BANK OF AMERICA CORP /DE/ (Form: 8-K, Received: 04/01/2019 16:11:38)

As filed with the Securities and Exchange Commission on April 1, 2019

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):

April 1, 2019

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)

(704) 386-5681

(Registrant's telephone number, including area code)

Not Applicable

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

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

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

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

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

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



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).	o



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.	o

ITEM 7.01. REGULATION FD DISCLOSURE.

Effective January 1, 2019, Bank of America Corporation (the “Corporation”) made certain financial reporting changes and reclassifications. These changes and reclassifications were adopted on a retrospective basis. The changes and reclassifications reflect changes to both the format of the Consolidated Statement of Income and segment allocations.

Highlights of the financial reporting changes and reclassifications include:

Format-driven changes:


•	The net interest income and noninterest income sections are presented in fewer line items; the level of detail as historically presented will continue to be included in the Notes to the Consolidated Financial Statements.


•	The noninterest expense section has been updated to enhance its functional alignment, including changes to certain of the captions.

Segment allocation and other changes:


•	Interest expense on structured notes has been reclassified from interest expense to trading account income, consistent with how other changes in the fair value of these instruments are recognized. Further, certain other immaterial reclassifications have been made.


•	The methodologies used for allocating funding costs, credits and expenses related to asset and liability management activities have been further refined, certain financing costs have been reattributed from All Other to Global Wealth & Investment Management and the methodology for allocating certain payroll taxes has been further refined.

Management believes these reporting changes result in a more relevant presentation of the Corporation’s consolidated and business segment results.

Financial information for all prior periods presented herein has been updated to reflect the changes and reclassifications. The Corporation’s consolidated net income as reported for all prior periods in its 2018 Annual Report on Form 10-K is unchanged.

The information in this Form 8-K is being furnished to assist investors in understanding how the Corporation’s results would have been presented in previously filed reports had such financial statements been reported consistent with the changes and reclassifications.

The Revised Supplemental Information to Reflect Certain Financial Reporting Changes, including the Consolidated Statements of Income, Average Balances and Interest Rates schedules, and segment financial information for 2018, 2017 and 2016, and the quarterly periods in 2018 and 2017; and certain other financial information is attached hereto as Exhibit 99.1. This Revised Supplemental Information to Reflect Certain Financial Reporting Changes is being furnished pursuant to Item 7.01, and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall the Revised Supplemental Information be deemed incorporated by reference into any filings under the Securities Act of 1933, as amended.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.

Exhibit 99.1 is furnished herewith.




EXHIBIT NO.		DESCRIPTION OF EXHIBIT

99.1		Revised Supplemental Information to Reflect Certain Financial Reporting Changes

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: April 1, 2019

Revised Supplemental Information

to Reflect Certain Financial Reporting Changes

This information is preliminary and based on company data available at the time of the Form 8-K filing. 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.



Bank of America Corporation and Subsidiaries
Table of Contents		Page


Consolidated Financial Highlights		2
Consolidated Statement of Income		3
Net Interest Income and Noninterest Income		4
Quarterly Average Balances and Interest Rates		5
Annual Average Balances and Interest Rates		11
Supplemental Financial Data		13
Estimated Banking Book Net Interest Income Sensitivity to Curve Changes		13
Quarterly Results by Business Segment and All Other		14
Annual Results by Business Segment and All Other		18
Consumer Banking
Total Segment Results		20
Business Results		21
Global Wealth & Investment Management
Total Segment Results		24
Global Banking
Total Segment Results		25
Global Markets
Total Segment Results		26
All Other
Total Results		27

Exhibit A: Non-GAAP Reconciliations		28


Description of Financial Reporting Changes and Reclassifications Effective January 1, 2019, Bank of America Corporation (the “Corporation”) made certain financial reporting changes and reclassifications. These changes and reclassifications were adopted on a retrospective basis. The changes and reclassifications reflect changes to both the format of the Consolidated Statement of Income and segment allocations. Highlights of the financial reporting changes and reclassifications include: Format-driven changes:
•	The net interest income and noninterest income sections are presented in fewer line items; the level of detail as historically presented will continue to be included in the Notes to the Consolidated Financial Statements and is also included on page 4.
•	The noninterest expense section has been updated to enhance its functional alignment, including changes to certain of the captions.
Segment allocation and other changes:
•	Interest expense on structured notes has been reclassified from interest expense to trading account income, consistent with how other changes in the fair value of these instruments are recognized. Further, certain other immaterial reclassifications have been made.
•	The methodologies used for allocating funding costs, credits and expenses related to asset and liability management (ALM) activities have been further refined, certain financing costs have been reattributed from All Other to Global Wealth & Investment Management ( GWIM ) and the methodology for allocating certain payroll taxes has been further refined.
Management believes these reporting changes result in a more relevant presentation of the Corporation’s consolidated and business segment results. Financial information for all prior periods presented herein has been updated to reflect the changes and reclassifications. The Corporation’s consolidated net income as reported for all prior periods in its 2018 Annual Report on Form 10-K is unchanged. 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 14-19 are reported on an FTE basis.



Bank of America Corporation and Subsidiaries
Consolidated Financial Highlights
(In millions, except per share information)
	Year Ended December 31									Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017			Third Quarter 2017			Second Quarter 2017			First Quarter 2017
	2018			2017			2016
Income statement
Net interest income	$	48,162		$	45,239		$	41,486		$	12,504		$	12,061		$	11,828		$	11,769		$	11,618		$	11,300		$	11,135		$	11,186
Noninterest income	42,858			41,887			42,012			10,173			10,663			10,721			11,301			8,763			10,479			11,637			11,008
Total revenue, net of interest expense	91,020			87,126			83,498			22,677			22,724			22,549			23,070			20,381			21,779			22,772			22,194
Provision for credit losses	3,282			3,396			3,597			905			716			827			834			1,001			834			726			835
Noninterest expense	53,154			54,517			54,880			13,074			13,014			13,224			13,842			13,219			13,334			13,925			14,039
Income tax expense	6,437			10,981			7,199			1,420			1,827			1,714			1,476			3,796			2,187			3,015			1,983
Net income	28,147			18,232			17,822			7,278			7,167			6,784			6,918			2,365			5,424			5,106			5,337
Preferred stock dividends	1,451			1,614			1,682			239			466			318			428			286			465			361			502
Net income applicable to common shareholders	26,696			16,618			16,140			7,039			6,701			6,466			6,490			2,079			4,959			4,745			4,835
Diluted earnings per common share	2.61			1.56			1.49			0.70			0.66			0.63			0.62			0.20			0.46			0.44			0.45
Average diluted common shares issued and outstanding	10,236.9			10,778.4			11,046.8			9,996.0			10,170.8			10,309.4			10,472.7			10,621.8			10,746.7			10,834.8			10,919.7
Dividends paid per common share	$	0.54		$	0.39		$	0.25		$	0.15		$	0.15		$	0.12		$	0.12		$	0.12		$	0.12		$	0.075		$	0.075

Performance ratios
Return on average assets	1.21		%	0.80		%	0.81		%	1.24		%	1.23		%	1.17		%	1.21		%	0.41		%	0.95		%	0.90		%	0.97		%
Return on average common shareholders’ equity	11.04			6.72			6.69			11.57			10.99			10.75			10.85			3.29			7.89			7.75			8.09
Return on average shareholders’ equity	10.63			6.72			6.70			10.95			10.74			10.26			10.57			3.43			7.88			7.56			8.09
Return on average tangible common shareholders’ equity ⁽¹⁾	15.55			9.41			9.51			16.29			15.48			15.15			15.26			4.56			10.98			10.87			11.44
Return on average tangible shareholders’ equity ⁽¹⁾	14.46			9.08			9.17			14.90			14.61			13.95			14.37			4.62			10.59			10.23			11.01
Efficiency ratio	58.40			62.57			65.72			57.65			57.27			58.65			60.00			64.86			61.23			61.15			63.25


At period end
Book value per share of common stock	$	25.13		$	23.80		$	23.97		$	25.13		$	24.33		$	24.07		$	23.74		$	23.80		$	23.87		$	24.85		$	24.34
Tangible book value per share of common stock ⁽¹⁾	17.91			16.96			16.89			17.91			17.23			17.07			16.84			16.96			17.18			17.75			17.22
Market capitalization	238,251			303,681			222,163			238,251			290,424			282,259			305,176			303,681			264,992			239,643			235,291
Number of financial centers - U.S.	4,341			4,477			4,582			4,341			4,385			4,433			4,452			4,477			4,515			4,546			4,562
Number of branded ATMs - U.S.	16,255			16,039			15,928			16,255			16,089			16,050			16,011			16,039			15,973			15,972			15,939
Headcount	204,489			209,376			210,673			204,489			204,681			207,992			207,953			209,376			209,839			210,904			210,533

⁽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 28.)



This 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 December 31						Fourth Quarter 2018		Third Quarter 2018		Second Quarter 2018		First Quarter 2018		Fourth Quarter 2017			Third Quarter 2017		Second Quarter 2017		First Quarter 2017
	2018		2017		2016		Fourth Quarter 2018		Third Quarter 2018		Second Quarter 2018		First Quarter 2018		Fourth Quarter 2017			Third Quarter 2017		Second Quarter 2017		First Quarter 2017
Net interest income
Interest income	$	66,769	$	57,579	$	51,057	$	17,836	$	16,965	$	16,369	$	15,599	$	15,066		$	14,657	$	14,146	$	13,710
Interest expense	18,607		12,340		9,571		5,332		4,904		4,541		3,830		3,448			3,357		3,011		2,524
Net interest income	48,162		45,239		41,486		12,504		12,061		11,828		11,769		11,618			11,300		11,135		11,186

Noninterest income
Fees and commissions	33,078		33,341		31,876		8,345		8,076		8,317		8,340		8,395			8,251		8,381		8,314
Trading account income	7,869		6,770		6,582		1,448		1,717		2,151		2,553		1,012			1,714		1,824		2,220
Other income (loss)	1,911		1,776		3,554		380		870		253		408		(644		)	514		1,432		474
Total noninterest income	42,858		41,887		42,012		10,173		10,663		10,721		11,301		8,763			10,479		11,637		11,008
Total revenue, net of interest expense	91,020		87,126		83,498		22,677		22,724		22,549		23,070		20,381			21,779		22,772		22,194

Provision for credit losses	3,282		3,396		3,597		905		716		827		834		1,001			834		726		835

Noninterest expense
Compensation and benefits	31,880		31,931		32,018		7,735		7,721		7,944		8,480		7,605			7,811		8,040		8,475
Occupancy and equipment	6,380		6,264		6,395		1,593		1,589		1,591		1,607		1,572			1,554		1,564		1,574
Information processing and communications	4,555		4,530		4,447		1,156		1,113		1,121		1,165		1,132			1,120		1,120		1,158
Product delivery and transaction related	2,857		3,041		2,970		708		687		706		756		783			753		746		759
Professional fees	1,699		1,888		1,971		480		439		399		381		471			476		485		456
Marketing	1,674		1,746		1,703		513		421		395		345		511			461		442		332
Other general operating	4,109		5,117		5,376		889		1,044		1,068		1,108		1,145			1,159		1,528		1,285
Total noninterest expense	53,154		54,517		54,880		13,074		13,014		13,224		13,842		13,219			13,334		13,925		14,039
Income before income taxes	34,584		29,213		25,021		8,698		8,994		8,498		8,394		6,161			7,611		8,121		7,320
Income tax expense	6,437		10,981		7,199		1,420		1,827		1,714		1,476		3,796			2,187		3,015		1,983
Net income	$	28,147	$	18,232	$	17,822	$	7,278	$	7,167	$	6,784	$	6,918	$	2,365		$	5,424	$	5,106	$	5,337
Preferred stock dividends	1,451		1,614		1,682		239		466		318		428		286			465		361		502
Net income applicable to common shareholders	$	26,696	$	16,618	$	16,140	$	7,039	$	6,701	$	6,466	$	6,490	$	2,079		$	4,959	$	4,745	$	4,835

