Supplemental Information

Fourth Quarter 2019

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
Quarterly Average Balances and Interest Rates	7
Debt Securities	8
Supplemental Financial Data	9
Quarterly Results by Business Segment and All Other	10
Annual Results by Business Segment and All Other	12
Consumer Banking
Total Segment Results	13
Key Indicators	14
Business Results	15
Global Wealth & Investment Management
Total Segment Results	17
Key Indicators	18
Global Banking
Total Segment Results	19
Key Indicators	20
Global Markets
Total Segment Results	21
Key Indicators	22
All Other
Total Results	23
Outstanding Loans and Leases	24
Quarterly Average Loans and Leases by Business Segment and All Other	25
Commercial Credit Exposure by Industry	26
Top 20 Non-U.S. Countries Exposure	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
Description of Financial Reporting Reclassification
In the Consolidated Statement of Income, amounts related to certain asset and liability management activities have been reclassified from Other income to Market making and similar activities, which was previously referred to as Trading account income. All prior periods presented reflect this change, which has no impact on the Corporation’s Total noninterest income or Net income, and has no impact on business segment results. The amounts included in Market making and similar activities related to this change in presentation are as follows: $930 million and $1.1 billion for the years ended December 31, 2019 and 2018, and $53 million, $411 million, $36 million, $430 million and $177 million in the fourth, third, second and first quarters of 2019 and the fourth quarter of 2018, respectively.
Business Segment Operations
The Corporation reports the results of operations of its four business segments and All Other on a fully taxable-equivalent (FTE) basis. Additionally, the results for the total Corporation as presented on pages 10 - 12 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 2019			Third Quarter 2019			Second Quarter 2019			First Quarter 2019			Fourth Quarter 2018
	2019			2018
Income statement
Net interest income	$	48,891		$	48,162		$	12,140		$	12,187		$	12,189		$	12,375		$	12,504
Noninterest income	42,353			42,858			10,209			10,620			10,895			10,629			10,173
Total revenue, net of interest expense	91,244			91,020			22,349			22,807			23,084			23,004			22,677
Provision for credit losses	3,590			3,282			941			779			857			1,013			905
Noninterest expense	54,900			53,154			13,239			15,169			13,268			13,224			13,074
Income tax expense	5,324			6,437			1,175			1,082			1,611			1,456			1,420
Net income	27,430			28,147			6,994			5,777			7,348			7,311			7,278
Preferred stock dividends	1,432			1,451			246			505			239			442			239
Net income applicable to common shareholders	25,998			26,696			6,748			5,272			7,109			6,869			7,039
Diluted earnings per common share	2.75			2.61			0.74			0.56			0.74			0.70			0.70
Average diluted common shares issued and outstanding	9,442.9			10,236.9			9,079.5			9,353.0			9,559.6			9,787.3			9,996.0
Dividends paid per common share	$	0.66		$	0.54		$	0.18		$	0.18		$	0.15		$	0.15		$	0.15
Performance ratios
Return on average assets	1.14		%	1.21		%	1.13		%	0.95		%	1.23		%	1.26		%	1.24		%
Return on average common shareholders’ equity	10.62			11.04			11.00			8.48			11.62			11.42			11.57
Return on average shareholders’ equity	10.24			10.63			10.40			8.48			11.00			11.14			10.95
Return on average tangible common shareholders’ equity (1)	14.86			15.55			15.43			11.84			16.24			16.01			16.29
Return on average tangible shareholders’ equity (1)	13.85			14.46			14.09			11.43			14.88			15.10			14.90
Efficiency ratio	60.17			58.40			59.24			66.51			57.48			57.48			57.65
At period end
Book value per share of common stock	$	27.32		$	25.13		$	27.32		$	26.96		$	26.41		$	25.57		$	25.13
Tangible book value per share of common stock (1)	19.41			17.91			19.41			19.26			18.92			18.26			17.91
Market capitalization	311,209			238,251			311,209			264,842			270,935			263,992			238,251
Number of financial centers - U.S.	4,300			4,341			4,300			4,302			4,349			4,353			4,341
Number of branded ATMs - U.S.	16,788			16,255			16,788			16,626			16,561			16,378			16,255
Headcount	208,131			204,489			208,131			208,561			208,984			205,292			204,489

⁽¹⁾  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.)

Certain prior period amounts have been reclassified to conform to current period presentation.

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 2019			Third Quarter 2019		Second Quarter 2019		First Quarter 2019		Fourth Quarter 2018
	2019		2018
Net interest income
Interest income	$	71,236	$	66,769	$	16,926		$	17,916	$	18,224	$	18,170	$	17,836
Interest expense	22,345		18,607		4,786			5,729		6,035		5,795		5,332
Net interest income	48,891		48,162		12,140			12,187		12,189		12,375		12,504
Noninterest income
Fees and commissions	33,015		33,078		8,520			8,467		8,190		7,838		8,345
Market making and similar activities	9,034		9,008		1,767			2,118		2,381		2,768		1,625
Other income (loss)	304		772		(78		)	35		324		23		203
Total noninterest income	42,353		42,858		10,209			10,620		10,895		10,629		10,173
Total revenue, net of interest expense	91,244		91,020		22,349			22,807		23,084		23,004		22,677
Provision for credit losses	3,590		3,282		941			779		857		1,013		905
Noninterest expense
Compensation and benefits	31,977		31,880		7,977			7,779		7,972		8,249		7,735
Occupancy and equipment	6,588		6,380		1,680			1,663		1,640		1,605		1,593
Information processing and communications	4,646		4,555		1,162			1,163		1,157		1,164		1,156
Product delivery and transaction related	2,762		2,857		695			696		709		662		708
Marketing	1,934		1,674		524			440		528		442		513
Professional fees	1,597		1,699		442			386		409		360		480
Other general operating	5,396		4,109		759			3,042		853		742		889
Total noninterest expense	54,900		53,154		13,239			15,169		13,268		13,224		13,074
Income before income taxes	32,754		34,584		8,169			6,859		8,959		8,767		8,698
Income tax expense	5,324		6,437		1,175			1,082		1,611		1,456		1,420
Net income	$	27,430	$	28,147	$	6,994		$	5,777	$	7,348	$	7,311	$	7,278
Preferred stock dividends	1,432		1,451		246			505		239		442		239
Net income applicable to common shareholders	$	25,998	$	26,696	$	6,748		$	5,272	$	7,109	$	6,869	$	7,039
Per common share information
Earnings	$	2.77	$	2.64	$	0.75		$	0.57	$	0.75	$	0.71	$	0.71
Diluted earnings	2.75		2.61		0.74			0.56		0.74		0.70		0.70
Average common shares issued and outstanding	9,390.5		10,096.5		9,017.1			9,303.6		9,523.2		9,725.9		9,855.8
Average diluted common shares issued and outstanding	9,442.9		10,236.9		9,079.5			9,353.0		9,559.6		9,787.3		9,996.0

Consolidated Statement of Comprehensive Income
(Dollars in millions)
	Year Ended December 31						Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019			First Quarter 2019			Fourth Quarter 2018
	2019			2018
Net income	$	27,430		$	28,147		$	6,994		$	5,777		$	7,348		$	7,311		$	7,278
Other comprehensive income (loss), net-of-tax:
Net change in debt securities	5,875			(3,953		)	(356		)	1,538			2,384			2,309			2,213
Net change in debit valuation adjustments	(963		)	749			(691		)	229			(138		)	(363		)	566
Net change in derivatives	616			(53		)	(35		)	118			304			229			293
Employee benefit plan adjustments	136			(405		)	53			26			29			28			(496		)
Net change in foreign currency translation adjustments	(86		)	(254		)	13			(51		)	(14		)	(34		)	49
Other comprehensive income (loss)	5,578			(3,916		)	(1,016		)	1,860			2,565			2,169			2,625
Comprehensive income	$	33,008		$	24,231		$	5,978		$	7,637		$	9,913		$	9,480		$	9,903

Certain prior period amounts have been reclassified to conform to current period presentation.

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 2019			Third Quarter 2019		Second Quarter 2019		First Quarter 2019		Fourth Quarter 2018
	2019		2018
Net interest income
Interest income
Loans and leases	$	43,086	$	40,811	$	10,365		$	10,894	$	10,942	$	10,885	$	10,716
Debt securities	11,806		11,724		2,841			2,829		3,017		3,119		3,078
Federal funds sold and securities borrowed or purchased under agreements to resell	4,843		3,176		1,097			1,242		1,309		1,195		1,046
Trading account assets	5,196		4,811		1,234			1,319		1,321		1,322		1,305
Other interest income	6,305		6,247		1,389			1,632		1,635		1,649		1,691
Total interest income	71,236		66,769		16,926			17,916		18,224		18,170		17,836
Interest expense
Deposits	7,188		4,495		1,548			1,880		1,965		1,795		1,562
Short-term borrowings	7,208		5,839		1,483			1,876		1,997		1,852		1,716
Trading account liabilities	1,249		1,358		282			303		319		345		318
Long-term debt	6,700		6,915		1,473			1,670		1,754		1,803		1,736
Total interest expense	22,345		18,607		4,786			5,729		6,035		5,795		5,332
Net interest income	$	48,891	$	48,162	$	12,140		$	12,187	$	12,189	$	12,375	$	12,504
Noninterest income
Fees and commissions
Card income
Interchange fees (1)	$	3,834	$	3,866	$	1,007		$	963	$	968	$	896	$	1,016
Other card income	1,963		1,958		504			502		478		479		506
Total card income	5,797		5,824		1,511			1,465		1,446		1,375		1,522
Service charges
Deposit-related fees	6,588		6,667		1,680			1,690		1,638		1,580		1,659
Lending-related fees	1,086		1,100		277			285		265		259		272
Total service charges	7,674		7,767		1,957			1,975		1,903		1,839		1,931
Investment and brokerage services
Asset management fees	10,241		10,189		2,650			2,597		2,554		2,440		2,536
Brokerage fees	3,661		3,971		928			897		916		920		1,008
Total investment and brokerage services	13,902		14,160		3,578			3,494		3,470		3,360		3,544
Investment banking fees
Underwriting income	2,965		2,722		767			740		792		666		562
Syndication fees	1,217		1,347		330			341		291		255		389
Financial advisory services	1,460		1,258		377			452		288		343		397
Total investment banking fees	5,642		5,327		1,474			1,533		1,371		1,264		1,348
Total fees and commissions	33,015		33,078		8,520			8,467		8,190		7,838		8,345
Market making and similar activities	9,034		9,008		1,767			2,118		2,381		2,768		1,625
Other income (loss)	304		772		(78		)	35		324		23		203
Total noninterest income	$	42,353	$	42,858	$	10,209		$	10,620	$	10,895	$	10,629	$	10,173

⁽¹⁾  Gross interchange fees were $10.0 billion and $9.5 billion and are presented net of $6.2 billion and $5.6 billion of expenses for rewards and partner payments for the year ended December 31, 2019 and 2018. Gross interchange fees were $2.6 billion, $2.6 billion, $2.5 billion, $2.3 billion and $2.5 billion and are presented net of $1.6 billion, $1.6 billion, $1.6 billion, $1.4 billion and $1.5 billion of expenses for rewards and partner payments for the fourth, third, second and first quarters of 2019 and the fourth quarter of 2018, respectively.

Certain prior period amounts have been reclassified to conform to current period presentation.

