Bank of America (BAC) 10-K risk factor changes: FY2025 vs FY2024

Business beginning on page 2, MD&A beginning on page 26 and Notes to Consolidated Financial Statements beginning on page [removed: 94.][added: 95.]

General economic, political, social and health [removed: conditions] [added: conditions, including any prolonged economic downturn that may occur,] in the U.S. and abroad affect financial markets and our businesses.

In particular, global markets may be affected by the level and volatility of interest rates, availability and market conditions of financing, changes in gross domestic product (GDP), economic growth or its sustainability, inflation, supply chain disruptions, consumer spending, employment levels, labor [removed: shortages, challenging labor] market conditions, wage stagnation, federal government shutdowns, energy prices, home prices, commercial property values, bankruptcies and a default by a significant market participant or class of counterparties, including [removed: companies] in emerging markets.

Global markets also may be affected by adverse developments impacting the U.S. or global banking industry, including bank [removed: failures, the failure of] [added: and] nonbank financial [removed: institutions] [added: institution failures] and liquidity concerns, [added: the actual or perceived impact of asset prices exceeding their underlying economic fundamentals,] fluctuations or other significant changes in both debt and equity capital markets and currencies, the [removed: transition of benchmark rates to alternative reference rates, the] impact of the volatility of digital assets on the broader market, [added: changing perceptions of] the [added: impact and profitability arising from emerging technologies, the] rate of growth of global trade and commerce, trade policies, the availability and cost of capital and credit, disruption of communication, transportation or energy infrastructure, recessionary fears, investor sentiment and the U.S. and global election cycles, including stated, perceived or actual changes to policy and the geopolitical environment.

Global markets, including energy and [added: other] commodity markets, may also be adversely affected by the current or anticipated impact of climate [removed: change, acute and/or chronic] [added: matters,] extreme weather events or natural disasters, [removed: the emergence of] widespread health emergencies or pandemics, cyberattacks, military conflicts, [removed: terrorism,] [added: terrorism] or other geopolitical events.

Any sudden or prolonged market downturn, as a result of the above factors or otherwise, could [removed: result in a decline in] [added: reduce] net interest income and noninterest income and adversely affect our results of operations and financial condition, including capital and liquidity levels.

Elevated inflation and interest rate levels, monetary tightening by central [removed: banks,] [added: banks] and geopolitical [removed: developments, including the Russia/Ukraine conflict and the conflicts in the Middle East, have adversely impacted and] [added: developments] could continue to adversely impact financial markets and

macroeconomic conditions, as well as result in [removed: additional] [added: increased] market volatility and disruptions and recessionary risk.

Global uncertainties regarding fiscal and monetary policies [added: continue to] present economic challenges.

Actions taken by the Federal Reserve or central banks in other jurisdictions, including changes in target rates, balance sheet management and lending facilities, are beyond our control and difficult to predict, particularly [removed: regarding inflation, due] [added: in response] to the uncertainty of inflationary paths.

[removed: Elevated or rising interest rates may] [added: If inflation does not] continue to [removed: result] [added: decline toward the Federal Reserve’s target, the Federal Reserve may hold the fed funds rate steady or raise rates, resulting] in [added: a flat or inverted yield curve,] volatility of equity and other markets, and volatility of the U.S. dollar, which could impact investor risk appetite and our borrowers, potentially increasing delinquency rates.

Financial market volatility could also result from uncertainty about the timing and extent of any additional rate cuts by the Federal Reserve in response to moderating [removed: inflation and/or] [added: inflation,] weakening economic [added: conditions and/or labor market] conditions.

Also, changes to existing U.S. laws and regulatory policies and evolving priorities, including those related to financial regulation, taxation, international trade, fiscal [removed: policy, climate change (including efforts to transition to a low-carbon economy)] [added: policy] and healthcare, may adversely impact U.S. or global economic activity and our clients’, our counterparties’ and our earnings and operations.

High and rising federal debt levels, investor concerns about [removed: the] U.S. fiscal [removed: trajectory,] [added: spending,] changes to fiscal policy and uncertainty about the U.S. budget process could lead to lower investor appetite [added: or market depth] for [added: future issuance of] U.S. debt securities, higher interest [removed: rates] [added: rates, dollar depreciation] and financial market volatility, potentially impacting broader economic activity.

Further, if the U.S. government’s debt ceiling limit is not [removed: raised] [added: addressed and/or increased] timely, the ramifications may result in market volatility, ratings downgrades and limit fiscal policy responses to recessionary conditions.

This could have a negative and potentially severe impact on the U.S. and world economy and financial and capital markets, including higher interest rates, higher volatility, lower asset values, lower liquidity, downgrades to U.S. debt, and a weakened U.S. [removed: dollar.][added: dollar, which could adversely affect our results of operations.]

[added: Further increases or instability associated with tariffs, either broadly applied or] targeted at specific goods or trading partners, [removed: including Canada, Latin America and the People’s Republic of China (China),] could adversely impact economic conditions and/or result in higher inflation, which could result in financial market volatility as markets adjust to the incremental cost of doing business and/or new business models to reduce the impacts, as well as adversely [removed: impact asset prices.]

Also, [added: the continuation or] escalation of tensions between the U.S. and [removed: China,] [added: the People’s Republic of China (China),] including tariff increases, could lead to further U.S. measures that adversely affect financial markets, disrupt world trade and commerce and lead to trade retaliation, including through the use of counter tariffs, foreign exchange measures or the large-scale sale of U.S. Treasury bonds.

These developments could adversely affect our businesses, clients, including demand for our products and services, our market-making activities, our and our clients’ securities and derivatives portfolios, including the risk of lower re-investment rates in those portfolios, our level of charge-offs and provision for credit losses, the carrying value of our deferred tax assets, our capital levels, our [removed: liquidity] [added: liquidity, our costs of running our businesses] and our results of operations.

Our liquidity, competitive position, business, results of operations and financial condition are affected by market risks such as changes in interest and currency exchange rates, fluctuations in equity, commodity and futures prices, trading volumes and prices of securitized products, the implied volatility of interest rates and credit [removed: spreads] [added: spreads, idiosyncratic market events] and other economic and business factors.

Changes to fiscal policy, including expansion of U.S. federal deficit spending [removed: and resultant debt issuance,] could also affect [added: the market’s receptivity to debt issuance and] market interest rates.

If interest rates [added: continue to] decrease, our results of operations could be negatively impacted, including future revenue and earnings growth.

[added: Where we own securities that do not have an established liquid trading market or are otherwise subject to restrictions on sale or hedging, or] where the degree of accessible liquidity declines significantly, we may not be able to reduce our positions and risks associated with such holdings, so we may suffer larger than expected losses when adverse price movements take place.

If asset values decline, we may incur losses and negative impacts, including to capital and liquidity [added: positions and] requirements.

In addition, increases in interest rates or changes in spreads may [removed: continue to] adversely impact the fair value of our debt securities and, accordingly, for debt securities classified as available-for-sale (AFS), adversely affect accumulated other comprehensive income and, thus, our capital levels.

If we are unable to access [removed: the] capital markets, [removed: have prolonged] [added: we experience sustained] net [removed: deposits] [added: deposit] outflows, or our borrowing costs increase, our liquidity and competitive position [removed: will] [added: may] be negatively affected.

[removed: We fund] [added: Liquidity is essential to] our [removed: assets] [added: businesses and is] primarily [removed: with] [added: supported by] globally sourced deposits in our bank entities, as well as secured and unsecured liabilities transacted in the capital markets.

[added: We rely on certain secured funding sources,] such as repo markets, which are typically short-term and [added: may be] credit-sensitive.

We also engage in asset securitization transactions, including with the government-sponsored [removed: enterprises (GSEs), to help fund a portion of our consumer lending activities.]

Our liquidity could be adversely affected by any inability to access the capital markets, illiquidity or volatility in the capital markets, the decrease in value of eligible collateral or increased collateral requirements (including as a result of credit concerns for short-term borrowing), changes to our relationships with our funding providers based on real or perceived changes in our risk profile, prolonged federal government shutdowns, or [removed: uncertainties] [added: uncertainty] regarding the impact of [added: potential] GSE [removed: privatization, should it occur.][added: privatization.]

Also, our liquidity or cost of funds may be negatively impacted by the unwillingness or inability of the Federal Reserve to act as lender of last resort, unexpected simultaneous draws on [removed: lines of] credit [added: lines] or deposits, slower client payment rates, restricted access to the assets of prime brokerage clients, the [removed: withdrawal of or] failure to attract [added: or retain] client deposits or invested [removed: funds] [added: funds, including large-scale deposit migration] (e.g., from attrition [removed: driven by] [added: resulting from] clients seeking higher yielding deposits or [removed: securities products, desiring] to [removed: utilize] an alternative financial institution perceived to be safer, changing [added: investment preferences or securities products, moving balances into digital assets (e.g., stablecoin) or other alternative non-bank financial platforms, changes to] spending behavior due to inflation, [added: a] decline in the economy or other drivers resulting in an increased need for cash), increased regulatory liquidity, capital and margin requirements for our U.S. or international banks and their nonbank subsidiaries, which could result in the inability to transfer liquidity internally, changes in patterns of intraday liquidity usage resulting from a counterparty or technology failure or other idiosyncratic event or failure, the default by a significant market participant or third party (including clearing agents, custodians, central banks or central counterparty clearinghouses (CCPs)) or the inability to sell assets due to illiquid markets (e.g., no market exists or market saturation).

Several of these factors may arise [removed: due to] [added: from] circumstances beyond our control, such as general market volatility, disruption, shock or stress, stress in sovereign debt markets, the emergence of widespread health emergencies or [removed: pandemics] [added: pandemics, sanctions] and geopolitical events and/or turmoil (including military [removed: conflicts, such as the Russia/Ukraine conflict and the conflicts in the Middle East, or any potential escalation of such] conflicts).

Federal Reserve policy decisions (including fluctuations in interest rates or Federal Reserve balance sheet composition), negative views or loss of confidence about [removed: us or] [added: us,] the financial services industry [removed: generally] or [added: the U.S. monetary system generally, or] due to a specific news event (e.g., [removed: regional] bank failures), [added: the further development and acceptance of nonbank digital asset ecosystems (e.g., stablecoin),] changes in the regulatory environment or governmental fiscal or monetary policies, actions by credit rating agencies or an operational problem that affects third parties or us.

The impact of these potentially sudden events, whether within our control or not, could [removed: include an] [added: result in our] inability to sell assets or redeem investments, unforeseen outflows of cash, [removed: the need to draw] [added: draws] on liquidity facilities, [removed: the reduction of] [added: reduced] financing [removed: balances and] [added: balances,] the loss of equity secured funding, debt repurchases to support the secondary market or meet client requests, the need for additional funding for commitments and contingencies and unexpected collateral calls, among other things, the result of which could be increased costs, a liquidity shortfall and/or impact on our liquidity coverage [added: ratio and net stable funding] ratio.

Our liquidity and cost of funds may be impacted by [removed: our reputation risk,] [added: reputational damage,] investor behavior and confidence, debt market disruption, firm specific concerns or prevailing market conditions, including changes in interest and currency exchange rates, significant fluctuations in equity and futures prices, lower [removed: trading volumes and prices of securitized products and our credit spreads.]

[added: Increases in interest rates and our credit] spreads can increase [removed: the cost of our] funding [added: costs] and result in mark-to-market or credit valuation adjustment exposures.

[removed: Changes in our credit spreads] [added: Credit spread changes] are market driven and may be influenced by market perceptions of our creditworthiness, including [removed: changes in our] credit [removed: ratings] [added: rating changes] or changes in broader financial market and macroeconomic conditions.

We may also experience net interest margin compression from offering higher than expected deposit rates in order to attract and maintain [removed: deposits.][added: deposits or otherwise.]

Concentrations within our funding profile, such as [removed: maturities, currencies] [added: by maturity, currency] or [removed: counterparties,] [added: counterparty,] can also reduce our funding efficiency.

[removed: Our] [added: Rating agencies conduct ongoing reviews of our] credit ratings [removed: are subject to ongoing review by rating agencies, which consider] [added: based on] a number of financial and nonfinancial factors, including our franchise, financial strength, performance and prospects, management, governance, risk management practices, capital adequacy, asset quality and operations, among other criteria, as well as factors [removed: not under] [added: beyond] our control, such as regulatory developments, [removed: the] macroeconomic and geopolitical [removed: environment and] [added: conditions,] changes [removed: to] [added: in] rating [removed: methodologies.][added: methodologies or U.S. sovereign debt ratings.]

While the Federal Reserve reduced policy rates in 2025, uncertainty remains regarding the pace and duration of the reduction of market interest rates.

Significant increases in tariff rates in the past year have generated heightened market volatility.

impact asset prices as experienced in early 2025.

enterprises (GSEs), to help fund a portion of our consumer lending activities.

trading volumes and prices of securitized products and our credit spreads.

Our credit ratings directly affect our borrowing costs and access to funding.

fund payments on our other obligations, including debt obligations.

invoke the orderly liquidation authority, instead of the U.S. Bankruptcy Code, if the Secretary of the Treasury makes certain financial distress and systemic risk determinations.

In addition, while U.S. home prices have experienced meaningful appreciation over the past several years and remained generally stable in 2025, there has been some regional dispersion in

housing prices since the beginning of 2025, which we have been closely monitoring.

These trends have negatively impacted housing affordability generally, and therefore the demand for some of our products.

changes in legislation.

These LRRs require implementation of complex operational capabilities and compliance programs.

Claims regarding non-compliance,

Also, the use of cyberattacks or campaigns, cyberespionage or other unauthorized access to networks and systems by nation states or their proxies, including utilizing emerging technologies such as AI, has increased and threatens our and our third parties’ operations and information systems, and the financial systems and infrastructure upon which we rely.

The uncertainty around the U.S. government’s debt levels and ceiling and a growing federal budget deficit could lead to further credit rating downgrades and/or defaults on its debt.

Our extensive interactions with,

This includes localized or systemic cyber events or other technology

incidents that result in outages or unavailability of information systems, part or all of the internet, cloud services and/or the financial services industry, networks, platforms, systems and infrastructure (e.g., funds transfers, electronic trading and algorithmic platforms and critical banking activities), which could be exacerbated by the interconnectivity and concentration of technology or service offerings in a small number of providers or models, including AI and cloud services, and result in systemic operational impact to us and across the financial services industry or beyond.

We use, and expect to increasingly use, emerging technologies, including AI, across our operations, including business processes, services and products, and we expect greater AI adoption by our third parties, clients, counterparties, clearinghouses and financial intermediaries.

Expanded use of AI, including emerging third‑party AI services and autonomous AI agents, may result in increased data risk, unpredictable system interactions, inadequate controls or safeguards, AI failure, or produce unintended operations or consequences.

AI services used by our clients or third parties may interact with our systems or communicate directly with our employees, and may act without authorization, make execution errors, behave unpredictably or be misaligned with intended outcomes, which could result in additional operational, legal and regulatory risk, and reputational harm.

The Corporation and third parties with whom we interact and/or on whom we rely, are subject to cybersecurity incidents,

The tactics, techniques and procedures used in cyberattacks are pervasive, sophisticated, rapidly evolving and designed to evade security measures.

Emerging technologies, such as AI and quantum computing, are expected to increase these risks.

For example, AI lowers the entry barriers to plan and execute cyberattacks, enables more personalized and harder to detect social engineering, and improves vulnerability discovery, which may result in the increased likelihood of exploitation and the speed, scope, scale, and sophistication of cyberattacks.

Advances in quantum computing may introduce cryptography risks that threaten the

security of our information and systems and strengthen threat actor capabilities in ways that are difficult to anticipate.

These technologies, alone or in combination with others, may amplify the risks they pose.

We also face significant third-party technology, cybersecurity and operational risks relating to the large number of clients and third parties on whom we rely to operate our business.

Threat actors may actively seek to exploit third-party security and cybersecurity weaknesses.

experienced material losses or other material consequences relating to cybersecurity incidents, information or security breaches or technology failures, whether directed at us or our third parties.

However, we expect to continue to experience such events and impacts ourself and at our third parties with increased frequency and severity due to the evolving threat environment.

We may also incur costs or losses relating to delays or

Failure to manage evolving risks or properly anticipate, escalate, control or mitigate

LRRs related to emerging technologies, such as AI, cybersecurity and data management, are also rapidly evolving across jurisdictions and could require changes related to deployments and operational processes and increase compliance costs and regulatory, compliance and legal risks.

have an active oversight, inspection and investigatory role across the financial services industry.

