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As filed with the Securities and Exchange Commission on January 6, 2026

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):

January 6, 2026

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 7.01. REGULATION FD DISCLOSURE.

Bank of America Corporation (the “Corporation”) has elected to change its accounting methods related to its tax-related affordable housing, eligible wind renewable energy and solar renewable energy equity investments. The Corporation determined that the new accounting methods are preferable as they better align the financial statement presentation with the economic impact of these equity investments.

For its affordable housing and eligible wind renewable energy equity investments, the Corporation is changing its accounting from the equity method of accounting to the proportional amortization method (PAM). Under PAM, the cost of the equity investments is amortized in proportion to the related income tax benefits and classified in income tax expense, whereas previously the cost of the equity investments was determined using the equity method of accounting and classified in noninterest income – other income.

For its solar renewable energy equity investments, the Corporation is changing its accounting for the investment tax credits (ITCs) where the ITCs and applicable equity investment expense are recognized over the productive life of the underlying facilities, whereas previously the ITCs and applicable expense were recognized when the facilities were placed in service. As part of this accounting change, the Corporation is also electing to report the ITCs in noninterest income – other income against the related equity investment expense.

The primary impact of the accounting changes described above is a reclassification between income statement line items. Following is a summary of the reclassifications between certain income statement lines to implement the accounting change:


	Year Ended				Third		Second		First		Fourth		Third		Second		First
	December 31				Quarter		Quarter		Quarter		Quarter		Quarter		Quarter		Quarter
(in millions)	2024		2023		2025		2025		2025		2024		2024		2024		2024

Impact to total revenue, net of interest expense:
Noninterest income - as previously reported	$	45,827	$	41,650	$	12,855	$	11,793	$	12,923	$	10,988	$	11,378	$	11,675	$	11,786
Adjustment	3,969		4,188		952		980		881		1,128		868		928		1,045
Noninterest income - revised	$	49,796	$	45,838	$	13,807	$	12,773	$	13,804	$	12,116	$	12,246	$	12,603	$	12,831

Impact to income tax expense:
Income tax expense - as previously reported	$	2,122	$	1,827	$	987	$	572	$	720	$	443	$	428	$	663	$	588
Adjustment	4,128		4,398		1,089		926		917		987		1,053		1,022		1,066
Income tax expense - revised	$	6,250	$	6,225	$	2,076	$	1,498	$	1,637	$	1,430	$	1,481	$	1,685	$	1,654

In addition, the accounting changes have an insignificant impact on net income on an annualized basis, which were applied retrospectively through cumulative adjustment to retained earnings. As a result, retained earnings as of September 30, 2025 decreased $1.7 billion from the previously reported amount, reflecting the cumulative impact of the timing difference in expense recognition under the new accounting methods. This timing difference is expected to reverse over the remaining life of the investments.

Under the applicable bank regulatory rules, the Corporation is not required to and, accordingly, will not revise previously filed regulatory capital ratios. However, the cumulative impact of the changes in accounting methods would have resulted in an estimated $2.1 billion decrease in the Corporation’s Common equity tier 1 capital due to the above-referenced impact to retained earnings as well as deferred tax effects, which would have resulted in a decrease of 13 basis points to the Common equity tier 1 ratio as of September 30, 2025. Additionally, the effective tax rate for the third quarter of 2025 would have been an estimated 20.0% compared to 10.4% previously reported.

The information contained in this Form 8-K has been prepared by, and is the responsibility of, the Corporation and is being furnished to assist investors in understanding how the changes in accounting methods, which are discussed above, affected the Corporation’s previously filed Consolidated Statements of Income and Consolidated Balance Sheets. The information related to the changes in accounting methods is preliminary and based on company data available at the time this Form 8-K is furnished.

Financial information presented in the Revised Supplemental Information for the prior quarters of 2025 and 2024, as well as the full years 2024 and 2023, has been updated to reflect the changes in accounting methods and is attached hereto as Exhibit 99.1. This Revised Supplemental Information is being furnished pursuant to Item 7.01, and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall the Revised Supplemental Information be deemed incorporated by reference into any filings under the Securities Act of 1933, as amended.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.

Exhibit 99.1 is furnished herewith.



EXHIBIT NO.						DESCRIPTION OF EXHIBIT

99.1						Revised Supplemental Information to Reflect Changes in Accounting Methods for Certain Tax-related Equity Investments



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, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



BANK OF AMERICA CORPORATION

By:						/s/ Johnbull E. Okpara
						Johnbull E. Okpara
						Chief Accounting Officer

Dated: January 6, 2026

EX-99.1 2 a162026tax-relatedequityin.htm EX-99.1 Document

Exhibit 99.1

Revised Supplemental Information

to Reflect Changes in Accounting Methods

for Certain Tax-related Equity Investments

This information is preliminary and based on company data available at the time this Form 8-K is furnished. It speaks only as of the particular date or dates included in the accompanying pages. Bank of America does not undertake an obligation to, and disclaims any duty to, update any of the information provided.


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


Quarterly Average Balances and Interest Rates			6


Supplemental Financial Data			9
Quarterly Results by Business Segment and All Other			10
Annual Results by Business Segment and All Other			14
Consumer Banking
Total Segment Results			15


Global Wealth & Investment Management
Total Segment Results			16

Global Banking
Total Segment Results			17


Global Markets
Total Segment Results			18

All Other
Total Results			19










Exhibit A: Non-GAAP Reconciliations			20







Description of Accounting Changes

Bank of America Corporation (the “Corporation”) has elected to change its accounting methods related to its tax-related affordable housing, eligible wind renewable energy and solar renewable energy equity investments. The primary impact of the accounting changes described below is a reclassification between income statement line items. The Corporation determined that the new accounting methods are preferable as they better align the financial statement presentation with the economic impact of these equity investments. For its affordable housing and eligible wind renewable energy equity investments, the Corporation is changing its accounting from the equity method of accounting to the proportional amortization method (PAM). Under PAM, the cost of the equity investments is amortized in proportion to the related income tax benefits and classified in income tax expense, whereas previously the cost of the equity investments was determined using the equity method of accounting and classified in noninterest income – other income. For its solar renewable energy equity investments, the Corporation is changing its accounting for the investment tax credits (ITCs) where the ITCs and applicable equity investment expense are recognized over the productive life of the underlying facilities, whereas previously the ITCs and applicable expense were recognized when the facilities were placed in service. As part of this accounting change, the Corporation is also electing to report the ITCs in noninterest income – other income against the related equity investment expense. Financial information for the prior quarters of 2025 and 2024, as well as the full years 2024 and 2023, has been updated and presented herein to reflect the changes in accounting methods.
Key Performance Indicators

The Corporation presents certain key financial and nonfinancial performance indicators that management uses when assessing consolidated 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.

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 10 - 14 are reported on an FTE basis.


Bank of America Corporation and Subsidiaries
Consolidated Financial Highlights
(In millions, except per share information)
	Year Ended December 31						Third Quarter 2025			Second Quarter 2025			First Quarter 2025			Fourth Quarter 2024			Third Quarter 2024			Second Quarter 2024			First Quarter 2024
	2024			2023
Income statement
Net interest income	$	56,060		$	56,931		$	15,233		$	14,670		$	14,443		$	14,359		$	13,967		$	13,702		$	14,032
Noninterest income	49,796			45,838			13,807			12,773			13,804			12,116			12,246			12,603			12,831
Total revenue, net of interest expense	105,856			102,769			29,040			27,443			28,247			26,475			26,213			26,305			26,863
Provision for credit losses	5,821			4,394			1,295			1,592			1,480			1,452			1,542			1,508			1,319
Noninterest expense	66,812			65,845			17,337			17,183			17,770			16,787			16,479			16,309			17,237
Income before income taxes	33,223			32,530			10,408			8,668			8,997			8,236			8,192			8,488			8,307
Pretax, pre-provision income (1)	39,044			36,924			11,703			10,260			10,477			9,688			9,734			9,996			9,626
Income tax expense	6,250			6,225			2,076			1,498			1,637			1,430			1,481			1,685			1,654
Net income	26,973			26,305			8,332			7,170			7,360			6,806			6,711			6,803			6,653
Preferred stock dividends	1,629			1,649			429			291			406			266			516			315			532
Net income applicable to common shareholders	25,344			24,656			7,903			6,879			6,954			6,540			6,195			6,488			6,121
Diluted earnings per common share	3.19			3.05			1.04			0.90			0.89			0.83			0.78			0.82			0.76
Average diluted common shares issued and outstanding	7,935.8			8,080.5			7,627.1			7,651.6			7,770.8			7,843.7			7,902.1			7,960.9			8,031.4
Dividends paid per common share	$	1.00		$	0.92		$	0.28		$	0.26		$	0.26		$	0.26		$	0.26		$	0.24		$	0.24

Performance ratios
Return on average assets	0.82		%	0.83		%	0.96		%	0.84		%	0.89		%	0.82		%	0.81		%	0.84		%	0.82		%
Return on average common shareholders’ equity	9.53			9.73			11.40			10.12			10.37			9.64			9.22			9.89			9.37
Return on average shareholders’ equity	9.22			9.33			11.01			9.74			10.15			9.23			9.10			9.37			9.19
Return on average tangible common shareholders’ equity (2)	12.94			13.45			15.29			13.61			13.97			13.02			12.49			13.47			12.79
Return on average tangible shareholders’ equity (2)	12.13			12.43			14.35			12.77			13.32			12.12			11.96			12.34			12.11
Efficiency ratio	63.12			64.07			59.70			62.61			62.91			63.41			62.86			62.00			64.17


At period end
Book value per share of common stock	$	35.58		$	33.16		$	37.72		$	36.92		$	36.17		$	35.58		$	35.14		$	34.19		$	33.52
Tangible book value per share of common stock (2)	26.37			24.28			28.16			27.49			26.90			26.37			26.03			25.17			24.61
Market capitalization	334,497			265,840			378,125			351,904			315,482			334,497			305,090			309,202			298,312
Number of financial centers - U.S.	3,700			3,845			3,649			3,664			3,681			3,700			3,741			3,786			3,804
Number of branded ATMs - U.S.	14,893			15,168			14,920			14,904			14,866			14,893			14,900			14,972			15,028
Headcount	213,193			212,985			213,384			213,388			212,732			213,193			213,491			212,318			212,335

(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 20.)

