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Cover and table of contents

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Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2026

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the transition period from to

Commission file number:

1-6523

Exact name of registrant as specified in its charter:

Bank of America Corporation

State or other jurisdiction of incorporation or organization:

Delaware

IRS Employer Identification No.:

56-0906609

Address of principal executive offices:

Bank of America Corporate Center

100 N. Tryon Street

Charlotte, North Carolina 28255

Registrant’s telephone number, including area code:

(704) 386-5681

Former name, former address and former fiscal year, if changed since last report:

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareBACNew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a shareBAC PrENew York Stock Exchange
of Floating Rate Non-Cumulative Preferred Stock, Series E
Depositary Shares, each representing a 1/1,000th interest in a shareBAC PrBNew York Stock Exchange
of 6.000% Non-Cumulative Preferred Stock, Series GG
Depositary Shares, each representing a 1/1,000th interest in a shareBAC PrKNew York Stock Exchange
of 5.875% Non-Cumulative Preferred Stock, Series HH
7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series LBAC PrLNew York Stock Exchange
Depositary Shares, each representing a 1/1,200th interest in a shareBML PrGNew York Stock Exchange
of Bank of America Corporation Floating Rate
Non-Cumulative Preferred Stock, Series 1
Title of each classTrading Symbol(s)Name of each exchange on which registered
Depositary Shares, each representing a 1/1,200th interest in a shareBML PrHNew York Stock Exchange
of Bank of America Corporation Floating Rate
Non-Cumulative Preferred Stock, Series 2
Depositary Shares, each representing a 1/1,200th interest in a shareBML PrJNew York Stock Exchange
of Bank of America Corporation Floating Rate
Non-Cumulative Preferred Stock, Series 4
Depositary Shares, each representing a 1/1,200th interest in a shareBML PrLNew York Stock Exchange
of Bank of America Corporation Floating Rate
Non-Cumulative Preferred Stock, Series 5
Floating Rate Preferred Hybrid Income Term Securities of BAC CapitalBAC/PFNew York Stock Exchange
Trust XIII (and the guarantee related thereto)
5.63% Fixed to Floating Rate Preferred Hybrid Income Term SecuritiesBAC/PGNew York Stock Exchange
of BAC Capital Trust XIV (and the guarantee related thereto)
Income Capital Obligation Notes initially due December 15, 2066 ofMER PrKNew York Stock Exchange
Bank of America Corporation
Senior Medium-Term Notes, Series A, Step Up Callable Notes, dueBAC/31BNew York Stock Exchange
November 28, 2031 of BofA Finance LLC (and the guarantee
of the Registrant with respect thereto)
Depositary Shares, each representing a 1/1,000th interest in a share ofBAC PrMNew York Stock Exchange
5.375% Non-Cumulative Preferred Stock, Series KK
Depositary Shares, each representing a 1/1,000th interest in a shareBAC PrNNew York Stock Exchange
of 5.000% Non-Cumulative Preferred Stock, Series LL
Depositary Shares, each representing a 1/1,000th interest in a share ofBAC PrONew York Stock Exchange
4.375% Non-Cumulative Preferred Stock, Series NN
Depositary Shares, each representing a 1/1,000th interest in a share ofBAC PrPNew York Stock Exchange
4.125% Non-Cumulative Preferred Stock, Series PP
Depositary Shares, each representing a 1/1,000th interest in a share ofBAC PrQNew York Stock Exchange
4.250% Non-Cumulative Preferred Stock, Series QQ
Depositary Shares, each representing a 1/1,000th interest in a shareBAC PrSNew York Stock Exchange
of 4.750% Non-Cumulative Preferred Stock, Series SS

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☑Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2).

Yes ☐ No ☑

On July 30, 2026, there were 6,992,748,365 shares of Bank of America Corporation Common Stock outstanding.

Bank of America Corporation and Subsidiaries

June 30, 2026

Form 10-Q

INDEX

Part I. Financial Information

Item 1. Financial StatementsPage
Consolidated Statement of Income47
Consolidated Statement of Comprehensive Income47
Consolidated Balance Sheet48
Consolidated Statement of Changes in Shareholders’ Equity49
Consolidated Statement of Cash Flows50
Notes to Consolidated Financial Statements51
Note 1 – Summary of Significant Accounting Principles51
Note 2 – Net Interest Income and Noninterest Income52
Note 3 – Derivatives53
Note 4 – Securities60
Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses63
Note 6 – Securitizations and Other Variable Interest Entities74
Note 7 – Goodwill and Intangible Assets79
Note 8 – Leases79
Note 9 – Securities Financing Agreements, Collateral and Restricted Cash80
Note 10 – Commitments and Contingencies81
Note 11 – Shareholders’ Equity84
Note 12 – Accumulated Other Comprehensive Income (Loss)85
Note 13 – Earnings Per Common Share86
Note 14 – Fair Value Measurements86
Note 15 – Fair Value Option93
Note 16 – Fair Value of Financial Instruments95
Note 17 – Business Segment Information96
Glossary100
Acronyms102
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Executive Summary3
Recent Developments3
Financial Highlights4
Supplemental Financial Data6
Business Segment Operations10
Consumer Banking10
Global Wealth & Investment Management12
Global Banking14
Global Markets16
All Other18
Managing Risk19
Capital Management19
Liquidity Risk23
Credit Risk Management27
Consumer Portfolio Credit Risk Management27
Commercial Portfolio Credit Risk Management32
Non-U.S. Portfolio38
Allowance for Credit Losses39
Market Risk Management41
Trading Risk Management41
Interest Rate Risk Management for the Banking Book43
Mortgage Banking Risk Management45
Critical Accounting Estimates45
Current Accounting Developments45
Non-GAAP Reconciliations46
Item 3. Quantitative and Qualitative Disclosures about Market Risk46
Item 4. Controls and Procedures46
1 Bank of America

Part II. Other Information

Item 1. Legal Proceedings103
Item 1A. Risk Factors103
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds103
Item 5. Other Information103
Item 6. Exhibits104
Signature104

Next: Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations