# EDGAR Filing Document

**Accession Number:** 0000070858
**File Stem:** 0000070858-23-000005
**Filing Date:** 2023-1
**Character Count:** 319068
**Document Hash:** 71dda40aa6e29f664ae3c680124cbcf0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000070858-23-000005.hdr.sgml**: 20230113

**ACCESSION NUMBER**: 0000070858-23-000005

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 78

**CONFORMED PERIOD OF REPORT**: 20230113

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230113

**DATE AS OF CHANGE**: 20230113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BANK OF AMERICA CORP /DE/
- **CENTRAL INDEX KEY:** 0000070858
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **IRS NUMBER:** 560906609
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-06523
- **FILM NUMBER:** 23527121

**BUSINESS ADDRESS:**
- **STREET 1:** BANK OF AMERICA CORPORATE CENTER
- **STREET 2:** 100 N TRYON ST
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28255
- **BUSINESS PHONE:** 7043868486

**MAIL ADDRESS:**
- **STREET 1:** BANK OF AMERICA CORPORATE CENTER
- **STREET 2:** 100 N TRYON ST
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28255

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANKAMERICA CORP/DE/
- **DATE OF NAME CHANGE:** 19981022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NATIONSBANK CORP
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NCNB CORP
- **DATE OF NAME CHANGE:** 19920107

?xml version="1.0" ? bac-20230113

**As filed with the Securities and Exchange Commission on January 13, 2023** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported):

January 13, 2023

**BANK OF AMERICA CORPORATION** 

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Delaware** | **1-6523** | **56-0906609** |
| **(State or Other Jurisdiction of Incorporation)** | **(Commission File Number)** | **(IRS Employer Identification No.)** |

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**100 North Tryon Street** 

**Charlotte, North Carolina 28255** 

**(Address of principal executive offices)**

**(704) 386-5681** 

**(Registrant's telephone number, including area code)**

**Not Applicable** 

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.01 per share | BAC | New York Stock Exchange |
| Depositary Shares, each representing a 1/1,000th interest in a share of Floating Rate Non-Cumulative Preferred Stock, Series E | BAC PrE | New York Stock Exchange |
| Depositary Shares, each representing a 1/1,000th interest in a share of 6.000% Non-Cumulative Preferred Stock, Series GG | BAC PrB | New York Stock Exchange |
| Depositary Shares, each representing a 1/1,000th interest in a share of 5.875% Non-Cumulative Preferred Stock, Series HH | BAC PrK | New York Stock Exchange |
| 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L | BAC PrL | New York Stock Exchange |
| Depositary Shares, each representing a 1/1,200th interest in a share of | BML PrG | New York Stock Exchange |
| Bank of America Corporation Floating Rate Non-Cumulative |  |  |
| Preferred Stock, Series 1 |  |  |
| Depositary Shares, each representing a 1/1,200th interest in a share of | BML PrH | New York Stock Exchange |
| Bank of America Corporation Floating Rate Non-Cumulative |  |  |
| Preferred Stock, Series 2 |  |  |
| Depositary Shares, each representing a 1/1,200th interest in a share of | BML PrJ | New York Stock Exchange |
| Bank of America Corporation Floating Rate Non-Cumulative |  |  |
| Preferred Stock, Series 4 |  |  |
| Depositary Shares, each representing a 1/1,200th interest in a share of | BML PrL | New York Stock Exchange |
| Bank of America Corporation Floating Rate Non-Cumulative  |  |  |
| Preferred Stock, Series 5 |  |  |
| Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIII (and the guarantee related thereto) | BAC/PF | New York Stock Exchange |
| 5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIV (and the guarantee related thereto) | BAC/PG | New York Stock Exchange |
| Income Capital Obligation Notes initially due December 15, 2066 of Bank of America Corporation | MER PrK | New York Stock Exchange |
| Senior Medium-Term Notes, Series A, Step Up Callable Notes, due | BAC/31B | New York Stock Exchange |
| November 28, 2031 of BofA Finance LLC (and the guarantee of the |  |  |
| Registrant with respect thereto) |  |  |
| Depositary Shares, each representing a 1/1,000th interest in a share of 5.375% Non-Cumulative Preferred Stock, Series KK | BAC PrM | New York Stock Exchange |
| Depositary Shares, each representing a 1/1,000th interest in a share of 5.000% Non-Cumulative Preferred Stock, Series LL | BAC PrN | New York Stock Exchange |
| Depositary Shares, each representing a 1/1,000th interest in a share of 4.375% Non-Cumulative Preferred Stock, Series NN | BAC PrO | New York Stock Exchange |
| Depositary Shares, each representing a 1/1,000th interest in a share of 4.125% Non-Cumulative Preferred Stock, Series PP | BAC PrP | New York Stock Exchange |
| Depositary Shares, each representing a 1/1,000th interest in a share of 4.250% Non-Cumulative Preferred Stock, Series QQ | BAC PrQ | New York Stock Exchange |
| Depositary Shares, each representing a 1/1,000th interest in a share of 4.750% Non-Cumulative Preferred Stock, Series SS | BAC PrS | New York Stock Exchange |

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| | |
|:---|:---|
| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2). | |
| Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.**

On January 13, 2023, Bank of America Corporation (the "Corporation") announced financial results for the fourth quarter and year ended December 31, 2022, reporting fourth quarter net income of $7.1 billion, or $0.85 per diluted share, and net income for the year of $27.5 billion, or $3.19 per diluted share. A copy of the press release announcing the Corporation's results for the fourth quarter and year ended December 31, 2022 (the "Press Release") is attached hereto as Exhibit 99.1 and is incorporated by reference in this Item 2.02. The Press Release is available on the Corporation's website.

The information provided in Item 2.02 of this report, including Exhibit 99.1, shall be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

**ITEM 7.01. REGULATION FD DISCLOSURE.**

On January 13, 2023, the Corporation will hold an investor conference call and webcast to discuss financial results for the fourth quarter and year ended December 31, 2022, including the Press Release and other matters relating to the Corporation.

The Corporation has also made available on its website presentation materials containing certain historical and forward-looking information relating to the Corporation (the "Presentation Materials") and materials that contain additional information about the Corporation's financial results for the fourth quarter and year ended December 31, 2022 (the "Supplemental Information"). The Presentation Materials and the Supplemental Information are furnished herewith as Exhibit 99.2 and Exhibit 99.3, respectively, and are incorporated by reference in this Item 7.01. All information in Exhibits 99.2 and 99.3 is presented as of the particular date or dates referenced therein, and the Corporation does not undertake any obligation to, and disclaims any duty to, update any of the information provided.

The information provided in Item 7.01 of this report, including Exhibits 99.2 and 99.3, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall the information or Exhibits 99.2 or 99.3 be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended.

**ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.**

**(d) Exhibits.**

Exhibit 99.1 is filed herewith. Exhibits 99.2 and 99.3 are furnished herewith.

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| | |
|:---|:---|
| **EXHIBIT NO.** | **DESCRIPTION OF EXHIBIT** |
| <u>[99.1](bac-12312022ex991.htm)</u> | <u>[The Press Release](bac-12312022ex991.htm)</u> |
| <u>[99.2](bac-12312022ex992.htm)</u> | <u>[The Presentation Materials](bac-12312022ex992.htm)</u> |
| <u>[99.3](bac-12312022ex993.htm)</u> | <u>[The Supplemental Information](bac-12312022ex993.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL) |

---

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**SIGNATURES**

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

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| | |
|:---|:---|
| **BANK OF AMERICA CORPORATION** | **BANK OF AMERICA CORPORATION** |
| By: | /s/ Rudolf A. Bless |
|  | Rudolf A. Bless |
|  | Chief Accounting Officer |

---

Dated: January 13, 2023

## Exhibit 99.1

![](bac-12312022ex991001.jpg)

1 Q4-22 Financial Highlights2 Q4-22 Business Segment Highlights2,3(B) Consumer Banking Global Wealth and Investment Management Global Banking Global Markets See page 10 for endnotes. Amounts may not total due to rounding. 1 Revenue, net of interest expense 2 Financial Highlights and Business Segment Highlights are compared to the year-ago quarter unless noted. Loan and deposit balances are shown on an average basis unless noted. 3 The Corporation reports the results of operations of its four business segments and All Other on a fully taxable-equivalent (FTE) basis. 4 Sum of ending deposits, loans and leases, including margin receivables, and consumer investments, excluding deposit sweep balances. 5 Represents the percentage of consumer checking accounts that are estimated to be the customer's primary account based on multiple relationship factors (e.g., linked to their direct deposit). 6 Source: Dealogic as of January 2, 2023. 7 Includes repurchases to offset shares awarded under equity-based compensation plans. 8 Return on average tangible common shareholders' equity ratio represents a non-GAAP financial measure. For more information, see page 19. • Net income of $7.1 billion, or $0.85 per diluted share, compared to $7.0 billion, or $0.82 per diluted share for Q4-21 • Pretax income up 1% to $7.9 billion impacted by a reserve build compared to a reserve release in Q4-21(C) – Pretax, pre-provision income(D) increased 23% to $9.0 billion • Revenue, net of interest expense, increased 11% to $24.5 billion – Net interest income (NII)(E) up $3.3 billion, or 29%, to $14.7 billion, driven by benefits from higher interest rates, including lower premium amortization expense, and solid loan growth – Noninterest income of $9.9 billion declined $799 million, or 8%, as declines in investment banking and asset management fees as well as lower service charges more than offset higher sales and trading revenue • Provision for credit losses of $1.1 billion increased $1.6 billion – Net reserve build of $403 million vs. net reserve release of $851 million in Q4-21(C) – Net charge-offs of $689 million increased compared to prior year but remained well below pre-pandemic levels • Noninterest expense increased $812 million, or 6%, to $15.5 billion driven by investments in the franchise across people and technology, partially offset by lower revenue- related incentive compensation; operating leverage of 6%; efficiency ratio of 63% • Average loan and lease balances up $94 billion, or 10%, to $1.0 trillion led by strong commercial loan growth as well as higher credit card balances • Average deposits down $92 billion, or 5%, to $1.9 trillion; End of period balances relatively flat compared to Q3-22 • Average Global Liquidity Sources of $868 billion(F) • Common equity tier 1 (CET1) ratio of 11.2% (Standardized) increased 25 bps from Q3-22(G); returned $12 billion to shareholders in 2022 through common stock dividends and share repurchases7 • Return on average common shareholders' equity ratio of 11.2%; return on average tangible common shareholders' equity ratio of 15.8%8 • Net income of $504 million • Sales and trading revenue up 20% to $3.5 billion, including net debit valuation adjustment (DVA) losses of $193 million; Fixed Income Currencies and Commodities (FICC) revenue up 37% to $2.2 billion and Equities revenue up less than 1% to $1.4 billion • Record Q4-22 sales and trading revenue and highest full-year since 2010 • Excluding net DVA(H), sales and trading revenue up 27% to $3.7 billion; FICC up 49% to $2.3 billion; Equities up 1% to $1.4 billion From Chair and CEO Brian Moynihan: "We ended the year on a strong note growing earnings year over year in the 4th quarter in an increasingly slowing economic environment. The themes in the quarter have been consistent all year as organic growth and rates helped deliver the value of our deposit franchise. That coupled with expense management helped drive operating leverage for the sixth consecutive quarter. Our earnings of $27.5 billion for the year represent one of the best years ever for the bank, reflecting our long-term focus on client relationships and our responsible growth strategy. We believe we are well positioned as we begin 2023 to deliver for our clients, shareholders and the communities we serve." • Net income of $1.2 billion • Client balances of $3.4 trillion, down 12%, driven by lower market valuations, partially offset by positive net client flows • Pretax margin of 29%, down from 30% • Client Activity – AUM balances of $1.4 trillion declined $237 billion; $21 billion of AUM flows since Q4-21 – Average loan and lease balances of $225 billion, up $20 billion, or 10% – Added more than 800 wealth advisors in second half of 2022 – Added more than 9,000 net new relationships across Merrill and Private Bank, up 25% in Q4-22 • Net income of $2.5 billion • Total investment banking fees (excl. self-led) of $1.1 billion, a decrease of 54%, reflecting weaker industry-wide underwriting activity this year • No. 3 in investment banking fees6 for 2022 • Client Activity – Average loan and lease balances of $380 billion, up $42 billion, or 12% – Global Transaction Services revenue of $3.1 billion, up $1.0 billion, or 50% • Record net income of $3.6 billion • Client balances relatively flat at $1.6 trillion4 • Average deposits of more than $1 trillion, up $20 billion, or 2% • Combined credit/debit card spend of $223 billion, up 5% • Client Activity – Added ~195,000 net new Consumer checking accounts in Q4-22; 16th consecutive quarter of growth; added 1.1 million net new Consumer checking accounts in full-year 2022 – Record 35.9 million Consumer checking accounts with 92% being primary5 – Small Business checking accounts of 3.8 million, up 5% – Consumer investment accounts of 3.5 million grew 7%; record client flows of $11 billion in Q4-22 and $28 billion in full-year 2022 – Digital logins ~3 billion while digital sales grew 8% and represented 49% of total sales Bank of America Reports Q4-22 Net Income of $7.1 Billion; EPS of $0.85 Revenue Grew 11%1 led by 29% Improvement in Net Interest Income to $14.7 Billion Sixth Consecutive Quarter of Operating Leverage(A); CET1 Ratio of 11.2% Full-Year 2022 Net Income of $27.5 Billion; EPS of $3.19

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![](bac-12312022ex991002.jpg)

2 Bank of America Financial Highlights ($ in billions, except per share data) Q4-22 Q4-21 Total revenue, net of interest expense $24.5 $22.1 Provision for credit losses 1.1 (0.5) Noninterest expense 15.5 14.7 Pretax income 7.9 7.8 Pretax, pre-provision income1(D) 9.0 7.3 Income tax expense 0.8 0.8 Net Income 7.1 7.0 Diluted earnings per share $0.85 $0.82 ($ in billions, except per share data) FY 2022 FY 2021 Total revenue, net of interest expense $95.0 $89.1 Provision for credit losses 2.5 (4.6) Noninterest expense 61.4 59.7 Pretax income 31.0 34.0 Pretax, pre-provision income1(D) 33.5 29.4 Income tax expense 3.4 2.0 Net Income 27.5 32.0 Diluted earnings per share $3.19 $3.57 1 Pretax, pre-provision income represents a non-GAAP financial measure. For more information, see page 19. From Chief Financial Officer Alastair Borthwick: "Our focus on responsible growth and solid client activity helped produce loan growth and increase net interest income by $3.3 billion versus the year-ago quarter. We passed that along largely to the benefit of shareholders. Asset quality remained strong with loss rates increasing modestly off recent historic lows. Prudent management of capital in the quarter helped us to grow loans, buy back shares and increase our capital buffer on top of our regulatory requirements." Net Interest Income $11.4 $11.6 $12.4 $13.8 $14.7 1.67% 1.69% 1.86% 2.06% 2.22% Net Interest Income Net Interest Yield Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Average Loans and Leases $945 $978 $1,015 $1,034 $1,039 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Spotlight on Loan and NII Growth ($B) 1 1 Fully taxable equivalent (FTE) basis(E)

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![](bac-12312022ex991003.jpg)

3 Consumer Banking1,2 Financial Results Three months ended ($ in millions) 12/31/2022 9/30/2022 12/31/2021 Total revenue2 $10,782 $9,904 $8,912 Provision for credit losses 944 738 32 Noninterest expense 5,100 5,097 4,742 Pretax income 4,738 4,069 4,138 Income tax expense 1,161 997 1,014 Net income $3,577 $3,072 $3,124 Business Highlights3(B) Three months ended ($ in billions) 12/31/2022 9/30/2022 12/31/2021 Average deposits $1,047.1 $1,069.1 $1,026.8 Average loans and leases 300.4 295.2 282.3 Consumer investment assets (EOP)4 319.6 302.4 368.8 Active mobile banking users (MM) 35.5 34.9 33.0 Number of financial centers 3,913 3,932 4,173 Efficiency ratio 47 % 51 % 53 % Return on average allocated capital 35 30 32 Total Consumer Credit Card3 Average credit card outstanding balances $89.6 $85.0 $78.4 Total credit/debit spend 223.0 218.2 211.9 Risk-adjusted margin 9.9 % 10.1 % 10.9 % 1 Comparisons are to the year-ago quarter unless noted. 2 Revenue, net of interest expense. 3 The Consumer credit card portfolio includes Consumer Banking and GWIM. 4 Consumer investment assets includes client brokerage assets, deposit sweep balances and AUM in Consumer Banking. 5 Represents the percentage of consumer checking accounts that are estimated to be the customer's primary account based on multiple relationship factors (e.g., linked to their direct deposit). 6 As of November 2022. Includes clients in Consumer, Small Business and GWIM. 7 Household adoption represents households with consumer bank login activities in a 90-day period, as of November 2022. • Record net income of $3.6 billion increased 15%, as revenue improvement was partially offset by higher provision for credit losses and business investments – Pretax income of $4.7 billion increased 14% – Pretax, pre-provision income(D) of $5.7 billion increased 36% – 7th consecutive quarter of operating leverage(A); efficiency ratio improved to 47% • Revenue of $10.8 billion improved 21% due to increased NII driven by higher interest rates and balances, partially offset by the impact of reduced customer non-sufficient funds and overdraft fees • Provision for credit losses was $944 million, primarily driven by loan growth and a dampened macroeconomic outlook, and increased $912 million from Q4-21 as the prior year benefited from an improved macroeconomic outlook • Noninterest expense of $5.1 billion increased 8% primarily driven by investments in the business, including technology and compensation and benefits Business Highlights1,3(B) • Average deposits exceeded $1 trillion and were up $20 billion, or 2%; 6th straight quarter of average deposits greater than $1 trillion – 56% of deposits in checking accounts; 92% primary accounts5 • Average loans and leases of $300 billion increased $18 billion, or 6% • Consumer investment assets4 of $320 billion declined $49 billion, or 13%, driven by lower market valuations, partially offset by record $28 billion of client flows from new and existing clients – Record 3.5 million consumer investment accounts, up 7% • Combined credit / debit card spend up $11 billion, or 5%; credit up 6% and debit up 5% • 10.2 million Total clients6 enrolled in Preferred Rewards, up 9%, with 99% annualized retention rate Digital Usage Continued to Grow1 • Record 73% of overall households7 actively using digital platforms • Record 44 million active digital banking users, up 7% or ~2.7 million • ~1.6 million digital sales, up 8% • Record 3.0 billion digital logins, up 11% • 18.2 million active Zelle® users sent and received 273 million transfers worth $81 billion, up 25% and 24% YoY, respectively • Clients booked ~809,000 digital appointments Continued Business Leadership • No. 1 in estimated U.S. Retail Deposits(a) • No. 1 Online Banking and Mobile Banking Functionality(b) • No. 1 in customer satisfaction with Merchant Services by J.D. Power(c) • No. 1 Small Business Lender(d) • Best Bank in the U.S.(e) • Best Consumer Digital Bank in the U.S.(f) • Best Bank in the U.S. for Small and Medium Enterprises(g) See page 11 for Business Leadership sources.

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![](bac-12312022ex991004.jpg)

4 Global Wealth and Investment Management1,2 Financial Results Three months ended ($ in millions) 12/31/2022 9/30/2022 12/31/2021 Total revenue2 $5,410 $5,429 $5,402 Provision for credit losses 37 37 (56) Noninterest expense 3,784 3,816 3,834 Pretax income 1,589 1,576 1,624 Income tax expense 389 386 398 Net income $1,200 $1,190 $1,226 Business Highlights(B) Three months ended ($ in billions) 12/31/2022 9/30/2022 12/31/2021 Average deposits $317.8 $339.5 $360.9 Average loans and leases 225.1 223.7 205.2 Total client balances (EOP) 3,386.8 3,248.8 3,840.3 AUM flows 0.1 4.1 21.6 Pretax margin 29 % 29 % 30 % Return on average allocated capital 27 27 30 1 Comparisons are to the year-ago quarter unless noted. 2 Revenue, net of interest expense. Continued Business Leadership • No. 1 on Forbes' Best-in-State Wealth Advisors (2022), Top Women Wealth Advisors (2022), Top Women Wealth Advisors Best-in State (2022), and Top Next Generation Advisors (2022) • No. 1 on Barron's Top 100 Women Financial Advisors List (2022) • No. 1 on Financial Planning's 'Top 40 Advisors Under 40' List (2022) • Celent Model Wealth Manager award for Client Experience (2022) • Aite-Novarica award for Digital Client Experience (2022) • No. 1 in personal trust AUM(h) • Best Private Bank in the U.S. by Family Wealth Report(i) and Global Private Banking(j) • Best Philanthropy Offering by WealthBriefing(k), PWM(l) and Global Finance(m) See page 11 for Business Leadership sources. • Net income of $1.2 billion decreased 2% – Pretax income of $1.6 billion decreased 2% – Pretax, pre-provision income(D) of $1.6 billion increased 4% – 7th consecutive quarter of operating leverage(A) – Pretax margin 29% • Record fourth-quarter revenue of $5.4 billion increased marginally as higher NII was mostly offset by the impact of lower market valuations on noninterest income • Noninterest expense of $3.8 billion decreased 1%, driven by lower revenue-related incentives, partially offset by investments in the business, including strategic hiring and marketing Business Highlights1(B) • Total client balances of $3.4 trillion decreased 12%, driven by lower market valuations, partially offset by net client flows – AUM flows of $21 billion since Q4-21 – Average deposits of $318 billion, decreased $43 billion, or 12% – Average loans and leases of $225 billion increased $20 billion, or 10%, driven by residential mortgage lending, custom lending, and securities-based lending; 51st consecutive quarter of average loan and lease balance growth Merrill Wealth Management Highlights1 Client Activity and Advisor Engagement – Client balances of $2.8 trillion – AUM balances of $1.1 trillion – Added ~8,500 net new households in Q4-22, up 27%, best Q4 ever Strong Digital Usage Continued – 82% of Merrill households digitally active across the enterprise – Continued strength of advisor/client digital communications; 390,000 households exchanged ~1.4 million secure messages – 77% households enrolled in eDelivery; 223,000 planning reports generated, up 26% from Q4-21 – 75% of eligible checks deposited through automated channels – Erica® interactions up 23% Client Engagement – Client balances of $564 billion – AUM balances of $314 billion – Added ~550 net new relationships in Q4-22, up 5% Bank of America Private Bank Highlights1 Strong Digital Usage Continued – Record 86% of clients digitally active across the enterprise – 76% of eligible checks deposited through automated channels – Clients increasingly leveraging the convenience and effectiveness of our digital capabilities: ▪ Record Zelle® transactions up 39% ▪ Record Digital wallet transactions up 60%

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![](bac-12312022ex991005.jpg)

5 Global Banking1,2,3 Financial Results Three months ended ($ in millions) 12/31/2022 9/30/2022 12/31/2021 Total revenue2,3 $6,438 $5,591 $5,907 Provision for credit losses 149 170 (463) Noninterest expense 2,833 2,651 2,717 Pretax income 3,456 2,770 3,653 Income tax expense 916 734 986 Net income $2,540 $2,036 $2,667 Business Highlights2(B) Three months ended ($ in billions) 12/31/2022 9/30/2022 12/31/2021 Average deposits $503.5 $495.2 $562.4 Average loans and leases 380.4 384.3 338.6 Total Corp. IB fees (excl. self- led)2 1.1 1.2 2.4 Global Banking IB fees2 0.7 0.7 1.5 Business Lending revenue 2.7 2.1 2.2 Global Transaction Services revenue4 3.1 2.8 2.1 Efficiency ratio 44 % 47 % 46 % Return on average allocated capital 23 18 25 1 Comparisons are to the year-ago quarter unless noted. 2 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities. 3 Revenue, net of interest expense. 4 Prior periods have been revised to conform to current-period presentation. • Net income of $2.5 billion decreased 5% – Pretax income of $3.5 billion decreased 5% – Pretax, pre-provision income(D) of $3.6 billion increased 13% • Revenue of $6.4 billion increased $531 million driven by higher NII from the benefit of higher interest rates and loan growth, partially offset by lower investment banking fees and lower treasury service charges due to higher earnings credit rates • Provision for credit losses was $149 million, primarily driven by a dampened macroeconomic outlook and loan growth, with an increase of $612 million from Q4-21 as the prior year benefited from asset quality improvement and an improved macroeconomic outlook • Noninterest expense of $2.8 billion increased 4%, primarily reflecting continued investments in the business, including strategic hiring and technology Continued Business Leadership • Global Most Innovative Financial Institution – 2022(m) • World's Best Bank, North America's Best Bank for Small to Medium-sized Enterprises, and Best Bank in the US(n) • Best Global Bank for Payments & Collections(o) • Model Bank for Corporate Digital Banking – For CashPro App(p) • World's Best Bank for Payments and Treasury and North America's Best Bank for Transaction Services(n) • Best Global Bank for Trade Finance FX – 2023 (m) • Outstanding Global Leadership in Sustainable Project Finance, and Outstanding Leadership in Sustainable Finance for North America(m) • Relationships with 73% of the Global Fortune 500; 95% of the U.S. Fortune 1,000 (2022) See page 11 for Business Leadership sources. Strong Digital Usage Continued1 • 75% digitally active clients across commercial, corporate, and business banking clients (CashPro & BA360 platforms) (as of November 2022) • Record quarterly CashPro App Active Users increased 25% and sign-ins increased 50% • Record quarterly CashPro App Payment Approvals value was $186 billion, increased 40% • Record quarterly percentage of eligible credit monitoring documents uploaded digitally at 42%, increased 1,069 bps (as of November 2022) Business Highlights1,2(B) • Average loans and leases of $380 billion increased $42 billion, or 12%, reflecting strong client demand in the first half of 2022 • Average deposits of $503 billion decreased $59 billion, or 10% • Total investment banking fees (excl. self-led) of $1.1 billion decreased $1.3 billion, or 54%

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6 Global Markets1,2,3,6 Financial Results Three months ended ($ in millions) 12/31/2022 9/30/2022 12/31/2021 Total revenue2,3 $3,861 $4,483 $3,818 Net DVA4 (193) (14) 2 Total revenue (excl. net DVA)2,3,4 $4,054 $4,497 $3,816 Provision for credit losses 4 11 32 Noninterest expense 3,171 3,023 2,882 Pretax income 686 1,449 904 Income tax expense 182 384 235 Net income $504 $1,065 $669 Net income (excl. net DVA)4 $650 $1,076 $667 Business Highlights2(B) Three months ended ($ in billions) 12/31/2022 9/30/2022 12/31/2021 Average total assets $857.3 $847.9 $817.0 Average trading-related assets 608.5 592.4 564.3 Average loans and leases 123.0 120.4 102.6 Sales and trading revenue2 3.5 4.1 2.9 Sales and trading revenue (excl. net DVA)2,4(H) 3.7 4.1 2.9 Global Markets IB fees2 0.3 0.4 0.8 Efficiency ratio 82 % 67 % 75 % Return on average allocated capital 5 10 7 1 Comparisons are to the year-ago quarter unless noted. 2 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities. 3 Revenue, net of interest expense. 4 Revenue and net income, excluding net DVA, are non-GAAP financial measures. See endnote H on page 10 for more information. 5 VaR model uses a historical simulation approach based on three years of historical data and an expected shortfall methodology equivalent to a 99% confidence level. Average VaR was $117MM, $117MM and $63MM for Q4-22, Q3-22 and Q4-21, respectively. 6 The explanations for current period-over-period changes for Global Markets are the same for amounts including and excluding net DVA. • Net income of $504 million decreased $165 million, or 25% – Excluding net DVA, net income of $650 million decreased 3%4 • Revenue of $3.9 billion increased 1%, primarily driven by higher sales and trading revenue, partially offset by lower investment banking fees – Excluding net DVA, revenue increased $238 million, or 6%4 • Noninterest expense of $3.2 billion increased $289 million, or 10%, driven by higher activity-related expenses and investments in the business, including technology and strategic hiring • Average VaR of $117 million5 Business Highlights1,2,6(B) • Sales and trading revenue increased 20% to $3.5 billion – FICC revenue increased 37% to $2.2 billion, driven by improved performance across currencies, interest rates, and credit products – Equities revenue increased marginally, or less than 1%, to $1.4 billion • Excluding net DVA, sales and trading revenue increased 27% to $3.7 billion(H) – FICC revenue of $2.3 billion increased 49% – Equities revenue of $1.4 billion increased 1% Additional Highlights • 695+ research analysts covering 3,575+ companies, 1,225+ corporate bond issuers across 57 economies and 24 industries Continued Business Leadership • Americas Derivatives House of the Year and Americas House of the Year for Equity Derivatives, FX Derivatives, Interest Rate Derivatives, and Commodities Derivatives(q) • Interest Rate Derivatives House of the Year(r) • Global Leader for Sustainable Project Finance(m) • Overall Leader for North America in Sustainable Finance(m) • Most Sustainable Banks in North America(s) • Most Impressive Corporate Bond House in Dollars(q) • No. 1 All-America Sales Team in Equities Idea Generation(t) • No. 1 Municipal Bonds Underwriter(u) • No. 2 Global Fixed Income Research Team(t) See page 11 for Business Leadership sources.

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7 All Other1,2 Financial Results Three months ended ($ in millions) 12/31/2022 9/30/2022 12/31/2021 Total revenue2 $(1,836) $(799) $(1,874) Provision for credit losses (42) (58) (34) Noninterest expense 655 716 556 Pretax loss (2,449) (1,457) (2,396) Income tax expense (benefit) (1,760) (1,176) (1,723) Net income (loss) $(689) $(281) $(673) 1 Comparisons are to the year-ago quarter unless noted. 2 Revenue, net of interest expense. Note: All Other primarily consists of asset and liability management (ALM) activities, liquidating businesses and certain expenses not otherwise allocated to a business segment. ALM activities encompass interest rate and foreign currency risk management activities for which substantially all of the results are allocated to our business segments. • Net loss of $689 million was relatively flat compared to net loss of $673 million in Q4-21 • Total corporate effective tax rate (ETR) for the quarter was 9.7%, which included certain discrete tax benefits. – Excluding these discrete tax benefits, the ETR would have been 12.5%. Further excluding the recurring ESG tax credit benefits, the ETR would have been approximately 25% – For the full year, the total corporate ETR was 11.1%. Excluding recurring ESG tax credit benefits and discrete tax benefits, the ETR would have been approximately 25%

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8 Credit Quality1 Highlights Three months ended ($ in millions) 12/31/2022 9/30/2022 12/31/2021 Provision for credit losses $1,092 $898 ($489) Net charge-offs 689 520 362 Net charge-off ratio2 0.26 % 0.20 % 0.15 % At period-end Nonperforming loans and leases $3,808 $3,983 $4,567 Nonperforming loans and leases ratio 0.37 % 0.39 % 0.47 % Allowance for loan and lease losses $12,682 $12,302 $12,387 Allowance for loan and lease losses ratio3 1.22 % 1.20 % 1.28 % 1 Comparisons are to the year-ago quarter unless noted. 2 Net charge-off ratio is calculated as annualized net charge-offs divided by average outstanding loans and leases during the period. 3 Allowance for loan and lease losses ratio is calculated as allowance for loan and lease losses divided by loans and leases outstanding at the end of the period. Note: Ratios do not include loans accounted for under the fair value option. Charge-offs • Total net charge-offs of $689 million increased $169 million, or 33%, from Q3-22 – Consumer net charge-offs of $531 million increased $72 million, primarily driven by higher credit card losses – Credit card loss rate of 1.71% vs. 1.53% in Q3-22, and, pre-pandemic, 3.03% in Q4-19 – Commercial net charge-offs of $158 million increased $97 million Provision for credit losses • Provision for credit losses of $1.1 billion – Net reserve build of $403 million in Q4-22, primarily driven by loan growth and a dampened macroeconomic outlook Allowance for credit losses • Allowance for loan and lease losses of $12.7 billion represented 1.22% of total loans and leases3 – Total allowance of $14.2 billion included $1.5 billion for unfunded commitments • Nonperforming loans decreased $175 million from Q3-22 to $3.8 billion – 61% of Consumer nonperforming loans are contractually current • Commercial reservable criticized utilized exposure of $19.3 billion increased $1.6 billion from Q3-22, primarily driven by U.S. Commercial and Industrial and Commercial Real Estate

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9 Balance Sheet, Liquidity and Capital Highlights ($ in billions except per share data, end of period, unless otherwise noted)(B) Three months ended 12/31/2022 9/30/2022 12/31/2021 Ending Balance Sheet Total assets $3,050.7 $3,073.0 $3,169.5 Total loans and leases 1,045.7 1,032.5 979.1 Total loans and leases in business segments (excluding All Other) 1,035.5 1,022.1 963.3 Total deposits 1,930.3 1,938.1 2,064.4 Average Balance Sheet Average total assets $3,074.3 $3,105.5 $3,164.1 Average loans and leases 1,039.2 1,034.3 945.1 Average deposits 1,925.5 1,962.8 2,017.2 Funding and Liquidity Long-term debt $276.0 $269.1 $280.1 Global Liquidity Sources, average(F) 868 941 1,158 Equity Common shareholders' equity $244.8 $240.4 $245.4 Common equity ratio 8.0 % 7.8 % 7.7 % Tangible common shareholders' equity1 $174.6 $170.2 $175.1 Tangible common equity ratio1 5.9 % 5.7 % 5.7 % Per Share Data Common shares outstanding (in billions) 8.00 8.02 8.08 Book value per common share $30.61 $29.96 $30.37 Tangible book value per common share1 21.83 21.21 21.68 Regulatory Capital(G) CET1 capital $180.1 $175.6 $171.8 Standardized approach Risk-weighted assets $1,604 $1,599 $1,618 CET1 ratio 11.2 % 11.0 % 10.6 % Advanced approaches Risk-weighted assets $1,410 $1,391 $1,399 CET1 ratio 12.8 % 12.6 % 12.3 % Supplementary leverage Supplementary leverage ratio (SLR) 5.9 % 5.8 % 5.5 % 1 Represents a non-GAAP financial measure. For reconciliation, see page 19.

