Supplemental Information

Second Quarter 2020

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

Bank of America Corporation and Subsidiaries
Table of Contents	Page
Consolidated Financial Highlights	2
Consolidated Statement of Income	3
Consolidated Statement of Comprehensive Income	3
Net Interest Income and Noninterest Income	4
Consolidated Balance Sheet	5
Capital Management	6
Capital Composition under Basel 3	7
Quarterly Average Balances and Interest Rates	8
Debt Securities	9
Supplemental Financial Data	10
Quarterly Results by Business Segment and All Other	11
Year-to-Date Results by Business Segment and All Other	13
Consumer Banking
Total Segment Results	14
Key Indicators	15
Business Results	16
Global Wealth & Investment Management
Total Segment Results	18
Key Indicators	19
Global Banking
Total Segment Results	20
Key Indicators	21
Global Markets
Total Segment Results	22
Key Indicators	23
All Other
Total Results	24
Outstanding Loans and Leases	25
Quarterly Average Loans and Leases by Business Segment and All Other	26
Commercial Credit Exposure by Industry	27
Top 20 Non-U.S. Countries Exposure	28
Nonperforming Loans, Leases and Foreclosed Properties	29
Nonperforming Loans, Leases and Foreclosed Properties Activity	30
Quarterly Net Charge-offs and Net Charge-off Ratios	31
Year-to-Date Net Charge-offs and Net Charge-off Ratios	32
Allocation of the Allowance for Credit Losses by Product Type	33
Exhibit A: Non-GAAP Reconciliations	34
Current Expected Credit Losses Accounting Standard
Effective January 1, 2020, the Corporation adopted the new current expected credit losses (CECL) accounting standard that measures the allowance based on management’s best estimate of lifetime expected credit losses inherent in the Corporation’s lending activities. Prior periods presented reflect measurement of the allowance based on management’s estimate of probable incurred credit losses.
Key Performance Indicators
The Corporation presents certain key financial and nonfinancial performance indicators that management uses when assessing consolidated and/or segment results. The Corporation believes this information is useful because it provides management with information about underlying operational performance and trends. Key performance indicators are presented in Consolidated Financial Highlights on page 2 and on the Key Indicators pages for each segment.
Business Segment Operations
The Corporation reports the results of operations of its four business segments and All Other on a fully taxable-equivalent (FTE) basis. Additionally, the results for the total Corporation as presented on pages 11 - 13 are reported on an FTE basis.

Bank of America Corporation and Subsidiaries
Consolidated Financial Highlights
(In millions, except per share information)
	Six Months Ended June 30						Second Quarter 2020			First Quarter 2020			Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019
	2020			2019
Income statement
Net interest income	$	22,978		$	24,564		$	10,848		$	12,130		$	12,140		$	12,187		$	12,189
Noninterest income	22,115			21,524			11,478			10,637			10,209			10,620			10,895
Total revenue, net of interest expense	45,093			46,088			22,326			22,767			22,349			22,807			23,084
Provision for credit losses	9,878			1,870			5,117			4,761			941			779			857
Noninterest expense	26,885			26,492			13,410			13,475			13,239			15,169			13,268
Income before income taxes	8,330			17,726			3,799			4,531			8,169			6,859			8,959
Pretax, pre-provision income (1)	18,208			19,596			8,916			9,292			9,110			7,638			9,816
Income tax expense	787			3,067			266			521			1,175			1,082			1,611
Net income	7,543			14,659			3,533			4,010			6,994			5,777			7,348
Preferred stock dividends	718			681			249			469			246			505			239
Net income applicable to common shareholders	6,825			13,978			3,284			3,541			6,748			5,272			7,109
Diluted earnings per common share	0.77			1.45			0.37			0.40			0.74			0.56			0.74
Average diluted common shares issued and outstanding	8,813.3			9,672.4			8,768.1			8,862.7			9,079.5			9,353.0			9,559.6
Dividends paid per common share	$	0.36		$	0.30		$	0.18		$	0.18		$	0.18		$	0.18		$	0.15
Performance ratios
Return on average assets	0.58		%	1.24		%	0.53		%	0.65		%	1.13		%	0.95		%	1.23		%
Return on average common shareholders’ equity	5.67			11.52			5.44			5.91			11.00			8.48			11.62
Return on average shareholders’ equity	5.71			11.07			5.34			6.10			10.40			8.48			11.00
Return on average tangible common shareholders’ equity (2)	7.97			16.13			7.63			8.32			15.43			11.84			16.24
Return on average tangible shareholders’ equity (2)	7.76			14.99			7.23			8.29			14.09			11.43			14.88
Efficiency ratio	59.62			57.48			60.06			59.19			59.24			66.51			57.48
At period end
Book value per share of common stock	$	27.96		$	26.41		$	27.96		$	27.84		$	27.32		$	26.96		$	26.41
Tangible book value per share of common stock (2)	19.90			18.92			19.90			19.79			19.41			19.26			18.92
Market capitalization	205,772			270,935			205,772			184,181			311,209			264,842			270,935
Number of financial centers - U.S.	4,298			4,349			4,298			4,297			4,300			4,302			4,349
Number of branded ATMs - U.S.	16,862			16,561			16,862			16,855			16,788			16,626			16,561
Headcount	212,796			208,984			212,796			208,931			208,131			208,561			208,984

⁽¹⁾  Pretax, pre-provision income (PTPI) is a non-GAAP financial measure calculated by adjusting pretax income to add back provision for credit losses. Management believes that PTPI is a useful financial measure because it enables an assessment of the Company's ability to generate earnings to cover credit losses through a credit cycle.

⁽²⁾  Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income. Tangible book value per share provides additional useful information about the level of tangible assets in relation to outstanding shares of common stock. (See Exhibit A: Non-GAAP Reconciliations - Reconciliations to GAAP Financial Measures on page 34.)

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)
	Six Months Ended June 30				Second Quarter 2020		First Quarter 2020			Fourth Quarter 2019			Third Quarter 2019		Second Quarter 2019
	2020		2019
Net interest income
Interest income	$	28,638	$	36,394	$	12,540	$	16,098		$	16,926		$	17,916	$	18,224
Interest expense	5,660		11,830		1,692		3,968			4,786			5,729		6,035
Net interest income	22,978		24,564		10,848		12,130			12,140			12,187		12,189
Noninterest income
Fees and commissions	16,713		16,028		8,392		8,321			8,520			8,467		8,190
Market making and similar activities	5,294		5,149		2,487		2,807			1,767			2,118		2,381
Other income (loss)	108		347		599		(491		)	(78		)	35		324
Total noninterest income	22,115		21,524		11,478		10,637			10,209			10,620		10,895
Total revenue, net of interest expense	45,093		46,088		22,326		22,767			22,349			22,807		23,084
Provision for credit losses	9,878		1,870		5,117		4,761			941			779		857
Noninterest expense
Compensation and benefits	16,335		16,221		7,994		8,341			7,977			7,779		7,972
Occupancy and equipment	3,504		3,245		1,802		1,702			1,680			1,663		1,640
Information processing and communications	2,474		2,321		1,265		1,209			1,162			1,163		1,157
Product delivery and transaction related	1,588		1,371		811		777			695			696		709
Marketing	930		970		492		438			524			440		528
Professional fees	756		769		381		375			442			386		409
Other general operating	1,298		1,595		665		633			759			3,042		853
Total noninterest expense	26,885		26,492		13,410		13,475			13,239			15,169		13,268
Income before income taxes	8,330		17,726		3,799		4,531			8,169			6,859		8,959
Income tax expense	787		3,067		266		521			1,175			1,082		1,611
Net income	$	7,543	$	14,659	$	3,533	$	4,010		$	6,994		$	5,777	$	7,348
Preferred stock dividends	718		681		249		469			246			505		239
Net income applicable to common shareholders	$	6,825	$	13,978	$	3,284	$	3,541		$	6,748		$	5,272	$	7,109
Per common share information
Earnings	$	0.78	$	1.45	$	0.38	$	0.40		$	0.75		$	0.57	$	0.75
Diluted earnings	0.77		1.45		0.37		0.40			0.74			0.56		0.74
Average common shares issued and outstanding	8,777.6		9,624.0		8,739.9		8,815.6			9,017.1			9,303.6		9,523.2
Average diluted common shares issued and outstanding	8,813.3		9,672.4		8,768.1		8,862.7			9,079.5			9,353.0		9,559.6

Consolidated Statement of Comprehensive Income
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2020			First Quarter 2020			Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019
	2020			2019
Net income	$	7,543		$	14,659		$	3,533		$	4,010		$	6,994		$	5,777		$	7,348
Other comprehensive income (loss), net-of-tax:
Net change in debt securities	4,693			4,693			(102		)	4,795			(356		)	1,538			2,384
Net change in debit valuation adjustments	53			(501		)	(1,293		)	1,346			(691		)	229			(138		)
Net change in derivatives	732			533			315			417			(35		)	118			304
Employee benefit plan adjustments	100			57			57			43			53			26			29
Net change in foreign currency translation adjustments	(107		)	(48		)	(19		)	(88		)	13			(51		)	(14		)
Other comprehensive income (loss)	5,471			4,734			(1,042		)	6,513			(1,016		)	1,860			2,565
Comprehensive income	$	13,014		$	19,393		$	2,491		$	10,523		$	5,978		$	7,637		$	9,913

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)
	Six Months Ended June 30				Second Quarter 2020			First Quarter 2020			Fourth Quarter 2019			Third Quarter 2019		Second Quarter 2019
	2020		2019
Net interest income
Interest income
Loans and leases	$	18,532	$	21,827	$	8,569		$	9,963		$	10,365		$	10,894	$	10,942
Debt securities	5,283		6,136		2,440			2,843			2,841			2,829		3,017
Federal funds sold and securities borrowed or purchased under agreements to resell	845		2,504		26			819			1,097			1,242		1,309
Trading account assets	2,255		2,643		1,008			1,247			1,234			1,319		1,321
Other interest income	1,723		3,284		497			1,226			1,389			1,632		1,635
Total interest income	28,638		36,394		12,540			16,098			16,926			17,916		18,224
Interest expense
Deposits	1,557		3,760		373			1,184			1,548			1,880		1,965
Short-term borrowings	1,048		3,849		(72		)	1,120			1,483			1,876		1,997
Trading account liabilities	552		664		223			329			282			303		319
Long-term debt	2,503		3,557		1,168			1,335			1,473			1,670		1,754
Total interest expense	5,660		11,830		1,692			3,968			4,786			5,729		6,035
Net interest income	$	22,978	$	24,564	$	10,848		$	12,130		$	12,140		$	12,187	$	12,189
Noninterest income
Fees and commissions
Card income
Interchange fees (1)	$	1,622	$	1,864	$	830		$	792		$	1,007		$	963	$	968
Other card income	899		957		419			480			504			502		478
Total card income	2,521		2,821		1,249			1,272			1,511			1,465		1,446
Service charges
Deposit-related fees	2,926		3,218		1,299			1,627			1,680			1,690		1,638
Lending-related fees	539		524		263			276			277			285		265
Total service charges	3,465		3,742		1,562			1,903			1,957			1,975		1,903
Investment and brokerage services
Asset management fees	5,165		4,994		2,483			2,682			2,650			2,597		2,554
Brokerage fees	2,015		1,836		939			1,076			928			897		916
Total investment and brokerage services	7,180		6,830		3,422			3,758			3,578			3,494		3,470
Investment banking fees
Underwriting income	2,371		1,458		1,523			848			800			740		792
Syndication fees	501		546		230			271			297			341		291
Financial advisory services	675		631		406			269			377			452		288
Total investment banking fees	3,547		2,635		2,159			1,388			1,474			1,533		1,371
Total fees and commissions	16,713		16,028		8,392			8,321			8,520			8,467		8,190
Market making and similar activities	5,294		5,149		2,487			2,807			1,767			2,118		2,381
Other income (loss)	108		347		599			(491		)	(78		)	35		324
Total noninterest income	$	22,115	$	21,524	$	11,478		$	10,637		$	10,209		$	10,620	$	10,895

