bac-20230718

1 Q2-23 Financial Highlights2 Q2-23 Business Segment Highlights2,3(B) Consumer Banking Global Wealth and Investment Management Global Banking Global Markets See page 10 for endnotes. Amounts may not total due to rounding. 1 Revenue, net of interest expense. 2 Financial Highlights and Business Segment Highlights are compared to the year-ago quarter unless noted. Loan and deposit balances are shown on an average basis unless noted. 3 The Corporation reports the results of operations of its four business segments and All Other on a fully taxable-equivalent (FTE) basis. 4 Represents the percentage of consumer checking accounts that are estimated to be the customer’s primary account based on multiple relationship factors (e.g., linked to their direct deposit). 5 Includes repurchases to offset shares awarded under equity-based compensation plans. 6 Source: Dealogic as of July 1, 2023. 7 Tangible book value per common share and return on average tangible common shareholders’ equity ratio represent non-GAAP financial measures. For more information, see page 19. • Net income rose 19% to $7.4 billion, or $0.88 per diluted share, compared to $6.2 billion, or $0.73 per diluted share for Q2-22 • Revenue, net of interest expense, increased 11% to $25.2 billion – Net interest income (NII) up $1.7 billion, or 14%, to $14.2 billion ($14.3 billion FTE)(C), driven primarily by benefits from higher interest rates and loan growth – Noninterest income of $11.0 billion increased $795 million, or 8%, as higher sales and trading revenue more than offset lower service charges and investment and brokerage fees • Provision for credit losses of $1.1 billion increased $602 million – Net reserve build of $256 million vs. net reserve release of $48 million in Q2-22(D) – Net charge-offs of $869 million increased compared to the prior year and remained below pre-pandemic levels • Noninterest expense increased $765 million, or 5%, to $16.0 billion driven by investments in the franchise across people and technology, as well as higher FDIC expense; operating leverage of 6%(A); efficiency ratio of 64% • Average loan and lease balances up $32 billion, or 3%, to $1.0 trillion led by solid commercial loan growth as well as higher credit card balances • Average deposit balances down $18 billion, or 1%, from Q1-23 to $1.9 trillion; declined $137 billion, or 7%, from Q2-22 • Average Global Liquidity Sources of $867 billion(E) • Common equity tier 1 (CET1) ratio of 11.6% (Standardized) increased 23 bps from Q1-23(F); returned $2.3 billion to shareholders through common stock dividends and share repurchases5 • Book value per common share rose 7% to $32.05; tangible book value per common share rose 10% to $23.237 • Return on average common shareholders' equity ratio of 11.2%; return on average tangible common shareholders' equity ratio of 15.5%7 • Net income of $1.1 billion • Sales and trading revenue up 3% to $4.3 billion, including net debit valuation adjustment (DVA) losses of $102 million; Fixed Income Currencies and Commodities (FICC) revenue up 7% to $2.7 billion and Equities revenue down 2% to $1.6 billion • Excluding net DVA(G), sales and trading revenue up 10% to $4.4 billion; FICC revenue up 18% to $2.8 billion; Equities revenue down 2% to $1.6 billion • Zero days of trading losses in Q2-23 From Chair and CEO Brian Moynihan: “We delivered one of the strongest quarters and first half net income periods in the company’s history. Continued organic client growth and client activity across our businesses complemented beneficial impacts of higher interest rates and produced an 11% increase in revenue. We continue to see a healthy U.S. economy that is growing at a slower pace, with a resilient job market. All businesses performed well, and we saw improved market shares, particularly in our Sales and Trading and Investment Banking businesses. A strong balance sheet and ample liquidity allowed us to continue investments in our franchise to drive long-term value for stakeholders.” • Net income of $978 million • Client balances of $3.6 trillion, up 8%, driven by higher market valuations and positive net client flows • Strong brokerage flows of nearly $100 billion since Q2-22 • Client Activity – Added over 12,000 net new relationships across Merrill and Private Bank in Q2-23 – AUM balances of $1.5 trillion, up $120 billion; $14 billion of AUM flows in Q2-23 – Average loan and lease balances of $219 billion were relatively flat • Net income of $2.7 billion • Global Transaction Services revenue of $2.9 billion, up $542 million or 23% • Total investment banking fees (excl. self-led) of $1.2 billion increased 7% • No. 2 in investment banking fees6 • Client Activity – Average loan and lease balances of $383 billion, up $6 billion, or 2% – As of May 2023 YTD, added more than 1,100 new clients while deepening relationships with existing clients • Net income of $2.9 billion • Revenue of $10.5 billion, up 15% • Average deposits of $1 trillion, down 7%; 40% above pre-pandemic levels • Average loans and leases of $307 billion increased $17 billion, or 6% • Combined credit / debit card spend of $226 billion, up 3% • Client Activity – Added ~157,000 net new Consumer checking accounts in Q2-23; 18th consecutive quarter of growth – Record 36.3 million consumer checking accounts with 92% being primary4 – Small Business checking accounts of 3.8 million, up 4% – Record consumer investment assets of $387 billion grew 23%; accounts grew 10% with record client flows of $46 billion since Q2-22 – Record digital logins exceeded 3 billion, up 11%; digital sales represented 51% of total sales Bank of America Reports Q2-23 Net Income of $7.4 Billion; EPS of $0.88, up 21% YoY Revenue Grew 11%1 led by 14% Improvement in Net Interest Income to $14.2 Billion2 Eighth Consecutive Quarter of Operating Leverage(A); CET1 Ratio of 11.6%

2 Bank of America Financial Highlights Three Months Ended ($ in billions, except per share data) 6/30/2023 3/31/2023 6/30/2022 Total revenue, net of interest expense $25.2 $26.3 $22.7 Provision for credit losses 1.1 0.9 0.5 Noninterest expense 16.0 16.2 15.3 Pretax income 8.0 9.1 6.9 Pretax, pre-provision income1(H) 9.2 10.0 7.4 Income tax expense 0.6 0.9 0.6 Net income 7.4 8.2 6.2 Diluted earnings per share $0.88 $0.94 $0.73 1 Pretax, pre-provision income represents a non-GAAP financial measure. For more information, see page 19. From Chief Financial Officer Alastair Borthwick: “Our focus remains on growing our businesses organically by deepening existing client relationships, establishing new relationships, and driving operating leverage. We did that again in the second quarter, producing our eighth consecutive quarter of operating leverage. We delivered strong top line and bottom line growth with net income growing 19 percent from Q2-22. “Asset quality and the overall health of the U.S. consumer remained strong. Total loss rates remained below pre-pandemic levels. Our balance sheet remained strong with $190 billion of regulatory capital and a CET1 ratio nearly 120 basis points above our current minimum requirements. Capital strength allowed us to return more than $2.3 billion to shareholders in dividends and share repurchases, and we announced our plan to increase our quarterly common stock dividend by 9 percent in Q3-23, subject to approval by our Board of Directors. These results demonstrate the steadfast value of our responsible growth strategy.” Common Equity Tier 1 Capital $171.8 $175.6 $180.1 $184.4 $190.1 10.5% 11.0% 11.2% 11.4% 11.6% Common Equity Tier 1 capital Common Equity Tier 1 capital ratio Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Net Income $6.2 $7.1 $7.1 $8.2 $7.4 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Spotlight on Net Income and Common Equity Tier 1 Capital ($B) 1 Common equity tier 1 capital ratio under the Standardized approach. 1

3 Consumer Banking1,2 Financial Results Three months ended ($ in millions) 6/30/2023 3/31/2023 6/30/2022 Total revenue2 $10,524 $10,706 $9,136 Provision for credit losses 1,267 1,089 350 Noninterest expense 5,453 5,473 4,959 Pretax income 3,804 4,144 3,827 Income tax expense 951 1,036 938 Net income $2,853 $3,108 $2,889 Business Highlights(B) Three months ended ($ in billions) 6/30/2023 3/31/2023 6/30/2022 Average deposits $1,006.3 $1,026.2 $1,078.0 Average loans and leases 306.7 303.8 289.6 Consumer investment assets (EOP)3 386.8 354.9 315.2 Active mobile banking users (MM) 37.3 36.3 34.2 Number of financial centers 3,887 3,892 3,984 Efficiency ratio 52 % 51 % 54 % Return on average allocated capital 27 30 29 Total Consumer Credit Card4 Average credit card outstanding balances $94.4 $91.8 $81.0 Total credit/debit spend 226.1 209.9 220.5 Risk-adjusted margin 7.8 % 8.7 % 9.9 % 1 Comparisons are to the year-ago quarter unless noted. 2 Revenue, net of interest expense. 3 Consumer investment assets includes client brokerage assets, deposit sweep balances, Bank of America, N.A. brokered CDs, and AUM in Consumer Banking. 4 The Consumer credit card portfolio includes Consumer Banking and GWIM. 5 Represents the percentage of consumer checking accounts that are estimated to be the customer’s primary account based on multiple relationship factors (e.g., linked to their direct deposit). 6 As of May 2023. Includes clients in Consumer, Small Business and GWIM. 7 Household adoption represents households with consumer bank login activities in a 90-day period, as of May 2023. • Net income of $2.9 billion decreased 1%, as strong revenue growth was offset by increased provision and noninterest expense – Pretax income of $3.8 billion decreased 1% – Pretax, pre-provision income(H) of $5.1 billion increased 21% – 9th consecutive quarter of operating leverage(A); efficiency ratio improved to 52% • Revenue of $10.5 billion improved 15%, due to increased NII driven by higher interest rates and loan balances, partially offset by lower service charges • Provision for credit losses of $1.3 billion increased $917 million – Net reserve build of $448 million(D) in Q2-23, driven primarily by credit card loan growth – Net charge-offs of $819 million increased $317 million, driven by credit card • Noninterest expense of $5.5 billion increased 10%, driven primarily by continued investments in employees and higher litigation expense, including consumer regulatory matters Business Highlights1,4(B) • Average deposits decreased $72 billion, or 7%, and remained above $1 trillion – 57% of deposits in checking accounts; 92% primary accounts5 • Average loans and leases of $307 billion increased $17 billion, or 6% • Record combined credit / debit card spend up $6 billion, or 3%, with credit up 1% and debit up 3% • Record consumer investment assets3 of $387 billion grew $72 billion, or 23%, driven by record $46 billion of client flows from new and existing clients and higher market valuations – Record 3.7 million consumer investment accounts, up 10% • 10.4 million Total clients6 enrolled in Preferred Rewards, up 6%, with 99% annualized retention rate Strong Digital Usage Continued1 • Record 74% of overall households7 actively using digital platforms • Record 46 million active digital banking users, up 7% or ~3.0 million • ~1.8 million digital sales, up 8% • Record 3.1 billion digital logins, up 11% • Record 20.3 million active Zelle® users sent and received a record 303 million transactions worth a record $91 billion, up 27% and 25% YoY respectively • Clients booked ~871,000 digital appointments Continued Business Leadership • No. 1 in estimated U.S. Retail Deposits(a) • No. 1 Online Banking and Mobile Banking Functionality(b) • No. 1 Small Business Lender(c) • Best Bank in North America(d) • Best Consumer Digital Bank in the U.S.(e) • Best Bank in the U.S. for Small and Medium Enterprises(f) • Certified by J.D. Power for Outstanding Client satisfaction with Customer Financial Health Support – Banking & Payments(g) • No. 1 in Customer Satisfaction for U.S. Retail Banking Advice(h) See page 11 for Business Leadership sources.

4 Global Wealth and Investment Management1,2 Financial Results Three months ended ($ in millions) 6/30/2023 3/31/2023 6/30/2022 Total revenue2 $5,242 $5,315 $5,433 Provision for credit losses 13 25 33 Noninterest expense 3,925 4,067 3,875 Pretax income 1,304 1,223 1,525 Income tax expense 326 306 374 Net income $978 $917 $1,151 Business Highlights(B) Three months ended ($ in billions) 6/30/2023 3/31/2023 6/30/2022 Average deposits $295.4 $314.0 $363.9 Average loans and leases 218.6 221.4 219.3 Total client balances (EOP) 3,635.2 3,521.6 3,367.1 AUM flows 14.3 15.3 1.0 Pretax margin 25 % 23 % 28 % Return on average allocated capital 21 20 26 1 Comparisons are to the year-ago quarter unless noted. 2 Revenue, net of interest expense. 3 Percentage of digitally active Merrill primary households ($250K+ in investable assets within the enterprise). Excludes Stock Plan and Banking only households. 4 Percentage of digitally active Private Bank core relationships ($3MM+ in total Balances). Includes third-party activities and excludes Irrevocable Trust-only relationships, Institutional Philanthropic relationships, and exiting relationships. Continued Business Leadership • No. 1 on Forbes’ Best-in-State Wealth Advisors (2023), Top Women Wealth Advisors (2023), Top Women Wealth Advisors Best-in State (2023), Best-in-State Teams (2023) and Top Next Generation Advisors (2022) • No. 1 on Barron’s Top 100 Women Financial Advisors List (2023) • No. 1 on Financial Planning's 'Top 40 Advisors Under 40' List (2023) • Celent Model Wealth Manager award (2023) • No. 1 in personal trust AUM(i) • Best National Private Bank by Family Wealth Report(j) and in North America by Global Private Banking(k) • Best Use of Technology and Best Digital Client Service(l) • Best Private Bank for Transfer/Succession Planning and Best Private Bank for Digital in North America(m) • Best Account Opening and Onboarding Technology(k) See page 11 for Business Leadership sources. • Net income of $978 million decreased 15% – Pretax margin 25% – Strong organic client activity • Revenue of $5.2 billion decreased 4%, as lower average equity and fixed income market levels and transactional volumes drove asset management and brokerage fees lower • Noninterest expense of $3.9 billion increased 1%, as investments in the business, including strategic hiring, were mostly offset by lower revenue-related incentives Business Highlights1(B) • Client balances of $3.6 trillion increased 8%, driven by higher market valuations and positive net client flows – AUM flows of $14 billion in Q2-23 – Average deposits of $295 billion decreased $69 billion, or 19% – Average loans and leases of $219 billion were relatively flat to Q2-22 Merrill Wealth Management Highlights1 Client Activity and Advisor Engagement – Client balances of $3.1 trillion – AUM balances of $1.2 trillion – ~11,100 net new households in Q2-23, up nearly 2.5x from Q2-22; record 2Q Strong Digital Usage Continued – 83% of Merrill households3 digitally active across the enterprise – Continued strength of advisor / client digital communications; ~420,000 households exchanged ~1.6 million secure messages – Record 79% of households enrolled in eDelivery; ~335,000 planning reports generated, up 31%; 56% of clients received a planning report in the last 24 months, up from 37% a year ago – 74% of eligible checks deposited through automated channels – 64% of eligible Bank and Brokerage accounts opened through Digital Onboarding in Q2, up from 29% a year ago Client Engagement – Client balances of $578 billion – AUM balances of $345 billion – ~960 net new relationships in Q2-23, up 46% Bank of America Private Bank Highlights1 Strong Digital Usage Continued – Record 92% of clients4 digitally active across the enterprise – 75% of eligible checks deposited through automated channels – Clients continued leveraging the convenience and effectiveness of our digital capabilities: ▪ Zelle® transactions up 38% ▪ Digital wallet transactions up 42%

5 Global Banking1,2,3 Financial Results Three months ended ($ in millions) 6/30/2023 3/31/2023 6/30/2022 Total revenue2,3 $6,462 $6,203 $5,006 Provision for credit losses 9 (237) 157 Noninterest expense 2,819 2,940 2,799 Pretax income 3,634 3,500 2,050 Income tax expense 981 945 543 Net income $2,653 $2,555 $1,507 Business Highlights2(B) Three months ended ($ in billions) 6/30/2023 3/31/2023 6/30/2022 Average deposits $497.5 $492.6 $509.3 Average loans and leases 383.1 381.0 377.2 Total Corp. IB fees (excl. self- led)2 1.2 1.2 1.1 Global Banking IB fees2 0.7 0.7 0.7 Business Lending revenue 2.7 2.3 2.0 Global Transaction Services revenue 2.9 3.1 2.4 Efficiency ratio 44 % 47 % 56 % Return on average allocated capital 22 21 14 1 Comparisons are to the year-ago quarter unless noted. 2 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities. 3 Revenue, net of interest expense. • Net income of $2.7 billion increased 76% – Pretax income of $3.6 billion increased 77% – Pretax, pre-provision income(H) of $3.6 billion increased 65% • Revenue of $6.5 billion increased 29%, driven primarily by higher NII, higher leasing revenue, and the absence of mark-to-market losses related to leveraged finance positions in Q2-22; partially offset by lower treasury service charges due to higher earnings credit rates • Provision for credit losses of $9 million decreased $148 million from Q2-22 as the prior year included a reserve build(D) • Noninterest expense of $2.8 billion increased 1%, as continued investments in the business, including technology and strategic hiring in 2022, were mostly offset by the absence of expenses recognized for certain regulatory matters in Q2-22 Continued Business Leadership • World’s Most Innovative Bank – 2023, Most Innovative Bank in North America(n) • World’s Best Digital Bank, World’s Best Bank for Financing, North America’s Best Digital Bank, North America’s Best Bank for Small to Medium-sized Enterprises, North America’s Best Bank for Sustainable Finance(m) • Best Bank for Payment & Collections in North America(o) • Model Bank award for Product Innovation in Cash Management – 2023, for CashPro Mobile, CashPro Forecasting, and CashPro API(p) • World's Best Bank for Supply Chain Finance (q) • 2022 Quality, Share and Excellence Awards for U.S. Large Corporate Banking and Cash Management(r) • Relationships with 73% of the Global Fortune 500; 95% of the U.S. Fortune 1,000 (2022) See page 11 for Business Leadership sources. Strong Digital Usage Continued1 • 75% digitally active clients across commercial, corporate, and business banking clients (CashPro and BA360 platforms) (as of May 2023) • Record quarterly CashPro App active users increased 27% and record number of sign-ins increased 58% • Record quarterly CashPro App Payment Approvals value was $201 billion, increased 20% • Quarterly percentage of eligible credit monitoring documents uploaded digitally at 39% (as of May 2023) Business Highlights1,2(B) • Total Corporation investment banking fees (excl. self-led) of $1.2 billion increased $84 million, or 7% • Average deposits of $498 billion decreased $12 billion, or 2% • Average loans and leases of $383 billion increased $6 billion, or 2%

6 Global Markets1,2,3,6 Financial Results Three months ended ($ in millions) 6/30/2023 3/31/2023 6/30/2022 Total revenue2,3 $4,871 $5,626 $4,502 Net DVA4 (102) 14 158 Total revenue (excl. net DVA)2,3,4 $4,973 $5,612 $4,344 Provision for credit losses (4) (53) 8 Noninterest expense 3,349 3,351 3,109 Pretax income 1,526 2,328 1,385 Income tax expense 420 640 367 Net income $1,106 $1,688 $1,018 Net income (excl. net DVA)4 $1,184 $1,677 $898 Business Highlights2(B) Three months ended ($ in billions) 6/30/2023 3/31/2023 6/30/2022 Average total assets $877.5 $870.0 $866.7 Average trading-related assets 621.1 626.0 606.1 Average loans and leases 128.5 125.0 114.4 Sales and trading revenue2 4.3 5.1 4.2 Sales and trading revenue (excl. net DVA)2,4(G) 4.4 5.1 4.0 Global Markets IB fees2 0.5 0.5 0.5 Efficiency ratio 69 % 60 % 69 % Return on average allocated capital 10 15 10 1 Comparisons are to the year-ago quarter unless noted. 2 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities. 3 Revenue, net of interest expense. 4 Revenue and net income, excluding net DVA, are non-GAAP financial measures. See endnote G 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 $76MM, $109MM and $118MM for Q2-23, Q1-23 and Q2-22, respectively. 6 The explanations for current period-over-period changes for Global Markets are the same for amounts including and excluding net DVA. • Net income of $1.1 billion increased $88 million, or 9% – Excluding net DVA, net income of $1.2 billion increased 32%4 • Revenue of $4.9 billion increased 8%, driven primarily by higher sales and trading revenue and the absence of mark-to-market losses related to leveraged finance positions in Q2-22 • Noninterest expense of $3.3 billion increased 8%, driven by investments in the business, including people and technology, and activity-related expenses, partially offset by the absence of expenses recognized for certain regulatory matters in Q2-22 • Average VaR of $76 million5 Business Highlights1,2,6(B) • Sales and trading revenue of $4.3 billion increased 3% – Fixed income, currencies, and commodities (FICC) revenue increased 7%, to $2.7 billion, driven by strong trading performance in currencies, emerging markets interest rates, and secured financing, as well as improved trading in credit and mortgage products, partially offset by weakness in commodities – Equities revenue decreased 2%, to $1.6 billion, driven primarily by weaker trading performance in derivatives, partially offset by an increase in client financing activities • Excluding net DVA, sales and trading revenue of $4.4 billion increased 10%(G) – FICC revenue of $2.8 billion increased 18% – Equities revenue of $1.6 billion decreased 2% Additional Highlights • 700 research analysts covering nearly 3,600 companies, 1,200+ corporate bond issuers across 57 economies and 25 industries Continued Business Leadership • World's Best Bank for Markets(m) • North America's Best Bank for Sustainable Finance(m) • Americas Derivatives House of the Year and Americas House of the Year for Equity Derivatives, FX Derivatives, Interest Rate Derivatives, and Commodities Derivatives(s) • Commodity Derivatives House and Americas ESG Financing House(t) • Best CLO Arranger of the Year, Best Loan Secondary Trading Desk of the Year, Best CLO Tranche Trading Desk of the Year, Best CLO Research House(u) • No. 1 All-America Sales Team in Equities Idea Generation(v) • No. 1 Municipal Bonds Underwriter(w) • No. 2 Global Research Firm(v) See page 11 for Business Leadership sources.

7 All Other1,2 Financial Results Three months ended ($ in millions) 6/30/2023 3/31/2023 6/30/2022 Total revenue2 $(1,767) $(1,458) $(1,286) Provision for credit losses (160) 107 (25) Noninterest expense 492 407 531 Pretax loss (2,099) (1,972) (1,792) Income tax expense (benefit) (1,917) (1,865) (1,474) Net income (loss) $(182) $(107) $(318) 1 Comparisons are to the year-ago quarter unless noted. 2 Revenue, net of interest expense. Note: All Other primarily consists of asset and liability management (ALM) activities, liquidating businesses and certain expenses not otherwise allocated to a business segment. ALM activities encompass interest rate and foreign currency risk management activities for which substantially all of the results are allocated to our business segments. • Net loss of $182 million included a $197 million pretax loss on sales of available-for-sale (AFS) debt securities • Total corporate effective tax rate (ETR) for the quarter was 8% – Excluding any discrete tax benefits and recurring ESG tax credit benefits, the ETR would have been approximately 26%

8 Credit Quality1 Highlights Three months ended ($ in millions) 6/30/2023 3/31/2023 6/30/2022 Provision for credit losses $1,125 $931 $523 Net charge-offs 869 807 571 Net charge-off ratio2 0.33 % 0.32 % 0.23 % At period-end Nonperforming loans and leases $4,126 $3,918 $4,164 Nonperforming loans and leases ratio 0.39 % 0.38 % 0.41 % Allowance for loan and lease losses $12,950 $12,514 $11,973 Allowance for loan and lease losses ratio3 1.24 % 1.20 % 1.17 % 1 Comparisons are to the year-ago quarter unless noted. 2 Net charge-off ratio is calculated as annualized net charge-offs divided by average outstanding loans and leases during the period. 3 Allowance for loan and lease losses ratio is calculated as allowance for loan and lease losses divided by loans and leases outstanding at the end of the period. Note: Ratios do not include loans accounted for under the fair value option. Charge-offs • Total net charge-offs of $869 million increased $62 million from Q1-23 – Consumer net charge-offs of $720 million increased $67 million from Q1-23, driven primarily by higher credit card losses – Credit card loss rate of 2.60% in Q2-23 vs. 2.21% in Q1-23 – Credit card loss rate remained below Q4-19 pre-pandemic loss rate of 3.03% – Commercial net charge-offs of $149 million decreased $5 million from Q1-23 • Net charge-off ratio2 of 0.33% increased 1 basis point from Q1-23 and remained below pre-pandemic levels Provision for credit losses • Provision for credit losses of $1.1 billion – Net reserve build of $256 million in Q2-23(D), driven primarily by credit card loan growth Allowance for credit losses • Allowance for loan and lease losses of $13.0 billion represented 1.24% of total loans and leases3 – Total allowance of $14.3 billion included $1.4 billion for unfunded commitments • Nonperforming loans (NPL) increased $208 million from Q1-23, to $4.1 billion – 61% of Consumer NPLs are contractually current • Commercial reservable criticized utilized exposure of $21.5 billion increased $1.7 billion from Q1-23, driven primarily by Commercial Real Estate

9 Balance Sheet, Liquidity, and Capital Highlights ($ in billions except per share data, end of period, unless otherwise noted)(B) Three months ended 6/30/2023 3/31/2023 6/30/2022 Ending Balance Sheet Total assets $3,122.6 $3,194.7 $3,111.6 Total loans and leases 1,051.2 1,046.4 1,030.8 Total loans and leases in business segments (excluding All Other) 1,041.7 1,036.6 1,019.9 Total deposits 1,877.2 1,910.4 1,984.3 Average Balance Sheet Average total assets $3,175.4 $3,096.1 $3,157.9 Average loans and leases 1,046.6 1,041.4 1,014.9 Average deposits 1,875.4 1,893.6 2,012.1 Funding and Liquidity Long-term debt $286.1 $283.9 $275.7 Global Liquidity Sources, average(E) 867 854 984 Equity Common shareholders’ equity $254.9 $251.8 $240.0 Common equity ratio 8.2 % 7.9 % 7.7 % Tangible common shareholders’ equity1 $184.8 $181.6 $169.8 Tangible common equity ratio1 6.1 % 5.8 % 5.6 % Per Share Data Common shares outstanding (in billions) 7.95 7.97 8.04 Book value per common share $32.05 $31.58 $29.87 Tangible book value per common share1 23.23 22.78 21.13 Regulatory Capital(F) CET1 capital $190.1 $184.4 $171.8 Standardized approach Risk-weighted assets $1,638 $1,622 $1,638 CET1 ratio 11.6 % 11.4 % 10.5 % Advanced approaches Risk-weighted assets $1,436 $1,427 $1,407 CET1 ratio 13.2 % 12.9 % 12.2 % Supplementary leverage Supplementary leverage ratio (SLR) 6.0 % 6.0 % 5.5 % 1 Represents a non-GAAP financial measure. For reconciliation, see page 19.

