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美國

證券交易委員會

華盛頓特區20549

形式 10-Q

(Mark一）

☑ 根據證券第13或15（d）條的季度報告

1934年交易所法案

截至季度 2024年9月30日

或

☐ 根據《證券條例》第13或15(D)條提交的過渡報告

1934年《交換法》

在從美國到日本的過渡期內，中國將從美國轉向美國

委託文件編號：

1-6523

章程中規定的註冊人的確切姓名：

美國銀行

成立或組織的州或其他司法管轄區：

特拉華州

國稅局僱主識別號：

56-0906609

主要執行機構地址：

美國銀行企業中心

翠雲街北段100號

夏洛特, 北卡羅來納州 28255

註冊人的電話號碼，包括地區代碼：

(704) 386-5681

以前的名稱、以前的地址和以前的財年，如果自上次報告以來發生了變化：

根據該法第12(B)條登記的證券：

每個班級的標題			交易符號			註冊的每個交易所的名稱
普通股，面值每股0.01美金			BAC			紐約證券交易所
存托股份，每股代表股份的1/1，000權益			BAT PrE			紐約證券交易所
浮動利率非累積優先股，E系列
存托股份，每股代表股份的1/1，000權益			BAT PrB			紐約證券交易所
6.000%非累積優先股，GG系列
存托股份，每股代表股份的1/1，000權益			BAT PrK			紐約證券交易所
非累積優先股，HH系列
7.25%非累積永久可轉換優先股，L系列			BAT PrL			紐約證券交易所
存托股份，每股代表1/1，200股份權益			BML PrG			紐約證券交易所
美國銀行公司浮動利率
非累積優先股，系列1

---

每個班級的標題			交易符號			註冊的每個交易所的名稱
存托股份，每股代表1/1，200股份權益			BML PrH			紐約證券交易所
美國銀行公司浮動利率
非累積優先股，系列2
存托股份，每股代表1/1，200股份權益			BML PrJ			紐約證券交易所
美國銀行公司浮動利率
非累積優先股，系列4
存托股份，每股代表1/1，200股份權益			BML PrL			紐約證券交易所
美國銀行公司浮動利率
非累積優先股，系列5
BAT Capital的浮動利率優先混合收益期限證券			BAT/PF			紐約證券交易所
信託十三（及其相關擔保）
5.63%固定至浮動利率優先混合收益期限證券			BAT/PG			紐約證券交易所
BAT Capital Trust十四（及其相關擔保）
收益資本義務票據最初到期於2066年12月15日			MER PrK			紐約證券交易所
美國銀行公司
高級中商業本票據，A系列，上調可贖回票據，到期			BAT/31 B			紐約證券交易所
美國銀行財務有限責任公司2031年11月28日（以及擔保
註冊人對此）
存托股份，每股代表股份的1/1，000權益			BAT PrM			紐約證券交易所
5.375%非累積優先股，KK系列
存托股份，每股代表股份的1/1，000權益			BAT PrN			紐約證券交易所
5.000%非累積優先股，LL系列
存托股份，每股代表股份的1/1，000權益			BAT PrO			紐約證券交易所
4.375%非累積優先股，NN系列
存托股份，每股代表股份的1/1，000權益			BAT PrP			紐約證券交易所
4.125%非累積優先股，PP系列
存托股份，每股代表股份的1/1，000權益			BAT PrQ			紐約證券交易所
4.250%非累積優先股，QQ系列
存托股份，每股代表股份的1/1，000權益			BAT PrS			紐約證券交易所
4.750%非累積優先股，SS系列

用複選標記表示註冊人(1)是否在過去12個月內(或註冊人被要求提交此類報告的較短時間內)提交了1934年《證券交易法》第13或15(D)節要求提交的所有報告，以及(2)在過去90天內是否符合此類提交要求。

是 ☑ 不是☐

用複選標記表示註冊人是否在過去12個月內(或在註冊人被要求提交此類文件的較短時間內)以電子方式提交了根據S-T規則第405條(本章232.405節)要求提交的每個交互數據文件。

是 ☑ 不是☐

通過複選標記來確定註冊人是大型加速申報人、加速申報人、非加速申報人、小型報告公司還是新興成長型公司。請參閱《交易法》第120條第2條中「大型加速申報人」、「加速申報人」、「小型報告公司」和「新興成長型公司」的定義。

大型加速文件夾

☑

加速編報公司

☐

非加速歸檔

☐

小型上市公司

☐

新興成長型公司 ☐

如果是一家新興的成長型公司，用複選標記表示註冊人是否已選擇不使用延長的過渡期來遵守根據《交易所法》第13(A)節提供的任何新的或修訂的財務會計準則。☐

通過勾選標記檢查註冊人是否是空殼公司（定義見《交易法》第120條第2條）。

是的 ☐ 沒有 ☑

2024年10月28日，有 7,672,879,599 美國銀行公司已發行普通股股票。

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美國銀行公司及其子公司

2024年9月30日

10-Q表

指數

第一部分.財務資料

項目1.財務報表						頁面
合併收益表						50
綜合全面收益表						50
綜合資產負債表						51
合併股東權益變動表						52
綜合現金流量表						53
綜合財務報表附註						54
注1 -重要會計原則摘要						54
注2 -淨利息收入和非利息收入						55
注3 -衍生品						56
注4 -證券						64
注5 -未償貸款和租賃 和信用損失備抵						67
注6 -證券化和其他可變利益實體						78
Note 7 - 商譽及無形資產						82
附註8-租契						82
注9 -證券融資協議、抵押品和限制現金						83
注10 -承諾和或有事項						84
注11 -股東權益						87
注12 -累計其他綜合收益（損失）						88
注13 -每股普通股收益						89
注14 -公允價值衡量						89
注15 -公允價值期權						96
注16 -金融工具的公允價值						98
注17 -業務分部信息						98
術語表						103
縮略詞						105

項目2.管理層對財務狀況和經營成果的討論和分析
執行摘要						3
最近的事態發展						3
財務摘要						4
補充財務數據						6
業務部門運營						10
消費者銀行						10
全球財富與投資管理						14
全球銀行						16
全球市場						18
所有其他						20
管理風險						21
資本管理						21
流動性風險						25
信用風險管理						29
消費者投資組合信用風險管理						29
商業投資組合信用風險管理						34
非美國投資組合						40
信貸虧損撥備						41
市場風險管理						43
交易風險管理						43
銀行業利率風險管理書籍						45
抵押貸款銀行風險管理						47
氣候危機k						47
複雜的會計估計						48
非公認會計準則調整						49
項目3.市場風險的定量和定性披露						49
項目4.控制和程式						49

1 美國銀行

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第二部分：其他信息

項目1.法律訴訟						106
第1A項。風險因素						106
第二項股權證券的未經登記的銷售和收益的使用						106
項目5.其他信息						106
項目6.展品						107
簽名						107

項目2.管理層對財務狀況和經營結果的討論和分析

美國銀行(以下簡稱「本公司」)及其管理層可能會作出某些陳述，構成1995年「私人證券訴訟改革法」所指的「前瞻性陳述」。這些陳述可以通過它們與歷史或當前事實沒有嚴格聯繫這一事實來確定。前瞻性陳述經常使用「預期」、「目標」、「期望」、「希望」、「估計」、「打算」、「計劃」、「目標」、「相信」、「繼續」等類似的表達方式，或使用「將」、「可能」、「可能」、「應該」、「將」和「可能」等未來或條件動詞。前瞻性陳述代表公司對未來業績、收入、流動資金、淨利息收入、信貸損失撥備、費用、效率比率、資本指標、戰略、存款、資產以及更廣泛的未來業務和經濟狀況的當前預期、計劃或預測，以及其他未來事項。這些陳述不是對未來結果或業績的保證，涉及某些已知和未知的風險、不確定性和假設，這些風險、不確定性和假設很難預測，而且往往超出該公司的控制範圍。實際結果和結果可能與這些前瞻性陳述中表達或暗示的內容大不相同。

你不應過分依賴任何前瞻性陳述，應考慮以下不確定性和風險，以及在項目1A下更充分討論的風險和不確定性。公司2023年年度報告Form 10-k以及公司隨後提交給美國證券交易委員會的任何文件中的風險因素：公司潛在的判決、命令、和解、處罰、罰款和聲譽損害，這些固有地難以預測，是由於公司在正常業務過程中受到公司面臨的未決、威脅或未來的訴訟和監管調查、法律程序和執法行動的影響，包括與我們處理加州和其他某些州的失業救濟金有關的事項。我們的自動信用卡支付服務的特點， 公司反洗錢和經濟制裁方案的充分性，電子支付和相關欺詐的處理，以及劃入付息銀行存款的投資諮詢帳戶中未投資現金支付的利率，這是處於不同階段的；公司未來負債可能超過其記錄的負債和訴訟的估計可能損失範圍，以及監管和政府行動；公司可能面臨參與抵押貸款證券化的一方或多方的索賠增加的可能性；公司解決申述和擔保回購和相關索賠的能力；與終止參考匯率有關的風險，包括費用和訴訟增加以及套期保值策略的有效性；非美國司法管轄區財務穩定性和增長率的不確定性；這些司法管轄區可能面臨償還主權債務的困難的風險；金融市場、貨幣和貿易的相關壓力，以及公司面臨的此類風險，包括直接、間接和運營風險；

美國和全球利率(包括持續減息的可能性)、通貨膨脹、貨幣匯率、經濟狀況、貿易政策和緊張局勢的影響，包括關稅和潛在的地緣政治不穩定；利率、通脹、宏觀經濟、銀行和監管環境對公司資產、業務、財務狀況和經營結果的影響；影響美國或全球銀行業的不利事態發展的影響，包括銀行倒閉和流動性擔憂，導致經濟和市場波動加劇，以及監管應對措施；由於經濟假設、客戶行爲、美國或全球經濟狀況的不利發展以及其他不確定性的變化，未來信貸損失可能高於目前的預期，包括供應鏈中斷、通脹壓力和勞動力短缺對經濟狀況和我們業務的影響；與公司集中信貸有關的潛在損失T風險；公司實現收入、淨利息收入、信貸損失準備金、淨沖銷、實際稅率、貸款增長或其他預測的支出目標和預期的能力；估計銀行賬面淨利息收入敏感度時使用的基本假設和判斷的差異； 主要信用評級機構對公司信用評級的不利變化；無法進入資本市場或維持存款或借款成本；對公司某些資產和負債的公允價值和其他會計價值的估計，但需進行減值評估；會計準則或假設在適用這些準則時發生變化的估計或實際影響；關於監管資本和流動性要求的內容、時間和影響的不確定性；總吸收虧損能力要求的不利變化的影響；壓力資本緩衝要求和/或具有全球系統重要性的銀行附加費；聯邦儲備系統理事會的行動對公司資本計劃的潛在影響；所得稅法律和法規的變化或解釋的影響；實施和遵守美國和國際法律、法規和監管解釋的影響，包括但不限於恢復和決議規劃要求、聯邦存款保險公司的評估、沃爾克規則、受託標準、衍生品法規以及金融機構和客戶之間損失分配的潛在變化，包括因使用我們的產品和服務而產生的損失，包括客戶授權但因欺詐而導致的電子支付和支票支付；公司業務或信息系統或第三方業務或信息系統的故障或中斷或破壞的影響，包括網絡安全事件；與包括人工智能和機器學習在內的新興技術的開發、實施、使用和管理有關的風險；與氣候變化的過渡和實物影響有關的風險；我們實現環境、社會和治理目標和承諾的能力，或公司可持續性戰略或承諾的任何變化的影響；

						美國銀行 2

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不確定或不斷變化的政治條件或未來聯邦政府的任何停擺，以及關於聯邦政府債務上限或財政、貨幣或監管政策變化的不確定性；出現或繼續發生廣泛的衛生緊急情況或流行病；自然災害、極端天氣事件、軍事衝突(包括俄羅斯/烏克蘭衝突、中東衝突、此類衝突可能擴大和潛在的地緣政治後果)、恐怖主義或其他地緣政治事件的影響；和其他事情。

前瞻性陳述僅在前瞻性陳述發表之日起發表，公司沒有義務更新任何前瞻性陳述，以反映前瞻性陳述發表之日之後發生的情況或事件的影響。

管理層財務狀況及經營成果討論與分析(MD&A)中所指的綜合財務報表附註以參考方式併入MD&A。某些前期金額已重新分類，以符合本期列報。在整個MD&A中，公司使用詞彙表中定義的某些縮略語和縮略語。

執行摘要

業務概述

該公司是特拉華州的一家公司、一家銀行控股公司(BHC)和一家金融控股公司。在本報告中使用的「美國銀行」、「本公司」、「我們」、「我們」和「我們」可能是指美國銀行個人、美國銀行及其子公司或美國銀行的某些子公司或關聯公司。我們的主要執行辦事處位於北卡羅來納州夏洛特市。通過我們在美國和國際市場的各種銀行和非銀行子公司，我們通過四個業務部門提供多樣化的銀行和非銀行金融服務和產品：個人銀行業務, 全球財富與投資管理公司(GWIM), 全球銀行業 和 全球市場，其餘操作記錄在所有其他。我們的銀行業務主要根據美國銀行全國協會(Bank of America，N.A.或BANA)章程進行。截至2024年9月30日，該公司擁有3.3萬億美元的萬億資產，員工人數約爲213,000人。

截至2024年9月30日，我們通過在美國、其領土和超過35個國家的業務爲客戶提供服務。我們的零售銀行業務覆蓋了美國的所有主要市場，我們通過大約3,700個零售金融中心、大約15,000台自動取款機和領先的數字銀行平台(www.bank ofamerica.com)爲大約6,900個萬消費者和小型企業客戶提供服務，其中包括大約4,800個萬活躍用戶

4,000個萬活躍移動用戶。我們爲大約4000萬個小企業家庭提供行業領先的支持。我們的GWIM客戶餘額爲4.2萬億的企業通過全套投資管理、經紀、銀行、信託和退休產品提供量身定製的解決方案，以滿足客戶需求。我們是全球領先的企業和投資銀行業務以及各種資產類別的交易領先者，爲世界各地的企業、政府、機構和個人提供服務。

地鐵公司’S的網站是www.bank ofamerica.com，我們網站的投資者關係部分是https://investor.bankofamerica.com.我們使用我們的網站發佈公司信息，包括作爲一種披露材料、非公開信息的手段，並遵守我們在FD法規下的披露義務。我們經常在我們的網站上發佈和提供有關公司的財務和其他信息，包括環境、社會和治理(ESG)信息。除了我們的新聞稿、美國證券交易委員會(美國證券交易委員會)文件、公開電話會議和網絡廣播外，投資者還應該關注我們的網站，包括投資者關係部分。儘管如此，本段提及的本公司網站所載資料並未以參考方式併入本Form 10-Q季度報告內。

最新發展動態

資本管理

I2024年6月，美國聯邦儲備委員會(聯儲局)理事會宣佈了2024年全面資本分析和審查(CCAR)監管壓力測試的結果，其中包括2024年8月敲定的初步壓力資本緩衝(SCB)。根據結果，我們的渣打銀行從2.5%增加到3.2%，導致普通股一級資本比率(CET1)的最低要求爲10.7%，從2024年10月1日起生效。截至2024年9月30日，在標準化方法下，我們的CET1資本比率爲11.8%。

2024年7月24日，公司董事會批准了一項價值250億美元的億普通股回購計劃，自2024年8月1日起生效，該計劃取代了公司之前的回購計劃。有關更多信息，請參閱第21頁的資本管理-CCAR和資本規劃。

2024年10月16日，董事會宣佈季度普通股股息爲每股0.26美元，於2024年12月27日支付給截至2024年12月6日登記在冊的股東。

有關我們的資本資源和監管發展的更多信息，請參閱第21頁開始的資本管理。

3 美國銀行

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財務摘要

表1			彙總損益表和選定的財務數據
						截至9月30日的三個月												截至9月30日的9個月
(百萬美元，每股信息除外)						2024						2023						2024						2023
損益表
淨利息收入						$	13,967					$	14,379					$	41,701					$	42,985
非利息收入						11,378						10,788						34,839						33,637
扣除利息支出後的總收入						25,345						25,167						76,540						76,622
信貸損失準備金						1,542						1,234						4,369						3,290
非利息支出						16,479						15,838						50,025						48,114
所得稅前收入表						7,324						8,095						22,146						25,218
所得稅費用						428						293						1,679						1,847
淨收入						6,896						7,802						20,467						23,371
優先股股息						516						532						1,363						1,343
淨收益適用於普通股股東						$	6,380					$	7,270					$	19,104					$	22,028
每股普通股信息
盈利						$	0.82					$	0.91					$	2.42					$	2.74
攤薄後收益						0.81						0.90						2.40						2.72
已支付的股息						0.26						0.24						0.74						0.68
績效比率
平均資產回報率(1)						0.83		%				0.99		%				0.84		%				1.00		%
平均普通股股東權益回報率(1)						9.44						11.24						9.59						11.63
有形普通股股東權益的平均回報率(2)						12.76						15.47						13.02						16.09
效率比 (1)						65.02						62.93						65.36						62.79
																		2024年9月30日						2023年12月31日
資產負債表
貸款和租賃總額																		$	1,075,800					$	1,053,732
總資產																		3,324,293						3,180,151
總存款																		1,930,352						1,923,827
總負債																		3,027,781						2,888,505
普通股股東權益總額																		271,958						263,249
股東權益總額																		296,512						291,646

(1)有關定義，請參閱第104頁的關鍵字線。

(2)有形普通股股東權益平均回報率是一項非GAAP財務指標。有關更多信息以及與美國普遍接受的會計原則（GAAP）定義的最直接可比財務指標的相應對賬，請參閱第49頁的非GAAP調整。

截至2024年9月30日的三個月和九個月，淨收益分別爲69美元億和205美元億，或每股稀釋後收益0.81美元和2.4美元，而2023年同期爲78美元億和234美元億，或每股稀釋後收益0.9美元和2.72美元。淨收入減少的主要原因是非利息支出和信貸損失準備金增加。

總資產較2023年12月31日增加1,441美元至3.33美元億，主要是由於交易帳戶資產增加以及根據轉售協議借入或購買的證券增加，以支持全球市場客戶活動以及商業貸款的增長。

總負債較2023年12月31日增加1,393美元億至3美元萬億，主要是由根據回購協議借出或出售的更高證券推動的全球市場客戶活動。

股東權益較2023年12月31日增加49美元億至2,965美元億 這主要是由於衍生產品的淨收入和市值增加，但通過普通股回購、普通股和優先股股息以及優先股贖回向股東返還的資本部分抵消了這一增長。

淨利息收入

與2023年同期相比，截至2024年9月30日的三個月和九個月的淨利息收入分別減少了41200美元萬至140美元億和13美元億至417美元億。全額應稅等值(FTE)基礎上的淨利息收益率下降19% 點子(Bps)至1.92%， 5個點子至1.95%。減少的主要原因是存款成本上升，但有關的資產收益率上升及淨利息收入上升，部分抵銷了存款成本下降的影響。全球市場活動。有關淨利息收益率和FTE基準的更多信息，請參閱第6頁的補充金融數據，有關利率風險管理的更多信息，請參閱第45頁的銀行賬簿的利率風險管理。

						美國銀行 4

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非利息收入

表2			非利息收入
						截至9月30日的三個月												截至9月30日的9個月
(百萬美元)						2024						2023						2024						2023
費用及佣金：
信用卡收入						$	1,618					$	1,520					$	4,662					$	4,535
服務費						1,552						1,464						4,501						4,238
投資和經紀服務						4,546						3,963						13,053						11,654
投資銀行手續費						1,403						1,188						4,532						3,563
費用及佣金總額						9,119						8,135						26,748						23,990
做市及類似活動						3,278						3,325						10,464						11,734
其他收入						(1,019)						(672)						(2,373)						(2,087)
非利息收入總額						$	11,378					$	10,788					$	34,839					$	33,637

與2023年同期相比，截至2024年9月30日的三個月和九個月的非利息收入增加了59000美元萬至114美元億和12億至348美元億。以下內容重點介紹了這些重大變化。

● 服務費增加了8,800美元萬和26300美元萬，主要是由於更高的金庫服務費。

●**投資和經紀服務增加58300美元萬和14億，主要是由於股票市場平均估值和正管理資產流動導致資產管理費上升，以及交易量增加導致經紀費用增加，但部分被資產管理定價下降的影響所抵消。

●在這三個月裏，萬的投資銀行手續費增加了21500美元，主要是由於債券發行手續費增加。前9個月的投資銀行手續費增加了96900美元萬，主要是由於債務和股票發行費用增加。

●在這九個月期間，全球做市和類似活動減少了13億，主要是由於固定收益、貨幣和大宗商品宏觀產品的交易收入下降所致。

●萬的其他收入減少了34700美元，萬減少了28600美元，這主要是由於與Visa增加訴訟託管帳戶相關的18900美元萬費用所致。9個月期間的減少也是由於合夥企業在稅收信貸投資和某些負面估值調整方面的虧損增加，但部分抵消了可供出售債務證券銷售虧損的減少。

信貸損失準備

與2023年同期相比，截至2024年9月30日的三個月和九個月，信貸損失準備金增加了30800美元萬至15億，增加了11億至44美元億。本年度信貸損失準備金主要是由信用卡貸款和商業房地產寫字樓組合推動的。有關信貸損失準備的更多信息，請參閱第41頁的信貸損失準備。

非利息支出

表3			非利息支出
						截至9月30日的三個月												截至9月30日的9個月
(百萬美元)						2024						2023						2024						2023
薪酬福利						$	9,916					$	9,551					$	29,937					$	28,870
入住率和設備						1,836						1,795						5,465						5,370
信息處理和通信						1,784						1,676						5,347						5,017
與產品交付和交易相關						849						880						2,591						2,726
營銷						504						501						1,446						1,472
專業費用						723						545						1,925						1,609
其他一般業務						867						890						3,314						3,050
總非利息支出						$	16,479					$	15,838					$	50,025					$	48,114

與2023年同期相比，截至2024年9月30日的三個月和九個月的非利息費用增加了64100萬美元至165億美元，增加了19億美元至500億美元。這兩個時期的增長主要是由更高的收入相關薪酬以及對業務（包括人員和技術）的持續投資推動的，

部分被與清算業務活動相關的費用減少所抵消。9個月期間的增長還包括2024年第一季度記錄的聯邦存款保險公司（FDIC）特別評估額外應計70000萬美元。

5 美國銀行

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所得稅費用

表4			所得稅費用
						截至9月30日的三個月												截至9月30日的9個月
(百萬美元)						2024						2023						2024						2023
稅前收入						$	7,324					$	8,095					$	22,146					$	25,218
所得稅費用						428						293						1,679						1,847
實際稅率						5.8		%				3.6		%				7.6		%				7.3		%

截至2024年9月30日和2023年9月30日的三個月和九個月的有效稅率主要是由我們的經常性稅收優惠推動的，這些優惠主要包括對經濟適用房和可再生能源投資的稅收抵免。在截至2024年9月30日的9個月的有效稅率中，還包括第一季度爲聯邦存款保險公司特別評估記錄的70000美元萬費用的離散收益。如果沒有稅收抵免和單獨的稅收優惠，截至2024年和2023年9月30日的三個月的有效稅率約爲24%和25%，截至2024年和2023年9月30日的九個月的有效稅率約爲25%和26%。

補充財務數據

非公認會計准則財務指標

在這份Form 10-Q季度報告中，我們介紹了某些非GAAP財務指標。非GAAP財務計量不包括某些項目或包括與根據GAAP計算的最直接可比計量不同的組成部分。非GAAP財務指標是作爲額外的有用信息提供的，用於評估我們的財務狀況、經營結果(包括期間間的經營業績)或遵守預期的法規要求。這些非GAAP財務衡量標準並非旨在替代GAAP財務衡量標準，其定義或計算方式可能與其他公司使用的非GAAP財務衡量標準不同。

當在綜合基礎上列報時，我們將按全時當量計算的淨利息收入視爲非公認會計准則財務指標。爲得出全時當量收益基準，淨利息收入進行調整，以反映在同等稅前基礎上的免稅收入以及所得稅支出的相應增加。在此計算中，我們使用21%的聯邦法定稅率和具有代表性的州稅率。淨利息收益率，衡量我們賺取的資金成本的點子，利用FTE基礎上的淨利息收入。我們認爲，在全時當量基礎上列報這些項目，可以比較來自應稅和免稅來源的金額，並符合行業慣例。

我們可能會公佈某些關鍵業績指標和比率，不包括某些項目(例如，借方估值調整(DVA)收益(虧損))，這會導致非GAAP財務衡量標準。我們認爲，提出不包括這些項目的衡量標準是有用的，因爲這些衡量標準提供了額外的信息，以評估我們業務的基本經營業績和趨勢，並允許更好地比較期間與期間的經營業績。

我們還根據某些比率來評估我們的業務，這些比率利用了有形股本，這是一種非公認會計准則的財務衡量標準。有形權益代表股東權益或普通股

減去商譽和無形資產(不包括抵押貸款服務權利(MSR))的股東權益，扣除相關遞延稅項負債(「調整後」股東權益或普通股股東權益)後的淨額。這些衡量標準被用來評估我們對股權的使用。此外，盈利能力、關係和投資模式使用有形普通股平均股本回報率和平均有形股東股本回報率作爲支持我們整體增長目標的關鍵指標。這些比率是：

●有形普通股股東權益平均回報率衡量我們適用於普通股股東的淨收入佔調整後平均普通股股東權益的百分比。有形普通股權益比率代表調整後的期末普通股股東權益除以有形資產總額。

●有形股東權益平均回報率衡量的是我們的淨收入佔調整後平均股東權益總額的百分比。有形權益比率代表調整後的期末股東權益除以有形資產總額。

●每股普通股有形賬面價值代表調整後的期末普通股股東權益除以期末已發行普通股。

我們認爲，利用有形權益的比率提供了更多有用的信息，因爲它們提供了能夠產生收入的資產的衡量標準。每股普通股有形賬面價值提供了與普通股流通股相關的有形資產水平的額外有用信息。

上述補充數據和業績衡量載於第7頁的表5。

有關將這些非GAAP財務指標與相應的GAAP財務指標進行對賬的更多信息，請參見第49頁的非GAAP對賬。

關鍵績效指標

我們提出了某些關鍵的財務和非財務績效指標(關鍵績效指標)，管理層在評估我們的合併和/或部門業績時使用這些指標。我們相信它們對投資者是有用的，因爲它們提供了關於我們基本運營業績和趨勢的額外信息。這些關鍵績效指標(KPI)的定義或計算方式可能與其他公司使用的類似KPI不同。有關如何定義這些指標的信息，請參閱第104頁的關鍵指標。

我們的綜合主要績效指標，包括各種股權和信用指標，分別載於第4頁的表1和第7頁的表5。

有關關鍵部門績效指標的信息，請參閱第10頁的業務部門運營。

						美國銀行 6

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表5			選定的財務數據
																																				止九個月 九月30
						2024年季度																		2023年季度
(單位：百萬，不包括每股信息)						第三						二						第一						第四						第三						2024						2023
損益表
淨利息收入						$	13,967					$	13,702					$	14,032					$	13,946					$	14,379					$	41,701					$	42,985
非利息收入						11,378						11,675						11,786						8,013						10,788						34,839						33,637
扣除利息支出後的總收入						25,345						25,377						25,818						21,959						25,167						76,540						76,622
信貸損失準備金						1,542						1,508						1,319						1,104						1,234						4,369						3,290
非利息支出						16,479						16,309						17,237						17,731						15,838						50,025						48,114
稅前收入						7,324						7,560						7,262						3,124						8,095						22,146						25,218
所得稅費用						428						663						588						(20)						293						1,679						1,847
淨收入						6,896						6,897						6,674						3,144						7,802						20,467						23,371
適用於普通股股東的淨收益						6,380						6,582						6,142						2,838						7,270						19,104						22,028
平均已發行普通股和已發行普通股						7,818.0						7,897.9						7,968.2						7,990.9						8,017.1						7,894.7						8,041.3
已發行和已發行的平均稀釋普通股						7,902.1						7,960.9						8,031.4						8,062.5						8,075.9						7,965.0						8,153.4
績效比率
平均資產回報率(1)						0.83		%				0.85		%				0.83		%				0.39		%				0.99		%				0.84		%				1.00		%
四個季度的平均資產往績回報率 (2)						0.72						0.76						0.78						0.84						0.98						n/a						n/a
平均普通股股東權益回報率(1)						9.44						9.98						9.35						4.33						11.24						9.59						11.63
平均有形普通股股東權益回報率 (3)						12.76						13.57						12.73						5.92						15.47						13.02						16.09
平均股東權益回報率(1)						9.30						9.45						9.18						4.32						10.86						9.31						11.10
平均有形股東權益回報率 (3)						12.20						12.42						12.07						5.71						14.41						12.23						14.78
期末權益總額與期末資產總額之比						8.92						9.02						8.97						9.17						9.10						8.92						9.10
普通股比率 (1)						8.18						8.21						8.10						8.28						8.20						8.18						8.20
總平均股本與總平均資產之比						8.95						8.96						9.01						8.98						9.11						8.97						8.99
派息 (1)						31.70						28.66						31.11						67.42						26.39						30.46						24.78
每普通股數據
收益						$	0.82					$	0.83					$	0.77					$	0.36					$	0.91					$	2.42					$	2.74
攤薄後收益						0.81						0.83						0.76						0.35						0.90						2.40						2.72
已支付的股息						0.26						0.24						0.24						0.24						0.24						0.74						0.68
賬面價值(1)						35.37						34.39						33.71						33.34						32.65						35.37						32.65
有形賬面價值：(3)						26.25						25.37						24.79						24.46						23.79						26.25						23.79
市值						$	305,090					$	309,202					$	298,312					$	265,840					$	216,942					$	305,090					$	216,942
平均資產負債表
貸款和租賃總額						$	1,059,728					$	1,051,472					$	1,047,890					$	1,050,705					$	1,046,254
總資產						3,296,171						3,274,988						3,247,159						3,213,159						3,128,466
總存款						1,920,748						1,909,925						1,907,462						1,905,011						1,876,153
長期債務						247,338						243,689						254,782						256,262						245,819
普通股股東權益						269,001						265,290						264,114						260,221						256,578
股東權益總額						294,985						293,403						292,511						288,618						284,975
資產質量
信貸損失準備。(4)						$	14,351					$	14,342					$	14,371					$	14,551					$	14,640
不良貸款、租賃和喪失抵押品贖回權的房產。(5)						5,824						5,691						6,034						5,630						4,993
貸款和租賃損失準備佔未償還貸款和租賃總額的百分比。(5)						1.24		%				1.26		%				1.26		%				1.27		%				1.27		%
貸款和租賃損失準備佔不良貸款和租賃總額的百分比。(5)						235						242						225						243						275
淨沖銷						$	1,534					$	1,533					$	1,498					$	1,192					$	931
年化淨沖銷佔平均未償還貸款和租賃的百分比(5)						0.58		%				0.59		%				0.58		%				0.45		%				0.35		%
期末資本充足率(6)
普通股一級資本						11.8		%				11.9		%				11.9		%				11.8		%				11.9		%
一級資本						13.2						13.5						13.6						13.5						13.6
總資本						14.9						15.1						15.2						15.2						15.4
第1級槓桿						6.9						7.0						7.1						7.1						7.3
補充槓桿率						5.9						6.0						6.0						6.1						6.2
有形權益 (3)						7.0						7.0						7.0						7.1						7.0
有形普通股權益。(3)						6.2						6.2						6.1						6.2						6.1
總吸收虧損能力和長期債務指標
對風險加權資產的總吸收損失能力						27.4		%				28.2		%				28.7		%				29.0		%				29.3		%
總吸收損失能力與補充槓桿敞口						12.2						12.5						12.8						13.0						13.3
符合條件的長期債務與風險加權資產之比						13.3						13.7						14.2						14.5						14.8
符合條件的長期債務與補充槓桿風險敞口						6.0						6.0						6.3						6.5						6.7

(1)有關定義，請參閱第104頁的關鍵字線。

(2)計算方法爲連續四個季度的凈利潤總額除以連續四個季度的年化平均資產。

(3)有形股本比率和每股普通股有形賬面價值是非GAAP財務指標。有關這些比率以及與GAAP財務指標的相應對賬的更多信息，請參閱第6頁的補充財務數據和第49頁的非GAAP對賬。

(4)包括貸款和租賃損失撥備以及無資金貸款承諾準備金。

(5)餘額和比率不包括按公允價值選擇權覈算的貸款。有關不良貸款、租賃和止贖房產的其他排除情況，請參閱第34頁的消費者投資組合信用風險管理-不良消費者貸款、租賃和止贖房產活動和相應的表25以及第38頁的商業投資組合信用風險管理-不良商業貸款、租賃和止贖房產活動和相應的表31。

(6)有關更多信息，包括使用哪種方法來評估資本充足率，請參閱第21頁的資本管理。

n/a =不適用

7 美國銀行

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表6			季度平均餘額和利率-FTE基礎
						平均 平衡						興趣 收入/ 費用(1)						收益率/ 率						平均 平衡						興趣 收入/ 費用(1)						收益率/ 率
(百萬美元)						2024年第三季度																		2023年第三季度
賺取資產
存放在聯儲局的有息存款，非美國中央銀行 中國的銀行和其他銀行						$	320,781					$	4,129					5.12		%				$	353,183					$	4,613					5.18		%
定期存款和其他短期投資						10,031						108						4.29						8,629						113						5.20
出售的聯邦基金和借入或購買的證券 *達成轉售協議						323,119						5,196						6.40						287,403						4,888						6.75
交易帳戶資產						214,980						2,749						5.09						191,283						2,244						4.66
債務證券						883,562						6,859						3.08						752,569						4,685						2.47
貸款和租賃。(2)
住宅抵押貸款						227,800						1,872						3.29						229,001						1,745						3.04
房屋淨值						25,664						418						6.48						25,661						390						6.04
信用卡						99,908						2,924						11.64						98,049						2,727						11.03
直接/間接和其他消費者						104,732						1,512						5.74						104,134						1,354						5.16
總消費額						458,104						6,726						5.85						456,845						6,216						5.41
美國商業廣告						391,728						5,358						5.44						377,728						5,061						5.32
非美國商業廣告						125,377						2,222						7.05						123,781						2,088						6.69
商業地產。(3)						69,404						1,275						7.31						74,088						1,364						7.30
商業租賃融資						15,115						201						5.30						13,812						166						4.79
總商業廣告						601,624						9,056						5.99						589,409						8,679						5.84
貸款和租賃總額						1,059,728						15,782						5.93						1,046,254						14,895						5.65
其他盈利資產						105,496						2,815						10.62						99,378						2,339						9.35
盈利資產總額						2,917,697						37,638						5.14						2,738,699						33,777						4.90
現金和銀行到期款項						23,435																		25,772
其他資產，減去貸款和租賃損失準備						355,039																		363,995
總資產						$	3,296,171																	$	3,128,466
有息負債
美國有息存款
活期和貨幣市場存款						$	943,550					$	5,497					2.32		%				$	942,368					$	4,304					1.81		%
定期和儲蓄存款						359,631						3,473						3.84						271,425						2,149						3.14
美國有息存款總額						1,303,181						8,970						2.74						1,213,793						6,453						2.11
非美國有息存款						110,527						1,155						4.16						97,095						887						3.63
有息存款總額						1,413,708						10,125						2.85						1,310,888						7,340						2.22
根據協議購買的聯邦資金和借出或出售的證券 回購						383,334						6,193						6.43						294,878						5,342						7.19
短期借款和其他生息負債						147,579						2,747						7.41						140,513						2,287						6.45
貿易帳戶負債						52,973						538						4.04						48,084						510						4.21
長期債務						247,338						3,921						6.32						245,819						3,766						6.10
計息負債總額						2,244,932						23,524						4.17						2,040,182						19,245						3.75
不計息來源
無息存款						507,040																		565,265
其他負債(4)						249,214																		238,044
股東權益						294,985																		284,975
總負債和股東權益						$	3,296,171																	$	3,128,466
淨息差																		0.97		%																1.15		%
不計息來源的影響																		0.95																		0.96
淨利息收入/盈利資產收益率(5)												$	14,114					1.92		%										$	14,532					2.11		%

(1)包括利率風險管理合同的影響。有關更多信息，請參閱第45頁的《銀行書籍》的利率風險管理。

(2)不良貸款包括在各自的平均貸款餘額中。這些不良貸款的收入通常在成本回收的基礎上確認。

(3)包括2024年和2023年第三季度631億美元和679億美元的美國商業房地產貸款，以及63億美元和62億美元的非美國商業房地產貸款。

(4)包括2024年和2023年第三季度495億美元和411億美元的結構性票據和負債。

(5)淨利息收入包括2024年和2023年第三季度的FTE調整14700萬美元和15300萬美元。

						美國銀行 8

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表7			年初至今平均餘額和利率- FTE基礎
						平均 平衡						興趣 收入/ 費用(1)						收益率/ 率						平均 平衡						興趣 收入/ 費用(1)						收益率/ 率
						截至9月30日的9個月
(百萬美元)						2024																		2023
賺取資產
存放在聯儲局、非美國中央銀行和其他銀行的有息存款						$	337,495					$	13,158					5.21		%				$	305,526					$	10,915					4.78		%
定期存款和其他短期投資						10,200						347						4.54						10,153						350						4.61
根據轉售協議出售的聯邦基金和借入或購買的證券						315,468						15,530						6.58						289,823						13,555						6.25
交易帳戶資產						206,609						7,773						5.02						187,481						6,375						4.54
債務證券						859,578						19,373						3.00						791,339						14,887						2.50
貸款和租賃(2)
住宅抵押貸款						227,705						5,499						3.22						229,010						5,133						2.99
房屋淨值						25,572						1,213						6.33						26,041						1,060						5.44
信用卡						99,570						8,535						11.45						94,775						7,658						10.80
直接/間接和其他消費者						103,934						4,339						5.58						104,896						3,814						4.86
總消費額						456,781						19,586						5.73						454,722						17,665						5.19
美國商業廣告						385,864						15,861						5.49						377,873						14,318						5.07
非美國商業廣告						124,501						6,562						7.04						125,525						5,815						6.19
商業地產。(3)						70,906						3,871						7.29						72,927						3,811						6.99
商業租賃融資						15,003						597						5.31						13,709						462						4.50
總商業廣告						596,274						26,891						6.02						590,034						24,406						5.53
貸款和租賃總額						1,053,055						46,477						5.89						1,044,756						42,071						5.38
其他盈利資產						106,437						8,437						10.59						98,857						6,902						9.33
盈利資產總額						2,888,842						111,095						5.14						2,727,935						95,055						4.66
現金和銀行到期款項						23,941																		26,544
其他資產，減去貸款和租賃損失準備						360,073																		378,936
總資產						$	3,272,856																	$	3,133,415
有息負債
美國有息存款
活期和貨幣市場存款						$	947,112					$	15,743					2.22		%				$	956,165					$	10,659					1.49		%
定期和儲蓄存款						344,750						9,863						3.82						233,079						4,520						2.59
美國有息存款總額						1,291,862						25,606						2.65						1,189,244						15,179						1.71
非美國有息存款						107,144						3,312						4.13						95,187						2,260						3.17
有息存款總額						1,399,006						28,918						2.76						1,284,431						17,439						1.82
根據回購協議購買的聯邦基金、借出或出售的證券						368,459						18,390						6.67						291,349						14,700						6.75
短期借款和其他生息負債						147,138						8,155						7.40						153,653						7,464						6.49
貿易帳戶負債						52,876						1,624						4.10						45,675						1,486						4.35
長期債務						248,597						11,842						6.36						246,357						10,559						5.72
計息負債總額						2,216,076						68,929						4.15						2,021,465						51,648						3.41
不計息來源
無息存款						513,735																		597,224
其他負債(4)						249,407																		233,147
股東權益						293,638																		281,579
總負債和股東權益						$	3,272,856																	$	3,133,415
淨息差																		0.99		%																1.25		%
不計息來源的影響																		0.96																		0.87
淨利息收入/盈利資產收益率(5)												$	42,166					1.95		%										$	43,407					2.12		%

(1)包括利率風險管理合同的影響。有關更多信息，請參閱第45頁的《銀行書籍》的利率風險管理。

(2)不良貸款包括在各自的平均貸款餘額中。這些不良貸款的收入通常在成本回收的基礎上確認。

(3)包括截至2024年9月30日和2023年9月30日的九個月內649億美元和672億美元的美國商業房地產貸款，以及60億美元和58億美元的非美國商業房地產貸款。

(4)包括截至2024年9月30日和2023年9月30日止九個月的467億美元和395億美元結構性票據和負債。

(5)淨利息收入包括截至2024年9月30日和2023年9月30日止九個月的FTE調整46500萬美元和42200萬美元。

9 美國銀行

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業務細分運營

細分市場描述和演示基礎

我們通過四個業務部門報告我們的運營結果：個人銀行、GWIM、全球銀行和全球市場，其餘操作記錄在所有其他。我們管理我們的細分市場，並在FTE的基礎上報告他們的結果。有關更多信息，請參閱公司2023年年報的10-k表格中的MD&A中的業務部門運營。

我們定期審查分配給我們業務的資本，並在戰略和資本規劃過程中每年分配資本。我們使用了一種方法，除了內部基於風險的資本模型外，還考慮了監管資本要求的影響。分配給業務部門的資本稱爲已分配資本。報告單位的已分配權益由已分配資本加資本組成

具體分配給報告單位的商譽和無形資產部分。有關更多信息，包括報告單位的定義，請參見附註7--商譽和無形資產合併財務報表。

有關我們在全時當量基礎上列報財務信息的更多信息，請參見第6頁的補充財務數據，以及關於合併總收入、淨收入和期末總資產的對賬，請參閱注17-業務分類信息 對合並財務報表的影響.

關鍵績效指標

我們介紹了管理層在評估分部結果時使用的某些關鍵財務和非財務業績指標。我們相信它們對投資者很有用，因爲它們提供了有關我們部門的運營業績、客戶趨勢和業務增長的額外信息。

個人銀行業務

						存款									消費貸款									個人銀行業務總量
						截至9月30日的三個月
(百萬美元)						2024			2023						2024			2023						2024			2023						%變化
淨利息收入						$	5,271		$	5,571					$	3,007		$	2,820					$	8,278		$	8,391					(1)		%
非利息收入：
信用卡收入						(10)			(11)						1,412			1,336						1,402			1,325						6
服務費						630			605						1			—						631			605						4
所有其他收入						91			116						16			35						107			151						(29)
非利息收入總額						711			710						1,429			1,371						2,140			2,081						3
扣除利息支出後的總收入						5,982			6,281						4,436			4,191						10,418			10,472						(1)
信貸損失準備金						57			128						1,245			1,269						1,302			1,397						(7)
非利息支出						3,433			3,240						2,101			2,016						5,534			5,256						5
稅前收入						2,492			2,913						1,090			906						3,582			3,819						(6)
所得稅費用						622			729						273			226						895			955						(6)
淨收入						$	1,870		$	2,184					$	817		$	680					$	2,687		$	2,864					(6)
實際稅率(1)																								25.0		%	25.0		%
淨利息收益率						2.24		%	2.26		%				3.86		%	3.65		%				3.35		%	3.26		%
平均分配資本回報率						54			63						11			10						25			27
效率比						57.39			51.60						47.37			48.06						53.12			50.18
資產負債表
						截至9月30日的三個月
平均						2024			2023						2024			2023						2024			2023						%變化
貸款和租賃總額						$	4,383		$	4,139					$	309,398		$	306,622					$	313,781		$	310,761					1		%
盈利資產總額 (2)						935,946			975,968						309,563			306,982						982,058			1,019,980						(4)
總資產 (2)						968,192			1,009,390						314,344			312,731						1,019,085			1,059,152						(4)
總存款						933,227			974,674						5,137			5,377						938,364			980,051						(4)
已分配資本						13,700			13,700						29,550			28,300						43,250			42,000						3

(1)    僅在細分市場級別進行估計。

(2) 在負債和權益總額超過資產的細分和業務中，我們從所有其他 以匹配分部和企業的負債以及分配的股東權益。因此，總收益資產和企業總資產可能不等於總資產 個人銀行業務.

