Bank of America : SUPPLEMENTAL INFORMATION

January 16, 2019 at 05:24 pm IST

Supplemental Information

Fourth Quarter 2018

Current period information is preliminary and based on company data available at the time of the earnings presentation. It speaks only as of the particular date or dates included in the accompanying pages. Bank of America Corporation (the Corporation) does not undertake an obligation to, and disclaims any duty to, update any of the information provided. Any forward-looking statements in this information are subject to the forward-looking language contained in the Corporation's reports filed with the SEC pursuant to the Securities Exchange Act of 1934, which are available at the SEC's website (www.sec.gov) or at the Corporation's website (www.bankofamerica.com). The Corporation's future financial performance is subject to risks and uncertainties as described in its SEC filings.



Bank of America Corporation and Subsidiaries
Consolidated Financial Highlights
(In millions, except per share information)
	Year Ended December 31						Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017
	2018			2017
Income statement
Net interest income	$	47,432		$	44,667		$	12,304		$	11,870		$	11,650		$	11,608		$	11,462
Noninterest income	43,815			42,685			10,432			10,907			10,959			11,517			8,974
Total revenue, net of interest expense	91,247			87,352			22,736			22,777			22,609			23,125			20,436
Provision for credit losses	3,282			3,396			905			716			827			834			1,001
Noninterest expense	53,381			54,743			13,133			13,067			13,284			13,897			13,274
Income tax expense	6,437			10,981			1,420			1,827			1,714			1,476			3,796
Net income	28,147			18,232			7,278			7,167			6,784			6,918			2,365
Preferred stock dividends	1,451			1,614			239			466			318			428			286
Net income applicable to common shareholders	26,696			16,618			7,039			6,701			6,466			6,490			2,079
Diluted earnings per common share	2.61			1.56			0.70			0.66			0.63			0.62			0.20
Average diluted common shares issued and outstanding	10,236.9			10,778.4			9,996.0			10,170.8			10,309.4			10,472.7			10,621.8
Dividends paid per common share	$	0.54		$	0.39		$	0.15		$	0.15		$	0.12		$	0.12		$	0.12

Performance ratios
Return on average assets	1.21		%	0.80		%	1.24		%	1.23		%	1.17		%	1.21		%	0.41		%
Return on average common shareholders' equity	11.04			6.72			11.57			10.99			10.75			10.85			3.29
Return on average shareholders' equity	10.63			6.72			10.95			10.74			10.26			10.57			3.43
Return on average tangible common shareholders' equity⁽¹⁾	15.55			9.41			16.29			15.48			15.15			15.26			4.56
Return on average tangible shareholders' equity⁽¹⁾	14.46			9.08			14.90			14.61			13.95			14.37			4.62
Efficiency ratio	58.50			62.67			57.76			57.37			58.76			60.09			64.95


At period end
Book value per share of common stock	$	25.13		$	23.80		$	25.13		$	24.33		$	24.07		$	23.74		$	23.80
Tangible book value per share of common stock⁽¹⁾	17.91			16.96			17.91			17.23			17.07			16.84			16.96
Market capitalization	238,251			303,681			238,251			290,424			282,259			305,176			303,681
Number of financial centers - U.S.	4,341			4,477			4,341			4,385			4,433			4,452			4,477
Number of branded ATMs - U.S.	16,255			16,039			16,255			16,089			16,050			16,011			16,039
Headcount	204,489			209,376			204,489			204,681			207,992			207,953			209,376

⁽¹⁾

Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income. Tangible book value per share provides additional useful information about the level of tangible assets in relation to outstanding shares of common stock. (See Exhibit A: Non-GAAP Reconciliations - Reconciliations to GAAP Financial Measureson page 39.)

Certain prior period amounts have been reclassified to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	2



Bank of America Corporation and Subsidiaries
Consolidated Statement of Income
(In millions, except per share information)
	Year Ended December 31				Fourth Quarter 2018		Third Quarter 2018		Second Quarter 2018		First Quarter 2018		Fourth Quarter 2017
	2018		2017		Fourth Quarter 2018		Third Quarter 2018		Second Quarter 2018		First Quarter 2018		Fourth Quarter 2017
Interest income
Loans and leases	$	40,811	$	36,221	$	10,716	$	10,401	$	10,071	$	9,623	$	9,344
Debt securities	11,724		10,471		3,078		2,986		2,856		2,804		2,707
Federal funds sold and securities borrowed or purchased under agreements to resell	3,176		2,390		1,046		799		709		622		732
Trading account assets	4,811		4,474		1,305		1,172		1,198		1,136		1,144
Other interest income	6,247		4,023		1,691		1,607		1,535		1,414		1,139
Total interest income	66,769		57,579		17,836		16,965		16,369		15,599		15,066

Interest expense
Deposits	4,495		1,931		1,562		1,230		943		760		679
Short-term borrowings	5,839		3,538		1,716		1,526		1,462		1,135		1,030
Trading account liabilities	1,358		1,204		318		335		348		357		314
Long-term debt	7,645		6,239		1,936		2,004		1,966		1,739		1,581
Total interest expense	19,337		12,912		5,532		5,095		4,719		3,991		3,604
Net interest income	47,432		44,667		12,304		11,870		11,650		11,608		11,462

Noninterest income
Card income	6,051		5,902		1,582		1,470		1,542		1,457		1,555
Service charges	7,767		7,818		1,931		1,961		1,954		1,921		1,955
Investment and brokerage services	14,160		13,836		3,544		3,494		3,458		3,664		3,522
Investment banking income	5,327		6,011		1,348		1,204		1,422		1,353		1,418
Trading account profits	8,540		7,277		1,633		1,893		2,315		2,699		1,153
Other income (loss)	1,970		1,841		394		885		268		423		(629		)
Total noninterest income	43,815		42,685		10,432		10,907		10,959		11,517		8,974
Total revenue, net of interest expense	91,247		87,352		22,736		22,777		22,609		23,125		20,436

Provision for credit losses	3,282		3,396		905		716		827		834		1,001

Noninterest expense
Personnel	31,880		31,931		7,735		7,721		7,944		8,480		7,605
Occupancy	4,066		4,009		1,015		1,015		1,022		1,014		1,009
Equipment	1,705		1,692		427		421		415		442		411
Marketing	1,674		1,746		513		421		395		345		511
Professional fees	1,699		1,888		480		439		399		381		471
Data processing	3,222		3,139		824		791		797		810		795
Telecommunications	699		699		177		173		166		183		161
Other general operating	8,436		9,639		1,962		2,086		2,146		2,242		2,311
Total noninterest expense	53,381		54,743		13,133		13,067		13,284		13,897		13,274
Income before income taxes	34,584		29,213		8,698		8,994		8,498		8,394		6,161
Income tax expense	6,437		10,981		1,420		1,827		1,714		1,476		3,796
Net income	$	28,147	$	18,232	$	7,278	$	7,167	$	6,784	$	6,918	$	2,365
Preferred stock dividends	1,451		1,614		239		466		318		428		286
Net income applicable to common shareholders	$	26,696	$	16,618	$	7,039	$	6,701	$	6,466	$	6,490	$	2,079

Per common share information
Earnings	$	2.64	$	1.63	$	0.71	$	0.67	$	0.64	$	0.63	$	0.20
Diluted earnings	2.61		1.56		0.70		0.66		0.63		0.62		0.20
Dividends paid	0.54		0.39		0.15		0.15		0.12		0.12		0.12
Average common shares issued and outstanding	10,096.5		10,195.6		9,855.8		10,031.6		10,181.7		10,322.4		10,470.7
Average diluted common shares issued and outstanding	10,236.9		10,778.4		9,996.0		10,170.8		10,309.4		10,472.7		10,621.8

Certain prior period amounts have been reclassified to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	3



Bank of America Corporation and Subsidiaries
Consolidated Statement of Comprehensive Income
(Dollars in millions)
	Year Ended December 31						Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018				First Quarter 2018				Fourth Quarter 2017
	2018			2017
Net income	$	28,147		$	18,232		$	7,278		$	7,167		$	6,784			$	6,918			$	2,365
Other comprehensive income (loss), net-of-tax:
Net change in debt and equity securities	(3,953		)	61			2,213			(1,172		)	(1,031		)	-	(3,963		)	-	(870		)
Net change in debit valuation adjustments	749			(293		)	566			(269		)	179				273				(144		)
Net change in derivatives	(53		)	64			293			21			(92		)		(275		)		(92		)
Employee benefit plan adjustments	(405		)	288			(496		)	31			30				30				208
Net change in foreign currency translation adjustments	(254		)	86			49			(114		)	(141		)		(48		)		(16		)
Other comprehensive income (loss)	(3,916		)	206			2,625			(1,503		)	(1,055		)		(3,983		)		(914		)
Comprehensive income	$	24,231		$	18,438		$	9,903		$	5,664		$	5,729			$	2,935			$	1,451

Certain prior period amounts have been reclassified to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	4



Bank of America Corporation and Subsidiaries
Consolidated Balance Sheet
(Dollars in millions)
	December 31 2018			September 30 2018			December 31 2017
Assets
Cash and due from banks	$	29,063		$	27,440		$	29,480
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks	148,341			157,418			127,954
Cash and cash equivalents	177,404			184,858			157,434
Time deposits placed and other short-term investments	7,494			7,865			11,153
Federal funds sold and securities borrowed or purchased under agreements to resell	261,131			248,237			212,747
Trading account assets	214,348			219,118			209,358
Derivative assets	43,725			45,617			37,762
Debt securities:
Carried at fair value	238,101			251,635			315,117
Held-to-maturity, at cost	203,652			194,472			125,013
Total debt securities	441,753			446,107			440,130
Loans and leases	946,895			929,801			936,749
Allowance for loan and lease losses	(9,601		)	(9,734		)	(10,393		)
Loans and leases, net of allowance	937,294			920,067			926,356
Premises and equipment, net	9,906			9,680			9,247
Goodwill	68,951			68,951			68,951
Loans held-for-sale	10,367			5,576			11,430
Customer and other receivables	65,814			56,962			61,623
Other assets	116,320			125,795			135,043
Total assets	$	2,354,507		$	2,338,833		$	2,281,234

Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities)
Trading account assets	$	5,798		$	6,145		$	6,521
Loans and leases	43,850			44,163			48,929
Allowance for loan and lease losses	(912		)	(920		)	(1,016		)
Loans and leases, net of allowance	42,938			43,243			47,913
All other assets	337			357			1,721
Total assets of consolidated variable interest entities	$	49,073		$	49,745		$	56,155

Certain prior period amounts have been reclassified to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	5



Bank of America Corporation and Subsidiaries
Consolidated Balance Sheet (continued)
(Dollars in millions)
	December 31 2018			September 30 2018			December 31 2017
Liabilities
Deposits in U.S. offices:
Noninterest-bearing	$	412,587		$	414,853		$	430,650
Interest-bearing	891,636			844,204			796,576
Deposits in non-U.S. offices:
Noninterest-bearing	14,060			12,896			14,024
Interest-bearing	63,193			73,696			68,295
Total deposits	1,381,476			1,345,649			1,309,545
Federal funds purchased and securities loaned or sold under agreements to repurchase	186,988			171,600			176,865
Trading account liabilities	68,220			89,964			81,187
Derivative liabilities	37,891			36,189			34,300
Short-term borrowings	20,189			29,035			32,666
Accrued expenses and other liabilities	165,078			170,138			152,123
Long-term debt	229,340			234,100			227,402
Total liabilities	2,089,182			2,076,675			2,014,088
Shareholders' equity
Preferred stock, $0.01 par value; authorized - 100,000,000shares; issued and outstanding -3,843,140, 3,843,140 and 3,837,683 shares	22,326			22,326			22,323
Common stock and additional paid-in capital, $0.01 par value; authorized - 12,800,000,000 shares; issued and outstanding -9,669,286,370, 9,858,252,641and 10,287,302,431shares	118,896			123,921			138,089
Retained earnings	136,314			130,747			113,816
Accumulated other comprehensive income (loss)	(12,211		)	(14,836		)	(7,082		)
Total shareholders' equity	265,325			262,158			267,146
Total liabilities and shareholders' equity	$	2,354,507		$	2,338,833		$	2,281,234

Liabilities of consolidated variable interest entities included in total liabilities above
Short-term borrowings	$	742		$	905		$	312
Long-term debt	10,944			11,024			9,873
All other liabilities	30			39			37
Total liabilities of consolidated variable interest entities	$	11,716		$	11,968		$	10,222

Certain prior period amounts have been reclassified to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	6



Bank of America Corporation and Subsidiaries
Capital Management
(Dollars in millions)
	Basel 3
	December 31 2018			September 30 2018			December 31 2017
Risk-based capital metrics⁽¹⁾:
Standardized Approach
Common equity tier 1 capital	$	167,272		$	164,386		$	168,461
Tier 1 capital	189,038			186,189			190,189
Total capital	221,303			218,159			224,209
Risk-weighted assets	1,436,905			1,439,419			1,442,721
Common equity tier 1 capital ratio	11.6		%	11.4		%	11.7		%
Tier 1 capital ratio	13.2			12.9			13.2
Total capital ratio	15.4			15.2			15.5

Advanced Approaches
Common equity tier 1 capital	$	167,272		$	164,386		$	168,461
Tier 1 capital	189,038			186,189			190,189
Total capital	212,855			209,950			215,311
Risk-weighted assets	1,408,264			1,424,105			1,458,979
Common equity tier 1 capital ratio	11.9		%	11.5		%	11.5		%
Tier 1 capital ratio	13.4			13.1			13.0
Total capital ratio	15.1			14.7			14.8

Leverage-based metrics⁽¹⁾
Adjusted average assets	$	2,257,559		$	2,240,166		$	2,223,482
Tier 1 leverage ratio	8.4		%	8.3		%	8.6		%

Supplementary leverage exposure	$	2,791,853		$	2,787,880		n/a
Supplementary leverage ratio	6.8		%	6.7		%	n/a

Tangible equity ratio⁽²⁾	8.6			8.5			8.9
Tangible common equity ratio⁽²⁾	7.6			7.5			7.9

⁽¹⁾

Regulatory capital ratios at December 31, 2018 are preliminary. We report regulatory capital ratios under both the Standardized and Advanced approaches. The approach that yields the lower ratio is used to assess capital adequacy. Basel 3 transition provisions for regulatory capital adjustments and deductions were fully phased-in as of January 1, 2018. Prior periods are presented on a fully phased-in basis. SLR requirements became effective January 1, 2018.