Costs to settle, remediate or comply with enforcement actions have been substantial and may increase.

Failure to meet the requirements of such settlements, orders or agreements, or, more generally, the failure to maintain risk and control procedures and processes that meet the heightened standards

Actions by other financial institutions in businesses in which we operate may result in regulatory investigations adversely affecting us.

Monetary policy has contributed to and may continue to result in elevated market interest rates and a flat and/or inverted yield curve.

Any increases in policy rates, as a response to inflation persistently above central bank targets, changes to fiscal or trade policies, or otherwise, could result in higher market interest rates.

Globally, although many central banks have begun to remove monetary restriction, policy rates in many countries remain at elevated levels.

While higher interest rates have generally had a positive impact on our net interest income, they have negatively impacted and could continue to negatively impact investment securities, deposits, loan demand and funding costs.

In addition to higher interest rates, wider credit spreads can negatively impact capital and/or liquidity by reducing the value of debt securities.

Significant increases in tariff rates, either broadly applied or

Any restrictions on the activities of businesses, could also negatively affect financial markets.

Where we own securities that do not have an established liquid trading market or are otherwise subject to restrictions on sale or hedging, or

Liquidity is essential to our businesses.

We rely on certain secured funding sources,

Increases in interest rates and our credit

Our borrowing costs and ability to raise funds are directly impacted by our credit ratings.

Any inability of our subsidiaries to transfer funds,

financial distress and systemic risk determinations.

could lead to market-wide liquidity disruptions, losses, defaults and related disputes and litigation.

Also, our mortgage loan production volume is generally influenced by the rate of growth in residential

mortgage debt outstanding and the size of the residential mortgage market, both of which have slowed due to higher interest rates and reduced affordability.

In many countries, the laws and regulations applicable to the financial services and securities industries are less predictable, prone to change and uncertainty, and regularly evolving.

The

Our operations and information systems and components thereof, and those of our third parties, have been, and in the

models, including AI, and result in systemic operational impact across the financial services industry or beyond.

The proliferation of third-party financial data aggregators and emerging technologies, including AI (such as

machine learning and generative AI) and robotics, increases our cybersecurity risks and exposure, including by making fraud detection and authentication more difficult.

Cybersecurity threats and the tactics, techniques and procedures used in cyberattacks change, develop and evolve rapidly and continuously, including from growth in third-party services that facilitate or carry out cyberattacks and from emerging technologies, such as AI (including machine learning and generative AI) and quantum computing, which may be used to enhance the tactics, techniques and procedures described above and facilitate new cyber threats.

We also face significant third-party technology, cybersecurity and operational risks relating to the large number of clients and third parties with whom we do business, the financial services industry, upon whom we rely to facilitate or enable our business activities or upon whom our clients rely, including the secure collection, processing, maintenance, use, sharing, dissemination and disposition of client and other sensitive information, providers of products and services, financial counterparties, financial data aggregators, financial intermediaries, such as clearing agents, exchanges and clearing

houses, regulators, federal and state governments, providers of outsourced software, services and infrastructure, such as internet access, cloud service providers and electrical power, and retailers for whom we process transactions.

While there have been

operate.

The amounts paid by us and other financial institutions to settle proceedings or investigations have, in some instances, been substantial and may increase.

information, could harm us, our shareholders or clients or damage the integrity of the financial markets, and are subject to increasing regulatory scrutiny across jurisdictions.

Actions by other members of the financial services industry related to business activities in which we participate may result in investigations by regulators or other government authorities.

In particular, we are the subject of litigation regarding our processing of electronic payments through the Zelle network,

our efforts to detect, prevent and address fraud perpetrated against our clients and/or the handling of fraud-related disputes, which could result in fines, judgments and/or settlements, and adversely affect our businesses and strategies due to the treatment of loss allocations between clients and us, all of which could also adversely impact other similar products and services.

In 2023, U.S. banking regulators issued notices of proposed rulemaking to revise the measurement of RWA and the G-SIB surcharge calculation, both of which may be re-proposed.

Also, in 2023, U.S. banking regulators issued proposed changes to the long-term debt requirements for TLAC, which may impact eligibility of certain debt instruments, and in 2024, the Federal Reserve separately confirmed it is considering changes to existing, as well as new, liquidity requirements.

The timing and composition of any such proposals or re-proposals remain uncertain due to various factors, including changes of leadership positions in the U.S. bank regulatory agencies.

For example, in 2024, our SCB increased by 70 bps to 3.2 percent and our G-SIB surcharge increased 50 bps to 3.0 percent.

In 2024, the Federal Reserve announced that it intends to propose potential changes to bank stress tests, which could impact our SCB.

and services, including electronic payments, effectiveness of our internal controls, the fees charged to our clients, including overdraft and non-sufficient funds fees, compensation practices, lending practices, suitability or reasonableness of particular trading or investment strategies, the services offered to our clients, the reliability of our research and models and prohibiting clients from engaging in certain transactions.

Increases in market interest rates have resulted in increased focus on asset and liability management, including HTM and AFS securities and related unrealized losses.

See Market Risk Management on page [removed: 74] [added: 75] in the MD&A and the sections referenced therein for Quantitative and Qualitative Disclosures about Market Risk.

| [Consolidated Statement of [removed: Income](#i25d8b6988b8b423182f7a10e38320790_148)] [added: Income](#idd50fa8ccd704ccba7d633a77cae242f_142)] | | | | | | [removed: [90](#i25d8b6988b8b423182f7a10e38320790_148)] [added: [91](#idd50fa8ccd704ccba7d633a77cae242f_142)] | | |

| [Consolidated Statement of Comprehensive [removed: Income](#i25d8b6988b8b423182f7a10e38320790_148)] [added: Income](#idd50fa8ccd704ccba7d633a77cae242f_142)] | | | | | | [removed: [90](#i25d8b6988b8b423182f7a10e38320790_148)] [added: [91](#idd50fa8ccd704ccba7d633a77cae242f_142)] | | |

| [Consolidated Balance [removed: Sheet](#i25d8b6988b8b423182f7a10e38320790_151)] [added: Sheet](#idd50fa8ccd704ccba7d633a77cae242f_145)] | | | | | | [removed: [91](#i25d8b6988b8b423182f7a10e38320790_151)] [added: [92](#idd50fa8ccd704ccba7d633a77cae242f_145)] | | |

| [Consolidated Statement of Changes in Shareholders’ [removed: Equity](#i25d8b6988b8b423182f7a10e38320790_157)] [added: Equity](#idd50fa8ccd704ccba7d633a77cae242f_151)] | | | | | | [removed: [92](#i25d8b6988b8b423182f7a10e38320790_157)] [added: [93](#idd50fa8ccd704ccba7d633a77cae242f_151)] | | |

| [Consolidated Statement of Cash [removed: Flows](#i25d8b6988b8b423182f7a10e38320790_160)] [added: Flows](#idd50fa8ccd704ccba7d633a77cae242f_154)] | | | | | | [removed: [93](#i25d8b6988b8b423182f7a10e38320790_160)] [added: [94](#idd50fa8ccd704ccba7d633a77cae242f_154)] | | |

| [Note 1 – Summary of Significant Accounting [removed: Principles](#i25d8b6988b8b423182f7a10e38320790_166)] [added: Principles](#idd50fa8ccd704ccba7d633a77cae242f_160)] | | | | | | [removed: [94](#i25d8b6988b8b423182f7a10e38320790_166)] [added: [95](#idd50fa8ccd704ccba7d633a77cae242f_160)] | | |

| [Note 2 – Net Interest Income and Noninterest [removed: Income](#i25d8b6988b8b423182f7a10e38320790_172)] [added: Income](#idd50fa8ccd704ccba7d633a77cae242f_166)] | | | | | | [removed: [102](#i25d8b6988b8b423182f7a10e38320790_172)] [added: [104](#idd50fa8ccd704ccba7d633a77cae242f_166)] | | |

[removed: | [Note] [added: NOTE] 4 [removed: – Securities](#i25d8b6988b8b423182f7a10e38320790_178) | | | | | | [111](#i25d8b6988b8b423182f7a10e38320790_178) | | |][added: Securities]

| [Note 5 – Outstanding Loans and [removed: Leases](#i25d8b6988b8b423182f7a10e38320790_181)] [added: Leases](#idd50fa8ccd704ccba7d633a77cae242f_175)] and Allowance for Credit Losses | | | | | | [removed: [114](#i25d8b6988b8b423182f7a10e38320790_181)] [added: [116](#idd50fa8ccd704ccba7d633a77cae242f_175)] | | |

| [removed: [Note] [added: Commitments and contingencies *(Note] 6 – Securitizations and Other Variable Interest [removed: Entities](#i25d8b6988b8b423182f7a10e38320790_205)] [added: Entities* and *Note 12 – Commitments and Contingencies*)] | | | | | | [removed: [126](#i25d8b6988b8b423182f7a10e38320790_205)] | | | [added: | | | | | |]

| [Note 7 – Goodwill and Intangible [removed: Assets](#i25d8b6988b8b423182f7a10e38320790_208)] [added: Assets](#idd50fa8ccd704ccba7d633a77cae242f_202)] | | | | | | [removed: [130](#i25d8b6988b8b423182f7a10e38320790_208)] [added: [131](#idd50fa8ccd704ccba7d633a77cae242f_202)] | | |

| [Note 10 – Securities Financing Agreements, Short-term Borrowings, Collateral and Restricted [removed: Cash](#i25d8b6988b8b423182f7a10e38320790_217)] [added: Cash](#idd50fa8ccd704ccba7d633a77cae242f_211)] | | | | | | [removed: [132](#i25d8b6988b8b423182f7a10e38320790_217)] [added: [134](#idd50fa8ccd704ccba7d633a77cae242f_211)] | | |

| [removed: [Note 11 –] Long-term [removed: Debt](#i25d8b6988b8b423182f7a10e38320790_220)] [added: debt] | | | | | | [removed: [134](#i25d8b6988b8b423182f7a10e38320790_220)] | | | [added: | | | | | | — | | | | | | (3) | | | | | | — | | |]

| [Note 12 – Commitments and [removed: Contingencies](#i25d8b6988b8b423182f7a10e38320790_223)] [added: Contingencies](#idd50fa8ccd704ccba7d633a77cae242f_217)] | | | | | | [removed: [135](#i25d8b6988b8b423182f7a10e38320790_223)] [added: [137](#idd50fa8ccd704ccba7d633a77cae242f_217)] | | |

| [Note 14 – Accumulated Other Comprehensive [removed: Income](#i25d8b6988b8b423182f7a10e38320790_235)] [added: Income](#idd50fa8ccd704ccba7d633a77cae242f_232)] | | | | | | [removed: [142](#i25d8b6988b8b423182f7a10e38320790_235)] [added: [144](#idd50fa8ccd704ccba7d633a77cae242f_232)] | | |

| [Note 15 – Earnings Per Common [removed: Share](#i25d8b6988b8b423182f7a10e38320790_238)] [added: Share](#idd50fa8ccd704ccba7d633a77cae242f_235)] | | | | | | [removed: [143](#i25d8b6988b8b423182f7a10e38320790_238)] [added: [145](#idd50fa8ccd704ccba7d633a77cae242f_235)] | | |

| [Note 16 – Regulatory Requirements and [removed: Restrictions](#i25d8b6988b8b423182f7a10e38320790_241)] [added: Restrictions](#idd50fa8ccd704ccba7d633a77cae242f_238)] | | | | | | [removed: [143](#i25d8b6988b8b423182f7a10e38320790_241)] [added: [145](#idd50fa8ccd704ccba7d633a77cae242f_238)] | | |

| [Note 17 – Employee Benefit [removed: Plans](#i25d8b6988b8b423182f7a10e38320790_244)] [added: Plans](#idd50fa8ccd704ccba7d633a77cae242f_241)] | | | | | | [removed: [145](#i25d8b6988b8b423182f7a10e38320790_244)] [added: [147](#idd50fa8ccd704ccba7d633a77cae242f_241)] | | |

| [Note 18 – Stock-based Compensation [removed: Plans](#i25d8b6988b8b423182f7a10e38320790_247)] [added: Plans](#idd50fa8ccd704ccba7d633a77cae242f_244)] | | | | | | [removed: [149](#i25d8b6988b8b423182f7a10e38320790_247)] [added: [151](#idd50fa8ccd704ccba7d633a77cae242f_244)] | | |

| [Note 19 – Income [removed: Taxes](#i25d8b6988b8b423182f7a10e38320790_253)] [added: Taxes](#idd50fa8ccd704ccba7d633a77cae242f_253)] | | | | | | [removed: [149](#i25d8b6988b8b423182f7a10e38320790_253)] [added: [151](#idd50fa8ccd704ccba7d633a77cae242f_253)] | | |

| [Note 20 – Fair Value [removed: Measurements](#i25d8b6988b8b423182f7a10e38320790_256)] [added: Measurements](#idd50fa8ccd704ccba7d633a77cae242f_256)] | | | | | | [removed: [151](#i25d8b6988b8b423182f7a10e38320790_256)] [added: [153](#idd50fa8ccd704ccba7d633a77cae242f_256)] | | |

| [Note 21 – Fair Value [removed: Option](#i25d8b6988b8b423182f7a10e38320790_271)] [added: Option](#idd50fa8ccd704ccba7d633a77cae242f_271)] | | | | | | [removed: [160](#i25d8b6988b8b423182f7a10e38320790_271)] [added: [162](#idd50fa8ccd704ccba7d633a77cae242f_271)] | | |

| [Note 22 – Fair Value of Financial [removed: Instruments](#i25d8b6988b8b423182f7a10e38320790_274)] [added: Instruments](#idd50fa8ccd704ccba7d633a77cae242f_274)] | | | | | | [removed: [162](#i25d8b6988b8b423182f7a10e38320790_274)] [added: [164](#idd50fa8ccd704ccba7d633a77cae242f_274)] | | |

| [Note 23 – Business Segment [removed: Information](#i25d8b6988b8b423182f7a10e38320790_277)] [added: Information](#idd50fa8ccd704ccba7d633a77cae242f_277)] | | | | | | [removed: [163](#i25d8b6988b8b423182f7a10e38320790_277)] [added: [165](#idd50fa8ccd704ccba7d633a77cae242f_277)] | | |

| [Note 24 – Parent Company [removed: Information](#i25d8b6988b8b423182f7a10e38320790_286)] [added: Information](#idd50fa8ccd704ccba7d633a77cae242f_283)] | | | | | | [removed: [167](#i25d8b6988b8b423182f7a10e38320790_286)] [added: [169](#idd50fa8ccd704ccba7d633a77cae242f_283)] | | |

| [Note 25 – Performance by Geographical [removed: Area](#i25d8b6988b8b423182f7a10e38320790_289)] [added: Area](#idd50fa8ccd704ccba7d633a77cae242f_286)] | | | | | | [removed: [168](#i25d8b6988b8b423182f7a10e38320790_289)] [added: [170](#idd50fa8ccd704ccba7d633a77cae242f_286)] | | |

Management assessed the effectiveness of the Corporation’s internal control over financial reporting as of December 31, [removed: 2024] [added: 2025] based on the framework set forth by the Committee of Sponsoring Organizations of the Treadway Commission in *Internal Control – Integrated Framework (2013)*.

Based on that assessment, management concluded that, as of December 31, [removed: 2024,] [added: 2025,] the Corporation’s internal control over financial reporting is effective.

The Corporation’s internal control over financial reporting as of December 31, [removed: 2024] [added: 2025] has been audited by PricewaterhouseCoopers, LLP, an independent registered public accounting firm, as stated in their accompanying report which expresses an unqualified opinion on the effectiveness of the Corporation’s internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

[removed: ][added: ]

[removed: Chair,] [added: Chair and] Chief Executive Officer [removed: and President]

][added: Signature.jpg](https://www.sec.gov/Archives/edgar/data/70858/000007085826000157/bac-20251231_g6.jpg)]

[added: Executive Vice President and] Chief Financial Officer

We have audited the accompanying consolidated balance sheets of Bank of America Corporation and its subsidiaries (the “Corporation”) as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the related consolidated statements of income, [added: of] comprehensive income, [added: of] changes in shareholders’ equity and [added: of] cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] including the related notes (collectively referred to as the “consolidated financial statements”).

We also have audited the Corporation's internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Corporation as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024] [added: 2025] in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Corporation maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the COSO.

