Item 1. Financial Statements

Bank of America Corporation and Subsidiaries

Consolidated Statement of Income
			Three Months Ended September 30												Nine Months Ended September 30
(In millions, except per share information)			2025						2024						2025						2024
Net interest income
Interest income			$	35,366					$	37,491					$	104,305					$	110,630
Interest expense			20,133						23,524						59,959						68,929
Net interest income			15,233						13,967						44,346						41,701
Noninterest income
Fees and commissions			10,337						9,119						29,221						26,748
Market making and similar activities			3,203						3,278						9,940						10,464
Other income (loss)			(685)						(1,019)						(1,590)						(2,373)
Total noninterest income			12,855						11,378						37,571						34,839
Total revenue, net of interest expense			28,088						25,345						81,917						76,540
Provision for credit losses			1,295						1,542						4,367						4,369
Noninterest expense
Compensation and benefits			10,523						9,916						31,744						29,937
Occupancy and equipment			1,872						1,836						5,564						5,465
Information processing and communications			1,827						1,784						5,540						5,347
Product delivery and transaction related			1,025						849						2,913						2,591
Professional fees			606						723						1,898						1,925
Marketing			572						504						1,641						1,446
Other general operating			912						867						2,990						3,314
Total noninterest expense			17,337						16,479						52,290						50,025
Income before income taxes			9,456						7,324						25,260						22,146
Income tax expense			987						428						2,279						1,679
Net income			$	8,469					$	6,896					$	22,981					$	20,467
Preferred stock dividends and other			429						516						1,126						1,363
Net income applicable to common shareholders			$	8,040					$	6,380					$	21,855					$	19,104
Per common share information
Earnings			$	1.08					$	0.82					$	2.89					$	2.42
Diluted earnings			1.06						0.81						2.85						2.40
Average common shares issued and outstanding			7,466.0						7,818.0						7,574.5						7,894.7
Average diluted common shares issued and outstanding			7,627.1						7,902.1						7,724.7						7,965.0

Consolidated Statement of Comprehensive Income
			Three Months Ended September 30												Nine Months Ended September 30
(Dollars in millions)			2025						2024						2025						2024
Net income			$	8,469					$	6,896					$	22,981					$	20,467
Other comprehensive income (loss), net-of-tax:
Net change in debt securities			438						417						489						444
Net change in debit valuation adjustments			(305)						—						(161)						(135)
Net change in derivatives			636						2,830						3,145						3,100
Employee benefit plan adjustments			(16)						27						37						75
Net change in foreign currency translation adjustments			6						21						30						(30)
Other comprehensive income (loss)			759						3,295						3,540						3,454
Comprehensive income			$	9,228					$	10,191					$	26,521					$	23,921

See accompanying Notes to Consolidated Financial Statements.

						Bank of America 48

Bank of America Corporation and Subsidiaries

Consolidated Balance Sheet
						September 30 2025						December 31 2024
(Dollars in millions)
Assets
Cash and due from banks						$	25,352					$	26,003
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks						221,155						264,111
Cash and cash equivalents						246,507						290,114
Time deposits placed and other short-term investments						8,212						6,372
Federal funds sold and securities borrowed or purchased under agreements to resell (includes $173,686 and $144,501 measured at fair value)						325,800						274,709
Trading account assets (includes $174,783 and $170,328 pledged as collateral)						335,566						314,460
Derivative assets						42,115						40,948
Debt securities:
Carried at fair value						404,636						358,607
Held-to-maturity, at cost (fair value $446,544 and $450,548)						531,414						558,677
Total debt securities						936,050						917,284
Loans and leases (includes $6,694 and $4,249 measured at fair value)						1,165,900						1,095,835
Allowance for loan and lease losses						(13,252)						(13,240)
Loans and leases, net of allowance						1,152,648						1,082,595
Premises and equipment, net						12,348						12,168
Goodwill						69,021						69,021
Loans held-for-sale (includes $2,071 and $2,214 measured at fair value)						6,831						9,545
Customer and other receivables						99,863						82,247
Other assets (includes $9,830 and $13,176 measured at fair value)						168,755						162,056
Total assets						$	3,403,716					$	3,261,519
Liabilities
Deposits in U.S. offices:
Noninterest-bearing						$	510,208					$	507,561
Interest-bearing (includes $1,079 and $310 measured at fair value)						1,354,445						1,329,014
Deposits in non-U.S. offices:
Noninterest-bearing						14,690						16,297
Interest-bearing						122,865						112,595
Total deposits						2,002,208						1,965,467
Federal funds purchased and securities loaned or sold under agreements to repurchase (includes $215,376 and $192,859 measured at fair value)						342,588						331,758
Trading account liabilities						117,322						92,543
Derivative liabilities						40,157						39,353
Short-term borrowings (includes $6,432 and $6,245 measured at fair value)						54,200						43,391
Accrued expenses and other liabilities (includes $8,511 and $13,199 measured at fair value and $1,109 and $1,096 of reserve for unfunded lending commitments)						231,605						210,169
Long-term debt (includes $66,315 and $50,005 measured at fair value)						311,484						283,279
Total liabilities						3,099,564						2,965,960
Commitments and contingencies (Note 6 – Securitizations and Other Variable Interest Entities and Note 10 – Commitments and Contingencies)
Shareholders’ equity
Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 3,991,164 and 3,877,917 shares						25,992						23,159
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 7,329,421,929 and 7,610,862,311 shares						31,764						45,336
Retained earnings						258,141						242,349
Accumulated other comprehensive income (loss)						(11,745)						(15,285)
Total shareholders’ equity						304,152						295,559
Total liabilities and shareholders’ equity						$	3,403,716					$	3,261,519
			Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
			Trading account assets			$	6,063					$	5,575
			Loans and leases			18,007						19,144
			Allowance for loan and lease losses			(889)						(919)
			Loans and leases, net of allowance			17,118						18,225
			All other assets			614						319
			Total assets of consolidated variable interest entities			$	23,795					$	24,119
			Liabilities of consolidated variable interest entities included in total liabilities above
			Short-term borrowings (includes $0 and $0 of non-recourse short-term borrowings)			$	4,980					$	3,329
			Long-term debt (includes $8,420 and $8,457 of non-recourse debt)			8,420						8,457
			All other liabilities (includes $22 and $21 of non-recourse liabilities)			22						21
			Total liabilities of consolidated variable interest entities			$	13,422					$	11,807

See accompanying Notes to Consolidated Financial Statements.

49 Bank of America

Bank of America Corporation and Subsidiaries

Consolidated Statement of Changes in Shareholders’ Equity
			Preferred Stock						Common Stock and Additional Paid-in Capital												Retained Earnings						Accumulated Other Comprehensive Income (Loss)												Total Shareholders’ Equity
(In millions)						Shares						Amount
Balance, June 30, 2025			$	23,495					7,436.7						$	36,428					$	252,180					$	(12,504)											$	299,599
Net income																					8,469																		8,469
Net change in debt securities																											438												438
Net change in debit valuation adjustments																											(305)												(305)
Net change in derivatives																											636												636
Employee benefit plan adjustments																											(16)												(16)
Net change in foreign currency translation adjustments																											6												6
Dividends declared:
Common																					(2,079)																		(2,079)
Preferred																					(429)																		(429)
Issuance of preferred stock			2,497																																				2,497
Common stock issued under employee plans, net, and other									1.1						636																								636
Common stock repurchased									(108.4)						(5,300)																								(5,300)
Balance, September 30, 2025			$	25,992					7,329.4						$	31,764					$	258,141					$	(11,745)											$	304,152
Balance, December 31, 2024			$	23,159					7,610.9						$	45,336					$	242,349					$	(15,285)											$	295,559
Net income																					22,981																		22,981
Net change in debt securities																											489												489
Net change in debit valuation adjustments																											(161)												(161)
Net change in derivatives																											3,145												3,145
Employee benefit plan adjustments																											37												37
Net change in foreign currency translation adjustments																											30												30
Dividends declared:
Common																					(6,031)																		(6,031)
Preferred																					(1,117)																		(1,117)
Issuance of preferred stock			5,493																																				5,493
Redemption of preferred stock			(2,660)																		(9)																		(2,669)
Common stock issued under employee plans, net, and other									53.2						1,551						(32)																		1,519
Common stock repurchased									(334.7)						(15,123)																								(15,123)
Balance, September 30, 2025			$	25,992					7,329.4						$	31,764					$	258,141					$	(11,745)											$	304,152
Balance, June 30, 2024			$	26,548					7,774.8						$	51,376					$	233,597					$	(17,629)											$	293,892
Net income																					6,896																		6,896
Net change in debt securities																											417												417
Net change in derivatives																											2,830												2,830
Employee benefit plan adjustments																											27												27
Net change in foreign currency translation adjustments																											21												21
Dividends declared:
Common																					(2,021)																		(2,021)
Preferred																					(510)																		(510)
Redemption of preferred stock			(1,994)																		(6)																		(2,000)
Common stock issued under employee plans, net, and other									2.2						496						(2)																		494
Common stock repurchased									(88.2)						(3,534)																								(3,534)
Balance, September 30, 2024			$	24,554					7,688.8						$	48,338					$	237,954					$	(14,334)											$	296,512
Balance, December 31, 2023			$	28,397					7,895.5						$	56,365					$	224,672					$	(17,788)											$	291,646
Net income																					20,467																		20,467
Net change in debt securities																											444												444
Net change in debit valuation adjustments																											(135)												(135)
Net change in derivatives																											3,100												3,100
Employee benefit plan adjustments																											75												75
Net change in foreign currency translation adjustments																											(30)												(30)
Dividends declared:
Common																					(5,818)																		(5,818)
Preferred																					(1,352)																		(1,352)
Redemption of preferred stock			(3,843)																		(11)																		(3,854)
Common stock issued under employee plans, net, and other									46.6						1,542						(4)																		1,538
Common stock repurchased									(253.3)						(9,569)																								(9,569)
Balance, September 30, 2024			$	24,554					7,688.8						$	48,338					$	237,954					$	(14,334)											$	296,512

See accompanying Notes to Consolidated Financial Statements.

						Bank of America 50

Bank of America Corporation and Subsidiaries

			Consolidated Statement of Cash Flows
																					Nine Months Ended September 30
																		(Dollars in millions)			2025						2024
																		Operating activities
																		Net income			$	22,981					$	20,467
																		Adjustments to reconcile net income to net cash provided by operating activities:
																		Provision for credit losses			4,367						4,369
																		Losses on sales of debt securities			23						6
																		Depreciation and amortization			1,720						1,630
																		Net accretion of discount/premium on debt securities			(664)						(354)
																		Deferred income taxes			(255)						(1,228)
																		Amortization of stock-based compensation			3,032						2,542
																		Net change in:
																		Trading and derivative assets/liabilities			4,687						(56,685)
																		Loans held-for-sale			2,672						(4,633)
																		Other assets			(24,543)						(20,257)
																		Accrued expenses and other liabilities			20,239						14,581
																		Other operating activities, net			1,299						4,843
																		Net cash provided by (used in) operating activities			35,558						(34,719)
																		Investing activities
																		Net change in:
																		Time deposits placed and other short-term investments			(1,840)						195
																		Federal funds sold and securities borrowed or purchased under agreements to resell			(55,078)						(54,582)
																		Debt securities carried at fair value:
																		Proceeds from sales			96,786						52,594
																		Proceeds from paydowns and maturities			63,781						217,602
																		Purchases			(196,704)						(312,186)
																		Held-to-maturity debt securities:
																		Proceeds from paydowns and maturities			26,327						26,033
																		Loans and leases:
																		Proceeds from sales of loans originally classified as held for investment and instruments from related securitization activities			6,718						7,129
																		Purchases			(12,487)						(4,151)
																		Other changes in loans and leases, net			(68,672)						(29,874)
																		Other investing activities, net			(2,816)						(2,863)
																		Net cash used in investing activities			(143,985)						(100,103)
																		Financing activities
																		Net change in:
																		Deposits			36,741						6,525
																		Federal funds purchased and securities loaned or sold under agreements to repurchase			14,817						114,071
																		Short-term borrowings			10,802						7,623
																		Long-term debt:
																		Proceeds from issuance			75,855						42,593
																		Retirement			(57,893)						(52,711)
																		Preferred stock:
																		Proceeds from issuance			5,493						—
																		Redemption			(2,669)						(3,854)
																		Common stock repurchased			(15,123)						(9,569)
																		Cash dividends paid			(7,203)						(7,228)
																		Other financing activities, net			(919)						(313)
																		Net cash provided by financing activities			59,901						97,137
																		Effect of exchange rate changes on cash and cash equivalents			4,919						201
																		Net decrease in cash and cash equivalents			(43,607)						(37,484)
																		Cash and cash equivalents at January 1			290,114						333,073
																		Cash and cash equivalents at September 30			$	246,507					$	295,589

See accompanying Notes to Consolidated Financial Statements.

51 Bank of America

Bank of America Corporation and Subsidiaries

Notes to Consolidated Financial Statements

NOTE 1 Summary of Significant Accounting Principles

Bank of America Corporation, a bank holding company and a financial holding company, provides a diverse range of financial services and products throughout the U.S. and in certain international markets. The term “the Corporation” as used herein may refer to Bank of America Corporation, individually, Bank of America Corporation and its subsidiaries, or certain of Bank of America Corporation’s subsidiaries or affiliates.

Principles of Consolidation and Basis of Presentation

The Consolidated Financial Statements include the accounts of the Corporation and its majority-owned subsidiaries and those variable interest entities (VIEs) where the Corporation is the primary beneficiary. Intercompany accounts and transactions have been eliminated. Results of operations of acquired companies are included from the dates of acquisition, and for VIEs, from the dates that the Corporation became the primary beneficiary. Assets held in an agency or fiduciary capacity are not included in the Consolidated Financial Statements. The Corporation accounts for investments in companies for which it

owns a voting interest and for which it has the ability to exercise significant influence over operating and financing decisions using the equity method of accounting. 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.

The preparation of the Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could materially differ from those estimates and assumptions.

These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, and related notes thereto, of the Corporation’s 2024 Annual Report on Form 10-K.

The nature of the Corporation’s business is such that the results of any interim period are not necessarily indicative of results for a full year. In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair statement of the interim period results, have been made. The Corporation evaluates subsequent events through the date of filing with the Securities and Exchange Commission (SEC).

						Bank of America 52

NOTE 2 Net Interest Income and Noninterest Income

The table below presents the Corporation’s net interest income and noninterest income disaggregated by revenue source for the three and nine months ended September 30, 2025 and 2024. For more information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K. For a disaggregation of noninterest income by business segment and All Other, see Note 17 – Business Segment Information.

												Three Months Ended September 30												Nine Months Ended September 30
(Dollars in millions)																														2025						2024						2025						2024
Net interest income
Interest income
Loans and leases																														$	16,191					$	15,725					$	47,065					$	46,303
Debt securities																														6,958						6,833						20,638						19,295
Federal funds sold and securities borrowed or purchased under agreements to resell																														3,802						5,196						11,670						15,530
Trading account assets																														3,195						2,726						9,260						7,697
Other interest income (1)																														5,220						7,011						15,672						21,805
Total interest income																														35,366						37,491						104,305						110,630
Interest expense
Deposits																														8,932						10,125						26,245						28,918
Short-term borrowings																														7,172						8,940						21,570						26,545
Trading account liabilities																														672						538						2,055						1,624
Long-term debt																														3,357						3,921						10,089						11,842
Total interest expense																														20,133						23,524						59,959						68,929
Net interest income																														$	15,233					$	13,967					$	44,346					$	41,701
Noninterest income
Fees and commissions
Card income
Interchange fees (2)																														$	990					$	1,030					$	2,942					$	2,984
Other card income																														639						588						1,851						1,678
Total card income																														1,629						1,618						4,793						4,662
Service charges
Deposit-related fees																														1,267						1,198						3,760						3,492
Lending-related fees																														365						354						1,048						1,009
Total service charges																														1,632						1,552						4,808						4,501
Investment and brokerage services
Asset management fees																														3,972						3,533						11,408						10,173
Brokerage fees																														1,091						1,013						3,248						2,880
Total investment and brokerage services																														5,063						4,546						14,656						13,053
Investment banking fees
Underwriting income																														992						742						2,568						2,512
Syndication fees																														438						274						1,096						886
Financial advisory services																														583						387						1,300						1,134
Total investment banking fees																														2,013						1,403						4,964						4,532
Total fees and commissions																														10,337						9,119						29,221						26,748
Market making and similar activities																														3,203						3,278						9,940						10,464
Other income (loss)																														(685)						(1,019)						(1,590)						(2,373)
Total noninterest income																														$	12,855					$	11,378					$	37,571					$	34,839

(1)Includes interest income on interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks of $2.7 billion and $4.1 billion for the three months ended September 30, 2025 and 2024, and $8.4 billion and $13.2 billion for the nine months ended September 30, 2025 and 2024.

(2)Gross interchange fees and merchant income were $3.4 billion for both the three months ended September 30, 2025 and 2024, and are presented net of $2.5 billion and $2.4 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods. Gross interchange fees and merchant income were $10.2 billion and $10.1 billion for the nine months ended September 30, 2025 and 2024 and are presented net of $7.3 billion and $7.1 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods.

53 Bank of America

NOTE 3 Derivatives

Derivative Balances

Derivatives are entered into on behalf of customers, for trading or to support risk management activities. Derivatives used in risk management activities include derivatives that may or may not be designated in qualifying hedge accounting relationships. Derivatives that are not designated in qualifying hedge accounting relationships are referred to as other risk management derivatives. For more information on the Corporation’s derivatives and hedging activities, see Note 1 – Summary of Significant Accounting Principles and Note 3 –

Derivatives to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K. The following tables present derivative instruments included on the Consolidated Balance Sheet in derivative assets and liabilities at September 30, 2025 and December 31, 2024. Balances are presented on a gross basis, prior to the application of counterparty and cash collateral netting. Total derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements and have been reduced by cash collateral received or paid.

									September 30, 2025
									Gross Derivative Assets																		Gross Derivative Liabilities
(Dollars in billions)			Contract/ Notional (1)						Trading and Other Risk Management Derivatives						Qualifying Accounting Hedges						Total						Trading and Other Risk Management Derivatives						Qualifying Accounting Hedges						Total
Interest rate contracts
Swaps			$	26,751.3					$	73.8					$	6.3					$	80.1					$	69.3					$	7.8					$	77.1
Futures and forwards			4,796.8						3.8						—						3.8						3.1						—						3.1
Written options (2)			2,175.8						—						—						—						26.4						—						26.4
Purchased options (3)			2,021.3						28.2						—						28.2						—						—						—
Foreign exchange contracts
Swaps			2,859.8						38.0						0.1						38.1						32.5						—						32.5
Spot, futures and forwards			5,411.0						29.0						0.2						29.2						27.4						0.1						27.5
Written options (2)			808.5						—						—						—						8.9						—						8.9
Purchased options (3)			741.2						8.9						—						8.9						—						—						—
Equity contracts
Swaps			720.7						19.4						—						19.4						25.3						—						25.3
Futures and forwards			180.9						2.8						—						2.8						1.8						—						1.8
Written options (2)			1,071.3						—						—						—						81.3						—						81.3
Purchased options (3)			1,042.7						75.8						—						75.8						—						—						—
Commodity contracts
Swaps			73.4						2.2						—						2.2						4.1						—						4.1
Futures and forwards			164.0						6.4						—						6.4						4.3						0.8						5.1
Written options (2)			79.7						—						—						—						4.0						—						4.0
Purchased options (3)			80.5						3.1						—						3.1						—						—						—
Credit derivatives (4)
Purchased credit derivatives:
Credit default swaps			482.0						1.6						—						1.6						3.7						—						3.7
Total return swaps/options			104.5						0.6						—						0.6						0.3						—						0.3
Written credit derivatives:
Credit default swaps			452.7						2.6						—						2.6						1.3						—						1.3
Total return swaps/options			109.5						0.3						—						0.3						1.1						—						1.1
Gross derivative assets/liabilities									$	296.5					$	6.6					$	303.1					$	294.8					$	8.7					$	303.5
Less: Legally enforceable master netting agreements																					(233.2)																		(233.2)
Less: Cash collateral received/paid																					(27.8)																		(30.1)
Total derivative assets/liabilities																					$	42.1																	$	40.2

(1)Represents the total contract/notional amount of derivative assets and liabilities outstanding.

(2)Includes certain out-of-the-money purchased options that have a liability amount primarily due to the deferral of option premiums to the end of the contract.

(3)Includes certain out-of-the-money written options that have an asset amount primarily due to the deferral of option premiums to the end of the contract.

(4)The net derivative asset (liability) and notional amount of written credit derivatives for which the Corporation held purchased credit derivatives with identical underlying referenced names were $1.2 billion and $427.3 billion, respectively, at September 30, 2025.

						Bank of America 54

									December 31, 2024
									Gross Derivative Assets																		Gross Derivative Liabilities
(Dollars in billions)			Contract/ Notional (1)						Trading and Other Risk Management Derivatives						Qualifying Accounting Hedges						Total						Trading and Other Risk Management Derivatives						Qualifying Accounting Hedges						Total
Interest rate contracts
Swaps			$	20,962.1					$	71.9					$	7.6					$	79.5					$	61.1					$	15.2					$	76.3
Futures and forwards			3,383.0						4.5						—						4.5						4.2						—						4.2
Written options (2)			1,931.2						—						—						—						29.0						—						29.0
Purchased options (3)			1,789.1						29.2						—						29.2						—						—						—
Foreign exchange contracts
Swaps			2,204.0						46.8						0.1						46.9						47.4						—						47.4
Spot, futures and forwards			4,273.5						55.4						2.1						57.5						52.4						0.4						52.8
Written options (2)			652.6						—						—						—						10.7						—						10.7
Purchased options (3)			578.3						10.5						—						10.5						—						—						—
Equity contracts
Swaps			520.4						12.8						—						12.8						14.2						—						14.2
Futures and forwards			129.0						2.3						—						2.3						1.5						—						1.5
Written options (2)			831.6						—						—						—						55.1						—						55.1
Purchased options (3)			770.1						50.1						—						50.1						—						—						—
Commodity contracts
Swaps			64.8						2.1						—						2.1						3.6						—						3.6
Futures and forwards			165.8						4.0						—						4.0						2.3						0.8						3.1
Written options (2)			69.5						—						—						—						2.7						—						2.7
Purchased options (3)			75.2						2.9						—						2.9						—						—						—
Credit derivatives (4)
Purchased credit derivatives:
Credit default swaps			408.3						1.7						—						1.7						2.6						—						2.6
Total return swaps/options			98.0						1.0						—						1.0						0.7						—						0.7
Written credit derivatives:
Credit default swaps			388.2						2.0						—						2.0						1.6						—						1.6
Total return swaps/options			81.4						1.1						—						1.1						0.2						—						0.2
Gross derivative assets/liabilities									$	298.3					$	9.8					$	308.1					$	289.3					$	16.4					$	305.7
Less: Legally enforceable master netting agreements																					(237.1)																		(237.1)
Less: Cash collateral received/paid																					(30.1)																		(29.2)
Total derivative assets/liabilities																					$	40.9																	$	39.4

(1)Represents the total contract/notional amount of derivative assets and liabilities outstanding.

(2)Includes certain out-of-the-money purchased options that have a liability amount primarily due to the deferral of option premiums to the end of the contract.

(3)Includes certain out-of-the-money written options that have an asset amount primarily due to the deferral of option premiums to the end of the contract.

(4)The net derivative asset (liability) and notional amount of written credit derivatives for which the Corporation held purchased credit derivatives with identical underlying referenced names were $406 million and $361.2 billion, respectively, at December 31, 2024.

Offsetting of Derivatives

The Corporation enters into International Swaps and Derivatives Association, Inc. (ISDA) master netting agreements or similar agreements with substantially all of the Corporation’s derivative counterparties. For more information, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K.

The following table presents derivative instruments included in derivative assets and liabilities on the Consolidated Balance Sheet at September 30, 2025 and December 31, 2024 by primary risk (e.g., interest rate risk) and the platform, where

applicable, on which these derivatives are transacted. Balances are presented on a gross basis, prior to the application of counterparty and cash collateral netting. Total gross derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements, which include reducing the balance for counterparty netting and cash collateral received or paid.

For more information on offsetting of securities financing agreements, see Note 9 – Securities Financing Agreements, Collateral and Restricted Cash.

55 Bank of America

Offsetting of Derivatives (1)
			Derivative Assets						Derivative Liabilities						Derivative Assets						Derivative Liabilities
(Dollars in billions)			September 30, 2025												December 31, 2024
Interest rate contracts
Over-the-counter			$	106.6					$	100.0					$	108.8					$	103.9
Exchange-traded			—						0.1						0.1						0.1
Over-the-counter cleared			5.1						4.7						3.4						3.6
Foreign exchange contracts
Over-the-counter			73.9						67.0						112.7						109.1
Over-the-counter cleared			1.0						1.1						0.5						0.5
Equity contracts
Over-the-counter			35.4						48.4						24.6						31.1
Exchange-traded			61.4						58.4						39.8						38.5
Commodity contracts
Over-the-counter			9.0						10.1						6.2						7.0
Exchange-traded			1.9						1.9						2.0						1.6
Over-the-counter cleared			0.3						0.5						0.3						0.5
Credit derivatives
Over-the-counter			5.0						6.2						5.8						5.0
Total gross derivative assets/liabilities, before netting
Over-the-counter			229.9						231.7						258.1						256.1
Exchange-traded			63.3						60.4						41.9						40.2
Over-the-counter cleared			6.4						6.3						4.2						4.6
Less: Legally enforceable master netting agreements and cash collateral received/paid
Over-the-counter			(196.1)						(198.8)						(224.2)						(223.5)
Exchange-traded			(58.8)						(58.8)						(39.0)						(39.0)
Over-the-counter cleared			(6.1)						(5.7)						(4.0)						(3.8)
Derivative assets/liabilities, after netting			38.6						35.1						37.0						34.6
Other gross derivative assets/liabilities (2)			3.5						5.1						3.9						4.8
Total derivative assets/liabilities			42.1						40.2						40.9						39.4
Less: Financial instruments collateral (3)			(19.5)						(17.2)						(18.1)						(14.2)
Total net derivative assets/liabilities			$	22.6					$	23.0					$	22.8					$	25.2

(1)Over-the-counter (OTC) derivatives include bilateral transactions between the Corporation and a particular counterparty. Over-the-counter cleared derivatives include bilateral transactions between the Corporation and a counterparty where the transaction is cleared through a clearinghouse. Exchange-traded derivatives include listed options transacted on an exchange.