⁽²⁾

Tangible equity ratio equals period-end tangible shareholders' equity divided by period-end tangible assets. Tangible common equity ratio equals period-end tangible common shareholders' equity divided by period-end tangible assets. Tangible shareholders' equity and tangible assets are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income.(See Exhibit A: Non-GAAP Reconciliations - Reconciliation to GAAP Financial Measures on page 39.)

n/a = not applicable

Certain prior period amounts have been reclassified to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	7



Bank of America Corporation and Subsidiaries
Quarterly Average Balances and Interest Rates - Fully Taxable-equivalent Basis
(Dollars in millions)
	Fourth Quarter 2018						Third Quarter 2018						Fourth Quarter 2017
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Earning assets
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks	$	129,814	$	494	1.51	%	$	144,411	$	523	1.44	%	$	128,708	$	336	1.04	%
Time deposits placed and other short-term investments	8,691		59		2.72		8,328		48		2.26		12,979		68		2.06
Federal funds sold and securities borrowed or purchased under agreements to resell	263,626		1,046		1.57		241,426		799		1.31		224,490		528		0.93
Trading account assets	138,046		1,327		3.82		128,896		1,195		3.68		130,370		1,183		3.61
Debt securities	440,967		3,108		2.76		445,813		3,014		2.66		441,624		2,751		2.48
Loans and leases⁽¹⁾:
Residential mortgage	209,646		1,857		3.54		209,460		1,857		3.54		202,155		1,749		3.46
Home equity	50,757		634		4.96		53,050		656		4.91		59,059		641		4.32
U.S. credit card	95,766		2,533		10.49		94,710		2,435		10.20		93,531		2,299		9.75
Direct/Indirect and other consumer	91,458		823		3.57		91,828		787		3.40		96,113		724		2.99
Total consumer	447,627		5,847		5.20		449,048		5,735		5.08		450,858		5,413		4.78
U.S. commercial	308,557		3,203		4.12		303,680		3,034		3.97		297,851		2,598		3.46
Non-U.S. commercial	95,937		835		3.45		96,019		831		3.43		98,692		680		2.73
Commercial real estate	60,876		703		4.59		60,754		682		4.45		58,983		571		3.84
Commercial lease financing	21,724		182		3.36		21,235		173		3.25		21,406		159		2.98
Total commercial	487,094		4,923		4.01		481,688		4,720		3.89		476,932		4,008		3.34
Total loans and leases	934,721		10,770		4.58		930,736		10,455		4.46		927,790		9,421		4.04
Other earning assets	70,869		1,187		6.65		72,827		1,082		5.91		84,087		901		4.25
Total earning assets⁽²⁾	1,986,734		17,991		3.60		1,972,437		17,116		3.45		1,950,048		15,188		3.09
Cash and due from banks	26,081						25,639						28,114
Other assets, less allowance for loan and lease losses	321,771						319,753						323,525
Total assets	$	2,334,586					$	2,317,829					$	2,301,687


⁽¹⁾	Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is generally recognized on a cost recovery basis. Purchased credit-impaired loans are recorded at fair value upon acquisition and accrete interest income over the estimated life of the loan.


⁽²⁾	The impact of interest rate risk management derivatives on interest income is presented below. Interest income includes the impact of interest rate risk management contracts, which increased (decreased) interest income on:



	Fourth Quarter 2018				Third Quarter 2018				Fourth Quarter 2017
Federal funds sold and securities borrowed or purchased under agreements to resell		$	(61	)		$	(52	)		$	16
Debt securities		13				3				(2		)
U.S. commercial loans and leases		(10		)		(8		)		(10		)
Net hedge expense on assets		$	(58	)		$	(57	)		$	4

Certain prior period amounts have been reclassified to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	8



Bank of America Corporation and Subsidiaries
Quarterly Average Balances and Interest Rates - Fully Taxable-equivalent Basis (continued)
(Dollars in millions)
	Fourth Quarter 2018						Third Quarter 2018						Fourth Quarter 2017
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Interest-bearing liabilities
U.S. interest-bearing deposits:
Savings	$	52,523	$	2	0.01	%	$	53,929	$	1	0.01	%	$	54,090	$	1	0.01	%
NOW and money market deposit accounts	701,697		957		0.54		680,285		737		0.43		645,639		361		0.22
Consumer CDs and IRAs	38,899		48		0.49		39,160		40		0.41		42,595		29		0.28
Negotiable CDs, public funds and other deposits	62,719		362		2.29		54,192		275		2.01		39,200		133		1.35
Total U.S. interest-bearing deposits	855,838		1,369		0.63		827,566		1,053		0.50		781,524		524		0.27
Non-U.S. interest-bearing deposits:
Banks located in non-U.S. countries	2,321		7		1.14		2,353		12		2.06		1,844		5		0.96
Governments and official institutions	275		-		0.04		709		-		0.01		1,016		3		1.06
Time, savings and other	64,599		186		1.14		63,179		165		1.04		67,252		147		0.87
Total non-U.S. interest-bearing deposits	67,195		193		1.14		66,241		177		1.07		70,112		155		0.88
Total interest-bearing deposits	923,033		1,562		0.67		893,807		1,230		0.55		851,636		679		0.32
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities	262,497		1,716		2.60		264,168		1,526		2.30		272,733		901		1.31
Trading account liabilities	45,329		318		2.79		50,904		335		2.60		49,643		314		2.51
Long-term debt	230,616		1,936		3.34		233,475		2,004		3.42		227,644		1,581		2.77
Total interest-bearing liabilities⁽¹⁾	1,461,475		5,532		1.50		1,442,354		5,095		1.40		1,401,656		3,475		0.98
Noninterest-bearing sources:
Noninterest-bearing deposits	421,918						422,538						441,936
Other liabilities	187,495						188,284						184,933
Shareholders' equity	263,698						264,653						273,162
Total liabilities and shareholders' equity	$	2,334,586					$	2,317,829					$	2,301,687
Net interest spread					2.10	%					2.05	%					2.11	%
Impact of noninterest-bearing sources					0.38						0.37						0.28
Net interest income/yield on earning assets⁽²⁾			$	12,459	2.48	%			$	12,021	2.42	%			$	11,713	2.39	%


⁽¹⁾	The impact of interest rate risk management derivatives on interest expense is presented below. Interest expense includes the impact of interest rate risk management contracts, which increased (decreased) interest expense on:



	Fourth Quarter 2018				Third Quarter 2018			Fourth Quarter 2017
NOW and money market deposit accounts		$	-			$	1		$	-
Consumer CDs and IRAs		6				5			5
Negotiable CDs, public funds and other deposits		3				2			3
Banks located in non-U.S. countries		4				6			5
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities		11				30			30
Long-term debt		(51		)		24			(379		)
Net hedge (income) expense on liabilities		$	(27	)		$	68		$	(336	)


⁽²⁾	Net interest income includes FTE adjustments of $155 million, $151 millionand $251 millionfor the fourth and third quarters of 2018 and the fourth quarter of 2017, respectively.

Certain prior period amounts have been reclassified to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	9



Bank of America Corporation and Subsidiaries
Annual Average Balances and Interest Rates - Fully Taxable-equivalent Basis
(Dollars in millions)
	2018						2017
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Earning assets
Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks	$	139,848	$	1,926	1.38	%	$	127,431	$	1,122	0.88	%
Time deposits placed and other short-term investments	9,446		216		2.29		12,112		241		1.99
Federal funds sold and securities borrowed or purchased under agreements to resell	251,328		3,176		1.26		222,818		1,806		0.81
Trading account assets	132,724		4,901		3.69		129,007		4,618		3.58
Debt securities	437,312		11,837		2.66		435,005		10,626		2.44
Loans and leases⁽¹⁾:
Residential mortgage	207,523		7,294		3.51		197,766		6,831		3.45
Home equity	53,886		2,573		4.77		62,260		2,608		4.19
U.S. credit card	94,612		9,579		10.12		91,068		8,791		9.65
Non-U.S. credit card⁽²⁾	-		-		-		3,929		358		9.12
Direct/Indirect and other consumer	93,036		3,104		3.34		96,002		2,734		2.85
Total consumer	449,057		22,550		5.02		451,025		21,322		4.73
U.S. commercial	304,387		11,937		3.92		292,452		9,765		3.34
Non-U.S. commercial	97,664		3,220		3.30		95,005		2,566		2.70
Commercial real estate	60,384		2,618		4.34		58,502		2,116		3.62
Commercial lease financing	21,557		698		3.24		21,747		706		3.25
Total commercial	483,992		18,473		3.82		467,706		15,153		3.24
Total loans and leases⁽²⁾	933,049		41,023		4.40		918,731		36,475		3.97
Other earning assets	76,524		4,300		5.62		76,957		3,224		4.19
Total earning assets⁽³⁾	1,980,231		67,379		3.40		1,922,061		58,112		3.02
Cash and due from banks	25,830						27,995
Other assets, less allowance for loan and lease losses	319,185						318,577
Total assets	$	2,325,246					$	2,268,633


⁽¹⁾	Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is generally recognized on a cost recovery basis. Purchased credit-impaired loans are recorded at fair value upon acquisition and accrete interest income over the estimated life of the loan.


⁽²⁾	The 2017 amount includes assets of the Corporation's non-U.S. consumer credit card business, which was sold during the second quarter of 2017.


⁽³⁾	The impact of interest rate risk management derivatives on interest income is presented below. Interest income includes the impact of interest rate risk management contracts, which increased (decreased) interest income on:



	2018				2017
Federal funds sold and securities borrowed or purchased under agreements to resell		$	(147	)		$	49
Debt securities		13				(54		)
U.S. commercial loans and leases		(37		)		(39		)
Net hedge expense on assets		$	(171	)		$	(44	)

Certain prior period amounts have been reclassified to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	10



Bank of America Corporation and Subsidiaries
Annual Average Balances and Interest Rates - Fully Taxable-equivalent Basis (continued)
(Dollars in millions)
	2018						2017
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Interest-bearing liabilities
U.S. interest-bearing deposits:
Savings	$	54,226	$	6	0.01	%	$	53,783	$	5	0.01	%
NOW and money market deposit accounts	676,382		2,636		0.39		628,647		873		0.14
Consumer CDs and IRAs	39,823		157		0.39		44,794		121		0.27
Negotiable CDs, public funds and other deposits	50,593		991		1.96		36,782		354		0.96
Total U.S. interest-bearing deposits	821,024		3,790		0.46		764,006		1,353		0.18
Non-U.S. interest-bearing deposits:
Banks located in non-U.S. countries	2,312		39		1.69		2,442		21		0.85
Governments and official institutions	810		-		0.01		1,006		10		0.95
Time, savings and other	65,097		666		1.02		62,386		547		0.88
Total non-U.S. interest-bearing deposits	68,219		705		1.03		65,834		578		0.88
Total interest-bearing deposits	889,243		4,495		0.51		829,840		1,931		0.23
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities	269,748		5,839		2.17		274,975		3,146		1.14
Trading account liabilities	50,928		1,358		2.67		45,518		1,204		2.64
Long-term debt	230,693		7,645		3.31		225,133		6,239		2.77
Total interest-bearing liabilities⁽¹⁾	1,440,612		19,337		1.34		1,375,466		12,520		0.91
Noninterest-bearing sources:
Noninterest-bearing deposits	425,698						439,956
Other liabilities	194,188						181,922
Shareholders' equity	264,748						271,289
Total liabilities and shareholders' equity	$	2,325,246					$	2,268,633
Net interest spread					2.06	%					2.11	%
Impact of noninterest-bearing sources					0.36						0.26
Net interest income/yield on earning assets⁽²⁾			$	48,042	2.42	%			$	45,592	2.37	%


⁽¹⁾	The impact of interest rate risk management derivatives on interest expense is presented below. Interest expense includes the impact of interest rate risk management contracts, which increased (decreased) interest expense on:



	2018				2017
NOW and money market deposit accounts		$	-			$	(1	)
Consumer CDs and IRAs		22				22
Negotiable CDs, public funds and other deposits		12				13
Banks located in non-U.S. countries		19				19
Federal funds purchased, securities loaned or sold under agreements to repurchase, short-term borrowings and other interest-bearing liabilities		100				243
Long-term debt		(283		)		(1,728		)
Net hedge income on liabilities		$	(130	)		$	(1,432	)


⁽²⁾	Net interest income includes FTE adjustments of $610 millionand $925 millionin 2018 and 2017.

Certain prior period amounts have been reclassified to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	11



Bank of America Corporation and Subsidiaries
Debt Securities
(Dollars in millions)
	December 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	125,116	$	138	$	(3,428	)	$	121,826
Agency-collateralized mortgage obligations	5,621		19		(110		)	5,530
Commercial	14,469		11		(402		)	14,078
Non-agency residential	1,792		136		(11		)	1,917
Total mortgage-backed securities	146,998		304		(3,951		)	143,351
U.S. Treasury and agency securities	56,239		62		(1,378		)	54,923
Non-U.S. securities	9,307		5		(6		)	9,306
Other taxable securities, substantially all asset-backed securities	4,387		29		(6		)	4,410
Total taxable securities	216,931		400		(5,341		)	211,990
Tax-exempt securities	17,349		99		(72		)	17,376
Total available-for-sale debt securities	234,280		499		(5,413		)	229,366
Other debt securities carried at fair value	8,595		172		(32		)	8,735
Total debt securities carried at fair value	242,875		671		(5,445		)	238,101
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities⁽¹⁾	203,652		747		(3,964		)	200,435
Total debt securities	$	446,527	$	1,418	$	(9,409	)	$	438,536

	September 30, 2018
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	141,721	$	101	$	(5,710	)	$	136,112
Agency-collateralized mortgage obligations	5,878		9		(209		)	5,678
Commercial	14,138		2		(630		)	13,510
Non-agency residential	1,926		217		(6		)	2,137
Total mortgage-backed securities	163,663		329		(6,555		)	157,437
U.S. Treasury and agency securities	54,664		8		(2,366		)	52,306
Non-U.S. securities	7,076		5		(2		)	7,079
Other taxable securities, substantially all asset-backed securities	3,806		77		(7		)	3,876
Total taxable securities	229,209		419		(8,930		)	220,698
Tax-exempt securities	18,401		36		(87		)	18,350
Total available-for-sale debt securities	247,610		455		(9,017		)	239,048
Other debt securities carried at fair value	12,409		205		(27		)	12,587
Total debt securities carried at fair value	260,019		660		(9,044		)	251,635
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities⁽¹⁾	194,472		1		(6,485		)	187,988
Total debt securities	$	454,491	$	661	$	(15,529	)	$	439,623


⁽¹⁾	During 2018, we transferred available-for-sale debt securities with an amortized cost of $64.5 billionto held to maturity.



