Bank of America Reports Q2 Net Income of $9.2 Billion, EPS of $1.

03
CET1 Ratio of 11.5%, Average Deposits up $231 Billion to $1.9 Trillion(A)
Q2-21 Financial Highlights1 Q2-21 Business Segment Highlights1,2(B)
• Net income of $9.2 billion, or $1.03 per diluted Consumer Banking
share, including:
– $1.6 billion provision for credit losses benefit(C) • Net income of $3.0 billion
– $2.0 billion positive tax adjustment related to • Deposits up 21% to a record $979 billion
revaluation of UK deferred tax assets • Consumer investment assets up $100 billion, or 40%, to a record
• Revenue, net of interest expense, decreased 4% to $346 billion, driven by market valuations and client flows of $21
$21.5 billion billion since Q2-20
– Net interest income (NII)(D) declined 6% to $10.2
• Accelerated Client Activity
billion, driven primarily by lower interest rates
– Combined credit and debit card spend up 16% QoQ to $200 billion
– Noninterest income down 2% to $11.2 billion,
– Total mortgage originations up 36% QoQ to $21.4 billion
driven by lower sales and trading revenue and – 70% of overall households actively using digital platforms
the absence of a $704 million gain in the year-
ago quarter, partially offset by higher Consumer
and Wealth Management revenues Global Wealth and Investment Management
• Provision for credit losses decreased $6.7 billion to
a benefit of $1.6 billion, reflecting a reserve • Net income of $991 million
release of $2.2 billion amid an improved • Record client balances of $3.7 trillion, up $725 billion, or 25%, driven
macroeconomic outlook(C) by higher market valuations and positive client flows; including
• Noninterest expense rose $1.6 billion, or 12%, to Consumer Investments, total client balances of $4.1 trillion, up 26%
$15.0 billion, including higher compensation and • Deposits up 16% to $333 billion
benefits costs, a $500 million contribution to the • Pretax margin of 26%
Bank of America Foundation to support ESG
• Accelerated Client Activity
initiatives, and $300 million associated with
processing transactional card claims related to – Record quarterly loan balance growth of $8.3 billion, ending
state unemployment benefits balances up 8% to $198 billion
• Average loan and lease balances in business – Merrill Lynch Wealth Management added ~6,000 net new
segments declined 11% YoY to $889 billion but households; Private Bank added ~475 net new relationships
increased $1.8 billion QoQ; excluding Paycheck
Protection Program, loan balances grew $5.1 Global Banking
billion QoQ
• Deposits rose $231 billion, or 14%, to $1.9 trillion • Net income of $2.4 billion
• Average Global Liquidity Sources rose $267 billion, • Total investment banking fees (excl. self-led) of $2.1 billion remained
or 34%, to a record $1.1 trillion, reflecting strong near record levels
deposit balance growth(E) – No. 3 in investment banking fees3
• Common equity tier 1 (CET1) ratio strong at 11.5%
• Deposits up 3% to $507 billion
(Standardized)(A)
• Accelerated Client Activity
• Returned $5.8 billion to shareholders through
common dividends and share repurchases – Total Commercial Committed Exposure increased $24 billion QoQ
to $1.1 trillion
From Chairman and CEO Brian Moynihan – Raised $500 billion in capital on behalf of clients YTD4
"We delivered solid earnings and returned more capital
to shareholders during the quarter as we moved to a Global Markets
more open economy. Our team continued to do a great
job serving clients, as shown by the increased levels of • Net income of $908 million
client activity across all of our businesses.
• Sales and trading revenue of $3.6 billion, including net debit valuation
adjustment (DVA) losses of $34 million, with FICC revenue of $1.9
"More than 85% of our buildings and offices are open,
billion and Equities revenue of $1.6 billion
and we're welcoming our teammates back. This means
more face-to-face meetings; helping to increase sales • Excluding net DVA, sales and trading revenue down 19% to $3.6 billion;
of Consumer products and drive strong household FICC down 38% to $2.0 billion;(F) Equities up 33% to $1.6 billion(F)
growth in Wealth Management, and increased prospect • Accelerated Client Activity
calling in Commercial Banking. – Average assets increased $134 billion to $798 billion, driven by
higher client balances in equities and loan growth
"Consumer spending has significantly surpassed pre-
pandemic levels, deposit growth is strong, and loan
levels have begun to grow."
See page 10 for endnotes.
1
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.
2
The Corporation reports the results of operations of its four business segments and All Other on a fully taxable-equivalent (FTE) basis.
3
Source: Dealogic as of July 1, 2021 1
4
Source: Dealogic as of July 1, 2021. Global Capital Raise includes Equity, Debt, Loans (MBS, ABS, and self-funded deals are excluded). Shown on a proportional share basis.
From Chief Financial Officer Paul Donofrio:
"Despite the continued challenge of low interest rates, the diversity and leadership positions of our eight lines of business
enabled us to benefit from a faster economic recovery this quarter. We believe our continued focus on client selection and
responsible growth has positioned us well. Total loan balances grew for the first time since the first quarter of 2020 even as
we recorded the lowest credit loss rates in 25 years.

"At the same time, our balance sheet remains a source of strength, as supported by our performance in the most recent stress
tests, which showed significant excess capital. We returned nearly $6 billion this quarter in common dividends and share
repurchases and we expect to return a higher amount in the coming quarters, while we continue to deliver for our clients and
the communities that we are so fortunate to serve."

Bank of America Financial Highlights(G)

Three Months Ended
($ in billions, except per share data) 6/30/2021 3/31/2021 6/30/2020
Total revenue, net of interest expense $21.5 $22.8 $22.3
Provision for credit losses (1.6) (1.9) 5.1
Noninterest expense 15.0 15.5 13.4
Pretax income 8.0 9.2 3.8
Pretax, pre-provision income1(G) 6.4 7.3 8.9
Income tax expense (1.2) 1.1 0.3
Net Income 9.2 8.1 3.5
Diluted earnings per share $1.03 $0.86 $0.37
1
Pretax, pre-provision income represents a non-GAAP financial measure. For more information, see page 18.

