7Unfunded loan commitments(1)39 38 Accrued expenses and other liabilities609 — 609 Long-term debt (3)(1,143)(35)(1,178)Other (4)19 (9)10 Total$4,763 $70 $4,833 (1) The gains (losses) in market making and similar activities are primarily offset by (losses) gains on trading liabilities that hedge these assets.(2) Includes the value of IRLCs on funded loans, including those sold during the period.(3) The net gains (losses) in market making and similar activities relate to the embedded derivatives in structured liabilities and are typically offset by (losses) gains on derivatives and securities that hedge these liabilities. For the cumulative impact of changes in the Corporation’s own credit spreads and the amount recognized in accumulated OCI, see Note 14 – Accumulated Other Comprehensive Income (Loss). For more information on how the Corporation’s own credit spread is determined, see Note 20 – Fair Value Measurements.(4) Includes gains (losses) on other assets, long-term deposits and federal funds purchased and securities loaned or sold under agreements to repurchase.Gains (Losses) Related to Borrower-specific Credit Risk for Assets and Liabilities Accounted for Under the Fair Value Option(Dollars in millions)202520242023Loans reported as trading account assets$23 $(38)$(3)Consumer and commercial loans9 18 44 Loans held-for-sale— (8)(15)Unfunded loan commitments(19)(13)39 Long-term debt— (3)— NOTE 22 Fair Value of Financial InstrumentsFinancial instruments are classified within the fair value hierarchy using the methodologies described in Note 20 – Fair Value Measurements. Certain loans, deposits, long-term debt, unfunded lending commitments and other financial instruments are accounted for under the fair value option. For more information, see Note 21 – Fair Value Option. The following disclosures include financial instruments that are not carried at fair value or only a portion of the ending balance is carried at fair value on the Consolidated Balance Sheet.Short-term Financial InstrumentsThe carrying value of short-term financial instruments, including cash and cash equivalents, certain time deposits placed and other short-term investments, federal funds sold and purchased, certain resale and repurchase agreements and short-term borrowings, approximates the fair value of these instruments. These financial instruments generally expose the Corporation to limited credit risk and have no stated maturities or have short-term maturities and carry interest rates that approximate Bank of America 164market. The Corporation accounts for certain resale and repurchase agreements under the fair value option.Under the fair value hierarchy, cash and cash equivalents are classified as Level 1. Time deposits placed and other short-term investments, such as U.S. government securities and short-term commercial paper, are classified as Level 1 or Level 2. Federal funds sold and purchased are classified as Level 2. Resale and repurchase agreements are classified as Level 2 because they are generally short-dated and/or variable-rate instruments collateralized by U.S. government or agency securities. Short-term borrowings are generally classified as Level 2.Fair Value of Financial InstrumentsThe carrying values and fair values by fair value hierarchy of certain financial instruments where only a portion of the ending balance was carried at fair value at December 31, 2025 and 2024 are presented in the table below.Fair Value of Financial InstrumentsFair ValueCarrying ValueLevel 2Level 3Total(Dollars in millions)December 31, 2025Financial assetsLoans$1,149,093 $51,136 $1,085,303 $1,136,439 Loans held-for-sale5,165 4,720 445 5,165 Financial liabilitiesDeposits (1)2,018,729 2,020,072 — 2,020,072 Long-term debt317,816 323,681 725 324,406 Commercial unfunded lending commitments (2)1,244 67 6,673 6,740 December 31, 2024Financial assetsLoans$1,060,629 $50,971 $992,135 $1,043,106 Loans held-for-sale9,545 6,707 2,838 9,545 Financial liabilitiesDeposits (1)1,965,467 1,967,061 — 1,967,061 Long-term debt283,279 287,098 652 287,750 Commercial unfunded lending commitments (2)1,240 55 3,639 3,694 (1) Includes demand deposits of $1.1 trillion and $892.9 billion with no stated maturities at December 31, 2025 and 2024.