						美國銀行 10

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						存款									消費貸款									個人銀行業務總量
						截至9月30日的9個月
(百萬美元)						2024			2023						2024			2023						2024			2023						%變化
淨利息收入						$	15,760		$	17,120					$	8,833		$	8,301					$	24,593		$	25,421					(3)		%
非利息收入：
信用卡收入						(30)			(31)						4,065			3,971						4,035			3,940						2
服務費						1,821			1,727						2			2						1,823			1,729						5
所有其他收入						288			490						51			122						339			612						(45)
非利息收入總額						2,079			2,186						4,118			4,095						6,197			6,281						(1)
扣除利息支出後的總收入						17,839			19,306						12,951			12,396						30,790			31,702						(3)
信貸損失準備金						207			414						3,526			3,339						3,733			3,753						(1)
非利息支出						10,196			10,082						6,277			6,100						16,473			16,182						2
稅前收入						7,436			8,810						3,148			2,957						10,584			11,767						(10)
所得稅費用						1,859			2,203						787			739						2,646			2,942						(10)
淨收入						$	5,577		$	6,607					$	2,361		$	2,218					$	7,938		$	8,825					(10)
實際稅率(1)																								25.0		%	25.0		%
淨利息收益率						2.23		%	2.29		%				3.82		%	3.66		%				3.32		%	3.26		%
平均分配資本回報率						54			64						11			11						25			28
效率比						57.16			52.23						48.47			49.21						53.50			51.05
資產負債表
						截至9月30日的9個月
平均						2024			2023						2024			2023						2024			2023						%變化
貸款和租賃總額						$	4,308		$	4,113					$	308,719		$	302,978					$	313,027		$	307,091					2		%
盈利資產總額 (2)						944,277			1,000,143						308,867			303,266						989,944			1,043,476						(5)
總資產 (2)						976,752			1,033,618						313,739			309,435						1,027,291			1,083,120						(5)
總存款						941,780			998,947						4,860			5,094						946,640			1,004,041						(6)
已分配資本						13,700			13,700						29,550			28,300						43,250			42,000						3
期間結束						九月30 2024			12月31日 2023						九月30 2024			12月31日 2023						九月30 2024			12月31日 2023						%變化
貸款和租賃總額						$	4,492		$	4,218					$	311,605		$	310,901					$	316,097		$	315,119					—		%
盈利資產總額(2)						942,038			965,088						311,805			311,008						988,856			1,009,360						(2)
總資產 (2)						974,614			999,372						316,667			317,194						1,026,293			1,049,830						(2)
總存款						939,050			964,136						5,308			5,436						944,358			969,572						(3)

參見第頁10 用於腳註。

個人銀行業務由存款和消費者貸款組成，爲消費者和小企業提供多元化的信貸、銀行和投資產品和服務。的更多信息 個人銀行業務，請參閱公司2023年年度報告MD & A中的業務部門運營（Form 10-k）。

個人銀行業務業績

三個月比較

年淨收入個人銀行業務 減少 17700萬美元 至27億美元 由於非利息費用增加和收入減少，部分被信用損失撥備減少所抵消。淨利息收入 減少11300萬美元至83億美元主要受存款餘額減少推動，部分被貸款餘額增加所抵消。非利息收入增加 5900萬美元 增至21億美元，主要是由於卡收入增加。

信用損失撥備減少 9500萬美元 到 13億美元主要由消費者活動的整體改善推動。非利息費用增加 27800萬美元至55美元的億，主要是由對業務的投資推動的，包括人員和技術。

平均分配資本回報率爲25%，向下從27%增加，原因是已分配資本增加和淨收入減少。有關分配給業務部門的資本的信息，請參閱第10頁的業務部門運營。

九個月比較

年淨收入個人銀行業務減少88700美元的萬 到 79美元億，主要是由於收入減少和非利息支出增加。淨利息收入減少了82800美元萬，降至246億美元億，主要是由於三個月的討論中描述的相同因素。非利息收入減少8,400美元至62億，主要是由於資產和負債管理(ALM)結果的分配導致其他收入減少，但信用卡收入和服務費增加部分抵消了這一影響。

信貸損失準備金減少2,000美元萬至37美元億，與上年同期基本持平。非利息支出增加 29100美元萬 到 $165億，主要是由於三個月的討論中描述的相同因素。

平均分配資本回報率爲25%，從百分之28，主要是由於與三個月討論中描述的相同因素。

存款

三個月比較

年淨收入存款 減少 31500萬美元 到 19億美元 主要是由於收入較低和非利息費用較高。淨利息收入下降 30000萬美元 到 53億美元 主要是由存款餘額下降推動的。非利息收入爲 71100萬美元，與去年同期相對持平。

11 美國銀行

---

非利息費用增加 19300萬美元至 34億美元， 主要由業務投資驅動，包括人員和技術.

平均存款減少414億美元至9332億美元，主要是由於貨幣市場儲蓄淨流出486億美元和支票淨流出198億美元，部分被定期存款356億美元的增長所抵消。

九個月比較

淨收入爲 存款減少 10億至56億美元 主要是由於收入較低。淨利息收入下降 14億美元 到 158億美元 主要是由於與三個月討論中描述的相同因素。非利息收入減少 10700美元萬 到 21億美元 主要受ALm結果分配推動，部分被較高的服務費抵消。

信用損失撥備減少 20700萬美元 到 20700萬美元 主要是由於欺詐活動造成的透支損失減少。 非利息費用增加11400萬美元至102億美元，主要原因與三個月討論中描述的相同。

平均存款減少 572億美元 到 9418億美元 主要是由於貨幣市場儲蓄淨流出610億美元和支票淨流出260億美元，部分被定期存款增長397億美元所抵消。

下表提供了存款的主要業績指標。管理層使用這些指標，我們相信它們對投資者很有用，因爲它們提供了額外的信息來評估我們的存款盈利能力和數字/移動趨勢。

主要統計數據--存款
			截至9月30日的三個月												截至9月30日的9個月
			2024						2023						2024						2023
總存款利差(不包括非利息成本)(1)			2.81%						2.76%						2.76%						2.66%
期間結束
消費者投資資產(單位：百萬)(2)															$	496,582					$	387,467
活躍的數字銀行用戶（以千計） (3)															47,830						45,797
活躍手機銀行用戶（以千計） (4)															39,638						37,487
金融中心															3,741						3,862
自動取款機															14,900						15,253

(1)包括在消費者貸款中持有的存款。

(2)包括客戶經紀資產、存款清算餘額、美國銀行、不適用經紀CD和AUm 個人銀行業務.

(3)代表過去90天內的移動和/或在線活躍用戶。

(4)代表過去90天內的移動活躍用戶。

受市場表現和淨客戶流量正的推動，消費者投資資產從2023年9月30日增加1，091億美元，至2024年9月30日的4，966億美元。活躍的移動銀行用戶增加了約200萬，反映出我們客戶的銀行偏好的持續變化。自2023年9月30日以來，隨着我們繼續優化消費者銀行網絡，我們的金融中心淨減少了121個，ATM機減少了353台。

消費貸款

三個月比較

消費者貸款淨利潤增加 13700萬美元 到 81700萬 主要是由於收入增加，部分被非利息費用增加所抵消。淨利息收入增加18700萬美元至30億美元，主要是由於貸款餘額增加。非利息收入 增額5800萬美元至14億美元，主要是受更高的卡收入推動的。

信用損失撥備減少 2400萬美元至 12億美元，與去年同期相對持平.非利息費用增加 8500萬美元 至21億美元， 主要由業務投資驅動，包括人和技術。

平均貸款增加 28億美元 到 3094億美元 受信用卡、小企業和消費汽車貸款增加的推動。

九個月比較

淨 消費者貸款收入增加 14300萬美元 收入增加推動至24億美元，但部分被信貸損失撥備增加和非利息費用增加所抵消.淨利息收入增加 53200萬美元至88億美元 主要是由於與三個月討論中描述的相同因素。非利息收入增加 2300萬美元至41億美元，與去年同期相對持平.

信用損失撥備增加 18700萬美元 到 35億美元 主要由信用卡貸款驅動。非利息費用增加 17700萬美元 到 63億美元，主要是由於與三個月討論中描述的相同因素.

平均貸款增加 57億美元 到 3087億美元 主要由三個月討論中描述的相同因素驅動。

下表提供了消費者貸款的關鍵績效指標。管理層使用這些指標，我們相信它們對投資者有用，因爲它們提供了有關貸款增長和盈利能力的額外信息。

						美國銀行 12

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主要統計數據-消費者貸款
			截至9月30日的三個月												截至9月30日的九個月
(百萬美元)			2024						2023						2024						2023
信用卡總數 (1)
毛利率 (2)			12.49		%				12.03		%				12.35		%				11.85		%
風險調整按金 (3)			7.22						7.70						6.93						8.06
新賬戶（以千計）			970						1,062						2,919						3,386
採購量			$	92,592					$	91,711					$	272,899					$	270,358
借記卡購買量			$	139,352					$	133,553					$	412,105					$	390,891

(1)包括 GWIM的 信用卡投資組合。

(2)計算方法爲有效年百分比率除以平均貸款。

(3)計算方法是總收入（扣除利息費用）與淨信用損失之間的差額除以平均貸款。

截至2024年9月30日的三個月內，總風險調整利潤率下降了48 基本利率主要受到淨信貸損失增加的推動，部分被較高的利差和較高的淨手續費收入所抵消。截至2024年9月30日的九個月內，總風險調整利潤率下降了113個點子，主要是由於淨信用損失上升和下降

淨手續費收入，部分被較高的淨息差所抵消。截至2024年9月30日的三個月和九個月內，信用卡購買總額增加了88100萬美元， 25億美元，借記卡購買量增加了58億美元和212億美元，反映出消費者支出水平的提高。

關鍵統計數據-貸款產量 (1)
			截至9月30日的三個月												截至9月30日的九個月
(百萬美元)			2024						2023						2024						2023
消費者銀行業務：
第一按揭			$	2,684					$	2,547					$	7,068					$	7,392
房屋淨值			1,897						2,035						5,524						6,389
總 (2):
第一按揭			$	5,348					$	5,596					$	14,519					$	15,473
房屋淨值			2,289						2,421						6,573						7,559

(1)貸款產生金額代表貸款的未付本金餘額，對於房屋淨值，則代表總信貸額度的本金。

(2)除了貸款生產 消費者銀行此外，還有第一筆抵押貸款和房屋淨值貸款生產 GWIM。

首次抵押貸款發放 消費者銀行增額期間13700萬美元 截至2024年9月30日的三個月 主要是由於利率下降導致再融資活動增加。公司首次抵押貸款發放總額下降 24800萬美元 截至2024年9月30日的三個月內，主要受需求下降推動 GWIM部分被需求增加所抵消 消費者銀行.截至2024年9月30日的九個月內，首次抵押貸款發放 消費者銀行 公司總數下降 32400萬美元和95400萬美元 主要是由需求下降推動的。

房屋淨值生產 消費者銀行 截至2024年9月30日的三個月內，公司總額減少了13800萬美元和13200萬美元，主要是由於需求下降。截至2024年9月30日的九個月內，房屋淨值生產 消費者銀行 公司總額減少86500萬美元和98600萬美元，主要是由於需求下降。

13 美國銀行

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全球財富與投資管理

						截至9月30日的三個月																		截至9月30日的九個月
(百萬美元)						2024						2023						更改百分比						2024						2023						更改百分比
淨利息收入						$	1,709					$	1,755					(3)		%				$	5,216					$	5,436					(4)		%
非利息收入：
投資及經紀服務						3,874						3,396						14						11,181						9,885						13
所有其他收入						179						170						5						530						557						(5)
非利息收入總額						4,053						3,566						14						11,711						10,442						12
總收入，扣除利息費用						5,762						5,321						8						16,927						15,878						7
信貸損失準備金						7						(6)						n/m						1						32						(97)
非利息費用						4,340						3,950						10						12,803						11,942						7
稅前收入						1,415						1,377						3						4,123						3,904						6
所得稅開支						354						344						3						1,031						976						6
淨收入						$	1,061					$	1,033					3						$	3,092					$	2,928					6
實際稅率						25.0		%				25.0		%										25.0		%				25.0		%
凈利息收益率						2.20						2.16												2.19						2.19
平均分配資本回報率						23						22												22						21
效率比						75.32						74.28												75.64						75.21
資產負債表
						截至9月30日的三個月																		截至9月30日的九個月
平均						2024						2023						更改百分比						2024						2023						更改百分比
貸款和租賃總額						$	225,355					$	218,569					3		%				$	222,260					$	219,530					1		%
總盈利資產						309,231						322,032						(4)						318,026						331,738						(4)
總資產						322,924						335,124						(4)						331,635						344,709						(4)
存款總額						279,999						291,770						(4)						288,319						300,308						(4)
配資						18,500						18,500						—						18,500						18,500						—
期末																								九月30 2024						十二月31 2023						更改百分比
貸款和租賃總額																								$	227,318					$	219,657					3		%
總盈利資產																								314,594						330,653						(5)
總資產																								328,831						344,626						(5)
存款總額																								283,432						299,657						(5)

n/m =沒有意義

GWIM由兩項主要業務組成：美林财富管理和 美國銀行私人銀行。有關以下內容的更多信息GWIM，請參閱MD&A中的業務細分業務公司2023年年報的Form 10-K.

三個月比較

年淨收入GWIM增加2,800美元萬至11美元億，主要是由於收入增加，但主要被更高的非利息支出所抵消。營業利潤率爲25%，而去年同期爲26% 一年前。

淨利息收入減少4,600美元萬至17美元億，與去年同期相對持平。

非利息收入，主要包括投資和經紀服務收入，增加了48700美元萬，達到41億。這一增長主要是由於股票市場平均估值上升和AUM正流動導致資產管理費增加，以及交易量增加導致經紀費用增加，但部分被AUM定價下降的影響所抵消。

非利息支出增加了39000美元萬，達到43美元億，主要是由於更高的收入相關激勵措施。

由於淨收益增加，平均分配資本回報率從22%上升到23%。有關分配給業務部門的資本的信息，請參閱第10頁的業務部門運營。

平均貸款增加68美元億至2,254美元億，主要由定製貸款和住宅抵押貸款推動。平均存款減少118美元億至2,800美元億，主要是由於客戶將存款轉移到收益率更高的投資現金選擇，包括我們的投資和經紀平台上的產品。

美林财富管理公司的收入爲48美元億，增長了9%，主要是由於股票市場平均估值上升和正資產管理流動的影響導致資產管理費增加，以及交易量增加導致經紀費用增加。

美國銀行私人銀行97300美元的萬收入增長了5%，這主要是由於股票市場平均估值較高和資產管理業務正向流動的影響導致資產管理費增加所致。

九個月比較

淨收入 GWIM 增加16400萬美元至31億美元，主要是由於收入增加，部分被非利息費用增加所抵消。營業利潤率爲24%，而一年前爲25%。

淨利息收入減少22000萬美元至52億美元，主要是由於平均存款餘額下降。

由於與三個月討論中描述的相同因素，非利息收入（主要包括投資和經紀服務收入）增加了13億美元，達到117億美元。

						美國銀行 14

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由於與三個月討論中描述的相同因素，非利息費用增加了86100萬美元，達到128億美元。

由於與三個月討論中描述的相同因素，平均分配資本回報率爲22%，高於21%。

平均貸款增加27億美元，達到2223億美元，主要原因與三個月討論中描述的相同。平均存款減少120億美元，

由於與三個月討論中描述的相同因素，2，883億美元。

美林财富管理公司的收入爲141億美元，增長了7%，主要受三個月討論中描述的相同因素驅動。

美國銀行私人銀行收入29億美元增長了5%，主要受三個月討論中描述的相同因素驅動。

關鍵指標和指標
			截至9月30日的三個月												截至9月30日的九個月
(百萬美元)			2024						2023						2024						2023
按業務分類的收入
美林财富管理			$	4,789					$	4,398					$	14,059					$	13,135
美國銀行私人銀行			973						923						2,868						2,743
總收入，扣除利息費用			$	5,762					$	5,321					$	16,927					$	15,878
期末按業務分類的客戶餘額
美林财富管理															$	3,527,319					$	2,978,229
美國銀行私人銀行															666,622						572,624
客戶餘額總額															$	4,193,941					$	3,550,853
期末按類型分類的客戶餘額
管理資產															$	1,861,124					$	1,496,601
經紀和其他資產															1,856,806						1,578,123
存款															283,432						290,732
貸款和租賃 (1)															230,062						221,684
減：管理資產中的管理存款															(37,483)						(36,287)
客戶餘額總額															$	4,193,941					$	3,550,853
管理資產結轉
管理資產，期末			$	1,758,875					$	1,531,042					$	1,617,740					$	1,401,474
淨客戶流量			21,289						14,226						56,734						43,784
市場估值/其他			80,960						(48,667)						186,650						51,343
期末管理資產總額			$	1,861,124					$	1,496,601					$	1,861,124					$	1,496,601

(1)包括應收按金，在綜合資產負債表上分類爲客戶和其他應收款。

客戶餘額

與2023年9月30日相比，2024年9月30日，客戶餘額增加了6，431億美元，即18%，達到4.2萬億美元。客戶餘額的增加主要是由於市場估值上升和正淨客戶流量的影響。

15 美國銀行

---

全球銀行

						截至9月30日的三個月																		截至9月30日的九個月
(百萬美元)						2024						2023						更改百分比						2024						2023						更改百分比
淨利息收入						$	3,230					$	3,613					(11)		%				$	9,965					$	11,210					(11)		%
非利息收入：
服務收費						802						754						6						2,327						2,203						6
投資銀行費用						783						743						5						2,468						2,129						16
所有其他收入						1,019						1,093						(7)						3,107						3,326						(7)
非利息收入總額						2,604						2,590						1						7,902						7,658						3
總收入，扣除利息費用						5,834						6,203						(6)						17,867						18,868						(5)
信貸損失準備金						229						(119)						n/m						693						(347)						n/m
非利息費用						2,991						2,804						7						8,902						8,563						4
稅前收入						2,614						3,518						(26)						8,272						10,652						(22)
所得稅開支						719						950						(24)						2,275						2,876						(21)
淨收入						$	1,895					$	2,568					(26)						$	5,997					$	7,776					(23)
實際稅率						27.5		%				27.0		%										27.5		%				27.0		%
凈利息收益率						2.22						2.68												2.36						2.84
平均分配資本回報率						15						21												16						21
效率比						51.27						45.22												49.82						45.38
資產負債表
						截至9月30日的三個月																		截至9月30日的九個月
平均						2024						2023						更改百分比						2024						2023						更改百分比
貸款和租賃總額						$	371,216					$	376,214					(1)		%				$	372,516					$	380,076					(2)		%
總盈利資產						578,988						534,153						8						563,649						528,205						7
總資產						647,541						601,378						8						631,659						595,329						6
存款總額						549,629						504,432						9						533,620						498,224						7
配資						49,250						49,250						—						49,250						49,250						—
期末																								九月30 2024						2023年12月31日						更改百分比
貸款和租賃總額																								$	375,159					$	373,891					—		%
總盈利資產																								583,742						552,453						6
總資產																								650,936						621,751						5
存款總額																								556,953						527,060						6

n/m =沒有意義

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 $673 million to $1.9 billion driven by lower revenue, higher provision for credit losses and higher noninterest expense.

Net interest income decreased $383 million to $3.2 billion primarily due to the impact of interest rates, partially offset by the benefit of higher average deposit balances.

Noninterest income was $2.6 billion, relatively unchanged from the same period a year ago.

The provision for credit losses increased $348 million to $229 million primarily driven by the commercial and industrial portfolio, as well as the commercial real estate office portfolio.

Noninterest expense increased $187 million to $3.0 billion due to continued investments in the business, including people and technology.

The return on average allocated capital was 15 percent, down from 21 percent, due to lower net income. For information on capital allocated to the business segments, see Business Segment Operations on page 10.

Nine-Month Comparison

Net income for Global Banking decreased $1.8 billion to $6.0 billion driven by higher provision for credit losses, lower revenue and higher noninterest expense.

Net interest income decreased $1.2 billion to $10.0 billion primarily due to the same factors as described in the three-month discussion.

Noninterest income increased $244 million to $7.9 billion due to higher investment banking fees and treasury service charges, partially offset by lower leasing-related revenue.

The provision for credit losses increased $1.0 billion to $693 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 $339 million to $8.9 billion primarily due to continued investment in the business, including people and technology, and higher regulatory costs.

The return on average allocated capital was 16 percent, down from 21 percent, due to lower net income.

						Bank of America 16

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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 Banking												Global Commercial Banking												Business Banking												Total
						Three Months Ended September 30
(Dollars in millions)						2024						2023						2024						2023						2024						2023						2024						2023
Revenue
Business Lending						$	1,102					$	1,300					$	1,246					$	1,262					$	57					$	61					$	2,405					$	2,623
Global Transaction Services						1,243						1,392						968						998						369						379						2,580						2,769
Total revenue, net of interest expense						$	2,345					$	2,692					$	2,214					$	2,260					$	426					$	440					$	4,985					$	5,392
Balance Sheet
Average
Total loans and leases						$	162,053					$	169,384					$	196,681					$	194,604					$	12,373					$	12,071					$	371,107					$	376,059
Total deposits						301,070						272,007						195,475						182,040						53,084						50,381						549,629						504,428
						Global Corporate Banking												Global Commercial Banking												Business Banking												Total
						Nine Months Ended September 30
(Dollars in millions)						2024						2023						2024						2023						2024						2023						2024						2023
Revenue
Business Lending						$	3,427					$	3,693					$	3,773					$	3,765					$	174					$	191					$	7,374					$	7,649
Global Transaction Services						3,839						4,424						2,876						3,172						1,092						1,161						7,807						8,757
Total revenue, net of interest expense						$	7,266					$	8,117					$	6,649					$	6,937					$	1,266					$	1,352					$	15,181					$	16,406
Balance Sheet
Average
Total loans and leases						$	163,122					$	172,964					$	196,953					$	194,496					$	12,315					$	12,397					$	372,390					$	379,857
Total deposits						292,967						266,425						189,415						180,850						51,238						50,951						533,620						498,226
Period end
Total loans and leases						$	165,142					$	166,974					$	197,583					$	194,318					$	12,333					$	11,932					$	375,058					$	373,224
Total deposits						305,000						266,481						198,482						179,914						53,471						48,537						556,953						494,932

Business Lending revenue decreased $218 million for the three months ended September 30, 2024 compared to the same period a year ago primarily driven by the impact of interest rates and lower leasing-related revenue. Business lending revenue decreased $275 million for the nine months ended September 30, 2024 compared to the same period a year ago primarily driven by same factors as described in the three-month discussion.

Global Transaction Services revenue decreased $189 million for the three months ended September 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 $950 million for the nine months ended September 30, 2024 primarily driven by the same factors as described in the three-month discussion.

Average loans and leases of $371.1 billion decreased one percent for the three months ended September 30, 2024, and average loans and leases of $372.4 billion decreased two percent for the nine months ended September 30, 2024 due to lower client demand.

Average deposits of $549.6 billion increased nine percent for the three months ended September 30, 2024, and average deposits of $533.6 billion increased seven percent for the nine months ended September 30, 2024 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

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Investment Banking Fees
			Global Banking												Total Corporation												Global Banking												Total Corporation
			Three Months Ended September 30																								Nine Months Ended September 30
(Dollars in millions)			2024						2023						2024						2023						2024						2023						2024						2023
Products
Advisory			$	351					$	396					$	387					$	448					$	990					$	1,042					$	1,134					$	1,186
Debt issuance			332						255						780						570						1,078						808						2,545						1,814
Equity issuance			100						92						270						232						400						279						990						687
Gross investment banking fees			783						743						1,437						1,250						2,468						2,129						4,669						3,687
Self-led deals			(6)						(19)						(34)						(62)						(24)						(39)						(137)						(124)
Total investment banking fees			$	777					$	724					$	1,403					$	1,188					$	2,444					$	2,090					$	4,532					$	3,563

Total Corporation investment banking fees, which exclude self-led deals and are primarily included within Global Banking and Global Markets, were $1.4 billion and $4.5 billion for the three and nine months ended September 30, 2024. The three-month period increased 18 percent compared to the same period in 2023 primarily due to higher debt issuance fees. The nine-month period increased 27 percent compared to the same period in 2023 primarily due to higher debt and equity issuance fees.

Global Markets

						Three Months Ended September 30																		Nine Months Ended September 30
(Dollars in millions)						2024						2023						% Change						2024						2023						% Change
Net interest income						$	898					$	674					33		%				$	2,349					$	1,080					118		%
Noninterest income:
Investment and brokerage services						562						475						18						1,573						1,507						4
Investment banking fees						589						463						27						2,016						1,435						40
Market making and similar activities						3,349						3,195						5						10,397						11,002						(5)
All other income						232						135						72						637						415						53
Total noninterest income						4,732						4,268						11						14,623						14,359						2
Total revenue, net of interest expense						5,630						4,942						14						16,972						15,439						10
Provision for credit losses						7						(14)						n/m						(42)						(71)						n/m
Noninterest expense						3,443						3,235						6						10,421						9,935						5
Income before income taxes						2,180						1,721						27						6,593						5,575						18
Income tax expense						632						473						34						1,912						1,533						25
Net income						$	1,548					$	1,248					24						$	4,681					$	4,042					16
Effective tax rate						29.0		%				27.5		%										29.0		%				27.5		%
Return on average allocated capital						14						11												14						12
Efficiency ratio						61.17						65.47												61.40						64.35
Balance Sheet						Three Months Ended September 30																		Nine Months Ended September 30
Average						2024						2023						% Change						2024						2023						% Change
Trading-related assets:
Trading account securities						$	325,236					$	307,990					6		%				$	323,223					$	321,607					1		%
Reverse repurchases						150,751						135,401						11						141,611						133,912						6
Securities borrowed						133,588						119,936						11						136,040						118,912						14
Derivative assets						36,032						46,417						(22)						37,551						44,477						(16)
Total trading-related assets						645,607						609,744						6						638,425						618,908						3
Total loans and leases						140,806						131,298						7						136,572						128,317						6
Total earning assets						728,186						655,971						11						709,208						647,386						10
Total assets						924,093						863,653						7						909,386						870,366						4
Total deposits						34,952						31,890						10						33,167						33,725						(2)
Allocated capital						45,500						45,500						—						45,500						45,500						—
Period end																								September 30 2024						December 31 2023						% Change
Total trading-related assets																								$	653,798					$	542,544					21		%
Total loans and leases																								148,447						136,223						9
Total earning assets																								742,221						637,955						16
Total assets																								958,227						817,588						17
Total deposits																								35,142						34,833						1

n/m = not meaningful

						Bank of America 18

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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 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 $300 million to $1.5 billion for the three months ended September 30, 2024 compared to the same period in 2023. Net DVA losses totaled $8 million compared to $16 million in 2023. Excluding net DVA, net income increased $294 million to $1.6 billion. These increases were primarily driven by higher revenue, partially offset by higher noninterest expense.

Revenue increased $688 million to $5.6 billion primarily due to higher sales and trading revenue and investment banking fees. Sales and trading revenue increased $525 million, and excluding net DVA, increased $517 million. These increases were driven by higher revenue in both Equities and FICC.

Noninterest expense increased $208 million to $3.4 billion, primarily driven by revenue-related expenses and continued investments in the business, including technology.

Average total assets increased $60.4 billion to $924.1 billion for the three months ended September 30, 2024 compared to the same period in 2023 driven by increased securities financing activity, higher levels of inventory and loan growth.

The return on average allocated capital was 14 percent, up from 11 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.

Nine-Month Comparison

Net income for Global Markets increased $639 million to $4.7 billion for the nine months ended September 30, 2024 compared to the same period in 2023. Net DVA losses were $94 million compared to $104 million in 2023. Excluding net DVA, net income increased $631 million to $4.8 billion. These increases were primarily driven by higher revenue, partially offset by higher noninterest expense.

Revenue increased $1.5 billion to $17.0 billion primarily due to the same factors as described in the three-month discussion. Sales and trading revenue increased $944 million, and excluding net DVA, sales and trading revenue increased $934 million. These increases were driven by the same factors as described in the three-month discussion.

Noninterest expense increased $486 million to $10.4 billion, driven by the same factors as described in the three-month discussion.

Average total assets increased $39.0 billion to $909.4 billion, and period-end total assets increased $140.6 billion from December 31, 2023 to $958.2 billion. The increases were driven by the same factors as described in the three-month discussion.

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.

銷售和交易收入 (1, 2, 3)
			截至9月30日的三個月												截至9月30日的九個月
(百萬美元)			2024						2023						2024						2023
銷售和交易收入 (2)
固定收益、貨幣和大宗商品			$	2,934					$	2,710					$	8,907					$	8,817
股票			1,996						1,695						5,794						4,940
總銷售和交易收入			$	4,930					$	4,405					$	14,701					$	13,757
銷售和交易收入，不包括淨DVA (4)
固定收益、貨幣和大宗商品			$	2,942					$	2,723					$	8,986					$	8,916
股票			1,996						1,698						5,809						4,945
總銷售和交易收入，不包括淨DVA			$	4,938					$	4,421					$	14,795					$	13,861

(1)有關銷售和交易收入的更多信息，請參閱 注3 -衍生品 合併財務報表。

(2)包括截至2024年9月30日的三個月和九個月的FTE調整爲26200萬美元和55300萬美元，而2023年同期爲10900萬美元和28500萬美元。

(3)包括 全球銀行 截至2024年9月30日的三個月和九個月的銷售和交易收入分別爲16500萬美元和49500萬美元，而2023年同期分別爲13300萬美元和46400萬美元。

(4)FICC和股票銷售和交易收入（不包括淨DVA）是一項非GAAP財務指標。截至2024年9月30日的三個月和九個月，FICC的DVA淨收益（損失）分別爲（8）00萬美元和（79）00萬美元，而2023年同期爲（13）00萬美元和（99）00萬美元。截至2024年9月30日的三個月和九個月，股票DVA淨收益（損失）分別爲0美元和（1500萬美元），而2023年同期爲（300萬美元）和（500萬美元）。

19 美國銀行

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三個月比較

包括和不包括淨DVA，截至2024年9月30日的三個月，FICC收入與2023年同期相比增加了22400萬美元和21900萬美元。這一增長是由於客戶活動和外匯和利率產品交易表現改善所推動的。包括和不包括淨DVA，由於強勁的客戶活動以及現金和衍生品交易表現，股票收入增加了30100萬美元和29800萬美元。

九個月比較

包括和不包括淨DVA，由於抵押貸款交易改善，截至2024年9月30日的九個月，FICC收入與2023年同期相比增加了9000萬美元和7000萬美元，部分被利率產品交易環境疲軟所抵消。包括和不包括淨DVA，股票收入增加了85400萬美元和86400萬美元，其驅動因素與三個月討論中描述的相同。

所有其他

						截至9月30日的三個月																		截至9月30日的九個月
(百萬美元)						2024						2023						更改百分比						2024						2023						更改百分比
淨利息收入						$	(1)					$	99					(101)		%				$	43					$	260					(83)		%
非利息收入（損失）						(2,151)						(1,717)						25						(5,594)						(5,103)						10
總收入，扣除利息費用						(2,152)						(1,618)						33						(5,551)						(4,843)						15
信貸損失準備金						(3)						(24)						(88)						(16)						(77)						(79)
非利息費用						171						593						(71)						1,426						1,492						(4)
所得稅前損失						(2,320)						(2,187)						6						(6,961)						(6,258)						11
所得稅利益						(2,025)						(2,276)						(11)						(5,720)						(6,058)						(6)
淨虧損						$	(295)					$	89					n/m						$	(1,241)					$	(200)					n/m
資產負債表
						截至9月30日的三個月																		截至9月30日的九個月
平均						2024						2023						更改百分比						2024						2023						更改百分比
貸款和租賃總額						$	8,570					$	9,412					(9)		%				$	8,680					$	9,742					(11)		%
總資產 (1)						382,528						269,159						42						372,885						239,891						55
存款總額						117,804						68,010						73						110,995						45,357						145
期末																								九月30 2024						十二月31 2023						更改百分比
貸款和租賃總額																								$	8,779					$	8,842					(1)		%
總資產 (1)																								360,006						346,356						4
存款總額																								110,467						92,705						19

(1)在負債和權益總額超過資產的分部（通常是吸收存款分部）中，我們將資產從 所有其他 與這些部門匹配負債（即，存款）和分配的股東權益。截至2024年9月30日的三個月和九個月，平均分配資產爲9，444億美元和9，480億美元，而2023年同期爲9，557億美元和9，818億美元，期末分配資產爲9，536億美元和9，729億美元。2024年9月30日和2023年12月31日。

n/m =沒有意義

所有其他主要包括ALM活動、清算業務和未以其他方式分配給業務部門的某些費用。ALM活動包括利率和外匯風險管理活動，這些活動的幾乎所有結果都分配給我們的業務部門。有關我們的ALM活動的更多信息，看到 注17-業務分類信息合併財務報表。

三個月比較

結果：所有其他減少38400美元的萬淨虧損29500美元萬與去年同期的淨收益8,900美元相比，萬反映了收入和所得稅優惠的減少，但部分被非利息支出的減少所抵消。

收入減少53400美元萬，淨虧損22美元億，主要原因是與Visa增加訴訟託管賬戶有關的18900美元萬費用和某些負面估值調整。

非利息支出減少了42200美元萬，降至17100美元萬，主要是因爲與清算業務活動相關的支出減少，以及技術支出減少。

所得稅優惠減少了25100美元萬，降至20美元億，原因是主要與稅收抵免投資活動有關的稅收優惠減少。這兩個時期都包括所得稅優惠調整，以取消對#年記錄的某些稅收抵免的FTE處理全球銀行和全球市場.

九個月比較

年淨虧損所有其他 增加10億美元至12億美元，主要是由於收入和所得稅福利下降。

收入減少70800萬美元，淨虧損56億美元，主要是由於三個月討論中描述的相同因素以及稅收抵免投資的合夥企業損失增加。

所得稅福利減少33800萬美元 到 57億美元主要是由於與三個月討論中描述的相同因素造成的。這兩個時期都包括所得稅福利調整，以消除記錄的某些稅收抵免的FTE待遇 全球銀行和全球市場。

						Bank of America 20

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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 (ERC) 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 capital planning and the SCB requirement, which include supervisory stress testing by the Federal Reserve. Based on the results of our 2024 CCAR stress test, our SCB increased to 3.2 percent from 2.5 percent, resulting in a CET1 minimum requirement of 10.7 percent. The new SCB is effective from October 1, 2024 through September 30, 2025.

In October 2021, the Board authorized the repurchase of up to $25 billion of common stock over time. This authorization was modified in September 2023 to include common stock repurchases to offset shares awarded under the Corporation’s equity-based compensation plans when determining the remaining repurchase authority. On July 24, 2024, the Board authorized a $25 billion common stock repurchase program, effective August 1, 2024, which replaced the Corporation’s previous program that expired on August 1, 2024.

Pursuant to Board authorizations, during the three months ended September 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 106 and Capital Management – CCAR and Capital Planning in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K.

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 September 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 were 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 requirement under the Standardized approach and the Advanced approaches to 10.0 percent from 9.5 percent. At September 30, 2024, the Corporation’s CET1 capital ratio of 11.8 percent under the Standardized approach exceeded its CET1 capital ratio requirement.

21 Bank of America

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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 September 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 September 30, 2024 and December 31, 2023. For the periods presented herein, the Corporation met the definition of well capitalized under current regulatory requirements.

Table 8			Bank of America Corporation Regulatory Capital under Basel 3
																								Standardized Approach (1)						Advanced Approaches (1)						Regulatory Minimum (2)
(Dollars in millions, except as noted)																								September 30, 2024
Risk-based capital metrics:
Common equity tier 1 capital																								$	199,805					$	199,805
Tier 1 capital																								222,942						222,942
Total capital (3)																								252,381						241,794
Risk-weighted assets (in billions)																								1,689						1,482
Common equity tier 1 capital ratio																								11.8		%				13.5		%				10.0		%
Tier 1 capital ratio																								13.2						15.0						11.5
Total capital ratio																								14.9						16.3						13.5
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)																								$	3,218					$	3,218
Tier 1 leverage ratio																								6.9		%				6.9		%				4.0
Supplementary leverage exposure (in billions)																														$	3,788
Supplementary leverage ratio																														5.9		%				5.0
																								December 31, 2023
Risk-based capital metrics:
Common equity tier 1 capital																								$	194,928					$	194,928
Tier 1 capital																								223,323						223,323
Total capital (3)																								251,399						241,449
Risk-weighted assets (in billions)																								1,651						1,459
Common equity tier 1 capital ratio																								11.8		%				13.4		%				9.5		%
Tier 1 capital ratio																								13.5						15.3						11.0
Total capital ratio																								15.2						16.6						13.0
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)																								$	3,135					$	3,135
Tier 1 leverage ratio																								7.1		%				7.1		%				4.0
Supplementary leverage exposure (in billions)																														$	3,676
Supplementary leverage ratio																														6.1		%				5.0

(1)Capital ratios as of September 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 September 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 September 30, 2024, CET1 capital was $199.8 billion, an increase of $4.9 billion from December 31, 2023, primarily due to earnings, partially offset by capital distributions. Tier 1 capital decreased $381 million primarily driven by preferred stock redemptions, partially offset by the increase in CET1 capital. Total capital under the Standardized approach increased $982 million primarily due to an increase in subordinated debt and adjusted allowance for credit losses included in Tier 2 capital,

partially offset by the decrease in Tier 1 capital. RWA under the Standardized approach, which yielded the lower CET1 capital ratio at September 30, 2024, increased $37.5 billion during 2024 to $1,689 billion primarily driven by client activity in Global Markets and lending activity in GWIM and Global Banking. Supplementary leverage exposure at September 30, 2024 increased $111.3 billion primarily driven by increased activity in Global Markets and ALM activities in All Other.

						Bank of America 22

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Table 9 shows the capital composition at September 30, 2024 and December 31, 2023.

Table 9			Capital Composition under Basel 3
(Dollars in millions)						September 30 2024						December 31 2023
Total common shareholders’ equity						$	271,958					$	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						(8,188)						(7,912)
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities						(1,453)						(1,496)
Defined benefit pension plan net assets						(801)						(764)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness,  net-of-tax						1,509						1,342
Accumulated net (gain) loss on certain cash flow hedges (2)						4,926						8,025
Other						(125)						(122)
Common equity tier 1 capital						199,805						194,928
Qualifying preferred stock, net of issuance cost						23,158						28,396
Other						(21)						(1)
Tier 1 capital						222,942						223,323
Tier 2 capital instruments						16,201						15,340
Qualifying allowance for credit losses (3)						13,575						12,920
Other						(337)						(184)
Total capital under the Standardized approach						252,381						251,399
Adjustment in qualifying allowance for credit losses under the Advanced approaches (3)						(10,587)						(9,950)
Total capital under the Advanced approaches						$	241,794					$	241,449

(1)September 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 September 30, 2024 and December 31, 2023.

Table 10			Risk-weighted Assets under Basel 3
						Standardized Approach						Advanced Approaches						Standardized Approach						Advanced Approaches
(Dollars in billions)						September 30, 2024												December 31, 2023
Credit risk						$	1,616					$	1,005					$	1,580					$	983
Market risk						73						73						71						71
Operational risk						n/a						359						n/a						361
Risks related to credit valuation adjustments						n/a						45						n/a						44
Total risk-weighted assets						$	1,689					$	1,482					$	1,651					$	1,459

n/a = not applicable

23 Bank of America

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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 September 30, 2024 and December 31, 2023. BANA met the definition of well capitalized under the PCA framework for both periods.

Table 11			Bank of America, N.A. Regulatory Capital under Basel 3
						Standardized Approach (1)												Advanced Approaches (1)						Regulatory Minimum (2)
(Dollars in millions, except as noted)						September 30, 2024
Risk-based capital metrics:
Common equity tier 1 capital						$	191,412											$	191,412
Tier 1 capital						191,412												191,412
Total capital (3)						206,410												196,057
Risk-weighted assets (in billions)						1,428												1,137
Common equity tier 1 capital ratio						13.4		%										16.8		%				7.0		%
Tier 1 capital ratio						13.4												16.8						8.5
Total capital ratio						14.5												17.2						10.5
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)						$	2,507											$	2,507
Tier 1 leverage ratio						7.6		%										7.6		%				5.0
Supplementary leverage exposure (in billions)																		$	2,974
Supplementary leverage ratio																		6.4		%				6.0
						December 31, 2023
Risk-based capital metrics:
Common equity tier 1 capital						$	187,621											$	187,621
Tier 1 capital						187,621												187,621
Total capital (3)						201,932												192,175
Risk-weighted assets (in billions)						1,395												1,114
Common equity tier 1 capital ratio						13.5		%										16.8		%				7.0		%
Tier 1 capital ratio						13.5												16.8						8.5
Total capital ratio						14.5												17.2						10.5
Leverage-based metrics:
Adjusted quarterly average assets (in billions) (4)						$	2,471											$	2,471
Tier 1 leverage ratio						7.6		%										7.6		%				5.0
Supplementary leverage exposure (in billions)																		$	2,910
Supplementary leverage ratio																		6.4		%				6.0

(1)Capital ratios as of September 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 September 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 September 30, 2024 and December 31, 2023.

						Bank of America 24

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Table 12			Bank 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)						September 30, 2024
Total eligible balance						$	463,241																	$	225,379
Percentage of risk-weighted assets (4)						27.4		%				22.0		%										13.3		%				9.0		%
Percentage of supplementary leverage exposure						12.2						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 exposure						13.0						9.5												6.5						4.5

(1)As of September 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 September 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 September 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 September 30, 2024, BofAS had tentative net capital of $21.8 billion. BofAS also had regulatory net capital of $18.9 billion, which exceeded the minimum requirement of $4.8 billion.

MLPF&S provides retail services. At September 30, 2024, MLPF&S' regulatory net capital was $6.7 billion, which exceeded the minimum requirement of $160 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 September 30, 2024, MLI’s capital resources were $33.7 billion, which exceeded the minimum Pillar 1 requirement of $13.1 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 September 30, 2024, BofASE's capital resources were $10.2 billion, which exceeded the minimum Pillar 1 requirement of $3.4 billion.

In addition, MLI and BofASE remained conditionally registered with the SEC as security-based swap dealers, and maintained net liquid assets at September 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 September 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

25 Bank of America

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liquidity requirements, maximizes access to funding sources, minimizes borrowing costs and facilitates timely responses to liquidity events.

We provide centralized funding and liquidity management through a variety of activities, including monitoring of established limits, assessing exposures under both normal and stressed conditions and reviewing liquidity risk management processes and controls. Global Risk Management (GRM) provides oversight of liquidity management across the Corporation, including front-line units and legal entities. GRM oversees the liquidity risk management governance structure, establishes liquidity risk policies, and provides independent review and challenge of the Corporation's liquidity risk management processes.

The Board, its risk committee and various management committees oversee the Corporation’s liquidity risk activities. The Board and/or ERC approve our liquidity risk policy, Financial Contingency and Recovery Plan and liquidity risk appetite limits. Management committees responsible for liquidity governance include the Corporation’s Management Risk Committee, Asset and Liability Governance Committee, Liquidity Risk Committee and Asset and Liability Management Investment Committee.

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 September 30, 2024 and December 31, 2023.

Table 13			Average Global Liquidity Sources
						Three Months Ended
(Dollars in billions)						September 30 2024						December 31 2023
Bank entities						$	769					$	735
Nonbank and other entities (1)						178						162
Total Average Global Liquidity Sources						$	947					$	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 $334 billion and $312 billion at September 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.

						Bank of America 26

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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 September 30, 2024 and December 31, 2023.