Other Debt Securities Carried at Fair Value
(Dollars in millions)	December 31 2018		September 30 2018
Non-agency residential mortgage-backed securities	$	1,606	$	1,696
U.S. Treasury and agency securities	1,282		-
Non-U.S. securities⁽¹⁾	5,844		10,888
Other taxable securities, substantially all asset-backed securities	3		3
Total	$	8,735	$	12,587


⁽¹⁾	These securities are primarily used to satisfy certain international regulatory liquidity requirements.

Certain prior period amounts have been reclassified to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	12



Bank of America Corporation and Subsidiaries
Supplemental Financial Data
(Dollars in millions)

	Year Ended December 31						Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017
	2018			2017
Fully taxable-equivalent (FTE) basis data⁽¹⁾
Net interest income	$	48,042		$	45,592		$	12,459		$	12,021		$	11,804		$	11,758		$	11,713
Total revenue, net of interest expense	91,857			88,277			22,891			22,928			22,763			23,275			20,687
Net interest yield	2.42		%	2.37		%	2.48		%	2.42		%	2.38		%	2.39		%	2.39		%
Efficiency ratio	58.11			62.01			57.37			56.99			58.36			59.71			64.16

⁽¹⁾

FTE basis is a non-GAAP financial measure. FTE basis is a performance measure used by management in operating the business that management believes provides investors with a more accurate picture of the interest margin for comparative purposes. The Corporation believes that this presentation allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices. Net interest income includes FTE adjustments of $610 millionand $925 millionfor the years ended December 31, 2018 and 2017, and $155 million, $151 million, $154 million, $150 millionand $251 millionfor the fourth, third, second and first quarters of 2018 and the fourth quarter of 2017, respectively.

Certain prior period amounts have been reclassified to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	13



Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other
(Dollars in millions)
	Fourth Quarter 2018
	Total Corporation		Consumer Banking			GWIM		Global Banking			Global Markets			All Other
Net interest income	$	12,459	$	7,131		$	1,622	$	2,824		$	746		$	136
Card income	1,582		1,387			35		136			23			1
Service charges	1,931		1,086			18		743			79			5
Investment and brokerage services	3,544		77			2,978		24			474			(9		)
Investment banking income (loss)	1,348		(1		)	94		760			514			(19		)
Trading account profits	1,633		2			31		75			1,318			207
Other income (loss)	394		195			212		488			59			(560		)
Total noninterest income (loss)	10,432		2,746			3,368		2,226			2,467			(375		)
Total revenue, net of interest expense	22,891		9,877			4,990		5,050			3,213			(239		)
Provision for credit losses	905		915			23		85			6			(124		)
Noninterest expense	13,133		4,483			3,542		2,119			2,540			449
Income (loss) before income taxes	8,853		4,479			1,425		2,846			667			(564		)
Income tax expense (benefit)	1,575		1,141			363		740			174			(843		)
Net income	$	7,278	$	3,338		$	1,062	$	2,106		$	493		$	279

Average
Total loans and leases	$	934,721	$	289,862		$	163,516	$	357,410		$	70,609		$	53,324
Total assets⁽¹⁾	2,334,586		759,027			283,262		440,522			655,068			196,707
Total deposits	1,344,951		686,826			247,427		359,642			31,077			19,979
Quarter end
Total loans and leases	$	946,895	$	294,335		$	164,854	$	365,717		$	73,928		$	48,061
Total assets⁽¹⁾	2,354,507		768,877			305,906		441,477			641,922			196,325
Total deposits	1,381,476		696,146			268,700		360,248			37,841			18,541

	Third Quarter 2018
	Total Corporation		Consumer Banking			GWIM		Global Banking			Global Markets			All Other
Net interest income	$	12,021	$	6,862		$	1,535	$	2,706		$	754		$	164
Card income	1,470		1,281			34		132			23			-
Service charges	1,961		1,098			19		753			86			5
Investment and brokerage services	3,494		80			3,004		27			388			(5		)
Investment banking income (loss)	1,204		-			87		644			522			(49		)
Trading account profits	1,893		2			24		60			1,727			80
Other income (loss)	885		80			80		416			343			(34		)
Total noninterest income (loss)	10,907		2,541			3,248		2,032			3,089			(3		)
Total revenue, net of interest expense	22,928		9,403			4,783		4,738			3,843			161
Provision for credit losses	716		870			13		(70		)	(2		)	(95		)
Noninterest expense	13,067		4,354			3,414		2,121			2,613			565
Income (loss) before income taxes	9,145		4,179			1,356		2,687			1,232			(309		)
Income tax expense (benefit)	1,978		1,066			346		699			320			(453		)
Net income	$	7,167	$	3,113		$	1,010	$	1,988		$	912		$	144

Average
Total loans and leases	$	930,736	$	284,994		$	161,869	$	352,712		$	71,231		$	59,930
Total assets⁽¹⁾	2,317,829		759,665			273,581		422,255			652,481			209,847
Total deposits	1,316,345		687,530			238,291		337,685			30,721			22,118
Quarter end
Total loans and leases	$	929,801	$	287,277		$	162,191	$	352,332		$	73,023		$	54,978
Total assets⁽¹⁾	2,338,833		765,497			276,146		430,846			646,359			219,985
Total deposits	1,345,649		692,770			239,654		350,748			41,102			21,375


⁽¹⁾	Total assets include asset allocations to match liabilities (i.e., deposits).

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	14



Bank of America Corporation and Subsidiaries
Quarterly Results by Business Segment and All Other (continued)
(Dollars in millions)
	Fourth Quarter 2017
	Total Corporation			Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Net interest income	$	11,713		$	6,354	$	1,520	$	2,719	$	932	$	188
Card income	1,555			1,354		43		134		24		-
Service charges	1,955			1,071		19		774		84		7
Investment and brokerage services	3,522			84		2,920		24		501		(7		)
Investment banking income (loss)	1,418			-		71		811		597		(61		)
Trading account profits	1,153			1		25		51		1,075		1
Other income (loss)	(629		)	91		85		506		183		(1,494		)
Total noninterest income (loss)	8,974			2,601		3,163		2,300		2,464		(1,554		)
Total revenue, net of interest expense	20,687			8,955		4,683		5,019		3,396		(1,366		)
Provision for credit losses	1,001			886		6		132		162		(185		)
Noninterest expense	13,274			4,509		3,470		2,161		2,614		520
Income (loss) before income taxes	6,412			3,560		1,207		2,726		620		(1,701		)
Income tax expense	4,047			1,364		463		1,046		210		964
Net income (loss)	$	2,365		$	2,196	$	744	$	1,680	$	410	$	(2,665	)

Average
Total loans and leases	$	927,790		$	275,716	$	157,063	$	350,262	$	73,552	$	71,197
Total assets⁽¹⁾	2,301,687			737,755		276,153		419,513		659,412		208,854
Total deposits	1,293,572			665,536		240,126		329,761		34,250		23,899
Quarter end
Total loans and leases	$	936,749		$	280,473	$	159,378	$	350,668	$	76,778	$	69,452
Total assets⁽¹⁾	2,281,234			749,325		284,321		424,533		629,013		194,042
Total deposits	1,309,545			676,530		246,994		329,273		34,029		22,719


⁽¹⁾	Total assets include asset allocations to match liabilities (i.e., deposits).

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	15



Bank of America Corporation and Subsidiaries
Annual Results by Business Segment and All Other
(Dollars in millions)
	Year Ended December 31, 2018
	Total Corporation		Consumer Banking			GWIM		Global Banking		Global Markets		All Other
Net interest income	$	48,042	$	27,123		$	6,294	$	10,881	$	3,171	$	573
Card income	6,051		5,289			128		541		93		-
Service charges	7,767		4,300			73		3,027		345		22
Investment and brokerage services	14,160		319			11,959		94		1,780		8
Investment banking income (loss)	5,327		(1		)	337		2,891		2,296		(196		)
Trading account profits	8,540		8			112		260		7,932		228
Other income (loss)	1,970		485			435		1,950		446		(1,346		)
Total noninterest income (loss)	43,815		10,400			13,044		8,763		12,892		(1,284		)
Total revenue, net of interest expense	91,857		37,523			19,338		19,644		16,063		(711		)
Provision for credit losses	3,282		3,664			86		8		-		(476		)
Noninterest expense	53,381		17,713			13,777		8,591		10,686		2,614
Income (loss) before income taxes	35,194		16,146			5,475		11,045		5,377		(2,849		)
Income tax expense (benefit)	7,047		4,117			1,396		2,872		1,398		(2,736		)
Net income (loss)	$	28,147	$	12,029		$	4,079	$	8,173	$	3,979	$	(113	)

Average
Total loans and leases	$	933,049	$	283,807		$	161,342	$	354,236	$	72,651	$	61,013
Total assets⁽¹⁾	2,325,246		756,373			277,219		424,353		666,003		201,298
Total deposits	1,314,941		684,173			241,256		336,337		31,209		21,966
Year end
Total loans and leases	$	946,895	$	294,335		$	164,854	$	365,717	$	73,928	$	48,061
Total assets⁽¹⁾	2,354,507		768,877			305,906		441,477		641,922		196,325
Total deposits	1,381,476		696,146			268,700		360,248		37,841		18,541

	Year Ended December 31, 2017
	Total Corporation		Consumer Banking			GWIM		Global Banking		Global Markets		All Other
Net interest income	$	45,592	$	24,307		$	6,173	$	10,504	$	3,744	$	864
Card income	5,902		5,070			153		518		92		69
Service charges	7,818		4,266			76		3,125		329		22
Investment and brokerage services	13,836		317			11,394		97		2,049		(21		)
Investment banking income (loss)	6,011		-			318		3,471		2,476		(254		)
Trading account profits	7,277		3			144		134		6,710		286
Other income (loss)	1,841		558			332		2,150		551		(1,750		)
Total noninterest income (loss)	42,685		10,214			12,417		9,495		12,207		(1,648		)
Total revenue, net of interest expense	88,277		34,521			18,590		19,999		15,951		(784		)
Provision for credit losses	3,396		3,525			56		212		164		(561		)
Noninterest expense	54,743		17,795			13,556		8,596		10,731		4,065
Income (loss) before income taxes	30,138		13,201			4,978		11,191		5,056		(4,288		)
Income tax expense (benefit)	11,906		4,999			1,885		4,238		1,763		(979		)
Net income (loss)	$	18,232	$	8,202		$	3,093	$	6,953	$	3,293	$	(3,309	)

Average
Total loans and leases	$	918,731	$	266,058		$	152,682	$	346,089	$	71,413	$	82,489
Total assets⁽¹⁾	2,268,633		725,406			281,517		416,038		638,673		206,999
Total deposits	1,269,796		653,320			245,559		312,859		32,864		25,194
Year end
Total loans and leases	$	936,749	$	280,473		$	159,378	$	350,668	$	76,778	$	69,452
Total assets⁽¹⁾	2,281,234		749,325			284,321		424,533		629,013		194,042
Total deposits	1,309,545		676,530			246,994		329,273		34,029		22,719


⁽¹⁾	Total assets include asset allocations to match liabilities (i.e., deposits).

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	16



Bank of America Corporation and Subsidiaries
Consumer Banking Segment Results
(Dollars in millions)
	Year Ended December 31						Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017
	2018			2017			Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017
Net interest income	$	27,123		$	24,307		$	7,131		$	6,862		$	6,620		$	6,510		$	6,354
Noninterest income:
Card income	5,289			5,070			1,387			1,281			1,342			1,279			1,354
Service charges	4,300			4,266			1,086			1,098			1,072			1,044			1,071
All other income	811			878			273			162			177			199			176
Total noninterest income	10,400			10,214			2,746			2,541			2,591			2,522			2,601
Total revenue, net of interest expense	37,523			34,521			9,877			9,403			9,211			9,032			8,955

Provision for credit losses	3,664			3,525			915			870			944			935			886

Noninterest expense	17,713			17,795			4,483			4,354			4,395			4,481			4,509
Income before income taxes	16,146			13,201			4,479			4,179			3,872			3,616			3,560
Income tax expense	4,117			4,999			1,141			1,066			988			922			1,364
Net income	$	12,029		$	8,202		$	3,338		$	3,113		$	2,884		$	2,694		$	2,196

Net interest yield	3.78		%	3.54		%	3.93		%	3.78		%	3.68		%	3.73		%	3.61		%
Return on average allocated capital⁽¹⁾	33			22			36			33			31			30			24
Efficiency ratio	47.20			51.55			45.37			46.30			47.73			49.62			50.35

Balance Sheet
Average
Total loans and leases	$	283,807		$	266,058		$	289,862		$	284,994		$	280,689		$	279,557		$	275,716
Total earning assets⁽²⁾	717,197			686,612			719,338			720,652			720,878			707,754			699,004
Total assets⁽²⁾	756,373			725,406			759,027			759,665			759,982			746,647			737,755
Total deposits	684,173			653,320			686,826			687,530			687,812			674,351			665,536
Allocated capital⁽¹⁾	37,000			37,000			37,000			37,000			37,000			37,000			37,000

Period end
Total loans and leases	$	294,335		$	280,473		$	294,335		$	287,277		$	283,565		$	279,055		$	280,473
Total earning assets⁽²⁾	728,817			709,832			728,817			726,494			729,036			735,247			709,832
Total assets⁽²⁾	768,877			749,325			768,877			765,497			768,187			774,256			749,325
Total deposits	696,146			676,530			696,146			692,770			695,530			701,488			676,530


⁽¹⁾	Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.


