcount (K) Expense and Efficiency Note: Amounts may not total due to rounding. 16 • Noninterest expense of $15.8B in 3Q23 increased $0.5B, or 3%, vs. 3Q22, driven by increased investments in the franchise across people and technology, as well as higher FDIC expense from the increased assessment on banks announced in 2022 • 3Q23 noninterest expense declined $0.2B, or 1%, vs. 2Q23, driven primarily by lower litigation expense ($76MM in 3Q23 vs. $276MM in 2Q23) • 4Q23 expense could include an accrual of approximately $1.9B upon enactment of the final FDIC special assessment rule for uninsured deposits of failed banks, if enacted consistent with the proposed rule Efficiency Ratio 218 213 9/30/22 9/30/23 210 215 220 ~2.3K summer interns Includes ~2.5K campus hires

Asset Quality 1 Excludes loans measured at fair value. 2 Allowance for loan and lease losses ratio is calculated as allowance for loan and lease losses divided by loans and leases outstanding at the end of the period. Provision for Credit Losses ($MM) Net Charge-offs ($MM)1 $898 $1,092 $931 $1,125 $1,234 3Q22 4Q22 1Q23 2Q23 3Q23 $0 $500 $1,000 $1,500 $520 $689 $807 $869 $931 0.20% 0.26% 0.32% 0.33% 0.35% Net charge-offs Net charge-off ratio 3Q22 4Q22 1Q23 2Q23 3Q23 $0 $200 $400 $600 $800 $1,000 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 17 • Total net charge-offs of $931MM1 increased $62MM from 2Q23 – Consumer net charge-offs of $804MM increased $84MM, driven primarily by higher credit card losses – Credit card loss rate of 2.72% in 3Q23 vs. 2.60% in 2Q23; 4Q19 pre-pandemic loss rate of 3.03% – Commercial net charge-offs of $127MM decreased $22MM, driven by lower losses in Commercial Real Estate • Net charge-off ratio of 0.35% increased 2 bps from 2Q23 and remained below pre-pandemic levels; 4Q19 NCO ratio 0.39% • Provision for credit losses of $1.2B – Net reserve build of $303MM in 3Q23, driven primarily by credit card • Allowance for loan and lease losses of $13.3B represented 1.27% of total loans and leases1,2 – Total allowance of $14.6B included $1.4B for unfunded commitments • Nonperforming loans (NPLs) increased $0.7B from 2Q23, to $4.8B, driven primarily by Commercial Real Estate – 59% of Consumer NPLs are contractually current • Commercial reservable criticized utilized exposure of $23.7B increased $2.3B from 2Q23, driven primarily by Commercial Real Estate

Commercial Net Charge-offs ($MM) Consumer Net Charge-offs ($MM) Asset Quality – Consumer and Commercial Portfolios 1 Excludes loans measured at fair value. 2 Fully-insured loans are FHA-insured loans and other loans individually insured under long-term standby agreements. 3 C&I includes commercial and industrial and commercial lease financing. $61 $158 $154 $149 $127 0.04% 0.11% 0.11% 0.10% 0.09% Small business Commercial real estate C&I Commercial NCO ratio 3Q22 4Q22 1Q23 2Q23 3Q23 $0 $50 $100 $150 $200 0.00% 0.05% 0.10% 0.15% 0.20% $459 $531 $653 $720 $804 0.41% 0.47% 0.58% 0.64% 0.70% Credit card Other Consumer NCO ratio 3Q22 4Q22 1Q23 2Q23 3Q23 $0 $250 $500 $750 $1,000 0.00% 0.25% 0.50% 0.75% 1.00% Commercial Metrics ($MM) 3Q23 2Q23 3Q22 Provision $16 $25 $176 Reservable criticized utilized exposure 23,722 21,469 17,659 Nonperforming loans and leases 2,041 1,397 1,223 % of loans and leases1 0.35 % 0.24 % 0.21 % Allowance for loans and leases $5,120 $5,200 $5,422 % of loans and leases1 0.87 % 0.88 % 0.94 % Consumer Metrics ($MM) 3Q23 2Q23 3Q22 Provision $1,218 $1,100 $722 Nonperforming loans and leases 2,792 2,729 2,760 % of loans and leases1 0.61 % 0.60 % 0.61 % Consumer 30+ days performing past due $3,975 $3,603 $2,949 Fully-insured2 523 525 672 Non fully-insured 3,452 3,078 2,277 Consumer 90+ days performing past due 1,282 1,185 1,001 Allowance for loans and leases 8,167 7,750 6,880 % of loans and leases1 1.78 % 1.70 % 1.53 % # times annualized NCOs 2.56 x 2.68 x 3.77 x 18 3

• Net income of $2.9B decreased 7% from 3Q22, as strong revenue growth was more than offset by higher provision for credit losses and noninterest expense – Pretax, pre-provision income1 of $5.2B increased 9% from 3Q22 – 10th consecutive quarter of operating leverage; efficiency ratio improved YoY to 50% • Revenue of $10.5B increased 6% from 3Q22, driven by improved NII from higher interest rates and loan balances • Provision for credit losses of $1.4B vs. $0.7B in 3Q22 – Net reserve build of $486MM in 3Q23, driven primarily by credit card – Net charge-offs of $911MM increased $399MM, driven by credit card; remained below 4Q19 pre-pandemic level • Noninterest expense of $5.3B increased 3% from 3Q22, driven primarily by continued investments in the business and higher FDIC expense • Average deposits of $980B decreased $89B, or 8%, from 3Q22 – 57% of deposits in checking accounts; 92% primary accounts5 • Average loans and leases of $311B increased $16B, or 5%, from 3Q22 • Combined credit / debit card spend4 of $225B increased 3% from 3Q22 • Record consumer investment assets3 of $387B grew $85B, or 28%, from 3Q22, driven by record $51B of client flows from new and existing clients and higher market valuations – 3.8MM consumer investment accounts, up 10% • 10.7MM Total clients6 enrolled in Preferred Rewards, up 7% from 3Q22; 99% annualized retention rate Consumer Banking 1 Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note C on slide 39. For important presentation information, see slide 42. 2 Cost of deposits calculated as annualized noninterest expense as a percentage of total average deposits within the Deposits sub-segment. 3 End of period. Consumer investment assets includes client brokerage assets, deposit sweep balances, Bank of America, N.A. brokered CDs, and assets under management (AUM) in Consumer Banking. 4 Includes consumer credit card portfolios in Consumer Banking and GWIM. 5 Represents the percentage of consumer checking accounts that are estimated to be the customer’s primary account based on multiple relationship factors (e.g., linked to their direct deposit). 6 As of August 2023. Includes clients in Consumer, Small Business, and GWIM. Inc / (Dec) Summary Income Statement ($MM) 3Q23 2Q23 3Q22 Total revenue, net of interest expense $10,472 ($52) $568 Provision (benefit) for credit losses 1,397 130 659 Noninterest expense 5,256 (197) 159 Pretax income 3,819 15 (250) Pretax, pre-provision income1 5,216 145 409 Income tax expense 955 4 (42) Net income $2,864 $11 ($208) Key Indicators ($B) 3Q23 2Q23 3Q22 Average deposits $980.1 $1,006.3 $1,069.1 Rate paid on deposits 0.34 % 0.22 % 0.03 % Cost of deposits2 1.32 1.37 1.17 Average loans and leases $310.8 $306.7 $295.2 Net charge-off ratio 1.16 % 1.07 % 0.69 % Net charge-offs ($MM) $911 $819 $512 Reserve build (release) ($MM) 486 448 226 Consumer investment assets3 $387.5 $386.8 $302.4 Active mobile banking users (MM) 37.5 37.3 34.9 % Consumer sales through digital channels 46 % 51 % 48 % Number of financial centers 3,862 3,887 3,932 Combined credit / debit purchase volumes4 $225.3 $226.1 $218.2 Total consumer credit card risk-adjusted margin4 7.70 % 7.83 % 10.07 % Return on average allocated capital 27 27 30 Allocated capital $42.0 $42.0 $40.0 Efficiency ratio 50 % 52 % 51 % 19

• Net income of $1.0B decreased 13% from 3Q22 – Pretax margin of 26% – Strong organic client activity • Revenue of $5.3B decreased 2% compared to 3Q22, driven by lower NII, partially offset by higher asset management fees due to higher market levels and client flows • Noninterest expense of $4.0B increased 4% vs. 3Q22, driven by investments in the business, including strategic hiring • Client balances of $3.6T increased 9% from 3Q22, driven by higher market valuations and positive net client flows – AUM flows of $14B in 3Q23; $44B since 3Q22 • Average deposits of $292B decreased $48B, or 14%, from 3Q22 • Average loans and leases of $219B decreased $5B, or 2% from 3Q22 • Added nearly 7,000 net new relationships across Merrill and Private Bank in 3Q23 – Opened over 39,000 new bank accounts • 83% of GWIM households / relationships digitally active across the enterprise Global Wealth & Investment Management 1 Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note C on slide 39. For important presentation information, see slide 42. Inc / (Dec) Summary Income Statement ($MM) 3Q23 2Q23 3Q22 Total revenue, net of interest expense $5,321 $79 ($108) Provision (benefit) for credit losses (6) (19) (43) Noninterest expense 3,950 25 134 Pretax income 1,377 73 (199) Pretax, pre-provision income1 1,371 54 (242) Income tax expense 344 18 (42) Net income $1,033 $55 ($157) Key Indicators ($B) 3Q23 2Q23 3Q22 Average deposits $291.8 $295.4 $339.5 Rate paid on deposits 2.69 % 2.35 % 0.57 % Average loans and leases $218.6 $218.6 $223.7 Net charge-off ratio 0.01 % 0.01 % 0.01 % Net charge-offs ($MM) $4 $3 $5 Reserve build (release) ($MM) (10) 10 32 AUM flows $14.2 $14.3 $4.1 Pretax margin 26 % 25 % 29 % Return on average allocated capital 22 21 27 Allocated capital $18.5 $18.5 $17.5 20

• Net income of $2.6B increased 26% from 3Q22 – Pretax, pre-provision income2 of $3.4B increased 16% from 3Q22 • Revenue of $6.2B increased 11% vs. 3Q22, driven primarily by higher NII and leasing revenue • Total Corporation investment banking fees (excl. self- led) of $1.2B increased 2% from 3Q22 – Improved market share 78 bps from 3Q22; #3 investment banking fee ranking3 • Provision for credit losses reflected a benefit of $119MM, driven primarily by net loan paydowns, and decreased $289MM vs. 3Q22, as the prior year included a reserve build • Noninterest expense of $2.8B increased 6% from 3Q22, driven by continued investments in the business and higher FDIC expense • Average deposits of $504B increased $9B, or 2%, from 3Q22 • Average loans and leases of $376B decreased $8B, or 2%, from 3Q22, reflecting paydowns and lower client demand Global Banking 1 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities. 2 Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note C on slide 39. For important presentation information, see slide 42. 3 Source: Dealogic as of September 30, 2023. Inc / (Dec) Summary Income Statement ($MM) 3Q23 2Q23 3Q22 Total revenue, net of interest expense1 $6,203 ($259) $612 Provision (benefit) for credit losses (119) (128) (289) Noninterest expense 2,804 (15) 153 Pretax income 3,518 (116) 748 Pretax, pre-provision income2 3,399 (244) 459 Income tax expense 950 (31) 216 Net income $2,568 ($85) $532 Selected Revenue Items ($MM) 3Q23 2Q23 3Q22 Total Corporation IB fees (excl. self-led)1 $1,188 $1,212 $1,167 Global Banking IB fees1 743 718 726 Business Lending revenue 2,623 2,692 2,079 Global Transaction Services revenue 2,769 2,923 2,803 Key Indicators ($B) 3Q23 2Q23 3Q22 Average deposits $504.4 $497.5 $495.2 Average loans and leases 376.2 383.1 384.3 Net charge-off ratio 0.02 % 0.06 % 0.03 % Net charge-offs ($MM) $20 $59 $26 Reserve build (release) ($MM) (139) (50) 144 Return on average allocated capital 21 % 22 % 18 % Allocated capital $49.3 $49.3 $44.5 Efficiency ratio 45 % 44 % 47 % 21

Global Markets1 • Net income of $1.2B increased 17% from 3Q22 – Excluding net DVA, net income of $1.3B increased 17%3 • Revenue of $4.9B increased 10% from 3Q22, driven primarily by higher sales and trading revenue • Sales and trading revenue of $4.4B increased 8% from 3Q22; excluding net DVA, up 8%3 – FICC revenue increased 6% (ex. DVA, up 6%)3, to $2.7B, driven by improved trading in credit and mortgage products, partially offset by weaker trading in currencies and rates – Equities revenue increased 10% (ex. DVA, up 10%)3, to $1.7B, driven primarily by an increase in client financing activities • Noninterest expense of $3.2B increased 7% vs. 3Q22, driven by investments in the business, including people and technology • Average VaR of $69MM in 3Q235 1 The explanations for current period-over-period changes for Global Markets are the same for amounts including and excluding net DVA. 2 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities. 3 Represents a non-GAAP financial measure. Reported FICC sales and trading revenue was $2.7B, $2.7B, and $2.6B for 3Q23, 2Q23, and 3Q22, respectively. Reported Equities sales and trading revenue was $1.7B, $1.6B, and $1.5B for 3Q23, 2Q23, and 3Q22, respectively. See note E on slide 39 and slide 42 for important presentation information. 4 Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note C on slide 39. For important presentation information, see slide 42. 5 See note F on slide 39 for the definition of VaR. Inc / (Dec) Summary Income Statement ($MM) 3Q23 2Q23 3Q22 Total revenue, net of interest expense2 $4,942 $71 $459 Net DVA (16) 86 (2) Total revenue (excl. net DVA)2,3 4,958 (15) 461 Provision (benefit) for credit losses (14) (10) (25) Noninterest expense 3,235 (114) 212 Pretax income 1,721 195 272 Pretax, pre-provision income4 1,707 185 247 Income tax expense 473 53 89 Net income $1,248 $142 $183 Net income (excl. net DVA)3 $1,260 $76 $184 Selected Revenue Items ($MM)2 3Q23 2Q23 3Q22 Sales and trading revenue $4,405 $4,285 $4,092 Sales and trading revenue (excl. net DVA)3 4,421 4,387 4,106 FICC (excl. net DVA)3 2,723 2,764 2,567 Equities (excl. net DVA)3 1,698 1,623 1,539 Global Markets IB fees 463 503 430 Key Indicators ($B) 3Q23 2Q23 3Q22 Average total assets $863.7 $877.5 $847.9 Average trading-related assets 609.7 621.1 592.4 Average 99% VaR ($MM)5 69 76 117 Average loans and leases 131.3 128.5 120.4 Net charge-offs ($MM) 13 5 (1) Reserve build (release) ($MM) (27) (9) 12 Return on average allocated capital 11 % 10 % 10 % Allocated capital $45.5 $45.5 $42.5 Efficiency ratio 65 % 69 % 67 % 22

All Other1 1 All Other primarily consists of asset and liability management (ALM) activities, liquidating businesses, and certain expenses not otherwise allocated to a business segment. ALM activities encompass interest rate and foreign currency risk management activities for which substantially all of the results are allocated to our business segments. 2 Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note C on slide 39. For important presentation information, see slide 42. Inc/(Dec) Summary Income Statement ($MM) 3Q23 2Q23 3Q22 Total revenue, net of interest expense ($1,618) $149 ($819) Provision (benefit) for credit losses (24) 136 34 Noninterest expense 593 101 (123) Pretax income (loss) (2,187) (88) (730) Pretax, pre-provision income2 (2,211) 48 (696) Income tax (benefit) (2,276) (359) (1,100) Net income (loss) $89 $271 $370 23 • Net income of $89MM increased $370MM vs. 3Q22, driven primarily by a higher income tax benefit and lower litigation expense • Total corporate effective tax rate (ETR) for the quarter was 4% – Excluding discrete tax benefits and recurring ESG tax credit benefits, the ETR would have been approximately 25% – Full-year 2023 ETR, excluding FDIC special assessment and other discrete items, is expected to be approximately 9-10%

Supplemental Business Segment Trends

Total Expense ($B) and Efficiency Total Revenue ($B) Average Deposits ($B) Consumer Investment Assets ($B)2 and Accounts (MM) Average Loans and Leases ($B) Consumer Banking Trends Note: Amounts may not total due to rounding. 1 See slide 40 for business leadership sources. 2 End of period. Consumer investment assets includes client brokerage assets, deposit sweep balances, Bank of America, N.A. brokered CDs, and AUM in Consumer Banking. $9.9 $10.8 $10.7 $10.5 $10.5 7.8 8.5 8.6 8.4 8.4 2.1 2.3 2.1 2.1 2.1 Net interest income Noninterest income 3Q22 4Q22 1Q23 2Q23 3Q23 $0.0 $4.0 $8.0 $12.0 $5.1 $5.1 $5.5 $5.5 $5.3 51% 47% 51% 52% 50% Noninterest expense Efficiency ratio 3Q22 4Q22 1Q23 2Q23 3Q23 $0.0 $2.0 $4.0 $6.0 40% 50% 60% 70% $1,069$1,047$1,026$1,006 $980 599 589 581 576 562 470 458 445 431 418 Checking Other 3Q22 4Q22 1Q23 2Q23 3Q23 $0 $300 $600 $900 $1,200 $295 $300 $304 $307 $311 118 118 118 117 117 82 87 89 91 95 52 52 54 55 55 22 22 22 21 2121 21 22 22 23 Residential mortgage Consumer credit card Vehicle lending Home equity Small business / other 3Q22 4Q22 1Q23 2Q23 3Q23 $0 $70 $140 $210 $280 $350 25 $302 $320 $355 $387 $387 3.4 3.5 3.6 3.7 3.8 Assets Accounts 3Q22 4Q22 1Q23 2Q23 3Q23 $0 $100 $200 $300 $400 2.5 3.0 3.5 4.0 4.5 Business Leadership1 • No. 1 in estimated U.S. Retail Deposits(A) • No. 1 Online Banking and Mobile Banking Functionality(B) • No. 1 Small Business Lender(C) • Best Bank in North America(D) • Best Consumer Digital Bank in the U.S.(E) • Best Bank in the U.S. for Small and Medium Enterprises(F) • Certified by J.D. Power for Outstanding Client satisfaction with Customer Financial Health Support – Banking & Payments(G) • No. 1 in Customer Satisfaction for U.S. Retail Banking Advice(H)