10 Endnotes Three months ended (Dollars in millions) 6/30/2023 3/31/2023 6/30/2022 Sales and trading revenue Fixed-income, currencies and commodities $ 2,667 $ 3,440 $ 2,500 Equities 1,618 1,627 1,653 Total sales and trading revenue $ 4,285 $ 5,067 $ 4,153 Sales and trading revenue, excluding net debit valuation adjustment1 Fixed-income, currencies and commodities $ 2,764 $ 3,429 $ 2,340 Equities 1,623 1,624 1,655 Total sales and trading revenue, excluding net debit valuation adjustment $ 4,387 $ 5,053 $ 3,995 A Operating leverage is calculated as the year-over-year percentage change in revenue, net of interest expense, less the percentage change in noninterest expense. B We present certain key financial and nonfinancial performance indicators (KPIs) that management uses when assessing consolidated and/or segment results. We believe this information is useful because it provides management and investors with information about underlying operational performance and trends. KPIs are presented in Balance Sheet, Liquidity, and Capital Highlights on page 9 and on the Segment pages for each segment. C We also measure NII on an FTE basis, which is a non-GAAP financial measure. FTE basis is a performance measure used in operating the business that management believes provides investors with meaningful information on the interest margin for comparative purposes. We believe that this presentation allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practice. NII on an FTE basis was $14.3 billion, $14.6 billion and $12.5 billion for the three months ended June 30, 2023, March 31, 2023 and June 30, 2022, respectively. The FTE adjustment was $135 million, $134 million and $103 million for the three months ended June 30, 2023, March 31, 2023 and June 30, 2022, respectively. D 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. E 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. F Regulatory capital ratios at June 30, 2023 are preliminary. The Corporation reports regulatory capital ratios under both the Standardized and Advanced approaches. Capital adequacy is evaluated against the lower of the Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements. The Corporation’s binding ratio was the Common equity tier 1 ratio under the Standardized approach for all periods presented. G The below table includes Global Markets sales and trading revenue, excluding net DVA, which is a non-GAAP financial measure. We believe that the presentation of measures that exclude this item is useful because such measures provide additional information to assess the underlying operational performance and trends of our businesses and to allow better comparison of period-to-period operating performance. 1 For the three months ended June 30, 2023, March 31, 2023 and June 30, 2022, net DVA gains (losses) were $(102) million, $14 million and $158 million, FICC net DVA gains (losses) were $(97) million, $11 million and $160 million, and Equities net DVA gains (losses) were $(5) million, $3 million and $(2) million, respectively. (Dollars in millions) Second Quarter 2023 Consumer Banking Global Banking Pretax income $ 3,804 $ 3,634 Provision for credit losses 1,267 9 Pretax, pre-provision income $ 5,071 $ 3,643 First Quarter 2023 Consumer Banking Global Banking Pretax income $ 4,144 $ 3,500 Provision for credit losses 1,089 (237) Pretax, pre-provision income $ 5,233 $ 3,263 Second Quarter 2022 Consumer Banking Global Banking Pretax income $ 3,827 $ 2,050 Provision for credit losses 350 157 Pretax, pre-provision income $ 4,177 $ 2,207 H Pretax, pre-provision income (PTPI) at the consolidated level, as well as at the segment level, is a non-GAAP financial measure calculated by adjusting the respective entity’s pretax income to add back provision for credit losses. Management believes that PTPI (both at the consolidated and segment level) is a useful financial measure as it enables an assessment of the Company’s ability to generate earnings to cover credit losses through a credit cycle and provides an additional basis for comparing the Company's results of operations between periods by isolating the impact of provision for credit losses, which can vary significantly between periods. For Reconciliations to GAAP financial measures, see page 19 for Total company and below for segments.

11 (a) Estimated U.S. retail deposits based on June 30, 2022 FDIC deposit data. (b) Javelin 2023 Online and Mobile Banking Scorecards. (c) FDIC, 1Q23. (d) Global Finance, March 2023. (e) Global Finance, August 2022. (f) Global Finance, December 2022. (g) J.D. Power 2023 Financial Health Support CertificationSM is based on exceeding customer experience benchmarks using client surveys and a best practices verification. For more information, visit jdpower.com/awards. (h) J.D. Power 2023 U.S. Retail Banking Advice Satisfaction Study. For more information, visit jdpower.com/awards. (i) Industry Q1-23 FDIC call reports. (j) Family Wealth Report, 2023. (k) Global Private Banking Innovation Award, 2023. (l) PWM, 2023. (m) Euromoney, 2023. (n) Global Finance, 2023. (o) Global Finance Treasury & Cash Management Awards, 2023. (p) Celent, 2023. (q) Global Finance Trade & Supply Chain Finance Awards, 2023. (r) Greenwich, 2023. (s) GlobalCapital, 2022. (t) IFR, 2022. (u) DealCatalyst, 2022. (v) Institutional Investor, 2022. (w) Refinitiv, 2023 YTD. Business Leadership Sources

12 Contact Information and Investor Conference Call Invitation Investor Call Information Chief Executive Officer Brian Moynihan and Chief Financial Officer Alastair Borthwick will discuss second- quarter 2023 financial results in a conference call at 8:30 a.m. ET today. The presentation and supporting materials can be accessed on the Bank of America Investor Relations website at https://investor.bankofamerica.com. For a listen-only connection to the conference call, dial 1.877.200.4456 (U.S.) or 1.785.424.1732 (international). The conference ID is 79795. Please dial in 10 minutes prior to the start of the call. Investors can access replays of the conference call by visiting the Investor Relations website or by calling 1.800.934.4850 (U.S.) or 1.402.220.1178 (international) from noon July 18 through 11:59 p.m. ET on July 28. Investors May Contact: Lee McEntire, Bank of America Phone: 1.980.388.6780 lee.mcentire@bofa.com Jonathan G. Blum, Bank of America (Fixed Income) Phone: 1.212.449.3112 jonathan.blum@bofa.com Bank of America Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 15,000 ATMs and award-winning digital banking with approximately 57 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange. Forward-Looking Statements Bank of America Corporation (the Corporation) and its management may make certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements represent the Corporation’s current expectations, plans or forecasts of its future results, revenues, liquidity, net interest income, provision for credit losses, expenses, efficiency ratio, capital measures, strategy, deposits, assets, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond the Corporation’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements. Reporters May Contact: Bill Halldin, Bank of America Phone: 1.916.724.0093 william.halldin@bofa.com Christopher Feeney, Bank of America Phone: 1.980.386.6794 christopher.feeney@bofa.com

13 You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties more fully discussed under Item 1A. Risk Factors of the Corporation’s 2022 Annual Report on Form 10-K and in any of the Corporation’s subsequent Securities and Exchange Commission filings: the Corporation’s potential judgments, orders, settlements, penalties, fines and reputational damage resulting from pending or future litigation and regulatory investigations, proceedings and enforcement actions, including as a result of our participation in and execution of government programs related to the Coronavirus Disease 2019 (COVID-19) pandemic, such as the processing of unemployment benefits for California and certain other states; the possibility that the Corporation's future liabilities may be in excess of its recorded liability and estimated range of possible loss for litigation, and regulatory and government actions; the possibility that the Corporation could face increased claims from one or more parties involved in mortgage securitizations; the Corporation’s ability to resolve representations and warranties repurchase and related claims; the risks related to the discontinuation of the London Interbank Offered Rate and other reference rates, including increased expenses and litigation and the effectiveness of hedging strategies; uncertainties about the financial stability and growth rates of non-U.S. jurisdictions, the risk that those jurisdictions may face difficulties servicing their sovereign debt, and related stresses on financial markets, currencies and trade, and the Corporation’s exposures to such risks, including direct, indirect and operational; the impact of U.S. and global interest rates, inflation, currency exchange rates, economic conditions, trade policies and tensions, including tariffs, and potential geopolitical instability; the impact of the interest rate, inflationary, macroeconomic, banking and regulatory environment on the Corporation’s assets, business, financial condition and results of operations; the impact of adverse developments affecting the U.S. or global banking industry, including bank failures and liquidity concerns, which could cause continued or worsening economic and market volatility, and regulatory responses thereto; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. or global economic conditions and other uncertainties, including the impact of supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; potential losses related to the Corporation’s concentration of credit risk; the Corporation's ability to achieve its expense targets and expectations regarding revenue, net interest income, provision for credit losses, net charge-offs, effective tax rate, loan growth or other projections; adverse changes to the Corporation’s credit ratings from the major credit rating agencies; an inability to access capital markets or maintain deposits or borrowing costs; estimates of the fair value and other accounting values, subject to impairment assessments, of certain of the Corporation’s assets and liabilities; the estimated or actual impact of changes in accounting standards or assumptions in applying those standards; uncertainty regarding the content, timing and impact of regulatory capital and liquidity requirements; the impact of adverse changes to total loss-absorbing capacity requirements, stress capital buffer requirements and/or global systemically important bank surcharges; the potential impact of actions of the Board of Governors of the Federal Reserve System on the Corporation’s capital plans; the effect of changes in or interpretations of income tax laws and regulations; the impact of implementation and compliance with U.S. and international laws, regulations and regulatory interpretations, including, but not limited to, recovery and resolution planning requirements, Federal Deposit Insurance Corporation assessments, the Volcker Rule, fiduciary standards, derivatives regulations and the Coronavirus Aid, Relief, and Economic Security Act and any similar or related rules and regulations; a failure or disruption in or breach of the Corporation’s operational or security systems or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns; the risks related to the transition and physical impacts of climate change; our ability to achieve environmental, social and governance goals and commitments or the impact of any changes in the Corporation's sustainability strategy or commitments generally; the impact of any future federal government shutdown and uncertainty regarding the federal government’s debt limit or changes in fiscal, monetary or regulatory policy; the emergence or continuation of widespread health emergencies or pandemics, including the magnitude and duration of the COVID-19 pandemic and its impact on U.S. and/or global financial market conditions and our business, results of operations, financial condition and prospects; the impact of natural disasters, extreme weather events, military conflict (including the Russia/Ukraine conflict, the possible expansion of such conflict 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., Merrill Lynch Professional Clearing Corp. 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. and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured · May Lose Value · Are Not Bank Guaranteed. Bank of America Corporation’s broker-dealers are not banks and are separate legal entities from their bank affiliates. The obligations of the broker-dealers are not obligations of their bank affiliates (unless explicitly stated otherwise), and these bank affiliates are not responsible for securities sold, offered, or recommended by the broker-dealers. The foregoing also applies to other non-bank affiliates. For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom at https://newsroom.bankofamerica.com. www.bankofamerica.com

Current-period information is preliminary and based on company data available at the time of the presentation. 14 Bank of America Corporation and Subsidiaries Selected Financial Data (In millions, except per share data) Six Months Ended June 30 Second Quarter 2023 First Quarter 2023 Second Quarter 2022Summary Income Statement 2023 2022 Net interest income $ 28,606 $ 24,016 $ 14,158 $ 14,448 $ 12,444 Noninterest income 22,849 21,900 11,039 11,810 10,244 Total revenue, net of interest expense 51,455 45,916 25,197 26,258 22,688 Provision for credit losses 2,056 553 1,125 931 523 Noninterest expense 32,276 30,592 16,038 16,238 15,273 Income before income taxes 17,123 14,771 8,034 9,089 6,892 Income tax expense 1,554 1,457 626 928 645 Net income $ 15,569 $ 13,314 $ 7,408 $ 8,161 $ 6,247 Preferred stock dividends 811 782 306 505 315 Net income applicable to common shareholders $ 14,758 $ 12,532 $ 7,102 $ 7,656 $ 5,932 Average common shares issued and outstanding 8,053.5 8,129.3 8,040.9 8,065.9 8,121.6 Average diluted common shares issued and outstanding 8,162.6 8,182.2 8,080.7 8,182.3 8,163.1 Summary Average Balance Sheet Total cash and cash equivalents $ 308,239 $ 240,014 $ 385,140 $ 230,484 $ 207,338 Total debt securities 811,046 960,709 771,355 851,177 945,927 Total loans and leases 1,043,994 996,442 1,046,608 1,041,352 1,014,886 Total earning assets 2,722,465 2,743,266 2,772,943 2,671,426 2,707,090 Total assets 3,135,879 3,182,640 3,175,358 3,096,058 3,157,855 Total deposits 1,884,451 2,028,852 1,875,353 1,893,649 2,012,079 Common shareholders’ equity 251,456 241,185 254,028 248,855 239,523 Total shareholders’ equity 279,853 268,750 282,425 277,252 268,197 Performance Ratios Return on average assets 1.00 % 0.84 % 0.94 % 1.07 % 0.79 % Return on average common shareholders’ equity 11.84 10.48 11.21 12.48 9.93 Return on average tangible common shareholders’ equity (1) 16.42 14.78 15.49 17.38 14.05 Per Common Share Information Earnings $ 1.83 $ 1.54 $ 0.88 $ 0.95 $ 0.73 Diluted earnings 1.82 1.53 0.88 0.94 0.73 Dividends paid 0.44 0.42 0.22 0.22 0.21 Book value 32.05 29.87 32.05 31.58 29.87 Tangible book value (1) 23.23 21.13 23.23 22.78 21.13 Summary Period-End Balance Sheet June 30 2023 March 31 2023 June 30 2022 Total cash and cash equivalents $ 373,553 $ 376,218 $ 198,002 Total debt securities 756,158 797,005 932,910 Total loans and leases 1,051,224 1,046,406 1,030,766 Total earning assets 2,724,500 2,778,481 2,662,871 Total assets 3,122,633 3,194,657 3,111,606 Total deposits 1,877,209 1,910,402 1,984,349 Common shareholders’ equity 254,922 251,799 239,984 Total shareholders’ equity 283,319 280,196 269,118 Common shares issued and outstanding 7,953.6 7,972.4 8,035.2 Six Months Ended June 30 Second Quarter 2023 First Quarter 2023 Second Quarter 2022Credit Quality 2023 2022 Total net charge-offs $ 1,676 $ 963 $ 869 $ 807 $ 571 Net charge-offs as a percentage of average loans and leases outstanding (2) 0.33 % 0.20 % 0.33 % 0.32 % 0.23 % Provision for credit losses $ 2,056 $ 553 $ 1,125 $ 931 $ 523 June 30 2023 March 31 2023 June 30 2022 Total nonperforming loans, leases and foreclosed properties (3) $ 4,274 $ 4,083 $ 4,326 Nonperforming loans, leases and foreclosed properties as a percentage of total loans, leases and foreclosed properties (3) 0.41 % 0.39 % 0.42 % Allowance for loan and lease losses $ 12,950 $ 12,514 $ 11,973 Allowance for loan and lease losses as a percentage of total loans and leases outstanding (2) 1.24 % 1.20 % 1.17 % For footnotes, see page 15.

Current-period information is preliminary and based on company data available at the time of the presentation. 15 Bank of America Corporation and Subsidiaries Selected Financial Data (continued) (Dollars in millions) Capital Management June 30 2023 March 31 2023 June 30 2022 Regulatory capital metrics (4): Common equity tier 1 capital $ 190,113 $ 184,432 $ 171,754 Common equity tier 1 capital ratio - Standardized approach 11.6 % 11.4 % 10.5 % Common equity tier 1 capital ratio - Advanced approaches 13.2 12.9 12.2 Tier 1 leverage ratio 7.1 7.1 6.5 Supplementary leverage ratio 6.0 6.0 5.5 Total ending equity to total ending assets ratio 9.1 8.8 8.6 Common equity ratio 8.2 7.9 7.7 Tangible equity ratio (5) 7.0 6.7 6.5 Tangible common equity ratio (5) 6.1 5.8 5.6 (1) Return on average tangible common shareholders’ equity and tangible book value per share of common stock are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income. Tangible book value per share provides additional useful information about the level of tangible assets in relation to outstanding shares of common stock. See Reconciliations to GAAP Financial Measures on page 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 June 30, 2023 are preliminary. Bank of America Corporation reports regulatory capital ratios under both the Standardized and Advanced approaches. Capital adequacy is evaluated against the lower of the Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements. The Corporation’s binding ratio was the Common equity tier 1 ratio under the Standardized approach for 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. 16 Bank of America Corporation and Subsidiaries Quarterly Results by Business Segment and All Other (Dollars in millions) Second Quarter 2023 Consumer Banking GWIM Global Banking Global Markets All Other Total revenue, net of interest expense $ 10,524 $ 5,242 $ 6,462 $ 4,871 $ (1,767) Provision for credit losses 1,267 13 9 (4) (160) Noninterest expense 5,453 3,925 2,819 3,349 492 Net income (loss) 2,853 978 2,653 1,106 (182) Return on average allocated capital (1) 27 % 21 % 22 % 10 % n/m Balance Sheet Average Total loans and leases $ 306,662 $ 218,604 $ 383,058 $ 128,539 $ 9,745 Total deposits 1,006,337 295,380 497,533 33,222 42,881 Allocated capital (1) 42,000 18,500 49,250 45,500 n/m Quarter end Total loans and leases $ 309,735 $ 219,208 $ 381,609 $ 131,128 $ 9,544 Total deposits 1,004,482 292,526 492,734 33,049 54,418 First Quarter 2023 Consumer Banking GWIM Global Banking Global Markets All Other Total revenue, net of interest expense $ 10,706 $ 5,315 $ 6,203 $ 5,626 $ (1,458) Provision for credit losses 1,089 25 (237) (53) 107 Noninterest expense 5,473 4,067 2,940 3,351 407 Net income (loss) 3,108 917 2,555 1,688 (107) Return on average allocated capital (1) 30 % 20 % 21 % 15 % n/m Balance Sheet Average Total loans and leases $ 303,772 $ 221,448 $ 381,009 $ 125,046 $ 10,077 Total deposits 1,026,242 314,019 492,577 36,109 24,702 Allocated capital (1) 42,000 18,500 49,250 45,500 n/m Quarter end Total loans and leases $ 304,480 $ 217,804 $ 383,491 $ 130,804 $ 9,827 Total deposits 1,044,768 301,471 495,949 33,624 34,590 Second Quarter 2022 Consumer Banking GWIM Global Banking Global Markets All Other Total revenue, net of interest expense $ 9,136 $ 5,433 $ 5,006 $ 4,502 $ (1,286) Provision for credit losses 350 33 157 8 (25) Noninterest expense 4,959 3,875 2,799 3,109 531 Net income 2,889 1,151 1,507 1,018 (318) Return on average allocated capital (1) 29 % 26 % 14 % 10 % n/m Balance Sheet Average Total loans and leases $ 289,595 $ 219,277 $ 377,248 $ 114,375 $ 14,391 Total deposits 1,078,020 363,943 509,261 41,192 19,663 Allocated capital (1) 40,000 17,500 44,500 42,500 n/m Quarter end Total loans and leases $ 294,570 $ 221,705 $ 385,376 $ 118,290 $ 10,825 Total deposits 1,077,215 347,991 499,714 40,055 19,374 (1) Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently. n/m = not meaningful The Company reports the results of operations of its four business segments and All Other on a fully taxable-equivalent (FTE) basis.

Current-period information is preliminary and based on company data available at the time of the presentation. 17 Bank of America Corporation and Subsidiaries Year-to-Date Results by Business Segment and All Other (Dollars in millions) Six Months Ended June 30, 2023 Consumer Banking GWIM Global Banking Global Markets All Other Total revenue, net of interest expense $ 21,230 $ 10,557 $ 12,665 $ 10,497 $ (3,225) Provision for credit losses 2,356 38 (228) (57) (53) Noninterest expense 10,926 7,992 5,759 6,700 899 Net income (loss) 5,961 1,895 5,208 2,794 (289) Return on average allocated capital (1) 29 % 21 % 21 % 12 % n/m Balance Sheet Average Total loans and leases $ 305,225 $ 220,018 $ 382,039 $ 126,802 $ 9,910 Total deposits 1,016,234 304,648 495,069 34,658 33,842 Allocated capital (1) 42,000 18,500 49,250 45,500 n/m Period end Total loans and leases $ 309,735 $ 219,208 $ 381,609 $ 131,128 $ 9,544 Total deposits 1,004,482 292,526 492,734 33,049 54,418 Six Months Ended June 30, 2022 Consumer Banking GWIM Global Banking Global Markets All Other Total revenue, net of interest expense $ 17,949 $ 10,909 $ 10,200 $ 9,794 $ (2,727) Provision for credit losses 298 (8) 322 13 (72) Noninterest expense 9,880 7,890 5,482 6,226 1,114 Net income 5,867 2,285 3,231 2,613 (682) Return on average allocated capital (1) 30 % 26 % 15 % 12 % n/m Balance Sheet Average Total loans and leases $ 286,846 $ 215,130 $ 368,078 $ 111,492 $ 14,896 Total deposits 1,067,120 374,365 524,502 42,784 20,081 Allocated capital (1) 40,000 17,500 44,500 42,500 n/m Period end Total loans and leases $ 294,570 $ 221,705 $ 385,376 $ 118,290 $ 10,825 Total deposits 1,077,215 347,991 499,714 40,055 19,374 (1) Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently. n/m = not meaningful

Current-period information is preliminary and based on company data available at the time of the presentation. 18 Bank of America Corporation and Subsidiaries Supplemental Financial Data (Dollars in millions) Six Months Ended June 30 Second Quarter 2023 First Quarter 2023 Second Quarter 2022FTE basis data (1) 2023 2022 Net interest income $ 28,875 $ 24,225 $ 14,293 $ 14,582 $ 12,547 Total revenue, net of interest expense 51,724 46,125 25,332 26,392 22,791 Net interest yield 2.13 % 1.77 % 2.06 % 2.20 % 1.86 % Efficiency ratio 62.40 66.32 63.31 61.53 67.01 Other Data June 30 2023 March 31 2023 June 30 2022 Number of financial centers - U.S. 3,887 3,892 3,984 Number of branded ATMs - U.S. 15,335 15,407 15,730 Headcount 215,546 217,059 209,824 (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 $269 million and $209 million for the six months ended June 30, 2023 and 2022, $135 million and $134 million for the second and first quarters of 2023, and $103 million for the second quarter of 2022.

Current-period information is preliminary and based on company data available at the time of the presentation. 19 The Corporation evaluates its business based on the following ratios that utilize tangible equity, a non-GAAP financial measure. Tangible equity represents shareholders’ equity or common shareholders’ equity reduced by goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities (“adjusted” shareholders’ equity or common shareholders’ equity). Return on average tangible common shareholders’ equity measures the Corporation’s net income applicable to common shareholders as a percentage of adjusted average common shareholders’ equity. The tangible common equity ratio represents adjusted ending common shareholders’ equity divided by total tangible assets (total assets less goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities). Return on average tangible shareholders’ equity measures the Corporation’s net income as a percentage of adjusted average total shareholders’ equity. The tangible equity ratio represents adjusted ending shareholders’ equity divided by total tangible assets. Tangible book value per common share represents adjusted ending common shareholders’ equity divided by ending common shares outstanding. These measures are used to evaluate the Corporation’s use of equity. In addition, profitability, relationship and investment models all use return on average tangible shareholders’ equity as key measures to support our overall growth goals. See the tables below for reconciliations of these non-GAAP financial measures to the most closely related financial measures defined by GAAP for the six months ended June 30, 2023 and 2022, and the three months ended June 30, 2023, March 31, 2023 and June 30, 2022. The Corporation believes the use of these non-GAAP financial measures provides additional clarity in understanding its results of operations and trends. Other companies may define or calculate supplemental financial data differently. Bank of America Corporation and Subsidiaries Reconciliations to GAAP Financial Measures (Dollars in millions, except per share information) Six Months Ended June 30 Second Quarter 2023 First Quarter 2023 Second Quarter 2022 2023 2022 Reconciliation of income before income taxes to pretax, pre-provision income Income before income taxes $ 17,123 $ 14,771 $ 8,034 $ 9,089 $ 6,892 Provision for credit losses 2,056 553 1,125 931 523 Pretax, pre-provision income $ 19,179 $ 15,324 $ 9,159 $ 10,020 $ 7,415 Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity Shareholders’ equity $ 279,853 $ 268,750 $ 282,425 $ 277,252 $ 268,197 Goodwill (69,022) (69,022) (69,022) (69,022) (69,022) Intangible assets (excluding mortgage servicing rights) (2,058) (2,136) (2,049) (2,068) (2,127) Related deferred tax liabilities 897 927 895 899 926 Tangible shareholders’ equity $ 209,670 $ 198,519 $ 212,249 $ 207,061 $ 197,974 Preferred stock (28,397) (27,565) (28,397) (28,397) (28,674) Tangible common shareholders’ equity $ 181,273 $ 170,954 $ 183,852 $ 178,664 $ 169,300 Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity Shareholders’ equity $ 283,319 $ 269,118 $ 283,319 $ 280,196 $ 269,118 Goodwill (69,021) (69,022) (69,021) (69,022) (69,022) Intangible assets (excluding mortgage servicing rights) (2,036) (2,114) (2,036) (2,055) (2,114) Related deferred tax liabilities 890 920 890 895 920 Tangible shareholders’ equity $ 213,152 $ 198,902 $ 213,152 $ 210,014 $ 198,902 Preferred stock (28,397) (29,134) (28,397) (28,397) (29,134) Tangible common shareholders’ equity $ 184,755 $ 169,768 $ 184,755 $ 181,617 $ 169,768 Reconciliation of period-end assets to period-end tangible assets Assets $ 3,122,633 $ 3,111,606 $ 3,122,633 $ 3,194,657 $ 3,111,606 Goodwill (69,021) (69,022) (69,021) (69,022) (69,022) Intangible assets (excluding mortgage servicing rights) (2,036) (2,114) (2,036) (2,055) (2,114) Related deferred tax liabilities 890 920 890 895 920 Tangible assets $ 3,052,466 $ 3,041,390 $ 3,052,466 $ 3,124,475 $ 3,041,390 Book value per share of common stock Common shareholders’ equity $ 254,922 $ 239,984 $ 254,922 $ 251,799 $ 239,984 Ending common shares issued and outstanding 7,953.6 8,035.2 7,953.6 7,972.4 8,035.2 Book value per share of common stock $ 32.05 $ 29.87 $ 32.05 $ 31.58 $ 29.87 Tangible book value per share of common stock Tangible common shareholders’ equity $ 184,755 $ 169,768 $ 184,755 $ 181,617 $ 169,768 Ending common shares issued and outstanding 7,953.6 8,035.2 7,953.6 7,972.4 8,035.2 Tangible book value per share of common stock $ 23.23 $ 21.13 $ 23.23 $ 22.78 $ 21.13