Strength of Responsible Growth

Well Capitalized Strong Liquidity Low Loss Rates

11.4% 11.8% 11.5% 0.45%

$1,063
$1,003
0.37%
$796
Regulatory minimum 9.5% 0.27%

Q2-20 Q1-21 Q2-21 Q2-20 Q1-21 Q2-21 Q2-20 Q1-21 Q2-21

(A)
CET-1 Ratio Avg. Global Liquidity Sources Net Charge-off Ratio
($B) (E)

2
Consumer Banking1,2
Financial Results1
• Net income increased to $3.0 billion, reflecting higher
Three months ended
revenue and lower credit costs
($ in millions) 6/30/2021 3/31/2021 6/30/2020
• Revenue of $8.2 billion increased 4%, driven by
increased card income and higher deposit balances Total revenue2 $8,186 $8,069 $7,852
• Provision for credit losses improved $3.7 billion to a Provision for credit losses (697) (617) 3,024
benefit of $697 million, reflecting an improved Noninterest expense 4,859 5,131 4,735
macroeconomic outlook Pretax income 4,024 3,555 93
– Net charge-off ratio improved to 0.89%, compared
to 1.05% Income tax expense 986 871 23
• Noninterest expense increased 3% to $4.9 billion, as Net income $3,038 $2,684 $70
lower COVID-19 costs were more than offset by
investments for business growth Business Highlights1,3(B)
Three months ended
Business Highlights1,3(B)
($ in billions) 6/30/2021 3/31/2021 6/30/2020
• Average deposits grew $168 billion, or 21%, to $979
Average deposits $979.1 $924.1 $810.7
billion; average loans declined $40 billion, or 12%, to
$282 billion, driven by lower first mortgage and card Average loans and leases 281.8 290.9 321.6
balances Consumer investment assets 345.8 324.5 246.1
• Consumer investment assets grew $100 billion, or (EOP)
40%, to $346 billion, driven by market performance Active mobile banking users 31.8 31.5 30.3
and strong client flows (MM)
– $21 billion of client flows since Q2-20 Number of financial centers 4,296 4,324 4,298
– 3.2 million client accounts, up 9% Efficiency ratio 59 % 64 % 60 %
• Combined credit/debit card spend up $57 billion, or
40%; credit card up 46% and debit card up 36% Return on average allocated 32 28 1
capital
• 7.5 million Consumer clients enrolled in Preferred
Rewards, up 14%, with 99% annualized retention rate Total Consumer Credit Card3
Average credit card $73.4 $74.2 $86.2
Digital Usage Continued to Grow1 outstanding balances
• 40.5 million active digital banking users, up 3% Total credit/debit spend 200.3 172.5 143.3
• 1.4 million digital sales, up 26% Risk-adjusted margin 9.8 % 9.3 % 8.5 %
• 2.6 billion digital logins 1
Comparisons are to the year-ago quarter unless noted.
2
• 14.3 million active Zelle® users, now including small Revenue, net of interest expense.
3
The Consumer credit card portfolio includes Consumer Banking and GWIM.
businesses, sent and received 189 million transfers
worth $56.5 billion, up 62% and 76% YoY, Continued Business Leadership
respectively • No. 1 in customer satisfaction for U.S. Online(A) Banking among National Banks by
• Clients booked a record ~871,000 digital J.D. Power(B)
appointments with an associate • No. 1 in customer satisfaction for U.S. Mobile Banking Apps among National
Banks by J.D. Power(B)
• No. 1 in customer satisfaction for U.S. Retail Banking Advice by J.D. Power (2021)
• No. 1 Consumer Deposit Market Share (Estimated retail consumer deposits based
on June 30, 2020 FDIC deposit data)
• No. 1 Online Banking and Mobile Banking Functionality (Keynova Q2-21 Online
Banker Scorecard, Keynova Q1-21 Mobile Banker Scorecard, Javelin 2021 Online
and Mobile Banking Scorecards)
• No. 1 in Prime Auto Credit Distribution of New Originations Among Peers
(Experian AutoCount; Franchised Dealers; largest percentage of 680+ Vantage 3.0
loan originations among key competitors as of April 2021)
• Best Mortgage Lender for First Time Homebuyers (Nerdwallet, 2021)
• Merrill Edge Self-Directed - No. 1 for Overall Client Experience, ESG Investing,
Client Dashboard and Banking (StockBrokers.com, January 2021)
(A)
Tied in the national segment of the J.D. Power 2021 U.S. Online Banking Satisfaction Study
(B)
J.D. Power’s 2021 U.S. Banking Mobile App Satisfaction, U.S. Online Banking Satisfaction studies measure overall
satisfaction with banking digital channels based on four factors: navigation; speed; visual appeal; and information/content.
The studies are based on responses from 9,926 retail bank customers nationwide and were fielded in March-April 2021. For
J.D. Power award information, visit jdpower.com/awards.