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 2019			September 30 2019			December 31 2018
Assets
Cash and due from banks		$	30,152		$	26,939		$	29,063
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks		131,408			130,155			148,341
Cash and cash equivalents		161,560			157,094			177,404
Time deposits placed and other short-term investments		7,107			7,557			7,494
Federal funds sold and securities borrowed or purchased under agreements to resell		274,597			271,595			261,131
Trading account assets		229,826			263,684			214,348
Derivative assets		40,485			45,123			43,725
Debt securities:
Carried at fair value		256,467			254,342			238,101
Held-to-maturity, at cost		215,730			190,252			203,652
Total debt securities		472,197			444,594			441,753
Loans and leases		983,426			972,910			946,895
Allowance for loan and lease losses		(9,416		)	(9,433		)	(9,601		)
Loans and leases, net of allowance		974,010			963,477			937,294
Premises and equipment, net		10,561			10,493			9,906
Goodwill		68,951			68,951			68,951
Loans held-for-sale		9,158			9,811			10,367
Customer and other receivables		55,937			52,560			65,814
Other assets		129,690			131,391			116,320
Total assets		$	2,434,079		$	2,426,330		$	2,354,507
Liabilities
Deposits in U.S. offices:
Noninterest-bearing		$	403,305		$	394,379		$	412,587
Interest-bearing		940,731			917,401			891,636
Deposits in non-U.S. offices:
Noninterest-bearing		13,719			13,138			14,060
Interest-bearing		77,048			67,918			63,193
Total deposits		1,434,803			1,392,836			1,381,476
Federal funds purchased and securities loaned or sold under agreements to repurchase		165,109			202,067			186,988
Trading account liabilities		83,270			78,642			68,220
Derivative liabilities		38,229			38,025			37,891
Short-term borrowings		24,204			30,682			20,189
Accrued expenses and other liabilities		182,798			172,286			165,026
Long-term debt		240,856			243,405			229,392
Total liabilities		2,169,269			2,157,943			2,089,182
Shareholders’ equity
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 3,887,440, 3,895,685and 3,843,140 shares		23,401			23,606			22,326
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 8,836,148,954, 9,079,264,535 and 9,669,286,370 shares		91,723			99,215			118,896
Retained earnings		156,319			151,183			136,314
Accumulated other comprehensive income (loss)		(6,633		)	(5,617		)	(12,211		)
Total shareholders’ equity		264,810			268,387			265,325
Total liabilities and shareholders’ equity		$	2,434,079		$	2,426,330		$	2,354,507
	Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
	Trading account assets	$	5,811		$	5,758		$	5,798
	Loans and leases	38,837			39,387			43,850
	Allowance for loan and lease losses	(807		)	(835		)	(912		)
	Loans and leases, net of allowance	38,030			38,552			42,938
	All other assets	540			555			337
	Total assets of consolidated variable interest entities	$	44,381		$	44,865		$	49,073
	Liabilities of consolidated variable interest entities included in total liabilities above
	Short-term borrowings	$	2,175		$	2,274		$	742
	Long-term debt	8,718			8,560			10,944
	All other liabilities	22			26			30
	Total liabilities of consolidated variable interest entities	$	10,915		$	10,860		$	11,716

Certain prior period amounts have been reclassified to conform to current period presentation.

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 2019			September 30 2019			December 31 2018
Risk-based capital metrics (1):
Standardized Approach
Common equity tier 1 capital	$	166,760		$	169,203		$	167,272
Tier 1 capital	188,492			192,029			189,038
Total capital	221,252			225,430			221,304
Risk-weighted assets	1,495,027			1,483,756			1,437,206
Common equity tier 1 capital ratio	11.2		%	11.4		%	11.6		%
Tier 1 capital ratio	12.6			12.9			13.2
Total capital ratio	14.8			15.2			15.4
Advanced Approaches
Common equity tier 1 capital	$	166,760		$	169,203		$	167,272
Tier 1 capital	188,492			192,029			189,038
Total capital	213,073			217,247			212,878
Risk-weighted assets	1,446,895			1,440,088			1,408,939
Common equity tier 1 capital ratio	11.5		%	11.7		%	11.9		%
Tier 1 capital ratio	13.0			13.3			13.4
Total capital ratio	14.7			15.1			15.1
Leverage-based metrics (1)
Adjusted average assets	$	2,373,737		$	2,335,840		$	2,257,545
Tier 1 leverage ratio	7.9		%	8.2		%	8.4		%
Supplementary leverage exposure	$	2,945,228		$	2,897,885		$	2,791,316
Supplementary leverage ratio	6.4		%	6.6		%	6.8		%
Tangible equity ratio (2)	8.2			8.4			8.6
Tangible common equity ratio (2)	7.3			7.4			7.6

⁽¹⁾  Regulatory capital ratios at December 31, 2019 are preliminary. We report regulatory capital ratios under both the Standardized and Advanced approaches. The approach that yields the lower ratio is used to assess capital adequacy.

⁽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.)

Certain prior period amounts have been reclassified to conform to current period presentation.

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

Bank of America Corporation and Subsidiaries
Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis
(Dollars in millions)
	Fourth Quarter 2019						Third Quarter 2019						Fourth Quarter 2018
	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	$	123,000	$	369	1.19	%	$	122,033	$	453	1.47	%	$	129,814	$	494	1.51	%
Time deposits placed and other short-term investments	9,574		40		1.67		9,863		47		1.87		8,691		59		2.72
Federal funds sold and securities borrowed or purchased under agreements to resell	293,819		1,097		1.48		269,129		1,242		1.83		263,626		1,046		1.57
Trading account assets	147,210		1,253		3.38		157,818		1,338		3.37		138,046		1,327		3.82
Debt securities	464,884		2,866		2.48		447,126		2,856		2.56		440,967		3,108		2.76
Loans and leases (2):
Residential mortgage	231,849		1,953		3.37		224,084		1,937		3.46		209,646		1,857		3.54
Home equity	41,230		462		4.45		43,616		552		5.03		50,757		634		4.96
Credit card	94,951		2,544		10.63		94,370		2,581		10.85		95,766		2,533		10.49
Direct/Indirect and other consumer	90,924		786		3.43		90,813		824		3.59		91,458		823		3.57
Total consumer	458,954		5,745		4.98		452,883		5,894		5.18		447,627		5,847		5.20
U.S. commercial	326,945		3,006		3.65		324,436		3,279		4.01		308,557		3,203		4.12
Non-U.S. commercial	104,787		862		3.26		105,003		905		3.42		95,937		835		3.45
Commercial real estate	63,324		632		3.96		62,185		687		4.38		60,876		703		4.59
Commercial lease financing	19,976		168		3.37		20,226		182		3.58		21,724		182		3.36
Total commercial	515,032		4,668		3.60		511,850		5,053		3.92		487,094		4,923		4.01
Total loans and leases	973,986		10,413		4.25		964,733		10,947		4.51		934,721		10,770		4.58
Other earning assets	74,008		1,033		5.53		68,018		1,181		6.90		70,869		1,187		6.65
Total earning assets	2,086,481		17,071		3.25		2,038,720		18,064		3.52		1,986,734		17,991		3.60
Cash and due from banks	27,398						25,588						26,081
Other assets, less allowance for loan and lease losses	336,126						347,915						321,771
Total assets	$	2,450,005					$	2,412,223					$	2,334,586
Interest-bearing liabilities
U.S. interest-bearing deposits:
Savings	$	50,287	$	1	0.01	%	$	51,277	$	1	0.01	%	$	52,523	$	2	0.01	%
NOW and money market deposit accounts	754,517		914		0.48		741,602		1,172		0.63		701,697		957		0.54
Consumer CDs and IRAs	53,183		156		1.16		49,811		136		1.08		38,899		48		0.49
Negotiable CDs, public funds and other deposits	67,603		278		1.63		63,936		354		2.19		62,719		362		2.29
Total U.S. interest-bearing deposits	925,590		1,349		0.58		906,626		1,663		0.73		855,838		1,369		0.63
Non-U.S. interest-bearing deposits:
Banks located in non-U.S. countries	1,615		4		1.09		1,721		5		1.13		2,321		7		1.14
Governments and official institutions	180		—		0.01		188		—		0.02		275		—		0.04
Time, savings and other	74,129		195		1.04		70,234		212		1.20		64,599		186		1.14
Total non-U.S. interest-bearing deposits	75,924		199		1.04		72,143		217		1.19		67,195		193		1.14
Total interest-bearing deposits	1,001,514		1,548		0.61		978,769		1,880		0.76		923,033		1,562		0.67
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities	282,022		1,483		2.09		280,123		1,876		2.66		262,497		1,716		2.60
Trading account liabilities	43,449		282		2.57		45,750		303		2.63		45,329		318		2.79
Long-term debt	206,026		1,473		2.85		202,620		1,670		3.28		201,056		1,736		3.44
Total interest-bearing liabilities	1,533,011		4,786		1.24		1,507,262		5,729		1.51		1,431,915		5,332		1.48
Noninterest-bearing sources:
Noninterest-bearing deposits	408,925						396,283						421,918
Other liabilities (3)	241,169						238,248						217,055
Shareholders’ equity	266,900						270,430						263,698
Total liabilities and shareholders’ equity	$	2,450,005					$	2,412,223					$	2,334,586
Net interest spread					2.01	%					2.01	%					2.12	%
Impact of noninterest-bearing sources					0.34						0.40						0.40
Net interest income/yield on earning assets (4)			$	12,285	2.35	%			$	12,335	2.41	%			$	12,659	2.52	%

⁽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 $37.2 billion, $38.1 billion and $29.6 billion of structured notes and liabilities for the fourth and third quarters of 2019 and the fourth quarter of 2018, respectively.

⁽⁴⁾  Net interest income includes FTE adjustments of $145 million, $148 million and $155 million for the fourth and third quarters of 2019 and the fourth quarter of 2018, respectively.

Certain prior period amounts have been reclassified to conform to current period presentation.

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

Bank of America Corporation and Subsidiaries
Debt Securities
(Dollars in millions)
	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	121,698	$	1,013	$	(183	)	$	122,528
Agency-collateralized mortgage obligations	4,587		78		(24		)	4,641
Commercial	14,797		249		(25		)	15,021
Non-agency residential	948		138		(9		)	1,077
Total mortgage-backed securities	142,030		1,478		(241		)	143,267
U.S. Treasury and agency securities	67,700		1,023		(195		)	68,528
Non-U.S. securities	11,987		6		(2		)	11,991
Other taxable securities, substantially all asset-backed securities	3,874		67		—			3,941
Total taxable securities	225,591		2,574		(438		)	227,727
Tax-exempt securities	17,716		202		(6		)	17,912
Total available-for-sale debt securities	243,307		2,776		(444		)	245,639
Other debt securities carried at fair value (1)	10,697		151		(20		)	10,828
Total debt securities carried at fair value	254,004		2,927		(464		)	256,467
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities	215,730		4,433		(342		)	219,821
Total debt securities	$	469,734	$	7,360	$	(806	)	$	476,288
	September 30, 2019
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	133,973	$	1,250	$	(274	)	$	134,949
Agency-collateralized mortgage obligations	4,877		103		(18		)	4,962
Commercial	14,301		380		(4		)	14,677
Non-agency residential	1,725		227		(9		)	1,943
Total mortgage-backed securities	154,876		1,960		(305		)	156,531
U.S. Treasury and agency securities	55,746		1,364		(163		)	56,947
Non-U.S. securities	11,074		7		(2		)	11,079
Other taxable securities, substantially all asset-backed securities	3,806		77		—			3,883
Total taxable securities	225,502		3,408		(470		)	228,440
Tax-exempt securities	16,263		203		(34		)	16,432
Total available-for-sale debt securities	241,765		3,611		(504		)	244,872
Other debt securities carried at fair value (1)	9,284		205		(19		)	9,470
Total debt securities carried at fair value	251,049		3,816		(523		)	254,342
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities	190,252		4,358		(336		)	194,274
Total debt securities	$	441,301	$	8,174	$	(859	)	$	448,616

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

Certain prior period amounts have been reclassified to conform to current period presentation.

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

Bank of America Corporation and Subsidiaries
Supplemental Financial Data
(Dollars in millions)
	Year Ended December 31						Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019			First Quarter 2019			Fourth Quarter 2018
	2019			2018
FTE basis data (1)
Net interest income	$	49,486		$	48,772		$	12,285		$	12,335		$	12,338		$	12,528		$	12,659
Total revenue, net of interest expense	91,839			91,630			22,494			22,955			23,233			23,157			22,832
Net interest yield	2.43		%	2.45		%	2.35		%	2.41		%	2.44		%	2.51		%	2.52		%
Efficiency ratio	59.78			58.01			58.85			66.08			57.11			57.10			57.26

⁽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 a more accurate picture of 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 $595 million and $610 million for the years ended December 31, 2019 and 2018, and $145 million, $148 million, $149 million, $153 million and $155 million for the fourth, third, second and first quarters of 2019 and the fourth quarter of 2018, respectively.

