AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 6/6 · 18/10/2026
Moat56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · Substantial noninterest-bearing deposits and deposit costs well below the Corporation's wholesale alternatives demonstrate a funding advantage. Relationship breadth and existing-client growth support its franchise basis; competitor-relative superiority is unquantified.
durability · 2/4 · Established cross-business relationships and continued engagement support persistence, but actual migration to higher-yielding investments and lower entry barriers limit demonstrated protection.
customer dependency · 2/4 · Active banking usage, wealth banking relationships and existing-client deposit growth indicate recurring reliance indirectly. They do not establish indispensable services or contractual lock-in.
erosion resilience · 2/4 · Digital engagement and commercial deposit growth show continued franchise strength despite competitive risks. Realized wealth cash migration and weaker card economics demonstrate limits to resilience.
Pricing power56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Deposit costs fell and consumer deposit spreads improved, but card yields declined and lower AUM pricing explicitly offset investment revenue growth. Treasury charges rose, with no separation of unit pricing from activity.
retention · 3/4 · Growing active usage, positive wealth flows, net new relationships and growth from existing commercial deposit clients demonstrate repeat demand indirectly. This is not a measured retention rate; wealth deposit migration shows rate-sensitive balances.
margin resilience · 2/4 · Consolidated efficiency and net interest economics improved, but card risk-adjusted margins fell because of lower fee income and loan mix. Outcomes are mixed and partly rate-driven.
contractual freedom · 2/4 · The ability to reduce or cancel many consumer lending commitments provides demonstrated discretion over exposure and terms. Short or cancellable customer contracts also permit customer exit, and extensive consumer regulation constrains freedom. General unilateral repricing rights are not established.
Predictability99
Financial-sector stability over five consecutive reported annual periods: equal weights for nondeclining revenue frequency, revenue-growth volatility (5–40pp), positive consolidated earnings frequency, and net-income/revenue margin volatility (3–20pp). Uses reported accounting scope; not industrial FCF or a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 3.04
- positiveEarningsShare
- 100.00
- netMarginStdDev
- 3.51
Financial strength56
Qualitative bank assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-industry-1; not an industrial ratio score or credit rating.
capital adequacy · 2/4 · June 2026 CET1 was 11.2% Standardized and 12.5% Advanced, versus the last explicitly supplied 10.0% requirement at March 2026. Standardized CET1 declined from 11.4% at year-end, and the scheduled 2027 surcharge raises requirements. Capital is supported, but June-specific minimums and actual SLR results are incomplete.
liquidity funding · 2/4 · Approximately $2.03 trillion of deposits, substantial noninterest-bearing funding and $975 billion average fourth-quarter 2025 Global Liquidity Sources support funding capacity. Commercial deposits grew, but wealth deposits fell 4% from year-end. Latest regulatory liquidity ratios and total uninsured-deposit concentration are absent.
asset liability risk · 2/4 · Consumer charge-offs improved modestly in first-half 2026, following lower consolidated charge-offs in 2025. Conversely, $2.0 billion after-tax hedge losses are expected to enter earnings over twelve months, primarily reducing net interest income. Complete credit and rate-sensitivity tables are missing.
earnings resilience · 3/4 · Consolidated net income rose from $26.3 billion in 2023 to $30.5 billion in 2025, and first-half 2026 earnings increased to $17.7 billion from $14.5 billion. The reported eleven-year record above $15 billion adds historical support, although this does not establish immunity to a future credit downturn.