3
Global Wealth and Investment Management1,2
Financial Results1
• Net income increased $368 million, or 59%, to $991
million, reflecting record asset management fees and Three months ended
lower credit costs ($ in millions) 6/30/2021 3/31/2021 6/30/2020
• Record revenue of $5.1 billion, up 14%, driven by a 2
Total revenue $5,065 $4,971 $4,425
$656 million increase in asset management fees
Provision for credit losses (62) (65) 136
• Noninterest expense increased 10% to $3.8 billion,
primarily driven by higher revenue-related incentives Noninterest expense 3,814 3,868 3,464
Pretax income 1,313 1,168 825
Business Highlights1(B)
• Total client balances up $725 billion, or 25%, to a Income tax expense 322 286 202
record of $3.7 trillion, driven by higher market Net income $991 $882 $623
valuations and positive client flows
– Average deposits increased $46 billion, or 16%, to Business Highlights1(B)
$333 billion; average loans and leases grew $12
billion, or 6%, to $194 billion, driven by securities- Three months ended
based lending and custom lending ($ in billions) 6/30/2021 3/31/2021 6/30/2020
– Strong AUM flows of $12 billion in Q2-21
Average deposits $333.5 $326.4 $287.1
Merrill Lynch Wealth Management Highlights1 Average loans and leases 194.0 188.5 182.2
• Strong Client Growth and Advisor Engagement Total client balances (EOP) 3,652.8 3,480.3 2,927.8
– Record client balances of $3.1 trillion, up 25% AUM flows 11.7 18.2 3.6
– Record AUM balances of $1.2 trillion, up 29% Pretax margin 26 % 23 % 19 %
– Added ~6,000 net new households in Q2-21 Return on average allocated 24 22 17
• Digital Usage Continued to Grow capital
– 79% of Merrill Lynch households actively using an 1
Comparisons are to the year-ago quarter unless noted.
online or mobile platform; 39% Merrill Lynch 2
Revenue, net of interest expense.
mobile app usage, up from 32%
– Continued growth of advisor/client digital Continued Business Leadership
communications; 348,000 households exchanged • Most advisors (286) on Barron’s 2021 Top 1,200 Financial Advisors list for the
~1.5 million messages through Secure Messaging 12th consecutive year
– 279,000 forms signed digitally in Q2-21, 53% of • Most advisors (1,319) on Forbes’ Best-In-State Wealth Advisors list (2021)
eligible transactions • No. 1 in Forbes’ Top Next Generation Advisors (2020)
– Number of checks deposited through automated • No. 1 in Financial Times Top 401K Retirement Plan Advisors (2020)
• No. 1 in Barron’s Top 100 Women Advisors (2021)
channels: 51% of all eligible checks deposited in
• No. 1 in personal trust assets under management (industry Q1-21 FDIC call
Q2-21, up from 45% reports)
• Recognized as best Private Bank for Customer Service (North America) and Best
Bank of America Private Bank Highlights1 Private Bank for Philanthropy Services (globally) by Professional Wealth
• Strong Client Engagement Management (2020)
– Record client balances of $580 billion, up 21% YoY
– Record AUM balances of $340 billion, up 22% YoY Digital Investment Recognition
– Added ~475 net new relationships in Q2-21 • Recognized by Celent with the 2021 Wealth Manager Award for emerging
technology
– Conducted ~8,200 client WebEx sessions in Q2-21
• Received Aite Group's 2021 Digital Wealth Management Impact Innovation Award
• Digital Usage Continued to Grow for digital engagement
– Record 81% of clients digitally active across the • Awarded by Professional Wealth Management, a Financial Times publication, in
enterprise, up from 78% in Q2-20 the 2021 Wealth Tech Awards for best use of technology (North America) and
best use of technology for client acquisition (North America)
– 73% of checks deposited through automated
• Recognized by WealthManagement.com in the 2020 industry awards for best
channels, up from 69% technology for digital advice & collaboration and best social media leadership
– Logins up 6%; once clients are digitally engaged
they are using features more frequently:
– Erica sessions up 115%
– Zelle transactions up 61%
– Digital wallet transactions up 84%

4
Global Banking1,2
• Net income increased $1.7 billion to $2.4 billion, Financial Results1
driven primarily by lower provision for credit losses Three months ended
• Revenue of $5.1 billion was relatively flat as higher ($ in millions) 6/30/2021 3/31/2021 6/30/2020
leasing-related revenue and treasury fees were $5,089 $4,633 $5,091
Total revenue2,3
offset by lower NII
Provision for credit losses (831) (1,126) 1,873
• Provision for credit losses improved $2.7 billion to a
benefit of $831 million, reflecting an improved Noninterest expense 2,599 2,781 2,222
macroeconomic outlook Pretax income 3,321 2,978 996
• Noninterest expense increased $377 million, or 17%, Income tax expense 897 804 269
to $2.6 billion, reflecting higher operating costs Net income $2,424 $2,174 $727

Business Highlights1,2(B) Business Highlights1,2(B)

• Average deposits increased $13 billion, or 3%, to Three months ended
$507 billion, reflecting client liquidity and valued ($ in billions) 6/30/2021 3/31/2021 6/30/2020
relationships
Average deposits $506.6 $487.0 $493.9
• Average loans and leases declined $99 billion, or
Average loans and leases 325.1 330.1 423.6
23%, to $325 billion, driven by continued paydowns
Total Corp. IB fees (excl. self- 2.1 2.2 2.2
• Total corporation investment banking fees of $2.1 led)2
billion (excl. self-led), remained near record levels
Global Banking IB fees2 1.2 1.2 1.2
Business Lending revenue 1.9 1.6 1.9
Digital Usage Continued to Grow1 Global Transaction Services 1.7 1.6 1.8
• 75% digitally active clients across commercial, revenue
corporate, and business banking clients (CashPro & Efficiency ratio 51 % 60 % 44 %
BA360 platforms) (as of May 2021)
Return on average allocated 23 21 7
• CashPro App Active Users increased 57% and sign- capital
ins increased 39% (rolling 12 months), surpassing 1 1
Comparisons are to the year-ago quarter unless noted.
million sign-ins in the past year 2
Global Banking and Global Markets share in certain deal economics from investment banking,
loan origination activities, and sales and trading activities.
• CashPro App Payment Approvals value was $248 3
Revenue, net of interest expense.
billion, with volumes increasing 54% (rolling 12
months)
Continued Business Leadership
• Number of checks deposited via CashPro App
increased 88% and dollar volume increased 89% • Outstanding Financial Innovator 2021 — Global (Global Finance, 2021)
• North America’s Best Bank for Small to Medium-sized Enterprises (Euromoney,
(rolling 12 months)
2020)
• ~22 million incoming receivables were digitally • Best Global Bank for Cash Management and Payments & Collections (Global
matched in last 12 months using Intelligent Finance Treasury & Cash Management Awards, 2021)
Receivables, which uses AI to match payments and • Best Mobile Cash Management Software (Global Finance Treasury & Cash
accounts receivables (as of May 2021) Management Awards, 2021)
• North America and Latin America’s Best Bank for Transaction Services
• Digital Wallet Enrollment adoption for commercial (Euromoney, 2020)
cards grew by 5% YoY (as of May 2021) • 2020 Quality, Share and Excellence Awards for U.S. Large Corporate Banking and
• Global Digital disbursements up 30% YTD YoY (as of Cash Management (Greenwich, 2021)
May 2021), 85% of volume sent via Zelle (as of May • Relationships with 74% of the Global Fortune 500; 95% of the U.S. Fortune 1,000
2021) (2020)

