bac-20240112

1 Q4-23 Financial Highlights2(B) Q4-23 Business Segment Highlights2,3(B) Consumer Banking Global Wealth and Investment Management Global Banking Global Markets See pages 10 and 11 for endnotes. Amounts may not total due to rounding. 1 Adjusted net income, adjusted EPS, adjusted revenue, adjusted noninterest income, adjusted noninterest expense, adjusted ROE, and adjusted ROTCE represent non-GAAP financial measures. For more information and a reconciliation to GAAP of the presented financial measures, see Endnote A on page 10. Q4-23 noninterest expense of $17.7B less the FDIC special assessment of $2.1B results in adjusted Q4-23 noninterest expense of $15.6B. Reported noninterest expense for Q3-23 was $15.8B. 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 Source: Dealogic as of December 31, 2023. 6 Includes repurchases to offset shares awarded under equity-based compensation plans. 7 Tangible book value per common share and return on average tangible common shareholders’ equity ratio represent non-GAAP financial measures. For more information, see page 20. • Net income of $3.1 billion, or $0.35 per diluted share, compared to $7.1 billion, or $0.85 per diluted share in Q4-22 – Q4-23 adjusted net income of $5.9 billion, or adjusted diluted earnings per share of $0.701 • Revenue, net of interest expense, of $22.0 billion, decreased $2.6 billion, or 10%; excluding BSBY cessation impact, adjusted revenue decreased 4%1 – Net interest income (NII) decreased 5% to $13.9 billion ($14.1 billion FTE)(C), as higher deposit costs and lower deposit balances more than offset higher asset yields – Noninterest income of $8.0 billion decreased $1.8 billion; adjusted noninterest income of $9.6 billion decreased $264 million1 ▪ Higher asset management and investment banking fees were more than offset by lower market making and similar activities • Provision for credit losses of $1.1 billion increased $12 million – Net reserve release of $88 million vs. net reserve build of $403 million in Q4-22(D) – Net charge-offs of $1.2 billion increased vs. Q4-22 • Noninterest expense of $17.7 billion increased $2.2 billion, or 14%; increased $1.9 billion, or 12%, vs. Q3-23 – Excluding FDIC special assessment, adjusted noninterest expense of $15.6 billion increased $94 million, or 1%, vs. Q4-22; declined $201 million, or 1%, vs. Q3-231 • Average deposits of $1.9 trillion grew $29 billion, or 2%, vs. Q3-23 • Average loans and leases of $1.1 trillion were modestly higher vs. Q3-23 • Average Global Liquidity Sources of $897 billion(E) • Common equity tier 1 (CET1) capital of $195 billion increased marginally from Q3-23 • CET1 ratio of 11.8% (Standardized)(F); 181 bps above regulatory minimum effective January 1, 2024 • Returned $2.7 billion to shareholders through common stock dividends and share repurchases6 • Book value per common share rose 9% to $33.34; tangible book value per common share rose 12% to $24.467 • Return on average common shareholders' equity (ROE) ratio of 4.3%; return on average tangible common shareholders' equity (ROTCE) ratio of 5.9%7; adjusted ROE of 8.6%1 and adjusted ROTCE of 11.7%1 • Net income of $636 million • Sales and trading revenue up 3% to $3.6 billion, including net debit valuation adjustment (DVA) losses of $132 million; Fixed Income, Currencies and Commodities (FICC) revenue down 4% to $2.1 billion, and Equities revenue up 13% to $1.5 billion • Excluding net DVA(G), sales and trading revenue up 1% to $3.8 billion; FICC revenue down 6% to $2.2 billion, and Equities revenue up 12% to $1.5 billion • Record full-year sales and trading revenue of $17.4 billion • Zero days of trading losses in 2023 From Chair and CEO Brian Moynihan: “We reported solid fourth quarter and full-year results as all our businesses achieved strong organic growth, with record client activity and digital engagement. This activity led to good loan demand and growth in deposits in the quarter and full-year net income of $26.5 billion. Our expense discipline allowed us to continue investing in growth initiatives. Strong capital and liquidity levels position us well to continue to deliver responsible growth in 2024.” • Net income of $1.0 billion • Client balances of $3.8 trillion, up 12%, driven by higher market valuations and positive net client flows • AUM flows of $52 billion in 2023; $8 billion of AUM flows in Q4-23 • Client Activity – Added record ~40,000 net new relationships across Merrill and Private Bank in 2023, including ~7,000 in Q4-23 – AUM balances of $1.6 trillion, up $216 billion – Opened record ~150,000 new bank accounts in 2023 • Net income of $2.5 billion • Total investment banking fees (excl. self-led) of $1.1 billion, up 7% • No. 3 in both U.S. and international investment banking fees for 20235 • Client Activity – Average deposits of $528 billion increased $24 billion, or 5% – Added ~2,500 new clients YTD (as of November 2023) • Net income of $2.8 billion • Revenue of $10.3 billion, down 4% • Average deposits of $959 billion, down 8%; 33% above pre-pandemic levels • Average loans and leases of $313 billion increased $13 billion, or 4% • Combined credit / debit card spend of $229 billion, up 3% • Client Activity – Added ~130,000 net new Consumer checking accounts in Q4-23; 20th consecutive quarter of growth – Record 36.7 million consumer checking accounts with 92% being primary4 – Small Business checking accounts of 3.9 million, up 3% – Record consumer investment assets of $424 billion grew 33%; accounts grew 10% with client flows of $49 billion since Q4-22 – Digital logins exceeded 3 billion, up 10%; digital sales represented 49% of total sales Bank of America Reports Q4-23 Net Income of $3.1 Billion, EPS of $0.35 Full-Year 2023 Net Income of $26.5 Billion, EPS of $3.08 Results Include FDIC Special Assessment of $2.1 Billion (Pretax) and BSBY Cessation Charge of $1.6 Billion (Pretax), or $0.20 and $0.15 Per Diluted Share, Respectively Q4-23 Adjusted Net Income of $5.9 Billion, Adjusted EPS of $0.70; Full-Year 2023 Adjusted Net Income of $29.3 Billion, Adjusted EPS of $3.421

2 Bank of America Financial Highlights Reported Notable items1 Adjusted2 ($ in billions, except per share data) Q4-23 FY 2023 Q4-23 FY 2023 Total revenue, net of interest expense $22.0 $98.6 ($1.6) $23.5 $100.2 Provision for credit losses 1.1 4.4 — 1.1 4.4 Noninterest expense 17.7 65.8 2.1 15.6 63.8 Pretax income 3.1 28.3 (3.7) 6.8 32.0 Pretax, pre-provision income3(H) 4.2 32.7 (3.7) 7.9 36.4 Income tax expense — 1.8 (0.9) 0.9 2.7 Net income 3.1 26.5 (2.8) 5.9 29.3 Diluted earnings per share $0.35 $3.08 ($0.35) $0.70 $3.42 Return on average assets 0.39 % 0.84 % 0.73 % 0.93 % Return on average common shareholders’ equity 4.3 9.8 8.6 10.8 Return on average tangible common shareholders’ equity3 5.9 13.5 11.7 15.0 Efficiency ratio 81 67 66 64 1 Represents impacts of the FDIC special assessment and the BSBY cessation charge. 2 Adjusted amounts (except for the amounts with respect to provision for credit losses) represent non-GAAP financial measures. For additional information and a reconciliation of these non-GAAP measures to the most comparable GAAP measures, see Endnote A on page 10. 3 Pretax, pre-provision income and return on average tangible common shareholders’ equity represent non-GAAP financial measures. For more information, see page 20. From Chief Financial Officer Alastair Borthwick: “Robust client activity in 2023 demonstrates how we grow the franchise organically by winning new clients and deepening existing relationships. From record levels of accounts, asset flows, and digital engagement to strong balances and sales and trading results, customers and clients continue to see the exceptional value, power, and convenience our businesses offer them. Our strong capital position, in addition to solid earnings, kept us well above our current minimum capital requirements and enabled us to return $12 billion to shareholders in common stock dividends and share repurchases in 2023 while supporting customer growth.” Common Equity Tier 1 Capital $180.1 $184.4 $190.1 $194.2 $194.9 11.2% 11.4% 11.6% 11.9% 11.8% Common Equity Tier 1 capital Common Equity Tier 1 capital ratio Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Noninterest Expense $15.5 $16.2 $16.0 $15.8 $17.7 $15.6 $2.1 Noninterest expense FDIC special assessment Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Spotlight on Noninterest Expense and Common Equity Tier 1 Capital ($B) 2 1 Adjusted noninterest expense of $15.6 billion represents a non-GAAP financial measure. For additional information and reconciliation of the GAAP measure to the adjusted financial measure, see Endnote A on page 10. 2 Common equity tier 1 capital ratio under the Standardized approach. For additional information on regulatory capital ratios, see Endnote F on page 11. 1

3 Consumer Banking1,2 Financial Results Three months ended ($ in millions) 12/31/2023 9/30/2023 12/31/2022 Total revenue2 $10,329 $10,472 $10,782 Provision for credit losses 1,405 1,397 944 Noninterest expense 5,234 5,256 5,100 Pretax income 3,690 3,819 4,738 Income tax expense 922 955 1,161 Net income $2,768 $2,864 $3,577 Business Highlights(B) Three months ended ($ in billions) 12/31/2023 9/30/2023 12/31/2022 Average deposits $959.2 $980.1 $1,047.1 Average loans and leases 313.4 310.8 300.4 Consumer investment assets (EOP)5 424.4 387.5 319.6 Active mobile banking users (MM) 37.9 37.5 35.5 Number of financial centers 3,845 3,862 3,913 Efficiency ratio 51 % 50 % 47 % Return on average allocated capital 26 27 35 Total Consumer Credit Card3 Average credit card outstanding balances $100.4 $98.0 $89.6 Total credit / debit spend 228.9 225.3 223.0 Risk-adjusted margin 7.2 % 7.7 % 9.9 % 1 Comparisons are to the year-ago quarter unless noted. 2 Revenue, net of interest expense. 3 The Consumer credit card portfolio includes Consumer Banking and GWIM. 4 Represents the percentage of consumer checking accounts that are estimated to be the customer’s primary account based on multiple relationship factors (e.g., linked to their direct deposit). 5 Consumer investment assets includes client brokerage assets, deposit sweep balances, Bank of America, N.A. brokered CDs, and AUM in Consumer Banking. 6 As of November 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 November 2023. • Net income of $2.8 billion • Revenue of $10.3 billion decreased 4%, driven primarily by the impact of lower deposit balances • Provision for credit losses of $1.4 billion vs. $944 million – Net reserve build of $382 million(D) in Q4-23 – Net charge-offs of $1.0 billion increased $432 million • Noninterest expense of $5.2 billion increased 3%, driven primarily by higher FDIC expense – Efficiency ratio 51% Business Highlights1,3(B) • Average deposits of $959 billion decreased $88 billion, or 8% – 58% of deposits in checking accounts; 92% primary accounts4 • Average loans and leases of $313 billion increased $13 billion, or 4% • Combined credit / debit card spend of $229 billion increased 3% from Q4-22 • Record consumer investment assets5 of $424 billion grew $105 billion, or 33%, driven by $49 billion of client flows from new and existing clients and higher market valuations – 3.8 million consumer investment accounts, up 10% • 11.1 million Total clients6 enrolled in Preferred Rewards, up 8%, with 99% annualized retention rate Strong Digital Usage Continued1 • 75% of overall households7 actively using digital platforms • Record 46 million active digital banking users, up 5% or 2.2 million • ~1.4 million digital sales, down 11% • Record 3.3 billion digital logins, up 10% • New Zelle® records: 21.5 million active users, up 18% YoY, sent and received 342 million transactions, worth $101 billion, up 26% and 25% YoY, respectively • Clients booked ~865,000 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 12 for Business Leadership sources.

4 Global Wealth and Investment Management1,2 Financial Results Three months ended ($ in millions) 12/31/2023 9/30/2023 12/31/2022 Total revenue2 $5,227 $5,321 $5,410 Provision (benefit) for credit losses (26) (6) 37 Noninterest expense 3,894 3,950 3,784 Pretax income 1,359 1,377 1,589 Income tax expense 340 344 389 Net income $1,019 $1,033 $1,200 Business Highlights(B) Three months ended ($ in billions) 12/31/2023 9/30/2023 12/31/2022 Average deposits $292.5 $291.8 $317.8 Average loans and leases 219.4 218.6 225.1 Total client balances (EOP) 3,789.4 3,550.9 3,386.8 AUM flows 8.4 14.2 0.1 Pretax margin 26 % 26 % 29 % Return on average allocated capital 22 22 27 1 Comparisons are to the year-ago quarter unless noted. 2 Revenue, net of interest expense. 3 Percentage of digitally active Merrill primary households ($250K+ in investable assets within the enterprise) as of December 2023. Excludes Stock Plan and Banking only households. 4 Percentage of digitally active Private Bank core relationships ($3MM+ in total Balances) as of November 2023. Includes third-party activities and excludes Irrevocable Trust-only relationships, Institutional Philanthropic relationships, and exiting relationships. Continued Business Leadership • No. 1 on Forbes’ Best-in-State Wealth Advisors (2023), Top Women Wealth Advisors (2023), Top Women Wealth Advisors Best-in-State (2023), Best-in-State Teams (2023), and Top Next Generation Advisors (2023) • No. 1 on Barron’s Top 100 Women Financial Advisors List (2023) • No. 1 on Financial Planning's 'Top 40 Advisors Under 40' List (2023) • Celent Model Wealth Manager Award (2023) • No. 1 in personal trust AUM(i) • Best National Private Bank(j) and in North America(k) • Best Private Bank in the U.S. by Global Finance (2024) and PWM (2023) • Best Private Bank for Philanthropic Services by Global Finance (2024) and PWM (2023) • Digital Wealth Management Impact Award(l) • Best in Trust(m) See page 12 for Business Leadership sources. • Net income of $1.0 billion • Revenue of $5.2 billion decreased 3%, driven by lower NII, partially offset by higher asset management fees due to higher market levels and AUM flows • Noninterest expense of $3.9 billion increased 3%, driven by revenue-related incentives and higher FDIC expense Business Highlights1(B) • Client balances of $3.8 trillion increased 12%, driven by higher market valuations and positive net client flows – AUM flows of $8 billion in Q4-23; $52 billion in 2023 – Average deposits of $292 billion decreased $25 billion, or 8% – Average loans and leases of $219 billion decreased $6 billion, or 3% Merrill Wealth Management Highlights1 Client Engagement – Client balances of $3.2 trillion(B) – AUM balances of $1.3 trillion – ~6,500 net new households in Q4-23 Strong Digital Usage Continued – 83% of Merrill households digitally active3 across the enterprise ▪ Record 60% of Merrill Households mobile active across the enterprise – 80% of households enrolled in eDelivery – 75% of eligible checks deposited through automated channels – 72% of eligible Bank and Brokerage accounts opened through Digital Onboarding in Q4, up from 39% a year ago Client Engagement – Client balances of $607 billion(B) – AUM balances of $360 billion – 4Q Record ~630 net new relationships in Q4-23, up 16% YoY Bank of America Private Bank Highlights1 Strong Digital Usage Continued – 92% of clients digitally active4 across the enterprise – 75% of eligible checks deposited through automated channels – Clients continued leveraging the convenience and effectiveness of our digital capabilities: ▪ Digital wallet transactions up 39% ▪ Zelle® transactions up 37%

5 Global Banking1,2,3 Financial Results Three months ended ($ in millions) 12/31/2023 9/30/2023 12/31/2022 Total revenue2,3 $5,928 $6,203 $6,438 Provision (benefit) for credit losses (239) (119) 149 Noninterest expense 2,781 2,804 2,833 Pretax income 3,386 3,518 3,456 Income tax expense 914 950 916 Net income $2,472 $2,568 $2,540 Business Highlights2(B) Three months ended ($ in billions) 12/31/2023 9/30/2023 12/31/2022 Average deposits $527.6 $504.4 $503.5 Average loans and leases 374.9 376.2 380.4 Total Corp. IB fees (excl. self-led) 1.1 1.2 1.1 Global Banking IB fees 0.7 0.7 0.7 Business Lending revenue 2.5 2.6 2.7 Global Transaction Services revenue 2.7 2.8 3.1 Efficiency ratio 47 % 45 % 44 % Return on average allocated capital 20 21 23 1 Comparisons are to the year-ago quarter unless noted. 2 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities. 3 Revenue, net of interest expense. 4 Source: Dealogic as of December 31, 2023. • Net income of $2.5 billion • Revenue of $5.9 billion decreased 8%, driven primarily by lower NII and leasing revenue • Provision for credit losses decreased $388 million to a benefit of $239 million, driven primarily by an improved macroeconomic outlook • Noninterest expense of $2.8 billion decreased 2%, driven by lower revenue-related incentives, partially offset by continued investments in the business, including technology, and higher FDIC expense 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(o) • Best Bank for Payments & Collections in North America(p) • Model Bank award for Product Innovation in Cash Management – 2023, for CashPro Mobile, CashPro Forecasting, and CashPro API(q) • Best Transaction Bank in North America(r) • 2023 Share & Excellence Awards for U.S. Large Corporate Banking & Cash Management(s) • Relationships with 74% of the Global Fortune 500; 95% of the U.S. Fortune 1,000 (2023) See page 12 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 November 2023) • Record quarterly CashPro App active users increased 21%, and record number of sign-ins increased 24% • Record quarterly CashPro App Payment Approvals value of $245 billion increased 35% • 40% of eligible credit monitoring documents uploaded digitally (as of November 2023) Business Highlights1,2(B) • Total Corporation investment banking fees (excl. self-led) of $1.1 billion increased 7% – Improved market share 32 bps; #4 investment banking fee ranking in Q4-234 • Average deposits of $528 billion increased $24 billion, or 5% • Average loans and leases of $375 billion decreased $6 billion, or 1%, reflecting lower client demand

6 Global Markets1,2,3 Financial Results Three months ended ($ in millions) 12/31/2023 9/30/2023 12/31/2022 Total revenue2,3 $4,088 $4,942 $3,861 Net DVA4 (132) (16) (193) Total revenue (excl. net DVA)2,3,4 $4,220 $4,958 $4,054 Provision (benefit) for credit losses (60) (14) 4 Noninterest expense 3,271 3,235 3,171 Pretax income 877 1,721 686 Income tax expense 241 473 182 Net income $636 $1,248 $504 Net income (excl. net DVA)4 $736 $1,260 $650 Business Highlights2(B) Three months ended ($ in billions) 12/31/2023 9/30/2023 12/31/2022 Average total assets $868.0 $863.7 $857.3 Average trading-related assets 615.4 609.7 608.5 Average loans and leases 133.6 131.3 123.0 Sales and trading revenue 3.6 4.4 3.5 Sales and trading revenue (excl. net DVA)4(G) 3.8 4.4 3.7 Global Markets IB fees 0.4 0.5 0.3 Efficiency ratio 80 % 65 % 82 % Return on average allocated capital 6 11 5 1 Comparisons are to the year-ago quarter unless noted. The explanations for current period- over-period changes for Global Markets are the same for amounts including and excluding net DVA. 2 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities. 3 Revenue, net of interest expense. 4 Revenue and net income, excluding net DVA, are non-GAAP financial measures. See Endnote G on page 11 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 $79MM, $69MM and $117MM for Q4-23, Q3-23 and Q4-22, respectively. • Net income of $636 million – Excluding net DVA, net income of $736 million4 • Revenue of $4.1 billion increased 6%, driven primarily by higher sales and trading revenue • Noninterest expense of $3.3 billion increased 3%, driven by investments in the business, including people and technology • Average VaR of $79 million5 Business Highlights1,2,3(B) • Sales and trading revenue of $3.6 billion increased 3%; excluding net DVA, up 1%(G) – Fixed income, currencies, and commodities (FICC) revenue decreased 4% (ex. DVA, down 6%),(G) to $2.1 billion, driven by weaker trading in rates and credit, partially offset by improved trading in mortgages and municipals – Equities revenue increased 13% (ex. DVA, up 12%),(G) to $1.5 billion, driven by improved trading performance in derivatives Additional Highlights • 675 research analysts covering over 3,500 companies; 1,250+ corporate bond issuers across 55+ economies and 25 industries Continued Business Leadership • World's Best Bank for Markets(o) • North America's Best Bank for Sustainable Finance(o) • Environmental Finance Impact Award for Renewables(t) • Currency Derivatives House of the Year(u) • No. 1 North America Annual Client Survey of Equity Research Firms(v) • No. 2 All America Trading and Execution Team(v) • No. 1 Municipal Bonds Underwriter(w) • No. 1 Market Share in U.S. Registered Equity Block Trade Fees(x) See page 12 for Business Leadership sources.

7 All Other1,2 Financial Results Three months ended ($ in millions) 12/31/2023 9/30/2023 12/31/2022 Total revenue2 $(3,468) $(1,618) $(1,836) Provision (benefit) for credit losses 24 (24) (42) Noninterest expense 2,551 593 655 Pretax loss (6,043) (2,187) (2,449) Income tax expense (benefit) (2,292) (2,276) (1,760) Net income (loss) $(3,751) $89 $(689) 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. • Revenue of ($3.5) billion included a charge of $1.6 billion from BSBY cessation impact • Noninterest expense of $2.6 billion included an accrual of $2.1 billion for the estimated amount of the FDIC special assessment rule for uninsured deposits of certain failed banks(A) • Total corporate income tax for the quarter reflected a modest benefit – Excluding benefit of FDIC special assessment, benefit of BSBY cessation impact, and other discrete tax items, the effective tax rate (ETR) would have been approximately 14%; further excluding recurring ESG tax credit benefits, the ETR would have been approximately 24% • For the full year, the total corporate ETR was approximately 6% – Excluding benefit of FDIC special assessment, benefit of BSBY cessation impact, and other discrete tax items, the ETR would have been approximately 10%; further excluding recurring ESG tax credit benefits, the ETR would have been approximately 25%

8 Credit Quality1 Highlights Three months ended ($ in millions) 12/31/2023 9/30/2023 12/31/2022 Provision for credit losses $1,104 $1,234 $1,092 Net charge-offs 1,192 931 689 Net charge-off ratio2 0.45 % 0.35 % 0.26 % At period-end Nonperforming loans and leases $5,485 $4,833 $3,808 Nonperforming loans and leases ratio 0.52 % 0.46 % 0.37 % Allowance for credit losses $14,551 $14,640 $14,222 Allowance for loan and lease losses 13,342 13,287 12,682 Allowance for loan and lease losses ratio3 1.27 % 1.27 % 1.22 % 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 $1.2 billion increased $261 million from Q3-23 – Consumer net charge-offs of $913 million increased $109 million from Q3-23, driven primarily by higher credit card losses ▪ Credit card loss rate of 3.07% in Q4-23 vs. 2.72% in Q3-23 – Commercial net charge-offs of $279 million increased $152 million from Q3-23 • Net charge-off ratio2 of 0.45% increased 10 bps from Q3-23 Provision for credit losses • Provision for credit losses of $1.1 billion – Net reserve release of $88 million in Q4-23(D), driven primarily by Commercial, partially offset by reserve build in credit card Allowance for credit losses • Allowance for loan and lease losses of $13.3 billion represented 1.27% of total loans and leases3 – Total allowance for credit losses of $14.6 billion included $1.2 billion for unfunded commitments • Nonperforming loans (NPL) of $5.5 billion increased $652 million from Q3-23, driven primarily by Commercial Real Estate – 60% of Consumer nonperforming loans are contractually current • Commercial reservable criticized utilized exposure of $23.3 billion decreased $422 million from Q3-23

9 Balance Sheet, Liquidity, and Capital Highlights ($ in billions except per share data, end of period, unless otherwise noted)(B) Three months ended 12/31/2023 9/30/2023 12/31/2022 Ending Balance Sheet Total assets $3,179.9 $3,153.1 $3,051.4 Total loans and leases 1,053.7 1,049.1 1,045.7 Total loans and leases in business segments (excluding All Other) 1,044.9 1,039.9 1,035.5 Total deposits 1,923.8 1,884.6 1,930.3 Average Balance Sheet Average total assets $3,213.2 $3,128.5 $3,074.3 Average loans and leases 1,050.7 1,046.3 1,039.2 Average deposits 1,905.0 1,876.2 1,925.5 Funding and Liquidity Long-term debt $302.2 $290.4 $276.0 Global Liquidity Sources, average(E) 897 859 868 Equity Common shareholders’ equity $263.2 $258.7 $244.8 Common equity ratio 8.3 % 8.2 % 8.0 % Tangible common shareholders’ equity1 $193.1 $188.5 $174.6 Tangible common equity ratio1 6.2 % 6.1 % 5.9 % Per Share Data Common shares outstanding (in billions) 7.90 7.92 8.00 Book value per common share $33.34 $32.65 $30.61 Tangible book value per common share1 24.46 23.79 21.83 Regulatory Capital(F) CET1 capital $194.9 $194.2 $180.1 Standardized approach Risk-weighted assets $1,651 $1,632 $1,605 CET1 ratio 11.8 % 11.9 % 11.2 % Advanced approaches Risk-weighted assets $1,459 $1,441 $1,411 CET1 ratio 13.4 % 13.5 % 12.8 % Supplementary leverage Supplementary leverage ratio (SLR) 6.1 % 6.2 % 5.9 % 1 Represents a non-GAAP financial measure. For reconciliation, see page 20.

