BANK OF AMERICA CORP /DE/

(1)For definitions, see Key Metrics on page 102.

(2)Return on average tangible common shareholders’ equity is a non-GAAP financial measure. For more information and a corresponding reconciliation to the most directly comparable financial measures defined by accounting principles generally accepted in the United States of America (GAAP), see Non-GAAP Reconciliations on page 47.

Net income was $8.5 billion and $23.0 billion, or $1.06 and $2.85 per diluted share, for the three and nine months ended September 30, 2025 compared to $6.9 billion and $20.5 billion, or $0.81 and $2.40 per diluted share, for the same periods in 2024. The increases in net income were primarily due to higher noninterest income and net interest income, and lower provision for credit losses, partially offset by higher noninterest expense.

Total assets increased $142.2 billion from December 31, 2024 to $3.4 trillion primarily driven by higher loans and leases due to growth in commercial loans and residential mortgages, higher securities borrowed or purchased under agreements to resell and higher trading account assets to support Global Markets client activity, as well as higher debt securities due to investment of excess cash from deposit inflows.

Total liabilities increased $133.6 billion from December 31, 2024 to $3.1 trillion primarily driven by higher deposits in Global Banking and higher long-term debt issuances, as well as higher trading account liabilities, customer trade payables, and securities loaned or sold under agreements to repurchase to support Global Markets client activity.

Shareholders’ equity increased $8.6 billion from December 31, 2024 primarily due to net income, preferred stock issuances and an increase in accumulated other comprehensive income (OCI), partially offset by returns of capital to shareholders through common stock repurchases and common and preferred stock dividends, as well as preferred stock redemptions.

Net Interest Income

Net interest income increased $1.3 billion to $15.2 billion, and $2.6 billion to $44.3 billion for the three and nine months ended September 30, 2025 compared to the same periods in 2024. Net interest yield on a fully taxable-equivalent (FTE) basis increased nine basis points (bps) to 2.01 percent for the three months ended September 30, 2025, and three bps to 1.98 percent for the nine months ended September 30, 2025. The increase in net interest income in the three-month period was primarily driven by higher net interest income related to Global Markets activity, fixed-asset repricing, and deposit and loan growth, partially offset by the impact of lower interest rates. The increase in net interest income in the nine-month period was primarily driven by fixed-asset repricing, higher net interest income related to Global Markets activity, and deposit and loan growth, partially offset by the impact of lower interest rates and one less day of interest accrual. For more information on net interest yield and FTE basis, see Supplemental Financial Data on page 7, and for more information on interest rate risk management, see Interest Rate Risk Management for the Banking Book on page 44.

Noninterest Income

Noninterest income increased $1.5 billion to $12.9 billion and $2.7 billion to $37.6 billion for the three and nine months ended September 30, 2025 compared to the same periods in 2024. The following highlights the significant changes.

● Service charges increased $80 million and $307 million primarily due to higher treasury service charges.

● Investment and brokerage services increased $517 million and $1.6 billion primarily driven by higher asset management fees from higher average equity market valuations and the impact of positive assets under management (AUM) flows, as well as higher brokerage fees due to increased transactional volume.

● Investment banking fees increased $610 million for the three-month period primarily driven by higher debt issuance, advisory and equity issuance fees. The increase of $432 million for the nine-month period was primarily driven by higher debt issuance and advisory fees, partially offset by lower equity issuance fees.

● Market making and similar activities decreased $75 million for the three-month period primarily driven by lower trading revenue from macro products in Fixed Income, Currencies and Commodities (FICC), partially offset by higher income from derivatives used in foreign currency risk management

activities. The decrease of $524 million for the nine-month period was primarily driven by lower trading revenue from credit products in FICC and lower income from derivatives used in foreign currency risk management activities.

● Other income increased $334 million for the three-month period primarily due to lower partnership losses on tax-related equity investments and lower valuation losses on certain derivatives. In addition, the prior-year period included losses on leveraged finance positions. The increase of $783 million for the nine-month period was primarily due to gains on leveraged finance positions.

Provision for Credit Losses

The provision for credit losses decreased $247 million to $1.3 billion for the three months ended September 30, 2025 and remained relatively unchanged at $4.4 billion for the nine months ended September 30, 2025 as compared to the same periods in 2024. For more information on the provision for credit losses, see Allowance for Credit Losses on page 40.

5 Bank of America

Noninterest Expense

Noninterest expense increased $858 million to $17.3 billion and $2.3 billion to $52.3 billion for the three and nine months ended September 30, 2025 compared to the same periods in 2024. The increases were primarily driven by continued investments in the business, including people, technology and

brand, as well as higher revenue-related expenses. Additionally, the prior-year nine-month period included a $700 million accrual for the increase in the Corporation’s share of the Federal Deposit Insurance Corporation (FDIC) special assessment.

Income Tax Expense

The effective tax rates (ETR) for the three and nine months ended September 30, 2025 and 2024 were primarily driven by our recurring tax preference benefits, which mainly consisted of tax credits from investments in renewable energy and affordable housing. Absent these credits and discrete items totaling $1.2 billion (13 percentage points) and $1.3 billion (18 percentage points) for the three months ended September 30, 2025 and 2024, the adjusted ETR was 23 percent and 24 percent,

respectively. Absent these credits and discrete items totaling $3.9 billion (15 percentage points) and $3.9 billion (17 percentage points) for the nine months ended September 30, 2025 and 2024, the adjusted ETR was 24 percent and 25 percent, respectively. Adjusted ETR is a non-GAAP financial measure. For more information, see Supplemental Financial Data on page 7.