BANK OF AMERICA CORP DE
For the period ended Mar 31, 2024. Filed Apr 30, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 30, 2024
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All Other
| (Dollars in millions) · 2024 · 2023 · % Change | |||||||
|---|---|---|---|---|---|---|---|
| Net interest income | $38 | $97 | (61)% | ||||
| Noninterest income (loss) | (1,682) | (1,555) | 8 | ||||
| Total revenue, net of interest expense | (1,644) | (1,458) | 13 | ||||
| Provision for credit losses | (11) | 107 | (110) | ||||
| Noninterest expense | 994 | 407 | 144 | ||||
| Loss before income taxes | (2,627) | (1,972) | 33 | ||||
| Income tax benefit | (1,931) | (1,865) | 4 | ||||
| Net loss | $(696) | $(107) | n/m | ||||
| Balance Sheet | |||||||
| Average | 2024 | 2023 | % Change | ||||
| Total loans and leases | $8,872 | $10,077 | (12)% | ||||
| Total assets (1) | 354,484 | 172,725 | 105 | ||||
| Total deposits | 99,339 | 24,702 | n/m | ||||
| Period end | March 312024 | December 312023 | % Change | ||||
| Total loans and leases | $8,917 | $8,842 | 1% | ||||
| Total assets (1) | 343,658 | 346,356 | (1) | ||||
| Total deposits | 107,736 | 92,705 | 16 | ||||
(1)In segments where the total of liabilities and equity exceeds assets, which are generally deposit-taking segments, we allocate assets from All Other to those segments to match liabilities (i.e., deposits) and allocated shareholders’ equity. Average allocated assets were $958.0 billion and $1.0 trillion for the three months ended March 31, 2024 and 2023, and period-end allocated assets were $987.1 billion and $972.9 billion at March 31, 2024 and December 31, 2023.
All Other primarily consists of ALM activities, liquidating businesses and certain expenses not otherwise allocated to a business segment. ALM activities encompass interest rate and foreign currency risk management activities for which substantially all of the results are allocated to our business segments. For more information on our ALM activities, see Note 17 – Business Segment Information to the Consolidated Financial Statements.
The net loss in All Other increased $589 million to $696 million primarily due to higher noninterest expense.
Noninterest expense increased $587 million primarily due to a $700 million accrual for the increase in the Corporation’s estimated share of the FDIC special assessment, partially offset by lower expenses related to a liquidating business activity.
The income tax benefit increased$66 million to $1.9 billion due to higher tax preference benefits primarily related to tax credit investment activity. Both periods included income tax benefit adjustments to eliminate the FTEtreatment of certain tax credits recorded in Global Banking and Global Markets.
15 Bank of America
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