Bank of America Reports 3Q24 Net Income of $6.9 Billion, EPS of $0.

81
Revenue Improved YoY to $25.3 Billion,1 Driven by Solid Fee Growth
CET1 Ratio of 11.8%; Book Value Per Share of $35.37 Grew 8% YoY

3Q24 Financial Highlights2(A) 3Q24 Business Segment Highlights1,2,3(A)

• Net income of $6.9 billion, or $0.81 per diluted share, compared Consumer Banking
to $7.8 billion, or $0.90 per diluted share in 3Q23
• Net income of $2.7 billion
• Revenue, net of interest expense, of $25.3 billion ($25.5 billion
• Revenue of $10.4 billion, down 1%
FTE)(B) increased $178 million, reflecting higher asset management
and investment banking fees, as well as sales and trading revenue • Average deposits of $938 billion, down 4% from 3Q23 and up 30%
and lower net interest income (NII) from pre-pandemic levels (4Q19)
– NII of $14.0 billion ($14.1 billion FTE)(B) • Average loans and leases of $314 billion, up $3 billion, or 1%
▪ Decreased 3% from 3Q23, as higher asset yields and loan • Combined credit / debit card spend of $232 billion, up 3%
growth were more than offset by higher deposit costs • Client Activity
▪ Increased 2% from 2Q24, driven in part by fixed-rate asset – ~360,000 net new consumer checking accounts; 2nd best quarter
repricing, partially offset by higher deposit costs on record
• Provision for credit losses of $1.5 billion was flat compared to 2Q24 – 37.6 million consumer checking accounts; 92% are primary4
and up from $1.2 billion in 3Q23 – 3.9 million small business checking accounts
– Net charge-offs of $1.5 billion were flat compared to 2Q24 and – $497 billion consumer investment assets, up 28%
up from $931 million in 3Q23
– $1.1 trillion in payments, up 5%5
– Net reserve build of $8 million vs. net reserve release of $25
– 3.6 billion digital logins; 54% of total sales were digital
million in 2Q24 and net reserve build of $303 million in 3Q23(C)
• Noninterest expense of $16.5 billion, up 4%, driven primarily by Global Wealth and Investment Management
revenue-related expenses and investments in the franchise • Net income of $1.1 billion
• Balance sheet remained strong • Revenue of $5.8 billion, up 8%, reflecting 14% higher asset
– Average deposit balances of $1.92 trillion increased 2% management fees, due to higher market levels and AUM flows of $21
– Average loans and leases of $1.06 trillion increased 1% billion in 3Q24
– Average Global Liquidity Sources of $947 billion(D) • Client balances of $4.2 trillion, up 18% from 3Q23, driven by higher
market valuations and positive net client flows
– Common equity tier 1 (CET1) capital of $200 billion increased
$2 billion from 2Q24 • Client Activity
(E)
– CET1 ratio of 11.8% (Standardized); 112 bps above the new – ~5,500 net new relationships across Merrill and Private Bank
regulatory minimum that took effect Oct. 1, 2024 – $1.9 trillion of AUM balances, up 24%
– Returned $5.6 billion to shareholders; $2.0 billion through – ~75% of Merrill eligible bank and brokerage accounts
common stock dividends and $3.5 billion in share repurchases6 opened digitally
• Book value per common share rose 8% to $35.37; tangible book Global Banking
value per common share rose 10% to $26.257
• Net income of $1.9 billion
• Return on average common shareholders' equity ratio of 9.4%;
return on average tangible common shareholders' equity ratio of • Total investment banking fees (excl. self-led) of $1.4 billion, up 18%
12.8%7 • Maintained No. 3 investment banking fee ranking8
• Average deposits of $550 billion, up 9%
From Chair and CEO Brian Moynihan:
• Middle Market average loan balances up 5%9
“We reported solid earnings results, delivering higher
average loans and our fifth consecutive quarter of Global Markets
sequential average deposit growth. Net interest • Net income of $1.5 billion
income increased over the second quarter, • Sales and trading revenue of $4.9 billion, up 12%, both including and
complimented by double-digit, year-over-year growth excluding net debit valuation adjustment (DVA) losses of $8 million;(F)
in investment banking and asset management fees, as 10th consecutive quarter of year-over-year growth
well as sales and trading revenue. We also continue to – Fixed Income, Currencies and Commodities (FICC) revenue of $2.9
benefit from our investments in the business. I thank billion, up 8%
our teammates for another good quarter. We continue – Equities revenue of $2.0 billion, up 18%
to drive the company forward in any environment.” • Zero days of trading losses YTD

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.
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
Total payments represent payments made from Bank of America accounts using credit card, debit card, ACH, wires, billpay, person-to-person, cash and checks.
6
Includes repurchases to offset shares awarded under equity-based compensation plans.
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.
8
Source: Dealogic as of September 30, 2024.
9
Includes loans to Global Commercial Banking clients, excluding commercial real estate and specialized industries. 1
 From Chief Financial Officer Alastair Borthwick:
“Through the team’s hard work, we supported our clients’ growth and drove an improvement in our balance sheet. Liquidity
remained strong and our capital position is well above our new regulatory requirements, which allowed us to return $5.6 billion of
capital to shareholders through common stock dividends and share repurchases. With declines reported on a linked-quarter basis
in consumer credit and commercial real estate losses, asset quality was solid. We believe our diverse business is a source of
strength, helping us deepen existing client relationships and develop new ones, over time.”

