Item 1. Financial Statements

Bank of America Corporation and Subsidiaries

Consolidated Statement of Income
									Three Months Ended March 31
(In millions, except per share information)															2026						2025
Net interest income
Interest income															$	33,359					$	34,066
Interest expense															17,614						19,623
Net interest income															15,745						14,443
Noninterest income
Fees and commissions															10,549						9,415
Market making and similar activities															3,637						3,584
Other income (loss)															341						805
Total noninterest income															14,527						13,804
Total revenue, net of interest expense															30,272						28,247
Provision for credit losses															1,337						1,480
Noninterest expense
Compensation and benefits															11,334						10,889
Information processing and communications															2,018						1,894
Occupancy and equipment															1,900						1,856
Product delivery and transaction related															1,126						914
Professional fees															583						652
Marketing															533						506
Other general operating															1,037						1,059
Total noninterest expense															18,531						17,770
Income before income taxes															10,404						8,997
Income tax expense															1,820						1,637
Net income															$	8,584					$	7,360
Preferred stock dividends and other															429						406
Net income applicable to common shareholders															$	8,155					$	6,954
Per common share information
Earnings															$	1.12					$	0.91
Diluted earnings															1.11						0.89
Average common shares issued and outstanding															7,256.1						7,677.9
Average diluted common shares issued and outstanding															7,417.5						7,770.8

Consolidated Statement of Comprehensive Income
									Three Months Ended March 31
(Dollars in millions)															2026						2025
Net income															$	8,584					$	7,360
Other comprehensive income (loss), net-of-tax:
Net change in debt securities															(529)						366
Net change in debit valuation adjustments															660						297
Net change in derivatives															(627)						1,313
Employee benefit plan adjustments															35						27
Net change in foreign currency translation adjustments															9						11
Other comprehensive income (loss)															(452)						2,014
Comprehensive income															$	8,132					$	9,374

See accompanying Notes to Consolidated Financial Statements.

						Bank of America 44

Bank of America Corporation and Subsidiaries

Consolidated Balance Sheet
(Dollars in millions)						March 31 2026						December 31 2025
Assets
Cash and due from banks						$	27,125					$	28,595
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks						215,354						203,250
Cash and cash equivalents						242,479						231,845
Time deposits placed and other short-term investments						7,386						7,474
Federal funds sold and securities borrowed or purchased under agreements to resell (includes $228,013 and $185,491 measured at fair value)						383,264						316,578
Trading account assets (includes $185,980 and $185,869 pledged as collateral)						364,221						366,954
Derivative assets						48,315						40,881
Debt securities:
Carried at fair value						386,389						402,975
Held-to-maturity, at amortized cost (fair value $433,611 and $442,430)						514,738						522,660
Total debt securities						901,127						925,635
Loans and leases (includes $3,757 and $3,498 measured at fair value)						1,205,035						1,185,700
Allowance for loan and lease losses						(13,148)						(13,203)
Loans and leases, net of allowance						1,191,887						1,172,497
Premises and equipment, net						12,539						12,516
Goodwill						69,021						69,021
Loans held-for-sale (includes $5,431 and $2,271 measured at fair value)						10,944						5,165
Customer and other receivables						96,082						98,186
Other assets (includes $12,107 and $9,058 measured at fair value)						168,921						164,986
Total assets						$	3,496,186					$	3,411,738
Liabilities
Deposits in U.S. offices:
Noninterest-bearing						$	529,194					$	517,834
Interest-bearing (includes $1,783 and $1,223 measured at fair value)						1,372,969						1,361,177
Deposits in non-U.S. offices:
Noninterest-bearing						14,924						14,216
Interest-bearing						120,576						125,502
Total deposits						2,037,663						2,018,729
Federal funds purchased and securities loaned or sold under agreements to repurchase (includes $227,301 and $223,067 measured at fair value)						353,020						344,716
Trading account liabilities						129,833						105,996
Derivative liabilities						43,938						42,076
Short-term borrowings (includes $11,444 and $8,051 measured at fair value)						57,630						48,088
Accrued expenses and other liabilities (includes $10,825 and $8,996 measured at fair value and $1,161 and $1,177 of reserve for unfunded lending commitments)						247,470						231,074
Long-term debt (includes $79,274 and $72,591 measured at fair value)						325,964						317,816
Total liabilities						3,195,518						3,108,495
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 – 3,951,164 and 3,991,164 shares						24,996						25,992
Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 7,129,908,032 and 7,212,464,345 shares						18,885						26,084
Retained earnings						267,765						261,693
Accumulated other comprehensive income (loss)						(10,978)						(10,526)
Total shareholders’ equity						300,668						303,243
Total liabilities and shareholders’ equity						$	3,496,186					$	3,411,738
			Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
			Trading account assets			$	7,184					$	7,139
			Loans and leases			16,936						17,875
			Allowance for loan and lease losses			(855)						(871)
			Loans and leases, net of allowance			16,081						17,004
			All other assets			701						709
			Total assets of consolidated variable interest entities			$	23,966					$	24,852
			Liabilities of consolidated variable interest entities included in total liabilities above
			Short-term borrowings (includes $0 and $0 of non-recourse short-term borrowings)			$	6,403					$	5,779
			Long-term debt (includes $6,319 and $6,847 of non-recourse debt)			6,319						6,847
			All other liabilities (includes $21 and $18 of non-recourse liabilities)			21						18
			Total liabilities of consolidated variable interest entities			$	12,743					$	12,644

See accompanying Notes to Consolidated Financial Statements.

45 Bank of America

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, December 31, 2024			$	23,159					7,610.9						$	45,336					$	240,753					$	(15,285)											$	293,963
Net income																					7,360																		7,360
Net change in debt securities																											366												366
Net change in debit valuation adjustments																											297												297
Net change in derivatives																											1,313												1,313
Employee benefit plan adjustments																											27												27
Net change in foreign currency translation adjustments																											11												11
Dividends declared:
Common																					(1,992)																		(1,992)
Preferred																					(397)																		(397)
Redemption of preferred stock			(2,660)																		(9)																		(2,669)
Common stock issued under employee plans, net, and other									51.7						223						(32)																		191
Common stock repurchased									(102.5)						(4,521)																								(4,521)
Balance, March 31, 2025			$	20,499					7,560.1						$	41,038					$	245,683					$	(13,271)											$	293,949
Balance, December 31, 2025			$	25,992					7,212.5						$	26,084					$	261,693					$	(10,526)											$	303,243
Net income																					8,584																		8,584
Net change in debt securities																											(529)												(529)
Net change in debit valuation adjustments																											660												660
Net change in derivatives																											(627)												(627)
Employee benefit plan adjustments																											35												35
Net change in foreign currency translation adjustments																											9												9
Dividends declared:
Common																					(2,023)																		(2,023)
Preferred																					(425)																		(425)
Redemption of preferred stock			(996)																		(4)																		(1,000)
Common stock issued under employee plans, net, and other									57.2						41						(60)																		(19)
Common stock repurchased									(139.8)						(7,240)																								(7,240)
Balance, March 31, 2026			$	24,996					7,129.9						$	18,885					$	267,765					$	(10,978)											$	300,668

See accompanying Notes to Consolidated Financial Statements.

						Bank of America 46

Bank of America Corporation and Subsidiaries

																		​
			Consolidated Statement of Cash Flows
																					Three Months Ended March 31
																		(Dollars in millions)			2026						2025
																		Operating activities
																		Net income			$	8,584					$	7,360
																		Adjustments to reconcile net income to net cash provided by operating activities:
																		Provision for credit losses			1,337						1,480
																		(Gains) losses on sales of debt securities			(3)						2
																		Depreciation and amortization			605						565
																		Net accretion of discount/premium on debt securities			(200)						(85)
																		Deferred income taxes			101						(40)
																		Amortization of stock-based compensation			1,032						999
																		Net change in:
																		Trading and derivative assets/liabilities			20,230						(10,970)
																		Loans held-for-sale			(5,763)						2,599
																		Other assets			1,068						4,198
																		Accrued expenses and other liabilities			14,541						(8,308)
																		Other operating activities, net			238						16
																		Net cash provided by (used in) operating activities			41,770						(2,184)
																		Investing activities
																		Net change in:
																		Time deposits placed and other short-term investments			88						(910)
																		Federal funds sold and securities borrowed or purchased under agreements to resell			(66,686)						(53,656)
																		Debt securities carried at fair value:
																		Proceeds from sales			69,557						26,392
																		Proceeds from paydowns and maturities			27,061						20,719
																		Purchases			(82,182)						(72,075)
																		Held-to-maturity debt securities:
																		Proceeds from paydowns and maturities			7,652						7,666
																		Loans and leases:
																		Proceeds from sales of loans originally classified as held for investment and instruments from related securitization activities			2,717						2,232
																		Purchases			(1,666)						(9,379)
																		Other changes in loans and leases, net			(21,705)						(9,200)
																		Other investing activities, net			(1,287)						(799)
																		Net cash used in investing activities			(66,451)						(89,010)
																		Financing activities
																		Net change in:
																		Deposits			18,934						24,097
																		Federal funds purchased and securities loaned or sold under agreements to repurchase			8,304						44,312
																		Short-term borrowings			10,551						(1,921)
																		Long-term debt:
																		Proceeds from issuance			35,520						33,640
																		Retirement			(24,777)						(16,333)
																		Preferred stock:
																		Redemption			(1,000)						(2,669)
																		Common stock repurchased			(7,240)						(4,521)
																		Cash dividends paid			(2,626)						(2,552)
																		Other financing activities, net			(1,751)						(1,221)
																		Net cash provided by financing activities			35,915						72,832
																		Effect of exchange rate changes on cash and cash equivalents			(600)						1,827
																		Net increase (decrease) in cash and cash equivalents			10,634						(16,535)
																		Cash and cash equivalents at January 1			231,845						290,114
																		Cash and cash equivalents at March 31			$	242,479					$	273,579

See accompanying Notes to Consolidated Financial Statements.

47 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 2025 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 48

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 months ended March 31, 2026 and 2025. For more information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2025 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 March 31
(Dollars in millions)																																										2026						2025
Net interest income
Interest income
Loans and leases																																										$	15,483					$	15,223
Debt securities																																										6,291						6,767
Federal funds sold and securities borrowed or purchased under agreements to resell																																										3,857						3,774
Trading account assets																																										3,198						3,008
Other interest income (1)																																										4,530						5,294
Total interest income																																										33,359						34,066
Interest expense
Deposits																																										7,301						8,632
Short-term borrowings																																										6,510						6,963
Trading account liabilities																																										745						707
Long-term debt																																										3,058						3,321
Total interest expense																																										17,614						19,623
Net interest income																																										$	15,745					$	14,443
Noninterest income
Fees and commissions
Card income
Interchange fees (2)																																										$	865					$	916
Other card income																																										628						602
Total card income																																										1,493						1,518
Service charges
Deposit-related fees																																										1,306						1,228
Lending-related fees																																										368						333
Total service charges																																										1,674						1,561
Investment and brokerage services
Asset management fees																																										4,312						3,738
Brokerage fees																																										1,229						1,075
Total investment and brokerage services																																										5,541						4,813
Investment banking fees
Underwriting income																																										951						770
Syndication fees																																										337						369
Financial advisory services																																										553						384
Total investment banking fees																																										1,841						1,523
Total fees and commissions																																										10,549						9,415
Market making and similar activities																																										3,637						3,584
Other income (loss)																																										341						805
Total noninterest income																																										$	14,527					$	13,804

(1)Includes interest income on interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks of $2.1 billion and $2.8 billion for the three months ended March 31, 2026 and 2025.

(2)Gross interchange fees and merchant income were $3.4 billion and $3.3 billion for the three months ended March 31, 2026 and 2025, 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.

49 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 2025 Annual Report on Form 10-K. The following tables present derivative instruments included on the Consolidated Balance Sheet in derivative assets and liabilities at March 31, 2026 and December 31, 2025. 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.

									March 31, 2026
									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			$	28,897.5					$	75.2					$	4.4					$	79.6					$	67.6					$	7.1					$	74.7
Futures and forwards			5,111.5						6.6						—						6.6						5.4						—						5.4
Written options (2)			2,446.4						—						—						—						27.7						—						27.7
Purchased options (3)			2,359.2						29.6						—						29.6						—						—						—
Foreign exchange contracts
Swaps			3,094.9						49.2						0.4						49.6						42.4						—						42.4
Spot, futures and forwards			5,919.6						48.7						0.7						49.4						46.2						0.1						46.3
Written options (2)			861.0						—						—						—						9.6						—						9.6
Purchased options (3)			796.6						9.3						—						9.3						—						—						—
Equity contracts
Swaps			725.0						27.2						—						27.2						28.3						—						28.3
Futures and forwards			151.8						2.5						—						2.5						1.8						—						1.8
Written options (2)			981.3						—						—						—						68.5						—						68.5
Purchased options (3)			854.1						60.6						—						60.6						—						—						—
Commodity contracts
Swaps			78.7						4.8						—						4.8						9.1						—						9.1
Futures and forwards			167.2						4.5						0.7						5.2						4.1						—						4.1
Written options (2)			105.5						—						—						—						7.7						—						7.7
Purchased options (3)			105.8						8.7						—						8.7						—						—						—
Credit derivatives (4)
Purchased credit derivatives:
Credit default swaps			609.2						1.9						—						1.9						3.4						—						3.4
Total return swaps/options			150.1						0.6						—						0.6						0.3						—						0.3
Written credit derivatives:
Credit default swaps			582.2						2.3						—						2.3						1.7						—						1.7
Total return swaps/options			178.0						0.5						—						0.5						2.0						—						2.0
Gross derivative assets/liabilities									$	332.2					$	6.2					$	338.4					$	325.8					$	7.2					$	333.0
Less: Legally enforceable master netting agreements																					(259.3)																		(259.3)
Less: Cash collateral received/paid																					(30.8)																		(29.8)
Total derivative assets/liabilities																					$	48.3																	$	43.9

(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 $476 million and $549.7 billion, respectively, at March 31, 2026.

						Bank of America 50

									December 31, 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			$	21,163.5					$	75.5					$	5.1					$	80.6					$	70.5					$	7.4					$	77.9
Futures and forwards			4,279.5						3.9						—						3.9						3.2						—						3.2
Written options (2)			2,138.2						—						—						—						26.4						—						26.4
Purchased options (3)			2,008.5						28.3						—						28.3						—						—						—
Foreign exchange contracts
Swaps			2,852.1						41.4						0.1						41.5						35.4						0.2						35.6
Spot, futures and forwards			4,643.0						33.1						0.2						33.3						33.5						0.2						33.7
Written options (2)			623.7						—						—						—						8.2						—						8.2
Purchased options (3)			576.3						8.0						—						8.0						—						—						—
Equity contracts
Swaps			736.3						16.8						—						16.8						21.5						—						21.5
Futures and forwards			147.8						2.2						—						2.2						2.1						—						2.1
Written options (2)			903.2						—						—						—						67.1						—						67.1
Purchased options (3)			859.7						60.1						—						60.1						—						—						—
Commodity contracts
Swaps			70.3						2.9						—						2.9						5.6						—						5.6
Futures and forwards			156.5						6.3						0.1						6.4						5.2						0.7						5.9
Written options (2)			71.2						—						—						—						3.2						—						3.2
Purchased options (3)			69.8						3.2						—						3.2						—						—						—
Credit derivatives (4)
Purchased credit derivatives:
Credit default swaps			475.9						1.5						—						1.5						3.8						—						3.8
Total return swaps/options			100.5						0.4						—						0.4						0.4						—						0.4
Written credit derivatives:
Credit default swaps			442.9						2.6						—						2.6						1.5						—						1.5
Total return swaps/options			103.8						0.5						—						0.5						1.5						—						1.5
Gross derivative assets/liabilities									$	286.7					$	5.5					$	292.2					$	289.1					$	8.5					$	297.6
Less: Legally enforceable master netting agreements																					(224.1)																		(224.1)
Less: Cash collateral received/paid																					(27.2)																		(31.4)
Total derivative assets/liabilities																					$	40.9																	$	42.1

(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 $1.0 billion and $421.3 billion, respectively, at December 31, 2025.