Certain prior period amounts have been reclassified to conform to current period presentation.

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

Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other
(Dollars in millions)
	Fourth Quarter 2019
	Total Corporation			Consumer Banking		GWIM		Global Banking		Global Markets			All Other
Net interest income	$	12,285		$	6,905	$	1,587	$	2,559	$	1,135		$	99
Noninterest income
Fees and commissions:
Card income	1,511			1,330		29		133		20			(1		)
Service charges	1,957			1,055		18		790		87			7
Investment and brokerage services	3,578			71		3,065		9		442			(9		)
Investment banking fees	1,474			—		105		809		581			(21		)
Total fees and commissions	8,520			2,456		3,217		1,741		1,130			(24		)
Market making and similar activities	1,767			1		22		44		1,442			258
Other income (loss)	(78		)	152		87		797		(281		)	(833		)
Total noninterest income (loss)	10,209			2,609		3,326		2,582		2,291			(599		)
Total revenue, net of interest expense	22,494			9,514		4,913		5,141		3,426			(500		)
Provision for credit losses	941			934		19		58		9			(79		)
Noninterest expense	13,239			4,466		3,523		2,321		2,614			315
Income (loss) before income taxes	8,314			4,114		1,371		2,762		803			(736		)
Income tax expense (benefit)	1,320			1,008		336		745		229			(998		)
Net income	$	6,994		$	3,106	$	1,035	$	2,017	$	574		$	262
Average
Total loans and leases	$	973,986		$	311,012	$	174,374	$	377,359	$	73,044		$	38,197
Total assets (1)	2,450,005			792,124		291,711		459,444		680,067			226,659
Total deposits	1,410,439			719,605		255,901		378,510		32,866			23,557
Quarter end
Total loans and leases	$	983,426		$	317,414	$	176,600	$	379,268	$	72,993		$	37,151
Total assets (1)	2,434,079			804,019		299,756		464,032		641,806			224,466
Total deposits	1,434,803			730,678		263,103		383,180		34,676			23,166
	Third Quarter 2019
	Total Corporation			Consumer Banking		GWIM		Global Banking		Global Markets			All Other
Net interest income	$	12,335		$	7,031	$	1,609	$	2,617	$	1,016		$	62
Noninterest income
Fees and commissions:
Card income	1,465			1,289		25		133		18			—
Service charges	1,975			1,098		16		763		92			6
Investment and brokerage services	3,494			74		3,001		9		419			(9		)
Investment banking fees	1,533			—		89		902		585			(43		)
Total fees and commissions	8,467			2,461		3,131		1,807		1,114			(46		)
Market making and similar activities	2,118			1		27		85		1,580			425
Other income (loss)	35			231		137		703		153			(1,189		)
Total noninterest income (loss)	10,620			2,693		3,295		2,595		2,847			(810		)
Total revenue, net of interest expense	22,955			9,724		4,904		5,212		3,863			(748		)
Provision for credit losses	779			917		37		120		—			(295		)
Noninterest expense	15,169			4,391		3,413		2,219		2,678			2,468
Income (loss) before income taxes	7,007			4,416		1,454		2,873		1,185			(2,921		)
Income tax expense (benefit)	1,230			1,082		356		776		338			(1,322		)
Net income (loss)	$	5,777		$	3,334	$	1,098	$	2,097	$	847		$	(1,599	)
Average
Total loans and leases	$	964,733		$	303,833	$	170,414	$	377,109	$	71,589		$	41,788
Total assets (1)	2,412,223			781,670		289,447		441,186		687,393			212,527
Total deposits	1,375,052			709,273		254,449		360,457		30,155			20,718
Quarter end
Total loans and leases	$	972,910		$	307,925	$	172,677	$	377,658	$	74,979		$	39,671
Total assets (1)	2,426,330			788,743		288,317		452,642		689,023			207,605
Total deposits	1,392,836			715,715		252,466		371,887		30,885			21,883

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

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.

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 (continued)
(Dollars in millions)
	Fourth Quarter 2018
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	12,659	$	7,111	$	1,612	$	2,849	$	935	$	152
Noninterest income
Fees and commissions:
Card income	1,522		1,339		35		129		21		(2		)
Service charges	1,931		1,086		18		742		80		5
Investment and brokerage services	3,544		77		2,977		23		474		(7		)
Investment banking fees	1,348		—		94		761		513		(20		)
Total fees and commissions	8,345		2,502		3,124		1,655		1,088		(24		)
Market making and similar activities	1,625		2		32		76		1,132		383
Other income (loss)	203		347		271		590		92		(1,097		)
Total noninterest income (loss)	10,173		2,851		3,427		2,321		2,312		(738		)
Total revenue, net of interest expense	22,832		9,962		5,039		5,170		3,247		(586		)
Provision for credit losses	905		915		23		85		6		(124		)
Noninterest expense	13,074		4,435		3,563		2,128		2,552		396
Income (loss) before income taxes	8,853		4,612		1,453		2,957		689		(858		)
Income tax expense (benefit)	1,575		1,174		370		769		179		(917		)
Net income	$	7,278	$	3,438	$	1,083	$	2,188	$	510	$	59
Average
Total loans and leases	$	934,721	$	289,862	$	163,516	$	357,410	$	70,609	$	53,324
Total assets (1)	2,334,586		759,027		283,264		440,522		655,069		196,704
Total deposits	1,344,951		686,826		247,427		359,642		31,077		19,979
Quarter end
Total loans and leases	$	946,895	$	294,335	$	164,854	$	365,717	$	73,928	$	48,061
Total assets (1)	2,354,507		768,881		305,907		442,330		641,923		195,466
Total deposits	1,381,476		696,146		268,700		360,248		37,841		18,541

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

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.

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

Bank of America Corporation and Subsidiaries
Annual Results by Business Segment and All Other
(Dollars in millions)
	Year Ended December 31, 2019
	Total Corporation		Consumer Banking			GWIM		Global Banking		Global Markets			All Other
Net interest income	$	49,486	$	28,158		$	6,504	$	10,675	$	3,915		$	234
Noninterest income
Fees and commissions:
Card income	5,797		5,084			101		532		80			—
Service charges	7,674		4,219			68		3,015		348			24
Investment and brokerage services	13,902		293			11,870		34		1,738			(33		)
Investment banking fees	5,642		—			401		3,137		2,288			(184		)
Total fees and commissions	33,015		9,596			12,440		6,718		4,454			(193		)
Market making and similar activities	9,034		6			113		235		7,065			1,615
Other income (loss)	304		827			480		2,855		180			(4,038		)
Total noninterest income (loss)	42,353		10,429			13,033		9,808		11,699			(2,616		)
Total revenue, net of interest expense	91,839		38,587			19,537		20,483		15,614			(2,382		)
Provision for credit losses	3,590		3,772			82		414		(9		)	(669		)
Noninterest expense	54,900		17,618			13,823		9,017		10,722			3,720
Income (loss) before income taxes	33,349		17,197			5,632		11,052		4,901			(5,433		)
Income tax expense (benefit)	5,919		4,213			1,380		2,984		1,397			(4,055		)
Net income (loss)	$	27,430	$	12,984		$	4,252	$	8,068	$	3,504		$	(1,378	)
Average
Total loans and leases	$	958,416	$	300,935		$	168,910	$	374,304	$	71,334		$	42,933
Total assets (1)	2,405,830		780,676			292,003		443,083		679,297			210,771
Total deposits	1,380,326		708,276			256,505		362,731		31,380			21,434
Period end
Total loans and leases	$	983,426	$	317,414		$	176,600	$	379,268	$	72,993		$	37,151
Total assets (1)	2,434,079		804,019			299,756		464,032		641,806			224,466
Total deposits	1,434,803		730,678			263,103		383,180		34,676			23,166
	Year Ended December 31, 2018
	Total Corporation		Consumer Banking			GWIM		Global Banking		Global Markets			All Other
Net interest income	$	48,772	$	27,025		$	6,265	$	10,993	$	3,857		$	632
Noninterest income
Fees and commissions:
Card income	5,824		5,102			127		511		84			—
Service charges	7,767		4,300			73		3,027		345			22
Investment and brokerage services	14,160		319			11,959		94		1,780			8
Investment banking fees	5,327		(1		)	337		2,891		2,296			(196		)
Total fees and commissions	33,078		9,720			12,496		6,523		4,505			(166		)
Market making and similar activities	9,008		8			112		260		7,260			1,368
Other income (loss)	772		865			580		2,225		561			(3,459		)
Total noninterest income (loss)	42,858		10,593			13,188		9,008		12,326			(2,257		)
Total revenue, net of interest expense	91,630		37,618			19,453		20,001		16,183			(1,625		)
Provision for credit losses	3,282		3,664			86		8		—			(476		)
Noninterest expense	53,154		17,672			14,015		8,745		10,835			1,887
Income (loss) before income taxes	35,194		16,282			5,352		11,248		5,348			(3,036		)
Income tax expense (benefit)	7,047		4,150			1,364		2,923		1,390			(2,780		)
Net income (loss)	$	28,147	$	12,132		$	3,988	$	8,325	$	3,958		$	(256	)
Average
Total loans and leases	$	933,049	$	283,807		$	161,342	$	354,236	$	72,651		$	61,013
Total assets (1)	2,325,246		756,373			277,220		425,675		666,000			199,978
Total deposits	1,314,941		684,173			241,256		336,337		31,209			21,966
Period end
Total loans and leases	$	946,895	$	294,335		$	164,854	$	365,717	$	73,928		$	48,061
Total assets (1)	2,354,507		768,881			305,907		442,330		641,923			195,466
Total deposits	1,381,476		696,146			268,700		360,248		37,841			18,541

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

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.

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

Bank of America Corporation and Subsidiaries
Consumer Banking Segment Results
(Dollars in millions)
	Year Ended December 31						Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019			First Quarter 2019			Fourth Quarter 2018
	2019			2018
Net interest income	$	28,158		$	27,025		$	6,905		$	7,031		$	7,116		$	7,106		$	7,111
Noninterest income:
Card income	5,084			5,102			1,330			1,289			1,268			1,197			1,339
Service charges	4,219			4,300			1,055			1,098			1,046			1,020			1,086
All other income	1,126			1,191			224			306			287			309			426
Total noninterest income	10,429			10,593			2,609			2,693			2,601			2,526			2,851
Total revenue, net of interest expense	38,587			37,618			9,514			9,724			9,717			9,632			9,962
Provision for credit losses	3,772			3,664			934			917			947			974			915
Noninterest expense	17,618			17,672			4,466			4,391			4,407			4,354			4,435
Income before income taxes	17,197			16,282			4,114			4,416			4,363			4,304			4,612
Income tax expense	4,213			4,150			1,008			1,082			1,069			1,054			1,174
Net income	$	12,984		$	12,132		$	3,106		$	3,334		$	3,294		$	3,250		$	3,438
Net interest yield	3.81		%	3.77		%	3.65		%	3.77		%	3.87		%	3.96		%	3.92		%
Return on average allocated capital (1)	35			33			33			36			36			36			37
Efficiency ratio	45.66			46.98			46.94			45.15			45.36			45.20			44.53
Balance Sheet
Average
Total loans and leases	$	300,935		$	283,807		$	311,012		$	303,833		$	296,388		$	292,269		$	289,862
Total earning assets (2)	738,770			717,189			750,029			739,765			737,678			727,350			719,329
Total assets (2)	780,676			756,373			792,124			781,670			779,384			769,262			759,027
Total deposits	708,276			684,173			719,605			709,273			707,028			696,939			686,826
Allocated capital (1)	37,000			37,000			37,000			37,000			37,000			37,000			37,000
Period end
Total loans and leases	$	317,414		$	294,335		$	317,414		$	307,925		$	300,412		$	292,454		$	294,335
Total earning assets (2)	760,137			728,813			760,137			747,251			744,219			752,620			728,813
Total assets (2)	804,019			768,881			804,019			788,743			786,963			794,510			768,881
Total deposits	730,678			696,146			730,678			715,715			714,223			721,727			696,146

⁽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.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.

