BANK OF AMERICA CORP DE

(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 $944.4 billion and $948.0 billion for the three and nine months ended September 30, 2024 compared to $955.7 billion and $981.8 billion for the same periods in 2023, and period-end allocated assets were $953.6 billion and $972.9 billion at September 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.

Results for All Other decreased$384 million to a net loss of$295 million compared to net income of $89 million for the same period a year ago, reflecting lower revenue and income tax benefit, partially offset by lower noninterest expense.

Revenue decreased $534 million to a net loss of $2.2 billion primarily due to a charge of $189 million related to Visa’s increase in its litigation escrow account and certain negative valuation adjustments.

Noninterest expense decreased $422 million to $171 million primarily due to lower expenses related to a liquidating business activity and lower technology expenses.

The income tax benefit decreased $251 million to $2.0 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 $1.0 billion to $1.2 billion primarily due to lower revenue and income tax benefit.

Revenue decreased $708 million to a net loss of $5.6 billion primarily due to the same factors as described in the three-month discussion and higher partnership losses on tax credit investments.

The income tax benefit decreased $338 million to$5.7 billion primarily due the same factor as described in the three-month discussion. Both periods included income tax benefit adjustments to eliminate the FTE treatment of certain tax credits recorded in Global Banking and Global Markets.