Capital allocation56
Qualitative bank assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-industry-1; not an industrial ratio score or credit rating.
capital efficiency · 3/4 · First-half 2026 reported return on average common equity improved to 12.33% from 10.24%; return on average assets increased to 1.01%. The 16.52% tangible common equity return is separately identified as non-GAAP. These demonstrate improving capital productivity without establishing returns above an undisclosed cost of equity.
distributions and buffers · 2/4 · Actual first-half repurchases totaled approximately $13.2 billion, while common earnings were $16.9 billion and dividends paid were $0.56 per share. CET1 remained above the latest explicitly supplied minimum, but its decline and the scheduled surcharge increase limit the strength of the distribution assessment.
dilution and cost · 2/4 · Repurchases and the decline in outstanding shares from February to March 2026 support actual share reduction. Offsetting costs include $4.0 billion of 2025 stock-based compensation amortization, up from $3.4 billion, and higher first-half 2026 compensation expense. Full current net dilution and financing-cost attribution are unavailable.
investment discipline · 2/4 · Continued people, technology and marketing investment accompanied stronger revenue, earnings and efficiency, providing indirect evidence of productive reinvestment. A mortgage portfolio acquisition contributed to loan growth, and the office lease was extended to 2049, but neither commitment has disclosed standalone returns sufficient to establish strong investment discipline.
Management63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Actual repurchases, dividends and loan growth coexist with improving earnings and capital above the last explicit CET1 requirement. Standardized CET1 declined from 11.4% to 11.2%, and the scheduled surcharge increase warrants restraint. Repurchases alone do not establish value creation.
incentive alignment · 3/4 · Granted 2025 PRSUs use three-year ROA and adjusted tangible book growth, CEO shares carry post-retirement retention requirements, and recoupment provisions exist. These are actual arrangements, although final vesting, payout effectiveness and comprehensive ownership are not demonstrated.
execution · 3/4 · Reported earnings growth, improved efficiency, customer engagement and existing-client deposit growth demonstrate execution through the disclosed period. Attribution to specific management initiatives is indirect, and investment-specific returns are missing.
governance · 2/4 · Independent committees and regular private sessions provide concrete oversight structures. Combined Chair and CEO roles and 73.6% Say on Pay support make the evidence mixed rather than exceptional; structures do not prove oversight effectiveness.
Evidence
interest-bearing deposits 126,738 669 2.11 121,921 944 3.11 Total interest-bearing deposits 1,489,699 7,372 1.98 1,459,953 8,681 2.38 Federal funds purchased and securities loaned or sold under agreements to repurchase 353,243 4,135 4.70 414,655 4,946 4.78 Short-term borrowings and other interest-bearing liabilities 228,651 2,472 4.34 183,008 2,489 5.45 Trading account liabilities 57,026 756 5.32 53,805 676 5.04 Long-term debt 256,197 3,100 4.85 249,104 3,411 5.49 Total interest-bearing liabilities 2,384,816 17,835 3.00 2,360,525 20,203 3.43 Noninterest-bearing sources Noninterest-bearing deposits 533,251 513,808 Other liabilities (4) 312,517 260,618 Shareholders’ equity 300,984 295,329 Total liabilities and shareholders’ equity $ 3,531,568 $ 3,430,280 Net interest spread 1.39 % 1.17 % Impact of noninterest-bearing sources 0.69 0.77 Net interest income/yield on earning assets (5) $ 16,160 2.08 % $ 14,815 1.94 % (1)Includes the impact of interest rate risk management contracts.
Supplemental Financial Data, average funding balances and rates · Filed 31/07/2026
Key Statistics Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2026 2025 2026 2025 Deposit Spreads Total deposit spreads (excludes noninterest costs) 3.08% 2.91% 3.05% 2.88% Period end Consumer investment assets (in millions) (1) $ 639,517 $ 539,727 Active digital banking users (in thousands) (2) 49,834 48,998 Active mobile banking users (in thousands) (3) 42,056 40,840 Financial centers 3,530 3,664 ATMs 14,939 14,904 Credit and Debit Card Total credit card (4) Gross interest yield (5) 11.36 % 12.06 % 11.49 % 12.09 % Risk-adjusted margin (6) 6.47 7.07 6.58 6.88 New accounts (in thousands) 999 834 1,883 1,747 Purchase volumes $ 101,877 $ 94,814 $ 194,849 $ 183,022 Debit card purchase volumes 164,189 149,288 316,123 289,485 Loan Production (7) Consumer Banking: First mortgage $ 3,497 $ 3,052 $ 6,563 $ 4,909 Home equity 2,404 2,241 4,404 4,075 Total (8): First mortgage $ 8,259 $ 6,604 $ 14,691 $ 11,112 Home equity 2,899 2,766 5,361 4,980 (1)Includes client brokerage assets, deposit sweep balances, brokered CDs and AUM in Consumer Banking.