Erica® Active Users and Interactions (MM)7 Checks vs. Zelle® Sent Transactions (MM) Digital Sales6Digital Users2 and Households3 Digital Channel Usage4,5 1,074 1,367 1,855 1,503 44% 43% 48% 46% Digital unit sales (K) Digital as a % of total sales 3Q20 3Q21 3Q22 3Q23 0 500 1,000 1,500 2,000 0% 25% 50% 75% 100% 2,259 2,635 2,954 3,244 688 853 923 938 Digital channel usage (MM) Digital appointments (K) 3Q20 3Q21 3Q22 3Q23 1,000 1,500 2,000 2,500 3,000 3,500 250 500 750 1,000 1,250 1,500 39 41 43 46 52 54 56 57 69% 70% 72% 74% Active users (MM) Verified users (MM) Household adoption % 3Q20 3Q21 3Q22 3Q23 20 30 40 50 60 50% 60% 70% 80% 90% 100% Client Engagement Person-to-Person Payments (Zelle®)8 Digital Volumes 140 202 255 323 $39 $60 $77 $97 Transactions (MM) Volume ($B) 3Q20 3Q21 3Q22 3Q23 0 70 140 210 280 350 $0 $50 $100 $150 Consumer1 Digital Update 1 Includes all households/relationships with Consumer platform activity, except where otherwise noted. 2 Digital active users represents Consumer and Merrill mobile and / or online 90-day active users; verified users represent Consumer and Merrill users with a digital identification and password. 3 Household adoption represents households with consumer bank login activities in a 90-day period, as of August for each quarter presented. 4 Digital channel usage represents the total number of desktop and mobile banking sessions on the Consumer Banking platform. 5 Digital appointments represent the number of client-scheduled appointments made via online, smartphone, or tablet. 6 Digital sales represent sales initiated and / or booked via our digital platforms. 7 Erica engagement represents activity across all platforms powered by Erica: BofA mobile app, online search, and Benefits OnLine mobile app. Periods prior to 3Q22 represent activity on BofA mobile app only. 8 Includes Bank of America person-to-person payments sent and received through e-mail or mobile identification. Zelle® users represent 90-day active users. 12.2 15.1 17.7 21.0 users (MM) 26 Digital Adoption 6.1 13.0 16.1 18.7 34.3 104.6 133.6 169.6 Erica® users Erica® interactions 3Q20 3Q21 3Q22 3Q23 0.0 5.0 10.0 15.0 20.0 0.0 50.0 100.0 150.0 200.0 137 127 116 104 94 133 167 208 Checks written Zelle® sent transactions 3Q20 3Q21 3Q22 3Q23 50 100 150 200 250 2x

1,255 1,096 1,187 1,137 1,062 3Q22 4Q22 1Q23 2Q23 3Q23 0 500 1,000 1,500 Home Equity1 New Originations ($B)4 Consumer Credit Update 1 Includes loan production within Consumer Banking and GWIM. Consumer credit card balances include average balances of $3.3B, $3.2B, and $2.9B in 3Q23, 2Q23, and 3Q22, respectively, within GWIM. 2 Calculated as the difference between total revenue, net of interest expense, and net credit losses divided by average loans. 3 Represents Consumer Banking only. 4 Amounts represent the unpaid principal balance of loans and in the case of home equity, the principal amount of the total line of credit. Consumer Vehicle Lending3 New Originations ($B) Consumer Credit Card1 New Accounts (K) 27 Residential Mortgage1 New Originations ($B)4 Key Stats 3Q22 2Q23 3Q23 Average outstandings ($B) 85.0 94.4 98.0 NCO ratio 1.53% 2.60% 2.72% Risk-adjusted margin2 10.07% 7.83% 7.70% Average line FICO 770 773 774 $5.9 $6.8 $7.0 $6.8 $6.8 3Q22 4Q22 1Q23 2Q23 3Q23 $0.0 $2.5 $5.0 $7.5 $10.0 Key Stats 3Q22 2Q23 3Q23 Average outstandings ($B) 52.0 54.7 55.2 NCO ratio 0.07% 0.18% 0.20% Average booked FICO 789 795 796 $8.7 $5.2 $3.9 $5.9 $5.6 3Q22 4Q22 1Q23 2Q23 3Q23 $0.0 $5.0 $10.0 Key Stats 3Q22 2Q23 3Q23 Average outstandings ($B)3 118.2 117.1 116.8 NCO ratio3 0.01% 0.02% 0.03% Average FICO 768 771 772 Average booked loan-to-value (LTV) 72% 73% 72% $2.4 $2.6 $2.6 $2.5 $2.4 3Q22 4Q22 1Q23 2Q23 3Q23 $0.0 $1.0 $2.0 $3.0 $4.0 Key Stats 3Q22 2Q23 3Q23 Average outstandings ($B)3 21.9 21.2 21.1 NCO ratio3 (0.04%) (0.05%) (0.04%) Average FICO 792 790 787 Average booked combined LTV 58% 58% 58%

Average Deposits ($B) Global Wealth & Investment Management Trends Business Leadership1 • No. 1 on Forbes’ Best-in-State Wealth Advisors (2023), Top Women Wealth Advisors (2023), Top Women Wealth Advisors Best-in State (2023), Best-in-State Teams (2023), and Top Next Generation Advisors (2023) • No. 1 on Barron’s Top 100 Women Financial Advisors List (2023) • No. 1 on Financial Planning's 'Top 40 Advisors Under 40' List (2023) • Celent Model Wealth Manager award (2023) • No. 1 in personal trust AUM(I) • Best National Private Bank(J) and in North America(K) • Best Broker-Dealer for Technology(L) • Largest U.S. Outsourced Manager for Endowment and Foundation Assets(M) • Best Private Bank Philanthropic Initiative in Americas(N) Note: Amounts may not total due to rounding. 1 See slide 40 for business leadership sources. 2 End of period. Loans and leases includes margin receivables which are classified in customer and other receivables on the Consolidated Balance Sheet. 3 Managed deposits in investment accounts of $36B, $39B, $39B, $48B, and $48B for 3Q23, 2Q23, 1Q23, 4Q22, and 3Q22, respectively, are included in both AUM and Deposits. Total client balances only include these balances once. Average Loans and Leases ($B) Total Revenue ($B) Client Balances ($B)2,3 $5.4 $5.4 $5.3 $5.2 $5.3 2.0 2.0 1.9 1.8 1.8 2.9 2.8 2.9 2.9 3.1 0.6 0.6 0.6 0.5 0.5 Net interest income Asset management fees Brokerage / Other 3Q22 4Q22 1Q23 2Q23 3Q23 $0.0 $2.0 $4.0 $6.0 1,330 1,401 1,467 1,531 1,497 1,414 1,482 1,571 1,628 1,578 325 324 301 293 291228 227 221 222 222$3,249 $3,387 $3,522 $3,635 $3,551 AUM Brokerage / Other Deposits Loans and leases 3Q22 4Q22 1Q23 2Q23 3Q23 $0 $1,000 $2,000 $3,000 $4,000 $224 $225 $221 $219 $219 105 106 106 106 107 56 54 52 51 50 60 62 60 58 59 Consumer real estate Securities-based lending Custom lending Credit card 3Q22 4Q22 1Q23 2Q23 3Q23 $0 $50 $100 $150 $200 $250 $339 $318 $314 $295 $292 3Q22 4Q22 1Q23 2Q23 3Q23 $0 $100 $200 $300 $400 28

Erica® Interactions (MM)5 0.4 1.5 2.1 2.7 3Q20 3Q21 3Q22 3Q23 0.0 1.0 2.0 3.0 Person-to-Person Payments (Zelle®)6 Check Deposits eDelivery4Digital Households / Relationships Digital Channel Adoption1,3 68% 74% 76% 78% 3Q20 3Q21 3Q22 3Q23 0% 25% 50% 75% 100% 50% 53% 57% 60% 72% 72% 72% 76% Mobile adoption Online adoption 3Q20 3Q21 3Q22 3Q23 0% 25% 50% 75% 100% 645 668 672 716 76% 78% 80% 83% Digital households / relationships (K) Digital adoption % 3Q20 3Q21 3Q22 3Q23 550 600 650 700 750 60% 70% 80% 90% 100% Client Engagement Digital Volumes Global Wealth & Investment Management Digital Update 1 Digital Adoption is the percentage digitally active Merrill primary households ($250K+ in investable assets within the enterprise) and digitally active Private Bank core relationships ($3MM+ in total balances). Merrill excludes Stock Plan and Banking only households. Private Bank includes third party activities (effective 1Q23) and excludes Irrevocable Trust-only relationships, Institutional Philanthropic relationships, and exiting relationships. 2 Digital Adoption as of August for 3Q20, 3Q21, and 3Q22. 3Q23 as of September for Merrill and as of August for Private Bank. 3 Digital channel adoption represents the percentage of desktop and mobile banking engagement, as of August for 3Q20, 3Q21, and 3Q22. 3Q23 as of September for Merrill and as of August for Private Bank. 4 GWIM eDelivery percentage includes Merrill Digital Households (excluding Stock Plan, Banking only households, Retirement only, and 529 only) and Private Bank relationships that receive statements digitally, as of August for each quarter presented. 3Q20 and 3Q21 include only Merrill Digital Households (excluding Stock Plan, Banking only households, Retirement only, and 529 only) that receive statements digitally. 5 Erica engagement represents activity across all platforms powered by Erica: BofA mobile app, online search, and Benefits OnLine mobile app. Periods prior to 3Q22 represent activity on BofA mobile app only. 6 Includes Bank of America person-to-person payments sent and received through e-mail or mobile identification. 7 Includes mobile check deposits, remote deposit operations, and automated teller machine transactions. 29 Digital Adoption1,2 0.9 1.9 2.4 3.2 $0.5 $1.1 $1.4 $2.0 Transactions (MM) Volume ($B) 3Q20 3Q21 3Q22 3Q23 0.0 0.7 1.4 2.1 2.8 3.5 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 1.5 1.3 1.2 1.2 73% 74% 75% 74% Physical (MM) Automated 3Q20 3Q21 3Q22 3Q23 0.0 0.5 1.0 1.5 2.0 60% 70% 80% 90% 100% 7

Global Banking Trends Note: Amounts may not total due to rounding. 1 See slide 40 for business leadership sources. 2 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities. 3 Total Corporation IB fees excludes self-led deals. Self-led deals of $62MM, $50MM, $12MM, $18MM, and $37MM for 3Q23, 2Q23, 1Q23, 4Q22, and 3Q22, respectively are embedded within Debt, Equity, and Advisory. 4 Advisory includes fees on debt and equity advisory and mergers and acquisitions. Average Deposits ($B)Business Leadership1 • World’s Most Innovative Bank – 2023, Most Innovative Bank in North America(O) • World’s Best Digital Bank, World’s Best Bank for Financing, North America’s Best Digital Bank, North America’s Best Bank for Small to Medium-sized Enterprises, North America’s Best Bank for Sustainable Finance(P) • Best Bank for Payments & Collections in North America(Q) • Model Bank award for Product Innovation in Cash Management – 2023, for CashPro Mobile, CashPro Forecasting, and CashPro API(R) • Best Transaction Bank in North America(S) • 2022 Quality, Share and Excellence Awards for U.S. Large Corporate Banking and Cash Management(T) • Relationships with 74% of the Global Fortune 500; 95% of the U.S. Fortune 1,000 (2023) Average Loans and Leases ($B) Total Revenue ($B)2 Total Corporation IB Fees ($MM)3 $5.6 $6.4 $6.2 $6.5 $6.2 3.3 3.9 3.9 3.7 3.6 0.7 0.7 0.7 0.7 0.7 0.8 0.7 0.7 0.7 0.8 0.8 1.1 0.9 1.3 1.1 Net interest income IB fees Service charges All other income 3Q22 4Q22 1Q23 2Q23 3Q23 $0.0 $2.5 $5.0 $7.5 616 414 644 600 570 156 189 168 287 232 432 486 363 375 448 $1,167 $1,071 $1,163 $1,212 $1,188 Debt Equity Advisory 3Q22 4Q22 1Q23 2Q23 3Q23 $0 $500 $1,000 $1,500 194 192 193 196 195 177 175 175 174 169 13 13 13 13 12 $384 $380 $381 $383 $376 Commercial Corporate Business Banking 3Q22 4Q22 1Q23 2Q23 3Q23 $0 $100 $200 $300 $400 4 $495 $503 $493 $498 $504 Noninterest-bearing Interest-bearing 3Q22 4Q22 1Q23 2Q23 3Q23 $0 $200 $400 $600 30 65% 55% 48% 42% 37% 35% 45% 52% 58% 63%

1 Digital active clients represents 90-day active clients across CashPro and BA360 platforms. Metric tracked starting in 1Q21. Data as of August for each quarter presented. 2 CashPro alert volume and CashPro online reports and statements scheduled. 3 Represents June through August. 4 Eligible credit monitoring documents uploaded digitally through CashPro Credit (i.e., clients with bilateral loans only and / or Commercial Real Estate Banking clients). Credit Monitoring Documents Uploaded Digitally (%)3,4 CashPro® Proactive Alerts & Insights (MM)2 Global Payments to Digital Wallets (K)3 14% 26% 41% 40% 3Q20 3Q21 3Q22 3Q23 0% 10% 20% 30% 40% 50% 284 391 378 377 3Q20 3Q21 3Q22 3Q23 0 100 200 300 400 13.3 15.8 17.2 18.6 3Q20 3Q21 3Q22 3Q23 0.0 5.0 10.0 15.0 20.0 CashPro® App PaymentsCashPro® and BA360 Adoption % CashPro® App Sign-ins (K) $44 $101 $166 $192 0.9 1.8 3.0 3.6 Value ($B) Volume (MM) 3Q20 3Q21 3Q22 3Q23 0 50 100 150 200 0.0 1.0 2.0 3.0 4.0 5.0 254 412 576 813 3Q20 3Q21 3Q22 3Q23 0 300 600 900 74% 76% 75% 3Q21 3Q22 3Q23 50% 60% 70% 80% Client Engagement Digital Volumes Global Banking Digital Update 31 Digital Adoption1

Global Markets Trends and Revenue Mix Note: Amounts may not total due to rounding. 1 See slide 40 for business leadership sources. 2 Represents a non-GAAP financial measure. Reported Global Markets revenue was $15.4B for 2023 YTD. Global Markets revenue ex. net DVA was $15.5B for 2023 YTD. Reported sales and trading revenue was $13.8B, $13.0B, $12.3B, and $12.0B for 2023 YTD, 2022 YTD, 2021 YTD, and 2020 YTD, respectively. Reported FICC sales and trading revenue was $8.8B, $7.8B, $7.2B, and $7.9B for 2023 YTD, 2022 YTD, 2021 YTD, and 2020 YTD, respectively. Reported Equities sales and trading revenue was $4.9B, $5.2B, $5.1B, and $4.1B for 2023 YTD, 2022 YTD, 2021 YTD, and 2020 YTD, respectively. See note E on slide 39 and slide 42 for important presentation information. 3 See note F on slide 39 for definition of VaR. 2023 YTD Global Markets Revenue Mix (excl. net DVA)2 Business Leadership1 • World's Best Bank for Markets(P) • North America's Best Bank for Sustainable Finance(P) • Americas Derivatives House of the Year and Americas House of the Year for Equity Derivatives, FX Derivatives, Commodities Derivatives and Research & Strategy House(U) • Commodity Derivatives House and Americas ESG Financing House(V) • Best CLO Arranger of the Year, Best Loan Secondary Trading Desk of the Year, Best CLO Tranche Trading Desk of the Year, Best CLO Research House(W) • No. 1 All-America Sales Team in Equities Idea Generation(X) • No. 1 Municipal Bonds Underwriter(Y) • No. 1 Market Share in US Registered Equity Block Trade Fees(Z) 2023 YTD Total FICC S&T Revenue Mix (excl. net DVA)2 Total Sales and Trading Revenue (excl. net DVA) ($B)2 Average Trading-Related Assets ($B) and VaR ($MM)3 $12.1 $12.3 $12.8 $13.9 8.0 7.2 7.6 8.9 4.1 5.1 5.2 4.9 FICC Equities 2020 YTD 2021 YTD 2022 YTD 2023 YTD $0.0 $5.0 $10.0 $15.0 $485 $544 $598 $619 $79 $76 $105 $85 Avg. trading-related assets Avg. VaR 2020 YTD 2021 YTD 2022 YTD 2023 YTD $0 $250 $500 $750 $0 $50 $100 $150 62% 38% U.S. / Canada International 44% 56% Credit / Other Macro 32

Additional Presentation Information

2023 YTD Consumer Payment Spend of $3.1T is up 4% YoY Payment Spend1 ($ and Transaction Volume) Quarterly YoY % Growth 34 2023 YTD Credit and Debit2,3 YoY % Growth Total credit and debit spend and transactions both up 4% $ Volume Transaction # 3Q 19 4Q 1Q 20 2Q 3Q 4Q 1Q 21 2Q 3Q 4Q 1Q 22 2Q 3Q 4Q 1Q 23 2Q 3Q (25)% 0% 25% 50% 8% (9%) 5% (1%) 6% 9% 1% 5% 3% 4% $ Volume Transaction # Travel & Entertainment Gas Food Retail Services Payment Spend1 ($ Volume) and YoY % Growth $2.2T $2.7T $3.0T $3.1T 0% 21% 12% 4% 2020 YTD 2021 YTD 2022 YTD 2023 YTD 4% 3% 2023 YTD YoY Change in Payment Transaction Volume 4% 5% 12% (5%) Credit / Debit ACH / Wire P2P / P2B Cash / Check % of YTD Volume 78% 11% 7% 5% 4 Note: Amounts may not total due to rounding. 1 Total payments represent payments made from Bank of America accounts using credit card, debit card, ACH, wires, billpay, person-to-person, cash, and checks. 2 Includes consumer and small business credit card portfolios in Consumer Banking and GWIM. 3 Excludes credit and debit money transfers, charitable donations, and miscellaneous categories with immaterial volume. 4 P2P stands for person-to-person. P2B stands for person-to-business.

