BANK OF AMERICA CORP DE
For the period ended Mar 31, 2025. Filed Apr 30, 2025.
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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.
Mar 31, 2025 · Filed Apr 30, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Consumer Banking
| (Dollars in millions) · 2025 · 2024 · % Change | |||||
|---|---|---|---|---|---|
| Net interest income | $8,505 | $8,197 | 4% | ||
| Noninterest income: | |||||
| Card income | 1,297 | 1,272 | 2 | ||
| Service charges | 618 | 578 | 7 | ||
| All other income | 73 | 119 | (39) | ||
| Total noninterest income | 1,988 | 1,969 | 1 | ||
| Total revenue, net of interest expense | 10,493 | 10,166 | 3 | ||
| Provision for credit losses | 1,292 | 1,150 | 12 | ||
| Noninterest expense | 5,826 | 5,475 | 6 | ||
| Income before income taxes | 3,375 | 3,541 | (5) | ||
| Income tax expense | 844 | 885 | (5) | ||
| Net income | $2,531 | $2,656 | (5) | ||
| Effective tax rate | 25.0% | 25.0% | |||
| Net interest yield | 3.48 | 3.31 | |||
| Efficiency ratio | 55.53 | 53.86 | |||
| Return on average allocated capital | 23 | 25 | |||
| Balance Sheet | |||||
| Average | 2025 | 2024 | % Change | ||
| Total loans and leases | $315,038 | $313,038 | 1% | ||
| Total earning assets | 992,252 | 995,556 | — | ||
| Total assets | 1,029,320 | 1,033,101 | — | ||
| Total deposits | 947,550 | 952,466 | (1) | ||
| Allocated capital | 44,000 | 43,250 | 2 | ||
| Period end | March 312025 | December 312024 | % Change | ||
| Total loans and leases | $318,337 | $318,754 | —% | ||
| Total earning assets | 1,016,785 | 995,369 | 2 | ||
| Total assets | 1,054,637 | 1,034,370 | 2 | ||
| Total deposits | 972,064 | 952,311 | 2 | ||
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 2024 Annual Report on Form 10-K.
Net income for Consumer Banking decreased $125 million to $2.5 billion due to higher noninterest expense and higher provision for credit losses, partially offset by higher revenue. Net interest income increased $308 million to $8.5 billion primarily driven by higher deposit spreads and loan balances, partially
offset by one less day of interest accrual. Noninterest income was $2.0 billion, relatively unchanged from the same period a year ago.
The provision for credit losses increased $142 million to $1.3 billion primarily due to credit card. Noninterest expense increased $351 million to $5.8 billion primarily driven by investments in the business, including operations, people and technology.
The return on average allocated capital was 23 percent, down from 25 percent, due to an increase in allocated capital and lower net income. For information on capital allocated to the business segments, see Business Segment Operations on page 8.
Average loans and leases increased $2.0 billion to $315.0 billion largely due to growth in small business loans.
Average deposits decreased$4.9 billion to$947.6 billion primarily due to net outflows of $24.6 billion in money market
savings, partially offset by growth in time deposits of $21.4 billion.
Consumer investment assets increased $41.3 billion to $497.7 billion driven by positive net client flows and market performance.
Key Statistics
The table below provides key performance indicators for deposit spreads, other period-end information, credit and debit card and loan production activities.
| Key Statistics | ||
|---|---|---|
| Three Months Ended March 31 | ||
| (Dollars in millions) | 2025 | 2024 |
| Deposit Spreads | ||
| Total deposit spreads (excludes noninterest costs) | 2.85% | 2.69% |
| Period end | ||
| Consumer investment assets (in millions) (1) | $497,680 | $456,391 |
| Active digital banking users (in thousands) (2) | 49,028 | 47,079 |
| Active mobile banking users (in thousands) (3) | 40,492 | 38,544 |
| Financial centers | 3,681 | 3,804 |
| ATMs | 14,866 | 15,028 |
| Credit and Debit Card | ||
| Total credit card (4) | ||
| Gross interest yield (5) | 12.12% | 12.24% |
| Risk-adjusted margin (6) | 6.68 | 6.81 |
| New accounts (in thousands) | 913 | 998 |
| Purchase volumes | $88,208 | $87,011 |
| Debit card purchase volumes | $140,197 | $132,407 |
| Loan Production (7) | ||
| Consumer Banking: | ||
| First mortgage | $1,857 | $1,688 |
| Home equity | 1,834 | 1,600 |
| Total (8): | ||
| First mortgage | $4,508 | $3,443 |
| Home equity | 2,214 | 1,891 |
(1)Includes client brokerage assets, deposit sweep balances, Bank of America, N.A. 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 credit losses 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 approximately two million, reflecting client growth and continuing changes in our clients’ banking preferences. We had a net decrease of 123 financial centers and 162 ATMs as we continued to optimize our consumer banking network.
During the three months ended March 31, 2025, the total risk-adjusted margin decreased 13 basis points (bps) compared to the same period in 2024 primarily driven by higher net credit losses, partially offset by higher net interest margin and higher net fee income. Total credit card purchase volumes increased $1.2 billion to $88.2 billion, and debit card purchase volumes increased $7.8 billion to $140.2 billion, reflecting higher levels of consumer spending.
During the three months ended March 31, 2025, first mortgage loan originations for Consumer Bankingand the total Corporation increased$169 million and$1.1 billion compared to the same period in 2024 primarily driven by higher demand.
During the three months ended March 31, 2025, home equity production in Consumer Banking and the total Corporation increased $234 million and $323 million compared to the same period in 2024 primarily driven by higher demand.
9 Bank of America
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