BANK OF AMERICA CORPORATION Supplemental Information
First Quarter 2024
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 |
Supplemental Financial Data | 10 |
Quarterly Results by Business Segment and All Other | 11 |
Consumer Banking | 13 |
Total Segment Results | |
Key Indicators | 14 |
Business Results | 15 |
Global Wealth & Investment Management | 16 |
Total Segment Results | |
Key Indicators | 17 |
Global Banking | 18 |
Total Segment Results | |
Key Indicators | 19 |
Global Markets | 20 |
Total Segment Results | |
Key Indicators | 21 |
All Other | 22 |
Total Results | |
Outstanding Loans and Leases | 23 |
Quarterly Average Loans and Leases by Business Segment and All Other | 24 |
Commercial Credit Exposure by Industry | 25 |
Nonperforming Loans, Leases and Foreclosed Properties | 26 |
Nonperforming Loans, Leases and Foreclosed Properties Activity | 27 |
Quarterly Net Charge-offs and Net Charge-off Ratios | 28 |
Allocation of the Allowance for Credit Losses by Product Type | 29 |
Exhibit A: Non-GAAP Reconciliations | 30 |
Key Performance Indicators
The Corporation presents certain key financial and nonfinancial performance indicators that management uses when assessing consolidated and/or segment results. The Corporation believes this information is useful because it provides management with information about underlying operational performance and trends. Key performance indicators are presented in Consolidated Financial Highlights on page 2 and on the Key Indicators pages for each segment.
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 11 - 12 are reported on an FTE basis.
Bank of America Corporation and Subsidiaries
Consolidated Financial Highlights
(In millions, except per share information) | ||||||||||||||
First | Fourth | Third | Second | First | ||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||
2024 | 2023 | 2023 | 2023 | 2023 | ||||||||||
Income statement | ||||||||||||||
Net interest income | $ | 14,032 | $ | 13,946 | $ | 14,379 | $ | 14,158 | $ | 14,448 | ||||
Noninterest income | 11,786 | 8,013 | 10,788 | 11,039 | 11,810 | |||||||||
Total revenue, net of interest expense | 25,818 | 21,959 | 25,167 | 25,197 | 26,258 | |||||||||
Provision for credit losses | 1,319 | 1,104 | 1,234 | 1,125 | 931 | |||||||||
Noninterest expense | 17,237 | 17,731 | 15,838 | 16,038 | 16,238 | |||||||||
Income before income taxes | 7,262 | 3,124 | 8,095 | 8,034 | 9,089 | |||||||||
Pretax, pre-provision income (1) | 8,581 | 4,228 | 9,329 | 9,159 | 10,020 | |||||||||
Income tax expense (benefit) | 588 | (20) | 293 | 626 | 928 | |||||||||
Net income | 6,674 | 3,144 | 7,802 | 7,408 | 8,161 | |||||||||
Preferred stock dividends | 532 | 306 | 532 | 306 | 505 | |||||||||
Net income applicable to common shareholders | 6,142 | 2,838 | 7,270 | 7,102 | 7,656 | |||||||||
Diluted earnings per common share | 0.76 | 0.35 | 0.90 | 0.88 | 0.94 | |||||||||
Average diluted common shares issued and outstanding | 8,031.4 | 8,062.5 | 8,075.9 | 8,080.7 | 8,182.3 | |||||||||
Dividends paid per common share | $ | 0.24 | $ | 0.24 | $ | 0.24 | $ | 0.22 | $ | 0.22 | ||||
Performance ratios | ||||||||||||||
Return on average assets | 0.83 % | 0.39 % | 0.99 % | 0.94 % | 1.07 % | |||||||||
Return on average common shareholders' equity | 9.35 | 4.33 | 11.24 | 11.21 | 12.48 | |||||||||
Return on average shareholders' equity | 9.18 | 4.32 | 10.86 | 10.52 | 11.94 | |||||||||
Return on average tangible common shareholders' equity (2) | 12.73 | 5.92 | 15.47 | 15.49 | 17.38 | |||||||||
Return on average tangible shareholders' equity (2) | 12.07 | 5.71 | 14.41 | 14.00 | 15.98 | |||||||||
Efficiency ratio | 66.77 | 80.75 | 62.93 | 63.65 | 61.84 | |||||||||
At period end | ||||||||||||||
Book value per share of common stock | $ | 33.71 | $ | 33.34 | $ | 32.65 | $ | 32.05 | $ | 31.58 | ||||
Tangible book value per share of common stock (2) | 24.79 | 24.46 | 23.79 | 23.23 | 22.78 | |||||||||
Market capitalization | 298,312 | 265,840 | 216,942 | 228,188 | 228,012 | |||||||||
Number of financial centers - U.S. | 3,804 | 3,845 | 3,862 | 3,887 | 3,892 | |||||||||
Number of branded ATMs - U.S. | 15,028 | 15,168 | 15,253 | 15,335 | 15,407 | |||||||||
Headcount | 212,335 | 212,985 | 212,752 | 215,546 | 217,059 |
- Pretax, pre-provision income (PTPI) is a non-GAAP financial measure calculated by adjusting pretax income to add back provision for credit losses. Management believes that PTPI is a useful financial measure because it enables an assessment of the Corporation's ability to generate earnings to cover credit losses through a credit cycle. (See Exhibit A: Non- GAAP Reconciliations - Reconciliations to GAAP Financial Measures on page 30.)