(2)Consists of derivatives entered into under master netting agreements where the enforceability of these agreements is uncertain under bankruptcy laws in some countries or industries.

(3)Amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged. Financial instruments collateral includes securities collateral received or pledged and cash securities held and posted at third-party custodians that are not offset on the Consolidated Balance Sheet but shown as a reduction to derive net derivative assets and liabilities.

Derivatives Designated as Accounting Hedges

The Corporation uses various types of interest rate and foreign exchange derivative contracts to protect against changes in the fair value of its assets and liabilities due to fluctuations in interest rates and foreign exchange rates (fair value hedges). The Corporation also uses these types of contracts to protect against changes in the cash flows of its assets and liabilities, and other forecasted transactions (cash flow hedges). The Corporation hedges its net investment in consolidated non-U.S.

operations determined to have functional currencies other than the U.S. dollar using forward exchange contracts and cross-currency basis swaps, and by issuing foreign currency- denominated debt (net investment hedges).

Fair Value Hedges

The table below summarizes information related to fair value hedges for the three and nine months ended September 30, 2025 and 2024.

Gains and Losses on Derivatives and Hedged Items Designated in Fair Value Hedges
			Derivative						Hedged Item						Derivative						Hedged Item
(Dollars in millions)			Three Months Ended September 30, 2025												Three Months Ended September 30, 2024
Interest rate risk on long-term debt (1)			$	300					$	(289)					$	6,091					$	(6,090)
Interest rate and foreign currency risk (2)			125						(126)						(576)						581
Interest rate risk on available-for-sale securities (3)			(376)						363						(6,453)						6,446
Price risk on commodity inventory (4)			(780)						780						(337)						337
Total			$	(731)					$	728					$	(1,275)					$	1,274
			Nine Months Ended September 30, 2025												Nine Months Ended September 30, 2024
Interest rate risk on long-term debt (1)			$	4,144					$	(4,136)					$	2,501					$	(2,519)
Interest rate and foreign currency risk (2)			(242)						241						47						(33)
Interest rate risk on available-for-sale securities (3)			(5,569)						5,475						(3,648)						3,620
Price risk on commodity inventory (4)			(2,078)						2,078						(723)						723
Total			$	(3,745)					$	3,658					$	(1,823)					$	1,791

(1)Amounts are recorded in interest expense in the Consolidated Statement of Income.

(2)Represents cross-currency interest rate swaps related to available-for-sale debt securities and long-term debt. For the three and nine months ended September 30, 2025, the derivative amount includes gains (losses) of $4 million and $(3) million in interest income, $123 million and $(235) million in market making and similar activities, and $(2) million and $(4) million in accumulated other comprehensive income (OCI). For the same periods in 2024, the derivative amount includes gains (losses) of $(6) million and $11 million in interest income, $(577) million and $20 million in market making and similar activities, and $7 million and $16 million in accumulated OCI. Line item totals are in the Consolidated Statement of Income and on the Consolidated Balance Sheet.

(3)Amounts are recorded in interest income in the Consolidated Statement of Income.

(4)Amounts are recorded in market making and similar activities in the Consolidated Statement of Income.

						Bank of America 56

The table below summarizes the carrying value of hedged assets and liabilities that are designated in fair value hedging relationships, along with the cumulative amount of gains and losses on the hedged assets and liabilities that are included in their carrying value. There is no impact to earnings for the cumulative amount of these fair value hedging adjustments as long as the hedging relationships remain open through the

hedged period. Instead, the open hedges have the effect of synthetically converting the hedged assets and liabilities into variable-rate instruments. If an open hedge is de-designated prior to the derivative’s maturity, any cumulative fair value adjustments at the de-designation date are then amortized or accreted into earnings over the remaining life of the hedged assets or liabilities.

Designated Fair Value Hedged Assets and Liabilities
			September 30, 2025												December 31, 2024
(Dollars in millions)			Carrying Value						Cumulative Fair Value Adjustments (1)						Carrying Value						Cumulative Fair Value Adjustments (1)
Long-term debt			$	178,585					$	12					$	188,202					$	(7,263)
Available-for-sale debt securities (2, 3)			254,760						481						244,664						(4,764)
Trading account assets (4)			6,246						313						3,639						101

(1)Increase (decrease) to carrying value.

(2)These amounts include the amortized cost of the financial assets in closed portfolios used to designate hedging relationships in which the hedged item is a stated layer that is expected to be remaining at the end of the hedging relationship (i.e. portfolio layer hedging relationship). At September 30, 2025 and December 31, 2024, the amortized cost of the closed portfolios used in these hedging relationships was $34.7 billion and $34.8 billion, of which $23.1 billion and $26.1 billion were designated in a portfolio layer hedging relationship. At September 30, 2025 and December 31, 2024, the cumulative adjustment associated with these hedging relationships was an increase of $52 million and a decrease of $435 million.

(3)Carrying value represents amortized cost.

(4)Represents hedging activities related to certain commodities inventory.

At September 30, 2025 and December 31, 2024, the fair value adjustments from de-designated long-term debt hedges decreased the long-term debt carrying value by $13.3 billion and $11.2 billion. The fair value adjustments from de-designated available-for-sale (AFS) debt securities hedges decreased the AFS debt securities carrying value by $3.3 billion and $4.4 billion. The fair value adjustments are being amortized or accreted into interest over the contractual lives of the assets or liabilities.

Cash Flow and Net Investment Hedges

The table below summarizes certain information related to cash flow hedges and net investment hedges for the three and nine months ended September 30, 2025 and 2024. Of the $2.4 billion after-tax net loss ($3.2 billion pretax) on derivatives in

accumulated OCI at September 30, 2025, losses of $2.0 billion after-tax ($2.6 billion pretax) related to both open and closed cash flow hedges are expected to be reclassified into earnings in the next 12 months. These net losses reclassified into earnings are expected to primarily decrease net interest income related to the respective hedged items. For open cash flow hedges, the maximum length of time over which forecasted transactions are hedged is approximately four years. For terminated cash flow hedges, the time period over which the forecasted transactions will be recognized in interest income is approximately three years, with the aggregated amount beyond this time period being insignificant.

Gains and Losses on Derivatives Designated as Cash Flow and Net Investment Hedges
															Gains (Losses) Recognized in Accumulated OCI on Derivatives						Gains (Losses) in Income Reclassified from Accumulated OCI						Gains (Losses) Recognized in Accumulated OCI on Derivatives						Gains (Losses) in Income Reclassified from Accumulated OCI
(Dollars in millions, amounts pretax)																																							Three Months Ended September 30, 2025												Nine Months Ended September 30, 2025
Cash flow hedges
Interest rate risk on variable-rate portfolios (1)																																							$	513					$	(384)					$	3,095					$	(1,154)
Price risk on forecasted MBS purchases (1)																																							—						(2)						—						(6)
Price risk on certain compensation plans (2)																																							—						5						1						17
Total																																							$	513					$	(381)					$	3,096					$	(1,143)
Net investment hedges
Foreign exchange risk (3)																																							$	227					$	—					$	(2,878)					$	—
																																							Three Months Ended September 30, 2024												Nine Months Ended September 30, 2024
Cash flow hedges
Interest rate risk on variable-rate portfolios (1)																																							$	2,863					$	(905)					$	1,808					$	(2,301)
Price risk on forecasted MBS purchases (1)																																							—						(2)						—						(6)
Price risk on certain compensation plans (2)																																							8						8						27						25
Total																																							$	2,871					$	(899)					$	1,835					$	(2,282)
Net investment hedges
Foreign exchange risk (3)																																							$	(1,100)					$	(140)					$	292					$	(140)

(1)Amounts reclassified from accumulated OCI are recorded in interest income in the Consolidated Statement of Income.

(2)Amounts reclassified from accumulated OCI are recorded in compensation and benefits expense in the Consolidated Statement of Income.

(3)Amounts reclassified from accumulated OCI are recorded in other income in the Consolidated Statement of Income. For the three and nine months ended September 30, 2025, amounts excluded from effectiveness testing and recognized in market making and similar activities were gains of $98 million and $125 million. For the same periods in 2024, amounts excluded from effectiveness testing and recognized in market making and similar activities were gains of $72 million and $178 million.

57 Bank of America

Other Risk Management Derivatives

Other risk management derivatives are used by the Corporation to reduce certain risk exposures by economically hedging various assets and liabilities. The table below presents gains (losses) on these derivatives for the three and nine months ended September 30, 2025 and 2024. These gains (losses) are largely offset by the income or expense recorded on the hedged item.

Gains and Losses on Other Risk Management Derivatives
			Three Months Ended September 30												Nine Months Ended September 30
(Dollars in millions)			2025						2024						2025						2024
Interest rate risk on mortgage activities (1, 2)			$	18					$	55					$	58					$	15
Credit risk on loans (2)			(20)						(15)						(42)						(30)
Interest rate and foreign currency risk on asset and liability management activities (3)			623						(1,221)						(1,863)						(1,048)
Price risk on certain compensation plans (4)			264						152						445						447

(1)Includes hedges of interest rate risk on mortgage servicing rights (MSRs) and interest rate lock commitments (IRLCs) to originate mortgage loans that will be held for sale.

(2)Gains (losses) on these derivatives are recorded in other income.

(3)Gains (losses) on these derivatives are recorded in market making and similar activities.

(4)Gains (losses) on these derivatives are recorded in compensation and benefits expense.

Transfers of Financial Assets with Risk Retained through Derivatives

The Corporation enters into certain transactions involving the transfer of financial assets that are accounted for as sales where substantially all of the economic exposure to the transferred financial assets is retained through derivatives (e.g., interest rate and/or credit), but the Corporation does not retain control over the assets transferred. At September 30, 2025 and December 31, 2024, the Corporation had transferred $4.0 billion and $3.9 billion of non-U.S. government-guaranteed mortgage-backed securities to a third-party trust and retained economic exposure to the transferred assets through derivative contracts. In connection with these transfers, the Corporation received gross cash proceeds of $4.0 billion and $3.9 billion at the transfer dates. At September 30, 2025 and December 31, 2024, the fair value of the transferred securities was $3.9 billion and $3.6 billion.

Sales and Trading Revenue

The Corporation enters into trading derivatives to facilitate client transactions and to manage risk exposures arising from trading

account assets and liabilities. It is the Corporation’s policy to include these derivative instruments in its trading activities, which include derivatives and non-derivative cash instruments. The resulting risk from these derivatives is managed on a portfolio basis as part of the Corporation’s Global Markets business segment. For more information on sales and trading revenue, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K.

The table below, which includes both derivatives and non-derivative cash instruments, identifies the amounts in the respective income statement line items attributable to the Corporation’s sales and trading revenue in Global Markets, categorized by primary risk, for the three and nine months ended September 30, 2025 and 2024. This table includes debit valuation adjustment (DVA) and funding valuation adjustment (FVA) gains (losses). Global Markets results in Note 17 – Business Segment Information are presented on a fully taxable-equivalent (FTE) basis. The following table is not presented on an FTE basis.

Sales and Trading Revenue
			Market making and similar activities						Net Interest Income						Other (1)						Total						Market making and similar activities						Net Interest Income						Other (1)						Total
(Dollars in millions)			Three Months Ended September 30, 2025																								Nine Months Ended September 30, 2025
Interest rate risk			$	277					$	813					$	120					$	1,210					$	1,255					$	2,179					$	372					$	3,806
Foreign exchange risk			501						(8)						24						517						1,610						17						66						1,693
Equity risk			1,911						(187)						546						2,270						5,769						(826)						1,658						6,601
Credit risk			362						668						86						1,116						1,040						2,026						427						3,493
Other risk (2)			86						11						(3)						94						368						(37)						(18)						313
Total sales and trading revenue			$	3,137					$	1,297					$	773					$	5,207					$	10,042					$	3,359					$	2,505					$	15,906
			Three Months Ended September 30, 2024																								Nine Months Ended September 30, 2024
Interest rate risk			$	612					$	364					$	90					$	1,066					$	2,024					$	839					$	275					$	3,138
Foreign exchange risk			482						36						48						566						1,368						99						87						1,554
Equity risk			1,839						(342)						498						1,995						5,540						(1,110)						1,375						5,805
Credit risk			323						618						142						1,083						1,145						1,822						471						3,438
Other risk (2)			92						25						(159)						(42)						318						85						(190)						213
Total sales and trading revenue			$	3,348					$	701					$	619					$	4,668					$	10,395					$	1,735					$	2,018					$	14,148

(1)Represents amounts in investment and brokerage services and other income that are recorded in Global Markets and included in the definition of sales and trading revenue. Includes investment and brokerage services revenue of $614 million and $1.9 billion for the three and nine months ended September 30, 2025 compared to $562 million and $1.6 billion for the same periods in 2024.

(2)Includes commodity risk.

						Bank of America 58

Credit Derivatives

The Corporation enters into credit derivatives primarily to facilitate client transactions and to manage credit risk exposures. Credit derivatives are classified as investment and non-investment grade based on the credit quality of the underlying referenced obligation. The Corporation considers ratings of BBB- or higher as investment grade. Non-investment grade includes non-rated credit derivative instruments. The Corporation discloses internal categorizations of investment

grade and non-investment grade consistent with how risk is managed for these instruments. For more information on credit derivatives, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K.

Credit derivative instruments where the Corporation is the seller of credit protection and their expiration at September 30, 2025 and December 31, 2024 are summarized in the table below.

Credit Derivative Instruments
			Less than One Year						One to Three Years						Three to Five Years						Over Five Years						Total
			September 30, 2025
(Dollars in millions)			Carrying Value
Credit default swaps:
Investment grade			$	—					$	—					$	6					$	18					$	24
Non-investment grade			5						151						714						438						1,308
Total			5						151						720						456						1,332
Total return swaps/options:
Investment grade			25						2						—						—						27
Non-investment grade			978						57						75						1						1,111
Total			1,003						59						75						1						1,138
Total credit derivatives			$	1,008					$	210					$	795					$	457					$	2,470
Credit-related notes:
Investment grade			$	—					$	—					$	3					$	354					$	357
Non-investment grade			10						1						24						1,485						1,520
Total credit-related notes			$	10					$	1					$	27					$	1,839					$	1,877
			Maximum Payout/Notional
Credit default swaps:
Investment grade			$	42,992					$	96,869					$	144,079					$	51,609					$	335,549
Non-investment grade			18,045						35,559						51,451						12,047						117,102
Total			61,037						132,428						195,530						63,656						452,651
Total return swaps/options:
Investment grade			63,010						1,559						1,264						453						66,286
Non-investment grade			41,402						1,112						622						125						43,261
Total			104,412						2,671						1,886						578						109,547
Total credit derivatives			$	165,449					$	135,099					$	197,416					$	64,234					$	562,198
			December 31, 2024
			Carrying Value
Credit default swaps:
Investment grade			$	—					$	3					$	24					$	16					$	43
Non-investment grade			33						304						752						441						1,530
Total			33						307						776						457						1,573
Total return swaps/options:
Investment grade			93						—						—						—						93
Non-investment grade			145						—						—						—						145
Total			238						—						—						—						238
Total credit derivatives			$	271					$	307					$	776					$	457					$	1,811
Credit-related notes:
Investment grade			$	—					$	—					$	9					$	715					$	724
Non-investment grade			5						5						37						1,119						1,166
Total credit-related notes			$	5					$	5					$	46					$	1,834					$	1,890
			Maximum Payout/Notional
Credit default swaps:
Investment grade			$	35,634					$	87,302					$	150,225					$	21,482					$	294,643
Non-investment grade			15,070						30,255						43,969						4,233						93,527
Total			50,704						117,557						194,194						25,715						388,170
Total return swaps/options:
Investment grade			54,041						1,288						1,185						238						56,752
Non-investment grade			22,762						1,452						292						98						24,604
Total			76,803						2,740						1,477						336						81,356
Total credit derivatives			$	127,507					$	120,297					$	195,671					$	26,051					$	469,526

The notional amount represents the maximum amount payable by the Corporation for most credit derivatives. However, the Corporation does not monitor its exposure to credit derivatives based solely on the notional amount because this

measure does not take into consideration the probability of occurrence. As such, the notional amount is not a reliable indicator of the Corporation’s exposure to these contracts. Instead, a risk framework is used to define risk tolerances and

59 Bank of America

establish limits so that certain credit risk-related losses occur within acceptable, predefined limits.

Credit-related notes in the table above include investments in securities issued by collateralized debt obligation (CDO), collateralized loan obligation (CLO) and credit-linked note vehicles. These instruments are primarily classified as trading securities. The carrying value of these instruments equals the Corporation’s maximum exposure to loss. The Corporation is not obligated to make any payments to the entities under the terms of the securities owned.

Credit-related Contingent Features and Collateral

Certain of the Corporation’s derivative contracts contain credit risk-related contingent features, primarily in the form of ISDA master netting agreements and credit support documentation that enhance the creditworthiness of these instruments compared to other obligations of the respective counterparty with whom the Corporation has transacted. These contingent features may be for the benefit of the Corporation as well as its counterparties with respect to changes in the Corporation’s creditworthiness and the mark-to-market exposure under the derivative transactions. At September 30, 2025 and December 31, 2024, the Corporation held cash and securities collateral of $117.9 billion and $105.9 billion and posted cash and securities collateral of $97.2 billion and $83.1 billion in the normal course of business under derivative agreements, excluding cross-product margining agreements where clients are permitted to margin on a net basis for both derivative and secured financing arrangements.

In connection with certain OTC derivative contracts and other trading agreements, the Corporation can be required to provide additional collateral or to terminate transactions with certain counterparties in the event of a downgrade of the senior debt ratings of the Corporation or certain subsidiaries. The amount of additional collateral required depends on the contract and is usually a fixed incremental amount and/or the market value of the exposure. For more information on credit-related contingent features and collateral, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K.

At September 30, 2025, the amount of collateral, calculated based on the terms of the contracts, that the Corporation and certain subsidiaries could be required to post to counterparties but had not yet posted to counterparties was $3.2 billion, including $1.7 billion for Bank of America, National Association (BANA).

Some counterparties are currently able to unilaterally terminate certain contracts, or the Corporation or certain subsidiaries may be required to take other action such as find a suitable replacement or obtain a guarantee. At September 30, 2025 and December 31, 2024, the liability recorded for these derivative contracts was not significant.

The table below presents the amount of additional collateral that would have been contractually required by derivative contracts and other trading agreements at September 30, 2025 if the rating agencies had downgraded their long-term senior debt ratings for the Corporation or certain subsidiaries by one incremental notch and by an additional second incremental notch. The table also presents derivative liabilities that would be subject to unilateral termination by counterparties upon downgrade of the Corporation's or certain subsidiaries’ long-term senior debt ratings.

Additional Collateral Required to be Posted and Derivative Liabilities Subject to Unilateral Termination Upon Downgrade at September 30, 2025
(Dollars in millions)			One Incremental Notch						Second Incremental Notch
Additional collateral required to be posted upon downgrade
Bank of America Corporation			$	136					$	869
Bank of America, N.A. and subsidiaries (1)			54						741
Derivative liabilities subject to unilateral termination upon downgrade
Derivative liabilities			$	18					$	57
Collateral posted			16						42

(1)Included in Bank of America Corporation collateral requirements in this table.

Valuation Adjustments on Derivatives

The table below presents credit valuation adjustment (CVA), DVA and FVA gains (losses) on derivatives (excluding the effect of any related hedge activities), which are recorded in market making and similar activities, for the three and nine months ended September 30, 2025 and 2024. For more information on the valuation adjustments on derivatives, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K.

Valuation Adjustments Gains (Losses) on Derivatives (1)
			Three Months Ended September 30
(Dollars in millions)			2025						2024
Derivative assets (CVA)			$	42					$	(32)
Derivative assets/liabilities (FVA)			17						(12)
Derivative liabilities (DVA)			16						2
			Nine Months Ended September 30
(Dollars in millions)			2025						2024
Derivative assets (CVA)			$	(22)					$	(1)
Derivative assets/liabilities (FVA)			(29)						(27)
Derivative liabilities (DVA)			13						(40)

(1)At September 30, 2025 and December 31, 2024, cumulative CVA reduced the derivative assets balance by $350 million and $328 million, cumulative FVA reduced the net derivative balance by $95 million and $66 million and cumulative DVA reduced the derivative liabilities balance by $285 million and $272 million.

						Bank of America 60

NOTE 4 Securities

The table below presents the amortized cost, gross unrealized gains and losses, and fair value of AFS debt securities, other debt securities carried at fair value and held-to-maturity (HTM) debt securities at September 30, 2025 and December 31, 2024.

Debt Securities
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
(Dollars in millions)			September 30, 2025																								December 31, 2024
Available-for-sale debt securities
Mortgage-backed securities:
Agency			$	33,308					$	15					$	(1,383)					$	31,940					$	32,781					$	35					$	(1,614)					$	31,202
Agency-collateralized mortgage obligations			20,418						14						(150)						20,282						19,519						17						(218)						19,318
Commercial			32,335						112						(424)						32,023						26,032						73						(503)						25,602
Non-agency residential (1)			275						54						(54)						275						287						50						(52)						285
Total mortgage-backed securities			86,336						195						(2,011)						84,520						78,619						175						(2,387)						76,407
U.S. Treasury and government agencies			267,405						198						(970)						266,633						235,582						150						(1,153)						234,579
Non-U.S. securities			28,045						45						(13)						28,077						22,453						20						(42)						22,431
Other taxable securities			3,093						10						(29)						3,074						4,646						2						(45)						4,603
Tax-exempt securities			8,145						19						(175)						7,989						8,628						17						(233)						8,412
Total available-for-sale debt securities			393,024						467						(3,198)						390,293						349,928						364						(3,860)						346,432
Other debt securities carried at fair value (2)			14,272						162						(91)						14,343						12,352						59						(236)						12,175
Total debt securities carried at fair value			407,296						629						(3,289)						404,636						362,280						423						(4,096)						358,607
Held-to-maturity debt securities
Agency mortgage-backed securities			403,854						—						(71,037)						332,817						430,135						—						(88,458)						341,677
U.S. Treasury and government agencies			121,232						—						(13,093)						108,139						121,696						—						(18,661)						103,035
Other taxable securities			6,363						2						(777)						5,588						6,882						1						(1,047)						5,836
Total held-to-maturity debt securities			531,449						2						(84,907)						446,544						558,713						1						(108,166)						450,548
Total debt securities (3,4)			$	938,745					$	631					$	(88,196)					$	851,180					$	920,993					$	424					$	(112,262)					$	809,155

(1)At September 30, 2025 and December 31, 2024, the underlying collateral type included approximately 26 percent and 25 percent prime and 74 percent and 75 percent subprime.

(2)Primarily includes non-U.S. securities used to satisfy certain international regulatory requirements. Any changes in value are reported in market making and similar activities. For detail on the components, see Note 14 – Fair Value Measurements.

(3)Includes securities pledged as collateral of $165.4 billion and $184.6 billion at September 30, 2025 and December 31, 2024.

(4)The Corporation held debt securities from Fannie Mae (FNMA) and Freddie Mac (FHLMC) that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $246.2 billion and $157.6 billion, and a fair value of $205.0 billion and $131.4 billion at September 30, 2025, and an amortized cost of $260.9 billion and $169.0 billion, and a fair value of $209.6 billion and $136.5 billion at December 31, 2024.

At September 30, 2025, the accumulated net unrealized loss on AFS debt securities, excluding the amount related to debt securities previously transferred to held to maturity, included in accumulated OCI was $2.0 billion, net of the related income tax benefit of $666 million. At September 30, 2025 and December 31, 2024, nonperforming AFS debt securities held by the Corporation were not significant.

At September 30, 2025 and December 31, 2024, $883.5 billion and $871.1 billion of AFS and HTM debt securities, which were predominantly U.S. agency and U.S. Treasury securities, have a zero credit loss assumption. For the same periods, the expected credit losses on the remaining $41.0 billion and $37.5 billion of AFS and HTM debt securities were insignificant. For more information on the zero credit loss assumption, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K.

At September 30, 2025 and December 31, 2024, the Corporation held equity securities at an aggregate fair value of $252 million and $247 million and other equity securities, as valued under the measurement alternative, at a carrying value

of $478 million and $438 million, both of which are included in other assets. At September 30, 2025 and December 31, 2024, the Corporation also held money market investments at a fair value of $1.4 billion and $1.3 billion, which are included in time deposits placed and other short-term investments.

The gross realized gains and losses on sales of AFS debt securities for the three and nine months ended September 30, 2025 and 2024 are presented in the table below.

Gains and Losses on Sales of AFS Debt Securities
			Three Months Ended September 30												Nine Months Ended September 30
(Dollars in millions)			2025						2024						2025						2024
Gross gains			$	34					$	4					$	50					$	19
Gross losses			(37)						(23)						(73)						(25)
Net gains (losses) on sales of AFS debt securities			$	(3)					$	(19)					$	(23)					$	(6)
Income tax expense (benefit) attributable to realized net gains (losses) on sales of AFS debt securities			$	(1)					$	(5)					$	(6)					$	(1)

61 Bank of America

The table below presents the fair value and the associated gross unrealized losses on AFS debt securities and whether these securities have had gross unrealized losses for less than 12 months or for 12 months or longer at September 30, 2025 and December 31, 2024. Substantially all of the unrealized losses relate to debt securities that have a zero credit loss assumption.

Total AFS Debt Securities in a Continuous Unrealized Loss Position
			Less than Twelve Months												Twelve Months or Longer												Total
			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
(Dollars in millions)			September 30, 2025
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:
Agency			$	8,797					$	(17)					$	19,137					$	(1,366)					$	27,934					$	(1,383)
Agency-collateralized mortgage obligations			5,690						(9)						2,037						(141)						7,727						(150)
Commercial			9,474						(37)						5,821						(387)						15,295						(424)
Non-agency residential			—						—						154						(54)						154						(54)
Total mortgage-backed securities			23,961						(63)						27,149						(1,948)						51,110						(2,011)
U.S. Treasury and government agencies			43,485						(47)						102,604						(923)						146,089						(970)
Non-U.S. securities			5,704						(2)						3,557						(11)						9,261						(13)
Other taxable securities			815						(3)						918						(26)						1,733						(29)
Tax-exempt securities			401						—						1,601						(175)						2,002						(175)
Total AFS debt securities in a continuous unrealized loss position			$	74,366					$	(115)					$	135,829					$	(3,083)					$	210,195					$	(3,198)
			December 31, 2024
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:
Agency			$	2,908					$	(22)					$	20,085					$	(1,592)					$	22,993					$	(1,614)
Agency-collateralized mortgage obligations			9,597						(21)						1,493						(197)						11,090						(218)
Commercial			11,486						(57)						4,667						(446)						16,153						(503)
Non-agency residential			—						—						160						(52)						160						(52)
Total mortgage-backed securities			23,991						(100)						26,405						(2,287)						50,396						(2,387)
U.S. Treasury and government agencies			75,753						(135)						69,027						(1,018)						144,780						(1,153)
Non-U.S. securities			3,367						(26)						4,906						(16)						8,273						(42)
Other taxable securities			3,192						(5)						814						(40)						4,006						(45)
Tax-exempt securities			1,025						(20)						2,194						(213)						3,219						(233)
Total AFS debt securities in a continuous unrealized loss position			$	107,328					$	(286)					$	103,346					$	(3,574)					$	210,674					$	(3,860)

						Bank of America 62

The remaining contractual maturity distribution and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at September 30, 2025 are summarized in the table below. Actual duration and yields may differ as prepayments on the loans underlying the mortgage-backed securities (MBS) or other asset-backed securities (ABS) are passed through to the Corporation.

Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities
			Due in One Year or Less												Due after One Year through Five Years												Due after Five Years through Ten Years												Due after Ten Years												Total
(Dollars in millions)			Amount						Yield (1)						Amount						Yield (1)						Amount						Yield (1)						Amount						Yield (1)						Amount						Yield (1)
Amortized cost of debt securities carried at fair value
Mortgage-backed securities:
Agency			$	—					—		%				$	4					2.71		%				$	5					4.06		%				$	33,299					4.57		%				$	33,308					4.57		%
Agency-collateralized mortgage obligations			—						—						—						—						1						1.00						20,417						5.21						20,418						5.21
Commercial			127						2.80						13,023						4.18						16,980						4.37						2,217						3.61						32,347						4.23
Non-agency residential			—						—						—						—						—						—						546						11.80						546						11.80
Total mortgage-backed securities			127						2.80						13,027						4.18						16,986						4.37						56,479						4.84						86,619						4.64
U.S. Treasury and government agencies			53,681						4.40						201,148						3.66						14,987						3.13						34						3.98						269,850						3.78
Non-U.S. securities			24,607						2.83						4,570						1.78						5,428						4.11						4,984						3.47						39,589						2.97
Other taxable securities			593						5.44						1,808						4.92						363						3.78						329						4.40						3,093						4.83
Tax-exempt securities			648						2.99						2,894						3.54						868						3.17						3,735						3.69						8,145						3.53
Total amortized cost of debt securities carried at fair value			$	79,656					3.91						$	223,447					3.66						$	38,632					3.82						$	65,561					4.66						$	407,296					3.89
Amortized cost of HTM debt securities
Agency mortgage-backed securities			$	—					—		%				$	—					—		%				$	53					2.89		%				$	403,801					2.11		%				$	403,854					2.11		%
U.S. Treasury and government agencies			—						—						61,817						1.39						59,415						1.39						—						—						121,232						1.39
Other taxable securities			688						1.85						384						3.04						238						2.53						5,053						2.53						6,363						2.49
Total amortized cost of HTM debt securities			$	688					1.85						$	62,201					1.40						$	59,706					1.39						$	408,854					2.12						$	531,449					1.95
Debt securities carried at fair value
Mortgage-backed securities:
Agency			$	—											$	4											$	6											$	31,930											$	31,940
Agency-collateralized mortgage obligations			—												—												1												20,281												20,282
Commercial			126												13,002												16,870												2,036												32,034
Non-agency residential			—												—												—												528												528
Total mortgage-backed securities			126												13,006												16,877												54,775												84,784
U.S. Treasury and government agencies			53,793												200,497												14,755												32												269,077
Non-U.S. securities			24,717												4,576												5,431												4,985												39,709
Other taxable securities			593												1,809												354												321												3,077
Tax-exempt securities			648												2,883												870												3,588												7,989
Total debt securities carried at fair value			$	79,877											$	222,771											$	38,287											$	63,701											$	404,636
Fair value of HTM debt securities
Agency mortgage-backed securities			$	—											$	—											$	50											$	332,767											$	332,817
U.S. Treasury and government agencies			—												55,658												52,481												—												108,139
Other taxable securities			681												375												194												4,338												5,588
Total fair value of HTM debt securities			$	681											$	56,033											$	52,725											$	337,105											$	446,544

(1)The weighted-average yield is computed based on a constant effective yield over the contractual life of each security. The yield considers the contractual coupon and the amortization of premiums and accretion of discounts, excluding the effect of related open hedging derivatives.

63 Bank of America

NOTE 5 Outstanding Loans and Leases and Allowance for Credit Losses

The following tables present total outstanding loans and leases and an aging analysis for the Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments, by class of financing receivables, at September 30, 2025 and December 31, 2024.

			30-59 Days Past Due (1)						60-89 Days Past Due (1)						90 Days or More Past Due (1)						Total Past Due 30 Days or More						Total Current or Less Than 30 Days Past Due (1)												Loans Accounted for Under the Fair Value Option						Total Outstandings
(Dollars in millions)			September 30, 2025
Consumer real estate
Residential mortgage			$	1,273					$	302					$	716					$	2,291					$	233,138																	$	235,429
Home equity			86						32						114						232						26,250																		26,482
Credit card and other consumer
Credit card			683						521						1,260						2,464						99,645																		102,109
Direct/Indirect consumer (2)			328						104						104						536						110,876																		111,412
Other consumer			—						—						—						—						169																		169
Total consumer			2,370						959						2,194						5,523						470,078																		475,601
Consumer loans accounted for under the fair value option (3)																																							$	165					165
Total consumer loans and leases			2,370						959						2,194						5,523						470,078												165						475,766
Commercial
U.S. commercial			598						312						694						1,604						427,598																		429,202
Non-U.S. commercial			42						10						83						135						148,572																		148,707
Commercial real estate (4)			152						125						697						974						66,012																		66,986
Commercial lease financing			37						36						58						131						16,151																		16,282
U.S. small business commercial			191						92						202						485						21,943																		22,428
Total commercial			1,020						575						1,734						3,329						680,276																		683,605
Commercial loans accounted for under the fair value option (3)																																							6,529						6,529
Total commercial loans and leases			1,020						575						1,734						3,329						680,276												6,529						690,134
Total loans and leases (5)			$	3,390					$	1,534					$	3,928					$	8,852					$	1,150,354											$	6,694					$	1,165,900
Percentage of outstandings			0.29		%				0.13		%				0.34		%				0.76		%				98.67		%										0.57		%				100.00		%

(1)Consumer real estate loans 30-59 days past due includes fully-insured loans of $178 million and nonperforming loans of $173 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $60 million and nonperforming loans of $102 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $201 million and nonperforming loans of $630 million. Consumer real estate loans current or less than 30 days past due includes $1.5 billion, and direct/indirect consumer includes $49 million of nonperforming loans.

(2)Total outstandings primarily includes auto and specialty lending loans and leases of $55.1 billion, U.S. securities-based lending loans of $52.5 billion and non-U.S. consumer loans of $3.0 billion.

(3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $59 million and home equity loans of $106 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.2 billion and non-U.S. commercial loans of $4.3 billion. For more information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option.

(4)Total outstandings includes U.S. commercial real estate loans of $61.1 billion and non-U.S. commercial real estate loans of $5.9 billion.

(5)Total outstandings includes loans and leases pledged as collateral of $40.8 billion. The Corporation also pledged $309.7 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank.

						Bank of America 64

			30-59 Days Past Due (1)						60-89 Days Past Due (1)						90 Days or More Past Due (1)						Total Past Due 30 Days or More						Total Current or Less Than 30 Days Past Due (1)												Loans Accounted for Under the Fair Value Option						Total Outstandings
(Dollars in millions)			December 31, 2024
Consumer real estate
Residential mortgage			$	1,222					$	288					$	788					$	2,298					$	225,901																	$	228,199
Home equity			80						40						127						247						25,490																		25,737
Credit card and other consumer
Credit card			685						552						1,401						2,638						100,928																		103,566
Direct/Indirect consumer (2)			290						113						106						509						106,613																		107,122
Other consumer			—						—						—						—						151																		151
Total consumer			2,277						993						2,422						5,692						459,083																		464,775
Consumer loans accounted for under the fair value option (3)																																							$	221					221
Total consumer loans and leases			2,277						993						2,422						5,692						459,083												221						464,996
Commercial
U.S. commercial			910						228						345						1,483						385,507																		386,990
Non-U.S. commercial			65						17						4						86						137,432																		137,518
Commercial real estate (4)			640						121						990						1,751						63,979																		65,730
Commercial lease financing			32						9						19						60						15,648																		15,708
U.S. small business commercial			190						94						199						483						20,382																		20,865
Total commercial			1,837						469						1,557						3,863						622,948																		626,811
Commercial loans accounted for under the fair value option (3)																																							4,028						4,028
Total commercial loans and leases			1,837						469						1,557						3,863						622,948												4,028						630,839
Total loans and leases (5)			$	4,114					$	1,462					$	3,979					$	9,555					$	1,082,031											$	4,249					$	1,095,835
Percentage of outstandings			0.38		%				0.13		%				0.36		%				0.87		%				98.74		%										0.39		%				100.00		%

(1)Consumer real estate loans 30-59 days past due includes fully-insured loans of $188 million and nonperforming loans of $174 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $71 million and nonperforming loans of $107 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $229 million and nonperforming loans of $686 million. Consumer real estate loans current or less than 30 days past due includes $1.5 billion, and direct/indirect consumer includes $54 million of nonperforming loans.

(2)Total outstandings primarily includes auto and specialty lending loans and leases of $54.9 billion, U.S. securities-based lending loans of $48.7 billion and non-U.S. consumer loans of $2.8 billion.

(3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $59 million and home equity loans of $162 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.8 billion and non-U.S. commercial loans of $1.3 billion. For more information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option.

(4)Total outstandings includes U.S. commercial real estate loans of $59.6 billion and non-U.S. commercial real estate loans of $6.1 billion.

(5)Total outstandings includes loans and leases pledged as collateral of $26.8 billion. The Corporation also pledged $305.2 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank.

The Corporation has entered into long-term credit protection agreements with FNMA and FHLMC on loans totaling $7.4 billion and $8.0 billion at September 30, 2025 and December 31, 2024, providing full credit protection on residential mortgage loans that become severely delinquent. All of these loans are individually insured, and therefore the Corporation does not record an allowance for credit losses related to these loans.

Nonperforming Loans and Leases

Nonperforming loans were $5.3 billion and $6.0 billion at September 30, 2025 and December 31, 2024. Commercial nonperforming loans were $2.8 billion and $3.3 billion at September 30, 2025 and December 31, 2024, primarily comprised of commercial real estate and U.S. commercial.

Consumer nonperforming loans were $2.5 billion and $2.6 billion at September 30, 2025 and December 31, 2024, primarily comprised of residential mortgage.

The following table presents the Corporation’s nonperforming loans and leases and loans accruing past due 90 days or more at September 30, 2025 and December 31, 2024. Nonperforming loans held-for-sale (LHFS) are excluded from nonperforming loans and leases, as they are recorded at either fair value or the lower of cost or fair value. For more information on the criteria for classification as nonperforming, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K.

65 Bank of America

Credit Quality
			Nonperforming Loans and Leases												Accruing Past Due 90 Days or More
(Dollars in millions)			September 30 2025						December 31 2024						September 30 2025						December 31 2024
Residential mortgage (1)			$	1,972					$	2,052					$	201					$	229
With no related allowance (2)			1,786						1,883						—						—
Home equity (1)			386						409						—						—
With no related allowance (2)			317						334						—						—
Credit Card			n/a						n/a						1,260						1,401
Direct/indirect consumer			173						186						9						1
Total consumer			2,531						2,647						1,470						1,631
U.S. commercial			1,131						1,204						319						90
Non-U.S. commercial			107						8						17						4
Commercial real estate			1,470						2,068						62						6
Commercial lease financing			59						20						33						3
U.S. small business commercial			49						28						197						197
Total commercial			2,816						3,328						628						300
Total nonperforming loans			$	5,347					$	5,975					$	2,098					$	1,931
Percentage of outstanding loans and leases			0.46		%				0.55		%				0.18		%				0.18		%

(1)Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At September 30, 2025 and December 31, 2024 residential mortgage included $108 million and $119 million of loans on which interest had been curtailed by the Federal Housing Administration (FHA), and therefore were no longer accruing interest, although principal was still insured, and $93 million and $110 million of loans on which interest was still accruing.

(2)Primarily relates to loans for which the estimated fair value of the underlying collateral less any costs to sell is greater than the amortized cost of the loans as of the reporting date.

n/a = not applicable

Credit Quality Indicators

The Corporation monitors credit quality within its Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments based on primary credit quality indicators. For more information on the portfolio segments, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K*.* Within the Consumer Real Estate portfolio segment, the primary credit quality indicators are refreshed loan-to-value (LTV) and refreshed Fair Isaac Corporation (FICO) score. Refreshed LTV measures the carrying value of the loan as a percentage of the value of the property securing the loan, refreshed quarterly. Home equity loans are evaluated using combined loan-to-value (CLTV), which measures the carrying value of the Corporation’s loan and available line of credit combined with any outstanding senior liens against the property as a percentage of the value of the property securing the loan, refreshed quarterly. FICO score measures the creditworthiness of the borrower based on the financial obligations of the borrower and the borrower’s credit history. FICO scores are typically refreshed quarterly or more frequently. Certain borrowers (e.g., borrowers that have had debts discharged in a bankruptcy proceeding) may not have their FICO scores updated.

FICO scores are also a primary credit quality indicator for the Credit Card and Other Consumer portfolio segment and the business card portfolio within U.S. small business commercial. Within the Commercial portfolio segment, loans are evaluated using the internal classifications of pass rated or reservable criticized as the primary credit quality indicators. The term reservable criticized refers to those commercial loans that are internally classified or listed by the Corporation as Special Mention, Substandard or Doubtful, which are asset quality categories defined by regulatory authorities. These assets have an elevated level of risk and may have a high probability of default or total loss. Pass rated refers to all loans not considered reservable criticized. In addition to these primary credit quality indicators, the Corporation uses other credit quality indicators for certain types of loans.

The following tables present certain credit quality indicators and gross charge-offs for the Corporation's Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments by year of origination, except for revolving loans and revolving loans that were modified into term loans, which are shown on an aggregate basis at September 30, 2025.

						Bank of America 66

Residential Mortgage – Credit Quality Indicators By Vintage
									Term Loans by Origination Year
(Dollars in millions)			Total as of September 30, 2025						2025						2024						2023						2022						2021												Prior
Residential Mortgage
Refreshed LTV
Less than or equal to 90 percent			$	223,071					$	15,965					$	15,885					$	13,273					$	37,657					$	70,994											$	69,297
Greater than 90 percent but less than or equal to 100 percent			2,090						538						684						362						349						92												65
Greater than 100 percent			978						333						318						110						128						51												38
Fully-insured loans			9,290						148						201						173						282						2,953												5,533
Total Residential Mortgage			$	235,429					$	16,984					$	17,088					$	13,918					$	38,416					$	74,090											$	74,933
Residential Mortgage
Refreshed FICO score
Less than 620			$	2,914					$	139					$	225					$	184					$	510					$	693											$	1,163
Greater than or equal to 620 and less than 660			2,320						150						167						136						395						580												892
Greater than or equal to 660 and less than 740			24,849						1,748						2,014						1,629						4,317						6,612												8,529
Greater than or equal to 740			196,056						14,799						14,481						11,796						32,912						63,252												58,816
Fully-insured loans			9,290						148						201						173						282						2,953												5,533
Total Residential Mortgage			$	235,429					$	16,984					$	17,088					$	13,918					$	38,416					$	74,090											$	74,933
Gross charge-offs for the nine months ended September 30, 2025			$	18					$	—					$	1					$	6					$	5					$	1											$	5

Home Equity - Credit Quality Indicators
			Total						Home Equity Loans and Reverse Mortgages (1)						Revolving Loans						Revolving Loans Converted to Term Loans
(Dollars in millions)			September 30, 2025
Home Equity
Refreshed LTV
Less than or equal to 90 percent			$	26,360					$	713					$	22,519					$	3,128
Greater than 90 percent but less than or equal to 100 percent			62						5						52						5
Greater than 100 percent			60						4						47						9
Total Home Equity			$	26,482					$	722					$	22,618					$	3,142
Home Equity
Refreshed FICO score
Less than 620			$	682					$	67					$	377					$	238
Greater than or equal to 620 and less than 660			588						44						370						174
Greater than or equal to 660 and less than 740			4,983						181						3,966						836
Greater than or equal to 740			20,229						430						17,905						1,894
Total Home Equity			$	26,482					$	722					$	22,618					$	3,142
Gross charge-offs for the nine months ended September 30, 2025			$	11					$	—					$	7					$	4

(1)Includes reverse mortgages of $471 million and home equity loans of $251 million, which are no longer originated.

Credit Card and Direct/Indirect Consumer – Credit Quality Indicators By Vintage
			Direct/Indirect
															Term Loans by Origination Year																																				Credit Card
(Dollars in millions)			Total Direct/ Indirect as of September 30, 2025						Revolving Loans						2025						2024						2023						2022						2021						Prior						Total Credit Card as of September 30, 2025						Revolving Loans						Revolving Loans Converted to Term Loans (1)
Refreshed FICO score
Less than 620			$	1,563					$	9					$	170					$	387					$	432					$	346					$	168					$	51					$	6,059					$	5,684					$	375
Greater than or equal to 620 and less than 660			1,252						4						258						353						294						207						98						38						5,739						5,502						237
Greater than or equal to 660 and less than 740			8,955						43						2,817						2,471						1,714						1,143						538						229						40,003						39,527						476
Greater than or equal to 740			43,436						58						14,326						12,880						7,788						4,837						2,288						1,259						50,308						50,232						76
Other internal credit metrics (2,3)			56,206						55,500						215						70						42						134						45						200						—						—						—
Total credit card and other consumer			$	111,412					$	55,614					$	17,786					$	16,161					$	10,270					$	6,667					$	3,137					$	1,777					$	102,109					$	100,945					$	1,164
Gross charge-offs for the nine months ended September 30, 2025			$	274					$	4					$	17					$	86					$	71					$	50					$	21					$	25					$	3,409					$	3,291					$	118

(1)Represents loans that were modified into term loans.

(2)Other internal credit metrics may include delinquency status, geography or other factors.

(3)Direct/indirect consumer includes $55.5 billion of securities-based lending, which is typically supported by highly liquid collateral with market value greater than or equal to the outstanding loan balance and therefore has minimal credit risk at September 30, 2025.

67 Bank of America

Commercial – Credit Quality Indicators By Vintage (1)
									Term Loans
									Amortized Cost Basis by Origination Year
(Dollars in millions)			Total as of September 30, 2025						2025						2024						2023						2022						2021						Prior						Revolving Loans
U.S. Commercial
Risk ratings
Pass rated			$	416,389					$	47,391					$	42,621					$	25,121					$	28,677					$	16,485					$	36,959					$	219,135
Reservable criticized			12,813						113						724						933						933						634						1,860						7,616
Total U.S. Commercial			$	429,202					$	47,504					$	43,345					$	26,054					$	29,610					$	17,119					$	38,819					$	226,751
Gross charge-offs for the nine months ended September 30, 2025			$	425					$	3					$	9					$	20					$	84					$	8					$	33					$	268
Non-U.S. Commercial
Risk ratings
Pass rated			$	146,106					$	18,232					$	22,574					$	10,845					$	9,683					$	10,820					$	6,499					$	67,453
Reservable criticized			2,601						106						134						458						337						24						120						1,422
Total Non-U.S. Commercial			$	148,707					$	18,338					$	22,708					$	11,303					$	10,020					$	10,844					$	6,619					$	68,875
Gross charge-offs for the nine months ended September 30, 2025			$	8					$	—					$	—					$	7					$	—					$	—					$	—					$	1
Commercial Real Estate
Risk ratings
Pass rated			$	58,203					$	7,363					$	5,544					$	4,674					$	9,039					$	7,002					$	14,300					$	10,281
Reservable criticized			8,783						5						253						368						2,730						1,994						2,871						562
Total Commercial Real Estate			$	66,986					$	7,368					$	5,797					$	5,042					$	11,769					$	8,996					$	17,171					$	10,843
Gross charge-offs for the nine months ended September 30, 2025			$	471					$	—					$	—					$	—					$	49					$	70					$	350					$	2
Commercial Lease Financing
Risk ratings
Pass rated			$	15,874					$	2,779					$	3,270					$	2,980					$	1,977					$	1,853					$	3,015					$	—
Reservable criticized			408						6						48						144						82						56						72						—
Total Commercial Lease Financing			$	16,282					$	2,785					$	3,318					$	3,124					$	2,059					$	1,909					$	3,087					$	—
Gross charge-offs for the nine months ended September 30, 2025			$	4					$	—					$	1					$	3					$	—					$	—					$	—					$	—
U.S. Small Business Commercial (2)
Risk ratings
Pass rated			$	10,738					$	1,819					$	1,937					$	1,720					$	1,515					$	1,183					$	1,801					$	763
Reservable criticized			517						5						75						151						97						75						106						8
Total U.S. Small Business Commercial			$	11,255					$	1,824					$	2,012					$	1,871					$	1,612					$	1,258					$	1,907					$	771
Gross charge-offs for the nine months ended September 30, 2025			$	25					$	—					$	1					$	2					$	3					$	2					$	3					$	14
Total			$	672,432					$	77,819					$	77,180					$	47,394					$	55,070					$	40,126					$	67,603					$	307,240
Gross charge-offs for the nine months ended September 30, 2025			$	933					$	3					$	11					$	32					$	136					$	80					$	386					$	285

(1)Excludes $6.5 billion of loans accounted for under the fair value option at September 30, 2025.

(2)Excludes U.S. Small Business Card loans of $11.2 billion. Refreshed FICO scores for this portfolio are $756 million for less than 620; $636 million for greater than or equal to 620 and less than 660; $3.6 billion for greater than or equal to 660 and less than 740; and $6.1 billion greater than or equal to 740. Excludes U.S. Small Business Card loans gross charge-offs of $418 million.

						Bank of America 68

The following tables present certain credit quality indicators for the Corporation's Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments by year of origination, except for revolving loans and revolving loans that were modified into term loans, which are shown on an aggregate basis at December 31, 2024.

Residential Mortgage – Credit Quality Indicators By Vintage
									Term Loans by Origination Year
(Dollars in millions)			Total as of December 31, 2024						2024						2023						2022						2021						2020												Prior
Residential Mortgage
Refreshed LTV
Less than or equal to 90 percent			$	215,575					$	18,115					$	12,910					$	36,748					$	71,912					$	32,504											$	43,386
Greater than 90 percent but less than or equal to 100 percent			1,848						724						463						471						122						31												37
Greater than 100 percent			863						428						195						144						56						15												25
Fully-insured loans			9,913						288						190						302						3,153						2,568												3,412
Total Residential Mortgage			$	228,199					$	19,555					$	13,758					$	37,665					$	75,243					$	35,118											$	46,860
Residential Mortgage
Refreshed FICO score
Less than 620			$	2,619					$	172					$	171					$	484					$	649					$	427											$	716
Greater than or equal to 620 and less than 660			2,187						170						145						396						515						366												595
Greater than or equal to 660 and less than 740			25,166						2,167						1,745						4,542						7,008						3,801												5,903
Greater than or equal to 740			188,314						16,758						11,507						31,941						63,918						27,956												36,234
Fully-insured loans			9,913						288						190						302						3,153						2,568												3,412
Total Residential Mortgage			$	228,199					$	19,555					$	13,758					$	37,665					$	75,243					$	35,118											$	46,860
Gross charge-offs for the year ended December 31, 2024			$	21					$	2					$	3					$	6					$	2					$	1											$	7

Home Equity - Credit Quality Indicators
																											Total						Home Equity Loans and Reverse Mortgages (1)						Revolving Loans						Revolving Loans Converted to Term Loans
(Dollars in millions)									December 31, 2024
Home Equity
Refreshed LTV
Less than or equal to 90 percent																											$	25,638					$	780					$	21,450					$	3,408
Greater than 90 percent but less than or equal to 100 percent																											51						4						42						5
Greater than 100 percent																											48						3						34						11
Total Home Equity																											$	25,737					$	787					$	21,526					$	3,424
Home Equity
Refreshed FICO score
Less than 620																											$	645					$	72					$	320					$	253
Greater than or equal to 620 and less than 660																											577						46						339						192
Greater than or equal to 660 and less than 740																											4,911						198						3,779						934
Greater than or equal to 740																											19,604						471						17,088						2,045
Total Home Equity																											$	25,737					$	787					$	21,526					$	3,424
Gross charge-offs for the year ended December 31, 2024																											$	21					$	6					$	9					$	6

(1)Includes reverse mortgages of $500 million and home equity loans of $287 million, which are no longer originated.

69 Bank of America

Credit Card and Direct/Indirect Consumer – Credit Quality Indicators By Vintage
			Direct/Indirect
															Term Loans by Origination Year																																				Credit Card
(Dollars in millions)			Total Direct/Indirect as of December 31, 2024						Revolving Loans						2024						2023						2022						2021						2020						Prior						Total Credit Card as of December 31, 2024						Revolving Loans						Revolving Loans Converted to Term Loans (1)
Refreshed FICO score
Less than 620			$	1,483					$	10					$	249					$	452					$	433					$	243					$	53					$	43					$	5,866					$	5,511					$	355
Greater than or equal to 620 and less than 660			1,219						4						352						363						282						150						38						30						5,746						5,537						209
Greater than or equal to 660 and less than 740			9,212						47						3,421						2,515						1,828						947						255						199						40,871						40,456						415
Greater than or equal to 740			43,141						67						17,889						11,240						7,635						3,908						1,319						1,083						51,083						51,019						64
Other internal credit metrics (2, 3)			52,067						51,433						165						51						127						95						36						160						—						—						—
Total credit card and other consumer			$	107,122					$	51,561					$	22,076					$	14,621					$	10,305					$	5,343					$	1,701					$	1,515					$	103,566					$	102,523					$	1,043
Gross charge-offs for the year ended December 31, 2024			$	399					$	5					$	46					$	144					$	109					$	51					$	12					$	32					$	4,365					$	4,188					$	177

(1)Represents loans that were modified into term loans.

(2)Other internal credit metrics may include delinquency status, geography or other factors.

(3)Direct/indirect consumer includes $51.4 billion of securities-based lending, which is typically supported by highly liquid collateral with market value greater than or equal to the outstanding loan balance and therefore has minimal credit risk at December 31, 2024.