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10 Endnotes Three months ended (Dollars in millions) 12/31/2022 9/30/2022 12/31/2021 Sales and trading revenue Fixed-income, currencies and commodities $2,157 $2,552 $1,573 Equities 1,368 1,540 1,363 Total sales and trading revenue $3,525 $4,092 $2,936 Sales and trading revenue, excluding net debit valuation adjustment1 Fixed-income, currencies and commodities $2,343 $2,567 $1,569 Equities 1,375 1,539 1,365 Total sales and trading revenue, excluding net debit valuation adjustment $3,718 $4,106 $2,934 A Operating leverage is calculated as the year-over-year percentage change in revenue, net of interest expense, less the percentage change in noninterest expense. B We present certain key financial and nonfinancial performance indicators (KPIs) that management uses when assessing consolidated and/or segment results. We believe this information is useful because it provides management and investors with information about underlying operational performance and trends. KPIs are presented in Balance Sheet, Liquidity and Capital Highlights and on the Segment pages for each segment. C Reserve Build (or Release) is calculated by subtracting net charge-offs for the period from the provision for credit losses recognized in that period. The period-end allowance, or reserve, for credit losses reflects the beginning of the period allowance adjusted for net charge-offs recorded in that period plus the provision for credit losses recognized in that period. D Pretax, pre-provision income (PTPI) at the consolidated level, as well as at the segment level, is a non-GAAP financial measure calculated by adjusting the respective entity's pretax income to add back provision for credit losses. Management believes that PTPI (both at the consolidated and segment level) is a useful financial measure as it enables an assessment of the Company's ability to generate earnings to cover credit losses through a credit cycle and provides an additional basis for comparing the Company's results of operations between periods by isolating the impact of provision for credit losses, which can vary significantly between periods. For Reconciliations to GAAP financial measures, see page 19 for Total company and below for segments. 1 For the three months ended December 31, 2022, September 30, 2022 and December 31, 2021, net DVA gains (losses) were $(193) million, $(14) million and $2 million, FICC net DVA gains (losses) were $(186) million, $(15) million and $4 million, and Equities net DVA gains (losses) were $(7) million, $1 million and $(2) million, respectively. (Dollars in millions) Fourth Quarter 2022 Consumer Banking GWIM Global Banking Pretax income $4,738 $1,589 $3,456 Provision for credit losses 944 37 149 Pretax, pre-provision income $5,682 $1,626 $3,605 Third Quarter 2022 Consumer Banking GWIM Global Banking Pretax income $4,069 $1,576 $2,770 Provision for credit losses 738 37 170 Pretax, pre-provision income $4,807 $1,613 $2,940 Fourth Quarter 2021 Consumer Banking GWIM Global Banking Pretax income $4,138 $1,624 $3,653 Provision for credit losses 32 (56) (463) Pretax, pre-provision income $4,170 $1,568 $3,190 E We also measure NII on an FTE basis, which is a non-GAAP financial measure. FTE basis is a performance measure used in operating the business that management believes provides investors with meaningful information on the interest margin for comparative purposes. We believe that this presentation allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practice. NII on an FTE basis was $14.8 billion, $13.9 billion, $12.5 billion, $11.7 billion and $11.5 billion for the three months ended December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively. The FTE adjustment was $123 million, $106 million, $103 million, $106 million and $105 million for the three months ended December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively. F Global Liquidity Sources (GLS) include cash and high-quality, liquid, unencumbered securities, inclusive of U.S. government securities, U.S. agency securities, U.S. agency mortgage-backed securities, and a select group of non-U.S. government and supranational securities, and other investment-grade securities, and are readily available to meet funding requirements as they arise. It does not include Federal Reserve Discount Window or Federal Home Loan Bank borrowing capacity. Transfers of liquidity among legal entities may be subject to certain regulatory and other restrictions. GRegulatR Regulatory capital ratios at December 31, 2022 are preliminary. The Corporation reports regulatory capital ratios under both the Standardized and Advanced approaches. Capital adequacy is evaluated against the lower of the Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements. The Corporation's binding ratio was the Common equity tier 1 ratio under the Standardized approach as of December 31, 2022 and September 30, 2022, and supplementary leverage ratio as of December 31, 2021. H The below table includes Global Markets sales and trading revenue, excluding net DVA, which is a non-GAAP financial measure. We believe that the presentation of measures that exclude this item is useful because such measures provide additional information to assess the underlying operational performance and trends of our businesses and to allow better comparison of period-to-period operating performance.

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11 (a) Estimated U.S. retail deposits based on June 30, 2022 FDIC deposit data. (b) Javelin 2022 Online and Mobile Banking Scorecards. (c) Bank of America received the highest score in the J.D. Power 2022 Merchant Services Satisfaction Study of customers' satisfaction with credit card/debit payment processors among small business owners/operators. Visit jdpower.com/awards for more details. (d) FDIC, 3Q22. (e) Global Finance, May 2022. (f) Global Finance, August 2022. (g) Global Finance, December 2022. (h) Industry Q3-22 FDIC call reports. (i) Family Wealth Report, 2022. (j) Global Private Banking, The Digital Banker, 2022. (k) WealthBriefing, 2022. (l) PWM, 2022. (m) Global Finance, 2022. (n) Euromoney, 2022. (o) Global Finance Treasury & Cash Management Awards, 2022. (p) Celent, 2022. (q) GlobalCapital, 2022. (r) Risk.net, 2022. (s) Capital Monitor, 2022. (t) Institutional Investor, 2022. (u) Refinitiv, 2022 YTD. Business Leadership Sources

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12 Contact Information and Investor Conference Call Invitation Investor Call Information Chief Executive Officer Brian Moynihan and Chief Financial Officer Alastair Borthwick will discuss fourth- quarter 2022 financial results in a conference call at 9:30 a.m. ET today. The presentation and supporting materials can be accessed on the Bank of America Investor Relations website at https://investor.bankofamerica.com. For a listen-only connection to the conference call, dial 1.877.200.4456 (U.S.) or 1.785.424.1732 (international). The conference ID is 79795. Please dial in 10 minutes prior to the start of the call. Investors can access replays of the conference call by visiting the Investor Relations website or by calling 1.800.934.4850 (U.S.) or 1.402.220.1178 (international) from January 13 through 11:59 p.m. ET on January 23. Investors May Contact: Lee McEntire, Bank of America Phone: 1.980.388.6780 lee.mcentire@bofa.com Jonathan G. Blum, Bank of America (Fixed Income) Phone: 1.212.449.3112 jonathan.blum@bofa.com Bank of America Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 16,000 ATMs and award-winning digital banking with approximately 56 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange. Forward-Looking Statements Bank of America Corporation (the "Corporation") and its management may make certain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as "anticipates," "targets," "expects," "hopes," "estimates," "intends," "plans," "goals," "believes," "continue" and other similar expressions or future or conditional verbs such as "will," "may," "might," "should," "would" and "could." Forward-looking statements represent the Corporation's current expectations, plans or forecasts of its future results, revenues, provision for credit losses, expenses, efficiency ratio, capital measures, strategy, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond the Corporation's control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward- looking statements. Reporters May Contact: Bill Halldin, Bank of America Phone: 1.916.724.0093 william.halldin@bofa.com Christopher Feeney, Bank of America Phone: 1.980.386.6794 (office) christopher.feeney@bofa.com

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13 You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties more fully discussed under Item 1A. Risk Factors of the Corporation's 2021 Annual Report on Form 10-K and in any of the Corporation's subsequent Securities and Exchange Commission filings: the Corporation's potential judgments, orders, settlements, penalties, fines and reputational damage resulting from pending or future litigation and regulatory investigations, proceedings and enforcement actions, including as a result of our participation in and execution of government programs related to the Coronavirus Disease 2019 (COVID-19) pandemic, such as the processing of unemployment benefits for California and certain other states; the possibility that the Corporation's future liabilities may be in excess of its recorded liability and estimated range of possible loss for litigation, and regulatory and government actions; the possibility that the Corporation could face increased claims from one or more parties involved in mortgage securitizations; the Corporation's ability to resolve representations and warranties repurchase and related claims; the risks related to the discontinuation of the London Interbank Offered Rate and other reference rates, including increased expenses and litigation and the effectiveness of hedging strategies; uncertainties about the financial stability and growth rates of non-U.S. jurisdictions, the risk that those jurisdictions may face difficulties servicing their sovereign debt, and related stresses on financial markets, currencies and trade, and the Corporation's exposures to such risks, including direct, indirect and operational; the impact of U.S. and global interest rates, inflation, currency exchange rates, economic conditions, trade policies and tensions, including tariffs, and potential geopolitical instability; the impact of the interest rate, inflationary and macroeconomic environment on the Corporation's business, financial condition and results of operations; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. or global economic conditions and other uncertainties, including the impact of supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; potential losses related to the Corporation's concentration of credit risk; the Corporation's ability to achieve its expense targets and expectations regarding revenue, net interest income, provision for credit losses, net charge-offs, effective tax rate, loan growth or other projections; adverse changes to the Corporation's credit ratings from the major credit rating agencies; an inability to access capital markets or maintain deposits or borrowing costs; estimates of the fair value and other accounting values, subject to impairment assessments, of certain of the Corporation's assets and liabilities; the estimated or actual impact of changes in accounting standards or assumptions in applying those standards; uncertainty regarding the content, timing and impact of regulatory capital and liquidity requirements; the impact of adverse changes to total loss- absorbing capacity requirements, stress capital buffer requirements and/or global systemically important bank surcharges; the potential impact of actions of the Board of Governors of the Federal Reserve System on the Corporation's capital plans; the effect of changes in or interpretations of income tax laws and regulations; the impact of implementation and compliance with U.S. and international laws, regulations and regulatory interpretations, including, but not limited to, recovery and resolution planning requirements, Federal Deposit Insurance Corporation assessments, the Volcker Rule, fiduciary standards, derivatives regulations and the Coronavirus Aid, Relief, and Economic Security Act and any similar or related rules and regulations; a failure or disruption in or breach of the Corporation's operational or security systems or infrastructure, or those of third parties, including as a result of cyber-attacks or campaigns; the risks related to the transition and physical impacts of climate change; our ability to achieve environmental, social and governance goals and commitments or the impact of any changes in the Corporation's sustainability strategy or commitments generally; the impact of any future federal government shutdown and uncertainty regarding the federal government's debt limit or changes in fiscal, monetary or regulatory policy; the emergence of widespread health emergencies or pandemics, including the magnitude and duration of the COVID-19 pandemic and its impact on U.S. and/or global financial market conditions and our business, results of operations, financial condition and prospects; the impact of natural disasters, extreme weather events, military conflict (including the Russia/Ukraine conflict, the possible expansion of such conflict and potential geopolitical consequences), terrorism or other geopolitical events; and other matters. Forward-looking statements speak only as of the date they are made, and the Corporation undertakes no obligation to update any forward- looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made. "Bank of America" and "BofA Securities" are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates") or other affiliates, including, in the United States, BofA Securities, Inc., Merrill Lynch Professional Clearing Corp. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, each of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured · May Lose Value · Are Not Bank Guaranteed. Bank of America Corporation's broker-dealers are not banks and are separate legal entities from their bank affiliates. The obligations of the broker-dealers are not obligations of their bank affiliates (unless explicitly stated otherwise), and these bank affiliates are not responsible for securities sold, offered, or recommended by the broker-dealers. The foregoing also applies to other non-bank affiliates. For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom at https://newsroom.bankofamerica.com. www.bankofamerica.com

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Current-period information is preliminary and based on company data available at the time of the presentation. 14 Bank of America Corporation and Subsidiaries Selected Financial Data (In millions, except per share data) Year Ended December 31 Fourth Quarter 2022 Third Quarter 2022 Fourth Quarter 2021Summary Income Statement 2022 2021 Net interest income $52,462 $42,934 $14,681 $13,765 $11,410 Noninterest income 42,488 46,179 9,851 10,737 10,650 Total revenue, net of interest expense 94,950 89,113 24,532 24,502 22,060 Provision for credit losses 2,543 (4,594) 1,092 898 (489) Noninterest expense 61,438 59,731 15,543 15,303 14,731 Income before income taxes 30,969 33,976 7,897 8,301 7,818 Income tax expense 3,441 1,998 765 1,219 805 Net income $27,528 $31,978 $7,132 $7,082 $7,013 Preferred stock dividends and other 1,513 1,421 228 503 240 Net income applicable to common shareholders $26,015 $30,557 $6,904 $6,579 $6,773 Average common shares issued and outstanding 8,113.7 8,493.3 8,088.3 8,107.7 8,226.5 Average diluted common shares issued and outstanding 8,167.5 8,558.4 8,155.7 8,160.8 8,304.7 Summary Average Balance Sheet Total debt securities $922,730 $905,169 $869,084 $901,654 $984,493 Total loans and leases 1,016,782 920,401 1,039,247 1,034,334 945,062 Total earning assets 2,700,860 2,616,428 2,647,712 2,670,578 2,747,769 Total assets 3,135,894 3,034,623 3,074,289 3,105,546 3,164,118 Total deposits 1,986,158 1,914,286 1,925,544 1,962,775 2,017,223 Common shareholders' equity 241,981 249,787 243,647 241,882 246,519 Total shareholders' equity 270,299 273,757 272,629 271,017 270,883 Performance Ratios Return on average assets 0.88 % 1.05 % 0.92 % 0.90 % 0.88 % Return on average common shareholders' equity 10.75 12.23 11.24 10.79 10.90 Return on average tangible common shareholders' equity (1) 15.15 17.02 15.79 15.21 15.25 Per Common Share Information Earnings $3.21 $3.60 $0.85 $0.81 $0.82 Diluted earnings 3.19 3.57 0.85 0.81 0.82 Dividends paid 0.86 0.78 0.22 0.22 0.21 Book value 30.61 30.37 30.61 29.96 30.37 Tangible book value (1) 21.83 21.68 21.83 21.21 21.68 Summary Period-End Balance Sheet December 31 2022 September 30 2022 December 31 2021 Total debt securities $862,819 $879,958 $982,627 Total loans and leases 1,045,747 1,032,466 979,124 Total earning assets 2,640,721 2,639,450 2,803,620 Total assets 3,050,706 3,072,953 3,169,495 Total deposits 1,930,341 1,938,097 2,064,446 Common shareholders' equity 244,800 240,390 245,358 Total shareholders' equity 273,197 269,524 270,066 Common shares issued and outstanding 7,996.8 8,024.5 8,077.8 Year Ended December 31 Fourth Quarter 2022 Third Quarter 2022 Fourth Quarter 2021Credit Quality 2022 2021 Total net charge-offs $2,172 $2,243 $689 $520 $362 Net charge-offs as a percentage of average loans and leases outstanding (2) 0.21 % 0.25 % 0.26 % 0.20 % 0.15 % Provision for credit losses $2,543 $(4,594) $1,092 $898 $(489) December 31 2022 September 30 2022 December 31 2021 Total nonperforming loans, leases and foreclosed properties (3) $3,978 $4,156 $4,697 Nonperforming loans, leases and foreclosed properties as a percentage of total loans, leases and foreclosed properties (3) 0.38 % 0.40 % 0.48 % Allowance for loan and lease losses $12,682 $12,302 $12,387 Allowance for loan and lease losses as a percentage of total loans and leases outstanding (2) 1.22 % 1.20 % 1.28 % For footnotes, see page 15.

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Current-period information is preliminary and based on company data available at the time of the presentation. 15 Bank of America Corporation and Subsidiaries Selected Financial Data (continued) (Dollars in millions) Capital Management December 31 2022 September 30 2022 December 31 2021 Regulatory capital metrics (4): Common equity tier 1 capital $180,060 $175,554 $171,759 Common equity tier 1 capital ratio - Standardized approach 11.2 % 11.0 % 10.6 % Common equity tier 1 capital ratio - Advanced approaches 12.8 12.6 12.3 Tier 1 leverage ratio 7.0 6.8 6.4 Supplementary leverage ratio 5.9 5.8 5.5 Total ending equity to total ending assets ratio 9.0 8.8 8.5 Common equity ratio 8.0 7.8 7.7 Tangible equity ratio (5) 6.8 6.6 6.4 Tangible common equity ratio (5) 5.9 5.7 5.7 (1) Return on average tangible common shareholders' equity and tangible book value per share of common stock are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income. Tangible book value per share provides additional useful information about the level of tangible assets in relation to outstanding shares of common stock. See Reconciliations to GAAP Financial Measures on page 19. (2) Ratios do not include loans accounted for under the fair value option. Charge-off ratios are annualized for the quarterly presentation. (3) Balances do not include past due consumer credit card loans, consumer loans secured by real estate where repayments are insured by the Federal Housing Administration and individually insured long-term stand-by agreements (fully insured home loans), and in general, other consumer and commercial loans not secured by real estate, and nonperforming loans held for sale or accounted for under the fair value option. (4) Regulatory capital ratios at December 31, 2022 are preliminary. Bank of America Corporation reports regulatory capital ratios under both the Standardized and Advanced approaches. Capital adequacy is evaluated against the lower of the Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements. The Corporation's binding ratio was the Common equity tier 1 ratio under the Standardized approach as of December 31, 2022 and September 30, 2022, and supplementary leverage ratio of December 31, 2021. (5) Tangible equity ratio equals period-end tangible shareholders' equity divided by period-end tangible assets. Tangible common equity ratio equals period-end tangible common shareholders' equity divided by period-end tangible assets. Tangible shareholders' equity and tangible assets are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income. See Reconciliations to GAAP Financial Measures on page 19.

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Current-period information is preliminary and based on company data available at the time of the presentation. 16 Bank of America Corporation and Subsidiaries Quarterly Results by Business Segment and All Other (Dollars in millions) Fourth Quarter 2022 Consumer Banking GWIM Global Banking Global Markets All Other Total revenue, net of interest expense $10,782 $5,410 $6,438 $3,861 $(1,836) Provision for credit losses 944 37 149 4 (42) Noninterest expense 5,100 3,784 2,833 3,171 655 Net income (loss) 3,577 1,200 2,540 504 (689) Return on average allocated capital (1) 35 % 27 % 23 % 5 % n/m Balance Sheet Average Total loans and leases $300,360 $225,094 $380,385 $123,022 $10,386 Total deposits 1,047,058 317,849 503,472 37,219 19,946 Allocated capital (1) 40,000 17,500 44,500 42,500 n/m Quarter end Total loans and leases $304,761 $223,910 $379,107 $127,735 $10,234 Total deposits 1,048,799 323,899 498,661 39,077 19,905 Third Quarter 2022 Consumer Banking GWIM Global Banking Global Markets All Other Total revenue, net of interest expense $9,904 $5,429 $5,591 $4,483 $(799) Provision for credit losses 738 37 170 11 (58) Noninterest expense 5,097 3,816 2,651 3,023 716 Net income (loss) 3,072 1,190 2,036 1,065 (281) Return on average allocated capital (1) 30 % 27 % 18 % 10 % n/m Balance Sheet Average Total loans and leases $295,231 $223,734 $384,305 $120,435 $10,629 Total deposits 1,069,093 339,487 495,154 38,820 20,221 Allocated capital (1) 40,000 17,500 44,500 42,500 n/m Quarter end Total loans and leases $297,825 $224,858 $377,711 $121,721 $10,351 Total deposits 1,072,580 324,859 484,309 37,318 19,031 Fourth Quarter 2021 Consumer Banking GWIM Global Banking Global Markets All Other Total revenue, net of interest expense $8,912 $5,402 $5,907 $3,818 $(1,874) Provision for credit losses 32 (56) (463) 32 (34) Noninterest expense 4,742 3,834 2,717 2,882 556 Net income 3,124 1,226 2,667 669 (673) Return on average allocated capital (1) 32 % 30 % 25 % 7 % n/m Balance Sheet Average Total loans and leases $282,332 $205,236 $338,627 $102,627 $16,240 Total deposits 1,026,810 360,912 562,390 43,331 23,780 Allocated capital (1) 38,500 16,500 42,500 38,000 n/m Quarter end Total loans and leases $286,511 $208,971 $352,933 $114,846 $15,863 Total deposits 1,054,995 390,143 551,752 46,374 21,182 (1) Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently. n/m = not meaningful The Company reports the results of operations of its four business segments and All Other on a fully taxable-equivalent (FTE) basis.

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Current-period information is preliminary and based on company data available at the time of the presentation. 17 Bank of America Corporation and Subsidiaries Annual Results by Business Segment and All Other (Dollars in millions) Year Ended December 31, 2022 Consumer Banking GWIM Global Banking Global Markets All Other Total revenue, net of interest expense $38,635 $21,748 $22,229 $18,138 $(5,362) Provision for credit losses 1,980 66 641 28 (172) Noninterest expense 20,077 15,490 10,966 12,420 2,485 Net income (loss) 12,516 4,675 7,807 4,182 (1,652) Return on average allocated capital (1) 31 % 27 % 18 % 10 % n/m Balance Sheet Average Total loans and leases $292,366 $219,810 $375,271 $116,652 $12,683 Total deposits 1,062,561 351,329 511,804 40,382 20,082 Allocated capital (1) 40,000 17,500 44,500 42,500 n/m Year end Total loans and leases $304,761 $223,910 $379,107 $127,735 $10,234 Total deposits 1,048,799 323,899 498,661 39,077 19,905 Year Ended December 31, 2021 Consumer Banking GWIM Global Banking Global Markets All Other Total revenue, net of interest expense $34,005 $20,748 $20,875 $19,255 $(5,343) Provision for credit losses (1,035) (241) (3,201) 65 (182) Noninterest expense 19,290 15,258 10,632 13,032 1,519 Net income 11,891 4,327 9,814 4,557 1,389 Return on average allocated capital (1) 31 % 26 % 23 % 12 % n/m Balance Sheet Average Total loans and leases $284,061 $196,899 $329,655 $91,339 $18,447 Total deposits 983,027 340,124 522,790 51,833 16,512 Allocated capital (1) 38,500 16,500 42,500 38,000 n/m Year end Total loans and leases $286,511 $208,971 $352,933 $114,846 $15,863 Total deposits 1,054,995 390,143 551,752 46,374 21,182 (1) Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently. n/m = not meaningful

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Current-period information is preliminary and based on company data available at the time of the presentation. 18 Bank of America Corporation and Subsidiaries Supplemental Financial Data (Dollars in millions) Year Ended December 31 Fourth Quarter 2022 Third Quarter 2022 Fourth Quarter 2021FTE basis data (1) 2022 2021 Net interest income $52,900 $43,361 $14,804 $13,871 $11,515 Total revenue, net of interest expense 95,388 89,540 24,655 24,608 22,165 Net interest yield 1.96 % 1.66 % 2.22 % 2.06 % 1.67 % Efficiency ratio 64.41 66.71 63.05 62.18 66.46 Other Data December 31 2022 September 30 2022 December 31 2021 Number of financial centers - U.S. 3,913 3,932 4,173 Number of branded ATMs - U.S. 15,528 15,572 16,209 Headcount 216,823 213,270 208,248 (1) FTE basis is a non-GAAP financial measure. FTE basis is a performance measure used by management in operating the business that management believes provides investors with meaningful information on the interest margin for comparative purposes. The Corporation believes that this presentation allows for comparison of amounts from both taxable and tax- exempt sources and is consistent with industry practices. Net interest income includes FTE adjustments of $438 million and $427 million for the years ended December 31, 2022 and 2021, $123 million and $106 million for the fourth and third quarters of 2022, and $105 million for the fourth quarter of 2021.

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Current-period information is preliminary and based on company data available at the time of the presentation. 19 The Corporation evaluates its business based on the following ratios that utilize tangible equity, a non-GAAP financial measure. Tangible equity represents shareholders' equity or common shareholders' equity reduced by goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities ("adjusted" shareholders' equity or common shareholders' equity). Return on average tangible common shareholders' equity measures the Corporation's net income applicable to common shareholders as a percentage of adjusted average common shareholders' equity. The tangible common equity ratio represents adjusted ending common shareholders' equity divided by total tangible assets (total assets less goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities). Return on average tangible shareholders' equity measures the Corporation's net income as a percentage of adjusted average total shareholders' equity. The tangible equity ratio represents adjusted ending shareholders' equity divided by total tangible assets. Tangible book value per common share represents adjusted ending common shareholders' equity divided by ending common shares outstanding. These measures are used to evaluate the Corporation's use of equity. In addition, profitability, relationship and investment models all use return on average tangible shareholders' equity as key measures to support our overall growth goals. See the tables below for reconciliations of these non-GAAP financial measures to the most closely related financial measures defined by GAAP for the years ended December 31, 2022 and 2021, and the three months ended December 31, 2022, September 30, 2022 and December 31, 2021. The Corporation believes the use of these non-GAAP financial measures provides additional clarity in understanding its results of operations and trends. Other companies may define or calculate supplemental financial data differently. Bank of America Corporation and Subsidiaries Reconciliations to GAAP Financial Measures (Dollars in millions, except per share information) Year Ended December 31 Fourth Quarter 2022 Third Quarter 2022 Fourth Quarter 2021 2022 2021 Reconciliation of income before income taxes to pretax, pre-provision income Income before income taxes $30,969 $33,976 $7,897 $8,301 $7,818 Provision for credit losses 2,543 (4,594) 1,092 898 (489) Pretax, pre-provision income $33,512 $29,382 $8,989 $9,199 $7,329 Reconciliation of average shareholders' equity to average tangible shareholders' equity and average tangible common shareholders' equity Shareholders' equity $270,299 $273,757 $272,629 $271,017 $270,883 Goodwill (69,022) (69,005) (69,022) (69,022) (69,022) Intangible assets (excluding mortgage servicing rights) (2,117) (2,177) (2,088) (2,107) (2,166) Related deferred tax liabilities 922 916 914 920 913 Tangible shareholders' equity $200,082 $203,491 $202,433 $200,808 $200,608 Preferred stock (28,318) (23,970) (28,982) (29,134) (24,364) Tangible common shareholders' equity $171,764 $179,521 $173,451 $171,674 $176,244 Reconciliation of period-end shareholders' equity to period-end tangible shareholders' equity and period-end tangible common shareholders' equity Shareholders' equity $273,197 $270,066 $273,197 $269,524 $270,066 Goodwill (69,022) (69,022) (69,022) (69,022) (69,022) Intangible assets (excluding mortgage servicing rights) (2,075) (2,153) (2,075) (2,094) (2,153) Related deferred tax liabilities 899 929 899 915 929 Tangible shareholders' equity $202,999 $199,820 $202,999 $199,323 $199,820 Preferred stock (28,397) (24,708) (28,397) (29,134) (24,708) Tangible common shareholders' equity $174,602 $175,112 $174,602 $170,189 $175,112 Reconciliation of period-end assets to period-end tangible assets Assets $3,050,706 $3,169,495 $3,050,706 $3,072,953 $3,169,495 Goodwill (69,022) (69,022) (69,022) (69,022) (69,022) Intangible assets (excluding mortgage servicing rights) (2,075) (2,153) (2,075) (2,094) (2,153) Related deferred tax liabilities 899 929 899 915 929 Tangible assets $2,980,508 $3,099,249 $2,980,508 $3,002,752 $3,099,249 Book value per share of common stock Common shareholders' equity $244,800 $245,358 $244,800 $240,390 $245,358 Ending common shares issued and outstanding 7,996.8 8,077.8 7,996.8 8,024.5 8,077.8 Book value per share of common stock $30.61 $30.37 $30.61 $29.96 $30.37 Tangible book value per share of common stock Tangible common shareholders' equity $174,602 $175,112 $174,602 $170,189 $175,112 Ending common shares issued and outstanding 7,996.8 8,077.8 7,996.8 8,024.5 8,077.8 Tangible book value per share of common stock $21.83 $21.68 $21.83 $21.21 $21.68

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## Exhibit 99.2

![](bac-12312022ex992001.jpg)

Bank of America 4Q22 Financial Results January 13, 2023

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Note: Amounts may not total due to rounding. N/M stands for not meaningful. 1 For more information on reserve build (release), see note A on slide 38. 2 Represent non-GAAP financial measures. For more information on pretax, pre-provision income and a reconciliation to GAAP, see note B on slide 38. For important presentation information about these measures, see slide 41. Summary Income Statement ($B, except per share data) 4Q22 3Q22 Inc / (Dec) 4Q21 Inc / (Dec) Total Revenue, net of interest expense $24.5 $24.5 $— — % $22.1 $2.5 11 % Provision (benefit) for credit losses 1.1 0.9 0.2 22 (0.5) 1.6 N/M Net charge-offs 0.7 0.5 0.2 33 0.4 0.3 90 Reserve build (release)1 0.4 0.4 — 7 (0.9) 1.3 N/M Noninterest expense 15.5 15.3 0.2 2 14.7 0.8 6 Pretax income 7.9 8.3 (0.4) (5) 7.8 0.1 1 Pretax, pre-provision income2 9.0 9.2 (0.2) (2) 7.3 1.7 23 Income tax expense 0.8 1.2 (0.5) (37) 0.8 — (5) Net income $7.1 $7.1 $0.1 1 $7.0 $0.1 2 Diluted earnings per share $0.85 $0.81 $0.04 5 $0.82 $0.03 4 Average diluted common shares (in millions) 8,156 8,161 (5) — 8,305 (149) (2) Return Metrics and Efficiency Ratio Return on average assets 0.92 % 0.90 % 0.88 % Return on average common shareholders' equity 11.2 10.8 10.9 Return on average tangible common shareholders' equity2 15.8 15.2 15.2 Efficiency ratio 63 62 67 4Q22 Financial Results 2

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![](bac-12312022ex992003.jpg)

4Q22 Highlights (Comparisons to 4Q21, unless otherwise noted) • Net income of $7.1B; diluted earnings per share of $0.85; ROE1 11.2%, ROTCE1,2 15.8% • Revenue, net of interest expense, of $24.5B increased $2.5B, or 11% – Net interest income (NII) of $14.7B ($14.8B FTE2) increased $3.3B, or 29%, driven by benefits from higher interest rates, including lower premium amortization expense, and solid loan growth – Noninterest income of $9.9B decreased $0.8B, or 8%, as declines in investment banking and asset management fees, as well as lower service charges, more than offset higher sales and trading revenue • Provision for credit losses of $1.1B vs. a benefit of $489MM in 4Q21; asset quality remains strong – Reserve build of $403MM vs. release of $851MM in 4Q21; build of $378MM in 3Q223 – Net charge-offs (NCOs) of $689MM3 increased compared to 4Q21 and 3Q22 but remained well below pre-pandemic levels – Net charge-off ratio of 26 bps increased 11 bps vs. 4Q21 and 6 bps from 3Q22 • Noninterest expense of $15.5B increased $0.8B, or 6%, vs. 4Q21 – Generated operating leverage4 for the sixth consecutive quarter (569 bps in 4Q22) • Balance sheet remained strong – Average loans and leases grew $94B from 4Q21 – Average deposits decreased $92B from 4Q21 – Common Equity Tier 1 (CET1) ratio of 11.2% increased 25 bps from 3Q22 – Average Global Liquidity Sources (GLS)5 of $868B – Paid $1.8B in common dividends and repurchased $1.0B of common stock, including repurchases to offset shares awarded under equity-based compensation plans 3 Note: FTE stands for fully taxable-equivalent basis. 1 ROE stands for return on average common shareholders' equity; ROTCE stands for return on average tangible common shareholders' equity. 2 Represent non-GAAP financial measures. For important presentation information about these measures, see slide 41. 3 For more information on reserve build (release), see note A on slide 38. Net charge-offs exclude loans measured at fair value. 4 Operating leverage is calculated as the year-over-year percentage change in revenue, net of interest expense, less the percentage change in noninterest expense. 5 See note C on slide 38 for definition of Global Liquidity Sources.