The Corporation’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in [removed: the accompanying] Report of Management on Internal Control Over Financial [removed: Reporting.][added: Reporting appearing under Item 8.]

[added: control over financial reporting included obtaining an] understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.

| [Note 3 – Derivatives](#idd50fa8ccd704ccba7d633a77cae242f_169) | | | | | | [105](#idd50fa8ccd704ccba7d633a77cae242f_169) | | |

| [Note 8 – Leases](#idd50fa8ccd704ccba7d633a77cae242f_205) | | | | | | [132](#idd50fa8ccd704ccba7d633a77cae242f_205) | | |

| [Note 9 – Deposits](#idd50fa8ccd704ccba7d633a77cae242f_208) | | | | | | [133](#idd50fa8ccd704ccba7d633a77cae242f_208) | | |

| [Note 11 – Long-term Debt](#idd50fa8ccd704ccba7d633a77cae242f_214) | | | | | | [136](#idd50fa8ccd704ccba7d633a77cae242f_214) | | |

| [Note 13 – Shareholders’ Equity](#idd50fa8ccd704ccba7d633a77cae242f_226) | | | | | | [142](#idd50fa8ccd704ccba7d633a77cae242f_226) | | |

| [Glossary](#idd50fa8ccd704ccba7d633a77cae242f_289) | | | | | | [171](#idd50fa8ccd704ccba7d633a77cae242f_289) | | |

| [Acronyms](#idd50fa8ccd704ccba7d633a77cae242f_295) | | | | | | [173](#idd50fa8ccd704ccba7d633a77cae242f_295) | | |

Our audit of internal

For commercial and consumer card loans, CECL is typically estimated using quantitative methods

February 25, 2026

| Other income (loss) | | | | | | | | | | | | | | | 1,585 | | | | | | 538 | | | | | | 1,097 | | |

| Total noninterest income | | | | | | | | | | | | | | | 53,001 | | | | | | 49,796 | | | | | | 45,838 | | |

| Total revenue, net of interest expense | | | | | | | | | | | | | | | 113,097 | | | | | | 105,856 | | | | | | 102,769 | | |

| Income before income taxes | | | | | | | | | | | | | | | 37,695 | | | | | | 33,223 | | | | | | 32,530 | | |

| Income tax expense | | | | | | | | | | | | | | | 7,186 | | | | | | 6,250 | | | | | | 6,225 | | |

| Net income | | | | | | | | | | | | | | | $ | 30,509 | | | | | $ | 26,973 | | | | | $ | 26,305 | |

| Earnings | | | | | | | | | | | | | | | $ | 3.86 | | | | | $ | 3.23 | | | | | $ | 3.07 | |

| Net income | | | | | | | | | | | | | | | $ | 30,509 | | | | | $ | 26,973 | | | | | $ | 26,305 | |

| Comprehensive income | | | | | | | | | | | | | | | $ | 35,268 | | | | | $ | 29,476 | | | | | $ | 29,673 | |

| Cash and cash equivalents | | | | | | 231,845 | | | | | | 290,114 | | |

| Total assets | | | | | | $ | 3,411,738 | | | | | $ | 3,261,299 | |

| Total liabilities | | | | | | 3,108,495 | | | | | | 2,967,336 | | |

| Retained earnings | | | | | | 261,693 | | | | | | 240,753 | | |

| Total shareholders’ equity | | | | | | 303,243 | | | | | | 293,963 | | |

| Cumulative adjustment for tax-related equity investment accounting changes | | | | | | | | | | | | | | | | | | | | | (1,227) | | | | | | | | | | | | | | | | | | (1,227) | | |

| Common | | | | | | | | | | | | | | | | | | | | | (8,083) | | | | | | | | | | | | | | | | | | (8,083) | | |

| Preferred | | | | | | | | | | | | | | | | | | | | | (1,445) | | | | | | | | | | | | | | | | | | (1,445) | | |

| Common stock repurchased | | | | | | | | | (451.9) | | | | | | (21,433) | | | | | | | | | | | | | | | | | | | | | | | | (21,433) | | |

| Balance, December 31, 2025 | | | $ | 25,992 | | | | | 7,212.5 | | | | | | $ | 26,084 | | | | | $ | 261,693 | | | | | $ | (10,526) | | | | | | | | | | | $ | 303,243 | |

| Net income | | | $ | 30,509 | | | | | $ | 26,973 | | | | | $ | 26,305 | | | | | | | | | | | | | |

| Deferred income taxes | | | 295 | | | | | | (1,127) | | | | | | (1,012) | | | | | | | | | | | | | | |

| Other assets | | | (19,584) | | | | | | (4,515) | | | | | | (24,304) | | | | | | | | | | | | | | |

Change in Accounting Policy

Effective in the fourth quarter of 2025, the Corporation has elected to change its accounting methods related to its affordable housing, eligible wind renewable energy and solar renewable energy equity investments.

The Corporation determined that the new accounting methods are preferable as they better align the financial statement presentation with the economic impact of the tax-related equity investments.

For its affordable housing and eligible wind renewable energy equity investments, the Corporation changed its accounting from the equity method of accounting to the proportional amortization method.

For its solar renewable energy equity investments, the Corporation changed its accounting for the investment tax credits (ITCs) to the deferral method, where previously the ITCs and applicable equity investment costs were recognized when the underlying facilities were placed in service.

The new accounting methods are described more fully herein within the Equity Securities section of the Significant Accounting Principles.

The accounting changes were applied retrospectively to the earliest period presented, resulting in a cumulative adjustment that decreased retained earnings by $1.2 billion as of January 1, 2023.

In addition, the accounting changes had an insignificant impact on net income on an annualized basis.

| [Note 3 – Derivatives](#i25d8b6988b8b423182f7a10e38320790_175) | | | | | | [103](#i25d8b6988b8b423182f7a10e38320790_175) | | |

| [Note 8 – Leases](#i25d8b6988b8b423182f7a10e38320790_211) | | | | | | [130](#i25d8b6988b8b423182f7a10e38320790_211) | | |

| [Note 9 – Deposits](#i25d8b6988b8b423182f7a10e38320790_214) | | | | | | [131](#i25d8b6988b8b423182f7a10e38320790_214) | | |

| [Note 13 – Shareholders’ Equity](#i25d8b6988b8b423182f7a10e38320790_229) | | | | | | [140](#i25d8b6988b8b423182f7a10e38320790_229) | | |

| [Glossary](#i25d8b6988b8b423182f7a10e38320790_292) | | | | | | [169](#i25d8b6988b8b423182f7a10e38320790_292) | | |

| [Acronyms](#i25d8b6988b8b423182f7a10e38320790_298) | | | | | | [171](#i25d8b6988b8b423182f7a10e38320790_298) | | |

Our audit of internal control over financial reporting included obtaining an

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements.

and related weightings and the reasonableness of certain qualitative reserves.

*Valuation of Certain Level 3 Financial Instruments*

As described in Notes 1 and 20 to the consolidated financial statements, the Corporation carries certain financial instruments at fair value, which includes $10.0 billion of assets and $6.3 billion of liabilities classified as Level 3 fair value measurements that are valued on a recurring basis and $3.1 billion of assets classified as Level 3 fair value measurements that are valued on a nonrecurring basis, for which the determination of fair value requires significant management judgment or estimation.

The Corporation determines the fair value of Level 3 financial instruments using pricing models, discounted cash flow methodologies, or similar techniques that require inputs that are both unobservable and are significant to the overall fair value measurement.

Unobservable inputs, such as volatility or implied yield, may be determined using quantitative-based extrapolations, pricing models or other internal methodologies which incorporate management estimates and available market information.

The principal considerations for our determination that performing procedures relating to the valuation of certain Level 3 financial instruments is a critical audit matter are the significant judgment and estimation used by management to determine the fair value of these financial instruments, which in turn led to a high degree of auditor judgment, subjectivity and effort in performing procedures and in evaluating audit evidence obtained, including the involvement of professionals with specialized skill and knowledge.

These procedures included testing the effectiveness of controls relating to the valuation of financial instruments, including controls related to valuation models, significant unobservable inputs, and data.

These procedures also included, among others, the involvement of professionals with specialized skill and knowledge to assist in developing an independent estimate of fair value for a sample of these certain financial instruments and comparison of management’s estimate to the independently developed estimate of fair value.

Developing the independent estimate involved testing the completeness and accuracy of data provided by management and evaluating the reasonableness of management’s significant unobservable inputs.

| Other income (loss) | | | | | | | | | | | | | | | (3,431) | | | | | | (3,091) | | | | | | (2,799) | | |

| Total noninterest income | | | | | | | | | | | | | | | 45,827 | | | | | | 41,650 | | | | | | 42,488 | | |

| Total revenue, net of interest expense | | | | | | | | | | | | | | | 101,887 | | | | | | 98,581 | | | | | | 94,950 | | |

| Income before income taxes | | | | | | | | | | | | | | | 29,254 | | | | | | 28,342 | | | | | | 30,969 | | |

| Net income | | | | | | | | | | | | | | | $ | 27,132 | | | | | $ | 26,515 | | | | | $ | 27,528 | |

| Earnings | | | | | | | | | | | | | | | $ | 3.25 | | | | | $ | 3.10 | | | | | $ | 3.21 | |

| Net income | | | | | | | | | | | | | | | $ | 27,132 | | | | | $ | 26,515 | | | | | $ | 27,528 | |

| Comprehensive income (loss) | | | | | | | | | | | | | | | $ | 29,635 | | | | | $ | 29,883 | | | | | $ | 11,476 | |

| Total assets | | | | | | $ | 3,261,519 | | | | | $ | 3,180,151 | |

| Total liabilities | | | | | | 2,965,960 | | | | | | 2,888,505 | | |

| Retained earnings | | | | | | 242,349 | | | | | | 224,672 | | |

| Total shareholders’ equity | | | | | | 295,559 | | | | | | 291,646 | | |

| Balance, December 31, 2021 | | | $ | 24,708 | | | | | 8,077.8 | | | | | | $ | 62,398 | | | | | $ | 188,064 | | | | | $ | (5,104) | | | | | | | | | | | $ | 270,066 | |

| Common | | | | | | | | | | | | | | | | | | | | | (6,963) | | | | | | | | | | | | | | | | | | (6,963) | | |

| Preferred | | | | | | | | | | | | | | | | | | | | | (1,596) | | | | | | | | | | | | | | | | | | (1,596) | | |

| Net income | | | $ | 27,132 | | | | | $ | 26,515 | | | | | $ | 27,528 | | | | | | | | | | | | | |

| Deferred income taxes | | | (1,734) | | | | | | (2,011) | | | | | | 739 | | | | | | | | | | | | | | |

| Originations and purchases | | | (36,198) | | | | | | (15,621) | | | | | | (24,862) | | | | | | | | | | | | | | |

| Other assets | | | (4,492) | | | | | | (23,944) | | | | | | 20,799 | | | | | | | | | | | | | | |

| Proceeds from sales of loans originally classified as held for investment and instruments from related securitization activities | | | 9,565 | | | | | | 11,081 | | | | | | 26,757 | | | | | | | | | | | | | | |

| Cash and cash equivalents at January 1 | | | 333,073 | | | | | | 230,203 | | | | | | 348,221 | | | | | | | | | | | | | | |

These investments, which include the Corporation’s interests in affordable housing and renewable energy partnerships, are recorded in other assets.

Equity method investments are subject to impairment testing, and the Corporation’s proportionate share of income or loss is included in other income.

Additional information related to our business segments and the products and services they provide is included in the information set forth on pages [removed: 35] [added: 36] through 44 of Item 7.

We are a company of [removed: approximately 213,000] talented employees who represent a diverse range of experiences, skills, backgrounds and perspectives across many dimensions.

At both December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the Corporation employed approximately 213,000 employees, of which [removed: 78] [added: 77] percent [added: and 78 percent, respectively,] were located in the U.S. None of our U.S. employees are subject to a collective bargaining agreement.

Additionally, in [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the Corporation’s compensation and benefits expense was [removed: $40.2] [added: $42.3] billion and [removed: $38.3] [added: $40.2] billion, or [removed: 60] [added: 61] percent and [removed: 58] [added: 60] percent, of total noninterest expense.

| Workforce data as of December 31, [removed: 2024] [added: 2025] | | | | | | | | | | | | | | | | | | | | |

| Women | | | | | | 50 | | % | | | | 42 | | % | | | | [removed: 42] [added: 43] | | % |

| Men | | | | | | 50 | | | | | | 58 | | | | | | [removed: 58] [added: 57] | | |

| White | | | | | | [removed: 47] [added: 46] | | | | | | [removed: 71] [added: 72] | | | | | | [removed: 54] [added: 53] | | |

| Asian | | | | | | [removed: 14] [added: 15] | | | | | | [removed: 11] [added: 12] | | | | | | 15 | | |

| Black | | | | | | 15 | | | | | | [removed: 8] [added: 7] | | | | | | 11 | | |

| Hispanic | | | | | | [removed: 19] [added: 20] | | | | | | [removed: 7] [added: 6] | | | | | | [removed: 16] [added: 17] | | |

In [removed: 2024,] [added: 2025,] the Corporation hired over 18,000 teammates reflecting a wide variety of backgrounds, experiences, [added: skills] and perspectives so that we understand and can respond to the needs of our clients and communities.

We have 11 Employee Networks with over [removed: 320,000] [added: 330,000] voluntary memberships, which provide teammates opportunities to meet new people, have an impact across multiple business lines and grow personally and professionally.

In [removed: 2024,] [added: 2025,] more than [removed: 12,000] [added: 14,000] employees found new roles within the Corporation, and we delivered [removed: approximately] [added: more than] 7.6 million hours of training and development to our teammates through Bank of America Academy.

In [removed: 2024, 87] [added: 2025, 86] percent of the Corporation’s employees participated in the Survey, and our Employee Engagement Index, an overall measure of employee satisfaction with the Corporation, was [removed: 84] [added: 86] percent.

Our turnover among employees was stable at 8 percent in both [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

In October [removed: 2024, as a next step towards that goal,] [added: 2025,] the Corporation [removed: increased] [added: took] its [removed: hourly] [added: final step to reach this goal by raising its U.S.] minimum [added: hourly] wage [removed: for U.S. employees to] [added: from] $24 [added: to $25] per hour.

In addition, in January [removed: 2025,] [added: 2026,] for the [removed: eighth] [added: ninth] year since 2017, we announced that we recognized our teammates with Sharing Success compensation awards for their efforts during [removed: 2024.][added: 2025.]

Approximately [removed: 97] [added: 96] percent of employees globally will receive an award in the first quarter of [removed: 2025.][added: 2026.]

In [removed: 2024,] [added: 2025,] we continued our efforts to provide affordable access to healthcare.

For the [removed: 12th] [added: 13th] year in a row, U.S. health insurance premiums remained unchanged for teammates earning less than $50,000.

For more information about our human capital management, see the Corporation’s website and [removed: 2024] [added: 2025] Annual Report to shareholders that we expect to be available on the Investor Relations portion of our website in March [removed: 2025] [added: 2026] (the content of which is not incorporated by reference into this Annual Report on Form 10-K).

The scope of the LRRs and the intensity of the supervision to which we are subject [removed: have continuously increased over the years.][added: is significant.]

For instance, our broker-dealer subsidiaries are subject to both U.S. and international [removed: regulation,] [added: regulation and supervision,] including [removed: supervision] by the SEC, Financial Industry Regulatory Authority and New York Stock Exchange, among others; our futures commission merchant subsidiary supporting commodities and derivatives businesses in the U.S. is subject to regulation by and supervision of the U.S. Commodity Futures Trading Commission (CFTC), National Futures Association, the Chicago Mercantile Exchange, and in the case of the Banks, certain banking regulators; our insurance activities are subject to licensing and regulation by state insurance regulatory agencies; and our consumer financial products and services are regulated by the Consumer Financial Protection Bureau (CFPB).

In addition, certain U.S. and foreign subsidiaries are also registered with the CFTC as swap dealers, [removed: and conditionally registered with the SEC as security-based swap dealers.]

As of the date of this report, the DIF [removed: is below] [added: satisfied] the statutory minimum [removed: ratio and the FDIC’s] [added: ratio, but it has not reached this] long-term goal.

For example, in 2023, the FDIC issued its final rule to impose a special assessment to recover the loss to the DIF resulting from the closure of Silicon Valley Bank and Signature [removed: Bank.][added: Bank, the amount of which has been subsequently reduced.]