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 Key Indicators
(Dollars in millions)
	Year Ended December 31						Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019			First Quarter 2019			Fourth Quarter 2018
	2019			2018
Average deposit balances
Checking	$	375,032		$	350,929		$	384,256		$	376,821		$	373,912		$	364,908		$	356,609
Savings	50,503			52,592			49,048			50,013			51,688			51,294			50,968
MMS	241,395			241,807			242,147			239,941			241,050			242,460			241,576
CDs and IRAs	38,581			35,890			41,378			39,727			37,577			35,566			34,831
Other	2,765			2,955			2,776			2,771			2,801			2,711			2,842
Total average deposit balances	$	708,276		$	684,173		$	719,605		$	709,273		$	707,028		$	696,939		$	686,826
Deposit spreads (excludes noninterest costs)
Checking	2.30		%	2.16		%	2.26		%	2.31		%	2.34		%	2.31		%	2.23		%
Savings	2.52			2.43			2.47			2.53			2.55			2.53			2.49
MMS	2.41			2.07			2.25			2.46			2.50			2.45			2.29
CDs and IRAs	2.00			2.09			1.57			1.88			2.21			2.42			2.40
Other	2.54			2.24			2.15			2.48			2.74			2.78			2.61
Total deposit spreads	2.34			2.14			2.23			2.35			2.40			2.38			2.28
Consumer investment assets	$	240,132		$	185,881		$	240,132		$	223,199		$	219,732		$	210,930		$	185,881
Active digital banking users (units in thousands) (1)	38,266			36,264			38,266			37,981			37,292			37,034			36,264
Active mobile banking users (units in thousands)	29,174			26,433			29,174			28,703			27,818			27,127			26,433
Financial centers	4,300			4,341			4,300			4,302			4,349			4,353			4,341
ATMs	16,788			16,255			16,788			16,626			16,561			16,378			16,255
Total credit card(2)
Loans
Average credit card outstandings	$	94,488		$	94,612		$	94,951		$	94,370		$	93,627		$	95,008		$	95,766
Ending credit card outstandings	97,608			98,338			97,608			94,946			93,989			93,009			98,338
Credit quality
Net charge-offs	$	2,948		$	2,837		$	724		$	717		$	762		$	745		$	699
	3.12		%	3.00		%	3.03		%	3.01		%	3.26		%	3.18		%	2.90		%
30+ delinquency	$	2,035		$	1,989		$	2,035		$	1,937		$	1,838		$	1,932		$	1,989
	2.09		%	2.02		%	2.09		%	2.04		%	1.96		%	2.08		%	2.02		%
90+ delinquency	$	1,042		$	994		$	1,042		$	960		$	941		$	1,005		$	994
	1.07		%	1.01		%	1.07		%	1.01		%	1.00		%	1.08		%	1.01		%
Other total credit card indicators (2)
Gross interest yield	10.76		%	10.12		%	10.63		%	10.85		%	10.76		%	10.80		%	10.49		%
Risk-adjusted margin	8.28			8.25			8.68			8.45			7.93			8.03			8.73
New accounts (in thousands)	4,320			4,544			1,046			1,172			1,068			1,034			1,048
Purchase volumes	$	277,852		$	264,706		$	73,717		$	71,096		$	70,288		$	62,751		$	70,048
Debit card data
Purchase volumes	$	360,672		$	338,810		$	93,468		$	90,942		$	91,232		$	85,030		$	88,094
Loan production(3)
Total (4):
First mortgage	$	72,467		$	41,195		$	22,114		$	20,664		$	18,229		$	11,460		$	9,417
Home equity	11,131			14,869			2,999			2,539			2,768			2,825			3,640
Consumer Banking:
First mortgage	$	49,179		$	27,280		$	14,645		$	13,622		$	12,757		$	8,155		$	6,227
Home equity	9,755			13,251			2,646			2,219			2,405			2,485			3,209

⁽¹⁾  Active digital banking users represents mobile and/or online users.

⁽²⁾  In addition to the credit card portfolio in Consumer Banking, the remaining credit card portfolio is in GWIM.

⁽³⁾  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.

⁽⁴⁾  In addition to loan production in Consumer Banking, there is also first mortgage and home equity loan production in GWIM.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.

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 Quarterly Results
(Dollars in millions)
	Fourth Quarter 2019									Third Quarter 2019
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	6,905		$	4,038		$	2,867		$	7,031		$	4,197		$	2,834
Noninterest income:
Card income	1,330			(9		)	1,339			1,289			(11		)	1,300
Service charges	1,055			1,053			2			1,098			1,097			1
All other income	224			160			64			306			232			74
Total noninterest income	2,609			1,204			1,405			2,693			1,318			1,375
Total revenue, net of interest expense	9,514			5,242			4,272			9,724			5,515			4,209
Provision for credit losses	934			95			839			917			84			833
Noninterest expense	4,466			2,721			1,745			4,391			2,655			1,736
Income before income taxes	4,114			2,426			1,688			4,416			2,776			1,640
Income tax expense	1,008			594			414			1,082			680			402
Net income	$	3,106		$	1,832		$	1,274		$	3,334		$	2,096		$	1,238
Net interest yield	3.65		%	2.24		%	3.72		%	3.77		%	2.37		%	3.76		%
Return on average allocated capital (1)	33			61			20			36			69			20
Efficiency ratio	46.94			51.92			40.84			45.15			48.13			41.26
Balance Sheet
Average
Total loans and leases	$	311,012		$	5,438		$	305,574		$	303,833		$	5,405		$	298,428
Total earning assets (2)	750,029			713,942			306,171			739,765			703,889			299,041
Total assets (2)	792,124			746,227			315,981			781,670			735,844			308,991
Total deposits	719,605			713,861			5,744			709,273			703,562			5,711
Allocated capital (1)	37,000			12,000			25,000			37,000			12,000			25,000
Period end
Total loans and leases	$	317,414		$	5,472		$	311,942		$	307,925		$	5,447		$	302,478
Total earning assets (2)	760,137			724,536			312,684			747,251			711,024			303,195
Total assets (2)	804,019			758,385			322,717			788,743			742,583			313,128
Total deposits	730,678			725,598			5,080			715,715			710,149			5,566
										Fourth Quarter 2018
										Total Consumer Banking			Deposits			Consumer Lending
Net interest income										$	7,111		$	4,281		$	2,830
Noninterest income:
Card income										1,339			(8		)	1,347
Service charges										1,086			1,086			—
All other income										426			251			175
Total noninterest income										2,851			1,329			1,522
Total revenue, net of interest expense										9,962			5,610			4,352
Provision for credit losses										915			60			855
Noninterest expense										4,435			2,666			1,769
Income before income taxes										4,612			2,884			1,728
Income tax expense										1,174			735			439
Net income										$	3,438		$	2,149		$	1,289
Net interest yield										3.92		%	2.48		%	3.94		%
Return on average allocated capital (1)										37			71			20
Efficiency ratio										44.53			47.53			40.65
Balance Sheet
Average
Total loans and leases										$	289,862		$	5,302		$	284,560
Total earning assets (2)										719,329			684,600			284,920
Total assets (2)										759,027			713,679			295,539
Total deposits										686,826			681,478			5,348
Allocated capital (1)										37,000			12,000			25,000
Period end
Total loans and leases										$	294,335		$	5,470		$	288,865
Total earning assets (2)										728,813			694,672			289,249
Total assets (2)										768,881			724,019			299,970
Total deposits										696,146			691,666			4,480

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

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

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.

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 Annual Results
(Dollars in millions)
	Year Ended December 31, 2019									Year Ended December 31, 2018
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	28,158		$	16,904		$	11,254		$	27,025		$	15,939		$	11,086
Noninterest income:
Card income	5,084			(33		)	5,117			5,102			(33		)	5,135
Service charges	4,219			4,217			2			4,300			4,298			2
All other income	1,126			832			294			1,191			762			429
Total noninterest income	10,429			5,016			5,413			10,593			5,027			5,566
Total revenue, net of interest expense	38,587			21,920			16,667			37,618			20,966			16,652
Provision for credit losses	3,772			269			3,503			3,664			195			3,469
Noninterest expense	17,618			10,682			6,936			17,672			10,657			7,015
Income before income taxes	17,197			10,969			6,228			16,282			10,114			6,168
Income tax expense	4,213			2,687			1,526			4,150			2,578			1,572
Net income	$	12,984		$	8,282		$	4,702		$	12,132		$	7,536		$	4,596
Net interest yield	3.81		%	2.40		%	3.80		%	3.77		%	2.34		%	3.97		%
Return on average allocated capital (1)	35			69			19			33			63			18
Efficiency ratio	45.66			48.73			41.61			46.98			50.83			42.12
Balance Sheet
Average
Total loans and leases	$	300,935		$	5,373		$	295,562		$	283,807		$	5,233		$	278,574
Total earning assets (2)	738,770			703,444			296,051			717,189			682,592			279,217
Total assets (2)	780,676			735,232			306,169			756,373			710,925			290,068
Total deposits	708,276			702,908			5,368			684,173			678,640			5,533
Allocated capital (1)	37,000			12,000			25,000			37,000			12,000			25,000
Year end
Total loans and leases	$	317,414		$	5,472		$	311,942		$	294,335		$	5,470		$	288,865
Total earning assets (2)	760,137			724,536			312,684			728,813			694,672			289,249
Total assets (2)	804,019			758,385			322,717			768,881			724,019			299,970
Total deposits	730,678			725,598			5,080			696,146			691,666			4,480

For footnotes, see page 15.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.

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

Bank of America Corporation and Subsidiaries
Global Wealth & Investment Management Segment Results
(Dollars in millions)
	Year Ended December 31						Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019			First Quarter 2019			Fourth Quarter 2018
	2019			2018
Net interest income	$	6,504		$	6,265		$	1,587		$	1,609		$	1,624		$	1,684		$	1,612
Noninterest income:
Investment and brokerage services	11,870			11,959			3,065			3,001			2,962			2,842			2,977
All other income	1,163			1,229			261			294			314			294			450
Total noninterest income	13,033			13,188			3,326			3,295			3,276			3,136			3,427
Total revenue, net of interest expense	19,537			19,453			4,913			4,904			4,900			4,820			5,039
Provision for credit losses	82			86			19			37			21			5			23
Noninterest expense	13,823			14,015			3,523			3,413			3,459			3,428			3,563
Income before income taxes	5,632			5,352			1,371			1,454			1,420			1,387			1,453
Income tax expense	1,380			1,364			336			356			348			340			370
Net income	$	4,252		$	3,988		$	1,035		$	1,098		$	1,072		$	1,047		$	1,083
Net interest yield	2.33		%	2.41		%	2.25		%	2.30		%	2.35		%	2.40		%	2.41		%
Return on average allocated capital (1)	29			28			28			30			30			29			30
Efficiency ratio	70.75			72.04			71.72			69.60			70.58			71.13			70.72
Balance Sheet
Average
Total loans and leases	$	168,910		$	161,342		$	174,374		$	170,414		$	166,324		$	164,403		$	163,516
Total earning assets (2)	279,684			259,808			279,371			277,349			277,071			285,033			265,039
Total assets (2)	292,003			277,220			291,711			289,447			289,819			297,123			283,264
Total deposits	256,505			241,256			255,901			254,449			253,925			261,831			247,427
Allocated capital (1)	14,500			14,500			14,500			14,500			14,500			14,500			14,500
Period end
Total loans and leases	$	176,600		$	164,854		$	176,600		$	172,677		$	168,993		$	164,483		$	164,854
Total earning assets (2)	287,212			287,199			287,212			275,884			275,457			284,470			287,199
Total assets (2)	299,756			305,907			299,756			288,317			287,878			296,785			305,907
Total deposits	263,103			268,700			263,103			252,466			251,818			261,168			268,700

⁽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.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.