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![](bac-12312022ex992004.jpg)

Note: Amounts may not total due to rounding. N/M stands for not meaningful. 1 For more information on reserve build (release), see note A on slide 38. 2 Represent non-GAAP financial measures. For more information on pretax, pre-provision income and a reconciliation to GAAP, see note B on slide 38. For important presentation information about these measures, see slide 41. Summary Income Statement ($B, except per share data) 2022 2021 Inc / (Dec) Total Revenue, net of interest expense $95.0 $89.1 $5.8 7 % Provision (benefit) for credit losses 2.5 (4.6) 7.1 N/M Net charge-offs 2.2 2.2 (0.1) (3) Reserve build (release)1 0.4 (6.8) 7.2 N/M Noninterest Expense 61.4 59.7 1.7 3 Pretax Income 31.0 34.0 (3.0) (9) Pretax, pre-provision income2 33.5 29.4 4.1 14 Income tax expense 3.4 2.0 1.4 72 Net income $27.5 $32.0 ($4.5) (14) Diluted earnings per share $3.19 $3.57 ($0.38) (11) Average diluted common shares (in millions) 8,167 8,558 (391) (5) Return Metrics and Efficiency Ratio Return on average assets 0.88 % 1.05 % Return on average common shareholders' equity 10.8 12.2 Return on average tangible common shareholders' equity2 15.1 17.0 Efficiency ratio 65 67 2022 Financial Results 4

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Added nearly 28,000 net new relationships Added more than 800 wealth advisors in 2H221 51 consecutive quarters of average loans and leases growth $87 billion of client flows Over 119,000 new bank accounts in 2022 Continued Organic Growth in 2022 5 Consumer Banking Global Wealth & Investment Management Global Banking Global Markets Added over 1 million net new checking accounts Record 3.5 million consumer investment accounts and $28 billion net client flows Grew digital sales 22% YoY to a record 6.8 million Over 1 billion client interactions with ERICA since launch in June 2018 Grew average loans and leases 14% YoY to $375 billion $10.4 billion Global Transaction Services revenue, up 38% YoY #3 in investment banking fees,2 up from #4 in 2021 Grew CashPro App active users and percentage of credit documents uploaded digitally Grew sales and trading revenue 9% YoY Record 4th quarter sales and trading revenue and highest full year since 2010 Macro trading business revenues3 up 38% YoY Average trading-related assets up 9% Average loans of $117 billion, up 28% 1 Includes advisors across all wealth management businesses in Global Wealth & Investment Management and Consumer Banking. 2 Source: Dealogic as of January 2, 2023. 3 Macro products include currencies, interest rates and commodities products.

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22% 21% 29% 3% 8% 3% 5% 6% 8% 6% 4% 8% 5% 4% 7% 7% 4% 2% 12% 4% 3% 4% 2% 6% 1Q- 15 2Q- 15 3Q- 15 4Q- 15 1Q- 16 2Q- 16 3Q- 16 4Q- 16 1Q- 17 2Q- 17 3Q- 17 4Q- 17 1Q- 18 2Q- 18 3Q- 18 4Q- 18 1Q- 19 2Q- 19 3Q- 21 4Q- 21 1Q- 22 2Q- 22 3Q- 22 4Q- 22 3Q19-2Q21 Break in operating leverage streak Revenue (7%) (5%) (2%) 1% (3%) 1% 3% 2% 7% 7% 1% 7% 4% (1%) 4% 6% —% 2% 12% 10% 2% 6% 8% 11% Expense (29%) (25%) (31%) (2%) (10%) (2%) (1%) (4%) (1%) 1% (3%) (1%) (1%) (5%) (2%) (1%) (4%) —% —% 6% (1%) 2% 6% 6% Continued Quarterly Operating Leverage Streak in 2022 6 Note: Amounts may not total due to rounding. Operating leverage is calculated as the year-over-year percentage change in revenue, net of interest expense, less the percentage change in noninterest expense.

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Consumer Banking ($B) GWIM ($B) Global Banking ($B) Total Corporation ($B) Average Deposit Trends Bank of America Ranked #1 in U.S. Retail Deposit Market Share1 Note: Amounts may not total due to rounding. Total Corporation also includes Global Markets and All Other. 1 Estimated U.S. retail deposits based on June 30, 2022 FDIC deposit data. $361 $385 $364 $339 $318 234 249 232 214 201 127 136 132 125 116 Sweep/Preferred deposits Bank deposits 4Q21 1Q22 2Q22 3Q22 4Q22 $0 $100 $200 $300 $400 $2,017 $2,046 $2,012 $1,963 $1,926 1,211 1,247 1,222 1,225 1,245 806 799 790 738 681 Interest-bearing Noninterest-bearing 4Q21 1Q22 2Q22 3Q22 4Q22 $0 $500 $1,000 $1,500 $2,000 $2,500 $562 $540 $509 $495 $503 165 157 142 171 226 398 383 367 324 278 Interest-bearing Noninterest-bearing 4Q21 1Q22 2Q22 3Q22 4Q22 $0 $200 $400 $600 (6%) (7%) +2% (8%) QoQ (2%) QoQ (6%) QoQ (2%) +32% (14%) (2%) QoQ +2% 7 (2%) $1,027 $1,056 $1,078 $1,069 $1,047 445 458 466 466 454 238 247 249 245 240 344 352 363 359 352 Money market, Savings, CD/IRA Interest checking Noninterest-bearing 4Q21 1Q22 2Q22 3Q22 4Q22 $0 $250 $500 $750 $1,000 $1,250

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$719 $1,938 Interest-bearing Noninterest-bearing Total Fed Funds Target (RHS) 12/31/21 12/30/22 $500 $750 $1,000 $1,250 $1,500 $1,750 $2,000 $2,250 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% Consumer Banking Declined $24B to $1,049B GWIM Declined $1B to $324B Global Banking Increased $14B to $499B Total Deposits of $1,930B Declined $8B in 4Q 2022 Weekly Deposit Trends 8 $506 $543 Non-checking ($B) Checking ($B) 09/30/22 12/30/22 $500 $525 $550 $575 $99 $224 Preferred ($B) Other deposits ($B) 09/30/22 12/30/22 $0 $100 $200 $300 $244 $255 Interest-bearing ($B) Noninterest-bearing ($B) 09/30/22 12/30/22 $150 $200 $250 $300 $350 +25 bps +50 bps +75 bps +75 bps +75 bps +50 bps 9/30/22 $1,930 $1,269 $661 $555 $184 $300 $1,219 $518 +75 bps Note: Amounts may not total due to rounding. Deposit trends represent weekly end-of-period deposit balances. $242 $83 10/28/22 12/02/22 10/28/22 12/02/2210/28/22 12/02/22

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• Total net charge-offs of $689MM1 increased $169MM from 3Q22 – Consumer net charge-offs of $531MM increased $72MM, primarily driven by higher credit card losses – Commercial net charge-offs of $158MM increased $97MM • Net charge-off ratio of 0.26% increased 6 bps from 3Q22 and remained well below pre- pandemic levels • Provision for credit losses of $1.1B – Net reserve build of $403MM in 4Q22, primarily driven by loan growth and a dampened macroeconomic outlook • Allowance for loan and lease losses of $12.7B represented 1.22% of total loans and leases1 – Total allowance of $14.2B included $1.5B for unfunded commitments • Nonperforming loans (NPLs) decreased $0.2B from 3Q22 to $3.8B – 61% of Consumer NPLs are contractually current • Commercial reservable criticized utilized exposure of $19.3B increased $1.6B from 3Q22, primarily driven by U.S. Commercial and Industrial and Commercial Real Estate Asset Quality 1 Excludes loans measured at fair value. Allowance for loan and lease losses ratio is calculated as allowance for loan and lease losses divided by loans and leases outstanding at the end of the period. Provision (Benefit) for Credit Losses ($MM) Net Charge-offs ($MM)1 ($489) $30 $523 $898 $1,092 4Q21 1Q22 2Q22 3Q22 4Q22 ($1,000) ($500) $0 $500 $1,000 $1,500 $362 $392 $571 $520 $689 0.15% 0.16% 0.23% 0.20% 0.26% Net charge-offs Net charge-off ratio 4Q21 1Q22 2Q22 3Q22 4Q22 $0 $200 $400 $600 $800 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 9

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![](bac-12312022ex992010.jpg)

Historical Commercial Net Charge-off Rates 10 Commercial excl. Small Business (SB) Total Commercial 1Q07 4Q22 0.00% 1.00% 2.00% 3.00% 4.00% • Total Commercial annualized net charge-off (NCO) rate has averaged 51 bps since 1Q07 (30 bps excl. Small Business) • During the financial crisis and related periods (1Q08 to 4Q12), the NCO rate averaged 128 bps (80 bps excl. SB) • NCO rate post-financial crisis (1Q13 to 4Q22) averaged 13 bps (8 bps excl. SB) Commercial Net Charge-off Rate Financial crisis average 1.28% Pre-pandemic average 0.13% 0.11% 0.08% 1Q08 4Q12 1Q20 Note: Net charge-off rates are calculated as annualized net charge-offs divided by average outstanding loans and leases, excluding loans accounted for under the fair value option.

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![](bac-12312022ex992011.jpg)

Historical Consumer Net Charge-off Rates 11 • Since the beginning of 2004, total Consumer net charge-off rate has averaged 1.6% • During the financial crisis and related periods (1Q08 to 4Q12), the NCO rate averaged 3.6% and peaked at 6.0% in 3Q09 • NCO rate post-financial crisis (1Q13 to 4Q22) averaged 0.7% Consumer Net Charge-off Rate 0.5% 1Q04 4Q22 0.0% 2.5% 5.0% 7.5% Pre-crisis average 1.3% Financial crisis average 3.6% Pre-pandemic average 0.8% Note: Net charge-off rates are calculated as annualized net charge-offs divided by average outstanding loans and leases, excluding loans accounted for under the fair value option. For comparative presentation, periods prior to 2010 include net charge-offs on loans and leases held for investment and realized credit losses related to securitized loan portfolios that were consolidated on January 1, 2010 upon adoption of FAS 166/167. 1Q08 4Q12 1Q20

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Historical U.S. Credit Card Net Charge-off Rates 12 U.S. Credit Card Net Charge-off Rate 1.7% 1Q04 4Q22 0.0% 5.0% 10.0% 15.0% 20.0% Pre-crisis average 5.2% Financial crisis average 8.3% Pre-pandemic average 3.0% • Since the beginning of 2004, U.S. Credit Card net charge-off rate has averaged 4.7% • During the financial crisis and related periods (1Q08 to 4Q12), the NCO rate averaged 8.3% and peaked at 13.9% in 3Q09 • NCO rate post-financial crisis (1Q13 to 4Q22) averaged 2.7% 1Q08 4Q12 1Q20 Note: Net charge-off rates are calculated as annualized net charge-offs divided by average outstanding loans and leases, excluding loans accounted for under the fair value option. For comparative presentation, periods prior to 2010 include net charge-offs on loans and leases held for investment and realized credit losses related to securitized loan portfolios that were consolidated on January 1, 2010 upon adoption of FAS 166/167.

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Balance Sheet Metrics 4Q22 3Q22 4Q21 Basel 3 Capital ($B)5 4Q22 3Q22 4Q21 Assets ($B) Common equity tier 1 capital $180 $176 $172 Total assets $3,051 $3,073 $3,169 Standardized approach Total loans and leases 1,046 1,032 979 Risk-weighted assets (RWA) $1,604 $1,599 $1,618 Total loans and leases in business segments2 1,036 1,022 963 CET1 ratio 11.2 % 11.0 % 10.6 % Total debt securities 863 880 983 Advanced approaches Risk-weighted assets $1,410 $1,391 $1,399 Funding & Liquidity ($B) CET1 ratio 12.8 % 12.6 % 12.3 % Total deposits $1,930 $1,938 $2,064 Supplementary leverage Long-term debt 276 269 280 Supplementary Leverage Ratio 5.9 % 5.8 % 5.5 % Global Liquidity Sources (average)3 868 941 1,158 Equity ($B) Common shareholders' equity $245 $240 $245 Common equity ratio 8.0 % 7.8 % 7.7 % Tangible common shareholders' equity4 $175 $170 $175 Tangible common equity ratio4 5.9 % 5.7 % 5.7 % Per Share Data Book value per common share $30.61 $29.96 $30.37 Tangible book value per common share4 21.83 21.21 21.68 Common shares outstanding (in billions) 8.00 8.02 8.08 1 EOP stands for end of period. 2 Excludes loans and leases in All Other. 3 See note C on slide 38 for definition of Global Liquidity Sources. 4 Represent non-GAAP financial measures. For important presentation information, see slide 41. 5 Regulatory capital ratios at December 31, 2022 are preliminary. Bank of America Corporation ("the Corporation") reports regulatory capital ratios under both the Standardized and Advanced approaches. Capital adequacy is evaluated against the lower of the Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements. The Corporation's binding ratio was CET1 ratio under the Standardized approach as of December 31, 2022 and September 30, 2022; and Supplementary Leverage Ratio (SLR) as of December 31, 2021. 6 OCI stands for other comprehensive income; AFS stands for available-for-sale. Balance Sheet, Liquidity and Capital (EOP1 basis unless noted) 13 • CET1 ratio of 11.2% increased 25 bps vs. 3Q225 – CET1 capital of $180B rose $5B from 3Q22, driven by net income and OCI on AFS debt securities,6 partially offset by capital distributions to common shareholders – Standardized RWA of $1,604B increased $4B from 3Q22 • Book value per share of $30.61 grew modestly from 3Q22 • Average Global Liquidity Sources3 of $868B decreased $73B, or 8%, from 3Q22

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11.0% +43 bps +2 bps 11.2% 3Q22 Net income applicable to common shareholders Common dividends Share repurchases OCI on AFS debt securities Risk-weighted assets 4Q22 CET1 Ratio1,2 Drivers Note: Amounts may not total due to rounding. Dollar values indicate changes in CET1 capital, except for risk-weighted assets, which represents change in RWA. 1 Regulatory capital ratios at December 31, 2022 are preliminary. The Corporation reports regulatory capital ratios under both the Standardized and Advanced approaches. Capital adequacy is evaluated against the lower of the Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements. The Corporation's binding ratio was CET1 ratio under the Standardized approach as of December 31, 2022 and September 30, 2022; and SLR as of December 31, 2021. 2 Includes a 3 bps increase in Additional Paid in Capital from equity-based compensation plans offset by a net 3 bps decrease from pension remeasurements and other impacts. 3 Gross share repurchases. 14 3 (11 bps) (6 bps) $6.9B $1.8B $1.0B $0.4B $4.4B (3 bps)

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$929 $962 $1,000 $1,024 $1,029 282 284 290 295 300 205 211 219 224 225 339 359 377 384 380 103 109 114 120 123 Consumer Banking GWIM Global Banking Global Markets 4Q21 1Q22 2Q22 3Q22 4Q22 $0 $250 $500 $750 $1,000 $1,250 $945 $978 $1,015 $1,034 $1,039 4Q21 1Q22 2Q22 3Q22 4Q22 $0 $250 $500 $750 $1,000 $1,250 +6% +10% +12% +20% Average Loan and Lease Trends YoY +10% YoY +11% YoY (36%) Note: Amounts may not total due to rounding. 1 PPP stands for Paycheck Protection Program. Includes balances related to PPP of $1.3B recorded in Consumer $0.8B, GWIM $33MM and Global Banking $0.4B for 4Q22, balances of $1.8B recorded in Consumer $1.1B, GWIM $49MM and Global Banking $0.6B for 3Q22, balances of $2.6B recorded in Consumer $1.6B, GWIM $81MM and Global Banking $0.9B for 2Q22, balances of $3.8B recorded in Consumer $2.2B, GWIM $128MM and Global Banking $1.5B for 1Q22, and balances of $6.4B recorded in Consumer $3.7B, GWIM $0.2B and Global Banking $2.4B for 4Q21. Total Loans and Leases in All Other ($B) Loans and Leases in Business Segments ($B) Total Loans and Leases by Portfolio ($B) Total Loans and Leases ($B)1 $428 $435 $446 $449 $453 $517 $543 $569 $585 $587 Consumer Commercial 4Q21 1Q22 2Q22 3Q22 4Q22 $0 $250 $500 $750 15 Ex. PPP $939 $974 $1,012 $1,033 $1,038 13 12 12 8 8 3 3 3 3 2 $16 $15 $14 $11 $10 Residential mortgage Home equity 4Q21 1Q22 2Q22 3Q22 4Q22 $0 $5 $10 $15 $20 YoY +11%

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Net Interest Income (FTE, $B)1 • Net interest income of $14.7B ($14.8B FTE1) increased $3.3B YoY, and $0.9B from 3Q22, driven by benefits from higher interest rates, including lower premium amortization expense, as well as loan growth – NII related to Global Markets activity declined approximately $0.7B YoY, and $0.4B from 3Q22, and was offset in noninterest income – Premium amortization expense of $0.2B in 4Q22, $0.4B in 3Q22, and $1.3B in 4Q21 • Net interest yield of 2.22% increased 55 bps YoY and 16 bps from 3Q22 – Excluding Global Markets, net interest yield of 2.81%1 • As of December 31, 2022, a +100 bps parallel shift in the interest rate yield curve is estimated to benefit net interest income by $3.8B over the next 12 months2 Net Interest Income Increased $3.3B, or 29% YoY Net Interest Yield (FTE)1 Note: FTE stands for fully taxable-equivalent basis. GM stands for Global Markets. 1 Represent non-GAAP financial measures. Net interest yield adjusted to exclude Global Markets NII of $0.4B, $0.7B, $1.0B, $1.0B, and $1.0B and average earning assets of $610.0B, $591.9B, $598.8B, $610.9B, and $580.8B for 4Q22, 3Q22, 2Q22, 1Q22 and 4Q21, respectively. The Corporation believes the presentation of net interest yield excluding Global Markets provides investors with transparency of NII and net interest yield in core banking activities. For important presentation information, see slide 41. 2 NII asset sensitivity represents banking book positions. See note D on slide 38 for information on asset sensitivity assumptions. 3 Interest Rates excludes impacts from premium amortization and Global Markets. Balances excludes impacts from Global Markets. 1.67% 1.69% 1.86% 2.06% 2.22% 1.92% 1.99% 2.20% 2.51% 2.81% Reported net interest yield Net interest yield excl. GM 4Q21 1Q22 2Q22 3Q22 4Q22 1.00% 1.50% 2.00% 2.50% 3.00% $11.5 $11.7 $12.5 $13.9 $14.8 $11.4 $11.6 $12.4 $13.8 $14.7 Net interest income (GAAP) FTE Adjustment 4Q21 1Q22 2Q22 3Q22 4Q22 $0.0 $5.0 $10.0 $15.0 16 Net Interest Yield (FTE)1 Drivers 1.67% +0.38% +0.16% (0.12%) +0.13% 2.22% 4Q21 Interest Rates Premium Amortization Global Markets Balances 4Q22 3 3

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$14.7 $15.3 $15.3 $15.3 $15.5 9.0 9.5 8.9 8.9 9.2 5.7 5.8 6.4 6.4 6.4 Compensation and benefits Other 4Q21 1Q22 2Q22 3Q22 4Q22 $0.0 $10.0 $20.0 67% 66% 67% 62% 63% 4Q21 1Q22 2Q22 3Q22 4Q22 50% 60% 70% • Noninterest expense of $15.5B in 4Q22 increased $0.2B, or 2%, vs. 3Q22, primarily driven by investments in technology and employees, including hiring, higher costs from return to work, and client engagement • 4Q22 expenses increased $0.8B, or 6%, vs. 4Q21, driven by investments in the franchise across people and technology, partially offset by lower revenue-related incentive compensation Total Noninterest Expense ($B) Efficiency Ratio Expense and Efficiency Note: Amounts may not total due to rounding. 1 Absent the $0.4B expense for the legacy monoline insurance settlement, reported 3Q22 noninterest expense would have been $14.9B. Absent $0.4B in expense for certain regulatory matters, reported 2Q22 noninterest expense would have been $14.8B. For important presentation information, see slide 41. 17 11

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Commercial Net Charge-offs ($MM) Consumer Net Charge-offs ($MM) Asset Quality – Consumer and Commercial Portfolios 1 Excludes loans measured at fair value. 2 Fully-insured loans are FHA-insured loans and other loans individually insured under long-term standby agreements. 3 C&I includes commercial and industrial, commercial real estate and commercial lease financing. $50 $52 $46 $61 $158 0.04% 0.04% 0.03% 0.04% 0.11% C&I Small business Commercial NCO ratio 4Q21 1Q22 2Q22 3Q22 4Q22 ($50) $0 $50 $100 $150 $200 (0.05)% 0.00% 0.05% 0.10% 0.15% 0.20% $312 $340 $525 $459 $531 0.29% 0.32% 0.47% 0.41% 0.47% Credit card Other Consumer NCO ratio 4Q21 1Q22 2Q22 3Q22 4Q22 $0 $150 $300 $450 $600 0.00% 0.25% 0.50% 0.75% 1.00% Commercial Metrics ($MM) 4Q22 3Q22 4Q21 Provision $190 $176 ($638) Reservable criticized utilized exposure 19,274 17,659 22,381 Nonperforming loans and leases 1,054 1,223 1,578 % of loans and leases1 0.18 % 0.21 % 0.29 % Allowance for loans and leases $5,445 $5,422 $5,354 % of loans and leases1 0.93 % 0.94 % 1.00 % Consumer Metrics ($MM) 4Q22 3Q22 4Q21 Provision $902 $722 $149 Nonperforming loans and leases 2,754 2,760 2,989 % of loans and leases1 0.60 % 0.61 % 0.69 % Consumer 30+ days performing past due $3,330 $2,949 $3,105 Fully-insured2 627 672 887 Non fully-insured 2,703 2,277 2,218 Consumer 90+ days performing past due 1,087 1,001 1,132 Allowance for loans and leases 7,237 6,880 7,033 % of loans and leases1 1.59 % 1.53 % 1.62 % # times annualized NCOs 3.44 x 3.77 x 5.68 x 18 3

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• Record net income of $3.6B increased 15% from 4Q21, as revenue improvement was partially offset by higher provision for credit losses and business investments – Pretax, pre-provision income1 of $5.7B increased 36% from 4Q21 – 7th consecutive quarter of operating leverage; efficiency ratio improved to 47% • Revenue of $10.8B improved 21% from 4Q21, due to increased NII driven by higher interest rates and balances, partially offset by the impact of reduced customer non- sufficient funds and overdraft fees • Provision for credit losses was $944MM, primarily driven by loan growth and a dampened macroeconomic outlook, and increased $912MM from 4Q21, as the prior year benefited from an improved macroeconomic outlook • Noninterest expense of $5.1B increased 8% from 4Q21, primarily driven by investments in the business, including technology and compensation and benefits • Average deposits exceeded $1T and were $20B, or 2%, higher than 4Q21 – 56% of deposits in checking accounts; 92% primary accounts5 • Average loans and leases of $300B increased $18B, or 6%, from 4Q21 • Combined credit / debit card spend4 of $223B increased 5% from 4Q21, with credit up 6% and debit up 5% • Consumer investment assets3 of $320B declined $49B, or 13%, from 4Q21, driven by lower market valuations, partially offset by record $28B of client flows from new and existing clients – Record 3.5MM consumer investment accounts, up 7% • 10.2MM Total clients6 enrolled in Preferred Rewards, up 9% from 4Q21; 99% annualized retention rate Consumer Banking 1 Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note B on slide 38. For important presentation information, see slide 41. 2 Cost of deposits calculated as annualized noninterest expense as a percentage of total average deposits within the Deposits sub-segment. 3 End of period Consumer investment assets includes client brokerage assets, deposit sweep balances, and assets under management (AUM) in Consumer Banking. 4 Includes consumer credit card portfolios in Consumer Banking and GWIM. 5 Represents the percentage of consumer checking accounts that are estimated to be the customer's primary account based on multiple relationship factors (e.g., linked to their direct deposit). 6 As of November, 2022. Includes clients in Consumer, Small Business, and GWIM. Inc / (Dec) Summary Income Statement ($MM) 4Q22 3Q22 4Q21 Total revenue, net of interest expense $10,782 $878 $1,870 Provision (benefit) for credit losses 944 206 912 Noninterest expense 5,100 3 358 Pretax income 4,738 669 600 Pretax, pre-provision income1 5,682 875 1,512 Income tax expense 1,161 164 147 Net income $3,577 $505 $453 Key Indicators ($B) 4Q22 3Q22 4Q21 Average deposits $1,047.1 $1,069.1 $1,026.8 Rate paid on deposits 0.06 % 0.03 % 0.02 % Cost of deposits2 1.21 1.17 1.11 Average loans and leases $300.4 $295.2 $282.3 Net charge-off ratio 0.78 % 0.69 % 0.58 % Net charge-offs ($MM) $591 $512 $411 Reserve build (release) ($MM) 353 226 (379) Consumer investment assets3 $319.6 $302.4 $368.8 Active mobile banking users (MM) 35.5 34.9 33.0 % Consumer sales through digital channels 49 % 48 % 49 % Number of financial centers 3,913 3,932 4,173 Combined credit /debit purchase volumes4 $223.0 $218.2 $211.9 Total consumer credit card risk-adjusted margin4 9.87 % 10.07 % 10.85 % Return on average allocated capital 35 30 32 Allocated capital $40.0 $40.0 $38.5 Efficiency ratio 47 % 51 % 53 % 19

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• Net income of $1.2B decreased 2% from 4Q21 – Pretax, pre-provision income1 of $1.6B increased 4% from 4Q21 – 7th consecutive quarter of operating leverage – Pretax margin of 29% • Record fourth-quarter revenue of $5.4B increased marginally compared to 4Q21, as higher NII was mostly offset by the impact of lower market valuations on noninterest income • Noninterest expense of $3.8B decreased 1% vs. 4Q21, driven by lower revenue-related incentives, partially offset by investments in the business, including strategic hiring and marketing • Client balances of $3.4T decreased 12% from 4Q21, driven by lower market valuations, partially offset by net client flows – AUM flows of $21B since 4Q21 • Average deposits of $318B decreased $43B, or 12%, from 4Q21 • Average loans and leases of $225B increased $20B, or 10%, from 4Q21, driven by residential mortgage lending, custom lending, and securities-based lending – 51st consecutive quarter of average loan and lease balance growth • Added more than 9,000 net new relationships across Merrill and Private Bank in 4Q22 • 82% of GWIM households / relationships are digitally active across the enterprise, up from 79% in 4Q21 Global Wealth & Investment Management 1 Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note B on slide 38. For important presentation information, see slide 41. Inc / (Dec) Summary Income Statement ($MM) 4Q22 3Q22 4Q21 Total revenue, net of interest expense $5,410 ($19) $8 Provision (benefit) for credit losses 37 — 93 Noninterest expense 3,784 (32) (50) Pretax income 1,589 13 (35) Pretax, pre-provision income1 1,626 13 58 Income tax expense 389 3 (9) Net income $1,200 $10 ($26) Key Indicators ($B) 4Q22 3Q22 4Q21 Average deposits $317.8 $339.5 $360.9 Rate paid on deposits 1.37 % 0.57 % 0.03 % Average loans and leases $225.1 $223.7 $205.2 Net charge-off ratio 0.01 % 0.01 % 0.01 % Net charge-offs ($MM) $4 $5 $5 Reserve build (release) ($MM) 33 32 (61) AUM flows $0.1 $4.1 $21.6 Pretax margin 29 % 29 % 30 % Return on average allocated capital 27 27 30 Allocated capital $17.5 $17.5 $16.5 20

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• Net income of $2.5B decreased 5% from 4Q21 – Pretax, pre-provision income2 of $3.6B increased 13% from 4Q21 • Revenue of $6.4B increased 9% vs. 4Q21, driven by higher NII from the benefit of higher interest rates and loan growth, partially offset by lower investment banking fees and lower treasury service charges due to higher earnings credit rates • Total Corporation investment banking fees (excl. self- led) of $1.1B decreased $1.3B, or 54%, from 4Q21 • Provision for credit losses was $149MM, primarily driven by a dampened macroeconomic outlook and loan growth, and increased $612MM from 4Q21, as the prior year benefited from asset quality improvement and an improved macroeconomic outlook • Noninterest expense of $2.8B increased 4% from 4Q21, primarily reflecting continued investments in the business, including strategic hiring and technology • Average deposits of $503B decreased $59B, or 10%, from 4Q21 • Average loans and leases of $380B increased 12% from 4Q21, reflecting strong client demand in the first half of 2022 Global Banking 1 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities. 2 Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note B on slide 38. For important presentation information, see slide 41. 3 Prior periods have been revised to conform to current-period presentation. Inc / (Dec) Summary Income Statement ($MM) 4Q22 3Q22 4Q21 Total revenue, net of interest expense1 $6,438 $847 $531 Provision (benefit) for credit losses 149 (21) 612 Noninterest expense 2,833 182 116 Pretax income 3,456 686 (197) Pretax, pre-provision income2 3,605 665 415 Income tax expense 916 182 (70) Net income $2,540 $504 ($127) Selected Revenue Items ($MM) 4Q22 3Q22 4Q21 Total Corporation IB fees (excl. self-led)1 $1,071 $1,167 $2,351 Global Banking IB fees1 706 726 1,465 Business Lending revenue 2,670 2,079 2,241 Global Transaction Services revenue3 3,109 2,803 2,069 Key Indicators ($B) 4Q22 3Q22 4Q21 Average deposits $503.5 $495.2 $562.4 Average loans and leases 380.4 384.3 338.6 Net charge-off ratio 0.12 % 0.03 % (0.03) % Net charge-offs ($MM) $112 $26 ($28) Reserve build (release) ($MM) 37 144 (435) Return on average allocated capital 23 % 18 % 25 % Allocated capital $44.5 $44.5 $42.5 Efficiency ratio 44 % 47 % 46 % 21

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Global Markets1 • Net income of $0.5B decreased 25% from 4Q21 – Excluding net DVA, net income of $0.7B decreased 3%3 • Revenue of $3.9B increased 1% from 4Q21, primarily driven by higher sales and trading revenue, partially offset by lower investment banking fees • Reported sales and trading revenue of $3.5B increased 20% from 4Q21 – Fixed income, currencies, and commodities (FICC) revenue increased 37% to $2.2B, driven by improved performance across currencies, interest rates, and credit products – Equities revenue increased marginally, or less than 1%, to $1.4B • Excluding net DVA, sales and trading revenue of $3.7B increased 27% from 4Q213 – FICC revenue of $2.3B increased 49%3 – Equities revenue of $1.4B increased 1%3 • Noninterest expense of $3.2B increased 10% vs. 4Q21, driven by higher activity-related expenses and investments in the business, including technology and strategic hiring • Average VaR of $117MM in 4Q225 1 The explanations for current period-over-period changes for Global Markets are the same for amounts including and excluding net DVA. 2 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities. 3 Represents a non-GAAP financial measure. Reported FICC sales and trading revenue was $2.2B, $2.6B and $1.6B for 4Q22, 3Q22 and 4Q21, respectively. Reported Equities sales and trading revenue was $1.4B, $1.5B and $1.4B for 4Q22, 3Q22 and 4Q21, respectively. See note E on slide 38 and slide 41 for important presentation information. 4 Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note B on slide 38. For important presentation information, see slide 41. 5 See note F on slide 38 for the definition of VaR. Inc / (Dec) Summary Income Statement ($MM) 4Q22 3Q22 4Q21 Total revenue, net of interest expense2 $3,861 ($622) $43 Net DVA (193) (179) (195) Total revenue (excl. net DVA)2,3 4,054 (443) 238 Provision (benefit) for credit losses 4 (7) (28) Noninterest expense 3,171 148 289 Pretax income 686 (763) (218) Pretax, pre-provision income4 690 (770) (246) Income tax expense 182 (202) (53) Net income $504 ($561) ($165) Net income (excl. net DVA)3 $650 ($426) ($17) Selected Revenue Items ($MM)2 4Q22 3Q22 4Q21 Sales and trading revenue $3,525 $4,092 $2,936 Sales and trading revenue (excl. net DVA)3 3,718 4,106 2,934 FICC (excl. net DVA)3 2,343 2,567 1,569 Equities (excl. net DVA)3 1,375 1,539 1,365 Global Markets IB fees 347 430 832 Key Indicators ($B) 4Q22 3Q22 4Q21 Average total assets $857.3 $847.9 $817.0 Average trading-related assets 608.5 592.4 564.3 Average 99% VaR ($MM)5 117 117 63 Average loans and leases 123.0 120.4 102.6 Net charge-offs ($MM) (1) (1) 10 Reserve build (release) ($MM) 5 12 22 Return on average allocated capital 5 % 10 % 7 % Allocated capital $42.5 $42.5 $38.0 Efficiency ratio 82 % 67 % 75 % 22

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All Other1 • Net loss of $689MM was relatively flat compared to net loss of $673MM in 4Q21 • Total corporate effective tax rate (ETR) for the quarter was 9.7%, which included certain discrete tax benefits. – Excluding these discrete tax benefits, the ETR would have been 12.5%. Further excluding the recurring ESG tax credit benefits, the ETR would have been approximately 25% – For the full year, the total corporate ETR was 11.1%. Excluding recurring ESG tax credit benefits and discrete tax benefits, the ETR would have been approximately 25% 1 All Other primarily consists of asset and liability management (ALM) activities, liquidating businesses, and certain expenses not otherwise allocated to a business segment. ALM activities encompass interest rate and foreign currency risk management activities for which substantially all of the results are allocated to our business segments. 2 Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note B on slide 38. For important presentation information, see slide 41. Inc/(Dec) Summary Income Statement ($MM) 4Q22 3Q22 4Q21 Total revenue, net of interest expense ($1,836) ($1,037) $38 Provision (benefit) for credit losses (42) 16 (8) Noninterest expense 655 (61) 99 Pretax income (loss) (2,449) (992) (53) Pretax, pre-provision income2 (2,491) (976) (61) Income tax (benefit) (1,760) (584) (37) Net income (loss) ($689) ($408) ($16) 23

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Supplemental Business Segment Trends