Commercial – Credit Quality Indicators By Vintage (1)
									Term Loans
									Amortized Cost Basis by Origination Year
(Dollars in millions)			Total as of December 31, 2024						2024						2023						2022						2021						2020						Prior						Revolving Loans
U.S. Commercial
Risk ratings
Pass rated			$	374,380					$	49,587					$	33,352					$	34,015					$	20,801					$	10,172					$	34,176					$	192,277
Reservable criticized			12,610						157						901						1,035						799						340						1,996						7,382
Total U.S. Commercial			$	386,990					$	49,744					$	34,253					$	35,050					$	21,600					$	10,512					$	36,172					$	199,659
Gross charge-offs for the year ended December 31, 2024			$	439					$	3					$	122					$	80					$	19					$	4					$	63					$	148
Non-U.S. Commercial
Risk ratings
Pass rated			$	135,720					$	27,119					$	14,268					$	12,220					$	11,750					$	1,328					$	6,777					$	62,258
Reservable criticized			1,798						22						180						145						310						8						106						1,027
Total Non-U.S. Commercial			$	137,518					$	27,141					$	14,448					$	12,365					$	12,060					$	1,336					$	6,883					$	63,285
Gross charge-offs for the year ended December 31, 2024			$	81					$	—					$	41					$	22					$	16					$	—					$	—					$	2
Commercial Real Estate
Risk ratings
Pass rated			$	55,607					$	5,422					$	4,935					$	10,755					$	8,990					$	2,911					$	13,310					$	9,284
Reservable criticized			10,123						41						211						3,252						2,100						588						3,372						559
Total Commercial Real Estate			$	65,730					$	5,463					$	5,146					$	14,007					$	11,090					$	3,499					$	16,682					$	9,843
Gross charge-offs for the year ended December 31, 2024			$	894					$	—					$	—					$	57					$	83					$	62					$	663					$	29
Commercial Lease Financing
Risk ratings
Pass rated			$	15,417					$	3,902					$	3,675					$	2,465					$	1,921					$	1,033					$	2,421					$	—
Reservable criticized			291						9						96						67						52						23						44						—
Total Commercial Lease Financing			$	15,708					$	3,911					$	3,771					$	2,532					$	1,973					$	1,056					$	2,465					$	—
Gross charge-offs for the year ended December 31, 2024			$	2					$	—					$	—					$	—					$	2					$	—					$	—					$	—
U.S. Small Business Commercial (2)
Risk ratings
Pass rated			$	9,806					$	1,926					$	1,887					$	1,650					$	1,302					$	604					$	1,992					$	445
Reservable criticized			443						8						83						104						115						25						105						3
Total U.S. Small Business Commercial			$	10,249					$	1,934					$	1,970					$	1,754					$	1,417					$	629					$	2,097					$	448
Gross charge-offs for the year ended December 31, 2024			$	30					$	—					$	1					$	2					$	1					$	6					$	7					$	13
Total			$	616,195					$	88,193					$	59,588					$	65,708					$	48,140					$	17,032					$	64,299					$	273,235
Gross charge-offs for the year ended December 31, 2024			$	1,446					$	3					$	164					$	161					$	121					$	72					$	733					$	192

(1) Excludes $4.0 billion of loans accounted for under the fair value option at December 31, 2024.

(2) Excludes U.S. Small Business Card loans of $10.6 billion. Refreshed FICO scores for this portfolio are $699 million for less than 620; $600 million for greater than or equal to 620 and less than 660; $3.6 billion for greater than or equal to 660 and less than 740; and $5.8 billion greater than or equal to 740. Excludes U.S. Small Business Card loans gross charge-offs of $489 million.

						Bank of America 70

During the nine months ended September 30, 2025, commercial reservable criticized utilized exposure decreased to $26.3 billion at September 30, 2025 from $26.5 billion (to 3.67 percent from 4.01 percent of total commercial reservable utilized exposure) at December 31, 2024, primarily driven by commercial real estate.

Loan Modifications to Borrowers in Financial Difficulty

As part of its credit risk management, the Corporation may modify a loan agreement with a borrower experiencing financial difficulties through a refinancing or restructuring of the borrower’s loan agreement (modification programs).

Consumer Real Estate

The following modification programs are offered for consumer real estate loans to borrowers experiencing financial difficulties.

Forbearance and Other Payment Plans: Forbearance plans generally consist of the Corporation suspending the borrower’s payments for a defined period, with those payments then due over a defined period of time or at the conclusion of the forbearance period. The aging status of a loan is generally frozen when it enters into a forbearance plan. If a borrower is unable to fulfill their obligations under the forbearance plans, they may be offered a trial offer or permanent modification.

Trial Offer and Permanent Modifications: Trial offer for modification plans generally consist of the Corporation offering a borrower modified loan terms that reduce their contractual payments temporarily over a three-to-four-month trial period. If the customer successfully makes the modified payments during the trial period and formally accepts the modified terms, the modified loan terms become permanent. Some borrowers may enter into permanent modifications without a trial period. In a permanent modification, the borrower’s payment terms are typically modified in more than one manner, but generally include a term extension and an interest rate reduction. At times, the permanent modification may also include principal forgiveness and/or a deferral of past due principal and interest amounts to the end of the loan term. The combinations utilized are based on modifying the terms that give the borrower an improved ability to meet the contractual obligations. The term extensions granted for residential mortgage and home equity permanent modifications vary widely and can be up to 30 years, but mostly are in the range of 1 to 20 years. Principal forgiveness and payment deferrals were insignificant during the three and nine months ended September 30, 2025 and 2024.

The table below provides the ending amortized cost of the Corporation’s consumer real estate loans modified during the three and nine months ended September 30, 2025 and 2024.

Consumer Real Estate - Modifications to Borrowers in Financial Difficulty
			Forbearance and Other Payment Plans												Permanent Modification						Total						As a % of Financing Receivables						Forbearance and Other Payment Plans												Permanent Modification						Total						As a % of Financing Receivables
(Dollars in millions)			Three Months Ended September 30, 2025																								Nine Months Ended September 30, 2025
Residential Loans			$	4											$	36					$	40					0.02		%				$	20											$	129					$	149					0.06		%
Home Equity			—												3						3						0.01						—												15						15						0.06
Total			$	4											$	39					$	43					0.02						$	20											$	144					$	164					0.06
			Three Months Ended September 30, 2024																								Nine Months Ended September 30, 2024
Residential Loans			$	4											$	48					$	52					0.02		%				$	41											$	161					$	202					0.09		%
Home Equity			—												8						8						0.03						—												26						26						0.10
Total			$	4											$	56					$	60					0.02						$	41											$	187					$	228					0.09

The table below presents the financial effect of modified consumer real estate loans.

Financial Effect of Modified Consumer Real Estate Loans
			Three Months Ended September 30												Nine Months Ended September 30
			2025						2024						2025						2024
Forbearance and Other Payment Plans
Weighted-average duration
Residential Mortgage			6 months						4 months						6 months						7 months
Home Equity			n/m						n/m						n/m						n/m
Permanent Modifications
Weighted-average Term Extension
Residential Mortgage			10.9 years						11.0 years						9.8 years						9.8 years
Home Equity			18.6 years						17.7 years						17.5 years						17.5 years
Weighted-average Interest Rate Reduction
Residential Mortgage			1.11		%				1.23		%				1.20		%				1.29		%
Home Equity			2.05		%				2.77		%				2.19		%				2.66		%

n/m = not meaningful

For consumer real estate borrowers in financial difficulty that received a forbearance, trial or permanent modification, there were no commitments to lend additional funds at September 30, 2025 and 2024.

71 Bank of America

The Corporation tracks the performance of modified loans to assess effectiveness of modification programs. During the three and nine months ended September 30, 2025 and 2024, defaults of residential and home equity loans that had been modified within 12 months were insignificant. The table below

provides aging information as of September 30, 2025 and 2024 for consumer real estate loans that were modified over the last 12 months.

Consumer Real Estate - Payment Status of Modifications to Borrowers in Financial Difficulty
			Current						30–89 Days Past Due						90+ Days Past Due						Total
(Dollars in millions)			September 30, 2025
Residential mortgage			$	94					$	42					$	43					$	179
Home equity			19						2						—						21
Total			$	113					$	44					$	43					$	200
			September 30, 2024
Residential mortgage			$	153					$	52					$	47					$	252
Home equity			29						2						1						32
Total			$	182					$	54					$	48					$	284

Consumer real estate foreclosed properties totaled $58 million and $60 million at September 30, 2025 and December 31, 2024. The carrying value of consumer real estate loans, including fully-insured loans, for which formal foreclosure proceedings were in process at September 30, 2025 and December 31, 2024, was $400 million and $464 million. During the nine months ended September 30, 2025 and 2024, the Corporation reclassified $42 million and $73 million of consumer real estate loans to foreclosed properties or, for properties acquired upon foreclosure of certain government-guaranteed loans (principally FHA-insured loans), to other assets. The reclassifications represent non-cash investing activities and, accordingly, are not reflected in the Consolidated Statement of Cash Flows.

Credit Card and Other Consumer

Credit card and other consumer loans are primarily modified by placing the customer on a fixed payment plan with a significantly reduced fixed interest rate, with terms ranging from 6 months to 72 months, most of which had a 60-month term at September 30, 2025. In certain circumstances, the Corporation will forgive a portion of the outstanding balance if the borrower makes payments up to a set amount. The Corporation makes modifications directly with borrowers for loans held by the Corporation (internal programs) as well as through third-party renegotiation agencies that provide solutions to customers’ entire unsecured debt structures (external programs). The September 30, 2025 amortized cost of credit card and other consumer loans that were modified through these programs during the three and nine months ended September 30, 2025 was $235 million and $560 million compared to $202 million and $534 million for the same periods in 2024. These modifications represented 0.11 percent and 0.27 percent of outstanding credit card and other consumer loans for the three and nine months ended September 30, 2025 compared to 0.10 percent and 0.26 percent for the same periods in 2024. During the three and nine months ended September 30, 2025, the financial effect of modifications resulted in a weighted-average interest rate reduction of 18.26 percent and 17.99 percent

compared to 19.13 percent and 19.29 percent for the same periods in 2024 and principal forgiveness of $25 million and $76 million compared to $30 million and $88 million for the same periods in 2024.

The Corporation tracks the performance of modified loans to assess effectiveness of modification programs. As of September 30, 2025 and 2024, defaults of credit card and other consumer loans that had been modified within 12 months were insignificant. At September 30, 2025, modified credit card and other consumer loans to borrowers experiencing financial difficulty over the last 12 months totaled $675 million, of which $573 million were current, $58 million were 30-89 days past due, and $44 million were greater than 90 days past due. At September 30, 2024, modified credit card and other consumer loans to borrowers experiencing financial difficulty totaled $665 million, of which $562 million were current, $58 million were 30-89 days past due, and $45 million were greater than 90 days past due.

Commercial Loans

Modifications of loans to commercial borrowers experiencing financial difficulty are designed to reduce the Corporation’s loss exposure while providing borrowers with an opportunity to work through financial difficulties, often to avoid foreclosure or bankruptcy. Each modification is unique, reflects the borrower’s individual circumstances and is designed to benefit the borrower while mitigating the Corporation’s risk exposure. Commercial modifications are primarily term extensions and payment forbearances. Payment forbearances involve the Corporation forbearing its contractual right to collect certain payments or payment in full (maturity forbearance) for a defined period of time. Reductions in interest rates and principal forgiveness occur infrequently for commercial borrowers. Principal forgiveness may occur in connection with foreclosure, short sales or other settlement agreements, leading to termination or sale of the loan. The following table provides the ending amortized cost of commercial loans modified during the three and nine months ended September 30, 2025 and 2024.

						Bank of America 72

Commercial Loans - Modifications to Borrowers in Financial Difficulty
						Term Extension			Forbearances												Interest Rate Reduction			Total			As a % of Financing Receivables						Term Extension			Forbearances			Interest Rate Reduction			Total			As a % of Financing Receivables
(Dollars in millions)						Three Months Ended September 30, 2025																		Nine Months Ended September 30, 2025
U.S. commercial						$	759		$	13											$	—		$	772		0.18		%				$	1,230		$	54		$	—		$	1,284		0.30		%
Non-U.S. commercial						1			—												—			1			—						4			9			—			13			0.01
Commercial real estate						539			154												—			693			1.03						1,579			371			—			1,950			2.91
Total						$	1,299		$	167											$	—		$	1,466		0.23						$	2,813		$	434		$	—		$	3,247		0.50
						Three Months Ended September 30, 2024																		Nine Months Ended September 30, 2024
U.S. commercial						$	379		$	47											$	—		$	426		0.11		%				$	1,114		$	52		$	—		$	1,166		0.31		%
Non-U.S. commercial						—			—												—			—			—						13			—			—			13			0.01
Commercial real estate						874			234												—			1,108			1.62						1,238			487			36			1,761			2.57
Total						$	1,253		$	281											$	—		$	1,534		0.27						$	2,365		$	539		$	36		$	2,940		0.51

Term extensions granted increased the weighted-average life of the impacted loans by 1.0 year and 1.4 years for the three and nine months ended September 30, 2025 compared to 2.1 years and 1.8 years for the same periods in 2024. The weighted-average duration of loan payments deferred under the Corporation’s commercial loan forbearance program was 17 months and 13 months for the three and nine months ended September 30, 2025 compared to 10 months and 11 months for the same periods in 2024. The deferral period for loan payments can vary, but are mostly in the range of 8 months to 24 months. Modifications of loans to troubled borrowers for

Commercial Lease Financing and U.S. Small Business Commercial were not significant during the three and nine months ended September 30, 2025 and 2024.

The Corporation tracks the performance of modified loans to assess effectiveness of modification programs. The table below provides aging information as of September 30, 2025 and 2024 for commercial loans that were modified over the last 12 months.

As of September 30, 2025 and 2024, defaults of commercial loans that had been modified within 12 months were insignificant.

Commercial - Payment Status of Modified Loans to Borrowers in Financial Difficulty
			Current						30–89 Days Past Due						90+ Days Past Due						Total
(Dollars in millions)			September 30, 2025
U.S. Commercial			$	1,431					$	82					$	22					$	1,535
Non-U.S. Commercial			44						—						—						44
Commercial Real Estate			2,552						104						151						2,807
Total			$	4,027					$	186					$	173					$	4,386
			September 30, 2024
U.S. Commercial			$	1,193					$	58					$	31					$	1,282
Non-U.S. Commercial			36						—						—						36
Commercial Real Estate			1,667						3						303						1,973
Total			$	2,896					$	61					$	334					$	3,291

For the nine months ended September 30, 2025 and 2024, the Corporation had commitments to lend $658 million and $1.2 billion to commercial borrowers experiencing financial difficulty whose loans were modified during the period.

Loans Held-for-sale

The Corporation had LHFS of $6.8 billion and $9.5 billion at September 30, 2025 and December 31, 2024. Cash and non-cash proceeds from sales and paydowns of loans originally classified as LHFS were $27.0 billion and $21.7 billion for the nine months ended September 30, 2025 and 2024. Cash used for originations and purchases of LHFS totaled $23.4 billion and $26.3 billion for the nine months ended September 30, 2025 and 2024. For the nine months ended September 30, 2025 and 2024, non-cash net transfers into LHFS were insignificant.

Accrued Interest Receivable

Accrued interest receivable for loans and leases and loans held-for-sale was $4.3 billion at both September 30, 2025 and December 31, 2024 and is reported in customer and other receivables on the Consolidated Balance Sheet.

Outstanding credit card loan balances include unpaid principal, interest and fees. Credit card loans are not classified as nonperforming but are charged off no later than the end of the month in which the account becomes 180 days past due, within 60 days after receipt of notification of death or bankruptcy, or upon confirmation of fraud. During the three and nine months ended September 30, 2025, the Corporation reversed $209 million and $658 million of interest and fee income against the income statement line item in which it was originally recorded upon charge-off of the principal balance of the loan compared to $213 million and $633 million for the same periods in 2024.

For the outstanding residential mortgage, home equity, direct/indirect consumer and commercial loan balances classified as nonperforming during the three and nine months ended September 30, 2025 and 2024, interest and fee income reversed at the time the loans were classified as nonperforming was not significant. For more information on the Corporation's nonperforming loan policies, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K.

73 Bank of America

Allowance for Credit Losses

The allowance for credit losses is estimated using quantitative and qualitative methods that consider a variety of factors, such as historical loss experience, the current credit quality of the portfolio and an economic outlook over the life of the loan. Qualitative reserves cover losses that are expected but, in the Corporation's assessment, may not adequately be reflected in the quantitative methods or the economic assumptions. The economic outlook is a significant factor and incorporates forward-looking information through the use of several macroeconomic scenarios in determining the weighted economic outlook over the forecasted life of the assets. These scenarios include key macroeconomic variables such as gross domestic product, unemployment rate, real estate prices and corporate bond spreads. The scenarios that are chosen each quarter and the weighting given to each scenario depend on a variety of factors including recent economic events, leading economic indicators, internal and third-party economist views, and industry trends. For more information on the Corporation's credit loss accounting policies including the allowance for credit losses, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K.

The September 30, 2025 estimate for allowance for credit losses was based on various economic scenarios, including a baseline scenario derived from consensus estimates, an adverse scenario reflecting an extended moderate recession, a downside scenario reflecting continued inflation, a tail risk scenario similar to the severely adverse scenario used in stress testing and an upside scenario that considers the potential for improvement above the baseline scenario. The Corporation’s overall weighted economic outlook as of September 30, 2025 deteriorated modestly as compared to the weighted economic outlook estimated as of December 31, 2024 and was relatively consistent compared to June 30, 2025. The weighted economic outlook for the Corporation’s quantitative reserves assumes

that the U.S. average unemployment rate will be just under five percent in the fourth quarter of 2025 and increases to approximately five percent in the fourth quarter of 2026. It also assumes U.S. real gross domestic product will grow at 0.7 percent and 1.4 percent year-over-year in the fourth quarters of 2025 and 2026.

The allowance for credit losses decreased $73 million and increased $25 million during the three and nine months ended September 30, 2025. There were no significant changes to the qualitative reserves at September 30, 2025 compared to June 30, 2025 or December 31, 2024.

The provision for credit losses for the three months ended September 30, 2025 was $1.3 billion compared to $1.5 billion for the same period in 2024. The provision for credit losses for the nine months ended September 30, 2025 was $4.4 billion, relatively unchanged from the same period in 2024. The decrease in the provision for credit losses for the three months ended September 30, 2025 was primarily due to improved asset quality in credit card. The provision for credit losses for the nine months ended September 30, 2025 was impacted by improved asset quality in credit card and commercial real estate, partially offset by the dampened macroeconomic outlook and loan growth in commercial.

Net charge-offs for the three and nine months ended September 30, 2025 were $1.4 billion and $4.3 billion compared to $1.5 billion and $4.6 billion for the same periods in 2024. The decrease of $167 million for the three months ended September 30, 2025 as compared to the prior-year period was driven by asset quality improvement in credit card and commercial. The decrease of $221 million for the nine months ended September 30, 2025 as compared to the prior-year period was driven by asset quality improvement in commercial real estate office.

The changes in the allowance for credit losses, including net charge-offs and provision for loan and lease losses, are detailed in the following table.

						Bank of America 74

			Consumer Real Estate						Credit Card and Other Consumer						Commercial						Total
(Dollars in millions)			Three Months Ended September 30, 2025
Allowance for loan and lease losses, July 1			$	346					$	8,232					$	4,713					$	13,291
Loans and leases charged off			(9)						(1,230)						(462)						(1,701)
Recoveries of loans and leases previously charged off			21						240						73						334
Net charge-offs			12						(990)						(389)						(1,367)
Provision for loan and lease losses			50						803						475						1,328
Other			—						(1)						1						—
Allowance for loan and lease losses, September 30			408						8,044						4,800						13,252
Reserve for unfunded lending commitments, July 1			58						—						1,085						1,143
Provision for unfunded lending commitments			6						—						(39)						(33)
Other			—						—						(1)						(1)
Reserve for unfunded lending commitments, September 30			64						—						1,045						1,109
Allowance for credit losses, September 30			$	472					$	8,044					$	5,845					$	14,361
			Three Months Ended September 30, 2024
Allowance for loan and lease losses, July 1			$	347					$	8,167					$	4,724					$	13,238
Loans and leases charged off			(15)						(1,256)						(529)						(1,800)
Recoveries of loans and leases previously charged off			22						205						39						266
Net charge-offs			7						(1,051)						(490)						(1,534)
Provision for loan and lease losses			(45)						1,167						425						1,547
Other			—						1						(1)						—
Allowance for loan and lease losses, September 30			309						8,284						4,658						13,251
Reserve for unfunded lending commitments, July 1			55						—						1,049						1,104
Provision for unfunded lending commitments			3						—						(8)						(5)
Other			—						—						1						1
Reserve for unfunded lending commitments, September 30			58						—						1,042						1,100
Allowance for credit losses, September 30			$	367					$	8,284					$	5,700					$	14,351
(Dollars in millions)			Nine Months Ended September 30, 2025
Allowance for loan and lease losses, January 1			$	293					$	8,277					$	4,670					$	13,240
Loans and leases charged off			(29)						(3,878)						(1,351)						(5,258)
Recoveries of loans and leases previously charged off			61						690						163						914
Net charge-offs			32						(3,188)						(1,188)						(4,344)
Provision for loan and lease losses			79						2,957						1,318						4,354
Other			4						(2)						—						2
Allowance for loan and lease losses, September 30			408						8,044						4,800						13,252
Reserve for unfunded lending commitments, January 1			57						—						1,039						1,096
Provision for unfunded lending commitments			7						—						6						13
Other			—						—						—						—
Reserve for unfunded lending commitments, September 30			64						—						1,045						1,109
Allowance for credit losses, September 30			$	472					$	8,044					$	5,845					$	14,361
			Nine Months Ended September 30, 2024
Allowance for loan and lease losses, January 1			$	386					$	8,134					$	4,822					$	13,342
Loans and leases charged off			(34)						(3,748)						(1,535)						(5,317)
Recoveries of loans and leases previously charged off			65						586						101						752
Net charge-offs			31						(3,162)						(1,434)						(4,565)
Provision for loan and lease losses			(109)						3,311						1,277						4,479
Other			1						1						(7)						(5)
Allowance for loan and lease losses, September 30			309						8,284						4,658						13,251
Reserve for unfunded lending commitments, January 1			82						—						1,127						1,209
Provision for unfunded lending commitments			(24)						—						(86)						(110)
Other			—						—						1						1
Reserve for unfunded lending commitments, September 30			58						—						1,042						1,100
Allowance for credit losses, September 30			$	367					$	8,284					$	5,700					$	14,351

NOTE 6 Securitizations and Other Variable Interest Entities

The Corporation utilizes VIEs in the ordinary course of business to support its own and its customers’ financing and investing needs. The Corporation routinely securitizes loans and debt securities using VIEs as a source of funding for the Corporation and as a means of transferring the economic risk of the loans or debt securities to third parties. The assets are transferred into a trust or other securitization vehicle such that the assets are legally isolated from the creditors of the Corporation and are not

available to satisfy its obligations. These assets can only be used to settle obligations of the trust or other securitization vehicle. The Corporation also administers, structures or invests in other VIEs including CDOs, investment vehicles and other entities. For more information on the Corporation’s use of VIEs, see Note 1 – Summary of Significant Accounting Principles and Note 6 – Securitizations and Other Variable Interest Entities to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K*.*

The tables in this Note present the assets and liabilities of consolidated and unconsolidated VIEs at September 30, 2025

75 Bank of America

and December 31, 2024 in situations where the Corporation has a loan or security interest and involvement with transferred assets or if the Corporation otherwise has an additional interest in the VIE. The tables also present the Corporation’s maximum loss exposure at September 30, 2025 and December 31, 2024 resulting from its involvement with consolidated VIEs and unconsolidated VIEs. The Corporation’s maximum loss exposure is based on the unlikely event that all of the assets in the VIEs become worthless and incorporates not only potential losses associated with assets recorded on the Consolidated Balance Sheet but also potential losses associated with off-balance sheet commitments, such as unfunded liquidity commitments and other contractual arrangements. The Corporation’s maximum loss exposure does not include losses previously recognized through write-downs of assets.

The Corporation invests in ABS, CLOs and other similar investments issued by third-party VIEs with which it has no other form of involvement other than a loan or debt security issued by the VIE. In addition, the Corporation also enters into certain commercial lending arrangements that may utilize VIEs for activities secondary to the lending arrangement, for example to hold collateral. The Corporation’s maximum loss exposure to these VIEs is the investment balances. These securities and loans are included in Note 4 – Securities or Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses and are not included in the following tables.

The Corporation did not provide financial support to consolidated or unconsolidated VIEs during the three and nine months ended September 30, 2025 or the year ended December 31, 2024 that it was not previously contractually required to provide, nor does it intend to do so.

The Corporation had liquidity commitments, including written put options and collateral value guarantees, with certain unconsolidated VIEs of $1.1 billion and $1.0 billion at September 30, 2025 and December 31, 2024.

First-lien Mortgage Securitizations

As part of its mortgage banking activities, the Corporation securitizes a portion of the first-lien residential mortgage loans it originates or purchases from third parties, generally in the form of residential mortgage-backed securities guaranteed by government-sponsored enterprises, FNMA and FHLMC (collectively the GSEs), or the Government National Mortgage Association (GNMA) primarily in the case of FHA-insured and U.S. Department of Veterans Affairs (VA)-guaranteed mortgage loans. Securitization usually occurs in conjunction with or shortly after origination or purchase, and the Corporation may also securitize loans held in its residential mortgage portfolio. In addition, the Corporation may, from time to time, securitize commercial mortgages it originates or purchases from other entities. The Corporation typically services the loans it securitizes. Further, the Corporation may retain beneficial interests in the securitization trusts including senior and subordinate securities and equity tranches issued by the trusts. Except as described in Note 10 – Commitments and Contingencies, the Corporation does not provide guarantees or recourse to the securitization trusts other than standard representations and warranties.

The table below summarizes select information related to first-lien mortgage securitizations for the three and nine months ended September 30, 2025 and 2024.

First-lien Mortgage Securitizations
			Residential Mortgage - Agency																								Commercial Mortgage
			Three Months Ended September 30												Nine Months Ended September 30												Three Months Ended September 30												Nine Months Ended September 30
(Dollars in millions)			2025						2024						2025						2024						2025						2024						2025						2024
Proceeds from loan sales (1)			$	2,115					$	928					$	4,649					$	3,101					$	1,877					$	1,644					$	8,436					$	8,676
Gains (losses) on securitizations (2)			(1)						(1)						(4)						(3)						19						18						72						106
Repurchases from securitization trusts (3)			13						8						42						24						—						—						—						—

(1)The Corporation transfers residential mortgage loans to securitizations sponsored primarily by the GSEs or GNMA in the normal course of business and primarily receives residential mortgage-backed securities in exchange. Substantially all of these securities are classified as Level 2 within the fair value hierarchy and are typically sold shortly after receipt.