Bank of America Financial Highlights

Three Months Ended
($ in billions, except per share data) 9/30/2024 6/30/2024 9/30/2023
Total revenue, net of interest expense $25.3 $25.4 $25.2
Provision for credit losses 1.5 1.5 1.2
Noninterest expense 16.5 16.3 15.8
Pretax income 7.3 7.6 8.1
Pretax, pre-provision income1(G) 8.9 9.1 9.3
Income tax expense 0.4 0.7 0.3
Net income 6.9 6.9 7.8
Diluted earnings per share $0.81 $0.83 $0.90
1
Pretax, pre-provision income represents a non-GAAP financial measure. For more information, see page 19.

Spotlight on Average Deposits and Common Equity Tier 1 Capital ($B)

1
Average Deposits Common Equity Tier 1 Capital
$1,921 $198 $200
$1,905 $1,907 $1,910 $195 $197
$194
$1,876

11.9% 11.9% 11.9%

11.8% 11.8%

3Q23 4Q23 1Q24 2Q24 3Q24 3Q23 4Q23 1Q24 2Q24 3Q24

Common Equity Tier 1 capital

Common Equity Tier 1 capital ratio

1
Common equity tier 1 capital ratio under the Standardized approach. For additional information on regulatory capital ratios, see Endnote E on page 10.

2
Consumer Banking1
Financial Results
• Net income of $2.7 billion
Three months ended
• Revenue of $10.4 billion2 decreased 1%, reflecting
lower NII, partially offset by higher card income ($ in millions) 9/30/2024 6/30/2024 9/30/2023
• Provision for credit losses of $1.3 billion, down 7% Total revenue2 $10,418 $10,206 $10,472
– Net reserve build of $127 million in 3Q24 vs. Provision for credit losses 1,302 1,281 1,397
$486 million in 3Q23 Noninterest expense 5,534 5,464 5,256
– Net charge-offs of $1.2 billion increased Pretax income 3,582 3,461 3,819
$264 million from 3Q23, driven by credit card Income tax expense 895 866 955
• Noninterest expense of $5.5 billion, up 5%, driven Net income $2,687 $2,595 $2,864
by investments in the business, including people
and technology
– Efficiency ratio of 53% Business Highlights(A)
Three months ended
($ in billions) 9/30/2024 6/30/2024 9/30/2023
Business Highlights1,3(A)
Average deposits $938.4 $949.2 $980.1
• Average deposits of $938 billion decreased 4%
Average loans and leases 313.8 312.3 310.8
– 58% of deposits in checking accounts;
92% are primary4 Consumer investment assets 496.6 476.1 387.5
(EOP)5
• Average loans and leases of $314 billion, up 1%
Active mobile banking users 39.6 39.0 37.5
• Combined credit / debit card spend of $232 billion
(MM)
increased 3%
Number of financial centers 3,741 3,786 3,862
• Record consumer investment assets5 of $497
billion, up 28%, driven by higher market valuations Efficiency ratio 53 % 54 % 50 %
and $29 billion of net client flows from new and Return on average allocated 25 24 27
existing clients capital
– 3.9 million consumer investment accounts, Total Consumer Credit Card3
up 4% Average credit card $99.9 $99.0 $98.0
• 11.2 million clients enrolled in Preferred Rewards, outstanding balances
up 4%, with 99% annualized retention rate6 Total credit / debit spend 231.9 233.6 225.3
Risk-adjusted margin 7.2 % 6.8 % 7.7 %
Strong Digital Usage Continued1
• 77% of overall households actively using digital Continued Business Leadership
platforms7 • No. 1 in estimated U.S. Retail Deposits(a)
• 48 million active digital banking users, up 4% • No. 1 Small Business Lender(b)
• Best Bank in North America(c)
• 1.8 million digital sales, representing 54% of • Best Bank in the U.S.(c)
total sales • Best Bank in the U.S. for Small and Medium Enterprises(d)
• 3.6 billion digital logins, up 11% • Certified by J.D. Power for Outstanding Client Satisfaction with Customer
Financial Health Support – Banking & Payments(e)
• 23.2 million active Zelle® users, up 10%; sent and
received 400 million transactions, up 24%8
See page 11 for Business Leadership sources.

1
Comparisons are to the year-ago quarter unless noted.
2
Revenue, net of interest expense.
3
The consumer credit card portfolio includes Consumer Banking and GWIM.
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
Consumer investment assets includes client brokerage assets, deposit sweep balances,
Bank of America, N.A. brokered CDs, and AUM in Consumer Banking.
6
As of August 2024. 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 2024.
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.

