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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2024
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from          to
Commission file number:
1-6523
Exact name of registrant as specified in its charter:
Bank of America Corporation
State or other jurisdiction of incorporation or organization:
Delaware
IRS Employer Identification No.:
56-0906609
Address of principal executive offices:
Bank of America Corporate Center
100 N. Tryon Street
Charlotte, North Carolina 28255
Registrant’s telephone number, including area code:
(704386-5681
Former name, former address and former fiscal year, if changed since last report:
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareBACNew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a shareBAC PrENew York Stock Exchange
 of Floating Rate Non-Cumulative Preferred Stock, Series E
Depositary Shares, each representing a 1/1,000th interest in a shareBAC PrBNew York Stock Exchange
 of 6.000% Non-Cumulative Preferred Stock, Series GG
Depositary Shares, each representing a 1/1,000th interest in a shareBAC PrKNew York Stock Exchange
 of 5.875% Non-Cumulative Preferred Stock, Series HH
7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series LBAC PrLNew York Stock Exchange
Depositary Shares, each representing a 1/1,200th interest in a shareBML PrGNew York Stock Exchange
of Bank of America Corporation Floating Rate
Non-Cumulative Preferred Stock, Series 1



Title of each classTrading Symbol(s)Name of each exchange on which registered
Depositary Shares, each representing a 1/1,200th interest in a shareBML PrHNew York Stock Exchange
 of Bank of America Corporation Floating Rate
Non-Cumulative Preferred Stock, Series 2
Depositary Shares, each representing a 1/1,200th interest in a shareBML PrJNew York Stock Exchange
 of Bank of America Corporation Floating Rate
Non-Cumulative Preferred Stock, Series 4
Depositary Shares, each representing a 1/1,200th interest in a shareBML PrLNew York Stock Exchange
 of Bank of America Corporation Floating Rate
Non-Cumulative Preferred Stock, Series 5
Floating Rate Preferred Hybrid Income Term Securities of BAC CapitalBAC/PFNew York Stock Exchange
 Trust XIII (and the guarantee related thereto)
5.63% Fixed to Floating Rate Preferred Hybrid Income Term SecuritiesBAC/PGNew York Stock Exchange
 of BAC Capital Trust XIV (and the guarantee related thereto)
Income Capital Obligation Notes initially due December 15, 2066 ofMER PrKNew York Stock Exchange
Bank of America Corporation
Senior Medium-Term Notes, Series A, Step Up Callable Notes, dueBAC/31BNew York Stock Exchange
 November 28, 2031 of BofA Finance LLC (and the guarantee
of the Registrant with respect thereto)
Depositary Shares, each representing a 1/1,000th interest in a share of
BAC PrMNew York Stock Exchange
 5.375% Non-Cumulative Preferred Stock, Series KK
Depositary Shares, each representing a 1/1,000th interest in a shareBAC PrNNew York Stock Exchange
of 5.000% Non-Cumulative Preferred Stock, Series LL
Depositary Shares, each representing a 1/1,000th interest in a share ofBAC PrONew York Stock Exchange
4.375% Non-Cumulative Preferred Stock, Series NN
Depositary Shares, each representing a 1/1,000th interest in a share ofBAC PrPNew York Stock Exchange
4.125% Non-Cumulative Preferred Stock, Series PP
Depositary Shares, each representing a 1/1,000th interest in a share ofBAC PrQNew York Stock Exchange
4.250% Non-Cumulative Preferred Stock, Series QQ
Depositary Shares, each representing a 1/1,000th interest in a shareBAC PrSNew York Stock Exchange
of 4.750% Non-Cumulative Preferred Stock, Series SS
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting company
                                         Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2).
Yes No
On July 29, 2024, there were 7,759,577,413 shares of Bank of America Corporation Common Stock outstanding.



Bank of America Corporation and Subsidiaries
June 30, 2024
Form 10-Q
INDEX
Part I. Financial Information
Item 1. Financial StatementsPage
Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
1 Bank of America



Part II. Other Information
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Bank of America Corporation (the “Corporation”) and its management may make certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements represent the Corporation’s current expectations, plans or forecasts of its future results, revenues, liquidity, net interest income, provision for credit losses, expenses, efficiency ratio, capital measures, strategy, deposits, assets, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond the Corporation’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements.
You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties more fully discussed under Item 1A. Risk Factors of the Corporation’s 2023 Annual Report on Form 10-K and in any of the Corporation’s subsequent Securities and Exchange Commission filings: the Corporation’s potential judgments, orders, settlements, penalties, fines and reputational damage, which are inherently difficult to predict, resulting from pending, threatened or future litigation and regulatory investigations, proceedings and enforcement actions, of which the Corporation is subject to in the ordinary course of business, including matters related to our processing of unemployment benefits for California and certain other states, the features of our automatic credit card payment service, the adequacy of the Corporation’s anti-money laundering and economic sanctions programs, the processing of electronic payments and related fraud and the rates paid on uninvested cash in investment advisory accounts that is swept into interest-paying bank deposits, which are in various stages; the possibility that the Corporation's future liabilities may be in excess of its recorded liability and estimated range of possible loss for litigation, and regulatory and government actions; the possibility that the Corporation could face increased claims from one or more parties involved in mortgage securitizations; the Corporation's ability to resolve representations and warranties repurchase and related claims; the risks related to the discontinuation of reference rates, including increased expenses and litigation and the effectiveness of hedging strategies; uncertainties about the financial stability and growth rates of non-U.S. jurisdictions, the risk that those jurisdictions may face difficulties servicing their sovereign debt, and related stresses on financial markets, currencies and trade, and the Corporation’s exposures to such risks, including direct, indirect and operational;
the impact of U.S. and global interest rates, inflation, currency exchange rates, economic conditions, trade policies and tensions, including tariffs, and potential geopolitical instability; the impact of the interest rate, inflationary, macroeconomic, banking and regulatory environment on the Corporation’s assets, business, financial condition and results of operations; the impact of adverse developments affecting the U.S. or global banking industry, including bank failures and liquidity concerns, resulting in worsening economic and market volatility, and regulatory responses thereto; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. or global economic conditions and other uncertainties, including the impact of supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; potential losses related to the Corporation’s concentration of credit risk; the Corporation’s ability to achieve its expense targets and expectations regarding revenue, net interest income, provision for credit losses, net charge-offs, effective tax rate, loan growth or other projections; variances to the underlying assumptions and judgments used in estimating banking book net interest income sensitivity; adverse changes to the Corporation’s credit ratings from the major credit rating agencies; an inability to access capital markets or maintain deposits or borrowing costs; estimates of the fair value and other accounting values, subject to impairment assessments, of certain of the Corporation’s assets and liabilities; the estimated or actual impact of changes in accounting standards or assumptions in applying those standards; uncertainty regarding the content, timing and impact of regulatory capital and liquidity requirements; the impact of adverse changes to total loss-absorbing capacity requirements, stress capital buffer requirements and/or global systemically important bank surcharges; the potential impact of actions of the Board of Governors of the Federal Reserve System on the Corporation’s capital plans; the effect of changes in or interpretations of income tax laws and regulations; the impact of implementation and compliance with U.S. and international laws, regulations and regulatory interpretations, including, but not limited to, recovery and resolution planning requirements, Federal Deposit Insurance Corporation assessments, the Volcker Rule, fiduciary standards, derivatives regulations and potential changes to loss allocations between financial institutions and customers, including for losses incurred from the use of our products and services, including electronic payments and payment of checks, that were authorized by the customer but induced by fraud; the impact of failures or disruptions in or breaches of the Corporation’s operations or information systems, or those of third parties, including as a result of cybersecurity incidents; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learning; the risks related to the transition and physical impacts of climate change; our ability to achieve environmental, social and governance goals and commitments or the impact of any changes in the Corporation’s sustainability strategy or commitments generally; the impact of uncertain political conditions or any future federal government
Bank of America 2


shutdown and uncertainty regarding the federal government’s debt limit or changes in fiscal, monetary or regulatory policy; the emergence or continuation of widespread health emergencies or pandemics; the impact of natural disasters, extreme weather events, military conflicts (including the Russia/Ukraine conflict, the conflict in the Middle East, the possible expansion of such conflicts and potential geopolitical consequences), terrorism or other geopolitical events; and other matters.
Forward-looking statements speak only as of the date they are made, and the Corporation undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.
Notes to the Consolidated Financial Statements referred to in Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) are incorporated by reference into the MD&A. Certain prior-period amounts have been reclassified to conform to current-period presentation. Throughout the MD&A, the Corporation uses certain acronyms and abbreviations which are defined in the Glossary.
Executive Summary
Business Overview
The Corporation is a Delaware corporation, a bank holding company (BHC) and a financial holding company. When used in this report, “Bank of America,” “the Corporation,” “we,” “us” and “our” may refer to Bank of America Corporation individually, Bank of America Corporation and its subsidiaries, or certain of Bank of America Corporation’s subsidiaries or affiliates. Our principal executive offices are located in Charlotte, North Carolina. Through our various bank and nonbank subsidiaries throughout the U.S. and in international markets, we provide a diversified range of banking and nonbank financial services and products through four business segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking and Global Markets, with the remaining operations recorded in All Other. We operate our banking activities primarily under the Bank of America, National Association (Bank of America, N.A. or BANA) charter. At June 30, 2024, the Corporation had $3.3 trillion in assets and a headcount of approximately 212,000 employees.
As of June 30, 2024, we served clients through operations across the U.S., its territories and more than 35 countries. Our retail banking footprint covers all major markets in the U.S., and we serve approximately 69 million consumer and small business clients with approximately 3,800 retail financial centers, approximately 15,000 ATMs, and leading digital banking platforms (www.bankofamerica.com) with approximately
47 million active users, including approximately 39 million active mobile users. We offer industry-leading support to approximately four million small business households. Our GWIM businesses, with client balances of $4.0 trillion, provide tailored solutions to meet client needs through a full set of investment management, brokerage, banking, trust and retirement products. We are a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world.
The Corporations website is www.bankofamerica.com, and the Investor Relations portion of our website is https://investor.bankofamerica.com. We use our website to distribute company information, including as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. We routinely post and make accessible financial and other information, including environmental, social and governance (ESG) information, regarding the Corporation on our website. Investors should monitor our website, including the Investor Relations portion, in addition to our press releases, U.S. Securities and Exchange Commission (SEC) filings, public conference calls and webcasts. Notwithstanding the foregoing, the information contained on our website as referenced in this paragraph is not incorporated by reference into this Quarterly Report on Form 10-Q.
Recent Developments
Capital Management
On June 26, 2024, the Board of Governors of the Federal Reserve System (Federal Reserve) announced the results of the 2024 Comprehensive Capital Analysis and Review (CCAR) supervisory stress tests. Based on the results, our stress capital buffer (SCB) is expected to be 3.2 percent, and the Common equity tier 1 (CET1) minimum requirement will be 10.7 percent when finalized. The new SCB will be effective from October 1, 2024 through September 30, 2025.
On July 24, 2024, the Corporation’s Board of Directors (the Board) authorized a $25 billion common stock repurchase program, effective August 1, 2024, to replace the Corporation’s existing program, which will expire on the same date. For more information, see Capital Management – CCAR and Capital Planning on page 21. The Board also declared a quarterly common stock dividend of $0.26 per share, an increase of eight percent compared to the prior dividend, payable on September 27, 2024 to shareholders of record as of September 6, 2024.
For more information on our capital resources and regulatory developments, see Capital Management beginning on page 21.

3 Bank of America



Financial Highlights
Table 1Summary Income Statement and Selected Financial Data
Three Months Ended June 30Six Months Ended June 30
(Dollars in millions, except per share information)2024202320242023
Income statement  
Net interest income$13,702 $14,158 $27,734 $28,606 
Noninterest income11,675 11,039 23,461 22,849 
Total revenue, net of interest expense25,377 25,197 51,195 51,455 
Provision for credit losses1,508 1,125 2,827 2,056 
Noninterest expense16,309 16,038 33,546 32,276 
Income before income taxes7,560 8,034 14,822 17,123 
Income tax expense663 626 1,251 1,554 
Net income6,897 7,408 13,571 15,569 
Preferred stock dividends315 306 847 811 
Net income applicable to common shareholders$6,582 $7,102 $12,724 $14,758 
Per common share information    
Earnings$0.83 $0.88 $1.60 $1.83 
Diluted earnings0.83 0.88 1.59 1.82 
Dividends paid0.24 0.22 0.48 0.44 
Performance ratios  
Return on average assets (1)
0.85 %0.94 %0.84 %1.00 %
Return on average common shareholders’ equity (1)
9.98 11.21 9.67 11.84 
Return on average tangible common shareholders’ equity (2)
13.57 15.49 13.15 16.42 
Efficiency ratio (1)
64.26 63.65 65.53 62.73 
June 30 2024December 31 2023
Balance sheet  
Total loans and leases$1,056,785 $1,053,732 
Total assets3,257,996 3,180,151 
Total deposits1,910,491 1,923,827 
Total liabilities2,964,104 2,888,505 
Total common shareholders’ equity267,344 263,249 
Total shareholders’ equity293,892 291,646 
(1)For definitions, see Key Metrics on page 103.
(2)Return on average tangible common shareholders’ equity is a non-GAAP financial measure. For more information and a corresponding reconciliation to the most directly comparable financial measures defined by accounting principles generally accepted in the United States of America (GAAP), see Non-GAAP Reconciliations on page 48.
Net income was $6.9 billion and $13.6 billion, or $0.83 and $1.59 per diluted share, for the three and six months ended June 30, 2024 compared to $7.4 billion and $15.6 billion, or $0.88 and $1.82 per diluted share, for the same periods in 2023. The decrease in net income was primarily due to higher noninterest expense and provision for credit losses.
Total assets increased $77.8 billion from December 31, 2023 to $3.3 trillion primarily driven by higher securities borrowed or purchased under agreements to resell and trading account assets to support Global Markets client activity.
Total liabilities increased $75.6 billion from December 31, 2023 to $3.0 trillion primarily driven by higher securities loaned or sold under agreements to repurchase to support Global Markets client activity.
Shareholders’ equity increased $2.2 billion from December 31, 2023 primarily due to net income, partially offset by returns of capital to shareholders through common stock repurchases, common and preferred stock dividends, and preferred stock redemptions.
Net Interest Income
Net interest income decreased $456 million to $13.7 billion, and $872 million to $27.7 billion for the three and six months ended June 30, 2024 compared to the same periods in 2023. Net interest yield on a fully taxable-equivalent (FTE) basis decreased 13 basis points (bps) to 1.93 percent and 17 bps to 1.96 percent for the same periods. The decreases were primarily driven by higher deposit costs, partially offset by higher asset yields and higher net interest income related to Global Markets activity. For more information on net interest yield and FTE basis, see Supplemental Financial Data on page 6, and for more information on interest rate risk management, see Interest Rate Risk Management for the Banking Book on page 44.
Bank of America 4


Noninterest Income
Table 2Noninterest Income
Three Months Ended June 30Six Months Ended June 30
(Dollars in millions)2024202320242023
Fees and commissions:
Card income$1,581 $1,546 $3,044 $3,015 
Service charges1,507 1,364 2,949 2,774 
Investment and brokerage services4,320 3,839 8,507 7,691 
Investment banking fees1,561 1,212 3,129 2,375 
Total fees and commissions8,969 7,961 17,629 15,855 
Market making and similar activities3,298 3,697 7,186 8,409 
Other income(592)(619)(1,354)(1,415)
Total noninterest income$11,675 $11,039 $23,461 $22,849 
Noninterest income increased $636 million to $11.7 billion and $612 million to $23.5 billion for the three and six months ended June 30, 2024 compared to the same periods in 2023. The following highlights the significant changes.
●    Service charges increased $143 million and $175 million primarily driven by higher treasury service charges.
    Investment and brokerage services increased $481 million and $816 million primarily driven by higher asset management fees due to higher average equity market valuations and positive assets under management (AUM) flows, partially offset by the impact of lower AUM pricing.
    Investment banking fees increased $349 million and $754 million primarily due to higher debt and equity issuance fees.
    Market making and similar activities decreased $399 million and $1.2 billion primarily driven by lower trading revenue from macro products in Fixed Income, Currencies and Commodities (FICC). The decreases were partially offset by higher trading revenue in Equities.
Provision for Credit Losses
The provision for credit losses increased $383 million to $1.5 billion and $771 million to $2.8 billion for the three and six months ended June 30, 2024 compared to the same periods in 2023. The provision for credit losses for the current-year periods was primarily driven by credit card loans and the commercial real estate office portfolio, partially offset by an improved macroeconomic outlook. For more information on the provision for credit losses, see Allowance for Credit Losses on page 40.




Noninterest Expense
Table 3Noninterest Expense
Three Months Ended June 30Six Months Ended June 30
(Dollars in millions)2024202320242023
Compensation and benefits$9,826 $9,401 $20,021 $19,319 
Occupancy and equipment1,818 1,776 3,629 3,575 
Information processing and communications1,763 1,644 3,563 3,341 
Product delivery and transaction related891 956 1,742 1,846 
Marketing487 513 942 971 
Professional fees654 527 1,202 1,064 
Other general operating870 1,221 2,447 2,160 
Total noninterest expense$16,309 $16,038 $33,546 $32,276 
Noninterest expense increased $271 million to $16.3 billion and $1.3 billion to $33.5 billion for the three and six months ended June 30, 2024 compared to the same periods in 2023. The increases in both periods were primarily driven by higher investments in people and revenue-related compensation,
partially offset by lower litigation expense. The increase in the six-month period also included the additional accrual of $700 million for the Federal Deposit Insurance Corporation (FDIC) special assessment recorded in the first quarter of 2024, as well as higher investments in technology.

5 Bank of America



Income Tax Expense
Table 4Income Tax Expense
Three Months Ended June 30Six Months Ended June 30
(Dollars in millions)2024202320242023
Income before income taxes$7,560 $8,034 $14,822 $17,123 
Income tax expense663 626 1,251 1,554 
Effective tax rate8.8 %7.8 %8.4 %9.1 %
The effective tax rates for the three and six months ended June 30, 2024 and 2023 were primarily driven by our recurring tax preference benefits that mainly consist of tax credits from investments in affordable housing and renewable energy. Also included in the effective tax rate for the six months ended June 30, 2024 was the discrete benefit from the $700 million charge recorded in the first quarter for the FDIC special assessment. Absent the tax credits and discrete tax benefits, the effective tax rates would have been approximately 25 percent and 26 percent for the three months ended June 30, 2024 and 2023 and 26 percent for both the six months ended June 30, 2024 and 2023.
Supplemental Financial Data
Non-GAAP Financial Measures
In this Quarterly Report on Form 10-Q, we present certain non-GAAP financial measures. Non-GAAP financial measures exclude certain items or otherwise include components that differ from the most directly comparable measures calculated in accordance with GAAP. Non-GAAP financial measures are provided as additional useful information to assess our financial condition, results of operations (including period-to-period operating performance) or compliance with prospective regulatory requirements. These non-GAAP financial measures are not intended as a substitute for GAAP financial measures and may not be defined or calculated the same way as non-GAAP financial measures used by other companies.
When presented on a consolidated basis, we view net interest income on an FTE basis as a non-GAAP financial measure. To derive the FTE basis, net interest income is adjusted to reflect tax-exempt income on an equivalent before-tax basis with a corresponding increase in income tax expense. For purposes of this calculation, we use the federal statutory tax rate of 21 percent and a representative state tax rate. Net interest yield, which measures the basis points we earn over the cost of funds, utilizes net interest income on an FTE basis. We believe that presentation of these items on an FTE basis allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices.
We may present certain key performance indicators and ratios excluding certain items (e.g., debit valuation adjustment (DVA) gains (losses)), which result in non-GAAP financial measures. We believe that the presentation of measures that exclude these items is useful because such measures provide additional information to assess the underlying operational performance and trends of our businesses and to allow better comparison of period-to-period operating performance.
We also evaluate our business based on certain ratios that utilize tangible equity, a non-GAAP financial measure. Tangible equity represents shareholders’ equity or common
shareholders’ equity reduced by goodwill and intangible assets (excluding mortgage servicing rights (MSRs)), net of related deferred tax liabilities (“adjusted” shareholders’ equity or common shareholders’ equity). These measures are used to evaluate our use of equity. In addition, profitability, relationship and investment models use both return on average tangible common shareholders’ equity and return on average tangible shareholders’ equity as key measures to support our overall growth objectives. These ratios are:
    Return on average tangible common shareholders’ equity measures our net income applicable to common shareholders as a percentage of adjusted average common shareholders’ equity. The tangible common equity ratio represents adjusted ending common shareholders’ equity divided by total tangible assets.
    Return on average tangible shareholders’ equity measures our net income as a percentage of adjusted average total shareholders’ equity. The tangible equity ratio represents adjusted ending shareholders’ equity divided by total tangible assets.
    Tangible book value per common share represents adjusted ending common shareholders’ equity divided by ending common shares outstanding.
We believe ratios utilizing tangible equity provide additional useful information because they present measures of those assets that can generate income. Tangible book value per common share provides additional useful information about the level of tangible assets in relation to outstanding shares of common stock.
The aforementioned supplemental data and performance measures are presented in Table 5 on page 7.
For more information on the reconciliation of these non-GAAP financial measures to the corresponding GAAP financial measures, see Non-GAAP Reconciliations on page 48.
Key Performance Indicators
We present certain key financial and nonfinancial performance indicators (key performance indicators) that management uses when assessing our consolidated and/or segment results. We believe they are useful to investors because they provide additional information about our underlying operational performance and trends. These key performance indicators (KPIs) may not be defined or calculated in the same way as similar KPIs used by other companies. For information on how these metrics are defined, see Key Metrics on page 103.
Our consolidated key performance indicators, which include various equity and credit metrics, are presented in Table 1 on page 4 and Table 5 on page 7.
For information on key segment performance metrics, see Business Segment Operations on page 10.
Bank of America 6


Table 5Selected Financial Data
Six Months Ended
June 30
2024 Quarters2023 Quarters
(In millions, except per share information)SecondFirstFourthThirdSecond20242023
Income statement  
Net interest income$13,702 $14,032 $13,946 $14,379 $14,158 $27,734 $28,606 
Noninterest income 11,675 11,786 8,013 10,788 11,039 23,461 22,849 
Total revenue, net of interest expense25,377 25,818 21,959 25,167 25,197 51,195 51,455 
Provision for credit losses1,508 1,319 1,104 1,234 1,125 2,827 2,056 
Noninterest expense16,309 17,237 17,731 15,838 16,038 33,546 32,276 
Income before income taxes7,560 7,262 3,124 8,095 8,034 14,822 17,123 
Income tax expense 663 588 (20)293 626 1,251 1,554 
Net income 6,897 6,674 3,144 7,802 7,408 13,571 15,569 
Net income applicable to common shareholders6,582 6,142 2,838 7,270 7,102 12,724 14,758 
Average common shares issued and outstanding
7,897.9 7,968.2 7,990.9 8,017.1 8,040.9 7,933.3 8,053.5 
Average diluted common shares issued and outstanding
7,960.9 8,031.4 8,062.5 8,075.9 8,080.7 7,996.2 8,162.6 
Performance ratios       
Return on average assets (1)
0.85 %0.83 %0.39 %0.99 %0.94 %0.84 %1.00 %
Four-quarter trailing return on average assets (2)
0.76 0.78 0.84 0.98 0.96 n/an/a
Return on average common shareholders’ equity (1)
9.98 9.35 4.33 11.24 11.21 9.67 11.84 
Return on average tangible common shareholders’ equity (3)
13.57 12.73 5.92 15.47 15.49 13.15 16.42 
Return on average shareholders’ equity (1)
9.45 9.18 4.32 10.86 10.52 9.32 11.22 
Return on average tangible shareholders’ equity (3)
12.42 12.07 5.71 14.41 14.00 12.25 14.97 
Total ending equity to total ending assets9.02 8.97 9.17 9.10 9.07 9.02 9.07 
Common equity ratio (1)
8.21 8.10 8.28 8.20 8.16 8.21 8.16 
Total average equity to total average assets8.96 9.01 8.98 9.11 8.89 8.98 8.92 
Dividend payout (1)
28.66 31.11 67.42 26.39 24.88 29.84 23.99 
Per common share data       
Earnings $0.83 $0.77 $0.36 $0.91 $0.88 $1.60 $1.83 
Diluted earnings 0.83 0.76 0.35 0.90 0.88 1.59 1.82 
Dividends paid0.24 0.24 0.24 0.24 0.22 0.48 0.44 
Book value (1)
34.39 33.71 33.34 32.65 32.05 34.39 32.05 
Tangible book value (3)
25.37 24.79 24.46 23.79 23.23 25.37 23.23 
Market capitalization$309,202 $298,312 $265,840 $216,942 $228,188 $309,202 $228,188 
Average balance sheet     
Total loans and leases$1,051,472 $1,047,890 $1,050,705 $1,046,254 $1,046,608 
Total assets3,274,988 3,247,159 3,213,159 3,128,466 3,175,358 
Total deposits1,909,925 1,907,462 1,905,011 1,876,153 1,875,353 
Long-term debt243,689 254,782 256,262 245,819 248,480 
Common shareholders’ equity265,290 264,114 260,221 256,578 254,028 
Total shareholders’ equity293,403 292,511 288,618 284,975 282,425 
Asset quality      
Allowance for credit losses (4)
$14,342 $14,371 $14,551 $14,640 $14,338 
Nonperforming loans, leases and foreclosed properties (5)
5,691 6,034 5,630 4,993 4,274 
Allowance for loan and lease losses as a percentage of total loans and leases outstanding (5)
1.26 %1.26 %1.27 %1.27 %1.24 %
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases (5)
242 225 243 275 314 
Net charge-offs $1,533 $1,498 $1,192 $931 $869 
Annualized net charge-offs as a percentage of average loans and leases outstanding (5)
0.59 %0.58 %0.45 %0.35 %0.33 %
Capital ratios at period end (6)
     