(2) The carrying value of commercial unfunded lending commitments is included in accrued expenses and other liabilities on the Consolidated Balance Sheet. The Corporation does not estimate the fair value of consumer unfunded lending commitments because, in many instances, the Corporation can reduce or cancel these commitments by providing notice to the borrower. For more information on commitments, see Note 12 – Commitments and Contingencies.NOTE 23 Business Segment InformationThe Corporation reports its results of operations through the following four business segments: Consumer Banking, GWIM, Global Banking and Global Markets, with the remaining operations recorded in All Other. The segments are managed by the Corporation’s Management Team, with certain leaders responsible for each segment and/or the lines of business supporting the segments. On a continual basis, the Management Team assesses the performance of the segments by comparing the segments’ budgeted income and expenses to their actual results. The Chief Operating Decision Maker of the segments, which is the Corporation’s CEO, is the final approver on the amount of capital to allocate to each segment.Consumer BankingConsumer Banking offers a diversified range of credit, banking and investment products and services to consumers and small businesses. Consumer Banking product offerings include traditional savings accounts, money market savings accounts, CDs and IRAs, checking accounts, and investment accounts and products, as well as credit and debit cards, residential mortgages and home equity loans, and direct and indirect loans to consumers and small businesses in the U.S. Consumer Banking includes the impact of servicing residential mortgages and home equity loans.Global Wealth & Investment ManagementGWIM provides a high-touch client experience through a network of financial advisors focused on clients with over $250,000 in total investable assets, including tailored solutions to meet clients’ needs through a full set of investment management, brokerage, banking and retirement products. GWIM also provides comprehensive wealth management solutions targeted to high net worth and ultra high net worth clients, as well as customized solutions to meet clients’ wealth structuring, investment management, trust and banking needs, including specialty asset management services.Global BankingGlobal Banking provides a wide range of lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services through the Corporation’s network of offices and client relationship teams. Global Banking also provides investment banking products to clients. The economics of certain investment banking and underwriting activities are shared primarily between Global Banking and Global Markets under an internal revenue-sharing arrangement. Global Banking clients generally include middle-market companies, commercial real estate firms, not-for-profit companies, large global corporations, financial institutions, leasing clients, and mid-sized U.S.-based businesses requiring customized and integrated financial advice and solutions.Global MarketsGlobal Markets offers sales and trading services and research services to institutional clients across fixed-income, credit, currency, commodity and equity businesses. Global Markets provides market-making, financing, securities clearing, settlement and custody services globally to institutional investor clients in support of their investing and trading activities. Global Markets product coverage includes securities and derivative products in both the primary and secondary markets. Global Markets also works with commercial and corporate clients to provide risk management products. As a result of market-making activities, Global Markets may be required to manage risk in a broad range of financial products. In addition, the economics of certain investment banking and underwriting activities are shared primarily between Global Markets and Global Banking under an internal revenue-sharing arrangement.All OtherAll Other primarily consists of ALM activities, liquidating businesses and certain expenses not otherwise allocated to a business segment, and adjustments to allocate income tax benefits related to tax-related equity investments to noninterest income to present Global Banking and Global Markets on an FTE basis.165 Bank of AmericaBasis of PresentationThe management