Table 14			Average Global Liquidity Sources Composition
						Three Months Ended
(Dollars in billions)						September 30 2024						December 31 2023
Cash on deposit						$	318					$	380
U.S. Treasury securities						300						197
U.S. agency securities, mortgage-backed securities, and other investment-grade securities						303						299
Non-U.S. government securities						26						21
Total Average Global Liquidity Sources						$	947					$	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 $610 billion and $590 billion for the three months ended September 30, 2024 and December 31, 2023. For both periods, the average consolidated LCR was 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.

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. At September 30, 2024, the Corporation and its insured depository institutions were in compliance with the U.S. NSFR. For more information, see the Pillar 3 U.S. NSFR Disclosure report for the quarters ended March 31, 2024 and June 30, 2024 on the Corporation’s website, the contents of which are not incorporated by reference into this Quarterly Report on Form 10-Q.

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 $1.93 trillion and $1.92 trillion at September 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 September 30, 2024, 49 percent of our deposits were in Consumer Banking, 15 percent in GWIM and 29 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 September 30, 2024 approximately 68 percent of consumer and small business deposits and 80 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 September 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 September 30, 2024 increased $6.5 billion from December 31, 2023 primarily due to higher commercial deposits and time deposit growth, partially offset by consumer deposit outflows and customers’ movement of balances to higher yielding investment alternatives.

During the three months ended September 30, 2024 and 2023, rates paid on deposits were 65 bps and 34 bps in Consumer Banking, 313 bps and 269 bps in GWIM, and 327 bps and 266 bps in Global Banking. For information on rates paid on consolidated deposit balances, see Table 6 on page 8.

Long-term Debt

During the nine months ended September 30, 2024, we issued $41.9 billion of long-term debt consisting of $12.4 billion of notes issued by Bank of America Corporation, substantially all of which were TLAC compliant, $13.2 billion of notes issued by Bank of America, N.A. and $16.3 billion of other debt.

During the nine months ended September 30, 2024, we had total long-term debt maturities and redemptions in the aggregate of $50.0 billion consisting of $28.6 billion for Bank of America Corporation, $12.8 billion for Bank of America, N.A. and $8.6 billion of other debt. Table 15 presents the carrying value of aggregate annual contractual maturities of long-term debt at September 30, 2024.

27 Bank of America

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Table 15			Long-term Debt by Maturity
(Dollars in millions)						Remainder of 2024						2025						2026						2027						2028						Thereafter						Total
Bank of America Corporation
Senior notes (1)						$	—					$	9,290					$	25,110					$	21,866					$	28,510					$	107,992					$	192,768
Senior structured notes						129						1,864						1,497						987						950						13,256						18,683
Subordinated notes						100						5,161						4,920						2,094						926						11,791						24,992
Junior subordinated notes						—						—						—						192						—						557						749
Total Bank of America Corporation						229						16,315						31,527						25,139						30,386						133,596						237,192
Bank of America, N.A.
Senior notes						—						7,108						3,266						—						692						—						11,066
Subordinated notes						—						—						—						—						—						1,471						1,471
Advances from Federal Home Loan Banks						—						3,147						8						3						8						39						3,205
Securitizations and other Bank VIEs (2)						—						2,302						3,285						1,249						1,234						285						8,355
Other						—						691						122						11						45						70						939
Total Bank of America, N.A.						—						13,248						6,681						1,263						1,979						1,865						25,036
Other debt
Structured Liabilities						1,527						6,551						5,171						4,672						1,985						14,263						34,169
Nonbank VIEs (2)						6						3						9						—						4						508						530
Total other debt						1,533						6,554						5,180						4,672						1,989						14,771						34,699
Total long-term debt						$	1,762					$	36,117					$	43,388					$	31,074					$	34,354					$	150,232					$	296,927

(1)Total includes $175.7 billion of outstanding notes that are both TLAC eligible and callable one year before their stated maturities, including $2.0 billion during the remainder of 2024, and $22.3 billion, $21.9 billion, $25.5 billion and $20.2 billion during each year of 2025 through 2028, respectively, and $83.8 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 $5.3 billion to $296.9 billion during the nine months ended September 30, 2024 primarily due to debt maturities, partially offset by debt issuances and valuation adjustments. 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 nine months ended September 30, 2024, we issued $21.2 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 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 45.

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.

						Bank of America 28

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Table 16

Senior Debt Ratings

Moody’s Investors Service

Standard & Poor’s Global Ratings

Fitch Ratings

Long-term

Short-term

Outlook

Long-term

Short-term

Outlook

Long-term

Short-term

Outlook

Bank of America Corporation

A1

P-1

Stable

A-

A-2

Stable

AA-

F1+

Stable

Bank of America, N.A.

Aa1

P-1

Negative

A+

A-1

Stable

AA

F1+

Stable

Bank of America Europe Designated Activity Company

NR

NR

NR

A+

A-1

Stable

AA

F1+

Stable

Merrill Lynch, Pierce, Fenner & Smith Incorporated

NR

NR

NR

A+

A-1

Stable

AA

F1+

Stable

BofA Securities, Inc.

NR

NR

NR

A+

A-1

Stable

AA

F1+

Stable

Merrill Lynch International

NR

NR

NR

A+

A-1

Stable

AA

F1+

Stable

BofA Securities Europe SA

NR

NR

NR

A+

A-1

Stable

AA

F1+

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 September 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 34, Non-U.S. Portfolio on page 40, Allowance for Credit Losses on page 41, 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 nine months ended September 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. Nonperforming loans also increased compared to December 31, 2023 primarily driven by commercial real estate. Uncertainty remains regarding broader economic impacts as a result of higher costs associated with inflationary pressures experienced over the past several years, elevated rates as well as 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 nine months ended September 30, 2024, the U.S. unemployment rate remained relatively stable and home prices continued to rise. During the three and nine months ended September 30, 2024, net charge-offs increased $240 million and $954 million to $1.0 billion and $3.1 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 $8.6 billion, relatively unchanged from December 31, 2023. For more information, see Allowance for Credit Losses on page 41.

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.

29 Bank of America

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Table 17			Consumer Credit Quality
						Outstandings												Nonperforming												Accruing Past Due 90 Days or More
(Dollars in millions)						September 30 2024						December 31 2023						September 30 2024						December 31 2023						September 30 2024						December 31 2023
Residential mortgage (1)						$	227,842					$	228,403					$	2,089					$	2,114					$	215					$	252
Home equity						25,483						25,527						413						450						—						—
Credit card						100,841						102,200						n/a						n/a						1,306						1,224
Direct/Indirect consumer (2)						105,695						103,468						175						148						1						2
Other consumer						161						124						—						—						—						—
Consumer loans excluding loans accounted for under the fair value option						$	460,022					$	459,722					$	2,677					$	2,712					$	1,522					$	1,478
Loans accounted for under the fair value option (3)						229						243
Total consumer loans and leases						$	460,251					$	459,965
Percentage of outstanding consumer loans and leases (4)						n/a						n/a						0.58		%				0.59		%				0.33		%				0.32		%
Percentage of outstanding consumer loans and leases, excluding fully-insured loan portfolios (4)						n/a						n/a						0.60						0.60						0.29						0.27

(1)Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At September 30, 2024 and December 31, 2023, residential mortgage included $114 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 $101 million and $96 million of loans on which interest was still accruing.

(2)Outstandings primarily includes auto and specialty lending loans and leases of $54.9 billion and $53.9 billion, U.S. securities-based lending loans of $47.3 billion and $46.0 billion at September 30, 2024 and December 31, 2023, and non-U.S. consumer loans of $2.8 billion at both September 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 September 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

Table 18 presents net charge-offs and related ratios for consumer loans and leases.

Table 18			Consumer Net Charge-offs and Related Ratios
						Net Charge-offs																								Net Charge-off Ratios (1)
						Three Months Ended September 30												Nine Months Ended September 30												Three Months Ended September 30												Nine Months Ended September 30
(Dollars in millions)						2024						2023						2024						2023						2024						2023						2024						2023
Residential mortgage						$	(2)					$	2					$	1					$	5					—		%				—		%				—		%				—		%
Home equity						(5)						(14)						(32)						(42)						(0.07)						(0.22)						(0.17)						(0.22)
Credit card						928						673						2,782						1,784						3.70						2.72						3.73						2.52
Direct/Indirect consumer						56						25						172						43						0.21						0.10						0.22						0.05
Other consumer						67						118						208						387						n/m						n/m						n/m						n/m
Total						$	1,044					$	804					$	3,131					$	2,177					0.91						0.70						0.92						0.64

(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 September 30, 2024. Approximately 50 percent of the residential mortgage portfolio was in Consumer Banking, 47 percent was in GWIM and the remaining portion was in All Other.

Outstanding balances in the residential mortgage portfolio decreased $561 million during the nine months ended September 30, 2024, as paydowns and payoffs outpaced new originations.

At September 30, 2024 and December 31, 2023, the residential mortgage portfolio included $10.3 billion and $11.0 billion of outstanding fully-insured loans, of which $2.2 billion had FHA insurance as of both dates, 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.

						Bank of America 30

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Table 19			Residential Mortgage – Key Credit Statistics
																														Reported Basis (1)												Excluding Fully-insured Loans (1)
(Dollars in millions)																														September 30 2024						December 31 2023						September 30 2024						December 31 2023
Outstandings																														$	227,842					$	228,403					$	217,528					$	217,439
Accruing past due 30 days or more																														1,442						1,513						979						986
Accruing past due 90 days or more																														215						252						—						—
Nonperforming loans (2)																														2,089						2,114						2,089						2,114
Percent of portfolio
Refreshed LTV greater than 90 but less than or equal to 100																														1		%				1		%				1		%				1		%
Refreshed LTV greater than 100																														—						—						—						—
Refreshed FICO below 620																														1						1						1						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 nine months ended September 30, 2024. Of the nonperforming residential mortgage loans at September 30, 2024, $1.3 billion, or 62 percent, were current on contractual payments. Loans accruing past due 30 days or more of $979 million also remained relatively unchanged.

Of the $217.5 billion in total residential mortgage loans outstanding at September 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 September 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 September 30, 2024, $45 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 $979 million, or less than one percent, for the

entire residential mortgage portfolio. In addition, at September 30, 2024, $218 million, or six percent, of outstanding interest-only residential mortgage loans that had entered the amortization period were nonperforming, of which $74 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.

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 September 30, 2024 and December 31, 2023. The Los Angeles-Long Beach-Santa Ana MSA within California represented 14 percent of outstandings at both September 30, 2024 and December 31, 2023.

Table 20			Residential Mortgage State Concentrations
						Outstandings (1)												Nonperforming (1)												Net Charge-offs
						September 30 2024						December 31 2023						September 30 2024						December 31 2023						Three Months Ended September 30												Nine Months Ended September 30
(Dollars in millions)																														2024						2023						2024						2023
California						$	81,379					$	81,085					$	637					$	641					$	(1)					$	1					$	1					$	—
New York						25,804						25,975						309						320						1						—						2						3
Florida						15,614						15,450						140						131						(2)						—						(3)						(2)
Texas						9,329						9,361						91						88						—						—						—						1
New Jersey						8,596						8,671						90						97						—						—						(1)						(1)
Other						76,806						76,897						822						837						—						1						2						4
Residential mortgage loans						$	217,528					$	217,439					$	2,089					$	2,114					$	(2)					$	2					$	1					$	5
Fully-insured loan portfolio						10,314						10,964
Total residential mortgage loan portfolio						$	227,842					$	228,403

(1)Outstandings and nonperforming loans exclude loans accounted for under the fair value option.

Home Equity

At September 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 September 30, 2024, 85 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 $44 million during the nine months ended September 30, 2024 primarily due to paydowns outpacing draws on existing lines and new originations. Of the total home equity portfolio at September 30, 2024 and December 31, 2023, $9.3 billion and $10.1 billion, or 37 percent and 39 percent, were in first-lien positions. At September 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 $4.5 billion, or 18 percent, of our total home equity portfolio.

31 Bank of America

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Unused HELOCs totaled $44.7 billion and $45.1 billion at September 30, 2024 and December 31, 2023. The HELOC utilization rate was 36 percent and 35 percent at September 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)																														September 30 2024						December 31 2023
Outstandings																														$	25,483					$	25,527
Accruing past due 30 days or more																					82						95
Nonperforming loans (2)																														413						450
Percent of portfolio
Refreshed CLTV greater than 90 but less than or equal to 100															—		%				—		%
Refreshed CLTV greater than 100																					—						—
Refreshed FICO below 620																														2						3

(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 $37 million to $413 million at September 30, 2024, primarily driven by paydowns and payoffs and returns to performing status outpacing new additions. Of the nonperforming home equity loans at September 30, 2024, $253 million, or 61 percent, were current on contractual payments. In addition, $90 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 nine months ended September 30, 2024.

Of the $25.5 billion in total home equity portfolio outstandings at September 30, 2024, as shown in Table 21, nine 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 $3.5 billion at September 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 September 30, 2024, $30 million, or one percent, of outstanding HELOCs that

had entered the amortization period were accruing past due 30 days or more. In addition, at September 30, 2024, $253 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 nine months ended September 30, 2024, 30 percent 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 September 30, 2024 and December 31, 2023. The Los Angeles-Long Beach-Santa Ana MSA within California made up 11 percent and 10 percent of the outstanding home equity portfolio at September 30, 2024 and December 31, 2023.

Table 22			Home Equity State Concentrations
						Outstandings (1)												Nonperforming (1)												Net Charge-Offs
						September 30 2024						December 31 2023						September 30 2024						December 31 2023						Three Months Ended September 30												Nine Months Ended September 30
(Dollars in millions)																														2024						2023						2024						2023
California						$	6,985					$	6,966					$	104					$	109					$	(1)					$	(3)					$	(6)					$	(5)
Florida						2,521						2,576						47						53						(2)						(3)						(6)						(8)
New Jersey						1,807						1,870						36						46						—						—						(4)						(3)
Texas						1,487						1,410						16						16						(1)						—						1						—
New York						1,464						1,590						65						71						1						(2)						(3)						(6)
Other						11,219						11,115						145						155						(2)						(6)						(14)						(20)
Total home equity loan portfolio						$	25,483					$	25,527					$	413					$	450					$	(5)					$	(14)					$	(32)					$	(42)

(1)Outstandings and nonperforming loans exclude loans accounted for under the fair value option.

Credit Card

At September 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 $1.4 billion during the nine months ended September 30, 2024 to $100.8 billion, as payments more than offset purchase volume and card transfers. Net charge-offs increased $255 million to $928 million and $998 million to $2.8 billion during the

three and nine months ended September 30, 2024 compared to the same periods in 2023. Credit card loans 30 days or more past due and still accruing interest increased $144 million, and 90 days or more past due and still accruing interest increased $82 million at September 30, 2024.

Unused lines of credit for credit card increased to $397.4 billion at September 30, 2024 from $390.2 billion at December 31, 2023.

						Bank of America 32

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Table 23 presents certain state concentrations for the credit card portfolio.

Table 23			Credit Card State Concentrations
						Outstandings												Accruing Past Due 90 Days or More												Net Charge-offs
						September 30 2024						December 31 2023						September 30 2024						December 31 2023						Three Months Ended September 30												Nine Months Ended September 30
(Dollars in millions)																														2024						2023						2024						2023
California						$	16,757					$	16,952					$	240					$	216					$	176					$	120					$	514					$	317
Florida						10,485						10,521						185						168						127						89						380						238
Texas						8,891						8,978						132						125						91						64						275						169
New York						5,659						5,788						80						84						59						52						181						142
Washington						5,435						5,352						46						41						31						21						89						53
Other						53,614						54,609						623						590						444						327						1,343						865
Total credit card portfolio						$	100,841					$	102,200					$	1,306					$	1,224					$	928					$	673					$	2,782					$	1,784

Direct/Indirect Consumer

At September 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 $2.2 billion during the

nine months ended September 30, 2024 to $105.7 billion driven by increases in securities-based lending and consumer auto.

Table 24 presents certain state concentrations for the direct/indirect consumer loan portfolio.

Table 24			Direct/Indirect State Concentrations
						Outstandings												Nonperforming												Net Charge-offs
						September 30 2024						December 31 2023						September 30 2024						December 31 2023						Three Months Ended September 30												Nine Months Ended September 30
(Dollars in millions)																														2024						2023						2024						2023
California						$	15,803					$	15,416					$	37					$	27					$	14					$	5					$	41					$	11
Florida						14,253						13,550						20						18						9						3						24						6
Texas						10,012						9,668						18						14						9						2						24						5
New York						7,578						7,335						14						11						4						2						11						4
New Jersey						4,454						4,376						6						5						2						1						6						2
Other						53,595						53,123						80						73						18						12						66						15
Total direct/indirect loan   portfolio						$	105,695					$	103,468					$	175					$	148					$	56					$	25					$	172					$	43

Other Consumer

Other consumer primarily consists of deposit overdraft balances. Net charge-offs decreased $51 million to $67 million and $179 million to $208 million during the three and nine months ended September 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 nine months

ended September 30, 2024 and 2023. During the nine months ended September 30, 2024, nonperforming consumer loans of $2.7 billion remained relatively unchanged.

At September 30, 2024, $475 million, or 18 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 September 30, 2024, $1.6 billion, or 60 percent, of nonperforming consumer loans were current and classified as nonperforming loans in accordance with applicable policies.

During the nine months ended September 30, 2024, foreclosed properties decreased $22 million to $81 million.

33 Bank of America

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Table 25			Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity
						Three Months Ended September 30												Nine Months Ended September 30
(Dollars in millions)						2024						2023						2024						2023
Nonperforming loans and leases, beginning of period						$	2,671					$	2,729					$	2,712					$	2,754
Additions						232						297						709						808
Reductions:
Paydowns and payoffs						(98)						(117)						(347)						(351)
Sales						(1)						(2)						(3)						(6)
Returns to performing status (1)						(115)						(91)						(349)						(353)
Charge-offs						(8)						(13)						(25)						(38)
Transfers to foreclosed properties						(4)						(11)						(20)						(22)
Total net additions (reductions) to nonperforming loans and leases						6						63						(35)						38
Total nonperforming loans and leases, September 30						2,677						2,792						2,677						2,792
Foreclosed properties, September 30						81						112						81						112
Nonperforming consumer loans, leases and foreclosed properties, September 30 (2)						$	2,758					$	2,904					$	2,758					$	2,904
Nonperforming consumer loans and leases as a percentage of outstanding consumer loans and leases (3)						0.58		%				0.61		%
Nonperforming consumer loans, leases and foreclosed properties as a percentage of outstanding consumer loans, leases and foreclosed properties (3)						0.60						0.63

(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 $21 million and $19 million at September 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 38.

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.

Commercial Credit Portfolio

Outstanding commercial loans and leases increased $21.8 billion during the nine months ended September 30, 2024 due to growth in U.S. commercial, primarily in Global Banking and Global Markets. During the nine months ended September 30, 2024, commercial credit quality deteriorated as reservable criticized utilized exposure increased across a broad range of industries, and nonperforming commercial loans increased primarily driven by commercial real estate. Commercial net charge-offs increased $363 million and $1.0 billion to $490 million and $1.4 billion during the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to higher losses in the commercial real estate office portfolio and U.S. commercial 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 a higher interest rate environment. Recent demand for office space continues to be 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.

						Bank of America 34

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The commercial allowance for loan and lease losses decreased $164 million during the nine months ended September 30, 2024 to $4.7 billion. For more information, see Allowance for Credit Losses on page 41.

Total commercial utilized credit exposure increased $20.7 billion during the nine months ended September 30, 2024 to $717.0 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 September 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 26			Commercial Credit Exposure by Type
						Commercial Utilized (1)												Commercial Unfunded (2, 3, 4)												Total Commercial Committed
(Dollars in millions)						September 30 2024						December 31 2023						September 30 2024						December 31 2023						September 30 2024						December 31 2023
Loans and leases						$	615,549					$	593,767					$	533,663					$	507,641					$	1,149,212					$	1,101,408
Derivative assets (5)						34,182						39,323						—						—						34,182						39,323
Standby letters of credit and financial guarantees						32,933						31,348						2,038						1,953						34,971						33,301
Debt securities and other investments						18,540						20,422						4,006						3,083						22,546						23,505
Loans held-for-sale						8,884						4,338						6,571						4,904						15,455						9,242
Operating leases						5,285						5,312						—						—						5,285						5,312
Commercial letters of credit						742						943						174						232						916						1,175
Other						869						846						—						—						869						846
Total						$	716,984					$	696,299					$	546,452					$	517,813					$	1,263,436					$	1,214,112

(1)Commercial utilized exposure includes loans of $3.9 billion and $3.3 billion accounted for under the fair value option at September 30, 2024 and December 31, 2023.

(2)Commercial unfunded exposure includes commitments accounted for under the fair value option with a notional amount of $2.4 billion and $2.6 billion at September 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 September 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 $26.4 billion and $29.4 billion at September 30, 2024 and December 31, 2023. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $58.1 billion and $56.1 billion at September 30, 2024 and December 31, 2023, which consists primarily of other marketable securities.

Table 27 presents our commercial loans and leases portfolio and related credit quality information at September 30, 2024 and December 31, 2023.

Table 27			Commercial Credit Quality
						Outstandings												Nonperforming												Accruing Past Due 90 Days or More
(Dollars in millions)						September 30 2024						December 31 2023						September 30 2024						December 31 2023						September 30 2024						December 31 2023
Commercial and industrial:
U.S. commercial						$	379,563					$	358,931					$	699					$	636					$	219					$	51
Non-U.S. commercial						127,738						124,581						85						175						12						4
Total commercial and industrial						507,301						483,512						784						811						231						55
Commercial real estate						68,420						72,878						2,124						1,927						206						32
Commercial lease financing						14,992						14,854						18						19						5						7
						590,713						571,244						2,926						2,757						442						94
U.S. small business commercial (1)						20,893						19,197						26						16						183						184
Commercial loans excluding loans accounted for under the fair value option						$	611,606					$	590,441					$	2,952					$	2,773					$	625					$	278
Loans accounted for under the fair value option (2)						3,943						3,326
Total commercial loans and leases						$	615,549					$	593,767

(1)Includes card-related products.

(2)Commercial loans accounted for under the fair value option includes U.S. commercial of $2.7 billion and $2.2 billion and non-U.S. commercial of $1.3 billion and $1.2 billion at September 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.

35 Bank of America

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Table 28 presents net charge-offs and related ratios for our commercial loans and leases for the three and nine months ended September 30, 2024 and 2023.

Table 28			Commercial Net Charge-offs and Related Ratios
						Net Charge-offs																								Net Charge-off Ratios (1)
						Three Months Ended September 30												Nine Months Ended September 30												Three Months Ended September 30												Nine Months Ended September 30
(Dollars in millions)						2024						2023						2024						2023						2024						2023						2024						2023
Commercial and industrial:
U.S. commercial						$	135					$	5					288						$	57					0.15		%				0.01		%				0.11		%				0.02		%
Non-U.S. commercial						60						(2)						48						18						0.19						(0.01)						0.05						0.02
Total commercial and industrial						195						3						336						75						0.16						—						0.09						0.02
Commercial real estate						171						39						747						130						0.98						0.21						1.41						0.24
Commercial lease financing						—						3						1						3						—						0.08						0.01						0.02
						366						45						1,084						208						0.25						0.03						0.25						0.05
U.S. small business commercial						124						82						350						222						2.40						1.74						2.32						1.62
Total commercial						$	490					$	127					$	1,434					$	430					0.33						0.09						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 $4.1 billion during the nine

months ended September 30, 2024 primarily driven by U.S. commercial and commercial real estate. At both September 30, 2024 and December 31, 2023, 89 percent of commercial reservable criticized utilized exposure was secured.

Table 29			Commercial Reservable Criticized Utilized Exposure (1, 2)
(Dollars in millions)						September 30, 2024												December 31, 2023
Commercial and industrial:
U.S. commercial						$	14,335					3.53		%				$	12,006					3.12		%
Non-U.S. commercial						2,304						1.73						1,787						1.37
Total commercial and industrial						16,639						3.08						13,793						2.68
Commercial real estate						9,893						14.18						8,749						11.80
Commercial lease financing						244						1.63						166						1.12
						26,776						4.29						22,708						3.76
U.S. small business commercial						663						3.17						592						3.08
Total commercial reservable criticized utilized exposure						$	27,439					4.25						$	23,300					3.74

(1)Total commercial reservable criticized utilized exposure includes loans and leases of $26.3 billion and $22.5 billion and commercial letters of credit of $1.1 billion and $795 million at September 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.

Commercial and Industrial

Commercial and industrial loans include U.S. commercial and non-U.S. commercial portfolios.

U.S. Commercial

At September 30, 2024, 61 percent of the U.S. commercial loan portfolio, excluding small business, was managed in Global Banking, 23 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 $20.6 billion, or six percent, during the nine months ended September 30, 2024 primarily driven by Global Banking and Global Markets. Reservable criticized utilized exposure increased $2.3 billion, or 19 percent, driven by a broad range of industries.

Non-U.S. Commercial

At September 30, 2024, 58 percent of the non-U.S. commercial loan portfolio was managed in Global Banking, 41 percent in Global Markets and the remainder primarily in GWIM. Non-U.S. commercial loans increased $3.2 billion, or three percent, during the nine months ended September 30, 2024 primarily

driven by Global Markets. Reservable criticized utilized exposure increased $517 million, or 29 percent. For information on the non-U.S. commercial portfolio, see Non-U.S. Portfolio on page 40.

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 $4.5 billion, or six percent, during the nine months ended September 30, 2024 to $68.4 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 September 30, 2024 and December 31, 2023.

Reservable criticized utilized exposure increased $1.1 billion, or 13 percent, during the nine months ended September 30, 2024 primarily driven by industrial/warehouse and multi-family rental loans.

						Bank of America 36

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Office loans represented the largest property type concentration at 23 percent of the commercial real estate portfolio at September 30, 2024, and approximately one 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 September 30, 2024, representing a decrease of $397 million, or seven percent, from December 31, 2023, with an aggregate loan-to-value of approximately 80 percent based on property appraisals completed in the last twelve months. Approximately $3.5 billion of office loans are scheduled to mature by the end of 2024.

During the three and nine months ended September 30, 2024, net charge-offs increased $132 million and $617 million to $171 million and $747 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 30			Outstanding Commercial Real Estate Loans
(Dollars in millions)						September 30 2024						December 31 2023
By Geographic Region
Northeast						$	15,650					$	15,920
California						13,673						14,551
Southwest						8,011						9,318
Southeast						7,160						8,368
Florida						4,636						4,986
Illinois						3,299						3,361
Midsouth						2,675						2,785
Midwest						2,571						3,149
Northwest						1,930						2,095
Non-U.S.						6,576						6,052
Other						2,239						2,293
Total outstanding commercial real estate loans						$	68,420					$	72,878
By Property Type
Non-residential
Office						$	15,768					$	17,976
Industrial / Warehouse						13,912						14,746
Multi-family rental						11,670						10,606
Shopping centers / Retail						5,423						5,756
Hotel / Motels						4,717						5,665
Multi-use						2,073						2,681
Other						14,159						14,201
Total non-residential						67,722						71,631
Residential						698						1,247
Total outstanding commercial real estate loans						$	68,420					$	72,878

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 September 30, 2024 and December 31, 2023 and represented 100 percent and 99 percent of net charge-offs for the three and nine months ended September 30, 2024 and 2023. Accruing past due 90 days or more of $183 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 nine months ended September 30, 2024 and 2023. Nonperforming loans do not include loans accounted for under the fair value option. During the nine months ended September 30, 2024, nonperforming commercial loans and leases increased $179 million to $3.0 billion. At September 30, 2024, 98 percent of commercial nonperforming loans, leases and foreclosed properties were secured, and 33 percent were contractually current. Commercial nonperforming loans were carried at 81 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.

37 Bank of America

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Table 31			Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity (1, 2)
						Three Months Ended September 30												Nine Months Ended September 30
(Dollars in millions)						2024						2023						2024						2023
Nonperforming loans and leases, beginning of period						$	2,802					$	1,397					$	2,773					$	1,054
Additions						965						875						2,675						1,778
Reductions:
Paydowns						(374)						(153)						(1,099)						(396)
Sales						(7)						—						(17)						(3)
Returns to performing status (3)						(21)						(2)						(154)						(61)
Charge-offs						(386)						(67)						(1,111)						(242)
Transfers to foreclosed properties						(27)						—						(115)						(23)
Transfers to loans held-for-sale						—						(9)						—						(66)
Total net additions to nonperforming loans and leases						150						644						179						987
Total nonperforming loans and leases, September 30						2,952						2,041						2,952						2,041
Foreclosed properties, September 30						114						48						114						48
Nonperforming commercial loans, leases and foreclosed properties, September 30						$	3,066					$	2,089					$	3,066					$	2,089
Nonperforming commercial loans and leases as a percentage of outstanding commercial loans and leases (4)						0.48		%				0.35		%
Nonperforming commercial loans, leases and foreclosed properties as a percentage of outstanding commercial loans, leases and foreclosed properties (4)						0.50						0.36

(1)Balances do not include nonperforming loans held-for-sale of $785 million and $173 million at September 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 $49.3 billion during the nine months ended September 30, 2024 to $1.3 trillion. The increase in commercial committed exposure was concentrated in Finance companies, Asset managers and funds and Individuals and trusts.

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 $178.6 billion, increased $9.3 billion, or five percent, during the nine months ended September 30, 2024, which was primarily driven by investment-grade exposures.

Finance companies, our second largest industry concentration with committed exposure of $105.7 billion, increased $16.6 billion, or 19 percent, during the nine months ended September 30, 2024. The increase in committed exposure was primarily driven by increases in Consumer finance, Thrifts and mortgage finance and Diversified financials.

Real estate, our third largest industry concentration with committed exposure of $97.9 billion, decreased $2.4 billion, or two percent, during the nine months ended September 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.

Various macroeconomic challenges, including geopolitical tensions, higher costs associated with inflationary pressures experienced over the past several years 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.

						Bank of America 38

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Table 32			Commercial Credit Exposure by Industry (1)
						Commercial Utilized												Total Commercial Committed (2)
(Dollars in millions)						September 30 2024						December 31 2023						September 30 2024						December 31 2023
Asset managers and funds						$	110,334					$	103,138					$	178,572					$	169,318
Finance companies						71,809						62,906						105,676						89,119
Real estate (3)						72,076						73,150						97,860						100,269
Capital goods						51,380						49,698						97,693						97,044
Healthcare equipment and services						34,584						35,037						64,800						61,766
Materials						25,583						25,223						56,501						55,296
Retailing						26,952						24,561						55,240						54,523
Consumer services						28,258						27,355						53,770						49,105
Food, beverage and tobacco						23,986						23,865						53,632						49,426
Individuals and trusts						34,995						32,481						49,583						43,938
Government and public education						31,954						31,051						47,706						45,873
Commercial services and supplies						23,465						22,642						42,362						41,473
Utilities						17,472						18,610						40,807						39,481
Transportation						24,214						24,200						35,834						36,267
Energy						14,033						12,450						35,580						36,996
Technology hardware and equipment						11,156						11,951						29,504						29,160
Software and services						11,411						9,830						28,023						22,381
Global commercial banks						20,922						22,749						24,330						25,684
Media						11,897						13,033						23,648						24,908
Vehicle dealers						17,681						16,283						23,424						22,570
Consumer durables and apparel						9,380						9,184						22,197						20,732
Pharmaceuticals and biotechnology						5,229						6,852						20,497						22,169
Insurance						8,281						9,371						18,506						19,322
Telecommunication services						8,708						9,224						18,156						17,269
Automobiles and components						8,359						7,049						16,798						16,459
Food and staples retailing						7,666						7,423						13,609						12,496
Financial markets infrastructure (clearinghouses)						2,880						4,229						5,104						6,503
Religious and social organizations						2,319						2,754						4,024						4,565
Total commercial credit exposure by industry						$	716,984					$	696,299					$	1,263,436					$	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 September 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 September 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 $11.1 billion and $10.9 billion. We recorded net losses of $42 million and $58 million for the three and nine months ended September 30, 2024 compared to net losses of $23 million and $134 million for the same periods in 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 43.

Tables 33 and 34 present the maturity profiles and the credit exposure debt ratings of the net credit default protection portfolio at September 30, 2024 and December 31, 2023.

Table 33			Net Credit Default Protection by Maturity
						September 30 2024						December 31 2023
Less than or equal to one year						15		%				36		%
Greater than one year and less than or equal to five years						85						64
Total net credit default protection						100		%				100		%

Table 34			Net Credit Default Protection by Credit Exposure Debt Rating
						Net Notional (1)						Percent of Total						Net Notional (1)						Percent of Total
(Dollars in millions)						September 30, 2024												December 31, 2023
Ratings (2, 3)
AAA						$	(414)					3.7		%				$	(479)					4.4		%
AA						(1,012)						9.1						(1,080)						9.9
A						(5,222)						46.9						(5,237)						48.2
BBB						(3,390)						30.5						(2,912)						26.8
BB						(642)						5.8						(698)						6.4
B						(356)						3.2						(419)						3.9
CCC and below						(92)						0.8						(52)						0.5
NR (4)						2						—						2						(0.1)
Total net credit default protection						$	(11,126)					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.

39 Bank of America

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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 September 30, 2024. These exposures accounted for 89 percent of our total non-U.S. exposure at both September 30, 2024 and December 31, 2023. Net country exposure for these 20 countries increased $21.5 billion in 2024 primarily driven by increases in the United Kingdom, Japan and the Netherlands.

Table 35			Top 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 September 30 2024						Hedges and Credit Default Protection						Net Country Exposure at September 30 2024						Increase (Decrease) from December 31 2023
United Kingdom						$	36,664					$	18,649					$	4,811					$	4,467					$	64,591					$	(2,152)					$	62,439					$	6,504
Germany						24,632						10,368						1,704						2,141						38,845						(5,128)						33,717						(1,938)
Canada						13,516						10,598						1,531						4,739						30,384						(567)						29,817						1,802
France						14,828						9,383						1,146						3,286						28,643						(2,087)						26,556						1,698
Japan						12,240						2,414						2,187						5,308						22,149						(748)						21,401						4,427
Australia						13,304						5,706						442						2,254						21,706						(385)						21,321						(1)
Brazil						9,464						1,416						1,009						4,104						15,993						(70)						15,923						640
India						7,807						352						992						5,452						14,603						(57)						14,546						2,621
Switzerland						5,883						4,937						293						209						11,322						(284)						11,038						1,809
Ireland						8,250						2,114						297						427						11,088						(103)						10,985						652
Netherlands						5,525						4,370						654						893						11,442						(680)						10,762						3,613
China						5,236						285						431						3,223						9,175						(234)						8,941						429
South Korea						4,764						1,412						389						2,136						8,701						(147)						8,554						94
Singapore						2,963						639						122						4,443						8,167						(32)						8,135						(2,682)
Mexico						4,493						1,883						309						1,548						8,233						(209)						8,024						(895)
Italy						4,992						2,679						342						475						8,488						(1,232)						7,256						641
Spain						2,984						1,842						98						846						5,770						(339)						5,431						(165)
Hong Kong						3,035						681						544						1,170						5,430						(63)						5,367						(485)
Indonesia						916						—						49						3,242						4,207						(31)						4,176						1,941
Sweden						1,821						2,113						96						206						4,236						(391)						3,845						831
Total top 20 non-U.S. countries exposure						$	183,317					$	81,841					$	17,446					$	50,569					$	333,173					$	(14,939)					$	318,234					$	21,536

Our largest non-U.S. country exposure at September 30, 2024 was the United Kingdom with net exposure of $62.4 billion, which increased $6.5 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 $33.7 billion at September 30, 2024, which decreased $1.9 billion from December 31, 2023 primarily due to lower exposure to sovereign and financial institutions.

						Bank of America 40

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Allowance for Credit Losses

The allowance for credit losses decreased $200 million from December 31, 2023 to $14.4 billion at September 30, 2024, which included a $49 million reserve increase and a

$249 million reserve decrease related to the consumer and commercial portfolios.

Table 36 presents an allocation of the allowance for credit losses by product type at September 30, 2024 and December 31, 2023.

Table 36			Allocation of the Allowance for Credit Losses by Product Type
						Amount						Percent of Total						Percent of Loans and Leases Outstanding (1)																								Amount						Percent of Total						Percent of Loans and Leases Outstanding (1)
(Dollars in millions)						September 30, 2024																								December 31, 2023
Allowance for loan and lease losses
Residential mortgage						$	280					2.11		%				0.12		%																						$	339					2.54		%				0.15		%
Home equity						29						0.22						0.11																								47						0.35						0.19
Credit card						7,492						56.54						7.43																								7,346						55.06						7.19
Direct/Indirect consumer						730						5.51						0.69																								715						5.36						0.69
Other consumer						62						0.47						n/m																								73						0.55						n/m
Total consumer						8,593						64.85						1.87																								8,520						63.86						1.85
U.S. commercial (2)						2,567						19.37						0.64																								2,600						19.49						0.69
Non-U.S. commercial						766						5.78						0.60																								842						6.31						0.68
Commercial real estate						1,287						9.71						1.88																								1,342						10.06						1.84
Commercial lease financing						38						0.29						0.25																								38						0.28						0.26
Total commercial						4,658						35.15						0.76																								4,822						36.14						0.82
Allowance for loan and lease losses						13,251						100.00		%				1.24																								13,342						100.00		%				1.27
Reserve for unfunded lending commitments						1,100																																				1,209
Allowance for credit losses						$	14,351																																			$	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 September 30, 2024 and December 31, 2023.

n/m = not meaningful

Net charge-offs for the three and nine months ended September 30, 2024 were $1.5 billion and $4.6 billion compared to $931 million and $2.6 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 $308 million to $1.5 billion and $1.1 billion to $4.4 billion for the three and nine months ended September 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, decreased $93 million to $1.1 billion and $86 million to $3.2 billion for the three and nine months ended September 30, 2024 compared to the same periods in 2023. The provision for credit losses for

the commercial portfolio, including unfunded lending commitments, increased $401 million to $417 million and $1.2 billion to $1.2 billion for the three and nine months ended September 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 nine months ended September 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.

41 Bank of America

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Table 37			Allowance for Credit Losses
						Three Months Ended September 30												Nine Months Ended September 30
(Dollars in millions)						2024						2023						2024						2023
Allowance for loan and lease losses, December 31						n/a						n/a						$	13,342					$	12,682
January 1, 2023 adoption of credit loss standard						n/a						n/a						n/a						(243)
Allowance for loan and lease losses, beginning of period						$	13,238					$	12,950					$	13,342					$	12,439
Loans and leases charged off
Residential mortgage						(5)						(8)						(18)						(26)
Home equity						(10)						(7)						(16)						(18)
Credit card						(1,084)						(814)						(3,235)						(2,220)
Direct/Indirect consumer						(101)						(57)						(292)						(153)
Other consumer						(71)						(123)						(221)						(406)
Total consumer charge-offs						(1,271)						(1,009)						(3,782)						(2,823)
U.S. commercial (1)						(288)						(131)						(710)						(371)
Non-U.S. commercial						(60)						—						(61)						(31)
Commercial real estate						(180)						(44)						(762)						(139)
Commercial lease financing						(1)						(3)						(2)						(3)
Total commercial charge-offs						(529)						(178)						(1,535)						(544)
Total loans and leases charged off						(1,800)						(1,187)						(5,317)						(3,367)
Recoveries of loans and leases previously charged off
Residential mortgage						7						6						17						21
Home equity						15						21						48						60
Credit card						156						141						453						436
Direct/Indirect consumer						45						32						120						110
Other consumer						4						5						13						19
Total consumer recoveries						227						205						651						646
U.S. commercial (2)						29						44						72						92
Non-U.S. commercial						—						2						13						13
Commercial real estate						9						5						15						9
Commercial lease financing						1						—						1						—
Total commercial recoveries						39						51						101						114
Total recoveries of loans and leases previously charged off						266						256						752						760
Net charge-offs						(1,534)						(931)						(4,565)						(2,607)
Provision for loan and lease losses						1,547						1,268						4,479						3,477
Other						—						—						(5)						(22)
Allowance for loan and lease losses, September 30						13,251						13,287						13,251						13,287
Reserve for unfunded lending commitments, beginning of period						1,104						1,388						1,209						1,540
Provision for unfunded lending commitments						(5)						(34)						(110)						(187)
Other						1						(1)						1						—
Reserve for unfunded lending commitments, September 30						1,100						1,353						1,100						1,353
Allowance for credit losses, September 30						$	14,351					$	14,640					$	14,351					$	14,640
Loan and allowance ratios (3):
Loans and leases outstanding at September 30						$	1,071,628					$	1,044,899					$	1,071,628					$	1,044,899
Allowance for loan and lease losses as a percentage of total loans and leases outstanding at September 30						1.24		%				1.27		%				1.24		%				1.27		%
Consumer allowance for loan and lease losses as a percentage of total consumer loans and leases outstanding at September 30						1.87						1.78						1.87						1.78
Commercial allowance for loan and lease losses as a percentage of total commercial loans and leases outstanding at September 30						0.76						0.87						0.76						0.87
Average loans and leases outstanding						$	1,055,975					$	1,041,972					$	1,049,689					$	1,040,116
Annualized net charge-offs as a percentage of average loans and leases outstanding						0.58		%				0.35		%				0.58		%				0.34		%
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases at September 30						235						275						235						275
Ratio of the allowance for loan and lease losses at September 30 to annualized net charge-offs						2.17						3.60						2.17						3.81
Amounts included in allowance for loan and lease losses for loans and leases that are excluded from nonperforming loans and leases at September 30 (4)						$	8,640					$	5,330					$	8,640					$	5,330
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 September 30 (4)						82		%				165		%				82		%				165		%

(1)Includes U.S. small business commercial charge-offs of $135 million and $383 million for the three and nine months ended September 30, 2024 compared to $94 million and $254 million for the same periods in 2023.

(2)Includes U.S. small business commercial recoveries of $11 million and $33 million for the three and nine months ended September 30, 2024 compared to $12 million and $32 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

						Bank of America 42

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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 September 30, 2024, June 30, 2024 and September 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 decreased for the three months ended September 30, 2024 compared to the prior quarter due to a reduction in interest rate risk.

Table 38			Market Risk VaR for Trading Activities
						Three Months Ended																																																																			Nine Months Ended September 30
						September 30, 2024																								June 30, 2024																								September 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 Average						2023 Average
Foreign exchange						$	30					$	34					$	41					$	26					$	30					$	32					$	40					$	25					$	25					$	25					$	33					$	12					$	34					$	29
Interest rate						36						42						75						30						76						70						91						50						46						51						86						35						58						48
Credit						57						62						72						57						66						54						69						44						62						49						62						43						54						61
Equity						29						21						29						16						19						20						26						14						13						15						23						11						19						19
Commodities						11						10						16						8						10						9						12						8						10						8						10						6						10						9
Portfolio diversification						(95)						(99)						n/a						n/a						(120)						(104)						n/a						n/a						(90)						(92)						n/a						n/a						(102)						(104)
Total covered positions portfolio						68						70						88						57						81						81						99						64						66						56						74						41						73						62
Impact from less liquid exposures (2)						11						8						n/a						n/a						2						9						n/a						n/a						21						13						n/a						n/a						10						22
Total covered positions and less liquid trading positions portfolio						79						78						94						63						83						90						110						73						87						69						91						52						83						84
Fair value option loans						18						15						18						12						15						21						45						12						16						19						21						16						17						27
Fair value option hedges						11						10						11						8						8						16						27						8						10						11						13						9						11						14
Fair value option portfolio diversification						(15)						(12)						n/a						n/a						(10)						(23)						n/a						n/a						(14)						(17)						n/a						n/a						(15)						(24)
Total fair value option portfolio						14						13						14						12						13						14						24						10						12						13						14						12						13						17
Portfolio diversification						(11)						(10)						n/a						n/a						(8)						(8)						n/a						n/a						(2)						(5)						n/a						n/a						(9)						(7)
Total market-based portfolio						$	82					$	81					99						68						$	88					$	96					117						82						$	97					$	77					103						58						$	87					$	94

(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

43 Bank of America

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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.