3
Global Wealth and Investment Management1
Financial Results
• Net income of $1.1 billion
• Revenue of $5.8 billion2 increased 8%, reflecting Three months ended
14% higher asset management fees, due to higher ($ in millions) 9/30/2024 6/30/2024 9/30/2023
market levels and strong AUM flows 2
Total revenue $5,762 $5,574 $5,321
• Noninterest expense of $4.3 billion increased 10%,
Provision (benefit) for 7 7 (6)
driven primarily by revenue-related incentives
credit losses
Noninterest expense 4,340 4,199 3,950
Business Highlights1(A)
Pretax income 1,415 1,368 1,377
• Record client balances of $4.2 trillion increased 18%,
driven by higher market valuations and positive net Income tax expense 354 342 344
client flows Net income $1,061 $1,026 $1,033
– AUM flows of $21 billion in 3Q24; $65B
since 3Q23
Business Highlights(A)
• Average deposits of $280 billion, down 4%
• Average loans and leases of $225 billion Three months ended
increased 3% ($ in billions) 9/30/2024 6/30/2024 9/30/2023
Average deposits $280.0 $287.7 $291.8
1
Merrill Wealth Management Highlights Average loans and leases 225.4 222.8 218.6
Client Engagement Total client balances (EOP) 4,193.9 4,011.9 3,550.9
• Record client balances of $3.5 trillion(A) AUM flows 21.3 10.8 14.2
• AUM balances of $1.5 trillion(A)
Pretax margin 25 % 25 % 26 %
• ~4,700 net new households
Return on average allocated 23 22 22
capital
Strong Digital Usage Continued
Continued Business Leadership
• 84% of Merrill households digitally active3
• No. 1 on Forbes' Top Women Wealth Advisors (2024), Best-in-State
– 62% of Merrill households are active on mobile
Wealth Management Teams (2024), and Top Next Generation Advisors
• 82% of households enrolled in eDelivery4 (2024)
• 75% of eligible checks deposited through • No. 1 on Barron's Top 1200 Wealth Financial Advisors List (2024)
automated channels5 • No. 1 on the Financial Planning's 'Top 40 Advisors Under 40' List (2024)
• 75% of eligible bank and brokerage accounts • No. 1 in Managed Personal Trust AUM(b)
opened through digital onboarding, up from 70% • Best Private Bank (U.S.); Best Private Bank for Philanthropic Services and
Sustainable Investing (North America)(f)
Bank of America Private Bank Highlights1 • Best Private Bank in the Nation; Best Private Bank for Family Office and
OCIO(g)
Client Engagement • Best Private Bank (U.S.); Best Private Bank for Digital Innovation, Best
• Record client balances of $667 billion(A) Family Office Offering, and Excellence in Philanthropy Services(h)
• AUM balances of $403 billion(A)
• 770 net new relationships See page 11 for Business Leadership sources.

1
Comparisons are to the year-ago quarter unless noted.
Strong Digital Usage Continued 2
Revenue, net of interest expense.
3
• 92% of clients digitally active6 Percentage of digitally active Merrill primary households across the enterprise ($250K+ in
investable assets within the enterprise) as of September 2024. Excludes Stock Plan and
• 76% of eligible checks deposited through Banking-only households.
automated channels5 4
Includes Merrill Digital Households across the enterprise (excluding Stock Plan, Banking-only
households, Retirement only and 529 only) that receive statements digitally, as of August
• Clients continued using the convenience and 2024.
effectiveness of our digital capabilities: 5
Includes mobile check deposits, remote deposit operations, and automated teller machine
– Digital wallet transactions up 45% transactions, as of August 2024 for Private Bank and as of September 2024 for Merrill.
6
Percentage of digitally active Private Bank core relationships across the enterprise ($3MM+
– Zelle® transactions up 31% in total balances) as of August 2024. Includes third-party activities and excludes Irrevocable
Trust-only relationships, Institutional Philanthropic relationships, and exiting relationships.

4
Global Banking1,2
Financial Results
• Net income of $1.9 billion
Three months ended
• Revenue of $5.8 billion3 decreased 6%, driven
primarily by lower NII ($ in millions) 9/30/2024 6/30/2024 9/30/2023
• Provision for credit losses of $229 million in 3Q24 Total revenue2,3 $5,834 $6,053 $6,203
vs. provision benefit of $119 million in 3Q23 Provision (benefit) for 229 235 (119)
credit losses
– Net charge-offs of $358 million increased
Noninterest expense 2,991 2,899 2,804
$338 million, driven by corporate and commercial
Pretax income 2,614 2,919 3,518
losses and commercial real estate office
Income tax expense 719 803 950
– Net reserve release of $129 million in 3Q24 vs. Net income $1,895 $2,116 $2,568
$139 million in 3Q23
• Noninterest expense of $3.0 billion increased 7%, Business Highlights2(A)
driven by continued investments in the business,
Three months ended
including people and technology
($ in billions) 9/30/2024 6/30/2024 9/30/2023
Average deposits $549.6 $525.4 $504.4
Business Highlights1,2(A)
Average loans and leases 371.2 372.7 376.2
• Total Corporation investment banking fees (excl. Total Corp. IB fees 1.4 1.6 1.2
self-led) of $1.4 billion increased 18% (excl. self-led)
– No. 3 in investment banking fees4 Global Banking IB fees 0.8 0.8 0.7
• Average deposits of $550 billion increased 9% Business Lending revenue 2.4 2.6 2.6
• Average loans and leases of $371 billion Global Transaction Services 2.6 2.6 2.8
decreased 1% revenue
Efficiency ratio 51 % 48 % 45 %
Strong Digital Usage Continued 1 Return on average allocated 15 17 21
• 76% digitally active clients5 with 87% of relationship capital
clients digitally active
Continued Business Leadership
• Record total mobile sign-ins at 2.04 million, up 25%6
• World’s Most Innovative Bank – 2024(f)
• Record quarterly CashPro® App Payment Approvals • World’s Best Bank for Trade Finance and for FX payments; North
value of $283 billion, increased 47% America’s Best Digital Bank and Best Bank for Sustainable Finance(i)
• CashPro® Chat is now supported by Erica® • 2023 Best Bank for Cash & Liquidity Management; Best Mobile
technology with nearly 32.5K interactions Technology Solution for Treasury: CashPro App(j)
• Best Global Bank for Transaction Banking (overall award) and Best Global
Bank for Collections(f)
• Model Bank Award for Reimagining Trade & Supply Chain Finance – 2024
for CashPro Supply Chain Solutions(k)
• 2023 Share & Excellence Awards for U.S. Large Corporate Banking &
Cash Management(l)
• Relationships with 78% of the Global Fortune 500; 95% of the U.S.
Fortune 1,000 (2024)

See page 11 for Business Leadership sources.