(2)A majority of the first-lien residential mortgage loans securitized are initially classified as LHFS and accounted for under the fair value option. Gains recognized on these LHFS prior to securitization, which totaled $12 million and $26 million, net of hedges, during the three and nine months ended September 30, 2025 compared to $10 million and $23 million for the same periods in 2024, are not included in the table above.

(3)The Corporation may have the option to repurchase delinquent loans out of securitization trusts, which reduces the amount of servicing advances it is required to make. The Corporation may also repurchase loans from securitization trusts to perform modifications. Repurchased loans include FHA-insured mortgages collateralizing GNMA securities.

The Corporation recognizes consumer MSRs from the sale or securitization of consumer real estate loans. The unpaid principal balance of loans serviced for investors, including residential mortgage and home equity loans, totaled $80.2 billion and $85.7 billion at September 30, 2025 and 2024. Servicing fee and ancillary fee income on serviced loans was $54 million and $164 million during the three and nine months ended September 30, 2025 compared to $54 million and $174 million for the same periods in 2024. Servicing advances on serviced loans, including loans serviced for others and loans held for investment, were $886 million and $1.0 billion at September 30, 2025 and December 31, 2024. For more information on MSRs, see Note 14 – Fair Value Measurements.

Home Equity Loans

The Corporation retains interests, primarily senior securities, in home equity securitization trusts to which it transferred home equity loans. In addition, the Corporation may be obligated to

provide subordinate funding to the trusts during a rapid amortization event. This obligation is included in the maximum loss exposure in the preceding table. The charges that will ultimately be recorded as a result of the rapid amortization events depend on the undrawn portion of the home equity lines of credit, performance of the loans, the amount of subsequent draws and the timing of related cash flows.

Mortgage and Home Equity Securitizations

During the three and nine months ended September 30, 2025, the Corporation deconsolidated agency residential mortgage securitization trusts with total assets of $85 million and $580 million compared to $115 million and $940 million for the same periods in 2024.

The following table summarizes select information related to mortgage and home equity securitization trusts in which the Corporation held a variable interest and had continuing involvement at September 30, 2025 and December 31, 2024.

						Bank of America 76

Mortgage and Home Equity Securitizations
			Residential Mortgage
												Non-agency
			Agency									Prime and Alt-A									Subprime									Home Equity (1)									Commercial Mortgage
(Dollars in millions)			Sep 30 2025			Dec 31 2024						Sep 30 2025			Dec 31 2024						Sep 30 2025			Dec 31 2024						Sep 30 2025			Dec 31 2024						Sep 30 2025			Dec 31 2024
Unconsolidated VIEs
Maximum loss exposure (2)			$	6,983		$	7,353					$	9		$	84					$	503		$	301					$	—		$	—					$	1,757		$	1,640
On-balance sheet assets
Senior securities:
Trading account assets			$	181		$	126					$	7		$	10					$	7		$	12					$	—		$	—					$	470		$	328
Debt securities carried at fair value			2,098			2,222						—			—						415			416						—			—						—			—
Held-to-maturity securities			4,704			5,005						—			—						—			—						—			—						1,085			1,172
All other assets			—			—						2			3						14			23						—			—						39			41
Total retained positions			$	6,983		$	7,353					$	9		$	13					$	436		$	451					$	—		$	—					$	1,594		$	1,541
Principal balance outstanding (3)			$	66,385		$	69,018					$	11,544		$	12,590					$	4,070		$	4,180					$	161		$	187					$	88,411		$	90,222
Consolidated VIEs
Maximum loss exposure (2)			$	601		$	1,132					$	—		$	—					$	28		$	—					$	9		$	10					$	—		$	—
On-balance sheet assets
Trading account assets			$	601		$	1,132					$	—		$	—					$	252		$	—					$	—		$	—					$	—		$	—
Loans and leases			—			—						—			—						—			—						17			22						—			—
Allowance for loan and lease losses			—			—						—			—						—			—						5			6						—			—
All other assets			—			—						—			—						—			—						1			1						—			—
Total assets			$	601		$	1,132					$	—		$	—					$	252		$	—					$	23		$	29					$	—		$	—
Total liabilities			$	—		$	—					$	—		$	—					$	224		$	—					$	14		$	19					$	—		$	—

(1)For unconsolidated home equity loan VIEs, the maximum loss exposure includes outstanding trust certificates issued by trusts in rapid amortization, net of recorded reserves. For both consolidated and unconsolidated home equity loan VIEs, the maximum loss exposure excludes the reserve for representations and warranties obligations and corporate guarantees. For more information, see Note 10 – Commitments and Contingencies.

(2)Maximum loss exposure includes obligations under loss-sharing reinsurance and other arrangements for non-agency residential mortgage and commercial mortgage securitizations, but excludes the reserve for representations and warranties obligations and corporate guarantees and also excludes servicing advances and other servicing rights and obligations. For more information, see Note 10 – Commitments and Contingencies and Note 14 – Fair Value Measurements.

(3)Principal balance outstanding includes loans where the Corporation was the transferor to securitization VIEs with which it has continuing involvement, which may include servicing the loans.

Other Asset-backed Securitizations

The following paragraphs summarize select information related to other asset-backed VIEs in which the Corporation had a variable interest at September 30, 2025 and December 31, 2024.

Credit Card and Automobile Loan Securitizations

The Corporation securitizes originated and purchased credit card and automobile loans as a source of financing. The loans are sold on a non-recourse basis to consolidated trusts. The securitizations are ongoing, whereas additional receivables will be funded into the trusts by either loan repayments or proceeds from securities issued to third parties, depending on the securitization structure. The Corporation’s continuing involvement with the securitization trusts includes servicing the receivables and holding various subordinated interests, including an undivided seller’s interest in the credit card receivables and owning certain retained interests.

At September 30, 2025 and December 31, 2024, the carrying values of the receivables in the trusts totaled $17.1 billion and $18.1 billion, which are included in loans and leases, and the carrying values of senior debt securities that were issued to third-party investors from the trusts totaled $7.9 billion and $8.0 billion, which are included in long-term debt.

Resecuritization Trusts

The Corporation transfers securities, typically MBS, into resecuritization VIEs generally at the request of customers seeking securities with specific characteristics. Generally, there are no significant ongoing activities performed in a resecuritization trust, and no single investor has the unilateral ability to liquidate the trust.

The Corporation resecuritized $6.6 billion and $25.1 billion of securities during the three and nine months ended

September 30, 2025 compared to $4.6 billion and $11.1 billion for the same periods in 2024. Securities transferred into resecuritization VIEs were measured at fair value with changes in fair value recorded in market making and similar activities prior to the resecuritization and, accordingly, no gain or loss on sale was recorded. During the three and nine months ended September 30, 2025, resecuritization proceeds included securities with an initial fair value of $1.4 billion and $4.2 billion, compared to $1.3 billion and $2.2 billion for the same periods in 2024, of which substantially all of the securities were classified as trading account assets for both periods. Substantially all of the trading account securities carried at fair value were categorized as Level 2 within the fair value hierarchy.

Customer VIEs

Customer VIEs include credit-linked, equity-linked and commodity-linked note VIEs, repackaging VIEs and asset acquisition VIEs, which are typically created on behalf of customers who wish to obtain market or credit exposure to a specific company, index, commodity or financial instrument.

The Corporation’s involvement in the VIE is limited to its loss exposure. The Corporation’s maximum loss exposure to consolidated and unconsolidated customer VIEs totaled $1.4 billion and $1.1 billion at September 30, 2025 and December 31, 2024, including the notional amount of derivatives to which the Corporation is a counterparty, net of losses previously recorded, and the Corporation’s investment, if any, in securities issued by the VIEs.

Municipal Bond Trusts

The Corporation administers municipal bond trusts that hold highly-rated, long-term, fixed-rate municipal bonds. The trusts obtain financing by issuing floating-rate trust certificates that reprice on a weekly or other short-term basis to third-party investors.

77 Bank of America

The Corporation’s liquidity commitments to unconsolidated municipal bond trusts, including those for which the Corporation was transferor, totaled $2.8 billion and $1.8 billion at September 30, 2025 and December 31, 2024. The weighted-average remaining life of bonds held in the trusts at September 30, 2025 was 9.9 years. There were no significant write-downs or downgrades of assets or issuers during the nine months ended September 30, 2025 and 2024.

Collateralized Debt Obligation VIEs

The Corporation receives fees for structuring CDO VIEs, which hold diversified pools of fixed-income securities, typically corporate debt or ABS, which the CDO VIEs fund by issuing multiple tranches of debt and equity securities. CDOs are generally managed by third-party portfolio managers. The Corporation typically transfers assets to these CDOs, holds securities issued by the CDOs and may be a derivative counterparty to the CDOs. The Corporation’s maximum loss exposure to consolidated and unconsolidated CDOs totaled $63 million and $65 million at September 30, 2025 and December 31, 2024.

Investment VIEs

The Corporation sponsors, invests in or provides financing, which may be in connection with the sale of assets, to a variety of investment VIEs that hold loans, real estate, debt securities or other financial instruments and are designed to provide the desired investment profile to investors or the Corporation. At

September 30, 2025 and December 31, 2024, the Corporation’s consolidated investment VIEs had total assets of $24 million and $6 million. The Corporation also held investments in unconsolidated VIEs with total assets of $27.8 billion and $23.0 billion at September 30, 2025 and December 31, 2024. The Corporation’s maximum loss exposure associated with both consolidated and unconsolidated investment VIEs totaled $4.1 billion and $2.5 billion at September 30, 2025 and December 31, 2024 comprised primarily of on-balance sheet assets less non-recourse liabilities.

Leveraged Lease Trusts

The Corporation’s net investment in consolidated leveraged lease trusts totaled $915 million and $1.0 billion at September 30, 2025 and December 31, 2024. The trusts hold long-lived equipment such as rail cars, power generation and distribution equipment, and commercial aircraft. The Corporation structures the trusts and holds a significant residual interest. The net investment represents the Corporation’s maximum loss exposure to the trusts in the unlikely event that the leveraged lease investments become worthless. Debt issued by the leveraged lease trusts is non-recourse to the Corporation.

The table below summarizes the maximum loss exposure and assets held by the Corporation that related to other asset-backed VIEs at September 30, 2025 and December 31, 2024.

Other Asset-backed VIEs
			Credit Card and Automobile (1)									Resecuritization Trusts and Customer VIEs									Municipal Bond Trusts and CDOs									Investment VIEs and Leveraged Lease Trusts
(Dollars in millions)			Sep 30 2025			Dec 31 2024						Sep 30 2025			Dec 31 2024						Sep 30 2025			Dec 31 2024						Sep 30 2025			Dec 31 2024
Unconsolidated VIEs
Maximum loss exposure			$	—		$	—					$	5,976		$	5,300					$	2,817		$	1,839					$	4,049		$	2,454
On-balance sheet assets
Securities (2):
Trading account assets			$	—		$	—					$	2,153		$	1,641					$	14		$	16					$	162		$	354
Debt securities carried at fair value			—			—						763			809						—			—						—			—
Held-to-maturity securities			—			—						1,804			1,983						—			—						—			—
Loans and leases			—			—						—			—						—			—						1,397			70
Allowance for loan and lease losses			—			—						—			—						—			—						(2)			(2)
All other assets			—			—						1,256			868						5			6						1,983			1,522
Total retained positions			$	—		$	—					$	5,976		$	5,301					$	19		$	22					$	3,540		$	1,944
Total assets of VIEs			$	—		$	—					$	31,978		$	24,216					$	7,678		$	6,474					$	27,822		$	22,965
Consolidated VIEs
Maximum loss exposure			$	8,443		$	9,385					$	177		$	583					$	5,163		$	3,519					$	932		$	1,012
On-balance sheet assets
Trading account assets			$	—		$	—					$	395		$	1,002					$	4,793		$	3,436					$	22		$	5
Debt securities carried at fair value			—			—						—			—						370			83						—			—
Loans and leases			17,074			18,110						—			—						—			—						916			1,012
Allowance for loan and lease losses			(893)			(924)						—			—						—			—						(1)			(1)
All other assets			201			195						40			39						—			—						2			1
Total assets			$	16,382		$	17,381					$	435		$	1,041					$	5,163		$	3,519					$	939		$	1,017
On-balance sheet liabilities
Short-term borrowings			$	—		$	—					$	—		$	—					$	4,980		$	3,329					$	—		$	—
Long-term debt			7,917			7,975						258			458						—			—						7			5
All other liabilities			22			21						—			—						—			—						—			—
Total liabilities			$	7,939		$	7,996					$	258		$	458					$	4,980		$	3,329					$	7		$	5

(1)At September 30, 2025 and December 31, 2024 loans and leases in the consolidated credit card trust included $3.6 billion and $4.5 billion of seller’s interest.

(2)The retained senior securities were valued using quoted market prices or observable market inputs (Level 2 of the fair value hierarchy).

						Bank of America 78

Tax Credit VIEs

The Corporation holds equity investments in unconsolidated limited partnerships and similar entities that construct, own and operate affordable housing, renewable energy and certain other projects. The total assets of these unconsolidated tax credit VIEs were $87.3 billion and $85.7 billion as of September 30, 2025 and December 31, 2024. An unrelated third party is typically the general partner or managing member and has control over the significant activities of the VIE. As an investor, tax credits associated with the investments in these entities are allocated to the Corporation, as provided by the U.S. Internal Revenue Code and related regulations, and are recognized as income tax benefits in the Corporation’s Consolidated Statement of Income in the year they are earned, which varies based on the type of investments. Tax credits from investments in affordable housing are recognized ratably over a term of up to 10 years, and tax credits from renewable energy investments are recognized either at inception for transactions electing Investment Tax Credits (ITCs) or as energy is produced for transactions electing Production Tax Credits (PTCs), which is generally up to a 10-year time period. The volume and types of investments held by the Corporation will influence the amount of tax credits recognized each period.

The Corporation’s equity investments in affordable housing and other projects totaled $16.5 billion and $16.7 billion at September 30, 2025 and December 31, 2024, which included unfunded capital contributions of $7.0 billion and $7.5 billion that are probable to be paid over the next five years. The Corporation may be asked to invest additional amounts to support a troubled affordable housing project. Such additional investments have not been and are not expected to be significant. During the three and nine months ended September 30, 2025, the Corporation recognized tax credits and other tax benefits related to affordable housing equity investments of $590 million and $1.7 billion compared to $564 million and $1.7 billion for the same periods in 2024, and reported pretax

losses in other income of $458 million and $1.3 billion compared to $418 million and $1.2 billion for the same periods in 2024. The Corporation’s equity investments in renewable energy totaled $11.6 billion and $13.0 billion at September 30, 2025 and December 31, 2024. In addition, the Corporation had unfunded capital contributions for renewable energy investments of $4.2 billion and $4.6 billion at September 30, 2025 and December 31, 2024, which are contingent on various conditions precedent to funding over the next two years. The Corporation’s risk of loss is generally mitigated by policies requiring the project to qualify for the expected tax credits prior to making its investment. During the three and nine months ended September 30, 2025, the Corporation recognized tax credits and other tax benefits related to renewable energy equity investments of $922 million and $2.5 billion compared to $873 million and $2.8 billion for the same periods in 2024 and reported pretax losses in other income of $552 million and $1.8 billion compared to $697 million and $2.0 billion for the same periods in 2024. The Corporation may also enter into power purchase agreements with renewable energy tax credit entities.

The table below summarizes select information related to unconsolidated tax credit VIEs in which the Corporation held a variable interest at September 30, 2025 and December 31, 2024.

Unconsolidated Tax Credit VIEs
(Dollars in millions)									September 30 2025												December 31 2024
Maximum loss exposure									$	28,094																	$	29,727
On-balance sheet assets
All other assets									28,094																		29,727
Total									$	28,094																	$	29,727
On-balance sheet liabilities
All other liabilities									7,015																		7,599
Total									$	7,015																	$	7,599
Total assets of VIEs									$	87,315																	$	85,654

79 Bank of America

NOTE 7 Goodwill and Intangible Assets

Goodwill

The table below presents goodwill balances by business segment at September 30, 2025 and December 31, 2024. The reporting units utilized for goodwill impairment testing are the operating segments or one level below.

Goodwill
(Dollars in millions)			September 30 2025						December 31 2024
Consumer Banking			$	30,137					$	30,137
Global Wealth & Investment Management			9,677						9,677
Global Banking			24,026						24,026
Global Markets			5,181						5,181
Total goodwill			$	69,021					$	69,021

Intangible Assets

At September 30, 2025 and December 31, 2024, the net carrying value of intangible assets was $1.9 billion and $2.0 billion. At September 30, 2025 and December 31, 2024, intangible assets included $1.5 billion and $1.6 billion of intangible assets associated with trade names, substantially all of which had an indefinite life and, accordingly, are not being amortized. Amortization of intangibles expense was $20 million for both the three months ended September 30, 2025 and 2024 and $59 million for both the nine months ended September 30, 2025 and 2024.

NOTE 8 Leases

The Corporation enters into both lessor and lessee arrangements. For more information on lease accounting, see Note 1 – Summary of Significant Accounting Principles and Note 8 – Leases to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K. For more information on lease financing receivables, see Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses.

Lessor Arrangements

The Corporation’s lessor arrangements primarily consist of operating, sales-type and direct financing leases for equipment. Lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term.

The table below presents the net investment in sales-type and direct financing leases at September 30, 2025 and December 31, 2024.

Net Investment (1)
(Dollars in millions)															September 30 2025						December 31 2024
Lease receivables															$	19,550					$	18,559
Unguaranteed residuals															2,948						2,543
Total net investment in sales-type and direct financing leases															$	22,498					$	21,102

(1)In certain cases, the Corporation obtains third-party residual value insurance to reduce its residual asset risk. The carrying value of residual assets with third-party residual value insurance for at least a portion of the asset value was $8.7 billion and $8.0 billion at September 30, 2025 and December 31, 2024.

The table below presents lease income for the three and nine months ended September 30, 2025 and 2024.

Lease Income
			Three Months Ended September 30												Nine Months Ended September 30
(Dollars in millions)			2025						2024						2025						2024
Sales-type and direct financing leases			$	312					$	277					$	925					$	789
Operating leases			241						228						710						682
Total lease income			$	553					$	505					$	1,635					$	1,471

Lessee Arrangements

The Corporation's lessee arrangements predominantly consist of operating leases for premises and equipment; the Corporation's financing leases are not significant.

The table below provides information on the right-of-use assets and lease liabilities at September 30, 2025 and December 31, 2024.

Lessee Arrangements
(Dollars in millions)			September 30 2025						December 31 2024
Right-of-use assets			$	8,286					$	8,527
Lease liabilities			8,955						9,135

						Bank of America 80

NOTE 9 Securities Financing Agreements, Collateral and Restricted Cash

The Corporation enters into securities financing agreements which include securities borrowed or purchased under agreements to resell and securities loaned or sold under agreements to repurchase. These financing agreements (also referred to as “matched-book transactions”) are to accommodate customers, obtain securities to cover short positions and finance inventory positions. The Corporation elects to account for certain securities financing agreements under the fair value option. For more information on the fair value option, see Note 15 – Fair Value Option.

Offsetting of Securities Financing Agreements

The Securities Financing Agreements table presents securities financing agreements included on the Consolidated Balance

Sheet in federal funds sold and securities borrowed or purchased under agreements to resell, and in federal funds purchased and securities loaned or sold under agreements to repurchase at September 30, 2025 and December 31, 2024. Balances are presented on a gross basis, prior to the application of counterparty netting. Gross assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements. For more information on the offsetting of derivatives, see Note 3 – Derivatives. For more information on the securities financing agreements and the offsetting of securities financing transactions, see Note 10 – Securities Financing Agreements, Short-term Borrowings, Collateral and Restricted Cash to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K.

Securities Financing Agreements
			Gross Assets/Liabilities (1)						Amounts Offset						Net Balance Sheet Amount						Financial Instruments (2)						Net Assets/Liabilities
(Dollars in millions)			September 30, 2025
Securities borrowed or purchased under agreements to resell (3)			$	908,018					$	(582,218)					$	325,800					$	(301,588)					$	24,212
Securities loaned or sold under agreements to repurchase			$	924,806					$	(582,218)					$	342,588					$	(326,901)					$	15,687
Other (4)			6,598						—						6,598						(6,598)						—
Total			$	931,404					$	(582,218)					$	349,186					$	(333,499)					$	15,687
			December 31, 2024
Securities borrowed or purchased under agreements to resell (3)			$	758,071					$	(483,362)					$	274,709					$	(250,040)					$	24,669
Securities loaned or sold under agreements to repurchase			$	815,120					$	(483,362)					$	331,758					$	(317,974)					$	13,784
Other (4)			10,531						—						10,531						(10,531)						—
Total			$	825,651					$	(483,362)					$	342,289					$	(328,505)					$	13,784

(1)Includes activity where uncertainty exists as to the enforceability of certain master netting agreements under bankruptcy laws in some countries or industries.

(2)Includes securities collateral received or pledged under repurchase or securities lending agreements where there is a legally enforceable master netting agreement. These amounts are not offset on the Consolidated Balance Sheet, but are shown as a reduction to derive a net asset or liability. Securities collateral received or pledged where the legal enforceability of the master netting agreements is uncertain is excluded from the table.

(3)Excludes repurchase activity of $20.3 billion and $12.3 billion reported in loans and leases on the Consolidated Balance Sheet for September 30, 2025 and December 31, 2024.

(4)Balance is reported in accrued expenses and other liabilities on the Consolidated Balance Sheet and relates to transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged as collateral or sold. In these transactions, the Corporation recognizes an asset at fair value, representing the securities received, and a liability, representing the obligation to return those securities.

Repurchase Agreements and Securities Loaned Transactions Accounted for as Secured Borrowings

The following tables present securities sold under agreements to repurchase and securities loaned by remaining contractual term to maturity and class of collateral pledged. Included in “Other” are transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged as collateral or sold. Certain agreements contain a right to substitute collateral and/or terminate the

agreement prior to maturity at the option of the Corporation or the counterparty. Such agreements are included in the table below based on the remaining contractual term to maturity. For more information on collateral requirements, see Note 10 – Securities Financing Agreements, Short-term Borrowings, Collateral and Restricted Cash to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K.

Remaining Contractual Maturity
			Overnight and Continuous						30 Days or Less						After 30 Days Through 90 Days						Greater than 90 Days (1)						Total
(Dollars in millions)			September 30, 2025
Securities sold under agreements to repurchase			$	339,019					$	277,344					$	85,350					$	92,486					$	794,199
Securities loaned			119,210						567						487						10,343						130,607
Other			6,598						—						—						—						6,598
Total			$	464,827					$	277,911					$	85,837					$	102,829					$	931,404
			December 31, 2024
Securities sold under agreements to repurchase			$	305,577					$	252,526					$	87,978					$	70,148					$	716,229
Securities loaned			88,256						364						842						9,429						98,891
Other			10,531						—						—						—						10,531
Total			$	404,364					$	252,890					$	88,820					$	79,577					$	825,651

(1)No agreements have maturities greater than four years.

81 Bank of America

Class of Collateral Pledged
			Securities Sold Under Agreements to Repurchase						Securities Loaned						Other						Total
(Dollars in millions)			September 30, 2025
U.S. government and agency securities			$	413,111					$	162					$	58					$	413,331
Corporate securities, trading loans and other			30,980						1,247						2						32,229
Equity securities			28,383						129,108						6,538						164,029
Non-U.S. sovereign debt			312,467						90						—						312,557
Mortgage trading loans and ABS			9,258						—						—						9,258
Total			$	794,199					$	130,607					$	6,598					$	931,404
			December 31, 2024
U.S. government and agency securities			$	416,241					$	130					$	10					$	416,381
Corporate securities, trading loans and other			29,483						1,517						3						31,003
Equity securities			30,106						97,240						10,518						137,864
Non-U.S. sovereign debt			232,521						4						—						232,525
Mortgage trading loans and ABS			7,878						—						—						7,878
Total			$	716,229					$	98,891					$	10,531					$	825,651

Collateral

The Corporation accepts securities and loans as collateral that it is permitted by contract or practice to sell or repledge. At September 30, 2025 and December 31, 2024, the fair value of this collateral was $1.1 trillion and $925.7 billion, of which $1.1 trillion and $882.2 billion were sold or repledged. The primary source of this collateral is securities borrowed or purchased under agreements to resell. For more information on collateral, see Note 10 – Securities Financing Agreements, Short-term Borrowings, Collateral and Restricted Cash to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K*.*

Restricted Cash

At September 30, 2025 and December 31, 2024, the Corporation held restricted cash included within cash and cash equivalents on the Consolidated Balance Sheet of $6.9 billion and $6.1 billion, predominantly related to cash segregated in compliance with securities regulations and cash held on deposit with central banks to meet reserve requirements.

NOTE 10 Commitments and Contingencies

In the normal course of business, the Corporation enters into a number of off-balance sheet commitments. These commitments expose the Corporation to varying degrees of credit and market risk and are subject to the same credit and market risk limitation reviews as those instruments recorded on the Consolidated Balance Sheet. For more information on commitments and contingencies, see Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K*.*

Credit Extension Commitments

The Corporation enters into commitments to extend credit such as loan commitments, standby letters of credit (SBLCs) and commercial letters of credit to meet the financing needs of its customers. The following table includes the notional amount of unfunded legally binding lending commitments net of amounts distributed (i.e., syndicated or participated) to other financial institutions. The distributed amounts were $10.6 billion and $10.4 billion at September 30, 2025 and December 31, 2024. The carrying value of the Corporation’s credit extension commitments at both September 30, 2025 and December 31, 2024, excluding commitments accounted for under the fair value option, was $1.1 billion, which predominantly related to the reserve for unfunded lending commitments. The carrying value of these commitments is classified in accrued expenses and other liabilities on the Consolidated Balance Sheet.

Legally binding commitments to extend credit generally have specified rates and maturities. Certain of these commitments have adverse change clauses that help to protect the Corporation against deterioration in the borrower’s ability to pay.

The following table includes the notional amount of commitments of $2.3 billion and $2.2 billion at September 30, 2025 and December 31, 2024 that are accounted for under the fair value option. However, the table excludes the cumulative net fair value for these commitments of $67 million and $144 million at September 30, 2025 and December 31, 2024, which is classified in accrued expenses and other liabilities. For more information regarding the Corporation’s loan commitments accounted for under the fair value option, see Note 15 – Fair Value Option.