accounting and reporting process derives segment and business results by utilizing allocation methodologies for revenue and expense. The net income derived for the businesses is dependent upon revenue and cost allocations based on application usage, transaction and volume activity, time studies, and other methodologies and assumptions management believes are appropriate to reflect the results of the business.Total revenue, net of interest expense, includes net interest income on an FTE basis and noninterest income. The adjustment of net interest income to an FTE basis results in a corresponding increase in income tax expense. The segment results also reflect certain revenue and expense methodologies that are utilized to determine net income. The net interest income of the businesses includes the results of a funds transfer pricing process that matches assets and liabilities with similar interest rate sensitivity and maturity characteristics. In segments where the total of liabilities and equity exceeds assets, which are generally deposit-taking segments, the Corporation allocates assets to match liabilities. Net interest income of the business segments also includes an allocation of net interest income generated by certain of the Corporation’s ALM activities.The Corporation’s ALM activities include an overall interest rate risk management strategy that incorporates the use of various derivatives and cash instruments to manage fluctuations in earnings and capital that are caused by interest rate volatility. The Corporation’s goal is to manage interest rate sensitivity so that movements in interest rates do not adversely affect earnings and capital. The results of a majority of the Corporation’s ALM activities are allocated to the business segments and fluctuate based on the performance of the ALM activities. ALM activities include external product pricing decisions including deposit pricing strategies, the effects of the Corporation’s internal funds transfer pricing process and the net effects of other ALM activities.The segment noninterest expenses consist of the same expenses as those shown in the Consolidated Statement of Income and contain both direct expenses and certain expenses not directly attributable to a specific business segment, including indirect compensation and benefits expenses, that are allocated to the segments. The costs of certain centralized or shared functions are allocated based on methodologies that reflect utilization.The following table presents net income (loss) and the components thereto (with net interest income on an FTE basis for the business segments, All Other and the total Corporation) for 2025, 2024 and 2023, and total assets at December 31, 2025 and 2024 for each business segment, as well as All Other.Bank of America 166Results of Business Segments and All Other (1)At and for the year ended December 31Total Corporation (2)Consumer Banking(Dollars in millions)202520242023202520242023Net interest income$60,705 $56,679 $57,498 $35,309 $33,078 $33,689 Noninterest income53,001 $49,796 $45,838 $8,364 $8,358 $8,342 Total revenue, net of interest expense113,706 $106,475 $103,336 $43,673 $41,436 $42,031 Provision for credit losses5,675 $5,821 $4,394 $4,649 $4,987 $5,158 Noninterest expenseCompensation and benefits (3,4)42,346 $40,182 $38,330 $6,063 $5,896 $5,983 Other noninterest expense(4)27,381 $26,630 $27,515 $16,634 $16,208 $15,433 Total noninterest expense69,727 $66,812 $65,845 $22,697 $22,104 $21,416 Income before income taxes38,304 $33,842 $33,097 $16,327 $14,345 $15,457 Income tax expense7,795 $6,869 $6,792 $4,082 $3,586 $3,864 Net income$30,509 $26,973 $26,305 Year-end total assets$3,411,738 $3,261,299 $1,039,346 $1,034,370 Global Wealth & Investment ManagementGlobal Banking202520242023202520242023Net interest income$7,197 $6,969 $7,147 $12,611 $13,235 $14,645 Noninterest income17,686 $15,960 $13,958 $11,497 $10,513 $9,910 Total revenue, net of interest expense24,883 $22,929 $21,105 $24,108 $23,748 $24,555 Provision for credit losses35 $4 $6 $943 $883 $(586) Noninterest expenseCompensation and benefits (3,4)12,064 $11,126 $10,120 $4,670 $4,521 $4,345 Other noninterest expense(4)6,557 $6,115 $5,716 $7,746 $7,332 $6,999 Total noninterest expense18,621 $17,241 $15,836 $12,416 $11,853 $11,344 Income before income