Metric 4Q09 4Q19 3Q23 Total loans and leases1 $1,003B $983B $1,049B % consumer 67% 47% 44% Consumer credit card $161B $98B $100B Home equity $154B $41B $26B GWIM loans $100B $177B $219B Commercial real estate of which Construction (%) $69B 39% $63B 12% $73B 15% Nonperforming loans 3.75% 0.36% 0.46% NCOs1 $11B $959MM $931MM Nine-quarter stressed net credit losses2 $104B / 10.0% $44B / 4.4% $54B / 5.1% Tangible common shareholders’ equity1,3 $112B $172B $189B Global Liquidity Sources4 $214B $576B $859B Balance Sheet Transformation Highlights (EOP basis unless noted) 35 Transformation through Responsible Growth • Our loan portfolio is more balanced today and has less inherent risk – Lower concentration in the consumer portfolio – Less exposure to unsecured consumer credit and home equity loans – GWIM loans more than doubled since 4Q09 – Commercial Real Estate portfolio more balanced, with less concentration in construction loans – CCAR stress test results indicate significantly lower credit losses expected in a severe downturn • Our capital base and liquidity have also increased significantly – ~$77B higher tangible common equity3 – Global Liquidity Sources4 are about four times higher than 4Q09 1 4Q09 reflects December 31, 2009 information adjusted to include the January 1, 2010 adoption of FAS 166/167 as reported in our SEC filings. Amounts include loans accounted for under the fair value option (FVO). 2 Nine-quarter losses and loss rate for 4Q09 based on the 2009 Supervisory Capital Assessment Program; 4Q19 and 3Q23 represent 2019 and 2023 Federal Reserve CCAR stress test results, respectively. 3 Represent non-GAAP financial measures. Tangible common shareholders’ equity is calculated as common shareholders’ equity of $258.7B, $241.4B, and $207.2B for 3Q23, 4Q19, and 4Q09, which has been reduced by goodwill of $69.0B for 3Q23 and 4Q19 and $86.3B for 4Q09 and intangible assets (excluding mortgage servicing rights) of $2.0B, $1.7B, and 12.0B for 3Q23, 4Q19, and 4Q09, net of related deferred tax liabilities of $0.9B, $0.7B, and $3.5B for 3Q23, 4Q19, and 4Q09. For important presentation information, see slide 42. 4 4Q09 Global Liquidity Sources shown on ending basis; 4Q19 and 3Q23 shown on average basis. The Corporation adopted the disclosure of average liquidity sources in 2017. See note A on slide 39 for definition of Global Liquidity Sources.

Historical Consumer Net Charge-off Rates 36 • Since the beginning of 2004, total Consumer net charge-off rate has averaged 1.6% • During the financial crisis and related periods (1Q08 to 4Q12), the NCO rate averaged 3.6% and peaked at 6.0% in 3Q09 • NCO rate post-financial crisis (1Q13 to 3Q23) averaged 0.7% Consumer Net Charge-off Rate 0.7% 1Q04 3Q23 0.0% 2.5% 5.0% 7.5% Pre-crisis average 1.3% Financial crisis average 3.6% Pre-pandemic average 0.8% Note: Net charge-off rates are calculated as annualized net charge-offs divided by average outstanding loans and leases, excluding loans accounted for under the fair value option. For comparative presentation, periods prior to 2010 include net charge-offs on loans and leases held for investment and realized credit losses related to securitized loan portfolios that were consolidated on January 1, 2010 upon adoption of FAS 166/167. 1Q08 4Q12 1Q20 Average since pandemic 0.5%

Historical Commercial Net Charge-off Rates 37 Commercial excl. Small Business (SB) Total Commercial 1Q07 3Q23 0.00% 1.00% 2.00% 3.00% 4.00% • Total Commercial annualized net charge-off (NCO) rate has averaged 49 bps since 1Q07 (29 bps excl. Small Business) • During the financial crisis and related periods (1Q08 to 4Q12), the NCO rate averaged 128 bps (80 bps excl. SB) • NCO rate post-financial crisis (1Q13 to 3Q23) averaged 13 bps (8 bps excl. SB) Commercial Net Charge-off Rate Financial crisis average 1.28% Pre-pandemic average 0.13% 0.09% 0.03% 1Q08 4Q12 1Q20 Note: Net charge-off rates are calculated as annualized net charge-offs divided by average outstanding loans and leases, excluding loans accounted for under the fair value option. Average since pandemic 0.13%

Commercial Real Estate Loans 38 21.2% 6.9% 12.4% 7.0% 4Q09 3Q23 Total Commercial loans Total loans and leases Commercial Real Estate as a Percent of: Geographic Distribution ($B) $16.0 22% $14.4 20% $13.5 18% $9.4 13% $6.9 9% $5.9 8% Northeast California Southeast Southwest Midwest Midsouth Northwest Other Non-US Office Portfolio Scheduled Maturities ($B) $18.1 25% $14.4 20% $11.2 15% $5.8 8% $5.6 8% $14.1 19% Office Industrial/ Warehouse Multi-family rental Shopping centers/Retail Hotel/Motels Multi-use Residential Other ~$73B Distribution by Property Type ($B) $2.4 3%$2.0 3% $2.7 4% $1.2 1% $2.8 4% $2.3 $6.5 $3.1 $6.3 2023 2024 2025 2026 and beyond • ~75% Class A property type • ~55% origination LTV • ~6% NPL to loans • $5.1B reservable criticized exposure ◦ ~80% LTV1 • YTD NCO ratio 88bps ~$73B Note: Amounts may not total due to rounding. 1 Based on properties appraised between January 1, 2023 and September 30, 2023.

A Global Liquidity Sources (GLS) include cash and high-quality, liquid, unencumbered securities, inclusive of 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 other investment-grade securities, and are readily available to meet funding requirements as they arise. It does 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. B Reserve Build (or Release) is calculated by subtracting net charge-offs for the period from the provision for credit losses recognized in that period. 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 and other valuation accounts recognized in that period. C 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 the segments’ pretax income to add back provision for credit losses. Management believes that PTPI (both at the consolidated and segment level) is a useful financial measure as it enables an assessment of the Corporation’s ability to generate earnings to cover credit losses through a credit cycle as well as provides an additional basis for comparing the Corporation's results of operations between periods by isolating the impact of provision for credit losses, which can vary significantly between periods. See reconciliation below. D Interest rate sensitivity as of September 30, 2023, reflects the pretax impact to forecasted net interest income over the next 12 months from September 30, 2023 resulting from an instantaneous parallel shock to the market-based forward curve. The sensitivity analysis assumes that we take no action in response to this rate shock and does not assume any change in other macroeconomic variables normally correlated with changes in interest rates. As part of our asset and liability management activities, we use securities, certain residential mortgages, and interest rate and foreign exchange derivatives in managing interest rate sensitivity. The behavior of our deposit portfolio in the forecast is a key assumption in our projected estimate of net interest income. The sensitivity analysis assumes no change in deposit portfolio size or mix from our baseline forecast in alternate rate environments. In higher rate scenarios, any customer activity resulting in the replacement of low-cost or noninterest-bearing deposits with higher yielding deposits or market-based funding would reduce our benefit in those scenarios. E Revenue for all periods included net debit valuation adjustments (DVA) on derivatives, as well as amortization of own credit portion of purchase discount and realized DVA on structured liabilities. Net DVA gains (losses) were ($16MM), ($102MM), $14MM, ($193MM), and ($14MM) for 3Q23, 2Q23, 1Q23, 4Q22, and 3Q22, respectively, and ($104MM), $213MM, ($56MM), and ($77MM) for 2023 YTD, 2022 YTD, 2021 YTD, and 2020 YTD, respectively, and ($297MM) and ($263MM) for the 12 months ended 3Q23 and average from FY2016 to FY 2019. Net DVA gains (losses) included in FICC revenue were ($13MM), ($97MM), and ($15MM) for 3Q23, 2Q23, and 3Q22, respectively, and ($99MM), $205MM, ($53MM), and ($78MM) for 2023 YTD, 2022 YTD, 2021 YTD, and 2020 YTD, respectively. Net DVA gains (losses) included in Equities revenue were ($3MM), ($5MM), and $1MM for 3Q23, 2Q23, and 3Q22, respectively, and ($5MM), $8MM, ($3MM), and $1MM for 2023 YTD, 2022 YTD, 2021 YTD, and 2020 YTD, respectively. Reported sales and trading revenue was $13.8B, reported FICC sales and trading revenue was $8.8B and reported Equities sales and trading revenue was $4.9B for 2023 YTD. Reported sales and trading revenue was $4.4B, $4.3B, $5.1B, $3.5B, $4.1B, $4.2B, $4.7B, $2.9B, and $3.6B for 3Q23, 2Q23, 1Q23, 4Q22, 3Q22, 2Q22, 1Q22, 4Q21, and 3Q21, respectively, and $17.3B and $13.0B for the 12 months ended 3Q23 and average from FY2016 to FY2019. Sales and trading revenue, excluding net DVA was $4.4B, $4.4B, $5.1B, $3.7B, $4.1B, $4.0B, $4.7B, $2.9B, and $3.6B for 3Q23, 2Q23, 1Q23, 4Q22, 3Q22, 2Q22, 1Q22, 4Q21, and 3Q21, respectively, and $17.6B and $13.3B for the 12 months ended 3Q23 and average from FY2016 to FY2019. F 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. Using a 95% confidence level, average VaR was $38MM, $43MM, and $34MM for 3Q23, 2Q23, and 3Q22 respectively, and $41MM, $33MM, $29MM, and $23MM for 2023 YTD, 2022 YTD, 2021 YTD, and 2020 YTD, respectively. Notes $ Millions 3Q23 2Q23 3Q22 Pretax Income (GAAP) Provision for Credit Losses (GAAP) Pretax, Pre-provision Income Pretax Income (GAAP) Provision for Credit Losses (GAAP) Pretax, Pre-provision Income Pretax Income (GAAP) Provision for Credit Losses (GAAP) Pretax, Pre-provision Income Consumer Banking $ 3,819 $ 1,397 $ 5,216 $ 3,804 $ 1,267 $ 5,071 $ 4,069 $ 738 $ 4,807 Global Wealth & Investment Management 1,377 (6) 1,371 1,304 13 1,317 1,576 37 1,613 Global Banking 3,518 (119) 3,399 3,634 9 3,643 2,770 170 2,940 Global Markets 1,721 (14) 1,707 1,526 (4) 1,522 1,449 11 1,460 All Other (2,187) (24) (2,211) (2,099) (160) (2,259) (1,457) (58) (1,515) Total Corporation $ 8,095 $ 1,234 $ 9,329 $ 8,034 $ 1,125 $ 9,159 $ 8,301 $ 898 $ 9,199 39

Business Leadership Sources (A) Estimated U.S. retail deposits based on June 30, 2023 FDIC deposit data. (B) Javelin 2023 Online and Mobile Banking Scorecards. (C) FDIC, 2Q23. (D) Global Finance, March 2023. (E) Global Finance, August 2023. (F) Global Finance, December 2022. (G) J.D. Power 2023 Financial Health Support CertificationSM is based on exceeding customer experience benchmarks using client surveys and a best practices verification. For more information, visit jdpower.com/awards.* (H) J.D. Power 2023 U.S. Retail Banking Advice Satisfaction Study. For more information, visit jdpower.com/awards.* (I) Industry 2Q23 FDIC call reports. (J) Family Wealth Report, 2023. (K) Global Private Banking Innovation Award, 2023. (L) Wealth Management Industry Awards, 2023 (M) Pensions and Investments, 2023. (N) WealthBriefing Wealth for Good Awards, 2023. (O) Global Finance, 2023. (P) Euromoney, 2023. (Q) Global Finance Treasury & Cash Management Awards, 2023. (R) Celent, 2023. (S) The Banker, 2023. (T) Greenwich, 2023. (U) GlobalCapital, 2023. (V) IFR, 2022. (W) DealCatalyst, 2022. (X) Institutional Investor, 2022. (Y) Refinitiv, 2023 YTD. (Z) Dealogic, 2023 YTD. 40 * Website content is not incorporated by reference into this presentation.

Forward-Looking Statements Bank of America Corporation (the Corporation) 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 Corporation’s current expectations, plans or forecasts of its future results, revenues, liquidity, net interest income, provision for credit losses, expenses, efficiency ratio, capital measures, strategy, deposits, assets, 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 Corporation’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements. 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 Corporation’s 2022 Annual Report on Form 10-K and in any of the Corporation’s subsequent Securities and Exchange Commission filings: the Corporation’s potential judgments, orders, settlements, penalties, fines and reputational damage resulting from pending or future litigation and regulatory investigations, proceedings and enforcement actions, including as a result of our participation in and execution of government programs related to the Coronavirus Disease 2019 (COVID-19) pandemic, such as the processing of unemployment benefits for California and certain other states; the possibility that the Corporation's future liabilities may be in excess of its recorded liability and estimated range of possible loss for litigation, and regulatory and government actions; the possibility that the Corporation could face increased claims from one or more parties involved in mortgage securitizations; the Corporation’s ability to resolve representations and warranties repurchase and related claims; the risks related to the discontinuation of 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 Corporation’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, inflationary, macroeconomic, banking and regulatory environment on the Corporation’s assets, business, financial condition and results of operations; the impact of adverse developments affecting the U.S. or global banking industry, including bank failures and liquidity concerns, resulting in worsening economic and market volatility, and regulatory responses thereto; 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, including the impact of supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; potential losses related to the Corporation’s concentration of credit risk; the Corporation's ability to achieve its expense targets and expectations regarding revenue, net interest income, provision for credit losses, net charge-offs, effective tax rate, loan growth or other projections; adverse changes to the Corporation’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 Corporation’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, stress capital buffer 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 Corporation’s capital plans; the effect of changes in or interpretations of income tax laws and regulations; 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 potential changes to loss allocations between financial institutions and customers, including for losses incurred from the use of our products and services, including Zelle, that were authorized by the customer but induced by fraud; the impact of failures or disruptions in or breaches of the Corporation’s operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns; the risks related to the transition and physical impacts of climate change; our ability to achieve environmental, social and governance goals and commitments or the impact of any changes in the Corporation's sustainability strategy or commitments generally; the impact of any future federal government shutdown and uncertainty regarding the federal government’s debt limit or changes in fiscal, monetary or regulatory policy; the emergence or continuation of widespread health emergencies or pandemics; the impact of natural disasters, extreme weather events, military conflict (including the Russia/Ukraine conflict, the conflict in Israel and surrounding areas, the possible expansion of such conflicts and potential geopolitical consequences), terrorism or other geopolitical events; and other matters. Forward-looking statements speak only as of the date they are made, and the Corporation 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. 41

Important Presentation Information 42 • The information contained herein is preliminary and based on Corporation data available at the time of the earnings presentation. It speaks only as of the particular date or dates included in the accompanying slides. Bank of America does not undertake an obligation to, and disclaims any duty to, update any of the information provided. • The Corporation may present certain metrics and ratios, including year-over-year comparisons of revenue, noninterest expense and pretax income, excluding certain items (e.g., DVA) that are non-GAAP financial measures. The Corporation believes the use of these non-GAAP financial measures provides additional clarity in understanding its results of operations and trends. For more information about the non-GAAP financial measures contained herein, please see the presentation of the most directly comparable financial measures calculated in accordance with GAAP and accompanying reconciliations in the earnings press release for the quarter ended September 30, 2023, and other earnings-related information available through the Bank of America Investor Relations website at: https://investor.bankofamerica.com/quarterly-earnings, the content of which is not incorporated by reference into this presentation. • The Corporation presents certain key financial and nonfinancial performance indicators (KPIs) 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. KPIs are presented in 3Q23 Financial Results on slide 10 and on the Summary Income Statement for each segment. • The Corporation also views net interest income and related ratios and analyses on a fully taxable-equivalent (FTE) basis, which when presented on a consolidated basis are non-GAAP financial measures. The Corporation believes managing the business with net interest income on an FTE basis provides investors with meaningful information on the interest margin for comparative purposes. The Corporation believes that the presentation allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices. The FTE adjustment was $153MM, $135MM, $134MM, $123MM, $106MM, and $114MM for 3Q23, 2Q23, 1Q23, 4Q22, 3Q22, and 3Q20, respectively. • The Corporation allocates capital to its business segments using a methodology that considers the effect of regulatory capital requirements in addition to internal risk-based capital models. Allocated capital is reviewed periodically and refinements are made based on multiple considerations that include, but are not limited to, risk-weighted assets measured under Basel 3 Standardized and Advanced approaches, business segment exposures and risk profile, and strategic plans. As a result of this process, in the first quarter of 2023, the Corporation adjusted the amount of capital being allocated to its business segments.

EX-99.3

Supplemental Information

Third Quarter 2023

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

Bank of America Corporation and Subsidiaries
Table of Contents	Page
Consolidated Financial Highlights	2
Consolidated Statement of Income	3
Consolidated Statement of Comprehensive Income	3
Net Interest Income and Noninterest Income	4
Consolidated Balance Sheet	5
Capital Management	6
Capital Composition under Basel 3	7
Quarterly Average Balances and Interest Rates	8
Debt Securities	9
Supplemental Financial Data	10
Quarterly Results by Business Segment and All Other	11
Year-to-Date Results by Business Segment and All Other	13
Consumer Banking
Total Segment Results	14
Key Indicators	15
Business Results	16
Global Wealth & Investment Management
Total Segment Results	18
Key Indicators	19
Global Banking
Total Segment Results	20
Key Indicators	21
Global Markets
Total Segment Results	22
Key Indicators	23
All Other
Total Results	24
Outstanding Loans and Leases	25
Quarterly Average Loans and Leases by Business Segment and All Other	26
Commercial Credit Exposure by Industry	27
Nonperforming Loans, Leases and Foreclosed Properties	28
Nonperforming Loans, Leases and Foreclosed Properties Activity	29
Quarterly Net Charge-offs and Net Charge-off Ratios	30
Year-to-Date Net Charge-offs and Net Charge-off Ratios	31
Allocation of the Allowance for Credit Losses by Product Type	32
Exhibit A: Non-GAAP Reconciliations	33
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 - 13 are reported on an FTE basis.