5
Global Markets1,2,6
• Net income decreased $987 million to $908 million Financial Results1
– Excluding net DVA, net income decreased 55% to Three months ended
$934 million4
($ in millions) 6/30/2021 3/31/2021 6/30/2020
• Revenue of $4.7 billion decreased 12%, driven by 2,3
lower sales and trading results from a strong year- Total revenue $4,720 $6,198 $5,350
ago period Net DVA4 (34) (2) (261)
– Excluding net DVA, revenue decreased 15%4
Total revenue $4,754 $6,200 $5,611
• Noninterest expense increased $787 million, or 29%, (excl. net DVA)2,3,4
to $3.5 billion, driven by higher costs associated with
Provision for credit losses 22 (5) 105
processing state unemployment benefit claims and
activity-related expenses in sales and trading Noninterest expense 3,471 3,427 2,684
• Average VaR of $77 million5 Pretax income 1,227 2,776 2,561
Income tax expense 319 722 666
Business Highlights1,2,6(B) Net income $908 $2,054 $1,895
• Reported sales and trading revenue of $3.6 billion Net income (excl. net $934 $2,056 $2,093
– FICC revenue of $1.9 billion DVA)4
– Equities revenue of $1.6 billion
• Excluding net DVA, sales and trading revenue Business Highlights1,2(B)
decreased 19% to $3.6 billion(F)
Three months ended
– FICC revenue decreased 38% to $2.0 billion, as the
prior year benefited from a robust trading ($ in billions) 6/30/2021 3/31/2021 6/30/2020
environment for macro products and strengthening Average total assets $797.6 $723.3 $663.1
markets for credit products after their pandemic
related sell-off, whereas markets in Q2-21 were Average trading-related 566.8 501.8 467.0
more benign and weak for agency mortgages assets
– Equities revenue increased 33% to $1.6 billion, Average loans and leases 87.8 77.4 74.1
driven by a stronger trading performance and 2
increased client activity in derivatives and Asia Sales and trading revenue 3.6 5.1 4.2
Sales and trading revenue 3.6 5.1 4.4
(excl. net DVA)2(F)
Additional Highlights
• 650+ research analysts covering 3,300+ companies, Global Markets IB fees2 1.0 1.0 0.9
1,200+ corporate bond issuers across 55+ economies Efficiency ratio 74 % 55 % 50 %
and 24 industries Return on average allocated 10 22 21
capital
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 F
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
$77MM, $74MM and $81MM for Q2-21, Q1-21 and Q2-20, respectively.
6
The explanations for current period-over-period changes for Global Markets are the same for
amounts including and excluding net DVA.

Continued Business Leadership

• CMBS Bank of the Year (GlobalCapital US Securitization Awards, 2020)
• Equity Derivatives House of the Year (GlobalCapital, 2020)
• No. 2 Global Research Firm (Institutional Investor, 2020)
• No. 2 Global Fixed Income Research Team (Institutional Investor, 2020)
• No. 1 Municipal Bonds Underwriter (Refinitiv, 2021)

6
All Other1
• Net income increased $1.6 billion to $1.9 billion, Financial Results1
driven by a $2.0 billion positive tax adjustment Three months ended
related to the revaluation of UK deferred tax ($ in millions) 6/30/2021 3/31/2021 6/30/2020
assets, triggered by a change in UK tax law
Total revenue2 $(1,484) $(939) $(264)
• Revenue decreased $1.2 billion, driven primarily by
lower other income and market making and similar Provision for credit losses (53) (47) (21)
activities.The year-ago quarter included a $704 Noninterest expense 302 308 305
million gain on sales of certain mortgage loans Pretax loss (1,733) (1,200) (548)
• Q2-21 total corporate effective tax rate (ETR) was
Income tax expense (benefit) (3,596) (1,456) (766)
a benefit of ~15%; excluding the UK tax
revaluation, the ETR for the quarter would have Net income $1,863 $256 $218
been approximately 11%; further adjusting for 1
2
Comparisons are to the year-ago quarter unless noted.
Revenue, net of interest expense.
Environmental, Social and Governance (ESG) tax
credits, the ETR would have been 25% 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.