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 Key Indicators
(Dollars in millions, except as noted)
	Year Ended December 31						Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019			First Quarter 2019			Fourth Quarter 2018
	2019			2018
Revenue by Business
Merrill Lynch Global Wealth Management	$	16,111		$	15,998		$	4,046		$	4,053		$	4,047		$	3,965		$	4,164
Bank of America Private Bank	3,426			3,455			867			851			853			855			875
Total revenue, net of interest expense	$	19,537		$	19,453		$	4,913		$	4,904		$	4,900		$	4,820		$	5,039
Client Balances by Business, at period end
Merrill Lynch Global Wealth Management	$	2,558,102		$	2,193,562		$	2,558,102		$	2,443,614		$	2,440,710		$	2,384,492		$	2,193,562
Bank of America Private Bank	489,690			427,294			489,690			462,347			458,081			452,477			427,294
Total client balances	$	3,047,792		$	2,620,856		$	3,047,792		$	2,905,961		$	2,898,791		$	2,836,969		$	2,620,856
Client Balances by Type, at period end
Assets under management (1, 2)	$	1,275,555		$	1,072,234		$	1,275,555		$	1,212,120		$	1,203,783		$	1,169,713		$	1,072,234
Brokerage and other assets	1,372,733			1,162,997			1,372,733			1,305,926			1,314,457			1,282,091			1,162,997
Deposits	263,103			268,700			263,103			252,466			251,818			261,168			268,700
Loans and leases (3)	179,296			167,938			179,296			175,579			172,265			167,455			167,938
Less: Managed deposits in assets under management (1)	(42,895		)	(51,013		)	(42,895		)	(40,130		)	(43,532		)	(43,458		)	(51,013		)
Total client balances	$	3,047,792		$	2,620,856		$	3,047,792		$	2,905,961		$	2,898,791		$	2,836,969		$	2,620,856
Assets Under Management Rollforward(1)
Assets under management, beginning balance	$	1,072,234		$	1,121,383		$	1,212,120		$	1,203,783		$	1,169,713		$	1,072,234		$	1,182,504
Net client flows	24,865			44,607			8,144			5,529			5,274			5,918			4,527
Market valuation/other	178,456			(93,756		)	55,291			2,808			28,796			91,561			(114,797		)
Total assets under management, ending balance	$	1,275,555		$	1,072,234		$	1,275,555		$	1,212,120		$	1,203,783		$	1,169,713		$	1,072,234
Associates, at period end
Number of financial advisors	17,458			17,518			17,458			17,657			17,508			17,535			17,518
Total wealth advisors, including financial advisors	19,440			19,459			19,440			19,672			19,512			19,524			19,459
Total primary sales professionals, including financial advisors and wealth advisors	20,586			20,586			20,586			20,775			20,611			20,657			20,586
Merrill Lynch Global Wealth Management Metric
Financial advisor productivity (in thousands)	$	1,082		$	1,034		$	1,108		$	1,096		$	1,082		$	1,039		$	1,046
Bank of America Private Bank Metric, at period end
Primary sales professionals	1,766			1,748			1,766			1,811			1,808			1,795			1,748

⁽¹⁾  Assets under management include deposits that are managed within investment accounts.

⁽²⁾  Defined as managed assets under advisory and/or discretion of GWIM.

⁽³⁾  Includes margin receivables which are classified in customer and other receivables on the Consolidated Balance Sheet.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.

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 Banking Segment Results
(Dollars in millions)
	Year Ended December 31						Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019			First Quarter 2019			Fourth Quarter 2018
	2019			2018
Net interest income	$	10,675		$	10,993		$	2,559		$	2,617		$	2,709		$	2,790		$	2,849
Noninterest income:
Service charges	3,015			3,027			790			763			749			713			742
Investment banking fees	3,137			2,891			809			902			717			709			761
All other income	3,656			3,090			983			930			800			943			818
Total noninterest income	9,808			9,008			2,582			2,595			2,266			2,365			2,321
Total revenue, net of interest expense	20,483			20,001			5,141			5,212			4,975			5,155			5,170
Provision for credit losses	414			8			58			120			125			111			85
Noninterest expense	9,017			8,745			2,321			2,219			2,211			2,266			2,128
Income before income taxes	11,052			11,248			2,762			2,873			2,639			2,778			2,957
Income tax expense	2,984			2,923			745			776			713			750			769
Net income	$	8,068		$	8,325		$	2,017		$	2,097		$	1,926		$	2,028		$	2,188
Net interest yield	2.75		%	3.01		%	2.51		%	2.69		%	2.80		%	2.98		%	2.99		%
Return on average allocated capital (1)	20			20			20			20			19			20			21
Efficiency ratio	44.02			43.72			45.11			42.58			44.45			43.96			41.15
Balance Sheet
Average
Total loans and leases	$	374,304		$	354,236		$	377,359		$	377,109		$	372,531		$	370,108		$	357,410
Total earning assets (2)	388,152			364,748			404,299			385,999			387,819			380,308			378,163
Total assets (2)	443,083			425,675			459,444			441,186			442,591			434,920			440,522
Total deposits	362,731			336,337			378,510			360,457			362,619			349,037			359,642
Allocated capital (1)	41,000			41,000			41,000			41,000			41,000			41,000			41,000
Period end
Total loans and leases	$	379,268		$	365,717		$	379,268		$	377,658		$	376,948		$	373,017		$	365,717
Total earning assets (2)	407,180			377,812			407,180			397,589			384,884			381,490			377,812
Total assets (2)	464,032			442,330			464,032			452,642			440,352			436,066			442,330
Total deposits	383,180			360,248			383,180			371,887			358,902			343,897			360,248

⁽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.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.

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 Key Indicators
(Dollars in millions)
	Year Ended December 31						Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019			First Quarter 2019			Fourth Quarter 2018
	2019			2018
Investment Banking fees (1)
Advisory (2)	$	1,336		$	1,153		$	352		$	427		$	254		$	303		$	371
Debt issuance	1,348			1,326			341			356			324			327			309
Equity issuance	453			412			116			119			139			79			81
Total Investment Banking fees (3)	$	3,137		$	2,891		$	809		$	902		$	717		$	709		$	761
Business Lending
Corporate	$	3,994		$	3,904		$	1,002		$	1,024		$	923		$	1,045		$	964
Commercial	4,132			4,330			1,032			1,020			1,046			1,034			1,142
Business Banking	363			431			88			91			90			94			107
Total Business Lending revenue	$	8,489		$	8,665		$	2,122		$	2,135		$	2,059		$	2,173		$	2,213
Global Transaction Services
Corporate	$	3,994		$	3,832		$	1,015		$	967		$	1,005		$	1,007		$	1,004
Commercial	3,499			3,346			857			862			889			891			872
Business Banking	1,064			987			264			267			267			266			266
Total Global Transaction Services revenue	$	8,557		$	8,165		$	2,136		$	2,096		$	2,161		$	2,164		$	2,142
Average deposit balances
Interest-bearing	$	194,514		$	134,486		$	209,343		$	197,801		$	195,575		$	174,924		$	163,465
Noninterest-bearing	168,217			201,851			169,167			162,656			167,044			174,113			196,177
Total average deposits	$	362,731		$	336,337		$	378,510		$	360,457		$	362,619		$	349,037		$	359,642
Loan spread	1.41		%	1.49		%	1.37		%	1.41		%	1.41		%	1.44		%	1.43		%
Provision for credit losses	$	414		$	8		$	58		$	120		$	125		$	111		$	85
Credit quality (4, 5)
Reservable criticized utilized exposure	$	9,996		$	9,488		$	9,996		$	10,346		$	10,260		$	10,308		$	9,488
	2.51		%	2.43		%	2.51		%	2.61		%	2.59		%	2.62		%	2.43		%
Nonperforming loans, leases and foreclosed properties	$	1,333		$	1,004		$	1,333		$	1,208		$	1,088		$	1,087		$	1,004
	0.36		%	0.28		%	0.36		%	0.32		%	0.29		%	0.29		%	0.28		%
Average loans and leases by product
U.S. commercial	$	216,822		$	202,843		$	217,326		$	219,324		$	215,941		$	214,642		$	206,350
Non-U.S. commercial	85,220			78,542			87,872			86,016			84,263			82,663			77,818
Commercial real estate	51,092			50,692			51,761			51,069			51,006			50,517			50,974
Commercial lease financing	21,170			22,157			20,399			20,700			21,320			22,286			22,266
Other	—			2			1			—			1			—			2
Total average loans and leases	$	374,304		$	354,236		$	377,359		$	377,109		$	372,531		$	370,108		$	357,410
Total Corporation Investment Banking fees
Advisory (2)	$	1,460		$	1,258		$	377		$	452		$	288		$	343		$	397
Debt issuance	3,107			3,084			797			816			746			748			699
Equity issuance	1,259			1,183			322			308			395			234			272
Total investment banking fees including self-led deals	5,826			5,525			1,496			1,576			1,429			1,325			1,368
Self-led deals	(184		)	(198		)	(22		)	(43		)	(58		)	(61		)	(20		)
Total Investment Banking fees	$	5,642		$	5,327		$	1,474		$	1,533		$	1,371		$	1,264		$	1,348

⁽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.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.

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 Markets Segment Results
(Dollars in millions)
	Year Ended December 31						Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019			First Quarter 2019			Fourth Quarter 2018
	2019			2018
Net interest income	$	3,915		$	3,857		$	1,135		$	1,016		$	811		$	953		$	935
Noninterest income:
Investment and brokerage services	1,738			1,780			442			419			433			444			474
Investment banking fees	2,288			2,296			581			585			585			537			513
Market making and similar activities	7,065			7,260			1,442			1,580			1,961			2,082			1,132
All other income	608			990			(174		)	263			354			165			193
Total noninterest income	11,699			12,326			2,291			2,847			3,333			3,228			2,312
Total revenue, net of interest expense (1)	15,614			16,183			3,426			3,863			4,144			4,181			3,247
Provision for credit losses	(9		)	—			9			—			5			(23		)	6
Noninterest expense	10,722			10,835			2,614			2,678			2,675			2,755			2,552
Income before income taxes	4,901			5,348			803			1,185			1,464			1,449			689
Income tax expense	1,397			1,390			229			338			417			413			179
Net income	$	3,504		$	3,958		$	574		$	847		$	1,047		$	1,036		$	510
Return on average allocated capital (2)	10		%	11		%	7		%	10		%	12		%	12		%	6		%
Efficiency ratio	68.67			66.96			76.29			69.32			64.55			65.91			78.58
Balance Sheet
Average
Total trading-related assets	$	489,705		$	465,132		$	489,256		$	498,791		$	496,205		$	474,303		$	463,998
Total loans and leases	71,334			72,651			73,044			71,589			70,587			70,080			70,609
Total earning assets	476,225			473,383			481,401			476,919			474,061			472,414			458,331
Total assets	679,297			666,000			680,067			687,393			685,412			664,052			655,069
Total deposits	31,380			31,209			32,866			30,155			31,128			31,366			31,077
Allocated capital (2)	35,000			35,000			35,000			35,000			35,000			35,000			35,000
Period end
Total trading-related assets	$	452,496		$	447,998		$	452,496		$	497,206		$	487,094		$	485,637		$	447,998
Total loans and leases	72,993			73,928			72,993			74,979			74,136			70,052			73,928
Total earning assets	471,701			457,224			471,701			478,303			475,836			470,700			457,224
Total assets	641,806			641,923			641,806			689,023			674,985			671,123			641,923
Total deposits	34,676			37,841			34,676			30,885			29,961			31,073			37,841
Trading-related assets (average)
Trading account securities	$	246,335		$	215,112		$	247,098		$	261,182		$	251,401		$	225,254		$	225,335
Reverse repurchases	116,883			125,084			116,280			110,907			117,730			122,753			119,341
Securities borrowed	83,216			78,889			84,533			80,641			83,374			84,343			75,374
Derivative assets	43,271			46,047			41,345			46,061			43,700			41,953			43,948
Total trading-related assets	$	489,705		$	465,132		$	489,256		$	498,791		$	496,205		$	474,303		$	463,998

⁽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 22.