Common equity tier 1 capital
11.9 %11.9 %11.8 %11.9 %11.6 %
Tier 1 capital
13.5 13.6 13.5 13.6 13.3 
Total capital
15.1 15.2 15.2 15.4 15.1 
Tier 1 leverage
7.0 7.1 7.1 7.3 7.1 
Supplementary leverage ratio
6.0 6.0 6.1 6.2 6.0 
Tangible equity (3)
7.0 7.0 7.1 7.0 7.0 
Tangible common equity (3)
6.2 6.1 6.2 6.1 6.1 
Total loss-absorbing capacity and long-term debt metrics
Total loss-absorbing capacity to risk-weighted assets28.2 %28.7 %29.0 %29.3 %28.8 %
Total loss-absorbing capacity to supplementary leverage exposure12.5 12.8 13.0 13.3 13.0 
Eligible long-term debt to risk-weighted assets13.7 14.2 14.5 14.8 14.6 
Eligible long-term debt to supplementary leverage exposure6.0 6.3 6.5 6.7 6.6 
(1)For definitions, see Key Metrics on page 103.
(2)Calculated as total net income for four consecutive quarters divided by annualized average assets for four consecutive quarters.
(3)Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures. For more information on these ratios and corresponding reconciliations to GAAP financial measures, see Supplemental Financial Data on page 6 and Non-GAAP Reconciliations on page 48.
(4)Includes the allowance for loan and lease losses and the reserve for unfunded lending commitments.
(5)Balances and ratios do not include loans accounted for under the fair value option. For additional exclusions from nonperforming loans, leases and foreclosed properties, see Consumer Portfolio Credit Risk Management – Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity on page 33 and corresponding Table 25 and Commercial Portfolio Credit Risk Management – Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity on page 37 and corresponding Table 31.
(6)For more information, including which approach is used to assess capital adequacy, see Capital Management on page 21.
n/a = not applicable
7 Bank of America



Table 6Quarterly Average Balances and Interest Rates - FTE Basis
Average
Balance
Interest
Income/
Expense (1)
Yield/
Rate
Average
Balance
Interest
Income/
Expense (1)
Yield/
Rate
(Dollars in millions)Second Quarter 2024Second Quarter 2023
Earning assets      
Interest-bearing deposits with the Federal Reserve, non-U.S. central
   banks and other banks
$345,423 $4,498 5.24 %$359,042 $4,303 4.81 %
Time deposits placed and other short-term investments10,845 123 4.55 11,271 129 4.56 
Federal funds sold and securities borrowed or purchased under
   agreements to resell
318,380 5,159 6.52 294,535 4,955 6.75 
Trading account assets202,295 2,542 5.05 187,420 2,091 4.47 
Debt securities852,427 6,352 2.98 771,355 4,717 2.44 
Loans and leases (2)
Residential mortgage227,567 1,824 3.21 228,758 1,704 2.98 
Home equity25,529 405 6.38 25,957 353 5.45 
Credit card98,983 2,825 11.48 94,431 2,505 10.64 
Direct/Indirect and other consumer103,689 1,428 5.54 104,915 1,274 4.87 
Total consumer455,768 6,482 5.71 454,061 5,836 5.15 
U.S. commercial386,232 5,267 5.49 379,027 4,786 5.06 
Non-U.S. commercial123,094 2,170 7.09 125,827 1,949 6.21 
Commercial real estate (3)
71,345 1,285 7.24 74,065 1,303 7.06 
Commercial lease financing15,033 196 5.22 13,628 149 4.38 
Total commercial595,704 8,918 6.02 592,547 8,187 5.54 
Total loans and leases 1,051,472 15,400 5.89 1,046,608 14,023 5.37 
Other earning assets107,093 2,940 11.04 102,712 2,271 8.88 
Total earning assets2,887,935 37,014 5.15 2,772,943 32,489 4.70 
Cash and due from banks24,208 26,098 
Other assets, less allowance for loan and lease losses362,845 376,317 
Total assets$3,274,988 $3,175,358 
Interest-bearing liabilities      
U.S. interest-bearing deposits      
Demand and money market deposits$941,109 $5,234 2.24 %$951,403 $3,565 1.50 %
Time and savings deposits348,689 3,331 3.84 230,008 1,452 2.53 
Total U.S. interest-bearing deposits1,289,798 8,565 2.67 1,181,411 5,017 1.70 
Non-U.S. interest-bearing deposits106,496 1,090 4.12 96,802 768 3.18 
Total interest-bearing deposits1,396,294 9,655 2.78 1,278,213 5,785 1.82 
Federal funds purchased and securities loaned or sold under agreements
    to repurchase
371,372 6,171 6.68 322,728 5,807 7.22 
Short-term borrowings and other interest-bearing liabilities 152,742 2,899 7.64 163,739 2,548 6.24 
Trading account liabilities53,895 540 4.03 44,944 472 4.22 
Long-term debt243,689 3,887 6.40 248,480 3,584 5.78 
Total interest-bearing liabilities2,217,992 23,152 4.20 2,058,104 18,196 3.55 
Noninterest-bearing sources
Noninterest-bearing deposits513,631 597,140 
Other liabilities (4)
249,962 237,689 
Shareholders’ equity293,403 282,425 
Total liabilities and shareholders’ equity$3,274,988 $3,175,358 
Net interest spread0.95 %1.15 %
Impact of noninterest-bearing sources0.98 0.91 
Net interest income/yield on earning assets (5)
$13,862 1.93 %$14,293 2.06 %
(1)Includes the impact of interest rate risk management contracts. For more information, see Interest Rate Risk Management for the Banking Book on page 44.
(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 U.S. commercial real estate loans of $65.3 billion and $68.0 billion, and non-U.S. commercial real estate loans of $6.0 billion for both the second quarter of 2024 and 2023.
(4)Includes $46.6 billion and $39.9 billion of structured notes and liabilities for the second quarter of 2024 and 2023.
(5)Net interest income includes FTE adjustments of $160 million and $135 million for the second quarter of 2024 and 2023.
Bank of America 8


Table 7Year-to-Date Average Balances and Interest Rates - FTE Basis
Average
Balance
Interest
Income/
Expense (1)
Yield/
Rate
Average
Balance
Interest
Income/
Expense (1)
Yield/
Rate
Six Months Ended June 30
(Dollars in millions)20242023
Earning assets      
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks$345,943 $9,029 5.25 %$281,303 $6,302 4.52 %
Time deposits placed and other short-term investments10,286 239 4.67 10,928 237 4.37 
Federal funds sold and securities borrowed or purchased under agreements to resell
311,600 10,334 6.67 291,053 8,667 6.01 
Trading account assets202,377 5,024 4.99 185,549 4,131 4.49 
Debt securities847,455 12,514 2.95 811,046 10,202 2.51 
Loans and leases (2)
      
Residential mortgage227,658 3,627 3.19 229,015 3,388 2.96 
Home equity25,526 795 6.26 26,234 670 5.15 
Credit card99,399 5,611 11.35 93,110 4,931 10.68 
Direct/Indirect and other consumer 103,529 2,827 5.49 105,284 2,460 4.71 
Total consumer456,112 12,860 5.66 453,643 11,449 5.08 
U.S. commercial382,898 10,503 5.52 377,945 9,257 4.94 
Non-U.S. commercial124,059 4,340 7.03 126,412 3,727 5.95 
Commercial real estate (3)
71,666 2,596 7.28 72,337 2,447 6.82 
Commercial lease financing14,946 396 5.31 13,657 296 4.35 
Total commercial593,569 17,835 6.04 590,351 15,727 5.37 
Total loans and leases 1,049,681 30,695 5.88 1,043,994 27,176 5.24 
Other earning assets106,915 5,622 10.57 98,592 4,563 9.33 
Total earning assets2,874,257 73,457 5.14 2,722,465 61,278 4.53 
Cash and due from banks24,197  26,936  
Other assets, less allowance for loan and lease losses362,617   386,478   
Total assets$3,261,071   $3,135,879   
Interest-bearing liabilities      
U.S. interest-bearing deposits      
Demand and money market deposits948,912 10,246 2.17 %963,178 6,355 1.33 %
Time and savings deposits337,228 6,390 3.81 213,587 2,371 2.24 
Total U.S. interest-bearing deposits1,286,140 16,636 2.60 1,176,765 8,726 1.50 
Non-U.S. interest-bearing deposits105,434 2,157 4.11 94,218 1,373 2.94 
Total interest-bearing deposits1,391,574 18,793 2.72 1,270,983 10,099 1.60 
Federal funds purchased, securities loaned or sold under agreements to repurchase360,939 12,197 6.80 289,556 9,358 6.52 
Short-term borrowings and other interest-bearing liabilities
146,917 5,408 7.40 160,331 5,177 6.51 
Trading account liabilities52,826 1,086 4.14 44,451 976 4.43 
Long-term debt249,234 7,921 6.37 246,630 6,793 5.53 
Total interest-bearing liabilities2,201,490 45,405 4.15 2,011,951 32,403 3.24 
Noninterest-bearing sources      
Noninterest-bearing deposits517,119 613,468 
Other liabilities (4)
249,505 230,607 
Shareholders’ equity292,957 279,853 
Total liabilities and shareholders’ equity$3,261,071   $3,135,879   
Net interest spread  0.99 %1.29 %
Impact of noninterest-bearing sources  0.97 0.84 
Net interest income/yield on earning assets (5)
 $28,052 1.96 % $28,875 2.13 %
(1)Includes the impact of interest rate risk management contracts. For more information, see Interest Rate Risk Management for the Banking Book on page 44.
(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 U.S. commercial real estate loans of $65.8 billion and $66.8 billion, and non-U.S. commercial real estate loans of $5.9 billion and $5.5 billion for the six months ended June 30, 2024 and 2023.
(4)Includes $45.3 billion and $38.6 billion of structured notes and liabilities for the six months ended June 30, 2024 and 2023.
(5)Net interest income includes FTE adjustments of $318 million and $269 million for the six months ended June 30, 2024 and 2023.
9 Bank of America



Business Segment Operations
Segment Description and Basis of Presentation
We report our results of operations through four business segments: Consumer Banking, GWIM, Global Banking and Global Markets, with the remaining operations recorded in All Other. We manage our segments and report their results on an FTE basis. For more information, see Business Segment Operations in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
We periodically review capital allocated to our businesses and allocate capital annually during the strategic and capital planning processes. We utilize a methodology that considers the effect of regulatory capital requirements in addition to internal risk-based capital models. The capital allocated to the business segments is referred to as allocated capital. Allocated equity in the reporting units is comprised of allocated capital plus capital
for the portion of goodwill and intangibles specifically assigned to the reporting unit. For more information, including the definition of a reporting unit, see Note 7 – Goodwill and Intangible Assets to the Consolidated Financial Statements.
For more information on our presentation of financial information on an FTE basis, see Supplemental Financial Data on page 6, and for reconciliations to consolidated total revenue, net income and period-end total assets, see Note 17 – Business Segment Information to the Consolidated Financial Statements.
Key Performance Indicators
We present certain key financial and nonfinancial performance indicators that management uses when evaluating segment results. We believe they are useful to investors because they provide additional information about our segments’ operational performance, client trends and business growth.
Consumer Banking
DepositsConsumer LendingTotal Consumer Banking
Three Months Ended June 30
(Dollars in millions)202420232024202320242023% Change
Net interest income$5,220 $5,733 $2,898 $2,704 $8,118 $8,437 (4)%
Noninterest income:
Card income(10)(10)1,371 1,351 1,361 1,341 
Service charges614 524  614 525 17 
All other income95 177 18 44 113 221 (49)
Total noninterest income699 691 1,389 1,396 2,088 2,087 — 
Total revenue, net of interest expense
5,919 6,424 4,287 4,100 10,206 10,524 (3)
Provision for credit losses74 103 1,207 1,164 1,281 1,267 
Noninterest expense3,385 3,428 2,079 2,025 5,464 5,453 — 
Income before income taxes2,460 2,893 1,001 911 3,461 3,804 (9)
Income tax expense616 723 250 228 866 951 (9)
Net income$1,844 $2,170 $751 $683 $2,595 $2,853 (9)
Effective tax rate (1)
25.0 %25.0 %
Net interest yield2.22 %2.29 %3.78 %3.58 %3.29 %3.24 %
Return on average allocated capital54 64 10 10 24 27 
Efficiency ratio57.20 53.33 48.49 49.43 53.54 51.81 
Balance Sheet
Three Months Ended June 30
Average202420232024202320242023% Change
Total loans and leases$4,299 $4,078 $307,955 $302,584 $312,254 $306,662 %
Total earning assets (2)
946,784 1,002,528 308,116 302,944 992,304 1,045,743 (5)
Total assets (2)
979,302 1,035,969 313,070 309,228 1,029,777 1,085,469 (5)
Total deposits944,363 1,001,307 4,817 5,030 949,180 1,006,337 (6)
Allocated capital13,700 13,700 29,550 28,300 43,250 42,000 
(1)    Estimated at the segment level only.
(2) In segments and businesses where the total of liabilities and equity exceeds assets, we allocate 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.
Bank of America 10


DepositsConsumer LendingTotal Consumer Banking
Six Months Ended June 30
(Dollars in millions)202420232024202320242023% Change
Net interest income$10,489 $11,549 $5,826 $5,481 $16,315 $17,030 (4)%
Noninterest income:
Card income(20)(20)2,653 2,635 2,633 2,615 
Service charges1,191 1,122 1 1,192 1,124 
All other income197 374 35 87 232 461 (50)
Total noninterest income1,368 1,476 2,689 2,724 4,057 4,200 (3)
Total revenue, net of interest expense
11,857 13,025 8,515 8,205 20,372 21,230 (4)
Provision for credit losses150 286 2,281 2,070 2,431 2,356 
Noninterest expense6,764 6,843 4,175 4,083 10,939 10,926 — 
Income before income taxes4,943 5,896 2,059 2,052 7,002 7,948 (12)
Income tax expense1,236 1,474 515 513 1,751 1,987 (12)
Net income$3,707 $4,422 $1,544 $1,539 $5,251 $5,961 (12)
Effective tax rate (1)
25.0 %25.0 %
Net interest yield2.22 %2.30 %3.80 %3.67 %3.30 %3.25 %
Return on average allocated capital54 65 11 11 24 29 
Efficiency ratio57.04 52.53 49.04 49.77 53.70 51.46 
Balance Sheet
Six Months Ended June 30
Average202420232024202320242023% Change
Total loans and leases$4,270 $4,099 $308,376 $301,126 $312,646 $305,225 %
Total earning assets (2)
948,489 1,012,432 308,515 301,378 993,931 1,055,419 (6)
Total assets (2)
981,080 1,045,933 313,433 307,760 1,031,439 1,095,302 (6)
Total deposits946,103 1,011,285 4,720 4,949 950,823 1,016,234 (6)
Allocated capital13,700 13,700 29,550 28,300 43,250 42,000 
Period endJune 30
2024
December 31
2023
June 30
2024
December 31
2023
June 30
2024
December 31
2023
% Change
Total loans and leases$4,357 $4,218 $308,444 $310,901 $312,801 $315,119 (1)%
Total earning assets (2)
948,823 965,088 308,592 311,008 995,348 1,009,360 (1)
Total assets (2)
981,546 999,372 314,481 317,194 1,033,960 1,049,830 (2)
Total deposits946,420 964,136 6,053 5,436 952,473 969,572 (2)
See page 10 for footnotes.
Consumer Banking, comprised of Deposits and Consumer Lending, offers a diversified range of credit, banking and investment products and services to consumers and small businesses. For more information about Consumer Banking, see Business Segment Operations in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
Consumer Banking Results
Three-Month Comparison
Net income for Consumer Banking decreased $258 million to $2.6 billion primarily due to lower revenue. Net interest income decreased $319 million to $8.1 billion primarily driven by lower deposit balances, partially offset by higher loan balances. Noninterest income was $2.1 billion, largely unchanged from the same period a year ago.
The provision for credit losses was $1.3 billion, relatively unchanged from the same period a year ago. Noninterest expense was $5.5 billion, relatively unchanged from the same period a year ago.

The return on average allocated capital was 24 percent, down from 27 percent, due to an increase in allocated capital and lower net income. For information on capital allocated to the business segments, see Business Segment Operations on page 10.
Six-Month Comparison
Net income for Consumer Banking decreased $710 million to $5.3 billion primarily due to lower revenue. Net interest income decreased $715 million to $16.3 billion primarily due to the same factors as described in the three-month discussion. Noninterest income decreased $143 million to $4.1 billion, primarily due to lower other income driven by the allocation of asset and liability management (ALM) results.
The provision for credit losses increased $75 million to $2.4 billion primarily driven by credit card loans. Noninterest expense was $10.9 billion, relatively unchanged from the same period a year ago.
The return on average allocated capital was 24 percent, down from 29 percent, primarily due to an increase in allocated capital and lower net income.
11 Bank of America



Deposits
Three-Month Comparison
Net income for Deposits decreased $326 million to $1.8 billion primarily due to lower revenue. Net interest income decreased $513 million to $5.2 billion primarily driven by lower deposit balances. Noninterest income was $699 million, relatively unchanged from the same period a year ago.
Noninterest expense was $3.4 billion, relatively unchanged from the same period a year ago.
Average deposits decreased $56.9 billion to $944.4 billion primarily due to net outflows of $60.9 billion in money market savings and $26.1 billion in checking, partially offset by growth in time deposits of $40.1 billion.

Six-Month Comparison
Net income for Deposits decreased $715 million to $3.7 billion primarily due to lower revenue. Net interest income decreased $1.1 billion to $10.5 billion primarily due to the same factor as described in the three-month discussion. Noninterest income decreased $108 million to $1.4 billion primarily driven by the allocation of ALM results.
Average deposits decreased $65.2 billion to $946.1 billion primarily due to net outflows of $67.2 billion in money market savings and $29.1 billion in checking, partially offset by growth in time deposits of $41.8 billion.
The table below provides key performance indicators for Deposits. Management uses these metrics, and we believe they are useful to investors because they provide additional information to evaluate our deposit profitability and digital/mobile trends.
Key Statistics – Deposits
Three Months Ended June 30Six Months Ended June 30
2024202320242023
Total deposit spreads (excludes noninterest costs) (1)
2.77%2.67%2.73%2.60%
Period end
Consumer investment assets (in millions) (2)
$476,116$386,761
Active digital banking users (in thousands) (3)
47,30445,713
Active mobile banking users (in thousands) (4)
38,98837,329
Financial centers3,7863,887
ATMs14,97215,335
(1)Includes deposits held in Consumer Lending.
(2)Includes client brokerage assets, deposit sweep balances, Bank of America, N.A. brokered CDs and AUM in Consumer Banking.
(3)Represents mobile and/or online active users over the past 90 days.
(4)Represents mobile active users over the past 90 days.
Consumer investment assets increased $89.4 billion from June 30, 2023 to $476.1 billion at June 30, 2024 driven by market performance and positive net client flows. Active mobile banking users increased approximately two million, reflecting continuing changes in our clients’ banking preferences. Since June 30, 2023, we have had a net decrease of 101 financial centers and 363 ATMs as we continue to optimize our consumer banking network.
Consumer Lending
Three-Month Comparison
Net income for Consumer Lending increased $68 million to $751 million primarily due to higher revenue. Net interest income increased $194 million to $2.9 billion primarily due to higher loan balances. Noninterest income was $1.4 billion, relatively unchanged from the same period a year ago.
The provision for credit losses was $1.2 billion, relatively unchanged from the same period a year ago. Noninterest expense increased $54 million to $2.1 billion, relatively unchanged from the same period a year ago.
Average loans increased $5.4 billion to $308.0 billion primarily driven by an increase in credit card loans.

Six-Month Comparison
Net income for Consumer Lending was $1.5 billion, relatively unchanged from the same period a year ago. Net interest income increased $345 million to $5.8 billion primarily due to the same factor as described in the three-month discussion. Noninterest income was $2.7 billion, relatively unchanged from the same period a year ago.
The provision for credit losses increased $211 million to $2.3 billion primarily driven by credit card loans. Noninterest expense increased $92 million to $4.2 billion, relatively unchanged from the same period a year ago.
Average loans increased $7.3 billion to $308.4 billion primarily driven by the same factor as described in the three-month discussion.
The following table provides key performance indicators for Consumer Lending. Management uses these metrics, and we believe they are useful to investors because they provide additional information about loan growth and profitability.
Bank of America 12


Key Statistics – Consumer Lending
Three Months Ended June 30Six Months Ended June 30
(Dollars in millions)2024202320242023
Total credit card (1)
Gross interest yield (2)
12.32 %11.66 %12.28 %11.75 %
Risk-adjusted margin (3)
6.75 7.83 6.78 8.25 
New accounts (in thousands)951 1,137 1,949 2,324 
Purchase volumes$93,296 $93,103 $180,307 $178,647 
Debit card purchase volumes
$140,346 $132,962 $272,753 $257,338 
(1)Includes GWIM's credit card portfolio.
(2)Calculated as the effective annual percentage rate divided by average loans.
(3)Calculated as the difference between total revenue, net of interest expense, and net credit losses divided by average loans.
During the three and six months ended June 30, 2024, the total risk-adjusted margin decreased 108 bps and 147 bps primarily driven by higher net credit losses and lower net fee income, partially offset by higher interest margin. During the
three and six months ended June 30, 2024, total credit card purchase volumes increased $193 million and $1.7 billion, and debit card purchase volumes increased $7.4 billion and $15.4 billion, reflecting higher levels of consumer spending.
Key Statistics – Loan Production (1)
Three Months Ended June 30Six Months Ended June 30
(Dollars in millions)2024202320242023
Consumer Banking: 
First mortgage$2,696 $2,889 $4,384 $4,845 
Home equity2,027 2,171 3,627 4,354 
Total (2):
First mortgage$5,728 $5,940 $9,171 $9,877 
Home equity2,393 2,542 4,284 5,138 
(1)The 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.
(2)In addition to loan production in Consumer Banking, there is also first mortgage and home equity loan production in GWIM.
First mortgage loan originations for Consumer Banking and the total Corporation decreased $193 million and $212 million during the three months ended June 30, 2024 primarily driven by lower demand. During the six months ended June 30, 2024, first mortgage loan originations for Consumer Banking and the total Corporation decreased $461 million and $706 million primarily driven by lower demand.

Home equity production in Consumer Banking and the total Corporation decreased $144 million and $149 million during the three months ended June 30, 2024 primarily driven by lower demand. During the six months ended June 30, 2024, home equity production in Consumer Banking and the total Corporation decreased $727 million and $854 million primarily driven by lower demand.