7
Credit Quality

Charge-offs Highlights1
• Total net charge-offs decreased $228 million, or Three months ended
28%, from the prior quarter to $595 million
– Consumer net charge-offs decreased $180 million ($ in millions) 6/30/2021 3/31/2021 6/30/2020
to $513 million Provision for credit losses ($1,621) ($1,860) $5,117
– Commercial net charge-offs decreased $48 million
to $82 million Net charge-offs 595 823 1,146
• Net charge-off ratio decreased 10 basis points from 2
Net charge-off ratio 0.27 % 0.37 % 0.45 %
the prior quarter to 0.27%
At period-end
Provision for credit losses Nonperforming loans and $4,907 $5,162 $4,393
• Provision for credit losses was a benefit of $1.6 leases
billion, reflecting an improved macroeconomic
Nonperforming loans and 0.54 % 0.58 % 0.44 %
outlook
leases ratio
– Consumer reserve release of $1.2 billion
Allowance for loan and lease $14,095 $16,168 $19,389
– Commercial reserve release of $1.0 billion
losses
Allowance for credit losses Allowance for loan and lease 1.55 % 1.80 % 1.96 %
3
• Allowance for credit losses, including unfunded losses ratio
1
commitments, decreased 12% from the prior quarter 2 Comparisons are to the year-ago quarter unless noted.
Net charge-off ratio is calculated as annualized net charge-offs divided by average
to $15.8 billion outstanding loans and leases during the period.
3
Allowance for loan and lease losses ratio is calculated as allowance for loan and lease losses
– Allowance for loan and lease losses decreased divided by loans and leases outstanding at the end of the period.
$2.1 billion, or 13%, from the prior quarter to
$14.1 billion, representing 1.55% of total loans and Note: Ratios do not include loans accounted for under the fair value option.
leases
• Nonperforming loans decreased $255 million from
the prior quarter to $4.9 billion, primarily driven by
Commercial
• Commercial reservable criticized utilized exposure
decreased $5.4 billion from the prior quarter to $28.9
billion, driven by improvements across a broad range
of industries

See page 10 for endnotes.

8
Balance Sheet, Liquidity and Capital Highlights ($ in billions except per share data, end of period, unless otherwise noted)(A)(B)(E)
Three months ended
6/30/2021 3/31/2021 6/30/2020
Ending Balance Sheet
Total assets $3,029.9 $2,970.0 $2,741.7
Total loans and leases 918.9 903.1 998.9
Total loans and leases in business segments (excluding All Other) 900.6 883.2 973.8
Total deposits 1,909.1 1,884.9 1,718.7
Average Balance Sheet
Average total assets $3,015.1 $2,879.2 $2,704.2
Average loans and leases 907.9 907.7 1,031.4
Average deposits 1,888.8 1,805.7 1,658.2
Funding and Liquidity
Long-term debt $274.6 $251.2 $261.6
Global Liquidity Sources, average(E) 1,063 1,003 796
Equity
Common shareholders’ equity $253.7 $249.7 $242.2
Common equity ratio 8.4 % 8.4 % 8.8 %
Tangible common shareholders’ equity1 $183.4 $179.5 $172.4
Tangible common equity ratio1 6.2 % 6.2 % 6.5 %
Per Share Data
Common shares outstanding (in billions) 8.49 8.59 8.66
Book value per common share $29.89 $29.07 $27.96
Tangible book value per common share1 21.61 20.90 19.90
Regulatory Capital(A)
CET1 capital $178.8 $177.8 $171.0
Standardized approach
Risk-weighted assets $1,553 $1,508 $1,475
CET1 ratio 11.5 % 11.8 % 11.6 %
Advanced approaches
Risk-weighted assets $1,380 $1,365 $1,504
CET1 ratio 13.0 % 13.0 % 11.4 %
Supplementary leverage
Supplementary leverage ratio (SLR) 5.9 % 7.0 % 7.1 %

1
Represents a non-GAAP financial measure. For reconciliation, see page 18.

9
Endnotes

A Regulatory capital ratios at June 30, 2021 are preliminary. The Corporation reports regulatory capital ratios under both the Standardized and
Advanced approaches. The approach that yields the lower ratio is used to assess capital adequacy, which for Common equity tier 1 (CET1) is the
Standardized approach for June 30, 2021 and March 31, 2021 and the Advanced approaches for June 30, 2020. Supplementary leverage exposure
at March 31, 2021 and June 30, 2020 excludes U.S. Treasury securities and deposits at Federal Reserve Banks.

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 We measure net interest income 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 a more accurate picture of 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. Net
interest income on an FTE basis was $10.3 billion, $10.3 billion and $11.0 billion for the three months ended June 30, 2021, March 31, 2021 and
June 30, 2020, respectively. The FTE adjustment was $110 million, $111 million and $128 million for the three months ended June 30, 2021,
March 31, 2021 and June 30, 2020, respectively.

E 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.

F The following table includes Global Markets sales and trading revenue, excluding net DVA, which is a non-GAAP financial measure.

Three months ended

(Dollars in millions) 6/30/2021 3/31/2021 6/30/2020
Sales and trading revenue:
Fixed-income, currencies and commodities $ 1,937 $ 3,242 $ 2,941
Equities 1,624 1,836 1,210
Total sales and trading revenue $ 3,561 $ 5,078 $ 4,151

Sales and trading revenue, excluding net debit valuation adjustment:

Fixed-income, currencies and commodities $ 1,965 $ 3,251 $ 3,186
Equities 1,630 1,829 1,226
Total sales and trading revenue, excluding net debit valuation adjustment $ 3,595 $ 5,080 $ 4,412

For the three months ended June 30, 2021, March 31, 2021 and June 30, 2020, net DVA losses were $(34) million, $(2) million and $(261) million, FICC net DVA losses
were $(28) million, $(9) million and $(245) million, and Equities net DVA gains (losses) were $(6) million, $7 million and $(16) million, respectively.

G 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. Management believes that PTPI 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 18.

10
Contact Information and Investor Conference Call Invitation

Investor Call Note: Chief Executive Officer Brian Moynihan and Chief Financial Officer Paul Donofrio will discuss second-
Information quarter 2021 financial results in a conference call at 9:00 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 July 14 through 11:59 p.m. ET on July 24.