These continually evolving rules are likely to influence our planning processes and may [removed: require additional] [added: result in changes to] regulatory capital and liquidity, as well as impose additional operational and compliance costs on the Corporation.

For example, based on the results of our [removed: 2024] [added: 2025] CCAR stress test, the Corporation’s SCB [removed: increased] [added: decreased] to [removed: 3.2] [added: 2.5] percent.

Additionally, the Corporation’s G-SIB surcharge [removed: increased to] [added: is] 3.0 [removed: percent on January 1, 2024.][added: percent.]

Additionally, the applicable federal regulatory authority is authorized to determine, under certain circumstances relating to the financial condition of a bank or BHC, [removed: that] [added: if] the payment of dividends would be an unsafe or unsound practice and to prohibit payment thereof.

At June 30, [removed: 2024,] [added: 2025,] we held greater than 10 percent of the total amount of deposits of insured depository institutions in the U.S.

In addition, the Financial Reform Act restricts acquisitions by a financial institution if, as a result of the acquisition, the total liabilities of the financial institution would exceed 10 percent of the total liabilities of all financial institutions in the U.S. At June 30, [removed: 2024,] [added: 2025,] our liabilities did not exceed 10 percent of the total liabilities of all financial institutions in the U.S.

In addition, many G-20 jurisdictions, including the U.S., EU, U.K., and Japan, have adopted resolution stay regulations to address concerns that the close-out of derivatives and other financial contracts could impede orderly resolution of [removed: G-SIBs, and additional jurisdictions are expected to follow suit.][added: G-SIBs.]

Our consumer businesses are subject to extensive [added: federal] regulation and oversight by federal and state [removed: regulators.][added: authorities.]

[added: We are subject to numerous federal consumer protection laws, including the Equal Credit Opportunity Act, Home Mortgage Disclosure Act,] Fair Housing Act, Electronic Fund Transfer Act (EFTA), Fair Credit Reporting Act, Real Estate Settlement Procedures Act, prohibitions on unfair, deceptive, or abusive acts or practices, Truth in Lending [removed: Act and] [added: Act,] Truth in Savings [removed: Act, are enforced by] [added: Act and] the [removed: CFPB.][added: Servicemembers Civil Relief Act.]

Other laws and regulations, at the international, federal and state level, impact our ability to share certain information with [added: affiliates and non-affiliates for marketing and/or non-marketing purposes, or contact customers with marketing offers and establish certain rights of consumers in connection with their]

For example, California’s Consumer Privacy Act [removed: (CCPA),] [added: (CCPA)] provides consumers with the right to know what personal data is being collected, know whether their personal data is [removed: sold] [added: sold,] or disclosed [added: for purposes of targeted marketing,] and to [removed: whom] [added: whom,] and opt out of the sale [added: or disclosure] of their personal data, among other rights.

In addition, in the EU and other countries around the world, similar laws, [removed: like] [added: such as] the General Data Protection Regulation (GDPR), afford those countries’ residents with certain rights related to their information and may impose additional obligations on financial institutions.

[removed: These laws’] [added: The] impact [added: of these laws] on the Corporation [removed: was] [added: is] assessed and addressed through comprehensive compliance implementation programs.

Additionally, we are subject to certain actions of the U.S. executive branch, including executive orders (Executive Branch Actions).

and conditionally registered with the SEC as security-based swap dealers.

The public comment period has concluded and the proposal remains pending.

personal information.

Artificial intelligence-related (AI) LRRs are also rapidly evolving in the U.S. and non-U.S. jurisdictions imposing various obligations, including AI governance and risk management, transparency and consumer disclosures, documentation and reporting requirements, AI use restrictions and enhanced compliance obligations for AI systems, including those categorized as high risk.

For more information on risks related to privacy and information security, see Item 1A.

Risk Factors on beginning on page 8.

In October 2022, the FDIC adopted a restoration plan that includes an increase in deposit insurance assessments across the industry of two basis points (bps).

The FDIC has indicated that it intends to maintain such assessment rates for the foreseeable future.

Certain federal consumer finance laws to which we are subject, including the Equal Credit Opportunity Act, Home Mortgage Disclosure Act,

Other federal consumer finance laws, such as the Servicemembers Civil Relief Act, are enforced by the OCC.

affiliates and non-affiliates for marketing and/or non-marketing purposes, or contact customers with marketing offers and establish certain rights of consumers in connection with their personal information.

For the Fiscal Year Ended December 31, [removed: 2024][added: 2025]

As of June 30, [removed: 2024,] [added: 2025,] the aggregate market value of the registrant’s common stock (Common Stock) held by non-affiliates was approximately [removed: $309,201,944,388.][added: $351,903,673,230.]

At February 24, [removed: 2025,] [added: 2026,] there were [removed: 7,604,677,274] [added: 7,176,682,170] shares of Common Stock outstanding.

Documents incorporated by reference: Portions of the definitive proxy statement relating to the registrant’s [removed: 2025] [added: 2026] annual meeting of shareholders are incorporated by reference in this Form 10-K in response to Items 10, 11, 12, 13 and 14 of Part III.

| [Item [removed: 1A](#i25d8b6988b8b423182f7a10e38320790_484).] [added: 1A](#idd50fa8ccd704ccba7d633a77cae242f_370).] | | | [Risk [removed: Factors](#i25d8b6988b8b423182f7a10e38320790_484)] [added: Factors](#idd50fa8ccd704ccba7d633a77cae242f_370)] | | | [removed: [8](#i25d8b6988b8b423182f7a10e38320790_484)] [added: [8](#idd50fa8ccd704ccba7d633a77cae242f_370)] | | |

| [Item [removed: 1B.](#i25d8b6988b8b423182f7a10e38320790_493)] [added: 1B.](#idd50fa8ccd704ccba7d633a77cae242f_373)] | | | [Unresolved Staff [removed: Comments](#i25d8b6988b8b423182f7a10e38320790_493)] [added: Comments](#idd50fa8ccd704ccba7d633a77cae242f_373)] | | | [removed: [23](#i25d8b6988b8b423182f7a10e38320790_493)] [added: [23](#idd50fa8ccd704ccba7d633a77cae242f_373)] | | |

| [Item [removed: 3.](#i25d8b6988b8b423182f7a10e38320790_502)] [added: 3.](#idd50fa8ccd704ccba7d633a77cae242f_382)] | | | [Legal [removed: Proceedings](#i25d8b6988b8b423182f7a10e38320790_502)] [added: Proceedings](#idd50fa8ccd704ccba7d633a77cae242f_382)] | | | [removed: [23](#i25d8b6988b8b423182f7a10e38320790_502)] [added: [23](#idd50fa8ccd704ccba7d633a77cae242f_382)] | | |

| [Item [removed: 4.](#i25d8b6988b8b423182f7a10e38320790_505)] [added: 4.](#idd50fa8ccd704ccba7d633a77cae242f_385)] | | | [Mine Safety [removed: Disclosures](#i25d8b6988b8b423182f7a10e38320790_505)] [added: Disclosures](#idd50fa8ccd704ccba7d633a77cae242f_385)] | | | [removed: [23](#i25d8b6988b8b423182f7a10e38320790_505)] [added: [23](#idd50fa8ccd704ccba7d633a77cae242f_385)] | | |

| [Item [removed: 5.](#i25d8b6988b8b423182f7a10e38320790_511)] [added: 5.](#idd50fa8ccd704ccba7d633a77cae242f_391)] | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i25d8b6988b8b423182f7a10e38320790_511)] [added: Securities](#idd50fa8ccd704ccba7d633a77cae242f_391)] | | | [removed: [24](#i25d8b6988b8b423182f7a10e38320790_511)] [added: [24](#idd50fa8ccd704ccba7d633a77cae242f_391)] | | |

| [Item [removed: 7.](#i25d8b6988b8b423182f7a10e38320790_520)] [added: 7.](#idd50fa8ccd704ccba7d633a77cae242f_400)] | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i25d8b6988b8b423182f7a10e38320790_520)] [added: Operations](#idd50fa8ccd704ccba7d633a77cae242f_400)] | | | [removed: [25](#i25d8b6988b8b423182f7a10e38320790_520)] [added: [25](#idd50fa8ccd704ccba7d633a77cae242f_400)] | | |

| [Item [removed: 7A.](#i25d8b6988b8b423182f7a10e38320790_532)] [added: 7A.](#idd50fa8ccd704ccba7d633a77cae242f_424)] | | | [Quantitative and Qualitative Disclosures about Market [removed: Risk](#i25d8b6988b8b423182f7a10e38320790_532)] [added: Risk](#idd50fa8ccd704ccba7d633a77cae242f_424)] | | | [removed: [86](#i25d8b6988b8b423182f7a10e38320790_532)] [added: [87](#idd50fa8ccd704ccba7d633a77cae242f_424)] | | |

| [Item [removed: 8.](#i25d8b6988b8b423182f7a10e38320790_535)] [added: 8.](#idd50fa8ccd704ccba7d633a77cae242f_427)] | | | [Financial Statements and Supplementary [removed: Data](#i25d8b6988b8b423182f7a10e38320790_535)] [added: Data](#idd50fa8ccd704ccba7d633a77cae242f_427)] | | | [removed: [86](#i25d8b6988b8b423182f7a10e38320790_535)] [added: [87](#idd50fa8ccd704ccba7d633a77cae242f_427)] | | |

| [Item [removed: 9.](#i25d8b6988b8b423182f7a10e38320790_325)] [added: 9.](#idd50fa8ccd704ccba7d633a77cae242f_319)] | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i25d8b6988b8b423182f7a10e38320790_325)] [added: Disclosure](#idd50fa8ccd704ccba7d633a77cae242f_319)] | | | [removed: [172](#i25d8b6988b8b423182f7a10e38320790_325)] [added: [174](#idd50fa8ccd704ccba7d633a77cae242f_319)] | | |

| [Item [removed: 9A.](#i25d8b6988b8b423182f7a10e38320790_328)] [added: 9A.](#idd50fa8ccd704ccba7d633a77cae242f_322)] | | | [Controls and [removed: Procedures](#i25d8b6988b8b423182f7a10e38320790_328)] [added: Procedures](#idd50fa8ccd704ccba7d633a77cae242f_322)] | | | [removed: [172](#i25d8b6988b8b423182f7a10e38320790_328)] [added: [174](#idd50fa8ccd704ccba7d633a77cae242f_322)] | | |

| [Item [removed: 9B.](#i25d8b6988b8b423182f7a10e38320790_334)] [added: 9B.](#idd50fa8ccd704ccba7d633a77cae242f_328)] | | | [Other [removed: Information](#i25d8b6988b8b423182f7a10e38320790_334)] [added: Information](#idd50fa8ccd704ccba7d633a77cae242f_328)] | | | [removed: [172](#i25d8b6988b8b423182f7a10e38320790_334)] [added: [174](#idd50fa8ccd704ccba7d633a77cae242f_328)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i25d8b6988b8b423182f7a10e38320790_337)] [added: Inspections](#idd50fa8ccd704ccba7d633a77cae242f_331)] | | | [removed: [172](#i25d8b6988b8b423182f7a10e38320790_337)] [added: [174](#idd50fa8ccd704ccba7d633a77cae242f_331)] | | |

| [Item [removed: 10.](#i25d8b6988b8b423182f7a10e38320790_343)] [added: 10.](#idd50fa8ccd704ccba7d633a77cae242f_337)] | | | [Directors, Executive Officers and Corporate [removed: Governance](#i25d8b6988b8b423182f7a10e38320790_343)] [added: Governance](#idd50fa8ccd704ccba7d633a77cae242f_337)] | | | [removed: [172](#i25d8b6988b8b423182f7a10e38320790_343)] [added: [174](#idd50fa8ccd704ccba7d633a77cae242f_337)] | | |

| [Item [removed: 11.](#i25d8b6988b8b423182f7a10e38320790_346)] [added: 11.](#idd50fa8ccd704ccba7d633a77cae242f_340)] | | | [Executive [removed: Compensation](#i25d8b6988b8b423182f7a10e38320790_346)] [added: Compensation](#idd50fa8ccd704ccba7d633a77cae242f_340)] | | | [removed: [173](#i25d8b6988b8b423182f7a10e38320790_346)] [added: [175](#idd50fa8ccd704ccba7d633a77cae242f_340)] | | |

| [Item [removed: 12.](#i25d8b6988b8b423182f7a10e38320790_349)] [added: 12.](#idd50fa8ccd704ccba7d633a77cae242f_343)] | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i25d8b6988b8b423182f7a10e38320790_349)] [added: Matters](#idd50fa8ccd704ccba7d633a77cae242f_343)] | | | [removed: [174](#i25d8b6988b8b423182f7a10e38320790_349)] [added: [176](#idd50fa8ccd704ccba7d633a77cae242f_343)] | | |

| [Item [removed: 13.](#i25d8b6988b8b423182f7a10e38320790_352)] [added: 13.](#idd50fa8ccd704ccba7d633a77cae242f_346)] | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i25d8b6988b8b423182f7a10e38320790_352)] [added: Independence](#idd50fa8ccd704ccba7d633a77cae242f_346)] | | | [removed: [174](#i25d8b6988b8b423182f7a10e38320790_352)] [added: [176](#idd50fa8ccd704ccba7d633a77cae242f_346)] | | |

| [Item [removed: 14.](#i25d8b6988b8b423182f7a10e38320790_355)] [added: 14.](#idd50fa8ccd704ccba7d633a77cae242f_349)] | | | [Principal Accounting Fees and [removed: Services](#i25d8b6988b8b423182f7a10e38320790_355)] [added: Services](#idd50fa8ccd704ccba7d633a77cae242f_349)] | | | [removed: [174](#i25d8b6988b8b423182f7a10e38320790_355)] [added: [176](#idd50fa8ccd704ccba7d633a77cae242f_349)] | | |

| [Item [removed: 15.](#i25d8b6988b8b423182f7a10e38320790_361)] [added: 15.](#idd50fa8ccd704ccba7d633a77cae242f_355)] | | | [Exhibits, Financial Statement [removed: Schedules](#i25d8b6988b8b423182f7a10e38320790_361)] [added: Schedules](#idd50fa8ccd704ccba7d633a77cae242f_355)] | | | [removed: [175](#i25d8b6988b8b423182f7a10e38320790_361)] [added: [177](#idd50fa8ccd704ccba7d633a77cae242f_355)] | | |

| [Item [removed: 16.](#i25d8b6988b8b423182f7a10e38320790_364)] [added: 16.](#idd50fa8ccd704ccba7d633a77cae242f_358)] | | | [Form 10-K [removed: Summary](#i25d8b6988b8b423182f7a10e38320790_364)] [added: Summary](#idd50fa8ccd704ccba7d633a77cae242f_358)] | | | [removed: [178](#i25d8b6988b8b423182f7a10e38320790_364)] [added: [180](#idd50fa8ccd704ccba7d633a77cae242f_358)] | | |

| [Part I](#idd50fa8ccd704ccba7d633a77cae242f_364) | | | | | | Page | | |

| [Item 1.](#idd50fa8ccd704ccba7d633a77cae242f_367) | | | [Business](#idd50fa8ccd704ccba7d633a77cae242f_367) | | | [2](#idd50fa8ccd704ccba7d633a77cae242f_367) | | |

| [Item 1](#idd50fa8ccd704ccba7d633a77cae242f_373)[C](#idd50fa8ccd704ccba7d633a77cae242f_373)[.](#idd50fa8ccd704ccba7d633a77cae242f_373) | | | [Cybersecurity](#idd50fa8ccd704ccba7d633a77cae242f_376) | | | [23](#idd50fa8ccd704ccba7d633a77cae242f_376) | | |

| [Item 2.](#idd50fa8ccd704ccba7d633a77cae242f_379) | | | [Properties](#idd50fa8ccd704ccba7d633a77cae242f_379) | | | [23](#idd50fa8ccd704ccba7d633a77cae242f_379) | | |

| [Part II](#idd50fa8ccd704ccba7d633a77cae242f_388) | | | | | | | | |

| [Item 6.](#idd50fa8ccd704ccba7d633a77cae242f_397) | | | [\[Reserved\]](#idd50fa8ccd704ccba7d633a77cae242f_397) | | | [24](#idd50fa8ccd704ccba7d633a77cae242f_397) | | |

| [Part III](#idd50fa8ccd704ccba7d633a77cae242f_334) | | | | | | | | |

| [Part IV](#idd50fa8ccd704ccba7d633a77cae242f_352) | | | | | | | | |

| [Part I](#i25d8b6988b8b423182f7a10e38320790_478) | | | | | | Page | | |

| [Item 1.](#i25d8b6988b8b423182f7a10e38320790_481) | | | [Business](#i25d8b6988b8b423182f7a10e38320790_481) | | | [2](#i25d8b6988b8b423182f7a10e38320790_481) | | |

| [Item 1](#i25d8b6988b8b423182f7a10e38320790_493)[C](#i25d8b6988b8b423182f7a10e38320790_493)[.](#i25d8b6988b8b423182f7a10e38320790_493) | | | [Cybersecurity](#i25d8b6988b8b423182f7a10e38320790_496) | | | [23](#i25d8b6988b8b423182f7a10e38320790_496) | | |

| [Item 2.](#i25d8b6988b8b423182f7a10e38320790_499) | | | [Properties](#i25d8b6988b8b423182f7a10e38320790_499) | | | [23](#i25d8b6988b8b423182f7a10e38320790_499) | | |

| [Part II](#i25d8b6988b8b423182f7a10e38320790_508) | | | | | | | | |

| [Item 6.](#i25d8b6988b8b423182f7a10e38320790_517) | | | [\[Reserved\]](#i25d8b6988b8b423182f7a10e38320790_517) | | | [24](#i25d8b6988b8b423182f7a10e38320790_517) | | |

| [Part III](#i25d8b6988b8b423182f7a10e38320790_340) | | | | | | | | |

| [Part IV](#i25d8b6988b8b423182f7a10e38320790_358) | | | | | | | | |

See Compliance and Operational Risk Management in the MD&A beginning on page [removed: 80,] [added: 81,] which is incorporated herein by reference.