Bank of America Corporation and Subsidiaries
Consolidated Financial Highlights
(In millions, except per share information)
	Nine Months Ended September 30						Third Quarter 2023			Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022
	2023			2022
Income statement
Net interest income	$	42,985		$	37,781		$	14,379		$	14,158		$	14,448		$	14,681		$	13,765
Noninterest income	33,637			32,637			10,788			11,039			11,810			9,851			10,737
Total revenue, net of interest expense	76,622			70,418			25,167			25,197			26,258			24,532			24,502
Provision for credit losses	3,290			1,451			1,234			1,125			931			1,092			898
Noninterest expense	48,114			45,895			15,838			16,038			16,238			15,543			15,303
Income before income taxes	25,218			23,072			8,095			8,034			9,089			7,897			8,301
Pretax, pre-provision income (1)	28,508			24,523			9,329			9,159			10,020			8,989			9,199
Income tax expense	1,847			2,676			293			626			928			765			1,219
Net income	23,371			20,396			7,802			7,408			8,161			7,132			7,082
Preferred stock dividends and other	1,343			1,285			532			306			505			228			503
Net income applicable to common shareholders	22,028			19,111			7,270			7,102			7,656			6,904			6,579
Diluted earnings per common share	2.72			2.34			0.90			0.88			0.94			0.85			0.81
Average diluted common shares issued and outstanding	8,153.4			8,173.3			8,075.9			8,080.7			8,182.3			8,155.7			8,160.8
Dividends paid per common share	$	0.68		$	0.64		$	0.24		$	0.22		$	0.22		$	0.22		$	0.22
Performance ratios
Return on average assets	1.00		%	0.86		%	0.99		%	0.94		%	1.07		%	0.92		%	0.90		%
Return on average common shareholders’ equity	11.63			10.58			11.24			11.21			12.48			11.24			10.79
Return on average shareholders’ equity	11.10			10.12			10.86			10.52			11.94			10.38			10.37
Return on average tangible common shareholders’ equity (2)	16.09			14.93			15.47			15.49			17.38			15.79			15.21
Return on average tangible shareholders’ equity (2)	14.78			13.68			14.41			14.00			15.98			13.98			13.99
Efficiency ratio	62.79			65.17			62.93			63.65			61.84			63.36			62.45
At period end
Book value per share of common stock	$	32.65		$	29.96		$	32.65		$	32.05		$	31.58		$	30.61		$	29.96
Tangible book value per share of common stock (2)	23.79			21.21			23.79			23.23			22.78			21.83			21.21
Market capitalization	216,942			242,338			216,942			228,188			228,012			264,853			242,338
Number of financial centers - U.S.	3,862			3,932			3,862			3,887			3,892			3,913			3,932
Number of branded ATMs - U.S.	15,253			15,572			15,253			15,335			15,407			15,528			15,572
Headcount	212,752			213,270			212,752			215,546			217,059			216,823			213,270

(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 33.)

(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 33.)

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)
	Nine Months Ended September 30				Third Quarter 2023		Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022
	2023		2022
Net interest income
Interest income	$	94,633	$	47,490	$	33,624	$	32,354	$	28,655	$	25,075	$	19,621
Interest expense	51,648		9,709		19,245		18,196		14,207		10,394		5,856
Net interest income	42,985		37,781		14,379		14,158		14,448		14,681		13,765
Noninterest income
Fees and commissions	23,990		25,477		8,135		7,961		7,894		7,735		8,001
Market making and similar activities	11,734		9,023		3,325		3,697		4,712		3,052		3,068
Other income (loss)	(2,087)		(1,863)		(672)		(619)		(796)		(936)		(332)
Total noninterest income	33,637		32,637		10,788		11,039		11,810		9,851		10,737
Total revenue, net of interest expense	76,622		70,418		25,167		25,197		26,258		24,532		24,502
Provision for credit losses	3,290		1,451		1,234		1,125		931		1,092		898
Noninterest expense
Compensation and benefits	28,870		27,286		9,551		9,401		9,918		9,161		8,887
Occupancy and equipment	5,370		5,285		1,795		1,776		1,799		1,786		1,777
Information processing and communications	5,017		4,621		1,676		1,644		1,697		1,658		1,546
Product delivery and transaction related	2,726		2,749		880		956		890		904		892
Professional fees	1,609		1,493		545		527		537		649		525
Marketing	1,472		1,365		501		513		458		460		505
Other general operating	3,050		3,096		890		1,221		939		925		1,171
Total noninterest expense	48,114		45,895		15,838		16,038		16,238		15,543		15,303
Income before income taxes	25,218		23,072		8,095		8,034		9,089		7,897		8,301
Income tax expense	1,847		2,676		293		626		928		765		1,219
Net income	$	23,371	$	20,396	$	7,802	$	7,408	$	8,161	$	7,132	$	7,082
Preferred stock dividends and other	1,343		1,285		532		306		505		228		503
Net income applicable to common shareholders	$	22,028	$	19,111	$	7,270	$	7,102	$	7,656	$	6,904	$	6,579
Per common share information
Earnings	$	2.74	$	2.35	$	0.91	$	0.88	$	0.95	$	0.85	$	0.81
Diluted earnings	2.72		2.34		0.90		0.88		0.94		0.85		0.81
Average common shares issued and outstanding	8,041.3		8,122.2		8,017.1		8,040.9		8,065.9		8,088.3		8,107.7
Average diluted common shares issued and outstanding	8,153.4		8,173.3		8,075.9		8,080.7		8,182.3		8,155.7		8,160.8

Consolidated Statement of Comprehensive Income
(Dollars in millions)
	Nine Months Ended September 30				Third Quarter 2023		Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022
	2023		2022
Net income	$	23,371	$	20,396	$	7,802	$	7,408	$	8,161	$	7,132	$	7,082
Other comprehensive income (loss), net-of-tax:
Net change in debt securities	81		(6,381)		(642)		168		555		353		(1,112)
Net change in debit valuation adjustments	(419)		1,298		(25)		(404)		10		(543)		462
Net change in derivatives	(317)		(10,890)		(366)		(1,993)		2,042		835		(3,703)
Employee benefit plan adjustments	25		97		6		9		10		(764)		37
Net change in foreign currency translation adjustments	(6)		(47)		(23)		5		12		(10)		(37)
Other comprehensive income (loss)	(636)		(15,923)		(1,050)		(2,215)		2,629		(129)		(4,353)
Comprehensive income (loss)	$	22,735	$	4,473	$	6,752	$	5,193	$	10,790	$	7,003	$	2,729

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)
	Nine Months Ended September 30				Third Quarter 2023		Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022
	2023		2022
Net interest income
Interest income
Loans and leases	$	41,897	$	25,805	$	14,830	$	13,970	$	13,097	$	12,114	$	10,231
Debt securities	14,809		12,111		4,658		4,691		5,460		5,016		4,239
Federal funds sold and securities borrowed or purchased under agreements to resell	13,555		1,835		4,888		4,955		3,712		2,725		1,446
Trading account assets	6,321		3,753		2,217		2,076		2,028		1,768		1,449
Other interest income	18,051		3,986		7,031		6,662		4,358		3,452		2,256
Total interest income	94,633		47,490		33,624		32,354		28,655		25,075		19,621
Interest expense
Deposits	17,439		1,719		7,340		5,785		4,314		2,999		1,235
Short-term borrowings	22,164		2,705		7,629		8,355		6,180		4,273		2,264
Trading account liabilities	1,486		1,117		510		472		504		421		383
Long-term debt	10,559		4,168		3,766		3,584		3,209		2,701		1,974
Total interest expense	51,648		9,709		19,245		18,196		14,207		10,394		5,856
Net interest income	$	42,985	$	37,781	$	14,379	$	14,158	$	14,448	$	14,681	$	13,765
Noninterest income
Fees and commissions
Card income
Interchange fees (1)	$	2,973	$	3,067	$	994	$	1,023	$	956	$	1,029	$	1,060
Other card income	1,562		1,464		526		523		513		523		513
Total card income	4,535		4,531		1,520		1,546		1,469		1,552		1,573
Service charges
Deposit-related fees	3,266		4,109		1,124		1,045		1,097		1,081		1,162
Lending-related fees	972		907		340		319		313		308		304
Total service charges	4,238		5,016		1,464		1,364		1,410		1,389		1,466
Investment and brokerage services
Asset management fees	8,990		9,308		3,103		2,969		2,918		2,844		2,920
Brokerage fees	2,664		2,870		860		870		934		879		875
Total investment and brokerage services	11,654		12,178		3,963		3,839		3,852		3,723		3,795
Investment banking fees
Underwriting income	1,757		1,559		531		657		569		411		452
Syndication fees	620		896		209		180		231		174		283
Financial advisory services	1,186		1,297		448		375		363		486		432
Total investment banking fees	3,563		3,752		1,188		1,212		1,163		1,071		1,167
Total fees and commissions	23,990		25,477		8,135		7,961		7,894		7,735		8,001
Market making and similar activities	11,734		9,023		3,325		3,697		4,712		3,052		3,068
Other income (loss)	(2,087)		(1,863)		(672)		(619)		(796)		(936)		(332)
Total noninterest income	$	33,637	$	32,637	$	10,788	$	11,039	$	11,810	$	9,851	$	10,737

(1)Gross interchange fees and merchant income were $9.9 billion and $9.5 billion and are presented net of $7.0 billion and $6.4 billion of expenses for rewards and partner payments as well as certain other card costs for the nine months ended September 30, 2023 and 2022. Gross interchange fees and merchant income were $3.4 billion, $3.4 billion, $3.2 billion, $3.3 billion and $3.3 billion and are presented net of $2.4 billion, $2.4 billion, $2.2 billion, $2.3 billion and $2.2 billion of expenses for rewards and partner payments as well as certain other card costs for the third, second and first quarters of 2023 and the fourth and third quarters of 2022, respectively.

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

Bank of America Corporation and Subsidiaries
Consolidated Balance Sheet
(Dollars in millions)
		September 30 2023		June 30 2023		September 30 2022
Assets
Cash and due from banks		$	25,255	$	29,651	$	27,802
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks		326,471		343,902		177,174
Cash and cash equivalents		351,726		373,553		204,976
Time deposits placed and other short-term investments		7,995		7,941		7,449
Federal funds sold and securities borrowed or purchased under agreements to resell		309,249		276,281		275,247
Trading account assets		306,409		311,400		293,458
Derivative assets		47,464		46,475		71,956
Debt securities:
Carried at fair value		175,540		142,040		236,245
Held-to-maturity, at cost		603,333		614,118		643,713
Total debt securities		778,873		756,158		879,958
Loans and leases		1,049,149		1,051,224		1,032,466
Allowance for loan and lease losses		(13,287)		(12,950)		(12,302)
Loans and leases, net of allowance		1,035,862		1,038,274		1,020,164
Premises and equipment, net		11,821		11,688		11,117
Goodwill		69,021		69,021		69,022
Loans held-for-sale		7,591		6,788		7,629
Customer and other receivables		74,347		74,000		76,211
Other assets		152,732		151,619		155,766
Total assets		$	3,153,090	$	3,123,198	$	3,072,953
Liabilities
Deposits in U.S. offices:
Noninterest-bearing		$	549,333	$	571,621	$	696,976
Interest-bearing		1,228,039		1,197,396		1,143,317
Deposits in non-U.S. offices:
Noninterest-bearing		15,276		16,662		21,630
Interest-bearing		91,953		91,530		76,174
Total deposits		1,884,601		1,877,209		1,938,097
Federal funds purchased and securities loaned or sold under agreements to repurchase		300,703		288,627		215,627
Trading account liabilities		102,820		97,818		84,768
Derivative liabilities		40,855		43,399		50,156
Short-term borrowings		40,196		41,017		21,044
Accrued expenses and other liabilities		206,492		205,736		224,615
Long-term debt		290,359		286,073		269,122
Total liabilities		2,866,026		2,839,879		2,803,429
Shareholders’ equity
Preferred stock, $0.01 par value; authorized –100,000,000 shares; issued and outstanding – 4,088,099, 4,088,099and 4,117,652 shares		28,397		28,397		29,134
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000shares; issued and outstanding – 7,923,357,339, 7,953,563,116 and 8,024,450,244 shares		56,710		57,267		59,460
Retained earnings		223,749		218,397		201,957
Accumulated other comprehensive income (loss)		(21,792)		(20,742)		(21,027)
Total shareholders’ equity		287,064		283,319		269,524
Total liabilities and shareholders’ equity		$	3,153,090	$	3,123,198	$	3,072,953
	Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
	Trading account assets	$	4,654	$	4,610	$	2,794
	Loans and leases	15,732		15,884		16,073
	Allowance for loan and lease losses	(804)		(796)		(802)
	Loans and leases, net of allowance	14,928		15,088		15,271
	All other assets	175		126		93
	Total assets of consolidated variable interest entities	$	19,757	$	19,824	$	18,158
	Liabilities of consolidated variable interest entities included in total liabilities above
	Short-term borrowings	$	2,059	$	1,877	$	82
	Long-term debt	5,653		5,701		3,240
	All other liabilities	10		10		9
	Total liabilities of consolidated variable interest entities	$	7,722	$	7,588	$	3,331

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)
	September 30 2023			June 30 2023			September 30 2022
Risk-based capital metrics (1):
Standardized Approach
Common equity tier 1 capital	$	194,230		$	190,113		$	175,554
Tier 1 capital	222,623			218,503			204,675
Total capital	251,129			248,023			235,276
Risk-weighted assets	1,634,075			1,639,064			1,599,322
Common equity tier 1 capital ratio	11.9		%	11.6		%	11.0		%
Tier 1 capital ratio	13.6			13.3			12.8
Total capital ratio	15.4			15.1			14.7
Advanced Approaches
Common equity tier 1 capital	$	194,230		$	190,113		$	175,554
Tier 1 capital	222,623			218,503			204,675
Total capital	241,573			239,279			228,334
Risk-weighted assets	1,442,360			1,436,130			1,390,505
Common equity tier 1 capital ratio	13.5		%	13.2		%	12.6		%
Tier 1 capital ratio	15.4			15.2			14.7
Total capital ratio	16.7			16.7			16.4
Leverage-based metrics (1):
Adjusted average assets	$	3,050,808		$	3,097,700		$	3,028,175
Tier 1 leverage ratio	7.3		%	7.1		%	6.8		%
Supplementary leverage exposure	$	3,597,014		$	3,641,635		$	3,555,578
Supplementary leverage ratio	6.2		%	6.0		%	5.8		%
Total ending equity to total ending assets ratio	9.1			9.1			8.8
Common equity ratio	8.2			8.2			7.8
Tangible equity ratio (2)	7.0			7.0			6.6
Tangible common equity ratio (2)	6.1			6.1			5.7

(1)Regulatory capital ratios at September 30, 2023 are preliminary. The Corporation reports regulatory capital ratios under both the Standardized and Advanced approaches. Capital adequacy is evaluated against the lower of the Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements. The Corporation's binding ratio was the Common equity tier 1 ratio under the Standardized approach for June 30, 2023 and September 30, 2022; and Total capital ratio under the Standardized approach for September 30, 2023.

(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 33.)

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)
	September 30 2023		June 30 2023		September 30 2022
Total common shareholders' equity	$	258,667	$	254,922	$	240,390
CECL transitional amount (1)	1,254		1,254		1,881
Goodwill, net of related deferred tax liabilities	(68,644)		(68,644)		(68,641)
Deferred tax assets arising from net operating loss and tax credit carryforwards	(7,778)		(7,757)		(7,658)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities	(1,508)		(1,523)		(1,561)
Defined benefit pension plan net assets, net-of-tax	(911)		(898)		(1,227)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net-of-tax	967		956		(240)
Accumulated net (gain) loss on certain cash flow hedges (2)	12,251		11,886		12,762
Other	(68)		(83)		(152)
Common equity tier 1 capital	194,230		190,113		175,554
Qualifying preferred stock, net of issuance cost	28,396		28,396		29,134
Other	(3)		(6)		(13)
Tier 1 capital	222,623		218,503		204,675
Tier 2 capital instruments	15,975		17,066		19,507
Qualifying allowance for credit losses (3)	13,007		12,684		11,325
Other	(476)		(230)		(231)
Total capital under the Standardized approach	251,129		248,023		235,276
Adjustment in qualifying allowance for credit losses under the Advanced approaches (3)	(9,556)		(8,744)		(6,942)
Total capital under the Advanced approaches	$	241,573	$	239,279	$	228,334

(1)September 30, 2023, June 30, 2023 and September 30, 2022 include 50 percent, 50 percent and 75 percent of the current expected credit losses (CECL) transition provision’s impact as of December 31, 2021, respectively.

(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)
	Third Quarter 2023						Second Quarter 2023						Third Quarter 2022
	Average Balance		Interest Income/ Expense (1)		Yield/ Rate		Average Balance		Interest Income/ Expense (1)		Yield/ Rate		Average Balance		Interest Income/ Expense (1)		Yield/ Rate
Earning assets
Interest-bearing deposits with the Federal Reserve,    non-U.S. central banks and other banks	$	353,183	$	4,613	5.18	%	$	359,042	$	4,303	4.81	%	$	184,263	$	848	1.83	%
Time deposits placed and other short-term     investments	8,629		113		5.20		11,271		129		4.56		10,352		34		1.33
Federal funds sold and securities borrowed or    purchased under agreements to resell	287,403		4,888		6.75		294,535		4,955		6.75		278,059		1,446		2.06
Trading account assets	191,283		2,244		4.66		187,420		2,091		4.47		163,744		1,465		3.55
Debt securities	752,569		4,685		2.47		771,355		4,717		2.44		901,654		4,259		1.88
Loans and leases (2)
Residential mortgage	229,001		1,745		3.04		228,758		1,704		2.98		228,474		1,616		2.83
Home equity	25,661		390		6.04		25,957		353		5.45		27,282		229		3.32
Credit card	98,049		2,727		11.03		94,431		2,505		10.64		85,009		2,187		10.20
Direct/Indirect and other consumer	104,134		1,354		5.16		104,915		1,274		4.87		108,300		923		3.38
Total consumer	456,845		6,216		5.41		454,061		5,836		5.15		449,065		4,955		4.39
U.S. commercial	377,728		5,061		5.32		379,027		4,786		5.06		377,183		3,427		3.60
Non-U.S. commercial	123,781		2,088		6.69		125,827		1,949		6.21		127,793		1,028		3.19
Commercial real estate	74,088		1,364		7.30		74,065		1,303		7.06		66,707		738		4.39
Commercial lease financing	13,812		166		4.79		13,628		149		4.38		13,586		124		3.65
Total commercial	589,409		8,679		5.84		592,547		8,187		5.54		585,269		5,317		3.61
Total loans and leases	1,046,254		14,895		5.65		1,046,608		14,023		5.37		1,034,334		10,272		3.94
Other earning assets	99,378		2,339		9.35		102,712		2,271		8.88		98,172		1,403		5.67
Total earning assets	2,738,699		33,777		4.90		2,772,943		32,489		4.70		2,670,578		19,727		2.94
Cash and due from banks	25,772						26,098						27,250
Other assets, less allowance for loan and lease losses	363,995						376,317						407,718
Total assets	$	3,128,466					$	3,175,358					$	3,105,546
Interest-bearing liabilities
U.S. interest-bearing deposits
Demand and money market deposits	$	942,368	$	4,304	1.81	%	$	951,403	$	3,565	1.50	%	$	981,145	$	832	0.34	%
Time and savings deposits	271,425		2,149		3.14		230,008		1,452		2.53		164,313		193		0.47
Total U.S. interest-bearing deposits	1,213,793		6,453		2.11		1,181,411		5,017		1.70		1,145,458		1,025		0.35
Non-U.S. interest-bearing deposits	97,095		887		3.63		96,802		768		3.18		79,383		210		1.05
Total interest-bearing deposits	1,310,888		7,340		2.22		1,278,213		5,785		1.82		1,224,841		1,235		0.40
Federal funds purchased and securities loaned or sold    under agreements to repurchase	294,878		5,342		7.19		322,728		5,807		7.22		211,346		1,338		2.51
Short-term borrowings and other interest-bearing     liabilities	140,513		2,287		6.45		163,739		2,548		6.24		137,253		926		2.68
Trading account liabilities	48,084		510		4.21		44,944		472		4.22		46,507		383		3.27
Long-term debt	245,819		3,766		6.10		248,480		3,584		5.78		250,204		1,974		3.14
Total interest-bearing liabilities	2,040,182		19,245		3.75		2,058,104		18,196		3.55		1,870,151		5,856		1.24
Noninterest-bearing sources
Noninterest-bearing deposits	565,265						597,140						737,934
Other liabilities (3)	238,044						237,689						226,444
Shareholders’ equity	284,975						282,425						271,017
Total liabilities and shareholders’ equity	$	3,128,466					$	3,175,358					$	3,105,546
Net interest spread					1.15	%					1.15	%					1.70	%
Impact of noninterest-bearing sources					0.96						0.91						0.36
Net interest income/yield on earning assets (4)			$	14,532	2.11	%			$	14,293	2.06	%			$	13,871	2.06	%

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

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

(3)Includes $41.1 billion, $39.9 billion and $29.2 billion of structured notes and liabilities for the third and second quarters of 2023 and the third quarter of 2022, respectively.