Per common share information
Earnings	$	2.64	$	1.63	$	1.57	$	0.71	$	0.67	$	0.64	$	0.63	$	0.20		$	0.49	$	0.47	$	0.48
Diluted earnings	2.61		1.56		1.49		0.70		0.66		0.63		0.62		0.20			0.46		0.44		0.45
Average common shares issued and outstanding	10,096.5		10,195.6		10,284.1		9,855.8		10,031.6		10,181.7		10,322.4		10,470.7			10,197.9		10,013.5		10,099.6
Average diluted common shares issued and outstanding	10,236.9		10,778.4		11,046.8		9,996.0		10,170.8		10,309.4		10,472.7		10,621.8			10,746.7		10,834.8		10,919.7



This 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 December 31						Fourth Quarter 2018		Third Quarter 2018		Second Quarter 2018		First Quarter 2018		Fourth Quarter 2017			Third Quarter 2017		Second Quarter 2017		First Quarter 2017
	2018		2017		2016
Net interest income
Interest income
Loans and leases	$	40,811	$	36,221	$	33,228	$	10,716	$	10,401	$	10,071	$	9,623	$	9,344		$	9,203	$	8,920	$	8,754
Debt securities	11,724		10,471		9,167		3,078		2,986		2,856		2,804		2,707			2,629		2,594		2,541
Federal funds sold and securities borrowed or purchased under agreements to resell	3,176		2,390		1,118		1,046		799		709		622		732			659		560		439
Trading account assets	4,811		4,474		4,423		1,305		1,172		1,198		1,136		1,144			1,091		1,163		1,076
Other interest income	6,247		4,023		3,121		1,691		1,607		1,535		1,414		1,139			1,075		909		900
Total interest income	66,769		57,579		51,057		17,836		16,965		16,369		15,599		15,066			14,657		14,146		13,710

Interest expense
Deposits	4,495		1,931		1,015		1,562		1,230		943		760		679			624		346		282
Short-term borrowings	5,839		3,538		2,350		1,716		1,526		1,462		1,135		1,030			944		917		647
Trading account liabilities	1,358		1,204		1,018		318		335		348		357		314			319		307		264
Long-term debt	6,915		5,667		5,188		1,736		1,813		1,788		1,578		1,425			1,470		1,441		1,331
Total interest expense	18,607		12,340		9,571		5,332		4,904		4,541		3,830		3,448			3,357		3,011		2,524
Net interest income	$	48,162	$	45,239	$	41,486	$	12,504	$	12,061	$	11,828	$	11,769	$	11,618		$	11,300	$	11,135	$	11,186

Noninterest income
Fees and commissions
Card income
Interchange fees ⁽¹⁾	$	3,866	$	3,777	$	3,925	$	1,016	$	925	$	1,011	$	914	$	1,004		$	881	$	949	$	943
Other card income	1,958		1,899		1,723		506		492		472		488		496			488		463		452
Total card income	5,824		5,676		5,648		1,522		1,417		1,483		1,402		1,500			1,369		1,412		1,395
Service charges
Deposit-related fees	6,667		6,708		6,545		1,659		1,682		1,680		1,646		1,668			1,691		1,696		1,653
Lending-related fees	1,100		1,110		1,093		272		279		274		275		287			277		281		265
Total service charges	7,767		7,818		7,638		1,931		1,961		1,954		1,921		1,955			1,968		1,977		1,918
Investment and brokerage services
Asset management fees	10,189		9,310		8,328		2,536		2,576		2,513		2,564		2,455			2,367		2,288		2,200
Brokerage fees	3,971		4,526		5,021		1,008		918		945		1,100		1,067			1,070		1,172		1,217
Total investment and brokerage services	14,160		13,836		13,349		3,544		3,494		3,458		3,664		3,522			3,437		3,460		3,417
Investment banking fees
Underwriting income	2,722		2,821		2,585		562		701		719		740		635			698		709		779
Syndication fees	1,347		1,499		1,388		390		241		400		316		354			405		340		400
Financial advisory services	1,258		1,691		1,268		396		262		303		297		429			374		483		405
Total investment banking fees	5,327		6,011		5,241		1,348		1,204		1,422		1,353		1,418			1,477		1,532		1,584
Total fees and commissions	33,078		33,341		31,876		8,345		8,076		8,317		8,340		8,395			8,251		8,381		8,314
Trading account income	7,869		6,770		6,582		1,448		1,717		2,151		2,553		1,012			1,714		1,824		2,220
Other income	1,911		1,776		3,554		380		870		253		408		(644		)	514		1,432		474
Total noninterest income	$	42,858	$	41,887	$	42,012	$	10,173	$	10,663	$	10,721	$	11,301	$	8,763		$	10,479	$	11,637	$	11,008

⁽¹⁾

Gross interchange fees were $9.5 billion , $8.8 billion and $8.3 billion for 2018, 2017 and 2016, respectively, and are presented net of $5.6 billion , $5.1 billion and $4.4 billion of expenses for rewards and partner payments for the same periods. Gross interchange fees were $2.5 billion , $2.4 billion , $2.4 billion , $2.2 billion , $2.3 billion , $2.2 billion , $2.2 billion and $2.1 billion for the fourth, third, second and first quarters of 2018 and the fourth, third, second and first quarters of 2017, respectively, and are presented net of $1.5 billion , $1.5 billion , $1.4 billion , $1.3 billion , $1.3 billion , $1.3 billion , $1.3 billion and $1.1 billion of expenses for rewards and partner payments for the same periods.



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



Bank of America Corporation and Subsidiaries
Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis
(Dollars in millions)
	Fourth Quarter 2018						Third Quarter 2018						Second Quarter 2018
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Earning assets
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks	$	129,814	$	494	1.51	%	$	144,411	$	523	1.44	%	$	144,983	$	487	1.35	%
Time deposits placed and other short-term investments	8,691		59		2.72		8,328		48		2.26		10,015		48		1.91
Federal funds sold and securities borrowed or purchased under agreements to resell	263,626		1,046		1.57		241,426		799		1.31		251,880		709		1.13
Trading account assets	138,046		1,327		3.82		128,896		1,195		3.68		132,799		1,232		3.72
Debt securities	440,967		3,108		2.76		445,813		3,014		2.66		429,191		2,885		2.64
Loans and leases ⁽¹⁾ :
Residential mortgage	209,646		1,857		3.54		209,460		1,857		3.54		206,083		1,798		3.49
Home equity	50,757		634		4.96		53,050		656		4.91		54,863		640		4.68
U.S. credit card	95,766		2,533		10.49		94,710		2,435		10.20		93,531		2,298		9.86
Direct/Indirect and other consumer	91,458		823		3.57		91,828		787		3.40		93,620		766		3.28
Total consumer	447,627		5,847		5.20		449,048		5,735		5.08		448,097		5,502		4.92
U.S. commercial	308,557		3,203		4.12		303,680		3,034		3.97		305,372		2,983		3.92
Non-U.S. commercial	95,937		835		3.45		96,019		831		3.43		99,255		816		3.30
Commercial real estate	60,876		703		4.59		60,754		682		4.45		60,653		646		4.27
Commercial lease financing	21,724		182		3.36		21,235		173		3.25		21,441		168		3.14
Total commercial	487,094		4,923		4.01		481,688		4,720		3.89		486,721		4,613		3.80
Total loans and leases	934,721		10,770		4.58		930,736		10,455		4.46		934,818		10,115		4.34
Other earning assets	70,869		1,187		6.65		72,827		1,082		5.91		78,244		1,047		5.36
Total earning assets ⁽²⁾	1,986,734		17,991		3.60		1,972,437		17,116		3.45		1,981,930		16,523		3.34
Cash and due from banks	26,081						25,639						25,329
Other assets, less allowance for loan and lease losses	321,771						319,753						315,419
Total assets	$	2,334,586					$	2,317,829					$	2,322,678


⁽¹⁾	Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is generally recognized on a cost recovery basis. Purchased credit-impaired loans are recorded at fair value upon acquisition and accrete interest income over the estimated life of the loan.


⁽²⁾	The impact of interest rate risk management derivatives on interest income is presented below. Interest income includes the impact of interest rate risk management contracts, which increased (decreased) interest income on:



	Fourth Quarter 2018				Third Quarter 2018				Second Quarter 2018
Federal funds sold and securities borrowed or purchased under agreements to resell		$	(61	)		$	(52	)		$	(39	)
Debt securities		13				3				—
U.S. commercial loans and leases		(10		)		(8		)		(10		)
Net hedge expense on assets		$	(58	)		$	(57	)		$	(49	)



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



Bank of America Corporation and Subsidiaries
Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis (continued)
(Dollars in millions)
	Fourth Quarter 2018						Third Quarter 2018						Second Quarter 2018
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Interest-bearing liabilities
U.S. interest-bearing deposits:
Savings	$	52,523	$	2	0.01	%	$	53,929	$	1	0.01	%	$	55,734	$	2	0.01	%
NOW and money market deposit accounts	701,697		957		0.54		680,285		737		0.43		664,002		536		0.32
Consumer CDs and IRAs	38,899		48		0.49		39,160		40		0.41		39,953		36		0.36
Negotiable CDs, public funds and other deposits	62,719		362		2.29		54,192		275		2.01		44,539		197		1.78
Total U.S. interest-bearing deposits	855,838		1,369		0.63		827,566		1,053		0.50		804,228		771		0.38
Non-U.S. interest-bearing deposits:
Banks located in non-U.S. countries	2,321		7		1.14		2,353		12		2.06		2,329		11		1.89
Governments and official institutions	275		—		0.04		709		—		0.01		1,113		—		0.01
Time, savings and other	64,599		186		1.14		63,179		165		1.04		65,326		161		0.99
Total non-U.S. interest-bearing deposits	67,195		193		1.14		66,241		177		1.07		68,768		172		1.00
Total interest-bearing deposits	923,033		1,562		0.67		893,807		1,230		0.55		872,996		943		0.43
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities	262,497		1,716		2.60		264,168		1,526		2.30		272,777		1,462		2.15
Trading account liabilities	45,329		318		2.79		50,904		335		2.60		52,228		348		2.67
Long-term debt	201,056		1,736		3.44		203,239		1,813		3.55		199,448		1,788		3.59
Total interest-bearing liabilities ⁽¹⁾	1,431,915		5,332		1.48		1,412,118		4,904		1.38		1,397,449		4,541		1.30
Noninterest-bearing sources:
Noninterest-bearing deposits	421,918						422,538						427,663
Other liabilities ⁽²⁾	217,055						218,520						232,385
Shareholders’ equity	263,698						264,653						265,181
Total liabilities and shareholders’ equity	$	2,334,586					$	2,317,829					$	2,322,678
Net interest spread					2.12	%					2.07	%					2.04	%
Impact of noninterest-bearing sources					0.40						0.38						0.37
Net interest income/yield on earning assets ⁽³⁾			$	12,659	2.52	%			$	12,212	2.45	%			$	11,982	2.41	%


⁽¹⁾	The impact of interest rate risk management derivatives on interest expense is presented below. Interest expense includes the impact of interest rate risk management contracts, which increased (decreased) interest expense on:



	Fourth Quarter 2018				Third Quarter 2018			Second Quarter 2018
NOW and money market deposit accounts		$	—			$	1		$	(1	)
Consumer CDs and IRAs		6				5			6
Negotiable CDs, public funds and other deposits		3				2			4
Banks located in non-U.S. countries		4				6			4
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities		11				30			30
Long-term debt		(51		)		24			(10		)
Net hedge (income) expense on liabilities		$	(27	)		$	68		$	33


⁽²⁾	Includes $29.6 billion , $30.3 billion and $29.7 billion of structured notes liabilities for the fourth, third and second quarters of 2018, respectively.


⁽³⁾	Net interest income includes FTE adjustments of $155 million , $151 million and $154 million for the fourth, third and second quarters of 2018, respectively.