10 Endnotes A In Q4-23, the FDIC imposed a special assessment to recover losses to the Deposit Insurance Fund arising from the protection of uninsured depositors of Silicon Valley Bank and Signature Bank associated with their closures. Accordingly, the Corporation recorded pretax noninterest expense of $2.1B in Q4-23 for its estimated assessment amount. Additionally, the Corporation recorded a net pretax charge of $1.6B in Q4-23 to noninterest income related to interest rate swaps used in cash flow hedges of certain loans that are indexed to the Bloomberg Short-Term Bank Yield Index (BSBY) following the Q4-23 announcement that BSBY will permanently cease effective November 15, 2024. The Corporation has presented certain non-GAAP financial measures (labeled as “adj.” in the tables below) that exclude the impacts of the FDIC special assessment (FDIC SA) and/or the BSBY charge, and has provided a reconciliation of these non-GAAP financial measures as set forth below. The Corporation believes the use of non-GAAP financial measures adjusting for the impact of the FDIC SA and the BSBY charge provide additional information for evaluating its results of operations and comparing its operational performance between periods by excluding these impacts that may not be reflective of its underlying operating performance. Note: Amounts may not total due to rounding. 1 Represents a non-GAAP financial measure. For more information see Endnote H and for a reconciliation to GAAP, see page 20. 2 Calculated as net income applicable to common shareholders divided by average diluted common shares. Average diluted common shares of 8,081MM and 8,062MM for 2023 and Q4-23. 3 Calculated as net income divided by average assets. Average assets were $3,154B and $3,213B for 2023 and Q4-23. 4 Calculated as net income applicable to common shareholders divided by average common shareholders’ equity. Average common shareholders’ equity was $255B and $260B for 2023 and Q4-23. 5 Calculated as net income applicable to common shareholders divided by average tangible common shareholders’ equity. Average tangible common shareholders’ equity was $185B and $190B for 2023 and Q4-23. Average tangible common shareholders’ equity represents a non-GAAP financial measure. For more information and a reconciliation of average shareholders’ equity to average tangible common shareholders’ equity, see page 20. 6 Calculated as noninterest expense divided by revenue, net of interest expense. Reconciliation ($ in billions, except per share data) 2023 Reported Q4-23 Reported FDIC SA 2023 adj. FDIC SA Q4-23 adj. FDIC SA BSBY Charge 2023 adj. BSBY Charge Q4-23 adj. BSBY Charge FDIC SA & BSBY Charge 2023 adj. FDIC SA & BSBY Charge Q4-23 adj. FDIC SA & BSBY Charge Noninterest income $41.7 $8.0 $— $41.7 $8.0 ($1.6) $43.2 $9.6 ($1.6) $43.3 $9.6 Total revenue, net of interest expense 98.6 22.0 — 98.6 22.0 (1.6) 100.2 23.5 (1.6) 100.2 23.5 Noninterest expense 65.8 17.7 2.1 63.8 15.6 — 65.8 17.7 2.1 63.8 15.6 Income before income taxes 28.3 3.1 (2.1) 30.4 5.2 (1.6) 29.9 4.7 (3.7) 32.0 6.8 Pretax, pre-provision income1 32.7 4.2 (2.1) 34.8 6.3 (1.6) 34.3 5.8 (3.7) 36.4 7.9 Income tax expense (benefit) 1.8 — (0.5) 2.3 0.5 (0.4) 2.2 0.4 (0.9) 2.7 0.9 Net income 26.5 3.1 (1.6) 28.1 4.7 (1.2) 27.7 4.3 (2.8) 29.3 5.9 Net income applicable to common shareholders 24.9 2.8 (1.6) 26.5 4.5 (1.2) 26.1 4.1 (2.8) 27.7 5.6 Diluted earnings per share2 $3.08 $0.35 ($0.20) $3.27 $0.55 ($0.15) $3.23 $0.50 ($0.35) $3.42 $0.70 2022 Reported Inc / (Dec) Q4-22 Reported Inc / (Dec) ($ in billions, except per share data) Reported adj. FDIC SA adj. BSBY Charge adj. FDIC SA & BSBY Charge Reported adj. FDIC SA adj. BSBY Charge adj. FDIC SA & BSBY Charge Noninterest income $42.5 ($0.8) ($0.8) $0.7 $0.8 $9.9 ($1.8) ($1.8) ($0.3) ($0.3) Total revenue, net of interest expense 95.0 3.6 3.6 5.3 5.2 24.5 (2.6) (2.6) (1.0) (1.0) Noninterest expense 61.4 4.4 2.3 4.4 2.3 15.5 2.2 0.1 2.2 0.1 Income before income taxes 31.0 (2.6) (0.6) (1.1) 1.0 7.9 (4.8) (2.7) (3.2) (1.1) Pretax, pre-provision income1 33.5 (0.8) 1.3 0.8 2.9 9.0 (4.8) (2.7) (3.2) (1.1) Income tax expense (benefit) 3.4 (1.6) (1.1) (1.2) (0.7) 0.8 (0.8) (0.3) (0.4) 0.1 Net income 27.5 (1.0) 0.6 0.2 1.8 7.1 (4.0) (2.4) (2.8) (1.2) Net income applicable to common shareholders 26.0 (1.1) 0.5 0.1 1.6 6.9 (4.1) (2.4) (2.9) (1.3) Diluted earnings per share2 $3.19 ($0.11) $0.08 $0.04 $0.23 $0.85 ($0.50) ($0.30) ($0.35) ($0.15) Reconciliation of return metrics and efficiency ratio ($ in billions) 2023 Reported Q4-23 Reported 2023 FDIC SA & BSBY Charge 2023 adj. FDIC SA & BSBY Charge Q4-23 FDIC SA & BSBY Charge Q4-23 adj. FDIC SA & BSBY Charge Return on average assets3 0.84 % 0.39 % (9) bps 0.93 % (34) bps 0.73 % Return on average common shareholders’ equity4 9.8 4.3 (109) bps 10.8 (425) bps 8.6 Return on average tangible common shareholders’ equity5 13.5 5.9 (151) bps 15.0 (582) bps 11.7 Efficiency ratio6 67 81 314 bps 64 1,430 bps 66

11 Endnotes Three months ended (Dollars in millions) 12/31/2023 9/30/2023 12/31/2022 Sales and trading revenue Fixed-income, currencies and commodities $ 2,079 $ 2,710 $ 2,157 Equities 1,540 1,695 1,368 Total sales and trading revenue $ 3,619 $ 4,405 $ 3,525 Sales and trading revenue, excluding net debit valuation adjustment1 Fixed-income, currencies and commodities $ 2,206 $ 2,723 $ 2,343 Equities 1,545 1,698 1,375 Total sales and trading revenue, excluding net debit valuation adjustment $ 3,751 $ 4,421 $ 3,718 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 Consolidated and Business Segment Highlights on page 1, Balance Sheet, Liquidity, and Capital Highlights on page 9 and on the Segment pages for each segment. 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 $14.1 billion, $14.5 billion and $14.8 billion for the three months ended December 31, 2023, September 30, 2023 and December 31, 2022, respectively. The FTE adjustment was $145 million, $153 million and $123 million for the three months ended December 31, 2023, September 30, 2023 and December 31, 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 December 31, 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 Total capital ratio under the Standardized approach for December 31, 2023 and September 30, 2023; and the Common equity tier 1 ratio under the Standardized approach for December 31, 2022. 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 December 31, 2023, September 30, 2023 and December 31, 2022, net DVA gains (losses) were $(132) million, $(16) million and $(193) million, FICC net DVA gains (losses) were $(127) million, $(13) million and $(186) million, and Equities net DVA gains (losses) were $(5) million, $(3) million and $(7) million, respectively. H Pretax, pre-provision income (PTPI) is a non-GAAP financial measure calculated by adjusting consolidated pretax income to add back provision for credit losses. Management believes that PTPI is a useful financial measure as it enables an assessment of the Company’s ability to generate earnings to cover credit losses through a credit cycle and provides an additional basis for comparing the Company's results of operations between periods by isolating the impact of provision for credit losses, which can vary significantly between periods. For Reconciliations to GAAP financial measures, see page 20.

12 (a) Estimated U.S. retail deposits based on June 30, 2023 FDIC deposit data. (b) Javelin 2023 Online and Mobile Banking Scorecards. (c) FDIC, Q3-23. (d) Global Finance, March 2023. (e) Global Finance, August 2023. (f) Global Finance, October 2023. (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 Q3-23 FDIC call reports. (j) Family Wealth Report, 2023. (k) Global Private Banking Innovation Award, 2023. (l) Datos Insights, 2023. (m) WealthManagement.com, 2023.* (n) Global Finance, 2023. (o) Euromoney, 2023. (p) Global Finance Treasury & Cash Management Awards, 2023. (q) Celent, 2023. (r) The Banker, 2023. (s) Coalition Greenwich, 2023. (t) Impact Awards, 2023. (u) Risk.net, 2024.* (v) Institutional Investor, 2023. (w) Refinitiv, 2023 YTD. (x) Dealogic, 2023 YTD. Business Leadership Sources * Website content is not incorporated by reference into this press release.

13 Contact Information and Investor Conference Call Invitation Investor Call Information Chief Executive Officer Brian Moynihan and Chief Financial Officer Alastair Borthwick will discuss fourth- quarter 2023 financial results in a conference call at 11:00 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 January 12 through 11:59 p.m. ET on January 22. Investors May Contact: Lee McEntire, Bank of America Phone: 1.980.388.6780 [email protected] Jonathan G. Blum, Bank of America (Fixed Income) Phone: 1.212.449.3112 [email protected] Bank of America Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,800 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 57 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange. Forward-Looking Statements Bank of America Corporation (the Corporation) and its management may make certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements represent the Corporation’s current expectations, plans or forecasts of its future results, revenues, liquidity, net interest income, provision for credit losses, expenses, efficiency ratio, capital measures, strategy, deposits, assets, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond the Corporation’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements. * Website content is not incorporated by reference into this press release. Reporters May Contact: Bill Halldin, Bank of America Phone: 1.916.724.0093 [email protected] Christopher Feeney, Bank of America Phone: 1.980.386.6794 [email protected]

14 You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties more fully discussed under Item 1A. Risk Factors of the Corporation’s 2022 Annual Report on Form 10-K and in any of the Corporation’s subsequent Securities and Exchange Commission filings: the Corporation’s potential judgments, orders, settlements, penalties, fines and reputational damage resulting from pending or future litigation and regulatory investigations, proceedings and enforcement actions, including as a result of our participation in and execution of government programs related to the Coronavirus Disease 2019 (COVID-19) pandemic, such as the processing of unemployment benefits for California and certain other states; the possibility that the Corporation's future liabilities may be in excess of its recorded liability and estimated range of possible loss for litigation, and regulatory and government actions; the possibility that the Corporation could face increased claims from one or more parties involved in mortgage securitizations; the Corporation’s ability to resolve representations and warranties repurchase and related claims; the risks related to the discontinuation of reference rates, including increased expenses and litigation and the effectiveness of hedging strategies; uncertainties about the financial stability and growth rates of non-U.S. jurisdictions, the risk that those jurisdictions may face difficulties servicing their sovereign debt, and related stresses on financial markets, currencies and trade, and the Corporation’s exposures to such risks, including direct, indirect and operational; the impact of U.S. and global interest rates, inflation, currency exchange rates, economic conditions, trade policies and tensions, including tariffs, and potential geopolitical instability; the impact of the interest rate, inflationary, macroeconomic, banking and regulatory environment on the Corporation’s assets, business, financial condition and results of operations; the impact of adverse developments affecting the U.S. or global banking industry, including bank failures and liquidity concerns, resulting in worsening economic and market volatility, and regulatory responses thereto; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. or global economic conditions and other uncertainties, including the impact of supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; potential losses related to the Corporation’s concentration of credit risk; the Corporation's ability to achieve its expense targets and expectations regarding revenue, net interest income, provision for credit losses, net charge-offs, effective tax rate, loan growth or other projections; adverse changes to the Corporation’s credit ratings from the major credit rating agencies; an inability to access capital markets or maintain deposits or borrowing costs; estimates of the fair value and other accounting values, subject to impairment assessments, of certain of the Corporation’s assets and liabilities; the estimated or actual impact of changes in accounting standards or assumptions in applying those standards; uncertainty regarding the content, timing and impact of regulatory capital and liquidity requirements; the impact of adverse changes to total loss-absorbing capacity requirements, stress capital buffer requirements and/or global systemically important bank surcharges; the potential impact of actions of the Board of Governors of the Federal Reserve System on the Corporation’s capital plans; the effect of changes in or interpretations of income tax laws and regulations; the impact of implementation and compliance with U.S. and international laws, regulations and regulatory interpretations, including, but not limited to, recovery and resolution planning requirements, Federal Deposit Insurance Corporation assessments, the Volcker Rule, fiduciary standards, derivatives regulations and potential changes to loss allocations between financial institutions and customers, including for losses incurred from the use of our products and services, including Zelle, that were authorized by the customer but induced by fraud; the impact of failures or disruptions in or breaches of the Corporation’s operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learning; the risks related to the transition and physical impacts of climate change; our ability to achieve environmental, social and governance goals and commitments or the impact of any changes in the Corporation's sustainability strategy or commitments generally; the impact of any future federal government shutdown and uncertainty regarding the federal government’s debt limit or changes in fiscal, monetary or regulatory policy; the emergence or continuation of widespread health emergencies or pandemics; the impact of natural disasters, extreme weather events, military conflicts (including the Russia/Ukraine conflict, the conflict in Israel and surrounding areas, the possible expansion of such conflicts and potential geopolitical consequences), terrorism or other geopolitical events; and other matters. Forward-looking statements speak only as of the date they are made, and the Corporation undertakes no obligation to update any forward- looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made. “Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”) or other affiliates, including, in the United States, BofA Securities, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, each of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. is registered as a futures commission merchant with the CFTC and is a member of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured · May Lose Value · Are Not Bank Guaranteed. Bank of America Corporation’s broker-dealers are not banks and are separate legal entities from their bank affiliates. The obligations of the broker- dealers are not obligations of their bank affiliates (unless explicitly stated otherwise), and these bank affiliates are not responsible for securities sold, offered, or recommended by the broker-dealers. The foregoing also applies to other non-bank affiliates. For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom at https://newsroom.bankofamerica.com.* www.bankofamerica.com* * Website content is not incorporated by reference into this press release.

Current-period information is preliminary and based on company data available at the time of the presentation. 15 Bank of America Corporation and Subsidiaries Selected Financial Data (In millions, except per share data) Year Ended December 31 Fourth Quarter 2023 Third Quarter 2023 Fourth Quarter 2022Summary Income Statement 2023 2022 Net interest income $ 56,931 $ 52,462 $ 13,946 $ 14,379 $ 14,681 Noninterest income 41,650 42,488 8,013 10,788 9,851 Total revenue, net of interest expense 98,581 94,950 21,959 25,167 24,532 Provision for credit losses 4,394 2,543 1,104 1,234 1,092 Noninterest expense 65,845 61,438 17,731 15,838 15,543 Income before income taxes 28,342 30,969 3,124 8,095 7,897 Income tax expense 1,827 3,441 (20) 293 765 Net income $ 26,515 $ 27,528 $ 3,144 $ 7,802 $ 7,132 Preferred stock dividends and other 1,649 1,513 306 532 228 Net income applicable to common shareholders $ 24,866 $ 26,015 $ 2,838 $ 7,270 $ 6,904 Average common shares issued and outstanding 8,028.6 8,113.7 7,990.9 8,017.1 8,088.3 Average diluted common shares issued and outstanding 8,080.5 8,167.5 8,062.5 8,075.9 8,155.7 Summary Average Balance Sheet Total cash and cash equivalents $ 350,465 $ 223,593 $ 405,052 $ 378,955 $ 203,366 Total debt securities 794,192 922,730 802,657 752,569 869,084 Total loans and leases 1,046,256 1,016,782 1,050,705 1,046,254 1,039,247 Total earning assets 2,753,600 2,700,860 2,829,765 2,738,699 2,647,712 Total assets 3,153,513 3,135,894 3,213,159 3,128,466 3,074,289 Total deposits 1,887,541 1,986,158 1,905,011 1,876,153 1,925,544 Common shareholders’ equity 254,956 241,981 260,221 256,578 243,647 Total shareholders’ equity 283,353 270,299 288,618 284,975 272,629 Performance Ratios Return on average assets 0.84 % 0.88 % 0.39 % 0.99 % 0.92 % Return on average common shareholders’ equity 9.75 10.75 4.33 11.24 11.24 Return on average tangible common shareholders’ equity (1) 13.46 15.15 5.92 15.47 15.79 Per Common Share Information Earnings $ 3.10 $ 3.21 $ 0.36 $ 0.91 $ 0.85 Diluted earnings 3.08 3.19 0.35 0.90 0.85 Dividends paid 0.92 0.86 0.24 0.24 0.22 Book value 33.34 30.61 33.34 32.65 30.61 Tangible book value (1) 24.46 21.83 24.46 23.79 21.83 Summary Period-End Balance Sheet December 31 2023 September 30 2023 December 31 2022 Total cash and cash equivalents $ 333,073 $ 351,726 $ 230,203 Total debt securities 871,407 778,873 862,819 Total loans and leases 1,053,732 1,049,149 1,045,747 Total earning assets 2,808,175 2,761,184 2,640,827 Total assets 3,179,876 3,153,090 3,051,375 Total deposits 1,923,827 1,884,601 1,930,341 Common shareholders’ equity 263,249 258,667 244,800 Total shareholders’ equity 291,646 287,064 273,197 Common shares issued and outstanding 7,895.5 7,923.4 7,996.8 Year Ended December 31 Fourth Quarter 2023 Third Quarter 2023 Fourth Quarter 2022Credit Quality 2023 2022 Total net charge-offs $ 3,799 $ 2,172 $ 1,192 $ 931 $ 689 Net charge-offs as a percentage of average loans and leases outstanding (2) 0.36 % 0.21 % 0.45 % 0.35 % 0.26 % Provision for credit losses $ 4,394 $ 2,543 $ 1,104 $ 1,234 $ 1,092 December 31 2023 September 30 2023 December 31 2022 Total nonperforming loans, leases and foreclosed properties (3) $ 5,630 $ 4,993 $ 3,978 Nonperforming loans, leases and foreclosed properties as a percentage of total loans, leases and foreclosed properties (3) 0.54 % 0.48 % 0.38 % Allowance for credit losses $ 14,551 $ 14,640 $ 14,222 Allowance for loan and lease losses 13,342 13,287 12,682 Allowance for loan and lease losses as a percentage of total loans and leases outstanding (2) 1.27 % 1.27 % 1.22 % For footnotes, see page 16.

Current-period information is preliminary and based on company data available at the time of the presentation. 16 Bank of America Corporation and Subsidiaries Selected Financial Data (continued) (Dollars in millions) Capital Management December 31 2023 September 30 2023 December 31 2022 Regulatory capital metrics (4): Common equity tier 1 capital $ 194,928 $ 194,230 $ 180,060 Common equity tier 1 capital ratio - Standardized approach 11.8 % 11.9 % 11.2 % Common equity tier 1 capital ratio - Advanced approaches 13.4 13.5 12.8 Tier 1 leverage ratio 7.1 7.3 7.0 Supplementary leverage ratio 6.1 6.2 5.9 Total ending equity to total ending assets ratio 9.2 9.1 9.0 Common equity ratio 8.3 8.2 8.0 Tangible equity ratio (5) 7.1 7.0 6.8 Tangible common equity ratio (5) 6.2 6.1 5.9 (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 20. (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 December 31, 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 Total capital ratio under the Standardized approach for December 31, 2023 and September 30, 2023; and Common equity tier 1 ratio under the Standardized approach for December 31, 2022. (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 20.

Current-period information is preliminary and based on company data available at the time of the presentation. 17 Bank of America Corporation and Subsidiaries Quarterly Results by Business Segment and All Other (Dollars in millions) Fourth Quarter 2023 Consumer Banking GWIM Global Banking Global Markets All Other Total revenue, net of interest expense $ 10,329 $ 5,227 $ 5,928 $ 4,088 $ (3,468) Provision for credit losses 1,405 (26) (239) (60) 24 Noninterest expense 5,234 3,894 2,781 3,271 2,551 Net income 2,768 1,019 2,472 636 (3,751) Return on average allocated capital (1) 26 % 22 % 20 % 6 % n/m Balance Sheet Average Total loans and leases $ 313,438 $ 219,425 $ 374,862 $ 133,631 $ 9,349 Total deposits 959,247 292,478 527,597 31,950 93,739 Allocated capital (1) 42,000 18,500 49,250 45,500 n/m Quarter end Total loans and leases $ 315,119 $ 219,657 $ 373,891 $ 136,223 $ 8,842 Total deposits 969,572 299,657 527,060 34,833 92,705 Third Quarter 2023 Consumer Banking GWIM Global Banking Global Markets All Other Total revenue, net of interest expense $ 10,472 $ 5,321 $ 6,203 $ 4,942 $ (1,618) Provision for credit losses 1,397 (6) (119) (14) (24) Noninterest expense 5,256 3,950 2,804 3,235 593 Net income (loss) 2,864 1,033 2,568 1,248 89 Return on average allocated capital (1) 27 % 22 % 21 % 11 % n/m Balance Sheet Average Total loans and leases $ 310,761 $ 218,569 $ 376,214 $ 131,298 $ 9,412 Total deposits 980,051 291,770 504,432 31,890 68,010 Allocated capital (1) 42,000 18,500 49,250 45,500 n/m Quarter end Total loans and leases $ 313,216 $ 218,913 $ 373,351 $ 134,386 $ 9,283 Total deposits 982,302 290,732 494,938 31,041 85,588 Fourth Quarter 2022 Consumer Banking GWIM Global Banking Global Markets All Other Total revenue, net of interest expense $ 10,782 $ 5,410 $ 6,438 $ 3,861 $ (1,836) Provision for credit losses 944 37 149 4 (42) Noninterest expense 5,100 3,784 2,833 3,171 655 Net income 3,577 1,200 2,540 504 (689) Return on average allocated capital (1) 35 % 27 % 23 % 5 % n/m Balance Sheet Average Total loans and leases $ 300,360 $ 225,094 $ 380,385 $ 123,022 $ 10,386 Total deposits 1,047,058 317,849 503,472 37,219 19,946 Allocated capital (1) 40,000 17,500 44,500 42,500 n/m Quarter end Total loans and leases $ 304,761 $ 223,910 $ 379,107 $ 127,735 $ 10,234 Total deposits 1,048,799 323,899 498,661 39,077 19,905 (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. 18 Bank of America Corporation and Subsidiaries Annual Results by Business Segment and All Other (Dollars in millions) Year Ended December 31, 2023 Consumer Banking GWIM Global Banking Global Markets All Other Total revenue, net of interest expense $ 42,031 $ 21,105 $ 24,796 $ 19,527 $ (8,311) Provision for credit losses 5,158 6 (586) (131) (53) Noninterest expense 21,416 15,836 11,344 13,206 4,043 Net income (loss) 11,593 3,947 10,248 4,678 (3,951) Return on average allocated capital (1) 28 % 21 % 21 % 10 % n/m Balance Sheet Average Total loans and leases $ 308,690 $ 219,503 $ 378,762 $ 129,657 $ 9,644 Total deposits 992,750 298,335 505,627 33,278 57,551 Allocated capital (1) 42,000 18,500 49,250 45,500 n/m Year end Total loans and leases $ 315,119 $ 219,657 $ 373,891 $ 136,223 $ 8,842 Total deposits 969,572 299,657 527,060 34,833 92,705 Year Ended December 31, 2022 Consumer Banking GWIM Global Banking Global Markets All Other Total revenue, net of interest expense $ 38,635 $ 21,748 $ 22,229 $ 18,138 $ (5,362) Provision for credit losses 1,980 66 641 28 (172) Noninterest expense 20,077 15,490 10,966 12,420 2,485 Net income 12,516 4,675 7,807 4,182 (1,652) Return on average allocated capital (1) 31 % 27 % 18 % 10 % n/m Balance Sheet Average Total loans and leases $ 292,366 $ 219,810 $ 375,271 $ 116,652 $ 12,683 Total deposits 1,062,561 351,329 511,804 40,382 20,082 Allocated capital (1) 40,000 17,500 44,500 42,500 n/m Year end Total loans and leases $ 304,761 $ 223,910 $ 379,107 $ 127,735 $ 10,234 Total deposits 1,048,799 323,899 498,661 39,077 19,905 (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. 19 Bank of America Corporation and Subsidiaries Supplemental Financial Data (Dollars in millions) Year Ended December 31 Fourth Quarter 2023 Third Quarter 2023 Fourth Quarter 2022FTE basis data (1) 2023 2022 Net interest income $ 57,498 $ 52,900 $ 14,091 $ 14,532 $ 14,804 Total revenue, net of interest expense 99,148 95,388 22,104 25,320 24,655 Net interest yield 2.08 % 1.96 % 1.97 % 2.11 % 2.22 % Efficiency ratio 66.41 64.41 80.22 62.55 63.05 Other Data December 31 2023 September 30 2023 December 31 2022 Number of financial centers - U.S. 3,845 3,862 3,913 Number of branded ATMs - U.S. 15,168 15,253 15,528 Headcount 212,985 212,752 216,823 (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 $567 million and $438 million for the years ended December 31, 2023 and 2022, $145 million and $153 million for the fourth and third quarters of 2023 and $123 million for the fourth quarter of 2022.

