1 Q1-21 Financial Highlights1 Q1-21 Business Segment Highlights1,2(C) Consumer Banking Global Wealth and Investment Management Global Banking Global Markets Bank of America Reports Q1 Net Income of $8.1 Billion, EPS of $0.86 Provision for Credit Losses Benefit of $1.9 Billion Reflects a $2.7 Billion Reserve Release(A) CET1 Ratio Improved to 11.8%, Average Deposits up $366 Billion to $1.8 Trillion(B) 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 17. 4 Source: Dealogic as of April 1, 2021. Global Capital Raise includes Equity, Debt, Loans (MBS, ABS, and self-funded deals are excluded). Shown on a proportional share basis. • Net income of $2.7 billion • Deposits up 25% to $924 billion; loans down 8% to $291 billion • Record Consumer investment assets up $112 billion, or 53%, to $324 billion, driven by market valuations and client flows of $25 billion since Q1-20 • Client Support Actions: – ~473,000 Paycheck Protection Program loans to small business owners since inception, including ~130,000 in Q1-21; ~$21 billion in outstanding balances – 70% of overall households actively using digital platforms • Net income of $8.1 billion, or $0.86 per diluted share • Revenue, net of interest expense, increased 0.2% to $22.8 billion – Net interest income (NII)(D) declined 16% to $10.2 billion, driven primarily by lower interest rates – Noninterest income rose 19% to $12.6 billion, reflecting strong capital markets results, as well as higher investment and brokerage income • Provision for credit losses decreased $6.6 billion to a benefit of $1.9 billion, reflecting a reserve release of $2.7 billion amid an improved macroeconomic outlook and balance declines(A) • Noninterest expense rose 15% to $15.5 billion, driven by elevated net COVID-19 costs; an acceleration of expenses due to incentive compensation award changes; an impairment charge for real estate rationalization; higher revenue-related expenses; higher severance costs and special compensation awards for associates • Loan and lease balances in the business segments declined 7% to $887 billion, driven primarily by declines in commercial loans and lower card balances • Deposits rose $366 billion, or 25%, to $1.8 trillion • Common equity tier 1 (CET1) ratio increased 102 basis points YoY to 11.8% (Standardized)(B) • Average Global Liquidity Sources rose $438 billion, or 78%, to a record $1.0 trillion, reflecting strong deposit balance growth(E) • Returned $5 billion of capital to shareholders through common dividends and share repurchases • Return on average common shareholders' equity ratio of 12.3%; return on average tangible common shareholders' equity ratio of 17.1%3 • Book value per common share rose 4% to $29.07; tangible book value per common share rose 6% to $20.903 • Net income of $2.1 billion • Sales and trading revenue of $5.1 billion, including net debit valuation adjustment (DVA) losses of $2 million • Excluding net DVA, sales and trading revenue of $5.1 billion increased 17% – FICC increased 22% to $3.3 billion(F) – Equities increased 10% to $1.8 billion(F) • Client Support Action: – Supported clients by providing liquidity and a strong and resilient trading platform From Chairman and CEO Brian Moynihan "Our team produced exceptional results this quarter: record or near-record levels of deposits, investment flows, investment banking revenue, digital users and client engagement. Meanwhile, brand loyalty, customer satisfaction and employee engagement reached new highs. "While low interest rates continued to challenge revenue, credit costs improved and we believe that progress in the health crisis and the economy point to an accelerating recovery. "The strength of our balance sheet, our complementary and diverse set of businesses, and our talented teammates position us to perform well in that environment." • Net income of $881 million • Record client balances of $3.5 trillion, up $822 billion, or 31%, driven by higher market valuations and positive client flows; including Consumer Investments, total client balances of $3.9 trillion, up 32% • Deposits up 24% to $326 billion; loans up 6% to $188 billion • Merrill Lynch added ~6,400 net new households, up 26% QoQ • Private Bank added ~675 net new relationships, up 74% QoQ • Client Support Actions: – 183,000 wealth planning reports generated for clients and prospects in Q1, up 26% QoQ – Private Bank 1,800+ client interactions per day, up 10% QoQ, including ~300 prospect meetings per day • Net income of $2.2 billion • Record Firmwide investment banking fees (excl. self-led) of $2.2 billion, up 62% – Record equity underwriting fees of $900 million, up 218% – Advisory fees of $400 million, up 49% • Deposits up 27% to $487 billion; loans down 15% to $330 billion • Client Support Actions: – Raised $245 billion in capital on behalf of clients4


The following information was filed by Bank Of America Corp (BAC) on Thursday, April 15, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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