13 Bank of America



Global Wealth & Investment Management
Three Months Ended June 30Six Months Ended June 30
(Dollars in millions)20242023% Change20242023% Change
Net interest income$1,693 $1,805 (6)%$3,507 $3,681 (5)%
Noninterest income:
Investment and brokerage services3,707 3,251 14 7,307 6,489 13 
All other income174 186 (6)351 387 (9)
Total noninterest income3,881 3,437 13 7,658 6,876 11 
Total revenue, net of interest expense5,574 5,242 11,165 10,557 
Provision for credit losses7 13 (46)(6)38 (116)
Noninterest expense4,199 3,925 8,463 7,992 
Income before income taxes1,368 1,304 2,708 2,527 
Income tax expense342 326 677 632 
Net income$1,026 $978 $2,031 $1,895 
Effective tax rate25.0 %25.0 %25.0 %25.0 %
Net interest yield2.15 2.21 2.19 2.20 
Return on average allocated capital22 21 22 21 
Efficiency ratio75.34 74.86 75.80 75.70 
Balance Sheet
Three Months Ended June 30Six Months Ended June 30
Average20242023% Change20242023% Change
Total loans and leases$222,776 $218,604 %$220,696 $220,018 — %
Total earning assets317,250 327,066 (3)322,471 336,671 (4)
Total assets330,958 340,105 (3)336,039 349,582 (4)
Total deposits287,678 295,380 (3)292,525 304,648 (4)
Allocated capital18,500 18,500 — 18,500 18,500 — 
Period endJune 30
2024
December 31
2023
% Change
Total loans and leases$224,837 $219,657 %
Total earning assets310,055 330,653 (6)
Total assets324,476 344,626 (6)
Total deposits281,283 299,657 (6)
GWIM consists of two primary businesses: Merrill Wealth Management and Bank of America Private Bank. For additional information on GWIM, see Business Segment Operations in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
Three-Month Comparison
Net income for GWIM increased $48 million to $1.0 billion primarily due to higher revenue, largely offset by higher noninterest expense. The operating margin was 25 percent, unchanged from the same period a year ago.
Net interest income decreased $112 million to $1.7 billion primarily driven by an increase in the deposit rate paid and lower average deposit balances.
Noninterest income, which primarily includes investment and brokerage services income, increased $444 million to $3.9 billion. The increase was primarily driven by higher asset management fees due to higher average equity market valuations and positive AUM flows, partially offset by the impact of lower AUM pricing.
Noninterest expense increased $274 million to $4.2 billion primarily due to higher revenue-related incentives.

The return on average allocated capital was 22 percent, up from 21 percent, due to higher net income. For information on capital allocated to the business segments, see Business Segment Operations on page 10.
Average loans increased $4.2 billion to $222.8 billion primarily driven by custom lending and residential mortgage, partially offset by securities-based lending. Average deposits decreased $7.7 billion to $287.7 billion primarily driven by a higher level of client tax payments as well as clients moving deposits to higher yielding investment cash alternatives, including offerings on our investment and brokerage platforms.
Merrill Wealth Management revenue of $4.6 billion increased seven percent primarily driven by higher asset management fees due to the impact of higher average equity market valuations and positive AUM flows, partially offset by the impact of lower AUM pricing and lower net interest income.
Bank of America Private Bank revenue of $951 million increased five percent primarily driven by higher asset management fees due to the impact of higher average equity market valuations and the impact of positive AUM flows.
Bank of America 14


Six-Month Comparison
Net income for GWIM increased $136 million to $2.0 billion primarily due to the same factors as described in the three-month discussion. The operating margin was 24 percent, unchanged from the same period a year ago.
Net interest income decreased $174 million to $3.5 billion primarily due to the same factors as described in the three-month discussion.
Noninterest income, which primarily includes investment and brokerage services income, increased $782 million to $7.7 billion due to the same factors as described in the three-month discussion.
Noninterest expense increased $471 million to $8.5 billion due to the same factor as described in the three-month discussion.
The return on average allocated capital was 22 percent, up from 21 percent, due to the same factor as described in the three-month discussion.
Average loans increased $678 million to $220.7 billion primarily due to the same factors as described in the three-month discussion. Average deposits decreased $12.1 billion to $292.5 billion due to the same factors as described in the three-month discussion.
Merrill Wealth Management revenue of $9.3 billion increased six percent primarily driven by the same factors as described in the three-month discussion.
Bank of America Private Bank revenue of $1.9 billion increased four percent primarily driven by the same factors as described in the three-month discussion.
Key Indicators and Metrics
Three Months Ended June 30Six Months Ended June 30
(Dollars in millions)2024202320242023
Revenue by Business
Merrill Wealth Management$4,623 $4,340 $9,270 $8,737 
Bank of America Private Bank951 902 1,895 1,820 
Total revenue, net of interest expense$5,574 $5,242 $11,165 $10,557 
Client Balances by Business, at period end
Merrill Wealth Management$3,371,418 $3,057,680 
Bank of America Private Bank
640,467 577,514 
Total client balances$4,011,885 $3,635,194 
Client Balances by Type, at period end
Assets under management$1,758,875 $1,531,042 
Brokerage and other assets1,779,881 1,628,294 
Deposits281,283 292,526 
Loans and leases (1)
227,657 222,280 
Less: Managed deposits in assets under management(35,811)(38,948)
Total client balances$4,011,885 $3,635,194 
Assets Under Management Rollforward
Assets under management, beginning of period$1,730,005 $1,467,242 $1,617,740 $1,401,474 
Net client flows 10,790 14,296 35,445 29,558 
Market valuation/other
18,080 49,504 105,690 100,010 
Total assets under management, end of period$1,758,875 $1,531,042 $1,758,875 $1,531,042 
(1)Includes margin receivables, which are classified in customer and other receivables on the Consolidated Balance Sheet.
Client Balances
Client balances increased $376.7 billion, or 10 percent, to $4.0 trillion at June 30, 2024 compared to June 30, 2023. The increase in client balances was primarily due to the impact of higher end-of-period market valuations and positive net client flows.
15 Bank of America



Global Banking
Three Months Ended June 30Six Months Ended June 30
(Dollars in millions)20242023% Change20242023% Change
Net interest income$3,275 $3,690 (11)%$6,735 $7,597 (11)%
Noninterest income:
Service charges775 735 1,525 1,449 
Investment banking fees835 718 16 1,685 1,386 22 
All other income1,168 1,319 (11)2,088 2,233 (6)
Total noninterest income2,778 2,772 — 5,298 5,068 
Total revenue, net of interest expense 6,053 6,462 (6)12,033 12,665 (5)
Provision for credit losses235 n/m464 (228)n/m
Noninterest expense2,899 2,819 5,911 5,759 
Income before income taxes2,919 3,634 (20)5,658 7,134 (21)
Income tax expense 803 981 (18)1,556 1,926 (19)
Net income$2,116 $2,653 (20)$4,102 $5,208 (21)
Effective tax rate 27.5 %27.0 %27.5 %27.0 %
Net interest yield2.37 2.80 2.44 2.92 
Return on average allocated capital17 22 17 21 
Efficiency ratio47.88 43.59 49.12 45.46 
Balance Sheet
Three Months Ended June 30Six Months Ended June 30
Average20242023% Change20242023% Change
Total loans and leases
$372,738 $383,058 (3)%$373,173 $382,039 (2)%
Total earning assets555,834 527,959 555,895 525,181 
Total assets624,189 595,585 623,631 592,254 
Total deposits525,357 497,533 525,528 495,069 
Allocated capital49,250 49,250 — 49,250 49,250 
Period endJune 30
2024
December 31 2023% Change
Total loans and leases$372,421 $373,891 — %
Total earning assets550,525 552,453 — 
Total assets620,217 621,751 — 
Total deposits522,525 527,060 (1)
n/m = not meaningful
Global Banking, which includes Global Corporate Banking, Global Commercial Banking, Business Banking and Global Investment Banking, provides a wide range of lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services through our network of global offices and client relationship teams. For more information about Global Banking, see Business Segment Operations in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
Three-Month Comparison
Net income for Global Banking decreased $537 million to $2.1 billion primarily driven by lower revenue and higher provision for credit losses.
Net interest income decreased $415 million to $3.3 billion primarily due to the impact of interest rates, partially offset by the benefit of higher average deposit balances.
Noninterest income was $2.8 billion, relatively unchanged from the same period a year ago.
The provision for credit losses increased $226 million to $235 million primarily driven by the commercial real estate office portfolio.
Noninterest expense increased $80 million to $2.9 billion due to higher regulatory costs and continued investments in the business, including technology.
The return on average allocated capital was 17 percent, down from 22 percent, due to lower net income. For information on capital allocated to the business segments, see Business Segment Operations on page 10.
Six-Month Comparison
Net income for Global Banking decreased $1.1 billion to $4.1 billion driven by higher provision for credit losses, lower revenue and higher noninterest expense.
Net interest income decreased $862 million to $6.7 billion primarily due to the same factors as described in the three-month discussion.
Noninterest income increased $230 million to $5.3 billion due to higher investment banking fees and treasury service charges, partially offset by lower leasing-related revenue.
The provision for credit losses increased $692 million to $464 million primarily driven by the commercial real estate office portfolio compared to a benefit in the prior year due to certain improved macroeconomic conditions.
Noninterest expense increased $152 million to $5.9 billion primarily due to the same factors as described in the three-month discussion.
The return on average allocated capital was 17 percent, down from 21 percent, due to lower net income.



Bank of America 16


Global Corporate, Global Commercial and Business Banking
The following table and discussion present a summary of the results, which exclude certain investment banking and other activities in Global Banking.
Global Corporate, Global Commercial and Business Banking
 Global Corporate BankingGlobal Commercial BankingBusiness BankingTotal
Three Months Ended June 30
(Dollars in millions)20242023202420232024202320242023
Revenue
Business Lending$1,260 $1,359 $1,247 $1,270 $58 $63 $2,565 $2,692 
Global Transaction Services1,261 1,483 938 1,045 362 395 2,561 2,923 
Total revenue, net of interest expense
$2,521 $2,842 $2,185 $2,315 $420 $458 $5,126 $5,615 
Balance Sheet
Average
Total loans and leases$162,283 $174,280 $197,906 $196,069 $12,439 $12,508 $372,628 $382,857 
Total deposits287,350 267,949 186,975 177,901 51,032 51,682 525,357 497,532 
Global Corporate BankingGlobal Commercial BankingBusiness BankingTotal
Six Months Ended June 30
(Dollars in millions)20242023202420232024202320242023
Revenue
Business Lending$2,325 $2,393 $2,527 $2,503 $117 $130 $4,969 $5,026 
Global Transaction Services 2,596 3,032 1,908 2,174 723 782 5,227 5,988 
Total revenue, net of interest expense
$4,921 $5,425 $4,435 $4,677 $840 $912 $10,196 $11,014 
Balance Sheet
Average
Total loans and leases
$163,662 $174,783 $197,091 $194,442 $12,285 $12,563 $373,038 $381,788 
Total deposits
288,871 263,587 186,351 180,245 50,305 51,241 525,527 495,073 
Period end
Total loans and leases $162,276 $173,248 $197,546 $195,899 $12,467 $12,324 $372,289 $381,471 
Total deposits283,248 265,104 187,766 177,235 51,509 50,391 522,523 492,730 
Business Lending revenue decreased $127 million for the three months ended June 30, 2024 compared to the same period a year ago primarily driven by lower leasing-related revenue and the impact of lower average loan balances. Business lending revenue decreased $57 million for the six months ended June 30, 2024 compared to the same period a year ago primarily driven by the same factors as described in the three-month discussion.
Global Transaction Services revenue decreased $362 million for the three months ended June 30, 2024 primarily driven by the impact of interest rates, partially offset by the benefit of higher average deposit balances and treasury service charges. Global Transaction Services revenue decreased $761 million for the six months ended June 30, 2024 primarily driven by the same factors as described in the three-month discussion.
Average loans and leases of $372.6 billion decreased three percent for the three months ended June 30, 2024, and average loans and leases of $373.0 billion decreased two percent for the six months ended June 30, 2024 due to lower client demand.
Average deposits of $525.4 billion and $522.5 billion for the three and six months ended June 30, 2024 increased six percent for both periods. The increases were due to growth in both domestic and international balances.
Global Investment Banking
Client teams and product specialists underwrite and distribute debt, equity and loan products, and provide advisory services and tailored risk management solutions. The economics of certain investment banking and underwriting activities are shared primarily between Global Banking and Global Markets under an internal revenue-sharing arrangement. Global Banking originates certain deal-related transactions with our corporate and commercial clients that are executed and distributed by Global Markets. To provide a complete discussion of our consolidated investment banking fees, the table below presents total Corporation investment banking fees and the portion attributable to Global Banking.

17 Bank of America



Investment Banking Fees
Global BankingTotal CorporationGlobal BankingTotal Corporation
Three Months Ended June 30Six Months Ended June 30
(Dollars in millions)20242023202420232024202320242023
Products
Advisory$322 $333 $374 $375 $639 $646 $747 $738 
Debt issuance363 263 880 600 746 553 1,765 1,244 
Equity issuance150 122 357 287 300 187 720 455 
Gross investment banking fees
835 718 1,611 1,262 1,685 1,386 3,232 2,437 
Self-led deals(5)(16)(50)(50)(18)(20)(103)(62)
Total investment banking fees
$830 $702 $1,561 $1,212 $1,667 $1,366 $3,129 $2,375 
Total Corporation investment banking fees, which exclude self-led deals and are primarily included within Global Banking and Global Markets, were $1.6 billion and $3.1 billion for the three and six months ended June 30, 2024. The three-month period increased 29 percent compared to the same period in 2023, and the six-month period increased 32 percent compared to the same period in 2023. The increases in both periods were primarily due to higher debt and equity issuance fees.
Global Markets
Three Months Ended June 30Six Months Ended June 30
(Dollars in millions)20242023% Change20242023% Change
Net interest income$770 $297 n/m$1,451 $406 n/m
Noninterest income:
Investment and brokerage services516 499 %1,011 1,032 (2)%
Investment banking fees719 503 43 1,427 972 47 
Market making and similar activities3,218 3,409 (6)7,048 7,807 (10)
All other income236 163 45 405 280 45 
Total noninterest income4,689 4,574 9,891 10,091 (2)
Total revenue, net of interest expense5,459 4,871 12 11,342 10,497 
Provision for credit losses(13)(4)n/m(49)(57)n/m
Noninterest expense3,486 3,349 6,978 6,700 
Income before income taxes1,986 1,526 30 4,413 3,854 15 
Income tax expense576 420 37 1,280 1,060 21 
Net income$1,410 $1,106 27 $3,133 $2,794 12 
Effective tax rate29.0 %27.5 %29.0 %27.5 %
Return on average allocated capital13 10 14 12 
Efficiency ratio63.83 68.74 61.52 63.82 
Balance SheetThree Months Ended June 30Six Months Ended June 30
Average20242023% Change20242023% Change
Trading-related assets:
Trading account securities$321,204 $317,928 %$322,207 $328,529 (2)%
Reverse repurchases139,901 139,480 — 136,991 133,155 
Securities borrowed139,705 120,481 16 137,278 118,392 16 
Derivative assets38,953 43,236 (10)38,318 43,490 (12)
Total trading-related assets639,763 621,125 634,794 623,566 
Total loans and leases135,106 128,539 134,431 126,802 
Total earning assets706,383 657,947 699,615 643,024 
Total assets908,525 877,471 901,952 873,727 
Total deposits31,944 33,222 (4)32,265 34,658 (7)
Allocated capital45,500 45,500 — 45,500 45,500 — 
Period endJune 30
2024
December 31
2023
% Change
Total trading-related assets$619,122 $542,544 14 %
Total loans and leases138,441 136,223 
Total earning assets701,978 637,955 10 
Total assets887,162 817,588 
Total deposits33,151 34,833 (5)
n/m = not meaningful
Global Markets offers sales and trading services and research services to institutional clients across fixed-income, credit, currency, commodity and equity businesses. Global Markets
product coverage includes securities and derivative products in both the primary and secondary markets. For more information about Global Markets, see Business Segment
Bank of America 18


Operations in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
The following explanations for period-over-period changes in results for Global Markets, including those disclosed under Sales and Trading Revenue, are the same for amounts including and excluding net DVA. Amounts excluding net DVA are a non-GAAP financial measure. For more information on net DVA, see Supplemental Financial Data on page 6.
Three-Month Comparison
Net income for Global Markets increased $304 million to $1.4 billion for the three months ended June 30, 2024 compared to the same period in 2023. Net DVA losses totaled $1 million compared to $102 million in 2023. Excluding net DVA, net income increased $227 million to $1.4 billion. These increases were primarily driven by higher revenue, partially offset by higher noninterest expense.
Revenue increased $588 million to $5.5 billion primarily due to higher sales and trading revenue and investment banking fees. Sales and trading revenue increased $394 million, and excluding net DVA, increased $293 million. These increases were primarily driven by higher revenue in Equities.
Noninterest expense increased $137 million to $3.5 billion, primarily driven by revenue-related expenses and continued investments in the business, including technology.
Average total assets increased $31.1 billion to $908.5 billion for the three months ended June 30, 2024 compared to the same period in 2023 driven by increased securities financing activity, higher levels of inventory and loan growth in FICC.
The return on average allocated capital was 13 percent, up from 10 percent in the same period a year ago, reflecting higher net income. For information on capital allocated to the business segments, see Business Segment Operations on page 10.
Six-Month Comparison
Net income for Global Markets increased $339 million to $3.1 billion for the six months ended June 30, 2024 compared to the same period in 2023. Net DVA losses were $86 million compared to $88 million in 2023. Excluding net DVA, net income increased $337 million to $3.2 billion. These increases were primarily driven by higher revenue, partially offset by higher noninterest expense.
Revenue increased $845 million to $11.3 billion primarily due to the same factors as described in the three-month discussion. Sales and trading revenue increased $419 million, and excluding net DVA, sales and trading revenue increased $417 million. These increases were driven by higher revenue in Equities, partially offset by lower revenue in FICC.
Noninterest expense increased $278 million to $7.0 billion, driven by the same factors as described in the three-month discussion.
Average total assets increased $28.2 billion to $902.0 billion, and period-end total assets increased $69.6 billion from December 31, 2023 to $887.2 billion. The increases were driven by higher securities financing activity and higher levels of inventory in FICC.
The return on average allocated capital was 14 percent, up from 12 percent in the same period a year ago, reflecting higher net income.
Sales and Trading Revenue
For a description of sales and trading revenue, see Business Segment Operations in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K. The following table and related discussion present sales and trading revenue, substantially all of which is in Global Markets, with the remainder in Global Banking. In addition, the following table and related discussion also present sales and trading revenue, excluding net DVA, which is a non-GAAP financial measure. For more information on net DVA, see Supplemental Financial Data on page 6.
Sales and Trading Revenue (1, 2, 3)
Three Months Ended June 30Six Months Ended June 30
(Dollars in millions)2024202320242023
Sales and trading revenue (2)
Fixed-income, currencies and commodities$2,742 $2,667 $5,973 $6,107 
Equities1,937 1,618 3,798 3,245 
Total sales and trading revenue$4,679 $4,285 $9,771 $9,352 
Sales and trading revenue, excluding net DVA (4)
Fixed-income, currencies and commodities$2,737 $2,764 $6,044 $6,193 
Equities1,943 1,623 3,813 3,247 
Total sales and trading revenue, excluding net DVA$4,680 $4,387 $9,857 $9,440 
(1)For more information on sales and trading revenue, see Note 3 – Derivatives to the Consolidated Financial Statements.
(2)Includes FTE adjustments of $142 million and $291 million for the three and six months ended June 30, 2024 compared to $85 million and $175 million for the same periods in 2023.
(3)Includes Global Banking sales and trading revenue of $186 million and $330 million for the three and six months ended June 30, 2024 compared to $154 million and $331 million for the same periods in 2023.
(4)FICC and Equities sales and trading revenue, excluding net DVA, is a non-GAAP financial measure. FICC net DVA gains (losses) were $5 million and $(71) million for the three and six months ended June 30, 2024 compared to $(97) million and $(86) million for the same periods in 2023. Equities net DVA gains (losses) were $(6) million and $(15) million for the three and six months ended June 30, 2024 compared to $(5) million and $(2) million for the same periods in 2023.
Three-Month Comparison
Including net DVA, FICC revenue increased $75 million for the three months ended June 30, 2024 compared to the same period in 2023. Excluding net DVA, FICC revenue decreased $27 million. FICC revenue, including and excluding net DVA, was driven by a weaker trading environment for foreign exchange and rates products, largely offset by improved client activity in mortgages, credit and commodities. Including and excluding net DVA, Equities revenue increased $319 million and $320 million driven by a strong trading performance in cash and derivatives.
Six-Month Comparison
Including and excluding net DVA, FICC revenue decreased $134 million and $149 million for the six months ended June 30, 2024 compared to the same period in 2023 driven by a weaker trading environment for macro products, partially offset by improved trading in mortgages. Including and excluding net DVA, Equities revenue increased $553 million and $566 million driven by the same factors as described in the three-month discussion.
19 Bank of America



All Other
Three Months Ended June 30Six Months Ended June 30
(Dollars in millions)20242023% Change20242023% Change
Net interest income$6 $64 (91)%$44 $161 (73)%
Noninterest income (loss)(1,761)(1,831)(4)(3,443)(3,386)
Total revenue, net of interest expense(1,755)(1,767)(1)(3,399)(3,225)
Provision for credit losses(2)(160)(99)(13)(53)(75)
Noninterest expense261 492 (47)1,255 899 40 
Loss before income taxes(2,014)(2,099)(4)(4,641)(4,071)14 
Income tax benefit(1,764)(1,917)(8)(3,695)(3,782)(2)
Net loss$(250)$(182)37 $(946)$(289)n/m
Balance Sheet
Three Months Ended June 30Six Months Ended June 30
Average20242023% Change20242023% Change
Total loans and leases$8,598 $9,745 (12)%$8,735 $9,910 (12)%
Total assets (1)
381,539 276,728 38 368,010 225,014 64 
Total deposits115,766 42,881 n/m107,552 33,842 n/m
Period endJune 30
2024
December 31
2023
% Change
Total loans and leases$8,285 $8,842 (6)%
Total assets (1)
392,181 346,356 13 
Total deposits121,059 92,705 31 
(1)In segments where the total of liabilities and equity exceeds assets, which are generally deposit-taking segments, we allocate assets from All Other to those segments to match liabilities (i.e., deposits) and allocated shareholders’ equity. Average allocated assets were $941.7 billion and $949.8 billion for the three and six months ended June 30, 2024 compared to $977.8 billion and $995.1 billion for the same periods in 2023, and period-end allocated assets were $931.1 billion and $972.9 billion at June 30, 2024 and December 31, 2023.
n/m = not meaningful
All Other primarily consists of ALM activities, liquidating businesses and certain expenses not otherwise allocated to a business segment. ALM activities encompass interest rate and foreign currency risk management activities for which substantially all of the results are allocated to our business segments. For more information on our ALM activities, see Note 17 – Business Segment Information to the Consolidated Financial Statements.
Three-Month Comparison
The net loss in All Other increased $68 million to $250 million primarily due to a lower income tax benefit, partially offset by lower noninterest expense.
Noninterest expense decreased $231 million to $261 million primarily due to lower expenses related to a liquidating business activity.
The income tax benefit decreased $153 million to $1.8 billion due to lower tax preference benefits primarily related to
tax credit investment activity. Both periods included income tax benefit adjustments to eliminate the FTE treatment of certain tax credits recorded in Global Banking and Global Markets.
Six-Month Comparison
The net loss in All Other increased $657 million to $946 million primarily due to higher noninterest expense.
Noninterest expense increased $356 million to $1.3 billion primarily due to a $700 million accrual for the increase in the Corporation’s estimated share of the FDIC special assessment, partially offset by lower expenses related to a liquidating business activity.
The income tax benefit was $3.7 billion, relatively unchanged from the same period a year ago. Both periods included income tax benefit adjustments to eliminate the FTE treatment of certain tax credits recorded in Global Banking and Global Markets.