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
Source: Dealogic as of September 30, 2024.
5
Includes Commercial, Corporate, and Business Banking clients on CashPro® and BA360
platforms as of August 2024.
6
Includes CashPro, BA360, and Global Card Access. BA360 as of August 2024.

5
Global Markets1,2,3
• Net income of $1.5 billion ($1.6 billion ex. Financial Results
net DVA)4 Three months ended
• Revenue of $5.6 billion increased 14%, driven by ($ in millions) 9/30/2024 6/30/2024 9/30/2023
higher sales and trading revenue and investment
banking fees Total revenue2,3 $5,630 $5,459 $4,942
• Noninterest expense of $3.4 billion increased 6%, Net DVA (8) (1) (16)
driven by higher revenue-related expenses and Total revenue $5,638 $5,460 $4,958
investments in the business, including technology (excl. net DVA)2,3,4
• Average VaR of $78 million5 Provision (benefit) for 7 (13) (14)
credit losses
Business Highlights1,2,3,4(A) Noninterest expense 3,443 3,486 3,235
• Sales and trading revenue of $4.9 billion Pretax income 2,180 1,986 1,721
increased 12% (incl. and ex. net DVA)(F) Income tax expense 632 576 473
– FICC revenue increased 8% (incl. and ex. net Net income $1,548 $1,410 $1,248
DVA),(F) to $2.9 billion, driven primarily by
Net income $1,554 $1,411 $1,260
improved client activity and trading performance (excl. net DVA)4
in currencies and interest rate products
– Equities revenue increased 18% (incl. and ex.
Business Highlights2(A)
net DVA),(F) to $2.0 billion, driven by strong
client activity and trading performance in cash Three months ended
and derivatives ($ in billions) 9/30/2024 6/30/2024 9/30/2023
Average total assets $924.1 $908.5 $863.7
Additional Highlights
Average trading-related 645.6 639.8 609.7
• 685 research analysts covering 3,450+ companies;
assets
1,250+ corporate bond issuers across 55+
economies and 25 industries Average loans and leases 140.8 135.1 131.3
Sales and trading revenue 4.9 4.7 4.4
Sales and trading revenue 4.9 4.7 4.4
(excl. net DVA)4(F)
Global Markets IB fees 0.6 0.7 0.5
Efficiency ratio 61 % 64 % 65 %
Return on average allocated 14 13 11
capital

Continued Business Leadership

• World's Best Bank for Markets(i)
• World's Best Bank for FX Payments(i)
• Americas Derivatives House of the Year(m)
• Americas Equity Derivatives House of the Year(m)
• Americas Commodity Derivatives Bank of the Year(m)
• Americas Research and Strategy House of the Year(m)
• Americas Derivatives Clearing Bank of the Year(m)

See page 11 for Business Leadership sources.

1
Comparisons are to the year-ago quarter unless noted. 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
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
$78MM, $90MM and $69MM for 3Q24, 2Q24 and 3Q23, respectively.

6
All Other1,2

• Net loss of $295 million Financial Results

• Revenue included a charge in other income of Three months ended
~$200 million related to Visa’s increase in its ($ in millions) 9/30/2024 6/30/2024 9/30/2023
litigation escrow account Total revenue 2
($2,152) ($1,755) ($1,618)
• Noninterest expense of $0.2B decreased $0.4B from
Provision (benefit) for (3) (2) (24)
3Q23, driven primarily by lower costs associated
credit losses
with a liquidating business
Noninterest expense 171 261 593
• Total corporate effective tax rate (ETR) for the
Pretax loss (2,320) (2,014) (2,187)
quarter was ~6%
Income tax expense (benefit) (2,025) (1,764) (2,276)
– Excluding discrete tax items and recurring tax
credits primarily related to investments in Net income (loss) ($295) ($250) $89
1
renewable energy and affordable housing, the Comparisons are to the year-ago quarter unless noted.
2
Revenue, net of interest expense.
ETR would have been approximately 24%
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.

7
Credit Quality1

Charge-offs Highlights
• Total net charge-offs of $1.5 billion were flat Three months ended
vs. 2Q24
($ in millions) 9/30/2024 6/30/2024 9/30/2023
– Consumer net charge-offs of $1.0 billion
decreased $15 million from 2Q24, driven by Provision for credit losses $1,542 $1,508 $1,234
lower credit card losses
Net charge-offs 1,534 1,533 931
– Credit card loss rate of 3.70% in 3Q24 vs. 3.88%
2
in 2Q24 Net charge-off ratio 0.58 % 0.59 % 0.35 %
– Commercial net charge-offs of $490 million At period-end
increased $16 million compared to 2Q24 Nonperforming loans and $5,629 $5,473 $4,833
• Net charge-off ratio2 of 0.58% decreased 1 bp leases
from 2Q24
Nonperforming loans and 0.53 % 0.52 % 0.46 %
leases ratio
Provision for credit losses Allowance for credit losses 14,351 14,342 14,640
• Provision for credit losses of $1.5 billion increased
Allowance for loan and lease 13,251 13,238 13,287
$34 million vs. 2Q24
losses
– Net reserve build of $8 million in 3Q24 vs. net
Allowance for loan and lease 1.24 % 1.26 % 1.27 %
reserve release of $25 million in 2Q24 and net
losses ratio3
reserve build of $303 million in 3Q23(C)
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.
Allowance for credit losses 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.
• Allowance for loan and lease losses of $13.3 billion
represented 1.24% of total loans and leases3 Note: Ratios do not include loans accounted for under the fair value option.
– Total allowance for credit losses of $14.4 billion
included $1.1 billion for unfunded commitments
• Nonperforming loans of $5.6 billion increased
$156 million from 2Q24