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 2025 Annual Report on Form 10-K.

The following table presents derivative instruments included in derivative assets and liabilities on the Consolidated Balance Sheet at March 31, 2026 and December 31, 2025 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.

51 Bank of America

Offsetting of Derivatives (1)
			Derivative Assets						Derivative Liabilities						Derivative Assets						Derivative Liabilities
(Dollars in billions)			March 31, 2026												December 31, 2025
Interest rate contracts
Over-the-counter			$	106.1					$	97.5					$	106.2					$	100.0
Exchange-traded			0.1						0.1						—						—
Over-the-counter cleared			9.0						8.7						6.3						5.9
Foreign exchange contracts
Over-the-counter			103.4						93.5						80.4						75.3
Over-the-counter cleared			3.6						3.8						1.2						1.3
Equity contracts
Over-the-counter			40.6						47.9						31.3						43.8
Exchange-traded			47.6						48.4						46.8						45.1
Commodity contracts
Over-the-counter			12.9						16.0						9.9						11.8
Exchange-traded			5.4						4.3						1.6						1.7
Over-the-counter cleared			0.2						0.2						0.3						0.4
Credit derivatives
Over-the-counter			5.1						7.4						4.9						7.1
Total gross derivative assets/liabilities, before netting
Over-the-counter			268.1						262.3						232.7						238.0
Exchange-traded			53.1						52.8						48.4						46.8
Over-the-counter cleared			12.8						12.7						7.8						7.6
Less: Legally enforceable master netting agreements and cash collateral received/paid
Over-the-counter			(228.8)						(228.4)						(199.2)						(203.9)
Exchange-traded			(48.9)						(48.9)						(44.5)						(44.5)
Over-the-counter cleared			(12.4)						(11.8)						(7.6)						(7.1)
Derivative assets/liabilities, after netting			43.9						38.7						37.6						36.9
Other gross derivative assets/liabilities (2)			4.4						5.2						3.3						5.2
Total derivative assets/liabilities			48.3						43.9						40.9						42.1
Less: Financial instruments collateral (3)			(22.3)						(15.3)						(20.5)						(16.7)
Total net derivative assets/liabilities			$	26.0					$	28.6					$	20.4					$	25.4

(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 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 months ended March 31, 2026 and 2025.

Gains and Losses on Derivatives and Hedged Items Designated in Fair Value Hedges
			Three Months Ended March 31
			2026												2025
(Dollars in millions)			Derivative						Hedged Item						Derivative						Hedged Item
Interest rate risk on long-term debt (1)			$	(994)					$	1,008					$	2,476					$	(2,480)
Interest rate and foreign currency risk (2)			79						(82)						(202)						202
Interest rate risk on available-for-sale securities (3)			1,381						(1,419)						(3,227)						3,178
Price risk on commodity inventory (4)			113						(113)						(1,097)						1,097
Total			$	579					$	(606)					$	(2,050)					$	1,997

(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 months ended March 31, 2026 and 2025, the derivative amount includes gains (losses) of $2 million and $9 million in interest income, $81 million and $(210) million in market making and similar activities, and $(4) million and $(1) million in accumulated other comprehensive income (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 52

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
			March 31, 2026												December 31, 2025
(Dollars in millions)			Carrying Value						Cumulative Fair Value Adjustments (1)						Carrying Value						Cumulative Fair Value Adjustments (1)
Long-term debt			$	178,723					$	(1,798)					$	175,694					$	(792)
Available-for-sale debt securities (2, 3)			203,231						(1,481)						236,303						146
Trading account assets (4)			8,139						37						12,170						294

(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 March 31, 2026 and December 31, 2025, the amortized cost of the closed portfolios used in these hedging relationships was $46.1 billion and $35.8 billion, of which $26.6 billion and $23.7 billion were designated in a portfolio layer hedging relationship. At March 31, 2026 and December 31, 2025, the cumulative adjustment associated with these hedging relationships was a decrease of $193 million and $46 million.

(3)Carrying value represents amortized cost.

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

At March 31, 2026 and December 31, 2025, the fair value adjustments from de-designated long-term debt hedges decreased the long-term debt carrying value by $12.4 billion and $12.9 billion. The fair value adjustments from de-designated available-for-sale (AFS) debt securities hedges decreased the AFS debt securities carrying value by $1.5 billion and $2.7 billion at March 31, 2026 and December 31, 2025. 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 months ended March 31, 2026 and 2025. Of the $2.6 billion after-tax net loss ($3.5 billion pretax) on derivatives in accumulated OCI

at March 31, 2026, losses of $2.0 billion after-tax ($2.7 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 three years. For terminated cash flow hedges, the time period over which the forecasted transactions will be recognized in interest income is approximately two years, with the aggregated amount beyond this time period being insignificant.

Gains and Losses on Derivatives Designated as Cash Flow and Net Investment Hedges
																																							Three Months Ended March 31
																																							2026												2025
															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)
Cash flow hedges
Interest rate risk on variable-rate portfolios (1)																																							$	(1,193)					$	(375)					$	1,361					$	(393)
Price risk on forecasted MBS purchases (1)																																							—						(2)						—						(2)
Price risk on certain compensation plans (2)																																							—						5						1						7
Total																																							$	(1,193)					$	(372)					$	1,362					$	(388)
Net investment hedges
Foreign exchange risk (3)																																							$	677					$	4					$	(952)					$	—

(1)Amounts reclassified from accumulated OCI are recorded in interest income and market making and similar activities 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 months ended March 31, 2026 and 2025, amounts excluded from effectiveness testing and recognized in market making and similar activities were gains of $38 million and $2 million.

53 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 months ended March 31, 2026 and 2025. 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 March 31
(Dollars in millions)			2026						2025
Interest rate risk on mortgage activities (1, 2)			$	—					$	28
Credit risk on loans (2)			1						1
Interest rate and foreign currency risk on asset and liability management activities (3)			(12)						(782)
Price risk on certain compensation plans (4)			(174)						(196)

(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 March 31, 2026 and December 31, 2025, the Corporation had transferred $4.1 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 $4.1 billion and $3.9 billion at the transfer dates. At March 31, 2026 and December 31, 2025, the fair value of the transferred securities was $4.0 billion and $3.8 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 2025 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 months ended March 31, 2026 and 2025. 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 table below is not presented on an FTE basis.

Sales and Trading Revenue
			Market making and similar activities						Net Interest Income						Other (1)						Total
(Dollars in millions)			Three Months Ended March 31, 2026
Interest rate risk			$	243					$	978					$	151					$	1,372
Foreign exchange risk			533						4						(4)						533
Equity risk			2,265						(83)						666						2,848
Credit risk			428						753						65						1,246
Other risk (2)			244						(12)						(18)						214
Total sales and trading revenue			$	3,713					$	1,640					$	860					$	6,213
			Three Months Ended March 31, 2025
Interest rate risk			$	500					$	655					$	120					$	1,275
Foreign exchange risk			540						17						11						568
Equity risk			1,977						(342)						549						2,184
Credit risk			431						689						281						1,401
Other risk (2)			174						(23)						8						159
Total sales and trading revenue			$	3,622					$	996					$	969					$	5,587

(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 $760 million and $626 million for the three months ended March 31, 2026 and 2025.

(2)Includes commodity risk.

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 2025 Annual Report on Form 10-K.

Credit derivative instruments where the Corporation is the seller of credit protection and their expiration at March 31, 2026 and December 31, 2025 are summarized in the following table.

						Bank of America 54

Credit Derivative Instruments
			Less than One Year						One to Three Years						Three to Five Years						Over Five Years						Total
			March 31, 2026
(Dollars in millions)			Carrying Value
Credit default swaps:
Investment grade			$	—					$	—					$	21					$	48					$	69
Non-investment grade			33						572						597						429						1,631
Total			33						572						618						477						1,700
Total return swaps/options:
Investment grade			195						1						—						—						196
Non-investment grade			1,096						659						65						1						1,821
Total			1,291						660						65						1						2,017
Total credit derivatives			$	1,324					$	1,232					$	683					$	478					$	3,717
Credit-related notes:
Investment grade			$	—					$	—					$	—					$	675					$	675
Non-investment grade			1						9						32						1,277						1,319
Total credit-related notes			$	1					$	9					$	32					$	1,952					$	1,994
			Maximum Payout/Notional
Credit default swaps:
Investment grade			$	49,109					$	100,702					$	230,590					$	59,367					$	439,768
Non-investment grade			16,456						36,199						72,879						16,914						142,448
Total			65,565						136,901						303,469						76,281						582,216
Total return swaps/options:
Investment grade			128,850						1,432						1,386						622						132,290
Non-investment grade			41,344						3,488						378						534						45,744
Total			170,194						4,920						1,764						1,156						178,034
Total credit derivatives			$	235,759					$	141,821					$	305,233					$	77,437					$	760,250
			December 31, 2025
			Carrying Value
Credit default swaps:
Investment grade			$	—					$	—					$	7					$	34					$	41
Non-investment grade			60						532						418						403						1,413
Total			60						532						425						437						1,454
Total return swaps/options:
Investment grade			88						2						—						—						90
Non-investment grade			1,258						89						74						1						1,422
Total			1,346						91						74						1						1,512
Total credit derivatives			$	1,406					$	623					$	499					$	438					$	2,966
Credit-related notes:
Investment grade			$	—					$	—					$	3					$	970					$	973
Non-investment grade			—						4						26						1,136						1,166
Total credit-related notes			$	—					$	4					$	29					$	2,106					$	2,139
			Maximum Payout/Notional
Credit default swaps:
Investment grade			$	48,636					$	100,059					$	168,131					$	22,048					$	338,874
Non-investment grade			15,434						35,286						49,913						3,372						104,005
Total			64,070						135,345						218,044						25,420						442,879
Total return swaps/options:
Investment grade			61,269						1,507						1,419						352						64,547
Non-investment grade			35,318						2,877						516						520						39,231
Total			96,587						4,384						1,935						872						103,778
Total credit derivatives			$	160,657					$	139,729					$	219,979					$	26,292					$	546,657

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 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

55 Bank of America

counterparties with respect to changes in the Corporation’s creditworthiness and the mark-to-market exposure under the derivative transactions. At March 31, 2026 and December 31, 2025, the Corporation held cash and securities collateral of $126.0 billion and $119.7 billion and posted cash and securities collateral of $94.7 billion and $97.8 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 2025 Annual Report on Form 10-K.

At March 31, 2026, 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 $4.9 billion, including $2.5 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 March 31, 2026 and December 31, 2025, the liability recorded for these derivative contracts was not significant.

The following table presents the amount of additional collateral that would have been contractually required by derivative contracts and other trading agreements at March 31, 2026 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 March 31, 2026
(Dollars in millions)			One Incremental Notch						Second Incremental Notch
Additional collateral required to be posted upon downgrade
Bank of America Corporation			$	110					$	1,502
Bank of America, N.A. and subsidiaries (1)			50						1,360
Derivative liabilities subject to unilateral termination upon downgrade
Derivative liabilities			$	21					$	161
Collateral posted			13						147

(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 months ended March 31, 2026 and 2025. For more information on the valuation adjustments on derivatives, see Note 3 – Derivatives to the Consolidated Financial Statements of the Corporation’s 2025 Annual Report on Form 10-K.

Valuation Adjustments Gains (Losses) on Derivatives (1)
			Three Months Ended March 31
(Dollars in millions)			2026						2025
Derivative assets (CVA)			$	(76)					$	(25)
Derivative assets/liabilities (FVA)			12						(15)
Derivative liabilities (DVA)			93						27

(1)At March 31, 2026 and December 31, 2025, cumulative CVA reduced the derivative assets balance by $412 million and $336 million, cumulative FVA reduced the net derivative balance by $104 million and $116 million and cumulative DVA reduced the derivative liabilities balance by $363 million and $270 million.

						Bank of America 56

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 March 31, 2026 and December 31, 2025.

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)			March 31, 2026																								December 31, 2025
Available-for-sale debt securities
Mortgage-backed securities:
Agency			$	44,544					$	72					$	(1,170)					$	43,446					$	34,240					$	80					$	(1,179)					$	33,141
Agency-collateralized mortgage obligations			18,365						47						(137)						18,275						19,304						27						(132)						19,199
Commercial			44,212						181						(452)						43,941						38,688						191						(385)						38,494
Non-agency residential (1)			270						54						(61)						263						273						55						(56)						272
Total mortgage-backed securities			107,391						354						(1,820)						105,925						92,505						353						(1,752)						91,106
U.S. Treasury and government agencies			215,210						103						(866)						214,447						250,065						390						(621)						249,834
Non-U.S. securities			33,455						4						(47)						33,412						31,765						20						(18)						31,767
Other taxable securities			6,185						3						(57)						6,131						6,328						12						(36)						6,304
Tax-exempt securities			9,203						14						(169)						9,048						7,948						15						(176)						7,787
Total available-for-sale debt securities			371,444						478						(2,959)						368,963						388,611						790						(2,603)						386,798
Other debt securities carried at fair value (2)			17,492						118						(184)						17,426						16,066						200						(89)						16,177
Total debt securities carried at fair value			388,936						596						(3,143)						386,389						404,677						990						(2,692)						402,975
Held-to-maturity debt securities
Agency mortgage-backed securities			387,880						—						(67,766)						320,114						395,415						—						(67,309)						328,106
U.S. Treasury and government agencies			121,252						—						(12,640)						108,612						121,242						—						(12,225)						109,017
Other taxable securities			5,631						2						(748)						4,885						6,028						2						(723)						5,307
Total held-to-maturity debt securities			514,763						2						(81,154)						433,611						522,685						2						(80,257)						442,430
Total debt securities (3,4)			$	903,699					$	598					$	(84,297)					$	820,000					$	927,362					$	992					$	(82,949)					$	845,405

(1)At both March 31, 2026 and December 31, 2025, the underlying collateral type included approximately 27 percent prime and 73 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 $132.1 billion and $153.8 billion at March 31, 2026 and December 31, 2025.

(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 $245.8 billion and $159.4 billion, and a fair value of $206.5 billion and $134.4 billion at March 31, 2026, and an amortized cost of $246.9 billion and $158.5 billion, and a fair value of $208.0 billion and $133.6 billion at December 31, 2025.