Consumer Banking, Key Statistics · Filed 31/07/2026
Average deposits of $651.9 billion increased eight percent for the three months ended June 30, 2026, and average deposits of $649.7 billion increased 10 percent for the six months ended June 30, 2026 due to growth in deposit balances from existing clients and the addition of new clients.
Global Banking, existing-client and new-client deposit growth · Filed 31/07/2026
2024 64% of GWIM clients have a banking relationship $975B Average Global Liquidity Sources(4) $2.02T in Deposits as of 12/31/25, up 3% vs.
2025 performance highlights, GWIM banking relationships and liquidity · Filed 23/03/2026
• Net income increased 10% in 2025 primarily due to higher revenue, partially offset by higher noninterest expense • Revenue increased 9% to $24.9 billion across Merrill and Private Bank driven primarily by higher asset management fees (+12%) • Client balances increased 12% to $4.8 trillion, driven by the impact of higher market valuations and positive net client flows • Assets under management (AUM) flows of $82.0 billion in 2025 increased 3% primarily reflecting a deepening of existing relationships and new client acquisitions • Added ~21,000 net new relationships and opened ~114,000 new bank accounts across Merrill and Private Bank in 2025 • Average loans and leases of $243.1 billion increased 9% primarily driven by custom lending, securities-based lending and residential mortgage • Average deposits down 3% to $279.8 billion primarily driven by clients moving deposits to higher yielding investment cash alternatives, including offerings on our investment and brokerage platforms, as well as a higher level of client tax payments • 86% of Merrill households and 93% of Private Bank relationships digitally active across the enterprise • #1 in Forbes’ Top Women Wealth Advisors Best-in-State (2025), Best-in-State Wealth Management Teams (2025), Top Next Generation Advisors (2025), and Top Wealth Management Teams High Net Worth (2025) Global Banking Global Banking provides a wide range of lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services— $7.8B Net income includes the Global Corporate and Investment Banking, Global Commercial Banking, and Business Banking lines of business.
Compensation discussion and analysis, GWIM operating achievements · Filed 23/03/2026
Increasing pressure to provide products and services on more attractive terms, including lower fees, lower cost investment strategies and higher interest rates on deposits, may impact our ability to effectively compete.
Risk Factors, competitive pressure on fees and deposit rates · Filed 25/02/2026
Also, our liquidity or cost of funds may be negatively impacted by the unwillingness or inability of the Federal Reserve to act as lender of last resort, unexpected simultaneous draws on credit lines or deposits, slower client payment rates, restricted access to the assets of prime brokerage clients, the failure to attract or retain client deposits or invested funds, including large-scale deposit migration (e.g., from attrition resulting from clients seeking higher yielding deposits or to an alternative financial institution perceived to be safer, changing investment preferences or securities products, moving balances into digital assets (e.g., stablecoin) or other alternative non-bank financial platforms, changes to spending behavior due to inflation, a decline in the economy or other drivers resulting in an increased need for cash), increased regulatory liquidity, capital and margin requirements for our U.S.
Risk Factors, liquidity and deposit migration · Filed 25/02/2026
Emerging technologies and the growth of e-commerce have lowered geographic and monetary barriers, made it easier for non-depository institutions to offer traditional banking products and services and allowed non-traditional financial service providers and technology companies to compete with traditional financial service companies in providing electronic and internet-based financial solutions and services, including electronic securities trading with low or no fees and commissions, marketplace lending, financial data aggregation and payment processing services, including real-time payment platforms.
Risk Factors, technology and lower competitive barriers · Filed 25/02/2026
The Corporation did not disclose the value of any open performance obligations at December 31, 2025, as its contracts with customers generally have a fixed term that is less than one year, an open term with a cancellation period that is less than one year, or provisions that allow the Corporation to recognize revenue at the amount it has the right to invoice.