						Bank of America 82

Credit Extension Commitments
			Expire in One Year or Less						Expire After One Year Through Three Years						Expire After Three Years Through Five Years						Expire After Five Years						Total
(Dollars in millions)			September 30, 2025
Notional amount of credit extension commitments
Loan commitments (1)			$	136,244					$	204,310					$	232,174					$	21,626					$	594,354
Home equity lines of credit			4,205						10,036						8,230						21,035						43,506
Standby letters of credit and financial guarantees (2)			23,049						9,674						2,881						384						35,988
Letters of credit			654						22						14						38						728
Other commitments (3)			6						69						55						1,026						1,156
Legally binding commitments			164,158						224,111						243,354						44,109						675,732
Credit card lines (4)			473,646						—						—						—						473,646
Total credit extension commitments			$	637,804					$	224,111					$	243,354					$	44,109					$	1,149,378
			December 31, 2024
Notional amount of credit extension commitments
Loan commitments (1)			$	123,520					$	227,539					$	191,469					$	19,011					$	561,539
Home equity lines of credit			3,518						10,570						8,920						21,272						44,280
Standby letters of credit and financial guarantees (2)			25,080						8,006						2,589						370						36,045
Letters of credit			781						142						8						19						950
Other commitments (3)			5						52						88						1,028						1,173
Legally binding commitments			152,904						246,309						203,074						41,700						643,987
Credit card lines (4)			456,185						—						—						—						456,185
Total credit extension commitments			$	609,089					$	246,309					$	203,074					$	41,700					$	1,100,172

(1) At September 30, 2025 and December 31, 2024, $3.3 billion and $4.4 billion of these loan commitments were held in the form of a security.

(2) The notional amounts of SBLCs and financial guarantees classified as investment grade and non-investment grade based on the credit quality of the underlying reference name within the instrument were $25.2 billion and $9.8 billion at September 30, 2025, and $25.0 billion and $10.1 billion at December 31, 2024. Amounts in the table include consumer SBLCs of $1.1 billion and $1.0 billion at September 30, 2025 and December 31, 2024.

(3) Primarily includes second-loss positions on lease-end residual value guarantees.

(4) Includes business card unused lines of credit.

Other Commitments

At September 30, 2025 and December 31, 2024, the Corporation had commitments to purchase loans (e.g., residential mortgage and commercial real estate) of $672 million and $242 million, which upon settlement will be included in trading account assets, loans or LHFS, and commitments to purchase commercial loans of $602 million and $768 million, which upon settlement will be included in trading account assets.

At September 30, 2025 and December 31, 2024, the Corporation had commitments to enter into resale and forward-dated resale and securities borrowing agreements of $190.3 billion and $109.8 billion, and commitments to enter into forward-dated repurchase and securities lending agreements of $139.3 billion and $87.1 billion. A significant portion of these commitments will expire within the next 12 months.

At both September 30, 2025 and December 31, 2024, the Corporation had a commitment to originate or purchase up to $4.0 billion, on a rolling 12-month basis, of auto loans and leases from a strategic partner. This commitment extends through November 2026 and can be terminated with 12 months prior notice.

At September 30, 2025 and December 31, 2024, the Corporation had unfunded equity investment commitments of $927 million and $787 million.

As a Federal Reserve member bank, the Corporation is required to subscribe to a certain amount of shares issued by its Federal Reserve district bank, which pays cumulative dividends at a prescribed rate. At both September 30, 2025 and December 31, 2024, the Corporation had paid $5.4 billion for half of its subscribed shares, with the remaining half subject to call by the Federal Reserve district bank board, which the Corporation believes is remote.

Other Guarantees

Bank-owned Life Insurance Book Value Protection

The Corporation sells products that offer book value protection to insurance carriers who offer group life insurance policies to corporations, primarily banks. At September 30, 2025 and December 31, 2024, these guarantees, which are accounted for as derivatives, had a notional amount of $2.8 billion and $3.3 billion and an insignificant fair value. At September 30, 2025 and December 31, 2024, the Corporation’s maximum exposure related to these guarantees totaled $446 million and $506 million, with estimated maturity dates between 2034 and 2037.

Merchant Services

The Corporation in its role as merchant acquirer or as a sponsor of other merchant acquirers may be held liable for any reversed charges that cannot be collected from the merchants due to, among other things, merchant fraud or insolvency. If charges are properly reversed after a purchase and cannot be collected from either the merchants or merchant acquirers, the Corporation may be held liable for these reversed charges. The ability to reverse a charge is primarily governed by the applicable payment network rules and regulations, which include, but are not limited to, the type of charge, type of payment used and time limits. The total amount of transactions subject to reversal under payment network rules and regulations processed for the preceding six-month period, which was approximately $187 billion, is an estimate of the Corporation’s maximum potential exposure as of September 30, 2025. The Corporation’s risk in this area primarily relates to circumstances where a cardholder has purchased goods or services for future delivery. The Corporation mitigates this risk by requiring cash deposits, guarantees, letters of credit or other types of collateral from certain merchants. The Corporation’s reserves for contingent losses, and the losses incurred related to the merchant processing activity were not significant.

83 Bank of America

Representations and Warranties Obligations and Corporate Guarantees

For more information on representations and warranties obligations and corporate guarantees, see Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K.

The reserve for representations and warranties obligations and corporate guarantees was $189 million and $184 million at September 30, 2025 and December 31, 2024 and is included in accrued expenses and other liabilities on the Consolidated Balance Sheet, and the related provision is included in other income in the Consolidated Statement of Income. The representations and warranties reserve represents the Corporation’s best estimate of incurred losses, is based on its experience in previous negotiations, and is subject to judgment, a variety of assumptions and known or unknown uncertainties. At September 30, 2025, the estimated range of possible loss in excess of the accrued representations and warranties reserve was not significant. Future representations and warranties losses may occur in excess of the amounts recorded for these exposures; however, the Corporation does not expect such amounts to be material to the Corporation's financial condition and liquidity.

Fixed Income Clearing Corporation Sponsored Member Repo Program

The Corporation acts as a sponsoring member in a repo program whereby the Corporation clears certain eligible resale and repurchase agreements through the Government Securities Division of the Fixed Income Clearing Corporation on behalf of clients that are sponsored members in accordance with the Fixed Income Clearing Corporation’s rules. As part of this program, the Corporation guarantees the payment and performance of its sponsored members to the Fixed Income Clearing Corporation. The Corporation’s guarantee obligation is secured by a security interest in cash or high-quality securities collateral placed by clients with the clearinghouse and therefore, the potential for the Corporation to incur significant losses under this arrangement is remote. The Corporation’s maximum potential exposure, without taking into consideration the related collateral, was $267.9 billion and $191.9 billion at September 30, 2025 and December 31, 2024.

Other Guarantees

In the normal course of business, the Corporation periodically guarantees the obligations of its affiliates in a variety of transactions including ISDA-related transactions and non-ISDA related transactions such as commodities trading, repurchase agreements, prime brokerage agreements and other transactions.

Guarantees of Certain Long-term Debt

The Corporation, as the parent company, fully and unconditionally guarantees the securities issued by BofA Finance LLC, a consolidated finance subsidiary of the Corporation, and effectively provides for the full and unconditional guarantee of trust securities and capital securities issued by certain statutory trust companies that are 100 percent owned finance subsidiaries of the Corporation.

Other Contingencies

In 2023, the Federal Deposit Insurance Corporation (FDIC) issued a final rule to impose a special assessment to recover certain estimated losses to the Deposit Insurance Fund (DIF) arising from the closures of Silicon Valley Bank and Signature Bank. The estimated losses will be recovered through quarterly special assessments collected from certain insured depository institutions, including the Corporation, and collection began during the three months ended June 30, 2024. At September 30, 2025 and December 31, 2024, the Corporation’s accrual for its estimated share of the FDIC special assessment was $773 million and $1.7 billion. The Corporation continues to monitor the FDIC’s estimated loss to the DIF, which could affect the amount of its accrued liability.

Litigation and Regulatory Matters

The following disclosures supplement the disclosure in Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K (the prior commitments and contingencies disclosure).

In the ordinary course of business, the Corporation and its subsidiaries are routinely defendants in or parties to many pending and threatened legal, regulatory and governmental actions and proceedings. In view of the inherent difficulty of predicting the outcome of such matters, particularly where the claimants seek very large or indeterminate damages or where the matters present novel legal theories or involve a large number of parties, the Corporation generally cannot predict the eventual outcome of the pending matters, timing of the ultimate resolution of these matters, or eventual loss, fines or penalties related to each pending matter.

As a matter develops, the Corporation, in conjunction with any outside counsel handling the matter, evaluates whether such matter presents a loss contingency that is probable and estimable, and, for the matters disclosed below and in the prior commitments and contingencies disclosure, whether a loss in excess of any accrued liability is reasonably possible in future periods. Once the loss contingency is deemed to be both probable and estimable, the Corporation will establish an accrued liability and record a corresponding amount of litigation-related expense. The Corporation continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established. Excluding expenses of internal and external legal service providers, litigation and regulatory investigation-related expense of $59 million and $297 million was recognized for the three and nine months ended September 30, 2025 compared to $38 million and $188 million for the same periods in 2024.

For any matter disclosed in this Note and in the prior commitments and contingencies disclosure for which a loss in future periods is reasonably possible and estimable (whether in excess of an accrued liability or where there is no accrued liability), the Corporation’s estimated range of possible loss is $0 to $0.5 billion in excess of the accrued liability, if any, as of September 30, 2025.

The accrued liability and estimated range of possible loss are based upon currently available information and subject to significant judgment, a variety of assumptions and known and unknown uncertainties. The matters underlying the accrued liability and estimated range of possible loss are unpredictable and may change from time to time, and actual losses may vary significantly from the current estimate and accrual. The estimated range of possible loss does not represent the Corporation’s maximum loss exposure.

						Bank of America 84

Information is provided below and in the prior commitments and contingencies disclosure regarding the nature of the litigation or other contingency and, where specified, associated claimed damages. Based on current knowledge, and taking into account accrued liabilities, management does not believe that loss contingencies arising from pending matters, including the matters described below and in the prior commitments and contingencies disclosure, will have a material adverse effect on the consolidated financial condition or liquidity of the Corporation. However, in light of the significant judgment, variety of assumptions and uncertainties involved in those matters, some of which are beyond the Corporation’s control, and the very large or indeterminate damages sought in some of those matters, an adverse outcome in one or more of those matters could be material to the Corporation’s business or results of operations for any particular reporting period, or cause significant reputational harm.

CFPB Lawsuit Related to Processing Electronic Payments

On March 4, 2025, the Consumer Financial Protection Bureau (CFPB) dismissed the lawsuit with prejudice.

Deposit Insurance Assessment

On March 31, 2025, the U.S. District Court for the District of Columbia (DC District Court) granted the FDIC’s motion for summary judgment in the amount of $540 million plus interest, related to assessments to the DIF for the period from the second quarter of 2013 to the fourth quarter of 2014. At the same time, the DC District Court granted BANA’s motion for summary judgment, finding that the FDIC is not entitled to recover with respect to assessments to the DIF totaling $583 million for the period from the first quarter of 2012 to the first quarter of 2013. The DC District Court denied the other claims and counterclaims in the case. On July 3, 2025, BANA paid the FDIC a total of $657 million which reflects the judgment and BANA’s calculation of interest, which had been previously accrued by the Corporation. The FDIC and BANA disagree about the appropriate methodology for the interest calculation, and the parties have requested that the DC District Court resolve the dispute. The FDIC seeks an additional payment of approximately $255 million and additional interest that continues to accrue based on the FDIC’s methodology. BANA has pledged security satisfactory to the FDIC with respect to the disputed amount of interest.

Fair Access to Banking

The Corporation is responding to demands and requests regarding “fair access to banking,” including those resulting from Executive Order 14331 “Guaranteeing Fair Banking for All Americans” which directed government agencies to review financial institutions’ policies and practices for providing, maintaining, or discontinuing financial products or services to certain clients or potential clients.

LIBOR

On September 25, 2025, the U.S. District Court for the Southern District of New York (NY District Court) granted Defendants’ motion for summary judgment and dismissed all remaining claims pending against the Corporation, BANA, the Merrill Lynch entities, as well as all other defendant banks on the U.S. Dollar LIBOR panel. The NY District Court also decertified the class of antitrust claims on behalf of persons who purchased over-the-counter instruments incorporating LIBOR. Plaintiffs have filed notices of appeal.

Unemployment Insurance Prepaid Cards

On June 16, 2025, the U.S. District Court for the Southern District of California (CA District Court) issued an order certifying classes of certain individuals who received California unemployment benefits via BANA prepaid debit cards. On June 30, 2025, BANA filed a petition with the United States Court of Appeals for the Ninth Circuit Court requesting permission to appeal the CA District Court’s class certification order, which was denied on September 25, 2025.

NOTE 11 Shareholders’ Equity

Common Stock

Declared Quarterly Cash Dividends on Common Stock (1)
Declaration Date						Record Date						Payment Date						Dividend Per Share
October 23, 2025						December 5, 2025						December 26,2025						$	0.28
July 23, 2025						September 5, 2025						September 26, 2025						0.28
April 23, 2025						June 6, 2025						June 27, 2025						0.26
January 29, 2025						March 7, 2025						March 28, 2025						0.26

(1) In 2025, and through October 31, 2025.

During the three and nine months ended September 30, 2025, the Corporation repurchased and retired approximately 108 million and 335 million shares of common stock, which reduced shareholders’ equity by $5.3 billion and $15.1 billion, including excise taxes.

During the nine months ended September 30, 2025, in connection with employee stock plans, the Corporation issued 86 million shares of its common stock and, to satisfy tax withholding obligations, repurchased 33 million shares of common stock. At September 30, 2025, the Corporation had reserved 586 million unissued shares of common stock for future issuances under employee stock plans, convertible notes and preferred stock.

On October 23, 2025, the Board of Directors declared a quarterly common stock dividend of $0.28 per share.

Preferred Stock

During the three months ended September 30, 2025, June 30, 2025 and March 31, 2025, the Corporation declared $429 million, $291 million and $397 million of cash dividends on preferred stock, or a total of $1.1 billion for the nine months ended September 30, 2025.

On July 24, 2025, the Corporation issued 100,000 shares of 6.250% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series UU for $2.5 billion, with quarterly dividends commencing in October 2025. The Series UU preferred stock has a liquidation preference of $25,000 per share and is subject to certain restrictions in the event the Corporation fails to declare and pay full dividends.

For more information on the Corporation’s preferred stock, including liquidation preference, dividend requirements and redemption period, see Note 13 – Shareholders’ Equity to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K.

85 Bank of America

NOTE 12 Accumulated Other Comprehensive Income (Loss)

The table below presents the changes in accumulated OCI after-tax for the nine months ended September 30, 2025 and 2024.

(Dollars in millions)			Debt Securities						Debit Valuation Adjustments						Derivatives						Employee Benefit Plans						Foreign Currency						Total
Balance, December 31, 2023			$	(2,410)					$	(1,567)					$	(8,016)					$	(4,748)					$	(1,047)					$	(17,788)
Net change			444						(135)						3,100						75						(30)						3,454
Balance, September 30, 2024			$	(1,966)					$	(1,702)					$	(4,916)					$	(4,673)					$	(1,077)					$	(14,334)
Balance, December 31, 2024			$	(2,252)					$	(1,694)					$	(5,588)					$	(4,617)					$	(1,134)					$	(15,285)
Net change			489						(161)						3,145						37						30						3,540
Balance, September 30, 2025			$	(1,763)					$	(1,855)					$	(2,443)					$	(4,580)					$	(1,104)					$	(11,745)

The table below presents the net change in fair value recorded in accumulated OCI, net realized gains and losses reclassified into earnings and other changes for each component of OCI pre- and after-tax for the nine months ended September 30, 2025 and 2024.

			Pretax						Tax effect						After- tax						Pretax						Tax effect						After- tax
			Nine Months Ended September 30
(Dollars in millions)			2025																		2024
Debt securities:
Net increase (decrease) in fair value			$	644					$	(172)					$	472					$	581					$	(142)					$	439
Net realized (gains) losses reclassified into earnings (1)			23						(6)						17						6						(1)						5
Net change			667						(178)						489						587						(143)						444
Debit valuation adjustments:
Net increase (decrease) in fair value			(218)						54						(164)						(191)						48						(143)
Net realized (gains) losses reclassified into earnings (1)			3						—						3						12						(4)						8
Net change			(215)						54						(161)						(179)						44						(135)
Derivatives:
Net increase (decrease) in fair value			3,091						(813)						2,278						1,851						(464)						1,387
Reclassifications into earnings:
Net interest income			1,165						(285)						880						2,163						(542)						1,621
Market making and similar activities			—						—						—						146						(35)						111
Compensation and benefits expense			(17)						4						(13)						(25)						6						(19)
Net realized (gains) losses reclassified into earnings			1,148						(281)						867						2,284						(571)						1,713
Net change			4,239						(1,094)						3,145						4,135						(1,035)						3,100
Employee benefit plans:
Net actuarial losses and other reclassified into earnings (2)			109						(72)						37						98						(23)						75
Net change			109						(72)						37						98						(23)						75
Foreign currency:
Net increase (decrease) in fair value			(656)						686						30						33						(70)						(37)
Net realized (gains) losses reclassified into earnings (1)			—						—						—						41						(34)						7
Net change			(656)						686						30						74						(104)						(30)
Total other comprehensive income (loss)			$	4,144					$	(604)					$	3,540					$	4,715					$	(1,261)					$	3,454

(1) Reclassifications of pretax debt securities, DVA and foreign currency (gains) losses are recorded in other income in the Consolidated Statement of Income.

(2) Reclassifications of pretax employee benefit plan costs are recorded in other general operating expense in the Consolidated Statement of Income.

						Bank of America 86

NOTE 13 Earnings Per Common Share

The calculation of earnings per common share (EPS) and diluted EPS for the three and nine months ended September 30, 2025 and 2024 is presented below. For more information on the calculation of EPS, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K.

			Three Months Ended September 30																		Nine Months Ended September 30
(In millions, except per share information)			2025						2024												2025						2024
Earnings per common share
Net income			$	8,469					$	6,896											$	22,981					$	20,467
Preferred stock dividends and other			(429)						(516)												(1,126)						(1,363)
Net income applicable to common shareholders			$	8,040					$	6,380											$	21,855					$	19,104
Average common shares issued and outstanding			7,466.0						7,818.0												7,574.5						7,894.7
Earnings per common share			$	1.08					$	0.82											$	2.89					$	2.42
Diluted earnings per common share
Net income applicable to common shareholders			$	8,040					$	6,380											$	21,855					$	19,104
Add preferred stock dividends due to assumed conversions			56						—												167						—
Net income allocated to common shareholders			$	8,096					$	6,380											$	22,022					$	19,104
Average common shares issued and outstanding			7,466.0						7,818.0												7,574.5						7,894.7
Dilutive potential common shares			161.1						84.1												150.2						70.3
Total average diluted common shares issued and outstanding			7,627.1						7,902.1												7,724.7						7,965.0
Diluted earnings per common share			$	1.06					$	0.81											$	2.85					$	2.40

Diluted EPS is calculated by adjusting net income applicable to common shareholders and average common shares issued and outstanding for the potential impact, if dilutive, of any instruments that are exercisable or convertible into common shares. As the Corporation’s Series L convertible preferred stock (Series L) was dilutive to EPS for the three and nine months ended September 30, 2025, total average dilutive common shares issued and outstanding included 62 million common shares, as the Series L was assumed to have been converted into common shares as of the beginning of those periods. In addition, Series L preferred dividends of $56 million and $167 million for the three and nine months ended September 30, 2025 were included in net income allocated to common shareholders, as they would have been paid if the Series L was converted. For the three and nine months ended September 30, 2024, the Corporation’s Series L was antidilutive, and therefore, there was no assumed conversion of any shares.

NOTE 14 Fair Value Measurements

Under applicable accounting standards, fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most

advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Corporation determines the fair values of its financial instruments under applicable accounting standards and conducts a review of fair value hierarchy classifications on a quarterly basis. Transfers into or out of fair value hierarchy classifications are made if the significant inputs used in the financial models measuring the fair values of the assets and liabilities become unobservable or observable in the current marketplace. During the nine months ended September 30, 2025, there were no changes to valuation approaches or techniques that had, or are expected to have, a material impact on the Corporation’s consolidated financial position or results of operations.

For more information regarding the fair value hierarchy, how the Corporation measures fair value and valuation techniques, see Note 1 – Summary of Significant Accounting Principles and Note 20 – Fair Value Measurements to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K. The Corporation accounts for certain financial instruments under the fair value option. For more information, see Note 15 – Fair Value Option.

87 Bank of America

Recurring Fair Value

Assets and liabilities carried at fair value on a recurring basis at September 30, 2025 and December 31, 2024, including financial instruments that the Corporation accounts for under the fair value option, are summarized in the following tables.

			September 30, 2025
			Fair Value Measurements
(Dollars in millions)			Level 1						Level 2						Level 3						Netting Adjustments (1)						Assets/Liabilities at Fair Value
Assets
Time deposits placed and other short-term investments			$	1,401					$	—					$	—					$	—					$	1,401
Federal funds sold and securities borrowed or purchased under agreements to resell			—						628,938						—						(455,252)						173,686
Trading account assets:
U.S. Treasury and government agencies			56,066						4,329						—						—						60,395
Corporate securities, trading loans and other			—						53,152						1,955						—						55,107
Equity securities			68,536						40,411						353						—						109,300
Non-U.S. sovereign debt			9,998						42,568						267						—						52,833
Mortgage trading loans, MBS and ABS:
U.S. government-sponsored agency guaranteed			—						47,976						9						—						47,985
Mortgage trading loans, ABS and other MBS			—						9,017						929						—						9,946
Total trading account assets (2)			134,600						197,453						3,513						—						335,566
Derivative assets			23,595						275,190						4,349						(261,019)						42,115
AFS debt securities:
U.S. Treasury and government agencies			265,793						840						—						—						266,633
Mortgage-backed securities:
Agency			—						31,940						—						—						31,940
Agency-collateralized mortgage obligations			—						20,282						—						—						20,282
Non-agency residential			—						272						3						—						275
Commercial			—						31,550						473						—						32,023
Non-U.S. securities			253						27,783						41						—						28,077
Other taxable securities			—						3,074						—						—						3,074
Tax-exempt securities			—						7,989						—						—						7,989
Total AFS debt securities			266,046						123,730						517						—						390,293
Other debt securities carried at fair value:
U.S. Treasury and government agencies			2,444						—						—						—						2,444
Non-agency residential MBS			—						209						44						—						253
Non-U.S. and other securities			916						10,730						—						—						11,646
Total other debt securities carried at fair value			3,360						10,939						44						—						14,343
Loans and leases			—						6,569						125						—						6,694
Loans held-for-sale			—						1,981						90						—						2,071
Other assets (3)			4,483						3,292						2,055						—						9,830
Total assets (4)			$	433,485					$	1,248,092					$	10,693					$	(716,271)					$	975,999
Liabilities
Interest-bearing deposits in U.S. offices			$	—					$	1,079					$	—					$	—					$	1,079
Federal funds purchased and securities loaned or sold under agreements to repurchase			—						670,628						—						(455,252)						215,376
Trading account liabilities:
U.S. Treasury and government agencies			15,047						199						—						—						15,246
Equity securities			60,479						7,127						6						—						67,612
Non-U.S. sovereign debt			9,541						12,063						—						—						21,604
Corporate securities and other			—						12,747						88						—						12,835
Mortgage trading loans and ABS			—						25						—						—						25
Total trading account liabilities			85,067						32,161						94						—						117,322
Derivative liabilities			24,514						273,615						5,309						(263,281)						40,157
Short-term borrowings			—						6,426						6						—						6,432
Accrued expenses and other liabilities			5,999						2,503						9						—						8,511
Long-term debt			—						65,853						462						—						66,315
Total liabilities (4)			$	115,580					$	1,052,265					$	5,880					$	(718,533)					$	455,192

(1)Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties.

(2)Includes securities with a fair value of $12.3 billion that were segregated in compliance with securities regulations or deposited with clearing organizations. This amount is included in the parenthetical disclosure on the Consolidated Balance Sheet. Trading account assets also includes certain commodities inventory of $25 million that is accounted for at the lower of cost or net realizable value, which is the current selling price less any costs to sell.

(3)Includes MSRs, which are classified as Level 3 assets, of $930 million.

(4)Total recurring Level 3 assets were 0.31 percent of total consolidated assets, and total recurring Level 3 liabilities were 0.19 percent of total consolidated liabilities.

						Bank of America 88

			December 31, 2024
			Fair Value Measurements
(Dollars in millions)			Level 1						Level 2						Level 3						Netting Adjustments (1)						Assets/Liabilities at Fair Value
Assets
Time deposits placed and other short-term investments			$	1,318					$	—					$	—					$	—					$	1,318
Federal funds sold and securities borrowed or purchased under agreements to resell			—						521,878						—						(377,377)						144,501
Trading account assets:
U.S. Treasury and government agencies			66,582						3,940						—						—						70,522
Corporate securities, trading loans and other			—						43,222						1,814						—						45,036
Equity securities			66,783						36,450						374						—						103,607
Non-U.S. sovereign debt			3,017						36,763						344						—						40,124
Mortgage trading loans, MBS and ABS:
U.S. government-sponsored agency guaranteed			—						43,850						5						—						43,855
Mortgage trading loans, ABS and other MBS			—						10,343						973						—						11,316
Total trading account assets (2)			136,382						174,568						3,510						—						314,460
Derivative assets			14,626						289,940						3,562						(267,180)						40,948
AFS debt securities:
U.S. Treasury and government agencies			233,671						908						—						—						234,579
Mortgage-backed securities:
Agency			—						31,202						—						—						31,202
Agency-collateralized mortgage obligations			—						19,318						—						—						19,318
Non-agency residential			—						38						247						—						285
Commercial			—						25,274						328						—						25,602
Non-U.S. securities			75						22,320						36						—						22,431
Other taxable securities			—						4,603						—						—						4,603
Tax-exempt securities			—						8,412						—						—						8,412
Total AFS debt securities			233,746						112,075						611						—						346,432
Other debt securities carried at fair value:
U.S. Treasury and government agencies			3,885						—						—						—						3,885
Non-agency residential MBS			—						101						149						—						250
Non-U.S. and other securities			854						7,186						—						—						8,040
Total other debt securities carried at fair value			4,739						7,287						149						—						12,175
Loans and leases			—						4,167						82						—						4,249
Loans held-for-sale			—						2,082						132						—						2,214
Other assets (3)			8,279						2,928						1,969						—						13,176
Total assets (4)			$	399,090					$	1,114,925					$	10,015					$	(644,557)					$	879,473
Liabilities
Interest-bearing deposits in U.S. offices			$	—					$	310					$	—					$	—					$	310
Federal funds purchased and securities loaned or sold under agreements to repurchase			—						570,236						—						(377,377)						192,859
Trading account liabilities:
U.S. Treasury and government agencies			16,408						195						—						—						16,603
Equity securities			40,066						4,843						10						—						44,919
Non-U.S. sovereign debt			2,727						17,279						—						—						20,006
Corporate securities and other			—						10,871						110						—						10,981
Mortgage trading loans and ABS			—						34						—						—						34
Total trading account liabilities			59,201						33,222						120						—						92,543
Derivative liabilities			15,354						284,810						5,523						(266,334)						39,353
Short-term borrowings			—						6,245						—						—						6,245
Accrued expenses and other liabilities			9,113						3,997						89						—						13,199
Long-term debt			—						49,452						553						—						50,005
Total liabilities (4)			$	83,668					$	948,272					$	6,285					$	(643,711)					$	394,514

(1)Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties.