⁽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.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.

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 Key Indicators
(Dollars in millions)
	Year Ended December 31				Fourth Quarter 2019			Third Quarter 2019		Second Quarter 2019		First Quarter 2019		Fourth Quarter 2018
	2019		2018
Sales and trading revenue (1)
Fixed-income, currencies and commodities	$	8,188	$	8,271	$	1,755		$	2,056	$	2,098	$	2,279	$	1,517
Equities	4,491		4,900		1,018			1,148		1,144		1,181		1,071
Total sales and trading revenue	$	12,679	$	13,171	$	2,773		$	3,204	$	3,242	$	3,460	$	2,588
Sales and trading revenue, excluding net debit valuation adjustment (2)
Fixed-income, currencies and commodities	$	8,396	$	8,413	$	1,836		$	2,074	$	2,128	$	2,358	$	1,472
Equities	4,505		4,920		1,023			1,145		1,145		1,192		1,064
Total sales and trading revenue, excluding net debit valuation adjustment	$	12,901	$	13,333	$	2,859		$	3,219	$	3,273	$	3,550	$	2,536
Sales and trading revenue breakdown
Net interest income	$	3,309	$	3,356	$	1,008		$	886	$	665	$	750	$	806
Commissions	1,699		1,737		432			410		424		433		463
Trading	7,062		7,257		1,441			1,580		1,960		2,081		1,131
Other	609		821		(108		)	328		193		196		188
Total sales and trading revenue	$	12,679	$	13,171	$	2,773		$	3,204	$	3,242	$	3,460	$	2,588

⁽¹⁾  Includes Global Banking sales and trading revenue of $533 million and $421 million for the years ended December 31, 2019 and 2018, and $142 million, $148 million, $128 million, $115 million and $126 million for the fourth, third, second and first quarters of 2019 and the fourth quarter of 2018, 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.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.

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

Bank of America Corporation and Subsidiaries
All Other Results (1)
(Dollars in millions)
	Year Ended December 31						Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019			First Quarter 2019			Fourth Quarter 2018
	2019			2018
Net interest income	$	234		$	632		$	99		$	62		$	78		$	(5	)	$	152
Noninterest income (loss)	(2,616		)	(2,257		)	(599		)	(810		)	(581		)	(626		)	(738		)
Total revenue, net of interest expense	(2,382		)	(1,625		)	(500		)	(748		)	(503		)	(631		)	(586		)
Provision for credit losses	(669		)	(476		)	(79		)	(295		)	(241		)	(54		)	(124		)
Noninterest expense	3,720			1,887			315			2,468			516			421			396
Loss before income taxes	(5,433		)	(3,036		)	(736		)	(2,921		)	(778		)	(998		)	(858		)
Income tax expense (benefit)	(4,055		)	(2,780		)	(998		)	(1,322		)	(787		)	(948		)	(917		)
Net income (loss)	$	(1,378	)	$	(256	)	$	262		$	(1,599	)	$	9		$	(50	)	$	59
Balance Sheet
Average
Total loans and leases	$	42,933		$	61,013		$	38,197		$	41,788		$	44,695		$	47,160		$	53,324
Total assets (2)	210,771			199,978			226,659			212,527			201,845			195,635			196,704
Total deposits	21,434			21,966			23,557			20,718			20,750			20,691			19,979
Period end
Total loans and leases	$	37,151		$	48,061		$	37,151		$	39,671		$	43,311		$	45,609		$	48,061
Total assets (3)	224,466			195,466			224,466			207,605			205,714			178,680			195,466
Total deposits	23,166			18,541			23,166			21,883			20,189			21,472			18,541

⁽¹⁾  All Other consists of asset and liability management (ALM) activities, equity investments, non-core mortgage loans and servicing activities, liquidating businesses and certain expenses not otherwise allocated to a business segment. ALM activities encompass certain residential mortgages, debt securities, and interest rate and foreign currency risk management activities. Substantially all of the results of ALM activities are allocated to our business segments. Equity investments include our merchant services joint venture, as well as a portfolio of equity, real estate and other alternative investments.

⁽²⁾  Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $544.2 billion and $517.0 billion for the years ended December 31, 2019 and 2018, and $554.2 billion, $536.8 billion, $549.5 billion, $542.4 billion and $525.6 billion for the fourth, third, second and first quarters of 2019 and the fourth quarter of 2018, respectively.

⁽³⁾  Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $565.3 billion, $546.5 billion, $544.0 billion, $566.8 billion and $540.8 billion at December 31, 2019, September 30, 2019, June 30, 2019, March 31, 2019 and December 31, 2018, respectively.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.

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

Bank of America Corporation and Subsidiaries
Outstanding Loans and Leases
(Dollars in millions)
	December 31 2019		September 30 2019		December 31 2018
Consumer
Residential mortgage	$	236,169	$	227,472	$	208,557
Home equity	40,208		41,574		48,286
Credit card	97,608		94,946		98,338
Direct/Indirect consumer (1)	90,998		90,836		91,166
Other consumer (2)	192		208		202
Total consumer loans excluding loans accounted for under the fair value option	465,175		455,036		446,549
Consumer loans accounted for under the fair value option (3)	594		640		682
Total consumer	465,769		455,676		447,231
Commercial
U.S. commercial	307,048		310,982		299,277
Non-U.S. commercial	104,966		101,084		98,776
Commercial real estate (4)	62,689		62,798		60,845
Commercial lease financing	19,880		20,107		22,534
	494,583		494,971		481,432
U.S. small business commercial (5)	15,333		15,229		14,565
Total commercial loans excluding loans accounted for under the fair value option	509,916		510,200		495,997
Commercial loans accounted for under the fair value option (3)	7,741		7,034		3,667
Total commercial	517,657		517,234		499,664
Total loans and leases	$	983,426	$	972,910	$	946,895

⁽¹⁾  Includes primarily auto and specialty lending loans and leases of $50.4 billion, $50.3 billion and $50.1 billion, unsecured consumer lending loans of $317 million, $328 million and $383 million, U.S. securities-based lending loans of $36.7 billion, $36.5 billion and $37.0 billion and non-U.S. consumer loans of $2.8 billion, $3.0 billion and $2.9 billion at December 31, 2019, September 30, 2019 and December 31, 2018, 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 $257 million, $275 million and $336 million and home equity loans of $337 million, $365 million and $346 million at December 31, 2019, September 30, 2019 and December 31, 2018, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $4.7 billion, $4.7 billion and $2.5 billion and non-U.S. commercial loans of $3.1 billion, $2.4 billion and $1.1 billion at December 31, 2019, September 30, 2019 and December 31, 2018, respectively.

⁽⁴⁾  Includes U.S. commercial real estate loans of $59.0 billion, $58.1 billion and $56.6 billion and non-U.S. commercial real estate loans of $3.7 billion, $4.7 billion and $4.2 billion at December 31, 2019, September 30, 2019 and December 31, 2018, respectively.

⁽⁵⁾  Includes card-related products.

Certain prior period amounts have been reclassified to conform to current period presentation.

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

Bank of America Corporation and Subsidiaries
Quarterly Average Loans and Leases by Business Segment and All Other
(Dollars in millions)
	Fourth Quarter 2019
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All  Other
Consumer
Residential mortgage	$	231,849	$	114,871	$	83,899	$	1	$	—	$	33,078
Home equity	41,230		32,447		3,192		—		295		5,296
Credit card	94,951		92,131		2,820		—		—		—
Direct/Indirect and other consumer	90,924		50,827		40,091		—		—		6
Total consumer	458,954		290,276		130,002		1		295		38,380
Commercial
U.S. commercial	326,945		20,720		39,704		217,326		48,967		228
Non-U.S. commercial	104,787		—		532		87,872		16,373		10
Commercial real estate	63,324		16		4,134		51,761		7,404		9
Commercial lease financing	19,976		—		2		20,399		5		(430		)
Total commercial	515,032		20,736		44,372		377,358		72,749		(183		)
Total loans and leases	$	973,986	$	311,012	$	174,374	$	377,359	$	73,044	$	38,197
	Third Quarter 2019
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All  Other
Consumer
Residential mortgage	$	224,084	$	107,527	$	80,959	$	—	$	—	$	35,598
Home equity	43,616		33,585		3,326		—		352		6,353
Credit card	94,370		91,595		2,775		—		—		—
Direct/Indirect and other consumer	90,813		50,738		40,072		—		—		3
Total consumer	452,883		283,445		127,132		—		352		41,954
Commercial
U.S. commercial	324,436		20,372		39,289		219,324		45,083		368
Non-U.S. commercial	105,003		—		88		86,016		18,967		(68		)
Commercial real estate	62,185		16		3,902		51,069		7,187		11
Commercial lease financing	20,226		—		3		20,700		—		(477		)
Total commercial	511,850		20,388		43,282		377,109		71,237		(166		)
Total loans and leases	$	964,733	$	303,833	$	170,414	$	377,109	$	71,589	$	41,788
	Fourth Quarter 2018
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All  Other
Consumer
Residential mortgage	$	209,646	$	90,307	$	75,895	$	2	$	4	$	43,438
Home equity	50,757		36,664		3,652		—		345		10,096
Credit card	95,766		92,752		3,014		—		—		—
Direct/Indirect and other consumer	91,458		50,692		40,762		—		—		4
Total consumer	447,627		270,415		123,323		2		349		53,538
Commercial
U.S. commercial	308,557		19,433		36,527		206,350		45,992		255
Non-U.S. commercial	95,937		—		113		77,818		17,939		67
Commercial real estate	60,876		14		3,550		50,974		6,329		9
Commercial lease financing	21,724		—		3		22,266		—		(545		)
Total commercial	487,094		19,447		40,193		357,408		70,260		(214		)
Total loans and leases	$	934,721	$	289,862	$	163,516	$	357,410	$	70,609	$	53,324

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.

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

Bank of America Corporation and Subsidiaries
Commercial Credit Exposure by Industry (1, 2, 3, 4)
(Dollars in millions)
	Commercial Utilized						Total Commercial Committed
	December 31 2019		September 30 2019		December 31 2018		December 31 2019		September 30 2019		December 31 2018
Asset managers and funds	$	71,289	$	73,822	$	71,756	$	109,972	$	109,841	$	107,888
Real estate (5)	70,341		70,643		65,328		96,349		93,625		86,514
Capital goods	41,060		41,651		39,192		80,871		79,308		75,080
Finance companies	40,171		37,502		36,662		63,940		59,923		56,659
Healthcare equipment and services	34,353		34,563		35,763		55,918		56,649		56,489
Government and public education	41,889		42,802		43,675		53,566		54,177		54,749
Materials	26,663		27,647		27,347		52,128		52,293		51,865
Consumer services	28,434		25,959		25,702		49,071		46,335		43,298
Retailing	25,868		27,354		25,333		48,317		48,874		47,507
Food, beverage and tobacco	24,163		23,587		23,586		45,956		44,609		42,745
Commercial services and supplies	23,102		22,328		22,623		38,943		37,855		39,349
Energy	16,407		15,660		13,727		36,327		35,750		32,279
Utilities	12,383		11,938		12,035		36,060		28,899		27,623
Transportation	23,448		25,440		22,814		33,027		34,638		31,523
Global commercial banks	26,492		23,602		26,583		28,670		25,687		28,627
Individuals and trusts	18,926		18,887		18,643		27,815		26,303		25,019
Technology hardware and equipment	10,645		11,287		13,014		24,071		25,379		26,228
Media	12,429		13,285		12,132		23,629		23,645		24,502
Vehicle dealers	18,013		17,332		17,603		21,435		20,580		20,446
Consumer durables and apparel	10,193		10,174		9,904		21,245		21,459		20,199
Software and services	10,432		10,257		8,809		20,556		20,098		19,172
Pharmaceuticals and biotechnology	5,962		6,261		7,430		20,203		27,051		23,634
Telecommunication services	9,144		8,580		8,686		16,103		15,980		14,166
Insurance	6,669		6,966		8,674		15,214		13,804		15,807
Automobiles and components	7,345		8,033		7,131		14,910		15,176		13,893
Financial markets infrastructure (clearinghouses)	9,351		11,864		8,317		11,851		14,316		10,042
Food and staples retailing	6,290		5,642		4,787		10,392		9,871		9,093
Religious and social organizations	3,844		4,104		3,757		5,756		5,950		5,620
Total commercial credit exposure by industry	$	635,306	$	637,170	$	621,013	$	1,062,295	$	1,048,075	$	1,010,016

⁽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 $33.9 billion, $40.7 billion and $32.4 billion at December 31, 2019, September 30, 2019 and December 31, 2018, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $33.3 billion, $35.1 billion and $33.0 billion, which consists primarily of other marketable securities, at December 31, 2019, September 30, 2019 and December 31, 2018, respectively.