Financial statement notes, customer contract duration and cancellation · Filed 25/02/2026
2025 Competitor Group Primary competitors Leading financial institutions • Citigroup • Morgan Stanley Global / Regional Banks Money Managers Credit Card / Payment • Goldman Sachs • Wells Fargo • Barclays • Truist • BlackRock • American Express • JPMorgan Chase • Deutsche Bank • UBS • Blackstone • Capital One • HSBC • U.S.
Compensation discussion and analysis, 2025 Competitor Group · Filed 23/03/2026
During the three months ended June 30, 2026, the total risk-adjusted margin decreased 60 bps primarily driven by lower card-related fee income and lower net interest margin due to loan balance mix, partially offset by lower net charge-offs.
Consumer Banking, card risk-adjusted margin explanation · Filed 31/07/2026
● Investment and brokerage services increased $728 million primarily driven by higher asset management fees reflecting higher market valuations and the impact of strong assets under management (AUM) flows, as well as higher brokerage fees due to increased transactional volume, partially offset by the impact of lower AUM pricing.
Noninterest income, investment fees and lower AUM pricing · Filed 01/05/2026
3 Bank of America Financial Highlights Table 1 Summary Income Statement and Selected Financial Data Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions, except per share information) 2026 2025 2026 2025 Income statement Net interest income $ 15,997 $ 14,670 $ 31,742 $ 29,113 Noninterest income 15,561 12,773 30,088 26,577 Total revenue, net of interest expense 31,558 27,443 61,830 55,690 Provision for credit losses 1,366 1,592 2,703 3,072 Noninterest expense 18,627 17,183 37,158 34,953 Income before income taxes 11,565 8,668 21,969 17,665 Income tax expense 2,491 1,498 4,311 3,135 Net income 9,074 7,170 17,658 14,530 Preferred stock dividends and other 326 291 755 697 Net income applicable to common shareholders $ 8,748 $ 6,879 $ 16,903 $ 13,833 Per common share information Earnings $ 1.22 $ 0.91 $ 2.35 $ 1.81 Diluted earnings 1.21 0.90 2.31 1.79 Dividends paid 0.28 0.26 0.56 0.52 Performance ratios Return on average assets (1) 1.03 % 0.84 % 1.01 % 0.86 % Return on average common shareholders’ equity (1) 12.71 10.12 12.33 10.24 Return on average tangible common shareholders’ equity (2) 17.03 13.61 16.52 13.79 Efficiency ratio (1) 59.02 62.61 60.10 62.76 June 30 2026 December 31 2025 Balance sheet Total loans and leases $ 1,217,619 $ 1,185,700 Total assets 3,499,191 3,411,738 Total deposits 2,025,124 2,018,729 Total liabilities 3,198,097 3,108,495 Total common shareholders’ equity 276,098 277,251 Total shareholders’ equity 301,094 303,243 (1)For definitions, see Key Metrics on page 101.
Financial Highlights, consolidated earnings, returns, dividends and deposits · Filed 31/07/2026
Global Transaction Services revenue increased $271 million for the three months ended June 30, 2026 primarily driven by the benefit of higher average deposit balances and treasury service charges, partially offset by the impact of lower interest rates.
Global Transaction Services, revenue growth drivers · Filed 31/07/2026
The Corporation does not estimate the fair value of consumer unfunded lending commitments because, in many instances, the Corporation can reduce or cancel these commitments by providing notice to the borrower.
Fair Value of Financial Instruments, cancellation of consumer commitments · Filed 31/07/2026
We are subject to numerous federal consumer protection laws, including the Equal Credit Opportunity Act, Home Mortgage Disclosure Act, Fair Housing Act, Electronic Fund Transfer Act (EFTA), Fair Credit Reporting Act, Real Estate Settlement Procedures Act, prohibitions on unfair, deceptive, or abusive acts or practices, Truth in Lending Act, Truth in Savings Act and the Servicemembers Civil Relief Act.