At March 31, 2026 and December 31, 2025, the Corporation’s expected credit losses on AFS and HTM debt securities with a total amortized cost of $886.2 billion and $911.3 billion were not significant. Of these amounts, $835.9 billion and $863.7 billion of AFS and HTM debt securities were predominantly U.S. agency and U.S. Treasury securities and had a zero credit loss assumption as of the end of the same periods. At March 31, 2026 and December 31, 2025, nonperforming AFS debt securities held by the Corporation were not significant. 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 2025 Annual Report on Form 10-K.

At March 31, 2026 and December 31, 2025, the Corporation held equity securities at an aggregate fair value of $250 million and $253 million, respectively, and other equity securities, as valued under the measurement alternative, at a carrying value of $523 million and $479 million, respectively,

both of which are included in other assets. At March 31, 2026 and December 31, 2025, the Corporation also held money market investments at a fair value of $1.3 billion and $1.2 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 months ended March 31, 2026 and 2025 are presented in the table below.

Gains and Losses on Sales of AFS Debt Securities
									Three Months Ended March 31
(Dollars in millions)															2026						2025
Gross gains															$	67					$	11
Gross losses															(64)						(13)
Net gains (losses) on sales of AFS debt securities															$	3					$	(2)
Income tax expense (benefit) attributable to realized net gains (losses) on sales of AFS debt securities															$	1					$	—

57 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 March 31, 2026 and December 31, 2025. 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)			March 31, 2026
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:
Agency			$	17,327					$	(93)					$	16,487					$	(1,077)					$	33,814					$	(1,170)
Agency-collateralized mortgage obligations			456						(1)						1,377						(136)						1,833						(137)
Commercial			15,687						(106)						4,394						(346)						20,081						(452)
Non-agency residential			—						—						150						(61)						150						(61)
Total mortgage-backed securities			33,470						(200)						22,408						(1,620)						55,878						(1,820)
U.S. Treasury and government agencies			97,001						(250)						48,515						(616)						145,516						(866)
Non-U.S. securities			15,834						(39)						2,704						(8)						18,538						(47)
Other taxable securities			3,770						(20)						1,304						(37)						5,074						(57)
Tax-exempt securities			372						(1)						3,310						(168)						3,682						(169)
Total AFS debt securities in a continuous unrealized loss position			$	150,447					$	(510)					$	78,241					$	(2,449)					$	228,688					$	(2,959)
			December 31, 2025
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:
Agency			$	1,645					$	—					$	18,512					$	(1,179)					$	20,157					$	(1,179)
Agency-collateralized mortgage obligations			2,503						(5)						2,351						(127)						4,854						(132)
Commercial			8,795						(27)						5,527						(358)						14,322						(385)
Non-agency residential			—						—						154						(56)						154						(56)
Total mortgage-backed securities			12,943						(32)						26,544						(1,720)						39,487						(1,752)
U.S. Treasury and government agencies			5,398						(7)						68,763						(614)						74,161						(621)
Non-U.S. securities			10,891						(10)						2,808						(8)						13,699						(18)
Other taxable securities			979						(5)						1,356						(31)						2,335						(36)
Tax-exempt securities			415						(1)						1,730						(175)						2,145						(176)
Total AFS debt securities in a continuous unrealized loss position			$	30,626					$	(55)					$	101,201					$	(2,548)					$	131,827					$	(2,603)

						Bank of America 58

The remaining contractual maturity distribution and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at March 31, 2026 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			$	—					—		%				$	3					3.08		%				$	5					4.37		%				$	44,541					4.71		%				$	44,549					4.71		%
Agency-collateralized mortgage obligations			—						—						—						—						1						1.00						18,364						5.57						18,365						5.57
Commercial			195						2.82						22,703						4.17						18,998						4.42						2,329						5.11						44,225						4.32
Non-agency residential			—						—						—						—						11						22.08						538						11.73						549						11.93
Total mortgage-backed securities			195						2.82						22,706						4.17						19,015						4.43						65,772						5.02						107,688						4.73
U.S. Treasury and government agencies			29,575						4.13						173,862						3.59						16,422						3.47						31						3.97						219,890						3.65
Non-U.S. securities			25,817						2.65						4,626						2.96						7,595						4.41						7,932						4.09						45,970						3.22
Other taxable securities			837						5.03						4,233						4.33						422						3.79						693						4.41						6,185						4.39
Tax-exempt securities			2,181						3.42						2,656						3.23						821						2.95						3,545						3.35						9,203						3.30
Total amortized cost of debt securities carried at fair value			$	58,605					3.46						$	208,083					3.65						$	44,275					4.04						$	77,973					4.84						$	388,936					3.90
Amortized cost of HTM debt securities
Agency mortgage-backed securities			$	—					—		%				$	—					—		%				$	47					2.92		%				$	387,833					2.11		%				$	387,880					2.11		%
U.S. Treasury and government agencies			4,098						1.69						90,914						1.38						26,240						1.38						—						—						121,252						1.39
Other taxable securities			296						1.27						259						2.92						266						2.49						4,810						2.53						5,631						2.48
Total amortized cost of HTM debt securities			$	4,394					1.67						$	91,173					1.39						$	26,553					1.39						$	392,643					2.12						$	514,763					1.95
Debt securities carried at fair value
Mortgage-backed securities:
Agency			$	—											$	3											$	5											$	43,443											$	43,451
Agency-collateralized mortgage obligations			—												—												1												18,274												18,275
Commercial			193												22,629												18,971												2,160												43,953
Non-agency residential			—												—												27												475												502
Total mortgage-backed securities			193												22,632												19,004												64,352												106,181
U.S. Treasury and government agencies			29,611												173,249												16,236												30												219,126
Non-U.S. securities			25,765												4,619												7,590												7,925												45,899
Other taxable securities			835												4,206												411												683												6,135
Tax-exempt securities			2,181												2,644												812												3,411												9,048
Total debt securities carried at fair value			$	58,585											$	207,350											$	44,053											$	76,401											$	386,389
Fair value of HTM debt securities
Agency mortgage-backed securities			$	—											$	—											$	45											$	320,069											$	320,114
U.S. Treasury and government agencies			4,028												81,513												23,071												—												108,612
Other taxable securities			294												252												221												4,118												4,885
Total fair value of HTM debt securities			$	4,322											$	81,765											$	23,337											$	324,187											$	433,611

(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.

59 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 March 31, 2026 and December 31, 2025.

			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)			March 31, 2026
Consumer real estate
Residential mortgage			$	1,303					$	279					$	896					$	2,478					$	233,698																	$	236,176
Home equity			79						31						122						232						26,530																		26,762
Credit card and other consumer
Credit card			673						498						1,341						2,512						100,321																		102,833
Direct/Indirect consumer (2)			286						116						98						500						113,454																		113,954
Other consumer			—						—						—						—						153																		153
Total consumer			2,341						924						2,457						5,722						474,156																		479,878
Consumer loans accounted for under the fair value option (3)																																							$	158					158
Total consumer loans and leases			2,341						924						2,457						5,722						474,156												158						480,036
Commercial
U.S. commercial			1,491						280						545						2,316						449,635																		451,951
Non-U.S. commercial			162						34						66						262						160,460																		160,722
Commercial real estate (4)			159						12						760						931						68,684																		69,615
Commercial lease financing			65						9						55						129						15,816																		15,945
U.S. small business commercial			213						93						225						531						22,636																		23,167
Total commercial			2,090						428						1,651						4,169						717,231																		721,400
Commercial loans accounted for under the fair value option (3)																																							3,599						3,599
Total commercial loans and leases			2,090						428						1,651						4,169						717,231												3,599						724,999
Total loans and leases (5)			$	4,431					$	1,352					$	4,108					$	9,891					$	1,191,387											$	3,757					$	1,205,035
Percentage of outstandings			0.37		%				0.11		%				0.34		%				0.82		%				98.87		%										0.31		%				100.00		%

(1)Consumer real estate loans 30-59 days past due includes fully-insured loans of $166 million and nonperforming loans of $159 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $53 million and nonperforming loans of $99 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $240 million and nonperforming loans of $777 million. Consumer real estate loans current or less than 30 days past due includes $1.5 billion, and direct/indirect consumer includes $61 million of nonperforming loans.

(2)Total outstandings primarily includes auto and specialty lending loans and leases of $53.9 billion, U.S. securities-based lending loans of $56.2 billion and non-U.S. consumer loans of $3.1 billion.

(3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $56 million and home equity loans of $102 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.5 billion and non-U.S. commercial loans of $1.1 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 $64.2 billion and non-U.S. commercial real estate loans of $5.5 billion.

(5)Total outstandings includes loans and leases of $47.4 billion pledged as collateral to the Federal Home Loan Bank (FHLB). The Corporation also pledged $315.9 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank (FRB) and FHLB.

						Bank of America 60

			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, 2025
Consumer real estate
Residential mortgage			$	1,335					$	304					$	774					$	2,413					$	233,889																	$	236,302
Home equity			87						33						120						240						26,583																		26,823
Credit card and other consumer
Credit card			711						542						1,351						2,604						103,423																		106,027
Direct/Indirect consumer (2)			324						114						109						547						113,583																		114,130
Other consumer			—						—						—						—						144																		144
Total consumer			2,457						993						2,354						5,804						477,622																		483,426
Consumer loans accounted for under the fair value option (3)																																							$	165					165
Total consumer loans and leases			2,457						993						2,354						5,804						477,622												165						483,591
Commercial
U.S. commercial			743						228						702						1,673						434,569																		436,242
Non-U.S. commercial			78						10						59						147						154,898																		155,045
Commercial real estate (4)			190						41						909						1,140						67,608																		68,748
Commercial lease financing			67						17						75						159						16,082																		16,241
U.S. small business commercial			228						96						211						535						21,965																		22,500
Total commercial			1,306						392						1,956						3,654						695,122																		698,776
Commercial loans accounted for under the fair value option (3)																																							3,333						3,333
Total commercial loans and leases			1,306						392						1,956						3,654						695,122												3,333						702,109
Total loans and leases (5)			$	3,763					$	1,385					$	4,310					$	9,458					$	1,172,744											$	3,498					$	1,185,700
Percentage of outstandings			0.32		%				0.12		%				0.36		%				0.80		%				98.91		%										0.29		%				100.00		%

(1)Consumer real estate loans 30-59 days past due includes fully-insured loans of $179 million and nonperforming loans of $164 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $63 million and nonperforming loans of $105 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $207 million and nonperforming loans of $687 million. Consumer real estate loans current or less than 30 days past due includes $1.4 billion, and direct/indirect consumer includes $45 million of nonperforming loans.

(2)Total outstandings primarily includes auto and specialty lending loans and leases of $55.3 billion, U.S. securities-based lending loans of $55.0 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 $58 million and home equity loans of $107 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.1 billion and non-U.S. commercial loans of $1.2 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 $62.7 billion and non-U.S. commercial real estate loans of $6.0 billion.

(5)Total outstandings includes loans and leases of $39.5 billion pledged as collateral to the FHLB. The Corporation also pledged $313.7 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the FRB and FHLB.

The Corporation has entered into long-term credit protection agreements with FNMA and FHLMC on loans totaling $7.1 billion and $7.2 billion at March 31, 2026 and December 31, 2025, 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 $5.8 billion at both March 31, 2026 and December 31, 2025. Commercial nonperforming loans were $3.2 billion at both March 31, 2026 and December 31, 2025, primarily comprised of U.S. commercial and commercial real estate. Consumer nonperforming loans of $2.7 billion and $2.6 billion at March 31, 2026 and December 31, 2025 increased

$104 million driven by extended residential mortgage relief provided to borrowers for their home rebuilding efforts following the 2025 California wildfires.

The following table presents the Corporation’s nonperforming loans and leases and loans accruing past due 90 days or more at March 31, 2026 and December 31, 2025. 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 2025 Annual Report on Form 10-K*.*

61 Bank of America

Credit Quality
			Nonperforming Loans and Leases												Accruing Past Due 90 Days or More
(Dollars in millions)			March 31 2026						December 31 2025						March 31 2026						December 31 2025
Residential mortgage (1)			$	2,103					$	2,008					$	240					$	207
With no related allowance (2)			1,853						1,774						—						—
Home equity (1)			391						392						—						—
With no related allowance (2)			313						310						—						—
Credit Card			n/a						n/a						1,341						1,351
Direct/indirect consumer			186						176						1						5
Total consumer			2,680						2,576						1,582						1,563
U.S. commercial			1,488						1,404						178						302
Non-U.S. commercial			334						80						5						9
Commercial real estate			1,191						1,596						22						10
Commercial lease financing			85						97						21						33
U.S. small business commercial			53						51						209						204
Total commercial			3,151						3,228						435						558
Total nonperforming loans			$	5,831					$	5,804					$	2,017					$	2,121
Percentage of outstanding loans and leases			0.49		%				0.49		%				0.17		%				0.18		%

(1)Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At March 31, 2026 and December 31, 2025 residential mortgage included $115 million and $104 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 $125 million and $103 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 2025 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 March 31, 2026.

						Bank of America 62

Residential Mortgage – Credit Quality Indicators By Vintage
									Term Loans by Origination Year
(Dollars in millions)			Total as of March 31, 2026						2026						2025						2024						2023						2022												Prior
Residential Mortgage
Refreshed LTV
Less than or equal to 90 percent			$	223,480					$	6,335					$	21,511					$	13,236					$	11,866					$	36,432											$	134,100
Greater than 90 percent but less than or equal to 100 percent			2,371						92						709						598						372						414												186
Greater than 100 percent			1,441						133						485						410						151						160												102
Fully-insured loans			8,884						4						161						199						164						272												8,084
Total Residential Mortgage			$	236,176					$	6,564					$	22,866					$	14,443					$	12,553					$	37,278											$	142,472
Residential Mortgage
Refreshed FICO score
Less than 620			$	3,121					$	50					$	216					$	240					$	188					$	530											$	1,897
Greater than or equal to 620 and less than 660			2,283						37						182						137						147						378												1,402
Greater than or equal to 660 and less than 740			24,438						486						2,419						1,663						1,397						4,134												14,339
Greater than or equal to 740			197,450						5,987						19,888						12,204						10,657						31,964												116,750
Fully-insured loans			8,884						4						161						199						164						272												8,084
Total Residential Mortgage			$	236,176					$	6,564					$	22,866					$	14,443					$	12,553					$	37,278											$	142,472
Gross charge-offs for the three months ended March 31, 2026			$	9					$	—					$	1					$	3					$	1					$	2											$	2

Home Equity - Credit Quality Indicators
			Total						Home Equity Loans and Reverse Mortgages (1)						Revolving Loans						Revolving Loans Converted to Term Loans
(Dollars in millions)			March 31, 2026
Home Equity
Refreshed LTV
Less than or equal to 90 percent			$	26,596					$	667					$	22,849					$	3,080
Greater than 90 percent but less than or equal to 100 percent			96						6						86						4
Greater than 100 percent			70						8						53						9
Total Home Equity			$	26,762					$	681					$	22,988					$	3,093
Home Equity
Refreshed FICO score
Less than 620			$	706					$	65					$	408					$	233
Greater than or equal to 620 and less than 660			588						43						377						168
Greater than or equal to 660 and less than 740			4,990						164						4,042						784
Greater than or equal to 740			20,478						409						18,161						1,908
Total Home Equity			$	26,762					$	681					$	22,988					$	3,093
Gross charge-offs for the three months ended March 31, 2026			$	7					$	—					$	5					$	2

(1)Includes reverse mortgages of $451 million and home equity loans of $230 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 March 31, 2026						Revolving Loans						2026						2025						2024						2023						2022						Prior						Total Credit Card as of March 31, 2026						Revolving Loans						Revolving Loans Converted to Term Loans (1)
Refreshed FICO score
Less than 620			$	1,538					$	7					$	25					$	348					$	379					$	370					$	272					$	137					$	6,172					$	5,784					$	388
Greater than or equal to 620 and less than 660			1,225						3						68						368						294						236						167						89						5,799						5,546						253
Greater than or equal to 660 and less than 740			8,917						33						941						3,345						1,995						1,278						830						495						40,131						39,621						510
Greater than or equal to 740			42,266						42						4,087						16,226						10,272						5,721						3,505						2,413						50,731						50,644						87
Other internal credit metrics (2,3)			60,008						59,306						62						216						60						40						69						255						—						—						—
Total credit card and other consumer			$	113,954					$	59,391					$	5,183					$	20,503					$	13,000					$	7,645					$	4,843					$	3,389					$	102,833					$	101,595					$	1,238
Gross charge-offs for the three months ended March 31, 2026			$	105					$	1					$	—					$	39					$	21					$	19					$	13					$	12					$	1,144					$	1,102					$	42

(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 $59.3 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 March 31, 2026.

