Bank of America : Report of unscheduled material events or corporate event

As filed with the Securities and Exchange Commission on January 15, 2020

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 15, 2020

BANK OF AMERICA CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	1-6523	56-0906609
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
	100 North Tryon Street
	Charlotte, North Carolina 28255
	(Address of principal executive offices)
	[phone]
	(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))

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

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-	BAC PrE	New York Stock Exchange
Cumulative Preferred Stock, Series E
Depositary Shares, each representing a 1/1,000th interest in a share of 6.500% Non-	BAC PrY	New York Stock Exchange
Cumulative Preferred Stock, Series Y
Depositary Shares, each representing a 1/1,000th interest in a share of 6.200% Non-	BAC PrC	New York Stock Exchange
Cumulative Preferred Stock, Series CC
Depositary Shares, each representing a 1/1,000th interest in a share of 6.000% Non-	BAC PrA	New York Stock Exchange
Cumulative Preferred Stock, Series EE
Depositary Shares, each representing a 1/1,000th interest in a share of 6.000% Non-	BAC PrB	New York Stock Exchange
Cumulative Preferred Stock, Series GG
Depositary Shares, each representing a 1/1,000th interest in a share of 5.875% Non-	BAC PrK	New York Stock Exchange
Cumulative Preferred Stock, Series HH
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	BAC/PF	New York Stock Exchange
the guarantee related thereto)
5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities of BAC Capital	BAC/PG	New York Stock Exchange
Trust XIV (and the guarantee related thereto)
Income Capital Obligation Notes initially due December 15, 2066 of Bank of America	MER PrK	New York Stock Exchange
Corporation
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-	BAC PrM	New York Stock Exchange
Cumulative Preferred Stock, Series KK
Depositary Shares, each representing a 1/1,000th interest in a share of 5.000% Non-	BAC PrN	New York Stock Exchange
Cumulative Preferred Stock, Series LL

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. ☐

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On January 15, 2020, Bank of America Corporation (the "Corporation") announced financial results for thefourth quarter and year ended December 31, 2019, reporting fourth quarter net income of $7.0 billion, or $0.74 per diluted share, and net income for the year of$27.4 billion, or $2.75 per diluted share. A copy of the press release announcing the Corporation's results for the fourth quarter and year ended December 31, 2019 (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 15, 2020, the Corporation will hold an investor conference call and webcast to discuss financial results for thefourth quarter and year ended December 31, 2019, 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, 2019 (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.

EXHIBIT NO.

DESCRIPTION OF EXHIBIT

1. The Press Release
2. The Presentation Materials
3. The Supplemental Information

104	Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL)

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.

BANK OF AMERICA CORPORATION

By:	/s/ Rudolf A. Bless
	Rudolf A. Bless
	Chief Accounting Officer

Dated: January 15, 2020

Supplemental Information

Fourth Quarter 2019

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

Bank of America Corporation and Subsidiaries
Table of Contents	Page
Consolidated Financial Highlights		2
Consolidated Statement of Income		3
Consolidated Statement of Comprehensive Income		3
Net Interest Income and Noninterest Income		4
Consolidated Balance Sheet		5
Capital Management		6
Quarterly Average Balances and Interest Rates		7
Debt Securities		8
Supplemental Financial Data		9
Quarterly Results by Business Segment and All Other		10
Annual Results by Business Segment and All Other	12
Consumer Banking
Total Segment Results		13
Key Indicators		14
Business Results	15
Global Wealth & Investment Management
Total Segment Results		17
Key Indicators	18
Global Banking
Total Segment Results		19
Key Indicators	20
Global Markets
Total Segment Results		21
Key Indicators	22
All Other
Total Results		23
Outstanding Loans and Leases		24
Quarterly Average Loans and Leases by Business Segment and All Other		25
Commercial Credit Exposure by Industry		26
Top 20 Non-U.S. Countries Exposure		27
Nonperforming Loans, Leases and Foreclosed Properties		28
Nonperforming Loans, Leases and Foreclosed Properties Activity		29
Quarterly Net Charge-offs and Net Charge-off Ratios		30
Annual Net Charge-offs and Net Charge-off Ratios		31
Allocation of the Allowance for Credit Losses by Product Type		32
Exhibit A: Non-GAAP Reconciliations		33

Description of Financial Reporting Reclassification

In the Consolidated Statement of Income, amounts related to certain asset and liability management activities have been reclassified from Other income to Market making and similar activities, which was previously referred to as Trading account income. All prior periods presented reflect this change, which has no impact on the Corporation's Total noninterest income or Net income, and has no impact on business segment results. The amounts included in Market making and similar activities related to this change in presentation are as follows: $930 million and $1.1 billion for the years ended December 31, 2019 and 2018, and $53 million, $411 million, $36 million, $430 million and $177 million in the fourth, third, second and first quarters of 2019 and the fourth quarter of 2018, respectively.

Business Segment Operations

The Corporation reports the results of operations of its four business segments and All Other on a fully taxable-equivalent (FTE) basis. Additionally, the results for the total Corporation as presented on pages 10 - 12 are reported on an FTE basis.

Bank of America Corporation and Subsidiaries

Consolidated Financial Highlights

(In millions, except per share information)
		Year Ended					Fourth		Third		Second		First		Fourth
		December 31
									Quarter		Quarter		Quarter		Quarter		Quarter
		2019			2018				2019			2019			2019			2019			2018
Income statement
Net interest income	$	48,891		$	48,162			$	12,140		$	12,187		$	12,189		$	12,375		$	12,504
Noninterest income		42,353			42,858				10,209			10,620			10,895			10,629			10,173
Total revenue, net of interest expense		91,244			91,020				22,349			22,807			23,084			23,004			22,677
Provision for credit losses		3,590			3,282				941			779			857			1,013			905
Noninterest expense		54,900			53,154				13,239			15,169			13,268			13,224			13,074
Income tax expense		5,324			6,437				1,175			1,082			1,611			1,456			1,420
Net income		27,430			28,147				6,994			5,777			7,348			7,311			7,278
Preferred stock dividends		1,432			1,451				246			505			239			442			239
Net income applicable to common shareholders		25,998			26,696				6,748			5,272			7,109			6,869			7,039
Diluted earnings per common share		2.75			2.61				0.74			0.56			0.74			0.70			0.70
Average diluted common shares issued and outstanding		9,442.9			10,236.9				9,079.5			9,353.0			9,559.6			9,787.3			9,996.0
Dividends paid per common share	$	0.66		$	0.54		$	0.18		$	0.18		$	0.15		$	0.15		$	0.15
Performance ratios
Return on average assets		1.14%			1.21%				1.13%			0.95%			1.23%			1.26%			1.24%
Return on average common shareholders' equity		10.62			11.04				11.00			8.48			11.62			11.42			11.57
Return on average shareholders' equity		10.24			10.63				10.40			8.48			11.00			11.14			10.95
Return on average tangible common shareholders' equity(1)		14.86			15.55				15.43			11.84			16.24			16.01			16.29
Return on average tangible shareholders' equity(1)		13.85			14.46				14.09			11.43			14.88			15.10			14.90
Efficiency ratio		60.17			58.40				59.24			66.51			57.48			57.48			57.65
At period end
Book value per share of common stock	$	27.32		$	25.13			$	27.32		$	26.96		$	26.41		$	25.57		$	25.13
Tangible book value per share of common stock(1)		19.41			17.91				19.41			19.26			18.92			18.26			17.91
Market capitalization		311,209			238,251				311,209			264,842			270,935			263,992			238,251
Number of financial centers - U.S.		4,300			4,341				4,300			4,302			4,349			4,353			4,341
Number of branded ATMs - U.S.		16,788			16,255				16,788			16,626			16,561			16,378			16,255
Headcount		208,131			204,489				208,131			208,561			208,984			205,292			204,489

1. 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.)

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

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

Bank of America Corporation and Subsidiaries

Consolidated Statement of Income

(In millions, except per share information)
		Year Ended			Fourth		Third		Second		First		Fourth
		December 31
									Quarter		Quarter		Quarter		Quarter		Quarter
		2019			2018				2019			2019			2019			2019			2018
Net interest income
Interest income	$	71,236		$	66,769			$	16,926		$	17,916		$	18,224		$	18,170		$	17,836
Interest expense		22,345			18,607				4,786			5,729			6,035			5,795			5,332
Net interest income		48,891			48,162				12,140			12,187			12,189			12,375			12,504
Noninterest income
Fees and commissions		33,015			33,078				8,520			8,467			8,190			7,838			8,345
Market making and similar activities		9,034			9,008				1,767			2,118			2,381			2,768			1,625
Other income (loss)		304			772				(78)			35			324			23			203
Total noninterest income		42,353			42,858				10,209			10,620			10,895			10,629			10,173
Total revenue, net of interest expense		91,244			91,020				22,349			22,807			23,084			23,004			22,677
Provision for credit losses		3,590			3,282				941			779			857			1,013			905
Noninterest expense
Compensation and benefits		31,977			31,880				7,977			7,779			7,972			8,249			7,735
Occupancy and equipment		6,588			6,380				1,680			1,663			1,640			1,605			1,593
Information processing and communications		4,646			4,555				1,162			1,163			1,157			1,164			1,156
Product delivery and transaction related		2,762			2,857				695			696			709			662			708
Marketing		1,934			1,674				524			440			528			442			513
Professional fees		1,597			1,699				442			386			409			360			480
Other general operating		5,396			4,109				759			3,042			853			742			889
Total noninterest expense		54,900			53,154				13,239			15,169			13,268			13,224			13,074
Income before income taxes		32,754			34,584				8,169			6,859			8,959			8,767			8,698
Income tax expense		5,324			6,437				1,175			1,082			1,611			1,456			1,420
Net income	$	27,430		$	28,147			$	6,994		$	5,777		$	7,348		$	7,311		$	7,278
Preferred stock dividends		1,432			1,451				246			505			239			442			239
Net income applicable to common shareholders	$	25,998		$	26,696			$	6,748		$	5,272		$	7,109		$	6,869		$	7,039
Per common share information
Earnings	$	2.77		$	2.64			$	0.75		$	0.57		$	0.75		$	0.71		$	0.71
Diluted earnings		2.75			2.61				0.74			0.56			0.74			0.70			0.70
Average common shares issued and outstanding		9,390.5			10,096.5				9,017.1			9,303.6			9,523.2			9,725.9			9,855.8
Average diluted common shares issued and outstanding		9,442.9			10,236.9				9,079.5			9,353.0			9,559.6			9,787.3			9,996.0

Consolidated Statement of Comprehensive Income

(Dollars in millions)
		Year Ended				Fourth			Third			Second						Fourth
		December 31
									Quarter			Quarter			Quarter		First Quarter			Quarter
		2019			2018				2019			2019			2019			2019			2018
Net income	$	27,430	$	28,147		$	6,994	$	5,777	$	7,348	$	7,311	$	7,278
Other comprehensive income (loss), net-of-tax:
Net change in debt securities		5,875			(3,953)				(356)			1,538			2,384			2,309			2,213
Net change in debit valuation adjustments		(963)			749				(691)			229			(138)			(363)			566
Net change in derivatives		616			(53)				(35)			118			304			229			293
Employee benefit plan adjustments		136			(405)				53			26			29			28			(496)
Net change in foreign currency translation adjustments		(86)			(254)				13			(51)			(14)			(34)			49
Other comprehensive income (loss)		5,578			(3,916)				(1,016)			1,860			2,565			2,169			2,625
Comprehensive income	$	33,008	$	24,231		$	5,978	$	7,637	$	9,913	$	9,480	$	9,903

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

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

Bank of America Corporation and Subsidiaries

Net Interest Income and Noninterest Income

(Dollars in millions)
		Year Ended				Fourth			Third			Second			First			Fourth
		December 31
									Quarter			Quarter			Quarter			Quarter			Quarter
		2019			2018				2019			2019			2019			2019			2018
Net interest income
Interest income
Loans and leases	$	43,086	$	40,811		$	10,365	$	10,894	$	10,942	$	10,885	$	10,716
Debt securities		11,806			11,724				2,841			2,829			3,017			3,119			3,078
Federal funds sold and securities borrowed or purchased under agreements to resell		4,843			3,176				1,097			1,242			1,309			1,195			1,046
Trading account assets		5,196			4,811				1,234			1,319			1,321			1,322			1,305
Other interest income		6,305			6,247				1,389			1,632			1,635			1,649			1,691
Total interest income		71,236			66,769				16,926			17,916			18,224			18,170			17,836
Interest expense
Deposits		7,188			4,495				1,548			1,880			1,965			1,795			1,562
Short-term borrowings		7,208			5,839				1,483			1,876			1,997			1,852			1,716
Trading account liabilities		1,249			1,358				282			303			319			345			318
Long-term debt		6,700			6,915				1,473			1,670			1,754			1,803			1,736
Total interest expense		22,345			18,607				4,786			5,729			6,035			5,795			5,332
Net interest income	$	48,891		$	48,162			$	12,140	$	12,187	$	12,189	$	12,375	$	12,504
Noninterest income
Fees and commissions
Card income
Interchange fees(1)	$	3,834	$	3,866		$	1,007	$	963	$	968	$	896	$	1,016
Other card income		1,963			1,958				504			502			478			479			506
Total card income		5,797			5,824				1,511			1,465			1,446			1,375			1,522
Service charges
Deposit-related fees		6,588			6,667				1,680			1,690			1,638			1,580			1,659
Lending-related fees		1,086			1,100				277			285			265			259			272
Total service charges		7,674			7,767				1,957			1,975			1,903			1,839			1,931
Investment and brokerage services
Asset management fees		10,241			10,189				2,650			2,597			2,554			2,440			2,536
Brokerage fees		3,661			3,971				928			897			916			920			1,008
Total investment and brokerage services		13,902			14,160				3,578			3,494			3,470			3,360			3,544
Investment banking fees
Underwriting income		2,965			2,722				767			740			792			666			562
Syndication fees		1,217			1,347				330			341			291			255			389
Financial advisory services		1,460			1,258				377			452			288			343			397
Total investment banking fees		5,642			5,327				1,474			1,533			1,371			1,264			1,348
Total fees and commissions		33,015			33,078				8,520			8,467			8,190			7,838			8,345
Market making and similar activities		9,034			9,008				1,767			2,118			2,381			2,768			1,625
Other income (loss)		304			772				(78)			35			324			23			203
Total noninterest income	$	42,353		$	42,858			$	10,209	$	10,620	$	10,895	$	10,629	$	10,173

1. Gross interchange fees were$10.0 billion and $9.5 billion and are presented net of$6.2 billion and $5.6 billion of expenses for rewards and partner payments for theyear ended December 31, 2019 and 2018. Gross interchange fees were $2.6 billion, $2.6 billion, $2.5 billion, $2.3 billion and $2.5 billion and are presented net of$1.6 billion, $1.6 billion, $1.6 billion, $1.4 billion and $1.5 billion of expenses for rewards and partner payments for the fourth, third, second and first quarters of 2019 and the fourth quarter of2018, respectively.