(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 20.)


			2


Bank of America Corporation and Subsidiaries
Consolidated Statement of Income
(In millions, except per share information)
	Year Ended December 31				Third Quarter 2025		Second Quarter 2025		First Quarter 2025		Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024		First Quarter 2024
	2024		2023
Net interest income
Interest income	$	146,607	$	130,262	$	35,366	$	34,873	$	34,066	$	35,977	$	37,491	$	36,854	$	36,285
Interest expense	90,547		73,331		20,133		20,203		19,623		21,618		23,524		23,152		22,253
Net interest income	56,060		56,931		15,233		14,670		14,443		14,359		13,967		13,702		14,032

Noninterest income
Fees and commissions	36,291		32,009		10,337		9,469		9,415		9,543		9,119		8,969		8,660
Market making and similar activities	12,967		12,732		3,203		3,153		3,584		2,503		3,278		3,298		3,888
Other income (loss)	538		1,097		267		151		805		70		(151)		336		283
Total noninterest income	49,796		45,838		13,807		12,773		13,804		12,116		12,246		12,603		12,831
Total revenue, net of interest expense	105,856		102,769		29,040		27,443		28,247		26,475		26,213		26,305		26,863

Provision for credit losses	5,821		4,394		1,295		1,592		1,480		1,452		1,542		1,508		1,319

Noninterest expense
Compensation and benefits	40,182		38,330		10,523		10,332		10,889		10,245		9,916		9,826		10,195
Occupancy and equipment	7,289		7,164		1,872		1,836		1,856		1,824		1,836		1,818		1,811
Information processing and communications	7,231		6,707		1,827		1,819		1,894		1,884		1,784		1,763		1,800
Product delivery and transaction related	3,494		3,608		1,025		974		914		903		849		891		851

Professional fees	2,669		2,159		606		640		652		744		723		654		548
Marketing	1,956		1,927		572		563		506		510		504		487		455
Other general operating	3,991		5,950		912		1,019		1,059		677		867		870		1,577
Total noninterest expense	66,812		65,845		17,337		17,183		17,770		16,787		16,479		16,309		17,237
Income before income taxes	33,223		32,530		10,408		8,668		8,997		8,236		8,192		8,488		8,307
Income tax expense	6,250		6,225		2,076		1,498		1,637		1,430		1,481		1,685		1,654
Net income	$	26,973	$	26,305	$	8,332	$	7,170	$	7,360	$	6,806	$	6,711	$	6,803	$	6,653
Preferred stock dividends	1,629		1,649		429		291		406		266		516		315		532

Net income applicable to common shareholders	$	25,344	$	24,656	$	7,903	$	6,879	$	6,954	$	6,540	$	6,195	$	6,488	$	6,121

Per common share information
Earnings	$	3.23	$	3.07	$	1.06	$	0.91	$	0.91	$	0.85	$	0.79	$	0.82	$	0.77
Diluted earnings	3.19		3.05		1.04		0.90		0.89		0.83		0.78		0.82		0.76
Average common shares issued and outstanding	7,855.5		8,028.6		7,466.0		7,581.2		7,677.9		7,738.4		7,818.0		7,897.9		7,968.2
Average diluted common shares issued and outstanding	7,935.8		8,080.5		7,627.1		7,651.6		7,770.8		7,843.7		7,902.1		7,960.9		8,031.4


Consolidated Statement of Comprehensive Income
(Dollars in millions)
	Year Ended December 31				Third Quarter 2025		Second Quarter 2025		First Quarter 2025		Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024		First Quarter 2024
	2024		2023
Net income	$	26,973	$	26,305	$	8,332	$	7,170	$	7,360	$	6,806	$	6,711	$	6,803	$	6,653
Other comprehensive income (loss), net-of-tax:
Net change in debt securities	158		573		438		(315)		366		(286)		417		(305)		332
Net change in debit valuation adjustments	(127)		(686)		(305)		(153)		297		8		—		53		(188)
Net change in derivatives	2,428		3,919		636		1,196		1,313		(672)		2,830		686		(416)
Employee benefit plan adjustments	131		(439)		(16)		26		27		56		27		25		23
Net change in foreign currency translation adjustments	(87)		1		6		13		11		(57)		21		(31)		(20)
Other comprehensive income (loss)	2,503		3,368		759		767		2,014		(951)		3,295		428		(269)
Comprehensive income	$	29,476	$	29,673	$	9,091	$	7,937	$	9,374	$	5,855	$	10,006	$	7,231	$	6,384


			3


Bank of America Corporation and Subsidiaries
Net Interest Income and Noninterest Income
(Dollars in millions)
	Year Ended December 31				Third Quarter 2025		Second Quarter 2025		First Quarter 2025		Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024		First Quarter 2024
	2024		2023
Net interest income
Interest income
Loans and leases	$	61,993	$	57,124	$	16,191	$	15,651	$	15,223	$	15,690	$	15,725	$	15,338	$	15,240
Debt securities	26,007		20,226		6,958		6,913		6,767		6,712		6,833		6,325		6,137
Federal funds sold and securities borrowed or purchased under agreements to resell	19,911		18,679		3,802		4,094		3,774		4,381		5,196		5,159		5,175
Trading account assets	10,376		8,773		3,195		3,057		3,008		2,679		2,726		2,516		2,455
Other interest income	28,320		25,460		5,220		5,158		5,294		6,515		7,011		7,516		7,278
Total interest income	146,607		130,262		35,366		34,873		34,066		35,977		37,491		36,854		36,285

Interest expense
Deposits	38,442		26,163		8,932		8,681		8,632		9,524		10,125		9,655		9,138
Short-term borrowings	34,538		30,553		7,172		7,435		6,963		7,993		8,940		9,070		8,535
Trading account liabilities	2,191		2,043		672		676		707		567		538		540		546
Long-term debt	15,376		14,572		3,357		3,411		3,321		3,534		3,921		3,887		4,034
Total interest expense	90,547		73,331		20,133		20,203		19,623		21,618		23,524		23,152		22,253
Net interest income	$	56,060	$	56,931	$	15,233	$	14,670	$	14,443	$	14,359	$	13,967	$	13,702	$	14,032

Noninterest income
Fees and commissions
Card income
Interchange fees (1)	$	4,013	$	3,983	$	990	$	1,036	$	916	$	1,029	$	1,030	$	1,023	$	931
Other card income	2,271		2,071		639		610		602		593		588		558		532
Total card income	6,284		6,054		1,629		1,646		1,518		1,622		1,618		1,581		1,463
Service charges
Deposit-related fees	4,708		4,382		1,267		1,265		1,228		1,216		1,198		1,172		1,122
Lending-related fees	1,347		1,302		365		350		333		338		354		335		320
Total service charges	6,055		5,684		1,632		1,615		1,561		1,554		1,552		1,507		1,442
Investment and brokerage services
Asset management fees	13,875		12,002		3,972		3,698		3,738		3,702		3,533		3,370		3,270
Brokerage fees	3,891		3,561		1,091		1,082		1,075		1,011		1,013		950		917
Total investment and brokerage services	17,766		15,563		5,063		4,780		4,813		4,713		4,546		4,320		4,187
Investment banking fees
Underwriting income	3,275		2,235		992		806		770		763		742		869		901
Syndication fees	1,221		898		438		289		369		335		274		318		294
Financial advisory services	1,690		1,575		583		333		384		556		387		374		373
Total investment banking fees	6,186		4,708		2,013		1,428		1,523		1,654		1,403		1,561		1,568
Total fees and commissions	36,291		32,009		10,337		9,469		9,415		9,543		9,119		8,969		8,660
Market making and similar activities	12,967		12,732		3,203		3,153		3,584		2,503		3,278		3,298		3,888
Other income (loss)	538		1,097		267		151		805		70		(151)		336		283
Total noninterest income	$	49,796	$	45,838	$	13,807	$	12,773	$	13,804	$	12,116	$	12,246	$	12,603	$	12,831

(1)Gross interchange fees and merchant income were $13.6 billion and $13.3 billion and are presented net of $9.5 billion and $9.3 billion of expenses for rewards and partner payments as well as certain other card costs for the years ended December 31, 2024 and 2023. Gross interchange fees and merchant income were $3.4 billion, $3.5 billion, $3.3 billion, $3.5 billion, $3.4 billion, $3.5 billion and $3.2 billion and are presented net of $2.5 billion, $2.4 billion, $2.4 billion, $2.4 billion $2.4 billion, $2.4 billion and $2.3 billion of expenses for rewards and partner payments as well as certain other card costs for the third, second and first quarters of 2025 and the fourth, third, second and first quarters of 2024, respectively.