⁽²⁾  Total utilized and total committed exposure includes loans of $7.7 billion, $7.0 billion and $3.7 billion and issued letters of credit with a notional amount of $170 million, $115 million and $100 million accounted for under the fair value option at December 31, 2019, September 30, 2019 and December 31, 2018, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $4.2 billion, $4.7 billion and $3.0 billion at December 31, 2019, September 30, 2019 and December 31, 2018, respectively.

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

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

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

Certain prior period amounts have been reclassified to conform to current period presentation.

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

Bank of America Corporation and Subsidiaries
Top 20 Non-U.S. Countries Exposure
(Dollars in millions)
	Funded Loans and Loan Equivalents (1)		Unfunded Loan Commitments		Net Counterparty Exposure		Securities/ Other Investments (2)		Country Exposure at December 31 2019		Hedges and Credit Default Protection (3)			Net Country Exposure at December 31 2019 (4)		Increase (Decrease) from September 30 2019
United Kingdom	$	29,156	$	17,341	$	7,800	$	3,545	$	57,842	$	(1,998	)	$	55,844	$	294
Germany	21,920		7,408		1,828		1,967		33,123		(2,295		)	30,828		4,739
Canada	7,967		8,255		1,690		2,879		20,791		(669		)	20,122		565
France	7,243		9,208		876		969		18,296		(2,041		)	16,255		(169		)
China	13,304		497		1,085		949		15,835		(248		)	15,587		1,059
India	7,817		364		398		3,660		12,239		(222		)	12,017		(608		)
Australia	6,100		3,583		415		1,443		11,541		(439		)	11,102		86
Brazil	7,393		716		218		2,678		11,005		(238		)	10,767		(976		)
Japan	8,450		896		1,002		1,589		11,937		(1,405		)	10,532		(10,750		)
Netherlands	6,322		3,585		330		876		11,113		(786		)	10,327		(317		)
South Korea	5,981		758		386		1,762		8,887		(182		)	8,705		128
Singapore	3,749		435		172		3,528		7,884		(58		)	7,826		578
Mexico	4,190		1,733		224		1,806		7,953		(150		)	7,803		788
Switzerland	4,387		2,947		213		325		7,872		(487		)	7,385		(1,217		)
Hong Kong	5,106		353		434		1,194		7,087		(31		)	7,056		(359		)
Belgium	5,077		1,259		526		159		7,021		(514		)	6,507		641
Italy	2,353		2,303		510		1,386		6,552		(1,175		)	5,377		1,900
Spain	3,153		1,073		258		867		5,351		(629		)	4,722		(669		)
United Arab Emirates	3,267		229		119		10		3,625		(38		)	3,587		80
Ireland	2,142		979		76		201		3,398		(31		)	3,367		1,420
Total top 20 non-U.S. countries exposure	$	155,077	$	63,922	$	18,560	$	31,793	$	269,352	$	(13,636	)	$	255,716	$	(2,787	)

⁽¹⁾  Includes loans, leases, and other extensions of credit and funds, including letters of credit and due from placements, which have not been reduced by collateral, hedges or credit default protection. Funded loans and loan equivalents are reported net of charge-offs but prior to any allowance for loan and lease losses.

⁽²⁾  Long securities exposures are netted on a single-name basis to, but not below, zero by short exposures and net credit default swaps purchased, consisting of single-name and net indexed and tranched credit default swaps.

⁽³⁾  Represents credit default protection purchased, net of credit default protection sold, which is used to mitigate the Corporation’s risk to country exposures as listed, consisting of net single-name and net indexed and tranched credit default swaps. Amounts are calculated based on the credit default swaps notional amount assuming a zero recovery rate less any fair value receivable or payable.

⁽⁴⁾  Represents country exposure less hedges and credit default protection purchased, net of credit default protection sold.

Certain prior period amounts have been reclassified to conform to current period presentation.

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 2019			September 30 2019			June 30 2019			March 31 2019			December 31 2018
Residential mortgage	$	1,470		$	1,551		$	1,744		$	1,773		$	1,893
Home equity	536			585			1,203			1,751			1,893
Direct/Indirect consumer	47			53			80			54			56
Total consumer	2,053			2,189			3,027			3,578			3,842
U.S. commercial	1,094			966			820			870			794
Non-U.S. commercial	43			51			122			80			80
Commercial real estate	280			185			112			213			156
Commercial lease financing	32			35			55			52			18
	1,449			1,237			1,109			1,215			1,048
U.S. small business commercial	50			50			51			57			54
Total commercial	1,499			1,287			1,160			1,272			1,102
Total nonperforming loans and leases	3,552			3,476			4,187			4,850			4,944
Foreclosed properties (1)	285			247			265			295			300
Total nonperforming loans, leases and foreclosed properties (2, 3, 4)	$	3,837		$	3,723		$	4,452		$	5,145		$	5,244
Fully-insured home loans past due 30 days or more and still accruing	$	1,811		$	1,919		$	2,155		$	2,390		$	2,790
Consumer credit card past due 30 days or more and still accruing	2,035			1,937			1,838			1,932			1,989
Other loans past due 30 days or more and still accruing	3,746			3,286			2,864			2,905			3,539
Total loans past due 30 days or more and still accruing (3, 5, 6)	$	7,592		$	7,142		$	6,857		$	7,227		$	8,318
Fully-insured home loans past due 90 days or more and still accruing	$	1,088		$	1,203		$	1,364		$	1,593		$	1,884
Consumer credit card past due 90 days or more and still accruing	1,042			960			941			1,005			994
Other loans past due 90 days or more and still accruing	283			496			268			181			352
Total loans past due 90 days or more and still accruing (3, 5, 6)	$	2,413		$	2,659		$	2,573		$	2,779		$	3,230
Nonperforming loans, leases and foreclosed properties/Total assets (7)	0.16		%	0.15		%	0.19		%	0.22		%	0.22		%
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties (7)	0.39			0.39			0.47			0.55			0.56
Nonperforming loans and leases/Total loans and leases (7)	0.36			0.36			0.44			0.52			0.52
Commercial reservable criticized utilized exposure (8)	$	11,452		$	11,835		$	11,834		$	11,821		$	11,061
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure (8)	2.09		%	2.17		%	2.19		%	2.22		%	2.08		%
Total commercial criticized utilized exposure/Commercial utilized exposure (8)	2.00			2.02			2.04			2.07			1.93

⁽¹⁾  Foreclosed property balances do not include properties insured by certain government-guaranteed loans, principally loans insured by the Federal Housing Administration (FHA), that entered foreclosure of $260 million, $275 million, $294 million, $400 million and $488 million at December 31, 2019, September 30, 2019, June 30, 2019, March 31, 2019 and December 31, 2018, respectively.

⁽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 purchased credit-impaired loans even though the customer may be contractually past due. Purchased credit-impaired loans were recorded at fair value upon acquisition and accrete interest income over the remaining life of the loan.

⁽⁴⁾  Balances do not include the following:

	December 31 2019		September 30 2019		June 30 2019		March 31 2019		December 31 2018
Nonperforming loans held-for-sale	$	239	$	237	$	278	$	457	$	291
Nonperforming loans accounted for under the fair value option	6		7		10		67		12

⁽⁵⁾  Balances do not include loans held-for-sale past due 30 days or more and still accruing of $21 million, $44 million, $3 million, $4 million and $53 million at December 31, 2019, September 30, 2019, June 30, 2019, March 31, 2019 and December 31, 2018, respectively, and loans held-for-sale past due 90 days or more and still accruing of $11 million, $3 million, $0, $1 million and $2 million at December 31, 2019, September 30, 2019, June 30, 2019, March 31, 2019 and December 31, 2018, respectively. At December 31, 2019, September 30, 2019, June 30, 2019, March 31, 2019 and December 31, 2018, there were $6 million, $9 million, $9 million, $6 million and $10 million, respectively, of loans accounted for under the fair value option past due 30 days or more and still accruing interest.

⁽⁶⁾  These balances are excluded from total nonperforming loans, leases and foreclosed properties.

⁽⁷⁾  Total assets and total loans and leases do not include loans accounted for under the fair value option of $8.3 billion, $7.7 billion, $7.9 billion, $6.2 billion and $4.3 billion at December 31, 2019, September 30, 2019, June 30, 2019, March 31, 2019 and December 31, 2018, respectively.

⁽⁸⁾  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.

Certain prior period amounts have been reclassified to conform to current period presentation.

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 2019			Third Quarter 2019			Second Quarter 2019			First Quarter 2019			Fourth Quarter 2018
Nonperforming Consumer Loans and Leases:
Balance, beginning of period	$	2,189		$	3,027		$	3,578		$	3,842		$	4,306
Additions	291			335			390			391			545
Reductions:
Paydowns and payoffs	(121		)	(197		)	(195		)	(188		)	(214		)
Sales	(109		)	(748		)	(502		)	(164		)	(438		)
Returns to performing status (2)	(143		)	(185		)	(189		)	(249		)	(274		)
Charge-offs (3)	(31		)	(23		)	(29		)	(28		)	(51		)
Transfers to foreclosed properties	(23		)	(20		)	(26		)	(26		)	(32		)
Total net reductions to nonperforming loans and leases	(136		)	(838		)	(551		)	(264		)	(464		)
Total nonperforming consumer loans and leases, end of period	2,053			2,189			3,027			3,578			3,842
Foreclosed properties	229			188			205			236			244
Nonperforming consumer loans, leases and foreclosed properties, end of period	$	2,282		$	2,377		$	3,232		$	3,814		$	4,086
Nonperforming Commercial Loans and Leases (4):
Balance, beginning of period	$	1,287		$	1,160		$	1,272		$	1,102		$	848
Additions	527			492			389			640			500
Reductions:
Paydowns	(169		)	(161		)	(210		)	(108		)	(122		)
Sales	(22		)	(33		)	(117		)	(43		)	(6		)
Return to performing status (5)	(15		)	(48		)	(23		)	(34		)	(33		)
Charge-offs	(107		)	(123		)	(151		)	(97		)	(85		)
Transfers to foreclosed properties	(2		)	—			—			(7		)	—
Transfers to loans held-for-sale	—			—			—			(181		)	—
Total net additions (reductions) to nonperforming loans and leases	212			127			(112		)	170			254
Total nonperforming commercial loans and leases, end of period	1,499			1,287			1,160			1,272			1,102
Foreclosed properties	56			59			60			59			56
Nonperforming commercial loans, leases and foreclosed properties, end of period	$	1,555		$	1,346		$	1,220		$	1,331		$	1,158

⁽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. Certain troubled debt restructurings are classified as nonperforming at the time of restructuring and may only be returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period, generally six months.

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

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

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

Certain prior period amounts have been reclassified to conform to current period presentation.