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

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

Bank of America Corporation and Subsidiaries

Consolidated Balance Sheet

(Dollars in millions)
		December 31		September 30		December 31
		2019			2019			2018
Assets
Cash and due from banks	$	30,152		$	26,939		$	29,063
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks		131,408			130,155			148,341
Cash and cash equivalents		161,560			157,094			177,404
Time deposits placed and other short-term investments		7,107			7,557			7,494
Federal funds sold and securities borrowed or purchased under agreements to resell		274,597			271,595			261,131
Trading account assets		229,826			263,684			214,348
Derivative assets		40,485			45,123			43,725
Debt securities:
Carried at fair value		256,467			254,342			238,101
Held-to-maturity, at cost		215,730			190,252			203,652
Total debt securities		472,197			444,594			441,753
Loans and leases		983,426			972,910			946,895
Allowance for loan and lease losses		(9,416)			(9,433)			(9,601)
Loans and leases, net of allowance		974,010			963,477			937,294
Premises and equipment, net		10,561			10,493			9,906
Goodwill		68,951			68,951			68,951
Loans held-for-sale		9,158			9,811			10,367
Customer and other receivables		55,937			52,560			65,814
Other assets		129,690			131,391			116,320
Total assets	$	2,434,079		$	2,426,330		$	2,354,507
Liabilities
Deposits in U.S. offices:
Noninterest-bearing	$	403,305		$	394,379		$	412,587
Interest-bearing		940,731			917,401			891,636
Deposits in non-U.S. offices:
Noninterest-bearing		13,719			13,138			14,060
Interest-bearing		77,048			67,918			63,193
Total deposits		1,434,803			1,392,836			1,381,476
Federal funds purchased and securities loaned or sold under agreements to repurchase		165,109			202,067			186,988
Trading account liabilities		83,270			78,642			68,220
Derivative liabilities		38,229			38,025			37,891
Short-term borrowings		24,204			30,682			20,189
Accrued expenses and other liabilities		182,798			172,286			165,026
Long-term debt		240,856			243,405			229,392
Total liabilities		2,169,269			2,157,943			2,089,182
Shareholders' equity
Preferred stock, $0.01 par value; authorized -100,000,000 shares; issued and outstanding - 3,887,440, 3,895,685 and 3,843,140 shares		23,401			23,606			22,326
Common stock and additional paid-in capital, $0.01 par value; authorized -12,800,000,000 shares; issued and outstanding - 8,836,148,954,		91,723
9,079,264,535 and 9,669,286,370 shares				99,215			118,896
Retained earnings		156,319			151,183			136,314
Accumulated other comprehensive income (loss)		(6,633)			(5,617)			(12,211)
Total shareholders' equity		264,810			268,387			265,325
Total liabilities and shareholders' equity	$	2,434,079		$	2,426,330		$	2,354,507

Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)

Trading account assets	$	5,811	$	5,758	$	5,798
Loans and leases		38,837		39,387		43,850
Allowance for loan and lease losses		(807)		(835)		(912)
Loans and leases, net of allowance		38,030		38,552		42,938
All other assets		540		555		337
Total assets of consolidated variable interest entities	$	44,381	$	44,865	$	49,073

Liabilities of consolidated variable interest entities included in total liabilities above

	Short-term borrowings	$	2,175	$	2,274	$	742
	Long-term debt		8,718		8,560		10,944
	All other liabilities		22		26		30
	Total liabilities of consolidated variable interest entities	$	10,915	$	10,860	$	11,716
Certain prior period amounts have been reclassified to conform to current period presentation.
	Current period information is preliminary and based on company data available at the time of the presentation.					5

Bank of America Corporation and Subsidiaries

Capital Management

(Dollars in millions)
		December 31			September 30			December 31
		2019			2019			2018
Risk-based capital metrics(1):
Standardized Approach
Common equity tier 1 capital	$	166,760	$	169,203	$	167,272
Tier 1 capital		188,492			192,029			189,038
Total capital		221,252			225,430			221,304
Risk-weighted assets		1,495,027			1,483,756			1,437,206
Common equity tier 1 capital ratio		11.2%			11.4%			11.6%
Tier 1 capital ratio		12.6			12.9			13.2
Total capital ratio		14.8			15.2			15.4
Advanced Approaches
Common equity tier 1 capital	$	166,760		$	169,203		$	167,272
Tier 1 capital		188,492			192,029			189,038
Total capital		213,073			217,247			212,878
Risk-weighted assets		1,446,895			1,440,088			1,408,939
Common equity tier 1 capital ratio		11.5%			11.7%			11.9%
Tier 1 capital ratio		13.0			13.3			13.4
Total capital ratio		14.7			15.1			15.1
Leverage-based metrics(1)
Adjusted average assets	$	2,373,737		$	2,335,840		$	2,257,545
Tier 1 leverage ratio		7.9%			8.2%			8.4%
Supplementary leverage exposure	$	2,945,228		$	2,897,885		$	2,791,316
Supplementary leverage ratio		6.4%			6.6%			6.8%
Tangible equity ratio(2)		8.2			8.4			8.6
Tangible common equity ratio(2)		7.3			7.4			7.6

1. Regulatory capital ratios atDecember 31, 2019 are preliminary. We report regulatory capital ratios under both the Standardized and Advanced approaches. The approach that yields the lower ratio is used to assess capital adequacy.
2. Tangible equity ratio equals period-end tangible shareholders' equity divided by period-end tangible assets. Tangible common equity ratio equals period-end tangible common shareholders' equity divided by period-end tangible assets. Tangible shareholders' equity and tangible assets are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income. (See Exhibit A: Non-GAAP Reconciliations - Reconciliation to GAAP Financial Measures on page33.)

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

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

Bank of America Corporation and Subsidiaries

Quarterly Average Balances and Interest Rates - Fully Taxable-equivalent Basis

(Dollars in millions)

			Fourth Quarter 2019						Third Quarter 2019						Fourth Quarter 2018
					Interest							Interest							Interest
		Average			Income/	Yield/			Average		Income/	Yield/			Average		Income/	Yield/
		Balance			Expense (1)	Rate			Balance		Expense (1)	Rate			Balance		Expense (1)	Rate
Earning assets
Interest-bearing deposits with the Federal Reserve, non-U.S.	$	123,000		$	369		1.19%
central banks and other banks					$	122,033	$	453		1.47%			$	129,814	$	494		1.51%
Time deposits placed and other short-term investments		9,574			40		1.67				9,863		47		1.87				8,691		59		2.72
Federal funds sold and securities borrowed or purchased		293,819			1,097		1.48
under agreements to resell								269,129		1,242		1.83				263,626		1,046		1.57
Trading account assets		147,210			1,253		3.38				157,818		1,338		3.37				138,046		1,327		3.82
Debt securities		464,884			2,866		2.48				447,126		2,856		2.56				440,967		3,108		2.76
Loans and leases (2):
Residential mortgage		231,849			1,953		3.37				224,084		1,937		3.46				209,646		1,857		3.54
Home equity		41,230			462		4.45				43,616		552		5.03				50,757		634		4.96
Credit card		94,951			2,544		10.63				94,370		2,581		10.85				95,766		2,533		10.49
Direct/Indirect and other consumer		90,924			786		3.43				90,813		824		3.59				91,458		823		3.57
Total consumer		458,954			5,745		4.98				452,883		5,894		5.18				447,627		5,847		5.20
U.S. commercial		326,945			3,006		3.65				324,436		3,279		4.01				308,557		3,203		4.12
Non-U.S. commercial		104,787			862		3.26				105,003		905		3.42				95,937		835		3.45
Commercial real estate		63,324			632		3.96				62,185		687		4.38				60,876		703		4.59
Commercial lease financing		19,976			168		3.37				20,226		182		3.58				21,724		182		3.36
Total commercial		515,032			4,668		3.60				511,850		5,053		3.92				487,094		4,923		4.01
Total loans and leases		973,986			10,413		4.25				964,733		10,947		4.51				934,721		10,770		4.58
Other earning assets		74,008			1,033		5.53				68,018		1,181		6.90				70,869		1,187		6.65
Total earning assets		2,086,481			17,071		3.25				2,038,720		18,064		3.52				1,986,734		17,991		3.60
Cash and due from banks		27,398									25,588								26,081
Other assets, less allowance for loan and lease losses		336,126									347,915								321,771
Total assets	$	2,450,005							$	2,412,223						$	2,334,586
Interest-bearing liabilities
U.S. interest-bearing deposits:
Savings	$	50,287	$	1		0.01%		$	51,277	$	1		0.01%		$	52,523	$	2		0.01%
NOW and money market deposit accounts		754,517			914		0.48				741,602		1,172		0.63				701,697		957		0.54
Consumer CDs and IRAs		53,183			156		1.16				49,811		136		1.08				38,899		48		0.49
Negotiable CDs, public funds and other deposits		67,603			278		1.63				63,936		354		2.19				62,719		362		2.29
Total U.S. interest-bearing deposits		925,590			1,349		0.58				906,626		1,663		0.73				855,838		1,369		0.63
Non-U.S.interest-bearing deposits:
Banks located in non-U.S. countries		1,615			4		1.09				1,721		5		1.13				2,321		7		1.14
Governments and official institutions		180			-	0.01				188		-	0.02				275		-	0.04
Time, savings and other		74,129			195		1.04				70,234		212		1.20				64,599		186		1.14
Total non-U.S.interest-bearing deposits		75,924			199		1.04				72,143		217		1.19				67,195		193		1.14
Total interest-bearing deposits		1,001,514			1,548		0.61				978,769		1,880		0.76				923,033		1,562		0.67
Federal funds purchased, securities loaned or sold under
agreements to repurchase, short-term borrowings and other		282,022			1,483		2.09
interest-bearing liabilities								280,123		1,876		2.66				262,497		1,716		2.60
Trading account liabilities		43,449			282		2.57				45,750		303		2.63				45,329		318		2.79
Long-term debt		206,026			1,473		2.85				202,620		1,670		3.28				201,056		1,736		3.44
Total interest-bearing liabilities		1,533,011			4,786		1.24				1,507,262		5,729		1.51				1,431,915		5,332		1.48
Noninterest-bearing sources:
Noninterest-bearing deposits		408,925									396,283								421,918
Other liabilities(3)		241,169									238,248								217,055
Shareholders' equity		266,900									270,430								263,698
Total liabilities and shareholders' equity	$	2,450,005								$	2,412,223							$	2,334,586
Net interest spread							2.01%								2.01%								2.12%
Impact of noninterest-bearing sources							0.34								0.40								0.40
Net interest income/yield on earning assets(4)			$	12,285		2.35%					$	12,335		2.41%					$	12,659		2.52%

1. Includes the impact of interest rate risk management contracts.
2. Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is generally recognized on a cost recovery basis.
3. Includes $37.2 billion, $38.1 billion and $29.6 billion of structured notes and liabilities for the fourth and third quarters of 2019 and the fourth quarter of 2018, respectively.
4. Net interest income includes FTE adjustments of$145 million, $148 million and $155 million for the fourth and third quarters of 2019 and the fourth quarter of 2018, respectively.