63 Bank of America

Commercial – Credit Quality Indicators By Vintage (1)
									Term Loans
									Amortized Cost Basis by Origination Year
(Dollars in millions)			Total as of March 31, 2026						2026						2025						2024						2023						2022						Prior						Revolving Loans
U.S. Commercial
Risk ratings
Pass rated			$	439,963					$	15,830					$	55,863					$	35,821					$	21,994					$	26,036					$	51,366					$	233,053
Reservable criticized			11,988						3						220						877						1,017						984						2,465						6,422
Total U.S. Commercial			$	451,951					$	15,833					$	56,083					$	36,698					$	23,011					$	27,020					$	53,831					$	239,475
Gross charge-offs for the three months ended March 31, 2026			$	141					$	—					$	3					$	3					$	9					$	23					$	20					$	83
Non-U.S. Commercial
Risk ratings
Pass rated			$	158,285					$	4,533					$	24,120					$	18,941					$	9,062					$	7,894					$	14,597					$	79,138
Reservable criticized			2,437						—						244						106						395						186						175						1,331
Total Non-U.S. Commercial			$	160,722					$	4,533					$	24,364					$	19,047					$	9,457					$	8,080					$	14,772					$	80,469
Gross charge-offs for the three months ended March 31, 2026			$	7					$	—					$	—					$	—					$	7					$	—					$	—					$	—
Commercial Real Estate
Risk ratings
Pass rated			$	61,998					$	2,896					$	11,847					$	5,427					$	4,107					$	7,533					$	19,362					$	10,826
Reservable criticized			7,617						9						5						172						248						2,119						4,504						560
Total Commercial Real Estate			$	69,615					$	2,905					$	11,852					$	5,599					$	4,355					$	9,652					$	23,866					$	11,386
Gross charge-offs for the three months ended March 31, 2026			$	89					$	—					$	—					$	—					$	—					$	2					$	87					$	—
Commercial Lease Financing
Risk ratings
Pass rated			$	15,401					$	591					$	3,805					$	2,905					$	2,561					$	1,655					$	3,884					$	—
Reservable criticized			544						—						24						102						151						112						155						—
Total Commercial Lease Financing			$	15,945					$	591					$	3,829					$	3,007					$	2,712					$	1,767					$	4,039					$	—
Gross charge-offs for the three months ended March 31, 2026			$	13					$	—					$	—					$	1					$	6					$	4					$	2					$	—
U.S. Small Business Commercial (2)
Risk ratings
Pass rated			$	11,213					$	553					$	2,384					$	1,863					$	1,604					$	1,407					$	2,588					$	814
Reservable criticized			627						—						26						115						187						103						189						7
Total U.S. Small Business Commercial			$	11,840					$	553					$	2,410					$	1,978					$	1,791					$	1,510					$	2,777					$	821
Gross charge-offs for the three months ended March 31, 2026			$	9					$	—					$	1					$	—					$	1					$	1					$	2					$	4
Total			$	710,073					$	24,415					$	98,538					$	66,329					$	41,326					$	48,029					$	99,285					$	332,151
Gross charge-offs for the three months ended March 31, 2026			$	259					$	—					$	4					$	4					$	23					$	30					$	111					$	87

(1)Excludes $3.6 billion of loans accounted for under the fair value option at March 31, 2026.

(2)Excludes U.S. Small Business Card loans of $11.3 billion. Refreshed FICO scores for this portfolio are $798 million for less than 620; $656 million for greater than or equal to 620 and less than 660; $3.7 billion for greater than or equal to 660 and less than 740; and $6.2 billion for greater than or equal to 740. Excludes U.S. Small Business Card loans gross charge-offs of $146 million.

						Bank of America 64

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, 2025.

Residential Mortgage – Credit Quality Indicators By Vintage
									Term Loans by Origination Year
(Dollars in millions)			Total as of December 31, 2025						2025						2024						2023						2022						2021												Prior
Residential Mortgage
Refreshed LTV
Less than or equal to 90 percent			$	223,761					$	22,998					$	14,267					$	12,431					$	37,042					$	69,829											$	67,194
Greater than 90 percent but less than or equal to 100 percent			2,318						737						644						375						405						94												63
Greater than 100 percent			1,147						453						341						126						137						50												40
Fully-insured loans			9,076						157						198						167						277						2,890												5,387
Total Residential Mortgage			$	236,302					$	24,345					$	15,450					$	13,099					$	37,861					$	72,863											$	72,684
Residential Mortgage
Refreshed FICO score
Less than 620			$	3,076					$	197					$	242					$	193					$	533					$	724											$	1,187
Greater than or equal to 620 and less than 660			2,277						192						150						143						408						540												844
Greater than or equal to 660 and less than 740			25,065						2,488						1,854						1,507						4,253						6,668												8,295
Greater than or equal to 740			196,808						21,311						13,006						11,089						32,390						62,041												56,971
Fully-insured loans			9,076						157						198						167						277						2,890												5,387
Total Residential Mortgage			$	236,302					$	24,345					$	15,450					$	13,099					$	37,861					$	72,863											$	72,684
Gross charge-offs for the year ended December 31, 2025			$	24					$	—					$	4					$	6					$	6					$	2											$	6

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, 2025
Home Equity
Refreshed LTV
Less than or equal to 90 percent																											$	26,686					$	687					$	22,909					$	3,090
Greater than 90 percent but less than or equal to 100 percent																											70						3						63						4
Greater than 100 percent																											67						7						51						9
Total Home Equity																											$	26,823					$	697					$	23,023					$	3,103
Home Equity
Refreshed FICO score
Less than 620																											$	701					$	67					$	399					$	235
Greater than or equal to 620 and less than 660																											595						44						375						176
Greater than or equal to 660 and less than 740																											5,036						173						4,057						806
Greater than or equal to 740																											20,491						413						18,192						1,886
Total Home Equity																											$	26,823					$	697					$	23,023					$	3,103
Gross charge-offs for the year ended December 31, 2025																											$	16					$	—					$	10					$	6

(1)Includes reverse mortgages of $457 million and home equity loans of $240 million, which are no longer originated.

65 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, 2025						Revolving Loans						2025						2024						2023						2022						2021						Prior						Total Credit Card as of December 31, 2025						Revolving Loans						Revolving Loans Converted to Term Loans (1)
Refreshed FICO score
Less than 620			$	1,560					$	8					$	274					$	386					$	404					$	306					$	141					$	41					$	6,255					$	5,872					$	383
Greater than or equal to 620 and less than 660			1,251						4						352						327						266						186						85						31						5,883						5,640						243
Greater than or equal to 660 and less than 740			9,117						37						3,739						2,236						1,491						986						439						189						41,176						40,679						497
Greater than or equal to 740			43,475						49						18,136						11,534						6,744						4,107						1,865						1,040						52,713						52,632						81
Other internal credit metrics (2, 3)			58,727						57,999						222						66						31						174						39						196						—						—						—
Total credit card and other consumer			$	114,130					$	58,097					$	22,723					$	14,549					$	8,936					$	5,759					$	2,569					$	1,497					$	106,027					$	104,823					$	1,204
Gross charge-offs for the year ended December 31, 2025			$	373					$	6					$	44					$	110					$	92					$	64					$	26					$	31					$	4,498					$	4,338					$	160

(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 $58.0 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, 2025.

Commercial – Credit Quality Indicators By Vintage (1)
									Term Loans
									Amortized Cost Basis by Origination Year
(Dollars in millions)			Total as of December 31, 2025						2025						2024						2023						2022						2021						Prior						Revolving Loans
U.S. Commercial
Risk ratings
Pass rated			$	424,708					$	61,845					$	39,127					$	23,611					$	26,931					$	16,001					$	36,627					$	220,566
Reservable criticized			11,534						164						772						965						946						611						2,091						5,985
Total U.S. Commercial			$	436,242					$	62,009					$	39,899					$	24,576					$	27,877					$	16,612					$	38,718					$	226,551
Gross charge-offs for the year ended December 31, 2025			$	536					$	3					$	13					$	35					$	101					$	12					$	34					$	338
Non-U.S. Commercial
Risk ratings
Pass rated			$	152,364					$	25,753					$	21,446					$	9,613					$	8,612					$	9,223					$	6,066					$	71,651
Reservable criticized			2,681						120						117						478						311						63						114						1,478
Total Non-U.S. Commercial			$	155,045					$	25,873					$	21,563					$	10,091					$	8,923					$	9,286					$	6,180					$	73,129
Gross charge-offs for the year ended December 31, 2025			$	33					$	—					$	—					$	7					$	—					$	8					$	—					$	18
Commercial Real Estate
Risk ratings
Pass rated			$	60,435					$	11,693					$	5,607					$	4,418					$	8,136					$	6,175					$	13,796					$	10,610
Reservable criticized			8,313						5						249						366						2,294						1,986						2,874						539
Total Commercial Real Estate			$	68,748					$	11,698					$	5,856					$	4,784					$	10,430					$	8,161					$	16,670					$	11,149
Gross charge-offs for the year ended December 31, 2025			$	520					$	—					$	—					$	—					$	56					$	102					$	360					$	2
Commercial Lease Financing
Risk ratings
Pass rated			$	15,770					$	3,916					$	3,142					$	2,763					$	1,847					$	1,625					$	2,477					$	—
Reservable criticized			471						13						91						131						119						36						81						—
Total Commercial Lease Financing			$	16,241					$	3,929					$	3,233					$	2,894					$	1,966					$	1,661					$	2,558					$	—
Gross charge-offs for the year ended December 31, 2025			$	8					$	—					$	2					$	3					$	2					$	1					$	—					$	—
U.S. Small Business Commercial (2)
Risk ratings
Pass rated			$	11,001					$	2,368					$	1,908					$	1,657					$	1,471					$	1,131					$	1,670					$	796
Reservable criticized			559						14						100						174						95						76						92						8
Total U.S. Small Business Commercial			$	11,560					$	2,382					$	2,008					$	1,831					$	1,566					$	1,207					$	1,762					$	804
Gross charge-offs for the year ended December 31, 2025			$	32					$	—					$	1					$	2					$	3					$	2					$	6					$	18
Total			$	687,836					$	105,891					$	72,559					$	44,176					$	50,762					$	36,927					$	65,888					$	311,633
Gross charge-offs for the year ended December 31, 2025			$	1,129					$	3					$	16					$	47					$	162					$	125					$	400					$	376

(1) Excludes $3.3 billion of loans accounted for under the fair value option at December 31, 2025.

(2) Excludes U.S. Small Business Card loans of $10.9 billion. Refreshed FICO scores for this portfolio are $785 million for less than 620; $651 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 $5.9 billion greater than or equal to 740. Excludes U.S. Small Business Card loans gross charge-offs of $555 million.

						Bank of America 66

During the three months ended March 31, 2026, commercial reservable criticized utilized exposure decreased to $24.3 billion at March 31, 2026 from $24.7 billion (to 3.21 percent from 3.37 percent of total commercial reservable utilized exposure) at December 31, 2025, 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 most are in the range of 1 to 20 years. Principal forgiveness and payment deferrals were insignificant during the three months ended March 31, 2026 and 2025.

The table below provides the ending amortized cost of the Corporation’s consumer real estate loans modified during the three months ended March 31, 2026 and 2025.

Consumer Real Estate - Modifications to Borrowers in Financial Difficulty
			Forbearance and Other Payment Plans (1)												Permanent Modification						Total						As a % of Financing Receivables
(Dollars in millions)			March 31, 2026
Residential Loans			$	117											$	37					$	154					0.07		%
Home Equity			3												4						7						0.03
Total			$	120											$	41					$	161					0.06
			March 31, 2025
Residential Loans			$	8											$	42					$	50					0.02		%
Home Equity			—												7						7						0.03
Total			$	8											$	49					$	57					0.02

(1)Limited to those modifications that had an other-than-insignificant delay in payment, including extended residential mortgage relief provided to borrowers for their home rebuilding efforts following the 2025 California wildfires.

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

Financial Effect of Modified Consumer Real Estate Loans
			Three Months Ended March 31
			2026						2025
Forbearance and Other Payment Plans
Weighted-average duration
Residential Mortgage			11 months						4 months
Home Equity			n/m						n/m
Permanent Modifications
Weighted-average Term Extension
Residential Mortgage			10.4 years						9.8 years
Home Equity			7.2 years						18.4 years
Weighted-average Interest Rate Reduction
Residential Mortgage			1.62		%				1.41		%
Home Equity			3.69		%				1.99		%

n/m = not meaningful

For consumer real estate borrowers in financial difficulty that received a forbearance, trial or permanent modification, commitments to lend additional funds were not significant at March 31, 2026 and 2025.

67 Bank of America

The Corporation tracks the performance of modified loans to assess effectiveness of modification programs. If a forbearance plan results in an other‑than‑insignificant payment delay, whether at inception or due to a subsequent extension, the loan’s payment status is based on the original contractual terms. During the three months ended March 31, 2026 and

2025, defaults of residential and home equity loans that had been modified within 12 months were insignificant. The table below provides aging information as of March 31, 2026 and 2025 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)			March 31, 2026
Residential mortgage			$	120					$	35					$	156					$	311
Home equity			16						1						3						20
Total			$	136					$	36					$	159					$	331
			March 31, 2025
Residential mortgage			$	111					$	46					$	51					$	208
Home equity			27						2						2						31
Total			$	138					$	48					$	53					$	239

Consumer real estate foreclosed properties totaled $58 million at both March 31, 2026 and December 31, 2025. The carrying value of consumer real estate loans, including fully-insured loans, for which formal foreclosure proceedings were in process at March 31, 2026 and December 31, 2025, was $422 million and $411 million. During the three months ended March 31, 2026 and 2025, the Corporation reclassified $11 million and $12 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 March 31, 2026. 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 March 31, 2026 amortized cost of credit card and other consumer loans that were modified through these programs during the three months ended March 31, 2026 was $238 million compared to $217 million during the three months ended March 31, 2025. These modifications represented 0.11 percent of outstanding credit card and other consumer loans for both the three months ended March 31, 2026 and 2025. During the three months ended March 31, 2026 and 2025, the financial effect of modifications resulted in a weighted-average interest rate reduction of 17.74 percent and 18.37 percent, and principal forgiveness of $25 million in both periods.