taxes6,227 $5,684 $5,263 $10,749 $11,012 $13,797 Income tax expense1,557 $1,421 $1,316 $2,956 $3,028 $3,725 Net income$4,670 $4,263 $3,947 $7,793 $7,984 $10,072 Year-end total assets$335,495 $338,367 $734,710 $670,505 Global MarketsAll Other202520242023202520242023Net interest income$5,690 $3,375 $1,678 $(102)$22 $339 Noninterest income18,406 $18,437 $17,855 $(2,952)(-3,472)(-4,227) Total revenue, net of interest expense24,096 $21,812 $19,533 $(3,054)(-3,450)(-3,888) Provision for credit losses71 $-32 $-131 $(23)(-21)(-53) Noninterest expenseCompensation and benefits (3)3,923 $3,553 $3,430 — — — Other noninterest expense11,495 $10,373 $9,776 575 $1,688 $4,043 Total noninterest expense15,418 $13,926 $13,206 575 $1,688 $4,043 Income (loss) before income taxes8,607 $7,918 $6,458 $(3,606)(-5,117)(-7,878) Income tax expense (benefit)2,496 $2,296 $1,776 $(3,296)(-3,462)(-3,889) Net income (loss)$6,111 $5,622 $4,682 $(310) $(1,655) $(3,989) Year-end total assets$1,032,858 $876,548 $269,329 $341,509 (1)Segment results are presented on an FTE basis and include additional net interest income and income tax expense, related to tax-exempt securities, of $609 million, $619 million and $567 million in 2025, 2024 and 2023, respectively, as compared to the Consolidated Statement of Income.(2)There were no material intersegment revenues.(3)Represents the compensation and benefits directly incurred by each segment. Corporate overhead compensation and benefits are allocated to the segments through other noninterest expense.(4)Prior periods have been revised to reflect realignment of certain headcount between segments.167 Bank of AmericaThe table below presents noninterest income and the associated components for 2025, 2024 and 2023, for each business segment, All Other and the total Corporation. For more information, see Note 2 – Net Interest Income and Noninterest Income.Noninterest Income by Business Segment and All OtherTotal CorporationConsumer BankingGlobal Wealth & Investment Management(Dollars in millions)202520242023202520242023202520242023Fees and commissions: Card incomeInterchange fees $3,876 $4,013 $3,983 $3,047 $3,194 $3,157 $(36)$(20)$(12)Other card income 2,483 2,271 2,071 2,409 2,238 2,107 69 61 57 Total card income6,359 6,284 6,054 5,456 5,432 5,264 33 41 45 Service chargesDeposit-related fees5,044 4,708 4,382 2,528 2,445 2,317 50 44 41 Lending-related fees1,413 1,347 1,302 — — — 64 53 37 Total service charges6,457 6,055 5,684 2,528 2,445 2,317 114 97 78 Investment and brokerage servicesAsset management fees15,601 13,875 12,002 245 207 197 15,369 13,668 11,805 Brokerage fees4,355 3,891 3,561 115 113 111 1,650 1,570 1,408 Total investment and brokerage services 19,956 17,766 15,563 360 320 308 17,019 15,238 13,213 Investment banking feesUnderwriting income3,320 3,275 2,235 — — — 265 246 171 Syndication fees1,420 1,221 898 — — — — — — Financial advisory services1,890 1,690 1,575 — — — 3 — — Total investment banking fees6,630 6,186 4,708 — — — 268 246 171 Total fees and commissions 39,402 36,291 32,009 8,344 8,197 7,889 17,434 15,622 13,507 Market making and similar activities12,014 12,967 12,732 26 21 20 127 143 137 Other income (loss)1,585 538 1,097 (6)140 433 125 195 314 Total noninterest income$53,001 $49,796 $45,838 $8,364 $8,358 $8,342 $17,686 $15,960 $13,958 Global BankingGlobal MarketsAll Other202520242023202520242023202520242023Fees and commissions: Card incomeInterchange fees $800 $773 $772 $65 $66 $66 $— $— $— Other card income 16 13 9 — — — (-11)(-41)(-102)Total card income816 786 781 65 66 66 (-11)(-41)(-102)Service chargesDeposit-related fees2,403 2,128 1,943 59 88 79 4 3 2 Lending-related fees1,035 1,007 1,009 314 287 256 — — — Total service charges3,438 3,135 2,952 373 375 335 4 3 2 Investment and brokerage servicesAsset management fees— — — — — — (-13)— — Brokerage fees79 91 57 2,511 2,128 1,993 — (-11)(-8)Total investment and brokerage services 79 91 57 2,511 2,128 1,993 (-13)(-11)(-8)Investment banking feesUnderwriting income1,303 1,305 922 1,968 1,892 1,298 (-216)(-168)(-156)Syndication fees732 644 505 688 577 393 — — — Financial advisory services1,707 1,504 1,392 181 186 183 (-1)— — Total investment banking fees3,742 3,453 2,819 2,837 2,655 1,874 (-217)(-168)(-156)Total fees and commissions 8,075 7,465 6,609 5,786 5,224 4,268 (-237)(-217)(-264)Market making and similar activities274 275 190 12,064 12,778 13,430 (-477)(-250)(-1,045)Other income (loss)3,148 2,773 3,111 556 435 157 (-2,238)(-3,005)(-2,918)Total noninterest income$11,497 $10,513 $9,910 $18,406 $18,437 $17,855 (-2,952)(-3,472)(-4,227)Bank of America 168NOTE 24 Parent Company InformationThe following tables present the Parent Company-only financial information.Condensed Statement of Income(Dollars in millions)202520242023Income Dividends from subsidiaries: Bank holding companies and related subsidiaries$33,600 $21,300 $22,384 Interest from subsidiaries19,676 $21,589 $21,314 Other income (loss)(1,336)(1,223)(1,012)Total income51,940 $41,666 $42,686 Expense Interest on borrowed funds from subsidiaries1,071 $1,108 $896 Other interest expense11,750 $14,060 $14,119 Noninterest expense1,576 $1,580 $1,699 Total expense14,397 $16,748 $16,714 Income before income taxes and equity in undistributed earnings of subsidiaries37,543 $24,918 $25,972 Income tax expense 808 $773 $838 Income before equity in undistributed earnings of subsidiaries36,735 $24,145 $25,134 Equity in undistributed earnings (losses) of subsidiaries: Bank holding companies and related subsidiaries(6,338)2,750 $993 Nonbank companies and related subsidiaries112 $78 $178 Total equity in undistributed earnings (losses) of subsidiaries(6,226)2,828 $1,171 Net income$30,509 $26,973 $26,305 Condensed Balance Sheet December 31(Dollars in millions)20252024Assets Cash held at bank subsidiaries$7,686 $4,613 Securities703 $660 Receivables from subsidiaries:Bank holding companies and related subsidiaries254,525 $231,931 Banks and related subsidiaries59 $146 Nonbank companies and related subsidiaries441 $985 Investments in subsidiaries:Bank holding companies and related subsidiaries310,216 $309,361 Nonbank companies and related subsidiaries3,907 $3,783 Other assets6,246 $6,658 Total assets $583,783 $558,137 Liabilities and shareholders’ equity Accrued expenses and other liabilities$16,498 $16,360 Payables to subsidiaries:Banks and related subsidiaries214 $114 Bank holding companies and related subsidiaries388 $14 Nonbank companies and related subsidiaries29,324 $21,011 Long-term debt234,116 $226,675 Total liabilities280,540 $264,174 Shareholders’ equity303,243 $293,963 Total liabilities and shareholders’ equity$583,783 $558,137 169 Bank of AmericaCondensed Statement of Cash Flows(Dollars in millions)202520242023Operating activities Net income $30,509 $26,973 $26,305 Reconciliation of net income (loss) to net cash provided by operating activities: Equity in undistributed (earnings) losses of subsidiaries6,226 $ (2,828)(1,171)Other operating activities, net10,202 $1,986 $3,395 Net cash provided by operating activities46,937 $26,131 $28,529 Investing activities Net purchases of securities(17) $ (17)(-15)Net payments from (to) subsidiaries(22,125)16,858 $ (21,267)Other investing activities, net(24)— $ (43)Net cash provided by (used in) investing activities(22,166)16,841 $ (21,325)Financing activities Net increase in short-term borrowings1 $ — $ — Net increase in other advances8,748 $3,542 $2,825 Proceeds from issuance of long-term debt36,510 $17,817 $23,950 Retirement of long-term debt(38,785)(-36,416)(-25,366)Proceeds from issuance of preferred stock and warrants5,493 $ — $ — Redemption of preferred stock(2,669)(-5,254)$ — Common stock repurchased(21,433)(-13,104)(-4,576)Cash dividends paid(9,563)(-9,503)(-9,087)Net cash used in financing activities(21,698)(-42,918)(-12,254)Net increase (decrease) in cash held at bank subsidiaries3,073 $54 $ (5,050)Cash held at bank subsidiaries at January 14,613 $4,559 $9,609 Cash held at bank subsidiaries at December 31$7,686 $4,613 $4,559 NOTE 25 Performance by Geographical AreaThe Corporation’s operations are highly integrated with operations in both U.S. and non-U.S. markets. The non-U.S. business activities are largely conducted in Europe, the Middle East and Africa and in Asia. The Corporation identifies its geographic performance based on the business unit structure used to manage the capital or expense deployed in the region as applicable. This requires certain judgments related to the allocation of revenue so that revenue can be appropriately matched with the related capital or expense deployed in the region. Certain asset, liability, income and expense amounts have been allocated to arrive at total assets, total revenue, net of interest expense, income before income taxes and net income by geographic area as presented below.