Bank of America 2Q23 Financial Results July 18, 2023

1 Operating leverage is calculated as the year-over-year percentage change in revenue, net of interest expense, less the percentage change in noninterest expense. 2 CET1 stands for common equity tier 1. 3 GLS stands for Global Liquidity Sources. See note A on slide 33 for definition of Global Liquidity Sources. 4 Represents a non-GAAP financial measure. For important presentation information, see slide 36. EPS $0.88 +21% YoY Net income $7.4B +19% YoY Organic growth in all businesses Operating leverage1 8th consecutive quarter Strong balance sheet CET1 11.6%2 Robust liquidity GLS $867B3 Return on common equity 11.2% Return on tangible common equity4 15.5% Return on average assets 0.94% 2Q23 Results Highlights 2

Added more than 1,100 new clients YTD2 while deepening relationships with existing clients Increased client-facing headcount by 9% since 2Q20 $2.9 billion Global Transaction Services revenue, up 23% YoY #2 in investment banking fees; grew market share 153 bps vs. 2Q223 1 Includes credit cards across Consumer Banking, Small Business, and Global Wealth & Investment Management. 2 As of May, 2023. 3 Source: Dealogic as of July 1, 2023. Added over 12,000 net new relationships across Merrill and Private Bank $83 billion total net client flows since 2Q22 Opened over 36,500 bank accounts, up 24% YoY Sent ~52,000 referrals to other lines of business Continued Organic Growth in 2Q23 3 Consumer Banking Global Wealth & Investment Management Global Banking Global Markets Added ~157,000 net new checking accounts; 18th consecutive quarter of growth Added 1.2 million credit card accounts1 Record 3.7 million consumer investment accounts, with $46 billion net client flows since 2Q22 Grew digital sales 8% YoY to 1.8 million; digital sales represented 51% of total sales Highest first-half sales and trading revenue in over a decade Record average loans of $129 billion, up 12% YoY Credit trading revenue up 47% YoY in first half of 2023 Zero trading loss days in first half of 2023

Erica® Active Users and Interactions (MM)7 Checks vs. Zelle® Sent Transactions (MM) Digital Sales6Digital Users2 and Households3 Digital Channel Usage4,5 1,089 1,368 1,640 1,770 47% 44% 48% 51% Digital unit sales (K) Digital as a % of total sales 2Q20 2Q21 2Q22 2Q23 0 500 1,000 1,500 2,000 0% 25% 50% 75% 100% 2,346 2,567 2,845 3,148 665 871 911 871 Digital channel usage (MM) Digital appointments (K) 2Q20 2Q21 2Q22 2Q23 1,000 1,500 2,000 2,500 3,000 3,500 250 500 750 1,000 1,250 1,500 39 41 43 46 52 53 55 57 68% 70% 72% 74% Active users (MM) Verified users (MM) Household adoption % 2Q20 2Q21 2Q22 2Q23 20 30 40 50 60 50% 60% 70% 80% 90% 100% Client Engagement Person-to-Person Payments (Zelle®)8 Digital Volumes 117 189 239 303 $32 $57 $73 $91 Transactions (MM) Volume ($B) 2Q20 2Q21 2Q22 2Q23 0 70 140 210 280 350 $0 $50 $100 $150 Consumer1 Digital Update 1 Includes all households/relationships with Consumer platform activity, except where otherwise noted. 2 Digital active users represents Consumer and Merrill mobile and/or online 90-day active users; verified users represent Consumer and Merrill users with a digital identification and password. 3 Household adoption represents households with consumer bank login activities in a 90-day period, as of May for each quarter presented. 4 Digital channel usage represents the total number of desktop and mobile banking sessions on the Consumer Banking platform. 5 Digital appointments represent the number of client-scheduled appointments made via online, smartphone, or tablet. 6 Digital sales represent sales initiated and/or booked via our digital platforms. 7 Erica engagement represents activity across all platforms powered by Erica: BofA mobile app, online search, and Benefits OnLine mobile app. Periods prior to 3Q22 represent activity on BofA mobile app only. 8 Includes Bank of America person-to-person payments sent and received through e-mail or mobile identification. Zelle® users represent 90-day active users. 11.3 14.3 17.0 20.3 users (MM) 4 Digital Adoption 6.5 12.4 14.4 18.2 37.2 94.2 123.1 166.5 Erica® users Erica® interactions 2Q20 2Q21 2Q22 2Q23 0.0 5.0 10.0 15.0 20.0 0.0 50.0 100.0 150.0 200.0 130 133 123 111 79 125 156 197 Checks written Zelle® sent transactions 2Q20 2Q21 2Q22 2Q23 50 100 150 200

Erica® Interactions (MM)5 0.4 1.4 1.9 2.7 2Q20 2Q21 2Q22 2Q23 0.0 1.0 2.0 3.0 Person-to-Person Payments (Zelle®)6 Check Deposits eDelivery4Digital Households / Relationships Digital Channel Adoption1,3 66% 73% 75% 78% 2Q20 2Q21 2Q22 2Q23 0% 25% 50% 75% 100% 49% 53% 56% 59% 76% 75% 76% 76% Mobile adoption Online adoption 2Q20 2Q21 2Q22 2Q23 0% 25% 50% 75% 100% 643 681 690 718 77% 80% 82% 83% Digital households / relationships (K) Digital adoption % 2Q20 2Q21 2Q22 2Q23 500 550 600 650 700 750 60% 70% 80% 90% 100% Client Engagement Digital Volumes Global Wealth & Investment Management Digital Update 1 Digital Adoption is the percentage digitally active Merrill primary households ($250K+ in investable assets within the enterprise) and digitally active Private Bank core relationships ($3MM+ in total balances). Merrill excludes Stock Plan and Banking only households. Private Bank includes third party activities (effective 1Q23) and excludes Irrevocable Trust-only relationships, Institutional Philanthropic relationships, and exiting relationships. 2 Digital Adoption as of May for 2Q20, 2Q21, and 2Q22. 2Q23 as of June for Merrill and as of May for Private Bank. 3 Digital channel adoption represents the percentage of desktop and mobile banking engagement, as of May for 2Q20, 2Q21, and 2Q22. 2Q23 as of June for Merrill and as of May for Private Bank. 4 GWIM eDelivery percentage includes Merrill Digital Households (excluding Stock Plan, Banking only households, Retirement only, and 529 only) and Private Bank relationships that receive statements digitally, as of May for each quarter presented. 2Q20 and 2Q21 include only Merrill Digital Households (excluding Stock Plan, Banking only households, Retirement only, and 529 only) that receive statements digitally. 5 Erica engagement represents activity across all platforms powered by Erica: BofA mobile app, online search, and Benefits OnLine mobile app. Periods prior to 3Q22 represent activity on BofA mobile app only. 6 Includes Bank of America person-to-person payments sent and received through e-mail or mobile identification. 7 Includes mobile check deposits, remote deposit operations, and automated teller machine transactions. 5 Digital Adoption1,2 0.8 1.3 2.3 3.0 $0.4 $0.7 $1.4 $1.8 Transactions (MM) Volume ($B) 2Q20 2Q21 2Q22 2Q23 0.0 1.0 2.0 3.0 $0.0 $0.5 $1.0 $1.5 $2.0 1.4 1.4 1.3 1.3 72% 73% 75% 74% Physical (MM) Automated 2Q20 2Q21 2Q22 2Q23 0.0 0.5 1.0 1.5 50% 60% 70% 80% 90% 7

1 Digital active clients represents 90-day active clients across CashPro® and BA360 platforms. Metric tracked starting in 1Q21. Data as of May for each quarter presented. 2 CashPro® alert volume and CashPro® online reports and statements scheduled. 3 Represents March through May. 4 Eligible credit monitoring documents uploaded digitally through CashPro® Credit (i.e., clients with bilateral loans only and/or Commercial Real Estate Banking clients). Credit Monitoring Documents Uploaded Digitally (%)3,4 CashPro® Proactive Alerts & Insights (MM)2 Global Payments to Digital Wallets (K)3 17% 24% 39% 39% 2Q20 2Q21 2Q22 2Q23 0% 10% 20% 30% 40% 315 403 388 400 2Q20 2Q21 2Q22 2Q23 75 150 225 300 375 450 12.7 15.2 16.8 18.0 2Q20 2Q21 2Q22 2Q23 0.0 5.0 10.0 15.0 20.0 CashPro® App PaymentsClient Digital Adoption % CashPro® App Sign-ins (K) $48 $84 $167 $201 0.9 1.6 2.8 3.5 Value ($B) Volume (MM) 2Q20 2Q21 2Q22 2Q23 0 50 100 150 200 250 0.0 1.0 2.0 3.0 4.0 5.0 247 377 508 803 2Q20 2Q21 2Q22 2Q23 0 300 600 900 75% 76% 75% 2Q21 2Q22 2Q23 50% 60% 70% 80% Client Engagement Digital Volumes Global Banking Digital Update 6 Digital Adoption1

22% 21% 29% 3% 8% 3% 5% 6% 8% 6% 4% 8% 5% 4% 7% 7% 4% 2% 12% 4% 3% 4% 2% 6% 7% 6% 1Q- 15 2Q- 15 3Q- 15 4Q- 15 1Q- 16 2Q- 16 3Q- 16 4Q- 16 1Q- 17 2Q- 17 3Q- 17 4Q- 17 1Q- 18 2Q- 18 3Q- 18 4Q- 18 1Q- 19 2Q- 19 3Q- 21 4Q- 21 1Q- 22 2Q- 22 3Q- 22 4Q- 22 1Q- 23 2Q- 23 3Q19-2Q21 Break in operating leverage streak Revenue (%) (7) (5) (2) 1 (3) 1 3 2 7 7 1 7 4 (1) 4 6 — 2 12 10 2 6 8 11 13 11 Expense (%) (29) (25) (31) (2) (10) (2) (1) (4) (1) 1 (3) (1) (1) (5) (2) (1) (4) — — 6 (1) 2 6 6 6 5 Extended Quarterly Operating Leverage1 Streak 7 Note: Amounts may not total due to rounding. Operating leverage is calculated as the year-over-year percentage change in revenue, net of interest expense, less the percentage change in noninterest expense. 1 Operating leverage calculated after adjusting 4Q17 revenue for the impact of the Tax Cuts and Jobs Act is a non-GAAP financial measure. Reported revenue growth and operating leverage were 11% and 12% for 4Q18, and 2% and 3% for 4Q17. Reported revenue was $22.7B, $20.4B, and $20.0B for 4Q18, 4Q17, and 4Q16, respectively. Excluding a $0.9B noninterest income charge from enactment of the Tax Act, 4Q17 revenue was $21.4B. For important presentation information, see slide 36.

Note: FTE stands for fully taxable-equivalent basis. 1 ROE stands for return on average common shareholders’ equity; ROTCE stands for return on average tangible common shareholders’ equity. 2 Represent non-GAAP financial measures. For important presentation information about these measures, see slide 36. 3 For more information on reserve build (release), see note B on slide 33. Net charge-offs exclude loans measured at fair value. 4 Net charge-off ratio is calculated as annualized net charge-offs divided by average outstanding loans and leases during the period. 5 See note A on slide 33 for definition of Global Liquidity Sources. 6 Subject to approval from the Bank of America Corporation (“the Corporation”) Board of Directors. 2Q23 Highlights (Comparisons to 2Q22, unless otherwise noted) • Net income of $7.4B; diluted earnings per share of $0.88; ROE1 11.2%, ROTCE1,2 15.5% • Revenue, net of interest expense, of $25.2B increased $2.5B, or 11% – Net interest income (NII) of $14.2B ($14.3B FTE2) increased $1.7B, or 14%, driven primarily by benefits from higher interest rates and loan growth – Noninterest income of $11.0B increased $795MM, or 8%, as higher sales and trading revenue more than offset lower service charges and investment and brokerage fees • Provision for credit losses of $1.1B – Net reserve build of $256MM vs. net reserve release of $48MM in 2Q22; build of $124MM in 1Q233 – Net charge-offs (NCOs) of $869MM increased compared to 2Q22 and 1Q23, and remained below pre-pandemic levels3 – Net charge-off ratio of 33 bps increased 10 bps vs. 2Q22 and 1 bp vs. 1Q234 • Noninterest expense of $16.0B increased $0.8B, or 5%, vs. 2Q22 – Generated operating leverage for the eighth consecutive quarter (605 bps in 2Q23) • Balance sheet remained strong – Average loans and leases grew $5B from 1Q23 – Average deposits decreased $18B from 1Q23 – Common Equity Tier 1 ratio of 11.6% increased 23 bps from 1Q23 – Average Global Liquidity Sources of $867B5 – Paid $1.8B in common dividends and repurchased $0.5B of common stock, predominantly offsetting shares awarded under equity-based compensation plans – Announced expectation for 9% increase in quarterly common dividend to begin in 3Q236 8

Note: Amounts may not total due to rounding. N/M stands for not meaningful. 1 Represent non-GAAP financial measures. For more information on pretax, pre-provision income and a reconciliation to GAAP, see note C on slide 33. For important presentation information about these measures, see slide 36. Summary Income Statement ($B, except per share data) 2Q23 1Q23 Inc / (Dec) 2Q22 Inc / (Dec) Total Revenue, net of interest expense $25.2 $26.3 ($1.1) (4) % $22.7 $2.5 11 % Provision for credit losses 1.1 0.9 0.2 21 0.5 0.6 115 Net charge-offs 0.9 0.8 0.1 8 0.6 0.3 52 Reserve build (release) 0.3 0.1 0.1 106 — 0.3 N/M Noninterest expense 16.0 16.2 (0.2) (1) 15.3 0.8 5 Pretax income 8.0 9.1 (1.1) (12) 6.9 1.1 17 Pretax, pre-provision income1 9.2 10.0 (0.9) (9) 7.4 1.7 24 Income tax expense 0.6 0.9 (0.3) (33) 0.6 — (3) Net income $7.4 $8.2 ($0.8) (9) $6.2 $1.2 19 Diluted earnings per share $0.88 $0.94 ($0.06) (6) $0.73 $0.15 21 Average diluted common shares (in millions) 8,081 8,182 (102) (1) 8,163 (82) (1) Return Metrics and Efficiency Ratio Return on average assets 0.94 % 1.07 % 0.79 % Return on average common shareholders' equity 11.2 12.5 9.9 Return on average tangible common shareholders' equity1 15.5 17.4 14.1 Efficiency ratio 64 62 67 2Q23 Financial Results 9

Balance Sheet Metrics 2Q23 1Q23 2Q22 Basel 3 Capital ($B)4 2Q23 1Q23 2Q22 Assets ($B) Common equity tier 1 capital $190 $184 $172 Total assets $3,123 $3,195 $3,112 Standardized approach Total loans and leases 1,051 1,046 1,031 Risk-weighted assets (RWA) $1,638 $1,622 $1,638 Cash and cash equivalents 374 376 198 CET1 ratio 11.6 % 11.4 % 10.5 % Total debt securities 756 797 933 Advanced approaches Risk-weighted assets $1,436 $1,427 $1,407 Funding & Liquidity ($B) CET1 ratio 13.2 % 12.9 % 12.2 % Total deposits $1,877 $1,910 $1,984 Supplementary leverage Long-term debt 286 284 276 Supplementary Leverage Ratio 6.0 % 6.0 % 5.5 % Global Liquidity Sources (average)2 867 854 984 Equity ($B) Common shareholders' equity $255 $252 $240 Common equity ratio 8.2 % 7.9 % 7.7 % Tangible common shareholders' equity3 $185 $182 $170 Tangible common equity ratio3 6.1 % 5.8 % 5.6 % Per Share Data Book value per common share $32.05 $31.58 $29.87 Tangible book value per common share3 23.23 22.78 21.13 Common shares outstanding (in billions) 7.95 7.97 8.04 1 EOP stands for end of period. 2 See note A on slide 33 for definition of Global Liquidity Sources. 3 Represent non-GAAP financial measures. For important presentation information, see slide 36. 4 Regulatory capital ratios at June 30, 2023 are preliminary. The Corporation reports regulatory capital ratios under both the Standardized and Advanced approaches. Capital adequacy is evaluated against the lower of the Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements. The Corporation’s binding ratio was the CET1 ratio under the Standardized approach for all periods presented. Balance Sheet, Liquidity, and Capital (EOP1 basis unless noted) 10 • CET1 ratio of 11.6% increased 23 bps vs. 1Q234 – CET1 capital of $190B increased $6B from 1Q23, driven by net income, partially offset by capital distributions to shareholders – Standardized RWA of $1,638B increased $17B from 1Q23 • Book value per share of $32.05 improved 7% from 2Q22 • Average Global Liquidity Sources2 of $867B increased $13B, or 2%, from 1Q23

$1,000 $1,024 $1,029 $1,031 $1,037 290 295 300 304 307 219 224 225 221 219 377 384 380 381 383 114 120 123 125 129 Consumer Banking GWIM Global Banking Global Markets 2Q22 3Q22 4Q22 1Q23 2Q23 $0 $250 $500 $750 $1,000 $1,250 $1,015 $1,034 $1,039 $1,041 $1,047 2Q22 3Q22 4Q22 1Q23 2Q23 $0 $250 $500 $750 $1,000 $1,250 +6% 0% +2% +12% Average Loan and Lease Trends YoY +3% YoY +4% YoY (32%) Note: Amounts may not total due to rounding. Total Loans and Leases in All Other ($B) Loans and Leases in Business Segments ($B) Total Loans and Leases by Portfolio ($B) Total Loans and Leases ($B) $446 $449 $453 $453 $454 $569 $585 $587 $588 $593 Consumer Commercial 2Q22 3Q22 4Q22 1Q23 2Q23 $0 $250 $500 $750 11 12 8 8 8 8 3 3 2 2 2 $14 $11 $10 $10 $10 Residential mortgage Home equity 2Q22 3Q22 4Q22 1Q23 2Q23 $0 $5 $10 $15 $20

$295 $197 Interest-bearing Noninterest-bearing 03/31/23 06/30/23 $150 $200 $250 $300 $350 $220 $72 Bank deposits Sweep deposits 03/31/23 06/30/23 $0 $100 $200 $300 $115 $371 $519 Consumer investments & CDs Other non-checking Checking 03/31/23 06/30/23 $0 $200 $400 $600 $1,289 $588 Interest-bearing Noninterest-bearing 03/31/23 06/30/23 $500 $1,000 $1,500 Consumer Banking ($B) GWIM ($B) Global Banking ($B) Total Corporation ($B) Weekly Ending Deposit Trends 12 $547 $271 $225 $400 Note: Amounts may not total due to rounding. Deposit trends represent weekly end-of-period deposit balances. Total Corporation also includes Global Markets and All Other. 1 Includes Consumer and Small Business checking products and excludes consumer investments, which are included in Consumer investments & CDs. 2 Includes Preferred Deposits, other non-sweep Merrill Bank deposits, and Private Bank deposits. $222 $80 $1,275 $636 1 2 $97 $1,045 $1,004Total $1,910 $1,877 $301 $293 $496 $493

Consumer Banking ($B) GWIM ($B) Global Banking ($B) Total Corporation ($B) Average Deposit Trends Bank of America Ranked #1 in U.S. Retail Deposit Market Share1 Note: Amounts may not total due to rounding. Total Corporation also includes Global Markets and All Other. 1 Estimated U.S. retail deposits based on June 30, 2022 FDIC deposit data. 2 Includes Consumer and Small Business checking products and excludes consumer investments, which are included in non-checking. 3 Includes Preferred Deposits, other non-sweep Merrill Bank deposits, and Private Bank deposits. $256 $364 $339 $318 $314 $295 167 200 206 211 224 219 88 163 134 106 90 76 Bank deposits Sweep deposits 4Q19 2Q22 3Q22 4Q22 1Q23 2Q23 $0 $100 $200 $300 $400 $1,410 $2,012 $1,963 $1,926 $1,894 $1,875 1,002 1,222 1,225 1,245 1,264 1,278 409 790 738 681 630 597 Interest-bearing Noninterest-bearing 4Q19 2Q22 3Q22 4Q22 1Q23 2Q23 $0 $500 $1,000 $1,500 $2,000 $2,500 $379 $509 $495 $503 $493 $498 209 142 171 226 257 289 169 367 324 278 236 208 Interest-bearing Noninterest-bearing 4Q19 2Q22 3Q22 4Q22 1Q23 2Q23 $0 $200 $400 $600 (2%) (16%) +1% (5%) QoQ (1%) QoQ (6%) QoQ (2%) +13% (12%) (2%) QoQ +1% 13 $720 $1,078 $1,069 $1,047 $1,026 $1,006 377 523 522 511 501 490 343 555 547 536 525 517 Non-checking Checking 4Q19 2Q22 3Q22 4Q22 1Q23 2Q23 $0 $250 $500 $750 $1,000 $1,250 (2%) 2 +28% +46% vs. 4Q19 +33% +31% (14%) vs. 4Q19 +15% +30% +51% vs. 4Q19 +40% +38% +23% vs. 4Q19 +31% 3

14 $761 $1,200 $1,131 $1,130 269 651 658 614 289 260 198 374 HTM securities Cash and cash equivalents 2Q20 2Q21 2Q22 2Q23 Note: Amounts may not total due to rounding. 1 AFS stands for available-for-sale. HTM stands for held-to-maturity. 2 Yields based on average balances. Yield on cash represents yield on interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks. 3 Fully taxable-equivalent basis. Represents a non-GAAP financial measure. Reported NII was $14.2B and $10.1B in 2Q23 and 3Q20. FTE NII was $14.3B and $10.2B in 2Q23 and 3Q20. Global Markets NII was $0.3B and $1.1B in 2Q23 and 3Q20. For important presentation information, see slide 36. $1,719 $1,909 $1,984 $1,877 $999 $919 $1,031 $1,051 Deposits Loans Deposits in excess of loans 2Q20 2Q21 2Q22 2Q23 1.28% 1.00% 1.55% 3.19% 0.09% 0.03% 0.06% 1.24% Cash & securities yield Total deposit rate paid Cash & securities vs. deposits 2Q20 2Q21 2Q22 2Q23 Managing Excess Deposits Deposits in Excess of Loans (EOP, $B) Cash and Securities Portfolios ($B)1 Cash & Securities Yield and Deposit Rates • Deposits in excess of loans grew from $0.5T in 4Q19 to $1.1T (4Q21-1Q22) and were $0.8T at June 30, 2023 • Excess deposits stored in cash and investment securities – 54% HTM and 46% cash and AFS at June 30, 2023 • AFS securities substantially all hedged with floating rate swaps – Sold $93B securities and closed hedges in 1H23 with proceeds added to cash • HTM securities book has declined quarterly since peaking at $683B in 3Q21; down $69B at June 30, 2023 vs. 3Q21 – HTM valuation declined $7B in 2Q23, driven primarily by higher mortgage interest rates • NII (excluding Global Markets) of $14.0B in 2Q23 vs. trough of $9.1B in 3Q203 • Cash and securities yield continued to improve faster than rate paid on total average deposits rose $720 $990 $954 $826 2 203 289 275 142 AFS and other securities: Hedged Unhedged

• Net interest income of $14.2B ($14.3B FTE1) – Increased $1.7B YoY, driven by benefits from higher interest rates, including lower premium amortization expense, and loan growth, partially offset by lower average deposit balances and NII related to GM activity – Decreased $0.3B, or 2%, from 1Q23, driven by higher deposit costs and lower balances, partially offset by higher asset yields, higher NII related to GM activity, and one additional day of interest accrual – NII related to GM activity declined approximately $0.7B YoY and increased $0.2B from 1Q23 – Premium amortization expense of $30MM in 2Q23, $34MM in 1Q23, and $584MM in 2Q22 • Net interest yield of 2.06% was impacted by higher 2Q23 average earning assets (late-1Q23 cash positioning changes) and increased 20 bps YoY; decreased 14 bps from 1Q23 – Excluding Global Markets, net interest yield of 2.65%1 • As of June 30, 2023, a +100 bps parallel shift in the interest rate yield curve is estimated to benefit net interest income by $3.3B over the next 12 months2 Net Interest Income (FTE, $B)1 Net Interest Income Increased $1.7B, or 14%, YoY Net Interest Yield (FTE)1 Note: FTE stands for fully taxable-equivalent basis. GM stands for Global Markets. 1 Represent non-GAAP financial measures. Net interest yield adjusted to exclude Global Markets NII of $0.3B, $0.1B, $0.4B, $0.7B, and $1.0B and average earning assets of $657.9B, $627.9B, $610.0B, $591.9B, and $598.8B for 2Q23, 1Q23, 4Q22, 3Q22, and 2Q22, respectively. The Corporation believes the presentation of net interest yield excluding Global Markets provides investors with transparency of NII and net interest yield in core banking activities. For important presentation information, see slide 36. 2 NII asset sensitivity represents banking book positions. See note D on slide 33 for information on asset sensitivity assumptions. 1.86% 2.06% 2.22% 2.20% 2.06% 2.20% 2.51% 2.81% 2.85% 2.65% Reported net interest yield Net interest yield excl. GM 2Q22 3Q22 4Q22 1Q23 2Q23 1.00% 1.50% 2.00% 2.50% 3.00% $12.5 $13.9 $14.8 $14.6 $14.3 $12.4 $13.8 $14.7 $14.4 $14.2 Net interest income (GAAP) FTE Adjustment 2Q22 3Q22 4Q22 1Q23 2Q23 $0.0 $5.0 $10.0 $15.0 15

$15.3 $15.3 $15.5 $16.2 $16.0 8.9 8.9 9.2 9.9 9.4 6.4 6.4 6.4 6.3 6.6 Compensation and benefits Other 2Q22 3Q22 4Q22 1Q23 2Q23 $0.0 $10.0 $20.0 67% 62% 63% 62% 64% 2Q22 3Q22 4Q22 1Q23 2Q23 50% 60% 70% Total Noninterest Expense ($B) Efficiency Ratio Expense and Efficiency Note: Amounts may not total due to rounding. 16 • Noninterest expense of $16.0B in 2Q23 included $276MM litigation expense, driven by agreements reached on consumer regulatory matters – Increased $0.8B, or 5%, vs. 2Q22, driven by increased investments in the franchise across people and technology, as well as higher FDIC expense from the increased assessment on banks announced in 2022 – Declined $0.2B, or 1%, vs. 1Q23, driven primarily by the absence of seasonally higher payroll taxes, partially offset by the higher litigation expense ($276MM in 2Q23 vs. $89MM in 1Q23) • 2H23 expense could include an accrual of approximately $1.9B upon enactment of the final FDIC special assessment rule for uninsured deposits of failed banks, if enacted consistent with the proposed rule