			4


Bank of America Corporation and Subsidiaries
Consolidated Balance Sheet
(Dollars in millions)
		September 30 2025		December 31 2024		December 31 2023
Assets
Cash and due from banks		$	25,352	$	26,003	$	27,892
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks		221,155		264,111		305,181
Cash and cash equivalents		246,507		290,114		333,073
Time deposits placed and other short-term investments		8,212		6,372		8,346
Federal funds sold and securities borrowed or purchased under agreements to resell		325,800		274,709		280,624
Trading account assets		335,566		314,460		277,354
Derivative assets		42,115		40,948		39,323
Debt securities:
Carried at fair value		404,636		358,607		276,852
Held-to-maturity, at cost		531,414		558,677		594,555
Total debt securities		936,050		917,284		871,407
Loans and leases		1,165,900		1,095,835		1,053,732
Allowance for loan and lease losses		(13,252)		(13,240)		(13,342)
Loans and leases, net of allowance		1,152,648		1,082,595		1,040,390
Premises and equipment, net		12,348		12,168		11,855
Goodwill		69,021		69,021		69,021
Loans held-for-sale		6,831		9,545		6,002
Customer and other receivables		99,863		82,247		81,881
Other assets		168,188		161,836		161,239
Total assets		$	3,403,149	$	3,261,299	$	3,180,515

Liabilities
Deposits in U.S. offices:
Noninterest-bearing		$	510,208	$	507,561	$	530,619
Interest-bearing		1,354,445		1,329,014		1,273,904
Deposits in non-U.S. offices:
Noninterest-bearing		14,690		16,297		16,427
Interest-bearing		122,865		112,595		102,877
Total deposits		2,002,208		1,965,467		1,923,827
Federal funds purchased and securities loaned or sold under agreements to repurchase		342,588		331,758		283,887
Trading account liabilities		117,322		92,543		95,530
Derivative liabilities		40,157		39,353		43,432
Short-term borrowings		54,200		43,391		32,098
Accrued expenses and other liabilities		232,753		211,545		209,328
Long-term debt		311,484		283,279		302,204
Total liabilities		3,100,712		2,967,336		2,890,306
Shareholders’ equity
Preferred stock, $0.01 par value; authorized –100,000,000 shares; issued and outstanding – 3,991,164, 3,877,917 and 4,088,099 shares		25,992		23,159		28,397
Common stock and additional paid-in capital, $0.01 par value; authorized –12,800,000,000 shares; issued and outstanding – 7,329,421,929, 7,610,862,311 and 7,895,457,665 shares		31,764		45,336		56,365
Retained earnings		256,426		240,753		223,235
Accumulated other comprehensive income (loss)		(11,745)		(15,285)		(17,788)
Total shareholders’ equity		302,437		293,963		290,209
Total liabilities and shareholders’ equity		$	3,403,149	$	3,261,299	$	3,180,515

	Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
	Trading account assets	$	6,063	$	5,575	$	6,054
	Loans and leases	18,007		19,144		18,276
	Allowance for loan and lease losses	(889)		(919)		(826)
	Loans and leases, net of allowance	17,118		18,225		17,450

	All other assets	614		319		269
	Total assets of consolidated variable interest entities	$	23,795	$	24,119	$	23,773

	Liabilities of consolidated variable interest entities included in total liabilities above
	Short-term borrowings	$	4,980	$	3,329	$	2,957
	Long-term debt	8,420		8,457		8,456
	All other liabilities	22		21		19
	Total liabilities of consolidated variable interest entities	$	13,422	$	11,807	$	11,432


			5


Bank of America Corporation and Subsidiaries
Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis
(Dollars in millions)
	Third Quarter 2025						Second Quarter 2025						First Quarter 2025
	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	$	264,233	$	2,698	4.05	%	$	274,839	$	2,843	4.15	%	$	272,012	$	2,810	4.19	%
Time deposits placed and other short-term investments	9,716		88		3.59		10,405		89		3.43		9,202		92		4.04
Federal funds sold and securities borrowed or purchased under agreements to resell	316,603		3,802		4.76		353,331		4,094		4.65		322,012		3,774		4.75
Trading account assets	239,048		3,222		5.35		234,282		3,081		5.27		231,437		3,034		5.31
Debt securities	932,588		6,975		2.97		933,065		6,932		2.96		923,747		6,786		2.95
Loans and leases (2)
Residential mortgage	235,301		2,070		3.52		235,130		2,031		3.46		228,638		1,916		3.36
Home equity	26,413		390		5.86		26,190		379		5.80		25,849		366		5.74
Credit card	100,966		2,932		11.52		100,013		2,846		11.41		100,173		2,838		11.49
Direct/Indirect and other consumer	110,127		1,525		5.49		108,955		1,484		5.47		106,847		1,432		5.43
Total consumer	472,807		6,917		5.82		470,288		6,740		5.74		461,507		6,552		5.74
U.S. commercial	443,274		5,953		5.33		427,194		5,709		5.36		411,783		5,427		5.34
Non-U.S. commercial	154,458		2,121		5.45		149,044		2,016		5.42		138,853		2,058		6.01
Commercial real estate	66,494		1,044		6.23		65,847		1,023		6.23		65,751		1,020		6.29
Commercial lease financing	16,002		216		5.37		16,080		214		5.33		15,844		215		5.46
Total commercial	680,228		9,334		5.45		658,165		8,962		5.46		632,231		8,720		5.59
Total loans and leases	1,153,035		16,251		5.60		1,128,453		15,702		5.58		1,093,738		15,272		5.65
Other earning assets	124,965		2,484		7.89		115,831		2,277		7.89		114,695		2,443		8.63
Total earning assets	3,040,188		35,520		4.64		3,050,206		35,018		4.60		2,966,843		34,211		4.67
Cash and due from banks	24,963						24,781						23,700
Other assets, less allowance for loan and lease losses	368,296						355,293						358,468
Total assets	$	3,433,447					$	3,430,280					$	3,349,011
Interest-bearing liabilities
U.S. interest-bearing deposits
Demand and money market deposits (3)	$	1,095,931	$	6,063	2.19	%	$	1,078,771	$	5,739	2.13	%	$	1,068,521	$	5,526	2.10	%
Time and savings deposits (3)	257,475		1,941		2.99		259,261		1,998		3.09		262,711		2,119		3.27
Total U.S. interest-bearing deposits	1,353,406		8,004		2.35		1,338,032		7,737		2.32		1,331,232		7,645		2.33
Non-U.S. interest-bearing deposits	125,309		928		2.94		121,921		944		3.11		116,733		987		3.42
Total interest-bearing deposits	1,478,715		8,932		2.40		1,459,953		8,681		2.38		1,447,965		8,632		2.42
Federal funds purchased and securities loaned or sold under agreements to repurchase	392,431		4,800		4.85		414,655		4,946		4.78		385,091		4,629		4.87
Short-term borrowings and other interest-bearing liabilities	178,368		2,372		5.28		183,008		2,489		5.45		160,226		2,334		5.91
Trading account liabilities	52,452		672		5.08		53,805		676		5.04		53,678		707		5.34
Long-term debt	247,425		3,357		5.40		249,104		3,411		5.49		241,036		3,321		5.56
Total interest-bearing liabilities	2,349,391		20,133		3.40		2,360,525		20,203		3.43		2,287,996		19,623		3.47
Noninterest-bearing sources
Noninterest-bearing deposits	512,719						513,808						510,367
Other liabilities (4)	270,956						260,618						256,461
Shareholders’ equity	300,381						295,329						294,187
Total liabilities and shareholders’ equity	$	3,433,447					$	3,430,280					$	3,349,011
Net interest spread					1.24	%					1.17	%					1.20	%
Impact of noninterest-bearing sources					0.77						0.77						0.79
Net interest income/yield on earning assets (5)			$	15,387	2.01	%			$	14,815	1.94	%			$	14,588	1.99	%

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

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

(3)Certain prior-period time and savings deposits have been reclassified to demand and money market deposits consistent with the presentation in the third quarter of 2025.