⁽¹⁾  Gross interchange fees were $4.3 billion and $4.8 billion and are presented net of $2.7 billion and $3.0 billion of expenses for rewards and partner payments for the six months ended June 30, 2020 and 2019, respectively. Gross interchange fees were $2.0 billion, $2.3 billion, $2.6 billion, $2.6 billion and $2.5 billion and are presented net of $1.2 billion, $1.5 billion, $1.6 billion, $1.6 billion and $1.6 billion of expenses for rewards and partner payments for the second and first quarters of 2020 and the fourth, third and second quarters of 2019, 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)
		June 30 2020			March 31 2020			June 30 2019
Assets
Cash and due from banks		$	33,915		$	30,052		$	29,409
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks		255,431			220,338			141,985
Cash and cash equivalents		289,346			250,390			171,394
Time deposits placed and other short-term investments		6,071			12,283			8,692
Federal funds sold and securities borrowed or purchased under agreements to resell		451,179			301,969			248,077
Trading account assets		226,465			193,323			251,987
Derivative assets		45,184			57,654			44,912
Debt securities:
Carried at fair value		202,912			221,104			246,094
Held-to-maturity, at cost		268,949			254,748			199,981
Total debt securities		471,861			475,852			446,075
Loans and leases		998,944			1,050,785			963,800
Allowance for loan and lease losses		(19,389		)	(15,766		)	(9,527		)
Loans and leases, net of allowance		979,555			1,035,019			954,273
Premises and equipment, net		10,790			10,792			10,426
Goodwill		68,951			68,951			68,951
Loans held-for-sale		7,381			7,862			5,416
Customer and other receivables		55,392			69,238			53,329
Other assets		129,513			136,621			132,360
Total assets		$	2,741,688		$	2,619,954		$	2,395,892
Liabilities
Deposits in U.S. offices:
Noninterest-bearing		$	580,667		$	484,342		$	393,567
Interest-bearing		1,048,012			1,008,922			900,434
Deposits in non-U.S. offices:
Noninterest-bearing		15,082			13,695			12,864
Interest-bearing		74,905			76,366			68,228
Total deposits		1,718,666			1,583,325			1,375,093
Federal funds purchased and securities loaned or sold under agreements to repurchase		179,024			170,043			194,948
Trading account liabilities		80,912			77,151			82,150
Derivative liabilities		42,511			54,658			38,380
Short-term borrowings		17,998			30,118			27,244
Accrued expenses and other liabilities		175,302			183,029			168,658
Long-term debt		261,638			256,712			238,011
Total liabilities		2,476,051			2,355,036			2,124,484
Shareholders’ equity
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 3,887,440, 3,887,440and 3,939,040 shares		23,427			23,427			24,689
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 8,664,081,625, 8,675,487,435 and 9,342,601,750 shares		85,794			85,745			106,619
Retained earnings		157,578			155,866			147,577
Accumulated other comprehensive income (loss)		(1,162		)	(120		)	(7,477		)
Total shareholders’ equity		265,637			264,918			271,408
Total liabilities and shareholders’ equity		$	2,741,688		$	2,619,954		$	2,395,892
	Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
	Trading account assets	$	4,390		$	5,405		$	5,469
	Loans and leases	25,532			37,009			40,676
	Allowance for loan and lease losses	(1,869		)	(1,472		)	(882		)
	Loans and leases, net of allowance	23,663			35,537			39,794
	All other assets	563			536			387
	Total assets of consolidated variable interest entities	$	28,616		$	41,478		$	45,650
	Liabilities of consolidated variable interest entities included in total liabilities above
	Short-term borrowings	$	739		$	1,147		$	1,845
	Long-term debt	6,861			6,787			7,393
	All other liabilities	22			39			27
	Total liabilities of consolidated variable interest entities	$	7,622		$	7,973		$	9,265

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)
	June 30 2020			March 31 2020			June 30 2019
Risk-based capital metrics (1):
Standardized Approach
Common equity tier 1 capital	$	171,020		$	168,115		$	171,498
Tier 1 capital	194,441			191,532			195,539
Total capital	233,801			228,511			228,965
Risk-weighted assets	1,475,047			1,561,031			1,466,537
Common equity tier 1 capital ratio	11.6		%	10.8		%	11.7		%
Tier 1 capital ratio	13.2			12.3			13.3
Total capital ratio	15.9			14.6			15.6
Advanced Approaches
Common equity tier 1 capital	$	171,020		$	168,115		$	171,498
Tier 1 capital	194,441			191,532			195,539
Total capital	223,261			221,009			220,904
Risk-weighted assets	1,503,074			1,512,390			1,430,745
Common equity tier 1 capital ratio	11.4		%	11.1		%	12.0		%
Tier 1 capital ratio	12.9			12.7			13.7
Total capital ratio	14.9			14.6			15.4
Leverage-based metrics (1)
Adjusted average assets	$	2,632,225		$	2,421,943		$	2,322,426
Tier 1 leverage ratio	7.4		%	7.9		%	8.4		%
Supplementary leverage exposure	$	2,769,262		$	2,984,135		$	2,872,393
Supplementary leverage ratio	7.0		%	6.4		%	6.8		%
Tangible equity ratio (2)	7.3			7.7			8.7
Tangible common equity ratio (2)	6.5			6.7			7.6

⁽¹⁾  Regulatory capital ratios at June 30, 2020 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. Supplementary leverage exposure at June 30, 2020 excludes U.S. Treasury Securities and deposits at Federal Reserve Banks.

⁽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 34.)

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
Capital Composition under Basel 3
(Dollars in millions)
	June 30 2020			March 31 2020			June 30 2019
Total common shareholders' equity	$	242,210		$	241,491		$	246,719
CECL transitional amount (1)	4,302			3,299			—
Goodwill, net of related deferred tax liabilities	(68,570		)	(68,570		)	(68,571		)
Deferred tax assets arising from net operating loss and tax credit carryforwards	(5,263		)	(5,337		)	(5,332		)
Intangibles, other than mortgage servicing rights and goodwill, net of related deferred tax liabilities	(1,221		)	(1,236		)	(1,342		)
Defined benefit pension plan net assets	(1,025		)	(1,014		)	(977		)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax	1,108			(370		)	763
Other	(521		)	(148		)	238
Common equity tier 1 capital	171,020			168,115			171,498
Qualifying preferred stock, net of issuance cost	23,426			23,426			24,688
Other	(5		)	(9		)	(647		)
Total tier 1 capital	194,441			191,532			195,539
Tier 2 capital instruments	23,462			24,076			23,107
Eligible credit reserves included in tier 2 capital	5,377			5,407			2,272
Other	(19		)	(6		)	(14		)
Total capital under the Advanced approaches	$	223,261		$	221,009		$	220,904

⁽¹⁾  The CECL transitional amount includes the impact of the Corporation's adoption of the new CECL accounting standard on January 1, 2020 and 25 percent of the increase in reserves from January 1, 2020 through June 30, 2020.

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
Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis
(Dollars in millions)
	Second Quarter 2020							First Quarter 2020						Second Quarter 2019
	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	$	314,661	$	33		0.04	%	$	130,282	$	268	0.83	%	$	122,395	$	495	1.62	%
Time deposits placed and other short-term investments	8,644		5			0.25		10,894		30		1.11		9,798		61		2.51
Federal funds sold and securities borrowed or purchased under agreements to resell	312,404		26			0.03		278,794		819		1.18		281,085		1,309		1.87
Trading account assets	143,370		1,021			2.86		156,685		1,266		3.25		146,865		1,337		3.65
Debt securities	476,060		2,462			2.10		465,215		2,868		2.49		446,447		3,047		2.72
Loans and leases (2):
Residential mortgage	241,486		1,880			3.11		239,994		1,987		3.31		215,822		1,899		3.52
Home equity	39,308		308			3.15		40,040		421		4.22		45,944		587		5.12
Credit card	86,191		2,140			9.99		94,471		2,464		10.49		93,627		2,511		10.76
Direct/Indirect and other consumer	88,962		623			2.81		90,954		746		3.30		90,453		830		3.68
Total consumer	455,947		4,951			4.36		465,459		5,618		4.85		445,846		5,827		5.24
U.S. commercial	374,965		2,462			2.64		330,420		2,846		3.46		318,243		3,382		4.26
Non-U.S. commercial	116,040		642			2.22		111,388		802		2.90		103,844		894		3.45
Commercial real estate	65,515		430			2.64		63,418		583		3.70		61,778		720		4.67
Commercial lease financing	18,920		128			2.71		19,598		161		3.29		20,814		172		3.32
Total commercial	575,440		3,662			2.56		524,824		4,392		3.36		504,679		5,168		4.11
Total loans and leases	1,031,387		8,613			3.35		990,283		10,010		4.06		950,525		10,995		4.64
Other earning assets	72,256		508			2.82		87,876		981		4.49		66,607		1,129		6.79
Total earning assets	2,358,782		12,668			2.16		2,120,029		16,242		3.08		2,023,722		18,373		3.64
Cash and due from banks	31,256							27,997						25,951
Other assets, less allowance for loan and lease losses	314,148							346,902						349,378
Total assets	$	2,704,186						$	2,494,928					$	2,399,051
Interest-bearing liabilities
U.S. interest-bearing deposits:
Savings	$	56,931	$	2		0.01	%	$	50,600	$	1	0.01	%	$	52,987	$	2	0.01	%
NOW and money market deposit accounts	850,274		152			0.07		770,474		653		0.34		737,095		1,228		0.67
Consumer CDs and IRAs	50,882		123			0.97		53,363		151		1.14		45,375		105		0.93
Negotiable CDs, public funds and other deposits	81,532		56			0.29		67,985		209		1.23		69,966		408		2.35
Total U.S. interest-bearing deposits	1,039,619		333			0.13		942,422		1,014		0.43		905,423		1,743		0.77
Non-U.S. interest-bearing deposits:
Banks located in non-U.S. countries	1,807		—			0.04		1,904		3		0.60		2,033		5		0.96
Governments and official institutions	183		—			—		161		—		0.05		179		—		0.05
Time, savings and other	74,158		40			0.21		75,625		167		0.89		68,706		217		1.26
Total non-U.S. interest-bearing deposits	76,148		40			0.21		77,690		170		0.88		70,918		222		1.25
Total interest-bearing deposits	1,115,767		373			0.13		1,020,112		1,184		0.47		976,341		1,965		0.81
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities	295,465		(72		)	(0.10	)	304,503		1,120		1.48		278,198		1,997		2.89
Trading account liabilities	40,717		223			2.20		48,142		329		2.75		47,022		319		2.72
Long-term debt	221,167		1,168			2.12		210,816		1,335		2.54		201,007		1,754		3.49
Total interest-bearing liabilities	1,673,116		1,692			0.41		1,583,573		3,968		1.01		1,502,568		6,035		1.61
Noninterest-bearing sources:
Noninterest-bearing deposits	542,430							419,224						399,109
Other liabilities (3)	222,324							227,597						229,399
Shareholders’ equity	266,316							264,534						267,975
Total liabilities and shareholders’ equity	$	2,704,186						$	2,494,928					$	2,399,051
Net interest spread						1.75	%					2.07	%					2.03	%
Impact of noninterest-bearing sources						0.12						0.26						0.41
Net interest income/yield on earning assets (4)			$	10,976		1.87	%			$	12,274	2.33	%			$	12,338	2.44	%

⁽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 $35.5 billion, $35.7 billion and $35.0 billion of structured notes and liabilities for the second and first quarters of 2020 and the second quarter of 2019, respectively.