Investors May Contact: Reporters May Contact:

Lee McEntire, Bank of America Jerry Dubrowski, Bank of America
Phone: 1.980.388.6780 Phone: 1.646.855.1195 (office) or 1.508.843.5626 (mobile)
[email protected] [email protected]

Jonathan G. Blum, Bank of America (Fixed Income) Christopher Feeney, Bank of America
Phone: 1.212.449.3112 Phone: 1.980.386.6794 (office)
[email protected] [email protected]

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 66 million consumer and
small business clients with approximately 4,300 retail financial centers, approximately 17,000 ATMs, and award-winning digital
banking with approximately 41 million active users, including approximately 32 million mobile 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 “Company”) 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 Company’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 Company’s control. Actual outcomes and results may differ materially from those
expressed in, or implied by, any of these forward-looking statements.

11
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 Company’s 2020 Annual Report on Form
10-K and in any of the Company’s subsequent Securities and Exchange Commission filings: the Company’s potential judgments,
damages, 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; the possibility that the Company'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
Company could face increased claims from one or more parties involved in mortgage securitizations; the Company’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 Company’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 environment on the Company’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; the Company’s concentration of credit risk;
the Company'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 Company’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 Company’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 Company’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
Company’s operational or security systems or infrastructure, or those of third parties, including as a result of cyber-attacks or
campaigns; the impact on the Company’s business, financial condition and results of operations from the United Kingdom's exit from
the European Union; the impact of climate change; 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 the 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, terrorism or other geopolitical events; and other matters.

Forward-looking statements speak only as of the date they are made, and the Company 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
12
 13

Bank of America Corporation and Subsidiaries

Selected Financial Data
(In millions, except per share data)

Six Months Ended Second First Second

June 30 Quarter Quarter Quarter
Summary Income Statement 2021 2020 2021 2021 2020
Net interest income $ 20,430 $ 22,978 $ 10,233 $ 10,197 $ 10,848
Noninterest income 23,857 22,115 11,233 12,624 11,478
Total revenue, net of interest expense 44,287 45,093 21,466 22,821 22,326
Provision for credit losses (3,481) 9,878 (1,621) (1,860) 5,117
Noninterest expense 30,560 26,885 15,045 15,515 13,410
Income before income taxes 17,208 8,330 8,042 9,166 3,799
Income tax expense (66) 787 (1,182) 1,116 266
Net income $ 17,274 $ 7,543 $ 9,224 $ 8,050 $ 3,533
Preferred stock dividends 750 718 260 490 249
Net income applicable to common shareholders $ 16,524 $ 6,825 $ 8,964 $ 7,560 $ 3,284

Average common shares issued and outstanding 8,660.4 8,777.6 8,620.8 8,700.1 8,739.9
Average diluted common shares issued and outstanding 8,776.2 8,813.3 8,735.5 8,755.6 8,768.1

Summary Average Balance Sheet

Total debt securities $ 842,566 $ 470,638 $ 895,902 $ 788,638 $ 476,060
Total loans and leases 907,812 1,010,835 907,900 907,723 1,031,387
Total earning assets 2,530,563 2,239,406 2,578,668 2,481,925 2,358,782
Total assets 2,947,542 2,599,557 3,015,113 2,879,221 2,704,186
Total deposits 1,847,520 1,548,766 1,888,834 1,805,747 1,658,197
Common shareholders’ equity 250,302 241,983 250,948 249,648 242,889
Total shareholders’ equity 274,341 265,425 274,632 274,047 266,316

Performance Ratios
Return on average assets 1.18 % 0.58 % 1.23 % 1.13 % 0.53 %
Return on average common shareholders’ equity 13.31 5.67 14.33 12.28 5.44
Return on average tangible common shareholders’ equity (1) 18.51 7.97 19.90 17.08 7.63

Per Common Share Information

Earnings $ 1.91 $ 0.78 $ 1.04 $ 0.87 $ 0.38
Diluted earnings 1.90 0.77 1.03 0.86 0.37
Dividends paid 0.36 0.36 0.18 0.18 0.18
Book value 29.89 27.96 29.89 29.07 27.96
Tangible book value (1) 21.61 19.90 21.61 20.90 19.90

June 30 March 31 June 30

Summary Period-End Balance Sheet 2021 2021 2020
Total debt securities $ 940,314 $ 856,912 $ 471,861
Total loans and leases 918,928 903,088 998,944
Total earning assets 2,608,408 2,548,811 2,391,043
Total assets 3,029,894 2,969,992 2,741,688
Total deposits 1,909,142 1,884,938 1,718,666
Common shareholders’ equity 253,678 249,681 242,210
Total shareholders’ equity 277,119 274,000 265,637
Common shares issued and outstanding 8,487.2 8,589.7 8,664.1

Six Months Ended Second First Second

June 30 Quarter Quarter Quarter
Credit Quality 2021 2020 2021 2021 2020
Total net charge-offs $ 1,418 $ 2,268 $ 595 $ 823 $ 1,146
Net charge-offs as a percentage of average loans and leases outstanding (2) 0.32 % 0.46 % 0.27 % 0.37 % 0.45 %
Provision for credit losses $ (3,481) $ 9,878 $ (1,621) $ (1,860) $ 5,117

June 30 March 31 June 30

2021 2021 2020
Total nonperforming loans, leases and foreclosed properties (3) $ 5,031 $ 5,299 $ 4,611
Nonperforming loans, leases and foreclosed properties as a percentage of total loans, leases and foreclosed properties (3) 0.55 % 0.59 % 0.47 %
Allowance for loan and lease losses $ 14,095 $ 16,168 $ 19,389
Allowance for loan and lease losses as a percentage of total loans and leases outstanding (2) 1.55 % 1.80 % 1.96 %

For footnotes, see page 14.