Business, consumer protection regulation · Filed 25/02/2026
At June 30, 2026, the Corporation’s CET1 capital ratio was 11.2 percent under the Standardized approach and 12.5 percent under the Advanced approaches.
Capital Management, June 30, 2026 CET1 ratios · Filed 31/07/2026
At March 31, 2026 and December 31, 2025, the Corporation’s minimum CET1 requirement was 10.0 percent under both the Standardized approach and the Advanced approaches.
Capital Management, March 31, 2026 minimum CET1 requirements · Filed 01/05/2026
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, which will increase the Corporation’s minimum capital ratio requirements.
Capital Management, scheduled 2027 G-SIB surcharge increase · Filed 31/07/2026
At December 31, 2025, the Corporation’s CET1 capital ratio of 11.4 percent under the Standardized approach exceeded its minimum CET1 capital ratio requirement of 10.0 percent.
Capital Management, December 31, 2025 CET1 ratio and requirement · Filed 25/02/2026
During the three months ended June 30, 2026, pursuant to the 2025 Repurchase Program, the Corporation repurchased approximately 112 million shares, or $6.0 billion, of its common stock.
Issuer Purchases of Equity Securities, actual second-quarter repurchases · Filed 31/07/2026
During the three months ended March 31, 2026, pursuant to the 2025 Repurchase Program, the Corporation repurchased approximately 140 million shares, or $7.2 billion, of its common stock.
Issuer Purchases of Equity Securities, actual first-quarter repurchases · Filed 01/05/2026
93 Bank of America Bank of America Corporation and Subsidiaries Consolidated Statement of Cash Flows (Dollars in millions) 2025 2024 2023 Operating activities Net income $ 30,509 $ 26,973 $ 26,305 Adjustments to reconcile net income to net cash provided by operating activities: Provision for credit losses 5,675 5,821 4,394 Losses on sales of debt securities 20 29 405 Depreciation and amortization 2,314 2,189 2,057 Net accretion of discount/premium on debt securities (859) (330) (397) Deferred income taxes 295 (1,127) (1,012) Amortization of stock-based compensation 4,001 3,433 2,942 Net change in: Trading and derivative assets/liabilities (35,027) (45,504) 44,391 Loans held-for-sale 4,215 (4,321) 641 Other assets (19,584) (4,515) (24,304) Accrued expenses and other liabilities 17,315 1,025 (18,148) Other operating activities, net 3,739 7,522 7,708 Net cash provided by (used in) operating activities 12,613 (8,805) 44,982 Investing activities Net change in: Time deposits placed and other short-term investments (1,102) 1,974 (1,087) Federal funds sold and securities borrowed or purchased under agreements to resell (45,856) 8,415 (13,050) Debt securities carried at fair value: Proceeds from sales 129,779 69,925 101,165 Proceeds from paydowns and maturities 100,313 237,939 148,699 Purchases (263,483) (390,911) (290,959) Held-to-maturity debt securities: Proceeds from paydowns and maturities 34,794 34,591 36,955 Purchases — — (98) Loans and leases: Proceeds from sales of loans originally classified as held for investment and instruments from related securitization activities 9,592 9,565 11,081 Purchases (14,315) (5,470) (5,351) Other changes in loans and leases, net (90,548) (52,576) (17,484) Other investing activities, net (4,331) (4,145) (5,258) Net cash used in investing activities (145,157) (90,693) (35,387) Financing activities Net change in: Deposits 53,262 41,640 (6,514) Federal funds purchased and securities loaned or sold under agreements to repurchase 16,945 47,871 88,252 Short-term borrowings 4,690 12,574 5,162 Long-term debt: Proceeds from issuance 99,867 56,683 65,396 Retirement (76,031) (70,411) (44,571) Preferred stock: Proceeds from issuance 5,493 — — Redemption (2,669) (5,254) — Common stock repurchased (21,433) (13,104) (4,576) Cash dividends paid (9,563) (9,503) (9,087) Other financing activities, net (613) (127) (717) Net cash provided by financing activities 69,948 60,369 93,345 Effect of exchange rate changes on cash and cash equivalents 4,327 (3,830) (70) Net increase (decrease) in cash and cash equivalents (58,269) (42,959) 102,870 Cash and cash equivalents at January 1 290,114 333,073 230,203 Cash and cash equivalents at December 31 $ 231,845 $ 290,114 $ 333,073 Supplemental cash flow disclosures Interest paid $ 79,065 $ 89,687 $ 69,604 See accompanying Notes to Consolidated Financial Statements.