(Dollars in millions) Total Assets at Year End (1)Total Revenue, Net of Interest Expense (2)Income Before Income TaxesNet IncomeU.S. (3)2025$2,870,362 $97,687 $33,397 $27,327 20242,817,124 $92,434 $29,701 $24,443 202389,759 $28,721 $23,454 Asia2025177,742 $6,004 $1,925 $1,402 2024153,489 $5,184 $1,616 $1,176 20234,952 $1,512 $1,139 Europe, Middle East and Africa2025315,024 $7,561 $1,624 $1,151 2024257,696 $6,499 $1,061 $788 20236,393 $1,532 $1,090 Latin America and the Caribbean202548,610 $1,845 $749 $629 202432,990 $1,739 $845 $566 20231,665 $765 $622 Total Non-U.S. 2025541,376 $15,410 $4,298 $3,182 2024444,175 $13,422 $3,522 $2,530 202313,010 $3,809 $2,851 Total Consolidated2025$3,411,738 $113,097 $37,695 $30,509 20243,261,299 $105,856 $33,223 $26,973 2023102,769 $32,530 $26,305 (1)Total assets include long-lived assets, which are primarily located in the U.S.(2)There were no material intercompany revenues between geographic regions for any of the periods presented.(3)Substantially reflects the U.S.Bank of America 170GlossaryAlt-A Mortgage – A type of U.S. mortgage that is considered riskier than A-paper, or “prime,” and less risky than “subprime,” the riskiest category. Typically, Alt-A mortgages are characterized by borrowers with less than full documentation, lower credit scores and higher LTVs.Assets Under Management (AUM) – The total market value of assets under the investment advisory and/or discretion of GWIM which generate asset management fees based on a percentage of the assets’ market values. AUM reflects assets that are generally managed for institutional, high net worth and retail clients, and are distributed through various investment products including mutual funds, other commingled vehicles and separate accounts.Banking Book – All on- and off-balance sheet financial instruments of the Corporation except for those positions that are held for trading purposes.Brokerage and Other Assets – Non-discretionary client assets which are held in brokerage accounts or held for safekeeping.Committed Credit Exposure – Any funded portion of a facility plus the unfunded portion of a facility on which the lender is legally bound to advance funds during a specified period under prescribed conditions.Credit Derivatives – Contractual agreements that provide protection against a specified credit event on one or more referenced obligations.Credit Valuation Adjustment (CVA) – A portfolio adjustment required to properly reflect the counterparty credit risk exposure as part of the fair value of derivative instruments.Debit Valuation Adjustment (DVA) – A portfolio adjustment required to properly reflect the Corporation’s own credit risk exposure as part of the fair value of derivative instruments and/or structured liabilities.Funding Valuation Adjustment (FVA) – A portfolio adjustment required to include funding costs on uncollateralized derivatives and derivatives where the Corporation is not permitted to use the collateral it receives.Interest Rate Lock Commitment (IRLC) – Commitment with a loan applicant in which the loan terms are guaranteed for a designated period of time subject to credit approval.Letter of Credit – A document issued on behalf of a customer to a third party promising to pay the third party upon presentation of specified documents. A letter of credit effectively substitutes the issuer’s credit for that of the customer.Loan-to-value (LTV) – A commonly used credit quality metric. LTV is calculated as the outstanding carrying value of the loan divided by the estimated value of the property securing the loan.Macro Products – Include currencies, interest rates and commodities products.Margin Receivable – An extension of credit secured by eligible securities in certain brokerage accounts.Matched Book – Repurchase and resale agreements or securities borrowed and loaned transactions where the overall asset and liability position is similar in size and/or maturity. Generally, these are entered into to accommodate customers where the Corporation earns the interest rate spread.Mortgage Servicing Right (MSR) – The right to service a mortgage loan when the underlying