⁽²⁾	Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits) and allocated shareholders' equity.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	17



Bank of America Corporation and Subsidiaries
Consumer Banking Key Indicators
(Dollars in millions)
	Year Ended December 31						Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017
	2018			2017			Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017
Average deposit balances
Checking	$	350,929		$	326,226		$	356,609		$	354,013		$	351,686		$	341,204		$	334,345
Savings	52,592			52,133			50,968			52,306			54,052			53,068			52,466
MMS	241,807			231,572			241,576			243,064			242,841			239,714			236,909
CDs and IRAs	35,890			40,470			34,831			35,225			36,173			37,366			38,732
Non-U.S. and other	2,955			2,919			2,842			2,922			3,060			2,999			3,084
Total average deposit balances	$	684,173		$	653,320		$	686,826		$	687,530		$	687,812		$	674,351		$	665,536

Deposit spreads (excludes noninterest costs)
Checking	2.16		%	2.00		%	2.23		%	2.18		%	2.13		%	2.08		%	2.03		%
Savings	2.43			2.30			2.49			2.45			2.40			2.37			2.34
MMS	2.07			1.58			2.29			2.15			2.00			1.85			1.70
CDs and IRAs	2.09			1.43			2.40			2.22			2.02			1.73			1.55
Non-U.S. and other	2.24			1.38			2.61			2.47			2.16			1.73			1.56
Total deposit spreads	2.14			1.84			2.28			2.19			2.10			2.00			1.91

Client brokerage assets	$	185,881		$	177,045		$	185,881		$	203,882		$	191,472		$	182,110		$	177,045

Active digital banking users (units in thousands)⁽¹⁾	36,264			34,855			36,264			36,174			35,722			35,518			34,855
Active mobile banking users (units in thousands)	26,433			24,238			26,433			25,990			25,335			24,801			24,238
Financial centers	4,341			4,477			4,341			4,385			4,433			4,452			4,477
ATMs	16,255			16,039			16,255			16,089			16,050			16,011			16,039

Total U.S. credit card⁽²⁾
Loans
Average credit card outstandings	$	94,612		$	91,068		$	95,766		$	94,710		$	93,531		$	94,423		$	93,531
Ending credit card outstandings	98,338			96,274			98,338			94,829			94,790			93,014			96,274
Credit quality
Net charge-offs	$	2,837		$	2,513		$	699		$	698		$	739		$	701		$	655
	3.00		%	2.76		%	2.90		%	2.92		%	3.17		%	3.01		%	2.78		%
30+ delinquency	$	1,989		$	1,847		$	1,989		$	1,805		$	1,695		$	1,795		$	1,847
	2.02		%	1.92		%	2.02		%	1.90		%	1.79		%	1.93		%	1.92		%
90+ delinquency	$	994		$	900		$	994		$	872		$	865		$	925		$	900
	1.01		%	0.93		%	1.01		%	0.92		%	0.91		%	0.99		%	0.93		%
Other Total U.S. credit card indicators⁽²⁾
Gross interest yield	10.12		%	9.65		%	10.49		%	10.20		%	9.86		%	9.93		%	9.75		%
Risk-adjusted margin	8.34			8.67			8.83			8.15			8.07			8.32			8.74
New accounts (in thousands)	4,544			4,939			1,048			1,116			1,186			1,194			1,138
Purchase volumes	$	264,706		$	244,753		$	70,048		$	66,490		$	66,821		$	61,347		$	65,523

Debit card data
Purchase volumes	$	318,562		$	298,641		$	81,893		$	79,920		$	80,697		$	76,052		$	77,912

Loan production⁽³⁾
Total⁽⁴⁾:
First mortgage	$	41,195		$	50,581		$	9,417		$	10,682		$	11,672		$	9,424		$	12,705
Home equity	14,869			16,924			3,640			3,399			4,081			3,749			4,053
Consumer Banking:
First mortgage	$	27,280		$	34,065		$	6,227		$	7,208		$	7,881		$	5,964		$	8,386
Home equity	13,251			15,199			3,209			3,053			3,644			3,345			3,595


⁽¹⁾	Digital users represents mobile and/or online users across consumer businesses.


⁽²⁾	In addition to the U.S. credit card portfolio in Consumer Banking, the remaining U.S. credit card portfolio is in GWIM.


⁽³⁾	The above 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.


⁽⁴⁾	In addition to loan production in Consumer Banking, there is also first mortgage and home equity loan production in GWIM.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	18



Bank of America Corporation and Subsidiaries
Consumer Banking Quarterly Results
(Dollars in millions)
	Fourth Quarter 2018
	Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	7,131		$	4,297		$	2,834
Noninterest income:
Card income	1,387			3			1,384
Service charges	1,086			1,084			2
All other income	273			118			155
Total noninterest income	2,746			1,205			1,541
Total revenue, net of interest expense	9,877			5,502			4,375

Provision for credit losses	915			60			855

Noninterest expense	4,483			2,615			1,868
Income before income taxes	4,479			2,827			1,652
Income tax expense	1,141			720			421
Net income	$	3,338		$	2,107		$	1,231

Net interest yield	3.93		%	2.49		%	3.95		%
Return on average allocated capital⁽¹⁾	36			70			20
Efficiency ratio	45.37			47.50			42.68

Balance Sheet
Average
Total loans and leases	$	289,862		$	5,302		$	284,560
Total earning assets⁽²⁾	719,338			684,608			284,920
Total assets⁽²⁾	759,027			713,678			295,539
Total deposits	686,826			681,478			5,348
Allocated capital⁽¹⁾	37,000			12,000			25,000

Period end
Total loans and leases	$	294,335		$	5,470		$	288,865
Total earning assets⁽²⁾	728,817			694,676			289,249
Total assets⁽²⁾	768,877			724,015			299,970
Total deposits	696,146			691,666			4,480

	Third Quarter 2018
	Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	6,862		$	4,067		$	2,795
Noninterest income:
Card income	1,281			1			1,280
Service charges	1,098			1,098			-
All other income	162			102			60
Total noninterest income	2,541			1,201			1,340
Total revenue, net of interest expense	9,403			5,268			4,135

Provision for credit losses	870			48			822

Noninterest expense	4,354			2,618			1,736
Income before income taxes	4,179			2,602			1,577
Income tax expense	1,066			664			402
Net income	$	3,113		$	1,938		$	1,175

Net interest yield	3.78		%	2.35		%	3.95		%
Return on average allocated capital⁽¹⁾	33			64			19
Efficiency ratio	46.30			49.70			41.97

Balance Sheet
Average
Total loans and leases	$	284,994		$	5,269		$	279,725
Total earning assets⁽²⁾	720,652			685,662			280,637
Total assets⁽²⁾	759,665			713,942			291,370
Total deposits	687,530			681,726			5,804
Allocated capital⁽¹⁾	37,000			12,000			25,000

Period end
Total loans and leases	$	287,277		$	5,276		$	282,001
Total earning assets⁽²⁾	726,494			690,968			282,921
Total assets⁽²⁾	765,497			719,126			293,766
Total deposits	692,770			686,723			6,047

For footnotes, see page 20.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	19



Bank of America Corporation and Subsidiaries
Consumer Banking Quarterly Results (continued)
(Dollars in millions)
	Fourth Quarter 2017
	Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	6,354		$	3,549		$	2,805
Noninterest income:
Card income	1,354			2			1,352
Service charges	1,071			1,071			-
All other income	176			99			77
Total noninterest income	2,601			1,172			1,429
Total revenue, net of interest expense	8,955			4,721			4,234

Provision for credit losses	886			53			833

Noninterest expense	4,509			2,680			1,829
Income before income taxes	3,560			1,988			1,572
Income tax expense	1,364			762			602
Net income	$	2,196		$	1,226		$	970

Net interest yield	3.61		%	2.12		%	4.10		%
Return on average allocated capital⁽¹⁾	24			41			15
Efficiency ratio	50.35			56.77			43.20

Balance Sheet
Average
Total loans and leases	$	275,716		$	5,261		$	270,455
Total earning assets⁽²⁾	699,004			664,054			271,129
Total assets⁽²⁾	737,755			691,610			282,324
Total deposits	665,536			659,238			6,298
Allocated capital⁽¹⁾	37,000			12,000			25,000

Period end
Total loans and leases	$	280,473		$	5,143		$	275,330
Total earning assets⁽²⁾	709,832			675,485			275,742
Total assets⁽²⁾	749,325			703,330			287,390
Total deposits	676,530			670,802			5,728


⁽¹⁾	Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.


⁽²⁾	For presentation purposes, in segments or businesses where the total of liabilities and equity exceeds assets, the Corporation allocates assets from All Otherto match the segments' and businesses' liabilities and allocated shareholders' equity. As a result, total earning assets and total assets of the businesses may not equal total Consumer Banking.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	20



Bank of America Corporation and Subsidiaries
Consumer Banking Annual Results
(Dollars in millions)
	Year Ended December 31, 2018
	Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	27,123		$	16,024		$	11,099
Noninterest income:
Card income	5,289			8			5,281
Service charges	4,300			4,298			2
All other income	811			430			381
Total noninterest income	10,400			4,736			5,664
Total revenue, net of interest expense	37,523			20,760			16,763

Provision for credit losses	3,664			195			3,469

Noninterest expense	17,713			10,522			7,191
Income before income taxes	16,146			10,043			6,103
Income tax expense	4,117			2,561			1,556
Net income	$	12,029		$	7,482		$	4,547

Net interest yield	3.78		%	2.35		%	3.97		%
Return on average allocated capital⁽¹⁾	33			62			18
Efficiency ratio	47.20			50.68			42.90

Balance Sheet
Average
Total loans and leases	$	283,807		$	5,233		$	278,574
Total earning assets⁽²⁾	717,197			682,600			279,217
Total assets⁽²⁾	756,373			710,925			290,068
Total deposits	684,173			678,640			5,533
Allocated capital⁽¹⁾	37,000			12,000			25,000

Year end
Total loans and leases	$	294,335		$	5,470		$	288,865
Total earning assets⁽²⁾	728,817			694,676			289,249
Total assets⁽²⁾	768,877			724,015			299,970
Total deposits	696,146			691,666			4,480

	Year Ended December 31, 2017
	Total Consumer Banking			Deposits			Consumer Lending
Net interest income	$	24,307		$	13,353		$	10,954
Noninterest income:
Card income	5,070			8			5,062
Service charges	4,266			4,265			1
All other income	878			391			487
Total noninterest income	10,214			4,664			5,550
Total revenue, net of interest expense	34,521			18,017			16,504

Provision for credit losses	3,525			201			3,324

Noninterest expense	17,795			10,388			7,407
Income before income taxes	13,201			7,428			5,773
Income tax expense	4,999			2,813			2,186
Net income	$	8,202		$	4,615		$	3,587

Net interest yield	3.54		%	2.05		%	4.18		%
Return on average allocated capital⁽¹⁾	22			38			14
Efficiency ratio	51.55			57.66			44.88

Balance Sheet
Average
Total loans and leases	$	266,058		$	5,084		$	260,974
Total earning assets⁽²⁾	686,612			651,963			261,802
Total assets⁽²⁾	725,406			679,306			273,253
Total deposits	653,320			646,930			6,390
Allocated capital⁽¹⁾	37,000			12,000			25,000

Year end
Total loans and leases	$	280,473		$	5,143		$	275,330
Total earning assets⁽²⁾	709,832			675,485			275,742
Total assets⁽²⁾	749,325			703,330			287,390
Total deposits	676,530			670,802			5,728

For footnotes, see page 20.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	21



Bank of America Corporation and Subsidiaries
Global Wealth & Investment Management Segment Results
(Dollars in millions)
	Year Ended December 31						Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017
	2018			2017			Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017
Net interest income	$	6,294		$	6,173		$	1,622		$	1,535		$	1,543		$	1,594		$	1,520
Noninterest income:
Investment and brokerage services	11,959			11,394			2,978			3,004			2,937			3,040			2,920
All other income	1,085			1,023			390			244			229			222			243
Total noninterest income	13,044			12,417			3,368			3,248			3,166			3,262			3,163
Total revenue, net of interest expense	19,338			18,590			4,990			4,783			4,709			4,856			4,683

Provision for credit losses	86			56			23			13			12			38			6

Noninterest expense	13,777			13,556			3,542			3,414			3,395			3,426			3,470
Income before income taxes	5,475			4,978			1,425			1,356			1,302			1,392			1,207
Income tax expense	1,396			1,885			363			346			332			355			463
Net income	$	4,079		$	3,093		$	1,062		$	1,010		$	970		$	1,037		$	744

Net interest yield	2.42		%	2.32		%	2.43		%	2.38		%	2.43		%	2.46		%	2.32		%
Return on average allocated capital⁽¹⁾	28			22			29			28			27			29			21
Efficiency ratio	71.24			72.92			70.97			71.40			72.09			70.56			74.10

Balance Sheet
Average
Total loans and leases	$	161,342		$	152,682		$	163,516		$	161,869		$	160,833		$	159,095		$	157,063
Total earning assets⁽²⁾	259,807			265,670			265,037			256,285			255,145			262,775			259,550
Total assets⁽²⁾	277,219			281,517			283,262			273,581			272,316			279,716			276,153
Total deposits	241,256			245,559			247,427			238,291			236,214			243,077			240,126
Allocated capital⁽¹⁾	14,500			14,000			14,500			14,500			14,500			14,500			14,000

Period end
Total loans and leases	$	164,854		$	159,378		$	164,854		$	162,191		$	162,034		$	159,636		$	159,378
Total earning assets⁽²⁾	287,197			267,026			287,197			258,561			253,910			262,430			267,026
Total assets⁽²⁾	305,906			284,321			305,906			276,146			270,912			279,331			284,321
Total deposits	268,700			246,994			268,700			239,654			233,925			241,531			246,994


⁽¹⁾	Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.