Consolidated Statement of Cash Flows, earnings, compensation and financing · Filed 25/02/2026
PRSUs • The PRSUs granted in February 2025 are re-earned based on average ROA and average adjusted TBV growth standards (tax-normalized and each metric equally weighted at 50%) over a three-year performance period from January 1, 2025 through December 31, 2027.
Executive compensation, granted February 2025 PRSU performance conditions · Filed 23/03/2026
Retention requirements applicable to executive officers • 50% of the net after-tax shares received from PRSUs and TRSUs granted in February 2025 to the Chief Executive Officer must be retained until one year after retirement.
Executive compensation, CEO post-retirement share retention requirement · Filed 23/03/2026
Further, under our Incentive Compensation Recoupment Policy, the Board can require reimbursement of any incentive compensation paid to an executive officer whose fraud or intentional misconduct causes our company to restate its financial statements and can claw back certain incentive compensation if an accounting restatement is required.
Executive compensation, incentive compensation recoupment policy · Filed 23/03/2026
See page 24. • Our Board and its committees are independent—all of our Board members are independent, except for our CEO, and all of our Board committee members are independent.
Governance summary, Board and committee independence · Filed 23/03/2026
• Our independent directors meet regularly in private executive sessions without our Chair and CEO or other members of management present.
Governance summary, independent executive sessions · Filed 23/03/2026
Our Chair. Mr. Moynihan, our Chair and CEO, leads our company in the execution of our strategic vision and our focus on Responsible Growth.
Corporate governance, combined Chair and CEO roles · Filed 23/03/2026
“Say on Pay” responsiveness. At our 2025 annual meeting, of the approximately 5.6 billion votes cast, 73.6% favored our “Say on Pay” proposal.
Shareholder engagement, actual 2025 Say on Pay vote · Filed 23/03/2026
During the six months ended June 30, 2026, net charge-offs decreased $79 million to $2.1 billion compared to the same period in 2025, primarily due to improvement in the credit card portfolio.
Consumer credit risk management, six-month net charge-offs · Filed 31/07/2026
Of the $3.4 billion after-tax net loss ($4.4 billion pretax) on derivatives in accumulated OCI at June 30, 2026, losses of $2.0 billion after-tax ($2.7 billion pretax) related to both open and closed cash flow hedges are expected to be reclassified into earnings in the next 12 months.
Derivative notes, accumulated cash-flow hedge losses · Filed 31/07/2026
These net losses reclassified into earnings are expected to primarily decrease net interest income related to the respective hedged items.
Derivative notes, expected earnings effect of hedge losses · Filed 31/07/2026
Net charge-offs of $5.6 billion decreased from 2024, primarily driven by asset quality improvement in commercial real estate office.
2025 performance, consolidated net charge-offs and office credit improvement · Filed 23/03/2026
The increases were primarily driven by higher revenue-related expenses during both periods, as well as continued investments in the business, including people, marketing and technology for the three-month period, and continued investments in people, technology and marketing for the six-month period.
Noninterest Expense, investment and revenue-related spending · Filed 31/07/2026
Lessee Arrangements (Dollars in millions) June 30 2026 December 31 2025 Right-of-use assets $ 11,202 $ 8,395 Lease liabilities 11,926 9,086 At June 30, 2026 and December 31, 2025, right-of-use assets included $3.1 billion and $393 million, and lease liabilities included $3.2 billion and $440 million for a lease to a related party, which was extended in the first quarter of 2026 to 2049, for the Corporation’s principal office in New York, NY.