As of December 31, [removed: 2024,] [added: 2025,] certain principal offices and other materially important properties consisted of the following:

| Bank of America Financial Centre | | | | | | London, UK | | | | | | 3 Building Campus | | | | | | *Global Banking* and *Global Markets* | | | | | | Leased | | | | | | [removed: 510,170] [added: 510,169] | | |

| Cheung Kong Center | | | | | | Hong Kong | | | | | | 62 Story Building | | | | | | *Global Banking* and *Global Markets* | | | | | | Leased | | | | | | [removed: 149,790] [added: 117,279] | | |

We own or lease approximately [removed: 64.2] [added: 62.9] million square feet in over [removed: 19,700] [added: 19,600] facilities and ATM locations globally, including approximately [removed: 57.9] [added: 56.9] million square feet in the U.S. (all 50 states and the District of Columbia, the U.S. Virgin Islands, Puerto Rico and Guam) and approximately [removed: 6.3] [added: six] million square feet in more than 35 countries.

The principal market on which our common stock is traded is the New York Stock Exchange under the symbol “BAC.” As of February 24, [removed: 2025,] [added: 2026,] there were [removed: 130,019] [added: 122,167] registered shareholders of common stock.

The table below presents common share repurchase activity for the three months ended December 31, [removed: 2024.][added: 2025.]

shareholders is dividends received from its [removed: bank] [added: banking] subsidiaries.

Each of the [removed: bank] [added: banking] subsidiaries is subject to various regulatory policies and requirements relating to the payment of dividends, including requirements to maintain capital above regulatory minimums.

| (Dollars in millions, except per share information; shares in thousands) | | | Total Common Shares Purchased (1,2) | | | | | | Weighted-Average Per Share Price | | | | | | Total Shares Purchased as Part of Publicly Announced Programs (2) | | | | | | Remaining Buyback Authority [removed: Amounts] [added: Amounts(2)] | | |

(1)Includes [removed: 183] [added: 185] thousand shares of the Corporation's common stock acquired by the Corporation in connection with satisfaction of tax withholding obligations on vested restricted stock or restricted stock units and certain forfeitures and terminations of employment-related awards and for potential re-issuance to certain employees under equity incentive plans.

(2)On July [removed: 24, 2024,] [added: 23, 2025,] the [added: Corporation’s] Board [added: of Directors] authorized [added: and announced] a [removed: $25] [added: $40] billion common stock repurchase [removed: program,] [added: program (2025 Repurchase Program),] effective August 1, [removed: 2024,] [added: 2025,] to replace the [removed: Corporation’s previous] [added: previously disclosed repurchase] program, which expired on August 1, [removed: 2024.][added: 2025.]

During the three months ended December 31, [removed: 2024,] [added: 2025,] pursuant to the [removed: Board’s authorization,] [added: 2025 Repurchase Program,] the Corporation repurchased approximately [removed: 78] [added: 117] million shares, or [removed: $3.5] [added: $6.3] billion, of its common stock.

For more information, see Capital Management – CCAR and Capital Planning in the MD&A on page [removed: 48] [added: 49] and *Note 13 – Shareholders’ Equity* to the Consolidated Financial Statements.

The Corporation did not have any unregistered sales of equity securities during the three months ended December 31, [removed: 2024.][added: 2025.]

| October 1 - 31, 2025 | | | 30,775 | | | | | | $ | 52.21 | | | | | 30,742 | | | | | | $ | 34,768 | |

| November 1 - 30, 2025 | | | 38,284 | | | | | | 53.31 | | | | | | 38,159 | | | | | | 32,753 | | |

| December 1 - 31, 2025 | | | 48,375 | | | | | | 55.23 | | | | | | 48,348 | | | | | | 30,109 | | |

| Three months ended December 31, 2025 | | | 117,434 | | | | | | 53.81 | | | | | | 117,249 | | | | | | | | |

| October 1 - 31, 2024 | | | 22,058 | | | | | | $ | 42.87 | | | | | 22,043 | | | | | | $ | 21,439 | |

| November 1 - 30, 2024 | | | 30,148 | | | | | | 45.88 | | | | | | 30,003 | | | | | | 20,076 | | |

| December 1 - 31, 2024 | | | 26,201 | | | | | | 46.35 | | | | | | 26,178 | | | | | | 18,875 | | |

| Three months ended December 31, 2024 | | | 78,407 | | | | | | 45.19 | | | | | | 78,224 | | | | | | | | |

| [Executive [removed: Summary](#i25d8b6988b8b423182f7a10e38320790_19)] [added: Summary](#idd50fa8ccd704ccba7d633a77cae242f_19)] | | | | | | [removed: [27](#i25d8b6988b8b423182f7a10e38320790_19)] [added: [27](#idd50fa8ccd704ccba7d633a77cae242f_19)] | | |

| [Recent [removed: Developments](#i25d8b6988b8b423182f7a10e38320790_22)] [added: Developments](#idd50fa8ccd704ccba7d633a77cae242f_22)] | | | | | | [removed: [27](#i25d8b6988b8b423182f7a10e38320790_22)] [added: [27](#idd50fa8ccd704ccba7d633a77cae242f_22)] | | |

| [Financial [removed: Highlights](#i25d8b6988b8b423182f7a10e38320790_25)] [added: Highlights](#idd50fa8ccd704ccba7d633a77cae242f_25)] | | | | | | [removed: [27](#i25d8b6988b8b423182f7a10e38320790_25)] [added: [27](#idd50fa8ccd704ccba7d633a77cae242f_25)] | | |

| [Balance Sheet [removed: Overview](#i25d8b6988b8b423182f7a10e38320790_28)] [added: Overview](#idd50fa8ccd704ccba7d633a77cae242f_28)] | | | | | | [removed: [29](#i25d8b6988b8b423182f7a10e38320790_28)] [added: [29](#idd50fa8ccd704ccba7d633a77cae242f_28)] | | |

| [Supplemental Financial [removed: Data](#i25d8b6988b8b423182f7a10e38320790_34)] [added: Data](#idd50fa8ccd704ccba7d633a77cae242f_34)] | | | | | | [removed: [30](#i25d8b6988b8b423182f7a10e38320790_34)] [added: [31](#idd50fa8ccd704ccba7d633a77cae242f_34)] | | |

| [Business Segment [removed: Operations](#i25d8b6988b8b423182f7a10e38320790_52)] [added: Operations](#idd50fa8ccd704ccba7d633a77cae242f_49)] | | | | | | [removed: [35](#i25d8b6988b8b423182f7a10e38320790_52)] [added: [36](#idd50fa8ccd704ccba7d633a77cae242f_49)] | | |

| [Consumer [removed: Banking](#i25d8b6988b8b423182f7a10e38320790_55)] [added: Banking](#idd50fa8ccd704ccba7d633a77cae242f_52)] | | | | | | [removed: [36](#i25d8b6988b8b423182f7a10e38320790_55)] [added: [37](#idd50fa8ccd704ccba7d633a77cae242f_52)] | | |

| [Global Wealth & Investment [removed: Management](#i25d8b6988b8b423182f7a10e38320790_58)] [added: Management](#idd50fa8ccd704ccba7d633a77cae242f_55)] | | | | | | [removed: [38](#i25d8b6988b8b423182f7a10e38320790_58)] [added: [39](#idd50fa8ccd704ccba7d633a77cae242f_55)] | | |

| [Global [removed: Banking](#i25d8b6988b8b423182f7a10e38320790_61)] [added: Banking](#idd50fa8ccd704ccba7d633a77cae242f_58)] | | | | | | [removed: [40](#i25d8b6988b8b423182f7a10e38320790_61)] [added: [41](#idd50fa8ccd704ccba7d633a77cae242f_58)] | | |

| [Global [removed: Markets](#i25d8b6988b8b423182f7a10e38320790_64)] [added: Markets](#idd50fa8ccd704ccba7d633a77cae242f_61)] | | | | | | [removed: [42](#i25d8b6988b8b423182f7a10e38320790_64)] [added: [43](#idd50fa8ccd704ccba7d633a77cae242f_61)] | | |

| [All [removed: Other](#i25d8b6988b8b423182f7a10e38320790_67)] [added: Other](#idd50fa8ccd704ccba7d633a77cae242f_64)] | | | | | | [removed: [44](#i25d8b6988b8b423182f7a10e38320790_67)] [added: [44](#idd50fa8ccd704ccba7d633a77cae242f_64)] | | |

| [Managing [removed: Risk](#i25d8b6988b8b423182f7a10e38320790_70)] [added: Risk](#idd50fa8ccd704ccba7d633a77cae242f_67)] | | | | | | [removed: [45](#i25d8b6988b8b423182f7a10e38320790_70)] [added: [45](#idd50fa8ccd704ccba7d633a77cae242f_67)] | | |

| [Strategic Risk [removed: Management](#i25d8b6988b8b423182f7a10e38320790_469)] [added: Management](#idd50fa8ccd704ccba7d633a77cae242f_415)] | | | | | | [removed: [48](#i25d8b6988b8b423182f7a10e38320790_469)] [added: [48](#idd50fa8ccd704ccba7d633a77cae242f_415)] | | |

| [Capital [removed: Management](#i25d8b6988b8b423182f7a10e38320790_73)] [added: Management](#idd50fa8ccd704ccba7d633a77cae242f_70)] | | | | | | [removed: [48](#i25d8b6988b8b423182f7a10e38320790_73)] [added: [48](#idd50fa8ccd704ccba7d633a77cae242f_70)] | | |

| [Liquidity [removed: Risk](#i25d8b6988b8b423182f7a10e38320790_76)] [added: Risk](#idd50fa8ccd704ccba7d633a77cae242f_73)] | | | | | | [removed: [53](#i25d8b6988b8b423182f7a10e38320790_76)] [added: [54](#idd50fa8ccd704ccba7d633a77cae242f_73)] | | |

| [Credit Risk [removed: Management](#i25d8b6988b8b423182f7a10e38320790_79)] [added: Management](#idd50fa8ccd704ccba7d633a77cae242f_76)] | | | | | | [removed: [58](#i25d8b6988b8b423182f7a10e38320790_79)] [added: [59](#idd50fa8ccd704ccba7d633a77cae242f_76)] | | |

| [Consumer Portfolio Credit Risk [removed: Management](#i25d8b6988b8b423182f7a10e38320790_82)] [added: Management](#idd50fa8ccd704ccba7d633a77cae242f_79)] | | | | | | [removed: [59](#i25d8b6988b8b423182f7a10e38320790_82)] [added: [59](#idd50fa8ccd704ccba7d633a77cae242f_79)] | | |

| [Commercial Portfolio Credit Risk [removed: Management](#i25d8b6988b8b423182f7a10e38320790_97)] [added: Management](#idd50fa8ccd704ccba7d633a77cae242f_91)] | | | | | | [removed: [63](#i25d8b6988b8b423182f7a10e38320790_97)] [added: [64](#idd50fa8ccd704ccba7d633a77cae242f_91)] | | |

| [Non-U.S. [removed: Portfolio](#i25d8b6988b8b423182f7a10e38320790_100)] [added: Portfolio](#idd50fa8ccd704ccba7d633a77cae242f_94)] | | | | | | [removed: [69](#i25d8b6988b8b423182f7a10e38320790_100)] [added: [70](#idd50fa8ccd704ccba7d633a77cae242f_94)] | | |

| [Loan and Lease Contractual [removed: Maturities](#i25d8b6988b8b423182f7a10e38320790_106)] [added: Maturities](#idd50fa8ccd704ccba7d633a77cae242f_97)] | | | | | | [removed: [71](#i25d8b6988b8b423182f7a10e38320790_106)] [added: [72](#idd50fa8ccd704ccba7d633a77cae242f_97)] | | |

| [removed: [Allowance] [added: Table 41 | | | Allowance] for Credit [removed: Losses](#i25d8b6988b8b423182f7a10e38320790_109)] [added: Losses] | | | | | | [removed: [72](#i25d8b6988b8b423182f7a10e38320790_109)] | | | [added: | | | | | | | | | | | | | | |]

| [Market Risk [removed: Management](#i25d8b6988b8b423182f7a10e38320790_112)] [added: Management](#idd50fa8ccd704ccba7d633a77cae242f_103)] | | | | | | [removed: [74](#i25d8b6988b8b423182f7a10e38320790_112)] [added: [75](#idd50fa8ccd704ccba7d633a77cae242f_103)] | | |

| [Trading Risk [removed: Management](#i25d8b6988b8b423182f7a10e38320790_115)] [added: Management](#idd50fa8ccd704ccba7d633a77cae242f_106)] | | | | | | [removed: [75](#i25d8b6988b8b423182f7a10e38320790_115)] [added: [76](#idd50fa8ccd704ccba7d633a77cae242f_106)] | | |

| [Interest Rate Risk Management for the Banking [removed: Book](#i25d8b6988b8b423182f7a10e38320790_118)] [added: Book](#idd50fa8ccd704ccba7d633a77cae242f_112)] | | | | | | [removed: [78](#i25d8b6988b8b423182f7a10e38320790_118)] [added: [79](#idd50fa8ccd704ccba7d633a77cae242f_112)] | | |

| [Mortgage Banking Risk [removed: Management](#i25d8b6988b8b423182f7a10e38320790_121)] [added: Management](#idd50fa8ccd704ccba7d633a77cae242f_115)] | | | | | | [removed: [80](#i25d8b6988b8b423182f7a10e38320790_121)] [added: [81](#idd50fa8ccd704ccba7d633a77cae242f_115)] | | |

| [Compliance and Operational Risk [removed: Management](#i25d8b6988b8b423182f7a10e38320790_472)] [added: Management](#idd50fa8ccd704ccba7d633a77cae242f_418)] | | | | | | [removed: [80](#i25d8b6988b8b423182f7a10e38320790_472)] [added: [81](#idd50fa8ccd704ccba7d633a77cae242f_418)] | | |

| [Reputational Risk [removed: Management](#i25d8b6988b8b423182f7a10e38320790_475)] [added: Management](#idd50fa8ccd704ccba7d633a77cae242f_421)] | | | | | | [removed: [82](#i25d8b6988b8b423182f7a10e38320790_475)] [added: [83](#idd50fa8ccd704ccba7d633a77cae242f_421)] | | |

| [Non-GAAP [removed: Reconciliations](#i25d8b6988b8b423182f7a10e38320790_136)] [added: Reconciliations](#idd50fa8ccd704ccba7d633a77cae242f_130)] | | | | | | [removed: [85](#i25d8b6988b8b423182f7a10e38320790_136)] [added: [86](#idd50fa8ccd704ccba7d633a77cae242f_130)] | | |

Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “intends,” “plans,” “goals,” [added: “outlook,”] “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements represent the Corporation’s current expectations, plans or forecasts of its [added: or its lines of business] future results, [removed: revenues,] [added: which may include, among other measures, revenue,] liquidity, net interest income, [added: other income,] provision for credit losses, expenses, [added: operating leverage, effective tax rate,] efficiency ratio, capital measures, [removed: strategy, deposits, assets,] [added: deposits] and [added: assets, as well as strategy,] future business and economic conditions more generally, and other future matters.