⁽⁴⁾  Net interest income includes FTE adjustments of $128 million, $144 million and $149 million for the second and first quarters of 2020 and the second quarter of 2019, 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. 8

Bank of America Corporation and Subsidiaries
Debt Securities
(Dollars in millions)
	June 30, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	76,539	$	2,501	$	(41	)	$	78,999
Agency-collateralized mortgage obligations	6,113		198		(16		)	6,295
Commercial	14,926		996		(1		)	15,921
Non-agency residential	903		127		(39		)	991
Total mortgage-backed securities	98,481		3,822		(97		)	102,206
U.S. Treasury and agency securities	50,304		2,368		(8		)	52,664
Non-U.S. securities	13,334		12		(14		)	13,332
Other taxable securities, substantially all asset-backed securities	4,244		48		(40		)	4,252
Total taxable securities	166,363		6,250		(159		)	172,454
Tax-exempt securities	17,791		279		(92		)	17,978
Total available-for-sale debt securities	184,154		6,529		(251		)	190,432
Other debt securities carried at fair value (1)	12,266		295		(81		)	12,480
Total debt securities carried at fair value	196,420		6,824		(332		)	202,912
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities (2)	268,967		10,937		(32		)	279,872
Total debt securities	$	465,387	$	17,761	$	(364	)	$	482,784
	March 31, 2020
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	76,599	$	2,863	$	(1	)	$	79,461
Agency-collateralized mortgage obligations	4,348		212		(9		)	4,551
Commercial	14,800		814		(12		)	15,602
Non-agency residential	882		130		(80		)	932
Total mortgage-backed securities	96,629		4,019		(102		)	100,546
U.S. Treasury and agency securities	64,353		4,352		(9		)	68,696
Non-U.S. securities	12,248		10		(11		)	12,247
Other taxable securities, substantially all asset-backed securities	6,016		80		(204		)	5,892
Total taxable securities	179,246		8,461		(326		)	187,381
Tax-exempt securities	18,752		163		(75		)	18,840
Total available-for-sale debt securities	197,998		8,624		(401		)	206,221
Other debt securities carried at fair value (1)	14,791		317		(225		)	14,883
Total debt securities carried at fair value	212,789		8,941		(626		)	221,104
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities	254,764		11,848		(17		)	266,595
Total debt securities	$	467,553	$	20,789	$	(643	)	$	487,699

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

⁽²⁾  During the second quarter of 2020, we transferred available-for-sale securities with a fair value of $16.2 billion to held to maturity.

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
Supplemental Financial Data
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2020			First Quarter 2020			Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019
	2020			2019
FTE basis data (1)
Net interest income	$	23,250		$	24,866		$	10,976		$	12,274		$	12,285		$	12,335		$	12,338
Total revenue, net of interest expense	45,365			46,390			22,454			22,911			22,494			22,955			23,233
Net interest yield	2.09		%	2.48		%	1.87		%	2.33		%	2.35		%	2.41		%	2.44		%
Efficiency ratio	59.26			57.11			59.72			58.82			58.85			66.08			57.11

⁽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 $272 million and $302 million for the six months ended June 30, 2020 and 2019, $128 million and $144 million for the second and first quarters of 2020, and $145 million, $148 million and $149 million for the fourth, third and second quarters of 2019, 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. 10

Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other
(Dollars in millions)
	Second Quarter 2020
	Total Corporation			Consumer Banking		GWIM		Global Banking			Global Markets			All Other
Net interest income	$	10,976		$	5,991	$	1,378	$	2,363		$	1,297		$	(53	)
Noninterest income
Fees and commissions:
Card income	1,249			1,053		18		68			111			(1		)
Service charges	1,562			706		15		737			95			9
Investment and brokerage services	3,422			67		2,854		24			481			(4		)
Investment banking fees	2,159			—		84		1,181			940			(46		)
Total fees and commissions	8,392			1,826		2,971		2,010			1,627			(42		)
Market making and similar activities	2,487			1		18		(15		)	2,361			122
Other income (loss)	599			33		58		733			64			(289		)
Total noninterest income (loss)	11,478			1,860		3,047		2,728			4,052			(209		)
Total revenue, net of interest expense	22,454			7,851		4,425		5,091			5,349			(262		)
Provision for credit losses	5,117			3,024		136		1,873			105			(21		)
Noninterest expense	13,410			4,733		3,463		2,223			2,682			309
Income (loss) before income taxes	3,927			94		826		995			2,562			(550		)
Income tax expense (benefit)	394			23		202		269			666			(766		)
Net income	$	3,533		$	71	$	624	$	726		$	1,896		$	216
Average
Total loans and leases	$	1,031,387		$	321,558	$	182,150	$	423,625		$	74,131		$	29,923
Total assets (1)	2,704,186			885,568		327,594		578,106			663,072			249,846
Total deposits	1,658,197			810,700		287,109		493,918			45,083			21,387
Quarter end
Total loans and leases	$	998,944		$	325,105	$	184,293	$	390,108		$	74,342		$	25,096
Total assets (1)	2,741,688			929,193		334,190		586,078			652,068			240,159
Total deposits	1,718,666			854,017		291,740		500,918			52,842			19,149
	First Quarter 2020
	Total Corporation			Consumer Banking		GWIM		Global Banking			Global Markets			All Other
Net interest income	$	12,274		$	6,862	$	1,571	$	2,612		$	1,153		$	76
Noninterest income
Fees and commissions:
Card income	1,272			1,110		17		123			21			1
Service charges	1,903			995		17		796			87			8
Investment and brokerage services	3,758			70		3,122		7			567			(8		)
Investment banking fees	1,388			—		115		761			602			(90		)
Total fees and commissions	8,321			2,175		3,271		1,687			1,277			(89		)
Market making and similar activities	2,807			1		21		87			2,973			(275		)
Other income (loss)	(491		)	91		73		214			(177		)	(692		)
Total noninterest income (loss)	10,637			2,267		3,365		1,988			4,073			(1,056		)
Total revenue, net of interest expense	22,911			9,129		4,936		4,600			5,226			(980		)
Provision for credit losses	4,761			2,258		189		2,093			107			114
Noninterest expense	13,475			4,495		3,600		2,321			2,812			247
Income (loss) before income taxes	4,675			2,376		1,147		186			2,307			(1,341		)
Income tax expense (benefit)	665			582		281		50			600			(848		)
Net income (loss)	$	4,010		$	1,794	$	866	$	136		$	1,707		$	(493	)
Average
Total loans and leases	$	990,283		$	316,946	$	178,639	$	386,483		$	71,660		$	36,555
Total assets (1)	2,494,928			811,277		303,173		465,926			713,051			201,501
Total deposits	1,439,336			736,669		263,411		382,373			33,323			23,560
Quarter end
Total loans and leases	$	1,050,785		$	317,535	$	181,492	$	437,122		$	78,591		$	36,045
Total assets (1)	2,619,954			837,522		323,866		562,529			654,939			241,098
Total deposits	1,583,325			762,387		282,395		477,108			38,536			22,899

⁽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
Quarterly Results by Business Segment and All Other (continued)
(Dollars in millions)
	Second Quarter 2019
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	12,338	$	7,116	$	1,624	$	2,709	$	811	$	78
Noninterest income
Fees and commissions:
Card income	1,446		1,268		21		135		22		—
Service charges	1,903		1,045		16		749		87		6
Investment and brokerage services	3,470		75		2,962		7		433		(7		)
Investment banking fees	1,371		—		127		717		585		(58		)
Total fees and commissions	8,190		2,388		3,126		1,608		1,127		(59		)
Market making and similar activities	2,381		2		30		56		1,961		332
Other income (loss)	324		211		120		602		245		(854		)
Total noninterest income (loss)	10,895		2,601		3,276		2,266		3,333		(581		)
Total revenue, net of interest expense	23,233		9,717		4,900		4,975		4,144		(503		)
Provision for credit losses	857		947		21		125		5		(241		)
Noninterest expense	13,268		4,412		3,454		2,211		2,675		516
Income (loss) before income taxes	9,108		4,358		1,425		2,639		1,464		(778		)
Income tax expense (benefit)	1,760		1,068		349		713		417		(787		)
Net income	$	7,348	$	3,290	$	1,076	$	1,926	$	1,047	$	9
Average
Total loans and leases	$	950,525	$	296,388	$	166,324	$	372,531	$	70,587	$	44,695
Total assets (1)	2,399,051		779,450		289,835		442,591		685,413		201,762
Total deposits	1,375,450		707,091		253,940		362,619		31,128		20,672
Quarter end
Total loans and leases	$	963,800	$	300,411	$	168,993	$	376,948	$	74,136	$	43,312
Total assets (1)	2,395,892		787,036		287,903		440,352		674,987		205,614
Total deposits	1,375,093		714,289		251,835		358,902		29,961		20,106

⁽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
Year-to-Date Results by Business Segment and All Other
(Dollars in millions)
	Six Months Ended June 30, 2020
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets			All Other
Net interest income	$	23,250	$	12,853	$	2,949	$	4,975	$	2,450		$	23
Noninterest income
Fees and commissions:
Card income	2,521		2,163		35		191		132			—
Service charges	3,465		1,701		32		1,533		182			17
Investment and brokerage services	7,180		137		5,976		31		1,048			(12		)
Investment banking fees	3,547		—		199		1,942		1,542			(136		)
Total fees and commissions	16,713		4,001		6,242		3,697		2,904			(131		)
Market making and similar activities	5,294		2		39		72		5,334			(153		)
Other income (loss)	108		124		131		947		(113		)	(981		)
Total noninterest income (loss)	22,115		4,127		6,412		4,716		8,125			(1,265		)
Total revenue, net of interest expense	45,365		16,980		9,361		9,691		10,575			(1,242		)
Provision for credit losses	9,878		5,282		325		3,966		212			93
Noninterest expense	26,885		9,228		7,063		4,544		5,494			556
Income (loss) before income taxes	8,602		2,470		1,973		1,181		4,869			(1,891		)
Income tax expense (benefit)	1,059		605		483		319		1,266			(1,614		)
Net income (loss)	$	7,543	$	1,865	$	1,490	$	862	$	3,603		$	(277	)
Average
Total loans and leases	$	1,010,835	$	319,252	$	180,395	$	405,054	$	72,896		$	33,238
Total assets (1)	2,599,557		848,422		315,383		522,016		688,062			225,674
Total deposits	1,548,766		773,685		275,260		438,145		39,203			22,473
Period end
Total loans and leases	$	998,944	$	325,105	$	184,293	$	390,108	$	74,342		$	25,096
Total assets (1)	2,741,688		929,193		334,190		586,078		652,068			240,159
Total deposits	1,718,666		854,017		291,740		500,918		52,842			19,149
	Six Months Ended June 30, 2019
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets			All Other
Net interest income	$	24,866	$	14,222	$	3,308	$	5,499	$	1,764		$	73
Noninterest income
Fees and commissions:
Card income	2,821		2,465		48		265		43			—
Service charges	3,742		2,065		33		1,462		169			13
Investment and brokerage services	6,830		148		5,805		16		877			(16		)
Investment banking fees	2,635		—		207		1,426		1,121			(119		)
Total fees and commissions	16,028		4,678		6,093		3,169		2,210			(122		)
Market making and similar activities	5,149		4		64		106		4,043			932
Other income (loss)	347		445		255		1,356		309			(2,018		)
Total noninterest income (loss)	21,524		5,127		6,412		4,631		6,562			(1,208		)
Total revenue, net of interest expense	46,390		19,349		9,720		10,130		8,326			(1,135		)
Provision for credit losses	1,870		1,921		26		236		(18		)	(295		)
Noninterest expense	26,492		8,779		6,887		4,478		5,432			916
Income (loss) before income taxes	18,028		8,649		2,807		5,416		2,912			(1,756		)
Income tax expense (benefit)	3,369		2,119		688		1,462		830			(1,730		)
Net income (loss)	$	14,659	$	6,530	$	2,119	$	3,954	$	2,082		$	(26	)
Average
Total loans and leases	$	947,291	$	294,339	$	165,369	$	371,326	$	70,335		$	45,922
Total assets (1)	2,380,127		774,417		293,464		435,803		674,791			201,652
Total deposits	1,367,700		702,074		257,868		355,866		31,246			20,646
Period end
Total loans and leases	$	963,800	$	300,411	$	168,993	$	376,948	$	74,136		$	43,312
Total assets (1)	2,395,892		787,036		287,903		440,352		674,987			205,614
Total deposits	1,375,093		714,289		251,835		358,902		29,961			20,106