⁽²⁾	Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits) and allocated shareholders' equity.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	22



Bank of America Corporation and Subsidiaries
Global Wealth & Investment Management Key Indicators
(Dollars in millions, except as noted)
	Year Ended December 31					Fourth Quarter 2018			Third Quarter 2018		Second Quarter 2018		First Quarter 2018			Fourth Quarter 2017
	2018			2017		Fourth Quarter 2018			Third Quarter 2018		Second Quarter 2018		First Quarter 2018			Fourth Quarter 2017
Revenue by Business
Merrill Lynch Global Wealth Management	$	15,895		$	15,288	$	4,115		$	3,924	$	3,860	$	3,996		$	3,836
U.S. Trust	3,432			3,295		865			859		848		860			845
Other	11			7		10			-		1		-			2
Total revenue, net of interest expense	$	19,338		$	18,590	$	4,990		$	4,783	$	4,709	$	4,856		$	4,683

Client Balances by Business, at period end
Merrill Lynch Global Wealth Management	$	2,193,562		$	2,305,664	$	2,193,562		$	2,385,479	$	2,311,598	$	2,284,803		$	2,305,664
U.S. Trust	427,294			446,199		427,294			455,894		442,608		440,683			446,199
Total client balances	$	2,620,856		$	2,751,863	$	2,620,856		$	2,841,373	$	2,754,206	$	2,725,486		$	2,751,863

Client Balances by Type, at period end
Assets under management⁽¹⁾	$	1,021,221		$	1,080,747	$	1,021,221		$	1,144,375	$	1,101,001	$	1,084,717		$	1,080,747
Brokerage and other assets	1,162,997			1,261,990		1,162,997			1,292,219		1,254,135		1,236,799			1,261,990
Deposits	268,700			246,994		268,700			239,654		233,925		241,531			246,994
Loans and leases⁽²⁾	167,938			162,132		167,938			165,125		165,145		162,439			162,132
Total client balances	$	2,620,856		$	2,751,863	$	2,620,856		$	2,841,373	$	2,754,206	$	2,725,486		$	2,751,863

Assets Under Management Rollforward
Assets under management, beginning balance	$	1,080,747		$	886,148	$	1,144,375		$	1,101,001	$	1,084,717	$	1,080,747		$	1,036,048
Net client flows	36,406			95,707		(6,181		)	7,572		10,775		24,240			18,228
Market valuation/other	(95,932		)	98,892		(116,973		)	35,802		5,509		(20,270		)	26,471
Total assets under management, ending balance	$	1,021,221		$	1,080,747	$	1,021,221		$	1,144,375	$	1,101,001	$	1,084,717		$	1,080,747

Associates, at period end⁽³⁾
Number of financial advisors	17,518			17,355		17,518			17,456		17,442		17,367			17,355
Total wealth advisors, including financial advisors	19,459			19,238		19,459			19,344		19,351		19,276			19,238
Total primary sales professionals, including financial advisors and wealth advisors	20,556			20,318		20,556			20,437		20,422		20,375			20,318

Merrill Lynch Global Wealth Management Metric
Financial advisor productivity⁽⁴⁾(in thousands)	$	1,034		$	1,005	$	1,046		$	1,035	$	1,017	$	1,038		$	994

U.S. Trust Metric, at period end
Primary sales professionals	1,747			1,714		1,747			1,711		1,723		1,737			1,714


⁽¹⁾	Defined as managed assets under advisory and/or discretion of GWIM.


⁽²⁾	Includes margin receivables which are classified in customer and other receivables on the Consolidated Balance Sheet.


⁽³⁾	Includes financial advisors in the Consumer Banking segment of 2,722, 2,618, 2,622, 2,538and 2,402at December 31, 2018, September 30, 2018, June 30, 2018, March 31, 2018and December 31, 2017, respectively.


⁽⁴⁾	Financial advisor productivity is defined as annualized Merrill Lynch Global Wealth Management total revenue, excluding the allocation of certain asset and liability management (ALM) activities and certain one-time items, divided by the total average number of financial advisors (excluding financial advisors in the Consumer Banking segment).

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	23



Bank of America Corporation and Subsidiaries
Global Banking Segment Results
(Dollars in millions)
	Year Ended December 31						Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017
	2018			2017
Net interest income	$	10,881		$	10,504		$	2,824		$	2,706		$	2,711		$	2,640		$	2,719
Noninterest income:
Service charges	3,027			3,125			743			753			768			763			774
Investment banking fees	2,891			3,471			760			644			743			744			811
All other income	2,845			2,899			723			635			700			787			715
Total noninterest income	8,763			9,495			2,226			2,032			2,211			2,294			2,300
Total revenue, net of interest expense	19,644			19,999			5,050			4,738			4,922			4,934			5,019

Provision for credit losses	8			212			85			(70		)	(23		)	16			132

Noninterest expense	8,591			8,596			2,119			2,121			2,156			2,195			2,161
Income before income taxes	11,045			11,191			2,846			2,687			2,789			2,723			2,726
Income tax expense	2,872			4,238			740			699			726			707			1,046
Net income	$	8,173		$	6,953		$	2,106		$	1,988		$	2,063		$	2,016		$	1,680

Net interest yield	2.98		%	2.93		%	2.95		%	2.96		%	2.98		%	2.96		%	3.00		%
Return on average allocated capital⁽¹⁾	20			17			20			19			20			20			17
Efficiency ratio	43.73			42.98			41.97			44.79			43.78			44.47			43.02

Balance Sheet
Average
Total loans and leases	$	354,236		$	346,089		$	357,410		$	352,712		$	355,088		$	351,689		$	350,262
Total earning assets⁽²⁾	364,748			358,302			379,509			362,316			364,587			361,822			359,199
Total assets⁽²⁾	424,353			416,038			440,522			422,255			423,256			420,594			419,513
Total deposits	336,337			312,859			359,642			337,685			323,215			324,405			329,761
Allocated capital⁽¹⁾	41,000			40,000			41,000			41,000			41,000			41,000			40,000

Period end
Total loans and leases	$	365,717		$	350,668		$	365,717		$	352,332		$	355,473		$	355,165		$	350,668
Total earning assets⁽²⁾	377,812			365,560			377,812			369,555			364,428			365,895			365,560
Total assets⁽²⁾	441,477			424,533			441,477			430,846			424,971			424,134			424,533
Total deposits	360,248			329,273			360,248			350,748			326,029			331,238			329,273


⁽¹⁾	Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.


⁽²⁾	Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits) and allocated shareholders' equity.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	24



Bank of America Corporation and Subsidiaries
Global Banking Key Indicators
(Dollars in millions)
	Year Ended December 31						Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017
	2018			2017			Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017
Investment Banking fees⁽¹⁾
Advisory⁽²⁾	$	1,152		$	1,557		$	370		$	237		$	269		$	276		$	381
Debt issuance	1,327			1,506			309			295			367			356			336
Equity issuance	412			408			81			112			107			112			94
Total Investment Banking fees⁽³⁾	$	2,891		$	3,471		$	760		$	644		$	743		$	744		$	811

Business Lending
Corporate	$	4,122		$	4,387		$	1,019		$	960		$	1,093		$	1,050		$	1,065
Commercial	4,039			4,280			1,065			1,025			974			975			1,094
Business Banking	393			404			96			99			99			99			103
Total Business Lending revenue	$	8,554		$	9,071		$	2,180		$	2,084		$	2,166		$	2,124		$	2,262

Global Transaction Services
Corporate	$	3,656		$	3,322		$	948		$	914		$	912		$	882		$	852
Commercial	3,288			3,017			847			814			811			816			800
Business Banking	973			849			260			244			237			232			224
Total Global Transaction Services revenue	$	7,917		$	7,188		$	2,055		$	1,972		$	1,960		$	1,930		$	1,876

Average deposit balances
Interest-bearing	$	134,486		$	87,390		$	163,465		$	140,126		$	120,427		$	113,312		$	106,537
Noninterest-bearing	201,851			225,469			196,177			197,559			202,788			211,093			223,224
Total average deposits	$	336,337		$	312,859		$	359,642		$	337,685		$	323,215		$	324,405		$	329,761

Loan spread	1.49		%	1.58		%	1.43		%	1.48		%	1.54		%	1.53		%	1.56		%

Provision for credit losses	$	8		$	212		$	85		$	(70	)	$	(23	)	$	16		$	132

Credit quality^{(4, 5)}
Reservable criticized utilized exposure	$	9,488		$	12,038		$	9,488		$	10,065		$	10,482		$	11,865		$	12,038
	2.43		%	3.21		%	2.43		%	2.68		%	2.77		%	3.13		%	3.21		%

Nonperforming loans, leases and foreclosed properties	$	1,004		$	1,118		$	1,004		$	746		$	1,133		$	1,286		$	1,118
	0.28		%	0.32		%	0.28		%	0.21		%	0.32		%	0.36		%	0.32		%

Average loans and leases by product
U.S. commercial	$	202,843		$	199,620		$	206,350		$	201,372		$	202,879		$	200,726		$	201,432
Non-U.S. commercial	78,542			74,657			77,818			78,255			79,390			78,716			77,339
Commercial real estate	50,692			49,097			50,974			51,252			50,745			49,777			49,194
Commercial lease financing	22,157			22,713			22,266			21,831			22,069			22,469			22,297
Other	2			2			2			2			5			1			-
Total average loans and leases	$	354,236		$	346,089		$	357,410		$	352,712		$	355,088		$	351,689		$	350,262

Total Corporation Investment Banking fees
Advisory⁽²⁾	$	1,258		$	1,691		$	397		$	262		$	303		$	296		$	429
Debt issuance	3,084			3,635			699			684			874			827			846
Equity issuance	1,183			940			272			307			290			314			204
Total investment banking fees including self-led deals	5,525			6,266			1,368			1,253			1,467			1,437			1,479
Self-led deals	(198		)	(255		)	(20		)	(49		)	(45		)	(84		)	(61		)
Total Investment Banking fees	$	5,327		$	6,011		$	1,348		$	1,204		$	1,422		$	1,353		$	1,418


⁽¹⁾	Investment banking fees represent total investment banking fees for Global Bankinginclusive of self-led deals and fees included within Business Lending.


⁽²⁾	Advisory includes fees on debt and equity advisory and mergers and acquisitions.


⁽³⁾	Investment banking fees represent only the fee component in Global Bankingand do not include certain other items shared with the Investment Banking Group under internal revenue sharing agreements.

⁽⁴⁾

Criticized exposure corresponds to the Special Mention, Substandard and Doubtful asset categories defined by regulatory authorities. The reservable criticized exposure is on an end-of-period basis and is also shown as a percentage of total commercial reservable criticized utilized exposure, including loans and leases, standby letters of credit, financial guarantees, commercial letters of credit and bankers' acceptances.


⁽⁵⁾	Nonperforming loans, leases and foreclosed properties are on an end-of-period basis. The nonperforming ratio is nonperforming assets divided by loans, leases and foreclosed properties.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	25



Bank of America Corporation and Subsidiaries
Investment Banking Product Rankings

	Year Ended December 31, 2018
	Global			U.S.
	Product Ranking	Market Share		Product Ranking	Market Share
Net investment banking revenue	4	5.5	%	4	7.5	%
Announced mergers and acquisitions	5	15.0		6	17.4
Equity capital markets	5	5.5		4	9.2
Debt capital markets	3	5.6		3	10.0
High-yield corporate debt	6	5.4		4	7.6
Leveraged loans	2	8.3		2	10.3
Mortgage-backed securities	3	8.6		5	10.9
Asset-backed securities	2	8.5		2	9.9
Convertible debt	4	8.7		2	16.0
Common stock underwriting	5	4.9		5	7.6
Investment-grade corporate debt	2	5.8		1	12.4
Syndicated loans	2	8.7		2	11.3

Source: Dealogic data as of December 31, 2018. Figures above include self-led transactions.


•	Rankings based on deal volumes except for net investment banking revenue rankings which reflect fees.


•	Debt capital markets excludes loans but includes agencies.


•	Mergers and acquisitions fees included in net investment banking revenue reflect 10 percent fee credit at announcement and 90 percent fee credit at completion as per Dealogic.


•	Mergers and acquisitions volume rankings are for announced transactions and provide credit to all investment banks advising either side of the transaction.


•	Each advisor receives full credit for the deal amount unless advising a minority stakeholder.

Highlights



Global top 3 rankings in:
Leveraged loans		Investment-grade corporate debt
Mortgage-backed securities		Syndicated loans
Asset-backed securities		Debt capital markets

U.S. top 3 rankings in:
Leveraged loans		Investment-grade corporate debt
Asset-backed securities		Syndicated loans
Convertible debt		Debt capital markets

Top 3 rankings excluding self-led deals:

Global: Leveraged loans, Mortgage-backed securities, Asset-backed securities, Investment-grade corporate debt, Syndicated loans, Debt capital markets

U.S.: Leveraged loans, Asset-backed securities, Convertible debt, Investment-grade corporate debt, Syndicated loans, Debt capital markets



Current period information is preliminary and based on company data available at the time of the presentation.	26



Bank of America Corporation and Subsidiaries
Global Markets Segment Results
(Dollars in millions)
	Year Ended December 31						Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017
	2018			2017			Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017
Net interest income	$	3,171		$	3,744		$	746		$	754		$	801		$	870		$	932
Noninterest income:
Investment and brokerage services	1,780			2,049			474			388			430			488			501
Investment banking fees	2,296			2,476			514			522			651			609			597
Trading account profits	7,932			6,710			1,318			1,727			2,184			2,703			1,075
All other income	884			972			161			452			155			116			291
Total noninterest income	12,892			12,207			2,467			3,089			3,420			3,916			2,464
Total revenue, net of interest expense⁽¹⁾	16,063			15,951			3,213			3,843			4,221			4,786			3,396

Provision for credit losses	-			164			6			(2		)	(1		)	(3		)	162

Noninterest expense	10,686			10,731			2,540			2,613			2,715			2,818			2,614
Income before income taxes	5,377			5,056			667			1,232			1,507			1,971			620
Income tax expense	1,398			1,763			174			320			391			513			210
Net income	$	3,979		$	3,293		$	493		$	912		$	1,116		$	1,458		$	410

Return on average allocated capital⁽²⁾	11		%	9		%	6		%	10		%	13		%	17		%	5		%
Efficiency ratio	66.53			67.27			79.10			67.99			64.32			58.87			77.01

Balance Sheet
Average
Total trading-related assets	$	465,132		$	441,812		$	463,998		$	460,279		$	473,126		$	463,169		$	449,737
Total loans and leases	72,651			71,413			70,609			71,231			75,053			73,763			73,552
Total earning assets	473,383			449,441			458,331			459,073			490,482			486,107			464,171
Total assets	666,003			638,673			655,068			652,481			678,500			678,367			659,412
Total deposits	31,209			32,864			31,077			30,721			30,736			32,320			34,250
Allocated capital⁽²⁾	35,000			35,000			35,000			35,000			35,000			35,000			35,000

Period end
Total trading-related assets	$	447,998		$	419,375		$	447,998		$	456,643		$	441,657		$	450,512		$	419,375
Total loans and leases	73,928			76,778			73,928			73,023			73,496			75,638			76,778
Total earning assets	457,224			449,314			457,224			447,304			454,706			478,857			449,314
Total assets	641,922			629,013			641,922			646,359			637,110			648,605			629,013
Total deposits	37,841			34,029			37,841			41,102			31,450			32,301			34,029

Trading-related assets (average)
Trading account securities	$	215,112		$	216,996		$	225,335		$	215,397		$	209,271		$	210,278		$	225,330
Reverse repurchases	125,084			101,795			119,341			124,842			132,257			123,948			107,125
Securities borrowed	78,889			82,210			75,374			74,648			83,282			82,376			77,580
Derivative assets	46,047			40,811			43,948			45,392			48,316			46,567			39,702
Total trading-related assets	$	465,132		$	441,812		$	463,998		$	460,279		$	473,126		$	463,169		$	449,737


⁽¹⁾	Substantially all of Global Marketstotal revenue is sales and trading revenue and investment banking fees, with a small portion related to certain revenue sharing agreements with other business segments. For additional sales and trading revenue information, see page 28.