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 2019					Third Quarter 2019					Second Quarter 2019					First Quarter 2019					Fourth Quarter 2018
	Amount			Percent		Amount			Percent		Amount			Percent		Amount			Percent		Amount			Percent
Net Charge-offs
Residential mortgage (2)	$	4		0.01	%	$	(38	)	(0.07	)%	$	3		0.01	%	$	(16	)	(0.03	)%	$	15		0.03	%
Home equity (3)	(12		)	(0.12	)	(202		)	(1.85	)	(155		)	(1.36	)	11			0.10		(15		)	(0.12	)
Credit card	724			3.03		717			3.01		762			3.26		745			3.18		699			2.90
Direct/Indirect consumer	39			0.17		76			0.33		40			0.18		54			0.24		53			0.23
Other consumer	83			n/m		69			n/m		41			n/m		41			n/m		52			n/m
Total consumer	838			0.72		622			0.55		691			0.62		835			0.77		804			0.71
U.S. commercial	54			0.07		53			0.07		66			0.09		83			0.11		43			0.06
Non-U.S. commercial	(31		)	(0.12	)	67			0.26		48			0.19		—			—		20			0.09
Total commercial and industrial	23			0.02		120			0.12		114			0.11		83			0.08		63			0.07
Commercial real estate	21			0.13		(1		)	—		4			0.02		5			0.03		(2		)	(0.02	)
Commercial lease financing	7			0.13		1			0.02		13			0.26		—			—		(1		)	(0.01	)
	51			0.04		120			0.10		131			0.11		88			0.07		60			0.05
U.S. small business commercial	70			1.83		69			1.83		65			1.76		68			1.90		60			1.65
Total commercial	121			0.09		189			0.15		196			0.16		156			0.13		120			0.10
Total net charge-offs	$	959		0.39		$	811		0.34		$	887		0.38		$	991		0.43		$	924		0.39
By Business Segment and All Other
Consumer Banking	$	924		1.18	%	$	905		1.18	%	$	915		1.24	%	$	925		1.28	%	$	889		1.22	%
Global Wealth & Investment Management	17			0.04		39			0.09		12			0.03		12			0.03		8			0.02
Global Banking	40			0.04		116			0.12		129			0.14		82			0.09		56			0.06
Global Markets	9			0.05		—			—		—			—		—			—		—			—
All Other	(31		)	(0.32	)	(249		)	(2.43	)	(169		)	(1.54	)	(28		)	(0.24	)	(29		)	(0.22	)
Total net charge-offs	$	959		0.39		$	811		0.34		$	887		0.38		$	991		0.43		$	924		0.39

⁽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 $2 million, $(25) million, $0, $(10) million and $25 million for the fourth, third, second and first quarters of 2019 and the fourth quarter of 2018, respectively.

⁽³⁾  Includes loan sale net charge-offs (recoveries) of $9 million, $(173) million, $(118) million, $24 million and $0 for the fourth, third, second and first quarters of 2019 and the fourth quarter of 2018, respectively.

n/m = not meaningful

Certain prior period amounts have been reclassified to conform to current period presentation.

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
	2019					2018
	Amount			Percent		Amount			Percent
Net Charge-offs
Residential mortgage (2)	$	(47	)	(0.02	)%	$	28		0.01	%
Home equity (3)	(358		)	(0.81	)	(2		)	—
Credit card	2,948			3.12		2,837			3.00
Direct/Indirect consumer	209			0.23		195			0.21
Other consumer	234			n/m		182			n/m
Total consumer	2,986			0.66		3,240			0.72
U.S. commercial	256			0.08		215			0.07
Non-U.S. commercial	84			0.08		68			0.07
Total commercial and industrial	340			0.08		283			0.07
Commercial real estate	29			0.05		1			—
Commercial lease financing	21			0.10		(1		)	(0.01	)
	390			0.08		283			0.06
U.S. small business commercial	272			1.83		240			1.70
Total commercial	662			0.13		523			0.11
Total net charge-offs	$	3,648		0.38		$	3,763		0.41
By Business Segment and All Other
Consumer Banking	$	3,669		1.22	%	$	3,515		1.24	%
Global Wealth & Investment Management	80			0.05		61			0.04
Global Banking	367			0.10		246			0.07
Global Markets	9			0.01		23			0.03
All Other	(477		)	(1.13	)	(82		)	(0.14	)
Total net charge-offs	$	3,648		0.38		$	3,763		0.41

⁽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 $(33) million and $8 million for the years ended December 31, 2019 and 2018.

⁽³⁾  Includes loan sale net recoveries of $258 million and $12 million for the years ended December 31, 2019 and 2018.

n/m = not meaningful

Certain prior period amounts have been reclassified to conform to current period presentation.

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, 2019						September 30, 2019						December 31, 2018
	Amount		Percent of Total		Percent of Loans and Leases Outstanding (1, 2)		Amount		Percent of Total		Percent of Loans and Leases Outstanding (1, 2)		Amount		Percent of Total		Percent of Loans and Leases Outstanding (1, 2)
Allowance for loan and lease losses
Residential mortgage	$	325	3.45	%	0.14	%	$	341	3.61	%	0.15	%	$	422	4.40	%	0.20	%
Home equity	221		2.35		0.55		250		2.65		0.60		506		5.27		1.05
Credit card	3,710		39.39		3.80		3,709		39.32		3.91		3,597		37.47		3.66
Direct/Indirect consumer	234		2.49		0.26		234		2.48		0.26		248		2.58		0.27
Other consumer	52		0.55		N/M		42		0.45		n/m		29		0.30		n/m
Total consumer	4,542		48.23		0.98		4,576		48.51		1.01		4,802		50.02		1.08
U.S. commercial (3)	3,015		32.02		0.94		3,038		32.21		0.93		3,010		31.35		0.96
Non-U.S.commercial	658		6.99		0.63		669		7.09		0.66		677		7.05		0.69
Commercial real estate	1,042		11.07		1.66		992		10.52		1.58		958		9.98		1.57
Commercial lease financing	159		1.69		0.80		158		1.67		0.79		154		1.60		0.68
Total commercial	4,874		51.77		0.96		4,857		51.49		0.95		4,799		49.98		0.97
Allowance for loan and lease losses	9,416		100.00	%	0.97		9,433		100.00	%	0.98		9,601		100.00	%	1.02
Reserve for unfunded lending commitments	813						809						797
Allowance for credit losses	$	10,229					$	10,242					$	10,398
Asset Quality Indicators
Allowance for loan and lease losses/Total loans and leases (2)			0.97	%					0.98	%					1.02	%
Allowance for loan and lease losses/Total nonperforming loans and leases (4)			265						271						194
Ratio of the allowance for loan and lease losses/Annualized net charge-offs			2.48						2.93						2.62

⁽¹⁾  Ratios are calculated as allowance for loan and lease losses as a percentage of loans and leases outstanding excluding loans accounted for under the fair value option. Consumer loans accounted for under the fair value option include residential mortgage loans of $257 million, $275 million and $336 million and home equity loans of $337 million, $365 million and $346 million at December 31, 2019, September 30, 2019 and December 31, 2018, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $4.7 billion, $4.7 billion and $2.5 billion and non-U.S. commercial loans of $3.1 billion, $2.4 billion and $1.1 billion at December 31, 2019, September 30, 2019 and December 31, 2018, respectively.

⁽²⁾  Total loans and leases do not include loans accounted for under the fair value option of $8.3 billion, $7.7 billion and $4.3 billion at December 31, 2019, September 30, 2019 and December 31, 2018, respectively.

⁽³⁾  Includes allowance for loan and lease losses for U.S. small business commercial loans of $523 million, $518 million and $474 million at December 31, 2019, September 30, 2019 and December 31, 2018, respectively.

⁽⁴⁾  Allowance for loan and lease losses includes $4.2 billion, $4.1 billion and $4.0 billion allocated to products (primarily the Consumer Lending portfolios within Consumer Banking and purchased credit-impaired loans) that are excluded from nonperforming loans and leases at December 31, 2019, September 30, 2019 and December 31, 2018, respectively. Excluding these amounts, allowance for loan and lease losses as a percentage of total nonperforming loans and leases was 148 percent, 152 percent and 113 percent at December 31, 2019, September 30, 2019 and December 31, 2018, respectively.

n/m = not meaningful

Certain prior period amounts have been reclassified to conform to current period presentation.

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

Exhibit A: Non-GAAP Reconciliations

Bank of America Corporation and Subsidiaries

Reconciliations to GAAP Financial Measures

(Dollars in millions, except per share information)

The Corporation evaluates its business based on the following ratios that utilize tangible equity, a non-GAAP financial measure. Tangible equity represents an adjusted shareholders’ equity or common shareholders’ equity amount which has been reduced by goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities. 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 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 assets less goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities. 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, 2019 and 2018 and the three months ended December 31, 2019, September 30, 2019, June 30, 2019, March 31, 2019 and December 31, 2018. The Corporation believes the use of these non-GAAP financial measures provides additional clarity in understanding its results of operations and trends. Other companies may define or calculate supplemental financial data differently.

	Year Ended December 31						Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019			First Quarter 2019			Fourth Quarter 2018
	2019			2018
Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity	$	267,889		$	264,748		$	266,900		$	270,430		$	267,975		$	266,217		$	263,698
Goodwill	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)
Intangible assets (excluding mortgage servicing rights)	(1,721		)	(2,058		)	(1,678		)	(1,707		)	(1,736		)	(1,763		)	(1,857		)
Related deferred tax liabilities	773			906			730			752			770			841			874
Tangible shareholders’ equity	$	197,990		$	194,645		$	197,001		$	200,524		$	198,058		$	196,344		$	193,764
Preferred stock	(23,036		)	(22,949		)	(23,461		)	(23,800		)	(22,537		)	(22,326		)	(22,326		)
Tangible common shareholders’ equity	$	174,954		$	171,696		$	173,540		$	176,724		$	175,521		$	174,018		$	171,438
Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity	$	264,810		$	265,325		$	264,810		$	268,387		$	271,408		$	267,010		$	265,325
Goodwill	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)
Intangible assets (excluding mortgage servicing rights)	(1,661		)	(1,774		)	(1,661		)	(1,690		)	(1,718		)	(1,747		)	(1,774		)
Related deferred tax liabilities	713			858			713			734			756			773			858
Tangible shareholders’ equity	$	194,911		$	195,458		$	194,911		$	198,480		$	201,495		$	197,085		$	195,458
Preferred stock	(23,401		)	(22,326		)	(23,401		)	(23,606		)	(24,689		)	(22,326		)	(22,326		)
Tangible common shareholders’ equity	$	171,510		$	173,132		$	171,510		$	174,874		$	176,806		$	174,759		$	173,132
Reconciliation of period-end assets to period-end tangible assets
Assets	$	2,434,079		$	2,354,507		$	2,434,079		$	2,426,330		$	2,395,892		$	2,377,164		$	2,354,507
Goodwill	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)
Intangible assets (excluding mortgage servicing rights)	(1,661		)	(1,774		)	(1,661		)	(1,690		)	(1,718		)	(1,747		)	(1,774		)
Related deferred tax liabilities	713			858			713			734			756			773			858
Tangible assets	$	2,364,180		$	2,284,640		$	2,364,180		$	2,356,423		$	2,325,979		$	2,307,239		$	2,284,640
Book value per share of common stock
Common shareholders’ equity	$	241,409		$	242,999		$	241,409		$	244,781		$	246,719		$	244,684		$	242,999
Ending common shares issued and outstanding	8,836.1			9,669.3			8,836.1			9,079.3			9,342.6			9,568.4			9,669.3
Book value per share of common stock	$	27.32		$	25.13		$	27.32		$	26.96		$	26.41		$	25.57		$	25.13
Tangible book value per share of common stock
Tangible common shareholders’ equity	$	171,510		$	173,132		$	171,510		$	174,874		$	176,806		$	174,759		$	173,132
Ending common shares issued and outstanding	8,836.1			9,669.3			8,836.1			9,079.3			9,342.6			9,568.4			9,669.3
Tangible book value per share of common stock	$	19.41		$	17.91		$	19.41		$	19.26		$	18.92		$	18.26		$	17.91

Certain prior period amounts have been reclassified to conform to current period presentation.

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