This 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 (continued)
(Dollars in millions)
	First Quarter 2018						Fourth Quarter 2017						Third Quarter 2017
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Earning assets
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks	$	140,247	$	422	1.22	%	$	128,708	$	336	1.04	%	$	127,835	$	323	1.00	%
Time deposits placed and other short-term investments	10,786		61		2.31		12,979		68		2.06		12,503		68		2.17
Federal funds sold and securities borrowed or purchased under agreements to resell	248,320		622		1.02		224,490		528		0.93		223,585		487		0.86
Trading account assets	131,123		1,147		3.54		130,370		1,183		3.61		124,068		1,125		3.60
Debt securities	433,096		2,830		2.58		441,624		2,751		2.48		436,886		2,670		2.44
Loans and leases ⁽¹⁾ :
Residential mortgage	204,830		1,782		3.48		202,155		1,749		3.46		199,240		1,724		3.46
Home equity	56,952		643		4.56		59,059		641		4.32		61,225		664		4.31
U.S. credit card	94,423		2,313		9.93		93,531		2,299		9.75		91,602		2,253		9.76
Direct/Indirect and other consumer	95,292		728		3.10		96,113		724		2.99		96,272		706		2.91
Total consumer	451,497		5,466		4.89		450,858		5,413		4.78		448,339		5,347		4.74
U.S. commercial	299,850		2,717		3.68		297,851		2,598		3.46		293,203		2,542		3.44
Non-U.S. commercial	99,504		738		3.01		98,692		680		2.73		95,725		676		2.80
Commercial real estate	59,231		587		4.02		58,983		571		3.84		59,044		552		3.71
Commercial lease financing	21,833		175		3.20		21,406		159		2.98		21,818		160		2.92
Total commercial	480,418		4,217		3.56		476,932		4,008		3.34		469,790		3,930		3.32
Total loans and leases	931,915		9,683		4.20		927,790		9,421		4.04		918,129		9,277		4.02
Other earning assets	84,345		984		4.72		84,087		901		4.25		76,496		849		4.41
Total earning assets ⁽²⁾	1,979,832		15,749		3.21		1,950,048		15,188		3.09		1,919,502		14,799		3.06
Cash and due from banks	26,275						28,114						28,990
Other assets, less allowance for loan and lease losses	319,771						323,525						322,612
Total assets	$	2,325,878					$	2,301,687					$	2,271,104


⁽¹⁾	Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is generally recognized on a cost recovery basis. Purchased credit-impaired loans are recorded at fair value upon acquisition and accrete interest income over the estimated life of the loan.


⁽²⁾	The impact of interest rate risk management derivatives on interest income is presented below. Interest income includes the impact of interest rate risk management contracts, which increased (decreased) interest income on:



	First Quarter 2018				Fourth Quarter 2017				Third Quarter 2017
Federal funds sold and securities borrowed or purchased under agreements to resell		$	5			$	16			$	8
Debt securities		(3		)		(2		)		(5		)
U.S. commercial loans and leases		(9		)		(10		)		(10		)
Net hedge expense on assets		$	(7	)		$	4			$	(7	)



This 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 (continued)
(Dollars in millions)
	First Quarter 2018						Fourth Quarter 2017						Third Quarter 2017
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Interest-bearing liabilities
U.S. interest-bearing deposits:
Savings	$	54,747	$	1	0.01	%	$	54,090	$	1	0.01	%	$	54,328	$	1	0.01	%
NOW and money market deposit accounts	659,033		406		0.25		645,639		361		0.22		631,270		333		0.21
Consumer CDs and IRAs	41,313		33		0.33		42,595		29		0.28		44,239		31		0.27
Negotiable CDs, public funds and other deposits	40,639		157		1.56		39,200		133		1.35		38,119		101		1.05
Total U.S. interest-bearing deposits	795,732		597		0.30		781,524		524		0.27		767,956		466		0.24
Non-U.S. interest-bearing deposits:
Banks located in non-U.S. countries	2,243		9		1.67		1,844		5		0.96		2,259		5		0.97
Governments and official institutions	1,154		—		0.02		1,016		3		1.06		1,012		3		1.04
Time, savings and other	67,334		154		0.92		67,252		147		0.87		63,716		150		0.93
Total non-U.S. interest-bearing deposits	70,731		163		0.93		70,112		155		0.88		66,987		158		0.93
Total interest-bearing deposits	866,463		760		0.36		851,636		679		0.32		834,943		624		0.30
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities	279,801		1,135		1.64		272,733		901		1.31		270,364		846		1.24
Trading account liabilities	55,362		357		2.62		49,643		314		2.51		48,390		319		2.62
Long-term debt	197,787		1,578		3.22		196,314		1,425		2.89		197,139		1,470		2.97
Total interest-bearing liabilities ⁽¹⁾	1,399,413		3,830		1.11		1,370,326		3,319		0.96		1,350,836		3,259		0.96
Noninterest-bearing sources:
Noninterest-bearing deposits	430,805						441,936						436,768
Other liabilities ⁽²⁾	230,180						216,263						210,262
Shareholders’ equity	265,480						273,162						273,238
Total liabilities and shareholders’ equity	$	2,325,878					$	2,301,687					$	2,271,104
Net interest spread					2.10	%					2.13	%					2.10	%
Impact of noninterest-bearing sources					0.32						0.29						0.29
Net interest income/yield on earning assets ⁽³⁾			$	11,919	2.42	%			$	11,869	2.42	%			$	11,540	2.39	%


⁽¹⁾	The impact of interest rate risk management derivatives on interest expense is presented below. Interest expense includes the impact of interest rate risk management contracts, which increased (decreased) interest expense on:



	First Quarter 2018				Fourth Quarter 2017				Third Quarter 2017
Consumer CDs and IRAs		5				5				6
Negotiable CDs, public funds and other deposits		3				3				3
Banks located in non-U.S. countries		5				5				5
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities		29				30				33
Long-term debt		(246		)		(379		)		(393		)
Net hedge (income) expense on liabilities		$	(204	)		$	(336	)		$	(346	)


⁽²⁾	Includes $31.9 billion , $31.4 billion and $30.3 billion of structured notes liabilities for the first quarter of 2018 and the fourth and third quarters of 2017, respectively.


⁽³⁾	Net interest income includes FTE adjustments of $150 million , $251 million and $240 million for the first quarter of 2018 and the fourth and third quarters of 2017, respectively.



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



Bank of America Corporation and Subsidiaries
Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis (continued)
(Dollars in millions)
	Second Quarter 2017						First Quarter 2017
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Earning assets
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks	$	129,201	$	261	0.81	%	$	123,921	$	202	0.66	%
Time deposits placed and other short-term investments	11,448		58		2.03		11,497		47		1.65
Federal funds sold and securities borrowed or purchased under agreements to resell	226,700		435		0.77		216,402		356		0.67
Trading account assets	135,931		1,199		3.54		125,661		1,111		3.58
Debt securities	431,132		2,632		2.44		430,234		2,573		2.38
Loans and leases ⁽¹⁾ :
Residential mortgage	195,935		1,697		3.46		193,627		1,661		3.44
Home equity	63,332		664		4.20		65,508		639		3.94
U.S. credit card	89,464		2,128		9.54		89,628		2,111		9.55
Non-U.S. credit card ⁽²⁾	6,494		147		9.08		9,367		211		9.15
Direct/Indirect and other consumer	95,775		669		2.80		95,838		635		2.68
Total consumer	451,000		5,305		4.71		453,968		5,257		4.68
U.S. commercial	291,162		2,403		3.31		287,468		2,222		3.14
Non-U.S. commercial	92,708		615		2.66		92,821		595		2.60
Commercial real estate	58,198		514		3.54		57,764		479		3.36
Commercial lease financing	21,649		156		2.89		22,123		231		4.17
Total commercial	463,717		3,688		3.19		460,176		3,527		3.11
Total loans and leases	914,717		8,993		3.94		914,144		8,784		3.88
Other earning assets	73,618		713		3.88		73,514		760		4.19
Total earning assets ⁽³⁾	1,922,747		14,291		2.98		1,895,373		13,833		2.96
Cash and due from banks	27,659						27,196
Other assets, less allowance for loan and lease losses	318,887						309,080
Total assets	$	2,269,293					$	2,231,649


⁽¹⁾	Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is generally recognized on a cost recovery basis. Purchased credit-impaired loans are recorded at fair value upon acquisition and accrete interest income over the estimated life of the loan.


⁽²⁾	Includes assets of the Corporation's non-U.S. consumer credit card business, which was sold during the second quarter of 2017.


⁽³⁾	The impact of interest rate risk management derivatives on interest income is presented below. Interest income includes the impact of interest rate risk management contracts, which increased (decreased) interest income on:



	Second Quarter 2017				First Quarter 2017
Federal funds sold and securities borrowed or purchased under agreements to resell		$	10			$	15
Debt securities		(25		)		(22		)
U.S. commercial loans and leases		(9		)		(10		)
Net hedge expense on assets		$	(24	)		$	(17	)



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



Bank of America Corporation and Subsidiaries
Quarterly Average Balances and Interest Rates – Fully Taxable-equivalent Basis (continued)
(Dollars in millions)
	Second Quarter 2017						First Quarter 2017
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Interest-bearing liabilities
U.S. interest-bearing deposits:
Savings	$	54,494	$	2	0.01	%	$	52,193	$	1	0.01	%
NOW and money market deposit accounts	619,593		105		0.07		617,749		74		0.05
Consumer CDs and IRAs	45,682		30		0.27		46,711		31		0.27
Negotiable CDs, public funds and other deposits	36,041		68		0.75		33,695		52		0.63
Total U.S. interest-bearing deposits	755,810		205		0.11		750,348		158		0.09
Non-U.S. interest-bearing deposits:
Banks located in non-U.S. countries	3,058		6		0.77		2,616		5		0.76
Governments and official institutions	981		2		0.90		1,013		2		0.81
Time, savings and other	60,047		133		0.89		58,418		117		0.81
Total non-U.S. interest-bearing deposits	64,086		141		0.89		62,047		124		0.81
Total interest-bearing deposits	819,896		346		0.17		812,395		282		0.14
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities	288,726		825		1.14		268,079		573		0.87
Trading account liabilities	45,156		307		2.73		38,731		264		2.76
Long-term debt	194,508		1,441		2.97		191,490		1,331		2.80
Total interest-bearing liabilities ⁽¹⁾	1,348,286		2,919		0.87		1,310,695		2,450		0.76
Noninterest-bearing sources:
Noninterest-bearing deposits	436,942						444,237
Other liabilities ⁽²⁾	213,088						209,017
Shareholders’ equity	270,977						267,700
Total liabilities and shareholders’ equity	$	2,269,293					$	2,231,649
Net interest spread					2.11	%					2.20	%
Impact of noninterest-bearing sources					0.26						0.22
Net interest income/yield on earning assets ⁽³⁾			$	11,372	2.37	%			$	11,383	2.42	%


⁽¹⁾	The impact of interest rate risk management derivatives on interest expense is presented below. Interest expense includes the impact of interest rate risk management contracts, which increased (decreased) interest expense on:



	Second Quarter 2017				First Quarter 2017
NOW and money market deposit accounts		$	(1	)		$	—
Consumer CDs and IRAs		5				6
Negotiable CDs, public funds and other deposits		4				3
Banks located in non-U.S. countries		4				5
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities		88				92
Long-term debt		(426		)		(530		)
Net hedge (income) expense on liabilities		$	(326	)		$	(424	)


⁽²⁾	Includes $29.6 billion and $30.0 billion of structured notes liabilities for the second and first quarters of 2017, respectively.


⁽³⁾	Net interest income includes FTE adjustments of $237 million and $197 million for the second and first quarters of 2017, respectively.



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



Bank of America Corporation and Subsidiaries
Annual Average Balances and Interest Rates – Fully Taxable-equivalent Basis
(Dollars in millions)
	2018						2017						2016
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Earning assets
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks	$	139,848	$	1,926	1.38	%	$	127,431	$	1,122	0.88	%	$	133,374	$	605	0.45	%
Time deposits placed and other short-term investments	9,446		216		2.29		12,112		241		1.99		9,026		140		1.55
Federal funds sold and securities borrowed or purchased under agreements to resell	251,328		3,176		1.26		222,818		1,806		0.81		216,161		967		0.45
Trading account assets	132,724		4,901		3.69		129,007		4,618		3.58		129,766		4,563		3.52
Debt securities	437,312		11,837		2.66		435,005		10,626		2.44		418,289		9,263		2.23
Loans and leases ⁽¹⁾ :
Residential mortgage	207,523		7,294		3.51		197,766		6,831		3.45		188,250		6,488		3.45
Home equity	53,886		2,573		4.77		62,260		2,608		4.19		71,760		2,713		3.78
U.S. credit card	94,612		9,579		10.12		91,068		8,791		9.65		87,905		8,170		9.29
Non-U.S. credit card ⁽²⁾	—		—		—		3,929		358		9.12		9,527		926		9.72
Direct/Indirect and other consumer	93,036		3,104		3.34		96,002		2,734		2.85		94,148		2,371		2.52
Total consumer	449,057		22,550		5.02		451,025		21,322		4.73		451,590		20,668		4.58
U.S. commercial	304,387		11,937		3.92		292,452		9,765		3.34		276,887		8,101		2.93
Non-U.S. commercial	97,664		3,220		3.30		95,005		2,566		2.70		93,263		2,337		2.51
Commercial real estate	60,384		2,618		4.34		58,502		2,116		3.62		57,547		1,773		3.08
Commercial lease financing	21,557		698		3.24		21,747		706		3.25		21,146		627		2.97
Total commercial	483,992		18,473		3.82		467,706		15,153		3.24		448,843		12,838		2.86
Total loans and leases ⁽²⁾	933,049		41,023		4.40		918,731		36,475		3.97		900,433		33,506		3.72
Other earning assets	76,524		4,300		5.62		76,957		3,224		4.19		59,775		2,496		4.18
Total earning assets ⁽³⁾	1,980,231		67,379		3.40		1,922,061		58,112		3.02		1,866,824		51,540		2.76
Cash and due from banks	25,830						27,995						27,893
Other assets, less allowance for loan and lease losses	319,185						318,577						295,501
Total assets	$	2,325,246					$	2,268,633					$	2,190,218


⁽¹⁾	Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is generally recognized on a cost recovery basis. Purchased credit-impaired loans are recorded at fair value upon acquisition and accrete interest income over the estimated life of the loan.