(4)Includes $66.2 billion, $58.8 billion and $53.7 billion of structured notes and liabilities for the third, second and first quarters of 2025, respectively.

(5)Net interest income includes FTE adjustments of $154 million, $145 million and $145 million for the third, second and first quarters of 2025, respectively.


			6


Bank of America Corporation and Subsidiaries
Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis (continued)
(Dollars in millions)
	Fourth Quarter 2024						Third Quarter 2024						Second Quarter 2024
	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	$	319,203	$	3,648	4.55	%	$	320,781	$	4,129	5.12	%	$	345,423	$	4,498	5.24	%
Time deposits placed and other short-term investments	9,824		112		4.54		10,031		108		4.29		10,845		123		4.55
Federal funds sold and securities borrowed or purchased under agreements to resell	296,204		4,381		5.88		323,119		5,196		6.40		318,380		5,159		6.52
Trading account assets	210,380		2,703		5.11		214,980		2,749		5.09		202,295		2,542		5.05
Debt securities	895,903		6,734		2.99		883,562		6,859		3.08		852,427		6,352		2.98
Loans and leases (2)
Residential mortgage	227,990		1,892		3.32		227,800		1,872		3.29		227,567		1,824		3.21
Home equity	25,767		394		6.09		25,664		418		6.48		25,529		405		6.38
Credit card	100,938		2,903		11.44		99,908		2,924		11.64		98,983		2,825		11.48
Direct/Indirect and other consumer	106,379		1,490		5.57		104,732		1,512		5.74		103,689		1,428		5.54
Total consumer	461,074		6,679		5.77		458,104		6,726		5.85		455,768		6,482		5.71
U.S. commercial	404,606		5,541		5.45		391,728		5,358		5.44		386,232		5,267		5.49
Non-U.S. commercial	132,833		2,187		6.55		125,377		2,222		7.05		123,094		2,170		7.09
Commercial real estate	67,064		1,129		6.69		69,404		1,275		7.31		71,345		1,285		7.24
Commercial lease financing	15,432		209		5.39		15,115		201		5.30		15,033		196		5.22
Total commercial	619,935		9,066		5.82		601,624		9,056		5.99		595,704		8,918		6.02
Total loans and leases	1,081,009		15,745		5.80		1,059,728		15,782		5.93		1,051,472		15,400		5.89
Other earning assets	116,207		2,808		9.61		105,496		2,815		10.62		107,093		2,940		11.04
Total earning assets	2,928,730		36,131		4.91		2,917,697		37,638		5.14		2,887,935		37,014		5.15
Cash and due from banks	24,354						23,435						24,208
Other assets, less allowance for loan and lease losses	362,494						352,768						360,813
Total assets	$	3,315,578					$	3,293,900					$	3,272,956
Interest-bearing liabilities
U.S. interest-bearing deposits
Demand and money market deposits (3)	$	1,069,361	$	6,153	2.29	%	$	1,043,182	$	6,603	2.52	%	$	1,036,834	$	6,300	2.44	%
Time and savings deposits (3)	260,825		2,266		3.46		259,999		2,367		3.62		252,964		2,265		3.60
Total U.S. interest-bearing deposits	1,330,186		8,419		2.52		1,303,181		8,970		2.74		1,289,798		8,565		2.67
Non-U.S. interest-bearing deposits	115,503		1,105		3.81		110,527		1,155		4.16		106,496		1,090		4.12
Total interest-bearing deposits	1,445,689		9,524		2.62		1,413,708		10,125		2.85		1,396,294		9,655		2.78
Federal funds purchased and securities loaned or sold under agreements to repurchase	363,419		5,387		5.90		383,334		6,193		6.43		371,372		6,171		6.68
Short-term borrowings and other interest-bearing liabilities	155,956		2,606		6.65		147,579		2,747		7.41		152,742		2,899		7.64
Trading account liabilities	50,873		567		4.44		52,973		538		4.04		53,895		540		4.03
Long-term debt	238,988		3,534		5.90		247,338		3,921		6.32		243,689		3,887		6.40
Total interest-bearing liabilities	2,254,925		21,618		3.82		2,244,932		23,524		4.17		2,217,992		23,152		4.20
Noninterest-bearing sources
Noninterest-bearing deposits	512,261						507,040						513,631
Other liabilities (4)	254,994						248,497						249,390
Shareholders’ equity	293,398						293,431						291,943
Total liabilities and shareholders’ equity	$	3,315,578					$	3,293,900					$	3,272,956
Net interest spread					1.09	%					0.97	%					0.95	%
Impact of noninterest-bearing sources					0.88						0.95						0.98
Net interest income/yield on earning assets (5)			$	14,513	1.97	%			$	14,114	1.92	%			$	13,862	1.93	%

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

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

(3)Certain prior-period time and savings deposits have been reclassified to demand and money market deposits consistent with the presentation in the third quarter of 2025..

(4)Includes $53.0 billion, $49.5 billion and $46.6 billion of structured notes and liabilities for the fourth, third and second quarters of 2024, respectively.

(5)Net interest income includes FTE adjustments of $154 million, $147 million and $160 million for the fourth, third and second quarters of 2024, respectively.


			7


Bank of America Corporation and Subsidiaries
Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis (continued)
(Dollars in millions)
	First Quarter 2024
	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	$	346,463	$	4,531	5.26	%
Time deposits placed and other short-term investments	9,728		116		4.80
Federal funds sold and securities borrowed or purchased under agreements to resell	304,821		5,175		6.83
Trading account assets	202,461		2,482		4.93
Debt securities	842,483		6,162		2.92
Loans and leases (2)
Residential mortgage	227,748		1,803		3.17
Home equity	25,522		390		6.14
Credit card	99,815		2,786		11.22
Direct/Indirect and other consumer	103,371		1,399		5.45
Total consumer	456,456		6,378		5.61
U.S. commercial	379,566		5,236		5.55
Non-U.S. commercial	125,024		2,170		6.98
Commercial real estate	71,986		1,311		7.33
Commercial lease financing	14,858		200		5.41
Total commercial	591,434		8,917		6.06
Total loans and leases	1,047,890		15,295		5.87
Other earning assets	106,737		2,682		10.10
Total earning assets	2,860,583		36,443		5.12
Cash and due from banks	24,185
Other assets, less allowance for loan and lease losses	360,479
Total assets	$	3,245,247
Interest-bearing liabilities
U.S. interest-bearing deposits
Demand and money market deposits (3)	$	1,054,122	$	6,121	2.34	%
Time and savings deposits (3)	228,359		1,950		3.43
Total U.S. interest-bearing deposits	1,282,481		8,071		2.53
Non-U.S. interest-bearing deposits	104,373		1,067		4.11
Total interest-bearing deposits	1,386,854		9,138		2.65
Federal funds purchased and securities loaned or sold under agreements to repurchase	350,507		6,026		6.92
Short-term borrowings and other interest-bearing liabilities	141,091		2,509		7.15
Trading account liabilities	51,757		546		4.24
Long-term debt	254,782		4,034		6.35
Total interest-bearing liabilities	2,184,991		22,253		4.10
Noninterest-bearing sources
Noninterest-bearing deposits	520,608
Other liabilities (4)	248,574
Shareholders’ equity	291,074
Total liabilities and shareholders’ equity	$	3,245,247
Net interest spread					1.02	%
Impact of noninterest-bearing sources					0.97
Net interest income/yield on earning assets (5)			$	14,190	1.99	%

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

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

(3)Certain prior-period time and savings deposits have been reclassified to demand and money market deposits consistent with the presentation in the third quarter of 2025..

(4)Includes $44.1 billion of structured notes and liabilities for the first quarter of 2024.

(5)Net interest income includes an FTE adjustment of $158 million for the first quarter of 2024.


			8


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

	Year Ended December 31						Third Quarter 2025			Second Quarter 2025			First Quarter 2025			Fourth Quarter 2024			Third Quarter 2024			Second Quarter 2024			First Quarter 2024
	2024			2023






FTE basis data (1)
Net interest income	$	56,679		$	57,498		$	15,387		$	14,815		$	14,588		$	14,513		$	14,114		$	13,862		$	14,190
Total revenue, net of interest expense	106,475			103,336			29,194			27,588			28,392			26,629			26,360			26,465			27,021
Net interest yield	1.95		%	2.08		%	2.01		%	1.94		%	1.99		%	1.97		%	1.92		%	1.93		%	1.99		%
Efficiency ratio	62.75			63.72			59.39			62.28			62.59			63.04			62.51			61.62			63.79

(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 $619 million and $567 million for the years ended December 31, 2024 and 2023, $154 million, $145 million and $145 million for the third, second and first quarters of 2025, and $154 million, $147 million, $160 million and $158 million for the fourth, third, second and first quarters of 2024, respectively.