• Total net charge-offs of $869MM1 increased $62MM from 1Q23 – Consumer net charge-offs of $720MM increased $67MM, driven primarily by higher credit card losses ◦ Credit card loss rate of 2.60% in 2Q23 vs. 2.21% in 1Q23 ◦ Credit card loss rate remained below 4Q19 pre-pandemic loss rate of 3.03% – Commercial net charge-offs of $149MM decreased $5MM, as lower Commercial and Industrial net charge-offs were mostly offset by higher Commercial Real Estate net charge-offs • Net charge-off ratio of 0.33% increased 1 bp from 1Q23 and remained below pre-pandemic levels • Provision for credit losses of $1.1B – Net reserve build of $256MM in 2Q23, driven primarily by credit card loan growth • Allowance for loan and lease losses of $13.0B represented 1.24% of total loans and leases1,2 – Total allowance of $14.3B included $1.4B for unfunded commitments • Nonperforming loans (NPLs) increased $0.2B from 1Q23, to $4.1B – 61% of Consumer NPLs are contractually current • Commercial reservable criticized utilized exposure of $21.5B increased $1.7B from 1Q23, driven primarily by Commercial Real Estate Asset Quality 1 Excludes loans measured at fair value. 2 Allowance for loan and lease losses ratio is calculated as allowance for loan and lease losses divided by loans and leases outstanding at the end of the period. Provision for Credit Losses ($MM) Net Charge-offs ($MM)1 $523 $898 $1,092 $931 $1,125 2Q22 3Q22 4Q22 1Q23 2Q23 $0 $500 $1,000 $1,500 $571 $520 $689 $807 $869 0.23% 0.20% 0.26% 0.32% 0.33% Net charge-offs Net charge-off ratio 2Q22 3Q22 4Q22 1Q23 2Q23 $0 $200 $400 $600 $800 $1,000 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 17

Commercial Net Charge-offs ($MM) Consumer Net Charge-offs ($MM) Asset Quality – Consumer and Commercial Portfolios 1 Excludes loans measured at fair value. 2 Fully-insured loans are FHA-insured loans and other loans individually insured under long-term standby agreements. 3 C&I includes commercial and industrial and commercial lease financing. $46 $61 $158 $154 $149 0.03% 0.04% 0.11% 0.11% 0.10% Small business Commercial real estate C&I Commercial NCO ratio 2Q22 3Q22 4Q22 1Q23 2Q23 ($50) $0 $50 $100 $150 $200 (0.05)% 0.00% 0.05% 0.10% 0.15% 0.20% $525 $459 $531 $653 $720 0.47% 0.41% 0.47% 0.58% 0.64% Credit card Other Consumer NCO ratio 2Q22 3Q22 4Q22 1Q23 2Q23 $0 $200 $400 $600 $800 0.00% 0.25% 0.50% 0.75% 1.00% Commercial Metrics ($MM) 2Q23 1Q23 2Q22 Provision $25 ($14) $113 Reservable criticized utilized exposure 21,469 19,789 18,114 Nonperforming loans and leases 1,397 1,204 1,298 % of loans and leases1 0.24 % 0.20 % 0.22 % Allowance for loans and leases $5,200 $5,153 $5,361 % of loans and leases1 0.88 % 0.87 % 0.93 % Consumer Metrics ($MM) 2Q23 1Q23 2Q22 Provision $1,100 $945 $410 Nonperforming loans and leases 2,729 2,714 2,866 % of loans and leases1 0.60 % 0.60 % 0.64 % Consumer 30+ days performing past due $3,603 $3,344 $2,806 Fully-insured2 525 580 734 Non fully-insured 3,078 2,764 2,072 Consumer 90+ days performing past due 1,185 1,168 1,000 Allowance for loans and leases 7,750 7,361 6,612 % of loans and leases1 1.70 % 1.63 % 1.48 % # times annualized NCOs 2.68 x 2.78 x 3.14 x 18 3

• Net income of $2.9B decreased 1% from 2Q22, as strong revenue growth was offset by increased provision and noninterest expense – Pretax, pre-provision income1 of $5.1B increased 21% from 2Q22 – 9th consecutive quarter of operating leverage; efficiency ratio improved YoY to 52% • Revenue of $10.5B improved 15% from 2Q22, due to increased NII driven by higher interest rates and loan balances, partially offset by lower service charges • Provision for credit losses of $1.3B vs. $0.3B in 2Q22 – Net reserve build of $448MM in 2Q23, driven primarily by credit card loan growth – Net charge-offs of $819MM increased $317MM, driven by credit card • Noninterest expense of $5.5B increased 10% from 2Q22, driven primarily by continued investments in employees and higher litigation expense, including consumer regulatory matters • Average deposits above $1T decreased $72B, or 7%, from 2Q22 – 57% of deposits in checking accounts; 92% primary accounts5 • Average loans and leases of $307B increased $17B, or 6%, from 2Q22 • Combined credit / debit card spend4 of $226B increased 3% from 2Q22, with credit up 1% and debit up 3% • Record consumer investment assets3 of $387B grew $72B, or 23%, from 2Q22, driven by record $46B of client flows from new and existing clients and higher market valuations – 3.7MM consumer investment accounts, up 10% • 10.4MM Total clients6 enrolled in Preferred Rewards, up 6% from 2Q22; 99% annualized retention rate Consumer Banking 1 Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note C on slide 33. For important presentation information, see slide 36. 2 Cost of deposits calculated as annualized noninterest expense as a percentage of total average deposits within the Deposits sub-segment. 3 End of period. Consumer investment assets includes client brokerage assets, deposit sweep balances, Bank of America, N.A. brokered CDs, and assets under management (AUM) in Consumer Banking. 4 Includes consumer credit card portfolios in Consumer Banking and GWIM. 5 Represents the percentage of consumer checking accounts that are estimated to be the customer’s primary account based on multiple relationship factors (e.g., linked to their direct deposit). 6 As of May, 2023. Includes clients in Consumer, Small Business, and GWIM. Inc / (Dec) Summary Income Statement ($MM) 2Q23 1Q23 2Q22 Total revenue, net of interest expense $10,524 ($182) $1,388 Provision (benefit) for credit losses 1,267 178 917 Noninterest expense 5,453 (20) 494 Pretax income 3,804 (340) (23) Pretax, pre-provision income1 5,071 (162) 894 Income tax expense 951 (85) 13 Net income $2,853 ($255) ($36) Key Indicators ($B) 2Q23 1Q23 2Q22 Average deposits $1,006.3 $1,026.2 $1,078.0 Rate paid on deposits 0.22 % 0.12 % 0.02 % Cost of deposits2 1.37 1.36 1.14 Average loans and leases $306.7 $303.8 $289.6 Net charge-off ratio 1.07 % 0.97 % 0.70 % Net charge-offs ($MM) $819 $729 $502 Reserve build (release) ($MM) 448 360 (152) Consumer investment assets3 $386.8 $354.9 $315.2 Active mobile banking users (MM) 37.3 36.3 34.2 % Consumer sales through digital channels 51 % 51 % 48 % Number of financial centers 3,887 3,892 3,984 Combined credit / debit purchase volumes4 $226.1 $209.9 $220.5 Total consumer credit card risk-adjusted margin4 7.83 % 8.69 % 9.95 % Return on average allocated capital 27 30 29 Allocated capital $42.0 $42.0 $40.0 Efficiency ratio 52 % 51 % 54 % 19

• Net income of $1.0B decreased 15% from 2Q22 – Pretax margin of 25% – Strong organic client activity • Revenue of $5.2B decreased 4% compared to 2Q22, as lower average equity and fixed income market levels and transactional volumes drove asset management and brokerage fees lower • Noninterest expense of $3.9B increased 1% vs. 2Q22, as investments in the business, including strategic hiring, were mostly offset by lower revenue-related incentives • Client balances of $3.6T increased 8% from 2Q22, driven by higher market valuations and positive net client flows – AUM flows of $14B in 2Q23 • Average deposits of $295B decreased $69B, or 19%, from 2Q22 • Average loans and leases of $219B were relatively flat to 2Q22 • Added over 12,000 net new relationships across Merrill and Private Bank in 2Q23 – Opened over 36,500 new bank accounts • 83% of GWIM households / relationships digitally active across the enterprise Global Wealth & Investment Management 1 Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note C on slide 33. For important presentation information, see slide 36. Inc / (Dec) Summary Income Statement ($MM) 2Q23 1Q23 2Q22 Total revenue, net of interest expense $5,242 ($73) ($191) Provision (benefit) for credit losses 13 (12) (20) Noninterest expense 3,925 (142) 50 Pretax income 1,304 81 (221) Pretax, pre-provision income1 1,317 69 (241) Income tax expense 326 20 (48) Net income $978 $61 ($173) Key Indicators ($B) 2Q23 1Q23 2Q22 Average deposits $295.4 $314.0 $363.9 Rate paid on deposits 2.35 % 1.97 % 0.11 % Average loans and leases $218.6 $221.4 $219.3 Net charge-off ratio 0.01 % 0.01 % 0.02 % Net charge-offs ($MM) $3 $6 $9 Reserve build (release) ($MM) 10 19 24 AUM flows $14.3 $15.3 $1.0 Pretax margin 25 % 23 % 28 % Return on average allocated capital 21 20 26 Allocated capital $18.5 $18.5 $17.5 20

• Net income of $2.7B increased 76% from 2Q22 – Pretax, pre-provision income2 of $3.6B increased 65% from 2Q22 • Revenue of $6.5B increased 29% vs. 2Q22, driven primarily by higher NII, higher leasing revenue, and the absence of mark-to-market losses related to leveraged finance positions in 2Q22; partially offset by lower treasury service charges due to higher earnings credit rates • Total Corporation investment banking fees (excl. self- led) of $1.2B increased $0.1B, or 7%, from 2Q22 – Improved market share 153 bps from 2Q22; #2 investment banking fee ranking3 • Provision for credit losses of $9MM decreased $148MM vs. 2Q22, as the prior year included a reserve build • Noninterest expense of $2.8B increased 1% from 2Q22, as continued investments in the business, including technology and strategic hiring in 2022, were mostly offset by the absence of expenses recognized for certain regulatory matters in 2Q22 • Average deposits of $498B decreased $12B, or 2%, from 2Q22 • Average loans and leases of $383B increased $6B, or 2%, from 2Q22 Global Banking 1 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities. 2 Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note C on slide 33. For important presentation information, see slide 36. 3 Source: Dealogic as of July 1, 2023. Inc / (Dec) Summary Income Statement ($MM) 2Q23 1Q23 2Q22 Total revenue, net of interest expense1 $6,462 $259 $1,456 Provision (benefit) for credit losses 9 246 (148) Noninterest expense 2,819 (121) 20 Pretax income 3,634 134 1,584 Pretax, pre-provision income2 3,643 380 1,436 Income tax expense 981 36 438 Net income $2,653 $98 $1,146 Selected Revenue Items ($MM) 2Q23 1Q23 2Q22 Total Corporation IB fees (excl. self-led)1 $1,212 $1,163 $1,128 Global Banking IB fees1 718 668 692 Business Lending revenue 2,692 2,334 2,032 Global Transaction Services revenue 2,923 3,065 2,381 Key Indicators ($B) 2Q23 1Q23 2Q22 Average deposits $497.5 $492.6 $509.3 Average loans and leases 383.1 381.0 377.2 Net charge-off ratio 0.06 % 0.09 % 0.01 % Net charge-offs ($MM) $59 $87 $14 Reserve build (release) ($MM) (50) (324) 143 Return on average allocated capital 22 % 21 % 14 % Allocated capital $49.3 $49.3 $44.5 Efficiency ratio 44 % 47 % 56 % 21

Global Markets1 • Net income of $1.1B increased 9% from 2Q22 – Excluding net DVA, net income of $1.2B increased 32%3 • Revenue of $4.9B increased 8% from 2Q22, driven primarily by higher sales and trading revenue and the absence of mark-to-market losses related to leveraged finance positions in 2Q22 • Sales and trading revenue of $4.3B increased 3% from 2Q22 – Fixed income, currencies, and commodities (FICC) revenue increased 7%, to $2.7B, driven by strong trading performance in currencies, emerging markets interest rates, and secured financing, as well as improved trading in credit and mortgage products, partially offset by weakness in commodities – Equities revenue decreased 2%, to $1.6B, driven primarily by weaker trading performance in derivatives, partially offset by an increase in client financing activities • Excluding net DVA, sales and trading revenue of $4.4B increased 10% from 2Q223 – FICC revenue of $2.8B increased 18%3 – Equities revenue of $1.6B decreased 2%3 • Noninterest expense of $3.3B increased 8% vs. 2Q22, driven by investments in the business, including people and technology, and activity-related expenses, partially offset by the absence of expenses recognized for certain regulatory matters in 2Q22 • Average VaR of $76MM in 2Q235 1 The explanations for current period-over-period changes for Global Markets are the same for amounts including and excluding net DVA. 2 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities. 3 Represents a non-GAAP financial measure. Reported FICC sales and trading revenue was $2.7B, $3.4B, and $2.5B for 2Q23, 1Q23, and 2Q22, respectively. Reported Equities sales and trading revenue was $1.6B, $1.6B, and $1.7B for 2Q23, 1Q23, and 2Q22, respectively. See note E on slide 33 and slide 36 for important presentation information. 4 Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note C on slide 33. For important presentation information, see slide 36. 5 See note F on slide 33 for the definition of VaR. Inc / (Dec) Summary Income Statement ($MM) 2Q23 1Q23 2Q22 Total revenue, net of interest expense2 $4,871 ($755) $369 Net DVA (102) (116) (260) Total revenue (excl. net DVA)2,3 4,973 (639) 629 Provision (benefit) for credit losses (4) 49 (12) Noninterest expense 3,349 (2) 240 Pretax income 1,526 (802) 141 Pretax, pre-provision income4 1,522 (753) 129 Income tax expense 420 (220) 53 Net income $1,106 ($582) $88 Net income (excl. net DVA)3 $1,184 ($493) $286 Selected Revenue Items ($MM)2 2Q23 1Q23 2Q22 Sales and trading revenue $4,285 $5,067 $4,153 Sales and trading revenue (excl. net DVA)3 4,387 5,053 3,995 FICC (excl. net DVA)3 2,764 3,429 2,340 Equities (excl. net DVA)3 1,623 1,624 1,655 Global Markets IB fees 503 469 461 Key Indicators ($B) 2Q23 1Q23 2Q22 Average total assets $877.5 $870.0 $866.7 Average trading-related assets 621.1 626.0 606.1 Average 99% VaR ($MM)5 76 109 118 Average loans and leases 128.5 125.0 114.4 Net charge-offs ($MM) 5 — (4) Reserve build (release) ($MM) (9) (53) 12 Return on average allocated capital 10 % 15 % 10 % Allocated capital $45.5 $45.5 $42.5 Efficiency ratio 69 % 60 % 69 % 22

All Other1 • Net loss of $182MM included a $197MM pretax loss on sales of AFS debt securities • Total corporate effective tax rate (ETR) for the quarter was 8% – Excluding any discrete tax benefits and recurring ESG tax credit benefits, the ETR would have been approximately 26% 1 All Other primarily consists of asset and liability management (ALM) activities, liquidating businesses, and certain expenses not otherwise allocated to a business segment. ALM activities encompass interest rate and foreign currency risk management activities for which substantially all of the results are allocated to our business segments. 2 Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note C on slide 33. For important presentation information, see slide 36. Inc/(Dec) Summary Income Statement ($MM) 2Q23 1Q23 2Q22 Total revenue, net of interest expense ($1,767) ($309) ($481) Provision (benefit) for credit losses (160) (267) (135) Noninterest expense 492 85 (39) Pretax income (loss) (2,099) (127) (307) Pretax, pre-provision income2 (2,259) (394) (442) Income tax (benefit) (1,917) (52) (443) Net income (loss) ($182) ($75) $136 23

Supplemental Business Segment Trends

Total Expense ($B) and Efficiency Total Revenue ($B) Average Deposits ($B) Consumer Investment Assets ($B)2 and Accounts (MM) Average Loans and Leases ($B) Consumer Banking Trends Note: Amounts may not total due to rounding. 1 See slide 34 for business leadership sources. 2 End of period. Consumer investment assets includes client brokerage assets, deposit sweep balances, Bank of America, N.A. brokered CDs, and AUM in Consumer Banking. $9.1 $9.9 $10.8 $10.7 $10.5 7.1 7.8 8.5 8.6 8.4 2.0 2.1 2.3 2.1 2.1 Net interest income Noninterest income 2Q22 3Q22 4Q22 1Q23 2Q23 $0.0 $4.0 $8.0 $12.0 $5.0 $5.1 $5.1 $5.5 $5.5 54% 51% 47% 51% 52% Noninterest expense Efficiency ratio 2Q22 3Q22 4Q22 1Q23 2Q23 $0.0 $2.0 $4.0 $6.0 40% 50% 60% 70% $1,078$1,069$1,047$1,026$1,006 606 599 589 581 576 472 470 458 445 431 Checking Other 2Q22 3Q22 4Q22 1Q23 2Q23 $0 $300 $600 $900 $1,200 $290 $295 $300 $304 $307 117 118 118 118 117 78 82 87 89 91 51 52 52 54 55 22 22 22 22 2121 21 21 22 22 Residential mortgage Consumer credit card Vehicle lending Home equity Small business / other 2Q22 3Q22 4Q22 1Q23 2Q23 $0 $70 $140 $210 $280 $350 25 $315 $302 $320 $355 $387 3.4 3.4 3.5 3.6 3.7 Assets Accounts 2Q22 3Q22 4Q22 1Q23 2Q23 $0 $100 $200 $300 $400 2.5 3.0 3.5 4.0 4.5 Business Leadership1 • No. 1 in estimated U.S. Retail Deposits(A) • No. 1 Online Banking and Mobile Banking Functionality(B) • No. 1 Small Business Lender(C) • Best Bank in North America(D) • Best Consumer Digital Bank in the U.S.(E) • Best Bank in the U.S. for Small and Medium Enterprises(F) • Certified by J.D. Power for Outstanding Client satisfaction with Customer Financial Health Support – Banking & Payments(G) • No. 1 in Customer Satisfaction for U.S. Retail Banking Advice(H)

1,068 1,255 1,096 1,187 1,137 2Q22 3Q22 4Q22 1Q23 2Q23 0 500 1,000 1,500 Home Equity1 New Originations ($B)4 Consumer Credit Update 1 Includes loan production within Consumer Banking and GWIM. Consumer credit card balances include average balances of $3.2B, $3.0B, and $2.8B in 2Q23, 1Q23, and 2Q22, respectively, within GWIM. 2 Calculated as the difference between total revenue, net of interest expense, and net credit losses divided by average loans. 3 Represents Consumer Banking only. 4 Amounts represent the unpaid principal balance of loans and in the case of home equity, the principal amount of the total line of credit. Consumer Vehicle Lending3 New Originations ($B) Consumer Credit Card1 New Accounts (K) 26 Residential Mortgage1 New Originations ($B)4 Key Stats 2Q22 1Q23 2Q23 Average outstandings ($B) 81.0 91.8 94.4 NCO ratio 1.60% 2.21% 2.60% Risk-adjusted margin2 9.95% 8.69% 7.83% Average line FICO 771 774 773 $7.1 $5.9 $6.8 $7.0 $6.8 2Q22 3Q22 4Q22 1Q23 2Q23 $0.0 $2.5 $5.0 $7.5 $10.0 Key Stats 2Q22 1Q23 2Q23 Average outstandings ($B) 51.2 53.9 54.7 NCO ratio 0.02% (0.00%) 0.18% Average booked FICO 791 795 795 $14.5 $8.7 $5.2 $3.9 $5.9 2Q22 3Q22 4Q22 1Q23 2Q23 $0.0 $10.0 $20.0 Key Stats 2Q22 1Q23 2Q23 Average outstandings ($B)3 117.4 117.7 117.1 NCO ratio3 0.03% 0.01% 0.02% Average FICO 771 771 771 Average booked loan-to-value (LTV) 70% 73% 73% $2.5 $2.4 $2.6 $2.6 $2.5 2Q22 3Q22 4Q22 1Q23 2Q23 $0.0 $1.0 $2.0 $3.0 $4.0 Key Stats 2Q22 1Q23 2Q23 Average outstandings ($B)3 21.8 21.6 21.2 NCO ratio3 (0.00%) (0.01%) (0.05%) Average FICO 797 789 790 Average booked combined LTV 58% 58% 58%

Average Deposits ($B) Global Wealth & Investment Management Trends Business Leadership1 • No. 1 on Forbes’ Best-in-State Wealth Advisors (2023), Top Women Wealth Advisors (2023), Top Women Wealth Advisors Best-in State (2023), Best-in-State Teams (2023) and Top Next Generation Advisors (2022) • No. 1 on Barron’s Top 100 Women Financial Advisors List (2023) • No. 1 on Financial Planning's 'Top 40 Advisors Under 40' List (2023) • Celent Model Wealth Manager award (2023) • No. 1 in personal trust AUM(I) • Best National Private Bank by Family Wealth Report(J) and in North America by Global Private Banking(K) • Best Use of Technology and Best Digital Client Service(L) • Best Private Bank for Transfer/Succession Planning and Best Private Bank for Digital in North America(M) • Best Account Opening and Onboarding Technology(K) Note: Amounts may not total due to rounding. 1 See slide 34 for business leadership sources. 2 End of period. Loans and leases includes margin receivables which are classified in customer and other receivables on the Consolidated Balance Sheet. 3 Managed deposits in investment accounts of $39B, $39B, $48B, $48B, and $55B for 2Q23, 1Q23, 4Q22, 3Q22, and 2Q22, respectively, are included in both AUM and Deposits. Total client balances only include these balances once. Average Loans and Leases ($B) Total Revenue ($B) Client Balances ($B)2,3 $5.4 $5.4 $5.4 $5.3 $5.2 1.8 2.0 2.0 1.9 1.8 3.1 2.9 2.8 2.9 2.9 0.6 0.6 0.6 0.6 0.5 Net interest income Asset management fees Brokerage / Other 2Q22 3Q22 4Q22 1Q23 2Q23 $0.0 $2.0 $4.0 $6.0 1,411 1,330 1,401 1,467 1,531 1,438 1,414 1,482 1,571 1,628 348 325 324 301 293225 228 227 221 222$3,367 $3,249 $3,387 $3,522 $3,635 AUM Brokerage / Other Deposits Loans and leases 2Q22 3Q22 4Q22 1Q23 2Q23 $0 $1,000 $2,000 $3,000 $4,000 $219 $224 $225 $221 $219 102 105 106 106 106 57 56 54 52 51 57 60 62 60 58 Consumer real estate Securities-based lending Custom lending Credit card 2Q22 3Q22 4Q22 1Q23 2Q23 $0 $50 $100 $150 $200 $250$364 $339 $318 $314 $295 2Q22 3Q22 4Q22 1Q23 2Q23 $0 $100 $200 $300 $400 27

Global Banking Trends Note: Amounts may not total due to rounding. 1 See slide 34 for business leadership sources. 2 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities. 3 Self-led deals of $50MM, $12MM, $18MM, $37MM, and $65MM for 2Q23, 1Q23, 4Q22, 3Q22, and 2Q22, respectively are embedded within Debt, Equity, and Advisory. Total Corporation IB fees excludes self-led deals. 4 Advisory includes fees on debt and equity advisory and mergers and acquisitions. Average Deposits ($B)Business Leadership1 • World’s Most Innovative Bank – 2023, Most Innovative Bank in North America(N) • World’s Best Digital Bank, World’s Best Bank for Financing, North America’s Best Digital Bank, North America’s Best Bank for Small to Medium-sized Enterprises, North America’s Best Bank for Sustainable Finance(M) • Best Bank for Payment & Collections in North America(O) • Model Bank award for Product Innovation in Cash Management – 2023, for CashPro Mobile, CashPro Forecasting, and CashPro API(P) • World's Best Bank for Supply Chain Finance(Q) • 2022 Quality, Share and Excellence Awards for U.S. Large Corporate Banking and Cash Management(R) • Relationships with 73% of the Global Fortune 500; 95% of the U.S. Fortune 1,000 (2022) Average Loans and Leases ($B) Total Revenue ($B)2 Total Corporation IB Fees ($MM)3 $5.0 $5.6 $6.4 $6.2 $6.5 2.6 3.3 3.9 3.9 3.7 0.7 0.7 0.7 0.7 0.70.9 0.8 0.7 0.7 0.70.7 0.8 1.1 0.9 1.3 Net interest income IB fees Service charges All other income 2Q22 3Q22 4Q22 1Q23 2Q23 $0.0 $2.5 $5.0 $7.5 662 616 414 644 600 139 156 189 168 287 392 432 486 363 375 $1,128 $1,167 $1,071 $1,163 $1,212 Debt Equity Advisory 2Q22 3Q22 4Q22 1Q23 2Q23 $0 $500 $1,000 $1,500 186 194 192 193 196 177 177 175 175 174 13 13 13 13 13 $377 $384 $380 $381 $383 Commercial Corporate Business Banking 2Q22 3Q22 4Q22 1Q23 2Q23 $0 $100 $200 $300 $400 4 $509 $495 $503 $493 $498 Noninterest-bearing Interest-bearing 2Q22 3Q22 4Q22 1Q23 2Q23 $0 $200 $400 $600 28 72% 65% 55% 48% 42% 28% 35% 45% 52% 58%

Global Markets Trends and Revenue Mix Note: Amounts may not total due to rounding. 1 See slide 34 for business leadership sources. 2 Represents a non-GAAP financial measure. Reported Global Markets revenue was $10.5B for 2023 YTD. Reported sales and trading revenue was $9.4B, $8.9B, $8.6B, and $8.8B for 2023 YTD, 2022 YTD, 2021 YTD, and 2020 YTD, respectively. Reported FICC sales and trading revenue was $6.1B, $5.2B, $5.2B, and $5.9B for 2023 YTD, 2022 YTD, 2021 YTD, and 2020 YTD, respectively. Reported Equities sales and trading revenue was $3.2B, $3.7B, $3.5B, and $2.9B for 2023 YTD, 2022 YTD, 2021 YTD, and 2020 YTD, respectively. See note E on slide 33 and slide 36 for important presentation information. 3 S&T stands for sales & trading. Macro products include currencies, interest rates, and commodities products. 4 See note F on slide 33 for definition of VaR. 2023 YTD Global Markets Revenue Mix (excl. net DVA)2 Business Leadership1 • World's Best Bank for Markets(M) • North America's Best Bank for Sustainable Finance(M) • Americas Derivatives House of the Year and Americas House of the Year for Equity Derivatives, FX Derivatives, Interest Rate Derivatives, and Commodities Derivatives(S) • Commodity Derivatives House and Americas ESG Financing House(T) • Best CLO Arranger of the Year, Best Loan Secondary Trading Desk of the Year, Best CLO Tranche Trading Desk of the Year, Best CLO Research House(U) • No. 1 All-America Sales Team in Equities Idea Generation(V) • No. 1 Municipal Bonds Underwriter(W) • No. 2 Global Research Firm(V) 2023 YTD Total FICC S&T3 Revenue Mix (excl. net DVA)2 Total Sales and Trading Revenue (excl. net DVA) ($B)2 Average Trading-Related Assets ($B) and VaR ($MM)4 $8.7 $8.7 $8.6 $9.4 5.9 5.2 5.0 6.2 2.9 3.5 3.7 3.2 FICC Equities 2020 YTD 2021 YTD 2022 YTD 2023 YTD $0.0 $2.5 $5.0 $7.5 $10.0 $485 $534 $601 $624 $65 $76 $99 $93 Avg. trading-related assets Avg. VaR 2020 YTD 2021 YTD 2022 YTD 2023 YTD $0 $250 $500 $750 $0 $50 $100 $150 61% 39% U.S. / Canada International 43% 57% Credit / Other Macro3 29

Additional Presentation Information

2023 YTD Consumer Payment Spend of $2.1T is up 5% YoY Payment Spend1 ($ and Transaction Volume) Quarterly YoY % Growth 31 2023 YTD Credit and Debit2,3 YoY % Growth Credit and debit spend up 4%; transactions up 5% $ Volume Transaction # 2Q 19 3Q 4Q 1Q 20 2Q 3Q 4Q 1Q 21 2Q 3Q 4Q 1Q 22 2Q 3Q 4Q 1Q 23 2Q (25)% 0% 25% 50% 10% (11%) 6% 0% 6% 10% 0% 5% 3% 4% $ Volume Transaction # Travel & Entertainment Gas Food Retail Services Payment Spend1 ($ Volume) and YoY % Growth $1.4T $1.8T $2.0T $2.1T (3%) 25% 13% 5% 2020 YTD 2021 YTD 2022 YTD 2023 YTD 4% 2% 2023 YTD YoY Change in Payment Transaction Volume 5% 5% 15% (5%) Credit/Debit ACH/Wire P2P/P2B Cash/Check % of YTD Volume 78% 11% 7% 5% 4 Note: Amounts may not total due to rounding. 1 Total payments represent payments made from Bank of America accounts using credit card, debit card, ACH, wires, billpay, person-to-person, cash, and checks. 2 Includes consumer and small business credit card portfolios in Consumer Banking and GWIM. 3 Excludes credit and debit money transfers, charitable donations, and miscellaneous categories with immaterial volume. 4 P2P stands for person-to-person. P2B stands for person-to-business.