Current-period information is preliminary and based on company data available at the time of the presentation. 20 The Corporation evaluates its business using certain non-GAAP financial measures, including pretax, pre-provision income (as defined in Endnote H on page 11) and ratios that utilize tangible equity and tangible assets, each of which is a non-GAAP financial measure. Tangible equity represents shareholders’ equity or common shareholders’ equity reduced by goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities (“adjusted” shareholders’ equity or common shareholders’ equity). Return on average tangible common shareholders’ equity measures the Corporation’s net income applicable to common shareholders as a percentage of adjusted average common shareholders’ equity. The tangible common equity ratio represents adjusted ending common shareholders’ equity divided by total tangible assets (total assets less goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities). Return on average tangible shareholders’ equity measures the Corporation’s net income as a percentage of adjusted average total shareholders’ equity. The tangible equity ratio represents adjusted ending shareholders’ equity divided by total tangible assets. Tangible book value per common share represents adjusted ending common shareholders’ equity divided by ending common shares outstanding. These measures are used to evaluate the Corporation’s use of equity. In addition, profitability, relationship and investment models all use return on average tangible shareholders’ equity as key measures to support our overall growth goals. See the tables below for reconciliations of these non-GAAP financial measures to the most closely related financial measures defined by GAAP for the years ended December 31, 2023 and 2022, and the three months ended December 31, 2023, September 30, 2023 and December 31, 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 these non-GAAP financial measures differently. Bank of America Corporation and Subsidiaries Reconciliations to GAAP Financial Measures (Dollars in millions, except per share information) Year Ended December 31 Fourth Quarter 2023 Third Quarter 2023 Fourth Quarter 2022 2023 2022 Reconciliation of income before income taxes to pretax, pre-provision income Income before income taxes $ 28,342 $ 30,969 $ 3,124 $ 8,095 $ 7,897 Provision for credit losses 4,394 2,543 1,104 1,234 1,092 Pretax, pre-provision income $ 32,736 $ 33,512 $ 4,228 $ 9,329 $ 8,989 Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity Shareholders’ equity $ 283,353 $ 270,299 $ 288,618 $ 284,975 $ 272,629 Goodwill (69,022) (69,022) (69,021) (69,021) (69,022) Intangible assets (excluding mortgage servicing rights) (2,039) (2,117) (2,010) (2,029) (2,088) Related deferred tax liabilities 893 922 886 890 914 Tangible shareholders’ equity $ 213,185 $ 200,082 $ 218,473 $ 214,815 $ 202,433 Preferred stock (28,397) (28,318) (28,397) (28,397) (28,982) Tangible common shareholders’ equity $ 184,788 $ 171,764 $ 190,076 $ 186,418 $ 173,451 Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity Shareholders’ equity $ 291,646 $ 273,197 $ 291,646 $ 287,064 $ 273,197 Goodwill (69,021) (69,022) (69,021) (69,021) (69,022) Intangible assets (excluding mortgage servicing rights) (1,997) (2,075) (1,997) (2,016) (2,075) Related deferred tax liabilities 874 899 874 886 899 Tangible shareholders’ equity $ 221,502 $ 202,999 $ 221,502 $ 216,913 $ 202,999 Preferred stock (28,397) (28,397) (28,397) (28,397) (28,397) Tangible common shareholders’ equity $ 193,105 $ 174,602 $ 193,105 $ 188,516 $ 174,602 Reconciliation of period-end assets to period-end tangible assets Assets $ 3,179,876 $ 3,051,375 $ 3,179,876 $ 3,153,090 $ 3,051,375 Goodwill (69,021) (69,022) (69,021) (69,021) (69,022) Intangible assets (excluding mortgage servicing rights) (1,997) (2,075) (1,997) (2,016) (2,075) Related deferred tax liabilities 874 899 874 886 899 Tangible assets $ 3,109,732 $ 2,981,177 $ 3,109,732 $ 3,082,939 $ 2,981,177 Book value per share of common stock Common shareholders’ equity $ 263,249 $ 244,800 $ 263,249 $ 258,667 $ 244,800 Ending common shares issued and outstanding 7,895.5 7,996.8 7,895.5 7,923.4 7,996.8 Book value per share of common stock $ 33.34 $ 30.61 $ 33.34 $ 32.65 $ 30.61 Tangible book value per share of common stock Tangible common shareholders’ equity $ 193,105 $ 174,602 $ 193,105 $ 188,516 $ 174,602 Ending common shares issued and outstanding 7,895.5 7,996.8 7,895.5 7,923.4 7,996.8 Tangible book value per share of common stock $ 24.46 $ 21.83 $ 24.46 $ 23.79 $ 21.83

Bank of America 4Q23 Financial Results January 12, 2024

2023 Financial Results 2 ($B, except per share data) 2023 2023 Adjusted1 2022 Inc / (Dec) Inc / (Dec) Adjusted1 Total Revenue, net of interest expense $98.6 $100.2 $95.0 $3.6 4 % $5.2 5 % Provision for credit losses 4.4 4.4 2.5 1.9 73 1.9 73 Net charge-offs 3.8 3.8 2.2 1.6 75 1.6 75 Reserve build2 0.6 0.6 0.4 0.2 60 0.2 60 Noninterest expense 65.8 63.8 61.4 4.4 7 2.3 4 Pretax income 28.3 32.0 31.0 (2.6) (8) 1.0 3 Pretax, pre-provision income3 32.7 36.4 33.5 (0.8) (2) 2.9 9 Income tax 1.8 2.7 3.4 (1.6) (47) (0.7) (21) Net income $26.5 $29.3 $27.5 ($1.0) (4) $1.8 6 Diluted earnings per share $3.08 $3.42 $3.19 ($0.11) (3) $0.23 7 Average diluted common shares (in millions) 8,081 8,081 8,167 (87) (1) (87) (1) Return Metrics and Efficiency Ratio Return on average assets 0.84 % 0.93 % 0.88 % Return on average common shareholders' equity 9.8 10.8 10.8 Return on average tangible common shareholders' equity3 13.5 15.0 15.1 Efficiency ratio 67 64 65 Note: Amounts may not total due to rounding. 1 Amounts in this column (other than provision for credit losses and average diluted common shares) are adjusted for the FDIC special assessment and the BSBY cessation impact. Amounts represent non-GAAP financial measures. For a reconciliation to GAAP of the presented financial measures, see note A on slide 36. For important presentation information, see slide 40. 2 For more information on reserve build (release), see note B on slide 37. 3 Represent non-GAAP financial measures. For more information on pretax, pre-provision income and a reconciliation to GAAP, see note C on slide 37. For important presentation information about these measures, see slide 40. 2023 results included two notable items recorded in 4Q23: • FDIC special assessment pretax noninterest expense of $2.1B, which reduced 4Q23 earnings by $0.20 per diluted common share • As described in the Form 8-K filed on January 8, 2024, pretax noninterest income charge of $1.6B as a result of the Bloomberg Short-Term Bank Yield Index (BSBY) cessation announcement, which reduced 4Q23 earnings by $0.15 per diluted common share

Added ~2,500 new clients; more than 2x 20222 Business Lending revenue up 15% YoY to $10.2B $11.4B Global Transaction Services revenue, up 10% YoY #3 in both U.S. and international investment banking fees for 2023; grew market share 24 bps vs. 20223 New institutional client relationships up 11% YoY Record 4Q and full year sales and trading revenue Record annual average loan balances of $130B, up 11% YoY Zero trading loss days in 2023 1 Includes credit cards across Consumer Banking, Small Business, and Global Wealth & Investment Management. 2 As of November 2023. 3 Source: Dealogic as of December 31, 2023. Added record of over 40,000 net new relationships across Merrill and Private Bank, up 47% YoY Assets under management flows of $52B since 4Q22 Opened record ~150,000 bank accounts Continued Organic Growth in 2023 3 Consumer Banking Global Wealth & Investment Management Global Banking Global Markets Added over 600,000 net new checking accounts; 20 consecutive quarters of growth Added 4.6MM credit card accounts1 Record 3.8MM consumer investment accounts, with $49 billion net client flows since 4Q22 $5.4T total deposits, loans, and investments balances $84B total wealth management flows in 2023

Note: Amounts may not total due to rounding. 1 Amounts in this column (other than provision for credit losses and average diluted common shares) are adjusted for the FDIC special assessment and the BSBY cessation impact. Amounts represent non-GAAP financial measures. For a reconciliation to GAAP of the presented financial measures, see note A on slide 36. For important presentation information, see slide 40. 2 Represent non-GAAP financial measures. For more information on pretax, pre-provision income and a reconciliation to GAAP, see note C on slide 37. For important presentation information about these measures, see slide 40. ($B, except per share data) 4Q23 4Q23 Adjusted1 4Q22 Inc / (Dec) Inc / (Dec) Adjusted1 Total Revenue, net of interest expense $22.0 $23.5 $24.5 ($2.6) (10) % ($1.0) (4) % Provision for credit losses 1.1 1.1 1.1 — 1 — 1 Net charge-offs 1.2 1.2 0.7 0.5 73 0.5 73 Reserve build (release) (0.1) (0.1) 0.4 (0.5) (122) (0.5) (122) Noninterest expense 17.7 15.6 15.5 2.2 14 0.1 1 Pretax income 3.1 6.8 7.9 (4.8) (60) (1.1) (14) Pretax, pre-provision income2 4.2 7.9 9.0 (4.8) (53) (1.1) (12) Income tax (benefit) — 0.9 0.8 (0.8) (103) 0.1 12 Net income $3.1 $5.9 $7.1 ($4.0) (56) ($1.2) (17) Diluted earnings per share $0.35 $0.70 $0.85 ($0.50) (59) ($0.15) (18) Average diluted common shares (in millions) 8,062 8,062 8,156 (93) (1) (93) (1) Return Metrics and Efficiency Ratio Return on average assets 0.39 % 0.73 % 0.92 % Return on average common shareholders' equity 4.3 8.6 11.2 Return on average tangible common shareholders' equity2 5.9 11.7 15.8 Efficiency ratio 81 66 63 4Q23 Financial Results 4 4Q23 results included two notable items: • FDIC special assessment pretax noninterest expense of $2.1B, which reduced earnings by $0.20 per diluted common share • As described in the Form 8-K filed on January 8, 2024, pretax noninterest income charge of $1.6B as a result of the BSBY cessation announcement, which reduced earnings by $0.15 per diluted common share

1 ROE stands for return on average common shareholders’ equity; ROTCE stands for return on average tangible common shareholders’ equity. FTE stands for fully taxable-equivalent basis. 2 Represent non-GAAP financial measures. For important presentation information about these measures, see slide 40. 3 Represent non-GAAP financial measures. For a reconciliation to GAAP of the presented financial metrics, see note A on slide 36. 4Q23 adjusted noninterest expense of $15.6B is calculated as reported noninterest expense of $17.7B less the FDIC special assessment of $2.1B. Reported noninterest expense for 3Q23 was $15.8B. For important presentation information, see slide 40. 4 Excludes loans measured at fair value. Net charge-off ratio is calculated as annualized net charge-offs divided by average outstanding loans and leases during the period. 5 See note D on slide 37 for definition of Global Liquidity Sources. 4Q23 Highlights (Comparisons to 4Q22, unless otherwise noted) • Net income of $3.1B; diluted earnings per share (EPS) of $0.35; ROE1 4.3%, ROTCE1,2 5.9% – Excluding FDIC special assessment and BSBY cessation impact, adj. net income $5.9B, adj. diluted EPS $0.70, adj. ROE 8.6%, adj. ROTCE 11.7%3 • Revenue, net of interest expense, of $22.0B decreased $2.6B, or 10% – Excluding BSBY cessation impact, adjusted revenue of $23.5B decreased 4%3 ◦ Net interest income (NII) of $13.9B ($14.1B FTE)1,2 decreased $0.7B, or 5%, as higher deposit costs and lower deposit balances more than offset higher asset yields ◦ Noninterest income of $8.0B decreased $1.8B; excluding BSBY cessation impact, adjusted noninterest income of $9.6B decreased $264MM3 – Higher asset management and investment banking fees were more than offset by lower market making and similar activities • Provision for credit losses of $1.1B – Net reserve release of $0.1B vs. net reserve builds of $0.4B in 4Q22 and $0.3B in 3Q23 – Net charge-offs (NCOs)4 of $1.2B increased compared to 4Q22 and 3Q23, driven primarily by credit card and commercial real estate office – Net charge-off ratio of 45 bps4 increased 19 bps vs. 4Q22 and 10 bps vs. 3Q23 • Noninterest expense of $17.7B increased $2.2B, or 14%, vs. 4Q22; increased $1.9B, or 12%, vs. 3Q23 – Excluding FDIC special assessment, adjusted noninterest expense of $15.6B increased $94MM, or 1%, vs. 4Q22; declined $201MM, or 1%, vs. 3Q233 • Balance sheet remained strong – Average deposits of $1.91T grew $29B, or 2%, vs. 3Q23 – Average loans and leases of $1.05T were modestly higher vs. 3Q23 – Common Equity Tier 1 capital of $195B increased $0.7B from 3Q23 – Common Equity Tier 1 ratio of 11.8%; 181 bps above regulatory minimum effective January 1, 2024 – Average Global Liquidity Sources of $897B5 – Paid $1.9B in common dividends and repurchased $0.8B of common stock, including repurchases to offset shares awarded under equity-based compensation plans 5

Balance Sheet Metrics 4Q23 3Q23 4Q22 Basel 3 Capital ($B)4 4Q23 3Q23 4Q22 Assets ($B) Common equity tier 1 capital $195 $194 $180 Total assets $3,180 $3,153 $3,051 Standardized approach Total loans and leases 1,054 1,049 1,046 Risk-weighted assets (RWA) $1,651 $1,632 $1,605 Cash and cash equivalents 333 352 230 CET1 ratio 11.8 % 11.9 % 11.2 % Total debt securities 871 779 863 Advanced approaches Risk-weighted assets $1,459 $1,441 $1,411 Funding & Liquidity ($B) CET1 ratio 13.4 % 13.5 % 12.8 % Total deposits $1,924 $1,885 $1,930 Supplementary leverage Long-term debt 302 290 276 Supplementary Leverage Ratio 6.1 % 6.2 % 5.9 % Global Liquidity Sources (average)2 897 859 868 Equity ($B) Common shareholders' equity $263 $259 $245 Common equity ratio 8.3 % 8.2 % 8.0 % Tangible common shareholders' equity3 $193 $189 $175 Tangible common equity ratio3 6.2 % 6.1 % 5.9 % Per Share Data Book value per common share $33.34 $32.65 $30.61 Tangible book value per common share3 24.46 23.79 21.83 Common shares outstanding (in billions) 7.90 7.92 8.00 1 EOP stands for end of period. 2 See note D on slide 37 for definition of Global Liquidity Sources. 3 Represent non-GAAP financial measures. For important presentation information, see slide 40. 4 Regulatory capital ratios at December 31, 2023 are preliminary. Bank of America Corporation (the Corporation) reports regulatory capital ratios under both the Standardized and Advanced approaches. Capital adequacy is evaluated against the lower of the Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements. The Corporation’s binding ratio was the Total capital ratio under the Standardized approach for December 31, 2023 and September 30, 2023; and the CET1 ratio under the Standardized approach for December 31, 2022. Balance Sheet, Liquidity, and Capital (EOP1 basis unless noted) 6 • CET1 ratio of 11.8% decreased 9 bps vs. 3Q234 – CET1 capital of $195B increased $0.7B from 3Q23, driven by net income, partially offset by capital distributions to shareholders – Standardized RWA of $1,651B increased $18B from 3Q23 • Book value per share of $33.34 improved 9% from 4Q22; tangible book value per share of $24.463 improved 12% from 4Q22 • Average Global Liquidity Sources of $897B2 increased $38B, or 4%, from 3Q23

$1,029 $1,031 $1,037 $1,037 $1,041 300 304 307 311 313 225 221 219 219 219 380 381 383 376 375 123 125 129 131 134 Consumer Banking GWIM Global Banking Global Markets 4Q22 1Q23 2Q23 3Q23 4Q23 $0 $250 $500 $750 $1,000 $1,250 $1,039 $1,041 $1,047 $1,046 $1,051 4Q22 1Q23 2Q23 3Q23 4Q23 $800 $900 $1,000 $1,100 +4% (3%) (1%) +9% Average Loan and Lease Trends YoY +1% YoY +1% YoY (10%) Note: Amounts may not total due to rounding. Total Loans and Leases in All Other ($B) Loans and Leases in Business Segments ($B) Total Loans and Leases by Portfolio ($B)Total Loans and Leases ($B) $453 $453 $454 $457 $459 $587 $588 $593 $589 $592 Consumer Commercial 4Q22 1Q23 2Q23 3Q23 4Q23 $0 $250 $500 $750 7 8 8 8 8 8 2 2 2 2 2 $10 $10 $10 $9 $9 Residential mortgage Home equity 4Q22 1Q23 2Q23 3Q23 4Q23 $0 $5 $10 $15

Consumer Banking ($B) GWIM ($B) Global Banking ($B) Total Corporation ($B) Average Deposit Trends Bank of America Ranked #1 in U.S. Retail Deposit Market Share1 Note: Amounts may not total due to rounding. Total Corporation also includes Global Markets and All Other. 1 Estimated U.S. retail deposits based on June 30, 2023 FDIC deposit data. 2 Includes Consumer and Small Business checking products and excludes consumer investments, which are included in non-checking. 3 Includes Preferred Deposits, other non-sweep Merrill Bank deposits, and Private Bank deposits. $256 $318 $314 $295 $292 $292 167 211 224 219 223 228 88 106 90 76 69 65 Bank deposits Sweep deposits 4Q19 4Q22 1Q23 2Q23 3Q23 4Q23 $0 $100 $200 $300 $400 $1,410 $1,926 $1,894 $1,875 $1,876 $1,905 1,002 1,245 1,264 1,278 1,311 1,362 409 681 630 597 565 543 Interest-bearing Noninterest-bearing 4Q19 4Q22 1Q23 2Q23 3Q23 4Q23 $0 $750 $1,500 $2,250 $379 $503 $493 $498 $504 $528 209 226 257 289 315 351 169 278 236 208 189 177 Interest-bearing Noninterest-bearing 4Q19 4Q22 1Q23 2Q23 3Q23 4Q23 $0 $200 $400 $600 +2% (6%) +4% (4%) QoQ 2% QoQ 0% QoQ (2%) +11% (7%) (1%) QoQ +5% 8 $720 $1,047 $1,026 $1,006 $980 $959 377 511 501 490 482 478 343 536 525 517 498 482 Non-checking Checking 4Q19 4Q22 1Q23 2Q23 3Q23 4Q23 $0 $250 $500 $750 $1,000 $1,250 (3%) 2 +36% +33% vs. 4Q19 +35% +37% (26%) vs. 4Q19 +14% +27% +40% vs. 4Q19 +33% +68% +4% vs. 4Q19 +39% 3

4Q19 4Q20 4Q21 4Q22 4Q23 $0.5T $2.5T • Deposits in excess of loans grew from $0.5T in 4Q19 and peaked at $1.1T in 4Q21; grew from $0.8T in 3Q23 to $0.9T in 4Q23 • Excess deposits stored in cash and investment securities – 51% cash and AFS and 49% HTM in 4Q23 – Cash levels of $333B remained well above pre-pandemic ($162B in 4Q19) • AFS securities mostly hedged with floating rate swaps; duration less than 0.5 years and marked through AOCI1 and regulatory capital • HTM securities book has declined $89B since peaking at $683B in 3Q21; down $38B vs. 4Q22 and $9B vs. 3Q23 – MBS1 of $465B down $9B vs. 3Q23; $129B UST / other flat – Valuation improved $34B from 3Q23 and $11B vs. 4Q22 • Blended cash and securities yield continued to improve in 4Q23 and is 170 bps above deposit rate paid 1 AFS stands for available-for-sale. HTM stands for held-to-maturity. AOCI stands for accumulated other comprehensive income. MBS stands for mortgage-backed securities. 2 HTM Valuation represents pretax net unrealized gains (losses) on total held-to-maturity debt securities. 3 Yields based on average balances. Yield on cash represents yield on interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks. $634 $1,065 $1,331 $1,093 $1,205 216 438 675 633 595256 247 308 230 277 162 380 348 230 333 4Q19 4Q20 4Q21 4Q22 4Q23 9 3.51% 1.82% Cash & securities yield Total deposit rate paid 4Q19 4Q23 0.00% 1.00% 2.00% 3.00% 4.00% Managing Excess Deposits Deposits in Excess of Loans (EOP, $B) Cash and Securities Portfolios ($B)1 Cash & Securities Yield vs. Deposit Rate Paid 3 $451B $1,085B $870B HTM Valuation2 $4B $10B ($9B) ($109B) ($98B)Deposits Loans HTM securities AFS & other securities Cash & cash equivalents Deposits in excess of loans

• Net interest income of $13.9B ($14.1B FTE)1 decreased $0.7B YoY, as higher deposit costs and lower deposit balances more than offset higher asset yields and higher NII related to Global Markets (GM) activity – Decreased $0.4B from 3Q23, driven primarily by higher deposit costs and lower NII related to GM activity, partially offset by higher asset yields – NII related to GM activity increased approximately $0.2B YoY and declined $0.1B from 3Q23 • Net interest yield of 1.97% decreased 25 bps YoY and decreased 14 bps from 3Q23 – Excluding GM, net interest yield of 2.47%1 • As of December 31, 2023, a +100 bps parallel shift above the interest rate yield curve was estimated to benefit NII by $3.5B over the next 12 months; a -100bps parallel shift was estimated to decrease NII by $3.1B2 Net Interest Income (FTE, $B)1 Net Interest Income Net Interest Yield (FTE)1 Note: Amounts may not total due to rounding. FTE stands for fully taxable-equivalent basis. 1 Represent non-GAAP financial measures. Net interest yield adjusted to exclude Global Markets NII of $0.6B, $0.7B, $0.3B, $0.1B, $0.4B, and $1.1B, and average earning assets of $667.1B, $656.0B, $657.9B, $627.9B, $610.0B, and $472.4B for 4Q23, 3Q23, 2Q23, 1Q23, 4Q22, and 4Q20, respectively. The Corporation believes the presentation of NII and net interest yield excluding Global Markets provides investors with transparency of NII and net interest yield in core banking activities. For important presentation information, see slide 40. 2 NII asset sensitivity represents banking book positions. See note E on slide 37 for information on asset sensitivity assumptions. 1.71% 2.22% 2.20% 2.06% 2.11% 1.97% 2.81% 2.85% 2.65% 2.64% 2.47% Reported net interest yield Net interest yield excl. GM 4Q20 4Q22 1Q23 2Q23 3Q23 4Q23 1.00% 2.00% 3.00% 4.00% $10.4 $14.8 $14.6 $14.3 $14.5 $14.1 $10.3 $14.7 $14.4 $14.2 $14.4 $13.9 Net interest income (GAAP) FTE adjustment 4Q20 4Q22 1Q23 2Q23 3Q23 4Q23 $0.0 $5.0 $10.0 $15.0 10 Net Interest Income excl. GM (FTE, $B)1 $10.4 $14.8 $14.6 $14.3 $14.5 $14.1 $9.3 $14.4 $14.5 $14.0 $13.9 $13.5 NII excl. GM GM NII 4Q20 4Q22 1Q23 2Q23 3Q23 4Q23 $0.0 $5.0 $10.0 $15.0 1.90%

$15.5 $16.2 $16.0 $15.8 $17.7 9.2 9.9 9.4 9.6 9.5 6.4 6.3 6.6 6.3 6.1 2.1 Compensation and benefits Other FDIC special assessment 4Q22 1Q23 2Q23 3Q23 4Q23 $0.0 $10.0 $20.0 63% 62% 64% 63% 66% 4Q22 1Q23 2Q23 3Q23 4Q23 55% 60% 65% 70% Total Noninterest Expense ($B) Efficiency Ratio Expense and Efficiency 11 • 4Q23 noninterest expense of $17.7B included an accrual of $2.1B for the estimated amount of the FDIC special assessment for uninsured deposits of certain failed banks • Excluding the FDIC special assessment, adjusted noninterest expense of $15.6B increased $94MM, or 1%,1 vs. 4Q22, driven by investments in people, as well as higher FDIC expense from the increased assessment on banks announced in 2022 – 4Q23 adjusted noninterest expense declined $201MM, or 1%, vs. 3Q23,1 driven primarily by lower average headcount and lower revenue-related expenses 1 $15.6B1 Note: Amounts may not total due to rounding. 1 Represent non-GAAP financial measures. 4Q23 adjusted noninterest expense of $15.6B is calculated as reported noninterest expense of $17.7B less the FDIC special assessment of $2.1B. Reported noninterest expense for 3Q23 was $15.8B. 4Q23 efficiency ratio adjusted to exclude FDIC special assessment. Reported 4Q23 efficiency ratio was 81%. For more information and a reconciliation to GAAP, see note A on slide 36. For important presentation information about this measure, see slide 40.

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 $1,092 $931 $1,125 $1,234 $1,104 4Q22 1Q23 2Q23 3Q23 4Q23 $0 $500 $1,000 $1,500 $689 $807 $869 $931 $1,192 0.26% 0.32% 0.33% 0.35% 0.45% Net charge-offs Net charge-off ratio 4Q22 1Q23 2Q23 3Q23 4Q23 $0 $250 $500 $750 $1,000 $1,250 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 12 • Total net charge-offs of $1.2B1 increased $261MM from 3Q23 – Consumer net charge-offs of $913MM increased $109MM, driven primarily by higher credit card losses – Credit card loss rate of 3.07% in 4Q23 vs. 2.72% in 3Q23 – Commercial net charge-offs of $279MM increased $152MM • Net charge-off ratio of 0.45% increased 10 bps from 3Q23 • Provision for credit losses of $1.1B – Net reserve release of $88MM in 4Q23, driven primarily by Commercial, partially offset by reserve build in credit card • Allowance for loan and lease losses of $13.3B represented 1.27% of total loans and leases1,2 – Total allowance of $14.6B included $1.2B for unfunded commitments • Nonperforming loans (NPLs) of $5.5B increased $0.7B from 3Q23, driven primarily by Commercial Real Estate – 60% of Consumer NPLs are contractually current • Commercial reservable criticized utilized exposure of $23.3B decreased $0.4B from 3Q23

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. $158 $154 $149 $127 $279 0.11% 0.11% 0.10% 0.09% 0.19% Small business Commercial real estate C&I Commercial NCO ratio 4Q22 1Q23 2Q23 3Q23 4Q23 $0 $100 $200 $300 0.00% 0.10% 0.20% 0.30% $531 $653 $720 $804 $913 0.47% 0.58% 0.64% 0.70% 0.79% Credit card Other Consumer NCO ratio 4Q22 1Q23 2Q23 3Q23 4Q23 $0 $250 $500 $750 $1,000 0.00% 0.25% 0.50% 0.75% 1.00% Commercial Metrics ($MM) 4Q23 3Q23 4Q22 Provision (benefit) ($160) $16 $190 Reservable criticized utilized exposure 23,300 23,722 19,274 Nonperforming loans and leases 2,773 2,041 1,054 % of loans and leases1 0.47 % 0.35 % 0.18 % Allowance for loans and leases $4,822 $5,120 $5,445 % of loans and leases1 0.82 % 0.87 % 0.93 % Consumer Metrics ($MM) 4Q23 3Q23 4Q22 Provision $1,264 $1,218 $902 Nonperforming loans and leases 2,712 2,792 2,754 % of loans and leases1 0.59 % 0.61 % 0.60 % Consumer 30+ days performing past due $4,414 $3,975 $3,330 Fully-insured2 527 523 627 Non fully-insured 3,887 3,452 2,703 Consumer 90+ days performing past due 1,478 1,282 1,087 Allowance for loans and leases 8,520 8,167 7,237 % of loans and leases1 1.85 % 1.78 % 1.59 % # times annualized NCOs 2.35 x 2.56 x 3.44 x 13 3

