BANK OF AMERICA CORP DE

For information on our credit risk management activities, see the following: Consumer Portfolio Credit Risk Management on page 24, Commercial Portfolio Credit Risk Management on page 28, Non-U.S. Portfolio on page 34, Allowance for Credit Losses on page 35, Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements, and Credit Risk Management in the MD&A of the Corporation’s 2023 Annual Report on Form 10-K. For information on the Corporation’s loan modification programs, see Note 1 – Summary of Significant Accounting Principles and Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses to the Consolidated Financial Statements. For more information on the Corporation’s credit risks, see the Credit section within Item 1A. Risk Factors of the Corporation’s 2023 Annual Report on Form 10-K.

During thethree months ended March 31, 2024, our net charge-off ratio increased primarily driven by credit card loans and the commercial real estate office portfolio. In addition, nonperforming loans increased compared to December 31, 2023 driven by the commercial real estate office property type, while commercial reservable criticized exposure increased driven by an increase across a broad range of industries in commercial excluding commercial real estate. Uncertainty remains regarding broader economic impacts as a result of inflationary pressures, elevated rates and the current geopolitical environment and

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could lead to adverse impacts to credit quality metrics in future periods.