- 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 30.)
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)
First | Fourth | Third | Second | First | ||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||
2024 | 2023 | 2023 | 2023 | 2023 | ||||||||||
Net interest income | ||||||||||||||
Interest income | $ | 36,285 | $ | 35,629 | $ | 33,624 | $ | 32,354 | $ | 28,655 | ||||
Interest expense | 22,253 | 21,683 | 19,245 | 18,196 | 14,207 | |||||||||
Net interest income | 14,032 | 13,946 | 14,379 | 14,158 | 14,448 | |||||||||
Noninterest income | ||||||||||||||
Fees and commissions | 8,660 | 8,019 | 8,135 | 7,961 | 7,894 | |||||||||
Market making and similar activities | 3,888 | 998 | 3,325 | 3,697 | 4,712 | |||||||||
Other income (loss) | (762) | (1,004) | (672) | (619) | (796) | |||||||||
Total noninterest income | 11,786 | 8,013 | 10,788 | 11,039 | 11,810 | |||||||||
Total revenue, net of interest expense | 25,818 | 21,959 | 25,167 | 25,197 | 26,258 | |||||||||
Provision for credit losses | 1,319 | 1,104 | 1,234 | 1,125 | 931 | |||||||||
Noninterest expense | ||||||||||||||
Compensation and benefits | 10,195 | 9,460 | 9,551 | 9,401 | 9,918 | |||||||||
Occupancy and equipment | 1,811 | 1,794 | 1,795 | 1,776 | 1,799 | |||||||||
Information processing and communications | 1,800 | 1,690 | 1,676 | 1,644 | 1,697 | |||||||||
Product delivery and transaction related | 851 | 882 | 880 | 956 | 890 | |||||||||
Professional fees | 548 | 550 | 545 | 527 | 537 | |||||||||
Marketing | 455 | 455 | 501 | 513 | 458 | |||||||||
Other general operating | 1,577 | 2,900 | 890 | 1,221 | 939 | |||||||||
Total noninterest expense | 17,237 | 17,731 | 15,838 | 16,038 | 16,238 | |||||||||
Income before income taxes | 7,262 | 3,124 | 8,095 | 8,034 | 9,089 | |||||||||
Income tax expense (benefit) | 588 | (20) | 293 | 626 | 928 | |||||||||
Net income | $ | 6,674 | $ | 3,144 | $ | 7,802 | $ | 7,408 | $ | 8,161 | ||||
Preferred stock dividends | 532 | 306 | 532 | 306 | 505 | |||||||||
Net income applicable to common shareholders | $ | 6,142 | $ | 2,838 | $ | 7,270 | $ | 7,102 | $ | 7,656 | ||||
Per common share information | ||||||||||||||
Earnings | $ | 0.77 | $ | 0.36 | $ | 0.91 | $ | 0.88 | $ | 0.95 | ||||
Diluted earnings | 0.76 | 0.35 | 0.90 | 0.88 | 0.94 | |||||||||
Average common shares issued and outstanding | 7,968.2 | 7,990.9 | 8,017.1 | 8,040.9 | 8,065.9 | |||||||||
Average diluted common shares issued and outstanding | 8,031.4 | 8,062.5 | 8,075.9 | 8,080.7 | 8,182.3 | |||||||||
Consolidated Statement of Comprehensive Income
(Dollars in millions)
First | Fourth | Third | Second | First | ||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||
2024 | 2023 | 2023 | 2023 | 2023 | ||||||||||
Net income | $ | 6,674 | $ | 3,144 | $ | 7,802 | $ | 7,408 | $ | 8,161 | ||||
Other comprehensive income (loss), net-of-tax: | ||||||||||||||
Net change in debt securities | 332 | 492 | (642) | 168 | 555 | |||||||||
Net change in debit valuation adjustments | (188) | (267) | (25) | (404) | 10 | |||||||||
Net change in derivatives | (416) | 4,236 | (366) | (1,993) | 2,042 | |||||||||
Employee benefit plan adjustments | 23 | (464) | 6 | 9 | 10 | |||||||||
Net change in foreign currency translation adjustments | (20) | 7 | (23) | 5 | 12 | |||||||||