The Corporation tracks the performance of modified loans to assess effectiveness of modification programs. As of March 31, 2026 and 2025, defaults of credit card and other consumer loans that had been modified within 12 months were not significant. At March 31, 2026, modified credit card and other consumer loans to borrowers experiencing financial difficulty over the last 12 months totaled $715 million, of which $609 million were current, $59 million were 30-89 days past due, and $47 million were greater than 90 days past due. At March 31, 2025, modified credit card and other consumer loans to borrowers experiencing financial difficulty totaled $632 million, of which $530 million were current, $54 million were 30-89 days past due, and $48 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 months ended March 31, 2026 and 2025.

						Bank of America 68

Commercial Loans - Modifications to Borrowers in Financial Difficulty
						Term Extension												Forbearances			Interest Rate Reduction			Total			As a % of Financing Receivables
(Dollars in millions)						March 31, 2026
U.S. commercial						$	785											$	44		$	—		$	829		0.18		%
Non-U.S. commercial						13												—			—			13			0.01
Commercial real estate						122												320			—			442			0.63
Total						$	920											$	364		$	—		$	1,284		0.19
						March 31, 2025
U.S. commercial						$	269											$	33		$	—		$	302		0.08		%
Non-U.S. commercial						15												9			—			24			0.02
Commercial real estate						636												421			—			1,057			1.61
Total						$	920											$	463		$	—		$	1,383		0.23

Term extensions granted increased the weighted-average life of the impacted loans by 1.6 years for both the three months ended March 31, 2026 and 2025. The weighted-average duration of loan payments deferred under the Corporation’s commercial loan forbearance program was 1.3 years and 8 months during the three months ended March 31, 2026 and 2025. The deferral period for loan payments can vary, but are mostly in the range of 8 months to two years. Modifications of loans to troubled borrowers for Commercial Lease Financing and U.S. Small Business Commercial were not significant during the three months ended March 31, 2026 and 2025.

The Corporation tracks the performance of modified loans to assess effectiveness of modification programs. During the three months ended March 31, 2026, defaults of commercial loans that had been modified within 12 months were $209 million. During the three months ended March 31, 2025, defaults of commercial loans that had been modified within the last 12 months were $444 million. The table below provides aging information as of March 31, 2026 and 2025 for commercial loans that were modified over the last 12 months.

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)			March 31, 2026
U.S. Commercial			$	1,564					$	658					$	173					$	2,395
Non-U.S. Commercial			49						—						—						49
Commercial Real Estate			949						—						527						1,476
Total			$	2,562					$	658					$	700					$	3,920
			March 31, 2025
U.S. Commercial			$	1,189					$	27					$	49					$	1,265
Non-U.S. Commercial			55						9						—						64
Commercial Real Estate			1,996						103						678						2,777
Total			$	3,240					$	139					$	727					$	4,106

For the three months ended March 31, 2026 and 2025, the Corporation had commitments to lend $477 million and $86 million to commercial borrowers experiencing financial difficulty whose loans were modified during the period.

Loans Held-for-sale

The Corporation had LHFS of $10.9 billion and $5.2 billion at March 31, 2026 and December 31, 2025. Cash and non-cash proceeds from sales and paydowns of loans originally classified as LHFS were $6.8 billion and $13.9 billion for the three months ended March 31, 2026 and 2025. Cash used for originations and purchases of LHFS totaled $12.5 billion and $10.5 billion for the three months ended March 31, 2026 and 2025. For the three months ended March 31, 2026 and 2025, non-cash net transfers into LHFS were not significant.

Accrued Interest Receivable

Accrued interest receivable for loans and leases and LHFS was $4.1 billion and $4.2 billion at March 31, 2026 and December 31, 2025 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 months ended March 31, 2026 and 2025, the Corporation reversed $222 million and $231 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.

For the outstanding residential mortgage, home equity, direct/indirect consumer and commercial loan balances classified as nonperforming during the three months ended March 31, 2026 and 2025, 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 2025 Annual Report on Form 10-K.

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

69 Bank of America

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 2025 Annual Report on Form 10-K.

The March 31, 2026 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 March 31, 2026 remained relatively stable as compared to the weighted economic outlook estimated as of December 31, 2025. The weighted economic outlook for the Corporation’s quantitative reserves assumes that the U.S. average unemployment rate will be approximately five percent in the fourth quarter of 2026 and will remain near this level through the fourth quarter of 2027. It also assumes U.S. real gross domestic product will grow at 1.5 percent and 1.8 percent year-over-year in the fourth quarters of 2026 and 2027.

The allowance for credit losses decreased $71 million from December 31, 2025 to $14.3 billion at March 31, 2026. The decrease in the allowance for credit losses was driven by continued improvement in credit card and commercial real estate, partially offset by loan growth and a qualitative reserve build related to uncertainties associated with the ongoing conflicts in the Middle East. The change in the allowance for credit losses was comprised of a net decrease of $55 million in the allowance for loan and lease losses and a decrease of $16 million in the reserve for unfunded lending commitments. The decrease in the allowance for credit losses was attributed to a decrease in the credit card and other consumer portfolios of $110 million, partially offset by an increase in the commercial portfolio of $25 million and the consumer real estate portfolio of $14 million.

The provision for credit losses decreased $143 million to $1.3 billion for the three months ended March 31, 2026 compared to the same period in 2025. The decline in the provision for credit losses was attributed to a decrease in consumer of $137 million and commercial of $6 million. The decrease in consumer was primarily driven by improvement in asset quality in credit card. The provision for credit losses in commercial was relatively unchanged, as loan growth and a qualitative reserve build related to uncertainties associated with the ongoing conflicts in the Middle East were largely offset by improvement in asset quality in commercial real estate.

Net charge-offs decreased $43 million to $1.4 billion for the three months ended March 31, 2026 compared to the same period in 2025. The decline in net charge-offs was attributed to a $60 million decrease in the consumer portfolio due to asset quality improvement in credit card, partially offset by a $17 million increase in the commercial portfolio primarily due to corporate and commercial lending.

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

			Consumer Real Estate						Credit Card and Other Consumer						Commercial						Total
(Dollars in millions)			Three Months Ended March 31, 2026
Allowance for loan and lease losses, January 1			$	416					$	7,964					$	4,823					$	13,203
Loans and leases charged off			(16)						(1,316)						(405)						(1,737)
Recoveries of loans and leases previously charged off			18						255						55						328
Net charge-offs			2						(1,061)						(350)						(1,409)
Provision for loan and lease losses			(1)						950						404						1,353
Other			—						1						—						1
Allowance for loan and lease losses, March 31			417						7,854						4,877						13,148
Reserve for unfunded lending commitments, January 1			62						—						1,115						1,177
Provision for unfunded lending commitments			13						—						(29)						(16)
Reserve for unfunded lending commitments, March 31			75						—						1,086						1,161
Allowance for credit losses, March 31			$	492					$	7,854					$	5,963					$	14,309
			Three Months Ended March 31, 2025
Allowance for loan and lease losses, January 1			$	293					$	8,277					$	4,670					$	13,240
Loans and leases charged off			(6)						(1,349)						(378)						(1,733)
Recoveries of loans and leases previously charged off			18						218						45						281
Net charge-offs			12						(1,131)						(333)						(1,452)
Provision for loan and lease losses			32						1,067						367						1,466
Other			3						(1)						—						2
Allowance for loan and lease losses, March 31			340						8,212						4,704						13,256
Reserve for unfunded lending commitments, January 1			57						—						1,039						1,096
Provision for unfunded lending commitments			—						—						14						14
Reserve for unfunded lending commitments, March 31			57						—						1,053						1,110
Allowance for credit losses, March 31			$	397					$	8,212					$	5,757					$	14,366

						Bank of America 70

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 2025 Annual Report on Form 10-K*.*

The tables in this Note present the assets and liabilities of consolidated and unconsolidated VIEs at March 31, 2026 and December 31, 2025 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 March 31, 2026 and December 31, 2025 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 months ended March 31, 2026 or the year ended December 31, 2025 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 $1.2 billion and $1.1 billion at March 31, 2026 and December 31, 2025.

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 months ended March 31, 2026 and 2025.

First-lien Mortgage Securitizations
			Residential Mortgage - Agency															Commercial Mortgage
			Three Months Ended March 31
(Dollars in millions)			2026						2025																		2026						2025
Proceeds from loan sales (1)			$	1,806					$	1,095																	$	2,677					$	5,490
Gains (losses) on securitizations (2)			(1)						(2)																		3						46
Repurchases from securitization trusts (3)			19						21																		—						—

(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 $13 million and $6 million, net of hedges, during the three months ended March 31, 2026 and 2025, 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 $77.8 billion and $82.7 billion at March 31, 2026 and 2025. Servicing fee and ancillary fee income on serviced loans was $50 million

and $55 million during the three months ended March 31, 2026 and 2025. Servicing advances on serviced loans, including loans serviced for others and loans held for investment, were $840 million and $894 million at March 31, 2026 and December 31, 2025. For more information on MSRs, see Note 14 – Fair Value Measurements.

71 Bank of America

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

The table below summarizes select information related to mortgage and home equity securitization trusts in which the Corporation held a variable interest and had continuing involvement at March 31, 2026 and December 31, 2025.

Mortgage and Home Equity Securitizations
			Residential Mortgage
												Non-agency
			Agency									Prime and Alt-A									Subprime									Home Equity (1)									Commercial Mortgage
(Dollars in millions)			March 31 2026			December 31 2025						March 31 2026			December 31 2025						March 31 2026			December 31 2025						March 31 2026			December 31 2025						March 31 2026			December 31 2025
Unconsolidated VIEs
Maximum loss exposure (2)			$	6,761		$	6,869					$	12		$	11					$	539		$	495					$	—		$	—					$	1,728		$	1,770
On-balance sheet assets
Senior securities:
Trading account assets			$	266		$	218					$	10		$	9					$	28		$	6					$	—		$	—					$	525		$	535
Debt securities carried at fair value			1,990			2,050						—			—						393			407						—			—						—			—
Held-to-maturity securities			4,505			4,601						—			—						—			—						—			—						1,037			1,075
All other assets			—			—						2			2						26			17						—			—						24			24
Total retained positions			$	6,761		$	6,869					$	12		$	11					$	447		$	430					$	—		$	—					$	1,586		$	1,634
Principal balance outstanding (3)			$	64,671		$	65,290					$	10,950		$	11,242					$	3,910		$	3,775					$	147		$	154					$	90,425		$	91,802
Consolidated VIEs
Maximum loss exposure (2)			$	686		$	939					$	—		$	—					$	—		$	30					$	7		$	8					$	—		$	—
On-balance sheet assets
Trading account assets			$	686		$	939					$	—		$	—					$	—		$	245					$	—		$	—					$	—		$	—
Loans and leases			—			—						—			—						—			—						14			15						—			—
Allowance for loan and lease losses			—			—						—			—						—			—						5			5						—			—
All other assets			—			—						—			—						—			—						—			1						—			—
Total assets			$	686		$	939					$	—		$	—					$	—		$	245					$	19		$	21					$	—		$	—
Total liabilities			$	—		$	—					$	—		$	—					$	—		$	215					$	12		$	13					$	—		$	—

(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 March 31, 2026 and December 31, 2025.

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 March 31, 2026 and December 31, 2025, the carrying values of the receivables in the trusts totaled $16.0 billion and $17.1 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 $6.1 billion and $6.4 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 $12.2 billion and $11.4 billion of securities during the three months ended March 31, 2026 and 2025. 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 months ended March 31, 2026 and 2025, resecuritization proceeds included securities with an initial fair value of $843 million and $2.0 billion, 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.

During the three months ended March 31, 2026 and 2025, the Corporation’s deconsolidated resecuritization trusts were not significant.

						Bank of America 72

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 $2.1 billion and $1.7 billion at March 31, 2026 and December 31, 2025, 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.

The Corporation’s liquidity commitments to unconsolidated municipal bond trusts, including those for which the Corporation was transferor, totaled $3.0 billion at both March 31, 2026 and December 31, 2025. The weighted-average remaining life of bonds held in the trusts at March 31, 2026 was 9.3 years. There were no significant write-downs or downgrades of assets or issuers during the three months ended March 31, 2026 and 2025.

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 $60 million at March 31, 2026 and December 31, 2025.

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 March 31, 2026 and December 31, 2025, the Corporation’s consolidated investment VIEs had total assets of $65 million and $58 million. The Corporation also held investments in unconsolidated VIEs with total assets of $31.0 billion and $30.0 billion at March 31, 2026 and December 31, 2025. The Corporation’s maximum loss exposure associated with both consolidated and unconsolidated investment VIEs totaled $2.7 billion and $2.8 billion at March 31, 2026 and December 31, 2025 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 $885 million and $850 million at March 31, 2026 and December 31, 2025. 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 following table summarizes the maximum loss exposure and assets held by the Corporation that related to other asset-backed VIEs at March 31, 2026 and December 31, 2025.

73 Bank of America

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)			March 31 2026			December 31 2025						March 31 2026			December 31 2025						March 31 2026			December 31 2025						March 31 2026			December 31 2025
Unconsolidated VIEs
Maximum loss exposure			$	—		$	—					$	5,989		$	5,183					$	3,031		$	3,107					$	3,827		$	3,955
On-balance sheet assets
Securities (2):
Trading account assets			$	—		$	—					$	1,629		$	1,223					$	11		$	12					$	152		$	152
Debt securities carried at fair value			—			—						717			745						—			—						—			—
Held-to-maturity securities			—			—						1,694			1,747						—			—						—			—
Loans and leases			—			—						—			—						—			—						1,133			1,257
Allowance for loan and lease losses			—			—						—			—						—			—						(3)			(2)
All other assets			—			—						1,949			1,468						6			5						2,009			2,022
Total retained positions			$	—		$	—					$	5,989		$	5,183					$	17		$	17					$	3,291		$	3,429
Total on-balance sheet liabilities			$	—		$	—					$	—		$	—					$	—		$	—					$	400		$	409
Total assets of VIEs			$	—		$	—					$	29,261		$	31,798					$	7,623		$	8,065					$	31,051		$	30,016
Consolidated VIEs
Maximum loss exposure			$	9,278		$	9,995					$	182		$	196					$	6,595		$	5,975					$	878		$	844
On-balance sheet assets
Trading account assets			$	—		$	—					$	368		$	394					$	6,126		$	5,506					$	4		$	55
Debt securities carried at fair value			—			—						—			—						469			469						—			—
Loans and leases			16,047			17,066						—			—						—			—						875			794
Allowance for loan and lease losses			(859)			(875)						—			—						—			—						(1)			(1)
All other assets			184			197						41			40						—			—						7			2
Total assets			$	15,372		$	16,388					$	409		$	434					$	6,595		$	5,975					$	885		$	850
On-balance sheet liabilities
Short-term borrowings			$	—		$	—					$	—		$	—					$	6,403		$	5,779					$	—		$	—
Long-term debt			6,076			6,375						227			238						—			—						4			6
All other liabilities			18			18						—			—						—			—						3			—
Total liabilities			$	6,094		$	6,393					$	227		$	238					$	6,403		$	5,779					$	7		$	6

(1)At March 31, 2026 and December 31, 2025 loans and leases in the consolidated credit card trust included $4.7 billion and $5.4 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).