(4)Net interest income includes FTE adjustments of $153 million, $135 million and $106 million for the third and second quarters of 2023 and the third quarter of 2022, respectively.

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

Bank of America Corporation and Subsidiaries
Debt Securities
(Dollars in millions)
	September 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	22,435	$	—	$	(1,931)	$	20,504
Agency-collateralized mortgage obligations	1,964		—		(266)		1,698
Commercial	7,309		14		(582)		6,741
Non-agency residential	452		3		(68)		387
Total mortgage-backed securities	32,160		17		(2,847)		29,330
U.S. Treasury and government agencies	104,828		6		(1,198)		103,636
Non-U.S. securities	18,901		18		(47)		18,872
Other taxable securities	3,271		1		(93)		3,179
Tax-exempt securities	10,965		—		(372)		10,593
Total available-for-sale debt securities	170,125		42		(4,557)		165,610
Other debt securities carried at fair value (1)	9,933		56		(59)		9,930
Total debt securities carried at fair value	180,058		98		(4,616)		175,540
Held-to-maturity debt securities
Agency mortgage-backed securities	474,100		—		(106,890)		367,210
U.S. Treasury and government agencies	121,633		—		(23,351)		98,282
Other taxable securities	7,632		—		(1,363)		6,269
Total held-to-maturity debt securities	603,365		—		(131,604)		471,761
Total debt securities	$	783,423	$	98	$	(136,220)	$	647,301
	June 30, 2023
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	23,621	$	1	$	(1,469)	$	22,153
Agency-collateralized mortgage obligations	2,033		—		(230)		1,803
Commercial	6,966		26		(511)		6,481
Non-agency residential	455		3		(59)		399
Total mortgage-backed securities	33,075		30		(2,269)		30,836
U.S. Treasury and government agencies	72,422		1		(1,065)		71,358
Non-U.S. securities	15,445		33		(70)		15,408
Other taxable securities	3,858		1		(86)		3,773
Tax-exempt securities	10,884		14		(268)		10,630
Total available-for-sale debt securities	135,684		79		(3,758)		132,005
Other debt securities carried at fair value (1)	10,008		122		(95)		10,035
Total debt securities carried at fair value	145,692		201		(3,853)		142,040
Held-to-maturity debt securities
Agency mortgage-backed securities	484,753		—		(85,005)		399,748
U.S. Treasury and government agencies	121,621		—		(19,788)		101,833
Other taxable securities	7,775		—		(1,005)		6,770
Total held-to-maturity debt securities	614,149		—		(105,798)		508,351
Total debt securities	$	759,841	$	201	$	(109,651)	$	650,391

(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)
	Nine Months Ended September 30						Third Quarter 2023			Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022
	2023			2022
FTE basis data (1)
Net interest income	$	43,407		$	38,096		$	14,532		$	14,293		$	14,582		$	14,804		$	13,871
Total revenue, net of interest expense	77,044			70,733			25,320			25,332			26,392			24,655			24,608
Net interest yield	2.12		%	1.87		%	2.11		%	2.06		%	2.20		%	2.22		%	2.06		%
Efficiency ratio	62.45			64.88			62.55			63.31			61.53			63.05			62.18

(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 $422 million and $315 million for the nine months ended September 30, 2023 and 2022, and $153 million, $135 million and $134 million for the third, second and first quarters of 2023, and $123 million and $106 million for the fourth and third quarters of 2022, respectively.

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

Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other
(Dollars in millions)
	Third Quarter 2023
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	14,532	$	8,391	$	1,755	$	3,613	$	674	$	99
Noninterest income
Fees and commissions:
Card income	1,520		1,325		9		197		16		(27)
Service charges	1,464		605		20		754		85		—
Investment and brokerage services	3,963		80		3,396		14		475		(2)
Investment banking fees	1,188		—		45		743		463		(63)
Total fees and commissions	8,135		2,010		3,470		1,708		1,039		(92)
Market making and similar activities	3,325		5		34		21		3,195		70
Other income (loss)	(672)		66		62		861		34		(1,695)
Total noninterest income (loss)	10,788		2,081		3,566		2,590		4,268		(1,717)
Total revenue, net of interest expense	25,320		10,472		5,321		6,203		4,942		(1,618)
Provision for credit losses	1,234		1,397		(6)		(119)		(14)		(24)
Noninterest expense	15,838		5,256		3,950		2,804		3,235		593
Income (loss) before income taxes	8,248		3,819		1,377		3,518		1,721		(2,187)
Income tax expense (benefit)	446		955		344		950		473		(2,276)
Net income	$	7,802	$	2,864	$	1,033	$	2,568	$	1,248	$	89
Average
Total loans and leases	$	1,046,254	$	310,761	$	218,569	$	376,214	$	131,298	$	9,412
Total assets (1)	3,128,466		1,059,152		335,124		601,378		863,653		269,159
Total deposits	1,876,153		980,051		291,770		504,432		31,890		68,010
Quarter end
Total loans and leases	$	1,049,149	$	313,216	$	218,913	$	373,351	$	134,386	$	9,283
Total assets (1)	3,153,090		1,062,038		333,779		588,578		864,792		303,903
Total deposits	1,884,601		982,302		290,732		494,938		31,041		85,588
	Second Quarter 2023
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	14,293	$	8,437	$	1,805	$	3,690	$	297	$	64
Noninterest income
Fees and commissions:
Card income	1,546		1,341		12		200		19		(26)
Service charges	1,364		525		18		735		85		1
Investment and brokerage services	3,839		76		3,251		14		499		(1)
Investment banking fees	1,212		—		40		718		503		(49)
Total fees and commissions	7,961		1,942		3,321		1,667		1,106		(75)
Market making and similar activities	3,697		5		32		69		3,409		182
Other income (loss)	(619)		140		84		1,036		59		(1,938)
Total noninterest income (loss)	11,039		2,087		3,437		2,772		4,574		(1,831)
Total revenue, net of interest expense	25,332		10,524		5,242		6,462		4,871		(1,767)
Provision for credit losses	1,125		1,267		13		9		(4)		(160)
Noninterest expense	16,038		5,453		3,925		2,819		3,349		492
Income (loss) before income taxes	8,169		3,804		1,304		3,634		1,526		(2,099)
Income tax expense (benefit)	761		951		326		981		420		(1,917)
Net income (loss)	$	7,408	$	2,853	$	978	$	2,653	$	1,106	$	(182)
Average
Total loans and leases	$	1,046,608	$	306,662	$	218,604	$	383,058	$	128,539	$	9,745
Total assets (1)	3,175,358		1,085,469		340,105		595,585		877,471		276,728
Total deposits	1,875,353		1,006,337		295,380		497,533		33,222		42,881
Quarter end
Total loans and leases	$	1,051,224	$	309,735	$	219,208	$	381,609	$	131,128	$	9,544
Total assets (1)	3,123,198		1,084,512		338,184		586,397		851,771		262,334
Total deposits	1,877,209		1,004,482		292,526		492,734		33,049		54,418

(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)
	Third Quarter 2022
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	13,871	$	7,784	$	1,981	$	3,326	$	743	$	37
Noninterest income
Fees and commissions:
Card income	1,573		1,331		16		206		18		2
Service charges	1,466		597		18		771		81		(1)
Investment and brokerage services	3,795		73		3,255		11		457		(1)
Investment banking fees	1,167		—		47		726		430		(36)
Total fees and commissions	8,001		2,001		3,336		1,714		986		(36)
Market making and similar activities	3,068		3		30		52		2,874		109
Other income (loss)	(332)		116		82		499		(120)		(909)
Total noninterest income (loss)	10,737		2,120		3,448		2,265		3,740		(836)
Total revenue, net of interest expense	24,608		9,904		5,429		5,591		4,483		(799)
Provision for credit losses	898		738		37		170		11		(58)
Noninterest expense	15,303		5,097		3,816		2,651		3,023		716
Income (loss) before income taxes	8,407		4,069		1,576		2,770		1,449		(1,457)
Income tax expense (benefit)	1,325		997		386		734		384		(1,176)
Net income (loss)	$	7,082	$	3,072	$	1,190	$	2,036	$	1,065	$	(281)
Average
Total loans and leases	$	1,034,334	$	295,231	$	223,734	$	384,305	$	120,435	$	10,629
Total assets (1)	3,105,546		1,145,846		383,468		585,683		847,899		142,650
Total deposits	1,962,775		1,069,093		339,487		495,154		38,820		20,221
Quarter end
Total loans and leases	$	1,032,466	$	297,825	$	224,858	$	377,711	$	121,721	$	10,351
Total assets (1)	3,072,953		1,149,918		370,790		575,442		848,752		128,051
Total deposits	1,938,097		1,072,580		324,859		484,309		37,318		19,031

(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
Year-to-Date Results by Business Segment and All Other
(Dollars in millions)
	Nine Months Ended September 30, 2023
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	43,407	$	25,421	$	5,436	$	11,210	$	1,080	$	260
Noninterest income
Fees and commissions:
Card income	4,535		3,940		33		587		51		(76)
Service charges	4,238		1,729		57		2,203		248		1
Investment and brokerage services	11,654		230		9,885		37		1,507		(5)
Investment banking fees	3,563		—		124		2,129		1,435		(125)
Total fees and commissions	23,990		5,899		10,099		4,956		3,241		(205)
Market making and similar activities	11,734		15		100		135		11,002		482
Other income (loss)	(2,087)		367		243		2,567		116		(5,380)
Total noninterest income (loss)	33,637		6,281		10,442		7,658		14,359		(5,103)
Total revenue, net of interest expense	77,044		31,702		15,878		18,868		15,439		(4,843)
Provision for credit losses	3,290		3,753		32		(347)		(71)		(77)
Noninterest expense	48,114		16,182		11,942		8,563		9,935		1,492
Income (loss) before income taxes	25,640		11,767		3,904		10,652		5,575		(6,258)
Income tax expense (benefit)	2,269		2,942		976		2,876		1,533		(6,058)
Net income (loss)	$	23,371	$	8,825	$	2,928	$	7,776	$	4,042	$	(200)
Average
Total loans and leases	$	1,044,756	$	307,091	$	219,530	$	380,076	$	128,317	$	9,742
Total assets (1)	3,133,415		1,083,120		344,709		595,329		870,366		239,891
Total deposits	1,881,655		1,004,041		300,308		498,224		33,725		45,357
Period end
Total loans and leases	$	1,049,149	$	313,216	$	218,913	$	373,351	$	134,386	$	9,283
Total assets (1)	3,153,090		1,062,038		333,779		588,578		864,792		303,903
Total deposits	1,884,601		982,302		290,732		494,938		31,041		85,588
	Nine Months Ended September 30, 2022
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	38,096	$	21,551	$	5,451	$	8,304	$	2,717	$	73
Noninterest income
Fees and commissions:
Card income	4,531		3,836		51		578		49		17
Service charges	5,016		2,120		56		2,590		246		4
Investment and brokerage services	12,178		232		10,395		36		1,520		(5)
Investment banking fees	3,752		—		154		2,298		1,473		(173)
Total fees and commissions	25,477		6,188		10,656		5,502		3,288		(157)
Market making and similar activities	9,023		5		66		181		8,721		50
Other income (loss)	(1,863)		109		165		1,804		(449)		(3,492)
Total noninterest income (loss)	32,637		6,302		10,887		7,487		11,560		(3,599)
Total revenue, net of interest expense	70,733		27,853		16,338		15,791		14,277		(3,526)
Provision for credit losses	1,451		1,036		29		492		24		(130)
Noninterest expense	45,895		14,977		11,706		8,133		9,249		1,830
Income (loss) before income taxes	23,387		11,840		4,603		7,166		5,004		(5,226)
Income tax expense (benefit)	2,991		2,901		1,128		1,899		1,326		(4,263)
Net income (loss)	$	20,396	$	8,939	$	3,475	$	5,267	$	3,678	$	(963)
Average
Total loans and leases	$	1,009,211	$	289,672	$	218,030	$	373,547	$	114,505	$	13,457
Total assets (1)	3,156,657		1,144,587		407,819		605,884		857,747		140,620
Total deposits	2,006,584		1,067,785		362,611		514,612		41,448		20,128
Period end
Total loans and leases	$	1,032,466	$	297,825	$	224,858	$	377,711	$	121,721	$	10,351
Total assets (1)	3,072,953		1,149,918		370,790		575,442		848,752		128,051
Total deposits	1,938,097		1,072,580		324,859		484,309		37,318		19,031

(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. 13

Bank of America Corporation and Subsidiaries
Consumer Banking Segment Results
(Dollars in millions)
	Nine Months Ended September 30						Third Quarter 2023			Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022
	2023			2022
Net interest income	$	25,421		$	21,551		$	8,391		$	8,437		$	8,593		$	8,494		$	7,784
Noninterest income:
Card income	3,940			3,836			1,325			1,341			1,274			1,333			1,331
Service charges	1,729			2,120			605			525			599			586			597
All other income	612			346			151			221			240			369			192
Total noninterest income	6,281			6,302			2,081			2,087			2,113			2,288			2,120
Total revenue, net of interest expense	31,702			27,853			10,472			10,524			10,706			10,782			9,904
Provision for credit losses	3,753			1,036			1,397			1,267			1,089			944			738
Noninterest expense	16,182			14,977			5,256			5,453			5,473			5,100			5,097
Income before income taxes	11,767			11,840			3,819			3,804			4,144			4,738			4,069
Income tax expense	2,942			2,901			955			951			1,036			1,161			997
Net income	$	8,825		$	8,939		$	2,864		$	2,853		$	3,108		$	3,577		$	3,072
Net interest yield	3.26		%	2.61		%	3.26		%	3.24		%	3.27		%	3.11		%	2.79		%
Return on average allocated capital (1)	28			30			27			27			30			35			30
Efficiency ratio	51.05			53.77			50.18			51.81			51.12			47.29			51.47
Balance Sheet
Average
Total loans and leases	$	307,091		$	289,672		$	310,761		$	306,662		$	303,772		$	300,360		$	295,231
Total earning assets (2)	1,043,476			1,104,653			1,019,980			1,045,743			1,065,202			1,083,850			1,106,513
Total assets (2)	1,083,120			1,144,587			1,059,152			1,085,469			1,105,245			1,123,813			1,145,846
Total deposits	1,004,041			1,067,785			980,051			1,006,337			1,026,242			1,047,058			1,069,093
Allocated capital (1)	42,000			40,000			42,000			42,000			42,000			40,000			40,000
Period end
Total loans and leases	$	313,216		$	297,825		$	313,216		$	309,735		$	304,480		$	304,761		$	297,825
Total earning assets (2)	1,023,162			1,110,524			1,023,162			1,043,228			1,081,780			1,085,079			1,110,524
Total assets (2)	1,062,038			1,149,918			1,062,038			1,084,512			1,124,438			1,126,453			1,149,918
Total deposits	982,302			1,072,580			982,302			1,004,482			1,044,768			1,048,799			1,072,580