⁽²⁾	The 2017 and 2016 amounts include assets of the Corporation’s non-U.S. consumer credit card business, which was sold during the second quarter of 2017.


⁽³⁾	The impact of interest rate risk management derivatives on interest income is presented below. Interest income includes the impact of interest rate risk management contracts, which increased (decreased) interest income on:



	2018				2017				2016
Federal funds sold and securities borrowed or purchased under agreements to resell		$	(147	)		$	49			$	25
Debt securities		13				(54		)		(150		)
U.S. commercial loans and leases		(37		)		(39		)		(51		)
Net hedge expense on assets		$	(171	)		$	(44	)		$	(176	)



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



Bank of America Corporation and Subsidiaries
Annual Average Balances and Interest Rates – Fully Taxable-equivalent Basis (continued)
(Dollars in millions)
	2018						2017						2016
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Interest-bearing liabilities
U.S. interest-bearing deposits:
Savings	$	54,226	$	6	0.01	%	$	53,783	$	5	0.01	%	$	49,495	$	5	0.01	%
NOW and money market deposit accounts	676,382		2,636		0.39		628,647		873		0.14		589,737		294		0.05
Consumer CDs and IRAs	39,823		157		0.39		44,794		121		0.27		48,594		133		0.27
Negotiable CDs, public funds and other deposits	50,593		991		1.96		36,782		354		0.96		32,889		160		0.49
Total U.S. interest-bearing deposits	821,024		3,790		0.46		764,006		1,353		0.18		720,715		592		0.08
Non-U.S. interest-bearing deposits:
Banks located in non-U.S. countries	2,312		39		1.69		2,442		21		0.85		3,891		32		0.82
Governments and official institutions	810		—		0.01		1,006		10		0.95		1,437		9		0.64
Time, savings and other	65,097		666		1.02		62,386		547		0.88		59,183		382		0.65
Total non-U.S. interest-bearing deposits	68,219		705		1.03		65,834		578		0.88		64,511		423		0.66
Total interest-bearing deposits	889,243		4,495		0.51		829,840		1,931		0.23		785,226		1,015		0.13
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities	269,748		5,839		2.17		274,975		3,146		1.14		252,585		1,933		0.77
Trading account liabilities	50,928		1,358		2.67		45,518		1,204		2.64		37,897		1,018		2.69
Long-term debt	200,399		6,915		3.45		194,882		5,667		2.91		204,826		5,188		2.53
Total interest-bearing liabilities ⁽¹⁾	1,410,318		18,607		1.32		1,345,215		11,948		0.89		1,280,534		9,154		0.71
Noninterest-bearing sources:
Noninterest-bearing deposits	425,698						439,956						437,335
Other liabilities ⁽²⁾	224,482						212,173						206,506
Shareholders’ equity	264,748						271,289						265,843
Total liabilities and shareholders’ equity	$	2,325,246					$	2,268,633					$	2,190,218
Net interest spread					2.08	%					2.13	%					2.05	%
Impact of noninterest-bearing sources					0.37						0.27						0.22
Net interest income/yield on earning assets ⁽³⁾			$	48,772	2.45	%			$	46,164	2.40	%			$	42,386	2.27	%


⁽¹⁾	The impact of interest rate risk management derivatives on interest expense is presented below. Interest expense includes the impact of interest rate risk management contracts, which increased (decreased) interest expense on:



	2018				2017				2016
NOW and money market deposit accounts		$	—			$	(1	)		$	(1	)
Consumer CDs and IRAs		22				22				23
Negotiable CDs, public funds and other deposits		12				13				13
Banks located in non-U.S. countries		19				19				13
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities		100				243				500
Long-term debt		(283		)		(1,728		)		(2,615		)
Net hedge income on liabilities		$	(130	)		$	(1,432	)		$	(2,067	)


⁽²⁾	Includes $30.4 billion , $30.3 billion and $23.9 billion of structured notes liabilities for 2018, 2017 and 2016, respectively.


⁽³⁾	Net interest income includes FTE adjustments of $610 million , $925 million and $900 million for 2018, 2017 and 2016, respectively.



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



Bank of America Corporation and Subsidiaries
Supplemental Financial Data
(Dollars in millions)

	Year Ended December 31									Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017			Third Quarter 2017			Second Quarter 2017			First Quarter 2017
	2018			2017			2016
Fully taxable-equivalent (FTE) basis data ⁽¹⁾
Net interest income	$	48,772		$	46,164		$	42,386		$	12,659		$	12,212		$	11,982		$	11,919		$	11,869		$	11,540		$	11,372		$	11,383
Total revenue, net of interest expense	91,630			88,051			84,398			22,832			22,875			22,703			23,220			20,632			22,019			23,009			22,391
Net interest yield	2.45		%	2.40		%	2.27		%	2.52		%	2.45		%	2.41		%	2.42		%	2.42		%	2.39		%	2.37		%	2.42		%
Efficiency ratio	58.01			61.91			65.02			57.26			56.89			58.25			59.61			64.07			60.56			60.52			62.70

⁽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 $610 million, $925 million and $900 million for the years ended December 31, 2018, 2017 and 2016, respectively; $155 million, $151 million, $154 million, and $150 million for the fourth, third, second and first quarters of 2018, respectively; and $251 million, $240 million, $237 million and $197 million for the fourth, third, second and first quarters of 2017, respectively.



Estimated Banking Book Net Interest Income Sensitivity to Curve Changes
(Dollars in millions)	Short Rate (bps)	Long Rate (bps)	December 31 2018 ⁽¹⁾


Parallel Shifts
+100 bps instantaneous shift	+100	+100	$	2,833
-100 bps instantaneous shift	-100	-100	(4,280		)
Flatteners
Short-end instantaneous change	+100	—	2,158
Long-end instantaneous change	—	-100	(1,618		)
Steepeners
Short-end instantaneous change	-100	—	(2,648		)
Long-end instantaneous change	—	+100	675


⁽¹⁾	Change in net interest income reflects changes in the balance sheet.



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



Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other
(Dollars in millions)
	Fourth Quarter 2018
	Total Corporation		Consumer Banking			GWIM		Global Banking			Global Markets			All Other
Net interest income	$	12,659	$	7,111		$	1,612	$	2,849		$	936		$	151
Noninterest income
Fees and commissions:
Card income	1,522		1,339			34		129			20			—
Service charges	1,931		1,086			18		743			79			5
Investment and brokerage services	3,544		77			2,978		24			474			(9		)
Investment banking fees	1,348		(1		)	94		760			514			(19		)
Total fees and commissions	8,345		2,501			3,124		1,656			1,087			(23		)
Trading account income	1,448		2			31		75			1,132			208
Other income (loss)	380		349			271		589			92			(921		)
Total noninterest income (loss)	10,173		2,852			3,426		2,320			2,311			(736		)
Total revenue, net of interest expense	22,832		9,963			5,038		5,169			3,247			(585		)
Provision for credit losses	905		915			23		85			6			(124		)
Noninterest expense	13,074		4,442			3,560		2,127			2,553			392
Income (loss) before income taxes	8,853		4,606			1,455		2,957			688			(853		)
Income tax expense (benefit)	1,575		1,173			370		769			178			(915		)
Net income	$	7,278	$	3,433		$	1,085	$	2,188		$	510		$	62

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

	Third Quarter 2018
	Total Corporation		Consumer Banking			GWIM		Global Banking			Global Markets			All Other
Net interest income	$	12,212	$	6,844		$	1,531	$	2,726		$	933		$	178
Noninterest income
Fees and commissions:
Card income	1,417		1,237			34		124			21			1
Service charges	1,961		1,098			19		753			86			5
Investment and brokerage services	3,494		80			3,004		27			388			(5		)
Investment banking fees	1,204		—			87		644			522			(49		)
Total fees and commissions	8,076		2,415			3,144		1,548			1,017			(48		)
Trading account income	1,717		2			24		60			1,551			80
Other income (loss)	870		181			118		489			372			(290		)
Total noninterest income (loss)	10,663		2,598			3,286		2,097			2,940			(258		)
Total revenue, net of interest expense	22,875		9,442			4,817		4,823			3,873			(80		)
Provision for credit losses	716		870			13		(70		)	(2		)	(95		)
Noninterest expense	13,014		4,328			3,440		2,142			2,633			471
Income (loss) before income taxes	9,145		4,244			1,364		2,751			1,242			(456		)
Income tax expense (benefit)	1,978		1,081			348		714			323			(488		)
Net income	$	7,167	$	3,163		$	1,016	$	2,037		$	919		$	32

Average
Total loans and leases	$	930,736	$	284,994		$	161,869	$	352,712		$	71,231		$	59,930
Total assets ⁽¹⁾	2,317,829		759,665			273,582		423,643			652,481			208,458
Total deposits	1,316,345		687,530			238,291		337,685			30,721			22,118
Quarter end
Total loans and leases	$	929,801	$	287,277		$	162,191	$	352,332		$	73,023		$	54,978
Total assets ⁽¹⁾	2,338,833		765,498			276,146		430,846			646,359			219,984
Total deposits	1,345,649		692,770			239,654		350,748			41,102			21,375


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



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



Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other (continued)
(Dollars in millions)
	Second Quarter 2018
	Total Corporation		Consumer Banking		GWIM		Global Banking			Global Markets			All Other
Net interest income	$	11,982	$	6,593	$	1,538	$	2,739		$	968		$	144
Noninterest income
Fees and commissions:
Card income	1,483		1,292		38		130			23			—
Service charges	1,954		1,072		17		768			90			7
Investment and brokerage services	3,458		80		2,937		18			430			(7		)
Investment banking fees	1,422		—		72		743			651			(44		)
Total fees and commissions	8,317		2,444		3,064		1,659			1,194			(44		)
Trading account income	2,151		2		28		64			2,020			37
Other income (loss)	253		194		112		552			69			(674		)
Total noninterest income (loss)	10,721		2,640		3,204		2,275			3,283			(681		)
Total revenue, net of interest expense	22,703		9,233		4,742		5,014			4,251			(537		)
Provision for credit losses	827		944		12		(23		)	(1		)	(105		)
Noninterest expense	13,224		4,369		3,426		2,185			2,726			518
Income (loss) before income taxes	8,652		3,920		1,304		2,852			1,526			(950		)
Income tax expense (benefit)	1,868		999		332		741			397			(601		)
Net income (loss)	$	6,784	$	2,921	$	972	$	2,111		$	1,129		$	(349	)

Average
Total loans and leases	$	934,818	$	280,689	$	160,833	$	355,088		$	75,053		$	63,155
Total assets ⁽¹⁾	2,322,678		759,982		272,318		424,540			678,501			187,337
Total deposits	1,300,659		687,812		236,214		323,215			30,736			22,682
Quarter end
Total loans and leases	$	935,824	$	283,565	$	162,034	$	355,473		$	73,496		$	61,256
Total assets ⁽¹⁾	2,291,670		768,188		270,915		426,448			637,110			189,009
Total deposits	1,309,691		695,530		233,925		326,029			31,450			22,757