8
Balance Sheet, Liquidity, and Capital Highlights ($ in billions except per share data, end of period, unless otherwise noted)(A)
Three months ended
9/30/2024 6/30/2024 9/30/2023
Ending Balance Sheet
Total assets $3,324.0 $3,258.0 $3,153.1
Total loans and leases 1,075.8 1,056.8 1,049.1
Total loans and leases in business segments (excluding All Other) 1,067.0 1,048.5 1,039.9
Total deposits 1,930.4 1,910.5 1,884.6
Average Balance Sheet
Average total assets $3,296.2 $3,275.0 $3,128.5
Average loans and leases 1,059.7 1,051.5 1,046.3
Average deposits 1,920.7 1,909.9 1,876.2
Funding and Liquidity
Long-term debt $296.9 $290.5 $290.4
Global Liquidity Sources, average(D) 947 909 859
Equity
Common shareholders’ equity $272.0 $267.3 $258.7
Common equity ratio 8.2 % 8.2 % 8.2 %
Tangible common shareholders’ equity1 $201.9 $197.2 $188.5
Tangible common equity ratio1 6.2 % 6.2 % 6.1 %
Per Share Data
Common shares outstanding (in billions) 7.69 7.77 7.92
Book value per common share $35.37 $34.39 $32.65
Tangible book value per common share1 26.25 25.37 23.79
Regulatory Capital(E)
CET1 capital $199.8 $198.1 $194.2
Standardized approach
Risk-weighted assets $1,690 $1,661 $1,632
CET1 ratio 11.8 % 11.9 % 11.9 %
Advanced approaches
Risk-weighted assets $1,484 $1,469 $1,441
CET1 ratio 13.5 % 13.5 % 13.5 %
Supplementary leverage
Supplementary leverage ratio (SLR) 5.9 % 6.0 % 6.2 %

1
Represents a non-GAAP financial measure. For reconciliation, see page 19.

9
Endnotes
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 and revenue, net of interest expense, on an FTE basis, which are non-GAAP financial measures. 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 $14.1 billion, $13.9 billion and $14.5 billion for the three months ended September 30,
2024, June 30, 2024 and September 30, 2023, respectively. Revenue, net of interest expense, on an FTE basis, was $25.5 billion, $25.5 billion and
$25.3 billion for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively. The FTE adjustment was $147
million, $160 million and $153 million for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, 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, 2024 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 Total capital ratio under the Standardized approach for all periods
presented.

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.

Three months ended

(Dollars in millions) 9/30/2024 6/30/2024 9/30/2023
Sales and trading revenue
Fixed-income, currencies and commodities $ 2,934 $ 2,742 $ 2,710
Equities 1,996 1,937 1,695
Total sales and trading revenue $ 4,930 $ 4,679 $ 4,405

Sales and trading revenue, excluding net debit valuation adjustment1

Fixed-income, currencies and commodities $ 2,942 $ 2,737 $ 2,723
Equities 1,996 1,943 1,698
Total sales and trading revenue, excluding net debit valuation adjustment $ 4,938 $ 4,680 $ 4,421

1
For the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, net DVA gains (losses) were ($8) million, ($1) million and ($16) million, FICC net DVA gains (losses) were
($8) million, $5 million and ($13) million, and Equities net DVA gains (losses) were $0, ($6) million and ($3) million, respectively.

G Pretax, pre-provision income (PTPI) is a non-GAAP financial measure calculated by adjusting consolidated pretax income to add back provision for
credit losses. Management believes that PTPI 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.

10
 Business Leadership Sources

(a) Estimated U.S. retail deposits based on June 30, 2024 FDIC deposit data.

(b) FDIC, 2Q24

(c) Global Finance, April 2024.

(d) Global Finance, October 2023.

(e) J.D. Power 2024 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.*

(f) Global Finance, 2024.

(g) Family Wealth Report, 2024.

(h) Global Private Banker, 2024.

(i) Euromoney, 2024.

(j) Treasury Management International, 2024.

(k) Celent, 2024.

(l) Coalition Greenwich, 2023.

(m) GlobalCapital, 2024.

* Website content is not incorporated by reference into this press release.

11
Contact Information and Investor Conference Call Invitation
Investor Call Chief Executive Officer Brian Moynihan and Chief Financial Officer Alastair Borthwick will discuss third-
Information quarter 2024 financial results in an investor conference call at 8:30 a.m. ET today. The conference call and
presentation 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 15 through 11:59 p.m. ET on
October 26.

Investors May Contact: Reporters May Contact:

Lee McEntire, Bank of America Jocelyn Seidenfeld, Bank of America
Phone: 1.980.388.6780 Phone: 1.646.743.3356
lee.mcentire@bofa.com jocelyn.seidenfeld@bofa.com

Jonathan G. Blum, Bank of America (Fixed Income) Bill Halldin, Bank of America
Phone: 1.212.449.3112 Phone: 1.916.724.0093
jonathan.blum@bofa.com william.halldin@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 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and
award-winning digital banking with approximately 58 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.

