BANK OF AMERICA CORP /DE/

The Corporation manages its capital position so that its capital is more than adequate to support its business activities and aligns with risk, risk appetite and strategic planning. For more information, see Capital Management in the MD&A of the Corporation’s 2025 Annual Report on Form 10-K.

CCAR and Capital Planning

The Federal Reserve requires BHCs with average total consolidated assets of $100 billion or more to submit a capital plan and planned capital actions on an annual basis, consistent with the rules governing the Comprehensive Capital Analysis and Review (CCAR) capital plan and associated stress capital buffer (SCB) requirements, which include supervisory stress testing by the Federal Reserve. At September 30, 2026, the Corporation’s SCB was 2.5 percent, with a Common equity tier 1 (CET1) minimum requirement of 10.0 percent under the Standardized approach. For more information on the Corporation’s SCB requirement, see Regulatory Developments on page 23.

On July 23, 2025, the Board authorized a $40 billion common stock repurchase program, effective August 1, 2025. Pursuant to this Board authorization, during the three months ended September 30, 2026, the Corporation repurchased $6.0 billion of common stock. For more information, including the remaining buyback authority amount as of September 30, 2026, see Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds on page 103 and Capital Management – CCAR and Capital Planning in the MD&A of the Corporation’s 2025 Annual Report on Form 10-K.

The timing and amount of common stock repurchases are subject to various factors, including the Corporation’s capital position, liquidity, financial performance and alternative uses of capital, stock trading price, regulatory requirements and general market conditions, and may be suspended or discontinued at any time. Such repurchases may be effected through open market purchases or privately negotiated transactions, including repurchase plans that satisfy the conditions of Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (Exchange Act).

Further, as part of our planned capital actions, during the three months ended September 30, 2026, the Corporation paid common stock dividends of $2.2 billion.

On October 23, 2026, the Corporation issued 80,000 shares of 7.200% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series WW for $2.0 billion, with quarterly dividends commencing in January 2027. The Series WW preferred stock has a liquidation preference of $25,000 per share and is subject to certain restrictions in the event the Corporation fails to declare and pay full dividends.

Regulatory Capital

As a BHC, we are subject to regulatory capital rules issued by U.S. banking regulators, including the U.S. rules implementing the Basel 3 capital framework (Basel 3). Basel 3 established minimum capital ratios and buffer requirements and outlined two methods of calculating risk-weighted assets (RWA), the Standardized approach and the Advanced approaches. The Standardized approach relies primarily on supervisory risk weights based on exposure type, and the Advanced approaches determine risk weights based on internal models.

The Corporation's depository institution subsidiaries are also subject to the Prompt Corrective Action (PCA) framework. The Corporation and its primary affiliated banking entity, BANA, are Advanced approaches institutions under Basel 3 and are required to report regulatory risk-based capital ratios and RWA under both the Standardized and Advanced approaches. The lower of the capital ratios under Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements is used to assess capital adequacy, including under the PCA framework. As of September 30, 2026, the Corporation’s binding ratio was the Total capital ratio under the Standardized approach.

Minimum Capital Requirements

In order to avoid restrictions on capital distributions and discretionary bonus payments to executive officers, the Corporation must meet risk-based capital ratio requirements that include a capital conservation buffer of 2.5 percent (under the Advanced approaches only), an SCB (under the Standardized approach only), plus any applicable countercyclical capital buffer and a global systemically important bank (G-SIB) surcharge. The buffers and surcharge are components of CET1 capital requirements. At September 30, 2026 and December 31, 2025, the Corporation’s minimum CET1 requirement was 10.0 percent under both the Standardized approach and the Advanced approaches. At September 30, 2026, the Corporation’s CET1 capital ratio was 10.9 percent under the Standardized approach and 12.0 percent under the Advanced approaches.

The Corporation is required to calculate its G-SIB surcharge on an annual basis under two methods and is subject to the higher of the resulting two surcharges. Method 1 is consistent with the approach prescribed by the Basel Committee on Banking Supervision’s assessment methodology and is

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calculated using specified indicators of systemic importance. Method 2 modifies the Method 1 approach for various factors. The Corporation’s Method 1 G-SIB surcharge is 1.5 percent, and its Method 2 G-SIB surcharge is 3.0 percent. Under the current regulatory framework, on January 1, 2027, the Corporation’s G-SIB surcharge will increase by 50 bps to 2.0 percent under Method 1 and to 3.5 percent under Method 2. The change in Method 2 will increase the Corporation’s minimum CET1 capital ratio requirement by 50 bps under both the Standardized approach and Advanced approaches.