(2)Includes securities with a fair value of $18.3 billion that were segregated in compliance with securities regulations or deposited with clearing organizations. This amount is included in the parenthetical disclosure on the Consolidated Balance Sheet. Trading account assets also includes certain commodities inventory of $99 million that is accounted for at the lower of cost or net realizable value, which is the current selling price less any costs to sell.

(3)Includes MSRs, which are classified as Level 3 assets, of $972 million.

(4)Total recurring Level 3 assets were 0.31 percent of total consolidated assets, and total recurring Level 3 liabilities were 0.21 percent of total consolidated liabilities.

89 Bank of America

The following tables present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and nine months ended September 30, 2025 and 2024, including net realized and unrealized gains (losses) included in earnings and accumulated OCI. Transfers into Level 3 occur primarily due

to decreased price observability, and transfers out of Level 3 occur primarily due to increased price observability. Transfers occur on a regular basis for long-term debt instruments due to changes in the impact of unobservable inputs on the value of the embedded derivative in relation to the instrument as a whole.

Level 3 – Fair Value Measurements (1)
			Balance June 30						Total Realized/Unrealized Gains (Losses) in Net Income (2)			Gains (Losses) in OCI (3)			Gross												Gross Transfers into Level 3			Gross Transfers out of Level 3			Balance September 30			Change in Unrealized Gains (Losses) in Net Income Related to Financial Instruments Still Held (2)
(Dollars in millions)						Purchases			Sales			Issuances			Settlements
Three Months Ended September 30, 2025
Trading account assets:
Corporate securities, trading loans and other			$	2,152					$	7		$	2		$	447		$	(238)		$	17		$	(365)		$	91		$	(158)		$	1,955		$	(29)
Equity securities			402						(15)			—			44			(17)			—			—			45			(106)			353			(15)
Non-U.S. sovereign debt			253						10			4			5			—			—			(5)			—			—			267			10
Mortgage trading loans, MBS and ABS			916						(27)			—			95			(80)			—			(26)			85			(25)			938			(44)
Total trading account assets			3,723						(25)			6			591			(335)			17			(396)			221			(289)			3,513			(78)
Net derivative assets (liabilities) (4)			(1,187)						(92)			—			163			(389)			—			4			18			523			(960)			(105)
AFS debt securities:
Non-agency residential MBS			3						—			—			—			—			—			—			—			—			3			—
Commercial MBS			472						—			—			17			—			—			(16)			—			—			473			—
Non-U.S. and other taxable securities			394						(1)			—			9			—			—			—			5			(366)			41			(1)
Total AFS debt securities			869						(1)			—			26			—			—			(16)			5			(366)			517			(1)
Other debt securities carried at fair value – Non-agency residential MBS			43						—			—			—			—			—			—			1			—			44			—
Loans and leases (5)			100						1			—			2			—			24			(2)			—			—			125			1
Loans held-for-sale (5)			97						1			—			1			—			—			(9)			—			—			90			(1)
Other assets (6,7)			1,942						14			(3)			161			—			46			(105)			—			—			2,055			—
Trading account liabilities – Equity securities			(7)						—			—			—			—			—			—			—			1			(6)			—
Trading account liabilities – Corporate securities and other			(90)						10			—			(1)			—			(1)			—			(6)			—			(88)			5
Short-term borrowings (5)			—						(7)			—			—			—			—			1			—			—			(6)			(7)
Accrued expenses and other liabilities (5)			(6)						(18)			—			15			—			—			—			—			—			(9)			(18)
Long-term debt (5)			(471)						17			(13)			—			—			—			5			—			—			(462)			17
Three Months Ended September 30, 2024
Trading account assets:
Corporate securities, trading loans and other			$	1,816					$	80		$	—		$	210		$	(194)		$	21		$	(282)		$	166		$	(17)		$	1,800		$	29
Equity securities			231						2			—			27			(15)			—			—			35			(29)			251			1
Non-U.S. sovereign debt			323						6			5			2			(11)			—			(3)			19			—			341			6
Mortgage trading loans, MBS and ABS			973						(33)			—			87			(68)			—			(13)			128			(40)			1,034			(32)
Total trading account assets			3,343						55			5			326			(288)			21			(298)			348			(86)			3,426			4
Net derivative assets (liabilities) (4)			(2,366)						409			—			264			(413)			—			(148)			(86)			181			(2,159)			562
AFS debt securities:
Non-agency residential MBS			133						(2)			12			—			—			—			(3)			94			(13)			221			(3)
Commercial MBS			170						—			—			25			—			—			(2)			—			—			193			—
Non-U.S. and other taxable securities			78						1			—			—			—			—			(4)			4			(2)			77			—
Total AFS debt securities			381						(1)			12			25			—			—			(9)			98			(15)			491			(3)
Other debt securities carried at fair value – Non-agency residential MBS			53						4			—			—			—			—			—			80			—			137			5
Loans and leases (5,6)			89						2			—			—			—			—			(5)			—			—			86			2
Loans held-for-sale (5)			133						9			—			25			—			—			(11)			—			—			156			5
Other assets (6,7)			1,700						46			5			58			(6)			24			(79)			—			—			1,748			15
Trading account liabilities – Equity securities			(11)						6			—			—			—			—			1			(4)			—			(8)			6
Trading account liabilities – Corporate securities and other			(72)						(10)			—			(1)			(1)			—			14			(1)			—			(71)			(12)
Short-term borrowings (5)			(8)						1			—			—			—			—			7			—			—			—			1
Accrued expenses and other liabilities (5)			(8)						(3)			—			—			—			—			1			—			—			(10)			(3)
Long-term debt (5)			(588)						4			(2)			—			—			—			7			—			—			(579)			4

(1)Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3.

(2)Includes gains (losses) reported in earnings in the following income statement line items: Trading account assets/liabilities - market making and similar activities and other income; Net derivative assets (liabilities) - market making and similar activities and other income; AFS debt securities - other income; Other debt securities carried at fair value - other income; Loans and leases - other income; Loans held-for-sale - other income; Other assets - market making and similar activities and other income primarily related to MSRs; Short-term borrowings - market making and similar activities; Accrued expenses and other liabilities - other income; Long-term debt - market making and similar activities.

(3)Includes unrealized gains (losses) in OCI on AFS debt securities, foreign currency translation adjustments, derivatives designated in cash flow hedges and the impact of changes in the Corporation’s credit spreads on long-term debt accounted for under the fair value option. Amounts include net unrealized gains (losses) of $(10) million and $20 million related to financial instruments still held at September 30, 2025 and 2024.

(4)Net derivative assets (liabilities) include derivative assets of $4.3 billion and $3.7 billion and derivative liabilities of $5.3 billion and $5.8 billion at September 30, 2025 and 2024.

(5)Amounts represent instruments that are accounted for under the fair value option.

(6)Issuances represent MSRs recognized following securitizations or whole-loan sales.

(7)Settlements primarily represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time.

						Bank of America 90

Level 3 – Fair Value Measurements (1)
			Balance January 1						Total Realized/Unrealized Gains (Losses) in Net Income (2)			Gains (Losses) in OCI (3)			Gross												Gross Transfers into Level 3			Gross Transfers out of Level 3			Balance September 30			Change in Unrealized Gains (Losses) in Net Income Related to Financial Instruments Still Held (2)
(Dollars in millions)						Purchases			Sales			Issuances			Settlements
Nine Months Ended September 30, 2025
Trading account assets:
Corporate securities, trading loans and other			$	1,814					$	196		$	4		$	1,464		$	(909)		$	40		$	(901)		$	567		$	(320)		$	1,955		$	(42)
Equity securities			374						33			—			129			(45)			—			(105)			152			(185)			353			17
Non-U.S. sovereign debt			344						76			27			30			—			—			(186)			—			(24)			267			52
Mortgage trading loans, ABS and other MBS			978						(46)			—			232			(252)			—			(118)			290			(146)			938			(46)
Total trading account assets			3,510						259			31			1,855			(1,206)			40			(1,310)			1,009			(675)			3,513			(19)
Net derivative assets (liabilities) (4)			(1,961)						892			—			915			(1,313)			—			28			(254)			733			(960)			247
AFS debt securities:
Non-agency residential MBS			247						1			—			—			—			—			—			—			(245)			3			1
Commercial MBS			328						(2)			4			254			—			—			(111)			—			—			473			(2)
Non-U.S. and other taxable securities			36						(1)			(3)			515			(1)			—			(2)			5			(508)			41			(1)
Total AFS debt securities			611						(2)			1			769			(1)			—			(113)			5			(753)			517			(2)
Other debt securities carried at fair value – Non-agency residential MBS			149						13			—			—			—			—			(2)			1			(117)			44			13
Loans and leases (5,6)			82						2			—			2			—			24			(29)			44			—			125			2
Loans held-for-sale (5,6)			132						28			3			1			(14)			—			(60)			—			—			90			(10)
Other assets (6,7)			1,969						(47)			26			252			—			119			(264)			—			—			2,055			(71)
Trading account liabilities – Equity securities			(10)						1			—			3			—			—			—			(3)			3			(6)			(1)
Trading account liabilities – Corporate securities and other			(110)						28			—			6			(15)			(1)			21			(18)			1			(88)			19
Short-term borrowings (5)			—						(7)			—			—			—			—			1			—			—			(6)			(7)
Accrued expenses and other liabilities (6)			(89)						(80)			—			161			—			—			(1)			—			—			(9)			(27)
Long-term debt (5)			(553)						(39)			(1)			—			—			—			131			—			—			(462)			(22)
Nine Months Ended September 30, 2024
Trading account assets:
Corporate securities, trading loans and other			$	1,689					$	104		$	(3)		$	501		$	(322)		$	44		$	(748)		$	681		$	(146)		$	1,800		$	(11)
Equity securities			187						8			—			113			(52)			—			(4)			46			(47)			251			—
Non-U.S. sovereign debt			396						11			(29)			28			(16)			—			(68)			19			—			341			11
Mortgage trading loans, ABS and other MBS			1,217						(56)			—			324			(539)			—			(56)			292			(148)			1,034			(76)
Total trading account assets			3,489						67			(32)			966			(929)			44			(876)			1,038			(341)			3,426			(76)
Net derivative assets (liabilities) (4)			(2,494)						915			—			758			(992)			—			(683)			(385)			722			(2,159)			(318)
AFS debt securities:
Non-agency residential MBS			273						7			59			—			—			—			(144)			156			(130)			221			5
Commercial MBS			—						(6)			1			200			—			—			(2)			—			—			193			(6)
Non-U.S. and other taxable securities			103						(6)			—			—			—			—			(18)			5			(7)			77			(2)
Total AFS debt securities			376						(5)			60			200			—			—			(164)			161			(137)			491			(3)
Other debt securities carried at fair value – Non-agency residential MBS			69						7			—			—			—			—			(20)			97			(16)			137			(12)
Loans and leases (5,6)			93						3			—			—			—			1			(11)			—			—			86			3
Loans held-for-sale (5,6)			164						7			(4)			25			—			—			(36)			—			—			156			(1)
Other assets (6,7)			1,657						186			(21)			78			(6)			97			(244)			1			—			1,748			158
Trading account liabilities – Equity securities			(12)						8			—			—			(4)			—			7			(18)			11			(8)			5
Trading account liabilities – Corporate securities and other			(39)						(28)			—			(4)			(14)			(2)			23			(7)			—			(71)			(31)
Short-term borrowings (5)			(10)						1			—			—			—			(9)			18			—			—			—			1
Accrued expenses and other liabilities (6)			(21)						(12)			—			22			—			—			1			—			—			(10)			(9)
Long-term debt (5)			(614)						35			(19)			—			—			—			20			(1)			—			(579)			36

(1)Assets (liabilities). For assets, increase (decrease) to Level 3 and for liabilities, (increase) decrease to Level 3.

(2)Includes gains (losses) reported in earnings in the following income statement line items: Trading account assets/liabilities - market making and similar activities and other income; Net derivative assets (liabilities) - market making and similar activities and other income; AFS debt securities - other income; Other debt securities carried at fair value - other income; Loans and leases - other income; Loans held-for-sale - other income; Other assets - market making and similar activities and other income primarily related to MSRs; Short-term borrowings - market making and similar activities; Accrued expenses and other liabilities - other income; Long-term debt - market making and similar activities.

(3)Includes unrealized gains (losses) in OCI on AFS debt securities, foreign currency translation adjustments and the impact of changes in the Corporation’s credit spreads on long-term debt accounted for under the fair value option. Amounts include net unrealized gains (losses) of $54 million and $(40) million related to financial instruments still held at September 30, 2025 and 2024.

(4)Net derivative assets (liabilities) include derivative assets of $4.3 billion and $3.7 billion and derivative liabilities of $5.3 billion and $5.8 billion at September 30, 2025 and 2024.

(5)Amounts represent instruments that are accounted for under the fair value option.

(6)Issuances represent loan originations and MSRs recognized following securitizations or whole-loan sales.

(7)Settlements primarily represent the net change in fair value of the MSR asset due to the recognition of modeled cash flows and the passage of time.

91 Bank of America

The following tables present information about significant unobservable inputs related to the Corporation’s material categories of Level 3 financial assets and liabilities at September 30, 2025 and December 31, 2024.

Quantitative Information about Level 3 Fair Value Measurements at September 30, 2025
(Dollars in millions)									Inputs
Financial Instrument			Fair Value			Valuation Technique			Significant Unobservable Inputs			Ranges of Inputs			Weighted Average (1)
Loans and Securities (2)
Instruments backed by residential real estate assets			$	299		Discounted cash flow, Market comparables			Yield			0% to 20%			8		%
Trading account assets – Mortgage trading loans, MBS and ABS			176			Prepayment speed			0% to 41% CPR			7% CPR
Loans and leases			76			Default rate			0% to 6% CDR			6% CDR
AFS debt securities – Non-agency residential			3			Price			$0 to $115			$74
Other debt securities carried at fair value – Non-agency residential			44			Loss severity			0% to 79%			27		%
Instruments backed by commercial real estate assets			$	767		Discounted cash flow, Asset-based approach			Yield			0% to 5%			3		%
Trading account assets – Corporate securities, trading loans and other			209			Price			$0 to $104			$85
Trading account assets – Mortgage trading loans, MBS and ABS			49
AFS debt securities – Commercial			483
Loans held-for-sale			26
Commercial loans, debt securities and other			$	2,870		Discounted cash flow, Market comparables			Yield			4% to 25%			17		%
Trading account assets – Corporate securities, trading loans and other			1,746			Prepayment speed			20%			n/a
Trading account assets – Non-U.S. sovereign debt			267			Default rate			2%			n/a
Trading account assets – Mortgage trading loans, MBS and ABS			713			Loss severity			30%			n/a
AFS debt securities – Non-U.S. securities			31			Price			$0 to $136			$66
Loans and leases			49
Loans held-for-sale			64
Other assets, primarily auction rate securities			$	1,125		Discounted cash flow, Market comparables			Price			$10 to $95			$84
						Discount rate			8% to 11%			9		%
MSRs			$	930		Discounted cash flow			Weighted-average life, fixed rate (5)			0 to 13 years			6 years
						Weighted-average life, variable rate (5)			0 to 11 years			4 years
						Option-adjusted spread, fixed rate			7% to 14%			9		%
						Option-adjusted spread, variable rate			9% to 15%			12		%
Structured liabilities
Long-term debt			$	(462)		Discounted cash flow, Market comparables			Yield			22% to 24%			23		%
						Price			$30 to $100			$90
						Natural gas forward price			$2/MMBtu to $7/MMBtu			$4 /MMBtu
Net derivative assets (liabilities)
Credit derivatives			$	31		Market comparables, Discounted cash flow, Stochastic recovery correlation model			Credit spreads			6 to 69 bps			40 bps
						Prepayment speed			15% CPR			n/a
						Default rate			2% CDR			n/a
						Credit correlation			38% to 73%			67		%
						Price			$0 to $103			$99
Equity derivatives			$	(829)		Industry standard derivative pricing (3)			Equity correlation			0% to 100%			60%
						Long-dated equity volatilities			1% to 86%			33%
Commodity derivatives			$	(626)		Discounted cash flow			Natural gas forward price			$2/MMBtu to $7/MMBtu			$3/MMBtu
						Power forward price			$28 to $133			$57
Interest rate derivatives			$	464		Industry standard derivative pricing (4)			Correlation (IR/IR)			(35)% to 70%			46		%
						Correlation (FX/IR)			(5)% to 58%			30		%
						Long-dated inflation rates			(1)% to 24%			2		%
						Long-dated inflation volatilities			5%			n/a
						Interest rate volatilities			(1)% to 9%			0		%
Total net derivative assets (liabilities)			$	(960)

(1)For loans and securities, structured liabilities and net derivative assets (liabilities), the weighted average is calculated based upon the absolute fair value of the instruments.

(2)The categories are aggregated based upon product type, which differs from financial statement classification. The following is a reconciliation to the line items in the table on page 88: Trading account assets – Corporate securities, trading loans and other of $2.0 billion, Trading account assets – Non-U.S. sovereign debt of $267 million, Trading account assets – Mortgage trading loans, MBS and ABS of $938 million, AFS debt securities of $517 million, Other debt securities carried at fair value - Non-agency residential of $44 million, Other assets, including MSRs, of $2.1 billion, Loans and leases of $125 million and LHFS of $90 million.

(3)Includes models such as Monte Carlo simulation and Black-Scholes.

(4)Includes models such as Monte Carlo simulation, Black-Scholes and other methods that model the joint dynamics of interest, inflation and foreign exchange rates.

(5)The weighted-average life is a product of changes in market rates of interest, prepayment rates and other model and cash flow assumptions.

CPR = Constant Prepayment Rate

CDR = Constant Default Rate

MMBtu = Million British thermal units

IR = Interest Rate

FX = Foreign Exchange

n/a = not applicable

						Bank of America 92

Quantitative Information about Level 3 Fair Value Measurements at December 31, 2024
(Dollars in millions)									Inputs
Financial Instrument			Fair Value			Valuation Technique			Significant Unobservable Inputs			Ranges of Inputs			Weighted Average (1)
Loans and Securities (2)
Instruments backed by residential real estate assets			$	636		Discounted cash flow, Market comparables			Yield			0% to 20%			9		%
Trading account assets – Mortgage trading loans, MBS and ABS			163			Prepayment speed			0% to 43% CPR			8% CPR
Loans and leases			77			Default rate			0% to 6% CDR			6% CDR
AFS debt securities - Non-agency residential			247			Price			$0 to $115			$74
Other debt securities carried at fair value - Non-agency residential			149			Loss severity			0% to 76%			24		%
Instruments backed by commercial real estate assets			$	555		Discounted cash flow			Yield			1%			n/a
Trading account assets – Corporate securities, trading loans and other			185			Price			$0 to $103			$84
Trading account assets – Mortgage trading loans, MBS and ABS			42
AFS debt securities – Commercial			328
Commercial loans, debt securities and other			$	2,919		Discounted cash flow, Market comparables			Yield			4% to 37%			17		%
Trading account assets – Corporate securities, trading loans and other			1,629			Prepayment speed			20%			n/a
Trading account assets – Non-U.S. sovereign debt			344			Default rate			2%			n/a
Trading account assets – Mortgage trading loans, MBS and ABS			773			Loss severity			30%			n/a
AFS debt securities – Non-U.S. and other taxable securities			36			Price			$0 to $135			$69
Loans and leases			5
Loans held-for-sale			132
Other assets, primarily auction rate securities			$	997		Discounted cash flow, Market comparables			Price			$10 to $95			$86
						Discount rate			8% to 11%			9		%
MSRs			$	972		Discounted cash flow			Weighted-average life, fixed rate (5)			0 to 13 years			6 years
						Weighted-average life, variable rate (5)			0 to 12 years			3 years
						Option-adjusted spread, fixed rate			7% to 14%			9		%
						Option-adjusted spread, variable rate			9% to 15%			11		%
Structured liabilities
Long-term debt			$	(553)		Discounted cash flow, Market comparables			Yield			18% to 22%			21		%
						Price			$32 to $100			$91
						Natural gas forward price			$2/MMBtu to $7/MMBtu			$4/MMBtu
Net derivative assets (liabilities)
Credit derivatives			$	(6)		Discounted cash flow, Stochastic recovery correlation model			Credit spreads			3 to 298 bps			63 bps
						Prepayment speed			15% CPR			n/a
						Default rate			2% CDR			n/a
						Credit correlation			29% to 63%			49		%
						Price			$0 to $99			$94
Equity derivatives			$	(869)		Industry standard derivative pricing (3)			Equity correlation			0% to 100%			59		%
						Long-dated equity volatilities			1% to 87%			33		%
Commodity derivatives			$	(740)		Discounted cash flow			Natural gas forward price			$2/MMBtu to $7/MMBtu			$4/MMBtu
						Power forward price			$22 to $104			$48
Interest rate derivatives			$	(346)		Industry standard derivative pricing (4)			Correlation (IR/IR)			(35)% to 70%			50		%
						Correlation (FX/IR)			(25)% to 58%			27		%
						Long-dated inflation rates			G(1)% to 21%			3		%
						Long-dated inflation volatilities			0% to 5%			3		%
						Interest rates volatilities			(1)% to 1%			0		%
Total net derivative assets (liabilities)			$	(1,961)

(1)For loans and securities, structured liabilities and net derivative assets (liabilities), the weighted average is calculated based upon the absolute fair value of the instruments.

(2)The categories are aggregated based upon product type, which differs from financial statement classification. The following is a reconciliation to the line items in the table on page 89: Trading account assets – Corporate securities, trading loans and other of $1.8 billion, Trading account assets – Non-U.S. sovereign debt of $344 million, Trading account assets – Mortgage trading loans, MBS and ABS of $978 million, AFS debt securities of $611 million, Other debt securities carried at fair value - Non-agency residential of $149 million, Other assets, including MSRs, of $2.0 billion, Loans and leases of $82 million and LHFS of $132 million.

(3)Includes models such as Monte Carlo simulation and Black-Scholes.

(4)Includes models such as Monte Carlo simulation, Black-Scholes and other methods that model the joint dynamics of interest, inflation and foreign exchange rates.

(5)The weighted-average life is a product of changes in market rates of interest, prepayment rates and other model and cash flow assumptions.

CPR = Constant Prepayment Rate

CDR = Constant Default Rate

MMBtu = Million British thermal units

IR = Interest Rate

FX = Foreign Exchange

n/a = not applicable

Uncertainty of Fair Value Measurements from Unobservable Inputs

For information on the types of instruments, valuation approaches and the impact of changes in unobservable inputs used in Level 3 measurements, see Note 20 – Fair Value Measurements to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K.

93 Bank of America

Nonrecurring Fair Value

The Corporation holds certain assets that are measured at fair value only in certain situations (e.g., the impairment of an asset), and these measurements are referred to herein as nonrecurring. The amounts below represent assets still held as of the reporting date for which a nonrecurring fair value adjustment was recorded during the three and nine months ended September 30, 2025 and 2024.

Assets Measured at Fair Value on a Nonrecurring Basis
			September 30, 2025												Three Months Ended September 30, 2025						Nine Months Ended September 30, 2025
(Dollars in millions)			Level 2						Level 3						Gains (Losses)
Assets
Loans held-for-sale			$	157					$	—					$	(1)					$	49
Loans and leases (1)			—						89						(10)						(23)
Foreclosed properties (2, 3)			—						63						(2)						1
Other assets (4)			—						329						(11)						(14)
			September 30, 2024												Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
Assets
Loans held-for-sale			$	795					$	2,685					$	(62)					$	(160)
Loans and leases (1)			—						89						(10)						(26)
Foreclosed properties (2, 3)			—						149						(17)						(15)
Other assets (4)			1						274						—						(40)

(1)Includes $2 million and $5 million of losses on loans that were written down to a collateral value of zero during the three and nine months ended September 30, 2025 compared to losses of $3 million and $7 million for the same periods in 2024.

(2)Amounts are included in other assets on the Consolidated Balance Sheet and represent the carrying value of foreclosed properties that were written down subsequent to their initial classification as foreclosed properties. Losses on foreclosed properties include losses recorded during the first 90 days after transfer of a loan to foreclosed properties.

(3)Excludes $15 million and $19 million of properties acquired upon foreclosure of certain government-guaranteed loans (principally FHA-insured loans) at September 30, 2025 and 2024.

(4)Represents the fair value of certain impaired renewable energy investments.

The table below presents information about significant unobservable inputs utilized in the Corporation's nonrecurring Level 3 fair value measurements during the nine months ended September 30, 2025 and the year ended December 31, 2024.

Quantitative Information about Nonrecurring Level 3 Fair Value Measurements
									Inputs
Financial Instrument			Fair Value			Valuation Technique			Significant Unobservable Inputs			Ranges of Inputs			Weighted Average (1)
(Dollars in millions)			Nine Months Ended September 30, 2025
Loans and leases (2)			$	89		Market comparables			OREO discount			10% to 66%			26		%
									Costs to sell			8% to 24%			9		%
Other assets (3)			329			Discounted cash flow			Discount rate			7		%	n/a
			Year Ended December 31, 2024
Loans held-for-sale			$	2,652		Pricing model			Implied yield			9% to 28%			n/a
Loans and leases (2)			119			Market comparables			OREO discount			10% to 66%			26		%
									Costs to sell			8% to 24%			9		%
Other assets (3)			236			Discounted cash flow			Discount rate			7		%	n/a

(1)The weighted average is calculated based upon the fair value of the loans.

(2)Represents residential mortgages where the loan has been written down to the fair value of the underlying collateral.