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

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

Bank of America Corporation and Subsidiaries

Debt Securities

(Dollars in millions)
					December 31, 2019
					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
		Cost			Gains			Losses			Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	121,698	$	1,013	$	(183)	$	122,528
Agency-collateralized mortgage obligations		4,587			78			(24)			4,641
Commercial		14,797			249			(25)			15,021
Non-agency residential		948			138			(9)			1,077
Total mortgage-backed securities		142,030			1,478			(241)			143,267
U.S. Treasury and agency securities		67,700			1,023			(195)			68,528
Non-U.S. securities		11,987			6			(2)			11,991
Other taxable securities, substantially all asset-backed securities		3,874			67			-			3,941
Total taxable securities		225,591			2,574			(438)			227,727
Tax-exempt securities		17,716			202			(6)			17,912
Total available-for-sale debt securities		243,307			2,776			(444)			245,639
Other debt securities carried at fair value(1)		10,697			151			(20)			10,828
Total debt securities carried at fair value		254,004			2,927			(464)			256,467
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities		215,730			4,433			(342)			219,821
Total debt securities	$	469,734		$	7,360		$	(806)		$	476,288
					September 30, 2019
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	133,973	$	1,250	$	(274)	$	134,949
Agency-collateralized mortgage obligations		4,877			103			(18)			4,962
Commercial		14,301			380			(4)			14,677
Non-agency residential		1,725			227			(9)			1,943
Total mortgage-backed securities		154,876			1,960			(305)			156,531
U.S. Treasury and agency securities		55,746			1,364			(163)			56,947
Non-U.S. securities		11,074			7			(2)			11,079
Other taxable securities, substantially all asset-backed securities		3,806			77			-			3,883
Total taxable securities		225,502			3,408			(470)			228,440
Tax-exempt securities		16,263			203			(34)			16,432
Total available-for-sale debt securities		241,765			3,611			(504)			244,872
Other debt securities carried at fair value(1)		9,284			205			(19)			9,470
Total debt securities carried at fair value		251,049			3,816			(523)			254,342
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities		190,252			4,358			(336)			194,274
Total debt securities	$	441,301		$	8,174		$	(859)		$	448,616

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

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

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

Bank of America Corporation and Subsidiaries

Supplemental Financial Data

(Dollars in millions)

		Year Ended
		December 31				Fourth Quarter		Third Quarter	Second Quarter		First Quarter		Fourth Quarter
		2019			2018				2019			2019			2019			2019			2018
FTE basis data (1)
Net interest income	$	49,486		$	48,772			$	12,285		$	12,335		$	12,338		$	12,528		$	12,659
Total revenue, net of interest expense		91,839			91,630				22,494			22,955			23,233			23,157			22,832
Net interest yield		2.43%			2.45%				2.35%			2.41%			2.44%			2.51%			2.52%
Efficiency ratio		59.78			58.01				58.85			66.08			57.11			57.10			57.26

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 $595 million and $610 million for the years ended December 31, 2019 and 2018, and $145 million, $148 million, $149 million, $153 million and $155 million for the fourth, third, second and first quarters of 2019 and the fourth quarter of 2018, respectively.

Certain prior period amounts have been reclassified to conform to current period presentation.
Current period information is preliminary and based on company data available at the time of the presentation.	9

Bank of America Corporation and Subsidiaries

Quarterly Results by Business Segment and All Other

(Dollars in millions)

									Fourth Quarter 2019
		Total			Consumer											All
		Corporation			Banking		GWIM	Global Banking	Global Markets		Other
Net interest income	$	12,285			$	6,905		$	1,587		$	2,559		$	1,135		$	99
Noninterest income
Fees and commissions:
Card income		1,511				1,330			29			133			20			(1)
Service charges		1,957				1,055			18			790			87			7
Investment and brokerage services		3,578				71			3,065			9			442			(9)
Investment banking fees		1,474				-		105			809			581			(21)
Total fees and commissions		8,520				2,456			3,217			1,741			1,130			(24)
Market making and similar activities		1,767				1			22			44			1,442			258
Other income (loss)		(78)				152			87			797			(281)			(833)
Total noninterest income (loss)		10,209				2,609			3,326			2,582			2,291			(599)
Total revenue, net of interest expense		22,494				9,514			4,913			5,141			3,426			(500)
Provision for credit losses		941				934			19			58			9			(79)
Noninterest expense		13,239				4,466			3,523			2,321			2,614			315
Income (loss) before income taxes		8,314				4,114			1,371			2,762			803			(736)
Income tax expense (benefit)		1,320				1,008			336			745			229			(998)
Net income	$	6,994			$	3,106		$	1,035		$	2,017		$	574		$	262
Average
Total loans and leases	$	973,986		$	311,012		$	174,374		$	377,359		$	73,044		$	38,197
Total assets (1)		2,450,005				792,124			291,711			459,444			680,067			226,659
Total deposits		1,410,439				719,605			255,901			378,510			32,866			23,557
Quarter end
Total loans and leases	$	983,426		$	317,414		$	176,600		$	379,268		$	72,993		$	37,151
Total assets (1)		2,434,079				804,019			299,756			464,032			641,806			224,466
Total deposits		1,434,803				730,678			263,103			383,180			34,676			23,166
									Third Quarter 2019
		Total			Consumer											All
		Corporation			Banking		GWIM	Global Banking	Global Markets		Other
Net interest income	$	12,335			$	7,031		$	1,609		$	2,617		$	1,016		$	62
Noninterest income
Fees and commissions:
Card income		1,465				1,289			25			133			18			-
Service charges		1,975				1,098			16			763			92			6
Investment and brokerage services		3,494				74			3,001			9			419			(9)
Investment banking fees		1,533				-		89			902			585			(43)
Total fees and commissions		8,467				2,461			3,131			1,807			1,114			(46)
Market making and similar activities		2,118				1			27			85			1,580			425
Other income (loss)		35				231			137			703			153			(1,189)
Total noninterest income (loss)		10,620				2,693			3,295			2,595			2,847			(810)
Total revenue, net of interest expense		22,955				9,724			4,904			5,212			3,863			(748)
Provision for credit losses		779				917			37			120			-		(295)
Noninterest expense		15,169				4,391			3,413			2,219			2,678			2,468
Income (loss) before income taxes		7,007				4,416			1,454			2,873			1,185			(2,921)
Income tax expense (benefit)		1,230				1,082			356			776			338			(1,322)
Net income (loss)	$	5,777			$	3,334		$	1,098		$	2,097		$	847		$	(1,599)
Average
Total loans and leases	$	964,733		$	303,833		$	170,414		$	377,109		$	71,589		$	41,788
Total assets (1)		2,412,223				781,670			289,447			441,186			687,393			212,527
Total deposits		1,375,052				709,273			254,449			360,457			30,155			20,718

Quarter end
Total loans and leases	$	972,910	$	307,925	$	172,677	$	377,658	$	74,979	$	39,671
Total assets (1)		2,426,330		788,743		288,317		452,642		689,023		207,605
Total deposits		1,392,836		715,715		252,466		371,887		30,885		21,883

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

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

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

Bank of America Corporation and Subsidiaries

Quarterly Results by Business Segment and All Other (continued)

(Dollars in millions)

									Fourth Quarter 2018
		Total			Consumer											All
		Corporation			Banking		GWIM	Global Banking	Global Markets		Other
Net interest income	$	12,659			$	7,111		$	1,612		$	2,849		$	935		$	152
Noninterest income
Fees and commissions:
Card income		1,522				1,339			35			129			21			(2)
Service charges		1,931				1,086			18			742			80			5
Investment and brokerage services		3,544				77			2,977			23			474			(7)
Investment banking fees		1,348				-		94			761			513			(20)
Total fees and commissions		8,345				2,502			3,124			1,655			1,088			(24)
Market making and similar activities		1,625				2			32			76			1,132			383
Other income (loss)		203				347			271			590			92			(1,097)
Total noninterest income (loss)		10,173				2,851			3,427			2,321			2,312			(738)
Total revenue, net of interest expense		22,832				9,962			5,039			5,170			3,247			(586)
Provision for credit losses		905				915			23			85			6			(124)
Noninterest expense		13,074				4,435			3,563			2,128			2,552			396
Income (loss) before income taxes		8,853				4,612			1,453			2,957			689			(858)
Income tax expense (benefit)		1,575				1,174			370			769			179			(917)
Net income	$	7,278			$	3,438		$	1,083		$	2,188		$	510		$	59
Average
Total loans and leases	$	934,721		$	289,862		$	163,516		$	357,410		$	70,609		$	53,324
Total assets (1)		2,334,586				759,027			283,264			440,522			655,069			196,704
Total deposits		1,344,951				686,826			247,427			359,642			31,077			19,979
Quarter end
Total loans and leases	$	946,895		$	294,335		$	164,854		$	365,717		$	73,928		$	48,061
Total assets (1)		2,354,507				768,881			305,907			442,330			641,923			195,466
Total deposits		1,381,476				696,146			268,700			360,248			37,841			18,541

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

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

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

Bank of America Corporation and Subsidiaries

Annual Results by Business Segment and All Other

(Dollars in millions)

								Year Ended December 31, 2019
		Total			Consumer											All
		Corporation			Banking		GWIM	Global Banking	Global Markets		Other
Net interest income	$	49,486			$	28,158		$	6,504		$	10,675		$	3,915		$	234
Noninterest income
Fees and commissions:
Card income		5,797				5,084			101			532			80			-
Service charges		7,674				4,219			68			3,015			348			24
Investment and brokerage services		13,902				293			11,870			34			1,738			(33)
Investment banking fees		5,642				-		401			3,137			2,288			(184)
Total fees and commissions		33,015				9,596			12,440			6,718			4,454			(193)
Market making and similar activities		9,034				6			113			235			7,065			1,615
Other income (loss)		304				827			480			2,855			180			(4,038)
Total noninterest income (loss)		42,353				10,429			13,033			9,808			11,699			(2,616)
Total revenue, net of interest expense		91,839				38,587			19,537			20,483			15,614			(2,382)
Provision for credit losses		3,590				3,772			82			414			(9)			(669)
Noninterest expense		54,900				17,618			13,823			9,017			10,722			3,720
Income (loss) before income taxes		33,349				17,197			5,632			11,052			4,901			(5,433)
Income tax expense (benefit)		5,919				4,213			1,380			2,984			1,397			(4,055)
Net income (loss)	$	27,430			$	12,984		$	4,252		$	8,068		$	3,504		$	(1,378)
Average
Total loans and leases	$	958,416		$	300,935		$	168,910		$	374,304		$	71,334		$	42,933
Total assets (1)		2,405,830				780,676			292,003			443,083			679,297			210,771
Total deposits		1,380,326				708,276			256,505			362,731			31,380			21,434
Period end
Total loans and leases	$	983,426		$	317,414		$	176,600		$	379,268		$	72,993		$	37,151
Total assets (1)		2,434,079				804,019			299,756			464,032			641,806			224,466
Total deposits		1,434,803				730,678			263,103			383,180			34,676			23,166
									Year Ended December 31, 2018
		Total			Consumer											All
		Corporation			Banking		GWIM	Global Banking	Global Markets		Other
Net interest income	$	48,772			$	27,025		$	6,265		$	10,993		$	3,857		$	632
Noninterest income
Fees and commissions:
Card income		5,824				5,102			127			511			84			-
Service charges		7,767				4,300			73			3,027			345			22
Investment and brokerage services		14,160				319			11,959			94			1,780			8
Investment banking fees		5,327				(1)			337			2,891			2,296			(196)
Total fees and commissions		33,078				9,720			12,496			6,523			4,505			(166)
Market making and similar activities		9,008				8			112			260			7,260			1,368
Other income (loss)		772				865			580			2,225			561			(3,459)
Total noninterest income (loss)		42,858				10,593			13,188			9,008			12,326			(2,257)
Total revenue, net of interest expense		91,630				37,618			19,453			20,001			16,183			(1,625)
Provision for credit losses		3,282				3,664			86			8			-		(476)
Noninterest expense		53,154				17,672			14,015			8,745			10,835			1,887
Income (loss) before income taxes		35,194				16,282			5,352			11,248			5,348			(3,036)
Income tax expense (benefit)		7,047				4,150			1,364			2,923			1,390			(2,780)
Net income (loss)	$	28,147			$	12,132		$	3,988		$	8,325		$	3,958		$	(256)
Average
Total loans and leases	$	933,049		$	283,807		$	161,342		$	354,236		$	72,651		$	61,013
Total assets (1)		2,325,246				756,373			277,220			425,675			666,000			199,978
Total deposits		1,314,941				684,173			241,256			336,337			31,209			21,966

Period end
Total loans and leases	$	946,895	$	294,335	$	164,854	$	365,717	$	73,928	$	48,061
Total assets (1)		2,354,507		768,881		305,907		442,330		641,923		195,466
Total deposits		1,381,476		696,146		268,700		360,248		37,841		18,541

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

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

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

Bank of America Corporation and Subsidiaries

Consumer Banking Segment Results

(Dollars in millions)
		Year Ended					Fourth		Third		Second		First		Fourth
		December 31
									Quarter		Quarter		Quarter		Quarter		Quarter
		2019			2018				2019			2019			2019			2019			2018
Net interest income	$	28,158		$	27,025			$	6,905		$	7,031		$	7,116		$	7,106		$	7,111
Noninterest income:
Card income		5,084			5,102				1,330			1,289			1,268			1,197			1,339
Service charges		4,219			4,300				1,055			1,098			1,046			1,020			1,086
All other income		1,126			1,191				224			306			287			309			426
Total noninterest income		10,429			10,593				2,609			2,693			2,601			2,526			2,851
Total revenue, net of interest expense		38,587			37,618				9,514			9,724			9,717			9,632			9,962
Provision for credit losses		3,772			3,664				934			917			947			974			915
Noninterest expense		17,618			17,672				4,466			4,391			4,407			4,354			4,435
Income before income taxes		17,197			16,282				4,114			4,416			4,363			4,304			4,612
Income tax expense		4,213			4,150				1,008			1,082			1,069			1,054			1,174
Net income	$	12,984		$	12,132		$	3,106		$	3,334		$	3,294		$	3,250		$	3,438
Net interest yield		3.81%			3.77%				3.65%			3.77%			3.87%			3.96%			3.92%
Return on average allocated capital(1)		35			33				33			36			36			36			37
Efficiency ratio		45.66			46.98				46.94			45.15			45.36			45.20			44.53
Balance Sheet
Average
Total loans and leases	$	300,935		$	283,807		$	311,012		$	303,833		$	296,388		$	292,269		$	289,862
Total earning assets (2)		738,770			717,189				750,029			739,765			737,678			727,350			719,329
Total assets (2)		780,676			756,373				792,124			781,670			779,384			769,262			759,027
Total deposits		708,276			684,173				719,605			709,273			707,028			696,939			686,826
Allocated capital (1)		37,000			37,000				37,000			37,000			37,000			37,000			37,000
Period end
Total loans and leases	$	317,414		$	294,335			$	317,414		$	307,925		$	300,412		$	292,454		$	294,335
Total earning assets (2)		760,137			728,813				760,137			747,251			744,219			752,620			728,813
Total assets (2)		804,019			768,881				804,019			788,743			786,963			794,510			768,881
Total deposits		730,678			696,146				730,678			715,715			714,223			721,727			696,146

1. Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.
2. Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits) and allocated shareholders' equity.