Bank of America 20


Managing Risk
Risk is inherent in all our business activities. The seven key types of risk faced by the Corporation are strategic, credit, market, liquidity, compliance, operational and reputational. Sound risk management enables us to serve our customers and deliver for our shareholders. If not managed well, risk can result in financial loss, regulatory sanctions and penalties, and damage to our reputation, each of which may adversely impact our ability to execute our business strategies. We take a comprehensive approach to risk management with a defined Risk Framework and an articulated Risk Appetite Statement, which are approved annually by the Enterprise Risk Committee and the Board.
Our Risk Framework serves as the foundation for the consistent and effective management of risks facing the Corporation. The Risk Framework sets forth roles and responsibilities for the management of risk and provides a blueprint for how the Board, through delegation of authority to committees and executive officers, establishes risk appetite and associated limits for our activities.
Our risk appetite provides a common framework that includes a set of measures to assist senior management and the Board in assessing the Corporation’s risk profile across all risk types against our risk appetite and risk capacity. Our risk appetite is formally articulated in the Risk Appetite Statement, which includes both qualitative statements and quantitative limits.
For more information on the Corporation’s risks, see Item 1A. Risk Factors of the Corporation’s 2023 Annual Report on Form 10-K. These risks are being managed within our Risk Framework and supporting risk management programs. For more information on our Risk Framework, risk management activities and the key types of risk faced by the Corporation, see the Managing Risk section in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
Capital Management
The Corporation manages its capital position so that its capital is more than adequate to support its business activities and aligns with risk, risk appetite and strategic planning. For more information, see Capital Management in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
CCAR and Capital Planning
The Federal Reserve requires BHCs to submit a capital plan and planned capital actions on an annual basis, consistent with the rules governing the CCAR capital plan, which includes supervisory stress testing by the Federal Reserve. We submitted our 2024 CCAR capital plan and related supervisory stress tests in April 2024 and received our results on June 26, 2024. Based on the results, our SCB is expected to be 3.2 percent, and the CET1 minimum requirement will be 10.7 percent when finalized. The new SCB will be effective from October 1, 2024 through September 30, 2025.
The Board has authorized the repurchase of up to $25 billion of common stock over time, which includes common stock repurchases to offset shares awarded under the Corporation’s equity-based compensation plans. Pursuant to Board authorization, during the three months ended June 30, 2024, we repurchased $3.5 billion of common stock. For more
information, see Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds on page 105 and Capital Management – CCAR and Capital Planning in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
On July 24, 2024, the Corporation’s Board authorized a $25 billion common stock repurchase program, effective August 1, 2024, to replace the Corporation’s existing program adopted by the Board in October 2021 and subsequently modified in September 2023. The existing repurchase program will expire on August 1, 2024.
The timing and amount of common stock repurchases are subject to various factors, including the Corporation’s capital position, liquidity, financial performance and alternative uses of capital, stock trading price, regulatory requirements and general market conditions, and may be suspended at any time. Such repurchases may be effected through open market purchases or privately negotiated transactions, including repurchase plans that satisfy the conditions of Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (Exchange Act).
Regulatory Capital
As a BHC, we are subject to regulatory capital rules, including Basel 3, issued by U.S. banking regulators. The Corporation's depository institution subsidiaries are also subject to the Prompt Corrective Action (PCA) framework. The Corporation and its primary affiliated banking entity, BANA, are Advanced approaches institutions under Basel 3 and are required to report regulatory risk-based capital ratios and risk-weighted assets (RWA) under both the Standardized and Advanced approaches. The lower of the capital ratios under Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements is used to assess capital adequacy, including under the PCA framework. As of June 30, 2024, the CET1 capital, Tier 1 capital and Total capital ratios under the Standardized approach were the binding ratios.
Minimum Capital Requirements
In order to avoid restrictions on capital distributions and discretionary bonus payments to executive officers, the Corporation must meet risk-based capital ratio requirements that include a capital conservation buffer of 2.5 percent (under the Advanced approaches only), an SCB (under the Standardized approach only), plus any applicable countercyclical capital buffer and a global systemically important bank (G-SIB) surcharge. The buffers and surcharge must be comprised solely of CET1 capital. For the period from January 1, 2024 through September 30, 2024, the Corporation's minimum CET1 capital ratio requirements are 10.0 percent under both the Standardized approach and the Advanced approaches.
The Corporation is required to calculate its G-SIB surcharge on an annual basis under two methods and is subject to the higher of the resulting two surcharges. Method 1 is consistent with the approach prescribed by the Basel Committee’s assessment methodology and is calculated using specified indicators of systemic importance. Method 2 modifies the Method 1 approach by, among other factors, including a measure of the Corporation’s reliance on short-term wholesale funding. Effective January 1, 2024, the Corporation’s G-SIB surcharge, which is higher under Method 2, increased 50 bps, resulting in an increase in our minimum CET1 capital ratio
21 Bank of America



requirement under the Standardized approach to 10.0 percent from 9.5 percent. At June 30, 2024, the Corporation’s CET1 capital ratio of 11.9 percent under the Standardized approach exceeded its CET1 capital ratio requirement.
The Corporation is also required to maintain a minimum supplementary leverage ratio (SLR) of 3.0 percent plus a leverage buffer of 2.0 percent in order to avoid certain restrictions on capital distributions and discretionary bonus payments to executive officers. At June 30, 2024, our insured depository institution subsidiaries exceeded their requirement to
maintain a minimum 6.0 percent SLR to be considered well capitalized under the PCA framework.
Capital Composition and Ratios
Table 8 presents Bank of America Corporation’s capital ratios and related information in accordance with Basel 3 Standardized and Advanced approaches as measured at June 30, 2024 and December 31, 2023. For the periods presented herein, the Corporation met the definition of well capitalized under current regulatory requirements.
Table 8Bank of America Corporation Regulatory Capital under Basel 3
Standardized
Approach
(1)
Advanced
Approaches
(1)
Regulatory
Minimum
(2)
(Dollars in millions, except as noted)June 30, 2024
Risk-based capital metrics:
Common equity tier 1 capital$198,119 $198,119 
Tier 1 capital224,641 224,641 
Total capital (3)
251,434 241,423 
Risk-weighted assets (in billions) 1,661 1,469 
Common equity tier 1 capital ratio11.9 %13.5 %10.0 %
Tier 1 capital ratio13.5 15.3 11.5 
Total capital ratio15.1 16.4 13.5 
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)
$3,196 $3,196 
Tier 1 leverage ratio7.0 %7.0 %4.0 
Supplementary leverage exposure (in billions)$3,757 
Supplementary leverage ratio6.0 %5.0 
December 31, 2023
Risk-based capital metrics:
Common equity tier 1 capital$194,928 $194,928 
Tier 1 capital223,323 223,323 
Total capital (3)
251,399 241,449 
Risk-weighted assets (in billions)1,651 1,459 
Common equity tier 1 capital ratio11.8 %13.4 %9.5 %
Tier 1 capital ratio13.5 15.3 11.0 
Total capital ratio15.2 16.6 13.0 
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)
$3,135 $3,135 
Tier 1 leverage ratio7.1 %7.1 %4.0 
Supplementary leverage exposure (in billions) $3,676 
Supplementary leverage ratio6.1 %5.0 
(1)Capital ratios as of June 30, 2024 and December 31, 2023 are calculated using the regulatory capital rule that allows a five-year transition period related to the adoption of the current expected credit losses (CECL) accounting standard on January 1, 2020.
(2)The CET1 capital regulatory minimum is the sum of the CET1 capital ratio minimum of 4.5 percent, our G-SIB surcharge of 3.0 percent at June 30, 2024 and 2.5 percent at December 31, 2023, and our capital conservation buffer (under the Advanced approaches) or SCB (under the Standardized approach) of 2.5 percent, as applicable. The countercyclical capital buffer was zero for both periods. The SLR regulatory minimum includes a leverage buffer of 2.0 percent.
(3)Total capital under the Advanced approaches differs from the Standardized approach due to differences in the amount permitted in Tier 2 capital related to the qualifying allowance for credit losses.
(4)Reflects total average assets adjusted for certain Tier 1 capital deductions.

At June 30, 2024, CET1 capital was $198.1 billion, an increase of $3.2 billion from December 31, 2023, primarily due to earnings, partially offset by capital distributions. Tier 1 capital increased $1.3 billion primarily driven by the same factors as CET1 capital, partially offset by preferred stock redemptions. Total capital under the Standardized approach increased $35 million primarily due to the same factors driving the increase in Tier 1 capital and an increase in the adjusted allowance for
credit losses included in Tier 2 capital, largely offset by a decrease in subordinated debt. RWA under the Standardized approach, which yielded the lower CET1 capital ratio at June 30, 2024, increased $10.2 billion during 2024 to $1,661 billion primarily driven by client activity in Global Markets and lending activity in GWIM. Supplementary leverage exposure at June 30, 2024 increased $80.2 billion primarily driven by increased activity in Global Markets and ALM activities in All Other.

Bank of America 22


Table 9 shows the capital composition at June 30, 2024 and December 31, 2023.
Table 9Capital Composition under Basel 3
(Dollars in millions)June 30
2024
December 31
2023
Total common shareholders’ equity$267,344 $263,249 
CECL transitional amount (1)
627 1,254 
Goodwill, net of related deferred tax liabilities(68,648)(68,648)
Deferred tax assets arising from net operating loss and tax credit carryforwards(8,074)(7,912)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities(1,467)(1,496)
Defined benefit pension plan net assets(787)(764)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness,
 net-of-tax
1,511 1,342 
Accumulated net (gain) loss on certain cash flow hedges (2)
7,762 8,025 
Other(149)(122)
Common equity tier 1 capital198,119 194,928 
Qualifying preferred stock, net of issuance cost26,547 28,396 
Other(25)(1)
Tier 1 capital224,641 223,323 
Tier 2 capital instruments13,583 15,340 
Qualifying allowance for credit losses (3)
13,564 12,920 
Other(354)(184)
Total capital under the Standardized approach251,434 251,399 
Adjustment in qualifying allowance for credit losses under the Advanced approaches (3)
(10,011)(9,950)
Total capital under the Advanced approaches$241,423 $241,449 
(1)June 30, 2024 and December 31, 2023 include 25 percent and 50 percent of the CECL transition provision’s impact as of December 31, 2021.
(2)Includes amounts in accumulated other comprehensive income (OCI) related to the hedging of items that are not recognized at fair value on the Consolidated Balance Sheet.
(3)Includes the impact of transition provisions related to the CECL accounting standard.
Table 10 shows the components of RWA as measured under Basel 3 at June 30, 2024 and December 31, 2023.
Table 10Risk-weighted Assets under Basel 3
Standardized ApproachAdvanced ApproachesStandardized ApproachAdvanced Approaches
(Dollars in billions)
June 30, 2024December 31, 2023
Credit risk$1,588 $991 $1,580 $983 
Market risk73 73 71 71 
Operational riskn/a359 n/a361 
Risks related to credit valuation adjustmentsn/a46 n/a44 
Total risk-weighted assets$1,661 $1,469 $1,651 $1,459 
n/a = not applicable

23 Bank of America



Bank of America, N.A. Regulatory Capital
Table 11 presents regulatory capital information for BANA in accordance with Basel 3 Standardized and Advanced approaches as measured at June 30, 2024 and December 31, 2023. BANA met the definition of well capitalized under the PCA framework for both periods.
Table 11Bank of America, N.A. Regulatory Capital under Basel 3
Standardized
Approach
(1)
Advanced
Approaches
(1)
Regulatory
Minimum 
(2)
(Dollars in millions, except as noted)June 30, 2024
Risk-based capital metrics:
Common equity tier 1 capital$190,106 $190,106 
Tier 1 capital190,106 190,106 
Total capital (3)
205,041 195,264 
Risk-weighted assets (in billions) 1,406 1,124 
Common equity tier 1 capital ratio13.5 %16.9 %7.0 %
Tier 1 capital ratio13.5 16.9 8.5 
Total capital ratio14.6 17.4 10.5 
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)
$2,492 $2,492 
Tier 1 leverage ratio7.6 %7.6 %5.0 
Supplementary leverage exposure (in billions)$2,944 
Supplementary leverage ratio6.5 %6.0 




December 31, 2023
Risk-based capital metrics:
Common equity tier 1 capital$187,621 $187,621 
Tier 1 capital187,621 187,621 
Total capital (3)
201,932 192,175 
Risk-weighted assets (in billions) 1,395 1,114 
Common equity tier 1 capital ratio13.5 %16.8 %7.0 %
Tier 1 capital ratio13.5 16.8 8.5 
Total capital ratio14.5 17.2 10.5 
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)
$2,471 $2,471 
Tier 1 leverage ratio7.6 %7.6 %5.0 
Supplementary leverage exposure (in billions)$2,910 
Supplementary leverage ratio6.4 %6.0 
(1)Capital ratios as of June 30, 2024 and December 31, 2023 are calculated using the regulatory capital rule that allows a five-year transition period related to the adoption of the CECL accounting standard on January 1, 2020.
(2)Risk-based capital regulatory minimums at both June 30, 2024 and December 31, 2023 are the minimum ratios under Basel 3 including a capital conservation buffer of 2.5 percent. The regulatory minimums for the leverage ratios as of both period ends are the percent required to be considered well capitalized under the PCA framework.
(3)Total capital under the Advanced approaches differs from the Standardized approach due to differences in the amount permitted in Tier 2 capital related to the qualifying allowance for credit losses.
(4)Reflects total average assets adjusted for certain Tier 1 capital deductions.
Total Loss-Absorbing Capacity Requirements
Total loss-absorbing capacity (TLAC) consists of the Corporation’s Tier 1 capital and eligible long-term debt issued directly by the Corporation. Eligible long-term debt for TLAC ratios is comprised of unsecured debt that has a remaining maturity of at least one year and satisfies additional requirements as prescribed in the TLAC final rule. As with the
risk-based capital ratios and SLR, the Corporation is required to maintain TLAC ratios in excess of minimum requirements plus applicable buffers to avoid restrictions on capital distributions and discretionary bonus payments to executive officers. Table 12 presents the Corporation's TLAC and long-term debt ratios and related information as of June 30, 2024 and December 31, 2023.
Bank of America 24


Table 12Bank of America Corporation Total Loss-Absorbing Capacity and Long-Term Debt

TLAC (1)
Regulatory Minimum (2)
Long-term
Debt
Regulatory Minimum (3)
(Dollars in millions)June 30, 2024
Total eligible balance$467,863 $226,808 
Percentage of risk-weighted assets (4)
28.2 %22.0 %13.7 %9.0 %
Percentage of supplementary leverage exposure12.5 9.5 6.0 4.5 
December 31, 2023
Total eligible balance$479,156 $239,892 
Percentage of risk-weighted assets (4)
29.0 %22.0 %14.5 %8.5 %
Percentage of supplementary leverage exposure13.0 9.5 6.5 4.5 
(1)As of June 30, 2024 and December 31, 2023, TLAC ratios are calculated using the regulatory capital rule that allows a five-year transition period related to the adoption of the CECL accounting standard on January 1, 2020.
(2)The TLAC RWA regulatory minimum consists of 18.0 percent plus a TLAC RWA buffer comprised of 2.5 percent plus the Method 1 G-SIB surcharge of 1.5 percent. The countercyclical buffer is zero for both periods. The TLAC supplementary leverage exposure regulatory minimum consists of 7.5 percent plus a 2.0 percent TLAC leverage buffer. The TLAC RWA and leverage buffers must be comprised solely of CET1 capital and Tier 1 capital, respectively.
(3)The long-term debt RWA regulatory minimum is comprised of 6.0 percent plus the Corporation’s G-SIB surcharge of 3.0 percent at June 30, 2024 and 2.5 percent at December 31, 2023. The long-term debt leverage exposure regulatory minimum is 4.5 percent. Effective January 1, 2024, the Corporation’s G-SIB surcharge, which is higher under Method 2, increased 50 bps, resulting in an increase in our long-term debt RWA regulatory minimum requirement to 9.0 percent from 8.5 percent.
(4)The approach that yields the higher RWA is used to calculate TLAC and long-term debt ratios, which was the Standardized approach as of June 30, 2024 and December 31, 2023.
Regulatory Developments
For information on regulatory developments, see Capital Management – Regulatory Developments in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
Regulatory Capital and Securities Regulation
The Corporation’s principal U.S. broker-dealer subsidiaries are BofA Securities, Inc. (BofAS) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S). The Corporation's principal European subsidiaries undertaking broker-dealer activities are Merrill Lynch International (MLI) and BofA Securities Europe SA (BofASE).
The U.S. broker-dealer subsidiaries are subject to the net capital requirements of Rule 15c3-1 under the Exchange Act. BofAS computes its capital requirements as an alternative net capital broker-dealer under Rule 15c3-1e, and MLPF&S computes its capital requirements in accordance with the alternative standard under Rule 15c3-1. BofAS is registered as a futures commission merchant and is subject to Commodity Futures Trading Commission (CFTC) Regulation 1.17. The U.S. broker-dealer subsidiaries are also registered with the Financial Industry Regulatory Authority, Inc. (FINRA). Pursuant to FINRA Rule 4110, FINRA may impose higher net capital requirements than Rule 15c3-1 under the Exchange Act with respect to each of the broker-dealers.
BofAS provides institutional services, and in accordance with the alternative net capital requirements, is required to maintain tentative net capital in excess of $5.0 billion and net capital in excess of the greater of $1.0 billion or a certain percentage of its reserve requirement in addition to a certain percentage of securities-based swap risk margin. BofAS must also notify the SEC in the event its tentative net capital is less than $6.0 billion. BofAS is also required to hold a certain percentage of its customers' and affiliates' risk-based margin in order to meet its CFTC minimum net capital requirement. At June 30, 2024, BofAS had tentative net capital of $22.0 billion. BofAS also had regulatory net capital of $19.3 billion, which exceeded the minimum requirement of $4.1 billion.
MLPF&S provides retail services. At June 30, 2024, MLPF&S' regulatory net capital was $4.2 billion, which exceeded the minimum requirement of $158 million.
Our European broker-dealers are subject to requirements from U.S. and non-U.S. regulators. MLI, a U.K. investment firm, is regulated by the Prudential Regulation Authority and the Financial Conduct Authority and is subject to certain regulatory
capital requirements. At June 30, 2024, MLI’s capital resources were $33.8 billion, which exceeded the minimum Pillar 1 requirement of $12.1 billion.
BofASE, an authorized credit institution with its head office located in France, is regulated by the Autorité de Contrôle Prudentiel et de Résolution and the Autorité des Marchés Financiers, and supervised under the Single Supervisory Mechanism by the European Central Bank. At June 30, 2024, BofASE's capital resources were $9.8 billion, which exceeded the minimum Pillar 1 requirement of $3.5 billion.
In addition, MLI and BofASE remained conditionally registered with the SEC as security-based swap dealers, and maintained net liquid assets at June 30, 2024 that exceeded the applicable minimum requirements under the Exchange Act. The entities are also registered as swap dealers with the CFTC and met applicable capital requirements at June 30, 2024.
Liquidity Risk
Funding and Liquidity Risk Management
Our primary liquidity risk management objective is to meet expected or unexpected cash flow and collateral requirements, including payments under long-term debt agreements, commitments to extend credit and customer deposit withdrawals, while continuing to support our businesses and customers under a range of economic conditions. To achieve that objective, we analyze and monitor our liquidity risk under expected and stressed conditions, maintain liquidity and access to diverse funding sources, including our stable deposit base, and seek to align liquidity-related incentives and risks. These liquidity risk management practices have allowed us to effectively manage market fluctuations from the rising interest rate environment, inflationary pressures and changes in the macroeconomic environment.
We define liquidity as readily available assets, limited to cash and high-quality, liquid, unencumbered securities that we can use to meet our contractual and contingent financial obligations as they arise. We manage our liquidity position through line-of-business and ALM activities, as well as through our legal entity funding strategy, on both a forward and current (including intraday) basis under both expected and stressed conditions. We believe that a centralized approach to funding and liquidity management enhances our ability to monitor liquidity requirements, maximizes access to funding sources,
25 Bank of America



minimizes borrowing costs and facilitates timely responses to liquidity events. For more information on the Corporation’s liquidity risks, see the Liquidity section within Item 1A. Risk Factors of the Corporation’s 2023 Annual Report on Form 10-K. For more information regarding global funding and liquidity risk management, as well as liquidity sources, liquidity arrangements, contingency planning and credit ratings discussed below, see Liquidity Risk in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
NB Holdings Corporation
Bank of America Corporation, as the parent company (the Parent), which is a separate and distinct legal entity from our bank and nonbank subsidiaries, has an intercompany arrangement with our wholly-owned holding company subsidiary, NB Holdings Corporation (NB Holdings). We have transferred, and agreed to transfer, additional Parent assets not required to satisfy anticipated near-term expenditures to NB Holdings. The Parent is expected to continue to have access to the same flow of dividends, interest and other amounts of cash necessary to service its debt, pay dividends and perform other obligations as it would have had it not entered into these arrangements and transferred any assets. These arrangements support our preferred single point of entry resolution strategy, under which only the Parent would be resolved under the U.S. Bankruptcy Code.
Global Liquidity Sources and Other Unencumbered Assets
We maintain liquidity available to the Corporation, including the Parent and selected subsidiaries, in the form of cash and high- quality, liquid, unencumbered securities. Our liquidity buffer, referred to as Global Liquidity Sources (GLS), is comprised of assets that are readily available to the Parent and selected subsidiaries, including holding company, bank and broker-dealer subsidiaries, even during stressed market conditions. Our cash is primarily on deposit with the Federal Reserve Bank and, to a lesser extent, central banks outside of the U.S. We limit the composition of high-quality, liquid, unencumbered securities to U.S. government securities, U.S. agency securities, U.S. agency mortgage-backed securities and other investment-grade securities, and a select group of non-U.S. government securities. We can obtain cash for these securities, even in stressed conditions, through repurchase agreements or outright sales. We hold our GLS in legal entities that allow us to meet the liquidity requirements of our global businesses, and we consider the impact of potential regulatory, tax, legal and other restrictions that could limit the transferability of funds among entities.
Table 13 presents average GLS for the three months ended June 30, 2024 and December 31, 2023.
Table 13Average Global Liquidity Sources
Three Months Ended
(Dollars in billions)June 30 2024December 31 2023
Bank entities$745 $735 
Nonbank and other entities (1)
164 162 
Total Average Global Liquidity Sources
$909 $897 
(1) Nonbank includes Parent, NB Holdings and other regulated entities.
Our bank subsidiaries’ liquidity is primarily driven by deposit and lending activity, as well as securities valuation and net debt activity. Bank subsidiaries can also generate incremental liquidity by pledging a range of unencumbered loans and securities to certain Federal Home Loan Banks (FHLBs) and the
Federal Reserve Discount Window. The cash we could have obtained by borrowing against this pool of specifically-identified eligible assets was $317 billion and $312 billion at June 30, 2024 and December 31, 2023. We have established operational procedures to enable us to borrow against these assets, including regularly monitoring our total pool of eligible loans and securities collateral. Eligibility is defined in guidelines from the FHLBs and the Federal Reserve and is subject to change at their discretion. Due to regulatory restrictions, liquidity generated by the bank subsidiaries can generally be used only to fund obligations within the bank subsidiaries, and transfers to the Parent or nonbank subsidiaries may be subject to prior regulatory approval.
Liquidity is also held in nonbank entities, including the Parent, NB Holdings and other regulated entities. The Parent and NB Holdings liquidity is typically in the form of cash deposited at BANA, which is excluded from the liquidity at bank subsidiaries, and high-quality, liquid, unencumbered securities. Liquidity held in other regulated entities, comprised primarily of broker-dealer subsidiaries, is primarily available to meet the obligations of that entity, and transfers to the Parent or to any other subsidiary may be subject to prior regulatory approval due to regulatory restrictions and minimum requirements. Our other regulated entities also hold unencumbered investment-grade securities and equities that we believe could be used to generate additional liquidity.
Table 14 presents the composition of average GLS for the three months ended June 30, 2024 and December 31, 2023.
Table 14Average Global Liquidity Sources Composition
Three Months Ended
(Dollars in billions)June 30 2024December 31 2023
Cash on deposit$344 $380 
U.S. Treasury securities256 197 
U.S. agency securities, mortgage-backed securities, and other investment-grade securities
286 299 
Non-U.S. government securities23 21 
Total Average Global Liquidity Sources$909 $897 
Our GLS are substantially the same in composition to what qualifies as High Quality Liquid Assets (HQLA) under the final U.S. Liquidity Coverage Ratio (LCR) rules. However, HQLA for purposes of calculating LCR is not reported at market value, but at a lower value that incorporates regulatory deductions and the exclusion of excess liquidity held at certain subsidiaries. The LCR is calculated as the amount of a financial institution’s unencumbered HQLA relative to the estimated net cash outflows the institution could encounter over a 30-day period of significant liquidity stress, expressed as a percentage. Our average consolidated HQLA, on a net basis, was $592 billion and $590 billion for the three months ended June 30, 2024 and December 31, 2023. For the same periods, the average consolidated LCR was 113 percent and 115 percent. Our LCR fluctuates due to normal business flows from customer activity.
Liquidity Stress Analysis
We utilize liquidity stress analysis to assist us in determining the appropriate amounts of liquidity to maintain at the Parent and our subsidiaries to meet contractual and contingent cash outflows under a range of scenarios. For more information on liquidity stress analysis, see Liquidity Risk – Liquidity Stress Analysis in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
Bank of America 26