			9


Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other
(Dollars in millions)
	Third Quarter 2025
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	15,387	$	8,988	$	1,800	$	3,141	$	1,484	$	(26)
Noninterest income
Fees and commissions:
Card income	1,629		1,403		6		204		17		(1)
Service charges	1,632		645		30		863		93		1
Investment and brokerage services	5,063		94		4,334		24		614		(3)
Investment banking fees	2,013		—		65		1,155		834		(41)
Total fees and commissions	10,337		2,142		4,435		2,246		1,558		(44)
Market making and similar activities	3,203		5		31		73		3,141		(47)
Other income (loss)	267		31		46		729		42		(581)
Total noninterest income (loss)	13,807		2,178		4,512		3,048		4,741		(672)
Total revenue, net of interest expense	29,194		11,166		6,312		6,189		6,225		(698)
Provision for credit losses	1,295		1,009		4		269		9		4
Noninterest expense	17,337		5,575		4,622		3,044		3,895		201
Income (loss) before income taxes	10,562		4,582		1,686		2,876		2,321		(903)
Income tax expense (benefit)	2,230		1,145		421		791		673		(800)
Net income (loss)	$	8,332	$	3,437	$	1,265	$	2,085	$	1,648	$	(103)

Average
Total loans and leases	$	1,153,035	$	320,297	$	245,523	$	388,482	$	190,994	$	7,739
Total assets (1)	3,433,447		1,029,529		320,484		730,206		1,024,300		328,928
Total deposits	1,991,434		947,414		276,534		631,560		37,588		98,338
Period end
Total loans and leases	$	1,165,900	$	321,905	$	252,986	$	386,828	$	196,759	$	7,422
Total assets (1)	3,403,149		1,032,826		325,605		737,640		997,908		309,170
Total deposits	2,002,208		949,100		278,931		640,801		36,883		96,493

	Second Quarter 2025
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	14,815	$	8,726	$	1,762	$	3,081	$	1,267	$	(21)
Noninterest income
Fees and commissions:
Card income	1,646		1,415		10		207		19		(5)
Service charges	1,615		627		28		864		94		2
Investment and brokerage services	4,780		85		4,033		23		642		(3)
Investment banking fees	1,428		—		65		767		666		(70)
Total fees and commissions	9,469		2,127		4,136		1,861		1,421		(76)
Market making and similar activities	3,153		6		28		68		3,300		(249)
Other income (loss)	151		(46)		11		679		(6)		(487)
Total noninterest income (loss)	12,773		2,087		4,175		2,608		4,715		(812)
Total revenue, net of interest expense	27,588		10,813		5,937		5,689		5,982		(833)
Provision for credit losses	1,592		1,282		20		277		22		(9)
Noninterest expense	17,183		5,567		4,593		3,070		3,806		147
Income (loss) before income taxes	8,813		3,964		1,324		2,342		2,154		(971)
Income tax expense (benefit)	1,643		991		331		644		625		(948)
Net income (loss)	$	7,170	$	2,973	$	993	$	1,698	$	1,529	$	(23)

Average
Total loans and leases	$	1,128,453	$	319,142	$	237,377	$	387,864	$	176,368	$	7,702
Total assets (1)	3,430,280		1,033,776		320,224		703,326		1,022,955		349,999
Total deposits	1,973,761		951,986		276,825		603,410		38,040		103,500
Period end
Total loans and leases	$	1,147,056	$	320,908	$	241,142	$	390,691	$	187,357	$	6,958
Total assets (1)	3,440,798		1,037,407		320,820		739,214		1,017,594		325,763
Total deposits	2,011,613		954,373		275,778		643,529		38,232		99,701

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


			10


Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other (continued)
(Dollars in millions)
	First Quarter 2025
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	14,588	$	8,505	$	1,765	$	3,151	$	1,189	$	(22)
Noninterest income
Fees and commissions:
Card income	1,518		1,297		10		202		14		(5)
Service charges	1,561		618		27		826		89		1
Investment and brokerage services	4,813		83		4,089		18		627		(4)
Investment banking fees	1,523		—		69		847		681		(74)
Total fees and commissions	9,415		1,998		4,195		1,893		1,411		(82)
Market making and similar activities	3,584		8		34		66		3,622		(146)
Other income (loss)	805		(18)		22		882		363		(444)
Total noninterest income (loss)	13,804		1,988		4,251		2,841		5,396		(672)
Total revenue, net of interest expense	28,392		10,493		6,016		5,992		6,585		(694)
Provision for credit losses	1,480		1,292		14		154		28		(8)
Noninterest expense	17,770		5,826		4,659		3,184		3,811		290
Income (loss) before income taxes	9,142		3,375		1,343		2,654		2,746		(976)
Income tax expense (benefit)	1,782		844		336		730		796		(924)
Net income (loss)	$	7,360	$	2,531	$	1,007	$	1,924	$	1,950	$	(52)

Average
Total loans and leases	$	1,093,738	$	315,038	$	232,326	$	378,733	$	159,625	$	8,016
Total assets (1)	3,349,011		1,029,320		330,607		673,883		969,282		345,919
Total deposits	1,958,332		947,550		286,399		575,185		38,809		110,389
Period end
Total loans and leases	$	1,110,625	$	318,337	$	234,304	$	384,208	$	166,348	$	7,428
Total assets (1)	3,349,039		1,054,637		329,816		687,169		959,477		317,940
Total deposits	1,989,564		972,064		285,063		591,619		38,268		102,550

	Fourth Quarter 2024
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	14,513	$	8,485	$	1,753	$	3,270	$	1,026	$	(21)
Noninterest income
Fees and commissions:
Card income	1,622		1,397		13		200		15		(3)
Service charges	1,554		622		26		808		97		1
Investment and brokerage services	4,713		84		4,057		21		555		(4)
Investment banking fees	1,654		—		62		985		639		(32)
Total fees and commissions	9,543		2,103		4,158		2,014		1,306		(38)
Market making and similar activities	2,503		5		36		63		2,381		18
Other income (loss)	70		53		55		749		125		(912)
Total noninterest income (loss)	12,116		2,161		4,249		2,826		3,812		(932)
Total revenue, net of interest expense	26,629		10,646		6,002		6,096		4,838		(953)
Provision for credit losses	1,452		1,254		3		190		10		(5)
Noninterest expense	16,787		5,631		4,438		2,951		3,505		262
Income (loss) before income taxes	8,390		3,761		1,561		2,955		1,323		(1,210)
Income tax expense (benefit)	1,584		940		390		812		384		(942)
Net income (loss)	$	6,806	$	2,821	$	1,171	$	2,143	$	939	$	(268)

Average
Total loans and leases	$	1,081,009	$	316,069	$	228,779	$	375,345	$	152,426	$	8,390
Total assets (1)	3,315,578		1,023,388		329,164		678,826		918,582		365,618
Total deposits	1,957,950		942,302		285,023		581,950		36,958		111,717
Period end
Total loans and leases	$	1,095,835	$	318,754	$	231,981	$	379,473	$	157,450	$	8,177
Total assets (1)	3,261,299		1,034,370		338,367		670,505		876,548		341,509
Total deposits	1,965,467		952,311		292,278		578,159		38,848		103,871

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


			11


Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other (continued)
(Dollars in millions)
	Third Quarter 2024
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	14,114	$	8,278	$	1,709	$	3,230	$	898	$	(1)
Noninterest income
Fees and commissions:
Card income	1,618		1,402		9		200		14		(7)
Service charges	1,552		631		24		802		95		—
Investment and brokerage services	4,546		80		3,874		31		562		(1)
Investment banking fees	1,403		—		64		783		589		(33)
Total fees and commissions	9,119		2,113		3,971		1,816		1,260		(41)
Market making and similar activities	3,278		5		35		66		3,349		(177)
Other income (loss)	(151)		22		47		543		123		(886)
Total noninterest income (loss)	12,246		2,140		4,053		2,425		4,732		(1,104)
Total revenue, net of interest expense	26,360		10,418		5,762		5,655		5,630		(1,105)
Provision for credit losses	1,542		1,302		7		229		7		(3)
Noninterest expense	16,479		5,534		4,340		2,991		3,443		171
Income (loss) before income taxes	8,339		3,582		1,415		2,435		2,180		(1,273)
Income tax expense (benefit)	1,628		895		354		670		632		(923)
Net income (loss)	$	6,711	$	2,687	$	1,061	$	1,765	$	1,548	$	(350)

Average
Total loans and leases	$	1,059,728	$	313,781	$	225,355	$	371,216	$	140,806	$	8,570
Total assets (1)	3,293,900		1,019,085		322,924		647,109		924,041		380,741
Total deposits	1,920,748		938,364		279,999		549,629		34,952		117,804
Period end
Total loans and leases	$	1,075,800	$	316,097	$	227,318	$	375,159	$	148,447	$	8,779
Total assets (1)	3,323,917		1,026,293		328,831		650,558		958,172		360,063
Total deposits	1,930,352		944,358		283,432		556,953		35,142		110,467