• Net income of $2.8B • Revenue of $10.3B decreased 4% from 4Q22, driven primarily by the impact of lower deposit balances • Provision for credit losses of $1.4B vs. $0.9B in 4Q22 – Net reserve build of $382MM in 4Q23 – Net charge-offs of $1.0B increased $432MM from 4Q22 • Noninterest expense of $5.2B increased 3% from 4Q22, driven primarily by higher FDIC expense – Efficiency ratio 51% • Average deposits of $959B decreased $88B, or 8%, from 4Q22 – 58% of deposits in checking accounts; 92% primary accounts5 • Average loans and leases of $313B increased $13B, or 4%, from 4Q22 • Combined credit / debit card spend4 of $229B increased 3% from 4Q22 • Record consumer investment assets3 of $424B grew $105B, or 33%, from 4Q22, driven by $49B of client flows from new and existing clients and higher market valuations – 3.8MM consumer investment accounts, up 10% • 11.1MM Total clients6 enrolled in Preferred Rewards, up 8% from 4Q22 – 99% annualized retention rate Consumer Banking 1 Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note C on slide 37. For important presentation information, see slide 40. 2 Cost of deposits calculated as annualized noninterest expense as a percentage of total average deposits within the Deposits sub-segment. 3 End of period. Consumer investment assets includes client brokerage assets, deposit sweep balances, Bank of America, N.A. brokered CDs, and assets under management (AUM) in Consumer Banking. 4 Includes consumer credit card portfolios in Consumer Banking and GWIM. 5 Represents the percentage of consumer checking accounts that are estimated to be the customer’s primary account based on multiple relationship factors (e.g., linked to their direct deposit). 6 As of November 2023. Includes clients in Consumer, Small Business, and GWIM. Inc / (Dec) Summary Income Statement ($MM) 4Q23 3Q23 4Q22 Total revenue, net of interest expense $10,329 ($143) ($453) Provision for credit losses 1,405 8 461 Noninterest expense 5,234 (22) 134 Pretax income 3,690 (129) (1,048) Pretax, pre-provision income1 5,095 (121) (587) Income tax expense 922 (33) (239) Net income $2,768 ($96) ($809) Key Indicators ($B) 4Q23 3Q23 4Q22 Average deposits $959.2 $980.1 $1,047.1 Rate paid on deposits 0.47 % 0.34 % 0.06 % Cost of deposits2 1.36 1.32 1.21 Average loans and leases $313.4 $310.8 $300.4 Net charge-off ratio 1.30 % 1.16 % 0.78 % Net charge-offs ($MM) $1,023 $911 $591 Reserve build ($MM) 382 486 353 Consumer investment assets3 $424.4 $387.5 $319.6 Active mobile banking users (MM) 37.9 37.5 35.5 % Consumer sales through digital channels 49 % 46 % 49 % Number of financial centers 3,845 3,862 3,913 Combined credit / debit purchase volumes4 $228.9 $225.3 $223.0 Total consumer credit card risk-adjusted margin4 7.18 % 7.70 % 9.87 % Return on average allocated capital 26 27 35 Allocated capital $42.0 $42.0 $40.0 Efficiency ratio 51 % 50 % 47 % 14

• Net income of $1.0B • Revenue of $5.2B decreased 3% compared to 4Q22, driven by lower NII, partially offset by higher asset management fees due to higher market levels and AUM flows • Noninterest expense of $3.9B increased 3% vs. 4Q22, driven by revenue-related incentives and higher FDIC expense • Client balances of $3.8T increased 12% from 4Q22, driven by higher market valuations and positive net client flows – AUM flows of $8B in 4Q23; $52B in 2023 • Average deposits of $292B decreased $25B, or 8%, from 4Q22 • Average loans and leases of $219B decreased $6B, or 3%, from 4Q22 • Added over 7,000 net new relationships across Merrill and Private Bank in 4Q23 – Opened nearly 150,000 new bank accounts in 2023 • 84% of GWIM households / relationships digitally active across the enterprise, up from 82% in 4Q222 Global Wealth & Investment Management 1 Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note C on slide 37. For important presentation information, see slide 40. 2 Digital Adoption is the percentage of digitally active Merrill primary households ($250K+ in investable assets within the enterprise) and digitally active Private Bank core relationships ($3MM+ in total balances). Merrill excludes Stock Plan and Banking only households. Private Bank includes third party activities (effective 1Q23) and excludes Irrevocable Trust-only relationships, Institutional Philanthropic relationships, and exiting relationships. Digital Adoption as of December for Merrill and as of November for Private Bank. Inc / (Dec) Summary Income Statement ($MM) 4Q23 3Q23 4Q22 Total revenue, net of interest expense $5,227 ($94) ($183) Provision (benefit) for credit losses (26) (20) (63) Noninterest expense 3,894 (56) 110 Pretax income 1,359 (18) (230) Pretax, pre-provision income1 1,333 (38) (293) Income tax expense 340 (4) (49) Net income $1,019 ($14) ($181) Key Indicators ($B) 4Q23 3Q23 4Q22 Average deposits $292.5 $291.8 $317.8 Rate paid on deposits 2.87 % 2.69 % 1.37 % Average loans and leases $219.4 $218.6 $225.1 Net charge-off ratio 0.02 % 0.01 % 0.01 % Net charge-offs ($MM) $12 $4 $4 Reserve build (release) ($MM) (38) (10) 33 AUM flows $8.4 $14.2 $0.1 Pretax margin 26 % 26 % 29 % Return on average allocated capital 22 22 27 Allocated capital $18.5 $18.5 $17.5 15

• Net income of $2.5B • Revenue of $5.9B decreased 8% vs. 4Q22, driven by lower NII and leasing revenue – Total Corporation investment banking fees (excl. self-led) of $1.1B increased 7% from 4Q22 ◦ Improved market share 32 bps from 4Q22; #4 investment banking fee ranking3 • Provision for credit losses decreased $388MM to a benefit of $239MM, driven primarily by an improved macroeconomic outlook • Noninterest expense of $2.8B decreased 2% from 4Q22, driven by lower revenue-related incentives, partially offset by continued investments in the business, including technology, and higher FDIC expense • Average deposits of $528B increased $24B, or 5%, from 4Q22 • Average loans and leases of $375B decreased $6B, or 1%, from 4Q22, reflecting lower client demand Global Banking 1 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities. 2 Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note C on slide 37. For important presentation information, see slide 40. 3 Source: Dealogic as of December 31, 2023. Inc / (Dec) Summary Income Statement ($MM) 4Q23 3Q23 4Q22 Total revenue, net of interest expense1 $5,928 ($275) ($510) Provision (benefit) for credit losses (239) (120) (388) Noninterest expense 2,781 (23) (52) Pretax income 3,386 (132) (70) Pretax, pre-provision income2 3,147 (252) (458) Income tax expense 914 (36) (2) Net income $2,472 ($96) ($68) Selected Revenue Items ($MM) 4Q23 3Q23 4Q22 Total Corporation IB fees (excl. self-led)1 $1,145 $1,188 $1,071 Global Banking IB fees1 690 743 706 Business Lending revenue 2,548 2,623 2,670 Global Transaction Services revenue 2,659 2,769 3,109 Key Indicators ($B) 4Q23 3Q23 4Q22 Average deposits $527.6 $504.4 $503.5 Average loans and leases 374.9 376.2 380.4 Net charge-off ratio 0.17 % 0.02 % 0.12 % Net charge-offs ($MM) $160 $20 $112 Reserve build (release) ($MM) (399) (139) 37 Return on average allocated capital 20 % 21 % 23 % Allocated capital $49.3 $49.3 $44.5 Efficiency ratio 47 % 45 % 44 % 16

Global Markets1 • Net income of $0.6B – Excluding net DVA, net income of $0.7B3 • Revenue of $4.1B increased 6% from 4Q22, driven primarily by higher sales and trading revenue • Sales and trading revenue of $3.6B increased 3% from 4Q22; excluding net DVA, up 1%3 – FICC revenue decreased 4% (ex. DVA, down 6%),3 to $2.1B, driven by weaker trading in rates and credit, partially offset by improved trading in mortgages and municipals – Equities revenue increased 13% (ex. DVA, up 12%),3 to $1.5B, driven by improved trading performance in derivatives • Noninterest expense of $3.3B increased 3% vs. 4Q22, driven by investments in the business, including people and technology • Average VaR of $79MM in 4Q235 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 $2.1B, $2.7B, and $2.2B for 4Q23, 3Q23, and 4Q22, respectively. Reported Equities sales and trading revenue was $1.5B, $1.7B, and $1.4B for 4Q23, 3Q23, and 4Q22, respectively. See note F on slide 37 and slide 40 for important presentation information. 4 Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note C on slide 37. For important presentation information, see slide 40. 5 See note G on slide 37 for the definition of VaR. Inc / (Dec) Summary Income Statement ($MM) 4Q23 3Q23 4Q22 Total revenue, net of interest expense2 $4,088 ($854) $227 Net DVA (132) (116) 61 Total revenue (excl. net DVA)2,3 4,220 (738) 166 Provision (benefit) for credit losses (60) (46) (64) Noninterest expense 3,271 36 100 Pretax income 877 (844) 191 Pretax, pre-provision income4 817 (890) 127 Income tax expense 241 (232) 59 Net income $636 ($612) $132 Net income (excl. net DVA)3 $736 ($524) $86 Selected Revenue Items ($MM)2 4Q23 3Q23 4Q22 Sales and trading revenue $3,619 $4,405 $3,525 Sales and trading revenue (excl. net DVA)3 3,751 4,421 3,718 FICC (excl. net DVA)3 2,206 2,723 2,343 Equities (excl. net DVA)3 1,545 1,698 1,375 Global Markets IB fees 439 463 347 Key Indicators ($B) 4Q23 3Q23 4Q22 Average total assets $868.0 $863.7 $857.3 Average trading-related assets 615.4 609.7 608.5 Average 99% VaR ($MM)5 79 69 117 Average loans and leases 133.6 131.3 123.0 Net charge-offs ($MM) 8 13 (1) Reserve build (release) ($MM) (68) (27) 5 Return on average allocated capital 6 % 11 % 5 % Allocated capital $45.5 $45.5 $42.5 Efficiency ratio 80 % 65 % 82 % 17

All Other1 1 All Other primarily consists of asset and liability management (ALM) activities, liquidating businesses, and certain expenses not otherwise allocated to a business segment. ALM activities encompass interest rate and foreign currency risk management activities for which substantially all of the results are allocated to our business segments. 2 Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note C on slide 37. For important presentation information, see slide 40. Inc/(Dec) Summary Income Statement ($MM) 4Q23 3Q23 4Q22 Total revenue, net of interest expense ($3,468) ($1,850) ($1,632) Provision (benefit) for credit losses 24 48 66 Noninterest expense 2,551 1,958 1,896 Pretax income (loss) (6,043) (3,856) (3,594) Pretax, pre-provision income (loss)2 (6,019) (3,808) (3,528) Income tax (benefit) (2,292) (16) (532) Net income (loss) ($3,751) ($3,840) ($3,062) 18 • Revenue of ($3.5B) included a charge of $1.6B from BSBY cessation impact • Noninterest expense of $2.6B included an accrual of $2.1B for the estimated amount of the FDIC special assessment for uninsured deposits of certain failed banks • Total corporate income tax for the quarter reflected a modest benefit – Excluding benefit of FDIC special assessment, benefit of BSBY cessation impact, and other discrete tax items, the effective tax rate (ETR) would have been approximately 14%; further excluding recurring ESG tax credit benefits, the ETR would have been approximately 24% • For the full year, the total corporate ETR was approximately 6% – Excluding benefit of FDIC special assessment, benefit of BSBY cessation impact, and other discrete tax items, the ETR would have been approximately 10%; further excluding recurring ESG tax credit benefits, the ETR would have been approximately 25%

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 38 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. $10.8 $10.7 $10.5 $10.5 $10.3 8.5 8.6 8.4 8.4 8.3 2.3 2.1 2.1 2.1 2.1 Net interest income Noninterest income 4Q22 1Q23 2Q23 3Q23 4Q23 $0.0 $4.0 $8.0 $12.0 $5.1 $5.5 $5.5 $5.3 $5.2 47% 51% 52% 50% 51% Noninterest expense Efficiency ratio 4Q22 1Q23 2Q23 3Q23 4Q23 $0.0 $2.0 $4.0 $6.0 40% 50% 60% 70% $1,047$1,026$1,006 $980 $959 589 581 576 562 552 458 445 431 418 407 Checking Other 4Q22 1Q23 2Q23 3Q23 4Q23 $0 $300 $600 $900 $1,200 $300 $304 $307 $311 $313 118 118 117 117 116 87 89 91 95 97 52 54 55 55 55 22 22 21 21 2121 22 22 23 23 Residential mortgage Consumer credit card Vehicle lending Home equity Small business / other 4Q22 1Q23 2Q23 3Q23 4Q23 $0 $70 $140 $210 $280 $350 20 $320 $355 $387 $387 $424 3.5 3.6 3.7 3.8 3.8 Assets Accounts 4Q22 1Q23 2Q23 3Q23 4Q23 $0 $100 $200 $300 $400 $500 2.5 3.0 3.5 4.0 4.5 5.0 Business Leadership1 • No. 1 in estimated U.S. Retail Deposits(A) • No. 1 Online Banking and Mobile Banking Functionality(B) • No. 1 Small Business Lender(C) • Best Bank in North America(D) • Best Consumer Digital Bank in the U.S.(E) • Best Bank in the U.S. for Small and Medium Enterprises(F) • Certified by J.D. Power for Outstanding Client satisfaction with Customer Financial Health Support – Banking & Payments(G) • No. 1 in Customer Satisfaction for U.S. Retail Banking Advice(H)

Erica® Active Users and Interactions (MM)7 Checks vs. Zelle® Sent Transactions (MM) Digital Sales6Digital Users2 and Households3 Digital Channel Usage4,5 998 1,461 1,579 1,397 45% 49% 49% 49% Digital unit sales (K) Digital as a % of total sales 4Q20 4Q21 4Q22 4Q23 0 500 1,000 1,500 2,000 0% 25% 50% 75% 100% 2,355 2,740 3,046 3,339 636 764 809 865 Digital channel usage (MM) Digital appointments (K) 4Q20 4Q21 4Q22 4Q23 1,000 1,500 2,000 2,500 3,000 3,500 250 500 750 1,000 1,250 1,500 39 41 44 46 52 54 56 57 69% 70% 73% 75% Active users (MM) Verified users (MM) Household adoption % 4Q20 4Q21 4Q22 4Q23 20 30 40 50 60 50% 60% 70% 80% 90% 100% Client Engagement Person-to-Person Payments (Zelle®)8 Digital Volumes 157 218 273 342 $43 $65 $81 $101 Transactions (MM) Volume ($B) 4Q20 4Q21 4Q22 4Q23 0 100 200 300 400 $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 November 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 mobile and online activity across client facing platforms powered by Erica. 8 Includes Bank of America person-to-person payments sent and received through e-mail or mobile identification. Zelle® users represent 90-day active users. 12.9 15.8 18.2 21.5 users (MM) 21 Digital Adoption 6.4 14.0 16.5 18.5 35.4 122.9 146.0 170.0 Erica® users Erica® interactions 4Q20 4Q21 4Q22 4Q23 0.0 5.0 10.0 15.0 20.0 0.0 50.0 100.0 150.0 200.0 136 129 115 105105 144 178 220 Checks written Zelle® sent transactions 4Q20 4Q21 4Q22 4Q23 50 100 150 200 250 2x

1,096 1,187 1,137 1,062 889 4Q22 1Q23 2Q23 3Q23 4Q23 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 $3.4B, $3.3B, and $3.0B in 4Q23, 3Q23, and 4Q22, respectively, within GWIM. 2 Calculated as the difference between total revenue, net of interest expense, and net credit losses divided by average loans. 3 Represents Consumer Banking only. 4 Amounts represent the unpaid principal balance of loans and in the case of home equity, the principal amount of the total line of credit. Consumer Vehicle Lending3 New Originations ($B) Consumer Credit Card1 New Accounts (K) 22 Residential Mortgage1 New Originations ($B)4 Key Stats 4Q22 3Q23 4Q23 Average outstandings ($B) 89.6 98.0 100.4 NCO ratio 1.71% 2.72% 3.07% Risk-adjusted margin2 9.87% 7.70% 7.18% Average line FICO 772 774 775 $6.8 $7.0 $6.8 $6.8 $6.1 4Q22 1Q23 2Q23 3Q23 4Q23 $0.0 $2.5 $5.0 $7.5 Key Stats 4Q22 3Q23 4Q23 Average outstandings ($B) 52.5 55.2 55.5 NCO ratio (0.01%) 0.20% 0.37% Average booked FICO 795 796 799 $5.2 $3.9 $5.9 $5.6 $3.9 4Q22 1Q23 2Q23 3Q23 4Q23 $0.0 $2.5 $5.0 $7.5 Key Stats 4Q22 3Q23 4Q23 Average outstandings ($B)3 118.1 116.8 116.3 NCO ratio3 0.01% 0.03% 0.03% Average FICO 768 772 775 Average booked loan-to-value (LTV) 72% 72% 72% $2.6 $2.6 $2.5 $2.4 $2.3 4Q22 1Q23 2Q23 3Q23 4Q23 $0.0 $1.0 $2.0 $3.0 Key Stats 4Q22 3Q23 4Q23 Average outstandings ($B)3 21.8 21.1 21.3 NCO ratio3 (0.06%) (0.04%) (0.03%) Average FICO 791 787 788 Average booked combined LTV 58% 58% 57%

Note: Amounts may not total due to rounding. 1 See slide 38 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, $36B, $39B, $39B, and $48B for 4Q23, 3Q23, 2Q23, 1Q23, and 4Q22, respectively, are included in both AUM and Deposits. Total client balances only include these balances once. Average Deposits ($B) Global Wealth & Investment Management Trends Business Leadership1 • No. 1 on Forbes’ Best-in-State Wealth Advisors (2023), Top Women Wealth Advisors (2023), Top Women Wealth Advisors Best-in-State (2023), Best-in-State Teams (2023), and Top Next Generation Advisors (2023) • No. 1 on Barron’s Top 100 Women Financial Advisors List (2023) • No. 1 on Financial Planning's 'Top 40 Advisors Under 40' List (2023) • Celent Model Wealth Manager Award (2023) • No. 1 in personal trust AUM(I) • Best National Private Bank(J) and in North America(K) • Best Private Bank in the U.S. by Global Finance (2024) and PWM (2023) • Best Private Bank for Philanthropic Services by Global Finance (2024) and PWM (2023) • Digital Wealth Management Impact Award(L) • Best in Trust(M) Average Loans and Leases ($B) Total Revenue ($B) Client Balances ($B)2,3 $5.4 $5.3 $5.2 $5.3 $5.2 2.0 1.9 1.8 1.8 1.7 2.8 2.9 2.9 3.1 3.0 0.6 0.6 0.5 0.5 0.6 Net interest income Asset management fees Brokerage / other 4Q22 1Q23 2Q23 3Q23 4Q23 $0.0 $2.0 $4.0 $6.0 1,401 1,467 1,531 1,497 1,618 1,482 1,571 1,628 1,578 1,689 324 301 293 291 300227 221 222 222 222$3,387 $3,522 $3,635 $3,551 $3,789 AUM Brokerage / other Deposits Loans and leases 4Q22 1Q23 2Q23 3Q23 4Q23 $0 $1,000 $2,000 $3,000 $4,000 $225 $221 $219 $219 $219 106 106 106 107 108 54 52 51 50 49 62 60 58 59 60 Consumer real estate Securities-based lending Custom lending Credit card 4Q22 1Q23 2Q23 3Q23 4Q23 $0 $50 $100 $150 $200 $250 $318 $314 $295 $292 $292 4Q22 1Q23 2Q23 3Q23 4Q23 $100 $150 $200 $250 $300 $350 23

Erica® Interactions (MM)5 0.4 1.8 2.2 2.9 4Q20 4Q21 4Q22 4Q23 0.0 1.0 2.0 3.0 Person-to-Person Payments (Zelle®)6 Check Deposits7 eDelivery4Digital Households / Relationships Digital Channel Adoption1,3 70% 75% 77% 79% 4Q20 4Q21 4Q22 4Q23 0% 25% 50% 75% 100% 51% 54% 57% 60% 72% 72% 74% 76% Mobile adoption Online adoption 4Q20 4Q21 4Q22 4Q23 0% 25% 50% 75% 100% 649 674 690 728 77% 79% 82% 84% Digital households / relationships (K) Digital adoption % 4Q20 4Q21 4Q22 4Q23 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 of 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 November for 4Q20 and 4Q21. 4Q22 and 4Q23 as of December for Merrill and as of November for Private Bank. 3 Digital channel adoption represents the percentage of desktop and mobile banking engagement, as of November for 4Q20, 4Q21, and 4Q22. 4Q23 as of December for Merrill and as of November 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 November for each quarter presented. 5 Erica engagement represents mobile and online activity across client-facing platforms powered by Erica. 6 Includes Bank of America person-to-person payments sent and received through e-mail or mobile identification. 4Q20 volume excludes Private Bank. 7 As of November for Private Bank and as of December for Merrill for each quarter presented. Automated check deposits include mobile check deposits, remote deposit operations, and automated teller machine transactions. 24 Digital Adoption1,2 1.4 1.3 1.2 1.2 73% 74% 75% 75% Physical (MM) Automated 4Q20 4Q21 4Q22 4Q23 0.0 0.5 1.0 1.5 2.0 60% 70% 80% 90% 1.1 2.0 2.7 3.5 $0.5 $1.2 $1.5 $2.1 Transactions (MM) Volume ($B) 4Q20 4Q21 4Q22 4Q23 0.0 1.0 2.0 3.0 4.0 $0.0 $1.0 $2.0 $3.0

Global Banking Trends Note: Amounts may not total due to rounding. 1 See slide 38 for business leadership sources. 2 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities. 3 Total Corporation IB fees excludes self-led deals. Self-led deals of $32MM, $62MM, $50MM, $12MM, and $18MM for 4Q23, 3Q23, 2Q23, 1Q23, and 4Q22, respectively are embedded within Debt, Equity, and Advisory. 4 Advisory includes fees on debt and equity advisory and mergers and acquisitions. Average Deposits ($B)Business Leadership1 • World’s Most Innovative Bank – 2023, Most Innovative Bank in North America(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(O) • Best Bank for Payments & Collections in North America(P) • Model Bank award for Product Innovation in Cash Management – 2023, for CashPro Mobile, CashPro Forecasting, and CashPro API(Q) • Best Transaction Bank in North America(R) • 2023 Share & Excellence Awards for U.S. Large Corporate Banking & Cash Management(S) • Relationships with 74% of the Global Fortune 500; 95% of the U.S. Fortune 1,000 (2023) Average Loans and Leases ($B) Total Revenue ($B)2 Total Corporation IB Fees ($MM)3 $6.4 $6.2 $6.5 $6.2 $5.9 3.9 3.9 3.7 3.6 3.4 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.8 0.7 1.1 0.9 1.3 1.1 1.1 Net interest income IB fees Service charges All other income 4Q22 1Q23 2Q23 3Q23 4Q23 $0.0 $2.5 $5.0 $7.5 414 644 600 570 589 189 168 287 232 199 486 363 375 448 389 $1,071 $1,163 $1,212 $1,188 $1,145 Debt Equity Advisory 4Q22 1Q23 2Q23 3Q23 4Q23 $0 $500 $1,000 $1,500 192 193 196 195 195 175 175 174 169 167 13 13 13 12 12 $380 $381 $383 $376 $375 Commercial Corporate Business Banking 4Q22 1Q23 2Q23 3Q23 4Q23 $0 $100 $200 $300 $400 4 $503 $493 $498 $504 $528 Noninterest-bearing Interest-bearing 4Q22 1Q23 2Q23 3Q23 4Q23 $0 $200 $400 $600 25 55% 48% 42% 37% 33% 45% 52% 58% 63% 67%

1 Digital active clients represents 90-day active clients across CashPro and BA360 platforms. Metric tracked starting in 1Q21. Data as of November for each quarter presented. 2 CashPro App sign-in volume represents all sign-ins authenticated via CashPro App, including QR code sign-ins. 3 CashPro alert volume and CashPro online reports and statements scheduled. 4 Represents September through November. 5 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 (%)4,5 CashPro® Proactive Alerts & Insights (MM)3 Global Payments to Digital Wallets (K)4 18% 31% 42% 40% 4Q20 4Q21 4Q22 4Q23 0% 10% 20% 30% 40% 50% 317 424 391 375 4Q20 4Q21 4Q22 4Q23 0 100 200 300 400 500 14.1 16.1 17.2 19.7 4Q20 4Q21 4Q22 4Q23 0.0 5.0 10.0 15.0 20.0 CashPro® App PaymentsCashPro® and BA360 Adoption % CashPro® App Sign-ins (K)2 $54 $133 $181 $245 1.0 2.6 3.2 3.7 Value ($B) Volume (MM) 4Q20 4Q21 4Q22 4Q23 $0 $100 $200 $300 0.0 2.0 4.0 6.0 299 454 679 840 4Q20 4Q21 4Q22 4Q23 0 300 600 900 75% 75% 75% 4Q21 4Q22 4Q23 50% 60% 70% 80% Client Engagement Digital Volumes Global Banking Digital Update 26 Digital Adoption1

Global Markets Trends and Revenue Mix Note: Amounts may not total due to rounding. 1 See slide 38 for business leadership sources. 2 Represents a non-GAAP financial measure. Reported Global Markets revenue was $19.5B for 2023. Global Markets revenue ex. net DVA was $19.8B for 2023. Reported sales and trading revenue was $17.4B, $16.5B, $15.2B, and $15.0B for 2023, 2022, 2021, and 2020, respectively. Reported FICC sales and trading revenue was $10.9B, $9.9B, $8.8B, and $9.6B for 2023, 2022, 2021, and 2020, respectively. Reported Equities sales and trading revenue was $6.5B, $6.6B, $6.4B, and $5.4B for 2023, 2022, 2021, and 2020, respectively. See note F on slide 37 and slide 40 for important presentation information. 3 See note G on slide 37 for definition of VaR. 2023 Global Markets Revenue Mix (excl. net DVA)2 Business Leadership1 • World's Best Bank for Markets(O) • North America's Best Bank for Sustainable Finance(O) • Environmental Finance Impact Award for Renewables(T) • Currency Derivatives House of the Year(U) • No. 1 North America Annual Client Survey of Equity Research Firms(V) • No. 2 All America Trading and Execution Team(V) • No. 1 Municipal Bonds Underwriter(W) • No. 1 Market Share in U.S. Registered Equity Block Trade Fees(X) 2023 Total FICC S&T Revenue Mix (excl. net DVA)2 Total Sales and Trading Revenue (excl. net DVA) ($B)2 Average Trading-Related Assets ($B) and VaR ($MM)3 $15.2 $15.2 $16.5 $17.6 9.7 8.8 9.9 11.1 5.4 6.4 6.6 6.5 FICC Equities 2020 2021 2022 2023 $0.0 $5.0 $10.0 $15.0 $20.0 $483 $549 $601 $618 $80 $73 $108 $84 Avg. trading-related assets Avg. VaR 2020 2021 2022 2023 $0 $250 $500 $750 $0 $50 $100 $150 62% 38% U.S. / Canada International 43% 57% Credit / Other Macro 27

Additional Presentation Information

2023 Consumer Payment Spend of $4.1T was up 4% YoY Payment Spend1 ($ and Transaction Volume) Quarterly YoY % Growth 29 2023 Credit and Debit2,3 YoY % Growth Total credit and debit spend up 3%; transactions up 4% $ Volume Transaction # 4Q 19 1Q 20 2Q 3Q 4Q 1Q 21 2Q 3Q 4Q 1Q 22 2Q 3Q 4Q 1Q 23 2Q 3Q 4Q (25%) 0% 25% 50% 7% (8%) 5% (1%) 6% 9% 1% 4% 2% 4% $ Volume Transaction # Travel & Entertainment Gas Food Retail Services Payment Spend1 ($ Volume) and YoY % Growth $3.0T $3.6T $4.0T $4.1T 2% 21% 10% 4% 2020 2021 2022 2023 4% 4% 2023 YoY Change in Payment Transaction Volume 4% 5% 11% (5%) Credit / Debit ACH / Wire P2P / P2B Cash / Check % of 2023 Volume 78% 11% 7% 5% 4 Note: Amounts may not total due to rounding. 1 Total payments represent payments made from Bank of America accounts using credit card, debit card, ACH, wires, billpay, person-to-person, cash, and checks. 2 Includes consumer and small business credit card portfolios in Consumer Banking and GWIM. 3 Excludes credit and debit money transfers, charitable donations, and miscellaneous categories with immaterial volume. 4 P2P stands for person-to-person. P2B stands for person-to-business.