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Total Expense ($B) and Efficiency Business Leadership1 • No. 1 in estimated U.S. Retail Deposits(A) • No. 1 Online Banking and Mobile Banking Functionality(B) • No. 1 in customer satisfaction with Merchant Services by J.D. Power(C) • No. 1 Small Business Lender(D) • Best Bank in the U.S.(E) • Best Consumer Digital Bank in the U.S.(F) • Best Bank in the U.S. for Small and Medium Enterprises(G) Total Revenue ($B) Average Deposits ($B) Consumer Investment Assets ($B)3 and Accounts (MM) Average Loans and Leases ($B)2 Consumer Banking Trends Note: Amounts may not total due to rounding. 1 See slide 39 for business leadership sources. 2 Average loans and leases includes PPP balances of $1B in 4Q22, $1B in 3Q22, $2B in 2Q22, $2B in 1Q22 and $4B in 4Q21. 3 End of period. Consumer investment assets includes client brokerage assets, deposit sweep balances, and AUM in Consumer Banking. $8.9 $8.8 $9.1 $9.9 $10.8 6.5 6.7 7.1 7.8 8.5 2.4 2.1 2.0 2.1 2.3 Net interest income Noninterest income 4Q21 1Q22 2Q22 3Q22 4Q22 $0.0 $4.0 $8.0 $12.0 $4.7 $4.9 $5.0 $5.1 $5.1 53% 56% 54% 51% 47% Noninterest expense Efficiency ratio 4Q21 1Q22 2Q22 3Q22 4Q22 $0.0 $2.0 $4.0 $6.0 40% 50% 60% 70% $1,027$1,056$1,078$1,069$1,047 578 593 606 599 589 449 463 472 470 458 Checking Other 4Q21 1Q22 2Q22 3Q22 4Q22 $0 $300 $600 $900 $1,200 $282 $284 $290 $295 $300 113 115 117 118 118 76 76 78 82 87 49 50 51 52 52 23 22 22 22 2222 21 21 21 21 Residential mortgage Consumer credit card Vehicle lending Home equity Small business / other 4Q21 1Q22 2Q22 3Q22 4Q22 $0 $50 $100 $150 $200 $250 $300 25 $369 $358 $315 $302 $320 3.3 3.3 3.4 3.4 3.5 Assets Accounts 4Q21 1Q22 2Q22 3Q22 4Q22 $0 $100 $200 $300 $400 2.5 3.0 3.5 4.0 4.5

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2022 vs. 2019 Ending Deposits +$318B Net New Consumer Checking Accounts +96% Consumer Checking Accounts 35.9MM; +10% Total Clients Enrolled in Preferred Rewards1 +43% New Credit Card Accounts2 +4% Combined Credit/Debit Card Spend3 +35% Consumer Investment Accounts +28% Financial Centers4 (387) Cost of Deposits5 1.17%; (35bps) Total Consumer Payment Spend6 +$1.1T Digital Sales Units7 +77% Verified Digital Users8 +12% Zelle® Transactions9 3x Erica® Users 3x Consumer Banking Performance Since 2019 1 As of November, 2022. Includes clients in Consumer, Small Business, and GWIM. 2 Excludes impacts of 2022 credit card portfolio divestitures. 3 Includes consumer credit card portfolios in Consumer Banking and GWIM. 4 Entered five new markets since beginning of 2019. 5 Cost of deposits calculated as annualized noninterest expense as a percentage of total average deposits within the Deposits sub-segment. 6 Total payments include total credit card, debit card, ACH, wires, billpay, person-to-person, cash, and checks. 7 Digital sales represent sales initiated and/or booked via our digital platforms. 8 Verified users represent Consumer and Merrill users with a digital identification and password. 9 Includes Bank of America person-to-person payments sent and received through e-mail or mobile identification. 27

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940 977 1,068 1,255 1,096 4Q21 1Q22 2Q22 3Q22 4Q22 0 500 1,000 1,500 Home Equity1 New Originations ($B)4 Consumer Creditworthiness Remains Strong 1 Includes loan production within Consumer Banking and GWIM. Consumer credit card balances include average balances of $3.0B, $2.9B and $2.7B in 4Q22, 3Q22 and 4Q21, respectively, within GWIM. 2 Calculated as the difference between total revenue, net of interest expense, and net credit losses divided by average loans. 3 Represents Consumer Banking only. 4 Amounts represent the unpaid principal balance of loans and in the case of home equity, the principal amount of the total line of credit. Consumer Vehicle Lending3 New Originations ($B) Consumer Credit Card1 New Accounts (000s) 28 Residential Mortgage1 New Originations ($B)4 Key Stats 4Q21 3Q22 4Q22 Average outstandings ($B) 78.4 85.0 89.6 NCO ratio 1.42% 1.53% 1.71% Risk-adjusted margin2 10.85% 10.07% 9.87% Average line FICO 770 770 772 $6.8 $7.1 $7.1 $5.9 $6.8 4Q21 1Q22 2Q22 3Q22 4Q22 $0.0 $2.5 $5.0 $7.5 $10.0 Key Stats 4Q21 3Q22 4Q22 Average outstandings ($B) 48.6 52.0 52.5 NCO ratio (0.02%) 0.07% (0.01%) Average booked FICO 788 789 795 $23.0 $16.4 $14.5 $8.7 $5.2 4Q21 1Q22 2Q22 3Q22 4Q22 $0.0 $10.0 $20.0 $30.0 Key Stats 4Q21 3Q22 4Q22 Average outstandings ($B)3 112.9 118.2 118.1 NCO ratio3 0.01% 0.01% 0.01% Average FICO 774 768 768 Average booked loan-to-value (LTV) 63% 72% 72% $1.7 $2.0 $2.5 $2.4 $2.6 4Q21 1Q22 2Q22 3Q22 4Q22 $0.0 $1.0 $2.0 $3.0 $4.0 Key Stats 4Q21 3Q22 4Q22 Average outstandings ($B)3 22.7 21.9 21.8 NCO ratio3 (0.05%) (0.04%) (0.06%) Average FICO 797 792 791 Average booked combined LTV 59% 58% 58%

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Average Deposits ($B) Global Wealth & Investment Management Trends Business Leadership1 • No. 1 on Forbes' Best-in-State Wealth Advisors (2022), Top Women Wealth Advisors (2022), Top Women Wealth Advisors Best-in State (2022), and Top Next Generation Advisors (2022) • No. 1 on Barron's Top 100 Women Financial Advisors List (2022) • No. 1 on Financial Planning's 'Top 40 Advisors Under 40' List (2022) • Celent Model Wealth Manager award for Client Experience (2022) • Aite-Novarica award for Digital Client Experience (2022) • No. 1 in personal trust AUM(H) • Best Private Bank in the U.S. by Family Wealth Report(I) and Global Private Banking(J) • Best Philanthropy Offering by WealthBriefing(K), PWM(L) and Global Finance(M) Note: Amounts may not total due to rounding. 1 See slide 39 for business leadership sources. 2 Average loans and leases includes PPP balances of $33MM in 4Q22, $49MM in 3Q22, $81MM in 2Q22, $128MM in 1Q22 and $244MM in 4Q21. 3 End of period. Loans and leases includes margin receivables which are classified in customer and other receivables on the Consolidated Balance Sheet. 4 Managed deposits in investment accounts of $48B, $48B, $55B, $53B and $56B for 4Q22, 3Q22, 2Q22, 1Q22 and 4Q21, respectively, are included in both AUM and Deposits. Total client balances only include these balances once. Average Loans and Leases ($B)2 Total Revenue ($B) Client Balances ($B)3,4 $5.4 $5.5 $5.4 $5.4 $5.4 1.5 1.7 1.8 2.0 2.0 3.2 3.2 3.1 2.9 2.8 0.6 0.6 0.6 0.6 0.6 Net interest income Asset management fees Brokerage / Other 4Q21 1Q22 2Q22 3Q22 4Q22 $0.0 $2.0 $4.0 $6.0 1,639 1,572 1,411 1,330 1,401 1,655 1,593 1,438 1,414 1,482 390 385 348 325 324 212 217 225 228 227 $3,840 $3,714 $3,367 $3,249 $3,387 AUM Brokerage / Other Deposits Loans and leases 4Q21 1Q22 2Q22 3Q22 4Q22 $0 $1,000 $2,000 $3,000 $4,000 $205 $211 $219 $224 $225 96 99 102 105 106 53 55 57 56 54 54 55 57 60 62 Consumer real estate Securities-based lending Custom lending Credit card 4Q21 1Q22 2Q22 3Q22 4Q22 $0 $50 $100 $150 $200 $250 $361 $385 $364 $339 $318 4Q21 1Q22 2Q22 3Q22 4Q22 $0 $100 $200 $300 $400 29

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![](bac-12312022ex992031.jpg)

Global Banking Trends Note: Amounts may not total due to rounding. 1 See slide 39 for business leadership sources. 2 Average loans and leases includes PPP balances of $0.4B in 4Q22, $0.6B in 3Q22, $0.9B in 2Q22, $1.5B in 1Q22 and $2.4B in 4Q21. 3 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities. 4 Self-led deals of $18MM, $37MM, $65MM, $72MM and $28MM for 4Q22, 3Q22, 2Q22, 1Q22 and 4Q21, respectively are embedded within Debt, Equity, and Advisory. Total Corporation IB fees excludes self-led deals. 5 Advisory includes fees on debt and equity advisory and mergers and acquisitions. Average Deposits ($B)Business Leadership1 • Global Most Innovative Financial Institution – 2022(M) • World's Best Bank, North America's Best Bank for Small to Medium-sized Enterprises, and Best Bank in the US(N) • Best Global Bank for Payments & Collections(O) • Model Bank for Corporate Digital Banking – For CashPro App(P) • World's Best Bank for Payments and Treasury and North America's Best Bank for Transaction Services(N) • Best Global Bank for Trade Finance FX – 2023 (M) • Outstanding Global Leadership in Sustainable Project Finance, and Outstanding Leadership in Sustainable Finance for North America(M) • Relationships with 73% of the Global Fortune 500; 95% of the U.S. Fortune 1,000 (2022) Average Loans and Leases ($B)2 Total Revenue ($B)3 Total Corporation IB Fees ($MM)4 $5.9 $5.2 $5.0 $5.6 $6.4 2.4 2.3 2.6 3.3 3.9 1.5 0.9 0.7 0.7 0.70.9 0.9 0.9 0.8 0.7 1.2 1.1 0.7 0.8 1.1 Net interest income IB fees Service charges All other income 4Q21 1Q22 2Q22 3Q22 4Q22 $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 984 831 662 616 414 545 225 139 156 189 850 473 392 432 486 $2,351 $1,457 $1,128 $1,167 $1,071 Debt Equity Advisory 4Q21 1Q22 2Q22 3Q22 4Q22 $0 $500 $1,000 $1,500 $2,000 $2,500 167 177 186 194 192 156 167 177 177 175 13 13 13 13 13 $339 $359 $377 $384 $380 Commercial Corporate Business Banking 4Q21 1Q22 2Q22 3Q22 4Q22 $0 $100 $200 $300 $400 5 $562 $540 $509 $495 $503 Noninterest-bearing Interest-bearing 4Q21 1Q22 2Q22 3Q22 4Q22 $0 $200 $400 $600 31 71% 71% 72% 65% 55% 29% 29% 28% 35% 45%

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![](bac-12312022ex992032.jpg)

Credit Documents Uploaded Digitally2,3 CashPro® Proactive Alerts and Insights Global Payments to Digital Wallets2 CashPro® App PaymentsClient Digital Adoption CashPro® Sign-ins $48 $54 $133 $186 0.8 1.0 2.6 3.2 Value ($B) Volume (MM) 4Q19 4Q20 4Q21 4Q22 0 50 100 150 200 0.0 1.0 2.0 3.0 4.0 2,026 2,599 1,572 1,920 454 679 Online sign-ins (K) App sign-ins (K) 4Q21 4Q22 0 1,000 2,000 3,000 75% 75% Digitally active clients (%) 4Q21 4Q22 0% 25% 50% 75% 100% Client Engagement Digital Volumes Global Banking Digital Update 32 Digital Adoption1 Note: Amounts may not total due to rounding. 1 Digital active clients represents 90-day active users across CashPro® and BA360 platforms. Metric tracked starting in 1Q21. Data is reported end of period on a month lag. 2 4Q represents September through November. 3 Eligible credit monitoring documents uploaded digitally through CashPro® Credit (i.e., clients with bilateral loans only and/or Commercial Real Estate Banking clients). Rolling 3-month average. 243 317 424 391 Volume (K) 4Q19 4Q20 4Q21 4Q22 100 200 300 400 500 12.4 14.1 16.1 17.2 Volume (MM) 4Q19 4Q20 4Q21 4Q22 0.0 5.0 10.0 15.0 20.0 13% 18% 31% 42% Credit monitoring docs uploaded digitally (%) 4Q19 4Q20 4Q21 4Q22 0% 10% 20% 30% 40% 50%

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![](bac-12312022ex992033.jpg)

Global Markets Trends and Revenue Mix Note: Amounts may not total due to rounding. 1 See slide 39 for business leadership sources. 2 Represents a non-GAAP financial measure. Reported Global Markets revenue was $18.1B for 2022. Reported sales and trading revenue was $16.5B, $15.2B, $15.0B, and $12.7B for 2022, 2021, 2020, and 2019, respectively. Reported FICC sales and trading revenue was $9.9B, $8.8B, $9.6B and $8.2B for 2022, 2021, 2020, and 2019, respectively. Reported Equities sales and trading revenue was $6.6B, $6.4B, $5.4B, and $4.5B for 2022, 2021, 2020, and 2019, respectively. See note E on slide 38 and slide 41 for important presentation information. 3 S&T stands for sales & trading. Macro products include currencies, interest rates, and commodities products. 4 See note F on slide 38 for definition of VaR. 2022 Global Markets Revenue Mix (excl. net DVA)2 Business Leadership1 • Americas Derivatives House of the Year and Americas House of the Year for Equity Derivatives, FX Derivatives, Interest Rate Derivatives, and Commodities Derivatives(Q) • Interest Rate Derivatives House of the Year(R) • Global Leader for Sustainable Project Finance(M) • Overall Leader for North America in Sustainable Finance(M) • Most Sustainable Banks in North America(S) • Most Impressive Corporate Bond House in Dollars(Q) • No. 1 All-America Sales Team in Equities Idea Generation(T) • No. 1 Municipal Bonds Underwriter(U) • No. 2 Global Fixed Income Research Team(T) 2022 Total FICC S&T3 Revenue Mix (excl. net DVA)2 Total Sales and Trading Revenue (excl. net DVA) ($B)2 Average Trading-Related Assets ($B) and VaR ($MM)4 $12.9 $15.2 $15.2 $16.5 8.4 9.7 8.8 9.9 4.5 5.4 6.4 6.6 FICC Equities 2019 2020 2021 2022 $0.0 $5.0 $10.0 $15.0 $20.0 $490 $483 $549 $601 $35 $80 $73 $108 Avg. trading-related assets Avg. VaR 2019 2020 2021 2022 $0 $250 $500 $750 $0 $50 $100 $150 60% 40% U.S. / Canada International 36% 64% Credit / Other Macro3 33

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Additional Presentation Information

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![](bac-12312022ex992035.jpg)

Consumer Spend Remained Strong; 2022 up 10% YoY to $4.2T Note: Amounts may not total due to rounding. 1 Total payments include total credit card, debit card, ACH, wires, billpay, person-to-person, cash and checks. 2 Includes consumer and small business credit card portfolios in Consumer Banking and GWIM. 3 Excludes credit and debit Money Transfers, Charitable Donations, and miscellaneous categories with immaterial volume. 4 P2B stands for person-to-business. Payment Spend1 ($ and Transaction Volume) Quarterly YoY % Growth 35 2022 Credit and Debit2,3 ($ and Transaction Volume) YoY % Growth 14% $ Volume Transaction # 1Q 19 2Q 3Q 4Q 1Q 20 2Q 3Q 4Q 1Q 21 2Q 3Q 4Q 1Q 22 2Q 3Q 4Q (25)% 0% 25% 50% 28% 27% 11% 3% 10% 16% 6% 8% 2% 6% $ Volume Transaction # Travel & Entertainment Gas Food Retail Services 0% 10% 20% 30% Payment Spend1 ($ Volume) and YoY % Growth $3.0T $3.1T $3.8T $4.2T 6% 2% 21% 10% 2019 2020 2021 2022 5% 4% 2022 YoY Change in Payment Transaction Volume 7% 5% 15% (5%) Credit/Debit ACH/Wire P2P/P2B Cash/Check % of 2022 Total 76% 10% 8% 5% 4 9%

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![](bac-12312022ex992036.jpg)

$675 $456 257 230 154 27 161 93 44 52 53 46 Residential mortgage Home equity Consumer credit card Consumer vehicle lending Securities based lending Other consumer 4Q09 4Q22 $0 $250 $500 $750 Credit Risk Transformation Reflects Responsible Growth Strategy (EOP) Note: Amounts may not total due to rounding. 1 4Q09 reflects December 31, 2009 information adjusted to include the January 1, 2010 adoption of FAS 166/167 as reported in our Securities and Exchange Commission (SEC) filings. 2 Nine-quarter loss rate from Comprehensive Capital Analysis and Review (CCAR) severely adverse scenario. Consumer Loan Portfolio ($B)1 Commercial Loan Portfolio ($B)1 Federal Reserve Stress Test Loan Loss Rates (%)2 Loan Mix1 36 $328 $589 207 379 29 127 69 70 22 14 U.S. commercial Non-U.S. commercial Commercial real estate Other 4Q09 4Q22 $0 $200 $400 $600 4Q09 67% 33% 4Q22 44% 56% $1,046B$1,003B 6.9% 5.2% 7.7% 6.0% 9.2% 6.4% 7.1% BAC Peer 1 Peer 2 Peer 3 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 (42%) (83%) ~2x >4x Commercial Consumer

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![](bac-12312022ex992037.jpg)

Metric 4Q09 4Q19 4Q22 Total loans and leases1 $1,003B $983B $1,046B % consumer 67% 47% 44% Consumer credit card $161B $98B $93B Home equity $154B $41B $27B GWIM loans $100B $177B $224B Commercial real estate of which Construction (%) $69B 39% $63B 12% $70B 15% Nonperforming loans 3.75% 0.36% 0.37% NCOs1 $11B $959MM $689MM Nine-quarter stressed net credit losses2 $104B / 10.0% $44B / 4.4% $53B / 5.2% Tangible common shareholders' equity1,3 $112B $172B $175B Global Liquidity Sources4 $214B $576B $868B Balance Sheet Transformation Highlights (EOP basis unless noted) 37 Transformation through Responsible Growth • Our loan portfolio is more balanced today and has less inherent risk – Lower concentration in the consumer portfolio – Less exposure to unsecured consumer credit and home equity loans – More than doubled GWIM loans – Commercial Real Estate portfolio more balanced, with less concentration in construction loans – CCAR stress test results indicate significantly lower credit losses expected in a severe downturn • Our capital base and liquidity have also increased significantly – ~$60B higher tangible common equity3 – Global Liquidity Sources4 are more than four times higher than 4Q09 1 4Q09 reflects December 31, 2009 information adjusted to include the January 1, 2010 adoption of FAS 166/167 as reported in our SEC filings. Amounts include loans accounted for under the fair value option (FVO). 2 Nine-quarter losses and loss rate for 4Q09 based on the 2009 Supervisory Capital Assessment Program; 4Q19 and 4Q22 represent 2019 and 2022 Federal Reserve CCAR stress test results, respectively. 3 Represent non-GAAP financial measures. Tangible common shareholders' equity is calculated as common shareholders' equity of $244.8B, $241.4B, and $207.2B for 4Q22, 4Q19, and 4Q09, which has been reduced by goodwill of $69.0B for 4Q22 and 4Q19 and $86.3B for 4Q09 and intangible assets (excluding mortgage servicing rights) of $2.1B, $1.7B, and 12.0B for 4Q22, 4Q19, and 4Q09, net of related deferred tax liabilities of $0.9B, $0.7B, and $3.5B for 4Q22, 4Q19, and 4Q09. For important presentation information, see slide 41. 4 4Q09 Global Liquidity Sources shown on ending basis. The Corporation adopted the disclosure of average liquidity sources in 2017. See note C on slide 38 for definition of Global Liquidity Sources.

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![](bac-12312022ex992038.jpg)

A Reserve Build (or Release) is calculated by subtracting net charge-offs for the period from the provision for credit losses recognized in that period. The period-end allowance, or reserve, for credit losses reflects the beginning of the period allowance adjusted for net charge-offs recorded in that period plus the provision for credit losses recognized in that period. B Pretax, pre-provision income (PTPI) at the consolidated level is a non-GAAP financial measure calculated by adjusting consolidated pretax income to add back provision for credit losses. Similarly, PTPI at the segment level is a non-GAAP financial measure calculated by adjusting the segments' pretax income to add back provision for credit losses. Management believes that PTPI (both at the consolidated and segment level) is a useful financial measure as it enables an assessment of the Corporation's ability to generate earnings to cover credit losses through a credit cycle as well as provides an additional basis for comparing the Corporation's results of operations between periods by isolating the impact of provision for credit losses, which can vary significantly between periods. See reconciliation below. C Global Liquidity Sources (GLS) include cash and high-quality, liquid, unencumbered securities, inclusive of U.S. government securities, U.S. agency securities, U.S. agency MBS, and a select group of non-U.S. government and supranational securities, and other investment-grade securities, and are readily available to meet funding requirements as they arise. It does not include Federal Reserve Discount Window or Federal Home Loan Bank borrowing capacity. Transfers of liquidity among legal entities may be subject to certain regulatory and other restrictions. D Interest rate sensitivity as of December 31, 2022, reflects the pretax impact to forecasted net interest income over the next 12 months from December 31, 2022 resulting from an instantaneous parallel shock to the market-based forward curve. The sensitivity analysis assumes that we take no action in response to this rate shock and does not assume any change in other macroeconomic variables normally correlated with changes in interest rates. As part of our asset and liability management activities, we use securities, certain residential mortgages, and interest rate and foreign exchange derivatives in managing interest rate sensitivity. The behavior of our deposits portfolio in the forecast is a key assumption in our projected estimate of net interest income. The sensitivity analysis assumes no change in deposit portfolio size or mix from our baseline forecast to the alternate rate environment. In higher rate scenarios, any customer activity resulting in the replacement of low-cost or noninterest-bearing deposits with higher yielding deposits or market-based funding would reduce our benefit in those scenarios. E Revenue for all periods included net debit valuation adjustments (DVA) on derivatives, as well as amortization of own credit portion of purchase discount and realized DVA on structured liabilities. Net DVA gains (losses) were ($193MM), ($14MM) and $2MM for 4Q22, 3Q22 and 4Q21, respectively, and $20MM, ($54MM), ($133MM) and ($222MM) for 2022, 2021, 2020 and 2019, respectively. Net DVA gains (losses) included in FICC revenue were ($186MM), ($15MM) and $4MM for 4Q22, 3Q22 and 4Q21, respectively, and $19MM, ($49MM), ($130MM) and ($208MM) for 2022, 2021, 2020 and 2019, respectively. Net DVA gains (losses) included in Equities revenue were ($7MM), $1MM and ($2MM) for 4Q22, 3Q22 and 4Q21, respectively, and $1MM, ($5MM), ($3MM) and ($14MM) for 2022, 2021, 2020 and 2019, respectively. F VaR model uses a historical simulation approach based on three years of historical data and an expected shortfall methodology equivalent to a 99% confidence level. Using a 95% confidence level, average VaR was $43MM, $34MM and $26MM for 4Q22, 3Q22 and 4Q21 respectively, and $36MM, $28MM, $23MM and $20MM for 2022, 2021, 2020 and 2019, respectively. Notes $ Millions 4Q22 3Q22 4Q21 Pretax Income (GAAP) Provision for Credit Losses (GAAP) Pretax, Pre-provision Income Pretax Income (GAAP) Provision for Credit Losses (GAAP) Pretax, Pre-provision Income Pretax Income (GAAP) Provision for Credit Losses (GAAP) Pretax, Pre-provision Income Consumer Banking $4,738 $944 $5,682 $4,069 $738 $4,807 $4,138 $32 $4,170 Global Wealth & Investment Management 1,589 37 1,626 1,576 37 1,613 1,624 (56) 1,568 Global Banking 3,456 149 3,605 2,770 170 2,940 3,653 (463) 3,190 Global Markets 686 4 690 1,449 11 1,460 904 32 936 All Other (2,449) (42) (2,491) (1,457) (58) (1,515) (2,396) (34) (2,430) Total Corporation $7,897 $1,092 $8,989 $8,301 $898 $9,199 $7,818 $(489) $7,329 38

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Business Leadership Sources (A) Estimated U.S. retail deposits based on June 30, 2022 FDIC deposit data. (B) Javelin 2022 Online and Mobile Banking Scorecards. (C) Bank of America received the highest score in the J.D. Power 2022 Merchant Services Satisfaction Study of customers' satisfaction with credit card/debit payment processors among small business owners/operators. Visit jdpower.com/awards for more details. (D) FDIC, 3Q22. (E) Global Finance, May 2022. (F) Global Finance, August 2022. (G) Global Finance, December 2022. (H) Industry Q3-22 FDIC call reports. (I) Family Wealth Report, 2022. (J) Global Private Banking, The Digital Banker, 2022. (K) WealthBriefing, 2022. (L) PWM, 2022. (M) Global Finance, 2022. (N) Euromoney, 2022. (O) Global Finance Treasury & Cash Management Awards, 2022. (P) Celent, 2022. (Q) GlobalCapital, 2022. (R) Risk.net, 2022. (S) Capital Monitor, 2022. (T) Institutional Investor, 2022. (U) Refinitiv, 2022 YTD. 39

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Forward-Looking Statements Bank of America Corporation (the "Corporation") and its management may make certain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward- looking statements often use words such as "anticipates," "targets," "expects," "hopes," "estimates," "intends," "plans," "goals," "believes," "continue" and other similar expressions or future or conditional verbs such as "will," "may," "might," "should," "would" and "could." Forward-looking statements represent the Corporation's current expectations, plans or forecasts of its future results, revenues, provision for credit losses, expenses, efficiency ratio, capital measures, strategy, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond the Corporation's control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements. You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties more fully discussed under Item 1A. Risk Factors of the Corporation's 2021 Annual Report on Form 10-K and in any of the Corporation's subsequent Securities and Exchange Commission filings: the Corporation's potential judgments, orders, settlements, penalties, fines and reputational damage resulting from pending or future litigation and regulatory investigations, proceedings and enforcement actions, including as a result of our participation in and execution of government programs related to the Coronavirus Disease 2019 (COVID-19) pandemic, such as the processing of unemployment benefits for California and certain other states; the possibility that the Corporation's future liabilities may be in excess of its recorded liability and estimated range of possible loss for litigation, and regulatory and government actions; the possibility that the Corporation could face increased claims from one or more parties involved in mortgage securitizations; the Corporation's ability to resolve representations and warranties repurchase and related claims; the risks related to the discontinuation of the London Interbank Offered Rate and other reference rates, including increased expenses and litigation and the effectiveness of hedging strategies; uncertainties about the financial stability and growth rates of non-U.S. jurisdictions, the risk that those jurisdictions may face difficulties servicing their sovereign debt, and related stresses on financial markets, currencies and trade, and the Corporation's exposures to such risks, including direct, indirect and operational; the impact of U.S. and global interest rates, inflation, currency exchange rates, economic conditions, trade policies and tensions, including tariffs, and potential geopolitical instability; the impact of the interest rate, inflationary and macroeconomic environment on the Corporation's business, financial condition and results of operations; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. or global economic conditions and other uncertainties, including the impact of supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; potential losses related to the Corporation's concentration of credit risk; the Corporation's ability to achieve its expense targets and expectations regarding revenue, net interest income, provision for credit losses, net charge-offs, effective tax rate, loan growth or other projections; adverse changes to the Corporation's credit ratings from the major credit rating agencies; an inability to access capital markets or maintain deposits or borrowing costs; estimates of the fair value and other accounting values, subject to impairment assessments, of certain of the Corporation's assets and liabilities; the estimated or actual impact of changes in accounting standards or assumptions in applying those standards; uncertainty regarding the content, timing and impact of regulatory capital and liquidity requirements; the impact of adverse changes to total loss-absorbing capacity requirements, stress capital buffer requirements and/or global systemically important bank surcharges; the potential impact of actions of the Board of Governors of the Federal Reserve System on the Corporation's capital plans; the effect of changes in or interpretations of income tax laws and regulations; the impact of implementation and compliance with U.S. and international laws, regulations and regulatory interpretations, including, but not limited to, recovery and resolution planning requirements, Federal Deposit Insurance Corporation assessments, the Volcker Rule, fiduciary standards, derivatives regulations and the Coronavirus Aid, Relief, and Economic Security Act and any similar or related rules and regulations; a failure or disruption in or breach of the Corporation's operational or security systems or infrastructure, or those of third parties, including as a result of cyber-attacks or campaigns; the risks related to the transition and physical impacts of climate change; our ability to achieve environmental, social and governance goals and commitments or the impact of any changes in the Corporation's sustainability strategy or commitments generally; the impact of any future federal government shutdown and uncertainty regarding the federal government's debt limit or changes in fiscal, monetary or regulatory policy; the emergence of widespread health emergencies or pandemics, including the magnitude and duration of the COVID-19 pandemic and its impact on U.S. and/or global financial market conditions and our business, results of operations, financial condition and prospects; the impact of natural disasters, extreme weather events, military conflict (including the Russia/ Ukraine conflict, the possible expansion of such conflict and potential geopolitical consequences), terrorism or other geopolitical events; and other matters. Forward-looking statements speak only as of the date they are made, and the Corporation undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made. 40

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Important Presentation Information 41 • The information contained herein is preliminary and based on Corporation data available at the time of the earnings presentation. It speaks only as of the particular date or dates included in the accompanying slides. Bank of America does not undertake an obligation to, and disclaims any duty to, update any of the information provided. • The Corporation may present certain metrics and ratios, including year-over-year comparisons of revenue, noninterest expense and pretax income, excluding certain items (e.g., DVA) that are non-GAAP financial measures. The Corporation believes the use of these non-GAAP financial measures provides additional clarity in understanding its results of operations and trends. For more information about the non-GAAP financial measures contained herein, please see the presentation of the most directly comparable financial measures calculated in accordance with GAAP and accompanying reconciliations in the earnings press release for the quarter ended December 31, 2022, and other earnings-related information available through the Bank of America Investor Relations website at: https://investor.bankofamerica.com/quarterly-earnings. • The Corporation presents certain key financial and nonfinancial performance indicators that management uses when assessing consolidated and/or segment results. The Corporation believes this information is useful because it provides management with information about underlying operational performance and trends. KPIs are presented in 4Q22 Financial Results on slide 2, 2022 Financial Results on slide 4 and on the Summary Income Statement for each segment. • The Corporation also views net interest income and related ratios and analyses on a fully taxable-equivalent (FTE) basis, which when presented on a consolidated basis are non-GAAP financial measures. The Corporation believes managing the business with net interest income on an FTE basis provides investors with meaningful information on the interest margin for comparative purposes. The Corporation believes that the presentation allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices. The FTE adjustment was $123MM, $106MM, $103MM, $106MM and $105MM for 4Q22, 3Q22, 2Q22, 1Q22 and 4Q21, respectively. • The Corporation allocates capital to its business segments using a methodology that considers the effect of regulatory capital requirements in addition to internal risk-based capital models. The Corporation's internal risk-based capital models use a risk-adjusted methodology incorporating each segment's credit, market, interest rate, business and operational risk components. Allocated capital is reviewed periodically and refinements are made based on multiple considerations that include, but are not limited to, risk-weighted assets measured under Basel 3 Standardized and Advanced approaches, business segment exposures and risk profile, and strategic plans. As a result of this process, in the first quarter of 2022, the Corporation adjusted the amount of capital being allocated to its business segments.

