BANK OF AMERICA CORP DE

For the period ended Jun 30, 2024. Filed Jul 30, 2024.

About this filing

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.

Jun 30, 2024 · Filed Jul 30, 2024

BAC$50.55+2.3%Stored close · as of Nov 9, 2026

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Contents

All Other

Three Months Ended June 30 · Six Months Ended June 30
(Dollars in millions) · 2024 · 2023 · % Change · 2024 · 2023 · % Change
Net interest income	$6		$64		(91)%			$44			$161			(73)%
Noninterest income (loss)	(1,761)		(1,831)		(4)			(3,443)			(3,386)			2
Total revenue, net of interest expense	(1,755)		(1,767)		(1)			(3,399)			(3,225)			5
Provision for credit losses	(2)		(160)		(99)			(13)			(53)			(75)
Noninterest expense	261		492		(47)			1,255			899			40
Loss before income taxes	(2,014)		(2,099)		(4)			(4,641)			(4,071)			14
Income tax benefit	(1,764)		(1,917)		(8)			(3,695)			(3,782)			(2)
Net loss	$(250)		$(182)		37			$(946)			$(289)			n/m
Balance Sheet
Three Months Ended June 30 · Six Months Ended June 30
Average	2024	2023		% Change	2024		2023		% Change
Total loans and leases	$8,598		$9,745		(12)%			$8,735			$9,910			(12)%
Total assets (1)	381,539		276,728		38			368,010			225,014			64
Total deposits	115,766		42,881		n/m		107,552			33,842			n/m
Period end					June 302024		December 312023		% Change
Total loans and leases					$8,285			$8,842			(6)%
Total assets (1)						392,181			346,356			13
Total deposits					121,059			92,705			31

(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 $941.7 billion and $949.8 billion for the three and six months ended June 30, 2024 compared to $977.8 billion and $995.1 billion for the same periods in 2023, and period-end allocated assets were $931.1 billion and $972.9 billion at June 30, 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 $68 million to $250 million primarily due to a lower income tax benefit, partially offset by lower noninterest expense.

Noninterest expense decreased $231 million to $261 million primarily due to lower expenses related to a liquidating business activity.

The income tax benefit decreased $153 million to $1.8 billion due to lower tax preference benefits primarily related to

tax credit investment activity. Both periods included income tax benefit adjustments to eliminate the FTE treatment of certain tax credits recorded in Global Banking and Global Markets.

The net loss in All Other increased $657 million to $946 million primarily due to higher noninterest expense.

Noninterest expense increased $356 million to $1.3 billion 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 was $3.7 billion, relatively unchanged from the same period a year ago. Both periods included income tax benefit adjustments to eliminate the FTEtreatment of certain tax credits recorded in Global Banking and Global Markets.

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