Risk Factors of this Annual Report on Form 10-K: and in any of the Corporation’s subsequent [added: U.S.] Securities and Exchange Commission [added: (SEC)] filings: the Corporation’s potential judgments, orders, settlements, penalties, fines and reputational damage, which are inherently difficult to predict, resulting from pending, threatened or future litigation and regulatory [added: inquiries, demands, requests,] investigations, proceedings and enforcement actions, which the Corporation is subject to in the ordinary course of business, including matters related to our processing of unemployment benefits for California and certain other states, the features of our automatic credit card payment service, the adequacy of the Corporation’s anti-money laundering and economic sanctions programs and the processing of electronic payments, including through the Zelle network, and related fraud, which are in various stages; [added: in connection with ongoing litigation,] the [added: impact of certain changes to Visa’s and Mastercard’s respective card payment network rules and reductions in interchange fees for U.S.-based merchants; the] possibility that the Corporation’s future liabilities may be in excess of its recorded liability and estimated range of possible loss for litigation, and regulatory and government actions; the [removed: Corporation’s ability to resolve representations and warranties repurchase] [added: impact of U.S.] and [removed: related claims; the risks related to] [added: global interest rates (including] the [removed: discontinuation of reference] [added: potential for ongoing fluctuations in interest rates), inflation, currency exchange] rates, [removed: including increased expenses] [added: economic conditions, trade policies] and [removed: litigation] [added: tensions, including changes in, or the imposition of, tariffs and/or trade barriers] and the [removed: effectiveness of hedging strategies;] [added: economic impacts, volatility and uncertainty resulting therefrom, which may have varying effects across industries and geographies, and geopolitical instability;] uncertainties about the financial stability and growth rates of non-U.S. jurisdictions, the risk that those jurisdictions may face difficulties servicing their sovereign debt, and related stresses on financial markets, currencies and trade, and the Corporation’s exposures to such risks, including direct, indirect and operational; the impact of [removed: U.S. and global interest rates (including] the [removed: potential for ongoing adjustments in] interest [removed: rates), inflation, currency exchange rates, economic conditions, trade policies and tensions, including increased tariffs, and geopolitical instability; the impact of the interest] rate, inflationary, macroeconomic, banking and regulatory environment on the Corporation’s assets, business, financial condition and results of operations; the impact of adverse [removed: developments affecting the U.S. or global banking industry, including bank failures and liquidity concerns, resulting in worsening economic and market volatility, and regulatory responses thereto; the possibility that future credit losses may be higher than currently expected due to changes in economic*][added: developments*]

[removed: *assumptions,] [added: *affecting the U.S. or global banking industry, including bank failures and liquidity concerns, resulting in worsening economic and market volatility, and regulatory responses thereto; the possibility that future credit losses may be higher than currently expected, including due to changes in economic assumptions, which may include unemployment rates, real estate prices, gross domestic product levels and corporate bond spreads,] customer behavior, adverse developments with respect to U.S. or global economic conditions and other uncertainties, [removed: including] [added: such as] the impact of [added: trade policies,] supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; potential losses related to the Corporation's concentration of credit risk; the Corporation’s ability to achieve its expense targets [added: (including noninterest expense)] and expectations regarding revenue, net interest income, [added: operating leverage, other income,] provision for credit losses, net charge-offs, effective tax rate, loan [added: or deposit] growth or other [removed: projections;] [added: projections and targets;] variances to the underlying assumptions and judgments used in estimating banking book net interest income sensitivity; adverse changes to the Corporation’s credit ratings from the major credit rating agencies; an inability to access capital markets or maintain deposits or borrowing costs; estimates of the fair value and other accounting values, subject to impairment assessments, of certain of the Corporation’s assets and liabilities; the estimated or actual impact of changes in accounting standards or assumptions in applying those standards; uncertainty regarding the content, timing and impact of regulatory capital and liquidity requirements; the impact of adverse changes to total loss-absorbing capacity requirements, stress capital buffer requirements and/or global systemically important bank surcharges; the potential impact of actions of the* *Board of Governors of the Federal Reserve System* *on the Corporation’s capital plans; the effect of changes in or interpretations of income tax laws and [removed: regulations;] [added: regulations, including impacts from] the [added: 2025 Budget Reconciliation Act; the] impact of implementation and compliance with U.S. and international laws, regulations and regulatory interpretations, including recovery and resolution planning requirements, Federal Deposit Insurance Corporation assessments, the Volcker Rule, fiduciary standards, derivatives regulations and potential changes to loss allocations between financial institutions and customers, including for losses incurred from the use of our products and services, including electronic payments and payment of checks, that were authorized by the customer but induced by fraud; the impact of failures or disruptions in or breaches of the Corporation’s operations or information systems, or those of [added: various] third parties, including [added: regulators and federal and state governments, such] as [removed: a result of] [added: from] cybersecurity incidents; the risks related to the development, implementation, use and management of emerging technologies, including artificial [removed: intelligence and machine learning;] [added: intelligence;] the risks related to the transition and physical impacts of climate change; our ability to achieve environmental goals [removed: and targets] or the impact of any changes in the Corporation’s sustainability [removed: strategy, goals] or [removed: targets;] [added: human capital management strategy or goals;] the impact of uncertain or changing political [removed: conditions or any future] [added: conditions,] federal government [removed: shutdown] [added: shutdowns] and uncertainty regarding the federal government’s debt limit or changes in fiscal, [removed: monetary] [added: monetary, trade] or regulatory policy; the emergence of widespread health emergencies or pandemics; the impact of natural disasters, extreme weather events, military conflicts (including the Russia/Ukraine conflict, the conflicts in the Middle East, the possible expansion of such conflicts and potential geopolitical consequences), [added: civil unrest,] terrorism or other geopolitical events; and other matters.*

[added: Throughout] the MD&A, the Corporation uses certain acronyms and abbreviations [removed: which] [added: that] are defined in the Glossary.

At December 31, [removed: 2024,] [added: 2025,] the Corporation had [removed: $3.3] [added: $3.4] trillion in assets and a headcount of approximately 213,000 employees.

As of December 31, [removed: 2024,] [added: 2025,] we served clients through operations across the U.S., its territories and more than 35 [removed: countries.][added: countries and/or jurisdictions.]

Our retail banking footprint covers all major markets in the U.S., and we serve approximately 69 million consumer and small business clients with approximately [removed: 3,700] [added: 3,600] retail financial centers, approximately 15,000 [removed: ATMs,] [added: automated teller machines (ATMs),] and leading digital banking platforms (www.bankofamerica.com) with approximately [removed: 48] [added: 49] million active users, including approximately [removed: 40] [added: 41] million active mobile users.

Our *GWIM* businesses, with client balances of [removed: $4.3] [added: $4.8] trillion, provide tailored solutions to meet client needs through a full set of investment management, brokerage, banking, trust and retirement products.

On [removed: January 29, 2025,] [added: February 3, 2026,] the [removed: Corporation’s] Board of Directors [removed: (the Board)] [added: (Board)] declared a quarterly common stock dividend of [removed: $0.26] [added: $0.28] per share, payable on March [removed: 28, 2025] [added: 27, 2026] to shareholders of record as of March [removed: 7, 2025.][added: 6, 2026.]

For more information on our capital [removed: resources,] [added: resources and regulatory developments,] see Capital Management beginning on page 48.

| (Dollars in millions, except per share information) | | | | | | | | | | | | | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | |

| Net interest income | | | | | | [added: $] | [added: 60,096] | | | | | [added: $] | [added: 56,060] | | | | | [removed: $] [added: $] | [removed: 56,060] [added: 56,931] | | | | | [removed: $] | [removed: 56,931] | | [added: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

| [Crit](#idd50fa8ccd704ccba7d633a77cae242f_121)[ical](#idd50fa8ccd704ccba7d633a77cae242f_121) [Accounting Estimates](#idd50fa8ccd704ccba7d633a77cae242f_121) | | | | | | [83](#idd50fa8ccd704ccba7d633a77cae242f_121) | | |

Effective in the fourth quarter of 2025, the Corporation elected to change accounting methods for its tax-related affordable housing, eligible wind renewable energy and solar renewable energy equity investments, which were applied on a retrospective basis.

The Corporation determined that the new accounting methods are preferable, as they better align the financial statement presentation with the economic impact of these equity investments.

The primary impact of the accounting changes is a reclassification between income statement line items that nets income tax credits and benefits against the investment expense.

Certain prior-period information presented herein has been revised to reflect the accounting method changes.

For more information, see *Note 1 – Summary of Significant Accounting Principles* to the Consolidated Financial Statements and Exhibit 18 to this Annual Report on Form 10-K.

| Net income | | | | | | | | | | | | | | | | | | 30,509 | | | | | | 26,973 | | |

| Earnings | | | | | | | | | | | | | | | | | | $ | 3.86 | | | | | $ | 3.23 | |

| Return on average assets (1) | | | | | | | | | | | | | | | | | | 0.89 | | % | | | | 0.82 | | % |

| Efficiency ratio (1) | | | | | | | | | | | | | | | | | | 61.65 | | | | | | 63.12 | | |

| Total assets | | | | | | | | | | | | | | | | | | 3,411,738 | | | | | | 3,261,299 | | |

| Total liabilities | | | | | | | | | | | | | | | | | | 3,108,495 | | | | | | 2,967,336 | | |

| Total common shareholders’ equity | | | | | | | | | | | | | | | | | | 277,251 | | | | | | 270,804 | | |

| Total shareholders’ equity | | | | | | | | | | | | | | | | | | 303,243 | | | | | | 293,963 | | |

Net interest income increased $4.0 billion to $60.1 billion in 2025 compared to 2024.

| Other income (loss) | | | | | | | | | | | | | | | | | | 1,585 | | | | | | 538 | | |

Noninterest income increased $3.2 billion to $53.0 billion in 2025 compared to 2024.

● Other income increased $1.0 billion primarily due to gains on leveraged finance positions.

The provision for credit losses decreased $146 million to $5.7 billion for 2025 compared to 2024.

Noninterest expense increased $2.9 billion to $69.7 billion in 2025 compared to 2024.

| All other assets | | | | | | 398,229 | | | | | | 382,137 | | | | | | 16,092 | | | | | | 4 | | | | | | | | | | | | | | | | | | | | |

| Total assets | | | | | | $ | 3,411,738 | | | | | $ | 3,261,299 | | | | | $ | 150,439 | | | | | 5 | | | | | | | | | | | | | | | | | | | | |

| Deposits | | | | | | $ | 2,018,729 | | | | | $ | 1,965,467 | | | | | $ | 53,262 | | | | | 3 | | | | | | | | | | | | | | | | | | | | |

| All other liabilities | | | | | | 273,150 | | | | | | 250,898 | | | | | | 22,252 | | | | | | 9 | | | | | | | | | | | | | | | | | | | | |

| Total liabilities | | | | | | 3,108,495 | | | | | | 2,967,336 | | | | | | 141,159 | | | | | | 5 | | | | | | | | | | | | | | | | | | | | |

| Shareholders’ equity | | | | | | 303,243 | | | | | | 293,963 | | | | | | 9,280 | | | | | | 3 | | | | | | | | | | | | | | | | | | | | |

Cash and cash equivalents decreased $58.3 billion primarily driven by loan growth and activity within *Global Markets*.

All Other Liabilities

All other liabilities increased $22.3 billion primarily driven by activity within *Global Markets.*

shareholders’ equity as key measures to support our overall growth objectives.

| Noninterest income | | | | | | 53,001 | | | | | | 49,796 | | | | | | 45,838 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Total revenue, net of interest expense | | | | | | 113,097 | | | | | | 105,856 | | | | | | 102,769 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Income before income taxes | | | | | | 37,695 | | | | | | 33,223 | | | | | | 32,530 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Income tax expense | | | | | | 7,186 | | | | | | 6,250 | | | | | | 6,225 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Net income | | | | | | 30,509 | | | | | | 26,973 | | | | | | 26,305 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Common equity ratio (1) | | | | | | 8.13 | | | | | | 8.30 | | | | | | 8.23 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Dividend payout (1) | | | | | | 27.82 | | | | | | 30.86 | | | | | | 29.90 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Earnings | | | | | | $ | 3.86 | | | | | $ | 3.23 | | | | | $ | 3.07 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Diluted earnings | | | | | | 3.81 | | | | | | 3.19 | | | | | | 3.05 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Book value (1) | | | | | | 38.44 | | | | | | 35.58 | | | | | | 33.16 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [Climate Risk Management](#i25d8b6988b8b423182f7a10e38320790_124) | | | | | | [82](#i25d8b6988b8b423182f7a10e38320790_124) | | |

| [Complex Accounting Estimates](#i25d8b6988b8b423182f7a10e38320790_127) | | | | | | [82](#i25d8b6988b8b423182f7a10e38320790_127) | | |

Throughout

Natural Disasters

Certain Bank of America communities, clients and teammates were significantly impacted by recent wildfires in California and by hurricanes in the southeastern U.S. during the second half of 2024.

In response, Bank of America activated client assistance programs, donated to disaster relief efforts and provided additional support to teammates in the affected areas.

The Corporation continues to evaluate the effects of the wildfires and hurricanes on its clients and communities and does not expect these natural disasters to have a material impact on its businesses, results of operations or financial condition.

| Net income | | | | | | | | | | | | | | | | | | 27,132 | | | | | | 26,515 | | |

| Earnings | | | | | | | | | | | | | | | | | | $ | 3.25 | | | | | $ | 3.10 | |

| Diluted earnings | | | | | | | | | | | | | | | | | | 3.21 | | | | | | 3.08 | | |

| Efficiency ratio (1) | | | | | | | | | | | | | | | | | | 65.57 | | | | | | 66.79 | | |

| Total assets | | | | | | | | | | | | | | | | | | 3,261,519 | | | | | | 3,180,151 | | |

| Total liabilities | | | | | | | | | | | | | | | | | | 2,965,960 | | | | | | 2,888,505 | | |

| Total common shareholders’ equity | | | | | | | | | | | | | | | | | | 272,400 | | | | | | 263,249 | | |

| Total shareholders’ equity | | | | | | | | | | | | | | | | | | 295,559 | | | | | | 291,646 | | |

Net interest income decreased $871 million to $56.1 billion in 2024 compared to 2023.

| Other income | | | | | | | | | | | | | | | | | | (3,431) | | | | | | (3,091) | | |

Noninterest income increased $4.2 billion to $45.8 billion in 2024 compared to 2023.

● Card income increased $230 million primarily due to higher late fees, annual fees and card transfer fees.

● Other income decreased $340 million primarily due to higher partnership losses on tax credit investments, a charge related to Visa Inc.’s (Visa) increase in its litigation escrow account, and certain negative valuation adjustments, partially offset by lower losses on sales of available-for-sale debt securities and gains on sales of equity investments.

The provision for credit losses increased $1.4 billion to $5.8 billion for 2024 compared to 2023.

For the prior year, the provision for credit losses was primarily driven by credit card loan growth and asset quality deterioration, partially offset by improved macroeconomic conditions that primarily benefited the commercial portfolio.

Noninterest expense increased $967 million to $66.8 billion in 2024 compared to 2023.

Also included in the effective tax rate for 2023 were tax impacts related to the FDIC special assessment and BSBY’s cessation announced in 2023.

Absent the tax credits and discrete tax benefits, the effective tax rates would have been approximately 25 percent for both periods.

| All other assets | | | | | | 382,357 | | | | | | 377,303 | | | | | | 5,054 | | | | | | 1 | | | | | | | | | | | | | | | | | | | | |

| Total assets | | | | | | $ | 3,261,519 | | | | | $ | 3,180,151 | | | | | $ | 81,368 | | | | | 3 | | | | | | | | | | | | | | | | | | | | |

| Deposits | | | | | | $ | 1,965,467 | | | | | $ | 1,923,827 | | | | | $ | 41,640 | | | | | 2 | | | | | | | | | | | | | | | | | | | | |

| All other liabilities | | | | | | 249,522 | | | | | | 250,959 | | | | | | (1,437) | | | | | | (1) | | | | | | | | | | | | | | | | | | | | |

| Total liabilities | | | | | | 2,965,960 | | | | | | 2,888,505 | | | | | | 77,455 | | | | | | 3 | | | | | | | | | | | | | | | | | | | | |

| Shareholders’ equity | | | | | | 295,559 | | | | | | 291,646 | | | | | | 3,913 | | | | | | 1 | | | | | | | | | | | | | | | | | | | | |

Cash and cash equivalents decreased $43.0 billion primarily driven by reinvestment of cash into debt securities.