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## Exhibit 99.3

![baclogo2020.jpg](baclogo2020.jpg)

**Supplemental Information**

**Fourth Quarter 2022**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

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

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| | |
|:---|:---|
| **Bank of America Corporation and Subsidiaries**<br>**Table of Contents** |<br>**Page** |
| <u>[Consolidated Financial Highlights](#i5b01a481831e4af6b0afe784a29cface_4)</u> | <u>[2](#i5b01a481831e4af6b0afe784a29cface_4)</u> |
| <u>[Consolidated Statement of Income](#i5b01a481831e4af6b0afe784a29cface_7)</u> | <u>[3](#i5b01a481831e4af6b0afe784a29cface_7)</u> |
| <u>[Consolidated Statement of Comprehensive Income](#i5b01a481831e4af6b0afe784a29cface_10)</u> | <u>[3](#i5b01a481831e4af6b0afe784a29cface_10)</u> |
| <u>[Net Interest Income and Noninterest Income](#i5b01a481831e4af6b0afe784a29cface_13)</u> | <u>[4](#i5b01a481831e4af6b0afe784a29cface_13)</u> |
| <u>[Consolidated Balance Sheet](#i5b01a481831e4af6b0afe784a29cface_16)</u> | <u>[5](#i5b01a481831e4af6b0afe784a29cface_16)</u> |
| <u>[Capital Management](#i5b01a481831e4af6b0afe784a29cface_19)</u> | <u>[6](#i5b01a481831e4af6b0afe784a29cface_19)</u> |
| <u>[Capital Composition under Basel 3](#i5b01a481831e4af6b0afe784a29cface_22)</u> | <u>[7](#i5b01a481831e4af6b0afe784a29cface_22)</u> |
| <u>[Quarterly Average Balances and Interest Rates](#i5b01a481831e4af6b0afe784a29cface_25)</u> | <u>[8](#i5b01a481831e4af6b0afe784a29cface_25)</u> |
| <u>[Debt Securities](#i5b01a481831e4af6b0afe784a29cface_37)</u> | <u>[9](#i5b01a481831e4af6b0afe784a29cface_37)</u> |
| <u>[Supplemental Financial Data](#i5b01a481831e4af6b0afe784a29cface_40)</u> | <u>[10](#i5b01a481831e4af6b0afe784a29cface_40)</u> |
| <u>[Quarterly Results by Business Segment and All Other](#i5b01a481831e4af6b0afe784a29cface_43)</u> | <u>[11](#i5b01a481831e4af6b0afe784a29cface_43)</u> |
| <u>[Annual Results by Business Segment and All Other](#i5b01a481831e4af6b0afe784a29cface_46)</u> | <u>[13](#i5b01a481831e4af6b0afe784a29cface_46)</u> |
| Consumer Banking |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Total Segment Results](#i5b01a481831e4af6b0afe784a29cface_49)</u> | <u>[14](#i5b01a481831e4af6b0afe784a29cface_49)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Key Indicators](#i5b01a481831e4af6b0afe784a29cface_52)</u> | <u>[15](#i5b01a481831e4af6b0afe784a29cface_52)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Business Results](#i5b01a481831e4af6b0afe784a29cface_55)</u> | <u>[16](#i5b01a481831e4af6b0afe784a29cface_55)</u> |
| Global Wealth & Investment Management |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Total Segment Results](#i5b01a481831e4af6b0afe784a29cface_61)</u> | <u>[18](#i5b01a481831e4af6b0afe784a29cface_61)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Key Indicators](#i5b01a481831e4af6b0afe784a29cface_64)</u> | <u>[19](#i5b01a481831e4af6b0afe784a29cface_64)</u> |
| Global Banking |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Total Segment Results](#i5b01a481831e4af6b0afe784a29cface_67)</u> | <u>[20](#i5b01a481831e4af6b0afe784a29cface_67)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Key Indicators](#i5b01a481831e4af6b0afe784a29cface_70)</u> | <u>[21](#i5b01a481831e4af6b0afe784a29cface_70)</u> |
| Global Markets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Total Segment Results](#i5b01a481831e4af6b0afe784a29cface_76)</u> | <u>[22](#i5b01a481831e4af6b0afe784a29cface_76)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Key Indicators](#i5b01a481831e4af6b0afe784a29cface_79)</u> | <u>[23](#i5b01a481831e4af6b0afe784a29cface_79)</u> |
| All Other |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Total Results](#i5b01a481831e4af6b0afe784a29cface_82)</u> | <u>[24](#i5b01a481831e4af6b0afe784a29cface_82)</u> |
| <u>[Outstanding Loans and Leases](#i5b01a481831e4af6b0afe784a29cface_85)</u> | <u>[25](#i5b01a481831e4af6b0afe784a29cface_85)</u> |
| <u>[Quarterly Average Loans and Leases by Business Segment and All Other](#i5b01a481831e4af6b0afe784a29cface_88)</u> | <u>[26](#i5b01a481831e4af6b0afe784a29cface_88)</u> |
| <u>[Commercial Credit Exposure by Industry](#i5b01a481831e4af6b0afe784a29cface_91)</u> | <u>[27](#i5b01a481831e4af6b0afe784a29cface_91)</u> |
| <u>[Nonperforming Loans, Leases and Foreclosed Properties](#i5b01a481831e4af6b0afe784a29cface_100)</u> | <u>[28](#i5b01a481831e4af6b0afe784a29cface_100)</u> |
| <u>[Nonperforming Loans, Leases and Foreclosed Properties Activity](#i5b01a481831e4af6b0afe784a29cface_103)</u> | <u>[29](#i5b01a481831e4af6b0afe784a29cface_103)</u> |
| <u>[Quarterly Net Charge-offs and Net Charge-off Ratios](#i5b01a481831e4af6b0afe784a29cface_106)</u> | <u>[30](#i5b01a481831e4af6b0afe784a29cface_106)</u> |
| <u>[Annual Net Charge-offs and Net Charge-off Ratios](#i5b01a481831e4af6b0afe784a29cface_109)</u> | <u>[31](#i5b01a481831e4af6b0afe784a29cface_109)</u> |
| <u>[Allocation of the Allowance for Credit Losses by Product Type](#i5b01a481831e4af6b0afe784a29cface_112)</u> | <u>[32](#i5b01a481831e4af6b0afe784a29cface_112)</u> |
| <u>[Exhibit A: Non-GAAP Reconciliations](#i5b01a481831e4af6b0afe784a29cface_115)</u> | <u>[33](#i5b01a481831e4af6b0afe784a29cface_115)</u> |
| **<u>Key Performance Indicators</u>** | **<u>Key Performance Indicators</u>** |
| The Corporation presents certain key financial and nonfinancial performance indicators that management uses when assessing consolidated and/or segment results. The Corporation believes this information is useful because it provides management with information about underlying operational performance and trends. Key performance indicators are presented in Consolidated Financial Highlights on page 2 and on the Key Indicators pages for each segment. | The Corporation presents certain key financial and nonfinancial performance indicators that management uses when assessing consolidated and/or segment results. The Corporation believes this information is useful because it provides management with information about underlying operational performance and trends. Key performance indicators are presented in Consolidated Financial Highlights on page 2 and on the Key Indicators pages for each segment. |
| **<u>Business Segment Operations</u>** | **<u>Business Segment Operations</u>** |
| The Corporation reports the results of operations of its four business segments and *All Other* on a fully taxable-equivalent (FTE) basis. Additionally, the results for the total Corporation as presented on pages 11 - 13 are reported on an FTE basis. | The Corporation reports the results of operations of its four business segments and *All Other* on a fully taxable-equivalent (FTE) basis. Additionally, the results for the total Corporation as presented on pages 11 - 13 are reported on an FTE basis. |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** |
| **Consolidated Financial Highlights** | **Consolidated Financial Highlights** | **Consolidated Financial Highlights** | **Consolidated Financial Highlights** | **Consolidated Financial Highlights** | **Consolidated Financial Highlights** | **Consolidated Financial Highlights** | **Consolidated Financial Highlights** |
| (In millions, except per share information) | (In millions, except per share information) | (In millions, except per share information) | (In millions, except per share information) | (In millions, except per share information) | (In millions, except per share information) | (In millions, except per share information) | (In millions, except per share information) |
|  | **Year Ended<br>December 31** | **Year Ended<br>December 31** | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
|  | **2022** | 2021 | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
| **Income statement** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income | $**52462** | $42934 | $**14681** | $13765 | $12444 | $11572 | $11410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest income | **42488** | 46179 | **9851** | 10737 | 10244 | 11656 | 10650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue, net of interest expense | **94950** | 89113 | **24532** | 24502 | 22688 | 23228 | 22060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | **2543** | (4594) | **1092** | 898 | 523 | 30 | (489) |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest expense | **61438** | 59731 | **15543** | 15303 | 15273 | 15319 | 14731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | **30969** | 33976 | **7897** | 8301 | 6892 | 7879 | 7818 |
| &nbsp;&nbsp;&nbsp;Pretax, pre-provision income <sup>(1)</sup> | **33512** | 29382 | **8989** | 9199 | 7415 | 7909 | 7329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | **3441** | 1998 | **765** | 1219 | 645 | 812 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | **27528** | 31978 | **7132** | 7082 | 6247 | 7067 | 7013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock dividends and other | **1513** | 1421 | **228** | 503 | 315 | 467 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income applicable to common shareholders | **26015** | 30557 | **6904** | 6579 | 5932 | 6600 | 6773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per common share | **3.19** | 3.57 | **0.85** | 0.81 | 0.73 | 0.80 | 0.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average diluted common shares issued and outstanding | **8167.5** | 8558.4 | **8155.7** | 8160.8 | 8163.1 | 8202.1 | 8304.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid per common share | $**0.86** | $0.78 | $**0.22** | $0.22 | $0.21 | $0.21 | $0.21 |
| **Performance ratios** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average assets | **0.88%** | 1.05% | **0.92%** | 0.90% | 0.79% | 0.89% | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average common shareholders' equity | **10.75** | 12.23 | **11.24** | 10.79 | 9.93 | 11.02 | 10.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average shareholders' equity | **10.18** | 11.68 | **10.38** | 10.37 | 9.34 | 10.64 | 10.27 |
| &nbsp;&nbsp;&nbsp;Return on average tangible common shareholders' equity <sup>(2)</sup> | **15.15** | 17.02 | **15.79** | 15.21 | 14.05 | 15.51 | 15.25 |
| &nbsp;&nbsp;&nbsp;Return on average tangible shareholders' equity <sup>(2)</sup> | **13.76** | 15.71 | **13.98** | 13.99 | 12.66 | 14.40 | 13.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Efficiency ratio | **64.71** | 67.03 | **63.36** | 62.45 | 67.32 | 65.95 | 66.78 |
| **At period end** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Book value per share of common stock | $**30.61** | $30.37 | $**30.61** | $29.96 | $29.87 | $29.70 | $30.37 |
| &nbsp;&nbsp;&nbsp;Tangible book value per share of common stock <sup>(2)</sup> | **21.83** | 21.68 | **21.83** | 21.21 | 21.13 | 20.99 | 21.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market capitalization | **264853** | 359383 | **264853** | 242338 | 250136 | 332320 | 359383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of financial centers - U.S. | **3913** | 4173 | **3913** | 3932 | 3984 | 4056 | 4173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of branded ATMs - U.S. | **15528** | 16209 | **15528** | 15572 | 15730 | 15959 | 16209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Headcount | **216823** | 208248 | **216823** | 213270 | 209824 | 208139 | 208248 |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Pretax, pre-provision income (PTPI) is a non-GAAP financial measure calculated by adjusting pretax income to add back provision for credit losses. Management believes that PTPI is a useful financial measure because it enables an assessment of the Corporation's ability to generate earnings to cover credit losses through a credit cycle. (See Exhibit A: Non-GAAP Reconciliations - Reconciliations to GAAP Financial Measures on page 33.)

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income. Tangible book value per share provides additional useful information about the level of tangible assets in relation to outstanding shares of common stock. (See Exhibit A: Non-GAAP Reconciliations - Reconciliations to GAAP Financial Measures on page 33.)

 

Current-period information is preliminary and based on company data available at the time of the presentation. 2

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** |
| **Consolidated Statement of Income** | **Consolidated Statement of Income** | **Consolidated Statement of Income** | **Consolidated Statement of Income** | **Consolidated Statement of Income** | **Consolidated Statement of Income** | **Consolidated Statement of Income** | **Consolidated Statement of Income** |
| (In millions, except per share information) | (In millions, except per share information) | (In millions, except per share information) | (In millions, except per share information) | (In millions, except per share information) | (In millions, except per share information) | (In millions, except per share information) | (In millions, except per share information) |
|  | **Year Ended December 31** | **Year Ended December 31** | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
|  | **2022** | 2021 | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
| **Net interest income** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $**72565** | $47672 | $**25075** | $19621 | $14975 | $12894 | $12554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | **20103** | 4738 | **10394** | 5856 | 2531 | 1322 | 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | **52462** | 42934 | **14681** | 13765 | 12444 | 11572 | 11410 |
| **Noninterest income** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commissions | **33212** | 39299 | **7735** | 8001 | 8491 | 8985 | 10143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market making and similar activities | **12075** | 8691 | **3052** | 3068 | 2717 | 3238 | 1331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (loss) | **(2799)** | (1811) | **(936)** | (332) | (964) | (567) | (824) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | **42488** | 46179 | **9851** | 10737 | 10244 | 11656 | 10650 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenue, net of interest expense** | **94950** | 89113 | **24532** | 24502 | 22688 | 23228 | 22060 |
| **Provision for credit losses** | **2543** | (4594) | **1092** | 898 | 523 | 30 | (489) |
| **Noninterest expense** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and benefits | **36447** | 36140 | **9161** | 8887 | 8917 | 9482 | 9037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy and equipment | **7071** | 7138 | **1786** | 1777 | 1748 | 1760 | 1785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Information processing and communications | **6279** | 5769 | **1658** | 1546 | 1535 | 1540 | 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Product delivery and transaction related | **3653** | 3881 | **904** | 892 | 924 | 933 | 941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | **2142** | 1775 | **649** | 525 | 518 | 450 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketing | **1825** | 1939 | **460** | 505 | 463 | 397 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general operating | **4021** | 3089 | **925** | 1171 | 1168 | 757 | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | **61438** | 59731 | **15543** | 15303 | 15273 | 15319 | 14731 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income before income taxes** | **30969** | 33976 | **7897** | 8301 | 6892 | 7879 | 7818 |
| **Income tax expense** | **3441** | 1998 | **765** | 1219 | 645 | 812 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income** | $**27528** | $31978 | $**7132** | $7082 | $6247 | $7067 | $7013 |
| **Preferred stock dividends and other** | **1513** | 1421 | **228** | 503 | 315 | 467 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income applicable to common shareholders** | $**26015** | $30557 | $**6904** | $6579 | $5932 | $6600 | $6773 |
| **Per common share information** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings | $**3.21** | $3.60 | $**0.85** | $0.81 | $0.73 | $0.81 | $0.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings | **3.19** | 3.57 | **0.85** | 0.81 | 0.73 | 0.80 | 0.82 |
| **Average common shares issued and outstanding** | **8113.7** | 8493.3 | **8088.3** | 8107.7 | 8121.6 | 8136.8 | 8226.5 |
| **Average diluted common shares issued and outstanding** | **8167.5** | 8558.4 | **8155.7** | 8160.8 | 8163.1 | 8202.1 | 8304.7 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Statement of Comprehensive Income** | **Consolidated Statement of Comprehensive Income** | **Consolidated Statement of Comprehensive Income** | **Consolidated Statement of Comprehensive Income** | **Consolidated Statement of Comprehensive Income** | **Consolidated Statement of Comprehensive Income** | **Consolidated Statement of Comprehensive Income** | **Consolidated Statement of Comprehensive Income** |
| (Dollars in millions) |  |  |  |  |  |  |  |
|  | **Year Ended December 31** | **Year Ended December 31** | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
|  | **2022** | 2021 | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
| **Net income** | $**27528** | $31978 | $**7132** | $7082 | $6247 | $7067 | $7013 |
| **Other comprehensive income (loss), net-of-tax:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in debt securities | **(6028)** | (2077) | **353** | (1112) | (1822) | (3447) | (834) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in debit valuation adjustments | **755** | 356 | **(543)** | 462 | 575 | 261 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in derivatives | **(10055)** | (2306) | **835** | (3703) | (2008) | (5179) | (1176) |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee benefit plan adjustments | **(667)** | 624 | **(764)** | 37 | 36 | 24 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in foreign currency translation adjustments | **(57)** | (45) | **(10)** | (37) | (38) | 28 | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Other comprehensive income (loss)** | **(16052)** | (3448) | **(129)** | (4353) | (3257) | (8313) | (1508) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Comprehensive income (loss)** | $**11476** | $28530 | $**7003** | $2729 | $2990 | $(1246) | $5505 |

---

Current-period information is preliminary and based on company data available at the time of the presentation. 3

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** |
| **Net Interest Income and Noninterest Income** | **Net Interest Income and Noninterest Income** | **Net Interest Income and Noninterest Income** | **Net Interest Income and Noninterest Income** | **Net Interest Income and Noninterest Income** | **Net Interest Income and Noninterest Income** | **Net Interest Income and Noninterest Income** | **Net Interest Income and Noninterest Income** |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  | **Year Ended December 31** | **Year Ended December 31** | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
|  | **2022** | 2021 | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
| **Net interest income** |  |  |  |  |  |  |  |
| Interest income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and leases | $**37919** | $29282 | $**12114** | $10231 | $8222 | $7352 | $7423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities | **17127** | 12376 | **5016** | 4239 | 4049 | 3823 | 3544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds sold and securities borrowed or purchased under agreements to resell | **4560** | (90) | **2725** | 1446 | 396 | (7) | (47) |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading account assets | **5521** | 3770 | **1768** | 1449 | 1223 | 1081 | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other interest income | **7438** | 2334 | **3452** | 2256 | 1085 | 645 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | **72565** | 47672 | **25075** | 19621 | 14975 | 12894 | 12554 |
| Interest expense |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | **4718** | 537 | **2999** | 1235 | 320 | 164 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings | **6978** | (358) | **4273** | 2264 | 553 | (112) | (153) |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading account liabilities | **1538** | 1128 | **421** | 383 | 370 | 364 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | **6869** | 3431 | **2701** | 1974 | 1288 | 906 | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | **20103** | 4738 | **10394** | 5856 | 2531 | 1322 | 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net interest income** | $**52462** | $42934 | $**14681** | $13765 | $12444 | $11572 | $11410 |
| **Noninterest income** |  |  |  |  |  |  |  |
| Fees and commissions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Card income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interchange fees <sup>(1)</sup> | $**4096** | $4560 | $**1029** | $1060 | $1072 | $935 | $1129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other card income | **1987** | 1658 | **523** | 513 | 483 | 468 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total card income | **6083** | 6218 | **1552** | 1573 | 1555 | 1403 | 1614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service charges |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit-related fees | **5190** | 6271 | **1081** | 1162 | 1417 | 1530 | 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lending-related fees | **1215** | 1233 | **308** | 304 | 300 | 303 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total service charges | **6405** | 7504 | **1389** | 1466 | 1717 | 1833 | 1910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment and brokerage services |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset management fees | **12152** | 12729 | **2844** | 2920 | 3102 | 3286 | 3295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokerage fees | **3749** | 3961 | **879** | 875 | 989 | 1006 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment and brokerage services | **15901** | 16690 | **3723** | 3795 | 4091 | 4292 | 4268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment banking fees |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underwriting income | **1970** | 5077 | **411** | 452 | 435 | 672 | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Syndication fees | **1070** | 1499 | **174** | 283 | 301 | 312 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial advisory services | **1783** | 2311 | **486** | 432 | 392 | 473 | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment banking fees | **4823** | 8887 | **1071** | 1167 | 1128 | 1457 | 2351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fees and commissions | **33212** | 39299 | **7735** | 8001 | 8491 | 8985 | 10143 |
| Market making and similar activities | **12075** | 8691 | **3052** | 3068 | 2717 | 3238 | 1331 |
| Other income (loss) | **(2799)** | (1811) | **(936)** | (332) | (964) | (567) | (824) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total noninterest income** | $**42488** | $46179 | $**9851** | $10737 | $10244 | $11656 | $10650 |

---

<sup>(1)</sup> Gross interchange fees and merchant income were $12.9 billion and $11.5 billion and are presented net of $8.8 billion and $6.9 billion of expenses for rewards and partner payments as well as certain other card costs for the years ended December 31, 2022 and 2021. Gross interchange fees and merchant income were $3.3 billion, $3.3 billion, $3.3 billion, $2.9 billion and $3.1 billion, and are presented net of $2.3 billion, $2.2 billion, $2.2 billion, $2.0 billion and $2.0 billion of expenses for rewards and partner payments as well as certain other card costs for the fourth, third, second and first quarters of 2022, and the fourth quarter of 2021, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;

Current-period information is preliminary and based on company data available at the time of the presentation. 4

------

---

| | | | |
|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** |
| **Consolidated Balance Sheet** | **Consolidated Balance Sheet** | **Consolidated Balance Sheet** | **Consolidated Balance Sheet** |
| (Dollars in millions) |  |  |  |
|  | **December 31<br>2022** | September 30<br>2022 | December 31<br>2021 |
| **Assets** |  |  |  |
| Cash and due from banks | $**30334** | $27802 | $29222 |
| Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks | **199869** | 177174 | 318999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | **230203** | 204976 | 348221 |
| Time deposits placed and other short-term investments | **7259** | 7449 | 7144 |
| Federal funds sold and securities borrowed or purchased under agreements to resell | **267323** | 275247 | 250720 |
| Trading account assets | **295552** | 293458 | 247080 |
| Derivative assets | **48642** | 71956 | 35344 |
| Debt securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Carried at fair value | **229994** | 236245 | 308073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Held-to-maturity, at cost | **632825** | 643713 | 674554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total debt securities | **862819** | 879958 | 982627 |
| Loans and leases | **1045747** | 1032466 | 979124 |
| Allowance for loan and lease losses | **(12682)** | (12302) | (12387) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans and leases, net of allowance | **1033065** | 1020164 | 966737 |
| Premises and equipment, net | **11510** | 11117 | 10833 |
| Goodwill | **69022** | 69022 | 69022 |
| Loans held-for-sale | **6871** | 7629 | 15635 |
| Customer and other receivables | **67429** | 76211 | 72263 |
| Other assets | **151011** | 155766 | 163869 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**3050706** | $3072953 | $3169495 |
| **Liabilities** |  |  |  |
| Deposits in U.S. offices: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing | $**640745** | $696976 | $784189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing | **1182590** | 1143317 | 1165914 |
| Deposits in non-U.S. offices: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing | **20480** | 21630 | 27457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing | **86526** | 76174 | 86886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **1930341** | 1938097 | 2064446 |
| Federal funds purchased and securities loaned or sold under agreements to repurchase | **195635** | 215627 | 192329 |
| Trading account liabilities | **79844** | 84768 | 100690 |
| Derivative liabilities | **44961** | 50156 | 37675 |
| Short-term borrowings | **26932** | 21044 | 23753 |
| Accrued expenses and other liabilities | **223814** | 224615 | 200419 |
| Long-term debt | **275982** | 269122 | 280117 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **2777509** | 2803429 | 2899429 |
| **Shareholders' equity** |  |  |  |
| Preferred stock, $0.01 par value; authorized – **100,000,000** shares; issued and outstanding – **4,088,101,** 4,117,652 and 3,939,686 shares | **28397** | 29134 | 24708 |
| Common stock and additional paid-in capital, $0.01 par value; authorized – **12,800,000,000** shares; issued and outstanding – **7,996,777,943**, 8,024,450,244 and 8,077,831,463 shares | **58953** | 59460 | 62398 |
| Retained earnings | **207003** | 201957 | 188064 |
| Accumulated other comprehensive income (loss) | **(21156)** | (21027) | (5104) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total shareholders' equity** | **273197** | 269524 | 270066 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and shareholders' equity** | $**3050706** | $3072953 | $3169495 |
| **Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)** | **Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)** | **Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)** | **Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)** |
| Trading account assets | $**2816** | $2794 | $5004 |
| Loans and leases | **16738** | 16073 | 17135 |
| Allowance for loan and lease losses | **(797)** | (802) | (958) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans and leases, net of allowance | **15941** | 15271 | 16177 |
| All other assets | **116** | 93 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets of consolidated variable interest entities** | $**18873** | $18158 | $21370 |
| **Liabilities of consolidated variable interest entities included in total liabilities above** | **Liabilities of consolidated variable interest entities included in total liabilities above** | **Liabilities of consolidated variable interest entities included in total liabilities above** | **Liabilities of consolidated variable interest entities included in total liabilities above** |
| Short-term borrowings | $**42** | $82 | $247 |
| Long-term debt | **4581** | 3240 | 3587 |
| All other liabilities | **13** | 9 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities of consolidated variable interest entities** | $**4636** | $3331 | $3841 |

---

Current-period information is preliminary and based on company data available at the time of the presentation. 5

------

---

| | | | |
|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** |
| **Capital Management** | **Capital Management** | **Capital Management** | **Capital Management** |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  | **December 31<br>2022** | September 30<br>2022 | December 31<br>2021 |
| **Risk-based capital metrics** <sup>(1)</sup>**:** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Standardized Approach** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common equity tier 1 capital | $**180060** | $175554 | $171759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tier 1 capital | **208447** | 204675 | 196465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital | **238753** | 235276 | 227592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk-weighted assets | **1603744** | 1599322 | 1617848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common equity tier 1 capital ratio | **11.2%** | 11.0% | 10.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tier 1 capital ratio | **13.0** | 12.8 | 12.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital ratio | **14.9** | 14.7 | 14.1 |
| &nbsp;&nbsp;&nbsp;**Advanced Approaches** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common equity tier 1 capital | $**180060** | $175554 | $171759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tier 1 capital | **208447** | 204675 | 196465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital | **230895** | 228334 | 220616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk-weighted assets | **1410104** | 1390505 | 1399160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common equity tier 1 capital ratio | **12.8%** | 12.6% | 12.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tier 1 capital ratio | **14.8** | 14.7 | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital ratio | **16.4** | 16.4 | 15.8 |
| **Leverage-based metrics** <sup>(1)</sup>**:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted average assets | $**2997119** | $3028175 | $3087247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tier 1 leverage ratio | **7.0%** | 6.8% | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Supplementary leverage exposure | $**3523530** | $3555578 | $3603807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Supplementary leverage ratio | **5.9%** | 5.8% | 5.5% |
| Total ending equity to total ending assets ratio | **9.0** | 8.8 | 8.5 |
| Common equity ratio | **8.0** | 7.8 | 7.7 |
| Tangible equity ratio <sup>(2)</sup> | **6.8** | 6.6 | 6.4 |
| Tangible common equity ratio <sup>(2)</sup> | **5.9** | 5.7 | 5.7 |

---

<sup>(1)</sup> Regulatory capital ratios at December 31, 2022 are preliminary. We report regulatory capital ratios under both the Standardized and Advanced approaches. Capital adequacy is evaluated against the lower of the Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements. The Corporation's binding ratio was the Common equity tier 1 ratio under the Standardized approach as of December 31, 2022 and September 30, 2022, and supplementary leverage ratio as of December 31, 2021.

<sup>(2)</sup> Tangible equity ratio equals period-end tangible shareholders' equity divided by period-end tangible assets. Tangible common equity ratio equals period-end tangible common shareholders' equity divided by period-end tangible assets. Tangible shareholders' equity and tangible assets are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income. (See Exhibit A: Non-GAAP Reconciliations - Reconciliation to GAAP Financial Measures on page 33.)

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

------

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| | | | |
|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries**<br>**Capital Composition under Basel 3** | | | |
| (Dollars in millions) |  |  |  |
|  | **December 31<br>2022** | September 30<br>2022 | December 31<br>2021 |
| Total common shareholders' equity | $**244800** | $240390 | $245358 |
| CECL transitional amount <sup>(1)</sup> | **1881** | 1881 | 2508 |
| Goodwill, net of related deferred tax liabilities | **(68644)** | (68641) | (68641) |
| Deferred tax assets arising from net operating loss and tax credit carryforwards | **(7776)** | (7658) | (7743) |
| Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities | **(1554)** | (1561) | (1605) |
| Defined benefit pension plan net assets, net-of-tax | **(867)** | (1227) | (1261) |
| Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net-of-tax | **496** | (240) | 1400 |
| Accumulated net (gain) loss on certain cash flow hedges <sup>(2)</sup>  | **11925** | 12762 | 1870 |
| Other | **(201)** | (152) | (127) |
| &nbsp;&nbsp;&nbsp;**Common equity tier 1 capital** | **180060** | 175554 | 171759 |
| Qualifying preferred stock, net of issuance cost | **28396** | 29134 | 24707 |
| Other | **(9)** | (13) | (1) |
| &nbsp;&nbsp;&nbsp;**Tier 1 capital** | **208447** | 204675 | 196465 |
| Tier 2 capital instruments | **18729** | 19507 | 20750 |
| Qualifying allowance for credit losses <sup>(3)</sup> | **11739** | 11325 | 10534 |
| Other | **(162)** | (231) | (157) |
| &nbsp;&nbsp;&nbsp;**Total capital under the Standardized approach** | **238753** | 235276 | 227592 |
| Adjustment in qualifying allowance for credit losses under the Advanced approaches <sup>(3)</sup> | **(7858)** | (6942) | (6976) |
| &nbsp;&nbsp;&nbsp;**Total capital under the Advanced approaches** | $**230895** | $228334 | $220616 |

---

<sup>(1)</sup> December 31, 2021 includes the impact of the Corporation's adoption of the current expected credit losses (CECL) accounting standard on January 1, 2020 and 25 percent of the increase in reserves since the initial adoption. December 31, 2022 and September 30, 2022 include 75 percent of the transition provision's impact as of December 31, 2021.

<sup>(2)</sup> Includes amounts in accumulated other comprehensive income related to the hedging of items that are not recognized at fair value on the Consolidated Balance Sheet.

<sup>(3)</sup> Includes the impact of transition provisions related to the CECL accounting standard.

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

------

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** |
| **Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis** | **Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis** | **Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis** | **Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis** | **Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis** | **Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis** | **Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis** | **Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis** | **Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis** | **Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis** |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  | **Fourth Quarter 2022** | **Fourth Quarter 2022** | **Fourth Quarter 2022** | Third Quarter 2022 | Third Quarter 2022 | Third Quarter 2022 | Fourth Quarter 2021 | Fourth Quarter 2021 | Fourth Quarter 2021 |
|  | **Average<br>Balance** | **Interest**<br>**Income/**<br>**Expense** <sup>(1)</sup> | **Yield/<br>Rate** | Average<br>Balance | Interest<br>Income/<br>Expense <sup>(1)</sup> | Yield/<br>Rate | Average<br>Balance | Interest<br>Income/<br>Expense <sup>(1)</sup> | Yield/<br>Rate |
| **Earning assets** |  |  |  |  |  |  |  |  |  |
| Interest-bearing deposits with the Federal Reserve,<br> non-U.S. central banks and other banks | $**175595** | $**1375** | **3.11%** | $184263 | $848 | 1.83% | $256955 | $66 | 0.10% |
| Time deposits placed and other short-term<br>&nbsp;&nbsp;&nbsp;&nbsp;investments | **9558** | **74** | **3.07** | 10352 | 34 | 1.33 | 7200 | 7 | 0.36 |
| Federal funds sold and securities borrowed or<br> purchased under agreements to resell | **289321** | **2725** | **3.74** | 278059 | 1446 | 2.06 | 278163 | (47) | (0.07) |
| Trading account assets | **169003** | **1784** | **4.19** | 163744 | 1465 | 3.55 | 146958 | 992 | 2.68 |
| Debt securities | **869084** | **5043** | **2.30** | 901654 | 4259 | 1.88 | 984493 | 3558 | 1.45 |
| Loans and leases <sup>(2)</sup> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | **229364** | **1663** | **2.90** | 228474 | 1616 | 2.83 | 219193 | 1481 | 2.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home equity | **26983** | **275** | **4.05** | 27282 | 229 | 3.32 | 28796 | 255 | 3.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card | **89575** | **2327** | **10.31** | 85009 | 2187 | 10.20 | 78358 | 1997 | 10.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct/Indirect and other consumer | **106598** | **1119** | **4.16** | 108300 | 923 | 3.38 | 101854 | 578 | 2.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | **452520** | **5384** | **4.73** | 449065 | 4955 | 4.39 | 428201 | 4311 | 4.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. commercial | **378850** | **4172** | **4.37** | 377183 | 3427 | 3.60 | 330796 | 2191 | 2.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. commercial | **125983** | **1474** | **4.64** | 127793 | 1028 | 3.19 | 108899 | 468 | 1.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | **68764** | **994** | **5.74** | 66707 | 738 | 4.39 | 62296 | 382 | 2.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial lease financing | **13130** | **139** | **4.21** | 13586 | 124 | 3.65 | 14870 | 106 | 2.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | **586727** | **6779** | **4.58** | 585269 | 5317 | 3.61 | 516861 | 3147 | 2.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | **1039247** | **12163** | **4.65** | 1034334 | 10272 | 3.94 | 945062 | 7458 | 3.14 |
| Other earning assets | **95904** | **2034** | **8.42** | 98172 | 1403 | 5.67 | 128938 | 625 | 1.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total earning assets** | **2647712** | **25198** | **3.78** | 2670578 | 19727 | 2.94 | 2747769 | 12659 | 1.83 |
| Cash and due from banks | **27771** |  |  | 27250 |  |  | 29219 |  |  |
| Other assets, less allowance for loan and lease losses | **398806** |  |  | 407718 |  |  | 387130 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**3074289** |  |  | $3105546 |  |  | $3164118 |  |  |
| **Interest-bearing liabilities** |  |  |  |  |  |  |  |  |  |
| U.S. interest-bearing deposits |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Demand and money market deposits | $**980964** | $**2044** | **0.83%** | $981145 | $832 | 0.34% | $965801 | $80 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Time and savings deposits | **180684** | **543** | **1.19** | 164313 | 193 | 0.47 | 162567 | 38 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total U.S. interest-bearing deposits | **1161648** | **2587** | **0.88** | 1145458 | 1025 | 0.35 | 1128368 | 118 | 0.04 |
| Non-U.S. interest-bearing deposits | **83073** | **412** | **1.97** | 79383 | 210 | 1.05 | 82846 | 25 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | **1244721** | **2999** | **0.96** | 1224841 | 1235 | 0.40 | 1211214 | 143 | 0.05 |
| Federal funds purchased and securities loaned or sold<br> under agreements to repurchase | **214267** | **2246** | **4.16** | 211346 | 1338 | 2.51 | 218018 | 80 | 0.14 |
| Short-term borrowings and other interest-bearing<br>&nbsp;&nbsp;&nbsp;&nbsp;liabilities | **150351** | **2027** | **5.35** | 137253 | 926 | 2.68 | 114637 | (233) | (0.80) |
| Trading account liabilities | **40393** | **421** | **4.13** | 46507 | 383 | 3.27 | 57993 | 304 | 2.08 |
| Long-term debt | **243871** | **2701** | **4.41** | 250204 | 1974 | 3.14 | 248525 | 850 | 1.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total interest-bearing liabilities** | **1893603** | **10394** | **2.18** | 1870151 | 5856 | 1.24 | 1850387 | 1144 | 0.24 |
| Noninterest-bearing sources |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing deposits | **680823** |  |  | 737934 |  |  | 806009 |  |  |
| &nbsp;&nbsp;&nbsp;Other liabilities <sup>(3)</sup> | **227234** |  |  | 226444 |  |  | 236839 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholders' equity | **272629** |  |  | 271017 |  |  | 270883 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and shareholders' equity** | $**3074289** |  |  | $3105546 |  |  | $3164118 |  |  |
| Net interest spread |  |  | **1.60%** |  |  | 1.70% |  |  | 1.59% |
| Impact of noninterest-bearing sources |  |  | **0.62** |  |  | 0.36 |  |  | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net interest income/yield on earning assets** <sup>(4)</sup> |  | $**14804** | **2.22%** |  | $13871 | 2.06% |  | $11515 | 1.67% |

---

<sup>(1)</sup> Includes the impact of interest rate risk management contracts.