⁽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. 13

Bank of America Corporation and Subsidiaries
Consumer Banking Segment Results
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2020			First Quarter 2020			Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019
	2020			2019
Net interest income	$	12,853		$	14,222		$	5,991		$	6,862		$	6,905		$	7,031		$	7,116
Noninterest income:
Card income	2,163			2,465			1,053			1,110			1,330			1,289			1,268
Service charges	1,701			2,065			706			995			1,056			1,098			1,045
All other income	263			597			101			162			223			306			288
Total noninterest income	4,127			5,127			1,860			2,267			2,609			2,693			2,601
Total revenue, net of interest expense	16,980			19,349			7,851			9,129			9,514			9,724			9,717
Provision for credit losses	5,282			1,921			3,024			2,258			934			917			947
Noninterest expense	9,228			8,779			4,733			4,495			4,468			4,399			4,412
Income before income taxes	2,470			8,649			94			2,376			4,112			4,408			4,358
Income tax expense	605			2,119			23			582			1,007			1,080			1,068
Net income	$	1,865		$	6,530		$	71		$	1,794		$	3,105		$	3,328		$	3,290
Net interest yield	3.19		%	3.91		%	2.85		%	3.57		%	3.65		%	3.77		%	3.87		%
Return on average allocated capital (1)	10			36			1			19			33			36			36
Efficiency ratio	54.35			45.37			60.30			49.23			46.96			45.23			45.41
Balance Sheet
Average
Total loans and leases	$	319,252		$	294,339		$	321,558		$	316,946		$	311,008		$	303,832		$	296,388
Total earning assets (2)	809,436			732,580			845,236			773,635			750,064			739,802			737,714
Total assets (2)	848,422			774,417			885,568			811,277			792,190			781,739			779,450
Total deposits	773,685			702,074			810,700			736,669			719,668			709,339			707,091
Allocated capital (1)	38,500			37,000			38,500			38,500			37,000			37,000			37,000
Period end
Total loans and leases	$	325,105		$	300,411		$	325,105		$	317,535		$	317,409		$	307,925		$	300,411
Total earning assets (2)	890,244			744,253			890,244			800,143			760,174			747,279			744,253
Total assets (2)	929,193			787,036			929,193			837,522			804,093			788,814			787,036
Total deposits	854,017			714,289			854,017			762,387			730,745			715,778			714,289

⁽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. 14

Bank of America Corporation and Subsidiaries
Consumer Banking Key Indicators
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2020			First Quarter 2020			Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019
	2020			2019
Average deposit balances
Checking	$	420,562		$	369,435		$	446,445		$	394,678		$	384,256		$	376,821		$	373,912
Savings	52,482			51,492			55,607			49,358			49,048			50,013			51,688
MMS	255,361			241,751			263,703			247,018			242,147			239,941			241,050
CDs and IRAs	42,499			36,577			42,256			42,743			41,378			39,727			37,577
Other	2,781			2,819			2,689			2,872			2,839			2,837			2,864
Total average deposit balances	$	773,685		$	702,074		$	810,700		$	736,669		$	719,668		$	709,339		$	707,091
Deposit spreads (excludes noninterest costs)
Checking	2.18		%	2.32		%	2.14		%	2.22		%	2.26		%	2.31		%	2.34		%
Savings	2.42			2.54			2.39			2.45			2.47			2.53			2.55
MMS	1.92			2.47			1.68			2.19			2.25			2.46			2.50
CDs and IRAs	1.11			2.31			0.93			1.28			1.57			1.88			2.21
Other	1.52			2.69			1.18			1.88			2.11			2.42			2.68
Total deposit spreads	2.05			2.39			1.94			2.17			2.23			2.35			2.40
Consumer investment assets	$	246,146		$	219,732		$	246,146		$	212,227		$	240,132		$	223,199		$	219,732
Active digital banking users (units in thousands) (1)	39,294			37,292			39,294			39,075			38,266			37,981			37,292
Active mobile banking users (units in thousands)	30,307			27,818			30,307			29,820			29,174			28,703			27,818
Financial centers	4,298			4,349			4,298			4,297			4,300			4,302			4,349
ATMs	16,862			16,561			16,862			16,855			16,788			16,626			16,561
Total credit card(2)
Loans
Average credit card outstandings	$	90,331		$	94,313		$	86,191		$	94,471		$	94,951		$	94,370		$	93,627
Ending credit card outstandings	84,244			93,989			84,244			91,890			97,608			94,946			93,989
Credit quality
Net charge-offs	$	1,435		$	1,507		$	665		$	770		$	724		$	717		$	762
	3.19		%	3.22		%	3.10		%	3.28		%	3.03		%	3.01		%	3.26		%
30+ delinquency	$	1,420		$	1,838		$	1,420		$	1,900		$	2,035		$	1,937		$	1,838
	1.69		%	1.96		%	1.69		%	2.07		%	2.09		%	2.04		%	1.96		%
90+ delinquency	$	782		$	941		$	782		$	991		$	1,042		$	960		$	941
	0.93		%	1.00		%	0.93		%	1.08		%	1.07		%	1.01		%	1.00		%
Other total credit card indicators (2)
Gross interest yield	10.23		%	10.78		%	9.95		%	10.49		%	10.63		%	10.85		%	10.76		%
Risk-adjusted margin	8.20			7.98			8.49			7.94			8.68			8.45			7.93
New accounts (in thousands)	1,504			2,102			449			1,055			1,046			1,172			1,068
Purchase volumes	$	118,073		$	133,039		$	53,694		$	64,379		$	73,717		$	71,096		$	70,288
Debit card data
Purchase volumes	$	178,219		$	176,262		$	89,631		$	88,588		$	93,468		$	90,942		$	91,232
Loan production(3)
Consumer Banking:
First mortgage	$	27,930		$	20,912		$	15,049		$	12,881		$	14,645		$	13,622		$	12,757
Home equity	5,817			4,890			3,176			2,641			2,646			2,219			2,405
Total (4):
First mortgage	$	42,062		$	29,689		$	23,124		$	18,938		$	22,114		$	20,664		$	18,229
Home equity	6,707			5,593			3,683			3,024			2,999			2,539			2,768

⁽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. 15

Bank of America Corporation and Subsidiaries
Consumer Banking Quarterly Results
(Dollars in millions)
	Second Quarter 2020									First Quarter 2020
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	5,991		$	3,299		$	2,692		$	6,862		$	3,948		$	2,914
Noninterest income:
Card income	1,053			(4		)	1,057			1,110			(8		)	1,118
Service charges	706			705			1			995			995			—
All other income	101			62			39			162			97			65
Total noninterest income	1,860			763			1,097			2,267			1,084			1,183
Total revenue, net of interest expense	7,851			4,062			3,789			9,129			5,032			4,097
Provision for credit losses	3,024			154			2,870			2,258			115			2,143
Noninterest expense	4,733			2,868			1,865			4,495			2,725			1,770
Income (loss) before income taxes	94			1,040			(946		)	2,376			2,192			184
Income tax expense (benefit)	23			255			(232		)	582			537			45
Net income (loss)	$	71		$	785		$	(714	)	$	1,794		$	1,655		$	139
Net interest yield	2.85		%	1.66		%	3.42		%	3.57		%	2.17		%	3.76		%
Return on average allocated capital (1)	1			26			(11		)	19			55			2
Efficiency ratio	60.30			70.62			49.23			49.23			54.14			43.20
Balance Sheet
Average
Total loans and leases	$	321,558		$	5,314		$	316,244		$	316,946		$	5,435		$	311,511
Total earning assets (2)	845,236			801,391			316,622			773,635			731,928			312,127
Total assets (2)	885,568			837,367			320,978			811,277			764,117			317,580
Total deposits	810,700			804,418			6,282			736,669			731,277			5,392
Allocated capital (1)	38,500			12,000			26,500			38,500			12,000			26,500
Period end
Total loans and leases	$	325,105		$	5,146		$	319,959		$	317,535		$	5,466		$	312,069
Total earning assets (2)	890,244			843,131			320,461			800,143			756,869			312,739
Total assets (2)	929,193			879,641			322,900			837,522			789,846			317,141
Total deposits	854,017			846,622			7,395			762,387			756,873			5,514
										Second Quarter 2019
										Total Consumer Banking			Deposits			Consumer Lending
Net interest income										$	7,116		$	4,363		$	2,753
Noninterest income:
Card income										1,268			(6		)	1,274
Service charges										1,045			1,045			—
All other income										288			209			79
Total noninterest income										2,601			1,248			1,353
Total revenue, net of interest expense										9,717			5,611			4,106
Provision for credit losses										947			44			903
Noninterest expense										4,412			2,674			1,738
Income before income taxes										4,358			2,893			1,465
Income tax expense										1,068			709			359
Net income										$	3,290		$	2,184		$	1,106
Net interest yield										3.87		%	2.49		%	3.79		%
Return on average allocated capital (1)										36			73			18
Efficiency ratio										45.41			47.68			42.31
Balance Sheet
Average
Total loans and leases										$	296,388		$	5,333		$	291,055
Total earning assets (2)										737,714			702,698			291,492
Total assets (2)										779,450			734,183			301,743
Total deposits										707,091			701,853			5,238
Allocated capital (1)										37,000			12,000			25,000
Period end
Total loans and leases										$	300,411		$	5,339		$	295,072
Total earning assets (2)										744,253			708,417			295,561
Total assets (2)										787,036			740,558			306,203
Total deposits										714,289			708,228			6,061

⁽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. 16

Bank of America Corporation and Subsidiaries
Consumer Banking Year-to-Date Results
(Dollars in millions)
	Six Months Ended June 30
	2020									2019
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	12,853		$	7,247		$	5,606		$	14,222		$	8,670		$	5,552
Noninterest income:
Card income	2,163			(12		)	2,175			2,465			(13		)	2,478
Service charges	1,701			1,700			1			2,065			2,064			1
All other income	263			159			104			597			442			155
Total noninterest income	4,127			1,847			2,280			5,127			2,493			2,634
Total revenue, net of interest expense	16,980			9,094			7,886			19,349			11,163			8,186
Provision for credit losses	5,282			269			5,013			1,921			90			1,831
Noninterest expense	9,228			5,593			3,635			8,779			5,329			3,450
Income (loss) before income taxes	2,470			3,232			(762		)	8,649			5,744			2,905
Income tax expense (benefit)	605			792			(187		)	2,119			1,407			712
Net income (loss)	$	1,865		$	2,440		$	(575	)	$	6,530		$	4,337		$	2,193
Net interest yield	3.19		%	1.90		%	3.59		%	3.91		%	2.51		%	3.87		%
Return on average allocated capital (1)	10			41			(4		)	36			73			18
Efficiency ratio	54.35			61.50			46.10			45.37			47.74			42.15
Balance Sheet
Average
Total loans and leases	$	319,252		$	5,374		$	313,878		$	294,339		$	5,322		$	289,017
Total earning assets (2)	809,436			766,660			314,375			732,580			697,921			289,387
Total assets (2)	848,422			800,742			319,279			774,417			729,397			299,748
Total deposits	773,685			767,848			5,837			702,074			697,071			5,003
Allocated capital (1)	38,500			12,000			26,500			37,000			12,000			25,000
Period end
Total loans and leases	$	325,105		$	5,146		$	319,959		$	300,411		$	5,339		$	295,072
Total earning assets (2)	890,244			843,131			320,461			744,253			708,417			295,561
Total assets (2)	929,193			879,641			322,900			787,036			740,558			306,203
Total deposits	854,017			846,622			7,395			714,289			708,228			6,061

For footnotes, see page 16.