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 September 30, 2024, June 30, 2024 and September 30, 2023.

Table 39			Average Market Risk VaR for Trading Activities – 99 percent and 95 percent VaR Statistics
									Three Months Ended
									September 30, 2024												June 30, 2024												September 30, 2023
(Dollars in millions)									99 percent						95 percent						99 percent						95 percent						99 percent						95 percent
Foreign exchange									$	34					$	22					$	32					$	21					$	25					$	16
Interest rate									42						23						70						36						51						28
Credit									62						34						54						30						49						29
Equity									21						11						20						10						15						7
Commodities									10						6						9						5						8						5
Portfolio diversification									(99)						(60)						(104)						(63)						(92)						(53)
Total covered positions portfolio									70						36						81						39						56						32
Impact from less liquid exposures									8						3						9						6						13						6
Total covered positions and less liquid trading positions portfolio									78						39						90						45						69						38
Fair value option loans									15						9						21						13						19						11
Fair value option hedges									10						6						16						9						11						7
Fair value option portfolio diversification									(12)						(7)						(23)						(14)						(17)						(11)
Total fair value option portfolio									13						8						14						8						13						7
Portfolio diversification									(10)						(5)						(8)						(5)						(5)						(4)
Total market-based portfolio									$	81					$	42					$	96					$	48					$	77					$	41

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 nine months ended September 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 September 30, 2024 compared to the three months ended June 30, 2024 and March 31, 2024. During the three months ended September 30, 2024, positive trading-related revenue was recorded for 100 percent of the trading days, of which 98 percent were daily trading gains of over $25 million. This compares to the three months ended June 30, 2024, where 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. During the three months ended March 31, 2024, 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.

						Bank of America 44

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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 September 30, 2024 and December 31, 2023.

Table 40			Forward Rates
						Federal Funds						SOFR						10-Year SOFR
						September 30, 2024
Spot rates						5.00		%				4.96		%				3.32		%
12-month forward rates						3.25						3.10						3.30
						December 31, 2023
Spot rates						5.50		%				5.38		%				3.47		%
12-month forward rates						3.89						3.93						3.32

Table 41 shows the potential pretax impact to net interest income over the next 12 months from September 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 41			Estimated 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)																		September 30 2024						September 30 2024						December 31 2023
Parallel Shifts
+100 bps instantaneous shift						+100						+100						$	1.8					$	3.4					$	3.5
-100 bps instantaneous shift						-100						-100						(2.7)						(3.5)						(3.1)
+200 bps instantaneous shift						+200						+200						3.0						6.6						n/a
-200 bps instantaneous shift						-200						-200						(6.3)						(7.3)						n/a
Flatteners
Short-end instantaneous change						+100						—						1.7						3.1						3.2
Long-end instantaneous change						—						-100						(0.1)						(0.4)						(0.3)
Steepeners
Short-end instantaneous change						-100						—						(2.4)						(3.1)						(2.8)
Long-end instantaneous change						—						+100						0.2						0.4						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

45 Bank of America

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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.

						Bank of America 46

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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 nine months ended September 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, or are perceived to be inadequately responsive to climate change.

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 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. 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

47 Bank of America

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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 2024 Sustainability at Bank of America document. The contents of the Corporation’s website, including the 2024 Sustainability at Bank of America document, 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 2024 Sustainability at Bank of America document, 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.

						Bank of America 48

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Non-GAAP Reconciliations

Table 42 provides reconciliations of certain non-GAAP financial measures to the most directly comparable GAAP financial measures.

Table 42			Average and Period-end Supplemental Financial Data and Reconciliations to GAAP Financial Measures (1)
						2024 Quarters																		2023 Quarters												Nine Months Ended September 30
(Dollars in millions)						Third						Second						First						Fourth						Third						2024						2023
Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and average tangible common shareholders’ equity
Shareholders’ equity						$	294,985					$	293,403					$	292,511					$	288,618					$	284,975					$	293,638					$	281,579
Goodwill						(69,021)						(69,021)						(69,021)						(69,021)						(69,021)						(69,021)						(69,022)
Intangible assets (excluding MSRs)						(1,951)						(1,971)						(1,990)						(2,010)						(2,029)						(1,971)						(2,049)
Related deferred tax liabilities						864						869						874						886						890						869						895
Tangible shareholders’ equity						$	224,877					$	223,280					$	222,374					$	218,473					$	214,815					$	223,515					$	211,403
Preferred stock						(25,984)						(28,113)						(28,397)						(28,397)						(28,397)						(27,493)						(28,397)
Tangible common shareholders’ equity						$	198,893					$	195,167					$	193,977					$	190,076					$	186,418					$	196,022					$	183,006
Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity and period-end tangible common shareholders’ equity
Shareholders’ equity						$	296,512					$	293,892					$	293,552					$	291,646					$	287,064
Goodwill						(69,021)						(69,021)						(69,021)						(69,021)						(69,021)
Intangible assets (excluding MSRs)						(1,938)						(1,958)						(1,977)						(1,997)						(2,016)
Related deferred tax liabilities						859						864						869						874						886
Tangible shareholders’ equity						$	226,412					$	223,777					$	223,423					$	221,502					$	216,913
Preferred stock						(24,554)						(26,548)						(28,397)						(28,397)						(28,397)
Tangible common shareholders’ equity						$	201,858					$	197,229					$	195,026					$	193,105					$	188,516
Reconciliation of period-end assets to period-end tangible assets
Assets						$	3,324,293					$	3,257,996					$	3,273,803					$	3,180,151					$	3,153,090
Goodwill						(69,021)						(69,021)						(69,021)						(69,021)						(69,021)
Intangible assets (excluding MSRs)						(1,938)						(1,958)						(1,977)						(1,997)						(2,016)
Related deferred tax liabilities						859						864						869						874						886
Tangible assets						$	3,254,193					$	3,187,881					$	3,203,674					$	3,110,007					$	3,082,939

(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 43 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 September 30, 2024, that have materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.

49 Bank of America

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Part I. Financial Information

Item 1. Financial Statements

Bank of America Corporation and Subsidiaries

Consolidated Statement of Income
			Three Months Ended September 30												Nine Months Ended September 30
(In millions, except per share information)			2024						2023						2024						2023
Net interest income
Interest income			$	37,491					$	33,624					$	110,630					$	94,633
Interest expense			23,524						19,245						68,929						51,648
Net interest income			13,967						14,379						41,701						42,985
Noninterest income
Fees and commissions			9,119						8,135						26,748						23,990
Market making and similar activities			3,278						3,325						10,464						11,734
Other income (loss)			(1,019)						(672)						(2,373)						(2,087)
Total noninterest income			11,378						10,788						34,839						33,637
Total revenue, net of interest expense			25,345						25,167						76,540						76,622
Provision for credit losses			1,542						1,234						4,369						3,290
Noninterest expense
Compensation and benefits			9,916						9,551						29,937						28,870
Occupancy and equipment			1,836						1,795						5,465						5,370
Information processing and communications			1,784						1,676						5,347						5,017
Product delivery and transaction related			849						880						2,591						2,726
Professional fees			723						545						1,925						1,609
Marketing			504						501						1,446						1,472
Other general operating			867						890						3,314						3,050
Total noninterest expense			16,479						15,838						50,025						48,114
Income before income taxes			7,324						8,095						22,146						25,218
Income tax expense			428						293						1,679						1,847
Net income			$	6,896					$	7,802					$	20,467					$	23,371
Preferred stock dividends			516						532						1,363						1,343
Net income applicable to common shareholders			$	6,380					$	7,270					$	19,104					$	22,028
Per common share information
Earnings			$	0.82					$	0.91					$	2.42					$	2.74
Diluted earnings			0.81						0.90						2.40						2.72
Average common shares issued and outstanding			7,818.0						8,017.1						7,894.7						8,041.3
Average diluted common shares issued and outstanding			7,902.1						8,075.9						7,965.0						8,153.4

Consolidated Statement of Comprehensive Income
			Three Months Ended September 30												Nine Months Ended September 30
(Dollars in millions)			2024						2023						2024						2023
Net income			$	6,896					$	7,802					$	20,467					$	23,371
Other comprehensive income (loss), net-of-tax:
Net change in debt securities			417						(642)						444						81
Net change in debit valuation adjustments			—						(25)						(135)						(419)
Net change in derivatives			2,830						(366)						3,100						(317)
Employee benefit plan adjustments			27						6						75						25
Net change in foreign currency translation adjustments			21						(23)						(30)						(6)
Other comprehensive income (loss)			3,295						(1,050)						3,454						(636)
Comprehensive income (loss)			$	10,191					$	6,752					$	23,921					$	22,735

See accompanying Notes to Consolidated Financial Statements.

						Bank of America 50

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Bank of America Corporation and Subsidiaries

Consolidated Balance Sheet
						September 30 2024						December 31 2023
(Dollars in millions)
Assets
Cash and due from banks						$	24,847					$	27,892
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks						270,742						305,181
Cash and cash equivalents						295,589						333,073
Time deposits placed and other short-term investments						8,151						8,346
Federal funds sold and securities borrowed or purchased under agreements to resell    (includes $176,229 and $133,053 measured at fair value)						337,706						280,624
Trading account assets (includes $181,996 and $130,815 pledged as collateral)						342,135						277,354
Derivative assets						34,182						39,323
Debt securities:
Carried at fair value						325,436						276,852
Held-to-maturity, at cost (fair value $481,887 and $496,597)						567,553						594,555
Total debt securities						892,989						871,407
Loans and leases (includes $4,172 and $3,569 measured at fair value)						1,075,800						1,053,732
Allowance for loan and lease losses						(13,251)						(13,342)
Loans and leases, net of allowance						1,062,549						1,040,390
Premises and equipment, net						12,033						11,855
Goodwill						69,021						69,021
Loans held-for-sale (includes $3,141 and $2,059 measured at fair value)						10,351						6,002
Customer and other receivables						91,267						81,881
Other assets (includes $17,254 and $11,861 measured at fair value)						168,320						160,875
Total assets						$	3,324,293					$	3,180,151
Liabilities
Deposits in U.S. offices:
Noninterest-bearing						$	498,263					$	530,619
Interest-bearing (includes $443 and $284 measured at fair value)						1,308,856						1,273,904
Deposits in non-U.S. offices:
Noninterest-bearing						15,457						16,427
Interest-bearing						107,776						102,877
Total deposits						1,930,352						1,923,827
Federal funds purchased and securities loaned or sold under agreements to repurchase    (includes $243,431 and $178,609 measured at fair value)						397,958						283,887
Trading account liabilities						98,316						95,530
Derivative liabilities						43,131						43,432
Short-term borrowings (includes $6,478 and $4,690 measured at fair value)						38,440						32,098
Accrued expenses and other liabilities (includes $16,036 and $11,473 measured at fair value    and $1,100 and $1,209 of reserve for unfunded lending commitments)						222,657						207,527
Long-term debt (includes $53,554 and $42,809 measured at fair value)						296,927						302,204
Total liabilities						3,027,781						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 – 3,933,917 and 4,088,099 shares						24,554						28,397
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares;    issued and outstanding – 7,688,767,832 and 7,895,457,665 shares						48,338						56,365
Retained earnings						237,954						224,672
Accumulated other comprehensive income (loss)						(14,334)						(17,788)
Total shareholders’ equity						296,512						291,646
Total liabilities and shareholders’ equity						$	3,324,293					$	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			$	6,280					$	6,054
			Loans and leases			19,267						18,276
			Allowance for loan and lease losses			(923)						(826)
			Loans and leases, net of allowance			18,344						17,450
			All other assets			278						269
			Total assets of consolidated variable interest entities			$	24,902					$	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)			$	3,542					$	2,957
			Long-term debt (includes $8,873 and $8,456 of non-recourse debt)			8,873						8,456
			All other liabilities (includes $22 and $19 of non-recourse liabilities)			22						19
			Total liabilities of consolidated variable interest entities			$	12,437					$	11,432

See accompanying Notes to Consolidated Financial Statements.

51 Bank of America

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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)									Shares						Amount
Balance, June 30, 2024			$	26,548					7,774.8						$	51,376					$	233,597					$	(17,629)											$	293,892
Net income																					6,896																		6,896
Net change in debt securities																											417												417
Net change in derivatives																											2,830												2,830
Employee benefit plan adjustments																											27												27
Net change in foreign currency translation adjustments																											21												21
Dividends declared:
Common																					(2,021)																		(2,021)
Preferred																					(510)																		(510)
Redemption of preferred stock			(1,994)																		(6)																		(2,000)
Common stock issued under employee plans, net, and other									2.2						496						(2)																		494
Common stock repurchased									(88.2)						(3,534)																								(3,534)
Balance, September 30, 2024			$	24,554					7,688.8						$	48,338					$	237,954					$	(14,334)											$	296,512
Balance, December 31, 2023			$	28,397					7,895.5						$	56,365					$	224,672					$	(17,788)											$	291,646
Net income																					20,467																		20,467
Net change in debt securities																											444												444
Net change in debit valuation adjustments																											(135)												(135)
Net change in derivatives																											3,100												3,100
Employee benefit plan adjustments																											75												75
Net change in foreign currency translation adjustments																											(30)												(30)
Dividends declared:
Common																					(5,818)																		(5,818)
Preferred																					(1,352)																		(1,352)
Redemption of preferred stock			(3,843)																		(11)																		(3,854)
Common stock issued under employee plans, net, and other									46.6						1,542						(4)																		1,538
Common stock repurchased									(253.3)						(9,569)																								(9,569)
Balance, September 30, 2024			$	24,554					7,688.8						$	48,338					$	237,954					$	(14,334)											$	296,512
Balance, June 30, 2023			$	28,397					7,953.6						$	57,267					$	218,397					$	(20,742)											$	283,319
Net income																					7,802																		7,802
Net change in debt securities																											(642)												(642)
Net change in debit valuation adjustments																											(25)												(25)
Net change in derivatives																											(366)												(366)
Employee benefit plan adjustments																											6												6
Net change in foreign currency translation adjustments																											(23)												(23)
Dividends declared:
Common																					(1,919)																		(1,919)
Preferred																					(531)																		(531)
Common stock issued under employee plans, net, and other									2.3						443																								443
Common stock repurchased									(32.5)						(1,000)																								(1,000)
Balance, September 30, 2023			$	28,397					7,923.4						$	56,710					$	223,749					$	(21,792)											$	287,064
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 income																					23,371																		23,371
Net change in debt securities																											81												81
Net change in debit valuation adjustments																											(419)												(419)
Net change in derivatives																											(317)												(317)
Employee benefit plan adjustments																											25												25
Net change in foreign currency translation adjustments																											(6)												(6)
Dividends declared:
Common																					(5,459)																		(5,459)
Preferred																					(1,343)																		(1,343)
Common stock issued under employee plans, net, and other									45.1						1,522						(7)																		1,515
Common stock repurchased									(118.5)						(3,765)																								(3,765)
Balance, September 30, 2023			$	28,397					7,923.4						$	56,710					$	223,749					$	(21,792)											$	287,064

See accompanying Notes to Consolidated Financial Statements.

						Bank of America 52

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Bank of America Corporation and Subsidiaries

Consolidated Statement of Cash Flows
			Nine Months Ended September 30
(Dollars in millions)			2024						2023
Operating activities
Net income			$	20,467					$	23,371
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses			4,369						3,290
Losses on sales of debt securities			6						404
Depreciation and amortization			1,630						1,530
Net (accretion) amortization of discount/premium on debt securities			(354)						155
Deferred income taxes			(1,228)						(1,440)
Stock-based compensation			2,542						2,214
Loans held-for-sale:
Originations and purchases			(26,279)						(11,545)
Proceeds from sales and paydowns of loans originally classified as held for sale and instruments from related securitization activities			21,646						10,716
Net change in:
Trading and derivative assets/liabilities			(56,685)						4,681
Other assets			(20,257)						(6,887)
Accrued expenses and other liabilities			14,581						(18,086)
Other operating activities, net			4,843						3,855
Net cash provided by (used in) operating activities			(34,719)						12,258
Investing activities
Net change in:
Time deposits placed and other short-term investments			195						(736)
Federal funds sold and securities borrowed or purchased under agreements to resell			(54,582)						(41,675)
Debt securities carried at fair value:
Proceeds from sales			52,594						94,080
Proceeds from paydowns and maturities			217,602						50,008
Purchases			(312,186)						(90,855)
Held-to-maturity debt securities:
Proceeds from paydowns and maturities			26,033						28,517
Purchases			—						(98)
Loans and leases:
Proceeds from sales of loans originally classified as held for investment and instruments from related securitization activities			7,129						7,734
Purchases			(4,151)						(3,935)
Other changes in loans and leases, net			(29,874)						(9,973)
Other investing activities, net			(2,863)						(4,271)
Net cash provided by (used in) investing activities			(100,103)						28,796
Financing activities
Net change in:
Deposits			6,525						(45,740)
Federal funds purchased and securities loaned or sold under agreements to repurchase			114,071						105,068
Short-term borrowings			7,623						13,264
Long-term debt:
Proceeds from issuance			42,593						52,955
Retirement			(52,711)						(32,167)
Preferred stock redemption			(3,854)						—
Common stock repurchased			(9,569)						(3,765)
Cash dividends paid			(7,228)						(6,854)
Other financing activities, net			(313)						(707)
Net cash provided by financing activities			97,137						82,054
Effect of exchange rate changes on cash and cash equivalents			201						(1,585)
Net increase (decrease) in cash and cash equivalents			(37,484)						121,523
Cash and cash equivalents at January 1			333,073						230,203
Cash and cash equivalents at September 30			$	295,589					$	351,726

See accompanying Notes to Consolidated Financial Statements.

53 Bank of America

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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).

						Bank of America 54

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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 nine months ended September 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 September 30												Nine Months Ended September 30
(Dollars in millions)																														2024						2023						2024						2023
Net interest income
Interest income
Loans and leases																														$	15,725					$	14,830					$	46,303					$	41,897
Debt securities																														6,833						4,658						19,295						14,809
Federal funds sold and securities borrowed or purchased under agreements to resell																														5,196						4,888						15,530						13,555
Trading account assets																														2,726						2,217						7,697						6,321
Other interest income (1)																														7,011						7,031						21,805						18,051
Total interest income																														37,491						33,624						110,630						94,633
Interest expense
Deposits																														10,125						7,340						28,918						17,439
Short-term borrowings																														8,940						7,629						26,545						22,164
Trading account liabilities																														538						510						1,624						1,486
Long-term debt																														3,921						3,766						11,842						10,559
Total interest expense																														23,524						19,245						68,929						51,648
Net interest income																														$	13,967					$	14,379					$	41,701					$	42,985
Noninterest income
Fees and commissions
Card income
Interchange fees (2)																														$	1,030					$	994					$	2,984					$	2,973
Other card income																														588						526						1,678						1,562
Total card income																														1,618						1,520						4,662						4,535
Service charges
Deposit-related fees																														1,198						1,124						3,492						3,266
Lending-related fees																														354						340						1,009						972
Total service charges																														1,552						1,464						4,501						4,238
Investment and brokerage services
Asset management fees																														3,533						3,103						10,173						8,990
Brokerage fees																														1,013						860						2,880						2,664
Total investment and brokerage services																														4,546						3,963						13,053						11,654
Investment banking fees
Underwriting income																														742						531						2,512						1,757
Syndication fees																														274						209						886						620
Financial advisory services																														387						448						1,134						1,186
Total investment banking fees																														1,403						1,188						4,532						3,563
Total fees and commissions																														9,119						8,135						26,748						23,990
Market making and similar activities																														3,278						3,325						10,464						11,734
Other income (loss)																														(1,019)						(672)						(2,373)						(2,087)
Total noninterest income																														$	11,378					$	10,788					$	34,839					$	33,637

(1)Includes interest income on interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks of $4.1 billion and $4.6 billion for the three months ended September 30, 2024 and 2023, and $13.2 billion and $10.9 billion for the nine months ended September 30, 2024 and 2023.

(2)Gross interchange fees and merchant income are $3.4 billion at both the three months ended September 30, 2024 and 2023 and both are presented net of $2.4 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods. Gross interchange fees and merchant income were $10.1 billion and $9.9 billion for the nine months ended September 30, 2024 and 2023 and are presented net of $7.1 billion and $7.0 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods.

55 Bank of America

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NOTE 3 Derivatives

Derivative Balances

Derivatives are entered into on behalf of customers, for trading or to support risk management activities. Derivatives used in risk management activities include derivatives that may or may not be designated in qualifying hedge accounting relationships. Derivatives that are not designated in qualifying hedge accounting relationships are referred to as other risk management derivatives. For more information on the Corporation’s derivatives and hedging activities, see Note 1 – Summary of Significant Accounting Principles and Note 3 –

Derivatives to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K. The following tables present derivative instruments included on the Consolidated Balance Sheet in derivative assets and liabilities at September 30, 2024 and December 31, 2023. Balances are presented on a gross basis, prior to the application of counterparty and cash collateral netting. Total derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements and have been reduced by cash collateral received or paid.

									September 30, 2024
									Gross Derivative Assets																		Gross Derivative Liabilities
(Dollars in billions)			Contract/ Notional (1)						Trading and Other Risk Management Derivatives						Qualifying Accounting Hedges						Total						Trading and Other Risk Management Derivatives						Qualifying Accounting Hedges						Total
Interest rate contracts
Swaps			$	22,719.7					$	78.0					$	7.3					$	85.3					$	70.7					$	14.0					$	84.7
Futures and forwards			3,876.7						2.0						—						2.0						2.2						—						2.2
Written options (2)			1,963.2						—						—						—						27.5						—						27.5
Purchased options (3)			1,928.7						29.0						—						29.0						—						—						—
Foreign exchange contracts
Swaps			2,211.1						37.4						—						37.4						35.9						—						35.9
Spot, futures and forwards			5,403.9						46.8						0.1						46.9						48.3						0.7						49.0
Written options (2)			613.7						—						—						—						7.2						—						7.2
Purchased options (3)			564.8						6.8						—						6.8						—						—						—
Equity contracts
Swaps			499.5						15.4						—						15.4						21.9						—						21.9
Futures and forwards			154.9						2.5						—						2.5						1.6						—						1.6
Written options (2)			1,016.1						—						—						—						76.0						—						76.0
Purchased options (3)			929.1						65.1						—						65.1						—						—						—
Commodity contracts
Swaps			72.6						3.2						—						3.2						4.4						—						4.4
Futures and forwards			205.3						5.9						—						5.9						5.0						0.1						5.1
Written options (2)			77.9						—						—						—						3.2						—						3.2
Purchased options (3)			79.4						2.8						—						2.8						—						—						—
Credit derivatives (4)
Purchased credit derivatives:
Credit default swaps			538.9						1.5						—						1.5						2.8						—						2.8
Total return swaps/options			114.8						0.4						—						0.4						1.0						—						1.0
Written credit derivatives:
Credit default swaps			514.8						2.2						—						2.2						1.4						—						1.4
Total return swaps/options			91.4						0.9						—						0.9						0.1						—						0.1
Gross derivative assets/liabilities									$	299.9					$	7.4					$	307.3					$	309.2					$	14.8					$	324.0
Less: Legally enforceable master netting agreements																					(246.7)																		(246.7)
Less: Cash collateral received/paid																					(26.4)																		(34.2)
Total derivative assets/liabilities																					$	34.2																	$	43.1

(1)Represents the total contract/notional amount of derivative assets and liabilities outstanding.

(2)Includes certain out-of-the-money purchased options that have a liability amount primarily due to the deferral of option premiums to the end of the contract.

(3)Includes certain out-of-the-money written options that have an asset amount primarily due to the deferral of option premiums to the end of the contract.

(4)The net derivative asset (liability) and notional amount of written credit derivatives for which the Corporation held purchased credit derivatives with identical underlying referenced names were $699 million and $484.2 billion at September 30, 2024.

						Bank of America 56

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									December 31, 2023
									Gross Derivative Assets																		Gross Derivative Liabilities
(Dollars in billions)			Contract/ Notional (1)						Trading and Other Risk Management Derivatives						Qualifying Accounting Hedges						Total						Trading and Other Risk Management Derivatives						Qualifying Accounting Hedges						Total
Interest rate contracts
Swaps			$	15,715.2					$	78.4					$	7.9					$	86.3					$	66.6					$	18.5					$	85.1
Futures and forwards			2,803.8						5.1						—						5.1						7.0						—						7.0
Written options (2)			1,807.7						—						—						—						31.7						—						31.7
Purchased options (3)			1,714.9						32.9						—						32.9						—						—						—
Foreign exchange contracts
Swaps			1,814.7						41.1						0.2						41.3						38.2						0.5						38.7
Spot, futures and forwards			3,561.7						37.2						6.1						43.3						40.3						6.2						46.5
Written options (2)			462.8						—						—						—						6.8						—						6.8
Purchased options (3)			405.3						6.2						—						6.2						—						—						—
Equity contracts
Swaps			427.0						13.3						—						13.3						16.7						—						16.7
Futures and forwards			136.9						2.1						—						2.1						1.6						—						1.6
Written options (2)			854.9						—						—						—						50.1						—						50.1
Purchased options (3)			716.2						44.1						—						44.1						—						—						—
Commodity contracts
Swaps			59.0						3.1						—						3.1						4.5						—						4.5
Futures and forwards			187.8						3.8						—						3.8						3.1						0.4						3.5
Written options (2)			67.1						—						—						—						3.3						—						3.3
Purchased options (3)			70.9						3.0						—						3.0						—						—						—
Credit derivatives (4)
Purchased credit derivatives:
Credit default swaps			312.8						1.7						—						1.7						2.5						—						2.5
Total return swaps/options			69.4						0.8						—						0.8						1.3						—						1.3
Written credit derivatives:
Credit default swaps			289.1						2.2						—						2.2						1.6						—						1.6
Total return swaps/options			68.6						1.1						—						1.1						0.3						—						0.3
Gross derivative assets/liabilities									$	276.1					$	14.2					$	290.3					$	275.6					$	25.6					$	301.2
Less: Legally enforceable master netting agreements																					(221.6)																		(221.6)
Less: Cash collateral received/paid																					(29.4)																		(36.2)
Total derivative assets/liabilities																					$	39.3																	$	43.4

(1)Represents the total contract/notional amount of derivative assets and liabilities outstanding.

(2)Includes certain out-of-the-money purchased options that have a liability amount primarily due to the deferral of option premiums to the end of the contract.

(3)Includes certain out-of-the-money written options that have an asset amount primarily due to the deferral of option premiums to the end of the contract.

(4)The net derivative asset (liability) and notional amount of written credit derivatives for which the Corporation held purchased credit derivatives with identical underlying referenced names were $520 million and $266.5 billion at December 31, 2023.

Offsetting of Derivatives

The Corporation enters into International Swaps and Derivatives Association, Inc. (ISDA) master netting agreements or similar agreements with substantially all of the Corporation’s derivative counterparties. For more information, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K.

The following table presents derivative instruments included in derivative assets and liabilities on the Consolidated Balance Sheet at September 30, 2024 and December 31, 2023 by primary risk (e.g., interest rate risk) and the platform, where

applicable, on which these derivatives are transacted. Balances are presented on a gross basis, prior to the application of counterparty and cash collateral netting. Total gross derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements, which include reducing the balance for counterparty netting and cash collateral received or paid.

For more information on offsetting of securities financing agreements, see Note 9 – Securities Financing Agreements, Collateral and Restricted Cash.

57 Bank of America

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Offsetting of Derivatives (1)
			Derivative Assets						Derivative  Liabilities						Derivative Assets						Derivative  Liabilities
(Dollars in billions)			September 30, 2024												December 31, 2023
Interest rate contracts
Over-the-counter			$	113.1					$	110.5					$	119.2					$	117.7
Exchange-traded			0.2						0.2						0.2						0.2
Over-the-counter cleared			2.3						2.0						4.4						3.3
Foreign exchange contracts
Over-the-counter			89.9						90.4						89.7						90.4
Over-the-counter cleared			0.1						0.1						0.2						0.2
Equity contracts
Over-the-counter			29.1						42.6						24.7						32.2
Exchange-traded			53.3						55.5						34.4						33.9
Commodity contracts
Over-the-counter			8.8						9.6						6.6						8.4
Exchange-traded			2.0						2.1						2.3						2.1
Over-the-counter cleared			0.3						0.4						0.4						0.5
Credit derivatives
Over-the-counter			4.9						5.2						5.7						5.6
Total gross derivative assets/liabilities, before netting
Over-the-counter			245.8						258.3						245.9						254.3
Exchange-traded			55.5						57.8						36.9						36.2
Over-the-counter cleared			2.7						2.5						5.0						4.0
Less: Legally enforceable master netting agreements and cash collateral received/paid
Over-the-counter			(216.6)						(224.4)						(212.1)						(218.9)
Exchange-traded			(54.1)						(54.1)						(35.4)						(35.4)
Over-the-counter cleared			(2.4)						(2.4)						(3.5)						(3.5)
Derivative assets/liabilities, after netting			30.9						37.7						36.8						36.7
Other gross derivative assets/liabilities (2)			3.3						5.4						2.5						6.7
Total derivative assets/liabilities			34.2						43.1						39.3						43.4
Less: Financial instruments collateral (3)			(15.3)						(16.3)						(15.5)						(13.0)
Total net derivative assets/liabilities			$	18.9					$	26.8					$	23.8					$	30.4

(1)Over-the-counter derivatives include bilateral transactions between the Corporation and a particular counterparty. Over-the-counter cleared derivatives include bilateral transactions between the Corporation and a counterparty where the transaction is cleared through a clearinghouse. Exchange-traded derivatives include listed options transacted on an exchange.

(2)Consists of derivatives entered into under master netting agreements where the enforceability of these agreements is uncertain under bankruptcy laws in some countries or industries.

(3)Amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged. Financial instruments collateral includes securities collateral received or pledged and cash securities held and posted at third-party custodians that are not offset on the Consolidated Balance Sheet but shown as a reduction to derive net derivative assets and liabilities.

Derivatives Designated as Accounting Hedges

The Corporation uses various types of interest rate and foreign exchange derivative contracts to protect against changes in the fair value of its assets and liabilities due to fluctuations in interest rates and foreign exchange rates (fair value hedges). The Corporation also uses these types of contracts to protect against changes in the cash flows of its assets and liabilities, and other forecasted transactions (cash flow hedges). The Corporation hedges its net investment in consolidated non-U.S.

operations determined to have functional currencies other than the U.S. dollar using forward exchange contracts and cross-currency basis swaps, and by issuing foreign currency- denominated debt (net investment hedges).

Fair Value Hedges

The following table summarizes information related to fair value hedges for the three and nine months ended September 30, 2024 and 2023.

						Bank of America 58

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Gains and Losses on Derivatives and Hedged Items Designated in Fair Value Hedges
			Three Months Ended September 30, 2024												Three Months Ended September 30, 2023
(Dollars in millions)			Derivative						Hedged Item						Derivative						Hedged Item
Interest rate risk on long-term debt (1)			$	6,091					$	(6,090)					$	(4,339)					$	4,299
Interest rate and foreign currency risk (2)			(576)						581						114						(113)
Interest rate risk on available-for-sale securities (3)			(6,453)						6,446						1,934						(1,927)
Price risk on commodity inventory (4)			(337)						337						410						(410)
Total			$	(1,275)					$	1,274					$	(1,881)					$	1,849
			Nine Months Ended September 30, 2024												Nine Months Ended September 30, 2023
			Derivative						Hedged Item						Derivative						Hedged Item
Interest rate risk on long-term debt (1)			$	2,501					$	(2,519)					$	(4,581)					$	4,510
Interest rate and foreign currency risk (2)			47						(33)						229						(225)
Interest rate risk on available-for-sale securities (3)			(3,648)						3,620						787						(795)
Price risk on commodity inventory (4)			(723)						723						582						(582)
Total			$	(1,823)					$	1,791					$	(2,983)					$	2,908

(1)Amounts are recorded in interest expense in the Consolidated Statement of Income.

(2)Represents cross-currency interest rate swaps related to available-for-sale debt securities and long-term debt. For the three and nine months ended September 30, 2024, the derivative amount includes gains (losses) of $(6) million and $11 million in interest income, $(577) million and $20 million in market making and similar activities, and $7 million and $16 million in accumulated other comprehensive income (OCI). For the same periods in 2023, the derivative amount includes gains (losses) of $21 million and $22 million in interest income, $2 million and $9 million in interest expense, $90 million and $195 million in market making and similar activities, and $1 million and $3 million in accumulated OCI. Line item totals are in the Consolidated Statement of Income and on the Consolidated Balance Sheet.

(3)Amounts are recorded in interest income in the Consolidated Statement of Income.

(4)Amounts are recorded in market making and similar activities in the Consolidated Statement of Income.

The table below summarizes the carrying value of hedged assets and liabilities that are designated in fair value hedging relationships, along with the cumulative amount of gains and losses on the hedged assets and liabilities that are included in their carrying value. There is no impact to earnings for the cumulative amount of these fair value hedging adjustments as long as the hedging relationships remain open through the

hedged period. Instead, the open hedges have the effect of synthetically converting the hedged assets and liabilities into variable-rate instruments. If an open hedge is de-designated prior to the derivative’s maturity, any cumulative fair value adjustments at the de-designation date are then amortized or accreted into earnings over the remaining life of the hedged assets or liabilities.

Designated Fair Value Hedged Assets and Liabilities
			September 30, 2024												December 31, 2023
(Dollars in millions)			Carrying Value						Cumulative Fair Value Adjustments (1)						Carrying Value						Cumulative Fair Value Adjustments (1)
Long-term debt			$	122,287					$	(2,195)					$	203,986					$	(5,767)
Available-for-sale debt securities (2, 3)			232,010						1,720						134,077						(1,793)
Trading account assets (4)			3,792						288						7,475						414

(1)Increase (decrease) to carrying value.

(2)These amounts include the amortized cost of the financial assets in closed portfolios used to designate hedging relationships in which the hedged item is a stated layer that is expected to be remaining at the end of the hedging relationship (i.e. portfolio layer hedging relationship). At September 30, 2024 and December 31, 2023, the amortized cost of the closed portfolios used in these hedging relationships was $36.5 billion and $39.1 billion, of which $23.8 billion and $22.5 billion were designated in a portfolio layer hedging relationship. At September 30, 2024 and December 31, 2023, the cumulative adjustment associated with these hedging relationships was an increase of $387 million and $48 million.

(3)Carrying value represents amortized cost.

(4)Represents hedging activities related to certain commodities inventory.

At September 30, 2024 and December 31, 2023, the fair value adjustments from de-designated long-term debt hedges decreased the long-term debt carrying value by $10.9 billion and $10.5 billion. The fair value adjustments from de-designated available-for-sale (AFS) debt securities hedges decreased the AFS debt securities carrying value by $4.7 billion and $5.6 billion. The fair value adjustments are being amortized or accreted into interest over the contractual lives of the assets or liabilities, along with any premiums or discounts.

Cash Flow and Net Investment Hedges

The following table summarizes certain information related to cash flow hedges and net investment hedges for the three and nine months ended September 30, 2024 and 2023. Of the

$4.9 billion after-tax net loss ($6.6 billion pretax) on derivatives in accumulated OCI at September 30, 2024, losses of $2.4 billion after-tax ($3.1 billion pretax) related to both open and closed cash flow hedges are expected to be reclassified into earnings in the next 12 months. These net losses reclassified into earnings are expected to primarily decrease net interest income related to the respective hedged items. For open cash flow hedges, the maximum length of time over which forecasted transactions are hedged is approximately six years. For terminated cash flow hedges, the time period over which the forecasted transactions will be recognized in interest income is approximately five years, with the aggregated amount beyond this time period being insignificant.

59 Bank of America

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Gains and Losses on Derivatives Designated as Cash Flow and Net Investment Hedges
															Gains (Losses) Recognized in Accumulated OCI on Derivatives						Gains (Losses) in Income Reclassified from Accumulated OCI						Gains (Losses) Recognized in Accumulated OCI on Derivatives						Gains (Losses) in Income Reclassified from Accumulated OCI
(Dollars in millions, amounts pretax)																																							Three Months Ended September 30, 2024												Nine Months Ended September 30, 2024
Cash flow hedges
Interest rate risk on variable-rate portfolios (1)																																							$	2,863					$	(905)					$	1,808					$	(2,301)
Price risk on forecasted MBS purchases (1)																																							—						(2)						—						(6)
Price risk on certain compensation plans (2)																																							8						8						27						25
Total																																							$	2,871					$	(899)					$	1,835					$	(2,282)
Net investment hedges
Foreign exchange risk (3)																																							$	(1,100)					$	(140)					$	292					$	(140)
																																							Three Months Ended September 30, 2023												Nine Months Ended September 30, 2023
Cash flow hedges
Interest rate risk on variable-rate portfolios (1)																																							$	(737)					$	(263)					$	(1,065)					$	(612)
Price risk on forecasted MBS purchases (1)																																							2						—						6						—
Price risk on certain compensation plans (2)																																							(8)						7						28						18
Total																																							$	(743)					$	(256)					$	(1,031)					$	(594)
Net investment hedges
Foreign exchange risk (3)																																							$	802					$	133					$	334					$	136

(1)Amounts reclassified from accumulated OCI are recorded in interest income in the Consolidated Statement of Income.

(2)Amounts reclassified from accumulated OCI are recorded in compensation and benefits expense in the Consolidated Statement of Income.

(3)Amounts reclassified from accumulated OCI are recorded in other income in the Consolidated Statement of Income. For the three and nine months ended September 30, 2024, amounts excluded from effectiveness testing and recognized in market making and similar activities were gains of $72 million and $178 million. For the same periods in 2023, amounts excluded from effectiveness testing and recognized in market making and similar activities were gains of $36 million and $145 million.

Other Risk Management Derivatives

Other risk management derivatives are used by the Corporation to reduce certain risk exposures by economically hedging various assets and liabilities. The table below presents gains (losses) on these derivatives for the three and nine months ended September 30, 2024 and 2023. These gains (losses) are largely offset by the income or expense recorded on the hedged item.

Gains and Losses on Other Risk Management Derivatives
			Three Months Ended September 30												Nine Months Ended September 30
(Dollars in millions)			2024						2023						2024						2023
Interest rate risk on mortgage activities (1, 2)			$	55					$	(54)					$	15					$	(51)
Credit risk on loans (2)			(15)						(7)						(30)						(47)
Interest rate and foreign currency risk on asset and liability management activities (3)			(1,221)						381						(1,048)						1,040
Price risk on certain compensation plans (4)			152						(199)						447						184

(1)Includes hedges of interest rate risk on mortgage servicing rights (MSRs) and interest rate lock commitments (IRLCs) to originate mortgage loans that will be held for sale.

(2)Gains (losses) on these derivatives are recorded in other income.

(3)Gains (losses) on these derivatives are recorded in market making and similar activities.

(4)Gains (losses) on these derivatives are recorded in compensation and benefits expense.

Transfers of Financial Assets with Risk Retained through Derivatives

The Corporation enters into certain transactions involving the transfer of financial assets that are accounted for as sales where substantially all of the economic exposure to the transferred financial assets is retained through derivatives (e.g., interest rate and/or credit), but the Corporation does not retain control over the assets transferred. At September 30, 2024 and December 31, 2023, the Corporation had transferred $3.9 billion and $4.1 billion of non-U.S. government-guaranteed mortgage-backed securities (MBS) to a third-party trust and retained economic exposure to the transferred assets through derivative contracts. In connection with these transfers, the Corporation received gross cash proceeds of $4.0 billion and $4.2 billion at the transfer dates. At September 30, 2024 and December 31, 2023, the fair value of the transferred securities was $3.9 billion and $4.1 billion.

Sales and Trading Revenue

The Corporation enters into trading derivatives to facilitate client transactions and to manage risk exposures arising from trading

account assets and liabilities. It is the Corporation’s policy to include these derivative instruments in its trading activities, which include derivatives and non-derivative cash instruments. The resulting risk from these derivatives is managed on a portfolio basis as part of the Corporation’s Global Markets business segment. For more information on sales and trading revenue, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K.

The following table, which includes both derivatives and non-derivative cash instruments, identifies the amounts in the respective income statement line items attributable to the Corporation’s sales and trading revenue in Global Markets, categorized by primary risk, for the three and nine months ended September 30, 2024 and 2023. This table includes debit valuation adjustment (DVA) and funding valuation adjustment (FVA) gains (losses). Global Markets results in Note 17 – Business Segment Information are presented on a fully taxable-equivalent (FTE) basis. The following table is not presented on an FTE basis.

						Bank of America 60

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Sales and Trading Revenue
			Market making and similar activities						Net Interest Income						Other (1)						Total						Market making and similar activities						Net Interest Income						Other (1)						Total
(Dollars in millions)			Three Months Ended September 30, 2024																								Nine Months Ended September 30, 2024
Interest rate risk			$	612					$	364					$	90					$	1,066					$	2,024					$	839					$	275					$	3,138
Foreign exchange risk			482						36						48						566						1,368						99						87						1,554
Equity risk			1,839						(342)						498						1,995						5,540						(1,110)						1,375						5,805
Credit risk			323						618						142						1,083						1,145						1,822						471						3,438
Other risk (2)			92						25						(159)						(42)						318						85						(190)						213
Total sales and trading revenue			$	3,348					$	701					$	619					$	4,668					$	10,395					$	1,735					$	2,018					$	14,148
			Three Months Ended September 30, 2023																								Nine Months Ended September 30, 2023
Interest rate risk			$	815					$	80					$	90					$	985					$	2,867					$	218					$	301					$	3,386
Foreign exchange risk			446						32						17						495						1,355						113						55						1,523
Equity risk			1,458						(218)						426						1,666						5,116						(1,566)						1,345						4,895
Credit risk			349						590						93						1,032						1,140						1,865						303						3,308
Other risk (2)			126						(11)						3						118						521						(153)						(8)						360
Total sales and trading revenue			$	3,194					$	473					$	629					$	4,296					$	10,999					$	477					$	1,996					$	13,472

(1)Represents amounts in investment and brokerage services and other income that are recorded in Global Markets and included in the definition of sales and trading revenue. Includes investment and brokerage services revenue of $562 million and $1.6 billion for the three and nine months ended September 30, 2024 compared to $474 million and $1.5 billion for the same periods in 2023.

(2)Includes commodity risk.

Credit Derivatives

The Corporation enters into credit derivatives primarily to facilitate client transactions and to manage credit risk exposures. Credit derivatives are classified as investment and non-investment grade based on the credit quality of the underlying referenced obligation. The Corporation considers ratings of BBB- or higher as investment grade. Non-investment grade includes non-rated credit derivative instruments. The Corporation discloses internal categorizations of investment

grade and non-investment grade consistent with how risk is managed for these instruments. For more information on credit derivatives, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K.

Credit derivative instruments where the Corporation is the seller of credit protection and their expiration at September 30, 2024 and December 31, 2023 are summarized in the following table.