12
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 2023 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, which are inherently difficult to predict, resulting from pending, threatened or future litigation and regulatory
investigations, proceedings and enforcement actions, of which the Corporation is subject to in the ordinary course of business, including matters
related to our processing of unemployment benefits for California and certain other states, the features of our automatic credit card payment
service, the adequacy of the Corporation’s anti-money laundering and economic sanctions programs, the processing of electronic payments and
related fraud and the rates paid on uninvested cash in investment advisory accounts that is swept into interest-paying bank deposits, which are in
various stages; 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 (including the potential for ongoing reductions in 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; variances to the underlying assumptions and judgments used in estimating banking book net interest income sensitivity; 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 electronic payments and payment of checks, that were authorized by the customer but
induced by fraud; the impact of failures or disruptions in or breaches of the Corporation’s operations or information systems, or those of third
parties, including as a result of cybersecurity incidents; the risks related to the development, implementation, use and management of emerging
technologies, including artificial intelligence and machine learning; 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 uncertain or changing political conditions or 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 conflicts (including the Russia /
Ukraine conflict, the conflict in the Middle East, 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.

13
Bank of America Corporation and Subsidiaries
Selected Financial Data
(In millions, except per share data)

Nine Months Ended Third Second Third

September 30 Quarter Quarter Quarter
Summary Income Statement 2024 2023 2024 2024 2023
Net interest income $ 41,701 $ 42,985 $ 13,967 $ 13,702 $ 14,379
Noninterest income 34,839 33,637 11,378 11,675 10,788
Total revenue, net of interest expense 76,540 76,622 25,345 25,377 25,167
Provision for credit losses 4,369 3,290 1,542 1,508 1,234
Noninterest expense 50,025 48,114 16,479 16,309 15,838
Income before income taxes 22,146 25,218 7,324 7,560 8,095
Income tax expense 1,679 1,847 428 663 293
Net income $ 20,467 $ 23,371 $ 6,896 $ 6,897 $ 7,802
Preferred stock dividends 1,363 1,343 516 315 532
Net income applicable to common shareholders $ 19,104 $ 22,028 $ 6,380 $ 6,582 $ 7,270

Average common shares issued and outstanding 7,894.7 8,041.3 7,818.0 7,897.9 8,017.1
Average diluted common shares issued and outstanding 7,965.0 8,153.4 7,902.1 7,960.9 8,075.9

Summary Average Balance Sheet

Total cash and cash equivalents $ 361,436 $ 332,070 $ 344,216 $ 369,631 $ 378,955
Total debt securities 859,578 791,339 883,562 852,427 752,569
Total loans and leases 1,053,055 1,044,756 1,059,728 1,051,472 1,046,254
Total earning assets 2,888,842 2,727,935 2,917,697 2,887,935 2,738,699
Total assets 3,272,856 3,133,415 3,296,171 3,274,988 3,128,466
Total deposits 1,912,741 1,881,655 1,920,748 1,909,925 1,876,153
Common shareholders’ equity 266,145 253,182 269,001 265,290 256,578
Total shareholders’ equity 293,638 281,579 294,985 293,403 284,975

Performance Ratios
Return on average assets 0.84 % 1.00 % 0.83 % 0.85 % 0.99 %
Return on average common shareholders’ equity 9.59 11.63 9.44 9.98 11.24
Return on average tangible common shareholders’ equity (1) 13.02 16.09 12.76 13.57 15.47

Per Common Share Information

Earnings $ 2.42 $ 2.74 $ 0.82 $ 0.83 $ 0.91
Diluted earnings 2.40 2.72 0.81 0.83 0.90
Dividends paid 0.74 0.68 0.26 0.24 0.24
Book value 35.37 32.65 35.37 34.39 32.65
Tangible book value (1) 26.25 23.79 26.25 25.37 23.79

September 30 June 30 September 30

Summary Period-End Balance Sheet 2024 2024 2023
Total cash and cash equivalents $ 295,332 $ 320,632 $ 351,726
Total debt securities 892,989 878,417 778,873
Total loans and leases 1,075,800 1,056,785 1,049,149
Total earning assets 2,921,286 2,880,851 2,761,184
Total assets 3,324,036 3,257,996 3,153,090
Total deposits 1,930,352 1,910,491 1,884,601
Common shareholders’ equity 271,958 267,344 258,667
Total shareholders’ equity 296,512 293,892 287,064
Common shares issued and outstanding 7,688.8 7,774.8 7,923.4

Nine Months Ended Third Second Third

September 30 Quarter Quarter Quarter
Credit Quality 2024 2023 2024 2024 2023
Total net charge-offs $ 4,565 $ 2,607 $ 1,534 $ 1,533 $ 931
Net charge-offs as a percentage of average loans and leases outstanding (2) 0.58 % 0.34 % 0.58 % 0.59 % 0.35 %
Provision for credit losses $ 4,369 $ 3,290 $ 1,542 $ 1,508 $ 1,234

September 30 June 30 September 30

2024 2024 2023
Total nonperforming loans, leases and foreclosed properties (3) $ 5,824 $ 5,691 $ 4,993
Nonperforming loans, leases and foreclosed properties as a percentage of total loans, leases and foreclosed properties (3) 0.54 % 0.54 % 0.48 %
Allowance for credit losses $ 14,351 $ 14,342 $ 14,640
Allowance for loan and lease losses 13,251 13,238 13,287
Allowance for loan and lease losses as a percentage of total loans and leases outstanding (2) 1.24 % 1.26 % 1.27 %

For footnotes, see page 15.