⁽²⁾	Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	27



Bank of America Corporation and Subsidiaries
Global Markets Key Indicators
(Dollars in millions)
	Year Ended December 31				Fourth Quarter 2018		Third Quarter 2018		Second Quarter 2018		First Quarter 2018		Fourth Quarter 2017
	2018		2017		Fourth Quarter 2018		Third Quarter 2018		Second Quarter 2018		First Quarter 2018		Fourth Quarter 2017
Sales and trading revenue⁽¹⁾
Fixed-income, currencies and commodities	$	8,186	$	8,657	$	1,491	$	1,980	$	2,104	$	2,611	$	1,595
Equities	4,876		4,120		1,065		992		1,313		1,506		944
Total sales and trading revenue	$	13,062	$	12,777	$	2,556	$	2,972	$	3,417	$	4,117	$	2,539

Sales and trading revenue, excluding net debit valuation adjustment⁽²⁾
Fixed-income, currencies and commodities	$	8,328	$	9,051	$	1,446	$	2,060	$	2,288	$	2,534	$	1,707
Equities	4,896		4,154		1,058		1,011		1,308		1,519		950
Total sales and trading revenue, excluding net debit valuation adjustment	$	13,224	$	13,205	$	2,504	$	3,071	$	3,596	$	4,053	$	2,657

Sales and trading revenue breakdown
Net interest income	$	2,669	$	3,260	$	617	$	634	$	675	$	743	$	805
Commissions	1,737		2,017		463		378		420		476		492
Trading	7,929		6,706		1,317		1,727		2,183		2,702		1,075
Other	727		794		159		233		139		196		167
Total sales and trading revenue	$	13,062	$	12,777	$	2,556	$	2,972	$	3,417	$	4,117	$	2,539


⁽¹⁾	Includes Global Bankingsales and trading revenue of $430 millionand $236 millionfor the years ended December 31, 2018and 2017, and $123 million, $66 million, $75 million, $166 millionand $61 millionfor the fourth, third, secondand firstquarters of 2018and the fourthquarter of 2017, respectively.

⁽²⁾

For this presentation, sales and trading revenue excludes net debit valuation adjustment (DVA) gains (losses) which include net DVA on derivatives, as well as amortization of own credit portion of purchase discount and realized DVA on structured liabilities. Sales and trading revenue excluding net DVA gains (losses) represents a non-GAAP financial measure. We believe the use of this non-GAAP financial measure provides additional useful information to assess the underlying performance of these businesses and to allow better comparison of period-to-period operating performance.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	28



Bank of America Corporation and Subsidiaries
All Other Results⁽¹⁾
(Dollars in millions)
	Year Ended December 31						Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017
	2018			2017			Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017
Net interest income	$	573		$	864		$	136		$	164		$	129		$	144		$	188
Noninterest income (loss)	(1,284		)	(1,648		)	(375		)	(3		)	(429		)	(477		)	(1,554		)
Total revenue, net of interest expense	(711		)	(784		)	(239		)	161			(300		)	(333		)	(1,366		)

Provision for credit losses	(476		)	(561		)	(124		)	(95		)	(105		)	(152		)	(185		)

Noninterest expense	2,614			4,065			449			565			623			977			520
Loss before income taxes	(2,849		)	(4,288		)	(564		)	(309		)	(818		)	(1,158		)	(1,701		)
Income tax expense (benefit)	(2,736		)	(979		)	(843		)	(453		)	(569		)	(871		)	964
Net income (loss)	$	(113	)	$	(3,309	)	$	279		$	144		$	(249	)	$	(287	)	$	(2,665	)

Balance Sheet
Average
Total loans and leases	$	61,013		$	82,489		$	53,324		$	59,930		$	63,155		$	67,811		$	71,197
Total assets⁽²⁾	201,298			206,999			196,707			209,847			188,624			200,554			208,854
Total deposits	21,966			25,194			19,979			22,118			22,682			23,115			23,899

Period end
Total loans and leases	$	48,061		$	69,452		$	48,061		$	54,978		$	61,256		$	64,584		$	69,452
Total assets⁽³⁾	196,325			194,042			196,325			219,985			190,490			202,152			194,042
Total deposits	18,541			22,719			18,541			21,375			22,757			22,106			22,719

⁽¹⁾

All Other consists of ALM activities, equity investments, non-core mortgage loans and servicing activities, the net impact of periodic revisions to the mortgage servicing rights (MSR) valuation model for core and non-core MSRs and the related economic hedge results, liquidating businesses and residual expense allocations. ALM activities encompass certain residential mortgages, debt securities, interest rate and foreign currency risk management activities, the impact of certain allocation methodologies and hedge ineffectiveness. The results of certain ALM activities are allocated to our business segments. Equity investments include our merchant services joint venture, as well as a portfolio of equity, real estate and other alternative investments.

⁽²⁾

Includes elimination of segments' excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders' equity of $517.0 billionand $515.6 billionfor the years ended December 31, 2018 and 2017; and $526.9 billion, $516.3 billion, $519.6 billion, $514.6 billionand $508.6 billionfor the fourth, third, second and first quarters of 2018and the fourth quarter of 2017, respectively.


⁽³⁾	Includes elimination of segments' excess asset allocations to match liabilities (i.e., deposits) and allocated shareholders' equity of $540.8 billion, $531.3 billion, $522.2 billion, $543.3 billionand $520.4 billionat December 31, 2018, September 30, 2018, June 30, 2018, March 31, 2018and December 31, 2017, respectively.

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	29



Bank of America Corporation and Subsidiaries
Outstanding Loans and Leases
(Dollars in millions)
	December 31 2018		September 30 2018		December 31 2017
Consumer
Residential mortgage	$	208,557	$	208,186	$	203,811
Home equity	48,286		51,235		57,744
U.S. credit card	98,338		94,829		96,285
Direct/Indirect consumer⁽¹⁾	91,166		91,338		96,342
Other consumer⁽²⁾	202		203		166
Total consumer loans excluding loans accounted for under the fair value option	446,549		445,791		454,348
Consumer loans accounted for under the fair value option⁽³⁾	682		755		928
Total consumer	447,231		446,546		455,276

Commercial
U.S. commercial	299,277		285,662		284,836
Non-U.S. commercial	98,776		96,002		97,792
Commercial real estate⁽⁴⁾	60,845		60,835		58,298
Commercial lease financing	22,534		21,546		22,116
	481,432		464,045		463,042
U.S. small business commercial⁽⁵⁾	14,565		14,234		13,649
Total commercial loans excluding loans accounted for under the fair value option	495,997		478,279		476,691
Commercial loans accounted for under the fair value option⁽³⁾	3,667		4,976		4,782
Total commercial	499,664		483,255		481,473
Total loans and leases	$	946,895	$	929,801	$	936,749

⁽¹⁾

Includes auto and specialty lending loans and leases of $50.1 billion, $50.1 billionand $52.4 billion, unsecured consumer lending loans of $383 million, $392 millionand $469 million, U.S. securities-based lending loans of $37.0 billion, $37.4 billionand $39.8 billion, non-U.S. consumer loans of $2.9 billion, $2.7 billionand $3.0 billionand other consumer loans of $746 million, $756 millionand $684 millionat December 31, 2018, September 30, 2018and December 31, 2017, respectively.


⁽²⁾	Substantially all of other consumer is consumer overdrafts.

⁽³⁾

Consumer loans accounted for under the fair value option were residential mortgage loans of $336 million, $407 millionand $567 millionand home equity loans of $346 million, $348 millionand $361 millionat December 31, 2018, September 30, 2018and December 31, 2017, respectively. Commercial loans accounted for under the fair value option were U.S. commercial loans of $2.5 billion, $3.6 billionand $2.6 billionand non-U.S. commercial loans of $1.1 billion, $1.4 billionand $2.2 billionat December 31, 2018, September 30, 2018and December 31, 2017, respectively.


⁽⁴⁾	Includes U.S. commercial real estate loans of $56.6 billion, $56.9 billionand $54.8 billionand non-U.S. commercial real estate loans of $4.2 billion, $3.9 billionand $3.5 billionat December 31, 2018, September 30, 2018and December 31, 2017, respectively.


⁽⁵⁾	Includes card-related products.

Certain prior period amounts have been reclassified to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	30



Bank of America Corporation and Subsidiaries
Quarterly Average Loans and Leases by Business Segment and All Other
(Dollars in millions)
	Fourth Quarter 2018
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	209,646	$	90,307	$	75,895	$	2	$	4	$	43,438
Home equity	50,757		36,664		3,652		-		345		10,096
U.S. credit card	95,766		92,752		3,014		-		-		-
Direct/Indirect and other consumer	91,458		50,692		40,762		-		-		4
Total consumer	447,627		270,415		123,323		2		349		53,538

Commercial
U.S. commercial	308,557		19,433		36,527		206,350		45,992		255
Non-U.S. commercial	95,937		-		113		77,818		17,939		67
Commercial real estate	60,876		14		3,550		50,974		6,329		9
Commercial lease financing	21,724		-		3		22,266		-		(545		)
Total commercial	487,094		19,447		40,193		357,408		70,260		(214		)
Total loans and leases	$	934,721	$	289,862	$	163,516	$	357,410	$	70,609	$	53,324

	Third Quarter 2018
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	209,460	$	86,383	$	74,806	$	1	$	-	$	48,270
Home equity	53,050		37,289		3,701		-		353		11,707
U.S. credit card	94,710		91,646		3,064		-		-		-
Direct/Indirect and other consumer	91,828		50,528		41,296		1		-		3
Total consumer	449,048		265,846		122,867		2		353		59,980

Commercial
U.S. commercial	303,680		19,134		35,392		201,372		47,288		494
Non-U.S. commercial	96,019		-		24		78,255		17,696		44
Commercial real estate	60,754		14		3,583		51,252		5,894		11
Commercial lease financing	21,235		-		3		21,831		-		(599		)
Total commercial	481,688		19,148		39,002		352,710		70,878		(50		)
Total loans and leases	$	930,736	$	284,994	$	161,869	$	352,712	$	71,231	$	59,930

	Fourth Quarter 2017
	Total Corporation		Consumer Banking		GWIM		Global Banking		Global Markets		All Other
Consumer
Residential mortgage	$	202,155	$	73,137	$	71,222	$	-	$	-	$	57,796
Home equity	59,059		40,537		4,201		-		360		13,961
U.S. credit card	93,531		90,479		3,052		-		-		-
Direct/Indirect and other consumer	96,113		53,097		43,012		-		-		4
Total consumer	450,858		257,250		121,487		-		360		71,761

Commercial
U.S. commercial	297,851		18,448		32,035		201,432		45,719		217
Non-U.S. commercial	98,692		-		25		77,339		21,226		102
Commercial real estate	58,983		18		3,513		49,194		6,228		30
Commercial lease financing	21,406		-		3		22,297		19		(913		)
Total commercial	476,932		18,466		35,576		350,262		73,192		(564		)
Total loans and leases	$	927,790	$	275,716	$	157,063	$	350,262	$	73,552	$	71,197

Certain prior period amounts have been reclassified among the segments to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	31



Bank of America Corporation and Subsidiaries
Commercial Credit Exposure by Industry^{(1, 2, 3, 4)}
(Dollars in millions)
	Commercial Utilized						Total Commercial Committed
	December 31 2018		September 30 2018		December 31 2017		December 31 2018		September 30 2018		December 31 2017
Asset managers and funds	$	71,756	$	68,733	$	59,190	$	107,888	$	103,066	$	91,092
Real estate⁽⁵⁾	65,328		64,460		61,940		86,514		90,664		83,773
Capital goods	39,192		40,327		36,705		75,080		74,720		70,417
Finance companies	36,662		33,549		34,050		56,659		53,375		53,107
Healthcare equipment and services	35,763		34,943		37,780		56,489		54,889		57,256
Government and public education	43,675		44,436		48,684		54,749		55,296		58,067
Materials	27,347		25,727		24,001		51,865		49,461		47,386
Retailing	25,333		25,714		26,117		47,507		47,823		48,796
Consumer services	25,702		24,975		27,191		43,298		42,276		43,605
Food, beverage and tobacco	23,586		23,199		23,252		42,745		45,166		42,815
Commercial services and supplies	22,623		21,861		22,100		39,349		37,644		35,496
Energy	13,727		16,319		16,345		32,279		34,462		36,765
Transportation	22,814		21,887		21,704		31,523		30,694		29,946
Global commercial banks	26,269		25,471		29,491		28,321		27,752		31,764
Utilities	12,035		11,496		11,342		27,623		27,495		27,935
Technology hardware and equipment	13,014		10,054		10,728		26,228		21,759		22,071
Individuals and trusts	18,643		18,706		18,549		25,019		25,332		25,097
Media	12,132		10,581		19,155		24,502		28,523		33,955
Pharmaceuticals and biotechnology	7,430		7,430		5,653		23,634		19,396		18,623
Vehicle dealers	17,603		15,930		16,896		20,446		19,128		20,361
Consumer durables and apparel	9,904		9,432		8,859		20,199		18,129		17,296
Software and services	8,809		7,489		8,562		19,172		16,558		18,202
Insurance	8,674		5,818		6,411		15,807		13,785		12,990
Telecommunication services	8,686		6,837		6,389		14,166		12,786		13,108
Automobiles and components	7,131		6,990		5,988		13,893		14,271		13,318
Food and staples retailing	4,787		4,840		4,955		9,093		10,100		15,589
Religious and social organizations	3,757		3,705		4,454		5,620		5,586		6,318
Financial markets infrastructure (clearinghouses)	2,382		1,111		688		4,107		2,906		2,403
Other	6,249		7,885		3,621		6,241		7,878		3,616
Total commercial credit exposure by industry	$	621,013	$	599,905	$	600,800	$	1,010,016	$	990,920	$	981,167

⁽¹⁾

Includes loans and leases, standby letters of credit and financial guarantees, derivative assets, assets held-for-sale, commercial letters of credit, bankers' acceptances, securitized assets, foreclosed properties and other collateral acquired. Derivative assets are carried at fair value, reflect the effects of legally enforceable master netting agreements and have been reduced by cash collateral of $32.5 billion, $32.0 billionand $34.6 billionat December 31, 2018, September 30, 2018and December 31, 2017, respectively. Not reflected in utilized and committed exposure is additional non-cash derivative collateral held of $29.4 billion, $35.7 billionand $26.2 billion, which consists primarily of other marketable securities, at December 31, 2018, September 30, 2018and December 31, 2017, respectively.