Other comprehensive income (loss) | (269) | 4,004 | (1,050) | (2,215) | 2,629 | |||||||||
Comprehensive income (loss) | $ | 6,405 | $ | 7,148 | $ | 6,752 | $ | 5,193 | $ | 10,790 | ||||
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) | ||||||||||||||
First | Fourth | Third | Second | First | ||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||
2024 | 2023 | 2023 | 2023 | 2023 | ||||||||||
Net interest income | ||||||||||||||
Interest income | ||||||||||||||
Loans and leases | $ | 15,240 | $ | 15,227 | $ | 14,830 | $ | 13,970 | $ | 13,097 | ||||
Debt securities | 6,137 | 5,417 | 4,658 | 4,691 | 5,460 | |||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 5,175 | 5,124 | 4,888 | 4,955 | 3,712 | |||||||||
Trading account assets | 2,455 | 2,452 | 2,217 | 2,076 | 2,028 | |||||||||
Other interest income | 7,278 | 7,409 | 7,031 | 6,662 | 4,358 | |||||||||
Total interest income | 36,285 | 35,629 | 33,624 | 32,354 | 28,655 | |||||||||
Interest expense | ||||||||||||||
Deposits | 9,138 | 8,724 | 7,340 | 5,785 | 4,314 | |||||||||
Short-term borrowings | 8,535 | 8,389 | 7,629 | 8,355 | 6,180 | |||||||||
Trading account liabilities | 546 | 557 | 510 | 472 | 504 | |||||||||
Long-term debt | 4,034 | 4,013 | 3,766 | 3,584 | 3,209 | |||||||||
Total interest expense | 22,253 | 21,683 | 19,245 | 18,196 | 14,207 | |||||||||
Net interest income | $ | 14,032 | $ | 13,946 | $ | 14,379 | $ | 14,158 | $ | 14,448 | ||||
Noninterest income | ||||||||||||||
Fees and commissions | ||||||||||||||
Card income | ||||||||||||||
Interchange fees (1) | $ | 931 | $ | 1,010 | $ | 994 | $ | 1,023 | $ | 956 | ||||
Other card income | 532 | 509 | 526 | 523 | 513 | |||||||||
Total card income | 1,463 | 1,519 | 1,520 | 1,546 | 1,469 | |||||||||
Service charges | ||||||||||||||
Deposit-related fees | 1,122 | 1,116 | 1,124 | 1,045 | 1,097 | |||||||||
Lending-related fees | 320 | 330 | 340 | 319 | 313 | |||||||||
Total service charges | 1,442 | 1,446 | 1,464 | 1,364 | 1,410 | |||||||||
Investment and brokerage services | ||||||||||||||
Asset management fees | 3,270 | 3,012 | 3,103 | 2,969 | 2,918 | |||||||||
Brokerage fees | 917 | 897 | 860 | 870 | 934 | |||||||||
Total investment and brokerage services | 4,187 | 3,909 | 3,963 | 3,839 | 3,852 | |||||||||
Investment banking fees | ||||||||||||||
Underwriting income | 901 | 478 | 531 | 657 | 569 | |||||||||
Syndication fees | 294 | 278 | 209 | 180 | 231 | |||||||||
Financial advisory services | 373 | 389 | 448 | 375 | 363 | |||||||||
Total investment banking fees | 1,568 | 1,145 | 1,188 | 1,212 | 1,163 | |||||||||
Total fees and commissions | 8,660 | 8,019 | 8,135 | 7,961 | 7,894 | |||||||||
Market making and similar activities | 3,888 | 998 | 3,325 | 3,697 | 4,712 | |||||||||
Other income (loss) | (762) | (1,004) | (672) | (619) | (796) | |||||||||
Total noninterest income | $ | 11,786 | $ | 8,013 | $ | 10,788 | $ | 11,039 | $ | 11,810 | ||||
- Gross interchange fees and merchant income were $3.2 billion, $3.4 billion, $3.4 billion, $3.4 billion and $3.2 billion and are presented net of $2.3 billion, $2.4 billion, $2.4 billion, $2.4 billion and $2.2 billion of expenses for rewards and partner payments as well as certain other card costs for the first quarter of 2024 and the fourth, third, second and first quarters of 2023, respectively.