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 (continued)
(Dollars in millions)

Capital Management June 30 March 31 June 30

2021 2021 2020
Regulatory capital metrics (4):
Common equity tier 1 capital $ 178,818 $ 177,789 $ 171,020
Common equity tier 1 capital ratio - Standardized approach 11.5 % 11.8 % 11.6 %
Common equity tier 1 capital ratio - Advanced approaches 13.0 13.0 11.4
Tier 1 leverage ratio 6.9 7.2 7.4
Supplementary leverage ratio 5.9 7.0 7.1

Tangible equity ratio (5) 7.0 7.0 7.3

Tangible common equity ratio (5) 6.2 6.2 6.5

(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 18.
(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 June 30, 2021 are preliminary. Bank of America Corporation reports regulatory capital ratios under both the Standardized and Advanced approaches. The approach that yields the lower ratio
is used to assess capital adequacy, which for Common equity tier 1 (CET1) is the Standardized approach for June 30, 2021 and March 31, 2021 and the Advanced approaches for June 30, 2020. Supplementary leverage
exposure at March 31, 2021 and June 30, 2020 excluded U.S. Treasury securities and deposits at Federal Reserve Banks.
(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 18.

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

Bank of America Corporation and Subsidiaries

Quarterly Results by Business Segment and All Other
(Dollars in millions)
Second Quarter 2021
Consumer Global Global All
Banking GWIM Banking Markets Other
Total revenue, net of interest expense $ 8,186 $ 5,065 $ 5,089 $ 4,720 $ (1,484)
Provision for credit losses (697) (62) (831) 22 (53)
Noninterest expense 4,859 3,814 2,599 3,471 302
Net income 3,038 991 2,424 908 1,863
Return on average allocated capital (1) 32 % 24 % 23 % 10 % n/m
Balance Sheet
Average
Total loans and leases $ 281,767 $ 193,988 $ 325,110 $ 87,826 $ 19,209
Total deposits 979,072 333,487 506,618 55,584 14,073
Allocated capital (1) 38,500 16,500 42,500 38,000 n/m
Quarter end
Total loans and leases $ 282,900 $ 198,361 $ 323,256 $ 96,105 $ 18,306
Total deposits 987,655 330,624 520,026 57,297 13,540

First Quarter 2021

Consumer Global Global All
Banking GWIM Banking Markets Other
Total revenue, net of interest expense $ 8,069 $ 4,971 $ 4,633 $ 6,198 $ (939)
Provision for credit losses (617) (65) (1,126) (5) (47)
Noninterest expense 5,131 3,868 2,781 3,427 308
Net income 2,684 882 2,174 2,054 256
Return on average allocated capital (1) 28 % 22 % 21 % 22 % n/m
Balance Sheet
Average
Total loans and leases $ 290,891 $ 188,495 $ 330,107 $ 77,415 $ 20,815
Total deposits 924,137 326,370 487,034 53,852 14,354
Allocated capital (1) 38,500 16,500 42,500 38,000 n/m
Quarter end
Total loans and leases $ 282,935 $ 190,060 $ 325,996 $ 84,247 $ 19,850
Total deposits 971,709 333,254 506,012 61,450 12,513

Second Quarter 2020

Consumer Global Global All
Banking GWIM Banking Markets Other
Total revenue, net of interest expense $ 7,852 $ 4,425 $ 5,091 $ 5,350 $ (264)
Provision for credit losses 3,024 136 1,873 105 (21)
Noninterest expense 4,735 3,464 2,222 2,684 305
Net income 70 623 727 1,895 218
Return on average allocated capital (1) 1 % 17 % 7 % 21 % n/m
Balance Sheet
Average
Total loans and leases $ 321,558 $ 182,150 $ 423,625 $ 74,131 $ 29,923
Total deposits 810,700 287,109 493,918 45,083 21,387
Allocated capital (1) 38,500 15,000 42,500 36,000 n/m
Quarter end
Total loans and leases $ 325,105 $ 184,293 $ 390,108 $ 74,342 $ 25,096
Total deposits 854,017 291,740 500,918 52,842 19,149

(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

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

The Company reports the results of operations of its four business segments and All Other on a fully taxable-equivalent (FTE) basis.

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

Bank of America Corporation and Subsidiaries

Year-to-Date Results by Business Segment and All Other
(Dollars in millions)
Six Months Ended June 30, 2021
Consumer Global Global All
Banking GWIM Banking Markets Other
Total revenue, net of interest expense $ 16,255 $ 10,036 $ 9,722 $ 10,918 $ (2,423)
Provision for credit losses (1,314) (127) (1,957) 17 (100)
Noninterest expense 9,990 7,682 5,380 6,898 610
Net income 5,722 1,873 4,598 2,962 2,119
Return on average allocated capital (1) 30 % 23 % 22 % 16 % n/m
Balance Sheet
Average
Total loans and leases $ 286,304 $ 191,257 $ 327,595 $ 82,649 $ 20,007
Total deposits 951,757 329,948 496,880 54,723 14,212
Allocated capital (1) 38,500 16,500 42,500 38,000 n/m
Period end
Total loans and leases $ 282,900 $ 198,361 $ 323,256 $ 96,105 $ 18,306
Total deposits 987,655 330,624 520,026 57,297 13,540