Metric 4Q09 4Q19 4Q23 Total loans and leases1 $1,003B $983B $1,054B % consumer 67% 47% 44% Consumer credit card $161B $98B $102B Home equity $154B $41B $26B GWIM loans $100B $177B $220B Commercial real estate of which Construction (%) $69B 39% $63B 12% $73B 15% Nonperforming loans 3.75% 0.36% 0.52% NCOs1 $11B $1.0B $1.2B Nine-quarter stressed net credit losses2 $104B / 10.0% $44B / 4.4% $54B / 5.1% Tangible common shareholders’ equity1,3 $112B $172B $193B Global Liquidity Sources4 $214B $576B $897B Balance Sheet Transformation Highlights (EOP basis unless noted) 30 Transformation through Responsible Growth • Our loan portfolio is more balanced today and has less inherent risk – Lower concentration in the consumer portfolio – Less exposure to unsecured consumer credit and home equity loans – GWIM loans more than doubled since 4Q09 – Commercial Real Estate portfolio more balanced, with less concentration in construction loans – CCAR stress test results indicate significantly lower credit losses expected in a severe downturn • Our capital base and liquidity have also increased significantly – ~$80B higher tangible common equity3 – Global Liquidity Sources4 are more than four times higher than 4Q09 1 4Q09 reflects December 31, 2009 information adjusted to include the January 1, 2010 adoption of FAS 166/167 as reported in our SEC filings. Amounts include loans accounted for under the fair value option (FVO). 2 Nine-quarter losses and loss rate for 4Q09 based on the 2009 Supervisory Capital Assessment Program; 4Q19 and 4Q23 represent 2019 and 2023 Federal Reserve CCAR stress test results, respectively. 3 Represent non-GAAP financial measures. Tangible common shareholders’ equity is calculated as common shareholders’ equity of $263.2B, $241.4B, and $207.2B for 4Q23, 4Q19, and 4Q09, which has been reduced by goodwill of $69.0B for 4Q23 and 4Q19 and $86.3B for 4Q09 and intangible assets (excluding mortgage servicing rights) of $2.0B, $1.7B, and 12.0B for 4Q23, 4Q19, and 4Q09, net of related deferred tax liabilities of $0.9B, $0.7B, and $3.5B for 4Q23, 4Q19, and 4Q09. For important presentation information, see slide 40. 4 4Q09 Global Liquidity Sources shown on ending basis; 4Q19 and 4Q23 shown on average basis. The Corporation adopted the disclosure of average liquidity sources in 2017. See note D on slide 37 for definition of Global Liquidity Sources.

Historical Consumer Net Charge-off Rates 31 • Since the beginning of 2004, total Consumer net charge-off rate has averaged 1.6% • During the financial crisis and related periods (1Q08 to 4Q12), the NCO rate averaged 3.6% and peaked at 6.0% in 3Q09 • NCO rate post-financial crisis (1Q13 to 4Q23) averaged 0.7% Consumer Net Charge-off Rate 0.8% 1Q04 4Q23 0.0% 2.5% 5.0% 7.5% Pre-crisis average 1.3% Financial crisis average 3.6% Pre-pandemic average 0.8% 1Q08 4Q12 1Q20 Average since pandemic 0.5% Note: Net charge-off rates are calculated as annualized net charge-offs divided by average outstanding loans and leases, excluding loans accounted for under the fair value option. For comparative presentation, periods prior to 2010 include net charge-offs on loans and leases held for investment and realized credit losses related to securitized loan portfolios that were consolidated on January 1, 2010 upon adoption of FAS 166/167.

Historical Commercial Net Charge-off Rates 32 Commercial excl. Small Business (SB) Total Commercial 1Q07 4Q23 0.00% 1.00% 2.00% 3.00% 4.00% • Total Commercial annualized net charge-off (NCO) rate has averaged 48 bps since 1Q07 (29 bps excl. Small Business) • During the financial crisis and related periods (1Q08 to 4Q12), the NCO rate averaged 128 bps (80 bps excl. SB) • NCO rate post-financial crisis (1Q13 to 4Q23) averaged 13 bps (8 bps excl. SB) Commercial Net Charge-off Rate Financial crisis average 1.28% Pre-pandemic average 0.13% 0.19% 0.13% 1Q08 4Q12 1Q20 Note: Net charge-off rates are calculated as annualized net charge-offs divided by average outstanding loans and leases, excluding loans accounted for under the fair value option. Average since pandemic 0.13%

Commercial Real Estate Loans 33 21.2% 6.9% 12.3% 6.9% 4Q09 4Q23 Total Commercial loans Total loans and leases Commercial Real Estate as a Percent of: Geographic Distribution ($B) $15.9 22% $14.6 20% $13.4 18% $9.3 13% $6.5 9% $6.1 8% Northeast California Southeast Southwest Midwest Midsouth Northwest Other Non-U.S. Office Portfolio Scheduled Maturities 2024-2026 ($B) $18.0 25% $14.7 20% $10.6 15% $5.8 8% $5.7 8% $14.2 19% Office Industrial / Warehouse Multi-family rental Shopping centers / Retail Hotel / Motels Multi-use Residential Other ~$73B Distribution by Property Type ($B) $2.3 3%$2.1 3% $2.8 4% $1.2 2% $2.7 4% $7.6 $3.1 $3.6 2024 2025 2026 • ~75% Class A property type • ~55% origination LTV • ~10% NPL to loans • $5.5B reservable criticized exposure ◦ ~80% LTV1 • FY23 NCO ratio 1.2% ~$73B Note: Amounts may not total due to rounding. 1 Based on properties appraised between January 1, 2023 and December 31, 2023.

Helped more than 44,000 individuals and families with more than $10 billion in affordable lending to purchase a home through our Community Homeownership Commitment Program since 20191 Committed more than $500 million in equity investments to more than 150 funds led by diverse managers, resulting in capital deployed to more than 1,000 companies across the U.S. Helped the National Football League identify 16 Minority Depository Institutions, Community Development Financial Institutions, and minority- and women-focused banks to support and expand business opportunities with diverse enterprises across the country Helping to accelerate the transition toward a sustainable future through our role with public-private and cross-sector coalitions such as the Sustainable Markets Initiative; ~$410 billion deployed and mobilized2 as part of our $1.5 trillion by 2030 sustainable finance target; and more than 24,000 course completions by bankers to help respond to our corporate customers on the opportunities presented by the transition to net zero greenhouse gas emissions Provided $20 million in support of the Foundation to Combat Antisemitism’s national campaign to inform, educate, and inspire those who are not knowledgeable about antisemitism to stand up against hate 34 Delivered for Our Communities 1 As of November 30, 2023. 2 Through December 31, 2022.

35 Delivered for Our Teammates $23 Minimum Hourly Wage Sabbatical Program Electric Vehicle Reimbursement Emotional Wellness Annualized salary for full-time U.S. employees nearly $48,000 4-6 weeks additional paid time away for employees’ 15+ year milestones Reimbursements for purchase or lease of new electric vehicle Expanded in-person confidential counseling through our Employee Assistance Program, including onsite specialists in 30+ locations Sharing Success Awards Back-up Care Tuition Assistance Matching Gifts Awarded six times since 2017 with $4B+ in award values globally 50 days of both child and adult back-up care $7,500 per calendar year for job-related education or professional certificates Matching gifts of up to $5,000 to eligible nonprofits each year

Note: Amounts may not total due to rounding. 1 Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note C on slide 37. For important presentation information about these measures, see slide 40. 2 Calculated as net income applicable to common shareholders divided by average diluted common shares. Average diluted common shares of 8,081MM and 8,062MM for 2023 and 4Q23. 3 Calculated as net income divided by average assets. Average assets were $3,154B and $3,213B for 2023 and 4Q23. 4 Calculated as net income applicable to common shareholders divided by average common shareholders’ equity. Average common shareholders’ equity was $255B and $260B for 2023 and 4Q23. 5 Calculated as net income applicable to common shareholders divided by average tangible common shareholders’ equity. Average tangible common shareholders’ equity was $185B and $190B for 2023 and 4Q23. Average tangible common shareholders’ equity represents a non-GAAP financial measure. For important presentation information on non-GAAP measures, see slide 40. 6 Calculated as noninterest expense divided by revenue, net of interest expense. A In 4Q23, the FDIC imposed a special assessment to recover losses to the Deposit Insurance Fund arising from the protection of uninsured depositors of Silicon Valley Bank and Signature Bank associated with their closures. Accordingly, the Corporation recorded pretax noninterest expense of $2.1B in 4Q23 for its estimated assessment amount. Additionally, the Corporation recorded a net pretax charge of $1.6B in 4Q23 to noninterest income related to interest rate swaps used in cash flow hedges of certain loans that are indexed to the Bloomberg Short-Term Bank Yield Index (BSBY) following the 4Q23 announcement that BSBY will permanently cease effective November 15, 2024. The Corporation has presented certain non-GAAP financial measures (labeled as “adj.” in the tables below) that exclude the impacts of the FDIC special assessment (FDIC SA) and/or the BSBY charge, and has provided a reconciliation of these non-GAAP financial measures as set forth below. The Corporation believes the use of non-GAAP financial measures adjusting for the impact of the FDIC SA and the BSBY charge provide additional information for evaluating its results of operations and comparing its operational performance between periods by excluding these impacts that may not be reflective of its underlying operating performance. Notes 36 Reconciliation of return metrics and efficiency ratio ($ in billions) 2023 Reported 4Q23 Reported 2023 FDIC SA & BSBY Charge 2023 adj. FDIC SA & BSBY Charge 4Q23 FDIC SA & BSBY Charge 4Q23 adj. FDIC SA & BSBY Charge Return on average assets3 0.84 % 0.39 % (9) bps 0.93 % (34) bps 0.73 % Return on average common shareholders’ equity4 9.8 % 4.3 % (109) bps 10.8 % (425) bps 8.6 % Return on average tangible common shareholders’ equity5 13.5 % 5.9 % (151) bps 15.0 % (582) bps 11.7 % Efficiency ratio6 67 % 81 % 314 bps 64 % 1,430 bps 66 % Reconciliation ($ in billions, except per share data) 2023 Reported 4Q23 Reported FDIC SA 2023 adj. FDIC SA 4Q23 adj. FDIC SA BSBY Charge 2023 adj. BSBY Charge 4Q23 adj. BSBY Charge FDIC SA & BSBY Charge 2023 adj. FDIC SA & BSBY Charge 4Q23 adj. FDIC SA & BSBY Charge Noninterest income $41.7 $8.0 $— $41.7 $8.0 ($1.6) $43.2 $9.6 ($1.6) $43.3 $9.6 Total revenue, net of interest expense 98.6 22.0 — 98.6 22.0 (1.6) 100.2 23.5 (1.6) 100.2 23.5 Noninterest expense 65.8 17.7 2.1 63.8 15.6 — 65.8 17.7 2.1 63.8 15.6 Income before income taxes 28.3 3.1 (2.1) 30.4 5.2 (1.6) 29.9 4.7 (3.7) 32.0 6.8 Pretax, pre-provision income1 32.7 4.2 (2.1) 34.8 6.3 (1.6) 34.3 5.8 (3.7) 36.4 7.9 Income tax expense (benefit) 1.8 — (0.5) 2.3 0.5 (0.4) 2.2 0.4 (0.9) 2.7 0.9 Net income 26.5 3.1 (1.6) 28.1 4.7 (1.2) 27.7 4.3 (2.8) 29.3 5.9 Net income applicable to common shareholders 24.9 2.8 (1.6) 26.5 4.5 (1.2) 26.1 4.1 (2.8) 27.7 5.6 Diluted earnings per share2 $3.08 $0.35 ($0.20) $3.27 $0.55 ($0.15) $3.23 $0.50 ($0.35) $3.42 $0.70 2022 Reported Inc / (Dec) 4Q22 Reported Inc / (Dec) ($ in billions, except per share data) Reported adj. FDIC SA adj. BSBY Charge adj. FDIC SA & BSBY Charge Reported adj. FDIC SA adj. BSBY Charge adj. FDIC SA & BSBY Charge Noninterest income $42.5 ($0.8) ($0.8) $0.7 $0.8 $9.9 ($1.8) ($1.8) ($0.3) ($0.3) Total revenue, net of interest expense 95.0 3.6 3.6 5.3 5.2 24.5 (2.6) (2.6) (1.0) (1.0) Noninterest expense 61.4 4.4 2.3 4.4 2.3 15.5 2.2 0.1 2.2 0.1 Income before income taxes 31.0 (2.6) (0.6) (1.1) 1.0 7.9 (4.8) (2.7) (3.2) (1.1) Pretax, pre-provision income1 33.5 (0.8) 1.3 0.8 2.9 9.0 (4.8) (2.7) (3.2) (1.1) Income tax expense (benefit) 3.4 (1.6) (1.1) (1.2) (0.7) 0.8 (0.8) (0.3) (0.4) 0.1 Net income 27.5 (1.0) 0.6 0.2 1.8 7.1 (4.0) (2.4) (2.8) (1.2) Net income applicable to common shareholders 26.0 (1.1) 0.5 0.1 1.6 6.9 (4.1) (2.4) (2.9) (1.3) Diluted earnings per share2 $3.19 ($0.11) $0.08 $0.04 $0.23 $0.85 ($0.50) ($0.30) ($0.35) ($0.15)

B Reserve build (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 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. E Interest rate sensitivity as of December 31, 2023, reflects the pretax impact to forecasted net interest income over the next 12 months from December 31, 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. F 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 ($132MM), ($16MM), and ($193MM) for 4Q23, 3Q23, and 4Q22, respectively, and ($236MM), $20MM, ($54MM), and ($133MM) for 2023, 2022, 2021, and 2020, respectively. Net DVA gains (losses) included in FICC revenue were ($127MM), ($13MM), and ($186MM) for 4Q23, 3Q23, and 4Q22, respectively, and ($226MM), $19MM, ($49MM), and ($130MM) for 2023, 2022, 2021, and 2020, respectively. Net DVA gains (losses) included in Equities revenue were ($5MM), ($3MM), and ($7MM) for 4Q23, 3Q23, and 4Q22, respectively, and ($10MM), $1MM, ($5MM), and ($3MM) for 2023, 2022, 2021, and 2020, respectively. G 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 $42MM, $38MM, and $43MM for 4Q23, 3Q23, and 4Q22 respectively, and $41MM, $36MM, $28MM, and $23MM for 2023, 2022, 2021, and 2020, respectively. Notes $ Millions 4Q23 3Q23 4Q22 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 $ 3,690 $ 1,405 $ 5,095 $ 3,819 $ 1,397 $ 5,216 $ 4,738 $ 944 $ 5,682 Global Wealth & Investment Management 1,359 (26) 1,333 1,377 (6) 1,371 1,589 37 1,626 Global Banking 3,386 (239) 3,147 3,518 (119) 3,399 3,456 149 3,605 Global Markets 877 (60) 817 1,721 (14) 1,707 686 4 690 All Other (6,043) 24 (6,019) (2,187) (24) (2,211) (2,449) (42) (2,491) Total Corporation $ 3,124 $ 1,104 $ 4,228 $ 8,095 $ 1,234 $ 9,329 $ 7,897 $ 1,092 $ 8,989 37

Business Leadership Sources (A) Estimated U.S. retail deposits based on June 30, 2023 FDIC deposit data. (B) Javelin 2023 Online and Mobile Banking Scorecards. (C) FDIC, 3Q23. (D) Global Finance, March 2023. (E) Global Finance, August 2023. (F) Global Finance, October 2023. (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 Q3-23 FDIC call reports. (J) Family Wealth Report, 2023. (K) Global Private Banking Innovation Award, 2023. (L) Datos Insights, 2023. (M) WealthManagement.com, 2023.* (N) Global Finance, 2023. (O) Euromoney, 2023. (P) Global Finance Treasury & Cash Management Awards, 2023. (Q) Celent, 2023. (R) The Banker, 2023. (S) Coalition Greenwich, 2023. (T) Impact Awards, 2023. (U) Risk.net, 2024.* (V) Institutional Investor, 2023. (W) Refinitiv, 2023 YTD. (X) Dealogic, 2023 YTD. 38 * Website content is not incorporated by reference into this presentation.

Forward-Looking Statements Bank of America Corporation (the Corporation) and its management may make certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements represent the Corporation’s current expectations, plans or forecasts of its future results, revenues, liquidity, net interest income, provision for credit losses, expenses, efficiency ratio, capital measures, strategy, deposits, assets, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond the Corporation’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements. You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties more fully discussed under Item 1A. Risk Factors of the Corporation’s 2022 Annual Report on Form 10-K and in any of the Corporation’s subsequent Securities and Exchange Commission filings: the Corporation’s potential judgments, orders, settlements, penalties, fines and reputational damage resulting from pending or future litigation and regulatory investigations, proceedings and enforcement actions, including as a result of our participation in and execution of government programs related to the Coronavirus Disease 2019 (COVID-19) pandemic, such as the processing of unemployment benefits for California and certain other states; the possibility that the Corporation's future liabilities may be in excess of its recorded liability and estimated range of possible loss for litigation, and regulatory and government actions; the possibility that the Corporation could face increased claims from one or more parties involved in mortgage securitizations; the Corporation’s ability to resolve representations and warranties repurchase and related claims; the risks related to the discontinuation of reference rates, including increased expenses and litigation and the effectiveness of hedging strategies; uncertainties about the financial stability and growth rates of non-U.S. jurisdictions, the risk that those jurisdictions may face difficulties servicing their sovereign debt, and related stresses on financial markets, currencies and trade, and the Corporation’s exposures to such risks, including direct, indirect and operational; the impact of U.S. and global interest rates, inflation, currency exchange rates, economic conditions, trade policies and tensions, including tariffs, and potential geopolitical instability; the impact of the interest rate, inflationary, macroeconomic, banking and regulatory environment on the Corporation’s assets, business, financial condition and results of operations; the impact of adverse developments affecting the U.S. or global banking industry, including bank failures and liquidity concerns, resulting in worsening economic and market volatility, and regulatory responses thereto; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. or global economic conditions and other uncertainties, including the impact of supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; potential losses related to the Corporation’s concentration of credit risk; the Corporation's ability to achieve its expense targets and expectations regarding revenue, net interest income, provision for credit losses, net charge-offs, effective tax rate, loan growth or other projections; adverse changes to the Corporation’s credit ratings from the major credit rating agencies; an inability to access capital markets or maintain deposits or borrowing costs; estimates of the fair value and other accounting values, subject to impairment assessments, of certain of the Corporation’s assets and liabilities; the estimated or actual impact of changes in accounting standards or assumptions in applying those standards; uncertainty regarding the content, timing and impact of regulatory capital and liquidity requirements; the impact of adverse changes to total loss-absorbing capacity requirements, stress capital buffer requirements and/or global systemically important bank surcharges; the potential impact of actions of the Board of Governors of the Federal Reserve System on the Corporation’s capital plans; the effect of changes in or interpretations of income tax laws and regulations; the impact of implementation and compliance with U.S. and international laws, regulations and regulatory interpretations, including, but not limited to, recovery and resolution planning requirements, Federal Deposit Insurance Corporation assessments, the Volcker Rule, fiduciary standards, derivatives regulations and potential changes to loss allocations between financial institutions and customers, including for losses incurred from the use of our products and services, including Zelle, that were authorized by the customer but induced by fraud; the impact of failures or disruptions in or breaches of the Corporation’s operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learning; the risks related to the transition and physical impacts of climate change; our ability to achieve environmental, social and governance goals and commitments or the impact of any changes in the Corporation's sustainability strategy or commitments generally; the impact of any future federal government shutdown and uncertainty regarding the federal government’s debt limit or changes in fiscal, monetary or regulatory policy; the emergence or continuation of widespread health emergencies or pandemics; the impact of natural disasters, extreme weather events, military conflicts (including the Russia/Ukraine conflict, the conflict in Israel and surrounding areas, the possible expansion of such conflicts and potential geopolitical consequences), terrorism or other geopolitical events; and other matters. Forward-looking statements speak only as of the date they are made, and the Corporation undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made. 39

Important Presentation Information 40 • 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 and year ended December 31, 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 2023 Financial Results on slide 2, 4Q23 Financial Results on slide 4, and on the Summary Income Statement for each segment. • The Corporation 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 $145MM, $153MM, $135MM, $134MM, $123MM, and $113MM for 4Q23, 3Q23, 2Q23, 1Q23, 4Q22, and 4Q20, 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

Fourth 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
Annual 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
Annual 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)
	Year Ended December 31						Fourth Quarter 2023			Third Quarter 2023			Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022
	2023			2022
Income statement
Net interest income	$	56,931		$	52,462		$	13,946		$	14,379		$	14,158		$	14,448		$	14,681
Noninterest income	41,650			42,488			8,013			10,788			11,039			11,810			9,851
Total revenue, net of interest expense	98,581			94,950			21,959			25,167			25,197			26,258			24,532
Provision for credit losses	4,394			2,543			1,104			1,234			1,125			931			1,092
Noninterest expense	65,845			61,438			17,731			15,838			16,038			16,238			15,543
Income before income taxes	28,342			30,969			3,124			8,095			8,034			9,089			7,897
Pretax, pre-provision income (1)	32,736			33,512			4,228			9,329			9,159			10,020			8,989
Income tax expense (benefit)	1,827			3,441			(20)			293			626			928			765
Net income	26,515			27,528			3,144			7,802			7,408			8,161			7,132
Preferred stock dividends and other	1,649			1,513			306			532			306			505			228
Net income applicable to common shareholders	24,866			26,015			2,838			7,270			7,102			7,656			6,904
Diluted earnings per common share	3.08			3.19			0.35			0.90			0.88			0.94			0.85
Average diluted common shares issued and outstanding	8,080.5			8,167.5			8,062.5			8,075.9			8,080.7			8,182.3			8,155.7
Dividends paid per common share	$	0.92		$	0.86		$	0.24		$	0.24		$	0.22		$	0.22		$	0.22

Performance ratios
Return on average assets	0.84		%	0.88		%	0.39		%	0.99		%	0.94		%	1.07		%	0.92		%
Return on average common shareholders’ equity	9.75			10.75			4.33			11.24			11.21			12.48			11.24
Return on average shareholders’ equity	9.36			10.18			4.32			10.86			10.52			11.94			10.38
Return on average tangible common shareholders’ equity (2)	13.46			15.15			5.92			15.47			15.49			17.38			15.79
Return on average tangible shareholders’ equity (2)	12.44			13.76			5.71			14.41			14.00			15.98			13.98
Efficiency ratio	66.79			64.71			80.75			62.93			63.65			61.84			63.36


At period end
Book value per share of common stock	$	33.34		$	30.61		$	33.34		$	32.65		$	32.05		$	31.58		$	30.61
Tangible book value per share of common stock (2)	24.46			21.83			24.46			23.79			23.23			22.78			21.83
Market capitalization	265,840			264,853			265,840			216,942			228,188			228,012			264,853
Number of financial centers - U.S.	3,845			3,913			3,845			3,862			3,887			3,892			3,913
Number of branded ATMs - U.S.	15,168			15,528			15,168			15,253			15,335			15,407			15,528
Headcount	212,985			216,823			212,985			212,752			215,546			217,059			216,823

(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)
	Year Ended December 31				Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022
	2023		2022
Net interest income
Interest income	$	130,262	$	72,565	$	35,629	$	33,624	$	32,354	$	28,655	$	25,075
Interest expense	73,331		20,103		21,683		19,245		18,196		14,207		10,394
Net interest income	56,931		52,462		13,946		14,379		14,158		14,448		14,681

Noninterest income
Fees and commissions	32,009		33,212		8,019		8,135		7,961		7,894		7,735
Market making and similar activities	12,732		12,075		998		3,325		3,697		4,712		3,052
Other income (loss)	(3,091)		(2,799)		(1,004)		(672)		(619)		(796)		(936)
Total noninterest income	41,650		42,488		8,013		10,788		11,039		11,810		9,851
Total revenue, net of interest expense	98,581		94,950		21,959		25,167		25,197		26,258		24,532

Provision for credit losses	4,394		2,543		1,104		1,234		1,125		931		1,092

Noninterest expense
Compensation and benefits	38,330		36,447		9,460		9,551		9,401		9,918		9,161
Occupancy and equipment	7,164		7,071		1,794		1,795		1,776		1,799		1,786
Information processing and communications	6,707		6,279		1,690		1,676		1,644		1,697		1,658
Product delivery and transaction related	3,608		3,653		882		880		956		890		904

Professional fees	2,159		2,142		550		545		527		537		649
Marketing	1,927		1,825		455		501		513		458		460
Other general operating	5,950		4,021		2,900		890		1,221		939		925
Total noninterest expense	65,845		61,438		17,731		15,838		16,038		16,238		15,543
Income before income taxes	28,342		30,969		3,124		8,095		8,034		9,089		7,897
Income tax expense (benefit)	1,827		3,441		(20)		293		626		928		765
Net income	$	26,515	$	27,528	$	3,144	$	7,802	$	7,408	$	8,161	$	7,132
Preferred stock dividends and other	1,649		1,513		306		532		306		505		228

Net income applicable to common shareholders	$	24,866	$	26,015	$	2,838	$	7,270	$	7,102	$	7,656	$	6,904

Per common share information
Earnings	$	3.10	$	3.21	$	0.36	$	0.91	$	0.88	$	0.95	$	0.85
Diluted earnings	3.08		3.19		0.35		0.90		0.88		0.94		0.85
Average common shares issued and outstanding	8,028.6		8,113.7		7,990.9		8,017.1		8,040.9		8,065.9		8,088.3
Average diluted common shares issued and outstanding	8,080.5		8,167.5		8,062.5		8,075.9		8,080.7		8,182.3		8,155.7