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) | ||||||||||
March 31 | December 31 | March 31 | ||||||||
2024 | 2023 | 2023 | ||||||||
Assets | $ | 23,550 | ||||||||
Cash and due from banks | $ | 27,892 | $ | 29,327 | ||||||
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks | 289,854 | 305,181 | 346,891 | |||||||
Cash and cash equivalents | 313,404 | 333,073 | 376,218 | |||||||
Time deposits placed and other short-term investments | 7,859 | 8,346 | 11,637 | |||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 316,093 | 280,624 | 298,078 | |||||||
Trading account assets | 318,172 | 277,354 | 314,978 | |||||||
Derivative assets | 36,236 | 39,323 | 40,947 | |||||||
Debt securities: | ||||||||||
Carried at fair value | 323,119 | 276,852 | 172,510 | |||||||
Held-to-maturity, at cost | 586,863 | 594,555 | 624,495 | |||||||
Total debt securities | 909,982 | 871,407 | 797,005 | |||||||
Loans and leases | 1,049,156 | 1,053,732 | 1,046,406 | |||||||
Allowance for loan and lease losses | (13,213) | (13,342) | (12,514) | |||||||
Loans and leases, net of allowance | 1,035,943 | 1,040,390 | 1,033,892 | |||||||
Premises and equipment, net | 11,901 | 11,855 | 11,708 | |||||||
Goodwill | 69,021 | 69,021 | 69,022 | |||||||
Loans held-for-sale | 8,762 | 6,002 | 6,809 | |||||||
Customer and other receivables | 86,106 | 81,881 | 79,902 | |||||||
Other assets | 160,324 | 160,875 | 154,461 | |||||||
Total assets | $ | 3,273,803 | $ | 3,180,151 | $ | 3,194,657 | ||||
Liabilities | ||||||||||
Deposits in U.S. offices: | ||||||||||
Noninterest-bearing | $ | 524,982 | $ | 530,619 | $ | 617,922 | ||||
Interest-bearing | 1,304,508 | 1,273,904 | 1,183,106 | |||||||
Deposits in non-U.S. offices: | ||||||||||
Noninterest-bearing | 16,502 | 16,427 | 17,686 | |||||||
Interest-bearing | 100,504 | 102,877 | 91,688 | |||||||
Total deposits | 1,946,496 | 1,923,827 | 1,910,402 | |||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 329,658 | 283,887 | 314,380 | |||||||
Trading account liabilities | 114,326 | 95,530 | 92,452 | |||||||
Derivative liabilities | 40,401 | 43,432 | 40,169 | |||||||
Short-term borrowings | 38,895 | 32,098 | 56,564 | |||||||
Accrued expenses and other liabilities | 214,129 | 207,527 | 216,621 | |||||||
Long-term debt | 296,346 | 302,204 | 283,873 | |||||||
Total liabilities | 2,980,251 | 2,888,505 | 2,914,461 | |||||||
Shareholders' equity | ||||||||||
Preferred stock, $0.01 par value; authorized -100,000,000 shares; issued and outstanding - 4,088,099, 4,088,099 | 28,397 | |||||||||
and 4,088,099 shares | 28,397 | 28,397 | ||||||||
Common stock and additional paid-in capital, $0.01 par value; authorized - 12,800,000,000 shares; issued and | ||||||||||
outstanding - 7,866,868,200, 7,895,457,665 and 7,972,438,148 shares | 54,310 | 56,365 | 57,264 | |||||||
Retained earnings | 228,902 | 224,672 | 213,062 | |||||||
Accumulated other comprehensive income (loss) | (18,057) | (17,788) | (18,527) | |||||||
Total shareholders' equity | 293,552 | 291,646 | 280,196 | |||||||
Total liabilities and shareholders' equity | $ | 3,273,803 | $ | 3,180,151 | $ | 3,194,657 | ||||
Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities) | ||||||||||
Trading account assets | $ | 5,838 | $ | 6,054 | $ | 4,276 | ||||
