1 Bank of America Reports Q4 Net Income of $5.5 Billion, EPS of $0.59 CET1 Ratio Improved to 11.9%, Average Deposits up $327 billion to $1.7 trillion(A) Full-Year 2020 Net Income of $17.9 billion, EPS of $1.87 Q4-20 Financial Highlights1 Q4-20 Business Segment Highlights1,2(C) Consumer Banking Global Wealth and Investment Management Global Banking Global Markets See page 10 for endnotes. 1 Financial Highlights and Business Segment Highlights are compared to the year-ago quarter unless noted. Loan and deposit balances are shown on an average basis unless noted. 2 The Corporation reports the results of operations of its four business segments and All Other on a fully taxable-equivalent (FTE) basis. 3 Tangible book value per common share and Tangible common equity ratio represent non-GAAP financial measures. For more information, see page 18. • Net income of $2.6 billion • Deposits up 23% to $885 billion; loans down 2% to $305 billion • Consumer investment assets up 27% to $306 billion; record client flows of $26 billion since Q4-19 • Client Support Actions: – ~343,000 Paycheck Protection Program loans to small business owners in 2020; ~$23 billion in outstanding balances – Processed ~2 million payment deferrals in 2020, of which ~77,000 were still in place as of December 31 • Net income of $5.5 billion, or $0.59 per diluted share • Revenue, net of interest expense, decreased 10% to $20.1 billion – Net interest income (NII)(B) declined 16% to $10.3 billion, driven by lower interest rates – Noninterest income declined 4% to $9.8 billion, reflecting a decline in other income while trading and investment banking results improved • Provision for credit losses decreased to $53 million, reflecting a reserve release of $828 million(H) • Noninterest expense increased 5% to $13.9 billion, driven primarily by higher net COVID-19 costs • Loan and lease balances in the business segments declined $23 billion, or 2%, to $913 billion, driven primarily by lower card balances and declines in commercial loans • Deposits rose $327 billion, or 23%, to $1.7 trillion • Common equity tier 1 (CET1) ratio increased 76 basis points YoY to 11.9% (Standardized)(A) • Average Global Liquidity Sources rose $367 billion, or 64%, to $943 billion(D) • Book value per common share rose 5% to $28.72; tangible book value per common share rose 6% to $20.603 • Return on average common shareholders' equity ratio of 8.4%; return on average tangible common shareholders' equity ratio of 11.7%3 • Net income of $791 million • Sales and trading revenue of $3.0 billion, including net debit valuation adjustment (DVA) losses of $56 million • Excluding net DVA, sales and trading revenue of $3.1 billion increased 7%, led by Equities(F) • Client Support Action: – Supported clients by providing liquidity and a strong and resilient trading platform From Chairman and CEO Brian Moynihan: "During 2020, we witnessed the dramatic effects of the health crisis on the economy and our company's operations. In the fourth quarter, we continued to see signs of a recovery, led by increased consumer spending, stabilizing loan demand by our commercial customers, and strong markets and investing activity. The latest stimulus package, continued progress on vaccines, and our talented teammates – who performed well helping their customers through this crisis – position us well as the recovery continues. "In the fourth quarter, we saw higher net interest income, higher Consumer revenue, record asset management fees, strong results from our Global Markets teams, and a stronger balance sheet. In 2020, we earned nearly $18 billion and achieved several key strategic objectives: gaining market share in deposits, expanding our digital leadership, and adding thousands of wealth management clients. In addition, we gained market share in investment banking and supported clients with liquidity and superior trading execution. "Also we made progress in support of our communities, committing $300 million of our $1 billion four-year initiative to help drive racial equality and economic opportunity." • Net income of $836 million • Record client balances of more than $3.3 trillion, up 10%, driven by higher market valuations and client flows • Deposits up 20% to $306 billion; loans up 7% to $187 billion • Merrill added ~22,000 net new households in 2020, and Private Bank added ~1,800 net new relationships in 2020 • Client Support Actions: – 77% of Wealth Management clients used online or mobile platforms – Record 137K WebEx meetings hosted by Merrill Lynch Wealth Management Financial Advisors, nearly 8 times Q4-19 levels – Private Bank averaged 1,800+ client interactions per day in 2020 • Net income of $1.7 billion • Firmwide investment banking fees (excl. self-led) up 26% to $1.9 billion; record 2020 investment banking fees of $7.2 billion • Improved industry ranking for investment banking fees to No. 3 for 2020(E) • Deposits up 26% to $478 billion; loans down 8% to $346 billion • Client Support Actions: – Raised $772 billion in capital in 2020 on behalf of clients


The following information was filed by Bank Of America Corp (BAC) on Tuesday, January 19, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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