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 Segment Results
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2020			First Quarter 2020			Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019
	2020			2019
Net interest income	$	2,949		$	3,308		$	1,378		$	1,571		$	1,587		$	1,609		$	1,624
Noninterest income:
Investment and brokerage services	5,976			5,805			2,854			3,122			3,065			3,001			2,962
All other income	436			607			193			243			261			294			314
Total noninterest income	6,412			6,412			3,047			3,365			3,326			3,295			3,276
Total revenue, net of interest expense	9,361			9,720			4,425			4,936			4,913			4,904			4,900
Provision for credit losses	325			26			136			189			19			37			21
Noninterest expense	7,063			6,887			3,463			3,600			3,523			3,414			3,454
Income before income taxes	1,973			2,807			826			1,147			1,371			1,453			1,425
Income tax expense	483			688			202			281			336			356			349
Net income	$	1,490		$	2,119		$	624		$	866		$	1,035		$	1,097		$	1,076
Net interest yield	1.96		%	2.37		%	1.76		%	2.17		%	2.25		%	2.30		%	2.35		%
Return on average allocated capital (1)	20			30			17			23			28			30			30
Efficiency ratio	75.45			70.86			78.25			72.94			71.71			69.61			70.47
Balance Sheet
Average
Total loans and leases	$	180,395		$	165,369		$	182,150		$	178,639		$	174,374		$	170,414		$	166,324
Total earning assets (2)	303,089			281,025			315,258			290,919			279,374			277,343			277,038
Total assets (2)	315,383			293,464			327,594			303,173			291,723			289,460			289,835
Total deposits	275,260			257,868			287,109			263,411			255,912			254,460			253,940
Allocated capital (1)	15,000			14,500			15,000			15,000			14,500			14,500			14,500
Period end
Total loans and leases	$	184,293		$	168,993		$	184,293		$	181,492		$	176,600		$	172,677		$	168,993
Total earning assets (2)	321,846			275,365			321,846			311,124			287,201			275,872			275,365
Total assets (2)	334,190			287,903			334,190			323,866			299,770			288,332			287,903
Total deposits	291,740			251,835			291,740			282,395			263,113			252,478			251,835

⁽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. 18

Bank of America Corporation and Subsidiaries
Global Wealth & Investment Management Key Indicators
(Dollars in millions, except as noted)
	Six Months Ended June 30						Second Quarter 2020			First Quarter 2020			Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019
	2020			2019
Revenue by Business
Merrill Lynch Global Wealth Management	$	7,698		$	8,012		$	3,625		$	4,073		$	4,046		$	4,053		$	4,047
Bank of America Private Bank	1,663			1,708			800			863			867			851			853
Total revenue, net of interest expense	$	9,361		$	9,720		$	4,425		$	4,936		$	4,913		$	4,904		$	4,900
Client Balances by Business, at period end
Merrill Lynch Global Wealth Management	$	2,449,305		$	2,440,710		$	2,449,305		$	2,215,531		$	2,558,102		$	2,443,614		$	2,440,710
Bank of America Private Bank	478,521			458,081			478,521			443,080			489,690			462,347			458,081
Total client balances	$	2,927,826		$	2,898,791		$	2,927,826		$	2,658,611		$	3,047,792		$	2,905,961		$	2,898,791
Client Balances by Type, at period end
Assets under management (1)	$	1,219,748		$	1,203,783		$	1,219,748		$	1,092,482		$	1,275,555		$	1,212,120		$	1,203,783
Brokerage and other assets	1,282,044			1,314,457			1,282,044			1,155,461			1,372,733			1,305,926			1,314,457
Deposits	291,740			251,818			291,740			282,395			263,103			252,466			251,818
Loans and leases (2)	187,004			172,265			187,004			184,011			179,296			175,579			172,265
Less: Managed deposits in assets under management	(52,710		)	(43,532		)	(52,710		)	(55,738		)	(42,895		)	(40,130		)	(43,532		)
Total client balances	$	2,927,826		$	2,898,791		$	2,927,826		$	2,658,611		$	3,047,792		$	2,905,961		$	2,898,791
Assets Under Management Rollforward
Assets under management, beginning balance	$	1,275,555		$	1,072,234		$	1,092,482		$	1,275,555		$	1,212,120		$	1,203,783		$	1,169,713
Net client flows	10,608			11,192			3,573			7,035			8,144			5,529			5,274
Market valuation/other	(66,415		)	120,357			123,693			(190,108		)	55,291			2,808			28,796
Total assets under management, ending balance	$	1,219,748		$	1,203,783		$	1,219,748		$	1,092,482		$	1,275,555		$	1,212,120		$	1,203,783
Associates, at period end
Number of financial advisors	17,888			17,508			17,888			17,646			17,458			17,657			17,508
Total wealth advisors, including financial advisors	19,851			19,512			19,851			19,628			19,440			19,672			19,512
Total primary sales professionals, including financial advisors and wealth advisors	21,198			20,611			21,198			20,851			20,586			20,775			20,611
Merrill Lynch Global Wealth Management Metric
Financial advisor productivity (in thousands)	$	1,103		$	1,061		$	1,069		$	1,138		$	1,108		$	1,096		$	1,082
Bank of America Private Bank Metric, at period end
Primary sales professionals	1,781			1,808			1,781			1,778			1,766			1,811			1,808

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

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

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 Segment Results
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2020			First Quarter 2020			Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019
	2020			2019
Net interest income	$	4,975		$	5,499		$	2,363		$	2,612		$	2,559		$	2,617		$	2,709
Noninterest income:
Service charges	1,533			1,462			737			796			790			763			749
Investment banking fees	1,942			1,426			1,181			761			809			902			717
All other income	1,241			1,743			810			431			983			930			800
Total noninterest income	4,716			4,631			2,728			1,988			2,582			2,595			2,266
Total revenue, net of interest expense	9,691			10,130			5,091			4,600			5,141			5,212			4,975
Provision for credit losses	3,966			236			1,873			2,093			58			120			125
Noninterest expense	4,544			4,478			2,223			2,321			2,320			2,219			2,211
Income before income taxes	1,181			5,416			995			186			2,763			2,873			2,639
Income tax expense	319			1,462			269			50			746			776			713
Net income	$	862		$	3,954		$	726		$	136		$	2,017		$	2,097		$	1,926
Net interest yield	2.15		%	2.91		%	1.82		%	2.57		%	2.51		%	2.69		%	2.80		%
Return on average allocated capital (1)	4			19			7			1			20			20			19
Efficiency ratio	46.89			44.20			43.68			50.44			45.11			42.58			44.45
Balance Sheet
Average
Total loans and leases	$	405,054		$	371,326		$	423,625		$	386,483		$	377,359		$	377,109		$	372,531
Total earning assets (2)	465,491			381,111			521,930			409,052			404,299			385,999			387,819
Total assets (2)	522,016			435,803			578,106			465,926			459,444			441,186			442,591
Total deposits	438,145			355,866			493,918			382,373			378,510			360,457			362,619
Allocated capital (1)	42,500			41,000			42,500			42,500			41,000			41,000			41,000
Period end
Total loans and leases	$	390,108		$	376,948		$	390,108		$	437,122		$	379,268		$	377,658		$	376,948
Total earning assets (2)	531,649			384,884			531,649			505,451			407,180			397,589			384,884
Total assets (2)	586,078			440,352			586,078			562,529			464,032			452,642			440,352
Total deposits	500,918			358,902			500,918			477,108			383,180			371,887			358,902

⁽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. 20

Bank of America Corporation and Subsidiaries
Global Banking Key Indicators
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2020			First Quarter 2020			Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019
	2020			2019
Investment Banking fees (1)
Advisory (2)	$	592		$	557		$	345		$	247		$	352		$	427		$	254
Debt issuance	927			651			503			424			341			356			324
Equity issuance	423			218			333			90			116			119			139
Total Investment Banking fees (3)	$	1,942		$	1,426		$	1,181		$	761		$	809		$	902		$	717
Business Lending
Corporate	$	1,867		$	1,968		$	916		$	951		$	1,002		$	1,024		$	923
Commercial	1,862			2,080			881			981			1,032			1,020			1,046
Business Banking	148			184			66			82			88			91			90
Total Business Lending revenue	$	3,877		$	4,232		$	1,863		$	2,014		$	2,122		$	2,135		$	2,059
Global Transaction Services
Corporate	$	1,656		$	2,012		$	785		$	871		$	1,015		$	967		$	1,005
Commercial	1,687			1,780			809			878			857			862			889
Business Banking	473			533			217			256			264			267			267
Total Global Transaction Services revenue	$	3,816		$	4,325		$	1,811		$	2,005		$	2,136		$	2,096		$	2,161
Average deposit balances
Interest-bearing	$	224,630		$	185,307		$	242,408		$	206,851		$	209,343		$	197,801		$	195,575
Noninterest-bearing	213,515			170,559			251,510			175,522			169,167			162,656			167,044
Total average deposits	$	438,145		$	355,866		$	493,918		$	382,373		$	378,510		$	360,457		$	362,619
Loan spread	1.38		%	1.43		%	1.37		%	1.40		%	1.37		%	1.41		%	1.41		%
Provision for credit losses	$	3,966		$	236		$	1,873		$	2,093		$	58		$	120		$	125
Credit quality (4, 5)
Reservable criticized utilized exposure	$	22,900		$	10,260		$	22,900		$	15,187		$	9,996		$	10,346		$	10,260
	5.62		%	2.59		%	5.62		%	3.34		%	2.51		%	2.61		%	2.59		%
Nonperforming loans, leases and foreclosed properties	$	2,035		$	1,088		$	2,035		$	1,700		$	1,333		$	1,208		$	1,088
	0.53		%	0.29		%	0.53		%	0.39		%	0.36		%	0.32		%	0.29		%
Average loans and leases by product
U.S. commercial	$	236,808		$	215,294		$	252,649		$	220,967		$	217,326		$	219,324		$	215,941
Non-U.S. commercial	94,634			83,468			96,742			92,526			87,872			86,016			84,263
Commercial real estate	53,974			50,763			54,938			53,009			51,761			51,069			51,006
Commercial lease financing	19,637			21,800			19,293			19,980			20,399			20,700			21,320
Other	1			1			3			1			1			—			1
Total average loans and leases	$	405,054		$	371,326		$	423,625		$	386,483		$	377,359		$	377,109		$	372,531
Total Corporation Investment Banking fees
Advisory (2)	$	675		$	631		$	406		$	269		$	377		$	452		$	288
Debt issuance	1,985			1,494			1,058			927			797			816			746
Equity issuance	1,023			629			740			283			322			308			395
Total investment banking fees including self-led deals	3,683			2,754			2,204			1,479			1,496			1,576			1,429
Self-led deals	(136		)	(119		)	(45		)	(91		)	(22		)	(43		)	(58		)
Total Investment Banking fees	$	3,547		$	2,635		$	2,159		$	1,388		$	1,474		$	1,533		$	1,371