Tax-related 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-related VIEs were $84.7 billion and $86.5 billion as of March 31, 2026 and December 31, 2025. 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.

At March 31, 2026 and December 31, 2025, the Corporation had tax-related equity investments totaling $24.5 billion and $25.4 billion, which were comprised of $23.5 billion and $24.4 billion as of the same periods under programs for which the Corporation elected the proportional amortization method, as well as $1.0 billion as of both periods accounted for under the equity method or fair value option. These investments are further described below.

The Corporation has investments in affordable housing, renewable energy and certain other projects that had a carrying value of $23.5 billion and $24.4 billion at March 31, 2026 and December 31, 2025, which included unfunded capital contributions of $7.5 billion and $8.1 billion that are probable to be paid.

For the investments that qualify, the Corporation has elected to account for its equity investments in affordable housing, renewable wind energy and certain other projects under the

proportional amortization method. The investments that do not qualify are accounted for under the equity method. During the three months ended March 31, 2026 and 2025, the Corporation recognized income tax credits and other tax benefits related to these investments of $1.1 billion and $1.2 billion. For investments accounted for under the proportional amortization method, the Corporation recognized investment amortization of $753 million and $842 million in income tax expense during the three months ended March 31, 2026 and 2025, and additional gains, losses and other returns totaling $34 million and $20 million in other income for the same periods. The Corporation also has equity investments in solar renewable energy projects that are accounted for under either the equity method or at fair value when the Corporation has elected to account for the investment at fair value. These investments totaled $1.0 billion at both March 31, 2026 and December 31, 2025. The Corporation’s unfunded commitments that are not included in the carrying value of its tax-related equity investment VIEs totaled $3.5 billion and $2.6 billion at March 31, 2026 and December 31, 2025, which are contingent on various conditions precedent to funding over the next 10 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. For investments accounted for under the proportional amortization method, there were no significant modifications or events that resulted in a change in the nature of those investments or in the relationship with the underlying project. The Corporation may also enter into power purchase agreements with renewable energy tax credit entities.

						Bank of America 74

The table below summarizes select information related to unconsolidated tax-related VIEs in which the Corporation held a variable interest at March 31, 2026 and December 31, 2025.

Unconsolidated Tax-related VIEs
(Dollars in millions)									March 31 2026												December 31 2025
Maximum loss exposure									$	24,520																	$	25,435
On-balance sheet assets
All other assets									24,520																		25,435
Total									$	24,520																	$	25,435
On-balance sheet liabilities
All other liabilities									7,511																		7,008
Total									$	7,511																	$	7,008
Total assets of VIEs									$	84,729																	$	86,476

NOTE 7 Goodwill and Intangible Assets

Goodwill

The table below presents goodwill balances by business segment at March 31, 2026 and December 31, 2025. The reporting units utilized for goodwill impairment testing are the operating segments or one level below.

Goodwill
(Dollars in millions)			March 31 2026						December 31 2025
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 both March 31, 2026 and December 31, 2025, the net carrying value of intangible assets was $1.8 billion. At both March 31, 2026 and December 31, 2025, intangible assets included $1.5 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 March 31, 2026 and 2025.

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 2025 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 March 31, 2026 and December 31, 2025.

Net Investment (1)
​
(Dollars in millions)															March 31 2026						December 31 2025
Lease receivables															$	18,900					$	19,198
Unguaranteed residuals															3,456						3,520
Total net investment in sales-type and direct financing leases															$	22,356					$	22,718

(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 $9.4 billion at both March 31, 2026 and December 31, 2025.

The table below presents lease income for the three months ended March 31, 2026 and 2025.

Lease Income
									Three Months Ended March 31
(Dollars in millions)															2026						2025
Sales-type and direct financing leases															$	319					$	302
Operating leases															276						253
Total lease income															$	595					$	555

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 March 31, 2026 and December 31, 2025.

Lessee Arrangements
(Dollars in millions)			March 31 2026						December 31 2025
Right-of-use assets			$	10,773					$	8,395
Lease liabilities			11,471						9,086

At March 31, 2026 and December 31, 2025, right-of-use assets included $2.8 billion and $393 million, and lease liabilities included $2.9 billion and $440 million for a lease to a related party, which was extended in the first quarter of 2026 to 2049, for the Corporation’s principal office in New York, NY. The Corporation owns a 49.99 percent equity interest in the property, with the remaining 50.01 percent owned by a third party.

75 Bank of America

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 March 31, 2026 and December 31, 2025. 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 2025 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)			March 31, 2026
Securities borrowed or purchased under agreements to resell (3)			$	946,077					$	(562,813)					$	383,264					$	(347,077)					$	36,187
Securities loaned or sold under agreements to repurchase			$	915,833					$	(562,813)					$	353,020					$	(342,384)					$	10,636
Other (4)			7,878						—						7,878						(7,878)						—
Total			$	923,711					$	(562,813)					$	360,898					$	(350,262)					$	10,636
			December 31, 2025
Securities borrowed or purchased under agreements to resell (3)			$	935,784					$	(619,206)					$	316,578					$	(285,569)					$	31,009
Securities loaned or sold under agreements to repurchase			$	963,924					$	(619,208)					$	344,716					$	(332,592)					$	12,124
Other (4)			5,290						—						5,290						(5,290)						—
Total			$	969,214					$	(619,208)					$	350,006					$	(337,882)					$	12,124

(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 $21.3 billion and $19.6 billion reported in loans and leases on the Consolidated Balance Sheet for March 31, 2026 and December 31, 2025.

(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 2025 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)			March 31, 2026
Securities sold under agreements to repurchase			$	354,023					$	267,394					$	77,134					$	83,387					$	781,938
Securities loaned			123,319						337						523						9,716						133,895
Other			7,878						—						—						—						7,878
Total			$	485,220					$	267,731					$	77,657					$	93,103					$	923,711
			December 31, 2025
Securities sold under agreements to repurchase			$	349,168					$	314,290					$	96,642					$	74,081					$	834,181
Securities loaned			118,550						5						1,019						10,169						129,743
Other			5,290						—						—						—						5,290
Total			$	473,008					$	314,295					$	97,661					$	84,250					$	969,214

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

						Bank of America 76

Class of Collateral Pledged
			Securities Sold Under Agreements to Repurchase						Securities Loaned						Other						Total
(Dollars in millions)			March 31, 2026
U.S. government and agency securities			$	401,934					$	1,388					$	117					$	403,439
Corporate securities, trading loans and other			39,148						930						11						40,089
Equity securities			18,725						131,548						7,750						158,023
Non-U.S. sovereign debt			312,284						29						—						312,313
Mortgage trading loans and ABS			9,847						—						—						9,847
Total			$	781,938					$	133,895					$	7,878					$	923,711
			December 31, 2025
U.S. government and agency securities			$	453,619					$	778					$	188					$	454,585
Corporate securities, trading loans and other			28,321						764						1						29,086
Equity securities			25,503						128,190						5,101						158,794
Non-U.S. sovereign debt			318,194						11						—						318,205
Mortgage trading loans and ABS			8,544						—						—						8,544
Total			$	834,181					$	129,743					$	5,290					$	969,214

Collateral

The Corporation accepts securities and loans as collateral that it is permitted by contract or practice to sell or repledge. At both March 31, 2026 and December 31, 2025, the fair value of this collateral was $1.1 trillion, of which $1.1 trillion and $1.0 trillion were sold or repledged as of the end of the periods. 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 2025 Annual Report on Form 10-K.

Restricted Cash

At March 31, 2026 and December 31, 2025, the Corporation held restricted cash included within cash and cash equivalents on the Consolidated Balance Sheet of $7.1 billion and $6.5 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 2025 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 $10.5 billion and $10.6 billion at March 31, 2026 and December 31, 2025. The carrying value of the Corporation’s credit extension commitments at both March 31, 2026 and December 31, 2025, excluding commitments accounted for under the fair value option, was $1.2 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 $2.5 billion and $2.4 billion at March 31, 2026 and December 31, 2025 that are accounted for under the fair value option. However, the table excludes the cumulative net fair value for these commitments of $68 million and $67 million at March 31, 2026 and December 31, 2025, 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.

77 Bank of America

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)			March 31, 2026
Notional amount of credit extension commitments
Loan commitments (1)			$	146,767					$	215,436					$	242,960					$	22,371					$	627,534
Home equity lines of credit			4,350						9,323						6,473						22,826						42,972
Standby letters of credit and financial guarantees (2)			24,077						10,339						4,747						456						39,619
Letters of credit			659						34						18						39						750
Other commitments (3)			13						51						65						1,008						1,137
Legally binding commitments			175,866						235,183						254,263						46,700						712,012
Credit card lines (4)			485,759						—						—						—						485,759
Total credit extension commitments			$	661,625					$	235,183					$	254,263					$	46,700					$	1,197,771
			December 31, 2025
Notional amount of credit extension commitments
Loan commitments (1)			$	139,725					$	224,524					$	244,340					$	24,587					$	633,176
Home equity lines of credit			4,247						9,808						7,240						21,787						43,082
Standby letters of credit and financial guarantees (2)			24,086						9,626						4,018						386						38,116
Letters of credit			639						46						19						44						748
Other commitments (3)			15						57						54						1,002						1,128
Legally binding commitments			168,712						244,061						255,671						47,806						716,250
Credit card lines (4)			476,926						—						—						—						476,926
Total credit extension commitments			$	645,638					$	244,061					$	255,671					$	47,806					$	1,193,176

(1) At March 31, 2026 and December 31, 2025, $3.5 billion and $3.4 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 $28.4 billion and $10.2 billion at March 31, 2026, and $26.8 billion and $10.4 billion at December 31, 2025. Amounts in the table include consumer SBLCs of $1.0 billion and $987 million at March 31, 2026 and December 31, 2025.

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

(4) Includes business card unused lines of credit.

Other Commitments

At March 31, 2026 and December 31, 2025, the Corporation had commitments to purchase loans (e.g., residential mortgage and commercial real estate) of $786 million and $700 million, which upon settlement will be included in trading account assets, loans or LHFS, and commitments to purchase commercial loans, net of amounts sold, of $518 million and $558 million, which upon settlement will be included in trading account assets.

At March 31, 2026 and December 31, 2025, the Corporation had commitments to enter into resale and forward-dated resale and securities borrowing agreements of $236.4 billion and $149.0 billion, and commitments to enter into forward-dated repurchase and securities lending agreements of $147.1 billion and $108.9 billion. A significant portion of these commitments will expire within the next 12 months.

At March 31, 2026 and December 31, 2025, the Corporation had a commitment to originate or purchase up to $3.9 billion and $4.0 billion, on a rolling 12-month basis, of auto loans and leases from a strategic partner. This commitment extends through November 2030 and can be terminated with 12 months prior notice.

At March 31, 2026 and December 31, 2025, the Corporation had debt and equity security commitments totaling $850 million and $884 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 March 31, 2026 and December 31, 2025, 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 both March 31, 2026 and December 31, 2025, these guarantees, which are accounted for as derivatives, had a notional amount of $2.4 billion and an insignificant fair value. At March 31, 2026 and December 31, 2025, the Corporation’s maximum exposure related to these guarantees totaled $378 million and $377 million, with an estimated maturity in 2034.

						Bank of America 78

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 $190 billion, is an estimate of the Corporation’s maximum potential exposure as of March 31, 2026. 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.

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 2025 Annual Report on Form 10-K.

The reserve for representations and warranties obligations and corporate guarantees was $185 million and $184 million at March 31, 2026 and December 31, 2025 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 probable 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 March 31, 2026, 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 $244.3 billion and $339.1 billion at March 31, 2026 and December 31, 2025.

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 FDIC recovered the estimated losses through quarterly special assessments collected from certain insured depository institutions, including the Corporation. During the three months ended March 31, 2026, the Corporation paid its final scheduled quarterly special assessment of $244 million. The FDIC retains the authority to impose a one‑time supplemental assessment should actual losses to the DIF exceed the total amount collected, or provide an offset against regular deposit insurance assessments if collections exceed actual losses to the DIF. The Corporation would recognize any such adjustment in the period in which the underlying determination is made.

79 Bank of America

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 2025 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 $196 million and $156 million was recognized during the three months ended March 31, 2026 and 2025.

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 reasonably 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 $0.25 billion in excess of the accrued liability, if any, as of March 31, 2026.

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.

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.

Deposit Insurance Assessment

On March 31, 2026, the U.S. District Court for the District of Columbia ruled that BANA did not owe additional interest to the FDIC. BANA continues to pledge security satisfactory to the FDIC with respect to the amount of additional interest the FDIC had sought, pending a possible appeal by the FDIC.

NOTE 11 Shareholders’ Equity

Common Stock

Declared Quarterly Cash Dividends on Common Stock (1)
Declaration Date						Record Date						Payment Date						Dividend Per Share
April 23, 2026						June 5, 2026						June 26, 2026						$	0.28
February 3, 2026						March 6, 2026						March 27, 2026						0.28

(1) In 2026, and through May 1, 2026.

During the three months ended March 31, 2026, the Corporation repurchased and retired approximately 140 million shares of common stock, which reduced shareholders’ equity by $7.2 billion, including excise taxes.

During the three months ended March 31, 2026, in connection with employee stock plans, the Corporation issued 92 million shares of its common stock and, to satisfy tax withholding obligations, repurchased 35 million shares of common stock. At March 31, 2026, the Corporation had reserved 498 million unissued shares of common stock for future issuances under employee stock plans, convertible notes and preferred stock.

On April 23, 2026, the Board of Directors declared a quarterly common stock dividend of $0.28 per share.

Preferred Stock

During the three months ended March 31, 2026, the Corporation declared $425 million of cash dividends on preferred stock. During the three months ended March 31, 2026, the Corporation fully redeemed Series DD for $1.0 billion.

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 2025 Annual Report on Form 10-K.

						Bank of America 80

NOTE 12 Accumulated Other Comprehensive Income (Loss)

The table below presents the changes in accumulated OCI after-tax for the three months ended March 31, 2026 and 2025.

(Dollars in millions)			Debt Securities						Debit Valuation Adjustments						Derivatives						Employee Benefit Plans						Foreign Currency						Total
Balance, December 31, 2024			$	(2,252)					$	(1,694)					$	(5,588)					$	(4,617)					$	(1,134)					$	(15,285)
Net change			366						297						1,313						27						11						2,014
Balance, March 31, 2025			$	(1,886)					$	(1,397)					$	(4,275)					$	(4,590)					$	(1,123)					$	(13,271)
Balance, December 31, 2025			$	(1,096)					$	(2,023)					$	(1,998)					$	(4,298)					$	(1,111)					$	(10,526)
Net change			(529)						660						(627)						35						9						(452)
Balance, March 31, 2026			$	(1,625)					$	(1,363)					$	(2,625)					$	(4,263)					$	(1,102)					$	(10,978)

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 three months ended March 31, 2026 and 2025.

