BANK OF AMERICA CORP DE
For the period ended Jun 30, 2024. Filed Jul 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.
Jun 30, 2024 · Filed Jul 30, 2024
Contents
Recent Developments
Capital Management
On June 26, 2024, the Board of Governors of the Federal Reserve System (Federal Reserve) announced the results of the 2024 Comprehensive Capital Analysis and Review (CCAR) supervisory stress tests. Based on the results, our stress capital buffer (SCB) is expected to be 3.2 percent, and the Common equity tier 1 (CET1) minimum requirement will be 10.7 percent when finalized. The new SCB will be effective from October 1, 2024 through September 30, 2025.
On July 24, 2024, the Corporation’s Board of Directors (the Board) authorized a $25 billion common stock repurchase program, effective August 1, 2024, to replace the Corporation’s existing program, which will expire on the same date. For more information, see Capital Management – CCAR and Capital Planning on page 21. The Board also declared a quarterly common stock dividend of $0.26 per share, an increase of eight percent compared to the prior dividend, payable on September 27, 2024 to shareholders of record as of September 6, 2024.
For more information on our capital resources and regulatory developments, see Capital Management beginning on page 21.
3 Bank of America
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