	Second Quarter 2024
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	13,862	$	8,118	$	1,693	$	3,275	$	770	$	6
Noninterest income
Fees and commissions:
Card income	1,581		1,361		9		198		20		(7)
Service charges	1,507		614		24		775		93		1
Investment and brokerage services	4,320		78		3,707		21		516		(2)
Investment banking fees	1,561		—		57		835		719		(50)
Total fees and commissions	8,969		2,053		3,797		1,829		1,348		(58)
Market making and similar activities	3,298		6		38		78		3,218		(42)
Other income (loss)	336		29		46		788		124		(651)
Total noninterest income (loss)	12,603		2,088		3,881		2,695		4,690		(751)
Total revenue, net of interest expense	26,465		10,206		5,574		5,970		5,460		(745)
Provision for credit losses	1,508		1,281		7		235		(13)		(2)
Noninterest expense	16,309		5,464		4,199		2,899		3,486		261
Income (loss) before income taxes	8,648		3,461		1,368		2,836		1,987		(1,004)
Income tax expense (benefit)	1,845		866		342		780		576		(719)
Net income (loss)	$	6,803	$	2,595	$	1,026	$	2,056	$	1,411	$	(285)

Average
Total loans and leases	$	1,051,472	$	312,254	$	222,776	$	372,738	$	135,106	$	8,598
Total assets (1)	3,272,956		1,029,777		330,958		623,993		908,469		379,759
Total deposits	1,909,925		949,180		287,678		525,357		31,944		115,766
Period end
Total loans and leases	$	1,056,785	$	312,801	$	224,837	$	372,421	$	138,441	$	8,285
Total assets (1)	3,257,896		1,033,960		324,476		619,798		887,108		392,554
Total deposits	1,910,491		952,473		281,283		522,525		33,151		121,059

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


			12


Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other (continued)
(Dollars in millions)
	First Quarter 2024
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	14,190	$	8,197	$	1,814	$	3,460	$	681	$	38
Noninterest income
Fees and commissions:
Card income	1,463		1,272		10		188		17		(24)
Service charges	1,442		578		23		750		90		1
Investment and brokerage services	4,187		78		3,600		18		495		(4)
Investment banking fees	1,568		—		63		850		708		(53)
Total fees and commissions	8,660		1,928		3,696		1,806		1,310		(80)
Market making and similar activities	3,888		5		34		68		3,830		(49)
Other income (loss)	283		36		47		693		63		(556)
Total noninterest income (loss)	12,831		1,969		3,777		2,567		5,203		(685)
Total revenue, net of interest expense	27,021		10,166		5,591		6,027		5,884		(647)
Provision for credit losses	1,319		1,150		(13)		229		(36)		(11)
Noninterest expense	17,237		5,475		4,264		3,012		3,492		994
Income (loss) before income taxes	8,465		3,541		1,340		2,786		2,428		(1,630)
Income tax expense (benefit)	1,812		885		335		766		704		(878)
Net income (loss)	$	6,653	$	2,656	$	1,005	$	2,020	$	1,724	$	(752)

Average
Total loans and leases	$	1,047,890	$	313,038	$	218,616	$	373,608	$	133,756	$	8,872
Total assets (1)	3,245,247		1,033,101		341,119		622,990		895,323		352,714
Total deposits	1,907,462		952,466		297,373		525,699		32,585		99,339
Period end
Total loans and leases	$	1,049,156	$	311,725	$	219,844	$	373,403	$	135,267	$	8,917
Total assets (1)	3,273,884		1,060,482		343,718		623,023		902,686		343,975
Total deposits	1,946,496		978,761		298,039		527,113		34,847		107,736

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


			13


Bank of America Corporation and Subsidiaries
Annual Results by Business Segment and All Other
(Dollars in millions)





























	Year Ended December 31, 2024
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	56,679	$	33,078	$	6,969	$	13,235	$	3,375	$	22
Noninterest income
Fees and commissions:
Card income	6,284		5,432		41		786		66		(41)
Service charges	6,055		2,445		97		3,135		375		3
Investment and brokerage services	17,766		320		15,238		91		2,128		(11)
Investment banking fees	6,186		—		246		3,453		2,655		(168)
Total fees and commissions	36,291		8,197		15,622		7,465		5,224		(217)
Market making and similar activities	12,967		21		143		275		12,778		(250)
Other income (loss)	538		140		195		2,773		435		(3,005)
Total noninterest income (loss)	49,796		8,358		15,960		10,513		18,437		(3,472)
Total revenue, net of interest expense	106,475		41,436		22,929		23,748		21,812		(3,450)
Provision for credit losses	5,821		4,987		4		883		(32)		(21)
Noninterest expense	66,812		22,104		17,241		11,853		13,926		1,688
Income (loss) before income taxes	33,842		14,345		5,684		11,012		7,918		(5,117)
Income tax expense (benefit)	6,869		3,586		1,421		3,028		2,296		(3,462)
Net income (loss)	$	26,973	$	10,759	$	4,263	7,984		$	5,622	$	(1,655)

Average
Total loans and leases	$	1,060,081	$	313,792	$	223,899	$	373,227	$	140,557	$	8,606
Total assets (1)	3,282,045		1,026,310		331,014		643,337		911,657		369,727
Total deposits	1,924,106		945,549		287,491		545,769		34,120		111,177
Year end
Total loans and leases	$	1,095,835	$	318,754	$	231,981	$	379,473	$	157,450	$	8,177
Total assets (1)	3,261,299		1,034,370		338,367		670,505		876,548		341,509
Total deposits	1,965,467		952,311		292,278		578,159		38,848		103,871





	Year Ended December 31, 2023
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	57,498	$	33,689	$	7,147	$	14,645	$	1,678	$	339
Noninterest income
Fees and commissions:
Card income	6,054		5,264		45		781		66		(102)
Service charges	5,684		2,317		78		2,952		335		2
Investment and brokerage services	15,563		308		13,213		57		1,993		(8)
Investment banking fees	4,708		—		171		2,819		1,874		(156)
Total fees and commissions	32,009		7,889		13,507		6,609		4,268		(264)
Market making and similar activities	12,732		20		137		190		13,430		(1,045)
Other income (loss)	1,097		433		314		3,111		157		(2,918)
Total noninterest income (loss)	45,838		8,342		13,958		9,910		17,855		(4,227)
Total revenue, net of interest expense	103,336		42,031		21,105		24,555		19,533		(3,888)
Provision for credit losses	4,394		5,158		6		(586)		(131)		(53)
Noninterest expense	65,845		21,416		15,836		11,344		13,206		4,043
Income (loss) before income taxes	33,097		15,457		5,263		13,797		6,458		(7,878)
Income tax expense (benefit)	6,792		3,864		1,316		3,725		1,776		(3,889)
Net income (loss)	$	26,305	$	11,593	$	3,947	10,072		$	4,682	$	(3,989)

Average
Total loans and leases	$	1,046,256	$	308,690	$	219,503	$	378,762	$	129,657	$	9,644
Total assets (1)	3,152,461		1,071,853		342,531		603,093		869,699		265,285
Total deposits	1,887,541		992,750		298,335		505,627		33,278		57,551
Year end
Total loans and leases	$	1,053,732	$	315,119	$	219,657	$	373,891	$	136,223	$	8,842
Total assets (1)	3,180,515		1,049,830		344,626		621,682		817,531		346,846
Total deposits	1,923,827		969,572		299,657		527,060		34,833		92,705

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


			14


Bank of America Corporation and Subsidiaries
Consumer Banking Segment Results
(Dollars in millions)
	Year Ended December 31						Third Quarter 2025			Second Quarter 2025			First Quarter 2025			Fourth Quarter 2024			Third Quarter 2024			Second Quarter 2024			First Quarter 2024
	2024			2023
Net interest income	$	33,078		$	33,689		$	8,988		$	8,726		$	8,505		$	8,485		$	8,278		$	8,118		$	8,197
Noninterest income:
Card income	5,432			5,264			1,403			1,415			1,297			1,397			1,402			1,361			1,272
Service charges	2,445			2,317			645			627			618			622			631			614			578

All other income	481			761			130			45			73			142			107			113			119
Total noninterest income	8,358			8,342			2,178			2,087			1,988			2,161			2,140			2,088			1,969
Total revenue, net of interest expense	41,436			42,031			11,166			10,813			10,493			10,646			10,418			10,206			10,166

Provision for credit losses	4,987			5,158			1,009			1,282			1,292			1,254			1,302			1,281			1,150

Noninterest expense	22,104			21,416			5,575			5,567			5,826			5,631			5,534			5,464			5,475
Income before income taxes	14,345			15,457			4,582			3,964			3,375			3,761			3,582			3,461			3,541
Income tax expense	3,586			3,864			1,145			991			844			940			895			866			885
Net income	$	10,759		$	11,593		$	3,437		$	2,973		$	2,531		$	2,821		$	2,687		$	2,595		$	2,656

Net interest yield	3.34		%	3.26		%	3.59		%	3.51		%	3.48		%	3.42		%	3.35		%	3.29		%	3.31		%
Efficiency ratio	53.35			50.95			49.92			51.48			55.53			52.89			53.12			53.54			53.86
Return on average allocated capital (1)	25			28			31			27			23			26			25			24			25

Balance Sheet
Average
Total loans and leases	$	313,792		$	308,690		$	320,297		$	319,142		$	315,038		$	316,069		$	313,781		$	312,254		$	313,038
Total earning assets (2)	988,950			1,032,525			992,007			996,193			992,252			985,990			982,058			992,304			995,556
Total assets (2)	1,026,310			1,071,853			1,029,529			1,033,776			1,029,320			1,023,388			1,019,085			1,029,777			1,033,101
Total deposits	945,549			992,750			947,414			951,986			947,550			942,302			938,364			949,180			952,466
Allocated capital (1)	43,250			42,000			44,000			44,000			44,000			43,250			43,250			43,250			43,250

Period end
Total loans and leases	$	318,754		$	315,119		$	321,905		$	320,908		$	318,337		$	318,754		$	316,097		$	312,801		$	311,725
Total earning assets (2)	995,369			1,009,360			994,931			999,094			1,016,785			995,369			988,856			995,348			1,022,320
Total assets (2)	1,034,370			1,049,830			1,032,826			1,037,407			1,054,637			1,034,370			1,026,293			1,033,960			1,060,482
Total deposits	952,311			969,572			949,100			954,373			972,064			952,311			944,358			952,473			978,761

(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.