	First Quarter 2018
	Total Corporation		Consumer Banking		GWIM		Global Banking			Global Markets			All Other
Net interest income	$	11,919	$	6,477	$	1,584	$	2,679		$	1,020		$	159
Noninterest income
Fees and commissions:
Card income	1,402		1,234		21		128			20			(1		)
Service charges	1,921		1,044		19		763			90			5
Investment and brokerage services	3,664		82		3,040		25			488			29
Investment banking fees	1,353		—		84		744			609			(84		)
Total fees and commissions	8,340		2,360		3,164		1,660			1,207			(51		)
Trading account income (loss)	2,553		2		29		61			2,557			(96		)
Other income (loss)	408		141		79		595			28			(435		)
Total noninterest income (loss)	11,301		2,503		3,272		2,316			3,792			(582		)
Total revenue, net of interest expense	23,220		8,980		4,856		4,995			4,812			(423		)
Provision for credit losses	834		935		38		16			(3		)	(152		)
Noninterest expense	13,842		4,548		3,580		2,291			2,923			500
Income (loss) before income taxes	8,544		3,497		1,238		2,688			1,892			(771		)
Income tax expense (benefit)	1,626		893		316		699			492			(774		)
Net income	$	6,918	$	2,604	$	922	$	1,989		$	1,400		$	3

Average
Total loans and leases	$	931,915	$	279,557	$	159,095	$	351,689		$	73,763		$	67,811
Total assets ⁽¹⁾	2,325,878		746,647		279,716		421,863			678,354			199,298
Total deposits	1,297,268		674,351		243,077		324,405			32,320			23,115
Quarter end
Total loans and leases	$	934,078	$	279,055	$	159,636	$	355,165		$	75,638		$	64,584
Total assets ⁽¹⁾	2,328,478		774,257		279,332		425,328			648,605			200,956
Total deposits	1,328,664		701,488		241,531		331,238			32,301			22,106


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



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



Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other (continued)
(Dollars in millions)
	Fourth Quarter 2017
	Total Corporation			Consumer Banking		GWIM		Global Banking			Global Markets			All Other
Net interest income	$	11,869		$	6,326	$	1,515	$	2,746		$	1,075		$	207
Noninterest income
Fees and commissions:
Card income	1,500			1,307		43		127			23			—
Service charges	1,955			1,073		18		775			84			5
Investment and brokerage services	3,522			84		2,920		24			501			(7		)
Investment banking fees	1,418			—		71		811			596			(60		)
Total fees and commissions	8,395			2,464		3,052		1,737			1,204			(62		)
Trading account income (loss)	1,012			1		24		53			935			(1		)
Other income (loss)	(644		)	112		95		515			185			(1,551		)
Total noninterest income (loss)	8,763			2,577		3,171		2,305			2,324			(1,614		)
Total revenue, net of interest expense	20,632			8,903		4,686		5,051			3,399			(1,407		)
Provision for credit losses	1,001			886		6		132			162			(185		)
Noninterest expense	13,219			4,495		3,481		2,190			2,659			394
Income (loss) before income taxes	6,412			3,522		1,199		2,729			578			(1,616		)
Income tax expense	4,047			1,350		460		1,047			194			996
Net income (loss)	$	2,365		$	2,172	$	739	$	1,682		$	384		$	(2,612	)

Average
Total loans and leases	$	927,790		$	275,716	$	157,063	$	350,262		$	73,552		$	71,197
Total assets ⁽¹⁾	2,301,687			737,755		276,153		420,758			659,412			207,609
Total deposits	1,293,572			665,536		240,126		329,761			34,250			23,899
Quarter end
Total loans and leases	$	936,749		$	280,473	$	159,378	$	350,668		$	76,778		$	69,452
Total assets ⁽¹⁾	2,281,234			749,326		284,322		425,459			629,013			193,114
Total deposits	1,309,545			676,530		246,994		329,273			34,029			22,719

	Third Quarter 2017
	Total Corporation			Consumer Banking		GWIM		Global Banking			Global Markets			All Other
Net interest income	$	11,540		$	6,187	$	1,492	$	2,668		$	1,025		$	168
Noninterest income
Fees and commissions:
Card income	1,369			1,193		40		117			19			—
Service charges	1,968			1,082		19		776			85			6
Investment and brokerage services	3,437			74		2,854		18			496			(5		)
Investment banking fees	1,477			—		100		806			624			(53		)
Total fees and commissions	8,251			2,349		3,013		1,717			1,224			(52		)
Trading account income (loss)	1,714			1		29		(5		)	1,591			98
Other income (loss)	514			185		92		639			64			(466		)
Total noninterest income (loss)	10,479			2,535		3,134		2,351			2,879			(420		)
Total revenue, net of interest expense	22,019			8,722		4,626		5,019			3,904			(252		)
Provision for credit losses	834			967		16		48			(6		)	(191		)
Noninterest expense	13,334			4,443		3,393		2,154			2,759			585
Income (loss) before income taxes	7,851			3,312		1,217		2,817			1,151			(646		)
Income tax expense (benefit)	2,427			1,247		458		1,061			423			(762		)
Net income	$	5,424		$	2,065	$	759	$	1,756		$	728		$	116

Average
Total loans and leases	$	918,129		$	268,810	$	154,333	$	346,093		$	72,347		$	76,546
Total assets ⁽¹⁾	2,271,104			731,077		275,570		416,144			642,429			205,884
Total deposits	1,271,711			658,974		239,647		315,692			32,125			25,273
Quarter end
Total loans and leases	$	927,117		$	272,360	$	155,871	$	349,838		$	76,225		$	72,823
Total assets ⁽¹⁾	2,284,174			742,514		276,187		424,580			629,224			211,669
Total deposits	1,284,417			669,647		237,771		319,545			33,382			24,072


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



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



Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other (continued)
(Dollars in millions)
	Second Quarter 2017
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets			All Other
Net interest income	$	11,372	$	5,941	$	1,596	$	2,559	$	999		$	277
Noninterest income
Fees and commissions:
Card income	1,412		1,202		34		127		22			27
Service charges	1,977		1,061		19		809		83			5
Investment and brokerage services	3,460		77		2,829		38		521			(5		)
Investment banking fees	1,532		—		96		929		590			(83		)
Total fees and commissions	8,381		2,340		2,978		1,903		1,216			(56		)
Trading account income	1,824		1		32		54		1,611			126
Other income	1,432		180		97		546		123			486
Total noninterest income	11,637		2,521		3,107		2,503		2,950			556
Total revenue, net of interest expense	23,009		8,462		4,703		5,062		3,949			833
Provision for credit losses	726		834		11		15		25			(159		)
Noninterest expense	13,925		4,406		3,418		2,190		2,705			1,206
Income (loss) before income taxes	8,358		3,222		1,274		2,857		1,219			(214		)
Income tax expense	3,252		1,217		481		1,079		422			53
Net income (loss)	$	5,106	$	2,005	$	793	$	1,778	$	797		$	(267	)

Average
Total loans and leases	$	914,717	$	261,537	$	150,812	$	345,063	$	69,638		$	87,667
Total assets ⁽¹⁾	2,269,293		724,753		281,168		415,160		645,229			202,983
Total deposits	1,256,838		652,787		245,329		300,483		31,919			26,320
Quarter end
Total loans and leases	$	916,666	$	265,938	$	153,468	$	344,457	$	73,973		$	78,830
Total assets ⁽¹⁾	2,254,714		735,177		274,746		411,860		633,190			199,741
Total deposits	1,262,980		662,678		237,131		303,205		33,363			26,603

	First Quarter 2017
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets			All Other
Net interest income	$	11,383	$	5,749	$	1,549	$	2,642	$	1,165		$	278
Noninterest income
Fees and commissions:
Card income	1,395		1,182		36		119		19			39
Service charges	1,918		1,050		20		765		77			6
Investment and brokerage services	3,417		82		2,791		17		531			(4		)
Investment banking fees	1,584		—		51		925		666			(58		)
Total fees and commissions	8,314		2,314		2,898		1,826		1,293			(17		)
Trading account income	2,220		—		59		32		2,066			63
Other income (loss)	474		154		78		493		186			(437		)
Total noninterest income (loss)	11,008		2,468		3,035		2,351		3,545			(391		)
Total revenue, net of interest expense	22,391		8,217		4,584		4,993		4,710			(113		)
Provision for credit losses	835		838		23		17		(17		)	(26		)
Noninterest expense	14,039		4,503		3,478		2,277		2,874			907
Income (loss) before income taxes	7,517		2,876		1,083		2,699		1,853			(994		)
Income tax expense (benefit)	2,180		1,083		408		1,017		627			(955		)
Net income (loss)	$	5,337	$	1,793	$	675	$	1,682	$	1,226		$	(39	)

Average
Total loans and leases	$	914,144	$	257,945	$	148,405	$	342,857	$	70,064		$	94,873
Total assets ⁽¹⁾	2,231,649		707,647		293,432		416,950		607,012			206,608
Total deposits	1,256,632		635,594		257,386		305,197		33,158			25,297
Quarter end
Total loans and leases	$	915,747	$	258,421	$	149,110	$	344,452	$	71,053		$	92,711
Total assets ⁽¹⁾	2,247,794		734,088		291,177		417,843		603,974			200,712
Total deposits	1,272,141		661,607		254,595		297,163		33,629			25,147


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



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



Bank of America Corporation and Subsidiaries
Annual Results by Business Segment and All Other
(Dollars in millions)
	Year Ended December 31, 2018
	Total Corporation		Consumer Banking			GWIM		Global Banking		Global Markets		All 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		)
Trading account income	7,869		8			112		260		7,260		229
Other income (loss)	1,911		865			580		2,225		561		(2,320		)
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		17,687			14,006		8,745		10,835		1,881
Income (loss) before income taxes	35,194		16,267			5,361		11,248		5,348		(3,030		)
Income tax expense (benefit)	7,047		4,146			1,366		2,923		1,390		(2,778		)
Net income (loss)	$	28,147	$	12,121		$	3,995	$	8,325	$	3,958	$	(252	)

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
Year 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

	Year Ended December 31, 2017
	Total Corporation		Consumer Banking			GWIM		Global Banking		Global Markets		All Other
Net interest income	$	46,164	$	24,203		$	6,152	$	10,615	$	4,264	$	930
Noninterest income
Fees and commissions:
Card income	5,676		4,884			153		490		83		66
Service charges	7,818		4,266			76		3,125		329		22
Investment and brokerage services	13,836		317			11,394		97		2,049		(21		)
Investment banking fees	6,011		—			318		3,471		2,476		(254		)
Total fees and commissions	33,341		9,467			11,941		7,183		4,937		(187		)
Trading account income	6,770		3			144		134		6,203		286
Other income (loss)	1,776		631			362		2,193		558		(1,968		)
Total noninterest income (loss)	41,887		10,101			12,447		9,510		11,698		(1,869		)
Total revenue, net of interest expense	88,051		34,304			18,599		20,125		15,962		(939		)
Provision for credit losses	3,396		3,525			56		212		164		(561		)
Noninterest expense	54,517		17,847			13,770		8,811		10,997		3,092
Income (loss) before income taxes	30,138		12,932			4,773		11,102		4,801		(3,470		)
Income tax expense (benefit)	11,906		4,897			1,807		4,204		1,666		(668		)
Net income (loss)	$	18,232	$	8,035		$	2,966	$	6,898	$	3,135	$	(2,802	)

Average
Total loans and leases	$	918,731	$	266,058		$	152,682	$	346,089	$	71,413	$	82,489
Total assets ⁽¹⁾	2,268,633		725,406			281,517		417,260		638,675		205,775
Total deposits	1,269,796		653,320			245,559		312,859		32,864		25,194
Year end
Total loans and leases	$	936,749	$	280,473		$	159,378	$	350,668	$	76,778	$	69,452
Total assets ⁽¹⁾	2,281,234		749,326			284,322		425,459		629,013		193,114
Total deposits	1,309,545		676,530			246,994		329,273		34,029		22,719


