1 Bank of America Reports Record Quarterly Earnings of $6.9 Billion, EPS $0.62 Pretax Earnings of $8.4 Billion, up 15%, on Strong Operating Leverage Q1-18 Financial Highlights1 Q1-18 Business Segment Highlights1 Consumer Banking Global Wealth and Investment Management Global Banking Global Markets 1 Financial Highlights and Business Segment Highlights compare to the year-ago quarter unless noted. Loan and deposit balances are shown on an average basis unless noted. 2 On December 22, 2017, the Tax Cuts and Jobs Act (the Tax Act) was enacted, which included a lower U.S. corporate tax rate effective in 2018. 3 Represents a non-GAAP financial measure. For additional information (including reconciliation information), see endnote B. • Revenue rose 9% to $9.0 billion • Loans up 8%; deposits up 6% • Merrill Edge brokerage assets up 18% • Active mobile banking users increased 12% to 24.8 million • Combined credit/debit spend up 9% to $137 billion • Pretax income up 15% to $8.4 billion • Net income up 30% to a record $6.9 billion • Diluted earnings per share up 38% to $0.62 • Revenue, net of interest expense, increased 4% to $23.1 billion – Net interest income (NII) increased $550 million, or 5%, to $11.6 billion, reflecting benefits from higher interest rates, as well as loan and deposit growth(A) – Noninterest income increased $327 million, or 3%, to $11.5 billion, reflecting strength in Equities and higher asset management fees • Provision for credit losses stable at $834 million • Noninterest expense declined $196 million, or 1%, to $13.9 billion; efficiency ratio improved to 60% • The Tax Act resulted in an ongoing reduction to the effective tax rate of approximately 9 percentage points2 • Average loan balances in business segments rose $45 billion, or 5%, to $864 billion • Average deposit balances rose $41 billion, or 3%, to a record $1.3 trillion, led by Consumer Banking • Solid financial returns – Return on average assets 1.21% – Return on average common shareholders’ equity 10.8% – Return on average tangible common shareholders’ equity 15.3%3 • Revenue rose 6% to $4.9 billion • Total client balances increased $140 billion to $2.7 trillion • Loans increased 7% to $159 billion • Record pretax margin of 29% • Revenue of $4.9 billion • Loans increased 3% to $352 billion, driven by international and domestic C&I lending • Deposits increased 6% to $324 billion • Efficiency ratio remained low at 44% • Sales and trading revenue of $4.1 billion, including net debit valuation adjustment (DVA) of $64 million • Excluding net DVA, sales and trading revenue up 1% to $4.1 billion (C) – Equities up 38% to $1.5 billion(C) – FICC down 13% to $2.5 billion vs. strong year-ago quarter(C) CEO Commentary "Our responsible growth model continues to deliver consistent results. Strong client activity, coupled with a growing global economy and solid U.S. consumer activity, led to record quarterly earnings. We grew loans in our business segments by $45 billion and increased deposits by $41 billion. We continue to invest in new capabilities in our mobile banking app, the expansion and renovation of our financial centers, and the hiring of additional client relationship professionals. We believe these investments, and our focus on operational excellence, will drive sustainable growth over time.” — Brian Moynihan, Chief Executive Officer Financial Highlights Three months ended ($ in billions, except per share data) 3/31/2018 12/31/2017 3/31/2017 Total revenue, net of interest expense $23.1 $20.4 $22.2 Net income 6.9 2.4 5.3 Diluted earnings per share $0.62 $0.20 $0.45 Return on average assets 1.21% 0.41% 0.97% Return on average common shareholders’ equity 10.85 3.29 8.09 Return on average tangible common shareholders’ equity3 15.26 4.56 11.44 Efficiency ratio 60 65 63


The following information was filed by Bank Of America Corp (BAC) on Monday, April 16, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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