			Pretax						Tax effect						After- tax						Pretax						Tax effect						After- tax
			Three Months Ended March 31
(Dollars in millions)			2026																		2025
Debt securities:
Net increase (decrease) in fair value			$	(686)					$	159					$	(527)					$	481					$	(117)					$	364
Net realized (gains) losses reclassified into earnings (1)			(3)						1						(2)						2						—						2
Net change			(689)						160						(529)						483						(117)						366
Debit valuation adjustments:
Net increase (decrease) in fair value			874						(214)						660						393						(96)						297
Net change			874						(214)						660						393						(96)						297
Derivatives:
Net increase (decrease) in fair value			(1,197)						286						(911)						1,361						(340)						1,021
Reclassifications into earnings:
Net interest income			379						(91)						288						397						(100)						297
Compensation and benefits expense			(5)						1						(4)						(7)						2						(5)
Net realized (gains) losses reclassified into earnings			374						(90)						284						390						(98)						292
Net change			(823)						196						(627)						1,751						(438)						1,313
Employee benefit plans:
Net actuarial losses and other reclassified into earnings (2)			47						(12)						35						35						(8)						27
Net change			47						(12)						35						35						(8)						27
Foreign currency:
Net increase (decrease) in fair value			103						(91)						12						(216)						227						11
Net realized (gains) losses reclassified into earnings (1)			(2)						(1)						(3)						—						—						—
Net change			101						(92)						9						(216)						227						11
Total other comprehensive income (loss)			$	(490)					$	38					$	(452)					$	2,446					$	(432)					$	2,014

(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.

81 Bank of America

NOTE 13 Earnings Per Common Share

The calculation of earnings per common share (EPS) and diluted EPS for the three months ended March 31, 2026 and 2025 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 2025 Annual Report on Form 10-K*.*

			Three Months Ended March 31
(In millions, except per share information)			2026						2025
Earnings per common share
Net income			$	8,584					$	7,360
Preferred stock dividends and other			(429)						(406)
Net income applicable to common shareholders			$	8,155					$	6,954
Average common shares issued and outstanding			7,256.1						7,677.9
Earnings per common share			$	1.12					$	0.91
Diluted earnings per common share
Net income applicable to common shareholders			$	8,155					$	6,954
Add preferred stock dividends due to assumed conversions			56						—
Net income allocated to common shareholders			$	8,211					$	6,954
Average common shares issued and outstanding			7,256.1						7,677.9
Dilutive potential common shares			161.4						92.9
Total average diluted common shares issued and outstanding			7,417.5						7,770.8
Diluted earnings per common share			$	1.11					$	0.89

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 months ended March 31, 2026, 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 the period. In addition, Series L preferred dividends of $56 million for the three months ended March 31, 2026 were included in net income allocated to common shareholders, as they would have been paid if the Series L was converted. For the three months ended March 31, 2025, 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 three months ended March 31, 2026, 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 2025 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.

						Bank of America 82

Recurring Fair Value

Assets and liabilities carried at fair value on a recurring basis at March 31, 2026 and December 31, 2025, including financial instruments that the Corporation accounts for under the fair value option, are summarized in the following tables.

			March 31, 2026
			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			$	1,343					$	—					$	—					$	—					$	1,343
Federal funds sold and securities borrowed or purchased under agreements to resell			—						640,749						—						(412,736)						228,013
Trading account assets:
U.S. Treasury and government agencies			72,490						1,176						—						—						73,666
Corporate securities, trading loans and other			—						58,530						2,069						—						60,599
Equity securities			80,280						31,972						286						—						112,538
Non-U.S. sovereign debt			14,206						43,453						246						—						57,905
Mortgage trading loans, MBS and ABS:
U.S. government-sponsored agency guaranteed			—						50,109						8						—						50,117
Mortgage trading loans, ABS and other MBS			—						8,386						1,010						—						9,396
Total trading account assets (2)			166,976						193,626						3,619						—						364,221
Derivative assets			20,047						313,574						4,842						(290,148)						48,315
AFS debt securities:
U.S. Treasury and government agencies			213,702						745						—						—						214,447
Mortgage-backed securities:
Agency			—						43,446						—						—						43,446
Agency-collateralized mortgage obligations			—						18,275						—						—						18,275
Non-agency residential			—						263						—						—						263
Commercial			—						43,900						41						—						43,941
Non-U.S. securities			930						32,436						46						—						33,412
Other taxable securities			—						6,131						—						—						6,131
Tax-exempt securities			—						9,048						—						—						9,048
Total AFS debt securities			214,632						154,244						87						—						368,963
Other debt securities carried at fair value:
U.S. Treasury and government agencies			4,680						—						—						—						4,680
Agency MBS			—						5						—						—						5
Non-agency residential MBS			—						239						—						—						239
Non-U.S. and other securities			1,169						11,333						—						—						12,502
Total other debt securities carried at fair value			5,849						11,577						—						—						17,426
Loans and leases			—						3,687						70						—						3,757
Loans held-for-sale			—						5,377						54						—						5,431
Other assets (3)			6,492						3,551						2,064						—						12,107
Total assets (4)			$	415,339					$	1,326,385					$	10,736					$	(702,884)					$	1,049,576
Liabilities
Interest-bearing deposits in U.S. offices			$	—					$	1,783					$	—					$	—					$	1,783
Federal funds purchased and securities loaned or sold under agreements to repurchase			—						640,037						—						(412,736)						227,301
Trading account liabilities:
U.S. Treasury and government agencies			18,877						130						—						—						19,007
Equity securities			61,909						5,937						18						—						67,864
Non-U.S. sovereign debt			14,692						12,843						—						—						27,535
Corporate securities and other			—						15,321						92						—						15,413
Mortgage trading loans and ABS			—						14						—						—						14
Total trading account liabilities			95,478						34,245						110						—						129,833
Derivative liabilities			19,686						307,950						5,426						(289,124)						43,938
Short-term borrowings			—						11,434						10						—						11,444
Accrued expenses and other liabilities			7,209						3,564						52						—						10,825
Long-term debt			—						78,703						571						—						79,274
Total liabilities (4)			$	122,373					$	1,077,716					$	6,169					$	(701,860)					$	504,398

(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 $16.0 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 $703 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 $963 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.

83 Bank of America

			December 31, 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			$	1,242					$	—					$	—					$	—					$	1,242
Federal funds sold and securities borrowed or purchased under agreements to resell			—						672,313						—						(486,822)						185,491
Trading account assets:
U.S. Treasury and government agencies			83,234						3,036						—						—						86,270
Corporate securities, trading loans and other			—						59,456						1,922						—						61,378
Equity securities			77,225						39,110						322						—						116,657
Non-U.S. sovereign debt			5,745						41,014						240						—						46,999
Mortgage trading loans, MBS and ABS:
U.S. government-sponsored agency guaranteed			—						44,691						9						—						44,700
Mortgage trading loans, ABS and other MBS			—						10,024						926						—						10,950
Total trading account assets (2)			166,204						197,331						3,419						—						366,954
Derivative assets			18,469						269,936						3,802						(251,326)						40,881
AFS debt securities:
U.S. Treasury and government agencies			249,025						809						—						—						249,834
Mortgage-backed securities:
Agency			—						33,141						—						—						33,141
Agency-collateralized mortgage obligations			—						19,199						—						—						19,199
Non-agency residential			—						263						9						—						272
Commercial			—						38,472						22						—						38,494
Non-U.S. securities			235						31,488						44						—						31,767
Other taxable securities			—						6,026						278						—						6,304
Tax-exempt securities			—						7,787						—						—						7,787
Total AFS debt securities			249,260						137,185						353						—						386,798
Other debt securities carried at fair value:
U.S. Treasury and government agencies			3,285						—						—						—						3,285
Non-agency residential MBS			—						123						125						—						248
Non-U.S. and other securities			664						11,980						—						—						12,644
Total other debt securities carried at fair value			3,949						12,103						125						—						16,177
Loans and leases			—						3,422						76						—						3,498
Loans held-for-sale			—						2,216						55						—						2,271
Other assets (3)			3,742						3,198						2,118						—						9,058
Total assets (4)			$	442,866					$	1,297,704					$	9,948					$	(738,148)					$	1,012,370
Liabilities
Interest-bearing deposits in U.S. offices			$	—					$	1,223					$	—					$	—					$	1,223
Federal funds purchased and securities loaned or sold under agreements to repurchase			—						709,889						—						(486,822)						223,067
Trading account liabilities:
U.S. Treasury and government agencies			8,174						5						—						—						8,179
Equity securities			58,980						6,063						14						—						65,057
Non-U.S. sovereign debt			4,771						15,644						—						—						20,415
Corporate securities and other			—						12,214						119						—						12,333
Mortgage trading loans and ABS			—						12						—						—						12
Total trading account liabilities			71,925						33,938						133						—						105,996
Derivative liabilities			18,470						274,002						5,115						(255,511)						42,076
Short-term borrowings			—						8,011						40						—						8,051
Accrued expenses and other liabilities			4,656						4,312						28						—						8,996
Long-term debt			—						72,110						481						—						72,591
Total liabilities (4)			$	95,051					$	1,103,485					$	5,797					$	(742,333)					$	462,000

(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 $13.2 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 $27 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 $946 million.

(4)Total recurring Level 3 assets were 0.29 percent of total consolidated assets, and total recurring Level 3 liabilities were 0.19 percent of total consolidated liabilities.

						Bank of America 84

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 months ended March 31, 2026 and 2025, 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 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 March 31			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 March 31, 2026
Trading account assets:
Corporate securities, trading loans and other			$	1,922					$	115		$	4		$	609		$	(413)		$	29		$	(242)		$	267		$	(222)		$	2,069		$	72
Equity securities			322						(12)			—			32			(40)			—			—			12			(28)			286			(12)
Non-U.S. sovereign debt			240						(3)			7			7			(3)			—			(15)			13			—			246			(3)
Mortgage trading loans, MBS and ABS			935						(23)			—			190			(107)			—			(57)			116			(36)			1,018			(28)
Total trading account assets			3,419						77			11			838			(563)			29			(314)			408			(286)			3,619			29
Net derivative assets (liabilities) (4)			(1,313)						1,077			—			348			(473)			—			136			(520)			161			(584)			1,196
AFS debt securities:
Non-agency residential MBS			9						—			—			—			—			—			—			—			(9)			—			—
Commercial MBS			22						—			—			18			—			—			(1)			2			—			41			—
Non-U.S. and other taxable securities			322						—			—			5			—			—			(3)			—			(278)			46			—
Total AFS debt securities			353						—			—			23			—			—			(4)			2			(287)			87			—
Other debt securities carried at fair value – Non-agency residential MBS			125						—			—			—			—			—			—			—			(125)			—			—
Loans and leases (5)			76						—			—			—			—			—			(6)			—			—			70			(1)
Loans held-for-sale (5)			55						1			1			—			—			—			(5)			2			—			54			—
Other assets (6,7)			2,118						(30)			—			15			—			62			(101)			—			—			2,064			(34)
Trading account liabilities – Equity securities			(14)						—			—			4			(3)			—			—			(5)			—			(18)			—
Trading account liabilities – Corporate securities and other			(119)						(4)			—			(1)			—			(1)			30			(1)			4			(92)			(6)
Short-term borrowings (5)			(40)						33			—			—			—			(5)			2			—			—			(10)			(1)
Accrued expenses and other liabilities (5)			(28)						(53)			—			—			—			—			25			—			4			(52)			(53)
Long-term debt (5)			(481)						(66)			16			—			—			(45)			5			—			—			(571)			(66)
Three Months Ended March 31, 2025
Trading account assets:
Corporate securities, trading loans and other			$	1,814					$	122		$	1		$	514		$	(346)		$	8		$	(304)		$	203		$	(99)		$	1,913		$	35
Equity securities			374						9			—			56			(13)			—			(105)			45			(31)			335			1
Non-U.S. sovereign debt			344						49			15			16			—			—			(171)			—			(11)			242			49
Mortgage trading loans, MBS and ABS			978						3			—			87			(96)			—			(17)			93			(61)			987			17
Total trading account assets			3,510						183			16			673			(455)			8			(597)			341			(202)			3,477			102
Net derivative assets (liabilities) (4)			(1,961)						850			—			246			(377)			—			(43)			(254)			9			(1,530)			776
AFS debt securities:
Non-agency residential MBS			247						—			—			—			—			—			—			—			(240)			7			—
Commercial MBS			328						(2)			3			225			—			—			(90)			—			—			464			(2)
Non-U.S. and other taxable securities			36						—			(1)			506			—			—			(2)			—			—			539			—
Total AFS debt securities			611						(2)			2			731			—			—			(92)			—			(240)			1,010			(2)
Other debt securities carried at fair value – Non-agency residential MBS			149						2			—			—			—			—			(1)			—			(99)			51			(1)
Loans and leases (5)			82						1			—			—			—			—			(2)			44			—			125			1
Loans held-for-sale (5)			132						13			2			—			(14)			—			(10)			—			—			123			5
Other assets (6,7)			1,969						(18)			8			32			—			37			(69)			—			—			1,959			(35)
Trading account liabilities – Equity securities			(10)						3			—			3			—			—			—			(3)			2			(5)			3
Trading account liabilities – Corporate securities and other			(110)						(33)			—			(1)			(4)			—			10			(11)			1			(148)			(40)
Accrued expenses and other liabilities (5)			(89)						(7)			—			2			—			—			—			—			—			(94)			(7)
Long-term debt (5)			(553)						(23)			10			—			—			—			123			—			—			(443)			(23)

(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; 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 of $26 million and $25 million related to financial instruments still held at March 31, 2026 and 2025.

(4)Net derivative assets (liabilities) include derivative assets of $4.8 billion and $3.5 billion and derivative liabilities of $5.4 billion and $5.0 billion at March 31, 2026 and 2025.

(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.

85 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 March 31, 2026 and December 31, 2025.