(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. 14

Bank of America Corporation and Subsidiaries
Consumer Banking Key Indicators
(Dollars in millions)
	Nine Months Ended September 30						Third Quarter 2023			Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022
	2023			2022
Average deposit balances
Checking	$	572,939		$	599,640		$	562,319		$	575,792		$	580,910		$	588,668		$	599,099
Savings	65,585			72,545			62,352			66,142			68,327			69,790			71,933
MMS	318,042			361,011			296,833			317,942			339,823			356,015			365,271
CDs and IRAs	43,459			29,730			54,596			42,445			33,098			28,619			28,731
Other	4,016			4,859			3,951			4,016			4,084			3,966			4,059
Total average deposit balances	$	1,004,041		$	1,067,785		$	980,051		$	1,006,337		$	1,026,242		$	1,047,058		$	1,069,093
Deposit spreads (excludes noninterest costs)
Checking	2.30		%	1.94		%	2.38		%	2.30		%	2.22		%	2.09		%	1.98		%
Savings	2.65			2.19			2.77			2.65			2.53			2.33			2.19
MMS	3.24			1.39			3.49			3.28			2.99			2.25			1.64
CDs and IRAs	2.87			1.09			2.55			2.96			3.27			2.91			1.85
Other	4.74			1.12			5.05			4.80			4.37			3.35			2.04
Total deposit spreads	2.66			1.74			2.76			2.67			2.54			2.19			1.88
Consumer investment assets	$	387,467		$	302,413		$	387,467		$	386,761		$	354,892		$	319,648		$	302,413
Active digital banking users (in thousands) (1)	45,797			43,496			45,797			45,713			44,962			44,054			43,496
Active mobile banking users (in thousands) (2)	37,487			34,922			37,487			37,329			36,322			35,452			34,922
Financial centers	3,862			3,932			3,862			3,887			3,892			3,913			3,932
ATMs	15,253			15,572			15,253			15,335			15,407			15,528			15,572
Total credit card(3)
Loans
Average credit card outstandings	$	94,775		$	81,505		$	98,049		$	94,431		$	91,775		$	89,575		$	85,009
Ending credit card outstandings	99,686			87,296			99,686			97,009			92,469			93,421			87,296
Credit quality
Net charge-offs	$	1,784		$	948		$	673		$	610		$	501		$	386		$	328
	2.52		%	1.55		%	2.72		%	2.60		%	2.21		%	1.71		%	1.53		%
30+ delinquency	$	2,097		$	1,202		$	2,097		$	1,810		$	1,674		$	1,505		$	1,202
	2.10		%	1.38		%	2.10		%	1.87		%	1.81		%	1.61		%	1.38		%
90+ delinquency	$	1,016		$	547		$	1,016		$	897		$	828		$	717		$	547
	1.02		%	0.63		%	1.02		%	0.92		%	0.90		%	0.77		%	0.63		%
Other total credit card indicators (3)
Gross interest yield	11.85		%	10.14		%	12.03		%	11.66		%	11.85		%	11.18		%	10.71		%
Risk-adjusted margin	8.06			10.13			7.70			7.83			8.69			9.87			10.07
New accounts (in thousands)	3,386			3,301			1,062			1,137			1,187			1,096			1,256
Purchase volumes	$	270,358		$	263,788		$	91,711		$	93,103		$	85,544		$	92,800		$	91,064
Debit card data
Purchase volumes	$	390,891		$	373,426		$	133,553		$	132,962		$	124,376		$	130,157		$	127,135
Loan production(4)
Consumer Banking:
First mortgage	$	7,392		$	18,695		$	2,547		$	2,889		$	1,956		$	2,286		$	4,028
Home equity	6,389			5,875			2,035			2,171			2,183			2,113			1,999
Total (5):
First mortgage	$	15,473		$	39,548		$	5,596		$	5,940		$	3,937		$	5,217		$	8,724
Home equity	7,559			6,995			2,421			2,542			2,596			2,596			2,420

(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. 15

Bank of America Corporation and Subsidiaries
Consumer Banking Quarterly Results
(Dollars in millions)
	Third Quarter 2023									Second Quarter 2023
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	8,391		$	5,571		$	2,820		$	8,437		$	5,733		$	2,704
Noninterest income:
Card income	1,325			(11)			1,336			1,341			(10)			1,351
Service charges	605			605			—			525			524			1
All other income	151			116			35			221			177			44
Total noninterest income	2,081			710			1,371			2,087			691			1,396
Total revenue, net of interest expense	10,472			6,281			4,191			10,524			6,424			4,100
Provision for credit losses	1,397			128			1,269			1,267			103			1,164
Noninterest expense	5,256			3,240			2,016			5,453			3,428			2,025
Income before income taxes	3,819			2,913			906			3,804			2,893			911
Income tax expense	955			729			226			951			723			228
Net income	$	2,864		$	2,184		$	680		$	2,853		$	2,170		$	683
Net interest yield	3.26		%	2.26		%	3.65		%	3.24		%	2.29		%	3.58		%
Return on average allocated capital (1)	27			63			10			27			64			10
Efficiency ratio	50.18			51.60			48.06			51.81			53.33			49.43
Balance Sheet
Average
Total loans and leases	$	310,761		$	4,139		$	306,622		$	306,662		$	4,078		$	302,584
Total earning assets (2)	1,019,980			975,968			306,982			1,045,743			1,002,528			302,944
Total assets (2)	1,059,152			1,009,390			312,731			1,085,469			1,035,969			309,228
Total deposits	980,051			974,674			5,377			1,006,337			1,001,307			5,030
Allocated capital (1)	42,000			13,700			28,300			42,000			13,700			28,300
Period end
Total loans and leases	$	313,216		$	4,165		$	309,051		$	309,735		$	4,122		$	305,613
Total earning assets (2)	1,023,162			978,133			309,527			1,043,228			999,281			306,121
Total assets (2)	1,062,038			1,010,771			315,765			1,084,512			1,034,405			312,281
Total deposits	982,302			976,007			6,295			1,004,482			999,262			5,220
										Third Quarter 2022
										Total Consumer Banking			Deposits			Consumer Lending
Net interest income										$	7,784		$	5,006		$	2,778
Noninterest income:
Card income										1,331			(10)			1,341
Service charges										597			597			—
All other income										192			141			51
Total noninterest income										2,120			728			1,392
Total revenue, net of interest expense										9,904			5,734			4,170
Provision for credit losses										738			173			565
Noninterest expense										5,097			3,141			1,956
Income before income taxes										4,069			2,420			1,649
Income tax expense										997			593			404
Net income										$	3,072		$	1,827		$	1,245
Net interest yield										2.79		%	1.87		%	3.76		%
Return on average allocated capital (1)										30			56			18
Efficiency ratio										51.47			54.78			46.92
Balance Sheet
Average
Total loans and leases										$	295,231		$	4,153		$	291,078
Total earning assets (2)										1,106,513			1,064,585			293,366
Total assets (2)										1,145,846			1,096,911			300,374
Total deposits										1,069,093			1,063,075			6,018
Allocated capital (1)										40,000			13,000			27,000
Period end
Total loans and leases										$	297,825		$	4,134		$	293,691
Total earning assets (2)										1,110,524			1,068,130			295,637
Total assets (2)										1,149,918			1,100,517			302,644
Total deposits										1,072,580			1,066,522			6,058

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

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

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

Bank of America Corporation and Subsidiaries
Consumer Banking Year-to-Date Results
(Dollars in millions)
	Nine Months Ended September 30
	2023									2022
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	25,421		$	17,120		$	8,301		$	21,551		$	13,535		$	8,016
Noninterest income:
Card income	3,940			(31)			3,971			3,836			(27)			3,863
Service charges	1,729			1,727			2			2,120			2,118			2
All other income	612			490			122			346			264			82
Total noninterest income	6,281			2,186			4,095			6,302			2,355			3,947
Total revenue, net of interest expense	31,702			19,306			12,396			27,853			15,890			11,963
Provision for credit losses	3,753			414			3,339			1,036			388			648
Noninterest expense	16,182			10,082			6,100			14,977			9,204			5,773
Income before income taxes	11,767			8,810			2,957			11,840			6,298			5,542
Income tax expense	2,942			2,203			739			2,901			1,543			1,358
Net income	$	8,825		$	6,607		$	2,218		$	8,939		$	4,755		$	4,184
Net interest yield	3.26		%	2.29		%	3.66		%	2.61		%	1.70		%	3.73		%
Return on average allocated capital (1)	28			64			11			30			49			21
Efficiency ratio	51.05			52.23			49.21			53.77			57.92			48.26
Balance Sheet
Average
Total loans and leases	$	307,091		$	4,113		$	302,978		$	289,672		$	4,171		$	285,501
Total earning assets (2)	1,043,476			1,000,143			303,266			1,104,653			1,062,668			287,422
Total assets (2)	1,083,120			1,033,618			309,435			1,144,587			1,095,830			294,193
Total deposits	1,004,041			998,947			5,094			1,067,785			1,061,876			5,909
Allocated capital (1)	42,000			13,700			28,300			40,000			13,000			27,000
Period end
Total loans and leases	$	313,216		$	4,165		$	309,051		$	297,825		$	4,134		$	293,691
Total earning assets (2)	1,023,162			978,133			309,527			1,110,524			1,068,130			295,637
Total assets (2)	1,062,038			1,010,771			315,765			1,149,918			1,100,517			302,644
Total deposits	982,302			976,007			6,295			1,072,580			1,066,522			6,058

For footnotes, see page 16.

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 Wealth & Investment Management Segment Results
(Dollars in millions)
	Nine Months Ended September 30						Third Quarter 2023			Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022
	2023			2022
Net interest income	$	5,436		$	5,451		$	1,755		$	1,805		$	1,876		$	2,015		$	1,981
Noninterest income:
Investment and brokerage services	9,885			10,395			3,396			3,251			3,238			3,166			3,255
All other income	557			492			170			186			201			229			193
Total noninterest income	10,442			10,887			3,566			3,437			3,439			3,395			3,448
Total revenue, net of interest expense	15,878			16,338			5,321			5,242			5,315			5,410			5,429
Provision for credit losses	32			29			(6)			13			25			37			37
Noninterest expense	11,942			11,706			3,950			3,925			4,067			3,784			3,816
Income before income taxes	3,904			4,603			1,377			1,304			1,223			1,589			1,576
Income tax expense	976			1,128			344			326			306			389			386
Net income	$	2,928		$	3,475		$	1,033		$	978		$	917		$	1,200		$	1,190
Net interest yield	2.19		%	1.84		%	2.16		%	2.21		%	2.20		%	2.29		%	2.12		%
Return on average allocated capital (1)	21			27			22			21			20			27			27
Efficiency ratio	75.21			71.65			74.28			74.86			76.53			69.96			70.28
Balance Sheet
Average
Total loans and leases	$	219,530		$	218,030		$	218,569		$	218,604		$	221,448		$	225,094		$	223,734
Total earning assets (2)	331,738			395,023			322,032			327,066			346,384			348,718			370,733
Total assets (2)	344,709			407,819			335,124			340,105			359,164			361,592			383,468
Total deposits	300,308			362,611			291,770			295,380			314,019			317,849			339,487
Allocated capital (1)	18,500			17,500			18,500			18,500			18,500			17,500			17,500
Period end
Total loans and leases	$	218,913		$	224,858		$	218,913		$	219,208		$	217,804		$	223,910		$	224,858
Total earning assets (2)	320,196			357,434			320,196			324,820			336,560			355,461			357,434
Total assets (2)	333,779			370,790			333,779			338,184			349,888			368,893			370,790
Total deposits	290,732			324,859			290,732			292,526			301,471			323,899			324,859

(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 Wealth & Investment Management Key Indicators
(Dollars in millions)
	Nine Months Ended September 30				Third Quarter 2023		Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022
	2023		2022
Revenue by Business
Merrill Wealth Management	$	13,135	$	13,649	$	4,398	$	4,340	$	4,397	$	4,486	$	4,524
Bank of America Private Bank	2,743		2,689		923		902		918		924		905
Total revenue, net of interest expense	$	15,878	$	16,338	$	5,321	$	5,242	$	5,315	$	5,410	$	5,429
Client Balances by Business, at period end
Merrill Wealth Management	$	2,978,229	$	2,710,985	$	2,978,229	$	3,057,680	$	2,952,681	$	2,822,910	$	2,710,985
Bank of America Private Bank	572,624		537,771		572,624		577,514		568,925		563,931		537,771
Total client balances	$	3,550,853	$	3,248,756	$	3,550,853	$	3,635,194	$	3,521,606	$	3,386,841	$	3,248,756
Client Balances by Type, at period end
Assets under management (1)	$	1,496,601	$	1,329,557	$	1,496,601	$	1,531,042	$	1,467,242	$	1,401,474	$	1,329,557
Brokerage and other assets	1,578,123		1,413,946		1,578,123		1,628,294		1,571,409		1,482,025		1,413,946
Deposits	290,732		324,859		290,732		292,526		301,471		323,899		324,859
Loans and leases (2)	221,684		228,129		221,684		222,280		220,633		226,973		228,129
Less: Managed deposits in assets under management	(36,287)		(47,735)		(36,287)		(38,948)		(39,149)		(47,530)		(47,735)
Total client balances	$	3,550,853	$	3,248,756	$	3,550,853	$	3,635,194	$	3,521,606	$	3,386,841	$	3,248,756
Assets Under Management Rollforward
Assets under management, beginning balance	$	1,401,474	$	1,638,782	$	1,531,042	$	1,467,242	$	1,401,474	$	1,329,557	$	1,411,344
Net client flows	43,784		20,680		14,226		14,296		15,262		105		4,110
Market valuation/other	51,343		(329,905)		(48,667)		49,504		50,506		71,812		(85,897)
Total assets under management, ending balance	$	1,496,601	$	1,329,557	$	1,496,601	$	1,531,042	$	1,467,242	$	1,401,474	$	1,329,557
Advisors, at period end
Total wealth advisors (3)	19,130		18,841		19,130		19,099		19,243		19,273		18,841

(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. 19

Bank of America Corporation and Subsidiaries
Global Banking Segment Results
(Dollars in millions)
	Nine Months Ended September 30						Third Quarter 2023			Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022
	2023			2022
Net interest income	$	11,210		$	8,304		$	3,613		$	3,690		$	3,907		$	3,880		$	3,326
Noninterest income:
Service charges	2,203			2,590			754			735			714			703			771
Investment banking fees	2,129			2,298			743			718			668			706			726
All other income	3,326			2,599			1,093			1,319			914			1,149			768
Total noninterest income	7,658			7,487			2,590			2,772			2,296			2,558			2,265
Total revenue, net of interest expense	18,868			15,791			6,203			6,462			6,203			6,438			5,591
Provision for credit losses	(347)			492			(119)			9			(237)			149			170
Noninterest expense	8,563			8,133			2,804			2,819			2,940			2,833			2,651
Income before income taxes	10,652			7,166			3,518			3,634			3,500			3,456			2,770
Income tax expense	2,876			1,899			950			981			945			916			734
Net income	$	7,776		$	5,267		$	2,568		$	2,653		$	2,555		$	2,540		$	2,036
Net interest yield	2.84		%	2.05		%	2.68		%	2.80		%	3.03		%	2.90		%	2.53		%
Return on average allocated capital (1)	21			16			21			22			21			23			18
Efficiency ratio	45.38			51.50			45.22			43.59			47.41			44.03			47.41
Balance Sheet
Average
Total loans and leases	$	380,076		$	373,547		$	376,214		$	383,058		$	381,009		$	380,385		$	384,305
Total earning assets (2)	528,205			541,670			534,153			527,959			522,374			531,206			521,555
Total assets (2)	595,329			605,884			601,378			595,585			588,886			595,525			585,683
Total deposits	498,224			514,612			504,432			497,533			492,577			503,472			495,154
Allocated capital (1)	49,250			44,500			49,250			49,250			49,250			44,500			44,500
Period end
Total loans and leases	$	373,351		$	377,711		$	373,351		$	381,609		$	383,491		$	379,107		$	377,711
Total earning assets (2)	521,423			511,494			521,423			518,547			524,299			522,539			511,494
Total assets (2)	588,578			575,442			588,578			586,397			591,231			588,466			575,442
Total deposits	494,938			484,309			494,938			492,734			495,949			498,661			484,309

(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. 20

Bank of America Corporation and Subsidiaries
Global Banking Key Indicators
(Dollars in millions)
	Nine Months Ended September 30						Third Quarter 2023			Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022
	2023			2022
Investment Banking fees (1)
Advisory (2)	$	1,042		$	1,197		$	396		$	333		$	313		$	446		$	397
Debt issuance	808			915			255			263			290			184			273
Equity issuance	279			186			92			122			65			76			56
Total Investment Banking fees (3)	$	2,129		$	2,298		$	743		$	718		$	668		$	706		$	726
Business Lending
Corporate	$	3,693		$	2,908		$	1,300		$	1,359		$	1,034		$	1,417		$	902
Commercial	3,765			3,128			1,262			1,270			1,233			1,188			1,111
Business Banking	191			186			61			63			67			65			66
Total Business Lending revenue	$	7,649		$	6,222		$	2,623		$	2,692		$	2,334		$	2,670		$	2,079
Global Transaction Services
Corporate	$	4,424		$	3,456		$	1,392		$	1,483		$	1,549		$	1,546		$	1,369
Commercial	3,172			2,981			998			1,045			1,129			1,185			1,112
Business Banking	1,161			835			379			395			387			378			322
Total Global Transaction Services revenue	$	8,757		$	7,272		$	2,769		$	2,923		$	3,065		$	3,109		$	2,803
Average deposit balances
Interest-bearing	$	287,376		$	156,950		$	315,289		$	289,187		$	257,012		$	225,671		$	171,203
Noninterest-bearing	210,848			357,662			189,143			208,346			235,565			277,801			323,951
Total average deposits	$	498,224		$	514,612		$	504,432		$	497,533		$	492,577		$	503,472		$	495,154
Loan spread	1.53		%	1.51		%	1.52		%	1.52		%	1.55		%	1.52		%	1.51		%
Provision for credit losses	$	(347)		$	492		$	(119)		$	9		$	(237)		$	149		$	170
Credit quality (4, 5)
Reservable criticized utilized exposure	$	22,025		$	15,809		$	22,025		$	19,714		$	18,104		$	17,519		$	15,809
	5.58		%	3.95		%	5.58		%	4.89		%	4.46		%	4.37		%	3.95		%
Nonperforming loans, leases and foreclosed properties	$	1,908		$	1,057		$	1,908		$	1,248		$	1,023		$	923		$	1,057
	0.51		%	0.28		%	0.51		%	0.33		%	0.27		%	0.25		%	0.28		%
Average loans and leases by product
U.S. commercial	$	228,461		$	223,550		$	225,758		$	230,111		$	229,558		$	230,591		$	233,027
Non-U.S. commercial	80,889			83,733			78,748			81,546			82,412			82,222			84,287
Commercial real estate	56,690			51,811			57,573			57,449			55,019			54,104			53,042
Commercial lease financing	14,035			14,451			14,134			13,951			14,019			13,467			13,948
Other	1			2			1			1			1			1			1
Total average loans and leases	$	380,076		$	373,547		$	376,214		$	383,058		$	381,009		$	380,385		$	384,305
Total Corporation Investment Banking fees
Advisory (2)	$	1,186		$	1,297		$	448		$	375		$	363		$	486		$	432
Debt issuance	1,814			2,109			570			600			644			414			616
Equity issuance	687			520			232			287			168			189			156
Total investment banking fees including self-led deals	3,687			3,926			1,250			1,262			1,175			1,089			1,204
Self-led deals	(124)			(174)			(62)			(50)			(12)			(18)			(37)
Total Investment Banking fees	$	3,563		$	3,752		$	1,188		$	1,212		$	1,163		$	1,071		$	1,167