Deposits

similar KPIs used by other companies.

| Noninterest income | | | | | | 45,827 | | | | | | 41,650 | | | | | | 42,488 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Income before income taxes | | | | | | 29,254 | | | | | | 28,342 | | | | | | 30,969 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Income tax expense | | | | | | 2,122 | | | | | | 1,827 | | | | | | 3,441 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Net income | | | | | | 27,132 | | | | | | 26,515 | | | | | | 27,528 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Common equity ratio (1) | | | | | | 8.35 | | | | | | 8.28 | | | | | | 8.02 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Dividend payout (1) | | | | | | 30.67 | | | | | | 29.65 | | | | | | 26.77 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

The Report of Management on Internal Control Over Financial Reporting is set forth on page [removed: 87] [added: 88] and incorporated herein by reference.

The Report of Independent Registered Public Accounting Firm with respect to the Corporation’s internal control over financial reporting is set forth on pages [removed: 88 and] 89 and [added: 90 and] incorporated herein by reference.

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) during the quarter ended December 31, [removed: 2024,] [added: 2025,] that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

During the fiscal quarter ended December 31, [removed: 2024,] [added: 2025,] none of the Corporation’s directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended) adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (in each case, as defined in Item 408 of Regulation S-K) for the purchase or sale of the Corporation’s securities.

As previously disclosed in its related quarterly reports on Form 10-Q, the Corporation identified and reported certain activities pursuant to Section 13(r) for the first, second and third quarters of [removed: 2024.][added: 2025.]

The information provided pursuant to Section 13(r) of the Exchange Act in Item 5 of the quarters ended March 31, [removed: 2024,] [added: 2025,] June 30, [removed: 2024] [added: 2025] and September 30, [removed: 2024] [added: 2025] is hereby incorporated by [added: reference to such reports.]

[removed: Except as set forth below, as of the] date of this Annual Report on Form 10-K, the Corporation is not aware of any other activity, transaction or dealing by any of its affiliates during the quarter ended December 31, [removed: 2024] [added: 2025] that requires disclosure under Section 13(r) of the Exchange Act.

During the fourth quarter of [removed: 2024,] [added: 2025,] Bank of America, National Association (BANA), a U.S. subsidiary of Bank of America Corporation, processed [removed: 69] [added: one] authorized wire [removed: payments] [added: payment] totaling [removed: $13,965,455] [added: $3,254] pursuant to a general license issued by the U.S. Department of the Treasury’s Office of Foreign Assets Control [added: (OFAC)] regarding [removed: Afghanistan or governing institutions] [added: certain activities] in [removed: Afghanistan.][added: support of nongovernmental organizations.]

Except as set forth below, as of the

This payment was processed to a beneficiary bank subject to Executive Order 13224.

reference to such reports.

These payments for two BANA clients were processed to Afghan state-owned banks, which are subject to Executive Order 13224.

68 of the 69 authorized wire payments originated from one BANA client using two accounts.

Athanasia [removed: (58) President, Regional Banking] [added: (59) Co-President] since [added: September 2025; President, Regional Banking from] October [removed: 2021;] [added: 2021 to September 2025;] President, Retail and Preferred & Small Business Banking from January 2019 to October 2021; Co-Head -- Consumer Banking from September 2014 to January 2019; and Preferred and Small Business Banking Executive from April 2011 to September 2014.

[removed: Aditya Bhasin (51) Chief] [added: Hari Gopalkrishnan (57) Chief] Technology [removed: &] [added: and] Information Officer since [removed: October 2021;] [added: August 2025;] Chief Information Officer [removed: and Head of Technology] for Consumer, [removed: Small Business,] [added: Business &] Wealth Management [removed: and Employee] Technology from [removed: October 2017] [added: July 2023] to [removed: October 2021; CIO,] [added: August 2025; Chief Information Officer for] Retail, [removed: Preferred & Wealth Management Technology,] [added: Preferred, Small Business,] and Wealth Management [added: Technology from September 2021 to July 2023; Head of Client Facing &] Operations [added: Technology Executive] from [removed: June] [added: July 2021 to September 2021; Head of Client Facing Platforms Technology from April] 2015 to [removed: October 2017.][added: July 2021; Head of Consumer & Wealth Management eCommerce Tech & Consumer Banking Architecture & Strategy from September 2011 to April 2015.]

Borthwick [removed: (56)] [added: (57) Executive Vice President and] Chief Financial Officer since [added: September 2025; Chief Financial Officer from] November [removed: 2021;] [added: 2021 to September 2025;] President of Global Commercial Banking from October 2012 to October 2021.

Sheri Bronstein [removed: (56)] [added: (57)] Chief [removed: Human Resources] [added: People] Officer since [added: March 2025; Chief Human Resources Officer from] January [removed: 2019;] [added: 2019 to March 2025;] Global Human Resources Executive from July 2015 to January 2019; and HR Executive for Global Banking & Markets from March 2010 to July 2015.

DeMare [removed: (55)] [added: (56) Co-President since September 2025;] President, Global [removed: Markets since] [added: Markets from] September [removed: 2020;] [added: 2020 to September 2025;] Global Co-Head of FICC Trading and [added: Commercial Real Estate Banking from February 2015 to September 2020.]

Greener [removed: (60)] [added: (61)] Chief Risk Officer since April 2014; Head of Enterprise Capital Management from April 2011 to April 2014.

Mensah [removed: (56)] [added: (57)] President, International, CEO of Merrill Lynch International (MLI), BANA London Branch Head since August 2020.

Mogensen [removed: (62)] [added: (63)] Global General Counsel since November 2021; Head of Global Compliance & Operational Risk, and Reputational Risk from December 2013 to October 2021.

Moynihan [removed: (65)] [added: (66)] Chair of the Board since October 2014, and [removed: President,] Chief Executive Officer, and member of the Board of Directors since January 2010.

Nguyen [removed: (66)] [added: (67)] Vice Chair, Head of Global Strategy & Enterprise Platforms since October 2021; Vice Chairman from January 2019 to October 2021; Co-Head \-- Consumer Banking from September 2014 to January 2019; Retail Banking Executive from April 2014 to September 2014; and Retail Strategy, and Operations & Digital Banking Executive from September 2012 to April 2014.

Scrivener [removed: (53)] [added: (54)] Chief Operations Executive since October 2021; Head of Consumer, Small Business & Wealth Management Operations from October 2019 to October 2021; Global Real Estate and Enterprise Initiatives Executive from September 2018 to October 2019; Enterprise Scenario Planning and Execution Executive from May 2016 to September 2018; Enterprise Stress Testing, Recovery & Resolution Planning Executive from June 2014 to March 2016.

Thompson [removed: (60)] [added: (61)] Vice Chair, Head of Enterprise Credit since October 2021; Vice Chairman, Head of Institutional Credit Exposure Management (from December 2020) and Wholesale Credit Underwriting and Monitoring (from May 2021) to October 2021; Vice Chairman, President of the EU & Switzerland and [removed: CEO of Bank of America Europe DAC from May 2018 to December 2020; Vice Chairman of Bank of America Corporation from March 2016 to May 2018; Managing Director from July 2015 to March 2016; Chief Financial Officer from July 2011 to July 2015.]

Information included under the following captions in the Corporation’s proxy statement relating to its [removed: 2025] [added: 2026] annual meeting of shareholders (the [removed: 2025] [added: 2026] Proxy Statement) is incorporated herein by reference:

A copy of the Insider Trading Policy is filed as Exhibit 19 to this Form [removed: 10-K.][added: 10-K (incorporated by reference to Exhibit 19 to the Corporation’s Annual Report on Form 10-K filed with the SEC on February 25, 2025).]

President, January 2010 to September 2025.

CEO of Bank of America Europe DAC from May 2018 to December 2020; Vice Chairman of Bank of America Corporation from March 2016 to May 2018; Managing Director from July 2015 to March 2016; Chief Financial Officer from July 2011 to July 2015.

● “Stock ownership of directors, executive officers, and certain beneficial owners - Delinquent Section 16(a) Reports.”

Darrin Steve Boland (56) Chief Administrative Officer1 since October 2021; President, Retail from February 2020 to October 2021; Head of Consumer Lending from May 2017 to February 2020; Consumer Lending Executive from May 2015 to May 2017.

1 In February 2025, Mr. Boland notified the Corporation of his decision to retire.

Commercial Real Estate Banking from February 2015 to September 2020.

Lindsay D.

Hans (45) President, Co-Head Merrill Wealth Management since April 2023; Head of Private Wealth Management, International and Institutional, Merrill Lynch from February 2023 to March 2023; Division Executive, Merrill Lynch from March 2017 to February 2023; Market Executive, Merrill Lynch from September 2014 to March 2017.

Kathleen A.

Knox (61) President, The Private Bank since November 2017; Head of Business Banking from October 2014 to November 2017; and Retail Banking & Distribution Executive from June 2011 to October 2014.

Matthew M.

Koder (53) President, Global Corporate & Investment Banking since December 2018; President of APAC from March 2012 to December 2018.

Eric A.

Schimpf (56) President, Co-Head Merrill Wealth Management since April 2023; Pacific Coast Division Executive, Merrill Lynch from July 2022 to March 2023; Head of Advisory Division, Merrill Lynch from September 2020 to July 2022; Southeast Division Executive, Merrill Lynch from April 2017 to September 2020; South Atlantic Division Executive, Merrill Lynch from June 2015 to April 2017; Market Executive, Merrill Lynch from January 2014 to June 2015.

Information included under the following captions in the [removed: 2025] [added: 2026] Proxy Statement is incorporated herein by reference:

Information included under the following caption in the [removed: 2025] [added: 2026] Proxy Statement is incorporated herein by reference:

The table below presents information on equity compensation plans at December 31, [removed: 2024:][added: 2025:]

(1)This table does not include [removed: 421,369] [added: 385,927] vested restricted stock units (RSUs) and stock option gain deferrals at December 31, [removed: 2024] [added: 2025] that were assumed by the Corporation in connection with prior acquisitions under whose plans the awards were originally granted.

Includes [removed: 4,225,165] [added: 5,546,991] vested RSUs subject to a required post-vest holding period.

| Plans approved by shareholders | | | 276,043,362 | | | | | | — | | | | | | 198,266,120 | | |

| Total | | | 276,043,362 | | | | | | — | | | | | | 198,266,120 | | |

| Plans approved by shareholders | | | 269,213,186 | | | | | | — | | | | | | 158,387,893 | | |

| Total | | | 269,213,186 | | | | | | — | | | | | | 158,387,893 | | |

Information included under the following captions in the [removed: 2025] [added: 2026] Proxy Statement is incorporated herein by reference:

Information included under the following caption in the [removed: 2025] [added: 2026] Proxy Statement is incorporated herein by reference:

● “Proposal 3: Ratifying the appointment of our independent registered public accounting firm for [removed: 2025.”][added: 2026.”]

Consolidated Statement of Income for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

Consolidated Statement of Comprehensive Income for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

Consolidated Balance Sheet at December 31, [removed: 2024] [added: 2025] and [removed: 2023][added: 2024]

Consolidated Statement of Changes in Shareholders’ Equity for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

Consolidated Statement of Cash Flows for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

With the exception of the information expressly incorporated herein by reference, the [removed: 2025] [added: 2026] Proxy Statement shall not be deemed filed as part of this Annual Report on Form 10-K.

| 3.1 | | | | | | [Restated Certificate of Incorporation, as amended and in effect on the date [removed: hereof](https://www.sec.gov/Archives/edgar/data/70858/000007085822000088/bac-0331202210xqex31.htm)] [added: hereof](https://www.sec.gov/Archives/edgar/data/70858/000007085825000268/bac-0630202510xqex31.htm)] | | | | | | 10-Q | | | 3.1 | | | [removed: 04/29/22] [added: 7/31/25] | | | 1-6523 | | |

| 4.5 | | | | | | [Fourth Supplemental Indenture dated as of April 28, 2006 [removed: between the registrant] [added: between](https://www.sec.gov/Archives/edgar/data/70858/000119312506102059/dex46.htm) [registrant] and The Bank of New York to the indenture dated as of January 1, 1995 (See Exhibit 4.1)](https://www.sec.gov/Archives/edgar/data/70858/000119312506102059/dex46.htm) | | | | | | S-3 | | | 4.6 | | | 5/5/06 | | | 333-133852 | | |

| 4.18 | | | | | | [First Supplemental Indenture dated as of August 28, 1998 between registrant and The Bank of New York to the indenture dated as of January 1, 1995 (See Exhibit 4.17)](https://www.sec.gov/Archives/edgar/data/70858/0000895527-98-000112-index.html) | | | | | | 8-K | | | [removed: 4.8] [added: 4.7] | | | 11/18/98 | | | 1-6523 | | |

| 4.32 | | | | | | [Description of the Corporation's [removed: Securities](https://www.sec.gov/Archives/edgar/data/70858/000007085825000139/bac-1231202410xkex432.htm)] [added: Securities](https://www.sec.gov/Archives/edgar/data/70858/000007085826000157/bac-1231202510xkex432.htm)] | | | 1 | | | | | | | | | | | | | | |

| [removed: 10.13] [added: 10.15] | | | | | | [Bank of America Executive Incentive Compensation Plan, as amended and restated effective December 10, 2002](https://www.sec.gov/Archives/edgar/data/70858/000102140803003673/dex10g.htm) | | | 2 | | | 10-K | | | 10(g) | | | 3/3/03 | | | 1-6523 | | |

| [removed: 10.14] [added: 10.16] | | | | | | [Amendment to Bank of America Executive Incentive Compensation Plan, dated January 23, 2013](https://www.sec.gov/Archives/edgar/data/70858/000007085813000097/bac-12312012x10kex10d.htm) | | | 2 | | | 10-K | | | 10(d) | | | 2/28/13 | | | 1-6523 | | |

| [removed: 10.15] [added: 10.17] | | | | | | [Bank of America Director Deferral Plan, as amended and restated effective January 1, 2005](https://www.sec.gov/Archives/edgar/data/70858/000119312507042036/dex10g.htm) | | | 2 | | | 10-K | | | 10(g) | | | 2/28/07 | | | 1-6523 | | |

| [removed: 10.16] [added: 10.18] | | | | | | [Bank of America Director Deferral Plan, as amended and restated effective January 1, 2019](https://www.sec.gov/Archives/edgar/data/70858/000007085819000012/bac-1231201810xkex10f.htm) | | | 2 | | | 10-K | | | 10(f) | | | 2/26/19 | | | 1-6523 | | |

| [removed: 10.17] [added: 10.19] | | | | | | [Bank of America Corporation Key Employee Equity Plan (formerly known as the Key Associate Stock Plan), as amended and restated effective May 6, 2015 (2015 KEEP)](https://www.sec.gov/Archives/edgar/data/70858/000007085815000053/bac-exhibit102050615.htm) | | | 2 | | | 8-K | | | 10.2 | | | 5/7/15 | | | 1-6523 | | |

| [removed: 10.18] [added: 10.20] | | | | | | [First Amendment to the 2015 KEEP dated December 19, 2018](https://www.sec.gov/Archives/edgar/data/70858/000007085819000012/bac-1231201810xkex10mm.htm) | | | 2 | | | 10-K | | | 10(mm) | | | 2/26/19 | | | 1-6523 | | |

| [removed: 10.19] [added: 10.21] | | | | | | [Second Amendment to the 2015 KEEP dated April 24, 2019](https://www.sec.gov/Archives/edgar/data/70858/000007085819000023/bac-exhibit101042419.htm) | | | 2 | | | 8-K | | | 10.1 | | | 4/24/19 | | | 1-6523 | | |

| [removed: 10.20] [added: 10.22] | | | | | | [Bank of America Corporation Equity Plan (formerly known as the Key Employee Equity Plan), as amended and restated effective April 20, 2021 (2021 BACEP)](https://www.sec.gov/Archives/edgar/data/70858/000007085821000055/exhibit101.htm) | | | 2 | | | 8-K | | | 10.1 | | | 4/22/21 | | | 1-6523 | | |