Loans and leases | 19,250 | 18,276 | 15,754 | |||||||
Allowance for loan and lease losses | (920) | (826) | (797) | |||||||
Loans and leases, net of allowance | 18,330 | 17,450 | 14,957 | |||||||
All other assets | 256 | 269 | 129 | |||||||
Total assets of consolidated variable interest entities | $ | 24,424 | $ | 23,773 | $ | 19,362 | ||||
Liabilities of consolidated variable interest entities included in total liabilities above | ||||||||||
Short-term borrowings | $ | 3,387 | $ | 2,957 | $ | 1,339 | ||||
Long-term debt | 8,157 | 8,456 | 4,883 | |||||||
All other liabilities | 18 | 19 | 7 | |||||||
Total liabilities of consolidated variable interest entities | $ | 11,562 | $ | 11,432 | $ | 6,229 |
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) | ||||||||
March 31 | December 31 | March 31 | ||||||
2024 | 2023 | 2023 | ||||||
Risk-based capital metrics (1): | ||||||||
Standardized Approach | ||||||||
Common equity tier 1 capital | $ | 196,625 | $ | 194,928 | $ | 184,432 | ||
Tier 1 capital | 225,021 | 223,323 | 212,825 | |||||
Total capital | 252,390 | 251,399 | 242,743 | |||||
Risk-weighted assets | 1,660,396 | 1,651,232 | 1,621,900 | |||||
Common equity tier 1 capital ratio | 11.8 % | 11.8 % | 11.4 % | |||||
Tier 1 capital ratio | 13.6 | 13.5 | 13.1 | |||||
Total capital ratio | 15.2 | 15.2 | 15.0 | |||||
Advanced Approaches | ||||||||
Common equity tier 1 capital | $ | 196,625 | $ | 194,928 | $ | 184,432 | ||
Tier 1 capital | 225,021 | 223,323 | 212,825 | |||||
Total capital | 242,452 | 241,449 | 233,877 | |||||
Risk-weighted assets | 1,470,041 | 1,458,746 | 1,427,494 | |||||
Common equity tier 1 capital ratio | 13.4 % | 13.4 % | 12.9 % | |||||
Tier 1 capital ratio | 15.3 | 15.3 | 14.9 | |||||
Total capital ratio | 16.5 | 16.6 | 16.4 | |||||
Leverage-based metrics (1): | ||||||||
Adjusted average assets | $ | 3,168,595 | $ | 3,135,468 | $ | 3,018,318 | ||
Tier 1 leverage ratio | 7.1 % | 7.1 % | 7.1 % | |||||
Supplementary leverage exposure | $ | 3,725,480 | $ | 3,676,365 | $ | 3,554,884 | ||
Supplementary leverage ratio | 6.0 % | 6.1 % | 6.0 % | |||||
Total ending equity to total ending assets ratio | 9.0 | 9.2 | 8.8 | |||||
Common equity ratio | 8.1 | 8.3 | 7.9 | |||||
Tangible equity ratio (2) | 7.0 | 7.1 | 6.7 | |||||
Tangible common equity ratio (2) | 6.1 | 6.2 | 5.8 |
- Regulatory capital ratios at March 31, 2024 are preliminary. The Corporation reports regulatory capital ratios under both the Standardized and Advanced approaches. Capital adequacy is evaluated against the lower of the Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements. The Corporation's binding ratio was the Total capital ratio under the Standardized approach for March 31, 2024 and December 31, 2023, and the Common equity tier 1 ratio under the Standardized approach for March 31, 2023.
- Tangible equity ratio equals period-end tangible shareholders' equity divided by period-end tangible assets. Tangible common equity ratio equals period-end tangible common shareholders' equity divided by period-end tangible assets. Tangible shareholders' equity and tangible assets are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income. (See Exhibit A: Non-GAAP Reconciliations - Reconciliation to GAAP Financial Measures on page 30.)