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

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

Bank of America Corporation and Subsidiaries

Consumer Banking Key Indicators

(Dollars in millions)
		Year Ended					Fourth		Third		Second		First		Fourth
		December 31
									Quarter		Quarter		Quarter		Quarter		Quarter
		2019			2018				2019			2019			2019			2019			2018
Average deposit balances
Checking	$	375,032		$	350,929			$	384,256		$	376,821		$	373,912		$	364,908		$	356,609
Savings		50,503			52,592				49,048			50,013			51,688			51,294			50,968
MMS		241,395			241,807				242,147			239,941			241,050			242,460			241,576
CDs and IRAs		38,581			35,890				41,378			39,727			37,577			35,566			34,831
Other		2,765			2,955				2,776			2,771			2,801			2,711			2,842
Total average deposit balances	$	708,276		$	684,173		$	719,605		$	709,273		$	707,028		$	696,939		$	686,826
Deposit spreads (excludes noninterest costs)
Checking		2.30%			2.16%				2.26%			2.31%			2.34%			2.31%			2.23%
Savings		2.52			2.43				2.47			2.53			2.55			2.53			2.49
MMS		2.41			2.07				2.25			2.46			2.50			2.45			2.29
CDs and IRAs		2.00			2.09				1.57			1.88			2.21			2.42			2.40
Other		2.54			2.24				2.15			2.48			2.74			2.78			2.61
Total deposit spreads		2.34			2.14				2.23			2.35			2.40			2.38			2.28
Consumer investment assets	$	240,132		$	185,881			$	240,132		$	223,199		$	219,732		$	210,930		$	185,881
Active digital banking users (units in thousands)(1)		38,266			36,264				38,266			37,981			37,292			37,034			36,264
Active mobile banking users (units in thousands)		29,174			26,433				29,174			28,703			27,818			27,127			26,433
Financial centers		4,300			4,341				4,300			4,302			4,349			4,353			4,341
ATMs		16,788			16,255				16,788			16,626			16,561			16,378			16,255
Total credit card(2)
Loans
Average credit card outstandings	$	94,488		$	94,612		$	94,951		$	94,370		$	93,627		$	95,008		$	95,766
Ending credit card outstandings		97,608			98,338				97,608			94,946			93,989			93,009			98,338
Credit quality
Net charge-offs	$	2,948		$	2,837			$	724		$	717		$	762		$	745		$	699
		3.12%			3.00%				3.03%			3.01%			3.26%			3.18%			2.90%
30+ delinquency	$	2,035		$	1,989			$	2,035		$	1,937		$	1,838		$	1,932		$	1,989
		2.09%			2.02%				2.09%			2.04%			1.96%			2.08%			2.02%
90+ delinquency	$	1,042		$	994			$	1,042		$	960		$	941		$	1,005		$	994
		1.07%			1.01%				1.07%			1.01%			1.00%			1.08%			1.01%
Other total credit card indicators(2)
Gross interest yield		10.76%			10.12%				10.63%			10.85%			10.76%			10.80%			10.49%
Risk-adjusted margin		8.28			8.25				8.68			8.45			7.93			8.03			8.73
New accounts (in thousands)		4,320			4,544				1,046			1,172			1,068			1,034			1,048
Purchase volumes	$	277,852		$	264,706		$	73,717		$	71,096		$	70,288		$	62,751		$	70,048
Debit card data
Purchase volumes	$	360,672		$	338,810			$	93,468		$	90,942		$	91,232		$	85,030		$	88,094
Loan production(3)
Total (4):
First mortgage	$	72,467		$	41,195		$	22,114		$	20,664		$	18,229		$	11,460		$	9,417
Home equity		11,131			14,869				2,999			2,539			2,768			2,825			3,640
Consumer Banking:
First mortgage	$	49,179		$	27,280			$	14,645		$	13,622		$	12,757		$	8,155		$	6,227
Home equity		9,755			13,251				2,646			2,219			2,405			2,485			3,209

1. Active digital banking users represents mobile and/or online users.
2. In addition to the credit card portfolio inConsumer Banking, the remaining credit card portfolio is in GWIM.
3. Loan production amounts represent the unpaid principal balance of loans and, in the case of home equity, the principal amount of the total line of credit.
4. In addition to loan production inConsumer Banking, there is also first mortgage and home equity loan production in GWIM.

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

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

Bank of America Corporation and Subsidiaries

Consumer Banking Quarterly Results

(Dollars in millions)

				Fourth Quarter 2019									Third Quarter 2019
		Total Consumer						Consumer			Total Consumer						Consumer
		Banking			Deposits		Lending			Banking			Deposits		Lending
Net interest income	$	6,905			$	4,038		$	2,867			$	7,031			$	4,197		$	2,834
Noninterest income:
Card income		1,330				(9)			1,339				1,289				(11)			1,300
Service charges		1,055				1,053			2				1,098				1,097			1
All other income		224				160			64				306				232			74
Total noninterest income		2,609				1,204			1,405				2,693				1,318			1,375
Total revenue, net of interest expense		9,514				5,242			4,272				9,724				5,515			4,209
Provision for credit losses		934				95			839				917				84			833
Noninterest expense		4,466				2,721			1,745				4,391				2,655			1,736
Income before income taxes		4,114				2,426			1,688				4,416				2,776			1,640
Income tax expense		1,008				594			414				1,082				680			402
Net income	$	3,106		$	1,832		$	1,274		$	3,334		$	2,096		$	1,238
Net interest yield		3.65%				2.24%			3.72%				3.77%				2.37%			3.76%
Return on average allocated capital (1)		33				61			20				36				69			20
Efficiency ratio		46.94				51.92			40.84				45.15				48.13			41.26
Balance Sheet
Average
Total loans and leases	$	311,012		$	5,438		$	305,574		$	303,833		$	5,405		$	298,428
Total earning assets (2)		750,029				713,942			306,171				739,765				703,889			299,041
Total assets (2)		792,124				746,227			315,981				781,670				735,844			308,991
Total deposits		719,605				713,861			5,744				709,273				703,562			5,711
Allocated capital (1)		37,000				12,000			25,000				37,000				12,000			25,000
Period end
Total loans and leases	$	317,414			$	5,472		$	311,942			$	307,925			$	5,447		$	302,478
Total earning assets (2)		760,137				724,536			312,684				747,251				711,024			303,195
Total assets (2)		804,019				758,385			322,717				788,743				742,583			313,128
Total deposits		730,678				725,598			5,080				715,715				710,149			5,566
																Fourth Quarter 2018
													Total Consumer						Consumer
													Banking			Deposits		Lending
Net interest income												$	7,111			$	4,281		$	2,830
Noninterest income:
Card income													1,339				(8)			1,347
Service charges													1,086				1,086			-
All other income													426				251			175
Total noninterest income													2,851				1,329			1,522
Total revenue, net of interest expense													9,962				5,610			4,352
Provision for credit losses													915				60			855
Noninterest expense													4,435				2,666			1,769
Income before income taxes													4,612				2,884			1,728
Income tax expense													1,174				735			439
Net income												$	3,438			$	2,149		$	1,289
Net interest yield													3.92%				2.48%			3.94%
Return on average allocated capital (1)													37				71			20
Efficiency ratio													44.53				47.53			40.65

Balance Sheet
Average
Total loans and leases	$	289,862	$	5,302	$	284,560
Total earning assets (2)		719,329		684,600		284,920
Total assets (2)		759,027		713,679		295,539
Total deposits		686,826		681,478		5,348
Allocated capital (1)		37,000		12,000		25,000
Period end
Total loans and leases	$	294,335	$	5,470	$	288,865
Total earning assets (2)		728,813		694,672		289,249
Total assets (2)		768,881		724,019		299,970
Total deposits		696,146		691,666		4,480

1. Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.
2. For presentation purposes, in segments or businesses where the total of liabilities and equity exceeds assets, the Corporation allocates assets fromAll Other to match the segments' and businesses' liabilities and allocated shareholders' equity. As a result, total earning assets and total assets of the businesses may not equal total Consumer Banking.

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

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

Bank of America Corporation and Subsidiaries

Consumer Banking Annual Results

(Dollars in millions)

			Year Ended December 31, 2019						Year Ended December 31, 2018
		Total Consumer								Consumer			Total Consumer							Consumer
		Banking					Deposits		Lending			Banking				Deposits		Lending
Net interest income	$	28,158				$	16,904		$	11,254			$	27,025			$	15,939		$	11,086
Noninterest income:
Card income		5,084					(33)			5,117				5,102				(33)			5,135
Service charges		4,219					4,217			2				4,300				4,298			2
All other income		1,126					832			294				1,191				762			429
Total noninterest income		10,429					5,016			5,413				10,593				5,027			5,566
Total revenue, net of interest expense		38,587					21,920			16,667				37,618				20,966			16,652
Provision for credit losses		3,772					269			3,503				3,664				195			3,469
Noninterest expense		17,618					10,682			6,936				17,672				10,657			7,015
Income before income taxes		17,197					10,969			6,228				16,282				10,114			6,168
Income tax expense		4,213					2,687			1,526				4,150				2,578			1,572
Net income	$	12,984		$	8,282		$	4,702		$	12,132		$	7,536		$	4,596
Net interest yield		3.81%				2.40%			3.80%				3.77%				2.34%			3.97%
Return on average allocated capital (1)		35					69			19				33				63			18
Efficiency ratio		45.66					48.73			41.61				46.98				50.83			42.12
Balance Sheet
Average
Total loans and leases	$	300,935		$	5,373		$	295,562		$	283,807		$	5,233		$	278,574
Total earning assets (2)		738,770					703,444			296,051				717,189				682,592			279,217
Total assets (2)		780,676					735,232			306,169				756,373				710,925			290,068
Total deposits		708,276					702,908			5,368				684,173				678,640			5,533
Allocated capital (1)		37,000					12,000			25,000				37,000				12,000			25,000
Year end
Total loans and leases	$	317,414			$	5,472		$	311,942			$	294,335			$	5,470		$	288,865
Total earning assets (2)		760,137					724,536			312,684				728,813				694,672			289,249
Total assets (2)		804,019					758,385			322,717				768,881				724,019			299,970
Total deposits		730,678					725,598			5,080				696,146				691,666			4,480

For footnotes, see page15.