⁽²⁾

Total utilized and total committed exposure includes loans of $3.7 billion, $5.0 billionand $4.8 billionand issued letters of credit with a notional amount of $100 million, $55 millionand $232 millionaccounted for under the fair value option at December 31, 2018, September 30, 2018and December 31, 2017, respectively. In addition, total committed exposure includes unfunded loan commitments accounted for under the fair value option with a notional amount of $3.0 billion, $3.1 billionand $4.6 billionat December 31, 2018, September 30, 2018and December 31, 2017, respectively.


⁽³⁾	Includes U.S. small business commercial exposure.


⁽⁴⁾	Includes the notional amount of unfunded legally binding lending commitments net of amounts distributed (e.g., syndicated or participated) to other financial institutions.


⁽⁵⁾	Industries are viewed from a variety of perspectives to best isolate the perceived risks. For purposes of this table, the real estate industry is defined based on the primary business activity of the borrowers or the counterparties using operating cash flows and primary source of repayment as key factors.

Certain prior period amounts have been reclassified to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	32



Bank of America Corporation and Subsidiaries
Top 20 Non-U.S. Countries Exposure
(Dollars in millions)
	Funded Loans and Loan Equivalents⁽¹⁾		Unfunded Loan Commitments		Net Counterparty Exposure		Securities/ Other Investments⁽²⁾		Country Exposure at December 31 2018		Hedges and Credit Default Protection⁽³⁾			Net Country Exposure at December 31 2018⁽⁴⁾		Increase (Decrease) from September 30 2018
United Kingdom	$	28,833	$	20,410	$	6,419	$	2,639	$	58,301	$	(3,447	)	$	54,854	$	(2,249	)
Germany	24,856		6,823		1,835		443		33,957		(5,300		)	28,657		(3,756		)
Japan	17,762		1,316		1,023		1,341		21,442		(1,419		)	20,023		(2,126		)
Canada	7,388		7,234		1,641		3,773		20,036		(521		)	19,515		1,167
China	12,774		681		975		495		14,925		(284		)	14,641		287
France	7,137		5,849		1,331		1,214		15,531		(2,880		)	12,651		(2,446		)
Netherlands	8,405		2,992		389		973		12,759		(1,182		)	11,577		1,112
India	7,147		451		312		3,379		11,289		(177		)	11,112		1,499
Australia	5,173		3,132		571		1,507		10,383		(453		)	9,930		(309		)
Brazil	6,151		544		209		3,172		10,076		(327		)	9,749		(99		)
South Korea	5,634		463		897		2,456		9,450		(280		)	9,170		1,042
Switzerland	5,494		2,580		335		201		8,610		(846		)	7,764		384
Hong Kong	5,287		442		321		1,224		7,274		(38		)	7,236		(854		)
Mexico	3,506		1,275		140		1,444		6,365		(129		)	6,236		805
Belgium	4,684		1,016		103		147		5,950		(372		)	5,578		1,083
Singapore	3,330		125		362		1,770		5,587		(70		)	5,517		(200		)
Spain	3,769		1,138		290		792		5,989		(1,339		)	4,650		1,565
United Arab Emirates	3,371		135		138		55		3,699		(50		)	3,649		368
Taiwan	2,311		13		288		623		3,235		-			3,235		479
Italy	2,372		1,065		491		597		4,525		(1,444		)	3,081		355
Total top 20 non-U.S. countries exposure	$	165,384	$	57,684	$	18,070	$	28,245	$	269,383	$	(20,558	)	$	248,825	$	(1,893	)


⁽¹⁾	Includes loans, leases, and other extensions of credit and funds, including letters of credit and due from placements, which have not been reduced by collateral, hedges or credit default protection. Funded loans and loan equivalents are reported net of charge-offs but prior to any allowance for loan and lease losses.


⁽²⁾	Long securities exposures are netted on a single-name basis to, but not below, zero by short exposures and net credit default swaps purchased, consisting of single-name and net indexed and tranched credit default swaps.


⁽³⁾	Represents credit default protection purchased, net of credit default protection sold, which is used to mitigate the Corporation's risk to country exposures as listed, consisting of net single-name and net indexed and tranched credit default swaps. Amounts are calculated based on the credit default swaps notional amount assuming a zero recovery rate less any fair value receivable or payable.


⁽⁴⁾	Represents country exposure less hedges and credit default protection purchased, net of credit default protection sold.

Certain prior period amounts have been reclassified to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	33



Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties
(Dollars in millions)
	December 31 2018			September 30 2018			June 30 2018			March 31 2018			December 31 2017
Residential mortgage	$	1,893		$	2,034		$	2,140		$	2,262		$	2,476
Home equity	1,893			2,226			2,452			2,598			2,644
Direct/Indirect consumer	56			46			47			46			46
Total consumer	3,842			4,306			4,639			4,906			5,166
U.S. commercial	794			699			881			1,059			814
Non-U.S. commercial	80			31			170			255			299
Commercial real estate	156			46			117			73			112
Commercial lease financing	18			14			34			27			24
	1,048			790			1,202			1,414			1,249
U.S. small business commercial	54			58			56			58			55
Total commercial	1,102			848			1,258			1,472			1,304
Total nonperforming loans and leases	4,944			5,154			5,897			6,378			6,470
Foreclosed properties⁽¹⁾	300			295			284			316			288
Total nonperforming loans, leases and foreclosed properties^{(2, 3, 4)}	$	5,244		$	5,449		$	6,181		$	6,694		$	6,758

Fully-insured home loans past due 30 days or more and still accruing	$	2,790		$	3,183		$	3,454		$	3,915		$	4,466
Consumer credit card past due 30 days or more and still accruing	1,989			1,805			1,695			1,795			1,847
Other loans past due 30 days or more and still accruing	3,539			3,255			3,682			3,684			3,845
Total loans past due 30 days or more and still accruing^{(3, 5, 6)}	$	8,318		$	8,243		$	8,831		$	9,394		$	10,158

Fully-insured home loans past due 90 days or more and still accruing	$	1,884		$	2,161		$	2,483		$	2,885		$	3,230
Consumer credit card past due 90 days or more and still accruing	994			872			865			925			900
Other loans past due 90 days or more and still accruing	352			256			341			234			285
Total loans past due 90 days or more and still accruing^{(3, 5, 6)}	$	3,230		$	3,289		$	3,689		$	4,044		$	4,415

Nonperforming loans, leases and foreclosed properties/Total assets⁽⁷⁾	0.22		%	0.23		%	0.27		%	0.29		%	0.30		%
Nonperforming loans, leases and foreclosed properties/Total loans, leases and foreclosed properties⁽⁷⁾	0.56			0.59			0.66			0.72			0.73
Nonperforming loans and leases/Total loans and leases⁽⁷⁾	0.52			0.56			0.63			0.69			0.69

Commercial reservable criticized utilized exposure⁽⁸⁾	$	11,061		$	11,597		$	12,357		$	13,366		$	13,563
Commercial reservable criticized utilized exposure/Commercial reservable utilized exposure⁽⁸⁾	2.08		%	2.26		%	2.40		%	2.58		%	2.65		%
Total commercial criticized utilized exposure/Commercial utilized exposure⁽⁸⁾	1.93			2.16			2.34			2.45			2.60


⁽¹⁾	Foreclosed property balances do not include properties insured by certain government-guaranteed loans, principally loans insured by the Federal Housing Administration (FHA), that entered foreclosure of $488 million, $500 million, $573 million, $680 millionand $801 millionat December 31, 2018, September 30, 2018, June 30, 2018, March 31, 2018and December 31, 2017, respectively.


⁽²⁾	Balances do not include past due consumer credit card, consumer loans secured by real estate where repayments are insured by the FHA and individually insured long-term stand-by agreements (fully-insured home loans), and in general, other consumer and commercial loans not secured by real estate.


⁽³⁾	Balances do not include purchased credit-impaired loans even though the customer may be contractually past due. Purchased credit-impaired loans were recorded at fair value upon acquisition and accrete interest income over the remaining life of the loan.



⁽⁴⁾Balances do not include the following:	December 31 2018		September 30 2018		June 30 2018		March 31 2018		December 31 2017
Nonperforming loans held-for-sale	$	320	$	177	$	220	$	233	$	341
Nonperforming loans accounted for under the fair value option	12		16		46		37		69
Nonaccruing troubled debt restructured loans removed from the purchased credit-impaired portfolio prior to January 1, 2010	14		16		17		24		26

⁽⁵⁾

Balances do not include loans held-for-sale past due 30 days or more and still accruing of $53 million, $30 million, $28 million, $83 millionand $8 millionat December 31, 2018, September 30, 2018, June 30, 2018, March 31, 2018and December 31, 2017, respectively, and loans held-for-sale past due 90 days or more and still accruing of $2 million, $8 million, $11 million, $8 million and $0 at December 31, 2018, September 30, 2018, June 30, 2018, March 31, 2018and December 31, 2017, respectively. At December 31, 2018, September 30, 2018, June 30, 2018, March 31, 2018and December 31, 2017, there were $10 million, $21 million, $24 million, $27 millionand $32 million, respectively, of loans accounted for under the fair value option past due 30 days or more and still accruing interest.


⁽⁶⁾	These balances are excluded from total nonperforming loans, leases and foreclosed properties.


⁽⁷⁾	Total assets and total loans and leases do not include loans accounted for under the fair value option of $4.3 billion, $5.7 billion, $6.2 billion, $6.0 billionand $5.7 billionat December 31, 2018, September 30, 2018, June 30, 2018, March 31, 2018and December 31, 2017, respectively.


⁽⁸⁾	Criticized exposure corresponds to the Special Mention, Substandard and Doubtful asset categories defined by regulatory authorities. The reservable criticized exposure excludes loans held-for-sale, exposure accounted for under the fair value option and other nonreservable exposure.

Certain prior period amounts have been reclassified to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	34



Bank of America Corporation and Subsidiaries
Nonperforming Loans, Leases and Foreclosed Properties Activity⁽¹⁾
(Dollars in millions)
	Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017
Nonperforming Consumer Loans and Leases:
Balance, beginning of period	$	4,306		$	4,639		$	4,906		$	5,166		$	5,252
Additions	545			484			599			812			755
Reductions:
Paydowns and payoffs	(214		)	(238		)	(261		)	(245		)	(241		)
Sales	(438		)	(145		)	(117		)	(269		)	(88		)
Returns to performing status⁽²⁾	(274		)	(309		)	(336		)	(364		)	(337		)
Charge-offs⁽³⁾	(51		)	(89		)	(114		)	(147		)	(125		)
Transfers to foreclosed properties	(32		)	(36		)	(38		)	(45		)	(50		)
Transfers to loans held-for-sale	-			-			-			(2		)	-
Total net reductions to nonperforming loans and leases	(464		)	(333		)	(267		)	(260		)	(86		)
Total nonperforming consumer loans and leases, end of period	3,842			4,306			4,639			4,906			5,166
Foreclosed properties	244			265			263			264			236
Nonperforming consumer loans, leases and foreclosed properties, end of period	$	4,086		$	4,571		$	4,902		$	5,170		$	5,402

Nonperforming Commercial Loans and Leases⁽⁴⁾:
Balance, beginning of period	$	848		$	1,258		$	1,472		$	1,304		$	1,318
Additions	500			235			244			436			444
Reductions:
Paydowns	(91		)	(287		)	(193		)	(169		)	(127		)
Sales	(6		)	(130		)	(50		)	(24		)	(20		)
Return to performing status⁽⁵⁾	(33		)	(95		)	(91		)	(27		)	(40		)
Charge-offs	(85		)	(116		)	(112		)	(48		)	(143		)
Transfers to foreclosed properties	(31		)	(12		)	-			-			(13		)
Transfers to loans held-for-sale	-			(5		)	(12		)	-			(115		)
Total net additions (reductions) to nonperforming loans and leases	254			(410		)	(214		)	168			(14		)
Total nonperforming commercial loans and leases, end of period	1,102			848			1,258			1,472			1,304
Foreclosed properties	56			30			21			52			52
Nonperforming commercial loans, leases and foreclosed properties, end of period	$	1,158		$	878		$	1,279		$	1,524		$	1,356


⁽¹⁾	For amounts excluded from nonperforming loans, leases and foreclosed properties, see footnotes to Nonperforming Loans, Leases and Foreclosed Propertiestable on page 34.

⁽²⁾

Consumer loans and leases may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection. Certain troubled debt restructurings are classified as nonperforming at the time of restructuring and may only be returned to performing status after considering the borrower's sustained repayment performance for a reasonable period, generally six months.


⁽³⁾	Our policy is not to classify consumer credit card and non-bankruptcy related consumer loans not secured by real estate as nonperforming; therefore, the charge-offs on these loans have no impact on nonperforming activity and, accordingly, are excluded from this table.


⁽⁴⁾	Includes U.S. small business commercial activity. Small business card loans are excluded as they are not classified as nonperforming.

⁽⁵⁾

Commercial loans and leases may be returned to performing status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection. Troubled debt restructurings are generally classified as performing after a sustained period of demonstrated payment performance.