| [removed: 10.21] [added: 10.23] | | | | | | [Bank of America Corporation Equity Plan (formerly known as the Key Employee Equity Plan), as amended and restated effective April [removed: 25,](https://www.sec.gov/Archives/edgar/data/70858/000007085823000137/ex101.htm) [2023](https://www.sec.gov/Archives/edgar/data/70858/000007085823000137/ex101.htm) [(2023] [added: 25, 2023 (2023] BACEP)](https://www.sec.gov/Archives/edgar/data/70858/000007085823000137/ex101.htm) | | | 2 | | | 8-K | | | 10.1 | | | 4/28/23 | | | 1-6523 | | |

| [removed: 10.22] [added: 10.24] | | | | | | [Bank of America Corporation Equity Plan (formerly known as the Key Employee Equity Plan), as amended and restated effective April 24, [removed: 2024](https://www.sec.gov/Archives/edgar/data/70858/000007085824000149/ex101.htm)] [added: 2024 (2024 BACEP)](https://www.sec.gov/Archives/edgar/data/70858/000007085824000149/ex101.htm)] | | | 2 | | | 8-K | | | 10.1 | | | 4/26/24 | | | 1-6523 | | |

| [removed: 10.23] [added: 10.26] | | | | | | [Form of Restricted Stock Award Agreement for Non-Employee Directors under the [removed: 2015 KEEP and the 2021 BACEP](https://www.sec.gov/Archives/edgar/data/70858/000007085819000012/bac-1231201810xkex10h.htm)] [added: 2023 BACEP](https://www.sec.gov/Archives/edgar/data/70858/000007085825000139/bac-1231202410xkex1024.htm)] | | | 2 | | | 10-K | | | [removed: 10(h)] [added: 10.24] | | | [removed: 2/26/19] [added: 2/25/25] | | | 1-6523 | | |

| [removed: 10.24] [added: 10.32] | | | | | | [Form of [added: Cash-Settled] Restricted Stock [added: Units] Award Agreement [removed: for Non-Employee Directors] under the 2023 [removed: BACEP](https://www.sec.gov/Archives/edgar/data/70858/000007085825000139/bac-1231202410xkex1024.htm)] [added: BACEP](https://www.sec.gov/Archives/edgar/data/70858/000007085824000156/bac-0331202410xqex101.htm)] | | | [removed: 1,] 2 | | | [added: 10-Q] | | | [added: 10.1] | | | [added: 4/30/24] | | | [added: 1-6523] | | |

| [removed: 10.25] [added: 10.27] | | | | | | [Form of Time-based Restricted Stock Units Award Agreement (February 2021) under the 2015 KEEP](https://www.sec.gov/Archives/edgar/data/70858/000007085821000063/bac-3312021ex101.htm) | | | 2 | | | 10-Q | | | 10.1 | | | 4/29/21 | | | 1-6523 | | |

| [removed: 10.26] [added: 10.28] | | | | | | [Form of Performance Restricted Stock Units Award Agreement (February 2021) under the 2015 KEEP](https://www.sec.gov/Archives/edgar/data/70858/000007085821000063/bac-3312021ex102.htm) | | | 2 | | | 10-Q | | | 10.2 | | | 4/29/21 | | | 1-6523 | | |

| [removed: 10.27] [added: 10.29] | | | | | | [Form of Cash-settled Restricted Stock Units Award Agreement under the 2021 BACEP](https://www.sec.gov/Archives/edgar/data/70858/000007085822000062/bac-1231202110xkex1032.htm) | | | 2 | | | 10-K | | | 10.32 | | | 2/22/22 | | | 1-6523 | | |

| [removed: 10.28] [added: 10.30] | | | | | | [Form of Time-Based Restricted Stock Units Award Agreement under the 2021 BACEP](https://www.sec.gov/Archives/edgar/data/70858/000007085822000062/bac-1231202110xkex1033.htm) | | | 2 | | | 10-K | | | 10.33 | | | 2/22/22 | | | 1-6523 | | |

| [removed: 10.29] [added: 10.31] | | | | | | [Form of Performance-Based Restricted Stock Units Award Agreement under the 2021 BACEP](https://www.sec.gov/Archives/edgar/data/70858/000007085822000062/bac-1231202110xkex1034.htm) | | | 2 | | | 10-K | | | 10.34 | | | 2/22/22 | | | 1-6523 | | |

| [removed: 10.30] [added: 10.34] | | | | | | [Form of [added: Time-Based] Cash-Settled Restricted Stock Units Award Agreement under the 2023 [removed: BACEP](https://www.sec.gov/Archives/edgar/data/70858/000007085824000156/bac-0331202410xqex101.htm)] [added: BACEP](https://www.sec.gov/Archives/edgar/data/70858/000007085824000156/bac-0331202410xqex103.htm)] | | | 2 | | | 10-Q | | | [removed: 10.1] [added: 10.3] | | | 4/30/24 | | | 1-6523 | | |

| [removed: 10.31] [added: 10.33] | | | | | | [Form of Performance-Based Restricted Stock Units Award Agreement under the 2023 BACEP](https://www.sec.gov/Archives/edgar/data/70858/000007085824000156/bac-0331202410xqex102.htm) | | | 2 | | | 10-Q | | | 10.2 | | | 4/30/24 | | | 1-6523 | | |

| [removed: 10.32] [added: 10.35] | | | | | | [Form of Time-Based [removed: Cash-Settled] [added: Share-Settled] Restricted Stock Units Award Agreement under the 2023 [removed: BACEP](https://www.sec.gov/Archives/edgar/data/70858/000007085824000156/bac-0331202410xqex103.htm)] [added: BACEP](https://www.sec.gov/Archives/edgar/data/70858/000007085824000156/bac-0331202410xqex104.htm)] | | | 2 | | | 10-Q | | | [removed: 10.3] [added: 10.4] | | | 4/30/24 | | | 1-6523 | | |

| [removed: 10.33] [added: 10.39] | | | | | | [Form of Time-Based Share-Settled Restricted Stock Units Award Agreement under the [removed: 2023 BACEP](https://www.sec.gov/Archives/edgar/data/70858/000007085824000156/bac-0331202410xqex104.htm)] [added: 2024 BACEP](https://www.sec.gov/Archives/edgar/data/70858/000007085825000200/bac-0331202510xqex104.htm)] | | | 2 | | | 10-Q | | | 10.4 | | | [removed: 4/30/24] [added: 4/30/25] | | | 1-6523 | | |

| [removed: 10.34] [added: 10.40] | | | | | | [Form of Phantom Restricted Stock Units Award Agreement](https://www.sec.gov/Archives/edgar/data/70858/000007085822000062/bac-1231202110xkex1035.htm) | | | 2 | | | 10-K | | | 10.35 | | | 2/22/22 | | | 1-6523 | | |

| [removed: 10.35] [added: 10.41] | | | | | | [Amendment to various plans in connection with FleetBoston Financial Corporation merger dated October 27, 2003](https://www.sec.gov/Archives/edgar/data/70858/000119312504032312/dex10v.htm) | | | 2 | | | 10-K | | | 10(v) | | | 3/1/04 | | | 1-6523 | | |

| [removed: 10.36] [added: 10.42] | | | | | | [FleetBoston Supplemental Executive Retirement Plan effective December 31, [removed: 2004](https://www.sec.gov/Archives/edgar/data/70858/000119312504032312/dex10r.htm)] [added: 2004](https://www.sec.gov/Archives/edgar/data/70858/000119312505039878/dex10r.htm)] | | | 2 | | | 10-K | | | 10(r) | | | 3/1/05 | | | 1-6523 | | |

| [removed: 10.37] [added: 10.43] | | | | | | [FleetBoston Executive Deferred Compensation Plan No. 2 effective December 16, 2003](https://www.sec.gov/Archives/edgar/data/70858/000119312505039878/dex10u.htm) | | | 2 | | | 10-K | | | 10(u) | | | 3/1/05 | | | 1-6523 | | |

| [removed: 10.38] [added: 10.44] | | | | | | [FleetBoston Executive Supplemental Plan effective December 31, 2004](https://www.sec.gov/Archives/edgar/data/70858/000119312505039878/dex10v.htm) | | | 2 | | | 10-K | | | 10(v) | | | 3/1/05 | | | 1-6523 | | |

| [removed: 10.39] [added: 10.45] | | | | | | [Retirement Income Assurance Plan for Legacy Fleet, as amended and restated effective January 1, 2009](https://www.sec.gov/Archives/edgar/data/70858/000119312510041666/dex10p.htm) | | | 2 | | | 10-K | | | 10(p) | | | 2/26/10 | | | 1-6523 | | |

| [removed: 10.40] [added: 10.46] | | | | | | [First Amendment to the Retirement Income Assurance Plan for Legacy Fleet, as amended and restated effective January 1, 2009](https://www.sec.gov/Archives/edgar/data/70858/000007085813000097/bac-12312012x10kex10l.htm) | | | 2 | | | 10-K | | | 10(I) | | | 2/28/13 | | | 1-6523 | | |

| [removed: 10.42] [added: 10.47] | | | | | | [Global amendment to definition of “change in control” or “change of control,” together with a list of plans affected by such amendment](https://www.sec.gov/Archives/edgar/data/70858/000119312505039878/dex10oo.htm) | | | 2 | | | 10-K | | | 10(oo) | | | 3/1/05 | | | 1-6523 | | |

| [removed: 10.43] [added: 10.48] | | | | | | [Employment Agreement dated October 27, 2003 between registrant and Brian T. Moynihan](https://www.sec.gov/Archives/edgar/data/70858/000119312503089416/dex10d.htm) | | | 2 | | | S-4 | | | 10(d) | | | 12/4/03 | | | 333-110924 | | |

| 10.13 | | | | | | [Fifth Amendment to the Bank of America Deferred Compensation Plan (formerly known as the Bank of America 401(k) Restoration Plan), as amended and restated effective January 1, 20](https://www.sec.gov/Archives/edgar/data/70858/000007085826000157/bac-1231202510xkex1013.htm)[1](https://www.sec.gov/Archives/edgar/data/70858/000007085826000157/bac-1231202510xkex1013.htm)[5](https://www.sec.gov/Archives/edgar/data/70858/000007085826000157/bac-1231202510xkex1013.htm) | | | 1,2 | | | | | | | | | | | | | | |

| 10.14 | | | | | | [Sixth Amendment to the Bank of America Deferred Compensation Plan (formerly known as the Bank of America 401(k) Restoration Plan), as amended and restated effective January 1, 20](https://www.sec.gov/Archives/edgar/data/70858/000007085826000157/bac-1231202510xkex1014.htm)[15](https://www.sec.gov/Archives/edgar/data/70858/000007085826000157/bac-1231202510xkex1014.htm) | | | 1,2 | | | | | | | | | | | | | | |

| 10.25 | | | | | | [Bank of America Corporation Equity Plan (formerly known as the Key Employee Equity Plan), as amended and restated effective April 22, 2025 (2025 BACEP)](https://www.sec.gov/Archives/edgar/data/70858/000007085825000195/ex101-4x22x25.htm) | | | 2 | | | 8-K | | | 10.1 | | | 4/24/25 | | | 1-6523 | | |

| 10.36 | | | | | | [Form of Cash-Settled Restricted Stock Units Award Agreement under the 2024 BACEP](https://www.sec.gov/Archives/edgar/data/70858/000007085825000200/bac-0331202510xqex101.htm) | | | 2 | | | 10-Q | | | 10.1 | | | 4/30/25 | | | 1-6523 | | |

| 10.37 | | | | | | [Form of Performance-Based Restricted Stock Units Award Agreement under the 2024 BACEP](https://www.sec.gov/Archives/edgar/data/70858/000007085825000200/bac-0331202510xqex102.htm) | | | 2 | | | 10-Q | | | 10.2 | | | 4/30/25 | | | 1-6523 | | |

| 10.38 | | | | | | [Form of Time-Based Cash-Settled Restricted Stock Units Award Agreement under the 2024 BACEP](https://www.sec.gov/Archives/edgar/data/70858/000007085825000200/bac-0331202510xqex103.htm) | | | 2 | | | 10-Q | | | 10.3 | | | 4/30/25 | | | 1-6523 | | |

| 10.58 | | | | | | [Form of BofA Securities Europe S.A. and Merrill Lynch International Appointment Letters with respect to service on the Board of Directors](https://www.sec.gov/Archives/edgar/data/70858/000007085826000157/bac-1231202510xkex1058.htm) | | | 1,2 | | | | | | | | | | | | | | |

| 18 | | | | | | [Preferability Letter from PricewaterhouseCoopers LLP for Accounting Principle Change](https://www.sec.gov/Archives/edgar/data/70858/000007085826000157/bac-1231202510xkex18.htm) | | | 1 | | | | | | | | | | | | | | |

| 10.41 | | | | | | [FleetBoston Directors Deferred Compensation and Stock Unit Plan effective January 1, 2004](https://www.sec.gov/Archives/edgar/data/70858/000119312505039878/dex10aa.htm) | | | 2 | | | 10-K | | | 10(aa) | | | 3/1/05 | | | 1-6523 | | |

| 10.48 | | | | | | [Form of Aircraft Time Sharing Agreement (Multiple Aircraft) between Bank of America, N.A. and certain executive officers of the Corporation, including certain Named Executive Officers](https://www.sec.gov/Archives/edgar/data/70858/000007085819000042/bac-630201910xqex10b.htm) | | | 2 | | | 10-Q | | | 10(b) | | | 7/29/19 | | | 1-6523 | | |

| 10.49 | | | | | | [Amended Exhibit B to the Form of Aircraft Time Sharing Agreement (Multiple Aircraft) between Bank of America, N.A. and certain executive officers of the Corporation, including certain Named Executive Officers](https://www.sec.gov/Archives/edgar/data/70858/000007085822000131/bac-0930202210xqex101.htm) | | | 2 | | | 10-Q | | | 10.1 | | | 10/28/22 | | | 1-6523 | | |

Date: February 25, [removed: 2025][added: 2026]

| | | | /s/ Brian T. Moynihan | | | | | | Chief Executive Officer, [removed: President,] Chair and Director (Principal Executive Officer) | | | | | | February 25, [removed: 2025] [added: 2026] | | |

| | | | */s/ Alastair M. Borthwick | | | | | | [added: Executive Vice President and] Chief Financial Officer (Principal Financial Officer) | | | | | | February 25, [removed: 2025] [added: 2026] | | |

| | | | */s/ [removed: Rudolf A. Bless] [added: Johnbull E. Okpara] | | | | | | Chief Accounting Officer (Principal Accounting Officer) | | | | | | February 25, [removed: 2025] [added: 2026] | | |

| | | | */s/ Sharon L. Allen | | | | | | Director | | | | | | February 25, [removed: 2025] [added: 2026] | | |

| | | | */s/ José E. Almeida | | | | | | Director | | | | | | February 25, [removed: 2025] [added: 2026] | | |

| | | | */s/ Pierre J.P. de Weck | | | | | | Director | | | | | | February 25, [removed: 2025] [added: 2026] | | |

| | | | */s/ Arnold W. Donald | | | | | | Director | | | | | | February 25, [removed: 2025] [added: 2026] | | |

| | | | */s/ Linda P. Hudson | | | | | | Director | | | | | | February 25, [removed: 2025] [added: 2026] | | |

| | | | */s/ Monica C. Lozano | | | | | | Director | | | | | | February 25, [removed: 2025] [added: 2026] | | |

| | | | */s/ Maria N. Martinez | | | | | | Director | | | | | | February 25, [removed: 2025] [added: 2026] | | |

| | | | */s/ Lionel L. Nowell III | | | | | | Director | | | | | | February 25, [removed: 2025] [added: 2026] | | |

| | | | */s/ Denise L. Ramos | | | | | | Director | | | | | | February 25, [removed: 2025] [added: 2026] | | |

| | | | */s/ Clayton S. Rose | | | | | | Director | | | | | | February 25, [removed: 2025] [added: 2026] | | |

| | | | */s/ Michael D. White | | | | | | Director | | | | | | February 25, [removed: 2025] [added: 2026] | | |

| | | | */s/ Thomas D. Woods | | | | | | Director | | | | | | February 25, [removed: 2025] [added: 2026] | | |

| | | | */s/ Maria T. Zuber | | | | | | Director | | | | | | February 25, [removed: 2025] [added: 2026] | | |

| | | | Johnbull E. Okpara | | | | | | | | | | | | | | |

| | | | Rudolf A. Bless | | | | | | | | | | | | | | |