⁽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. 21

Bank of America Corporation and Subsidiaries
Global Markets Segment Results
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2020			First Quarter 2020			Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019
	2020			2019
Net interest income	$	2,450		$	1,764		$	1,297		$	1,153		$	1,135		$	1,016		$	811
Noninterest income:
Investment and brokerage services	1,048			877			481			567			442			419			433
Investment banking fees	1,542			1,121			940			602			581			585			585
Market making and similar activities	5,334			4,043			2,361			2,973			1,441			1,580			1,961
All other income	201			521			270			(69		)	(174		)	263			354
Total noninterest income	8,125			6,562			4,052			4,073			2,290			2,847			3,333
Total revenue, net of interest expense (1)	10,575			8,326			5,349			5,226			3,425			3,863			4,144
Provision for credit losses	212			(18		)	105			107			9			—			5
Noninterest expense	5,494			5,432			2,682			2,812			2,613			2,677			2,675
Income before income taxes	4,869			2,912			2,562			2,307			803			1,186			1,464
Income tax expense	1,266			830			666			600			229			338			417
Net income	$	3,603		$	2,082		$	1,896		$	1,707		$	574		$	848		$	1,047
Return on average allocated capital (2)	20		%	12		%	21		%	19		%	7		%	10		%	12		%
Efficiency ratio	51.96			65.23			50.15			53.81			76.29			69.31			64.55
Balance Sheet
Average
Total trading-related assets	$	485,054		$	485,315		$	466,990		$	503,119		$	489,260		$	498,796		$	496,206
Total loans and leases	72,896			70,335			74,131			71,660			73,044			71,589			70,587
Total earning assets	490,132			473,242			478,648			501,616			481,401			476,919			474,061
Total assets	688,062			674,791			663,072			713,051			680,071			687,398			685,413
Total deposits	39,203			31,246			45,083			33,323			32,866			30,155			31,128
Allocated capital (2)	36,000			35,000			36,000			36,000			35,000			35,000			35,000
Period end
Total trading-related assets	$	468,309		$	487,097		$	468,309		$	439,684		$	452,499		$	497,212		$	487,097
Total loans and leases	74,342			74,136			74,342			78,591			72,993			74,979			74,136
Total earning assets	462,184			475,836			462,184			465,632			471,701			478,303			475,836
Total assets	652,068			674,987			652,068			654,939			641,809			689,029			674,987
Total deposits	52,842			29,961			52,842			38,536			34,676			30,885			29,961
Trading-related assets (average)
Trading account securities	$	236,704		$	238,399		$	216,157		$	257,254		$	247,097		$	261,182		$	251,402
Reverse repurchases	110,291			120,228			104,883			115,698			116,280			110,907			117,730
Securities borrowed	89,860			83,856			96,448			83,271			84,533			80,641			83,374
Derivative assets	48,199			42,832			49,502			46,896			41,350			46,066			43,700
Total trading-related assets	$	485,054		$	485,315		$	466,990		$	503,119		$	489,260		$	498,796		$	496,206

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

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

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
Global Markets Key Indicators
(Dollars in millions)
	Six Months Ended June 30				Second Quarter 2020		First Quarter 2020		Fourth Quarter 2019			Third Quarter 2019		Second Quarter 2019
	2020		2019
Sales and trading revenue (1)
Fixed-income, currencies and commodities	$	5,886	$	4,379	$	2,941	$	2,945	$	1,754		$	2,056	$	2,098
Equities	2,900		2,326		1,210		1,690		1,015			1,152		1,144
Total sales and trading revenue	$	8,786	$	6,705	$	4,151	$	4,635	$	2,769		$	3,208	$	3,242
Sales and trading revenue, excluding net debit valuation adjustment (2)
Fixed-income, currencies and commodities	$	5,857	$	4,488	$	3,186	$	2,671	$	1,835		$	2,074	$	2,128
Equities	2,890		2,338		1,226		1,664		1,020			1,149		1,145
Total sales and trading revenue, excluding net debit valuation adjustment	$	8,747	$	6,826	$	4,412	$	4,335	$	2,855		$	3,223	$	3,273
Sales and trading revenue breakdown
Net interest income	$	2,182	$	1,415	$	1,158	$	1,024	$	1,008		$	886	$	665
Commissions	1,027		856		470		557		432			410		423
Trading	5,333		4,041		2,360		2,973		1,441			1,580		1,960
Other	244		393		163		81		(112		)	332		194
Total sales and trading revenue	$	8,786	$	6,705	$	4,151	$	4,635	$	2,769		$	3,208	$	3,242

⁽¹⁾  Includes Global Banking sales and trading revenue of $294 million and $246 million for the six months ended June 30, 2020 and 2019, and $67 million and $227 million for the second and first quarters of 2020, and $139 million, $152 million and $130 million for the fourth, third and second quarters of 2019, 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. 23

Bank of America Corporation and Subsidiaries
All Other Results (1)
(Dollars in millions)
	Six Months Ended June 30						Second Quarter 2020			First Quarter 2020			Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019
	2020			2019
Net interest income	$	23		$	73		$	(53	)	$	76		$	99		$	62		$	78
Noninterest income (loss)	(1,265		)	(1,208		)	(209		)	(1,056		)	(598		)	(810		)	(581		)
Total revenue, net of interest expense	(1,242		)	(1,135		)	(262		)	(980		)	(499		)	(748		)	(503		)
Provision for credit losses	93			(295		)	(21		)	114			(79		)	(295		)	(241		)
Noninterest expense	556			916			309			247			315			2,460			516
Loss before income taxes	(1,891		)	(1,756		)	(550		)	(1,341		)	(735		)	(2,913		)	(778		)
Income tax expense (benefit)	(1,614		)	(1,730		)	(766		)	(848		)	(998		)	(1,320		)	(787		)
Net income (loss)	$	(277	)	$	(26	)	$	216		$	(493	)	$	263		$	(1,593	)	$	9
Balance Sheet
Average
Total loans and leases	$	33,238		$	45,922		$	29,923		$	36,555		$	38,201		$	41,789		$	44,695
Total assets (2)	225,674			201,652			249,846			201,501			226,577			212,440			201,762
Total deposits	22,473			20,646			21,387			23,560			23,483			20,641			20,672
Period end
Total loans and leases	$	25,096		$	43,312		$	25,096		$	36,045		$	37,156		$	39,671		$	43,312
Total assets (3)	240,159			205,614			240,159			241,098			224,375			207,513			205,614
Total deposits	19,149			20,106			19,149			22,899			23,089			21,808			20,106

⁽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 $656.5 billion and $543.0 billion for the six months ended June 30, 2020 and 2019, $740.7 billion and $572.2 billion for the second and first quarters of 2020, and $554.2 billion, $536.8 billion and $549.5 billion for the fourth, third and second quarters of 2019, respectively.

⁽³⁾  Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $829.1 billion, $665.8 billion, $565.4 billion, $546.5 billion and $543.9 billion at June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019 and June 30, 2019, 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. 24

Bank of America Corporation and Subsidiaries
Outstanding Loans and Leases
(Dollars in millions)
	June 30 2020		March 31 2020		June 30 2019
Consumer
Residential mortgage	$	239,500	$	243,545	$	219,929
Home equity	38,396		39,567		44,134
Credit card	84,244		91,890		93,989
Direct/Indirect consumer (1)	88,628		90,246		90,850
Other consumer (2)	120		150		174
Total consumer loans excluding loans accounted for under the fair value option	450,888		465,398		449,076
Consumer loans accounted for under the fair value option (3)	684		556		658
Total consumer	451,572		465,954		449,734
Commercial
U.S. commercial	313,938		358,504		305,695
Non-U.S. commercial	103,684		116,612		104,173
Commercial real estate (4)	64,095		66,654		61,659
Commercial lease financing	18,200		19,180		20,384
	499,917		560,950		491,911
U.S. small business commercial (5)	38,963		15,421		14,950
Total commercial loans excluding loans accounted for under the fair value option	538,880		576,371		506,861
Commercial loans accounted for under the fair value option (3)	8,492		8,460		7,205
Total commercial	547,372		584,831		514,066
Total loans and leases	$	998,944	$	1,050,785	$	963,800

⁽¹⁾  Includes primarily auto and specialty lending loans and leases of $48.4 billion, $50.0 billion and $50.3 billion, U.S. securities-based lending loans of $36.6 billion, $36.4 billion and $36.5 billion and non-U.S. consumer loans of $2.8 billion, $3.0 billion and $2.9 billion at June 30, 2020, March 31, 2020 and June 30, 2019, 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 $330 million, $231 million and $300 million and home equity loans of $354 million, $325 million and $358 million at June 30, 2020, March 31, 2020 and June 30, 2019, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $5.1 billion, $5.1 billion and $3.9 billion and non-U.S. commercial loans of $3.4 billion, $3.4 billion and $3.3 billion at June 30, 2020, March 31, 2020 and June 30, 2019, respectively.

⁽⁴⁾  Includes U.S. commercial real estate loans of $60.6 billion, $62.9 billion and $57.0 billion and non-U.S. commercial real estate loans of $3.5 billion, $3.8 billion and $4.6 billion at June 30, 2020, March 31, 2020 and June 30, 2019, 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. 25

Bank of America Corporation and Subsidiaries
Quarterly Average Loans and Leases by Business Segment and All Other
(Dollars in millions)
	Second Quarter 2020
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All  Other
Consumer
Residential mortgage	$	241,486	$	127,380	$	88,718	$	3	$	—	$	25,385
Home equity	39,308		31,220		3,160		—		304		4,624
Credit card	86,191		83,890		2,301		—		—		—
Direct/Indirect and other consumer	88,962		49,390		39,569		—		—		3
Total consumer	455,947		291,880		133,748		3		304		30,012
Commercial
U.S. commercial	374,965		29,662		43,244		252,649		49,184		226
Non-U.S. commercial	116,040		—		675		96,742		18,520		103
Commercial real estate	65,515		16		4,482		54,938		6,069		10
Commercial lease financing	18,920		—		1		19,293		54		(428		)
Total commercial	575,440		29,678		48,402		423,622		73,827		(89		)
Total loans and leases	$	1,031,387	$	321,558	$	182,150	$	423,625	$	74,131	$	29,923
	First Quarter 2020
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All  Other
Consumer
Residential mortgage	$	239,994	$	121,718	$	86,375	$	1	$	—	$	31,900
Home equity	40,040		31,712		3,129		—		308		4,891
Credit card	94,471		91,709		2,762		—		—		—
Direct/Indirect and other consumer	90,954		50,752		40,198		—		—		4
Total consumer	465,459		295,891		132,464		1		308		36,795
Commercial
U.S. commercial	330,420		21,040		41,085		220,967		47,176		152
Non-U.S. commercial	111,388		—		800		92,526		18,038		24
Commercial real estate	63,418		15		4,288		53,009		6,097		9
Commercial lease financing	19,598		—		2		19,980		41		(425		)
Total commercial	524,824		21,055		46,175		386,482		71,352		(240		)
Total loans and leases	$	990,283	$	316,946	$	178,639	$	386,483	$	71,660	$	36,555
	Second Quarter 2019
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All  Other
Consumer
Residential mortgage	$	215,822	$	99,946	$	78,334	$	—	$	—	$	37,542
Home equity	45,944		34,801		3,460		—		356		7,327
Credit card	93,627		90,881		2,745		—		—		1
Direct/Indirect and other consumer	90,453		50,600		39,847		1		—		5
Total consumer	445,846		276,228		124,386		1		356		44,875
Commercial
U.S. commercial	318,243		20,146		38,165		215,941		43,775		216
Non-U.S. commercial	103,844		—		97		84,263		19,382		102
Commercial real estate	61,778		14		3,673		51,006		7,074		11
Commercial lease financing	20,814		—		3		21,320		—		(509		)
Total commercial	504,679		20,160		41,938		372,530		70,231		(180		)
Total loans and leases	$	950,525	$	296,388	$	166,324	$	372,531	$	70,587	$	44,695