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

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

Bank of America Corporation and Subsidiaries

Global Wealth & Investment Management Segment Results

(Dollars in millions)
		Year Ended
		December 31					Fourth	Third Quarter		Second		First Quarter	Fourth Quarter
		2019			2018			Quarter 2019		2019		Quarter 2019		2019			2018
Net interest income	$	6,504		$	6,265			$	1,587		$	1,609		$	1,624		$	1,684		$	1,612
Noninterest income:
Investment and brokerage services		11,870			11,959				3,065			3,001			2,962			2,842			2,977
All other income		1,163			1,229				261			294			314			294			450
Total noninterest income		13,033			13,188				3,326			3,295			3,276			3,136			3,427
Total revenue, net of interest expense		19,537			19,453				4,913			4,904			4,900			4,820			5,039
Provision for credit losses		82			86				19			37			21			5			23
Noninterest expense		13,823			14,015				3,523			3,413			3,459			3,428			3,563
Income before income taxes		5,632			5,352				1,371			1,454			1,420			1,387			1,453
Income tax expense		1,380			1,364				336			356			348			340			370
Net income	$	4,252		$	3,988		$	1,035		$	1,098		$	1,072		$	1,047		$	1,083
Net interest yield		2.33%			2.41%				2.25%			2.30%			2.35%			2.40%			2.41%
Return on average allocated capital(1)		29			28				28			30			30			29			30
Efficiency ratio		70.75			72.04				71.72			69.60			70.58			71.13			70.72
Balance Sheet
Average
Total loans and leases	$	168,910		$	161,342		$	174,374		$	170,414		$	166,324		$	164,403		$	163,516
Total earning assets (2)		279,684			259,808				279,371			277,349			277,071			285,033			265,039
Total assets (2)		292,003			277,220				291,711			289,447			289,819			297,123			283,264
Total deposits		256,505			241,256				255,901			254,449			253,925			261,831			247,427
Allocated capital (1)		14,500			14,500				14,500			14,500			14,500			14,500			14,500
Period end
Total loans and leases	$	176,600		$	164,854			$	176,600		$	172,677		$	168,993		$	164,483		$	164,854
Total earning assets (2)		287,212			287,199				287,212			275,884			275,457			284,470			287,199
Total assets (2)		299,756			305,907				299,756			288,317			287,878			296,785			305,907
Total deposits		263,103			268,700				263,103			252,466			251,818			261,168			268,700

1. Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.
2. Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits) and allocated shareholders' equity.

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

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

Bank of America Corporation and Subsidiaries

Global Wealth & Investment Management Key Indicators

(Dollars in millions, except as noted)
		Year Ended
		December 31				Fourth Quarter		Third Quarter	Second Quarter		First Quarter		Fourth Quarter
		2019			2018				2019			2019			2019			2019			2018
Revenue by Business
Merrill Lynch Global Wealth Management	$	16,111		$	15,998			$	4,046		$	4,053		$	4,047		$	3,965		$	4,164
Bank of America Private Bank		3,426			3,455				867			851			853			855			875
Total revenue, net of interest expense	$	19,537		$	19,453			$	4,913		$	4,904		$	4,900		$	4,820		$	5,039
Client Balances by Business, at period end
Merrill Lynch Global Wealth Management	$	2,558,102		$	2,193,562		$	2,558,102		$	2,443,614		$	2,440,710		$	2,384,492		$	2,193,562
Bank of America Private Bank		489,690			427,294				489,690			462,347			458,081			452,477			427,294
Total client balances	$	3,047,792		$	2,620,856		$	3,047,792		$	2,905,961		$	2,898,791		$	2,836,969		$	2,620,856
Client Balances by Type, at period end
Assets under management(1, 2)	$	1,275,555		$	1,072,234		$	1,275,555		$	1,212,120		$	1,203,783		$	1,169,713		$	1,072,234
Brokerage and other assets		1,372,733			1,162,997				1,372,733			1,305,926			1,314,457			1,282,091			1,162,997
Deposits		263,103			268,700				263,103			252,466			251,818			261,168			268,700
Loans and leases (3)		179,296			167,938				179,296			175,579			172,265			167,455			167,938
Less: Managed deposits in assets under management(1)		(42,895)			(51,013)				(42,895)			(40,130)			(43,532)			(43,458)			(51,013)
Total client balances	$	3,047,792		$	2,620,856			$	3,047,792		$	2,905,961		$	2,898,791		$	2,836,969		$	2,620,856
Assets Under Management Rollforward(1)
Assets under management, beginning balance	$	1,072,234		$	1,121,383		$	1,212,120		$	1,203,783		$	1,169,713		$	1,072,234		$	1,182,504
Net client flows		24,865			44,607				8,144			5,529			5,274			5,918			4,527
Market valuation/other		178,456			(93,756)				55,291			2,808			28,796			91,561			(114,797)
Total assets under management, ending balance	$	1,275,555		$	1,072,234			$	1,275,555		$	1,212,120		$	1,203,783		$	1,169,713		$	1,072,234
Associates, at period end
Number of financial advisors		17,458			17,518				17,458			17,657			17,508			17,535			17,518
Total wealth advisors, including financial advisors		19,440			19,459				19,440			19,672			19,512			19,524			19,459
Total primary sales professionals, including financial advisors and wealth advisors		20,586			20,586				20,586			20,775			20,611			20,657			20,586
Merrill Lynch Global Wealth Management Metric
Financial advisor productivity (in thousands)	$	1,082		$	1,034			$	1,108		$	1,096		$	1,082		$	1,039		$	1,046
Bank of America Private Bank Metric, at period end
Primary sales professionals		1,766			1,748				1,766			1,811			1,808			1,795			1,748

1. Assets under management include deposits that are managed within investment accounts.
2. Defined as managed assets under advisory and/or discretion of GWIM.
3. Includes margin receivables which are classified in customer and other receivables on the Consolidated Balance Sheet.

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

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

Bank of America Corporation and Subsidiaries

Global Banking Segment Results

(Dollars in millions)
			Year Ended					Fourth		Third		Second		First		Fourth
			December 31
										Quarter		Quarter		Quarter		Quarter		Quarter
			2019			2018				2019			2019			2019			2019			2018
Net interest income	$	10,675		$	10,993			$	2,559		$	2,617		$	2,709		$	2,790		$	2,849
Noninterest income:
Service charges		3,015			3,027				790			763			749			713			742
Investment banking fees		3,137			2,891				809			902			717			709			761
All other income		3,656			3,090				983			930			800			943			818
Total noninterest income		9,808			9,008				2,582			2,595			2,266			2,365			2,321
Total revenue, net of interest expense		20,483			20,001				5,141			5,212			4,975			5,155			5,170
Provision for credit losses		414			8				58			120			125			111			85
Noninterest expense		9,017			8,745				2,321			2,219			2,211			2,266			2,128
Income before income taxes		11,052			11,248				2,762			2,873			2,639			2,778			2,957
Income tax expense		2,984			2,923				745			776			713			750			769
Net income	$	8,068		$	8,325		$	2,017		$	2,097		$	1,926		$	2,028		$	2,188
Net interest yield		2.75%			3.01%				2.51%			2.69%			2.80%			2.98%			2.99%
Return on average allocated capital(1)		20			20				20			20			19			20			21
Efficiency ratio		44.02			43.72				45.11			42.58			44.45			43.96			41.15
Balance Sheet
Average
Total loans and leases	$	374,304		$	354,236		$	377,359		$	377,109		$	372,531		$	370,108		$	357,410
Total earning assets	(2)		388,152			364,748				404,299			385,999			387,819			380,308			378,163
Total assets (2)		443,083			425,675				459,444			441,186			442,591			434,920			440,522
Total deposits		362,731			336,337				378,510			360,457			362,619			349,037			359,642
Allocated capital (1)		41,000			41,000				41,000			41,000			41,000			41,000			41,000
Period end
Total loans and leases	$	379,268		$	365,717			$	379,268		$	377,658		$	376,948		$	373,017		$	365,717
Total earning assets (2)		407,180			377,812				407,180			397,589			384,884			381,490			377,812
Total assets (2)		464,032			442,330				464,032			452,642			440,352			436,066			442,330
Total deposits		383,180			360,248				383,180			371,887			358,902			343,897			360,248

1. Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.
2. Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits) and allocated shareholders' equity.

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

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

Bank of America Corporation and Subsidiaries

Global Banking Key Indicators

(Dollars in millions)
		Year Ended					Fourth		Third		Second		First		Fourth
		December 31
									Quarter		Quarter		Quarter		Quarter		Quarter
		2019			2018				2019			2019			2019			2019			2018
Investment Banking fees (1)
Advisory (2)	$	1,336		$	1,153			$	352		$	427		$	254		$	303		$	371
Debt issuance		1,348			1,326				341			356			324			327			309
Equity issuance		453			412				116			119			139			79			81
Total Investment Banking fees(3)	$	3,137		$	2,891		$	809		$	902		$	717		$	709		$	761
Business Lending
Corporate	$	3,994		$	3,904			$	1,002		$	1,024		$	923		$	1,045		$	964
Commercial		4,132			4,330				1,032			1,020			1,046			1,034			1,142
Business Banking		363			431				88			91			90			94			107
Total Business Lending revenue	$	8,489		$	8,665		$	2,122		$	2,135		$	2,059		$	2,173		$	2,213
Global Transaction Services
Corporate	$	3,994		$	3,832			$	1,015		$	967		$	1,005		$	1,007		$	1,004
Commercial		3,499			3,346				857			862			889			891			872
Business Banking		1,064			987				264			267			267			266			266
Total Global Transaction Services revenue	$	8,557		$	8,165		$	2,136		$	2,096		$	2,161		$	2,164		$	2,142
Average deposit balances
Interest-bearing	$	194,514		$	134,486			$	209,343		$	197,801		$	195,575		$	174,924		$	163,465
Noninterest-bearing		168,217			201,851				169,167			162,656			167,044			174,113			196,177
Total average deposits	$	362,731		$	336,337			$	378,510		$	360,457		$	362,619		$	349,037		$	359,642
Loan spread		1.41%			1.49%				1.37%			1.41%			1.41%			1.44%			1.43%
Provision for credit losses	$	414		$	8			$	58		$	120		$	125		$	111		$	85
Credit quality (4, 5)
Reservable criticized utilized exposure	$	9,996		$	9,488			$	9,996		$	10,346		$	10,260		$	10,308		$	9,488
		2.51%			2.43%				2.51%			2.61%			2.59%			2.62%			2.43%
Nonperforming loans, leases and foreclosed properties	$	1,333		$	1,004			$	1,333		$	1,208		$	1,088		$	1,087		$	1,004
		0.36%			0.28%				0.36%			0.32%			0.29%			0.29%			0.28%
Average loans and leases by product
U.S. commercial	$	216,822		$	202,843			$	217,326		$	219,324		$	215,941		$	214,642		$	206,350
Non-U.S. commercial		85,220			78,542				87,872			86,016			84,263			82,663			77,818
Commercial real estate		51,092			50,692				51,761			51,069			51,006			50,517			50,974
Commercial lease financing		21,170			22,157				20,399			20,700			21,320			22,286			22,266
Other		-			2				1			-			1			-			2
Total average loans and leases	$	374,304		$	354,236		$	377,359		$	377,109		$	372,531		$	370,108		$	357,410
Total Corporation Investment Banking fees
Advisory (2)	$	1,460		$	1,258			$	377		$	452		$	288		$	343		$	397
Debt issuance		3,107			3,084				797			816			746			748			699
Equity issuance		1,259			1,183				322			308			395			234			272
Total investment banking fees including self-led deals		5,826			5,525				1,496			1,576			1,429			1,325			1,368
Self-led deals		(184)			(198)				(22)			(43)			(58)			(61)			(20)
Total Investment Banking fees	$	5,642		$	5,327		$	1,474		$	1,533		$	1,371		$	1,264		$	1,348

1. Investment banking fees represent total investment banking fees forGlobal Banking inclusive of self-led deals and fees included within Business Lending.
2. Advisory includes fees on debt and equity advisory and mergers and acquisitions.
3. Investment banking fees represent only the fee component inGlobal Banking and do not include certain other items shared with the Investment Banking Group under internal revenue sharing agreements.

1. 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.
2. Nonperforming loans, leases and foreclosed properties are on an end-of-period basis. The nonperforming ratio is nonperforming assets divided by loans, leases and foreclosed properties.

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

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

Bank of America Corporation and Subsidiaries

Global Markets Segment Results

(Dollars in millions)
		Year Ended December 31			Fourth		Third		Second		First		Fourth
									Quarter		Quarter		Quarter		Quarter		Quarter
		2019			2018				2019			2019			2019			2019			2018
Net interest income	$	3,915		$	3,857			$	1,135		$	1,016		$	811		$	953		$	935
Noninterest income:
Investment and brokerage services		1,738			1,780				442			419			433			444			474
Investment banking fees		2,288			2,296				581			585			585			537			513
Market making and similar activities		7,065			7,260				1,442			1,580			1,961			2,082			1,132
All other income		608			990				(174)			263			354			165			193
Total noninterest income		11,699			12,326				2,291			2,847			3,333			3,228			2,312
Total revenue, net of interest expense(1)		15,614			16,183				3,426			3,863			4,144			4,181			3,247
Provision for credit losses		(9)			-			9			-		5			(23)			6
Noninterest expense		10,722			10,835				2,614			2,678			2,675			2,755			2,552
Income before income taxes		4,901			5,348				803			1,185			1,464			1,449			689
Income tax expense		1,397			1,390				229			338			417			413			179
Net income	$	3,504		$	3,958		$	574		$	847		$	1,047		$	1,036		$	510
Return on average allocated capital(2)		10%			11%				7%			10%			12%			12%			6%
Efficiency ratio		68.67			66.96				76.29			69.32			64.55			65.91			78.58
Balance Sheet
Average
Total trading-related assets	$	489,705		$	465,132		$	489,256		$	498,791		$	496,205		$	474,303		$	463,998
Total loans and leases		71,334			72,651				73,044			71,589			70,587			70,080			70,609
Total earning assets		476,225			473,383				481,401			476,919			474,061			472,414			458,331
Total assets		679,297			666,000				680,067			687,393			685,412			664,052			655,069
Total deposits		31,380			31,209				32,866			30,155			31,128			31,366			31,077
Allocated capital (2)		35,000			35,000				35,000			35,000			35,000			35,000			35,000
Period end
Total trading-related assets	$	452,496		$	447,998			$	452,496		$	497,206		$	487,094		$	485,637		$	447,998
Total loans and leases		72,993			73,928				72,993			74,979			74,136			70,052			73,928
Total earning assets		471,701			457,224				471,701			478,303			475,836			470,700			457,224
Total assets		641,806			641,923				641,806			689,023			674,985			671,123			641,923
Total deposits		34,676			37,841				34,676			30,885			29,961			31,073			37,841
Trading-related assets (average)
Trading account securities	$	246,335		$	215,112			$	247,098		$	261,182		$	251,401		$	225,254		$	225,335
Reverse repurchases		116,883			125,084				116,280			110,907			117,730			122,753			119,341
Securities borrowed		83,216			78,889				84,533			80,641			83,374			84,343			75,374
Derivative assets		43,271			46,047				41,345			46,061			43,700			41,953			43,948
Total trading-related assets	$	489,705		$	465,132			$	489,256		$	498,791		$	496,205		$	474,303		$	463,998

1. Substantially all of Global Markets total revenue is sales and trading revenue and investment banking fees, with a small portion related to certain revenue sharing agreements with other business segments. For additional sales and trading revenue information, see page 22.
2. Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.