61 Bank of America

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Credit Derivative Instruments
			Less than One Year						One to Three Years						Three to Five Years						Over Five Years						Total
			September 30, 2024
(Dollars in millions)			Carrying Value
Credit default swaps:
Investment grade			$	—					$	1					$	17					$	26					$	44
Non-investment grade			6						147						745						460						1,358
Total			6						148						762						486						1,402
Total return swaps/options:
Investment grade			27						—						—						—						27
Non-investment grade			105						—						—						—						105
Total			132						—						—						—						132
Total credit derivatives			$	138					$	148					$	762					$	486					$	1,534
Credit-related notes:
Investment grade			$	—					$	—					$	4					$	599					$	603
Non-investment grade			4						1						20						1,151						1,176
Total credit-related notes			$	4					$	1					$	24					$	1,750					$	1,779
			Maximum Payout/Notional
Credit default swaps:
Investment grade			$	40,745					$	86,391					$	214,340					$	53,247					$	394,723
Non-investment grade			15,779						32,145						60,171						11,999						120,094
Total			56,524						118,536						274,511						65,246						514,817
Total return swaps/options:
Investment grade			62,281						1,502						1,287						334						65,404
Non-investment grade			23,181						2,043						643						103						25,970
Total			85,462						3,545						1,930						437						91,374
Total credit derivatives			$	141,986					$	122,081					$	276,441					$	65,683					$	606,191
			December 31, 2023
			Carrying Value
Credit default swaps:
Investment grade			$	—					$	11					$	26					$	20					$	57
Non-investment grade			38						277						601						595						1,511
Total			38						288						627						615						1,568
Total return swaps/options:
Investment grade			59						—						—						—						59
Non-investment grade			149						69						56						5						279
Total			208						69						56						5						338
Total credit derivatives			$	246					$	357					$	683					$	620					$	1,906
Credit-related notes:
Investment grade			$	—					$	—					$	—					$	859					$	859
Non-investment grade			—						5						16						1,103						1,124
Total credit-related notes			$	—					$	5					$	16					$	1,962					$	1,983
			Maximum Payout/Notional
Credit default swaps:
Investment grade			$	33,750					$	65,015					$	83,313					$	17,023					$	199,101
Non-investment grade			18,061						32,155						33,934						5,827						89,977
Total			51,811						97,170						117,247						22,850						289,078
Total return swaps/options:
Investment grade			40,515						1,503						1,561						23						43,602
Non-investment grade			20,694						1,414						1,907						988						25,003
Total			61,209						2,917						3,468						1,011						68,605
Total credit derivatives			$	113,020					$	100,087					$	120,715					$	23,861					$	357,683

The notional amount represents the maximum amount payable by the Corporation for most credit derivatives. However, the Corporation does not monitor its exposure to credit derivatives based solely on the notional amount because this measure does not take into consideration the probability of occurrence. As such, the notional amount is not a reliable indicator of the Corporation’s exposure to these contracts. Instead, a risk framework is used to define risk tolerances and establish limits so that certain credit risk-related losses occur within acceptable, predefined limits.

Credit-related notes in the table above include investments in securities issued by collateralized debt obligation (CDO), collateralized loan obligation (CLO) and credit-linked note

vehicles. These instruments are primarily classified as trading securities. The carrying value of these instruments equals the Corporation’s maximum exposure to loss. The Corporation is not obligated to make any payments to the entities under the terms of the securities owned.

Credit-related Contingent Features and Collateral

Certain of the Corporation’s derivative contracts contain credit risk-related contingent features, primarily in the form of ISDA master netting agreements and credit support documentation that enhance the creditworthiness of these instruments compared to other obligations of the respective counterparty with whom the Corporation has transacted. These contingent features may be for the benefit of the Corporation as well as its

						Bank of America 62

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counterparties with respect to changes in the Corporation’s creditworthiness and the mark-to-market exposure under the derivative transactions. At September 30, 2024 and December 31, 2023, the Corporation held cash and securities collateral of $106.5 billion and $104.1 billion and posted cash and securities collateral of $95.6 billion and $93.4 billion in the normal course of business under derivative agreements, excluding cross-product margining agreements where clients are permitted to margin on a net basis for both derivative and secured financing arrangements.

In connection with certain OTC derivative contracts and other trading agreements, the Corporation can be required to provide additional collateral or to terminate transactions with certain counterparties in the event of a downgrade of the senior debt ratings of the Corporation or certain subsidiaries. The amount of additional collateral required depends on the contract and is usually a fixed incremental amount and/or the market value of the exposure. For more information on credit-related contingent features and collateral, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K.

At September 30, 2024, the amount of collateral, calculated based on the terms of the contracts, that the Corporation and certain subsidiaries could be required to post to counterparties but had not yet posted to counterparties was $3.8 billion, including $2.0 billion for Bank of America, National Association (BANA).

Some counterparties are currently able to unilaterally terminate certain contracts, or the Corporation or certain subsidiaries may be required to take other action such as find a suitable replacement or obtain a guarantee. At September 30, 2024 and December 31, 2023, the liability recorded for these derivative contracts was not significant.

The following table presents the amount of additional collateral that would have been contractually required by derivative contracts and other trading agreements at September 30, 2024 if the rating agencies had downgraded their long-term senior debt ratings for the Corporation or certain subsidiaries by one incremental notch and by an additional second incremental notch. The table also presents derivative liabilities that would be subject to unilateral termination by counterparties upon downgrade of the Corporation's or certain subsidiaries’ long-term senior debt ratings.

Additional Collateral Required to be Posted and Derivative Liabilities Subject to Unilateral Termination Upon Downgrade at September 30, 2024
(Dollars in millions)			One Incremental  Notch						Second Incremental  Notch
Additional collateral required to be posted upon downgrade
Bank of America Corporation			$	116					$	740
Bank of America, N.A. and subsidiaries (1)			37						622
Derivative liabilities subject to unilateral termination upon downgrade
Derivative liabilities			$	6					$	64
Collateral posted			4						23

(1)Included in Bank of America Corporation collateral requirements in this table.

Valuation Adjustments on Derivatives

The table below presents credit valuation adjustment (CVA), DVA and FVA gains (losses) on derivatives (excluding the effect of any related hedge activities), which are recorded in market making and similar activities, for the three and nine months ended September 30, 2024 and 2023. For more information on the valuation adjustments on derivatives, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K.

Valuation Adjustments Gains (Losses) on Derivatives (1)
			Three Months Ended September 30
(Dollars in millions)			2024						2023
Derivative assets (CVA)			$	(32)					$	30
Derivative assets/liabilities (FVA)			(12)						21
Derivative liabilities (DVA)			2						18
			Nine Months Ended September 30
(Dollars in millions)			2024						2023
Derivative assets (CVA)			$	(1)					$	151
Derivative assets/liabilities (FVA)			(27)						4
Derivative liabilities (DVA)			(40)						(66)

(1)At September 30, 2024 and December 31, 2023, cumulative CVA reduced the derivative assets balance by $360 million and $359 million, cumulative FVA reduced the net derivative balance by $114 million and $87 million, and cumulative DVA reduced the derivative liabilities balance by $259 million and $299 million.

63 Bank of America

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NOTE 4 Securities

The table below presents the amortized cost, gross unrealized gains and losses, and fair value of AFS debt securities, other debt securities carried at fair value and held-to-maturity (HTM) debt securities at September 30, 2024 and December 31, 2023.

Debt Securities
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
(Dollars in millions)			September 30, 2024																								December 31, 2023
Available-for-sale debt securities
Mortgage-backed securities:
Agency			$	35,978					$	15					$	(1,399)					$	34,594					$	39,195					$	37					$	(1,420)					$	37,812
Agency-collateralized mortgage obligations			16,640						21						(157)						16,504						2,739						6						(201)						2,544
Commercial			19,358						78						(450)						18,986						10,909						40						(514)						10,435
Non-agency residential (1)			298						51						(53)						296						449						3						(70)						382
Total mortgage-backed securities			72,274						165						(2,059)						70,380						53,292						86						(2,205)						51,173
U.S. Treasury and government agencies			211,314						255						(1,374)						210,195						179,108						19						(1,461)						177,666
Non-U.S. securities			22,884						52						(22)						22,914						22,868						27						(20)						22,875
Other taxable securities			2,637						2						(30)						2,609						4,910						1						(76)						4,835
Tax-exempt securities			9,764						34						(177)						9,621						10,304						17						(221)						10,100
Total available-for-sale debt securities			318,873						508						(3,662)						315,719						270,482						150						(3,983)						266,649
Other debt securities carried at fair value (2)			9,555						219						(57)						9,717						10,202						56						(55)						10,203
Total debt securities carried at fair value			328,428						727						(3,719)						325,436						280,684						206						(4,038)						276,852
Held-to-maturity debt securities
Agency mortgage-backed securities			438,824						—						(69,878)						368,946						465,456						—						(78,930)						386,526
U.S. Treasury and government agencies			121,683						—						(14,929)						106,754						121,645						—						(17,963)						103,682
Other taxable securities			7,082						1						(896)						6,187						7,490						—						(1,101)						6,389
Total held-to-maturity debt securities			567,589						1						(85,703)						481,887						594,591						—						(97,994)						496,597
Total debt securities (3,4)			$	896,017					$	728					$	(89,422)					$	807,323					$	875,275					$	206					$	(102,032)					$	773,449

(1)At September 30, 2024 and December 31, 2023, the underlying collateral type included approximately 25 percent and 17 percent prime and 75 percent and 83 percent subprime.

(2)Primarily includes non-U.S. securities used to satisfy certain international regulatory requirements. Any changes in value are reported in market making and similar activities. For detail on the components, see Note 14 – Fair Value Measurements.

(3)Includes securities pledged as collateral of $195.5 billion and $204.9 billion at September 30, 2024 and December 31, 2023.

(4)The Corporation held debt securities from Fannie Mae (FNMA) and Freddie Mac (FHLMC) that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $261.6 billion and $168.2 billion, and a fair value of $220.9 billion and $142.3 billion at September 30, 2024, and an amortized cost of $272.5 billion and $171.5 billion, and a fair value of $226.4 billion and $142.3 billion at December 31, 2023.

At September 30, 2024, the accumulated net unrealized loss on AFS debt securities, excluding the amount related to debt securities previously transferred to held to maturity, included in accumulated OCI was $2.3 billion, net of the related income tax benefit of $793 million. At September 30, 2024 and December 31, 2023, nonperforming AFS debt securities held by the Corporation were not significant.

At September 30, 2024 and December 31, 2023, $849.3 billion and $824.9 billion of AFS and HTM debt securities, which were predominantly U.S. agency and U.S. Treasury securities, have a zero credit loss assumption. For the same periods, the expected credit losses on the remaining $37.2 billion and $40.2 billion of AFS and HTM debt securities were insignificant. For more information on the zero credit loss assumption, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K.

At September 30, 2024 and December 31, 2023, the Corporation held equity securities at an aggregate fair value of $247 million and $251 million and other equity securities, as valued under the measurement alternative, at a carrying value of $460 million and $377 million, both of which are included in

other assets. At both September 30, 2024 and December 31, 2023, the Corporation also held money market investments at a fair value of $1.2 billion, which are included in time deposits placed and other short-term investments.

The gross realized gains and losses on sales of AFS debt securities for the three and nine months ended September 30, 2024 and 2023 are presented in the table below.

Gains and Losses on Sales of AFS Debt Securities
			Three Months Ended September 30												Nine Months Ended September 30
(Dollars in millions)			2024						2023						2024						2023
Gross gains			$	4					$	—					$	19					$	104
Gross losses			(23)						—						(25)						(508)
Net gains (losses) on sales of AFS debt securities			$	(19)					$	—					$	(6)					$	(404)
Income tax expense (benefit) attributable to realized net gains (losses) on sales of AFS debt securities			$	(5)					$	—					$	(1)					$	(101)

						Bank of America 64

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The table below presents the fair value and the associated gross unrealized losses on AFS debt securities and whether these securities have had gross unrealized losses for less than 12 months or for 12 months or longer at September 30, 2024 and December 31, 2023.

Total AFS Debt Securities in a Continuous Unrealized Loss Position
			Less than Twelve Months												Twelve Months or Longer												Total
			Fair Value						Gross  Unrealized  Losses						Fair Value						Gross  Unrealized  Losses						Fair Value						Gross  Unrealized  Losses
(Dollars in millions)			September 30, 2024
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:
Agency			$	11,822					$	(61)					$	19,671					$	(1,338)					$	31,493					$	(1,399)
Agency-collateralized mortgage obligations			1,979						(2)						1,583						(155)						3,562						(157)
Commercial			6,232						(29)						4,876						(421)						11,108						(450)
Non-agency residential			—						—						162						(53)						162						(53)
Total mortgage-backed securities			20,033						(92)						26,292						(1,967)						46,325						(2,059)
U.S. Treasury and government agencies			110,927						(191)						70,551						(1,183)						181,478						(1,374)
Non-U.S. securities			3,982						(12)						3,000						(10)						6,982						(22)
Other taxable securities			1,360						(2)						1,022						(28)						2,382						(30)
Tax-exempt securities			117						(11)						2,428						(166)						2,545						(177)
Total AFS debt securities in a continuous unrealized loss position			$	136,419					$	(308)					$	103,293					$	(3,354)					$	239,712					$	(3,662)
			December 31, 2023
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:
Agency			$	8,624					$	(21)					$	20,776					$	(1,399)					$	29,400					$	(1,420)
Agency-collateralized mortgage obligations			—						—						1,701						(201)						1,701						(201)
Commercial			2,363						(27)						4,588						(487)						6,951						(514)
Non-agency residential			—						—						370						(70)						370						(70)
Total mortgage-backed securities			10,987						(48)						27,435						(2,157)						38,422						(2,205)
U.S. Treasury and government agencies			14,907						(12)						69,669						(1,449)						84,576						(1,461)
Non-U.S. securities			7,702						(8)						1,524						(12)						9,226						(20)
Other taxable securities			3,269						(19)						1,437						(57)						4,706						(76)
Tax-exempt securities			466						(5)						2,106						(216)						2,572						(221)
Total AFS debt securities in a continuous unrealized loss position			$	37,331					$	(92)					$	102,171					$	(3,891)					$	139,502					$	(3,983)

65 Bank of America

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The remaining contractual maturity distribution and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at September 30, 2024 are summarized in the table below. Actual duration and yields may differ as prepayments on the loans underlying the MBS or other asset-backed securities (ABS) are passed through to the Corporation.

Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities
			Due in One Year or Less												Due after One Year through Five Years												Due after Five Years through Ten Years												Due after Ten Years												Total
(Dollars in millions)			Amount						Yield (1)						Amount						Yield (1)						Amount						Yield (1)						Amount						Yield (1)						Amount						Yield (1)
Amortized cost of debt securities carried at fair value
Mortgage-backed securities:
Agency			$	—					—		%				$	5					3.40		%				$	6					3.83		%				$	35,967					4.62		%				$	35,978					4.62		%
Agency-collateralized mortgage obligations			—						—						—						—						1						1.00						16,639						5.92						16,640						5.92
Commercial			119						4.02						5,187						5.02						12,091						4.11						1,973						3.37						19,370						4.28
Non-agency residential			—						—						—						—						—						—						567						11.94						567						11.94
Total mortgage-backed securities			119						4.02						5,192						5.02						12,098						4.11						55,146						5.04						72,555						4.88
U.S. Treasury and government agencies			2,819						4.64						197,391						3.87						13,450						2.78						36						3.95						213,696						3.81
Non-U.S. securities			18,915						3.39						4,962						1.84						4,194						5.01						1,705						4.44						29,776						3.42
Other taxable securities			525						6.16						1,803						5.78						234						4.25						75						2.95						2,637						5.64
Tax-exempt securities			1,018						3.13						3,577						3.65						1,031						3.15						4,138						3.84						9,764						3.62
Total amortized cost of debt securities carried at fair value			$	23,396					3.60						$	212,925					3.87						$	31,007					3.62						$	61,100					4.94						$	328,428					4.02
Amortized cost of HTM debt securities
Agency mortgage-backed securities			$	—					—		%				$	—					—		%				$	10					2.70		%				$	438,814					2.12		%				$	438,824					2.12		%
U.S. Treasury and government agencies			490						2.71						23,190						1.84						98,003						1.28						—						—						121,683						1.39
Other taxable securities			91						1.59						1,137						2.55						120						3.37						5,734						2.53						7,082						2.54
Total amortized cost of HTM debt securities			$	581					2.53						$	24,327					1.87						$	98,133					1.28						$	444,548					2.12						$	567,589					1.96
Debt securities carried at fair value
Mortgage-backed securities:
Agency			$	—											$	5											$	6											$	34,583											$	34,594
Agency-collateralized mortgage obligations			—												—												1												16,503												16,504
Commercial			118												5,149												11,940												1,790												18,997
Non-agency residential			—												2												—												560												562
Total mortgage-backed securities			118												5,156												11,947												53,436												70,657
U.S. Treasury and government agencies			2,815												196,614												13,116												34												212,579
Non-U.S. securities			19,103												4,968												4,193												1,703												29,967
Other taxable securities			525												1,799												218												70												2,612
Tax-exempt securities			1,015												3,571												1,024												4,011												9,621
Total debt securities carried at fair value			$	23,576											$	212,108											$	30,498											$	59,254											$	325,436
Fair value of HTM debt securities
Agency mortgage-backed securities			$	—											$	—											$	10											$	368,936											$	368,946
U.S. Treasury and government agencies			485												20,961												85,308												—												106,754
Other taxable securities			90												1,103												97												4,897												6,187
Total fair value of HTM debt securities			$	575											$	22,064											$	85,415											$	373,833											$	481,887

(1)The weighted-average yield is computed based on a constant effective yield over the contractual life of each security. The yield considers the contractual coupon and the amortization of premiums and accretion of discounts, excluding the effect of related open hedging derivatives.

						Bank of America 66

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NOTE 5 Outstanding Loans and Leases and Allowance for Credit Losses

The following tables present total outstanding loans and leases and an aging analysis for the Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments, by class of financing receivables, at September 30, 2024 and December 31, 2023.

			30-59 Days  Past Due (1)						60-89 Days  Past Due (1)						90 Days or More Past Due (1)						Total Past Due 30 Days or More						Total  Current or  Less Than  30 Days  Past Due (1)												Loans  Accounted  for Under  the Fair  Value  Option						Total Outstandings
(Dollars in millions)			September 30, 2024
Consumer real estate
Residential mortgage			$	1,206					$	262					$	762					$	2,230					$	225,612																	$	227,842
Home equity			82						33						127						242						25,241																		25,483
Credit card and other consumer
Credit card			717						540						1,306						2,563						98,278																		100,841
Direct/Indirect consumer (2)			298						103						97						498						105,197																		105,695
Other consumer			—						—						—						—						161																		161
Total consumer			2,303						938						2,292						5,533						454,489																		460,022
Consumer loans accounted for under the fair value option (3)																																							$	229					229
Total consumer loans and leases			2,303						938						2,292						5,533						454,489												229						460,251
Commercial
U.S. commercial			415						330						461						1,206						378,357																		379,563
Non-U.S. commercial			19						23						85						127						127,611																		127,738
Commercial real estate (4)			511						138						1,209						1,858						66,562																		68,420
Commercial lease financing			26						20						17						63						14,929																		14,992
U.S. small business commercial			186						96						186						468						20,425																		20,893
Total commercial			1,157						607						1,958						3,722						607,884																		611,606
Commercial loans accounted for under the fair value option (3)																																							3,943						3,943
Total commercial loans and leases			1,157						607						1,958						3,722						607,884												3,943						615,549
Total loans and leases (5)			$	3,460					$	1,545					$	4,250					$	9,255					$	1,062,373											$	4,172					$	1,075,800
Percentage of outstandings			0.32		%				0.14		%				0.40		%				0.86		%				98.75		%										0.39		%				100.00		%

(1)Consumer real estate loans 30-59 days past due includes fully-insured loans of $179 million and nonperforming loans of $181 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $68 million and nonperforming loans of $93 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $215 million and nonperforming loans of $674 million. Consumer real estate loans current or less than 30 days past due includes $1.6 billion, and direct/indirect consumer includes $52 million of nonperforming loans.

(2)Total outstandings primarily includes auto and specialty lending loans and leases of $54.9 billion, U.S. securities-based lending loans of $47.3 billion and non-U.S. consumer loans of $2.8 billion.

(3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $63 million and home equity loans of $166 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.7 billion and non-U.S. commercial loans of $1.3 billion. For more information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option.

(4)Total outstandings includes U.S. commercial real estate loans of $61.8 billion and non-U.S. commercial real estate loans of $6.6 billion.

(5)Total outstandings includes loans and leases pledged as collateral of $27.7 billion. The Corporation also pledged $302.5 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank.

67 Bank of America

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			30-59 Days Past Due (1)						60-89 Days  Past Due (1)						90 Days or More Past Due (1)						Total Past Due 30 Days or More						Total Current or Less Than 30 Days Past Due (1)												Loans Accounted for Under the Fair Value Option						Total Outstandings
(Dollars in millions)			December 31, 2023
Consumer real estate
Residential mortgage			$	1,177					$	302					$	829					$	2,308					$	226,095																	$	228,403
Home equity			90						38						161						289						25,238																		25,527
Credit card and other consumer
Credit card			680						515						1,224						2,419						99,781																		102,200
Direct/Indirect consumer (2)			306						99						91						496						102,972																		103,468
Other consumer			—						—						—						—						124																		124
Total consumer			2,253						954						2,305						5,512						454,210																		459,722
Consumer loans accounted for under the fair value option (3)																																							$	243					243
Total consumer loans and leases			2,253						954						2,305						5,512						454,210												243						459,965
Commercial
U.S. commercial			477						96						225						798						358,133																		358,931
Non-U.S. commercial			86						21						64						171						124,410																		124,581
Commercial real estate (4)			247						133						505						885						71,993																		72,878
Commercial lease financing			44						8						24						76						14,778																		14,854
U.S. small business commercial			166						89						184						439						18,758																		19,197
Total commercial			1,020						347						1,002						2,369						588,072																		590,441
Commercial loans accounted for under the fair value option (3)																																							3,326						3,326
Total commercial loans and leases			1,020						347						1,002						2,369						588,072												3,326						593,767
Total loans and leases (5)			$	3,273					$	1,301					$	3,307					$	7,881					$	1,042,282											$	3,569					$	1,053,732
Percentage of outstandings			0.31		%				0.12		%				0.31		%				0.75		%				98.91		%										0.34		%				100.00		%

(1)Consumer real estate loans 30-59 days past due includes fully-insured loans of $198 million and nonperforming loans of $150 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $77 million and nonperforming loans of $102 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $252 million and nonperforming loans of $738 million. Consumer real estate loans current or less than 30 days past due includes $1.6 billion, and direct/indirect consumer includes $39 million of nonperforming loans.

(2)Total outstandings primarily includes auto and specialty lending loans and leases of $53.9 billion, U.S. securities-based lending loans of $46.0 billion and non-U.S. consumer loans of $2.8 billion.

(3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $66 million and home equity loans of $177 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.2 billion and non-U.S. commercial loans of $1.2 billion. For more information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option.

(4)Total outstandings includes U.S. commercial real estate loans of $66.8 billion and non-U.S. commercial real estate loans of $6.1 billion.

(5)Total outstandings includes loans and leases pledged as collateral of $33.7 billion. The Corporation also pledged $246.0 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank.

The Corporation has entered into long-term credit protection agreements with FNMA and FHLMC on loans totaling $8.2 billion and $8.7 billion at September 30, 2024 and December 31, 2023, providing full credit protection on residential mortgage loans that become severely delinquent. All of these loans are individually insured, and therefore the Corporation does not record an allowance for credit losses related to these loans.

Nonperforming Loans and Leases

Nonperforming loans were $5.6 billion and $5.5 billion at September 30, 2024 and December 31, 2023. Commercial nonperforming loans were $3.0 billion and $2.8 billion at September 30, 2024 and December 31, 2023 primarily driven by commercial real estate. Consumer nonperforming loans were

$2.7 billion at both September 30, 2024 and December 31, 2023, primarily comprised of residential mortgage.

The following table presents the Corporation’s nonperforming loans and leases and loans accruing past due 90 days or more at September 30, 2024 and December 31, 2023. Nonperforming loans held-for-sale (LHFS) are excluded from nonperforming loans and leases as they are recorded at either fair value or the lower of cost or fair value. For more information on the criteria for classification as nonperforming, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K.

						Bank of America 68

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Credit Quality
			Nonperforming Loans and Leases												Accruing Past Due 90 Days or More
(Dollars in millions)			September 30 2024						December 31 2023						September 30 2024						December 31 2023
Residential mortgage (1)			$	2,089					$	2,114					$	215					$	252
With no related allowance (2)			1,930						1,974						—						—
Home equity (1)			413						450						—						—
With no related allowance (2)			346						375						—						—
Credit Card			n/a						n/a						1,306						1,224
Direct/indirect consumer			175						148						1						2
Total consumer			2,677						2,712						1,522						1,478
U.S. commercial			699						636						219						51
Non-U.S. commercial			85						175						12						4
Commercial real estate			2,124						1,927						206						32
Commercial lease financing			18						19						5						7
U.S. small business commercial			26						16						183						184
Total commercial			2,952						2,773						625						278
Total nonperforming loans			$	5,629					$	5,485					$	2,147					$	1,756
Percentage of outstanding loans and leases			0.53		%				0.52		%				0.20		%				0.17		%

(1)Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At September 30, 2024 and December 31, 2023 residential mortgage included $114 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 $101 million and $96 million of loans on which interest was still accruing.

(2)Primarily relates to loans for which the estimated fair value of the underlying collateral less any costs to sell is greater than the amortized cost of the loans as of the reporting date.

n/a = not applicable

Credit Quality Indicators

The Corporation monitors credit quality within its Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments based on primary credit quality indicators. For more information on the portfolio segments, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K. Within the Consumer Real Estate portfolio segment, the primary credit quality indicators are refreshed loan-to-value (LTV) and refreshed Fair Isaac Corporation (FICO) score. Refreshed LTV measures the carrying value of the loan as a percentage of the value of the property securing the loan, refreshed quarterly. Home equity loans are evaluated using combined loan-to-value (CLTV), which measures the carrying value of the Corporation’s loan and available line of credit combined with any outstanding senior liens against the property as a percentage of the value of the property securing the loan, refreshed quarterly. FICO score measures the creditworthiness of the borrower based on the financial obligations of the borrower and the borrower’s credit history. FICO scores are typically refreshed quarterly or more frequently. Certain borrowers (e.g., borrowers that have had debts discharged in a bankruptcy proceeding) may not have their FICO scores updated.

FICO scores are also a primary credit quality indicator for the Credit Card and Other Consumer portfolio segment and the business card portfolio within U.S. small business commercial. Within the Commercial portfolio segment, loans are evaluated using the internal classifications of pass rated or reservable criticized as the primary credit quality indicators. The term reservable criticized refers to those commercial loans that are internally classified or listed by the Corporation as Special Mention, Substandard or Doubtful, which are asset quality categories defined by regulatory authorities. These assets have an elevated level of risk and may have a high probability of default or total loss. Pass rated refers to all loans not considered reservable criticized. In addition to these primary credit quality indicators, the Corporation uses other credit quality indicators for certain types of loans.

The following tables present certain credit quality indicators and gross charge-offs for the Corporation's Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments by year of origination, except for revolving loans and revolving loans that were modified into term loans, which are shown on an aggregate basis at September 30, 2024.

69 Bank of America

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Residential Mortgage – Credit Quality Indicators By Vintage
									Term Loans by Origination Year
(Dollars in millions)			Total as of September 30,  2024						2024						2023						2022						2021						2020												Prior
Residential Mortgage
Refreshed LTV
Less than or equal to 90 percent			$	215,050					$	12,861					$	13,670					$	37,299					$	72,985					$	33,129											$	45,106
Greater than 90 percent but less than or equal to 100 percent			1,752						553						528						480						123						23												45
Greater than 100 percent			725						313						181						137						53						17												24
Fully-insured loans			10,315						440						201						312						3,220						2,634												3,508
Total Residential Mortgage			$	227,842					$	14,167					$	14,580					$	38,228					$	76,381					$	35,803											$	48,683
Residential Mortgage
Refreshed FICO score
Less than 620			$	2,500					$	125					$	162					$	470					$	607					$	418											$	718
Greater than or equal to 620 and less than 680			4,657						222						364						894						1,175						704												1,298
Greater than or equal to 680 and less than 740			22,362						1,443						1,644						4,072						6,341						3,494												5,368
Greater than or equal to 740			188,008						11,937						12,209						32,480						65,038						28,553												37,791
Fully-insured loans			10,315						440						201						312						3,220						2,634												3,508
Total Residential Mortgage			$	227,842					$	14,167					$	14,580					$	38,228					$	76,381					$	35,803											$	48,683
Gross charge-offs for the nine months ended September 30, 2024			$	18					$	—					$	2					$	4					$	2					$	1											$	9

Home Equity - Credit Quality Indicators
			Total						Home Equity Loans and Reverse Mortgages (1)						Revolving Loans						Revolving Loans Converted to Term Loans
(Dollars in millions)			September 30, 2024
Home Equity
Refreshed LTV
Less than or equal to 90 percent			$	25,399					$	806					$	21,078					$	3,515
Greater than 90 percent but less than or equal to 100 percent			40						3						33						4
Greater than 100 percent			44						1						32						11
Total Home Equity			$	25,483					$	810					$	21,143					$	3,530
Home Equity
Refreshed FICO score
Less than 620			$	633					$	71					$	299					$	263
Greater than or equal to 620 and less than 680			1,092						86						661						345
Greater than or equal to 680 and less than 740			4,290						168						3,300						822
Greater than or equal to 740			19,468						485						16,883						2,100
Total Home Equity			$	25,483					$	810					$	21,143					$	3,530
Gross charge-offs for the nine months ended September 30, 2024			$	16					$	6					$	5					$	5

(1)Includes reverse mortgages of $510 million and home equity loans of $300 million, which are no longer originated.

Credit Card and Direct/Indirect Consumer – Credit Quality Indicators By Vintage
			Direct/Indirect
															Term Loans by Origination Year																																				Credit Card
(Dollars in millions)			Total Direct/ Indirect as of September 30, 2024						Revolving Loans						2024						2023						2022						2021						2020						Prior						Total Credit Card as of September 30, 2024						Revolving Loans						Revolving Loans Converted to Term Loans (1)
Refreshed FICO score
Less than 620			$	1,415					$	11					$	163					$	424					$	439					$	265					$	60					$	53					$	5,735					$	5,384					$	351
Greater than or equal to 620 and less than 680			2,336						9						522						757						582						314						79						73						11,452						11,133						319
Greater than or equal to 680 and less than 740			8,035						44						2,284						2,436						1,800						970						273						228						34,390						34,106						284
Greater than or equal to 740			43,274						68						14,338						12,466						8,701						4,664						1,613						1,424						49,264						49,201						63
Other internal credit    metrics (2,3)			50,635						50,133						114						53						98						64						36						137						—						—						—
Total credit card and other    consumer			$	105,695					$	50,265					$	17,421					$	16,136					$	11,620					$	6,277					$	2,061					$	1,915					$	100,841					$	99,824					$	1,017
Gross charge-offs for the nine    months ended September 30, 2024			$	292					$	4					$	20					$	107					$	86					$	40					$	10					$	25					$	3,235					$	3,103					$	132

(1)Represents loans that were modified into term loans.

(2)Other internal credit metrics may include delinquency status, geography or other factors.

(3)Direct/indirect consumer includes $50.1 billion of securities-based lending, which is typically supported by highly liquid collateral with market value greater than or equal to the outstanding loan balance and therefore has minimal credit risk at September 30, 2024.

						Bank of America 70

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Commercial – Credit Quality Indicators By Vintage (1)
									Term Loans
									Amortized Cost Basis by Origination Year
(Dollars in millions)			Total as of September 30, 2024						2024						2023						2022						2021						2020						Prior						Revolving Loans
U.S. Commercial
Risk ratings
Pass rated			$	366,116					$	32,114					$	36,286					$	36,234					$	22,318					$	11,309					$	35,902					$	191,953
Reservable criticized			13,447						86						814						1,007						886						388						2,044						8,222
Total U.S. Commercial			$	379,563					$	32,200					$	37,100					$	37,241					$	23,204					$	11,697					$	37,946					$	200,175
Gross charge-offs for the nine months ended    September 30, 2024			$	327					$	2					$	111					$	64					$	14					$	4					$	16					$	116
Non-U.S. Commercial
Risk ratings
Pass rated			$	125,663					$	13,329					$	16,902					$	13,303					$	12,712					$	1,450					$	7,643					$	60,324
Reservable criticized			2,075						1						155						125						293						12						91						1,398
Total Non-U.S. Commercial			$	127,738					$	13,330					$	17,057					$	13,428					$	13,005					$	1,462					$	7,734					$	61,722
Gross charge-offs for the nine months ended    September 30, 2024			$	61					$	—					$	41					$	20					$	—					$	—					$	—					$	—
Commercial Real Estate
Risk ratings
Pass rated			$	58,554					$	4,232					$	4,891					$	12,653					$	10,197					$	3,054					$	13,604					$	9,923
Reservable criticized			9,866						27						180						2,421						2,229						644						3,953						412
Total Commercial Real Estate			$	68,420					$	4,259					$	5,071					$	15,074					$	12,426					$	3,698					$	17,557					$	10,335
Gross charge-offs for the nine months ended    September 30, 2024			$	762					$	—					$	—					$	57					$	83					$	62					$	531					$	29
Commercial Lease Financing
Risk ratings
Pass rated			$	14,748					$	2,596					$	3,823					$	2,590					$	2,072					$	966					$	2,701					$	—
Reservable criticized			244						7						53						61						38						23						62						—
Total Commercial Lease Financing			$	14,992					$	2,603					$	3,876					$	2,651					$	2,110					$	989					$	2,763					$	—
Gross charge-offs for the nine months ended    September 30, 2024			$	2					$	—					$	—					$	—					$	2					$	—					$	—					$	—
U.S. Small Business Commercial (2)
Risk ratings
Pass rated			$	9,562					$	1,379					$	1,920					$	1,698					$	1,354					$	665					$	2,108					$	438
Reservable criticized			429						4						57						99						120						25						120						4
Total U.S. Small Business Commercial			$	9,991					$	1,383					$	1,977					$	1,797					$	1,474					$	690					$	2,228					$	442
Gross charge-offs for the nine months ended    September 30, 2024			$	22					$	—					$	—					$	1					$	—					$	5					$	4					$	12
Total			$	600,704					$	53,775					$	65,081					$	70,191					$	52,219					$	18,536					$	68,228					$	272,674
Gross charge-offs for the nine months ended    September 30, 2024			$	1,174					$	2					$	152					$	142					$	99					$	71					$	551					$	157

(1)Excludes $3.9 billion of loans accounted for under the fair value option at September 30, 2024.

(2)Excludes U.S. Small Business Card loans of $10.9 billion. Refreshed FICO scores for this portfolio are $667 million for less than 620; $1.2 billion for greater than or equal to 620 and less than 680; $3.0 billion for greater than or equal to 680 and less than 740; and $6.1 billion greater than or equal to 740. Excludes U.S. Small Business Card loans gross charge-offs of $361 million.

71 Bank of America

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The following tables present certain credit quality indicators for the Corporation's Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments by year of origination, except for revolving loans and revolving loans that were modified into term loans, which are shown on an aggregate basis at December 31, 2023.

Residential Mortgage – Credit Quality Indicators By Vintage
									Term Loans by Origination Year
(Dollars in millions)			Total as of  December 31,  2023						2023						2022						2021						2020						2019												Prior
Residential Mortgage
Refreshed LTV
Less than or equal to 90 percent			$	214,661					$	15,224					$	38,225					$	76,229					$	35,072					$	17,432											$	32,479
Greater than 90 percent but less than or equal to 100 percent			1,994						698						911						286						53						25												21
Greater than 100 percent			785						264						342						100						31						14												34
Fully-insured loans			10,963						540						350						3,415						2,834						847												2,977
Total Residential Mortgage			$	228,403					$	16,726					$	39,828					$	80,030					$	37,990					$	18,318											$	35,511
Residential Mortgage
Refreshed FICO score
Less than 620			$	2,335					$	115					$	471					$	589					$	402					$	136											$	622
Greater than or equal to 620 and less than 680			4,671						359						919						1,235						777						296												1,085
Greater than or equal to 680 and less than 740			23,357						1,934						4,652						6,988						3,742						1,836												4,205
Greater than or equal to 740			187,077						13,778						33,436						67,803						30,235						15,203												26,622
Fully-insured loans			10,963						540						350						3,415						2,834						847												2,977
Total Residential Mortgage			$	228,403					$	16,726					$	39,828					$	80,030					$	37,990					$	18,318											$	35,511
Gross charge-offs for the year ended December 31, 2023			$	67					$	—					$	7					$	12					$	6					$	2											$	40

Home Equity - Credit Quality Indicators
																											Total						Home Equity Loans and Reverse Mortgages (1)						Revolving Loans						Revolving Loans Converted to Term Loans
(Dollars in millions)									December 31, 2023
Home Equity
Refreshed LTV
Less than or equal to 90 percent																											$	25,378					$	1,051					$	20,380					$	3,947
Greater than 90 percent but less than or equal to 100 percent																											61						17						35						9
Greater than 100 percent																											88						35						36						17
Total Home Equity																											$	25,527					$	1,103					$	20,451					$	3,973
Home Equity
Refreshed FICO score
Less than 620																											$	654					$	123					$	253					$	278
Greater than or equal to 620 and less than 680																											1,107						118						589						400
Greater than or equal to 680 and less than 740																											4,340						240						3,156						944
Greater than or equal to 740																											19,426						622						16,453						2,351
Total Home Equity																											$	25,527					$	1,103					$	20,451					$	3,973
Gross charge-offs for the year ended December 31, 2023																											$	36					$	4					$	21					$	11

(1)Includes reverse mortgages of $763 million and home equity loans of $340 million, which are no longer originated.

						Bank of America 72

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Credit Card and Direct/Indirect Consumer – Credit Quality Indicators By Vintage
			Direct/Indirect
															Term Loans by Origination Year																																				Credit Card
(Dollars in millions)			Total Direct/Indirect as of December 31, 2023						Revolving Loans						2023						2022						2021						2020						2019						Prior						Total Credit Card as of December 31, 2023						Revolving Loans						Revolving Loans Converted to Term Loans (1)
Refreshed FICO score
Less than 620			$	1,246					$	11					$	292					$	428					$	336					$	85					$	55					$	39					$	5,338					$	5,030					$	308
Greater than or equal to 620 and less than 680			2,506						11						937						799						501						121						73						64						11,623						11,345						278
Greater than or equal to 680 and less than 740			8,629						48						3,451						2,582						1,641						462						244						201						34,777						34,538						239
Greater than or equal to 740			41,656						74						16,761						11,802						7,643						2,707						1,417						1,252						50,462						50,410						52
Other internal credit    metrics (2, 3)			49,431						48,764						106						183						110						53						57						158						—						—						—
Total credit card and other    consumer			$	103,468					$	48,908					$	21,547					$	15,794					$	10,231					$	3,428					$	1,846					$	1,714					$	102,200					$	101,323					$	877
Gross charge-offs for the year    ended December 31, 2023			$	233					$	5					$	32					$	95					$	53					$	15					$	10					$	23					$	3,133					$	3,013					$	120

(1)Represents loans that were modified into term loans.

(2)Other internal credit metrics may include delinquency status, geography or other factors.

(3)Direct/indirect consumer includes $48.8 billion of securities-based lending, which is typically supported by highly liquid collateral with market value greater than or equal to the outstanding loan balance and therefore has minimal credit risk at December 31, 2023.

Commercial – Credit Quality Indicators By Vintage (1)
									Term Loans
									Amortized Cost Basis by Origination Year
(Dollars in millions)			Total as of December 31, 2023						2023						2022						2021						2020						2019						Prior						Revolving Loans
U.S. Commercial
Risk ratings
Pass rated			$	347,563					$	41,842					$	43,290					$	27,738					$	13,495					$	11,772					$	29,923					$	179,503
Reservable criticized			11,368						278						1,316						708						363						537						1,342						6,824
Total U.S. Commercial			$	358,931					$	42,120					$	44,606					$	28,446					$	13,858					$	12,309					$	31,265					$	186,327
Gross charge-offs for the year ended    December 31, 2023			$	191					$	5					$	38					$	29					$	4					$	2					$	27					$	86
Non-U.S. Commercial
Risk ratings
Pass rated			$	122,931					$	17,053					$	15,810					$	15,256					$	2,405					$	2,950					$	5,485					$	63,972
Reservable criticized			1,650						50						184						294						90						158						74						800
Total Non-U.S. Commercial			$	124,581					$	17,103					$	15,994					$	15,550					$	2,495					$	3,108					$	5,559					$	64,772
Gross charge-offs for the year ended    December 31, 2023			$	37					$	—					$	—					$	8					$	7					$	1					$	—					$	21
Commercial Real Estate
Risk ratings
Pass rated			$	64,150					$	4,877					$	16,147					$	11,810					$	4,026					$	7,286					$	10,127					$	9,877
Reservable criticized			8,728						134						749						1,728						782						2,132						2,794						409
Total Commercial Real Estate			$	72,878					$	5,011					$	16,896					$	13,538					$	4,808					$	9,418					$	12,921					$	10,286
Gross charge-offs for the year ended    December 31, 2023			$	254					$	2					$	—					$	4					$	—					$	59					$	189					$	—
Commercial Lease Financing
Risk ratings
Pass rated			$	14,688					$	4,188					$	3,077					$	2,373					$	1,349					$	1,174					$	2,527					$	—
Reservable criticized			166						9						22						46						16						32						41						—
Total Commercial Lease Financing			$	14,854					$	4,197					$	3,099					$	2,419					$	1,365					$	1,206					$	2,568					$	—
Gross charge-offs for the year ended    December 31, 2023			$	2					$	—					$	—					$	1					$	1					$	—					$	—					$	—
U.S. Small Business Commercial (2)
Risk ratings
Pass rated			$	9,031					$	1,886					$	1,830					$	1,550					$	836					$	721					$	1,780					$	428
Reservable criticized			384						6						64						95						40						63						113						3
Total U.S. Small Business Commercial			$	9,415					$	1,892					$	1,894					$	1,645					$	876					$	784					$	1,893					$	431
Gross charge-offs for the year ended    December 31, 2023			$	43					$	1					$	2					$	2					$	19					$	3					$	4					$	12
Total			$	580,659					$	70,323					$	82,489					$	61,598					$	23,402					$	26,825					$	54,206					$	261,816
Gross charge-offs for the year ended    December 31, 2023			$	527					$	8					$	40					$	44					$	31					$	65					$	220					$	119

(1) Excludes $3.3 billion of loans accounted for under the fair value option at December 31, 2023.

(2) Excludes U.S. Small Business Card loans of $9.8 billion. Refreshed FICO scores for this portfolio are $530 million for less than 620; $1.1 billion for greater than or equal to 620 and less than 680; $2.7 billion for greater than or equal to 680 and less than 740; and $5.5 billion greater than or equal to 740. Excludes U.S. Small Business Card loans gross charge-offs of $317 million.

73 Bank of America

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During the nine months ended September 30, 2024, commercial reservable criticized utilized exposure increased to $27.4 billion at September 30, 2024 from $23.3 billion (to 4.25 percent from 3.74 percent of total commercial reservable utilized exposure) at December 31, 2023, primarily driven by U.S. commercial and commercial real estate.

Loan Modifications to Borrowers in Financial Difficulty

As part of its credit risk management, the Corporation may modify a loan agreement with a borrower experiencing financial difficulties through a refinancing or restructuring of the borrower’s loan agreement (modification programs). Effective January 1, 2023, the Corporation adopted the new accounting standard on loan modifications. Accordingly, September 30, 2024 balances presented in payment status tables represent loans that were modified over the last 12 months, and September 30, 2023 balances presented in payment status tables represent loans that were modified during the first nine months of 2023.

Consumer Real Estate

The following modification programs are offered for consumer real estate loans to borrowers experiencing financial difficulties.

Forbearance and Other Payment Plans: Forbearance plans generally consist of the Corporation suspending the borrower’s payments for a defined period, with those payments then due over a defined period of time or at the conclusion of the forbearance period. The aging status of a loan is generally

frozen when it enters into a forbearance plan. If a borrower is unable to fulfill their obligations under the forbearance plans, they may be offered a trial offer or permanent modification.