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



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



Bank of America Corporation and Subsidiaries
Annual Results by Business Segment and All Other (continued)
(Dollars in millions)
	Year Ended December 31, 2016
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	42,386	$	21,234	$	5,738	$	9,540	$	4,884	$	990
Noninterest income
Fees and commissions:
Card income	5,648		4,782		149		472		65		180
Service charges	7,638		4,142		74		3,094		312		16
Investment and brokerage services	13,349		320		10,874		74		2,102		(21		)
Investment banking fees	5,241		2		227		2,884		2,296		(168		)
Total fees and commissions	31,876		9,246		11,324		6,524		4,775		7
Trading account income	6,582		—		175		133		6,231		43
Other income (loss)	3,554		1,039		391		2,283		198		(357		)
Total noninterest income (loss)	42,012		10,285		11,890		8,940		11,204		(307		)
Total revenue, net of interest expense	84,398		31,519		17,628		18,480		16,088		683
Provision for credit losses	3,597		2,715		68		883		31		(100		)
Noninterest expense	54,880		17,723		13,374		8,673		10,413		4,697
Income (loss) before income taxes	25,921		11,081		4,186		8,924		5,644		(3,914		)
Income tax expense (benefit)	8,099		4,083		1,548		3,289		1,978		(2,799		)
Net income (loss)	$	17,822	$	6,998	$	2,638	$	5,635	$	3,666	$	(1,115	)

Average
Total loans and leases	$	900,433	$	245,808	$	142,429	$	333,820	$	69,641	$	108,735
Total assets ⁽¹⁾	2,190,218		668,375		291,479		397,886		585,327		247,151
Total deposits	1,222,561		599,651		256,425		304,741		34,239		27,505
Year end
Total loans and leases	$	906,683	$	258,991	$	148,179	$	339,271	$	72,743	$	87,499
Total assets ⁽¹⁾	2,188,067		702,335		298,932		409,271		566,062		211,467
Total deposits	1,260,934		632,786		262,530		307,630		34,927		23,061


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



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



Bank of America Corporation and Subsidiaries
Consumer Banking Segment Results
(Dollars in millions)
	Year Ended December 31									Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017			Third Quarter 2017			Second Quarter 2017			First Quarter 2017
	2018			2017			2016			Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017			Third Quarter 2017			Second Quarter 2017			First Quarter 2017
Net interest income	$	27,025		$	24,203		$	21,234		$	7,111		$	6,844		$	6,593		$	6,477		$	6,326		$	6,187		$	5,941		$	5,749
Noninterest income:
Card income	5,102			4,884			4,782			1,339			1,237			1,292			1,234			1,307			1,193			1,202			1,182
Service charges	4,300			4,266			4,142			1,086			1,098			1,072			1,044			1,073			1,082			1,061			1,050
All other income	1,191			951			1,361			427			263			276			225			197			260			258			236
Total noninterest income	10,593			10,101			10,285			2,852			2,598			2,640			2,503			2,577			2,535			2,521			2,468
Total revenue, net of interest expense	37,618			34,304			31,519			9,963			9,442			9,233			8,980			8,903			8,722			8,462			8,217

Provision for credit losses	3,664			3,525			2,715			915			870			944			935			886			967			834			838

Noninterest expense	17,687			17,847			17,723			4,442			4,328			4,369			4,548			4,495			4,443			4,406			4,503
Income before income taxes	16,267			12,932			11,081			4,606			4,244			3,920			3,497			3,522			3,312			3,222			2,876
Income tax expense	4,146			4,897			4,083			1,173			1,081			999			893			1,350			1,247			1,217			1,083
Net income	$	12,121		$	8,035		$	6,998		$	3,433		$	3,163		$	2,921		$	2,604		$	2,172		$	2,065		$	2,005		$	1,793

Net interest yield	3.77		%	3.53		%	3.37		%	3.92		%	3.77		%	3.67		%	3.71		%	3.59		%	3.55		%	3.47		%	3.49		%
Return on average allocated capital ⁽¹⁾	33			22			21			37			34			32			29			23			22			22			20
Efficiency ratio	47.02			52.03			56.23			44.58			45.83			47.33			50.64			50.49			50.93			52.07			54.81

Balance Sheet
Average
Total loans and leases	$	283,807		$	266,058		$	245,808		$	289,862		$	284,994		$	280,689		$	279,557		$	275,716		$	268,810		$	261,537		$	257,945
Total earning assets ⁽²⁾	717,189			686,602			629,982			719,329			720,643			720,871			707,746			698,995			692,113			686,055			668,853
Total assets ⁽²⁾	756,373			725,406			668,375			759,027			759,665			759,982			746,647			737,755			731,077			724,753			707,647
Total deposits	684,173			653,320			599,651			686,826			687,530			687,812			674,351			665,536			658,974			652,787			635,594
Allocated capital ⁽¹⁾	37,000			37,000			34,000			37,000			37,000			37,000			37,000			37,000			37,000			37,000			37,000

Period end
Total loans and leases	$	294,335		$	280,473		$	258,991		$	294,335		$	287,277		$	283,565		$	279,055		$	280,473		$	272,360		$	265,938		$	258,421
Total earning assets ⁽²⁾	728,813			709,825			662,689			728,813			726,486			729,029			735,241			709,825			703,271			696,342			694,873
Total assets ⁽²⁾	768,881			749,326			702,335			768,881			765,498			768,188			774,257			749,326			742,514			735,177			734,088
Total deposits	696,146			676,530			632,786			696,146			692,770			695,530			701,488			676,530			669,647			662,678			661,607


⁽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.



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



Bank of America Corporation and Subsidiaries
Consumer Banking Quarterly Results
(Dollars in millions)
	Fourth Quarter 2018									Third Quarter 2018
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	7,111		$	4,280		$	2,831		$	6,844		$	4,052		$	2,792
Noninterest income:
Card income	1,339			(8		)	1,347			1,237			(10		)	1,247
Service charges	1,086			1,084			2			1,098			1,098			—
All other income	427			255			172			263			189			74
Total noninterest income	2,852			1,331			1,521			2,598			1,277			1,321
Total revenue, net of interest expense	9,963			5,611			4,352			9,442			5,329			4,113

Provision for credit losses	915			60			855			870			48			822

Noninterest expense	4,442			2,669			1,773			4,328			2,622			1,706
Income before income taxes	4,606			2,882			1,724			4,244			2,659			1,585
Income tax expense	1,173			734			439			1,081			677			404
Net income	$	3,433		$	2,148		$	1,285		$	3,163		$	1,982		$	1,181

Net interest yield	3.92		%	2.48		%	3.94		%	3.77		%	2.34		%	3.95		%
Return on average allocated capital ⁽¹⁾	37			71			20			34			66			19
Efficiency ratio	44.58			47.56			40.74			45.83			49.20			41.47

Balance Sheet
Average
Total loans and leases	$	289,862		$	5,302		$	284,560		$	284,994		$	5,269		$	279,725
Total earning assets ⁽²⁾	719,329			684,600			284,920			720,643			685,653			280,637
Total assets ⁽²⁾	759,027			713,679			295,539			759,665			713,942			291,370
Total deposits	686,826			681,478			5,348			687,530			681,726			5,804
Allocated capital ⁽¹⁾	37,000			12,000			25,000			37,000			12,000			25,000

Period end
Total loans and leases	$	294,335		$	5,470		$	288,865		$	287,277		$	5,276		$	282,001
Total earning assets ⁽²⁾	728,813			694,672			289,249			726,486			690,960			282,921
Total assets ⁽²⁾	768,881			724,019			299,970			765,498			719,127			293,766
Total deposits	696,146			691,666			4,480			692,770			686,723			6,047

	Second Quarter 2018									First Quarter 2018
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	6,593		$	3,895		$	2,698		$	6,477		$	3,712		$	2,765
Noninterest income:
Card income	1,292			(8		)	1,300			1,234			(7		)	1,241
Service charges	1,072			1,072			—			1,044			1,044			—
All other income	276			188			88			225			130			95
Total noninterest income	2,640			1,252			1,388			2,503			1,167			1,336
Total revenue, net of interest expense	9,233			5,147			4,086			8,980			4,879			4,101

Provision for credit losses	944			46			898			935			41			894

Noninterest expense	4,369			2,645			1,724			4,548			2,720			1,828
Income before income taxes	3,920			2,456			1,464			3,497			2,118			1,379
Income tax expense	999			626			373			893			541			352
Net income	$	2,921		$	1,830		$	1,091		$	2,604		$	1,577		$	1,027

Net interest yield	3.67		%	2.28		%	3.92		%	3.71		%	2.23		%	4.08		%
Return on average allocated capital ⁽¹⁾	32			61			18			29			53			17
Efficiency ratio	47.33			51.40			42.19			50.64			55.75			44.57

Balance Sheet
Average
Total loans and leases	$	280,689		$	5,191		$	275,498		$	279,557		$	5,170		$	274,387
Total earning assets ⁽²⁾	720,871			686,324			276,436			707,746			673,633			274,748
Total assets ⁽²⁾	759,982			714,494			287,377			746,647			701,418			285,864
Total deposits	687,812			682,202			5,610			674,351			668,983			5,368
Allocated capital ⁽¹⁾	37,000			12,000			25,000			37,000			12,000			25,000

Period end
Total loans and leases	$	283,565		$	5,212		$	278,353		$	279,055		$	5,111		$	273,944
Total earning assets ⁽²⁾	729,029			693,702			279,399			735,241			700,415			274,977
Total assets ⁽²⁾	768,188			721,647			290,613			774,257			728,065			286,343
Total deposits	695,530			689,258			6,272			701,488			695,514			5,974

For footnotes, see page 22 .



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



Bank of America Corporation and Subsidiaries
Consumer Banking Quarterly Results (continued)
(Dollars in millions)
	Fourth Quarter 2017									Third Quarter 2017
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	6,326		$	3,525		$	2,801		$	6,187		$	3,418		$	2,769
Noninterest income:
Card income	1,307			(8		)	1,315			1,193			(10		)	1,203
Service charges	1,073			1,072			1			1,082			1,082			—
All other income	197			117			80			260			118			142
Total noninterest income	2,577			1,181			1,396			2,535			1,190			1,345
Total revenue, net of interest expense	8,903			4,706			4,197			8,722			4,608			4,114

Provision for credit losses	886			53			833			967			47			920

Noninterest expense	4,495			2,696			1,799			4,443			2,631			1,812
Income before income taxes	3,522			1,957			1,565			3,312			1,930			1,382
Income tax expense	1,350			750			600			1,247			727			520
Net income	$	2,172		$	1,207		$	965		$	2,065		$	1,203		$	862

Net interest yield	3.59		%	2.11		%	4.10		%	3.55		%	2.06		%	4.15		%
Return on average allocated capital ⁽¹⁾	23			40			15			22			40			14
Efficiency ratio	50.49			57.29			42.87			50.93			57.07			44.05

Balance Sheet
Average
Total loans and leases	$	275,716		$	5,261		$	270,455		$	268,810		$	5,079		$	263,731
Total earning assets ⁽²⁾	698,995			664,045			271,129			692,113			657,027			264,665
Total assets ⁽²⁾	737,755			691,610			282,324			731,077			684,642			276,014
Total deposits	665,536			659,238			6,298			658,974			652,286			6,688
Allocated capital ⁽¹⁾	37,000			12,000			25,000			37,000			12,000			25,000

Period end
Total loans and leases	$	280,473		$	5,143		$	275,330		$	272,360		$	5,060		$	267,300
Total earning assets ⁽²⁾	709,825			675,478			275,742			703,271			667,727			268,354
Total assets ⁽²⁾	749,326			703,331			287,390			742,514			695,404			279,920
Total deposits	676,530			670,802			5,728			669,647			662,781			6,866

	Second Quarter 2017									First Quarter 2017
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	5,941		$	3,285		$	2,656		$	5,749		$	3,035		$	2,714
Noninterest income:
Card income	1,202			(8		)	1,210			1,182			(7		)	1,189
Service charges	1,061			1,061			—			1,050			1,050			—
All other income	258			111			147			236			108			128
Total noninterest income	2,521			1,164			1,357			2,468			1,151			1,317
Total revenue, net of interest expense	8,462			4,449			4,013			8,217			4,186			4,031

Provision for credit losses	834			46			788			838			55			783

Noninterest expense	4,406			2,582			1,824			4,503			2,609			1,894
Income before income taxes	3,222			1,821			1,401			2,876			1,522			1,354
Income tax expense	1,217			688			529			1,083			573			510
Net income	$	2,005		$	1,133		$	872		$	1,793		$	949		$	844

Net interest yield	3.47		%	2.02		%	4.14		%	3.49		%	1.94		%	4.33		%
Return on average allocated capital ⁽¹⁾	22			38			14			20			32			14
Efficiency ratio	52.07			58.05			45.44			54.81			62.36			46.96

Balance Sheet
Average
Total loans and leases	$	261,537		$	5,016		$	256,521		$	257,945		$	4,979		$	252,966
Total earning assets ⁽²⁾	686,055			651,668			257,130			668,853			634,692			254,066
Total assets ⁽²⁾	724,753			678,816			268,680			707,647			661,769			265,783
Total deposits	652,787			646,474			6,313			635,594			629,337			6,257
Allocated capital ⁽¹⁾	37,000			12,000			25,000			37,000			12,000			25,000

Period end
Total loans and leases	$	265,938		$	5,039		$	260,899		$	258,421		$	4,938		$	253,483
Total earning assets ⁽²⁾	696,342			661,568			261,696			694,873			660,878			254,291
Total assets ⁽²⁾	735,177			688,801			273,298			734,088			688,278			266,106
Total deposits	662,678			656,374			6,304			661,607			655,714			5,893


⁽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 from All Other to match the segments’ and businesses’ liabilities and allocated shareholders’ equity. As a result, total earning assets and total assets of the businesses may not equal total Consumer Banking .