(3)Represents the fair value of certain impaired renewable energy investments.

n/a = not applicable

NOTE 15 Fair Value Option

The Corporation elects to account for certain financial instruments under the fair value option. For more information on the primary financial instruments for which the fair value option elections have been made, see Note 21 – Fair Value Option to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K. The following tables provide

information about the fair value carrying amount and the contractual principal outstanding of assets and liabilities accounted for under the fair value option at September 30, 2025 and December 31, 2024, and information about where changes in the fair value of assets and liabilities accounted for under the fair value option are included in the Consolidated Statement of Income for the three and nine months ended September 30, 2025 and 2024.

						Bank of America 94

Fair Value Option Elections
			September 30, 2025																		December 31, 2024
(Dollars in millions)			Fair Value Carrying Amount						Contractual Principal Outstanding						Fair Value Carrying Amount Less Unpaid Principal						Fair Value Carrying Amount						Contractual Principal Outstanding						Fair Value Carrying Amount Less Unpaid Principal
Federal funds sold and securities borrowed or purchased under agreements to resell			$	173,686					$	173,518					$	168					$	144,501					$	144,449					$	52
Loans reported as trading account assets (1)			9,905						23,882						(13,977)						11,615						24,461						(12,846)
Trading inventory – other			16,477						n/a						n/a						15,369						n/a						n/a
Consumer and commercial loans			6,694						6,729						(35)						4,249						4,292						(43)
Loans held-for-sale (1)			2,071						2,733						(662)						2,214						2,824						(610)
Other assets			4,139						n/a						n/a						2,732						n/a						n/a
Long-term deposits			1,079						1,149						(70)						310						386						(76)
Federal funds purchased and securities loaned or sold under agreements to repurchase			215,376						215,401						(25)						192,859						192,877						(18)
Short-term borrowings			6,432						6,432						—						6,245						6,247						(2)
Unfunded loan commitments			67						n/a						n/a						144						n/a						n/a
Accrued expenses and other liabilities			1,985						1,938						47						2,642						2,414						228
Long-term debt			66,315						70,506						(4,191)						50,005						54,257						(4,252)

(1)A significant portion of the loans reported as trading account assets and LHFS are distressed loans that were purchased at a deep discount to par, and the remainder are loans with a fair value near contractual principal outstanding.

n/a = not applicable

Gains (Losses) Related to Assets and Liabilities Accounted for Under the Fair Value Option
			Three Months Ended September 30
			2025																		2024
(Dollars in millions)			Market making and similar activities						Other Income						Total						Market making and similar activities						Other Income						Total
Federal funds sold and securities borrowed or purchased under agreements to resell			$	298					$	(2)					$	296					$	169					$	(2)					$	167
Loans reported as trading account assets			(8)						—						(8)						72						40						112
Trading inventory – other (1)			(673)						—						(673)						539						—						539
Consumer and commercial loans			59						10						69						30						7						37
Loans held-for-sale (2)			—						10						10						—						23						23
Short-term borrowings			(48)						—						(48)						231						—						231
Unfunded loan commitments			—						2						2						—						7						7
Accrued expenses and other liabilities			(1)						(18)						(19)						13						—						13
Long-term debt (3)			(319)						(3)						(322)						(877)						(4)						(881)
Other (4)			(149)						(15)						(164)						(108)						(9)						(117)
Total			$	(841)					$	(16)					$	(857)					$	69					$	62					$	131
			Nine Months Ended September 30
			2025																		2024
Federal funds sold and securities borrowed or purchased under agreements to resell			$	621					$	(5)					$	616					$	277					$	(6)					$	271
Loans reported as trading account assets			164						3						167						77						40						117
Trading inventory – other (1)			1,161						—						1,161						1,320						—						1,320
Consumer and commercial loans			140						8						148						86						26						112
Loans held-for-sale (2)			—						87						87						—						6						6
Short-term borrowings			21						—						21						304						—						304
Unfunded loan commitments			—						(18)						(18)						—						(13)						(13)
Accrued expenses and other liabilities			(7)						(27)						(34)						411						—						411
Long-term debt (3)			(1,196)						(21)						(1,217)						(610)						(24)						(634)
Other (4)			(424)						(184)						(608)						(192)						(16)						(208)
Total			$	480					$	(157)					$	323					$	1,673					$	13					$	1,686

(1) The gains (losses) in market making and similar activities are primarily offset by (losses) gains on trading liabilities that hedge these assets.

(2) Includes the value of IRLCs on funded loans, including those sold during the period.

(3) The net gains (losses) in market making and similar activities relate to the embedded derivatives in structured liabilities and are typically offset by (losses) gains on derivatives and securities that hedge these liabilities. For the cumulative impact of changes in the Corporation’s own credit spreads and the amount recognized in accumulated OCI, see Note 12 – Accumulated Other Comprehensive Income (Loss). For more information on how the Corporation’s own credit spread is determined, see Note 20 – Fair Value Measurements to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K*.*

(4) Includes gains (losses) on other assets, long-term deposits and federal funds purchased and securities loaned or sold under agreements to repurchase.

95 Bank of America

Gains (Losses) Related to Borrower-specific Credit Risk for Assets and Liabilities Accounted for Under the Fair Value Option
			Three Months Ended September 30												Nine Months Ended September 30
(Dollars in millions)			2025						2024						2025						2024
Loans reported as trading account assets			$	(4)					$	48					$	109					$	(16)
Consumer and commercial loans			11						7						9						23
Loans held-for-sale			(2)						7						5						6
Unfunded loan commitments			2						7						(18)						(13)
Long-term debt			—						—						—						(3)

NOTE 16 Fair Value of Financial Instruments

The following disclosures include financial instruments that are not carried at fair value or only a portion of the ending balance is carried at fair value on the Consolidated Balance Sheet. Certain loans, deposits, long-term debt, unfunded lending commitments and other financial instruments are accounted for under the fair value option. For more information, see Note 21 – Fair Value Option to the Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K.

Fair Value of Financial Instruments

The carrying values and fair values by fair value hierarchy of certain financial instruments where only a portion of the ending balance was carried at fair value at September 30, 2025 and December 31, 2024 are presented in the table below.

Fair Value of Financial Instruments
									Fair Value
			Carrying Value						Level 2						Level 3						Total
(Dollars in millions)			September 30, 2025
Financial assets
Loans			$	1,129,340					$	53,849					$	1,063,168					$	1,117,017
Loans held-for-sale			6,831						6,222						609						6,831
Financial liabilities
Deposits (1)			2,002,208						2,003,614						—						2,003,614
Long-term debt			311,484						316,943						567						317,510
Commercial unfunded lending commitments (2)			1,176						67						6,234						6,301
			December 31, 2024
Financial assets
Loans			$	1,060,629					$	50,971					$	992,135					$	1,043,106
Loans held-for-sale			9,545						6,707						2,838						9,545
Financial liabilities
Deposits (1)			1,965,467						1,967,061						—						1,967,061
Long-term debt			283,279						287,098						652						287,750
Commercial unfunded lending commitments (2)			1,240						55						3,639						3,694

(1) Includes demand deposits of $896.3 billion and $892.9 billion with no stated maturities at September 30, 2025 and December 31, 2024.

(2) The carrying value of commercial unfunded lending commitments is included in accrued expenses and other liabilities on the Consolidated Balance Sheet. The Corporation does not estimate the fair value of consumer unfunded lending commitments because, in many instances, the Corporation can reduce or cancel these commitments by providing notice to the borrower. For more information on commitments, see Note 10 – Commitments and Contingencies.

						Bank of America 96

NOTE 17 Business Segment Information

The Corporation reports its results of operations through the following four business segments: Consumer Banking, Global Wealth & Investment Management, Global Banking and Global Markets, with the remaining operations recorded in All Other. For more information, see Note 23 – Business Segment Information to the Consolidated Financial Statements of the

Corporation’s 2024 Annual Report on Form 10-K. The following tables presents net income (loss) and the components thereto (with net interest income on an FTE basis for the business segments, All Other and the total Corporation) for the three and nine months ended September 30, 2025 and 2024, and total assets at September 30, 2025 and 2024 for each business segment, as well as All Other.

Results of Business Segments and All Other (1)
At and for the three months ended September 30									Total Corporation (2)												Consumer Banking												Global Wealth & Investment Management
(Dollars in millions)															2025						2024												2025						2024												2025						2024
Net interest income															$	15,387					$	14,114											$	8,988					$	8,278											$	1,800					$	1,709
Noninterest income															12,855						11,378												2,178						2,140												4,512						4,053
Total revenue, net of interest expense															28,242						25,492												11,166						10,418												6,312						5,762
Provision for credit losses															1,295						1,542												1,009						1,302												4						7
Noninterest expense
Compensation and benefits (3)												10,523						9,916												1,527						1,503												2,969						2,783
Other noninterest expense												6,814						6,563												4,048						4,031												1,653						1,557
Total noninterest expense												17,337						16,479												5,575						5,534												4,622						4,340
Income before income taxes															9,610						7,471												4,582						3,582												1,686						1,415
Income tax expense															1,141						575												1,145						895												421						354
Net income															$	8,469					$	6,896											$	3,437					$	2,687											$	1,265					$	1,061
Period-end total assets															$	3,403,716					$	3,324,293											$	1,032,826					$	1,026,293											$	325,605					$	328,831
															Global Banking												Global Markets												All Other
															2025						2024												2025						2024												2025						2024
Net interest income															$	3,141					$	3,230											$	1,484					$	898											$	(26)					$	(1)
Noninterest income															3,104						2,604												4,740						4,732												(1,679)						(2,151)
Total revenue, net of interest expense															6,245						5,834												6,224						5,630												(1,705)						(2,152)
Provision for credit losses															269						229												9						7												4						(3)
Noninterest expense
Compensation and benefits (3)												1,126						1,080												985						877												—						—
Other noninterest expense												1,918						1,911												2,910						2,566												201						171
Total noninterest expense												3,044						2,991												3,895						3,443												201						171
Income (loss) before income taxes															2,932						2,614												2,320						2,180												(1,910)						(2,320)
Income tax expense (benefit)															806						719												673						632												(1,904)						(2,025)
Net income (loss)															$	2,126					$	1,895											$	1,647					$	1,548											$	(6)					$	(295)
Period-end total assets															$	738,273					$	650,936											$	997,961					$	958,227											$	309,051					$	360,006

(1)Segment results are presented on an FTE basis and include additional net interest income and income tax expense, related to tax-exempt securities, of $154 million and $147 million for the three months ended September 30, 2025 and 2024, respectively, as compared to the Consolidated Statement of Income.

(2)There were no material intersegment revenues.

(3)Represents the compensation and benefits directly incurred by each segment.

97 Bank of America

Results of Business Segments and All Other (1)
At and for the nine months ended September 30									Total Corporation (2)												Consumer Banking												Global Wealth & Investment Management
(Dollars in millions)															2025						2024												2025						2024												2025						2024
Net interest income															$	44,790					$	42,166											$	26,219					$	24,593											$	5,327					$	5,216
Noninterest income															37,571						34,839												6,253						6,197												12,938						11,711
Total revenue, net of interest expense															82,361						77,005												32,472						30,790												18,265						16,927
Provision for credit losses															4,367						4,369												3,583						3,733												38						1
Noninterest expense
Compensation and benefits (3)												31,744						29,937												4,652						4,549												8,967						8,280
Other noninterest expense												20,546						20,088												12,316						11,924												4,907						4,523
Total noninterest expense												52,290						50,025												16,968						16,473												13,874						12,803
Income before income taxes															25,704						22,611												11,921						10,584												4,353						4,123
Income tax expense															2,723						2,144												2,980						2,646												1,088						1,031
Net income															$	22,981					$	20,467											$	8,941					$	7,938											$	3,265					$	3,092
Period-end total assets															$	3,403,716					$	3,324,293											$	1,032,826					$	1,026,293											$	325,605					$	328,831
															Global Banking												Global Markets												All Other
															2025						2024												2025						2024												2025						2024
Net interest income															$	9,373					$	9,965											$	3,940					$	2,349											$	(69)					$	43
Noninterest income															8,539						7,902												14,848						14,623												(5,007)						(5,594)
Total revenue, net of interest expense															17,912						17,867												18,788						16,972												(5,076)						(5,551)
Provision for credit losses															700						693												59						(42)												(13)						(16)
Noninterest expense
Compensation and benefits (3)												3,406						3,292												2,980						2,715												—						—
Other noninterest expense												5,892						5,610												8,532						7,706												638						1,426
Total noninterest expense												9,298						8,902												11,512						10,421												638						1,426
Income (loss) before income taxes															7,914						8,272												7,217						6,593												(5,701)						(6,961)
Income tax expense (benefit)															2,176						2,275												2,093						1,912												(5,614)						(5,720)
Net income (loss)															$	5,738					$	5,997											$	5,124					$	4,681											$	(87)					$	(1,241)
Period-end total assets															$	738,273					$	650,936											$	997,961					$	958,227											$	309,051					$	360,006

(1)Segment results are presented on an FTE basis and include additional net interest income and income tax expense, related to tax-exempt securities, of $444 million and $465 million for the nine months ended September 30, 2025 and 2024, respectively, as compared to the Consolidated Statement of Income.

(2)There were no material intersegment revenues.

(3)Represents the compensation and benefits directly incurred by each segment.

						Bank of America 98

The table below presents noninterest income and the associated components for the three and nine months ended September 30, 2025 and 2024 for each business segment, All Other and the total Corporation. For more information, see Note 2 – Net Interest Income and Noninterest Income.

Noninterest Income by Business Segment and All Other
			Total Corporation																		Consumer Banking																		Global Wealth & Investment Management
			Three Months Ended September 30
(Dollars in millions)			2025						2024												2025						2024												2025						2024
Fees and commissions:
Card income
Interchange fees			$	990					$	1,030											$	785					$	824											$	(12)					$	(5)
Other card income			639						588												618						578												18						14
Total card income			1,629						1,618												1,403						1,402												6						9
Service charges
Deposit-related fees			1,267						1,198												645						631												10						12
Lending-related fees			365						354												—						—												20						12
Total service charges			1,632						1,552												645						631												30						24
Investment and brokerage services
Asset management fees			3,972						3,533												64						52												3,911						3,482
Brokerage fees			1,091						1,013												30						28												423						392
Total investment and brokerage services			5,063						4,546												94						80												4,334						3,874
Investment banking fees
Underwriting income			992						742												—						—												63						64
Syndication fees			438						274												—						—												—						—
Financial advisory services			583						387												—						—												2						—
Total investment banking fees			2,013						1,403												—						—												65						64
Total fees and commissions			10,337						9,119												2,142						2,113												4,435						3,971
Market making and similar activities			3,203						3,278												5						5												31						35
Other income (loss)			(685)						(1,019)												31						22												46						47
Total noninterest income			$	12,855					$	11,378											$	2,178					$	2,140											$	4,512					$	4,053
			Global Banking																		Global Markets																		All Other
			Three Months Ended September 30
			2025						2024												2025						2024												2025						2024
Fees and commissions:
Card income
Interchange fees			$	200					$	197											$	17					$	14											$	—					$	—
Other card income			4						3												—						—												(1)						(7)
Total card income			204						200												17						14												(1)						(7)
Service charges
Deposit-related fees			597						534												14						21												1						—
Lending-related fees			266						268												79						74												—						—
Total service charges			863						802												93						95												1						—
Investment and brokerage services
Asset management fees			—						—												—						—												(3)						(1)
Brokerage fees			24						31												614						562												—						—
Total investment and brokerage services			24						31												614						562												(3)						(1)
Investment banking fees
Underwriting income			398						285												572						426												(41)						(33)
Syndication fees			221						147												217						127												—						—
Financial advisory services			536						351												45						36												—						—
Total investment banking fees			1,155						783												834						589												(41)						(33)
Total fees and commissions			2,246						1,816												1,558						1,260												(44)						(41)
Market making and similar activities			73						66												3,141						3,349												(47)						(177)
Other income (loss)			785						722												41						123												(1,588)						(1,933)
Total noninterest income			$	3,104					$	2,604											$	4,740					$	4,732											$	(1,679)					$	(2,151)

99 Bank of America

Noninterest Income by Business Segment and All Other
			Total Corporation																		Consumer Banking																		Global Wealth & Investment Management
			Nine Months Ended September 30
(Dollars in millions)			2025						2024												2025						2024												2025						2024
Fees and commissions:
Card income
Interchange fees			$	2,942					$	2,984											$	2,316					$	2,371											$	(25)					$	(16)
Other card income			1,851						1,678												1,799						1,664												51						44
Total card income			4,793						4,662												4,115						4,035												26						28
Service charges
Deposit-related fees			3,760						3,492												1,890						1,823												35						33
Lending-related fees			1,048						1,009												—						—												50						38
Total service charges			4,808						4,501												1,890						1,823												85						71
Investment and brokerage services
Asset management fees			11,408						10,173												177						152												11,241						10,028
Brokerage fees			3,248						2,880												85						84												1,215						1,153
Total investment and brokerage services			14,656						13,053												262						236												12,456						11,181
Investment banking fees
Underwriting income			2,568						2,512												—						—												197						184
Syndication fees			1,096						886												—						—												—						—
Financial advisory services			1,300						1,134												—						—												2						—
Total investment banking fees			4,964						4,532												—						—												199						184
Total fees and commissions			29,221						26,748												6,267						6,094												12,766						11,464
Market making and similar activities			9,940						10,464												19						16												93						107
Other income (loss)			(1,590)						(2,373)												(33)						87												79						140
Total noninterest income			$	37,571					$	34,839											$	6,253					$	6,197											$	12,938					$	11,711
			Global Banking																		Global Markets																		All Other
			Nine Months Ended September 30
			2025						2024												2025						2024												2025						2024
Fees and commissions:
Card income
Interchange fees			$	601					$	578											$	50					$	51											$	—					$	—
Other card income			12						8												—						—												(11)						(38)
Total card income			613						586												50						51												(11)						(38)
Service charges
Deposit-related fees			1,786						1,568												45						66												4						2
Lending-related fees			767						759												231						212												—						—
Total service charges			2,553						2,327												276						278												4						2
Investment and brokerage services
Asset management fees			—						—												—						—												(10)						(7)
Brokerage fees			65						70												1,883						1,573												—						—
Total investment and brokerage services			65						70												1,883						1,573												(10)						(7)
Investment banking fees
Underwriting income			1,042						1,011												1,514						1,453												(185)						(136)
Syndication fees			561						467												535						419												—						—
Financial advisory services			1,166						990												132						144												—						—
Total investment banking fees			2,769						2,468												2,181						2,016												(185)						(136)
Total fees and commissions			6,000						5,451												4,390						3,918												(202)						(179)
Market making and similar activities			207						212												10,063						10,397												(442)						(268)
Other income (loss)			2,332						2,239												395						308												(4,363)						(5,147)
Total noninterest income			$	8,539					$	7,902											$	14,848					$	14,623											$	(5,007)					$	(5,594)

						Bank of America 100

Glossary

Alt-A Mortgage – A type of U.S. mortgage that is considered riskier than A-paper, or “prime,” and less risky than “subprime,” the riskiest category. Typically, Alt-A mortgages are characterized by borrowers with less than full documentation, lower credit scores and higher LTVs.

Assets Under Management (AUM) – The total market value of assets under the investment advisory and/or discretion of GWIM which generate asset management fees based on a percentage of the assets’ market values. AUM reflects assets that are generally managed for institutional, high net worth and retail clients, and are distributed through various investment products including mutual funds, other commingled vehicles and separate accounts.

Banking Book – All on- and off-balance sheet financial instruments of the Corporation except for those positions that are held for trading purposes.

Brokerage and Other Assets – Non-discretionary client assets which are held in brokerage accounts or held for safekeeping.

Committed Credit Exposure – Any funded portion of a facility plus the unfunded portion of a facility on which the lender is legally bound to advance funds during a specified period under prescribed conditions.

Credit Derivatives – Contractual agreements that provide protection against a specified credit event on one or more referenced obligations.

Credit Valuation Adjustment (CVA) – A portfolio adjustment required to properly reflect the counterparty credit risk exposure as part of the fair value of derivative instruments.

Debit Valuation Adjustment (DVA) – A portfolio adjustment required to properly reflect the Corporation’s own credit risk exposure as part of the fair value of derivative instruments and/or structured liabilities.

Funding Valuation Adjustment (FVA) – A portfolio adjustment required to include funding costs on uncollateralized derivatives and derivatives where the Corporation is not permitted to use the collateral it receives.

Interest Rate Lock Commitment (IRLC) – Commitment with a loan applicant in which the loan terms are guaranteed for a designated period of time subject to credit approval.

Letter of Credit – A document issued on behalf of a customer to a third party promising to pay the third party upon presentation of specified documents. A letter of credit effectively substitutes the issuer’s credit for that of the customer.

Loan-to-value (LTV) – A commonly used credit quality metric. LTV is calculated as the outstanding carrying value of the loan divided by the estimated value of the property securing the loan.

Macro Products – Include currencies, interest rates and commodities products.

Margin Receivable – An extension of credit secured by eligible securities in certain brokerage accounts.

Matched Book – Repurchase and resale agreements or securities borrowed and loaned transactions where the overall asset and liability position is similar in size and/or maturity. Generally, these are entered into to accommodate customers where the Corporation earns the interest rate spread.

Mortgage Servicing Right (MSR) – The right to service a mortgage loan when the underlying loan is sold or securitized. Servicing includes collections for principal, interest and escrow payments from borrowers and accounting for and remitting principal and interest payments to investors.

Nonperforming Loans and Leases – Includes loans and leases that have been placed on nonaccrual status, including nonaccruing loans whose contractual terms have been restructured in a manner that grants a concession to a borrower experiencing financial difficulties.

Prompt Corrective Action (PCA) – A framework established by the U.S. banking regulators requiring banks to maintain certain levels of regulatory capital ratios, comprised of five categories of capitalization: “well capitalized,” “adequately capitalized,” “undercapitalized,” “significantly undercapitalized” and “critically undercapitalized.” Insured depository institutions that fail to meet certain of these capital levels are subject to increasingly strict limits on their activities, including their ability to make capital distributions, pay management compensation, grow assets and take other actions.

Subprime Loans – Although a standard industry definition for subprime loans (including subprime mortgage loans) does not exist, the Corporation defines subprime loans as specific product offerings for higher risk borrowers.

Value-at-Risk (VaR) – VaR is a model that simulates the value of a portfolio under a range of hypothetical scenarios in order to generate a distribution of potential gains and losses. VaR represents the loss the portfolio is expected to experience with a given confidence level based on historical data. A VaR model is an effective tool in estimating ranges of potential gains and losses on our trading portfolios.

101 Bank of America

Key Metrics

Active Digital Banking Users – Mobile and/or online active users over the past 90 days.

Active Mobile Banking Users – Mobile active users over the past 90 days.

Book Value – Ending common shareholders’ equity divided by ending common shares outstanding.

Common Equity Ratio - Ending common shareholders’ equity divided by ending total assets.

Deposit Spread – Annualized net interest income divided by average deposits.

Dividend Payout Ratio – Common dividends declared divided by net income applicable to common shareholders.

Efficiency Ratio – Noninterest expense divided by total revenue, net of interest expense.

Gross Interest Yield – Effective annual percentage rate divided by average loans.

Net Interest Yield – Net interest income divided by average total interest-earning assets.

Operating Margin – Income before income taxes divided by total revenue, net of interest expense.

Return on Average Allocated Capital – Adjusted net income divided by allocated capital.

Return on Average Assets – Net income divided by total average assets.

Return on Average Common Shareholders**’** Equity – Net income applicable to common shareholders divided by average common shareholders’ equity.

Return on Average Shareholders**’** Equity – Net income divided by average shareholders’ equity.

Risk-adjusted Margin – Difference between total revenue, net of interest expense, and net charge-offs divided by average loans.

						Bank of America 102

Acronyms

ABS			Asset-backed securities
AFS			Available-for-sale
ALM			Asset and liability management
AUM			Assets under management
BANA			Bank of America, National Association
BHC			Bank holding company
BofAS			BofA Securities, Inc.
BofASE			BofA Securities Europe SA
bps			Basis points
CCAR			Comprehensive Capital Analysis and Review
CDO			Collateralized debt obligation
CECL			Current expected credit losses
CET1			Common equity tier 1
CFTC			Commodity Futures Trading Commission
CLO			Collateralized loan obligation
CLTV			Combined loan-to-value
CVA			Credit valuation adjustment
DIF			Deposit Insurance Fund
DVA			Debit valuation adjustment
EPS			Earnings per common share
FDIC			Federal Deposit Insurance Corporation
FHA			Federal Housing Administration
FHLB			Federal Home Loan Bank
FHLMC			Freddie Mac
FICC			Fixed income, currencies and commodities
FICO			Fair Isaac Corporation (credit score)
FINRA			Financial Industry Regulatory Authority, Inc.
FNMA			Fannie Mae
FTE			Fully taxable-equivalent
FVA			Funding valuation adjustment
GAAP			Accounting principles generally accepted in the United States of America
GLS			Global Liquidity Sources
GNMA			Government National Mortgage Association

G-SIB			Global systemically important bank
GWIM			Global Wealth & Investment Management
HELOC			Home equity line of credit
HQLA			High Quality Liquid Assets
HTM			Held-to-maturity
IRLC			Interest rate lock commitment
ISDA			International Swaps and Derivatives Association, Inc.
LCR			Liquidity Coverage Ratio
LHFS			Loans held-for-sale
LTV			Loan-to-value
MBS			Mortgage-backed securities
MD&A			Management’s Discussion and Analysis of Financial Condition and Results of Operations
MLI			Merrill Lynch International
MLPF&S			Merrill Lynch, Pierce, Fenner & Smith Incorporated
MSA			Metropolitan Statistical Area
MSR			Mortgage servicing right
NPR			Notice of proposed rulemaking
NSFR			Net Stable Funding Ratio
OCI			Other comprehensive income
OREO			Other real estate owned
OTC			Over-the-counter
PCA			Prompt Corrective Action
RWA			Risk-weighted assets
SBLC			Standby letter of credit
SCB			Stress capital buffer
SEC			Securities and Exchange Commission
SLR			Supplementary leverage ratio
SOFR			Secured Overnight Financing Rate
TLAC			Total loss-absorbing capacity
VA			U.S. Department of Veterans Affairs
VaR			Value-at-Risk
VIE			Variable interest entity

103 Bank of America

Part II. Other Information

Bank of America Corporation and Subsidiaries

Item 1. Legal Proceedings

See Litigation and Regulatory Matters in Note 10 – Commitments and Contingencies to the Consolidated Financial Statements, which is incorporated by reference in this Item 1, for litigation and regulatory disclosure that supplements the disclosure in Note 12 – Commitments and Contingencies to the

Consolidated Financial Statements of the Corporation’s 2024 Annual Report on Form 10-K.