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. 26

Bank of America Corporation and Subsidiaries
Commercial Credit Exposure by Industry (1, 2, 3, 4, 6)
(Dollars in millions)
	Commercial Utilized						Total Commercial Committed
	June 30 2020		March 31 2020		June 30 2019		June 30 2020		March 31 2020		June 30 2019
Asset managers and funds	$	64,237	$	75,625	$	70,150	$	100,773	$	111,531	$	107,959
Real estate (5)	74,181		75,958		66,905		96,124		95,783		89,728
Capital goods	47,711		48,272		39,594		85,715		85,525		75,129
Finance companies	40,661		46,089		39,104		63,767		66,609		62,902
Healthcare equipment and services	39,716		40,695		35,420		63,759		58,691		57,097
Government and public education	43,787		45,171		42,430		55,972		56,296		54,391
Materials	28,771		30,712		27,850		52,417		53,332		52,257
Retailing	29,564		33,505		26,496		49,813		49,501		47,936
Consumer services	34,245		34,753		25,754		48,300		46,304		47,216
Food, beverage and tobacco	24,633		28,039		25,379		46,159		47,770		45,580
Commercial services and supplies	24,686		25,572		22,179		38,147		36,774		37,784
Energy	16,954		18,328		14,953		37,386		38,041		37,377
Transportation	26,309		28,160		24,803		35,473		36,476		34,517
Utilities	13,310		14,505		12,140		29,978		31,710		31,253
Individuals and trusts	20,460		20,052		18,880		28,364		28,657		25,752
Global commercial banks	25,096		31,316		28,446		27,507		33,510		31,398
Media	14,457		13,604		12,066		26,396		24,512		24,826
Technology hardware and equipment	10,280		12,837		9,405		22,485		23,799		21,707
Consumer durables and apparel	10,931		12,648		10,284		21,061		20,541		19,966
Software and services	11,721		11,337		10,401		20,963		19,817		19,658
Vehicle dealers	15,369		18,315		17,674		19,798		21,196		20,848
Automobiles and components	12,417		11,846		7,764		18,609		17,289		15,034
Pharmaceuticals and biotechnology	6,790		6,285		6,135		17,565		19,554		16,521
Insurance	6,791		7,890		6,148		14,227		15,271		13,231
Telecommunication services	7,939		10,082		8,913		13,581		15,919		15,318
Food and staples retailing	6,383		6,797		5,850		10,628		10,667		9,768
Financial markets infrastructure (clearinghouses)	4,852		7,117		9,670		7,330		9,534		11,390
Religious and social organizations	5,404		4,372		3,976		7,240		6,135		5,914
Total commercial credit exposure by industry	$	667,655	$	719,882	$	628,769	$	1,059,537	$	1,080,744	$	1,032,457

⁽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 $42.2 billion, $53.3 billion and $33.9 billion at June 30, 2020, March 31, 2020 and June 30, 2019, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $32.2 billion, $35.7 billion and $33.1 billion, which consists primarily of other marketable securities, at June 30, 2020, March 31, 2020 and June 30, 2019, respectively.

⁽²⁾  Total utilized and total committed exposure includes loans of $8.5 billion, $8.5 billion and $7.2 billion and issued letters of credit with a notional amount of $152 million, $156 million and $107 million accounted for under the fair value option at June 30, 2020, March 31, 2020 and June 30, 2019, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $2.6 billion, $3.6 billion and $4.5 billion at June 30, 2020, March 31, 2020 and June 30, 2019, respectively.

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

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

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

⁽⁶⁾  June 30, 2020 includes $25.1 billion of funded Paycheck Protection Program loan exposure across impacted industries.

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
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 June 30 2020		Hedges and Credit Default Protection (3)			Net Country Exposure at June 30 2020 (4)		Increase (Decrease) from March 31 2020
United Kingdom	$	36,255	$	15,413	$	7,702	$	3,135	$	62,505	$	(1,507	)	$	60,998	$	(806	)
Germany	37,059		7,595		3,766		3,639		52,059		(2,445		)	49,614		4,680
Japan	19,106		964		1,902		3,729		25,701		(1,041		)	24,660		(181		)
France	10,206		7,606		996		3,491		22,299		(1,420		)	20,879		(854		)
Canada	8,924		8,260		1,557		2,093		20,834		(541		)	20,293		(1,395		)
China	11,371		291		1,030		625		13,317		(538		)	12,779		(2,067		)
Australia	6,751		3,758		504		2,110		13,123		(387		)	12,736		324
Netherlands	6,339		3,031		628		2,065		12,063		(518		)	11,545		1,666
Brazil	7,307		125		196		4,025		11,653		(356		)	11,297		(11		)
India	6,561		150		392		2,984		10,087		(205		)	9,882		(2,219		)
Switzerland	5,939		2,826		207		508		9,480		(313		)	9,167		379
South Korea	5,464		858		379		2,045		8,746		(169		)	8,577		259
Singapore	3,907		237		393		2,930		7,467		(63		)	7,404		(514		)
Hong Kong	4,870		459		344		1,133		6,806		(43		)	6,763		(1,803		)
Mexico	4,500		1,077		260		1,247		7,084		(441		)	6,643		448
Belgium	4,178		1,229		451		810		6,668		(267		)	6,401		(1,286		)
Italy	2,702		1,226		534		2,573		7,035		(1,019		)	6,016		1,422
Spain	3,253		1,078		231		1,007		5,569		(308		)	5,261		406
Ireland	3,425		780		114		311		4,630		(10		)	4,620		178
United Arab Emirates	3,119		159		183		77		3,538		(41		)	3,497		(238		)
Total top 20 non-U.S. countries exposure	$	191,236	$	57,122	$	21,769	$	40,537	$	310,664	$	(11,632	)	$	299,032	$	(1,612	)

⁽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. 28

Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties
(Dollars in millions)
	June 30 2020			March 31 2020			December 31 2019			September 30 2019			June 30 2019
Residential mortgage	$	1,552		$	1,580		$	1,470		$	1,551		$	1,744
Home equity	594			578			536			585			1,203
Direct/Indirect consumer	45			46			47			53			80
Total consumer	2,191			2,204			2,053			2,189			3,027
U.S. commercial	1,247			1,240			1,094			966			820
Non-U.S. commercial	387			90			43			51			122
Commercial real estate	474			408			280			185			112
Commercial lease financing	17			44			32			35			55
	2,125			1,782			1,449			1,237			1,109
U.S. small business commercial	77			70			50			50			51
Total commercial	2,202			1,852			1,499			1,287			1,160
Total nonperforming loans and leases	4,393			4,056			3,552			3,476			4,187
Foreclosed properties (1)	218			275			285			247			265
Total nonperforming loans, leases and foreclosed properties (2, 3, 4)	$	4,611		$	4,331		$	3,837		$	3,723		$	4,452
Fully-insured home loans past due 30 days or more and still accruing	$	1,153		$	1,598		$	1,811		$	1,919		$	2,155
Consumer credit card past due 30 days or more and still accruing	1,420			1,900			2,035			1,937			1,838
Other loans past due 30 days or more and still accruing	2,980			3,904			3,746			3,286			2,864
Total loans past due 30 days or more and still accruing (3, 5, 6)	$	5,553		$	7,402		$	7,592		$	7,142		$	6,857
Fully-insured home loans past due 90 days or more and still accruing	$	854		$	951		$	1,088		$	1,203		$	1,364
Consumer credit card past due 90 days or more and still accruing	782			991			1,042			960			941
Other loans past due 90 days or more and still accruing	579			384			283			496			268
Total loans past due 90 days or more and still accruing (3, 5, 6)	$	2,215		$	2,326		$	2,413		$	2,659		$	2,573
Nonperforming loans, leases and foreclosed properties/Total assets (7)	0.17		%	0.17		%	0.16		%	0.15		%	0.19		%
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties (7)	0.47			0.42			0.39			0.39			0.47
Nonperforming loans and leases/Total loans and leases (7)	0.44			0.39			0.36			0.36			0.44
Commercial reservable criticized utilized exposure (8)	$	25,950		$	17,400		$	11,452		$	11,835		$	11,834
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure (8)	4.51		%	2.84		%	2.09		%	2.17		%	2.19		%
Total commercial criticized utilized exposure/Commercial utilized exposure (8)	4.34			2.65			2.00			2.02			2.04

⁽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 $124 million, $224 million, $260 million, $275 million and $294 million at June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019 and June 30, 2019, 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⁾  For periods prior to 2020, 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 nonperforming loans held-for-sale of $151 million, $223 million, $239 million, $237 million and $278 million and nonperforming loans accounted for under the fair value option of $79 million, $6 million, $6 million, $7 million and $10 million at June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019 and June 30, 2019, respectively.

⁽⁵⁾  Balances do not include loans held-for-sale past due 30 days or more and still accruing of $209 million, $354 million, $21 million, $44 million and $3 million at June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019 and June 30, 2019, respectively, and loans held-for-sale past due 90 days or more and still accruing of $5 million, $0, $11 million, $3 million and $0 at June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019 and June 30, 2019, respectively. At June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019 and June 30, 2019, there were $18 million, $52 million, $6 million, $9 million and $9 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 $9.2 billion, $9.0 billion, $8.3 billion, $7.7 billion and $7.9 billion at June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019 and June 30, 2019, 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. 29

Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties Activity (1)
(Dollars in millions)
	Second Quarter 2020			First Quarter 2020			Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019
Nonperforming Consumer Loans and Leases:
Balance, beginning of period	$	2,204		$	2,053		$	2,189		$	3,027		$	3,578
Additions	354			477			291			335			390
Reductions:
Paydowns and payoffs	(84		)	(106		)	(121		)	(197		)	(195		)
Sales	(25		)	(6		)	(109		)	(748		)	(502		)
Returns to performing status (2)	(233		)	(165		)	(143		)	(185		)	(189		)
Charge-offs (3)	(22		)	(27		)	(31		)	(23		)	(29		)
Transfers to foreclosed properties	(3		)	(22		)	(23		)	(20		)	(26		)
Total net reductions to nonperforming loans and leases	(13		)	151			(136		)	(838		)	(551		)
Total nonperforming consumer loans and leases, end of period	2,191			2,204			2,053			2,189			3,027
Foreclosed properties	169			226			229			188			205
Nonperforming consumer loans, leases and foreclosed properties, end of period	$	2,360		$	2,430		$	2,282		$	2,377		$	3,232
Nonperforming Commercial Loans and Leases (4):
Balance, beginning of period	$	1,852		$	1,499		$	1,287		$	1,160		$	1,272
Additions	889			781			527			492			389
Reductions:
Paydowns	(177		)	(212		)	(169		)	(161		)	(210		)
Sales	(10		)	(16		)	(22		)	(33		)	(117		)
Return to performing status (5)	(8		)	(16		)	(15		)	(48		)	(23		)
Charge-offs	(344		)	(184		)	(107		)	(123		)	(151		)
Transfers to foreclosed properties	—			—			(2		)	—			—
Total net additions (reductions) to nonperforming loans and leases	350			353			212			127			(112		)
Total nonperforming commercial loans and leases, end of period	2,202			1,852			1,499			1,287			1,160
Foreclosed properties	49			49			56			59			60
Nonperforming commercial loans, leases and foreclosed properties, end of period	$	2,251		$	1,901		$	1,555		$	1,346		$	1,220

⁽¹⁾  For amounts excluded from nonperforming loans, leases and foreclosed properties, see footnotes to Nonperforming Loans, Leases and Foreclosed Properties table on page 29.