loan is sold or securitized. Servicing includes collections for principal, interest and escrow payments from borrowers and accounting for and remitting principal and interest payments to investors.Nonperforming Loans and Leases – Includes loans and leases that have been placed on nonaccrual status, including nonaccruing loans whose contractual terms have been restructured in a manner that grants a concession to a borrower experiencing financial difficulties.Prompt Corrective Action (PCA) – A framework established by the U.S. banking regulators requiring banks to maintain certain levels of regulatory capital ratios, comprised of five categories of capitalization: “well capitalized,” “adequately capitalized,” “undercapitalized,” “significantly undercapitalized” and “critically undercapitalized.” Insured depository institutions that fail to meet certain of these capital levels are subject to increasingly strict limits on their activities, including their ability to make capital distributions, pay management compensation, grow assets and take other actions.Subprime Loans – Although a standard industry definition for subprime loans (including subprime mortgage loans) does not exist, the Corporation defines subprime loans as specific product offerings for higher risk borrowers.Value-at-Risk (VaR) – VaR is a model that simulates the value of a portfolio under a range of hypothetical scenarios in order to generate a distribution of potential gains and losses. VaR represents the loss the portfolio is expected to experience with a given confidence level based on historical data. A VaR model is an effective tool in estimating ranges of potential gains and losses on our trading portfolios.171 Bank of AmericaKey MetricsActive Digital Banking Users – Mobile and/or online active users over the past 90 days.Active Mobile Banking Users – Mobile active users over the past 90 days.Book Value – Ending common shareholders’ equity divided by ending common shares outstanding.Common Equity Ratio - Ending common shareholders’ equity divided by ending total assets. Deposit Spread – Annualized net interest income divided by average deposits.Dividend Payout Ratio – Common dividends declared divided by net income applicable to common shareholders.Efficiency Ratio – Noninterest expense divided by total revenue, net of interest expense.Gross Interest Yield – Effective annual percentage rate divided by average loans.Net Interest Yield – Net interest income divided by average total interest-earning assets.Operating Margin – Income before income taxes divided by total revenue, net of interest expense.Return on Average Allocated Capital – Adjusted net income divided by allocated capital.Return on Average Assets – Net income divided by total average assets.Return on Average Common Shareholders’ Equity – Net income applicable to common shareholders divided by average common shareholders’ equity.Return on Average Shareholders’ Equity – Net income divided by average shareholders’ equity.Risk-adjusted Margin – Difference between total revenue, net of interest expense, and net charge-offs divided by average loans.Bank of America 172AcronymsABSAsset-backed securitiesAFSAvailable-for-saleAIArtificial intelligenceALMAsset and liability managementAUMAssets under managementAVMAutomated valuation modelBANABank of America, National AssociationBHCBank holding companyBofASBofA Securities, Inc.BofASEBofA Securities Europe SA bpsBasis pointsBSBYBloomberg Short-Term Bank Yield IndexCAEChief Audit ExecutiveCCARComprehensive Capital Analysis and ReviewCCPCentral counterparty clearinghousesCCPACalifornia’s Consumer Privacy ActCDOCollateralized debt obligationCECLCurrent expected credit lossesCEOChief Executive OfficerCET1Common equity tier 1CFPBConsumer Financial Protection BureauCFTCCommodity Futures Trading CommissionCLOCollateralized loan obligationCLTVCombined loan-to-valueCROChief Risk OfficerCVACredit valuation adjustmentDIFDeposit Insurance FundDTADeferred tax assetsDVADebit valuation adjustmentECBEuropean Central BankEPSEarnings per common shareERCEnterprise Risk CommitteeEUEuropean UnionFDICFederal Deposit Insurance CorporationFDICIAFederal Deposit Insurance Corporation Improvement Act of 1991FHAFederal Housing AdministrationFHLBFederal Home Loan BankFHLMCFreddie MacFICCFixed income, currencies