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



Bank of America Corporation and Subsidiaries
Consumer Banking Annual Results
(Dollars in millions)
	Year Ended December 31, 2018									Year Ended December 31, 2017
	Total Consumer Banking			Deposits			Consumer Lending			Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	27,025		$	15,939		$	11,086		$	24,203		$	13,263		$	10,940
Noninterest income:
Card income	5,102			(33		)	5,135			4,884			(33		)	4,917
Service charges	4,300			4,298			2			4,266			4,265			1
All other income	1,191			762			429			951			454			497
Total noninterest income	10,593			5,027			5,566			10,101			4,686			5,415
Total revenue, net of interest expense	37,618			20,966			16,652			34,304			17,949			16,355

Provision for credit losses	3,664			195			3,469			3,525			201			3,324

Noninterest expense	17,687			10,656			7,031			17,847			10,518			7,329
Income before income taxes	16,267			10,115			6,152			12,932			7,230			5,702
Income tax expense	4,146			2,578			1,568			4,897			2,738			2,159
Net income	$	12,121		$	7,537		$	4,584		$	8,035		$	4,492		$	3,543

Net interest yield	3.77		%	2.34		%	3.97		%	3.53		%	2.03		%	4.18		%
Return on average allocated capital ⁽¹⁾	33			63			18			22			37			14
Efficiency ratio	47.02			50.82			42.22			52.03			58.60			44.81

Balance Sheet
Average
Total loans and leases	$	283,807		$	5,233		$	278,574		$	266,058		$	5,084		$	260,974
Total earning assets ⁽²⁾	717,189			682,592			279,217			686,602			651,953			261,802
Total assets ⁽²⁾	756,373			710,925			290,068			725,406			679,306			273,253
Total deposits	684,173			678,640			5,533			653,320			646,930			6,390
Allocated capital ⁽¹⁾	37,000			12,000			25,000			37,000			12,000			25,000

Year end
Total loans and leases	$	294,335		$	5,470		$	288,865		$	280,473		$	5,143		$	275,330
Total earning assets ⁽²⁾	728,813			694,672			289,249			709,825			675,478			275,742
Total assets ⁽²⁾	768,881			724,019			299,970			749,326			703,331			287,390
Total deposits	696,146			691,666			4,480			676,530			670,802			5,728

										Year Ended December 31, 2016
										Total Consumer Banking			Deposits			Consumer Lending
Net interest income										$	21,234		$	10,652		$	10,582
Noninterest income:
Card income										4,782			(33		)	4,815
Service charges										4,142			4,141			1
All other income										1,361			400			961
Total noninterest income										10,285			4,508			5,777
Total revenue, net of interest expense										31,519			15,160			16,359

Provision for credit losses										2,715			174			2,541

Noninterest expense										17,723			9,806			7,917
Income before income taxes										11,081			5,180			5,901
Income tax expense										4,083			1,908			2,175
Net income										$	6,998		$	3,272		$	3,726

Net interest yield										3.37		%	1.78		%	4.36		%
Return on average allocated capital ⁽¹⁾										21			27			17
Efficiency ratio										56.23			64.68			48.39

Balance Sheet
Average
Total loans and leases										$	245,808		$	4,809		$	240,999
Total earning assets ⁽²⁾										629,982			598,041			242,445
Total assets ⁽²⁾										668,375			624,592			254,287
Total deposits										599,651			592,417			7,234
Allocated capital ⁽¹⁾										34,000			12,000			22,000

Year end
Total loans and leases										$	258,991		$	4,938		$	254,053
Total earning assets ⁽²⁾										662,689			631,163			255,511
Total assets ⁽²⁾										702,335			658,318			268,002
Total deposits										632,786			625,727			7,059

For footnotes, see page 22 .



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



Bank of America Corporation and Subsidiaries
Global Wealth & Investment Management Segment Results
(Dollars in millions)
	Year Ended December 31									Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017			Third Quarter 2017			Second Quarter 2017			First Quarter 2017
	2018			2017			2016			Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017			Third Quarter 2017			Second Quarter 2017			First Quarter 2017
Net interest income	$	6,265		$	6,152		$	5,738		$	1,612		$	1,531		$	1,538		$	1,584		$	1,515		$	1,492		$	1,596		$	1,549
Noninterest income:
Investment and brokerage services	11,959			11,394			10,874			2,978			3,004			2,937			3,040			2,920			2,854			2,829			2,791
All other income	1,229			1,053			1,016			448			282			267			232			251			280			278			244
Total noninterest income	13,188			12,447			11,890			3,426			3,286			3,204			3,272			3,171			3,134			3,107			3,035
Total revenue, net of interest expense	19,453			18,599			17,628			5,038			4,817			4,742			4,856			4,686			4,626			4,703			4,584

Provision for credit losses	86			56			68			23			13			12			38			6			16			11			23

Noninterest expense	14,006			13,770			13,374			3,560			3,440			3,426			3,580			3,481			3,393			3,418			3,478
Income before income taxes	5,361			4,773			4,186			1,455			1,364			1,304			1,238			1,199			1,217			1,274			1,083
Income tax expense	1,366			1,807			1,548			370			348			332			316			460			458			481			408
Net income	$	3,995		$	2,966		$	2,638		$	1,085		$	1,016		$	972		$	922		$	739		$	759		$	793		$	675

Net interest yield	2.41		%	2.32		%	2.08		%	2.41		%	2.37		%	2.42		%	2.44		%	2.32		%	2.28		%	2.41		%	2.26		%
Return on average allocated capital ⁽¹⁾	28			21			20			30			28			27			26			21			22			23			20
Efficiency ratio	72.00			74.04			75.87			70.65			71.43			72.23			73.74			74.28			73.35			72.66			75.89

Balance Sheet
Average
Total loans and leases	$	161,342		$	152,682		$	142,429		$	163,516		$	161,869		$	160,833		$	159,095		$	157,063		$	154,333		$	150,812		$	148,405
Total earning assets ⁽²⁾	259,808			265,670			275,800			265,039			256,286			255,147			262,776			259,550			259,564			265,846			277,990
Total assets ⁽²⁾	277,220			281,517			291,479			283,264			273,582			272,318			279,716			276,153			275,570			281,168			293,432
Total deposits	241,256			245,559			256,425			247,427			238,291			236,214			243,077			240,126			239,647			245,329			257,386
Allocated capital ⁽¹⁾	14,500			14,000			13,000			14,500			14,500			14,500			14,500			14,000			14,000			14,000			14,000

Period end
Total loans and leases	$	164,854		$	159,378		$	148,179		$	164,854		$	162,191		$	162,034		$	159,636		$	159,378		$	155,871		$	153,468		$	149,110
Total earning assets ⁽²⁾	287,199			267,027			283,152			287,199			258,562			253,912			262,431			267,027			259,548			258,744			275,215
Total assets ⁽²⁾	305,907			284,322			298,932			305,907			276,146			270,915			279,332			284,322			276,187			274,746			291,177
Total deposits	268,700			246,994			262,530			268,700			239,654			233,925			241,531			246,994			237,771			237,131			254,595


⁽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.



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



Bank of America Corporation and Subsidiaries
Global Banking Segment Results
(Dollars in millions)
	Year Ended December 31									Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017			Third Quarter 2017			Second Quarter 2017			First Quarter 2017
	2018			2017			2016
Net interest income	$	10,993		$	10,615		$	9,540		$	2,849		$	2,726		$	2,739		$	2,679		$	2,746		$	2,668		$	2,559		$	2,642
Noninterest income:
Service charges	3,027			3,125			3,094			743			753			768			763			775			776			809			765
Investment banking fees	2,891			3,471			2,884			760			644			743			744			811			806			929			925
All other income	3,090			2,914			2,962			817			700			764			809			719			769			765			661
Total noninterest income	9,008			9,510			8,940			2,320			2,097			2,275			2,316			2,305			2,351			2,503			2,351
Total revenue, net of interest expense	20,001			20,125			18,480			5,169			4,823			5,014			4,995			5,051			5,019			5,062			4,993

Provision for credit losses	8			212			883			85			(70		)	(23		)	16			132			48			15			17

Noninterest expense	8,745			8,811			8,673			2,127			2,142			2,185			2,291			2,190			2,154			2,190			2,277
Income before income taxes	11,248			11,102			8,924			2,957			2,751			2,852			2,688			2,729			2,817			2,857			2,699
Income tax expense	2,923			4,204			3,289			769			714			741			699			1,047			1,061			1,079			1,017
Net income	$	8,325		$	6,898		$	5,635		$	2,188		$	2,037		$	2,111		$	1,989		$	1,682		$	1,756		$	1,778		$	1,682

Net interest yield	3.01		%	2.96		%	2.78		%	2.99		%	2.99		%	3.01		%	3.00		%	3.03		%	2.96		%	2.87		%	2.98		%
Return on average allocated capital ⁽¹⁾	20			17			15			21			20			21			20			17			17			18			17
Efficiency ratio	43.72			43.78			46.94			41.15			44.42			43.57			45.87			43.34			42.92			43.23			45.63

Balance Sheet
Average
Total loans and leases	$	354,236		$	346,089		$	333,820		$	357,410		$	352,712		$	355,088		$	351,689		$	350,262		$	346,093		$	345,063		$	342,857
Total earning assets ⁽²⁾	364,748			358,302			342,859			378,163			362,316			364,587			361,822			359,199			357,014			357,407			359,605
Total assets ⁽²⁾	425,675			417,260			397,886			440,522			423,643			424,540			421,863			420,758			416,144			415,160			416,950
Total deposits	336,337			312,859			304,741			359,642			337,685			323,215			324,405			329,761			315,692			300,483			305,197
Allocated capital ⁽¹⁾	41,000			40,000			37,000			41,000			41,000			41,000			41,000			40,000			40,000			40,000			40,000

Period end
Total loans and leases	$	365,717		$	350,668		$	339,271		$	365,717		$	352,332		$	355,473		$	355,165		$	350,668		$	349,838		$	344,457		$	344,452
Total earning assets ⁽²⁾	377,812			365,560			350,110			377,812			368,095			364,428			365,895			365,560			364,591			353,649			360,288
Total assets ⁽²⁾	442,330			425,459			409,271			442,330			430,846			426,448			425,328			425,459			424,580			411,860			417,843
Total deposits	360,248			329,273			307,630			360,248			350,748			326,029			331,238			329,273			319,545			303,205			297,163


⁽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.