Trial Offer and Permanent Modifications: Trial offer for modification plans generally consist of the Corporation offering a borrower modified loan terms that reduce their contractual payments temporarily over a three-to-four-month trial period. If the customer successfully makes the modified payments during the trial period and formally accepts the modified terms, the modified loan terms become permanent. Some borrowers may enter into permanent modifications without a trial period. In a permanent modification, the borrower’s payment terms are typically modified in more than one manner, but generally include a term extension and an interest rate reduction. At times, the permanent modification may also include principal forgiveness and/or a deferral of past due principal and interest amounts to the end of the loan term. The combinations utilized are based on modifying the terms that give the borrower an improved ability to meet the contractual obligations. The term extensions granted for residential mortgage and home equity permanent modifications vary widely and can be up to 30 years, but most are in the range of 1 to 20 years. Principal forgiveness and payment deferrals were insignificant during the three and nine months ended September 30, 2024 and 2023.

The table below provides the ending amortized cost of the Corporation’s modified consumer real estate loans for the three and nine months ended September 30, 2024 and 2023.

Consumer Real Estate - Modifications to Borrowers in Financial Difficulty
			Forbearance and Other Payment Plans												Permanent Modification						Total						As a % of Financing Receivables						Forbearance and Other Payment Plans												Permanent Modification						Total						As a % of Financing Receivables
(Dollars in millions)			Three Months Ended September 30, 2024																								Nine Months Ended September 30, 2024
Residential Loans			$	4											$	48					$	52					0.02		%				$	41											$	161					$	202					0.09		%
Home Equity			—												8						8						0.03		%				—												26						26						0.10		%
Total			$	4											$	56					$	60					0.02		%				$	41											$	187					$	228					0.09		%
			Three Months Ended September 30, 2023																								Nine Months Ended September 30, 2023
Residential Loans			$	270											$	47					$	317					0.14		%				$	437											$	128					$	565					0.25		%
Home Equity			39												9						48						0.19						64												26						90						0.35
Total			$	309											$	56					$	365					0.14						$	501											$	154					$	655					0.26

						Bank of America 74

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The table below presents the financial effect of modified consumer real estate loans.

Financial Effect of Modified Consumer Real Estate Loans
			Three Months Ended September 30												Nine Months Ended September 30
			2024						2023						2024						2023
Forbearance and Other Payment Plans
Weighted-average duration
Residential Mortgage			4 months						4 months						7 months						8 months
Home Equity			n/a						4 months						n/a						9 months
Permanent Modifications
Weighted-average Term Extension
Residential Mortgage			11.0 years						12.1 years						9.8 years						9.9 years
Home Equity			17.7 years						17.2 years						17.5 years						16.2 years
Weighted-average Interest Rate Reduction
Residential Mortgage			1.23		%				1.31		%				1.29		%				1.50		%
Home Equity			2.77		%				2.69		%				2.66		%				3.11		%

n/a = not applicable

For consumer real estate borrowers in financial difficulty that received a forbearance, trial or permanent modification, there were no commitments to lend additional funds at September 30, 2024 and 2023.

The Corporation tracks the performance of modified loans to assess effectiveness of modification programs. During the three and nine months ended September 30, 2024 and 2023,

defaults of residential and home equity loans that had been modified within 12 months were insignificant. The table below provides aging information as of September 30, 2024 for consumer real estate loans that were modified over the last 12 months and as of September 30, 2023 for consumer real estate loans that were modified during the first nine months of 2023.

Consumer Real Estate - Payment Status of Modifications to Borrowers in Financial Difficulty
			Current						30–89 Days Past Due						90+ Days Past Due						Total
(Dollars in millions)			September 30, 2024
Residential mortgage			$	153					$	52					$	47					$	252
Home equity			29						2						1						32
Total			$	182					$	54					$	48					$	284
			September 30, 2023
Residential mortgage			$	295					$	114					$	156					$	565
Home equity			51						11						28						90
Total			$	346					$	125					$	184					$	655

Consumer real estate foreclosed properties totaled $60 million and $83 million at September 30, 2024 and December 31, 2023. The carrying value of consumer real estate loans, including fully-insured loans, for which formal foreclosure proceedings were in process at September 30, 2024 and December 31, 2023, was $482 million and $633 million. During the nine months ended September 30, 2024 and 2023, the Corporation reclassified $73 million and $86 million of consumer real estate loans to foreclosed properties or, for properties acquired upon foreclosure of certain government-guaranteed loans (principally FHA-insured loans), to other assets. The reclassifications represent non-cash investing activities and, accordingly, are not reflected in the Consolidated Statement of Cash Flows.

Credit Card and Other Consumer

Credit card and other consumer loans are primarily modified by placing the customer on a fixed payment plan with a significantly reduced fixed interest rate, with terms ranging from 6 months to 72 months, most of which had a 60-month term at September 30, 2024. In certain circumstances, the Corporation will forgive a portion of the outstanding balance if the borrower makes payments up to a set amount. The Corporation makes modifications directly with borrowers for loans held by the Corporation (internal programs) as well as through third-party renegotiation agencies that provide solutions to customers’

entire unsecured debt structures (external programs). The September 30, 2024 amortized cost of credit card and other consumer loans that were modified through these programs during the three and nine months ended September 30, 2024 was $202 million and $534 million compared to $196 million and $455 million for the same periods in 2023. These modifications represented 0.10 percent and 0.26 percent of outstanding credit card and other consumer loans for the three and nine months ended September 30, 2024 compared to 0.10 percent and 0.22 percent for the same periods in 2023. During the three and nine months ended September 30, 2024, the financial effect of modifications resulted in a weighted-average interest rate reduction of 19.13 percent and 19.29 percent compared to 19.40 percent and 19.02 percent for the same periods in 2023, and principal forgiveness of $30 million and $88 million compared to $16 million and $41 million for the same periods in 2023.

The Corporation tracks the performance of modified loans to assess effectiveness of modification programs. During the three and nine months ended September 30, 2024 and 2023, defaults of credit card and other consumer loans that had been modified within 12 months were insignificant. At September 30, 2024, modified credit card and other consumer loans to borrowers experiencing financial difficulty over the last 12 months totaled $665 million, of which $562 million were current, $58 million were 30-89 days past due, and $45 million

75 Bank of America

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were greater than 90 days past due. At September 30, 2023, modified credit card and other consumer loans to borrowers experiencing financial difficulty totaled $455 million, of which $370 million were current, $47 million were 30-89 days past due, and $38 million were greater than 90 days past due.

Commercial Loans

Modifications of loans to commercial borrowers experiencing financial difficulty are designed to reduce the Corporation’s loss exposure while providing borrowers with an opportunity to work through financial difficulties, often to avoid foreclosure or bankruptcy. Each modification is unique, reflects the borrower’s

individual circumstances and is designed to benefit the borrower while mitigating the Corporation’s risk exposure. Commercial modifications are primarily term extensions and payment forbearances. Payment forbearances involve the Corporation forbearing its contractual right to collect certain payments or payment in full (maturity forbearance) for a defined period of time. Reductions in interest rates and principal forgiveness occur infrequently for commercial borrowers. Principal forgiveness may occur in connection with foreclosure, short sales or other settlement agreements, leading to termination or sale of the loan. The table below provides the ending amortized cost of commercial loans modified during the three and nine months ended September 30, 2024 and 2023.

Commercial Loans - Modifications to Borrowers in Financial Difficulty
						Term Extension												Forbearances			Interest Rate Reduction			Total			As a % of Financing Receivables						Term Extension			Forbearances			Interest Rate Reduction			Total			As a % of Financing Receivables
(Dollars in millions)						Three Months Ended September 30, 2024																		Nine Months Ended September 30, 2024
U.S. commercial						$	379											$	47		$	—		$	426		0.11		%				$	1,114		$	52		$	—		$	1,166		0.31		%
Non-U.S. commercial						—												—			—			—			—						13			—			—			13			0.01
Commercial real estate						874												234			—			1,108			1.62						1,238			487			36			1,761			2.57
Total						$	1,253											$	281		$	—		$	1,534		0.27						$	2,365		$	539		$	36		$	2,940		0.51
						Three Months Ended September 30, 2023																		Nine Months Ended September 30, 2023
U.S. commercial						$	431											$	24		$	—		$	455		0.13		%				$	768		$	33		$	—		$	801		0.22		%
Non-U.S. commercial						130												—			24			154			0.12						162			—			24			186			0.15
Commercial real estate						599												219			—			818			1.12						1,069			287			—			1,356			1.85
Total						$	1,160											$	243		$	24		$	1,427		0.26						$	1,999		$	320		$	24		$	2,343		0.42

Term extensions granted increased the weighted-average life of the impacted loans by 2.1 years and 1.8 years for the three and nine months ended September 30, 2024 compared to 1.8 years for the same periods in 2023. The weighted-average duration of loan payments deferred under the Corporation’s commercial loan forbearance program was 10 months and 11 months for the three and nine months ended September 30, 2024 compared to 8 months and 9 months for the same periods in 2023. The deferral period for loan payments can vary, but are mostly in the range of 8 months to 24 months. Modifications of loans to troubled borrowers for Commercial Lease Financing and U.S. Small Business Commercial were not significant during the three and nine months ended September 30, 2024 and 2023.

The Corporation tracks the performance of modified loans to assess effectiveness of modification programs. During the three and nine months ended September 30, 2024 and 2023, defaults of commercial loans that had been modified within 12 months were insignificant. The table below provides aging information as of September 30, 2024 for commercial loans that were modified over the last 12 months and as of September 30, 2023 for commercial loans that were modified during the nine months ended September 30, 2023.

商業-向經濟困難借款人提供的修改貸款的支付狀況
			當前						30-89天 逾期						90+天 逾期						總
(百萬美元)			2024年9月30日
美國商業			$	1,193					$	58					$	31					$	1,282
非美國商業			36						—						—						36
商業地產			1,667						3						303						1,973
總			$	2,896					$	61					$	334					$	3,291
			2023年9月30日
美國商業			$	766					$	21					$	14					$	801
非美國商業			186						—						—						186
商業地產			1,083						60						213						1,356
總			$	2,035					$	81					$	227					$	2,343

截至2024年9月30日和2023年9月30日的九個月內，該公司承諾貸款美元1.210億美元871 向遇到財務困難且貸款在此期間被修改的商業借款人提供100萬美元。

						美國銀行 76

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持有待售貸款

該公司的LHFS爲$。10.410億美元6.02024年9月30日和2023年12月31日。來自銷售和償還最初歸類爲LHFS的貸款的現金和非現金收益爲#美元。21.710億美元10.8在截至2024年9月30日和2023年9月30日的9個月中，用於發起和購買LHFS的現金總額爲#美元26.310億美元11.5截至2024年和2023年9月30日的9個月. 還包括向LHFS的非現金淨轉移$0和$634 萬在此期間截至2024年和2023年9月30日的9個月.

應收應計利息

貸款和租賃以及待售貸款的應計應收利息爲#美元。4.410億美元4.52024年9月30日和2023年12月31日的10億美元，並在綜合資產負債表上的客戶和其他應收賬款中報告。

信用卡貸款餘額包括未付本金、利息和手續費。信用卡貸款不被歸類爲不良貸款，但不遲於賬戶逾期180天的月底、收到死亡或破產通知後60天內或在確認欺詐時註銷。.在截至2024年9月30日的三個月和九個月內，該公司沖銷了$213 億和$633利息和手續費收入與最初記錄的損益表項目相比，在註銷貸款本金餘額時爲#美元。152 億和$4092023年同期爲100萬美元。

在截至2024年9月30日和2023年9月30日的三個月和九個月內，被歸類爲不良的未償還住宅抵押貸款、房屋淨值、直接/間接消費和商業貸款餘額，在貸款被歸類爲不良貸款時倒轉的利息和手續費收入並不顯著。有關公司不良貸款政策的更多信息，請參閱附註1--重要會計原則摘要公司2023年年報的綜合財務報表的10-K表格.

信貸虧損撥備

信貸損失撥備是使用定量和定性方法估算的，這些方法考慮了各種因素，如歷史損失經驗、投資組合當前的信貸質量以及貸款期限內的經濟前景。定性準備金涵蓋預期的損失，但在該公司的評估中，可能沒有在量化方法或經濟假設中得到充分反映。該公司通過使用若干宏觀經濟情景，在確定資產預測壽命的加權經濟前景時，納入了前瞻性信息。這些情景包括關鍵的宏觀經濟變量，如國內生產總值、失業率、實際

房地產價格和公司債券利差。每個季度選擇的情景以及每個情景的權重取決於各種因素，包括最近的經濟事件、領先的經濟指標、內部和第三方經濟學家的觀點以及行業趨勢。有關本公司的信貸損失會計政策，包括信貸損失準備的詳情，請參閱附註1--重要會計原則摘要在公司2023年年報的綜合財務報表中使用10-k表格。

2024年9月30日對信貸損失撥備的估計基於各種經濟情景，包括根據共識估計得出的基線情景，反映持續溫和衰退的不利情景，反映持續通脹和利率且減息幅度最小的下行情景，類似於壓力測試中使用的嚴重不利情景的尾部風險情景，以及考慮改善潛力高於基線情景的上行情景。與截至2023年12月31日估計的加權經濟前景相比，上述情景的整體加權經濟前景有所改善。加權經濟展望假設美國平均失業率將爲五到2025年第四季度將下降到略低於五到2026年第四季度。加權經濟前景假設穩步增長，美國實際國內生產總值預計增長1.4百分比和1.92025年和2026年第四季度同比增長百分比。

信貸損失準備金減少#美元。200從2023年12月31日增加到100萬美元14.42024年9月30日爲10億美元。信貸損失準備金的變化包括淨減少#美元。91貸款和租賃損失準備減少#億美元109爲無資金的貸款承諾準備金中的100萬美元。信貸損失準備金下降的原因是商業投資組合減少#美元。249百萬美元和消費房地產投資組合爲$101100萬美元，部分被信用卡和其他消費者投資組合增加#美元所抵消150百萬美元。信貸損失準備金增加#美元。308百萬至美元1.5億美元，以及1.110億至3,000美元4.4截至2024年9月30日的三個月和九個月的10億美元，與2023年同期相比。本年度信貸損失準備金主要是由信用卡貸款和商業房地產寫字樓組合推動的。

未償還貸款及租賃(不包括公允價值選擇項下的貸款)增加$21.5在截至2024年9月30日的9個月中，主要由商業部門推動，增加了21.210億美元，歸功於廣泛的增長。

下表詳細說明了信貸損失準備的變化，包括淨沖銷以及貸款和租賃損失準備金。

77 美國銀行

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			Consumer Real Estate						Credit Card and  Other Consumer						Commercial						Total
(Dollars in millions)			Three Months Ended September 30, 2024
Allowance for loan and lease losses, July 1			$	347					$	8,167					$	4,724					$	13,238
Loans and leases charged off			(15)						(1,256)						(529)						(1,800)
Recoveries of loans and leases previously charged off			22						205						39						266
Net charge-offs			7						(1,051)						(490)						(1,534)
Provision for loan and lease losses			(45)						1,167						425						1,547
Other			—						1						(1)						—
Allowance for loan and lease losses, September 30			309						8,284						4,658						13,251
Reserve for unfunded lending commitments, July 1			55						—						1,049						1,104
Provision for unfunded lending commitments			3						—						(8)						(5)
Other			—						—						1						1
Reserve for unfunded lending commitments, September 30			58						—						1,042						1,100
Allowance for credit losses, September 30			$	367					$	8,284					$	5,700					$	14,351
			Three Months Ended September 30, 2023
Allowance for loan and lease losses, July 1			427						7,323						5,200						12,950
Loans and leases charged off			(15)						(994)						(178)						(1,187)
Recoveries of loans and leases previously charged off			27						178						51						256
Net charge-offs			12						(816)						(127)						(931)
Provision for loan and lease losses			(28)						1,247						49						1,268
Other			1						1						(2)						—
Allowance for loan and lease losses, September 30			412						7,755						5,120						13,287
Reserve for unfunded lending commitments, July 1			86						—						1,302						1,388
Provision for unfunded lending commitments			(1)						—						(33)						(34)
Other			—						—						(1)						(1)
Reserve for unfunded lending commitments, September 30			85						—						1,268						1,353
Allowance for credit losses, September 30			$	497					$	7,755					$	6,388					$	14,640
(Dollars in millions)			Nine Months Ended September 30, 2024
Allowance for loan and lease losses, January 1			$	386					$	8,134					$	4,822					$	13,342
Loans and leases charged off			(34)						(3,748)						(1,535)						(5,317)
Recoveries of loans and leases previously charged off			65						586						101						752
Net charge-offs			31						(3,162)						(1,434)						(4,565)
Provision for loan and lease losses			(109)						3,311						1,277						4,479
Other			1						1						(7)						(5)
Allowance for loan and lease losses, September 30			309						8,284						4,658						13,251
Reserve for unfunded lending commitments, January 1			82						—						1,127						1,209
Provision for unfunded lending commitments			(24)						—						(86)						(110)
Other			—						—						1						1
Reserve for unfunded lending commitments, September 30			58						—						1,042						1,100
Allowance for credit losses, September 30			$	367					$	8,284					$	5,700					$	14,351
			Nine Months Ended September 30, 2023
Allowance for loan and lease losses, December 31			$	420					$	6,817					$	5,445					$	12,682
January 1, 2023 adoption of credit loss standard			(67)						(109)						(67)						(243)
Allowance for loan and lease losses, January 1			353						6,708						5,378						12,439
Loans and leases charged off			(44)						(2,779)						(544)						(3,367)
Recoveries of loans and leases previously charged off			81						565						114						760
Net charge-offs			37						(2,214)						(430)						(2,607)
Provision for loan and lease losses			14						3,259						204						3,477
Other			8						2						(32)						(22)
Allowance for loan and lease losses, September 30			412						7,755						5,120						13,287
Reserve for unfunded lending commitments, January 1			94						—						1,446						1,540
Provision for unfunded lending commitments			(9)						—						(178)						(187)
Reserve for unfunded lending commitments, September 30			85						—						1,268						1,353
Allowance for credit losses, September 30			$	497					$	7,755					$	6,388					$	14,640

NOTE 6 Securitizations and Other Variable Interest Entities

The Corporation utilizes VIEs in the ordinary course of business to support its own and its customers’ financing and investing needs. The Corporation routinely securitizes loans and debt securities using VIEs as a source of funding for the Corporation and as a means of transferring the economic risk of the loans or debt securities to third parties. The assets are transferred into a trust or other securitization vehicle such that the assets are legally isolated from the creditors of the Corporation and are not

available to satisfy its obligations. These assets can only be used to settle obligations of the trust or other securitization vehicle. The Corporation also administers, structures or invests in other VIEs including CDOs, investment vehicles and other entities. For more information on the Corporation’s use of VIEs, see Note 1 – Summary of Significant Accounting Principles and Note 6 – Securitizations and Other Variable Interest Entities to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K.

The tables in this Note present the assets and liabilities of consolidated and unconsolidated VIEs at September 30, 2024

						Bank of America 78

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and December 31, 2023 in situations where the Corporation has a loan or security interest and involvement with transferred assets or if the Corporation otherwise has an additional interest in the VIE. The tables also present the Corporation’s maximum loss exposure at September 30, 2024 and December 31, 2023 resulting from its involvement with consolidated VIEs and unconsolidated VIEs. The Corporation’s maximum loss exposure is based on the unlikely event that all of the assets in the VIEs become worthless and incorporates not only potential losses associated with assets recorded on the Consolidated Balance Sheet but also potential losses associated with off-balance sheet commitments, such as unfunded liquidity commitments and other contractual arrangements. The Corporation’s maximum loss exposure does not include losses previously recognized through write-downs of assets.

The Corporation invests in ABS, CLOs and other similar investments issued by third-party VIEs with which it has no other form of involvement other than a loan or debt security issued by the VIE. In addition, the Corporation also enters into certain commercial lending arrangements that may utilize VIEs for activities secondary to the lending arrangement, for example to hold collateral. The Corporation’s maximum loss exposure to these VIEs is the investment balances. These securities and loans are included in Note 4 – Securities or Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses and are not included in the following tables.

The Corporation did not provide financial support to consolidated or unconsolidated VIEs during the three and nine months ended September 30, 2024 or the year ended December 31, 2023 that it was not previously contractually required to provide, nor does it intend to do so.

The Corporation had liquidity commitments, including written put options and collateral value guarantees, with certain unconsolidated VIEs of $982 million and $989 million at September 30, 2024 and December 31, 2023.

First-lien Mortgage Securitizations

As part of its mortgage banking activities, the Corporation securitizes a portion of the first-lien residential mortgage loans it originates or purchases from third parties, generally in the form of residential mortgage-backed securities guaranteed by government-sponsored enterprises, FNMA and FHLMC (collectively the GSEs), or the Government National Mortgage Association (GNMA) primarily in the case of FHA-insured and U.S. Department of Veterans Affairs (VA)-guaranteed mortgage loans. Securitization usually occurs in conjunction with or shortly after origination or purchase, and the Corporation may also securitize loans held in its residential mortgage portfolio. In addition, the Corporation may, from time to time, securitize commercial mortgages it originates or purchases from other entities. The Corporation typically services the loans it securitizes. Further, the Corporation may retain beneficial interests in the securitization trusts including senior and subordinate securities and equity tranches issued by the trusts. Except as described in Note 10 – Commitments and Contingencies, the Corporation does not provide guarantees or recourse to the securitization trusts other than standard representations and warranties.

The table below summarizes select information related to first-lien mortgage securitizations for the three and nine months ended September 30, 2024 and 2023.

First-lien Mortgage Securitizations
			Residential Mortgage - Agency																								Commercial Mortgage
			Three Months Ended September 30												Nine Months Ended September 30												Three Months Ended September 30												Nine Months Ended September 30
(Dollars in millions)			2024						2023						2024						2023						2024						2023						2024						2023
Proceeds from loan sales (1)			$	928					$	1,220					$	3,101					$	3,475					$	1,644					$	1,167					$	8,676					$	1,764
Gains (losses) on securitizations (2)			(1)						(2)						(3)						(6)						18						33						106						35
Repurchases from securitization trusts (3)			8						10						24						24						—						—						—						—

(1)The Corporation transfers residential mortgage loans to securitizations sponsored primarily by the GSEs or GNMA in the normal course of business and primarily receives residential mortgage-backed securities in exchange. Substantially all of these securities are classified as Level 2 within the fair value hierarchy and are typically sold shortly after receipt.

(2)A majority of the first-lien residential mortgage loans securitized are initially classified as LHFS and accounted for under the fair value option. Gains recognized on these LHFS prior to securitization, which totaled $10 million and $23 million, net of hedges, during the three and nine months ended September 30, 2024 compared to $17 million and $34 million for the same periods in 2023, are not included in the table above.

(3)The Corporation may have the option to repurchase delinquent loans out of securitization trusts, which reduces the amount of servicing advances it is required to make. The Corporation may also repurchase loans from securitization trusts to perform modifications. Repurchased loans include FHA-insured mortgages collateralizing GNMA securities.

The Corporation recognizes consumer MSRs from the sale or securitization of consumer real estate loans. The unpaid principal balance of loans serviced for investors, including residential mortgage and home equity loans, totaled $85.7 billion and $93.5 billion at September 30, 2024 and 2023. Servicing fee and ancillary fee income on serviced loans was $54 million and $174 million during the three and nine months ended September 30, 2024 compared to $55 million and $187 million for the same periods in 2023. Servicing advances on serviced loans, including loans serviced for others and loans held for investment, were $1.0 billion and $1.3 billion at September 30, 2024 and December 31, 2023. For more information on MSRs, see Note 14 – Fair Value Measurements.

Home Equity Loans

The Corporation retains interests, primarily senior securities, in home equity securitization trusts to which it transferred home equity loans. In addition, the Corporation may be obligated to

provide subordinate funding to the trusts during a rapid amortization event. This obligation is included in the maximum loss exposure in the preceding table. The charges that will ultimately be recorded as a result of the rapid amortization events depend on the undrawn portion of the home equity lines of credit, performance of the loans, the amount of subsequent draws and the timing of related cash flows.

Mortgage and Home Equity Securitizations

During the three and nine months ended September 30, 2024, the Corporation deconsolidated agency residential mortgage securitization trusts with total assets of $115 million and $940 million compared to $35 million and $659 million for the same periods in 2023.

The following table summarizes select information related to mortgage and home equity securitization trusts in which the Corporation held a variable interest and had continuing involvement at September 30, 2024 and December 31, 2023.

79 Bank of America

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Mortgage and Home Equity Securitizations
			Residential Mortgage
												Non-agency
			Agency									Prime and Alt-A									Subprime									Home Equity (3)									Commercial Mortgage
(Dollars in millions)			Sep 30 2024			Dec 31 2023						Sep 30 2024			Dec 31 2023						Sep 30 2024			Dec 31 2023						Sep 30 2024			Dec 31 2023						Sep 30 2024			Dec 31 2023
Unconsolidated VIEs
Maximum loss exposure (1)			$	7,737		$	8,190					$	87		$	92					$	619		$	657					$	—		$	—					$	1,556		$	1,558
On-balance sheet assets
Senior securities:
Trading account assets			$	250		$	235					$	11		$	13					$	20		$	20					$	—		$	—					$	207		$	70
Debt securities carried at fair value			2,379			2,541						—			—						300			341						—			—						—			—
Held-to-maturity securities			5,108			5,414						—			—						—			—						—			—						1,219			1,287
All other assets			—			—						2			4						24			23						—			—						37			79
Total retained positions			$	7,737		$	8,190					$	13		$	17					$	344		$	384					$	—		$	—					$	1,463		$	1,436
Principal balance outstanding (2)			$	70,513		$	76,134					$	12,994		$	13,963					$	5,038		$	4,508					$	196		$	252					$	85,274		$	80,078
Consolidated VIEs
Maximum loss exposure (1)			$	1,327		$	1,164					$	—		$	—					$	—		$	—					$	10		$	12					$	—		$	—
On-balance sheet assets
Trading account assets			$	1,327		$	1,171					$	—		$	—					$	—		$	—					$	—		$	—					$	—		$	—
Loans and leases			—			—						—			—						—			—						24			31						—			—
Allowance for loan and lease losses			—			—						—			—						—			—						6			7						—			—
All other assets			—			—						—			—						—			—						1			1						—			—
Total assets			$	1,327		$	1,171					$	—		$	—					$	—		$	—					$	31		$	39					$	—		$	—
Total liabilities			$	—		$	7					$	—		$	—					$	—		$	—					$	21		$	27					$	—		$	—

(1)Maximum loss exposure includes obligations under loss-sharing reinsurance and other arrangements for non-agency residential mortgage and commercial mortgage securitizations, but excludes the reserve for representations and warranties obligations and corporate guarantees and also excludes servicing advances and other servicing rights and obligations. For more information, see Note 10 – Commitments and Contingencies and Note 14 – Fair Value Measurements.

(2)Principal balance outstanding includes loans where the Corporation was the transferor to securitization VIEs with which it has continuing involvement, which may include servicing the loans.

(3)For unconsolidated home equity loan VIEs, the maximum loss exposure includes outstanding trust certificates issued by trusts in rapid amortization, net of recorded reserves. For both consolidated and unconsolidated home equity loan VIEs, the maximum loss exposure excludes the reserve for representations and warranties obligations and corporate guarantees. For more information, see Note 10 – Commitments and Contingencies.

Other Asset-backed Securitizations

The following paragraphs summarize select information related to other asset-backed VIEs in which the Corporation had a variable interest at September 30, 2024 and December 31, 2023.

Credit Card and Automobile Loan Securitizations

The Corporation securitizes originated and purchased credit card and automobile loans as a source of financing. The loans are sold on a non-recourse basis to consolidated trusts. The securitizations are ongoing, whereas additional receivables will be funded into the trusts by either loan repayments or proceeds from securities issued to third parties, depending on the securitization structure. The Corporation’s continuing involvement with the securitization trusts includes servicing the receivables and holding various subordinated interests, including an undivided seller’s interest in the credit card receivables and owning certain retained interests.

At September 30, 2024 and December 31, 2023, the carrying values of the receivables in the trusts totaled $18.2 billion and $16.6 billion, which are included in loans and leases, and the carrying values of senior debt securities that were issued to third-party investors from the trusts totaled $8.3 billion and $7.8 billion, which are included in long-term debt.

Resecuritization Trusts

The Corporation transfers securities, typically MBS, into resecuritization VIEs generally at the request of customers seeking securities with specific characteristics. Generally, there are no significant ongoing activities performed in a resecuritization trust, and no single investor has the unilateral ability to liquidate the trust.

The Corporation resecuritized $4.6 billion and $11.1 billion of securities during the three and nine months ended September 30, 2024 compared to $1.8 billion and $7.6 billion

for the same periods in 2023. Securities transferred into resecuritization VIEs were measured at fair value with changes in fair value recorded in market making and similar activities prior to the resecuritization and, accordingly, no gain or loss on sale was recorded. During the three and nine months ended September 30, 2024, resecuritization proceeds included securities with an initial fair value of $1.3 billion and $2.2 billion, compared to $1.1 billion and $2.1 billion for the same periods in 2023, of which substantially all of the securities were classified as trading account assets for both periods. Substantially all of the trading account securities carried at fair value were categorized as Level 2 within the fair value hierarchy.

Customer VIEs

Customer VIEs include credit-linked, equity-linked and commodity-linked note VIEs, repackaging VIEs and asset acquisition VIEs, which are typically created on behalf of customers who wish to obtain market or credit exposure to a specific company, index, commodity or financial instrument.

The Corporation’s involvement in the VIE is limited to its loss exposure. The Corporation’s maximum loss exposure to consolidated and unconsolidated customer VIEs totaled $1.1 billion and $952 million at September 30, 2024 and December 31, 2023, including the notional amount of derivatives to which the Corporation is a counterparty, net of losses previously recorded, and the Corporation’s investment, if any, in securities issued by the VIEs.

Municipal Bond Trusts

The Corporation administers municipal bond trusts that hold highly-rated, long-term, fixed-rate municipal bonds. The trusts obtain financing by issuing floating-rate trust certificates that reprice on a weekly or other short-term basis to third-party investors.

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The Corporation’s liquidity commitments to unconsolidated municipal bond trusts, including those for which the Corporation was transferor, totaled $1.8 billion and $1.7 billion at September 30, 2024 and December 31, 2023. The weighted-average remaining life of bonds held in the trusts at September 30, 2024 was 11.5 years. There were no significant write-downs or downgrades of assets or issuers during the nine months ended September 30, 2024 and 2023.

Collateralized Debt Obligation VIEs

The Corporation receives fees for structuring CDO VIEs, which hold diversified pools of fixed-income securities, typically corporate debt or ABS, which the CDO VIEs fund by issuing multiple tranches of debt and equity securities. CDOs are generally managed by third-party portfolio managers. The Corporation typically transfers assets to these CDOs, holds securities issued by the CDOs and may be a derivative counterparty to the CDOs. The Corporation’s maximum loss exposure to consolidated and unconsolidated CDOs totaled $66 million and $80 million at September 30, 2024 and December 31, 2023.

Investment VIEs

The Corporation sponsors, invests in or provides financing, which may be in connection with the sale of assets, to a variety of investment VIEs that hold loans, real estate, debt securities or other financial instruments and are designed to provide the desired investment profile to investors or the Corporation. At

September 30, 2024 and December 31, 2023, the Corporation’s consolidated investment VIEs had total assets of $3 million and $472 million. The Corporation also held investments in unconsolidated VIEs with total assets of $21.2 billion and $18.4 billion at September 30, 2024 and December 31, 2023. The Corporation’s maximum loss exposure associated with both consolidated and unconsolidated investment VIEs totaled $2.2 billion and $2.6 billion at September 30, 2024 and December 31, 2023 comprised primarily of on-balance sheet assets less non-recourse liabilities.

Leveraged Lease Trusts

The Corporation’s net investment in consolidated leveraged lease trusts totaled $1.0 billion and $1.1 billion at September 30, 2024 and December 31, 2023. The trusts hold long-lived equipment such as rail cars, power generation and distribution equipment, and commercial aircraft. The Corporation structures the trusts and holds a significant residual interest. The net investment represents the Corporation’s maximum loss exposure to the trusts in the unlikely event that the leveraged lease investments become worthless. Debt issued by the leveraged lease trusts is non-recourse to the Corporation.

The table below summarizes the maximum loss exposure and assets held by the Corporation that related to other asset-backed VIEs at September 30, 2024 and December 31, 2023.

Other Asset-backed VIEs
			Credit Card and  Automobile (1)									Resecuritization Trusts and Customer VIEs									Municipal Bond Trusts and CDOs									Investment VIEs and Leveraged Lease Trusts
(Dollars in millions)			Sep 30 2024			Dec 31 2023						Sep 30 2024			Dec 31 2023						Sep 30 2024			Dec 31 2023						Sep 30 2024			Dec 31 2023
Unconsolidated VIEs
Maximum loss exposure			$	—		$	—					$	5,504		$	4,494					$	1,881		$	1,787					$	2,172		$	2,197
On-balance sheet assets
Securities (2):
Trading account assets			$	—		$	—					$	1,801		$	626					$	17		$	23					$	304		$	469
Debt securities carried at fair value			—			—						859			920						—			—						—			4
Held-to-maturity securities			—			—						2,045			2,237						—			—						—			—
Loans and leases			—			—						—			—						—			—						70			90
Allowance for loan and lease losses			—			—						—			—						—			—						(2)			(12)
All other assets			—			—						799			711						6			7						1,307			1,168
Total retained positions			$	—		$	—					$	5,504		$	4,494					$	23		$	30					$	1,679		$	1,719
Total assets of VIEs			$	—		$	—					$	16,255		$	15,862					$	6,507		$	9,279					$	21,202		$	18,398
Consolidated VIEs
Maximum loss exposure			$	9,172		$	8,127					$	668		$	1,240					$	3,770		$	3,136					$	1,060		$	1,596
On-balance sheet assets
Trading account assets			$	—		$	—					$	1,207		$	1,798					$	3,744		$	3,084					$	2		$	1
Debt securities carried at fair value			—			—						—			—						26			52						—			—
Loans and leases			18,195			16,640						—			—						—			—						1,048			1,605
Allowance for loan and lease losses			(928)			(832)						—			—						—			—						(1)			(1)
All other assets			199			163						39			38						—			—						13			15
Total assets			$	17,466		$	15,971					$	1,246		$	1,836					$	3,770		$	3,136					$	1,062		$	1,620
On-balance sheet liabilities
Short-term borrowings			$	—		$	—					$	—		$	—					$	3,542		$	2,934					$	—		$	23
Long-term debt			8,272			7,825						578			596						—			—						2			1
All other liabilities			22			19						—			—						—			—						—			—
Total liabilities			$	8,294		$	7,844					$	578		$	596					$	3,542		$	2,934					$	2		$	24

(1)At September 30, 2024 and December 31, 2023 loans and leases in the consolidated credit card trust included $4.2 billion and $3.2 billion of seller’s interest.

(2)The retained senior securities were valued using quoted market prices or observable market inputs (Level 2 of the fair value hierarchy).

Tax Credit VIEs

The Corporation holds equity investments in unconsolidated limited partnerships and similar entities that construct, own and operate affordable housing, renewable energy and certain other projects. The total assets of these unconsolidated tax credit VIEs were $82.3 billion and $84.1 billion as of September 30,

2024 and December 31, 2023. An unrelated third party is typically the general partner or managing member and has control over the significant activities of the VIE. As an investor, tax credits associated with the investments in these entities are allocated to the Corporation, as provided by the U.S. Internal Revenue Code and related regulations, and are recognized as

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income tax benefits in the Corporation’s Consolidated Statement of Income in the year they are earned, which varies based on the type of investments. Tax credits from investments in affordable housing are recognized ratably over a term of up to 10 years, and tax credits from renewable energy investments are recognized either at inception for transactions electing Investment Tax Credits (ITCs) or as energy is produced for transactions electing Production Tax Credits (PTCs), which is generally up to a 10-year time period. The volume and types of investments held by the Corporation will influence the amount of tax credits recognized each period.

The Corporation’s equity investments in affordable housing and other projects totaled $16.2 billion and $15.8 billion at September 30, 2024 and December 31, 2023, which included unfunded capital contributions of $7.3 billion and $7.2 billion that are probable to be paid over the next five years. The Corporation may be asked to invest additional amounts to support a troubled affordable housing project. Such additional investments have not been and are not expected to be significant. During the three and nine months ended September 30, 2024, the Corporation recognized tax credits and other tax benefits related to affordable housing equity investments of $564 million and $1.7 billion compared to $526 million and $1.6 billion for the same periods in 2023, and reported pretax losses in other income of $418 million and $1.2 billion compared to $379 million and $1.1 billion for the same periods in 2023. The Corporation’s equity investments in renewable energy totaled $13.3 billion and $14.2 billion at September 30, 2024 and December 31, 2023. In addition, the Corporation had unfunded capital contributions for renewable energy investments of $4.9 billion and $6.2 billion at September 30, 2024 and December 31, 2023, which are contingent on various conditions precedent to funding over the next two years. The Corporation’s risk of loss is generally mitigated by policies requiring the project to qualify for the expected tax credits prior to making its investment. During the three and nine months ended September 30, 2024, the Corporation recognized tax credits and other tax benefits related to renewable energy equity investments of $873 million and $2.8 billion compared to $1.3 billion and $3.4 billion for the same periods in 2023 and reported pretax losses in other income of $697 million and $2.0 billion compared to $849 million and $2.0 billion for the same periods in 2023. The Corporation may also enter into power purchase agreements with renewable energy tax credit entities.

The table below summarizes select information related to unconsolidated tax credit VIEs in which the Corporation held a variable interest at September 30, 2024 and December 31, 2023.

Unconsolidated Tax Credit VIEs
(Dollars in millions)									September 30 2024												December 31 2023
Maximum loss exposure									$	29,510																	$	30,040
On-balance sheet assets
All other assets									$	29,510																	$	30,040
Total									$	29,510																	$	30,040
On-balance sheet liabilities
All other liabilities									$	7,357																	$	7,254
Total									$	7,357																	$	7,254
Total assets of VIEs									$	82,297																	$	84,148

NOTE 7 Goodwill and Intangible Assets

Goodwill

The table below presents goodwill balances by business segment at September 30, 2024 and December 31, 2023. The reporting units utilized for goodwill impairment testing are the operating segments or one level below.

Goodwill
(Dollars in millions)			September 30 2024						December 31 2023
Consumer Banking			$	30,137					$	30,137
Global Wealth & Investment Management			9,677						9,677
Global Banking			24,026						24,026
Global Markets			5,181						5,181
Total goodwill			$	69,021					$	69,021

Intangible Assets

At September 30, 2024 and December 31, 2023, the net carrying value of intangible assets was $1.9 billion and $2.0 billion. At both September 30, 2024 and December 31, 2023, intangible assets included $1.6 billion of intangible assets associated with trade names, substantially all of which had an indefinite life and, accordingly, are not being amortized. Amortization of intangibles expense was $20 million for both the three months ended September 30, 2024 and 2023 and $59 million for both the nine months ended September 30, 2024 and 2023.

NOTE 8 Leases

The Corporation enters into both lessor and lessee arrangements. For more information on lease accounting, see Note 1 – Summary of Significant Accounting Principles and Note 8 – Leases to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K. For more information on lease financing receivables, see Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses.

Lessor Arrangements

The Corporation’s lessor arrangements primarily consist of operating, sales-type and direct financing leases for equipment. Lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term.

The table below presents the net investment in sales-type and direct financing leases at September 30, 2024 and December 31, 2023.

Net Investment (1)
(Dollars in millions)															September 30 2024						December 31 2023
Lease receivables															$	17,348					$	16,565
Unguaranteed residuals															2,519						2,485
Total net investment in sales-type and direct       financing leases															$	19,867					$	19,050

(1)In certain cases, the Corporation obtains third-party residual value insurance to reduce its residual asset risk. The carrying value of residual assets with third-party residual value insurance for at least a portion of the asset value was $7.5 billion and $6.8 billion at September 30, 2024 and December 31, 2023.

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The table below presents lease income for the three and nine months ended September 30, 2024 and 2023.

Lease Income
			Three Months Ended September 30												Nine Months Ended September 30
(Dollars in millions)			2024						2023						2024						2023
Sales-type and direct financing    leases			$	277					$	206					$	789					$	559
Operating leases			228						233						682						705
Total lease income			$	505					$	439					$	1,471					$	1,264

Lessee Arrangements

The Corporation's lessee arrangements predominantly consist of operating leases for premises and equipment; the Corporation's financing leases are not significant.

The table below provides information on the right-of-use assets and lease liabilities at September 30, 2024 and December 31, 2023.

Lessee Arrangements
(Dollars in millions)			September 30 2024						December 31 2023
Right-of-use assets			$	8,614					$	9,150
Lease liabilities			9,247						9,782

NOTE 9 Securities Financing Agreements, Collateral and Restricted Cash

The Corporation enters into securities financing agreements which include securities borrowed or purchased under agreements to resell and securities loaned or sold under agreements to repurchase. These financing agreements (also referred to as “matched-book transactions”) are to accommodate customers, obtain securities to cover short positions and finance inventory positions. The Corporation elects to account for certain securities financing agreements under the fair value option. For more information on the fair value option, see Note 15 – Fair Value Option.

Offsetting of Securities Financing Agreements

The Securities Financing Agreements table presents securities financing agreements included on the Consolidated Balance Sheet in federal funds sold and securities borrowed or purchased under agreements to resell, and in federal funds purchased and securities loaned or sold under agreements to repurchase at September 30, 2024 and December 31, 2023. Balances are presented on a gross basis, prior to the application of counterparty netting. Gross assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements. For more information on the offsetting of derivatives, see Note 3 – Derivatives. For more information on the securities financing agreements and the offsetting of securities financing transactions, see Note 10 – Securities Financing Agreements, Short-term Borrowings, Collateral and Restricted Cash to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K.

Securities Financing Agreements
			Gross Assets/Liabilities (1)						Amounts Offset						Net Balance Sheet Amount						Financial Instruments (2)						Net Assets/Liabilities
(Dollars in millions)			September 30, 2024
Securities borrowed or purchased under agreements to resell (3)			$	787,415					$	(449,709)					$	337,706					$	(308,690)					$	29,016
Securities loaned or sold under agreements to repurchase			$	847,667					$	(449,709)					$	397,958					$	(380,426)					$	17,532
Other (4)			13,983						—						13,983						(13,983)						—
Total			$	861,650					$	(449,709)					$	411,941					$	(394,409)					$	17,532
			December 31, 2023
Securities borrowed or purchased under agreements to resell (3)			$	703,641					$	(423,017)					$	280,624					$	(257,541)					$	23,083
Securities loaned or sold under agreements to repurchase			$	706,904					$	(423,017)					$	283,887					$	(272,285)					$	11,602
Other (4)			10,066						—						10,066						(10,066)						—
Total			$	716,970					$	(423,017)					$	293,953					$	(282,351)					$	11,602

(1)Includes activity where uncertainty exists as to the enforceability of certain master netting agreements under bankruptcy laws in some countries or industries.

(2)Includes securities collateral received or pledged under repurchase or securities lending agreements where there is a legally enforceable master netting agreement. These amounts are not offset on the Consolidated Balance Sheet, but are shown as a reduction to derive a net asset or liability. Securities collateral received or pledged where the legal enforceability of the master netting agreements is uncertain is excluded from the table.

(3)Excludes repurchase activity of $14.1 billion and $8.7 billion reported in loans and leases on the Consolidated Balance Sheet for September 30, 2024 and December 31, 2023.

(4)Balance is reported in accrued expenses and other liabilities on the Consolidated Balance Sheet and relates to transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged as collateral or sold. In these transactions, the Corporation recognizes an asset at fair value, representing the securities received, and a liability, representing the obligation to return those securities.

Repurchase Agreements and Securities Loaned Transactions Accounted for as Secured Borrowings

The following tables present securities sold under agreements to repurchase and securities loaned by remaining contractual term to maturity and class of collateral pledged. Included in “Other” are transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged as collateral or sold. Certain agreements

contain a right to substitute collateral and/or terminate the agreement prior to maturity at the option of the Corporation or the counterparty. Such agreements are included in the table below based on the remaining contractual term to maturity. For more information on collateral requirements, see Note 10 – Securities Financing Agreements, Short-term Borrowings, Collateral and Restricted Cash to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K.