and commoditiesFICOFair Isaac Corporation (credit score)FLUsFront line unitsFNMAFannie MaeFTEFully taxable-equivalentFVAFunding valuation adjustmentGAAPAccounting principles generally accepted in the United States of AmericaGDPRGeneral Data Protection RegulationGHGGreenhouse gasGLSGlobal Liquidity SourcesGNMAGovernment National Mortgage AssociationGRMGlobal Risk ManagementG-SIBGlobal systemically important bankGWIMGlobal Wealth & Investment ManagementHELOCHome equity line of creditHQLAHigh Quality Liquid AssetsHTMHeld-to-maturityICAAPInternal Capital Adequacy Assessment ProcessIRLCInterest rate lock commitmentISDAInternational Swaps and Derivatives Association, Inc.LCRLiquidity Coverage RatioLHFSLoans held-for-saleLRRLaws, Rules and RegulationsLTVLoan-to-valueMBSMortgage-backed securitiesMD&AManagement’s Discussion and Analysis of Financial Condition and Results of OperationsMLIMerrill Lynch InternationalMLPF&SMerrill Lynch, Pierce, Fenner & Smith IncorporatedMRCManagement Risk CommitteeMSAMetropolitan Statistical AreaMSRMortgage servicing rightNOLNet operating lossNSFRNet Stable Funding RatioOCCOffice of the Comptroller of the CurrencyOCIOther comprehensive incomeOECDOrganization for Economic Cooperation and DevelopmentOREOOther real estate ownedOTCOver-the-counterPCAPrompt Corrective ActionRMBSResidential mortgage-backed securitiesRSURestricted stock unitRWARisk-weighted assetsSBLCStandby letter of creditSCBStress capital bufferSECSecurities and Exchange CommissionSIFISystemically important financial institutionSLRSupplementary leverage ratioSOFRSecured Overnight Financing RateTLACTotal loss-absorbing capacityUDAAPUnfair, deceptive, or abusive acts or practicesUTBUnrecognized tax benefitsVAU.S. Department of Veterans AffairsVaRValue-at-RiskVIEVariable interest entity173 Bank of AmericaItem 9. Changes in and Disagreements with Accountants on Accounting and Financial DisclosureNoneItem 9A. Controls and ProceduresDisclosure Controls and ProceduresAs of the end of the period covered by this report and pursuant to Rule 13a-15 of the Securities Exchange Act of 1934, as amended (Exchange Act), Bank of America’s management, including the Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness and design of our disclosure controls and procedures (as that term is defined in Rule 13a-15(e) of the Exchange Act). Based upon that evaluation, Bank of America’s Chief Executive Officer and Chief Financial Officer concluded that Bank of America’s disclosure controls and procedures were effective, as of the end of the period covered by this report.Report of Management on Internal Control Over Financial ReportingThe Report of Management on Internal Control Over Financial Reporting is set forth on page 88 and incorporated herein by reference. The Report of Independent Registered Public Accounting Firm with respect to the Corporation’s internal control over financial reporting is set forth on pages 89 and 90 and incorporated herein by reference.Changes in Internal Control Over Financial ReportingThere have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) during the quarter ended December 31, 2025, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.Item 9B. Other InformationTrading ArrangementsDuring the fiscal quarter ended December 31, 2025, none of the Corporation’s directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended) adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (in each case, as defined in Item 408 of Regulation S-K) for the purchase or sale of the Corporation’s securities.Disclosure Pursuant to Section 13(r) of the Securities Exchange Act of 1934Pursuant to Section 13(r) of the Exchange Act, an issuer is required to disclose in its annual or quarterly reports, as applicable, whether it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating to Iran or with individuals or entities designated pursuant to certain Executive Orders. Disclosure may be required even where the activities, transactions or dealings were conducted in compliance with applicable law. As previously disclosed in its related quarterly reports on Form 10-Q, the Corporation identified and reported certain activities pursuant to Section 13(r) for the first, second and third quarters of 2025. The information provided pursuant to Section 13(r) of the Exchange Act in