The Corporation and its insured depository institution subsidiaries are also required to maintain a minimum supplementary leverage ratio (SLR) plus a leverage buffer to avoid certain restrictions on capital distributions and discretionary bonus payments to executive officers. Prior to January 1, 2026, the minimum SLR requirement was 5.0 percent for the Corporation and 6.0 percent for its insured depository institutions. Effective January 1, 2026, the

Corporation and its insured depository institutions adopted the final rule on modified enhanced SLR requirements, resulting in a minimum SLR requirement of 3.75 percent, which includes the leverage buffer, for both the Corporation and its insured depository institutions. At September 30, 2026, the Corporation’s SLR was 5.5 percent and BANA’s SLR was 5.8 percent, which both exceeded their minimum SLR requirement of 3.75 percent. For more information, see Capital Management – Regulatory Developments in the MD&A of the Corporation’s 2025 Annual Report on Form 10-K.

Capital Composition and Ratios

Table 8 presents Bank of America Corporation’s capital ratios and related information in accordance with Basel 3 Standardized and Advanced approaches as measured at September 30, 2026 and December 31, 2025. For the periods presented herein, the Corporation met the definition of well capitalized under current regulatory requirements.

(1)The CET1 capital regulatory minimum is the sum of the CET1 capital ratio minimum of 4.5 percent, our G-SIB surcharge of 3.0 percent, and SCB (under the Standardized approach) of 2.5 percent at September 30, 2026 and December 31, 2025. The countercyclical capital buffer was zero for both periods. The SLR regulatory minimum at September 30, 2026 and December 31, 2025 includes a leverage buffer of 0.75 percent and 2.0 percent.

(2)Total capital under the Advanced approaches differs from the Standardized approach due to differences in the amount permitted in Tier 2 capital related to the qualifying allowance for credit losses.

(3)Reflects total average assets adjusted for certain Tier 1 capital deductions.

At September 30, 2026, CET1 capital was $198.4 billion, a decrease of $3.0 billion from December 31, 2025, primarily due to capital distributions and accumulated OCI, partially offset by earnings. Tier 1 capital decreased $4.0 billion driven by the same factors as CET1 capital and a preferred stock redemption.

Total capital under the Standardized approach decreased $2.0 billion driven by the same factors as Tier 1 capital, partially offset by a subordinated debt issuance and a decrease in the adjusted allowance for credit losses included in Tier 2 capital. RWA under the Standardized approach, which drove the lower

CET1 capital ratio at September 30, 2026, increased $47.9 billion from December 31, 2025 to $1,821 billion primarily driven by growth in Global Marketsand Global Banking, partially offset by GWIM. Supplementary leverage exposure at September 30, 2026 increased $98.3 billion from

December 31, 2025 primarily driven by increased activity in Global Marketsand loan growth.

Table 9 shows the capital composition at September 30, 2026 and December 31, 2025.

(1)Includes amounts in accumulated OCI related to the hedging of items that are not recognized at fair value on the Consolidated Balance Sheet.

Table 10 shows the components of RWA as measured under Basel 3 at September 30, 2026 and December 31, 2025.

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Bank of America, N.A. Regulatory Capital

Table 11 presents regulatory capital information for BANA in accordance with Basel 3 Standardized and Advanced approaches as measured at September 30, 2026 and December 31, 2025. BANA met the definition of well capitalized under the PCA framework for both periods.

(1)Risk-based capital regulatory minimums at both September 30, 2026 and December 31, 2025 are the minimum ratios under Basel 3 including a capital conservation buffer of 2.5 percent. The regulatory minimums for the Tier 1 leverage ratios as of both period ends, and the SLR as of December 31, 2025, are the percent required to be considered well capitalized under the PCA framework.

(2)Total capital under the Advanced approaches differs from the Standardized approach due to differences in the amount permitted in Tier 2 capital related to the qualifying allowance for credit losses.

(3)Reflects total average assets adjusted for certain Tier 1 capital deductions.

Total Loss-Absorbing Capacity Requirements

Total loss-absorbing capacity (TLAC) consists of the Corporation’s Tier 1 capital and eligible long-term debt issued directly by the Corporation. Eligible long-term debt for TLAC ratios is comprised of unsecured debt that has a remaining maturity of at least one year and satisfies additional requirements as prescribed in the TLAC final rule. As with the

risk-based capital ratios and SLR, the Corporation is required to maintain TLAC ratios in excess of minimum requirements plus applicable buffers to avoid restrictions on capital distributions and discretionary bonus payments to executive officers. Table 12 presents the Corporation's TLAC and long-term debt ratios and related information as of September 30, 2026 and December 31, 2025.

(1)The TLAC RWA regulatory minimum consists of 18.0 percent plus a TLAC RWA buffer comprised of 2.5 percent plus the Method 1 G-SIB surcharge of 1.5 percent. The countercyclical buffer is zero for both periods. The TLAC supplementary leverage exposure regulatory minimum consists of 7.5 percent plus a 0.75 percent TLAC leverage buffer. The TLAC RWA and leverage buffers must be comprised solely of CET1 capital and Tier 1 capital, respectively.