Consolidated Statement of Comprehensive Income
(Dollars in millions)
	Year Ended December 31				Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022
	2023		2022
Net income	$	26,515	$	27,528	$	3,144	$	7,802	$	7,408	$	8,161	$	7,132
Other comprehensive income (loss), net-of-tax:
Net change in debt securities	573		(6,028)		492		(642)		168		555		353
Net change in debit valuation adjustments	(686)		755		(267)		(25)		(404)		10		(543)
Net change in derivatives	3,919		(10,055)		4,236		(366)		(1,993)		2,042		835
Employee benefit plan adjustments	(439)		(667)		(464)		6		9		10		(764)
Net change in foreign currency translation adjustments	1		(57)		7		(23)		5		12		(10)
Other comprehensive income (loss)	3,368		(16,052)		4,004		(1,050)		(2,215)		2,629		(129)
Comprehensive income (loss)	$	29,883	$	11,476	$	7,148	$	6,752	$	5,193	$	10,790	$	7,003


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)
	Year Ended December 31				Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022
	2023		2022
Net interest income
Interest income
Loans and leases	$	57,124	$	37,919	$	15,227	$	14,830	$	13,970	$	13,097	$	12,114
Debt securities	20,226		17,127		5,417		4,658		4,691		5,460		5,016
Federal funds sold and securities borrowed or purchased under agreements to resell	18,679		4,560		5,124		4,888		4,955		3,712		2,725
Trading account assets	8,773		5,521		2,452		2,217		2,076		2,028		1,768
Other interest income	25,460		7,438		7,409		7,031		6,662		4,358		3,452
Total interest income	130,262		72,565		35,629		33,624		32,354		28,655		25,075

Interest expense
Deposits	26,163		4,718		8,724		7,340		5,785		4,314		2,999
Short-term borrowings	30,553		6,978		8,389		7,629		8,355		6,180		4,273
Trading account liabilities	2,043		1,538		557		510		472		504		421
Long-term debt	14,572		6,869		4,013		3,766		3,584		3,209		2,701
Total interest expense	73,331		20,103		21,683		19,245		18,196		14,207		10,394
Net interest income	$	56,931	$	52,462	$	13,946	$	14,379	$	14,158	$	14,448	$	14,681

Noninterest income
Fees and commissions
Card income
Interchange fees (1)	$	3,983	$	4,096	$	1,010	$	994	$	1,023	$	956	$	1,029
Other card income	2,071		1,987		509		526		523		513		523
Total card income	6,054		6,083		1,519		1,520		1,546		1,469		1,552
Service charges
Deposit-related fees	4,382		5,190		1,116		1,124		1,045		1,097		1,081
Lending-related fees	1,302		1,215		330		340		319		313		308
Total service charges	5,684		6,405		1,446		1,464		1,364		1,410		1,389
Investment and brokerage services
Asset management fees	12,002		12,152		3,012		3,103		2,969		2,918		2,844
Brokerage fees	3,561		3,749		897		860		870		934		879
Total investment and brokerage services	15,563		15,901		3,909		3,963		3,839		3,852		3,723
Investment banking fees
Underwriting income	2,235		1,970		478		531		657		569		411
Syndication fees	898		1,070		278		209		180		231		174
Financial advisory services	1,575		1,783		389		448		375		363		486
Total investment banking fees	4,708		4,823		1,145		1,188		1,212		1,163		1,071
Total fees and commissions	32,009		33,212		8,019		8,135		7,961		7,894		7,735
Market making and similar activities	12,732		12,075		998		3,325		3,697		4,712		3,052
Other income (loss)	(3,091)		(2,799)		(1,004)		(672)		(619)		(796)		(936)
Total noninterest income	$	41,650	$	42,488	$	8,013	$	10,788	$	11,039	$	11,810	$	9,851

(1)Gross interchange fees and merchant income were $13.3 billion and $12.9 billion and are presented net of $9.3 billion and $8.8 billion of expenses for rewards and partner payments as well as certain other card costs for the years ended December 31, 2023 and 2022. Gross interchange fees and merchant income were $3.4 billion, $3.4 billion, $3.4 billion, $3.2 billion and $3.3 billion and are presented net of $2.4 billion, $2.4 billion, $2.4 billion, $2.2 billion and $2.3 billion of expenses for rewards and partner payments as well as certain other card costs for the fourth, third, second and first quarters of 2023 and the fourth quarter 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)
		December 31 2023		September 30 2023		December 31 2022
Assets
Cash and due from banks		$	27,892	$	25,255	$	30,334
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks		305,181		326,471		199,869
Cash and cash equivalents		333,073		351,726		230,203
Time deposits placed and other short-term investments		8,346		7,995		7,259
Federal funds sold and securities borrowed or purchased under agreements to resell		280,624		309,249		267,574
Trading account assets		277,354		306,409		296,108
Derivative assets		39,323		47,464		48,642
Debt securities:
Carried at fair value		276,852		175,540		229,994
Held-to-maturity, at cost		594,555		603,333		632,825
Total debt securities		871,407		778,873		862,819
Loans and leases		1,053,732		1,049,149		1,045,747
Allowance for loan and lease losses		(13,342)		(13,287)		(12,682)
Loans and leases, net of allowance		1,040,390		1,035,862		1,033,065
Premises and equipment, net		11,855		11,821		11,510
Goodwill		69,021		69,021		69,022
Loans held-for-sale		6,002		7,591		6,871
Customer and other receivables		81,606		74,347		67,543
Other assets		160,875		152,732		150,759
Total assets		$	3,179,876	$	3,153,090	$	3,051,375

Liabilities
Deposits in U.S. offices:
Noninterest-bearing		$	530,619	$	549,333	$	640,745
Interest-bearing		1,273,904		1,228,039		1,182,590
Deposits in non-U.S. offices:
Noninterest-bearing		16,427		15,276		20,480
Interest-bearing		102,877		91,953		86,526
Total deposits		1,923,827		1,884,601		1,930,341
Federal funds purchased and securities loaned or sold under agreements to repurchase		283,887		300,703		195,635
Trading account liabilities		95,530		102,820		80,399
Derivative liabilities		43,432		40,855		44,816
Short-term borrowings		32,098		40,196		26,932
Accrued expenses and other liabilities		207,252		206,492		224,073
Long-term debt		302,204		290,359		275,982
Total liabilities		2,888,230		2,866,026		2,778,178
Shareholders’ equity
Preferred stock, $0.01 par value; authorized –100,000,000 shares; issued and outstanding – 4,088,099, 4,088,099 and 4,088,101 shares		28,397		28,397		28,397
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 7,895,457,665, 7,923,357,339 and 7,996,777,943 shares		56,365		56,710		58,953
Retained earnings		224,672		223,749		207,003
Accumulated other comprehensive income (loss)		(17,788)		(21,792)		(21,156)
Total shareholders’ equity		291,646		287,064		273,197
Total liabilities and shareholders’ equity		$	3,179,876	$	3,153,090	$	3,051,375

	Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
	Trading account assets	$	6,054	$	4,654	$	2,816
	Loans and leases	18,276		16,902		16,738
	Allowance for loan and lease losses	(826)		(809)		(797)
	Loans and leases, net of allowance	17,450		16,093		15,941

	All other assets	269		222		116
	Total assets of consolidated variable interest entities	$	23,773	$	20,969	$	18,873

	Liabilities of consolidated variable interest entities included in total liabilities above
	Short-term borrowings	$	2,957	$	2,059	$	42
	Long-term debt	8,456		6,566		4,581
	All other liabilities	19		12		13
	Total liabilities of consolidated variable interest entities	$	11,432	$	8,637	$	4,636


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)
	December 31 2023			September 30 2023			December 31 2022
Risk-based capital metrics (1):
Standardized Approach
Common equity tier 1 capital	$	194,928		$	194,230		$	180,060
Tier 1 capital	223,323			222,623			208,446
Total capital	251,399			251,137			238,773
Risk-weighted assets	1,650,827			1,632,414			1,604,870
Common equity tier 1 capital ratio	11.8		%	11.9		%	11.2		%
Tier 1 capital ratio	13.5			13.6			13.0
Total capital ratio	15.2			15.4			14.9

Advanced Approaches
Common equity tier 1 capital	$	194,928		$	194,230		$	180,060
Tier 1 capital	223,323			222,623			208,446
Total capital	241,449			241,712			230,916
Risk-weighted assets	1,458,558			1,441,478			1,411,005
Common equity tier 1 capital ratio	13.4		%	13.5		%	12.8		%
Tier 1 capital ratio	15.3			15.4			14.8
Total capital ratio	16.6			16.8			16.4

Leverage-based metrics (1):
Adjusted average assets	$	3,135,468		$	3,050,808		$	2,997,118
Tier 1 leverage ratio	7.1		%	7.3		%	7.0		%

Supplementary leverage exposure	$	3,676,737		$	3,597,412		$	3,523,484
Supplementary leverage ratio	6.1		%	6.2		%	5.9		%

Total ending equity to total ending assets ratio	9.2			9.1			9.0
Common equity ratio	8.3			8.2			8.0
Tangible equity ratio (2)	7.1			7.0			6.8
Tangible common equity ratio (2)	6.2			6.1			5.9

(1)Regulatory capital ratios at December 31, 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 Total capital ratio under the Standardized approach for December 31, 2023 and September 30, 2023; and the Common equity tier 1 ratio under the Standardized approach for December 31, 2022.

(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)
	December 31 2023		September 30 2023		December 31 2022
Total common shareholders' equity	$	263,249	$	258,667	$	244,800
CECL transitional amount (1)	1,254		1,254		1,881
Goodwill, net of related deferred tax liabilities	(68,648)		(68,644)		(68,644)
Deferred tax assets arising from net operating loss and tax credit carryforwards	(7,912)		(7,778)		(7,776)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities	(1,496)		(1,508)		(1,554)
Defined benefit pension plan net assets, net-of-tax	(764)		(911)		(867)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net-of-tax	1,342		967		496
Accumulated net (gain) loss on certain cash flow hedges (2)	8,025		12,251		11,925
Other	(122)		(68)		(201)
Common equity tier 1 capital	194,928		194,230		180,060
Qualifying preferred stock, net of issuance cost	28,396		28,396		28,396
Other	(1)		(3)		(10)
Tier 1 capital	223,323		222,623		208,446
Tier 2 capital instruments	15,341		15,981		18,751
Qualifying allowance for credit losses (3)	12,919		13,007		11,739
Other	(184)		(474)		(163)
Total capital under the Standardized approach	251,399		251,137		238,773
Adjustment in qualifying allowance for credit losses under the Advanced approaches (3)	(9,950)		(9,425)		(7,857)
Total capital under the Advanced approaches	$	241,449	$	241,712	$	230,916

(1)December 31, 2023, September 30, 2023 and December 31, 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)
	Fourth Quarter 2023						Third Quarter 2023						Fourth 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	$	380,362	$	5,050	5.27	%	$	353,183	$	4,613	5.18	%	$	175,595	$	1,375	3.11	%
Time deposits placed and other short-term investments	8,370		115		5.48		8,629		113		5.20		9,558		74		3.07
Federal funds sold and securities borrowed or purchased under agreements to resell	297,149		5,124		6.84		287,403		4,888		6.75		289,321		2,725		3.74
Trading account assets	194,551		2,474		5.05		191,283		2,244		4.66		169,003		1,784		4.19
Debt securities	802,657		5,445		2.68		752,569		4,685		2.47		869,084		5,043		2.30
Loans and leases (2)
Residential mortgage	228,975		1,790		3.12		229,001		1,745		3.04		229,364		1,663		2.90
Home equity	25,756		411		6.34		25,661		390		6.04		26,983		275		4.05
Credit card	100,389		2,778		10.98		98,049		2,727		11.03		89,575		2,327		10.31

Direct/Indirect and other consumer	103,606		1,386		5.31		104,134		1,354		5.16		106,598		1,119		4.16

Total consumer	458,726		6,365		5.52		456,845		6,216		5.41		452,520		5,384		4.73
U.S. commercial	379,215		5,176		5.42		377,728		5,061		5.32		378,850		4,172		4.37
Non-U.S. commercial	125,371		2,208		6.99		123,781		2,088		6.69		125,983		1,474		4.64
Commercial real estate	73,140		1,351		7.33		74,088		1,364		7.30		68,764		994		5.74
Commercial lease financing	14,253		184		5.14		13,812		166		4.79		13,130		139		4.21
Total commercial	591,979		8,919		5.98		589,409		8,679		5.84		586,727		6,779		4.58
Total loans and leases	1,050,705		15,284		5.78		1,046,254		14,895		5.65		1,039,247		12,163		4.65
Other earning assets	95,971		2,282		9.43		99,378		2,339		9.35		95,904		2,034		8.42
Total earning assets	2,829,765		35,774		5.02		2,738,699		33,777		4.90		2,647,712		25,198		3.78
Cash and due from banks	24,690						25,772						27,771
Other assets, less allowance for loan and lease losses	358,704						363,995						398,806
Total assets	$	3,213,159					$	3,128,466					$	3,074,289
Interest-bearing liabilities
U.S. interest-bearing deposits

Demand and money market deposits	$	942,561	$	4,868	2.05	%	$	942,368	$	4,304	1.81	%	$	980,964	$	2,044	0.83	%

Time and savings deposits	317,971		2,846		3.55		271,425		2,149		3.14		180,684		543		1.19
Total U.S. interest-bearing deposits	1,260,532		7,714		2.43		1,213,793		6,453		2.11		1,161,648		2,587		0.88




Non-U.S. interest-bearing deposits	101,766		1,010		3.94		97,095		887		3.63		83,073		412		1.97
Total interest-bearing deposits	1,362,298		8,724		2.54		1,310,888		7,340		2.22		1,244,721		2,999		0.96
Federal funds purchased and securities loaned or sold under agreements to repurchase	329,696		5,883		7.08		294,878		5,342		7.19		214,267		2,246		4.16
Short-term borrowings and other interest-bearing liabilities	149,273		2,506		6.67		140,513		2,287		6.45		150,351		2,027		5.35
Trading account liabilities	47,294		557		4.67		48,084		510		4.21		40,393		421		4.13
Long-term debt	256,262		4,013		6.24		245,819		3,766		6.10		243,871		2,701		4.41
Total interest-bearing liabilities	2,144,823		21,683		4.01		2,040,182		19,245		3.75		1,893,603		10,394		2.18
Noninterest-bearing sources
Noninterest-bearing deposits	542,713						565,265						680,823
Other liabilities (3)	237,005						238,044						227,234
Shareholders’ equity	288,618						284,975						272,629
Total liabilities and shareholders’ equity	$	3,213,159					$	3,128,466					$	3,074,289
Net interest spread					1.01	%					1.15	%					1.60	%
Impact of noninterest-bearing sources					0.96						0.96						0.62
Net interest income/yield on earning assets (4)			$	14,091	1.97	%			$	14,532	2.11	%			$	14,804	2.22	%

(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 $42.3 billion, $41.1 billion and $31.9 billion of structured notes and liabilities for the fourth and third quarters of 2023 and the fourth quarter of 2022, respectively.

(4)Net interest income includes FTE adjustments of $145 million, $153 million and $123 million for the fourth and third quarters of 2023 and the fourth 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)
	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	39,195	$	37	$	(1,420)	$	37,812
Agency-collateralized mortgage obligations	2,739		6		(201)		2,544
Commercial	10,909		40		(514)		10,435
Non-agency residential	449		3		(70)		382
Total mortgage-backed securities	53,292		86		(2,205)		51,173
U.S. Treasury and government agencies	179,108		19		(1,461)		177,666
Non-U.S. securities	22,868		27		(20)		22,875
Other taxable securities	4,910		1		(76)		4,835

Tax-exempt securities	10,304		17		(221)		10,100
Total available-for-sale debt securities	270,482		150		(3,983)		266,649
Other debt securities carried at fair value (1)	10,202		56		(55)		10,203
Total debt securities carried at fair value	280,684		206		(4,038)		276,852
Held-to-maturity debt securities
Agency mortgage-backed securities	465,456		—		(78,930)		386,526
U.S. Treasury and government agencies	121,645		—		(17,963)		103,682
Other taxable securities	7,490		—		(1,101)		6,389
Total held-to-maturity debt securities	594,591		—		(97,994)		496,597
Total debt securities	$	875,275	$	206	$	(102,032)	$	773,449


	September 30, 2023
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	22,435	$	—	$	(1,931)	$	20,504
Agency-collateralized mortgage obligations	1,964		—		(266)		1,698
Commercial	7,309		14		(582)		6,741
Non-agency residential	452		3		(68)		387
Total mortgage-backed securities	32,160		17		(2,847)		29,330
U.S. Treasury and government agencies	104,828		6		(1,198)		103,636
Non-U.S. securities	18,901		18		(47)		18,872
Other taxable securities	3,271		1		(93)		3,179

Tax-exempt securities	10,965		—		(372)		10,593
Total available-for-sale debt securities	170,125		42		(4,557)		165,610
Other debt securities carried at fair value (1)	9,933		56		(59)		9,930
Total debt securities carried at fair value	180,058		98		(4,616)		175,540
Held-to-maturity debt securities
Agency mortgage-backed securities	474,100		—		(106,890)		367,210
U.S. Treasury and government agencies	121,633		—		(23,351)		98,282
Other taxable securities	7,632		—		(1,363)		6,269
Total held-to-maturity debt securities	603,365		—		(131,604)		471,761
Total debt securities	$	783,423	$	98	$	(136,220)	$	647,301

(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)

	Year Ended December 31						Fourth Quarter 2023			Third Quarter 2023			Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022
	2023			2022






FTE basis data (1)
Net interest income	$	57,498		$	52,900		$	14,091		$	14,532		$	14,293		$	14,582		$	14,804
Total revenue, net of interest expense	99,148			95,388			22,104			25,320			25,332			26,392			24,655
Net interest yield	2.08		%	1.96		%	1.97		%	2.11		%	2.06		%	2.20		%	2.22		%
Efficiency ratio	66.41			64.41			80.22			62.55			63.31			61.53			63.05

(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 $567 million and $438 million for the years ended December 31, 2023 and 2022, and $145 million, $153 million, $135 million, $134 million and $123 million for the fourth, third, second and first quarters of 2023 and the fourth quarter 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)
	Fourth Quarter 2023
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	14,091	$	8,268	$	1,711	$	3,435	$	598	$	79
Noninterest income
Fees and commissions:
Card income	1,519		1,324		12		194		15		(26)
Service charges	1,446		588		20		749		87		2
Investment and brokerage services	3,909		78		3,328		20		486		(3)
Investment banking fees	1,145		—		47		690		439		(31)
Total fees and commissions	8,019		1,990		3,407		1,653		1,027		(58)
Market making and similar activities	998		5		37		55		2,428		(1,527)
Other income (loss)	(1,004)		66		72		785		35		(1,962)
Total noninterest income (loss)	8,013		2,061		3,516		2,493		3,490		(3,547)
Total revenue, net of interest expense	22,104		10,329		5,227		5,928		4,088		(3,468)
Provision for credit losses	1,104		1,405		(26)		(239)		(60)		24
Noninterest expense	17,731		5,234		3,894		2,781		3,271		2,551
Income (loss) before income taxes	3,269		3,690		1,359		3,386		877		(6,043)
Income tax expense (benefit)	125		922		340		914		241		(2,292)
Net income (loss)	$	3,144	$	2,768	$	1,019	$	2,472	$	636	$	(3,751)

Average
Total loans and leases	$	1,050,705	$	313,438	$	219,425	$	374,862	$	133,631	$	9,349
Total assets (1)	3,213,159		1,038,418		336,067		624,093		867,953		346,628
Total deposits	1,905,011		959,247		292,478		527,597		31,950		93,739
Quarter end
Total loans and leases	$	1,053,732	$	315,119	$	219,657	$	373,891	$	136,223	$	8,842
Total assets (1)	3,179,876		1,049,830		344,626		621,751		817,313		346,356
Total deposits	1,923,827		969,572		299,657		527,060		34,833		92,705

	Third Quarter 2023
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	14,532	$	8,391	$	1,755	$	3,613	$	674	$	99
Noninterest income
Fees and commissions:
Card income	1,520		1,325		9		197		16		(27)
Service charges	1,464		605		20		754		85		—
Investment and brokerage services	3,963		80		3,396		14		475		(2)
Investment banking fees	1,188		—		45		743		463		(63)
Total fees and commissions	8,135		2,010		3,470		1,708		1,039		(92)
Market making and similar activities	3,325		5		34		21		3,195		70
Other income (loss)	(672)		66		62		861		34		(1,695)
Total noninterest income (loss)	10,788		2,081		3,566		2,590		4,268		(1,717)
Total revenue, net of interest expense	25,320		10,472		5,321		6,203		4,942		(1,618)
Provision for credit losses	1,234		1,397		(6)		(119)		(14)		(24)
Noninterest expense	15,838		5,256		3,950		2,804		3,235		593
Income (loss) before income taxes	8,248		3,819		1,377		3,518		1,721		(2,187)
Income tax expense (benefit)	446		955		344		950		473		(2,276)
Net income (loss)	$	7,802	$	2,864	$	1,033	$	2,568	$	1,248	$	89

Average
Total loans and leases	$	1,046,254	$	310,761	$	218,569	$	376,214	$	131,298	$	9,412
Total assets (1)	3,128,466		1,059,152		335,124		601,378		863,653		269,159
Total deposits	1,876,153		980,051		291,770		504,432		31,890		68,010
Quarter end
Total loans and leases	$	1,049,149	$	313,216	$	218,913	$	373,351	$	134,386	$	9,283
Total assets (1)	3,153,090		1,062,038		333,779		588,578		864,792		303,903
Total deposits	1,884,601		982,302		290,732		494,938		31,041		85,588

(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)
	Fourth Quarter 2022
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	14,804	$	8,494	$	2,015	$	3,880	$	371	$	44
Noninterest income
Fees and commissions:
Card income	1,552		1,333		19		196		17		(13)
Service charges	1,389		586		17		703		79		4
Investment and brokerage services	3,723		71		3,166		6		482		(2)
Investment banking fees	1,071		—		35		706		347		(17)
Total fees and commissions	7,735		1,990		3,237		1,611		925		(28)
Market making and similar activities	3,052		5		36		34		2,685		292
Other income (loss)	(936)		293		122		913		(120)		(2,144)
Total noninterest income (loss)	9,851		2,288		3,395		2,558		3,490		(1,880)
Total revenue, net of interest expense	24,655		10,782		5,410		6,438		3,861		(1,836)
Provision for credit losses	1,092		944		37		149		4		(42)
Noninterest expense	15,543		5,100		3,784		2,833		3,171		655
Income (loss) before income taxes	8,020		4,738		1,589		3,456		686		(2,449)
Income tax expense (benefit)	888		1,161		389		916		182		(1,760)
Net income (loss)	$	7,132	$	3,577	$	1,200	$	2,540	$	504	$	(689)

Average
Total loans and leases	$	1,039,247	$	300,360	$	225,094	$	380,385	$	123,022	$	10,386
Total assets (1)	3,074,289		1,123,813		361,592		595,525		857,319		136,040
Total deposits	1,925,544		1,047,058		317,849		503,472		37,219		19,946
Quarter end
Total loans and leases	$	1,045,747	$	304,761	$	223,910	$	379,107	$	127,735	$	10,234
Total assets (1)	3,051,375		1,126,453		368,893		588,466		812,489		155,074
Total deposits	1,930,341		1,048,799		323,899		498,661		39,077		19,905

(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
Annual Results by Business Segment and All Other
(Dollars in millions)
	Year Ended December 31, 2023
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	57,498	$	33,689	$	7,147	$	14,645	$	1,678	$	339
Noninterest income
Fees and commissions:
Card income	6,054		5,264		45		781		66		(102)
Service charges	5,684		2,317		78		2,952		335		2
Investment and brokerage services	15,563		308		13,213		57		1,993		(8)
Investment banking fees	4,708		—		171		2,819		1,874		(156)
Total fees and commissions	32,009		7,889		13,507		6,609		4,268		(264)
Market making and similar activities	12,732		20		137		190		13,430		(1,045)
Other income (loss)	(3,091)		433		314		3,352		151		(7,341)
Total noninterest income (loss)	41,650		8,342		13,958		10,151		17,849		(8,650)
Total revenue, net of interest expense	99,148		42,031		21,105		24,796		19,527		(8,311)
Provision for credit losses	4,394		5,158		6		(586)		(131)		(53)
Noninterest expense	65,845		21,416		15,836		11,344		13,206		4,043
Income (loss) before income taxes	28,909		15,457		5,263		14,038		6,452		(12,301)
Income tax expense (benefit)	2,394		3,864		1,316		3,790		1,774		(8,350)
Net income (loss)	$	26,515	$	11,593	$	3,947	$	10,248	$	4,678	$	(3,951)

Average
Total loans and leases	$	1,046,256	$	308,690	$	219,503	$	378,762	$	129,657	$	9,644
Total assets (1)	3,153,513		1,071,853		342,531		602,579		869,756		266,794
Total deposits	1,887,541		992,750		298,335		505,627		33,278		57,551
Year end
Total loans and leases	$	1,053,732	$	315,119	$	219,657	$	373,891	$	136,223	$	8,842
Total assets (1)	3,179,876		1,049,830		344,626		621,751		817,313		346,356
Total deposits	1,923,827		969,572		299,657		527,060		34,833		92,705

	Year Ended December 31, 2022
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	52,900	$	30,045	$	7,466	$	12,184	$	3,088	$	117
Noninterest income
Fees and commissions:
Card income	6,083		5,169		70		774		66		4
Service charges	6,405		2,706		73		3,293		325		8
Investment and brokerage services	15,901		304		13,561		42		2,002		(8)
Investment banking fees	4,823		—		189		3,004		1,820		(190)
Total fees and commissions	33,212		8,179		13,893		7,113		4,213		(186)
Market making and similar activities	12,075		10		102		215		11,406		342
Other income (loss)	(2,799)		401		287		2,717		(569)		(5,635)
Total noninterest income (loss)	42,488		8,590		14,282		10,045		15,050		(5,479)
Total revenue, net of interest expense	95,388		38,635		21,748		22,229		18,138		(5,362)
Provision for credit losses	2,543		1,980		66		641		28		(172)
Noninterest expense	61,438		20,077		15,490		10,966		12,420		2,485
Income (loss) before income taxes	31,407		16,578		6,192		10,622		5,690		(7,675)
Income tax expense (benefit)	3,879		4,062		1,517		2,815		1,508		(6,023)
Net income (loss)	$	27,528	$	12,516	$	4,675	$	7,807	$	4,182	$	(1,652)