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

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

Bank of America Corporation and Subsidiaries

Global Markets Key Indicators

(Dollars in millions)
		Year Ended December 31			Fourth		Third		Second		First		Fourth
									Quarter		Quarter		Quarter		Quarter		Quarter
		2019			2018				2019			2019			2019			2019			2018
Sales and trading revenue(1)
Fixed-income, currencies and commodities	$	8,188		$	8,271			$	1,755		$	2,056		$	2,098		$	2,279		$	1,517
Equities		4,491			4,900				1,018			1,148			1,144			1,181			1,071
Total sales and trading revenue	$	12,679		$	13,171			$	2,773		$	3,204		$	3,242		$	3,460		$	2,588
Sales and trading revenue, excluding net debit valuation adjustment(2)
Fixed-income, currencies and commodities	$	8,396		$	8,413			$	1,836		$	2,074		$	2,128		$	2,358		$	1,472
Equities		4,505			4,920				1,023			1,145			1,145			1,192			1,064
Total sales and trading revenue, excluding net debit valuation adjustment	$	12,901		$	13,333			$	2,859		$	3,219		$	3,273		$	3,550		$	2,536
Sales and trading revenue breakdown
Net interest income	$	3,309		$	3,356			$	1,008		$	886		$	665		$	750		$	806
Commissions		1,699			1,737				432			410			424			433			463
Trading		7,062			7,257				1,441			1,580			1,960			2,081			1,131
Other		609			821				(108)			328			193			196			188
Total sales and trading revenue	$	12,679		$	13,171			$	2,773		$	3,204		$	3,242		$	3,460		$	2,588

1. Includes Global Banking sales and trading revenue of$533 million and $421 million for the years endedDecember 31, 2019 and 2018, and $142 million, $148 million, $128 million, $115 million and $126 million for the fourth, third, second and first quarters of 2019 and the fourth quarter of2018, respectively.
2. For this presentation, sales and trading revenue excludes net debit valuation adjustment (DVA) gains (losses) which include net DVA on derivatives, as well as amortization of own credit portion of purchase discount and realized DVA on structured liabilities. Sales and trading revenue excluding net DVA gains (losses) represents a non-GAAP financial measure. We believe the use of this non-GAAP financial measure provides additional useful information to assess the underlying performance of these businesses and to allow better comparison of period-to-period operating performance.

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

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

Bank of America Corporation and Subsidiaries

All Other Results (1)

(Dollars in millions)
		Year Ended					Fourth		Third		Second		First		Fourth
		December 31
									Quarter		Quarter		Quarter		Quarter		Quarter
		2019			2018				2019			2019			2019			2019			2018
Net interest income	$	234		$	632			$	99		$	62		$	78		$	(5)		$	152
Noninterest income (loss)		(2,616)			(2,257)				(599)			(810)			(581)			(626)			(738)
Total revenue, net of interest expense		(2,382)			(1,625)				(500)			(748)			(503)			(631)			(586)
Provision for credit losses		(669)			(476)				(79)			(295)			(241)			(54)			(124)
Noninterest expense		3,720			1,887				315			2,468			516			421			396
Loss before income taxes		(5,433)			(3,036)				(736)			(2,921)			(778)			(998)			(858)
Income tax expense (benefit)		(4,055)			(2,780)				(998)			(1,322)			(787)			(948)			(917)
Net income (loss)	$	(1,378)		$	(256)		$	262		$	(1,599)		$	9		$	(50)		$	59
Balance Sheet
Average
Total loans and leases	$	42,933		$	61,013		$	38,197		$	41,788		$	44,695		$	47,160		$	53,324
Total assets (2)		210,771			199,978				226,659			212,527			201,845			195,635			196,704
Total deposits		21,434			21,966				23,557			20,718			20,750			20,691			19,979
Period end
Total loans and leases	$	37,151		$	48,061			$	37,151		$	39,671		$	43,311		$	45,609		$	48,061
Total assets (3)		224,466			195,466				224,466			207,605			205,714			178,680			195,466
Total deposits		23,166			18,541				23,166			21,883			20,189			21,472			18,541

1. All Other consists of asset and liability management (ALM) activities, equity investments, non-core mortgage loans and servicing activities, liquidating businesses and certain expenses not otherwise allocated to a business segment. ALM activities encompass certain residential mortgages, debt securities, and interest rate and foreign currency risk management activities. Substantially all of the results of ALM activities are allocated to our business segments. Equity investments include our merchant services joint venture, as well as a portfolio of equity, real estate and other alternative investments.

(2) Includes elimination of segments' excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders' equity of$544.2 billion and $517.0 billion for the years ended December 31, 2019 and 2018, and $554.2 billion, $536.8 billion, $549.5 billion, $542.4 billion and $525.6 billion for the fourth, third, second and first quarters of 2019 and the fourth quarter of2018, respectively.

1. Includes elimination of segments' excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders' equity of$565.3 billion, $546.5 billion, $544.0 billion, $566.8 billion and $540.8 billion at December 31, 2019, September 30, 2019, June 30, 2019, March 31, 2019 and December 31, 2018, respectively.

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

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

Bank of America Corporation and Subsidiaries

Outstanding Loans and Leases

(Dollars in millions)
		December 31		September 30		December 31
		2019			2019			2018
Consumer
Residential mortgage	$	236,169		$	227,472		$	208,557
Home equity		40,208			41,574			48,286
Credit card		97,608			94,946			98,338
Direct/Indirect consumer (1)		90,998			90,836			91,166
Other consumer (2)		192			208			202
Total consumer loans excluding loans accounted for under the fair value option		465,175			455,036			446,549
Consumer loans accounted for under the fair value option(3)		594			640			682
Total consumer		465,769			455,676			447,231
Commercial
U.S. commercial		307,048			310,982			299,277
Non-U.S. commercial		104,966			101,084			98,776
Commercial real estate(4)		62,689			62,798			60,845
Commercial lease financing		19,880			20,107			22,534
		494,583			494,971			481,432
U.S. small business commercial(5)		15,333			15,229			14,565
Total commercial loans excluding loans accounted for under the fair value option		509,916			510,200			495,997
(3)		7,741			7,034			3,667
Commercial loans accounted for under the fair value option
Total commercial		517,657			517,234			499,664
Total loans and leases	$	983,426		$	972,910		$	946,895

1. Includes primarily auto and specialty lending loans and leases of$50.4 billion, $50.3 billion and $50.1 billion, unsecured consumer lending loans of$317 million, $328 million and $383 million, U.S. securities-based lending loans of $36.7 billion, $36.5 billion and $37.0 billion and non-U.S. consumer loans of$2.8 billion, $3.0 billion and $2.9 billion at December 31, 2019, September 30, 2019 and December 31, 2018, respectively.
2. Substantially all of other consumer is consumer overdrafts.
3. Consumer loans accounted for under the fair value option includes residential mortgage loans of$257 million, $275 million and $336 million and home equity loans of$337 million, $365 million and $346 million at December 31,

2019, September 30, 2019 and December 31, 2018, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of$4.7 billion, $4.7 billion and $2.5 billion and non-U.S. commercial loans of $3.1 billion, $2.4 billion and $1.1 billion at December 31, 2019, September 30, 2019 and December 31, 2018, respectively.

1. Includes U.S. commercial real estate loans of$59.0 billion, $58.1 billion and $56.6 billion and non-U.S. commercial real estate loans of$3.7 billion, $4.7 billion and $4.2 billion at December 31, 2019, September 30, 2019 and December 31, 2018, respectively.
2. Includes card-related products.

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

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

Bank of America Corporation and Subsidiaries

Quarterly Average Loans and Leases by Business Segment and All Other

(Dollars in millions)
									Fourth Quarter 2019
		Total			Consumer					Global		Global		All
		Corporation			Banking		GWIM		Banking		Markets		Other
Consumer
Residential mortgage	$	231,849			$	114,871		$	83,899		$	1		$	-	$	33,078
Home equity		41,230				32,447			3,192			-		295			5,296
Credit card		94,951				92,131			2,820			-		-		-
Direct/Indirect and other consumer		90,924				50,827			40,091			-		-		6
Total consumer		458,954				290,276			130,002			1			295			38,380
Commercial
U.S. commercial		326,945				20,720			39,704			217,326			48,967			228
Non-U.S. commercial		104,787				-		532			87,872			16,373			10
Commercial real estate		63,324				16			4,134			51,761			7,404			9
Commercial lease financing		19,976				-		2			20,399			5			(430)
Total commercial		515,032				20,736			44,372			377,358			72,749			(183)
Total loans and leases	$	973,986			$	311,012		$	174,374		$	377,359		$	73,044		$	38,197
									Third Quarter 2019
		Total			Consumer					Global		Global		All
		Corporation			Banking		GWIM		Banking		Markets		Other
Consumer
Residential mortgage	$	224,084			$	107,527		$	80,959		$	-	$	-	$	35,598
Home equity		43,616				33,585			3,326			-		352			6,353
Credit card		94,370				91,595			2,775			-		-		-
Direct/Indirect and other consumer		90,813				50,738			40,072			-			-			3
Total consumer		452,883				283,445			127,132			-		352			41,954
Commercial
U.S. commercial		324,436				20,372			39,289			219,324			45,083			368
Non-U.S. commercial		105,003				-		88			86,016			18,967			(68)
Commercial real estate		62,185				16			3,902			51,069			7,187			11
Commercial lease financing		20,226				-		3			20,700			-		(477)
Total commercial		511,850				20,388			43,282			377,109			71,237			(166)
Total loans and leases	$	964,733			$	303,833		$	170,414		$	377,109		$	71,589		$	41,788
									Fourth Quarter 2018
		Total			Consumer					Global		Global		All
		Corporation			Banking		GWIM		Banking		Markets		Other
Consumer
Residential mortgage	$	209,646			$	90,307		$	75,895		$	2		$	4		$	43,438
Home equity		50,757				36,664			3,652			-		345			10,096
Credit card		95,766				92,752			3,014			-		-		-
Direct/Indirect and other consumer		91,458				50,692			40,762			-		-		4
Total consumer		447,627				270,415			123,323			2			349			53,538
Commercial
U.S. commercial		308,557				19,433			36,527			206,350			45,992			255
Non-U.S. commercial		95,937				-		113			77,818			17,939			67
Commercial real estate		60,876				14			3,550			50,974			6,329			9
Commercial lease financing		21,724				-		3			22,266			-		(545)
Total commercial		487,094				19,447			40,193			357,408			70,260			(214)
Total loans and leases	$	934,721		$	289,862		$	163,516		$	357,410		$	70,609		$	53,324

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.	25

Bank of America Corporation and Subsidiaries

Commercial Credit Exposure by Industry (1, 2, 3, 4)