Certain prior period amounts have been reclassified to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	35



Bank of America Corporation and Subsidiaries
Quarterly Net Charge-offs and Net Charge-off Ratios^{(1, 2)}
(Dollars in millions)
	Fourth Quarter 2018					Third Quarter 2018					Second Quarter 2018					First Quarter 2018					Fourth Quarter 2017
	Amount			Percent		Amount			Percent		Amount			Percent		Amount			Percent		Amount			Percent
Net Charge-offs
Residential mortgage⁽³⁾	$	15		0.03	%	$	12		0.02	%	$	7		0.01	%	$	(6	)	(0.01	)%	$	(16	)	(0.03	)%
Home equity	(15		)	(0.12	)	(20		)	(0.15	)	-			-		33			0.23		16			0.11
U.S. credit card	699			2.90		698			2.92		739			3.17		701			3.01		655			2.78
Direct/Indirect consumer	53			0.23		42			0.18		41			0.18		59			0.25		65			0.27
Other consumer	52			n/m		44			n/m		43			n/m		43			n/m		49			n/m
Total consumer	804			0.71		776			0.69		830			0.74		830			0.75		769			0.68
U.S. commercial	43			0.06		70			0.10		78			0.11		24			0.03		56			0.08
Non-U.S. commercial	20			0.09		25			0.10		19			0.08		4			0.02		346			1.43
Commercial real estate	(2		)	(0.02	)	2			0.02		4			0.03		(3		)	(0.02	)	6			0.04
Commercial lease financing	(1		)	(0.01	)	-			-		1			0.01		(1		)	(0.01	)	5			0.09
	60			0.05		97			0.08		102			0.09		24			0.02		413			0.36
U.S. small business commercial	60			1.65		59			1.67		64			1.82		57			1.67		55			1.58
Total commercial	120			0.10		156			0.13		166			0.14		81			0.07		468			0.39
Total net charge-offs	$	924		0.39		$	932		0.40		$	996		0.43		$	911		0.40		$	1,237		0.53

By Business Segment and All Other
Consumer Banking	$	889		1.22	%	$	853		1.19	%	$	896		1.28	%	$	877		1.27	%	$	839		1.21	%
Global Wealth & Investment Management	8			0.02		13			0.03		15			0.04		25			0.06		4			0.01
Global Banking	56			0.06		85			0.10		86			0.10		19			0.02		264			0.30
Global Markets	-			-		3			0.02		14			0.08		6			0.03		146			0.83
All Other	(29		)	(0.22	)	(22		)	(0.15	)	(15		)	(0.10	)	(16		)	(0.10	)	(16		)	(0.09	)
Total net charge-offs	$	924		0.39		$	932		0.40		$	996		0.43		$	911		0.40		$	1,237		0.53


⁽¹⁾	Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding loans and leases excluding loans accounted for under the fair value option during the period for each loan and lease category.


⁽²⁾	Excludes write-offs of purchased credit-impaired loans of $107 million, $95 million, $36 million, $35 millionand and $46 millionfor the fourth, third, secondand firstquarters of 2018and the fourthquarter of 2017, respectively.


⁽³⁾	Includes loan sales charge-offs (recoveries) of $25 million, $6 million, $(5) million, $(18) millionand $(3) millionfor the fourth, third, secondand firstquarters of 2018and the fourthquarter of 2017, respectively.

n/m = not meaningful

Certain prior period amounts have been reclassified to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	36



Bank of America Corporation and Subsidiaries
Annual Net Charge-offs and Net Charge-off Ratios^{(1, 2)}
(Dollars in millions)
	Year Ended December 31
	2018					2017
	Amount			Percent		Amount			Percent
Net Charge-offs
Residential mortgage⁽³⁾	$	28		0.01	%	$	(100	)	(0.05	)%
Home equity	(2		)	-		213			0.34
U.S. credit card	2,837			3.00		2,513			2.76
Non-U.S. credit card⁽⁴⁾	-			-		75			1.91
Direct/Indirect consumer	195			0.21		214			0.22
Other consumer	182			n/m		163			n/m
Total consumer	3,240			0.72		3,078			0.68
U.S. commercial	215			0.07		232			0.08
Non-U.S. commercial	68			0.07		440			0.48
Commercial real estate	1			-		9			0.02
Commercial lease financing	(1		)	(0.01	)	5			0.02
	283			0.06		686			0.15
U.S. small business commercial	240			1.70		215			1.60
Total commercial	523			0.11		901			0.20
Total net charge-offs	$	3,763		0.41		$	3,979		0.44

By Business Segment and All Other
Consumer Banking	$	3,515		1.24	%	$	3,202		1.20	%
Global Wealth & Investment Management	61			0.04		44			0.03
Global Banking	246			0.07		519			0.15
Global Markets	23			0.03		170			0.25
All Other⁽⁴⁾	(82		)	(0.14	)	44			0.05
Total net charge-offs	$	3,763		0.41		$	3,979		0.44


⁽¹⁾	Net charge-off ratios are calculated as net charge-offs divided by average outstanding loans and leases excluding loans accounted for under the fair value option during the year for each loan and lease category.


⁽²⁾	Excludes write-offs of purchased credit-impaired loans of $273 millionand $207 millionfor the years ended December 31, 2018 and 2017.


⁽³⁾	Includes loan sales charge-offs (recoveries) of $8 millionand $(105) millionfor the years ended December 31, 2018 and 2017.


⁽⁴⁾	2017 amount includes net charge-offs recorded in All Otherrelated to the non-U.S. credit card loan portfolio, which was sold during the second quarter of 2017.

n/m = not meaningful

Certain prior period amounts have been reclassified to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	37



Bank of America Corporation and Subsidiaries
Allocation of the Allowance for Credit Losses by Product Type
(Dollars in millions)
	December 31, 2018						September 30, 2018						December 31, 2017
	Amount		Percent of Total		Percent of Loans and Leases Outstanding^{(1, 2)}		Amount		Percent of Total		Percent of Loans and Leases Outstanding ^{(1, 2)}		Amount		Percent of Total		Percent of Loans and Leases Outstanding ^{(1, 2)}
Allowance for loan and lease losses
Residential mortgage	$	422	4.40	%	0.20	%	$	500	5.14	%	0.24	%	$	701	6.74	%	0.34	%
Home equity	506		5.27		1.05		658		6.76		1.28		1,019		9.80		1.76
U.S. credit card	3,597		37.47		3.66		3,530		36.26		3.72		3,368		32.41		3.50
Direct/Indirect consumer	248		2.58		0.27		262		2.69		0.29		264		2.54		0.27
Other consumer	29		0.30		n/m		30		0.31		n/m		31		0.30		n/m
Total consumer	4,802		50.02		1.08		4,980		51.16		1.12		5,383		51.79		1.18
U.S. commercial⁽³⁾	3,010		31.35		0.96		2,974		30.55		0.99		3,113		29.95		1.04
Non-U.S.commercial	677		7.05		0.69		687		7.06		0.72		803		7.73		0.82
Commercial real estate	958		9.98		1.57		946		9.72		1.56		935		9.00		1.60
Commercial lease financing	154		1.60		0.68		147		1.51		0.68		159		1.53		0.72
Total commercial	4,799		49.98		0.97		4,754		48.84		0.99		5,010		48.21		1.05
Allowance for loan and lease losses	9,601		100.00	%	1.02		9,734		100.00	%	1.05		10,393		100.00	%	1.12
Reserve for unfunded lending commitments	797						792						777
Allowance for credit losses	$	10,398					$	10,526					$	11,170

Asset Quality Indicators
Allowance for loan and lease losses/Total loans and leases⁽²⁾			1.02	%					1.05	%					1.12	%
Allowance for loan and lease losses/Total nonperforming loans and leases⁽⁴⁾			194						189						161
Ratio of the allowance for loan and lease losses/Annualized net charge-offs			2.62						2.63						2.12

⁽¹⁾

Ratios are calculated as allowance for loan and lease losses as a percentage of loans and leases outstanding excluding loans accounted for under the fair value option. Consumer loans accounted for under the fair value option include residential mortgage loans of $336 million, $407 millionand $567 millionand home equity loans of $346 million, $348 millionand $361 millionat December 31, 2018, September 30, 2018and December 31, 2017, respectively. Commercial loans accounted for under the fair value option include U.S. commercial loans of $2.5 billion, $3.6 billionand $2.6 billionand non-U.S. commercial loans of $1.1 billion, $1.4 billionand $2.2 billionat December 31, 2018, September 30, 2018and December 31, 2017, respectively.


⁽²⁾	Total loans and leases do not include loans accounted for under the fair value option of $4.3 billion, $5.7 billionand $5.7 billionat December 31, 2018, September 30, 2018and December 31, 2017, respectively.


⁽³⁾	Includes allowance for loan and lease losses for U.S. small business commercial loans of $474 million, $472 millionand $439 millionat December 31, 2018, September 30, 2018and December 31, 2017, respectively.

⁽⁴⁾

Allowance for loan and lease losses includes $4.0 billionallocated to products (primarily the Consumer Lending portfolios within Consumer Bankingand purchased credit-impaired loans) that are excluded from nonperforming loans and leases at each of December 31, 2018, September 30, 2018and December 31, 2017. Excluding these amounts, allowance for loan and lease losses as a percentage of total nonperforming loans and leases was 113 percent, 111 percentand 99 percentat December 31, 2018, September 30, 2018and December 31, 2017, respectively.

n/m = not meaningful

Certain prior period amounts have been reclassified to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	38



Exhibit A: Non-GAAP Reconciliations

Bank of America Corporation and Subsidiaries
Reconciliations to GAAP Financial Measures
(Dollars in millions)

The Corporation evaluates its business based on the following ratios that utilize tangible equity, a non-GAAP financial measure. Tangible equity represents an adjusted shareholders' equity or common shareholders' equity amount which has been reduced by goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities. Return on average tangible common shareholders' equity measures the Corporation's earnings contribution as a percentage of adjusted average common shareholders' equity. The tangible common equity ratio represents adjusted ending common shareholders' equity divided by total assets less goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities. Return on average tangible shareholders' equity measures the Corporation's earnings contribution as a percentage of adjusted average total shareholders' equity. The tangible equity ratio represents adjusted ending shareholders' equity divided by total assets less goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities. Tangible book value per common share represents adjusted ending common shareholders' equity divided by ending common shares outstanding. These measures are used to evaluate the Corporation's use of equity. In addition, profitability, relationship and investment models all use return on average tangible shareholders' equity as key measures to support our overall growth goals.

See the tables below for reconciliations of these non-GAAP financial measures to financial measures defined by GAAP for the years ended December 31, 2018 and 2017and the three months ended December 31, 2018, September 30, 2018, June 30, 2018, March 31, 2018and December 31, 2017. The Corporation believes the use of these non-GAAP financial measures provides additional clarity in understanding its results of operations and trends. Other companies may define or calculate supplemental financial data differently.



	Year Ended December 31						Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017
	2018			2017			Fourth Quarter 2018			Third Quarter 2018			Second Quarter 2018			First Quarter 2018			Fourth Quarter 2017

Reconciliation of average shareholders' equity to average tangible common shareholders' equity and average tangible shareholders' equity
Shareholders' equity	$	264,748		$	271,289		$	263,698		$	264,653		$	265,181		$	265,480		$	273,162
Goodwill	(68,951		)	(69,286		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,954		)
Intangible assets (excluding mortgage servicing rights)	(2,058		)	(2,652		)	(1,857		)	(1,992		)	(2,126		)	(2,261		)	(2,399		)
Related deferred tax liabilities	906			1,463			874			896			916			939			1,344
Tangible shareholders' equity	$	194,645		$	200,814		$	193,764		$	194,606		$	195,020		$	195,207		$	203,153
Preferred stock	(22,949		)	(24,188		)	(22,326		)	(22,841		)	(23,868		)	(22,767		)	(22,324		)
Tangible common shareholders' equity	$	171,696		$	176,626		$	171,438		$	171,765		$	171,152		$	172,440		$	180,829

Reconciliation of period-end shareholders' equity to period-end tangible common shareholders' equity and period-end tangible shareholders' equity
Shareholders' equity	$	265,325		$	267,146		$	265,325		$	262,158		$	264,216		$	266,224		$	267,146
Goodwill	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)
Intangible assets (excluding mortgage servicing rights)	(1,774		)	(2,312		)	(1,774		)	(1,908		)	(2,043		)	(2,177		)	(2,312		)
Related deferred tax liabilities	858			943			858			878			900			920			943
Tangible shareholders' equity	$	195,458		$	196,826		$	195,458		$	192,177		$	194,122		$	196,016		$	196,826
Preferred stock	(22,326		)	(22,323		)	(22,326		)	(22,326		)	(23,181		)	(24,672		)	(22,323		)
Tangible common shareholders' equity	$	173,132		$	174,503		$	173,132		$	169,851		$	170,941		$	171,344		$	174,503

Reconciliation of period-end assets to period-end tangible assets
Assets	$	2,354,507		$	2,281,234		$	2,354,507		$	2,338,833		$	2,291,670		$	2,328,478		$	2,281,234
Goodwill	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)	(68,951		)
Intangible assets (excluding mortgage servicing rights)	(1,774		)	(2,312		)	(1,774		)	(1,908		)	(2,043		)	(2,177		)	(2,312		)
Related deferred tax liabilities	858			943			858			878			900			920			943
Tangible assets	$	2,284,640		$	2,210,914		$	2,284,640		$	2,268,852		$	2,221,576		$	2,258,270		$	2,210,914

Book value per share of common stock
Common shareholders' equity	$	242,999		$	244,823		$	242,999		$	239,832		$	241,035		$	241,552		$	244,823
Ending common shares issued and outstanding	9,669.3			10,287.3			9,669.3			9,858.3			10,012.7			10,175.9			10,287.3
Book value per share of common stock	$	25.13		$	23.80		$	25.13		$	24.33		$	24.07		$	23.74		$	23.80

Tangible book value per share of common stock
Tangible common shareholders' equity	$	173,132		$	174,503		$	173,132		$	169,851		$	170,941		$	171,344		$	174,503
Ending common shares issued and outstanding	9,669.3			10,287.3			9,669.3			9,858.3			10,012.7			10,175.9			10,287.3
Tangible book value per share of common stock	$	17.91		$	16.96		$	17.91		$	17.23		$	17.07		$	16.84		$	16.96

Certain prior period amounts have been reclassified to conform to current period presentation.



Current period information is preliminary and based on company data available at the time of the presentation.	39

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Bank of America Corporation published this content on 16 January 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 16 January 2019 11:53:03 UTC

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	1st Jan change	Capi.
BANK OF AMERICA CORPORATION	+31.07%	33TCr
JPMORGAN CHASE & CO.	+25.58%	60TCr
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED	+14.40%	28TCr
WELLS FARGO & COMPANY	+22.39%	20TCr
CHINA CONSTRUCTION BANK CORPORATION	+17.63%	18TCr
BANK OF CHINA LIMITED	+16.78%	18TCr
HSBC HOLDINGS PLC	+4.48%	16TCr
ROYAL BANK OF CANADA	+12.76%	16TCr
COMMONWEALTH BANK OF AUSTRALIA	+18.46%	15TCr
HDFC BANK LIMITED	-5.24%	15TCr

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