Net Stable Funding Ratio
The Net Stable Funding Ratio (NSFR) is a liquidity requirement for large banks to maintain a minimum level of stable funding over a one-year period. The requirement is intended to support the ability of banks to lend to households and businesses in both normal and adverse economic conditions and is complementary to the LCR, which focuses on short-term liquidity risks. The U.S. NSFR applies to the Corporation on a consolidated basis and to our insured depository institutions. For the three months ended March 31, 2024 and June 30, 2024, the average consolidated NSFR was 120 percent and 119 percent.
Diversified Funding Sources
We fund our assets primarily with a mix of deposits, and secured and unsecured liabilities through a centralized, globally coordinated funding approach diversified across products, programs, markets, currencies and investor groups. We fund a substantial portion of our lending activities through our deposits, which were $1.91 trillion and $1.92 trillion at June 30, 2024 and December 31, 2023. Our trading activities in other regulated entities are primarily funded on a secured basis through securities lending and repurchase agreements, and these amounts will vary based on customer activity and market conditions.
Deposits
Our deposit base is well-diversified by clients, geography and product type across our business segments. At June 30, 2024, 50 percent of our deposits were in Consumer Banking, 15 percent in GWIM and 27 percent in Global Banking. We consider a substantial portion of our deposit base to be a stable, low-
cost and consistent source of liquidity. At June 30, 2024 approximately 68 percent of consumer and small business deposits and 79 percent of U.S. deposits in Global Banking were held by clients who have had accounts with us for 10 or more years. In addition, at June 30, 2024 and December 31, 2023, 27 percent and 28 percent of our deposits were noninterest bearing and included operating accounts of our consumer and commercial clients. Deposits at June 30, 2024 decreased $13.3 billion from December 31, 2023 primarily due to seasonal deposit outflows and customers’ movement of balances to higher yielding investment alternatives, partially offset by time deposit growth.
During the three months ended June 30, 2024 and 2023, rates paid on deposits were 60 bps and 22 bps in Consumer Banking, 314 bps and 235 bps in GWIM, and 318 bps and 224 bps in Global Banking. For information on rates paid on consolidated deposit balances, see Table 6 on page 8.
Long-term Debt
During the six months ended June 30, 2024, we issued $29.8 billion of long-term debt consisting of $7.8 billion of notes issued by Bank of America Corporation, which were primarily TLAC compliant, $10.6 billion of notes issued by Bank of America, N.A. and $11.4 billion of other debt.
During the six months ended June 30, 2024, we had total long-term debt maturities and redemptions in the aggregate of $33.7 billion consisting of $20.9 billion for Bank of America Corporation, $6.8 billion for Bank of America, N.A. and $6.0 billion of other debt. Table 15 presents the carrying value of aggregate annual contractual maturities of long-term debt at June 30, 2024.
Table 15Long-term Debt by Maturity
(Dollars in millions)Remainder of 20242025202620272028ThereafterTotal
Bank of America Corporation
Senior notes (1)
$— $13,013 $24,560 $21,349 $27,423 $102,997 $189,342 
Senior structured notes317 1,550 1,281 927 1,056 11,231 16,362 
Subordinated notes3,105 5,129 4,865 2,085 913 9,122 25,219 
Junior subordinated notes— — — 191 — 557 748 
Total Bank of America Corporation3,422 19,692 30,706 24,552 29,392 123,907 231,671 
Bank of America, N.A.
Senior notes— 4,913 3,261 — 662 — 8,836 
Subordinated notes— — — — — 1,424 1,424 
Advances from Federal Home Loan Banks4,750 3,712 40 8,521 
Securitizations and other Bank VIEs (2)
— 2,392 3,475 1,249 1,234 274 8,624 
Other21 572 82 18 57 80 830 
Total Bank of America, N.A.4,771 11,589 6,826 1,270 1,961 1,818 28,235 
Other debt
Structured Liabilities2,045 4,702 4,677 4,211 1,983 12,399 30,017 
Nonbank VIEs (2)
35 — 496 551 
Total other debt2,080 4,710 4,683 4,211 1,989 12,895 30,568 
Total long-term debt$10,273 $35,991 $42,215 $30,033 $33,342 $138,620 $290,474 
(1)Total includes $176.5 billion of outstanding notes that are both TLAC eligible and callable one year before their stated maturities, including $9.6 billion during the remainder of 2024, and $21.8 billion, $21.3 billion, $24.6 billion and $19.4 billion during each year of 2025 through 2028, respectively, and $79.8 billion thereafter. For more information on our TLAC eligible and callable outstanding notes, see Liquidity Risk – Diversified Funding Sources in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
(2)Represents liabilities of consolidated variable interest entities (VIEs) included in total long-term debt on the Consolidated Balance Sheet.
Total long-term debt decreased $11.7 billion to $290.5 billion during the six months ended June 30, 2024 primarily due to debt maturities and valuation adjustments, partially offset by debt issuances. We may, from time to time, purchase outstanding debt instruments in various transactions, depending on market conditions, liquidity and other factors. Our other regulated entities may also make markets in our debt instruments to provide liquidity for investors.
During the six months ended June 30, 2024, we issued $14.2 billion of structured notes, which are debt obligations that pay investors returns linked to other debt or equity securities, indices, currencies or commodities. These structured notes are typically issued to meet client demand, and notes with certain attributes may also be TLAC eligible. We typically hedge the returns we are obligated to pay on these liabilities with derivatives and/or investments in the underlying
27 Bank of America



instruments, so that from a funding perspective, the cost is similar to our other unsecured long-term debt. We could be required to settle certain structured note obligations for cash or other securities prior to maturity under certain circumstances, which we consider for liquidity planning purposes. We believe, however, that a portion of such borrowings will remain outstanding beyond the earliest put or redemption date.
Substantially all of our senior and subordinated debt obligations contain no provisions that could trigger a requirement for an early repayment, require additional collateral support, result in changes to terms, accelerate maturity or create additional financial obligations upon an adverse change in our credit ratings, financial ratios, earnings, cash flows or stock price. For more information on long-term debt funding, including issuances and maturities and redemptions, see Note 11 – Long-term Debt to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K.
We use derivative transactions to manage the duration, interest rate and currency risks of our borrowings, considering the characteristics of the assets they are funding. For more information on our ALM activities, see Interest Rate Risk Management for the Banking Book on page 44.
Credit Ratings
Credit ratings and outlooks are opinions expressed by rating agencies on our creditworthiness and that of our obligations or securities, including long-term debt, short-term borrowings, preferred stock and other securities, including asset securitizations. Table 16 presents the Corporation’s current long-term/short-term senior debt ratings and outlooks expressed by the rating agencies.
The ratings and outlooks from Moody's Investors Service, Standard & Poor’s Global Ratings and Fitch Ratings for the Corporation and its subsidiaries have not changed from those disclosed in the Corporation's 2023 Annual Report on Form 10-K.
For more information on additional collateral and termination payments that could be required in connection with certain over-the-counter derivative contracts and other trading agreements in the event of a credit rating downgrade, see Note 3 – Derivatives to the Consolidated Financial Statements herein and Item 1A. Risk Factors of the Corporation’s 2023 Annual Report on Form 10-K.
Table 16Senior Debt Ratings
Moody’s Investors ServiceStandard & Poor’s Global RatingsFitch Ratings
Long-termShort-termOutlookLong-termShort-termOutlookLong-termShort-termOutlook
Bank of America CorporationA1P-1StableA-A-2StableAA-F1+Stable
Bank of America, N.A.Aa1P-1NegativeA+A-1StableAAF1+Stable
Bank of America Europe Designated Activity CompanyNRNRNRA+A-1StableAAF1+Stable
Merrill Lynch, Pierce, Fenner & Smith IncorporatedNRNRNRA+A-1StableAAF1+Stable
BofA Securities, Inc.NRNRNRA+A-1StableAAF1+Stable
Merrill Lynch InternationalNRNRNRA+A-1StableAAF1+Stable
BofA Securities Europe SANRNRNRA+A-1StableAAF1+Stable
NR = not rated
Finance Subsidiary Issuers and Parent Guarantor
BofA Finance LLC, a Delaware limited liability company (BofA Finance), is a consolidated finance subsidiary of the Corporation that has issued and sold, and is expected to continue to issue and sell, its senior unsecured debt securities (Guaranteed Notes) that are fully and unconditionally guaranteed by the Corporation. The Corporation guarantees the due and punctual payment, on demand, of amounts payable on the Guaranteed Notes if not paid by BofA Finance. In addition, each of BAC Capital Trust XIII, BAC Capital Trust XIV and BAC Capital Trust XV, Delaware statutory trusts (collectively, the Trusts) is a 100 percent owned finance subsidiary of the Corporation that has issued and sold trust preferred securities (the Trust Preferred Securities) or capital securities (the Capital Securities and, together with the Guaranteed Notes and the Trust Preferred Securities, the Guaranteed Securities), as applicable, that remained outstanding at June 30, 2024. The Corporation has fully and unconditionally guaranteed (or effectively provided for the full and unconditional guarantee of) all such securities issued by such finance subsidiaries. For more information regarding such guarantees by the Corporation, see Liquidity Risk – Finance Subsidiary Issuers and Parent Guarantor in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
Representations and Warranties Obligations
For information on representations and warranties obligations in connection with the sale of mortgage loans, see Note 12 –
Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K.
Credit Risk Management
For information on our credit risk management activities, see the following: Consumer Portfolio Credit Risk Management on page 29, Commercial Portfolio Credit Risk Management on page 33, Non-U.S. Portfolio on page 39, Allowance for Credit Losses on page 40, Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements, and Credit Risk Management in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K. For information on the Corporation’s loan modification programs, see Note 1 – Summary of Significant Accounting Principles and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements. For more information on the Corporation’s credit risks, see the Credit section within Item 1A. Risk Factors of the Corporation’s 2023 Annual Report on Form 10-K.
During the six months ended June 30, 2024, our net charge-off ratio increased primarily driven by credit card loans and the commercial real estate office portfolio. Commercial reservable criticized exposure increased compared to December 31, 2023 driven by an increase across a broad range of industries excluding commercial real estate, while nonperforming loans remained relatively unchanged. Uncertainty remains regarding
Bank of America 28


broader economic impacts as a result of inflationary pressures, elevated rates and the current geopolitical environment and could lead to adverse impacts to credit quality metrics in future periods.
Consumer Portfolio Credit Risk Management
Credit risk management for the consumer portfolio begins with initial underwriting and continues throughout a borrower’s credit cycle. Statistical techniques in conjunction with experiential judgment are used in all aspects of portfolio management including underwriting, product pricing, risk appetite, setting credit limits, and establishing operating processes and metrics to quantify and balance risks and returns. Statistical models are built using detailed behavioral information from external sources, such as credit bureaus, and/or internal historical experience and are a component of our consumer credit risk management process. These models are used in part to assist in making both new and ongoing credit decisions as well as portfolio management strategies, including authorizations and line management, collection practices and strategies, and determination of the allowance for loan and lease losses and allocated capital for credit risk.
Consumer Credit Portfolio
During the six months ended June 30, 2024, the U.S. unemployment rate remained relatively stable and home prices continued to rise. During the three and six months ended June 30, 2024, net charge-offs increased $339 million and $714 million to $1.1 billion and $2.1 billion compared to the same periods in 2023, primarily due to higher credit card loan charge-offs.
The consumer allowance for loan and lease losses was $8.5 billion, relatively unchanged from December 31, 2023. For more information, see Allowance for Credit Losses on page 40.
For more information on our accounting policies regarding delinquencies, nonperforming status, charge-offs and loan modifications for the consumer portfolio, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements.
Table 17 presents our outstanding consumer loans and leases, consumer nonperforming loans and accruing consumer loans past due 90 days or more.
Table 17Consumer Credit Quality
 OutstandingsNonperformingAccruing Past Due
90 Days or More
(Dollars in millions)June 30
2024
December 31
2023
June 30
2024
December 31
2023
June 30
2024
December 31
2023
Residential mortgage (1)
$227,870 $228,403 $2,097 $2,114 $211 $252 
Home equity 25,442 25,527 422 450  — 
Credit card99,450 102,200 n/an/a1,257 1,224 
Direct/Indirect consumer (2)
103,834 103,468 152 148 6 
Other consumer117 124  —  — 
Consumer loans excluding loans accounted for under the fair value option
$456,713 $459,722 $2,671 $2,712 $1,474 $1,478 
Loans accounted for under the fair value option (3)
231 243 
Total consumer loans and leases $456,944 $459,965 
Percentage of outstanding consumer loans and leases (4)
n/an/a0.58 %0.59 %0.32 %0.32 %
Percentage of outstanding consumer loans and leases, excluding fully-insured loan portfolios (4)
n/an/a0.60 0.60 0.28 0.27 
(1)Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At June 30, 2024 and December 31, 2023, residential mortgage included $125 million and $156 million of loans on which interest had been curtailed by the Federal Housing Administration (FHA), and therefore were no longer accruing interest, although principal was still insured, and $86 million and $96 million of loans on which interest was still accruing.
(2)Outstandings primarily includes auto and specialty lending loans and leases of $53.6 billion and $53.9 billion, U.S. securities-based lending loans of $46.7 billion and $46.0 billion at June 30, 2024 and December 31, 2023, and non-U.S. consumer loans of $2.8 billion at both June 30, 2024 and December 31, 2023.
(3)For more information on the fair value option, see Note 15 – Fair Value Option to the Consolidated Financial Statements.
(4)Excludes consumer loans accounted for under the fair value option. At June 30, 2024 and December 31, 2023, loans accounted for under the fair value option past due 90 days or more and not accruing interest were insignificant.
n/a= not applicable

29 Bank of America



Table 18 presents net charge-offs and related ratios for consumer loans and leases.
Table 18Consumer Net Charge-offs and Related Ratios
Net Charge-offs
Net Charge-off Ratios (1)
Three Months Ended
June 30
Six Months Ended
June 30
Three Months Ended
June 30
Six Months Ended
June 30
(Dollars in millions)20242023202420232024202320242023
Residential mortgage$ $$3 $ %— % %— %
Home equity(14)(16)(27)(28)(0.23)(0.25)(0.21)(0.21)
Credit card955 610 1,854 1,111 3.88 2.60 3.75 2.41 
Direct/Indirect consumer51 17 116 18 0.20 0.06 0.23 0.03 
Other consumer67 107 141 269 n/mn/mn/mn/m
Total$1,059 $720 $2,087 $1,373 0.93 0.64 0.92 0.61 
(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.
n/m = not meaningful
We believe that the presentation of information adjusted to exclude the impact of the fully-insured loan portfolio and loans accounted for under the fair value option is more representative of the ongoing operations and credit quality of the business. As a result, in the following tables and discussions of the residential mortgage and home equity portfolios, we exclude loans accounted for under the fair value option and provide information that excludes the impact of the fully-insured loan portfolio in certain credit quality statistics.
Residential Mortgage
The residential mortgage portfolio made up the largest percentage of our consumer loan portfolio at 50 percent of consumer loans and leases at June 30, 2024. Approximately 51 percent of the residential mortgage portfolio was in Consumer Banking, 46 percent was in GWIM and the remaining portion was in All Other.
Outstanding balances in the residential mortgage portfolio decreased $533 million during the six months ended June 30, 2024, as paydowns and payoffs outpaced new originations.
At June 30, 2024 and December 31, 2023, the residential mortgage portfolio included $10.5 billion and $11.0 billion of outstanding fully-insured loans, of which $2.1 billion and $2.2 billion had FHA insurance, with the remainder protected by Fannie Mae long-term standby agreements.
Table 19 presents certain residential mortgage key credit statistics on both a reported basis and excluding the fully-insured loan portfolio. The following discussion presents the residential mortgage portfolio excluding the fully-insured loan portfolio.
Table 19Residential Mortgage – Key Credit Statistics
Reported Basis (1)
Excluding Fully-insured Loans (1)
(Dollars in millions)June 30
2024
December 31
2023
June 30
2024
December 31
2023
Outstandings$227,870 $228,403 $217,377 $217,439 
Accruing past due 30 days or more1,452 1,513 987 986 
Accruing past due 90 days or more211 252  — 
Nonperforming loans (2)
2,097 2,114 2,097 2,114 
Percent of portfolio    
Refreshed LTV greater than 90 but less than or equal to 1001 %%1 %%
Refreshed LTV greater than 100 —  — 
Refreshed FICO below 6201 1 
(1)Outstandings, accruing past due, nonperforming loans and percentages of portfolio exclude loans accounted for under the fair value option.
(2)Includes loans that are contractually current that have not yet demonstrated a sustained period of payment performance following a modification.
Nonperforming outstanding balances in the residential mortgage portfolio remained relatively unchanged during the six months ended June 30, 2024. Of the nonperforming residential mortgage loans at June 30, 2024, $1.3 billion, or 63 percent, were current on contractual payments. Loans accruing past due 30 days or more of $987 million also remained relatively unchanged.
Of the $217.4 billion in total residential mortgage loans outstanding at June 30, 2024, $63.5 billion, or 29 percent, of loans were originated as interest-only. The outstanding balance of interest-only residential mortgage loans that had entered the amortization period was $3.5 billion, or six percent, at June 30, 2024. Residential mortgage loans that have entered the amortization period generally experience a higher rate of early stage delinquencies and nonperforming status compared to the residential mortgage portfolio as a whole. At June 30, 2024,
$49 million, or one percent, of outstanding interest-only residential mortgages that had entered the amortization period were accruing past due 30 days or more compared to $987 million, or less than one percent, for the entire residential mortgage portfolio. In addition, at June 30, 2024, $197 million, or six percent, of outstanding interest-only residential mortgage loans that had entered the amortization period were nonperforming, of which $75 million were contractually current. Loans that have yet to enter the amortization period in our interest-only residential mortgage portfolio are primarily well-collateralized loans to our wealth management clients and have an interest-only period of three years to 10 years. Substantially all of these loans that have yet to enter the amortization period will not be required to make a fully-amortizing payment until 2026 or later.
Bank of America 30


Table 20 presents outstandings, nonperforming loans and net charge-offs by certain state concentrations for the residential mortgage portfolio. In the New York area, the New York-Northern New Jersey-Long Island Metropolitan Statistical Area (MSA) made up 15 percent of outstandings at both
June 30, 2024 and December 31, 2023. The Los Angeles-Long Beach-Santa Ana MSA within California represented 14 percent of outstandings at both June 30, 2024 and December 31, 2023.
Table 20Residential Mortgage State Concentrations
Outstandings (1)
Nonperforming (1)
Net Charge-offs
June 30
2024
December 31
2023
June 30
2024
December 31
2023
Three Months Ended
June 30
Six Months Ended
June 30
(Dollars in millions)2024202320242023
California$81,240 $81,085 $634 $641 $ $(1)$2 $(1)
New York25,864 25,975 317 320 1 1 
Florida15,605 15,450 138 131 (1)— (1)(2)
Texas9,313 9,361 88 88   
New Jersey8,626 8,671 94 97 (1)(1)(1)(1)
Other76,729 76,897 826 837 1 2 
Residential mortgage loans$217,377 $217,439 $2,097 $2,114 $ $$3 $
Fully-insured loan portfolio10,493 10,964     
Total residential mortgage loan portfolio$227,870 $228,403     
(1)Outstandings and nonperforming loans exclude loans accounted for under the fair value option.
Home Equity
At June 30, 2024, the home equity portfolio made up six percent of the consumer portfolio and was comprised of home equity lines of credit (HELOCs), home equity loans and reverse mortgages. HELOCs generally have an initial draw period of 10 years, and after the initial draw period ends, the loans generally convert to 15- or 20-year amortizing loans. We no longer originate home equity loans or reverse mortgages.
At June 30, 2024, 84 percent of the home equity portfolio was in Consumer Banking, 10 percent was in GWIM and the remainder of the portfolio was in All Other. Outstanding balances in the home equity portfolio decreased $85 million during the six months ended June 30, 2024 primarily due to paydowns outpacing draws on existing lines and new originations. Of the
total home equity portfolio at June 30, 2024 and December 31, 2023, $9.7 billion and $10.1 billion, or 38 percent and 39 percent, were in first-lien positions. At June 30, 2024, outstanding balances in the home equity portfolio that were in a second-lien or more junior-lien position and where we also held the first-lien loan totaled $4.4 billion, or 17 percent, of our total home equity portfolio.
Unused HELOCs totaled $45.3 billion and $45.1 billion at June 30, 2024 and December 31, 2023. The HELOC utilization rate was 35 percent at both June 30, 2024 and December 31, 2023.
Table 21 presents certain home equity portfolio key credit statistics.
Table 21
Home Equity – Key Credit Statistics (1)
(Dollars in millions)June 30 2024December 31 2023
Outstandings$25,442 $25,527 
Accruing past due 30 days or more87 95 
Nonperforming loans (2)
422 450 
Percent of portfolio
Refreshed CLTV greater than 90 but less than or equal to 100 %— %
Refreshed CLTV greater than 100 — 
Refreshed FICO below 6203 
(1)Outstandings, accruing past due, nonperforming loans and percentages of the portfolio exclude loans accounted for under the fair value option.
(2)Includes loans that are contractually current that have not yet demonstrated a sustained period of payment performance following a modification.
Nonperforming outstanding balances in the home equity portfolio decreased $28 million to $422 million at June 30, 2024, primarily driven by paydowns and payoffs and returns to performing status outpacing new additions. Of the nonperforming home equity loans at June 30, 2024, $253 million, or 60 percent, were current on contractual payments. In addition, $94 million, or 22 percent, were 180 days or more past due and had been written down to the estimated fair value of the collateral, less costs to sell. Accruing loans that were 30 days or more past due remained relatively unchanged during the six months ended June 30, 2024.
Of the $25.4 billion in total home equity portfolio outstandings at June 30, 2024, as shown in Table 21, 10 percent require interest-only payments. The outstanding balance of HELOCs that had reached the end of their draw period and
entered the amortization period was $3.6 billion at June 30, 2024. The HELOCs that have entered the amortization period have experienced a higher percentage of early stage delinquencies and nonperforming status when compared to the HELOC portfolio as a whole. At June 30, 2024, $36 million, or one percent, of outstanding HELOCs that had entered the amortization period were accruing past due 30 days or more. In addition, at June 30, 2024, $262 million, or seven percent, were nonperforming.
For our interest-only HELOC portfolio, we do not actively track how many of our home equity customers pay only the minimum amount due on their home equity loans and lines; however, we can infer some of this information through a review of our HELOC portfolio that we service and is still in its revolving period. During the six months ended June 30, 2024, 29 percent
31 Bank of America



of these customers with an outstanding balance did not pay any principal on their HELOCs.
Table 22 presents outstandings, nonperforming balances and net recoveries by certain state concentrations for the home equity portfolio. In the New York area, the New York-Northern New Jersey-Long Island MSA made up 11 percent of the
outstanding home equity portfolio at both June 30, 2024 and December 31, 2023. The Los Angeles-Long Beach-Santa Ana MSA within California made up 10 percent of the outstanding home equity portfolio at both June 30, 2024 and December 31, 2023.
Table 22Home Equity State Concentrations
Outstandings (1)
Nonperforming (1)
Net Charge-Offs
June 30
2024
December 31
2023
June 30
2024
December 31
2023
Three Months Ended
June 30
Six Months Ended
June 30
(Dollars in millions)2024202320242023
California$6,960 $6,966 $105 $109 $(2)$(1)$(5)$(2)
Florida2,539 2,576 49 53 (2)(2)(4)(5)
New Jersey1,830 1,870 38 46 (2)(3)(4)(3)
New York1,527 1,590 66 71 (2)(2)(2)(4)
Texas1,457 1,410 15 16  —  — 
Other11,129 11,115 149 155 (6)(8)(12)(14)
Total home equity loan portfolio$25,442 $25,527 $422 $450 $(14)$(16)$(27)$(28)
(1)Outstandings and nonperforming loans exclude loans accounted for under the fair value option.
Credit Card
At June 30, 2024, 97 percent of the credit card portfolio was managed in Consumer Banking with the remainder in GWIM. Outstandings in the credit card portfolio decreased $2.8 billion during the six months ended June 30, 2024 to $99.5 billion as payments more than offset purchase volume and card transfers. Net charge-offs increased $345 million to $955 million and $743 million to $1.9 billion during the three and six months ended June 30, 2024 compared to the same periods in 2023.
Credit card loans 30 days or more past due and still accruing interest of $2.4 billion, and 90 days or more past due and still accruing interest of $1.3 billion remained relatively unchanged at June 30, 2024.
Unused lines of credit for credit card increased to $396.5 billion at June 30, 2024 from $390.2 billion at December 31, 2023.
Table 23 presents certain state concentrations for the credit card portfolio.
Table 23Credit Card State Concentrations
OutstandingsAccruing Past Due
90 Days or More
Net Charge-offs
June 30
2024
December 31
2023
June 30
2024
December 31
2023
Three Months Ended
June 30
Six Months Ended
June 30
(Dollars in millions)2024202320242023
California$16,518 $16,952 $235 $216 $177 $109 $338 $197 
Florida10,325 10,521 172 168 130 80 253 149 
Texas8,739 8,978 127 125 94 57 184 105 
New York5,574 5,788 79 84 60 51 122 90 
Washington5,339 5,352 43 41 31 18 58 32 
Other52,955 54,609 601 590 463 295 899 538 
Total credit card portfolio$99,450 $102,200 $1,257 $1,224 $955 $610 $1,854 $1,111 
Direct/Indirect Consumer
At June 30, 2024, 52 percent of the direct/indirect portfolio was included in Consumer Banking (consumer auto and recreational vehicle lending) and 48 percent was included in
GWIM (principally securities-based lending loans). Outstandings in the direct/indirect portfolio increased $366 million during the six months ended June 30, 2024 to $103.8 billion driven by increases in securities-based lending.

