BANK OF AMERICA CORP /DE/

Consumer Banking offers a diversified range of lending, deposit and investment products and services to consumers and small businesses. For more information about Consumer Banking, see Business Segment Operations in the MD&A of the Corporation’s 2025 Annual Report on Form 10-K.

Consumer Banking Results

Net income for Consumer Banking increased $529 million to $3.1 billion compared to the same period in 2025 primarily due to higher revenue and lower provision for credit losses. Net interest income increased $488 million to $9.0 billion primarily

driven by higher deposit spreads, as well as loan and deposit balances. Noninterest income increased $68 million to $2.1 billion, primarily due to results from the allocation of asset and liability management (ALM) activities.

The provision for credit losses decreased $160 million to $1.1 billion primarily due to improved asset quality in credit card. Noninterest expense remained relatively unchanged at $5.8 billion.

The return on average allocated capital was 27 percent, up from 23 percent, due to higher net income, partially offset by an increase in allocated capital. For information on capital allocated to the business segments, see Business Segment Operations on page 8.

Average loans and leases increased $7.1 billion to $322.2 billion due to growth across all products.

Average deposits increased $3.3 billion to$950.8 billion primarily due to net inflows of $9.1 billion in checking and $7.9 billion in time deposits, partially offset by net outflows of $13.8 billion in money market and other savings.

Consumer investment assets increased $75.6 billion to $573.3 billion driven by higher market valuations and positive net client flows.

Key Statistics

The table below provides key performance indicators for deposit spreads, other period-end information, credit and debit card and loan production activities.

(1)Includes client brokerage assets, deposit sweep balances, brokered CDs and AUM in Consumer Banking.

(2)Represents mobile and/or online active users over the past 90 days.

(3)Represents mobile active users over the past 90 days.

(4)Includes consumer credit card portfolios in Consumer Banking and GWIM.

(5)Calculated as the effective annual percentage rate divided by average loans.

(6)Calculated as the difference between total revenue, net of interest expense, and net charge-offs divided by average loans.

(7)The loan production amounts represent the unpaid principal balance of loans and, in the case of home equity, the principal amount of the total line of credit.

(8)In addition to loan production in Consumer Banking, there is also first mortgage and home equity loan production in GWIM.

Active mobile banking users increased by more than one million, reflecting client growth and continuing changes in our clients’ banking preferences. We had a net decrease of 141 financial centers and an increase of 36 ATMs as we continued to optimize our consumer banking network.

During the three months ended March 31, 2026, the total risk-adjusted margin increased one basis point primarily driven by lower net charge-offs, largely offset by lower card-related fee income and lower net interest margin due to loan balance mix. Total credit card purchase volumes increased $4.8 billion to $93.0 billion, and debit card purchase volumes increased $11.7 billion to $151.9 billion, reflecting higher levels of consumer spending.

During the three months ended March 31, 2026, first mortgage loan originations for Consumer Bankingand the total Corporation increased $1.2 billion and $1.9 billion compared to the same period in 2025 primarily driven by higher demand.

During the three months ended March 31, 2026, home equity production in Consumer Banking and the total Corporation increased $166 million and $248 million compared to the same period in 2025 primarily driven by higher demand.

9 Bank of America