Current-period information is preliminary and based on company data available at the time of the presentation. | 6 |
Bank of America Corporation and Subsidiaries
Capital Composition under Basel 3
(Dollars in millions) | ||||||||
March 31 | December 31 | March 31 | ||||||
2024 | 2023 | 2023 | ||||||
Total common shareholders' equity | $ | 265,155 | $ | 263,249 | $ | 251,799 | ||
CECL transitional amount (1) | 627 | 1,254 | 1,254 | |||||
Goodwill, net of related deferred tax liabilities | (68,648) | (68,648) | (68,644) | |||||
Deferred tax assets arising from net operating loss and tax credit carryforwards | (8,148) | (7,912) | (7,835) | |||||
Intangibles, other than mortgage servicing rights, net of related deferred tax liabilities | (1,481) | (1,496) | (1,538) | |||||
Defined benefit pension plan net assets, net-of-tax | (775) | (764) | (882) | |||||
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own | 1,584 | |||||||
creditworthiness, net-of-tax | 1,342 | 484 | ||||||
Accumulated net (gain) loss on certain cash flow hedges (2) | 8,449 | 8,025 | 9,886 | |||||
Other | (138) | (122) | (92) | |||||
Common equity tier 1 capital | 196,625 | 194,928 | 184,432 | |||||
Qualifying preferred stock, net of issuance cost | 28,396 | 28,396 | 28,396 | |||||
Other | - | (1) | (3) | |||||
Tier 1 capital | 225,021 | 223,323 | 212,825 | |||||
Tier 2 capital instruments | 14,176 | 15,340 | 17,845 | |||||
Qualifying allowance for credit losses (3) | 13,592 | 12,920 | 12,449 | |||||
Other | (399) | (184) | (376) | |||||
Total capital under the Standardized approach | 252,390 | 251,399 | 242,743 | |||||
Adjustment in qualifying allowance for credit losses under the Advanced approaches (3) | (9,938) | (9,950) | (8,866) | |||||
Total capital under the Advanced approaches | $ | 242,452 | $ | 241,449 | $ | 233,877 | ||
- March 31, 2024, December 31, 2023 and March 31, 2023 include 25 percent, 50 percent and 50 percent of the current expected credit losses (CECL) transition provision's impact as of December 31, 2021, respectively.
- Includes amounts in accumulated other comprehensive income related to the hedging of items that are not recognized at fair value on the Consolidated Balance Sheet.
- Includes the impact of transition provisions related to the CECL accounting standard.
Current-period information is preliminary and based on company data available at the time of the presentation. | 7 |
Bank of America Corporation and Subsidiaries
Quarterly Average Balances and Interest Rates - Fully Taxable-equivalent Basis
(Dollars in millions) | |||||||||||||||||||
First Quarter 2024 | Fourth Quarter 2023 | First Quarter 2023 | |||||||||||||||||
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, | $ 346,463 | $ | 4,531 | 5.26 % | |||||||||||||||
non-U.S. central banks and other banks | $ | 380,362 | $ | 5,050 | 5.27 % | $ | 202,700 | $ | 1,999 | 4.00 % | |||||||||
Time deposits placed and other short-term | 9,728 | 116 | 4.80 | ||||||||||||||||
investments | 8,370 | 115 | 5.48 | 10,581 | 108 | 4.16 | |||||||||||||
Federal funds sold and securities borrowed or | 304,821 | 5,175 | 6.83 | ||||||||||||||||
purchased under agreements to resell | 297,149 | 5,124 | 6.84 | 287,532 | 3,712 | 5.24 | |||||||||||||
Trading account assets | 202,461 | 2,482 | 4.93 | 194,551 | 2,474 | 5.05 | 183,657 | 2,040 | 4.50 | ||||||||||
Debt securities | 842,483 | 6,162 | 2.92 | 802,657 | 5,445 | 2.68 | 851,177 | 5,485 | 2.58 | ||||||||||
Loans and leases (2) | |||||||||||||||||||
Residential mortgage | 227,748 | 1,803 | 3.17 | 228,975 | 1,790 | 3.12 | 229,275 | 1,684 | 2.94 | ||||||||||
Home equity | 25,522 | 390 | 6.14 | 25,756 | 411 | 6.34 | 26,513 | 317 | 4.84 | ||||||||||