Bank of America 32


Table 24 presents certain state concentrations for the direct/indirect consumer loan portfolio.
Table 24Direct/Indirect State Concentrations
OutstandingsNonperformingNet Charge-offs
June 30
2024
December 31
2023
June 30
2024
December 31
2023
Three Months Ended
June 30
Six Months Ended
June 30
(Dollars in millions)2024202320242023
California$15,502 $15,416 $30 $27 $12 $$27 $
Florida13,953 13,550 18 18 6 15 
Texas9,859 9,668 15 14 7 15 
New York7,365 7,335 13 11 3 7 
New Jersey4,401 4,376 6 2 4 
Other52,754 53,123 70 73 21 48 
Total direct/indirect loan portfolio$103,834 $103,468 $152 $148 $51 $17 $116 $18 
Other Consumer
Other consumer primarily consists of deposit overdraft balances. Net charge-offs decreased $40 million to $67 million and $128 million to $141 million during the three and six months ended June 30, 2024 compared to the same periods in 2023, primarily driven by lower overdraft losses from fraud activity.
Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity
Table 25 presents nonperforming consumer loans, leases and foreclosed properties activity for the three and six months
ended June 30, 2024 and 2023. During the six months ended June 30, 2024, nonperforming consumer loans of $2.7 billion remained relatively unchanged.
At June 30, 2024, $460 million, or 17 percent, of nonperforming loans were 180 days or more past due and had been written down to their estimated property value less costs to sell. In addition, at June 30, 2024, $1.6 billion, or 61 percent, of nonperforming consumer loans were current and classified as nonperforming loans in accordance with applicable policies.
During the six months ended June 30, 2024, foreclosed properties of $114 million remained relatively unchanged.
Table 25Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity
Three Months Ended
June 30
Six Months Ended
June 30
(Dollars in millions)2024202320242023
Nonperforming loans and leases, beginning of period$2,697 $2,714 $2,712 $2,754 
Additions 223 258 477 511 
Reductions:
Paydowns and payoffs(118)(131)(249)(234)
Sales(1)(2)(2)(4)
Returns to performing status (1)
(121)(92)(234)(262)
Charge-offs(7)(13)(17)(25)
Transfers to foreclosed properties (2)(5)(16)(11)
Total net additions (reductions) to nonperforming loans and leases
(26)15 (41)(25)
Total nonperforming loans and leases, June 30
2,671 2,729 2,671 2,729 
Foreclosed properties, June 30
114 97 114 97 
Nonperforming consumer loans, leases and foreclosed properties, June 30 (2)
$2,785 $2,826 $2,785 $2,826 
Nonperforming consumer loans and leases as a percentage of outstanding consumer loans and leases (3)
0.58 %0.60 %
Nonperforming consumer loans, leases and foreclosed properties as a percentage of outstanding consumer loans, leases and foreclosed properties (3)
0.61 0.62 
(1)Consumer loans 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.
(2)Includes repossessed non-real estate assets of $22 million and $0 at June 30, 2024 and 2023.
(3)Outstanding consumer loans and leases exclude loans accounted for under the fair value option.

Commercial Portfolio Credit Risk Management
Commercial credit risk is evaluated and managed with the goal that concentrations of credit exposure continue to be aligned with our risk appetite. We review, measure and manage concentrations of credit exposure by industry, product, geography, customer relationship and loan size. We also review, measure and manage commercial real estate loans by geographic location and property type. In addition, within our non-U.S. portfolio, we evaluate exposures by region and by country. Tables 30, 32 and 35 summarize our concentrations. We also utilize syndications of exposure to third parties, loan sales, hedging and other risk mitigation techniques to manage
the size and risk profile of the commercial credit portfolio. For more information on our industry concentrations, see Table 32 and Commercial Portfolio Credit Risk Management – Industry Concentrations on page 37.
For more information on our accounting policies regarding delinquencies, nonperforming status, net charge-offs and loan modifications for the commercial portfolio, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements.
33 Bank of America



Commercial Credit Portfolio
Outstanding commercial loans and leases increased $6.1 billion during the six months ended June 30, 2024 due to growth in U.S. commercial, primarily in GWIM and Global Markets. During the six months ended June 30, 2024, commercial credit quality deteriorated as reservable criticized utilized exposure increased primarily driven by U.S. commercial across a broad range of industries while commercial nonperforming loans remained relatively unchanged. Commercial net charge-offs increased $325 million and $641 million to $474 million and $944 million during the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to higher losses in the commercial real estate office portfolio.
With the exception of the office property type, which is further discussed in the Commercial Real Estate section herein, credit quality of commercial real estate borrowers has remained relatively stable since December 31, 2023; however, we are closely monitoring emerging trends and borrower performance in the higher interest rate environment. Recent demand for office space has been stagnant, and future demand for office space continues to be uncertain as companies evaluate space needs with employment models that utilize a mix of remote and conventional office use.
The commercial allowance for loan and lease losses decreased $98 million during the six months ended June 30, 2024 to $4.7 billion. For more information, see Allowance for Credit Losses on page 40.
Total commercial utilized credit exposure increased $1.5 billion during the six months ended June 30, 2024 to $697.8 billion primarily driven by increased loans and leases, partially offset by lower derivative assets. The utilization rate for loans and leases, standby letters of credit (SBLCs) and financial guarantees, and commercial letters of credit, in the aggregate, was 55 percent at both June 30, 2024 and December 31, 2023.
Table 26 presents commercial credit exposure by type for utilized, unfunded and total binding committed credit exposure. Commercial utilized credit exposure includes SBLCs and financial guarantees and commercial letters of credit that have been issued and for which we are legally bound to advance funds under prescribed conditions during a specified time period, and excludes exposure related to trading account assets. Although funds have not yet been advanced, these exposure types are considered utilized for credit risk management purposes.
Table 26Commercial Credit Exposure by Type
 
Commercial Utilized (1)
Commercial Unfunded (2, 3, 4)
Total Commercial Committed
(Dollars in millions)June 30
2024
December 31 2023June 30
2024
December 31 2023June 30
2024
December 31 2023
Loans and leases$599,841 $593,767 $512,178 $507,641 $1,112,019 $1,101,408 
Derivative assets (5)
35,956 39,323  — 35,956 39,323 
Standby letters of credit and financial guarantees31,290 31,348 1,912 1,953 33,202 33,301 
Debt securities and other investments17,902 20,422 4,595 3,083 22,497 23,505 
Loans held-for-sale5,996 4,338 5,482 4,904 11,478 9,242 
Operating leases5,191 5,312  — 5,191 5,312 
Commercial letters of credit874 943 165 232 1,039 1,175 
Other763 846  — 763 846 
Total$697,813 $696,299 $524,332 $517,813 $1,222,145 $1,214,112 
(1)Commercial utilized exposure includes loans of $3.0 billion and $3.3 billion accounted for under the fair value option at June 30, 2024 and December 31, 2023.
(2)Commercial unfunded exposure includes commitments accounted for under the fair value option with a notional amount of $3.2 billion and $2.6 billion at June 30, 2024 and December 31, 2023.
(3)Excludes unused business card lines, which are not legally binding.
(4)Includes the notional amount of unfunded legally binding lending commitments, net of amounts distributed (i.e., syndicated or participated) to other financial institutions. The distributed amounts were $10.3 billion at both June 30, 2024 and December 31, 2023.
(5)Derivative assets are carried at fair value, reflect the effects of legally enforceable master netting agreements and have been reduced by cash collateral of $27.4 billion and $29.4 billion at June 30, 2024 and December 31, 2023. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $56.8 billion and $56.1 billion at June 30, 2024 and December 31, 2023, which consists primarily of other marketable securities.

Bank of America 34


Table 27 presents our commercial loans and leases portfolio and related credit quality information at June 30, 2024 and December 31, 2023.
Table 27Commercial Credit Quality
OutstandingsNonperforming Accruing Past Due
90 Days or More
(Dollars in millions)June 30
2024
December 31 2023June 30
2024
December 31 2023June 30
2024
December 31 2023
Commercial and industrial:
U.S. commercial$369,139 $358,931 $700 $636 $68 $51 
Non-U.S. commercial122,183 124,581 90 175 3 
Total commercial and industrial491,322 483,512 790 811 71 55 
Commercial real estate70,284 72,878 1,971 1,927 59 32 
Commercial lease financing14,874 14,854 19 19 7 
576,480 571,244 2,780 2,757 137 94 
U.S. small business commercial (1)
20,395 19,197 22 16 189 184 
Commercial loans excluding loans accounted for under the fair value option$596,875 $590,441 $2,802 $2,773 $326 $278 
Loans accounted for under the fair value option (2)
2,966 3,326 
Total commercial loans and leases$599,841 $593,767 
(1)Includes card-related products.
(2)Commercial loans accounted for under the fair value option includes U.S. commercial of $2.0 billion and $2.2 billion and non-U.S. commercial of $945 million and $1.2 billion at June 30, 2024 and December 31, 2023. For more information on the fair value option, see Note 15 – Fair Value Option to the Consolidated Financial Statements.
Table 28 presents net charge-offs and related ratios for our commercial loans and leases for the three and six months ended June 30, 2024 and 2023.
Table 28Commercial Net Charge-offs and Related Ratios
Net Charge-offs
Net Charge-off Ratios (1)
Three Months Ended
June 30
Six Months Ended
June 30
Three Months Ended
June 30
Six Months Ended
June 30
(Dollars in millions)20242023202420232024202320242023
Commercial and industrial:
U.S. commercial$87 $153 $52 0.10 %0.01 %0.08 %0.03 %
Non-U.S. commercial(3)— (12)20 (0.01)— (0.02)0.03 
Total commercial and industrial84 141 72 0.07 — 0.06 0.03 
Commercial real estate272 69 576 91 1.53 0.37 1.62 0.25 
Commercial lease financing 1 —  — 0.01 — 
356 75 718 163 0.25 0.05 0.25 0.06 
U.S. small business commercial118 74 226 140 2.35 1.62 2.28 1.55 
Total commercial$474 $149 $944 $303 0.32 0.10 0.32 0.10 
(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.
Table 29 presents commercial reservable criticized utilized exposure by loan type. Criticized exposure corresponds to the Special Mention, Substandard and Doubtful asset categories as defined by regulatory authorities. Total commercial reservable criticized utilized exposure increased $1.5 billion during the six
months ended June 30, 2024 primarily driven by U.S. commercial, partially offset by commercial real estate. At June 30, 2024 and December 31, 2023, 90 percent and 89 percent of commercial reservable criticized utilized exposure was secured.
Table 29
Commercial Reservable Criticized Utilized Exposure (1, 2)
(Dollars in millions)June 30, 2024December 31, 2023
Commercial and industrial:
U.S. commercial$13,758 3.48 %$12,006 3.12 %
Non-U.S. commercial1,835 1.44 1,787 1.37 
Total commercial and industrial15,593 2.98 13,793 2.68 
Commercial real estate8,314 11.62 8,749 11.80 
Commercial lease financing211 1.42 166 1.12 
24,118 3.96 22,708 3.76 
U.S. small business commercial643 3.16 592 3.08 
Total commercial reservable criticized utilized exposure$24,761 3.94 $23,300 3.74 
(1)Total commercial reservable criticized utilized exposure includes loans and leases of $23.7 billion and $22.5 billion and commercial letters of credit of $1.0 billion and $795 million at June 30, 2024 and December 31, 2023.
(2)Percentages are calculated as commercial reservable criticized utilized exposure divided by total commercial reservable utilized exposure for each exposure category.

35 Bank of America



Commercial and Industrial
Commercial and industrial loans include U.S. commercial and non-U.S. commercial portfolios.
U.S. Commercial
At June 30, 2024, 62 percent of the U.S. commercial loan portfolio, excluding small business, was managed in Global Banking, 22 percent in Global Markets, 15 percent in GWIM (loans that provide financing for asset purchases, business investments and other liquidity needs for high net worth clients) and the remainder primarily in Consumer Banking. U.S. commercial loans increased $10.2 billion, or three percent, during the six months ended June 30, 2024 primarily driven by Global Banking and GWIM. Reservable criticized utilized exposure increased $1.8 billion, or 15 percent, driven by a broad range of industries.
Non-U.S. Commercial
At June 30, 2024, 60 percent of the non-U.S. commercial loan portfolio was managed in Global Banking, 39 percent in Global Markets and the remainder primarily in GWIM. Non-U.S. commercial loans decreased $2.4 billion, or two percent, during the six months ended June 30, 2024 primarily driven by Global Banking. Reservable criticized utilized exposure increased $48 million, or three percent. For information on the non-U.S. commercial portfolio, see Non-U.S. Portfolio on page 39.
Commercial Real Estate
Commercial real estate primarily includes commercial loans secured by non-owner-occupied real estate and is dependent on the sale or lease of the real estate as the primary source of repayment. Outstanding loans decreased $2.6 billion, or four percent, during the six months ended June 30, 2024 to $70.3 billion primarily driven by the office property type. The
commercial real estate portfolio is primarily managed in Global Banking and consists of loans made primarily to public and private developers, and commercial real estate firms. The portfolio remains diversified across property types and geographic regions. California represented the largest state concentration at 20 percent of commercial real estate at both June 30, 2024 and December 31, 2023.
Reservable criticized utilized exposure decreased $435 million, or five percent, during the six months ended June 30, 2024 primarily driven by office loans. Office loans represented the largest property type concentration at 23 percent of the commercial real estate portfolio at June 30, 2024, and approximately two percent of total loans for the Corporation. This property type is roughly 75 percent Class A and had an origination loan-to-value of approximately 55 percent. Reservable criticized exposure for the office property type was $5.1 billion at June 30, 2024, and approximately $4.8 billion of office loans are scheduled to mature by the end of 2024.
During the three and six months ended June 30, 2024, net charge-offs increased by $203 million and $485 million to $272 million and $576 million compared to the same periods in 2023 driven by office loans. We use a number of proactive risk mitigation initiatives to reduce adversely rated exposure in the commercial real estate portfolio, including transfers of deteriorating exposures for management by independent special asset officers and the pursuit of loan restructurings or asset sales to achieve the best results for our customers and the Corporation.
Table 30 presents outstanding commercial real estate loans by geographic region, based on the geographic location of the collateral, and by property type.
Table 30Outstanding Commercial Real Estate Loans
(Dollars in millions)June 30
2024
December 31 2023
By Geographic Region   
Northeast$15,966 $15,920 
California14,085 14,551 
Southwest8,566 9,318 
Southeast7,245 8,368 
Florida4,654 4,986 
Midwest3,414 3,149 
Illinois3,266 3,361 
Midsouth2,833 2,785 
Northwest2,100 2,095 
Non-U.S. 5,891 6,052 
Other 2,264 2,293 
Total outstanding commercial real estate loans
$70,284 $72,878 
By Property Type  
Non-residential
Office$16,314 $17,976 
Industrial / Warehouse14,675 14,746 
Multi-family rental11,561 10,606 
Shopping centers / Retail5,640 5,756 
Hotel / Motels5,051 5,665 
Multi-use2,131 2,681 
Other14,080 14,201 
Total non-residential69,452 71,631 
Residential832 1,247 
Total outstanding commercial real estate loans
$70,284 $72,878 

Bank of America 36


U.S. Small Business Commercial
The U.S. small business commercial loan portfolio is comprised of small business card loans and small business loans primarily managed in Consumer Banking. Credit card-related products were 54 percent of the U.S. small business commercial portfolio at both June 30, 2024 and December 31, 2023 and represented 99 percent and 98 percent of net charge-offs for the three and six months ended June 30, 2024 compared to 98 percent for the same periods in 2023. Accruing past due 90 days or more of $189 million remained relatively unchanged.
Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity
Table 31 presents the nonperforming commercial loans, leases and foreclosed properties activity during the three and six months ended June 30, 2024 and 2023. Nonperforming loans do not include loans accounted for under the fair value option. During the six months ended June 30, 2024, nonperforming commercial loans and leases increased $29 million to $2.8 billion. At June 30, 2024, 94 percent of commercial nonperforming loans, leases and foreclosed properties were secured, and 42 percent were contractually current. Commercial nonperforming loans were carried at 79 percent of their unpaid principal balance, as the carrying value of these loans has been reduced to the estimated collateral value less costs to sell.
Table 31
Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity (1, 2)
Three Months Ended
June 30
Six Months Ended
June 30
(Dollars in millions)2024202320242023
Nonperforming loans and leases, beginning of period$3,186 $1,204 $2,773 $1,054 
Additions704 484 1,710 903 
Reductions:  
Paydowns(505)(171)(725)(243)
Sales(9)(3)(10)(3)
Returns to performing status (3)
(129)(7)(133)(59)
Charge-offs(357)(87)(725)(175)
Transfers to foreclosed properties(88)(23)(88)(23)
Transfers to loans held-for-sale —  (57)
Total net additions (reductions) to nonperforming loans and leases
(384)193 29 343 
Total nonperforming loans and leases, June 30
2,802 1,397 2,802 1,397 
Foreclosed properties, June 30
104 51 104 51 
Nonperforming commercial loans, leases and foreclosed properties, June 30
$2,906 $1,448 $2,906 $1,448 
Nonperforming commercial loans and leases as a percentage of outstanding commercial loans and leases (4)
0.47 %0.24 %
Nonperforming commercial loans, leases and foreclosed properties as a percentage of outstanding commercial loans, leases and foreclosed properties (4)
0.49 0.25 
(1)Balances do not include nonperforming loans held-for-sale of $707 million and $174 million at June 30, 2024 and 2023.
(2)Includes U.S. small business commercial activity. Small business card loans are excluded as they are not classified as nonperforming.
(3)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, when the loan otherwise becomes well-secured and is in the process of collection, or when a modified loan demonstrates a sustained period of payment performance.
(4)Outstanding commercial loans exclude loans accounted for under the fair value option.
Industry Concentrations
Table 32 presents commercial committed and utilized credit exposure by industry. For information on net notional credit protection purchased to hedge funded and unfunded exposures for which we elected the fair value option, as well as certain other credit exposures, see Commercial Portfolio Credit Risk Management – Risk Mitigation.
Commercial credit exposure is diversified across a broad range of industries. Total commercial committed exposure increased $8.0 billion during the six months ended June 30, 2024 to $1.2 trillion. The increase in commercial committed exposure was concentrated in Asset managers and funds, Software and services and Consumer services.
For information on industry limits, see Commercial Portfolio Credit Risk Management – Risk Mitigation in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
Asset managers and funds, our largest industry concentration with committed exposure of $174.3 billion, increased $5.0 billion, or three percent, during the six months ended June 30, 2024, which was primarily driven by investment-grade exposures.

Real estate, our second largest industry concentration with committed exposure of $97.3 billion decreased $3.0 billion or three percent during the six months ended June 30, 2024. For more information on the commercial real estate and related portfolios, see Commercial Portfolio Credit Risk Management – Commercial Real Estate on page 36.
Capital goods, our third largest industry concentration with committed exposure of $92.2 billion, decreased $4.8 billion, or five percent, during the six months ended June 30, 2024. The decline in committed exposure was primarily due to decreases in Industrial conglomerates and Aerospace and defense, partially offset by an increase in Building products.
Various macroeconomic challenges, including geopolitical tensions, inflationary pressures and elevated interest rates, have led to uncertainty in the U.S. and global economies and have adversely impacted, and may continue to adversely impact, a number of industries. We continue to monitor all industries, particularly higher risk industries that are experiencing or could experience a more significant impact to their financial condition.
37 Bank of America



Table 32
Commercial Credit Exposure by Industry (1)
Commercial
Utilized
Total Commercial
Committed (2)
(Dollars in millions)June 30
2024
December 31 2023June 30
2024
December 31 2023
Asset managers and funds$106,806 $103,138 $174,326 $169,318 
Real estate (3)
71,734 73,150 97,266 100,269 
Capital goods48,192 49,698 92,243 97,044 
Finance companies60,950 62,906 89,871 89,119 
Healthcare equipment and services34,369 35,037 62,557 61,766 
Materials25,662 25,223 56,069 55,296 
Retailing25,016 24,561 53,432 54,523 
Consumer services27,525 27,355 51,504 49,105 
Food, beverage and tobacco24,317 23,865 49,745 49,426 
Government and public education31,755 31,051 47,840 45,873 
Individuals and trusts34,124 32,481 46,069 43,938 
Commercial services and supplies23,282 22,642 42,292 41,473 
Utilities17,426 18,610 39,416 39,481 
Energy12,332 12,450 37,122 36,996 
Transportation23,798 24,200 34,860 36,267 
Technology hardware and equipment11,033 11,951 29,585 29,160 
Software and services10,901 9,830 26,734 22,381 
Global commercial banks21,621 22,749 24,819 25,684 
Media12,626 13,033 24,302 24,908 
Vehicle dealers18,179 16,283 23,546 22,570 
Consumer durables and apparel8,803 9,184 21,201 20,732 
Pharmaceuticals and biotechnology6,778 6,852 20,920 22,169 
Insurance9,903 9,371 20,115 19,322 
Telecommunication services9,165 9,224 17,685 17,269 
Automobiles and components8,044 7,049 16,192 16,459 
Food and staples retailing7,956 7,423 12,911 12,496 
Financial markets infrastructure (clearinghouses)2,953 4,229 5,156 6,503 
Religious and social organizations2,563 2,754 4,367 4,565 
Total commercial credit exposure by industry$697,813 $696,299 $1,222,145 $1,214,112 
(1)Includes U.S. small business commercial exposure.
(2)Includes the notional amount of unfunded legally binding lending commitments, net of amounts distributed (i.e., syndicated or participated) to other financial institutions. The distributed amounts were $10.3 billion at both June 30, 2024 and December 31, 2023.
(3)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 counterparties using operating cash flows and primary source of repayment as key factors.
Risk Mitigation
We purchase credit protection to cover the funded portion as well as the unfunded portion of certain credit exposures. To lower the cost of obtaining our desired credit protection levels, we may add credit exposure within an industry, borrower or counterparty group by selling protection.
At June 30, 2024 and December 31, 2023, net notional credit default protection purchased in our credit derivatives portfolio to hedge our funded and unfunded exposures for which we elected the fair value option, as well as certain other credit exposures, was $10.4 billion and $10.9 billion. We recorded net gains of $9 million and net losses of $16 million for the three and six months ended June 30, 2024 compared to net losses of $34 million and $111 million for the three and six months ended June 30, 2023. The gains and losses on these instruments were largely offset by gains and losses on the
related exposures. The Value-at-Risk (VaR) results for these exposures are included in the fair value option portfolio information in Table 38. For more information, see Trading Risk Management on page 42.
Tables 33 and 34 present the maturity profiles and the credit exposure debt ratings of the net credit default protection portfolio at June 30, 2024 and December 31, 2023.
Table 33Net Credit Default Protection by Maturity
June 30
2024
December 31 2023
Less than or equal to one year18 %36 %
Greater than one year and less than or equal to five years
82 64 
Total net credit default protection100 %100 %
Bank of America 38


Table 34Net Credit Default Protection by Credit Exposure Debt Rating
Net
Notional
(1)
Percent of
Total
Net
Notional
(1)
Percent of
Total
(Dollars in millions)June 30, 2024December 31, 2023
Ratings (2, 3)
    
AAA$(399)3.8 %$(479)4.4 %
AA(633)6.1 (1,080)9.9 
A(5,151)49.3 (5,237)48.2 
BBB(3,134)30.0 (2,912)26.8 
BB(616)5.9 (698)6.4 
B(284)2.7 (419)3.9 
CCC and below(233)2.2 (52)0.5 
NR (4)
1  (0.1)
Total net credit
default protection
$(10,449)100.0 %$(10,875)100.0 %
(1)Represents net credit default protection purchased.
(2)Ratings are refreshed on a quarterly basis.
(3)Ratings of BBB- or higher are considered to meet the definition of investment grade.
(4)NR is comprised of index positions held and any names that have not been rated.
For more information on credit derivatives and counterparty credit risk valuation adjustments, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K.