(Dollars in millions)
			Commercial Utilized					Total Commercial Committed
		December 31			September 30		December 31		December 31		September 30		December 31
		2019			2019			2018			2019			2019			2018
Asset managers and funds	$	71,289		$	73,822		$	71,756		$	109,972		$	109,841		$	107,888
Real estate(5)		70,341			70,643			65,328			96,349			93,625			86,514
Capital goods		41,060			41,651			39,192			80,871			79,308			75,080
Finance companies		40,171			37,502			36,662			63,940			59,923			56,659
Healthcare equipment and services		34,353			34,563			35,763			55,918			56,649			56,489
Government and public education		41,889			42,802			43,675			53,566			54,177			54,749
Materials		26,663			27,647			27,347			52,128			52,293			51,865
Consumer services		28,434			25,959			25,702			49,071			46,335			43,298
Retailing		25,868			27,354			25,333			48,317			48,874			47,507
Food, beverage and tobacco		24,163			23,587			23,586			45,956			44,609			42,745
Commercial services and supplies		23,102			22,328			22,623			38,943			37,855			39,349
Energy		16,407			15,660			13,727			36,327			35,750			32,279
Utilities		12,383			11,938			12,035			36,060			28,899			27,623
Transportation		23,448			25,440			22,814			33,027			34,638			31,523
Global commercial banks		26,492			23,602			26,583			28,670			25,687			28,627
Individuals and trusts		18,926			18,887			18,643			27,815			26,303			25,019
Technology hardware and equipment		10,645			11,287			13,014			24,071			25,379			26,228
Media		12,429			13,285			12,132			23,629			23,645			24,502
Vehicle dealers		18,013			17,332			17,603			21,435			20,580			20,446
Consumer durables and apparel		10,193			10,174			9,904			21,245			21,459			20,199
Software and services		10,432			10,257			8,809			20,556			20,098			19,172
Pharmaceuticals and biotechnology		5,962			6,261			7,430			20,203			27,051			23,634
Telecommunication services		9,144			8,580			8,686			16,103			15,980			14,166
Insurance		6,669			6,966			8,674			15,214			13,804			15,807
Automobiles and components		7,345			8,033			7,131			14,910			15,176			13,893
Financial markets infrastructure (clearinghouses)		9,351			11,864			8,317			11,851			14,316			10,042
Food and staples retailing		6,290			5,642			4,787			10,392			9,871			9,093
Religious and social organizations		3,844			4,104			3,757			5,756			5,950			5,620
Total commercial credit exposure by industry	$	635,306		$	637,170		$	621,013		$	1,062,295		$	1,048,075		$	1,010,016

1. Includes loans and leases, standby letters of credit and financial guarantees, derivative assets, assets held-for-sale, commercial letters of credit, bankers' acceptances, securitized assets, foreclosed properties and other collateral acquired. Derivative assets are carried at fair value, reflect the effects of legally enforceable master netting agreements and have been reduced by cash collateral of $33.9 billion, $40.7 billion and $32.4 billion at December 31, 2019, September 30, 2019 and December 31, 2018, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of$33.3 billion, $35.1 billion and $33.0 billion, which consists primarily of other marketable securities, at December 31, 2019, September 30, 2019 and December 31, 2018, respectively.
2. Total utilized and total committed exposure includes loans of$7.7 billion, $7.0 billion and $3.7 billion and issued letters of credit with a notional amount of$170 million, $115 million and $100 million accounted for under the fair value option at December 31, 2019, September 30, 2019 and December 31, 2018, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $4.2 billion, $4.7 billion and $3.0 billion at December 31, 2019, September 30, 2019 and December 31, 2018, respectively.
3. Includes U.S. small business commercial exposure.
4. Includes the notional amount of unfunded legally binding lending commitments net of amounts distributed (e.g., syndicated or participated) to other financial institutions.
5. Industries are viewed from a variety of perspectives to best isolate the perceived risks. For purposes of this table, the real estate industry is defined based on the primary business activity of the borrowers or the counterparties using operating cash flows and primary source of repayment as key factors.

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.	26

Bank of America Corporation and Subsidiaries

Top 20 Non-U.S. Countries Exposure

(Dollars in millions)
															Net Country
								Securities/	Country Exposure	Hedges and Credit		Exposure at	Increase (Decrease)
	Funded Loans and		Unfunded Loan		Net Counterparty		Other		at December 31		December 31	from September 30
					Default Protection
	Loan Equivalents (1)		Commitments		Exposure		Investments (2)		2019			2019 (4)			2019
							(3)
United Kingdom	$	29,156	$	17,341	$	7,800	$	3,545	$	57,842		$	(1,998)	$	55,844		$	294
Germany		21,920		7,408		1,828		1,967		33,123			(2,295)		30,828			4,739
Canada		7,967		8,255		1,690		2,879		20,791			(669)		20,122			565
France		7,243		9,208		876		969		18,296			(2,041)		16,255			(169)
China		13,304		497		1,085		949		15,835			(248)		15,587			1,059
India		7,817		364		398		3,660		12,239			(222)		12,017			(608)
Australia		6,100		3,583		415		1,443		11,541			(439)		11,102			86
Brazil		7,393		716		218		2,678		11,005			(238)		10,767			(976)
Japan		8,450		896		1,002		1,589		11,937			(1,405)		10,532			(10,750)
Netherlands		6,322		3,585		330		876		11,113			(786)		10,327			(317)
South Korea		5,981		758		386		1,762		8,887			(182)		8,705			128
Singapore		3,749		435		172		3,528		7,884			(58)		7,826			578
Mexico		4,190		1,733		224		1,806		7,953			(150)		7,803			788
Switzerland		4,387		2,947		213		325		7,872			(487)		7,385			(1,217)
Hong Kong		5,106		353		434		1,194		7,087			(31)		7,056			(359)
Belgium		5,077		1,259		526		159		7,021			(514)		6,507			641
Italy		2,353		2,303		510		1,386		6,552			(1,175)		5,377			1,900
Spain		3,153		1,073		258		867		5,351			(629)		4,722			(669)
United Arab Emirates		3,267		229		119		10		3,625			(38)		3,587			80
Ireland		2,142		979		76		201		3,398			(31)		3,367			1,420
Total top 20 non-U.S. countries exposure	$	155,077	$	63,922	$	18,560	$	31,793	$	269,352		$	(13,636)	$	255,716		$	(2,787)

1. Includes loans, leases, and other extensions of credit and funds, including letters of credit and due from placements, which have not been reduced by collateral, hedges or credit default protection. Funded loans and loan equivalents are reported net of charge-offs but prior to any allowance for loan and lease losses.
2. Long securities exposures are netted on a single-name basis to, but not below, zero by short exposures and net credit default swaps purchased, consisting of single-name and net indexed and tranched credit default swaps.
3. Represents credit default protection purchased, net of credit default protection sold, which is used to mitigate the Corporation's risk to country exposures as listed, consisting of net single-name and net indexed and tranched credit default swaps. Amounts are calculated based on the credit default swaps notional amount assuming a zero recovery rate less any fair value receivable or payable.
4. Represents country exposure less hedges and credit default protection purchased, net of credit default protection sold.

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

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

Bank of America Corporation and Subsidiaries

Nonperforming Loans, Leases and Foreclosed Properties

(Dollars in millions)
		December 31		September 30		June 30		March 31		December 31
		2019			2019			2019			2019			2018
Residential mortgage	$	1,470		$	1,551		$	1,744		$	1,773		$	1,893
Home equity		536			585			1,203			1,751			1,893
Direct/Indirect consumer		47			53			80			54			56
Total consumer		2,053			2,189			3,027			3,578			3,842
U.S. commercial		1,094			966			820			870			794
Non-U.S. commercial		43			51			122			80			80
Commercial real estate		280			185			112			213			156
Commercial lease financing		32			35			55			52			18
		1,449			1,237			1,109			1,215			1,048
U.S. small business commercial		50			50			51			57			54
Total commercial		1,499			1,287			1,160			1,272			1,102
Total nonperforming loans and leases		3,552			3,476			4,187			4,850			4,944
Foreclosed properties (1)		285			247			265			295			300
Total nonperforming loans, leases and foreclosed properties(2, 3, 4)	$	3,837		$	3,723		$	4,452		$	5,145		$	5,244
Fully-insured home loans past due 30 days or more and still accruing	$	1,811		$	1,919		$	2,155		$	2,390		$	2,790
Consumer credit card past due 30 days or more and still accruing		2,035			1,937			1,838			1,932			1,989
Other loans past due 30 days or more and still accruing		3,746			3,286			2,864			2,905			3,539
Total loans past due 30 days or more and still accruing(3, 5, 6)	$	7,592		$	7,142		$	6,857		$	7,227		$	8,318
Fully-insured home loans past due 90 days or more and still accruing	$	1,088		$	1,203		$	1,364		$	1,593		$	1,884
Consumer credit card past due 90 days or more and still accruing		1,042			960			941			1,005			994
Other loans past due 90 days or more and still accruing		283			496			268			181			352
Total loans past due 90 days or more and still accruing(3, 5, 6)	$	2,413		$	2,659		$	2,573		$	2,779		$	3,230
Nonperforming loans, leases and foreclosed properties/Total assets(7)		0.16%			0.15%			0.19%			0.22%			0.22%
(7)		0.39			0.39			0.47			0.55			0.56
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties
Nonperforming loans and leases/Total loans and leases(7)		0.36			0.36			0.44			0.52			0.52
Commercial reservable criticized utilized exposure(8)	$	11,452		$	11,835		$	11,834		$	11,821		$	11,061
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure(8)		2.09%			2.17%			2.19%			2.22%			2.08%
Total commercial criticized utilized exposure/Commercial utilized exposure(8)		2.00			2.02			2.04			2.07			1.93

1. Foreclosed property balances do not include properties insured by certain government-guaranteed loans, principally loans insured by the Federal Housing Administration (FHA), that entered foreclosure$of260 million, $275 million, $294 million, $400 million and $488 million at December 31, 2019, September 30, 2019, June 30, 2019, March 31, 2019 and December 31, 2018, respectively.
2. Balances do not include past due consumer credit card, consumer loans secured by real estate where repayments are insured by the FHA and individually insured long-termstand-by agreements (fully-insured home loans), and in general, other consumer and commercial loans not secured by real estate.
3. Balances do not include purchased credit-impaired loans even though the customer may be contractually past due. Purchased credit-impaired loans were recorded at fair value upon acquisition and accrete interest income over the remaining life of the loan.
4. Balances do not include the following:

		December 31		September 30		June 30		March 31		December 31
		2019			2019			2019			2019			2018
Nonperforming loans held-for-sale	$	239		$	237		$	278		$	457		$	291
Nonperforming loans accounted for under the fair value option		6			7			10			67			12

(5) Balances do not include loans held-for-sale past due 30 days or more and still accruing of$21 million, $44 million, $3 million, $4 million and $53 million at December 31, 2019, September 30, 2019, June 30, 2019, March 31, 2019 and December 31, 2018, respectively, and loans held-for-sale past due 90 days or more and still accruing of $11 million, $3 million, $0, $1 million and $2 million Decemberat 31, 2019, September 30, 2019, June 30, 2019, March 31, 2019 and December 31, 2018, respectively. At December 31, 2019, September 30, 2019, June 30, 2019, March 31, 2019 and December 31, 2018, there were$6 million, $9 million, $9 million, $6 million and $10 million, respectively, of loans accounted for under the fair value option past due 30 days or more and still accruing interest.

1. These balances are excluded from total nonperforming loans, leases and foreclosed properties.

(7) Total assets and total loans and leases do not include loans accounted for under the fair value option of$8.3 billion, $7.7 billion, $7.9 billion, $6.2 billion and $4.3 billion at December 31, 2019, September 30, 2019, June 30, 2019, March 31, 2019 and December 31, 2018, respectively.

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

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

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

Bank of America Corporation and Subsidiaries

Nonperforming Loans, Leases and Foreclosed Properties Activity (1)

(Dollars in millions)
		Fourth		Third		Second		First		Fourth
		Quarter		Quarter		Quarter		Quarter		Quarter
		2019			2019			2019			2019			2018
Nonperforming Consumer Loans and Leases:
Balance, beginning of period	$	2,189		$	3,027		$	3,578		$	3,842		$	4,306
Additions		291			335			390			391			545
Reductions:
Paydowns and payoffs		(121)			(197)			(195)			(188)			(214)
Sales		(109)			(748)			(502)			(164)			(438)
Returns to performing status(2)		(143)			(185)			(189)			(249)			(274)
Charge-offs(3)		(31)			(23)			(29)			(28)			(51)
Transfers to foreclosed properties		(23)			(20)			(26)			(26)			(32)
Total net reductions to nonperforming loans and leases		(136)			(838)			(551)			(264)			(464)
Total nonperforming consumer loans and leases, end of period		2,053			2,189			3,027			3,578			3,842
Foreclosed properties		229			188			205			236			244
Nonperforming consumer loans, leases and foreclosed properties, end of period	$	2,282		$	2,377		$	3,232		$	3,814		$	4,086
Nonperforming Commercial Loans and Leases (4):
Balance, beginning of period	$	1,287		$	1,160		$	1,272		$	1,102		$	848
Additions		527			492			389			640			500
Reductions:
Paydowns		(169)			(161)			(210)			(108)			(122)
Sales		(22)			(33)			(117)			(43)			(6)
Return to performing status(5)		(15)			(48)			(23)			(34)			(33)
Charge-offs		(107)			(123)			(151)			(97)			(85)
Transfers to foreclosed properties		(2)			-		-		(7)			-
Transfers to loans held-for-sale		-		-		-		(181)			-
Total net additions (reductions) to nonperforming loans and leases		212			127			(112)			170			254
Total nonperforming commercial loans and leases, end of period		1,499			1,287			1,160			1,272			1,102
Foreclosed properties		56			59			60			59			56
Nonperforming commercial loans, leases and foreclosed properties, end of period	$	1,555		$	1,346		$	1,220		$	1,331		$	1,158

1. For amounts excluded from nonperforming loans, leases and foreclosed properties, see footnotes toNonperforming Loans, Leases and Foreclosed Propertiestable on page 28.
2. Consumer loans and leases may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well- secured and is in the process of collection. Certain troubled debt restructurings are classified as nonperforming at the time of restructuring and may only be returned to performing status after considering the borrower's sustained repayment performance for a reasonable period, generally six months.
3. Our policy is not to classify consumer credit card and non-bankruptcy related consumer loans not secured by real estate as nonperforming; therefore, the charge-offs on these loans have no impact on nonperforming activity and, accordingly, are excluded from this table.
4. Includes U.S. small business commercial activity. Small business card loans are excluded as they are not classified as nonperforming.
5. Commercial loans and leases may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well- secured and is in the process of collection. Troubled debt restructurings are generally classified as performing after a sustained period of demonstrated payment performance.