Current-period information is preliminary and based on company data available at the time of the presentation. 14
 Bank of America Corporation and Subsidiaries
Selected Financial Data (continued)
(Dollars in millions)

Capital Management September 30 June 30 September 30

2024 2024 2023
(4)
Regulatory capital metrics :
Common equity tier 1 capital $ 199,805 $ 198,119 $ 194,230
Common equity tier 1 capital ratio - Standardized approach 11.8 % 11.9 % 11.9 %
Common equity tier 1 capital ratio - Advanced approaches 13.5 13.5 13.5
Total capital ratio - Standardized approach 14.9 15.1 15.4
Total capital ratio - Advanced approaches 16.3 16.4 16.8
Tier 1 leverage ratio 6.9 7.0 7.3
Supplementary leverage ratio 5.9 6.0 6.2

Total ending equity to total ending assets ratio 8.9 9.0 9.1
Common equity ratio 8.2 8.2 8.2
Tangible equity ratio (5) 7.0 7.0 7.0
Tangible common equity ratio (5) 6.2 6.2 6.1

(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, 2024 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 Total capital ratio under the Standardized
approach for all periods presented.
(5)
Tangible equity ratio equals period-end tangible shareholders’ equity divided by period-end tangible assets. Tangible common equity ratio equals period-end tangible common shareholders’ equity divided by period-end
tangible assets. Tangible shareholders’ equity and tangible assets are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present
measures of those assets that can generate income. See Reconciliations to GAAP Financial Measures on page 19.

Current-period information is preliminary and based on company data available at the time of the presentation. 15
 Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other
(Dollars in millions)
Third Quarter 2024
Consumer Global Global All
Banking GWIM Banking Markets Other
Total revenue, net of interest expense $ 10,418 $ 5,762 $ 5,834 $ 5,630 $ (2,152)
Provision for credit losses 1,302 7 229 7 (3)
Noninterest expense 5,534 4,340 2,991 3,443 171
Net income 2,687 1,061 1,895 1,548 (295)
Return on average allocated capital (1) 25 % 23 % 15 % 14 % n/m
Balance Sheet
Average
Total loans and leases $ 313,781 $ 225,355 $ 371,216 $ 140,806 $ 8,570
Total deposits 938,364 279,999 549,629 34,952 117,804
Allocated capital (1) 43,250 18,500 49,250 45,500 n/m
Period end
Total loans and leases $ 316,097 $ 227,318 $ 375,159 $ 148,447 $ 8,779
Total deposits 944,358 283,432 556,953 35,142 110,467

Second Quarter 2024

Consumer Global Global All
Banking GWIM Banking Markets Other
Total revenue, net of interest expense $ 10,206 $ 5,574 $ 6,053 $ 5,459 $ (1,755)
Provision for credit losses 1,281 7 235 (13) (2)
Noninterest expense 5,464 4,199 2,899 3,486 261
Net income (loss) 2,595 1,026 2,116 1,410 (250)
Return on average allocated capital (1) 24 % 22 % 17 % 13 % n/m
Balance Sheet
Average
Total loans and leases $ 312,254 $ 222,776 $ 372,738 $ 135,106 $ 8,598
Total deposits 949,180 287,678 525,357 31,944 115,766
Allocated capital (1) 43,250 18,500 49,250 45,500 n/m
Period end
Total loans and leases $ 312,801 $ 224,837 $ 372,421 $ 138,441 $ 8,285
Total deposits 952,473 281,283 522,525 33,151 121,059

Third Quarter 2023

Consumer Global Global All
Banking GWIM Banking Markets 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
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

(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. 16
 Bank of America Corporation and Subsidiaries
Year-to-Date Results by Business Segment and All Other
(Dollars in millions)
Nine Months Ended September 30, 2024
Consumer Global Global All
Banking GWIM Banking Markets Other
Total revenue, net of interest expense $ 30,790 $ 16,927 $ 17,867 $ 16,972 $ (5,551)
Provision for credit losses 3,733 1 693 (42) (16)
Noninterest expense 16,473 12,803 8,902 10,421 1,426
Net income (loss) 7,938 3,092 5,997 4,681 (1,241)
Return on average allocated capital (1) 25 % 22 % 16 % 14 % n/m
Balance Sheet
Average
Total loans and leases $ 313,027 $ 222,260 $ 372,516 $ 136,572 $ 8,680
Total deposits 946,640 288,319 533,620 33,167 110,995
Allocated capital (1) 43,250 18,500 49,250 45,500 n/m
Period end
Total loans and leases $ 316,097 $ 227,318 $ 375,159 $ 148,447 $ 8,779
Total deposits 944,358 283,432 556,953 35,142 110,467

Nine Months Ended September 30, 2023

Consumer Global Global All
Banking GWIM Banking Markets 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 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

(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. 17
 Bank of America Corporation and Subsidiaries
Supplemental Financial Data
(Dollars in millions)
Nine Months Ended Third Second Third
September 30 Quarter Quarter Quarter
(1)
FTE basis data 2024 2023 2024 2024 2023
Net interest income $ 42,166 $ 43,407 $ 14,114 $ 13,862 $ 14,532
Total revenue, net of interest expense 77,005 77,044 25,492 25,537 25,320
Net interest yield 1.95 % 2.12 % 1.92 % 1.93 % 2.11 %
Efficiency ratio 64.96 62.45 64.64 63.86 62.55

September 30 June 30 September 30

Other Data 2024 2024 2023
Number of financial centers - U.S. 3,741 3,786 3,862
Number of branded ATMs - U.S. 14,900 14,972 15,253
Headcount 213,491 212,318 212,752

(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 $465 million and $422 million for the nine months ended September 30, 2024
and 2023, $147 million and $160 million for the third and second quarters of 2024, and $153 million for the third quarter of 2023.