Non-U.S. Portfolio
Our non-U.S. credit and trading portfolios are subject to country risk. We define country risk as the risk of loss from unfavorable economic and political conditions, currency fluctuations, social instability and changes in government policies. A risk management framework is in place to measure, monitor and manage non-U.S. risk and exposures. In addition to the direct risk of doing business in a country, we also are exposed to indirect country risks (e.g., related to the collateral received on secured financing transactions or related to client clearing activities). These indirect exposures are managed in the normal course of business through credit, market and operational risk governance rather than through country risk governance. For more information on our non-U.S. credit and trading portfolios, see Non-U.S. Portfolio in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K. For more information on risks related to our non-U.S. portfolio, see the Geopolitical section within Item 1A. Risk Factors of the Corporation’s 2023 Annual Report on Form 10-K.
Table 35 presents our 20 largest non-U.S. country exposures at June 30, 2024. These exposures accounted for 89 percent of our total non-U.S. exposure at both June 30, 2024 and December 31, 2023. Net country exposure for these 20 countries increased $10.0 billion in 2024 primarily driven by an increase in the United Kingdom.
Table 35Top 20 Non-U.S. Countries Exposure
(Dollars in millions)Funded Loans
 and Loan
 Equivalents
Unfunded
 Loan
 Commitments
Net
 Counterparty
 Exposure
Securities/
Other
Investments
Country Exposure at June 30
2024
Hedges and Credit Default ProtectionNet Country Exposure at June 30
2024
Increase (Decrease) from December 31
2023
United Kingdom$38,443 $19,266 $5,098 $5,820 $68,627 $(1,816)$66,811 $10,876 
Germany24,453 9,659 1,245 2,268 37,625 (4,019)33,606 (2,049)
Canada13,565 9,944 1,339 3,074 27,922 (453)27,469 (546)
France13,946 9,069 1,078 3,159 27,252 (1,671)25,581 723 
Australia12,059 4,856 439 1,840 19,194 (361)18,833 (2,489)
Brazil9,781 1,367 1,055 4,171 16,374 (94)16,280 997 
Japan8,874 1,985 1,777 4,367 17,003 (735)16,268 (706)
India6,334 254 873 5,299 12,760 (55)12,705 780 
Ireland7,822 2,078 63 473 10,436 (162)10,274 (59)
Singapore4,464 526 159 4,905 10,054 (37)10,017 (800)
China5,341 285 562 3,637 9,825 (239)9,586 1,074 
Switzerland4,085 4,865 282 245 9,477 (182)9,295 66 
South Korea4,727 1,306 590 1,937 8,560 (128)8,432 (28)
Mexico5,167 1,735 445 986 8,333 (131)8,202 (717)
Netherlands2,995 3,870 691 673 8,229 (1,038)7,191 42 
Italy4,559 2,319 155 545 7,578 (738)6,840 225 
Spain2,838 2,023 166 1,044 6,071 (302)5,769 173 
Hong Kong3,200 550 420 1,111 5,281 (29)5,252 (600)
Saudi Arabia3,728 1,454 151 77 5,410 (1,396)4,014 1,506 
Indonesia741 — 31 3,056 3,828 (38)3,790 1,555 
Total top 20 non-U.S. countries exposure
$177,122 $77,411 $16,619 $48,687 $319,839 $(13,624)$306,215 $10,023 
Our largest non-U.S. country exposure at June 30, 2024 was the United Kingdom with net exposure of $66.8 billion, which increased $10.9 billion from December 31, 2023 primarily due to increased deposits with the central bank. Our second largest non-U.S. country exposure was Germany with net exposure of $33.6 billion at June 30, 2024, which decreased $2.0 billion from December 31, 2023 primarily due to lower exposure with financial institutions.
39 Bank of America



Allowance for Credit Losses
The allowance for credit losses decreased $209 million from December 31, 2023 to $14.3 billion at June 30, 2024, which included a $33 million and $176 million reserve decrease related to the consumer and commercial portfolios. The reserve
decrease was primarily driven by the commercial portfolio due to an improved macroeconomic outlook.
Table 36 presents an allocation of the allowance for credit losses by product type at June 30, 2024 and December 31, 2023.
Table 36Allocation of the Allowance for Credit Losses by Product Type
AmountPercent of
Total
Percent of
Loans and
Leases
Outstanding (1)
AmountPercent of
Total
Percent of
Loans and
Leases
Outstanding (1)
(Dollars in millions)June 30, 2024December 31, 2023
Allowance for loan and lease losses      
Residential mortgage$283 2.14 %0.12 %$339 2.54 %0.15 %
Home equity64 0.48 0.25 47 0.35 0.19 
Credit card7,341 55.45 7.38 7,346 55.06 7.19 
Direct/Indirect consumer751 5.67 0.72 715 5.36 0.69 
Other consumer75 0.57 n/m73 0.55 n/m
Total consumer8,514 64.31 1.86 8,520 63.86 1.85 
U.S. commercial (2)
2,586 19.54 0.66 2,600 19.49 0.69 
Non-U.S. commercial822 6.21 0.67 842 6.31 0.68 
Commercial real estate1,279 9.66 1.82 1,342 10.06 1.84 
Commercial lease financing37 0.28 0.25 38 0.28 0.26 
Total commercial4,724 35.69 0.79 4,822 36.14 0.82 
Allowance for loan and lease losses13,238 100.00 %1.26 13,342 100.00 %1.27 
Reserve for unfunded lending commitments1,104 1,209  
Allowance for credit losses$14,342 $14,551 
(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.
(2)Includes allowance for loan and lease losses for U.S. small business commercial loans of $1.2 billion and $1.0 billion at June 30, 2024 and December 31, 2023.
n/m = not meaningful
Net charge-offs for the three and six months ended June 30, 2024 were $1.5 billion and $3.0 billion compared to $869 million and $1.7 billion for the same periods in 2023 primarily due to credit card loans and the commercial real estate office portfolio. The provision for credit losses increased $383 million to $1.5 billion and $771 million to $2.8 billion for the three and six months ended June 30, 2024 compared to the same periods in 2023. The provision for credit losses for the current-year periods was primarily driven by credit card loans and the commercial real estate office portfolio. The provision for credit losses for the consumer portfolio, including unfunded lending commitments, of $1.1 billion and $2.1 billion was largely unchanged for the three and six months ended June 30, 2024 compared to the same periods in 2023. The provision for credit
losses for the commercial portfolio, including unfunded lending commitments, increased $255 million to $414 million and $764 million to $774 million for the three and six months ended June 30, 2024 compared to the same periods in 2023.
Table 37 presents a rollforward of the allowance for credit losses, including certain loan and allowance ratios for the three and six months ended June 30, 2024 and 2023. For more information on the Corporation’s credit loss accounting policies and activity related to the allowance for credit losses, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements.
Bank of America 40


Table 37Allowance for Credit Losses
Three Months Ended June 30Six Months Ended June 30
(Dollars in millions)2024202320242023
Allowance for loan and lease losses, December 31n/an/a$13,342 $12,682 
January 1, 2023 adoption of credit loss standardn/an/a
n/a
(243)
Allowance for loan and lease losses, beginning of period$13,213 $12,514 $13,342 $12,439 
Loans and leases charged off
Residential mortgage(5)(10)(13)(18)
Home equity(3)(5)(6)(11)
Credit card(1,106)(756)(2,151)(1,406)
Direct/Indirect consumer(89)(56)(191)(96)
Other consumer(72)(112)(150)(283)
Total consumer charge-offs(1,275)(939)(2,511)(1,814)
U.S. commercial (1)
(226)(106)(422)(240)
Non-U.S. commercial (8)(1)(31)
Commercial real estate(278)(71)(582)(95)
Commercial lease financing (1)(1)— 
Total commercial charge-offs(504)(186)(1,006)(366)
Total loans and leases charged off(1,779)(1,125)(3,517)(2,180)
Recoveries of loans and leases previously charged off
Residential mortgage5 10 15 
Home equity17 21 33 39 
Credit card151 146 297 295 
Direct/Indirect consumer38 39 75 78 
Other consumer5 9 14 
Total consumer recoveries216 219 424 441 
U.S. commercial (2)
21 27 43 48 
Non-U.S. commercial3 13 11 
Commercial real estate6 6 
Total commercial recoveries30 37 62 63 
Total recoveries of loans and leases previously charged off246 256 486 504 
Net charge-offs (1,533)(869)(3,031)(1,676)
Provision for loan and lease losses1,562 1,309 2,932 2,209 
Other(4)(4)(5)(22)
Allowance for loan and lease losses, June 30
13,238 12,950 13,238 12,950 
Reserve for unfunded lending commitments, beginning of period1,158 1,437 1,209 1,540 
Provision for unfunded lending commitments(54)(50)(105)(153)
Other   
Reserve for unfunded lending commitments, June 30
1,104 1,388 1,104 1,388 
Allowance for credit losses, June 30
$14,342 $14,338 $14,342 $14,338 
Loan and allowance ratios (3):
Loans and leases outstanding at June 30
$1,053,588 $1,046,897 $1,053,588 $1,046,897 
Allowance for loan and lease losses as a percentage of total loans and leases outstanding at June 30
1.26 %1.24 %1.26 %1.24 %
Consumer allowance for loan and lease losses as a percentage of total consumer loans and leases outstanding at June 30
1.86 1.70 1.86 1.70 
Commercial allowance for loan and lease losses as a percentage of total commercial loans and leases outstanding at June 30
0.79 0.88 0.79 0.88 
Average loans and leases outstanding$1,048,300 $1,041,976 $1,046,511 $1,039,172 
Annualized net charge-offs as a percentage of average loans and leases outstanding
0.59 %0.33 %0.58 %0.33 %
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases at June 30
242 314 242 314 
Ratio of the allowance for loan and lease losses at June 30 to annualized net charge-offs
2.15 3.71 2.17 3.83 
Amounts included in allowance for loan and lease losses for loans and leases that are excluded from nonperforming loans and leases at June 30 (4)
$8,453 $5,481 $8,453 $5,481 
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases, excluding the allowance for loan and lease losses for loans and leases that are excluded from nonperforming loans and leases at June 30 (4)
87 %181 %87 %181 %
(1)Includes U.S. small business commercial charge-offs of $130 million and $248 million for the three and six months ended June 30, 2024 compared to $84 million and $159 million for the same periods in 2023.
(2)Includes U.S. small business commercial recoveries of $12 million and $22 million for the three and six months ended June 30, 2024 compared to $10 million and $19 million for the same periods in 2023.
(3)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.
(4)Primarily includes amounts related to credit card and unsecured consumer lending portfolios in Consumer Banking.
n/a = not applicable
41 Bank of America



Market Risk Management
For more information on our market risk management process, see Market Risk Management in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K. For more information on market risks, see the Market section within Item 1A. Risk Factors of the Corporation’s 2023 Annual Report on Form 10-K.
Market risk is the risk that changes in market conditions may adversely impact the value of assets or liabilities, or otherwise negatively impact earnings. This risk is inherent in the financial instruments associated with our operations, primarily within our Global Markets segment. We are also exposed to these risks in other areas of the Corporation (e.g., our ALM activities). In the event of market stress, these risks could have a material impact on our results.
Trading Risk Management
To evaluate risks in our trading activities, we focus on the actual and potential volatility of revenues generated by individual positions as well as portfolios of positions. VaR is a common statistic used to measure market risk. Our primary VaR statistic is equivalent to a 99 percent confidence level, which means that for a VaR with a one-day holding period, there should not be losses in excess of VaR, on average, 99 out of 100 trading days.
Table 38 presents the total market-based portfolio VaR, which is the combination of the total covered positions (and less liquid trading positions) portfolio and the fair value option portfolio. For more information on the market risk VaR for trading activities, see Trading Risk Management in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
The total market-based portfolio VaR results in Table 38 include market risk to which we are exposed from all business segments, excluding credit valuation adjustment (CVA), DVA and related hedges. The majority of this portfolio is within the Global Markets segment.
Table 38 presents period-end, average, high and low daily trading VaR for the three months ended June 30, 2024, March 31, 2024 and June 30, 2023 using a 99 percent confidence level. The amounts disclosed in Table 38 and Table 39 align to the view of covered positions used in the Basel 3 capital calculations. Foreign exchange and commodity positions are always considered covered positions, regardless of trading or banking treatment for the trade, except for structural foreign currency positions that are excluded with prior regulatory approval.
The average of total covered positions and less liquid trading positions portfolio VaR increased for the three months ended June 30, 2024 compared to the prior quarter due to an increase in interest rate and debt risk.
Table 38Market Risk VaR for Trading Activities
Three Months EndedSix Months Ended June 30
June 30, 2024March 31, 2024June 30, 2023
(Dollars in millions)Period
End
Average
High (1)
Low (1)
Period
End
Average
High (1)
Low (1)
Period
End
Average
High (1)
Low (1)
2024 Average2023 Average
Foreign exchange$30 $32 $40 $25 $34 $34 $42 $27 $22 $29 $42 $16 $33 $31 
Interest rate76 70 91 50 56 63 89 41 42 50 74 36 66 47 
Credit66 54 69 44 48 46 55 42 50 50 54 47 50 67 
Equity19 20 26 14 19 17 25 13 24 24 56 13 18 21 
Commodities10 9 12 8 10 10 12 12 10 10 
Portfolio diversification(120)(104)n/an/a(97)(103)n/an/a(85)(98)n/an/a(103)(110)
Total covered positions portfolio81 81 99 64 70 67 86 55 61 64 85 53 74 66 
Impact from less liquid exposures (2)
2 9 n/an/a13 n/an/a12 n/an/a11 26 
Total covered positions and less liquid trading positions portfolio
83 90 110 73 76 80 100 69 69 76 105 63 85 92 
Fair value option loans15 21 45 12 12 14 17 11 19 20 26 15 18 31 
Fair value option hedges8 16 27 8 12 12 16 20 12 12 16 
Fair value option portfolio diversification(10)(23)n/an/a(11)(11)n/an/a(19)(24)n/an/a(17)(29)
Total fair value option portfolio13 14 24 10 12 16 12 12 14 11 13 18 
Portfolio diversification(8)(8)n/an/a(5)(7)n/an/a(6)(7)n/an/a(7)(8)
Total market-based portfolio$88 $96 117 82 $80 $85 106 74 $75 $81 113 66 $91 $102 
(1)The high and low for each portfolio may have occurred on different trading days than the high and low for the components. Therefore the impact from less liquid exposures and the amount of portfolio diversification, which is the difference between the total portfolio and the sum of the individual components, is not relevant.
(2)Impact is net of diversification effects between the covered positions and less liquid trading positions portfolios.
n/a = not applicable

Bank of America 42


The following graph presents the daily covered positions and less liquid trading positions portfolio VaR for the previous five quarters, corresponding to the data in Table 38.
VaR Chart for 10Q Final JPEG.jpg
Additional VaR statistics produced within our single VaR model are provided in Table 39 at the same level of detail as in Table 38. Evaluating VaR with additional statistics allows for an increased understanding of the risks in the portfolio, as the historical market data used in the VaR calculation does not necessarily follow a predefined statistical distribution. Table 39 presents average trading VaR statistics at 99 percent and 95 percent confidence levels for the three months ended June 30, 2024, March 31, 2024 and June 30, 2023.
Table 39Average Market Risk VaR for Trading Activities – 99 percent and 95 percent VaR Statistics
Three Months Ended
June 30, 2024March 31, 2024June 30, 2023
(Dollars in millions)99 percent95 percent99 percent95 percent99 percent95 percent
Foreign exchange$32 $21 $34 $21 $29 $19 
Interest rate70 36 63 32 50 27 
Credit54 30 46 26 50 29 
Equity20 10 17 24 12 
Commodities9 5 10 
Portfolio diversification(104)(63)(103)(57)(98)(56)
Total covered positions portfolio81 39 67 35 64 36 
Impact from less liquid exposures9 6 13 12 
Total covered positions and less liquid trading positions portfolio
90 45 80 43 76 43 
Fair value option loans21 13 14 20 13 
Fair value option hedges16 9 16 10 
Fair value option portfolio diversification(23)(14)(11)(7)(24)(15)
Total fair value option portfolio14 8 12 12 
Portfolio diversification(8)(5)(7)(4)(7)(6)
Total market-based portfolio$96 $48 $85 $46 $81 $45 
Backtesting
The accuracy of the VaR methodology is evaluated by backtesting, which compares the daily VaR results, utilizing a one-day holding period, against a comparable subset of trading revenue. For more information on our backtesting process, see Trading Risk Management – Backtesting in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
During the three and six months ended June 30, 2024, there were no days where this subset of trading revenue had losses that exceeded our total covered portfolio VaR, utilizing a one-day holding period.
Total Trading-related Revenue
Total trading-related revenue, excluding brokerage fees, and CVA, DVA and funding valuation adjustment gains (losses), represents the total amount earned from trading positions,
including market-based net interest income, which are taken in a diverse range of financial instruments and markets. For more information, see Trading Risk Management – Total Trading-related Revenue in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
The following histogram is a graphic depiction of trading volatility and illustrates the daily level of trading-related revenue for the three months ended June 30, 2024 compared to the three months ended March 31, 2024. During the three months ended June 30, 2024, positive trading-related revenue was recorded for 100 percent of the trading days, of which 95 percent were daily trading gains of over $25 million. This compares to the three months ended March 31, 2024 where positive trading-related revenue was recorded for 100 percent of the trading days, of which 97 percent were daily trading gains of over $25 million.
43 Bank of America



2Q'24 Trading Related Revenue.jpg
Trading Portfolio Stress Testing
Because the very nature of a VaR model suggests results can exceed our estimates and it is dependent on a limited historical window, we also stress test our portfolio using scenario analysis. This analysis estimates the change in the value of our trading portfolio that may result from abnormal market movements. For more information, see Trading Risk Management – Trading Portfolio Stress Testing in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
Interest Rate Risk Management for the Banking Book
The following discussion presents net interest income for banking book activities. For more information, see Interest Rate Risk Management for the Banking Book in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
Table 40 presents the spot and 12-month forward rates used in our baseline forecasts at June 30, 2024 and December 31, 2023.
Table 40Forward Rates
 Federal
Funds

SOFR
10-Year
SOFR
June 30, 2024
Spot rates5.50 %5.33 %3.98 %
12-month forward rates4.50 4.42 3.79 
December 31, 2023
Spot rates5.50 %5.38 %3.47 %
12-month forward rates3.89 3.93 3.32 
Table 41 shows the potential pretax impact to net interest income over the next 12 months from June 30, 2024 and December 31, 2023 resulting from instantaneous parallel and non-parallel shocks to the market-based forward curve. Periodically, we evaluate the scenarios presented so that they are meaningful in the context of the current rate environment.
Table 41Estimated Banking Book Net Interest Income Sensitivity to Curve Changes
Short
Rate (bps)
Long
Rate (bps)
Dynamic Deposits (1)
Static Deposits (1)
Static Deposits (1)
(Dollars in billions)June 30
2024
June 30
2024
December 31
2023
Parallel Shifts
 +100 bps instantaneous shift
+100+100$1.7 $3.3 $3.5 
 -100 bps instantaneous shift
-100-100(2.2)(3.3)(3.1)
 +200 bps instantaneous shift
+200+2002.7 5.9 
n/a
 -200 bps instantaneous shift
-200-200(5.1)(6.7)
n/a
Flatteners  
Short-end instantaneous change
+100— 1.8 3.2 3.2 
Long-end instantaneous change
— -1000.1 (0.2)(0.3)
Steepeners  
Short-end instantaneous change
-100 — (2.1)(3.0)(2.8)
Long-end instantaneous change
— +100(0.1)0.2 0.3 
(1)Dynamic Deposit sensitivity reflects behavioral customer deposit balance changes that could occur under various scenarios while Static Deposits assumes no deposit balance change.
n/a = not applicable

Bank of America 44


We continue to be asset sensitive to a parallel upward move in interest rates, with the majority of that impact coming from the short end of the yield curve. Additionally, higher interest rates negatively impact the fair value of our debt securities classified as available for sale and adversely affect accumulated OCI and thus capital levels under the Basel 3 capital rules. Under instantaneous upward parallel shifts, the near-term adverse impact to Basel 3 capital would be reduced over time by offsetting positive impacts to net interest income generated from banking book activities. For more information on Basel 3, see Capital Management – Regulatory Capital on page 21.
As part of our ALM activities, we use securities, certain residential mortgages, and interest rate and foreign exchange derivatives in managing interest rate sensitivity. The sensitivity analysis in Table 41 assumes that we take no action in response to these rate shocks and does not assume any change in other macroeconomic variables normally correlated with changes in interest rates. Beginning in the second quarter of 2024, the sensitivity analysis incorporates potential movements in customer behavior that could result in changes in both total customer deposit balances and deposit balance mix, (e.g., interest bearing versus noninterest bearing), under the various interest rate scenarios. In higher rate scenarios, the analysis assumes that a portion of low-cost or noninterest-bearing deposits are replaced with higher yielding deposits or market-based funding. Conversely, in lower rate scenarios, the analysis assumes that a portion of higher yielding deposits or market-based funding are replaced with low-cost or noninterest-bearing deposits.
For larger interest rate scenarios, the interest rate sensitivity may behave in a non-linear manner as there are numerous estimates and assumptions, which require a high degree of judgment and are often interrelated, that could impact the outcome. Pertaining to the mortgage-backed securities and residential mortgage portfolio, if long-end interest rates were to significantly decrease over the next twelve months, for example over 200 bps, there would generally be an increase in customer prepayment behaviors with an incremental reduction to net interest income, noting that the extent of changes in customer prepayment activity can be impacted by multiple factors and is not necessarily limited to long-end interest rates. Conversely, if long-end interest rates were to significantly increase over the next twelve months, for example, over 200 bps, customer prepayments would likely modestly decrease and result in an incremental increase to net interest income. In addition, deposit pricing is rate sensitive in nature. This sensitivity is assumed to have non-linear impacts to larger short-end rate movements. In decreasing interest rate scenarios, and particularly where interest rates have decreased to small amounts, the ability to further reduce rates paid is reduced as customer rates near zero. In higher short-end rate scenarios, deposit pricing will likely increase at a faster rate, leading to incremental interest expense and reducing asset sensitivity. While the impact related to the above assumptions used in the asset sensitivity analysis can provide directional analysis on how net interest income will be impacted in changing environments, the ultimate impact is dependent upon the interrelationship of the assumptions and factors, which vary in different macroeconomic scenarios.