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

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

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

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

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

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

Bank of America Corporation and Subsidiaries
Global Markets Segment Results
(Dollars in millions)
	Nine Months Ended September 30						Third Quarter 2023			Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022
	2023			2022
Net interest income	$	1,080		$	2,717		$	674		$	297		$	109		$	371		$	743
Noninterest income:
Investment and brokerage services	1,507			1,520			475			499			533			482			457
Investment banking fees	1,435			1,473			463			503			469			347			430
Market making and similar activities	11,002			8,721			3,195			3,409			4,398			2,685			2,874
All other income	415			(154)			135			163			117			(24)			(21)
Total noninterest income	14,359			11,560			4,268			4,574			5,517			3,490			3,740
Total revenue, net of interest expense (1)	15,439			14,277			4,942			4,871			5,626			3,861			4,483
Provision for credit losses	(71)			24			(14)			(4)			(53)			4			11
Noninterest expense	9,935			9,249			3,235			3,349			3,351			3,171			3,023
Income before income taxes	5,575			5,004			1,721			1,526			2,328			686			1,449
Income tax expense	1,533			1,326			473			420			640			182			384
Net income	$	4,042		$	3,678		$	1,248		$	1,106		$	1,688		$	504		$	1,065
Return on average allocated capital (2)	12		%	12		%	11		%	10		%	15		%	5		%	10		%
Efficiency ratio	64.35			64.78			65.47			68.74			59.56			82.14			67.42
Balance Sheet
Average
Total trading-related assets	$	618,908		$	598,213		$	609,744		$	621,125		$	626,035		$	608,493		$	592,391
Total loans and leases	128,317			114,505			131,298			128,539			125,046			123,022			120,435
Total earning assets	647,386			600,477			655,971			657,947			627,935			610,045			591,883
Total assets	870,366			857,747			863,653			877,471			870,038			857,319			847,899
Total deposits	33,725			41,448			31,890			33,222			36,109			37,219			38,820
Allocated capital (2)	45,500			42,500			45,500			45,500			45,500			42,500			42,500
Period end
Total trading-related assets	$	613,009		$	592,938		$	613,009		$	599,787		$	599,841		$	564,769		$	592,938
Total loans and leases	134,386			121,721			134,386			131,128			130,804			127,735			121,721
Total earning assets	660,172			595,988			660,172			640,712			632,873			587,772			595,988
Total assets	864,792			848,752			864,792			851,771			861,477			812,489			848,752
Total deposits	31,041			37,318			31,041			33,049			33,624			39,077			37,318
Trading-related assets (average)
Trading account securities	$	321,607		$	301,690		$	307,990		$	317,928		$	339,248		$	309,217		$	308,514
Reverse repurchases	133,912			127,527			135,401			139,480			126,760			122,753			112,828
Securities borrowed	118,912			115,898			119,936			120,481			116,280			119,334			114,032
Derivative assets	44,477			53,098			46,417			43,236			43,747			57,189			57,017
Total trading-related assets	$	618,908		$	598,213		$	609,744		$	621,125		$	626,035		$	608,493		$	592,391

(1)Substantially all of Global Markets total revenue is sales and trading revenue and investment banking fees, with a small portion related to certain revenue sharing agreements with other business segments. For additional sales and trading revenue information, see page 23.

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

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

Bank of America Corporation and Subsidiaries
Global Markets Key Indicators
(Dollars in millions)
	Nine Months Ended September 30				Third Quarter 2023		Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022
	2023		2022
Sales and trading revenue (1)
Fixed-income, currencies and commodities	$	8,817	$	7,760	$	2,710	$	2,667	$	3,440	$	2,157	$	2,552
Equities	4,940		5,204		1,695		1,618		1,627		1,368		1,540
Total sales and trading revenue	$	13,757	$	12,964	$	4,405	$	4,285	$	5,067	$	3,525	$	4,092
Sales and trading revenue, excluding net debit valuation adjustment (2,3)
Fixed-income, currencies and commodities	$	8,916	$	7,555	$	2,723	$	2,764	$	3,429	$	2,343	$	2,567
Equities	4,945		5,196		1,698		1,623		1,624		1,375		1,539
Total sales and trading revenue, excluding net debit valuation adjustment	$	13,861	$	12,751	$	4,421	$	4,387	$	5,053	$	3,718	$	4,106
Sales and trading revenue breakdown
Net interest income	$	581	$	2,348	$	518	$	137	$	(74)	$	188	$	586
Commissions	1,495		1,479		474		492		529		476		444
Trading	10,999		8,719		3,194		3,407		4,398		2,684		2,873
Other	682		418		219		249		214		177		189
Total sales and trading revenue	$	13,757	$	12,964	$	4,405	$	4,285	$	5,067	$	3,525	$	4,092

(1)    Includes Global Banking sales and trading revenue of $464 million and $785 million for the nine months ended September 30, 2023 and 2022, and $133 million, $154 million and $177 million for the third, second and first quarters of 2023, and $262 million and $287 million for the fourth and third quarters of 2022, respectively.

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

(3)Net DVA gains (losses) were $(104) million and $213 million for the nine months ended September 30, 2023 and 2022, and $(16) million, $(102) million and $14 million for the third, second and first quarters of 2023, and $(193) million and $(14) million for the fourth and third quarters of 2022, respectively. FICC net DVA gains (losses) were $(99) million and $205 million for the nine months ended September 30, 2023 and 2022, and $(13) million, $(97) million and $11 million for the third, second and first quarters of 2023, and $(186) million and $(15) million for the fourth and third quarters of 2022, respectively. Equities net DVA gains (losses) were $(5) million and $8 million for the nine months ended September 30, 2023 and 2022, and $(3) million, $(5) million and $3 million for the third, second and first quarters of 2023, and $(7) million and $1 million for the fourth and third quarters of 2022, respectively.

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

Bank of America Corporation and Subsidiaries
All Other Results (1)
(Dollars in millions)
	Nine Months Ended September 30				Third Quarter 2023		Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022
	2023		2022
Net interest income	$	260	$	73	$	99	$	64	$	97	$	44	$	37
Noninterest income (loss)	(5,103)		(3,599)		(1,717)		(1,831)		(1,555)		(1,880)		(836)
Total revenue, net of interest expense	(4,843)		(3,526)		(1,618)		(1,767)		(1,458)		(1,836)		(799)
Provision for credit losses	(77)		(130)		(24)		(160)		107		(42)		(58)
Noninterest expense	1,492		1,830		593		492		407		655		716
Loss before income taxes	(6,258)		(5,226)		(2,187)		(2,099)		(1,972)		(2,449)		(1,457)
Income tax expense (benefit)	(6,058)		(4,263)		(2,276)		(1,917)		(1,865)		(1,760)		(1,176)
Net income (loss)	$	(200)	$	(963)	$	89	$	(182)	$	(107)	$	(689)	$	(281)
Balance Sheet
Average
Total loans and leases	$	9,742	$	13,457	$	9,412	$	9,745	$	10,077	$	10,386	$	10,629
Total assets (2)	239,891		140,620		269,159		276,728		172,725		136,040		142,650
Total deposits	45,357		20,128		68,010		42,881		24,702		19,946		20,221
Period end
Total loans and leases	$	9,283	$	10,351	$	9,283	$	9,544	$	9,827	$	10,234	$	10,351
Total assets (3)	303,903		128,051		303,903		262,334		267,623		155,074		128,051
Total deposits	85,588		19,031		85,588		54,418		34,590		19,905		19,031

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

(2)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $981.8 billion and $1.1 trillion for the nine months ended September 30, 2023 and 2022, and $955.7 billion, $977.8 billion and $1.0 trillion for the third, second and first quarters of 2023, and $1.0 trillion and $1.1 trillion for the fourth and third quarters of 2022, respectively.

(3)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $945.7 billion, $963.6 billion, $1.0 trillion, $1.0 trillion and $1.1 trillion at September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively.

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

Bank of America Corporation and Subsidiaries
Outstanding Loans and Leases
(Dollars in millions)
	September 30 2023		June 30 2023		September 30 2022
Consumer
Residential mortgage	$	229,166	$	228,915	$	229,062
Home equity	25,492		25,536		26,845
Credit card	99,687		97,009		87,296
Direct/Indirect consumer (1)	104,059		104,412		107,159
Other consumer (2)	122		132		171
Total consumer loans excluding loans accounted for under the fair value option	458,526		456,004		450,533
Consumer loans accounted for under the fair value option (3)	253		266		355
Total consumer	458,779		456,270		450,888
Commercial
U.S. commercial	356,330		360,796		355,370
Non-U.S. commercial	123,713		123,518		123,035
Commercial real estate (4)	73,193		74,290		67,952
Commercial lease financing	13,904		13,493		12,956
	567,140		572,097		559,313
U.S. small business commercial (5)	19,233		18,796		17,769
Total commercial loans excluding loans accounted for under the fair value option	586,373		590,893		577,082
Commercial loans accounted for under the fair value option (3)	3,997		4,061		4,496
Total commercial	590,370		594,954		581,578
Total loans and leases	$	1,049,149	$	1,051,224	$	1,032,466

(1)Includes primarily auto and specialty lending loans and leases of $54.0 billion, $53.3 billion and $50.7 billion, U.S. securities-based lending loans of $46.5 billion, $47.3 billion and $52.6 billion and non-U.S. consumer loans of $2.8 billion, $2.9 billion and $2.9 billion at September 30, 2023, June 30, 2023 and September 30, 2022, respectively.

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

(3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $67 million, $69 million and $74 million and home equity loans of $186 million, $197 million and $281 million at September 30, 2023, June 30, 2023 and September 30, 2022, respectively. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.5 billion, $2.3 billion and $2.4 billion and non-U.S. commercial loans of $1.5 billion, $1.8 billion and $2.1 billion at September 30, 2023, June 30, 2023 and September 30, 2022, respectively.

(4)Includes U.S. commercial real estate loans of $67.3 billion, $68.1 billion and $63.9 billion and non-U.S. commercial real estate loans of $5.9 billion, $6.2 billion and $4.0 billion at September 30, 2023, June 30, 2023 and September 30, 2022, respectively.

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

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

Bank of America Corporation and Subsidiaries
Quarterly Average Loans and Leases by Business Segment and All Other
(Dollars in millions)
	Third Quarter 2023
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All  Other
Consumer
Residential mortgage	$	229,001	$	116,828	$	104,635	$	1	$	—	$	7,537
Home equity	25,661		21,123		2,372		—		173		1,993
Credit card	98,049		94,781		3,268		—		—		—
Direct/Indirect and other consumer	104,134		53,840		50,291		—		—		3
Total consumer	456,845		286,572		160,566		1		173		9,533
Commercial
U.S. commercial	377,728		24,179		50,267		225,758		77,369		155
Non-U.S. commercial	123,781		—		681		78,748		44,306		46
Commercial real estate	74,088		10		7,055		57,573		9,450		—
Commercial lease financing	13,812		—		—		14,134		—		(322)
Total commercial	589,409		24,189		58,003		376,213		131,125		(121)
Total loans and leases	$	1,046,254	$	310,761	$	218,569	$	376,214	$	131,298	$	9,412
	Second Quarter 2023
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All  Other
Consumer
Residential mortgage	$	228,758	$	117,141	$	104,024	$	1	$	—	$	7,592
Home equity	25,957		21,221		2,376		—		187		2,173
Credit card	94,431		91,252		3,180		—		—		(1)
Direct/Indirect and other consumer	104,915		53,431		51,481		—		—		3
Total consumer	454,061		283,045		161,061		1		187		9,767
Commercial
U.S. commercial	379,027		23,607		49,591		230,111		75,535		183
Non-U.S. commercial	125,827		—		928		81,546		43,236		117
Commercial real estate	74,065		10		7,024		57,449		9,581		1
Commercial lease financing	13,628		—		—		13,951		—		(323)
Total commercial	592,547		23,617		57,543		383,057		128,352		(22)
Total loans and leases	$	1,046,608	$	306,662	$	218,604	$	383,058	$	128,539	$	9,745
	Third Quarter 2022
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All  Other
Consumer
Residential mortgage	$	228,474	$	118,173	$	102,204	$	1	$	—	$	8,096
Home equity	27,282		21,939		2,480		—		216		2,647
Credit card	85,009		82,081		2,929		—		—		(1)
Direct/Indirect and other consumer	108,300		51,130		57,167		—		—		3
Total consumer	449,065		273,323		164,780		1		216		10,745
Commercial
U.S. commercial	377,183		21,897		52,090		233,027		69,962		207
Non-U.S. commercial	127,793		—		1,278		84,287		42,190		38
Commercial real estate	66,707		11		5,586		53,042		8,067		1
Commercial lease financing	13,586		—		—		13,948		—		(362)
Total commercial	585,269		21,908		58,954		384,304		120,219		(116)
Total loans and leases	$	1,034,334	$	295,231	$	223,734	$	384,305	$	120,435	$	10,629

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

Bank of America Corporation and Subsidiaries
Commercial Credit Exposure by Industry (1, 2, 3, 4, 5)
(Dollars in millions)
	Commercial Utilized						Total Commercial Committed
	September 30 2023		June 30 2023		September 30 2022		September 30 2023		June 30 2023		September 30 2022
Asset managers & funds	$	106,525	$	104,838	$	118,183	$	173,531	$	168,062	$	172,468
Real estate (6)	73,318		74,545		70,535		99,840		101,284		98,590
Capital goods	48,858		49,505		47,669		93,327		92,886		89,447
Finance companies	56,733		57,375		50,749		81,968		82,742		74,003
Healthcare equipment and services	34,986		34,511		32,693		61,151		61,174		57,834
Retailing	26,261		25,618		26,850		57,664		54,017		52,916
Materials	25,132		26,192		26,552		55,496		55,838		55,599
Food, beverage and tobacco	22,609		24,351		23,258		49,678		49,331		48,317
Consumer services	27,735		27,826		26,250		49,395		49,921		46,186
Government & public education	32,058		32,398		36,635		46,602		46,720		48,991
Individuals and trusts	32,297		32,930		34,976		43,323		43,957		44,640
Commercial services and supplies	24,089		24,588		23,010		42,992		42,500		43,769
Utilities	17,806		18,655		19,280		38,220		39,108		39,560
Transportation	24,004		23,486		21,671		36,607		35,317		34,033
Energy	13,855		12,999		16,934		36,312		36,034		37,829
Global commercial banks	27,544		26,444		30,209		30,313		28,994		32,482
Technology hardware and equipment	10,796		10,980		10,993		29,812		29,909		28,135
Media	14,427		14,558		12,282		25,817		26,377		27,331
Software and services	10,160		10,770		13,908		24,839		25,397		26,678
Insurance	11,357		10,591		12,427		21,811		20,096		20,901
Vehicle dealers	14,359		14,245		11,788		21,334		21,228		19,698
Consumer durables and apparel	9,437		9,619		10,251		20,462		21,146		21,167
Pharmaceuticals and biotechnology	7,294		7,070		7,722		20,244		21,859		18,779
Telecommunication services	9,276		9,901		8,530		17,005		17,370		16,608
Automobiles and components	7,207		8,060		7,529		15,447		15,979		15,685
Food and staples retailing	7,973		7,519		7,046		13,698		13,107		11,728
Financial markets infrastructure (clearinghouses)	2,409		3,013		7,894		4,762		5,797		12,704
Religious and social organizations	2,400		2,437		2,736		4,518		4,373		4,990
Total commercial credit exposure by industry	$	700,905	$	705,024	$	718,560	$	1,216,168	$	1,210,523	$	1,201,068

(1)Includes loans and leases, standby letters of credit and financial guarantees, derivative assets, assets held-for-sale, commercial letters of credit, bankers’ acceptances, securitized assets, foreclosed properties and other collateral acquired. Derivative assets are carried at fair value, reflect the effects of legally enforceable master netting agreements and have been reduced by cash collateral of $53.4 billion, $52.1 billion and $40.7 billion at September 30, 2023, June 30, 2023 and September 30, 2022, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $32.9 billion, $30.9 billion and $59.3 billion, which consists primarily of other marketable securities, at September 30, 2023, June 30, 2023 and September 30, 2022, respectively.

(2)Total utilized and total committed exposure includes loans of $4.0 billion, $4.1 billion and $4.5 billion and issued letters of credit with a notional amount of $14 million, $12 million and $37 million accounted for under the fair value option at September 30, 2023, June 30, 2023 and September 30, 2022, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $1.8 billion, $2.6 billion and $3.5 billion at September 30, 2023, June 30, 2023 and September 30, 2022, respectively.

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

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

(5)Includes $415 million, $545 million and $1.5 billion of PPP loan exposure across impacted industries at September 30, 2023, June 30, 2023 and September 30, 2022, respectively.

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

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

Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties
(Dollars in millions)
	September 30 2023			June 30 2023			March 31 2023			December 31 2022			September 30 2022
Residential mortgage	$	2,185		$	2,140		$	2,125		$	2,167		$	2,187
Home equity	479			482			488			510			532
Direct/Indirect consumer	128			107			101			77			41
Total consumer	2,792			2,729			2,714			2,754			2,760
U.S. commercial	561			476			559			553			640
Non-U.S. commercial	102			84			125			212			274
Commercial real estate	1,343			816			502			271			282
Commercial lease financing	18			6			4			4			11
	2,024			1,382			1,190			1,040			1,207
U.S. small business commercial	17			15			14			14			16
Total commercial	2,041			1,397			1,204			1,054			1,223
Total nonperforming loans and leases	4,833			4,126			3,918			3,808			3,983
Foreclosed properties (1)	160			148			165			170			173
Total nonperforming loans, leases, and foreclosed properties(2, 3)	$	4,993		$	4,274		$	4,083		$	3,978		$	4,156
Fully-insured home loans past due 30 days or more and still accruing	$	523		$	525		$	580		$	627		$	672
Consumer credit card past due 30 days or more and still accruing	2,097			1,811			1,674			1,505			1,202
Other loans past due 30 days or more and still accruing	2,848			2,920			3,146			4,008			3,281
Total loans past due 30 days or more and still accruing (4, 5)	$	5,468		$	5,256		$	5,400		$	6,140		$	5,155
Fully-insured home loans past due 90 days or more and still accruing	$	265		$	288		$	338		$	368		$	427
Consumer credit card past due 90 days or more and still accruing	1,016			896			828			717			547
Other loans past due 90 days or more and still accruing	286			356			508			626			647
Total loans past due 90 days or more and still accruing (5)	$	1,567		$	1,540		$	1,674		$	1,711		$	1,621
Nonperforming loans, leases and foreclosed properties/Total assets (6)	0.16		%	0.14		%	0.13		%	0.13		%	0.14		%
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties (5)	0.48			0.41			0.39			0.38			0.40
Nonperforming loans and leases/Total loans and leases (6)	0.46			0.39			0.38			0.37			0.39
Commercial reservable criticized utilized exposure (7)	$	23,722		$	21,469		$	19,789		$	19,274		$	17,659
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure (6)	3.83		%	3.44		%	3.17		%	3.12		%	2.88		%
Total commercial criticized utilized exposure/Commercial utilized exposure (7)	4.12			3.79			3.67			3.70			2.82

(1)Includes repossessed assets of $20 million for the third quarter of 2023 and $0 for the remaining quarters.