<sup>(2)</sup> Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is generally recognized on a cost recovery basis.

<sup>(3)</sup> Includes $30.7 billion, $29.2 billion and $30.4 billion of structured notes and liabilities for the fourth and third quarters of 2022 and the fourth quarter of 2021, respectively.

<sup>(4)</sup> Net interest income includes FTE adjustments of $123 million, $106 million and $105 million for the fourth and third quarters of 2022 and the fourth quarter of 2021, respectively.

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

------

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| | | | | |
|:---|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** |
| **Debt Securities** | **Debt Securities** | **Debt Securities** | **Debt Securities** | **Debt Securities** |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|  | **Amortized<br>Cost** | **Gross<br>Unrealized<br>Gains** | **Gross<br>Unrealized<br>Losses** | **Fair<br>Value** |
| **Available-for-sale debt securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency | $**25204** | $**5** | $**(1767)** | $**23442** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency-collateralized mortgage obligations | **2452** | **—** | **(231)** | **2221** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial | **6894** | **28** | **(515)** | **6407** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-agency residential | **461** | **15** | **(90)** | **386** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total mortgage-backed securities | **35011** | **48** | **(2603)** | **32456** |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury and government agencies | **160773** | **18** | **(1769)** | **159022** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. securities | **13455** | **4** | **(52)** | **13407** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other taxable securities | **4728** | **1** | **(84)** | **4645** |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt securities | **11518** | **19** | **(279)** | **11258** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total available-for-sale debt securities** | **225485** | **90** | **(4787)** | **220788** |
| **Other debt securities carried at fair value** <sup>(1)</sup> | **8986** | **376** | **(156)** | **9206** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total debt securities carried at fair value** | **234471** | **466** | **(4943)** | **229994** |
| **Held-to-maturity debt securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency mortgage-backed securities | **503233** | **—** | **(87319)** | **415914** |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury and government agencies | **121597** | **—** | **(20259)** | **101338** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other taxable securities | **8033** | **—** | **(1018)** | **7015** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total held-to-maturity debt securities** | **632863** | **—** | **(108596)** | **524267** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total debt securities** | $**867334** | $**466** | $**(113539)** | $**754261** |
|  | September 30, 2022 | September 30, 2022 | September 30, 2022 | September 30, 2022 |
| **Available-for-sale debt securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency | $25743 | $5 | $(2144) | $23604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency-collateralized mortgage obligations | 2589 |  | (220) | 2369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial | 6248 | 24 | (499) | 5773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-agency residential | 467 | 16 | (83) | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total mortgage-backed securities | 35047 | 45 | (2946) | 32146 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury and government agencies | 169368 | 42 | (1797) | 167613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. securities | 11046 | 1 | (44) | 11003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other taxable securities | 3481 |  | (76) | 3405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt securities | 12544 |  | (372) | 12172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total available-for-sale debt securities** | 231486 | 88 | (5235) | 226339 |
| **Other debt securities carried at fair value** <sup>(1)</sup> | 10223 | 54 | (371) | 9906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total debt securities carried at fair value** | 241709 | 142 | (5606) | 236245 |
| **Held-to-maturity debt securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency mortgage-backed securities | 513977 |  | (94111) | 419866 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury and government agencies | 121585 |  | (21089) | 100496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other taxable securities | 8181 |  | (990) | 7191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total held-to-maturity debt securities** | 643743 |  | (116190) | 527553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total debt securities** | $885452 | $142 | $(121796) | $763798 |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Primarily includes non-U.S. securities used to satisfy certain international regulatory requirements.

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** |
| **Supplemental Financial Data** | **Supplemental Financial Data** | **Supplemental Financial Data** | **Supplemental Financial Data** | **Supplemental Financial Data** | **Supplemental Financial Data** | **Supplemental Financial Data** | **Supplemental Financial Data** |
| (Dollars in millions) |  |  |  |  |  |  |  |
|  | **Year Ended<br>December 31** | **Year Ended<br>December 31** | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
|  | **2022** | 2021 | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
| **FTE basis data** <sup>(1)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income | $**52900** | $43361 | $**14804** | $13871 | $12547 | $11678 | $11515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue, net of interest expense | **95388** | 89540 | **24655** | 24608 | 22791 | 23334 | 22165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest yield | **1.96%** | 1.66% | **2.22%** | 2.06% | 1.86% | 1.69% | 1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Efficiency ratio | **64.41** | 66.71 | **63.05** | 62.18 | 67.01 | 65.65 | 66.46 |

---

<sup>(1)</sup> FTE basis is a non-GAAP financial measure. FTE basis is a performance measure used by management in operating the business that management believes provides investors with meaningful information on the interest margin for comparative purposes. The Corporation believes that this presentation allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices. Net interest income includes FTE adjustments of $438 million and $427 million for the years ended December 31, 2022 and 2021, and $123 million, $106 million, $103 million, $106 million and $105 million for the fourth, third, second and first quarters of 2022 and the fourth quarter of 2021, respectively.

Current-period information is preliminary and based on company data available at the time of the presentation. 10

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** |
| **Quarterly Results by Business Segment and All Other** | **Quarterly Results by Business Segment and All Other** | **Quarterly Results by Business Segment and All Other** | **Quarterly Results by Business Segment and All Other** | **Quarterly Results by Business Segment and All Other** | **Quarterly Results by Business Segment and All Other** | **Quarterly Results by Business Segment and All Other** |
| (Dollars in millions) |  |  |  |  |  |  |
|  | **Fourth Quarter 2022** | **Fourth Quarter 2022** | **Fourth Quarter 2022** | **Fourth Quarter 2022** | **Fourth Quarter 2022** | **Fourth Quarter 2022** |
|  | **Total<br>Corporation** | **Consumer Banking** | **GWIM** | **Global Banking** | **Global Markets** | **All<br>Other** |
| Net interest income | $**14804** | $**8494** | $**2015** | $**3880** | $**371** | $**44** |
| Noninterest income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commissions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Card income | **1552** | **1333** | **19** | **196** | **17** | **(13)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service charges | **1389** | **586** | **17** | **703** | **79** | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment and brokerage services | **3723** | **71** | **3166** | **6** | **482** | **(2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment banking fees | **1071** | **—** | **35** | **706** | **347** | **(17)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fees and commissions | **7735** | **1990** | **3237** | **1611** | **925** | **(28)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Market making and similar activities | **3052** | **5** | **36** | **34** | **2685** | **292** |
| &nbsp;&nbsp;&nbsp;Other income (loss)  | **(936)** | **293** | **122** | **913** | **(120)** | **(2144)** |
| Total noninterest income (loss) | **9851** | **2288** | **3395** | **2558** | **3490** | **(1880)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue, net of interest expense | **24655** | **10782** | **5410** | **6438** | **3861** | **(1836)** |
| Provision for credit losses | **1092** | **944** | **37** | **149** | **4** | **(42)** |
| Noninterest expense | **15543** | **5100** | **3784** | **2833** | **3171** | **655** |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | **8020** | **4738** | **1589** | **3456** | **686** | **(2449)** |
| Income tax expense (benefit) | **888** | **1161** | **389** | **916** | **182** | **(1760)** |
| &nbsp;&nbsp;&nbsp;**Net income (loss)** | $**7132** | $**3577** | $**1200** | $**2540** | $**504** | $**(689)** |
| **Average** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | $**1039247** | $**300360** | $**225094** | $**380385** | $**123022** | $**10386** |
| &nbsp;&nbsp;&nbsp;Total assets <sup>(1)</sup> | **3074289** | **1123813** | **361592** | **595525** | **857319** | **136040** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **1925544** | **1047058** | **317849** | **503472** | **37219** | **19946** |
| **Quarter end** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | $**1045747** | $**304761** | $**223910** | $**379107** | $**127735** | $**10234** |
| &nbsp;&nbsp;&nbsp;Total assets <sup>(1)</sup> | **3050706** | **1126453** | **368893** | **588466** | **811820** | **155074** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **1930341** | **1048799** | **323899** | **498661** | **39077** | **19905** |
|  | Third Quarter 2022 | Third Quarter 2022 | Third Quarter 2022 | Third Quarter 2022 | Third Quarter 2022 | Third Quarter 2022 |
|  | Total<br>Corporation | Consumer Banking | GWIM | Global Banking | Global Markets | All<br>Other |
| Net interest income | $13871 | $7784 | $1981 | $3326 | $743 | $37 |
| Noninterest income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commissions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Card income | 1573 | 1331 | 16 | 206 | 18 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service charges | 1466 | 597 | 18 | 771 | 81 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment and brokerage services | 3795 | 73 | 3255 | 11 | 457 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment banking fees | 1167 |  | 47 | 726 | 430 | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fees and commissions | 8001 | 2001 | 3336 | 1714 | 986 | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp;Market making and similar activities | 3068 | 3 | 30 | 52 | 2874 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (loss) | (332) | 116 | 82 | 499 | (120) | (909) |
| Total noninterest income (loss) | 10737 | 2120 | 3448 | 2265 | 3740 | (836) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue, net of interest expense | 24608 | 9904 | 5429 | 5591 | 4483 | (799) |
| Provision for credit losses | 898 | 738 | 37 | 170 | 11 | (58) |
| Noninterest expense | 15303 | 5097 | 3816 | 2651 | 3023 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | 8407 | 4069 | 1576 | 2770 | 1449 | (1457) |
| Income tax expense (benefit) | 1325 | 997 | 386 | 734 | 384 | (1176) |
| &nbsp;&nbsp;&nbsp;**Net income (loss)** | $7082 | $3072 | $1190 | $2036 | $1065 | $(281) |
| **Average** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | $1034334 | $295231 | $223734 | $384305 | $120435 | $10629 |
| &nbsp;&nbsp;&nbsp;Total assets <sup>(1)</sup> | 3105546 | 1145846 | 383468 | 585683 | 847899 | 142650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 1962775 | 1069093 | 339487 | 495154 | 38820 | 20221 |
| **Quarter end** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | $1032466 | $297825 | $224858 | $377711 | $121721 | $10351 |
| &nbsp;&nbsp;&nbsp;Total assets <sup>(1)</sup> | 3072953 | 1149918 | 370790 | 575442 | 848752 | 128051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 1938097 | 1072580 | 324859 | 484309 | 37318 | 19031 |

---

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** |
| **Quarterly Results by Business Segment and All Other (continued)** | **Quarterly Results by Business Segment and All Other (continued)** | **Quarterly Results by Business Segment and All Other (continued)** | **Quarterly Results by Business Segment and All Other (continued)** | **Quarterly Results by Business Segment and All Other (continued)** | **Quarterly Results by Business Segment and All Other (continued)** | **Quarterly Results by Business Segment and All Other (continued)** |
| (Dollars in millions) |  |  |  |  |  |  |
|  | Fourth Quarter 2021 | Fourth Quarter 2021 | Fourth Quarter 2021 | Fourth Quarter 2021 | Fourth Quarter 2021 | Fourth Quarter 2021 |
|  | Total<br>Corporation | Consumer Banking | GWIM | Global Banking | Global Markets | All<br>Other |
| Net interest income | $11515 | $6543 | $1526 | $2362 | $1031 | $53 |
| Noninterest income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commissions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Card income | 1614 | 1354 | 22 | 198 | 12 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service charges | 1910 | 921 | 18 | 887 | 84 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment and brokerage services | 4268 | 84 | 3703 | 14 | 474 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment banking fees | 2351 |  | 82 | 1465 | 832 | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fees and commissions | 10143 | 2359 | 3825 | 2564 | 1402 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Market making and similar activities | 1331 | 1 | 9 | 46 | 1312 | (37) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (loss) | (824) | 9 | 42 | 935 | 73 | (1883) |
| Total noninterest income (loss) | 10650 | 2369 | 3876 | 3545 | 2787 | (1927) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue, net of interest expense | 22165 | 8912 | 5402 | 5907 | 3818 | (1874) |
| Provision for credit losses | (489) | 32 | (56) | (463) | 32 | (34) |
| Noninterest expense | 14731 | 4742 | 3834 | 2717 | 2882 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | 7923 | 4138 | 1624 | 3653 | 904 | (2396) |
| Income tax expense (benefit) | 910 | 1014 | 398 | 986 | 235 | (1723) |
| &nbsp;&nbsp;&nbsp;**Net income (loss)** | $7013 | $3124 | $1226 | $2667 | $669 | $(673) |
| **Average** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | $945062 | $282332 | $205236 | $338627 | $102627 | $16240 |
| &nbsp;&nbsp;&nbsp;Total assets <sup>(1)</sup> | 3164118 | 1102444 | 408033 | 650940 | 816994 | 185707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 2017223 | 1026810 | 360912 | 562390 | 43331 | 23780 |
| **Quarter end** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | $979124 | $286511 | $208971 | $352933 | $114846 | $15863 |
| &nbsp;&nbsp;&nbsp;Total assets <sup>(1)</sup> | 3169495 | 1131142 | 438275 | 638131 | 747794 | 214153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 2064446 | 1054995 | 390143 | 551752 | 46374 | 21182 |

---

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

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

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** |
| **Annual Results by Business Segment and All Other** | **Annual Results by Business Segment and All Other** | **Annual Results by Business Segment and All Other** | **Annual Results by Business Segment and All Other** | **Annual Results by Business Segment and All Other** | **Annual Results by Business Segment and All Other** | **Annual Results by Business Segment and All Other** |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |
|  | **Total<br>Corporation** | **Consumer Banking** | **GWIM** | **Global Banking** | **Global Markets** | **All<br>Other** |
| Net interest income | $**52900** | $**30045** | $**7466** | $**12184** | $**3088** | $**117** |
| Noninterest income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commissions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Card income | **6083** | **5169** | **70** | **774** | **66** | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service charges | **6405** | **2706** | **73** | **3293** | **325** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment and brokerage services | **15901** | **304** | **13561** | **42** | **2002** | **(8)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment banking fees | **4823** | **—** | **189** | **3004** | **1820** | **(190)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fees and commissions | **33212** | **8179** | **13893** | **7113** | **4213** | **(186)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Market making and similar activities | **12075** | **10** | **102** | **215** | **11406** | **342** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (loss) | **(2799)** | **401** | **287** | **2717** | **(569)** | **(5635)** |
| Total noninterest income (loss) | **42488** | **8590** | **14282** | **10045** | **15050** | **(5479)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue, net of interest expense | **95388** | **38635** | **21748** | **22229** | **18138** | **(5362)** |
| Provision for credit losses | **2543** | **1980** | **66** | **641** | **28** | **(172)** |
| Noninterest expense | **61438** | **20077** | **15490** | **10966** | **12420** | **2485** |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | **31407** | **16578** | **6192** | **10622** | **5690** | **(7675)** |
| Income tax expense (benefit) | **3879** | **4062** | **1517** | **2815** | **1508** | **(6023)** |
| &nbsp;&nbsp;&nbsp;**Net income (loss)** | $**27528** | $**12516** | $**4675** | $**7807** | $**4182** | $**(1652)** |
| **Average** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | $**1016782** | $**292366** | $**219810** | $**375271** | $**116652** | $**12683** |
| &nbsp;&nbsp;&nbsp;Total assets <sup>(1)</sup> | **3135894** | **1139351** | **396167** | **603273** | **857637** | **139466** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **1986158** | **1062561** | **351329** | **511804** | **40382** | **20082** |
| **Year end** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | $**1045747** | $**304761** | $**223910** | $**379107** | $**127735** | $**10234** |
| &nbsp;&nbsp;&nbsp;Total assets <sup>(1)</sup> | **3050706** | **1126453** | **368893** | **588466** | **811820** | **155074** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **1930341** | **1048799** | **323899** | **498661** | **39077** | **19905** |
|  | Year Ended December 31, 2021 | Year Ended December 31, 2021 | Year Ended December 31, 2021 | Year Ended December 31, 2021 | Year Ended December 31, 2021 | Year Ended December 31, 2021 |
|  | Total<br>Corporation | Consumer Banking | GWIM | Global Banking | Global Markets | All<br>Other |
| Net interest income | $43361 | $24929 | $5664 | $8511 | $4011 | $246 |
| Noninterest income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and commissions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Card income | 6218 | 5172 | 85 | 713 | 220 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service charges | 7504 | 3538 | 72 | 3523 | 364 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment and brokerage services | 16690 | 320 | 14312 | 104 | 1979 | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment banking fees | 8887 |  | 388 | 5107 | 3616 | (224) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fees and commissions | 39299 | 9030 | 14857 | 9447 | 6179 | (214) |
| &nbsp;&nbsp;&nbsp;&nbsp;Market making and similar activities | 8691 | 1 | 40 | 145 | 8760 | (255) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (loss) | (1811) | 45 | 187 | 2772 | 305 | (5120) |
| Total noninterest income (loss) | 46179 | 9076 | 15084 | 12364 | 15244 | (5589) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue, net of interest expense | 89540 | 34005 | 20748 | 20875 | 19255 | (5343) |
| Provision for credit losses | (4594) | (1035) | (241) | (3201) | 65 | (182) |
| Noninterest expense | 59731 | 19290 | 15258 | 10632 | 13032 | 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | 34403 | 15750 | 5731 | 13444 | 6158 | (6680) |
| Income tax expense (benefit) | 2425 | 3859 | 1404 | 3630 | 1601 | (8069) |
| &nbsp;&nbsp;&nbsp;**Net income (loss)** | $31978 | $11891 | $4327 | $9814 | $4557 | $1389 |
| **Average** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | $920401 | $284061 | $196899 | $329655 | $91339 | $18447 |
| &nbsp;&nbsp;&nbsp;Total assets <sup>(1)</sup> | 3034623 | 1058572 | 386918 | 611304 | 785998 | 191831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 1914286 | 983027 | 340124 | 522790 | 51833 | 16512 |
| **Year end** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | $979124 | $286511 | $208971 | $352933 | $114846 | $15863 |
| &nbsp;&nbsp;&nbsp;Total assets <sup>(1)</sup> | 3169495 | 1131142 | 438275 | 638131 | 747794 | 214153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 2064446 | 1054995 | 390143 | 551752 | 46374 | 21182 |

---

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

Current-period information is preliminary and based on company data available at the time of the presentation. 13

------

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** |
| **Consumer Banking Segment Results** | **Consumer Banking Segment Results** | **Consumer Banking Segment Results** | **Consumer Banking Segment Results** | **Consumer Banking Segment Results** | **Consumer Banking Segment Results** | **Consumer Banking Segment Results** | **Consumer Banking Segment Results** |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  | **Year Ended<br>December 31** | **Year Ended<br>December 31** | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
|  | **2022** | 2021 | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
| Net interest income | $**30045** | $24929 | $**8494** | $7784 | $7087 | $6680 | $6543 |
| Noninterest income: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Card income | **5169** | 5172 | **1333** | 1331 | 1320 | 1185 | 1354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service charges | **2706** | 3538 | **586** | 597 | 679 | 844 | 921 |
| &nbsp;&nbsp;&nbsp;&nbsp;All other income | **715** | 366 | **369** | 192 | 50 | 104 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | **8590** | 9076 | **2288** | 2120 | 2049 | 2133 | 2369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue, net of interest expense | **38635** | 34005 | **10782** | 9904 | 9136 | 8813 | 8912 |
| Provision for credit losses | **1980** | (1035) | **944** | 738 | 350 | (52) | 32 |
| Noninterest expense | **20077** | 19290 | **5100** | 5097 | 4959 | 4921 | 4742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | **16578** | 15750 | **4738** | 4069 | 3827 | 3944 | 4138 |
| Income tax expense | **4062** | 3859 | **1161** | 997 | 938 | 966 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income** | $**12516** | $11891 | $**3577** | $3072 | $2889 | $2978 | $3124 |
| Net interest yield | **2.73%** | 2.45% | **3.11%** | 2.79% | 2.55% | 2.48% | 2.44% |
| Return on average allocated capital <sup>(1)</sup> | **31** | 31 | **35** | 30 | 29 | 30 | 32 |
| Efficiency ratio | **51.96** | 56.73 | **47.29** | 51.47 | 54.28 | 55.84 | 53.22 |
| **<u>Balance Sheet</u>** |  |  |  |  |  |  |  |
| **Average** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | $**292366** | $284061 | $**300360** | $295231 | $289595 | $284068 | $282332 |
| &nbsp;&nbsp;&nbsp;Total earning assets <sup>(2)</sup> | **1099410** | 1016751 | **1083850** | 1106513 | 1114552 | 1092742 | 1061742 |
| &nbsp;&nbsp;&nbsp;Total assets <sup>(2)</sup> | **1139351** | 1058572 | **1123813** | 1145846 | 1154773 | 1133001 | 1102444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **1062561** | 983027 | **1047058** | 1069093 | 1078020 | 1056100 | 1026810 |
| &nbsp;&nbsp;&nbsp;Allocated capital <sup>(1)</sup> | **40000** | 38500 | **40000** | 40000 | 40000 | 40000 | 38500 |
| **Period end** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | $**304761** | $286511 | $**304761** | $297825 | $294570 | $286322 | $286511 |
| &nbsp;&nbsp;&nbsp;Total earning assets <sup>(2)</sup> | **1085079** | 1090331 | **1085079** | 1110524 | 1114524 | 1125963 | 1090331 |
| &nbsp;&nbsp;&nbsp;Total assets <sup>(2)</sup> | **1126453** | 1131142 | **1126453** | 1149918 | 1154366 | 1166443 | 1131142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **1048799** | 1054995 | **1048799** | 1072580 | 1077215 | 1088940 | 1054995 |

---

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

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits) and allocated shareholders' equity.

Current-period information is preliminary and based on company data available at the time of the presentation. 14

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** |
| **Consumer Banking Key Indicators** | **Consumer Banking Key Indicators** | **Consumer Banking Key Indicators** | **Consumer Banking Key Indicators** | **Consumer Banking Key Indicators** | **Consumer Banking Key Indicators** | **Consumer Banking Key Indicators** | **Consumer Banking Key Indicators** |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  | **Year Ended<br>December 31** | **Year Ended<br>December 31** | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
|  | **2022** | 2021 | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
| **<u>Average deposit balances</u>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Checking | $**596875** | $551392 | $**588668** | $599099 | $606331 | $593428 | $577703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings | **71851** | 69598 | **69790** | 71933 | 73295 | 72413 | 70719 |
| &nbsp;&nbsp;&nbsp;&nbsp;MMS | **359752** | 324889 | **356015** | 365271 | 362798 | 354850 | 342812 |
| &nbsp;&nbsp;&nbsp;&nbsp;CDs and IRAs | **29450** | 33332 | **28619** | 28731 | 29796 | 30685 | 31584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **4633** | 3816 | **3966** | 4059 | 5800 | 4724 | 3992 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total average deposit balances** | $**1062561** | $983027 | $**1047058** | $1069093 | $1078020 | $1056100 | $1026810 |
| **<u>Deposit spreads (excludes noninterest costs)</u>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Checking | **1.98%** | 1.96% | **2.09%** | 1.98% | 1.93% | 1.91% | 1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings | **2.23** | 2.24 | **2.33** | 2.19 | 2.19 | 2.19 | 2.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;MMS | **1.61** | 1.28 | **2.25** | 1.64 | 1.29 | 1.23 | 1.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;CDs and IRAs | **1.53** | 0.39 | **2.91** | 1.85 | 0.98 | 0.46 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **1.60** | 0.26 | **3.35** | 2.04 | 1.04 | 0.41 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total deposit spreads** | **1.86** | 1.69 | **2.19** | 1.88 | 1.70 | 1.65 | 1.66 |
| Consumer investment assets | $**319648** | $368831 | $**319648** | $302413 | $315243 | $357593 | $368831 |
| Active digital banking users (in thousands) <sup>(1)</sup> | **44054** | 41365 | **44054** | 43496 | 42690 | 42269 | 41365 |
| Active mobile banking users (in thousands) <sup>(2)</sup> | **35452** | 32980 | **35452** | 34922 | 34167 | 33589 | 32980 |
| Financial centers | **3913** | 4173 | **3913** | 3932 | 3984 | 4056 | 4173 |
| ATMs | **15528** | 16209 | **15528** | 15572 | 15730 | 15959 | 16209 |
| **<u>Total credit card</u>** <sup>(3)</sup> |  |  |  |  |  |  |  |
| **Loans** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average credit card outstandings | $**83539** | $75385 | $**89575** | $85009 | $81024 | $78409 | $78358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending credit card outstandings | **93421** | 81438 | **93421** | 87296 | 84010 | 79356 | 81438 |
| **Credit quality** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net charge-offs | $**1334** | $1723 | $**386** | $328 | $323 | $297 | $280 |
|  | **1.60%** | 2.29% | **1.71%** | 1.53% | 1.60% | 1.53% | 1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;30+ delinquency | $**1505** | $997 | $**1505** | $1202 | $1008 | $1003 | $997 |
|  | **1.61%** | 1.22% | **1.61%** | 1.38% | 1.20% | 1.26% | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;90+ delinquency | $**717** | $487 | $**717** | $547 | $493 | $492 | $487 |
|  | **0.77%** | 0.60% | **0.77%** | 0.63% | 0.59% | 0.62% | 0.60% |
| **Other total credit card indicators** <sup>(3)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross interest yield | **10.42%** | 10.17% | **11.18%** | 10.71% | 9.76% | 9.90% | 9.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Risk-adjusted margin | **10.06** | 10.17 | **9.87** | 10.07 | 9.95 | 10.40 | 10.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;New accounts (in thousands) | **4397** | 3594 | **1096** | 1256 | 1068 | 977 | 940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase volumes | $**356588** | $311571 | $**92800** | $91064 | $91810 | $80914 | $87671 |
| **<u>Debit card data</u>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase volumes | $**503583** | $473770 | $**130157** | $127135 | $128707 | $117584 | $124278 |
| **<u>Loan production</u>** <sup>(4)</sup> |  |  |  |  |  |  |  |
| *Consumer Banking:* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First mortgage | $**20981** | $45976 | $**2286** | $4028 | $6551 | $8116 | $12782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home equity | **7988** | 3996 | **2113** | 1999 | 2151 | 1725 | 1417 |
| Total <sup>(5)</sup>: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First mortgage | $**44765** | $79692 | $**5217** | $8724 | $14471 | $16353 | $22961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home equity | **9591** | 4895 | **2596** | 2420 | 2535 | 2040 | 1703 |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Represents mobile and/or online active users over the past 90 days.

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Represents mobile active users over the past 90 days.

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;</sup>In addition to the credit card portfolio in *Consumer Banking*, the remaining credit card portfolio is in *GWIM*.

<sup>(4)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Loan production amounts represent the unpaid principal balance of loans and, in the case of home equity, the principal amount of the total line of credit.

<sup>(5)&nbsp;&nbsp;&nbsp;&nbsp;</sup>In addition to loan production in *Consumer Banking*, there is also first mortgage and home equity loan production in *GWIM*.

Current-period information is preliminary and based on company data available at the time of the presentation. 15

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** |
| **Consumer Banking Quarterly Results** | **Consumer Banking Quarterly Results** | **Consumer Banking Quarterly Results** | **Consumer Banking Quarterly Results** | **Consumer Banking Quarterly Results** | **Consumer Banking Quarterly Results** | **Consumer Banking Quarterly Results** |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  | **Fourth Quarter 2022** | **Fourth Quarter 2022** | **Fourth Quarter 2022** | Third Quarter 2022 | Third Quarter 2022 | Third Quarter 2022 |
|  | **Total Consumer Banking** | **Deposits** | **Consumer<br>Lending** | Total Consumer Banking | Deposits | Consumer <br>Lending |
| Net interest income | $**8494** | $**5719** | $**2775** | $7784 | $5006 | $2778 |
| Noninterest income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Card income | **1333** | **(9)** | **1342** | 1331 | (10) | 1341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service charges | **586** | **585** | **1** | 597 | 597 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other income | **369** | **214** | **155** | 192 | 141 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | **2288** | **790** | **1498** | 2120 | 728 | 1392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue, net of interest expense | **10782** | **6509** | **4273** | 9904 | 5734 | 4170 |
| Provision for credit losses | **944** | **176** | **768** | 738 | 173 | 565 |
| Noninterest expense | **5100** | **3189** | **1911** | 5097 | 3141 | 1956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | **4738** | **3144** | **1594** | 4069 | 2420 | 1649 |
| Income tax expense | **1161** | **771** | **390** | 997 | 593 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income** | $**3577** | $**2373** | $**1204** | $3072 | $1827 | $1245 |
| Net interest yield | **3.11%** | **2.18%** | **3.71%** | 2.79% | 1.87% | 3.76% |
| Return on average allocated capital <sup>(1)</sup> | **35** | **72** | **18** | 30 | 56 | 18 |
| Efficiency ratio | **47.29** | **49.00** | **44.70** | 51.47 | 54.78 | 46.92 |
| **<u>Balance Sheet</u>** |  |  |  |  |  |  |
| **Average** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | $**300360** | $**4132** | $**296228** | $295231 | $4153 | $291078 |
| &nbsp;&nbsp;&nbsp;Total earning assets <sup>(2)</sup> | **1083850** | **1042289** | **296535** | 1106513 | 1064585 | 293366 |
| &nbsp;&nbsp;&nbsp;Total assets <sup>(2)</sup> | **1123813** | **1075446** | **303340** | 1145846 | 1096911 | 300374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **1047058** | **1041669** | **5389** | 1069093 | 1063075 | 6018 |
| &nbsp;&nbsp;&nbsp;Allocated capital <sup>(1)</sup> | **40000** | **13000** | **27000** | 40000 | 13000 | 27000 |
| **Period end** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | $**304761** | $**4148** | $**300613** | $297825 | $4134 | $293691 |
| &nbsp;&nbsp;&nbsp;Total earning assets <sup>(2)</sup> | **1085079** | **1043049** | **300787** | 1110524 | 1068130 | 295637 |
| &nbsp;&nbsp;&nbsp;Total assets <sup>(2)</sup> | **1126453** | **1077203** | **308007** | 1149918 | 1100517 | 302644 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **1048799** | **1043194** | **5605** | 1072580 | 1066522 | 6058 |
|  |  |  |  | Fourth Quarter 2021 | Fourth Quarter 2021 | Fourth Quarter 2021 |
|  |  |  |  | Total Consumer Banking | Deposits | Consumer <br>Lending |
| Net interest income |  |  |  | $6543 | $3870 | $2673 |
| Noninterest income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Card income |  |  |  | 1354 | (9) | 1363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service charges |  |  |  | 921 | 921 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other income |  |  |  | 94 | 70 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income |  |  |  | 2369 | 982 | 1387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue, net of interest expense |  |  |  | 8912 | 4852 | 4060 |
| Provision for credit losses |  |  |  | 32 | 66 | (34) |
| Noninterest expense |  |  |  | 4742 | 2862 | 1880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes |  |  |  | 4138 | 1924 | 2214 |
| Income tax expense |  |  |  | 1014 | 471 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income** |  |  |  | $3124 | $1453 | $1671 |
| Net interest yield |  |  |  | 2.44% | 1.51% | 3.81% |
| Return on average allocated capital <sup>(1)</sup> |  |  |  | 32 | 48 | 25 |
| Efficiency ratio |  |  |  | 53.22 | 58.98 | 46.33 |
| **<u>Balance Sheet</u>** |  |  |  |  |  |  |
| **Average** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases |  |  |  | $282332 | $4290 | $278042 |
| &nbsp;&nbsp;&nbsp;Total earning assets <sup>(2)</sup> |  |  |  | 1061742 | 1018888 | 278488 |
| &nbsp;&nbsp;&nbsp;Total assets <sup>(2)</sup> |  |  |  | 1102444 | 1053379 | 284698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits |  |  |  | 1026810 | 1020092 | 6718 |
| &nbsp;&nbsp;&nbsp;Allocated capital <sup>(1)</sup> |  |  |  | 38500 | 12000 | 26500 |
| **Period end** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases |  |  |  | $286511 | $4206 | $282305 |
| &nbsp;&nbsp;&nbsp;Total earning assets <sup>(2)</sup> |  |  |  | 1090331 | 1048009 | 282850 |
| &nbsp;&nbsp;&nbsp;Total assets <sup>(2)</sup> |  |  |  | 1131142 | 1082449 | 289220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits |  |  |  | 1054995 | 1049085 | 5910 |

---

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

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>For presentation purposes, in segments or businesses where the total of liabilities and equity exceeds assets, the Corporation allocates assets from *All Other* to match the segments' and businesses' liabilities and allocated shareholders' equity. As a result, total earning assets and total assets of the businesses may not equal total *Consumer Banking*.