Commercial Real Estate Loans 32 21.2% 6.9% 12.5% 7.1% 4Q09 2Q23 Total Commercial loans Total loans and leases Commercial Real Estate as a Percent of: Geographic Distribution ($B) $16.6 22% $14.2 19% $13.8 19% $9.5 13% $7.0 9% $6.2 8% Northeast California Southeast Southwest Midwest Midsouth Northwest Other Non-US Office Portfolio Scheduled Maturities ($B) $18.3 25% $14.4 19% $11.2 15% $5.8 8% $5.7 8% $14.4 19% Office Industrial/ Warehouse Multi-family rental Shopping centers/Retail Hotel/Motels Multi-use Residential Other ~$74B Distribution by Property Type ($B) $2.4 3%$2.0 3% $2.8 4% $1.4 2% $3.0 4% $2.8 $6.3 $3.0 $6.0 2H23 2024 2025 2026 and beyond • ~75% Class A property type • ~55% origination LTV • ~4% NPL to loans • $4.5B reservable criticized exposure ◦ ~80% LTV1 • NCOs $71MM in 2Q23 ~$74B Note: Amounts may not total due to rounding. 1 Based on properties appraised between January 1, 2023 and June 30, 2023.

A Global Liquidity Sources (GLS) include cash and high-quality, liquid, unencumbered securities, inclusive of U.S. government securities, U.S. agency securities, U.S. agency MBS, and a select group of non-U.S. government and supranational securities, and other investment-grade securities, and are readily available to meet funding requirements as they arise. It does not include Federal Reserve Discount Window or Federal Home Loan Bank borrowing capacity. Transfers of liquidity among legal entities may be subject to certain regulatory and other restrictions. B Reserve Build (or Release) is calculated by subtracting net charge-offs for the period from the provision for credit losses recognized in that period. The period-end allowance, or reserve, for credit losses reflects the beginning of the period allowance adjusted for net charge-offs recorded in that period plus the provision for credit losses and other valuation accounts recognized in that period. C Pretax, pre-provision income (PTPI) at the consolidated level is a non-GAAP financial measure calculated by adjusting consolidated pretax income to add back provision for credit losses. Similarly, PTPI at the segment level is a non-GAAP financial measure calculated by adjusting the segments’ pretax income to add back provision for credit losses. Management believes that PTPI (both at the consolidated and segment level) is a useful financial measure as it enables an assessment of the Corporation’s ability to generate earnings to cover credit losses through a credit cycle as well as provides an additional basis for comparing the Corporation's results of operations between periods by isolating the impact of provision for credit losses, which can vary significantly between periods. See reconciliation below. D Interest rate sensitivity as of June 30, 2023, reflects the pretax impact to forecasted net interest income over the next 12 months from June 30, 2023 resulting from an instantaneous parallel shock to the market-based forward curve. The sensitivity analysis assumes that we take no action in response to this rate shock and does not assume any change in other macroeconomic variables normally correlated with changes in interest rates. As part of our asset and liability management activities, we use securities, certain residential mortgages, and interest rate and foreign exchange derivatives in managing interest rate sensitivity. The behavior of our deposit portfolio in the forecast is a key assumption in our projected estimate of net interest income. The sensitivity analysis assumes no change in deposit portfolio size or mix from our baseline forecast in alternate rate environments. In higher rate scenarios, any customer activity resulting in the replacement of low-cost or noninterest-bearing deposits with higher yielding deposits or market-based funding would reduce our benefit in those scenarios. E Revenue for all periods included net debit valuation adjustments (DVA) on derivatives, as well as amortization of own credit portion of purchase discount and realized DVA on structured liabilities. Net DVA gains (losses) were ($102MM), $14MM and $158MM for 2Q23, 1Q23 and 2Q22, respectively, and ($88MM), $227MM, ($36MM) and $39MM for 2023 YTD, 2022 YTD, 2021 YTD and 2020 YTD, respectively. Net DVA gains (losses) included in FICC revenue were ($97MM), $11MM and $160MM for 2Q23, 1Q23 and 2Q22, respectively, and ($86MM), $220MM, ($37MM) and $29MM for 2023 YTD, 2022 YTD, 2021 YTD and 2020 YTD, respectively. Net DVA gains (losses) included in Equities revenue were ($5MM), $3MM and ($2MM) for 2Q23, 1Q23 and 2Q22, respectively, and ($2MM), $7MM, $1MM and $10MM for 2023 YTD, 2022 YTD, 2021 YTD and 2020 YTD, respectively. F VaR model uses a historical simulation approach based on three years of historical data and an expected shortfall methodology equivalent to a 99% confidence level. Using a 95% confidence level, average VaR was $43MM, $42MM and $36MM for 2Q23, 1Q23 and 2Q22 respectively, and $43MM, $33MM, $29MM and $24MM for 2023 YTD, 2022 YTD, 2021 YTD and 2020 YTD, respectively. Notes $ Millions 2Q23 1Q23 2Q22 Pretax Income (GAAP) Provision for Credit Losses (GAAP) Pretax, Pre-provision Income Pretax Income (GAAP) Provision for Credit Losses (GAAP) Pretax, Pre-provision Income Pretax Income (GAAP) Provision for Credit Losses (GAAP) Pretax, Pre-provision Income Consumer Banking $ 3,804 $ 1,267 $ 5,071 $ 4,144 $ 1,089 $ 5,233 $ 3,827 $ 350 $ 4,177 Global Wealth & Investment Management 1,304 13 1,317 1,223 25 1,248 1,525 33 1,558 Global Banking 3,634 9 3,643 3,500 (237) 3,263 2,050 157 2,207 Global Markets 1,526 (4) 1,522 2,328 (53) 2,275 1,385 8 1,393 All Other (2,099) (160) (2,259) (1,972) 107 (1,865) (1,792) (25) (1,817) Total Corporation $ 8,034 $ 1,125 $ 9,159 $ 9,089 $ 931 $ 10,020 $ 6,892 $ 523 $ 7,415 33

Business Leadership Sources (A) Estimated U.S. retail deposits based on June 30, 2022 FDIC deposit data. (B) Javelin 2023 Online and Mobile Banking Scorecards. (C) FDIC, 1Q23. (D) Global Finance, March 2023. (E) Global Finance, August 2022. (F) Global Finance, December 2022. (G) J.D. Power 2023 Financial Health Support CertificationSM is based on exceeding customer experience benchmarks using client surveys and a best practices verification. For more information, visit jdpower.com/awards. (H) J.D. Power 2023 U.S. Retail Banking Advice Satisfaction Study. For more information, visit jdpower.com/awards. (I) Industry Q1-23 FDIC call reports. (J) Family Wealth Report, 2023. (K) Global Private Banking Innovation Award, 2023. (L) PWM, 2023. (M) Euromoney, 2023. (N) Global Finance, 2023. (O) Global Finance Treasury & Cash Management Awards, 2023. (P) Celent, 2023. (Q) Global Finance Trade & Supply Chain Finance Awards, 2023. (R) Greenwich, 2023. (S) GlobalCapital, 2022. (T) IFR, 2022. (U) DealCatalyst, 2022. (V) Institutional Investor, 2022. (W) Refinitiv, 2023 YTD. 34

Forward-Looking Statements Bank of America Corporation (the Corporation) and its management may make certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements represent the Corporation’s current expectations, plans or forecasts of its future results, revenues, liquidity, net interest income, provision for credit losses, expenses, efficiency ratio, capital measures, strategy, deposits, assets, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond the Corporation’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements. You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties more fully discussed under Item 1A. Risk Factors of the Corporation’s 2022 Annual Report on Form 10-K and in any of the Corporation’s subsequent Securities and Exchange Commission filings: the Corporation’s potential judgments, orders, settlements, penalties, fines and reputational damage resulting from pending or future litigation and regulatory investigations, proceedings and enforcement actions, including as a result of our participation in and execution of government programs related to the Coronavirus Disease 2019 (COVID-19) pandemic, such as the processing of unemployment benefits for California and certain other states; the possibility that the Corporation's future liabilities may be in excess of its recorded liability and estimated range of possible loss for litigation, and regulatory and government actions; the possibility that the Corporation could face increased claims from one or more parties involved in mortgage securitizations; the Corporation’s ability to resolve representations and warranties repurchase and related claims; the risks related to the discontinuation of the London Interbank Offered Rate and other reference rates, including increased expenses and litigation and the effectiveness of hedging strategies; uncertainties about the financial stability and growth rates of non-U.S. jurisdictions, the risk that those jurisdictions may face difficulties servicing their sovereign debt, and related stresses on financial markets, currencies and trade, and the Corporation’s exposures to such risks, including direct, indirect and operational; the impact of U.S. and global interest rates, inflation, currency exchange rates, economic conditions, trade policies and tensions, including tariffs, and potential geopolitical instability; the impact of the interest rate, inflationary, macroeconomic, banking and regulatory environment on the Corporation’s assets, business, financial condition and results of operations; the impact of adverse developments affecting the U.S. or global banking industry, including bank failures and liquidity concerns, which could cause continued or worsening economic and market volatility, and regulatory responses thereto; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. or global economic conditions and other uncertainties, including the impact of supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; potential losses related to the Corporation’s concentration of credit risk; the Corporation's ability to achieve its expense targets and expectations regarding revenue, net interest income, provision for credit losses, net charge-offs, effective tax rate, loan growth or other projections; adverse changes to the Corporation’s credit ratings from the major credit rating agencies; an inability to access capital markets or maintain deposits or borrowing costs; estimates of the fair value and other accounting values, subject to impairment assessments, of certain of the Corporation’s assets and liabilities; the estimated or actual impact of changes in accounting standards or assumptions in applying those standards; uncertainty regarding the content, timing and impact of regulatory capital and liquidity requirements; the impact of adverse changes to total loss-absorbing capacity requirements, stress capital buffer requirements and/or global systemically important bank surcharges; the potential impact of actions of the Board of Governors of the Federal Reserve System on the Corporation’s capital plans; the effect of changes in or interpretations of income tax laws and regulations; the impact of implementation and compliance with U.S. and international laws, regulations and regulatory interpretations, including, but not limited to, recovery and resolution planning requirements, Federal Deposit Insurance Corporation assessments, the Volcker Rule, fiduciary standards, derivatives regulations and the Coronavirus Aid, Relief, and Economic Security Act and any similar or related rules and regulations; a failure or disruption in or breach of the Corporation’s operational or security systems or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns; the risks related to the transition and physical impacts of climate change; our ability to achieve environmental, social and governance goals and commitments or the impact of any changes in the Corporation's sustainability strategy or commitments generally; the impact of any future federal government shutdown and uncertainty regarding the federal government’s debt limit or changes in fiscal, monetary or regulatory policy; the emergence or continuation of widespread health emergencies or pandemics, including the magnitude and duration of the COVID-19 pandemic and its impact on U.S. and/or global financial market conditions and our business, results of operations, financial condition and prospects; the impact of natural disasters, extreme weather events, military conflict (including the Russia/Ukraine conflict, the possible expansion of such conflict 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. 35

Important Presentation Information 36 • The information contained herein is preliminary and based on Corporation data available at the time of the earnings presentation. It speaks only as of the particular date or dates included in the accompanying slides. Bank of America does not undertake an obligation to, and disclaims any duty to, update any of the information provided. • The Corporation may present certain metrics and ratios, including year-over-year comparisons of revenue, noninterest expense and pretax income, excluding certain items (e.g., DVA) that are non-GAAP financial measures. The Corporation believes the use of these non-GAAP financial measures provides additional clarity in understanding its results of operations and trends. For more information about the non-GAAP financial measures contained herein, please see the presentation of the most directly comparable financial measures calculated in accordance with GAAP and accompanying reconciliations in the earnings press release for the quarter ended June 30, 2023, and other earnings-related information available through the Bank of America Investor Relations website at: https://investor.bankofamerica.com/quarterly-earnings. • The Corporation presents certain key financial and nonfinancial performance indicators that management uses when assessing consolidated and/or segment results. The Corporation believes this information is useful because it provides management with information about underlying operational performance and trends. KPIs are presented in 2Q23 Financial Results on slide 9 and on the Summary Income Statement for each segment. • The Corporation also views net interest income and related ratios and analyses on a fully taxable-equivalent (FTE) basis, which when presented on a consolidated basis are non-GAAP financial measures. The Corporation believes managing the business with net interest income on an FTE basis provides investors with meaningful information on the interest margin for comparative purposes. The Corporation believes that the presentation allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices. The FTE adjustment was $135MM, $134MM, $123MM, $106MM and $103MM for 2Q23, 1Q23, 4Q22, 3Q22 and 2Q22, respectively. • The Corporation allocates capital to its business segments using a methodology that considers the effect of regulatory capital requirements in addition to internal risk-based capital models. Allocated capital is reviewed periodically and refinements are made based on multiple considerations that include, but are not limited to, risk-weighted assets measured under Basel 3 Standardized and Advanced approaches, business segment exposures and risk profile, and strategic plans. As a result of this process, in the first quarter of 2023, the Corporation adjusted the amount of capital being allocated to its business segments.

Supplemental Information

Second Quarter 2023

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


Bank of America Corporation and Subsidiaries
Table of Contents			Page


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

Debt Securities			9
Supplemental Financial Data			10
Quarterly Results by Business Segment and All Other			11
Year-to-Date Results by Business Segment and All Other			13
Consumer Banking
Total Segment Results			14
Key Indicators			15
Business Results			16
Global Wealth & Investment Management
Total Segment Results			18
Key Indicators			19
Global Banking
Total Segment Results			20
Key Indicators			21

Global Markets
Total Segment Results			22
Key Indicators			23
All Other
Total Results			24
Outstanding Loans and Leases			25
Quarterly Average Loans and Leases by Business Segment and All Other			26
Commercial Credit Exposure by Industry			27

Nonperforming Loans, Leases and Foreclosed Properties			28
Nonperforming Loans, Leases and Foreclosed Properties Activity			29
Quarterly Net Charge-offs and Net Charge-off Ratios			30
Year-to-Date Net Charge-offs and Net Charge-off Ratios			31
Allocation of the Allowance for Credit Losses by Product Type			32

Exhibit A: Non-GAAP Reconciliations			33







Key Performance Indicators

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

Business Segment Operations

The Corporation reports the results of operations of its four business segments and All Other on a fully taxable-equivalent (FTE) basis. Additionally, the results for the total Corporation as presented on pages 11 - 13 are reported on an FTE basis.


Bank of America Corporation and Subsidiaries
Consolidated Financial Highlights
(In millions, except per share information)
	Six Months Ended June 30						Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022
	2023			2022
Income statement
Net interest income	$	28,606		$	24,016		$	14,158		$	14,448		$	14,681		$	13,765		$	12,444
Noninterest income	22,849			21,900			11,039			11,810			9,851			10,737			10,244
Total revenue, net of interest expense	51,455			45,916			25,197			26,258			24,532			24,502			22,688
Provision for credit losses	2,056			553			1,125			931			1,092			898			523
Noninterest expense	32,276			30,592			16,038			16,238			15,543			15,303			15,273
Income before income taxes	17,123			14,771			8,034			9,089			7,897			8,301			6,892
Pretax, pre-provision income (1)	19,179			15,324			9,159			10,020			8,989			9,199			7,415
Income tax expense	1,554			1,457			626			928			765			1,219			645
Net income	15,569			13,314			7,408			8,161			7,132			7,082			6,247
Preferred stock dividends and other	811			782			306			505			228			503			315
Net income applicable to common shareholders	14,758			12,532			7,102			7,656			6,904			6,579			5,932
Diluted earnings per common share	1.82			1.53			0.88			0.94			0.85			0.81			0.73
Average diluted common shares issued and outstanding	8,162.6			8,182.2			8,080.7			8,182.3			8,155.7			8,160.8			8,163.1
Dividends paid per common share	$	0.44		$	0.42		$	0.22		$	0.22		$	0.22		$	0.22		$	0.21

Performance ratios
Return on average assets	1.00		%	0.84		%	0.94		%	1.07		%	0.92		%	0.90		%	0.79		%
Return on average common shareholders’ equity	11.84			10.48			11.21			12.48			11.24			10.79			9.93
Return on average shareholders’ equity	11.22			9.99			10.52			11.94			10.38			10.37			9.34
Return on average tangible common shareholders’ equity (2)	16.42			14.78			15.49			17.38			15.79			15.21			14.05
Return on average tangible shareholders’ equity (2)	14.97			13.52			14.00			15.98			13.98			13.99			12.66
Efficiency ratio	62.73			66.63			63.65			61.84			63.36			62.45			67.32


At period end
Book value per share of common stock	$	32.05		$	29.87		$	32.05		$	31.58		$	30.61		$	29.96		$	29.87
Tangible book value per share of common stock (2)	23.23			21.13			23.23			22.78			21.83			21.21			21.13
Market capitalization	228,188			250,136			228,188			228,012			264,853			242,338			250,136
Number of financial centers - U.S.	3,887			3,984			3,887			3,892			3,913			3,932			3,984
Number of branded ATMs - U.S.	15,335			15,730			15,335			15,407			15,528			15,572			15,730
Headcount	215,546			209,824			215,546			217,059			216,823			213,270			209,824

(1) Pretax, pre-provision income (PTPI) is a non-GAAP financial measure calculated by adjusting pretax income to add back provision for credit losses. Management believes that PTPI is a useful financial measure because it enables an assessment of the Corporation's ability to generate earnings to cover credit losses through a credit cycle. (See Exhibit A: Non-GAAP Reconciliations - Reconciliations to GAAP Financial Measures on page 33.)

(2) Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income. Tangible book value per share provides additional useful information about the level of tangible assets in relation to outstanding shares of common stock. (See Exhibit A: Non-GAAP Reconciliations - Reconciliations to GAAP Financial Measures on page 33.)


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


Bank of America Corporation and Subsidiaries
Consolidated Statement of Income
(In millions, except per share information)
	Six Months Ended June 30				Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022
	2023		2022
Net interest income
Interest income	$	61,009	$	27,869	$	32,354	$	28,655	$	25,075	$	19,621	$	14,975
Interest expense	32,403		3,853		18,196		14,207		10,394		5,856		2,531
Net interest income	28,606		24,016		14,158		14,448		14,681		13,765		12,444

Noninterest income
Fees and commissions	15,855		17,476		7,961		7,894		7,735		8,001		8,491
Market making and similar activities	8,409		5,955		3,697		4,712		3,052		3,068		2,717
Other income (loss)	(1,415)		(1,531)		(619)		(796)		(936)		(332)		(964)
Total noninterest income	22,849		21,900		11,039		11,810		9,851		10,737		10,244
Total revenue, net of interest expense	51,455		45,916		25,197		26,258		24,532		24,502		22,688

Provision for credit losses	2,056		553		1,125		931		1,092		898		523

Noninterest expense
Compensation and benefits	19,319		18,399		9,401		9,918		9,161		8,887		8,917
Occupancy and equipment	3,575		3,508		1,776		1,799		1,786		1,777		1,748
Information processing and communications	3,341		3,075		1,644		1,697		1,658		1,546		1,535
Product delivery and transaction related	1,846		1,857		956		890		904		892		924

Professional fees	1,064		968		527		537		649		525		518
Marketing	971		860		513		458		460		505		463
Other general operating	2,160		1,925		1,221		939		925		1,171		1,168
Total noninterest expense	32,276		30,592		16,038		16,238		15,543		15,303		15,273
Income before income taxes	17,123		14,771		8,034		9,089		7,897		8,301		6,892
Income tax expense	1,554		1,457		626		928		765		1,219		645
Net income	$	15,569	$	13,314	$	7,408	$	8,161	$	7,132	$	7,082	$	6,247
Preferred stock dividends and other	811		782		306		505		228		503		315

Net income applicable to common shareholders	$	14,758	$	12,532	$	7,102	$	7,656	$	6,904	$	6,579	$	5,932

Per common share information
Earnings	$	1.83	$	1.54	$	0.88	$	0.95	$	0.85	$	0.81	$	0.73
Diluted earnings	1.82		1.53		0.88		0.94		0.85		0.81		0.73
Average common shares issued and outstanding	8,053.5		8,129.3		8,040.9		8,065.9		8,088.3		8,107.7		8,121.6
Average diluted common shares issued and outstanding	8,162.6		8,182.2		8,080.7		8,182.3		8,155.7		8,160.8		8,163.1


Consolidated Statement of Comprehensive Income
(Dollars in millions)
	Six Months Ended June 30				Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022
	2023		2022
Net income	$	15,569	$	13,314	$	7,408	$	8,161	$	7,132	$	7,082	$	6,247
Other comprehensive income (loss), net-of-tax:
Net change in debt securities	723		(5,269)		168		555		353		(1,112)		(1,822)
Net change in debit valuation adjustments	(394)		836		(404)		10		(543)		462		575
Net change in derivatives	49		(7,187)		(1,993)		2,042		835		(3,703)		(2,008)
Employee benefit plan adjustments	19		60		9		10		(764)		37		36
Net change in foreign currency translation adjustments	17		(10)		5		12		(10)		(37)		(38)
Other comprehensive income (loss)	414		(11,570)		(2,215)		2,629		(129)		(4,353)		(3,257)
Comprehensive income (loss)	$	15,983	$	1,744	$	5,193	$	10,790	$	7,003	$	2,729	$	2,990


Current-period information is preliminary and based on company data available at the time of the presentation.			3


Bank of America Corporation and Subsidiaries
Net Interest Income and Noninterest Income
(Dollars in millions)
	Six Months Ended June 30				Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022
	2023		2022
Net interest income
Interest income
Loans and leases	$	27,067	$	15,574	$	13,970	$	13,097	$	12,114	$	10,231	$	8,222
Debt securities	10,151		7,872		4,691		5,460		5,016		4,239		4,049
Federal funds sold and securities borrowed or purchased under agreements to resell	8,667		389		4,955		3,712		2,725		1,446		396
Trading account assets	4,104		2,304		2,076		2,028		1,768		1,449		1,223
Other interest income	11,020		1,730		6,662		4,358		3,452		2,256		1,085
Total interest income	61,009		27,869		32,354		28,655		25,075		19,621		14,975

Interest expense
Deposits	10,099		484		5,785		4,314		2,999		1,235		320
Short-term borrowings	14,535		441		8,355		6,180		4,273		2,264		553
Trading account liabilities	976		734		472		504		421		383		370
Long-term debt	6,793		2,194		3,584		3,209		2,701		1,974		1,288
Total interest expense	32,403		3,853		18,196		14,207		10,394		5,856		2,531
Net interest income	$	28,606	$	24,016	$	14,158	$	14,448	$	14,681	$	13,765	$	12,444

Noninterest income
Fees and commissions
Card income
Interchange fees (1)	$	1,979	$	2,007	$	1,023	$	956	$	1,029	$	1,060	$	1,072
Other card income	1,036		951		523		513		523		513		483
Total card income	3,015		2,958		1,546		1,469		1,552		1,573		1,555
Service charges
Deposit-related fees	2,142		2,947		1,045		1,097		1,081		1,162		1,417
Lending-related fees	632		603		319		313		308		304		300
Total service charges	2,774		3,550		1,364		1,410		1,389		1,466		1,717
Investment and brokerage services
Asset management fees	5,887		6,388		2,969		2,918		2,844		2,920		3,102
Brokerage fees	1,804		1,995		870		934		879		875		989
Total investment and brokerage services	7,691		8,383		3,839		3,852		3,723		3,795		4,091
Investment banking fees
Underwriting income	1,226		1,107		657		569		411		452		435
Syndication fees	411		613		180		231		174		283		301
Financial advisory services	738		865		375		363		486		432		392
Total investment banking fees	2,375		2,585		1,212		1,163		1,071		1,167		1,128
Total fees and commissions	15,855		17,476		7,961		7,894		7,735		8,001		8,491
Market making and similar activities	8,409		5,955		3,697		4,712		3,052		3,068		2,717
Other income (loss)	(1,415)		(1,531)		(619)		(796)		(936)		(332)		(964)
Total noninterest income	$	22,849	$	21,900	$	11,039	$	11,810	$	9,851	$	10,737	$	10,244

(1)Gross interchange fees and merchant income were $6.6 billion and $6.2 billion and are presented net of $4.6 billion and $4.2 billion of expenses for rewards and partner payments as well as certain other card costs for the six months ended June 30, 2023 and 2022. Gross interchange fees and merchant income were $3.4 billion, $3.2 billion, $3.3 billion, $3.3 billion and $3.3 billion and are presented net of $2.4 billion, $2.2 billion, $2.3 billion, $2.2 billion and $2.2 billion of expenses for rewards and partner payments as well as certain other card costs for the second and first quarters of 2023 and the fourth, third and second quarters of 2022, respectively.