Lessee Arrangements, New York office lease extension and liabilities · Filed 31/07/2026
• Loans increased by $89.9 billion, or 8%, to $1.19 trillion primarily driven by growth in commercial loans and a residential mortgage loan portfolio acquisition in the first quarter of 2025.
2025 company performance, loan growth and mortgage portfolio acquisition · Filed 23/03/2026
For example, we are one of only four companies globally that has reported over $15 billion in net income for eleven years in a row (2015-2025), the full years coincident with the Board’s adoption of its current Board leadership structure.
Board leadership discussion, reported eleven-year earnings record · Filed 23/03/2026
At February 24, 2026, there were 7,176,682,170 shares of Common Stock outstanding.
Cover page, February 24, 2026 common shares outstanding · Filed 25/02/2026
As of March 13, 2026, the following shares were outstanding and entitled to vote: Shares Number of shares outstanding and entitled to vote Common Stock 7,145,709,181 Series B Preferred Stock 7,065 Series 1 Preferred Stock 3,186 Series 2 Preferred Stock 9,967 Series 4 Preferred Stock 7,010 Series 5 Preferred Stock 13,331 Each share of our common stock and Series B Preferred Stock is entitled to one vote.
Voting information, March 13, 2026 shares outstanding · Filed 23/03/2026
Noninterest Expense Table 3 Noninterest Expense Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2026 2025 2026 2025 Compensation and benefits $ 10,987 $ 10,332 $ 22,321 $ 21,221 Information processing and communications 1,924 1,819 3,942 3,713 Occupancy and equipment 1,914 1,836 3,814 3,692 Product delivery and transaction related 1,327 974 2,453 1,888 Professional fees 573 640 1,156 1,292 Marketing 736 563 1,269 1,069 Other general operating 1,166 1,019 2,203 2,078 Total noninterest expense $ 18,627 $ 17,183 $ 37,158 $ 34,953 Noninterest expense increased $1.4 billion to $18.6 billion and $2.2 billion to $37.2 billion for the three and six months ended June 30, 2026 compared to the same periods in 2025.
Noninterest Expense, compensation and operating costs · Filed 31/07/2026
Global Wealth & Investment Management Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2026 2025 % Change 2026 2025 % Change Net interest income $ 1,888 $ 1,762 7 % $ 3,750 $ 3,527 6 % Noninterest income: Investment and brokerage services 4,793 4,033 19 9,464 8,122 17 All other income 190 142 34 369 304 21 Total noninterest income 4,983 4,175 19 9,833 8,426 17 Total revenue, net of interest expense 6,871 5,937 16 13,583 11,953 14 Provision for credit losses 11 20 (45) 13 34 (62) Noninterest expense 4,976 4,593 8 9,914 9,252 7 Income before income taxes 1,884 1,324 42 3,656 2,667 37 Income tax expense 471 331 42 914 667 37 Net income $ 1,413 $ 993 42 $ 2,742 $ 2,000 37 Effective tax rate 25.0 % 25.0 % 25.0 % 25.0 % Net interest yield 2.42 2.31 2.39 2.28 Efficiency ratio 72.41 77.36 72.99 77.40 Return on average allocated capital 26 20 25 21 Balance Sheet Three Months Ended June 30 Six Months Ended June 30 Average 2026 2025 % Change 2026 2025 % Change Total loans and leases $ 270,257 $ 237,377 14 % $ 266,226 $ 234,866 13 % Total earning assets 313,639 306,490 2 316,294 311,660 1 Total assets 328,688 320,224 3 331,035 325,387 2 Total deposits 281,593 276,825 2 284,072 281,586 1 Allocated capital 22,250 19,750 13 22,250 19,750 13 Period end June 30 2026 December 31 2025 % Change Total loans and leases $ 276,980 $ 261,303 6 % Total earning assets 311,564 320,899 (3) Total assets 327,667 335,495 (2) Total deposits 278,155 289,854 (4) GWIM consists of two primary businesses: Merrill Wealth Management and Bank of America Private Bank.
GWIM results, average and period-end deposits · Filed 31/07/2026