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Remaining Contractual Maturity
			Overnight and Continuous						30 Days or Less						After 30 Days Through 90 Days						Greater than 90 Days (1)						Total
(Dollars in millions)			September 30, 2024
Securities sold under agreements to repurchase			$	323,926					$	237,173					$	91,057					$	96,004					$	748,160
Securities loaned			88,912						513						739						9,343						99,507
Other			13,983						—						—						—						13,983
Total			$	426,821					$	237,686					$	91,796					$	105,347					$	861,650
			December 31, 2023
Securities sold under agreements to repurchase			$	234,974					$	228,627					$	85,176					$	75,020					$	623,797
Securities loaned			76,580						139						618						5,770						83,107
Other			10,066						—						—						—						10,066
Total			$	321,620					$	228,766					$	85,794					$	80,790					$	716,970

(1)No agreements have maturities greater than four years.

Class of Collateral Pledged
			Securities Sold Under Agreements to Repurchase						Securities Loaned						Other						Total
(Dollars in millions)			September 30, 2024
U.S. government and agency securities			$	434,687					$	72					$	16					$	434,775
Corporate securities, trading loans and other			33,793						2,486						9						36,288
Equity securities			28,978						96,945						13,958						139,881
Non-U.S. sovereign debt			245,645						4						—						245,649
Mortgage trading loans and ABS			5,057						—						—						5,057
Total			$	748,160					$	99,507					$	13,983					$	861,650
			December 31, 2023
U.S. government and agency securities			$	352,950					$	34					$	38					$	353,022
Corporate securities, trading loans and other			23,242						1,805						661						25,708
Equity securities			11,517						81,266						9,367						102,150
Non-U.S. sovereign debt			231,140						2						—						231,142
Mortgage trading loans and ABS			4,948						—						—						4,948
Total			$	623,797					$	83,107					$	10,066					$	716,970

Collateral

The Corporation accepts securities and loans as collateral that it is permitted by contract or practice to sell or repledge. At September 30, 2024 and December 31, 2023, the fair value of this collateral was $976.0 billion and $911.3 billion, of which $944.6 billion and $870.9 billion were sold or repledged. The primary source of this collateral is securities borrowed or purchased under agreements to resell. For more information on collateral, see Note 10 – Securities Financing Agreements, Short-term Borrowings, Collateral and Restricted Cash to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K.

Restricted Cash

At September 30, 2024 and December 31, 2023, the Corporation held restricted cash included within cash and cash equivalents on the Consolidated Balance Sheet of $6.8 billion and $5.6 billion, predominantly related to cash segregated in compliance with securities regulations and cash held on deposit with central banks to meet reserve requirements.

NOTE 10 Commitments and Contingencies

In the normal course of business, the Corporation enters into a number of off-balance sheet commitments. These commitments expose the Corporation to varying degrees of credit and market risk and are subject to the same credit and market risk limitation reviews as those instruments recorded on the Consolidated Balance Sheet. For more information on commitments and contingencies, see Note 12 – Commitments

and Contingencies to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K.

Credit Extension Commitments

The Corporation enters into commitments to extend credit such as loan commitments, standby letters of credit (SBLCs) and commercial letters of credit to meet the financing needs of its customers. The following table 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 September 30, 2024 and December 31, 2023. The carrying value of the Corporation’s credit extension commitments at September 30, 2024 and December 31, 2023, excluding commitments accounted for under the fair value option, was $1.1 billion and $1.2 billion, which predominantly related to the reserve for unfunded lending commitments. The carrying value of these commitments is classified in accrued expenses and other liabilities on the Consolidated Balance Sheet.

Legally binding commitments to extend credit generally have specified rates and maturities. Certain of these commitments have adverse change clauses that help to protect the Corporation against deterioration in the borrower’s ability to pay. The following table includes the notional amount of commitments of $2.5 billion and $2.6 billion at September 30, 2024 and December 31, 2023 that are accounted for under the fair value option. However, the table excludes the cumulative net fair value for these commitments of $66 million and $67 million at September 30, 2024 and December 31, 2023, which

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is classified in accrued expenses and other liabilities. For more information regarding the Corporation’s loan commitments

accounted for under the fair value option, see Note 15 – Fair Value Option.

Credit Extension Commitments
			Expire in One Year or Less						Expire After One Year Through Three Years						Expire After Three Years Through Five Years						Expire After Five Years						Total
(Dollars in millions)			September 30, 2024
Notional amount of credit extension commitments
Loan commitments (1)			$	124,541					$	231,044					$	188,204					$	17,446					$	561,235
Home equity lines of credit			3,451						10,393						9,264						21,620						44,728
Standby letters of credit and financial guarantees (2)			22,803						9,103						3,469						479						35,854
Letters of credit			643						160						70						44						917
Other commitments (3)			17						35						106						1,032						1,190
Legally binding commitments			151,455						250,735						201,113						40,621						643,924
Credit card lines (4)			454,383						—						—						—						454,383
Total credit extension commitments			$	605,838					$	250,735					$	201,113					$	40,621					$	1,098,307
			December 31, 2023
Notional amount of credit extension commitments
Loan commitments (1)			$	124,298					$	198,818					$	193,878					$	15,386					$	532,380
Home equity lines of credit			2,775						9,182						11,195						21,975						45,127
Standby letters of credit and financial guarantees (2)			21,067						9,633						2,693						652						34,045
Letters of credit			873						207						66						29						1,175
Other commitments (3)			17						50						108						1,035						1,210
Legally binding commitments			149,030						217,890						207,940						39,077						613,937
Credit card lines (4)			440,328						—						—						—						440,328
Total credit extension commitments			$	589,358					$	217,890					$	207,940					$	39,077					$	1,054,265

(1)     At September 30, 2024 and December 31, 2023, $4.0 billion and $3.1 billion of these loan commitments were held in the form of a security.

(2) The notional amounts of SBLCs and financial guarantees classified as investment grade and non-investment grade based on the credit quality of the underlying reference name within the instrument were $24.8 billion and $10.2 billion at September 30, 2024, and $23.6 billion and $9.7 billion at December 31, 2023. Amounts in the table include consumer SBLCs of $883 million and $744 million at September 30, 2024 and December 31, 2023.

(3)     Primarily includes second-loss positions on lease-end residual value guarantees.

(4)     Includes business card unused lines of credit.

Other Commitments

At September 30, 2024 and December 31, 2023, the Corporation had commitments to purchase loans (e.g., residential mortgage and commercial real estate) of $451 million and $822 million, which upon settlement will be included in trading account assets, loans or LHFS, and commitments to purchase commercial loans of $6.9 billion and $420 million, which upon settlement will be included in trading account assets.

At September 30, 2024 and December 31, 2023, the Corporation had commitments to enter into resale and forward-dated resale and securities borrowing agreements of $129.4 billion and $117.0 billion, and commitments to enter into forward-dated repurchase and securities lending agreements of $113.1 billion and $63.0 billion. A significant portion of these commitments will expire within the next 12 months.

At both September 30, 2024 and December 31, 2023, the Corporation had a commitment to originate or purchase up to $4.0 billion, on a rolling 12-month basis, of auto loans and leases from a strategic partner. This commitment extends through November 2026 and can be terminated with 12 months prior notice.

At September 30, 2024 and December 31, 2023, the Corporation had unfunded equity investment commitments of $444 million and $477 million.

As a Federal Reserve member bank, the Corporation is required to subscribe to a certain amount of shares issued by its Federal Reserve district bank, which pays cumulative dividends at a prescribed rate. At both September 30, 2024 and December 31, 2023, the Corporation had paid $5.4 billion for half of its subscribed shares, with the remaining half subject to call by the Federal Reserve district bank board, which the Corporation believes is remote.

Other Guarantees

Bank-owned Life Insurance Book Value Protection

The Corporation sells products that offer book value protection to insurance carriers who offer group life insurance policies to corporations, primarily banks. At September 30, 2024 and December 31, 2023, the notional amount of these guarantees totaled $3.3 billion and $3.8 billion. At September 30, 2024 and December 31, 2023, the Corporation’s maximum exposure related to these guarantees totaled $505 million and $577 million, with estimated maturity dates between 2034 and 2037.

Merchant Services

The Corporation in its role as merchant acquirer or as a sponsor of other merchant acquirers may be held liable for any reversed charges that cannot be collected from the merchants due to,

85 Bank of America

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among other things, merchant fraud or insolvency. If charges are properly reversed after a purchase and cannot be collected from either the merchants or merchant acquirers, the Corporation may be held liable for these reversed charges. The ability to reverse a charge is primarily governed by the applicable payment network rules and regulations, which include, but are not limited to, the type of charge, type of payment used and time limits. The total amount of transactions subject to reversal under payment network rules and regulations processed for the preceding six-month period, which was approximately $195 billion, is an estimate of the Corporation’s maximum potential exposure as of September 30, 2024. The Corporation’s risk in this area primarily relates to circumstances where a cardholder has purchased goods or services for future delivery. The Corporation mitigates this risk by requiring cash deposits, guarantees, letters of credit or other types of collateral from certain merchants. The Corporation’s reserves for contingent losses, and the losses incurred related to the merchant processing activity were not significant.

Representations and Warranties Obligations and Corporate Guarantees

For more information on representations and warranties obligations and corporate guarantees, see Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K.

The reserve for representations and warranties obligations and corporate guarantees was $276 million and $604 million at September 30, 2024 and December 31, 2023 and is included in accrued expenses and other liabilities on the Consolidated Balance Sheet, and the related provision is included in other income in the Consolidated Statement of Income. The representations and warranties reserve represents the Corporation’s best estimate of incurred losses, is based on its experience in previous negotiations, and is subject to judgment, a variety of assumptions and known or unknown uncertainties. Future representations and warranties losses may occur in excess of the amounts recorded for these exposures; however, the Corporation does not expect such amounts to be material to the Corporation's financial condition and liquidity. See Litigation and Regulatory Matters below for the Corporation's combined range of possible loss in excess of the reserve for representations and warranties and the accrued liability for litigation.

Fixed Income Clearing Corporation Sponsored Member Repo Program

The Corporation acts as a sponsoring member in a repo program whereby the Corporation clears certain eligible resale and repurchase agreements through the Government Securities Division of the Fixed Income Clearing Corporation on behalf of clients that are sponsored members in accordance with the Fixed Income Clearing Corporation’s rules. As part of this program, the Corporation guarantees the payment and performance of its sponsored members to the Fixed Income Clearing Corporation. The Corporation’s guarantee obligation is secured by a security interest in cash or high-quality securities collateral placed by clients with the clearinghouse and therefore, the potential for the Corporation to incur significant losses under this arrangement is remote. The Corporation’s maximum potential exposure, without taking into consideration the related collateral, was $197.7 billion and $132.5 billion at September 30, 2024 and December 31, 2023.

Other Guarantees

In the normal course of business, the Corporation periodically guarantees the obligations of its affiliates in a variety of transactions including ISDA-related transactions and non-ISDA related transactions such as commodities trading, repurchase agreements, prime brokerage agreements and other transactions.

Guarantees of Certain Long-term Debt

The Corporation, as the parent company, fully and unconditionally guarantees the securities issued by BofA Finance LLC, a consolidated finance subsidiary of the Corporation, and effectively provides for the full and unconditional guarantee of trust securities and capital securities issued by certain statutory trust companies that are 100 percent owned finance subsidiaries of the Corporation.

Other Contingencies

In 2023, the Federal Deposit Insurance Corporation (FDIC) issued a final rule to impose a special assessment to recover certain estimated losses to the Deposit Insurance Fund (DIF) arising from the closures of Silicon Valley Bank and Signature Bank. The estimated losses will be recovered through quarterly special assessments collected from certain insured depository institutions, including the Corporation, and collection began during the three months ended June 30, 2024. As of September 30, 2024 and December 31, 2023, the Corporation’s accrual for its estimated share of the FDIC special assessment was $2.2 billion and $2.1 billion. The Corporation continues to monitor the FDIC’s estimated loss to the DIF, which could affect the amount of its accrued liability.

Litigation and Regulatory Matters

The following disclosures supplement the disclosure in Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K (the prior commitments and contingencies disclosure).

In the ordinary course of business, the Corporation and its subsidiaries are routinely defendants in or parties to many pending and threatened legal, regulatory and governmental actions and proceedings. In view of the inherent difficulty of predicting the outcome of such matters, particularly where the claimants seek very large or indeterminate damages or where the matters present novel legal theories or involve a large number of parties, the Corporation generally cannot predict the eventual outcome of the pending matters, timing of the ultimate resolution of these matters, or eventual loss, fines or penalties related to each pending matter.

As a matter develops, the Corporation, in conjunction with any outside counsel handling the matter, evaluates whether such matter presents a loss contingency that is probable and estimable, and, for the matters disclosed below and in the prior commitments and contingencies disclosure, whether a loss in excess of any accrued liability is reasonably possible in future periods. Once the loss contingency is deemed to be both probable and estimable, the Corporation will establish an accrued liability and record a corresponding amount of litigation-related expense. The Corporation continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established. Excluding expenses of internal and external legal service providers, litigation and regulatory investigation-related expense of $38 million and $188 million was recognized for the three and nine months ended September 30, 2024 compared to $76 million and $442 million for the same periods in 2023.

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For any matter disclosed in this Note and in the prior commitments and contingencies disclosure for which a loss in future periods is reasonably possible and estimable (whether in excess of an accrued liability or where there is no accrued liability) and for representations and warranties exposures, the Corporation’s estimated range of possible loss is $0 to $0.8 billion in excess of the accrued liability, if any, as of September 30, 2024.

The accrued liability and estimated range of possible loss are based upon currently available information and subject to significant judgment, a variety of assumptions and known and unknown uncertainties. The matters underlying the accrued liability and estimated range of possible loss are unpredictable and may change from time to time, and actual losses may vary significantly from the current estimate and accrual. The estimated range of possible loss does not represent the Corporation’s maximum loss exposure.

Information is provided below and in the prior commitments and contingencies disclosure regarding the nature of the litigation or other contingency and, where specified, associated claimed damages. Based on current knowledge, and taking into account accrued liabilities, management does not believe that loss contingencies arising from pending matters, including the matters described below and in the prior commitments and contingencies disclosure, will have a material adverse effect on the consolidated financial condition or liquidity of the Corporation. However, in light of the significant judgment, variety of assumptions and uncertainties involved in those matters, some of which are beyond the Corporation’s control, and the very large or indeterminate damages sought in some of those matters, an adverse outcome in one or more of those matters could be material to the Corporation’s business or results of operations for any particular reporting period, or cause significant reputational harm.

Bank Secrecy Act/Anti-Money Laundering and Economic Sanctions Compliance

The Corporation has been engaged with several of its federal regulators in relation to certain aspects of the Corporation’s Bank Secrecy Act/anti-money laundering and sanctions compliance programs (Programs), including transaction monitoring, training, governance, and customer due diligence. In cooperation with regulators, the Corporation has been, and plans to continue, implementing enhancements to these Programs. The Corporation is continuing discussions with its regulators about the Programs, and resolution of these discussions may include one or more public orders by the regulators. Based on these discussions, the Corporation does not expect these issues relating to the Programs will have a material adverse financial impact on the Corporation.

CFPB Inquiry Related to Processing Electronic Payments

The Corporation has been responding to an inquiry from the Consumer Financial Protection Bureau (CFPB) regarding the Corporation’s processing of electronic payments of funds through the Zelle network. The CFPB staff has initiated discussions with the Corporation to pursue a resolution of the inquiry or file an enforcement action. The Corporation is evaluating next steps, including litigation.

Deposit Insurance Assessment

On July 1, 2024, the district court judge vacated the magistrate judge’s April 2023 report and recommendation for resolving the parties’ cross-motions for summary judgment, and asked the parties to file new motions, in light of a recent Supreme Court decision. The parties subsequently filed their new summary judgment motions which are pending.

Unemployment Insurance Prepaid Cards

In connection with the multidistrict litigation (MDL) in the U.S. District Court for the Southern District of California, in response to BANA’s partial motion to dismiss, the court dismissed certain claims in the amended complaint and allowed others to proceed, including claims under the Electronic Funds Transfer Act.

NOTE 11 Shareholders’ Equity

Common Stock

Declared Quarterly Cash Dividends on Common Stock (1)

Declaration Date

Record Date

Payment Date

Dividend Per Share

October 16, 2024

December 6, 2024

December 27, 2024

$

0.26

July 24, 2024

September 6, 2024

September 27, 2024

0.26

April 25, 2024

June 7, 2024

June 28, 2024

0.24

January 31, 2024

March 1, 2024

March 29, 2024

0.24

(1) In 2024, and through October 29, 2024.

During the three and nine months ended September 30, 2024, the Corporation repurchased and retired 88 million and 253 million shares of common stock, which reduced shareholders’ equity by $3.5 billion and $9.6 billion, including excise taxes.

During the nine months ended September 30, 2024, in connection with employee stock plans, the Corporation issued 74 million shares of its common stock and, to satisfy tax withholding obligations, repurchased 28 million shares of common stock. At September 30, 2024, the Corporation had reserved 551 million unissued shares of common stock for future issuances under employee stock plans, convertible notes and preferred stock.

On October 16, 2024, the Board of Directors declared a quarterly common stock dividend of $0.26 per share.

Preferred Stock

During the three months ended September 30, 2024, June 30, 2024 and March 31, 2024, the Corporation declared $510 million, $310 million and $532 million of cash dividends on preferred stock, or a total of $1.4 billion for the nine months ended September 30, 2024. During the three months ended September 30, 2024, the Corporation fully redeemed Series X for $2.0 billion, and during the three months ended June 30, 2024, the Corporation fully redeemed Series U for $1.0 billion and Series JJ for $854 million. Additionally, on October 23, 2024, the Corporation fully redeemed Series Z for $1.4 billion. For more information on the Corporation’s preferred stock, including liquidation preference, dividend requirements and redemption period, see Note 13 – Shareholders’ Equity to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K.

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NOTE 12 Accumulated Other Comprehensive Income (Loss)

The table below presents the changes in accumulated OCI after-tax for the nine months ended September 30, 2024 and 2023.

(Dollars in millions)			Debt Securities						Debit Valuation Adjustments						Derivatives						Employee Benefit Plans						Foreign Currency						Total
Balance, December 31, 2022			$	(2,983)					$	(881)					$	(11,935)					$	(4,309)					$	(1,048)					$	(21,156)
Net change			81						(419)						(317)						25						(6)						(636)
Balance, September 30, 2023			$	(2,902)					$	(1,300)					$	(12,252)					$	(4,284)					$	(1,054)					$	(21,792)
Balance, December 31, 2023			$	(2,410)					$	(1,567)					$	(8,016)					$	(4,748)					$	(1,047)					$	(17,788)
Net change			444						(135)						3,100						75						(30)						3,454
Balance, September 30, 2024			$	(1,966)					$	(1,702)					$	(4,916)					$	(4,673)					$	(1,077)					$	(14,334)

The table below presents the net change in fair value recorded in accumulated OCI, net realized gains and losses reclassified into earnings and other changes for each component of OCI pre- and after-tax for the nine months ended September 30, 2024 and 2023.

			Pretax						Tax effect						After- tax						Pretax						Tax effect						After- tax
			Nine Months Ended September 30
(Dollars in millions)			2024																		2023
Debt securities:
Net increase (decrease) in fair value			$	581					$	(142)					$	439					$	(306)					$	84					$	(222)
Net realized (gains) losses reclassified into earnings (1)			6						(1)						5						404						(101)						303
Net change			587						(143)						444						98						(17)						81
Debit valuation adjustments:
Net increase (decrease) in fair value			(191)						48						(143)						(560)						136						(424)
Net realized (gains) losses reclassified into earnings (1)			12						(4)						8						7						(2)						5
Net change			(179)						44						(135)						(553)						134						(419)
Derivatives:
Net increase (decrease) in fair value			1,851						(464)						1,387						(1,027)						261						(766)
Reclassifications into earnings:
Net interest income			2,163						(542)						1,621						616						(153)						463
Market making and similar activities			146						(35)						111						—						—						—
Compensation and benefits expense			(25)						6						(19)						(18)						4						(14)
Net realized (gains) losses reclassified into earnings			2,284						(571)						1,713						598						(149)						449
Net change			4,135						(1,035)						3,100						(429)						112						(317)
Employee benefit plans:
Net actuarial losses and other reclassified into earnings (2)			98						(23)						75						36						(11)						25
Net change			98						(23)						75						36						(11)						25
Foreign currency:
Net increase (decrease) in fair value			33						(70)						(37)						80						(75)						5
Net realized (gains) losses reclassified into earnings (1)			41						(34)						7						(44)						33						(11)
Net change			74						(104)						(30)						36						(42)						(6)
Total other comprehensive income (loss)			$	4,715					$	(1,261)					$	3,454					$	(812)					$	176					$	(636)

(1)    Reclassifications of pretax debt securities, DVA and foreign currency (gains) losses are recorded in other income in the Consolidated Statement of Income.

(2)    Reclassifications of pretax employee benefit plan costs are recorded in other general operating expense in the Consolidated Statement of Income.

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NOTE 13 Earnings Per Common Share

The calculation of earnings per common share (EPS) and diluted EPS for the three and nine months ended September 30, 2024 and 2023 is presented below. For more information on the calculation of EPS, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K.

			Three Months Ended September 30																		Nine Months Ended September 30
(In millions, except per share information)			2024						2023												2024						2023
Earnings per common share
Net income			$	6,896					$	7,802											$	20,467					$	23,371
Preferred stock dividends			(516)						(532)												(1,363)						(1,343)
Net income applicable to common shareholders			$	6,380					$	7,270											$	19,104					$	22,028
Average common shares issued and outstanding			7,818.0						8,017.1												7,894.7						8,041.3
Earnings per common share			$	0.82					$	0.91											$	2.42					$	2.74
Diluted earnings per common share
Net income applicable to common shareholders			$	6,380					$	7,270											$	19,104					$	22,028
Add preferred stock dividends due to assumed conversions			—						—												—						167
Net income allocated to common shareholders			$	6,380					$	7,270											$	19,104					$	22,195
Average common shares issued and outstanding			7,818.0						8,017.1												7,894.7						8,041.3
Dilutive potential common shares (1)			84.1						58.8												70.3						112.1
Total diluted average common shares issued and outstanding			7,902.1						8,075.9												7,965.0						8,153.4
Diluted earnings per common share			$	0.81					$	0.90											$	2.40					$	2.72

(1)Includes incremental dilutive shares from preferred stock, restricted stock units, restricted stock and warrants.

For the three and nine months ended September 30, 2024 and the three months ended September 30, 2023, 62 million average dilutive potential common shares associated with the Series L preferred stock were antidilutive, whereas they were included in the diluted share count under the “if-converted” method for the nine months ended September 30, 2023.

NOTE 14 Fair Value Measurements

Under applicable accounting standards, fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Corporation determines the fair values of its financial instruments under applicable accounting standards and conducts a review of fair value hierarchy classifications on a quarterly basis. Transfers into or out of fair value hierarchy classifications are made if the significant inputs used in the financial models measuring the fair values of the assets and liabilities become unobservable or observable in the current

marketplace. During the nine months ended September 30, 2024, there were no changes to valuation approaches or techniques that had, or are expected to have, a material impact on the Corporation’s consolidated financial position or results of operations.

For more information regarding the fair value hierarchy, how the Corporation measures fair value and valuation techniques, see Note 1 – Summary of Significant Accounting Principles and Note 20 – Fair Value Measurements to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K. The Corporation accounts for certain financial instruments under the fair value option. For more information, see Note 15 – Fair Value Option.

Recurring Fair Value

Assets and liabilities carried at fair value on a recurring basis at September 30, 2024 and December 31, 2023, including financial instruments that the Corporation accounts for under the fair value option, are summarized in the following tables.

89 Bank of America

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			September 30, 2024
			Fair Value Measurements
(Dollars in millions)			Level 1						Level 2						Level 3						Netting Adjustments (1)						Assets/Liabilities at Fair Value
Assets
Time deposits placed and other short-term investments			$	1,174					$	—					$	—					$	—					$	1,174
Federal funds sold and securities borrowed or purchased under agreements to resell			—						523,687						—						(347,458)						176,229
Trading account assets:
U.S. Treasury and government agencies			61,516						154						—						—						61,670
Corporate securities, trading loans and other			—						47,761						1,800						—						49,561
Equity securities			85,151						35,041						251						—						120,443
Non-U.S. sovereign debt			13,665						40,876						341						—						54,882
Mortgage trading loans, MBS and ABS:
U.S. government-sponsored agency guaranteed			—						45,272						4						—						45,276
Mortgage trading loans, ABS and other MBS			—						9,273						1,030						—						10,303
Total trading account assets (2)			160,332						178,377						3,426						—						342,135
Derivative assets			20,477						283,198						3,652						(273,145)						34,182
AFS debt securities:
U.S. Treasury and government agencies			209,247						948						—						—						210,195
Mortgage-backed securities:
Agency			—						34,594						—						—						34,594
Agency-collateralized mortgage obligations			—						16,504						—						—						16,504
Non-agency residential			—						75						221						—						296
Commercial			—						18,793						193						—						18,986
Non-U.S. securities			1,006						21,831						77						—						22,914
Other taxable securities			—						2,609						—						—						2,609
Tax-exempt securities			—						9,621						—						—						9,621
Total AFS debt securities			210,253						104,975						491						—						315,719
Other debt securities carried at fair value:
U.S. Treasury and government agencies			2,384						—						—						—						2,384
Non-agency residential MBS			—						129						137						—						266
Non-U.S. and other securities			793						6,274						—						—						7,067
Total other debt securities carried at fair value			3,177						6,403						137						—						9,717
Loans and leases			—						4,086						86						—						4,172
Loans held-for-sale			—						2,985						156						—						3,141
Other assets (3)			11,617						3,889						1,748						—						17,254
Total assets (4)			$	407,030					$	1,107,600					$	9,696					$	(620,603)					$	903,723
Liabilities
Interest-bearing deposits in U.S. offices			$	—					$	443					$	—					$	—					$	443
Federal funds purchased and securities loaned or sold under agreements to repurchase			—						590,889						—						(347,458)						243,431
Trading account liabilities:
U.S. Treasury and government agencies			14,676						217						—						—						14,893
Equity securities			36,574						6,224						8						—						42,806
Non-U.S. sovereign debt			13,865						12,498						—						—						26,363
Corporate securities and other			—						14,173						71						—						14,244
Mortgage trading loans and ABS			—						10						—						—						10
Total trading account liabilities			65,115						33,122						79						—						98,316
Derivative liabilities			21,189						297,058						5,811						(280,927)						43,131
Short-term borrowings			—						6,478						—						—						6,478
Accrued expenses and other liabilities			12,319						3,707						10						—						16,036
Long-term debt			—						52,975						579						—						53,554
Total liabilities (4)			$	98,623					$	984,672					$	6,479					$	(628,385)					$	461,389

(1)Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties.

(2)Includes securities with a fair value of $18.7 billion that were segregated in compliance with securities regulations or deposited with clearing organizations. This amount is included in the parenthetical disclosure on the Consolidated Balance Sheet. Trading account assets also includes certain commodities inventory of $97 million that is accounted for at the lower of cost or net realizable value, which is the current selling price less any costs to sell.

(3)Includes MSRs, which are classified as Level 3 assets, of $919 million.

(4)Total recurring Level 3 assets were 0.29 percent of total consolidated assets, and total recurring Level 3 liabilities were 0.21 percent of total consolidated liabilities.

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			December 31, 2023
			Fair Value Measurements
(Dollars in millions)			Level 1						Level 2						Level 3						Netting Adjustments (1)						Assets/Liabilities at Fair Value
Assets
Time deposits placed and other short-term investments			$	1,181					$	—					$	—					$	—					$	1,181
Federal funds sold and securities borrowed or purchased under agreements to resell			—						436,340						—						(303,287)						133,053
Trading account assets:
U.S. Treasury and government agencies			65,160						1,963						—						—						67,123
Corporate securities, trading loans and other			—						41,462						1,689						—						43,151
Equity securities			47,431						41,380						187						—						88,998
Non-U.S. sovereign debt			5,517						21,195						396						—						27,108
Mortgage trading loans, MBS and ABS:
U.S. government-sponsored agency guaranteed			—						38,802						2						—						38,804
Mortgage trading loans, ABS and other MBS			—						10,955						1,215						—						12,170
Total trading account assets (2)			118,108						155,757						3,489						—						277,354
Derivative assets			14,676						272,244						3,422						(251,019)						39,323
AFS debt securities:
U.S. Treasury and government agencies			176,764						902						—						—						177,666
Mortgage-backed securities:
Agency			—						37,812						—						—						37,812
Agency-collateralized mortgage obligations			—						2,544						—						—						2,544
Non-agency residential			—						109						273						—						382
Commercial			—						10,435						—						—						10,435
Non-U.S. securities			1,093						21,679						103						—						22,875
Other taxable securities			—						4,835						—						—						4,835
Tax-exempt securities			—						10,100						—						—						10,100
Total AFS debt securities			177,857						88,416						376						—						266,649
Other debt securities carried at fair value:
U.S. Treasury and government agencies			1,690						—						—						—						1,690
Non-agency residential MBS			—						211						69						—						280
Non-U.S. and other securities			1,786						6,447						—						—						8,233
Total other debt securities carried at fair value			3,476						6,658						69						—						10,203
Loans and leases			—						3,476						93						—						3,569
Loans held-for-sale			—						1,895						164						—						2,059
Other assets (3)			8,052						2,152						1,657						—						11,861
Total assets (4)			$	323,350					$	966,938					$	9,270					$	(554,306)					$	745,252
Liabilities
Interest-bearing deposits in U.S. offices			$	—					$	284					$	—					$	—					$	284
Federal funds purchased and securities loaned or sold under agreements to repurchase			—						481,896						—						(303,287)						178,609
Trading account liabilities:
U.S. Treasury and government agencies			14,908						65						—						—						14,973
Equity securities			51,772						4,710						12						—						56,494
Non-U.S. sovereign debt			9,390						6,997						—						—						16,387
Corporate securities and other			—						7,637						39						—						7,676
Total trading account liabilities			76,070						19,409						51						—						95,530
Derivative liabilities			14,375						280,908						5,916						(257,767)						43,432
Short-term borrowings			—						4,680						10						—						4,690
Accrued expenses and other liabilities			8,969						2,483						21						—						11,473
Long-term debt			—						42,195						614						—						42,809
Total liabilities (4)			$	99,414					$	831,855					$	6,612					$	(561,054)					$	376,827

(1)Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties.

(2)Includes securities with a fair value of $18.0 billion that were segregated in compliance with securities regulations or deposited with clearing organizations. This amount is included in the parenthetical disclosure on the Consolidated Balance Sheet. Trading account assets also includes certain commodities inventory of $42 million that is accounted for at the lower of cost or net realizable value, which is the current selling price less any costs to sell.

(3)Includes MSRs, which are classified as Level 3 assets, of $970 million.

(4)Total recurring Level 3 assets were 0.29 percent of total consolidated assets, and total recurring Level 3 liabilities were 0.23 percent of total consolidated liabilities.

The following tables present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and nine months ended September 30, 2024 and 2023, including net realized and unrealized gains (losses) included in earnings and accumulated OCI. Transfers into Level 3 occur primarily due

to decreased price observability, and transfers out of Level 3 occur primarily due to increased price observability. Transfers occur on a regular basis for long-term debt instruments due to changes in the impact of unobservable inputs on the value of the embedded derivative in relation to the instrument as a whole.

91 Bank of America

---

Level 3 – Fair Value Measurements (1)
			Balance June 30						Total Realized/Unrealized Gains  (Losses) in Net  Income (2)			Gains (Losses) in OCI (3)			Gross												Gross Transfers into Level 3			Gross Transfers out of Level 3			Balance September 30			Change in Unrealized Gains (Losses) in Net Income Related to Financial Instruments Still Held (2)
(Dollars in millions)															Purchases			Sales			Issuances			Settlements
Three Months Ended September 30, 2024
Trading account assets:
Corporate securities, trading loans and other			$	1,816					$	80		$	—		$	210		$	(194)		$	21		$	(282)		$	166		$	(17)		$	1,800		$	29
Equity securities			231						2			—			27			(15)			—			—			35			(29)			251			1
Non-U.S. sovereign debt			323						6			5			2			(11)			—			(3)			19			—			341			6
Mortgage trading loans, MBS and ABS			973						(33)			—			87			(68)			—			(13)			128			(40)			1,034			(32)
Total trading account assets			3,343						55			5			326			(288)			21			(298)			348			(86)			3,426			4
Net derivative assets (liabilities) (4)			(2,366)						409			—			264			(413)			—			(148)			(86)			181			(2,159)			562
AFS debt securities:
Non-agency residential MBS			133						(2)			12			—			—			—			(3)			94			(13)			221			(3)
Commercial MBS			170						—			—			25			—			—			(2)			—			—			193			—
Non-U.S. and other taxable securities			78						1			—			—			—			—			(4)			4			(2)			77			—
Total AFS debt securities			381						(1)			12			25			—			—			(9)			98			(15)			491			(3)
Other debt securities carried at fair value – Non-agency residential MBS			53						4			—			—			—			—			—			80			—			137			5
Loans and leases (5,6)			89						2			—			—			—			—			(5)			—			—			86			2
Loans held-for-sale (5)			133						9			—			25			—			—			(11)			—			—			156			5
Other assets (6,7)			1,700						46			5			58			(6)			24			(79)			—			—			1,748			15
Trading account liabilities – Equity securities			(11)						6			—			—			—			—			1			(4)			—			(8)			6
Trading account liabilities – Corporate securities    and other			(72)						(10)			—			(1)			(1)			—			14			(1)			—			(71)			(12)
Short-term borrowings (5)			(8)						1			—			—			—			—			7			—			—			—			1
Accrued expenses and other liabilities (5)			(8)						(3)			—			—			—			—			1			—			—			(10)			(3)
Long-term debt (5)			(588)						4			(2)			—			—			—			7			—			—			(579)			4
Three Months Ended September 30, 2023
Federal funds sold and securities borrowed or purchased under agreements to resell			$	7					$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	(7)		$	—		$	—
Trading account assets:
Corporate securities, trading loans and other			2,100						53			(1)			112			(17)			—			(149)			137			(79)			2,156			16
Equity securities			159						45			—			4			(3)			—			(47)			51			(31)			178			(3)
Non-U.S. sovereign debt			568						16			(14)			2			(3)			—			(203)			—			—			366			16
Mortgage trading loans, MBS and ABS			1,233						(10)			—			40			(101)			—			(8)			90			(35)			1,209			(12)
Total trading account assets			4,060						104			(15)			158			(124)			—			(407)			278			(145)			3,909			17
Net derivative assets (liabilities) (4)			(4,997)						1,445			(235)			613			(395)			—			(577)			(315)			1			(4,460)			1,369
AFS debt securities:
Non-agency residential MBS			288						(2)			(6)			—			—			—			(2)			—			—			278			(2)
Non-U.S. and other taxable securities			184						4			—			—			—			—			(86)			4			—			106			2
Tax-exempt securities			51						—			—			—			—			—			—			—			—			51			—
Total AFS debt securities			523						2			(6)			—			—			—			(88)			4			—			435			—
Other debt securities carried at fair value – Non-agency residential MBS			88						(3)			—			—			—			—			(1)			—			(14)			70			(3)
Loans and leases (5,6)			147						11			—			—			—			—			(29)			—			(22)			107			11
Loans held-for-sale (5)			188						(2)			(2)			—			(4)			—			(9)			—			—			171			(4)
Other assets (6,7)			1,809						115			(8)			168			(303)			27			(82)			—			—			1,726			83
Trading account liabilities – Equity securities			—						—			—			—			—			—			—			(12)			—			(12)			—
Trading account liabilities – Corporate securities    and other			(49)						5			—			(1)			—			—			—			(27)			—			(72)			(1)
Short-term borrowings (5)			(11)						(1)			—			—			—			(6)			7			—			—			(11)			(1)
Accrued expenses and other liabilities (5)			(14)						8			—			—			—			—			—			—			1			(5)			8
Long-term debt (5)			(664)						3			1			—			(4)			—			24			—			—			(640)			3

(1)Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3.

(2)Includes gains (losses) reported in earnings in the following income statement line items: Trading account assets/liabilities - market making and similar activities and other income; Net derivative assets (liabilities) - market making and similar activities and other income; AFS debt securities - other income; Other debt securities carried at fair value - other income; Loans and leases - other income; Loans held-for-sale - other income; Other assets - market making and similar activities and other income primarily related to MSRs; Short-term borrowings - market making and similar activities; Accrued expenses and other liabilities - other income; Long-term debt - market making and similar activities.

(3)Includes unrealized gains (losses) in OCI on AFS debt securities, foreign currency translation adjustments, derivatives designated in cash flow hedges and the impact of changes in the Corporation’s credit spreads on long-term debt accounted for under the fair value option. Amounts include net unrealized gains (losses) of $20 million and $(245) million related to financial instruments still held at September 30, 2024 and 2023.

(4)Net derivative assets (liabilities) include derivative assets of $3.7 billion and $4.6 billion and derivative liabilities of $5.8 billion and $9.1 billion at September 30, 2024 and 2023.

(5)Amounts represent instruments that are accounted for under the fair value option.

(6)Issuances represent loan originations and MSRs recognized following securitizations or whole-loan sales.

(7)Settlements primarily represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time.

						Bank of America 92

---

Level 3 – Fair Value Measurements (1)
			Balance January 1						Total Realized/Unrealized Gains (Losses) in Net Income (2)			Gains (Losses) in OCI (3)			Gross												Gross Transfers into Level 3			Gross Transfers out of Level 3			Balance September 30			Change in Unrealized Gains (Losses) in Net Income Related to Financial Instruments Still Held (2)
(Dollars in millions)															Purchases			Sales			Issuances			Settlements
Nine Months Ended September 30, 2024
Trading account assets:
Corporate securities, trading loans and other			$	1,689					$	104		$	(3)		$	501		$	(322)		$	44		$	(748)		$	681		$	(146)		$	1,800		$	(11)
Equity securities			187						8			—			113			(52)			—			(4)			46			(47)			251			—
Non-U.S. sovereign debt			396						11			(29)			28			(16)			—			(68)			19			—			341			11
Mortgage trading loans, MBS and ABS			1,217						(56)			—			324			(539)			—			(56)			292			(148)			1,034			(76)
Total trading account assets			3,489						67			(32)			966			(929)			44			(876)			1,038			(341)			3,426			(76)
Net derivative assets (liabilities) (4)			(2,494)						915			—			758			(992)			—			(683)			(385)			722			(2,159)			(318)
AFS debt securities:
Non-agency residential MBS			273						7			59			—			—			—			(144)			156			(130)			221			5
Commercial MBS			—						(6)			1			200			—			—			(2)			—			—			193			(6)
Non-U.S. and other taxable securities			103						(6)			—			—			—			—			(18)			5			(7)			77			(2)
Total AFS debt securities			376						(5)			60			200			—			—			(164)			161			(137)			491			(3)
Other debt securities carried at fair value – Non-agency residential MBS			69						7			—			—			—			—			(20)			97			(16)			137			(12)
Loans and leases (5,6)			93						3			—			—			—			1			(11)			—			—			86			3
Loans held-for-sale (5,6)			164						7			(4)			25			—			—			(36)			—			—			156			(1)
Other assets (6,7)			1,657						186			(21)			78			(6)			97			(244)			1			—			1,748			158
Trading account liabilities – Equity securities			(12)						8			—			—			(4)			—			7			(18)			11			(8)			5
Trading account liabilities – Corporate securities    and other			(39)						(28)			—			(4)			(14)			(2)			23			(7)			—			(71)			(31)
Short-term borrowings (5)			(10)						1			—			—			—			(9)			18			—			—			—			1
Accrued expenses and other liabilities (5)			(21)						(12)			—			22			—			—			1			—			—			(10)			(9)
Long-term debt (5)			(614)						35			(19)			—			—			—			20			(1)			—			(579)			36
Nine Months Ended September 30, 2023
Federal funds sold and securities borrowed or purchased under agreements to resell			$	—					$	—		$	—		$	—		$	—		$	—		$	—		$	7		$	(7)		$	—		$	—
Trading account assets:
Corporate securities, trading loans and other			2,384						114			1			336			(172)			14			(601)			331			(251)			2,156			38
Equity securities			145						39			—			20			(47)			—			(59)			134			(54)			178			(10)
Non-U.S. sovereign debt			518						54			22			38			(9)			—			(257)			—			—			366			56
Mortgage trading loans, MBS and ABS			1,552						(38)			—			144			(303)			—			(229)			332			(249)			1,209			(50)
Total trading account assets			4,599						169			23			538			(531)			14			(1,146)			797			(554)			3,909			34
Net derivative assets (liabilities) (4)			(2,893)						(116)			(375)			1,142			(994)			—			(1,372)			(154)			302			(4,460)			(1,794)
AFS debt securities:
Non-agency residential MBS			258						1			26			—			—			—			(7)			—			—			278			1
Non-U.S. and other taxable securities			195						8			7			—			—			—			(101)			4			(7)			106			—
Tax-exempt securities			51						—			—			—			—			—			—			—			—			51			—
Total AFS debt securities			504						9			33			—			—			—			(108)			4			(7)			435			1
Other debt securities carried at fair value – Non-agency residential MBS			119						(4)			—			—			(19)			—			(5)			—			(21)			70			(3)
Loans and leases (5,6)			253						—			—			9			(50)			—			(99)			16			(22)			107			(5)
Loans held-for-sale (5,6)			232						20			2			—			(25)			—			(58)			—			—			171			10
Other assets (6,7)			1,799						223			(1)			174			(302)			71			(240)			2			—			1,726			119
Trading account liabilities – Equity securities			—						—			—			—			—			—			—			(12)			—			(12)			—
Trading account liabilities – Corporate securities    and other			(58)						1			—			(2)			(2)			(1)			2			(33)			21			(72)			(2)
Short-term borrowings (5)			(14)						2			—			—			(13)			(8)			22			—			—			(11)			—
Accrued expenses and other liabilities (5)			(32)						38			—			(12)			—			—			—			—			1			(5)			21
Long-term debt (5)			(862)						154			(20)			(9)			49			—			41			—			7			(640)			158

(1)Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3.

(2)Includes gains (losses) reported in earnings in the following income statement line items: Trading account assets/liabilities - market making and similar activities and other income; Net derivative assets (liabilities) - market making and similar activities and other income; AFS debt securities - other income; Other debt securities carried at fair value - other income; Loans and leases - market making and similar activities and other income; Loans held-for-sale - market making and similar activities and other income; Other assets - market making and similar activities and other income primarily related to MSRs; Short-term borrowings - market making and similar activities; Accrued expenses and other liabilities - other income; Long-term debt - market making and similar activities.

(3)Includes unrealized gains (losses) in OCI on AFS debt securities, foreign currency translation adjustments, derivatives designated in cash flow hedges and the impact of changes in the Corporation’s credit spreads on long-term debt accounted for under the fair value option. Amounts include net unrealized losses of $40 million and $332 million related to financial instruments still held at September 30, 2024 and 2023.

(4)Net derivative assets (liabilities) include derivative assets of $3.7 billion and $4.6 billion and derivative liabilities of $5.8 billion and $9.1 billion at September 30, 2024 and 2023.

(5)Amounts represent instruments that are accounted for under the fair value option.

(6)Issuances represent loan originations and MSRs recognized following securitizations or whole-loan sales.

(7)Settlements primarily represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time.

93 Bank of America

---

The following tables present information about significant unobservable inputs related to the Corporation’s material categories of Level 3 financial assets and liabilities at September 30, 2024 and December 31, 2023.