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



Bank of America Corporation and Subsidiaries
Global Markets Segment Results
(Dollars in millions)
	Year Ended December 31									Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017			Third Quarter 2017			Second Quarter 2017			First Quarter 2017
	2018			2017			2016			Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017			Third Quarter 2017			Second Quarter 2017			First Quarter 2017
Net interest income	$	3,857		$	4,264		$	4,884		$	936		$	933		$	968		$	1,020		$	1,075		$	1,025		$	999		$	1,165
Noninterest income:
Investment and brokerage services	1,780			2,049			2,102			474			388			430			488			501			496			521			531
Investment banking fees	2,296			2,476			2,296			514			522			651			609			596			624			590			666
Trading account income	7,260			6,203			6,231			1,132			1,551			2,020			2,557			935			1,591			1,611			2,066
All other income	990			970			575			191			479			182			138			292			168			228			282
Total noninterest income	12,326			11,698			11,204			2,311			2,940			3,283			3,792			2,324			2,879			2,950			3,545
Total revenue, net of interest expense	16,183			15,962			16,088			3,247			3,873			4,251			4,812			3,399			3,904			3,949			4,710

Provision for credit losses	—			164			31			6			(2		)	(1		)	(3		)	162			(6		)	25			(17		)

Noninterest expense	10,835			10,997			10,413			2,553			2,633			2,726			2,923			2,659			2,759			2,705			2,874
Income before income taxes	5,348			4,801			5,644			688			1,242			1,526			1,892			578			1,151			1,219			1,853
Income tax expense	1,390			1,666			1,978			178			323			397			492			194			423			422			627
Net income	$	3,958		$	3,135		$	3,666		$	510		$	919		$	1,129		$	1,400		$	384		$	728		$	797		$	1,226

Return on average allocated capital ⁽¹⁾	11		%	9		%	10		%	6		%	10		%	13		%	16		%	4		%	8		%	9		%	14		%
Efficiency ratio	66.96			68.89			64.73			78.58			68.00			64.15			60.75			78.21			70.68			68.49			61.02

Balance Sheet
Average
Total trading-related assets	$	465,132		$	441,812		$	412,905		$	463,998		$	460,279		$	473,126		$	463,169		$	449,737		$	442,283		$	452,563		$	422,359
Total loans and leases	72,651			71,413			69,641			70,609			71,231			75,053			73,763			73,552			72,347			69,638			70,064
Total earning assets	473,383			449,441			423,579			458,331			459,073			490,482			486,107			464,171			446,754			456,588			429,906
Total assets	666,000			638,675			585,327			655,069			652,481			678,501			678,354			659,412			642,429			645,229			607,012
Total deposits	31,209			32,864			34,239			31,077			30,721			30,736			32,320			34,250			32,125			31,919			33,158
Allocated capital ⁽¹⁾	35,000			35,000			37,000			35,000			35,000			35,000			35,000			35,000			35,000			35,000			35,000

Period end
Total trading-related assets	$	447,998		$	419,375		$	380,562		$	447,998		$	456,643		$	441,657		$	450,512		$	419,375		$	426,371		$	436,193		$	418,259
Total loans and leases	73,928			76,778			72,743			73,928			73,023			73,496			75,638			76,778			76,225			73,973			71,053
Total earning assets	457,224			449,314			397,022			457,224			447,304			454,706			478,857			449,314			441,656			448,613			425,582
Total assets	641,923			629,013			566,062			641,923			646,359			637,110			648,605			629,013			629,224			633,190			603,974
Total deposits	37,841			34,029			34,927			37,841			41,102			31,450			32,301			34,029			33,382			33,363			33,629

Trading-related assets (average)
Trading account securities	$	215,112		$	216,996		$	185,135		$	225,335		$	215,397		$	209,271		$	210,278		$	225,330		$	216,988		$	221,569		$	203,866
Reverse repurchases	125,084			101,795			89,715			119,341			124,842			132,257			123,948			107,125			101,556			101,551			96,835
Securities borrowed	78,889			82,210			87,286			75,374			74,648			83,282			82,376			77,580			81,950			88,041			81,312
Derivative assets	46,047			40,811			50,769			43,948			45,392			48,316			46,567			39,702			41,789			41,402			40,346
Total trading-related assets	$	465,132		$	441,812		$	412,905		$	463,998		$	460,279		$	473,126		$	463,169		$	449,737		$	442,283		$	452,563		$	422,359


⁽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.



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



Bank of America Corporation and Subsidiaries
All Other Results ⁽¹⁾
(Dollars in millions)
	Year Ended December 31									Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017			Third Quarter 2017			Second Quarter 2017			First Quarter 2017
	2018			2017			2016			Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017			Third Quarter 2017			Second Quarter 2017			First Quarter 2017
Net interest income	$	632		$	930		$	990		$	151		$	178		$	144		$	159		$	207		$	168		$	277		$	278
Noninterest income (loss)	(2,257		)	(1,869		)	(307		)	(736		)	(258		)	(681		)	(582		)	(1,614		)	(420		)	556			(391		)
Total revenue, net of interest expense	(1,625		)	(939		)	683			(585		)	(80		)	(537		)	(423		)	(1,407		)	(252		)	833			(113		)

Provision for credit losses	(476		)	(561		)	(100		)	(124		)	(95		)	(105		)	(152		)	(185		)	(191		)	(159		)	(26		)

Noninterest expense	1,881			3,092			4,697			392			471			518			500			394			585			1,206			907
Loss before income taxes	(3,030		)	(3,470		)	(3,914		)	(853		)	(456		)	(950		)	(771		)	(1,616		)	(646		)	(214		)	(994		)
Income tax expense (benefit)	(2,778		)	(668		)	(2,799		)	(915		)	(488		)	(601		)	(774		)	996			(762		)	53			(955		)
Net income (loss)	$	(252	)	$	(2,802	)	$	(1,115	)	$	62		$	32		$	(349	)	$	3		$	(2,612	)	$	116		$	(267	)	$	(39	)

Balance Sheet
Average
Total loans and leases	$	61,013		$	82,489		$	108,735		$	53,324		$	59,930		$	63,155		$	67,811		$	71,197		$	76,546		$	87,667		$	94,873
Total assets ⁽²⁾	199,978			205,775			247,151			196,704			208,458			187,337			199,298			207,609			205,884			202,983			206,608
Total deposits	21,966			25,194			27,505			19,979			22,118			22,682			23,115			23,899			25,273			26,320			25,297

Period end
Total loans and leases ⁽³⁾	$	48,061		$	69,452		$	87,499		$	48,061		$	54,978		$	61,256		$	64,584		$	69,452		$	72,823		$	78,830		$	92,711
Total assets ⁽⁴⁾	195,466			193,114			211,467			195,466			219,984			189,009			200,956			193,114			211,669			199,741			200,712
Total deposits	18,541			22,719			23,061			18,541			21,375			22,757			22,106			22,719			24,072			26,603			25,147

⁽¹⁾

All Other consists of 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 $517.0 billion , $515.6 billion and $500.0 billion for the years ended December 31, 2018, 2017 and 2016; $525.6 billion , $516.3 billion , $519.6 billion and $514.6 billion for the fourth, third, second and first quarters of 2018; and $508.6 billion , $510.1 billion , $521.8 billion and $522.0 billion for the fourth, third, second and first quarters of 2017, respectively.


⁽³⁾	The first quarter of 2017 includes $9.5 billion of non-U.S. credit card loans that were included in assets of business held for sale on the Consolidated Balance Sheet at March 31, 2017. The Corporation sold its non-U.S. consumer credit card business during the second quarter of 2017.

⁽⁴⁾

Includes elimination of segments’ excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders’ equity of $540.8 billion , $529.8 billion , $522.2 billion and $543.3 billion at December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018, respectively; $520.4 billion , $515.0 billion , $517.7 billion and $543.4 billion at December 31, 2017, September 30, 2017, June 30, 2017 and March 31, 2017, respectively; and $518.6 billion at December 31, 2016.



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



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 applicable to common shareholders 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 financial measures defined by GAAP for the years ended December 31, 2018, 2017 and 2016 and the three months ended December 31, 2018, September 30, 2018, June 30, 2018, March 31, 2018, December 31, 2017, September 30, 2017, June 30, 2017 and March 31, 2017. 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 Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017			Third Quarter 2017			Second Quarter 2017			First Quarter 2017
	2018			2017			2016			Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017			Third Quarter 2017			Second Quarter 2017			First Quarter 2017

Reconciliation of average shareholders’ equity to average tangible common shareholders’ equity and average tangible shareholders’ equity
Shareholders’ equity	$	264,748		$	271,289		$	265,843		$	263,698		$	264,653		$	265,181		$	265,480		$	273,162		$	273,238		$	270,977		$	267,700
Goodwill	(68,951		)	(69,286		)	(69,750		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,954		)	(68,969		)	(69,489		)	(69,744		)
Intangible assets (excluding mortgage servicing rights)	(2,058		)	(2,652		)	(3,382		)	(1,857		)	(1,992		)	(2,126		)	(2,261		)	(2,399		)	(2,549		)	(2,743		)	(2,923		)
Related deferred tax liabilities	906			1,463			1,644			874			896			916			939			1,344			1,465			1,506			1,539
Tangible shareholders’ equity	$	194,645		$	200,814		$	194,355		$	193,764		$	194,606		$	195,020		$	195,207		$	203,153		$	203,185		$	200,251		$	196,572
Preferred stock	(22,949		)	(24,188		)	(24,656		)	(22,326		)	(22,841		)	(23,868		)	(22,767		)	(22,324		)	(24,024		)	(25,221		)	(25,220		)
Tangible common shareholders’ equity	$	171,696		$	176,626		$	169,699		$	171,438		$	171,765		$	171,152		$	172,440		$	180,829		$	179,161		$	175,030		$	171,352

Reconciliation of period-end shareholders’ equity to period-end tangible common shareholders’ equity and period-end tangible shareholders’ equity
Shareholders’ equity	$	265,325		$	267,146		$	266,195		$	265,325		$	262,158		$	264,216		$	266,224		$	267,146		$	271,969		$	270,660		$	267,990
Goodwill	(68,951		)	(68,951		)	(69,744		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,968		)	(68,969		)	(69,744		)
Intangible assets (excluding mortgage servicing rights)	(1,774		)	(2,312		)	(2,989		)	(1,774		)	(1,908		)	(2,043		)	(2,177		)	(2,312		)	(2,459		)	(2,610		)	(2,827		)
Related deferred tax liabilities	858			943			1,545			858			878			900			920			943			1,435			1,471			1,513
Tangible shareholders’ equity	$	195,458		$	196,826		$	195,007		$	195,458		$	192,177		$	194,122		$	196,016		$	196,826		$	201,977		$	200,552		$	196,932
Preferred stock	(22,326		)	(22,323		)	(25,220		)	(22,326		)	(22,326		)	(23,181		)	(24,672		)	(22,323		)	(22,323		)	(25,220		)	(25,220		)
Tangible common shareholders’ equity	$	173,132		$	174,503		$	169,787		$	173,132		$	169,851		$	170,941		$	171,344		$	174,503		$	179,654		$	175,332		$	171,712

Reconciliation of period-end assets to period-end tangible assets
Assets	$	2,354,507		$	2,281,234		$	2,188,067		$	2,354,507		$	2,338,833		$	2,291,670		$	2,328,478		$	2,281,234		$	2,284,174		$	2,254,714		$	2,247,794
Goodwill	(68,951		)	(68,951		)	(69,744		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,968		)	(68,969		)	(69,744		)
Intangible assets (excluding mortgage servicing rights)	(1,774		)	(2,312		)	(2,989		)	(1,774		)	(1,908		)	(2,043		)	(2,177		)	(2,312		)	(2,459		)	(2,610		)	(2,827		)
Related deferred tax liabilities	858			943			1,545			858			878			900			920			943			1,435			1,471			1,513
Tangible assets	$	2,284,640		$	2,210,914		$	2,116,879		$	2,284,640		$	2,268,852		$	2,221,576		$	2,258,270		$	2,210,914		$	2,214,182		$	2,184,606		$	2,176,736

Book value per share of common stock
Common shareholders’ equity	$	242,999		$	244,823		$	240,975		$	242,999		$	239,832		$	241,035		$	241,552		$	244,823		$	249,646		$	245,440		$	242,770
Ending common shares issued and outstanding	9,669.3			10,287.3			10,052.6			9,669.3			9,858.3			10,012.7			10,175.9			10,287.3			10,457.5			9,878.1			9,974.2
Book value per share of common stock	$	25.13		$	23.80		$	23.97		$	25.13		$	24.33		$	24.07		$	23.74		$	23.80		$	23.87		$	24.85		$	24.34

Tangible book value per share of common stock
Tangible common shareholders’ equity	$	173,132		$	174,503		$	169,787		$	173,132		$	169,851		$	170,941		$	171,344		$	174,503		$	179,654		$	175,332		$	171,712
Ending common shares issued and outstanding	9,669.3			10,287.3			10,052.6			9,669.3			9,858.3			10,012.7			10,175.9			10,287.3			10,457.5			9,878.1			9,974.2
Tangible book value per share of common stock	$	17.91		$	16.96		$	16.89		$	17.91		$	17.23		$	17.07		$	16.84		$	16.96		$	17.18		$	17.75		$	17.22



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