			15


Bank of America Corporation and Subsidiaries
Global Wealth & Investment Management Segment Results
(Dollars in millions)
	Year Ended December 31						Third Quarter 2025			Second Quarter 2025			First Quarter 2025			Fourth Quarter 2024			Third Quarter 2024			Second Quarter 2024			First Quarter 2024
	2024			2023
Net interest income	$	6,969		$	7,147		$	1,800		$	1,762		$	1,765		$	1,753		$	1,709		$	1,693		$	1,814
Noninterest income:
Investment and brokerage services	15,238			13,213			4,334			4,033			4,089			4,057			3,874			3,707			3,600
All other income	722			745			178			142			162			192			179			174			177
Total noninterest income	15,960			13,958			4,512			4,175			4,251			4,249			4,053			3,881			3,777
Total revenue, net of interest expense	22,929			21,105			6,312			5,937			6,016			6,002			5,762			5,574			5,591

Provision for credit losses	4			6			4			20			14			3			7			7			(13)

Noninterest expense	17,241			15,836			4,622			4,593			4,659			4,438			4,340			4,199			4,264
Income before income taxes	5,684			5,263			1,686			1,324			1,343			1,561			1,415			1,368			1,340
Income tax expense	1,421			1,316			421			331			336			390			354			342			335
Net income	$	4,263		$	3,947		$	1,265		$	993		$	1,007		$	1,171		$	1,061		$	1,026		$	1,005

Net interest yield	2.20		%	2.17		%	2.33		%	2.31		%	2.26		%	2.21		%	2.20		%	2.15		%	2.23		%
Efficiency ratio	75.19			75.04			73.22			77.36			77.44			73.93			75.32			75.34			76.27

Return on average allocated capital (1)	23			21			26			20			21			25			23			22			22

Balance Sheet
Average
Total loans and leases	$	223,899		$	219,503		$	245,523		$	237,377		$	232,326		$	228,779		$	225,355		$	222,776		$	218,616
Total earning assets (2)	317,283			329,493			306,384			306,490			316,887			315,071			309,231			317,250			327,692
Total assets (2)	331,014			342,531			320,484			320,224			330,607			329,164			322,924			330,958			341,119
Total deposits	287,491			298,335			276,534			276,825			286,399			285,023			279,999			287,678			297,373
Allocated capital (1)	18,500			18,500			19,750			19,750			19,750			18,500			18,500			18,500			18,500


Period end
Total loans and leases	$	231,981		$	219,657		$	252,986		$	241,142		$	234,304		$	231,981		$	227,318		$	224,837		$	219,844
Total earning assets (2)	323,496			330,653			310,732			305,793			315,663			323,496			314,594			310,055			329,515
Total assets (2)	338,367			344,626			325,605			320,820			329,816			338,367			328,831			324,476			343,718
Total deposits	292,278			299,657			278,931			275,778			285,063			292,278			283,432			281,283			298,039

(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.


			16


Bank of America Corporation and Subsidiaries
Global Banking Segment Results
(Dollars in millions)
	Year Ended December 31						Third Quarter 2025			Second Quarter 2025			First Quarter 2025			Fourth Quarter 2024			Third Quarter 2024			Second Quarter 2024			First Quarter 2024
	2024			2023
Net interest income	$	13,235		$	14,645		$	3,141		$	3,081		$	3,151		$	3,270		$	3,230		$	3,275		$	3,460
Noninterest income:
Service charges	3,135			2,952			863			864			826			808			802			775			750
Investment banking fees	3,453			2,819			1,155			767			847			985			783			835			850
All other income	3,925			4,139			1,030			977			1,168			1,033			840			1,085			967
Total noninterest income	10,513			9,910			3,048			2,608			2,841			2,826			2,425			2,695			2,567
Total revenue, net of interest expense	23,748			24,555			6,189			5,689			5,992			6,096			5,655			5,970			6,027

Provision for credit losses	883			(586)			269			277			154			190			229			235			229

Noninterest expense	11,853			11,344			3,044			3,070			3,184			2,951			2,991			2,899			3,012
Income before income taxes	11,012			13,797			2,876			2,342			2,654			2,955			2,435			2,836			2,786
Income tax expense	3,028			3,725			791			644			730			812			670			780			766
Net income	$	7,984		$	10,072		$	2,085		$	1,698		$	1,924		$	2,143		$	1,765		$	2,056		$	2,020

Net interest yield	2.29		%	2.73		%	1.87		%	1.94		%	2.10		%	2.12		%	2.21		%	2.36		%	2.49		%
Efficiency ratio	49.91			46.20			49.16			53.98			53.14			48.39			52.90			48.55			49.98
Return on average allocated capital (1)	16			20			16			13			15			17			14			17			17

Balance Sheet
Average
Total loans and leases	$	373,227		$	378,762		$	388,482		$	387,864		$	378,733		$	375,345		$	371,216		$	372,738		$	373,608
Total earning assets (2)	577,481			536,961			665,143			638,259			608,793			613,204			580,859			557,684			557,749
Total assets (2)	643,337			603,093			730,206			703,326			673,883			678,826			647,109			623,993			622,990
Total deposits	545,769			505,627			631,560			603,410			575,185			581,950			549,629			525,357			525,699
Allocated capital (1)	49,250			49,250			50,750			50,750			50,750			49,250			49,250			49,250			49,250

Period end
Total loans and leases	$	379,473		$	373,891		$	386,828		$	390,691		$	384,208		$	379,473		$	375,159		$	372,421		$	373,403
Total earning assets (2)	605,499			554,257			671,971			673,069			622,078			605,499			585,788			552,407			556,115
Total assets (2)	670,505			621,682			737,640			739,214			687,169			670,505			650,558			619,798			623,023
Total deposits	578,159			527,060			640,801			643,529			591,619			578,159			556,953			522,525			527,113

(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.


			17


Bank of America Corporation and Subsidiaries
Global Markets Segment Results
(Dollars in millions)
	Year Ended December 31						Third Quarter 2025			Second Quarter 2025			First Quarter 2025			Fourth Quarter 2024			Third Quarter 2024			Second Quarter 2024			First Quarter 2024
	2024			2023
Net interest income	$	3,375		$	1,678		$	1,484		$	1,267		$	1,189		$	1,026		$	898		$	770		$	681
Noninterest income:
Investment and brokerage services	2,128			1,993			614			642			627			555			562			516			495
Investment banking fees	2,655			1,874			834			666			681			639			589			719			708
Market making and similar activities	12,778			13,430			3,141			3,300			3,622			2,381			3,349			3,218			3,830
All other income	876			558			152			107			466			237			232			237			170
Total noninterest income	18,437			17,855			4,741			4,715			5,396			3,812			4,732			4,690			5,203
Total revenue, net of interest expense (1)	21,812			19,533			6,225			5,982			6,585			4,838			5,630			5,460			5,884

Provision for credit losses	(32)			(131)			9			22			28			10			7			(13)			(36)

Noninterest expense	13,926			13,206			3,895			3,806			3,811			3,505			3,443			3,486			3,492
Income before income taxes	7,918			6,458			2,321			2,154			2,746			1,323			2,180			1,987			2,428
Income tax expense	2,296			1,776			673			625			796			384			632			576			704
Net income	$	5,622		$	4,682		$	1,648		$	1,529		$	1,950		$	939		$	1,548		$	1,411		$	1,724

Efficiency ratio	63.85		%	67.61		%	62.58		%	63.61		%	57.88		%	72.43		%	61.17		%	63.81		%	59.38		%

Return on average allocated capital (2)	12			10			13			13			16			8			14			13			15