Quantitative Information about Level 3 Fair Value Measurements at September 30, 2024

(Dollars in millions)

Inputs

Financial Instrument

Fair Value

Valuation Technique

Significant Unobservable Inputs

Ranges of Inputs

Weighted Average (1)

Loans and Securities (2)

Instruments backed by residential real estate assets

$

594

Discounted cash flow, Market comparables

Yield

0% to 20%

8

%

Trading account assets – Mortgage trading loans, MBS and ABS

155

Prepayment speed

0% to 44% CPR

8% CPR

Loans and leases

81

Default rate

0% to 6% CDR

5% CDR

AFS debt securities – Non-agency residential

221

Price

$0 to $116

$72

Other debt securities carried at fair value – Non-agency residential

137

Loss severity

0% to 75%

26

%

Instruments backed by commercial real estate assets

$

449

Discounted cash flow

Yield

0% to 25%

10

%

Trading account assets – Corporate securities, trading loans and other

205

Price

$0 to $103

$78

Trading account assets – Mortgage trading loans, MBS and ABS

51

AFS debt securities – Commercial

193

Commercial loans, debt securities and other

$

3,002

Discounted cash flow, Market comparables

Yield

0% to 29%

15

%

Trading account assets – Corporate securities, trading loans and other

1,595

Prepayment speed

10% to 20%

15

%

Trading account assets – Non-U.S. sovereign debt

341

Default rate

3% to 4%

4

%

Trading account assets – Mortgage trading loans, MBS and ABS

828

Loss severity

35% to 40%

37

%

AFS debt securities – Non-U.S. and other taxable securities

77

Price

$0 to $157

$69

Loans and leases

5

Loans held-for-sale

156

Other assets, primarily auction rate securities

$

829

Discounted cash flow, Market comparables

Price

$10 to $95

$85

Discount rate

10

%

n/a

MSRs

$

919

Discounted cash flow

Weighted-average life, fixed rate (5)

0 to 12 years

6 years

Weighted-average life, variable rate (5)

0 to 11 years

3 years

Option-adjusted spread, fixed rate

7% to 14%

9

%

Option-adjusted spread, variable rate

9% to 15%

11

%

Structured liabilities

Long-term debt

$

(579)

Discounted cash flow, Market comparables, Industry standard derivative pricing (3)

Yield

18% to 28%

21

%

Price

$33 to $100

$91

Natural gas forward price

$2/MMBtu to $7/MMBtu

$3 /MMBtu

Net derivative assets (liabilities)

Credit derivatives

$

25

Discounted cash flow, Stochastic recovery correlation model

Credit spreads

3 to 94 bps

56 bps

Prepayment speed

15% CPR

n/a

Default rate

2% CDR

n/a

Credit correlation

24% to 65%

50

%

Price

$0 to $97

$90

Equity derivatives

$

(1,348)

Industry standard derivative pricing (3)

Equity correlation

0% to 100%

61

%

Long-dated equity volatilities

1% to 116%

33

%

Commodity derivatives

$

(694)

Discounted cash flow, Industry standard derivative pricing (3)

Natural gas forward price

$2/MMBtu to $7/MMBtu

$3 /MMBtu

Power forward price

$23 to $96

$44

Interest rate derivatives

$

(142)

Industry standard derivative pricing (4)

Correlation (IR/IR)

(35)% to 70%

49

%

Correlation (FX/IR)

(25)% to 58%

33

%

Long-dated inflation rates

(1)% to 12%

1

%

Long-dated inflation volatilities

0% to 5%

3

%

Interest rate volatilities

0% to 4%

0

%

Total net derivative assets (liabilities)

$

(2,159)

(1)For loans and securities, structured liabilities and net derivative assets (liabilities), the weighted average is calculated based upon the absolute fair value of the instruments.

(2)The categories are aggregated based upon product type, which differs from financial statement classification. The following is a reconciliation to the line items in the table on page 90: Trading account assets – Corporate securities, trading loans and other of $1.8 billion, Trading account assets – Non-U.S. sovereign debt of $341 million, Trading account assets – Mortgage trading loans, MBS and ABS of $1.0 billion, AFS debt securities of $491 million, Other debt securities carried at fair value - Non-agency residential of $137 million, Other assets, including MSRs, of $1.7 billion, Loans and leases of $86 million and LHFS of $156 million.

(3)Includes models such as Monte Carlo simulation and Black-Scholes.

(4)Includes models such as Monte Carlo simulation, Black-Scholes and other methods that model the joint dynamics of interest, inflation and foreign exchange rates.

(5)The weighted-average life is a product of changes in market rates of interest, prepayment rates and other model and cash flow assumptions.

CPR = Constant Prepayment Rate

CDR = Constant Default Rate

MMBtu = Million British thermal units

IR = Interest Rate

FX = Foreign Exchange

n/a = not applicable

						Bank of America 94

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Quantitative Information about Level 3 Fair Value Measurements at December 31, 2023

(Dollars in millions)

Inputs

Financial Instrument

Fair Value

Valuation Technique

Significant Unobservable Inputs

Ranges of Inputs

Weighted Average (1)

Loans and Securities (2)

Instruments backed by residential real estate assets

$

538

Discounted cash flow, Market comparables

Yield

0% to 22%

9

%

Trading account assets – Mortgage trading loans, MBS and ABS

109

Prepayment speed

1% to 42% CPR

10% CPR

Loans and leases

87

Default rate

0% to 3% CDR

1% CDR

AFS debt securities - Non-agency residential

273

Price

$0 to $115

$70

Other debt securities carried at fair value - Non-agency residential

69

Loss severity

0% to 100%

27

%

Instruments backed by commercial real estate assets

$

363

Discounted cash flow

Yield

0% to 25%

12

%

Trading account assets – Corporate securities, trading loans and other

301

Price

$0 to $100

$75

Trading account assets – Mortgage trading loans, MBS and ABS

62

Commercial loans, debt securities and other

$

3,103

Discounted cash flow, Market comparables

Yield

5% to 59%

13

%

Trading account assets – Corporate securities, trading loans and other

1,388

Prepayment speed

10% to 20%

16

%

Trading account assets – Non-U.S. sovereign debt

396

Default rate

3% to 4%

4

%

Trading account assets – Mortgage trading loans, MBS and ABS

1,046

Loss severity

35% to 40%

37

%

AFS debt securities – Non-U.S. and other taxable securities

103

Price

$0 to $157

$70

Loans and leases

6

Loans held-for-sale

164

Other assets, primarily auction rate securities

$

687

Discounted cash flow, Market comparables

Price

$10 to $95

$85

Discount rate

10%

n/a

MSRs

$

970

Discounted cash flow

Weighted-average life, fixed rate (5)

0 to 14 years

6 years

Weighted-average life, variable rate (5)

0 to 11 years

3 years

Option-adjusted spread, fixed rate

7% to 14%

9

%

Option-adjusted spread, variable rate

9% to 15%

12

%

Structured liabilities

Long-term debt

$

(614)

Discounted cash flow, Market comparables, Industry standard derivative pricing (3)

Yield

58%

n/a

Equity correlation

5% to 97%

25

%

Price

$0 to $100

$90

Natural gas forward price

$1/MMBtu to $7/MMBtu

$4/MMBtu

Net derivative assets (liabilities)

Credit derivatives

$

9

Discounted cash flow, Stochastic recovery correlation model

Credit spreads

2 to 79 bps

59 bps

Prepayment speed

15% CPR

n/a

Default rate

2% CDR

n/a

Credit correlation

22% to 62%

58

%

Price

$0 to $94

$87

Equity derivatives

$

(1,386)

Industry standard derivative pricing (3)

Equity correlation

0% to 99%

67

%

Long-dated equity volatilities

4% to 102%

34

%

Commodity derivatives

$

(633)

Discounted cash flow, Industry standard derivative pricing (3)

Natural gas forward price

$1/MMBtu to $7/MMBtu

$4/MMBtu

Power forward price

$21 to $91

$42

Interest rate derivatives

$

(484)

Industry standard derivative pricing (4)

Correlation (IR/IR)

(35)% to 89%

65

%

Correlation (FX/IR)

(25)% to 58%

35

%

Long-dated inflation rates

G(1)% to 11%

0

%

Long-dated inflation volatilities

0% to 5%

2

%

Interest rates volatilities

0% to 2%

1

%

Total net derivative assets (liabilities)

$

(2,494)

(1)For loans and securities, structured liabilities and net derivative assets (liabilities), the weighted average is calculated based upon the absolute fair value of the instruments.

(2)The categories are aggregated based upon product type, which differs from financial statement classification. The following is a reconciliation to the line items in the table on page 91: Trading account assets – Corporate securities, trading loans and other of $1.7 billion, Trading account assets – Non-U.S. sovereign debt of $396 million, Trading account assets – Mortgage trading loans, MBS and ABS of $1.2 billion, AFS debt securities of $376 million, Other debt securities carried at fair value - Non-agency residential of $69 million, Other assets, including MSRs, of $1.7 billion, Loans and leases of $93 million and LHFS of $164 million.

(3)Includes models such as Monte Carlo simulation and Black-Scholes.

(4)Includes models such as Monte Carlo simulation, Black-Scholes and other methods that model the joint dynamics of interest, inflation and foreign exchange rates.

(5)The weighted-average life is a product of changes in market rates of interest, prepayment rates and other model and cash flow assumptions.

CPR = Constant Prepayment Rate

CDR = Constant Default Rate

MMBtu = Million British thermal units

IR = Interest Rate

FX = Foreign Exchange

n/a = not applicable

95 Bank of America

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Uncertainty of Fair Value Measurements from Unobservable Inputs

For information on the types of instruments, valuation approaches and the impact of changes in unobservable inputs used in Level 3 measurements, see Note 20 – Fair Value Measurements to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K.

Nonrecurring Fair Value

The Corporation holds certain assets that are measured at fair value only in certain situations (e.g., the impairment of an asset), and these measurements are referred to herein as nonrecurring. The amounts below represent assets still held as of the reporting date for which a nonrecurring fair value adjustment was recorded during the three and nine months ended September 30, 2024 and 2023.

Assets Measured at Fair Value on a Nonrecurring Basis
			September 30, 2024												Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
(Dollars in millions)			Level 2						Level 3						Gains (Losses)
Assets
Loans held-for-sale			$	795					$	2,685					$	(62)					$	(160)
Loans and leases (1)			—						89						(10)						(26)
Foreclosed properties (2, 3)			—						149						(17)						(15)
Other assets (4)			1						274						—						(40)
			September 30, 2023												Three Months Ended September 30, 2023						Nine Months Ended September 30, 2023
Assets
Loans held-for-sale			$	276					$	3,066					$	(28)					$	(95)
Loans and leases (1)			—						129						(15)						(36)
Foreclosed properties (2, 3)			—						44						1						(2)
Other assets (4)			31						905						(182)						(189)

(1)Includes $3 million and $7 million of losses on loans that were written down to a collateral value of zero during the three and nine months ended September 30, 2024 compared to losses of $4 million and $8 million for the same periods in 2023.

(2)Amounts are included in other assets on the Consolidated Balance Sheet and represent the carrying value of foreclosed properties that were written down subsequent to their initial classification as foreclosed properties. Losses on foreclosed properties include losses recorded during the first 90 days after transfer of a loan to foreclosed properties.

(3)Excludes $19 million and $33 million of properties acquired upon foreclosure of certain government-guaranteed loans (principally FHA-insured loans) at September 30, 2024 and 2023.

(4)Represents the fair value of certain impaired renewable energy investments.

The table below presents information about significant unobservable inputs utilized in the Corporation's nonrecurring Level 3 fair value measurements during the nine months ended September 30, 2024 and the year ended December 31, 2023.

Quantitative Information about Nonrecurring Level 3 Fair Value Measurements

Inputs

Financial Instrument

Fair Value

Valuation Technique

Significant Unobservable Inputs

Ranges of Inputs

Weighted Average (1)

(Dollars in millions)

Nine Months Ended September 30, 2024

Loans held-for-sale

$

2,685

Pricing model

Implied yield

7% to 23%

n/a

Loans and leases (2)

89

Market comparables

OREO discount

10% to 66%

26

%

Costs to sell

8% to 24%

9

%

Other assets (3)

274

Discounted cash flow

Discount rate

7

%

n/a

Year Ended December 31, 2023

Loans held-for-sale

$

2,793

Pricing model

Implied yield

7% to 23%

n/a

Loans and leases (2)

153

Market comparables

OREO discount

10% to 66%

26

%

Costs to sell

8% to 24%

9

%

Other assets (3)

898

Discounted cash flow

Discount rate

7

%

n/a

(1)The weighted average is calculated based upon the fair value of the loans.

(2)Represents residential mortgages where the loan has been written down to the fair value of the underlying collateral.

(3)Represents the fair value of certain impaired renewable energy investments.

n/a = not applicable

NOTE 15 Fair Value Option

The Corporation elects to account for certain financial instruments under the fair value option. For more information on the primary financial instruments for which the fair value option elections have been made, see Note 21 – Fair Value Option to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K. The following tables provide information about the fair value carrying amount and the

contractual principal outstanding of assets and liabilities accounted for under the fair value option at September 30, 2024 and December 31, 2023, and information about where changes in the fair value of assets and liabilities accounted for under the fair value option are included in the Consolidated Statement of Income for the three and nine months ended September 30, 2024 and 2023.

						Bank of America 96

---

Fair Value Option Elections
			September 30, 2024																		December 31, 2023
(Dollars in millions)			Fair Value  Carrying  Amount						Contractual  Principal  Outstanding						Fair Value Carrying Amount Less  Unpaid Principal						Fair Value Carrying Amount						Contractual  Principal  Outstanding						Fair Value Carrying   Amount Less  Unpaid Principal
Federal funds sold and securities borrowed or purchased under agreements to resell			$	176,229					$	176,255					$	(26)					$	133,053					$	133,001					$	52
Loans reported as trading account assets (1)			9,565						15,991						(6,426)						8,377						15,580						(7,203)
Trading inventory – other			13,731						n/a						n/a						25,282						n/a						n/a
Consumer and commercial loans			4,172						4,049						123						3,569						3,618						(49)
Loans held-for-sale (1)			3,141						3,784						(643)						2,059						2,873						(814)
Other assets			3,289						n/a						n/a						1,986						n/a						n/a
Long-term deposits			443						509						(66)						284						267						17
Federal funds purchased and securities loaned or sold under agreements to repurchase			243,431						243,436						(5)						178,609						178,634						(25)
Short-term borrowings			6,478						6,501						(23)						4,690						4,694						(4)
Unfunded loan commitments			66						n/a						n/a						67						n/a						n/a
Accrued expenses and other liabilities			2,066						2,201						(135)						1,341						1,347						(6)
Long-term debt			53,554						55,209						(1,655)						42,809						46,707						(3,898)

(1)A significant portion of the loans reported as trading account assets and LHFS are distressed loans that were purchased at a deep discount to par, and the remainder are loans with a fair value near contractual principal outstanding.

n/a = not applicable

Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option
			Three Months Ended September 30
			2024																		2023
(Dollars in millions)			Market making  and similar  activities						Other Income						Total						Market making  and similar  activities						Other Income						Total
Federal funds sold and securities borrowed or purchased under agreements to resell			$	169					$	(2)					$	167					$	45					$	(4)					$	41
Loans reported as trading account assets			72						40						112						58						—						58
Trading inventory – other (1)			539						—						539						(900)						—						(900)
Consumer and commercial loans			30						7						37						(50)						15						(35)
Loans held-for-sale (2)			—						23						23						—						(38)						(38)
Short-term borrowings			231						—						231						(1)						—						(1)
Unfunded loan commitments			—						7						7						(1)						7						6
Accrued expenses and other liabilities			13						—						13						197						—						197
Long-term debt (3)			(877)						(4)						(881)						863						(4)						859
Other (4)			(108)						(9)						(117)						(7)						3						(4)
Total			$	69					$	62					$	131					$	204					$	(21)					$	183
			Nine Months Ended September 30
			2024																		2023
Federal funds sold and securities borrowed or purchased under agreements to resell			$	277					$	(6)					$	271					$	27					$	(12)					$	15
Loans reported as trading account assets			77						40						117						208						—						208
Trading inventory – other (1)			1,320						—						1,320						2,065						—						2,065
Consumer and commercial loans			86						26						112						(189)						56						(133)
Loans held-for-sale (2)			—						6						6						—						(22)						(22)
Short-term borrowings			304						—						304						10						—						10
Unfunded loan commitments			—						(13)						(13)						(1)						27						26
Accrued expenses and other liabilities			411						—						411						246						—						246
Long-term debt (3)			(610)						(24)						(634)						361						(27)						334
Other (4)			(192)						(16)						(208)						46						—						46
Total			$	1,673					$	13					$	1,686					$	2,773					$	22					$	2,795

(1)    The gains (losses) in market making and similar activities are primarily offset by (losses) gains on trading liabilities that hedge these assets.

(2)    Includes the value of IRLCs on funded loans, including those sold during the period.

(3)    The net gains (losses) in market making and similar activities relate to the embedded derivatives in structured liabilities and are typically offset by (losses) gains on derivatives and securities that hedge these liabilities. For the cumulative impact of changes in the Corporation’s own credit spreads and the amount recognized in accumulated OCI, see Note 12 – Accumulated Other Comprehensive Income (Loss). For more information on how the Corporation’s own credit spread is determined, see Note 20 – Fair Value Measurements to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K.

(4)    Includes gains (losses) on other assets, long-term deposits and federal funds purchased and securities loaned or sold under agreements to repurchase.

97 Bank of America

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Gains (Losses) Related to Borrower-specific Credit Risk for Assets and Liabilities Accounted for Under the Fair Value Option
			Three Months Ended September 30												Nine Months Ended September 30
(Dollars in millions)			2024						2023						2024						2023
Loans reported as trading account assets			$	48					$	19					$	(16)					$	55
Consumer and commercial loans			7						5						23						41
Loans held-for-sale			7						(17)						6						(17)
Unfunded loan commitments			7						7						(13)						27
Long-term debt			—						—						(3)						—

NOTE 16 Fair Value of Financial Instruments

以下披露包括未按公允價值列賬或僅部分期末餘額在綜合資產負債表中按公允價值列賬的金融工具。某些貸款、存款、長期債務、無資金貸款承諾和其他金融工具根據公允價值選擇權進行覈算。詳細信息請參見 注21 -公允價值期權 公司2023年年度報告的合併財務報表10-k表格。

金融工具的公允價值

下表列出了2024年9月30日和2023年12月31日僅部分期末餘額按公允價值列賬的某些金融工具的公允價值等級的公允價值和公允價值。

金融工具的公允價值
									公平值
			賬面值						2級						3級						總
(百萬美元)			2024年9月30日
金融資產
貸款			$	1,041,712					$	51,661					$	979,150					$	1,030,811
待售貸款			10,351						7,478						2,873						10,351
金融負債
存款 (1)			1,930,352						1,932,749						—						1,932,749
長期債務			296,927						301,702						709						302,411
商業無資金貸款承諾 (2)			1,166						56						3,462						3,518
			2023年12月31日
金融資產
貸款			$	1,020,281					$	49,311					$	949,977					$	999,288
待售貸款			6,002						3,024						2,979						6,003
金融負債
存款 (1)			1,923,827						1,925,015						—						1,925,015
長期債務			302,204						303,070						913						303,983
商業無資金貸款承諾 (2)			1,275						44						3,927						3,971

(1)    包括活期存款美元867.110億美元897.3 十億 沒有 規定到期日爲2024年9月30日和2023年12月31日。

(2) 商業無資金貸款承諾的公允價值計入綜合資產負債表的應計費用和其他負債。公司不會估計消費者無資金貸款承諾的公允價值，因爲在許多情況下，公司可以通過向借款人發出通知來減少或取消這些承諾。有關承諾的更多信息，請參閱 注10 -承諾和或有事項.

附註17 業務分部資料

該公司通過以下方式報告其運營結果 四 業務部門： 消費者銀行, 全球財富與投資管理， 全球銀行和全球市場，其餘操作記錄在 所有其他.詳細信息請參見 注23 -業務分部信息 公司合併財務報表

2023年10-k表格年度報告。 下表列出了業務部門的淨收入（虧損）及其組成部分（以及按FTE計算的淨利息收入， 所有其他 以及總公司）截至2024年9月30日和2023年9月30日的三個月和九個月，以及各業務分部於2024年和2023年9月30日的總資產，以及 所有其他。

						美國銀行 98

---

業務部門和所有其他業績
截至9月30日的三個月									道達爾公司 (1)																		消費者銀行																		全球財富與投資管理
(百萬美元)															2024						2023												2024						2023												2024						2023
淨利息收入															$	14,114					$	14,532											$	8,278					$	8,391											$	1,709					$	1,755
非利息收入															11,378						10,788												2,140						2,081												4,053						3,566
總收入，扣除利息費用															25,492						25,320												10,418						10,472												5,762						5,321
信貸損失準備金															1,542						1,234												1,302						1,397												7						(6)
非利息費用															16,479						15,838												5,534						5,256												4,340						3,950
稅前收入															7,471						8,248												3,582						3,819												1,415						1,377
所得稅開支															575						446												895						955												354						344
淨收入															$	6,896					$	7,802											$	2,687					$	2,864											$	1,061					$	1,033
期末總資產															$	3,324,293					$	3,153,090											$	1,026,293					$	1,062,038											$	328,831					$	333,779
									全球銀行																		全球市場																		所有其他
															2024						2023												2024						2023												2024						2023
淨利息收入															$	3,230					$	3,613											$	898					$	674											$	(1)					$	99
非利息收入															2,604						2,590												4,732						4,268												(2,151)						(1,717)
總收入，扣除利息費用															5,834						6,203												5,630						4,942												(2,152)						(1,618)
信貸損失準備金															229						(119)												7						(14)												(3)						(24)
非利息費用															2,991						2,804												3,443						3,235												171						593
所得稅前收入（損失）															2,614						3,518												2,180						1,721												(2,320)						(2,187)
所得稅費用（福利）															719						950												632						473												(2,025)						(2,276)
淨收益(虧損)															$	1,895					$	2,568											$	1,548					$	1,248											$	(295)					$	89
期末總資產															$	650,936					$	588,578											$	958,227					$	864,792											$	360,006					$	303,903

(1)沒有重大分部間收入。

業務部門和所有其他業績
截至9月30日的九個月									道達爾公司 (1)																		消費者銀行												全球財富與投資管理
(百萬美元)															2024						2023												2024						2023						2024						2023
淨利息收入															$	42,166					$	43,407											$	24,593					$	25,421					$	5,216					$	5,436
非利息收入															34,839						33,637												6,197						6,281						11,711						10,442
總收入，扣除利息費用															77,005						77,044												30,790						31,702						16,927						15,878
信貸損失準備金															4,369						3,290												3,733						3,753						1						32
非利息費用															50,025						48,114												16,473						16,182						12,803						11,942
稅前收入															22,611						25,640												10,584						11,767						4,123						3,904
所得稅開支															2,144						2,269												2,646						2,942						1,031						976
淨收入															$	20,467					$	23,371											$	7,938					$	8,825					$	3,092					$	2,928
期末總資產															$	3,324,293					$	3,153,090											$	1,026,293					$	1,062,038					$	328,831					$	333,779
									全球銀行																		全球市場												所有其他
															2024						2023												2024						2023						2024						2023
淨利息收入															$	9,965					$	11,210											$	2,349					$	1,080					$	43					$	260
非利息收入															7,902						7,658												14,623						14,359						(5,594)						(5,103)
總收入，扣除利息費用															17,867						18,868												16,972						15,439						(5,551)						(4,843)
信貸損失準備金															693						(347)												(42)						(71)						(16)						(77)
非利息費用															8,902						8,563												10,421						9,935						1,426						1,492
稅前收入															8,272						10,652												6,593						5,575						(6,961)						(6,258)
所得稅開支															2,275						2,876												1,912						1,533						(5,720)						(6,058)
淨收益(虧損)															$	5,997					$	7,776											$	4,681					$	4,042					$	(1,241)					$	(200)
期末總資產															$	650,936					$	588,578											$	958,227					$	864,792					$	360,006					$	303,903

(1) There were no material intersegment revenues.

99 Bank of America

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The table below presents noninterest income and the associated components for the three and nine months ended September 30, 2024 and 2023 for each business segment, All Other and the total Corporation. For more information, see Note 2 – Net Interest Income and Noninterest Income.

Noninterest Income by Business Segment and All Other
			Total Corporation																		Consumer Banking																		Global Wealth & Investment Management
			Three Months Ended September 30
(Dollars in millions)			2024						2023												2024						2023												2024						2023
Fees and commissions:
Card income
Interchange fees			$	1,030					$	994											$	824					$	789											$	(5)					$	(5)
Other card income			588						526												578						536												14						14
Total card income			1,618						1,520												1,402						1,325												9						9
Service charges
Deposit-related fees			1,198						1,124												631						605												12						10
Lending-related fees			354						340												—						—												12						10
Total service charges			1,552						1,464												631						605												24						20
Investment and brokerage services
Asset management fees			3,533						3,103												52						51												3,482						3,054
Brokerage fees			1,013						860												28						29												392						342
Total investment and brokerage services			4,546						3,963												80						80												3,874						3,396
Investment banking fees
Underwriting income			742						531												—						—												64						45
Syndication fees			274						209												—						—												—						—
Financial advisory services			387						448												—						—												—						—
Total investment banking fees			1,403						1,188												—						—												64						45
Total fees and commissions			9,119						8,135												2,113						2,010												3,971						3,470
Market making and similar activities			3,278						3,325												5						5												35						34
Other income (loss)			(1,019)						(672)												22						66												47						62
Total noninterest income			$	11,378					$	10,788											$	2,140					$	2,081											$	4,053					$	3,566
			Global Banking																		Global Markets																		All Other (1)
			Three Months Ended September 30
			2024						2023												2024						2023												2024						2023
Fees and commissions:
Card income
Interchange fees			$	197					$	194											$	14					$	16											$	—					$	—
Other card income			3						3												—						—												(7)						(27)
Total card income			200						197												14						16												(7)						(27)
Service charges
Deposit-related fees			534						490												21						19												—						—
Lending-related fees			268						264												74						66												—						—
Total service charges			802						754												95						85												—						—
Investment and brokerage services
Asset management fees			—						—												—						—												(1)						(2)
Brokerage fees			31						14												562						475												—						—
Total investment and brokerage services			31						14												562						475												(1)						(2)
Investment banking fees
Underwriting income			285						230												426						318												(33)						(62)
Syndication fees			147						117												127						92												—						—
Financial advisory services			351						396												36						53												—						(1)
Total investment banking fees			783						743												589						463												(33)						(63)
Total fees and commissions			1,816						1,708												1,260						1,039												(41)						(92)
Market making and similar activities			66						21												3,349						3,195												(177)						70
Other income (loss)			722						861												123						34												(1,933)						(1,695)
Total noninterest income			$	2,604					$	2,590											$	4,732					$	4,268											$	(2,151)					$	(1,717)

(1)All Other includes eliminations of intercompany transactions.

						Bank of America 100

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Noninterest Income by Business Segment and All Other
			Total Corporation																		Consumer Banking																		Global Wealth & Investment Management
			Nine Months Ended September 30
(Dollars in millions)			2024						2023												2024						2023												2024						2023
Fees and commissions:
Card income
Interchange fees			$	2,984					$	2,973											$	2,371					$	2,350											$	(16)					$	(8)
Other card income			1,678						1,562												1,664						1,590												44						41
Total card income			4,662						4,535												4,035						3,940												28						33
Service charges
Deposit-related fees			3,492						3,266												1,823						1,729												33						31
Lending-related fees			1,009						972												—						—												38						26
Total service charges			4,501						4,238												1,823						1,729												71						57
Investment and brokerage services
Asset management fees			10,173						8,990												152						147												10,028						8,848
Brokerage fees			2,880						2,664												84						83												1,153						1,037
Total investment and brokerage services			13,053						11,654												236						230												11,181						9,885
Investment banking fees
Underwriting income			2,512						1,757												—						—												184						124
Syndication fees			886						620												—						—												—						—
Financial advisory services			1,134						1,186												—						—												—						—
Total investment banking fees			4,532						3,563												—						—												184						124
Total fees and commissions			26,748						23,990												6,094						5,899												11,464						10,099
Market making and similar activities			10,464						11,734												16						15												107						100
Other income (loss)			(2,373)						(2,087)												87						367												140						243
Total noninterest income			$	34,839					$	33,637											$	6,197					$	6,281											$	11,711					$	10,442
			Global Banking																		Global Markets																		All Other (1)
			Nine Months Ended September 30
			2024						2023												2024						2023												2024						2023
Fees and commissions:
Card income
Interchange fees			$	578					$	580											$	51					$	51											$	—					$	—
Other card income			8						7												—						—												(38)						(76)
Total card income			586						587												51						51												(38)						(76)
Service charges
Deposit-related fees			1,568						1,446												66						59												2						1
Lending-related fees			759						757												212						189												—						—
Total service charges			2,327						2,203												278						248												2						1
Investment and brokerage services
Asset management fees			—						—												—						—												(7)						(5)
Brokerage fees			70						37												1,573						1,507												—						—
Total investment and brokerage services			70						37												1,573						1,507												(7)						(5)
Investment banking fees
Underwriting income			1,011						742												1,453						1,016												(136)						(125)
Syndication fees			467						345												419						275												—						—
Financial advisory services			990						1,042												144						144												—						—
Total investment banking fees			2,468						2,129												2,016						1,435												(136)						(125)
Total fees and commissions			5,451						4,956												3,918						3,241												(179)						(205)
Market making and similar activities			212						135												10,397						11,002												(268)						482
Other income (loss)			2,239						2,567												308						116												(5,147)						(5,380)
Total noninterest income			$	7,902					$	7,658											$	14,623					$	14,359											$	(5,594)					$	(5,103)

(1) All other includes eliminations of intercompany transactions.

101 Bank of America

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下表列出了 四 業務部門按FTE計算的總收入（扣除利息費用）、合併利潤表的凈利潤和合並資產負債表的總資產。

業務部門協調
						截至9月30日的三個月												截至9月30日的九個月
(百萬美元)						2024						2023						2024						2023
分部總收入，扣除利息費用						$	27,644					$	26,938					$	82,556					$	81,887
調整 (1):
資產和負債管理活動						(183)						28						(323)						(404)
清算業務、沖銷和其他						(1,969)						(1,646)						(5,228)						(4,439)
FTE基礎調整						(147)						(153)						(465)						(422)
合併收入，扣除利息費用						$	25,345					$	25,167					$	76,540					$	76,622
分部凈利潤總額						7,191						7,713						21,708						23,571
調整，扣除稅 (1):
資產和負債管理活動						(138)						16						(247)						(309)
清算業務、沖銷和其他						(157)						73						(994)						109
綜合淨收入						$	6,896					$	7,802					$	20,467					$	23,371
																		九月30
																		2024						2023
分部總資產																		$	2,964,287					$	2,849,187
調整 (1):
資產和負債管理活動，包括證券投資組合																		1,251,025						1,185,910
取消分部資產配置以匹配負債																		(953,618)						(945,715)
其他																		62,599						63,708
綜合總資產																		$	3,324,293					$	3,153,090

(1)調整包括未具體分配給個別業務分部的綜合收入、費用和資產金額。

						美國銀行 102

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詞彙表

Alt-A抵押貸款– 一種美國抵押貸款，被認爲比A級債券或「優質」的風險更高，而比風險最高的類別「次級」的風險更低。通常，Alt-A抵押貸款的特點是借款人的文件不完整，信用評分較低，LTV較高。

資產管理規模(AUM)-在投資諮詢和/或酌情決定權下的資產總市值GWIM它根據資產市值的一定比例產生資產管理費。資產管理反映了通常爲機構、高淨值和零售客戶管理的資產，並通過包括共同基金、其他混合工具和單獨賬戶在內的各種投資產品進行分銷。

銀行賬簿-公司的所有表內和表外金融工具，但爲交易目的持有的頭寸除外。

經紀業務和其他資產 -在經紀賬戶中持有或保管的非可自由支配的客戶資產。

承諾信用風險敞口 -貸款的任何有資金的部分加上貸款的未有資金的部分，貸款人在法律上有義務在規定的期限內根據規定的條件墊付資金。

信用衍生品-合同協議，爲一項或多項涉及的義務提供針對特定信貸事件的保護。

信用估值調整(CVA)-需要進行投資組合調整，以適當反映交易對手的信用風險敞口，作爲衍生工具公允價值的一部分。

借方估值調整(DVA) -所需的投資組合調整，以適當地反映公司自身的信用風險敞口，作爲衍生工具和/或結構性債務公允價值的一部分。

融資估值調整(FVA) -投資組合調整，要求包括無抵押衍生品和衍生品的融資成本，在這些衍生品和衍生品公司不被允許使用其收到的抵押品的情況下。

利率鎖定承諾(IRLC) -與貸款申請人的承諾，其中貸款條件在一段指定的時間內得到擔保，但須經信貸批准。

信用證 -代表客戶向第三方簽發的單據，承諾在提交指定單據時向第三方付款。信用證實際上是用開證人的信用證代替客戶的信用證。

貸款價值比(LTV) -一種常用的信用質量指標。LTV的計算方法是貸款的未償還賬面價值除以擔保貸款的物業的估計價值。

宏觀產品-包括貨幣、利率和大宗商品產品。

應收按金 –由某些經紀賬戶中符合條件的證券擔保的信貸的擴展。

配對圖書-回購和轉售協議或整體資產和負債狀況在規模和/或期限上相似的證券借入和借出交易。一般而言，訂立這些合約是爲了配合本公司賺取利差的客戶。

抵押貸款服務權(MSR)-在標的貸款被出售或證券化時償還抵押貸款的權利。服務包括從借款人收取本金、利息和代管付款，並對本金和利息付款進行會計處理和向投資者匯款。

不良貸款和租賃 -包括被置於非應計項目狀態的貸款和租賃，包括其合同條款已進行重組的非應計項目貸款，其方式是向遇到財務困難的借款人授予特許權。

快速糾正措施(PCA) -由美國銀行業監管機構建立的框架，要求銀行保持一定水平的監管資本比率，包括五類資本：「資本充足」、「資本充足」、「資本不足」、「嚴重資本不足」和「嚴重資本不足」。未能達到某些資本水平的受保存款機構的活動受到越來越嚴格的限制，包括它們進行資本分配、支付管理層薪酬、增加資產和採取其他行動的能力。

次級貸款-雖然沒有對次級貸款(包括次級抵押貸款)的標準行業定義，但該公司將次級貸款定義爲爲風險較高的借款人提供的特定產品。

風險價值（VAR） - VAR是一種模型，模擬一系列假設情景下投資組合的價值，以生成潛在收益和損失的分佈。VAR代表根據歷史數據，在給定信心水平下投資組合預計將經歷的損失。VAR模型是估計我們交易組合潛在損益範圍的有效工具。

103 美國銀行

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關鍵指標

活躍的數字銀行用戶 – 過去90天的移動和/或在線活躍用戶。

活躍的移動銀行用戶 - 過去90天的移動活躍用戶。

賬面價值 - 期末普通股股東權益除以期末已發行普通股。

普通股比率- 期末普通股股東權益除以期末總資產。

存款利差 – 年化淨利息收入除以平均存款。

派息率 - 宣佈的普通股息除以適用於普通股股東的凈利潤。

效率比- 非利息費用除以總收入（扣除利息費用）。

毛利息收益率 - 有效年百分比率除以平均貸款。

凈利息收益率 - 淨利息收入除以平均總生息資產。

營業利潤率 - 所得稅前收入除以總收入（扣除利息費用）。

平均分配資本回報率 – 調整後凈利潤除以分配資本。

平均資產回報率 - 凈利潤除以平均資產總額。

普通股股東平均回報率’ 股權 - 適用於普通股股東的凈利潤除以普通股股東的平均權益。

平均股東回報率’ 股權 - 凈利潤除以平均股東權益。

風險調整後的Margin - 總收入（扣除利息費用）與淨信用損失之間的差額除以平均貸款。

						美國銀行 104

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縮略詞

ABS			資產支持證券
AFS			可供出售
ALM			資產負債管理
奧姆			管理資產
Bana			美國銀行、全國協會
六六六			銀行控股公司
美國銀行			美國銀行證券公司
Bofase			美國銀行證券歐洲SA
BPS			個點子
CCAR			全面的資本分析和審查
CDO			債務抵押債券
CECL			當前預期信用損失
CET1			普通股第1類
CFPB			消費者金融保護局
CFTC			商品期貨交易委員會
CLO			抵押貸款義務
CLTV			合併貸款與價值
CVA			信用估值調整
DIF			存款保險基金
DVA			預設估值調整
易辦事			每股普通股收益
ERC			企業風險委員會
ESG			環境社會及管治
FDIC			聯邦存款保險公司
FHA			聯邦住房管理局
FHLB			聯邦住房貸款銀行
FHLMC			房地美
FICC			固定收益、貨幣和大宗商品
FICO			Fair Isaac Corporation（信用評分）
FNMA			房利美
FTE			完全應稅等值
FVA			資金估值調整
公認會計原則			美國普遍接受的會計原則
GLS			全球流動性來源

GNMA			政府國民抵押貸款協會
GRM			全球風險管理
G-SIB			全球系統重要性銀行
GWIM			全球財富與投資管理
HELOC			房屋淨值信貸額度
HQLA			優質流動性資產
HTM			持有至到期
IRLC			利率鎖定承諾
ISDA			國際掉期和衍生品協會公司
LCR			流動性覆蓋率
LHFS			待售貸款
LTV			Loan-to-value
MBS			抵押貸款支持證券
MD&A			管理層對財務狀況和經營成果的討論和分析
MLI			美林國際
MLPF & S			美林皮爾斯芬納史密斯公司
MSA			大都市統計區
MSR			抵押服務權
NSFR			淨穩定資金比率
OCI			其他全面收益
奧利奧			擁有的其他房地產
PCA			馬上採取糾正行動
RWA			風險加權資產
SBLC			備用信用證
SCB			強調資本緩衝
美國證券交易委員會			證券交易委員會
單反			補充槓桿比率
SOFR			有擔保隔夜融資利率
TLAC			總損失吸收能力
弗吉尼亞州			美國退伍軍人事務部
變量			Value-at-Risk
VIE			可變利息實體

105 Bank of America

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Part II. Other Information

Bank of America Corporation and Subsidiaries

Item 1. Legal Proceedings

See Litigation and Regulatory Matters in Note 10 – Commitments and Contingencies to the Consolidated Financial Statements, which is incorporated by reference in this Item 1, for litigation and regulatory disclosure that supplements the disclosure in Note 12 – Commitments and Contingencies to the

Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K.

Item 1A. Risk Factors

There are no material changes from the risk factors set forth under Part 1, Item 1A. Risk Factors of the Corporation’s 2023 Annual Report on Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The table below presents share repurchase activity for the three months ended September 30, 2024. The primary source of funds for cash distributions by the Corporation to its shareholders is dividends received from its banking subsidiaries. Each of the banking subsidiaries is subject to various regulatory policies and requirements relating to the payment of dividends, including requirements to maintain capital above regulatory minimums. All of the Corporation’s preferred stock outstanding has preference over the Corporation’s common stock with respect to payment of dividends.

(Dollars in millions, except per share information; shares in thousands)			Total Common Shares Repurchased (1,2)						Weighted-Average Per Share Price						Total Shares Purchased as Part of Publicly Announced Programs (2)						Remaining Buyback Authority Amounts (3)
July 1 - 31, 2024			18,876						$	42.86					18,852						$	5,942
August 1 - 31, 2024 (4)			45,284						38.96						43,696						23,389
September 1 - 30, 2024			25,664						39.92						25,644						22,375
Three months ended September 30, 2024			89,824						40.05						88,192

(1)Includes 1.6 million shares of the Corporation’s common stock acquired by the Corporation in connection with satisfaction of tax withholding obligations on vested restricted stock or restricted stock units and certain forfeitures and terminations of employment-related awards and for potential re-issuance to certain employees under equity incentive plans.

(2)In October 2021, the Corporation’s Board of Directors (Board) authorized the repurchase of up to $25 billion of common stock over time (2021 Authorization). Additionally, the Board authorized repurchases to offset shares awarded under equity-based compensation plans. In September 2023, the Board modified the 2021 Authorization, effective October 1, 2023, to include repurchases to offset shares awarded under equity-based compensation plans when determining the remaining repurchase authority (2023 Authorization, and together with the 2021 Authorization, the Modified Authorization). On July 24, 2024, the Board authorized a $25 billion common stock repurchase program, effective August 1, 2024 (2024 Authorization), to replace the Modified Authorization, which expired on August 1, 2024. During the three months ended September 30, 2024, pursuant to the Board’s authorizations, the Corporation repurchased approximately 88 million shares, or $3.5 billion, of its common stock, including repurchases to offset shares awarded under equity-based compensation plans. For more information, see Capital Management – CCAR and Capital Planning in the MD&A on page 21 and Note 11 – Shareholders’ Equity to the Consolidated Financial Statements.

(3)The remaining buyback authority amount for July reflects the remaining buyback authority amount under the Modified Authorization. The remaining buyback authority amounts for August and September reflect the remaining buyback authority amount under the 2024 Authorization.

(4)Total Common Shares Repurchased and Total Shares Repurchased as Part of Publicly Announced Programs include 1.8 million shares repurchased pursuant to the Modified Authorization.

The Corporation did not have any unregistered sales of equity securities during the three months ended September 30, 2024.

Item 5. Other Information

Trading Arrangements

During the fiscal quarter ended September 30, 2024, none of the Corporation’s directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended) adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (in each case, as defined in Item 408 of Regulation S-K) for the purchase or sale of the Corporation’s securities.

Disclosure Pursuant to Section 13(r) of the Securities Exchange Act of 1934

Pursuant to Section 13(r) of the Exchange Act, an issuer is required to disclose in its annual or quarterly reports, as applicable, whether it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating to Iran or with individuals or entities designated pursuant to certain Executive Orders. Disclosure may be required even where the activities, transactions or dealings were conducted in

compliance with applicable law. Except as set forth below, as of the date of this Quarterly Report on Form 10-Q, the Corporation is not aware of any other activity, transaction or dealing by any of its affiliates during the quarter ended September 30, 2024 that requires disclosure under Section 13(r) of the Exchange Act.

During the third quarter of 2024, Bank of America, National Association (BANA), a U.S. subsidiary of Bank of America Corporation, processed 62 authorized wire payments totaling $8,268,181 pursuant to a general license issued by the U.S. Department of the Treasury’s Office of Foreign Assets Control regarding Afghanistan or governing institutions in Afghanistan. These payments for two BANA clients were processed to Afghan state-owned banks, which are subject to Executive Order 13224. 61 of the 62 authorized wire payments originated from one BANA client using two accounts. There was no measurable gross revenue or net profit to the Corporation relating to these transactions, except nominal fees received by BANA for processing payments. The Corporation may in the future engage in similar transactions for its clients to the extent permitted by U.S. law.

						Bank of America 106

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Item 6. Exhibits

												Incorporated by Reference
Exhibit No.						Description			Notes			Form			Exhibit			Filing Date			File No.
3.1						Restated Certificate of Incorporation, as amended and in effect on the date hereof						10-Q			3.1			4/29/22			1-6523
3.2						Amended and Restated Bylaws of the Corporation as in effect on the date hereof						10-Q			3.2			7/30/24			1-6523
22						Subsidiary Issuers of Guaranteed Securities						10-K			22			2/22/23			1-6523
31.1						Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002			1
31.2						Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002			1
32.1						Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002			2
32.2						Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002			2
101.INS						Inline XBRL Instance Document			3
101.SCH						Inline XBRL Taxonomy Extension Schema Document			1
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document			1
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document			1
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document			1
101.DEF						Inline XBRL Taxonomy Extension Definitions Linkbase Document			1
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

(1)Filed herewith.

(2)Furnished herewith. This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

(3)The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Bank of America Corporation Registrant

Date:

October 29, 2024

/s/ Rudolf A. Bless

Rudolf A. Bless  Chief Accounting Officer

107 Bank of America