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

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** |
| **Consumer Banking Annual Results** | **Consumer Banking Annual Results** | **Consumer Banking Annual Results** | **Consumer Banking Annual Results** | **Consumer Banking Annual Results** | **Consumer Banking Annual Results** | **Consumer Banking Annual Results** |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
|  | **2022** | **2022** | **2022** | 2021 | 2021 | 2021 |
|  | **Total Consumer Banking** | **Deposits** | **Consumer<br>Lending** | Total Consumer Banking | Deposits | Consumer <br>Lending |
| Net interest income | $**30045** | $**19254** | $**10791** | $24929 | $14358 | $10571 |
| Noninterest income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Card income | **5169** | **(36)** | **5205** | 5172 | (28) | 5200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service charges | **2706** | **2703** | **3** | 3538 | 3535 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;All other income | **715** | **478** | **237** | 366 | 223 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | **8590** | **3145** | **5445** | 9076 | 3730 | 5346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue, net of interest expense | **38635** | **22399** | **16236** | 34005 | 18088 | 15917 |
| Provision for credit losses | **1980** | **564** | **1416** | (1035) | 240 | (1275) |
| Noninterest expense | **20077** | **12393** | **7684** | 19290 | 11650 | 7640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | **16578** | **9442** | **7136** | 15750 | 6198 | 9552 |
| Income tax expense | **4062** | **2314** | **1748** | 3859 | 1519 | 2340 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income** | $**12516** | $**7128** | $**5388** | $11891 | $4679 | $7212 |
| Net interest yield | **2.73%** | **1.82%** | **3.72%** | 2.45% | 1.48% | 3.77% |
| Return on average allocated capital <sup>(1)</sup> | **31** | **55** | **20** | 31 | 39 | 27 |
| Efficiency ratio | **51.96** | **55.33** | **47.32** | 56.73 | 64.41 | 48.00 |
| **<u>Balance Sheet</u>** |  |  |  |  |  |  |
| **Average** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | $**292366** | $**4161** | $**288205** | $284061 | $4431 | $279630 |
| &nbsp;&nbsp;&nbsp;Total earning assets <sup>(2)</sup> | **1099410** | **1057531** | **289719** | 1016751 | 973018 | 280080 |
| &nbsp;&nbsp;&nbsp;Total assets <sup>(2)</sup> | **1139351** | **1090692** | **296499** | 1058572 | 1009387 | 285532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **1062561** | **1056783** | **5778** | 983027 | 976093 | 6934 |
| &nbsp;&nbsp;&nbsp;Allocated capital <sup>(1)</sup> | **40000** | **13000** | **27000** | 38500 | 12000 | 26500 |
| **Year end** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | $**304761** | $**4148** | $**300613** | $286511 | $4206 | $282305 |
| &nbsp;&nbsp;&nbsp;Total earning assets <sup>(2)</sup> | **1085079** | **1043049** | **300787** | 1090331 | 1048009 | 282850 |
| &nbsp;&nbsp;&nbsp;Total assets <sup>(2)</sup> | **1126453** | **1077203** | **308007** | 1131142 | 1082449 | 289220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **1048799** | **1043194** | **5605** | 1054995 | 1049085 | 5910 |

---

For footnotes, see page 16.

Current-period information is preliminary and based on company data available at the time of the presentation. 17

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** |
| **Global Wealth & Investment Management Segment Results** | **Global Wealth & Investment Management Segment Results** | **Global Wealth & Investment Management Segment Results** | **Global Wealth & Investment Management Segment Results** | **Global Wealth & Investment Management Segment Results** | **Global Wealth & Investment Management Segment Results** | **Global Wealth & Investment Management Segment Results** | **Global Wealth & Investment Management Segment Results** |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  | **Year Ended<br>December 31** | **Year Ended<br>December 31** | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
|  | **2022** | 2021 | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
| Net interest income | $**7466** | $5664 | $**2015** | $1981 | $1802 | $1668 | $1526 |
| Noninterest income: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment and brokerage services | **13561** | 14312 | **3166** | 3255 | 3486 | 3654 | 3703 |
| &nbsp;&nbsp;&nbsp;&nbsp;All other income | **721** | 772 | **229** | 193 | 145 | 154 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | **14282** | 15084 | **3395** | 3448 | 3631 | 3808 | 3876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue, net of interest expense | **21748** | 20748 | **5410** | 5429 | 5433 | 5476 | 5402 |
| Provision for credit losses | **66** | (241) | **37** | 37 | 33 | (41) | (56) |
| Noninterest expense | **15490** | 15258 | **3784** | 3816 | 3875 | 4015 | 3834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | **6192** | 5731 | **1589** | 1576 | 1525 | 1502 | 1624 |
| Income tax expense | **1517** | 1404 | **389** | 386 | 374 | 368 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income** | $**4675** | $4327 | $**1200** | $1190 | $1151 | $1134 | $1226 |
| Net interest yield | **1.95%** | 1.51% | **2.29%** | 2.12% | 1.82% | 1.62% | 1.53% |
| Return on average allocated capital <sup>(1)</sup> | **27** | 26 | **27** | 27 | 26 | 26 | 30 |
| Efficiency ratio | **71.23** | 73.54 | **69.96** | 70.28 | 71.34 | 73.31 | 70.95 |
| **<u>Balance Sheet</u>** |  |  |  |  |  |  |  |
| **Average** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | $**219810** | $196899 | $**225094** | $223734 | $219277 | $210937 | $205236 |
| &nbsp;&nbsp;&nbsp;Total earning assets <sup>(2)</sup> | **383352** | 374273 | **348718** | 370733 | 396611 | 418248 | 395144 |
| &nbsp;&nbsp;&nbsp;Total assets <sup>(2)</sup> | **396167** | 386918 | **361592** | 383468 | 409472 | 431040 | 408033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **351329** | 340124 | **317849** | 339487 | 363943 | 384902 | 360912 |
| &nbsp;&nbsp;&nbsp;Allocated capital <sup>(1)</sup> | **17500** | 16500 | **17500** | 17500 | 17500 | 17500 | 16500 |
| **Period end** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | $**223910** | $208971 | $**223910** | $224858 | $221705 | $214273 | $208971 |
| &nbsp;&nbsp;&nbsp;Total earning assets <sup>(2)</sup> | **355461** | 425112 | **355461** | 357434 | 380771 | 419903 | 425112 |
| &nbsp;&nbsp;&nbsp;Total assets <sup>(2)</sup> | **368893** | 438275 | **368893** | 370790 | 393948 | 433122 | 438275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **323899** | 390143 | **323899** | 324859 | 347991 | 385288 | 390143 |

---

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

<sup>(2)</sup> Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits) and allocated shareholders' equity.

Current-period information is preliminary and based on company data available at the time of the presentation. 18

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** |
| **Global Wealth & Investment Management Key Indicators** | **Global Wealth & Investment Management Key Indicators** | **Global Wealth & Investment Management Key Indicators** | **Global Wealth & Investment Management Key Indicators** | **Global Wealth & Investment Management Key Indicators** | **Global Wealth & Investment Management Key Indicators** | **Global Wealth & Investment Management Key Indicators** | **Global Wealth & Investment Management Key Indicators** |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  | **Year Ended<br>December 31** | **Year Ended<br>December 31** | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
|  | **2022** | 2021 | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
| **<u>Revenue by Business</u>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Merrill Wealth Management | $**18135** | $17448 | $**4486** | $4524 | $4536 | $4589 | $4532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Private Bank | **3613** | 3300 | **924** | 905 | 897 | 887 | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenue, net of interest expense** | $**21748** | $20748 | $**5410** | $5429 | $5433 | $5476 | $5402 |
| **<u>Client Balances by Business, at period end</u>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Merrill Wealth Management | $**2822910** | $3214881 | $**2822910** | $2710985 | $2819998 | $3116052 | $3214881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Private Bank | **563931** | 625453 | **563931** | 537771 | 547116 | 598100 | 625453 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total client balances** | $**3386841** | $3840334 | $**3386841** | $3248756 | $3367114 | $3714152 | $3840334 |
| **<u>Client Balances by Type, at period end</u>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets under management <sup>(1)</sup> | $**1401474** | $1638782 | $**1401474** | $1329557 | $1411344 | $1571605 | $1638782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokerage and other assets | **1482025** | 1655021 | **1482025** | 1413946 | 1437562 | 1592802 | 1655021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | **323899** | 390143 | **323899** | 324859 | 347991 | 385288 | 390143 |
| &nbsp;&nbsp;&nbsp;Loans and leases <sup>(2)</sup> | **226973** | 212251 | **226973** | 228129 | 224847 | 217461 | 212251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Managed deposits in assets under management | **(47530)** | (55863) | **(47530)** | (47735) | (54630) | (53004) | (55863) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total client balances** | $**3386841** | $3840334 | $**3386841** | $3248756 | $3367114 | $3714152 | $3840334 |
| **<u>Assets Under Management Rollforward</u>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets under management, beginning balance | $**1638782** | $1408465 | $**1329557** | $1411344 | $1571605 | $1638782 | $1578630 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net client flows | **20785** | 66250 | **105** | 4110 | 1033 | 15537 | 21552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market valuation/other | **(258093)** | 164067 | **71812** | (85897) | (161294) | (82714) | 38600 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets under management, ending balance** | $**1401474** | $1638782 | $**1401474** | $1329557 | $1411344 | $1571605 | $1638782 |
| **<u>Advisors, at period end</u>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total wealth advisors <sup>(3)</sup> | **19273** | 18846 | **19273** | 18841 | 18449 | 18571 | 18846 |

---

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

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

<sup>(3)</sup> Includes advisors across all wealth management businesses in *GWIM* and *Consumer Banking*.

Current-period information is preliminary and based on company data available at the time of the presentation. 19

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** |
| **Global Banking Segment Results** | **Global Banking Segment Results** | **Global Banking Segment Results** | **Global Banking Segment Results** | **Global Banking Segment Results** | **Global Banking Segment Results** | **Global Banking Segment Results** | **Global Banking Segment Results** |
| (Dollars in millions) |  |  |  |  |  |  |  |
|  | **Year Ended<br>December 31** | **Year Ended<br>December 31** | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
|  | **2022** | 2021 | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
| Net interest income | $**12184** | $8511 | $**3880** | $3326 | $2634 | $2344 | $2362 |
| Noninterest income: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service charges | **3293** | 3523 | **703** | 771 | 933 | 886 | 887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment banking fees | **3004** | 5107 | **706** | 726 | 692 | 880 | 1465 |
| &nbsp;&nbsp;&nbsp;&nbsp;All other income | **3748** | 3734 | **1149** | 768 | 747 | 1084 | 1193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | **10045** | 12364 | **2558** | 2265 | 2372 | 2850 | 3545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue, net of interest expense | **22229** | 20875 | **6438** | 5591 | 5006 | 5194 | 5907 |
| Provision for credit losses | **641** | (3201) | **149** | 170 | 157 | 165 | (463) |
| Noninterest expense | **10966** | 10632 | **2833** | 2651 | 2799 | 2683 | 2717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | **10622** | 13444 | **3456** | 2770 | 2050 | 2346 | 3653 |
| Income tax expense | **2815** | 3630 | **916** | 734 | 543 | 622 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income** | $**7807** | $9814 | $**2540** | $2036 | $1507 | $1724 | $2667 |
| Net interest yield | **2.26%** | 1.55% | **2.90%** | 2.53% | 1.97% | 1.68% | 1.59% |
| Return on average allocated capital <sup>(1)</sup> | **18** | 23 | **23** | 18 | 14 | 16 | 25 |
| Efficiency ratio | **49.34** | 50.93 | **44.03** | 47.41 | 55.90 | 51.65 | 45.99 |
| **<u>Balance Sheet</u>** |  |  |  |  |  |  |  |
| **Average** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | $**375271** | $329655 | $**380385** | $384305 | $377248 | $358807 | $338627 |
| &nbsp;&nbsp;&nbsp;Total earning assets <sup>(2)</sup> | **539032** | 549749 | **531206** | 521555 | 537660 | 566277 | 587472 |
| &nbsp;&nbsp;&nbsp;Total assets <sup>(2)</sup> | **603273** | 611304 | **595525** | 585683 | 601945 | 630517 | 650940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **511804** | 522790 | **503472** | 495154 | 509261 | 539912 | 562390 |
| &nbsp;&nbsp;&nbsp;Allocated capital <sup>(1)</sup> | **44500** | 42500 | **44500** | 44500 | 44500 | 44500 | 42500 |
| **Period end** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | $**379107** | $352933 | $**379107** | $377711 | $385376 | $367423 | $352933 |
| &nbsp;&nbsp;&nbsp;Total earning assets <sup>(2)</sup> | **522539** | 574583 | **522539** | 511494 | 526879 | 558639 | 574583 |
| &nbsp;&nbsp;&nbsp;Total assets <sup>(2)</sup> | **588466** | 638131 | **588466** | 575442 | 591490 | 623168 | 638131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **498661** | 551752 | **498661** | 484309 | 499714 | 533820 | 551752 |

---

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

<sup>(2)</sup> Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits) and allocated shareholders' equity.

Current-period information is preliminary and based on company data available at the time of the presentation. 20

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** |
| **Global Banking Key Indicators** | **Global Banking Key Indicators** | **Global Banking Key Indicators** | **Global Banking Key Indicators** | **Global Banking Key Indicators** | **Global Banking Key Indicators** | **Global Banking Key Indicators** | **Global Banking Key Indicators** |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  | **Year Ended<br>December 31** | **Year Ended<br>December 31** | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
|  | **2022** | 2021 | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
| **Investment Banking fees** <sup>(1)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory <sup>(2)</sup> | $**1643** | $2139 | $**446** | $397 | $361 | $439 | $798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance | **1099** | 1736 | **184** | 273 | 283 | 359 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity issuance | **262** | 1232 | **76** | 56 | 48 | 82 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Banking fees** <sup>(3)</sup> | $**3004** | $5107 | $**706** | $726 | $692 | $880 | $1465 |
| **Business Lending** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate | $**4325** | $3723 | $**1417** | $902 | $946 | $1060 | $1195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial | **4316** | 3675 | **1188** | 1111 | 1024 | 993 | 987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Banking | **251** | 224 | **65** | 66 | 62 | 58 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Business Lending revenue** | $**8892** | $7622 | $**2670** | $2079 | $2032 | $2111 | $2241 |
| **Global Transaction Services** <sup>(4)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate | $**5002** | $3235 | $**1546** | $1369 | $1138 | $949 | $911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial | **4166** | 3341 | **1185** | 1112 | 973 | 896 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Banking | **1213** | 941 | **378** | 322 | 270 | 243 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Global Transaction Services revenue** | $**10381** | $7517 | $**3109** | $2803 | $2381 | $2088 | $2069 |
| **Average deposit balances** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing | $**174272** | $164446 | $**225671** | $171203 | $142366 | $157126 | $164522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing | **337532** | 358344 | **277801** | 323951 | 366895 | 382786 | 397868 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total average deposits** | $**511804** | $522790 | $**503472** | $495154 | $509261 | $539912 | $562390 |
| **Loan spread** | **1.51%** | 1.59% | **1.52%** | 1.51% | 1.49% | 1.53% | 1.58% |
| **Provision for credit losses** | $**641** | $(3201) | $**149** | $170 | $157 | $165 | $(463) |
| **Credit quality** <sup>(5, 6)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reservable criticized utilized exposure | $**17519** | $19873 | $**17519** | $15809 | $15999 | $18304 | $19873 |
|  | **4.37%** | 5.34% | **4.37%** | 3.95% | 3.92% | 4.72% | 5.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonperforming loans, leases and foreclosed properties | $**923** | $1351 | $**923** | $1057 | $1126 | $1329 | $1351 |
|  | **0.25%** | 0.39% | **0.25%** | 0.28% | 0.29% | 0.37% | 0.39% |
| **Average loans and leases by product** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. commercial | $**225325** | $191138 | $**230591** | $233027 | $225820 | $211568 | $196168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. commercial | **83352** | 72190 | **82222** | 84287 | 86092 | 80783 | 75611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | **52389** | 50070 | **54104** | 53042 | 50973 | 51400 | 51570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial lease financing | **14203** | 16251 | **13467** | 13948 | 14362 | 15055 | 15261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **2** | 6 | **1** | 1 | 1 | 1 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total average loans and leases** | $**375271** | $329655 | $**380385** | $384305 | $377248 | $358807 | $338627 |
| **Total Corporation Investment Banking fees** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory <sup>(2)</sup> | $**1783** | $2311 | $**486** | $432 | $392 | $473 | $850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance | **2523** | 4015 | **414** | 616 | 662 | 831 | 984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity issuance | **709** | 2784 | **189** | 156 | 139 | 225 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment banking fees including self-led deals | **5015** | 9110 | **1089** | 1204 | 1193 | 1529 | 2379 |
| &nbsp;&nbsp;&nbsp;&nbsp;Self-led deals | **(192)** | (223) | **(18)** | (37) | (65) | (72) | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Banking fees** | $**4823** | $8887 | $**1071** | $1167 | $1128 | $1457 | $2351 |

---

<sup>(1)</sup> Investment banking fees represent total investment banking fees for *Global Banking* inclusive of self-led deals and fees included within Business Lending.

<sup>(2)</sup> Advisory includes fees on debt and equity advisory and mergers and acquisitions.

<sup>(3)</sup> Investment banking fees represent only the fee component in *Global Banking* and do not include certain other items shared with the Investment Banking Group under internal revenue sharing agreements.

<sup>(4)</sup> Prior periods have been revised to conform to current-period presentation.

<sup>(5)</sup> Criticized exposure corresponds to the Special Mention, Substandard and Doubtful asset categories defined by regulatory authorities. The reservable criticized exposure is on an end-of-period basis and is also shown as a percentage of total commercial reservable utilized exposure, including loans and leases, standby letters of credit, financial guarantees, commercial letters of credit and bankers' acceptances.

<sup>(6)</sup> Nonperforming loans, leases and foreclosed properties are on an end-of-period basis. The nonperforming ratio is nonperforming assets divided by loans, leases and foreclosed properties.

Current-period information is preliminary and based on company data available at the time of the presentation. 21

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** |
| **Global Markets Segment Results** <sup>(1)</sup> | **Global Markets Segment Results** <sup>(1)</sup> | **Global Markets Segment Results** <sup>(1)</sup> | **Global Markets Segment Results** <sup>(1)</sup> | **Global Markets Segment Results** <sup>(1)</sup> | **Global Markets Segment Results** <sup>(1)</sup> | **Global Markets Segment Results** <sup>(1)</sup> | **Global Markets Segment Results** <sup>(1)</sup> |
| (Dollars in millions) |  |  |  |  |  |  |  |
|  | **Year Ended<br>December 31** | **Year Ended<br>December 31** | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
|  | **2022** | 2021 | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
| Net interest income | $**3088** | $4011 | $**371** | $743 | $981 | $993 | $1031 |
| Noninterest income: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment and brokerage services | **2002** | 1979 | **482** | 457 | 518 | 545 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment banking fees | **1820** | 3616 | **347** | 430 | 461 | 582 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market making and similar activities | **11406** | 8760 | **2685** | 2874 | 2657 | 3190 | 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp;All other income | **(178)** | 889 | **(24)** | (21) | (115) | (18) | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | **15050** | 15244 | **3490** | 3740 | 3521 | 4299 | 2787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue, net of interest expense <sup>(2)</sup> | **18138** | 19255 | **3861** | 4483 | 4502 | 5292 | 3818 |
| Provision for credit losses | **28** | 65 | **4** | 11 | 8 | 5 | 32 |
| Noninterest expense | **12420** | 13032 | **3171** | 3023 | 3109 | 3117 | 2882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | **5690** | 6158 | **686** | 1449 | 1385 | 2170 | 904 |
| Income tax expense | **1508** | 1601 | **182** | 384 | 367 | 575 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income** | $**4182** | $4557 | $**504** | $1065 | $1018 | $1595 | $669 |
| Return on average allocated capital <sup>(3)</sup> | **10%** | 12% | **5%** | 10% | 10% | 15% | 7% |
| Efficiency ratio | **68.48** | 67.68 | **82.14** | 67.42 | 69.07 | 58.90 | 75.49 |
| **<u>Balance Sheet</u>** |  |  |  |  |  |  |  |
| **Average** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total trading-related assets | $**600803** | $549368 | $**608493** | $592391 | $606135 | $596154 | $564282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | **116652** | 91339 | **123022** | 120435 | 114375 | 108576 | 102627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total earning assets | **602889** | 541391 | **610045** | 591883 | 598832 | 610926 | 580794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | **857637** | 785998 | **857319** | 847899 | 866742 | 858719 | 816994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **40382** | 51833 | **37219** | 38820 | 41192 | 44393 | 43331 |
| &nbsp;&nbsp;&nbsp;Allocated capital <sup>(3)</sup> | **42500** | 38000 | **42500** | 42500 | 42500 | 42500 | 38000 |
| **Period end** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total trading-related assets | $**563963** | $491160 | $**563963** | $592938 | $577309 | $616811 | $491160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | **127735** | 114846 | **127735** | 121721 | 118290 | 110037 | 114846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total earning assets | **587666** | 561135 | **587666** | 595988 | 571921 | 609290 | 561135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | **811820** | 747794 | **811820** | 848752 | 835129 | 883304 | 747794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **39077** | 46374 | **39077** | 37318 | 40055 | 43371 | 46374 |
| **Trading-related assets (average)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading account securities | $**303587** | $291505 | $**309217** | $308514 | $295190 | $301285 | $291518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reverse repurchases | **126324** | 113989 | **122753** | 112828 | 131456 | 138581 | 121878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities borrowed | **116764** | 100292 | **119334** | 114032 | 119200 | 114468 | 109455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets | **54128** | 43582 | **57189** | 57017 | 60289 | 41820 | 41431 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total trading-related assets** | $**600803** | $549368 | $**608493** | $592391 | $606135 | $596154 | $564282 |

---

<sup>(1)</sup> Effective October 1, 2021, a business activity previously included in the *Global Markets* segment is being reported as a liquidating business in *All Other*, consistent with a realignment in performance reporting to senior management. The activity was not material to *Global Markets*' results of operations, and historical results for the year ended December 31, 2021 were not restated.

<sup>(2)</sup> Substantially all of *Global Markets* total revenue is sales and trading revenue and investment banking fees, with a small portion related to certain revenue sharing agreements with other business segments. For additional sales and trading revenue information, see page 23.

<sup>(3)</sup> Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** |
| **Global Markets Key Indicators** | **Global Markets Key Indicators** | **Global Markets Key Indicators** | **Global Markets Key Indicators** | **Global Markets Key Indicators** | **Global Markets Key Indicators** | **Global Markets Key Indicators** | **Global Markets Key Indicators** |
| (Dollars in millions) |  |  |  |  |  |  |  |
|  | **Year Ended<br>December 31** | **Year Ended<br>December 31** | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
|  | **2022** | 2021 | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
| **Sales and trading revenue** <sup>(1)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed-income, currencies and commodities | $**9917** | $8761 | $**2157** | $2552 | $2500 | $2708 | $1573 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equities | **6572** | 6428 | **1368** | 1540 | 1653 | 2011 | 1363 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total sales and trading revenue** | $**16489** | $15189 | $**3525** | $4092 | $4153 | $4719 | $2936 |
| **Sales and trading revenue, excluding net debit valuation adjustment** <sup>(23)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed-income, currencies and commodities | $**9898** | $8810 | $**2343** | $2567 | $2340 | $2648 | $1569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equities | **6571** | 6433 | **1375** | 1539 | 1655 | 2002 | 1365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total sales and trading revenue, excluding net debit valuation adjustment** | $**16469** | $15243 | $**3718** | $4106 | $3995 | $4650 | $2934 |
| &nbsp;&nbsp;&nbsp;**Sales and trading revenue breakdown** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income | $**2536** | $3687 | $**188** | $586 | $851 | $911 | $954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions | **1955** | 1933 | **476** | 444 | 504 | 531 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading | **11403** | 8758 | **2684** | 2873 | 2656 | 3190 | 1311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **595** | 811 | **177** | 189 | 142 | 87 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total sales and trading revenue** | $**16489** | $15189 | $**3525** | $4092 | $4153 | $4719 | $2936 |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Includes *Global Banking* sales and trading revenue of $1.0 billion and $510 million for the years ended December 31, 2022 and 2021, and $262 million, $287 million, $319 million, $179 million and $98 million for the fourth, third, second and first quarters of 2022 and the fourth quarter of 2021, respectively.

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;For this presentation, sales and trading revenue excludes net debit valuation adjustment (DVA) gains (losses) which include net DVA on derivatives, as well as amortization of own credit portion of purchase discount and realized DVA on structured liabilities. Sales and trading revenue excluding net DVA gains (losses) represents a non-GAAP financial measure. We believe the use of this non-GAAP financial measure provides additional useful information to assess the underlying performance of these businesses and to allow better comparison of period-to-period operating performance.

<sup>(3)</sup> Net DVA gains (losses) were $20 million and $(54) million for the years ended December 31, 2022 and 2021, and $(193) million, $(14) million, $158 million, $69 million and $2 million for the fourth, third, second and first quarters of 2022 and the fourth quarter of 2021, respectively. FICC net DVA gains (losses) were $19 million and $(49) million for the years ended December 31, 2022 and 2021, and $(186) million, $(15) million, $160 million, $60 million and $4 million for the fourth, third, second and first quarters of 2022 and the fourth quarter of 2021, respectively. Equities net DVA gains (losses) were $1 million and $(5) million for the years ended December 31, 2022 and 2021, and $(7) million, $1 million, $(2) million, $9 million and $(2) million for the fourth, third, second and first quarters of 2022 and the fourth quarter of 2021, respectively.

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** |
| **All Other Results** <sup>(12)</sup> | **All Other Results** <sup>(12)</sup> | **All Other Results** <sup>(12)</sup> | **All Other Results** <sup>(12)</sup> | **All Other Results** <sup>(12)</sup> | **All Other Results** <sup>(12)</sup> | **All Other Results** <sup>(12)</sup> | **All Other Results** <sup>(12)</sup> |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  | **Year Ended<br>December 31** | **Year Ended<br>December 31** | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
|  | **2022** | 2021 | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
| Net interest income | $**117** | $246 | $**44** | $37 | $43 | $(7) | $53 |
| Noninterest income (loss) | **(5479)** | (5589) | **(1880)** | (836) | (1329) | (1434) | (1927) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue, net of interest expense | **(5362)** | (5343) | **(1836)** | (799) | (1286) | (1441) | (1874) |
| Provision for credit losses | **(172)** | (182) | **(42)** | (58) | (25) | (47) | (34) |
| Noninterest expense | **2485** | 1519 | **655** | 716 | 531 | 583 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss before income taxes | **(7675)** | (6680) | **(2449)** | (1457) | (1792) | (1977) | (2396) |
| Income tax expense (benefit) | **(6023)** | (8069) | **(1760)** | (1176) | (1474) | (1613) | (1723) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss)** | $**(1652)** | $1389 | $**(689)** | $(281) | $(318) | $(364) | $(673) |
| **<u>Balance Sheet</u>** |  |  |  |  |  |  |  |
| **Average** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | $**12683** | $18447 | $**10386** | $10629 | $14391 | $15405 | $16240 |
| &nbsp;&nbsp;&nbsp;Total assets <sup>(3)</sup> | **139466** | 191831 | **136040** | 142650 | 124923 | 154425 | 185707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **20082** | 16512 | **19946** | 20221 | 19663 | 20504 | 23780 |
| **Period end** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | $**10234** | $15863 | $**10234** | $10351 | $10825 | $15090 | $15863 |
| &nbsp;&nbsp;&nbsp;Total assets <sup>(4)</sup> | **155074** | 214153 | **155074** | 128051 | 136673 | 132186 | 214153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **19905** | 21182 | **19905** | 19031 | 19374 | 20990 | 21182 |

---

<sup>(1)</sup> Effective October 1, 2021, a business activity previously included in the *Global Markets* segment is being reported as a liquidating business in *All Other*, consistent with a realignment in performance reporting to senior management. The activity was not material to *Global Markets'* results of operations, and historical results for the year ended December 31, 2021 were not restated.

<sup>(2)</sup> *All Other* primarily consists of asset and liability management (ALM) activities, liquidating businesses and certain expenses not otherwise allocated to a business segment. ALM activities encompass interest rate and foreign currency risk management activities for which substantially all of the results are allocated to our business segments.

<sup>(3)</sup> Includes elimination of segments' excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders' equity of $1.1 trillion for both years ended December 31, 2022 and 2021, and $1.0 trillion, $1.1 trillion, $1.1 trillion, $1.2 trillion and $1.2 trillion for the fourth, third, second and first quarters of 2022 and the fourth quarter of 2021, respectively.

<sup>(4)</sup> Includes elimination of segments' excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders' equity of $1.0 trillion, $1.1 trillion, $1.1 trillion, $1.2 trillion and $1.2 trillion at December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively.

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

------

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| | | | |
|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries**<br>**Outstanding Loans and Leases** | | | |
| (Dollars in millions) |  |  |  |
|  | **December 31<br>2022** | September 30<br>2022 | December 31<br>2021 |
| **Consumer** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | $**229670** | $229062 | $221963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home equity | **26563** | 26845 | 27935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card | **93421** | 87296 | 81438 |
| &nbsp;&nbsp;&nbsp;Direct/Indirect consumer <sup>(1)</sup>  | **106236** | 107159 | 103560 |
| &nbsp;&nbsp;&nbsp;Other consumer <sup>(2)</sup>  | **156** | 171 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer loans excluding loans accounted for under the fair value option | **456046** | 450533 | 435086 |
| &nbsp;&nbsp;&nbsp;Consumer loans accounted for under the fair value option <sup>(3)</sup>  | **339** | 355 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total consumer** | **456385** | 450888 | 435704 |
| **Commercial** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. commercial | **358481** | 355370 | 325936 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. commercial | **124479** | 123035 | 113266 |
| &nbsp;&nbsp;&nbsp;Commercial real estate <sup>(4)</sup>  | **69766** | 67952 | 63009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial lease financing | **13644** | 12956 | 14825 |
|  | **566370** | 559313 | 517036 |
| &nbsp;&nbsp;&nbsp;U.S. small business commercial <sup>(5)</sup> | **17560** | 17769 | 19183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial loans excluding loans accounted for under the fair value option | **583930** | 577082 | 536219 |
| &nbsp;&nbsp;&nbsp;Commercial loans accounted for under the fair value option <sup>(3)</sup>  | **5432** | 4496 | 7201 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total commercial** | **589362** | 581578 | 543420 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total loans and leases** | $**1045747** | $1032466 | $979124 |

---

<sup>(1)</sup> Includes primarily auto and specialty lending loans and leases of $51.8 billion, $50.7 billion and $48.5 billion, U.S. securities-based lending loans of $50.4 billion, $52.6 billion and $51.1 billion and non-U.S. consumer loans of $3.0 billion, $2.9 billion and $3.0 billion at December 31, 2022, September 30, 2022 and December 31, 2021, respectively.

<sup>(2)</sup> Substantially all of other consumer is consumer overdrafts.

<sup>(3)</sup> Consumer loans accounted for under the fair value option includes residential mortgage loans of $71 million, $74 million and $279 million and home equity loans of $268 million, $281 million and $339 million at December 31, 2022, September 30, 2022 and December 31, 2021, respectively. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.9 billion, $2.4 billion and $4.6 billion and non-U.S. commercial loans of $2.5 billion, $2.1 billion and $2.6 billion at December 31, 2022, September 30, 2022 and December 31, 2021, respectively.

<sup>(4)</sup> Includes U.S. commercial real estate loans of $64.9 billion, $63.9 billion and $58.2 billion and non-U.S. commercial real estate loans of $4.8 billion, $4.0 billion and $4.8 billion at December 31, 2022, September 30, 2022 and December 31, 2021, respectively.

<sup>(5)</sup> Includes card-related products and Paycheck Protection Program (PPP) loans.