(2)The long-term debt RWA regulatory minimum is comprised of 6.0 percent plus the Corporation’s Method 2 G-SIB surcharge of 3.0 percent. The long-term debt leverage exposure regulatory minimum is 3.25 percent, consisting of 2.5 percent plus a 0.75 percent long-term debt leverage buffer.

(3)The approach that yields the higher RWA is used to calculate TLAC and long-term debt ratios, which was the Standardized approach as of September 30, 2026 and December 31, 2025.

Regulatory Developments

The following supplements the disclosure in Capital Management – Regulatory Developments in the MD&A of the Corporation’s 2025 Annual Report on Form 10-K.

Final Rules Issued

On September 30, 2026, the Federal Reserve issued two final rules on stress test-related capital requirements. The first expands public disclosures and establishes annual public-input processes for supervisory stress test scenarios, models and material changes to those models. Implementation of future changes in published models could affect the outcome of the Corporation’s stress test results.

The second modifies the capital plan rule and SCB requirements. Effective January 1, 2029, results from the two most recent annual supervisory stress tests will be averaged to determine the Corporation’s SCB requirement. In addition, the annual effective date of the SCB requirement will change from October 1st to January 1st beginning with the requirement effective January 1, 2028. The Corporation’s SCB will remain at 2.5 percent through December 31, 2027.

Proposed Rules Issued

On September 30, 2026, the Federal Reserve issued a notice of proposed rulemaking (NPR) that would revise the noninterest income model that projects each bank’s fee income under stress. On March 19, 2026, the Federal Reserve, OCC and the Federal Deposit Insurance Corporation issued an NPR regarding risk-based capital requirements for large banking organizations. Separately, the Federal Reserve issued an NPR that would revise the calculation of the G-SIB surcharge.

The Corporation is evaluating the potential impact of the proposed rules on its regulatory capital requirements. Any final rules issued are subject to change from the current proposals.

Regulatory Capital and Securities Regulation

The Corporation’s principal U.S. broker-dealer subsidiaries are BofA Securities, Inc. (BofAS) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S). The Corporation's principal European subsidiaries undertaking broker-dealer activities are Merrill Lynch International (MLI) and BofA Securities Europe SA (BofASE).

The U.S. broker-dealer subsidiaries are subject to the net capital requirements of Rule 15c3-1 under the Exchange Act. BofAS computes its capital requirements as an alternative net capital broker-dealer under Rule 15c3-1(a)(7) and Rule 15c3-1e, which permit the use of SEC-approved models, and MLPF&S computes its capital requirements in accordance with the

alternative standard under Rule 15c3-1. BofAS is registered as a futures commission merchant and is subject to Commodity Futures Trading Commission (CFTC) Regulation 1.17. The U.S. broker-dealer subsidiaries are also registered with the Financial Industry Regulatory Authority, Inc. (FINRA). Pursuant to FINRA Rule 4110, FINRA may impose higher net capital requirements than Rule 15c3-1 under the Exchange Act with respect to each of the broker-dealers.

BofAS provides institutional services, and in accordance with the SEC alternative net capital requirements, is required to regularly maintain tentative net capital in excess of $5.0 billion and net capital in excess of the greater of $1.0 billion or a certain percentage of its reserve requirement in addition to a certain percentage of securities-based swap risk margin. BofAS must also notify the SEC in the event its tentative net capital is less than $6.0 billion. In accordance with CFTC net capital requirements, BofAS is required to hold a certain percentage of its customers' and affiliates' risk-based margin if greater than the SEC’s minimum net capital requirement. At September 30, 2026, BofAS had tentative net capital of $27.1 billion. BofAS also had regulatory net capital of $20.0 billion, which exceeded the minimum requirement of $4.9 billion.

MLPF&S provides retail services and is required to maintain net capital that is the greater of $250,000 or two percent of a certain component of its reserve calculation. At September 30, 2026, MLPF&S' regulatory net capital was $12.7 billion, which exceeded the minimum requirement of $218 million.

Our European broker-dealers are subject to requirements from U.S. and non-U.S. regulators. MLI, a U.K. investment firm, is regulated by the Prudential Regulation Authority and the Financial Conduct Authority and is subject to certain regulatory capital requirements. At September 30, 2026, MLI’s capital resources were $34.5 billion, which exceeded the minimum Pillar 1 requirement of $12.4 billion.

BofASE, an authorized credit institution with its head office located in France, is regulated by the Autorité de Contrôle Prudentiel et de Résolution and the Autorité des Marchés Financiers, and supervised under the Single Supervisory Mechanism by the European Central Bank. At September 30, 2026, BofASE's capital resources were $11.5 billion, which exceeded the minimum Pillar 1 requirement of $4.3 billion.

In addition, MLI and BofASE remained conditionally registered with the SEC as security-based swap dealers, and maintained net liquid assets at September 30, 2026 that exceeded the applicable minimum requirements under the Exchange Act. The entities are also registered as swap dealers

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with the CFTC and met applicable capital requirements at September 30, 2026.