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


Bank of America Corporation and Subsidiaries
Consolidated Balance Sheet
(Dollars in millions)
		June 30 2023		March 31 2023		June 30 2022
Assets
Cash and due from banks		$	29,651	$	29,327	$	29,497
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks		343,902		346,891		168,505
Cash and cash equivalents		373,553		376,218		198,002
Time deposits placed and other short-term investments		7,941		11,637		6,841
Federal funds sold and securities borrowed or purchased under agreements to resell		276,281		298,078		272,430
Trading account assets		311,400		314,978		294,027
Derivative assets		46,475		40,947		62,047
Debt securities:
Carried at fair value		142,040		172,510		274,665
Held-to-maturity, at cost		614,118		624,495		658,245
Total debt securities		756,158		797,005		932,910
Loans and leases		1,051,224		1,046,406		1,030,766
Allowance for loan and lease losses		(12,950)		(12,514)		(11,973)
Loans and leases, net of allowance		1,038,274		1,033,892		1,018,793
Premises and equipment, net		11,688		11,708		11,016
Goodwill		69,021		69,022		69,022
Loans held-for-sale		6,788		6,809		6,654
Customer and other receivables		73,435		79,902		79,893
Other assets		151,619		154,461		159,971
Total assets		$	3,122,633	$	3,194,657	$	3,111,606

Liabilities
Deposits in U.S. offices:
Noninterest-bearing		$	571,621	$	617,922	$	741,676
Interest-bearing		1,197,396		1,183,106		1,134,876
Deposits in non-U.S. offices:
Noninterest-bearing		16,662		17,686		26,770
Interest-bearing		91,530		91,688		81,027
Total deposits		1,877,209		1,910,402		1,984,349
Federal funds purchased and securities loaned or sold under agreements to repurchase		288,627		314,380		204,307
Trading account liabilities		97,818		92,452		97,302
Derivative liabilities		43,703		40,169		38,425
Short-term borrowings		41,017		56,564		27,886
Accrued expenses and other liabilities		204,867		216,621		214,522
Long-term debt		286,073		283,873		275,697
Total liabilities		2,839,314		2,914,461		2,842,488
Shareholders’ equity
Preferred stock, $0.01 par value; authorized –100,000,000 shares; issued and outstanding – 4,088,099, 4,088,099 and 4,117,686 shares		28,397		28,397		29,134
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 7,953,563,116, 7,972,438,148 and 8,035,221,887 shares		57,267		57,264		59,499
Retained earnings		218,397		213,062		197,159
Accumulated other comprehensive income (loss)		(20,742)		(18,527)		(16,674)
Total shareholders’ equity		283,319		280,196		269,118
Total liabilities and shareholders’ equity		$	3,122,633	$	3,194,657	$	3,111,606

	Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
	Trading account assets	$	4,610	$	4,276	$	2,294
	Loans and leases	15,884		15,754		16,170
	Allowance for loan and lease losses	(796)		(797)		(832)
	Loans and leases, net of allowance	15,088		14,957		15,338

	All other assets	126		129		177
	Total assets of consolidated variable interest entities	$	19,824	$	19,362	$	17,809

	Liabilities of consolidated variable interest entities included in total liabilities above
	Short-term borrowings	$	1,877	$	1,339	$	165
	Long-term debt	5,701		4,883		4,509
	All other liabilities	10		7		12
	Total liabilities of consolidated variable interest entities	$	7,588	$	6,229	$	4,686


Current-period information is preliminary and based on company data available at the time of the presentation.			5


Bank of America Corporation and Subsidiaries
Capital Management
(Dollars in millions)
	June 30 2023			March 31 2023			June 30 2022
Risk-based capital metrics (1):
Standardized Approach
Common equity tier 1 capital	$	190,113		$	184,432		$	171,754
Tier 1 capital	218,505			212,825			200,872
Total capital	248,013			242,743			232,297
Risk-weighted assets	1,638,481			1,621,900			1,637,712
Common equity tier 1 capital ratio	11.6		%	11.4		%	10.5		%
Tier 1 capital ratio	13.3			13.1			12.3
Total capital ratio	15.1			15.0			14.2

Advanced Approaches
Common equity tier 1 capital	$	190,113		$	184,432		$	171,754
Tier 1 capital	218,505			212,825			200,872
Total capital	239,215			233,877			225,555
Risk-weighted assets	1,435,692			1,427,494			1,406,950
Common equity tier 1 capital ratio	13.2		%	12.9		%	12.2		%
Tier 1 capital ratio	15.2			14.9			14.3
Total capital ratio	16.7			16.4			16.0

Leverage-based metrics (1):
Adjusted average assets	$	3,097,702		$	3,018,318		$	3,080,248
Tier 1 leverage ratio	7.1		%	7.1		%	6.5		%

Supplementary leverage exposure	$	3,642,215		$	3,554,884		$	3,620,789
Supplementary leverage ratio	6.0		%	6.0		%	5.5		%

Total ending equity to total ending assets ratio	9.1			8.8			8.6
Common equity ratio	8.2			7.9			7.7
Tangible equity ratio (2)	7.0			6.7			6.5
Tangible common equity ratio (2)	6.1			5.8			5.6

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

(2)Tangible equity ratio equals period-end tangible shareholders’ equity divided by period-end tangible assets. Tangible common equity ratio equals period-end tangible common shareholders’ equity divided by period-end tangible assets. Tangible shareholders’ equity and tangible assets are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income. (See Exhibit A: Non-GAAP Reconciliations - Reconciliation to GAAP Financial Measures on page 33.)


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


Bank of America Corporation and Subsidiaries
Capital Composition under Basel 3
(Dollars in millions)
	June 30 2023		March 31 2023		June 30 2022
Total common shareholders' equity	$	254,922	$	251,799	$	239,984
CECL transitional amount (1)	1,254		1,254		1,881
Goodwill, net of related deferred tax liabilities	(68,644)		(68,644)		(68,641)
Deferred tax assets arising from net operating loss and tax credit carryforwards	(7,757)		(7,835)		(7,746)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities	(1,523)		(1,538)		(1,575)
Defined benefit pension plan net assets, net-of-tax	(898)		(882)		(1,236)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net-of-tax	956		484		303
Accumulated net (gain) loss on certain cash flow hedges (2)	11,886		9,886		9,058
Other	(83)		(92)		(274)
Common equity tier 1 capital	190,113		184,432		171,754
Qualifying preferred stock, net of issuance cost	28,396		28,396		29,134
Other	(4)		(3)		(16)
Tier 1 capital	218,505		212,825		200,872
Tier 2 capital instruments	17,045		17,845		20,734
Qualifying allowance for credit losses (3)	12,684		12,449		10,975
Other	(221)		(376)		(284)
Total capital under the Standardized approach	248,013		242,743		232,297
Adjustment in qualifying allowance for credit losses under the Advanced approaches (3)	(8,798)		(8,866)		(6,742)
Total capital under the Advanced approaches	$	239,215	$	233,877	$	225,555

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

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

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


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


Bank of America Corporation and Subsidiaries
Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis
(Dollars in millions)
	Second Quarter 2023						First Quarter 2023						Second Quarter 2022
	Average Balance		Interest Income/ Expense (1)		Yield/ Rate		Average Balance		Interest Income/ Expense (1)		Yield/ Rate		Average Balance		Interest Income/ Expense (1)		Yield/ Rate
Earning assets
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks	$	359,042	$	4,303	4.81	%	$	202,700	$	1,999	4.00	%	$	178,313	$	282	0.63	%
Time deposits placed and other short-term investments	11,271		129		4.56		10,581		108		4.16		7,658		12		0.62
Federal funds sold and securities borrowed or purchased under agreements to resell	294,535		4,955		6.75		287,532		3,712		5.24		304,684		396		0.52
Trading account assets	187,420		2,091		4.47		183,657		2,040		4.50		147,442		1,241		3.37
Debt securities	771,355		4,717		2.44		851,177		5,485		2.58		945,927		4,067		1.72
Loans and leases (2)
Residential mortgage	228,758		1,704		2.98		229,275		1,684		2.94		228,529		1,571		2.75
Home equity	25,957		353		5.45		26,513		317		4.84		27,415		235		3.44
Credit card	94,431		2,505		10.64		91,775		2,426		10.72		81,024		1,954		9.68

Direct/Indirect and other consumer	104,915		1,274		4.87		105,657		1,186		4.55		108,639		696		2.57

Total consumer	454,061		5,836		5.15		453,220		5,613		5.00		445,607		4,456		4.01
U.S. commercial	379,027		4,786		5.06		376,852		4,471		4.81		363,978		2,525		2.78
Non-U.S. commercial	125,827		1,949		6.21		127,003		1,778		5.68		128,237		696		2.18
Commercial real estate	74,065		1,303		7.06		70,591		1,144		6.57		63,072		476		3.02
Commercial lease financing	13,628		149		4.38		13,686		147		4.33		13,992		104		2.95
Total commercial	592,547		8,187		5.54		588,132		7,540		5.20		569,279		3,801		2.68
Total loans and leases	1,046,608		14,023		5.37		1,041,352		13,153		5.11		1,014,886		8,257		3.26
Other earning assets	102,712		2,271		8.88		94,427		2,292		9.82		108,180		823		3.06
Total earning assets	2,772,943		32,489		4.70		2,671,426		28,789		4.36		2,707,090		15,078		2.23
Cash and due from banks	26,098						27,784						29,025
Other assets, less allowance for loan and lease losses	376,317						396,848						421,740
Total assets	$	3,175,358					$	3,096,058					$	3,157,855
Interest-bearing liabilities
U.S. interest-bearing deposits

Demand and money market deposits	$	951,403	$	3,565	1.50	%	$	975,085	$	2,790	1.16	%	$	985,983	$	189	0.08	%

Time and savings deposits	230,008		1,452		2.53		196,984		919		1.89		156,824		42		0.11
Total U.S. interest-bearing deposits	1,181,411		5,017		1.70		1,172,069		3,709		1.28		1,142,807		231		0.08




Non-U.S. interest-bearing deposits	96,802		768		3.18		91,603		605		2.68		79,471		89		0.45
Total interest-bearing deposits	1,278,213		5,785		1.82		1,263,672		4,314		1.38		1,222,278		320		0.11
Federal funds purchased and securities loaned or sold under agreements to repurchase	322,728		5,807		7.22		256,015		3,551		5.63		214,777		454		0.85
Short-term borrowings and other interest-bearing liabilities	163,739		2,548		6.24		156,887		2,629		6.79		134,790		99		0.30
Trading account liabilities	44,944		472		4.22		43,953		504		4.65		54,005		370		2.74
Long-term debt	248,480		3,584		5.78		244,759		3,209		5.28		245,781		1,288		2.10
Total interest-bearing liabilities	2,058,104		18,196		3.55		1,965,286		14,207		2.93		1,871,631		2,531		0.54
Noninterest-bearing sources
Noninterest-bearing deposits	597,140						629,977						789,801
Other liabilities (3)	237,689						223,543						228,226
Shareholders’ equity	282,425						277,252						268,197
Total liabilities and shareholders’ equity	$	3,175,358					$	3,096,058					$	3,157,855
Net interest spread					1.15	%					1.43	%					1.69	%
Impact of noninterest-bearing sources					0.91						0.77						0.17
Net interest income/yield on earning assets (4)			$	14,293	2.06	%			$	14,582	2.20	%			$	12,547	1.86	%

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

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

(3)Includes $39.9 billion, $37.3 billion and $29.7 billion of structured notes and liabilities for the second and first quarters of 2023 and the second quarter of 2022, respectively.

(4)Net interest income includes FTE adjustments of $135 million, $134 million and $103 million for the second and first quarters of 2023 and the second quarter of 2022, respectively.


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


Bank of America Corporation and Subsidiaries
Debt Securities
(Dollars in millions)
	June 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	23,621	$	1	$	(1,469)	$	22,153
Agency-collateralized mortgage obligations	2,033		—		(230)		1,803
Commercial	6,966		26		(511)		6,481
Non-agency residential	455		3		(59)		399
Total mortgage-backed securities	33,075		30		(2,269)		30,836
U.S. Treasury and government agencies	72,422		1		(1,065)		71,358
Non-U.S. securities	15,445		33		(70)		15,408
Other taxable securities	3,858		1		(86)		3,773

Tax-exempt securities	10,884		14		(268)		10,630
Total available-for-sale debt securities	135,684		79		(3,758)		132,005
Other debt securities carried at fair value (1)	10,008		122		(95)		10,035
Total debt securities carried at fair value	145,692		201		(3,853)		142,040
Held-to-maturity debt securities
Agency mortgage-backed securities	484,753		—		(85,005)		399,748
U.S. Treasury and government agencies	121,621		—		(19,788)		101,833
Other taxable securities	7,775		—		(1,005)		6,770
Total held-to-maturity debt securities	614,149		—		(105,798)		508,351
Total debt securities	$	759,841	$	201	$	(109,651)	$	650,391


	March 31, 2023
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	24,726	$	5	$	(1,479)	$	23,252
Agency-collateralized mortgage obligations	2,235		—		(200)		2,035
Commercial	6,890		31		(481)		6,440
Non-agency residential	459		3		(55)		407
Total mortgage-backed securities	34,310		39		(2,215)		32,134
U.S. Treasury and government agencies	102,943		2		(1,438)		101,507
Non-U.S. securities	13,161		5		(46)		13,120
Other taxable securities	4,830		1		(85)		4,746

Tax-exempt securities	11,105		25		(227)		10,903
Total available-for-sale debt securities	166,349		72		(4,011)		162,410
Other debt securities carried at fair value (1)	10,081		63		(44)		10,100
Total debt securities carried at fair value	176,430		135		(4,055)		172,510
Held-to-maturity debt securities
Agency mortgage-backed securities	494,998		—		(80,664)		414,334
U.S. Treasury and government agencies	121,609		—		(17,511)		104,098
Other taxable securities	7,921		—		(901)		7,020
Total held-to-maturity debt securities	624,528		—		(99,076)		525,452
Total debt securities	$	800,958	$	135	$	(103,131)	$	697,962

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


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


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

	Six Months Ended June 30						Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022
	2023			2022






FTE basis data (1)
Net interest income	$	28,875		$	24,225		$	14,293		$	14,582		$	14,804		$	13,871		$	12,547
Total revenue, net of interest expense	51,724			46,125			25,332			26,392			24,655			24,608			22,791
Net interest yield	2.13		%	1.77		%	2.06		%	2.20		%	2.22		%	2.06		%	1.86		%
Efficiency ratio	62.40			66.32			63.31			61.53			63.05			62.18			67.01

(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 $269 million and $209 million for the six months ended June 30, 2023 and 2022, $135 million and $134 million for the second and first quarters of 2023, and $123 million, $106 million and $103 million for the fourth, third and second quarters of 2022, respectively.


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


Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other
(Dollars in millions)
	Second Quarter 2023
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	14,293	$	8,437	$	1,805	$	3,690	$	297	$	64
Noninterest income
Fees and commissions:
Card income	1,546		1,341		12		200		19		(26)
Service charges	1,364		525		18		735		85		1
Investment and brokerage services	3,839		76		3,251		14		499		(1)
Investment banking fees	1,212		—		40		718		503		(49)
Total fees and commissions	7,961		1,942		3,321		1,667		1,106		(75)
Market making and similar activities	3,697		5		32		69		3,409		182
Other income (loss)	(619)		140		84		1,036		59		(1,938)
Total noninterest income (loss)	11,039		2,087		3,437		2,772		4,574		(1,831)
Total revenue, net of interest expense	25,332		10,524		5,242		6,462		4,871		(1,767)
Provision for credit losses	1,125		1,267		13		9		(4)		(160)
Noninterest expense	16,038		5,453		3,925		2,819		3,349		492
Income (loss) before income taxes	8,169		3,804		1,304		3,634		1,526		(2,099)
Income tax expense (benefit)	761		951		326		981		420		(1,917)
Net income (loss)	$	7,408	$	2,853	$	978	$	2,653	$	1,106	$	(182)

Average
Total loans and leases	$	1,046,608	$	306,662	$	218,604	$	383,058	$	128,539	$	9,745
Total assets (1)	3,175,358		1,085,469		340,105		595,585		877,471		276,728
Total deposits	1,875,353		1,006,337		295,380		497,533		33,222		42,881
Quarter end
Total loans and leases	$	1,051,224	$	309,735	$	219,208	$	381,609	$	131,128	$	9,544
Total assets (1)	3,122,633		1,084,512		338,184		586,397		851,206		262,334
Total deposits	1,877,209		1,004,482		292,526		492,734		33,049		54,418

	First Quarter 2023
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	14,582	$	8,593	$	1,876	$	3,907	$	109	$	97
Noninterest income
Fees and commissions:
Card income	1,469		1,274		12		190		16		(23)
Service charges	1,410		599		19		714		78		—
Investment and brokerage services	3,852		74		3,238		9		533		(2)
Investment banking fees	1,163		—		39		668		469		(13)
Total fees and commissions	7,894		1,947		3,308		1,581		1,096		(38)
Market making and similar activities	4,712		5		34		45		4,398		230
Other income (loss)	(796)		161		97		670		23		(1,747)
Total noninterest income (loss)	11,810		2,113		3,439		2,296		5,517		(1,555)
Total revenue, net of interest expense	26,392		10,706		5,315		6,203		5,626		(1,458)
Provision for credit losses	931		1,089		25		(237)		(53)		107
Noninterest expense	16,238		5,473		4,067		2,940		3,351		407
Income (loss) before income taxes	9,223		4,144		1,223		3,500		2,328		(1,972)
Income tax expense (benefit)	1,062		1,036		306		945		640		(1,865)
Net income (loss)	$	8,161	$	3,108	$	917	$	2,555	$	1,688	$	(107)

Average
Total loans and leases	$	1,041,352	$	303,772	$	221,448	$	381,009	$	125,046	$	10,077
Total assets (1)	3,096,058		1,105,245		359,164		588,886		870,038		172,725
Total deposits	1,893,649		1,026,242		314,019		492,577		36,109		24,702
Quarter end
Total loans and leases	$	1,046,406	$	304,480	$	217,804	$	383,491	$	130,804	$	9,827
Total assets (1)	3,194,657		1,124,438		349,888		591,231		861,477		267,623
Total deposits	1,910,402		1,044,768		301,471		495,949		33,624		34,590

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


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


Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other (continued)
(Dollars in millions)
	Second Quarter 2022
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	12,547	$	7,087	$	1,802	$	2,634	$	981	$	43
Noninterest income
Fees and commissions:
Card income	1,555		1,320		17		196		17		5
Service charges	1,717		679		19		933		83		3
Investment and brokerage services	4,091		76		3,486		13		518		(2)
Investment banking fees	1,128		—		41		692		461		(66)
Total fees and commissions	8,491		2,075		3,563		1,834		1,079		(60)
Market making and similar activities	2,717		2		23		80		2,657		(45)
Other income (loss)	(964)		(28)		45		458		(215)		(1,224)
Total noninterest income (loss)	10,244		2,049		3,631		2,372		3,521		(1,329)
Total revenue, net of interest expense	22,791		9,136		5,433		5,006		4,502		(1,286)
Provision for credit losses	523		350		33		157		8		(25)
Noninterest expense	15,273		4,959		3,875		2,799		3,109		531
Income (loss) before income taxes	6,995		3,827		1,525		2,050		1,385		(1,792)
Income tax expense (benefit)	748		938		374		543		367		(1,474)
Net income (loss)	$	6,247	$	2,889	$	1,151	$	1,507	$	1,018	$	(318)

Average
Total loans and leases	$	1,014,886	$	289,595	$	219,277	$	377,248	$	114,375	$	14,391
Total assets (1)	3,157,855		1,154,773		409,472		601,945		866,742		124,923
Total deposits	2,012,079		1,078,020		363,943		509,261		41,192		19,663
Quarter end
Total loans and leases	$	1,030,766	$	294,570	$	221,705	$	385,376	$	118,290	$	10,825
Total assets (1)	3,111,606		1,154,366		393,948		591,490		835,129		136,673
Total deposits	1,984,349		1,077,215		347,991		499,714		40,055		19,374

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


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


Bank of America Corporation and Subsidiaries
Year-to-Date Results by Business Segment and All Other
(Dollars in millions)
	Six Months Ended June 30, 2023
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	28,875	$	17,030	$	3,681	$	7,597	$	406	$	161
Noninterest income
Fees and commissions:
Card income	3,015		2,615		24		390		35		(49)
Service charges	2,774		1,124		37		1,449		163		1
Investment and brokerage services	7,691		150		6,489		23		1,032		(3)
Investment banking fees	2,375		—		79		1,386		972		(62)
Total fees and commissions	15,855		3,889		6,629		3,248		2,202		(113)
Market making and similar activities	8,409		10		66		114		7,807		412
Other income (loss)	(1,415)		301		181		1,706		82		(3,685)
Total noninterest income (loss)	22,849		4,200		6,876		5,068		10,091		(3,386)
Total revenue, net of interest expense	51,724		21,230		10,557		12,665		10,497		(3,225)
Provision for credit losses	2,056		2,356		38		(228)		(57)		(53)
Noninterest expense	32,276		10,926		7,992		5,759		6,700		899
Income (loss) before income taxes	17,392		7,948		2,527		7,134		3,854		(4,071)
Income tax expense (benefit)	1,823		1,987		632		1,926		1,060		(3,782)
Net income (loss)	$	15,569	$	5,961	$	1,895	$	5,208	$	2,794	$	(289)

Average
Total loans and leases	$	1,043,994	$	305,225	$	220,018	$	382,039	$	126,802	$	9,910
Total assets (1)	3,135,879		1,095,302		349,582		592,254		873,727		225,014
Total deposits	1,884,451		1,016,234		304,648		495,069		34,658		33,842
Period end
Total loans and leases	$	1,051,224	$	309,735	$	219,208	$	381,609	$	131,128	$	9,544
Total assets (1)	3,122,633		1,084,512		338,184		586,397		851,206		262,334
Total deposits	1,877,209		1,004,482		292,526		492,734		33,049		54,418

	Six Months Ended June 30, 2022
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	24,225	$	13,767	$	3,470	$	4,978	$	1,974	$	36
Noninterest income
Fees and commissions:
Card income	2,958		2,505		35		372		31		15
Service charges	3,550		1,523		38		1,819		165		5
Investment and brokerage services	8,383		159		7,140		25		1,063		(4)
Investment banking fees	2,585		—		107		1,572		1,043		(137)
Total fees and commissions	17,476		4,187		7,320		3,788		2,302		(121)
Market making and similar activities	5,955		2		36		129		5,847		(59)
Other income (loss)	(1,531)		(7)		83		1,305		(329)		(2,583)
Total noninterest income (loss)	21,900		4,182		7,439		5,222		7,820		(2,763)
Total revenue, net of interest expense	46,125		17,949		10,909		10,200		9,794		(2,727)
Provision for credit losses	553		298		(8)		322		13		(72)
Noninterest expense	30,592		9,880		7,890		5,482		6,226		1,114
Income (loss) before income taxes	14,980		7,771		3,027		4,396		3,555		(3,769)
Income tax expense (benefit)	1,666		1,904		742		1,165		942		(3,087)
Net income (loss)	$	13,314	$	5,867	$	2,285	$	3,231	$	2,613	$	(682)

Average
Total loans and leases	$	996,442	$	286,846	$	215,130	$	368,078	$	111,492	$	14,896
Total assets (1)	3,182,640		1,143,947		420,196		616,156		862,753		139,588
Total deposits	2,028,852		1,067,120		374,365		524,502		42,784		20,081
Period end
Total loans and leases	$	1,030,766	$	294,570	$	221,705	$	385,376	$	118,290	$	10,825
Total assets (1)	3,111,606		1,154,366		393,948		591,490		835,129		136,673
Total deposits	1,984,349		1,077,215		347,991		499,714		40,055		19,374

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


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


Bank of America Corporation and Subsidiaries
Consumer Banking Segment Results
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022
	2023			2022
Net interest income	$	17,030		$	13,767		$	8,437		$	8,593		$	8,494		$	7,784		$	7,087
Noninterest income:
Card income	2,615			2,505			1,341			1,274			1,333			1,331			1,320
Service charges	1,124			1,523			525			599			586			597			679

All other income	461			154			221			240			369			192			50
Total noninterest income	4,200			4,182			2,087			2,113			2,288			2,120			2,049
Total revenue, net of interest expense	21,230			17,949			10,524			10,706			10,782			9,904			9,136

Provision for credit losses	2,356			298			1,267			1,089			944			738			350

Noninterest expense	10,926			9,880			5,453			5,473			5,100			5,097			4,959
Income before income taxes	7,948			7,771			3,804			4,144			4,738			4,069			3,827
Income tax expense	1,987			1,904			951			1,036			1,161			997			938
Net income	$	5,961		$	5,867		$	2,853		$	3,108		$	3,577		$	3,072		$	2,889

Net interest yield	3.25		%	2.52		%	3.24		%	3.27		%	3.11		%	2.79		%	2.55		%
Return on average allocated capital (1)	29			30			27			30			35			30			29
Efficiency ratio	51.46			55.04			51.81			51.12			47.29			51.47			54.28