(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 $173 million, $174 million, $250 million, $219 million and $222 million at September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively.

(4)Balances do not include loans held-for-sale past due 30 days or more and still accruing of $22 million, $39 million, $36 million, $58 million and $81 million at September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively.

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

(6)Total assets and total loans and leases do not include loans accounted for under the fair value option of $4.3 billion, $4.3 billion, $4.4 billion, $5.8 billion and $4.9 billion at September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, 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. 28

Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties Activity (1)
(Dollars in millions)
	Third Quarter 2023		Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022
Nonperforming Consumer Loans and Leases:
Balance, beginning of period	$	2,729	$	2,714	$	2,754	$	2,760	$	2,866
Additions	297		258		253		208		236
Reductions:
Paydowns and payoffs	(117)		(131)		(103)		(89)		(124)
Sales	(2)		(2)		(2)		(1)		(1)
Returns to performing status (2)	(91)		(92)		(170)		(109)		(193)
Charge-offs (3)	(13)		(13)		(12)		(6)		(12)
Transfers to foreclosed properties	(11)		(5)		(6)		(9)		(12)
Total net additions (reductions) to nonperforming loans and leases	63		15		(40)		(6)		(106)
Total nonperforming consumer loans and leases, end of period	2,792		2,729		2,714		2,754		2,760
Foreclosed properties (4)	112		97		117		121		125
Nonperforming consumer loans, leases and foreclosed properties, end of period	$	2,904	$	2,826	$	2,831	$	2,875	$	2,885
Nonperforming Commercial Loans and Leases (5):
Balance, beginning of period	$	1,397	$	1,204	$	1,054	$	1,223	$	1,298
Additions	875		484		419		141		307
Reductions:
Paydowns	(153)		(171)		(72)		(144)		(180)
Sales	—		(3)		—		(4)		(12)
Returns to performing status (6)	(2)		(7)		(52)		(35)		(148)
Charge-offs	(67)		(87)		(88)		(127)		(42)
Transfers to foreclosed properties	—		(23)		—		—		—
Transfers to loans held-for-sale	(9)		—		(57)		—		—
Total net additions (reductions) to nonperforming loans and leases	644		193		150		(169)		(75)
Total nonperforming commercial loans and leases, end of period	2,041		1,397		1,204		1,054		1,223
Foreclosed properties (4)	48		51		48		49		48
Nonperforming commercial loans, leases and foreclosed properties, end of period	$	2,089	$	1,448	$	1,252	$	1,103	$	1,271

(1)For amounts excluded from nonperforming loans, leases and foreclosed properties, see footnotes to Nonperforming Loans, Leases and Foreclosed Properties table on page 28.

(2)Consumer loans and leases may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection. Prior to January 1, 2023, certain troubled debt restructurings were classified as nonperforming at the time of restructuring and were only returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period, generally six months.

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

(4)Includes repossessed assets of $19 million in consumer loans and $1 million in commercial loans for the third quarter of 2023 and $0 for the remaining quarters.

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

(6)Commercial loans and leases may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection. Prior to January 1, 2023, troubled debt restructurings were generally classified as performing after a sustained period of demonstrated payment performance.

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

Bank of America Corporation and Subsidiaries
Quarterly Net Charge-offs and Net Charge-off Ratios (1)
(Dollars in millions)
	Third Quarter 2023				Second Quarter 2023				First Quarter 2023				Fourth Quarter 2022				Third Quarter 2022
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage	$	2	—	%	$	2	—	%	$	1	—	%	$	(1)	—	%	$	(3)	(0.01)	%
Home equity	(14)		(0.22)		(16)		(0.25)		(12)		(0.18)		(18)		(0.27)		(18)		(0.25)
Credit card	673		2.72		610		2.60		501		2.21		386		1.71		328		1.53
Direct/Indirect consumer	25		0.10		17		0.06		1		—		1		—		9		0.03
Other consumer	118		n/m		107		n/m		162		n/m		163		n/m		143		n/m
Total consumer	804		0.70		720		0.64		653		0.58		531		0.47		459		0.41
U.S. commercial	5		0.01		5		0.01		47		0.05		47		0.05		23		0.03
Non-U.S. commercial	(2)		(0.01)		—		—		20		0.07		31		0.10		(6)		(0.02)
Total commercial and industrial	3		—		5		—		67		0.06		78		0.06		17		0.01
Commercial real estate	39		0.21		69		0.37		22		0.12		34		0.20		13		0.08
Commercial lease financing	3		0.08		1		—		(1)		(0.01)		2		0.05		(1)		(0.05)
	45		0.03		75		0.05		88		0.06		114		0.08		29		0.02
U.S. small business commercial	82		1.74		74		1.62		66		1.48		44		0.99		32		0.72
Total commercial	127		0.09		149		0.10		154		0.11		158		0.11		61		0.04
Total net charge-offs	$	931	0.35		$	869	0.33		$	807	0.32		$	689	0.26		$	520	0.20
By Business Segment and All Other
Consumer Banking	$	911	1.16	%	$	819	1.07	%	$	729	0.97	%	$	591	0.78	%	$	512	0.69	%
Global Wealth & Investment Management	4		0.01		3		0.01		6		0.01		4		0.01		5		0.01
Global Banking	20		0.02		59		0.06		87		0.09		112		0.12		26		0.03
Global Markets	13		0.04		5		0.02		—		—		(1)		(0.01)		(1)		—
All Other	(17)		(0.68)		(17)		(0.74)		(15)		(0.59)		(17)		(0.66)		(22)		(0.80)
Total net charge-offs	$	931	0.35		$	869	0.33		$	807	0.32		$	689	0.26		$	520	0.20

(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. 30

Bank of America Corporation and Subsidiaries
Year-to-Date Net Charge-offs and Net Charge-off Ratios (1)
(Dollars in millions)
	Nine Months Ended September 30
	2023				2022
	Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage (2)	$	5	—	%	$	73	0.04	%
Home equity (3)	(42)		(0.22)		(72)		(0.35)
Credit card	1,784		2.52		948		1.55
Direct/Indirect consumer	43		0.05		17		0.02
Other consumer	387		n/m		358		n/m
Total consumer	2,177		0.64		1,324		0.40
U.S. commercial	57		0.02		24		0.01
Non-U.S. commercial	18		0.02		(10)		(0.01)
Total commercial and industrial	75		0.02		14		—
Commercial real estate	130		0.24		32		0.07
Commercial lease financing	3		0.02		3		0.03
	208		0.05		49		0.01
U.S. small business commercial	222		1.62		110		0.82
Total commercial	430		0.10		159		0.04
Total net charge-offs	$	2,607	0.34		$	1,483	0.20
By Business Segment and All Other
Consumer Banking	$	2,459	1.07	%	$	1,430	0.66	%
Global Wealth & Investment Management	13		0.01		15		0.01
Global Banking	166		0.06		28		0.01
Global Markets	18		0.02		16		0.02
All Other	(49)		(0.67)		(6)		(0.06)
Total net charge-offs	$	2,607	0.34		$	1,483	0.20

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

(2)Includes loan sale net charge-offs (recoveries) of $0 and $84 million for the nine months ended September 30, 2023 and 2022.

(3)Includes loan sale net charge-offs (recoveries) of $0 and $(8) million for the nine months ended September 30, 2023 and 2022.

n/m = not meaningful

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

Bank of America Corporation and Subsidiaries
Allocation of the Allowance for Credit Losses by Product Type
(Dollars in millions)
	September 30, 2023			June 30, 2023			September 30, 2022
	Amount		Percent of Loans and Leases Outstanding (1)	Amount		Percent of Loans and Leases Outstanding (1)	Amount		Percent of Loans and Leases Outstanding (1)
Allowance for loan and lease losses
Residential mortgage	$	344	0.15%	$	366	0.16%	$	282	0.12%
Home equity	68		0.27	61		0.24	102		0.38
Credit card	6,987		7.01	6,564		6.77	5,879		6.74
Direct/Indirect consumer	671		0.64	659		0.63	525		0.49
Other consumer	97		n/m	100		n/m	92		n/m
Total consumer	8,167		1.78	7,750		1.70	6,880		1.53
U.S. commercial (2)	2,764		0.74	2,846		0.75	3,018		0.81
Non-U.S. commercial	918		0.74	968		0.78	1,191		0.97
Commercial real estate	1,393		1.90	1,338		1.80	1,161		1.71
Commercial lease financing	45		0.33	48		0.35	52		0.40
Total commercial	5,120		0.87	5,200		0.88	5,422		0.94
Allowance for loan and lease losses	13,287		1.27	12,950		1.24	12,302		1.20
Reserve for unfunded lending commitments	1,353			1,388			1,515
Allowance for credit losses	$	14,640		$	14,338		$	13,817
Asset Quality Indicators
Allowance for loan and lease losses/Total loans and leases (1)			1.27%			1.24%			1.20%
Allowance for loan and lease losses/Total nonperforming loans and leases (3)			275			314			309
Ratio of the allowance for loan and lease losses/Annualized net charge-offs			3.60			3.71			5.96

(1)Ratios are calculated as allowance for loan and lease losses as a percentage of loans and leases outstanding excluding loans accounted for under the fair value option. For fair value option amounts, see Outstanding Loans and Leases and related footnotes on page 25.

(2)Includes allowance for loan and lease losses for U.S. small business commercial loans of $983 million, $927 million and $864 million at September 30, 2023, June 30, 2023 and September 30, 2022, respectively.

(3)Allowance for loan and lease losses includes $5.3 billion, $5.5 billion and $6.7 billion allocated to products (primarily the Consumer Lending portfolios within Consumer Banking) that are excluded from nonperforming loans and leases at September 30, 2023, June 30, 2023 and September 30, 2022, respectively. Excluding these amounts, allowance for loan and lease losses as a percentage of total nonperforming loans and leases was 165 percent, 181 percent and 140 percent at September 30, 2023, June 30, 2023 and September 30, 2022, respectively.

n/m = not meaningful

Current-period information is preliminary and based on company data available at the time of the presentation. 32

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

	Nine Months Ended September 30				Third Quarter 2023		Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022
	2023		2022
Reconciliation of income before income taxes to pretax, pre-provision income
Income before income taxes	$	25,218	$	23,072	$	8,095	$	8,034	$	9,089	$	7,897	$	8,301
Provision for credit losses	3,290		1,451		1,234		1,125		931		1,092		898
Pretax, pre-provision income	$	28,508	$	24,523	$	9,329	$	9,159	$	10,020	$	8,989	$	9,199
Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity	$	281,579	$	269,514	$	284,975	$	282,425	$	277,252	$	272,629	$	271,017
Goodwill	(69,022)		(69,022)		(69,021)		(69,022)		(69,022)		(69,022)		(69,022)
Intangible assets (excluding mortgage servicing rights)	(2,049)		(2,127)		(2,029)		(2,049)		(2,068)		(2,088)		(2,107)
Related deferred tax liabilities	895		925		890		895		899		914		920
Tangible shareholders’ equity	$	211,403	$	199,290	$	214,815	$	212,249	$	207,061	$	202,433	$	200,808
Preferred stock	(28,397)		(28,094)		(28,397)		(28,397)		(28,397)		(28,982)		(29,134)
Tangible common shareholders’ equity	$	183,006	$	171,196	$	186,418	$	183,852	$	178,664	$	173,451	$	171,674
Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity	$	287,064	$	269,524	$	287,064	$	283,319	$	280,196	$	273,197	$	269,524
Goodwill	(69,021)		(69,022)		(69,021)		(69,021)		(69,022)		(69,022)		(69,022)
Intangible assets (excluding mortgage servicing rights)	(2,016)		(2,094)		(2,016)		(2,036)		(2,055)		(2,075)		(2,094)
Related deferred tax liabilities	886		915		886		890		895		899		915
Tangible shareholders’ equity	$	216,913	$	199,323	$	216,913	$	213,152	$	210,014	$	202,999	$	199,323
Preferred stock	(28,397)		(29,134)		(28,397)		(28,397)		(28,397)		(28,397)		(29,134)
Tangible common shareholders’ equity	$	188,516	$	170,189	$	188,516	$	184,755	$	181,617	$	174,602	$	170,189
Reconciliation of period-end assets to period-end tangible assets
Assets	$	3,153,090	$	3,072,953	$	3,153,090	$	3,123,198	$	3,194,657	$	3,051,375	$	3,072,953
Goodwill	(69,021)		(69,022)		(69,021)		(69,021)		(69,022)		(69,022)		(69,022)
Intangible assets (excluding mortgage servicing rights)	(2,016)		(2,094)		(2,016)		(2,036)		(2,055)		(2,075)		(2,094)
Related deferred tax liabilities	886		915		886		890		895		899		915
Tangible assets	$	3,082,939	$	3,002,752	$	3,082,939	$	3,053,031	$	3,124,475	$	2,981,177	$	3,002,752
Book value per share of common stock
Common shareholders’ equity	$	258,667	$	240,390	$	258,667	$	254,922	$	251,799	$	244,800	$	240,390
Ending common shares issued and outstanding	7,923.4		8,024.5		7,923.4		7,953.6		7,972.4		7,996.8		8,024.5
Book value per share of common stock	$	32.65	$	29.96	$	32.65	$	32.05	$	31.58	$	30.61	$	29.96
Tangible book value per share of common stock
Tangible common shareholders’ equity	$	188,516	$	170,189	$	188,516	$	184,755	$	181,617	$	174,602	$	170,189
Ending common shares issued and outstanding	7,923.4		8,024.5		7,923.4		7,953.6		7,972.4		7,996.8		8,024.5
Tangible book value per share of common stock	$	23.79	$	21.21	$	23.79	$	23.23	$	22.78	$	21.83	$	21.21

Current-period information is preliminary and based on company data available at the time of the presentation. 33

XML

Cover Page	Oct. 17, 2023
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Oct. 17, 2023
Entity Registrant Name	BANK OF AMERICA CORPORATION
Entity Incorporation, State or Country Code	DE
Entity File Number	1-6523
Entity Tax Identification Number	56-0906609
Entity Address, Address Line One	100 North Tryon Street
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28255
City Area Code	704
Local Phone Number	386-5681
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000070858
Amendment Flag	false
Common Stock, par value $0.01 per share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	BAC
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of Floating Rate Non-Cumulative Preferred Stock, Series E
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of Floating Rate Non-Cumulative Preferred Stock, Series E
Trading Symbol	BAC PrE
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of 6.000% Non-Cumulative Preferred Stock, Series GG
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of 6.000% Non-Cumulative Preferred Stock, Series GG
Trading Symbol	BAC PrB
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of 5.875% Non-Cumulative Preferred Stock, HH
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of 5.875% Non-Cumulative Preferred Stock, Series HH
Trading Symbol	BAC PrK
Security Exchange Name	NYSE
7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L
Document Information [Line Items]
Title of 12(b) Security	7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L
Trading Symbol	BAC PrL
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 1
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,200th interest in a share of
Trading Symbol	BML PrG
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 2
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,200th interest in a share of
Trading Symbol	BML PrH
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 4
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,200th interest in a share of
Trading Symbol	BML PrJ
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,200th interest in a share of Bank of America Corporation Floating Rate Non-Cumulative Preferred Stock, Series 5
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,200th interest in a share of
Trading Symbol	BML PrL
Security Exchange Name	NYSE
Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIII (and the guarantee related thereto)
Document Information [Line Items]
Title of 12(b) Security	Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIII (and the guarantee related thereto)
Trading Symbol	BAC/PF
Security Exchange Name	NYSE
5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIV (and the guarantee related thereto)
Document Information [Line Items]
Title of 12(b) Security	5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIV (and the guarantee related thereto)
Trading Symbol	BAC/PG
Security Exchange Name	NYSE
Income Capital Obligation Notes initially due December 15, 2066 of Bank of America Corporation
Document Information [Line Items]
Title of 12(b) Security	Income Capital Obligation Notes initially due December 15, 2066 of Bank of America Corporation
Trading Symbol	MER PrK
Security Exchange Name	NYSE
Senior Medium-Term Notes, Series A, Step Up Callable Notes, due November 28, 2031 of BofA Finance LLC (and the guarantee of the Registrant with respect thereto)
Document Information [Line Items]
Title of 12(b) Security	Senior Medium-Term Notes, Series A, Step Up Callable Notes, due
Trading Symbol	BAC/31B
Security Exchange Name	NYSE
Depositary Shares, each representing 1/1,000th interest in a share of 5.375% Non-Cumulative Preferred Stock, Series KK
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of 5.375% Non-Cumulative Preferred Stock, Series KK
Trading Symbol	BAC PrM
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of 5.000% Non-Cumulative Preferred Stock, Series LL
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of 5.000% Non-Cumulative Preferred Stock, Series LL
Trading Symbol	BAC PrN
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of 4.375% Non-Cumulative Preferred Stock, Series NN
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of 4.375% Non-Cumulative Preferred Stock, Series NN
Trading Symbol	BAC PrO
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of 4.125% Non-Cumulative Preferred Stock, Series PP
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of 4.125% Non-Cumulative Preferred Stock, Series PP
Trading Symbol	BAC PrP
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of 4.250% Non-Cumulative Preferred Stock, Series QQ
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of 4.250% Non-Cumulative Preferred Stock, Series QQ
Trading Symbol	BAC PrQ
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of 4.750% Non-Cumulative Preferred Stock, Series SS
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of 4.750% Non-Cumulative Preferred Stock, Series SS
Trading Symbol	BAC PrS
Security Exchange Name	NYSE