Average
Total loans and leases	$	1,016,782	$	292,366	$	219,810	$	375,271	$	116,652	$	12,683
Total assets (1)	3,135,894		1,139,351		396,167		603,273		857,637		139,466
Total deposits	1,986,158		1,062,561		351,329		511,804		40,382		20,082
Year end
Total loans and leases	$	1,045,747	$	304,761	$	223,910	$	379,107	$	127,735	$	10,234
Total assets (1)	3,051,375		1,126,453		368,893		588,466		812,489		155,074
Total deposits	1,930,341		1,048,799		323,899		498,661		39,077		19,905

(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)
	Year Ended December 31						Fourth Quarter 2023			Third Quarter 2023			Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022
	2023			2022
Net interest income	$	33,689		$	30,045		$	8,268		$	8,391		$	8,437		$	8,593		$	8,494
Noninterest income:
Card income	5,264			5,169			1,324			1,325			1,341			1,274			1,333
Service charges	2,317			2,706			588			605			525			599			586

All other income	761			715			149			151			221			240			369
Total noninterest income	8,342			8,590			2,061			2,081			2,087			2,113			2,288
Total revenue, net of interest expense	42,031			38,635			10,329			10,472			10,524			10,706			10,782

Provision for credit losses	5,158			1,980			1,405			1,397			1,267			1,089			944

Noninterest expense	21,416			20,077			5,234			5,256			5,453			5,473			5,100
Income before income taxes	15,457			16,578			3,690			3,819			3,804			4,144			4,738
Income tax expense	3,864			4,062			922			955			951			1,036			1,161
Net income	$	11,593		$	12,516		$	2,768		$	2,864		$	2,853		$	3,108		$	3,577

Net interest yield	3.26		%	2.73		%	3.28		%	3.26		%	3.24		%	3.27		%	3.11		%
Return on average allocated capital (1)	28			31			26			27			27			30			35
Efficiency ratio	50.95			51.96			50.71			50.18			51.81			51.12			47.29

Balance Sheet
Average
Total loans and leases	$	308,690		$	292,366		$	313,438		$	310,761		$	306,662		$	303,772		$	300,360
Total earning assets (2)	1,032,525			1,099,410			1,000,032			1,019,980			1,045,743			1,065,202			1,083,850
Total assets (2)	1,071,853			1,139,351			1,038,418			1,059,152			1,085,469			1,105,245			1,123,813
Total deposits	992,750			1,062,561			959,247			980,051			1,006,337			1,026,242			1,047,058
Allocated capital (1)	42,000			40,000			42,000			42,000			42,000			42,000			40,000

Period end
Total loans and leases	$	315,119		$	304,761		$	315,119		$	313,216		$	309,735		$	304,480		$	304,761
Total earning assets (2)	1,009,360			1,085,079			1,009,360			1,023,162			1,043,228			1,081,780			1,085,079
Total assets (2)	1,049,830			1,126,453			1,049,830			1,062,038			1,084,512			1,124,438			1,126,453
Total deposits	969,572			1,048,799			969,572			982,302			1,004,482			1,044,768			1,048,799

(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)
	Year Ended December 31						Fourth Quarter 2023			Third Quarter 2023			Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022
	2023			2022
Average deposit balances
Checking	$	567,633		$	596,875		$	551,890		$	562,319		$	575,792		$	580,910		$	588,668
Savings	63,919			71,851			58,975			62,352			66,142			68,327			69,790
MMS	307,927			359,752			277,912			296,833			317,942			339,823			356,015
CDs and IRAs	49,331			29,450			66,758			54,596			42,445			33,098			28,619
Other	3,940			4,633			3,712			3,951			4,016			4,084			3,966
Total average deposit balances	$	992,750		$	1,062,561		$	959,247		$	980,051		$	1,006,337		$	1,026,242		$	1,047,058

Deposit spreads (excludes noninterest costs)
Checking	2.34		%	1.98		%	2.47		%	2.38		%	2.30		%	2.22		%	2.09		%
Savings	2.71			2.23			2.90			2.77			2.65			2.53			2.33
MMS	3.33			1.61			3.64			3.49			3.28			2.99			2.25
CDs and IRAs	2.66			1.53			2.25			2.55			2.96			3.27			2.91
Other	4.85			1.60			5.21			5.05			4.80			4.37			3.35
Total deposit spreads	2.70			1.86			2.83			2.76			2.67			2.54			2.19

Consumer investment assets	$	424,410		$	319,648		$	424,410		$	387,467		$	386,761		$	354,892		$	319,648

Active digital banking users (in thousands) (1)	46,265			44,054			46,265			45,797			45,713			44,962			44,054
Active mobile banking users (in thousands) (2)	37,927			35,452			37,927			37,487			37,329			36,322			35,452
Financial centers	3,845			3,913			3,845			3,862			3,887			3,892			3,913
ATMs	15,168			15,528			15,168			15,253			15,335			15,407			15,528

Total credit card (3)
Loans
Average credit card outstandings	$	96,190		$	83,539		$	100,389		$	98,049		$	94,431		$	91,775		$	89,575
Ending credit card outstandings	102,200			93,421			102,200			99,686			97,009			92,469			93,421
Credit quality
Net charge-offs	$	2,561		$	1,334		$	777		$	673		$	610		$	501		$	386
	2.66		%	1.60		%	3.07		%	2.72		%	2.60		%	2.21		%	1.71		%
30+ delinquency	$	2,419		$	1,505		$	2,419		$	2,097		$	1,810		$	1,674		$	1,505
	2.37		%	1.61		%	2.37		%	2.10		%	1.87		%	1.81		%	1.61		%
90+ delinquency	$	1,224		$	717		$	1,224		$	1,016		$	897		$	828		$	717
	1.20		%	0.77		%	1.20		%	1.02		%	0.92		%	0.90		%	0.77		%
Other total credit card indicators (3)
Gross interest yield	11.88		%	10.42		%	11.97		%	12.03		%	11.66		%	11.85		%	11.18		%
Risk-adjusted margin	7.83			10.06			7.18			7.70			7.83			8.69			9.87
New accounts (in thousands)	4,275			4,397			889			1,062			1,137			1,187			1,096
Purchase volumes	$	363,117		$	356,588		$	92,759		$	91,711		$	93,103		$	85,544		$	92,800

Debit card data
Purchase volumes	$	527,074		$	503,583		$	136,183		$	133,553		$	132,962		$	124,376		$	130,157

Loan production (4)
Consumer Banking:
First mortgage	$	9,145		$	20,981		$	1,753		$	2,547		$	2,889		$	1,956		$	2,286
Home equity	8,328			7,988			1,939			2,035			2,171			2,183			2,113
Total (5):
First mortgage	$	19,405		$	44,765		$	3,932		$	5,596		$	5,940		$	3,937		$	5,217
Home equity	9,814			9,591			2,255			2,421			2,542			2,596			2,596

(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)
	Fourth Quarter 2023									Third Quarter 2023
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	8,268		$	5,425		$	2,843		$	8,391		$	5,571		$	2,820
Noninterest income:
Card income	1,324			(9)			1,333			1,325			(11)			1,336
Service charges	588			588			—			605			605			—
All other income	149			116			33			151			116			35
Total noninterest income	2,061			695			1,366			2,081			710			1,371
Total revenue, net of interest expense	10,329			6,120			4,209			10,472			6,281			4,191

Provision for credit losses	1,405			77			1,328			1,397			128			1,269

Noninterest expense	5,234			3,269			1,965			5,256			3,240			2,016
Income before income taxes	3,690			2,774			916			3,819			2,913			906
Income tax expense	922			693			229			955			729			226
Net income	$	2,768		$	2,081		$	687		$	2,864		$	2,184		$	680

Net interest yield	3.28		%	2.25		%	3.64		%	3.26		%	2.26		%	3.65		%
Return on average allocated capital (1)	26			60			10			27			63			10
Efficiency ratio	50.71			53.51			46.65			50.18			51.60			48.06

Balance Sheet
Average
Total loans and leases	$	313,438		$	4,183		$	309,255		$	310,761		$	4,139		$	306,622
Total earning assets (2)	1,000,032			955,931			309,503			1,019,980			975,968			306,982
Total assets (2)	1,038,418			988,956			314,864			1,059,152			1,009,390			312,731
Total deposits	959,247			954,228			5,019			980,051			974,674			5,377
Allocated capital (1)	42,000			13,700			28,300			42,000			13,700			28,300

Period end
Total loans and leases	$	315,119		$	4,218		$	310,901		$	313,216		$	4,165		$	309,051
Total earning assets (2)	1,009,360			965,088			311,008			1,023,162			978,133			309,527
Total assets (2)	1,049,830			999,372			317,194			1,062,038			1,010,771			315,765
Total deposits	969,572			964,136			5,436			982,302			976,007			6,295

										Fourth Quarter 2022
										Total Consumer Banking			Deposits			Consumer Lending
Net interest income										$	8,494		$	5,719		$	2,775
Noninterest income:
Card income										1,333			(9)			1,342
Service charges										586			585			1
All other income										369			214			155
Total noninterest income										2,288			790			1,498
Total revenue, net of interest expense										10,782			6,509			4,273

Provision for credit losses										944			176			768

Noninterest expense										5,100			3,189			1,911
Income before income taxes										4,738			3,144			1,594
Income tax expense										1,161			771			390
Net income										$	3,577		$	2,373		$	1,204

Net interest yield										3.11		%	2.18		%	3.71		%
Return on average allocated capital (1)										35			72			18
Efficiency ratio										47.29			49.00			44.70

Balance Sheet
Average
Total loans and leases										$	300,360		$	4,132		$	296,228
Total earning assets (2)										1,083,850			1,042,289			296,535
Total assets (2)										1,123,813			1,075,446			303,340
Total deposits										1,047,058			1,041,669			5,389
Allocated capital (1)										40,000			13,000			27,000

Period end
Total loans and leases										$	304,761		$	4,148		$	300,613
Total earning assets (2)										1,085,079			1,043,049			300,787
Total assets (2)										1,126,453			1,077,203			308,007
Total deposits										1,048,799			1,043,194			5,605

(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 Annual Results
(Dollars in millions)
	Year Ended December 31
	2023									2022
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	33,689		$	22,545		$	11,144		$	30,045		$	19,254		$	10,791
Noninterest income:
Card income	5,264			(40)			5,304			5,169			(36)			5,205
Service charges	2,317			2,314			3			2,706			2,703			3
All other income	761			607			154			715			478			237
Total noninterest income	8,342			2,881			5,461			8,590			3,145			5,445
Total revenue, net of interest expense	42,031			25,426			16,605			38,635			22,399			16,236

Provision for credit losses	5,158			491			4,667			1,980			564			1,416

Noninterest expense	21,416			13,358			8,058			20,077			12,393			7,684
Income before income taxes	15,457			11,577			3,880			16,578			9,442			7,136
Income tax expense	3,864			2,894			970			4,062			2,314			1,748
Net income	$	11,593		$	8,683		$	2,910		$	12,516		$	7,128		$	5,388

Net interest yield	3.26		%	2.28		%	3.66		%	2.73		%	1.82		%	3.72		%
Return on average allocated capital (1)	28			63			10			31			55			20
Efficiency ratio	50.95			52.54			48.52			51.96			55.33			47.32

Balance Sheet
Average
Total loans and leases	$	308,690		$	4,129		$	304,561		$	292,366		$	4,161		$	288,205
Total earning assets (2)	1,032,525			989,000			304,838			1,099,410			1,057,531			289,719
Total assets (2)	1,071,853			1,022,361			310,805			1,139,351			1,090,692			296,499
Total deposits	992,750			987,675			5,075			1,062,561			1,056,783			5,778
Allocated capital (1)	42,000			13,700			28,300			40,000			13,000			27,000

Year end
Total loans and leases	$	315,119		$	4,218		$	310,901		$	304,761		$	4,148		$	300,613
Total earning assets (2)	1,009,360			965,088			311,008			1,085,079			1,043,049			300,787
Total assets (2)	1,049,830			999,372			317,194			1,126,453			1,077,203			308,007
Total deposits	969,572			964,136			5,436			1,048,799			1,043,194			5,605

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)
	Year Ended December 31						Fourth Quarter 2023			Third Quarter 2023			Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022
	2023			2022
Net interest income	$	7,147		$	7,466		$	1,711		$	1,755		$	1,805		$	1,876		$	2,015
Noninterest income:
Investment and brokerage services	13,213			13,561			3,328			3,396			3,251			3,238			3,166
All other income	745			721			188			170			186			201			229
Total noninterest income	13,958			14,282			3,516			3,566			3,437			3,439			3,395
Total revenue, net of interest expense	21,105			21,748			5,227			5,321			5,242			5,315			5,410

Provision for credit losses	6			66			(26)			(6)			13			25			37

Noninterest expense	15,836			15,490			3,894			3,950			3,925			4,067			3,784
Income before income taxes	5,263			6,192			1,359			1,377			1,304			1,223			1,589
Income tax expense	1,316			1,517			340			344			326			306			389
Net income	$	3,947		$	4,675		$	1,019		$	1,033		$	978		$	917		$	1,200

Net interest yield	2.17		%	1.95		%	2.10		%	2.16		%	2.21		%	2.20		%	2.29		%
Return on average allocated capital (1)	21			27			22			22			21			20			27

Efficiency ratio	75.04			71.23			74.41			74.28			74.86			76.53			69.96

Balance Sheet
Average
Total loans and leases	$	219,503		$	219,810		$	219,425		$	218,569		$	218,604		$	221,448		$	225,094
Total earning assets (2)	329,493			383,352			322,827			322,032			327,066			346,384			348,718
Total assets (2)	342,531			396,167			336,067			335,124			340,105			359,164			361,592
Total deposits	298,335			351,329			292,478			291,770			295,380			314,019			317,849
Allocated capital (1)	18,500			17,500			18,500			18,500			18,500			18,500			17,500


Period end
Total loans and leases	$	219,657		$	223,910		$	219,657		$	218,913		$	219,208		$	217,804		$	223,910
Total earning assets (2)	330,653			355,461			330,653			320,196			324,820			336,560			355,461
Total assets (2)	344,626			368,893			344,626			333,779			338,184			349,888			368,893
Total deposits	299,657			323,899			299,657			290,732			292,526			301,471			323,899

(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)
	Year Ended December 31				Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022
	2023		2022
Revenue by Business
Merrill Wealth Management	$	17,461	$	18,135	$	4,326	$	4,398	$	4,340	$	4,397	$	4,486
Bank of America Private Bank	3,644		3,613		901		923		902		918		924

Total revenue, net of interest expense	$	21,105	$	21,748	$	5,227	$	5,321	$	5,242	$	5,315	$	5,410

Client Balances by Business, at period end
Merrill Wealth Management	$	3,182,735	$	2,822,910	$	3,182,735	$	2,978,229	$	3,057,680	$	2,952,681	$	2,822,910
Bank of America Private Bank	606,639		563,931		606,639		572,624		577,514		568,925		563,931

Total client balances	$	3,789,374	$	3,386,841	$	3,789,374	$	3,550,853	$	3,635,194	$	3,521,606	$	3,386,841

Client Balances by Type, at period end


Assets under management (1)	$	1,617,740	$	1,401,474	$	1,617,740	$	1,496,601	$	1,531,042	$	1,467,242	$	1,401,474
Brokerage and other assets	1,688,923		1,482,025		1,688,923		1,578,123		1,628,294		1,571,409		1,482,025

Deposits	299,657		323,899		299,657		290,732		292,526		301,471		323,899
Loans and leases (2)	222,287		226,973		222,287		221,684		222,280		220,633		226,973
Less: Managed deposits in assets under management	(39,233)		(47,530)		(39,233)		(36,287)		(38,948)		(39,149)		(47,530)
Total client balances	$	3,789,374	$	3,386,841	$	3,789,374	$	3,550,853	$	3,635,194	$	3,521,606	$	3,386,841

Assets Under Management Rollforward
Assets under management, beginning balance	$	1,401,474	$	1,638,782	$	1,496,601	$	1,531,042	$	1,467,242	$	1,401,474	$	1,329,557
Net client flows	52,227		20,785		8,443		14,226		14,296		15,262		105

Market valuation/other	164,039		(258,093)		112,696		(48,667)		49,504		50,506		71,812
Total assets under management, ending balance	$	1,617,740	$	1,401,474	$	1,617,740	$	1,496,601	$	1,531,042	$	1,467,242	$	1,401,474

Advisors, at period end

Total wealth advisors (3)	18,916		19,273		18,916		19,130		19,099		19,243		19,273

(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)
	Year Ended December 31						Fourth Quarter 2023			Third Quarter 2023			Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022
	2023			2022
Net interest income	$	14,645		$	12,184		$	3,435		$	3,613		$	3,690		$	3,907		$	3,880
Noninterest income:
Service charges	2,952			3,293			749			754			735			714			703
Investment banking fees	2,819			3,004			690			743			718			668			706
All other income	4,380			3,748			1,054			1,093			1,319			914			1,149
Total noninterest income	10,151			10,045			2,493			2,590			2,772			2,296			2,558
Total revenue, net of interest expense	24,796			22,229			5,928			6,203			6,462			6,203			6,438

Provision for credit losses	(586)			641			(239)			(119)			9			(237)			149

Noninterest expense	11,344			10,966			2,781			2,804			2,819			2,940			2,833
Income before income taxes	14,038			10,622			3,386			3,518			3,634			3,500			3,456
Income tax expense	3,790			2,815			914			950			981			945			916
Net income	$	10,248		$	7,807		$	2,472		$	2,568		$	2,653		$	2,555		$	2,540

Net interest yield	2.73		%	2.26		%	2.45		%	2.68		%	2.80		%	3.03		%	2.90		%
Return on average allocated capital (1)	21			18			20			21			22			21			23
Efficiency ratio	45.75			49.34			46.92			45.22			43.59			47.41			44.03

Balance Sheet
Average
Total loans and leases	$	378,762		$	375,271		$	374,862		$	376,214		$	383,058		$	381,009		$	380,385
Total earning assets (2)	535,500			539,032			557,147			534,153			527,959			522,374			531,206
Total assets (2)	602,579			603,273			624,093			601,378			595,585			588,886			595,525
Total deposits	505,627			511,804			527,597			504,432			497,533			492,577			503,472
Allocated capital (1)	49,250			44,500			49,250			49,250			49,250			49,250			44,500

Period end
Total loans and leases	$	373,891		$	379,107		$	373,891		$	373,351		$	381,609		$	383,491		$	379,107
Total earning assets (2)	552,453			522,539			552,453			521,423			518,547			524,299			522,539
Total assets (2)	621,751			588,466			621,751			588,578			586,397			591,231			588,466
Total deposits	527,060			498,661			527,060			494,938			492,734			495,949			498,661

(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)
	Year Ended December 31						Fourth Quarter 2023			Third Quarter 2023			Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022
	2023			2022
Investment Banking fees (1)
Advisory (2)	$	1,392		$	1,643		$	350		$	396		$	333		$	313		$	446
Debt issuance	1,073			1,099			265			255			263			290			184
Equity issuance	354			262			75			92			122			65			76
Total Investment Banking fees (3)	$	2,819		$	3,004		$	690		$	743		$	718		$	668		$	706

Business Lending
Corporate	$	4,928		$	4,325		$	1,235		$	1,300		$	1,359		$	1,034		$	1,417
Commercial	5,016			4,316			1,251			1,262			1,270			1,233			1,188
Business Banking	253			251			62			61			63			67			65
Total Business Lending revenue	$	10,197		$	8,892		$	2,548		$	2,623		$	2,692		$	2,334		$	2,670

Global Transaction Services
Corporate	$	5,746		$	5,002		$	1,322		$	1,392		$	1,483		$	1,549		$	1,546
Commercial	4,139			4,166			967			998			1,045			1,129			1,185
Business Banking	1,531			1,213			370			379			395			387			378
Total Global Transaction Services revenue	$	11,416		$	10,381		$	2,659		$	2,769		$	2,923		$	3,065		$	3,109

Average deposit balances
Interest-bearing	$	303,414		$	174,272		$	351,007		$	315,289		$	289,187		$	257,012		$	225,671
Noninterest-bearing	202,213			337,532			176,590			189,143			208,346			235,565			277,801
Total average deposits	$	505,627		$	511,804		$	527,597		$	504,432		$	497,533		$	492,577		$	503,472

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

Provision for credit losses	$	(586)		$	641		$	(239)		$	(119)		$	9		$	(237)		$	149

Credit quality (4, 5)
Reservable criticized utilized exposure	$	21,597		$	17,519		$	21,597		$	22,025		$	19,714		$	18,104		$	17,519
	5.46		%	4.37		%	5.46		%	5.58		%	4.89		%	4.46		%	4.37		%

Nonperforming loans, leases and foreclosed properties	$	2,673		$	923		$	2,673		$	1,908		$	1,248		$	1,023		$	923
	0.72		%	0.25		%	0.72		%	0.51		%	0.33		%	0.27		%	0.25		%

Average loans and leases by product
U.S. commercial	$	227,607		$	225,325		$	225,070		$	225,758		$	230,111		$	229,558		$	230,591
Non-U.S. commercial	80,283			83,352			78,483			78,748			81,546			82,412			82,222
Commercial real estate	56,701			52,389			56,735			57,573			57,449			55,019			54,104
Commercial lease financing	14,170			14,203			14,573			14,134			13,951			14,019			13,467
Other	1			2			1			1			1			1			1
Total average loans and leases	$	378,762		$	375,271		$	374,862		$	376,214		$	383,058		$	381,009		$	380,385

Total Corporation Investment Banking fees
Advisory (2)	$	1,575		$	1,783		$	389		$	448		$	375		$	363		$	486
Debt issuance	2,403			2,523			589			570			600			644			414
Equity issuance	886			709			199			232			287			168			189
Total investment banking fees including self-led deals	4,864			5,015			1,177			1,250			1,262			1,175			1,089
Self-led deals	(156)			(192)			(32)			(62)			(50)			(12)			(18)
Total Investment Banking fees	$	4,708		$	4,823		$	1,145		$	1,188		$	1,212		$	1,163		$	1,071

(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)
	Year Ended December 31						Fourth Quarter 2023			Third Quarter 2023			Second Quarter 2023			First Quarter 2023			Fourth Quarter 2022
	2023			2022
Net interest income	$	1,678		$	3,088		$	598		$	674		$	297		$	109		$	371
Noninterest income:
Investment and brokerage services	1,993			2,002			486			475			499			533			482
Investment banking fees	1,874			1,820			439			463			503			469			347
Market making and similar activities	13,430			11,406			2,428			3,195			3,409			4,398			2,685
All other income	552			(178)			137			135			163			117			(24)
Total noninterest income	17,849			15,050			3,490			4,268			4,574			5,517			3,490
Total revenue, net of interest expense (1)	19,527			18,138			4,088			4,942			4,871			5,626			3,861

Provision for credit losses	(131)			28			(60)			(14)			(4)			(53)			4

Noninterest expense	13,206			12,420			3,271			3,235			3,349			3,351			3,171
Income before income taxes	6,452			5,690			877			1,721			1,526			2,328			686
Income tax expense	1,774			1,508			241			473			420			640			182
Net income	$	4,678		$	4,182		$	636		$	1,248		$	1,106		$	1,688		$	504

Return on average allocated capital (2)	10		%	10		%	6		%	11		%	10		%	15		%	5		%

Efficiency ratio	67.63			68.48			80.00			65.47			68.74			59.56			82.14

Balance Sheet
Average
Total trading-related assets	$	618,028		$	600,803		$	615,414		$	609,744		$	621,125		$	626,035		$	608,493
Total loans and leases	129,657			116,652			133,631			131,298			128,539			125,046			123,022
Total earning assets	652,352			602,889			667,094			655,971			657,947			627,935			610,045
Total assets	869,756			857,637			867,953			863,653			877,471			870,038			857,319
Total deposits	33,278			40,382			31,950			31,890			33,222			36,109			37,219
Allocated capital (2)	45,500			42,500			45,500			45,500			45,500			45,500			42,500


Period end
Total trading-related assets	$	542,544		$	564,769		$	542,544		$	613,009		$	599,787		$	599,841		$	564,769
Total loans and leases	136,223			127,735			136,223			134,386			131,128			130,804			127,735
Total earning assets	637,955			587,772			637,955			660,172			640,712			632,873			587,772
Total assets	817,313			812,489			817,313			864,792			851,771			861,477			812,489
Total deposits	34,833			39,077			34,833			31,041			33,049			33,624			39,077

Trading-related assets (average)
Trading account securities	$	318,443		$	303,587		$	309,051		$	307,990		$	317,928		$	339,248		$	309,217
Reverse repurchases	133,735			126,324			133,209			135,401			139,480			126,760			122,753
Securities borrowed	121,547			116,764			129,365			119,936			120,481			116,280			119,334
Derivative assets	44,303			54,128			43,789			46,417			43,236			43,747			57,189
Total trading-related assets	$	618,028		$	600,803		$	615,414		$	609,744		$	621,125		$	626,035		$	608,493

(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)
	Year Ended December 31				Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022
	2023		2022
Sales and trading revenue (1)
Fixed-income, currencies and commodities	$	10,896	$	9,917	$	2,079	$	2,710	$	2,667	$	3,440	$	2,157
Equities	6,480		6,572		1,540		1,695		1,618		1,627		1,368
Total sales and trading revenue	$	17,376	$	16,489	$	3,619	$	4,405	$	4,285	$	5,067	$	3,525

Sales and trading revenue, excluding net debit valuation adjustment (2,3)
Fixed-income, currencies and commodities	$	11,122	$	9,898	$	2,206	$	2,723	$	2,764	$	3,429	$	2,343
Equities	6,490		6,571		1,545		1,698		1,623		1,624		1,375
Total sales and trading revenue, excluding net debit valuation adjustment	$	17,612	$	16,469	$	3,751	$	4,421	$	4,387	$	5,053	$	3,718

Sales and trading revenue breakdown
Net interest income	$	1,013	$	2,536	$	432	$	518	$	137	$	(74)	$	188
Commissions	1,981		1,955		486		474		492		529		476
Trading	13,427		11,403		2,428		3,194		3,407		4,398		2,684
Other	955		595		273		219		249		214		177
Total sales and trading revenue	$	17,376	$	16,489	$	3,619	$	4,405	$	4,285	$	5,067	$	3,525

(1) Includes Global Banking sales and trading revenue of $654 million and $1.0 billion for the years ended December 31, 2023 and 2022, and $190 million, $133 million, $154 million, $177 million and $262 million for the fourth, third, second and first quarters of 2023, and the fourth quarter 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 $(236) million and $20 million for the years ended December 31, 2023 and 2022, and $(132) million, $(16) million, $(102) million, $14 million, and $(193) million for the fourth, third, second and first quarters of 2023, and the fourth quarter of 2022, respectively. FICC net DVA gains (losses) were $(226) million and $19 million for the years ended December 31, 2023 and 2022, and $(127) million, $(13) million, $(97) million, $11 million and $(186) million for the fourth, third, second and first quarters of 2023, and the fourth quarter of 2022, respectively. Equities net DVA gains (losses) were $(10) million and $1 million for the years ended December 31, 2023 and 2022, and $(5) million, $(3) million, $(5) million, $3 million and $(7) million for the fourth, third, second and first quarters of 2023, and the fourth quarter 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)
	Year Ended December 31				Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022
	2023		2022
Net interest income	$	339	$	117	$	79	$	99	$	64	$	97	$	44





Noninterest income (loss)	(8,650)		(5,479)		(3,547)		(1,717)		(1,831)		(1,555)		(1,880)
Total revenue, net of interest expense	(8,311)		(5,362)		(3,468)		(1,618)		(1,767)		(1,458)		(1,836)

Provision for credit losses	(53)		(172)		24		(24)		(160)		107		(42)



Noninterest expense	4,043		2,485		2,551		593		492		407		655
Loss before income taxes	(12,301)		(7,675)		(6,043)		(2,187)		(2,099)		(1,972)		(2,449)
Income tax expense (benefit)	(8,350)		(6,023)		(2,292)		(2,276)		(1,917)		(1,865)		(1,760)
Net income (loss)	$	(3,951)	$	(1,652)	$	(3,751)	$	89	$	(182)	$	(107)	$	(689)

Balance Sheet
Average
Total loans and leases	$	9,644	$	12,683	$	9,349	$	9,412	$	9,745	$	10,077	$	10,386
Total assets (2)	266,794		139,466		346,628		269,159		276,728		172,725		136,040
Total deposits	57,551		20,082		93,739		68,010		42,881		24,702		19,946

Period end
Total loans and leases	$	8,842	$	10,234	$	8,842	$	9,283	$	9,544	$	9,827	$	10,234

Total assets (3)	346,356		155,074		346,356		303,903		262,334		267,623		155,074
Total deposits	92,705		19,905		92,705		85,588		54,418		34,590		19,905

(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 $975.9 billion and $1.1 trillion for the years ended December 31, 2023 and 2022, and $958.4 billion, $955.7 billion, $977.8 billion, $1.0 trillion and $1.0 trillion for the fourth, third, second and first quarters of 2023, and the fourth quarter of 2022, respectively.