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

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

Bank of America Corporation and Subsidiaries

Quarterly Net Charge-offs and Net Charge-off Ratios (1)

(Dollars in millions)
		Fourth				Third				Second				First				Fourth
		Quarter				Quarter				Quarter				Quarter				Quarter
		2019				2019				2019				2019				2018
		Amount	Percent		Amount	Percent		Amount	Percent		Amount	Percent		Amount	Percent
Net Charge-offs
Residential mortgage (2)	$	4			0.01 %		$	(38)			(0.07)%		$	3			0.01 %		$	(16)			(0.03)%		$	15			0.03 %
Home equity (3)		(12)			(0.12)			(202)			(1.85)			(155)			(1.36)			11			0.10			(15)			(0.12)
Credit card		724			3.03			717			3.01			762			3.26			745			3.18			699			2.90
Direct/Indirect consumer		39			0.17			76			0.33			40			0.18			54			0.24			53			0.23
Other consumer		83			n/m		69			n/m		41			n/m		41			n/m		52			n/m
Total consumer		838			0.72			622			0.55			691			0.62			835			0.77			804			0.71
U.S. commercial		54			0.07			53			0.07			66			0.09			83			0.11			43			0.06
Non-U.S. commercial		(31)			(0.12)			67			0.26			48			0.19			-	-		20			0.09
Total commercial and industrial		23			0.02			120			0.12			114			0.11			83			0.08			63			0.07
Commercial real estate		21			0.13			(1)			-		4			0.02			5			0.03			(2)			(0.02)
Commercial lease financing		7			0.13			1			0.02			13			0.26			-		-		(1)			(0.01)
		51			0.04			120			0.10			131			0.11			88			0.07			60			0.05
U.S. small business commercial		70			1.83			69			1.83			65			1.76			68			1.90			60			1.65
Total commercial		121			0.09			189			0.15			196			0.16			156			0.13			120			0.10
Total net charge-offs	$	959			0.39		$	811			0.34		$	887			0.38		$	991			0.43		$	924			0.39
By Business Segment and All Other
Consumer Banking	$	924			1.18 %		$	905			1.18 %		$	915			1.24 %		$	925			1.28 %		$	889			1.22 %
Global Wealth & Investment Management		17			0.04			39			0.09			12			0.03			12			0.03			8			0.02
Global Banking		40			0.04			116			0.12			129			0.14			82			0.09			56			0.06
Global Markets		9			0.05			-	-		-	-		-	-		-	-
All Other		(31)			(0.32)			(249)			(2.43)			(169)			(1.54)			(28)			(0.24)			(29)			(0.22)
Total net charge-offs	$	959			0.39		$	811			0.34		$	887			0.38		$	991			0.43		$	924			0.39

1. Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding loans and leases excluding loans accounted for under the fair value option during the period for each loan and lease category.
2. Includes loan sale net charge-offs (recoveries) of$2 million, $(25) million, $0, $(10) million and $25 million for the fourth, third, second and first quarters of2019 and the fourth quarter of2018, respectively.
3. Includes loan sale net charge-offs (recoveries) of$9 million, $(173) million, $(118) million, $24 million and $0 for the fourth, third, second and first quarters of2019 and the fourth quarter of2018, respectively.

n/m = not meaningful

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

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

Bank of America Corporation and Subsidiaries

Annual Net Charge-offs and Net Charge-off Ratios (1)

(Dollars in millions)

					Year Ended December 31
		2019					2018
		Amount	Percent		Amount			Percent
Net Charge-offs
Residential mortgage (2)	$	(47)			(0.02)%		$	28			0.01 %
Home equity (3)		(358)			(0.81)			(2)			-
Credit card		2,948			3.12			2,837			3.00
Direct/Indirect consumer		209			0.23			195	0.21
Other consumer		234			n/m		182			n/m
Total consumer		2,986			0.66			3,240	0.72
U.S. commercial		256			0.08			215			0.07
Non-U.S. commercial		84			0.08			68	0.07
Total commercial and industrial		340			0.08			283			0.07
Commercial real estate		29			0.05			1			-
Commercial lease financing		21			0.10			(1)			(0.01)
		390			0.08			283	0.06
U.S. small business commercial		272			1.83			240			1.70
Total commercial		662			0.13			523	0.11
Total net charge-offs	$	3,648			0.38		$	3,763			0.41
By Business Segment and All Other
Consumer Banking	$	3,669			1.22 %		$	3,515			1.24 %
Global Wealth & Investment Management		80			0.05			61	0.04
Global Banking		367			0.10			246			0.07
Global Markets		9			0.01			23	0.03
All Other		(477)			(1.13)			(82)			(0.14)
Total net charge-offs	$	3,648			0.38		$	3,763	0.41

1. 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.
2. Includes loan sale net charge-offs (recoveries) of$(33) million and $8 million for the years ended December 31, 2019 and 2018.
3. Includes loan sale net recoveries of$258 million and $12 million for the years ended December 31, 2019 and 2018.

n/m = not meaningful

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

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

Bank of America Corporation and Subsidiaries

Allocation of the Allowance for Credit Losses by Product Type

(Dollars in millions)

				December 31, 2019					September 30, 2019					December 31, 2018
						Percent of						Percent of						Percent of
				Percent	Loans and				Percent	Loans and				Percent	Loans and
				of	Leases				of	Leases				of	Leases
		Amount	Total	Outstanding (1, 2)		Amount	Total	Outstanding (1, 2)		Amount	Total	Outstanding (1, 2)
Allowance for loan and lease losses
Residential mortgage	$	325		3.45%		0.14%		$	341		3.61%		0.15%		$	422		4.40%		0.20%
Home equity		221		2.35		0.55			250		2.65		0.60			506		5.27		1.05
Credit card		3,710		39.39		3.80			3,709		39.32		3.91			3,597		37.47		3.66
Direct/Indirect consumer		234		2.49		0.26			234		2.48		0.26			248		2.58		0.27
Other consumer		52		0.55		N/M		42		0.45		n/m		29		0.30		n/m
Total consumer		4,542		48.23		0.98			4,576		48.51		1.01			4,802		50.02		1.08
U.S. commercial (3)		3,015		32.02		0.94			3,038		32.21		0.93			3,010		31.35		0.96
Non-U.S.commercial		658		6.99		0.63			669		7.09		0.66			677		7.05		0.69
Commercial real estate		1,042		11.07		1.66			992		10.52		1.58			958		9.98		1.57
Commercial lease financing		159		1.69		0.80			158		1.67		0.79			154		1.60		0.68
Total commercial		4,874		51.77		0.96			4,857		51.49		0.95			4,799		49.98		0.97
Allowance for loan and lease losses		9,416		100.00%		0.97			9,433		100.00%		0.98			9,601		100.00%		1.02
Reserve for unfunded lending commitments		813							809							797
Allowance for credit losses	$	10,229						$	10,242						$	10,398
Asset Quality Indicators
Allowance for loan and lease losses/Total loans and				0.97%
leases (2)										0.98%							1.02%
Allowance for loan and lease losses/Total				265
nonperforming loans and leases (4)										271							194
Ratio of the allowance for loan and lease				2.48
losses/Annualized net charge-offs										2.93							2.62

1. Ratios are calculated as allowance for loan and lease losses as a percentage of loans and leases outstanding excluding loans accounted for under the fair value option. Consumer loans accounted for under the fair value option include residential mortgage loans of $257 million, $275 million and $336 million and home equity loans of$337 million, $365 million and $346 million at December 31, 2019, September 30, 2019 and December 31, 2018, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $4.7 billion, $4.7 billion and $2.5 billion and non-U.S. commercial loans of$3.1 billion, $2.4 billion and $1.1 billion at December 31, 2019, September 30, 2019 and December 31, 2018, respectively.
2. Total loans and leases do not include loans accounted for under the fair value option of$8.3 billion, $7.7 billion and $4.3 billion at December 31, 2019, September 30, 2019 and December 31, 2018, respectively.
3. Includes allowance for loan and lease losses for U.S. small business commercial loans of$523 million, $518 million and $474 million at December 31, 2019, September 30, 2019 and December 31, 2018, respectively.
4. Allowance for loan and lease losses includes$4.2 billion, $4.1 billion and $4.0 billion allocated to products (primarily the Consumer Lending portfolios withinConsumer Banking and purchased credit-impaired loans) that are excluded from nonperforming loans and leases at December 31, 2019, September 30, 2019 and December 31, 2018, respectively. Excluding these amounts, allowance for loan and lease losses as a percentage of total nonperforming loans and leases was 148 percent, 152 percent and 113 percent at December 31, 2019, September 30, 2019 and December 31, 2018, respectively.

n/m = not meaningful

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

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

Exhibit A: Non-GAAP Reconciliations

Bank of America Corporation and Subsidiaries

Reconciliations to GAAP Financial Measures

(Dollars in millions, except per share information)

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

See the tables below for reconciliations of these non-GAAP financial measures to the most closely related financial measures defined by GAAP for thyears ended December 31, 2019 and 2018 and the three months ended December 31, 2019, September 30, 2019, June 30, 2019, March 31, 2019 and December 31, 2018. 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.

		Year Ended
		December 31			Fourth	Third Quarter		Second	First Quarter	Fourth Quarter
		2019			2018			Quarter 2019		2019		Quarter 2019		2019			2018
Reconciliation of average shareholders' equity to average tangible shareholders' equity and
average tangible common shareholders' equity
Shareholders' equity	$	267,889		$	264,748			$	266,900		$	270,430		$	267,975		$	266,217		$	263,698
Goodwill		(68,951)			(68,951)				(68,951)			(68,951)			(68,951)			(68,951)			(68,951)
Intangible assets (excluding mortgage servicing rights)		(1,721)			(2,058)				(1,678)			(1,707)			(1,736)			(1,763)			(1,857)
Related deferred tax liabilities		773			906				730			752			770			841			874
Tangible shareholders' equity	$	197,990		$	194,645			$	197,001		$	200,524		$	198,058		$	196,344		$	193,764
Preferred stock		(23,036)			(22,949)				(23,461)			(23,800)			(22,537)			(22,326)			(22,326)
Tangible common shareholders' equity	$	174,954		$	171,696			$	173,540		$	176,724		$	175,521		$	174,018		$	171,438
Reconciliation of period-end shareholders' equity to period-end tangible shareholders' equity
and period-end tangible common shareholders' equity
Shareholders' equity	$	264,810		$	265,325			$	264,810		$	268,387		$	271,408		$	267,010		$	265,325
Goodwill		(68,951)			(68,951)				(68,951)			(68,951)			(68,951)			(68,951)			(68,951)
Intangible assets (excluding mortgage servicing rights)		(1,661)			(1,774)				(1,661)			(1,690)			(1,718)			(1,747)			(1,774)
Related deferred tax liabilities		713			858				713			734			756			773			858
Tangible shareholders' equity	$	194,911		$	195,458			$	194,911		$	198,480		$	201,495		$	197,085		$	195,458
Preferred stock		(23,401)			(22,326)				(23,401)			(23,606)			(24,689)			(22,326)			(22,326)
Tangible common shareholders' equity	$	171,510		$	173,132			$	171,510		$	174,874		$	176,806		$	174,759		$	173,132
Reconciliation of period-end assets to period-end tangible assets
Assets	$	2,434,079		$	2,354,507			$	2,434,079		$	2,426,330		$	2,395,892		$	2,377,164		$	2,354,507
Goodwill		(68,951)			(68,951)				(68,951)			(68,951)			(68,951)			(68,951)			(68,951)
Intangible assets (excluding mortgage servicing rights)		(1,661)			(1,774)				(1,661)			(1,690)			(1,718)			(1,747)			(1,774)
Related deferred tax liabilities		713			858				713			734			756			773			858
Tangible assets	$	2,364,180		$	2,284,640			$	2,364,180		$	2,356,423		$	2,325,979		$	2,307,239		$	2,284,640
Book value per share of common stock
Common shareholders' equity	$	241,409		$	242,999			$	241,409		$	244,781		$	246,719		$	244,684		$	242,999
Ending common shares issued and outstanding		8,836.1			9,669.3				8,836.1			9,079.3			9,342.6			9,568.4			9,669.3
Book value per share of common stock	$	27.32		$	25.13			$	27.32		$	26.96		$	26.41		$	25.57		$	25.13
Tangible book value per share of common stock
Tangible common shareholders' equity	$	171,510		$	173,132			$	171,510		$	174,874		$	176,806		$	174,759		$	173,132
Ending common shares issued and outstanding		8,836.1			9,669.3				8,836.1			9,079.3			9,342.6			9,568.4			9,669.3
Tangible book value per share of common stock	$	19.41		$	17.91			$	19.41		$	19.26		$	18.92		$	18.26		$	17.91

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

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

33