Balance Sheet
Average
Total loans and leases	$	305,225		$	286,846		$	306,662		$	303,772		$	300,360		$	295,231		$	289,595
Total earning assets (2)	1,055,419			1,103,707			1,045,743			1,065,202			1,083,850			1,106,513			1,114,552
Total assets (2)	1,095,302			1,143,947			1,085,469			1,105,245			1,123,813			1,145,846			1,154,773
Total deposits	1,016,234			1,067,120			1,006,337			1,026,242			1,047,058			1,069,093			1,078,020
Allocated capital (1)	42,000			40,000			42,000			42,000			40,000			40,000			40,000

Period end
Total loans and leases	$	309,735		$	294,570		$	309,735		$	304,480		$	304,761		$	297,825		$	294,570
Total earning assets (2)	1,043,228			1,114,524			1,043,228			1,081,780			1,085,079			1,110,524			1,114,524
Total assets (2)	1,084,512			1,154,366			1,084,512			1,124,438			1,126,453			1,149,918			1,154,366
Total deposits	1,004,482			1,077,215			1,004,482			1,044,768			1,048,799			1,072,580			1,077,215

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

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


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


Bank of America Corporation and Subsidiaries
Consumer Banking Key Indicators
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022
	2023			2022
Average deposit balances
Checking	$	578,337		$	599,915		$	575,792		$	580,910		$	588,668		$	599,099		$	606,331
Savings	67,228			72,856			66,142			68,327			69,790			71,933			73,295
MMS	328,822			358,846			317,942			339,823			356,015			365,271			362,798
CDs and IRAs	37,797			30,238			42,445			33,098			28,619			28,731			29,796
Other	4,050			5,265			4,016			4,084			3,966			4,059			5,800
Total average deposit balances	$	1,016,234		$	1,067,120		$	1,006,337		$	1,026,242		$	1,047,058		$	1,069,093		$	1,078,020

Deposit spreads (excludes noninterest costs)
Checking	2.26		%	1.92		%	2.30		%	2.22		%	2.09		%	1.98		%	1.93		%
Savings	2.59			2.19			2.65			2.53			2.33			2.19			2.19
MMS	3.13			1.26			3.28			2.99			2.25			1.64			1.29
CDs and IRAs	3.10			0.72			2.96			3.27			2.91			1.85			0.98
Other	4.58			0.76			4.80			4.37			3.35			2.04			1.04
Total deposit spreads	2.60			1.68			2.67			2.54			2.19			1.88			1.70

Consumer investment assets	$	386,761		$	315,243		$	386,761		$	354,892		$	319,648		$	302,413		$	315,243

Active digital banking users (in thousands) (1)	45,713			42,690			45,713			44,962			44,054			43,496			42,690
Active mobile banking users (in thousands) (2)	37,329			34,167			37,329			36,322			35,452			34,922			34,167
Financial centers	3,887			3,984			3,887			3,892			3,913			3,932			3,984
ATMs	15,335			15,730			15,335			15,407			15,528			15,572			15,730

Total credit card (3)
Loans
Average credit card outstandings	$	93,110		$	79,724		$	94,431		$	91,775		$	89,575		$	85,009		$	81,024
Ending credit card outstandings	97,009			84,010			97,009			92,469			93,421			87,296			84,010
Credit quality
Net charge-offs	$	1,111		$	620		$	610		$	501		$	386		$	328		$	323
	2.41		%	1.57		%	2.60		%	2.21		%	1.71		%	1.53		%	1.60		%
30+ delinquency	$	1,810		$	1,008		$	1,810		$	1,674		$	1,505		$	1,202		$	1,008
	1.87		%	1.20		%	1.87		%	1.81		%	1.61		%	1.38		%	1.20		%
90+ delinquency	$	897		$	493		$	897		$	828		$	717		$	547		$	493
	0.92		%	0.59		%	0.92		%	0.90		%	0.77		%	0.63		%	0.59		%
Other total credit card indicators (3)
Gross interest yield	11.75		%	9.83		%	11.66		%	11.85		%	11.18		%	10.71		%	9.76		%
Risk-adjusted margin	8.25			10.17			7.83			8.69			9.87			10.07			9.95
New accounts (in thousands)	2,324			2,045			1,137			1,187			1,096			1,256			1,068
Purchase volumes	$	178,647		$	172,724		$	93,103		$	85,544		$	92,800		$	91,064		$	91,810

Debit card data
Purchase volumes	$	257,338		$	246,291		$	132,962		$	124,376		$	130,157		$	127,135		$	128,707

Loan production (4)
Consumer Banking:
First mortgage	$	4,845		$	14,667		$	2,889		$	1,956		$	2,286		$	4,028		$	6,551
Home equity	4,354			3,876			2,171			2,183			2,113			1,999			2,151
Total (5):
First mortgage	$	9,877		$	30,824		$	5,940		$	3,937		$	5,217		$	8,724		$	14,471
Home equity	5,138			4,575			2,542			2,596			2,596			2,420			2,535

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

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

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

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

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


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


Bank of America Corporation and Subsidiaries
Consumer Banking Quarterly Results
(Dollars in millions)
	Second Quarter 2023									First Quarter 2023
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	8,437		$	5,733		$	2,704		$	8,593		$	5,816		$	2,777
Noninterest income:
Card income	1,341			(10)			1,351			1,274			(10)			1,284
Service charges	525			524			1			599			598			1
All other income	221			177			44			240			197			43
Total noninterest income	2,087			691			1,396			2,113			785			1,328
Total revenue, net of interest expense	10,524			6,424			4,100			10,706			6,601			4,105

Provision for credit losses	1,267			103			1,164			1,089			183			906

Noninterest expense	5,453			3,428			2,025			5,473			3,415			2,058
Income before income taxes	3,804			2,893			911			4,144			3,003			1,141
Income tax expense	951			723			228			1,036			751			285
Net income	$	2,853		$	2,170		$	683		$	3,108		$	2,252		$	856

Net interest yield	3.24		%	2.29		%	3.58		%	3.27		%	2.31		%	3.76		%
Return on average allocated capital (1)	27			64			10			30			67			12
Efficiency ratio	51.81			53.33			49.43			51.12			51.76			50.10

Balance Sheet
Average
Total loans and leases	$	306,662		$	4,078		$	302,584		$	303,772		$	4,119		$	299,653
Total earning assets (2)	1,045,743			1,002,528			302,944			1,065,202			1,022,445			299,794
Total assets (2)	1,085,469			1,035,969			309,228			1,105,245			1,056,007			306,275
Total deposits	1,006,337			1,001,307			5,030			1,026,242			1,021,374			4,868
Allocated capital (1)	42,000			13,700			28,300			42,000			13,700			28,300

Period end
Total loans and leases	$	309,735		$	4,122		$	305,613		$	304,480		$	4,065		$	300,415
Total earning assets (2)	1,043,228			999,281			306,121			1,081,780			1,038,545			300,595
Total assets (2)	1,084,512			1,034,405			312,281			1,124,438			1,074,571			307,227
Total deposits	1,004,482			999,262			5,220			1,044,768			1,039,744			5,024

										Second Quarter 2022
										Total Consumer Banking			Deposits			Consumer Lending
Net interest income										$	7,087		$	4,477		$	2,610
Noninterest income:
Card income										1,320			(9)			1,329
Service charges										679			678			1
All other income										50			55			(5)
Total noninterest income										2,049			724			1,325
Total revenue, net of interest expense										9,136			5,201			3,935

Provision for credit losses										350			142			208

Noninterest expense										4,959			3,055			1,904
Income before income taxes										3,827			2,004			1,823
Income tax expense										938			491			447
Net income										$	2,889		$	1,513		$	1,376

Net interest yield										2.55		%	1.67		%	3.64		%
Return on average allocated capital (1)										29			47			20
Efficiency ratio										54.28			58.74			48.38

Balance Sheet
Average
Total loans and leases										$	289,595		$	4,147		$	285,448
Total earning assets (2)										1,114,552			1,072,773			287,512
Total assets (2)										1,154,773			1,106,098			294,407
Total deposits										1,078,020			1,072,166			5,854
Allocated capital (1)										40,000			13,000			27,000

Period end
Total loans and leases										$	294,570		$	4,123		$	290,447
Total earning assets (2)										1,114,524			1,072,291			292,657
Total assets (2)										1,154,366			1,104,991			299,799
Total deposits										1,077,215			1,071,089			6,126

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


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


Bank of America Corporation and Subsidiaries
Consumer Banking Year-to-Date Results
(Dollars in millions)
	Six Months Ended June 30
	2023									2022
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	17,030		$	11,549		$	5,481		$	13,767		$	8,529		$	5,238
Noninterest income:
Card income	2,615			(20)			2,635			2,505			(17)			2,522
Service charges	1,124			1,122			2			1,523			1,521			2
All other income	461			374			87			154			123			31
Total noninterest income	4,200			1,476			2,724			4,182			1,627			2,555
Total revenue, net of interest expense	21,230			13,025			8,205			17,949			10,156			7,793

Provision for credit losses	2,356			286			2,070			298			215			83

Noninterest expense	10,926			6,843			4,083			9,880			6,063			3,817
Income before income taxes	7,948			5,896			2,052			7,771			3,878			3,893
Income tax expense	1,987			1,474			513			1,904			950			954
Net income	$	5,961		$	4,422		$	1,539		$	5,867		$	2,928		$	2,939

Net interest yield	3.25		%	2.30		%	3.67		%	2.52		%	1.62		%	3.71		%
Return on average allocated capital (1)	29			65			11			30			45			22
Efficiency ratio	51.46			52.53			49.77			55.04			59.70			48.97

Balance Sheet
Average
Total loans and leases	$	305,225		$	4,099		$	301,126		$	286,846		$	4,180		$	282,666
Total earning assets (2)	1,055,419			1,012,432			301,378			1,103,707			1,061,693			284,400
Total assets (2)	1,095,302			1,045,933			307,760			1,143,947			1,095,281			291,052
Total deposits	1,016,234			1,011,285			4,949			1,067,120			1,061,267			5,853
Allocated capital (1)	42,000			13,700			28,300			40,000			13,000			27,000

Period end
Total loans and leases	$	309,735		$	4,122		$	305,613		$	294,570		$	4,123		$	290,447
Total earning assets (2)	1,043,228			999,281			306,121			1,114,524			1,072,291			292,657
Total assets (2)	1,084,512			1,034,405			312,281			1,154,366			1,104,991			299,799
Total deposits	1,004,482			999,262			5,220			1,077,215			1,071,089			6,126

For footnotes, see page 16.


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


Bank of America Corporation and Subsidiaries
Global Wealth & Investment Management Segment Results
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022
	2023			2022
Net interest income	$	3,681		$	3,470		$	1,805		$	1,876		$	2,015		$	1,981		$	1,802
Noninterest income:
Investment and brokerage services	6,489			7,140			3,251			3,238			3,166			3,255			3,486
All other income	387			299			186			201			229			193			145
Total noninterest income	6,876			7,439			3,437			3,439			3,395			3,448			3,631
Total revenue, net of interest expense	10,557			10,909			5,242			5,315			5,410			5,429			5,433

Provision for credit losses	38			(8)			13			25			37			37			33

Noninterest expense	7,992			7,890			3,925			4,067			3,784			3,816			3,875
Income before income taxes	2,527			3,027			1,304			1,223			1,589			1,576			1,525
Income tax expense	632			742			326			306			389			386			374
Net income	$	1,895		$	2,285		$	978		$	917		$	1,200		$	1,190		$	1,151

Net interest yield	2.20		%	1.72		%	2.21		%	2.20		%	2.29		%	2.12		%	1.82		%
Return on average allocated capital (1)	21			26			21			20			27			27			26

Efficiency ratio	75.70			72.33			74.86			76.53			69.96			70.28			71.34

Balance Sheet
Average
Total loans and leases	$	220,018		$	215,130		$	218,604		$	221,448		$	225,094		$	223,734		$	219,277
Total earning assets (2)	336,671			407,369			327,066			346,384			348,718			370,733			396,611
Total assets (2)	349,582			420,196			340,105			359,164			361,592			383,468			409,472
Total deposits	304,648			374,365			295,380			314,019			317,849			339,487			363,943
Allocated capital (1)	18,500			17,500			18,500			18,500			17,500			17,500			17,500


Period end
Total loans and leases	$	219,208		$	221,705		$	219,208		$	217,804		$	223,910		$	224,858		$	221,705
Total earning assets (2)	324,820			380,771			324,820			336,560			355,461			357,434			380,771
Total assets (2)	338,184			393,948			338,184			349,888			368,893			370,790			393,948
Total deposits	292,526			347,991			292,526			301,471			323,899			324,859			347,991

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

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


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


Bank of America Corporation and Subsidiaries
Global Wealth & Investment Management Key Indicators
(Dollars in millions)
	Six Months Ended June 30				Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022
	2023		2022
Revenue by Business
Merrill Wealth Management	$	8,737	$	9,125	$	4,340	$	4,397	$	4,486	$	4,524	$	4,536
Bank of America Private Bank	1,820		1,784		902		918		924		905		897

Total revenue, net of interest expense	$	10,557	$	10,909	$	5,242	$	5,315	$	5,410	$	5,429	$	5,433

Client Balances by Business, at period end
Merrill Wealth Management	$	3,057,680	$	2,819,998	$	3,057,680	$	2,952,681	$	2,822,910	$	2,710,985	$	2,819,998
Bank of America Private Bank	577,514		547,116		577,514		568,925		563,931		537,771		547,116

Total client balances	$	3,635,194	$	3,367,114	$	3,635,194	$	3,521,606	$	3,386,841	$	3,248,756	$	3,367,114

Client Balances by Type, at period end


Assets under management (1)	$	1,531,042	$	1,411,344	$	1,531,042	$	1,467,242	$	1,401,474	$	1,329,557	$	1,411,344
Brokerage and other assets	1,628,294		1,437,562		1,628,294		1,571,409		1,482,025		1,413,946		1,437,562

Deposits	292,526		347,991		292,526		301,471		323,899		324,859		347,991
Loans and leases (2)	222,280		224,847		222,280		220,633		226,973		228,129		224,847
Less: Managed deposits in assets under management	(38,948)		(54,630)		(38,948)		(39,149)		(47,530)		(47,735)		(54,630)
Total client balances	$	3,635,194	$	3,367,114	$	3,635,194	$	3,521,606	$	3,386,841	$	3,248,756	$	3,367,114

Assets Under Management Rollforward
Assets under management, beginning balance	$	1,401,474	$	1,638,782	$	1,467,242	$	1,401,474	$	1,329,557	$	1,411,344	$	1,571,605
Net client flows	29,558		16,570		14,296		15,262		105		4,110		1,033

Market valuation/other	100,010		(244,008)		49,504		50,506		71,812		(85,897)		(161,294)
Total assets under management, ending balance	$	1,531,042	$	1,411,344	$	1,531,042	$	1,467,242	$	1,401,474	$	1,329,557	$	1,411,344

Advisors, at period end

Total wealth advisors (3)	19,099		18,449		19,099		19,243		19,273		18,841		18,449

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

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

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


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


Bank of America Corporation and Subsidiaries
Global Banking Segment Results
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022
	2023			2022
Net interest income	$	7,597		$	4,978		$	3,690		$	3,907		$	3,880		$	3,326		$	2,634
Noninterest income:
Service charges	1,449			1,819			735			714			703			771			933
Investment banking fees	1,386			1,572			718			668			706			726			692
All other income	2,233			1,831			1,319			914			1,149			768			747
Total noninterest income	5,068			5,222			2,772			2,296			2,558			2,265			2,372
Total revenue, net of interest expense	12,665			10,200			6,462			6,203			6,438			5,591			5,006

Provision for credit losses	(228)			322			9			(237)			149			170			157

Noninterest expense	5,759			5,482			2,819			2,940			2,833			2,651			2,799
Income before income taxes	7,134			4,396			3,634			3,500			3,456			2,770			2,050
Income tax expense	1,926			1,165			981			945			916			734			543
Net income	$	5,208		$	3,231		$	2,653		$	2,555		$	2,540		$	2,036		$	1,507

Net interest yield	2.92		%	1.82		%	2.80		%	3.03		%	2.90		%	2.53		%	1.97		%
Return on average allocated capital (1)	21			15			22			21			23			18			14
Efficiency ratio	45.46			53.74			43.59			47.41			44.03			47.41			55.90

Balance Sheet
Average
Total loans and leases	$	382,039		$	368,078		$	383,058		$	381,009		$	380,385		$	384,305		$	377,248
Total earning assets (2)	525,181			551,894			527,959			522,374			531,206			521,555			537,660
Total assets (2)	592,254			616,156			595,585			588,886			595,525			585,683			601,945
Total deposits	495,069			524,502			497,533			492,577			503,472			495,154			509,261
Allocated capital (1)	49,250			44,500			49,250			49,250			44,500			44,500			44,500

Period end
Total loans and leases	$	381,609		$	385,376		$	381,609		$	383,491		$	379,107		$	377,711		$	385,376
Total earning assets (2)	518,547			526,879			518,547			524,299			522,539			511,494			526,879
Total assets (2)	586,397			591,490			586,397			591,231			588,466			575,442			591,490
Total deposits	492,734			499,714			492,734			495,949			498,661			484,309			499,714

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

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


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


Bank of America Corporation and Subsidiaries
Global Banking Key Indicators
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022
	2023			2022
Investment Banking fees (1)
Advisory (2)	$	646		$	800		$	333		$	313		$	446		$	397		$	361
Debt issuance	553			642			263			290			184			273			283
Equity issuance	187			130			122			65			76			56			48
Total Investment Banking fees (3)	$	1,386		$	1,572		$	718		$	668		$	706		$	726		$	692

Business Lending
Corporate	$	2,393		$	2,006		$	1,359		$	1,034		$	1,417		$	902		$	946
Commercial	2,503			2,017			1,270			1,233			1,188			1,111			1,024
Business Banking	130			120			63			67			65			66			62
Total Business Lending revenue	$	5,026		$	4,143		$	2,692		$	2,334		$	2,670		$	2,079		$	2,032

Global Transaction Services
Corporate	$	3,032		$	2,087		$	1,483		$	1,549		$	1,546		$	1,369		$	1,138
Commercial	2,174			1,869			1,045			1,129			1,185			1,112			973
Business Banking	782			513			395			387			378			322			270
Total Global Transaction Services revenue	$	5,988		$	4,469		$	2,923		$	3,065		$	3,109		$	2,803		$	2,381

Average deposit balances
Interest-bearing	$	273,188		$	149,705		$	289,187		$	257,012		$	225,671		$	171,203		$	142,366
Noninterest-bearing	221,881			374,797			208,346			235,565			277,801			323,951			366,895
Total average deposits	$	495,069		$	524,502		$	497,533		$	492,577		$	503,472		$	495,154		$	509,261

Loan spread	1.53		%	1.51		%	1.52		%	1.55		%	1.52		%	1.51		%	1.49		%

Provision for credit losses	$	(228)		$	322		$	9		$	(237)		$	149		$	170		$	157

Credit quality (4, 5)
Reservable criticized utilized exposure	$	19,714		$	15,999		$	19,714		$	18,104		$	17,519		$	15,809		$	15,999
	4.89		%	3.92		%	4.89		%	4.46		%	4.37		%	3.95		%	3.92		%

Nonperforming loans, leases and foreclosed properties	$	1,248		$	1,126		$	1,248		$	1,023		$	923		$	1,057		$	1,126
	0.33		%	0.29		%	0.33		%	0.27		%	0.25		%	0.28		%	0.29		%

Average loans and leases by product
U.S. commercial	$	229,836		$	218,733		$	230,111		$	229,558		$	230,591		$	233,027		$	225,820
Non-U.S. commercial	81,977			83,452			81,546			82,412			82,222			84,287			86,092
Commercial real estate	56,241			51,185			57,449			55,019			54,104			53,042			50,973
Commercial lease financing	13,984			14,706			13,951			14,019			13,467			13,948			14,362
Other	1			2			1			1			1			1			1
Total average loans and leases	$	382,039		$	368,078		$	383,058		$	381,009		$	380,385		$	384,305		$	377,248

Total Corporation Investment Banking fees
Advisory (2)	$	738		$	865		$	375		$	363		$	486		$	432		$	392
Debt issuance	1,244			1,493			600			644			414			616			662
Equity issuance	455			364			287			168			189			156			139
Total investment banking fees including self-led deals	2,437			2,722			1,262			1,175			1,089			1,204			1,193
Self-led deals	(62)			(137)			(50)			(12)			(18)			(37)			(65)
Total Investment Banking fees	$	2,375		$	2,585		$	1,212		$	1,163		$	1,071		$	1,167		$	1,128

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

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

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

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

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


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


Bank of America Corporation and Subsidiaries
Global Markets Segment Results
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022			Third Quarter 2022			Second Quarter 2022
	2023			2022
Net interest income	$	406		$	1,974		$	297		$	109		$	371		$	743		$	981
Noninterest income:
Investment and brokerage services	1,032			1,063			499			533			482			457			518
Investment banking fees	972			1,043			503			469			347			430			461
Market making and similar activities	7,807			5,847			3,409			4,398			2,685			2,874			2,657
All other income	280			(133)			163			117			(24)			(21)			(115)
Total noninterest income	10,091			7,820			4,574			5,517			3,490			3,740			3,521
Total revenue, net of interest expense (1)	10,497			9,794			4,871			5,626			3,861			4,483			4,502

Provision for credit losses	(57)			13			(4)			(53)			4			11			8

Noninterest expense	6,700			6,226			3,349			3,351			3,171			3,023			3,109
Income before income taxes	3,854			3,555			1,526			2,328			686			1,449			1,385
Income tax expense	1,060			942			420			640			182			384			367
Net income	$	2,794		$	2,613		$	1,106		$	1,688		$	504		$	1,065		$	1,018

Return on average allocated capital (2)	12		%	12		%	10		%	15		%	5		%	10		%	10		%

Efficiency ratio	63.82			63.57			68.74			59.56			82.14			67.42			69.07

Balance Sheet
Average
Total trading-related assets	$	623,566		$	601,172		$	621,125		$	626,035		$	608,493		$	592,391		$	606,135
Total loans and leases	126,802			111,492			128,539			125,046			123,022			120,435			114,375
Total earning assets	643,024			604,846			657,947			627,935			610,045			591,883			598,832
Total assets	873,727			862,753			877,471			870,038			857,319			847,899			866,742
Total deposits	34,658			42,784			33,222			36,109			37,219			38,820			41,192
Allocated capital (2)	45,500			42,500			45,500			45,500			42,500			42,500			42,500


Period end
Total trading-related assets	$	599,787		$	577,309		$	599,787		$	599,841		$	564,769		$	592,938		$	577,309
Total loans and leases	131,128			118,290			131,128			130,804			127,735			121,721			118,290
Total earning assets	641,016			571,921			641,016			632,873			587,772			595,988			571,921
Total assets	851,206			835,129			851,206			861,477			812,489			848,752			835,129
Total deposits	33,049			40,055			33,049			33,624			39,077			37,318			40,055

Trading-related assets (average)
Trading account securities	$	328,529		$	298,220		$	317,928		$	339,248		$	309,217		$	308,514		$	295,190
Reverse repurchases	133,155			134,999			139,480			126,760			122,753			112,828			131,456
Securities borrowed	118,392			116,847			120,481			116,280			119,334			114,032			119,200
Derivative assets	43,490			51,106			43,236			43,747			57,189			57,017			60,289
Total trading-related assets	$	623,566		$	601,172		$	621,125		$	626,035		$	608,493		$	592,391		$	606,135

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

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


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


Bank of America Corporation and Subsidiaries
Global Markets Key Indicators
(Dollars in millions)
	Six Months Ended June 30				Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022
	2023		2022
Sales and trading revenue (1)
Fixed-income, currencies and commodities	$	6,107	$	5,208	$	2,667	$	3,440	$	2,157	$	2,552	$	2,500
Equities	3,245		3,664		1,618		1,627		1,368		1,540		1,653
Total sales and trading revenue	$	9,352	$	8,872	$	4,285	$	5,067	$	3,525	$	4,092	$	4,153

Sales and trading revenue, excluding net debit valuation adjustment (2,3)
Fixed-income, currencies and commodities	$	6,193	$	4,988	$	2,764	$	3,429	$	2,343	$	2,567	$	2,340
Equities	3,247		3,657		1,623		1,624		1,375		1,539		1,655
Total sales and trading revenue, excluding net debit valuation adjustment	$	9,440	$	8,645	$	4,387	$	5,053	$	3,718	$	4,106	$	3,995

Sales and trading revenue breakdown
Net interest income	$	63	$	1,762	$	137	$	(74)	$	188	$	586	$	851
Commissions	1,021		1,035		492		529		476		444		504
Trading	7,805		5,846		3,407		4,398		2,684		2,873		2,656
Other	463		229		249		214		177		189		142
Total sales and trading revenue	$	9,352	$	8,872	$	4,285	$	5,067	$	3,525	$	4,092	$	4,153

(1) Includes Global Banking sales and trading revenue of $331 million and $498 million for the six months ended June 30, 2023 and 2022, and $154 million and $177 million for the second and first quarters of 2023, and $262 million, $287 million and $319 million for the fourth, third and second quarters of 2022, respectively.

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

(3)Net DVA gains (losses) were $(88) million and $227 million for the six months ended June 30, 2023 and 2022, and $(102) million, $14 million, $(193) million, $(14) million and $158 million for the second and first quarters of 2023 and the fourth, third and second quarters of 2022, respectively. FICC net DVA gains (losses) were $(86) million and $220 million for the six months ended June 30, 2023 and 2022, and $(97) million, $11 million, $(186) million, $(15) million and $160 million for the second and first quarters of 2023 and the fourth, third and second quarters of 2022, respectively. Equities net DVA gains (losses) were $(2) million and $7 million for the six months ended June 30, 2023 and 2022, and $(5) million, $3 million, $(7) million, $1 million and $(2) million for the second and first quarters of 2023 and the fourth, third and second quarters of 2022, respectively.