Balance Sheet
Average
Total trading-related assets	$	634,020		$	618,028		$	676,621		$	700,413		$	668,237		$	620,903		$	645,607		$	639,763		$	629,826
Total loans and leases	140,557			129,657			190,994			176,368			159,625			152,426			140,806			135,106			133,756
Total earning assets	710,604			652,352			813,197			825,835			767,592			714,762			728,186			706,383			692,851
Total assets	911,657			869,699			1,024,300			1,022,955			969,282			918,582			924,041			908,469			895,323
Total deposits	34,120			33,278			37,588			38,040			38,809			36,958			34,952			31,944			32,585
Allocated capital (2)	45,500			45,500			49,000			49,000			49,000			45,500			45,500			45,500			45,500


Period end
Total trading-related assets	$	580,557		$	542,544		$	638,176		$	670,649		$	660,267		$	580,557		$	653,798		$	619,122		$	629,082
Total loans and leases	157,450			136,223			196,759			187,357			166,348			157,450			148,447			138,441			135,267
Total earning assets	687,678			637,955			793,246			806,289			761,826			687,678			742,221			701,978			698,279
Total assets	876,548			817,531			997,908			1,017,594			959,477			876,548			958,172			887,108			902,686
Total deposits	38,848			34,833			36,883			38,232			38,268			38,848			35,142			33,151			34,847

Trading-related assets (average)
Trading account securities	$	324,065		$	318,443		$	361,610		$	343,971		$	346,590		$	326,572		$	325,236		$	321,204		$	323,210
Reverse repurchases	137,052			133,735			138,908			169,064			143,605			123,473			150,751			139,901			134,081
Securities borrowed	135,108			121,547			135,615			146,889			136,800			132,334			133,588			139,705			134,852
Derivative assets	37,795			44,303			40,488			40,489			41,242			38,524			36,032			38,953			37,683
Total trading-related assets	$	634,020		$	618,028		$	676,621		$	700,413		$	668,237		$	620,903		$	645,607		$	639,763		$	629,826

(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.

(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.


			18


Bank of America Corporation and Subsidiaries
All Other Results (1)
(Dollars in millions)
	Year Ended December 31				Third Quarter 2025		Second Quarter 2025		First Quarter 2025		Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024		First Quarter 2024
	2024		2023
Net interest income	$	22	$	339	$	(26)	$	(21)	$	(22)	$	(21)	$	(1)	$	6	$	38





Noninterest income (loss)	(3,472)		(4,227)		(672)		(812)		(672)		(932)		(1,104)		(751)		(685)
Total revenue, net of interest expense	(3,450)		(3,888)		(698)		(833)		(694)		(953)		(1,105)		(745)		(647)

Provision for credit losses	(21)		(53)		4		(9)		(8)		(5)		(3)		(2)		(11)



Noninterest expense	1,688		4,043		201		147		290		262		171		261		994
Loss before income taxes	(5,117)		(7,878)		(903)		(971)		(976)		(1,210)		(1,273)		(1,004)		(1,630)
Income tax expense (benefit)	(3,462)		(3,889)		(800)		(948)		(924)		(942)		(923)		(719)		(878)
Net income (loss)	$	(1,655)	$	(3,989)	$	(103)	$	(23)	$	(52)	$	(268)	$	(350)	$	(285)	$	(752)

Balance Sheet
Average
Total loans and leases	$	8,606	$	9,644	$	7,739	$	7,702	$	8,016	$	8,390	$	8,570	$	8,598	$	8,872
Total assets (2)	369,727		265,285		328,928		349,999		345,919		365,618		380,741		379,759		352,714
Total deposits	111,177		57,551		98,338		103,500		110,389		111,717		117,804		115,766		99,339

Period end
Total loans and leases	$	8,177	$	8,842	$	7,422	$	6,958	$	7,428	$	8,177	$	8,779	$	8,285	$	8,917
Total assets (3)	341,509		346,846		309,170		325,763		317,940		341,509		360,063		392,554		343,975
Total deposits	103,871		92,705		96,493		99,701		102,550		103,871		110,467		121,059		107,736

(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 $956.5 billion and $977.4 billion for the years ended December 31, 2024 and 2023, $994.4 billion, $981.6 billion and $976.7 billion for the third, second and first quarters of 2025, and $976.3 billion, $946.3 billion, $943.5 billion and $959.8 billion for the fourth, third, second and first quarters of 2024, respectively.

(3)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $1.0 trillion, $1.0 trillion, $1.0 trillion, $980.4 billion, $955.6 billion, $933.0 billion, $988.9 billion and $974.7 billion at September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively.


			19

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 using certain non-GAAP financial measures, including pretax, pre-provision income 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 years ended December 31, 2024 and 2023, and the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024. 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.


	Year Ended December 31				Third Quarter 2025		Second Quarter 2025		First Quarter 2025		Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024		First Quarter 2024
	2024		2023





























Reconciliation of income before income taxes to pretax, pre-provision income
Income before income taxes	$	33,223	$	32,530	$	10,408	$	8,668	$	8,997	$	8,236	$	8,192	$	8,488	$	8,307
Provision for credit losses	5,821		4,394		1,295		1,592		1,480		1,452		1,542		1,508		1,319
Pretax, pre-provision income	$	39,044	$	36,924	$	11,703	$	10,260	$	10,477	$	9,688	$	9,734	$	9,996	$	9,626

Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity	$	292,467	$	281,861	$	300,381	$	295,329	$	294,187	$	293,398	$	293,431	$	291,943	$	291,074
Goodwill	(69,021)		(69,022)		(69,021)		(69,021)		(69,021)		(69,021)		(69,021)		(69,021)		(69,021)
Intangible assets (excluding mortgage servicing rights)	(1,961)		(2,039)		(1,873)		(1,893)		(1,912)		(1,932)		(1,951)		(1,971)		(1,990)
Related deferred tax liabilities	866		893		839		846		851		859		864		869		874
Tangible shareholders’ equity	$	222,351	$	211,693	$	230,326	$	225,261	$	224,105	$	223,304	$	223,323	$	221,820	$	220,937
Preferred stock	(26,487)		(28,397)		(25,232)		(22,573)		(22,307)		(23,493)		(25,984)		(28,113)		(28,397)
Tangible common shareholders’ equity	$	195,864	$	183,296	$	205,094	$	202,688	$	201,798	$	199,811	$	197,339	$	193,707	$	192,540








Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity	$	293,963	$	290,209	$	302,437	$	298,021	$	293,949	$	293,963	$	294,774	$	292,340	$	292,094
Goodwill	(69,021)		(69,021)		(69,021)		(69,021)		(69,021)		(69,021)		(69,021)		(69,021)		(69,021)
Intangible assets (excluding mortgage servicing rights)	(1,919)		(1,997)		(1,860)		(1,880)		(1,899)		(1,919)		(1,938)		(1,958)		(1,977)
Related deferred tax liabilities	851		874		828		842		846		851		859		864		869
Tangible shareholders’ equity	$	223,874	$	220,065	$	232,384	$	227,962	$	223,875	$	223,874	$	224,674	$	222,225	$	221,965
Preferred stock	(23,159)		(28,397)		(25,992)		(23,495)		(20,499)		(23,159)		(24,554)		(26,548)		(28,397)
Tangible common shareholders’ equity	$	200,715	$	191,668	$	206,392	$	204,467	$	203,376	$	200,715	$	200,120	$	195,677	$	193,568

Reconciliation of period-end assets to period-end tangible assets
Assets	$	3,261,299	$	3,180,515	$	3,403,149	$	3,440,798	$	3,349,039	$	3,261,299	$	3,323,917	$	3,257,896	$	3,273,884
Goodwill	(69,021)		(69,021)		(69,021)		(69,021)		(69,021)		(69,021)		(69,021)		(69,021)		(69,021)
Intangible assets (excluding mortgage servicing rights)	(1,919)		(1,997)		(1,860)		(1,880)		(1,899)		(1,919)		(1,938)		(1,958)		(1,977)
Related deferred tax liabilities	851		874		828		842		846		851		859		864		869
Tangible assets	$	3,191,210	$	3,110,371	$	3,333,096	$	3,370,739	$	3,278,965	$	3,191,210	$	3,253,817	$	3,187,781	$	3,203,755

Book value per share of common stock
Common shareholders’ equity	$	270,804	$	261,812	$	276,445	$	274,526	$	273,450	$	270,804	$	270,220	$	265,792	$	263,697
Ending common shares issued and outstanding	7,610.9		7,895.5		7,329.4		7,436.7		7,560.1		7,610.9		7,688.8		7,774.8		7,866.9
Book value per share of common stock	$	35.58	$	33.16	$	37.72	$	36.92	$	36.17	$	35.58	$	35.14	$	34.19	$	33.52

Tangible book value per share of common stock
Tangible common shareholders’ equity	$	200,715	$	191,668	$	206,392	$	204,467	$	203,376	$	200,715	$	200,120	$	195,677	$	193,568
Ending common shares issued and outstanding	7,610.9		7,895.5		7,329.4		7,436.7		7,560.1		7,610.9		7,688.8		7,774.8		7,866.9
Tangible book value per share of common stock	$	26.37	$	24.28	$	28.16	$	27.49	$	26.90	$	26.37	$	26.03	$	25.17	$	24.61


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