⁽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. 30

Bank of America Corporation and Subsidiaries
Quarterly Net Charge-offs and Net Charge-off Ratios (1)
(Dollars in millions)
	Second Quarter 2020					First Quarter 2020					Fourth Quarter 2019					Third Quarter 2019					Second Quarter 2019
	Amount			Percent		Amount			Percent		Amount			Percent		Amount			Percent		Amount			Percent
Net Charge-offs
Residential mortgage (2)	$	(20	)	(0.03	)%	$	(1	)	—	%	$	4		0.01	%	$	(38	)	(0.07	)%	$	3		0.01	%
Home equity (3)	(14		)	(0.14	)	(11		)	(0.11	)	(12		)	(0.12	)	(202		)	(1.85	)	(155		)	(1.36	)
Credit card	665			3.10		770			3.28		724			3.03		717			3.01		762			3.26
Direct/Indirect consumer	26			0.12		40			0.18		39			0.17		76			0.33		40			0.18
Other consumer	77			n/m		74			n/m		83			n/m		69			n/m		41			n/m
Total consumer	734			0.65		872			0.75		838			0.72		622			0.55		691			0.62
U.S. commercial	219			0.26		163			0.21		54			0.07		53			0.07		66			0.09
Non-U.S. commercial	32			0.12		1			—		(31		)	(0.12	)	67			0.26		48			0.19
Total commercial and industrial	251			0.22		164			0.16		23			0.02		120			0.12		114			0.11
Commercial real estate	57			0.35		6			0.04		21			0.13		(1		)	—		4			0.02
Commercial lease financing	31			0.66		5			0.10		7			0.13		1			0.02		13			0.26
	339			0.25		175			0.14		51			0.04		120			0.10		131			0.11
U.S. small business commercial	73			0.96		75			1.95		70			1.83		69			1.83		65			1.76
Total commercial	412			0.29		250			0.19		121			0.09		189			0.15		196			0.16
Total net charge-offs	$	1,146		0.45		$	1,122		0.46		$	959		0.39		$	811		0.34		$	887		0.38
By Business Segment and All Other
Consumer Banking	$	843		1.05	%	$	963		1.22	%	$	924		1.18	%	$	905		1.18	%	$	915		1.24	%
Global Wealth & Investment Management	9			0.02		9			0.02		17			0.04		39			0.09		12			0.03
Global Banking	330			0.32		160			0.17		40			0.04		116			0.12		129			0.14
Global Markets	—			—		7			0.04		9			0.05		—			—		—			—
All Other	(36		)	(0.49	)	(17		)	(0.19	)	(31		)	(0.32	)	(249		)	(2.43	)	(169		)	(1.54	)
Total net charge-offs	$	1,146		0.45		$	1,122		0.46		$	959		0.39		$	811		0.34		$	887		0.38

⁽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 $(16) million and $0 for the second and first quarters of 2020, and $2 million, $(25) million and $0 for the fourth, third and second quarters of 2019, respectively.

⁽³⁾  Includes loan sale net charge-offs (recoveries) of $0 and $0 for the second and first quarters of 2020, and $9 million, $(173) million and $(118) million for the fourth, third and second quarters of 2019, 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. 31

Bank of America Corporation and Subsidiaries
Year-to-Date Net Charge-offs and Net Charge-off Ratios (1)
(Dollars in millions)
	Six Months Ended June 30
	2020					2019
	Amount			Percent		Amount			Percent
Net Charge-offs
Residential mortgage (2)	$	(21	)	(0.02	)%	$	(13	)	(0.01	)%
Home equity (3)	(25		)	(0.13	)	(144		)	(0.62	)
Credit card	1,435			3.19		1,507			3.22
Direct/Indirect consumer	66			0.15		94			0.21
Other consumer	151			n/m		82			n/m
Total consumer	1,606			0.70		1,526			0.69
U.S. commercial	382			0.24		149			0.10
Non-U.S. commercial	33			0.06		48			0.10
Total commercial and industrial	415			0.19		197			0.10
Commercial real estate	63			0.20		9			0.03
Commercial lease financing	36			0.38		13			0.13
	514			0.20		219			0.09
U.S. small business commercial	148			1.29		133			1.83
Total commercial	662			0.25		352			0.14
Total net charge-offs	$	2,268		0.46		$	1,878		0.40
By Business Segment and All Other
Consumer Banking	$	1,806		1.14	%	$	1,840		1.26	%
Global Wealth & Investment Management	18			0.02		24			0.03
Global Banking	490			0.25		211			0.12
Global Markets	7			0.02		—			—
All Other	(53		)	(0.33	)	(197		)	(0.88	)
Total net charge-offs	$	2,268		0.46		$	1,878		0.40

⁽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 $(16) million and $(10) million for the six months ended June 30, 2020 and 2019.

⁽³⁾  Includes loan sale net recoveries of $0 and $94 million for the six months ended June 30, 2020 and 2019.

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

Bank of America Corporation and Subsidiaries
Allocation of the Allowance for Credit Losses by Product Type
(Dollars in millions)
	June 30, 2020			March 31, 2020			January 1, 2020			June 30, 2019
	Amount		Percent of Loans and Leases Outstanding (1, 2)	Amount		Percent of Loans and Leases Outstanding (1, 2)	Amount		Percent of Loans and Leases Outstanding (1, 2)	Amount		Percent of Loans and Leases Outstanding (1, 2)
Allowance for loan and lease losses
Residential mortgage	$	439	0.18%	$	430	0.18%	$	212	0.09%	$	358	0.16%
Home equity	394		1.03	378		0.96	228		0.57	361		0.82
Credit card	9,247		10.98	7,583		8.25	6,809		6.98	3,706		3.94
Direct/Indirect consumer	800		0.90	623		0.69	566		0.62	233		0.26
Other consumer	75		n/m	52		n/m	55		n/m	31		n/m
Total consumer	10,955		2.43	9,066		1.95	7,870		1.69	4,689		1.04
U.S. commercial (3)	4,788		1.36	4,135		1.11	2,723		0.84	2,989		0.93
Non-U.S.commercial	1,321		1.27	1,041		0.89	668		0.64	708		0.68
Commercial real estate	2,235		3.49	1,439		2.16	1,036		1.65	972		1.58
Commercial lease financing	90		0.50	85		0.45	61		0.31	169		0.83
Total commercial	8,434		1.57	6,700		1.16	4,488		0.88	4,838		0.95
Allowance for loan and lease losses	19,389		1.96	15,766		1.51	12,358		1.27	9,527		1.00
Reserve for unfunded lending commitments	1,702			1,360			1,123			806
Allowance for credit losses	$	21,091		$	17,126		$	13,481		$	10,333
Asset Quality Indicators
Allowance for loan and lease losses/Total loans and leases (2)			1.96%			1.51%			1.27%			1.00%
Allowance for loan and lease losses/Total nonperforming loans and leases (4)			441			389			331			228
Ratio of the allowance for loan and lease losses/Annualized net charge-offs			4.21			3.49			n/m			2.68

⁽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 $330 million, $231 million, $257 million and $300 million and home equity loans of $354 million, $325 million, $337 million and $358 million at June 30, 2020, March 31, 2020, January 1, 2020 and June 30, 2019, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $5.1 billion, $5.1 billion, $5.1 billion and $3.9 billion and non-U.S. commercial loans of $3.4 billion, $3.4 billion, $3.2 billion and $3.3 billion at June 30, 2020, March 31, 2020, January 1, 2020 and June 30, 2019, respectively.

⁽²⁾  Total loans and leases do not include loans accounted for under the fair value option of $9.2 billion, $9.0 billion, $8.9 billion and $7.9 billion at June 30, 2020, March 31, 2020, January 1, 2020 and June 30, 2019, respectively.

⁽³⁾  Includes allowance for loan and lease losses for U.S. small business commercial loans of $1.4 billion, $1.1 billion, $831 million and $498 million at June 30, 2020, March 31, 2020, January 1, 2020 and June 30, 2019, respectively.

⁽⁴⁾  Allowance for loan and lease losses includes $10.5 billion, $8.6 billion, $7.5 billion and $4.1 billion allocated to products (primarily the Consumer Lending portfolios within Consumer Banking) that are excluded from nonperforming loans and leases at June 30, 2020, March 31, 2020, January 1, 2020 and June 30, 2019, respectively. Excluding these amounts, allowance for loan and lease losses as a percentage of total nonperforming loans and leases was 202 percent, 178 percent, 129 percent and 129 percent at June 30, 2020, March 31, 2020, January 1, 2020 and June 30, 2019, 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. 33

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 six months ended June 30, 2020 and 2019 and the three months ended June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019 and June 30, 2019. The Corporation believes the use of these non-GAAP financial measures provides additional clarity in understanding its results of operations and trends. Other companies may define or calculate supplemental financial data differently.

	Six Months Ended June 30						Second Quarter 2020			First Quarter 2020			Fourth Quarter 2019			Third Quarter 2019			Second Quarter 2019
	2020			2019
Reconciliation of income before income taxes to pretax, pre-provision income
Income before income taxes	$	8,330		$	17,726		$	3,799		$	4,531		$	8,169		$	6,859		$	8,959
Provision for credit losses	9,878			1,870			5,117			4,761			941			779			857
Pretax, pre-provision income	$	18,208		$	19,596		$	8,916		$	9,292		$	9,110		$	7,638		$	9,816
Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity	$	265,425		$	267,101		$	266,316		$	264,534		$	266,900		$	270,430		$	267,975
Goodwill	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)
Intangible assets (excluding mortgage servicing rights)	(1,648		)	(1,750		)	(1,640		)	(1,655		)	(1,678		)	(1,707		)	(1,736		)
Related deferred tax liabilities	759			805			790			728			730			752			770
Tangible shareholders’ equity	$	195,585		$	197,205		$	196,515		$	194,656		$	197,001		$	200,524		$	198,058
Preferred stock	(23,442		)	(22,433		)	(23,427		)	(23,456		)	(23,461		)	(23,800		)	(22,537		)
Tangible common shareholders’ equity	$	172,143		$	174,772		$	173,088		$	171,200		$	173,540		$	176,724		$	175,521
Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity	$	265,637		$	271,408		$	265,637		$	264,918		$	264,810		$	268,387		$	271,408
Goodwill	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)
Intangible assets (excluding mortgage servicing rights)	(1,630		)	(1,718		)	(1,630		)	(1,646		)	(1,661		)	(1,690		)	(1,718		)
Related deferred tax liabilities	789			756			789			790			713			734			756
Tangible shareholders’ equity	$	195,845		$	201,495		$	195,845		$	195,111		$	194,911		$	198,480		$	201,495
Preferred stock	(23,427		)	(24,689		)	(23,427		)	(23,427		)	(23,401		)	(23,606		)	(24,689		)
Tangible common shareholders’ equity	$	172,418		$	176,806		$	172,418		$	171,684		$	171,510		$	174,874		$	176,806
Reconciliation of period-end assets to period-end tangible assets
Assets	$	2,741,688		$	2,395,892		$	2,741,688		$	2,619,954		$	2,434,079		$	2,426,330		$	2,395,892
Goodwill	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)
Intangible assets (excluding mortgage servicing rights)	(1,630		)	(1,718		)	(1,630		)	(1,646		)	(1,661		)	(1,690		)	(1,718		)
Related deferred tax liabilities	789			756			789			790			713			734			756
Tangible assets	$	2,671,896		$	2,325,979		$	2,671,896		$	2,550,147		$	2,364,180		$	2,356,423		$	2,325,979
Book value per share of common stock
Common shareholders’ equity	$	242,210		$	246,719		$	242,210		$	241,491		$	241,409		$	244,781		$	246,719
Ending common shares issued and outstanding	8,664.1			9,342.6			8,664.1			8,675.5			8,836.1			9,079.3			9,342.6
Book value per share of common stock	$	27.96		$	26.41		$	27.96		$	27.84		$	27.32		$	26.96		$	26.41
Tangible book value per share of common stock
Tangible common shareholders’ equity	$	172,418		$	176,806		$	172,418		$	171,684		$	171,510		$	174,874		$	176,806
Ending common shares issued and outstanding	8,664.1			9,342.6			8,664.1			8,675.5			8,836.1			9,079.3			9,342.6
Tangible book value per share of common stock	$	19.90		$	18.92		$	19.90		$	19.79		$	19.41		$	19.26		$	18.92

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. 34