Current-period information is preliminary and based on company data available at the time of the presentation. 18
Bank of America Corporation and Subsidiaries
Reconciliations to GAAP Financial Measures
(Dollars in millions, except per share information)

The Corporation evaluates its business using certain non-GAAP financial measures, including pretax, pre-provision income (as defined in Endnote G on page 10) and ratios that utilize
tangible equity and tangible assets, each of which is a non-GAAP financial measure. Tangible equity represents shareholders’ equity or common shareholders’ equity reduced by goodwill
and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities (“adjusted” shareholders’ equity or common shareholders’ equity). Return on average
tangible common shareholders’ equity measures the Corporation’s net income applicable to common shareholders as a percentage of adjusted average common shareholders’ equity.
The tangible common equity ratio represents adjusted ending common shareholders’ equity divided by total tangible assets (total assets less goodwill and intangible assets (excluding
mortgage servicing rights), net of related deferred tax liabilities). Return on average tangible shareholders’ equity measures the Corporation’s net income as a percentage of adjusted
average total shareholders’ equity. The tangible equity ratio represents adjusted ending shareholders’ equity divided by total tangible assets. Tangible book value per common share
represents adjusted ending common shareholders’ equity divided by ending common shares outstanding. These measures are used to evaluate the Corporation’s use of equity. In
addition, profitability, relationship and investment models all use return on average tangible shareholders’ equity as key measures to support our overall growth goals.

See the tables below for reconciliations of these non-GAAP financial measures to the most directly comparable financial measures defined by GAAP for the nine months ended
September 30, 2024 and 2023, and the three months ended September 30, 2024, June 30, 2024 and September 30, 2023. The Corporation believes the use of these non-GAAP financial
measures provides additional clarity in understanding its results of operations and trends. Other companies may define or calculate these non-GAAP financial measures differently.

Nine Months Ended Third Second Third

September 30 Quarter Quarter Quarter
2024 2023 2024 2024 2023

Reconciliation of income before income taxes to pretax, pre-provision income

Income before income taxes $ 22,146 $ 25,218 $ 7,324 $ 7,560 $ 8,095
Provision for credit losses 4,369 3,290 1,542 1,508 1,234
Pretax, pre-provision income $ 26,515 $ 28,508 $ 8,866 $ 9,068 $ 9,329

Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and

average tangible common shareholders’ equity
Shareholders’ equity $ 293,638 $ 281,579 $ 294,985 $ 293,403 $ 284,975
Goodwill (69,021) (69,022) (69,021) (69,021) (69,021)
Intangible assets (excluding mortgage servicing rights) (1,971) (2,049) (1,951) (1,971) (2,029)
Related deferred tax liabilities 869 895 864 869 890
Tangible shareholders’ equity $ 223,515 $ 211,403 $ 224,877 $ 223,280 $ 214,815
Preferred stock (27,493) (28,397) (25,984) (28,113) (28,397)
Tangible common shareholders’ equity $ 196,022 $ 183,006 $ 198,893 $ 195,167 $ 186,418

Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity

and period-end tangible common shareholders’ equity
Shareholders’ equity $ 296,512 $ 287,064 $ 296,512 $ 293,892 $ 287,064
Goodwill (69,021) (69,021) (69,021) (69,021) (69,021)
Intangible assets (excluding mortgage servicing rights) (1,938) (2,016) (1,938) (1,958) (2,016)
Related deferred tax liabilities 859 886 859 864 886
Tangible shareholders’ equity $ 226,412 $ 216,913 $ 226,412 $ 223,777 $ 216,913
Preferred stock (24,554) (28,397) (24,554) (26,548) (28,397)
Tangible common shareholders’ equity $ 201,858 $ 188,516 $ 201,858 $ 197,229 $ 188,516

Reconciliation of period-end assets to period-end tangible assets

Assets $ 3,324,036 $ 3,153,090 $ 3,324,036 $ 3,257,996 $ 3,153,090
Goodwill (69,021) (69,021) (69,021) (69,021) (69,021)
Intangible assets (excluding mortgage servicing rights) (1,938) (2,016) (1,938) (1,958) (2,016)
Related deferred tax liabilities 859 886 859 864 886
Tangible assets $ 3,253,936 $ 3,082,939 $ 3,253,936 $ 3,187,881 $ 3,082,939

Book value per share of common stock

Common shareholders’ equity $ 271,958 $ 258,667 $ 271,958 $ 267,344 $ 258,667
Ending common shares issued and outstanding 7,688.8 7,923.4 7,688.8 7,774.8 7,923.4
Book value per share of common stock $ 35.37 $ 32.65 $ 35.37 $ 34.39 $ 32.65

Tangible book value per share of common stock

Tangible common shareholders’ equity $ 201,858 $ 188,516 $ 201,858 $ 197,229 $ 188,516
Ending common shares issued and outstanding 7,688.8 7,923.4 7,688.8 7,774.8 7,923.4
Tangible book value per share of common stock $ 26.25 $ 23.79 $ 26.25 $ 25.37 $ 23.79

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