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

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** |
| **Quarterly Average Loans and Leases by Business Segment and All Other** | **Quarterly Average Loans and Leases by Business Segment and All Other** | **Quarterly Average Loans and Leases by Business Segment and All Other** | **Quarterly Average Loans and Leases by Business Segment and All Other** | **Quarterly Average Loans and Leases by Business Segment and All Other** | **Quarterly Average Loans and Leases by Business Segment and All Other** | **Quarterly Average Loans and Leases by Business Segment and All Other** |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  | **Fourth Quarter 2022** | **Fourth Quarter 2022** | **Fourth Quarter 2022** | **Fourth Quarter 2022** | **Fourth Quarter 2022** | **Fourth Quarter 2022** |
|  | **Total<br>Corporation** | **Consumer Banking** | **GWIM** | **Global<br>Banking** | **Global<br>Markets** | **All <br>Other** |
| **Consumer** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | $**229364** | $**118051** | $**103331** | $**1** | $**—** | $**7981** |
| &nbsp;&nbsp;&nbsp;&nbsp;Home equity | **26983** | **21834** | **2485** | **—** | **207** | **2457** |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card | **89575** | **86540** | **3036** | **—** | **—** | **(1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct/Indirect and other consumer | **106598** | **51501** | **55093** | **—** | **—** | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total consumer** | **452520** | **277926** | **163945** | **1** | **207** | **10441** |
| **Commercial** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. commercial | **378850** | **22423** | **54306** | **230591** | **71330** | **200** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. commercial | **125983** | **1** | **1090** | **82222** | **42590** | **80** |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | **68764** | **10** | **5753** | **54104** | **8895** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial lease financing | **13130** | **—** | **—** | **13467** | **—** | **(337)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total commercial** | **586727** | **22434** | **61149** | **380384** | **122815** | **(55)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total loans and leases** | $**1039247** | $**300360** | $**225094** | $**380385** | $**123022** | $**10386** |
|  | Third Quarter 2022 | Third Quarter 2022 | Third Quarter 2022 | Third Quarter 2022 | Third Quarter 2022 | Third Quarter 2022 |
|  | Total<br>Corporation | Consumer Banking | GWIM | Global<br>Banking | Global<br>Markets | All <br>Other |
| **Consumer** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | $228474 | $118173 | $102204 | $1 | $— | $8096 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home equity | 27282 | 21939 | 2480 |  | 216 | 2647 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card | 85009 | 82081 | 2929 |  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct/Indirect and other consumer | 108300 | 51130 | 57167 |  |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total consumer** | 449065 | 273323 | 164780 | 1 | 216 | 10745 |
| **Commercial** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. commercial | 377183 | 21897 | 52090 | 233027 | 69962 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. commercial | 127793 |  | 1278 | 84287 | 42190 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | 66707 | 11 | 5586 | 53042 | 8067 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial lease financing | 13586 |  |  | 13948 |  | (362) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total commercial** | 585269 | 21908 | 58954 | 384304 | 120219 | (116) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total loans and leases** | $1034334 | $295231 | $223734 | $384305 | $120435 | $10629 |
|  | Fourth Quarter 2021 | Fourth Quarter 2021 | Fourth Quarter 2021 | Fourth Quarter 2021 | Fourth Quarter 2021 | Fourth Quarter 2021 |
|  | Total<br>Corporation | Consumer Banking | GWIM | Global<br>Banking | Global<br>Markets | All <br>Other |
| **Consumer** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | $219193 | $112937 | $93294 | $1 | $— | $12961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home equity | 28796 | 22672 | 2476 |  | 253 | 3395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card | 78358 | 75649 | 2709 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct/Indirect and other consumer | 101854 | 48118 | 53717 | 16 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total consumer** | 428201 | 259376 | 152196 | 17 | 253 | 16359 |
| **Commercial** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. commercial | 330796 | 22943 | 47354 | 196168 | 64105 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. commercial | 108899 |  | 1276 | 75611 | 31968 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | 62296 | 13 | 4410 | 51570 | 6301 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial lease financing | 14870 |  |  | 15261 |  | (391) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total commercial** | 516861 | 22956 | 53040 | 338610 | 102374 | (119) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total loans and leases** | $945062 | $282332 | $205236 | $338627 | $102627 | $16240 |

---

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

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** |
| **Commercial Credit Exposure by Industry** <sup>(1, 2, 3, 4, 6)</sup> | **Commercial Credit Exposure by Industry** <sup>(1, 2, 3, 4, 6)</sup> | **Commercial Credit Exposure by Industry** <sup>(1, 2, 3, 4, 6)</sup> | **Commercial Credit Exposure by Industry** <sup>(1, 2, 3, 4, 6)</sup> | **Commercial Credit Exposure by Industry** <sup>(1, 2, 3, 4, 6)</sup> | **Commercial Credit Exposure by Industry** <sup>(1, 2, 3, 4, 6)</sup> | **Commercial Credit Exposure by Industry** <sup>(1, 2, 3, 4, 6)</sup> |
| (Dollars in millions) |  |  |  |  |  |  |
|  | **Commercial Utilized** | **Commercial Utilized** | **Commercial Utilized** | **Total Commercial Committed** | **Total Commercial Committed** | **Total Commercial Committed** |
|  | **December 31<br>2022** | September 30<br>2022 | December 31<br>2021 | **December 31<br>2022** | September 30<br>2022 | December 31<br>2021 |
| Asset managers & funds | $**106842** | $118183 | $89786 | $**165087** | $172468 | $136914 |
| Real estate <sup>(5)</sup> | **72180** | 70535 | 69384 | **99722** | 98590 | 96202 |
| Capital goods | **45580** | 47669 | 42784 | **87314** | 89447 | 84293 |
| Finance companies | **55248** | 50749 | 59327 | **79546** | 74003 | 86009 |
| Healthcare equipment and services | **33554** | 32693 | 32003 | **58761** | 57834 | 58195 |
| Materials | **26304** | 26552 | 25133 | **55589** | 55599 | 53652 |
| Retailing | **24785** | 26850 | 24514 | **53714** | 52916 | 50816 |
| Government & public education | **34861** | 36635 | 37597 | **48134** | 48991 | 50066 |
| Food, beverage and tobacco | **23232** | 23258 | 21584 | **47486** | 48317 | 45419 |
| Consumer services | **26980** | 26250 | 28172 | **47372** | 46186 | 48052 |
| Individuals and trusts | **34897** | 34976 | 29752 | **45572** | 44640 | 39869 |
| Commercial services and supplies | **23628** | 23010 | 22390 | **41596** | 43769 | 42451 |
| Utilities | **20292** | 19280 | 17082 | **40164** | 39560 | 36855 |
| Energy | **15132** | 16934 | 14217 | **36043** | 37829 | 34136 |
| Transportation | **22273** | 21671 | 21079 | **33858** | 34033 | 32015 |
| Technology hardware and equipment | **11441** | 10993 | 10159 | **29825** | 28135 | 26910 |
| Global commercial banks | **27217** | 30209 | 20062 | **29293** | 32482 | 21390 |
| Media | **14781** | 12282 | 12495 | **28216** | 27331 | 26318 |
| Pharmaceuticals and biotechnology | **7547** | 7722 | 5608 | **26208** | 18779 | 19439 |
| Software and services | **12961** | 13908 | 10663 | **25633** | 26678 | 27643 |
| Consumer durables and apparel | **10009** | 10251 | 9740 | **21389** | 21167 | 21226 |
| Vehicle dealers | **12909** | 11788 | 11030 | **20638** | 19698 | 15678 |
| Insurance | **10224** | 12427 | 5743 | **19444** | 20901 | 14323 |
| Telecommunication services | **9679** | 8530 | 10056 | **17349** | 16608 | 21270 |
| Automobiles and components | **8774** | 7529 | 9236 | **16911** | 15685 | 17052 |
| Food and staples retailing | **7157** | 7046 | 6902 | **11908** | 11728 | 12226 |
| Financial markets infrastructure (clearinghouses) | **3913** | 7894 | 3876 | **8752** | 12704 | 6076 |
| Religious and social organizations | **2467** | 2736 | 3154 | **4689** | 4990 | 5394 |
| &nbsp;&nbsp;&nbsp;**Total commercial credit exposure by industry** | $**704867** | $718560 | $653528 | $**1200213** | $1201068 | $1129889 |

---

<sup>(1)</sup> Includes loans and leases, standby letters of credit and financial guarantees, derivative assets, assets held-for-sale, commercial letters of credit, bankers' acceptances, securitized assets, foreclosed properties and other collateral acquired. Derivative assets are carried at fair value, reflect the effects of legally enforceable master netting agreements and have been reduced by cash collateral of $33.8 billion, $40.7 billion and $30.9 billion at December 31, 2022, September 30, 2022 and December 31, 2021, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $51.1 billion, $59.3 billion and $47.3 billion, which consists primarily of other marketable securities, at December 31, 2022, September 30, 2022 and December 31, 2021, respectively.

<sup>(2)</sup> Total utilized and total committed exposure includes loans of $5.4 billion, $4.5 billion and $7.2 billion and issued letters of credit with a notional amount of $28 million, $37 million and $51 million accounted for under the fair value option at December 31, 2022, September 30, 2022 and December 31, 2021, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $3.0 billion, $3.5 billion and $4.8 billion at December 31, 2022, September 30, 2022 and December 31, 2021, respectively.

<sup>(3)</sup> Includes U.S. small business commercial exposure.

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

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

<sup>(6)</sup> Includes $1.0 billion, $1.5 billion and $4.7 billion of PPP loan exposure across impacted industries at December 31, 2022, September 30, 2022 and December 31, 2021, respectively.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** |
| **Nonperforming Loans, Leases and Foreclosed Properties** | **Nonperforming Loans, Leases and Foreclosed Properties** | **Nonperforming Loans, Leases and Foreclosed Properties** | **Nonperforming Loans, Leases and Foreclosed Properties** | **Nonperforming Loans, Leases and Foreclosed Properties** | **Nonperforming Loans, Leases and Foreclosed Properties** |
| (Dollars in millions) |  |  |  |  |  |
|  | **December 31<br>2022** | September 30<br>2022 | June 30<br>2022 | March 31<br>2022 | December 31<br>2021 |
| Residential mortgage | $**2167** | $2187 | $2245 | $2422 | $2284 |
| Home equity | **510** | 532 | 563 | 615 | 630 |
| Direct/Indirect consumer | **77** | 41 | 58 | 67 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consumer | **2754** | 2760 | 2866 | 3104 | 2989 |
| U.S. commercial | **553** | 640 | 742 | 818 | 825 |
| Non-U.S. commercial | **212** | 274 | 279 | 268 | 268 |
| Commercial real estate | **271** | 282 | 218 | 361 | 382 |
| Commercial lease financing | **4** | 11 | 44 | 54 | 80 |
|  | **1040** | 1207 | 1283 | 1501 | 1555 |
| U.S. small business commercial | **14** | 16 | 15 | 20 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial | **1054** | 1223 | 1298 | 1521 | 1578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming loans and leases | **3808** | 3983 | 4164 | 4625 | 4567 |
| Foreclosed properties <sup>(1)</sup> | **170** | 173 | 162 | 153 | 130 |
| &nbsp;&nbsp;**Total nonperforming loans, leases and foreclosed properties** <sup>(2, 3)</sup> | $**3978** | $4156 | $4326 | $4778 | $4697 |
| Fully-insured home loans past due 30 days or more and still accruing | $**627** | $672 | $734 | $817 | $887 |
| Consumer credit card past due 30 days or more and still accruing | **1505** | 1202 | 1008 | 1003 | 997 |
| Other loans past due 30 days or more and still accruing | **4008** | 3281 | 3494 | 3736 | 3398 |
| &nbsp;&nbsp;**Total loans past due 30 days or more and still accruing** <sup>(4, 5)</sup> | $**6140** | $5155 | $5236 | $5556 | $5282 |
| Fully-insured home loans past due 90 days or more and still accruing | $**368** | $427 | $492 | $574 | $634 |
| Consumer credit card past due 90 days or more and still accruing  | **717** | 547 | 493 | 492 | 487 |
| Other loans past due 90 days or more and still accruing | **626** | 647 | 720 | 607 | 336 |
| &nbsp;&nbsp;**Total loans past due 90 days or more and still accruing** <sup>(4, 5)</sup> | $**1711** | $1621 | $1705 | $1673 | $1457 |
| Nonperforming loans, leases and foreclosed properties/Total assets <sup>(6)</sup> | **0.13%** | 0.14% | 0.14% | 0.15% | 0.15% |
| Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties <sup>(6)</sup> | **0.38** | 0.40 | 0.42 | 0.48 | 0.48 |
| Nonperforming loans and leases/Total loans and leases <sup>(6)</sup> | **0.37** | 0.39 | 0.41 | 0.47 | 0.47 |
| Commercial reservable criticized utilized exposure <sup>(7)</sup> | $**19274** | $17659 | $18114 | $20682 | $22381 |
| Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure <sup>(7)</sup> | **3.12%** | 2.88% | 2.95% | 3.54% | 3.91% |
| Total commercial criticized utilized exposure/Commercial utilized exposure <sup>(7)</sup> | **3.70** | 2.82 | 2.99 | 3.47 | 3.91 |

---

<sup>(1)</sup> Foreclosed property balances do not include properties insured by certain government-guaranteed loans, principally loans insured by the Federal Housing Administration (FHA), that entered foreclosure of $60 million, $75 million, $71 million, $61 million and $52 million at December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively.

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

<sup>(3)</sup> Balances do not include nonperforming loans held-for-sale of $219 million, $222 million, $270 million, $336 million and $264 million and nonperforming loans accounted for under the fair value option of $7 million, $8 million, $11 million, $19 million and $21 million at December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively.

<sup>(4)</sup> Balances do not include loans held-for-sale past due 30 days or more and still accruing of $58 million, $81 million, $179 million, $654 million and $523 million at December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively, and loans held-for-sale past due 90 days or more and still accruing of $28 million, $33 million, $22 million, $50 million and $41 million at December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively. At December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, there were $11 million, $4 million, $34 million, $8 million and $12 million, respectively, of loans accounted for under the fair value option past due 30 days or more and still accruing interest.

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

<sup>(6)</sup> Total assets and total loans and leases do not include loans accounted for under the fair value option of $5.8 billion, $4.9 billion, $5.5 billion, $7.1 billion and $7.8 billion at December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively.

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** |
| **Nonperforming Loans, Leases and Foreclosed Properties Activity** <sup>(1)</sup> | **Nonperforming Loans, Leases and Foreclosed Properties Activity** <sup>(1)</sup> | **Nonperforming Loans, Leases and Foreclosed Properties Activity** <sup>(1)</sup> | **Nonperforming Loans, Leases and Foreclosed Properties Activity** <sup>(1)</sup> | **Nonperforming Loans, Leases and Foreclosed Properties Activity** <sup>(1)</sup> | **Nonperforming Loans, Leases and Foreclosed Properties Activity** <sup>(1)</sup> |
| (Dollars in millions) |  |  |  |  |  |
|  | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
| **Nonperforming Consumer Loans and Leases:** |  |  |  |  |  |
| **Balance, beginning of period** | $**2760** | $2866 | $3104 | $2989 | $3017 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions | **208** | 236 | 365 | 644 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reductions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paydowns and payoffs | **(89)** | (124) | (147) | (175) | (179) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | **(1)** | (1) | (269) | (131) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Returns to performing status <sup>(2)</sup> | **(109)** | (193) | (157) | (202) | (198) |
| &nbsp;&nbsp;&nbsp;&nbsp;Charge-offs <sup>(3)</sup> | **(6)** | (12) | (23) | (15) | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers to foreclosed properties | **(9)** | (12) | (7) | (6) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net additions (reductions) to nonperforming loans and leases | **(6)** | (106) | (238) | 115 | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total nonperforming consumer loans and leases, end of period** | **2754** | 2760 | 2866 | 3104 | 2989 |
| Foreclosed properties | **121** | 125 | 115 | 118 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Nonperforming consumer loans, leases and foreclosed properties, end of period** | $**2875** | $2885 | $2981 | $3222 | $3090 |
| **Nonperforming Commercial Loans and Leases** <sup>(4)</sup>**:** |  |  |  |  |  |
| **Balance, beginning of period** | $**1223** | $1298 | $1521 | $1578 | $1697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions | **141** | 307 | 321 | 183 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reductions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paydowns | **(144)** | (180) | (342) | (159) | (290) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | **(4)** | (12) | (16) | (25) | (71) |
| &nbsp;&nbsp;&nbsp;&nbsp;Returns to performing status <sup>(5)</sup> | **(35)** | (148) | (146) | (5) | (95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charge-offs | **(127)** | (42) | (40) | (12) | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers to loans held-for-sale | **—** |  |  | (39) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net reductions to nonperforming loans and leases | **(169)** | (75) | (223) | (57) | (119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total nonperforming commercial loans and leases, end of period** | **1054** | 1223 | 1298 | 1521 | 1578 |
| Foreclosed properties | **49** | 48 | 47 | 35 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Nonperforming commercial loans, leases and foreclosed properties, end of period** | $**1103** | $1271 | $1345 | $1556 | $1607 |

---

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

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

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

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

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

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

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** |
| **Quarterly Net Charge-offs and Net Charge-off Ratios** <sup>(1)</sup>  | **Quarterly Net Charge-offs and Net Charge-off Ratios** <sup>(1)</sup>  | **Quarterly Net Charge-offs and Net Charge-off Ratios** <sup>(1)</sup>  | **Quarterly Net Charge-offs and Net Charge-off Ratios** <sup>(1)</sup>  | **Quarterly Net Charge-offs and Net Charge-off Ratios** <sup>(1)</sup>  | **Quarterly Net Charge-offs and Net Charge-off Ratios** <sup>(1)</sup>  | **Quarterly Net Charge-offs and Net Charge-off Ratios** <sup>(1)</sup>  | **Quarterly Net Charge-offs and Net Charge-off Ratios** <sup>(1)</sup>  | **Quarterly Net Charge-offs and Net Charge-off Ratios** <sup>(1)</sup>  | **Quarterly Net Charge-offs and Net Charge-off Ratios** <sup>(1)</sup>  | **Quarterly Net Charge-offs and Net Charge-off Ratios** <sup>(1)</sup>  |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  | **Fourth<br>Quarter<br>2022** | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 | Fourth<br>Quarter<br>2021 |
|  | **Amount** | **Percent** | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent |
| **Net Charge-offs** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Residential mortgage <sup>(2)</sup> | $**(1)** | **— %** | $(3) | (0.01)% | $86 | 0.15% | $(10) | (0.02)% | $(11) | (0.02)% |
| &nbsp;&nbsp;&nbsp;Home equity <sup>(3)</sup> | **(18)** | **(0.27)** | (18) | (0.25) | (24) | (0.37) | (30) | (0.44) | (26) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card | **386** | **1.71** | 328 | 1.53 | 323 | 1.60 | 297 | 1.53 | 280 | 1.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct/Indirect consumer | **1** | **—** | 9 | 0.03 | 4 | 0.02 | 4 | 0.02 | (3) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other consumer | **163** | **n/m** | 143 | n/m | 136 | n/m | 79 | n/m | 72 | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total consumer** | **531** | **0.47** | 459 | 0.41 | 525 | 0.47 | 340 | 0.32 | 312 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. commercial | **47** | **0.05** | 23 | 0.03 | 15 | 0.02 | (14) | (0.02) | (19) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. commercial | **31** | **0.10** | (6) | (0.02) | (5) | (0.01) | 1 |  | (6) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial and industrial | **78** | **0.06** | 17 | 0.01 | 10 | 0.01 | (13) | (0.01) | (25) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | **34** | **0.20** | 13 | 0.08 | (4) | (0.03) | 23 | 0.15 | 6 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial lease financing | **2** | **0.05** | (1) | (0.05) | 4 | 0.13 |  |  |  |  |
|  | **114** | **0.08** | 29 | 0.02 | 10 | 0.01 | 10 | 0.01 | (19) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. small business commercial | **44** | **0.99** | 32 | 0.72 | 36 | 0.79 | 42 | 0.94 | 69 | 1.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total commercial** | **158** | **0.11** | 61 | 0.04 | 46 | 0.03 | 52 | 0.04 | 50 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net charge-offs** | $**689** | **0.26** | $520 | 0.20 | $571 | 0.23 | $392 | 0.16 | $362 | 0.15 |
| **By Business Segment and All Other** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Banking | $**591** | **0.78%** | $512 | 0.69% | $502 | 0.70% | $416 | 0.59% | $411 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Wealth & Investment Management | **4** | **0.01** | 5 | 0.01 | 9 | 0.02 | 1 |  | 5 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Banking | **112** | **0.12** | 26 | 0.03 | 14 | 0.01 | (12) | (0.01) | (28) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Markets | **(1)** | **(0.01)** | (1) |  | (4) | (0.01) | 21 | 0.08 | 10 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other | **(17)** | **(0.66)** | (22) | (0.80) | 50 | 1.40 | (34) | (0.91) | (36) | (0.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net charge-offs** | $**689** | **0.26** | $520 | 0.20 | $571 | 0.23 | $392 | 0.16 | $362 | 0.15 |

---

<sup>(1)</sup> Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding loans and leases excluding loans accounted for under the fair value option during the period for each loan and lease category.

<sup>(2)</sup> Includes loan sale net charge-offs (recoveries) of $90 million and $(6) million for the second and first quarters of 2022 and $0 for the remaining quarters.

<sup>(3)</sup> Includes loan sale net charge-offs (recoveries) of $(6) million and $(2) million for the second and first quarters of 2022 and $0 for the remaining quarters.

n/m = not meaningful

Current-period information is preliminary and based on company data available at the time of the presentation. 30

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| | | | | |
|:---|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** |
| **Annual Net Charge-offs and Net Charge-off Ratios** <sup>(1)</sup>  | **Annual Net Charge-offs and Net Charge-off Ratios** <sup>(1)</sup>  | **Annual Net Charge-offs and Net Charge-off Ratios** <sup>(1)</sup>  | **Annual Net Charge-offs and Net Charge-off Ratios** <sup>(1)</sup>  | **Annual Net Charge-offs and Net Charge-off Ratios** <sup>(1)</sup>  |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
|  | **2022** | **2022** | 2021 | 2021 |
|  | **Amount** | **Percent** | Amount | Percent |
| **Net Charge-offs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Residential mortgage <sup>(2)</sup> | $**72** | **0.03%** | $(28) | (0.01)% |
| &nbsp;&nbsp;&nbsp;Home equity <sup>(3)</sup> | **(90)** | **(0.33)** | (119) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card | **1334** | **1.60** | 1723 | 2.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct/Indirect consumer | **18** | **0.02** | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other consumer | **521** | **n/m** | 270 | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total consumer** | **1855** | **0.42** | 1847 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. commercial | **71** | **0.02** | (23) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. commercial | **21** | **0.02** | 35 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial and industrial | **92** | **0.02** | 12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | **66** | **0.10** | 34 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial lease financing | **5** | **0.03** | (1) |  |
|  | **163** | **0.03** | 45 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. small business commercial | **154** | **0.86** | 351 | 1.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total commercial** | **317** | **0.06** | 396 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net charge-offs** | $**2172** | **0.21** | $2243 | 0.25 |
| **By Business Segment and All Other** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Banking | $**2021** | **0.69%** | $2335 | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Wealth & Investment Management | **19** | **0.01** | 25 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Banking | **140** | **0.04** | 19 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Markets | **15** | **0.01** | 13 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other | **(23)** | **(0.18)** | (149) | (0.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net charge-offs** | $**2172** | **0.21** | $2243 | 0.25 |

---

<sup>(1)</sup> Net charge-off ratios are calculated as net charge-offs divided by average outstanding loans and leases excluding loans accounted for under the fair value option during the period for each loan and lease category.

<sup>(2)</sup> Includes loan sale net charge-offs (recoveries) of $84 million for the year ended December 31, 2022.

<sup>(3)</sup> Includes loan sale net charge-offs (recoveries) of $(8) million for the year ended December 31, 2022.

n/m = not meaningful

Current-period information is preliminary and based on company data available at the time of the presentation. 31

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** | **Bank of America Corporation and Subsidiaries** |
| **Allocation of the Allowance for Credit Losses by Product Type** | **Allocation of the Allowance for Credit Losses by Product Type** | **Allocation of the Allowance for Credit Losses by Product Type** | **Allocation of the Allowance for Credit Losses by Product Type** | **Allocation of the Allowance for Credit Losses by Product Type** | **Allocation of the Allowance for Credit Losses by Product Type** | **Allocation of the Allowance for Credit Losses by Product Type** |
| (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
|  | **December 31, 2022** | **December 31, 2022** | September 30, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2021 |
|  | **Amount** | **Percent of**<br>**Loans and**<br>**Leases**<br>**Outstanding** <sup>(1, 2)</sup> | Amount | Percent of<br>Loans and<br>Leases<br>Outstanding <sup>(1, 2)</sup> | Amount | Percent of<br>Loans and<br>Leases<br>Outstanding <sup>(1, 2)</sup> |
| **Allowance for loan and lease losses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage | $**328** | **0.14%** | $282 | 0.12% | $351 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Home equity | **92** | **0.35** | 102 | 0.38 | 206 | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card | **6136** | **6.57** | 5879 | 6.74 | 5907 | 7.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct/Indirect consumer | **585** | **0.55** | 525 | 0.49 | 523 | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other consumer | **96** | **n/m** | 92 | n/m | 46 | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total consumer** | **7237** | **1.59** | 6880 | 1.53 | 7033 | 1.62 |
| &nbsp;&nbsp;&nbsp;U.S. commercial <sup>(3)</sup> | **3007** | **0.80** | 3018 | 0.81 | 3019 | 0.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. commercial | **1194** | **0.96** | 1191 | 0.97 | 975 | 0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | **1192** | **1.71** | 1161 | 1.71 | 1292 | 2.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial lease financing | **52** | **0.38** | 52 | 0.40 | 68 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total commercial** | **5445** | **0.93** | 5422 | 0.94 | 5354 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Allowance for loan and lease losses** | **12682** | **1.22** | 12302 | 1.20 | 12387 | 1.28 |
| **Reserve for unfunded lending commitments** | **1540** |  | 1515 |  | 1456 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Allowance for credit losses** | $**14222** |  | $13817 |  | $13843 |  |
| **<u>Asset Quality Indicators</u>**  |  |  |  |  |  |  |
| Allowance for loan and lease losses/Total loans and leases <sup>(2)</sup> |  | **1.22%** |  | 1.20% |  | 1.28% |
| Allowance for loan and lease losses/Total nonperforming loans and leases <sup>(4)</sup> |  | **333** |  | 309 |  | 271 |
| Ratio of the allowance for loan and lease losses/Annualized net charge-offs |  | **4.64** |  | 5.96 |  | 8.62 |

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<sup>(1)</sup> Ratios are calculated as allowance for loan and lease losses as a percentage of loans and leases outstanding excluding loans accounted for under the fair value option. Consumer loans accounted for under the fair value option include residential mortgage loans of $71 million, $74 million and $279 million, and home equity loans of $268 million, $281 million and $339 million at December 31, 2022, September 30, 2022 and December 31, 2021, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $2.9 billion, $2.4 billion and $4.6 billion and non-U.S. commercial loans of $2.5 billion, $2.1 billion and $2.6 billion at December 31, 2022, September 30, 2022 and December 31, 2021, respectively.

<sup>(2)</sup> Total loans and leases do not include loans accounted for under the fair value option of $5.8 billion, $4.9 billion and $7.8 billion at December 31, 2022, September 30, 2022 and December 31, 2021, respectively.

<sup>(3)</sup> Includes allowance for loan and lease losses for U.S. small business commercial loans of $844 million, $864 million and $1.2 billion at December 31, 2022, September 30, 2022 and December 31, 2021, respectively.

<sup>(4)</sup> Allowance for loan and lease losses includes $7.0 billion, $6.7 billion and $7.0 billion allocated to products (primarily the Consumer Lending portfolios within *Consumer Banking*) that are excluded from nonperforming loans and leases at December 31, 2022, September 30, 2022 and December 31, 2021, respectively. Excluding these amounts, allowance for loan and lease losses as a percentage of total nonperforming loans and leases was 149 percent, 140 percent and 117 percent at December 31, 2022, September 30, 2022 and December 31, 2021, respectively.

n/m = not meaningful

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

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| |
|:---|
| **Exhibit A: Non-GAAP Reconciliations**<br>**Bank of America Corporation and Subsidiaries**<br>**Reconciliations to GAAP Financial Measures** |
| (Dollars in millions, except per share information) |

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The Corporation evaluates its business based on the following ratios that utilize tangible equity, a non-GAAP financial measure. Tangible equity represents shareholders' equity or common shareholders' equity reduced by goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities ("adjusted" shareholders' equity or common shareholders' equity). Return on average tangible common shareholders' equity measures the Corporation's net income applicable to common shareholders as a percentage of adjusted average common shareholders' equity. The tangible common equity ratio represents adjusted ending common shareholders' equity divided by total tangible assets (total assets less goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities). Return on average tangible shareholders' equity measures the Corporation's net income as a percentage of adjusted average total shareholders' equity. The tangible equity ratio represents adjusted ending shareholders' equity divided by total tangible assets. Tangible book value per common share represents adjusted ending common shareholders' equity divided by ending common shares outstanding. These measures are used to evaluate the Corporation's use of equity. In addition, profitability, relationship and investment models all use return on average tangible shareholders' equity as key measures to support our overall growth goals.

See the tables below for reconciliations of these non-GAAP financial measures to the most closely related financial measures defined by GAAP for the years ended December 31, 2022 and 2021, and the three months ended December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021. The Corporation believes the use of these non-GAAP financial measures provides additional clarity in understanding its results of operations and trends. Other companies may define or calculate supplemental financial data differently.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended<br>December 31** | **Year Ended<br>December 31** | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
| | **2022** | 2021 | **Fourth<br>Quarter<br>2022** | Third<br>Quarter<br>2022 | Second<br>Quarter<br>2022 | First<br>Quarter<br>2022 | Fourth<br>Quarter<br>2021 |
| **Reconciliation of income before income taxes to pretax, pre-provision income** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | $**30969** | $33976 | $**7897** | $8301 | $6892 | $7879 | $7818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | **2543** | (4594) | **1092** | 898 | 523 | 30 | (489) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Pretax, pre-provision income** | $**33512** | $29382 | $**8989** | $9199 | $7415 | $7909 | $7329 |
| **Reconciliation of average shareholders' equity to average tangible shareholders' equity and average tangible common shareholders' equity** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholders' equity | $**270299** | $273757 | $**272629** | $271017 | $268197 | $269309 | $270883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | **(69022)** | (69005) | **(69022)** | (69022) | (69022) | (69022) | (69022) |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets (excluding mortgage servicing rights) | **(2117)** | (2177) | **(2088)** | (2107) | (2127) | (2146) | (2166) |
| &nbsp;&nbsp;&nbsp;&nbsp;Related deferred tax liabilities | **922** | 916 | **914** | 920 | 926 | 929 | 913 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Tangible shareholders' equity** | $**200082** | $203491 | $**202433** | $200808 | $197974 | $199070 | $200608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock | **(28318)** | (23970) | **(28982)** | (29134) | (28674) | (26444) | (24364) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Tangible common shareholders' equity** | $**171764** | $179521 | $**173451** | $171674 | $169300 | $172626 | $176244 |
| **Reconciliation of period-end shareholders' equity to period-end tangible shareholders' equity and period-end tangible common shareholders' equity** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholders' equity | $**273197** | $270066 | $**273197** | $269524 | $269118 | $266617 | $270066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | **(69022)** | (69022) | **(69022)** | (69022) | (69022) | (69022) | (69022) |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets (excluding mortgage servicing rights) | **(2075)** | (2153) | **(2075)** | (2094) | (2114) | (2133) | (2153) |
| &nbsp;&nbsp;&nbsp;&nbsp;Related deferred tax liabilities | **899** | 929 | **899** | 915 | 920 | 926 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Tangible shareholders' equity** | $**202999** | $199820 | $**202999** | $199323 | $198902 | $196388 | $199820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock | **(28397)** | (24708) | **(28397)** | (29134) | (29134) | (27137) | (24708) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tangible common shareholders' equity** | $**174602** | $175112 | $**174602** | $170189 | $169768 | $169251 | $175112 |
| **Reconciliation of period-end assets to period-end tangible assets** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets | $**3050706** | $3169495 | $**3050706** | $3072953 | $3111606 | $3238223 | $3169495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | **(69022)** | (69022) | **(69022)** | (69022) | (69022) | (69022) | (69022) |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets (excluding mortgage servicing rights) | **(2075)** | (2153) | **(2075)** | (2094) | (2114) | (2133) | (2153) |
| &nbsp;&nbsp;&nbsp;&nbsp;Related deferred tax liabilities | **899** | 929 | **899** | 915 | 920 | 926 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Tangible assets** | $**2980508** | $3099249 | $**2980508** | $3002752 | $3041390 | $3167994 | $3099249 |
| **Book value per share of common stock** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common shareholders' equity | $**244800** | $245358 | $**244800** | $240390 | $239984 | $239480 | $245358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending common shares issued and outstanding | **7996.8** | 8077.8 | **7996.8** | 8024.5 | 8035.2 | 8062.1 | 8077.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Book value per share of common stock** | $**30.61** | $30.37 | $**30.61** | $29.96 | $29.87 | $29.70 | $30.37 |
| **Tangible book value per share of common stock** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible common shareholders' equity | $**174602** | $175112 | $**174602** | $170189 | $169768 | $169251 | $175112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending common shares issued and outstanding | **7996.8** | 8077.8 | **7996.8** | 8024.5 | 8035.2 | 8062.1 | 8077.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Tangible book value per share of common stock** | $**21.83** | $21.68 | $**21.83** | $21.21 | $21.13 | $20.99 | $21.68 |

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