Six Months Ended June 30, 2020

Consumer Global Global All
Banking GWIM Banking Markets Other
Total revenue, net of interest expense $ 16,980 $ 9,361 $ 9,691 $ 10,575 $ (1,242)
Provision for credit losses 5,282 325 3,966 212 93
Noninterest expense 9,230 7,064 4,540 5,498 553
Net income (loss) 1,863 1,489 865 3,600 (274)
Return on average allocated capital (1) 10 % 20 % 4 % 20 % n/m
Balance Sheet
Average
Total loans and leases $ 319,252 $ 180,395 $ 405,054 $ 72,896 $ 33,238
Total deposits 773,685 275,260 438,145 39,203 22,473
Allocated capital (1) 38,500 15,000 42,500 36,000 n/m
Period end
Total loans and leases $ 325,105 $ 184,293 $ 390,108 $ 74,342 $ 25,096
Total deposits 854,017 291,740 500,918 52,842 19,149

(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

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

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

Bank of America Corporation and Subsidiaries

Supplemental Financial Data
(Dollars in millions)
Six Months Ended
Second First Second
June 30
Quarter Quarter Quarter
(1)
FTE basis data 2021 2020 2021 2021 2020
Net interest income $ 20,651 $ 23,250 $ 10,343 $ 10,308 $ 10,976
Total revenue, net of interest expense 44,508 45,365 21,576 22,932 22,454
Net interest yield 1.64 % 2.09 % 1.61 % 1.68 % 1.87 %
Efficiency ratio 68.66 59.26 69.73 67.65 59.72

June 30 March 31 June 30

Other Data 2021 2021 2020
Number of financial centers - U.S. 4,296 4,324 4,298
Number of branded ATMs - U.S. 16,795 16,905 16,862
Headcount 211,608 212,201 212,796

(1) FTE basis is a non-GAAP financial measure. FTE basis is a performance measure used by management in operating the business that management believes provides investors with a more
accurate picture of the interest margin for comparative purposes. The Corporation believes that this presentation allows for comparison of amounts from both taxable and tax-exempt
sources and is consistent with industry practices. Net interest income includes FTE adjustments of $221 million and $272 million for the six months ended June 30, 2021 and 2020,
respectively; $110 million and $111 million for the second and first quarters of 2021, respectively, and $128 million for the second quarter of 2020.

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

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

Bank of America Corporation and Subsidiaries

Reconciliations to GAAP Financial Measures
(Dollars in millions, except per share information)

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

See the tables below for reconciliations of these non-GAAP financial measures to the most closely related financial measures defined by GAAP for the six months ended June 30, 2021 and
2020, and the three months ended June 30, 2021, March 31, 2021 and June 30, 2020. The Corporation believes the use of these non-GAAP financial measures provides additional clarity in
understanding its results of operations and trends. Other companies may define or calculate supplemental financial data differently.

Six Months Ended Second First Second

June 30 Quarter Quarter Quarter
2021 2020 2021 2021 2020

Reconciliation of income before income taxes to pretax, pre-provision income

Income before income taxes $ 17,208 $ 8,330 $ 8,042 $ 9,166 $ 3,799
Provision for credit losses (3,481) 9,878 (1,621) (1,860) 5,117
Pretax, pre-provision income $ 13,727 $ 18,208 $ 6,421 $ 7,306 $ 8,916

Reconciliation of average shareholders’ equity to average tangible shareholders’ equity and

average tangible common shareholders’ equity
Shareholders’ equity $ 274,341 $ 265,425 $ 274,632 $ 274,047 $ 266,316
Goodwill (68,987) (68,951) (69,023) (68,951) (68,951)
Intangible assets (excluding mortgage servicing rights) (2,179) (1,648) (2,212) (2,146) (1,640)
Related deferred tax liabilities 917 759 915 920 790
Tangible shareholders’ equity $ 204,092 $ 195,585 $ 204,312 $ 203,870 $ 196,515
Preferred stock (24,039) (23,442) (23,684) (24,399) (23,427)
Tangible common shareholders’ equity $ 180,053 $ 172,143 $ 180,628 $ 179,471 $ 173,088

Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity

and period-end tangible common shareholders’ equity
Shareholders’ equity $ 277,119 $ 265,637 $ 277,119 $ 274,000 $ 265,637
Goodwill (69,023) (68,951) (69,023) (68,951) (68,951)
Intangible assets (excluding mortgage servicing rights) (2,192) (1,630) (2,192) (2,134) (1,630)
Related deferred tax liabilities 915 789 915 915 789
Tangible shareholders’ equity $ 206,819 $ 195,845 $ 206,819 $ 203,830 $ 195,845
Preferred stock (23,441) (23,427) (23,441) (24,319) (23,427)
Tangible common shareholders’ equity $ 183,378 $ 172,418 $ 183,378 $ 179,511 $ 172,418

Reconciliation of period-end assets to period-end tangible assets

Assets $ 3,029,894 $ 2,741,688 $ 3,029,894 $ 2,969,992 $ 2,741,688
Goodwill (69,023) (68,951) (69,023) (68,951) (68,951)
Intangible assets (excluding mortgage servicing rights) (2,192) (1,630) (2,192) (2,134) (1,630)
Related deferred tax liabilities 915 789 915 915 789
Tangible assets $ 2,959,594 $ 2,671,896 $ 2,959,594 $ 2,899,822 $ 2,671,896

Book value per share of common stock

Common shareholders’ equity $ 253,678 $ 242,210 $ 253,678 $ 249,681 $ 242,210
Ending common shares issued and outstanding 8,487.2 8,664.1 8,487.2 8,589.7 8,664.1
Book value per share of common stock $ 29.89 $ 27.96 $ 29.89 $ 29.07 $ 27.96

Tangible book value per share of common stock

Tangible common shareholders’ equity $ 183,378 $ 172,418 $ 183,378 $ 179,511 $ 172,418
Ending common shares issued and outstanding 8,487.2 8,664.1 8,487.2 8,589.7 8,664.1
Tangible book value per share of common stock $ 21.61 $ 19.90 $ 21.61 $ 20.90 $ 19.90

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

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