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


Bank of America Corporation and Subsidiaries
All Other Results (1)
(Dollars in millions)
	Six Months Ended June 30				Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022
	2023		2022
Net interest income	$	161	$	36	$	64	$	97	$	44	$	37	$	43





Noninterest income (loss)	(3,386)		(2,763)		(1,831)		(1,555)		(1,880)		(836)		(1,329)
Total revenue, net of interest expense	(3,225)		(2,727)		(1,767)		(1,458)		(1,836)		(799)		(1,286)

Provision for credit losses	(53)		(72)		(160)		107		(42)		(58)		(25)



Noninterest expense	899		1,114		492		407		655		716		531
Loss before income taxes	(4,071)		(3,769)		(2,099)		(1,972)		(2,449)		(1,457)		(1,792)
Income tax expense (benefit)	(3,782)		(3,087)		(1,917)		(1,865)		(1,760)		(1,176)		(1,474)
Net income (loss)	$	(289)	$	(682)	$	(182)	$	(107)	$	(689)	$	(281)	$	(318)

Balance Sheet
Average
Total loans and leases	$	9,910	$	14,896	$	9,745	$	10,077	$	10,386	$	10,629	$	14,391
Total assets (2)	225,014		139,588		276,728		172,725		136,040		142,650		124,923
Total deposits	33,842		20,081		42,881		24,702		19,946		20,221		19,663

Period end
Total loans and leases	$	9,544	$	10,825	$	9,544	$	9,827	$	10,234	$	10,351	$	10,825

Total assets (3)	262,334		136,673		262,334		267,623		155,074		128,051		136,673
Total deposits	54,418		19,374		54,418		34,590		19,905		19,031		19,374

(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 $995.1 billion and $1.2 trillion for the six months ended June 30, 2023 and 2022, $977.8 billion and $1.0 trillion for the second and first quarters of 2023, and $1.0 trillion, $1.1 trillion and $1.1 trillion for the fourth, third and second quarters of 2022, respectively.

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


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


Bank of America Corporation and Subsidiaries
Outstanding Loans and Leases
(Dollars in millions)
	June 30 2023		March 31 2023		June 30 2022
Consumer
Residential mortgage	$	228,915	$	228,827	$	227,970
Home equity	25,536		25,868		27,120
Credit card	97,009		92,469		84,010
Direct/Indirect consumer (1)	104,412		104,540		108,826
Other consumer (2)	132		120		195
Total consumer loans excluding loans accounted for under the fair value option	456,004		451,824		448,121
Consumer loans accounted for under the fair value option (3)	266		334		377
Total consumer	456,270		452,158		448,498

Commercial
U.S. commercial	360,796		360,655		355,731
Non-U.S. commercial	123,518		124,827		125,796
Commercial real estate (4)	74,290		73,051		64,253
Commercial lease financing	13,493		13,448		13,612
	572,097		571,981		559,392
U.S. small business commercial (5)	18,796		18,204		17,757
Total commercial loans excluding loans accounted for under the fair value option	590,893		590,185		577,149
Commercial loans accounted for under the fair value option (3)	4,061		4,063		5,119
Total commercial	594,954		594,248		582,268

Total loans and leases	$	1,051,224	$	1,046,406	$	1,030,766

(1)Includes primarily auto and specialty lending loans and leases of $53.3 billion, $52.7 billion and $50.8 billion, U.S. securities-based lending loans of $47.3 billion, $48.1 billion and $54.0 billion and non-U.S. consumer loans of $2.9 billion, $2.8 billion and $3.0 billion at June 30, 2023, March 31, 2023 and June 30, 2022, respectively.

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

(3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $69 million, $72 million and $79 million and home equity loans of $197 million, $262 million and $298 million at June 30, 2023, March 31, 2023 and June 30, 2022, respectively. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.3 billion, $2.2 billion and $2.9 billion and non-U.S. commercial loans of $1.8 billion, $1.9 billion and $2.2 billion at June 30, 2023, March 31, 2023 and June 30, 2022, respectively.

(4)Includes U.S. commercial real estate loans of $68.1 billion, $67.2 billion and $60.1 billion and non-U.S. commercial real estate loans of $6.2 billion, $5.8 billion and $4.1 billion at June 30, 2023, March 31, 2023 and June 30, 2022, respectively.

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


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


Bank of America Corporation and Subsidiaries
Quarterly Average Loans and Leases by Business Segment and All Other
(Dollars in millions)
	Second Quarter 2023
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	228,758	$	117,141	$	104,024	$	1	$	—	$	7,592
Home equity	25,957		21,221		2,376		—		187		2,173
Credit card	94,431		91,252		3,180		—		—		(1)
Direct/Indirect and other consumer	104,915		53,431		51,481		—		—		3
Total consumer	454,061		283,045		161,061		1		187		9,767

Commercial
U.S. commercial	379,027		23,607		49,591		230,111		75,535		183
Non-U.S. commercial	125,827		—		928		81,546		43,236		117
Commercial real estate	74,065		10		7,024		57,449		9,581		1
Commercial lease financing	13,628		—		—		13,951		—		(323)
Total commercial	592,547		23,617		57,543		383,057		128,352		(22)
Total loans and leases	$	1,046,608	$	306,662	$	218,604	$	383,058	$	128,539	$	9,745

	First Quarter 2023
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	229,275	$	117,747	$	103,700	$	1	$	—	$	7,827
Home equity	26,513		21,571		2,444		—		200		2,298
Credit card	91,775		88,731		3,045		—		—		(1)
Direct/Indirect and other consumer	105,657		52,728		52,927		—		—		2
Total consumer	453,220		280,777		162,116		1		200		10,126

Commercial
U.S. commercial	376,852		22,985		52,067		229,558		72,074		168
Non-U.S. commercial	127,003		—		999		82,412		43,478		114
Commercial real estate	70,591		10		6,266		55,019		9,294		2
Commercial lease financing	13,686		—		—		14,019		—		(333)
Total commercial	588,132		22,995		59,332		381,008		124,846		(49)
Total loans and leases	$	1,041,352	$	303,772	$	221,448	$	381,009	$	125,046	$	10,077

	Second Quarter 2022
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	228,529	$	117,355	$	99,615	$	1	$	—	$	11,558
Home equity	27,415		21,835		2,433		—		231		2,916
Credit card	81,024		78,174		2,850		—		—		—
Direct/Indirect and other consumer	108,639		50,498		58,138		—		—		3
Total consumer	445,607		267,862		163,036		1		231		14,477

Commercial
U.S. commercial	363,978		21,722		50,334		225,820		65,897		205
Non-U.S. commercial	128,237		—		1,181		86,092		40,888		76
Commercial real estate	63,072		11		4,726		50,973		7,359		3
Commercial lease financing	13,992		—		—		14,362		—		(370)
Total commercial	569,279		21,733		56,241		377,247		114,144		(86)
Total loans and leases	$	1,014,886	$	289,595	$	219,277	$	377,248	$	114,375	$	14,391


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


Bank of America Corporation and Subsidiaries
Commercial Credit Exposure by Industry (1, 2, 3, 4, 6)
(Dollars in millions)
	Commercial Utilized						Total Commercial Committed
	June 30 2023		March 31 2023		June 30 2022		June 30 2023		March 31 2023		June 30 2022
Asset managers & funds	$	104,838	$	102,345	$	112,812	$	168,062	$	164,480	$	167,163
Real estate (5)	74,545		73,515		68,897		101,284		101,072		97,617
Capital goods	49,505		48,146		46,923		92,886		88,060		89,785
Finance companies	57,375		58,226		49,740		82,742		81,811		76,051
Healthcare equipment and services	34,511		34,245		32,768		61,174		59,280		57,901
Materials	26,192		27,224		27,295		55,838		56,244		59,699
Retailing	25,618		26,021		27,398		54,017		54,127		52,645
Consumer services	27,826		27,475		27,703		49,921		48,491		48,453
Food, beverage and tobacco	24,351		24,307		23,654		49,331		46,838		48,337
Government & public education	32,398		33,443		37,141		46,720		46,931		50,189
Individuals and trusts	32,930		31,874		30,501		43,957		43,488		45,733
Commercial services and supplies	24,588		24,136		22,852		42,500		41,711		43,520
Utilities	18,655		19,118		19,781		39,108		39,209		39,448
Energy	12,999		13,667		17,726		36,034		34,923		39,613
Transportation	23,486		22,051		21,583		35,317		33,846		35,569
Technology hardware and equipment	10,980		10,500		11,411		29,909		29,807		29,697
Global commercial banks	26,444		26,910		29,674		28,994		29,047		30,667
Media	14,558		15,102		12,661		26,377		29,006		27,270
Software and services	10,770		11,678		13,472		25,397		25,300		30,761
Pharmaceuticals and biotechnology	7,070		6,581		7,088		21,859		21,419		19,072
Vehicle dealers	14,245		13,281		11,849		21,228		21,237		20,027
Consumer durables and apparel	9,619		10,167		11,275		21,146		21,784		22,841
Insurance	10,591		10,007		10,238		20,096		19,109		19,496
Telecommunication services	9,901		9,646		7,495		17,370		17,666		15,986
Automobiles and components	8,060		8,163		8,395		15,979		15,910		17,256
Food and staples retailing	7,519		7,331		7,745		13,107		12,507		12,441
Financial markets infrastructure (clearinghouses)	3,013		3,013		9,274		5,797		8,526		14,252
Religious and social organizations	2,437		2,542		2,883		4,373		4,557		5,130

Total commercial credit exposure by industry	$	705,024	$	700,714	$	710,234	$	1,210,523	$	1,196,386	$	1,216,619

(1)Includes loans and leases, standby letters of credit and financial guarantees, derivative assets, assets held-for-sale, commercial letters of credit, bankers’ acceptances, securitized assets, foreclosed properties and other collateral acquired. Derivative assets are carried at fair value, reflect the effects of legally enforceable master netting agreements and have been reduced by cash collateral of $52.1 billion, $29.1 billion and $35.8 billion at June 30, 2023, March 31, 2023 and June 30, 2022, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $30.9 billion, $51.0 billion and $51.9 billion, which consists primarily of other marketable securities, at June 30, 2023, March 31, 2023 and June 30, 2022, respectively.

(2)Total utilized and total committed exposure includes loans of $4.1 billion, $4.1 billion and $5.1 billion and issued letters of credit with a notional amount of $12 million, $15 million and $37 million accounted for under the fair value option at June 30, 2023, March 31, 2023 and June 30, 2022, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $2.6 billion, $3.1 billion and $3.6 billion at June 30, 2023, March 31, 2023 and June 30, 2022, respectively.

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

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

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

(6)Includes $545 million, $749 million and $2.1 billion of PPP loan exposure across impacted industries at June 30, 2023, March 31, 2023 and June 30, 2022, respectively.


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


Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties
(Dollars in millions)
	June 30 2023			March 31 2023			December 31 2022			September 30 2022			June 30 2022
Residential mortgage	$	2,140		$	2,125		$	2,167		$	2,187		$	2,245
Home equity	482			488			510			532			563

Direct/Indirect consumer	107			101			77			41			58

Total consumer	2,729			2,714			2,754			2,760			2,866
U.S. commercial	476			559			553			640			742
Non-U.S. commercial	84			125			212			274			279
Commercial real estate	816			502			271			282			218
Commercial lease financing	6			4			4			11			44
	1,382			1,190			1,040			1,207			1,283
U.S. small business commercial	15			14			14			16			15
Total commercial	1,397			1,204			1,054			1,223			1,298
Total nonperforming loans and leases	4,126			3,918			3,808			3,983			4,164
Foreclosed properties	148			165			170			173			162
Total nonperforming loans, leases and foreclosed properties (1, 2)	$	4,274		$	4,083		$	3,978		$	4,156		$	4,326

Fully-insured home loans past due 30 days or more and still accruing	$	525		$	580		$	627		$	672		$	734
Consumer credit card past due 30 days or more and still accruing	1,811			1,674			1,505			1,202			1,008
Other loans past due 30 days or more and still accruing	2,920			3,146			4,008			3,281			3,494
Total loans past due 30 days or more and still accruing (3, 4)	$	5,256		$	5,400		$	6,140		$	5,155		$	5,236

Fully-insured home loans past due 90 days or more and still accruing	$	288		$	338		$	368		$	427		$	492
Consumer credit card past due 90 days or more and still accruing	896			828			717			547			493
Other loans past due 90 days or more and still accruing	356			508			626			647			720
Total loans past due 90 days or more and still accruing (4)	$	1,540		$	1,674		$	1,711		$	1,621		$	1,705

Nonperforming loans, leases and foreclosed properties/Total assets (5)	0.14		%	0.13		%	0.13		%	0.14		%	0.14		%
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties (5)	0.41			0.39			0.38			0.40			0.42
Nonperforming loans and leases/Total loans and leases (5)	0.39			0.38			0.37			0.39			0.41

Commercial reservable criticized utilized exposure (6)	$	21,469		$	19,789		$	19,274		$	17,659		$	18,114
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure (6)	3.44		%	3.17		%	3.12		%	2.88		%	2.95		%
Total commercial criticized utilized exposure/Commercial utilized exposure (6)	3.79			3.67			3.70			2.82			2.99

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

(2)Balances do not include nonperforming loans held-for-sale of $174 million, $250 million, $219 million, $222 million and $270 million at June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively.

(3)Balances do not include loans held-for-sale past due 30 days or more and still accruing of $39 million, $36 million, $58 million, $81 million and $179 million at June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively.

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

(5)Total assets and total loans and leases do not include loans accounted for under the fair value option of $4.3 billion, $4.4 billion, $5.8 billion, $4.9 billion and $5.5 billion at June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively.

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


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


Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties Activity (1)
(Dollars in millions)
	Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022
Nonperforming Consumer Loans and Leases:
Balance, beginning of period	$	2,714	$	2,754	$	2,760	$	2,866	$	3,104

Additions	258		253		208		236		365


Reductions:
Paydowns and payoffs	(131)		(103)		(89)		(124)		(147)
Sales	(2)		(2)		(1)		(1)		(269)
Returns to performing status (2)	(92)		(170)		(109)		(193)		(157)
Charge-offs (3)	(13)		(12)		(6)		(12)		(23)
Transfers to foreclosed properties	(5)		(6)		(9)		(12)		(7)

Total net additions (reductions) to nonperforming loans and leases	15		(40)		(6)		(106)		(238)
Total nonperforming consumer loans and leases, end of period	2,729		2,714		2,754		2,760		2,866
Foreclosed properties	97		117		121		125		115
Nonperforming consumer loans, leases and foreclosed properties, end of period	$	2,826	$	2,831	$	2,875	$	2,885	$	2,981

Nonperforming Commercial Loans and Leases (4):
Balance, beginning of period	$	1,204	$	1,054	$	1,223	$	1,298	$	1,521

Additions	484		419		141		307		321
Reductions:
Paydowns	(171)		(72)		(144)		(180)		(342)
Sales	(3)		—		(4)		(12)		(16)
Returns to performing status (5)	(7)		(52)		(35)		(148)		(146)
Charge-offs	(87)		(88)		(127)		(42)		(40)
Transfers to foreclosed properties	(23)		—		—		—		—
Transfers to loans held-for-sale	—		(57)		—		—		—
Total net additions (reductions) to nonperforming loans and leases	193		150		(169)		(75)		(223)
Total nonperforming commercial loans and leases, end of period	1,397		1,204		1,054		1,223		1,298
Foreclosed properties	51		48		49		48		47
Nonperforming commercial loans, leases and foreclosed properties, end of period	$	1,448	$	1,252	$	1,103	$	1,271	$	1,345

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

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

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

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

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


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


Bank of America Corporation and Subsidiaries
Quarterly Net Charge-offs and Net Charge-off Ratios (1)
(Dollars in millions)
	Second Quarter 2023				First Quarter 2023				Fourth Quarter 2022				Third Quarter 2022				Second Quarter 2022
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage (2)	$	2	—	%	$	1	—	%	$	(1)	—	%	$	(3)	(0.01)	%	$	86	0.15	%
Home equity (3)	(16)		(0.25)		(12)		(0.18)		(18)		(0.27)		(18)		(0.25)		(24)		(0.37)
Credit card	610		2.60		501		2.21		386		1.71		328		1.53		323		1.60

Direct/Indirect consumer	17		0.06		1		—		1		—		9		0.03		4		0.02
Other consumer	107		n/m		162		n/m		163		n/m		143		n/m		136		n/m
Total consumer	720		0.64		653		0.58		531		0.47		459		0.41		525		0.47
U.S. commercial	5		0.01		47		0.05		47		0.05		23		0.03		15		0.02
Non-U.S. commercial	—		—		20		0.07		31		0.10		(6)		(0.02)		(5)		(0.01)
Total commercial and industrial	5		—		67		0.06		78		0.06		17		0.01		10		0.01
Commercial real estate	69		0.37		22		0.12		34		0.20		13		0.08		(4)		(0.03)
Commercial lease financing	1		—		(1)		(0.01)		2		0.05		(1)		(0.05)		4		0.13
	75		0.05		88		0.06		114		0.08		29		0.02		10		0.01
U.S. small business commercial	74		1.62		66		1.48		44		0.99		32		0.72		36		0.79
Total commercial	149		0.10		154		0.11		158		0.11		61		0.04		46		0.03
Total net charge-offs	$	869	0.33		$	807	0.32		$	689	0.26		$	520	0.20		$	571	0.23

By Business Segment and All Other
Consumer Banking	$	819	1.07	%	$	729	0.97	%	$	591	0.78	%	$	512	0.69	%	$	502	0.70	%
Global Wealth & Investment Management	3		0.01		6		0.01		4		0.01		5		0.01		9		0.02
Global Banking	59		0.06		87		0.09		112		0.12		26		0.03		14		0.01
Global Markets	5		0.02		—		—		(1)		(0.01)		(1)		—		(4)		(0.01)
All Other	(17)		(0.74)		(15)		(0.59)		(17)		(0.66)		(22)		(0.80)		50		1.40
Total net charge-offs	$	869	0.33		$	807	0.32		$	689	0.26		$	520	0.20		$	571	0.23

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

(2)Includes loan sale net charge-offs of $90 million for the second quarter of 2022 and $0 for the remaining quarters.

(3)Includes loan sale net recoveries of $6 million for the second quarter of 2022 and $0 for the remaining quarters.

n/m = not meaningful


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


Bank of America Corporation and Subsidiaries
Year-to-Date Net Charge-offs and Net Charge-off Ratios (1)
(Dollars in millions)
	Six Months Ended June 30
	2023				2022
	Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage (2)	$	3	—	%	$	76	0.07	%
Home equity (3)	(28)		(0.21)		(54)		(0.40)
Credit card	1,111		2.41		620		1.57

Direct/Indirect consumer	18		0.03		8		0.02
Other consumer	269		n/m		215		n/m
Total consumer	1,373		0.61		865		0.40
U.S. commercial	52		0.03		1		—
Non-U.S. commercial	20		0.03		(4)		(0.01)
Total commercial and industrial	72		0.03		(3)		—
Commercial real estate	91		0.25		19		0.06
Commercial lease financing	—		—		4		0.06
	163		0.06		20		0.01
U.S. small business commercial	140		1.55		78		0.87
Total commercial	303		0.10		98		0.04
Total net charge-offs	$	1,676	0.33		$	963	0.20

By Business Segment and All Other
Consumer Banking	$	1,548	1.02	%	$	918	0.65	%
Global Wealth & Investment Management	9		0.01		10		0.01
Global Banking	146		0.08		2		—
Global Markets	5		0.01		17		0.03
All Other	(32)		(0.66)		16		0.21
Total net charge-offs	$	1,676	0.33		$	963	0.20

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

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

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

n/m = not meaningful


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


Bank of America Corporation and Subsidiaries
Allocation of the Allowance for Credit Losses by Product Type
(Dollars in millions)
	June 30, 2023		March 31, 2023			June 30, 2022
	Amount		Percent of Loans and Leases Outstanding (1, 2)	Amount			Percent of Loans and Leases Outstanding (1, 2)	Amount		Percent of Loans and Leases Outstanding (1, 2)
Allowance for loan and lease losses
Residential mortgage	$	366	0.16%	$	305		0.13%	$	280	0.12%
Home equity	61		0.24	98			0.38	116		0.43
Credit card	6,564		6.77	6,220			6.73	5,684		6.77

Direct/Indirect consumer	659		0.63	628			0.60	475		0.44
Other consumer	100		n/m	110			n/m	57		n/m
Total consumer	7,750		1.70	7,361			1.63	6,612		1.48
U.S. commercial (3)	2,846		0.75	2,835			0.75	3,012		0.81
Non-U.S. commercial	968		0.78	1,019			0.82	1,168		0.93
Commercial real estate	1,338		1.80	1,253			1.72	1,128		1.76
Commercial lease financing	48		0.35	46			0.34	53		0.39
Total commercial	5,200		0.88	5,153			0.87	5,361		0.93
Allowance for loan and lease losses	12,950		1.24	12,514			1.20	11,973		1.17


Reserve for unfunded lending commitments	1,388			1,437				1,461
Allowance for credit losses	$	14,338		$	13,951			$	13,434

Asset Quality Indicators

Allowance for loan and lease losses/Total loans and leases (2)			1.24%				1.20%			1.17%

Allowance for loan and lease losses/Total nonperforming loans and leases (4)			314				319			288

Ratio of the allowance for loan and lease losses/Annualized net charge-offs			3.71				3.83			5.22

(1)Ratios are calculated as allowance for loan and lease losses as a percentage of loans and leases outstanding excluding loans accounted for under the fair value option. Consumer loans accounted for under the fair value option include residential mortgage loans of $69 million, $72 million and $79 million, and home equity loans of $197 million, $262 million and $298 million at June 30, 2023, March 31, 2023 and June 30, 2022, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $2.3 billion, $2.2 billion and $2.9 billion and non-U.S. commercial loans of $1.8 billion, $1.9 billion and $2.2 billion at June 30, 2023, March 31, 2023 and June 30, 2022, respectively.

(2)Total loans and leases do not include loans accounted for under the fair value option of $4.3 billion, $4.4 billion and $5.5 billion at June 30, 2023, March 31, 2023 and June 30, 2022, respectively.

(3)Includes allowance for loan and lease losses for U.S. small business commercial loans of $927 million, $864 million and $921 million at June 30, 2023, March 31, 2023 and June 30, 2022, respectively.

(4)Allowance for loan and lease losses includes $5.5 billion, $7.1 billion and $6.6 billion allocated to products (primarily the Consumer Lending portfolios within Consumer Banking) that are excluded from nonperforming loans and leases at June 30, 2023, March 31, 2023 and June 30, 2022, respectively. Excluding these amounts, allowance for loan and lease losses as a percentage of total nonperforming loans and leases was 181 percent, 138 percent and 129 percent at June 30, 2023, March 31, 2023 and June 30, 2022, respectively.

n/m = not meaningful


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

Exhibit A: Non-GAAP Reconciliations

Bank of America Corporation and Subsidiaries

Reconciliations to GAAP Financial Measures

(Dollars in millions, except per share information)

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

See the tables below for reconciliations of these non-GAAP financial measures to the most closely related financial measures defined by GAAP for the six months ended June 30, 2023 and 2022, and the three months ended June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022. The Corporation believes the use of these non-GAAP financial measures provides additional clarity in understanding its results of operations and trends. Other companies may define or calculate supplemental financial data differently.


	Six Months Ended June 30				Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022
	2023		2022





























Reconciliation of income before income taxes to pretax, pre-provision income
Income before income taxes	$	17,123	$	14,771	$	8,034	$	9,089	$	7,897	$	8,301	$	6,892
Provision for credit losses	2,056		553		1,125		931		1,092		898		523
Pretax, pre-provision income	$	19,179	$	15,324	$	9,159	$	10,020	$	8,989	$	9,199	$	7,415

Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity	$	279,853	$	268,750	$	282,425	$	277,252	$	272,629	$	271,017	$	268,197
Goodwill	(69,022)		(69,022)		(69,022)		(69,022)		(69,022)		(69,022)		(69,022)
Intangible assets (excluding mortgage servicing rights)	(2,058)		(2,136)		(2,049)		(2,068)		(2,088)		(2,107)		(2,127)
Related deferred tax liabilities	897		927		895		899		914		920		926
Tangible shareholders’ equity	$	209,670	$	198,519	$	212,249	$	207,061	$	202,433	$	200,808	$	197,974
Preferred stock	(28,397)		(27,565)		(28,397)		(28,397)		(28,982)		(29,134)		(28,674)
Tangible common shareholders’ equity	$	181,273	$	170,954	$	183,852	$	178,664	$	173,451	$	171,674	$	169,300








Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity	$	283,319	$	269,118	$	283,319	$	280,196	$	273,197	$	269,524	$	269,118
Goodwill	(69,021)		(69,022)		(69,021)		(69,022)		(69,022)		(69,022)		(69,022)
Intangible assets (excluding mortgage servicing rights)	(2,036)		(2,114)		(2,036)		(2,055)		(2,075)		(2,094)		(2,114)
Related deferred tax liabilities	890		920		890		895		899		915		920
Tangible shareholders’ equity	$	213,152	$	198,902	$	213,152	$	210,014	$	202,999	$	199,323	$	198,902
Preferred stock	(28,397)		(29,134)		(28,397)		(28,397)		(28,397)		(29,134)		(29,134)
Tangible common shareholders’ equity	$	184,755	$	169,768	$	184,755	$	181,617	$	174,602	$	170,189	$	169,768

Reconciliation of period-end assets to period-end tangible assets
Assets	$	3,122,633	$	3,111,606	$	3,122,633	$	3,194,657	$	3,051,375	$	3,072,953	$	3,111,606
Goodwill	(69,021)		(69,022)		(69,021)		(69,022)		(69,022)		(69,022)		(69,022)
Intangible assets (excluding mortgage servicing rights)	(2,036)		(2,114)		(2,036)		(2,055)		(2,075)		(2,094)		(2,114)
Related deferred tax liabilities	890		920		890		895		899		915		920
Tangible assets	$	3,052,466	$	3,041,390	$	3,052,466	$	3,124,475	$	2,981,177	$	3,002,752	$	3,041,390

Book value per share of common stock
Common shareholders’ equity	$	254,922	$	239,984	$	254,922	$	251,799	$	244,800	$	240,390	$	239,984
Ending common shares issued and outstanding	7,953.6		8,035.2		7,953.6		7,972.4		7,996.8		8,024.5		8,035.2
Book value per share of common stock	$	32.05	$	29.87	$	32.05	$	31.58	$	30.61	$	29.96	$	29.87

Tangible book value per share of common stock
Tangible common shareholders’ equity	$	184,755	$	169,768	$	184,755	$	181,617	$	174,602	$	170,189	$	169,768
Ending common shares issued and outstanding	7,953.6		8,035.2		7,953.6		7,972.4		7,996.8		8,024.5		8,035.2
Tangible book value per share of common stock	$	23.23	$	21.13	$	23.23	$	22.78	$	21.83	$	21.21	$	21.13


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


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



EXHIBIT NO.						DESCRIPTION OF EXHIBIT

99.1						The Press Release

99.2						The Presentation Materials

99.3						The Supplemental Information



104						Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL)



BANK OF AMERICA CORPORATION

By:						/s/ Rudolf A. Bless
						Rudolf A. Bless
						Chief Accounting Officer


☐			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))


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.			☐