Quantitative Information about Level 3 Fair Value Measurements at March 31, 2026
(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			$	179		Discounted cash flow, Market comparables			Yield			0% to 15%			8		%
Trading account assets – Mortgage trading loans, MBS and ABS			114			Prepayment speed			0% to 41% CPR			6% CPR
Loans and leases			65			Default rate			0% to 7% CDR			6% CDR
						Price			$0 to $115			$53
						Loss severity			0% to 82%			26		%
Instruments backed by commercial real estate assets			$	342		Discounted cash flow, Asset-based approach			Yield			0% to 5%			2		%
Trading account assets – Corporate securities, trading loans and other			239			Price			$0 to $101			$64
Trading account assets – Mortgage trading loans, MBS and ABS			45
AFS debt securities – Commercial			41
Loans held-for-sale			17
Commercial loans, debt securities and other			$	3,023		Discounted cash flow, Market comparables			Yield			0% to 24%			12		%
Trading account assets – Corporate securities, trading loans and other			1,830			Prepayment speed			20%			n/a
Trading account assets – Non-U.S. sovereign debt			246			Default rate			2%			n/a
Trading account assets – Mortgage trading loans, MBS and ABS			859			Loss severity			30%			n/a
AFS debt securities – Non-U.S. and other taxable securities			46			Price			$0 to $134			$61
Loans and leases			5
Loans held-for-sale			37
Other assets, primarily MSRs and tax-related equity investments			$	2,064		Discounted cash flow, Market comparables			Price			$10 to $95			$83
						Yield			9% to 11%			10		%
						Weighted-average life, fixed rate (5)			0 to 13 years			6 years
						Weighted-average life, variable rate (5)			0 to 10 years			4 years
						Option-adjusted spread, fixed rate			7% to 14%			9		%
						Option-adjusted spread, variable rate			9% to 15%			11		%
Structured liabilities
Long-term debt			$	(571)		Discounted cash flow, Market comparables			Yield			16% to 22%			20		%
						Price			$28 to $103			$93
						Natural gas forward price			$1/MMBtu to $7/MMBtu			$3 /MMBtu
Net derivative assets (liabilities)
Credit derivatives			$	50		Market comparables, Discounted cash flow, Stochastic recovery correlation model			Credit spreads			5 to 325 bps			41 bps
						Default rate			2% CDR			n/a
						Credit correlation			41% to 73%			62		%
						Price			$0 to $108			$63
Equity derivatives			$	(376)		Industry standard derivative pricing (3)			Equity correlation			0% to 100%			64%
						Long-dated equity volatilities			0% to 100%			39%
Commodity derivatives			$	(646)		Discounted cash flow			Natural gas forward price			$1/MMBtu to $7/MMBtu			$3/MMBtu
						Commodities volatilities			65% to 96%			78%
						Power forward price			$28 to $125			$54
Interest rate derivatives			$	388		Industry standard derivative pricing (4)			Correlation (IR/IR)			(35)% to 70%			45		%
						Correlation (FX/IR)			(10)% to 58%			25		%
						Long-dated inflation rates			0% to 17%			2		%
						Interest rate volatilities			0% to 1%			1		%
Total net derivative assets (liabilities)			$	(584)

(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 83: Trading account assets – Corporate securities, trading loans and other of $2.1 billion, Trading account assets – Non-U.S. sovereign debt of $246 million, Trading account assets – Mortgage trading loans, MBS and ABS of $1.0 billion, AFS debt securities of $87 million, Other assets of $2.1 billion, Loans and leases of $70 million and LHFS of $54 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 86

Quantitative Information about Level 3 Fair Value Measurements at December 31, 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			$	327		Discounted cash flow, Market comparables			Yield			0% to 15%			8		%
Trading account assets – Mortgage trading loans, MBS and ABS			120			Prepayment speed			0% to 40% CPR			7% CPR
Loans and leases			73			Default rate			0% to 7% CDR			7% CDR
AFS debt securities - Non-agency residential			9			Price			$0 to $115			$53
Other debt securities carried at fair value - Non-agency residential			125			Loss severity			0% to 81%			27		%
Instruments backed by commercial real estate assets			$	373		Discounted cash flow, Asset based approach			Yield			0% to 5%			2		%
Trading account assets – Corporate securities, trading loans and other			304			Price			$0 to $100			$42
Trading account assets – Mortgage trading loans, MBS and ABS			47
AFS debt securities – Commercial			22
Commercial loans, debt securities and other			$	3,006		Discounted cash flow, Market comparables			Yield			4% to 24%			13		%
Trading account assets – Corporate securities, trading loans and other			1,618			Prepayment speed			20%			n/a
Trading account assets – Non-U.S. sovereign debt			240			Default rate			2%			n/a
Trading account assets – Mortgage trading loans, MBS and ABS			768			Loss severity			30%			n/a
AFS debt securities – Non-U.S. and other taxable securities			322			Price			$0 to $137			$67
Loans and leases			3
Loans held-for-sale			55
Other assets, primarily MSRs and tax-related equity investments			$	2,118		Discounted cash flow, Market comparables			Price			$10 to $95			$84
						Yield			8% to 11%			9		%
						Weighted-average life, fixed rate (5)			0 to 14 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			$	(481)		Discounted cash flow, Market comparables			Yield			15% to 22%			20		%
						Price			$29 to $101			$93
						Natural gas forward price			$2/MMBtu to $6/MMBtu			$3/MMBtu
Net derivative assets (liabilities)
Credit derivatives			$	(3)		Market comparables, Discounted cash flow, Stochastic recovery correlation model			Credit spreads			5 to 245 bps			36 bps
						Default rate			2% CDR			n/a
						Credit correlation			40% to 74%			67		%
						Price			$0 to $111			$106
Equity derivatives			$	(1,018)		Industry standard derivative pricing (3)			Equity correlation			0% to 100%			68%
						Long-dated equity volatilities			0% to 104%			37%
Commodity derivatives			$	(664)		Discounted cash flow			Natural gas forward price			$2/MMBtu to $6/MMBtu			$3/MMBtu
						Commodities volatilities			49% to 53%			51		%
						Power forward price			$29 to $134			$56
Interest rate derivatives			$	372		Industry standard derivative pricing (4)			Correlation (IR/IR)			(35)% to 70%			45		%
						Correlation (FX/IR)			(5)% to 58%			26		%
						Long-dated inflation rates			G(1)% to 20%			2		%
						Long-dated inflation volatilities			5%			n/a
						Interest rates volatilities			(1)% to 1%			0		%
Total net derivative assets (liabilities)			$	(1,313)

(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 84: Trading account assets – Corporate securities, trading loans and other of $1.9 billion, Trading account assets – Non-U.S. sovereign debt of $240 million, Trading account assets – Mortgage trading loans, MBS and ABS of $935 million, AFS debt securities of $353 million, Other debt securities carried at fair value - Non-agency residential of $125 million, Other assets of $2.1 billion, Loans and leases of $76 million and LHFS of $55 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 2025 Annual Report on Form 10-K.

87 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 months ended March 31, 2026 and 2025.

Assets Measured at Fair Value on a Nonrecurring Basis
			March 31, 2026												Three Months Ended March 31, 2026
(Dollars in millions)			Level 2						Level 3						Gains (Losses)
Assets
Loans held-for-sale			$	65					$	196					$	(23)
Foreclosed properties (1)			—						48						(3)
			March 31, 2025												Three Months Ended March 31, 2025
Assets
Loans held-for-sale			$	85					$	229					$	55
Foreclosed properties (1)			—						43						—

(1)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.

The table below presents information about significant unobservable inputs utilized in the Corporation's nonrecurring Level 3 fair value measurements during the three months ended March 31, 2026.

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)			Three Months Ended March 31, 2026
Loans held-for-sale			$	196		Pricing model			Implied yield			12% to 38%			n/a

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

There were no significant Level 3 instruments held as of December 31, 2025 that had nonrecurring fair value measurements for the year ended December 31, 2025.

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 2025 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 March 31, 2026 and December 31, 2025, 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 months ended March 31, 2026 and 2025.

						Bank of America 88

Fair Value Option Elections
			March 31, 2026																		December 31, 2025
(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			$	228,013					$	227,926					$	87					$	185,491					$	185,324					$	167
Loans reported as trading account assets (1)			10,954						25,050						(14,096)						10,230						24,475						(14,245)
Trading inventory – other			14,279						n/a						n/a						16,791						n/a						n/a
Consumer and commercial loans			3,757						3,822						(65)						3,498						3,594						(96)
Loans held-for-sale (1)			5,431						5,951						(520)						2,271						2,868						(597)
Other assets			4,175						n/a						n/a						4,054						n/a						n/a
Long-term deposits			1,783						1,873						(90)						1,223						1,385						(162)
Federal funds purchased and securities loaned or sold under agreements to repurchase			227,301						227,323						(22)						223,067						223,087						(20)
Short-term borrowings			11,444						11,450						(6)						8,051						8,046						5
Unfunded loan commitments			68						n/a						n/a						67						n/a						n/a
Accrued expenses and other liabilities			2,981						2,957						24						3,767						3,628						139
Long-term debt			79,274						85,021						(5,747)						72,591						76,534						(3,943)

(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 March 31
			2026																		2025
(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			$	(89)					$	(2)					$	(91)					$	134					$	(2)					$	132
Loans reported as trading account assets			267						1						268						112						—						112
Trading inventory – other (1)			(2,515)						—						(2,515)						1,707						—						1,707
Consumer and commercial loans			137						(16)						121						18						1						19
Loans held-for-sale (2)			—						(32)						(32)						—						60						60
Short-term borrowings			155						—						155						41						—						41
Unfunded loan commitments			—						(1)						(1)						—						(9)						(9)
Accrued expenses and other liabilities			19						(95)						(76)						(7)						—						(7)
Long-term debt (3)			(1,039)						(10)						(1,049)						(255)						(12)						(267)
Other (4)			38						(26)						12						(115)						(10)						(125)
Total			$	(3,027)					$	(181)					$	(3,208)					$	1,635					$	28					$	1,663

(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 2025 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.

Gains (Losses) Related to Borrower-specific Credit Risk for Assets and Liabilities Accounted for Under the Fair Value Option
									Three Months Ended March 31
(Dollars in millions)															2026						2025
Loans reported as trading account assets															$	(86)					$	160
Consumer and commercial loans															(16)						—
Loans held-for-sale															(17)						1
Unfunded loan commitments															(1)						(9)

89 Bank of America

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 2025 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 March 31, 2026 and December 31, 2025 are presented in the table below.

Fair Value of Financial Instruments
									Fair Value
			Carrying Value						Level 2						Level 3						Total
(Dollars in millions)			March 31, 2026
Financial assets
Loans			$	1,168,824					$	48,769					$	1,105,422					$	1,154,191
Loans held-for-sale			10,944						10,347						597						10,944
Financial liabilities
Deposits (1)			2,037,663						2,038,779						—						2,038,779
Long-term debt			325,964						328,749						1,000						329,749
Commercial unfunded lending commitments (2)			1,229						68						6,676						6,744
			December 31, 2025
Financial assets
Loans			$	1,149,093					$	51,136					$	1,085,303					$	1,136,439
Loans held-for-sale			5,165						4,720						445						5,165
Financial liabilities
Deposits (1)			2,018,729						2,020,072						—						2,020,072
Long-term debt			317,816						323,681						725						324,406
Commercial unfunded lending commitments (2)			1,244						67						6,673						6,740

(1) Includes demand deposits of $1.1 trillion with no stated maturities at both March 31, 2026 and December 31, 2025.

(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 90

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 2025 Annual Report on Form 10-K. The following table 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 months ended March 31, 2026 and 2025, and total assets at March 31, 2026 and 2025 for each business segment, as well as All Other.

Results of Business Segments and All Other (1)
At and for the three months ended March 31									Total Corporation (2)												Consumer Banking												Global Wealth & Investment Management
(Dollars in millions)															2026						2025												2026						2025												2026						2025
Net interest income															$	15,907					$	14,588											$	8,993					$	8,505											$	1,862					$	1,765
Noninterest income															14,527						13,804												2,056						1,988												4,850						4,251
Total revenue, net of interest expense															30,434						28,392												11,049						10,493												6,712						6,016
Provision for credit losses															1,337						1,480												1,132						1,292												2						14
Noninterest expense
Compensation and benefits (3)												11,334						10,889												1,588						1,570												3,260						3,031
Other noninterest expense												7,197						6,881												4,249						4,256												1,678						1,628
Total noninterest expense												18,531						17,770												5,837						5,826												4,938						4,659
Income before income taxes															10,566						9,142												4,080						3,375												1,772						1,343
Income tax expense															1,982						1,782												1,020						844												443						336
Net income															$	8,584					$	7,360											$	3,060					$	2,531											$	1,329					$	1,007
Period-end total assets															$	3,496,186					$	3,349,039											$	1,058,618					$	1,054,637											$	336,511					$	329,816
															Global Banking												Global Markets												All Other
															2026						2025												2026						2025												2026						2025
Net interest income															$	3,230					$	3,151											$	1,861					$	1,189											$	(39)					$	(22)
Noninterest income															3,057						2,841												5,248						5,396												(684)						(672)
Total revenue, net of interest expense															6,287						5,992												7,109						6,585												(723)						(694)
Provision for credit losses															185						154												27						28												(9)						(8)
Noninterest expense
Compensation and benefits (3)												1,212						1,240												1,158						1,052												—						—
Other noninterest expense												2,011						1,944												3,212						2,759												163						290
Total noninterest expense												3,223						3,184												4,370						3,811												163						290
Income (loss) before income taxes															2,879						2,654												2,712						2,746												(877)						(976)
Income tax expense (benefit)															792						730												705						796												(978)						(924)
Net income (loss)															$	2,087					$	1,924											$	2,007					$	1,950											$	101					$	(52)
Period-end total assets															$	745,299					$	687,169											$	1,091,745					$	959,477											$	264,013					$	317,940

(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 $162 million and $145 million for the three months ended March 31, 2026 and 2025, 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.

91 Bank of America

The table below presents noninterest income and the associated components for the three months ended March 31, 2026 and 2025 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 March 31
(Dollars in millions)			2026						2025												2026						2025												2026						2025
Fees and commissions:
Card income
Interchange fees			$	865					$	916											$	665					$	710											$	(14)					$	(6)
Other card income			628						602												608						587												16						16
Total card income			1,493						1,518												1,273						1,297												2						10
Service charges
Deposit-related fees			1,306						1,228												638						618												15						13
Lending-related fees			368						333												—						—												17						14
Total service charges			1,674						1,561												638						618												32						27
Investment and brokerage services
Asset management fees			4,312						3,738												74						55												4,241						3,687
Brokerage fees			1,229						1,075												28						28												430						402
Total investment and brokerage services			5,541						4,813												102						83												4,671						4,089
Investment banking fees
Underwriting income			951						770												—						—												82						69
Syndication fees			337						369												—						—												—						—
Financial advisory services			553						384												—						—												—						—
Total investment banking fees			1,841						1,523												—						—												82						69
Total fees and commissions			10,549						9,415												2,013						1,998												4,787						4,195
Market making and similar activities			3,637						3,584												7						8												31						34
Other income (loss)			341						805												36						(18)												32						22
Total noninterest income			$	14,527					$	13,804											$	2,056					$	1,988											$	4,850					$	4,251
			Global Banking															Global Markets															All Other
			Three Months Ended March 31
			2026						2025												2026						2025												2026						2025
Fees and commissions:
Card income
Interchange fees			$	198					$	198											$	16					$	14											$	—					$	—
Other card income			4						4												—						—												—						(5)
Total card income			202						202												16						14												—						(5)
Service charges
Deposit-related fees			639						582												14						14												—						1
Lending-related fees			265						244												86						75												—						—
Total service charges			904						826												100						89												—						1
Investment and brokerage services
Asset management fees			—						—												—						—												(3)						(4)
Brokerage fees			11						18												760						627												—						—
Total investment and brokerage services			11						18												760						627												(3)						(4)
Investment banking fees
Underwriting income			373						322												547						453												(51)						(74)
Syndication fees			177						186												160						183												—						—
Financial advisory services			497						339												55						45												1						—
Total investment banking fees			1,047						847												762						681												(50)						(74)
Total fees and commissions			2,164						1,893												1,638						1,411												(53)						(82)
Market making and similar activities			81						66												3,721						3,622												(203)						(146)
Other income (loss)			812						882												(111)						363												(428)						(444)
Total noninterest income			$	3,057					$	2,841											$	5,248					$	5,396											$	(684)					$	(672)

						Bank of America 92

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.

93 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 94

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
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

95 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 2025 Annual Report on Form 10-K.