(3)Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $972.9 billion, $945.7 billion, $963.6 billion, $1.0 trillion and $1.0 trillion at December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 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)
	December 31 2023		September 30 2023		December 31 2022
Consumer
Residential mortgage	$	228,403	$	229,166	$	229,670
Home equity	25,527		25,492		26,563
Credit card	102,200		99,687		93,421
Direct/Indirect consumer (1)	103,468		104,059		106,236
Other consumer (2)	124		122		156
Total consumer loans excluding loans accounted for under the fair value option	459,722		458,526		456,046
Consumer loans accounted for under the fair value option (3)	243		253		339
Total consumer	459,965		458,779		456,385

Commercial
U.S. commercial	358,931		356,330		358,481
Non-U.S. commercial	124,581		123,713		124,479
Commercial real estate (4)	72,878		73,193		69,766
Commercial lease financing	14,854		13,904		13,644
	571,244		567,140		566,370
U.S. small business commercial (5)	19,197		19,233		17,560
Total commercial loans excluding loans accounted for under the fair value option	590,441		586,373		583,930
Commercial loans accounted for under the fair value option (3)	3,326		3,997		5,432
Total commercial	593,767		590,370		589,362

Total loans and leases	$	1,053,732	$	1,049,149	$	1,045,747

(1)Includes primarily auto and specialty lending loans and leases of $53.9 billion, $54.0 billion and $51.8 billion, U.S. securities-based lending loans of $46.0 billion, $46.5 billion and $50.4 billion and non-U.S. consumer loans of $2.8 billion, $2.8 billion and $3.0 billion at December 31, 2023, September 30, 2023 and December 31, 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 $66 million, $67 million and $71 million and home equity loans of $177 million, $186 million and $268 million at December 31, 2023, September 30, 2023 and December 31, 2022, respectively. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.2 billion, $2.5 billion and $2.9 billion and non-U.S. commercial loans of $1.2 billion, $1.5 billion and $2.5 billion at December 31, 2023, September 30, 2023 and December 31, 2022, respectively.

(4)Includes U.S. commercial real estate loans of $66.8 billion, $67.3 billion and $64.9 billion and non-U.S. commercial real estate loans of $6.1 billion, $5.9 billion and $4.8 billion at December 31, 2023, September 30, 2023 and December 31, 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)
	Fourth Quarter 2023
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	228,975	$	116,278	$	105,184	$	1	$	—	$	7,512
Home equity	25,756		21,307		2,419		—		165		1,865
Credit card	100,389		97,013		3,378		—		—		(2)
Direct/Indirect and other consumer	103,606		54,035		49,568		—		—		3
Total consumer	458,726		288,633		160,549		1		165		9,378

Commercial
U.S. commercial	379,215		24,794		51,196		225,070		77,959		196
Non-U.S. commercial	125,371		—		535		78,483		46,258		95
Commercial real estate	73,140		11		7,145		56,735		9,249		—
Commercial lease financing	14,253		—		—		14,573		—		(320)
Total commercial	591,979		24,805		58,876		374,861		133,466		(29)
Total loans and leases	$	1,050,705	$	313,438	$	219,425	$	374,862	$	133,631	$	9,349

	Third Quarter 2023
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	229,001	$	116,828	$	104,635	$	1	$	—	$	7,537
Home equity	25,661		21,123		2,372		—		173		1,993
Credit card	98,049		94,781		3,268		—		—		—
Direct/Indirect and other consumer	104,134		53,840		50,291		—		—		3
Total consumer	456,845		286,572		160,566		1		173		9,533

Commercial
U.S. commercial	377,728		24,179		50,267		225,758		77,369		155
Non-U.S. commercial	123,781		—		681		78,748		44,306		46
Commercial real estate	74,088		10		7,055		57,573		9,450		—
Commercial lease financing	13,812		—		—		14,134		—		(322)
Total commercial	589,409		24,189		58,003		376,213		131,125		(121)
Total loans and leases	$	1,046,254	$	310,761	$	218,569	$	376,214	$	131,298	$	9,412

	Fourth Quarter 2022
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	229,364	$	118,051	$	103,331	$	1	$	—	$	7,981
Home equity	26,983		21,834		2,485		—		207		2,457
Credit card	89,575		86,540		3,036		—		—		(1)
Direct/Indirect and other consumer	106,598		51,501		55,093		—		—		4
Total consumer	452,520		277,926		163,945		1		207		10,441

Commercial
U.S. commercial	378,850		22,423		54,306		230,591		71,330		200
Non-U.S. commercial	125,983		1		1,090		82,222		42,590		80
Commercial real estate	68,764		10		5,753		54,104		8,895		2
Commercial lease financing	13,130		—		—		13,467		—		(337)
Total commercial	586,727		22,434		61,149		380,384		122,815		(55)
Total loans and leases	$	1,039,247	$	300,360	$	225,094	$	380,385	$	123,022	$	10,386


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


Bank of America Corporation and Subsidiaries
Commercial Credit Exposure by Industry (1, 2, 3, 4, 5)
(Dollars in millions)
	Commercial Utilized						Total Commercial Committed
	December 31 2023		September 30 2023		December 31 2022		December 31 2023		September 30 2023		December 31 2022
Asset managers and funds	$	103,138	$	106,525	$	106,842	$	169,318	$	173,531	$	165,087
Real estate (6)	73,150		73,318		72,180		100,269		99,840		99,722
Capital goods	49,698		48,858		45,580		97,044		93,327		87,314
Finance companies	62,906		56,733		55,248		89,119		81,968		79,546
Healthcare equipment and services	35,037		34,986		33,554		61,766		61,151		58,761
Materials	25,223		25,132		26,304		55,296		55,496		55,589
Retailing	24,561		26,261		24,785		54,523		57,664		53,714
Food, beverage and tobacco	23,865		22,609		23,232		49,426		49,678		47,486
Consumer services	27,355		27,735		26,980		49,105		49,395		47,372
Government and public education	31,051		32,058		34,861		45,873		46,602		48,134
Individuals and trusts	32,481		32,297		34,897		43,938		43,323		45,572
Commercial services and supplies	22,642		24,089		23,628		41,473		42,992		41,596
Utilities	18,610		17,806		20,292		39,481		38,220		40,164
Energy	12,450		13,855		15,132		36,996		36,312		36,043
Transportation	24,200		24,004		22,273		36,267		36,607		33,858
Technology hardware and equipment	11,951		10,796		11,441		29,160		29,812		29,825
Global commercial banks	22,749		27,544		27,217		25,684		30,313		29,293
Media	13,033		14,427		14,781		24,908		25,817		28,216
Vehicle dealers	16,283		14,359		12,909		22,570		21,334		20,638
Software and services	9,830		10,160		12,961		22,381		24,839		25,633
Pharmaceuticals and biotechnology	6,852		7,294		7,547		22,169		20,244		26,208
Consumer durables and apparel	9,184		9,437		10,009		20,732		20,462		21,389
Insurance	9,371		11,357		10,224		19,322		21,811		19,444
Telecommunication services	9,224		9,276		9,679		17,269		17,005		17,349
Automobiles and components	7,049		7,207		8,774		16,459		15,447		16,911
Food and staples retailing	7,423		7,973		7,157		12,496		13,698		11,908
Financial markets infrastructure (clearinghouses)	4,229		2,409		3,913		6,503		4,762		8,752
Religious and social organizations	2,754		2,400		2,467		4,565		4,518		4,689

Total commercial credit exposure by industry	$	696,299	$	700,905	$	704,867	$	1,214,112	$	1,216,168	$	1,200,213

(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 $55.8 billion, $53.4 billion and $33.8 billion at December 31, 2023, September 30, 2023 and December 31, 2022, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $29.4 billion, $32.9 billion and $51.1 billion, which consists primarily of other marketable securities, at December 31, 2023, September 30, 2023 and December 31, 2022, respectively.

(2)Total utilized and total committed exposure includes loans of $3.3 billion, $4.0 billion and $5.4 billion and issued letters of credit with a notional amount of $14 million, $14 million and $28 million accounted for under the fair value option at December 31, 2023, September 30, 2023 and December 31, 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, $1.8 billion and $3.0 billion at December 31, 2023, September 30, 2023 and December 31, 2022, respectively.

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

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

(5)Includes $329 million, $415 million and $1.0 billion of PPP loan exposure across impacted industries at December 31, 2023, September 30, 2023 and December 31, 2022, respectively.

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


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


Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties
(Dollars in millions)
	December 31 2023			September 30 2023			June 30 2023			March 31 2023			December 31 2022
Residential mortgage	$	2,114		$	2,185		$	2,140		$	2,125		$	2,167
Home equity	450			479			482			488			510

Direct/Indirect consumer	148			128			107			101			77

Total consumer	2,712			2,792			2,729			2,714			2,754
U.S. commercial	636			561			476			559			553
Non-U.S. commercial	175			102			84			125			212
Commercial real estate	1,927			1,343			816			502			271
Commercial lease financing	19			18			6			4			4
	2,757			2,024			1,382			1,190			1,040
U.S. small business commercial	16			17			15			14			14
Total commercial	2,773			2,041			1,397			1,204			1,054
Total nonperforming loans and leases	5,485			4,833			4,126			3,918			3,808
Foreclosed properties (1)	145			160			148			165			170
Total nonperforming loans, leases, and foreclosed properties(2, 3)	$	5,630		$	4,993		$	4,274		$	4,083		$	3,978

Fully-insured home loans past due 30 days or more and still accruing	$	527		$	523		$	525		$	580		$	627
Consumer credit card past due 30 days or more and still accruing	2,419			2,097			1,811			1,674			1,505
Other loans past due 30 days or more and still accruing	2,974			2,848			2,920			3,146			4,008
Total loans past due 30 days or more and still accruing (4, 5)	$	5,920		$	5,468		$	5,256		$	5,400		$	6,140

Fully-insured home loans past due 90 days or more and still accruing	$	252		$	265		$	288		$	338		$	368
Consumer credit card past due 90 days or more and still accruing	1,224			1,016			896			828			717
Other loans past due 90 days or more and still accruing	280			286			356			508			626
Total loans past due 90 days or more and still accruing (5)	$	1,756		$	1,567		$	1,540		$	1,674		$	1,711

Nonperforming loans, leases and foreclosed properties/Total assets (6)	0.18		%	0.16		%	0.14		%	0.13		%	0.13		%
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties (5)	0.54			0.48			0.41			0.39			0.38
Nonperforming loans and leases/Total loans and leases (6)	0.52			0.46			0.39			0.38			0.37

Commercial reservable criticized utilized exposure (7)	$	23,300		$	23,722		$	21,469		$	19,789		$	19,274
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure (6)	3.74		%	3.83		%	3.44		%	3.17		%	3.12		%
Total commercial criticized utilized exposure/Commercial utilized exposure (7)	4.00			4.12			3.79			3.67			3.70

(1)Includes repossessed assets of $22 million and $20 million for the fourth and third quarters of 2023 and $0 for the remaining quarters.

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

(3)Balances do not include nonperforming loans held-for-sale of $161 million, $173 million, $174 million, $250 million and $219 million at December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively.

(4)Balances do not include loans held-for-sale past due 30 days or more and still accruing of $72 million, $22 million, $39 million, $36 million and $58 million at December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively.

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

(6)Total assets and total loans and leases do not include loans accounted for under the fair value option of $3.6 billion, $4.3 billion, $4.3 billion, $4.4 billion and $5.8 billion at December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively.

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


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


Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties Activity (1)
(Dollars in millions)
	Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022
Nonperforming Consumer Loans and Leases:
Balance, beginning of period	$	2,792	$	2,729	$	2,714	$	2,754	$	2,760

Additions	247		297		258		253		208


Reductions:
Paydowns and payoffs	(129)		(117)		(131)		(103)		(89)
Sales	(57)		(2)		(2)		(2)		(1)
Returns to performing status (2)	(122)		(91)		(92)		(170)		(109)
Charge-offs (3)	(15)		(13)		(13)		(12)		(6)
Transfers to foreclosed properties	(4)		(11)		(5)		(6)		(9)

Total net additions (reductions) to nonperforming loans and leases	(80)		63		15		(40)		(6)
Total nonperforming consumer loans and leases, end of period	2,712		2,792		2,729		2,714		2,754
Foreclosed properties (4)	103		112		97		117		121
Nonperforming consumer loans, leases and foreclosed properties, end of period	$	2,815	$	2,904	$	2,826	$	2,831	$	2,875

Nonperforming Commercial Loans and Leases (5):
Balance, beginning of period	$	2,041	$	1,397	$	1,204	$	1,054	$	1,223

Additions	1,085		875		484		419		141
Reductions:
Paydowns	(121)		(153)		(171)		(72)		(144)
Sales	(1)		—		(3)		—		(4)
Returns to performing status (6)	(45)		(2)		(7)		(52)		(35)
Charge-offs	(186)		(67)		(87)		(88)		(127)
Transfers to foreclosed properties	—		—		(23)		—		—
Transfers to loans held-for-sale	—		(9)		—		(57)		—
Total net additions (reductions) to nonperforming loans and leases	732		644		193		150		(169)
Total nonperforming commercial loans and leases, end of period	2,773		2,041		1,397		1,204		1,054
Foreclosed properties (4)	42		48		51		48		49
Nonperforming commercial loans, leases and foreclosed properties, end of period	$	2,815	$	2,089	$	1,448	$	1,252	$	1,103

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

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

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

(4)Includes repossessed assets of $20 million and $19 million in consumer loans and $2 million and $1 million in commercial loans for the fourth and third quarters of 2023 and $0 for the remaining quarters.

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

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


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


Bank of America Corporation and Subsidiaries
Quarterly Net Charge-offs and Net Charge-off Ratios (1)
(Dollars in millions)
	Fourth Quarter 2023				Third Quarter 2023				Second Quarter 2023				First Quarter 2023				Fourth Quarter 2022
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage (2)	$	11	0.02	%	$	2	—	%	$	2	—	%	$	1	—	%	$	(1)	—	%
Home equity (3)	(17)		(0.26)		(14)		(0.22)		(16)		(0.25)		(12)		(0.18)		(18)		(0.27)
Credit card	777		3.07		673		2.72		610		2.60		501		2.21		386		1.71

Direct/Indirect consumer	49		0.19		25		0.10		17		0.06		1		—		1		—
Other consumer	93		n/m		118		n/m		107		n/m		162		n/m		163		n/m
Total consumer	913		0.79		804		0.70		720		0.64		653		0.58		531		0.47
U.S. commercial	67		0.07		5		0.01		5		0.01		47		0.05		47		0.05
Non-U.S. commercial	1		—		(2)		(0.01)		—		—		20		0.07		31		0.10
Total commercial and industrial	68		0.06		3		—		5		—		67		0.06		78		0.06
Commercial real estate	115		0.62		39		0.21		69		0.37		22		0.12		34		0.20
Commercial lease financing	(1)		—		3		0.08		1		—		(1)		(0.01)		2		0.05
	182		0.13		45		0.03		75		0.05		88		0.06		114		0.08
U.S. small business commercial	97		1.99		82		1.74		74		1.62		66		1.48		44		0.99
Total commercial	279		0.19		127		0.09		149		0.10		154		0.11		158		0.11
Total net charge-offs	$	1,192	0.45		$	931	0.35		$	869	0.33		$	807	0.32		$	689	0.26

By Business Segment and All Other
Consumer Banking	$	1,023	1.30	%	$	911	1.16	%	$	819	1.07	%	$	729	0.97	%	$	591	0.78	%
Global Wealth & Investment Management	12		0.02		4		0.01		3		0.01		6		0.01		4		0.01
Global Banking	160		0.17		20		0.02		59		0.06		87		0.09		112		0.12
Global Markets	8		0.02		13		0.04		5		0.02		—		—		(1)		(0.01)
All Other	(11)		(0.48)		(17)		(0.68)		(17)		(0.74)		(15)		(0.59)		(17)		(0.66)
Total net charge-offs	$	1,192	0.45		$	931	0.35		$	869	0.33		$	807	0.32		$	689	0.26

(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 (recoveries) of $8 million for the fourth quarter of 2023 and $0 for the remaining quarters.

(3)Includes loan sale net charge-offs (recoveries) of $(3) million for the fourth quarter of 2023 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
Annual Net Charge-offs and Net Charge-off Ratios (1)
(Dollars in millions)
	Year Ended December 31
	2023				2022
	Amount		Percent		Amount		Percent
Net Charge-offs
Residential mortgage (2)	$	16	0.01	%	$	72	0.03	%
Home equity (3)	(59)		(0.23)		(90)		(0.33)
Credit card	2,561		2.66		1,334		1.60

Direct/Indirect consumer	92		0.09		18		0.02
Other consumer	480		n/m		521		n/m
Total consumer	3,090		0.68		1,855		0.42
U.S. commercial	124		0.03		71		0.02
Non-U.S. commercial	19		0.02		21		0.02
Total commercial and industrial	143		0.03		92		0.02
Commercial real estate	245		0.34		66		0.10
Commercial lease financing	2		0.02		5		0.03
	390		0.07		163		0.03
U.S. small business commercial	319		1.71		154		0.86
Total commercial	709		0.12		317		0.06
Total net charge-offs	$	3,799	0.36		$	2,172	0.21

By Business Segment and All Other
Consumer Banking	$	3,482	1.13	%	$	2,021	0.69	%
Global Wealth & Investment Management	25		0.01		19		0.01
Global Banking	326		0.09		140		0.04
Global Markets	26		0.02		15		0.01
All Other	(60)		(0.62)		(23)		(0.18)
Total net charge-offs	$	3,799	0.36		$	2,172	0.21

(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 $8 million and $84 million for the years ended December 31, 2023 and 2022.

(3)Includes loan sale net charge-offs (recoveries) of $(3) million and $(8) million for the years ended December 31, 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)
	December 31, 2023		September 30, 2023			December 31, 2022
	Amount		Percent of Loans and Leases Outstanding (1)	Amount			Percent of Loans and Leases Outstanding (1)	Amount		Percent of Loans and Leases Outstanding (1)
Allowance for loan and lease losses
Residential mortgage	$	339	0.15%	$	344		0.15%	$	328	0.14%
Home equity	47		0.19	68			0.27	92		0.35
Credit card	7,346		7.19	6,987			7.01	6,136		6.57

Direct/Indirect consumer	715		0.69	671			0.64	585		0.55
Other consumer	73		n/m	97			n/m	96		n/m
Total consumer	8,520		1.85	8,167			1.78	7,237		1.59
U.S. commercial (2)	2,600		0.69	2,764			0.74	3,007		0.80
Non-U.S. commercial	842		0.68	918			0.74	1,194		0.96
Commercial real estate	1,342		1.84	1,393			1.90	1,192		1.71
Commercial lease financing	38		0.26	45			0.33	52		0.38
Total commercial	4,822		0.82	5,120			0.87	5,445		0.93
Allowance for loan and lease losses	13,342		1.27	13,287			1.27	12,682		1.22


Reserve for unfunded lending commitments	1,209			1,353				1,540
Allowance for credit losses	$	14,551		$	14,640			$	14,222

Asset Quality Indicators

Allowance for loan and lease losses/Total loans and leases (1)			1.27%				1.27%			1.22%

Allowance for loan and lease losses/Total nonperforming loans and leases			243				275			333

Ratio of the allowance for loan and lease losses/Annualized net charge-offs			2.82				3.60			4.64

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

(2)Includes allowance for loan and lease losses for U.S. small business commercial loans of $1.0 billion, $983 million and $844 million at December 31, 2023, September 30, 2023 and December 31, 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 using certain non-GAAP financial measures, including pretax, pre-provision income and ratios that utilize tangible equity and tangible assets, each of which is a non-GAAP financial measure. Tangible equity represents shareholders’ equity or common shareholders’ equity reduced by goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities ("adjusted" shareholders' equity or common shareholders’ equity). Return on average tangible common shareholders’ equity measures the Corporation’s net income applicable to common shareholders as a percentage of adjusted average common shareholders’ equity. The tangible common equity ratio represents adjusted ending common shareholders’ equity divided by total tangible assets (total assets less goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities). Return on average tangible shareholders’ equity measures the Corporation’s net income as a percentage of adjusted average total shareholders’ equity. The tangible equity ratio represents adjusted ending shareholders’ equity divided by total tangible assets. Tangible book value per common share represents adjusted ending common shareholders’ equity divided by ending common shares outstanding. These measures are used to evaluate the Corporation’s use of equity. In addition, profitability, relationship and investment models all use return on average tangible shareholders’ equity as key measures to support our overall growth goals.

See the tables below for reconciliations of these non-GAAP financial measures to the most closely related financial measures defined by GAAP for the years ended December 31, 2023 and 2022, and the three months ended December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 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 these non-GAAP financial measures differently.


	Year Ended December 31				Fourth Quarter 2023		Third Quarter 2023		Second Quarter 2023		First Quarter 2023		Fourth Quarter 2022
	2023		2022





























Reconciliation of income before income taxes to pretax, pre-provision income
Income before income taxes	$	28,342	$	30,969	$	3,124	$	8,095	$	8,034	$	9,089	$	7,897
Provision for credit losses	4,394		2,543		1,104		1,234		1,125		931		1,092
Pretax, pre-provision income	$	32,736	$	33,512	$	4,228	$	9,329	$	9,159	$	10,020	$	8,989

Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity	$	283,353	$	270,299	$	288,618	$	284,975	$	282,425	$	277,252	$	272,629
Goodwill	(69,022)		(69,022)		(69,021)		(69,021)		(69,022)		(69,022)		(69,022)
Intangible assets (excluding mortgage servicing rights)	(2,039)		(2,117)		(2,010)		(2,029)		(2,049)		(2,068)		(2,088)
Related deferred tax liabilities	893		922		886		890		895		899		914
Tangible shareholders’ equity	$	213,185	$	200,082	$	218,473	$	214,815	$	212,249	$	207,061	$	202,433
Preferred stock	(28,397)		(28,318)		(28,397)		(28,397)		(28,397)		(28,397)		(28,982)
Tangible common shareholders’ equity	$	184,788	$	171,764	$	190,076	$	186,418	$	183,852	$	178,664	$	173,451








Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity	$	291,646	$	273,197	$	291,646	$	287,064	$	283,319	$	280,196	$	273,197
Goodwill	(69,021)		(69,022)		(69,021)		(69,021)		(69,021)		(69,022)		(69,022)
Intangible assets (excluding mortgage servicing rights)	(1,997)		(2,075)		(1,997)		(2,016)		(2,036)		(2,055)		(2,075)
Related deferred tax liabilities	874		899		874		886		890		895		899
Tangible shareholders’ equity	$	221,502	$	202,999	$	221,502	$	216,913	$	213,152	$	210,014	$	202,999
Preferred stock	(28,397)		(28,397)		(28,397)		(28,397)		(28,397)		(28,397)		(28,397)
Tangible common shareholders’ equity	$	193,105	$	174,602	$	193,105	$	188,516	$	184,755	$	181,617	$	174,602

Reconciliation of period-end assets to period-end tangible assets
Assets	$	3,179,876	$	3,051,375	$	3,179,876	$	3,153,090	$	3,123,198	$	3,194,657	$	3,051,375
Goodwill	(69,021)		(69,022)		(69,021)		(69,021)		(69,021)		(69,022)		(69,022)
Intangible assets (excluding mortgage servicing rights)	(1,997)		(2,075)		(1,997)		(2,016)		(2,036)		(2,055)		(2,075)
Related deferred tax liabilities	874		899		874		886		890		895		899
Tangible assets	$	3,109,732	$	2,981,177	$	3,109,732	$	3,082,939	$	3,053,031	$	3,124,475	$	2,981,177

Book value per share of common stock
Common shareholders’ equity	$	263,249	$	244,800	$	263,249	$	258,667	$	254,922	$	251,799	$	244,800
Ending common shares issued and outstanding	7,895.5		7,996.8		7,895.5		7,923.4		7,953.6		7,972.4		7,996.8
Book value per share of common stock	$	33.34	$	30.61	$	33.34	$	32.65	$	32.05	$	31.58	$	30.61

Tangible book value per share of common stock
Tangible common shareholders’ equity	$	193,105	$	174,602	$	193,105	$	188,516	$	184,755	$	181,617	$	174,602
Ending common shares issued and outstanding	7,895.5		7,996.8		7,895.5		7,923.4		7,953.6		7,972.4		7,996.8
Tangible book value per share of common stock	$	24.46	$	21.83	$	24.46	$	23.79	$	23.23	$	22.78	$	21.83


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.			☐