Economic Value of Equity
In addition to interest rate sensitivity described above, the Corporation’s management of its interest rate exposures in the banking book also considers a long-term view of interest rate sensitivity through the measurement of Economic Value of Equity (EVE). EVE captures changes in the net present value of banking book assets and liabilities under various interest rate scenarios and its impact to Tier 1 capital. Similar to net interest income, the Corporation establishes limits for EVE. EVE is largely driven by the Corporation’s longer duration fixed-rate products, such as investment securities, residential mortgages and deposits. For assets or liabilities that have no stated maturity, such as deposits, the Corporation estimates the duration for measurement purposes.
Interest Rate and Foreign Exchange Derivative Contracts
We use interest rate and foreign exchange derivative contracts in our ALM activities to manage our interest rate and foreign exchange risks. Specifically, we use those derivatives to manage both the variability in cash flows and changes in fair value of various assets and liabilities arising from those risks. Our interest rate derivative contracts are generally non-leveraged swaps tied to various benchmark interest rates and foreign exchange basis swaps, options, futures and forwards, and our foreign exchange contracts include cross-currency interest rate swaps, foreign currency futures contracts, foreign currency forward contracts and options.
The derivatives used in our ALM activities can be split into two broad categories: designated accounting hedges and other risk management derivatives. Designated accounting hedges are primarily used to manage our exposure to interest rates as described in the Interest Rate Risk Management for the Banking Book section and are included in the sensitivities presented in Table 41. The Corporation also uses foreign currency derivatives in accounting hedges to manage substantially all of the foreign exchange risk of our foreign operations. By hedging the foreign exchange risk of our foreign operations, the Corporation's market risk exposure in this area is not significant.
Risk management derivatives are predominantly used to hedge foreign exchange risks related to various foreign currency-denominated assets and liabilities and eliminate substantially all foreign currency exposures in the cash flows of the Corporation’s non-trading foreign currency-denominated financial instruments. These foreign exchange derivatives are sensitive to other market risk exposures such as cross-currency basis spreads and interest rate risk. However, as these features are not a significant component of these foreign exchange derivatives, the market risk related to this exposure is not significant. For more information on the accounting for derivatives, see Note 3 – Derivatives to the Consolidated Financial Statements.
45 Bank of America



Mortgage Banking Risk Management
We originate, fund and service mortgage loans, which subject us to credit, liquidity and interest rate risks, among others. We determine whether loans will be held for investment or held for sale at the time of commitment and manage credit and liquidity risks by selling or securitizing a portion of the loans we originate.
Changes in interest rates impact the value of interest rate lock commitments (IRLCs) and the related residential first mortgage loans held-for-sale (LHFS), as well as the value of the MSRs. Because the interest rate risks of these hedged items offset, we combine them into one overall hedged item with one combined economic hedge portfolio consisting of derivative contracts and securities. For more information on IRLCs and the related residential mortgage LHFS, see Mortgage Banking Risk Management in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.
There were no significant gains or losses related to the change in fair value of MSRs, IRLCs and LHFS, net of gains and losses on the hedge portfolio, for the three and six months ended June 30, 2024 and 2023. For more information on MSRs, see Note 14 – Fair Value Measurements to the Consolidated Financial Statements.
Climate Risk
Climate Risk Management
Climate risk is the risk that climate change or actions taken to mitigate climate change expose the Corporation to economic, legal/regulatory, operational or reputational harm. Climate-related risks are divided into two major categories, both of which span across the seven key risk types discussed in the Managing Risk section in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K: (1) Physical Risk: risks related to the physical impacts of climate change, driven by extreme weather events such as hurricanes and floods, as well as chronic longer-term shifts such as rising average global temperatures and sea levels, and (2) Transition Risk: risks related to the transition to a low-carbon economy, which may entail extensive policy, legal, technology and market changes.
Physical risks of climate change, such as more frequent and severe extreme weather events, can increase the Corporation’s risks, including credit risk by diminishing borrowers’ repayment capacity or collateral values, and operational risk by negatively impacting the Corporation’s facilities, employees, or vendors. Transition risks of climate change may amplify credit risks through the financial impacts of changes in policy, technology or the market on the Corporation or our counterparties. Unanticipated market changes can lead to sudden price adjustments and give rise to heightened market risk.
Reputational risk can arise if we do not meet our climate-related goals and/or targets, or are perceived to be inadequately responsive to climate change or otherwise.
Our approach to managing climate risk is consistent with our risk management governance structure, from senior management to our Board and its committees, including the Enterprise Risk Committee (ERC) and the Corporate Governance, ESG and Sustainability Committee (CGESC) of the Board, which regularly discuss climate-related topics. The ERC oversees climate risk as set forth in our Risk Framework and Risk Appetite Statement. The CGESC is responsible for overseeing the Corporation’s environmental and sustainability-related activities and practices, and regularly reviews the Corporation’s climate-related policies and practices. Our Climate Risk Council consists of leaders across risk, Front Line Unit and control functions, and meets routinely to discuss our approach to managing climate-related risks.
Our climate risk management efforts are overseen by an officer who reports to the Chief Risk Officer. The Corporation has a Climate and Environmental Risk Management function that is responsible for overseeing climate risk management. They are responsible for establishing the Climate Risk Framework (described below) and governance structure, and providing an independent assessment of enterprise-wide climate risks.
Based on the Corporation’s Risk Framework, in 2023 we created our internal Climate Risk Framework, which addresses how the Corporation identifies, measures, monitors and controls climate risk by enhancing existing risk management processes and also includes examples of how climate risk manifests across the seven risk types. The framework details the roles and responsibilities for climate risk management across our three lines of defense (i.e., Front Line Units, Global Risk Management and Corporate Audit).
For more information on our governance framework, see the Managing Risk section in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K. For more information on climate risk, see Item 1A. Risk Factors of the Corporation’s 2023 Annual Report on Form 10-K.
Climate-related Goals and Targets
In 2021, the Corporation announced a goal of achieving net zero greenhouse gas emissions before 2050 in our financing activities, operations and supply chain (Net Zero goal). As part of this goal, we have set interim 2030 targets across our financing activities related to certain high-emitting sectors (2030 Financing Activity Emissions Targets), operations and supply chain, all of which are further supported and complemented by our 10-year goal to mobilize and deploy $1.5 trillion in sustainable finance by 2030 in support of the U.N.
Bank of America 46


Sustainable Development Goals, of which $1 trillion is dedicated to supporting the transition to a low-carbon economy, including capital mobilized across clean energy sectors and tailored financial solutions for emerging areas of the low-carbon economy. In particular, we have announced 2030 Financing Activity Emissions Targets for auto manufacturing, aviation, cement, energy, iron and steel, maritime shipping and power generation sectors.
Achieving our climate--related goals and targets, including our Net Zero goal and 2030 Financing Activity Emissions Targets, may require technological advances, clearly defined roadmaps for industry sectors and better emissions data reporting. Required changes may also include new standards and public policies, including those that improve the cost of capital for the transition to a low-carbon economy, as well as strong and active engagement with customers, suppliers, investors, government officials and other stakeholders. Activities related to our climate-related goals and targets have not resulted in a significant effect on our results of operations or financial position in the relevant periods presented herein.
For more information on climate-related matters and the Corporation’s climate-related goals and targets, including the Corporation’s plans to achieve its Net Zero goal and its 2030 targets, and progress on its sustainable finance goal, see the Corporation’s website, including its 2023 Task Force on Climate-related Financial Disclosures (TCFD) Report (2023 TCFD Report) and Addendum to the 2023 TCFD Report (2023 TCFD Addendum). The contents of the Corporation’s website, including the 2023 TCFD Report and 2023 TCFD Addendum are not incorporated by reference into this Quarterly Report on Form 10-Q.
The foregoing discussion and the statements on the Corporation’s website, including in the 2023 TCFD Report and 2023 TCFD Addendum, regarding the Corporation’s climate-related goals and targets, its approach with respect to climate risk management, and the nature and extent of climate-related risks, contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond the Corporation’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements.

Complex Accounting Estimates
Our significant accounting principles, are essential in understanding the MD&A. Many of our significant accounting principles require complex judgments to estimate the values of assets and liabilities. We have procedures and processes in place to facilitate making these judgments. For more information, see Complex Accounting Estimates in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K and Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K.
Goodwill and Intangible Assets
The nature of and accounting for goodwill and intangible assets are discussed in Note 7 – Goodwill and Intangible Assets to the Consolidated Financial Statements herein and Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K. As of June 30, 2024, goodwill recorded on our consolidated balance sheet was as follows.
Table 42Goodwill by Reporting Segment
(Dollars in millions)June 30
2024
December 31
2023
Consumer Banking$30,137 $30,137 
Global Wealth and Investment Management9,677 9,677 
Global Banking24,026 24,026 
Global Markets5,181 5,181 
Total$69,021 $69,021 
We completed our annual goodwill impairment test as of June 30, 2024 by using a qualitative assessment. Factors considered in the qualitative assessment include, among others, macroeconomic conditions, industry and market considerations, financial performance of the respective reporting unit and other relevant entity and reporting-unit specific considerations. Based on our assessment, we have concluded that none of our reporting units are at risk of impairment, as each of the reporting units’ fair values are substantially in excess of their carrying values.

47 Bank of America



Non-GAAP Reconciliations
Table 43 provides reconciliations of certain non-GAAP financial measures to the most directly comparable GAAP financial measures.
Table 43
Average and Period-end Supplemental Financial Data and Reconciliations to GAAP Financial Measures (1)
2024 Quarters2023 QuartersSix Months Ended
June 30
(Dollars in millions)SecondFirstFourthThirdSecond20242023
Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity$293,403 $292,511 $288,618 $284,975 $282,425 $292,957 $279,853 
Goodwill(69,021)(69,021)(69,021)(69,021)(69,022)(69,021)(69,022)
Intangible assets (excluding MSRs)(1,971)(1,990)(2,010)(2,029)(2,049)(1,980)(2,058)
Related deferred tax liabilities869 874 886 890 895 871 897 
Tangible shareholders’ equity$223,280 $222,374 $218,473 $214,815 $212,249 $222,827 $209,670 
Preferred stock(28,113)(28,397)(28,397)(28,397)(28,397)(28,255)(28,397)
Tangible common shareholders’ equity$195,167 $193,977 $190,076 $186,418 $183,852 $194,572 $181,273 
Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity$293,892 $293,552 $291,646 $287,064 $283,319 
Goodwill(69,021)(69,021)(69,021)(69,021)(69,021)
Intangible assets (excluding MSRs)(1,958)(1,977)(1,997)(2,016)(2,036)
Related deferred tax liabilities864 869874 886 890 
Tangible shareholders’ equity$223,777 $223,423 $221,502 $216,913 $213,152 
Preferred stock(26,548)(28,397)(28,397)(28,397)(28,397)
Tangible common shareholders’ equity$197,229 $195,026 $193,105 $188,516 $184,755 
Reconciliation of period-end assets to period-end tangible assets
Assets$3,257,996 $3,273,803 $3,180,151 $3,153,090 $3,123,198 
Goodwill(69,021)(69,021)(69,021)(69,021)(69,021)
Intangible assets (excluding MSRs)(1,958)(1,977)(1,997)(2,016)(2,036)
Related deferred tax liabilities 864 869874 886 890 
Tangible assets$3,187,881 $3,203,674 $3,110,007 $3,082,939 $3,053,031 
(1)For more information on non-GAAP financial measures and ratios we use in assessing the results of the Corporation, see Supplemental Financial Data on page 6.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
See Market Risk Management on page 42 in the MD&A and the sections referenced therein for Quantitative and Qualitative Disclosures about Market Risk.
Item 4. Controls and Procedures
Disclosure Controls and Procedures
As of the end of the period covered by this report, the Corporation’s management, including the Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness and design of the Corporation’s disclosure controls and procedures (as that term is defined in Rule 13a-15(e) of the Exchange Act). Based upon that evaluation, the Corporation’s Chief Executive Officer and Chief Financial Officer concluded that the Corporation’s disclosure controls and procedures were effective, as of the end of the period covered by this report.
Changes in Internal Control Over Financial Reporting
There have been no changes in the Corporation’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) during the three months ended June 30, 2024, that have materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.
Bank of America 48


Part I. Financial Information
Item 1. Financial Statements
Bank of America Corporation and Subsidiaries
Consolidated Statement of Income
Three Months Ended June 30Six Months Ended June 30
(In millions, except per share information)2024202320242023
Net interest income  
Interest income$36,854 $32,354 $73,139 $61,009 
Interest expense23,152 18,196 45,405 32,403 
Net interest income13,702 14,158 27,734 28,606 
Noninterest income  
Fees and commissions8,969 7,961 17,629 15,855 
Market making and similar activities3,298 3,697 7,186 8,409 
Other income (loss)(592)(619)(1,354)(1,415)
Total noninterest income11,675 11,039 23,461 22,849 
Total revenue, net of interest expense25,377 25,197 51,195 51,455 
Provision for credit losses1,508 1,125 2,827 2,056 
Noninterest expense  
Compensation and benefits9,826 9,401 20,021 19,319 
Occupancy and equipment1,818 1,776 3,629 3,575 
Information processing and communications1,763 1,644 3,563 3,341 
Product delivery and transaction related891 956 1,742 1,846 
Professional fees654 527 1,202 1,064 
Marketing487 513 942 971 
Other general operating870 1,221 2,447 2,160 
Total noninterest expense16,309 16,038 33,546 32,276 
Income before income taxes7,560 8,034 14,822 17,123 
Income tax expense663 626 1,251 1,554 
Net income$6,897 $7,408 $13,571 $15,569 
Preferred stock dividends315 306 847 811 
Net income applicable to common shareholders$6,582 $7,102 $12,724 $14,758 
Per common share information  
Earnings$0.83 $0.88 $1.60 $1.83 
Diluted earnings0.83 0.88 1.59 1.82 
Average common shares issued and outstanding7,897.9 8,040.9 7,933.3 8,053.5 
Average diluted common shares issued and outstanding7,960.9 8,080.7 7,996.2 8,162.6 
Consolidated Statement of Comprehensive Income
Three Months Ended June 30Six Months Ended June 30
(Dollars in millions)2024202320242023
Net income$6,897 $7,408 $13,571 $15,569 
Other comprehensive income (loss), net-of-tax:
Net change in debt securities(305)168 27 723 
Net change in debit valuation adjustments53 (404)(135)(394)
Net change in derivatives686 (1,993)270 49 
Employee benefit plan adjustments25 9 48 19 
Net change in foreign currency translation adjustments(31)5 (51)17 
Other comprehensive income (loss)428 (2,215)159 414 
Comprehensive income (loss)$7,325 $5,193 $13,730 $15,983 












See accompanying Notes to Consolidated Financial Statements.
49 Bank of America



Bank of America Corporation and Subsidiaries
Consolidated Balance Sheet
June 30
2024
December 31
2023
(Dollars in millions)
Assets
Cash and due from banks$25,849 $27,892 
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks294,783 305,181 
Cash and cash equivalents320,632 333,073 
Time deposits placed and other short-term investments8,369 8,346 
Federal funds sold and securities borrowed or purchased under agreements to resell
   (includes $167,835 and $133,053 measured at fair value)
337,752 280,624 
Trading account assets (includes $151,737 and $130,815 pledged as collateral)
306,466 277,354 
Derivative assets35,956 39,323 
Debt securities: 
Carried at fair value301,051 276,852 
Held-to-maturity, at cost (fair value $466,636 and $496,597)
577,366 594,555 
Total debt securities878,417 871,407 
Loans and leases (includes $3,197 and $3,569 measured at fair value)
1,056,785 1,053,732 
Allowance for loan and lease losses(13,238)(13,342)
Loans and leases, net of allowance1,043,547 1,040,390 
Premises and equipment, net11,917 11,855 
Goodwill69,021 69,021 
Loans held-for-sale (includes $1,572 and $2,059 measured at fair value)
7,043 6,002 
Customer and other receivables80,978 81,881 
Other assets (includes $15,314 and $11,861 measured at fair value)
157,898 160,875 
Total assets$3,257,996 $3,180,151 
Liabilities  
Deposits in U.S. offices:  
Noninterest-bearing$503,037 $530,619 
Interest-bearing (includes $370 and $284 measured at fair value)
1,291,853 1,273,904 
Deposits in non-U.S. offices:
Noninterest-bearing14,573 16,427 
Interest-bearing101,028 102,877 
Total deposits1,910,491 1,923,827 
Federal funds purchased and securities loaned or sold under agreements to repurchase
   (includes $214,719 and $178,609 measured at fair value)
368,106 283,887 
Trading account liabilities100,345 95,530 
Derivative liabilities40,508 43,432 
Short-term borrowings (includes $7,200 and $4,690 measured at fair value)
40,429 32,098 
Accrued expenses and other liabilities (includes $15,064 and $11,473 measured at fair value
   and $1,104 and $1,209 of reserve for unfunded lending commitments)
213,751 207,527 
Long-term debt (includes $46,875 and $42,809 measured at fair value)
290,474 302,204 
Total liabilities2,964,104 2,888,505 
Commitments and contingencies (Note 6 – Securitizations and Other Variable Interest Entities
   and Note 10 – Commitments and Contingencies)
Shareholders’ equity 
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 4,013,928 and 4,088,099 Shares
26,548 28,397 
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares;
   issued and outstanding – 7,774,753,442 and 7,895,457,665 shares
51,376 56,365 
Retained earnings233,597 224,672 
Accumulated other comprehensive income (loss)(17,629)(17,788)
Total shareholders’ equity293,892 291,646 
Total liabilities and shareholders’ equity$3,257,996 $3,180,151 
Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
Trading account assets$5,647 $6,054 
Loans and leases19,827 18,276 
Allowance for loan and lease losses(917)(826)
Loans and leases, net of allowance18,910 17,450 
All other assets281 269 
Total assets of consolidated variable interest entities$24,838 $23,773 
Liabilities of consolidated variable interest entities included in total liabilities above  
Short-term borrowings (includes $0 and $23 of non-recourse short-term borrowings)
$3,343 $2,957 
Long-term debt (includes $9,137 and $8,456 of non-recourse debt)
9,137 8,456 
All other liabilities (includes $22 and $19 of non-recourse liabilities)
22 19 
Total liabilities of consolidated variable interest entities$12,502 $11,432 
See accompanying Notes to Consolidated Financial Statements.
Bank of America 50


Bank of America Corporation and Subsidiaries
Consolidated Statement of Changes in Shareholders’ Equity
Preferred
Stock
Common Stock and
Additional Paid-in Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Shareholders’
Equity
(In millions)SharesAmount
Balance, March 31, 2024$28,397 7,866.9 $54,310 $228,902 $(18,057)$293,552 
Net income   6,897 6,897 
Net change in debt securities    (305)(305)
Net change in debit valuation adjustments53 53 
Net change in derivatives    686 686 
Employee benefit plan adjustments    25 25 
Net change in foreign currency translation adjustments   (31)(31)
Dividends declared:    
Common (1,887) (1,887)
Preferred  (310) (310)
Redemption of preferred stock(1,849)(5)(1,854)
Common stock issued under employee plans, net, and other0.4 601   601 
Common stock repurchased(92.5)(3,535)(3,535)
Balance, June 30, 2024$26,548 7,774.8 $51,376 $233,597 $(17,629)$293,892 
Balance, December 31, 2023$28,397 7,895.5 $56,365 $224,672 $(17,788)$291,646 
Net income13,571 13,571 
Net change in debt securities27 27 
Net change in debit valuation adjustments(135)(135)
Net change in derivatives270 270 
Employee benefit plan adjustments48 48 
Net change in foreign currency translation adjustments(51)(51)
Dividends declared:
Common(3,797)(3,797)
Preferred(842)(842)
Redemption of preferred stock(1,849)(5)(1,854)
Common stock issued under employee plans, net, and other44.4 1,046 (2)1,044 
Common stock repurchased(165.1)(6,035)(6,035)
Balance, June 30, 2024$26,548 7,774.8 $51,376 $233,597 $(17,629)$293,892 
Balance, March 31, 2023$28,397 7,972.4 $57,264 $213,062 $(18,527)$280,196 
Net income7,408 7,408 
Net change in debt securities168 168 
Net change in debit valuation adjustments(404)(404)
Net change in derivatives(1,993)(1,993)
Employee benefit plan adjustments9 9 
Net change in foreign currency translation adjustments5 5 
Dividends declared:
Common(1,767)(1,767)
Preferred(306)(306)
Common stock issued under employee plans, net, and other0.4 553 553 
Common stock repurchased(19.2)(550)(550)
Balance, June 30, 2023$28,397 7,953.6 $57,267 $218,397 $(20,742)$283,319 
Balance, December 31, 2022$28,397 7,996.8 $58,953 $207,003 $(21,156)$273,197 
Cumulative adjustment for adoption of credit loss accounting
   standard
184 184 
Net income15,569 15,569 
Net change in debt securities723 723 
Net change in debit valuation adjustments(394)(394)
Net change in derivatives49 49 
Employee benefit plan adjustments19 19 
Net change in foreign currency translation adjustments17 17 
Dividends declared:
Common(3,541)(3,541)
Preferred(811)(811)
Common stock issued under employee plans, net, and other42.8 1,079 (7)1,072 
Common stock repurchased(86.0)(2,765)(2,765)
Balance, June 30, 2023$28,397 7,953.6 $57,267 $218,397 $(20,742)$283,319 




See accompanying Notes to Consolidated Financial Statements.
51 Bank of America



Bank of America Corporation and Subsidiaries
Consolidated Statement of Cash Flows
Six Months Ended June 30
(Dollars in millions)20242023
Operating activities  
Net income$13,571 $15,569 
Adjustments to reconcile net income to net cash provided by operating activities:  
Provision for credit losses2,827 2,056 
(Gains) losses on sales of debt securities(14)404 
Depreciation and amortization1,081 1,013 
Net (accretion) amortization of discount/premium on debt securities(394)64 
Deferred income taxes(883)(612)
Stock-based compensation1,710 1,626 
Loans held-for-sale:
Originations and purchases(16,956)(7,345)
Proceeds from sales and paydowns of loans originally classified as held for sale and instruments
from related securitization activities
15,663 7,349 
Net change in:
Trading and derivative assets/liabilities(25,246)1,289 
Other assets1,335 (6,618)
Accrued expenses and other liabilities6,183 (18,449)
Other operating activities, net3,680 4,140 
Net cash provided by operating activities2,557 486 
Investing activities  
Net change in:
Time deposits placed and other short-term investments(23)(722)
Federal funds sold and securities borrowed or purchased under agreements to resell(54,628)(8,707)
Debt securities carried at fair value:
Proceeds from sales24,454 93,947 
Proceeds from paydowns and maturities188,518 35,177 
Purchases(239,755)(39,260)
Held-to-maturity debt securities:
Proceeds from paydowns and maturities16,568 18,078 
Purchases (77)
Loans and leases:
Proceeds from sales of loans originally classified as held for investment and instruments
from related securitization activities
4,199 5,129 
Purchases(2,736)(2,590)
Other changes in loans and leases, net(7,610)(9,731)
Other investing activities, net(1,832)(2,514)
Net cash provided by (used in) investing activities(72,845)88,730 
Financing activities  
Net change in:
Deposits(13,336)(53,132)
Federal funds purchased and securities loaned or sold under agreements to repurchase84,219 92,992 
Short-term borrowings8,331 14,085 
Long-term debt:
Proceeds from issuance30,373 30,709 
Retirement(36,142)(22,268)
Preferred stock redemption
(1,854) 
Common stock repurchased(6,035)(2,765)
Cash dividends paid(4,735)(4,443)
Other financing activities, net(463)(752)
Net cash provided by financing activities60,358 54,426 
Effect of exchange rate changes on cash and cash equivalents(2,511)(292)
Net increase (decrease) in cash and cash equivalents(12,441)143,350 
Cash and cash equivalents at January 1333,073 230,203 
Cash and cash equivalents at June 30$320,632 $373,553 





See accompanying Notes to Consolidated Financial Statements.
Bank of America 52


Bank of America Corporation and Subsidiaries
Notes to Consolidated Financial Statements
NOTE 1 Summary of Significant Accounting Principles
Bank of America Corporation, a bank holding company and a financial holding company, provides a diverse range of financial services and products throughout the U.S. and in certain international markets. The term “the Corporation” as used herein may refer to Bank of America Corporation, individually, Bank of America Corporation and its subsidiaries, or certain of Bank of America Corporation’s subsidiaries or affiliates.
Principles of Consolidation and Basis of Presentation
The Consolidated Financial Statements include the accounts of the Corporation and its majority-owned subsidiaries and those variable interest entities (VIEs) where the Corporation is the primary beneficiary. Intercompany accounts and transactions have been eliminated. Results of operations of acquired companies are included from the dates of acquisition, and for VIEs, from the dates that the Corporation became the primary beneficiary. Assets held in an agency or fiduciary capacity are not included in the Consolidated Financial Statements. The Corporation accounts for investments in companies for which it owns a voting interest and for which it has the ability to exercise
significant influence over operating and financing decisions using the equity method of accounting. These investments, which include the Corporation’s interests in affordable housing and renewable energy partnerships, are recorded in other assets. Equity method investments are subject to impairment testing, and the Corporation’s proportionate share of income or loss is included in other income.
The preparation of the Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could materially differ from those estimates and assumptions.
These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, and related notes thereto, of the Corporation’s 2023 Annual Report on Form 10-K.
The nature of the Corporation’s business is such that the results of any interim period are not necessarily indicative of results for a full year. In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair statement of the interim period results, have been made. The Corporation evaluates subsequent events through the date of filing with the Securities and Exchange Commission (SEC).
53 Bank of America



NOTE 2 Net Interest Income and Noninterest Income
The table below presents the Corporation’s net interest income and noninterest income disaggregated by revenue source for the three and six months ended June 30, 2024 and 2023. For more information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K. For a disaggregation of noninterest income by business segment and All Other, see Note 17 – Business Segment Information.
Three Months Ended June 30Six Months Ended June 30
(Dollars in millions)2024202320242023
Net interest income
Interest income
Loans and leases$15,338 $13,970 $30,578 $27,067 
Debt securities6,325 4,691 12,462 10,151 
Federal funds sold and securities borrowed or purchased under agreements to resell 5,159 4,955 10,334 8,667 
Trading account assets2,516 2,076 4,971 4,104 
Other interest income (1)
7,516 6,662 14,794 11,020 
Total interest income36,854 32,354 73,139 61,009 
Interest expense
Deposits9,655 5,785 18,793 10,099 
Short-term borrowings 9,070 8,355 17,605 14,535 
Trading account liabilities540 472 1,086 976 
Long-term debt3,887 3,584 7,921 6,793 
Total interest expense23,152 18,196 45,405 32,403 
Net interest income$13,702 $14,158 $27,734 $28,606 
Noninterest income
Fees and commissions
Card income
Interchange fees (2)
$1,023 $1,023 $1,954 $1,979 
Other card income558 523 1,090 1,036 
Total card income1,581 1,546 3,044 3,015 
Service charges
Deposit-related fees1,172 1,045 2,294 2,142 
Lending-related fees335 319 655 632 
Total service charges1,507 1,364 2,949 2,774 
Investment and brokerage services
Asset management fees3,370 2,969 6,640 5,887 
Brokerage fees950 870 1,867 1,804 
Total investment and brokerage services 4,320 3,839 8,507 7,691 
Investment banking fees
Underwriting income869 657