BANK OF AMERICA CORP DE
For the period ended Sep 30, 2024. Filed Oct 29, 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.
Sep 30, 2024 · Filed Oct 29, 2024
Contents
Recent Developments
Capital Management
In June 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, which included preliminary stress capital buffers (SCBs) that were finalized in August 2024. Based on the results, our SCB increased to 3.2 percent from 2.5 percent, resulting in a minimum Common equity tier 1 (CET1) capital ratio requirement of 10.7 percent effective October 1, 2024. As of September 30, 2024, our CET1 capital ratio was 11.8 percent under the Standardized approach.
On July 24, 2024, the Corporation’s Board of Directors (the Board) authorized a $25 billion common stock repurchase program, effective August 1, 2024, which replaced the Corporation’s previous repurchase program. For more information, see Capital Management – CCAR and Capital Planning on page 21.
On October 16, 2024, the Board declared a quarterly common stock dividend of $0.26 per share, payable on December 27, 2024 to shareholders of record as of December 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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