Credit card | 99,815 | 2,786 | 11.22 | 100,389 | 2,778 | 10.98 | 91,775 | 2,426 | 10.72 | ||||||||||
Direct/Indirect and other consumer | 103,371 | 1,399 | 5.45 | 103,606 | 1,386 | 5.31 | 105,657 | 1,186 | 4.55 | ||||||||||
Total consumer | 456,456 | 6,378 | 5.61 | 458,726 | 6,365 | 5.52 | 453,220 | 5,613 | 5.00 | ||||||||||
U.S. commercial | 379,566 | 5,236 | 5.55 | 379,215 | 5,176 | 5.42 | 376,852 | 4,471 | 4.81 | ||||||||||
Non-U.S. commercial | 125,024 | 2,170 | 6.98 | 125,371 | 2,208 | 6.99 | 127,003 | 1,778 | 5.68 | ||||||||||
Commercial real estate | 71,986 | 1,311 | 7.33 | 73,140 | 1,351 | 7.33 | 70,591 | 1,144 | 6.57 | ||||||||||
Commercial lease financing | 14,858 | 200 | 5.41 | 14,253 | 184 | 5.14 | 13,686 | 147 | 4.33 | ||||||||||
Total commercial | 591,434 | 8,917 | 6.06 | 591,979 | 8,919 | 5.98 | 588,132 | 7,540 | 5.20 | ||||||||||
Total loans and leases | 1,047,890 | 15,295 | 5.87 | 1,050,705 | 15,284 | 5.78 | 1,041,352 | 13,153 | 5.11 | ||||||||||
Other earning assets | 106,737 | 2,682 | 10.10 | 95,971 | 2,282 | 9.43 | 94,427 | 2,292 | 9.82 | ||||||||||
Total earning assets | 2,860,583 | 36,443 | 5.12 | 2,829,765 | 35,774 | 5.02 | 2,671,426 | 28,789 | 4.36 | ||||||||||
Cash and due from banks | 24,185 | 24,690 | 27,784 | ||||||||||||||||
Other assets, less allowance for loan and lease losses | 362,391 | 358,704 | 396,848 | ||||||||||||||||
Total assets | $3,247,159 | $ | 3,213,159 | $ | 3,096,058 | ||||||||||||||
Interest-bearing liabilities | |||||||||||||||||||
U.S. interest-bearing deposits | |||||||||||||||||||
Demand and money market deposits | $ 956,716 | $ | 5,012 | 2.11 % | $ | 942,561 | $ | 4,868 | 2.05 % | $ | 975,085 | $ | 2,790 | 1.16 % | |||||
Time and savings deposits | 325,765 | 3,059 | 3.78 | 317,971 | 2,846 | 3.55 | 196,984 | 919 | 1.89 | ||||||||||
Total U.S. interest-bearing deposits | 1,282,481 | 8,071 | 2.53 | 1,260,532 | 7,714 | 2.43 | 1,172,069 | 3,709 | 1.28 | ||||||||||
Non-U.S.interest-bearing deposits | 104,373 | 1,067 | 4.11 | 101,766 | 1,010 | 3.94 | 91,603 | 605 | 2.68 | ||||||||||
Total interest-bearing deposits | 1,386,854 | 9,138 | 2.65 | 1,362,298 | 8,724 | 2.54 | 1,263,672 | 4,314 | 1.38 | ||||||||||
Federal funds purchased and securities loaned or sold | 350,507 | 6,026 | 6.92 | ||||||||||||||||
under agreements to repurchase | 329,696 | 5,883 | 7.08 | 256,015 | 3,551 | 5.63 | |||||||||||||
Short-term borrowings and other interest-bearing | 141,091 | 2,509 | 7.15 | ||||||||||||||||
liabilities | 149,273 | 2,506 | 6.67 | 156,887 | 2,629 | 6.79 | |||||||||||||
Trading account liabilities | 51,757 | 546 | 4.24 | 47,294 | 557 | 4.67 | 43,953 | 504 | 4.65 | ||||||||||
Long-term debt | 254,782 | 4,034 | 6.35 | 256,262 | 4,013 | 6.24 | 244,759 | 3,209 | 5.28 | ||||||||||
Total interest-bearing liabilities | 2,184,991 | 22,253 | 4.10 | 2,144,823 | 21,683 | 4.01 | 1,965,286 | 14,207 | 2.93 | ||||||||||
Noninterest-bearing sources | 520,608 | ||||||||||||||||||
Noninterest-bearing deposits | 542,713 | 629,977 | |||||||||||||||||
Other liabilities (3) | 249,049 | 237,005 | 223,543 | ||||||||||||||||
Shareholders' equity | 292,511 | 288,618 | 277,252 | ||||||||||||||||
Total liabilities and shareholders' equity | $3,247,159 | $ | 3,213,159 | $ | 3,096,058 | ||||||||||||||
Net interest spread | 1.02 % | 1.01 % | 1.43 % | ||||||||||||||||
Impact of noninterest-bearing sources | 0.97 | 0.96 | 0.77 | ||||||||||||||||
Net interest income/yield on earning assets (4) | $ | 14,190 | 1.99 % | $ | 14,091 | 1.97 % | $ | 14,582 | 2.20 % | ||||||||||
- Includes the impact of interest rate risk management contracts.
- Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is generally recognized on a cost recovery basis.
- Includes $44.1 billion, $42.3 billion and $37.3 billion of structured notes and liabilities for the first quarter of 2024 and the fourth and first quarters of 2023, respectively.
- Net interest income includes FTE adjustments of $158 million, $145 million and $134 million for the first quarter of 2024 and the fourth and first quarters of 2023, respectively.
Current-period information is preliminary and based on company data available at the time of the presentation. | 8 |
Bank of America Corporation and Subsidiaries
Debt Securities
(Dollars in millions) | |||||||||||
March 31, 2024 | |||||||||||
Gross | Gross | ||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||
Cost | Gains | Losses | Value | ||||||||
Available-for-sale debt securities | |||||||||||
Mortgage-backed securities: | |||||||||||
Agency | $ | 37,971 | $ | 28 | $ | (1,487) | $ | 36,512 | |||
Agency-collateralized mortgage obligations | 2,661 | 8 | (219) | 2,450 | |||||||
Commercial | 10,978 | 66 | (469) | 10,575 | |||||||
Non-agency residential | 310 | 46 | (58) | 298 | |||||||
Total mortgage-backed securities | 51,920 | 148 | (2,233) | 49,835 | |||||||
U.S. Treasury and government agencies | 229,830 | 81 | (1,072) | 228,839 | |||||||
Non-U.S. securities | 21,249 | 23 | (21) | 21,251 | |||||||
Other taxable securities | 3,285 | 2 | (49) | 3,238 | |||||||
Tax-exempt securities | 10,134 | 11 | (235) | 9,910 | |||||||
Total available-for-sale debt securities | 316,418 | 265 | (3,610) | 313,073 | |||||||
Other debt securities carried at fair value (1) | 10,035 | 90 | (79) | 10,046 | |||||||
Total debt securities carried at fair value | 326,453 | 355 | (3,689) | 323,119 | |||||||
Held-to-maturity debt securities | |||||||||||
Agency mortgage-backed securities | 457,841 | - | (88,505) | 369,336 | |||||||
U.S. Treasury and government agencies | 121,658 | - | (19,526) | 102,132 | |||||||
Other taxable securities | 7,400 | - | (1,120) | 6,280 | |||||||
Total held-to-maturity debt securities | 586,899 | - | (109,151) | 477,748 | |||||||
Total debt securities | $ | 913,352 | $ | 355 | $ | (112,840) | $ | 800,867 | |||
December 31, 2023 | |||||||||||
Available-for-sale debt securities | |||||||||||
Mortgage-backed securities: | |||||||||||
Agency | $ | 39,195 | $ | 37 | $ | (1,420) | $ | 37,812 | |||
Agency-collateralized mortgage obligations | 2,739 | 6 | (201) | 2,544 | |||||||
Commercial | 10,909 | 40 | (514) | 10,435 | |||||||
Non-agency residential | 449 | 3 | (70) | 382 | |||||||
Total mortgage-backed securities | 53,292 | 86 | (2,205) | 51,173 | |||||||
U.S. Treasury and government agencies | 179,108 | 19 | (1,461) | 177,666 | |||||||
Non-U.S. securities | 22,868 | 27 | (20) | 22,875 | |||||||
Other taxable securities | 4,910 | 1 | (76) | 4,835 | |||||||
Tax-exempt securities | 10,304 | 17 | (221) | 10,100 | |||||||
Total available-for-sale debt securities | 270,482 | 150 | (3,983) | 266,649 | |||||||
Other debt securities carried at fair value (1) | 10,202 | 56 | (55) | 10,203 | |||||||
Total debt securities carried at fair value | 280,684 | 206 | (4,038) | 276,852 | |||||||
Held-to-maturity debt securities | |||||||||||
Agency mortgage-backed securities | 465,456 | - | (78,930) | 386,526 | |||||||
U.S. Treasury and government agencies | 121,645 | - | (17,963) | 103,682 | |||||||
Other taxable securities | 7,490 | - | (1,101) | 6,389 | |||||||
Total held-to-maturity debt securities | 594,591 | - | (97,994) | 496,597 | |||||||
Total debt securities | $ | 875,275 | $ | 206 | $ | (102,032) | $ | 773,449 |
- Primarily includes non-U.S. securities used to satisfy certain international regulatory requirements.
Current-period information is preliminary and based on company data available at the time of the presentation. | 9 |
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Bank of America Corporation published this content on 16 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 April 2024 10:46:02 UTC.
